Federal Reserve Bulletin, 1972-01

Federal Reserve Bulletin JANUARY 1972 §111%'* « * »* 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 CONTENTS NUMBER 1 • VOLUME 58 • JANUARY 1972 1 1971: A Year of Reluctant Recovery 15 Staff Economic Studies: Summaries 17 Changes in Time and Savings Deposits, July-October 1971 31 Membership of the Board of Governors of the Federal Reserve System, 1913-72 33 Record of Policy Actions of the Federal Open Market Committee 40 Law Department 78 Announcements 93 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 74 International Statistics A 96 Board of Governors and Staff A 98 Open Market Committee and Staff; Federal Advisory Council A 99 Federal Reserve Banks and Branches A 100 Federal Reserve Board Publications A 104 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE Charles Molony J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: A Year of Reluctant Recovery THE ECONOMY began to recover early in 1971 from the fourth-quarter-1970 cyclical trough. However, growth in activity was insufficient to generate large increases in employment, and the unemployment rate showed no improvement. Moreover, inflationary pressures continued strong, as wage increases outpaced gains in productivity and prices advanced at a rapid rate. As a result, in mid-August, a wideranging new economic program was introduced designed to curb the rise in wages and prices, to stimulate domestic growth, and to improve the Nation's external economic situation. Toward the end of the year the pace of economic activity was accelerating. For 1971 as a whole, gross national product increased by $73 billion. This was less than 3 per cent in real terms, an extremely modest rise, particularly for a year of recovery. The year 1971 had started with a strong upsurge in GNP. However, this gain reflected in large measure a rebound in CHANGES IN GNP automobile sales following the end of a strike at a major auto CHANGE. BILLIONS OF DOLLARS company. Growth in GNP decelerated in the second quarter despite substantial fiscal stimulus and continued rapid growth in the monetary aggregates. Although consumer outlays maintained a moderate pace of growth and residential construction activity recorded substantial gains, several factors tended to act as a drag on recovery in this period: Real outlays for business fixed investment remained depressed—despite some recovery in profits—reflecting substantial underutilization of capacity; spending by the Federal Government for goods and services edged downward as outlays for defense were Dept. of Commerce quarterly data, cut further; and net inventory investment remained modest, seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE BULLETIN • JANUARY 1972 despite the stockpiling of steel in anticipation of a possible strike in August. Moreover, a serious further deterioration in U.S. foreign trade accounts wiped out the positive balance of net exports after the first quarter. As a result, industrial production grew very slowly, not even reaching its pre-autostrike level; employment gains remained modest; and the unemployment rate held around a discouraging 6 per cent level. To slow inflation, a 90-day freeze was placed on prices, wages, and rents on August 15. This action was followed by a more flexible program of controls aimed at holding wage increases to an annual average of 5.5 per cent. The goal, after allowing for average gains in productivity, was to hold increases in prices to about 2.5 per cent. Dividend increases were to be limited generally to 4 per cent, and interest rates were to be stabilized, if necessary, at levels consonant with orderly economic growth. The President also proposed a fiscal package of tax cuts for individuals and businesses so as to stimulate the growth of economic activity. Convertibility of the dollar into gold was suspended and a temporary 10 per cent surcharge was imposed on imports. Both measures were designed as steps in a program to improve the balance of payments. The initial response to the new economic program was encouraging. Wage and price increases slowed dramatically during the freeze. Sales of domestic-type cars (which include models produced in Canada but sold in the United States) spurted as the proposed retroactive elimination of the excise tax, the freeze on 1972-model car prices, and the surcharge on prices of foreign autos attracted buyers. 1| PRODUCTION little changed in 1971; PRICES rise sharply until freeze 1967=100 BILLIONS OF DOLLARS 1967=100 Industrial production, FR data; corporate profits, Dept. of Commerce data; prices, Bureau of Labor Statistics data, seasonally adjusted. 1971 Q4 is Oct.-Nov. average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 3 Although the rate of auto sales slipped in late 1971, other consumer demands were fairly expansive, and with continued strong gains in residential construction, an improved rate of capital spending, and resumption of inventory accumulation, real economic activity rose considerably in the last quarter. Moreover, there was an improvement in business attitudes that was reflected in a planned increase in capital outlays for 1972. It is anticipated that labor costs and prices will rise more moderately—after an initial catch-up period— during Phase II than in the pre-freeze period. INCOME Personal consumption expenditures grew substantially faster OUTLAYS jn t ^ an j n i97Q. j ncrease j n suc h outlays—over $45 billion—represented a gain of close to 3.5 per cent in real terms as compared with a real increase of barely 1.5 per cent during the previous year. But the relative improvement was modest for a recovery year. Continued concern about inflation and future income prospects was reflected in a high personal saving rate, which remained above 8 per cent for most of 1971. During the first half of the year gains in consumer demand were supported by an accelerated growth in disposable in- INCOME and CONSUMER SPENDING 0 Z improve; SAVING RATE still high CHANGE, BILLIONS OF DOLLARS 1969 1970 1971 Dept. of Commerce quarterly data, seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN • JANUARY 1972 come, reflecting some recovery in employment, increased Federal transfer payments, and tax cuts that became effective at the beginning of the year. A substantial retroactive increase in social security benefits toward the end of the second quarter was largely responsible for the sharply increased rate of saving during that period. Much of the strength of consumer demand in the first few months of 1971 represented a recovery in auto sales following the fourth-quarter-1970 auto strike. But sales of domestic models stabilized in the spring at about an 8% million annual rate, approximately the pre-strike rate. Rising demand for foreign cars—which are, on average, less expensive—took up some of the slack, with sales reaching an annual rate of about IV2 million units in the second quarter. Purchases both of durable goods other than autos and of nondurables showed only moderate growth throughout the first half, while consumer spending on services continued to show steady increases. However, much of the gain for all of these expenditure categories was due to rising prices. Over all, the increase in consumer outlays was much more modest in the second quarter than in the first. Gains in disposable income slowed considerably after midyear—reflecting the absence of the large, first-half increases in transfer payments and relatively small increases in employment, as well as the wage-price freeze and Phase II restraints. Consumption grew more rapidly than disposable income, and the saving rate edged down, but the increase in consumer spending was less rapid than in the first half. CONSUMPTION, DISPOSABLE PERSONAL INCOME, AND RATE OF SAVING, 1971 Disposable per- Personal consumpsonal income tion expenditures QQuuaarrtteerr SSaavviinngg Current 1958 Current 1958 rraattee prices prices prices prices Percentage change from previous quarter Per cent I 11.7 7.7 12.9 8.9 8.1 II 9.8 5.7 7.8 3.8 8.6 III 4.8 2.0 6.9 4.0 8.1 IVP 3.4 2.0 5.3 4.0 7.7 p Preliminary. NOTE.—Disposable personal income and personal consumption expenditures are at seasonally adjusted annual rates. Consumers responded vigorously to the substantial inducements for auto buyers in the new economic policies. Sales of domestic-type cars surged to an annual rate of about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 5 9% million units for the 3-month period of the freeze. Although auto sales dropped back in late November and December, other consumer expenditures rose moderately. In real terms the rise in consumer outlays in the fourth quarter was about in line with gains recorded in the previous two quarters. Surveys of consumer attitudes and buying intentions taken late in the year suggested an improvement in consumer confidence, as did the sharp expansion in consumer instalment credit. RESIDENTIAL Private residential construction was exceptionally strong CONSTRUCTION j 1971. j current dollars, outlays for such construction inn n creased by more than $10 billion for the year as a whole; in real terms this represented a rise of about 25 per cent. Private housing starts climbed strongly through the year to a record rate of 2.2 million units in the second half—about 50 per cent above the 1970 average. This level of starts was even more impressive when viewed in conjunction with the continued boom in shipments of new mobile homes, which accounted for nearly half a million units in 1971. The increase in new housing activity reflected not only a strong underlying demand for shelter and low vacancy rates but also an unprecedented increase in savings flows to mortgage lending institutions and a moderate reduction of mortgage interest costs. The continued availability of subsidy funds for several types of federally assisted housing programs was also important. Starts under the various subsidy programs in operation during 1971 apparently accounted for at least as many 3 | HOUSING has record year Private housing starts and permits, Bureau of Census data; expenditures, Dept. of Commerce data; all series, seasonally adjusted annual rates (1971 Q4 preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN • JANUARY 1972 units as the record 440,000 reached in 1970. However, given the substantial advance in the nonassisted sector, such starts were a relatively less important factor in the total residential construction picture than during the previous year. The past year saw a shift in the mix away from the smaller and less expensive single-family homes that had characterized the 1970 market. Nevertheless, builders continued to feature a high proportion of townhouses and apartments in an attempt to offset higher land and construction costs. The median price of new single-family homes in 1971 was still below the 1969 level, but above that of 1970. Some indications of a possible leveling off of starts became evident late in the year. The rate of inflows to financial institutions that specialize in residential mortgages moderated somewhat after mid-1971. Also, in some areas, notably in the West and South, rental vacancies began to edge up. However, permits for new building remained at a high level, and the recent advanced pace of starts insures some further expansion in residential construction expenditures well into 1972. Moreover, such activity should continue to be bolstered by Federal programs for assistance to low- and middle-income housing. Further increases in the rate of completions over the near future should also provide additional stimulus to the demand for furniture, appliances, and other household furnishings. BUSINESS FIXED The disappointing growth in business fixed investment in 1971 INVESTMENT —up by $6 billion, but little changed in real terms—was a key factor limiting the pace of economic recovery in 1971. Outlays for new plant and equipment, which account for around 80 per cent of business fixed investment, remained particularly weak, increasing by only about 2 per cent from the 1970 level. In real terms, this marked a decline for the second consecutive year. Sluggishness in capital spending was influenced by the indifferent performance of industrial production and by low rates of manufacturing capacity utilization, which remained close to 75 per cent throughout the year. Even though corporate profits recovered somewhat from their 1970 trough, uncertainty about the strength of future demand reinforced the cautious attitudes of businessmen. Outlays for new plant and equipment by manufacturing firms in 1971 were more than 5 per cent below the 1970 level; new investment in industrial buildings was especially weak. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 7 Reduction in spending was pronounced in the primary metals group, which had been affected by labor uncertainty in steel, aluminum, and copper earlier in the year. Declines were also reported in machinery and transportation equipment— particularly in the aircraft industry, which suffered from further cutbacks in spending for defense and space equipment. In M Gain in REAL INVESTMENT small. . . 4 CAPACITY UTILIZATION at very low rate BILLIONS OF DOLLARS 1969 1970 1971 Business fixed investment, Dept. of Commerce data, seasonally adjusted annual rates; capacity utilization, FRdata(1971 Q4estimated). "Real" is 1958dolIars. contrast, new investment continued relatively strong outside of manufacturing, as spending by the utilities and communications industries and in the commercial sector increased sharply. Several fiscal measures were introduced in 1971 to stimulate investment. An accelerated depreciation schedule was announced early in the year, and the President proposed the restoration of the investment tax credit in his August 15 policy package. However, these measures were not passed by Congress until December. Although they were made retroactive, the measures had little discernible effect on business investment in 1971 but should have a significant impact in 1972. The outlook for capital spending improved during the final months of the year. The Commerce—Securities and Exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN • JANUARY 1972 Commission investment survey taken in the fall indicated a substantial increase in capital expenditures early in 1972. This was confirmed by the annual survey, released early in January, which showed a projected increase of 9 per cent for 1972 as a whole. The prospect of increased capital investment appeared to reflect greater optimism about the business outlook, with the expectation of increased profits and improved corporate cash flows accompanying rising sales. INVENTORIES Inventory investment did not manifest the large gains usually associated with the early stages of an economic upswing. This was undoubtedly due in part to the fact that there had been FINAL SALES AND INVENTORIES no inventory disinvestment during the previous downturn. CHANGE, BILLIONS OF DOLLARS I' if MSRli • Moreover, business inventories were quite high in relation 30 to sales as the year began. Faced with only moderate growth in consumer expenditures, weakness in demand for capital 20 equipment, and further curtailment in outlays for defense, business 10 businessmen lacked the incentive to accumulate substantial Li: .V^ff inventories in 1971. Inventory investment totaled only about i I $2 billion, slightly less than in 1970. Exclusive of autos and steel, which were affected by special influences, there Jfl was little or no nonfarm inventory investment. The early months of the year witnessed a substantial buildup of auto inventories, as businesses replenished stocks that Dept. of Commerce data, seasonally had been depleted during the auto strike in the fourth quarter adjusted at annual rates. Final sales, change from previous quarter. Ratio, of 1970. In addition, stocks of steel were being accumulated end-of-period inventories to quarterly average sales, manufacturing and during the first half of 1971 in anticipation of a possible strike trade. Ratio for 1971 Q4 is Nov. inventories to Oct.—Nov. average sales. in August. However, increases in these sectors were largely offset by continued inventory reductions in the defense products and capital equipment industries. During the second half of the year, inventory liquidation by manufacturers of defense and capital equipment appeared to have ceased, and there was some build-up of consumerrelated stocks. But liquidation of steel inventories resulted in net disinvestment in the third quarter and continued to depress inventory investment for the remainder of the year. Over all, business sales rose more than inventories during 1971, and the inventory-sales ratio was measurably reduced during the year from the high 1970 levels. GOVERNMENT Federal Government purchases of goods and services remained little changed in 1971 from their 1970 level. In- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 9 creased purchases for nondefense purposes were about offset by further declines in defense outlays. The average size of the Armed Forces was cut by nearly 375,000 from 1970, while Federal civilian employment was little changed. However, payrolls were sustained by a Government-wide pay raise early in the year and a further increase in military pay in November designed to facilitate the building of an allvolunteer armed service. Purchases of military hardware DEFENSE expenditures continue to decline - growth in STATE-LOCAL PURCHASES is maintained BILLIONS OF DOLLARS CHANGE, BILLIONS OF DOLLARS FEDERAL GOVT. Dept. of Commerce data seasonally adjusted at annual rates. ' 'Change" from previous quarter. declined further, and the cumulative effects of such cutbacks continued to have severe repercussions on the defense products industries and their suppliers. Production of defense and space equipment continued to edge down, and at the year-end employment in defense products industries was more than 150,000 below year-earlier levels. On the whole, Federal expenditures in 1971 exceeded revenues by more than $23 billion (national-income-accounts basis) or by nearly $10 billion more than during the preceding year. Federal pay increases, higher social security benefits, and increases in other transfer payments raised expenditures. Grants-in-aid to State and local governments also ran more than $5 billion higher than in 1970. At the same time, a slower than anticipated rate of economic growth, additional tax reductions enacted during the year, and a relatively low level of profits caused increases in receipts to fall short of expectations. Purchases by State and local government rose by over $13 billion between 1970 and 1971, a slightly greater increase than in 1970. The rise in State and local government employment was somewhat less than the average for other recent years, mainly as a result of a smaller increase in school Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1972 enrollments and taxpayer resistance to higher costs. New legislation offering Federal assistance for specific kinds of public service employment in State and local government had only a limited impact, which was confined to the last few months of the year. Although State and local government borrowing was facilitated by easier conditions in financial markets and lower interest rates, a large portion of the funds raised were used to strengthen financial positions, and construction expenditures increased by only a little more than $1 billion during the year. The wage freeze and slower employment gains also held down increases in expenditures during the final quarter of 1971. EXPORTS AND IMPORTS The further deterioration of the U.S. net export position also contributed to the sluggishness of the recovery in 1971. Over a period of years a number of underlying factors—in particular, rapidly rising domestic prices—have been operating to weaken net exports. In 1971 the international exchange crisis that erupted in the second quarter and actual or threatened strikes U.S. MERCHANDISE TRADE in a number of key sectors were also important adverse in- BILLIONS OF DOLLARS fluences. Moreover, whereas last year was one of modest economic recovery in the United States, economic expansion slowed down for a number of our most important trading partners. As a result, for the year as a whole, our exports of goods and services increased by only 4 per cent while imports rose by about 9 per cent, and our net surplus of exports of goods and services all but disappeared. This was Dept. of Commerce data seasonally the first year since 1935 that imports of merchandise exadjusted at annual rates. ceeded exports. This situation in the trade accounts, along with massive outflows of capital, underscored the need for new initiatives in economic policy and helped lead to the measures announced on August 15. These included a suspension of dollar convertibility into gold and the imposition of a temporary 10 per cent surcharge on about half of our imports—which was removed in mid-December. However, uncertainty about international trade and monetary developments and about port operations disrupted by dock strikes continued to affect net exports adversely after August 15. At a meeting of the Group of Ten in Washington in mid- December, agreement was reached on appreciation of the currencies of the major industrialized countries against the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 11 dollar by more than 11 per cent. Although improvement in the U.S. net export position stemming from the exchange rate adjustments is likely to be gradual, this agreement affords the opportunity for a much stronger foreign trade potential over the longer run. MANPOWER Even though there was some recovery in the growth of real UTILIZATION output, the labor market continued slack in 1971 and unemployment remained relatively high. After a year of decline, nonfarm payroll employment began to rise in early 1971, but the gains were small. In December 1971 nonfarm payroll employment was only about 800,000 above a year earlier and the level was still 40,000 below its March 1970 peak. Gains were concentrated in the nonindustrial sectors of the economy—particularly in services and in State and EMPLOYMENT gains small; UNEMPLOYMENT remains high CHANGE, MILLIONS OF PERSONS BLS quarterly data seasonally adjusted. local government. But even here expansion was moderate by comparison with the average growth of recent years. Manufacturing employment, which had fallen sharply throughout 1970, edged down unevenly during much of 1971; the year-end level was about 250,000 below a year earlier and was off about 1.7 million from its July 1969 record high. Employment of both production and nonproduction workers was cut further during the year as businesses continued to take Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1972 measures to limit increases in labor costs. On the other hand, the workweek for production workers edged up late in the year. Increases in total employment about matched the growth in the labor force. At the year-end the civilian labor force was about 1.7 million above its year-earlier level, with the increase reflecting the effect of the large reduction in the Armed Forces. After rising to 6 per cent at the end of 1970, the unemployment rate showed little change in 1971. Unemployment remained high among most labor force groups: White-collar workers were particularly hard hit— their unemployment rate, at 3.5 per cent, reached its highest point since the introduction of the series in 1958—and unemployment remained relatively high (7.4 per cent) for bluecollar workers. Joblessness among white workers increased to 5.4 per cent in 1971, and among Negroes to 9.9 per cent—in both instances a rise of about a fifth from 1970. Despite the slack in the labor market, wages continued to increase at a rapid pace in the first half of 1971. Reflecting Rise in UNIT LABOR COSTS moderates as 7 7 PRODUCTIVITY recovers RATIO SCALE, 1967=100 PERCENTAGE CHANGE FROM PREVIOUS YEAR UNIT LABOR COSTS 1969 1970 1971 BLS quarterly data seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1971: YEAR OF RELUCTANT RECOVERY 13 large gains in both union and nonunion sectors of the economy, average hourly compensation for the private nonfarm economy increased at an annual rate of about 7.5 per cent in the first two quarters, a higher rate than for the comparable period in the preceding year. Just prior to the imposition of the wage freeze, however, there was some indication of a slowing in the growth of such earnings, particularly in services and manufacturing. In the construction industry, where wages had been rising at an extremely rapid rate in 1970 and in early 1971, the Construction Industry Stabilization Committee was sucessful in reducing the rate of growth somewhat. Nevertheless, wage gains of construction workers continued well above the average for all workers. In mid-August the President imposed a freeze on wages and prices for 90 days as the first step in a program designed to curb inflation and to expand economic activity. The intent of the new economic program was to limit the average increase in compensation to no more than 5.5 per cent and— by stimulating real gains in the economy—to achieve a sustained high rate of growth in productivity, thereby further reducing the pressure on unit labor costs. In the 3 months of the wage freeze, the rise in average hourly earnings for the private nonfarm economy was slowed markedly, to an annual rate of about 2.3 per cent from 6.0 per cent in the first 8 months of 1971. In manufacturing, average hourly earnings of production workers, which had been increasing at an annual rate of about 5.4 per cent earlier in the year, slowed to a rate of 1.1 per cent during the freeze. But after the freeze ended, as had been anticipated, there was a sharp jump in average hourly earnings, reflecting some retroactive payments and deferred increases as well as new wage agreements affecting coal mining and railroads. Productivity increases accelerated early in 1971 and the increase in unit labor costs slowed. Productivity in the private nonfarm sector, which had risen by less than 1 per cent for all of 1970, recorded a substantial gain in the first quarter of 1971 with the rebound of activity following the auto strike. In the next two quarters, productivity increased at an annual rate of nearly 3 per cent. As a result, after rising by more than 6 per cent in 1969 and 1970, increases in unit labor costs in the first three quarters averaged about 4 per cent. If productivity continues to grow at a relatively fast pace, and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1972 Pay Board's goal is achieved, the rise in unit labor costs should continue to moderate significantly further. PRICES Despite substantial underutilization of resources, prices continued to rise rapidly until the freeze. In early 1971 there had been a temporary easing of consumer price increases attributable to declining interest rates for home mortgages. However, the consumer price index began to rise more sharply again when these costs leveled out, reflecting continued substantial price increases for most commodities and services. Excluding mortgage costs, the increase in the first half of the year was close to the 5 per cent gain recorded in the second half of 1970. Wholesale prices rose at about a 5 per cent annual rate in the first 8 months of the year, considerably above the rate of increase in 1970. The resumption of rising prices for farm products and processed foods and feeds was mainly responsible for the acceleration in the first half of the year. However, by midsummer, prospects of a large harvest were reflected in a decline in prices for farm products. On the other hand, the rate of price increase for industrial commodities rose more rapidly in the 2 months prior to the freeze, as price increases of materials accelerated. In the 3-month period of the price freeze—mid-August to mid-November—industrial commodity prices fell somewhat and farm and food prices declined about seasonally. The rate of rise in consumer prices slowed to less than 2 per cent. Price increases permitted under Phase II guidelines may be concentrated in the next few months, causing a temporary spurt in the indexes as was the case for wholesale and consumer prices in December, but over the longer run the rate of price rise is expected to be more moderate than before August 15. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover- In all cases the analyses and conclunors of the Federal Reserve System and of sions set forth are those of the authors the Federal Reserve Banks undertake and do not necessarily indicate concurstudies that cover a wide range of eco- rence by the Board of Governors, by the nomic and financial subjects, and other Federal Reserve Banks, or by the memstaff members prepare papers related to bers of their staffs. such subjects. In some instances the Fed- Single copies of the full text of each of eral Reserve System finances similar the studies or papers summarized in the studies by members of the academic pro- BULLETIN are available in mimeographed fession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each BULLETIN that are of general interest to the eco- includes a separate section entitled ''Staff nomics profession and to others are sum- Economic Studies99 that enumerates the marized—or they may be printed in full— studies for which copies are currently in this section of the BULLETIN. available in that form. Study Summaries PRIVATE HOUSING COMPLETIONS—A NEW DIMENSION IN CONSTRUCTION STATISTICS Bernard N. Freedman—Staff, Board of Governors Prepared as a staff paper in late 1971 This paper explores some of the implica- extend no further back than January tions for housing starts analyses of the 1968, seasonal adjustment of the series new monthly series on private housing by type of structure was attempted for completions and units under construction comparison with the related Census that are now being provided by the Bureau starts series for use in this paper. In adof the Census with support from the De- dition, the private housing starts and compartment of Housing and Urban Develop- pletions series without seasonal adjustment. Until May 1970, when the first ment were compared on a quarterly as report on completions was issued, a well as an annual basis to explore the direct measure of completions was un- lag relationships further. For background available. Consequently, analysts who re- purposes, the conceptual and statistical quired such a series for purposes of framework utilized by the Census Bureau evaluating construction, real estate, mort- was also reviewed. gage market, or retail trade—furniture In part because of the volatility of the and appliance—developments had been completions series—a characteristic that forced to rely on various assumptions is shared with housing starts—the data about the nature of the lags that are after seasonal adjustment turned out to involved. be much more meaningful when used on a Although the official completions data quarterly rather than a monthly basis. In 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

either case, the results indicate that over Among other findings, it appeared that the recent cycle in housing starts—the under the building and other conditions first that can be so analyzed—comple- prevailing during the period covered, tions have differed appreciably from starts annual completions totals could be proin terms of both timing and magnitude jected with reasonable accuracy by agof fluctuation, particularly in the case of gregating quarterly starts data lagged multifamily (2 or more) units. The results one quarter for single-family units and also suggest that equating starts and com- four quarters for multifamily units. Howpletions even for periods as broad as a ever, ultimately there is no substitute year can be quite misleading, especially for direct measurement of the comin years when starts change sharply. pletions variable. n POLICY VARIABLES, UNEMPLOYMENT AND PRICE LEVEL CHANGES Peter S. Rose and Lacy H. Hunt II—Staff, Federal Reserve Bank of Dallas Published in the Southern Journal of Business, November 1971 Two significant questions concerning sta- the entire set of independent variables. bilization policy in recent years are The second is the importance of the unwhether any substantial progress can be employment rate as an explanatory factor made against inflation without sizable in- and the relative unimportance of the policy creases in unemployment and whether the variables. These patterns appear to be functional relationship between unemploy- even stronger in the decade of the 1960's. ment and prices may have considerably Price level changes are dominated by 4'tightened" during the 1960's. This the level of unemployment with little paper attempts to resolve these questions residual variation accounted for by moneby determining if monetary and fiscal tary, fiscal, or expectational arguments. variables have a significant impact on Of course, measuring the relative sigprice level movements independent of the nificance of the monetary and fiscal level of capacity utilization. Related to variables when unemployment is held this purpose is the question of the re- constant does not capture possible insponsiveness to monetary and fiscal ac- direct effects of policy changes on curtions of the unemployment rate itself. rent price level movements through the The methodological approach employed unemployment rate itself. Simple correlais a linear model containing unemploy- tion coefficients were computed between ment, monetary, fiscal, and expectational first differences in the unemployment rate arguments to explain movements in the and annual percentage changes in the implicit gross national product price monetary base and high employment deflator and the consumer price index. expenditures, lagged by varying amounts. The equations were estimated for three The relationships between current and time periods, 1952-68, 1952-60, and 1961- lagged percentage changes in the monetary 68, with all variables seasonally adjusted. base and the unemployment rate for 1952- Two remarkable characteristics appear to 68, as well as the subperiods 1952-60 and govern the results for the 1952-68 period. 1961-68, were consistently stronger than The first is the relatively low proportion the relationship between changes in high of explained variance accounted for by employment expenditures. • 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, July-October 1971 Interest rates paid on major forms of con- In the 3 months ending October 31 sumer-type time and savings deposits many large banks cut their offering rates were unchanged at most insured com- on short-term time deposits of large demercial banks in the 3 months ending nominations to keep rates on such de- October 31, 1971. On small-denomina- posits in line with market yields on tion certificates of deposit and open ac- competing instruments. However, the count time deposits, most banks con- reduction in bank rates was somewhat tinued to offer depositors the maximum less than the drop in market yields on rate allowed by the banking authorities. competing instruments, and commercial Rates paid on regular savings accounts banks experienced a further inflow of by most banks also remained unchanged large-denomination time deposits, though over the 3-month period. However, a the growth was slower than in the precedfew of the largest banks that had lowered ing quarter. Rates paid on time deposits their savings deposit rate by V2 of 1 per- held principally by consumers were centage point in the preceding quarter maintained by most banks, probably beraised this rate back to the 4 V2 per cent cause competing savings institutions had ceiling on August 1. not lowered rates. However, inflows In the period covered by this survey1 into this category of deposits in the short-term market interest rates declined most recent survey period were also less for the most part, after having risen sub- than in the preceding one. stantially over the spring and early summer. By the end of October some rates NET CHANGES IN DEPOSITS were lower than at any other time since late May or early June. Rates in long- Total time and savings deposits held by term markets also declined in this period; individuals, partnerships, and corporaand the loan rate charged prime business tions (IPC) at insured commercial banks customers by banks was cut from 6 to stood at a record $234.8 billion on 5% per cent near the end of October. October 31, 1971—$5.7 billion (2.5 per cent) greater than 3 months earlier NOTE.—Caroline H. Cagle of the Board's Division (Table 1). This increase was about fourof Research and Statistics prepared this article. fifths as much as the growth in the pre- Previous surveys of time and savings deposits at all member banks were conducted by the Board of ceding quarter and two-fifths of the Governors in late 1965, in early 1966, and quarterly record rise in the 3 months ending beginning in 1967. Beginning in 1968 the surveys were January 31, 1971. expanded to provide figures for all insured commercial banks and were conducted jointly by the Board of Gov- Depositors added $1.6 billion to their ernors and the Federal Deposit Insurance Corporation. holdings of regular savings accounts in The results of earlier surveys have appeared in BUL- LETINS for 1966-71, the most recent being Nov. 1971, the July-October period, only slightly pp. 895-905. less than in the preceding quarter. With Appendix tables for this article appear on pp. market interest rates declining and the 25-30. 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1972 future course of interest rates uncertain, but also in locking in that rate for a small depositors found that the rate of period of time. Of the $15 billion of 4*4 per cent paid by many banks, in com- small-denomination time deposits with bination with the ready accessibility of maturities of 2 years or more outstanding their funds and—in some banks—pay- at member banks on October 31, more ment of interest from day of deposit to than one-fourth were in banks that inday of withdrawal, was quite attractive. dicated they would guarantee the rate for Total small-denomination deposits with more than 2 years. Most of these banks maturities of 2 years or more—on which reported that their most common rate most banks were paying the maximum was 5% per cent and about 250 banks rate of 5% per cent—also proved attrac- stated that they would guarantee this tive over the period. Expansion in this rate for more than 4 years (Appendix type of deposit amounted to $1.2 billion Table 9). (nearly 6 per cent), just slightly under the Bank holdings of large-denomination increase over the April-July period. By time deposits grew more slowly in the 3 contrast, growth in the lower-yielding, months ending October 31 than in the shorter-maturity categories of time de- April-July quarter (7.5 per cent composits was only about 0.5 per cent in the pared with 8.9 per cent). As in the most recent quarter. preceding survey, most of the expansion Depositors were interested not only was in large negotiable CD's. Time dein securing the highest yield available posits in special fund accounts also rose TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, JANUARY—OCTOBER 1971 Percentage change in Number of issuing banks Amount (in millions of dollars) deposits (quarterly rate) TTyyppee ooff ddeeppoossiitt Jan. 31 , Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Apr. 30— July 31— July 31 Oct. 31 rotal time and savings deposits 13,389 13,413 13,438 13,452 211,770 222,255 229,062 234,786 3.1 2.5 Savings 12,939 12,960 12,958 12,993 97,549 104,249 105,940 107,514 1.6 1.5 Time deposits in denominations of less than $100,000—total.. 13,141 13,142 13,128 13,248 76,659 81,297 83,427 84,990 2.6 1.9 Accounts with original maturity of— Less than 1 year 12,050 12,157 12,242 12,332 40,198 42,863 43,646 43,909 1.8 .6 1 up to 2 years 12,207 12,305 12,224 12,455 18,244 18,893 18,976 19,058 .4 .4 2 years or more 10,675 10,350 10,521 10,653 18,217 19,541 20,804 22,024 6.5 5.9 All maturities: Open accounts— Passbook or statement form 1 3,382 3,225 3,233 3,297 (19,089) (21,258) (22,068) (23,307) (3.8) (5.6) Time deposits in denominations of $100,000 or more 5,956 5,838 5,816 5,894 32,101 30,744 33,490 36,009 8.9 7.5 Negotiable CD's 3,254 3,087 3,067 2,972 22,092 21,418 23,525 25,435 9.8 8.1 Nonnegotiable CD's and open account 3,272 3,397 3,388 3,492 10,009 9,325 9,965 10,574 6.9 6.1 Christmas savings and other special funds 8,166 8,274 8,324 8,048 5,461 5,964 6,205 6,272 4.0 1.1 1 Includes time deposits, open account, issued in passbook, state- mercial banks; for October 31, 1971, the data for member banks ment, or other forms that are direct alternatives for regular savings were reported by virtually all such banks and for insured nonmember accounts. Most of these are believed to be in accounts totaling less banks by the same sample of these banks reporting in earlier than $100,000. surveys. NOTE.—Data were compiled jointly by the Board of Governors of Some deposit categories include a small amount of deposits outthe Federal Reserve System and the Federal Deposit Insurance standing in a relatively few banks that no longer issue these types of Corporation. For January 31, April 30, and July 31, 1971, the in- deposits and are not included in the number of issuing banks. Dollar formation was reported by a probability sample of all insured com- amounts may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 19 moderately further over the survey period. centrated in the large-denomination in- Both small and large banks experienced struments. On October 31, 1971, busian expansion in holdings of time and nesses held three-fourths of all time savings deposits in the 3 months ending deposits in denominations of $100,000 October 31, but the growth rate was or more at member banks (Table 2). only half as rapid for small banks (total This compares with about one-ninth of deposits of less that $100 million) as for the total for small-denomination time larger banks—1.6 per cent compared deposits (other than savings). with 3.1 per cent. At small banks the in- Reflecting principally differences in crease consisted principally of consumer the types of customers served, the prodeposits, with growth centering mainly portion of all IPC time deposits (other in passbook savings, which increased than savings) held by businesses varied twice as rapidly at small as at large considerably by size of bank—from just banks. Expanded holdings of large- over half for banks in the largest-size denomination deposits, principally ne- class to a low of 8 per cent for banks gotiable CD's, and of the longest ma- in the smallest-size group. At the small turity of consumer-type time deposits banks even the large-denomination deaccounted for the bulk of the increase posits were held to a considerable extent at large banks. by consumers. Business holdings of time deposits have BUSINESS-HELD DEPOSITS risen substantially since early 1970, As had been true in earlier surveys, busi- with the increase being recorded mainly ness holdings of time deposits were con- in deposits with denominations of $100,- TABLE 2 ESTIMATED PERCENTAGE OF TIME DEPOSITS, IPC, HELD BY BUSINESSES AT MEMBER BANKS ON OCTOBER 31, 1971 Denominations of less than $100,000 Denominations of $100,000 and over AAAllllll tttiiimmmeee dddeeepppooosssiiitttsss Maturing in- NNoonn-- GGGrrrooouuuppp (((eeexxxcccllluuudddiiinnnggg nneeggoottiiaabbllee pppaaassssssbbbooooookkk AAllll AAllll ttyyppeess NNeeggoottiiaabbllee CCDD''ss aanndd sssaaavvviiinnngggsss))) mmaattuurriittiieess Less 1 up to 2 years CCDD''ss ooppeenn than 2 years or more aaccccoouunntt 1 year 111 banks reporting information 37.4 11.2 13.1 9.1 7.7 75.8 81.7 58.8 >ize of bank (total deposits in millions of dollars): Under 10 8.3 6.3 7.2 5.6 5.9 60.4 68.4 49.6 10-50 11.5 7.1 8.4 6.8 4.8 53.6 55.4 51.4 50-100 18.5 9.5 10.5 8.0 8.0 56.2 59.0 53.2 100-500 29.0 13.1 14.6 12.0 9.1 63.3 66.3 58.1 500 and over 51.7 13.8 15.5 13.3 9.0 80.1 85.6 60.4 \R. district: Boston 48.8 9.1 9.0 11.6 8.8 83.7 83.3 86.7 New York 62.6 19.1 22.5 20.1 9.7 80.3 85.2 64.0 Philadelphia 27.4 15.5 22.9 7.4 8.8 75.3 81.9 61.5 Cleveland 26.2 8.4 9.8 6.9 6.1 76.0 80.0 64.6 Richmond 25.6 8.9 10.2 9.1 5.9 67.9 64.9 72.7 Atlanta 26.8 10.9 11.1 13.1 8.3 62.7 68.4 55.5 Chicago 27.9 8.0 8.5 7.5 6.2 74.8 89.3 33.9 St. Louis 18.3 8.0 9.9 6.2 7.2 70.9 80.3 58.7 Minneapolis 19.4 8.1 8.4 7.1 8.3 79.8 85.1 54.2 Kansas City 22.6 9.9 13.0 5.9 5.8 58.9 55.9 68.1 Dallas 35.6 12.5 14.9 10.1 9.1 58.6 61.7 39.8 San Francisco 40.0 12.9 14.8 12.1 8.1 79.6 87.5 60.5 NOTE.—Data are for member banks of the Federal Reserve System 80 per cent of the total deposits of these types in all member banks. only. No insured nonmember banks reported this information, Passbook savings and Christmas savings and other special funds are and there was some nonreporting among member banks. Never- excluded. theless, the member banks that did report accounted for more than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1972 000 or more. As a result of this growth time deposits in the 3 months ending in large-denomination time deposits, banks October 31, rate increases exceeded have more than offset the reduction rate decreases, except in the 1- to 2-year in such deposits that took place dur- maturity category where a few more banks ing 1969 and the early weeks of 1970, lowered than raised the rate. Rate changes, when yields on competing market in- particularly rate increases, were more struments were substantially above the common among large than small banks. ceiling rates on time deposits. More- This reflects the fact that a somewhat over, this growth has significantly raised higher proportion of the large than the the proportion of all large negotiable small banks had had rates that were CD's outstanding held by businesses— below the ceiling on July 31. Neverfrom 73 per cent in October 1969 to 82 theless, the proportion of large banks per cent in October 1971. paying rates below the ceiling on October A reverse trend was evident among 31 remained somewhat greater than that holders of large nonnegotiable CD's for small banks. and open account deposits. The propor- About three-fourths of all insured comtion of business-held deposits in these mercial banks holding four-fifths of all categories rose from 55 per cent in October passbook savings deposits were paying 1969 to 64 per cent in October 1970 the 4V2 per cent maximum rate of interest but then dropped to 59 per cent in the on October 31. The number of banks with 12 months ending October 1971. The this rate was only slightly higher than it proportion of business-held deposits also had been 3 months earlier, but the prodeclined in the consumer-type time de- portion of deposits in banks with this posit area—from about 13 per cent in rate rose sharply as some of the largest October 1970 to 11 per cent in October banks in the country, holding a sub- 1971. These declines probably reflect stantial volume of savings deposits, moved in part a shift by consumers out of other their rate from 4 per cent to 4% per cent investments into time deposits. on August 1. Nearly three-fifths of the large banks RATE CHANGES AND RATE STRUCTURE reported that their most common offering rate on negotiable CD's in denomina- The vast majority of insured commercial tions of $100,000 or more was lower on banks made no change in the most com- October 31 than 3 months earlier. The mon rate paid on consumer-type time bulk of these reductions were to 5 or deposits in the most recent quarter (Ap- 5lA per cent. As of October 31 more than pendix Table 7). As of October 31, 1971, three-fourths of all large negotiable CD's about nine-tenths of all issuing banks— outstanding at large banks were in banks holding an equivalent proportion of de- whose most common rate was between posits—were offering depositors the ceil- 4V2 and 5V2 per cent; 3 months earlier ing rate on small-denomination time de- nearly half of all such deposits had been posits in the various maturity cate- in banks with a rate over 5V2 per cent. gories (Table 3). This proportion was Only about a third of the large issuing close to or slightly higher than it had banks lowered their rate on nonnegotiable been 3 months earlier. CD's and open account deposits in de- Among the relatively few banks that nominations of $100,000 or more in the did change the rate on consumer-type July-October period. About two-fifths of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 21 TABLE 3 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JULY 31 AND OCTOBER 31, 1971, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Oct. July Oct. July Oct. July Oct. July Oct. July Oct. July 31 31 31 31 31 31 31 31 31 31 31 31 Number of banks, or percentage distribution Amounts of deposits (in millions of dollars), or percentage distribution Savings deposits: Issuing banks 12,993 12,958 12,405 12,362 588 596 107,514 105,940 42,552 41,580 64,962 6644,,336611 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 110000..00 3.50 or less 7.0 7.0 7.2 7.2 2.4 2.7 2.2 2.2 3.5 3.9 1.3 1.2 3.51-4.00 17.2 17.7 17.2 17.6 17.0 20.8 16.1 30.1 13.6 13.4 17.8 40.9 4.01-4.50 75.8 75.3 75.6 75.2 80.6 76.5 81.7 67.7 82.9 82.7 80.9 57.9 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks 12,332 12,242 11,748 11,648 584 594 43,888 43,646 20,646 20,419 23,242 2233,,222288 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 110000..00 4.50 or less 3.9 4.5 3.5 4.5 4.1 5.6 3.7 4.8 1.3 3.1 2.8 6.3 4.51-5.00 96.1 95.5 96.5 95.5 95.9 94.4 96.3 95.2 98.7 96.9 97.2 93.7 Maturities of 1 up to 2 years: Issuing banks 12,455 12,224 11,889 11,647 566 577 19,025 18,949 14,284 14,490 44,,774411 44,,445599 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 110000..00 4.50 or less .9 .5 .9 .4 1.3 1.7 .3 .5 .4 .1 .4 1.7 4.51-5.00 9.8 9.3 9.6 9.2 12.2 11.5 11.1 11.2 11.2 11.3 10.7 10.9 5.01-5.25 1.1 1.5 1.0 1.4 3.5 4.5 1.4 1.4 1.0 .9 2.6 3.1 5.26-5.50... 88.2 88.7 88.5 89.0 83.0 82.3 87.2 86.9 87.4 87.7 86.3 84.3 Maturities of 2 years and over: Issuing banks 10,653 10,521 10,102 9,970 551 551 21,827 20,259 12,022 11,737 99,,880055 88,,552222 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 4.50 or less .9 .4 .9 .4 1.5 2.4 .6 .5 .8 .2 .5 .9 4.51-5.00 2.8 3.4 2.5 3.1 7.6 7.6 4.0 3.8 1.2 2.5 7.3 5.4 5.01-5.25 .4 .4 .4 .3 1.2 .9 .6 . 1 .4 .1 ..88 .2 5.26-5.50 3.4 4.3 3.4 4.3 4.4 4.5 1.9 4.0 1.2 3.2 22..77 5.2 5.51-5.75 92.5 91.5 92.8 91.9 85.3 84.6 92.9 91.6 96.4 94.0 88.7 88.3 Negotiable CD's in denominations of $100,000 or more: Issuing banks 2,972 3,067 2,589 2,674 383 393 25,434 23,525 2,614 2,529 22,820 2200,,999966 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 1C0.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 4.50 or less 2.0 4.3 1.8 4.2 3.3 5.5 6.9 1.1 1.0 2.5 7.6 .9 4.51-5.00 20.5 14.7 19.0 15.1 30.5 12.2 35.9 5.0 13.2 9.8 38.5 4.4 5.01-5.50 23.4 28.0 20.1 25.1 46.2 47.8 37.2 43.9 25.3 26.8 38.6 45.9 5.51-6.00 35.4 31.6 37.9 31.9 18.0 29.3 17.4 44.1 42.1 43.8 14.6 44.2 6.01-6.50 7.6 7.8 8.6 8.6 .8 2.1 1.1 2.3 6.8 9.2 .4 1.5 6.51-7.00 6.9 5.3 7.9 5.8 .2 2.1 1.0 3.0 8.3 3.0 . 1 3.0 7.01-7.50 4.1 8.2 4.6 9.2 1.0 1.0 .5 .6 3.2 4.9 .2 . 1 7 51 and over j 1 j ..11 00)) .1 00)) 1 Less than 0.05 per cent. For Note, see p. 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1972 these deposits were held by consumers. cent) were held by banks with total de- As of the end of October 1971 rates on posits of less than $100 million. Over both types of deposits at most large two-fifths of such deposits in small banks banks were from 5 per cent to 5l/z per were consumer held. To obtain and hold cent. these funds, many small banks offer a Small banks attract relatively few large- higher rate than large banks. For exdenomination deposits. Of the $36 billion ample, among issuing banks with total of time deposits in denominations of deposits of less than $100 million, $100,000 or more outstanding on Oc- about half of the banks had an offering tober 31, only about $5 billion (14 per rate of 6 per cent or more, whereas less TABLE 4 AVERAGE OF MOST COMMON INTEREST RATES PAID ONV ARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON OCTOBER 31, 1971 Per cent per annum Time deposits in denominations of— Less than $100,000 $100,000 or more All SSSaaavvviiinnngggsss Bank location and size of bank time and aaannnddd (total deposits in millions of dollars) savings sssmmmaaallllll dddeee--- SSSaaavvviiinnngggsss Maturing indeposits nnnooommmiiinnnaaa--tttiiiooonnn tttiiimmmeee TToottaall NNeeggoo-- AAllll dddeeepppooosssiiitttsss Less 1 up to 2 years ttiiaabbllee ootthheerr than 2 years or more CCDD''ss 1 year All banks: All size groups 4.85 4.77 4.39 5.26 4.98 5.43 5.68 5.23 5.38 Less than 10 5.01 5.00 4.31 5.36 5.00 5.43 5.74 5.93 5.47 10-50 4.89 4.84 4.39 5.28 4.97 5.42 5.69 5.85 5.68 50-100 4.86 4.78 4.41 5.26 5.00 5.43 5.66 5.69 5.66 100-500 4.80 4.72 4.38 5.23 4.99 5.41 5.66 5.38 5.38 500 and over.... 4.82 4.69 4.40 5.21 4.97 5.45 5.67 5.13 5.27 Banks in— Selected large S MSA's All size groups... 4.82 4.71 4.41 5.23 4.98 5.43 5.68 5.18 5.32 Less than 10. 4.86 4.81 4.39 5.32 5.00 5.44 5.72 5.92 5.65 10-50 4.84 4.77 4.42 5.29 4.99 5.44 5.72 5.87 5.67 50-100 4.79 4.72 4.41 5.23 4.99 5.40 5.65 5.77 5.48 100-500 4.81 4.71 4.40 5.22 4.99 5.40 5.67 5.36 5.34 500 and over, 4.82 4.69 4.42 5.21 4.97 5.45 5.67 5.12 5.26 All other SMSA's: All size groups... 4.81 4.74 4.33 5.26 4.99 5.43 5.69 5.48 5.53 Less than 10. 4.84 4.79 4.22 5.36 4.99 5.43 5.73 5.66 6.12 10-50 4.87 4.82 4.39 5.30 4.99 5.41 5.74 5.70 5.72 50-100 4.90 4.82 4.40 5.28 5.00 5.48 5.69 5.61 5.72 100-500 4.79 4.72 4.34 5.22 4.98 5.41 5.65 5.45 5.39 500 and over 4.66 4.58 4.17 5.20 4.98 5.47 5.67 5.35 5.36 Banks outside SMSA's: All size groups ; 4.96 4.92 4.36 5.30 4.97 5.43 5.68 5.84 5.65 Less than 10 5.05 5.04 4.32 5.36 5.00 5.43 5.74 6.03 5.21 10-50 4.93 4.89 4.36 5.27 4.95 5.42 5.66 5.86 5.68 50-100 4.92 4.84 4.41 5.26 5.00 5.42 5.65 5.69 5.81 100-500 4.80 4.74 4.39 5.27 5.00 5.46 5.64 5.34 5.65 500 and over.... 5.11 5.00 4.50 5.28 5.00 5.50 5.75 6.75 5.11 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1970 census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D. C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne C H Ba l o e l u v ti s e m t l o a o n n r d e S D K a e a n n n v s B e a e r s r n C a it d y i no-Riverside F S M t a . e c m r W a p m o h r e i t s n h t o S O N a a m l s t a h L h v a a il k le e -D C a it v y i dson J R B a a o c t c k o k s n f o o n R r , d o M ug i e s s. Newark Indianapolis Birmingham Youngstown-Warren NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 23 than one-fifth of the larger banks were pay- October 31, 1971, was $500 or less ing a rate as high as this. (Appendix Table 8). At most of the remaining banks the requirement did not AVERAGE INTEREST RATES exceed $1,000. This was true in each The weighted average interest rate paid on of the maturity categories. Similar reall forms of time and savings deposits, quirements had been reported in the IPC, remained almost unchanged at 4.85 October 1969 and October 1970 surveys. per cent on October 31—1 basis point Nevertheless, minimum requirements did lower than 3 months earlier—as rates vary somewhat with the maturity of the on small- versus large-denomination de- instrument. On maturities of less than posits moved divergently (Table 4). On 1 year two-thirds of the banks had a savings and other consumer-type de- requirement of $500 or less, whereas posits the average rate remained rela- for maturities of 1 to 2 years and of 2 tively steady in the 3 months ending years and over only a few more than half October 31, rising by only 4 basis points; of the banks had a requirement that small. on large-denomination instruments the The minimum deposit required also rate declined by 30 basis points. varied with the rate paid. For the rela- On all time and savings deposits the tively few banks that offered an instruaverage rate paid was somewhat higher ment with a maturity of less than 1 year at small banks than at large banks, as at a rate of 4 per cent, one-half of the has been true in each survey since Oc- banks had a requirement no greater than tober 1970. When rates on time and $100. When the interest rate was at the savings deposits began to drop in early statutory ceiling of 5 per cent, however, 1971, they fell more rapidly at large than only about one-third of the banks had a at small banks, in part because of the requirement as low as this. In the longerdecline in rates on large negotiable CD's— maturity instruments—1 to 2 years and 2 held mainly by big banks—which are years and over—about two-fifths of the money market instruments and are highly banks stated that to receive the statutory sensitive to changes in market rates. For ceiling rates of 5% and 53A per cent, example, between October 1970 and respectively, depositors were required to October 1971 the average rate paid on put up between $500 and $1,000. all time and savings deposits for banks in Only 374 (1 of 12) member banks that the size class of $500 million and over issued consumer-type time deposits with fell by 43 basis points. This compares maturities of 2 years or more on October with a 3-basis-point increase in the average 31, 1971, reported they would guarantee rate paid by banks in the smallest bankthe rate for a period over 2 years. About size class. four-fifths of these banks offered a rate of 5% per cent on these deposits. Two- MINIMUM DENOMINATION thirds indicated that they would guarantee REQUIREMENTS; MAXIMUM PERIOD this rate for no longer than 5 years, one- FOR RATE GUARANTEE fourth that they would do so for a period At more than half of all member banks, of 5-10 years, and a few that they would the minimum deposit required to pur- provide an even longer guarantee (Apchase a consumer-type time deposit on pendix Table 9). • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1972 NOTE TO TABLE 3: NOTE.—The most common interest rate for each instrument refers While rate ranges of or of a percentage point are shown in to the basic stated rate per annum (before compounding) in effect on this and other tables, the most common rate reported by most banks the survey date that was generating the largest dollar volume of de- was the top rate in the range; for example, 4.00, 4.50, etc. On negotiaposit inflows. If the posted rates were unchanged during the 30-day ble CD's in denominations of $100,000 and over, however, some large period just preceding the survey date, the rate reported as the most banks have had rates at intervals of Yg of a percentage point. Some common rate was the rate in effect on the largest dollar volume of deposit categories exclude a small amount of deposits outstanding in deposit inflows during that 30-day period. If the rate changed during a relatively few banks that no longer issue these types of deposits and that period, the rate reported was the rate prevailing on the largest are not included in the number of issuing banks. dollar volume of inflows from the time of the last rate change to the Figures may not add to totals because of rounding. survey date. NOTES TO APPENDIX TABLES 1-6: 1 Less than $500,000. some deposits outstanding on the survey date. Time deposits, open 2 Omitted to avoid individual bank disclosure. account, exclude Christmas savings and other special accounts. Dollar NOTE.—Data were compiled from information reported by all mem- amounts may not add to totals because of rounding. ber banks and by a probability sample of all insured commercial In the headings of these tables under "Most common rate paid banks. The latter were expanded to provide universe estimates. (per cent)" the rates shown are those being paid by nearly all report- Figures exclude banks that reported no interest rate paid and that ing banks. However, for the relatively few banks that reported a held no deposits on the survey date, and they also exclude a few rate in between those shown, the bank was included in the next higher banks that had discontinued issuing these instruments but still had rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 25 APPENDIX TABLE 1-SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 3.50 4.00 4.50 3.50 4.00 4.50 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,993 909 2,231 9,853 107,514 2,329 17,337 87,849 Size of bank (total deposits in millions of dollars): 6,814 632 1,378 4,804 6,578 385 1,217 4,976 10-50 4,938 243 678 4,017 24,906 841 3,219 20,846 50-100 653 20 75 558 11,069 266 1,343 9,460 100-500 448 11 72 365 22,027 402 4,240 17,385 140 3 28 109 42,934 435 7,318 35,181 Federal Reserve district: 341 3 65 273 4,614 16 1,211 3,387 New York 443 8 75 360 17,411 334 2,982 14,095 Philadelphia 447 72 107 268 7,057 645 2,226 4,186 Cleveland 758 65 147 546 10,065 138 3,021 6,905 Richmond 734 12 91 631 7,398 89 824 6,484 1,649 96 379 1,174 7,766 263 1,333 6,169 Chicago 2,537 209 466 1,862 19,476 441 4,646 14,390 St. Louis 1,348 72 222 1,054 3,810 140 395 3,275 Minneapolis 1,363 287 428 648 2,452 206 435 1,811 1,790 79 210 1,501 3,927 43 177 3,707 Dallas 1,199 6 35 1,158 3,702 13 60 3,629 San Francisco 338844 6 337788 1199,,883388 2277 1199,,881111 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.75 5.00 4.50 4.75 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,332 11,8S5 43,888 921 686 42,281 Size L of e s b s a t n h k a n (t o 1 t 0 a l deposits in millions of dollars): 6,390 198 1 6,191 4,063 21 (2) 4,042 10-50 4,710 194 21 4,495 11,856 204 22 11,631 50-100 648 19 4 625 4,727 46 9 4,672 100-500 446 21 6 419 8,487 153 35 8,298 500 and over 138 3 10 125 14,755 497 620 13,638 Fede B ra o l s R to e n s erve district: 330 7 2 321 1,437 10 (2) 1,411 N Ph e i w la d Y e o lp rk h ia 4 3 1 5 7 9 3 3 5 3 1 1 0 3 32 7 5 2 2 3 , , 3 9 6 6 0 2 2 7 8 3 (21 ) 3 4 2 3 , , 3 7 2 5 5 6 Cleveland .. 666 39 627 3,047 16 3,032 Richmond 620 57 556 2,658 39 150 2,469 Atlanta 1,570 98 1,466 4,124 60 5 4,059 Chicago 2,413 59 2,345 10,260 624 5 9,631 St. Louis 1,256 31 1,225 2,462 24 2,437 Minneapolis 1,183 8 1,175 2,539 2 2,537 K Da a l n la sa s s City 1 1 , ,2 8 7 6 1 5 4 1 9 4 1 1, ,8 2 1 56 6 2 2 , , 4 4 2 3 5 6 32 6 (2) 2 2 , , 4 41 0 9 4 San Francisco 382 5 371 6,178 8 369 5,802 For notes to Appendix Tables 1-6, see p. 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1972 APPENDIX TABLE 3—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 4.50 4.50 or 5.00 5.25 5.50 i or 5.00 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,455 116 1,214 139 10,986 19,025 77 2,105 263 16,580 Size of bank (total deposits in millions of dollars): Less than 10 6,618 51 563 54 5,950 5,459 25 525 34 4,875 10-50 4,631 54 522 50 4,005 7,242 28 895 78 6,241 50-100 640 4 60 16 560 1,583 5 176 32 1,371 5 1 0 0 0 0 a 5 n 0 d 0 over 4 1 3 3 5 1 6 1 2 4 1 8 1 3 6 3 1 6 0 5 6 2 2, , 4 2 6 7 7 4 (2) 1 4 3 1 1 9 6 3 8 3 3 7 2 1 , , 1 9 8 0 7 6 Federal Reserve district: Boston 263 35 4 224 126 8 2 115 P N h e i w la d Y e o lp rk h ia 4 3 0 9 2 1 1 2 3 9 7 7 7 1 7 8 2 3 6 1 3 6 1,2 7 6 3 2 2 (2) 1 4 2 1 8 8 9 2 4 3 4 8 9 4 3 9 3 2 679 7 128 12 532 1,155 7 147 27 974 683 5 94 17 567 871 1 145 11 714 Atlanta 1,444 23 185 41 1,195 1,805 12 267 39 1,488 Chicago 2,475 30 144 14 2,287 4,061 20 253 17 3,771 St. Louis 1,416 30 178 3 1,205 2,524 20 509 10 1,985 Minneapolis 1,299 1 51 4 1,243 1,739 <2) 94 3 1,643 Kansas City 1,821 4 79 6 1,732 1,964 1 63 4 1,896 D Sa a n ll a F s r ancisco 1,2 3 0 7 3 9 1 1 3 0 9 7 1 2 1 1,0 3 8 3 5 7 1 1 , ,3 4 6 1 8 9 (2) 1 4 0 7 3 (2) 1 8 1 1 , , 2 3 4 2 7 2 APPENDIX TABLE 4—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 10,653 97 299 46 364 9,847 21,827 147 863 123 415 20,279 Size of bank (total deposits in millions of dollars): Less than 10 5,321 95 211 4,970 2,860 19 2 46 2,789 10-50 4,172 137 118 3,850 6,839 80 31 72 6,593 5 1 0 0 - 0 1 -5 00 0 0 4 60 2 8 3 2 2 4 7 1 1 1 9 3 5 6 5 8 7 2 3 , , 3 6 2 6 2 0 23 4 1 5 ( 124 ) 9 2 2 7 2 3 , , 2 28 0 9 3 500 and over 129 16 5 102 6,146 (2) 489 74 177 5,406 Fe B de o r s a to l n R eserve district: 221 16 4 200 236 14 (2) 2 219 New York 342 15 39 21 259 1,598 14 390 31 128 1,034 Philadelphia 353 14 20 311 1,852 46 183 18 1,605 Cleveland 574 12 36 521 1,746 (2) 12 3 29 1,702 Richmond 601 22 12 557 1,545 (2) 24 45 6 1,469 Atlanta 1,188 60 25 1,088 1,975 93 12 15 1,838 C St h . i L ca o g u o i s 2 1 , , 2 0 0 8 6 6 50 7 6 2 8 2,0 9 4 7 8 9 4 1 , , 4 4 5 9 3 1 O 6 ) 3 5 1 9 2 ((22)) 1 1 4 1 0 6 4 1 , , 2 4 7 6 9 2 Minneapolis 1,060 4 1,051 1,689 3 6 1,680 Kansas City 1,598 17 44 1 536 1,318 (2) 5 20 1,292 D Sa a n l l F a r s a ncis . c . o . .... 1,0 3 5 6 8 6 2 3 4 1 4 1 6 2 9 3 7 2 3 4 2 1 , , 7 1 8 3 8 6 (2) 5 1 0 8 (2) 1 8 1 2 0 5 8 2 1 , , 6 0 2 7 4 5 For notes to Appendix Tables 1-6, see p. 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 27 APPENDIX TABLE 5—NEGOTIABLE CD's, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.00 7.50 Total 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.0o| 6.50 7.0o| and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks 22,,997722 8 51 609 697 1,051 225 205 126 25,434 9 1,771 9,119 9,468 4,425 266 251 124 Size of bank (total deposits in Le m ss i l t l h io a n n s 1 o 0 f dollars): 779944 2 9 167 113 283 104 81 35 257 (2) 2 44 28 123 16 34 9 5 5 1 1 0 0 0 0 0 0 -5 - 1 a 5 0 0 n 0 0 0 d over 1,5 2 2 1 1 7 6 2 7 8 0 3 2 3 1 2222 9 88 3 2 4 7 7 5 3 4 4 1 3 1 2 8 5 1 1 6 9 8 5 1 9 5 0 1 9 4 1 4 10 1 2 6 1 2 11 1 1 2 1 81 3 6 1 1 3 1 9 , , , 4 5 3 8 2 9 3 2 1 9 6 1 ( (( 2 22 ) )) 2 1,71 4 2 2 9 7 7,9 8 1 1 1 6 0 9 5 0 2 7 7 1 , , 2 5 3 3 2 8 3 0 0 7 2 2 2,4 6 2 8 2 9 8 9 6 1 7 8 ( ( 1 2 2 4 1 ) ) 5 7 ( 1 2 5 3 ) 1 1 (2 4 2 3 ) 1 9 6 Fe P d N B e h o e r i w s a l t a l o d Y n R e o l e p r s k h er ia v e district: 1 1 9 9 5 5 1 5 j 4 3 2 6 6 7 5 4 4 6 2 9 4 8 2 3 2 9 9 3 2 2 1 9 7 3 2 7 1 9 1 , , 5 1 6 5 7 7 3 0 1 (2) 1,47 1 7 7 1 4,4 3 1 0 3 3 2 2 3 2,7 5 7 7 5 1 3 3 4 81 6 1 7 1 2 ( ( ( 2 2 2 ) ) ) 7 1 3 1 1 ( ( 2 2 ) ) 2 C R l i e c v h e m la o n n d d 1 1 5 5 3 5 x 6 2 2 5 8 8 4 3 5 0 6 3 1 5 9 6 1 7 2 7 1 1,0 6 0 4 9 9 ((22)) ( 220 ) 4 1 4 8 7 9 2 7 2 1 4 6 1 2 8 8 1 7 3 47 7 (2) 4 Atlanta 541 11 85 97 243 54 23 28 1,173 5 231 516 349 27 20 27 C Q M t h in i T c n a n e g u a o i p c o lis ............ 4 1 8 7 5 3 9 2 3 4 1 1 2 2 1 8 0 2 1 3 3 3 1 4 5 1 2 5 3 5 6 5 45 4 4 3 1 2 5 7 1 9 2 2 2,8 4 4 6 0 6 1 4 3 7 (2 6 ) 1 1,7 1 1 9 9 0 5 1 5 2 7 1 5 1 8 6 2 3 2 2 3 7 4 6 0 2 4 9 7 4 6 3 (21 ) 8 5 Kansas City 335 4 42 65 139 26 31 28 751 4 203 196 288 39 13 9 S D a a n l la F s r ancisco 4 1 7 6 3 0 3 2 3 2 5 9 1 6 5 8 1 20 6 3 3 6 9 3 5 3 6 26 3 4 2 , ,4 2 3 9 5 6 1 C (21) ) 1,0 4 4 4 8 3 1,7 8 9 2 7 7 1 1 , , 0 3 0 5 9 2 9 5 0 8 5 9 8 37 1 APPENDIX TABLE 6—NONNEGOTIABLE CD's AND OPEN ACCOUNT DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.00 7.50 4.00 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 less over less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 33,,449922 103 96 940 855 827 171 301 199 10,561 84 714 2,297 4,044 2,817 345 178 Size of bank (total deposits in L 10 e m ss 5 i 0 l t l h io a n n s 1 o 0 f . dollars): 11,,99 77 00 33 44 66 6 2 4 5 4 1 9 9 5 1 6 0 5 9 4 1 1 6 7 6 4 2 1 0 7 2 1 2 1 0 5 1 9 8 3 7 1 6 2 3 9 1,2 1 6 9 3 3 3 1 1 3 2 4 5 29 2 6 3 3 4 8 2 5 27 5 7 6 10 4 4 1 2 0 1 6 50-100 443300 6 12 113 109 144 29 13 4 1,100 9 10 188 307 504 44 34 5 1 0 0 0 0 - a 5 n 0 d 0 over 3 1 1 0 6 6 6 2 1 6 0 1 3 1 6 7 1 4 1 8 5 56 8 4 3 7 1 2 1 2 5 , , 2 76 4 5 0 (22 ) 2 65 2 2 4 1,2 5 4 4 6 3 2 1 , , 2 0 9 1 6 4 1,4 5 0 7 8 1 1 4 4 7 6 (21 ) 6 Fed B N e o e r s w a t l o Y n R o e r s k er ve district: 2 1 0 1 1 7 2 3 1 2 2 6 8 3 5 2 6 1 3 2 1 4 7 8 1 2 5 8 2 3,0 1 3 9 1 5 (2) 2 ( 5 2 9 ) 5 68 7 4 7 1,47 6 0 6 24 2 4 0 (2 3 ) 2 (2) 6 Philadelphia 132 5 15 34 33 36 4 3 2 495 16 12 52 306 99 2 2 Cleveland 214 2 6 88 54 46 5 7 6 438 (2) 2 152 199 69 4 5 Richmond 332 3 7 81 81 130 19 5 6 749 3 29 160 180 279 84 5 Atlanta 557 7 18 221 95 84 48 40 44 921 3 16 326 300 158 62 45 Chicago 545 6 14 137 138 95 28 91 36 1,285 5 17 197 488 441 89 35 St. Louis 470 6677 11 77 115 58 8 93 41 429 30 3 159 112 70 7 25 Minneapolis. 131 4 22 50 38 7 7 3 123 1 13 23 73 10 2 K D Sa a a n l n l a s F a s r s a C nc it i y sc o 2 3 11 8 8 22 1 6 66 2 5 3 3 4 5 3 9 0 3 4 8 7 4 6 5 1 1 3 0 6 2 7 0 2 1 6 6 1 3 1 4 1 3 42 2 7 1,9 5 3 3 9 7 2 1 2 ( ( 2 21 ) ) 0 (2 1 ) 2 5 3 8 3 5 7 7 2 4 2 1 8 4 8 0 0 0 1,0 2 7 3 5 6 4 5 2 1 1 9 0 6 2 2 2 3 1 For notes to Appendix Tables 1-6, see p. 24. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

N> 00 APPENDIX TABLE 7—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JULY 31 AND OCTOBER 31, 1971 Time deposits in denominations of— Less than $100,000 maturing in- $100,000 or more SSSaaavvviiinnngggsss Less than 1 year 1 up to 2 years 2 years and over Negotiable CD's All other GGGGGrrrrrooooouuuuuppppp Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) ssiizzee ssiizzee ssiizzee ssiizzee ssiizzee ssiizzee ggrroouuppss 100 ggrroouuppss 100 ggrroouuppss 100 ggrroouuppss 100 ggrroouuppss 100 ggrroouuppss 100 tmi Under and Under and Under and Under and Under and Under and D 100 over 100 over 100 over 100 over 100 over 100 over m J3 > Number of issuing banks, October 31, 1971 12,996 12,400 596 12,261 11,668 593 12,415 11,840 575 10,745 10,185 560 3,178 2,786 392 3,369 2,941 428 J3 m PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * O) m J3 < Total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 m No change in rate, ro July 31-Oct. 31, 1971.. 44.2 47.7 19.6 42.5 43.3 37.1 c Banks raising rate 15.8 15.1 20.7 19.1 18.4 23.8 r- Ne r w a te 1 m ( o p s e t r ce c n o t m ) mon m 3.50 or less.. 4 3 . . 0 5 1 1 - - 4 4 . . 5 0 0 0 . . . . . . (2) (2) . . 9 1 (2) .9 1. . 6 3 4.51-5.00... 1.6 1.6 1.8 1.1 .9 3.0 • 5.01-5.25... .5 .3 1.5 1.5 1.2 3.3 c_ 5.26-5.50... 3.5 2.7 8.7 4.1 3.4 8.2 > 5.51-5.75... 2.3 1.9 4.6 1.4 1.3 2.1 5.76-6.00... 3.3 3.4 2.0 4.3 4.4 3.7 6.01-6.25... 1.4 1.3 1.8 1.2 1.4 .3 C > 6 6 . . 2 51 6 - - 6 6 . . 7 5 5 0 . . . . . . (2) .3 (2) .3 .3 (2) .4 (2) .4 J<3 6.76-7.00... - ? I 2.6 3.0 3.3 3.7 ""i.'i* 7 7 . . 0 5 1 1 - - 7 8 . .0 5 0 0 . . . . . . m'M. i (2) .4 (2) .4 .8 .9 CO 8.01-8.50... r-soi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ba N nk ew s red m u o ci s n t g ra c t o e m mon 1.2 1.0 1.0 4.4 3.6 3.5 6.4 2.6 2.4 6.4 23.8 19.0 57.9 23.5 21.7 rate 1 (per cent) 3.50 or less .4 .4 .5 .5 .2 1.7 1.9 3.51-4.00 .3 (2) (2) (2) (2) .2 .3 4.01-4.50 1.3 (2) (2) .2 1.0 .9 1.5 .7 .5 4.51-5.00 (2) 2.7 3.0 2.9 4.7 1.2 1.2 3.0 7.8 5.9 22.0 8.7 7.9 5.01-5.25 .2 .1 1.4 .1 .1 .9 4.8 2.4 22.0 3.4 2.4 5.26-5.50 .7 .6 2.3 4.2 3.5 8.9 3.8 3.4 5.51-5.75 1.4 1.3 2.0 2.1 2.0 5.76-6.00 3.3 3.5 1.5 1.1 1.3 6.01-6.25 .1 .2 .2 6 6. . 5 2 1 6 - - 6 6 . . 7 5 5 0 .1 .7 .8 6.76-7.00 1.0 1.2 ]8 . .9 1 7.01-7.50 .1 .1 7.51-8.00 8.01-8.50 Banks introducing new instrument 2.0 2.1 2.2 2.2 3.1 3.1 2.2 16.2 18.2 14.9 16.6 Most common rate * (per cent) 4 4 4 6 5 5 5 5 . . . . . . . . 0 0 5 0 0 2 5 7 0 1 1 1 1 6 1 6 - - - - - - - o 4 5 6 5 5 5 6 r . . . . . . . 5 0 2 5 7 2 0 le 0 0 5 0 5 5 0 s . . . . . . . s . . . . . . . . . . . . . . . . 1. . 5 4 1 . . 4 6 1 . . . 3 2 6 . ( (. 2 2 ) ) 2 . . . . 6 3 . . * < ( ( 2) 2 2 2 . ) . ) 7 4 *' (2) 4 3 3 . . . . . . 5 5 3 6 5 9 (2) 4 3 5 1 . . . . . . 1 1 9 3 4 0 4 3 2 . . . . . . 4 8 2 4 7 6 4 4 2 . . . . . . . 8 4 5 4 7 1 6 6 6 . . 5 2 1 6 - - 6 6 . . 7 5 5 0 . . . . . . (2) .5 W.5 . . 1 8 .9 6 7 . . 7 0 6 1 - - 7 7 . . 0 5 0 0 . . . . . . 1 . . 1 5 f.8 \A 1.6 7.51-8.00... .9 .4 .5 8.01-8.50... * Shaded areas indicate that rates shown in the stub are higher 2 Less than 0.05 per cent. on July 31,1971. The table excludes banks that issued these types than the maximum permissible rate on the various instruments. NOTE.—This table was compiled by comparing rates as reported of deposits on July 31, but no longer issued them on October 31. 1 For description of most common rate, see NOTE to Table 3, by the sample banks that had these types of deposits outstanding Percentages may not add to totals because of rounding. p. 24. on October 31, 1971, with the rates reported by the same banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1972 APPENDIX TABLE 8—MINIMUM DENOMINATION ON WHICH MOST COMMON RATE WAS PAID BY MEMBER BANKS ON TIME DEPOSITS IN DENOMINATIONS OF LESS THAN $100,000 ON OCTOBER 31, 1971 Number of banks Minimum denomination (dollars) MMoosstt ccoommmmoonn rraattee AAllll ((ppeerr cceenntt)) ddeennoommiinnaa-ttiioonnss 100 101- 501- 1,001- 2,501- 5,001- 10,001- 25,001or less 500 1,000 2,500 5,000 10,000 25,000 100,000 MATURITY OF LESS THAN 1 YEAR AAllll rraatteess 55555,,,,,222223333355555 11111,,,,,555558888899999 11111,,,,,999990000022222 11111,,,,,555553333333333 9999922222 8888877777 2222222222 1100 4.00 or less 6666688888 3333344444 1111133333 1111166666 11111 22222 22222 4.01-4.50 111118888899999 4444499999 4444499999 6666699999 99999 1111100000 22222 111 4.51-5.00 44444,,,,,999997777788888 11111,,,,,555550000066666 11111,,,,,888884444400000 11111,,,,,444444444488888 8888822222 7777755555 1111188888 999 MATURITIES OF 1 UP TO 2 YEARS AAAllllll rrraaattteeesss 5555555,,,,,,,333333322222221111111 1111111,,,,,,,222222200000002222222 1111111,,,,,,,666666688888881111111 2222222,,,,,,,111111111111114444444 111111333 111111188888886666666 1177 88 4.00 or less 44444445555555 22222224444444 5555555 11111112222222 333 1111111 4.01-4.50 11111119999999 3333333 7777777 7777777 2222222 4.51-5.00 666666655555555555555 111111111111118888888 111111177777772222222 222222288888882222222 33331111 44444441111111 7777 44 5.01-5.25 88888887777777 11111112222222 22222225555555 33333338888888 2222 8888888 2222 5.26-5.50 4444444,,,,,,,555555511111115555555 1111111,,,,,,,000000044444445555555 1111111,,,,,,,444444477777772222222 1111111,,,,,,,777777777777775555555 77777777 111111133333334444444 8888 44 MATURITIES OF 2 YEARS OR MORE AAAllllll rrraaattteeesss 444444,,,,,,666666111111333333 111111,,,,,,000000333333333333 111111,,,,,,444444000000111111 111111,,,,,,777777999999888888 111122 221100 48 99 2 444...000000 ooorrr llleeessssss 111111000000333333 666666444444 111111000000 222222333333 22 33 11 4.01-4.50 777777 444444 111111 222222 4.51-5.00 111111777777444444 444444777777 333333222222 777777666666 5555 11110000 22 22 5.01-5.25 333333000000 222222 999999 111111555555 3333 5.26-5.50 111111333333555555 111111777777 333333777777 666666222222 7777 11110000 22 5.51-5.75 444444,,,,,,111111666666444444 888888999999999999 111111,,,,,,333333111111222222 111111,,,,,,666666222222000000 99997777 111188884444 4444 6 2 NOTE.—Not all member banks reported this information, but those that did accounted for the bulk of deposits of these types. APPENDIX TABLE 9—MAXIMUM PERIOD FOR WHICH MEMBER BANKS WOULD GUARANTEE INTEREST RATES ON SMALL-DENOMINATION TIME DEPOSITS WITH MATURITIES OF 2 YEARS OR MORE ON OCTOBER 31,197 1 Most common rate paid (per cent) Most common rate paid (per cent) IItteemm AAllll AAllll rraatteess 4.50 or 4.51- 5.01- 5.26- 5.51- rraatteess 4.50 or 4.51- 5.01- 5.26- 5.51less 5.00 5.25 5.50 5.75 less 5.00 5.25 5.50 5.75 NUMBER OF BANKS PERCENTAGE DISTRIBUTION WITHIN GROUP TTToootttaaalll rrreeepppooorrrtttiiinnnggg iiinnnfffooorrrmmmaaatttiiiooonnn............ 4444444,,,,,,,666666677777770000000 111555555 111111177777774444444 3311 111333666 4444444,,,,,,,111111177777774444444 BBBaaannnkkksss ttthhhaaattt wwwooouuulllddd ggguuuaaarrraaannnttteeeeee rrraaattteee fffooorrr mmmooorrreee ttthhhaaannn 222 yyyeeeaaarrrsss 333333377777774444444 444 44444443333333 44 111555 333333300000008888888 111111000000000000......000000 110000..00 111111000000000000......000000 100.0 110000..00 111111000000000000......000000 MMMaaaxxxiiimmmuuummm ggguuuaaarrraaannnttteeeeee pppeeerrriiioooddd (((mmmooonnnttthhhsss)))::: 222555---333666 44444448888888 111 2222222 666 33333339999999 111111222222......888888 2255..00 444444......777777 4400..00 111111222222......777777 37-48 11111113333333 3333333 11111110000000 333333......555555 777777......000000 333333......222222 49-60 111111199999999999999 3 22222228888888 4 7 111111155555557777777 555555333333......222222 75.0 666666555555......111111 100.0 46.7 555555111111......000000 61-96 11111115555555 2222222 11111113333333 444444......000000 444444......777777 444444......222222 97-120 77777772222222 3333333 22 66666667777777 111111999999......333333 777777......000000 1133..33 222222111111......888888 Over 120 22222227777777 5555555 22222222222222 777777......222222 111111111111......555555 777777......111111 NOTE.—Not all member banks reported this information, but those that did accounted for the bulk of deposits of this type. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-72 APPOINTIVE MEMBERS1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin .Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. PaulM. Warburg New York .do. Term expired Aug. 9, 1918. Frederic A. Delano Chicago .do. Resigned July 21, 1918. W. P. G. Harding Atlanta .do. Term expired Aug. 9, 1922. Adolph C. Miller San Francisco . .do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago . Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Piatt .. ..New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills .... Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis ... May 12, 1921 Resigned May 12, 1923. MiloD. Campbell Chicago .. .Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland .,, May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago ...do Died Nov. 28, 1930. Roy A. Young Minneapolis , .Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York ... .Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City . .May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta .May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago .June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas Kansas City ...do Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick New York Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland ..do Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom Atlanta , .do. Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison ...Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis ...Richmond .. June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper ...New York Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans ...Richmond Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr. .. . ..St. Louis , Apr. 4, 1946 Resigned Nov 30, 1958. Lawrence Clayton . ..Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe ... Philadelphia ... ... Apr. 15, 1948 Resigned Mar. 31, 1951. For notes see following page. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTIVE MEMBERS1—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Edward L. Norton Atlanta Sept. 1, 1950 Resigned Jan. 31, 1952. OliverS. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr New York Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. A. L. Mills, Jr San Francisco ....Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson Kansas City .do. Reappointed for term beginning Feb. 1, 1964. Aug. 13, 1954 Died Oct. 21, 1954. Aug. 12, 1954 Served through Feb. 28, 1966. Chas. N. Shepardson Dallas . Mar. 17, 1955 Retired Apr. 30, 1967. G. H. King, Jr Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell Chicago AAuugg.. 31, 1961 Reappointed for term beginning Feb. 1, 1962. Nov. 29, 1963 Sherman J. Maisel San Francisco . Apr. 30, 1965 Mar. 9, 1966 William W. Sherrill. May 1, 1967 Reappointed for term beginning Feb. 1, 1968. Resigned November 15, 1971. Arthur F. Burns New York Jan. 31, 1970 Term began Feb. 1, 1970. JohnE. Sheehan St. Louis ... Jan. 4, 1972 CHAIRMEN3 VICE CHAIRMEN3 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano ....Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger... May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Piatt July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16, 1930-May 10, 1933. J.J.Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947. MarrinerS. Eccles Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston ..Mar. 11, 1955-Feb. 28, 1966. Thomas B. McCabe ...Apr. 15, 1948-Mar. 31, 1951. J.L.Robertson Mar. 1, 1966- Wm. McC. Martin, Jr..Apr. 2, 1951-Jan. 31, 1970. Arthur F. Burns Feb. 1, 1970- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams.Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger... Mar. 17, 1921-Apr. 30, 1923. David F.Houston Feb. 2, 1920-Mar. 3, 1921. Henry M.Dawes May 1, 1923-Dec. 17, 1924. Andrew W.Mellon....Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mcintosh... Dec. 20, 1924-Nov. 20, 1928. OgdenL. Mills Feb. 12, 1932-Mar. 4, 1933. J.W.Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin...Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr.Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve Act the appointive members; that the Secretary of the Treasury and the Comp- Federal Reserve Board was composed of seven members, including troller of the Currency should continue to serve as members until five appointive members, the Secretary of the Treasury, who was ex- Feb. 1, 1936; that the appointive members in office on the date of that officio chairman of the Board, and the Comptroller of the Currency. Act should continue to serve until Feb. 1, 1936, or until their successors The original term of office was 10 years, and the five original ap- were appointed and had qualified; and that thereafter the terms of pointive members had terms of 2, 4, 6, 8, and 10 years, respectively. members should be 14 years and that the designation of Chairman In 1922 the number of appointive members was increased to six, and and Vice Chairman of the Board should be for a term of 4 years. in 1933 the term of office was increased to 12 years. The Banking Act 2 Date after words "Resigned" and "Retired" denotes final day of of 1935, approved Aug. 23, 1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal Reserve 3 Chairman and Vice Chairman were designated Governor and Vice System and provided that the Board should be composed of seven Governor before Aug. 23, 1935. 32 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 August 24 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; November, pages 925-30; and December, pages 989-99. The record for the meeting held on September 21, 1971, follows: 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN • JANUARY 1972 MEETING HELD ON SEPTEMBER 21, 1971 Authority to effect transactions in System Account. Information reviewed at this meeting suggested that real output of goods and services was expanding in the third quarter at a pace significantly slower than the annual rate of 4.8 per cent now estimated for the second quarter. Growth in real GNP was expected to accelerate in the fourth quarter, owing in part to the Government's new economic program. In August industrial production declined further, mainly because output of steel was curtailed sharply as producers and users worked down the inventories they had accumulated against the possibility of a strike. Nonfarm payroll employment was unchanged following 2 months of decline. The unemployment rate rose further to 6.1 per cent, nearly equaling the high of last spring. Retail sales, which had declined in July, rose sharply in August, and the average for those 2 months was appreciably above that for the second quarter. Sales of new automobiles were exceptionally strong in late August and early September, no doubt in part because of expectations of rebates of Federal excise taxes. The volume of private housing starts, already at a very high level in July, edged up in August. Wage rates and wholesale prices of industrial commodities continued to rise rapidly prior to the imposition of the wage-price freeze in mid-August. The business outlook continued to be more uncertain than usual because various elements of the new economic program remained to be determined and because only limited information was as yet available on the program's initial effects. Staff projections—which were still highly tentative—suggested that growth in real output would be appreciably faster in the fourth quarter of 1971 and the first half of 1972 than had been expected before announcement of the program, and that the rise in prices would be significantly slower. For the most part, the projections for the fourth quarter were similar to those prepared 4 weeks earlier, shortly after the President's mid-August address. The real volume of consumer purchases was expected to rise substantially, not only because of the proposed elimi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 35 nation of the auto excise tax but also because of the general stimulus that a slower rise in prices and improved consumer confidence were expected to provide. It was still anticipated that residential construction expenditures and State and local government outlays would expand appreciably further, and that business capital outlays would change little. Business inventory investment was projected to rise moderately in the fourth quarter. The deficit in the U.S. balance of payments was still large in late August and early September, although it was well below the extraordinarily high level of the first half of August. Outflows of speculative capital moderated after mid-August, as a result of the policy measures adopted in this country and the decisions taken abroad to allow some appreciation of exchange rates and to raise barriers against capital inflows. In July the U.S. merchandise trade balance had been in substantial deficit for the fourth successive month. In foreign exchange markets, the Bank of Japan permitted the rate for the yen to rise above its former intervention limit on August 28, and at the time of this meeting the yen was. slightly more than 6 per cent above that limit. Most other major currencies were at rates against the dollar a few per cent higher than on August 13, prior to the suspension of dollar convertibility. Earlier in September, negotiations had begun on additional measures to reduce payments imbalances and on other improvements in the international monetary system. Interest rates on short- and long-term market securities generally had fluctuated irregularly since the August 24 meeting of the Committee, after having fallen appreciably in response to the mid-August announcement of the new economic program. Rates on Treasury bills continued to decline for a time after the August meeting, in large part because of persisting strong demands for bills from foreign central banks. Subsequently, those demands subsided as dollar inflows to foreign central banks moderated, and on the day before this meeting the market rate on 3-month bills was about 4.70 per cent, only a few basis points below its level 4 weeks earlier. In capital markets the volume of new issues of corporate and State and local government bonds changed little from July to August. However, the declines in yields following announcement of the Government's new economic program stimulated additional offerings of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN • JANUARY 1972 corporate bonds, and it appeared that the volume of new issues would be substantially higher in September and October. Contract interest rates on conventional new-home mortgages increased slightly further in August, but yields edged down in the more sensitive secondary market for federally insured mortgages. Inflows of savings funds to nonbank thrift institutions moderated further from the very high rates recorded earlier in the year. At commercial banks, business loans expanded by an extraordinary amount in August, apparently as a result of borrowings by domestic and foreign corporations in connection with developments in foreign exchange markets during the month. The Treasury sold a large volume of special securities to certain foreign central banks that had experienced heavy inflows of dollars, and U.S. Government deposits increased sharply. The rate of increase in total time and savings deposits declined as the volume of large-denomination CD's outstanding expanded much less than in July and inflows of consumertype time and savings deposits remained near the reduced rate of that month. Relatively low growth rates were recorded in August for both the narrow and the broader measures of the money stock—M (private x demand deposits plus currency in circulation) and M (M plus com- 2 :L mercial bank time deposits other than large-denomination CD's). At the time of the previous meeting of the Committee it had been expected that growth in M would slow from the average annual rate 1 of 10 per cent recorded in the first 7 months of the year, in part in a lagged response to earlier increases in short-term interest rates, and that M would continue to expand at about the moderate rate that 2 had emerged in July. For both measures, however, actual growth rates in August were lower than had been anticipated partly for reasons related to the flows of funds into foreign currencies. Growth in the adjusted bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources—was faster than in July mainly because of the sharp increase in Government deposits. System open market operations in the period immediately following the August 24 meeting had been directed at maintaining prevailing money market conditions. Later, when data becoming available indicated that the monetary aggregates were growing more slowly than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 37 had been expected, slightly easier money market conditions were sought. Operations were complicated in early September by persistent money market pressures partly related to international flows of funds, and the Federal funds rate—which had been fluctuating between 5V2 and 55A per cent in the period before the preceding meeting—rose to 5 3A per cent for a time. Subsequently, however, the funds rate moved down to around 5V2 per cent. In the 4 weeks ended September 15, member bank borrowings averaged $675 million, compared with $770 million in the preceding 4 weeks. As at the previous meeting, staff analysis suggested that the effects of the new economic program on demands for money, together with lagged reactions to earlier increases in short-term interest rates, should tend to produce much lower average rates of growth in the monetary aggregates over the rest of 1971 than had been recorded earlier in the year. Including rough estimates for September, it appeared that Mi and M would expand over the third quarter at 2 annual rates substantially below those of 11.5 and 12.5 per cent recorded in the second quarter.1 According to the analysis, if prevailing money market conditions were maintained growth in M 3 would slow further in the fourth quarter. It was noted in the Committee's discussion that an appropriate mix of fiscal and monetary policies would be required if the Government's new economic program was to be successful. A number of members stressed the difficulties of determining the proper longerrun stance of monetary policy at this juncture in light of the existing uncertainties about the nature of the fiscal measures that would be enacted, the general outlines of the post-freeze stabilization effort, and the manner in which the economy would respond to the new program. The Committee decided that open market operations in the period immediately ahead should be directed at achieving moderate growth in the monetary and credit aggregates, while taking account of developments in capital markets. Although it was recognized that the pursuit of these objectives might involve operations designed to attain somewhat easier money market and reserve conditions, the members 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

38 FEDERAL RESERVE BULLETIN • JANUARY 1972 agreed that aggressive easing operations should be avoided in order to minimize the risk of rekindling inflationary expectations. Also, the sentiment was widespread among members that, in view of the unusually rapid growth in M through July, relatively low rates of x expansion for a few months would not be inconsistent with the Committee's general objectives for the monetary aggregates. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that the Government's new economic program has reduced inflationary expectations and has improved prospects for higher rates of growth in real economic activity and employment. In the current quarter, however, real output of goods and services is expanding modestly and unemployment remains substantial. Prior to the imposition of the 90-day freeze, prices and wages were rising rapidly on average. In August inflows of consumer-type time and savings funds to nonbank thrift institutions moderated and inflows to banks remained at a reduced rate. Growth in the narrowly defined money stock, which had been rapid through July, slowed sharply in August; and growth in broadly defined money continued to slacken. However, the rate of expansion in the bank credit proxy stepped up, mainly reflecting a marked rise in U.S. Government deposits. Market interest rates, which declined sharply following the announcement of the new program, have since fluctuated irregularly. The U.S. balance of payments continues to be in a position of substantial basic deficit. Speculative capital outflows have diminished recently. Most major foreign currencies are trading in the exchange markets at rates against the dollar a few per cent higher than on August 13. Negotiations have begun on additional measures to reduce payments imbalances and on other improvements in the international monetary system. 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 moderate growth in monetary and credit aggregates, taking account of developments in capital markets. System open market operations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 39 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions FARM CREDIT ACT OF 1971 STATE TAXATION OF NATIONAL BANKS By Act approved December 22, 1971 (Public By Act approved December 10, 1971 (Public Law 92-213), Congress, among other things, Law 92-181), Congress revised and expanded the extended from January 1, 1972, to January 1, farm lending activities of the cooperative Farm 1973, the date upon which a national bank will, Credit System. Included among the provisions of for the purposes of any State tax law, be treated the Act is authority for member banks to puras a bank organized under the law of the State chase obligations issued under the Act and authority within which its principal office is located. (For for the Reserve Banks to purchase such obligathe text of the earlier Act, see 1970 BULLETIN tions to the same limited extent as they may pur- 137.) The text of the provision relating to national chase municipal warrants under section 14(b) bank taxation is as follows: of the Federal Reserve Act. The text of this provision and a technical amendment to section 15 of JOINT RESOLUTION the Federal Reserve Act reads as follows: To extend the authority of the Secretary of Housing and Urban Development with respect to interest rates on AN ACT insured mortgages, to extend and modify certain provisions of the National Flood Insurance Act of 1968, To further provide for the farmer-owned cooperative and for other purposes. system of making credit available to farmers and ranchers and their cooperatives, for rural residences, and to associations and other entities upon which farming SEC. 4. (a) The Act entitled "An Act to clarify the operations are dependent, to provide for an adequate liability of national banks for certain taxes", approved and flexible flow of money into rural areas, and to December 24, 1969 (83 Stat. 434), is amended by striking modernize and consolidate existing farm credit law out "1972" in sections 2(b) and 3(a) and inserting in lieu to meet current and future rural credit needs, and for thereof "1973". other purposes. (b) The Board of Governors of the Federal Reserve System shall make a study of the probable impact on the * * * ** revenues of State and local governments of the exten- SEC. 4.7. Purchase and Sale by Federal Reserve sion under subsection (a) of the termination date of System. Any member of the Federal Reserve System may interim provisions regarding intangible personal property buy and sell bonds, debentures, or other similar taxes of State and local governments on national obligations issued under the authority of this Act and any banks. The Board shall report the results of its study Federal Reserve bank may buy and sell such obligations to the Congress not later than six months after the date to the same extent and subject to the same limitations of approval of this joint resolution. placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under section 355 of title 12, United States Code. ECONOMIC STABILIZATION ACT * * * ** By Act approved December 22, 1971 (Public Law 92-201), Congress amended the Economic SEC. 5.27. AMENDMENTS TO OTHER LAWS.— Stabilization Act of 1970 and extended its effec- *** tiveness until April 30, 1973. Both the first and (b) The third paragraph of section 15 of the Federal second phases of the nation's anti-inflation pro- Reserve Act (12 U.S.C. 393) is amended to read as follows: gram were launched under authority of that Act. "The Federal Reserve banks are authorized to act The text of the Economic Stabilization Act as depositaries for and fiscal agents of any Federal land Amendments is as follows: bank, Federal intermediate credit bank, bank for cooperatives, or other institutions of the Farm Credit AN ACT System." To extend and amend the Economic Stabilization Act of 1970, as amended, and for other purposes. 40 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Be it enacted by the Senate and House of Representa- reductions in prices and rents whenever warranted tives of the United States of America in Congress after consideration of lower costs, labor shortassembled, That this Act may be cited as the "Economic ages, and other pertinent factors; and Stabilization Act Amendments of 1971". "(5) call for generally comparable sacrifices by business and labor as well as other segments of the ECONOMIC STABILIZATION ACT OF 1970 economy. SEC. 2. Title II of the Act entitled "An Act to "(c)(1) The authority conferred on the President by this section shall not be exercised to limit the level amend the Defense Production Act of 1950, and for of any wage or salary (including any insurance or other other purposes", approved August 15, 1970 (Public fringe benefit offered in connection with an employ- Law 91-379), as amended, is amended to read as ment contract) scheduled to take effect after November follows: 13, 1971, to a level below that which has been agreed "TITLE II—COST OF LIVING to in a contract which (A) related to such wage or salary, STABILIZATION and (B) was executed prior to August 15, 1971, unless the President determines that the increase provided in "§ 201. Short title such contract is unreasonably inconsistent with the "This title may be cited as the 'Economic Stabiliza- standards for wage and salary increases published under tion Act of 1970'. subsection (b). "§ 202. Findings "(2) The President shall promptly take such action "It is hereby determined that in order to stabilize the as may be necessary to permit the payment of any wage economy, reduce inflation, minimize unemployment, or salary increase (including any insurance or other improve the Nation's competitive position in world trade, fringe benefit offered in connection with an employand protect the purchasing power of the dollar, it is ment contract) which (A) was agreed to in an employnecessary to stabilize prices, rents, wages, salaries, ment contract executed prior to August 15, 1971, (B) dividends, and interest. The adjustments necessary to was scheduled to take effect prior to November 14, 1971, carry out this program require prompt judgments and and (C) was not paid as a result of orders issued under actions by the executive branch of the Government. this title, unless the President determines that the The President is in a position to implement promptly and increase provided in such contract is unreasonably ineffectively the program authorized by this title. consistent with the standards for wage and salary in- "§ 203. Presidential authority creases published under subsection (b). "(a) The President is authorized to issue such orders "(3) In addition to the payment of wage and salary and regulations as he deems appropriate, accompanied by increases provided for under paragraphs (1) and (2), a statement of reasons for such orders and regula- beginning on the date on which this subsection takes tions, to— effect, the President shall promptly take such action as "(1) stabilize prices, rents, wages, and salaries may be necessary to require the payment of any wage at levels not less than those prevailing on May 25, or salary increases (including any insurance or other 1970, except that prices may be stabilized at levels fringe benefits offered in connection with employment) below those prevailing on such date if it is neces- which have been, or in the absence of this subsection sary to eliminate windfall profits or if it is otherwise would be, withheld under the authority of this title, if necessary to carry out the purposes of this title; and the President determines that— "(2) stabilize interest rates and corporate divi- (A) such increases were provided for by law or dends and similar transfers at levels consistent with contract prior to August 15, 1971; and orderly economic growth. (B) prices have been advanced, productivity in- Such orders and regulations shall provide for the making creased, taxes have been raised, appropriations of such adjustments as may be necessary to prevent gross have been made, or funds have otherwise been inequities, and shall be consistent with the standards raised or provided for in order to cover such issued pursuant to subsection (b). increases. "(b) In carrying out the authority vested in him by "(d) Notwithstanding any other provisions of this subsection (a), the President shall issue standards to serve title, this title shall be implemented in such a manner as a guide for determining levels of wages, salaries, that wage increases to any individual whose earnings prices, rents, interest rates, corporate dividends, and are substandard or who is a member of the working similar transfers which are consistent with the purpose poor shall not be limited in any manner, until such of this title and orderly economic growth. Such stand- time as his earnings are no longer substandard or he is ards shall— no longer a member of the working poor. "(1) be generally fair and equitable; "(e) Whenever the authority of this title is imple- "(2) provide for the making of such general mented with respect to significant segments of the exceptions and variations as are necessary to foster economy, the President shall require the issuance of orderly economic growth and to prevent gross in- regulations or orders providing for the stabilization of equities, hardships, serious market disruptions, do- interest rates and finance charges, unless he issues a mestic shortages of raw materials, localized determination, accompanied by a statement of reasons, shortages of labor, and windfall profits; that such regulations or orders are not necessary to "(3) take into account changes in productivity maintain such rates and charges at levels consonant and the cost of living, as well as such other factors with orderly economic growth. consistent with the purposes of this title as are "(f) The authority conferred by this section shall not appropriate; be exercised to preclude the payment of any increase in "(4) provide for the requiring of appropriate wages— 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN • JANUARY 1972 "(1) required under the Fair Labor Standards and Act of 1938, as amended, or effected as a result of "(2) any person serving in the office of Chairenforcement action under such Act; or man of such Pay Board, and any person serving in "(2) required in order to comply with wage the office of Chairman of such Price Commission, on determinations made by any agency in the execu- the date of enactment of the Economic Stabilization tive branch of the Government pursuant to law for Act Amendments of 1971, may continue to serve work (A) performed under contracts with, or to be in such capacity on an interim basis without regard performed with financial assistance from, the to the foregoing requirement with respect to United States or the District of Columbia, or any Senate confirmation until the expiration of sixty agency or instrumentality thereof, or (B) per- days after the date of enactment of the Economic formed by aliens who are immigrants or who have Stabilization Act Amendments of 1971, and the been temporarily admitted to the United States provisions of sections 910-913 of title 5, United pursuant to the Immigration and Nationality Act; or States Code, shall be applicable with respect to "(3) paid in conjunction with existing or newly the procedure to be followed in the Senate established employee incentive programs which are in considering the nomination of any person to designed to reflect directly increases in employee either of such offices submitted to the Senate by the productivity. President during such sixty-day period, except "(g) For the purposes of this section the terms 'wages' that references in such provisions to a 'resolution and 'salaries' do not include contributions by any em- with respect to a reorganization plan' shall be ployer pursuant to a compensation adjustment for— deemed for the purpose of this section to refer to "(1) any pension, profit sharing, or annuity and such nominations. savings plan which meets the requirements of sec- Where such boards, commissions, and similar entities tion 401(a), 404(a)(2), or 403(b) of the Internal are composed in part of members who serve on less than Revenue Code of 1954; a full-time basis, legal authority shall be placed in their "(2) any group insurance plan; or chairmen who shall be employees of the United States "(3) any disability and health plan; and who shall act only in accordance with the majority unless the president determines that the contributions vote of members. Nothing is section 203, 205, 207, 208, made by any such employer are unreasonably inconsis- or 209 of title 18, United States Code, shall be deemed tent with the standards for wage, salary, and price in- to apply to any member of any such board, commission, creases issued under subsection (b). or similar entity who serves on less than a full-time "(h) No State or portion thereof shall be exempted basis because of membership on such board, commisfrom any application of this title with respect to rents sion, or entity. solely by virtue of the fact that it regulates rents by State "§ 205. Confidentiality of information or local law, regulation or policy. "All information reported to or otherwise obtained "(i) Rules, regulations, and orders issued under this by any person exercising authority under this title which title shall insofar as practicable be designed to en- contains or relates to a trade secret or other matter courage labor-management cooperation for the pur- referred to in section 1905 of title 18, United States pose of achieving increased productivity, and the Execu- Code, shall be considered confidential for the purposes of tive Director of the National Commission on Produc- that section, except that such information may be distivity shall when appropriate be consulted in the formu- closed to other persons empowered to carry out this title lation of policies, rules, regulations, orders and amend- solely for the purpose of carrying out this title or when ments under this title. relevant in any proceeding under this title. "§ 204. Delegation "§ 206. Subpena power "The President may delegate the performance of any "The head of an agency exercising authority under function under this title to such officers, departments, and this title, or his duly siuthorized agent, shall have agencies of the United States as he deems appropriate, or authority, for any purpose related to this title, to sign to boards, commissions, and similar entities composed and issue subpenas for the attendance and testimony of in whole or in part of members appointed to represent witnesses and the production of relevant books, papers, different sectors of the economy and the general public. and other documents, and to administer oaths. Witnesses Members of such boards, commissions, and similar summoned under the provisions of this section shall be entities shall be appointed by the President by and with paid the same fees and mileage as are paid to witnesses the advice and consent of the Senate; except that— in the courts of the United States. In case of refusal to "(1) the foregoing requirement with respect to obey a subpena served upon any person under the pro- Senate confirmation does not apply to any member visions of this section, the head of the agency of any such board, commission, or similar en- authorizing such subpena, or his delegate, may retity (other than the Chairman of the Pay Board, quest the Attorney General to seek the aid of the district established by section 7 of Executive Order Num- court of the United States for any district in which such bered 11627 of October 15, 1971, and the Chair- person is found to compel such person, after notice, to man of the Price Commission, established by sec- appear and give testimony, or to appear and produce doction 8 of such Executive order) who is serving, uments before the agency. pursuant to appointment by the President, on such "§ 207. Administrative procedure board, commission, or similar entity on the date of "(a) The functions exercised under this title are enactment of the Economic Stabilization Act excluded from the operation of subchapter II of chapter Amendments of 1971, and who continues to 5, and chapter 7 of title 5, United States Code, except as serve, pursuant to such appointment, on such to the requirements of sections 552, 553, and 555(e) of board, commission, or similar entity after such date; title 5, United States Code. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 43 "(b) Any agency authorized by the President to issue "(2) not less than $100 or more than $1,000; rules, regulations, or orders under this title shall, in regu- except that in any case where the defendant establishes lations prescribed by it, establish procedures which are that the overcharge was not intentional and resulted from available to any person for the purpose of seeking an a bona fide error notwithstanding the maintenance of prointerpretation, modification, or rescission of, or seeking cedures reasonably adapted to the avoidance of such error an exception or exemption from, such rules, regula- the liability of the defendant shall be limited to the tions, and orders. If such person is aggrieved by amount of the overcharge: Provided, That where the the denial of a request for such action under the preceding overcharge is not willful within the meaning of section sentence, he may request a review of such denial by the 208(a) of this title, no action for an overcharge may be agency. The agency shall, in regulations prescribed by it, brought by or on behalf of any person unless such person establish appropriate procedures, including hearings has first presented to the seller or renter a bona fide claim where deemed advisable, for considering such re- for refund of the overcharge and has not received requests for action under this section. payment of such overcharge within ninety days from the "(c) To the maximum extent possible, the President date of the presentation of such claim. or his delegate shall conduct formal hearings for the "(c) For the purposes of this section, the term 'overpurpose of hearing arguments or acquiring informa- charge' means the amount by which the consideration tion bearing on a change or a proposed change in wages, for the rental of property or the sale of goods or services salaries, prices, rents, interest rates, or corporate divi- exceeds the applicable ceiling under regulations or orders dends or similar transfers, which have or may have a issued under this title. significantly large impact upon the national economy, and 44§ 211. Judicial review such hearings shall be open to the public except that a "(a) The district courts of the United States shall private formal hearing may be conducted to receive have exclusive original jurisdiction of cases or coninformation considered confidential under section 205 troversies arising under this title, or under regulations of this title. or orders issued thereunder, notwithstanding the amount "§ 208. Sanctions; criminal fine and civil penalty in controversy; except that nothing in this subsection or "(a) Whoever willfully violates any order or regula- in subsection (h) of this section affects the power of any tion under this title shall be fined not more than $5,000 court of competent jurisdiction to consider, hear, and for each violation. determine any issue by way of defense (other than a "(b) Whoever violates any order or regulation under defense based on the constitutionality of this title or the this title shall be subject to a civil penalty of not more validity of action taken by any agency under this title) than $2,500 for each violation. raised in any proceeding before such court. If in any such 44 § 209. Injunctions and other relief proceeding an issue by way of defense is raised based on "Whenever it appears to any person authorized by the constitutionality of this title or the validity of the President to exercise authority under this title that agency action under this title, the case shall be subject any individual or organization has engaged, is engaged, to removal by either party to a district court of the United or is about to engage in any acts or practices constituting States in accordance with the applicable provisions of a violation of any order or regulation under this title, such chapter 89 of title 28, United States Code. person may request the Attorney General to bring an ac- "(b)(1) There is hereby created a court of the United tion in the appropriate district court of the United States to be known as the Temporary Emergency Court States to enjoin such acts or practices, and upon a of Appeals, which shall consist of three or more judges proper showing a temporary restraining order or a pre- to be designated by the Chief Justice of the United States liminary or permanent injunction shall be granted from judges of the United States district courts and without bond. Any such court may also issue man- circuit courts of appeals. The Chief Justice of the datory injunctions commanding any person to comply United States shall designate one of such judges as with any such order or regulation. In addition to such chief judge of the Temporary Emergency Court of injunctive relief, the court may also order restitution of Appeals, and may, from time to time, designate addimoneys received in violation of any such order or regula- tional judges for such court and revoke previous desigtion. nations. The chief judge may, from time to time, divide 44§ 210. Suits for damages or other relief the court into divisions of three or more members, "(a) Any person suffering legal wrong because of and any such division may render judgment as the any act or practice arising out of this title, or any order judgment of the court. Except as provided in subor regulation issued pursuant thereto, may bring an section (d)(2) of this section, the court shall not have action in a district court of the United States, without power to issue any interlocutory decree staying or regard to the amount in controversy, for appropriate restraining in whole or in part any provision of this relief, including an action for a declaratory judgment, title, or the effectiveness of any regulation or order writ of injunction (subject to the limitations in sec- issued thereunder. In all other respects, the court shall tion 211), and/or damages. have the powers of a circuit court of appeals with respect "(b) In any action brought under subsection (a) to the jurisdiction conferred on it by this title. The against any person renting property or selling goods court shall exercise its powers and prescribe rules govor services who is found to have overcharged the erning its procedure in such manner as to expedite the plaintiff, the court may, in its discretion, award the determination of cases over which it has jurisdiction plaintiff reasonable attorney's fees and costs, plus under this title. The court shall have a seal, hold sessions whichever of the following sums is greater: at such places as it may specify, and appoint a clerk and "(1) an amount not more than three times the such other employees as it deems necessary or proper. amount of the overcharge upon which the action is "(2) Except as otherwise provided in this section, the based, or Temporary Emergency Court of Appeals shall have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN • JANUARY 1972 exclusive jurisdiction of all appeals from the district Temporary Emergency Court of Appeals requesting courts of the United States in cases and controversies such injunctive relief. Following consideration of such arising under this title or under regulations or orders appeal or motion, the Temporary Emergency Court of issued thereunder. Such appeals shall be taken by the Appeals shall enter a final judgment affirming, reversing, filing of a notice of appeal with the Temporary Emer- or modifying the determination of the district court gency Court of Appeals within thirty days of the entry and granting such permanent injunctive relief, if any, of judgment by the district court. as it deems appropriate. "(c) In any action commenced under this title in any "(f) The effectiveness of a final judgment of the Temdistrict court of the United States in which the court porary Emergency Court of Appeals enjoining or setting determines that a substantial constitutional issue exists, aside in whole or in part any provision of this title, or the court shall certify such issue to the Temporary Emer- any regulation or order issued therefrom, shall be gency Court of Appeals. Upon such certification, the postponed until the expiration of thirty days from Temporary Emergency Court of Appeals shall determine the entry thereof, except that if a petition for a writ of the appropriate manner of disposition which may include certiorari is filed with the Supreme Court under subseca determination that the entire action be sent to it for tion (g) within such thirty days, the effectiveness of consideration or it may, on the issues certified, give such judgment shall be postponed until an order of the binding instructions and remand the action to the Supreme Court denying such petition becomes final, certifying court for further disposition. or until other final disposition of the action by the "(d)(1) Subject to paragraph (2), no regulation of Supreme Court. any agency exercising authority under this title shall be "(g) Within thirty days after entry of any judgment enjoined or set aside, in whole or in part, unless a final or order by the Temporary Emergency Court of Appeals, judgment determines that the issuance ol such regulation a petition for a writ of certiorari may be filed in the was in excess of the agency's authority, was arbitrary Supreme Court of the United States, and thereupon or capricious, or was otherwise unlawful under the the judgment or order shall be subject to review by criteria set forth in section 706(2) of title 5, United the Supreme Court in the same manner as a judgment of States Code, and no order of such agency shall be a United States court of appeals as provided in section enjoined or set aside, in whole or in part, unless 1254 of title 28, United States Code. The Temporary a final judgment determines that such order is in excess Emergency Court of Appeals, and the Supreme Court of the agency's authority, or is based upon findings upon review of judgments and orders of the Tempowhich are not supported by substantial evidence. rary Emergency Court of Appeals, shall have exclusive "(2) A district court of the United States or the Tempo- jurisdiction to determine the constitutional validity of rary Emergency Court of Appeals may enjoin tem- any provision of this title or of any regulation or order porarily or permanently the application of a particular issued under this title. Except as provided in this secregulation or order issued under this title to a person tion, no court, Federal or State, shall have jurisdiction who is a party to litigation before it. Appeals from or power to consider the constitutional validity of any interlocutory decisions by a district court of the United provision of this title or of any such regulation or States under this paragraph may be taken in accord- order, or to stay, restrain, enjoin, or set aside, in whole ance with the provisions of section 1292(b) of title 28, or in part, any provision of this title authorizing the United States Code; except that reference in such section issuance of such regulations or orders, or any provision to the courts of appeals shall be deemed to refer to the of any such regulation or order, or to restrain or enjoin Temporary Emergency Court of Appeals. the enforcement of any such provision. "(e)(1) Except as provided in subsection (d) of this "(h) The provisions of this section apply to any actions section, no interlocutory or permanent injunction or suits pending in any court, Federal or State, on the restraining the enforcement, operation, or execution date of enactment of this section in which no final order of this title, or any regulation or order issued thereunder, or judgment has been rendered. Any affected party shall be granted by any district court of the United seeking relief shall be required to follow the States or judge thereof. Any such court shall have procedures of this title. jurisdiction to declare (A) that a regulation of an "§ 212. Personnel agency exercising authority under this title is in excess ' '(a) Any agency or officer of the Government carrying of the agency's authority, is arbitrary or capricious, out functions under this title is authorized to employ or is otherwise unlawful under the criteria set forth in such personnel as the President deems necessary to section 706(2) of title 5, United States Code, or (B) that carry out the purposes of this title. an order of such agency is invalid upon a determination "(b) The President may appoint five officers to be that the order is in excess of the agency's authority, or is responsible for carrying out functions of this title of based upon findings which are not supported by sub- whom three shall be compensated at the rate prescribed stantial evidence. for level III of the Executive Schedule (5 U.S.C. "(2) Any party aggrieved by a declaration of a district 5314) and two at the rate prescribed for level V of the court of the United States respecting the validity of Executive Schedule (5 U.S.C. 5316). Appropriate titles any regulation or order issued under this title may, and the order of succession among such officers may be within thirty days after the entry of such declaration, designated by the President. file a notice of appeal therefrom in the Temporary Emer- "(c) Any member of a board, commission, or similar gency Court of Appeals. In addition, any party believing entity established by the President pursuant to authority himself entitled by reason of such declaration to a per- conferred by this title who serves on less than a fullmanent injunction restraining the enforcement, opera- time basis shall receive compensation from the date of tion, or execution of such regulation or order may file, his appointment at a rate equal to the per diem within the same thirty-day period, a motion in the equivalent of the rate prescribed for level IV of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 45 Executive Schedule (5 U.S.C. 5315) when actually en- "(b) In order to carry out the policy stated in subgaged in the performance of his duties as such member. section (a)— "(d)(1) In addition to the number of positions which "(1) the Small Business Administration shall may be placed in GS-16, 17, and 18, under section 5108 to the maximum extent possible provide small of title 5, United States Code, not to exceed twenty business enterprises with full information concernpositions may be placed in GS-16, 17, and 18, to ing (A) the provisions of this title relating or of carry out the functions under this title. benefit to such enterprises, and (B) the activities "(2) The authority under this subsection shall be sub- of the various departments and agencies under this ject to the procedures prescribed under section 5108 title; of title 5, United States Code, and shall continue only "(2) in administering this title, such exemptions for the duration of the exercise of functions under this shall be provided for small business enterprises as title. may be feasible without impeding the accomplish- "(e) The President may require the detail of employ- ment of the purposes of this title; and ees from any executive agency to carry out the purposes "(3) in administering this title, special provision of this title. shall be made for the expeditious handling of all "(f) The President is authorized to appoint, without requests, applications, or appeals from small busiregard to the civil service laws, such advisory committees ness enterprises. as he deems appropriate for the purpose of consultation "§ 215. Mass transportation systems with and advice to the President in the performance of "No company, or other entity constituting a public his functions under this title. Members of advisory benefit corporation, charged by law or contract with the committees, other than those regularly employed by the responsibility to operate a mass transportation facility Federal Government, while attending meetings of such or facilities, the fares of which are not otherwise committees or while otherwise serving at the request regulated, shall increase any fare without first obtaining of the President may be paid compensation at rates not approval under this section from the President or his exceeding those authorized for individuals under sec- delegate. tion 5332 of title 5, United States Code, and, while so "§216. Reports serving away from their homes or regular places of "(a) In transmitting the Economic Report required business, may be allowed travel expenses, including under section 3(a) of the Employment Act of 1946 per diem as authorized by section 5703 of title 5, United (15 U.S.C. 1022), the President shall include a section States Code, for persons in the Government service describing the actions taken under this title during employed intermittently. the preceding year and giving his assessment of the "(g)(1) Under such regulations as the President may progress attained in achieving the purposes of this title. prescribe, officers and employees of the Government who The President shall also transmit quarterly reports to the are appointed, without a break of service of one or more Congress not later than thirty days after the close of work days, to any position for carrying out functions each calendar quarter describing the actions taken ui^der under this title are entitled, upon separation from such this title during the preceding quarter and giving his position, to reemployment in the position occupied at assessment of the progress attained in achieving the the time of appointment or in a position of comparable purposes of this title. grade and salary. "(b) In carrying out his authority under this title, "(2) An officer or employee who, at the time of his the President shall study and evaluate the relationship appointment under paragraph (1) of this subsection, is between excess profits, the stabilization of the economy, covered by section 8336(c) of title 5, United States Code, and the creation of new jobs. The results of such shall continue to be covered thereunder while carrying study shall be incorporated in the reports referred to in out functions under this title. subsection (a). 4 4 §213. Experts and consultants "§217. Funding "(a) There are authorized to be appropriated to the ' 'Experts and consultants may be employed, as author- President, to remain available until expended, such ized by section 3109 of title 5, United States Code, sums as may be necessary to carry out the provisions of for the performance of functions under this title, and this title. individuals so employed may be compensated at "(b) The President may accept and use in furtherance rates not to exceed the per diem equivalent of the rate of the purposes of this title money, funds, property, and for grade 18 of the General Schedule established by services of any kind made available for such purposes by section 5332 of title 5, United States Code. Such contracts may be renewed from time to time without gift, devise, bequest, grant, or otherwise. limitation. Service of an individual as an expert or "§ 218. Expiration. consultant under this section shall not be considered as "The authority to issue and enforce orders and reguemployment or the holding of an office or position lations under this title expires at midnight April 30, 1973, bringing such individual within the provisions of section but such expiration shall not affect any action or pend- 3323(a) of title 5, United States Code, section 872 of ing proceedings, civil or criminal, not finally deterthe Foreign Service Act of 1946, or any other law limit- mined on such date, nor any action or proceeding based ing the reemployment of retired officers or employees. upon any act committed prior to May 1, 1973. "§ 219. Ratification "§214. Small business "The assignment of personnel and expenditure of "(a) It is the sense of the Congress that small busi- funds pursuant to the authority conferred on the Presiness enterprises should be encouraged to make the dent by this title prior to the date of enactment of the greatest possible contribution toward achieving the Economic Stabilization Act Amendments of 1971 are objectives of this title. hereby approved, ratified, and confirmed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN • JANUARY 1972 "§ 220. Severability. manner calculated to foster and promote increased ' 'If any provision of this title or the application of such productivity through free competitive enterprise provision to any person or circumstances is held invalid, toward the implementation of the national policy the remainder of the title, and the application of such declared in the Employment Act of 1946 to create provision to persons or circumstances other than those and maintain "conditions under which there will be as to which it is held invalid, shall not be affected afforded useful employment opportunities, includthereby." ing self-employment, for those able, willing, and seeking to work, and to promote maximum em- FEDERAL EMPLOYEE COMPENSATION ployment, production, and purchasing power"; SEC. 3. Notwithstanding any provision of section (2) to promote the maintenance and improvement 3(c) of the Federal Pay Comparability Act of 1970 (Pub- of worker motivation and to enlist community lic Law 91-656), or of section 5305 of title 5, United interest in increasing productivity and reducing States Code, as added by section 3(a) of Public Law waste; 91-656, and the provisions of the alternative plan sub- (3) to promote the more effective use of labor and mitted by the President to the Congress pursuant thereto management personnel in the interest of increased on August 31, 1971, such comparability adjustments in productivity; the rates of pay of each Federal statutory pay system (4) to promote sound wage and price policies in as may be required under such sections 5305 and 3(c), the public interest, and to seek to accomplish that based on the 1971 Bureau of Labor Statistics survey— objective within a climate of cooperation and (1) shall not be greater than the guidelines estab- understanding between labor, management, and lished for the wage and salary adjustments for the the public, and within a framework of peaceful private sector that may be authorized under authority labor-management relations and free and responof any statute of the United States, including the sible collective bargaining; Economic Stabilization Act of 1970 (Public Law (5) to promote policies designed to insure that 91-379; 84 Stat. 799), as amended, and that may United States products are competitive in domestic be in effect on December 31, 1971; and and world markets; (2) shall be placed into effect on the first day of (6) to develop programs to deal with the social the first pay period that begins on or after January and economic problems of employees adversely 1, 1972. affected by automation or other technological Nothing in this section shall be construed to provide any change or the relocation of industries. adjustments in rates of pay of any Federal statutory pay (c)(1) It shall be the duty and function of the Commissystem which are greater than the adjustments based on sion, in order to achieve the objectives set forth in the 1971 Bureau of Labor Statistics survey. subsection (b) of this section, to encourage and assist in the organization and the work of labor-management- NATIONAL PRODUCTIVITY POLICY public committees and similar groups on a plant, com- SEC. 4. (a)(1) It is the policy of the United States to munity, regional, and industry basis. Such assistance promote efficient production, marketing, distribution, shall include aid— and use of goods and services in the private sector, and (A) in the development of apprenticeship, trainimprove the morale of the American worker, all of which ing, retraining, and other programs for employee are essential to a prosperous and secure free world, and and management education for development of to achieve the objectives of national economic policy. greater upgraded and more diversified skills; (2) The Congress finds that the persistence of inflation- (B) in the formulation of programs designed to ary pressures, and of a high rate of unemployment, the reduce waste and absenteeism and to improve underutilization and obsolescence of production facili- employee safety and health; ties, and the inadequacy of productivity are damaging (C) in the revision of building codes and other to the effort to stabilize the economy. local ordinances and laws, in order to keep them (3) The Congress, therefore, finds a national need to continuously responsive to current economic conditions; increase economic productivity which depends on the (D) in planning for provision of adequate transeffectiveness of management, the investment of capital portation for employees; for research, development, and advanced technology (E) in the exploration of means to expand exports and on the training and motivation of the American of the products of United States industry; worker. (4) The Congress further finds that at a time when (F) in the development, initiation, and expansion of employee incentive compensation, profiteconomic stabilization programs require price-wage sharing and stockownership systems and other restraints, management and labor have a strong mutual production incentive programs; interest in containing "cost-push" inflation and increasing output per man-hour so that real wages may (G) in the dissemination of technical informaincrease without causing increased prices, and that, tion and other material to publicize its work and obwithout in any way infringing on the rights of manage- jectives; ment or labor, machinery should be provided for trans- (H) to encourage studies of techniques and prolating this mutuality of interest into voluntary action. grams similar to those in paragraphs (A) to (G) of (b) It shall be the objective of the President's Na- this subsection, as they are applied in foreign countional Commission on Productivity (hereinafter referred tries; and to as the "Commission")— (I) in the dissemination of information and analy- (1) to enlist the cooperation of labor, manage- ses concerning the economic opportunities and outment, and State and local governments, in a look in various regions and communities, and of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 47 information on industrial techniques designed for sum of $10,000,000 to carry out the purposes of this the increase of productivity. section during the period ending April 30, 1973. (2) The Commission shall transmit to the President and to the Congress not later than March 1 of each year INTERPRETATION OF REGULATION K an annual report of its previous year's activities under this Act. PARTICIPATIONS BY BANKS IN (3) The Commission shall perform such other func- ACCEPTANCE CREDITS EXTENDED BY tions, consistent with the foregoing, as it determines EDGE CORPORATIONS to be appropriate and necessary to achieve the objectives set forth in subsection (b) of this section. A question has been raised with the Board as to (d)(1) In exercising its duties and function under whether a corporation organized under section this Act— (A) the Commission may consult with such 25(a) of the Federal Reserve Act (an "Edge correpresentatives of industry, labor, agriculture, poration") may extend acceptance credits to any consumers, State and local governments, and other one person in excess of 10 per cent of its capital groups, organizations, and individuals as it deems and surplus where the excess represents the interadvisable to insure the participation of such interested parties; national shipment of goods and is covered by a (B) the Commission shall, to the extent possible, participation agreement with the Edge corporause the services, facilities, and information (in- tion's parent bank, or another bank, providing cluding statistical information) of other Government for unconditional reimbursement if an acceptance agencies as the President may direct as well as credit is not repaid for any reason. of private agencies and professional experts in order that duplication of effort and expense may Section 211.9(a) of Regulation K provides that be avoided; an Edge corporation shall be fully secured as to all (C) the Commission shall coordinate such serv- acceptances for any one person in excess of 10 ices and facilities referred to in subsection (B) per cent of its capital and surplus "except to the above in order to supply technical and administrative assistance to labor-management-public com- extent any such excess represents the international mittees and similar groups referred to in subsection shipment of goods and is fully covered by pri- (c)(1); mary obligations to reimburse it which are also (D) the Commission shall establish the regional guaranteed by banks or bankers." The exception offices and such local offices as it deems necessary; permits an Edge corporation to extend to any (E) the Commission shall hold regional and industrywide conferences to formulate ideas and purchaser of exports or imports unsecured acprograms for the fulfillment of the objectives set ceptance credits in excess of the stated limits to the forth in subsection (C); extent that it holds an acceptance agreement or (F) the Commission may formulate model prosimilar agreement of such purchaser, accompanied grams to ameliorate the effects of unemployment caused by technological progress; by a guaranty of a bank, unconditionally obligat- (G) the Commission may furnish assistance to ing the purchaser and the bank to reimburse the parties in collective bargaining entering into col- Edge corporation for acceptance credits extended lective bargaining agreements; and by it. (H) the Commission may review collective bar- The Board has concluded that a participation gaining agreements already in effect or those being negotiated to ascertain their effects on produc- agreement, while not technically a guaranty, tivity; and it may have the power to make recom- provides assurance of repayment equivalent to a mendations with respect to the agreements made or guaranty and that it would be consistent with the about to be made in specific industries. foregoing exception for an Edge corporation to (2) The Commission may accept gifts or bequests, either for carrying out specific programs which it extend unsecured acceptance credits to any such deems desirable or for its general activities. person in excess of the stated limits in reliance (e)(1) The Executive Director of the Commission shall upon a participation agreement unconditionally be the principal executive officer of the Commission in obligating a bank to reimburse the Edge corporacarrying out the objectives, functions, duties and tion for acceptance credits extended by it. powers of the Commission described in subsections (b) through (d) of this section. (2) The Executive Director of the Commission, with INTERPRETATION OF REGULATION U the approval of the Chairman of the Commission, is authorized (A) to appoint and fix the compensation of ALLOCATION OF STOCK COLLATERAL such officers and employees, and prescribe their functions and duties, as may be necessary to carry out the TO PURPOSE AND NONPURPOSE provisions of this section, and (B) to obtain the services CREDITS TO SAME CUSTOMER of experts and consultants in accordance with the provisions of section 3109 of title 5, United States Code. A bank proposes to extend two credits (Credits (f) There is hereby authorized to be appropriated the "A" and "B") to its customer. Although the two Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN • JANUARY 1972 credits are proposed to be extended at the same ORDER UNDER BANK MERGER ACT time, each would be evidenced by a separate HTS BANK, agreement. Credit A would be extended for the CHICAGO, ILLINOIS purpose of providing the customer with working ORDER APPROVING MERGER OF BANKS capital (nonpurpose credit), collateralized by stock. Credit B would be extended for the purpose HTS Bank, a proposed member State bank of the of purchasing or carrying margin stock (purpose Federal Reserve System, has applied pursuant to credit), without collateral or on collateral other the Bank Merger Act (12 U.S.C. 1828(c)), for than stock. the Board's prior approval to merge with Harris Regulation U allows a bank to extend purpose Trust and Savings Bank, Chicago, Illinois, under and nonpurpose credits simultaneously or suc- the charter of the former and the name of the cessively to the same customer. This rule is latter. Notice of the proposed merger, in form expressed in section 221.3(n)(3) which provides in approved by the Board, has been published as substance that for any nonpurpose credit to the same required by said Act. customer, the bank shall in good faith require In accordance with the Act, the Board requested as much collateral not already identified to the reports on competitive factors involved from the customer's purpose credit as the bank would re- Attorney General, the Comptroller of the Currency, quire if it held neither the purpose loan nor the and the Federal Deposit Insurance Corporation. identified collateral. This rule also takes into The Board has considered all relevant material account that the bank would not necessarily be contained in the record in the light of the factors required to hold collateral for the nonpurpose set forth in the Act. credit if, consistent with good faith banking prac- On the basis of the record, the application is tices, it would normally make this kind of non- approved for the reasons summarized in the purpose loan without collateral. Board's Order of this date relating to the applica- The Board views section 221.3(n)(3) of Regu- tion of Harris Bankcorp, Inc.1 to become a bank lation U, when read in conjunction with section holding company, provided that said merger shall 221.3(n)(l), as requiring that whenever a bank not be consummated (a) before the thirtieth calenextends two credits to the same customer, one dar day following the date of this Order or (b) a purpose credit and the other nonpurpose, any later than three months after the date of this Order, stock collateral must first be identified with and unless such period is extended for good cause by attributed to the purpose loan by taking into ac- the Board or by the Federal Reserve Bank of Chicount the maximum loan value of such collateral cago pursuant to delegated authority. as prescribed in section 221.4 (the Supplement) of By order of the Board of Governors, December Regulation U. 21, 1971. The Board is further of the opinion that under Voting for this action: Chairman Burns and Governors the foregoing circumstances Credit B would be Robertson, Mitchell, Daane, Maisel, and Brimmer. indirectly secured by stock, despite the fact that (Signed) TYNAN SMITH, there would be separate loan agreements for both Secretary of the Board. credits. This conclusion flows from the circumstance that the bank would hold in its possession [SEAL] stock collateral to which it would have access with respect to Credit B, despite any ostensible allocation of such collateral to Credit A. *See p. 63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 49 ORDERS UNDER SECTION 3 OF BANK HOLDING United States. Applicant has had a representa- COMPANY ACT tive office in Chicago since 1952, but that office is THE DAMCHI KANGYO BANK, LTD., not authorized to accept deposits. Since Bank is a TOKYO, JAPAN proposed new bank and on the basis of other facts ORDER APPROVING ACTION TO BECOME of record, it is concluded that there would be no A BANK HOLDING COMPANY elimination of existing or potential competition. There has come before the Board of Governors, Rather, the addition of Bank will provide increased pursuant to section 3(a)(1) of the Bank Holding banking facilities and should stimulate competi- Company Act of 1956 (12 U.S.C. 1842(a)(1)) and tion. section 222.3(a) of Federal Reserve Regulation Y The financial and managerial resources and pros- (12 CFR 222.3(a)), an application by The Dai- pects of Applicant and Bank are regarded as satis- Ichi Kangyo Bank, Ltd.,1 Tokyo, Japan, for the factory and consistent with approval of the applica- Board's prior approval of action whereby Applicant tion. Considerations relating to the convenience would become a bank holding company through and needs of the community to be served lend some the acquisition of 100 per cent of the voting shares weight toward approval. It is reasonable to expect (less directors' qualifying shares) of The First that the addition to the area of a new bank that Pacific Bank of Chicago ("Bank"), Chicago, will provide an international banking link to Japan Illinois, a proposed new bank. would promote and facilitate international trade. In the light of the purpose of the Bank Holding As required by section 3(b) of the Act, the Board Company Act to maintain separation of banking gave written notice of receipt of the application to from commerce in the United States, the Board has the Commissioner of Banks and Trust Companies given special attention, in connection with both of the State of Illinois and requested his views and the present application and two similar applicarecommendation. The Commissioner stated that tions, to the relationships that Japanese banks his office would offer no objection to approval of are permitted to have with industrial or commercial the application. companies under the laws of Japan. Study of the Notice of receipt of the application was pubrelationships indicates that, in general, the largest lished in the Federal Register on August 31, 1971 Japanese commercial banks are linked in a group (36 Federal Register 17466), providing an opwith their major Japanese customers through inportunity for interested persons to submit comterlocking stock ownership and that the members ments and views with respect to the proposal. A of these groups tend to act in concert. In particular, copy of the application was forwarded to the United these groups include among their members States Department of Justice for its consideration. companies that do business in the United States, Time for filing comments and views has expired notably, major trading companies accounting for a and all those received have been considered. significant percentage of Japan's exports and im- The Board has considered the application in the ports to and from the United States. light of the factors set forth in section 3(c) of the The Board has examined the facts submitted to Act, including the effect of the proposed acquisiit in connection with the present application with tion on competition, the financial and managerial a view to determining whether Applicant exercises resources and future prospects of Applicant and a controlling influence over the management or the banks concerned, and the convenience and policies of any of the companies closely associated needs of the communities to be served, and finds with Applicant through interlocking stock ownerthat: ship or whether any of such companies exercises Applicant, a Japanese commercial bank with a controlling influence over the management or more than $10 billion in deposits, is the largest policies of Applicant. commercial bank in Japan. Applicant has 296 banking offices located throughout Japan. It also has 10 Based on the Board's evaluation of the facts overseas offices, including two agencies in New submitted in connection with the present applica- York City, two representative offices in Los An- tion and giving due consideration to the specific geles and one representative office in Chicago. assurances given by Applicant that no control Bank proposes to be a wholesale bank specializ- exists, by agreement or otherwise, between Aping in the financing of trade between Japan and the plicant and those of its customers that are among the group of companies closely associated with 1 Institution resulting from merger, effective October 1, 1971, Applicant through interlocking stock ownership, of The Dai-lchi Bank, Ltd., and The Nippon Kangyo Bank, Limited, both of Tokyo, Japan. the Board has concluded that at this time Applicant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN • JANUARY 1972 should not be regarded as having control over, or voting shares (less directors' qualifying shares) as being controlled by, any of such customers of The Mitsubishi Bank of California ("Bank"), and that the group does not constitute a "com- Los Angeles, California, a proposed new bank. pany" within the meaning of section 2(b) of the As required by section 3(b) of the Act, the Bank Holding Company Act. Board gave written notice of receipt of the ap- It is the Board's judgment that the application plication to the California Superintendent of should be approved. However, the Board will re- Banks and requested his views and recommendaview regularly the operations of Bank and Ap- tion. The Superintendent recommended approval of plicant's other banking agencies in this country the application. with a view toward ascertaining whether the rela- Notice of receipt of the application was pubtionships between them and other companies in lished in the Federal Register on July 13, 1971 (36 Applicant's group remain consistent with the pur- Federal Register 13068), providing an opportunity poses of section 4 of the Bank Holding Company for interested persons to submit comments and Act and the Board's regulations thereunder. views with respect to the proposal. A copy of the IT IS HEREBY ORDERED, For the reasons set forth application was forwarded to the United States in the findings summarized above, that said ap- Department of Justice for its consideration. Time plication be and hereby is approved, provided for filing comments and views has expired and all that the acquisition so approved shall not be con- those received have been considered by the Board. summated (a) before the thirtieth calendar day The Board has considered the application in the following the date of this Order, or (b) later than light of the factors set forth in section 3(c) of the three months after the date of this Order, and Act, including the effect of the proposed acquisiprovided further that (c) The First Pacific Bank of tion on competition, the financial and managerial Chicago shall be open for business not later than resources and future prospects of the Applicant six months after the date of this Order. Each of and the Bank, and the convenience and needs of the periods described in (b) and (c) hereof may the community to be served, and finds that: be extended for good cause by the Board or by the Applicant is a Japanese commercial bank with Federal Reserve Bank of Chicago pursuant to more than $7 billion in deposits. Applicant has delegated authority. 179 banking offices located throughout Japan. It By order of the Board of Governors, December also has six overseas offices, including two agen- 1, 1971.2 cies in the United States, one in New York City Voting for this action: Chairman Burns and Governors and one in Los Angeles. Mitchell, Daane, Maisel, and Sherrill. Voting against this ac- The Mitsubishi Bank of California proposes to tion: Governor Brimmer. Absent and not voting: Governor Robertson. be a wholesale bank specializing in the financing of trade between Japan and the United States. Ap- (Signed) TYNAN SMITH, plicant has one office in Los Angeles, but that office Secretary of the Board. is an agency and is not authorized to accept de- [SEAL] posits. The proposed new bank is expected to compete principally with other banks in California THE MITSUBISHI BANK, LTD., that are controlled by Japanese banks and, to some TOKYO, JAPAN extent, with the larger California banks having international banking capabilities. There are present- ORDER APPROVING ACTION TO BECOME ly two banks in California controlled by Japanese A BANK HOLDING COMPANY banks. These are The Tokyo Bank of California There has come before the Board of Governors, and Sumitomo Bank of California, both located pursuant to section 3(a)(1) of the Bank Holding in San Francisco. One more bank controlled by a Company Act of 1956 (12 U.S.C. 1842(a)(1)) and Japanese bank may commence business in the section 222.3(a) of Federal Reserve Regulation near future following the Board's approval today Y (12 CFR 222.3(a)), the application of The Mit- of the application of The Sanwa Bank Limited, subishi Bank, Ltd. ("Applicant"), Tokyo, Japan, Osaka, Japan, to become a bank holding company for the Board's prior approval of action whereby through the acquisition of shares of a newly-formed Applicant would become a bank holding company bank in San Francisco. Based on the record before through the acquisition of 100 per cent of the it, the Board concludes that Bank's entry into the California market will have no adverse effects on 2The vote on this case was taken November 15, 1971. existing or potential competition. Rather, the ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 51 dition of Bank will provide increased banking plicant's other banking agencies in this country facilities and competition. with a view toward ascertaining whether the rela- The financial and managerial resources and tionships between them and other companies in prospects of Applicant and Bank are regarded Applicant's group remain consistent with the as satisfactory and consistent with approval of purposes of section 4 of the Bank Holding Comthe application. Considerations relating to the pany Act and the Board's regulations thereunder. convenience and needs of the community to be IT IS HEREBY ORDERED, For the reasons set forth served lend some weight toward approval, due to in the findings summarized above, that said applicathe addition to the area of a new bank and another tion be and hereby is approved, provided that the international banking link to Japan. acquisition so approved shall not be consummated In the light of the purpose of the Bank Holding (a) before the thirtieth calendar day following the Company Act to maintain separation of banking date of this Order, or (b) later than three months from commerce in the United States, the Board after the date of this Order, and provided further has given special attention, in connection with that (c) The Mitsubishi Bank of California shall both the present application and two similar ap- be open for business not later than six months after plications, to the relationships that Japanese banks the date of this Order. Each of the periods described are permitted to have with industrial or commercial in (b) and (c) hereof may be extended for good companies under the laws of Japan. Study of cause by the Board or by the Federal Reserve the relationships indicates that, in general, the Bank of San Francisco pursuant to delegated aulargest Japanese commercial banks are linked in a thority. group with their major Japanese customers through By order of the Board of Governors, December interlocking stock ownership and that the mem- 1, 1971.1 bers of these groups tend to act in concert. In par- Voting for this action: Chairman Burns and Governors ticular, these groups include among their members Mitchell, Daane, Maisel, and Sherrill. Voting against this action: Governor Brimmer. Absent and not voting: Governor companies that do business in the United States, Robertson. notably, major trading companies accounting for a significant percentage of Japan's exports and im- (Signed) TYNAN SMITH, Secretary of the Board. ports to and from the United States. The Board has examined the facts submitted to [SEAL] it in connection with the present application with THE SANWA BANK LIMITED, a view to determining whether Applicant exercises OSAKA, JAPAN a controlling influence over the management or policies of any of the companies closely associated ORDER APPROVING ACTION TO BECOME with Applicant through interlocking stock owner- A BANK HOLDING COMPANY ship or whether any of such companies exercises a There has come before the Board of Governors, controlling influence over the management or pursuant to section 3(a)(1) of the Bank Holding policies of Applicant. Company Act of 1956 (12 U.S.C. 1842(a)(1)) Based on the Board's evaluation of the facts and section 222.3(a) of Federal Reserve Regulation submitted in connection with the present applica- Y (12 CFR 222.3(a)), the application of The Sanwa tion and giving due consideration to the specific Bank Limited ("Applicant"), Osaka, Japan, for assurances given by Applicant that no control the Board's prior approval of action whereby Apexists, by agreement or otherwise, between Applicant would become a bank holding company plicant and those of its customers that are among through the acquisition of 100 per cent of the voting the group of companies closely associated with shares (less directors' qualifying shares) of The Applicant through interlocking stock ownership, Sanwa Bank of California ("Bank"), San Franthe Board has concluded that at this time Applicant cisco, California, a proposed new bank. should not be regarded as having control over, or As required by section 3(b) of the Act, the as being controlled by, any of such customers and Board gave written notice of receipt of the applicathat the group does not constitute a "company" tion to the California Superintendent of Banks within the meaning of section 2(b) of the Bank and requested his views and recommendation. The Holding Company Act. Superintendent recommended approval of the It is the Board's judgment that the application application. should be approved. However, the Board will review regularly the operations of Bank and Ap- xThe vote on this case was taken November 15, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN • JANUARY 1972 Notice of receipt of the application was pub- lend some weight toward approval, due to the lished in the Federal Register on July 14, 1971 addition to the area of a new bank and another in- (36 Federal Register 13114), providing an opportu- ternational banking link to Japan. nity for interested persons to submit comments In the light of the purpose of the Bank Holding and views with respect to the proposal. A copy Company Act to maintain separation of banking of the application was forwarded to the United from commerce in the United States, the Board States Department of Justice for its consideration. has given special attention, in connection with Time for filing comments and views has expired both the present application and two similar apand all those received have been considered by plications, to the relationships that Japanese banks the Board. are permitted to have with industrial or commercial The Board has considered the application in the companies under the laws of Japan. Study of the light of the factors set forth in section 3(c) of the relationships indicates that, in general, the largest Act, including the effect of the proposed acquisi- Japanese commercial banks are linked in a group tion on competition, the financial and managerial with their major Japanese customers through resources and future prospects of the Applicant interlocking stock ownership and that the memand the Bank, and the convenience and needs of the bers of these groups tend to act in concert. In community to be served, and finds that: particular, these groups include among their mem- Applicant is a Japanese commercial bank with bers companies that do business in the United more than $7 billion in deposits. Applicant has States, notably, major trading companies account- 205 banking offices located throughout Japan. It ing for a significant percentage of Japan's exports also has six overseas offices, including two agen- and imports to and from the United Staes. cies in the United States, one in New York City The Board has examined the facts submitted to and one in San Francisco. it in connection with the present application with a The Sanwa Bank of California proposes to be a view to determining whether Applicant exercises wholesale bank specializing in the financing of a controlling influence over the management or trade between Japan and the United States. Ap- policies of any of the companies closely asplicant has one office in San Francisco, but that sociated with Applicant through interlocking office is an agency and is not authorized to accept stock ownership or whether any of such comdeposits. The proposed new bank is expected to panies exercises a controlling influence over the compete principally with other banks in California management or policies of Applicant. that are controlled by Japanese banks and, to some Based on the Board's evaluation of the facts subextent, with the larger California banks having mitted in connection with the present application international banking capabilities. There are and giving due consideration to the specific aspresently two banks in California controlled by surances given by Applicant that no control exists, Japanese banks. These are The Tokyo Bank of by agreement or otherwise, between Applicant California and Sumitomo Bank of California, and those of its customers that are among the both located in San Francisco. One more bank group of companies closely associated with Apcontrolled by a Japanese bank may commence plicant through interlocking stock ownership, the business in the near future following the Board's Board has concluded that at this time Applicant approval today of the application of The Mitsubishi should not be regarded as having control over, Bank, Ltd., Tokyo, Japan, to become a bank or as being controlled by, any of such customers holding company through the acquisition of and that the group does not constitute a 4 'company'' shares of a newly-formed bank in Los Angeles. within the meaning of section 2(b) of the Bank Based on the record before it, the Board concludes Holding Company Act. that Bank's entry into the California market will It is the Board's judgment that the application have no adverse effects on existing or potential should be approved. However, the Board will competition. Rather, the addition of Bank will review regularly the operations of Bank and Approvide increased banking facilities and competi- plicant's other banking agencies in this country tion. with a view toward ascertaining whether the rela- The financial and managerial resources and tionships between them and other companies prospects of Applicant and Bank are regarded in Applicant's group remain consistent with the as satisfactory and consistent with approval of the purposes of section 4 of the Bank Holding Comapplication. Considerations relating to the con- pany Act and the Board's regulations thereunder. venience and needs of the community to be served IT IS HEREBY ORDERED, For the reasons set Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 53 forth in the findings summarized above, that said Applicant operate extensively in the United States. application be and hereby is approved, provided This is done primarily through the vehicle of a that the acquisition so approved shall not be trading company having United States subsidiaries, consummated (a) before the thirtieth calendar day branches or agencies, for the purpose of marketfollowing the date of this Order, or (b) later than ing products in the United States. Clearly, many three months after the date of this Order, and of the activities of the group's members are proprovided further that (c) The Sanwa Bank of Cali- hibited to subsidiaries of registered bank holding fornia shall be open for business not later than six companies. Applicants' proposed subsidiary banks months after the date of this Order. Each of the in the United States could, in my judgment, be periods described in (b) and (c) hereof may be used to further the interest of individual members of extended for good cause by the Board or by the the group operating domestically, giving them a Federal Reserve Bank of San Francisco pursuant significant competitive advantage over their United to delegated authority. States counterparts. By order of the Board of Governors, December A principal purpose of the Bank Holding Com- 1, 1971.1 pany Act, unaltered by the 1970 amendments, Voting for this action: Chairman Burns and Governors was to prevent the dangers to the nation's banking Mitchell, Daane, Maisel, and Sherrill. Voting against this system inherent in common control of banking action: Governor Brimmer. Absent and not voting: Governor and commercial interests. Approval of the instant Robertson. applications ignores this historic mandate against (Signed) TYNAN SMITH, common control—for certainly that is evidenced Secretary of the Board. here—and is thus patently contrary to the public [SEAL] interest. DISSENTING STATEMENT OF GOVERNOR BRIMMER UNITED BANCSHARES OF FLORIDA, INC., I would deny all three applications.[The Dai- MIAMI, FLORIDA Ichi Kangyo Bank, Ltd., The Mitsubishi Bank, Ltd., and The Sanwa Bank Limited] The record ORDER APPROVING ACQUISITION OF BANK STOCK before the Board indicates that each Applicant is BY BANK HOLDING COMPANY a member of a linked or affiliated group of com- There has come before the Board of Governors, panies (industrial, commercial and financial) pursuant to section 3(a)(3) of the Bank Holding bound together by substantial shareholding inter- Company Act of 1956 (12 U.S.C. 1842(a)(3)) locks and cross-financing among their members. and section 225.3(a) of Federal Reserve Regulation While the majority takes note of these interrela- Y (12 CFR 225.3(a)), an application by United tionships, in my opinion, they failed to read proper- Bancshares of Florida, Inc., Miami, Florida, for ly the evidence before the Board. Apparently the Board's prior approval of the acquisition of they were looking for evidence of controlling in- 100 per cent of the voting shares (less directors' fluence over the management or policies of one or qualifying shares) of United National Bank of more of the companies associated with Applicants Westland ("Bank"), Hialeah, Florida, a proposed in the same way they would expect to observe new bank. "control" among typical corporations in this As required by section 3(b) of the Act, the country. This clearly is not the situation in Japan— Board gave written notice of receipt of the applicaor among Japanese firms operating in the United tion to the Comptroller of the Currency and re- States. Instead, the record before the Board fully quested his views and recommendation. The Compdocuments the existence of a variety of relatively troller had no objection to approval of the applicaclosed "clubs" to which key members of the astion. sociated company groups belong—and which Notice of receipt of the application was pubreinforce the shareholding interlocks and crosslished in the Federal Register on October 9, 1971 financing patterns. I am convinced that the sub- (36 Federal Register 19719), providing an opportustantive result of these arrangements taken as a nity for interested persons to submit comments whole is a network of control which the Bank and views with respect to the proposal. A copy of Holding Company Act of 1956, as amended in the application was forwarded to the United States 1970, was intended to prohibit. Department of Justice for its consideration. Time The conglomerate groups associated with each for filing comments and views has expired and xThe vote on this case was taken November 15, 1971. all those received have been considered. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN • JANUARY 1972 The Board has considered the application in the before the thirtieth calendar day following the date light of the factors set forth in section 3(c) of the of this Order, or (b) later than three months after Act, including the effect of the proposed acquisi- the date of this Order, and provided further that tion on competition, the financial and managerial (c) United National Bank of Westland shall be open resources and future prospects of Applicant and the for business not later than six months after the banks concerned, and the convenience and needs date of this Order. Each of the periods described of the communities to be served, and finds that: in (b) and (c) hereof may be extended for good Applicant has five subsidiary banks with ag- cause by the Board oir by the Federal Reserve gregate deposits of approximately $348 million, Bank of Atlanta pursuant to delegated authority. representing 2.5 per cent of the commercial bank By order of the Board of Governors, December deposits in Florida. (Banking data are as of June 3, 1971. 30, 1971, and reflect holding company forma- Voting for this action: Chairman Burns and Governors Robtions and acquisitions approved by the Board ertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill. through November 30, 1971.) Approval of the acquisition of Bank would not increase Applicant's (Signed) TYNAN SMITH, percentage shares of such deposits in Florida since Secretary of the Board. Bank is a proposed new bank. [SEAL] Though Applicant presently has four subsidiary SOUTHEAST BANKING CORPORATION, banks in Dade County in which Hialeah is located, MIAMI, FLORIDA Applicant does not dominate the County and none of its banks presently draw any significant amount ORDER DENYING ACQUISITION OF BANK STOCK BY of business from the proposed service area of Bank. BANK HOLDING COMPANY Moreover, there is little likelihood of significant future competition developing between these Banks There has come before the Board of Governors, and Bank because of the large number of interven- pursuant to section 3(a)(3) of the Bank Holding ing banks and Florida's restrictive branching laws. Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Based on the record before it, the Board concludes section 225.3(a) of Federal Reserve Regulation Y that consummation of the proposed acquisition (12 CFR 225.3(a)), an application by Southeast would not adversely affect competition in any Banking Corporation, Miami, Florida, for the relevant area. In fact, competition will be benefited Board's prior approval of the acquisition of 100 per by the opening of a new banking alternative in an cent (less directors' qualifying shares) of the voting area which is relatively underbanked (as measured shares of Combanks Corporation, Winter Park, by the ratio of persons to banking offices in the Florida. proposed service area of Bank relative to the State As required by section 3(b) of the Act, the Board ratio of persons to banking offices). gave written notice of receipt of the application to The financial and managerial resources and pros- the Florida Commissioner of Banking, and repects of Applicant, its subsidiary banks and Bank quested his views and recommendation. The are regarded as satisfactory, and these considera- Commissioner recommended approval of the tions are consistent with approval of the applica- application. tion. Considerations related to the convenience Notice of receipt of the application was published and needs of the community lend weight for ap- in the Federal Register on September 22, 1971 proval of the application in that Applicant will be (36 Federal Register 18817), providing an opporopening a new banking office in an area which, as tunity for interested persons to submit comments mentioned earlier, is relatively underbanked. and views with respect to the proposal. A copy of Additionally, the prospects for growth of the the application was forwarded to the United States area are good because of a regional shopping Department of Justice for its consideration. Time center being constructed in the area. It is the for filing comments and views has expired, and Board's judgment that the proposed acquisition all those received have been considered by the would be in the public interest and that the applica- Board. tion should be approved. IT IS HEREBY ORDERED, For the reasons set IT IS HEREBY ORDERED, For the reasons set forth in the Board's Statement of this date,1 that forth in the findings summarized above, that said said application be and hereby is denied. application is approved, provided that the acquisi- 1The Statement follows the Order with respect to Combanks tion so approved shall not be consummated (a) Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 55 By order of the Board of Governors, December STATEMENT 3, 1971. Voting for this action: Chairman Burns and Governors Southeast Banking Corporation, Miami, Florida Robertson, Daane, and Maisel. Absent and not voting: Gov- ("Southeast"), a bank holding company, has apernors Mitchell, Brimmer, and Sherrill. plied to the Board of Governors pursuant to (Signed) TYNAN SMITH, section 3(a)(3) of the Bank Holding Company Act Secretary of the Board. of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 100 per cent (less directors' [SEAL] qualifying shares) of the voting shares of Com- COMBANKS CORPORATION, banks Corporation ("Combanks"), located in WINTER PARK, FLORIDA Winter Park, Florida. Combanks controls 98.1 per cent of the voting shares of The Commercial ORDER DENYING ACQUISITION OF BANK STOCK BY Bank at Winter Park, Winter Park, Florida ("Com- BANK HOLDING COMPANY mercial Bank"), and also owns 24.9 per cent of the following four banks: 1) South Seminole Bank There has come before the Board of Governors, ("Seminole Bank"), Fern Park, Florida; 2) North pursuant to section 3(a)(3) of the Bank Holding Orlando Bank ("North Orlando Bank"), Fairvilla, Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Florida; 3) The Commercial Bank at Apopka section 225.3(a) of Federal Reserve Regulation Y ("Apopka Bank"), Apopka, Florida; and 4) The (12 CFR 225.3(a)), an application by Combanks Commercial Bank at Pine Castle ("Pine Castle Corporation, Winter Park, Florida, for the Bank"), Pine Castle, Florida. Board's prior approval of the acquisition of 55.1 Combanks has applied to acquire 55.1 per cent per cent or more of the voting shares of South of the voting shares of Seminole Bank, North Or- Seminole Bank, Fern Park, Florida; North Orlando lando Bank, Apopka Bank, and Pine Castle Bank, Fair villa, Florida; The Commercial Bank Bank. Combanks proposes to acquire these shares at Apopka, Apopka, Florida; and The Commercial through exchange for shares of Southeast and Bank at Pine Castle, Pine Castle, Florida. states that approval of the Combanks' application As required by section 3(b) of the Act, the Board is contingent upon approval of the Southeast apgave written notice of receipt of the application plication. to the Florida Commissioner of Banking, and requested his views and recommendation. The Com- Views and recommendation of supervisory missioner recommended approval of the applica- authority. As required by section 3(b) of the Act, tion. the Board notified the Florida Commissioner Notice of receipt of the application was published of Banking of receipt of the applications and in the Federal Register on September 22, 1971 requested his views and recommendations. The (36 Federal Register 18817), providing an oppor- Commissioner recommended approval of the tunity for interested persons to submit comments applications. and views with respect to the proposal. A copy of the application was forwarded to the United Statutory considerations. Section 3(c) of the Act States Department of Justice for its consideration. provides that the Board shall not approve an Time for filing comments and views has expired, acquisition that would result in a monopoly or and all those received have been considered by the would be in furtherance of any combination or Board. conspiracy to monopolize or attempt to monopolize IT IS HEREBY ORDERED, For the reasons set forth the business of banking in any part of the United in the Board's Statement of this date, that said appli- States. Nor may the Board approve a proposed cation be and hereby is denied. acquisition the effect of which, in any other man- By order of the Board of Governors, December ner would be in restraint of trade, unless the 3, 1971. Board finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the Voting for this action: Chairman Burns and Governors public interest by the probable effect of the trans- Robertson, Daane, and Maisel. Absent and not voting: Governors Mitchell, Brimmer, and Sherrill. action in meeting the convenience and needs of the communities to be served. In each case, the (Signed) TYNAN SMITH, Board is required to take into consideration the Secretary of the Board. financial and managerial resources and future [SEAL] prospects of the bank holding company and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN • JANUARY 1972 banks concerned, and the convenience and needs over the next decade, especially since the recent of the communities to be served. opening of the Disney World complex located about 11 miles outside of Orlando. Accordingly, Competitive effect of proposed transaction. Southeast would be likely to increase its presence Southeast, the second largest banking organiza- in the Orlando market, either by opening up tion in Florida, controls 15 banks, with approxi- another new bank or by acquiring a smaller bank mately $ 1.11 billion in deposits, representing than the complex controlled by Combanks. Either about 7.7 per cent of commercial bank deposits of these courses of action would be more desirable in the State. Commercial Bank, Seminole Bank, than the acquisition of Combanks by Southeast North Orlando Bank, Apopka Bank, and Pine since it would increase competition and decrease Castle Bank control, respectively, $51.2, $18.5, the concentration existing in the Orlando market. In $10.0, $3.0 and $2.4 million of deposits. South- addition, though a minor consideration, consumeast's acquisition of these five banks through its mation of the proposal would preclude the potenacquisition of Combanks would increase its share tial for competition in other markets between of deposits in Florida by .6 per cent and would Combanks and Southeast since Combanks has strengthen its position as the number two banking the potential to expand on a Statewide basis. Based organization in the State. on the foregoing, the Board concludes that Appli- Commercial Bank, Seminole Bank, North Or- cant's acquisition of Combanks would have serious lando Bank, Apopka Bank, and Pine Castle Bank competitive consequences in foreclosing present all operate in the Orlando market, which is and potential competition. approximated by Orange County and the southern Financial and managerial resources and future portion of Seminole County. These banks in the prospects. The financial condition of Southeast aggregate control 10.7 per cent of deposits in the and its subsidiary banks is satisfactory. Their man- Orlando market, making Combanks the third agement is capable and prospects of the group are largest organization located there. Southeast also favorable. The financial condition and management controls a bank in this market—Southeast National of Combanks and its subsidiary banks are gen- Bank (Southeast Orlando)—which it established in erally satisfactory and their prospects, whether July 1970 and which had about $6.5 million in operating individually or as subsidiaries of Southdeposits as of June 30, 1971. Though the present east, are favorable. These considerations provide share of deposits controlled by Southeast's subno significant support for approval of the applisidiary in the Orlando market is not large, cation. the rate of growth of this institution has been impressive and [with Southeast standing behind it] Convenience and needs of the communities inits rate of growth will likely continue in the volved. The Orlando market area is presently well future. Accordingly, Southeast Orlando is likely served by existing banking organizations. Southto become an important competitive influence in the east does plan to assist Combanks and its subconcentrated Orlando market (the leading organi- sidiary banks to improve some of its services such zation in this market controls over 40 per cent as trust services and consumer and mortgage of market deposits and the top three organiza- financing. However, customers desiring such servtions control almost two-thirds of market de- ices have numerous alternatives in the Orlando posits). The Board concludes that significant market at present. These considerations lend existing and potential competition between Com- some weight for approval of the acquisition, but banks and Southeast Orlando would be eliminated do not offset the serious competitive consequences by approval of the subject application. arising from the application. Moreover, there would be other adverse effects Summary and conclusion. On the basis of all on potential competition between Combanks and relevant facts contained in the second and, in the Southeast in Orlando since the Orlando market is light of the factors set forth in section 3(c) of the an attractive one for entry by Southeast. The Or- Act, it is the Board's judgment that the application lando area has experienced substantial growth in to acquire Combanks is not in the public interest and recent years and this growth is expected to continue should be denied. Since Combank's applications to acquire additional shares in its subsidiary banks are contingent on approval of the Southeast appli- XA11 banking data are as of December 31, 1970, and reflect cation, Combanks' application also should be holding company formations and acquisitions approved by the Board through October 31, 1971. denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 57 FLORIDA NATIONAL BANKS OF FLORIDA, the Board notified the Comptroller of the Cur- INC., rency of receipt of the application and requested JACKSONVILLE, FLORIDA his views and recommendation thereon. The Comptroller recommended approval of the appli- ORDER DENYING ACQUISITION OF BANK STOCK BY cation. BANK HOLDING COMPANY Statutory considerations. Section 3(c) of the Act There has come before the Board of Governors, provides that the Board shall not approve an pursuant to section 3(a)(3) of the Bank Holding acquisition that would result in a monopoly or Company Act of 1956 (12 U.S.C. 1842(a)(3)) and would be in furtherance of any combination or section 225.3(a) of Federal Reserve Regulation Y conspiracy to monopolize or to attempt to (12 CFR 225.3(a)), an application by Florida Na- monopolize the business of banking in any part tional Banks of Florida, Inc., Jacksonville, Florida, of the United States. Nor may the Board approve for the Board's prior approval of the acquisition a proposed acquisition the effect of which, in any of 80 per cent or more of the voting shares of section of the country, may be substantially to Ormond Beach First National Bank, Ormond lessen competition, or to tend to create a monop- Beach, Florida ("Bank"). oly, or which in any other manner would be in As required by section 3(b) of the Act, the Board restraint of trade, unless the Board finds that the gave written notice of receipt of the application to anticompetitive effects of the proposed transaction the Comptroller of the Currency and requested his are clearly outweighed in the public interest by the views and recommendation. The Comptroller probable effect of the transaction in meeting the recommended approval of the application. convenience and needs of the communities to be Notice of receipt of the application was pub- served. In each case, the Board is required to take lished in the Federal Register on September 2, into consideration the financial and managerial 1971 (36 Federal Register 17630), providing an resources and future prospects of the bank holding opportunity for interested persons to submit com- company and the banks concerned, and the conments and views with respect to the proposal. A venience and needs of the communities to be copy of the application was forwarded to the United served. States Department of Justice for its consideration. Competitive effect of proposed transaction. Time for filing comments and views has expired and Applicant, the largest banking organization in all those received have been considered. Florida, controls 31 banks located throughout the IT IS HEREBY ORDERED, For the reasons set forth State with aggregate deposits of approximately in the accompanying Statement, that said applica- $1.1 billion, representing 7.7 per cent of total comtion be and hereby is denied. mercial bank deposits in the State. (All banking By order of the Board of Governors, December data are as of December 31, 1970, and reflect 3, 1971. holding company formations and acquisitions approved by the Board through October 31, 1971.) Voting for this action: Chairman Burns and Governors Consummation of the proposal herein would in- Robertson, Daane, and Maisel. Absent and not voting: Governors Mitchell, Brimmer, and Sherrill. crease Applicant's share of commercial bank deposits in the State by an insignificant amount. (Signed) TYNAN SMITH, Bank ($34.3 million of deposits) maintains one Secretary of the Board. banking office located in Ormond Beach, Volusia [SEAL] County, Florida, and operates in the Daytona Beach banking market, which includes Daytona STATEMENT Beach plus the coastal portions of Volusia County. Florida National Banks of Florida, Inc., Jack- It is the largest of three commercial banks in Orsonville, Florida, a registered bank holding com- mond Beach and the fourth largest commercial pany, has applied to the Board of Governors, pur- bank in the Daytona Beach banking market, consuant to section 3(a)(3) of the Bank Holding Com- trolling 15 per cent of commercial bank deposits pany Act of 1956 (12 U.S.C. 1842(a)(3)), for in the latter area. prior approval of the acquisition of 80 per cent or Applicant's closest subsidiary is located in Daymore of the voting shares of Ormond Beach First tona Beach, 6.6 miles southwest of Bank, and is National Bank, Ormond Beach, Florida ("Bank"). the second largest bank ($37 million deposits) Views and recommendation of supervisory in the Daytona Beach banking market, controlling authority. As required by section 3(b) of the Act, 17 per cent of commercial bank deposits in that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN • JANUARY 1972 market. The proposed acquisition would result in prospects. The financial condition of Applicant Applicant becoming the largest banking organiza- and its subsidiary banks is generally satisfactory, tion in the market, controlling 32 per cent of total their management are capable and conservative and deposits. prospects of the group are favorable. Although Although Bank and Applicant's Daytona Beach affiliation with Applicant would enable Bank to subsidiary are separated by the Halifax River, draw upon Applicant's technical and managerial numerous bridges connect Daytona Beach with strength to alleviate its management succession the coastal portions of Volusia County and make problems and improve its financial condition, both areas equally accessible to area residents. these factors are not regarded as sufficient to re- Bank's service area includes the entire service quire approval of the application. area of Applicant's Daytona Beach subsidiary and Convenience and needs of the communities a significant amount of deposit and loan competi- involved. The banking needs of the residents of tion exists between these banks. Bank derives the Daytona Beach area appear to be adequately approximately 14 per cent of its total deposits and served at the present time by existing institutions approximately 25 per cent of its loans from Day- since four of the five largest banking institutions tona Beach. Consummation of proposed acquisi- in the State have banks in the Daytona Beach tion would (1) eliminate competition between the market. Consummation of the proposed transacsecond and fourth largest banks in the Daytona tion would have little impact on the convenience Beach market, (2) increase deposit concentration and needs of banking customers in the area since among the four largest organizations from 75.3 Applicant proposes no new service not already per cent to 84.5 per cent of total deposits in the being offered by other banks in the area. Daytona area, (3) remove one of the largest banks Summary and conclusion. On the basis of all in the market available for acquisition by another relevant facts contained in the record, and in the banking organization (It is understood that several light of the factors set forth in section 3(c) of the bank holding companies other than Applicant Act, it is the Board's judgment that the proposed have expressed interest in acquiring Bank.), and transaction would have adverse effects on com- (4) raise barriers to entry by other organizations petition which would not be outweighed by into the market. other considerations. Consummation of the pro- In connection with the review of the application, posal, therefore, would not be in the public inthe Board has considered a comment of the De- terest and the application should be denied. partment of Justice which concluded that consummation of the proposed acquisition "would elimi- UNITED BANKS OF COLORADO, INC., nate substantial existing competition and would DENVER, COLORADO seriously increase concentration in an already overly-concentrated market." We concur with the ORDER APPROVING ACQUISITION OF BANK Department's conclusion that the proposed acquisi- United Banks of Colorado, Inc., Denver, Colotion would have a "significantly adverse" effect on rado, a bank holding company within the meaning competition in the Daytona Beach area. of the Bank Holding Company Act, has applied Although acquisition of Bank by Applicant for the Board's approval under section 3(a)(3) of would sever Bank's existing affiliation with Volusia the Act (12 U.S.C. 1842 (a)(3)) to acquire 80 per County National Bank at Ormond Beach (with cent or more of the voting shares of Colorado 2.5 per cent of market deposits), any benefit result- Commercial Bank, Colorado Springs, Colorado ing from increased competition between these ("Bank"). banks is clearly outweighed by the proposal's Notice of receipt of the application has been adverse effects on competition. given in accordance with section 3(b) of the Act, Based on the foregoing, the Board concludes that and the time for filing comments and views has consummation of the proposed transaction would expired. The Board has considered the applicanot result in a monopoly, nor be in furtherance of tion and all comments received in the light of the any combination, conspiracy, or attempt to mo- factors set forth in section 3(c) of the Act (12 nopolize the business of banking in any area. U.S.C. 1842(c)) and finds that: However, the anticompetitive effects of the pro- Applicant is the second largest banking organiposal are sufficiently serious as to provide sig- zation and bank holding company in Colorado nificant weight against approval of the application. controlling 9 banks which hold 14.7 per cent Financial and managerial resources and future of total deposits in commercial banks in Colorado Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 59 ($641.7 million). (Banking data are as of Decem- is extended for good cause by the Board, or by ber 31, 1970, amended to reflect holding com- the Federal Reserve Bank of Kansas City purpany formations and acquisitions approved to suant to delegated authority. date.) Consummation of the proposal would give By order of the Board of Governors, December Applicant control over an additional .4 per cent 7, 1971. of total deposits and would not change its rank- Voting for this action: Chairman Burns and Governors ing. It would, however, make Applicant the Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent first holding company to have a banking subsidiary and not voting: Governor Sherrill. in each of the six principal banking markets in (Signed) TYNAN SMITH, Colorado. Bank (deposits $16.3 million) is the Secretary of the Board. smallest of four banks located in downtown Colorado Springs and is the fifth largest in the [SEAL] Colorado Springs banking market. Applicant's nearest subsidiary is in Pueblo, 43 miles south COLUMBIA HOLDING, INC., of Bank, and there is no significant competition BALTIMORE, MARYLAND between Bank and this or any other of Applicant's subsidiaries. Consummation of the proposal ORDER APPROVING ACQUISITION OF BANK would have no adverse effects on existing com- Columbia Holding, Inc., Baltimore, Maryland, petition and, due to the distances separating a bank holding company within the meaning of Bank and Applicant's subsidiaries and Colorado the Bank Holding Company Act, has applied law prohibiting branching, would be unlikely for the Board's approval under § 3(a)(3) of the to have any adverse effects on future competi- Act (12 U.S.C. 1842(a)(3)) to acquire 100 per tion. Bank is presently affiliated by common cent of the voting shares of the successor by ownership with the second largest bank in the merger to The Equitable Trust Company, Baltimarket and consummation of the proposal would more, Maryland ("Equitable Bank"). have a procompetitive effect by breaking that The bank into which Equitable Bank is to be affiliation and adding a new competitor to the merged has no significance except as a means to market. facilitate the acquisition of the voting shares of The financial and managerial condition and Equitable Bank. Accordingly, the proposed prospects of Applicant and its subsidiary banks acquisition of the shares of the successor organizaare (upon consideration of a proposed augment- tion is treated herein as the proposed acquisiing of capital) satisfactory and consistent with tion of the shares of Equitable Bank. approval. Bank's financial and managerial con- Notice of receipt of the application has been dition are satisfactory. Bank has failed to keep given in accordance with § 3(b) of the Act, and pace in deposit growth with other banks in the the time for filing comments and views has exmarket. Applicant's corporate marketing group pired. The Board has considered the application and its expertise in the fields of advertising, and all comments received in the light of the market research and industrial development factors set forth in § 3(c) of the Act (12 U.S.C. should assist in bank's growth and Bank's pros- 1842(c)) and finds that: pects are favorable. These considerations lend Applicant, organized in 1967 and totally owned some weight toward approval. The banking con- by Equitable Bank ($633 million deposits), owns venience and needs of the Colorado Springs area all the stock of Columbia Bank and Trust Comseem adequately served. However, Applicant pany, Columbia Maryland ("Columbia Bank"), should enable Bank to upgrade its services and which holds deposits of $18 million. (Banking these considerations lend some weight toward ap- data are as of June 30, 1971.) Equitable Bank proval. It is the Board's judgment that the pro- and Applicant became bank holding companies posed transaction is in the public interest and with respect to Columbia Bank as a result of the should be approved. 1970 Amendments to the Bank Holding Com- On the basis of the record, the application is pany Act. This proposal would result in a corapproved for the reasons summarized above. porate reorganization whereby Applicant would The transaction shall not be consummated (a) own 100 per cent of the voting shares of Equitable before the thirtieth calendar day following the Bank and Columbia Bank, which are both located date of this Order or (b) later than three months in the Baltimore SMS A (Standard Metropolitan after the date of this Order, unless such period Statistical Area). Equitable Bank holds 11 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN • JANUARY 1972 cent of the total deposits of commercial banks in UNITED MISSOURI BANCSHARES, INC., the State of Maryland and 18.6 per cent of de- KANSAS CITY, MISSOURI posits in the Baltimore SMS A; Columbia Bank holds .3 per cent of the deposits in the State and ORDER APPROVING ACQUISITION OF BANK .5 per cent of the deposits in the Baltimore United Missouri Bancshares, Inc., Kansas SMS A. There is no meaningful competition be- City, Missouri, a bank holding company withtween the two banks, and consummation of the in the meaning of the Bank Holding Company proposal would not alter existing banking com- Act has applied for the Board's approval under petition nor significantly affect potential com- § 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to petition. In addition, it appears that there would acquire 80 per cent (plus directors' qualifying be no adverse effect on the area banks. shares) or more of the voting shares of The The financial and managerial resources and Brookfield Banking Company, Brookfield, Misfuture prospects of Applicant and Equitable Bank souri ("Bank"). are satisfactory and consistent with approval of the Notice of receipt of the application has been application. It appears that the banking needs given in accordance with § 3(b) of the Act, and of the area are being satisfactorily served. How- the time for filing comments and views has exever, the public should benefit from the greater pired. The Board has considered the application efficiency of operations and improved services and all comments received in the light of the emanating from the single holding company struc- factors set forth in § 3(c) of the Act (12 U.S.C. ture. It is the Board's judgment that the proposed 1842(c)) and finds that: transaction is in the public interest and should Applicant controls 8 banks with total debe approved. posits of $489.1 million, amounting to 4.3 per On the basis of the record, the application is cent of total deposits in commercial banks in the approved for the reasons summarized above. The State. Acquisition of Bank would increase Aptransaction shall not be consummated (a) before plicant's control of commercial bank deposits in the thirtieth calendar day following the date of the State by .1 per cent and Applicant's rank as this Order or (b) later than three months after the the fourth largest multi-bank holding company date of this Order, unless such period is ex- in the State would remain unchanged. Bank ($14.4 tended for good cause by the Board, or by the million in deposits) is the largest of nine banks Federal Reserve Bank of Richmond pursuant to in the Brookfield banking market (approximated delegated authority. by Linn County and the northernmost part of Upon the consummation of the proposed trans- Chariton County), controlling 31.1 per cent of action, Applicant shall not retain or acquire any market deposits. (Banking data are as of June 30, nonbank shares or engage in any nonbanking 1971, and reflect holding company formations activities to a greater extent or for a longer period and acquisitions approved through October 31, than would apply in the case of a bank holding 1971.) company which became such on the date of such No meaningful competition exists between consummation, except to the extent otherwise Bank and any of Applicant's subsidiaries. The permitted in any regulation of the Board here- nearest subsidiary of Applicant is Kemper State after adopted specifically relating to the effect Bank, Boonville, Missouri, which is located of the acquisition of an additional bank on the approximately 100 miles from Bank. In view of status on nonbank shares and activities of a one- Missouri's restrictive branching law and the bank holding company formed prior to 1971, or area's low population to bank ratio which makes unless the Board fails to adopt any such regula- de novo entry unattractive, it appears unlikely tion before the expiration of two years after the that consummation of this proposal would foreconsummation of the proposed acquisition. close any significant potential competition be- By order of the Board of Governors, December tween this and any other of Applicant's sub- 13, 1971. sidiaries and Bank. It is unlikely that Applicant would enter the market through acquisition of one Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, and Brimmer. Absent and not of the smaller banks in the market due to the fact voting: Governor Daane. that its chief executive officer has been a major (Signed) TYNAN SMITH, stockholder of Bank since 1959. Consumma- Secretary of the Board. tion of the proposal would have no adverse ef- [SEAL] fects on existing or potential competition nor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 61 would it have adverse effects on any competing acquisition of the voting shares of Bank. Accordbank. ingly, the proposed acquisition of the shares of the Bank is in generally satisfactory financial con- successor organization is treated herein as the dition. However, because of recent deposit growth proposed acquisition of the shares of Bank. it is in need of additional capital which affiliation Notice of receipt of the application has been with Applicant will supply. Accordingly, con- given in accordance with section 3(b) of the Act, siderations related to the financial and managerial and the time for filing comments and views has resources and future prospects of Bank lend some expired. The Board has considered the applicaweight toward approval. Affiliation with Applicant tion and all comments received in the light of the would enable Bank to meet the growing credit factors set forth in section 3(c) of the Act (12 needs of the market's largest farming and in- U.S.C. 1842(c)) and finds that: dustrial organizations. Applicant also intends to Applicant, the fourth largest banking organizaassist Bank in applying for trust powers, to pro- tion in New York, has one subsidiary bank convide Bank with industrial development assistance trolling total domestic deposits of $7.6 billion, through its lead bank, and to assist Bank in ex- representing 8.6 per cent of total deposits held by panding its present facilities. Considerations re- commercial banks in the State. (All banking data lated to the convenience and needs of the com- are as of December 31, 1970, adjusted to reflect munity to be served lend weight toward approval. holding company formations and acquisitions It is the Board's judgment that the transaction is approved through October 31, 1971.) Upon in the public interest and should be approved. acquisition of Bank ($42 million deposits), Ap- On the basis of the record, the application is plicant's share of deposits in the State would inapproved for the reasons summarized above. crease by only . 1 percentage points, and its present The transaction shall not be consummated (a) ranking would not change. Bank operates in the before the thirtieth calendar day following the Rockland County banking market and is the fifth date of this Order or (b) later than three months largest of seven banks located in the market, conafter the date of this Order, unless such period trolling 10.6 per cent of market deposits.1 is extended for good cause by the Board, or by Applicant's subsidiary banking office closest the Federal Reserve Bank of Kansas City pursuant to Bank is located 8.2 miles east of Bank, in to delegated authority. adjoining Westchester County and that subsidiary By order of the Board of Governors, December is presently prohibited from branching into Rock- 15, 1971. land County. Due to the fact that the markets are separated geographically by the Hudson River, Voting for this action: Vice Chairman Robertson and no meaningful existing competition would be Governors Mitchell, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governor Daane. eliminated by consummation of the proposal. (Signed) TYNAN SMITH, Some potential competition between Applicant Secretary of the Board. and Bank might be foreclosed upon consummation of the proposal, since Applicant could enter [SEAL] Bank's market de novo or through acquisition of a smaller bank. However, neither alternative appears CHEMICAL NEW YORK CORPORATION, to be as desirable to Applicant since State law NEW YORK, NEW YORK limits de novo bank expansion to two branches per year (beginning one year after the date of charter) ORDER APPROVING ACQUISITION OF BANK until 1976, and acquisition of a smaller bank Chemical New York Corporation, New York, would not offer Applicant an immediate op- New York, a bank holding company within portunity for development of meaningful comthe meaning of the Bank Holding Company Act, petition with the larger banks in the market. Aphas applied for the Board's approval under sec- plicant is paying a premium for the acquisition of tion 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to Bank. However, such premium does not appear acquire 100 per cent of the voting shares (less to be excessive nor does it appear that it is being directors' qualifying shares) of the successor by paid for the purchase of monopoly power within merger to the Tappan Zee National Bank, Nyack, the market. Rockland County is a dynamic eco- New York ("Bank"). nomic area that promises to continue growing The bank into which Bank is to be merged has 1 Banking data relating to size in the market are as of June no significance except as a means to facilitate the 30,1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN • JANUARY 1972 rapidly and, therefore, will be an attractive loca- By order of the Board of Governors, December tion for new banking organizations. Applicant's 21, 1971. acquisition of Bank will not raise barriers to entry Voting for this action: Chairman Burns and Governors into the market by other holding companies nor Mitchell, Daane, Maisel, and Brimmer. Voting against this action: Governor Robertson. places Applicant in a dominant position in the market. The presence of three of the largest (Signed) TYNAN SMITH, banking organizations in the State in Rockland Secretary of the Board. County, and the number of potential entrants [SEAL] into the market minimize the slightly adverse competitive effect of Applicant's acquisition of DISSENTING STATEMENT OF GOVERNOR Bank. Based upon the foregoing, the Board ROBERTSON finds that consummation of the proposal would have Tappan Zee National, with deposits of $42 milno adverse effects on existing competition and no lion is the second largest of the three banks in significant adverse effect on potential competi- Rockland County that are not affiliated with a tion. New York City-based holding company. (Another The financial and managerial resources of Ap- New York City holding company has on file plicant and Bank are generally satisfactory, and with the Board an application to acquire the consistent with approval. Although there is no largest, which is being held in abeyance pending evidence that significant banking needs of the the decision of the New York State Banking communities involved are going unserved, Bank Board on its motion for reconsideration of the as a result of its affiliation with Applicant, will Banking Board's earlier denial.) Consummation provide installment loans at lower rates, will have of the instant proposal will result in New York a larger lending limit and will provide the com- City-based holding companies controlling 54 munity with an alternative source of specialized per cent of market deposits. banking services. Accordingly, considerations Over the last 10 years, the population of Rockrelating to convenience and needs of the com- land County has increased 68 per cent, the second munity lend some weight toward approval. It fastest growth rate in the State, and it is prois the Board's judgment that the proposed trans- jected that it will continue to be one of the fastest action would be in the public interest and that the growing areas in the State. The dynamic growth application should be approved. of Rockland County makes it one of the most On the basis of the record, the application is attractive areas for de novo entry. approved for the reasons summarized above. The Applicant is one of the most likely potential transaction shall not be consummated (a) before entrants into this market. Its entry could be acthe thirtieth calendar day following the date of this complished de novo or through the acquisition Order or (b) later than three months after the date of a smaller independent bank in the third banking of this Order, unless such period is extended for district (which includes Rockland County) which good cause by the Board, or by the Federal Re- could then branch into Rockland County. Such an serve Bank of New York pursuant to delegated entry might be procompetitive, but consummaauthority. tion of this proposal would be anticompetitive Upon the consummation of the proposed because it would eliminate potential competition transaction, Applicant shall not retain or acquire between Applicant and Bank. Furthermore, Apany nonbank shares or engage in any nonbanking plicant's acquisition of Bank would remove a activities to a greater extent or for a longer period means of foothold entry for the newer New York than would apply in the case of a bank holding holding companies, which lack Applicant's adcompany which became such on the date of such vantages of size and location for successful de consummation, except to the extent otherwise novo entry, and which probably could not afford permitted in any regulation of the Board hereafter to pay the huge premium of over $3,000,000 adopted specifically relating to the effect of the (or around 8 per cent of Bank's deposits) which acquisition of an additional bank on the status of is being paid to Bank's shareholders. nonbank shares and activities of a one-bank Obviously it is easier for an institution the size holding company formed proir to 1971, or unless of Chemical to obtain entry into this market the Board fails to adopt any such regulation be- through the acquisition of a going concern, like fore the expiration of two years after the consumma- Bank with its seven offices in Rockland County, tion of the proposed acquisition. even at such a high price, than to enter de novo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 63 through the establishment of a new bank, but it is Bank will be located in a growing residential the public interest which must be considered con- area 10 miles east of Tampa. Although Applicant trolling—not Chemical's interest. presently has one subsidiary bank in Hills- Since the acquisition of Bank would foreclose borough County (in which Tampa is located), this the substantial likelihood of Applicant being an subsidiary has only 1 per cent of county deposits additional competitor in the market and, further, and does not draw a significant amount of business since it would deprive those organizations less from the proposed service area of Bank. (Since able to expand de novo of the opportunity to Applicant has such a small share of deposits in acquire a vehicle through which they might Hillsborough County, and Bank is a proposed new achieve a market position, the effect on com- bank, there is no question of Applicant obtaining petition would be adverse, and should not be ap- a dominant position in the area.) There is presently proved in the absence of positive benefits to the only one other bank located in Bank's proposed public that outweigh the adverse factor. service area so that approval of the application Applicant proposes to make additional services should have beneficial effects on competition by available through Bank. However, the evidence providing an alternative source of banking servon the record indicates that the present banking ices. On the basis of the record before it, the Board needs of the community are presently being met concludes that consummation of the proposed by the institutions in the market. Even more acquisition would not adversely affect competiimportantly, all the alleged benefits could be pro- tion in any relevant area. vided in more competitive ways. Consequently, The financial and managerial resources and they should not be considered as outweighing the future prospects of Applicant, its subsidiaries, and anticompetitive effects of the acquisition. Bank appear to be satisfactory and consistent with I would deny the application. approval of the application. Considerations relating to the convenience and needs of the community to be served lend some weight toward approval of BARNETT BANKS OF FLORIDA, INC., the application since, as mentioned above, the JACKSONVILLE, FLORIDA opening of Bank will provide a new competitor in ORDER APPROVING ACQUISITION OF BANK an area where presently there is only one bank. On the basis of the record, the application is Barnett Banks of Florida, Inc., Jacksonville, approved for the reasons summarized above. The Florida, a bank holding company within the meantransaction shall not be consummated (a) before ing of the Bank Holding Company Act, has apthe thirtieth calendar day following the date of this plied for the Board's prior approval under § 3(a)(3) Order or (b) later than three months after the date of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 of this Order; and (c) Barnett Bank of Brandon, per cent or more of the voting shares of Barnett National Association, shall be opened for business Bank of Brandon, National Association, Brandon, not later than six months after the date of this Order. Florida ("Bank"), a proposed new bank. Each of the periods described in (b) and (c) may Notice of receipt of the application has been be extended for good cause by the Board, or by the given in accordance with § 3(b) of the Act, Federal Reserve Bank of Atlanta pursuant to deleand the time for filing comments and views has gated authority. expired. The Board has considered the applica- By order of the Board of Governors, December tion and all comments received in the light of the 21, 1971. factors set forth in § 3(c) of the Act (12 U.S.C. Voting for this action: Chairman Burns and Governors 1842(c)) and finds that: Robertson, Mitchell, Daane, Maisel, and Brimmer. Applicant controls 29 banks with aggregate deposits of approximately $881 million, represent- (Signed) TYNAN SMITH, Secretary of the Board. ing 6.0 per cent of the total commercial bank deposits in the State and is the third largest bank- [SEAL] ing organization in Florida. (All banking data are HARRIS BANKCORP, INC., as of June 30, 1971, and reflect holding company CHICAGO, ILLINOIS formations and acquisitions approved by the Board through November 30, 1971.) Since Bank ORDER APPROVING FORMATION OF BANK is a proposed new bank, acquisition of it by Ap- HOLDING COMPANY plicant would not change Applicant's rank or Harris Bankcorp, Inc., Chicago, Illinois, has percentage share of deposits. applied for the Board's approval under § 3(a)(1) of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN • JANUARY 1972 the Bank Holding Company Act (12 U.S.C. Voting for this action: Chairman Burns and Governors 1842(a)(1)) of formation of a bank holding com- Robertson, Mitchell, Daane, Maisel, and Brimmer. pany through acquisition of 100 per cent or more (Signed) TYNAN SMITH, of the voting shares (less directors' qualifying Secretary of the Board. shares) of the successor by merger to Harris Trust [SEAL] and Savings Bank, Chicago, Illinois ("Bank"). The bank into which Bank is to be merged has BARNETT BANKS OF FLORIDA, INC., no significance except as a means of acquiring JACKSONVILLE, FLORIDA the voting shares of Bank. Accordingly, the proposed acquisition of the shares of the successor ORDER APPROVING ACQUISITION OF BANK organization is treated herein as the proposed Barnett Banks of Florida, Inc., Jacksonville, acquisition of the shares of Bank. Florida, a bank holding company within the Notice of receipt of the application has been meaning of the Bank Holding Company Act, given in accordance with § 3(b) of the Act, and has applied for the Board's approval under § the time for filing comments and views has ex- 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to pired. The Board has considered the application acquire 80 per cent or more of the voting shares and all comments received in the light of the fac- of Mercantile National Bank of Miami Beach, tors set forth in § 3(c) of the Act (12 U.S.C. Miami Beach, Florida ("Bank"). 1842(c)) and finds that: Notice of receipt of the application has been Applicant is a newly organized corporation given in accordance with § 3(b) of the Act, and formed for the purpose of becoming a bank hold- the time for filing comments and views has ing company. Bank, with deposits of $1.6 billion expired. The Board has considered the applicaas of June 30, 1971, is the third largest bank in tion and all comments received in the light of the the City of Chicago and the State of Illinois. factors set forth in § 3(c) of the Act (12 U.S.C. Inasmuch as the proposal constitutes a cor- 1842(c)) and finds that: porate reorganization and reflects no expansion Applicant has 29 subsidiary banks with agof corporate interests or significant change in the gregate deposits of approximately $881 million, character of the banking facilities involved, con- representing 6 per cent of the commercial bank summation of the proposal would eliminate neither deposits in Florida, and Bank has deposits of existing nor potential competition, nor does it $62 million. (Banking data are as of June 30, appear that there would be any adverse effects 1971.) Approval of the acquisition of Bank will on any bank in the area. increase Applicant's percentage share of deposits The financial and managerial resources and pros- in Florida by only one-half of 1 per cent. pects of Applicant and Bank are regarded as Applicant presently has only one subsidiary generally satisfactory and consistent with approval bank in Dade County, and this subsidiary is the of the application. The convenience and needs of thirty-seventh largest of 38 banking organizations the communities involved would not be im- in the County, with only .2 per cent of deposits. mediately affected by consummation of this pro- Bank, which primarily serves the Miami Beach posal but improved services may be provided in area of Dade County,, ranks eleventh, with 2.2 the future under the more flexible corporate struc- per cent of Dade County deposits. Due to the ture of the holding company. It is the Board's distance between Bank and the subsidiary, the judgment that the transaction would be in the large number of intervening banks and the natural public interest, and that the application should be barrier of Biscayne Bay which separates the two, approved. there is only a minimal amount of competition On the basis of the record, the application is existing between them. These considerations and approved for the reasons summarized above. The other facts of record also render unlikely the postransaction' shall not be consummated (a) before sibility of increased future competition between the thirtieth calendar day following the date of this Applicant and Bank. Alternatively, approval of Order or (b) later than three months after the date this application should serve to strengthen Apof this Order, unless such period is extended for plicant's competitive capabilities with regard good cause by the Board, or by the Federal Reserve to its much larger competitors in the Dade County Bank of Chicago pursuant to delegated authority. area. On this basis, the Board finds that com- By order of the Board of Governors, December petitive considerations are consistent with ap- 21, 1971. proval of the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 65 The financial and managerial resources and cent of the total commercial bank deposits in the prospects of Applicant, its subsidiary banks, State, and is the third largest banking organization and Bank are regarded as consistent with ap- in Iowa. (All banking data are as of June 30, proval. Considerations related to the convenience 1971, and reflect holding company formations and needs of the community lend weight for ap- and acquisitions approved through October 31, proval of the application. Applicant intends to 1971.) Since Bank is a proposed new bank, no more aggressively promote the trust, international existing competition would be eliminated nor and bond investment departments of Bank and would concentration be increased in any relevant to make Bank a full service banking competitor area. in its area. It is the Board's judgment that the Bank will be located in downtown Cedar Rapids proposed acquisition would be in the public (estimated population: 111,000), and will repinterest and that the application should be ap- resent the initial entry by Applicant into the Cedar proved. Rapids banking market. Applicant's closest sub- On the basis of the record, the application is sidiary to Bank is located 27 road miles northapproved for the reasons summarized above. The west of the proposed Bank, and there are numerous transaction shall not be consummated (a) before offices of banks in the intervening area. Apthe thirtieth calendar day following the date of plicant's acquisition of Bank would have a prothis Order or (b) later than three months after the competitive effect as it would mark the first entry date of this Order, unless such period is extended in 37 years into this market of a banking infor good cause by the Board, or by the Federal stitution not associated with existing Cedar Reserve Bank of Atlanta pursuant to delegated Rapids banks. That market is concentrated with authority. the two largest organizations controlling 50.3 per By order of the Board of Governors, December cent and 14.4 per cent, respectively, of deposits 23, 1971. and the entrance of Applicant should stimulate competition without having adverse effects on Voting for this action: Vice Chairman Robertson and Goverany competing bank. nors Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governor Mitchell. The financial condition, management, and (Signed) ELIZABETH L. CARMICHAEL, prospects of Applicant and its subsidiary banks Assistant Secretary. are regarded as generally satisfactory. Bank has no operating financial history. It will open with [SEAL] satisfactory capital, and it will be able to draw on Applicant for its management. Its prospects are favorable and the banking factors are consistent BRENTON BANKS, INC., with approval. Considerations relating to the con- DES MOINES, IOWA venience and needs of the community to be served lend weight toward approval as Bank will provide ORDER APPROVING ACQUISITION OF BANK an additional source of full banking services. It Brenton Banks, Inc., Des Moines, Iowa, a is the Board's judgment that consummation of the proposed acquisition would be in the public bank holding company within the meaning of the interest and that the application should be ap- Bank Holding Company Act, has applied for the proved. Board's approval under § 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to acquire 99 per cent of the On the basis of the record, the application is voting shares of Brenton Bank and Trust Com- approved for the reasons summarized above. The pany of Cedar Rapids, Cedar Rapids, Iowa transaction shall not be consummated (a) before ("Bank"), a proposed new bank. the thirtieth calendar day following the date of Notice of receipt of the application has been this Order or (b) later than three months after the given in accordance with § 3(b) of the Act, and date of this Order; and (c) Brenton Bank and the time for filing comments and views has ex- Trust Company of Cedar Rapids, Cedar Rapids, pired. The Board has considered the application Iowa, shall be opened for business not later than and all comments received in the light of the six months after the date of this Order. Each of factors set forth in § 3(c) of the Act (12 U.S.C. the periods described in (b) and (c) may be ex- 1842(c)) and finds that: tended for good cause by the Board, or by the Applicant controls 16 banks with aggregate Federal Reserve Bank of Chicago pursuant to deposits of $220 million, representing 3.2 per delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN • JANUARY 1972 By order of the Board of Governors, December summation of the proposed acquisition would not 23, 1971. adversely affect competition in any relevant area. Considerations relating to the financial and Voting for this action: Vice Chairman Robertson and managerial resources as they relate to Applicant, Governors Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governor Mitchell. its subsidiaries, and Bank are regarded as consistent with approval of the application. Upon (Signed) ELIZABETH L. CARMICHAEL, consummation of the proposal, Applicant proposes Assistant Secretary. expanding Bank's range of services to include [SEAL] real estate financing, industrial and agricultural development, and fiduciary services. Thus, con- COMMERCE BANCSHARES, INC., siderations relating to convenience and needs lend KANSAS CITY, MISSOURI weight toward approval of the application. It is the Board's judgment that the proposed trans- ORDER APPROVING ACQUISITION OF BANK action would be in the public interest, and that the application should be approved. Commerce Bancshares, Inc., Kansas City, Missouri, a bank holding company within the meaning On the basis of the record, the application is of the Bank Holding Company Act, has applied approved for the reasons summarized above. The for the Board's approval under § 3(a)(3) of the Act transaction shall not be consummated (a) before (12 U.S.C. 1842(a)(3)) to acquire 80 per cent the thirtieth calendar day following the date of or more of the voting shares of Clay County State this Order or (b) later than three months after the Bank, Excelsior Springs, Missouri ("Bank"). date of this Order, unless such period is extended for good cause by the Board, or by the Federal Notice of receipt of the application has been Reserve Bank of Kansas City pursuant to delegiven in accordance with § 3 (b) of the Act, and gated authority. the time for filing comments and views has expired. The Board has considered the application By order of the Board of Governors, December and all comments received in the light of the 30, 1971. factors set forth in § 3(c) of the Act (12 U.S.C. Voting for this action: Vice Chairman Robertson and Gover- 1842(c)) and finds that: nors Mitchell, Daane, Maisel, and Brimmer. Absent and not Applicant, the second largest bank holding com- voting: Chairman Burns pany and the second largest banking organization (Signed) TYNAN SMITH, in Missouri, has 20 subsidiary banks with $936.7 Secretary of the Board. million in deposits, representing 8.2 per cent of the total commercial bank deposits in the State. [SEAL] (All banking data are as of June 30, 1971, adjusted to reflect holding company formations and acquisi- CONNECTICUT BANCSHARES tions approved by the Board through November CORPORATION 30, 1971.) NEW YORK, NEW YORK Bank ($8.3 million deposits), located approximately twenty-eight miles northeast of downtown ORDER APPROVING FORMATION OF BANK Kansas City, is the smaller of two banks in Ex- HOLDING COMPANY celsior Springs, and the third largest of eight banks competing in Bank's primary service area. Connecticut Bancshares Corporation, New Applicant's lead bank and closest subsidiary to York, New York, has applied for the Board's bank is located in downtown Kansas City; how- approval under § 3(a)(1) of the Bank Holding ever, the record discloses that there is no signif- Company Act (12 U.S C. 1842(a)(1)) of formaicant competition between them, primarily be- tion of a bank holding company through acquisicause of the disparity in their size and the nature tion of not less than 50.9 per cent of the voting of their banking business. Furthermore, the de- shares of Northern Connecticut National Bank, velopment of competition between Applicant and Windsor Locks, Connecticut ("Bank"). The Bank is considered unlikely in light of Mis- main office of Applicant will be transferred from souri's restrictive branching law, the distances New York to Windsor Locks, Connecticut, proseparating Applicant's subsidiaries and Bank, vided the Board approves the proposed formaand the presence of numerous banking alterna- tion. tives. The Board concludes, therefore, that con- Notice of receipt of the application has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 67 given in accordance with § 3(b) of the Act, and Voting for this action: Vice Chairman Robertson and the time for filing comments and views has ex- Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns. pired. The Board has considered the application and all comments received in the light of (Signed) TYNAN SMITH, Secretary of the Board. the factors set forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and finds that: [SEAL] Applicant is a nonoperating corporation which was formed for the express purpose of acquiring ORDERS UNDER SECTION 4(c)(8) OF Bank ($29 million deposits). (All banking data BANK HOLDING COMPANY ACT are as of June 30, 1971.) The purpose of the NORTRUST CORPORATION proposed transaction is to effect a corporate CHICAGO, ILLINOIS ownership of Bank, and a fair and equivalent exchange offer will be made to all shareholders. ORDER APPROVING ACQUISITION OF SECURITY Since Applicant has no present operations or TRUST COMPANY subsidiaries, it appears that consummation of the proposal would neither eliminate existing com- Nortrust Corporation, Chicago, Illinois, which petition, significantly affect potential com- received Board approval on October 26, 1971, petition, nor have an adverse effect on other to become a bank holding company, has applied area banks. for the Board's approval under § 4(c)(8) of the Bank Holding Company Act of 1956, as amended, The financial and managerial resources and and § 225.4(b)(2) of the Board's Regulation Y to future prospects of Bank are satisfactory and acquire all of the voting shares (less directors' consistent with approval of the application. qualifying shares) of Security Trust Company, Applicant was recently organized and its financial Miami, Florida. The Florida Commissioner of condition, management and future prospects Banking, pursuant to provisions of State law, appear to be satisfactory. Applicant's ability and has given his approval to the proposed acquisition. plans to furnish management to Bank as needed Notice of the application, affording opportunity lend some weight toward approval of the apfor interested persons to submit comments and plication. Applicant would incur a substantial views, has been duly published. The time for debt in the proposed acquisition, but proposes filing comments and views has expired and all to reduce promptly the debt with the proceeds those received have been considered. of a planned public offering of stock. It appears The operation by a bank holding company of a further that consummation of the proposal would trust company is an activity that the Board has have no immediate effect on the convenience and determined is closely related to banking if conneeds of the community. However, Applicant ducted in the manner authorized by State law, so has long range plans to enter into bank-related activities made available to it through the bank long as the institution does not both accept deholding company structure, which together with mand deposits and make commercial loans and its projected new and improved services should the activities of the institutions are not conducted serve to benefit the public. It is the Board's judg- in a manner that is inconsistent with limitations the ment that the transaction would be in the public Board has established pursuant to § 4(c)(8) of interest, and that the application should be ap- the Act in § 225.4(c) of Regulation Y. proved. It appears that Security Trust Company does not accept demand deposits and engages solely On the basis of the record, the application is in the activities described in § 225.4(a)(4) of approved for the reasons summarized above. The Regulation Y. Accordingly, the activities of the transaction shall not be consummated (a) before company are closely related to banking. the thirtieth calendar day following the date of Security Trust Company, which administers this Order or (b) later than three months after total trust assets of approximately $125 million, the date of this Order, unless such period is exhas its only office in Miami, and primarily serves tended for good cause by the Board, or by the Dade and Broward Counties in Florida. With Federal Reserve Bank of Boston pursuant to only 8.6 per cent of the total trust assets in these delegated authority. two counties, Security is the fifth largest fiduciary, By order of the Board of Governors, December and is not dominant in the area. 30, 1971. The Northern Trust Company, the only pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN • JANUARY 1972 ently approved subsidiary of Nortrust Corporation, term is used in the Bank Holding Company Act. is located in Chicago, and administers trust In fact, trust activities have long been regarded as assets of approximately $4.7 billion, which places a part of the banking business. Many banks operate it third among the Chicago banks and thirteenth trust departments. Because of this fact we have among the commercial banks in the nation offering qualms about permitting the utilization of the trust services. The Northern Trust Company de- Bank Holding Company Act to enable a holding rives only an insignificant amount of its trust company that controls a large Chicago trust assets from the Miami area, and does not actively company (that is also a bank) to buy up other trust solicit that area for trust business. Additionally, companies (that technically are not banks under in light of the distance of over 1,400 miles separat- the Holding Company Act) in other sections of ing Northern Trust Company from Security, it the country. These qualms are enhanced by the does not appear that any significant competition fact that trust companies often generate large would be eliminated by the proposed acquisition. amounts of uninvested trust funds, held awaiting There is no evidence in the record indicating investment, which could be funnelled to an afthat consummation of the proposed transaction filiated bank in the Holding Company System would result in any undue concentration of re- located in distant cities. However, our dissent sources, unfair competition, conflicts of interest, in this case is based on even more fundamental unsound banking practices, or other adverse ef- grounds. fects on the public interest. On the other hand, Under the law and the Board's Regulation Y, consummation of the proposal would enhance even though the activities of Security Trust Security's ability to offer a comprehensive range Company are "closely related" to the banking of fiduciary and trust related services to the resi- business, the application may not be approved dents of the Miami area. Consequently, Security unless the acquisition can reasonably be expected would be better able to serve its customers and to produce benefits to the public that outweigh to compete more effectively with the other fi- possible adverse effects—in other words, unless duciaries in the area. the acquisition would be in the public interest.1 Based upon the foregoing and other considera- The burden of proof is upon the Applicant,2 tions reflected in the record, the Board has de- and we are not satisfied that the alleged benefits termined that the balance of the public interest factors the Board is required to consider under 1The Statement of the Managers on the Part of the House when the 1970 amendments were under consideration is un- § 4(c)(8) is favorable. Accordingly, the proposed equivocal in this respect: "The effect of section 4(c)(8) as a activity is a proper incident to banking or manag- whole is to establish, in effect, two tests for the Federal Reing or controlling banks within the meaning of that serve Board to use in deciding cases under section 4(c)(8). . . . Even if the activity is found by the Board to be closely related section, and the application is approved, Pro- to banking, it must also determine whether it meets the public vided, however, that this action is subject to benefits test. In that sense, the Board may find in a particular case that it cannot approve a proposed activity for a specific revocation by the Board if the facts upon which it bank holding company because it fails to meet the second test is based change in any material respect. even though it may determine that it is closely related to bank- By order of the Board of Governors, December ing. . . . Now both tests must be met." Cong. Rec., Dec. 15, 1970 (Daily Ed.) H 11692. 7, 1971. ". . . The conferees make it perfectly clear that expansion Voting for this action: Chairman Burns and Governors into a particular activity should be authorized only where af- Mitchell, Daane, and Maisel. Voting against this action: firmative advantages to the public can be reasonably established." Remarks of Sen. Goodell during the Senate debate Governors Robertson and Brimmer. on the Conference Report, Cong. Rec., Dec. 18, 1970 (Daily (Signed) TYNAN SMITH, Ed.) S 20645. Secretary of the Board. See also remarks of Rep. Paitman, Cong. Rec., Dec. 16, 1970 (Daily Ed.) H 11787; letter dated Nov. 23, 1970, from Chairman Burns to Rep. Patman, reprinted Cong. Rec., Dec. 18, [SEAL] 1970 (Daily Ed.) S 20649-50. 2The House Managers stated this specifically: "In connection with the overall application of the public benefits test, it is DISSENTING STATEMENT OF GOVERNOR important to emphasize that the bank holding company making ROBERTSON AND GOVERNOR BRIMMER application under Section 4(c)(8) must bear the burden of proof in showing that its carrying on of a particular nonbank We would disapprove the application by activity would produce benefits to the public that outweigh any Nortrust Corporation of Chicago to acquire adverse effects." Statement of the Managers on the Part of the House, Cong. Rec., Dec. 15, 1970 (Daily Ed.) H 11691. Security Trust Company of Miami. The activities of Security Trust Company are "closely re- See also remarks of Sen. Goodell during the Senate debate on the conference report, Cong. Rec., Dec. 18, 1970 (Daily Ed.) lated" to banking, in the sense in which that S 20645. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 69 would outweigh the adverse effects. Furthermore, ciary services. in our view, the benefits that the majority in- In connection with acquisitions of mortgage dicates would result from the acquisition could be companies by bank holding companies, the Deachieved by means more conductive to promoting partment of Justice on December 3, 1971, subcompetition. Consequently, the acquisition would mitted to the Board a memorandum which, not be in the public interest. among other things, pointed out its view that, Nortrust's sole banking subsidiary, the Northern whereas de novo entry by a bank holding com- Trust Company of Chicago, trust assets $4.7 bil- pany in mortgage banking provides new comlion, ranks thirteenth among commercial banks in petition, entrance through acquisition of a major the country that offer trust services. Security mortgage banking firm eliminates the acquiring Trust Company of Miami administers trust assets holding company as a potential new comof about $125 million and is the fifth largest petitive force. The memorandum stated that an fiduciary institution in the area. The substitition acquisition "which merely substitutes one of the of Nortrust's ownership for existing ownership leading potential entrants for an existing market would not necessarily increase competition. If leader is likely to have a significant adverse ef- Nortrust were establishing a trust affiliate de novo fect". We believe that these statements are in Miami, or even if it were seeking a foothold equally applicable to the present proposal under acquisition in the area, it could be argued that which one of the leading trust companies of the competition was being increased and that the country would in effect take the place of the fifth public would benefit thereby. But that is not the largest trust institution in the Miami area. case here. Of equal concern to us is the precedential ef- Obviously, the acquisition of Security would fect that today's Board decision may have on the preclude any likelihood of entry by Nortrust as future expansion of holding companies into the a new competitive force among fiduciary in- activities which the Board has determined to be stitutions in the Miami area. Hence, the pro- closely related to banking pursuant to section posal would have an adverse effect on com- 4(c)(8) of the Bank Holding Company Act. The petition by removing Applicant as a possible Board's action here, if followed in other like de novo entrant into the Miami area.3 Nortrust cases, would enable holding companies to expossesses not only the financial resources but also pand their bank related activities into new geothe professional expertise for meaningful partici- graphical areas through the acquisition of subpation in the Miami area by establishing a new stantial going concerns, even though the holding trust company to serve the increasing need for companies possessed the capability of de novo entry fiduciary services in that area. and the areas would support such entry. To us, Although the record indicates that the area could such action is not in the public interest and is coneasily support another trust company, Applicant trary to the Congressional intent in authorizing the has chosen to enter the market through the acquisi- Board to distinguish between de novo entry and tion of one of the area's principal fiduciaries, there- acquisition of going concerns. Indeed, if every by establishing Applicant as a dominant organiza- effort by a holding company to expand its bank tion in Miami and retarding entry by other in- related activities into a new geographical area stitutions fearful of Applicant's existing com- were by acquiring a significant going concern petitive strength. The majority points to no new and the Board were to permit that type of expanservices that would be offered by the trust com- sion, any hope for deconcentration and increased pany as an affiliate of Applicant which could not competition in those industries involving bank be introduced by Applicant through a newly related activities appears lost. established trust company. Moreover, in addi- For the foregoing reasons, we would deny the tion to providing Applicant's full range of trust application. services, de novo entry would further the public interest by adding an alternative source for fidu- CENTRAL NATIONAL CHICAGO CORPORATION, 3Congress noted that the Board's responsibilities under CHICAGO, ILLINOIS section 4(c)(8) include assessment of potential competition: "Equally important will be adverse competitive effects which ORDER APPROVING ACQUISITION OF UNION may result from a bank holding company's acquisition of a going concern with which it may not presently compete." REALTY MORTGAGE COMPANY, INC. Statement of Managers on the Part of the House, Cong. Rec., Dec. 15, 1970 (Daily Ed.) H 11691. Central National Chicago Corporation, Chicago, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN • JANUARY 1972 Illinois, a bank holding company within the All of Bank's outstanding mortgages remain meaning of the Bank Holding Company Act of in its own portfolio, whereas those of Company 1956, as amended, has applied for the Board's are sold to its institutional investors. The minimal approval under section 4(c)(8) of the Act and competition that presently exists between Ap- § 225.4(b)(2) of the Board's Regulation Y to ac- plicant and Company is not likely to increase, quire all of the voting shares of Union Realty Mort- inasmuch as Applicant has been unable to find gage Company, Inc. ("Company"), Chicago, a secondary market for its present mortgage loan Illinois. Notice of the application affording op- portfolio and thus make its funds available on a portunity for interested persons to submit com- continuous basis. Based upon the foregoing, and ments and views was duly published (36 Federal the record before it, the Board concludes that the Register 18438). The time for filing comments proposed acquisition would have only slightly and views has expired and all received have been adverse effects on existing competition. considered, including those presented orally and It is anticipated that, following consummation in writing in connection with a Board hearing of the proposal, both Applicant and Company on November 8, 1971, pertaining to mortgage will be able to increase significantly the amount banking in general, and this application in par- of their real estate loan originations, particularly ticular. in the field of middle and lower cost housing The operation by a bank holding company of a units. As a result, each should be in a position to mortgage company is an activity that the Board better serve its customers and to provide more has previously determined to be closely related to effective competition in its market area. On balthe business of banking (12 CFR 225.4(a)(1)). ance, the Board concludes that these public bene- A bank holding company may acquire a company fits outweigh any possible adverse effect on comengaged in this activity so long as the proposed petition. acquisition is consistent with the relevant factors Based upon the foregoing and other consideraspecified in section 4(c)(8) of the Act. tions reflected in the record, the Board has deter- Applicant, parent holding company of Central mined that the balance of the public interest fac- National Bank in Chicago ("Bank"), has con- tors the Board is required to consider under secsolidated assets of $591 million, including Bank's tion 4(c)(8) is favorable. Accordingly, the aptotal assets of $578 million. Bank is the sixth plication is hereby approved. This determination largest bank in Chicago, with 1.9 per cent of the is subject to the Board's authority to require recommercial bank deposits in Cook County. ports by, and make examinations of, holding Within the six-county Chicago SMS A which Bank companies and their subsidiaries and to require designates as its service area for originating and such modification or termination of the activities servicing mortgages, Bank has $54.1 million of of a holding company or any of its subsidiaries real estate loans outstanding. This represents but as the Board finds necessary to assure compliance 0.4 per cent of an approximate $14.3 billion of with the provisions and purposes of the Act and mortgage loans outstanding at commercial banks, the Board's regulations and orders issued theresavings and loan associations and those currently under, or to prevent evasion thereof. serviced by mortgage companies within the By order of the Board of Governors, December Chicago SMS A. 15,1971. Company is engaged in the business of originat- Voting for this action: Chairman Burns and Governors Robing and servicing mortgage loans, primarily for ertson, Mitchell, Maisel, and Brimmer. Absent and not voting: the construction and purchase of single family Governor Daane. dwelling units and small residential apartment (Signed) TYNAN SMITH, buildings, in Cook and Du Page Counties. Secretary of the Board. Based on the dollar amount of loans serviced, it ranks tenth among the mortgage companies [SEAL] with offices in Chicago. The $86.8 million of loans so serviced, as of December 31, 1970, BTNB CORPORATION, represent 0.6 per cent of the total mortgage BIRMINGHAM, ALABAMA loans outstanding within the Chicago SMS A. ORDER DENYING DETERMINATION UNDER Thus, the combined share of Applicant's and § 4(c)(8) OF BANK HOLDING COMPANY ACT Company's mortgage loans outstanding in this market approximates 1 per cent. BTNB Corporation, Birmingham, Alabama, a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 71 bank holding company within the meaning of the rected toward construction loans; that of Com- Bank Holding Company Act of 1956, as amended, pany is directed more toward the origination of has applied for the Board's approval under section loans on income producing properties. 4(c)(8) of the Act and § 225.4(b)(2) of the Board's Company, the twentieth largest mortgage bank- Regulation Y to acquire all of the voting shares of ing firm in the United States, services a mort- Cobbs, Allen & Hall Mortgage Company, Inc. gage portfolio of approximately $632.6 million,1 ("Company"), Birmingham, Alabama. Notice of of which approximately $234 million are in the the application affording opportunity for in- Birmingham market alone. In addition to offices terested persons to submit comments and views, in Birmingham, Huntsville, Mobile, and Montwas duly published (36 Federal Register 21382). gomery, Alabama, Company operates offices in The time for filing comments and views has ex- Metairie, Louisiana, and Pensacola, Florida. pired and all received have been considered, in- Both Applicant and Company seem to have the cluding those presented orally and in writing in resources and expertise to expand their mortgage connection with a Board hearing on November 8, originating activities into those types of activities 1971, pertaining to mortgage banking in general, in which the other now specializes. (They already and this application in particular. operate in the same geographical market.) Thus, The operation by a bank holding company of a the proposed acquisition is regarded as one that mortgage company is an activity that the Board has would eliminate potential competition. The Board determined to be closely related to the business of is concerned also about the concentration of banking (12 CFR 225.4(a)(1)). A bank holding economic resources in the Birmingham area that company may acquire a company engaged in this would result from the proposed acquisition. activity so long as the proposed acquisition is The Board concludes that the public benefits to consistent with the relevant factors specified in be derived from the proposed acquisition do not section 4(c)(8) of the Act. outweigh the probable adverse effects indicated Applicant owns the Birmingham Trust National above. Applicant claims that it will provide addi- Bank ("Bank"), the third largest banking organiza- tional funds to Company in an effort to increase tion in Alabama. Bank's total deposits of $346.1 the latter's activity in the construction loan market, million represent 6.9 per cent of all commercial and that the acquisition would increase competibank deposits in the State, and 25.6 per cent of those tion in the commercial and industrial mortgage within the Birmingham banking market. Within market. While the acquisition of a mortgage this banking market, Bank is engaged in extend- company by a bank holding company could have ing credit secured by real property through (1) the effect of strengthening the company in cerpermanent mortgage loans on one-four family resi- tain markets, it appears certain that such increased dential properties, (2) permanent mortgage loans ability and service, if it came from a bank holding on income producing properties, and (3) con- company not now competing or not likely to struction loans. In 1970, Bank originated $11.5 compete in the market, would have a substantialmillion in construction loans, which represented ly more desirable impact on the public interest. its primary activity connected with credit secured Based upon the foregoing and other consideraby real property. However, in the same year, tions reflected in the record, the Board has con- Bank also originated $0.3 million of permanent cluded that the public interest factors the Board is one-four family residential mortgages, and $0.6 required to consider under section 4(c)(8) are not million of permanent mortgages on income produc- favorable to the requested determination and do ing property. Bank also services its own mort- not outweigh possible adverse effects; and that gages and, as of December 1970, these represented the request should be denied. Accordingly, the apa $16.5 million mortgage portfolio in the Birming- plication is hereby denied. ham market. By order of the Board of Governors, December Company originated over 90 per cent of the 15, 1971. permanent mortgage loans on income producing Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, and Brimmer. Absent and not properties placed by mortgage banks in the Birm- voting: Governor Daane. ingham area in 1970. The existing competition (Signed) TYNAN SMITH, between Applicant and Company seems to be Secretary of the Board. minimal, since each specializes in a different type of activity within the mortgage banking market. [SEAL] Applicant's emphasis in mortgage banking is di- 1 Based on servicing portfolio as of December 31, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 FEDERAL RESERVE BULLETIN • JANUARY 1972 ZIONS UTAH BANCORPORATION likely its continued improvement and placing it SALT LAKE CITY, UTAH in a position better to serve its customers and provide more effective competition in its market ORDER APPROVING ACQUISITION OF area. ARVADA 1ST INDUSTRIAL BANK There is no significant existing competition between any of Zions' subsidiaries and Arvada Zions Utah Bancorporation ("Zions"), Salt 1st and disaffiliation with Zions would not sub- Lake City, Utah, a bank holding company within stantially increase competition in the Denver area. the meaning of the Bank Holding Company Act There is no evidence in the record indicating of 1956, as amended, has applied for the Board's that retention by Zions of Arvada 1 st would result approval under § 4(c)(8) of the Act and § 225.4(b) in any undue concentration of resources, unfair (2) of the Board's Regulation Y to retain all of competition, conflicts of interest, unsound banking the voting shares of Arvada 1st Industrial Bank practices, or other adverse effects on the public in- ("Arvada 1st"), Arvada, Colorado. Notice of terest. the application, affording opportunity for interested persons to submit comments and views, Based upon the foregoing and other considerahas been duly published. The time for filing tions reflected in the record, the Board has detercomments and views has expired and all received mined that the balance of the public interest fachave been considered. tors the Board is required to consider under § 4(c) The operation by a bank holding company of (8) is favorable. Accordingly, the proposed activian industrial bank is an activity that the Board ty is a proper incident to banking or managing has determined is closely related to banking if or controlling banks within the meaning of that conducted in the manner authorized by State law, section and the application is approved. so long as the institution does not both accept By order of the Board of Governors, December demand deposits and make commercial loans 15, 1971. and the activities of the institution are not con- Voting for this action: Vice Chairman Robertson and Govducted in a manner that is inconsistent with ernors Mitchell, Maisel, and Brimmer. Absent and not voting: limitations the Board has established pursuant to Chairman Burns and Governor Daane. § 4(c)(8) of the Act (§ 225.4(c) of Regulation Y). (Signed) TYNAN SMITH, It appears that Arvada 1st does not accept de- Secretary of the Board. mand deposits and engages solely in the activities described in § 225.4(a)(2) of Regulation Y. Ac- [SEAL] cordingly, the activities of Arvada are closely related to banking. FIRST UNION NATIONAL BANCORP, INC., Arvada 1st, has total assets of about $400,000; CHARLOTTE, NORTH CAROLINA it serves a portion of the suburban area surround- ORDER APPROVING ACQUISITION OF ing Denver, Colorado. Zions controls five indus- REID-MCGEE & COMPANY trial banks in Colorado. One of these, the Littleton 1st Industrial Bank (total assets $1.7 million) First Union National Bancorp, Inc., Charlotte, is located in a suburb on the opposite side of North Carolina, a bank holding company within Denver from the location of Arvada 1st, about 15 the meaning of the Bank Holding Company Act miles from Arvada 1st. Within the Denver of 1956, as amended, has applied for the Board's market area, numerous financial institutions com- approval under section 4(c)(8) of the Act and pete with Arvada 1st for loans and deposits. § 225.4(b)(2) of the Board's Regulation Y to ac- There is no substantial existing competition which quire all of the voting shares of Reid-McGee & would be foreclosed by the proposed transaction Company ("Reid-McGee"), Jackson, Mississipbetween Littleton 1st and Arvada 1st. pi. Notice of the application affording opportu- Zions acquired Arvada 1st in 1969 at a time nity for interested persons to submit comments and when Arvada 1st had experienced serious loan views was duly published. The time for filing losses. Zions reoriented Arvaida lst's loan port- comments and views has expired and all received folio and after the write-off of substantial losses have been considered, including those presented during the 1970 period, Arvada has shown no loss orally and in writing in connection with a Board in 1971. Retention of Arvada lst's shares by hearing on November 8, 1971, pertaining to Zions would continue Arvada's access to Zions' mortgage banking in general, and this applicacapital and management strength, thus making tion in particular. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 73 The operation by a bank holding company of since Applicant has both the resources and exa mortgage company is an activity that the Board pertise to enter de novo those areas served by has previously determined to be closely related to Reid-McGee. However, because of the many the business of banking (12 CFR 225.4(a)(1)). A potential entrants into the Louisiana-Mississippi bank holding company may acquire a company mortgage market, the elimination of Applicant is engaged in this activity so long as the activities not a substantially adverse consideration. The of the institution proposed to be acquired are not procompetitive benefits offered by a de novo entry, conducted in a manner inconsistent with the limita- compared to an entry by acquisition, would be tions the Board has established pursuant to § 4(c)(8) minor in this case of expansion into a geographical of the Act. market outside the market area of Cameron- Applicant owns the First Union National Bank Brown. of North Carolina, whose deposits of $1.0 bil- Both northern Louisiana and Mississippi are lion represent 13.6 per cent of the total commercial capital deficit areas. The affiliation of Reid-McGee bank deposits in North Carolina. In addition to with Applicant will provide an increased quantity subsidiaries engaged in factoring, insurance, and of mortgage funds for those areas. Moreover, real estate development,1 Applicant also owns Applicant's record of operation demonstrates its Cameron-Brown Company ("Cameron-Brown"), ability to promote housing construction for Raleigh, North Carolina, the ninth largest mort- purchasers having low and moderate incomes. gage banking firm in the United States.2 Most of Such housing in the Louisiana-Mississippi region, Cameron-Brown's mortgage activity is confined to considered as underdeveloped by U.S. standards, the Atlantic coastal States from Maryland to would be a substantial benefit. On balance, the Georgia. Board concludes that these public benefits outweigh Reid-McGee is the largest of five mortgage any possible adverse effect on competition. banking firms in Mississippi, and ranks ninety- Based upon the foregoing and other consideraninth among mortgage banking firms in the coun- tions reflected in the record, the Board has detertry.3 Reid-McGee is active in the origination of mined that the balance of the public interest factors permanent mortgages on one-four family residen- the Board is required to consider under section tial properties, construction loans, and permanent 4(c)(8) is favorable. Accordingly, the application mortgages on income producing properties is hereby approved. This determination is subject throughout Mississippi and the northern half of to the Board's authority to require reports by, and Louisiana. None of Cameron-Brown's mortgage make examinations of, holding companies and their activity extends into local markets where Reid- subsidiaries and to require such modification or McGee does business, nor does Reid-McGee termination of the activities of a holding company engage in any mortgage activity within local or any of its subsidiaries as the Board finds markets served by Cameron-Brown. necessary to assure compliance with the provisions Although no direct local market competition and purposes of the Act and the Board's regulaexists between Applicant and Reid-McGee, con- tions and orders issued thereunder, or to prevent summation of the proposed acquisition may have evasion thereof. slightly adverse effects on potential competition, By order of the Board of Governors, December 17, 1971. xReal estate development is not an activity that the Board Voting for this action: Chairman Burns and Governors has determined to be so closely related to banking or man- Mitchell, Daane, and Maisel. Voting against this action: Govaging or controlling banks as to be a proper incident thereto. ernors Robertson and Brimmer. Since it appears, however, that Applicant was engaged in that activity through Cameron-Brown prior to June 30, 1968, it (Signed) TYNAN SMITH, may continue to engage therein in accordance with the pro- Secretary of the Board. visions of § 4(a)(2) of the Act. However, in approving Applicant's acquisition of Reid-McGee, the Board understands [SEAL] and relies upon the facts that Reid-McGee has not engaged in real estate development activities, and that Applicant's real estate development activities are presently limited to geo- DISSENTING STATEMENT OF GOVERNORS graphic areas served by Cameron-Brown; accordingly, the Board's approval herein is premised on the expectation that ROBERTSON AND BRIMMER Applicant's future real estate development activities will be similarly limited. First Union National Bancorp, Inc., headquar- 2Ranking is based on a $932.4 million mortgage servicing tered in Charlotte, North Carolina, controls 16 portfolio as of June 30, 1971. financial subsidiaries in addition to its $1.0 bil- 3Based on a $206.6 million mortgage servicing portfolio as of June 30, 1971. lion (deposit size) First Union National Bank of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN • JANUARY 1972 North Carolina. One of these subsidiaries, gives it the size, resources and expertise to expand Cameron-Brown Company, ranks as the ninth successfully in Louisiana and Mississippi or largest mortgage company in the nation. With virtually wherever it chooses. offices in twenty-two cities, Cameron-Brown serves As a result of the Board's approval action, mortgage markets in North Carolina, South Caro- Applicant will acquire the largest mortgage servlina, Georgia, Maryland, Virginia, and Wash- icing portfolio held by any mortgage banker in ington, D.C., representing 10 of the 17 most Mississippi, and the incentive which Applicant rapidly growing metropolitan areas in the south- may have had to generate competition in the east. It is at present but one State removed from Louisiana-Mississippi region is lost through the the area served by Reid-McGee, the largest mort- acquisition of a going concern.2 Replacing one gage banker headquartered in Mississippi. Camer- large, successful mortgage banker in Mississippi on-Brown's past record of expansion, coupled with an even larger firm does not serve the public with its announced intentions to continue expand- interest. The probable effect will be to stifle ing in the southeast, leads to an inescapable con- competition rather than promote it, for it eliminates clusion—that it is one of the leading potential the Applicant Holding Company as a potential entrants into those mortgage markets on the new competitive force in a market it is capable of periphery of its present service area. entering. The Applicant in this case clearly possesses This being so, the Board is required by the law the requisite expertise and resources that would itself to disapprove the application unless it finds enable its mortgage banking subsidiary, Cameron- that the possible adverse effects on competition Brown, to make a successful de novo entry are outweighed by "benefits to the public, such into any mortgage banking market in the United as greater convenience, increased competition, States. The only question facing Applicant is or gains in efficiency." where to enter, not how. Having chosen the We conclude that any foreseeable public bene- Louisiana-Mississippi region as a desirable area fits—and they are few indeed—do not outweigh for expansion, Applicant should be required, in the anticompetitive effects that will result from our view, to assume whatever costs and risks that this acquisition. Cameron-Brown's stated intent de novo expansion into that area would entail. to make mortgage funds available in the Louisiana- Congress authorized the Board in § 4(c)(8) of Mississippi region is dependent on the ability and the Bank Holding Company Act to differentiate desire of its institutional investors, not the ability between those nonbanking activities commenced or desire of Cameron-Brown. Under these cirde novo and activities commenced by the acquisi- cumstances, we would require a clear showing tion of a going concern. It is clear from the that the institutional investors themselves intend Act's legislative history that Congress found de to inject additional capital into the Louisiananovo entry preferable to entry by acquisition. Mississippi mortgage market. Since the record is That is the real significance of the action taken by silent on this point, any public benefits to be Congress in providing in section 4(c)(8) that "In derived from the acquisition are problematical orders and regulations under this subsection the at best, and at least, are equally susceptible of Board may differentiate between activities com- achievement through Applicant as presently strucmenced de novo and activities commenced by tured, in a less anticompetitive way. acquisition, in whole or in part, of a going con- We would deny the application. cern."1 We believe the instant proposal presents the very MARSHALL & ILSLEY BANK STOCK situation which the Congress had in mind in CORPORATION, passing the Bank Holding Company Act Amend- MILWAUKEE, WISCONSIN ments of 1970. Certainly de novo entry by Applicant would bring to the Louisiana-Mississippi ORDER APPROVING ACQUISITION OF FIRST region a strong, viable mortgage banking organiza- NATIONAL LEASING CORPORATION tion, capable of promoting competition. Cameron- Marshall & Ilsley Bank Stock Corporation, Brown's success in the Atlantic coastal States Milwaukee, Wisconsin, a bank holding company registered under the Bank Holding Com- *lt should be noted that the Supreme Court has indicated pany Act of 1956, as amended, has applied for that the Clayton Act rests on a "premise . . . that corporate growth by internal expansion is socially preferable to growth by acquisition." United States v. Philadelphia National Bank, 2Cf. FTC v. Proctor & Gamble 386 U.S. 568 (1967), and 374 U.S. 321, 370 (1963). U.S. v. El Paso Natural Gas 376 U.S. 651 (1964). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 75 the Board's approval under section 4(c)(8) of the has only limited access to additional capital. Act and §225.4(b)(2) of the Board's Regulation Y Consummation of the proposal would allow to acquire the assets and assume the liabilities of First National, through access to Applicant's First National Leasing Corporation, Milwaukee, financial resources, to expand its activities geo- Wisconsin. Notice of the application, affording graphically and permit the company to lease more opportunity for interested persons to submit com- costly equipment. On balance, the Board concludes ments and views, was duly published (36 Federal that these public benefits outweigh any possible Register 21624). The time for filing comments adverse effect on competition. and views has expired and none have been re- Based upon the foregoing and other consideraceived. tions reflected in the record, the Board has deter- Leasing personal property and equipment, under mined that the balance of the public interest factors certain circumstances, is an activity that the Board the Board is required to consider under section 4(c) has previously determined to be closely related to (8) is favorable. Accordingly, the application is banking (12 CFR 225.4(a)(6)). A bank holding hereby approved, and the Applicant is hereby percompany may acquire a company engaged in this mitted to engage in the activities now conducted by activity so long as the proposed acquisition is First National that are authorized by 12 CFR consistent with the relevant factors specified in 225.4 (a)(6). This determination is subject to the § 4(c)(8) of the Act. conditions set forth in section 225.4(c) of Regula- Applicant is the second largest banking organiza- tion Y and to the Board's authority to require such tion in Wisconsin, controlling 13 banks with modification or termination of the activities of a aggregate deposits of $668 million. First National holding company or any of its subsidiaries as the Leasing Corporation ("First National") leases a Board finds necessary to assure compliance with the wide variety of equipment and machinery, mostly provisions and purposes of the Act and the Board's to industrial, construction, and retail firms and to regulations and orders issued thereunder, or to hospitals and nursing homes. The gross value of its prevent evasion thereof. outstanding lease contracts—all of the type de- By order of the Board of Governors, December scribed in 12 CFR 225.4(a)(6)—is $35 million. 30, 1971. The relevant product market is the leasing of Voting for this action: Vice Chairman Robertson and capital equipment other than transportation and Governors Mitchell, Daane, Maisel, and Brimmer. Absent and computer equipment, and the relevant geographic not voting: Chairman Burns. market is the entire United States. Since none of (Signed) TYNAN SMITH, Applicant's subsidiaries engages in leasing, con- Secretary of the Board. summation of the proposal would eliminate no existing competition. Applicant could enter this [SEAL] leasing market de novo through its sole national bank subsidiary, First National Bank of Superior ORDERS UNDER SECTION 4(d) OF ($16 million in deposits), or through the formation BANK HOLDING COMPANY ACT of a leasing subsidiary. Although Applicant has no OLIN CORPORATION expertise in leasing, no contacts with suppliers of equipment, and no qualified sales force, de novo ORDER GRANTING EXEMPTION PURSUANT TO entry is possible. Nonetheless, the geographic SECTION 4(d) OF THE BANK HOLDING COMPANY market is so extensive and the number of partici- ACT OF 1956 pants so large that the potential competition that Olin Corporation, a Virginia corporation with would be eliminated by the proposed transaction is principal offices in New York, New York, is a not considered significant. bank holding company within the meaning of the Vertical anticompetitive effects—that Appli- Bank Holding Company Act of 1956, by virtue of cant's banks may cease to be a source of credit for ownership of 59 per cent of the shares of Illinois competitors of First National or that First National State Bank of East Alton, East Alton, Illinois may cease to be a source of loan business for com- ("Bank"), and has applied to the Board of Govpetitors of Applicant's banks—do not appear to be ernors pursuant to § 4(d) of the Act (12 U.S.C. serious. 1843(d)) for an exemption from the provisions of First National is a small leasing company1 and § 4 relating to prohibitions against nonbanking 1 Annual business volume of $6 million; its market share is activities and acquisitions. less than 0.5 per cent of the total product and geographic market as defined earlier. Notice of receipt of the application was pub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 FEDERAL RESERVE BULLETIN • JANUARY 1972 lished in the Federal Register on August 11, 1971 only bank in East Alton, Bank is one of 20 banks (36 Federal Register 14786). Time for filing com- located in Madison County and holds 4.6 per cent ments and views has expired and all received have of total commercial bank deposits in the County. been considered. No request for a hearing has been East Alton is located approximately 20 miles from received. St. Louis, Missouri, and is included in the St. Louis Section 4(d) of the Act provides that to the ex- Standard Metropolitan Statistical Area. Bank's tent such action would not be substantially at deposits amount to . 3 per cent of the total commervariance with the purposes of the Act and subject cial bank deposits of the approximately 150 banks to such conditions as the Board considers necessary in the St. Louis area. The large number of comto protect the public interest, the Board may grant peting commercial banks located within a few miles an exemption from the provisions of § 4 of the Act of East Alton provide numerous banking alternato certain one bank holding companies in order (1) tives to residents of that community. However, the to avoid disrupting business relationships that have location of Bank in East Alton has provided its existed over a long period of years without ad- residents with convenient access to financial versely affecting the banks or communities in- services. volved, or (2) to avoid forced sales of small Bank's total assets (about $20 million) amount locally owned banks to purchasers not similarly to less than 2 per cent of Applicant's total assets representative of community interests, or (3) of over $1 billion. The net income of Bank conto allow retention of banks that are so small in rela- stitutes only a fraction of one per cent of Applition to the holding company's total interests and cant's total income. so small in relation to the banking market to be The record contains nothing to suggest that served as to minimize the likelihood that the Applicant has misused Bank's services for the bank's powers to grant or deny credit may be benefit of Applicant's other interests and, in view influenced by a desire to further the holding of the size disparity between Bank and Applicant, company's other interests. and the small size of Bank in relation to the Olin Corporation, a diversified industrial cor- surrounding banking market, future misuse of poration with assets in excess of $1 billion, Bank by Applicant seems unlikely. is engaged in a variety of domestic and foreign Based on the foregoing and other considerations activities in the fields of chemicals, paper, film, reflected in the record, the Board has determined, non-ferrous metals, forest products, home build- pursuant to § 4(d)(1) of the Act, that an exemption ing and recreational products including arms and is warranted to avoid disrupting a business relationammunition. Applicant or predecessor companies ship that has existed over a long period of years have operated in East Alton, Illinois (population without adversely affecting the banks or the com- 7,309) since 1892 and Applicant states that its munities involved; and pursuant to § 4(d)(3), that plant in that community presently employs ap- Bank is so small in relation to the total interests proximately 5,000 people. Apparently, predeces- of Olin Corporation and so small in relation to the sors of Applicant acquired a majority of the banking market served by Bank as to minimize shares of Bank between 1919 and 1922, reportedly the likelihood that Bank's powers to grant or to provide employees of the plant with convenient deny credit may be influenced by a desire to further banking services and improve public confidence in Olin's other interests. Accordingly, an exemption the Bank. Applicant now owns 59 per cent of the pursuant to § 4(d) of the Act is hereby granted; stock of Bank, and two directors of Applicant provided, however, that this determination is own, respectively, an additional 2 and 3.4 per cent subject to revocation if the facts upon which it is of Bank's stock. Applicant or its predecessors have based change in any material respect. held control of Bank continuously for the past 50 By order of the Board of Governors, December years; and it appears that the relationship between 7, 1971. Applicant and Bank has been beneficial to Bank and to the residents of the East Alton community, Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and many of whom are employed at Applicant's plant not voting: Governor Sherrill. there. Bank (about $18 million of deposits) was estab- (Signed) TYNAN SMITH, Secretary of the Board. lished in 1904 in Bethalto, Illinois, and moved to its present location near the main gate of Applicant's East Alton plant in 1916. Although it is the [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 77 THE GOODYEAR TIRE & RUBBER The ownership has existed for nearly 40 years, COMPANY, AKRON, OHIO a period of affiliation of sufficient duration to bring Applicant within the time frame of section 4(d)(1). ORDER APPROVING EXEMPTION OF NONBANKING The relationship has not had an adverse effect ACTIVITIES OF BANK HOLDING COMPANY on the bank or communities involved. Bank (de- The Goodyear Tire & Rubber Company, Akron, posits $96 million)1 has been conservatively man- Ohio ("Applicant"), a bank holding company by aged and its capital position has remained strong.2 virtue of 100 per cent ownership (less directors' There has been no misuse of Bank by Applicant. qualifying shares) of The Goodyear Bank, Akron, Bank's total assets ($108 million) are about 3 Ohio ("Bank"), has applied to the Board of Gov- per cent of Applicant's consolidated nonbank ernors, pursuant to section 4(d) of the Bank Hold- assets and represent less than 1 per cent of Appliing Company Act of 1956 (12 U.S.C. 1843(d)), for cant's earnings and net worth, a size disparity an exemption from the prohibitions of section 4 within the limits of section 4(d)(3). Bank has its (relating to nonbanking activities and acquisitions). main office in the City of Akron and operates seven Notice of receipt of the application was pub- branches in Summit County. The Akron banking lished in the Federal Register on August 5, 1971 market, which includes Summit and Portage Coun- (36 Federal Register 14422), providing an oppor- ties, is served by 14 banks, five of which are headtunity for interested persons to submit comments quartered in Akron. Bank is the smallest of those and views or request a hearing with respect to this five banks, and controls 7.2 per cent of market matter. Time for filing comments and views has area deposits. It is about one-fifth the size of the expired and all those received have been con- largest independent Akron Bank, which controls sidered. No request for a hearing has been received. 36.6 per cent of market deposits, and competes with Section 4(d) of the Act provides that, to the Ohio's three largest multi-bank holding compaextent such action would not substantially be at nies, which control the second, sixth and eighth variance with the purposes of the Act and subject largest banks in the market area.3 to such conditions as it considers necessary to The legislative history of section 4(d) indicates protect the public interest, the Board may grant an that Congress considered Applicant likely to be exemption from section 4 of the Act to any bank one of the companies entitled to an exemption. holding company which controlled one bank (116 Cong. RecHI 1790, S20653) After review prior to July 1, 1968, and has not thereafter of the entire record, the Board concludes that the acquired the control of any other bank in order (1) granting of the subject application would not be to avoid disrupting business relationships that substantially at variance with the purposes of the have existed over a long period of years without Act. adversely affecting the banks or communities in- On the basis of the record, the application is volved, (2) to avoid forced sales of small locally approved for the reasons summarized above, proowned banks to purchasers not similarly representa- vided, however, that this determination is subject tive of community interests, or (3) to allow reten- to revocation by the Board if the facts upon which tion of banks that are so small in relation to the it is based change in any material respect. holding company's total interests and so small in By order of the Board of Governors, December relation to the banking market to be served as to 7, 1971. minimize the likelihood that the bank's powers Voting for this action: Chairman Burns and Governors to grant or deny credit may be influenced by a Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and desire to further the holding company's other not voting: Governor Sherrill. interests. (Signed) TYNAN SMITH, The Board has considered the application in the Secretary of the Board. light of the factors set forth in section 4(d) of the Act, and finds that: [SEAL] Goodyear, located in Akron, Ohio, since its organization in 1898, is this country's major manu- banking data are as of December 31, 1970. 2Applicant has never withdrawn cash dividends from Bank; facturer of tires and rubber products ($3.2 thereby permitting Bank to retain all of its net earnings after billion in net sales in 1970). It established Bank taxes to strengthen its equity position. in 1933 to provide its employees with a safe de- 3An application is pending before the Board whereby, if pository for their funds. Approximately 50 per cent approved, the fourth largest bank in the market area would be controlled by a newly-formed holding company which would of Bank's customers are Applicant's employees. become the State's second largest holding company. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF MR. SHEEHAN AS CHANGE IN BOARD'S STAFF A MEMBER OF THE BOARD OF GOVERNORS The Board of Governors has announced that On December 23, 1971, the President announced Ralph C. Bryant was appointed Director of the the recess appointment of John E. Sheehan as a Board's Division of International Finance, efmember of the Board of Governors. Mr. Sheehan fective January 13, 1972. He succeeded Robert took the oath of office, administered by Chairman Solomon, who had served as Director of the Burns in the Board's building, on January 4. Division as well as Adviser to the Board since Subsequent ceremonies were held at the White December 1966. Mr. Solomon continues as Ad- House on January 13 with President Nixon and viser to the Board, primarily in the international members of Mr. Sheehan's family present. At field, and also as the Board's principal staff repthe time of his appointment, Mr. Sheehan was a resentative in international discussions. director of the Louisville Branch of the Federal Reserve Bank of St. Louis. DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, The text of the White House announcement DEPUTY CHAIRMEN, AND DIRECTORS follows: "The President on December 23, 1971, For list see p. 83. announced the recess appointment of John FEDERAL RESERVE BANK APPOINTMENTS Eugene Sheehan as a member of the Board of OF BRANCH DIRECTORS Governors of the Federal Reserve System for For list see p. 90. the remainder of a term expiring January 31, 1982. He will succeed William W. Sherrill FEDERAL OPEN MARKET COMMITTEE MINUTES who resigned effective November 15, 1971, to return to private industry. The Board of Governors of the Federal Reserve "Mr. Sheehan has been President and Ex- System and the Federal Open Market Committee ecutive Officer of the Corhart Refractories announced on January 12, 1972, that minutes of Company, a subsidiary of Corning Glass discussions and actions at the Committee's meet- Works, in Louisville, Kentucky, since 1966. ings during the year 1966 are being transferred He is also a Director of the Orion Broadcasting to the National Archives. Company in Louisville. These minutes are contained in approximately "From 1960 to 1963, Mr. Sheehan was a 1,400 pages of typed material. Their transfer has management consultant with the firm of been arranged with the understanding that the McKinsey and Company, Inc., in New York National Archives will make them available for City. In 1963 he joined the Martin Marietta inspection by interested persons under its usual Corporation in New York City and in 1964 rules and procedures. became Vice President of the company's Similar records for earlier years are already Cement and Lime Division. available at the National Archives on the same "A native of Johnstown, Pennsylvania, Mr. basis; minutes of the Committee for the years Sheehan was born on December 11, 1929. He 1936 through 1960 were transferred in 1964; earned a B.S. degree in Engineering at the those for 1961, in 1967; and those for 1962 United States Naval Academy in 1952, and in through 1965, in 1970. Complete microfilm 1960 graduated from Harvard Business School copies of these earlier minutes may be obtained with an MBA with Distinction. He was com- from the National Archives, 8th Street and Pennmissioned an Ensign in the U.S. Navy in 1952 sylvania Ave., N.W., Washington, D.C. 20408. and resigned as a Lieutenant in 1958. The National Archives will be prepared later to "Mr. Sheehan is married and the father furnish similar copies of the 1966 minutes. of three children. He resides in Louisville, Copies of the records for the year 1966 also Kentucky." will be made available later for public inspection 78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

at the Board's offices in Washington and at each in capital were paid to the U.S. Treasury as interest Federal Reserve Bank and branch, the same pro- on Federal Reserve notes. cedure followed with respect to earlier records. Compared with 1970, gross earnings were down Meanwhile, a work copy will be available for $154 million, or 4 per cent (see table). The inspection at the Board's offices, and another at principal decreases in earnings were as follows: the Federal Reserve Bank of New York. on Government securities, $77 million; on dis- Release of the minutes from 1962 on has pre- counts and advances, $30 million; and on foreign sented special problems involving international currencies, $46 million. financial relationships, an area in which Federal Expenses in 1971 were up $56 million, about 17 Reserve activity has increased considerably in per cent, and dividends $2 million. recent years. As in the case of the 1962-65 minutes, a few sentences or paragraphs have been CHANGE IN DISCOUNT RATE deleted, with a footnote in each case indicating The Board of Governors approved actions rethe general nature or subject of the deleted ducing the discount rate from 4% per cent to AVi matter. per cent by the directors of the Federal Reserve Banks of Atlanta and Minneapolis, effective EARNINGS AND EXPENSES OF THE December 23, and by the directors of the Federal FEDERAL RESERVE BANKS IN 1970 Reserve Banks of Richmond and Dallas, ef- Preliminary figures received from the Federal fective December 24, 1971. As of that date, the Reserve Banks indicate that during 1971 their gross rate was AVi per cent at all Reserve Banks. current earnings amounted to $3,723 million. Ex- VOLUNTARY FOREIGN CREDIT RESTRAINT penses totaled $377 million, leaving net current PROGRAM earnings of $3,346 million. With a $94 million The following are summaries of interpretations of net addition to profit and loss account, net earnings the Voluntary Foreign Credit Restraint Guidelines before payments to the U.S. Treasury were that have been issued, under authority delegated $3,440 million. Payments to the U.S. Treasury to Governor Andrew F. Brimmer, to the Federal as interest on Federal Reserve notes amounted to Reserve Banks since November 11, 1971, when $3,357 million; statutory dividends to member revised Guidelines were announced by the Board banks, $43 million; and additions to surplus accounts, $40 million. (BULLETIN, November 1971, pp. 906-16): Under the policy adopted by the Board of Export Credits Not to Be Charged Against Ceilings, Governors at the end of 1964, all net earnings after December 29,1971 the statutory dividend to member banks and Guideline provision additions to surplus to bring it to the level of paid- Claims on foreigners and other foreign assets are to be confined within the amount of institutions' EARNINGS, EXPENSES, AND DISTRIBUTION OF NET EARNINGS OF FEDERAL RESERVE BANKS, 1971 Guideline ceilings (II-A-1 and III-B-1). Export AND 1970 credits are exempted from these restraints (II-B-1- In thousands of dollars a and III-E-1). A U.S. corporation inquired whether an export Item 1971 1970 credit it extended to an "affiliated foreign national" (one of its foreign subsidiaries) could Current earnings 3,723,370 3,877,218 be sold to a U.S. bank and charged against the Current expenses 377,185 321,373 bank's VFCR ceiling. The corporation desired such a charge be made under the Commerce Depart- Current net earnings 3,346,185 3,555,845 ment's Foreign Direct Investment Program, to Net addition to current net benefit from a recorded transfer of capital from its earnings 94,266 11,442 subsidiary. Net earnings before payments Interpretation to U.S. Treasury 3,440,451 3,567,287 An export credit, with one exception, should not Dividends paid 43,488 41,136 be charged against a VFCR ceiling, even though Payments to U.S. Treasury the bank or other financial institution may be (interest on F. R. notes). 3,356,560 3,493,571 willing to incur the charge. The exception is that a Transferred to surplus 40,403 32,580 loan purchased by a bank from its own foreign branch or other foreigner and financing exports 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN • JANUARY 1972 shipped before November 11, 1971, is to be Federal Reserve System is working with banks to reported under the bank's ceiling (as specified in encourage nondiscriminatory lending and to help Section II-B-l-b). the public to understand and use its civil rights in the real estate lending area. Definition of Export Credits—Inclusion of Industrial The Board said it was issuing its statement be- Property and Technology, December 16,1971 cause "increased public awareness of nondis- Guideline provision crimination requirements, and the availability of Export credits apply to the financing of the export complaint procedures," are necessary for affirmaof U.S. goods and of U.S. services performed tive implementation of those provisions of the abroad, as defined (IV-3). 1968 Civil Rights Act directed at the real estate Interpretation lending activities of financial institutions. Credits to foreigners that finance the sale or lease The statement, to become effective March 1— of U.S. "industrial property" (patents, copy- simultaneously with actions by other Federal rights, and trademarks) and of other industrial agencies with regulatory responsibilities in the technology are to be treated as export credits. real estate lending field—called for banks and other lenders to display posters in their lobbies announc- Tanker Financing, December 1971 ing that they are an "Equal Housing Lender" and Guideline provision giving directions for filing complaints. It also re- Long-term investments by nonbank financial in- quired that advertising signify nondiscriminatory stitutions in developing countries to finance the real estate lending. construction or operation of foreign-built vessels Federal Reserve Bank examiners have been are to be charged against Guideline ceilings unless using a civil rights questionnaire in all regular a corresponding transfer of capital is made by a bank examinations since October. Answers to the direct investor under the Foreign Direct Invest- questions come from the examiners' observations ment Program administered by the Department of of the banks' conduct of its affairs, or from in- Commerce (III-D-4). Under the previous Guide- formation supplied by the bank management. lines, banks involved in such financing were ex- The examiner is authorized to conduct such inpected to charge the full amount of the financing vestigation as is needed to secure information by themselves and, to the extent nonbank financial necessary to answer the questions. institutions participated, by the latter to the banks' The questionnaire to monitor banks' compliance ceilings. with the law also requires answers to questions Interpretation which indicate the banks' knowledge of the Civil Banks and nonbank financial institutions are to Rights Act. This statute makes it unlawful for a charge against their VFCR ceilings the amount of bank to deny a loan or other financial assistance the financing that they provide, except that the for the purpose of buying, building, improving, ceiling charges of the nonbank financial institu- repairing, or maintaining a dwelling because of tions are to be reduced to the extent that the U.S. the loan applicant's race, color, religion, or naoil company is charged with the investment under tional origin. The questionnaire also directs atthe Foreign Direct Investment Program admin- tention to provisions making it unlawful to stiffen istered by the Department of Commerce. the terms of a loan in any way for such reasons. Prohibitions against discrimination, it is noted, STATEMENT ON NONDISCRIMINATORY apply also to any person associated with a loan REAL ESTATE FINANCING applicant, any property owner, lessee, or tenants The Board of Governors on December 17, 1971, and occupants. issued a statement directing the 1,150 State-char- If a bank makes real estate loans, the examiner tered banks that are members of the System to seeks answers to such questions as how real give public notice that their real estate financing estate loans made to minority group members is nondiscriminatory. compare to the bank's total real estate loans, rela- At the same time, the Board disclosed that it has tive to the proportion of minority groups' populabeen seeking to improve compliance by banks tion in the total service area population; whether under its supervision with civil rights legislation the bank refuses to make loans in neighborhoods applying to real estate lending by use of a civil with high percentages of minority populations; rights questionnaire in bank examinations. and if it makes loans to minority group members The Board's statement, and the questionnaire, to purchase real estate in areas where there are are steps in a series of actions through which the no or few minority group persons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 81 The new requirements in the Board's statement Board's Director of Equal Employment Opporwere described as "minimum procedures" for all tunity. financial institutions subject to the Board's super- Statement on Civil Rights Act Nondiscrimination vision. They were: Requirements in Real Estate Loan Activities 1. Posting in the lobbies of banks—and each of their branches—display size notices that the Section 805 of Title VIII of the Civil Rights lending institution is an "Equal Housing Lender." Act of 1968 (42 U.S.C. 3605) makes it unlaw- These posters are to display a logotype symbol ful for any bank, building and loan association, indicating nondiscriminatory real estate lending. insurance company, or other corporation, asso- The posters are also to assist the public in reg- ciation, firm, or enterprise whose business conistering complaints, by providing a toll-free num- sists in whole or in part in the making of real estate ber for reporting complaints to the Department loans, to deny a loan or other financial assistance of Housing and Urban Development from any- to a person applying therefor for the purpose where in the United States. of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to discriminate 2. Prominent indication in the lender's adagainst him in the fixing of the amount, interest vertising—whether the advertising is done directly rate, duration, or other terms and conditions of or through a third party—that its real estate lendsuch loan or other financial assistance, because ing is free from discrimination. 3. Banning of 4' words, phrases, symbols, direc- of his race, color, religion, or national origin. tions, forms, models or other means" that would Recognizing that increased public awareness of imply discrimination. nondiscrimination requirements and the avail- 4. Inclusion in advertising of the logotype ability of complaint procedures is necessary for symbol for nondiscriminatory lending. effective implementation of the Civil Rights Act's The Board's statement affects State chartered provisions imposed on financial institutions, the banks that are members of the Federal Reserve Comptroller of the Currency, the Federal Deposit System. Similar statements, applying to other Insurance Corporation, the Federal Home Loan banks—and savings and loan associations—are Bank Board, and the Board of Governors of the being issued by the Comptroller of the Currency, Federal Reserve System have adopted the followthe Federal Deposit Insurance Corporation, and the ing as minimum procedures to be utilized by all Federal Home Loan Bank Board. financial institutions subject to their supervisory The Board had earlier taken other steps to im- authority. plement civil rights legislation affecting real 1. Advertisement Notice of Nondiscrimination estate lenders. These include: Compliance. A special course of study in Federal Reserve After March 1, 1972, any financial institution schools for bank examiners. The course, given which directly or through third parties engages to all examiners in recent schools, has been aimed in any form of advertising of real estate lending at acquainting them with the provisions of civil services shall prominently indicate, in a manner rights legislation as they apply to financial in- appropriate to the advertising media and format stitutions, with the objective of increasing their utilized, that the financial institution makes real ability to encourage and monitor compliance. estate loans without regard to race, color, re- In response to a request from the U.S. Treasury ligion, or national origin. No words, phrases, Department, at each bank examination, an inquiry symbols, directions, forms, models, or other is made by the bank examiner to determine means shall be used to express, imply, or suggest whether all required Equal Employment Oppor- a discriminatory preference or policy of exclutunity reports have been submitted to the Equal sion in violation of the provisions of Title VIII of Employment Opportunity Commission and the the Civil Rights Act of 1968. Written advertise- U. S. Department of the Treasury. Additionally, ments relating to real estate loans should include examiners determine if banks employing 50 or a facsimile of the logotype ... in order to increase more persons have on file a written Affirmative public recognition of the nondiscrimination re- Action Plan for minority group employment. Ex- quirements and guarantees of Title VIII. aminers forward copies of their report to the Di- 2. Lobby Notice of Nondiscrimination Comrector of Equal Employment Opportunity, U. S. pliance. Treasury. Copies of those reports that indicate After March 1, 1972, every institution engaged questions as to compliance are forwarded to the in extending real estate loans shall conspicuously Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN • JANUARY 1972 display in the public lobby of each of its offices ADMISSION OF STATE BANKS TO MEMBERSHIP a notice that incorporates a facsimile of the logotype IN THE FEDERAL RESERVE SYSTEM and attests to that institution's policy of compliance with the nondiscrimination requirements The following banks were admitted to memberof Title VIII of the Civil Rights Act of 1968. Such ship in the Federal Reserve System during the notice shall include the address and phone number period December 16, 1971, through January 15, of the Department of Housing and Urban De- 1972: velopment as the agency to be notified concerning Virginia any complaint alleging a violation of the nondis- Annandale First Virginia Bank crimination provisions of Title VIII. Orange First Virginia Bank of Orange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 83 DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced its appointments at the Federal Reserve Banks and branches, effective January 1, 1972. The appointments are for Chairmen (who also serve as Federal Reserve Agents), Deputy Chairmen, and directors at the Federal Reserve Banks, and for directors at the Federal Reserve branches. Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief biographic data about each of the new appointees follow the listings. CHAIRMEN AND FEDERAL RESERVE AGENTS (One-year terms) Federal Reserve Bank: Boston James S. Duesenberry, Professor of Economics, Harvard University, Cambridge, Massachusetts New York ROSWELL L. GILPATRIC, Partner, Cravath, Swaine & Moore, Attorneys, New York, New York Philadelphia Bayard L. England, former Chairman of the Board, Atlantic City Electric Company, Atlantic City, New Jersey Cleveland Albert G. Clay, President, Clay Tobacco Company, Mt. Sterling, Kentucky Richmond ROBERT W. LAWSON, Jr., Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, West Virginia Atlanta JOHN C. WILSON, President, Home-Wilson, Inc., Atlanta, Georgia Chicago Emerson G. Higdon, President, The Maytag Company, Newton, Iowa St. Louis Frederic M. Peirce, Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Missouri Minneapolis David M. Lilly, Chairman of the Board, The Toro Company, Minneapolis, Minnesota Kansas City Robert W. Wagstaff, Chairman of the Board, President, Coca-Cola Bottling Company of Mid-America, Inc., Kansas City, Missouri Dallas Charles F. Jones, Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Texas San Francisco O. Meredith Wilson, President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, California DEPUTY CHAIRMEN (One-year terms) Federal Reserve Bank: Boston Louis W. Cabot, Chairman of the Board, Cabot Corporation, Boston, Massachusetts New York ELLISON L. HAZARD, Chairman of the Executive Committee, Continental Can Company, Inc., New York, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN • JANUARY 1972 Philadelphia JOHN R. COLEMAN, President, Haverford College, Haverford, Pennsylvania Cleveland J. Ward Keener, Chairman of the Board, The B. F. Goodrich Company, Akron, Ohio Richmond STUART SHUMATE, President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Virginia Atlanta H. G. PATTILLO, President, Pattillo Construction Company, Inc., Decatur, Georgia Chicago William H. Franklin, President, Caterpillar Tractor Company, Peoria, Illinois St. Louis Sam Cooper, President, HumKo Products, Division of Kraftco Corporation, Memphis, Tennessee Minneapolis Bruce B. Dayton, Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minnesota Kansas City Willard D. Hosford, Jr., Vice President, General Manager, John Deere Company, Omaha, Nebraska Dallas Philip G. Hoffman, President, University of Houston, Texas San Francisco S. Alfred Halgren, Senior Vice President, Director, Carnation Company, Los Angeles, California FEDERAL RESERVE BANK DIRECTORS1 (Three-year terms unless otherwise indicated) Boston James S. Duesenberry (see above) New York Roswell L. Gilpatric (see above) ELLISON L. HAZARD (see above) (for remainder of 3-year term expiring December 31, 1972) Philadelphia EDWARD W. ROBINSON, Jr., President, Chief Executive Officer, Provident Home Industrial Mutual Life Insurance Company, Philadelphia, Pennsylvania Cleveland Horace A. Shepard, Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio Richmond E. CRAIG WALL, Sr., Chairman of the Board, Canal Industries, Inc., Conway, South Carolina Atlanta H. G. PATTILLO (see above) Chicago William H. Franklin (see above) St. Louis Frederic M. Peirce (see above) Minneapolis Bruce B. Dayton (see above) Kansas City Robert W. Wagstaff (see above) Dallas Charles F. Jones (see above) San Francisco MAS OJI, President, Oji Bros. Farm, Inc., Yuba City, California ^ach Federal Reserve Bank has a board of directors One term in each class of directors expires at the end of consisting of nine members, divided equally into three each year. The Board of Governors appoints the Chairclasses, known as Classes A, B, and C. The six A and B men and Deputy Chairmen from among the Class C didirectors are elected by the member banks, and the three rectors. C directors are appointed by the Board of Governors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 85 FEDERAL RESERVE BANK BRANCH DIRECTORS2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch: New York Buffalo Norman F. Beach, Vice President, Eastman Kodak Company, Rochester, New York Cleveland Graham E. Marx, President, General Manager, The G. A. Gray Company, Cincinnati Cincinnati, Ohio Richard M. Cyert, Dean, Graduate School of Industrial Administration, Carnegie- Pittsburgh Mellon University, Pittsburgh, Pennsylvania Richmond JAMES G. HARLOW, President, West Virginia University, Morgan town, Baltimore West Virginia Charlotte CHARLES F. BENBOW, Vice President, R. J. Reynolds Industries Inc., Winston-Salem, North Carolina ROBERT C. EDWARDS, President, Clemson University, Clemson, South Carolina (for remaining year of 3-year term expiring December 31, 1972) Atlanta Birmingham William Cecil Bauer, president, South Central Bell Telephone Company, Birmingham, Alabama Jacksonville GERT H. W. SCHMIDT, President, Television 12 of Jacksonville, Florida Nashville Edward J. Boling, President, The University of Tennessee, Knoxville, Tennessee New Orleans Fred Adams, Jr., President, Cal-Maine Foods, Inc., Jackson, Mississippi Chicago Detroit Peter B. Clark, Chairman of the Board, President, The Evening News Association, Detroit, Michigan St. Louis Little Rock A1 Pollard, President, A1 Pollard & Associates, Little Rock, Arkansas Memphis C. Whitney Brown, President, S. C. Toof & Company, Memphis, Tennessee Minneapolis (2-year term) Helena William A. Cordingley, Publisher, Great Falls Tribune, Great Falls, Montana Kansas City (2-year terms) Denver MAURICE B. MITCHELL, Chancellor, University of Denver, Colorado 2 Federal Reserve branches have either five or Governors of the Federal Reserve System. The anseven directors, of whom a majority are appointed by nouncement of the appointments of branch directors the board of directors of the parent Federal Reserve made by the Federal Reserve Banks is published on Bank, and the others are appointed by the Board of page 90. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN • JANUARY 1972 FEDERAL RESERVE BANK BRANCH DIRECTORS—Continued Oklahoma City JOSEPH H. WILLIAMS, President, Chief Operating Officer, The Williams Companies, Tulsa, Oklahoma Omaha A. James Ebel, Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebraska Dallas El Paso GAGE HOLLAND, Owner, Gage Holland Ranch, Marathon, Texas Houston K. R. M. Buckley, President, Director, Eastex Incorporated, Silsbee, Texas San Antonio MARSHALL BOYKIN III, Partner, Wood, Boykin & Wolters, Attorneys, Corpus Christi, Texas San Francisco Los Angeles RUTH HANDLER, President, Mattel, Inc., Hawthorne, California (2-year terms) Portland Frank Anderson, Farmer, Heppner, Oregon THEODORE C. JACOB SEN, Chairman of the Board, Jacobsen Construction Salt Lake City Company, Inc., Salt Lake City, Utah THOMAS T. HIRAI, President, Quality Growers Company, Inc., Quincy, Seattle Washington Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 87 Federal Reserve Bank of New York Deputy Chairman since January 1, 1968, was ROSWELL L. GILPATRIC, New York, New designated Chairman of the Bank for the year York, who has been serving as a Board-appointed 1972. He is Managing Partner of Steptoe & director of the Federal Reserve Bank of New York Johnson, Attorneys, in Charleston. As Chairman since January 1, 1969, and had been Deputy he succeeds Wilson H. Elkins, President of the Chairman since January 1, 1971, was designated University of Maryland, College Park, whose terms Chairman of the Bank for the year 1972. He is a as Chairman and as a director expired Decempartner in the law firm of Cravath, Swaine & ber 31, 1971. Moore in New York City. As Chairman he succeeds Albert L. Nickerson, who resigned as a STUART SHUMATE, Richmond, Virginia, director effective December 31, 1971. who has been serving as a Board-appointed director of the Federal Reserve Bank of Richmond ELLISON L. HAZARD, New York, New York, since January 1, 1968, was appointed Deputy was appointed a Class C director of the Federal Chairman of the Bank for the year 1972. He is Reserve Bank of New York for the remaining President of the Richmond, Fredericksburg and year of a three-year term expiring December 31, Potomac Railroad Company in Richmond. As 1972, and was appointed Deputy Chairman for Deputy Chairman he succeeds Robert W. Lawson, the year 1972. He is Chairman of the Executive Jr. (see preceding paragraph). Committee of Continental Can Company, Inc., in New York City. As a director he succeeds Albert E. CRAIG WALL, Sr., Conway, South Caro- L. Nickerson, and as Deputy Chairman he suc- lina, who had been serving as a Board-appointed ceeds Roswell L. Gilpatric (see preceding para- director of the Charlotte Branch of the Federal graph). Reserve Bank of Richmond since January 1, 1970, was appointed a Class C director of the Bank for Federal Reserve Bank of Philadelphia a three-year term beginning January 1, 1972. He JOHN R. COLEMAN, Haverford, Pennsyl- is Chairman of the Board of Canal Industries, vania, who has been serving as a Board-appointed Inc., in Conway. As a director he succeeds director of the Federal Reserve Bank of Phila- Wilson H. Elkins (see two paragraphs above). delphia since January 1, 1971, was appointed Deputy Chairman of the Bank for the year 1972. He JAMES G. HARLOW, Morgantown, West is President of Haverford College. As Deputy Virginia, was appointed a director of the Balti- Chairman he succeeds D. Robert Yarnall, Jr., Pres- more Branch of the Federal Reserve Bank of ident of Yarway Corporation, Blue Bell, Penn- Richmond for a three-year term beginning Janusylvania, whose terms as Deputy Chairman and as ary 1, 1972. He is President of West Virginia a director expired December 31, 1971. University in Morgantown. As a director he succeeds James M. Jarvis, Chairman of the EDWARD W. ROBINSON, Jr., Philadelphia, Board of Crane Construction Company, Clarks- Pennsylvania, was appointed a Class C director burg, West Virginia, whose term as a director of the Federal Reserve Bank of Philadelphia for expired December 31, 1971. a three-year term beginning January 1, 1972. He is President and Chief Executive Officer of ROBERT C. EDWARDS, Clemson, South Provident Home Industrial Mutual Life Insurance Carolina, was appointed a director of the Charlotte Company in Philadelphia. As a director he suc- Branch of the Federal Reserve Bank of Richmond ceeds D. Robert Yarnall, Jr. (see preceding for the remaining year of a three-year term paragraph). expiring December 31, 1972. He is President of Clemson University. As a director he succeeds Federal Reserve Bank of Richmond E. Craig Wall, Sr. (see two paragraphs above). ROBERT W. LAWSON, Jr., Charleston, West Virginia, who has been serving as a Board- CHARLES F. BENBOW, Winston-Salem, appointed director of the Federal Reserve Bank North Carolina, was appointed a director of the of Richmond since January 1, 1967, and had been Charlotte Branch of the Federal Reserve Bank of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN • JANUARY 1972 Richmond for a three-year term beginning Janu- JOSEPH H. WILLIAMS, Tulsa, Oklahoma, ary 1, 1972. He is Vice President of R. J. Rey- was appointed a director of the Oklahoma City nolds Industries, Inc., in Winston-Salem. As a Branch of the Federal Reserve Bank of Kansas director he succeeds John L. Fraley, President of City for a two-year term beginning January 1, Carolina Freight Carriers Corporation, Cherryville, 1972. He is President and Chief Operating North Carolina, whose term as a director ex- Officer of The Williams Companies in Tulsa. pired December 31, 1971. As a director he succeeds C. W. Flint, Jr., Chairman of the Board of Flint Steel Corporation, Federal Reserve Bank of Atlanta Tulsa, whose term as a director expired December 31, 1971. JOHN C. WILSON, Atlanta, Georgia, who has been serving as a Board-appointed director and had been Deputy Chairman of the Federal Federal Reserve Bank of Dallas Reserve Bank of Atlanta since January 1, 1968, GAGE HOLLAND, Marathon, Texas, was apwas designated Chairman of the Bank for the pointed a director of the El Paso Branch of the year 1972. He is President of Home-Wilson, Federal Reserve Bank of Dallas for a three-year Inc., in Atlanta. As Chairman he succeeds Edwin term beginning January 1, 1972. He is owner of I. Hatch, President of Georgia Power Company, Gage Holland Ranch at Marathon. As a director Atlanta, whose terms as Chairman and as a di- he succeeds Joseph M. Ray, Benedict Professor rector expired December 31, 1971. of Political Science of the University of Texas at El Paso, whose term as a director expired Decemb e r, 1971. H. G. PATTILLO, Decatur, Georgia, was appointed a Class C director of the Federal Reserve MARSHALL BOYKIN III, Corpus Christi, Bank of Atlanta for a three-year term beginning Texas, was appointed a director of the San January 1, 1972, and was appointed Deputy Antonio Branch of the Federal Reserve Bank of Chairman of the Bank for the year 1972. He is Dallas for a three-year term beginning January 1, President of Pattillo Construction Company, 1972. He is a Partner in Wood, Boykin & Wolters, Inc., in Decatur. As a director he succeeds Attorneys, in Corpus Christi. As a director he Edwin I. Hatch and as Deputy Chairman he sucsucceeds Francis B. May, Professor of Business ceeds John C. Wilson (see preceding paragraph). Statistics of the University of Texas, Austin, whose term as a director expired December 31, GERT H. W. SCHMIDT, Jacksonville, Florida, 1971. was appointed a director of the Jacksonville Branch of the Federal Reserve Bank of Atlanta Federal Reserve Bank of San Francisco for a three-year term beginning January 1, 1972. MAS OJI, Yuba City, California, was ap- He is President of Television 12 of Jacksonville. pointed a Class C director of the Federal Reserve As a director he succeeds Castle W. Jordan, Bank of San Francisco for a three-year term President of AO Industries, Inc., Coral Gables, beginning January 1, 1972. He is President of Florida, whose term as a director expired Decem- Oji Bros. Farm, Inc., at Yuba City. As a director ber 31, 1971. he succeeds Bernard T. Rocca, Jr., Director of and Consultant to Pacific Vegetable Oil Corpora- Federal Reserve Bank of Kansas City tion, San Francisco, California, whose term as a MAURICE B. MITCHELL, Denver, Colorado, director expired December 31, 1971. was appointed a director of the Denver Branch of the Federal Reserve Bank of Kansas City for a RUTH HANDLER, Hawthorne, California, was two-year term beginning January 1, 1972. He is appointed a director of the Los Angeles Branch of Chancellor of the University of Denver. As a the Federal Reserve Bank of San Francisco for director he succeeds Cris Dobbins, retired a three-year term beginning January 1, 1972. She Chairman of the Board of Ideal Basic Industries, is President of Mattel, Inc., in Hawthorne. As a Inc., Denver, whose term as a director expired director she succeeds J. Leland Atwood, Senior December 31, 1971. Consultant to North American Rockwell Corpora- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 89 tion, Los Angeles, California, whose term as a pany, Salt Lake City, whose term as a director exdirector expired December 31, 1971. pired December 31, 1971. THOMAS T. HIRAI, Quincy, Washington, THEODORE C. JACOBSEN, Salt Lake City, was appointed a director of the Seattle Branch Utah, was appointed a director of the Salt Lake of the Federal Reserve Bank of San Francisco for a City Branch of the Federal Reserve Bank of San two-year term beginning January 1, 1972. He is Francisco for a two-year term beginning January President of Quality Growers Company, Inc., at 1, 1972. He is Chairman of the Board of Jacobsen Quincy. As a director he succeeds Francis G. Construction Company, Inc., in Salt Lake City. As Crane, Manager of Crane and Crane Orchards a director he succeeds Roy den G. Derrick, Presi- and Cold Storage, Brewster, Washington, whose dent and General Manager of Western Steel Com- term as a director expired December 31, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN • JANUARY 1972 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1972, except as otherwise indicated. Names in CAPITALS indicate NEW appointments; all others are reappointments. Federal Reserve Bank and Branch: New York Buffalo THEODORE M. McCLURE, President, The Citizens National Bank and Trust Company, Wellsville, New York, succeeds James I. Wyckoff, Chairman of the Board, The National Bank of Geneva, New York. Cleveland Cincinnati E. PAUL WILLIAMS, President, The Second National Bank of Ashland, Kentucky, succeeds Robert B. Johnson, President, Pike ville National Bank & Trust Company, Pikeville, Kentucky. Pittsburgh CHARLES F. WARD, President:, Gallatin National Bank, Uniontown, Pennsylvania, succeeds Charles H. Bracken, President and Chief Executive Officer, Marine National Bank, Erie, Pennsylvania. Richmond Baltimore Tilton H. Dobbin, President and Chairman of the Executive Committee, Maryland National Bank, Baltimore, Maryland. Charlotte L. D. Coltrane III, President, The Concord National Bank, Concord, North Carolina. Atlanta Birmingham W. EUGENE MORGAN, President, The First National Bank of Hunts ville, Alabama, succeeds K. M. Varner, Jr., President, The First National Bank of Auburn, Alabama. Jacksonville GUY W. BOTTS, Vice Chairman of the Board, Barnett Bank of Jacksonville, N.A., Jacksonville, Florida, succeeds Edward W. Lane, President, The Atlantic National Bank of Jacksonville, Florida. Nashville THOMAS C. MOTTERN, President, Hamilton National Bank of Johnson City, Tennessee, succeeds Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee. New Orleans ARCHIE R. McDONNELL, President, Citizens National Bank, Meridian, Mississippi, succeeds E. W. Haining, President, The First National Bank of Vicksburg, Mississippi. 1 Federal Reserve branches have either five or seven di- Federal Reserve System. The announcement of appointrectors, of whom a majority are appointed by the board ments of Branch directors made by the Board of Goverof directors of the parent Federal Reserve Bank, and the nors is published on page 85. others are appointed by the Board of Governors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 91 Chicago Detroit HAROLD A. ELGAS, President, Gaylord State Bank, Gaylord, Michigan, succeeds B. P. Sherwood, Jr., President, Security First Bank & Trust Company, Grand Haven, Michigan. St. Louis Little Rock WILL H. KELLEY, President and Chief Executive Officer, The State First National Bank of Texarkana, Arkansas, succeeds Louis E. Hurley, Chairman of the Board and Chief Executive Officer, The Exchange Bank & Trust Company, El Dorado, Arkansas. Louisville Hugh M. Shwab, Chairman of the Boards, The Kentucky Trust Company, and First National Bank of Louisville, Kentucky. Memphis WADE C. BARTON, President, First Citizens National Bank, Tupelo, Mississippi, succeeds Wade W. Hollo well, President, The First National Bank of Greenville, Mississippi. Minneapolis (2-year term) Helena Richard D. Rubie, President, Missoula Bank of Montana, Missoula, Montana. Kansas City (2-year terms) Denver JOHN W. HAY, Jr., President, Rock Springs National Bank, Rock Springs, Wyoming, succeeds Armin B. Barney, Chairman of the Board, The Colorado Springs National Bank, Colorado Springs, Colorado. Oklahoma City W. H. McDonald, Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Oklahoma. Omaha GLENN YAUSSI, Chairman of the Board, National Bank of Commerce Trust & Savings, Lincoln, Nebraska, succeeds John W. Hay, Jr. (see second preceding paragraph). Dallas El Paso WAYNE STEWART, President, First National Bank in Alamogordo, New Mexico, succeeds Joe B. Sisler, President, The Clovis National Bank, Clovis, New Mexico. Houston SETH W. DORBANDT, Chairman of the Board and President, First National Bank in Conroe, Texas, succeeds Henry B. Clay, President, First Bank & Trust, Bryan, Texas. San Antonio LEON STONE, President, The Austin National Bank, Austin, Texas, succeeds James T. Denton, Jr., Chairman of the Board and Chief Executive Officer, Corpus Christi Bank and Trust, Corpus Christi, Texas. San Francisco Los Angeles W. GORDON FERGUSON, President, National Bank of Whittier, California, succeeds Carl E. Schroeder, President, The First National Bank of Orange County, California (1 year of term remains). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

San Francisco—Continued Los Angeles—Continued RAYBURN S. DEZEMBER, Chairman of the Board and President, American National Bank, Bakersfield, California, succeeds Sherman Hazel tine, Chairman of the Board and Chief Executive Officer, First National Bank of Arizona, Phoenix, Arizona. (2-year terms) Portland LeRoy B. Staver, Chairman of the Board and Chief Executive Officer, United States National Bank of Oregon, Portland, Oregon. Salt Lake City JOSEPH BIANCO, Chairman of the Board and President, Bank of Idaho, Boise, Idaho, succeeds William E. Irvin, Director, The Idaho First National Bank, Boise, Idaho. Seattle Joseph C. Baillargeon, Chairman of the Board and Chief Executive Officer, Seattle Trust & Savings Bank, Seattle, Washington. 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 17 Industrial production increased again in December. of workers on strike the previous month was about Employment also increased, mainly because of the unchanged from November. Employment conreturn of workers on strike, and the unemploy- tinued to rise in trade, services, and State and local ment rate edged up. Retail sales declined. Com- governments but declined in manufacturing and mercial bank credit, the money stock, and time construction. The average workweek of manufacand savings deposits increased. Between mid- turing production workers rose further by 0.2 hour December and mid-January, market interest to 40.3 hours. The unemployment rate edged up rates declined. in December to 6.1 per cent from 6.0 per cent the previous month and was little changed from the INDUSTRIAL PRODUCTION level of a year earlier. Industrial production rose further by 0.7 per cent in December and, at 107.8 per cent (1967 = 100), RETAIL SALES was 3 per cent above a year earlier but still 3.7 The value of retail sales declined 2 per cent in per cent below the 1969 high. About one-half of December but was 10 per cent above a year earlier. the December increase reflected the recovery in Sales at durable goods stores were down 4 per cent coal production from the strike-curtailed level. and sales at nondurable goods stores were down There were output gains in some other materials 1 per cent. Unit sales of new domestic autos deand in consumer goods and business equipment. clined considerably in December and were at an Production of most household appliances rose annual rate of 7.8 million units. further but output of consumer staples declined. WHOLESALE AND CONSUMER PRICES Auto assemblies were unchanged from the No- Wholesale prices, seasonally adjusted, rose 0.7 vember annual rate of 8.6 million units. Producper cent between November and December. The tion of industrial equipment increased again in index of industrial commodities increased 0.3 per December but output of other business equipcent, in large part as a result of higher prices ment products and defense equipment changed for motor vehicles, textile products, and coal. little. Output of construction products, steel, The index of farm and food products rose 2.1 textiles, and paper also rose. per cent as increases were posted for livestock, meats, grains, cotton, sugar, and dairy products. EMPLOYMENT Nonfarm payroll employment increased by 123,000 Consumer prices, seasonally adjusted, rose 0.2 in December, but after allowance for the net return per cent in November. Food prices were up 0.7 per cent—mainly fresh fruits and vegetables, eggs, and meat—but other commodity prices were unchanged and service costs rose 0.3 per cent. The INDUSTRIAL PRODUCTION refund of the auto excise tax retroactive to August RATIO SCALE, 1967=100 15 reduced previous estimates of the increase in consumer prices by 0.1 percentage point in August and September. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased at an annual rate of about 11 per cent in December, a considerably faster pace than in November. Security acquisitions accounted for a large part of the December expansion. Bank holdings of U.S. Treasury issues rose sharply, 1972 1966 reflecting participation in the Treasury's three fi- F.R. indexes, seasonally adjusted. Latest figures: December. nancing operations. And banks added substantially 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

to their holdings of municipal and other securities. SECURITY MARKETS Growth in total loans, as in November, was Treasury bill rates fell by some 75 to 85 basis moderate. points on balance between mid-December and The narrowly-defined money stock expanded in mid-January. The 3-month bill was bid at around December at an annual rate of 2.6 per cent fol- 3.20 per cent in the middle of January, compared lowing little change in the two previous months. with about 4.05 per cent a month earlier. Yields on Growth in total time and savings deposits was at intermediate-term U.S. Government securities an annual rate of about 21 per cent, well above the dropped by around 25 basis points over the same pace of other recent months. Large negotiable period, while rates on long-term Treasury bonds CD's, after having declined in November, rose declined by 5 to 10 basis points. very sharply in December and the pace of advance Yields on new and seasoned corporate securities in other time and savings deposits rose somewhat. declined moderately from mid-December to early Free reserves of member banks averaged about January with very few new securities offered in $25 million over the 5 weeks ending December the last two weeks of December. Rates on 29 compared with net borrowed reserves of $105 municipal securities also declined. million in November. Excess reserves increased Common stock prices, on balance, continued somewhat and member bank borrowings declined. to rise on heavy volume during the same period. PRICES INTEREST RATES Wholesale Consumer 1967=100 PER CENT Bureau of Labor Statistics. "Farm products and foods" is BLS Discount rate, range or level for all F.R. Banks. Weekly "Farm products, and processed foods and feeds." Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, Nov.; Wholesale, Dec. years or more and for 90-day Treasury bills. Latest figures: week ending Jan. 8. 94 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

99 FEDERAL RESERVE BULLETIN • JANUARY 1972 U.S. STATISTICS—Continued A 60 Industrial production A 64 Business activity A 64 Construction A 66 Labor force, employment, and earnings A 68 Consumer prices A 68 Wholesale prices A 70 National product and income A 72 Flow of funds INTERNATIONAL STATISTICS: A 74 U.S. balance of payments A 75 Foreign trade A 76 U.S. gold transactions A 77 U.S. reserve assets; position in the IMF A 78 International capital transactions of the United States A 91 Foreign exchange rates A 92 Money rates in foreign countries A 93 Arbitrage on Treasury bills A 94 Gold reserves of central banks and governments A 95 Gold production A 104 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation 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-73.9 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 Listof, Dec. 31, 1970 June 1971 A-l 10 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 July 1971 A-96—A-99 debit 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 • JANUARY 1972 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas- Period or date U.S. Govt, securities 1 Special ury Gold Drawing cur- Bought r u H e n p e d l u e d r r - Loans t Float 2 as O F se t . h t R s e . r 3 Total 4 stock c a e R c rt c i i g f o i h u c t n a s t t e r s e o ta n u n c t- d y - Total out- chase ing 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 ,086 3,235 2,204 64,100 10,367 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 1971—Ja n 62,068 61,941 127 370 3,636 1,216 67,363 10,732 400 Feb.. 62,350 62,051 299 328 2,974 1,065 66,797 10,732 400 Mar 62,719 62,381 338 319 2,671 896 66,691 10,732 400 Apr 63,371 63,153 218 148 3,047 1,103 67,747 10,732 400 May 64,714 64,368 346 330 2,704 1,076 68,926 10,448 400 June 64,642 64,574 68 453 2,690 979 68,834 10,332 400 July 66,001 65,652 349 820 3,001 1,150 71,052 10,332 400 Aug 66,324 66,143 181 804 2,572 991 70,749 10,184 400 Sept 67,106 66,794 312 501 2,974 900 71,568 10,132 400 Oct 67,690 67,488 202 360 3,122 1,105 72,349 10,132 400 Nov." 68,052 67,655 397 406 3,119 1,013 72,683 10,132 400 Dec.*5 69,158 68,868 290 108 3,895 982 74,246 10,132 400 Week ending— 1971—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 67,867 533 538 3,214 796 73,056 10,132 400 Dec. 1 68,970 68,481 489 705 3,027 859 73,669 10,132 400 8 68,941 68,822 119 59 3,090 893 73,047 10,132 400 15* 68,761 68,761 27 3,465 927 73,239 10,132 400 22p 68,958 68,863 95 144 4,471 988 74,651 10,132 400 29 p 69,514 68,938 576 216 4,684 1,096 75,667 10,132 400 End of month 1971 _Oct 67,301 6 67,301 212 3,585 1,208 72,358 10,132 400 Nov.f 68,157 6-768,157 146 2,643 841 71,845 10,132 400 Dec.*3 70,804 6 69,481 1,323 39 4,335 1,068 76,507 10,132 400 Wednesday 1971—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 2,763 1,241 72,373 10,132 400 10 66,944 6-766,944 195 2,855 1,289 71,340 10,132 400 17 68,541 6 67,605 936 392 3,597 801 73,464 10,132 400 24 69,862 6 68,159 ,703 2,397 2,921 825 76,207 10,132 400 Dec. 1 p 68,427 6-768,427 64 2,535 962 72,044 10,132 400 8^ 69,194 6 68,882 312 85 2,984 929 73,274 10,132 400 15? 68,032 6-768,032 29 3,766 983 72,876 10,132 400 22*> 68,652 6 68,640 12 828 3,995 1,018 74,571 10,132 400 29 p 71,759 6 69,059 2,700 1,338 4,002 1,114 78,476 10,132 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n a e r l g s a y d h s s - - Tr u e r a y s - with re F s F e . e R i o r g . r v n - e B s, a nks Other 2 c O o F u t . h n R e t . r s 3 c b O a F i a p l l t . i n i i h R a t t d i e - a . e r l s 3 B F W a . n R it k h . s re c r C s e a o e n n u i r n d c r v - y s e s Total Period or date Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 47,000 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 1970—Dec. 56,192 445 1,028 155 786 2,109 24,938 5,550 30,488 1971—Jan. 55,754 465 1,025 153 778 2,232 24,710 5,170 29,880 Feb. 56,123 467 783 139 718 2,227 24,601 5,085 29,686 Mar. 56,716 499 1,047 148 752 2,194 24,814 5,071 29,885 Apr. 57,155 506 1,112 173 690 2,244 25,251 5,168 30,419 May 57,969 491 652 155 698 2,227 24,793 5,230 30,023 June 58,847 471 1,546 161 714 2,251 25,231 5,316 30,547 July 58,906 477 1,121 181 712 2,298 25,098 5,357 30,455 Aug. 59,012 466 1,621 151 712 2,296 25,365 5,437 30,802 Sept. 59,185 464 2,100 152 736 2,327 25,463 5,397 30,860 Oct. 59,939 470 1,723 133 714 2,320 25,489 5,461 30,950 Nov.p 61,060 453 1,926 290 728 2,287 25,645 5,671 31,316 Dec." Week ending— 58,825 466 2,148 183 765 2,398 25,483 5,510 30,993 1971—Oct. 6 59,316 459 2,093 134 763 2,379 25,050 5,652 30,702 13 59,347 460 2,117 145 730 2,252 25,954 5,117 31,071 20 59,174 456 2,183 156 711 2,281 25,184 5,240 30,424 27 59,307 483 1,795 134 726 2,355 25,412 5,549 30,961 Nov. 3 59,594 479 1,598 119 710 2,422 25,014 5,566 30,580 10 59,925 465 1,582 123 725 2,244 25,577 5,595 31,172 17 60,107 464 1,927 123 686 2,265 25,591 5,125 30,716 24 60,424 457 1.894 169 732 2,328 25,783 5,492 31,275 Dec. 1 6 6 6 6 0 1 1 1 , , , , 5 0 4 2 6 4 4 4 8 8 2 0 4 4 4 4 4 5 5 5 8 6 7 0 2 1 1 1 , , . , 3 7 8 5 3 4 6 9 6 9 3 5 4 4 1 1 7 2 3 4 1 6 3 3 7 7 7 7 0 3 1 1 8 6 7 0 2 2 2 2 , , , , 2 3 3 2 0 1 9 3 1 9 8 4 2 2 2 2 5 5 5 6 , , , , 1 1 8 2 5 2 1 4 1 1 5 0 5 5 5 5 , , , , 5 8 3 8 9 9 3 7 2 6 0 7 3 3 3 3 0 1 1 1 , , , , 7 1 9 1 4 3 5 9 3 6 1 2 2 2 1 9 8 2 5 p p p End of month 59,157 477 1,876 135 733 2,337 25,697 5,548 31,245 1971—Oct. 60,577 460 1,996 177 697 2,351 23,718 5,472 29,190 Nov." 60,979 464 2,020 294 999 2,131 27,780 5,751 33,531 Dec.P Wednesday 59,178 469 1,988 165 719 2,419 25,234 5,508 30,742 1971—Oct. 6 59,584 464 2,141 146 736 2,233 25,883 5,655 31,538 13 59,335 466 2,148 129 701 2,245 24,535 5,117 29,652 20 59,402 462 1,709 156 688 2,305 27,315 5,239 32,554 27 59,564 493 1,687 124 740 2,403 25,465 5,548 31,013 Nov. 3 59,939 473 1,411 137 714 2,443 24,322 5,565 29,887 10 60,094 472 1,532 145 705 2,226 26,396 5,593 31,989 17 60,409 467 1,435 126 698 2,303 28,879 5,125 34,004 23 6 6 6 6 0 1 1 1 , , , , 5 2 0 6 7 7 0 2 1 8 4 0 4 4 4 4 5 6 6 6 2 0 3 2 2 2 2 , , , 0 1 5 9 3 2 6 3 1 7 7 6 4 1 1 1 7 2 7 8 3 3 7 8 7 7 7 7 7 0 1 2 9 9 7 5 2 2 2 2 , , , , 1 2 4 3 9 5 2 5 8 0 9 3 2 2 2 2 5 4 5 3 , , , , 1 0 6 3 7 8 0 7 4 2 0 7 5 5 5 5 , , , , 3 8 5 4 7 9 8 7 7 6 6 2 2 2 3 3 9 0 8 1 , , , , 9 5 8 1 5 7 4 8 1 8 9 6 Dec. 2 1 8 5 2 * p p > 61,492 459 1,955 281 754 2,362 29,324 5,830 35,154 29 p t Previously referred to as Discounts and advances. on Wed. and end-of-month dates, see tables on F.R. Banks on following 1 Includes Federal Agency issues held under repurchase agreements as pages. See also note 2. of Dec. 1, 1966 and Federal Agency issues bought outright as of Sept. 29, 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 1971. thereafter. Beginning with Jan. 1963, figures are estimated except for 2 Beginning with 1960 reflects a minor change in concept; see Feb. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 1961 BULLETIN, p. 164. of-business figures for reserve period 2 weeks previous to report date. s Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. 6 Includes securities loaned—fully secured by U.S. Govt, securities liabilities and capital" are shown separately; formerly, they were pledged with F.R. Banks. netted together and reported as "Other F.R. accounts." 7 Reflects securities sold, and scheduled to be bought back, under 4 Includes industrial loans and acceptances, until Aug. 21, 1959, when matched sale/purchase transactions. industrial loan program was discontinued. For holdings of acceptances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • JANUARY 1972 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago PPeerriioodd I teserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e - d 1 Excess B r F i o a n a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R ir e e - d ] B r F i o a n a . n w g R t k s - . s s F er r r v e e - e e s T h o e t l a d l qu R i e re - d 1 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 1 1 1 1 9 9 9 9 4 5 3 4 1 0 9 5 _ — — — D D D D e e e e c c c c 1 1 1 1 2 1 7 6 , , , , 3 8 0 4 9 2 1 7 1 7 2 3 1 1 9 6 6 4 , , , , 4 4 3 5 2 6 6 3 2 2 4 6 5 3 1 1 , , , , 0 3 4 0 1 9 9 2 1 1 0 7 3 1 3 4 4 5 2 3 5 3 1 , , , 0 3 1 8 8 0 5 8 5 8 7 5 5 4 4 5 , , , , 6 1 7 1 2 1 4 4 8 3 2 2 4 4 4 3 , , , , 1 6 0 0 5 1 7 1 3 6 2 0 2,6 9 1 1 8 4 2 1 9 8 5 1 5 9 8 2 2 - , 1 6 9 4 1 8 6 4 1 9 7 1 1 1 , , , 1 1 1 9 4 9 4 3 1 9 3 9 1,1 6 9 8 9 0 2 4 1 1 4 8 5 29 4 1 5 0 8 4 5 5 29 4 1 5 0 4 3 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 7 4 9 5 0 8 3 — — — — — — — D D D D D D D e e e e e e e c c c c c c c 2 2 2 2 2 2 1 2 1 7 8 0 5 9 , , , , , , , 7 2 6 0 7 2 2 2 1 3 0 4 6 8 1 9 1 9 6 0 3 2 2 2 2 2 2 1 2 1 0 6 4 7 8 , , , , , , , 2 1 2 7 9 7 5 6 9 1 1 6 2 7 7 8 0 5 6 7 4 4 4 7 4 2 5 3 1 5 5 5 3 5 4 1 6 2 5 6 7 5 1,0 4 7 2 2 3 8 5 6 4 3 8 2 6 4 5 3 8 7 7 - -3 8 6 2 1 1 - 1 2 6 2 0 6 0 0 9 9 9 8 7 4 4 3 3 5 5 5 , , , , , , , 3 6 9 0 4 1 0 0 5 8 4 8 5 5 1 1 7 1 3 7 2 4 4 5 3 5 5 3 , , , , , , , 0 2 0 6 8 3 0 6 6 5 9 5 8 3 2 0 8 5 7 5 4 1 4 2 2 5 5 0 1 1 1 9 6 6 0 8 2 2 1 3 5 4 1 3 3 1 0 9 0 1 7 5 9 - - 1 2 - - - 1 7 2 3 0 1 1 4 0 2 0 3 0 9 1 1 1 1 1 1 , , , , , 1 1 2 0 0 , 9 2 9 4 2 8 5 5 8 9 3 5 3 6 8 5 1 1 1 1 1 1 , , , , , , 2 0 1 2 1 0 9 8 5 1 6 8 2 5 6 1 7 7 4 8 3 -3 1 1 1 4 5 8 8 5 5 2 2 2 2 8 1 7 6 8 3 5 8 3 - - - 3 - - - 7 2 - 9 8 5 4 1 0 1 1970—Dec 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 7 4 3 1971— J J O M A M A S N F D J u u a e e c e u p o l a a n n p b t y c g r y r v e t . 3 . 5 p . 2 2 2 3 3 3 3 3 3 3 3 3 9 9 9 0 0 0 0 0 1 0 0 0 , , , , , , , , , , , , 6 8 4 4 8 0 4 5 3 8 8 9 1 8 8 8 8 2 5 4 1 0 6 5 9 5 6 8 0 3 5 7 6 2 0 0 2 2 2 3 2 3 3 3 3 3 3 3 9 9 9 0 9 0 0 0 0 0 1 0 , , , , , , , , , , , , 2 6 7 4 8 1 2 6 3 5 6 1 0 7 4 8 9 0 5 5 8 9 9 6 9 9 5 7 2 7 7 3 5 6 3 0 2 2 2 2 3 2 1 1 1 1 1 1 7 0 0 1 0 5 9 3 4 9 6 5 9 1 6 2 7 7 9 1 0 8 2 6 4 4 3 8 8 3 3 3 5 3 1 1 5 0 7 1 0 0 2 2 3 6 4 0 3 6 0 9 1 4 0 8 0 0 8 8 - - - - - - - - 1 - 6 3 1 2 - 6 1 1 9 - 1 2 5 2 2 0 4 5 9 8 4 1 8 0 8 2 7 6 9 3 5 8 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 9 6 6 8 6 7 6 8 6 6 7 6 7 7 2 3 6 9 5 3 8 7 4 9 6 8 9 7 4 0 4 7 3 5 2 3 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 9 7 6 6 6 7 7 7 6 6 8 6 9 1 0 5 9 5 7 0 7 6 1 4 1 7 8 1 6 4 4 3 4 0 7 0 - - - - 3 3 2 6 4 4 5 2 3 5 9 7 5 4 6 9 4 9 4 3 1 1 1 4 9 2 8 6 0 5 3 1 3 6 1 6 0 0 9 7 1 8 3 5 4 5 6 - - - 1 1 - 1 - - - - - - 2 1 5 2 7 6 9 1 1 2 1 9 1 1 6 1 2 7 0 1 1 7 9 5 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 4 4 4 3 4 4 4 3 4 3 3 4 4 0 1 8 2 0 1 3 8 9 7 0 1 8 7 7 5 7 7 6 7 2 5 3 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 4 4 4 3 4 4 3 4 4 4 3 3 0 0 0 8 2 2 2 9 0 8 1 8 1 8 8 5 1 3 5 2 5 4 0 0 - - - - 1 - 6 9 1 5 2 1 1 1 8 3 7 7 7 7 5 6 2 2 2 1 1 1 2 8 1 4 4 8 4 7 5 3 j 6 -- - - - -- 11 3 22 1 - 2 6 1 55 9 99 0 5 2 88 2 3 9 Week ending— 1970—Dec. 2 1 9 3 2 6 . . . . . . . . . . . . . . . . 2 2 2 2 9 8 9 8 , , , , 0 2 7 8 3 9 1 7 8 8 8 5 2 2 2 2 8 8 9 8 , , , , 4 5 0 9 5 8 8 1 8 2 8 8 4 2 1 1 1 1 3 2 7 0 6 0 4 2 3 3 9 5 9 2 0 5 9 5 - - - 1 2 1 -3 5 7 1 8 4 9 5 5 5 5 5 , , , , 5 3 6 5 7 7 8 4 1 4 7 0 5 5 5 5 , , , , 4 3 6 6 9 3 0 3 1 8 2 4 - - 1 5 2 4 3 8 1 9 7 89 - - - 5 6 2 6 1 7 2 0 1 1 1 1 , , , , 3 3 2 3 1 4 7 0 2 1 7 2 1 1 1 1 , , , , 3 3 3 2 0 3 2 7 3 0 7 0 -2 1 5 9 7 1 11 11 88 88 - -- 1 44 1 33 9 30.... 29,843 29,409 434 270 164 5,843 5,693 150 150 1,362 1,332 30 30 1971—May 2 1 1 5 6 2 9 . . . . . . . . . . . . . . . . 3 3 3 3 0 0 0 0 , , , , 3 7 0 2 6 8 8 4 2 0 4 6 2 3 3 3 9 0 0 0 , , , , 4 8 2 0 1 5 7 6 5 4 2 0 2 3 1 1 6 3 0 7 5 0 2 4 2 3 1 9 6 0 7 9 7 6 4 -2 - 1 1 9 0 9 3 3 4 1 1 5 5 5 5 , , , , 9 9 6 7 0 8 5 6 7 6 7 8 5 5 5 5 , . , , 8 7 9 7 1 1 6 8 7 6 7 1 - - 5 1 9 1 9 3 0 9 1 1 4 3 4 0 6 9 3 0 - -1 1 -9 1 2 4 8 3 4 4 1 1 1 1 , , , , 4 4 4 4 2 2 3 4 6 4 5 0 1 1 1 1 , , , , 4 4 3 4 5 4 1 9 5 9 6 3 -2 -9 3 1 9 1 9 4 1 1 8 -7 -9 3 0 1 1 June 2 3 1 2 9 3 0 6 . . . . . . . . . . . . 2 2 3 3 3 9 9 0 0 0 , , , , , 9 2 8 2 2 1 7 9 2 8 9 6 2 5 6 2 2 2 2 3 9 9 9 9 0 , , , , , 9 7 9 8 0 5 0 9 1 6 9 9 1 3 0 2 2 2 2 3 6 1 8 7 2 6 0 5 3 4 6 6 7 1 0 4 1 5 5 3 6 9 0 3 - - - - 4 3 5 1 -8 0 6 1 3 0 9 1 8 7 5 5 5 5 5 , , , , , 6 7 6 6 6 7 4 4 4 9 6 2 8 8 3 5 5 5 5 5 , , , , , 7 6 6 6 6 2 9 3 0 8 9 9 8 7 0 - -2 3 4 5 1 3 2 1 5 3 1 1 1 1 4 2 7 0 0 6 9 1 7 3 - - - 1 1 1 - - 7 6 1 3 1 8 2 6 0 6 1 1 1 1 1 , , , , , 4 4 3 4 3 3 7 1 0 8 8 3 4 5 7 1 1 1 1 1 , , , , , 3 3 4 3 4 9 5 6 9 1 4 1 7 6 3 - - 1 9 1 3 6 1 1 7 1 7 1 -- - 99 9 00 6 1 July 2 2 1 8 1 7 4 . . . . . . . . . . . . . . . . 3 3 3 3 0 0 0 0 , , , , 3 2 6 9 5 1 2 3 4 3 3 2 3 3 3 3 0 0 0 0 , , , , 2 0 5 6 4 3 5 5 9 6 6 0 2 28 7 6 2 7 7 5 1,1 9 6 5 2 9 6 4 1 1 1 5 - - - - 9 3 4 8 8 8 7 3 6 4 8 9 5 5 5 5 , , , , 6 9 6 7 7 8 1 4 1 1 9 7 5 5 5 5 , , , , 7 6 8 8 1 1 6 5 8 4 3 6 - - 6 4 2 5 7 7 6 5 25 3 6 3 2 4 5 0 -3 - - - 7 1 1 8 7 0 9 1 1 1 1 , , , , 3 3 4 3 8 8 6 9 8 3 4 0 1 1 1 1 , , , , 4 3 4 3 5 7 8 1 1 4 4 2 - - 2 1 1 1 2 4 3 11 7 6 -1 - - 2 0 8 1 2 3 4 Aug. 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . 3 3 3 3 0 0 0 0 , , , , 1 8 6 3 1 9 0 3 1 4 5 0 3 3 3 3 0 0 0 0 , , , , 3 4 3 0 8 6 0 2 1 0 3 0 4 2 3 9 2 2 4 1 4 7 1,1 7 5 7 7 6 7 9 9 4 1 3 - - - - 3 9 6 5 3 5 8 6 0 5 0 6 5 5 5 5 , , , , 7 4 8 6 8 1 5 2 1 6 6 5 5 5 5 5 , , , , 7 6 6 5 4 9 7 2 8 9 7 2 - - 1 6 7 6 0 4 6 8 4 2 3 4 6 4 3 7 2 - - 2 3 -7 7 3 6 4 4 3 1 1 1 1 1 , , , , 4 4 4 3 1 1 4 8 6 9 7 7 1 1 1 1 , , , , 4 4 4 3 3 3 1 8 1 4 2 3 -1 1 2 4 4 3 31 - - 2 1 1 7 2 4 3 Sept. 2 2 1 8 1 9 2 5 . . . . . . . . . . . . . . . . 3 3 3 3 3 0 0 0 0 1 , , , , , 5 8 8 3 0 1 5 5 6 7 9 1 5 0 3 3 3 3 3 3 0 0 0 0 0 , , , , , 4 1 6 6 7 2 9 0 5 3 1 5 4 0 0 - 2 2 3 3 6 4 0 2 4 1 7 5 4 3 4 4 7 7 3 5 2 2 0 6 7 4 9 6 5 - - - - 3 5 2 3 -8 8 6 1 9 1 2 0 0 0 5 5 5 5 5 , , , , , 8 6 4 7 7 2 7 1 6 6 5 9 9 9 2 5 5 5 5 5 , , , , . 5 6 5 7 6 6 8 5 7 9 1 9 9 8 0 -1 - 1 1 4 0 7 3 1 0 9 2 6 8 1 3 1 6 6 -1 - 1 4 9 7 0 0 5 2 2 0 1 1 1 1 1 , , , , , 4 3 4 4 4 4 9 2 1 1 1 8 8 0 0 1 1 1 1 1 , , , , , 4 3 4 4 4 4 9 2 1 1 8 9 3 2 3 - - - - 1 7 3 2 5 4 9 3 1 - - - - 1 1 2 2 0 2 Oct. 2 2 1 6 7 0 3 . . . . . . . . . . . . 3 3 3 3 0 0 1 0 , , , , 7 0 4 9 7 0 2 9 1 2 4 3 3 3 3 3 0 0 0 0 , , , , 8 7 3 6 6 7 7 5 1 9 3 3 2 2 4 1 1 5 9 4 0 1 4 4 3 3 4 1 0 3 9 3 9 2 - - - 4 1 3 -9 0 2 6 5 0 2 2 5 5 5 5 , , , , 6 6 5 8 1 6 0 4 3 8 8 4 5 5 5 5 , , . , 6 8 6 5 7 1 0 9 1 8 8 3 - - - 2 2 10 5 7 5 1 1 2 3 3 0 9 5 3 0 - -1 1 - - 4 5 2 2 5 6 8 5 1 1 1 1 , , , , 4 4 4 3 4 2 5 1 1 9 3 3 1 1 1 1 , , , , 4 4 4 3 2 6 3 2 1 4 2 2 - -1 1 1 1 9 8 9 5 4 4 7 - -6 2 1 5 6 4 9 Nov. 2 1 1 3 4 0 7 . . . . . . . . . . . . . . . . 3 3 3 3 0 1 0 0 , , , , 9 1 5 7 6 7 8 1 1 2 0 6 3 3 3 30 0 0 0 , , , , 5 9 5 5 6 8 7 7 5 4 0 2 3 1 1 9 8 4 1 6 8 4 0 2 2 5 1 1 8 3 2 6 7 8 2 - - 1 3 - 1 9 1 9 8 9 2 4 0 5 5 5 5 , , , , 6 5 5 7 8 8 8 0 1 9 9 5 5 5 5 5, , , , 7 5 6 5 6 2 9 2 1 6 7 0 - - 5 8 6 5 6 9 5 1 2 6 5 1 4 0 -1 - - 8 2 2 5 1 9 0 5 1 1 1 1 , , , , 3 4 3 4 5 3 7 4 8 5 6 7 1 1 1 1 , , , , 4 3 4 4 7 0 3 0 4 6 3 0 - - 1 3 3 1 6 0 5 4 47 - - 6 3 3 1 3 0 5 4 Dec. 2 2 1 8 1 2 9 5 .. * p p . . . . . . . . . . . 3 3 3 3 3 1 1 1 0 1 , , , , , 1 9 1 7 2 3 5 4 7 9 6 1 3 5 2 3 3 3 3 3 0 0 0 1 1 , , , , , 9 6 6 1 5 4 8 8 0 9 6 0 5 0 3 5 3 1 1 9 5 9 4 1 0 8 0 3 2 2 7 1 1 2 0 5 4 6 7 5 9 4 - - 1 1 1 1 3 1 8 4 6 2 5 4 2 3 5 5 5 5 5 , , , , , 7 6 7 7 7 0 7 4 9 0 1 1 9 9 4 5 5 5 5 5 , , , , . 7 5 6 7 7 3 9 0 6 6 8 9 4 4 0 - - 1 5 1 6 6 6 5 7 3 222 - - - - 5 9 5 7 6 9 4 6 6 7 1 1 1 1 1 , , , , , 4 5 4 3 3 7 3 8 5 7 2 8 4 6 2 1 1 1 1 1 , , , , , 4 4 4 3 3 5 6 8 4 1 1 6 6 6 4 - - 1 1 4 2 5 3 0 2 1 2 8 4 2 1 7 1 4 - - 1 5 1 2 1 6 0 1 7 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 BBoorrrrooww-- BBoorrrrooww-- PPPeeerrriiioooddd iinnggss aatt FFrreeee iinnggss aatt FFrreeee FF..RR.. rreesseerrvveess FF..RR.. rreesseerrvveess T h o e t ld al Required1 Excess BBaannkkss T h o e t ld al Required1 Excess BBaannkkss 3,140 1,953 1,188 1,188 1,568 897 671 3 668 , 1939—Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1950—Dec. 7,950 7,851 100 20 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. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 1970—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 11,754 11,789 -35 119 -154 11,049 10,875 174 10 164 11,923 11,832 91 136 -45 11,223 11,063 160 68 92 11,743 11,735 8 181 -173 11,256 11,078 178 161 17 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.? 12,175 12,230 -55 22 -77 11,925 11,754 171 43 128 1971—Dec.7' Week ending— 11,325 11,269 56 301 -245 10,733 10,528 205 47 158 1970—Dec. 2 11,363 11,356 7 263 -256 10,656 10,485 171 27 144 9 11,415 11,460 -45 294 -339 10,650 10,497 153 28 125 16 11,611 11,564 47 261 -214 10,772 10,592 180 25 155 23 11,682 11,666 16 245 -229 10,956 10,718 238 25 213 30 12,044 11,939 105 101 4 11,389 11,210 179 27 152 1971—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 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 11,856 11,898 -42 375 -417 11,430 11,275 155 218 -63 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 SSeepptt.. 11 12,182 12,138 44 588 -544 11,526 11,330 196 173 23 88 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 11,967 11,973 -6 201 -207 11,802 11,705 97 140 -43 24 12,181 12,025 156 282 -126 11,955 11,736 219 154 65 DDeecc.. 11 11,932 11,992 60 15 -75 11,784 11,638 146 44 102 88 12,142 12,098 44 * 44 11,818 11,637 181 27 154 15* 12,220 12,255 -35 24 -59 11,851 11,747 104 27 77 22v 12,489 12,441 48 58 -10 12,079 11,907 172 61 111 29^ 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 • JANUARY 1972 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers 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 o t B w F o in r . - R gs . F i b e n N d a t e n e e t k r r - a l S d u e r o f p i r c lu it s r P e e q a r u v o c f i g r e . e n d 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 o u P h f y a u n s i r n e e - g s t s b o S e f a l a n l l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f r i a r o n l o w g e m s r - s 4 lo N a e n t s Banks funds reserves banks trans. Total—46 banks 1971—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 11.... -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 Dec. 1 350 371 5,641 -5,662 44.2 10,289 4,647 4,140 6,148 507 1,713 206 1,507 8.... 155 7,098 -6,943 54.1 11,121 4,022 3,796 7,325 227 1,789 164 1,625 15.... 76 7,844 -7,769 59.1 12,107 4,263 3,909 8,199 354 1,844 224 1,620 22.... -35 98 7,636 -7,768 58.9 12,040 4,404 4,007 8,033 397 1,837 207 1,631 29.... 40 116 6,586 -6,662 49.8 11,080 4,494 3,925 7,154 569 1,614 328 1,268 8 in New York City 1971—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 Dec. 1 189 217 1,732 -1,759 35.1 2,746 1,014 1,005 1,740 1,286 50 1,235 8. .. . 122 2,381 -2,259 44.4 3,223 843 822 2,402 1,299 76 1,223 15... . 39 3,112 -3,073 59.0 3,763 652 652 3,112 1,384 76 1,308 22.... 3,236 -3,317 63.4 3,895 659 659 3,236 1,281 39 1,242 29... . 2,698 -2,780 52.9 3,399 702 702 2,697 1,182 60 1,122 38 outside New York City 1971—Nov. 3 4,196 -4,108 52.6 7,546 3,350 2,993 4,553 357 408 164 244 1 1 0 7 . . . . . .. . -62 4 122 4 4, , 0 3 5 2 4 3 - -4 4 , , 1 3 7 8 2 5 5 55 2 . . 4 6 8 8 , , 1 0 0 3 9 3 4 3 , , 0 7 5 1 6 0 3 3 , , 1 3 2 1 1 0 4 4, , 7 9 9 1 9 2 7 58 4 9 6 2 5 8 2 3 3 2 3 6 1 9 2 - 2 3 5 0 3 24.... 23 138 3,689 -3,803 49.1 7,443 3,754 3,016 4,427 739 302 286 16 Dec. 1 161 154 3,910 -3,903 50.1 7,543 3,633 3,135 4,408 498 428 156 272 8... . 34 4,718 -4,684 60.4 7,897 3,180 2,974 4,924 206 490 89 402 15.... 37 4,732 -4,696 59.1 8,344 3,612 3,257 5,087 354 460 148 312 22.... -27 4,400 -4,451 55.9 8,145 3,745 3,348 4,797 397 557 168 389 29.... 48 3,888 -3,883 47.9 7,680 3,792 3,223 4,457 569 433 268 164 5 in City of Chicago 1971—Nov. 3.... 1,552 -1,528 119.5 2,036 484 484 1,552 97 97 10.... 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 Dec. 1 56 1,068 -1,058 83.8 1,695 627 611 1,084 92 92 8 6 1,337 -1,331 107.3 1,933 596 574 1,360 114 114 15.... 21 1,739 -1,718 129.5 2,275 536 536 1,739 168 168 22.... -12 1,423 -1,450 112.4 2,040 617 574 1,466 195 195 29.... 53 1,257 -1,225 92.8 1,945 612 1,333 91 91 33 others 1971—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 Dec. 1 105 109 2,842 -2,845 43.5 5,848 3,007 2,524 3,324 482 335 156 179 8. .. . 28 3,381 -3,353 51.4 5,964 2,584 2,400 3,564 184 376 89 288 15.... 16 2,994 -2,978 45.0 6,069 3,075 2,721 3,348 354 293 148 144 22.... -15 10 2,977 -3,002 45.0 6,105 3,129 2,774 3,331 355 362 168 194 29... . -5 21 2,631 -2,657 39.1 5,736 3,105 2,611 3,124 494 342 268 73 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

JANUARY 1972 • 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 i Under Sec. 10(b) 2 last par. Sec. 13 3 Federal Reserve Bank D R e a 1 c t 9 e . 7 1 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us D R e a 1 c t 9 e . 7 1 3 o 1 n , Ef d fe a c te ti ve Pre ra v t i e o us D R e a 1 c t 9 e . 7 1 3 o 1 n , Ef d fe a c te ti ve Pre r v a i te o us B N o ew st o Y n ork. . . 4 4 1 1 / / 2 2 D D e e c c . . 1 1 3 7 , , 1 1 9 9 7 7 1 1 4 4 3 3 4 4 D D e e c c . . 1 1 3 7 , , 1 1 9 9 7 7 1 1 S 5 V V 4 A 6 6 1 V / 2 2 D D e e c c . . 1 17 3 , , 1 1 9 9 7 7 1 1 6 63 % 4 R P C h i le c il v h a e m d l e a o l n n p d d h . i . a . . . . 4 4 4 1 1 1 / / / 2 2 2 D D D e e e c c c . . . 2 1 1 4 7 7 , , , 1 1 1 9 9 9 7 7 7 1 1 1 4 4 4 3 M % 4 D D D e e e c c c . . . 2 1 1 4 7 7 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 5 5 1 V V /4 a 4 6 6 6 V V V 2 2 2 D D D e e e c c c . . . 2 1 1 4 7 7 , , , 1 1 1 9 9 9 7 7 7 1 1 1 6 6 6 3 3 3 ^ 4 ^ A C D K M S S t a h a t a . i n l i l n n a L c l n s a n a F o a s e t g r s u a a o a i p s n C o c i l i t i s y s c . . o . . 4 4 4 4 4 4 4 1 1 1 1 1 1 1 / / / / / / / 2 2 2 2 2 2 2 D D D D D D D e e e e e e e c c c c c c c . . . . . . . 2 2 2 1 1 1 1 4 3 3 3 3 3 7 , , , , , , , 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 4 4 4 4 4 4 4 3 % 3 % 3 % % /4 4 4 D D D D D D D e e e e e e e c c c c c c c . . . . . . . 2 2 2 1 1 1 1 3 3 4 7 3 3 3 , , , , , , , 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 V / / / / 4 4 4 4 4 4 4 6 6 6 6 6 6 6 1 V V V * V V / 4 2 2 2 2 2 2 D D D D D D D e e e e e e e c c c c c c c . . . . . . . 2 2 2 1 1 1 1 3 4 3 3 3 7 3 , , , , , , , 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 6 6 6 6 6 6 6 3 3 3 3 3 3 3 / / 4 4 4 4 4 4 4 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for F.R. Bank maturity: 4 months. purchase. Maximum maturity: 90 days except that discounts of certain 3 Advances to individuals, partnerships, or corporations other than bankers' acceptances and of agricultural paper may have maturities not member banks secured by direct obligations of, or obligations fully over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. I 1 n 9 5 e 5 ff — ec A t p D r e . c. 1 3 4 1 , 1954 W l1/2 i - l3/4 1 iy V 2 2 1959— M M a a y r. 2 1 9 6 6 , , 2 3 i/ 3 2 - - 3 3 1 /2 3 3 3 1 /2 1969—Apr. 4 8 51/ 6 2 -6 6 6 15 l1/2-l34 13/4 June 12, 31/2 31/2 May 2 134 134 Sept. 11, 31/2-4 4 1970—Nov. 11 534-6 6 Aug. 4 134-214 134 18, 4 4 13 534-6 534 5 134-214 2 16 534 534 12 2 -214 2 1960—June 3. 31/2-4 4 Sept. 1 9 3 2 21 - / 2 4 1 4 2 21 1 / 4 4 1 1 0 4 . . 31 3 /2 1 - / 4 2 3 3 1 1 / / 2 2 Dec. 4 1 5 5 1 1 / / 2 2 - - 5 5 3 3 / 4 4 5 51 3 / 4 2 Nov. 18 21/4-21/2 21/2 Aug. 12. 3 -31/2 3 11 51/2 51/2 23 21/2 21/2 Sept. 9. 3 3 1956—Apr. 2 1 0 3 2 2 1 3 / / 2 4 - - 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 1971—Jan. 1 8 5 51/ 5 4 1 -5 4 1 /2 5 51 1 / 4 4 Aug. 24 234-3 3 19 5 -514 51/4 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. 22 234-3 3 14. 4 4 Nov. 11 434-5 5 2 4 234-3 23/4 Nov. 20. 4 -41/2 41/2 19 434 434 Mar. 7 214-3 21/4 27. 41/2 41/2 13 214-234 21/4 Dec. 13 41/2-434 434 21 214 214 1968—Mar. 15. 41/2-5 41/2 24 41/2 41/2 A M p a r y . 1 9 8 134 l3 - 4 2 1/4 1 1 3 3 / / 4 4 Apr. 2 1 2 9 . . 5 5 -51/2 5 51 /2 In effect Dec. 31, 1971 41/2 41/2 Aug. 15 13/4-2 13/4 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. 51/4-51/2 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 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 2.75; 1962—Mar. 20-21, 2.75; 1964— above). For data before 1955, see Banking and Monetary Statistics, 1943, Dec. 10, 3.85; Dec. 15, 17, 22, 24, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; pp. 439-42 and Supplement to Section 12, p. 31. 1968—Apr. 4, 5, 11, 15, 16, 5.125; Apr. 30, 5.75; May 1-3, 6, 9, 13-16, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 5.75; June 7, 11-13, 19, 21, 24, 5.75; July 5, 16, 5.625; Aug. 16, 19, 5.25; against U.S. Govt, obligations was the same as its rate on loans to member 1971—Jan. 21, 27, 4.75; Feb. 1-2, 4.50; 4, 11, 4.25; 16-17, 4.00; 18-19, banks under Sees. 13 and 13a, except in the following periods (rates in 3.75. Mar. 1-2, 10, 12, 15-18, 24, 29-31, 3.75. Apr. 1-2, 5-6, 3.75; 13, 15, percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 21, 28, 4.125. May 3-6, 17, 4.125; 18-20, 4.375; 26-27, 4.50; June 1, 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 4.50; Nov. 15-18, 4.75; Dec. 17, 4.125; 22, 405; 23, 3.75; 27, 3.75; 28-29, I960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; 3.625; 30, 3.625 and 3.75. Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS • JANUARY 1972 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 kk rr vv aa ss ee ll bb ss cc aa RR ee ii nn rr tt ee vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- bbb ccclll aaa aaa ((( nnn ooo aaa sss fff kkk lll sss lll eee sss sss ))) EEEffffffeeeccctttiiivvveee dddaaattteee 111 $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r i l- $ U 5 n m de i b r l- a nk $ s O 5 v m er i l- dd SS ee iinn ii pp aa tt gg ss oo vv ss -- ss -- $ U 5 ti n m m d e e i r l- dep $ O 5 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 I6I/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 3333VVVViiii 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 11112222%%%% 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 111111111199999999991111111111//////////zzzzzzzzzz 111777111///222 UUUVVV222 MMMaaarrr... 222000,,, AAAppprrr... 111............ 11111111119999999999 111777 111111 1969—Apr. 17 11117777 111177771111////2222 11112222////2222 11113333 AAAppprrr... 111777 IIIIIIIIII8888888888IIIIIIIIII//////////2222222222 Apr 24 11111111118888888888 II6611//22 11997700 OOcctt.. 11 55555 I960—Sept. 1 111111111177777777771111111111//////////2222222222 Nov. 24 1122 IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,, 111999777111... 111777 111777111///222 111222111///222 111333 333 333 55555 Dec 1 III666III///222 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: 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 percent. Regulation D imposes a similar reserve requirement on bor- MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937--Nov. 1 1945—Feb. 4 40 50 1945--Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946—Jan. 21 1947—Jan. 31 100 100 1947--Feb. 1 1949—Mar. 29 75 75 1949-—Mar. 30 1951—Jan. 16 50 50 1951-—Jan. 17 1953—Feb. 19 75 75 1953--Feb. 20 1955—Jan. 3 50 50 1955-—Jan. 4 Apr. 22 60 60 Apr. 23 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 1970-—May 6 1971—Dec. 2 65 50 65 Effective Dec. 3, 1971 55 50 55 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

JANUARY 1972 • 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 L 12 e s m s o th n a t n h s 1 o 2 r m m o o n r t e h . s . . 4 3 1/2 4 3 1/2 Ot M he u r lt t i i p m l e e d m e a p t o u s r i i t t s y : : 2 3 30-89 days 4 4'/Z 90 days-1 year. .. 5 1 year to 2 years., 51/2 2 years and over.. 5V Sinele-maturity: 5 4 Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more. . ., 4 1 year to 2 years.. 51/2 9 6 0 m d o a n ys t h t s o to 6 m 12 o n m t o h n s t .. h s . 2 3 1 % /2 41/2 5% $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : . 51/2 53/ 4 Le ( s 3 s 0 t - h 8 a 9 n d 9 a 0 y s d ) a ys 1 4 3 60 0 - - 8 5 9 9 d d a ay y s s 5 5^ V 2 4 ( ( 4 4 ) ) 90-179 days 5Vi 6 63/4 180 days to 1 year. W/4 7 1 year or more. .. 51/2 7Vi 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. 31 6 M 7. ultiple-maturity time deposits include deposits that are automatih ra o t w e e p v a e y r, a b a l e m b e y m b S e t r a te b a b n a k n k m s ay o r n o tr t u p st a y c o a m r p a a te n i i e n s e o x n c e l s i s k e o f d t e h p e o s m it a s xi u m nd um er 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 614 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6Yi per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k l b s 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 ll kk ll bb ss ee rr Y N o ew rk 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 Nov. 3, 1971 Four weeks ending Dec. 1, 1971 Gross demand—Total. 195,315 44,321 7,853 68,235 74,906 Gross demand—Total 193,795 42,850 7,887 67,887 75,172 Interbank 27,881 13,555 1,458 9,793 3,075 Interbank 27,383 13,208 1,484 9,618 3,073 U.S. Govt 4,020 552 166 1,520 1,782 U.S. Govt 3,074 383 106 1,149 1,436 Other 163,415 30,214 6,230 56,922 70,049 Other 163,339 29,259 6,296 57,120 70,663 Net demand 1 144,356 25,338 6,003 51,028 61,987 Net demand 1 144,670 25,299 5,971 50,878 62,522 Time 206,090 25,795 7,775 74,195 98,325 Time 206,995 25,570 7,746 74,689 98,990 Demand balances due Demand balances due from domestic banks 11,145 1 157 199 2,634 157 from domestic banks... 11,483 1,402 287 2,724 7,070 Currency and coin.... 5,390 435 104 1,698 154 Currency and coin 5,445 441 104 1,711 3,190 Balances with F.R. Balances with F.R. Banks 25,400 5,233 1,304 10,338 8,525 Banks 25,491 5,205 1,301 10,361 8,624 Total reserves held.... 30,790 5,668 1,408 12,036 11,679 Total reserves held 30,936 5,646 1,405 12,072 11,814 Required 30,613 5,661 1,404 12,028 11,520 Required 30,703 5,604 1,400 12,047 11,652 Excess 177 7 4 159 Excess 233 42 5 25 162 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

12 FEDERAL RESERVE BULLETIN • JANUARY 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1971 1971 1970 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. 1 Dec. 31 Nov. 30 Assets Gold certificate account 9,875 9,875 9,875 9,875 9,875 9,875 9,875 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 Cash 253 246 252 244 254 261 258 Loans: t Member bank borrowings 1,338 828 29 85 64 39 146 Other Acceptances: Bought outright 80 66 56 80 Held under repurchase agreements. 183 181 Federal agency obligations: Bought outright 485 485 340 340 340 485 340 Held under repurchase agreements. 111 93 101 U.S. Govt, securities: Bought outright: Bills 29,734 29,315 8,852 29,702 29,351 30,156 29,081 Certificates—Other. Notes 35,554 35,554 35,554 35,554 35,466 35,554 35,466 Bonds 3,286 3,286 3,286 3,286 3,270 3,286 3,270 Total bought outright 1 68,574 i 68,155 1-267,692 i 68,542 1-268,087 i 68,996 1 '267,817 Held under repurchase agreements. 2,589 12 219 1,222 Total U.S. Govt, securities. 71,163 68,167 67,692 68,761 68,087 70,218 67,817 Total loans and securities 73,360 69,558 68,127 69,361 68,547 71,104 68,361 Cash items in process of collection. . . "12,238 "13,363 "13,299 "11,212 "11,070 "11,906 "10,235 Bank premises 151 150 150 148 149 150 148 Other assets: Denominated in foreign currencies. 14 14 13 12 19 17 15 IMF gold deposited 3 144 144 144 144 144 144 144 All other 805 710 676 625 650 757 534 Total assets. "97,240 "94,460 "92,936 "92,021 "91,108 "94,614 "89,970 Liabilities F.R. notes 54,328 54,439 54,114 53,862 53,431 53,819 Deposits: Member bank reserves "29,324 "25,174 "24,082 "25,600 "23,377 "27,780 "23,718 U.S. Treasurer—General account. 1,955 2,031 2,127 936 2,567 2,020 1,994 Foreign 281 473 173 187 128 294 177 Other: IMF gold deposit 3 144 144 144 144 144 144 144 All other 610 581 565 635 573 874 555 Total deposits. "32,314 "28,403 "27,091 "27,502 "26,789 "31,112 "26,588 Deferred availability cash items 8,236 9,368 9,533 8,228 8,535 7,552 7,592 Other liabilities and accrued dividends4. 631 573 588 609 599 647 606 Total liabilities "95,509 "92,783 "91,326 "90,201 "89,354 "93,130 "88,225 Capital accounts Capital paid in 740 738 738 737 736 742 735 Surplus 702 702 702 702 702 742 702 Other capital accounts 289 237 170 381 316 308 Total liabilities and capital accounts "97,240 "94,460 "92,936 "92,021 "91,108 "94,614 "89,970 Contingent liability on acceptances purchased for foreign correspondents 255 255 255 256 257 254 258 Marketable U.S. Govt, securities held in custody for foreign and international accounts 27,549 27,697 26,740 25,866 24,600 27,227 24,409 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 57,427 57,214 56,897 56,588 56,314 54,954 56,286 53,745 Collateral held against notes outstanding: 2,670 2,670 2,670 22,,667700 22,,669955 22,,667700 22,,774455 33,,333300 U.S. Govt, securities 55,675 55,665 55,500 55,150 54,880 55,875 54,580 51,415 Total collateral 58,345 58,335 58,170 57,820 57,575 58,545 57,325 54,745 t Previously referred to as Discounts and advances. 3 See note 1 (b) to table at top of p. A-77. 1 See note 6 on p. A-5. 4 No accrued dividends at end-of-December dates. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 •FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1971 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a - a - C 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. i s M ap i o n l n i e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets G Sp o e l c d i a c l e D rti r f a i w ca i t n e g a R cc ig o h u t n s t certif. acct.. . 99,,88 44 77 00 55 CC 5577 22 22 33 11,,9955 99 77 33 4477 22 11 33: 97 3 3 3 l i l i 8899 33 44 66 37 2 5 2 11,,7788 77 55 00 i » 34 1 6 5 i ; i ; 2255 ii :: 5544 11 66 55 1 ; 9 1 8 4 11,,8833 44 33 99 F.R. notes of other banks 11,,113355 114444 116644 8822: 69»» 110000I 205;; 8822: 40II 3311 4411 48 112299 Other cash 226611 2211 1111 21 3388 32 2288: 17 88 2266; 14 3300 99 Lo S a e n c s u : r f e d by U.S. Govt, and agency •• 3399 1177 33 33 11 55 1100 Other Acceptances: 8888800000 8888800000 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss..... 111118888811111 111118888811111 FFFFFeeeeedddddeeeeerrrrraaaaalllll aaaaagggggeeeeennnnncccccyyyyy ooooobbbbbllllliiiiigggggaaaaatttttiiiiiooooonnnnnsssss::::: BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 444448888855555 23 111111111177777 27 39 36 27 79 19 9 20 22 67 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.......... 111110000011111 111110000011111 UUUUU.....SSSSS..... GGGGGooooovvvvvttttt,,,,, ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss::::: BBBBBooooouuuuuggggghhhhhttttt ooooouuuuutttttrrrrriiiiiggggghhhhhttttt 111116666688888,,,,,999999999966666 3,334 1111166666,,,,,777771111144444 3,823 5,492 5,162 3,784 11,282 2,649 1,252 2,795 3,180 9,529 HHHHHeeeeelllllddddd uuuuunnnnndddddeeeeerrrrr rrrrreeeeepppppuuuuurrrrrccccchhhhhaaaaassssseeeee aaaaagggggrrrrreeeeeeeeeemmmmmeeeeennnnntttttsssss.......... 11111,,,,,222222222222222 11111,,,,,222222222222222 TTTTToooootttttaaaaalllll llllloooooaaaaannnnnsssss aaaaannnnnddddd ssssseeeeecccccuuuuurrrrriiiiitttttiiiiieeeeesssss 7711,,110044 3,357 1188,,443322 3,850 5,531 5,201 3,811 11,364 2,668 1,262 2,820 3,202 9,606 CCCCCaaaaassssshhhhh iiiiittttteeeeemmmmmsssss iiiiinnnnn ppppprrrrroooooccccceeeeessssssssss ooooofffff cccccooooolllllllllleeeeeccccctttttiiiiiooooonnnnn............... 1155,,668800 840 22,,992222 803 981 1,104 1,528 2,498 854 709 969 1,102 1,370 BBBBBaaaaannnnnkkkkk ppppprrrrreeeeemmmmmiiiiissssseeeeesssss 115500 2 88 3 24 13 16 16 15 19 17 9 8 OOOOOttttthhhhheeeeerrrrr aaaaasssssssssseeeeetttttsssss::::: * DDDDD IIIIIMMMMM eeeeennnnn FFFFF ooooo ggggg mmmmm ooooo iiiii lllll nnnnn ddddd aaaaa ttttt ddddd eeeee eeeee ddddd ppppp ooooo iiiiinnnnn sssss iiiii fffff ttttt ooooo eeeeeddddd rrrrreeeee iiiii 33333 ggggg nnnnn cccccuuuuurrrrrrrrrreeeeennnnnccccciiiiieeeeesssss.......... 1144 11 44 77 1 1122 4444 2 1 2 1 1 2 AAAllllll ooottthhheeerrr 775577 58 118833 39 54 53 41 113 26 15 28 33 114 TTToootttaaalll aaasssssseeetttsss 99,523 5,006 23,928 5,283 7,694 7,440 6,031 15,958 3,982 2,076 4,463 4,521 13,141 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 5544,,995544 2,925 1133,,446622 3,237 4,473 4,803 2,809 9,573 2,119 914 2,045 2,133 6,461 DDDeeepppooosssiiitttsss::: M U M U M U... eee SSS mmm ... bbb TTT eee rrr rrr eee aaa bbb sss aaa uuu nnn rrr kkk eee rrr rrr ——— eeesss GGG eeerrr eee vvv nnn eee eee sss rrr aaalll aaaccccccooouuunnnttt...... 22 22 77 ,, ,, 00 77 22 88 00 00 1,1 1 1 4 6 9 66,,99 33 66 88 00 77 1,1 1 6 5 4 5 1,9 1 6 6 9 4 1,53 9 1 8 1,7 1 2 3 5 9 3,7 2 5 5 1 5 1,0 1 1 5 5 4 68 5 2 9 1,3 1 2 6 8 4 1,43 8 7 3 5,1 2 0 1 2 3 FFFooorrreeeiiigggnnn 229944 13 44 8888 14 25 14 19 42 10 6 12 16 35 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 333 114444 114444 AAAllllll ooottthhheeerrr 11,,223377 17 770066 24 33 41 57 137 27 13 81 20 81 TTToootttaaalll dddeeepppooosssiiitttsss 31,475 1,295 8,285 1,357 2,191 1,684 1,940 4,185 1,206 760 1,585 1,556 5,431 DDDeeefffeeerrrrrreeeddd aaavvvaaaiiilllaaabbbiiillliiitttyyy cccaaassshhh iiittteeemmmsss 10,963 689 1,627 581 847 834 1,150 1,884 585 356 746 715 949 647 29 168 32 47 43 32 94 22 12 23 35 110 OOOttthhheeerrr llliiiaaabbbiiillliiitttiiieeesss aaannnddd aaaccccccrrruuueeeddd dddiiivvviiidddeeennndddsss 98,039 4,938 23,542 5,207 7,558 7,364 5,931 15,736 3,932 2,042 4,399 4,439 12,951 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss CCCaaapppiiitttaaalll aaaccccccooouuunnntttsss 742 34 193 38 68 38 50 111 25 17 32 41 95 CCCSSSuuuaaappprrrpppiiitttlllaaauuulll sssppp......aaa... iiiddd iiinnn 742 34 193 38 68 38 50 111 25 17 32 41 95 OOOttthhheeerrr cccaaapppiiitttaaalll aaaccccccooouuunnntttsss TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss...... 99,523 5,006 23,928 5,283 7,694 7,440 6,031 15,958 3,982 2,076 4,463 4,521 13,141 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnnddd--- 254 12 5 66 13 23 13 17 38 9 6 11 14 32 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5577,,449900 33,,110077 1144,,006633 33,,333355 44,,669911 44,,996622 3,039 99,,990099 22,,221122 948 2,124 22,,227755 6,825 Collateral held against notes outstanding: Gold certificate account . • 22,,667700 117755 550000 330000 335500 448855 770000 115555 55 TToottaall ccoollllaatteerraall 58,545 3,175 14,300 3,450 4,750 5,005 3,100 10,000 2,285 970 2,175 2,335 7,000 t Previously referred to as Discounts and advances. 5 After deducting $188 million participations of other F.R. Banks. 1 See note 6 on p. A-5. 2 After deducting $13 million participations of other F.R. Banks. NOTE.—Some figures for cash items in process of collection and for 3 See note 1 (b) to table at top of p. A-77. member bank reserves are preliminary. 4 After deducting $206 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT • JANUARY 1972 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh Exch., c G p h r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r a u o s r s - e s s G sa r l o e s s s m re s a d h t o e i u f r m r ts i p t , y - c G p h r a u o s r s - e s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1970—Nov 22222222222222,,,,,,,,,,,,,,888888888888887777777777777711111111111111 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 333777 66,,336622 888000 --66,,771122 Dec 33333333333333,,,,,,,,,,,,,,444444444444441111111111111144444444444444 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 22222222222222,,,,,,,,,,,,,,888888888888888888888888888833333333333333 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 555 333666555 1971—jan 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 Feb 55555555555555,,,,,,,,,,,,,,888888888888883333333333333322222222222222 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 55555555555555,,,,,,,,,,,,,,333333333333334444444444444477777777777777 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 --33,,773322 111111777777444444 44,,009922 33333333333333,,,,,,,,,,,,,,111111111111114444444444444422222222222222 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222444000 22222222222222,,,,,,,,,,,,,,666666666666660000000000000000000000000000 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222444000 222222666666333333 22222222222222,,,,,,,,,,,,,,222222222222222222222222222299999999999999 11111111111111,,,,,,,,,,,,,,222222222222229999999999999988888888888888 555000 22222222222222,,,,,,,,,,,,,,000000000000003333333333333333333333333333 11111111111111,,,,,,,,,,,,,,222222222222229999999999999988888888888888 555000 2222 111111111111999999 ----2222 May 11111111111111,,,,,,,,,,,,,,222222222222229999999999999911111111111111 222222222222224444444444444488888888888888 11111111111111,,,,,,,,,,,,,,111111111111116666666666666633333333333333 222222222222224444444444444488888888888888 444466664444 444444666666 ----111133336666 June 11111111111111,,,,,,,,,,,,,,999999999999995555555555555555555555555555 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 333777 11111111111111,,,,,,,,,,,,,,888888888888889999999999999933333333333333 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 333777 88882222 333333888888 ----88882222 July 22222222222222,,,,,,,,,,,,,,000000000000006666666666666677777777777777 11111111111111,,,,,,,,,,,,,,666666666666661111111111111177777777777777 111222777 22222222222222,,,,,,,,,,,,,,000000000000006666666666666677777777777777 11111111111111,,,,,,,,,,,,,,666666666666661111111111111177777777777777 111222777 Aug 11111111111111,,,,,,,,,,,,,,888888888888881111111111111188888888888888 11111111111111,,,,,,,,,,,,,,000000000000002222222222222244444444444444 11111111111111,,,,,,,,,,,,,,777777777777770000000000000099999999999999 11111111111111,,,,,,,,,,,,,,000000000000002222222222222244444444444444 999999111 888444 ---444444444 Sept 22222222222222,,,,,,,,,,,,,,111111111111110000000000000022222222222222 11111111111111,,,,,,,,,,,,,,000000000000008888888888888888888888888888 8833 11111111111111,,,,,,,,,,,,,,888888888888881111111111111188888888888888 11111111111111,,,,,,,,,,,,,,000000000000008888888888888888888888888888 8833 4466 111000444 111888999 ---111000444 Oct .... 777777777777777777777777777722222222222222 11111111111111,,,,,,,,,,,,,,111111111111113333333333333333333333333333 777777777777777777777777777722222222222222 11111111111111,,,,,,,,,,,,,,111111111111113333333333333333333333333333 Nov 11111111111111,,,,,,,,,,,,,,888888888888888888888888888833333333333333 11111111111111,,,,,,,,,,,,,,000000000000007777777777777700000000000000 220000 11111111111111,,,,,,,,,,,,,,111111111111112222222222222299999999999999 11111111111111,,,,,,,,,,,,,,000000000000007777777777777700000000000000 220000 2244 --33,,554488 440066 11,,447788 111 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFeeedddeeerrraaalll aaagggeeennncccyyy aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt ooobbbllliiigggaaatttiiiooonnnsss (((nnneeettt))) iii 55 --1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee MMMooonnnttthhh ! iiiinnnn UUUU....SSSS.... UUnnddeerr NNNNeeeetttt c G p h r a u o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . - c G h p r a u o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . - c G h p r a u o s r s - e s s G sa r l o e s s s ssss GGGG eeee iiiitttt oooo cccc iiiieeee uuuu vvvv ssss 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 ee uu ss tt tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 111999777000———NNNooovvv...... 222333 338866 111666 --3366 33333333333333,,,,,,,,,,,,,,888888888888886666666666666633333333333333 44444444444444,,,,,,,,,,,,,,111111111111112222222222222255555555555555 11111111,,,,,,,,222222221111111188888888 ---222777 11111111111111 111333 11111111111111,,,,,,,,,,,,,,222222222222220000000000000044444444444444 DDDeeeccc...... 111111333 444888 55555555555555,,,,,,,,,,,,,,111111111111110000000000000099999999999999 55555555555555,,,,,,,,,,,,,,333333333333333333333333333344444444444444 999999990000000088888888 ---666111 2222222222222211111111111111 ---555000 888888888888881111111111111199999999999999 111QQQ777111 TTTaaannn 22222222222222,,,,,,,,,,,,,,222222222222229999999999999988888888888888 22222222222222,,,,,,,,,,,,,,222222222222229999999999999988888888888888 --------333333335555555599999999 22222222222222 --------------333333333333335555555555555577777777777777 Ffh 1 IRQ --336600 111122221111 44444444444444..............111111111111118888888888888833333333333333 44444444444444,,,,,,,,,,,,,,111111111111118888888888888833333333333333 666666667777777799999999 --------------55555555555555 ************** 666666666666667777777777777733333333333333 MMMMMaaaaarrrrr.......... 222220000055555 77774444 66666666666666,,,,,,,,,,,,,,555555555555556666666666666611111111111111 55555555555555,,,,,,,,,,,,,,222222222222224444444444444422222222222222 11111111,,,,,,,,666666669999999988888888 111888666 8888888855555555 11111111111111,,,,,,,,,,,,,,999999999999996666666666666688888888888888 AAAAAppppprrrrr..... ..... 6666622222 11116666 55555555555555,,,,,,,,,,,,,,000000000000008888888888888855555555555555 66666666666666,,,,,,,,,,,,,,444444444444440000000000000044444444444444 --------444444443333333399999999 ---111888666 33333333333333 --------8888888855555555 --------------777777777777770000000000000077777777777777 MMMMMaaaaayyyyy..... 8888822222 --332277 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 11111111,,,,,,,,000000004444444433333333 88888888888888 4444444488888888 11111111111111,,,,,,,,,,,,,,000000000000009999999999999999999999999999 JJJJJuuuuunnnnneeeee ..... 1111111111 1144 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 777777775555555544444444 --------------11111111111111 --------4444444488888888 777777777777770000000000000055555555555555 JJJJJuuuuulllllyyyyy 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 333333222222333333 --------------77777777777777 333333333333331111111111111166666666666666 AAAuuuggg...... 111666 --554477 888 22222222222222..............111111111111118888888888888844444444444444 11111111111111,,,,,,,,,,,,,,999999999999995555555555555511111111111111 111111,,,,,,000000222222777777 666999 --------------33333333333333 5555555555555555"""""""" 11111111111111,,,,,,,,,,,,,,111111111111114444444444444488888888888888 SSSeeepppttt...... 333444 111444 33333333333333,,,,,,,,,,,,,,666666666666669999999999999977777777777777 33333333333333,,,,,,,,,,,,,,999999999999993333333333333300000000000000 666666999999888888 61 ---666999 --------------11111111111111 --------5555555555555555 666666666666663333333333333344444444444444 OOOcccttt 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 ------333333666666111111 333555 11111111111111 --------------333333333333332222222222222266666666666666 NNoovv.... 226677 11,,992200 5588 115500 55555555555555,,,,,,,,,,,,,,000000000000000000000000000033333333333333 55555555555555,,,,,,,,,,,,,,000000000000000000000000000033333333333333 666666111111333333 222444444 66666666666666 888888888888886666666666666622222222222222 i Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B f e ra lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - 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—Sept 680 580 96 Oct 408 306 97 Nov 265 161 98 Dec 257 154 98 1971—Jan 186 80 99 Feb 107 * 100 Mar 34 * 27 Apr 34 * 27 May 94 * 87 June 96 * 87 July 23 * 12 Aug 23 * 12 Sept 23 * 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1971 1971 1970 Dec. 29 Dec. 22 Dec. 15 Dec, Dec. 1 Dec. 31 Nov. 30 Dec. 31 Loans f—Total 1,338 828 29 85 64 39 146 334 Within 15 days 1,335 823 26 82 61 37 143 332 16 days to 90 days. 3 5 3 3 3 2 3 91 days to 1 year.. Acceptances—Total.. 263 78 66 82 56 261 58 57 Within 15 days 195 15 18 43 13 196 11 11 16 days to 90 days. 63 48 39 43 65 47 46 91 days to 1 year.. U.S. Government securities—Total2. 71,163 68,167 67,692 68,761 68,087 70,218 67,817 62,142 Within 15 days* 7,039 4,390 2,796 3,890 3,294 3,917 1,811 1,995 16 days to 90 days 14,596 14,276 15,336 15,350 15,453 15,825 15,966 12,676 91 days to 1 year 15,635 15,608 15,667 15,498 15,411 16,583 16,111 21,667 Over 1 year to 5 years 25,100 25,100 25,100 25,230 25,209 25,100 25,209 19,089 Over 5 years to 10 years 7,664 7,664 7,664 7,664 7,597 7,664 7,597 6,046 Over 10 years 1,129 1,129 1,129 1,129 1,123 1,129 1,123 669 Federal agency obligations—Total. 596 485 340 433 340 586 340 Within 15 days1 119 8 93 109 16 days to 90 days 20 20 26 26 24 20 24 91 days to 1 year 182 182 120 119 121 182 121 Over 1 year to 5 years 181 181 127 126 126 181 126 Over 5 years to 10 years 61 61 44 46 46 61 46 Over 10 years 33 33 23 23 23 33 23 t Previously referred to as Discounts and advances, 2 Excludes Federal agency obligations held under repurchase agreement. i Holdings under repurchase agreements are classified as maturing Total holdings of such obligations (outright and under repurchase agreewithin 15 days in accordance with maximum maturity of the agreements. ment) are shown below. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts i Turnover of demand deposits (billions of dollars) Period S T M 2 o 3 S t 3 a A l 's L N e .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A 2 . l ) . 3 ' s 2 SM o 2 th 2 S 6 e A r 's S T M 2 o 3 S t 3 a A l 's L N e .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S l Y c A . 2 l ) . ' 3 s 2 SM o 2 th 2 S 6 e A r 's 1970—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 2,453.5 862.5 3.408.9 76.3 168.3 76.8 52.6 42.9 Feb. 11,508.9 5,477.4 2,524.1 031.5 3,507.4 82.0 191.3 79.5 54.0 43.9 Mar. 11,425.9 5.309.7 2,505.3 116.2 3,610.9 79.5 183.5 76.5 53.3 44.1 Apr. 11,658.7 5.356.8 2.597.1 301.9 3,704.8 80.5 185.6 78.7 54.4 44.7 May 11,119.2 4.903.9 2,573.9 215.3 3,641.4 76.6 171.2 77.9 53.4 43.7 June 11,815.7 5,202.8 2.765.2 ;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 ,622.6 3.848.8 79.8 178.9 82.7 55.8 45.2 Aug. 12.369.5 5,704.9 2,795.7 664.7 3.869.0 83.7 198.7 83.4 56.0 45.3 S O e c p t t .. . 1 1 2 2 . , 2 3 7 1 0 0 . . 1 5 5 5 , . 6 7 1 7 3 6 . . 7 2 2 2, . 7 8 1 1 0 5 . . 9 3 4 6 9 9 3 6 . . 9 8 '3 3 , , 7 8 8 8 3 1 . . 1 4 r8 8 3 3 . . 3 0 2 1 0 9 1 1 . . 5 7 8 8 1 4 . . 1 0 5 5 6 4 . . 3 7 r4 4 4 5 . . 4 4 Nov. 12,896.7 6.057.5 2,857.1 839.2 3.982.1 87.0 211.0 85.2 57.3 46.4 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los Angeles-Long Beach. because they have been revised, as described in the Mar. 1967 BULLETIN, p. 389. NOTE.—Total SMSA's includes some cities and counties not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • JANUARY 1972 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 88 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—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 Nov. 60,636 41,699 6,714 2,360 135 3,186 9,329 19,975 18,936 5,272 13,216 204 237 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 NNNooovvv... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777111 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Nov. Oct. Nov. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 1111100000,,,,,111113333322222 ((99,,887755)) 22 225577 Gold certificates (((((99999,,,,,888887777755555))))) 33 99,,887744 1111 Federal Reserve notes 5555566666,,,,,222228888855555 111333222 2222,,,,888844447777 555333,,,333000666 555222,,,OOOiiilll 444999,,,555222666 Treasury currency—Total 77777,,,,,666664444477777 555999 222255558888 777,,,333333000 777,,,222000555 666,,,888555555 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444444888888555555 33333 444444888888222222 448822 448822 Nonsilver dollars 888888444444 66666 111555 666666333333 Fractional coin 666666,,,,,,444444666666111111 5555500000 222444222 666666,,,,,,111111777777000000 6666,,,,111100007777 5555,,,,777766669999 I U n n p it r e o d c e S ss ta t o e f s r n et o i t r e e s m ent4 222222 333333 999999 222222 555555 333333 11111 222222 333333 999999 222222 444444 111111 2222 3333 9999 2222 5555 1111 2222 3333 9999 0000 8888 6666 TToottaall——NNoovv.. 3300,, 11997711 ssss 77774444,,,,000066664444 ((((9999,,,,888877775555)))) 444444448888 9999,,,,888877774444 3333,,,,111100006666 6600,,663366 Oct. 31, 1971 5555 77773333,,,,111199992222 ((((9999,,,,888877775555)))) 444488887777 9999,,,,888877774444 3333,,,,666611114444 5599,,221166 Nov. 30, 1970 5555 77770000,,,,777799999999 ((((11110000,,,,888822227777)))) 444455552222 11110000,,,,888822226666 3333,,,,111144440000 5566,,338811 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. 4 Redeemable from the general fund of the Treasury. 1961 BULLETIN, p. 936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted r Month or week Mi {M\ p M lu i s time (Mi plu M s s d eposits Mi (MI p M lu2 s time {Mi plu M s S 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 iinnssttiittuuttiioonnss))22 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—Dec 214.8 418.2 634.1 221.2 423.5 639.4 1971—Jan 215.3 423.1 642.5 221.4 428.3 647.9 Feb 217.7 430.4 653.7 215.6 427.8 650.8 Mar 219.7 437.1 664.2 217.5 435.7 663.2 Apr 221.2 441.5 672.9 222.3 443.7 675.6 May 223.8 446.6 681.5 219.9 443.7 678.6 June 225.5 450.6 688.6 223.7 449.1 687.5 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 227.7 460.8 711.8 229.6 461.4 711.7 Dec." 228.2 464.7 718.1 235.1 470.3 723.6 Week ending— 1971—Dec. 1 227.6 462.1 230.6 463.2 8 228.6 463.3 232.7 465.9 15 227.6 463.6 235.0 470.1 22 227.8 464.2 235.1 470.2 29" 222288..66 446677..00 223366..00 447722..77 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—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 52.2 175.5 32.2 233.1 265.3 251.0 52.8 176.9 33.7 231.8 265.5 250.3 3.9 Dec." 52.5 175.7 33.4 236.5 269.9 253.4 53.6 185.5 33.9 235.2 269.0 253.4 6.7 Week ending— 1971—Dec. 1 52.2 175.5 32.6 234.5 267.1 52 7 177 9 33.9 232.6 266.5 3.7 8 5555522222.....55555 111117777766666.....11111 3333333333.....22222 222223333344444.....77777 222226666677777.....99999 5555533333.....66666 111117777799999.....11111 3333344444.....44444 222223333333333.....22222 222226666677777.....66666 44444.....44444 15 5555522222.....44444 111117777755555.....11111 3333333333.....00000 222223333366666.....00000 222226666699999.....11111 5555533333.....44444 111118888811111.....66666 3333333333.....44444 222223333355555.....11111 222226666688888.....55555 44444.....22222 22 5555522222.....66666 111117777755555.....22222 3333333333.....66666 222223333366666.....44444 222227777700000.....11111 5555533333.....88888 111118888811111.....33333 3333333333.....88888 222223333355555.....11111 222226666688888.....99999 99999.....00000 29" 5555522222.....66666 111117777766666.....11111 3333344444.....00000 222223333388888.....44444 222227777722222.....44444 5555533333.....66666 111118888822222.....44444 3333344444.....00000 222223333366666.....77777 222227777700000.....77777 88888.....99999 1 Includes, in addition to currency and demand deposits, savings de- NOTE.—For description of revised series and for back data, see pp. 880p th o a s n it s n , e ti g m ot e i a d b e l p e os t i i t m s e o p c e e n r ti a f c ic c a o t u e n s t, o f a n d d e p ti o m si e t c i e s r s t u i e fi d c a i t n e s d o e f n d o e m p i o n s a i t ts io n o s t he o r f 93 A of v e th ra e g N e o o v f e d m a b il e y r fi B g U u L re L s E . T M IN. oney 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 • JANUARY 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 2 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss33 PPPPeeeerrrriiiioooodddd TTToootttaaalll NNNooonnn--- Demand Demand bbbooorrrrrrooowwweeeddd RRReeeqqquuuiiirrreeeddd TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1967—Dec 2255..9944 2255..6688 2255..6600 227733..55 114499..99 111188..99 44..66 227766..22 114488..11 112233..66 44..55 1968—Dec 2277..9966 2277..2222 2277..6611 229988..22 116655..88 112288..22 44..22 330011..22 116633..88 113333..33 44..11 1969—Dec 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 308.6 1970—Dec 29.93 29.58 29.70 319.6 179.9 133.5 6.2 322.8 178.2 138.7 6.0 331.2 334.4 1971—Jan 30.23 29.80 30.03 323.9 183.2 134.1 6.7 328.2 182.8 139.7 5.6 334.1 338.3 Feb 30.52 30.18 30.26 329.1 187.5 135.4 6.2 328.4 187.1 134.3 7.0 337.7 337.0 Mar 30.75 30.40 30.53 333.2 191.7 136.7 4.8 332.2 192.3 135.4 4.5 340.2 339.2 Apr 30.82 30.64 30.61 336.6 193.3 137.9 5.4 337.3 193.6 139.0 4.7 341.7 342.4 May 31.25 30.96 31.00 339.7 195.5 140.0 4.2 338.4 195.8 135.9 6.7 343.8 342.5 June 31.26 30.80 31.05 341.2 197.5 139.9 3.9 340.2 197.6 138.2 4.4 345.7 344.7 July 31.27 30.47 31.09 343.7 199.2 140.8 3.7 344.1 198.9 139.4 5.7 348.0 348.4 Aug 31.65 30.87 31.47 347.1 199.9 141.1 6.1 344.6 200.8 138.1 5.8 351.0 348.6 Sept 32.07 31.63 31.91 349.6 202.9 140.3 6.3 348.2 202.7 139.2 6.3 353.6 352.2 Oct 31.64 31.29 31.46 349.8 205.6 139.6 4.6 350.2 205.9 139.9 4.3 354.7 355.0 Nov 31.85 31 .44 31.60 353.0 207.1 140.4 5.6 351.6 206.9 141.6 3.2 358.4 357.0 Dec.?3 32.00 31.87 31.79 358.6 211.3 141.2 6.1 362.2 209.8 146.7 5.7 362.6 366.2 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 AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted LLooaannss11 pplluuss llooaannss ssoolldd ttoo bbaannkk aaffffiilliiaatteess33 DDDaaattteee Securities Securities TToottaall ii,, 22 LLooaannss11,, 22 TToottaall 11,,22 LLooaannss11,, 22 U.S. Other2 U.S. Other2 S.A. N.S.A. Govt. Govt. 1965 Dec 31 333330000000000.....11111 111119999988888.....22222 5555577777.....11111 4444444444.....88888 333330000077777.....66666 222220000033333.....22222 5555599999.....55555 4444444444.....99999 1966 Dec 31 333331111166666.....11111 222221111133333.....99999 5555533333.....55555 4444488888.....77777 333332222244444.....00000 222221111199999.....00000 5555566666.....22222 4444488888.....88888 1967 Dec 30 333335555522222.....00000 222223333311111.....33333 5555599999.....33333 6666611111.....44444 333336666600000.....88888 222223333366666.....88888 6666622222.....55555 6666611111.....55555 1968—Dec. 31 333339999900000.....66666 222225555588888.....22222 6666611111.....00000 7777711111.....44444 444440000000000.....44444 222226666644444.....44444 6666644444.....55555 7777711111.....55555 1969—Dec. 31 4 444440000022222.....11111 222227777799999.....44444 5555511111.....55555 7777711111.....22222 444441111122222.....11111 222228888866666.....11111 5555544444.....77777 7777711111.....33333 1970—Oct. 28 426.2 289.1 56.3 80.8 425.6 287.5 57.2 81.0 293.5 291.8 Nov. 25 429.3 290.0 56.3 83.0 429.3 288.4 58.3 82.5 293.8 292.3 Dec. 31 435.9 292.0 58.0 85.9 446.8 299.0 61.7 86.1 294.9 301.9 1971—Jan. 27 440.7 293.7 58.9 88.1 439.5 290.9 61.5 87.1 296.6 293.8 Feb. 24 446.1 295.7 60.8 89.6 442.4 292.1 61.4 88.9 298.6 295.0 Mar. 31 449.5 296.5 61.1 91.9 447.7 294.6 61.6 91.5 299.3 297.5 Apr. 28 452.5 298.2 60.7 93.5 450.9 296.7 60.0 94.2 300.9 299.4 May 26 456.1 300.7 60.4 95.1 453.6 300.0 58.8 94.9 303.5 302.8 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 5 310.2 July 28 463.7 304.1 61.6 98.0 463.0 305.6 59.3 98.2 307.0 308.4 Aug. 25 468.4 309.7 60.9 97.8 466.1 309.3 58.7 98.1 312.4 312.0 Sept. 29 ^ 472.4 313.0 59.9 99.5 472.0 313.4 58.7 99.9 316.0 316.4 Oct. 21v 476.5 316.4 59.1 101.0 475.8 314.5 60.0 101.3 319.3 317.4 Nov. 24P 478.4 317.5 58.9 102.0 478.5 316.0 61.1 101.4 320.3 318.8 Dec. 31 F 482.9 318.6 60.3 103.9 494.9 326.3 64.6 104.1 321.5 329.2 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 3 b i I l n li c o l n u d a e r s e l i o n a c n l s u d s e o d ld in o u " t O ri t g h h e t r b s y e c c u o r m it m ie e s r " c r ia a l t h b e a r n t k h s a n to " o L w o n a n su s b ." s idiaries, TIN N , O p T p E .. . — 97 S 4 e - r 7 ie 5 s . r F ev o i r s e m d. o n F t o h r l y m o d n a t t h a, l y 1 d 9 a 4 t 8 a - 5 1 8 9 , 5 9 se - e 7 0, A s u e g e . D 1 e 9 c 6 . 8 1 97 B 1 U L B L U E L T L IN E- , 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 all 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

JANUARY 1972 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date c c s G S a e a to t r D o n e t c d l i s R d k f 1 i - T r s c o e r u i t u n n e a u r g a n r c y t - - y s 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 s c d n e u e r k r r v i a s t e l i es Other3 O r s i e t t c i h e u e s - r c l T n a i i a n e p a t o n i b t e i t e — d t t a i s a l l - l , c d u e T r a p o r n o e t d a s n i l c t y 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—Dec. 31. 11,132 7,149 580,899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—Jan. 27. , 11,100 7,200 574,100 346,300 127,000 64,700 62,000 300 100,800 592,400 527,200 65,200 Feb. 24., 11,100 7,200 577,500 347,300 127,200 64,800 61,700 700 103,000 595,800 529,600 66,300 Mar. 31. , 11,100 7,300 586,700 350,100 129,900 65,000 64,200 800 106,600 605,100 539,100 66,000 Apr. 28., 11,100 7,300 589,300 351,100 128,300 63,400 64,000 900 110,000 607,800 544,300 63,400 May 26. , 10,700 7,400 594,700 355.300 128,100 62.200 64,900 900 111,300 612,800 550,400 62,300 June 30. . 10,732 7,420 608,204 363.301 130,479 63,565 65,518 1,396 114,424 626,356 560,032 66,324 July 28.. 10,700 7,400 605,300 360,100 129,700 62,800 65,800 1,100 115,400 623,400 559,500 64,000 Aug. 25. . 10,500 7,500 611,300 365,700 130,000 62,200 66,400 1,400 115,600 629,300 563,500 65,800 Sept. 29*>, 10,500 7,500 617,000 368,100 131,300 62,200 67,600 1,600 117,500 635,000 567,500 67,600 Oct. 21 P, 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. 24P. 10,500 7,600 625,200 369,500 136,500 64,500 69,500 2,500 119,200 643,300 574,300 69,100 Dec. 29p. 10,500 7,600 642,600 379,400 141,600 67,900 71,200 2,500 121,600 660,800 597,300 63,500 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted U.S. Government Date Total o b r u C e a t n u n s c i k r d - y s e d ju e m D p s a a t o d e e n s - d - d i t 7 s Total o b r u C e a t n u n s c r i k d - y s e d ju e m D p s a a t o d e e n s - - d d i t 7 s Total b m C a e n o r k c m s i a - 8 l b M sa a v u n i t k n u s g a s 9 l S P t a S e o v m y s i s t n a - 3 g l s n e F e i o g t r n - i , o T h c i r u o n a e r g l s a y d h s s - - s b c a a a o A v n n m i t d k n l s g . s B F a A . n R t k . s 1947- Dec. 31.. 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950--Dec. 30.. 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967--Dec. 30.. 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968--Dec. 31.. 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969--Dec. 315. 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31.. 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971--Jan. 27.. 203,300 48,300 155,000 205,900 47,600 158,300 307,600 235,000 72,600 2,500 500 9,500 1,200 Feb. 24.. 204,900 48,500 156,400 203,800 47,900 155,900 313,900 240,400 73,500 2,500 500 7,500 1,400 Mar. 31. . 214,100 49,300 164,800 208,200 48,800 159,400 322,100 247,000 75,100 2,500 500 5,000 900 Apr. 28.. 207,200 48,900 158,300 207,400 48,500 158,800 324,200 248,300 75,900 2,300 500 8,600 1,400 May 26.. 212,400 49,500 162,900 209,900 49,400 160,500 328,400 251,700 76,800 2,300 500 8,500 900 June 30.. 217,900 50,000 167,900 215,010 50,491 164,519 331,873 253,651 78,222 2,482 454 8,939 1,274 July 28.. 213,900 50,400 163,500 213,700 50,500 163,200 334,000 255,800 78,200 2,500 500 7,400 1,400 Aug. 25. . 214,700 50,300 164,400 213,000 50,600 162,300 336,300 257,700 78,600 2,500 500 10,000 1,400 Sept. 29 p. 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. 27p. 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 52,500 166,700 345,800 265,500 80,300 2,600 500 4,700 1,400 Dec. 29p. 223,200 51,100 172,100 230,100 52,200 177,800 350,700 270,000 80,700 2,500 500 11,600 2,000 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 7 O Se t r h i e e r s t b h e a g n a n i n in te r 1 b 9 a 4 n 6 k ; d a a n t d a a U re .S . a v G ai o la v b t. l , e l o es n s l y c a fo sh r l i a t s e t m W s e in d . p o r f o c m e o ss n t o h f . condition beginning June 1969, see BULLETIN for Aug. 1969, pp. 642-46. collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • JANUARY 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Cash lia- Bor- capital Class of bank assets 3 bilities row- acand date Total and Total 3 Demand ings counts U.S. capital De- Treas- Other ac- mand Time5 ury 2 counts4 U.S. Govt. All commercial banks: 1 1 9 9 4 4 1 5 - - - - D D e e c c . . 3 31 1 . . . . . . 1 5 2 0 4 , , 7 0 4 1 6 9 2 2 1 6 , , 7 0 1 8 4 3 9 2 0 1 , ,8 6 0 06 8 7 7, , 3 2 3 2 1 5 2 3 6 4 , , 5 8 5 0 1 6 1 7 6 9 0 , , 1 3 0 1 4 2 1 7 5 1 0 , , 2 2 8 2 3 7 1 1 0 4 , , 9 0 8 6 2 5 1 4 0 4 5 ,3 ,9 4 2 9 1 3 1 0 5 , , 2 9 4 5 1 2 21 2 9 3 7 8 , , 1 9 7 5 3 0 1947--Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,7921 240 1,343 94,367 35,360 65 10,059 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 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 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 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 1970--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 1971-- J J J A A O S M F M u u a e e u c p l n a n a p b y t g r y . e r . t . . . . . 2 2 2 2 2 2 3 2 2 3 7 5 9 8 4 7 8 1 6 0 . . " " . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 8 5 5 9 8 6 8 6 7 6 2 4 8 1 0 7 9 9 8 3 , , , , , , , , , , 5 2 0 2 2 0 6 0 3 5 2 3 5 4 7 3 1 0 4 0 4 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 3 2 2 0 3 2 1 1 1 2 0 2 5 7 1 9 2 5 0 0 5 , , , , , , , , , , 8 8 3 7 0 9 4 3 8 6 8 4 8 4 0 1 8 7 5 0 6 0 0 0 0 0 0 0 0 0 6 5 6 5 6 6 6 5 6 5 0 0 8 8 1 1 1 9 0 8 , , , , , , , , , , 2 0 4 7 7 5 6 2 0 7 5 3 3 7 2 2 2 2 8 4 4 0 0 0 0 0 0 0 0 0 1 9 9 9 9 9 9 9 8 8 0 4 7 8 9 1 4 8 7 8 1 , , , , , , , , , , 1 3 5 8 0 9 1 8 1 3 6 8 0 6 3 7 6 0 5 4 0 3 0 0 0 0 0 0 0 0 9 9 9 8 8 8 8 8 8 8 6 4 5 3 8 2 5 8 4 5 , , , , , , , , , , 1 3 8 5 6 1 4 3 5 8 4 3 6 5 8 8 5 0 8 9 1 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 6 6 9 6 8 5 7 7 9 8 0 1 9 1 0 9 8 6 1 7 2 0 , , , , , , , , , , 4 8 9 2 6 2 0 0 4 8 2 1 3 0 1 0 8 7 7 8 9 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 5 4 5 7 6 6 7 8 9 9 0 8 0 9 3 2 8 3 1 3 7 9 5 , , , , , , , , , , 6 0 7 5 9 4 1 1 5 9 1 4 3 7 5 7 8 4 3 6 8 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 3 3 2 6 4 5 5 6 6 8 1 0 7 , , , , , , , , , , 4 4 8 3 3 3 6 6 9 0 3 0 5 1 4 8 6 5 5 5 0 0 0 3 0 0 0 0 0 0 2 2 2 2 2 2 2 2 1 1 , , , , , , , , , , 2 0 6 1 0 0 0 5 9 9 0 1 1 2 8 3 3 0 9 9 0 7 0 0 0 0 0 0 0 0 7 9 9 7 4 8 8 6 8 5 , , , , , , , , , , 3 4 9 1 5 2 0 7 9 9 1 9 5 0 2 9 2 5 6 4 2 0 0 0 0 0 0 0 0 0 2 2 1 1 1 1 1 1 1 1 0 0 9 9 9 9 9 9 8 9 6 4 5 4 1 8 7 0 8 7 , , , , , , , , , , 9 3 3 9 0 8 3 8 1 1 1 1 5 3 2 6 1 1 8 8 8 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 5 5 6 3 5 5 4 4 4 6 8 4 4 5 2 6 8 7 0 1 , , , , , , , , , , 1 1 2 2 2 3 7 8 4 8 6 1 8 8 6 6 3 8 6 7 8 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 4 2 3 4 7 2 4 6 0 1 , , , , , , , , , , 5 3 0 6 2 1 0 8 5 5 4 2 4 9 5 7 5 3 0 0 7 0 0 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 4 4 5 5 4 5 3 4 3 3 2 3 , , , , , , , , , , 3 5 9 1 9 7 8 5 7 0 1 3 8 1 1 4 0 3 3 5 1 0 0 0 0 0 0 0 0 0 N D o e v c. . 2 2 4 9 " " . . . . 4 5 9 1 5 1 , , 5 6 6 7 0 0 3 3 3 4 3 3 , , 0 5 4 3 0 0 6 6 1 4 , , 1 5 4 5 0 0 1 1 0 0 1 3 , , 3 5 8 9 0 0 9 9 5 5 , , 3 8 5 3 0 0 6 6 1 3 4 2 , , 5 7 7 8 0 0 5 5 0 2 4 4 , , 8 8 3 9 0 0 2 2 8 7 , , 2 0 5 2 0 0 2 2 , , 6 6 0 5 0 0 1 4 1 , , 2 1 0 2 0 0 2 2 0 1 3 3 , , 7 6 6 1 0 0 2 2 6 7 6 0 , , 0 4 2 9 0 0 3 3 0 0 , , 8 9 7 6 0 0 4 4 5 6 , , 7 0 1 8 0 0 M ember of F.R. System: 1 1 1 9 9 9 4 4 4 7 1 5 - - - - - - D D D e e e c c c . . . 3 3 3 1 1 1 . . .. . . . . . 1 4 9 0 3 7 7 , , , 5 8 1 2 4 8 1 6 3 2 3 1 2 2 8 , , , 6 7 0 2 7 2 8 5 1 7 5 1 8 7 9 , , , 3 9 5 3 1 3 8 4 9 6 7 5 , , , 9 3 0 6 0 7 1 4 0 2 2 3 3 9 2 , , , 1 8 8 1 4 4 3 5 5 1 1 6 3 3 8 2 8 , , , 1 0 3 2 6 0 1 0 4 1 1 6 2 2 1 2 9 , , , 7 5 6 1 2 7 7 8 0 1 1 1 2 3 0 , , , 3 5 3 5 8 7 3 5 6 1 6 5 4 4 0 0 22 1 1 , , , 1 7 1 0 7 7 9 6 9 8 6 3 0 9 7 , , , 6 1 6 0 3 4 9 6 0 2 2 1 8 4 2 , , , 3 2 3 4 4 1 0 7 0 20 5 4 8 4 , 8 7 5, , , S 5 4 8 6 9 4 1 1 1 1 9 9 9 9 6 6 6 6 7 8 9 6 - - - -- - - - D D D D e e e e c c c c . . . . 3 3 3 3 1 1 1 0 . . . . . 7 . . . . . 2 2 3 3 9 3 2 6 3 6 5 3 , , , , 7 1 0 6 3 2 8 8 8 0 6 7 2 2 1 1 4 2 9 8 2 0 6 2 , , , , 1 8 2 8 1 4 8 0 9 9 5 2 4 4 4 3 6 7 1 9 , , , , 8 9 8 9 8 5 3 2 1 6 3 4 4 5 3 5 9 4 6 8 , , , , 3 7 9 9 1 8 2 6 5 5 0 0 7 6 7 6 9 8 3 0 , , , , 0 9 7 7 3 4 3 5 4 6 8 6 4 4 3 3 3 1 7 3 2 2 3 4 , , , , 5 2 5 5 4 8 5 7 1 4 0 9 3 3 2 3 2 4 5 9 6 9 5 1 , , , , 0 8 4 0 3 8 1 6 3 3 4 3 2 2 2 1 5 3 0 8 , , , , 8 5 8 7 4 1 1 8 1 9 8 1 1 1 , , 1 0 6 7 6 6 9 0 9 1 4 9 4 4 4 4 , , , , 6 1 3 4 3 1 0 3 1 4 9 2 1 1 1 1 5 6 3 6 1 8 9 3 , , , , 2 9 9 7 1 8 2 5 8 0 0 0 1 1 1 1 4 4 2 6 9 8 7 2 , , , , 8 5 4 6 3 6 4 0 1 9 2 5 1 4 8 5 7 , , , , 6 4 3 3 1 5 7 9 8 8 0 5 3 2 2 3 2 6 8 0 , , , , 2 0 0 0 7 9 4 6 8 8 7 0 1970--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 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 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 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 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 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 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 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 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 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 Oct. 27. . . 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 Nov. 24... 389,468 267,287 44,630 77,551 83,788 492,995 399,678 26,941 2,372 3,317 161,905 205,143 29,776 36,303 Dec. 29".. 402,687 276,319 47,130 79,238 84,104 507,884 416,570 25,656 2,418 9,399 170,172 208,925 29,855 36,562 JReserve city member: New York City:» 1 1 1 9 9 9 4 4 4 5 7 1 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . 2 2 1 0 6 2 , , , 3 1 8 9 4 9 3 3 6 4 7 7 , , , 1 0 3 7 7 3 9 2 4 1 1 7 1 7 , , , 2 9 5 6 7 7 5 2 4 1 1 1 , , , 5 2 2 5 4 3 9 2 5 6 6 7 , , , 2 6 4 6 3 3 1 9 7 2 3 1 7 2 9 , , , 9 8 8 8 8 6 2 7 2 2 3 1 5 0 7 , , , 2 1 9 1 2 3 6 1 2 4 4 4 , , , 4 2 6 5 0 4 3 2 0 1 1 6 7 2 6,9 8 2 4 6 6 0 6 7 1 1 1 2 9 7 , , , 0 0 2 5 8 4 1 7 0 1 1 , , 4 2 8 4 3 0 5 6 7 1 3 9 0 5 2 2 1 , , , 2 1 6 5 2 4 9 8 0 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 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 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 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 1970—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 1971--Jan. 27.. 60,658 45,791 6,01 8,856 21,274 87,437 64,712 11,270 950 1,985 29,761 20,746 4,997 6,449 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 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 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 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 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 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 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 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 Oct. 27.. 61,734 47,971 5,1 8.675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 7,207 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 Dec. 29. . 63,429 49,219 5,231 8,979 23,043 92,432 70,247 11,618 1,117 1,977 31,106 24,429 7,908 7,180 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 Class of bank lia- Borand date Cash bilities row- Total Loans assets3 and Demand ings l U.S. capital Total3 Treas- Other ac- De- Time Time 5 ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: » 9 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 1,333 4.213 385 1,489 7,459 7,046 1.312 1,552 3,462 719 1947—Dec. 31 5,< 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 1966—Dec. 31... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 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—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 3,01 19,741 14,951 1,300 143 419 6,181 6,908 2,180 June 30. 16,477 11,777 1,736 2,964 3,080 20,477 15,636 1,489 85 317 6,648 7,097 2,359 July 28. 16,128 11,724 1.565 2,839 3,199 20,233 15,413 1,448 150 277 6,389 7,149 2,489 Aug. 25. 16,346 12,113 1,528 2,705 3,089 20,364 15,234 1,365 142 380 5,997 7,350 2,447 Sept. 29. 16,704 12,273 1,671 2,760 2,756 20,438 15,571 1,339 191 374 6,028 7,639 1,952 Oct. 27. 16,526 11,938 1,732 2,856 3,576 21,049 15,933 1,553 228 240 6,386 7,526 2,462 Nov. 24. 16,651 11,945 1,780 2,926 3,856 21,333 15,364 1,431 219 102 6,097 7,515 2,712 Dec. 29. . 17,032 12,203 1,772 3,057 3,601 21,646 16,340 1 ,403 226 463 6,706 7,542 2,838 Other reserve city: 8,9 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 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—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. . 141,421 100,284 14,203 26,934 32,048 180,956 142,820 9,537 733 1,264 57,068 74,218 16,692 Dec. 29. . 148,089 105,081 15,800 27,208 32,244 187,971 151,249 9,524 851 3,935 60,082 76,857 15,647 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—Dec. 31. . 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 1971—Jan. 27.. 152,818 97,686 22,513 32,619 22,336 180,086 157.059 2,721 81 2,316 64,380 87.561 2,178 Feb. 24.. 154,467 98,374 22,916 33,177 22,119 181,664 158,145 2,693 81 2,337 63,287 89,747 2,446 Mar. 31.. 156,551 99,673 22,695 34,183 23,925 186,072 162,273 2,862 81 1,393 65,677 92,260 2,361 Apr. 28.. 158,579 100,832 22,618 35,129 22,694 186,i 162,599 2,655 81 2,085 64,958 92,820 2,505 May 26.. 160,056 101,757 22,508 35,791 22,882 188,553 163,827 2,680 135 2,185 64,975 93,852 2,660 June 30.. 163,371 103,449 22,634 37,289 24,563 193,374 168,852 3,087 224 2,512 68,742 94,286 2,656 July 28.. 163,225 102,754 22.955 37,516 23,059 191,971 167,1 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 Dec. 29?. 174,137 109,816 24,327 39,994 25,216 205,835 178,734 3,111 224 3,024 72,278 00,097 3,462 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • JANUARY 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS a n m d em FD be IC rs hip a C ss a e s t h s 3 bi l l i i a ti - es r B o o w r- - c T a o p t i a ta l l N b u e m r insurance Total and Total3 Demand ings ac- of U.S. Other capital De- Time counts banks Treas- ac- mand Time ury counts4 U.S. Govt. Other Insured banks: Total : 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 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 36,926 152,7331 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20. 252,579 155,261 62,723 34,594 50,337 310,730' 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 13,284 1964—Dec. 31. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31., 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30., 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916! 13,510 1968—Dec. 31., 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530! 13,481 1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24, t 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 5,038 207,31 194,237 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 85,475j 92,708 572,682^ 479,174 30,233 1,874 7,898 208,037j 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 30,953 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. J 69,312 13,925 51,250 4,137j 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 5,4091 5,005 1963--Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964--Dec. 31.. 151,406 96,688( 33,405 21,312 34,064 190,289 169,615 10,521 j 211 3,604 84,534; 70,746 1,109 15,048 4,773 1965--Dec. 31.. 176,605 118,537i 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533; 85,522 2,627 17,434 4,815 1966--Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 ! 93,642 3,120 18,459 4,799 1967--Dec. 30. . 208,971 139,315 34,308; 35,348 46,634 263,375' 231,374 13,877 652 3,142 106,019| 107,684 3,478 19,730 4,758 1968--Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422; 122,597 5,923 21,524 4,716 1969--June 307. 242,241 170,834 29,481 [ 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134' 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576: 40,514 54,721 313,927| 256,314 16,299 361 3,049 121,719! 114,885 12,279 23,248 4,668 1970—June 30.. 247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947 393 5,066 113,296' 120,559 13,051 24,106 4,637 Dec. 31.. 271,760 187,554 34,203 50,004, 56,028 340,764 283,663 18,051 982 4,740 122,298: 137,592 13,100 24,F 4,620 I 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 24,688i 22,259 3,739 621 13,874! 4,025 1 2,246 1,502 1945—Dec. 31..! 37,871 8,850 27,089 1,933 9,731 48,084! 44,730 4,411 8,166 24,168! 7,986 130 2,945 1,867 1947—Dec. 31. .j 32,566 11,200j 19,240 2,125 10,822 43,879 40,505 3,978; 15 381 27,068: 9,062 9 3,055 1,918 1 1 1 9 9 9 6 6 6 3 4 5 - - - - - - D D D e e e c c c . . . 2 3 31 0 1 . . . . . . 7 7 7 7 4 2 , , , 0 6 9 9 8 7 1 0 2 4 5 5 6 1 1 , , , 8 0 2 6 0 6 6 2 2 1 1 1 5 5 2 , , , 9 3 6 5 1 4 8 2 5 ) 1 1 9 1 0 , , , 8 0 7 5 6 7 5 5 7 ' 1 1 1 8 5 5 , , , 6 9 7 7 3 6 3 4 0 9 9 9 8 3 1 , , , 8 2 6 5 3 4 2 5 0 ! ! j 8 8 7 6 1 8 , , , 1 6 5 0 5 5 8 7 3 6 5 5 , , , 4 6 3 8 5 9 6 5 0 4 2 3 5 3 8 3 6 2 2 2 1 , , , 2 2 6 9 3 0 5 4 6 4 4 3 4 0 9 , , , 0 7 5 0 2 9 5 5 8 1 2 3 3 9 2 4 , , , 6 9 6 3 4 8 1 2 0 1 1 1 , , , 3 7 6 7 9 0 2 5 7 7 7 7 , , , 8 5 4 5 0 9 3 6 2 1 1 1, , , 4 4 4 0 5 9 6 2 7 1 1 1 9 9 9 6 6 6 6 7 8 - - - - - - D D D e e e c c c . . . 3 3 3 0 1 1 . . . . . . 7 8 8 5 7 9 , , , 1 3 8 2 7 9 8 7 4 5 6 58 4 1 , , , 5 5 9 1 6 6 3 0 5 1 ! 1 1 1 2 1 2 , , , 5 5 6 8 6 4 1 9 9 1 1 1 3 1 5 , , , 9 2 3 6 4 4 6 7 8 2 2 1 2 2 9 , , , 0 3 8 4 1 0 9 2 3 1 1 9 1 1 9 1 6 , , , 5 1 8 0 8 8 4 8 5 ! ! 9 8 9 8 5 5 , , , 5 4 6 4 6 3 7 7 7 6 6 8 , , , 9 2 4 3 0 0 4 0 2 4 3 5 0 5 1 4 7 6 1 1 1 , , , 4 3 2 8 9 1 9 7 9 4 4 4 1 5 7 , , , 4 9 4 6 6 9 1 4 8 4 4 3 0 0 6 , , , 1 7 9 2 3 4 9 6 5 2 1 1 , , , 4 5 8 9 3 9 8 2 5 7 8 8 , , , 8 3 5 1 6 3 9 8 6 1 1 1 , , , 3 3 2 5 1 6 1 3 2 1969-— D Ju e n c. e 3 3 0 1 7 .. . 9 8 0 8 , , 0 3 8 4 8 6 6 6 4 5 , , 0 5 0 6 7 0 1 9 0 , , 9 2 0 5 2 7 1 14 4 , , 2 4 7 3 1 7 ! ! 2 2 6 4 , , 3 3 4 1 4 3 1 1 1 1 9 9 , , 3 2 5 1 8 9 9 9 3 4 , , 8 4 5 4 8 5 9 9, , 5 7 4 7 1 3 2 2 4 8 8 5 1 1 , , 3 0 4 6 1 5 4 4 5 8 , , 1 0 5 3 2 0 3 3 7 5 , , 3 5 0 6 7 0 4 5 , , 1 1 0 1 4 6 8 8 , , 6 8 8 0 9 0 1 1, ,2 2 3 0 6 1 I 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: 2,< 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635! 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262; 4 149 12,366j 6,558 1,271 6,478 (963--Dec. 20. . 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964--Dec. 31.. 46,567 26,544! 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965--Dec. 31. . 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966--Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967--Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31.004 34,640 162 5,830 7,440 1968--Dec. 31. . 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969-—June 307. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 1970—June 30.. 84,875 54,149 13,924 16,802 9,346 96,794 84,865 894 137 1,083 35,837 46,913 708 7,975 7,675 Dec. 31.. 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40.005 51,322 571 8,326 7,735 1971--June 30.. 99,532 61,509 15,953 22,070 10,439 113,058 99,774 989 186 1,409 39,908 57,283 597 8,993 7,811 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTToootttaaalll aaasssssseeetttsss——— CCClllaaassssssiiifffiiicccaaatttiiiooonnn bbbyyy Securities TTToootttaaalll Interbank3 Other FFFRRRSSS mmmeeemmmbbbeeerrrssshhhiiippp CCCaaassshhh llliiiaaa--- BBBooorrr--- TTToootttaaalll Numaaannnddd FFFDDDIIICCC aaasssssseeetttsss333 bbbiiillliiitttiiieeesss rrrooowww--- cccaaapppiiitttaaalll ber iiinnnsssuuurrraaannnccceee TToottaall LLooaa ll nnss T U re . a S s . - Other cccaaa aaa aaa ppp nnn ccc iii ddd --- tttaaa lll TToottaall33 m D a e n - d Time Den nand Time iiinnngggsss cccooo aaa uuu ccc nnn --- tttsss ba o n f k s ury 2 cccooouuunnntttsss 444 U.S. 5 Govt. Other Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 3: ;9 i 91 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 30 7 .... 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dec. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—June 30 3,043 2,073 321 650 746 4,140 2,280 321 69 36 1,247 606 331 549 193 Dec. 31 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—June 30 2,968 2,057 263 648 960 4,356 2,480 360 41 20 1,182 877 250 495 182 Total nonmember: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30 , , 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—June 30 87,919 56,222 14,245 17,452 10,092 100,934 87,145 1,215 207 1,119 37,084 47,520 1,038 8,523 7,868 Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—June 30 102,500 63,566 16,216 22,718 11,398 117,414 102,254 1,348 227 1,429 41,091 58,160 847 9,489 7,993 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Beginning Jan. 4, 1968, a country bank with deposits of $321 million CCC were reclassified as securities, and Export-Import Bank portfolio was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve fund participations were reclassified from loans to securities. This reduced city bank in Chicago with total deposits of $190 million was reclassified as Total loans and increased "Other securities" by about $1 billion. Total a country bank. loans include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are included in NOTE.—Data are for all commercial banks in the United States (includ- "Federal funds sold, etc.," on p. A-24. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent Beginning June 30, 1971, Farmers Home Administration notes are all commercial banks, both member and nonmember; stock savings classified as "Other securities" rather than "Loans." As a result of this banks; and nondeposit trust companies. change, approximately $700 million was transferred to "Other securities" For the period June 1941-June 1962 member banks include mutual for the period ending June 30, 1971, for all commercial banks. savings banks as follows: three before Jan. 1960, two through Dec. 1960, See also table (and notes) at the bottom of p. A-32. and one through June 1962. Those banks are not included in insured 2 See first two paragraphs of note 1. commercial banks. 3 Reciprocal balances excluded beginning with 1942. Beginning June 30, 1969, commercial banks and member banks exclude 4 Includes items not shown separately. See also note 1. a small national bank in the Virgin Islands; also, member banks exclude, 5 See last paragraph of note 1. and noninsured commercial banks include, through June 30, 1970, a small 6 Beginning with Dec. 31, 1947, the series was revised; for description, member bank engaged exclusively in trust business. see 7 n F o i t g e u 4 re , p t . a k 5 e 8 s 7 , in M to ay a 1 c 9 c 6 o 4 u n B t U t L h L e E f T o I l N l . owing changes beginning June 30, cha C n o g m es p a i r n a b F il . i R ty . o m f em fig b u e r r e s s h i f p o , r d c e la p s o s s e i s t o i f n s b u a r n a k n s ce is s ta a t f u fe s c , te a d n d s o t m he e w r h es a e t rv b e y 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 • JANUARY 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments Total Fed- purc F h o a r s ing fina T n o c ial U s .S e . c u T ri r t e i a es s u 6 r y Class of loans i eral Com- Other, State bank and and funds mer- Agri- Real to and call date invest- sold, Total cial cul- in- Other local Other ments etc. 2 3, 4 and tur- To di- govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k a e nd rs ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 ,660 ,220 115 9,393 5,723 947 69,2:21 9,982 6,034 53,205 5,276 3,729 1969—Dec. 311® 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 ,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 ,610 823 ',190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 31 io 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1970—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 1,046 811 065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 3U0 337,613 7,35<i6 235. 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 12,6717 241 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 12,026248 98,573 7,094 5,333 3,024 2,496 15,770 56,934 52,037 6.777 44,038 61,963 12,702 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 31 io 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1970—Dec. 31.. 62,347 774 46,386 27,189 4,174 686 1,169 3,741 3,883 3,907 1,622 6,009 7,757 1,420 1971—June 30. 61,059 996 46,247 26,948 3,822 637 1,106 4,210 4,202 3,916 1,385 5,116 7,298 1,401 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 3110 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1970—Dec. 31. . 15,745 475 10,739 6,502 356 191 138 1,284 864 1,015 346 2,105 2,055 372 1971—June 30. 16,477 612 11,164 6,515 373 245 218 1,465 861 1,078 367 1,736 2,580 384 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1969—Dec. 31 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 1,322 798 7,015 19,848 17,322 3,024 14,700 19,771 3,089 1971—June 30. 137,451 5,010 92,176 38,189 1,601 786 1,419 893 7,517 20,722 17,929 3,120 14,552 22,409 3,304 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 ,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 3110 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1970—Dec. 31.. 154,568 5,420 94,421 25,637 5,052 524 828 239 2,648 30,005 27,585 1,903 22,586 26,079 6,062 1971—June 30. 163,782 5,407 98,452 26,922 5,433 352 723 279 2,577 31,148 29,113 1,905 22,634 29,675 7,614 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 3110 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1970—Dec. 31.. 95,478 3,564 56,058 14,532 4,617 369 507 316 1,168 17,891 15,978 679 16,342 13,975 5,538 1971—June 30. 102,500 3,638 59,929 15,789 5,131 301 468 348 1,187 18,843 17,112 749 16,216 16,031 6,687 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-20—A-23. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as "Other securities," and Export-Import Bank 1967, they were included in loans—for the most part in loans to "Banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total" loans securities." This increased "Other securities" by about $1 billion. and loans to "Banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes), Deposits Accumulated for Payment of Personal at boojc 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

JANUARY 1972 • 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 s d a a o n te f d B s F w e R a r . i n v e R t - h k e . s s r C e a n n u d c r- y b m a a w B d n e n i o a c s k t l - e t h - i s s c 7 ju m p D s o a d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba F nk o r- G U o . v S t . . S g l a o o t n c a v d a t t e l . c C c h o a f e e e i e f n t e r r c f c d d t s i . k i - ' - s, IPC I b n a t n e k r- G P U S i a o n o a n . s g v S v d t s - t . a , l S g l a o o t n c a v d a t t e l . IPC 3 r B i o n o w g r s - - c C o a t a u a c p l n - i- ts 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. 3U<>.. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1970—Dec. 31.... 23,319 7,046 23,136 173,912 27,442 3,166 7,938 17,763 8,540 183,032 1,975 463 23,225 208,201 19,375 42,958 1971—June 30... 24,066 7,634 21,546 168,263 28,699 2,614 8,412 17,276 11,949 177,692 2,207 517 26,221 228,176 22,547 45,311 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 3 1. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 21 13,166 180,860 18,024 39,450 1970—Dec. 31.... 23,319 7,028 22,332 172,351 27,235 2,998 7,898 17,636 8,352 182,048 1,874 462 23,150 207,519 19,149 42,427 1971—June 30... 24,066 7,610 20,748 168,860 28,519 2,434 8,392 17,185 11,736 176,815 2,166 517 26,132 227,387 22,297 44,816 Member—Total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 ,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 3 1, 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,395 32,047 1970—Dec. 31.... 23,319 5,445 13,744 133,169 26,260 2,882 6,460 13,250 7,309 147,473 1,733 406 18,406 160,998 18,578 34,100 1971—June 30.., 24,066 5,870 12,971 127,670 27,605 2,360 6,983 12,953 10,654 142,220 1,980 462 20,534 175,757 21,700 35,822 New York Citv: 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1969—Dec. 31 io. 4,358 463 455 21,316 8,708 1,641 694 ,168 6,605 28,354 268 207 14,692 4,405 6,301 1970—Dec. 31... 4,683 436 1,308 19,770 10,283 2,225 1,039 ,171 3,286 27,779 956 1,464 18,913 4,500 6,486 1971—June 30.. 4,716 466 1,193 15,264 13,504 1,717 1,199 789 6,032 25,994 937 1,896 21,572 4,531 6,860 City of Chicago: 1941—Dec. 31... 1,021 43 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 36 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 30 175 3,737 1,196 72 285 63 3,853 902 426 1969—Dec. 31 io. 869 123 150 5,221 1,581 175 268 229 6,273 216 4,409 1,290 1,517 1970—Dec. 31... 1,148 126 160 5,120 1,853 282 240 210 6,213 568 5,549 1,851 1,586 1971—June 30.. 991 126 247 5,044 1,439 318 352 211 6,084 741 6,353 2,359 1,636 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1969—Dec. 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 9,661 790 225 1,370 239 8,500 30 146 6,082 1,982 1945—Dec. 31.. . 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 219 12,224 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 337 14,177 2,934 1969—Dec. 31 K>. 7,179 3,302 7,870 62,729 3,080 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 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 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 12,284 190 172 6,858 1,596 1969—Dec. 31 io. 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 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 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 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 8 Through 1960 demand deposits other than interbank and U.S. banks in U.S. possessions were included through 1968 and then excluded. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May1 0 1 B 9 e 6 g 4 in B n U in L g L E J T u I n N e . 30, 1969, reflects (1) inclusion of consolidated reports is t A re a s t m ed a ll a s n o a n n i o n n su in re s d u re m d e m ba b n e k r a b n a d n k n o e t n g as a g a e m d e e m xc b l e u r s iv b e a l n y k in f o t r r u t s h t e b p u e si r n io e d ss {including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS • JANUARY 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank Wednesday lo an a d n s Com- To brokers To in f s in ti a t n u c t i i a o l ns 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 Dec. 2 252,985 9,109 8,081 592 298 138 173,859 80,132 2,001 1,113 3,633 102 2,305 9 253,464 8,967 6,633 1 ,742 365 227 174,089 80,095 1,982 1,608 3,549 104 2,392 16 257,211 9,244 7,978 635 429 202 176,616 81,416 1,987 771 4,1816 104 2,330 2 3 258,802 9,624 7,774 1,266 456 128 177,625 81,234 1,979 1,677 4,459 105 2,348 30 261,028 10,251 8,000 1,699 395 157 178,583 81,693 1,981 1 ,685 4,403 130 2,342 1971 Nov. 3 275,843 10,457 9,410 695 121 231 187,447 83,161 2,191 1,181 4,807 135 2,387 10 275,452 10,604 9,298 982 106 218 186,875 83,005 2,201 1,275 4,820 132 2,364 17 274,815 9,347 8,681 397 74 195 186,796 82,926 2,212 729 4,815 138 2,377 2 4 272,863 8,118 7,704 271 90 53 186,603 82,635 2.207 585 4,854 132 2,387 Dec. 1 1 8 5 * * p 2 2 2 7 8 7 8 3 6 , , , 6 2 0 0 1 2 7 5 0 1 1 9 0 1 , , , 3 3 5 5 4 3 1 3 6 9 8 8 , , , 5 8 5 4 6 8 8 6 6 1 1 , , 2 5 5 2 9 2 6 0 7 1 1 1 5 8 4 4 9 8 2 1 0 0 8 9 5 2 1 1 1 8 8 9 8 7 0 , , , 2 7 5 9 5 0 2 4 0 8 8 8 2 3 2 , , , 9 9 9 1 4 9 7 4 2 2 2 2 . , , 2 2 2 0 2 4 8 9 2 1 1 , , 0 1 7 4 2 6 7 4 1 5 5 4 , , , 0 0 4 0 9 8 6 8 6 1 1 1 3 7 3 7 5 4 2 2 2 , , , 4 4 4 1 0 1 7 8 3 22 * 282,272 10,453 9,214 814 132 293 191,491 83,802 2,269 863 5,552 137 2,422 29 p 283,738 10,545 9,550 629 117 249 192,112 83,825 2,293 813 5,449 143 2,438 New York City 1970 Dec. 2 57,537 1,593 1,532 42,782 25,820 936 2,338 634 9 57,663 1,076 921 43,044 25,783 1,411 2,287 651 16 58,847 1,164 1,036 43,637 26,193 587 2,725 643 2 3 59,536 1,451 1,390 44,228 25,769 1,442 3,028 651 3 0 59,254 1,218 1,126 44,285 25,888 1 ,403 3,001 643 1971 Nov. 3 60,037 1,438 1,390 45,283 25,927 1,049 3,296 576 10 59,273 1,020 949 44,954 25,839 1,111 3,310 565 17 59,057 1,242 1,161 44,382 25,828 611 3,216 564 2 4 58,103 834 778 44,183 25,630 498 3,327 567 Dec. 2 15 8 1 2 ® ? * P 5 6 6 5 8 0 0 9 , , , , 2 6 9 9 6 6 5 1 8 8 4 0 1 1 1 , , , 3 1 1 8 8 3 4 0 6 7 8 3 1 1 1 , , , 3 0 0 6 0 2 4 9 5 6 3 0 10 4 4 4 4 4 4 5 5 , , , , 8 3 6 5 9 4 7 2 5 4 8 3 2 2 2 2 5 5 6 5 , , , , 7 8 9 2 6 8 1 7 1 8 8 3 6 8 6 8 0 5 1 6 3 6 9 2 2 3 3 3 , , , , 9 3 3 7 6 6 9 7 5 3 3 6 5 5 5 5 8 7 8 8 1 4 9 8 29* 59,635 940 918 45,378 25,685 666 3,684 598 Outside New York City 1970 Dec. 2 195,448 7,516 6,549 567 298 102 131,077 54,312 1,986 177 1 ,295 90 1 ,671 9 195,801 7,891 5,712 1,653 365 161 131,045 54,312 1,967 197 1,262 92 1,741 16 198,364 8,080 6,942 625 409 104 132,979 55,223 1,972 184 1,461 92 1,687 2 3 199,266 8,173 6,384 1,221 456 112 133,397 55,465 1,964 235 1,431 92 1,697 30 201,774 9,033 6,874 1,641 395 123 134,298 55,805 1,967 282 1 ,402 116 1,699 1971 Nov. 3 215,806 9,019 8,020 665 121 213 142,164 57,234 132 1,511 98 1,811 1 0 216,179 9,584 8,349 942 106 187 141,921 57,166 164 1,510 92 1,799 17 215,758 8,105 7,520 378 74 133 142,414 57,098 118 1,599 94 1,813 2 4 214,760 7,284 6,926 247 90 21 142,420 57,005 87 1,527 90 1,820 Dec. 1 8 * * 2 2 1 1 8 7 , , 3 3 3 5 9 2 8 8 , , 9 2 6 0 5 6 7 7 , , 5 5 6 6 1 0 1,2 4 0 4 7 3 1 1 5 3 4 8 4 6 3 5 1 1 4 4 3 3 , , 3 1 9 5 7 6 5 5 7 7 , , 1 1 5 7 6 4 2 2 , , 1 2 8 0 2 4 2 1 6 5 8 8 1 1 , , 6 5 1 2 3 3 9 9 3 1 1 1, , 8 8 3 3 6 4 15* 222,261 10,388 8,505 1,561 189 133 145,076 57,644 2,214 228 1,733 132 1,824 22* 222,362 9,650 8,524 794 132 200 145,968 57,841 2,239 201 1,776 93 1,834 29* 224,103 9,605 8,632 629 117 227 146,734 58,140 2,265 147 1,765 98 1,840 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates Do- For- ment govts. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1970 402 1,591 21,336 869 13,711 27,364 5,496 3,819 15,256 2,793 Dec. 2 365 1,616 21,298 846 13,688 27,284 5,279 3,943 15,270 2,792 9 369 1,559 21,428 849 14,118 27,349 5,328 4,143 15,123 2,755 16 380 1,631 21,525 871 13,931 27,573 5,693 4,137 14,978 2,765 23 405 1,609 21,628 870 14,162 28,061 6,078 4,209 15,061 2,713 30 1971 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 14,624 27,285 2,622 3,410 16,876 4,377 24 855 2,400 23,695 792 14,786 28,298 3,732 3,437 16,719 4,410 Dec. \p 841 2,536 23,728 854 14,885 27,312 2,936 3,478 16,608 4,290 Sp 886 2,718 23,846 897 15,008 28,280 3,948 3,659 16,514 4,159 15? 936 2,920 23,922 900 15,252 28,018 3,628 3,768 16,414 4,208 22v 903 3,002 24,058 923 15,357 28,946 4,339 3,766 16,622 4,219 29 p New York City 1970 207 938 1,881 526 2,538 5,231 1,233 382 3,128 488 Dec. 2 145 941 1,877 515 2,565 5,444 1,282 438 3,220 504 9 1 1 8 58 2 9 87 5 8 2 1 1 , , 9 9 0 3 9 1 5 5 4 2 3 4 2 2 , , 7 5 9 9 0 7 5 5, , 5 5 3 3 4 4 1 1 , , 4 5 1 1 9 6 4 5 9 2 3 1 3 3 , , 0 1 2 5 9 3 4 46 6 8 9 2 1 3 6 169 920 1,925 544 2,654 5,556 1,544 521 3,015 476 30 1971 363 1,055 1,917 500 2,911 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 24 364 1,044 1,91 526 2,715 5,801 ,138 612 3,183 868 Dec. 354 1,115 1,925 554 2,825 5,046 487 618 3,182 759 SP 346 1,162 1,939 568 2,731 5,347 873 676 3,096 702 15? 391 1,231 1,943 570 2,772 5,123 602 679 3,077 765 22? 372 1,283 1,958 584 2,779 5,001 455 679 3,118 749 29 f Outside New York City 1970 195 653 19,455 343 11,173 22,133 4,263 3,437 12,128 2,305 Dec. 2 220 675 19,421 331 11,123 21,840 3,997 3,505 12,050 2,288 9 187 681 19,519 325 11,328 21,815 3,909 3,650 11,970 2,286 16 222 679 19,594 328 11,334 22,039 4,177 3,616 11,949 2,297 23 236 689 19,703 326 11,508 22,505 4,534 3 12,046 2,237 30 1971 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 11,953 21,989 2,118 2,794 13,626 3,451 24 491 1,356 21,784 266 12,071 22,497 2,594 2,825 13,536 3,542 Dec. \p 487 1,421 21,803 300 12,060 22,266 2,449 2,860 13,426 3,531 540 1,556 21,907 329 12,277 22,933 3,075 2,983 13,418 3,457 15^ 545 1,689 21,979 330 12,480 22,895 3,026 3,089 13,337 3,443 22p 531 1,719 22,100 339 12,578 23,945 3,884 3,087 13,504 3,470 29^ For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • JANUARY 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) i Investments (cont.) Other securities CCaasshh IInnvveesstt-- Obligations Other bonds, iitteemmss Re- BBaall-- mmeennttss Total of State corp. stock, iinn serves Cur- aanncceess iinn ssuubb-- assets/ Wednesday and and pprroocceessss with rency wwiitthh ssiiddiiaarr-- Other total political securities ooff F.R. and ddoo-- iieess nnoott assets liabil- Total subdivisions ccoolllleecc-- Banks coin mmeessttiicc ccoonnssooll-- ities ttiioonn bbaannkkss iiddaatteedd Tax Certif. war- All of All rants3 other partici- others pation4 Large banks— Total 1970 Dec. 2 42,653 6,291 30,741 1,208 4,413 31,502 18,894 3,477 6,261 716 14,716 328,551 9 43,124 6,323 31,206 1,173 4,422 29,404 15,256 3,530 5,865 716 14,522 322,757 16 44,002 6,526 31,680 1,222 4,574 33,732 19,634 3,558 6,274 714 14,728 335,851 2 3 43,980 6,247 31,791 1,251 4,691 32,689 17,876 3,427 6,461 717 14,655 334,627 30 44,133 6,243 31,952 1,238 4,700 33,532 16,429 3,835 6,859 716 14,719 337,118 1971 Nov. 3 51,463 8,598 35,857 1,397 5,611 40,042 18,946 3,481 7,396 817 15,656 362,181 10 51,552 8,375 35,843 1,462 5,872 31,370 17,925 3,532 6,876 817 15,488 351,460 17 51,125 8,015 35,766 1,469 5,875 31,598 19,681 3,601 7,050 819 15,099 352,663 2 4 50,857 7,846 35,671 1,459 5,881 33,553 22,152 3,508 7,282 819 15,121 355,298 Dec. 8 1p p 5 5 1 1 , , 8 6 6 6 5 6 8 8 , , 2 1 8 0 9 6 3 36 6 , , 3 1 0 9 2 4 1 1 , , 5 5 1 0 6 4 5 5 , , 7 8 7 5 0 0 3 3 5 1 , , 3 3 0 5 6 8 1 1 9 6 , , 1 89 9 9 0 3 3 , , 6 7 9 4 6 4 7 8 , , 7 4 3 1 5 7 8 8 4 3 8 3 1 1 5 5 , , 8 66 2 1 5 3 3 5 5 9 4 , , 4 6 6 7 7 2 15 » 52,645 8,452 36,855 1,548 5,790 37,591 17,706 3,867 8,187 849 15,614 367,029 22 P 52,310 8,322 36,663 1,525 5,800 34,895 18,592 3,838 7,528 849 16,175 364,149 29 p 52,135 8,076 36,656 1,547 5,856 32,565 22,465 4,173 7,304 857 16,262 367,364 New York City 1970 Dec. 2 7,931 1,933 4,702 139 1,157 13,882 4,942 439 1.164 337 5,338 83,639 9 8,099 1,917 4,952 138 1,092 13,581 3,391 473 1,131 337 5,139 81,715 1 6 8,512 2,207 5,085 123 1,097 15,420 5,760 447 1,283 332 5,306 87,395 2 3 8,323 1,925 5,136 154 1,108 14,101 4,155 432 1.165 332 5,148 84,869 3 0 8,195 1,806 5,156 127 1,106 15,712 4,738 454 1,392 331 5,200 87,081 1971 Nov. 3 8,042 1,436 5,401 212 993 19,805 4,972 434 1,414 363 5,064 92,089 2 1 1 4 7 0 7 7 8 , , , 9 7 0 3 4 9 5 4 0 1 1 1 , , , 3 3 2 4 4 9 7 6 6 5 5 5 , , , 3 4 2 1 0 0 5 6 4 2 2 2 1 4 4 9 9 2 1 1 1 , , , 0 0 0 7 4 3 2 1 2 1 1 1 2 4 5 , , , 2 1 0 4 2 0 5 8 6 4 4 5 , , , 8 5 4 3 7 1 0 8 3 4 4 4 4 3 1 5 4 6 1 1 1 , , , 0 4 3 3 6 4 5 1 4 3 3 3 6 6 6 3 4 4 4 4 4 , , , 9 9 9 9 3 0 1 7 4 8 8 8 5 2 5 , , , 3 6 6 7 6 5 4 7 0 Dec. 1 p 8,186 1,473 5,433 271 1,009 15,806 4,752 448 1,506 378 5,013 88,171 2 1 8 2 5 P p P 8 8 8 , , , 4 1 7 6 4 8 1 1 1 1 1 1 , , , 4 8 6 5 2 1 4 0 4 5 5 5 , , , 6 3 5 4 7 2 1 6 4 2 2 2 5 7 9 6 9 3 1 1 1 , . . 0 0 0 6 3 3 1 2 3 1 1 1 4 6 3 , , , 2 8 6 7 0 6 5 1 4 5 4 4 , , , 1 6 6 4 1 0 5 3 8 4 4 4 6 7 6 8 5 9 1 1 1 , , , 6 6 8 0 4 0 5 8 9 3 3 3 7 7 7 8 8 8 5 5 5 , , , 3 4 1 5 8 8 5 8 6 9 8 8 0 5 6 , , , 3 7 2 2 3 1 7 5 3 29* 8,316 1,484 5,464 263 1,105 13,909 6,227 494 1,601 379 5,519 87,764 Outside New York City 1970 Dec. 2 34,722 4,358 26,039 1,069 3,256 17,620 13,952 3,038 5,097 379 9,378 244,912 9 35,025 4,406 26,254 1,035 3,330 15,823 11,865 3,057 4,734 379 9,383 241,042 1 6 35,490 4,319 26,595 1,099 3,477 18,312 13,874 3,111 4,991 382 9,422 248,456 2 3 35,657 4,322 26,655 1,097 3,583 18,588 13,721 2,995 5,296 385 9,507 249,758 30 35,938 4,437 26,796 1,111 3,594 17,820 11,691 3,381 5,467 385 9,519 250,037 1971 Nov. 3 43,421 7,162 30,456 1,185 4,618 20,237 13,974 3,047 5,982 454 10,592 270,092 1 0 43,508 7,028 30,437 1,243 4,800 17,242 13,095 3,087 5,532 454 10,497 266,086 17 43,190 6,669 30,451 1,227 4,843 19,353 15,103 3,167 6,015 455 10,162 270,013 2 4 43,067 6,550 30,467 1,210 4,840 18,547 16,739 3,092 5,821 455 10,217 269,631 Dec. 1 p 43,480 6,633 30,761 1,245 4,841 19,500 12,147 3,296 6,911 455 10,648 271,296 8 P 43,724 6,835 30,926 1,225 4.738 17,694 14,045 3,227 6,087 470 10,470 269,345 2 1 2 5* * 4 43 3 , , 8 8 4 6 9 4 6 6 , , 6 7 3 0 8 2 3 3 1 1 , , 1 2 3 1 9 4 1 1 , , 2 2 5 6 5 9 4 4 , . 7 7 5 3 7 9 2 2 0 0 , , 7 6 9 2 0 0 1 1 3 3 , , 9 0 7 9 9 8 3 3 , , 3 3 7 9 0 2 5 6 , , 9 3 2 7 3 8 4 4 7 7 1 1 1 1 0 0 , , 6 4 8 2 9 6 2 2 7 7 7 6 , , 4 81 1 6 4 29* 43,819 6,592 31,192 1,284 4,751 18,656 16,238 3,679 5,703 478 10,743 279,600 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 s i u ca b l - G U o . v S t . . Com- Mutual Com- o a f n f d i- Total ^ s i u ca b l - in t t i e c r - go e v ig t n s. 2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank cial ings etc. 2 cial checks ings banks Large banks— Total 1970 1 1 1 1 1 4 4 3 4 3 3 7 4 4 9 , , , , , 6 3 8 6 5 6 5 8 3 6 6 5 0 0 0 1 9 9 9 9 0 4 9 9 6 3 , , , , , 6 5 8 8 1 5 8 2 5 4 6 3 7 5 9 6 6 6 6 6 , , , , , 3 3 8 7 2 6 7 0 7 2 1 9 8 4 0 2 4 6 4 5 , , , , , 0 3 3 2 4 0 9 8 2 1 4 7 0 0 0 2 2 2 2 2 0 1 1 0 1 , , , , , 9 1 7 7 5 3 5 2 1 0 1 1 5 6 4 5 5 6 5 5 5 2 4 8 7 1 7 3 1 2 1,0 8 8 7 8 1 3 6 0 0 3 9 9 7 1 2 2 2 2 2 , , , , , 3 3 2 3 3 8 4 8 3 2 8 8 6 3 2 6 7 7 7 7 , , , , , 8 0 2 3 8 1 6 5 2 0 9 4 6 2 0 1 1 1 1 1 1 1 1 1 1 9 8 8 6 7 , , , , , 0 8 4 4 3 1 3 2 4 1 9 9 6 3 2 4 4 4 4 4 7 7 7 7 8 , , , , , 7 5 6 4 0 0 6 1 7 3 8 9 1 6 6 5 5 5 5 5 1 1 0 0 0 , , , , , 3 6 9 3 9 6 4 7 5 2 3 9 6 4 7 1 1 1 1 1 3 2 3 1 2 , , , , , 3 9 2 8 1 2 2 6 8 8 9 1 4 6 2 1 1 1 1 1 , , , , , 3 3 4 2 2 4 2 8 2 7 8 4 3 0 5 4 4 4 4 4 , , , , , 7 9 8 6 5 1 3 2 6 0 7 6 3 8 Dec. 2 1 3 2 9 3 0 6 1971 1 1 1 1 5 4 4 3 0 1 0 8 , , , , 0 5 1 8 1 4 9 2 9 8 9 4 1 1 9 9 0 0 8 9 1 0 , , , , 5 6 2 0 0 1 2 9 8 5 3 8 7 6 6 6 , . . , 5 3 3 2 3 8 8 0 8 8 7 5 2 2 2 1 , , , , 2 8 3 6 1 3 6 2 1 1 2 2 2 2 2 2 2 1 1 5 , , , , 0 5 3 2 9 1 2 7 8 3 0 0 8 6 6 5 3 8 2 7 2 3 5 9 7 7 7 7 8 4 1 2 8 8 6 0 2 2 2 2 , , , , 4 4 3 5 9 4 2 9 1 8 6 6 9 6 6 7 , , , , 9 3 3 2 1 2 1 9 4 5 2 8 1 1 1 13 3 3 3 7 7 6 6 , , , , 9 4 7 9 7 2 4 5 9 9 6 6 5 5 5 5 3 4 3 3 , , , , 9 6 0 8 4 9 1 0 8 1 0 5 6 6 6 60 0 0 0 , . . , 9 1 1 4 0 3 3 1 1 8 9 0 1 1 1 1 5 5 5 5 , , , , 3 4 3 4 4 2 9 0 7 7 3 4 2 2 1 1 , , , , 0 0 9 9 2 8 6 5 8 5 9 6 5 5 5 5 , , , , 1 2 2 1 2 0 1 7 6 1 2 6 Nov. 2 1 1 3 4 7 0 1 1 1 1 1 4 4 5 5 5 9 2 2 2 5 , , , , , 1 7 6 2 6 0 6 9 9 9 6 1 9 5 5 1 1 1 1 1 0 0 0 0 0 0 3 7 5 6 , , , , , 4 2 9 5 8 7 7 9 6 8 8 8 3 3 5 6 6 6 7 6 , , , , , 9 5 1 2 9 1 9 6 6 6 3 6 3 2 0 6 2 7 5 1 , , , , , 3 5 2 0 7 1 7 2 3 7 3 1 1 7 0 2 2 2 2 2 4 0 1 2 3 , , , , , 3 9 8 7 7 0 0 8 7 4 8 4 0 7 7 6 6 6 6 5 3 6 2 1 8 6 5 2 5 1 9 8 7 8 7 6 5 9 7 8 2 1 8 7 9 2 2 2 2 2 , , , , , 4 7 3 5 3 8 3 0 5 2 7 3 2 5 2 7 7 6 7 8 , , , , , 4 4 8 6 7 9 2 0 2 9 9 6 0 0 7 1 1 1 1 1 4 3 3 3 3 0 8 9 8 8 , , , , , 8 9 8 9 2 6 2 1 3 1 1 1 3 2 7 5 5 5 5 5 4 4 4 4 4 , , , , , 2 1 0 1 5 1 3 2 6 4 4 4 4 7 2 6 6 6 6 6 0 1 0 0 1 , , , , , 9 4 5 9 3 0 8 6 3 0 1 6 1 5 7 1 1 1 1 1 5 5 7 7 6 , , , , , 5 5 2 7 5 8 3 2 1 6 8 8 9 7 2 2 2 2 2 2 , , , , , 0 1 1 0 0 9 2 1 7 8 4 4 8 2 0 4 5 5 5 5 , , , , , 0 9 0 0 0 6 9 7 0 1 4 5 0 0 0 Dec. 2 1 2 8 1 5 * * p p 29 P New York City 1970 4 4 4 4 3 2 4 3 0 9 , , , , , 0 0 8 8 7 4 4 4 0 3 2 0 8 8 0 2 2 2 2 2 4 3 5 2 3 , , , , , 0 5 0 1 0 0 1 0 6 5 1 0 7 8 1 5 5 5 5 6 2 5 4 5 4 8 9 6 4 7 , , 6 4 9 4 8 5 7 7 3 9 1 0 1 2 5 9 9 9 9 9 , , , , , 0 5 3 7 8 1 9 9 5 6 1 1 9 0 9 2 2 2 2 3 9 9 9 7 5 8 1 6 2 4 6 6 6 6 8 4 7 5 1 5 3 6 7 0 6 1 1 1 1 1 , , , , , 7 7 7 6 6 3 2 0 6 8 2 9 3 5 1 4 4 4 4 5 , , , , , 6 4 3 6 2 5 6 5 8 4 3 5 4 3 0 1 1 1 1 1 8 9 8 8 9 , , , , , 7 0 1 6 2 9 0 4 2 3 6 5 7 3 2 4 4 4 4 4 , , , , , 4 5 4 5 4 7 0 4 8 7 1 6 3 7 5 1 9 9 9 9 0 , , , , , 2 9 6 7 1 1 5 5 4 9 8 6 8 7 2 9 9 9 8 8 4 5 5 1 8 9 9 9 7 7 8 7 7 8 7 1 2 5 5 8 9 8 1 4 7 2 2 2 2 2 , , , , , 6 6 7 5 7 2 8 0 6 5 9 9 4 3 0 Dec. 2 1 2 9 3 6 30 1971 4 4 3 3 5 0 9 7 , , , , 8 0 5 3 9 3 9 2 5 4 9 0 2 2 2 2 2 3 1 2 , , , , 0 2 6 3 4 3 7 9 2 0 7 3 4 4 4 6 3 7 5 3 9 6 3 4 4 2 3 3 6 3 7 8 0 2 6 1 1 1 1 9 2 0 0 , , , , 1 8 7 0 8 5 2 7 6 2 7 0 3 3 3 3 4 8 0 2 5 7 3 8 6 5 5 5 4 9 8 8 9 9 2 0 1 1 1 1 , , , , 6 8 5 7 4 5 8 4 1 3 5 0 6 3 3 3 , , , , 0 8 7 0 4 4 0 3 9 2 2 5 2 2 2 2 3 3 3 3 , , , , 2 3 6 5 6 6 8 9 9 1 0 2 5 5 5 5 , , , , 2 1 2 2 1 8 5 6 8 9 2 5 1 1 1 1 2 2 2 2 . , , , 3 6 3 5 9 5 9 7 3 2 0 5 1 1 1 1 , , , , 7 6 6 6 0 9 7 6 4 5 3 5 1 1 1 , , , 0 1 9 0 2 4 9 8 5 0 9 6 2 2 2 2 , , , , 8 9 8 8 7 1 9 3 1 5 1 6 Nov. 2 1 1 3 4 7 0 4 4 4 4 4 2 2 3 0 6 , , , , , 9 9 9 6 2 6 3 0 7 0 0 3 6 6 0 2 2 2 2 2 4 4 3 2 5 , , , , , 7 0 5 4 1 4 1 5 5 0 6 9 5 3 5 4 6 4 8 5 0 4 2 9 8 7 3 3 5 6 1 1 1 , , , 7 4 9 2 5 5 4 3 8 7 4 3 5 2 9 1 1 1 9 9 1 0 1 , , , , , 6 4 1 4 7 0 9 5 2 9 9 6 1 1 5 3 3 3 3 3 6 1 5 2 2 4 5 5 2 5 6 6 7 8 7 0 4 1 0 3 6 0 8 0 8 1 1 1 1 1 , , , , , 5 7 6 6 9 9 5 4 8 9 7 7 5 7 2 4 4 4 4 3 , , , , , 2 9 2 4 5 7 9 1 9 4 0 6 2 7 2 2 2 2 2 2 3 3 3 3 3 , , , , , 1 5 3 8 6 5 2 7 5 4 9 9 2 0 3 5 5 5 5 5 , , , , , 2 3 2 2 2 6 1 7 7 6 3 8 2 6 5 1 1 1 1 1 2 2 2 2 2 . , , , , 3 4 9 7 6 9 6 3 1 2 1 5 0 2 1 1 1 1 1 1 , , , , , 6 6 5 6 6 4 3 1 5 4 9 7 4 4 7 1 1 1 1 1 , , , , , 1 0 1 0 0 3 6 2 6 5 8 4 3 7 6 2 2 2 2 2 , , , , , 7 7 7 7 7 8 9 7 9 8 0 9 3 5 0 Dec. 2 2 1 1 9 8 2 5 p * p p v Outside New York City 1970 1 1 1 9 9 0 0 0 8 5 0 3 1 , , , , , 7 1 7 3 6 3 7 8 1 2 0 2 2 5 4 7 7 7 7 7 5 3 6 2 8 , , , , , 8 7 0 5 1 2 8 7 0 4 6 7 3 5 2 6 5 6 5 5 , , , , , 2 1 6 8 8 2 6 6 2 3 7 2 6 0 3 4 3 3 3 1 , , , , , 2 7 5 4 9 8 5 3 2 8 8 9 4 6 5 1 1 1 1 1 1 1 1 1 1 , , , , , 7 7 5 5 8 6 4 3 3 3 6 0 4 2 5 2 2 2 2 2 8 7 7 7 6 3 1 6 3 0 1 1 1 1 1 4 5 6 6 5 4 9 4 3 7 6 6 6 6 6 2 4 1 3 5 3 1 0 6 7 2 2 2 2 2 , , , , , 6 4 5 5 6 0 6 6 9 3 3 5 0 9 9 1 9 9 9 9 0 8 8 9 9 0 , , , , , 2 6 2 8 2 7 8 2 3 1 9 9 3 4 1 4 4 4 4 4 3 3 3 3 3 , , , , , 0 1 4 0 2 0 2 9 9 0 5 4 3 4 2 4 4 4 4 4 1 1 1 1 1 , , , , , 1 1 2 4 4 5 8 9 0 5 8 0 6 7 7 1 1 1 1 1 1 1 1 2 2 , , , , , 0 9 2 3 3 6 7 9 0 7 9 2 5 5 0 5 5 5 5 5 4 3 2 2 6 7 7 9 9 9 2 2 2 2 1 , , , , , 1 0 0 1 9 2 4 4 3 5 8 8 4 8 2 Dec. 2 3 1 2 3 9 0 6 1971 104,124 77,993 6,571 2,351 12,468 445 139 807 3,350 113,477 48,502 47,748 13,643 957 2,305 Nov. 3 1 1 9 0 0 9 1 2 , , , 7 0 8 9 2 0 0 8 0 7 7 7 6 8 7 , , , 4 4 2 6 2 2 6 1 2 6 5 5 , , , 0 9 9 4 3 6 9 4 2 1 1 1 , , , 3 9 8 8 9 5 1 0 5 1 1 1 1 1 2 , , , 4 3 0 4 7 8 3 1 4 2 2 3 7 9 3 6 7 8 1 1 1 4 3 3 9 8 6 7 7 7 4 4 5 3 1 1 3 3 3 , , , 4 1 2 7 1 8 6 2 3 1 1 1 1 1 1 4 3 3 , , , 2 5 8 9 9 3 9 5 7 4 4 48 8 8 , , , 7 6 5 4 9 8 5 6 7 4 4 4 8 7 7 , , , 2 7 8 4 4 3 9 6 5 1 1 1 3 3 3 , , , 7 6 7 6 9 3 2 8 1 9 9 9 4 4 4 5 4 2 2 2 2 , , , 3 2 2 1 9 9 0 0 7 2 1 1 4 0 7 1 1 1 1 1 0 0 0 0 0 5 2 9 9 9 , , , , , 2 0 7 4 3 0 8 3 9 6 0 5 9 5 2 7 7 8 8 8 9 2 1 8 2 , , , , , 7 4 9 0 1 4 5 5 2 3 0 8 9 3 9 6 6 6 6 5 , , , , , 0 6 8 1 2 1 5 6 4 7 5 0 5 0 0 4 3 5 1 1 , , , , , 5 5 6 4 6 5 7 5 8 3 9 8 8 8 6 1 1 1 1 1 2 2 2 2 1 , , , , , 5 5 2 3 2 8 9 8 9 8 7 6 4 5 2 2 3 2 2 2 9 8 0 7 8 7 9 1 0 1 1 1 1 1 1 4 6 4 7 5 9 4 1 1 0 7 7 7 7 7 6 3 3 5 3 3 6 5 7 0 3 3 3 3 3 , , , , , 3 2 2 6 1 5 2 8 2 3 8 9 5 0 3 1 1 1 1 1 1 1 1 1 1 4 4 7 6 5 , , , , , 5 9 5 4 6 7 8 7 0 5 1 9 4 3 4 4 4 4 4 4 9 8 8 8 8 , , , , , 2 8 8 9 7 2 5 9 4 6 9 9 1 6 2 4 4 4 4 4 8 8 8 8 8 , , , , , 1 5 6 1 4 8 5 8 7 7 9 6 6 0 0 1 1 1 1 1 3 5 5 4 5 , , , , , 9 0 8 0 5 4 4 8 8 8 1 8 4 0 0 1 1 1 , , , 0 0 0 9 9 3 5 1 4 8 2 7 9 6 6 2 2 2 2 2 , , , , , 1 2 3 2 2 9 0 1 8 1 7 5 5 4 1 Dec. 2 2 1 9 2 8 1 5 * * P * p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • JANUARY 1972 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Memoranda Large negotiable Total time CD's Gross Wednesday Total lo an a d n s De- and i n s c a l v u in d g ed s d in e p t o im si e ts n l t i i a e b s il o i f loans invest- mand banks (gross) ments deposits] to ad- (gross) ad- Issued Issued their justed 9 ad- justed i o Total to to foreign justed 9 IPC's others branches Large banks— Total 1970 Dec. 2 2 3 1 0 9 3 6 1 1 1 1 1 7 8 7 7 7 9 0 7 4 6 , , , , , 0 4 4 5 0 9 2 8 1 5 5 9 5 3 8 2 2 2 2 2 4 5 5 4 4 8 2 0 6 4 , , , , , 8 6 6 4 5 6 2 4 6 0 4 3 8 6 2 ] 8 8 8 8 8 7 3 4 1 3 , , , , , 7 9 0 0 9 3 8 7 4 5 9 7 2 2 4 2 2 2 2 2 6 5 5 5 5 , , , , , 5 0 7 0 8 8 7 4 5 9 4 5 7 3 4 1 1 1 1 1 1 6 6 6 6 6 , , , , , 5 9 6 3 1 5 0 4 9 0 1 5 9 9 6 9 9 9 9 8 , , , , , 2 1 1 1 9 8 4 7 9 4 5 5 0 6 7 7 7 8 8 8 , , , , , 6 9 2 3 3 6 1 0 0 9 9 5 2 5 4 1971 Nov. 2 1 1 3 4 7 0 2 2 2 2 5 4 7 6 , , , , 8 9 0 9 3 1 0 9 5 6 2 2 2,2 3 1 1 3 3 6 7 6 3 8 9 i 1 1 1 1 , , , , 0 0 0 1 1 4 8 2 9 2 3 0 1 1 1 1 6 6 7 6 , , , , 3 9 1 6 5 2 1 7 7 6 8 0 ] 4 4 4 4 , . . , 0 0 0 0 1 1 1 2 1 9 2 6 2 2 2 2 6 6 6 6 , , , , 5 5 7 6 9 6 0 6 1 7 5 4 1 1 1 1 8 8 8 8 6 7 7 6 , , , , 6 3 6 1 4 4 5 7 1 0 2 3 ] ; 2 2 2 2 6 6 6 6 4 5 5 5 , , , , 5 3 3 3 8 1 1 2 1 5 2 4 8 8 8 8 4 3 4 1 , , , , 9 6 3 8 6 6 1 4 9 6 9 6 3 3 3 3 3 3 4 3 , , , , 2 0 6 4 4 7 6 1 1 1 8 3 2 2 2 2 1 0 1 0 , , , , 7 1 9 5 9 9 0 3 1 5 1 9 1 1 1 12 2 2 2 , , , , 5 5 4 4 3 1 7 5 2 2 3 0 2 2 3 3 , , , , 4 9 3 3 4 6 4 6 3 4 2 3 Dec. 2 2 1 2 1 8 9 5 " " " " " 2 2 2 2 2 5 3 6 5 3 , , , , , 3 6 0 1 6 0 4 4 5 9 5 4 6 8 8 1,2 7 4 9 2 6 9 3 4 6 8 1 1 1 1 1 , , , , , 0 0 0 0 0 4 2 3 3 5 0 8 0 4 3 1 ] 1 1 1 1 1 5 6 5 5 4 , , , , , 7 7 5 7 5 4 6 4 6 2 1 9 7 2 0 4 4 4 3 3 , , , , , 0 9 8 0 0 9 9 0 0 2 5 5 9 3 4 2 2 2 2 2 6 6 6 6 6 , , , , , 6 7 7 7 6 8 4 9 1 0 1 4 2 9 8 ] 1 1 1 1 1 9 8 8 9 9 1 8 7 1 2 , , , , , 4 7 8 9 2 1 9 5 2 0 6 4 6 2 4 2 2 2 2 2 6 7 7 7 6 8 2 3 2 6 , , , , , 8 7 2 1 5 8 8 8 2 9 6 1 5 2 3 ] 9 8 8 8 8 1 7 6 9 9 , , , , , 6 2 8 1 3 8 5 5 8 3 3 5 6 3 6 3 3 3 3 3 3 4 4 3 3 , , , , , 9 0 3 8 3 5 1 8 1 5 0 8 7 3 7 1 2 2 2 2 2 0 1 1 1 1 , , , , ,2 7 3 9 3 6 7 3 7 2 4 4 6 3 6 1 1 1 1 1 2 2 2 2 2 , , , , , 6 5 6 4 5 8 4 1 3 7 4 7 3 4 4 ] 2 1 1 1 , , , , 4 8 5 9 3 6 0 3 0 8 7 8 8 3 6 New York City 1970 Dec. 2 3 1 2 3 0 9 6 5 5 5 5 6 , , , , , 0 5 2 1 9 5 1 6 8 4 1 1 5 9 9 2 3 7 8 0 4 1 1 1 1 1 8 7 8 9 7 7 5 6 2 5 1 1 1 1 1 0 0 0 0 0 , , , , , 8 7 7 8 8 9 7 4 6 0 9 0 8 8 0 | 1 1 1 1 1 , , , , , 1 2 2 2 2 5 1 1 1 0 0 4 4 8 5 i | 6 6 6 6 6 , , , , , 1 2 1 1 1 4 8 0 1 5 8 9 3 0 8 4 4 4 4 4 4 4 3 2 3 , , , , , 1 2 0 6 5 3 0 3 8 5 1 8 6 3 4 5 5 5 5 5 6 7 7 5 7 , , , , , 5 9 6 7 9 9 5 2 9 8 7 9 9 8 8 1 1 1 1 1 7 6 7 7 7 , , , , , 0 0 0 0 5 0 6 2 7 6 5 5 7 2 4 7 7 7 7 6 , , , , , 7 8 4 9 4 3 2 7 0 7 1 5 4 9 8 5 5 5 4 5 , , , , , 4 2 0 0 6 8 6 3 4 4 7 9 9 8 4 2 2 2 2 2 , , , , , 4 4 2 4 3 3 0 6 8 4 0 5 6 4 5 ] ' 5 5 5 5 5 , , , , , 2 4 3 6 6 1 6 5 0 7 0 7 3 2 0 1971 Nov. 2 1 1 4 7 0 3 7 7 5 6 , , , , 7 5 1 4 1 8 0 6 6 3 7 3 8 1 15 4 9 0 5 5 1 2 2 2 1 0 0 1 9 0 4 9 8 7 7 6 6 , , , , 0 0 7 8 4 3 3 6 5 6 4 0 1 1 1 , , ,1 1 1 8 9 8 6 0 8 1 1 6 6 6 6 , , , , 9 9 9 9 1 2 3 4 5 8 8 2 4 4 4 4 4 4 3 4 , , , , 1 6 9 9 2 6 0 6 7 9 5 8 5 5 5 5 8 6 7 7 , , , , 9 2 5 9 9 6 8 6 1 0 4 8 1 1 1 1 4 2 4 5 , , , , 6 4 5 7 1 0 8 7 1 7 8 4 l 1 1 1 1 1 1 1 1 , , , , 5 6 3 3 6 3 4 7 9 8 1 2 ] ] 7 7 7 7 , , , , 6 6 4 4 6 0 3 2 5 6 2 9 3 3 3 3 , , , , 9 9 9 9 3 3 4 7 5 7 3 3 1 1 1 1 , , , , 5 9 9 9 7 7 8 3 0 6 6 8 Dec. 2 2 1 1 9 8 2 5 " " " " " 5 5 6 6 6 , , , , , 5 6 3 8 3 7 9 6 5 4 6 9 9 2 6 5 5 3 1 7 5 2 2 2 2 2 0 2 2 0 1 5 5 9 2 0 6 6 5 6 6 , , , , , 0 6 7 0 0 7 2 0 9 8 7 2 0 0 1 1 1 1 1 1 , . , , . 1 1 1 1 1 8 4 8 8 8 5 5 9 4 6 ! 6 6 6 6 6 , , , , , 8 9 8 9 9 3 6 4 5 5 4 8 8 4 4 4 4 4 4 4 5 4 5 4 5 , , , , , 1 2 4 6 0 0 4 3 1 2 1 5 7 2 8 5 5 5 5 5 8 8 8 7 9 , , , , , 3 8 5 5 2 4 2 6 9 8 5 9 5 9 8 1 1 1 1 1 6 5 7 6 7 , , , , , 8 2 2 8 6 9 0 3 0 2 5 5 5 0 0 1 1 1 1 1 1 1 1 1 0 , , , , , 6 2 1 4 9 6 3 6 9 6 7 4 1 7 4 ] ] 3 3 3 3 3 . , . , , 7 6 7 9 8 7 6 7 0 9 7 5 8 6 2 1 1, , 0 5 9 5 8 6 3 3 7 8 9 9 9 8 4 Outside New York City 1970 Dec. 2 3 1 2 0 9 6 3 11 1 1 1 1 1 1 1 1 33 44 33 44 44 ,, ,, ,, ,, ,, 44 22 22 00 33 55 44 66 77 00 77 77 44 22 33 55 2 2 2 2 2 3 2 3 2 11 2 55 22 88 4 11 77 4 55 33 1 ] 1 1 1 1 1 1 1 1 1 1 ,, , , ,, , ,, , 0 1 0 11 1 11 00 66 77 6 00 99 6 77 4 99 22 4 99 ] ! ' ' 11 1 1 1 1 1 1 11 11 11 11 00 11 ,, ,, ,, ,, ,, 11 55 00 44 88 66 00 11 99 88 77 55 33 66 11 2 2 2 2 2 2 2 2 22 ,, ,, ,, ,, ,, 88 77 77 77 88 11 88 22 55 11 99 77 22 99 66 1 1 1 1 1 8 8 8 8 8 , , , , , 2 2 3 3 2 7 8 0 1 8 2 3 8 3 2 1 1 1 1 1 3 3 3 3 3 6 3 3 1 4 , , , , , 2 9 8 9 0 2 3 4 6 0 1 0 9 4 4 1 1 1 1 1 9 9 8 9 8 2 1 4 9 8 , , , , , 6 2 6 8 7 6 3 6 0 6 5 0 4 4 9 ] 7 6 6 6 6 0 6 6 6 5 , , , , , 1 9 0 9 8 7 4 8 8 7 5 5 2 9 0 1 1 1 1 1 8 8 8 8 8 , , , , , 3 1 1 1 2 2 0 4 6 0 2 6 4 3 1 ] 1 1 1 1 1 1 1 1 1 1 , , , , , 3 4 3 4 5 5 3 6 6 1 1 6 2 2 2 6 6 6 6 6 , , , , , 7 7 6 8 8 6 5 0 8 1 5 2 1 5 0 ' 2 2 2 2 2 , , , , , 4 5 8 7 6 5 4 3 1 2 9 9 8 3 4 1971 Nov. 2 1 1 3 7 4 0 11 11 1 1 1 1 99 99 99 99 ,, ,, ,, ,, 22 77 55 33 88 22 11 44 66 99 33 88 11,,33 11 11 99 33 77 11 11 88 99 88 99 88 8 8 8 8 00 88 11 33 11 55 99 88 11 11 99 99 00 00 ,, ,, ,, ,, 66 00 44 11 77 44 99 99 11 22 00 33 22 2 2 2 2 22 ,, ,, ,, ,, 88 88 88 88 2 2 2 2 22 33 9 6 9 6 33 88 1 1 1 1 9 9 9 9 , , , , 6 7 7 6 6 5 2 6 7 2 2 3 1 1 1 1 4 4 4 4 2 2 2 2 , , , , 6 2 5 6 8 6 1 7 8 3 4 2 ' 2 2 2 2 0 0 0 0 7 7 7 7 , , , , 3 2 7 3 9 5 5 2 7 6 2 4 6 6 6 6 9 9 9 9 , , , , 7 2 3 0 1 5 8 6 5 5 2 8 2 2 2 2 2 2 2 1 , , , , 0 0 4 9 4 9 3 0 1 9 3 0 1 1 1 1 3 3 3 3 , , , , 3 8 5 4 8 6 7 7 5 3 4 2 8 8 8 8 , , , ,5 5 5 5 1 6 3 5 5 9 6 9 1 1 , , 4 3 9 8 0 7 8 7 4 7 8 3 Dec. 2 2 1 1 8 9 2 5 " " " " p 1 1 1 1 1 1 1 1 11 88 88 99 88 88 ,, ,, ,, ,, ,, 99 11 00 77 00 55 77 44 55 66 99 77 66 99 88 22 77 55 2 33 6 66 4 44 6 8 8 8 8 8 8 8 8 8 8 8 11 00 00 22 55 55 99 99 33 88 99 9 9 9 9 9 9 9 9 , ,, , ,, ,, ,, 66 66 99 00 44 66 99 22 66 33 0 55 22 0 00 22 1 ] '' 22 2 2 2 2 2 2 22 , , , , ,, ,, ,, 7 88 88 8 7 88 8 5 1 11 33 5 22 1 99 0 0 55 0 33 0 ! ) 1 1 1 1 1 9 9 9 9 9 , , , , , 7 8 7 7 8 5 8 5 7 2 5 7 0 0 4 1 1 1 1 1 4 4 4 4 4 7 6 6 3 4 , , , , , 1 5 4 3 3 7 4 1 1 1 6 9 9 5 0 2 2 2 2 2 1 0 1 1 1 4 9 3 0 3 , , , , , 9 3 2 2 2 0 1 4 8 9 5 6 0 7 3 7 7 7 7 7 4 1 2 0 1 , , , , , 0 5 6 8 4 6 3 2 8 5 3 1 1 8 5 1 2 2 2 2 2 2 2 2 2 2 , , , , , 7 6 3 7 4 8 5 2 9 5 4 2 3 3 0 | 1 1 1 1 1 3 3 3 3 4 , , , , , 8 8 7 6 0 7 7 8 2 1 8 1 2 4 3 8 8 8 8 8 , . . , , 9 7 7 7 6 0 6 0 7 8 6 9 7 0 2 7 5 5 3 8 2 9 9 0 6 5 9 8 2 9 1 Includes securities purchased under agreements to resell 4 2 3 I F I n n e c c d l l e u u r d d a e e l s s a s o g h f e f o n i r c c t i i - a e t l s e i r n o m s n t l i n y t . o u t t e io s n a s n a d nd b il s l o s . forth. me J 9 r c E I i n a x c l c l l b u u a d s n e iv s k e s m . o f i n lo o a ri n t s y a i n n d t e F re e s d t e i r n a l c o fu n n so ds li t d r a a t n e s d a c s t u io b n si s d i w a i r t i h e s. d omestic com- 5 Includes corporate stock. ban 1 k 0 s A , l l l e ss d e c m as a h n d it e d m e s p o in s i p ts r o e c x e c s e s p o t f U co .S ll . ec G ti o o v n t . , and domestic commercial « 7 I I n n c c l l u u d de e s s s U e . c S u . ri G ti o e v s t s , o a l n d d u f n o d r e e r i g a n g b re a e n m k e d n e t p s o t s o i t r s e , p n u o r t c h s a h s o e w . n separately. 11 Certificates of deposit issued in denominations of $100,000 or more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1971 1971 1971 1971 Industry Dec. Dec. Dec. Dec. Dec. DDeecc.. Nov. Oct. IV III II 2nd 1st 29 22 15 1 half half Du P T O O M r r r a t t a i a h h b m c n e e l h e r r s a i p r n d f g y o a e u o r b r m r o t y r a a d i e b t c s t i l a a o e m t l n s e g d a e o n q m o u u d f e i s a t p a c m l t u e p r n i r t n o g d : ucts.. 2 4 2 2 1 , , , , , 0 4 3 6 7 1 9 8 6 1 0 7 2 3 7 1 2 4 2 2 1 , , , , , 0 6 4 5 7 5 7 6 5 1 5 5 9 2 7 2 4 2 2 1 , , , , , 1 7 5 5 7 1 0 5 7 4 7 7 6 6 6 2 4 2 2 1 , , , , , 0 5 4 5 7 6 9 6 9 2 5 5 2 8 7 2 4 2 2 1 , , , , , 0 4 6 6 7 7 3 3 3 7 8 1 1 3 2 - - - 1 4 5 - 3 2 1 6 8 0 0 - - - - 1 2 1 1 -4 0 9 6 1 4 4 0 3 0 -2 - - - - 1 8 6 9 5 2 7 6 4 2 - - - - - 1 6 1 3 2 6 2 0 0 5 2 7 0 0 9 - - - 1 2 1 2 3 3 2 3 8 2 5 9 - - 1 1 2 9 1 3 3 0 9 2 8 2 - - - - 2 3 3 8 -7 9 8 1 3 5 1 5 8 8 - - 2 1 2 2 1 9 0 6 0 4 1 9 1 0 9 No C T P O F n e e o h t d x t h e o r u t e m d o i r r l , l a i e e c n b l s u i a , o l q m e l n a s u d p g o r a u p o r e n , r a o f d a i r a d n e b n s r i l l d , u n e m g b a t g b n o a o e d n b r o u a d l c f e s a c a o c t h tu e r r ing: 2 2 2 1 1 , , . , , 8 2 2 1 8 9 5 9 7 2 5 6 4 5 4 2 2 2 1 1 , , , , , 3 3 9 1 8 3 4 6 0 1 5 5 1 0 9 2 2 2 1 1 , , , , , 4 8 3 1 8 1 5 2 1 3 5 6 9 3 0 | 2 2 2 1 1 , , , , , 8 4 3 7 1 3 3 2 9 0 4 3 3 8 2 1 2 2 2 1 1 , , , , , 8 4 3 0 8 7 2 0 9 0 1 7 6 4 6 -1 -9 4 5 9 2 3 2 8 2 8 -1 - - - 1 7 7 4 6 1 1 3 0 7 1 -1 - - 9 5 7 3 3 1 3 7 2 7 - -4 2 - 2 9 3 7 0 5 6 7 3 1 6 -1 - 2 3 6 9 5 2 3 0 7 -1 - - 1 6 3 6 4 1 4 0 3 4 5 - - 3 6 - 4 3 0 0 9 5 9 5 0 1 6 - - - 7 1 4 2 3 0 0 8 7 5 7 0 1 6 T S C C T O A M B e r r o o a l t i r l a a h n n n m v n d o e k i s i a m s r n e c t t e p n h : r g e r p u u d s o e , s C O R u n r c ' r b i o n t t e t i a d c i a l h n a m t c o i a o a t c e t c c n i t i m m u r l o e l i u u r o n p e o w a d t n t s l i d i a h l t n i i n i g o g t t c y i c a l e e s e l s s o s d c a r a e l u a n e d l s e e r s petroleum 4 5 4 2 7 5 2 3 3 1 1 , , , , . , , , , , , 8 6 7 6 4 2 1 8 8 6 3 2 5 2 5 9 0 4 2 7 1 8 0 5 9 7 5 8 0 3 7 5 0 1 5 4 4 2 7 3 5 2 3 1 1 , , , , , , , , , , , 7 6 8 6 8 4 2 7 6 2 1 5 5 1 1 3 8 3 9 9 7 1 1 1 7 1 7 1 6 4 2 7 0 4 4 5 2 7 5 2 3 3 1 1 , , , , , , , , , , , 6 4 4 4 6 7 8 5 0 8 6 4 7 0 4 1 7 5 1 7 0 9 9 5 2 2 9 3 2 6 9 9 3 ] 4 5 2 7 5 4 3 1 3 1 1 , , , , , , , , , , , 6 3 7 5 7 4 7 3 7 9 6 1 8 0 2 0 5 8 2 3 5 5 1 1 8 6 2 0 1 4 6 2 3 4 4 2 7 5 3 5 3 1 1 1 , , , , , , , , , , , 6 6 7 3 7 6 5 4 7 3 8 9 3 5 6 5 6 2 3 6 4 9 1 7 6 7 6 0 4 8 3 9 8 -4 - - 2 2 4 1 1 5 2 9 4 2 4 3 6 8 1 2 1 2 8 4 7 6 8 5 4 7 8 - - 1 1 6 4 - 4 5 6 5 88 5 3 3 8 1 1 7 9 00 1 0 0 - - 1 1 1 1 - 3 9 4 2 3 9 3 8 6 3 3 5 9 9 7 4 1 6 1 7 8 - - 3 - - 2 4 2 6 1 3 1 1 7 4 4 6 7 7 3 9 7 0 7 7 1 9 0 8 6 6 6 6 5 -2 2 4 3 3 3 4 0 7 8 6 2 5 4 0 8 1 8 8 2 7 9 3 8 7 9 8 9 - - - - 2 3 1 3 2 2 1 1 1 3 7 0 7 8 7 0 9 8 8 8 8 8 6 4 6 1 6 0 5 5 7 4 1 - - - , 3 2 2 1 2 5 5 5 6 1 1 2 6 2 5 9 2 2 2 1 9 6 5 9 6 4 5 3 9 3 4 1 6 - - - - 2 5 3 1 - 2 2 2 3 1 1 2 3 5 8 4 1 0 4 3 8 1 0 1 0 6 2 6 2 7 3 7 7 T Fo o r ta e l i l g o c n a l n a s s c s o if m ie m d e l r o c a i n a s l and industrial 70 3 , , 3 2 4 2 1 9 70 3 , ,1 4 8 6 1 6 70 3 , , 6 1 7 1 0 6 1 69 3, , 0 8 8 4 2 3 ] 6 2 9 , , 9 8 8 7 2 0 7 2 4 4 1 6 -48 3 7 0 -5 -2 5 2 4 -3 2 0 5 0 4 1,7 3 5 2 2 7 5 1 3 0 5 6 1,4 5 5 8 2 1 -4 2 6 3 3 9 Total commercial and industrial loans 83,825 83,802 83,917 82,992 82,944 1,190 -435 -4U 344 1 ,217 1,070 1,561 597 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1971 1971 1971 Industry D 2 e 9 c . N 2 o 4 v . O 2 c 7 t . Se 2 p 9 t. A 2 u 5 g . Ju 28 ly Ju 30 n e M 2 a 6 y A 2 p 8 r . IV III II I h 2 a n l d f Durable goods manufactur- P T M r r a i i a m n c n g h s a : i p r n y o e r r m t y a e t t i a o l n s equipment 2 1 1 , , , 2 3 6 8 6 2 7 2 0 2 1 1 , , , 3 4 5 9 0 9 7 6 2 2 1 1 , , , 4 4 6 7 9 2 8 6 6 2 1 1 , , , 4 6 5 8 8 2 1 9 5 2 1 1 , , , 5 4 5 0 8 8 7 2 2 2 1 1 , , , 5 5 5 1 3 5 4 5 2 2 1 1 , , , 5 5 5 3 5 8 9 9 7 2 1 1 , , , 5 4 6 4 9 6 4 0 7 ] 2 1 1 , , , 7 5 6 3 1 2 5 5 2 ' - - 1 1 -6 9 6 9 4 3 - - 1 5 6 3 8 2 0 - - - 5 4 5 2 3 4 - - 1 9 2 0 0 0 3 - - 2 2 2 5 6 5 2 1 O Ot t p h h r e e o r r d d u u f c r a t a s b b r l i e c a g t o ed o ds metal 1,1 7 3 1 5 4 1,1 7 6 09 2 1,2 7 0 4 3 4 ] 1,2 7 1 7 3 6 ] 1,2 8 6 0 6 7 1,2 8 3 0 7 4 1,2 8 3 1 1 5 ! 1,2 8 0 0 1 5 1,1 7 9 6 1 9 ] - - 7 6 8 2 - - 3 1 9 8 8 1 2 5 1 -9 2 7 -1 -9 0 6 1 Nondurable goods manufac- Fo t o u d r , i n l g iq : uor, and tobacco 1.024 1,012| 975] 988 941 948 972 919 982 36 16 -2 -11 52 P T C O e e h t l x t h e e r t e m o a i r l t l i e h e c n s e u a , o r m l n s d r a a u e n p f r d i a p n b a r i l r u n e e g b l , b g e o r o a d n s d . 1 1 , . 4 0 5 8 4 2 7 9 7 5 6 3 1 1, ,5 0 8 5 3 1 6 7 4 8 7 7 | 1 1 , ,0 6 9 5 4 6 0 8 8 1 0 5 j 1 1, ,7 0 6 8 9 1 0 5 2 8 7 7 1 1, ,8 0 8 6 1 1 0 4 5 0 1 6 ] 1 1 , , 8 0 9 5 0 2 0 9 2 8 8 8 1 1 1 , , 8 0 5 8 2 2 9 9 4 2 7 1 1 1, , 0 7 6 9 0 5 2 2 9 8 6 0 1 1 1, , 0 8 9 5 6 9 2 3 2 2 2 2 1 | -3 -3 4 3 1 5 6 7 - - 3 3 -3 1 5 2 0 - - - - 2 7 2 2 6 9 3 0 -2 - -7 4 9 1 0 8 1 -3 -2 7 1 7 4 1 T M T C S O C A e r r o o l t i r l a a h n m n v n d e o i s i t m n s r e c t t r p : h r g e o p u u , o s e C l O R u n r c r e i b i o t t e t u n d c a i l h m t m c o i a o t a e c l n i t m m i r u o l i a u o d n e o n w t n i s i d d n l t h i i g i t t c n o y i a e c l l s t o e r d u u a s e r d n a a a e s l l l e e g p . . r . a . s e . . . s - . 4 3 1 1 1 3 1 , , , , , , , 0 4 3 2 3 4 4 4 8 1 3 4 5 8 1 3 9 2 9 1 9 9 7 7 4 1 8 7 9 5 ] 2 4 1 3 1 1 1 , , , , , , , 9 4 4 4 2 2 4 8 4 1 9 6 3 4 9 5 1 2 6 0 8 7 3 8 3 5 3 7 5 4 | 4 3 1 3 1 1 1 , , , , , , , 4 3 0 4 4 3 2 4 8 1 0 6 2 8 0 8 4 1 1 6 4 1 3 2 8 8 6 5 8 8 1 ] 2 4 3 1 1 1 1 , , , , , , , 9 5 3 4 2 1 3 4 8 1 3 8 7 5 5 7 8 9 2 0 2 7 8 6 7 3 8 7 0 9 1 ' | 4 3 3 1 1 1 1 , , , , , , , 4 0 2 4 3 1 3 4 8 1 8 0 0 5 2 8 6 2 3 1 8 2 6 0 0 8 2 9 1 7 4 3 3 1 1 1 1 , , , , , , , 6 0 2 4 1 2 3 4 8 1 1 1 4 2 2 0 4 5 7 0 2 9 7 3 9 9 1 0 1 1 ] ] 2 4 3 1 1 1 1 , , , , , , , 6 9 0 1 2 4 2 4 8 1 9 9 6 9 2 4 6 4 9 4 9 5 2 2 1 7 8 2 7 ] ] ] 4 3 3 1 1 1 1 , , , , , , , 1 6 0 2 4 1 0 4 8 9 8 5 5 7 2 0 3 3 8 2 1 8 9 9 8 3 8 9 8 ! 1 4 3 3 1 1 1 , , , , , , 4 1 2 0 7 2 4 9 8 0 6 4 8 5 2 2 9 1 8 4 9 9 7 4 3 6 1 3 1 1 ] -1 - 1 1 9 2 4 4 4 4 4 0 0 9 7 7 4 3 1 7 6 3 - - - 1 1 4 5 2 5 4 8 7 1 1 8 6 6 6 1 8 8 5 0 2 - - - 1 2 1 1 2 3 5 2 6 6 8 2 1 1 1 3 7 0 6 5 2 4 7 - - - - - 2 3 1 6 1 4 0 2 6 0 1 7 7 3 5 3 6 3 3 8 1 -1 - - 2 2 1 4 3 5 2 2 8 5 5 4 1 1 4 5 9 2 4 2 7 7 8 Forei d g u n s tr c i o a m l l m o e a r n c s i al and in- 2,076 1,9561 1,940| 1,892| 1,950 1,908 1,892 1,882 1,840| 184 100 76 184 Total loans 31,975 31,933 32,369 32,435 32,200 32,236; 32,166] 31,986 32,259 -460 269 -26 -166 -191 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 • JANUARY 1972 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder Total CCllaassss ooff bbaannkk,, aanndd qquuaarrtteerr oorr mmoonntthh deposits, Financial Nonfinancial Consumer FFoorreeiiggnn All IPC business business other All commercial banks: 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 17.9 89.9 56.0 1.3 10.7 175.8 Sept 17.9 91.5 57.5 1.2 9.7 177.9 Weekly reporting banks: 1970—Nov 13.6 53.9 21.1 1.2 5.4 95.2 Dec 13.5 56.1 23.3 1.2 5.6 99.7 1971—Jan 13.9 54.4 24.1 1.2 5.6 99.3 Feb 13.9 52.2 23.1 1.2 5.5 95.8 Mar 14.1 52.4 23.9 1.3 5.7 97.3 Apr 14.1 53.4 25.3 1.3 5.7 99.8 May 13.7 52.9 24.1 1.2 5.5 97.4 June 14.0 54.2 24.4 1.2 6.0 99.8 July 14.1 54.7 24.8 1.2 5.4 100.3 Aug 13.5 53.4 24.1 1.2 5.1 97.2 Sept.r 13.8 54.6 24.5 1.2 5.5 99.6 Oct.r 13.9 55.5 24.5 1.1 5.4 100.4 Nov.* 13.7 55.8 24.6 1.1 5.4 100.7 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 ,131 804 746 All member—Cont. Insured 1,216 ,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 Insured 278 253 223 209 Noninsured 2 1 1 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as BULLETIN, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal- These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1971—Sept. 1 2,998 1,849 1,149 1 ,601 436 1 ,165 8 2,822 1,823 999 1 ,605 438 1,167 15 2,818 1 ,819 999 1 ,599 425 1,174 22 2,906 1,836 1.071 1 ,600 417 1,183 29 2,960 1,896 1,064 1,598 421 1,177 Oct. 6 2,884 1 ,799 1 ,085 '1,588 409 1,179 13 2.879 1,801 1,077 rl ,571 402 1,169 20 2,904 1,832 1.072 rl,572 393 1 ,180 27 2,928 1,804 1.124 1,572 393 1,179 Nov. 3 2.880 1,695 1 ,185 1.575 393 1,183 10 2,866 1,710 1,157 1.576 391 1,185 17 2,809 1 ,740 1,069 1,597 412 1 ,185 24 2,845 1,757 1,088 1 ,596 398 1,197 Dec. 1 2,934 1 ,723 1 ,211 1,592 400 1,192 8 2,852 1,675 1,177 1 ,634 398 1,236 15 2,744 1,619 1.125 1,635 395 1,240 22 2,871 1,655 1,217 1,590 387 1,203 29 2,870 1,632 1,238 1,631 378 1,254 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Im- Ex- Total Others ports ports All re B l a a n te k d Other 1 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—Nov. 33,966 526 12,775 2,600 18,065 6,267 2,368 1,875 493 87 243 3,569 2,490 1,388 2.390 Dec. 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971—Jan.. 32,295 362 13,071 1,668 17,194 6,912 2,742 2,058 684 59 270 3,841 2,589 1,555 2,768 Feb. 32,506 383 13,538 1,518 17,067 6,984 3,089 2,306 784 54 266 3,575 2,618 1,520 2,847 Mar. 31,223 355 13,215 1.337 16,316 7,174 2,953 2,276 678 138 255 3,827 2,681 1,519 2,974 Apr. 31,367 431 13,058 1,363 16,515 7,301 2,893 2,320 573 56 236 4,115 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 Nov. 31,164 406 11,825 1,624 17,309 7,479 2,852 2,204 648 58 258 4,312 2,848 1,392 3,239 i 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 • JANUARY 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during- Effective date Rate Effective date Rate Effective date 1929. 5Vi-6 1953—Apr. 27. 3 Va 1966—Mar. 10... 5Vi 1971—Jan. 6 1930. m-6 1954—Mar. 17. 3 J A u u n g e . 2 1 9 6 . . . . . . s 6 y 4 1 1 8 5 1931. 234-5 Feb. 16 1932. 314-4 1955—Aug. 4 31/4 1967—Jan. 26-27 5V2-5V4 Mar. 11 1933. 11/2-4 Oct. 14 Mar. 27... 51/2 19 Nov. 20... 6 Apr. 23, 1934— 1956—Apr. 13 m May 11. 1947 (Nov.). 11/2 Aug. 21 4 1968— S A e p p r t . . 2 1 5 9 . . . . . . 6 6 1 /2 -6V4 July 6 7 , . Effective date 1957—Aug. 6 41/2 N De o c v . . 1 2 3 . . . . . . 6 61 V / 4 2 O N c o t v . . 2 1 0 195 8^- J A a p n. r . 2 2 2 1 43 Vz 18... 6V4 4 8 1947—Dec. i 1V4 Sept. 11 4 1969—Jan. 7... 7 22 Mar. 17... 71/2 29 1948—Aug.i... . 2 1959—May 18 4V2 June 9... 81/2 Dec. 6 Sept. 1 1 1 9 9 5 5 0 1 — — S Ja e n p . t . 2 8 2 . . 2 2 V V a i 1960—Aug. 23 5 41 /2 1970— N S M e o a p v r t . . . 2 2 1 1 2 5 . . . . . . . . . m 7 h 2 3 7 1 O D c e t c . . 1 1 7 9 . . 2 3 V a 1965—Dec. 6 5 Dec. 2 2 3 2 . . . . . . 1 63 /4 1972—Jan. 3 1 Date of change not available. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes l--9 10-99 100-499 500-999 1,000 and over Center Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 Short-term 35 4 N 7 7 8 8 c e e W S o N S w n t o o o h t e u u e r s Y e t t r t t r h s h h o e w C r N a k C o e s o s a t e C r t s t n t i h t t e r y a a . s l . t . . 6 6 6 6 5 5 5 . . . . . . . 8 1 7 9 0 9 1 8 0 8 4 4 0 6 6 6 6 6 6 6 6. . . . . . . 2 9 3 3 3 6 1 0 2 1 1 7 4 8 7 6 8 6 7 7 7 . . . . . . . 2 6 7 5 5 1 2 1 5 8 2 4 7 4 8 6 8 7 6 7 7 . . . . . . . 0 6 5 7 2 7 4 3 3 2 7 5 4 0 6 6 6 6 6 6 7 . . . . . . . 6 7 7 5 5 7 2 9 9 2 6 2 4 0 6 6 6 7 7 7 7 . . . . . . . 1 5 9 1 7 0 6 3 7 0 2 4 8 7 6 6 6 6 6 6 6 . . . . . . . 5 2 3 1 0 1 1 7 2 0 5 2 0 6 6 6 6 6 6 6 7 . . . . . . . 4 2 3 4 4 3 6 1 6 1 9 7 3 2 6 6 6 6 5 5 5 . . . . . . . 6 2 9 3 8 9 0 3 5 4 0 5 3 1 6 6 6 6 6 6 6 . . . . . . . 2 0 7 1 8 3 6 8 9 1 7 6 6 1 6 6 5 6 5 5 5 . . . . . . . 0 7 8 8 9 9 1 9 7 4 1 4 4 1 6 6 6 6 6 6 6 . . . . . . . 2 5 1 8 1 3 3 8 8 7 6 4 0 0 Revolving credit 35 7 N 7 4 8 8 c e e W o S N S w n t o o o h t e u u e r e Y s t t r t t r h h s h o w e C N r a k C e o o s s a e t C r t s n t t i h t t e r y a a . l s . . t . 6 6 6 6 6 5 6 . . . . . . . 1 1 4 4 8 4 2 8 3 0 3 6 7 1 6 6 6 6 6 6 6 . . . . . . . 5 7 2 4 6 7 5 1 7 5 6 4 7 4 7 7 7 7 7 7 7 . . . . . . . 5 7 3 3 1 7 9 1 5 8 3 3 2 3 7 7 7 7 7 7 8 4 6 8 6 0 7 3 9 8 8 2 6 5 7 6 7 6 7 7 6 7 . . . . . . . 8 7 3 0 2 8 1 9 9 1 5 9 3 6 7 7 7 7 7 7 7 . . . . . . . 2 5 1 0 3 0 4 7 2 7 0 6 6 3 6 6 6 6 6 6 6 . . . . . . . 5 7 1 4 4 6 6 1 3 7 5 4 5 4 6 6 7 6 6 6 7 . . . . . . . 8 0 7 6 8 8 1 8 7 9 4 3 7 1 6 6 6 5 6 6 6 . . . . . . . 2 4 9 3 1 2 6 6 6 9 9 3 7 5 6 6 6 6 6 6 6 . . . . . . . 5 8 3 4 6 5 7 8 1 7 5 2 5 4 6 5 6 6 5 5 5 . . . . . . . 7 9 3 0 0 9 9 8 3 1 0 1 5 2 6 6 6 6 6 6 6 . . . . . . . 2 3 1 2 3 4 4 7 1 7 7 1 6 2 Long-term 35 7 N 7 8 4 8 c e e o W N S S w n t o o o h t e u u e r Y e s r t t t t r s h h h o C e w N r a k C o e o s a s e t r t C s n t t h i t t e r y a a l . s . . t . 6 6 6 6 7 6 6 . . . . . . . 4 3 5 6 2 4 2 4 6 8 4 8 4 0 6 6 6 6 7 7 6 . . . . . . . 6 3 7 9 7 1 5 7 1 8 9 3 2 5 7 6 8 7 6 6 8 . . . . . . . 3 5 3 6 9 8 1 9 5 6 6 9 7 5 7 6 8 7 7 7 7 . . . . . . . 4 5 0 4 3 7 1 1 4 8 7 4 2 2 6 6 7 6 7 6 7 . . . . . . . 9 2 2 0 3 1 9 5 4 9 0 8 9 3 7 6 7 7 7 7 7 . . . . . . . 4 4 8 4 7 6 3 8 6 0 8 4 0 5 6 6 7 6 6 6 7 . . . . . . . 7 0 4 7 7 6 6 9 8 0 9 8 3 4 6 7 7 6 8 7 7 . . . . . . . 1 6 7 2 4 8 0 0 0 1 7 7 5 4 6 6 7 6 6 6 7 . . . . . . . 5 5 5 7 3 1 1 7 0 0 8 2 1 6 6 6 6 8 6 6 7 . . . . . . . 9 6 6 6 2 0 8 2 7 5 0 7 2 2 6 6 6 6 6 7 6 . . . . . . . 4 3 0 2 3 5 1 6 5 5 7 5 3 2 6 6 6 6 7 7 6 . . . . . . . 6 5 4 2 0 0 5 8 9 5 6 0 0 4 NOTE.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on The weights in computing weighted average interest rates on business Business Loans was revised. For description of revised series see pp. 468- loans have been revised. 77 of the June 1971 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance PPrriimmee CO. PPrriimmee ccoommll.. paper bbaannkkeerrss'' FFeeddeerraall 3-month bills 5 6-month bills 5 9- to 12-month issues Period ppaappeerr placed aacccceepptt-- ffuunnddss 3- to 5- 4- to 6- directly, ances, rraattee33 year months1 m 3- o n to t h 6 s - 2 90 days1 n R ew at e i s o su n e M y a ie rk ld e t n R ew at e i s o su n e M y a ie r l k d e t k B e i t l ls y i ( e m ld a ) r 5 - Other 6 issues7 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 6 6 7 6 6 6 1 7 9 0 8 5 6 7 7 5 5 5 4 5 . . . . . . . 1 7 5 8 9 3 1 1 2 5 3 0 8 0 4 7 7 4 5 4 5 . . . . . . . 9 2 8 2 1 4 6 1 3 9 7 6 2 9 4 7 7 5 4 5 4 . . . . . . . 3 6 8 7 7 3 2 1 1 5 5 5 6 2 4 7 4 5 4 8 5 . . . . . . . 1 1 6 0 2 6 2 7 1 6 7 2 6 2 4 4 6 4 6 5 3 . . . . . . . 3 8 3 4 3 6 9 2 8 4 3 5 7 5 1 1 8 9 8 7 4 4 6 4 4 6 5 3 . . . . . . . 8 3 4 3 9 6 3 5 0 2 3 5 4 3 4 4 4 6 6 5 5 . . . . . . . 5 0 6 5 0 8 4 1 5 3 6 8 5 7 1 5 0 2 2 3 0 4 6 5 4 4 6 5 . . . . . . . 5 6 5 0 4 0 8 1 1 5 5 8 6 4 666 444 4 5 6 5 6 5 6 4 5 4 5 4 5 ... ... ... ... ... ... . 777 444 777 000 000 555 6 111 555 777 777 666 333 7 4 4 7 6 4 7 6 4 7 6 4 7 6 4 7 6 4 7 6 4 5 4 5 4 5 4 5 4 5 4 5 555555 ...... ...... . ...... ...... ...... ...... 888888 000000 000000 111111 7 999999 666666 444444 666666 999999 777777 5 000000 222222 7777777 5555555 4 5 5 6 4 5 5 6 4 5 5 6 4 5 5 6 4 5 5 6 4 5 5 6 4 5 5 6 5555555 ....... ....... ....... ....... ....... ....... ....... 3333333 0000000 8888888 1111111 5555555 2222222 7777777 7777777 7777777 5555555 6666666 9999999 2222222 7777777 1970—Dec 5.73 5.48 5.32 4.90 4.860 4.87 4.848 4.89 4.87 4.94 5.86 1971— D J N O S J A A M F M j u u e e a e c o u p n l a n a p b c t y v g r y r e t 44 4 4 4 4 5 5 5 5 5 5 5 . . . . .. . . . . . . . 1 1 5 4 4 77 9 7 7 5 7 1 1 9 7 7 5 44 2 3 5 4 5 0 4 4 4 4 5 4 4 5 5 5 5 5 . . . . . . . . . . . . 8 2 3 5 6 0 6 0 5 4 3 2 1 7 7 7 9 7 0 5 4 4 0 4 4 5 4 4 4 4 5 5 4 5 5 3 . . . . . . . . . . . . 7 0 9 5 4 0 3 4 3 7 6 8 8 9 1 7 5 5 6 9 3 7 0 0 4 4 4 5 4 4 5 4 5 3 5 3 . . . . . . . . . . . . 9 9 1 1 2 6 5 7 3 5 1 7 1 1 5 4 0 3 7 2 1 5 4 1 4 4 4 4 4 4 5 3 4 5 3 3 . . . . . . . . . . . . 4 6 6 1 0 1 7 0 4 4 3 7 6 9 3 8 9 2 7 7 0 9 2 8 8 9 9 9 1 3 3 8 5 4 3 0 4 4 4 4 4 4 4 4 5 3 3 3 . . . . . . . . . . . . 6 0 4 3 7 2 8 6 9 1 4 3 9 1 6 9 4 2 5 9 3 3 4 8 4 4 4 4 4 4 4 5 5 3 3 3 . . . . . . . . . . . . 1 3 9 6 8 3 5 9 5 3 8 4 9 3 3 2 9 8 2 6 1 6 3 0 9 8 4 6 0 6 7 7 0 3 1 6 4 4 4 4 4 5 4 4 4 3 5 3 . . . . . . . . . . . . 9 3 2 9 6 2 4 3 7 6 0 5 5 8 3 7 0 2 7 4 8 2 3 0 4 4 444 555 5 4 4 4 4 44 5 555 3 3 3 3 . ... . .. .. ... . .. . .. .. ... 4 777 33 00 4 555 3 7 66 66 88 222 9 555 99 99 0 222 2 3 44 11 44 000 44444444444 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 4 4 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 3 5 5 ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... 33333333333 22222222222 22222222222 55555555555 99999999999 77777777777 55555555555 88888888888 66666666666 33333333333 88888888888 66666666666 88888888888 11111111111 99999999999 77777777777 33333333333 44444444444 00000000000 99999999999 77777777777 11111111111 00000000000 66666666666 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 5 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 6 6 6 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 55555555555 ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... 33333333333 33333333333 77777777777 66666666666 33333333333 77777777777 77777777777 99999999999 00000000000 44444444444 44444444444 55555555555 11111111111 99999999999 44444444444 88888888888 66666666666 22222222222 77777777777 66666666666 22222222222 22222222222 22222222222 00000000000 Week ending— 1971—sept 4 5.70 5.44 5.50 5.59 4.549 4.47 4.771 4.79 5.13 55..2200 5555....88889999 2 1 1 5 1 8 5 5 5 . . . 7 7 7 5 5 5 5 5 5 . . . 4 4 4 4 4 5 5 5 5 . . . 5 5 5 0 0 0 5 5 5 . . . 5 4 7 9 6 3 4 4 4 . . . 7 5 8 3 4 3 8 3 4 4 4 4 . . . 7 6 7 9 2 4 4 4 5 . . . 8 9 0 4 9 8 6 3 5 4 5 5 . . . 9 0 0 2 2 4 5 5 5. . . 1 2 2 7 6 2 5 5 5 5 55.. .. .. 22 44 33 33 11 55 6666 5 6 5 6 5 6 5 6 .... .... .... 0000 9999 0000 1111 4444 0000 Oct. 2 3 1 2 3 9 0 6 5 5 5 5 5 . . . . . 2 7 7 4 6 5 5 5 5 3 5 5 5 5 5 . . . . . 3 0 4 4 2 9 6 4 4 4 4 4 5 5 5 . . . . . 9 8 0 2 4 8 8 3 3 0 5 5 5 5 5 . . . . . 1 2 3 1 4 1 9 2 4 3 4 4 4 4 4 . . . . . 6 4 5 4 4 7 8 3 9 4 6 6 4 4 3 4 4 4 4 4 . . . . . 5 4 6 4 3 1 5 5 7 6 4 4 4 4 4 . . . . . 5 6 9 7 5 9 3 7 4 3 5 5 3 3 0 4 4 4 4 4 . . . . . 5 5 4 9 7 8 6 7 5 2 4 4 4 5 5. . . . . 1 6 4 7 0 7 7 9 3 0 44444 5 4 4 4 5 4 4 4 5 4 4 4 5 4 4 4 5 4 4 4 ..... ..... ..... ..... ..... 99999 55555 22222 77777 77777 11111 11111 66666 33333 00000 55555 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 ..... ..... ..... ..... ..... 99999 88888 66666 66666 55555 11111 44444 88888 22222 33333 Nov. 2 2 1 7 0 6 3 4 4 4 5 . . . . 8 9 8 0 8 3 8 3 4 4 4 4 . . . . 8 9 8 6 8 7 0 6 4 4 4 4 . . . . 7 7 8 7 8 5 1 5 4 4 4 5 . . . . 8 9 8 1 8 3 6 6 4 4 4 4 . . . . 1 2 1 2 2 3 7 3 2 3 4 6 4 4 4 4 . . . . 1 1 3 1 8 8 3 5 4 4 4 4 . . . . 2 4 3 3 5 1 4 4 5 1 0 6 4 4 4 4 . . . . 3 4 3 3 1 9 4 7 44 4 4 44 . .. . .. 4 44 66 4 1 22 11 7 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4.... .... .... .... 6666 4444 3333 4444 9999 6666 7777 0000 5555 5555 5555 5555 .... .... .... .... 4444 4444 6666 4444 1111 7777 3333 7777 Dec. 1 4 1 4 4 . . 8 8 8 8 4 4 . . 7 7 3 0 4 4 . . 7 5 5 8 4 4. . 6 5 8 9 4 4 . . 3 0 2 9 4 1 4 4. . 2 1 8 1 4 4 . . 4 2 3 0 1 7 4 4 . .2 4 8 2 4 4 . . 5 6 3 0 4 4 4 4 4 4 4 4 .... .... 6666 5555 3333 4444 5555 5555 .... .... 5555 4444 2222 8888 2 1 5 8 4 4 . . 7 7 5 5 4 4 . . 5 6 0 3 4 4 . . 4 5 0 0 4 3 . .8 2 9 0 4 3 . . 0 9 2 4 3 4 4 4 . . 0 0 2 4 4 4 . . 2 1 6 4 3 4 4 4 . . 2 2 5 7 4 4 . . 3 5 8 0 4 4 4 4 4 4 4 4 . . . . . . . . 4 3 4 3 4 3 4 3 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5.... .... 4444 4444 3333 5555 1972 Jan. 1 44..5500 44..5500 4.18 4.05 3.731 3.73 3.952 4.03 4.09 4.15 5.27 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. ma 3 t u S r e it v i e e n s - i d n a y t h a e v 9 e 0 ra -1 g 7 e 9 f o d r a y w e r e a k n g e e n . ding Wednesday. 6 5 C B e il r l t s i f q ic u a o t t e e s d a o n n d b s a el n e k c t d ed is c n o o u te n t a r n a d t e b o ba n s d i s i . ssues. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 INTEREST RATES • JANUARY 1972 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 1 otal1 (longterm) Total i Aaa Baa Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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—De c 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 5.74 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 5.65 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 Dec 5.62 5.24 4.99 5.55 7.75 7.25 8.38 7.42 8.12 7.92 6.81 3.10 Week ending— 1971—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 Dec. 4. . . 5.58 5.50 5.20 5.85 7.79 7.28 8.42 7.47 8.14 7.96 6.78 3.21 11. . . 5.59 5.25 5.00 5.55 7.79 7.27 8.42 7.46 8.15 7.97 6.76 3.17 18... 5.63 5.21 5.00 5.35 7.76 7.24 8.39 7.43 8.14 7.92 6.87 3.12 25. . . 5.68 5.18 5.00 5.40 7.74 7.23 8.36 7.41 8.12 7.89 6.83 3.02 1972—Jan. 1 . . . 5.60 5.04 4.75 5.40 7.70 7.22 8.31 7.37 8.06 7.88 6.79 2.99 Number of issues2 20 119 20 30 40 29 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Govt.: Averages of daily figures for bonds maturing or callable in 10 years arately. Because of a limited number of suitable issues, the number or more. (2) State and local govt.: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. (3) Corporate: Averages of daily figures. (2) and (3) are 23, 1967, Aaa-rated railroad bonds are no longer a component of the from Moody's Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios 2 Number of issues varies over time; figures shown reflect most recent are based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios NOTE.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Bonds: Monthly and weekly yields are computed as follows: (1) U.S. adjusted at annual rates. Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude NOTE.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market NOTE.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com- companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5V2 hours per day, or 27l/i hours per week. homebuilders; and permanent loans that are coupled with construction In recent years shorter days and/or weeks have cut total weekly trading loans to owner-builders. Series beginning 1965, not strictly comparable to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- with earlier data. See also the table on Home-Mortgage Yields, p. A-55. Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- 22.5; 1970—Jan. 2-May 1, 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer- (thousands of Standard and Poor's index New York Stock Exchange index ican shares) (1941-43=10) (Dec. 31, 1965 = 50) Stock Ex change ( G l U o o . n v S g t . , - S l a o t n c a d a te l p A C o A r o a r A - 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 in to d t e a x l i NYSE term) 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 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 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 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 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 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 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 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 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 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 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 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 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 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 67.33 77 Ar 63.4 97.24 107.26 43.55 57.51 53.73 57.62 44.83 38.17 69.41 24.84 14,574 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 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 70.47 c84.1 c66.4 92.78 102.21 41.19 55.86 51.17 54.50 44.29 36.87 68.98 24.10 13,163 68.80 83.5 66.5 99.17 109.67 43.17 57.07 54.76 58.85 48.34 37.52 72.28 25.04 17,171 69.17 81.6 65.6 95.17 105.11 40.94 55.84 52.49 56.15 45.76 36.79 70.78 24.31 18,563 69.03 82.9 66.3 96.99 107.18 42.63 56.20 53.57 57.50 47.63 36.76 71.56 24.77 16,321 68.70 83.3 66.7 98.84 109.33 43.25 56.63 54.60 58.76 48.39 37.09 71.93 25.06 17,867 68.21 84.3 66.8 101.32 112.21 43.77 57.27 55.92 60.32 49.34 37.66 72.92 25.34 19,807 68.92 85.3 66.8 101.80 112.54 44.10 58.84 56.20 60.35 49.35 38.99 73.35 25.41 14,399 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes 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 & i s M (y a e t a u r r s it ) y L c p r ( o a e p r t i a n e i c n r o t e ) / (t d h c o p P o 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 l a 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 & i s M (y a e tu ar r s i ) ty L c r p ( o a e p r t i n a e i c n r t o e ) I (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 ' 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 7 6 . .8 6 3 6 . .9 8 1 9 2 2 5 5 . . 5 5 7 7 3 2 . . 9 8 3 3 0 4 . . 7 1 2 2 2 4. . 5 4 7 6 . .9 6 0 8 . .8 83 8 2 2 2 2 . . 7 7 7 71 3 . . 5 0 2 2 5 8 . . 6 3 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 8.26 .99 25.3 72.1 35.8 25.2 .85 22.8 71.5 29.9 8.20 1.07 25.8 73.8 35.3 25.8 8.12 .85 23.3 71.9 30.7 8.03 .92 25.8 73.3 36.2 26.4 7.94 .82 23.5 72.5 30.7 7.74 1.00 26.2 73.9 37.0 26.2 7.67 .79 24.0 73.1 31.1 7.52 .83 25.9 73.7 35.9 26.0 7.47 .77 24.1 73.5 31.7 7.37 .73 26.3 73.6 36.0 26.2 7.34 .75 24.2 73.6 31.8 7.36 .71 26.1 74.0 36.7 26.7 7.33 .71 24.0 73.2 32.3 7.38 .74 26.3 73.7 37.5 27.3 7.38 .74 24.3 73.9 32.9 7.51 .90 26.3 74.5 36.8 27.1 7.50 .75 24.2 74.5 31.6 7.60 .84 26.2 73.9 36.5 26.5 7.58 .76 24.5 74.2 31.9 7.67 .97 25.8 75.3 35.1 25.9 7.63 .79 24.2 74.5 30.7 7.68 .97 26.4 75.5 35.2 26.3 7.62 .79 24.1 74.2 31.2 7.65 .87 26.7 75.7 36.4 27.2 7.58 .77 24.2 74.5 31.2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT • JANUARY 1972 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 r e g e r i s n d it c B u e s a x t 2 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 n m n e a u c e b e l s t e - i r - s t s ' 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 N r e n o b e x d k y e d - t e e i d t r s EEE pppeee nnn rrr ddd iii ooo ooo ddd fff Un 2 d 0 er 2 A 0- d 2 j 9 u sted 3 0 d ( - 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 a 0 lu - e 5 9 6 m 0 o r o e r jjj TTT ((( uuu lll ddd aaa iii mmm ooo sss eee ooo ooo ddd ttt ttt bbb fff iii nnn --- eee aaa lll ttt sss ddd --- lll dddooolll--- 1970— D N e o c v . , 4 4 , , 0 0 3 1 0 0 2 2 , , 3 3 2 3 0 0 c6 6 , , 3 3 2 6 0 0 ( ( 3 3 ) ) 2 2 , , 1 2 9 8 7 6 ( ( 3 3 ) ) Unrestricted Restricted i lllaaarrrsss))) (3) 1970—Nov.. 1.0 .9 39.0 16.4 9.7 33.0 8,570 1971—Jan.. 4,000 2,300 6,300 2,452 (3) Dec.. .0 .3 47.0 13.7 9.5 29.4 8,140 Feb., 4,090 2,330 6,420 (3) 2,743 (3) Mar. 4,300 2,360 6,660 (3) 2,798 (3) 1971—Jan. . .0 .4 55.1 12.5 8.4 23.6 8,180 Apr. 4,530 2,340 6,870 (3) 2,660 (3) Feb. . .0 .4 56.2 13.2 7.7 22.5 8,410 May 4,620 2,340 6,960 (3) 2,550 (3) Mar.. .0 .5 58.4 12.7 6.7 21.6 8,820 J J A u u u n l g y e . . 4 4 4 , , , 7 7 8 2 9 5 0 0 0 2 2 2 , , , 4 4 3 2 3 9 0 0 0 7 7 7 , , , 1 2 2 1 1 8 0 0 0 ( (( 3 33) ) ) 2 2 2 , , ,4 2 2 4 1 0 0 0 0 ( ( (3 3 3) ) ) J A M u p a n r y e . . . . . . . 2 0 3 . . . 4 3 2 6 5 4 0 4 7 . . . 6 0 4 2 1 1 3 2 7 . . . 1 1 9 6 6 7 . . . 8 6 0 2 2 2 0 0 1 . . . 7 9 3 9 9 8 , , , 2 0 9 0 3 9 0 0 0 Sept. 4,930 2,430 7,360 (3) 2,100 (3) July.. .1 \l 33.5 33.3 10.1 22.8 8,960 N O o c v t. . . 4 4 , , 9 9 1 5 0 0 2 2 , , 4 4 1 0 0 0 7 7 , , 3 36 1 0 0 ( (33 ) ) 2 2 , ,1 1 7 6 0 0 ( ( 3 3 ) ) A Se u p g t . . . . . . 2 0 . . 3 3 4 44 8 . . 1 2 2 2 4 1 . . 5 8 9 8 . . 5 3 2 2 1 1 . . 5 2 9 9 , , 0 0 9 7 0 0 Oct... .1 .2 30.0 33.6 11.2 24.8 9,010 Nov.. .0 .2 26.1 34.9 12.6 26.2 8,880 1 End-of-month data. Total amount of credit extended by member firms of the N.Y. Stock Exchange in margin accounts, excluding credit extended on convertible bonds and other debt instruments and in special subscrip- 1 Debt representing more than 30 per cent but less than 35 per cent of tion accounts. collateral value is unrestricted as of May 6, 1970, but is not separable from 2 Figures are for last Wed. of month for large commercial banks re- the remainder of this category. porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col- NOTE.—Adjusted debt is computed in accordance with requirements set lateralized by obligations of the U.S. Govt. forth in Regulation T and often differs from the same customer's net debit 3 Series discontinued. balance mainly because of the inclusion of special miscellaneous accounts 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 ) TToottaall Equity class (per cent) or more 60 per cent ddeebbtt EEnndd ooff ll (( ii mm oonn iill ss -- 1970—Nov. 45.5 43.9 10.6 4,240 ppeerriioodd ll dd aa oo rr oo ss ff ll -- ))!! 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er 1971— D Ja e n c . . . 4 4 9 8 . . 2 2 4 4 3 2 . . 6 3 7 9 . . 2 4 4 4 , , 2 0 6 3 0 0 Feb. 49.1 44.2 6.7 4,380 Mar. 48.6 45.5 5.9 4,400 1970— D N e o c v . . . . 4 4 , , 0 0 1 3 0 0 1 1 1 0. . 4 0 1 1 6 4 . . 1 8 2 2 7 6 . . 1 1 1 1 6 7. . 5 8 1 14 3 . . 1 5 1 15 7 . . 5 2 J A M u p a n r y e . , 4 4 45 6 6 . . . 1 5 8 4 4 4 7 8 7 . . . 1 1 8 5 6 7 . . . 1 4 0 c4 4 4 , , , 3 2 5 6 5 0 0 0 0 1971— F M A J M a e p a n a b r . r y . . . . . . . . 4 4 4 4 4 , , , , , 6 5 0 0 3 2 3 9 0 0 0 0 0 0 0 1 1 1 1 1 0 1 1 2 1 . . . . . 6 8 8 1 4 2 2 1 1 1 0 0 5 9 9 . . . . . 3 7 0 6 5 2 3 3 3 3 6 8 5 1 3 . . . . . 7 3 1 0 0 1 1 1 1 1 5 8 6 6 7 . . . . . 0 0 3 2 1 1 7 9 7 6 0 . . . . . 4 2 2 3 0 1 1 1 1 1 1 1 1 2 2 . . . . . 6 7 8 8 3 N J S O A u e o c u l p v t y g t . . . . . . 4 4 4 4 4 4 5 4 5 4 . . . . . 6 5 2 6 2 4 4 4 4 4 5 5 7 6 8 . . . . . 1 2 0 7 0 1 9 7 8 8 0 . . . . . 3 8 4 1 2 4 4 4 4 4 , , , , , 0 0 1 1 2 0 6 6 3 9 0 0 0 0 0 June. 4,720 9.6 14.4 34.9 20.1 8.6 12.2 J O N S A u e c o u l p t y v g . t . . . . . . . . . . 4 4 4 4 4 , , , , , 9 9 9 7 8 3 5 9 1 5 0 0 0 0 0 9 8 8 7 7 . . . . . 3 7 5 3 3 1 1 1 1 1 2 0 4 3 0 . . . . . 9 1 2 4 7 2 2 2 3 3 9 5 8 4 5 . . . . . 1 9 7 3 4 2 2 2 2 1 4 6 0 5 9 . . . . . 4 2 7 2 6 1 1 1 9 8 2 3 1 . . . . . 9 9 1 1 0 1 1 1 1 1 4 2 6 6 3 . . . . . 1 8 6 3 3 p c s m a o u a l l N r e y l c s a O h t b p e T a e r r s E a o e u . l c s — s . e i e n e S d B d p a t s e b h l ) c y a e i n o a c c c l c u e u c s s m s u t t o r m i o . s m m c ay e e e r l r s l a ' a s r n a is s e m e o t a u h a r s e s g i t n m a r a c a a n c r c o s g c f u i e n o n r u t s d s n e b t p a c o o s o r e s n d i t d t a e o r i p n e n o q s l u c o i r i t a r s e n e d d o i t v f f a o c b lu r a a e s l h s a a d n o d c ( f u e i t s s o i u o t a h n t l h e a ly r a l t 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

JANUARY 1972 • 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 .. .. SS ll aa oo tt nn cc aa dd aa ttee ll CC rr aa oo aa nn rr tt dd ee pp oo-- CCCaaassshhh OOO aaasss ttt sss hhh eee eee ttt rrr sss llliii TTT aaa aaa ttt ooo bbb iii nnn eee ttt iii ddd sss lll aaa iii 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 ggoovvtt.. ootthheerr11 gggeeennneeerrraaalll rrreeessseeerrrvvveee 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 1 ,<3 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—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 Nov.. . 6666611111,,,,,444447777733333 22222,,,,,888889999911111 33333,,,,,333334444466666 333335555577777 1111177777,,,,,444445555522222 11111,,,,,222228888800000 11111,,,,,666669999955555 8888888888,,,,,444449999955555 8888800000,,,,,111116666655555 22222,,,,,222221111188888 66666,,,,,111111111122222 1,129 554 461 1.231 33333,,,,,333337777755555 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 8, p. A-19. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. loans beginning with Aug. 1967. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks M ga o g r e t- s e R st e a a te l P lo o a li n c s y 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—Oct.r. 204,760 11,123 4,651 3,287 3,185 87,585 73,532 14,053 73,775 6,257 15,843 Nov... 205,064 11,049 4.588 3,281 3.180 87.755 73,644 14,111 73,848 6,311 15,918 Dec... 206,193 10,967 4,494 3,285 3,188 88,183 73,123 15,060 74,345 6,362 16,025 1971—Jan.... 208,206 11,027 4,557 3,298 3,172 90,127 74,326 15,801 74,370 6,341 16,109 Feb... 209,885 11,126 4,632 3,319 3,175 91,038 74,696 16,342 74,437 6,453 16,220 Mar... 211,500 11,023 4,540 3,335 3.148 92,629 75,192 17,437 74,516 6,485 16,293 Apr... 212,698 10,946 4,454 3,375 3.117 93.756 75,604 18,152 74,536 6,535 16,370 May.. 213,414 10,954 4,433 3,403 3.118 94,197 76,096 18,101 74,552 6,591 16,433 June.. 214,279 10,786 4,242 3,412 3,132 95,031 76,644 18,387 74,535 6,644 16,516 July... 215,284 11,031 4,466 3,430 3,135 95,683 77,333 18,350 74,583 6,729 16,590 Aug... 216,436 11,076 4,475 3,452 3.149 96,429 77,581 18,848 74,707 6,749 16,679 Sept... 217,489 11,000 4,345 3.484 3,171 97,199 78,121 19,078 74,799 6,811 16,782 Oct.. . 218,257 11,016 4,331 3.485 3,200 97,778 78,890 18,888 74,864 6,876 16,850 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 • JANUARY 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— M ga o g r e t s - I s i n m e t v i c e e e u s n s r 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 v d s o e i f d r u i v e t n d s e - s m ro B o w n o e r e - y d 3 p L ro o i c a n e n s s s 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 3,207 807 148,896 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 2,639 170,106 18,971 2,166 10,603 201,846 169,796 12,327 8,353 5,001 6,369 3,405 172,040 19,101 2,287 10,815 204,243 171,369 12,325 8,441 4,963 7,145 3,265 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 m c 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 to p c it k a l M l g o ( a A o a g n r ) e t s - D n t e a u ( o b L n r t 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 - 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 7,708 2,545 101 7,139 1,548 1,607 17,535 17,138 2,076 1,763 5,633 5,606 7,870 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

JANUARY 1972 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1971 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Federal intermediate Bonds: Association—Cont. credit banks 11/25/69 - 2/25/72. . .. 8.20 200 Debentures—Cont: Debentures: 6/26/70 - 2/25/72 8.20 300 5/11/70 - 9/11/72 8.40 400 3/1/71 - 12/1/71. 4.00 5/25/70 - 5/25/72 8.15 200 6/10/70 - 9/11/72 7.40 200 4/1/71 - 1/3/72.. 3.85 7/27/71 - 8/25/72 6% 400 11/10/69 - 12/11/72. . 8.00 200 5/3/71 -2/1/72.. 4.60 9/25/70 - 11/27/72 7^ 250 10/13/70 - 12/11/72. . 7.20 400 6/1/71 - 3/1/72.. 5.70 9 2 5 / / / 2 2 2 7 3 5 / / / 7 7 7 1 1 0 - - - 2 1 2 / 1 2 / / 2 6 2 6 / 7 7 / / 7 3 7 3 2 8 5 5 . . M 3 7 5 0 4 3 3 0 1 5 0 0 0 6 1 1 / 1 2 1 / / 2 1 1 / 2 0 6 / / 1 6 7 9 0 - - - 6/ 3 3 1 / / 2 1 1 / 2 2 7 / / 3 7 7 3 3 . . . . . . 4 8 7 1 . . / 3 3 4 0 0 4 2 1 5 5 4 0 0 6 9 7 8 / / / 1 1 2 / / / 7 7 7 1 2 1 - - - 4 6 5 / / / 3 1 1 / / / 7 7 7 2 2 2 . . .. . . 5 6 5 . . ^ 8 5 5 5 3/25/71 - 5/25/73 4.20 400 7/10/70 - 6/12/73.. .. 8.35 350 10/4/71 - 7/3/72 8.15 10/27/70- 8/27/73 7.20 450 7/12/71 -6/12/73 6.75 550 3/2/70 - 3/1/73. 7.75 1/26/70 - 1/25/74 8.40 300 3/10/70 - 9/10/73 8.10 300 9/1/70-7/2/73. . 5.55 6/26/70 - 2/25/74 8.40 250 6/10/71 -9/10/73 6.13 350 11/1/71 - 8/1/72. 4.95 8/27/71 - 2/25/74 7.10 250 12/10/70 - 12/10/73. . 5.75 500 7/1/71 - 1/2/74.. 6.85 6/25/71 -5/25/74 6.35 300 8/10/71 - 12/10/73. . . . 7.15 500 1/4/71 - 7/1/74. 5.95 8/25/69 - 8/25/74 7.65 183 4/10/70 - 3/11/74 7.75 350 11/25/69 - 11/25/74. . . 8.05 232 8/5/70 - 6/10/74 7.90 400 1/26/71 - 2/25/75 6.10 250 11/10/71 - 6/10/74. . . . 5.70 350 8/25/70 - 5/26/75 8.00 265 9/10/69 - 9/10/74 7.85 250 7/27/70 - 8/25/75 7.95 300 2/10/71 - 9/10/74 5.65 300 8 1 / 2 2 / 7 1 / 8 71 /7 - 0 - 2/ 1 2 1 5/ / 7 2 6 5 /75.... 6 7 . K 50 2 3 5 5 0 0 9 5 / / 1 1 0 0 / /7 7 1 1 - - 1 1 2 2 / / 1 1 0 0 /7 /7 4. 4 . . . . . . . 6 6 . .4 1 5 0 2 4 5 5 0 0 Federal land banks 6 3 / / 2 2 5 5 / / 7 7 1 0 - - 5 / 2 2 / 5 25 /7 /8 7 0 6 7 . . 9 7 5 5 2 3 0 50 0 1 1 0 1 / / 1 1 2 0 / / 7 7 1 0 - - 3 3 / / 1 1 0 0 / / 7 7 5 5 . . . . . . 7 6 . . 5 3 5 5 6 3 0 0 0 0 Bo 2 n / d 15 s: / 57 - 2/15/67-72 4M 10/15/70- 10/15/80.... 7.80 200 4/12/71 -6/10/75 5.25 500 8/20/68 - 2/15/72. . . 5.70 10/27/71 - 11/27/81 . . . 6.60 200 3 1 / 0 1 / 1 1 / 3 7 / 1 7 0 - - 3 / 9 10 /1 /7 0 6 / 75. . . 7 5 . .6 5 5 0 5 3 0 5 0 0 4 2 / / 2 2 0 3 / / 7 7 1 1 - - 4 4 / / 2 20 0 / / 7 7 2 2 . . .. . . . . 4 4 1 . / 4 4 5 6/10/71 - 6/10/76 6.70 250 6/22/70 - 7/20/72. . . 8.20 Federal National Mortgage 11/10/71 -9/10/76. . . . 6.13 300 9/14/56 - 9/15/72. . . 3K A Se s c so o c n i d a a t r i y o n— ma rket 7 2 / / 1 1 2 3 / / 7 6 1 2 - - 1 2 2 / / 1 1 0 0 / / 7 7 7 6 . .. .. 7 41 .4 /2 5 3 1 0 9 0 8 9 1 / 0 2 / 2 2 / 3 6 / 9 7 2 - - 9/ 1 1 0 5 / / 2 7 3 2 / . 7 . 2 . . 8 5 . K 35 D Ca i 9 9 4 s p / c / / i 3 3 1 o o t 0 0 a / u p 7 l / / e n 7 6 0 r t 1 8 d a - e n t - i b - o o 4 e t 1 n e n / 1 s 0 1 s t 0 / / u 1 / 7 1 r / 5 e 9 / 7 s 6 : 3 4 6 8 . . . 3 0 0 8 0 0 1 2 2 2 ,4 0 5 5 9 0 0 0 6 9 9 5 1 1 1 / / / / 2 0 1 1 1 2 / / 0 0 0 1 1 1 / / / / 2 0 7 7 7 7 / / 1 1 1 1 7 7 1 0 - - - - 9 9 - - 6 / / 1 1 / 6 1 6 1 0 2 / 0 / 2 1 / / 1 / / 8 7 0 7 0 1 1 7 7 / / 1 7 8 / 7 7 1 . 8 . . . . . . . . 7 6 6 6 6 7 . . . . . . 2 8 3 7 2 5 5 8 8 5 5 0 2 2 2 3 3 1 5 5 5 0 0 5 0 0 0 0 0 0 7 7 4 2 8 1 / / / / / / 2 2 2 2 2 2 0 0 0 0 0 0 / / / / / / 7 6 7 7 7 7 1 3 3 0 0 0 - - - - - - 1 7 7 1 1 2 0 / / / 0 / 2 2 2 2 / / 2 2 2 0 0 0 3 / 2 / / / 7 7 7 7 / / 7 3 7 3 3 3 . . 3 2 - . 7 . . . . . 8 . . . . . . . 6 7 4 7 8 7 . . . . . H 9 9 5 4 8 5 5 0 5 0 2/10/71 - 6/10/82 6.65 250 2/20/72 - 2/20/74. . . 41/2 Mortgage-backed bonds: 3/11/71 - 6/10/83 6.75 200 10/20/70 - 4/22/74. . 7.30 9/9/70 - 10/2/72 7.50 400 11/10/71 -9/12/83. . .. 6.75 250 10/21/71 - 7/27/74. . 5.85 6/1/70 - 6/2/75 8.38 250 4/12/71 -6/11/84 6.25 200 4/20/71 - 10/21/74.. . 5.30 9/29/70- 10/1/90 8.63 200 2/20/70 - 1/20/75. . . 8^8 Banks for cooperatives 4/20/65 - 4/21/75. . . 4M Debentures: Debentures: 7/20/71 - 10/20/75. . . 7.20 2 3 3 1 1 / / / 0 2 1 1 1 / / 0 0 0 1 1 / / 4 / 1 6 6 7 / / 9 0 0 6 6 9 1 - - - - - 2 3 1 / 6 3 2 / 1 1 / / / 0 1 1 1 0 / 2 0 0 / 7 7 / / / 2 7 7 7 2 . 2 1 2 . . . . . . 4 8 6 6 5 H V . % y 1 4 s 3 5 2 2 1 9 0 5 0 0 8 0 0 0 0 7 6 8 1 1 / / / 1 0 1 1 2 / / / / / 1 4 7 7 7 / / 1 1 1 7 7 1 2 - - - 2 - - 1 1 / 5 2 1 / 4 3 / / / 1 1 / / 7 7 3 / / 2 7 2 7 / 7 1 2 2 5 5 6 4 5 V H V . . 6 8 4 s 5 5 3 4 2 2 3 8 0 8 9 0 9 4 2 0 3 2 7 2 5 1 / / / / 0 2 2 2 2 / 1 0 0 2 /6 / / / 7 6 6 6 6 / 6 6 7 7 1 - - - - - 4 2 7 / 1 2 / / / 1 2 2 0 2 0 4 0 / 2 7 / / / / 2 8 7 7 7 0 6 6 9 / . . . 7 . . 7 . . . . . 6 5 5 5 5 . . . M H 3 0 0 5 0 0 2/10/70 - 6/12/72. . 8.70 300 10/1/70 - 10/1/73 7.30 100 2/23/71 -4/20/81. . . . 6.70 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 • JANUARY 1972 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes 3 ing ing Special Other balance issues Fiscal year: 196 8 153,671 172,802 6,030 178,833 -25,161 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 2-1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 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 2,918 -896 1,188 July-Dec 87,562 104,084 99 104,183 -16,621 18,240 -19 1,807 157 16,257 54 -952 -534 1971—Jan.-June. .. 100,830 106,234 1,008 107,242 -6,412 8,971 -328 4,810 642 3,191 657 54 4,120 Month: 1970—No v r14,147 r16,567 112 r16,679 '-2,563 3,440 -5 81 r25 '3,329 -429 '-11 -1,185 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 ,013 -551 86 660 1,518 654 2,854 Feb 15,130 16,717 -170 16,546 -1,417 2,324 ,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 Sept 19,710 18,265 -69 18,196 + 1,513 -2,324 -503 -1,019 + 194 -2,003 470 281 1,239 Oct 12,462 18,677 115 18,791 -6,630 -334 50 -1,690 -1 1,407 -3,318 -290 1,314 Nov 14,945 18,798 149 18,947 -4,002 2,686 -10 40 47 2,590 -2,324 -17 -928 Selected balances Treasury operating balance Federal securities Memo: End Debt of of Less: Govt.period B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G l o an ld c e se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y e s Sp G I e n c o v i v a e t l s , tm ac e c n o ts u n o t f s S n L p o e e t c s e s i s a : 3 l E p T h q u o b e b u y t l l a d a i l l c s : s c p p o r o N r i n p v o s a s w o . t — e r 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—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 Nov.. .. 1,996 2,223 113 4,331 414,620 10,760 84,253 22,900 825 317,402 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

JANUARY 1972 • 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 G ce r r i e o p - s ts s fu R n e d - s c E o P m n t a a t y p x r - i l e b o s u y a t m S i n o e e d l n n f- s t 1 e in 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 empl. taxes Fiscal year: 196 8 153,671 57,301 20,951 9,527 68,726 29,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 3,051 2,491 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 3,644 3,424 197 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 Ha 1 lf 9 6 v 9 e — ar: J uly-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—No v "14,117 7,001 216 42 r7,174 711 187 3,474 374 258 4,106 1,549 207 239 '317 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 9,630 4,360 345 3,294 1,085 301 290 4,970 1,351 221 589 248 May 13,190 6,224 735 3,846 878 255 4,893 209 1,005 258 6,366 1,459 204 379 313 June 22,508 6,690 3,681 9,867 6,684 236 3,311 115 57 279 3,764 1,510 250 352 318 July 13,198 6,221 490 6,519 1,163 284 2,987 205 272 3,464 1,532 227 319 258 Aug 15,652 6,706 306 6,920 688 236 5,049 660 287 5,996 1,482 244 311 245 Sept 19,710 5,513 3,755 9,192 4,505 198 3,299 152 60 273 3,784 1,490 363 263 312 Oct 12,462 5,941 396 6,282 1,111 375 2,592 116 274 2,983 1,412 334 391 324 Nov 14,945 7,245 264 7,455 730 218 3,408 424 288 4,120 1,656 343 566 293 Budget outlays 4 Com- Educa- Intra- Period Total t f i N e 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 c tu g u r l r e - i - so N u u r r a e r a - t c l - es m t C r a a o e n n r m d c s - e p . d h e o m a v u n e u s d l n i o n . p g . p m t o a i a n w o d n n e - 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 g i r a o o a c n n v - s s t . - 5 Fiscal year: 196 8 178,833 80,517 4,619 4,721 5,943 1,655 8,094 4,076 6,739 43,780 6,882 13,744 2,561 -4,499 196 9 184,548 81,232 3,785 4,247 6,221 2,081 7,921 1,961 6,525 49,395 7,640 15,791 2,866 -5,117 197 0 196,588 80,295 3,570 3,749 6,201 2,480 9,310 2,965 7,289 56,785 8,677 18,312 3,336 -6,380 197 1 211,425 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 1972*6 229,232 77,512 4,032 3,151 5,804 4,243 10,937 4,495 8,808 76,749 10,644 19,687 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—No v r16,679 r5,920 234 266 422 283 898 132 534 5,488 829 1,738 264 '-327 Dec 15,550 6,745 160 318 90 59 832 314 733 5,678 808 1,676 294 -2,157 1971—Ja n 17,115 6,153 184 262 632 -409 826 373 676 5,899 768 1,631 367 -247 Feb 16,546 5,851 236 295 -89 234 759 217 686 5,929 797 1,695 294 -357 Mar 18,646 6,674 392 333 -52 230 1,000 206 912 6,139 964 1,709 399 -260 Apr 17,818 6,337 328 252 -21 250 1,015 286 683 6,093 883 1,683 323 -294 May 17,152 6,043 358 274 94 255 707 230 752 5,858 877 1.667 361 -325 June 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 S O N e c o p t v t 1 1 1 8 8 8 , , , 7 9 1 9 4 9 1 7 6 6 6 5 , , , 1 1 9 0 7 7 6 5 9 2 3 3 8 0 0 6 3 3 2 2 2 6 7 8 6 3 6 1,1 3 5 3 3 6 4 6 8 3 3 3 0 4 0 9 4 2 1,0 9 8 3 4 9 0 7 2 2 2 2 9 5 7 2 6 2 9 8 5 2 5 0 4 1 1 6 6 6 , , , 4 1 4 9 6 3 9 9 7 7 9 8 5 4 3 8 2 3 1 1 1 , , , 4 8 8 1 1 0 8 1 0 2 3 3 8 9 3 7 6 4 - - - 2 2 3 7 4 4 6 6 3 1 Old-age, disability, and hospital insurance, and Railroad Retirement s 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 • JANUARY 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t t l s a i s l c 1 Total Total Bills Ma C r c e k a r e t t e i t f s a i b - le Notes Bonds 2 b C v i o b e o n r l n e d t- - s T N o o ta n l m 3 a rk b et o S i a n n a b g v d l s - s e i S ss p u e e c s i a 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 78.1 1971—Jan.. 388.3 308.8 247.7 87.9 101.2 58.5 2.4 58.7 52.6 77.7 Feb., 390.7 309.8 248.1 89.3 104.3 54.5 2.4 59.3 52.8 78.9 Mar. 391.7 309.7 247.5 89.0 104.3 54.2 2.4 59.9 53.0 80.0 Apr., 391.9 310.4 245.9 87.5 104.3 54.1 2.4 62.1 53.2 79.7 May 396.8 313.2 245.6 89.1 102.5 54.0 2.3 65.2 53.4 81.7 June 398.1 313.5 245.5 86.7 104.8 54.0 2.3 65.7 53.6 82.8 July. 405.3 318.9 247.6 88.9 104.8 53.9 2.3 68.9 53.8 84.7 Aug. 414.6 325.8 249.7 89.6 108.2 51.9 2.3 73.8 54.0 87.0 Sept. 412.3 324.5 249.9 88.6 109.5 51.8 2.3 72.2 54.2 86.0 Oct.. 411.9 325.8 252.2 89.0 111.5 51.8 2.3 71.3 54.4 84.3 Nov. 414.6 328.4 254.5 89.8 114.0 50.7 2.3 71.6 54.7 84.4 Dec. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 54.9 85.7 1 Includes non-interest-bearing debt (of which $625 million on Dec. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1971, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by— Held by private investors 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 cc dd ss tt .. 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 M s M s bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll pp II cc aa nn aa oo nn ss nn mm 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 cc vv aa dd aa tt tt ee 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 tt nn ee ee dd nn ii rr gg aa -- nn ll 11 ii OO mm tt nn oo tt vv ii hh rr 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—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 23.1 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 r54.0 23.7 42.8 17.4 Nov 414.6 104.7 67.8 242.1 61.5 2.7 6.5 12.0 20.6 54.2 23.4 44.1 17.1 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-spojisored 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

JANUARY 1972 • 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 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1968—Dec. 31 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Oct. 31 252,240 118,007 89,028 28,979 92,941 22,397 8,385 10,511 Nov. 30 254,456 108,911 89,829 19,082 96,204 29,321 9,566 10,454 U.S. Govt, agencies and trust funds: 1968—Dec. 31 15,402 2,438 1,034 1,404 4,503 2,964 2,060 3,438 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 3,437 1970—Dec. 31 17,092 3,005 708 2,297 6,075 3,877 1,748 2,387 1971—Oct. 31 18,411 2,907 848 2,059 7,621 3,640 1,788 2,456 Nov. 30 18,439 1,230 633 597 7,751 4,690 2,311 2,456 Federal Reserve Banks: 1968—Dec. 31 52,937 28,503 18,756 9,747 12,880 10,943 203 408 1969—Dec. 31 57,154 36,023 22,265 13,758 12,810 7,642 224 453 1970—Dec. 31 62,142 36,338 25,965 10,373 19,089 6,046 229 440 1971—Oct. 31 67,205 37,553 29,223 8,330 23,325 5,411 332 584 Nov. 30 67,817 33,887 29,082 4,805 25,209 7,597 534 589 Held by private investors: 1968—Dec. 31 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—Dec. 31 168,479 84,080 61,250 22,830 57,154 12,631 6,579 8,036 1971—Oct. 31 166,624 77,547 58,957 18,590 61,995 13,346 6,265 7,471 Nov. 30 168,200 73,794 60,114 13,680 63,244 17,034 6,721 7,409 Commercial banks: 1968—Dec. 31 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Dec. 31 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Dec. 31 50,917 19,208 10,314 8,894 26,609 4,474 367 260 1971—Oct. 31 47,326 12,935 5,466 7,469 28,967 4,837 348 239 Nov. 30 47,894 11,108 5,026 6,082 29,399 6,578 580 230 Mutual savings banks: 1968—Dec. 31 3,524 696 334 362 1,117 709 229 773 1969—Dec. 31 2,931 501 149 352 1,251 263 203 715 1970—Dec. 31 2,745 525 171 354 1,168 339 329 385 1971—Oct. 31 2,752 376 161 215 1,278 447 301 350 Nov. 30 2,714 346 180 166 1,243 493 293 339 Insurance companies: 1968—Dec. 31 6,857 903 498 405 1,892 721 1,120 2,221 1969—Dec. 31 6,152 868 419 449 1,808 253 1,197 2,028 1970—Dec. 31 6,066 893 456 437 1,723 849 1,369 1,231 1971—Oct. 31 5,624 614 277 337 1,612 915 1,363 1,121 Nov. 30 5,633 501 228 273 1,668 981 1,367 1,115 Nonfinancial corporations: 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 27 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 8 1970—Dec. 31 3,057 1,547 1,194 353 1,260 242 2 6 1971—Oct. 31 4,272 2,822 1,913 909 1,256 162 5 26 Nov. 30 5,478 3,263 2,410 853 1,893 280 17 24 Savings and loan associations: 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 450 1969—Dec. 31 3,851 808 269 539 1,916 357 329 441 1970—Dec. 31 3,263 583 220 363 1,899 281 243 258 1971—Oct. 31 3,126 721 378 343 1,568 469 171 198 Nov. 30 3,180 636 368 268 1,565 612 171 196 State and local governments: 1968—Dec. 31 13,426 5,323 4,231 1,092 2,347 805 1,404 3,546 1969—Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 2,893 1970—Dec. 31 11,204 5,184 3,803 1,381 2,458 774 1,191 1,598 1971—Oct. 31 10,318 5,156 4,106 1,050 2,254 679 956 1,273 Nov. 30 9,691 4,329 3,709 620 2,372 793 933 1,263 All others: 1968—Dec. 31 80,853 46,524 37,591 8,933 19,526 7,316 2,411 5,075 1969—Dec. 31 85,391 52,926 42,648 10,278 20,199 4,053 2,545 5,665 1970—Dec. 31 91,227 56,140 45,092 11,048 22,037 5,672 3,078 4,298 1971—Oct. 31 93,206 54,923 46,656 8,267 25,060 5,837 3,121 4,264 Nov. 30 93,610 53,611 48,193 5,418 25,104 7,297 3,360 4,242 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 5,669 commercial banks, 486 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 741 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 468 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 502 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks "All others," a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar- in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 U.S. GOVERNMENT SECURITIES • JANUARY 1972 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Governmeni securities By maturity By type of customer U.S. Govt. agency Total Dealers and brokers securities W 1 i y th e i a n r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e er a rs U s . e S c . u r G it o ie v s t , Other mm bb CC ee aa oo rr nn cc mm kk ii -- aa ss ll ot A h ll e r 1970—No v 3,418 2,430 601 338 50 1,330 172 1,278 638 712 Dec 2,590 2,043 343 153 52 949 123 1,025 493 428 1971—Ja n 3,482 2,629 564 248 40 1,346 130 1 ,364 642 671 Feb 3,316 2,291 579 397 49 1,178 145 1,232 760 679 Mar 3,072 2,122 506 388 57 1,036 143 1,204 688 567 Apr 2,458 1,881 328 216 33 828 116 878 636 516 May. ... 2,322 1.695 406 192 29 837 100 742 643 480 June 2,195 1,802 273 92 28 727 110 687 672 418 July 2,484 2,103 280 74 28 814 131 837 702 471 Aug 2,482 1,848 512 97 25 859 129 855 640 462 Sept 2,115 1,598 271 219 26 759 99 725 532 482 Oct 2,646 1,905 438 268 36 988 117 906 634 659 Nov 2,691 1,668 523 418 81 906 157 940 687 547 Week ending— 1971—Nov. 3. 4,258 2,615 654 866 122 1 ,561 239 1,610 849 676 10. 2,446 1,459 512 377 98 838 138 858 613 485 2 1 4 7 . . 2 2 , , 1 4 4 8 0 5 1 1 , , 3 2 4 9 1 5 4 6 2 6 6 8 4 3 5 1 1 9 5 70 3 6 8 8 5 9 6 1 1 4 6 2 1 8 63 8 8 2 6 5 7 8 2 6 4 6 1 2 9 5 Dec. 1. 3,138 2,454 416 210 58 1 ,055 152 1,096 836 611 8. 3,121 2,277 492 278 74 1 ,020 245 1 ,064 793 463 15. 3,095 2,323 501 239 32 956 239 1,190 710 516 22. 2,681 1 ,991 396 252 43 884 177 956 664 683 29. 3,971 2,838 710 345 79 1 ,262 246 1,679 784 677 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. GGoovvtt,, All Corpora- All PPeerriioodd ma t A i t e l u s l r i- W y i e t 1 a h r i n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss gg ee tt cc ee iiee uu nn ss rr cc ii yy -- sources Y N C o i e t r w y k w E h ls e e r - e tions 1 other 1970—Nov 4,760 3,399 617 682 62 1,066 1970—Nov.. 5,149 1,517 1,527 416 1,689 Dec 5,571 4,399 612 485 76 1,049 Dec.. 5,949 1,868 1,960 379 1,742 1971—Jan 5,634 4,626 525 403 80 966 j 971—Jan. . 6,198 1,888 1,695 527 2,088 Feb 4,655 3,320 569 691 75 946 Feb... 5,684 1,673 1,318 369 2,324 Mar 4,421 3,511 437 404 70 981 Mar.. 4,543 1,356 926 399 1,862 Apr 4,870 4,019 415 416 20 1,118 Apr.. 5,700 1,759 1,415 724 1,802 May 2,646 2,115 189 331 11 818 May., 3,389 1,095 475 517 1,301 June 2,735 2,477 116 130 12 776 June., 3,163 1,06.1 523 435 1,145 July 3,011 3,018 -23 26 -11 771 July.. 3,516 1,151 391 721 1,254 Aug 2,897 2,473 344 70 11 698 Aug.. 3,071 894 390 821 967 Sept 3,856 3,089 355 377 36 926 Sept.. 4,146 1,049 856 811 1,430 Oct 4,353 3,612 394 310 37 903 Oct... 4,511 1,188 704 921 1,699 Nov 5,846 3,725 914 943 265 1,063 Nov.. 6,455 1,877 932 1,564 2,082 Week ending— Week ending— 1971—Oct. 6 3,631 2,906 304 369 51 925 1971—Oct. 6. 3,784 870 800 538 1,577 13 3,944 3,262 313 319 50 805 13. 4,173 1,110 839 792 1,432 20 4,136 3,359 427 317 34 809 20. 4,210 958 502 847 1,902 27 5,080 4,239 476 341 25 1,045 27. 5,154 1,497 623 1,313 1,720 Nov. 1 3 0 , 5 5 , , 5 6 2 6 2 6 4 3 , ,3 7 5 8 1 2 4 66 6 8 9 1,1 3 8 4 9 1 31 7 4 5 1 1 , , 0 0 0 5 6 9 Nov. 1 3 0 . . 6 6, , 6 0 8 2 8 7 2 1 , , 0 9 4 2 3 0 1,0 9 7 3 1 7 1 1 , , 6 2 7 6 0 0 1 1 , , 9 9 0 1 4 0 17 6,033 3,452 1,279 1,016 284 905 17. 6,565 1,994 819 1,436 2,316 24 5,808 3,611 1,069 873 255 1,215 24. 6,628 1,812 937 1,673 2,207 NOTE.—The figures include all securities sold by dealers under repur- 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than NOTE to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31, 1971 (In millions of dollars) Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Jan. 6, 1972. 3,892 June 1, 1972 1,601 Apr. 1 , 1973 11/2 34 June 15, 1967-72. .21/2 1,228 Jan. 13, 1972. 3,902 June 8, 1972... . 1,601 May 15, 1973 7y4 5,844 Sept. 15, 1967-72. .21/2 1,951 Jan. 20, 1972. 3.902 June 15, 1972.... 1,600 Aug. 15, 1973 8H 1,839 Dec. 15, 1967-72. .21/2 2,555 Jan. 27, 1972. 3.903 June 21, 1972f. . • 3,026 Oct. 1 , 1973 11/2 30 Feb. 15, 1972 4 980 Jan. 31, 1972. 1.700 June 22, 1972.... 1,602 Feb. 15, 1974 73^ 3,139 Aug. 15, 1972 4 1,454 Feb. 3, 1972. 3,903 June 29, 1972... . 1,601 Apr. 1, 1974 U/2 34 Aug. 15, 1973, , 4 3,894 Feb. 10, 1972. 3.900 June 30, 1972 1.701 May 15, 1974 7V4 4,505 Nov. 15, 1973, , • 41/8 4,342 Feb. 17, 1972. 3.901 July 31, 1972 1,703 Aug. 15, 1974 5Ys 10,284 Feb. 15, 1974, •41/8 3,125 Feb. 24, 1972. 3,901 Aug. 31, 1972 1,700 Oct. 1, 1974 I1/2 42 May 15, 1974 .41/4 3,577 Feb. 29, 1972. 1.701 Sept. 30, 1972. .. . 1.702 Nov. 15, 1974 534 7,212 Nov. 15, 1974 •37/s 2,238 M M a a r r . . 9 2 , , 1 1 9 9 7 7 2 2 . . 3 3 , , 9 9 0 0 1 3 O N c o t v . . 3 3 0 1 , , 1 1 9 9 7 7 2 2 1 1 , , 2 2 0 0 1 0 F F e e b b . . 1 1 5 5 , , 1 1 9 9 7 7 5 5 5 5 3 % ^ 5 2 , , 1 0 4 4 8 5 J M u a n y e 1 15 5 , , 1 1 9 9 7 7 5 8 - -8 8 3 5 . . . . 3 4V 14 4 1 1, , 5 2 2 1 6 0 Mar. 16, 1972. 3,901 Dec. 31, 1972. . . . 1,201 Apr. 1, 1975 H/2 8 Feb. 15, 1980 4 2,587 A M M M p a a a r r r r . . . . 3 2 3 1 3 0 6 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 2 2 2 2 . . . . 3 3 1 1 , , . . 9 5 9 7 9 0 0 0 9 9 3 1 Treasury notes N O A M c o u a t v g y . . . 1 1 1 1 5 5 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 5 5 5 5 7 6 5 n V /2 S 7 3 6 , , , 1 6 7 1 7 6 3 5 9 0 0 N N M A o o u a g v v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 8 8 8 8 6 5 0 1 ..., • . • . • . 33 7 3 66 11 I 11 // / 44 // 2 88 1 1 1 , , , 2 0 9 8 1 4 0 0 6 1 2 7 A A p p r r . . 2 1 0 3 , ,1 1 9 9 7 7 2 2 . . 1 1, ,6 6 0 0 1 1 F F e e b b . . 1 1 5 5 , , 1 1 9 9 7 7 2 2 7 4 1 3 / ,4 2 2,6 8 9 0 0 0 A Fe p b r . . 1 1 5 , , 1 1 9 9 7 7 6 6 6 1 V 1/ 4 2 3,73 2 9 7 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 8 8 7 8 - - 9 9 2 3 . . . .4 4 14 3,7 2 9 4 4 5 Apr. 21, 1972| 4,034 Apr. 1, 1972 n/2 34 May 15, 1976 6V2 2,697 May 15, 1989-94. •41/s 1,543 Apr. 27, 1972. 1,601 May 15, 1972 4% 3,676 Aug. 15, 1976 71/2 4,194 Feb. 15, 1990. .31/2 4,537 Apr. 30, 1972. 1.702 May 15, 1972 63^ 1,377 Oct. 1, 1976 11/2 3 Feb. 15, 1995 .3 1,108 May 4, 1972. 1,602 Aug. 15, 1972 5 2,572 Nov. 15, 1976 .. . .6lA 1,283 Nov. 15, 1998 .31/2 3,706 M M a a y y 1 1 8 1 , , 1 1 9 9 7 7 2 2 . . 1 1 , , 6 60 0 1 2 N O o ct v . . 1 1 5 , , 1 19 9 7 7 2 2 .. .... i . y 6 2 2,28 3 5 3 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 7 7 7 7 7 8 3 4 5 2 , , 1 2 6 6 3 4 Convertible bonds May 25, 1972. 1.600 Feb. 15, 1973 6% 2,514 Feb. 15, 1978 6*4 8,389 Investment Series B May 31, 1972. 1,701 Feb. 15,1973 4% 4,268 Nov. 15, 1978 6 8,209 Apr. 1, 1975-80. .2% 2,320 t Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered3 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 in o g u s s - V a a e n i t d e s ' r - O p p o t u h s r e e - s r auth. 196 3 10,538 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 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 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 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 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 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 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 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1970—Nov.. 1,748 753 99 5 247 765 736 1,743 523 63 364 12 683 Dec... 2,190 914 6 571 826 793 2,176 425 327 623 121 681 1971—Jan... 2,706 r970 2 577 '1,137 991 '2,695 509 390 428 373 993 F M e a b r . . . . . 2 1 , , 1 83 5 9 6 r8 6 4 0 4 7 7 1 4 5 1 8 7 5 r6 6 1 6 6 1 1,0 6 7 3 8 8 '2 1 , , 1 8 4 2 2 3 '5 5 7 1 7 8 1 1 3 8 3 3 6 3 2 1 7 5 1 2 2 8 3 7 7 2 3 8 5 Apr... 1,920 r566 5 440 r510 r971 '1,877 '516 66 469 19 '807 May.. 2,140 842 197 10 486 1,067 587 2,132 610 448 432 214 426 June.. 2,035 702 8 779 365 891 2,026 409 394 687 14 522 July. . 1,964 473 "ill 5 471 588 904 1,917 292 120 244 219 1,040 Aug. . 1,892 743 9 459 729 702 1,883 352 158 372 159 841 Sept. . 2,061 493 '258 3 683 693 684 2,016 454 65 444 267 786 Oct.. . 1,696 871 3 341 828 526 1,594 276 209 340 96 672 Nov.. 2,265 862 629 869 767 2,135 407 336 497 75 818 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 • JANUARY 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. State GG UU oo .. vv SS tt .. .. 22 ag G e o n v c t y . 3 a ( n U d .S lo .) c 4 a l Others Total Total P o u 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 196 3 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 197 0 88,664 14,831 16,180 17,762 949 38,944 30,264 25,384 4,880 1,388 7,292 1970—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. 7,244 467 700 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. 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 Oct. 9,392 2,455 1,876 1,679 12 3,369 2,645 1,942 703 86 638 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 o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 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 I,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 II,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—Oct.. 929 76 288 286 138 653 448 338 34 348 238 Nov. 927 180 147 129 170 7 845 505 693 502 78 Dec. 932 124 207 147 307 58 725 230 277 822 146 1971—Jan.. 647 69 259 239 167 608 68 391 555 112 Feb. 644 17 72 112 89 752 317 672 11 248 66 Mar. 2,123 294 289 186 160 895 557 481 52 834 204 Apr. 819 316 198 243 268 67 607 660 247 26 484 107 May 631 158 143 131 250 89 447 141 403 2 763 113 June 1,031 175 497 290 182 115 616 439 204 14 513 300 July. 383 200 159 188 157 62 520 212 232 1,390 500 144 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 Oct. 571 93 138 172 185 5 703 230 432 615 224 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

JANUARY 1972 • 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 19,799 7,541 12,258 15,629 4,542 11,088 4,169 3,000 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 28,841 10,813 18,027 19,523 5,767 13,755 9,318 045 38,707 9,079 29,628 29,495 6,667 22,825 9,213 ,411 9,385 2,089 7,297 7,598 1,546 6,051 1,788 542 11,936 2,577 9,359 9,034 2,069 6,964 2,902 508 11,241 2,015 9,226 8,765 1,776 6,989 2,476 239 13,212 2,979 10,233 8,974 2,681 6,294 4,238 299 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B n o o n t d e 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 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 2,296 885 446 757 461 374 1,347 1,261 919 38 825 624 852 676 -10 678 195 230 1,493 814 832 1,442 1,148 404 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- NOTE.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose, actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 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—Nov... 343 215 128 45,223 4,126 41,097 1959 2,280 786 1,494 15,818 860 14,958 Dec.. . 467 307 160 47,618 3,649 43,969 1960 2,097 842 1,255 17,026 973 16,053 1971—Jan. . . 487 242 245 50,251 3,663 46,588 1961 2,951 1,160 1,791 22,789 980 21,809 Feb.. . 349 322 27 51,300 3,600 47,700 1962 2,699 1,123 1,576 21,271 1,315 19,956 Mar... 468 425 43 53,618 3,328 50,290 1963 2,460 1,504 952 25,214 1,341 23,873 Apr... 547 394 153 55,883 3,046 52,837 May.. 307 428 -121 53,610 2,607 51,003 1964 3,404 1,875 1,528 29,116 1,329 27,787 June.. 434 467 -33 53,560 2,830 50,730 1965 4,359 1,962 2,395 35,220 1.803 33,417 July... 371 444 -73 51,424 2,856 48,568 1966 4,671 2,005 2,665 34,829 2,971 31,858 Aug... 432 394 38 53,798 3,016 50,782 Sept... 304 471 -167 53,291 2,511 50,780 1967 4,670 2,745 1,927 44,701 2,566 42,135 Oct.... 596 419 177 51,160 2,885 48,275 1968 6,820 3,841 2,979 52,677 3,187 49,490 Nov... 397 334 63 50,958 3,172 47,786 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 • JANUARY 1972 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1969 IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 Dividends 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1.489 1,492 1,559 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4.490 4,041 4,224 Profits after taxes 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 Selected industries: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,K9 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,; 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 n ,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 Profits after taxes. .. 815 906 319 565 461 112 174 110 169 98 173 Dividends 468 502 538 515 488 117 132 100 166 116 136 Electric power: Operating revenue. . 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 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 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. AlLseries: 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

JANUARY 1972 • BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r n b o u d f t i i e s ts - d co c a n a l t s l p i o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m - e e s . P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f i t i e s 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.. . 83.1 37.9 45.2 25.7 19.6 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities TToottaall Period Total 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 AA ((SS .. .. RR AA ..)) .. 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 c14.06 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.... 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—12. 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 • JANUARY 1972 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 ti es5 Mo ty r p tg e a 6 g e EEE pppeee nnnddd rrriii ooo 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 a t d n h n u d e d a i r - l s s hh AA oo eerr 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 ee 33 -- rr hh AA ee oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t — - e r n - t C i v o 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 93.4 276.6 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 96.6 286.2 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 23.9 101.9 297.6 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 24.5 103.2 302.0 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 25.1 106.8 305.7 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 25.7 109.2 311.3 1971—1.... 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- VA- Con- farm Con- farm Total in- guar- ven- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 196 4 43,976 28,933 7,315 2.742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14.897 4,469 52 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1968—III 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 III. 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 7,888 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 7,413 107 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

JANUARY 1972 • REAL ESTATE CREDIT A 53 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1945 976 6,637 5,860 1,394 4,466 766 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 196 8 7,925 7,153 755 346 6,052 722 69,973 64,172 12,469 5,954 45,749 5,801 196 9 7,531 6,943 663 220 6,108 537 72,027 66,254 12,271 5,701 48,282 5,773 197 0 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 31 419 14 73,427 67,767 11,526 5,499 50,742 5,660 Sept. 520 489 31 452 31 73,540 67,875 11,486 5,467 50,922 5,665 Oct. 555 527 28 494 28 73,728 68,058 11,453 5,442 51,163 5,670 Nov. 553 533 37 490 20 73,848 68,189 11,436 5,416 51,337 5,659 Dec. 1,143 1,099 44 1,047 44 74,345 68,693 11,325 5,390 51,978 5,652 1971—Jan.. 448 423 17 399 25 74,370 68,779 11,383 5,368 52,028 5,591 Feb. 449 425 17 407 24 74,437 68,871 11,338 5,346 52,187 5,566 Mar. 623 579 33 541 44 74,516 68,973 11,302 5,316 52,355 5,543 Apr. 578 533 18 507 45 74,536 68,993 11,237 5,284 52,472 5,543 May 491 442 24 410 49 74,552 68,425 11,186 5,254 51,985 5,554 June 537 494 29 456 42 74,535 68,973 11,123 5,219 52,631 5,562 July. 590 551 20 523 39 74,583 69,017 11,048 5,180 52,789 5,566 Aug. 735 684 23 601 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 FHA- VA- Con- Total t S e h rm or t 1 - t L e o rm ng - 2 Total i con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 46 196 3 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 1 1 9 9 6 6 4 5 5 5 , , 5 0 6 0 5 7 5 4 , , 0 3 2 3 5 5 5 5 , , 3 9 2 9 5 7 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 1 1 , , 1 0 9 4 9 3 196 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 196 6 3,804 2,866 6,935 5,006 1,929 1,036 1 1 9 9 6 6 5 4 2 2 4 4 , , 9 1 1 9 3 2 6 6 , , 6 0 3 1 8 3 1 1 0 0 , , 5 8 3 3 8 0 1 1 0 1 1 0 , , 3 3 3 0 3 6 4 5, , 1 8 4 9 5 4 6 6, , 3 6 9 8 8 3 9 8 8 9 , , 7 7 6 5 3 6 196 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 1 1 9 9 6 6 9 8 2 5 , ,5 7 3 3 1 4 1 1 , ,5 86 00 1 5 9 , , 2 2 5 8 9 9 4 8 , , 8 4 6 3 7 4 3 8 9 5 2 5 1 1 , ,0 3 4 8 1 2 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 197 0 3,256 1,929 10,615 3,081 7,534 2,331 196 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—Nov. 112 126 10,524 3,156 7,368 1,978 197 0 21,387 4,150 10,239 150,562 10,195 8,507 131,860 Dec. 224 134 10,615 3,081 7,534 2,331 1970—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 Feb.. 1,887 346 818 152,665 10,810 8,766 133,089 July. 309 213 7,338 2,544 4,794 '1,696 Mar.. 2,795 521 1,143 154,430 12,123 8,922 134,320 Aug. 358 183 7,514 2,812 4,702 1,528 Apr.. 3,168 597 1,306 156,574 11,560 9,128 135,886 Sept. 327 203 7,637 2,844 4,793 1,522 May. 3.438 620 1,451 158,747 11,885 9,299 137,563 Oct. 306 303 7,640 2,874 4,766 1,450 June. 4,301 718 2,109 161,440 12,273 9,580 139,587 Nov. 364 296 7,709 2,829 4,880 1,549 July.. 4,151 686 2,087 163,951 12,592 9,784 141,575 A Se u p g t . . . . 4 3 , , 1 6 1 7 1 2 6 62 4 8 1 2 1 , , 2 9 2 5 5 1 1 1 6 6 6 8 , , 3 4 4 6 2 4 1 1 2 3 , , 8 1 5 3 2 0 1 1 0 0 , , 0 2 3 3 4 2 1 1 4 4 3 5 , , 4 1 5 0 6 2 1 Secured or unsecured loans maturing in 1 year or less. Oct.. 3,405 609 1,717 170,106 13,278 10,374 146,454 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 REAL ESTATE CREDIT • JANUARY 1972 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i G un o d v e e r r w nm rit e t n en t- CCoonn-- EE ppee nn rr dd ii oo oo dd ff Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd TToottaall Total F su H in re A - d - an g V t u e A a e r - d - i ttii vv oo ee nn nn aa -- ll tutions tutions 1 1 1 9 9 9 4 6 4 1 3 5 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 5 6 . . . 9 7 7 3 9 8 4 . . . 4 6 5 2 5 5 9 . . . 9 7 0 2 3 3 0. . . 7 6 5 2 2 8 . . . 2 2 3 1 1 1 9 9 9 5 6 6 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 8 5 . . . 1 3 0 3 30 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 1964 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 1 1 1 9 9 9 6 6 6 5 6 7 * 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 2 3 1 3 6 3 . . . 7 6 2 4 4 3 0 3 6 . . . 3 9 4 4 4 3 3 0 7 . . . 9 2 3 2 3 3 9 1 4 . . . 0 5 7 9 8 8 . . . 2 2 8 1 1 1 9 9 9 6 6 6 7 8 6 P P 2 2 2 2 5 3 3 6 1 . . . 1 6 2 7 7 8 6 9 4 . . . 1 9 4 4 4 5 7 4 0 . . . 8 4 6 3 3 3 1 2 3 . . . 3 5 8 1 1 1 5 4 6 6 7 6 . . . 1 6 8 1968* 298.6 250.8 47.8 47.3 37.7 9.6 1969—1 254.8 85.3 51.4 33.9 169.6 1969— I I V I I. . . . , . 3 31 1 4 9 . . 1 0 2 2 6 62 5 . . 7 0 5 5 4 1 . . 0 4 5 5 0 2 . . 6 2 4 4 0 1 . . 2 3 1 10 0 . . 9 4 I I I V I l l 2 2 2 6 5 6 3 9 6 . . . 5 5 8 9 8 8 0 7 8 . . . 1 2 8 5 5 5 3 4 2 . . . 5 4 2 3 3 3 5 4 5 . . . 5 9 7 1 1 1 7 7 7 6 4 2 . . . 6 3 6 1970—1 I I I V I I I 3 3 3 3 3 3 2 2 2 8 6 1 . . . . 2 2 3 7 2 2 2 2 7 7 6 6 2 7 5 8 . . . . 8 2 9 9 6 5 5 5 1 9 5 7 . . . . 0 4 8 4 5 5 5 5 8 6 4 3 . . . . 0 1 5 2 4 4 4 4 4 5 3 2 . . . . 8 3 9 2 1 1 1 1 1 2 0 1 . . . . 8 2 3 3 1970— I 1 l l 2 2 2 2 6 7 8 7 8 1 0 6 . . . . 5 7 2 0 9 9 9 9 1 2 5 7 . . . . 6 2 1 3 5 5 5 5 6 5 9 8 . . . . 1 6 9 1 3 3 3 3 6 6 7 7 . . . . 0 3 0 0 1 1 1 1 7 7 8 8 6 9 2 0 . . . . 9 9 6 0 1971—1 II , , 3 3 4 53 3 . . 1 3 2 2 8 9 1 0 . . 6 1 6 6 1 3 . . 7 0 6 5 2 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 98 8 . . 4 2 6 62 1 . . 8 0 3 3 7 5 . . 3 6 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 investors under repurchase agreement. NOTE.—Based on data from same source as for "Mortgage Debt Outstanding" 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 PPPeeerrriiioooddd PPrroopp-- PPrroo-- eerrttyy TToottaall h N om ew e s h is o E t m i x n - e g s jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew es h i o s E t m i x n - e g s 1 1 9 9 6 6 3 4 3 3. . 2 3 1 0 2 2. . 3 3 5 2 . .5 6 5 0 . .3 3 1 8 . . 3 3 4 8 1965 3.29 2.40 .55 .34 .40 1 1 9 9 4 6 5 4 8,1 6 3 6 0 5 1,6 2 0 5 8 7 4,9 2 6 1 5 7 89 2 5 0 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 1 4 7 7 0 2 2 2 . . . 4 6 5 3 6 4 . . .5 5 5 1 4 4 . . . 2 3 2 7 2 3 . . . 3 3 2 6 2 6 1965 8,689 1,705 5,760 591 634 2,652 876 1,774 1969 3.22 2.43 .52 .27 .27 1 1 1 1 9 9 9 9 6 6 6 6 8 9 7 6 7 9 7 8 , , , , 3 1 1 2 2 5 7 2 0 0 5 9 1 1 1 1 , , , , 7 5 3 5 2 5 6 7 9 1 9 2 5 4 4 4 , , , , 5 3 5 9 7 6 1 2 0 6 6 4 1 1, , 1 3 5 6 2 1 8 4 3 6 3 2 6 6 6 6 4 2 9 5 1 3 3 6 4 2 3 3 , , , , 6 0 4 7 0 0 7 7 5 0 2 4 1 1 1 , , , 1 4 4 9 4 9 3 8 3 3 0 0 2 2 2 1 , , , , 2 3 5 6 5 4 7 1 9 3 9 8 1967—1 I I I I V l l .... 2 3 3 3 . . . . 8 4 1 0 5 7 5 4 2 2 2 2 . . . . 6 1 3 1 6 7 6 4 . . . . 4 5 5 5 5 6 2 4 . . . . 2 3 2 2 7 1 6 7 . . . . 3 3 3 3 2 1 8 4 1970 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 2.84 2.11 .49 .24 .32 1970—Oct... 1,218 304 564 292 57 341 117 224 II 2.89 2.23 .44 .22 .28 Nov.. 1,063 273 497 248 45 318 106 212 Ill.... 2.93 2.23 .48 .22 .26 Dec.. 1,351 280 472 549 50 316 109 207 IV 3.17 2.43 .51 .23 .26 1971—Jan... 999 295 476 187 41 297 102 195 1969—1 2.77 2.04 .49 .24 .26 Feb. . 951 284 450 185 32 256 90 166 II 2.68 2.06 .41 .21 .25 Mar.. 1,097 318 531 202 46 303 98 205 Ill.... 2.91 2.18 .47 .26 .25 Apr.. 1,136 293 467 330 46 350 98 252 IV 3.22 2.43 .52 .27 .27 May. 1,203 290 504 354 55 417 111 306 June. 1,372 322 629 399 21 2.96 2.14 .52 .30 .31 July.. 1,340 338 646 304 53 2.83 2.10 .45 .28 .31 Aug.. 1,393 407 710 216 60 577 146 431 III.... 3.10 2.26 .53 .31 .25 Sept.. 1,242 320 543 290 89 693 188 506 3.64 2.67 .61 .36 .33 OOcctt.. .. 11,,220022 331188 550044 227766 110055 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. ate 2 3 l y I N ; n o c o t l n u l o y d r e d s s i u n c a a h r s i m l l o y a a s l n l e s c a i u m n r e o a d u m n b o t y u o n m f t s o a r l o t t f g e r a m a g t o e i r s o e . n t h a a n n d $ r 1 e , p 0 a 0 i 0 r n lo ee a d n s b , e n o se t c s u h r o e w d. n 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 , d a a n ta d f c r o o n m 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

JANUARY 1972 • 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 re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - Total F su H in r A e - d - a g V n 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-Sept.. 5,109 4,546 563 27 57 795 1970-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 Feb.. 5,213 4,670 543 38 21 682 Feb.. 15,448 11,061 4,391 60 72 80 4,865 Mar.. 5,241 4,703 538 56 100 707 Mar.. 15,420 11,012 4,408 76 46 33 4.380 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 Sept.. 5,259 4,749 510 Sept.. 16,732 635 572 5,327 NOTE.—Government National Mortgage Assn. data. Data prior to NOTE.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1- to 4- family loan comtional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA's free market auction system, and through Co., the Defense Homes Corp., the Public Housing Admin., and Com- the FNMA-GNMA Tandem Plan (Program 18). munity Facilities Admin. 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 Existing h N om ew e s l h n o o e a m w ns e Offered Total period (in months) 3-4 6 12-18 homes homes 3-4 6 12-18 196 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 -Apr. 26.. 687.2 313.9 154.0 126.6 33.4 1970—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 8.23 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. 7.83 7.76 7.85 7.84 Aug. 25 . 634.6 153.5 153.5 7.97 Oct., 7.84 7.75 7.80 7.75 Nov. 7.79 7.71 7.85 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 Oct. 4.. 365.1 194.8 194.8 7.85 FHA data are based on opinion reports submitted by field offices 18.. 219.8 103.6 103.6 7.83 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Nov. 1 . 126.0 56.4 56.4 7.77 weighted averages of private secondary market prices for Sec. 15. 145.2 102.0 102.0 7.70 203, 30-year mortgages with minimum downpayment and an 29 . 210.6 101.1 101.1 7.66 assumed prepayment at the end of 15 years. Gaps in data are due to periods of adjustment to changes in maximum permis- Dec. 12.. 232.5 70.2 70.2 7.63 sible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. NOTE.—Implicit secondary market yields are gross—before deduction of 38- Ths FHLBB effective rate series reflects fees and charges as well basis-point fee paid for mortgage servicing. They reflect the average accepted bid as contract rates (as shown in the table on conventional first- yield for Govt.-underwritten mortgages after adjustment by Federal Reserve mortgage terms, p. A-37) and an assumed prepayment at end to allow for FNMA commitment fees and FNMA stock purchase and holding of 10 years requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only. Beginning Oct. 18, 1971, the maturity on new short-term commitments was extended from 3 to 4 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT • JANUARY 1972 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans i loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1 1 9 94 4 1 5 9 5, , 6 1 6 7 5 2 2 6 , ,0 4 8 6 5 2 2,4 4 5 5 8 5 1,9 8 2 1 9 6 3 1 7 8 6 2 1 1 , , 3 00 2 9 2 3 3 , , 0 2 8 0 7 3 7 8 4 4 6 5 1 1, ,6 6 4 1 5 2 5 8 9 4 7 5 1950 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 197 0 126,802 101,161 35,490 29,949 4,110 31,612 25,641 9,484 8,850 7,307 1970—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 Nov. 133,263 107,097 38,164 30,586 4,370 33,977 26,166 10,182 8,634 7,350 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and, Monetary Statistics, 1965. NOTE.—Consumer credit estimates cover loans to individuals for house- and pp. 983-1003 of the BULLETIN for Dec. 1968. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Mis- Auto- Other Total mercial Finance Credit cellaneous Total mobile retail banks cos. i unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945 2,462 1,776 745 910 102 19 686 28 658 1950 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1 1 9 9 6 55 0 2 4 8 2 , , 9 9 0 6 6 8 2 3 4 6 , , 3 6 9 7 8 3 1 1 0 6 , ,6 6 7 0 2 1 1 1 1 5, , 4 8 3 3 5 8 1 3 , , 6 9 7 2 8 3 2 6 8 43 1 4 6, , 2 5 9 0 5 8 4 3 8 5 7 9 5 4, , 0 9 2 3 1 6 196 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— D N e o c v . . 1 9 0 9 1 , , 7 16 90 1 8 87 6 , ,8 0 2 64 0 4 41 1 , , 8 7 9 4 5 0 3 3 1 1 , , 0 1 8 2 1 3 1 1 2 2 , , 4 5 3 0 8 0 1 1 , , 5 5 6 4 1 6 1 1 2 4 , ,0 9 9 7 7 0 3 3 3 2 2 7 1 1 2 3 , , 6 7 3 7 8 0 1971—Jan.. 100,101 86,308 41,611 30,791 12,353 1,553 13,793 324 13,469 Feb.. 99,244 85,910 41,446 30,511 12,351 1,602 13,334 323 13,011 Mar. 99,168 86,015 41,563 30,326 12,509 1,617 13,153 325 12,828 Apr. 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 May 100,692 87.491 42,482 30,441 12.874 1,694 13,201 334 12,867 June 101,862 88,544 43,011 30,609 13,206 1,718 13,318 339 12,979 July. 102,848 89.458 43,509 30,906 13,296 1,747 13,390 344 13,046 Aug. 104,060 90,536 44,112 31,098 13,570 1,756 13,524 347 13,177 Sept. 104,973 91,279 44,603 31,133 13,780 1,763 13,694 349 13,345 Oct., 105,763 91,943 44,947 31,331 13.875 1,790 13,820 354 13,466 Nov. 107,097 92,901 45,396 31,643 14,052 1,810 14,196 359 13,837 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

JANUARY 1972 • CONSUMER CREDIT A 57 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair paper Other and Other Repair End of con- modern- Per- Auto- con- and Perperiod Total sumer ization sonal End of period Total mobile sumer modern- sonal Pur- goods loans loans paper goods ization loans chased Direct paper paper loans 1939 1,079 237 178 166 135 363 1939 1,836 932 134 151 619 1941 1,726 447 338 309 161 471 1941 2,541 1,438 194 204 705 1945 745 66 143 114 110 312 1945 910 202 40 62 606 1950 5,798 1,177 1,294 1,456 834 1,037 1950 5,315 3,157 692 80 1 ,386 1955 10,601 3,243 2,062 2,042 1,338 1,916 1955 11,838 7,108 1,448 42 3,240 1960 16,672 5,316 2,820 2,759 2,200 3,577 1960 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 24,282 9,400 4,425 224 10,233 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 26,091 9,889 5,171 191 10,840 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 26,734 9,538 5,479 154 11,563 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 29,098 10,279 5,999 113 12,707 196 9 40,305 12,784 7,620 7,415 2,751 9,735 196 9 31,734 11,053 6,514 106 14,061 197 0 41,895 12,433 7,587 8,633 2,760 10,482 197 0 31,123 9,941 6,648 94 14,440 1970—Nov.... 41,740 12,628 7,654 8,299 2,779 10,380 1970—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 Nov.. . 45,396 13,015 8,680 9,412 2.875 11,414 Nov. 31,643 10,248 6,325 106 14,964 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) Singlepayment Charge accounts Auto- O c t o h n e - r Re a p n a d i r Per- loans End of period Total m pa o p b e il r e s g p u o a m o p d e e r s r m i l z o o a d a ti n e o s r n n - l s o o a n n a s l End of period Total C m o e m r- - f O in t a h n e - r Retail Credit S c e r r e v d i i c t e cial cial outlets cards1 1 1 9 9 3 4 9 1 2 1 1 5 3 0 2 4 7 7 5 9 1 1 2 1 1 14 0 6 6 banks tu in ti s o ti n - s 1945 121 16 4 10 91 1 1 1 9 9 9 5 6 5 5 0 0 4 1 , ,9 5 6 5 6 9 9 6 2 1,4 5 1 6 6 5 0 0 9 2 1 9 4 3 7 0 0 7 1 3 7 1 0 5 3 2 2,0 9 3 3 5 9 4 6 1 1 1 1 9 9 9 4 4 3 1 5 9 2 3 3 , , , 7 0 2 1 8 0 9 7 3 6 6 6 9 2 7 3 5 4 1 1 7 6 5 2 2 2 1 1 1 , , , 6 4 6 4 1 1 5 4 2 5 5 8 9 4 1 7 5 8 1 1 1 9 9 9 6 6 6 6 7 5 1 9 8 0 , , , 3 2 0 1 8 5 4 9 6 3 3 3 , , , 0 4 7 3 1 0 6 0 7 4 5 6 9 8 3 8 8 9 1,0 9 9 0 8 3 6 0 3 4 4 3 , , , 3 8 7 3 2 0 6 2 4 1 1 1 9 9 9 5 5 6 5 0 0 1 9 6 3 , , , 9 7 1 6 2 7 8 4 3 2 3 1 , , , 6 5 8 3 7 8 5 6 4 2 6 3 4 2 6 5 3 7 4 4 3 , , , 2 5 8 9 7 9 1 9 3 2 4 1 7 3 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 9 9 9 6 7 6 9 8 0 1 1 1 1 2 4 , , , 4 9 0 0 4 4 7 3 6 4 4 5 , , , 8 2 2 0 1 0 9 3 2 7 8 8 2 2 9 7 9 8 1 1 1, , , 2 1 0 5 8 9 6 3 3 5 6 6 , , , 1 3 6 2 9 7 2 0 4 1 1 1 9 9 9 6 6 6 5 7 6 2 2 1 1 0 8 , , , 0 9 2 0 0 9 4 0 6 6 6 7 , , , 9 6 3 4 9 4 6 0 0 1 1, ,0 0 9 2 8 8 6 1 8 5 5 5 , , , 8 9 7 1 3 2 2 9 4 1,0 7 8 2 0 7 9 6 4 4 5 5 , , , 3 8 8 4 8 1 6 9 0 1970— D N e o c v . . 1 1 3 4 , , 9 0 9 4 9 6 5 5, , 1 2 7 0 1 2 893 1 1 , ,2 2 5 6 6 0 6 6 , , 6 6 7 9 5 0 1 1 1 9 9 9 7 6 6 9 0 8 2 2 2 3 5 4 , , , 3 6 3 0 4 0 1 1 0 7 7 8 , , , 9 9 2 7 0 0 5 5 0 1 1 1 , , , 1 1 27 9 6 9 6 3 6 6 6 , , ,9 6 4 3 5 5 2 0 0 1 1 1 , , , 3 5 9 0 1 8 5 8 4 6 6 7, , , 3 4 9 0 0 7 7 8 0 1971— F M Ja e a n b r . . . . . 1 1 1 4 3 3 , , , 9 1 9 0 2 5 6 6 3 5 5 5 , , , 2 1 1 1 4 4 5 8 3 9 8 0 8 1 9 1 1 1 , , , 2 2 2 5 4 6 4 7 0 6 6 6 , , , 6 7 6 2 6 5 8 2 0 1970— 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 M p a r y . , 1 1 4 4, , 5 3 6 4 8 2 5 5 , , 2 3 9 7 2 2 9 92 1 7 4 1 1 , , 2 2 7 9 7 7 9 8 7 5 2 9 1971-- F Ja e n b . . . .. . . . 2 24 4 , , 5 9 7 7 1 6 8 8 , , 1 2 9 0 6 5 1 1 , , 3 2 0 8 1 4 6 5, , 4 1 3 4 5 4 1 1 , , 9 9 1 5 8 0 7 7 , , 7 4 1 0 2 2 J J A O N S u u e u c o n l p t g y v e . t . . . . . 1 1 1 1 1 1 5 4 5 5 5 5 , , , , , , 0 9 3 6 5 8 4 2 2 6 4 6 3 6 4 5 3 2 5 5 5 5 5 5 , , , , , , 5 5 6 7 7 8 4 1 5 4 8 6 8 0 9 6 7 2 1, 9 0 9 9 9 9 5 9 5 1 7 9 8 9 2 7 2 2 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 3 3 7 8 5 6 2 6 8 9 4 6 0 7 7 7 7 7 7 , , , , , , 2 5 5 3 4 1 0 0 9 3 3 4 1 1 9 6 9 2 M J J A A M u u u p a l a n r r g y y e . . . . . . . . . . . . 2 2 2 2 2 2 5 5 5 5 5 4 , , , , , , 5 5 0 6 3 4 0 2 1 3 4 3 6 6 9 3 4 6 8 8 8 8 8 8 , , , , , , 6 4 5 4 2 3 3 9 1 2 4 5 3 8 2 5 9 0 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 3 5 6 2 4 5 0 6 4 6 0 0 8 6 6 5 5 6 6 , , , , , , 1 1 0 3 7 1 7 9 2 4 1 7 3 9 6 6 0 4 2 2 2 1 1 1 , , , , , , 0 0 1 9 8 9 1 8 9 9 1 5 5 5 8 1 5 8 7 7 7 7 7 7 , , , , , , 3 3 4 6 5 6 8 4 5 6 5 7 1 2 0 4 4 2 Sept.. . 25,671 8,694 1,367 6,101 2,204 7,305 Oct 25,843 8,722 1,375 6,269 2,166 7,311 NOTE.—Other financial lenders consist of credit unions and miscel- Nov.. . 26,166 8,795 1,387 6,482 2,152 7,350 laneous lenders. 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 • JANUARY 1972 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Period Total Automobile paper goods paper modernization loans Personal loans S.A. 1 | N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A. i N.S.A. S.A.1 N.S.A. Extensions 1 1 1 1 1 1 9 9 9 9 9 9 7 6 6 6 6 6 0 8 9 5 6 7 . . . . . . 1 1 7 9 8 8 0 0 7 8 2 4 4 2 , , , , , , 3 0 5 6 1 8 3 5 8 9 3 8 5 3 6 3 0 8 2 2 2 2 3 3 9 7 7 6 1 2 , , , , , , 8 3 2 6 4 3 3 4 2 6 2 5 1 1 7 7 4 4 2 2 2 3 3 3 5 2 6 0 6 3 , , , , , , 5 7 9 7 5 0 9 8 5 5 9 7 1 1 0 2 3 9 2 2 2 2 2 2 , , , , , , 1 2 2 1 2 2 4 6 1 6 0 7 5 3 8 6 0 8 2 2 2 3 3 3 6 7 8 2 5 5 , , , , , , 3 2 9 7 1 3 4 6 0 6 7 7 3 1 3 8 7 3 1970— D N e o c v . . . . 8 8, , 5 4 3 1 6 4 1 8 0 , , 2 1 7 9 1 4 2 2 , , 1 1 2 7 7 0 2 2 , , 0 0 4 0 5 6 3 3 , , 2 1 8 1 1 3 4 3 , . 5 1 6 4 2 7 1 1 7 8 7 0 1 14 7 9 6 2 2, , 9 9 0 9 8 4 2 3 , , 9 4 4 3 2 8 1971— J O J S N A M A F M J u u e e a c o u p a l a n p b n t v g y r r y . t e . . . . . . . . . . . . . . . . . . . . 1 1 1 1 9 9 9 9 9 9 8 0 0 0 0 , , , , , , , , , , , 6 7 0 7 0 5 5 6 9 0 1 5 7 8 1 3 7 3 4 1 5 9 1 5 1 5 1 2 3 9 6 6 0 1 1 1 1 1 9 9 9 9 7 7 0 0 0 0 0 , , , , , , , , , , , 7 8 5 5 4 7 0 5 3 6 0 4 9 7 6 8 1 9 6 0 4 7 9 7 5 2 9 1 8 7 0 5 9 2 2 2 2 2 2 2 2 3 3 3 , , , , , , , , , , , 9 7 7 8 8 4 1 8 0 6 1 9 7 6 4 5 7 6 9 0 3 8 2 1 7 3 2 6 2 7 4 8 7 2 2 2 3 3 3 3 3 3 3 1 , , , , , , , , , , , 9 1 3 3 0 0 8 0 0 1 9 0 0 6 2 3 3 3 8 7 0 9 1 5 6 7 6 7 2 3 4 0 7 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 4 3 4 4 4 5 2 4 2 2 2 1 9 6 6 9 9 6 3 1 0 5 5 9 5 2 5 5 7 0 3 4 2 2 2 3 3 3 3 3 3 3 3 3 , , , , , , , , , . , 4 4 8 4 4 7 4 0 1 3 5 1 3 6 2 3 4 6 7 5 6 3 5 1 8 3 8 7 5 6 4 3 8 2 2 2 2 2 2 2 2 2 1 1 2 1 0 0 0 2 2 2 1 9 7 9 8 5 9 7 2 4 4 0 7 7 2 2 2 2 2 2 2 2 1 1 1 2 1 3 4 5 1 6 3 5 2 9 5 9 5 8 3 5 3 7 5 2 7 3 2 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 0 2 3 3 6 9 2 3 2 4 2 8 5 0 2 4 1 9 5 2 3 2 1 5 8 6 7 3 3 9 0 9 0 2 2 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 2 1 5 5 5 4 6 5 2 2 3 3 1 5 6 1 0 5 6 2 9 9 1 2 6 8 7 3 4 5 8 6 7 Repayments 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 7 7 5 6 9 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111111 777777 000000 666666 888888 999999 888888 666666 111111 999999 888888 444444 111111 ,,,,,, ,,,,,, ,,,,,, ,,,,,, ,,,,,, ,,,,,, 111111 111111 999999 000000 666666 333333 222222 333333 555555 888888 000000 000000 000000 888888 777777 999999 666666 999999 2 2 2 2 2 3 8 6 3 5 9 0 , , , , , , 4 5 4 8 0 9 9 4 1 8 0 4 9 3 2 4 8 3 2 2 2 2 3 3 5 0 8 3 0 4 , , , , , , 5 5 0 1 4 3 3 1 8 4 7 6 5 8 9 1 8 9 2 2 2 2 2 2 , , , , , , 1 1 1 1 0 1 3 1 4 6 1 7 2 6 2 3 0 5 2 2 2 2 3 3 3 7 9 5 2 3 , , , , , , 7 1 8 4 1 6 8 3 5 2 9 7 0 0 0 8 5 9 1970— D N e o c v . . . . 8 8 , , 7 5 1 1 6 5 8 8, , 8 4 2 4 3 0 2 2 , , 5 6 7 18 7 2 2 , , 5 5 6 1 6 3 2 3 , , 9 0 4 8 5 2 2 2 , , 9 9 2 9 1 1 1 17 7 5 6 1 1 6 7 9 2 2 2 , ,7 8 7 8 7 1 2 3 , , 8 0 3 9 7 4 1971— J O J A S A N M M F J u u e a e c u o p a l a n p n b t g v y r r y e t . . . . . . . . . . . . . . . . . . . . . . 9 9 9 8 9 9 8 9 9 9 8 , , , , , , , , , , , 1 3 1 8 0 0 9 9 1 1 2 0 0 9 2 1 7 3 8 9 5 2 7 7 6 9 4 9 8 8 0 7 2 9 9 9 9 9 9 9 8 8 8 8 , , , , , , , , , , , 6 1 0 0 3 2 4 6 3 9 8 5 1 8 1 0 7 0 9 4 9 3 1 2 8 9 7 7 5 7 6 8 6 2 2 2 2 2 2 2 2 2 2 2 , , , , . , , , , , . 6 5 5 6 6 6 6 6 7 6 6 2 6 6 3 9 7 3 4 3 6 9 3 5 6 6 6 8 4 0 2 2 7 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , 4 4 9 7 6 5 6 6 6 7 6 7 7 1 8 3 1 6 7 9 0 6 1 1 5 3 2 0 5 8 8 0 1 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 2 1 2 2 2 2 1 2 2 1 2 1 4 4 1 1 0 6 6 3 7 5 1 5 9 9 2 4 3 2 3 2 4 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 2 0 1 1 2 2 4 2 0 1 2 9 7 2 4 6 1 2 7 9 5 2 1 4 8 3 2 8 6 2 1 3 3 1 1 1 1 1 1 1 1 1 1 1 8 8 7 8 8 9 9 9 9 9 9 8 8 5 4 6 2 9 6 7 9 8 2 2 2 2 1 1 1 1 1 1 1 0 0 0 0 9 9 6 8 7 9 8 3 3 4 8 5 7 1 8 2 6 2 2 2 2 2 3 3 3 3 3 3 3 , , , , , , , , , , , 9 8 1 0 9 9 0 0 1 0 0 5 9 8 5 8 8 5 8 4 6 5 8 1 6 7 8 9 7 2 3 7 4 2 2 2 2 3 3 3 3 3 3 3 , , , , , , , , , , , 9 9 7 0 2 6 0 1 0 2 1 4 7 5 5 1 2 2 6 2 5 2 5 4 5 7 5 8 6 2 8 2 0 Net change in credit outstanding 2 1 1 1 1 9 9 9 9 6 6 6 6 5 6 7 8 . . . . 8 6 8 6 8 6 333 8888 ,,, ,,, ,,, ,,,, 222 666 333 9999 111 888 222 6666 555 777 999 4444 3 3 3 3 3 3 3 3 3 3 3 3 111111 ,,,,,, ,,,,,, ,,,,,,999999 666666 444444 111111 333333 888888 000000 666666 777777 444444 666666 888888 2 2 2 1 , , , , 4 2 4 5 1 3 1 0 3 2 7 4 - 1 1 2 9 5 3 9 0 0 6 2 2 1 1 , , , , 5 9 8 7 3 6 1 7 1 8 3 5 1969. 8888,,,,222277779999 222222,,,,,,444444777777222222 2,710 115 2,982 1970. 2222,,,,999999992222 —————— 111111 111111111111222222 2,340 70 1,694 1970—Nov.. -302 ----111166669999 -450 -507 31 226 4 7 113 105 Dec.. 21 1111,,,,333377771111 -448 -521 336 1,571 2 -23 131 344 1971— M A J F M J A O N S J u u a e e p u o c a a l n n p b t r g v y r y e . t . . . . . . . . . . . . . . . . . . . . 1, 4 4 6 7 2 5 9 9 8 1 9 6 9 6 2 6 2 9 8 2 0 3 1 5 3 5 4 9 7 6 7 2 -1 1 1 1 - , , , 8 , - 0 2 1 3 6 9 8 9 7 7 5 6 1 7 3 6 8 6 9 1 6 7 0 2 0 4 4 6 0 0 3 -1 4 2 2 3 3 3 5 1 1 6 0 0 1 5 0 0 5 0 1 6 2 8 1 5 8 6 7 1 0 6 0 - - 1 4 4 4 4 5 2 3 3 3 1 3 8 1 6 0 2 9 7 2 3 5 5 6 4 8 5 9 1 6 3 0 9 2 2 2 2 3 1 1 1 -8 4 0 4 8 9 4 0 9 6 0 8 3 1 4 0 6 6 6 0 7 - - - 3 6 3 2 2 3 3 5 1 3 4 7 3 2 9 6 1 7 1 8 7 7 4 2 4 1 3 4 0 2 9 2 2 2 3 3 3 1 1 1 1 6 8 2 0 9 2 2 3 2 5 - - - 4 1 6 4 2 5 6 3 5 3 1 6 3 9 7 4 2 5 5 0 3 4 2 2 2 2 3 2 1 1 1 1 8 9 8 6 2 3 5 7 3 4 0 6 1 7 5 6 0 0 3 0 1 - - 1 4 4 2 2 2 3 1 3 1 5 5 0 6 5 6 8 2 5 1 0 9 7 2 8 4 9 6 9 5 0 8 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 • NoJE'—Estimates afe 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

JANUARY 1972 • CONSUMER CREDIT A 59 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets PPeerriioodd S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i | N.S.A. Extensions 11996655 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 22222225555555,,,,,,,111111199999992222222 9999999,,,,,,,444444433333336666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 22222225555555,,,,,,,444444400000006666666 11111110000000,,,,,,,333333366666662222222 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 22222225555555,,,,,,,444444499999996666666 11111110000000,,,,,,,999999911111111111111 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 22222228888888,,,,,,,888888833333336666666 11111112222222,,,,,,,888888855555550000000 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 33333330000000,,,,,,,888888855555554444444 11111114444444,,,,,,,222222244444445555555 11111119999999,,,,,,,222222255555556666666 1970 111111100000004444444,,,,,,,111111133333330000000 33333339999999,,,,,,,111111133333336666666 22222229999999,,,,,,,666666666666662222222 11111114444444,,,,,,,666666611111119999999 22222220000000,,,,,,,777777711111113333333 1970—No v 8,414 8888888,,,,,,,222222277777771111111 3,159 2222222,,,,,,,888888888888885555555 2,300 2222222,,,,,,,333333344444442222222 1111111,,,,,,,111111188888884444444 1111111,,,,,,,111111155555550000000 1,771 1111111,,,,,,,888888899999994444444 Dec 8,536 11111110000000,,,,,,,111111199999994444444 3,326 3333333,,,,,,,333333399999990000000 2,240 2222222,,,,,,,777777799999995555555 1111111,,,,,,,111111188888887777777 1111111,,,,,,,222222200000006666666 1,783 2222222,,,,,,,888888800000003333333 1971—Ja n 8,916 7777777,,,,,,,555555544444445555555 3,338 2222222,,,,,,,888888888888885555555 2,411 1111111,,,,,,,999999966666661111111 1111111,,,,,,,222222288888888888888 1111111,,,,,,,000000055555555555555 1,879 1111111,,,,,,,666666644444444444444 Feb 9,081 7777777,,,,,,,444444488888889999999 3,478 2222222,,,,,,,999999988888888888888 2,513 2222222,,,,,,,111111122222221111111 1111111,,,,,,,222222288888882222222 1111111,,,,,,,111111111111117777777 1,808 1111111,,,,,,,222222266666663333333 Mar 9,533 9999999,,,,,,,555555577777775555555 3,646 3333333,,,,,,,777777788888883333333 2,681 2222222,,,,,,,666666688888886666666 1111111,,,,,,,333333399999994444444 1111111,,,,,,,444444411111118888888 1,812 1111111,,,,,,,666666688888888888888 Apr 9,751 11111110000000,,,,,,,000000077777779999999 3,676 3333333,,,,,,,999999944444448888888 2,624 2222222,,,,,,,666666677777772222222 1111111,,,,,,,444444477777775555555 1111111,,,,,,,555555555555552222222 1,976 1111111,,,,,,,999999900000007777777 May. 9,690 9999999,,,,,,,555555566666662222222 3,600 3333333,,,,,,,666666677777771111111 2,798 2222222,,,,,,,666666655555555555555 1111111,,,,,,,444444444444441111111 1111111,,,,,,,444444499999993333333 1,851 1111111,,,,,,,777777744444443333333 June 9,715 11111110000000,,,,,,,666666666666667777777 3,806 4444444,,,,,,,222222200000007777777 2,490 2222222,,,,,,,888888833333332222222 1111111,,,,,,,555555511111113333333 1111111,,,,,,,777777722222224444444 1,906 1111111,,,,,,,999999900000004444444 July 9,675 11111110000000,,,,,,,000000099999998888888 3,644 3333333,,,,,,,999999911111117777777 2,676 2222222,,,,,,,777777799999991111111 1111111,,,,,,,444444422222223333333 1111111,,,,,,,555555500000006666666 1,932 1111111,,,,,,,888888888888884444444 Aug 10,049 11111110000000,,,,,,,333333300000000000000 3,919 4444444,,,,,,,000000066666662222222 2,699 2222222,,,,,,,777777722222229999999 1111111,,,,,,,444444455555552222222 1111111,,,,,,,555555588888882222222 1,979 1111111,,,,,,,999999922222227777777 Sept 10,156 9999999,,,,,,,888888844444449999999 3,989 3333333,,,,,,,999999933333332222222 2,718 2222222,,,,,,,555555544444449999999 1111111,,,,,,,444444488888888888888 1111111,,,,,,,444444433333339999999 1,961 1111111,,,,,,,999999922222229999999 Oct 10,031 9999999,,,,,,,777777799999997777777 3,832 3333333,,,,,,,777777755555552222222 2,733 2222222,,,,,,,666666655555555555555 1111111,,,,,,,444444499999990000000 1111111,,,,,,,444444411111114444444 1,976 1111111,,,,,,,999999977777776666666 Nov 10,572 11111110000000,,,,,,,777777711111111111111 4,140 3333333,,,,,,,999999933333331111111 2,853 3333333,,,,,,,000000011111115555555 1111111,,,,,,,555555566666664444444 1111111,,,,,,,555555533333335555555 2,015 2222222,,,,,,,222222233333330000000 Repayments 1965. 69,957 25,663 22,551 8,310 13,433 1966. 76,120 27,716 23,597 9.337 15,470 1967. 81,306 29,469 24,853 10,169 16,815 1968. 88,089 32,080 26,472 11,499 18,038 1969. 94,609 35,180 28,218 12,709 18,502 1970. 101,138 37,961 29,858 13,516 19,803 1970—Nov.. 8,716 8,440 3,276 3,155 2,552 2,570 135 1,075 753 1,640 Dec.. 8,515 8,823 3,262 3,235 2,465 2,753 113 1,159 675 1,676 1971—Jan... 8,829 8,605 3,385 3,169 2,486 2,293 199 1,195 759 1,948 Feb.. 8,979 8,346 3,369 3,153 2,656 2,401 186 1,070 768 1,722 Mar.. 9,038 9,651 3,387 3,666 2,674 2,871 207 1,245 770 1,869 Apr.. 9,088 9,219 3,332 3,417 2,580 2,629 315 1,336 861 1,837 May. 9,197 8,898 ,375 3,283 2,698 2,583 323 1,267 801 1,765 June. 9,190 9,497 3,541 3,678 2,550 2,664 299 1,368 800 1,787 July.. 8,914 9,112 3,351 3,419 2,485 2,494 293 1,387 785 1,812 Aug.. 9,222 9,088 3,456 3,459 2,590 2,537 288 1,299 888 1,793 Sept.. 9,157 8,936 3,460 3,441 2,614 2,514 266 1,222 817 1,759 Oct.. 9,107 9,007 3,439 3,408 2,495 2,457 319 1,292 854 1,850 Nov.. 9,306 9,377 3,470 3,482 2,579 2,703 360 1.338 897 1,854 Net change in credit outstanding : 1965. 8,629 3,865 2,641 1,126 997 1966. 6,215 2,357 1,809 1,025 1,024 1967. 3,387 1,381 643 742 621 1968. 8,964 4,252 2,364 1,351 997 1969. 8,279 3,353 2,636 1,536 754 1970. 2,992 1,590 -611 1,103 910 1970—Nov.. -302 -169 -117 -270 -252 -228 49 75 18 254 Dec.. 21 1,371 64 155 -225 42 74 47 108 1,127 1971—Jan... 87 -1,060 -47 -284 -75 -332 89 -140 120 -304 Feb.. 102 -857 109 -165 -143 -280 96 47 40 -459 Mar.. 495 -76 259 117 7 -185 187 173 42 -181 Apr.. 663 860 344 531 44 43 160 216 115 70 May. 493 664 225 388 100 72 118 226 50 -22 June. 525 1,170 265 529 -60 168 214 356 106 117 July.. 761 986 293 498 191 297 130 119 147 72 Aug.. 827 1,212 463 603 109 192 164 283 91 134 Sept.. 999 913 529 491 104 35 222 217 144 170 Oct.. 924 790 393 344 238 198 171 122 122 126 Nov.. 1,266 1,334 670 449 274 312 204 197 118 376 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. • JANUARY 1972 MARKET GROUPINGS (1967 = 100) i 1967 1970 j 1971 pro- 1970 GGrroouuppiinngg por- avertion agef Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. OOcctt.. Nov.'' Total index 100.00 106.7 102.6 104.6 105.3 105.7 105.5 106.2 107.0 107.2 106.1 105.3 106.2 106.4 107.0 62.21 106.0 102.6 104.2 104.6 105.0 104.5 105.5 105.9 106.1 106.8 106.2 106.2 106.8 108.0 48.95 104.4 100.2 102.2 102.9 103.0 102.5 103.6 103.9 104.5 104.9 105.0 104.6 105.0 106.3 Consumer goods 28.53 110.3 107.7 110.8 112.8 112.9 112.7 114.6 115.7 116.1 116.0 116.0 115.0 116.0 117.9 Equipment 20.42 96.2 89.8 90.3 88.9 89.3 88.4 88.1 87.8 88.2 89.3 89.6 90.2 89.7 90.0 Intermediate products 13.26 111.9 111.6 112.1 110.9 112.5 112.0 112.4 113.5 112.4 113.8 110.7 112.5 113.3 114.4 Materials 37.79 107.8 102.8 105.4 106.5 106.8 107.1 107.5 108.9 109.0 105.3 104.0 106.2 105.8 105.6 Consumer goods Durable consumer goods 7.86 104.8 95.5 102.9 108.1 110.6 111.6 112.2 117.2 116.1 115.8 115.8 113.6 115.7 116.2 Automotive products 2.84 99.9 76.0 100.0 110.9 117.8 117.8 113.7 123.1 121.2 120.1 121.1 118.0 120.6 120.4 1.87 86.6 51.8 88.6 104.1 112.8 112.2 103.2 108.3 107.9 107.9 108.5 108.0 107.8 109.2 Auto parts and allied goods .97 125.6 122.3 122.2 124.1 127.4 128.6 133.9 151.4 146.8 143.6 145.2 153.4 155.0 142.0 5.02 107.6 106.6 104.6 106.5 106.5 108.2 111.4 113.9 113.3 113.5 112.9 111.1 112.9 113.8 Appliances, TV, and radios 1.41 103.4 107.6 104.5 104.9 102.5 107.9 116.4 120.7 116.9 115.0 112.1 105.7 110.7 113.4 Appliances and A/C .92 122.1 127.1 120.6 122.6 117.6 124.9 126.0 132.1 129.3 126.0 128.0 121.7 131.1 135.5 TV and home audio .49 68.2 71.3 74.3 71.8 74.0 76.1 98.6 99.4 93.9 94.5 82.4 75.6 72.6 71.8 Carpeting and furniture 1.08 108.4 108.6 106.3 106.4 110.1 108.3 110.7 111.7 113.6 114.8 114.7 116.1 115.3 115.9 Misc. home goods 2.53 109.7 105.3 104.1 107.5 107.5 108.1 109.0 111.1 111.2 112.0 112.5 112.1 113.1 113.1 Nondurable consumer goods 20.67 112.5 112.3 113.8 114.6 113.8 113.1 115.5 115.1 116.1 116.1 116.1 115.6 116.1 118.6 Clothing 4.32 101.2 96.3 99.1 99.7 97.3 96.9 101.0 102.6 101.9 102.4 100.3 102.5 102.5 Consumer staples 16.34 115.4 116.6 117.7 118.5 118.1 117.4 119.4 118.5 119.9 119.8 120.2 119.1 119.8 123 '.2 Consumer foods and tobacco 8.37 110.6 112.5 112.8 114.0 112.6 111.8 112.7 113.2 113.5 112.0 112.6 110.4 112.0 117.7 Nonfood staples 7.98 120.4 120.9 122.9 123.2 123.9 123.2 126.4 124.2 126.5 128.0 128.4 128.2 128.0 128.9 Consumer chemical products.. 2.64 126.1 127.7 132.5 131.8 131.8 131.6 134.0 133.2 130.9 133.1 133.1 133.5 131.7 134.0 Consumer paper products - 1.91 103.9 101.4 102.6 104.4 104.6 103.0 108.2 105.0 109.9 106.9 106.2 109.2 110.3 112.3 Consumer fuel and lighting. . . 3.43 125.2 126.4 126.9 127.0 128.9 127.9 130.5 128.0 132.5 135.9 137.2 134.7 135.0 134.1 Residential utilities 2.25 131.3 132.2 131.9 132.0 135.2 133.2 136.4 135.1 140.6 145.1 146.2 144.2 143.8 142.7 Equipment 12.74 101.1 94.6 95.6 94.2 96.0 95.0 95.1 94.4 95.0 96.3 96.8 97.8 97.3 97.8 Industrial equipment 6.77 98.8 93.9 94.0 91.5 93.4 92.4 92.4 90.9 90.9 91.8 92.0 92.4 92.5 93.7 Building and mining equip 1.45 95.9 93.3 93.6 90.6 94.3 92.4 91.2 91.5 88.8 88.9 96.4 96.6 95.5 95.2 Manufacturing equipment 3.85 91.9 84.6 84.2 82.9 82.2 81.3 82.1 79.5 80.1 81.1 79.9 80.5 81.1 81.8 Power equipment 1.47 119.9 118.7 119.8 115.0 121.7 121.5 120.5 120.2 121.3 122.7 119.7 119.5 119.7 123.7 Commercial, transit, farm eq* 5.97 103.7 95.6 97.9 97.2 99.0 98.0 98.2 98.4 99.6 101.5 102.2 103.8 102.8 102.4 Commercial equipment 3.30 110.6 106.0 105.3 105.5 107.0 106.6 107.1 107.6 107.6 109.9 109.9 112.0 111.0 110.0 2.00 94.4 77.5 87.4 88.6 89.1 87.2 87.3 87.3 90.5 88.4 90.2 90.2 90.4 90.5 Farm equipment .67 97.7 98.9 92.4 82.0 88.8 88.0 86.6 86.6 87.7 99.9 100.0 103.9 99.5 100.5 Defense and space equipment 7.68 87.9 81.7 81.2 80.0 78.1 77.5 76.5 76.9 77.1 77.7 77.9 77.7 77.4 77.2 Military products 5.15 89.7 83.7 82.9 82.6 80.4 79.8 79.1 79.5 80.5 81.4 82.2 82.3 82.3 81.8 Intermediate products 5.93 110.6 110.4 112.5 111.1 111.9 112.6 113.4 115.5 113.5 115.3 109.4 111.3 112.5 113.6 Misc. intermediate products 7.34 113.0 112.4 111.9 110.8 113.1 111.4 111.6 111.9 111.6 112.7 111.7 113.4 114.0 115.0 Materials 20.91 103.4 93.6 99.4 101.5 101.6 101.9 102.2 104.8 103.0 98.7 94.9 98.7 101.1 100.2 Consumer durable parts 4.75 96.5 76.9 95.8 99.4 101.4 103.2 102.8 105.1 104.8 98.8 100.4 100.7 101.9 99.5 5.41 95.1 86.6 86.6 88.4 87.6 86.4 86.0 88.9 87. 1 87.0 82.1 86.0 87.1 86.6 Durable materials nec 10.75 110.5 104.5 107.5 109.0 108.8 109.2 110.2 112.8 110.2 104.6 99.0 104.1 107.8 107.4 13.99 112.5 113.3 112.1 111.7 112.1 112.0 112.7 112.8 115.5 112.3 114.8 114.7 114.2 113.6 Textile, paper, and chem. mat 8.58 113.0 112.6 111.8 111.2 111.7 111.9 113.2 113.7 117.5 113.4 117.8 118.8 118.0 118.1 Nondurable materials n.e.c 5.41 111.5 114.7 112.7 112.5 112.7 112.3 111.9 111.3 112.0 110.5 109.9 108.2 108.1 106.5 Fuel and power, industrial 2.89 117.0 117.8 117.6 117.8 118.6 121.1 121.0 119.7 121.1 119.7 117.2 119.3 99.4 105.2 Supplementary groups Home goods and clothing 9.34 104.7 101.8 102.0 103.4 102.3 102.9 106.6 108.7 108.0 108.3 107.1 107.1 108.1 108.0 1.82 119.5 120.6 117.4 119.2 119.6 108.1 113.5 117.8 115.5 118.2 117.2 115.0 116.7 119.4 Gross value of products in market structure (In billions of 1963 dollars) Products total 386.8 372.5 380.9 386.2 388.6 385.9 390.2 391.6 392.6 395.2 393.0 392.8 395.6 397.7 Final products 298.0 284.1 292.1 297.7 298.5 297.4 300.4 301.3 303.2 304.6 305.4 302.9 305.1 307.2 Consumer goods 202.6 195.7 203.3 209.1 209.5 209.6 212.6 213.4 214.8 216.4 215.5 212.1 214.5 216.7 Equipment 95.5 88.3 88.7 88.7 89.2 87.9 87.9 87.6 88.5 88.1 90.1 90.7 90.6 90.5 Intermediate products 8899..00 88.9 89.0 88.4 89.9 88.5 89.3 90.2 89.6 90.8 87.7 89.7 90.3 90.5 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

JANUARY 1972 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggeeff Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.f Manufacturing 88.55 105.2 100.2 102.4 103.3 103.9 103.2 104.4 105.7 105.6 104.9 103.6 104.9 Durable 52.33 101.5 93.8 97.3 98.1 98.6 98.3 99.1 100.5 100.1 99.4 96.6 98.5 Nondurable 36.22 110.6 109.6 110.0 110.9 111.7 110.4 112.1 113.3 113.7 113.0 113.8 114.2 Mining and utilities 11.45 118.0 120.6 120.1 119.3 119.9 120.2 120.6 119.0 120.7 120.3 120.0 120.3 Mining 6.37 109.7 113.7 112.1 111.1 110.1 111.4 110.4 108.6 108.9 105.7 106.5 106.0 Utilities 5.08 128.5 129.6 130.2 129.6 132.2 131.5 133.2 132.1 135.6 138.7 137.0 138.4 Durable manufactures Primary and fabricated metals 12.55 108.1 101.2 105.1 106.8 106.0 105.8 108.6 111.5 108.3 104.2 93.8 99.5 Primary metals 6.61 106.9 98.4 104.3 108.1 105.5 106.6 108.7 114.3 108.1 98.2 81.0 93.9 Iron and steel, subtotal 4.23 105.3 95.6 101.4 106.9 104.8 105.2 109.1 112.9 105.3 99.0 66.2 85.9 Fabricated metal products 5.94 109.4 104.5 106.2 105.4 106.6 104.9 108.5 108.5 108.5 110.8 108.0 105.7 Machinery and allied goods 32.44 97.6 88.4 92.4 93.0 93.5 93.0 92.7 93.8 94.4 94.7 94.5 95.2 Machinery 17.39 100.5 94.9 94.8 93.4 94.2 94.0 94.2 95.3 95.2 97.4 95.6 96.3 Nonelectrical machinery 9.17 99.6 93.2 92.4 90.1 92.3 91.1 91.4 90.9 91.6 94.9 94.1 95.0 Electrical machinery 8.22 101.4 96.7 97.4 97.1 96.3 97.1 97.4 100.2 99.2 100.2 97.3 97.8 Transportation equipment 9.29 90.3 71.7 86.8 91.1 92.6 91.3 89.5 90.9 91.7 88.5 91. 91.7 A M e o r t o o s r p a v c e e h i a cl n e d s m an i d s c. p a tr r a ts n s, eq... 4 4. . 5 7 6 3 9 8 6 3 . . 9 9 7 65 8 . . 4 0 9 7 8 5 . . 5 8 1 7 0 5 7 . . 2 7 1 7 1 2 3 . . 9 0 1 7 1 1 2 . . 2 2 1 7 0 1 8 . . 4 4 1 7 1 2 0 . . 3 2 1 7 1 2 1 . . 4 7 1 7 0 1 6 . . 0 7 1 7 1 1 1 . . 5 6 1 7 1 2 1. .4 8 Instruments 2.07 110.8 106.5 104.9 106.5 105.3 105.5 106.7 108.0 108.5 110.9 109.1 110.5 Ordnance, private and Govt 3.69 95.3 89.3 88.5 87.9 85.5 85.7 85.2 86.0 90.0 90.2 Lumber, clay, and glass 4.44 106.3 105.0 107.5 106.9 109.8 110.8 113.0 112.3 111. 0 111.2 110.4 111.1 Lumber and products 1.65 106.3 106.4 106.8 109.7 110.8 110.3 112.5 110.0 111.0 115.4 113.1 113.9 Clay, glass, and stone products 2.79 106.3 104.1 107.9 105.3 109.2 111.1 113.3 113.7 111.1 108.7 108.8 109.4 Fu F rn u it r u n r i e t ur a e n d a n m d i s f c i e x l t l u a r n e e s o us 2 1 . . 9 3 0 8 1 9 0 9 8 . . 4 8 1 9 0 6 5 . . 5 7 1 9 0 5 4 . . 5 9 1 9 05 4 . . 2 2 1 9 07 6 . . 1 0 1 9 05 5 . . 6 0 1 9 09 8 . . 5 7 1 9 09 7 . . 9 6 1 1 1 0 1 0 . . 3 9 1 9 1 9 3 . . 9 5 1 9 1 9 1 . . 6 3 1 1 1 0 2 0 . . 0 8 Miscellaneous manufactures 1.52 117.3 114.0 113.4 115.2 117.2 115.4 119.3 121.2 120.7 126.1 122.0 122.2 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 96.0 97.1 98.6 98.0 97.3 99.8 101.5 102.4 100.2 100.1 102.5 Textile mill products 2.69 106.3 102.8 103.3 103.1 105.4 105.3 106.3 107.5 109.1 108.5 110.5 111.0 Apparel products 3.33 97.8 93.4 94.9 97.4 94.5 94.0 97.3 99.7 97.1 97.0 96.0 99.5 Leather and products .88 90.8 85.0 86.7 89.5 89.0 85.4 89.9 89.8 89.3 86.7 84. 87.6 Paper and printing 7.92 107.8 106.4 105.0 107.1 108.1 104.6 106.9 106.9 106.0 106.8 108.2 108.3 Paper and products 3.18 113.3 113.3 110.6 116.9 116.0 111.0 114.4 115.1 113.4 115.5 117.8 116.4 Printing and publishing 4.74 104.1 101.9 101.2 100.5 102. 100.2 101.8 101.4 101.0 101.0 101.7 102.9 Chemicals, petroleum, and rubber.... 11.92 118.2 117.8 118.9 118.2 120.9 120.5 122.4 124.2 125.3 124.0 126.2 127.3 Chemicals and products 7.86 120.2 119.7 121.2 119.3 121.7 121.0 123.4 123.7 126.8 125.0 127.6 129.7 Petroleum products 1.80 112.6 116.9 118.1 117.2 117.1 116.3 115.8 112.7 115.0 114.8 115.8 113.7 Rubber and plastics products 2.26 115.7 111.4 111.8 115.5 120.6 122.7 124.5 127.2 129.1 128.0 129.9 129.6 Foods and tobacco 9.48 110.8 111 .9 112.5 113.9 113.1 112.2 112.9 113.6 113.7 113.8 112.8 111.1 Foods 8.81 111.7 112.7 113.5 114.6 114.1 113.8 114.1 114.6 115.4 115.2 114.0 111.9 Tobacco products .67 100.0 102.3 99.5 106.6 100.1 90.3 96.9 100.3 92. 96.6 98.2 100.3 Mining Metal, stone, and earth minerals 1.26 112.0 118.6 116.4 113.6 113.6 111.6 106.5 104.6 104.9 91.6 96.8 98.1 Metal mining .51 131.3 148.5 144.7 140.1 139.0 135.1 124.7 122.6 117.3 93.5 104.8 109.7 Stone and earth minerals .75 98.8 98.4 97.3 95.6 96.3 95.6 94.2 92.4 96.4 90.2 91.4 90.1 Coal, oil, and gas 5.11 109.2 112.6 111.0 110.6 109.3 111.4 111.4 109.6 109.9 109.2 108.9 108.0 Coal .69 105.8 107.9 103.6 112.3 108. 116.2 115.5 110.2 109.4 109.4 109.4 109.7 Oil and gas extraction 4.42 109.7 113.4 112.3 110.3 109.3 110.6 114.3 109.6 110.0 109.2 108.8 107.7 Utilities Electric 3.91 130.8 131.9 132.5 131.5 134.9 133.6 135.5 133.8 138.3 142.0 139.7 1.17 121.0 122.1 122.4 123.0 123.6 124.3 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. • JANUARY 1972 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion agef Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.f Total index 100.00 106.7 103.1 102.0 103.2 106.1 106.0 106.5 107.3 109.7 102.1 105.5 109.8 109.6 107.5 Products, total 62.21 106.0 102.7 100.7 101.8 104.7 104.5 105.0 105.1 109.0 103.9 107.5 111.7 111.3 108.1 Final products 48.95 104.4 100.2 98.9 101.0 103.4 103.0 102.9 102.7 107.2 101.6 105.6 110.0 109.3 106.3 Consumer goods 28.53 110.3 107.2 105.4 110.3 113.2 112.9 113.6 113.5 119.3 111.9 118.4 123.1 122.4 117.7 Equipment 20.42 96.2 90.4 89.8 88.1 89.6 89.1 88.0 87.6 90.4 87.1 87.6 91.8 91.1 90.4 Intermediate products 13.26 111.9 111.8 107.3 104.7 109.5 110.2 112.6 113.8 115.5 112.4 114.5 118.1 118.3 114.6 Materials 37.79 107.8 103.7 104.1 105.4 108.3 108.4 109.0 110.8 110.9 99.2 102.3 106.8 107.3 106.5 Consumer goods Durable consumer goods 7.86 104.8 98.7 100.8 107.3 113.8 114.8 114.7 117.3 120.5 101.9 108.6 121.5 125.7 119.5 Automotive products 2.84 99.9 80.1 100.0 115.6 125.1 125.3 121.9 127.2 130.5 94.9 102.0 128.6 135.8 124.5 Autos 1.87 86.6 58.2 92.4 113.5 124.1 123.4 112.5 120.2 120.8 69.4 76.5 112.0 124.0 115.6 Auto parts and allied goods .97 125.6 122.1 114.6 119.6 127.0 128.9 139.9 140.8 149.0 144.0 151.0 160.5 158.6 141.7 Home goods 5.02 107.6 109.2 101.3 102.6 107.4 108.8 110.7 111.7 114.9 105.8 112.4 117.5 120.0 116.6 Appliances, TV, and radios 1.41 103.4 110.0 90.9 102.5 108.9 113.6 116.1 117.1 117.3 102.5 104.1 113.4 125.3 116.2 Appliances and A/C .92 122.1 122.3 100.3 120.1 124.7 133.6 133.1 132.2 136.1 122.3 114.4 128.0 142.8 131.6 TV and home audio .49 68.2 86.3 73.2 69.5 79.3 76.2 84.3 88.8 81.9 65.4 84.8 86.2 92.5 87.4 Carpeting and furniture 1.08 108.4 111.5 108.6 108.0 114.7 111.4 111.1 108.6 112.6 97.9 114.9 119.5 116.6 119.0 Misc. home goods 2.53 109.7 107.8 103.9 100.4 103.4 105.1 107.5 110.0 114.4 111.0 116.0 118.9 118.5 115.8 Nondurable consumer goods 20.67 112.5 110.4 107.1 111.4 113.0 112.2 113.2 112.1 118.8 115.7 122.1 123.7 121.2 111177..00 Clothing 4.32 101.2 95.8 8S.5 95.0 102.0 102.5 102.6 101.4 105.5 93.6 105.6 107.0 111.6 Consumer staples 16.34 115.4 114.3 112.8 115.7 115.9 114.8 116.0 114.9 122.3 121.6 126.5 128.1 123! 7 121.3 Consumer foods and tobacco 8.37 110.6 111.3 106.6 108.1 108.5 108.7 110.0 110.8 116.6 112.6 118.6 120.0 118.5 116.2 Nonfood staples 7.98 120.4 117.5 119.3 123.7 123.7 121.2 122.3 119.1 128.3 131.2 134.7 136.5 129.2 126.7 Consumer chemical products.. 2.64 126.1 127.6 123.2 123.9 125.7 125.7 131.2 132.4 142.2 131.8 139.4 145.2 139.1 140.0 Consumer paper products 1.91 103.9 100.7 97.4 99.6 101.8 100.1 107.1 102.0 110.2 109.6 113.9 116.0 113.9 111.5 Consumer fuel and lighting. . . 3.43 125.2 115.4 120.3 137.0 134.3 129.6 123.8 118.4 127.6 142.7 142.6 141.2 130.0 125.0 Residential utilities 2.25 131.3 121.2 132.7 146.7 143.0 137.1 129.2 122.3 132.4 154.4 153.2 153.0 136.6 128.9 Equipment Business equipment 12.74 101.1 95.3 94.3 92.7 96.6 96.0 95.3 94.2 98.0 93.3 93.9 100.3 99.4 98.0 Industrial equipment 6.77 98.8 95.0 93.2 90.8 93.9 92.8 92.4 90.3 92.6 90.4 90.1 94.9 94.3 94.2 Building and mining equip 1.45 95.9 97.0 95.3 89.8 93.3 90.3 91.7 90.9 91.6 87.0 90.5 98.2 97.0 99.0 Manufacturing equipment 3.85 91.9 85.6 83.5 81.9 84.3 82.9 82.0 79.1 81.5 79.3 78.5 83.3 81.9 81.6 Power equipment 1.47 119.9 117.4 116.3 115.1 119.6 120.9 120.3 119.2 122.6 122.7 119.8 122.0 124.0 122.3 Commercial, transit, farm eq.*. ... 5.97 103.7 95.6 95.6 94.8 99.7 99.7 98.5 98.6 104.2 96.6 98.3 106.5 105.2 102.4 Commercial equipment 3.30 110.6 106.3 103.4 101.8 105.3 104.7 105.3 106.0 112.4 112.6 110.7 115.6 112.0 110.3 Transit equipment 2.00 94.4 79.6 85.2 87.1 91.5 91.0 88.9 89.0 93.8 75.1 82.6 92.3 95.3 92.9 Farm equipment .67 97.7 90.1 88.0 83.4 96.7 100.9 93.7 90.9 94.3 81.7 83.8 103.7 101.2 91.6 Defense and space equipment 7.68 87.9 82.4 82.3 80.5 78.1 77.7 76.0 75.7 77.8 76.7 77.1 77.8 77.4 77.8 Military products 5.15 89.7 83.7 82.9 82.8 80.3 80.1 78.9 79.7 81.8 80.8 81.6 82.2 82.0 82.0 Intermediate products Construction products 5.93 110.6 110.1 105.4 103.3 109.9 111.6 115.8 118.0 118.6 112.3 111.9 115.9 117.3 113.3 Misc. intermediate products 7.34 113.0 113.1 108.8 105.8 109.1 109.1 110.0 110.4 113.0 112.4 116.6 119.8 119.2 115.6 Materials Durable goods materials 20.91 103.4 94.0 98.0 99.8 103.2 104.2 104.1 107.2 106.3 92.1 92.0 99.9 102.1 100.9 Consumer durable parts 4.75 96.5 80.3 100.4 102.9 104.6 104.5 102.0 106.4 104.5 88.3 92.0 100.1 104.3 103.9 Equipment parts 5.41 95.1 85.8 86.7 87.8 88.9 89.0 87.0 89.4 89.4 81.7 80.1 86.9 86.8 85.8 Durable materials n.e.c 10.75 110.5 104.2 102.7 104.4 109.8 111.8 113.7 116.6 115.6 99.1 98.0 106.3 108.8 107.1 Nondurable goods materials 13.99 112.5 114.9 110.0 110.9 113.3 112.0 113.7 114.3 115.8 107.2 114.5 114.8 116.8 115.1 Textile, paper, and chem. mat 8.58 113.0 113.8 108.3 110.4 114.3 112.8 115.6 116.0 118.0 106.5 116.9 118.7 120.5 119.4 Nondurable materials n.e.c 5.41 111.5 116.6 112.7 111.6 111 .6 110.8 110.8 111.6 112.4 108.2 110.6 108.6 111.0 108.3 Fue! and power, industrial 2.89 117.0 119.0 119.5 119.9 120.5 121.9 121.4 119.5 120.4 111.4 117.7 118.3 98.5 105.9 Supplementary groups Home goods and clothing 9.34 104.7 103.0 94.0 99.1 104.9 105.9 106.9 106.9 110.6 100.2 109.3 112.6 116.1 109.2 Containers 1.82 119.5 119.5 108.6 112.6 119.2 108.1 113.8 119.6 119.1 113.0 121.2 120.1 123.4 118.3 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

JANUARY 1972 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee^^ Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.f Manufacturing, total 88.55 105.2 101.2 99.7 100.9 104.3 104.4 105.0 106.0 108.3 99.7 ' 103.1 108.1 109.2 106.7 Durable 52.33 101.5 94.6 95.9 96.8 100.2 100.6 100.4 101.7 102.7 93.2 93.6 100.6 101.9 99.7 Nondurable 36.22 110.6 110.7 105.2 106.8 110.2 109.8 111.7 112.1 116.3 109.2 116.8 119.0 119.9 116.8 Mining and utilities 11.45 118.0 117.5 119.5 120.6 119.7 119.4 117.9 117.0 120.7 121.9 124.2 123.8 114.8 113.6 Mining 6.37 109.7 113.2 112.0 108.7 108.6 109.7 110.4 110.9 111.0 103.0 107.7 106.4 97.8 101.0 Utilities 5.08 128.5 123.0 128.9 135.6 133.7 131.5 127.3 124.6 132.8 145.7 144.9 145.7 136.1 129.5 Durable manufactures Primary and fabricated metals 12.55 108.1 101.3 102.2 105.7 110.0 111.0 112.0 114.6 111.1 95.8 90.0 99.0 101.2 99.9 Primary metals 6.61 106.9 97.1 99.0 106.6 111.6 115.2 115.8 119.8 112.6 87.9 76.2 91.1 93.9 92.0 Iron and steel, subtotal 4.23 105.3 94.2 96.4 105.2 110.7 114.3 117.1 119.1 109.0 90.4 62.4 81.9 85.5 83.0 Fabricated metal products 5.94 109.4 106.0 105.8 104.7 108.2 106.3 107.7 108.8 109.5 104.7 105.3 107.7 109.3 108.8 Machinery and allied goods 32.44 97.6 89.3 91.9 92.8 95.1 94.9 93.4 94.4 96.7 88.8 90.3 97.6 98.7 96.3 Machinery 17.39 100.5 95.4 92.6 92.4 96.0 95.8 94.9 94.8 97.0 92.2 92.6 99.5 99.4 97.1 Nonelectrical machinery 9.17 99.6 93.3 90.4 88.9 94.3 93.6 92.5 91.4 94.2 91.8 90.6 97.2 95.5 93.8 Electrical machinery 8 22 101.4 97.7 95.0 96.3 97.8 98.3 97.5 98.6 100.2 92.6 94.9 102.0 103.8 100.8 Transportation equipment 9.29 90.3 73.8 88.9 93.1 95.4 94.6 91.6 94.2 96.1 77.8 81.7 93.2 97.2 93.9 Motor vehicles and parts 4.56 96.9 69.5 102.0 112.9 118.9 117.7 112.0 116.9 120.5 86.1 93.5 114.4 122.4 117.4 Aerospace and misc. trans, eq. .. 4.73 83.9 77.9 76.3 74.1 72.8 72.3 72.0 72.4 72.6 69.7 70.4 72.8 73.0 71 .2 Instruments 2.07 110.8 107.0 104.8 103.4 102.2 103.7 103.4 106.9 110.8 110.9 111.4 114.9 114.9 112.7 Ordnance, private and Govt 3.69 95.3 89.4 88.9 88.4 86.3 86.2 85.2 86.2 89.2 88.1 88.9 89.8 89.7 89.7 Lumber, clay, and glass 4.44 106.3 105.0 100.9 97.7 104.5 108.7 113.2 114.5 116.6 110.4 116.0 116.5 118.1 113.1 Lumber and products 1.65 106.3 104.1 97.0 98.8 110.6 112.1 114.5 112.5 117.5 112.2 117.6 119.5 121.6 116.5 Clay, glass, and stone products 2.79 106.3 105.6 103.2 97.0 100.9 106.7 112.5 115.7 116.1 109.4 115.1 114.7 116.1 111.1 Furniture and miscellaneous 2.90 108.8 109.5 105.7 102.3 107.4 106.6 108.7 107.6 112.3 104.2 112.0 115.9 115.3 116.7 Furniture and fixtures 1.38 99.4 99.4 98.4 96.2 100.7 98.5 98.6 95.8 99.3 86.8 98.0 101.8 100.6 103.9 Miscellaneous manufactures 1.52 117.3 118.8 112.3 107.9 113.6 114.0 117.9 118.4 124.1 120.0 124.8 128.8 128.7 128.4 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 96.5 87.3 95.7 101.8 101.7 101.6 101.3 104.6 90.8 104.4 104.9 108.2 101.0 Textile mill products 2.69 106.3 103.5 93.5 102.0 107.6 108.2 108.5 110.4 114.0 96.9 114.5 113.6 113.5 109.8 Apparel products 3.33 97.8 93.7 83.5 92.3 99.4 99.4 99.3 97.4 100.8 89.9 100.4 102.4 106.5 Leather and products .88 90.8 85.6 82.6 88.8 92.7 90.4 88.8 87.9 89.8 75.2 88.7 88.0 98.2 ' 86.6 Paper and printing 7.92 107.8 108.0 99.5 101.3 105.4 103.2 107.4 106.8 108.5 103.5 111.6 113.4 114.9 110.5 Paper and products 3.18 113.3 114.2 102.3 115.5 118.9 113.6 117.8 116.2 116.6 105.7 117.6 116.1 122.3 115.3 Printing and publishing 4.74 104.1 103.8 97.6 91.7 96.4 96.2 100.4 100.5 103.1 102.1 107.5 111.5 109.9 107.3 Chemicals, petroleum, and rubber 11.92 118.2 118.7 117.1 114.7 119.4 119.7 122.2 123.2 128.6 121.6 126.7 130.7 129.5 129.7 Chemicals and products 7.86 120.2 120.2 118.7 115.1 118.9 119.5 124.3 125.3 131.1 124.2 128.6 133.1 130.5 131.4 Petroleum products 1.80 112.6 116.1 116.3 112.4 113.5 112.0 110.9 111.7 119.1 118.9 120.9 118.9 117.8 115.3 Rubber and plastics products 2.26 115.7 115.4 112.0 115.3 125.8 126.4 124.0 125.0 127.7 114.8 124.7 131.9 135.5 135.1 Foods and tobacco 9.48 110.8 113.1 107.9 109.5 108.8 108.8 109.6 110.5 115.9 112.0 117.7 119.4 120.4 117.2 Foods 8.81 111.7 113.9 109.8 109.7 109.2 110.2 110.9 111.4 117.2 114.0 118.6 120.4 121.5 118.6 Tobacco products ..6677 110000..00 110033..11 8833..55 110066..44 110033..00 9900..55 92.7 9999..33 9988..55 8866..22 110055..77 110066..55 110066..11 Mining Metal, stone, and earth minerals 1.26 112.0 111.0 105.5 97.7 98.7 101.0 107.2 116.9 118.3 97.3 104.1 104.1 104.9 102.8 Metal mining .51 131.3 124.7 116.9 115.0 118.3 117.9 126.1 145.7 147.7 106.8 116.9 118.7 117.9 113.6 Stone and earth minerals .75 98.8 101.7 97.7 86.0 85.3 89.5 94.4 97.4 98.3 90.9 95.4 94.2 96.0 95.5 Co C al o , al o il, and gas 5. . 1 6 1 9 1 1 0 0 9 5 .2 .8 1 11 1 3 0 . . 8 3 1 11 0 3 3 .6 .0 1 11 1 1 1 . . 4 1 1 1 1 0 1 9 . . 1 0 1 1 1 1 1 4 . . 8 7 1 1 1 1 1 7 .2 .6 1 10 1 9 2 .4 .4 1 1 0 1 9 1 .2 .6 10 8 4 2 . . 4 7 1 1 0 1 8 6 .6 .5 1 1 0 1 7 2 .0 .6 9 3 6 1 . . 0 1 10 5 0 6 . . 5 4 Oil and gas extraction 4.42 109.7 114.4 115.2 111.4 111.3 111.3 114.1 108.9 108.8 107.8 107.4 106.1 106.2 107.4 Utilities 3.91 130.8 123.2 130.8 139.3 136.7 133.6 128.0 124.2 134.6 151.3 150.0 150.8 138.0 129.2 Gas 11..1177 112211..00 112222..11 112222..44 112233..00 112233..66 112244..33 NOTE.—Published groupings include some series and subtotals not a later date. Figures for individual series and subtotals are published in shown separately. A description and historical data will be available at the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 BUSINESS ACTIVITY; CONSTRUCTION • JANUARY 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices 4 facturing 2 Period Total Total Final pr P o r M d o u d a c u r t k c s e ts t Inter- Mate- f M d a u I c a s n t n t u - r u r y - - i o = u p n ( u t t 1 a i C i 1 m t 9 c o l p i 0 a 6 i n z f t u - 0 7 y a g t ) - . t s C r c t t a r i o o c o u n n n t c - s - - N T m r p t i o o e u e c l m t n o r n u a a y a t - l l l — - - g i - p m E l e o m n y - t - P ro a l y ls - T s r a e o l t t e a a s i l l 3 s C um on e - r m W c s o o h a d m l o e i l - t e y - Con- mediate rials ing Total sumer Equip- prodgoods ment ucts 1952.. 92.8 74.1 93.4 54.5 52 79.5 88.6 1953.. 95.5 76.3 98.2 60.3 54 80.1 87.4 1954.. 51.9 51J 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 1955.. 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956.. 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957.. 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958.. 57.9 58.6 57 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959.. 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 I960.. 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961.. 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 r82.1 84.5 68.0 70 89.6 94.5 1962.. 72.2 72 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 1963.. 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 1964.. 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965., 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 91 94.5 96.6 1966., 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967., 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968. 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 '109 104.2 102.5 1969. 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 r 114 109.8 106.5 1970., 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 r78.2 107.3 98.1 114.2 '120 116.3 110.4 1970— D N e o c v . . . . 1 1 0 0 2 4 . .6 6 1 1 0 0 2 4 . . 6 2 1 1 0 00 2 . . 2 2 1 11 0 0 7 . . 8 7 9 8 0 9. . 8 3 1 1 1 1 1 2 . . 6 1 1 1 0 0 2 5 . . 8 4 1 1 0 0 0 2 . . 2 4 5*74.1 1 1 3 3 0 2 . . 0 0 1 10 0 6 6 . . 8 3 9 9 4 2 . . 9 8 1 1 0 1 8 2 . . 1 4 r r 1 1 2 2 0 2 1 11 1 9 8 . . 1 5 1 1 1 1 0 1 . . 9 0 1971—Jan.... 105.3 104.6 102.9 112.8 88.9 110.9 106.5 103.3 117.0 107.0 94.7 rl 14.8 '124 119.2 111.8 Feb..., 105.7 105.0 103.0 112.9 89.3 112.5 106.8 103.9 '74.7 126.0 106.9 94.4 115.0 '126 119.4 112.8 Mar.. . 105.5 104.5 102.5 112.7 88.4 112.0 107.1 103.2 141.0 107.0 94.0 114.7 r127 119.8 113.0 Apr— 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 161.0 107.2 94.4 115.4 r128 120.2 113.3 May.., 107.0 105.9 103.9 115.7 87.8 113.5 108.9 105.7 r75.4 141.0 107.5 94.8 117.6 '128 120.8 113.8 June.. 107.2 106. 104.5 116.1 88.2 112.4 109.0 105.6 147.0 107.3 94.3 117.7 '129 121.5 114.3 July.. 106.1 106.8 104.9 116.0 89.3 113.8 105.3 104.9 151.0 107.1 93.9 116.8 r129 121.8 114.6 A Se u p g t . . . . , . 1 1 0 0 6 5 . .3 2 1 1 0 0 6 6 . . 2 2 1 1 0 0 5 4 . . 0 6 1 1 1 1 6 5 . .0 0 8 9 9 0 . . 6 2 1 11 1 2 0 . . 5 7 1 1 0 0 6 4 . . 2 0 1 1 0 0 4 3 . . 9 6 r73.9 1 1 5 5 6 3 . . 0 0 1 1 0 0 7 7 . . 1 6 9 94 3 . . 5 5 1 1 1 1 6 7 . . 5 0 r r \ 1 3 3 5 3 ' r • 1 1 2 2 2 2 . . 2 1 1 1 1 1 4 4 . . 9 5 Oct... 106.4 106.8 105.0 116.0 89.7 113.3 105.8 105.6 137.0 107.6 94.1 rl 17. 8 rl 34 122.4 114.4 Nov.. . 107.0 108.0 106.3 117.9 90.0 114.4 105.6 105.7 74.0 155.0 107.8 94.4 118.4 '136 122.6 114.5 Dec.f. 107. 108.1 106.4 117.8 90.4 114.6 107.5 106.5 108.0 94.1 120.8 133 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, The revisions for consumer prices reflect the effect of refunds of the and heavy engineering; does not include data for Alaska and Hawaii. Federal excise tax on new cars. Employment and payrolls: Based on Bureau of Labor Statistics data; 5 Figure is for 4th quarter 1970. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1970 1971 Type of ownership and 1969 1970 type of construction Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Total construction 1 67,425 67,097 5,144 4,974 4,383 4,993 6,386 7,743 7,555 8,077 7,670 7,712 6,814 6,568 6,246 By type of ownership: Public 22,656 23,362 1,937 1,464 1,578 1,722 2,074 2,065 2,795 2,683 2,299 2,010 1,837 1,960 Private 1 44,769 45,058 3,208 3,286 2,919 3,415 4,663 5,669 5,489 5,489 4,987 5,413 4,804 4,731 4,445 By type of construction: Residential building 1 25,219 24,910 ,947 2,045 1,631 1,819 2,729 3,168 3,310 3,485 3,357 3,255 3,196 3,170 Nonresidential building 25,667 24,180 ,701 1,693 1,711 1,654 2,199 2,080 R2,264 2,800 2,621 2,120 2,246 2,064 Nonbuilding 16,539 18,489 ,497 1,235 1,041 1,520 1,458 2,495 1,981 1,792 1,691 2,337 1,371 1,332 Private housing units authorized... 1,299 1,324 ,487 1,768 1,635 1,563 1,627 1,638 1,927 1,849 '•2,052 r2,006 1,900 •"2,173 ,961 (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

JANUARY 1972 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d R en es ti i a - l Buildings Total M ta i r l y i- H w ig ay h - C v o a n t & i s o e n r - Other 2 Total Indus- Com- Other Other de m ve e l n o t ptrial 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 31,748 24,156 6,538 9,754 5,125 12,036 28,118 719 9,986 1970—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.1 105,875 76,263 39,589 36,674 6,110 11,262 5,355 13,947 29,612 824 1,756 May1 107,591 77,880 41,500 36,380 5,766 11,038 5,289 14,287 29,711 848 1,702 June1 109,210 79,941 42,326 37,615 5,508 11,795 5,815 14,497 29,269 865 1,614 July r 109,957 80,484 42,689 37,795 5,428 12,690 5,499 14,178 29,473 1,142 2,150 Aug. 111,910 82,071 43,927 38,144 4,852 13,069 5,482 14,741 29,839 900 1,609 Sept. 110,031 81,442 44,739 36,703 4,597 11,702 5,591 14,813 28,573 786 1,570 Oct.r 113,648 81,805 45,035 36,770 4,993 11,510 5,372 14,895 31,843 881 1,540 Nov. 113,353 82,940 45,030 37,910 4,924 12,124 5,740 15,122 30,413 943 1,748 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 (N.S.A.) (N.S.A.) ship- Region Type of structure ments _ (N.S.A.) Total N e o a r s t t h - C N e o n r t t r h a l South West fam 1 i - ly 2 f - a m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total 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—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 43 May 1,975 271 362 855 487 1,124 111 740 204 199 49 41 41 June 2,000 231 393 868 508 1,177 120 703 197 194 55 46 47 July 2,229 303 401 879 586 1,187 137 905 196 194 52 43 45 Aug. 2,258 274 518 986 480 1,212 145 901 203 205 55 46 50 Sept. 2,002 222 426 877 477 1,187 171 644 176 174 58 50 53 Oct.' 2,008 209 424 904 471 1,150 104 754 180 178 47 39 50 Nov. 2,316 320 498 970 528 1,297 105 914 176 173 57 48 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 • JANUARY 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.,) Period i p T n o ( s o N p t t i a u . t S l u l a . t n A i t o i o . o n ) n n a - l la ( b N N o . r o S t . f A i o n r . ) c e T ( l f S a o o b . r t A c o a e r l .) Total Total E In m e n u p o l l t n o u a y ra g e l r d i 1 - In U pl n o e y m ed - U (p n e e r m S r a m . e A t c p e n e . 2 t l ) n o t y ; 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 19673 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1970—Dec. 141,301 55,137 86,622 83,609 78,463 75,055 3,408 5,146 6.2 1971—Jan.. 141,500 55,872 86,873 83,897 78,864 75,451 3,413 5,033 6.0 Feb. 141,670 56,017 86,334 83,384 78,537 75,208 3,329 4,847 5.8 Mar. 141.885 56,286 86,405 83,475 78,475 75,079 3,396 5,000 6.0 Apr. 142,088 56,308 86,665 83,783 78,698 75,140 3,558 5,085 6.1 May 142,285 56,331 87,028 84,178 78,961 75,503 3,458 5,217 6.2 June 142,482 54,698 85,948 83,132 78,443 75,149 3,294 4,689 5.6 July. 142,685 53,877 86,626 83,829 78,941 75,574 3,367 4,888 5.8 Aug. 142.886 54,433 87,087 84,312 79,197 75,782 3,415 5,115 6.1 Sept. 143,104 56,220 87,347 84,598 79,525 76,169 3,356 5,073 6.0 Oct.. 143,321 55,968 87,500 84,783 79,845 76,476 3,369 4,938 5.8 Nov. 143,517 55,802 87,868 85,172 80,022 76,629 3,393 5,150 6.0 Dec. 143,723 56,181 88,007 85,349 80,133 76,720 3,413 5,216 6.1 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - T t l i i o r c a n n u & s ti p l o i p t r i u e t 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—De c 70,313 18,796 623 3,302 4,450 14,952 3,731 11,776 12,683 1971—Ja n 70,454 18,747 625 3,271 4,507 15,039 3,746 11,800 12,719 Feb 70,391 18,684 622 3,198 4,526 15,059 3,749 11,809 12,744 Mar 70,480 18,609 622 3,264 4,520 15,074 3,758 11,841 12,792 Apr 70,599 18,639 623 3,282 4,505 15,107 3,769 11,843 12,831 May 70,769 18,702 622 3,275 4,518 15,148 3,788 11,858 12,858 June 70,657 18,608 619 3,255 4,500 15,135 3,807 11,895 12,838 July 70,531 18,533 597 3,228 4,476 15,158 3,806 11,921 12,812 Aug 70,529 18,457 609 3,219 4,428 15,223 3,804 11,946 12,843 Sept 70,853 18,616 616 3,250 4,460 15,273 3,821 11,962 12,855 Oct 70,848 18,560 521 3,290 4,442 15,270 3,834 11,996 12,935 Nov.f 70,981 18,603 521 3,318 4,435 15,276 3,852 12,020 12,956 De C.P 71,104 18,549 622 3,258 4,459 15,330 3,847 12,046 12,993 NOT SEASONALLY ADJUSTED 1970—De c 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 71,379 18,709 522 3,478 4.455 15,327 3,826 12,020 13,042 Nov.f 71,579 18,696 520 3,408 4,448 15,535 3,837 12,008 13,127 Dec.p 71,966 18,576 620 3,190 4,463 16,105 3,828 11,986 13,198 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

JANUARY 1972 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted i Not seasonally adjusted1 IIInnnddduuussstttrrryyy gggrrrooouuuppp 1970 1971 1970 1971 Dec. Oct. Nov.f Dec.^ Dec. Oct. Nov.p Dec.? 13,577 13,462 13,506 13,459 13,617 13,616 13,608 13,496 Durable goods 7,686 7,600 7,614 7,583 7,721 7,650 7,661 7,616 Ordnance and accessories 111 93 92 91 112 93 93 92 Lumber and wood products 480 515 518 522 473 520 516 514 Furniture and fixtures 370 384 388 389 374 390 394 393 Stone, clay, and glass products 497 502 506 503 493 508 509 499 Primary metal industries 992 932 924 917 987 910 913 912 Fabricated metal products 1,011 1,020 1,019 1,011 1,024 1,030 1,031 1,024 Machinery 1,217 1,171 1,177 1,165 1,213 1,158 1,161 1,161 Electrical equipment and supplies 1,192 1,190 1,189 1,185 1,205 1,197 1,205 1,198 Transportation equipment 1,236 1,216 1,228 1,220 1,261 1,246 1,247 1,244 Instruments and related products 261 261 260 259 262 261 261 260 Miscellaneous manufacturing industries 319 316 313 321 317 337 331 319 5,891 5,862 5,892 5,876 5,896 5,966 5,947 5,880 Food and kindred products 1,187 1,156 1,177 1,168 1,175 1,232 1,202 1,157 Tobacco manufactures 66 56 58 56 71 66 63 59 Textile-mill products 842 845 851 857 844 848 855 859 Apparel and related products 1,192 1,193 1,197 1,179 1,190 1,206 1,207 1,178 Paper and allied products 532 532 530 531 536 531 533 535 Printing, publishing, and allied industries 675 663 661 663 681 665 665 669 Chemicals and allied products 588 581 581 582 586 579 579 580 Petroleum refining and related industries 116 116 116 119 113 117 116 117 Rubber and misc. plastic products 430 460 460 460 434 463 464 463 Leather and leather products 263 260 261 261 266 259 263 263 1 Data adjusted to 1970 benchmark. NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1970 1971 1970 1971 1970 1971 Dec. Oct. Nov.f Dec.p Dec. Oct. Nov." Dec.f Dec. Oct. Nov.f Dec.f 39.5 39.8 40.1 40.3 138.45 144.00 144.72 150.18 3.47 3.60 3.60 3.69 Durable goods 40.0 40.3 40.6 40.8 149.04 154.71 155.88 162.72 3.68 3.82 3.83 3.94 Ordnance and accessories 40.7 41.8 41.8 41.9 154.54 163.44 162.57 168.35 3.76 3.91 3.88 3.98 Lumber and wood products 39.7 40.7 41.1 40.9 119.89 131.61 130.88 130.06 3.02 3.21 3.20 3.18 Furniture and fixtures 39.5 39.7 40.0 39.6 114.33 118.37 117.97 120.29 2.83 2.93 2.92 2.97 Stone, clay, and glass products 41.3 41.8 42.0 41.7 144.96 157.03 156.24 155.96 3.51 3.73 3.72 3.74 Primary metal industries 39.9 40.1 40.1 41.4 161.60 172.70 174.36 187.13 4.05 4.35 4.37 4.52 Fabricated metal products 40.2 40.1 40.4 41.0 147.38 151.93 153.06 159.80 3.63 3.77 3.77 3.86 Machinery 40.3 40.8 41.1 41.6 157.87 164.83 166.04 176.40 3.86 4.04 4.04 4.18 Electrical equipment and supplies 39.7 39.9 40.1 40.3 137.83 140.75 141.80 147.24 3.42 3.51 3.51 3.60 Transportation equipment 40.2 40.5 40.6 40.8 176.30 182.04 182.93 192.19 4.30 4.44 4.44 4.62 Instruments and related products 39.6 39.9 40.2 40.2 138.40 142.36 144.18 146.57 3.46 3.55 3.56 3.61 Miscellaneous manufacturing industries... 38.7 38.9 39.2 39.2 113.49 116.33 117.22 119.69 2.91 2.96 2.96 3.03 Nondurable goods 39.0 39.3 39.5 39.6 124.58 129.63 130.28 133.67 3.17 3.29 3.29 3.35 Food and kindred products 40.5 40.0 40.2 40.3 133.09 135.54 136.62 142.51 3.27 3.38 3.39 3.51 Tobacco manufactures 39.3 34.7 35.6 34.6 119.10 108.72 110.31 111.68 3.00 3.02 3.09 3.20 Textile-mill products 39.7 40.8 41.1 41.2 101.45 106.19 107.23 109.25 2.53 2.59 2.59 2.62 Apparel and related products 35.3 36.0 36.2 36.5 86.13 90.47 91.48 93.08 2.44 2.52 2.52 2.55 Paper and allied products 41.4 42.0 42.4 42.3 148.75 157.78 158.53 160.93 3.55 3.73 3.73 3.76 Printing, publishing, and allied industries. 37.5 37.5 37.7 37.6 153.90 160.55 160.98 165.35 4.05 4.27 4.27 4.34 Chemicals and allied products 41.4 41.5 41.3 41.7 158.50 166.00 165.59 169.70 3.81 4.00 3.99 4.05 Petroleum refining and related industries . 43.3 42.4 41.7 42.9 186.19 198.09 194.88 199.75 4.34 4.65 4.64 4.70 Rubber and misc. plastic products 39.6 40.3 40.7 40.7 132.47 140.48 141.11 143.91 3.32 3.46 3.45 3.51 Leather and leather products 37.2 39.7 38.3 37.6 95.89 99.15 100.22 100.61 2.53 2.63 2.61 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 • JANUARY 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation Period it A em ll s Food 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 n e s o g d r h r n s - a - - A up p a k p n e a d e r p el T p t o r i a r o n t n a s - - 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 e c i n n o r a g d e n d a - - g O s a i o e c t n o r h e d v d e s - s r 1929 5555511111.....33333 4444488888.....33333 7766..00 48.5 1933 3333388888.....88888 3333300000.....66666 5544..11 36.9 1941 4444444444.....11111 3333388888.....44444 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945 5555533333.....99999 5555500000.....77777 5599..11 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 I960 8888888888.....77777 8888888888.....00000 9900..22 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1961 89.6 89.1 90.9 92.9 86.9 91.0 99.4 93.7 90.4 90.6 86.7 81.4 90.6 89.3 88.5 1962 90.6 89.9 91.7 94.0 87.9 91.5 99.4 93.8 90.9 92.5 88.4 83.5 92.2 91.3 89.1 1963 91.7 91.2 92.7 95.0 89.0 93.2 99.4 94.6 91.9 93.0 90.0 85.6 93.4 92.8 90.6 1964 92.9 92.4 93.8 95.9 90.8 92.7 99.4 95.0 92.7 94.3 91.8 87.3 94.5 95.0 92.0 1965 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1Q70 . 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1970--Nov 118.5 114.9 121.9 111.8 132.5 113.9 109.9 115.1 119.0 116.0 118.7 123.4 114.5 116.0 118.3 Dec 119.1 115.3 122.6 112.6 133.4 114.9 110.7 115.3 119.2 116.9 119.1 124.2 115.0 116.2 118.5 11997711--—Jan 119.2 115.5 122.7 112.9 133.4 116.7 111.5 115.4 117.6 117.5 119.8 124.9 115.3 117.3 118.9 Feb 119.4 115.9 122.6 113.6 132.3 117.2 112.8 115.9 118.1 117.5 120.2 125.8 115.4 117.5 119.1 Mar 119.8 117.0 122.4 113.9 131.2 117.4 113.3 116.4 118.6 117.8 120.6 126.8 115.8 117.7 119.4 Apr 120.2 117.8 122.5 114.4 130.9 117.3 113.9 117.0 119.1 118.1 121.2 127.5 116.3 118.4 119.7 Mav 120.8 118.2 123.2 114.7 131.6 117.2 114.4 118.1 120.2 118.8 121.6 128.1 116.5 118.9 119.9 June 121.5 119.2 124.0 115.2 133.0 117.4 114.6 118.7 120.1 119.6 122.1 128.6 116.8 119.3 120.3 July 121.8 119.8 124.5 115.4 133.5 117.5 114.7 118.9 119.3 119.5 122.6 129.3 117.1 119.6 121.2 Aug '122.1 120.0 125.1 115.8 134.4 117.8 115.7 119.1 119.0 '119.3 123.1 130.0 117.5 119.7 121.8 Sept '122.2 119.1 125.5 116.1 135.1 117.8 115.7 119.4 120.6 >118.6 123.6 130.4 117.6 120.5 122.4 Oct '122.4 118.9 125.9 116.4 135.7 117.8 115.7 119.5 121.6 '119.3 123.5 129.6 117.9 120.5 122.6 Nov 112222..66 111199..00 112266..44 111166..66 136.7 118.1 116.2 119.5 121.9 118.8 123.7 129.7 117.9 120.8 122.8 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. ' Revised to reflect effect of refund of Federal excise tax on new cars. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Prom c t A o o ie m d l s l i - - p F u r a c o r t d m s - | c f f e o a e s o n e s d d d e d s s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u 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 s c t , . - e c m M a q e h n u e r 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 a e u o r n n i n t p s a t - - 1 - n c M e el o i l s u a - s - 196 0 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 196 1 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 196 2 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 196 3 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 196 4 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 196 5 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 196 6 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1 1 9 9 6 6 8 7 1 1 0 0 2 0 . . 5 0 1 1 0 0 0 2 . .5 0 1 1 0 0 0 2 . .2 0 1 1 0 00 2 . .5 0 1 1 0 0 3 0 . . 7 0 1 10 0 3 0 . . 2 0 1 9 0 8 0 . . 9 0 1 9 0 9 0 . . 8 0 1 1 0 00 3 . .4 0 1 1 0 1 0 3 . .3 0 1 10 0 1 0 . .0 1 1 1 0 0 2 0 . .0 6 1 1 0 0 0 3 . .2 0 1 1 0 0 2 0 . . 8 0 1 1 0 0 3 0 . . 7 0 1 1 0 0 2 0. .2 0 196 9 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 197 0 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 .4 107.5 113.3 104.5 109.9 1970—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 Dec. 115.4 115.8 115.9 115.3 110.6 116.2 115.0 103.4 109.4 132.7 110.7 120.8 116.2 110.2 124.2 112.9 113.2 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967= 100) 1971 1970 Group Group Dec. Oct. Nov. ; Dec, Oct. Nov. Dec. Farm products: Pulp, paper, and allied products: G Fr r e a s i h n s a nd dried produce. 1 1 1 0 1 8 . . 3 0 1 8 1 8 5 . . 3 8 1 8 2 7 7. . 1 8 1 9 2 5 6 . . 3 3 Pu b lp u , i l p d a i p ng e r p a a n p d e r p r a o n d d u c b ts o , a r e d x cluding 108.8 110.9 110.9 111.0 Livestock 99.5 120.9 121.0 124.7 Woodpulp 111.8 111.5 111.5 111.5 Live poultry 80.5 93.5 92.3 87.2 Wastepaper 108.5 117.2 117.2 124.6 Plant and animal fibers. . 86.7 96.3 97.3 102.5 Paper 112.1 114.7 114.7 114.7 Fluid milk 117.6 119.2 118.8 119.0 Paperboard 99.5 102.9 102.9 102.7 Eggs 127.3 92.4 88.5 114.4 Converted paper and paperboard.. 108.6 110.1 110.1 110.1 Hay and seeds 106.8 107.9 109.0 109.2 Building paper and board 100.3 104.6 104.7 104.6 Other farm products 120.0 115.4 111.8 117.3 Processed foods and feeds: Metals and metal products: C D P M r e a o e r i a c e ry t e a , s l p s p a e r o n d o u d d l f t u r b r u c y a t i , k s t s e a r n a y d n d p f i r s v o h e d g u e c t t a s b les 1 1 1 1 1 0 1 1 0 4 2 1 . . . . 9 3 8 0 1 1 1 1 1 1 1 1 1 6 6 5 . . . . 3 9 4 3 1 1 1 1 1 1 1 1 1 7 5 6 . . . . 5 1 4 3 1 1 1 1 1 2 1 1 1 0 5 7 . . . . 6 8 4 4 I S N r t o o e n e n l f m a e n r i d r ll o u s p t s r e o e m d l u et c a t l s s 1 1 1 1 1 1 6 6 6 . . . 5 7 6 1 1 1 2 2 1 8 5 6 . . . 5 3 1 1 1 1 2 2 1 8 5 6 . . . 3 0 2 1 1 1 2 2 1 8 4 5 . . . 9 3 2 Sugar and confectionery 117.8 118.7 119.1 120.2 Metal containers 115.8 124.2 124.2 124.2 Beverages and beverage materials. 114.3 116.4 116.6 116.4 Hardware 114.8 117.7 117.7 117.7 Animal fats and oils 129.0 132.1 130.1 122.3 Plumbing equipment 113.2 118.3 118.3 118.4 Crude vegetable oils 130.8 128.9 128.6 118.2 Heating equipment 112.7 116.3 116.5 116.3 Refined vegetable oils 132.8 127.9 130.4 122.7 Fabricated structural metal products 114.2 120.3 120.3 120.4 Vegetable oil end products 117.5 122.8 122.8 122.0 Miscellaneous metal products 117.6 119.7 119.7 120.9 Miscellaneous processed foods 112.5 112.7 113.0 113.1 Manufactured animal feeds 109.3 98.7 100.3 104.5 Machinery and equipment: Textile products and apparel: C W M T A e o p a o x t p n o t t a i o l m l r n e p e a l r h p d o e o r d o u u d s f c i e u b t f c e s u r ts r n t i e s x h t i il n e g s p roducts. 1 1 1 9 9 0 0 1 7 6 6 3 1 . . . . . 5 8 9 9 3 1 1 1 1 9 1 0 0 1 2 2 4 2 3 . . . . . 4 1 5 8 2 1 1 1 1 9 1 0 0 1 2 2 4 3 3 . . . . . 5 3 1 2 8 1 1 1 1 9 1 0 0 1 1 3 6 4 3 . . . . . 5 6 1 3 8 A C M G o g e e e n n r t q i a s e c u t l r u r w i a p u l l t o m c u r t r k e i p a o n i u l n n t r g m p m o a m s a c e a c h c h i h n i m n i e n e r a y e r c y r h y a i a n n a n d e n d r d y e e q e q u q u a i u p i n p i d . p . . . . 1 1 1 1 1 1 1 1 5 9 6 7 . . . . 1 6 3 0 1 1 1 1 2 1 2 1 1 8 0 7 . . . .5 2 8 1 1 1 1 1 2 1 2 1 0 7 2 8 . . . . 5 0 2 2 1 1 1 1 1 2 2 1 8 0 3 8 . . . . 5 2 4 6 Miscellaneous textile products... 107.7 120.8 121.2 136.2 Sp e e q ci u a i l p m i e n n d t u stry machinery and 118.8 122.0 122.0 122.1 Hides, skins, leather, and products: i E M l i e s c c t e ri l c la a n l e m ou a s c h m in a e c r h y i n a e n r d y equip 1 1 0 1 8 5 . .6 2 1 1 0 1 9 7 . . 6 8 1 1 0 1 9 7 . . 3 8 1 1 0 17 9 . . 9 3 Hides and skins 101.9 117.2 123.1 128.6 Leather 107.3 113.4 113.5 117.0 O Fo th o e t r w l e e a a r ther products. 1 1 1 0 3 6 . . 9 8 1 1 1 0 7 9 . . 1 0 1 1 1 0 7 9 . . 1 1 1 1 1 0 7 9 . . 1 8 Furniture and household durables: Household furniture 112.7 115.6 115.4 115.5 Fuels and related products, and power: Commercial furniture 117.5 118.2 118.2 118.2 C C E 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 0 7 4 8 7 5 5 . . . . 5 7 8 9 1 1 1 1 0 5 1 8 8 0 2 6 . . . . 5 9 3 8 1 1 1 1 1 5 8 0 6 8 0 2 . . . . 5 9 2 8 1 1 1 1 5 9 0 1 0 0 7 6 . . . . 5 2 9 3 H H O Fl o t o o h u m o e s r r e e h c h e o o o le v l u d c e s t r e r i a h o n p o n g p l i s l d c i a e d n q u c u r e i a s p b m le e n g t oods. 1 1 9 9 1 0 4 9 7 6 . . . . 2 7 6 4 1 1 9 9 0 2 3 7 7 1 . . . . 8 6 5 9 1 1 9 9 0 2 7 3 7 2 . . . . 6 4 6 0 1 1 9 9 2 0 7 3 2 7 . . . . 9 4 1 4 Crude petroleum 113.2 113.2 113.2 113.2 Petroleum products, refined. 107.5 106.3 106.2 106.1 Nonmetallic mineral products: Chemicals and allied products: Flat glass 116.6 124.3 123.1 123.6 Industrial chemicals 101.4 102.4 101.7 101.1 Concrete ingredients 112.7 124.1 124.3 124.2 P Pa re in p t a r m ed a te p r a i i a n l t s 1 10 1 2 2 . .8 0 1 9 1 9 5 . .9 7 1 9 1 9 5 . .9 7 1 1 1 0 5 1 . . 9 9 C St o r n u c c r t e u t r e a l pr c o la d y u c p ts r oducts excluding 114.5 122.6 122.6 122.9 Drugs and pharmaceuticals 101.8 102.6 102.4 102.5 refractories 111.3 114.9 114.9 114.9 Fats and oils, inedible 150.9 129.0 125.3 115.9 Refractories 126.4 127.1 127.1 127.1 Agricultural chemicals and products. 89.4 90.4 90.3 90.3 Asphalt roofing 107.0 131.2 131.2 131.2 Plastic resins and materials 90.6 89.9 89.2 89.0 Gypsum products 95.1 113.6 112.1 114.1 Other chemicals and products 109.5 112.5 112.5 112.4 Glass containers 124.3 131.5 131.5 131.5 Other nonmetallic minerals 117.4 125.7 125.6 125.6 Rubber and plastic products: Crude rubber 100.0 99.0 98.5 98.5 Tires and tubes 112.0 110.8 110.8 110.8 Transportation equipment: Miscellaneous rubber products 116.8 119.2 119.2 119.2 Plastic construction products (Dec. Motor vehicles and equipment. 113.4 115.2 115.3 117.5 1969 = 100) 95.2 94.6 94.1 93.8 Railroad equipment 116.8 122.5 122.5 122.6 Unsupported plastic film and sheeting (Dec. 1970= 100) 100.0 100.0 100.1 100.0 Laminated sheets, high pressure (Dec. 1970=100) 100.0 98.2 98.0 97.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 110.5 112.6 112.8 113.1 Lumber 111.1 142.7 141.9 143.8 Tobacco products 117.0 116.8 116.8 116.7 Mill work 114.0 123.7 123.7 124.3 Notions 109.4 111.7 111.7 111.7 Plywood 104.6 116.2 115.9 117.8 Photographic equipment and supplies 105.7 106.3 106.5 106.5 Other wood products. 117.8 118.8 119.5 119.1 Other miscellaneous products. .. 110.8 112.9 112.9 113.0 1 Retitled to include the direct pricing of plastic construction products; continuity of the group index is not affected. NOTE.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 NATIONAL PRODUCT AND INCOME • JANUARY 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1970 1971 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970 III IV 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 1,060.8 Final purchases 101.4 57.2 120.1 278.0 735.1 785.7 857.1 921.7 971.3 978.4 984. 7 1,017.617,037.4 1,059.7 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. 84.0 89.9 88.6 90.4 84.9 97.6! 100.8 104.7 Nondurable goods 37.7 22.3 42.9 98.1 206.9 215.0 230 247.6 264.7 265.5 270.9 272.0 279.8 282.0 Services 30.3 20.1 28 62.4 188.6 204.0 221.3 242. 262.5 265.0 268.9 275.0 280.4 285.7 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 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. 65.4 67.5 63.7 66.3 68.8 70.1 Residential structures 4.0 .6 3.9 19.4 25.0 25. 30.1 31. 30.4 28.7 32. 36.4 39.7 43.3 Nonfarm 3 .5 3.7 18.6 24.5 24.5 29.5 31.2 29.7 28.1 32.2 35.7 39.1 42.7 Change in business inventories 1.7 -1.6 4.5 6.8 14.8 8.2 7. 7.4 2. 5.1 3.7 3.2 5.7 Nonfarm -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. 41.0 48. 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 77.8 90.7 98.8 99.2 97.2 96.1 95.9 96.7 95.7 97.4 National defense 13.8 14.1 60.7 12.4 18.3 78.4 75.4 14.2 73.2 73.0 71.8 70.8 Other 3.1 4.3 17. 18.4 20.5 20.7 21.9 21.9 22.7 23.7 23.9 26.6 State and local 7.2 6.0 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 1971 11992299 11993333 11994411 11995500 11996666 11996677 11996688 11996699 11997700 IItteemm III IV I II III National income 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 802.2 802.1 828.3 844.5 854.6 Compensation of employees 51.1 29.5 64.8 154.6 435.5 467.2 514.6 565.5 601.9 606.5 609.3 627.9 639.5 647.7 Wages and salaries 50.4 29.0 62.1 146.8 394.5 423.1 464.9 509.6 541.4 545.2 547.2 562.3 572.4 579.0 Private 45.5 23.9 51.9 124.4 316.8 337.3 369.2 405.5 426.6 429.4 429.9 441.2 449.8 454.0 Military .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.4 19.2 18.6 19.2 18.6 18.0 Government civilian 4.6 4.9 8.3 17.4 63.1 69.5 77.8 85.1 95.5 96.6 98.6 101.8 104.0 106.9 .7 .5 2.7 7.8 41.0 44.2 49.7 56.0 60.5 61.3 62.1 65.7 67.1 68.7 Employer contributions for social in- .1 . 1 2.0 4.0 20.3 21.9 24.3 27.8 29.6 30.1 30.1 33.1 33.7 34.6 Other labor income .6 .4 .7 3.8 20.7 22.3 25.4 28.2 30.8 31.2 32.0 32.6 33.4 34.1 Proprietors' income 15.1 5.9 17.5 37.5 61.3 62.1 64.2 67.0 66.9 66.0 65.9 66.0 66.7 68.8 Business and professional 9.0 3.3 11.1 24.0 45.2 47.3 49.5 50.3 51.0 51.4 51.5 51.2 51.5 51.8 Farm 6.2 2.6 6.4 13.5 16.1 14.8 14.7 16.8 15.8 14.5 14.4 14.8 15.2 17.0 5.4 2.0 3.5 9.4 20.0 21.1 21.2 22.6 23.3 23.4 23.7 23.8 24.2 24.5 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 82.4 78.7 84.3 78.6 70.8 73.0 6699..00 75.5 7788..33 77.2 Profits before tax 10.0 1.0 17.7 42.6 84.2 79.8 87.6 84.2 75.4 78.5 71.6 79.1 83.3 83.6 Profits tax liability 1.4 .5 7.6 17.8 34.3 33.2 39.9 39.7 34.1 35.6 32.3 36.2 37.4 37.9 Profits after tax 8.6 .4 10.1 24.9 49.9 46.6 47.8 44.5 41.2 42.9 39.2 42.9 46.0 45.8 Dividends 5.8 2.0 4.4 8.8 20.8 21.4 23.6 24.4 25.0 25.2 25.0 25.6 25.4 25.7 Undistributed profits 2.8 -1.6 5.7 16.0 29.1 25.3 24.2 20.0 16.2 17.7 14.3 17.3 20.5 20.1 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.8 -1.1 -3.3 -5.5 -4.5 -5.5 -2.6 -3.5 -5.1 -6.4 Net interest 4.7 4.1 3.2 2.0 21.4 24.4 26.9 29.9 33.0 33.4 34.2 35.0 35.8 36.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • NATIONAL PRODUCT AND INCOME A 71 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1970 1971 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970 III IV I II III Gross national product 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1 983.5 988.4 1,020.8 1,043.1 1,060.8 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 63.9 68.9 74.5 81.1 87.6 88.2 89.8 95.6 97.3 99.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 65.7 70.4 78.6 85.7 92.9 94.2 95.8 99.3 101.7 105.6 Business transfer payments .6 .7 .5 .8 3.0 3.1 3.4 3.7 3.9 4.0 4.1 4.2 4.2 4.3 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 gov- -.1 .1 .2 2.3 1.4 .7 1.7 1.9 1.7 1.6 .7 .8 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 47.1 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 .9 1.5 2.6 14.3 41.1 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 5.8 2.0 4.4 8.8 20.8 21.4 23.6 24.4 25.0 25.2 25.0 25.6 25.4 25.7 Business transfer payments .6 .7 .5 .8 3.0 3.1 3.4 3.7 3.9 4.0 4.1 4.2 4.2 4.3 Equals: Personal income 85.9 47.0 96.0 227.6 587.2 629.3 688.9 750.3 803.6 809.8 816.7 834.3 854.8 866.1 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 75.4 83.0 97.9 116.2 115.9 113.5 115.2 112.7 114.0 116.9 Equals: Disposable personal income 83.3 45.5 92.7 206.9 511.9 546.3 591.0 634.2 687.8 696.2 701.5 721.6 740.8 749.2 Less: Personal outlays 79.1 46.5 81.7 193.9 479.3 506.0 551.2 596.3 633.7 638.9 643.0 663.2 679.9 691.5 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 Consumer interest payments 1.5 .5 .9 2.4 12.4 13.2 14.3 15.8 16.9 17.1 17.4 17.7 17.9 18.0 Personal transfer payments to foreigners .3 .2 .2 .5 .6 .7 .8 .9 .9 .9 .9 ..99 11..00 11..00 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 554422..77 551.8 555533..22 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 1970 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.* Total personal income 750.3 803.6 815.7 820.9 830.0 833.2 839.7 844.4 850.0 870.1 859.2 867.6 871.5 Wage and salary disbursements.... 509.6 541.4 545.9 551.5 559.2 561.5 566.1 569.0 573.3 574.8 574.7 580.9 581.4 Commodity-producing industries 197.4 200.7 196.6 202.1 202. 202.5 204.3 205.4 207 207.5 206.2 206.5 207.9 Manufacturing only 157.6 158.3 153.2 158.4 159.4 159.2 160.2 160.6 162.0 162.4 161. 161.4 162.4 Distributive industries 120.0 129.1 132.2 131.4 134.2 135.4 136.8 137.6 138.7 138.6 138.6 140.5 141.0 Service industries 88. 96.7 99.8 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.3 107.4 107.7 Government 104. 114. 117.3 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 126.6 124.7 Other labor income 28.2 30.8 32.0 32.2 32.4 32.6 32.8 33.1 33.4 53.7 33.9 34.1 34.3 Proprietors' income 67. 66.8 65.9 66 65.9 65.9 66.2 66.5 66.7 66.9 67.8 68 69.7 Business and professional 50.3 51.0 51.4 51.5 51.2 51. 51.3 51.4 51.5 51.6 51.7 51.8 51.9 Farm 16.8 15. 14.5 14.6 14.7 14. 14.9 15.1 15.2 15.3 16.1 17.0 17.8 Rental income 22.6 23.3 24.0 24.1 24.2 24.3 24.4 24.5 24.5 23.7 23. 23.9 23.5 Dividends 24.4 25.0 25.5 25.5 25.6 25.2 25.6 25.7 25.7 25.5 23.9 25.6 25.7 Personal interest income 58. 64.7 67.0 67.3 67.5 67.5 68.1 68.7 69.5 66.7 66.! 66.9 67.0 Transfer payments 65.9 79.6 89.1 89.8 90.5 109.0 96.2 96.5 97.9 84.5 85.: 86.8 87.8 Less: Personal contributions for social insurance 26.3 28.0 28.3 28.6 30.7 30.8 31.1 31.1 31.3 31.4 31.5 31.7 31.7 Nonagricultural income 727.7 781.4 795.0 800.5 808.7 811.6 818.0 822.5 827.9 848.0 836.4 843.9 846.9 Agricultural income 22.6 22.2 20.7 20.4 21.3 21.5 21.7 21.9 22.1 22.1 22.9 23.7 24.6 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 • JANUARY 1972 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 I 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 Farm 2.1 2.1 2.1 1.9 1.8 2.3 1.8 1.5 1.5 1.4 2.1 2.1 2.2 1.2 15 16 Other private credit 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 1 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 44..99 4.6 4.9 2.5 3.2 1.7 3.7 2.3 3.9 3.6 3.5 1.8 4.3 4.4 2 3 U.S. Govt, credit agencies, net... .3 .5 -.2 .2 1.2 -.8 —. 1 1.5 -.7 1.6 .9 3.0 2.1 -6.4 3 4 Funds advanced 5.1 -.1 3.2 9.0 9.9 7.6 10.5 14.1 13.7 7.1 8.7 10.1 .3 -5.7 4 5 Less funds raised in cr. mkt.... 4.8 -.6 3.5 8.8 8.7 8.4 10.6 12.5 14.4 5.5 7.8 7.0 -1.8 .7 5 6 Federal Reserve System 3.5 4.8 3.7 4.2 5.0 4.0 -.5 9.3 1.2 5.5 7.7 5.5 16.1 1.9 6 7 Commercial banks, net 16.7 36.6 39.5 12.2 31.3 29.3 -.9 12.1 1.0 23.3 63.6 37.3 39.3 59.6 7 8 Funds advanced 16.8 36.9 39.7 16.5 29.5 33.8 4.2 18.9 10.1 ; 27.4 52.1 28.4 36.7 59.8 8 9 Less funds raised .1 .2 .2 4.3 -1.8 4.5 5.0 6.8 9.1 4.1 -11.6 -8.9 -2.6 .2 9 10 Private nonbank finance 25.9 34.4 34.2 30.1 38.9 39.6 25.6 24.4 25.3 42.4 42.0 45.8 71.0 82.5 10 11 Savings institutions, net 7.8 16.8 14.6 10.4 14.7 13.3 6.8 5.6 4.7 15.3 18.0 20.7 45.4 50.0 11 12 Insurance 19.3 18.7 22.0 21.8 24.9 27.5 20.6 19.5 23.2 2:7.1 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 Pvt. credit market instr 11.4 7.8 13.4 27.0 15.2 23.6 29.6 27.5 37.6 23.9 -22.1 21.5 14.7 9.4 10 11 Corporate equities -1.0 -4.1 -7.4 -3.8 -2.6 -5.9 -.6 -3.7 -6.7 -.1 .7 -4.3 -12.8 -3.1 11 12 Less security debt -.2 2.2 1.4 -1.6 -1.4 -.2 -3.2 -.4 -3.8 -2.1 -.2 .6 -.5 5.0 12 Other sources: 13 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 27.6 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 26.0 6.4 18.1 -8.1 .7 5.3 2.5 11.2 9.1 19 -1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 , 1 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 .7 6.0 -19.1 16.9 2 3 Money supply 3.0 13.7 16.0 7.9 7.7 8.6 9.1 9.0 4.0 7.8 8.2 10.8 18.2 21.1 3 4 Domestic sectors 3.9 13.4 15.7 7.6 7.4 8.0 8.5 9.0 2.6 8.2 8.6 10.3 18.4 21.2 4 5 Households 3.1 9.4 11.1 5.9 4.7 10.2 9.5 5.1 5.4 7.4 5.0 1.0 10.8 15.6 5 6 Nonfinancial business .7 .8 1.8 -.8 -.9 -5.6 -4.3 3.0 -2.3 -2.7 .7 .9 .4 4.9 6 7 State and local governments. -.1 -1.0 .7 3.2 1.2 3.4 3.9 2.9 -.3 1.0 1.1 3.1 -.3 -2.3 7 8 Financial sectors —. 1 1.0 .9 .5 1.3 1.4 .9 .8 .5 1.2 1.4 2.0 1.9 -.3 8 9 Mail float .3 3.2 1.2 -1.2 1.1 -1.3 -1.5 -2.8 -.7 1.3 .5 3.3 5.6 3.3 9 10 -1.0 .3 .3 .3 .3 .6 .6 * 1.4 -.4 -.5 .5 -.1 -.2 10 Time and savings accounts 1 Net increase—Total 20.2 40.8 33.3 -1.6 53.9 -.2 -15.4 3.4 16.8 44.3 87.5 67.1 112.9 73.3 1 2 At commercial banks—Total.... 13.3 23.8 20.6 -9.7 36.7 -9.0 -21.2 -1.1 11.6 28.5 65.6 41.3 60.6 30.0 2 3 Corporate business -.7 2.9 1.9 -9.8 12.8 -9.5 -11.0 -4.2 .5 6.1 32.3 12.2 3.0 -1.5 3 4 State and local governments... 1.3 2.4 3.2 -5.9 9.9 -5.0 -10.3 -4.6 6.4 10.3 13.4 9.6 10.8 2.4 4 5 Foreign .8 1.2 -.3 1.0 -1.9 -1.4 .4 5.7 4.3 -3.5 -3.2 -5.1 -1.2 2.6 5 6 11.9 17.1 15.7 5.2 15.8 7.1 * 2.4 .5 15.5 22.5 24.5 47.4 26.0 6 7 At savings institutions 7.0 17.0 12.8 8.1 17.2 8.8 5.7 4.5 5.2 15.8 21.9 25.8 52.3 43.3 7 Liabilities— 8 Savings and loan assns 3.6 10.6 7.5 4.1 11.1 4.8 2.9 .7 2.0 9.8 15.6 16.9 36.8 28.6 8 9 Mutual savings banks 2.6 5.1 4.2 2.6 4.4 2.7 1.5 2.2 1.6 4.4 4.7 7.0 12.4 11.6 9 10 Credit unions .8 1.2 1.1 1.4 1.7 1.2 1.3 1.5 1.6 1.7 1.5 1.9 3.1 3.1 10 Assets— 11 Households 7.2 16.6 12.9 8.1 16.5 9.0 5.8 4.2 4.4 15.2 21.7 24.5 50.5 41.8 11 12 Cr. union deps. at S & L's... -.2 .3 -.1 * .7 -.2 -.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 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 -1.9 -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 -A 9.2 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 s!o 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 . 1 -.9 -.2 .5 1.7 1.9 2.7 21 22 Direct excl. savings bonds 3.3 -3.0 4.1 8.7 -10.5 -5.1 18.8 5.0 -2.7 -9.2 -10.8 -19.2 -32.5 2.2 22 23 Agency issues 4.7 .4 3.2 6.7 3.4 6.4 5.2 9.1 10.1 1.4 3.5 -1.7 -19.5 -3.1 23 Private securities ! 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 . l .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 -.1 4.3 -5.9 14 15 Security brokers and dealers... .1 .2 -.9 .2 .7 .9 2.3 -2.6 * .2 5.2 -2.7 2.4 -6.6 15 16 Investment companies, net -2.4 -1.1 -2.8 -3.0 -.6 -1.2 -3.4 .3 -.3 -3.7 -1.0 2.5 1.9 .6 16 17 Portfolio purchases 1.4 1.5 1.9 2.7 1.8 3.6 2.7 4.6 1.3 -1.0 2.4 4.5 2.1 .4 17 18 Net issues of own shares.... 3.7 2.6 4.7 5.7 2.4 4.8 6.1 4.2 1.6 2.7 3.4 2.1 .2 -.2 18 19 Rest of the world .3 .6 2.3 2.1 1.4 .9 .7 2.9 .6 .5 2.1 2.3 .9 -.2 19 Bank loans n.e.c. 1 Total net borrowing 9.0 1 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 lo!4 .9 -6.7 .6 5.9 3 4 Rest of the world -.2 -.2 -.3 -.2 -.4 .6 -1.5 — 1 .6 -.3 -.2 -1.9 .5 2.3 4 5 Financial sectors -1.3 -2.1 2.3 2.1 -.5 4.9 -.6 3A -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 • JANUARY 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 LLiinnee CCrreeddiittss ++;; ddeebbiittss —— 11996699 11997700 II III IV Ir II III? Summary—Seasonally adjusted 1 Merchandise trade balance 1 660 2,110 751 704 142 269 -1,040 -537 2 Exports 36,490 41,980 10,582 10,696 10,461 11,030 10,720 11,481 3 Imports -35,830 -39,870 -9,831 -9,992 -10,319 -10,761 -11,760 12,018 4 Military transactions, net -3,341 -3,371 -808 -884 -770 -667 -669 -715 5 Travel and transportation, net -1,780 -1,979 -500 -553 -478 -421 -610 -601 6 Investment income, net 2 5,975 6,242 1,469 1,571 1,626 1,783 2,169 1,670 7 U.S. direct investments abroad 7,340 7,906 1,905 1,973 1,988 2,033 2,409 2,053 8 Other U.S. investments abroad 3,199 3,503 886 882 851 864 832 845 9 Foreign investments in the United States -4,564 -5,167 -1,322 -1,284 -1,213 -1,114 -1,072 -1,228 10 497 588 133 157 150 212 176 177 11 Balance on goods and services 3 2,011 3,592 1,045 995 670 1,170 26 -6 12 Remittances, pensions, and other transfers -1,266 -1,410 -362 -359 -351 -342 -355 -388 13 Balance on goods, services, and remittances 745 2,182 683 636 319 828 -329 -394 14 U.S. Government grants (excluding military) -1,644 -1,739 -391 -444 -485 -428 -483 -527 15 Balance on current account -899 444 292 192 -166 400 -812 -921 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -2,106 -1,837 -480 -396 -450 -602 -679 -428 17 Nonscheduled repayments of U.S. Government assets -87 244 114 2 40 4 102 72 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies 263 -436 -224 82 -263 -82 -53 -176 19 Long-term private capital flows, net -50 -1,453 -272 -220 7 -1,003 -1,795 -1,648 20 U.S. direct investments abroad -3,254 -4,445 -1,257 -897 -934 -1,370 , -1,393 -1,399 21 Foreign direct investments in the United States 832 969 105 218 160 92 -16 -319 22 Foreign securities -1,494 -942 93 -488 -337 -353 -388 -224 23 U.S. securities other than Treasury issues 3,112 2,190 374 720 792 559 196 564 24 Other, reported by U.S. banks 477 199 68 44 56 -121 -236 -289 25 Other, reported by U.S. nonbanking concerns 277 576 345 183 270 190 42 19 26 Balance on current account and long-term capital 4 -2,879 -3,038 -570 -340 -832 -1,283 -3,237 -3,101 27 Nonliquid short-term private capital flows, net -602 -545 -140 -115 -175 -384 -394 -1,167 28 Claims reported by U.S. banks -658 -1,015 -268 -189 -396 -73 -171 -991 29 Claims reported by U.S. nonbanking concerns -35 -360 -23 -50 -171 -125 -138 -248 30 Liabilities reported by U.S. nonbanking concerns 91 830 151 124 392 -186 -85 72 31 Allocations of special drawing rights (SDR's) 867 217 217 216 180 179 179 32 -2,603 -1,104 -375 -437 -233 -1,017 -2,330 -5,204 33 Net liquidity balance -6,084 -3,821 -868 -675 -1,024 -2,504 -5,782 -9,293 34 Liquid private capital flows, net 8,786 -6,000 -536 -1,400 -2,454 -3,029 51 -2,828 35 124 242 -160 -17 157 -315 90 -520 36 Reported by U.S. banks -209 -119 -127 -53 -79 -90 35 -405 37 Reported by U.S. nonbanking concerns 333 361 -33 36 236 -225 55 -115 38 Liquid liabilities 8,662 -6,242 -376 -1,383 -2,611 -2,714 -39 -2,308 39 To foreign commercial banks 9,166 -6,507 -441 -1,315 -2,888 -3,065 -92 -2,092 40 To international and regional organizations -63 179 -124 82 79 279 198 155 41 To other foreigners -441 86 189 -150 198 72 -145 -371 42 2,702 -9,821 -1,404 -2,075 -3,478 -5,533 -5,731 -12,121 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government -162 535 735 --1122 77 -8 -8 -9 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks -836 -810 -235 -233 -188 --220022 --116600 --117733 45 Liquid liabilities to foreign official agencies -517 7,619 99 1,736 2,765 5,061 5,240 11,109 46 U.S. official reserve assets, net -1,187 2,477 805 584 824 682 659 1,194 47 Gold -967 7.87 14 395 422 109 456 300 48 SDR's -851 -254 -251 -76 -55 17 -29 49 814 2,152 818 34 469 373 -66 72 50 Gold tranche position in IMF -1,034 389 227 406 9 255 252 851 Memoranda: 51 Transfers under military grant programs, (excluded from lines 2, 4, and 14) 756 613 119911 111166 116699 119911 116622 225566 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 ) t ed affiliates of 2,532 2,885 ((55)) ((55)) ((55)) ((55)) ((55)) ((55)) 53 Re f i o n r v e e i s g t n e d f irm ea s r n (e i x n c g l s u d o ed f f U ro . m S. lin in e c s o 9 r p a o n r d a t 2 e 1 d ) affiliates of 431 434 ((55)) ((55)) ((55)) ((55)) ((55)) ((55)) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 II III IV Ir II IIIP Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -6,084 -4,688 -1,085 -892 -1,240 -2,684 -5,961 -9,412 Official reserve transactions balance 2,702 -10,688 -1,621 -2,292 -3,694 -5,713 -5,910 -12,300 Balances not seasonally adjusted Balance on goods and services (line 11) 2,011 3,592 1,300 -291 1,349 1,513 228 -1,400 Balance on goods, services, and remittances (line 13) 745 2,182 925 -657 1,002 1,188 -140 -1 ,795 Balance on current account (line 15) -899 444 487 -1,060 552 732 -670 -2,282 Balance on current account and long-term capital 4 (line 26).. -2,879 -3,038 -899 -1,535 706 -1,256 -3,615 -4,428 Balances including allocations of SDR's: Net liquidity (line 33) -6,084 -3,821 -1,704 -1,454 -152 -1,843 -6,596 -10,112 Official reserve transactions (line 42) 2,702 -9,821 -2,069 -2,612 -3,174 -4,718 -6,462 -12,679 Balances excluding allocations of SDR's: Net liquidity -6,084 -4,688 -1,704 -1,454 -152 -2,560 -6,596 -10,112 Official reserve transactions 2,702 -10,688 -2,069 -2,612 -3,174 -5,435 -6,462 -12,679 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 Period 1968 1969 1970 1971 1968 1969 1970 1971 1968 1969 1970 1971 Month: Jan... 2,814 32,161 3,406 3,735 2,687 32,002 3,223 3,686 127 159 183 49 M Fe a b r . . . . . . 3 2 2 , , 7 4 7 3 5 9 3 3 3 2 , , 1 2 8 6 8 6 3 3 , , 5 3 4 7 7 6 3 3 , ,8 6 1 9 5 0 3 2 2 , , 5 5 9 8 2 9 3 3 2 2 , , 6 9 7 8 2 2 3 3 , , 2 2 7 1 8 8 3 3 , , 5 5 5 6 3 9 -1 1 5 8 0 4 -4 2 0 0 6 6 2 1 6 5 9 8 2 1 4 3 5 6 Apr... 3 2,855 33,318 3,409 3,522 3 2,604 3 3,183 3,263 3,758 251 135 146 -236 May.. 2,740 33,268 3,661 3,783 2,755 33,257 3,338 3,988 -15 11 323 -205 June.. 2,870 3 3,179 3,730 3,661 2,792 3 3,152 3,266 4,023 78 27 465 -363 July. . 2,858 3,182 3,699 3,495 2,725 3,074 3,255 3,799 133 108 444 -304 A Se u p g t . . . . . . 3 3 2 3 , , 9 21 5 1 0 3 3 , . 3 3 6 4 6 1 3 3 , , 5 5 9 5 2 3 4 3 , , 5 6 1 7 1 8 2 2 , ,9 8 5 7 1 2 3 3 , , 1 0 6 7 3 8 3 3 , , 3 4 4 2 6 8 4 3 , , 2 9 4 3 5 7 2 7 6 8 1 2 2 0 6 3 3 2 1 4 2 6 5 -2 2 6 6 0 5 O N c o t v .. . .. . 3 2 2 , , 9 6 7 3 2 1 3 3, . 3 3 9 4 8 2 3 3 , , 6 4 8 9 9 9 2 3 , , 7 1 1 6 0 0 2 2 , , 8 73 8 6 3 3 3, , 1 1 8 9 0 2 3 3 , , 5 4 0 2 1 8 3 3 , , 5 3 3 8 1 7 -10 8 5 9 2 1 1 5 8 0 1 7 8 1 8 - -2 8 2 21 7 Dec... 2,977 3,280 3,570 2,908 3,078 3,404 70 202 166 Quarter: I 8,028 7,615 10,328 11,240 7,867 7,655 9,719 10,809 161 -40 609 431 I I 8,465 9,765 10,800 10,966 8,151 9,591 9,867 11,769 314 174 933 -803 III.... 9,019 9,889 10,845 11,683 8,548 9,315 10,029 11,981 471 574 816 -298 IV.... 8,580 10,020 10,758 8,527 9,450 10,333 53 570 425 Year4... 34,063 37,332 42,662 33,226 36,043 39,963 837 1,289 2,699 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals 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 • JANUARY 1972 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 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 -----11111 ----22223333 ---222333 Colombia... 333333888888 111000 2222299999 777777 ••iitt 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: ---111000 -----44444 ---222111 ---444222 Jap'an -----5555566666 --111199 --111199 Lebanon -----3333322222 --1111 -----1111111111 --11 -------99999995555555 --3355 Malaysia -----11111 ***** -------33333334444444 ---111000 Philippines 2255 2200 ** 9999999 4400 --44 33 --88 ---111 --11 Saudi Arabia -----1111133333 --11 -------55555550000000 --11 -------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 ---888111 ---444 ---777555 ---111 ---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^ 6666----222222225555 111177777777 22222222 ----3333 111100001111 ----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

JANUARY 1972 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aarr oo ff Total To G tal o 2 ld st T o r c e k a 1 s ury v c fo e u C c r r r o i t e r e i n e i b s g - n l n e - pp RR II oo ee MM ss ss ii ii nn ee tt FF rr ii 33 oo vv nn ee SDR's4 E m n o d n t o h f Total To G ta o l 2 ld st T oc re k a i s ury v c fo e u C c r r i r o e t e r i s n e i b g - 5 n l n e - p R o e s s i e ti r o v n e 1958... 22,540 22220000,,,,555588882222 22220000,,,,555533334444 1,958 1970 1959... 21,504 11119999,,,,555500007777 11119999,,,,444455556666 1,997 Dec.... 14,487 11,072 10,732 629 1,935 1960... 1199,,335599 11117777,,,,888800004444 11117777,,,,777766667777 1,555 1971 1961. .. 1188,,775533 11116666,,,,999944447777 11116666,,,,888888889999 116 1,690 Jan.. .. 14,699 11,040 10,732 491 1 ,700 1962... 1177,,222200 11116666,,,,000055557777 11115555,,,,999977778888 99 1,064 Feb.... 14,534 11,039 10,732 327 1,700 1963... 1166,,884433 11115555,,,,555599996666 11115555,,,,555511113333 212 1,035 Mar 14,342 10,963 10,732 256 1,680 1964. . . 1166,,667722 11115555,,,,444477771111 11115555,,,,333388888888 432 769 Apr.. .. 14,307 10,925 10,732 257 1,682 1965.. . 1155,,445500 666611113333,,,,888800006666 666611113333,,,,777733333333 781 6 863 May... 13,811 10,568 10,332 318 1,678 June... 13,504 10,507 10,332 322 1,428 1966.. . 14,882 13,235 13,159 1,321 326 July.... 13,283 10,453 10,332 250 1,433 1967... 14,830 12,065 11,982 2,345 420 Aug 12,128 10,209 10,132 248 574 1968... 15,710 10,892 10,367 3,528 1,290 Sept.... 12,131 10,207 10,132 250 577 1969.. . 7 16,964 11,859 10,367 72,781 2,324 Oct 12,146 10,207 10,132 259 580 1970... 14,487 11,072 10,732 629 1,935 851 Nov... . 12,131 10,206 10,132 243 582 1971. . . 812,167 10,206 10,132 8 276 585 ,100 Dec.. .. 812,167 10,206 10,132 8 276 585 1 Includes (a) gold sold to the United States by the International Mon- 6 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 7 Includes gain of $67 million resulting from revaluation of the German 3 The United States has the right to purchase foreign currencies equiva- mark in Oct. 1969, of which $13 million represents gain on mark holdings lent to its reserve position in the IMF automatically if needed. Under ap- at time of revaluation. propriate conditions the United States could purchase additional amounts 8 Includes $28 million increase in dollar value of foreign currencies equal to the U.S. quota. See Table 5. revalued to reflect market exchange rates as of Dec. 31, 1971. 4 Includes initial allocation by the IMF of $867 million of Special Drawing Rights on Jan. 1, 1970, and second allocation of $717 million of NOTE.—See Table 23 for gold held under earmark at F.R. Banks for SDR's on Jan. 1, 1971, plus net transactions in SDR's. foreign and international accounts. Gold under earmark is not included 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IIMMFF hhoollddiinnggss (during period) ooff ddoollllaarrss ((eenndd ooff ppeerriioodd)) UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy UUUUU.....SSSSS..... ooottthhheeerrr cccooouuunnntttrrriiieeesss rrrrreeeeessssseeeeerrrrrvvvvveeeee PPPPPeeeeerrrrriiiiioooooddddd wwwiiittthhh IIIMMMFFF pppppooooosssssiiiiitttttiiiiiooooonnnnn PP ss tt uu aa dd ii bb yy oo oo ss mm nn ll oo ll cc ss ff aa ee rr rr ii nn ii ss nn pp tt -- ss bbyy ss gg II NN aa oo MM ll ee ll ee dd tt FF ss 11 TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ss ee ii gg aa nn 22 ii nn cc nn -- -- II ii dd MM nn oo cc FF ll ii oo nn ll aa mm nn rr ee ss ee tt P d u o rc l o l h a f a r s s e 3 s pu d r o R c l i h n l e a a - r s s e s cccc TTTT hhhh oooo aaaannnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt PPP qqq eee UUU rrr uuu ooo ... ooo ccc fff SSS ttt eee ... aaa nnn ttt ppppp ((((( iiiii eeeee nnnnn eeeee rrrrr nnnnn iiiii ddddd ooooo IIIII MMMMM ddddd ooooo ))))) FFFFF fffff 44444 1946—1957 2222,,,,000066663333 666000000 ----------------------44444444444444444444445555555555555555555555 -----------22222222222,,,,,,,,,,,666666666667777777777700000000000 888822227777 777777777777777777777755555555555 777777777777777777777777777777777777777777775555555555555555555555 22222222222222222222228888888888888888888888 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999977777777777777777777775555555555555555555555 1958—1963 1111,,,,000033331111 111555000 66666666666666666666660000000000000000000000 -----------11111111111,,,,,,,,,,,666666666666666666666666666666666 2222,,,,777744440000 22222222222,,,,,,,,,,,333333333331111111111155555555555 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,000000000000000000000099999999999999999999990000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000033333333333333333333335555555555555555555555 1964—1966 777777776666 11,,664400 44444444444444444444445555555555555555555555 -----------777777777772222222222233333333333 6666 11111111111,,,,,,,,,,,777777777774444444444444444444444 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333334444444444444444444444 99999999999999999999994444444444444444444444 5555555555555555555555333333333333333333333322222222222222222222226666666666666666666666 1967 22222222222222222222220000000000000000000000 -----------111111111111111111111144444444444 -----------9999999999944444444444 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777744444444444444444444440000000000000000000000 99999999999999999999992222222222222222222222 444444444444444444444422222222222222222222220000000000000000000000 1968 --8844 22222222222222222222220000000000000000000000 -----------888888888880000000000066666666666 -----------888888888887777777777700000000000 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,888888888888888888888877777777777777777777770000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,222222222222222222222299999999999999999999990000000000000000000000 1969 2222222222 11111111111111111111119999999999999999999999 -----------11111111111,,,,,,,,,,,333333333334444444444433333333333 222222222226666666666688888888888 -----------11111111111,,,,,,,,,,,000000000003333333333344444444444 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333336666666666666666666666 55555555555555555555555555555555555555555555 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,333333333333333333333322222222222222222222224444444444444444444444 1970 11,,115555 66666777771111122222***** 111555000 22222222222222222222225555555555555555555555 -----------888888888885555555555544444444444 777777777774444444444411111111111 11111111111,,,,,,,,,,,999999999992222222222299999999999 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777766666666666666666666665555555555555555555555 77777777777777777777771111111111111111111111 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999933333333333333333333335555555555555555555555 1971 111,,,333666222 ----------------------22222222222222222222228888888888888888888888 -----------2222222222244444444444 4444444444400000000000 11111111111,,,,,,,,,,,333333333335555555555500000000000 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 1970—j)ec 11,,115555 333331111155555 -----------7777777777733333333333 2222222222211111111111 11111111111,,,,,,,,,,,444444444441111111111177777777777 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777766666666666666666666665555555555555555555555 77777777777777777777771111111111111111111111 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999933333333333333333333335555555555555555555555 1971—Jan 225500 ----------------------3333333333333333333333 ********************** -----------2222222222233333333333 1111111111111111111111*********** 222222222223333333333355555555555 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000000000000000000000000000000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,,777777777777777777777700000000000000000000000000000000000000000000 Feb ** 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000000000000000000000000000000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,777777777777777777777700000000000000000000000000000000000000000000 Mar ********************** 2222222222200000000000 2222222222200000000000 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000022222222222222222222220000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666688888888888888888888880000000000000000000000 Apr ----------------------3333333333333333333333 11111111111 -----------22222222222 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000011111111111111111111118888888888888888888888 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666688888888888888888888882222222222222222222222 May ----------------------2222222222222222222222 --11 77777777777 44444444444 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000022222222222222222222222222222222222222222222 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666677777777777777777777778888888888888888888888 June 225500 ----------------------1111111111111111111111 11111111111 222222222225555555555500000000000 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,222222222222222222222277777777777777777777772222222222222222222222 77777777777777777777779999999999999999999999 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,444444444444444444444422222222222222222222228888888888888888888888 July ----------------------5555555555555555555555 -----------55555555555 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,222222222222222222222266666666666666666666667777777777777777777777 77777777777777777777779999999999999999999999 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,444444444444444444444433333333333333333333333333333333333333333333 Aug 886622 ----------------------3333333333333333333333 888888888885555555555599999999999 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222226666666666666666666666 99999999999999999999991111111111111111111111 555555555555555555555577777777777777777777774444444444444444444444 Sept ----------------------3333333333333333333333 -----------33333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222223333333333333333333333 99999999999999999999991111111111111111111111 555555555555555555555577777777777777777777777777777777777777777777 Oct ----------------------3333333333333333333333 -----------33333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222220000000000000000000000 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888880000000000000000000000 Nov ----------------------2222222222222222222222 -----------22222222222 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111118888888888888888888888 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888882222222222222222222222 Dec ----------------------3333333333333333333333 -----------33333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 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. • JANUARY 1972 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 Total p G o d s o e i l t - d 1 m in G e v o n e l t s d t 2 - Total i i p S n t b l i t i o h a 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 a l S d k e e d e s . e r s - t t - - i i p S n t b l i t i o h a e e a b r s n U o b r y t m k r i e . r l t s d S e - - - . M n G b o U a a a o o t b r n . n e k v l S d s d e e t . s , t 4 - i i n p S t b l i t i o h e a e a U b r s n o b r y t m . r k i e S r l t d s e - - . - * 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 77 1155,,882255 200 200 7,917 5,724 542 1958 771166,,884455 200 200 8,665 5,950 552 1959 1199,,442288 500 500 9,154 966 7,077 541 1,190 530 660 1960 8 / \ / \22 22 11 00 ,, ,, 00 99 22 99 77 44 8 8 0 0 0 0 8 8 0 00 0 1 11 1 , ,0 0 7 8 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 5 3 0 1 1 , , 5 54 2 1 5 7 7 5 5 0 0 7 79 7 1 5 1961 8 , . / 1 2 2 2 2 , , 8 9 5 3 3 6 8 80 0 0 0 8 8 0 00 0 1 11 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 8 9 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 74 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 16 9 1 5 , , 2 2 5 8 0 4 9 9 1 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 \\2266,,332222 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 1964 8 1 f2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 10 0 , ,6 6 2 8 5 0 3 3 7 7 6 6 1 1, , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965 2299,,111155 834 34 800 13,066 1 ,105 11,478 11,006 472 1,431 752 1966 8 // 11 22 22 99 99 ,, ,, 99 77 00 77 44 99 1 1, ,0 0 1 11 1 2 21 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 52 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 , , 2 1 7 1 1 9 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 14 4 . , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 1968 8 / \ 3 3 3 3 , , 8 6 2 1 8 4 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 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 1 19 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 68 8 3 3 4 3 2 9 1969 8 / 1 4 4 1 1 , , 7 8 3 9 5 4 1 1 , , 0 0 1 1 9 9 2 2 1 1 9 9 8 8 0 0 0 0 1 11 1 , , 9 9 7 5 8 5 1 11 1 , , 0 0 7 5 7 4 3 3 4 4 6 6 9 9 5 5 5 5 5 5 2 2 8 8 , ,2 1 3 0 4 2 2 27 7 , , 7 5 0 7 9 7 5 5 2 2 5 5 6 6 5 6 9 3 6 6 0 1 9 3 5 5 0 0 1970-0ct... 44,261 587 187 400 18,141 17,422 290 429 24,719 24,152 567 814 768 46 Nov... 44,509 579 179 400 19,957 19,239 289 429 23,186 22,596 590 787 741 46 Dec. 8. \ f 4 4 3 3 , , 2 2 3 9 8 1 5 56 6 6 6 1 1 6 66 6 4 4 0 0 0 0 2 2 0 0 , , 0 0 6 5 8 7 1 1 9 9 , , 3 33 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 2 21 1 , , 7 8 6 1 8 3 2 2 1 1 , ,2 1 0 6 3 6 5 6 6 4 5 7 8 84 4 7 4 8 82 2 1 0 2 2 4 6 1971-Jan... 43,660 559 400 20,490 19,774 287 429 21,543 20,931 612 1,068 1,043 25 Feb... 44,065 559 ll$9 400 22,321 21,600 292 429 20,192 19,583 609 993 951 42 Mar... 45,481 559 159 400 24,841 24,120 292 429 18,955 18,357 598 1,126 985 141 Apr... 47,663 548 148 400 27,253 26,532 292 429 18,573 17,970 603 1,289 1,148 141 May.. 51,815 548 148 400 32,091 31,347 292 452 17,838 17,269 569 1,338 1,196 142 June.. 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. . 60,794 544 144 400 42,150 35,081 1,015 6.054 16,620 16,105 515 1,480 1,325 155 Oct.f. 62,186 544 144 400 43,391 36,064 1,272 6.055 16,819 16.309 510 1,432 1 ,277 155 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

JANUARY 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c i c a s n Asia Africa 1967 15,646 9,872 996 1 ,131 3,145 249 f 12,548 7,009 533 1,354 3,168 259 19683 1 12,481 7,001 532 1 ,354 3,122 248 411,955 5,823 495 1,679 3,190 546 1969 3 t 11,978 5,823 495 1,702 3,190 546 1970—Oct.. . 18,141 11,564 575 1,802 3,336 526 Nov.. , 19,957 13,231 637 1,661 3,639 449 Dec. 3 / \ 2 2 0 0 , , 0 0 6 57 8 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 1971—Jan.. . 20,490 13,680 678 1.388 4,040 381 Feb.. . 22,321 15,374 727 1.389 4,163 325 Mar.. . 24,841 17,151 801 1,236 4,998 242 Apr.. . 27,253 19,119 818 1,244 5,285 257 May. . 32,091 22,720 865 1,213 6,396 286 June.. 30,640 20,676 843 1,262 6,895 271 July. . 32,953 22,447 921 1,286 7,253 285 Aug... 40,672 25,460 1,185 1,348 11,546 312 Sept... 42,150 26,035 1,173 1 ,229 12,631 296 Oct.**. 43,391 26,550 1,241 1 ,298 13,236 276 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 iabilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 5 Payable in dollars Deposits IMF Payable gold U.S. Total i Total Dem D an e d p os T its i me2 b T i c r l c U l e 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 m r e . t 3 r - f re o 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 Demand Time2 b T i c r l c e l e s a r a t t s i e a f u s i n r - y d 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 /40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 244 140,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 42,976 42,633 15,876 6,704 13,662 6,391 343 400 741 68 140 148 /41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 \41,757 41,389 15,785 5,961 14,123 5,518 368 400 821 69 159 211 42,148 41,770 14,758 5,673 14,453 6,886 378 400 1,043 115 155 273 42,534 42,124 13,516 5,474 16,390 6,744 410 400 951 64 149 279 43,862 43,210 11,846 5,159 18,703 7,502 652 400 985 73 166 242 46,050 45,413 10,447 4,953 22,356 7,657 637 400 1,148 62 202 206 50,212 49,593 9,991 4,901 26,961 7,740 619 400 1,196 49 221 209 46,698 46,038 10,855 4,969 22,763 7,451 660 400 1,181 60 232 164 46,338 45,686 10,262 4,957 23,439 7,028 652 400 1,247 79 224 170 52,413 51,763 9,284 5,026 30,198 7,255 650 400 1,343 61 202 269 52,911 52,514 10,605 5,073 29,772 7,064 397 400 1,325 92 212 146 54,050 53,670 11,860 5,209 29,758 6,843 380 400 1,277 78 185 168 54,060 53,690 10,973 5,331 30,723 6,663 370 400 1,308 69 201 157 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. • JANUARY 1972 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars End of period Payable Deposi T ts i me2 T b c i r l c e e U l a r s 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 i u e c n r i i - g e n s Total Dema D nd e posi T ts i me2 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 a t o r h b m r e t .3 - r 196 8 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 1969 6 f 38,631 20,372 6,751 3,971 7,109 429 11,054 1,918 2,951 3,844 2,139 L 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 1970—Nov... 41,835 15,807 6,564 13,114 6,006 343 19,239 1,374 2,840 12,980 1,897 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 13 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 1971—Ja n 40,705 14,643 5,518 13,781 6,386 378 19,774 1,743 2,490 13,638 1,755 Feb.. . 41,183 13,452 5,325 15,711 6,285 410 21,600 1,688 2,434 15,550 1,778 Mar... 42,477 11,773 4,993 18,061 6,998 652 24,120 1,579 2,244 17,916 1,981 Apr.. . 44,502 10,385 4,751 21,750 6,978 637 26,532 1,628 2,205 20,119 2,180 May. . 48,616 9,941 4,680 26,352 7,024 619 31,347 1,643 2,205 24,702 2,377 June.. 45,117 10,795 4,737 22,199 6,726 660 26,809 1,462 2,252 20,097 2,578 July... 44,691 10,183 4,733 22,869 6,254 652 26,869 1,469 2,308 19,605 3,067 Aug... 50,670 9,223 4,824 29,529 6,443 650 34,017 1,264 2,372 26,674 3,286 Sept... 51,186 10,513 4,862 29,226 6,189 397 35,081 1,450 2,392 27,855 3,226 Oct.*1. 52,373 11,781 5,024 29,190 5,997 380 36,064 1,231 2,480 28,982 3,213 Nov.2\ 52,352 10,904 5,129 30,166 5,782 370 37,256 1,263 2,500 30,071 3,264 To banks 9 To other foreigners Payable in dollars End of period Total 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 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 - Total Dema D nd e posi T ts i me2 T b c i r l c U e e l a s r a . t t s S i e a u f s . n i r - y d s O l t h i e a t o h r b m r e . t 3 r - 196 8 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 1969 6 27,577 23,412 16,745 1,988 20 4,658 3,939 1,709 1,811 107 312 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 1970—Nov... 22,596 18,451 12,781 1,906 19 3,745 3,950 1,653 1,819 115 364 Dec. 6 J21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 121,203 16,945 12,376 1,354 14 3,202 4,038 1,688 1,895 131 325 1971—Jan.... 20,931 16,663 11,210 1,185 13 4,255 4,038 1,689 1,843 130 376 Feb.. . 19,583 15.220 10,037 1,016 12 4,155 4,103 1,727 1,875 148 353 Mar... 18,357 14,027 8,468 879 10 4,670 4,077 1,726 1,870 135 347 Apr.. . 17,970 13,604 6,952 654 1,516 4,482 4,128 1,805 1,892 116 315 May. . 17,269 13,029 6,561 590 1,518 4,359 4,041 1,737 1,885 131 287 June.. 18.308 14,111 7,572 649 2,016 3,874 3,957 1,760 1,835 86 276 July... 17,822 13,696 ,018 600 3,168 2,910 3,894 1,696 1,825 96 277 Aug... 16,653 12,584 ,275 665 2,769 2,876 3,839 1,684 1,787 87 280 S O e c p t. t 2 .. \ . 1 1 6 6 , . 1 3 0 0 5 9 1 1 2 2 . , 2 3 2 5 1 4 , ,8 4 4 8 5 6 7 8 5 8 8 3 1,2 1 8 2 6 0 2 2 ; , 5 6 0 9 4 0 3 3 , , 6 7 4 3 5 3 1 1 , , 5 7 7 0 7 5 1 1 , ,6 7 6 12 0 8 8 5 9 2 28 7 1 2 Nov.®. 15,096 11,152 ,961 959 2,223 3,733 1,680 1,670 87 295 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

JANUARY 1972 • 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 Area and country Dec. Mar. Apr. May June July Aug. Sept. Oct.p Europe: Austria 185 194 191 185 203 274 244 244 255 246 Belgium-Luxembourg 597 770 780 903 761 781 916 901 875 736 Denmark 189 220 219 148 175 201 164 173 171 168 117 114 115 107 110 131 116 116 136 134 France 2,267 2,344 2,297 2,275 2,467 3,242 3,663 3,302 2,842 2,858 Germany 7,520 9,570 10,318 12,472 7,268 5,446 5,082 5,339 5,606 5,733 Greece 184 140 145 146 152 159 160 179 184 175 Italy 1,330 1,805 1,903 1,833 1,760 1,777 2,032 2,286 2,231 1,953 Netherlands 762 741 620 661 609 461 283 302 315 289 Norway 324 364 403 465 506 574 649 655 658 714 Portugal 274 319 298 280 270 271 295 314 307 308 Spain 198 184 201 232 200 208 204 185 202 185 Sweden 503 577 631 625 681 718 723 729 729 757 Switzerland 1,948 2,029 2,145 2,312 2,093 1,914 3,355 3,268 3,306 3,275 Turkey 46 32 25 43 21 27 26 27 48 67 United Kingdom 5,509 4,779 5,087 5,162 6,126 6,214 6,129 6,367 7,321 7,868 Y O u th g e o r s l W av e i s a t ern Europe1 59 3 4 7 3 4 6 1 8 33 3 9 3 79 3 5 8 1,00 3 0 3 1,41 3 7 9 1,51 3 7 1 1,44 4 6 1 1,40 3 4 4 1,37 4 1 0 U.S.S.R 15 12 22 9 9 10 10 11 12 8 Other Eastern Europe 54 53 45 50 66 61 45 61 56 67 Total 22,653 24,656 25,817 28,742 24,511 23,926 25,644 25,945 26,691 26,951 Canada 4,056 3,402 3,256 3,136 3,292 3,250 3,316 3,472 3,803 3,590 Latin America: C B C A h r o r a g i l l z o e e i m n l t b in ia a 2 2 5 3 6 3 4 4 6 9 7 6 2 5 3 1 5 3 2 8 8 1 2 6 5 2 3 1 0 6 3 9 7 0 6 1 5 2 3 1 0 5 3 6 5 6 5 9 4 2 3 1 4 5 6 8 7 7 1 3 5 4 2 1 0 3 2 7 1 5 8 8 4 4 2 1 9 1 5 6 9 8 2 8 4 2 3 1 1 4 5 7 9 7 8 8 4 2 3 1 1 1 6 8 5 1 0 1 Cuba 7 8 7 7 6 7 7 6 6 Mexico 821 826 863 800 790 705 728 672 680 Panama 147 164 177 165 166 147 149 127 150 Peru 225 168 181 190 200 162 146 162 163 Uruguay 118 119 121 112 116 116 127 117 116 Venezuela 735 642 684 729 786 782 787 806 915 Other Latin American republics 620 609 601 582 582 624 623 597 608 Bahamas and Bermuda 745 622 980 940 960 1,074 885 661 346 Netherlands Antilles and Surinam 98 101 105 105 101 97 101 87 94 Other Latin America 39 49 48 56 46 46 49 44 42 Total 4,952 4,605 5,062 4,953 5,002 5,100 4,940 4,482 4,285 Asia: China Mainland 33 34 34 33 35 35 34 34 34 I H n o d n ia g Kong 2 3 5 0 8 2 2 1 9 8 8 8 2 2 1 8 1 1 2 3 4 1 5 3 2 3 5 0 5 6 2 30 2 1 2 3 1 1 9 6 3 2 1 9 5 6 0 3 1 1 5 6 4 I Is n r d a o e n l esia 1 7 3 3 5 1 5 2 2 2 1 7 5 3 5 1 6 2 0 5 1 7 3 1 2 1 6 2 7 8 1 5 1 9 5 10 57 8 1 6 3 9 0 Japan 5,150 6,325 6,815 8,192 8,673 8,691 13,136 13,793 14,014 Korea 199 191 184 193 201 187 185 195 190 Philippines 285 331 338 340 321 333 328 322 294 Taiwan 275 288 296 293 291 300 281 268 294 Thailand 508 443 381 306 281 237 177 144 131 Other 708 674 601 585 558 622 542 568 631 Total 7,926 8,945 9,366 10,685 11,123 11,123 15,366 15,936 16,255 Africa: S C M U o o . o A u n r t g o . h R o c . A c ( o ( K f E r i i g n c y s a p h t a ) s a) 8 1 1 1 3 4 1 7 5 1 1 8 6 7 5 7 1 1 9 4 9 5 6 1 1 9 4 5 4 6 1 1 9 1 5 6 7 1 1 1 7 9 9 4 7 1 1 4 4 0 3 2 2 8 1 5 5 1 1 7 1 1 4 8 6 6 Other 395 278 268 291 285 299 303 321 331 Total 521 373 384 392 385 415 444 445 Other countries: A Al u l s o tr t a h l e ia r 38 3 9 9 4 4 5 3 5 5 4 7 1 6 6 4 6 0 8 7 4 5 6 7 8 4 3 7 0 9 4 1 6 4 85 3 4 4 85 3 4 9 Total 428 497 617 708 803 877 960 893 Total foreign countries 40,536 42,477 44,502 48,616 45,117 44,691 50,670 51,186 52,373 International and regional: I O L n a t t h t e i e n r r n A r a e m t g io e i r o n i n a c l a a n l regional 9 1 1 7 3 1 5 1 5 1,1 1 1 0 7 0 1 7 7 1,2 1 1 2 8 3 5 5 8 1,2 2 1 5 0 3 6 1 9 1,2 2 1 3 1 4 0 0 1 1,2 2 1 4 3 6 2 7 8 1,3 2 1 4 6 3 2 2 9 ,3 2 1 0 7 3 9 9 7 1,2 2 1 7 6 3 7 5 5 Total 1,221 1,385 1,548 1,596 1,581 1,647 1,743 1,725 1,677 Grand total 41,757 43,862 46,050 50,212 46,698 46,338 52,413 52,911 54,050 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. • JANUARY 1972 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 19 70 1971 1969 1970 Area or country Area or country Apr. Dec, Apr. Dec. Apr. Apr. Dec. 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 i a c n a Republic 5 6 9 1 5 7 2 8 9 4 6 3 4 9 1 9 4 9 3 0 S R a y u u d k i y A u r I a s b la ia n ds (incl. Okinawa) 2 48 0 1 2 0 5 6 1 2 6 6 6 Ecuador 62 76 72 79 72 Singapore 40 17 25 El Salvador 89 69 79 75 80 Syria 4 4 6 Guatemala 90 84 110 100 97 Vietnam 40 94 91 Haiti 18 17 19 16 19 Honduras 37 29 29 34 44 Other Africa: Jamaica 29 17 17 19 19 Algeria 6 14 13 Nicaragua 78 63 76 59 47 Ethiopia (incl. Eritrea) 15 20 33 Paraguay 18 13 17 16 15 Ghana 8 10 7 Trinidad & Tobago 8 11 10 14 Kenya 34 43 47 Liberia 28 23 41 Ot B he r r i ti L sh a ti W n e A st m In e d ri i c e a s : 30 38 33 38 L N So i i b g u y e t a h r i e a r n Rhodesia 6 1 8 2 0 28 1 8 2 1 43 1 0 2 1 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 11 (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 TToo EEnndd ooff ppeerriioodd TToottaall rreegg ii aa nn ii nn oo tt dd ll nn .. aall Total O in t f i s f o t i i n c t s i u a - l Banks i fo O r e t e r h i s g e r n - A t r i g n e a n - A O 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 t l e l r r i es 1967 2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 89 1968 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 1970—Nov 1,733 814 919 749 118 52 13 143 7 416 8 138 193 Dec 1,698 789 909 695 160 54 13 138 6 385 8 122 236 1971—Jan 1,562 713 849 637 157 54 13 139 6 341 8 109 233 Feb 1,464 687 777 573 154 51 13 109 6 317 1 101 230 Mar 1,344 630 714 493 161 60 13 91 6 262 1 95 246 Apr 1,181 577 605 406 142 57 13 92 7 186 1 84 220 May 1,136 548 588 392 139 57 13 94 8 182 1 82 208 June 1,122 557 566 333 184 49 13 87 8 129 1 7799 247 July 1,008 501 507 273 184 51 13 88 8 83 1 8800 234 Aug 889 480 409 171 185 53 13 66 8 12 1 91 218 Sept 870 473 , 397 158 184 55 15 59 8 12 1 90 212 Oct.? 934 483 451 158 236 57 15 84 8 12 1 9922 240 NOV.P 916 448 469 174 236 59 15 101 7 8 * 8888 250 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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. Dec.1 Jan. Feb. Mar. Apr. | May June July Aug. Sept. Oct.? Nov.'' Europe: Belgium-Luxembourg * 7 6 6 6 6 6 6 6 6 6 6 6 Norway 7 * * * * * * * * * * * * Switzerland 42 34 33 34 34 31 30 29 29 29 29 29 60 United Kingdom 407 472 520 518 510 519 485 490 496 460 432 427 362 Other Western Europe 37 27 20 24 25 25 25 25 25 25 49 71 82 Eastern Europe 7 6 6 6 6 6 6 6 6 6 5 5 5 Total 500 547 586 589 582 587 552 557 562 525 521 538 516 Canada 269 178 178 177 174 173 175 174 175 175 175 175 179 Latin America: Latin American republics 2 2 2 2 1 1 1 1 1 1 1 1 1 Other Latin America 13 6 6 6 6 6 6 6 6 6 6 6 6 Total 15 8 8 8 7 7 7 7 7 7 7 7 7 Asia: India 20 20 20 20 20 20 20 20 20 20 20 20 Japan 61 56 56 55 55 55 55 142 395 633 755 1,009 1,488 Other Asia 18 10 10 10 10 10 10 10 10 10 10 10 10 Total 79 85 85 85 85 85 85 172 425 663 784 1,038 1 ,518 Africa 7 43 43 43 43 43 43 43 43 43 43 25 8 All other * * * * * * * * * * * * * Total foreign countries 871 860 899 901 890 895 861 952 1,211 1,413 1,530 1,782 2,228 International and regional: International 32 2 17 115 115 115 115 115 126 126 126 126 Latin American regional 18 24 25 25 26 26 27 27 28 28 29 29 30 Total 50 26 25 42 141 141 142 142 143 154 155 155 156 Grand total 921 886 923 943 1,031 1,036 1,003 1,095 1,354 1,567 1,685 1,937 2,383 1 Based on Jan. 31, 1971, benchmark survey. ketable U.S. Govt, securities with an original maturity of more than 1 year, and are based on benchmark surveys of holdings and regular monthly NOTE.—Data represent estimated official and private holdings of mar- reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies EEnndd ooff ppeerriioodd TToottaall Total g B iu e m l- C ad a a n 1 - m De a n rk - m G a e n r- y Italy2 Korea S d w en e - T w a a i n - T la h n a d i- Total A tr u ia s- m G a e n r y - 3 Italy e S r w la it n z d - 1968 3333333333333333,,,,,,,,,,,,,,,,333333333333333333333333333333330000000000000000 1111111111111111,,,,,,,,,,,,,,,,666666666666666699999999999999992222222222222222 33333333333333332222222222222222 1111111111111111,,,,,,,,,,,,,,,,333333333333333333333333333333334444444444444444 2200 111111111111111144444444444444446666666666666666 11111111111111115555555555555555 2255 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 1111111111111111,,,,,,,,,,,,,,,,666666666666666633333333333333338888888888888888 5500 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555555555555555544444444444444441111111111111111 May 55555555555555553333333333333333,,,,,,,,,,,,,,,,555555555555555599999999999999992222222222222222 2222222222222222,,,,,,,,,,,,,,,,444444444444444488888888888888880000000000000000 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,222222222222222288888888888888889999999999999999 22222222222222225555555555555555 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 55555555555555551111111111111111,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111111 555555555555555544444444444444442222222222222222 5555555555555555 555555555555555566666666666666669999999999999999 June 6666666666666666,,,,,,,,,,,,,,,,555555555555555599999999999999992222222222222222 5555555555555555,,,,,,,,,,,,,,,,444444444444444488888888888888880000000000000000 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,222222222222222288888888888888889999999999999999 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555555555555555566666666666666669999999999999999 Aug 8888888888888888,,,,,,,,,,,,,,,,999999999999999922222222222222224444444444444444 7777777777777777,,,,,,,,,,,,,,,,444444444444444477777777777777779999999999999999 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,222222222222222288888888888888889999999999999999 55555555,,,,,,,,000000000000000000000000 22222222222222223333333333333333 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 1111111111111111,,,,,,,,,,,,,,,,444444444444444444444444444444444444444444444444 555555555555555544444444444444442222222222222222 999999999999999900000000000000002222222222222222 Sept 9999999999999999,,,,,,,,,,,,,,,,111111111111111199999999999999993333333333333333 7777777777777777,,,,,,,,,,,,,,,,444444444444444477777777777777779999999999999999 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,222222222222222288888888888888889999999999999999 55555555,,,,,,,,000000000000000000000000 22222222222222223333333333333333 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 1111111111111111,,,,,,,,,,,,,,,,777777777777777711111111111111114444444444444444 555555555555555544444444444444442222222222222222 1111111111111111,,,,,,,,,,,,,,,,111111111111111177777777777777772222222222222222 Oct 9999999999999999,,,,,,,,,,,,,,,,111111111111111199999999999999995555555555555555 7777777777777777,,,,,,,,,,,,,,,,444444444444444477777777777777779999999999999999 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,222222222222222288888888888888889999999999999999 55555555,,,,,,,,000000000000000000000000 22222222222222223333333333333333 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 1111111111111111,,,,,,,,,,,,,,,,777777777777777711111111111111116666666666666666 555555555555555544444444444444442222222222222222 1111111111111111,,,,,,,,,,,,,,,,111111111111111177777777777777774444444444444444 Nov 9999999999999999,,,,,,,,,,,,,,,,222222222222222277777777777777771111111111111111 7777777777777777,,,,,,,,,,,,,,,,555555555555555555555555555555554444444444444444 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,333333333333333366666666666666665555555555555555 55555555,,,,,,,,000000000000000000000000 22222222222222222222222222222222 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 1111111111111111,,,,,,,,,,,,,,,,777777777777777711111111111111116666666666666666 555555555555555544444444444444442222222222222222 1111111111111111,,,,,,,,,,,,,,,,111111111111111177777777777777774444444444444444 Dec 66666666666666669999999999999999,,,,,,,,,,,,,,,,666666666666666655555555555555557777777777777777 7777777777777777,,,,,,,,,,,,,,,,888888888888888822222222222222229999999999999999 33333333333333332222222222222222 2222222222222222,,,,,,,,,,,,,,,,666666666666666644444444444444440000000000000000 55555555,,,,,,,,000000000000000000000000 22222222222222222222222222222222 11111111111111115555555555555555 22222222222222220000000000000000 111111111111111100000000000000000000000000000000 6666666666666666 1111111111111111,,,,,,,,,,,,,,,,888888888888888822222222222222227777777777777777 666666666666666611111111111111112222222222222222 1111111111111111,,,,,,,,,,,,,,,,222222222222222211111111111111115555555555555555 1 Includes bonds issued in 1964 to the Government of Canada in connec- 4 Includes an increase in dollar value of $84 million resulting from tion with transactions under the Columbia River treaty. Amounts out- revaluation of the German mark in Oct. 1969. standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through 5 Increase in valuation resulted from redemption of outstanding Swiss Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and franc securities at old exchange rate and reissue of securities at new ex- Oct. 1970 through Oct. 1971, $24 million. change rate with same maturity dates, at time of revaluation of Swiss 2 Bonds issued to the Government of Italy in connection with mili- franc. The new issues include some certificates of indebtedness issued to tary purchases in the United States. replace notes which were within a year of maturity. 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 6 Includes $106 million increase in dollar value of foreign currency million equivalent were issued to a group of German commercial banks in obligations revalued to reflect market exchange rates as of Dec. 31, 1971. June 1968. The dollar value of these notes was increased by $10 million in Dollar costs of repayment will be subject to negotiation as to settlement Oct. 1969 and by $18 million as of Dec. 31, 1971. terms after prospective action on devaluation of the dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1972 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 Area and country Dec. Sept. Oct.f Nov.f Europe: I N N P S S T O D S U Y O A F F G G U B t p w w o i u r a t e u o e n e t r . u e n a h S a h r e l r t l g n i r r i e s y l t n k i g h e t t e e . w m t d o a n u m z e S r c r r e i c e e n s d g e u i a e a y . e r a a n l R d E W r y a m l n a r l a K l a y k a v - n e s n i i L s a d t n d t e u s e g r x r n d n e o m E m E u b u r o r o u o p r p e g e 3 1 1 1 1 4 2 5 5 9 4 7 5 6 6 3 0 0 8 1 1 1 0 4 2 7 5 9 9 0 5 6 1 3 6 3 1 6 1 3 0 6 4 1 1 1 1 1 5 4 9 2 5 7 6 6 3 5 7 0 2 0 9 1 1 6 7 8 9 0 2 9 8 3 5 3 8 4 3 4 0 5 5 2 2 5 1 1 1 1 1 2 6 1 5 7 8 5 5 3 2 3 0 5 0 2 1 1 1 5 4 4 6 0 2 8 7 4 3 8 3 7 1 8 4 2 7 5 2 8 3 1 1 1 1 1 0 2 6 7 7 5 8 2 5 3 3 3 2 6 3 5 2 1 4 4 0 8 3 4 5 8 9 6 2 1 0 0 3 6 0 9 0 5 2 5 1 1 1 1 1 2 6 4 6 5 3 8 5 4 0 5 3 2 3 3 1 1 1 1 4 7 0 6 7 2 1 2 8 8 7 5 5 3 6 4 7 0 8 4 2 1 1 1 1 1 6 8 3 4 2 6 4 4 8 6 3 2 2 1 3 3 1 1 4 0 0 6 1 8 8 1 2 4 3 4 5 9 1 8 8 2 8 3 2 2 7 1 1 1 1 2 5 5 4 9 7 9 6 2 8 4 3 5 3 1 1 1 1 2 3 6 7 2 1 5 6 5 0 2 7 5 7 6 7 7 1 6 4 2 1 1 1 1 1 6 6 2 2 5 2 4 8 6 3 6 4 3 4 1 1 1 1 7 4 9 1 2 0 7 2 8 2 9 0 5 0 8 6 4 5 6 2 5 1 1 1 1 1 1 2 6 6 2 0 3 7 5 1 3 9 1 1 5 1 3 1 4 0 6 4 4 7 0 3 0 4 0 4 6 7 3 0 3 3 2 7 6 2 1 1 1 1 1 8 4 2 9 2 6 2 3 6 6 7 3 4 1 1 1 1 2 1 1 8 3 0 7 8 2 3 6 3 9 9 3 3 6 0 2 1 0 0 Total 1,449 1,701 1,859 2,379 1,913 1,855 2,353 1,837 1,728 2,064 Canada 1,085 1,018 972 1,021 1,003 980 994 1,126 1,165 1,170 Latin America: C C C M P P V N A O U B O B e a h o u r e a e r t t r e r a h n h g u n i h l t b x u l z o h e e e a e g a a e i i r m r e n z m c m u l r u o t a L L b a l i a e y n a i a s a l a n a a t t i i a d n n n s d A A A B m m n e t e e i r l r r m l i i e c c s u a a d n a a n r d e p S u u b r l i i n c a s m .. 9 2 2 2 3 3 3 1 1 0 9 8 2 6 2 0 2 8 4 4 7 1 1 9 5 4 5 3 6 3 2 7 9 3 9 2 0 9 2 2 3 3 3 3 1 1 1 1 4 4 0 4 2 6 2 0 3 0 8 1 1 2 5 9 9 7 9 0 0 1 2 5 0 3 0 4 3 8 2 3 3 1 1 1 1 2 2 2 9 0 4 0 3 5 9 0 5 6 1 1 1 8 0 3 3 0 3 2 0 5 0 5 3 2 2 8 2 4 3 3 1 1 1 3 2 2 9 8 3 2 0 5 1 5 0 5 1 9 4 2 0 6 2 3 2 3 3 2 4 8 3 2 2 8 2 3 4 3 1 1 1 4 1 9 2 7 3 1 1 3 5 0 1 5 1 3 2 9 7 9 0 4 6 0 6 9 9 5 3 9 2 2 4 3 3 3 1 1 4 4 6 3 9 2 0 1 3 3 1 5 7 1 4 3 9 9 2 9 1 5 1 4 7 3 8 3 2 2 4 9 3 3 3 1 1 1 7 4 4 4 5 0 3 2 5 6 3 1 1 1 7 1 9 2 2 3 5 9 1 9 6 3 5 3 9 4 2 2 3 3 3 1 1 1 0 1 3 4 5 5 1 2 3 0 4 9 1 1 8 8 7 3 5 3 9 7 1 2 3 0 3 7 4 8 3 3 2 2 1 1 3 1 1 0 2 5 2 3 5 9 3 3 3 0 2 1 8 9 1 3 7 9 1 8 8 2 2 0 6 3 4 3 3 8 2 2 2 1 3 1 1 7 1 2 4 4 0 6 4 3 3 0 1 1 0 8 6 9 5 9 1 0 2 7 9 9 3 4 Total 3,204 3,212 3,214 3,210 3,201 3,359 3,423 3,356 3,256 3,342 Asia: J I C H T T O I I K P n s n a h h a h t o r o d p d h i i a a i n r l i w o a n e e i a e i g n l n l p r a a a a e p n n K M s i d n i o a a e n s i g n land ,8 1 1 1 1 1 9 9 5 5 0 3 3 7 2 1 0 5 7 6 9 2 7 9 8 3 0 ,4 2 1 1 1 1 8 0 4 9 6 0 8 1 2 1 2 9 7 6 6 2 9 3 9 4 5 ,3 2 1 1 1 1 1 5 4 2 2 6 1 1 2 8 1 8 8 8 8 7 0 7 0 8 1 3,6 2 2 1 1 1 1 0 1 3 2 3 5 1 1 2 1 7 1 1 0 4 6 4 2 7 5 1 3,5 2 2 1 1 1 1 0 5 0 6 3 1 2 1 3 1 2 9 0 0 0 6 5 9 0 7 1 ,2 2 2 1 1 1 1 2 6 6 5 0 2 2 2 2 1 2 9 3 2 3 3 3 7 6 8 1 4,0 2 2 1 1 1 1 7 3 5 6 7 1 2 2 1 1 8 9 2 0 1 9 6 7 3 8 4,0 2 2 1 1 1 1 4 1 4 2 7 5 4 2 1 1 6 7 9 0 8 7 7 5 3 0 1 3,7 2 2 1 1 1 1 3 2 8 3 3 7 0 1 0 4 9 2 6 5 9 7 3 1 5 5 1 3,8 2 3 1 1 1 8 4 9 7 3 2 4 3 2 1 5 0 4 1 5 9 8 2 9 7 Total 4,797 4,451 4,629 4,559 4,326 5,204 5,163 4,863 5,079 Africa: O C M S U o o t . o h u A n r e t g o . h r R o c . c A ( o ( K f E r i i g n c y a s p h t a ) s a) 7 7 1 7 9 4 6 3 1 8 0 1 6 6 6 4 1 1 9 0 1 3 5 3 5 7 1 1 0 0 1 6 6 4 3 6 1 9 1 1 7 6 5 4 0 1 10 2 1 1 6 8 8 8 2 1 1 2 1 3 1 8 0 2 2 1 1 1 2 0 4 1 1 5 8 2 2 1 1 2 0 4 1 2 5 6 5 1 1 9 2 5 3 4 9 1 2 Total 180 213 223 235 232 272 284 287 289 281 Other countries : A A l u l s o tr t a h l e ia r 6 1 4 6 8 1 1 7 9 2 4 0 1 2 05 1 1 2 3 3 4 1 2 4 2 0 1 2 4 4 0 Total 80 91 91 114 126 140 158 162 164 Total foreign countries 10,796 10,685 10.735 11.571 11,022 10,918 12,398 11,927 11,464 12,101 International and regional 3 2 2 2 3 3 2 3 3 4 Grand total 10,799 10,687 10.736 11.572 11,024 10,921 12,400 11,930 11,467 12,104 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

JANUARY 1972 • 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 Loans to- Collec- Accept- g F o o v r t e , i g se n - End of period Total Total Total O in f s f t i i c t i u a - l Banksi Others s t t o i i a o n u n n g t d - s - f o o a m f r n a a f c d o c e e c r 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 - c a n u c n o r a d i n m t i c f e l e i . s - , Other tions eigners paper 1968 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 73 19692 I ( . 9 9 ,5 ,6 7 6 8 7 9 9 , , 1 0 5 6 1 3 3 3 , , 2 2 8 7 1 8 2 2 6 6 2 2 1 1 , , 9 9 4 4 3 6 1 1 , , 0 0 7 7 3 3 2 1 , , 0 9 1 5 5 4 3 3 , , 2 16 0 9 2 6 6 5 5 6 8 5 5 1 1 6 8 3 3 5 5 2 2 8 8 4 9 7 7 9 4 1970—Nov.. 10,129 9,574 3,132 95 1,894 1,143 2,429 3,330 683 555 354 112 89 Dec.. 10,799 10,148 3,051 119 1,720 1,212 2,389 3,968 740 651 393 92 166 1971—Jan... 10,409 9,903 2,867 110 1,575 1,182 2,363 3,950 724 506 308 79 120 Feb... 10,561 10,026 2,955 88 1,594 1,273 2,353 3,973 745 535 334 111 90 Mar.. 10,687 10,124 3,008 100 1,598 1 ,311 2,335 4,033 747 564 365 102 96 Apr.. 10,736 10,203 3,116 107 1,754 1,255 2,279 4,098 710 534 339 92 103 May. II,572 10,937 3,383 156 1,929 1,299 2,349 4,136 1,069 636 449 78 109 June.. 11,024 10,459 3,409 147 1,969 1,292 378 3,960 712 565 374 102 89 July.. 10,921 10,382 3,570 200 2,052 1 ,318 364 3,638 810 539 382 62 94 Aug.. 12,400 11,767 4,296 191 2,680 1,425 357 4,121 992 633 497 46 90 Sept.. 11,930 11,248 3,857 187 2,255 1 ,415 371 4,048 972 682 481 104 97 Oct.®. 11,467 10,771 3,617 135 2,153 I ,329 307 3,877 970 696 473 111 112 Nov.® 12,104 11,426 4,175 167 2,579 1 ,429 306 3,898 1,047 679 487 89 103 1 Excludes central banks which are included with "Official institutions." with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total O lo t n h g e - r c fo u r r i e r n e i g n n - U K d n i o i n m t g e - d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks1 foreign- claims tions ers 196 8 3,567 3,158 528 237 2,393 394 68 479 428 1,375 122 617 479 196 9 3,250 2,806 502 209 2,096 426 67 411 408 1,329 88 568 378 1970—Nov... 3,216 2,825 515 247 2,064 364 66 387 398 1,362 113 583 307 Dec... 3,075 2,698 504 236 1,958 352 71 411 312 1,325 115 548 292 1971—Jan.. . 2,962 2,615 485 213 1,917 323 70 412 278 1,281 117 523 280 Feb... 2,957 2,643 484 213 1,946 289 77 420 266 1,257 121 521 295 Mar. . 3,044 2,737 501 226 2,011 277 111 424 268 1,271 125 548 297 Apr... 3,082 2,778 504 227 2,047 271 117 439 275 1,273 120 554 304 May.. 3,246 2,935 523 251 2,161 279 107 498 277 1,264 208 548 343 June.. 3,218 2,915 475 242 2,197 277 112 519 266 1,229 225 514 353 July. . 3,279 2,986 489 253 2,244 273 118 530 266 1,263 219 515 370 Aug.. 3,387 3,084 513 265 2,305 276 120 546 259 1,331 221 539 371 Sept.. 3,433 3,115 514 269 2,332 289 126 570 264 1,346 225 536 365 Oct.®. 3,492 3,180 533 266 2,382 285 127 580 261 1,322 240 565 397 Nov.® 3,536 3,238 555 286 2,396 275 138 583 244 1,360 240 564 406 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. • JANUARY 1972 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l . Foreign c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r ch P a u s r e - s Sales c N h e s a t a s l e e s p s u o r r regional Total Official Other 196 9 -45 -56 -115 59 15,483 12,795 2,688 1,552 2,581 -1,029 1,519 2,037 -517 197 0 56 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 997 37 1971 —Jan.-No v. v, 1,497 130 1,367 1,452 -85 12,847 11,917 931 1,501 2,385 -884 1,189 1,280 -91 1970—DNeoc v 2 5 3 2 2 7 2 4 17 2 5 2 7 1,3 7 2 5 1 4 1,0 6 3 0 0 9 2 1 9 4 1 5 1 9 4 7 0 27 8 7 7 -13 1 7 0 6 8 5 3 7 8 6 7 - - 1 4 1 1971—Ja n 37 -1 38 46 1,242 1,022 220 116 424 -307 90 95 -5 Feb 19 17 2 -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 5 5 4 1,383 1.412 -29 174 234 -60 117 179 -63 May -33 -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 260 259 253 6 1,038 1,002 36 112 137 -26 102 144 -42 Aug 212 202 238 -36 1,152 1,013 139 110 306 -196 124 102 22 Sept 118 117 145 -28 1,043 795 249 131 138 -7 118 96 22 Oct.f 252 252 257 -5 955 958 -3 164 256 -92 155 104 51 Nov.*5 446 445 474 -29 940 845 95 152 135 17 137 76 61 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e A L m a e t r in ic a Asia co O u t n h t e ri r e s r I e n g t i l o . n & al 196 9 1,487 150 216 189 490 -245 295 1,094 125 136 90 36 197 0 626 58 195 128 110 -33 24 482 -9 47 85 22 1971— Jan.-Nov.^ 143 65 -117 40 233 -92 70 * 56 1970—DNeoc v 2 9 1 8 6 39 7 2 1 7 3 18 3 1 9 1 3 1 8 3 4 7 40 6 32 1 4 14 1971— F Ja e n b - 1 3 3 2 0 - - 1 2 3 3 2 2 7 8 1 9 4 -6 2 6 7 10 7 7 -3 1 4 1 -5 6 -3 * Mar -26 -26 2 -27 -23 -59 1 18 9 6 A M p a r y -5 1 0 9 8 -10 * 1 8 3 -4 1 0 - - 1 1 8 1 -3 -2 2 4 4 - - 1 7 7 -4 11 1 -1 6 7 June -11 3 3 12 9 -6 -24 -17 -11 -4 7 14 J A u u ly g -4 7 9 1 1 2 0 -6 7 3 1 8 5 -1 2 0 4 -19 6 - - 1 7 3 3 4 8 -2 1 4 1 1 2 3 1 1 5 6 -2 • S O e c p t t . f - 1 4 5 4 5 24 8 -3 3 3 9 2 38 -3 1 3 1 17* - 1 2 3 0 2 -18 1 0 -17 7 4 5 2 7 Nov.?.... 9 -9 22 -30 20 42 -14 -38 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • 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 i n tz 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 Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r e s I r n e t g l. i o a n n a d l 1969 1,202 97 200 14 176 251 83 822 32 14 -11 10 336 1970 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971—Jan.-Nov.p 677 16 36 1 183 309 45 590 50 19 -3 * -21 42 1970—Nov 47 2 1 * 3 1 4 13 17 2 3 * * 1133 Dec 75 2 7 -3 9 28 18 61 1 1 3 * 1 88 1971—Jan 89 * -6 * 15 2 * 12 28 -4 * * * 52 Feb 137 4 3 16 21 39 85 -4 1 1 * -12 65 Mar 123 10 14 — 1 32 32 5 92 11 6 3 * * 11 Apr -23 3 -3 * 7 7 5 19 -2 4 -6 * * -39 May 27 -1 27 * -5 19 -6 33 * 3 -1 * -2 -6 June -4 -1 -1 * -2 -4 * -8 11 2 -3 * -2 -3 July 40 -2 — 1 1 3 20 1 22 -10 3 * * * 24 Aug 60 -3 -1 — 1 * 49 -3 42 * \ 1 * * 17 Sept 94 * -1 * 21 69 -3 86 16 5 * * * -14 Oct.f. , , 41 5 1 * 53 24 2 84 -8 -2 -1 * * -33 NOV.P .... 94 * 4 42 70 6 122 7 -1 2 * -5 -31 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e i n r - Asia r A ic f a - O c t o r t i u h e n e s r - E pe nd ri o o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o b d r a u e l e i a g n f n r c e o e r m s s ) gional tries 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.-Nov.P. . -975 -312 -663 25 -353 -37 -335 7 31 467 297 434 278 1970—Nov -1 3 -4 -10 15 -2 -9 I Dec -141 4 -145 -22 -90 -5 -31 -1 4 1970—Mar 368 220 334 182 1971—Jan -312 -197 -116 2 -90 -1 -29 2 291 203 Feb -24 -4 -20 -24 27 4 -29 1 Dec 349 279 Mar -50 11 -61 6 -34 11 -44 _ i 1 Apr -122 -46 -77 -34 29 5 -79 1 511 314 May -126 4 -130 -4 -62 -13 -52 2 419 300 June -150 13 -163 -3 -111 5 -72 14 Sept.f 332 320 July -67 7 -74 -16 -6 -2 -53 2 Aug -174 -152 -22 23 -23 -10 -14 1 Sept 15 8 6 1 -7 3 8 1 NOTE.—Data represent the money credit balances and Oct.f -41 32 -74 22 -108 -13 23 2 money debit balances appearing on the books of reporting Nov.f 78 11 67 51 32 -28 8 3 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. • JANUARY 1972 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 ties1 Wednesday ties1 plus Wednesday ties1 plus Maturity of sec.2 sec.2 liability Aug. Sept. »• Oct. 1970 1971—Cont. 1,879 J F a e n b . . 2 2 5 8 . . 1 1 3 3 , , 0 60 8 5 6 July 7r.. 2,189 5,197 Call 1 1 . . 6 7 1 1 2 1 . . 3 4 8 3 1 1 . . 7 5 7 8 1,951 Mar. 25. 11,885 14'.. 1,740 4,787 Other liabilities, maturing 3,472 Apr. 29. 11,944 21. 1,880 4,927 in following calendar 4,036 May 27. 12,346 28'. . 1,495 4,645 months after report J J u u l n y e 2 2 4 9 . . 1 1 0 2 , , 4 1 6 7 9 2 Aug. 4 r. . 1 1 , , 9 1 0 1 5 0 4 5 , ,0 2 5 9 5 6 dat 1 e s : t 9.25 9.27 8.50 Aug. 26. 10,629 1,376 4,562 2nd 5.29 5.03 5.68 4 4 3 3 , , , , 2 0 1 4 4 5 6 1 1 9 6 2 S N D O e e o c p c t v 1 . t . . 9 . 7 2 2 3 3 1 5 8 0 0 . . . . 9 9 7 8 , , , , 6 2 6 4 7 6 9 3 6 3 7 5 Sept. 2 1 5 5 1 8 r r . r r . . . . . . . 1 1 1 1, , , , 7 2 4 2 0 3 0 3 1 9 5 3 4 3 3 3 , , , , 0 3 4 4 7 5 0 0 5 5 9 3 7 5 6 4 3 t r t t t h h d h h . . . . . . 2 2 3 1 . . . . . 0 4 9 6 3 3 4 3 3 1 4 2 1 1 . . . . . 3 5 4 4 7 9 5 9 4 7 4 2 1 1 . . . . . 9 0 7 3 7 7 6 7 5 6 Jan. 27. 6,536 7,536 22'. . 2,153 3,807 8th... .42 .34 .27 Feb. 24. 5,666 6,666 29'. . 2,475 3,578 9th... . . 3 2 4 3 . .3 2 8 7 . .2 4 1 2 Mar. 31. 2,858 4,358 Oct. 6r. . 2,222 3,325 11th .38 .20 .24 Apr. 7. 3,259 4,759 13'. . 2,723 3,275 12th .19 .22 .25 4,920 14. 2,310 5,318 20 r. . 2,601 3,153 Maturities of more than 1 6,202 21. 2,244 5,252 27'.. 2,917 2,917 .77 .74 .78 7 6, , 0 1 3 0 9 4 May 2 5 8 . . 2 2 , , 1 0 5 0 8 4 5 5 , , 1 0 6 1 6 2 Nov. 3 r. . 2,467 2,467 2 1 1 6 2 9 . . . 1 1 1 , , ,5 5 6 7 9 2 9 8 8 4 4 4 , , , 6 5 6 0 8 3 6 7 6 2 1 1 4 7 0 r r . . . .. . . 2 3 3 , , , 9 3 3 6 4 5 4 2 8 2 3 3 , , , 9 3 3 6 4 5 4 2 8 Total 30.53 30.90 30.65 June 2. 1,877 4,885 Dec. 1... 2,408 2,408 NOTE.—Includes interest-bearing U.S. dollar 9,621 9. 1,938 4,946 8... 1,867 1,867 deposits and direct borrowings of all branches in 1 1 1 3 4 2 , , , 2 3 8 6 4 0 9 9 5 2 3 1 3 0 6 . r r 2 2 1 , , , 3 3 4 2 1 9 3 3 2 5 4 5 , , , 3 3 5 3 2 0 1 1 0 2 2 1 9 2 5 . . . . . . . . . 1 1 , , 3 5 9 8 4 0 6 4 3 1 1 , , 3 5 9 8 4 0 6 4 3 t f a h o m e r o w B un h a t h i c a t h o m s a $ s u 5 c 0 h a m nd d i l e l o p io f o n s a i l t o l s r o a m t n h o d e r r e d . f i o re r c e t i gn b o b rr r o a w nc i h n e g s s 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 Assets in custody Payable in dollars foreign currencies E p n e d ri o o d f Deposits U se . c S u . r G iti o e v s t 1 , Ear g m o a ld rk ed EE ppee nn rr dd ii oo oo dd ff TToottaall Deposits i S n t h e v o r e m r s t t - - Deposits i S n t h e v o r e m r s t t - - UU KK dd nn ii oo nn ii mm tt gg ee -- dd CCaannaaddaa ments 1 ments1 1968. 216 9,120 13,066 1969. 134 7,030 12,311 1968 1,638 1,219 87 272 60 979 280 1970—Dec.. 148 16,226 12,926 1969 2 \ f l l , , 4 31 5 9 4 1,0 9 2 5 5 2 1 16 1 1 6 1 18 7 3 4 7 8 6 6 6 6 1 6 0 3 5 4 1 6 9 9 1971-- F M A Ja e p a n b r r . . . . . . . . . 2 1 1 1 0 2 4 6 9 7 1 2 2 2 1 1 2 0 6 8 , , , , 8 5 0 2 7 3 3 0 9 4 3 6 1 1 1 1 2 2 3 3 , , , , 9 9 0 0 5 8 5 9 8 1 7 5 1970— D N O e c o c t v 1 1 1 , , , 4 4 0 8 7 9 5 7 5 9 9 6 3 5 5 8 5 1 2 1 1 0 8 5 3 9 0 1 1 1 7 7 7 5 7 3 1 1 1 6 5 2 6 9 1 6 6 3 8 6 7 6 4 2 4 4 4 1 7 4 7 2 0 J J A S N D M O u u e u o e c l a n p c g v y t y e t . . . . . . . . . . . . . 2 2 1 1 1 1 1 1 9 0 7 9 6 3 6 2 4 8 7 9 5 2 2 6 4 2 2 2 3 3 3 3 3 8 8 6 9 8 6 5 , , , , , , , , 1 5 5 9 9 2 9 1 9 7 4 8 2 0 1 2 5 4 4 0 1 7 4 6 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 , , , . . , , , 8 5 5 8 8 8 8 4 1 5 0 1 2 1 2 4 5 9 9 9 0 9 1 7 1971— J J A A M M F J u u a e u p a l n a n b y g r y r e , , 1 1 1 1 1 1 1 1 , , , , , , , , 4 4 4 6 3 5 4 2 7 6 6 5 6 1 3 5 5 8 6 0 2 2 2 2 1,0 9 9 9 9 9 8 8 8 3 1 5 1 6 0 1 9 8 8 2 7 5 5 5 2 1 1 1 1 1 1 1 0 7 7 6 4 9 6 8 8 3 8 5 4 7 0 3 2 2 2 2 2 1 1 1 3 4 4 9 0 7 9 7 8 1 0 3 0 5 0 7 1 1 1 1 1 1 1 1 2 0 3 4 4 2 1 6 8 1 8 5 4 2 6 1 6 6 7 6 5 6 5 5 7 4 3 4 0 2 8 2 9 5 4 8 6 2 7 0 4 4 4 3 3 3 3 3 8 2 0 9 7 6 6 9 8 4 1 3 7 3 7 0 Sept.r 1,551 962 204 278 107 514 481 1 Marketable U.S. Treasury bills, certificates of in- Oct 1,553 973 205 270 106 526 507 debtedness, notes, and bonds and nonmarketable U.S. c T u r r e r a e s n u c r i y e s. s ecurities payable in dollars and in foreign 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. hel N d O f T o E r .— in E te x r c n l a u t d i e o s n a d l e p a o n s d i ts r e a g n io d na U l .S o . r ga G n o i v za t, t io s n ec s. u ri E ti a e r s - 2 Data on the two lines for this date differ because of changes in reporting coverage. marked gold is gold held for foreign and international Figures on the first line are comparable in coverage with those shown for the preceding accounts and is not included in the gold stock of the date; figures on the second line are comparable with those shown for the following date. United States. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables 25 and 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period. Amounts outstanding; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1970 1971 1970 1971 June Sept. Dec. Mar. June® June Sept. Dec. Mar. June® Europe: Austria 4 6 8 11 12 8 9 10 10 10 Belgium-Luxembourg 74 66 46 47 58 58 54 47 49 60 Denmark 3 3 2 9 3 17 16 17 1166 17 Finland 1 1 2 2 2 8 13 11 88 15 France 156 141 126 112 117 176 154 150 159 181 Germany, Fed, Rep. of 164 166 139 122 105 174 192 209 191 228 Greece 3 3 4 4 5 27 28 28 34 27 Italy 84 69 77 71 69 173 161 163 175 172 Netherlands 116 124 128 115 102 72 62 62 65 74 Norway 5 6 5 4 5 13 1 13 16 15 14 Portugal 5 10 13 14 18 18 ! 14 15 13 20 Spain 47 48 24 27 35 72 73 81 93 91 S S w w e it d z e e n r land 1 3 5 1 9 18 3 5 5 1 3 5 4 9 1 2 2 8 2 8 3 5 1 2 3 7 7 1 ! 4 25 5 4 4 7 0 5 3 3 8 4 6 0 2 Turkey 2 3 4 3 5 11 1 13 8 17 9 United Kingdom 666 661 819 704 646 1,137 i 1,055 698 1,020 961 Yugoslavia 1 1 2 1 1 15 i 17 17 16 1166 Other Western Europe 21 21 11 1 2 12 9 9 12 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 19 15 17 100 107 120 105 118 Chile 9 11 11 13 8 37 42 48 40 44 Colombia 5 6 6 6 6 37 37 37 3366 3311 Cuba * * * * * 1 11 Mexico 21 28 22 20 20 140 149 156 143 151 Panama 5 5 5 6 6 19 18 18 21 17 Peru 6 6 4 4 4 37 1 29 36 35 36 Uruguay 5 5 4 4 4 6 5 6 7 6 Venezuela 19 14 18 17 17 63 I 70 68 70 70 Other L.A. republics 28 35 37 29 29 102 1 97 100 96 96 Bahamas and Bermuda 63 94 154 158 152 116600 i 153 160 221100 263 Neth. Antilles and Surinam. 38 24 23 5 7 88 ! 10 9 88 9 Other Latin America 6 5 6 5 6 19 | 23 ! 29 21 25 Total 234 260 320 296 293 790 801 I 848 858 934 Asia: Hong Kong 7 8 9 8 8 17 ; 19 17 19 25 India 37 41 38 25 22 41 42 ! 34 39 39 Indonesia 7 7 9 5 6 17 14 ! 21 20 21 Israel 17 21 24 28 19 23 21 I 23 24 26 Japan 113 135 144 165 158 311 j 314 1 323 348 371 Korea 2 1 1 11 10 50 1 29 42 48 53 Philippines 7 7 7 7 7 33 32 30 31 56 Taiwan 4 8 9 10 11 29 ! 27 33 32 37 T O h th ai e l r a n A d s ia 28 3 47 4 50 4 5 4 9 122 3 1 1 2 5 5 i! 14 1 5 3 14 1 5 1 15 1 5 2 15 1 9 3 Total 227 281 296 322 366 662 657 678 728 801 Africa: Congo (Kinshasa) 14 15 2 2 2 5 i 4 3 5 6 South Africa 19 24 34 31 45 35 29 30 32 38 U.A.R. (Egypt) 2 2 1 2 1 10 11 9 10 9 Other Africa 37 51 41 19 33 49 48 50 53 67 Total 72 90 78 54 82 99 | 92 92 100 120 Other countries: Australia 69 74 75 81 81 84 70 80 86 83 All other 6 | 5 7 8 8 14 15 15 13 17 Total 74 79 82 89 89 98 84 94 99 99 International and regional.... * * • * * 2 1 1 3 4 Grand total 2,356 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. • JANUARY 1972 26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y l in l a a b r l s e cu P f r o a r r y e i e n a n i b g c l n i e e s Total P d a o y l in l a a b r l s e b D a e n p k o s s i a ts b r w o i a t d h in reporter's Other name 1967—June. 1,203 916 287 2,585 2,110 199 275 Sept.. 1,353 1,029 324 2,555 2,116 192 246 Dec.1 1 1 , ,3 3 7 8 1 6 1 1 , , 0 0 3 2 9 7 3 3 4 4 7 3 2 3, , 0 9 1 4 1 6 2 2 , , 5 5 9 2 9 9 2 2 0 0 3 1 2 2 0 1 9 6 1968—Mar.. 1,358 991 367 3,369 2,936 211 222 June., 1,473 1,056 417 3,855 3,415 210 229 Sept.. 1,678 1,271 407 3,907 3,292 422 193 Dec.. 1,608 1,225 382 3,783 3,173 368 241 1969—Mar.. 1,576 1,185 391 4,014 3,329 358 327 June. 1,613 1,263 350 4,023 3,316 429 278 Sept.. 1,797 1,450 346 3,874 3,222 386 267 Dec.1 1,786 1,399 387 3,710 3,124 221 365 2,090 1,654 436 4,124 3,495 244 385 1970—Mar.. 2,202 1,724 478 4,238 3,699 219 320 June. , 2,356 1,843 513 4,417 3,825 234 358 Sept.. 2,482 1,955 526 4,316 3,710 301 306 Dec.., 2,597 2,165 432 4,117 3,534 234 349 1971—Mar.. 2,365 1,946 419 4,499 3,890 232 377 June p. 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 EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll Country or area llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th ll e r 1967—June 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec 1 ( 414 1,537 43 257 311 212 85 278 128 117 89 16 { 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1 ,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec 1 1 f 1 2 , , 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 5 9 4 6 2 1 1 7 7 2 4 7 7 7 3 3 41 8 5 8 1 14 4 1 2 2 24 6 9 9 7 6 5 9 4 4 6 2 1970—Mar 2,353 2,716 159 735 554 178 74 453 158 286 71 47 June 2,585 2,729 161 712 571 175 65 472 166 286 76 54 Sept 2,768 2,858 157 720 601 177 63 582 144 283 73 58 Dec 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*5 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

JANUARY 1972 • MONEY RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France Period (peso) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) 1968 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 20.191 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 4 19.302 1970 126.589 111.36 3.8659 2.0139 295.802 16.774 13.334 23.742 18.087 1971 22.502 113.61 4.0009 2.0598 99.021 16.800 13.508 23.758 18.148 1970 Nov 24.864 111.11 3.8676 2.0147 98.014 16.792 13.336 23.722 18.120 Dec 24.836 111.12 3.8681 2.0137 98.276 16.792 13.354 23.722 18.107 1971—Jan 24.829 111.82 3.8665 2.0145 98.831 16.792 13.361 23.722 18.119 Feb 24.831 112.38 3.8651 2.0148 99.261 16.792 13.359 23.722 18.122 24.835 112.42 3.8670 2.0145 99.367 16.792 13.368 23.722 18.129 24.673 112.38 3.8696 2.0144 99.237 16.792 13.353 23.727 18.126 24.156 112.42 3 3.9676 2.0164 99.138 16.792 13.334 23.735 18.094 23.602 112.43 4.0021 2.0109 97.913 16.792 13.342 23.735 18.092 July 22.642 112.42 4.0040 2.0133 97.912 16.792 13.334 23.735 18.136 20.757 113.17 4.0264 2.0351 98.670 16.792 13.435 23.735 18.130 Sept 19.919 114.78 4.0844 2.0921 98.717 16.839 13.672 23.830 18.112 Oct 19.923 115.76 4.1261 2.1353 99.537 16.820 13.768 23.800 18.073 19.925 115.89 4.1280 2.1572 99.607 16.806 13.773 23.773 18.096 Dec 1199..992288 117.48 4.2041 2.1986 100.067 16.797 13.994 23.852 18.549 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r ) 1968 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 1970 Nov 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 27.793 Dec 27.437 13.229 239.06 .16039 .27959 32.382 8.0056 27.763 1971—Jan 27.496 13.269 240.58 .16045 .27932 32.515 8.0056 27.820 Feb 27.594 13.311 241.78 .16036 .27969 32.615 8.0056 27.814 Mar 27.538 13.304 241.87 .16063 .27971 32.616 8.0056 27.816 Apr 27.516 13.315 241.79 .16070 .27972 32.604 8.0056 27.776 May 6 28.144 13.330 241.87 .16059 .27979 32.642 8.0056 628.135 June 28.474 13.346 241.87 .16009 .27979 32.720 8.0056 28.065 July 28.728 13.347 241.85 .16048 .27980 32.733 8.0056 28.097 Aug 29.277 13.345 243.46 .16157 .28113 32.737 8.0056 28.693 Sept 29.794 13.401 246.94 .16292 .29583 33.354 8.0056 29.308 Oct 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 29.772 Nov 30.005 13.353 249.33 .16324 .30418 33.627 8.0056 30.006 Dec 3300..559933 13.388 252.66 .16652 .31249 34.135 8.0056 30.503 United Period Z (d e N o a e l l l w a a n r d ) 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 - ) (p K d o i o u n m n g - d) 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 1971 113.71 14.205 3.5456 140.29 1.4383 19.592 24.325 244.42 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 7 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 81.4457 19.914 25.157 249.06 Nov 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 249.33 Dec 111177..3311 14.816 3.6494 137.22 1.4822 20.434 25.615 252.66 1 A new Argentine peso, equal to 100 old pesos, was introduced on 7 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by U.S. dollar. the Government of Argentina. 8 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455 2 On June 1, 1970, the Canadian Government announced that, for the per U.S. dollar. time being, Canada will not maintain the exchange rate of the Canadian dollar within the margins required by IMF rules. NOTE—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold 3 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 was suspended; as from that day foreign central banks did not have to per U.S. dollar. support the dollar rate in order to keep it within IMF limits. 4 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to During December 1971, certain countries established central rates 5.55 francs per U.S. dollar. against the U.S. dollar in place of former IMF parities. 5 Effective Oct. 26, 1969, the new par value of the German mark was Averages of certified noon buying rates in New York for cable transfers. set at 3.66 per U.S. dollar. For description of rates and back data, see "International Finance," 6 Effective May 10, 1971, the German mark and Netherlands guilder Section 15 of Supplement to Banking and Monetary Statistics, 1962. have been floated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 MONEY RATES • JANUARY 1972 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Dec. 31, 1970 Rate Country 1971 as of Dec. 31, Per Month 1971 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Argentina., 6.0 Dec. 1957 6.0 Austria.... 5.0 Jan. 1970 5.0 Belgium.. . 6.5 Dec. 1970 6.0 5.5 5.5 Brazil 20.0 July 1969 20.0 Burma. . . . 4.0 Feb. 1962 4.0 Canada 6.0 Nov. 1970 5.25 4.75 4.75 Ceylon 5.5 May 1968 5.5 Chile 14.0 July 1969 14.0 Colombia.., 8.0 May 1963 8.0 Costa Rica. 4.0 June 1966 4.0 Denmark. .. 9.0 May 1969 8.0 7.5 7.5 Ecuador.. .. 8.0 Jan. 1970 8.0 El Salvador. 4.0 Aug. 1964 4.0 Finland.... 7.0 Apr. 1962 8.50 8.50 France 7.0 Oct. 1970 6.5 6.75 6.5 6.5 Germany, Fed. Rep. of.. 6.0 Dec. 1970 5.0 4.5 4.0 Ghana 5.5 Mar. 1968 8.0 8.0 Greece 6.5 Sept. 1969 6.5 Honduras 3.0 Jan. 1962 3.0 Iceland 9.0 Jan. 1966 9.0 India 5.0 Mar. 1968 6.0 6.0 Indonesia. 6.0 May 1969 6.0 6.0 Iran 8.0 Aug. 1969 7.0 7.0 Ireland... 7.31 May 1970 7.25 6.19 6.06 6.00 5.94 6.12 5.12 5.12 4.94 4.62 Israel.... 6.0 Feb. 1955 6.0 Italy 5.5 Mar. 1970 5.0 4.5 4.5 Jamaica. 6.0 May 1969 5.5 5.0 5.0 Japan... 6.0 Oct. 1970 5.75 5.5 5.25 4.75 4.75 Korea. 23.0 Dec. 1970 20.0 20.0 Mexico 4.5 June 1942 4.5 Netherlands... 6.0 Aug. 1969 5.5 5.0 5.0 New Zealand. 7.0 Mar. 19611 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 4.5 Sept. 1969 4.5 Pakistan 5.0 June 1965 5.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic. 10.0 June 1969 10.0 Portugal 3.5 Apr. 1970 3.75 3.75 South Africa 5.5 Aug. 1968 6.5 6.5 Spain 6.5 Mar. 1970 6.25 6.0 5.0 5.0 Sweden 7.0 July 1969 6.5 6.0 5.5 5.0 5.0 Switzerland. 3.75 Sept. 1969 3.75 Taiwan 9.8 Dec. 1970 9.25 9.25 Thailand... 5.0 Oct. 1959 5.0 Tunisia 5.0 Sept. 1966 5.0 Turkey 9.0 Sept. 1970 9.0 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom 7.0 Apr. 1970 6.0 5.0 5.0 Venezuela 5.0 Oct. 1970 5.0 Vietnam. 18.0 Sept. 1970 18.0 NOTE.—Rates shown are mainly those at which the central bank either Ecuador—5 per cent for special advances and for bank acceptances for discounts or makes advances against eligible commercial paper and/or agricultural purposes, 7 per cent for bank acceptances for industrial govt, securities for commercial banks or brokers. For countries with purposes, and 10 per cent for advances to cover shortages in legal reserves; more than one rate applicable to such discounts or advances, the rate Honduras—Rate shown is for advances only. shown is the one at which it is understood the central bank transacts Indonesia—Various rates depending on type of paper, collateral, comthe largest proportion of its credit operations. Other rates for some modity involved, etc.; of these countries follow: Japan—Penalty rates (exceeding the basic rate shown) for borrowings Argentina—3 and 5 per cent for certain rural and industrial paper, de- from the central bank in excess of an individual bank's quota; pending on type of transaction; Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish produc- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural tion, import substitution industries and manufacture of exports; 8 per paper; cent for other agricultural, industrial and mining paper; Chile—1 per cent for loans to consumer cooperatives and to handicraft Philippines—6 per cent for financing the production, importation, and disand small- and medium-sized industries; 6 per cent for industrial trans- tribution of rice and corn and 7.75 per cent for credits to enterprises enformation loans; 8 per cent for preshipment loans, agricultural paper gaged in export activities. Preferential rates are also granted on credits to and loans to firms following prescribed policies; 17 per cent for construc- rural banks; and tion paper beyond a basic rediscount period, personal loans, special Venezuela—2 per cent for rediscounts of certain agriculture paper, 4 Vi rediscounts, and cash position loans; and 18 per cent for selective redis- per cent for advances against government bonds, and 5 V4 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

JANUARY 1972 • MONEY RATES; ARBITRAGE A 93 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d. e r R m e a p n . y o , f Netherlands Sw la it n z d e r- MMoonntthh 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - y e t y o 2 - 3 m P b b r o i a i l n m n ls k t , e h s3 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - C d b r l e a e a p t a n o e r k s s in s 4 i t ' g D m a o d y n a - e y t y o s - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 6 , r y D m a o d y n a - y e 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 o y - d P is r r i c a v o t a e u t n e t 197 0 66666.....1111122222 66666.....2222222222 88888.....2222266666 66666.....7777700000 55555.....7777733333 55555.....2222233333 8.67 66666.....5555544444 88888.....6666677777 55555.....9999977777 66666.....4444477777 55555.....1111144444 197 1 33333.....6666622222 33333.....7777766666 66666.....4444411111 55555.....5555577777 44444.....9999933333 33333.....8888844444 44444.....5555544444 66666.....1111100000 44444.....3333344444 33333.....7777766666 55555.....2222244444 1970—De c 44444.....4444477777 55555.....0000077777 88888.....0000066666 66666.....8888822222 55555.....9999955555 55555.....0000000000 7.46 55555.....7777755555 77777.....5555522222 55555.....9999911111 66666.....7777733333 55555.....2222255555 1971—Ja n 44444.....5555599999 55555.....2222255555 88888.....0000066666 66666.....7777799999 55555.....8888844444 55555.....0000000000 6.46 55555.....7777755555 77777.....6666611111 55555.....6666600000 44444.....4444466666 55555.....2222255555 Feb 44444.....5555511111 44444.....9999900000 88888.....0000066666 66666.....7777755555 66666.....0000088888 55555.....0000000000 6.00 55555.....7777755555 77777.....3333322222 55555.....0000055555 55555.....4444411111 55555.....2222255555 Mar 33333.....3333300000 33333.....4444488888 88888.....0000066666 66666.....6666666666 66666.....1111122222 55555.....0000000000 5.77 55555.....7777755555 77777.....3333366666 44444.....4444499999 33333.....2222277777 55555.....2222255555 Apr 33333.....0000044444 22222.....6666655555 77777.....0000066666 55555.....7777755555 55555.....1111155555 44444.....0000000000 5.53 44444.....7777755555 44444.....2222233333 33333.....5555599999 11111.....1111133333 55555.....2222255555 May 33333.....0000066666 22222.....7777766666 77777.....0000066666 55555.....6666655555 55555.....3333366666 44444.....0000000000 5.84 44444.....7777755555 22222.....3333311111 33333.....8888888888 11111.....8888844444 55555.....2222255555 June 33333.....1111155555 33333.....0000011111 66666.....7777744444 55555.....6666600000 44444.....7777711111 44444.....0000000000 6.45 44444.....2222255555 66666.....9999955555 44444.....3333399999 22222.....9999911111 55555.....2222255555 July 33333.....5555588888 33333.....6666644444 66666.....4444422222 55555.....5555577777 55555.....0000000000 44444.....0000000000 5.62 44444.....2222255555 66666.....3333333333 44444.....0000033333 22222.....6666699999 55555.....2222255555 Aug 33333.....8888888888 33333.....9999944444 55555.....9999999999 55555.....7777755555 55555.....0000055555 44444.....0000000000 5.69 44444.....2222255555 66666.....1111188888 44444.....2222244444 55555.....5555533333 55555.....2222255555 Sept 33333.....9999933333 44444.....1111166666 33333 55555.....4444422222 44444.....8888833333 44444.....3333399999 44444 33333.....0000000000 5.99 44444.....2222255555 77777.....0000011111 44444.....3333344444 33333.....8888800000 55555.....2222255555 Oct 33333.....7777799999 44444.....1111166666 88888 44444.....9999900000 44444.....6666633333 44444.....2222299999 22222.....8888888888 33333.....7777755555 77777.....5555500000 44444.....4444477777 55555.....3333355555 55555.....2222255555 Nov 33333.....3333311111 33333.....6666600000 44444.....7777744444 44444.....4444488888 33333.....7777755555 22222.....7777700000 33333.....7777755555 44444.....5555588888 44444.....0000066666 33333.....7777799999 55555.....2222255555 Dec 33333.....2222255555 33333.....6666633333 44444.....4444422222 44444.....3333366666 33333.....4444466666 22222.....5555500000 33333.....2222255555 55555.....7777788888 33333.....9999900000 44444.....9999911111 55555.....1111122222 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance," deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates DDDaaattteee q K ( u U i b a o n U n d a t g s i j . a . t S d i t e s . i o t d ) o o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o o ad r n ) PP dd ff (( (( pp rr oo ii —— ee ++ ss oo rr cc mm )) ww uu )) oo nn ii aa uu oo uu oo dd rr rr nn mm nn dd tt ii LL nn (( oo cc ff NN nn ee aa oo nn dd vv ee ff tt tt oo oo ii rr vv nn ee )) qu A o in s t e d C an La q d u A 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 S ( a f p n a o r a v e f d o ad r a ) CC PP dd ff (( (( dd rr aa oo ii —— ++ ee ss oo nn rr cc mm )) ll ww aa )) ll oo dd aa ii aa oo uu oo uu ii rr rr rr nn ss aa nn mm dd nn tt ii CC nn (( cc aa ff NN ee nn aa oo nn aa vv ee ff tt tt dd oo ii rr vv aa )) ee Canada basis 1971 July 2 5.53 5.14 .39 -.80 -.41 3.40 3.33 5.14 -1.81 1.10 -.71 9 5.50 5.33 .17 -.58 -.41 3.55 3.47 5.33 -1.86 1.27 -.59 16 5.56 5.37 .19 -.37 -.18 3.56 3.48 5.37 -1.89 1.39 -.50 23 5.56 5.28 .28 -.96 -.68 3.53 3.45 5.28 -1.83 1.28 -.55 30 5.56 5.20 .36 -.63 .27 3.70 3.62 5.20 -1.58 1.35 -.23 Aug. 6 5.53 5.23 .30 -.48 -.18 3.92 3.83 5.23 -1.40 1.22 -.18 13 5.63 5.10 .53 .40 .93 3.98 3.92 5.10 -1.18 1.34 .16 20 5.73 4.49 1.24 -.24 1.00 3.84 3.75 4.49 -.74 1.13 .39 27 5.70 4.55 1.15 .91 2.06 3.79 3.70 4.55 -.85 1.13 .28 Sept. 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 29 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 '-1.13 .60 -.59 Dec. 3 4.29 4.21 .08 2.56 2.64 3.40 3.33 4.21 -.88 .58 -.30 10 4.19 4.01 .18 1.75 1.93 3.30 3.23 4.01 -.78 .62 -.16 17 4.35 3.98 .37 2.37 2.74 3.17 3.10 3.98 -.88 .64 -.24 24 4.41 3.78 .63 1.10 1.73 3.18 3.09 3.78 -.69 .56 -.13 31 4.41 3.70 .71 .81 1.52 3.20 3.14 3.70 -.56 .72 .16 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 • JANUARY 1972 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s i - a A tr u i s a - g B iu el m - Brazil Burma Canada world1 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 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 ®26'280 192 140 259 722 1,572 46 22 792 4,724 10,207 192 140 259 722 1,564 46 22 792 4,726 10,206 192 259 722 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 . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 2 3 6 5 1 9 0 7 8 4 8 5 4 4 5, , 2 7 3 0 8 6 4 4 , , 4 2 1 9 0 2 1 7 2 8 0 2 2 8 4 1 3 1 1 3 4 0 6 1 1 1 0 0 6 2 2 1 3 5 4 6 6 2 2 , , 4 41 0 4 4 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 18 64 45 3,533 4,081 117 243 131 144 16 43 2,981 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 17 64 29 3,532 3,979 114 243 131 144 16 43 2,886 17 64 29 3,531 3,978 99 243 131 144 16 43 2,885 16 64 29 3,527 3,977 99 243 131 144 16 43 2,884 16 64 29 3,527 4,029 99 243 131 143 16 43 2,884 16 64 29 3,523 4,035 99 243 130 143 16 43 2,884 16 64 29 3,523 4,046 99 243 131 143 16 43 2,884 16 64 29 3,523 4,077 99 243 131 143 16 43 2,884 14 64 49 3,523 4.076 99 243 131 143 16 43 2,884 14 64 49 3,523 4.077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N la et n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n 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 1 6 3 7 6 1 19 9 3 3 6 6 8 8 31 1 1 1 0 6 9 6 2 21 1 , ,7 7 1 3 1 0 1 1 8 8 5 5 3 3 2 65 0 4 6 4 0 6 6 9 4 9 3 122 288 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 ,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 18 82 2 2 21 1 , , 8 8 6 6 7 7 3 3 2 2 5 5 5 4 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 58 184 21 ,889 34 55 40 65 907 87 322 85 58 184' 21 ,889 34 55 40 66 911 8 8 7 7 3 3 2 2 2 2 8 8 5 5 5 5 8 8 2211 , , 8 8 8 8 9 9 3 3 4 4 5 5 5 5 6 6 7 7 9 9 1 1 1 8 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1972 • GOLD RESERVES AND PRODUCTION A 95 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz 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—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 -73 630 498 200 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 '803 148 391 52 225 Aug 486 498 200 2,909 81 81 127 85 mi 148 391 52 210 Sept r479 498 200 2,909 81 82 127 85 mi 148 391 52 215 Oct 460 498 200 2,909 8800 82 127 148 391 52 227 444433 449988 220000 22,,990099 8822 112222 114488 339911 3300 224499 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc 11 -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U St n a i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m- India Japan P p h i i n 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 22222226666666.......4444444 2222222.......3333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 5555555.......4444444 111111111111111111111111111111111111..................222222222222222222 444444444444444...............666666666666666 1111111188888888........11111111 11111115555555.......3333333 333333333333333000000000000000...............777777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 5555555.......2222222 999999999999999999..................888888888888888888 444444444444444...............222222222222222 1111111199999999........44444444 11111115555555.......8888888 333333333333333222222222222222...............111111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 5555555.......2222222 999999999999999999..................000000000000000000 333333333333333...............444444444444444 2222222233333333........77777777 11111117777777.......2222222 222222222222222888888888888888...............444444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 4444444.......9999999 888888888888888888..................444444444444444444 444444444444444...............000000000000000 2222222211111111........55555555 11111118888888.......5555555 222222222222222777777777777777...............666666666666666 66666661111111.......6666666 1969 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888899999999999999999999....................11111111111111111111 6666666.......3333333 3333333.......7777777 777777777777777777..................777777777777777777 333333333333333...............444444444444444 2222222233333333........77777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 66666660000000.......0000000 \91QP 1111111,,,,,,,444444455555550000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 66666663333333.......5555555 8888888888888888888811111111111111111111....................88888888888888888888 6666666.......9999999 3333333.......8888888 777777777777777777..................111111111111111111 333333333333333...............777777777777777 2222222244444444........88888888 22222221111111.......1111111 222222222222222111111111111111...............777777777777777 55555556666666.......6666666 1970 Oct 9999999999999999999966666666666666666666....................66666666666666666666 66666666666666666666....................99999999999999999999 ..................666666666666666666 ...............333333333333333 22222222........33333333 111111111111111...............777777777777777 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................55555555555555555555 ..................666666666666666666 ...............333333333333333 111111111111111...............777777777777777 Dec 8888888888888888888899999999999999999999....................77777777777777777777 66666666666666666666....................88888888888888888888 ..................555555555555555555 ...............333333333333333 222222222222222...............000000000000000 1971 jan 9999999999999999999911111111111111111111....................33333333333333333333 77777777777777777777....................00000000000000000000 ..................444444444444444444 ...............444444444444444 111111111111111...............777777777777777 Feb 8888888888888888888899999999999999999999....................66666666666666666666 66666666666666666666....................66666666666666666666 ..................666666666666666666 ...............444444444444444 111111111111111...............666666666666666 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................77777777777777777777 ..................555555555555555555 ...............444444444444444 222222222222222...............333333333333333 9999999999999999999911111111111111111111....................99999999999999999999 66666666666666666666....................55555555555555555555 ..................555555555555555555 ...............444444444444444 111111111111111...............888888888888888 Mav' " 9999999999999999999911111111111111111111....................55555555555555555555 66666666666666666666....................77777777777777777777 ..................555555555555555555 ...............333333333333333 111111111111111...............888888888888888 June 9999999999999999999922222222222222222222....................00000000000000000000 66666666666666666666....................77777777777777777777 ..................111111111111111111 July 9999999999999999999933333333333333333333....................44444444444444444444 55555555555555555555....................88888888888888888888 111111111111111111..................111111111111111111 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 ..................666666666666666666 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE SHERMAN J. MAISEL ANDREW F. BRIMMER JOHN E. SHEEHAN 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. GRIM WOOD, 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 NORMAND R. V. BERNARD, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary RALPH C. BRYANT, Director ELIZABETH L. CARMICHAEL, Assistant JOHN E. REYNOLDS, Associate Director Secretary ROBERT L. SAMMONS, Associate Director 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 ROBERT F. GEMMILL, Associate Adviser SAMUEL PIZER, Associate Adviser DIVISION OF FEDERAL RESERVE BANK 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 DIVISION OF ADMINISTRATIVE SERVICES GLENN L. CUMMINS, Assistant Director BENJAMIN R. W. KNOWLES, JR., JOSEPH E. KELLEHER, Director Assistant Director DONALD E. ANDERSON, Assistant Director HENRY W. MEETZE, Assistant Director JOHN D. SMITH, Assistant Director RICHARD S. WATT, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER MONROE KIMBREL FRANK E. MORRIS GEORGE H. CLAY SHERMAN J. MAISEL J. L. ROBERTSON J. DEWEY DAANE ROBERT P. MAYO JOHN E. SHEEHAN GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist NORMANDR. V. BERNARD, Assistant Secretary LYLE E. GRAMLEY, Associate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel JOHN E. REYNOLDS, Associate Economist DAVID B. HEXTER, Assistant General Counsel KARL A. SCHELD, Associate Economist J. CHARLES PARTEE, Economist ROBERT SOLOMON, Associate Economist STEPHEN H. AXILROD, Associate Economist CHARLES T. TAYLOR, Associate Economist ROBERT W. EISENMENGER, Associate Economist CLARENCE W. Tow, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL JAMES F. ENGLISH, FIRST FEDERAL GAYLORD FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT DAVID ROCKEFELLER, SECOND DAVID H. MOREY, EIGHTH FEDERAL FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., THIRD FEDERAL CHESTER C. LIND, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL LEWIS H. BOND, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL A. W. CLAUSEN, TWELFTH 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 Roswell L. Gilpatric Alfred Hayes Ellison L. Hazard William F. Treiber Buffalo ....14240 Morton Adams A. A. Maclnnes, Jr. Philadelphia 19101 Bayard L. England David P. Eastburn John R. Coleman 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 Robert W. Lawson, Jr. Aubrey N. Heflin Stuart Shumate Robert P. Black Baltimore 21203 Arnold J. Kleff, Jr. H. Lee Boatwright, III Charlotte 28201 Jimmie R. Monhollon Culpeper Communications Center 22701 Atlanta 30303 John C. Wilson Monroe Kimbrel H. G. Pattillo Kyle K. Fossum Birmingham 35202 W. Cecil Bauer Dan L. Hendley Jacksonville 32203 Edward C. Rainey Nashville 37203 Edward J. Boling Jeffrey J. Wells New Orleans 70160 D. Ben Kleinpeter George H. Gaffrey 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 Warren B. Jones Howard L. Knous Kansas City 64198 Robert W. Wagstaff George H. Clay Willard D. Hosford, Jr. John T. Boy sen Denver 80217 David R. C. Brown George C. Rankin Oklahoma City 73125 Joseph H. Williams Howard W. Pritz Omaha 68102 Henry Y. Kleinkauf Robert D. Hamilton Dallas 75222 Chas. F. Jones Philip E. Coldwell Philip G. Hoffman T. W. Plant El Paso 79999 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 Leland D. Pratt Paul W. Cavan Portland 97208 John R. Howard William M. Brown Salt Lake City 84110 John R. Breckenridge Arthur L. Price Seattle 98124 C. Henry Bacon, Jr. 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 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. Money Rates and Securities Markets. 1966. FEDERAL RESERVE BULLETIN. Monthly. $6.00 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. $.35. per annum or $.60 a copy in the United States and Sec. 15. International Finance. 1962. 92 pp. $.65. its possessions, Bolivia, Canada, Chile, Colombia, Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. Costa Rica, Cuba, Dominican Republic, Ecuador, INDUSTRIAL PRODUCTION—1957-59 BASE. Guatemala, Haiti, Republic of Honduras, Mexico, 1962. 172 pp. $1.00 a copy; 10 or more sent to one ad- Nicaragua, Panama, Paraguay, Peru, El Salvador, dress, $.85 each. Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 per annum or $.50 BANK MERGERS & THE REGULATORY AGENeach. Elsewhere, $7.00 per annum or $.70 a copy. CIES: APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or FEDERAL RESERVE CHART BOOK ON FImore sent to one address, $.85 each. NANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of His- BANKING MARKET STRUCTURE & PERFORMtorical Chart Book. $6.00 per annum or $.60 a copy ANCE IN METROPOLITAN AREAS: A STATISin the United States and the countries listed above; TICAL STUDY OF FACTORS AFFECTING 10 or more of same issue sent to one address, $5.00 RATES ON BANK LOANS. 1965. 73 pp. $.50 a per annum or $.50 each. Elsewhere, $7.00 per ancopy; 10 or more sent to one address, $.40 each. num 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 INTERPRETATIONSOFTHE 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. BANK CREDIT-CARD AND CHECK-CREDIT DEBITS AND CLEARING STATISTICS AND THEIR PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent USE. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. to one address, $.85 each. INTEREST RATE EXPECTATIONS: TESTS ON SUPPLEMENT TO BANKING AND MONETARY YIELD SPREADS AMONG SHORT-TERM GOV- STATISTICS. Sec. 1. Banks and the Monetary Sys- ERNMENT SECURITIES. 1968. 83 pp. $.50 a tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. copy; 10 or more sent to one address, $.40 each. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. 9. SURVEY OF FINANCIAL CHARACTERISTICS OF Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or Member Bank Reserves and Related Items. 1962. 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 OF THE GOVERNMENT SECURITIES MARKET FOR A NONLINEAR MACROECONOMIC —STAFF STUDIES: MODEL, by Franklin R. Shupp. Dec. 1970. 23 pp. Part 1 (papers by Cooper, Bernard, and Scherer). OPERATING POLICIES OF BANK HOLDING 1970. 86 pp. $.50 a copy; 10 or more sent to one ad- COMPANIES—PART 1, by Robert J. Lawrence. dress, $.40 each. Apr. 1971,82 pp. Part 2 (papers by Ettin, Peskin, and Ahearn and Peskin). 1971. 153 pp. $1.00acopy; lOor more sent THE RELATIVE IMPORTANCE OF MONETARY to one address, $.85 each. AND FISCAL VARIABLES IN DETERMINING (Single copies, in mimeographed or similar form, PRICE LEVEL MOVEMENTS: A NOTE, by Peter S. Rose and Lacy H. Hunt II. June 1971. 7 pp. available upon request from limited supply of staff papers other than those in Parts 1 and 2. See p. 48 of ESTIMATION OF THE INVESTMENT AND PRICE main report for a list of such 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. REAPPRAISAL OF THE FEDERAL RESERVE A TEST OF THE "EXPECTATIONS HYPOTHESIS" DISCOUNT MECHANISM: USING DIRECTLY OBSERVED WAGE AND Vol. 1 (papers by Steering Committee, Shull, An- PRICE EXPECTATIONS, by Stephen J. Turnovsky derson, and Garvy). 1971. 276 pp. and Michael L. Wachter. Aug. 1971. 25 pp. Vol. 2 (papers by Boulding, Chandler, Jones, MORTGAGE REPAYMENTS AS A SOURCE OF Ormsby, Modigliani, Alperstein, Melichar, and LOANABLE FUNDS, by Robert Moore Fisher. Melichar and Doll). 1971. 173 pp. Price of each Aug. 1971. 43 pp. volume, $3.00 a copy; 10 or more sent to one address, $2.50 each. THE USE OF INTEREST RATE POLICIES AS A Single copies, in mimeographed or similar form, STIMULUS TO ECONOMIC GROWTH, by Robert available upon request from limited supply of the F. Emery. Sept. 1971. 37 pp. following papers relating to the Discount Study: Printed in full in the Bulletin. RESERVE ADJUSTMENTS OF THE EIGHT MA- JOR NEW YORK CITY BANKS DURING 1966. (Reprints available as shown in following list.) 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- STAFF ECONOMIC STUDIES SERVES. Feb. 1958. 12 pp. 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. (Single copies of full text available, in mimeographed INTEREST RATES AND MONETARY POLICY, form, upon request from limited supply.) 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 • JANUARY 1972 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 OF MOBILE 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 FINANCIAL DEVELOPMENTS IN THE THIRD 1971. 4 pp. QUARTER OF 1971. Nov. 1971.9 pp. REVISION OF THE MONEY STOCK. Nov. 1971. SURVEY OF DEMAND DEPOSIT OWNERSHIP. 14 pp. June 1971. 12 pp. BALANCE OF PAYMENTS PROGRAM: REVISED BANK RATES ON BUSINESS LOANS—REVISED GUIDELINES FOR BANKS AND NONBANK SERIES. June 1971. 10 pp. FINANCIAL INSTITUTIONS. Nov. 1971. 11pp. INDUSTRIAL PRODUCTION—REVISED AND REVISED SERIES ON BANK CREDIT. Dec. 1971. NEW MEASURES. July 1971. 26 pp. 5 pp. BANKING AND MONETARY STATISTICS, 1970. PLANNED AND ACTUAL LONG-TERM BORROW- Selected series of banking and monetary statistics for ING BY STATE & LOCAL GOVERNMENTS. 1970 only. Feb., Mar., and July 1971. 19pp. Dec. 1971. 11 pp. TREASURY AND FEDERAL RESERVE FOREIGN CHANGES IN TIME AND SAVINGS DEPOSITS, EXCHANGE OPERATIONS. Oct. 1971. 32 pp. JULY-OCTOBER 1971. Jan. 1972. 14 pp. REVISED MEASURES OF MANUFACTURING CAPACITY UTILIZATION. Oct. 1971. 3 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN • JANUARY 1972 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 currencv, 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 r ates) Bankers' balances, 25, 28 Discounts and advances by Reserve Banks (See Loans) (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 50, 51 Banks and the monetary system, 19 Dollar assets, foreign, 77,83 Banks for cooperatives, 40 Bonds (See also U.S. Govt, securities): New issues, 47, 48, 49 Earnings and hours, manufacturing industries, 67 Yields and prices, 36, 37 Employment, 64, 66, 67 Branch banks, liabilities of U.S. banks to their foreign branches, Euro-dollar deposits in foreign branches of U.S. banks, 88 30, 88 Brokerage balances, 87 Farm mortgage loans, 52, 53 Business expenditures on new plant and equipment, 51 Federal agency obligations, 12, 13, 14, 15 Business indexes, 64 Federal finance: Business loans (See Commercial and industrial loans) Cash transactions, 42 Receipts and expenditures, 43 Capacity utilization, 64 Treasury operating balance, 42 Capital accounts: Federal funds, 8, 24, 26, 30, 35 Banks, by classes, 20, 25, 30 Federal home loan banks, 40, 41, 53 Federal Reserve Banks, 12 Federal Housing Administration, 52, 53, 54, 55 Central banks, 92, 94 Federal intermediate credit banks, 40, 41 Certificates of deposit, 30 Federal land banks, 40, 41 Coins, circulation, 16 Federal National Mortgage Assn., 40, 41, 55 Commercial and industrial loans: Federal Reserve Banks: Commercial banks, 24, 33 Condition statement, 12 Weekly reporting banks, 26, 31 U.S. Govt, securities held, 4, 12, 15, 44, 45 Commercial banks: Federal Reserve credit, 4,6, 12, 15 Assets and liabilities, 20, 24, 25, 26 Federal Reserve notes, 12, 16 Consumer loans held, by type, 57 Federally sponsored credit agencies, 40, 41 Deposits at, for payment of personal loans, 32 Finance companies: Loans sold outright, 33 Loans, 26, 56, 57, 59 Number, by classes, 20 Paper, 33, 35 Real estate mortgages held, by type, 52 Financial institutions, loans to, 24, 26 Commercial paper, 33, 35 Float, 4 Condition statements (See Assets and liabilities) Flow of funds, 72 Construction, 64, 65 Foreign: Consumer credit: Currency operations, 12, 14, 77, 83 Instalment credit, 56, 57, 58, 59 Deposits in U.S. banks, 5, 12, 19, 25, 29, 88 Noninstalment credit, by holder, 57 Exchange rates, 91 Consumer price indexes, 64, 68 Trade, 75 Consumption expenditures, 70, 71 Foreigners: Corporations: Claims on, 84, 85, 88, 89, 90 Sales, profits, taxes, and dividends, 50, 51 Liabilities to, 30, 78, 79, 81, 82, 83, 88, 89, 90 Security issues, 48, 49 Security yields and prices, 36, 37 Gold: Cost of living (See Consumer price indexes) Certificates, 12, 13, 16 Currency and coin, 5, 10, 25 Earmarked, 88 Currency in circulation, 5, 16,17 Net purchases by U.S., 76 Customer credit, stock market, 38 Production, 95 Debits to deposit accounts, 15 Reserves of central banks and govts., 94 Debt (See specific types of debt or securities) Stock, 4, 19, 77 Demand deposits: Government National Mortgage Association, 55 Adjusted, banks and the monetary system, 19 Gross national product, 70, 71 Adjusted, commercial banks, 15,18,25 Banks, by classes, 11, 20, 25, 29, 39 Hours and earnings, manufacturing industries, 67 Ownership by individuals, partnerships, and Housing permits, 64 corporations, 32 Housing starts, 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Income, national and personal, 70, 71 Real estate loans: Industrial production index, 60-63, 64 Banks, by classes, 24, 27, 39, 52 Instalment loans, 56, 57, 58, 59 Delinquency rates on home mortgages, 54 Insurance companies, 39, 44, 45, 53 Mortgage yields, 55 Insured commercial banks, 22,24,32 Type of holder and property mortgaged, 52, 53, 54, 55 Interbank deposits, 11, 20, 25 Reserve position, basic, member banks, 8 Interest rates: Reserve requirements, member banks, 10 Business loans by banks, 34 Reserves: Federal Reserve Banks, 9 Central banks and govts., 94 Foreign countries, 92, 93 Commercial banks, 25, 28, 30 Money market rates, 35 Federal Reserve Banks, 12 Mortgage yields, 55 Member banks, 5,6, 11, 18,25 Prime rate, commercial banks, 34 U.S. reserve assets, 77 Time and savings deposits, maximum rates, 11 Residential mortgage loans, 37, 52, 53, 54 Yields, bond and stock, 36 Retail credit, 56 International capital transactions of the U.S., 78-90 Retail sales, 64 International institutions, 76, 77, 92, 94 Inventories, 70 Saving: Investment companies, issues and assets, 49 Flow of funds series, 72 Investments (See also specific types of investments): National income series, 71 Banks, by classes, 20, 24, 27, 28, 39 Savings and loan assns., 40,45,53 Commercial banks, 18 Savings deposits (See Time deposits) Federal Reserve Banks, 12, 15 Savings institutions, principal assets, 39, 40 Life insurance companies, 39 Securities (See alsoJJ.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, 4,6,9,12,13,15 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 Prcxluction 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