Federal Reserve Bulletin, 1972-02

Federal Reserve Bulletin FEBRUARY 1972 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 2 • VOLUME 58 • FEBRUARY 1972 95 Financial Developments in the Fourth Quarter of 1971 104 Staff Economic Studies: Summaries 106 Assets and Liabilities of Foreign Branches of U.S. Banks 123 Statement to Congress 129 Record of Policy Actions of the Federal Open Market Committee 149 Law Department 180 Directors of Federal Reserve Banks and Branches 195 Announcements 198 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 104 Board of Governors and Staff A 106 Open Market Committee and Staff; Federal Advisory Council A 107 Federal Reserve Banks and Branches A 108 Federal Reserve Board Publications A 112 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

Financial Developments in the Fourth Quarter of 1971 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the fall and early winter. THE DOWNTREND in interest rates that developed after the President announced his new domestic and international economic program on August 15 was extended during the fourth quarter. On balance, the reductions in interest rates after mid- August were about sufficient to offset the advances recorded in late spring and early summer, and at the end of December most rates were near their lowest levels of the year. The Federal Reserve discount rate was reduced in two stages from 5 per cent to 4% per cent to bring it more in line with market rates and to assist in the progress of economic expansion. A number of factors combined to maintain the downtrend in interest rates, which occurred despite a continued heavy volume of borrowing in the securities markets by the U.S. Treasury, State and municipal governments, and business corporations. The rate premium required by investors to compensate for expected price increases was apparently reduced further, as public assessment of the President's wage-price control program remained generally favorable. Also, a major uncertainty overhanging the economic outlook was removed by the mid-December agreement of the Group of Ten industrial nations on the realignment of currency exchange rates. The principal monetary aggregates displayed a diverse pattern of growth over the fourth quarter. The rate of ex- 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, December. pansion in the narrowly defined money stock (M ) which x 9 had declined substantially in the third quarter from the very rapid pace established earlier in the year, slowed further to a modest 1 per cent annual rate of growth, as public demands for cash balances remained small in the wake of the very large build-up in liquidity over the first half of the year. Fourth-quarter rates of expansion in broader measures of money increased significantly from those of the third quarter, as the continued decline in market interest rates enhanced the attractiveness of rates paid on thrift deposits at commercial banks and other depositary institutions. Over the year 1971, M expanded at a 6.2 per cent rate, somex what more than in 1970, while M and M rose by 11.1 and 2 3 13.3 per cent, respectively, growth rates that in both cases were considerably above those of the year before. Bank credit, as measured by the adjusted bank credit proxy, continued to expand substantially in the fourth quarter, reflecting, in addition to the sharp increase in consumer-type time and savings deposits, a considerable rise in large negotiable certificates of deposit issued by banks that more than offset a decline on average in U.S. Treasury deposits. While the growth in business loans was quite modest, real estate and consumer loans rose sharply further and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1971 97 banks continued to channel a significant volume of funds into security holdings. MONETARY Open market operations in the fourth quarter were directed IGREGATES toward creating conditions conducive to a sizable expansion in the monetary aggregates. This easing was reflected in a considerable decline in the rate on Federal funds. In addition, member bank indebtedness at Federal Reserve Bank discount windows declined. Nonborrowed reserves of member banks increased by about a 7 per cent annual rate in the fourth quarter—somewhat more rapidly than in the third. However, with borrowed reserves declining, total reserves increased at only about a 2 per cent annual rate over the period. Total reserves, though, grew considerably in December; this carried through to even more rapid growth in January, reflecting in part the need for reserves—owing to lagged reserve requirements—because of deposit expansion in the latter half of December. Over the 4 months September 1971 through January 1972, total reserves expanded at an annual rate of about 7 per cent. Banks were well positioned to accommodate an expansion in the monetary aggregates, and there was a marked drop in interest rates and a continued expansion in economic activity—conditions that ordinarily strengthen demands for CONCEPTS OF MONEY RATIO SCALE, BILLIONS OF DOLLARS Seasonally adjusted monthly averages. For definitions of Mlt M2, and Af3, see footnote 1 to Changes in Selected Monetary Aggregates table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 CHANGES IN SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1971 Year IItteemm I II III IV 1970 1971 Member bank reserves: Total 8.9 10.1 6.8 2.6 6.0 7.3 Nonborrowed 9.5 9.1 5.6 7.2 9.2 8.1 Concepts of money:1 MI 9.1 10.6 3.7 1.1 5.4 6.2 M 18.1 12.4 4.4 8.0 8.1 11.1 2 M 18.9 14.4 7.8 9.6 7.8 13.3 3 Bank credit:2 Bank credit proxy adjusted 10.9 8.4 7.6 9.6 8.3 9.5 MEMO (change in billions of dollars, seasonally adjusted): Large CD's 2.6 1.3 2.3 1.8 14.5 8.0 1Af is currency plus private demand deposits adjusted. i M is M plus bank time and savings deposits adjusted other than large CD's. 2 x M is M plus deposits at mutual savings banks and savings and loan associations. 3 2 2Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper. NOTE.—Changes are calculated from the average amounts outstanding in the last month of each quarter. transactions balances. In spite of this, the increase in M as u already mentioned, was at an annual rate of only 1 per cent over the fourth quarter. M may not have responded more t sensitively to factors that generally promote growth in this aggregate, in part because the public decided to reduce BANK CREDITtCOMPONENTS CHANGE, BILLIONS OF DOLLARS precautionary balances built up earlier in the year when U.S. GOVT SECURITIES 4 there was greater concern about the economic outlook. In La 2 addition, some money-holders may have been gradually +0 shifting out of cash balances into interest-bearing assets in the belief that the wage-price control program would meet with success and that interest rates would be lower in the future. OTHER SECURITIES Finally, experience indicates that it takes time for the public to adjust its cash balances upward in response to lower short-term interest rates. Recently, the rate of expansion in M has picked up, with the preliminary estimate t of growth in January at about a 3.7 per cent annual rate. TOTAL LOANS In contrast to the further slowing in M fourth-quarter 1? growth in the broader measures of money—M and M — 2 3 accelerated as funds flowed into thrift deposits at commercial banks and nonbank depositary institutions in heavy volume in n, K continued response to the decline in market rates relative to rates offered on these deposits. Flows of funds into con- 1970 1971 sumer-type deposits at commercial banks expanded at a sub- Seasonally adjusted. Loans adjusted for transfers between banks and their stantially stronger rate in the fourth quarter than in the holding companies, affiliates, subthird. At nonbank depositary institutions, on the other hand, sidiaries, or foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1971 99 fourth-quarter deposit growth fell somewhat short of that for the third quarter, but remained high by historical standards. With funds flowing into consumer-type deposits in heavy volume, banks made frequent downward adjustments in their CD offering rates in an effort to keep these rates in line with money market interest rates. Despite a generally unaggressive attitude, the volume of CD's outstanding rose sharply over the quarter. At the same time, U.S. Treasury deposits declined moderately and nondeposit liabilities of banks fluctuated sharply but, on balance, remained approximately unchanged. The net result of these developments was that the adjusted credit proxy expanded at an annual rate of about 9.7 per cent, somewhat above the third-quarter rate but essentially in line with the pace for the entire year. COMMERCIAL Acquisition of securities, primarily State and local govern- BANK USES OF ment obligations, accounted for nearly half of the expansion FUNDS in bank credit during the fourth quarter. Reflecting the current boom in housing and continued purchases of consumer durable goods, banks also recorded further strong advances in real estate loans and consumer loans. But developments in other loan categories were quite weak and the growth in total loans fell well short of the unusually strong increase recorded in the third quarter. Business loans declined moderately after having set an exceptionally rapid pace during the third quarter when both domestic and foreign borrowers were attempting to reduce BANK LOANS-MAJOR COMPONENTS losses or to obtain profits from the expected realignment in CMJUME. IILLHHIS OF DOLLARS foreign exchange rates. Except for the sharp third-quarter bulge induced by foreign exchange market developments, business demands for bank credit were generally quite moderate throughout 1971. Businesses were on the whole well supplied with funds from internal sources and from continued heavy borrowing in the capital markets. At the same time, needs for funds were kept low by cautious inventory policies on the part of businesses and by a moderate increase in expenditures on fixed investments. In response to the sluggish loan demands and to the market t u Q4 Q1 Q2 1970 1971 reductions in short-term interest rates, banks cut their Seasonally adjusted. Business loans prime lending rate from 6 per cent to 5 lA per cent during the adjusted for transfers between banks and their holding companies, affili- fourth quarter. Several large banks also instituted a policy of ates, subsidiaries, or foreign branches. tying their base lending rates to selected money market rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 NONBANK The increase in deposits at nonbank thrift institutions during INTERMEDIARIES the fourth quarter of 1971, while still very large in dollar AND THE volume, was at a somewhat slower pace than the growth in the MORTGAGE MARKET preceding quarter. The major portion of the 1971 shift in consumer portfolios from market securities to deposit claims apparently came during the first half of the year, when, for the first time in almost 3 years, deposit institutions had a NONBANK SAVINGS ACCOUNTS ^^^^^^^^NNUA^TfET^HANGETE^ENT favorable yield advantage. However, the sustained high rate of personal saving and the increase in the relative attractiveness of depositary claims—due to declining market rates of interest—contributed to a substantial rise in deposits in the closing months of the year. Net mortgage debt formation increased at a seasonally adjusted quarterly rate of $13.0 billion in the final quarter of 1971—slightly less than the record pace established in the preceding quarter. For the residential sector, which had provided the major impetus for the sharp rise in the total since the end of 1970, debt formation leveled off in the fourth quarter. And, after rising in the preceding three quarters, the pace of nonresidential debt formation declined somewhat Seasonally adjusted. in the final quarter, reflecting mainly a slowdown in the demand for loans on commercial properties. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly data 1970 1971 IItteemm IV I II III IVe Total 7.8 9.3 11.9 13.4 13.0 Residential 5.6 6.7 9.0 10.1 10.1 Other1 2.2 2.6 2.9 3.3 2.9 includes commercial and other nonresidential as well as farm properties. ePartly estimated. NOTE.—Details may not add to totals because of rounding. In addition to the continued strong support provided to the mortgage market by savings and loan associations and commercial banks, mutual savings banks increased their mortgage lending activity in the fourth quarter. Moreover, mortgage bankers accelerated their net additions to warehouse lines in anticipation of future declines in mortgage rates and for use in issuing GNMA-guaranteed mortgage-backed securities. Net lending by the various Federally sponsored agencies declined slightly from the moderate third-quarter pace because ample funds were available from other sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1971 101 FUNDS RAISED IN Total security offerings by corporations were unchanged SECURITY from the third to the fourth quarter, remaining at a monthly MARKETS average of $3.5 billion, significantly below the pace set during the first half of 1971. The monthly average volume of public bond offerings in the fourth quarter increased moderately, while takedowns of private placements appear to have remained at a high level. The volume of new equity issues in the final quarter of the year, although somewhat less than the record third-quarter level, remained historically large. OFFERINGS OF NEW SECURITY ISSUES Monthly average in billions of dollars, not seasonally adjusted 1970 1971 IItteemm IV I II III IVe Corporate securities—Total 4.0 4.1 3.9 3.5 3.5 Bonds 3.1 3.3 2.8 2.1 2.4 Stocks .9 .8 1.1 1.4 1.1 State and local government bonds .... 2.0 2.2 2.0 2.0 2.0 eEstimated. Long-term bond offerings by State and local governments continued at an average monthly volume of $2 billion for the third consecutive quarter. In addition to the sustained need for financing of capital expenditures, a number of government units continued to take advantage of the downward drift in long-term rates to fund outstanding short-term debt obligations, which are currently at record levels. Net Treasury borrowing rose appreciably in the fourth quarter of 1971. The Federal Government's end-of-quarter cash balance was higher in December than at the close of the FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1970 1971 IItteemm IV I II III IV Budget surplus or deficit -8.9 -8.2 1.6 -7.8 -10.6 New cash borrowings, or repayments (-) 8.9 1.6 1.6 9.1 12.5 Other means of financing1 -.7 2.9 1.1 -.1 -.6 Change in cash balance .7 -3.6 4.3 1.2 1.3 MEMO: Net borrowings by federally sponsored credit agencies2 1.5 -1.0 -.9 1.7 1.3® Checks issued less checks paid and other accrued items. includes debt of Federal home loan banks, the Federal Home Loan Mortgage Corporation, Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). e Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 third quarter, although most of the new cash borrowing was related to the rising budget deficit. Federal expenditures decreased slightly from the third to the fourth quarter, but the decline in receipts was somewhat larger. Net borrowing by Federally sponsored credit agencies declined somewhat in the last 3 months of the year, in part because of repayment of debt by the Federal Home Loan Banks. With inflows to nonbank thrift institutions remaining high during this period, no substantial demand for Federal Home Loan Bank advances developed. INTEREST RATES The decline in short- and long-term interest rates that began after the initiation of the administration's new economic program in mid-August continued through the fourth quarter of 1971. Yields on Treasury bills were about 70 basis points lower in December than in September, with buying of bills by foreign accounts large through most of the quarter. Rates on commercial paper and Federal funds dropped more than 1 full percentage point. The Federal Reserve discount rate was lowered in two steps by a total of V2 of a percentage point. Long-term rates also fell during the final quarter of 1971, although by a more modest amount. By the end of December, however, yields in the Government, corporate, and municipal markets had dropped back near the previous lows for the year, reached in the first quarter. Yields on long-term Government securities, on the average, were only 5 basis points below their September level by the end of the fourth quarter, but this was mainly a result of the back-up in rates that occurred following the Treasury refinancing and pre-refunding in November, in which a substantial volume of new, longermaturity coupon issues were exchanged for outstanding issues. Yields on State and local government bonds edged down about 10 basis points over the quarter, in spite of a sustained high level of long-term municipal financing and some slackening of the rate of commercial bank purchases of tax-exempt securities in December. The largest downward adjustment was in the long-term corporate market, where yields fell 35 basis points over the 3-month period despite an unseasonally high calendar of offerings. Secondary market yields on Federal Housing Administration mortgages declined by one-fourth of a percentage point Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1971 103 INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment of change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. over the quarter. The FHA yield series ended the year at a level somewhat above the lows recorded in early 1971 when thrift institutions were experiencing extraordinary savings inflows and mortgages were in short supply. • 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 OPTIMAL DISTRIBUTED LAG RESPONSES AND EXPECTATIONS Roger Craine—Staff, Board of Governors Published in the American Economic Review, December 1971 This paper develops a distributed lag The optimizing process places restrictions adjustment model based on a dynamic on the adjustment path and yields explicit theory of a firm. An optimal adjustment functional forms that may be used to estipath balances the rewards gained from mate the lag pattern more efficiently. In quickly hitting the target against the costs addition, the comparison makes explicit of rapid adjustment. The purpose of the the implicit assumptions associated with paper is twofold: (1) to show the advan- ad hoc adjustment mechanisms attributed tage in using an optimal adjustment speci- to adjustment costs. For example, when fication (rather than an ad hoc specifica- ad hoc adjustment patterns violate the tion) and (2) to show the critical role that restrictions imposed by the optimizing future values—or forecasts—play in deter- process, the implication is that the decimining the optimal adjustment path. sion-maker has consciously followed a To demonstrate the advantage in an suboptimal policy. optimal adjustment specification, a de- The paper also examines the impact of rived optimal adjustment path is compared future values on the optimal adjustment with an ad hoc adjustment specification. equation and presents methods to approxi- 104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

mate the future values. The target is ex- casting techniques, which range from tremely sensitive to different forecasting naive static forecasts to a trajectory of specifications. Also discussed are the forecasts for a nonstationary probability strengths and weaknesses of three fore- distribution. • THE EFFECT OF HOLDING COMPANY ACQUISITIONS ON BANK PERFORMANCE Samuel H. Talley—Staff, Board of Governors Prepared as a staff paper in late 1971 The Bank Holding Company Act requires pared both before and after acquisition the Board of Governors of the Federal with a similar-sized independent bank Reserve System to determine whether pro- that is located in the same banking posed holding company acquisitions of market. banks are in the public interest. In mak- Results of the study indicate that the ing these decisions, it is important for the major effect of holding company acquisi- Board to know what effect holding com- tions is to alter the portfolio composition pany acquisitions generally have on the of acquired banks. These banks tend to performance of acquired banks. The ob- switch out of U.S. Government securities jective of this study is to update our and into State and local government knowledge of these effects. securities and loans, particularly instal- The study involves an examination of ment loans. These portfolio changes 18 key banking ratios for 82 banks acquired suggest that holding company acquisiby holding companies between 1966 and tions result in acquired banks making 1969. Seven of these ratios relate to the more credit available in their localities. portfolio composition of the acquired Holding company acquisitions, however, banks; one to bank capital; three to prices do not result in significant changes in the set on various banking services; five to capital, prices, expenses, or profitability bank expenses; and two to bank profit- of acquired banks. Therefore, the fact that ability. To isolate the effect of holding a bank is acquired by a holding company company acquisitions on the ratios, the does not appear to have a broad impact on performance of each acquired bank is com- that bank's performance. • 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Assets and Liabilities of Foreign Branches of U.S. Banks Since September 1969 the Federal Re- part shows assets and liabilities that serve System has been collecting monthly are payable in U.S. dollars. Table 2 data on the assets and liabilities of contains similar data for branches in the branches of U.S. banks in foreign coun- United Kingdom, and Table 3 for tries. The System's interest in these data branches in the Bahamas. Components of developed as the Euro-dollar market ex- the totals are provided by type of cuspanded and as participation by foreign tomer as reported by the branches, exbranches of the U.S. banks in this market cept where a component might reveal became increasingly important for finan- information about an individual bank. cial developments in the United States Reports are filed for all branches in the as well as abroad. Bahamas, for branches in Europe with at Tables 1 to 3 (pages 110-14) contain least $10 million of total liabilities paymonthly data that the Federal Reserve able in U.S. dollars, and for branches has collected on assets and liabilities of elsewhere abroad with at least $30 million foreign branches of U.S. banks from in total liabilities payable in U.S. dollars. September 1969 through September 1971. Facilities on military bases abroad, how- In subsequent issues of the BULLETIN, the ever, do not report because they are most recently available month-end data considered part of the U.S. parent banks. will be published with the other inter- In September 1969, 105 branches filed national data in the "Financial and Busi- reports. By September 1971, the number ness Statistics" section. of branches filing reports had grown to This article describes these data and 186, about half the growth resulting from discusses the relationships between them new branches in the Bahamas. and data used in the U.S. balance of Branches exempt from filing monthly payments accounts. It also identifies reports, because they have less than the differences between these data and similar minimum dollar liabilities during the data that were collected by the U.S. first 9 months of the year, file a simpli- Department of the Treasury through fied annual report as of the end of September 1969 and published in the September. More than 300 of these Treasury Bulletin of November 1970. branches reported total assets of $3.6 billion in 1969 and $3.3 billion in 1970 DESCRIPTION OF DATA (Table 4). The upper part of Table 1 shows for 25 In general the definitions employed in months the total assets and liabilities of the reports are consistent with those used all foreign branches of U.S. banks, in U.S. balance of payments accounts. Acexcept for certain branches with rela- cordingly, foreign branches are those tively small dollar liabilities. The lower located outside the United States, Puerto Rico, and possessions of the United Note.—Fred B. Ruckdeschel, Special Studies Section, Division of States. Similarly, U.S. residents are de- International Finance, prepared this article. 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

fined as persons or businesses whose drafts, customers' liabilities on acceptprincipal address, according to the records ances, and advances to and balances due of the reporting branch, is in the United from parent banks as well as deposits States, Puerto Rico, a U.S. possession, held by branches in banks. Claims on or on a U.S. military base overseas. parent banks also include, as previously But one definition significantly de- mentioned, all assets acquired from the parts from that in balance of payments parent banks under specific repurchase accounting: All assets acquired by for- agreements. eign branches from their parent banks "Other assets" refers to short-term under specific repurchase agreements money market paper, other securities, are treated as advances by the branches to investments, accrued interest receivable, parent banks and therefore are reported and any other assets not defined as as claims on the parent banks. This treat- claims. ment of assets acquired under repurchase "Liabilities" generally refers to deagreements conforms with the practice posits and other direct borrowings inused in reporting U.S. domestic banking cluding rediscounts. "Other liabilities" transactions. refers to the permanent investment of the In these reports, a "parent bank" is parent banks in their branches and all defined for all purposes not only as the liabilities that are not deposits or direct U.S. head office of the bank but also borrowings. as all of its branches in the United States, Further details of the reporting definiits Edge Act subsidiaries, and its facilities tions and procedures are shown in the in U.S. military installations abroad. monthly F.R. 502 report form and the "Official institutions" include central annual F.R. 503 report form (pages 116— governments, treasuries, central banks, 21). stabilization funds, exchange-control offices, and the Bank for International RELATIONSHIP TO TREASURY DATA Settlements (BIS). The reports filed by foreign branches are Net flows of funds within a parent part of the regular statistical reporting bank's network of foreign branches are system used by the Federal Reserve to indicated by the changes in claims on carry out its responsibilities in domestic and liabilities to other foreign branches and international areas. The data are of the parent bank. In Table 1 amounts also made available to the U.S. Treasury shown as claims on other foreign branches for administering the interest equalizado not equal amounts shown as liabilities tion tax. The data contained in the reto other foreign branches owing to the ports to the Federal Reserve System are reporting exemptions for many branches essentially the same as information on and to differences arising from the timing foreign branches reported by banks to the of entries in the accounts of different Treasury under the Interest Equalization branches. Tax Act on Treasury Form 3954. Ac- In addition to claims on and liabilities cordingly, the Treasury has eliminated its to other branches of parent banks, reporting requirements for any bank that claims on and liabilities to several other files reports with the Federal Reserve, and categories of customers are shown. all banks required to report are now re- Claims include loans, mortgages, over- porting to the Federal Reserve. Because 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 of the Federal Reserve's exemptions for other Treasury category covered only certain branches, there has been a sub- "deposits in other foreign banks." stantial reduction in the number of bran- Fourth, the permanent investment of ches filing monthly reports. The Federal U.S. parent banks in their foreign branches Reserve has also changed some defini- is included in "other liabilities" in the tions in order to make the foreign branch Federal Reserve data and in "liabilities to reports conform with other reports that U.S. offices of the parent bank" in the banks file with it. Treasury data. Otherwise the categories First, all branches must report to the of liabilities in the two sets of data are Federal Reserve as of the end of the cal- similar.1 endar month. Branches of a few large These differences are related in Table banks had reported to the Treasury as 5 to the amounts of assets reported by of the end of their business month, which branches to the Federal Reserve and the occurred a week or 10 days before the end Treasury at the end of September 1969. of the calendar month. Thus, in order to obtain statistically comparable data RELATIONSHIP TO BALANCE OF for economic analysis, it was necessary to PAYMENTS DATA establish on the Federal Reserve form The balance of payments of the United a common reporting date for all branches. States involves only transactions between domestic and foreign residents. Since Second, in the Federal Reserve data, foreign branches of U.S. banks are foreign claims on the U.S. parent bank include residents, transactions between them and all assets that a branch has purchased from other foreigners are not part of the U.S. its parent and that the parent has agreed balance of payments. Thus, only foreign to buy back under a specific repurchase branches' claims on and liabilities to U.S. residents—namely, their parent agreement. This conforms with a principle banks, the parents' U.S. affiliates, and followed in domestic banking data. Specifother U.S. residents—are directly related ically, purchase of any asset covered by a to the U.S. balance of payments. But repurchase agreement is reported as a different exemption levels, different clasloan by the purchasing institution to the sification frameworks, and items in traninstitution that sells the asset and agrees che Federal Reserve also publishes end-of-year to repurchase it later. In the Treasury data on assets and liabilities of overseas branches of member banks, as collected on reports of condition figures, assets purchased under repurchase for the branches. These data differ from the data in this agreements were treated as if purchased article in several ways. Only branches of member outright. Thus, in the Treasury reports banks are covered by the condition report, and there are the purchase of a loan by a foreign branch no exemptions for small branches. Several institutions from its U.S. parent bank increased the that have branches reporting data described in this article are not members of the Federal Reserve System. foreign branch's loans in the category to Moreover, condition reports are filed by branches in which the debtor belonged. Puerto Rico and other U.S. overseas and trust areas. Third, claims on "other" foreign banks Also, branches of several banks in the past filed condiin the Federal Reserve figures include tion reports as of the end of their business year rather not only deposit claims but also all other than as of the end of the calendar year. Finally, the detailed asset and liability categories on the condition loans and overdrafts for the account of report focus on the types of assets and liabilities rather foreign banks. In the Treasury figures, than on the types of borrowers and creditors. Data from all nondeposit claims on foreign banks condition statements for 1969 and 1970 were published were included in "other assets." An- in the BULLETIN, Sept. 1971, pp. 757-58. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BRANCHES OF U.S. BANKS 109 sit between branches and their U.S. OFFICIAL DOLLAR RESERVES OF parent banks prevent precise correspond- FOREIGN COUNTRIES ence between figures collected from for- Among the deposits at foreign branches eign branches of U.S. banks and figures of U.S. banks are dollar deposits held collected from U.S. banks and corpora- by central banks. The central banks count tions for the balance of payments. For these U.S. dollar-denominated deposits example, when foreign branches report as part of their official reserves. These assets purchased from their parent banks deposits, however, are not liabilities of under specific repurchase agreements, the U.S. resident institutions. Therefore, assets are classified as claims on the parent changes in such deposits are not part banks. But when parent banks report for of the U.S. balance of payments but are balance of payments purposes, their li- part of the difference between the aggreabilities to foreign branches do not in- gate change in international reserves of all clude amounts representing assets sold foreign countries and the U.S. balance of to foreign branches under specific re- payments as measured on the official setpurchase agreements. tlements basis. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1 ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN FOREIGN COUNTRIES In millions of dollars ASSETS LIABILITIES Claims on U.S. Claims on foreigners To U.S. To foreigners End of month Total Parent br O a t n h c e h r e s Other O ci f a fi l - N ba o n n k - Other Total Parent br O a t n h c e h r e s Other O ci f a f l i - N ba o n n k - Other Total bank Other Total of banks insti- for- Total bank Other Total of banks insti- forparent tutions eigners parent tutions eigners bank bank Total 1969— D O N Se e o c p c t v . t . . . . 3 3 3 36 6 5 5 , , , , 4 3 5 1 6 4 7 1 8 1 3 5 1 1 1 1 5 6 5 6 , , , , 0 8 3 0 4 6 8 5 1 2 0 2 1 1 1 1 4 4 3 4 , , , , 3 4 6 3 3 9 6 0 8 9 0 7 1 1 1 1 , , , , 5 7 7 5 5 0 2 5 3 3 0 4 2 1 1 1 0 8 9 8 , , , , 1 2 1 8 4 9 5 1 5 8 9 6 3 3 3 3 , , , , 5 6 9 5 8 2 3 7 3 4 0 2 9 9 8 8 , , , , 7 2 1 0 6 5 5 5 8 6 5 0 4 4 4 5 4 8 5 3 5 7 0 7 6 6 6 5 , , , , 0 2 3 9 3 6 2 3 1 8 7 4 9 9 9 8 9 4 1 9 2 4 5 5 3 3 3 3 5 6 6 5 , , , , 5 4 3 1 7 6 4 1 1 8 3 0 2 2 2 2 , . , , 6 8 7 7 1 4 3 7 5 7 7 5 6 7 7 6 0 1 3 0 9 9 8 7 2 2 2 1 , , . , 2 1 0 8 3 3 3 9 8 0 7 6 3 3 3 3 2 1 2 1 , , , , 1 3 5 1 1 1 9 6 9 6 7 2 3 3 3 3 , , , , 6 3 5 3 9 7 5 3 7 7 4 4 2 2 1 1 0 0 9 9 , , , , 4 4 2 5 9 5 5 0 1 7 8 3 2 2 2 1 , , , , 1 2 0 8 4 6 7 5 0 2 0 6 6 6 5 6 , , , , 3 2 6 9 7 6 1 4 1 4 2 6 1 1 1 1 , , , ,2 2 5 3 3 3 1 3 7 7 4 6 1970— J A J A D F O M S N M J u u a e e p u e o c a a p n l n b c r t g v y y r t e . . . . . . . . . . . . . 4 4 4 4 4 4 4 3 3 3 3 3 4 0 2 2 5 7 3 9 7 7 8 6 , , , , , , , , , , , , 0 0 8 4 2 8 6 5 7 0 3 1 1 1 2 9 1 1 7 6 4 8 9 7 1 8 8 9 5 7 9 5 6 4 7 4 1 1 1 1 1 1 1 1 1 1 1 9 4 5 3 3 4 4 2 2 2 1 0 , , , , , , , , , , , , 6 3 4 9 7 0 6 2 3 8 4 3 8 5 8 9 5 2 5 6 7 6 6 4 6 8 9 9 3 7 2 7 7 6 7 4 1 1 1 1 1 1 1 1 1 9 8 7 2 2 2 2 2 3 0 0 0 , , , , , , , , , , , , 2 2 0 6 0 1 0 8 8 2 6 3 4 0 7 0 8 2 6 5 6 5 4 6 8 3 4 8 9 9 6 6 2 3 4 0 2 2 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , , , 0 4 1 1 3 7 9 7 8 9 8 6 0 9 9 3 2 3 4 4 0 4 7 8 1 9 3 8 4 8 9 5 7 0 0 8 2 2 2 2 2 2 2 3 3 3 3 1 3 4 8 1 6 2 7 3 0 1 6 9 , , , , , , , , , , , , 3 7 4 2 7 5 9 0 3 4 9 1 7 0 7 5 4 4 6 3 0 8 6 9 8 9 6 6 6 1 3 7 2 0 0 2 4 4 4 4 4 4 6 6 6 5 3 5 , , , , , , , , , , , , 1 9 8 4 0 5 3 9 7 2 3 0 6 8 8 3 4 3 6 4 5 4 7 6 1 1 1 9 1 8 5 3 3 0 2 2 1 1 1 1 1 1 1 1 1 1 1 9 1 1 4 4 3 3 5 6 0 3 0 , , , , , , , , , , , , 5 2 9 5 3 3 2 4 9 2 8 9 4 7 8 2 5 8 2 1 7 0 9 8 5 1 1 8 8 9 9 9 9 3 7 6 4 4 4 4 4 6 6 5 5 5 5 5 4 7 6 9 7 9 9 5 1 4 0 6 8 8 4 4 2 5 2 5 3 4 0 5 1 1 1 9 9 6 6 6 8 8 7 7 1 0 0 , , , , , , , , , , , , 7 1 6 8 7 6 0 2 3 6 2 7 3 0 7 6 1 6 8 0 7 3 1 9 1 0 6 9 5 6 0 0 2 6 7 4 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 0 0 0 2 2 1 0 0 4 3 9 9 7 2 7 3 9 6 9 0 9 0 9 6 7 8 5 5 0 0 2 0 5 7 0 1 4 4 4 4 4 4 4 3 3 3 3 3 2 3 4 5 0 2 7 6 8 9 7 7 , , , , , , , , , , , , 0 6 7 1 0 8 8 4 3 5 2 1 3 8 6 1 0 1 1 9 2 5 7 7 1 8 9 8 3 7 6 7 0 0 0 4 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 9 4 8 5 6 7 8 7 7 6 6 7 2 7 3 7 2 2 4 6 6 8 9 2 8 8 9 5 7 7 2 7 2 0 0 1 6 6 6 6 6 6 6 6 5 7 6 7 4 9 4 4 5 3 8 6 1 1 9 1 1 3 7 1 6 8 2 1 4 6 0 3 2 2 2 2 2 2 22 2 1 1 1 , , , , , , , , , , , , 1 0 1 1 1 0 1 0 8 9 8 C 8 0 8 4 9 8 1 7 5 2 8 9 9 6 6 5 4 9 9 0 6 2 4 4 3 3 3 3 3 3 3 3 3 3 2 0 9 7 2 3 4 5 9 2 8 6 , , , , , , , , , , , , 7 8 7 8 2 3 5 6 6 9 3 9 4 1 2 4 2 3 8 4 0 1 5 6 6 9 4 5 3 6 6 6 6 5 4 4 4 4 4 4 4 4 6 3 3 5 5 5 , , , , , , , , , , , , 5 5 0 6 2 0 4 3 1 7 4 9 7 9 3 4 6 5 4 3 7 1 3 6 1 9 7 7 7 6 5 2 2 4 0 0 2 2 2 2 2 2 2 2 2 2 2 2 1 1 3 4 0 2 3 0 3 3 3 0 , , , , , , , , , , , , 8 4 7 5 7 6 3 6 8 7 7 8 0 3 8 7 5 9 2 7 2 2 3 4 1 1 9 3 6 5 4 4 4 0 2 4 4 2 2 2 2 2 3 3 3 1 1 1 , , , , , , , , , , , , 1 3 6 4 3 4 2 3 2 9 6 6 7 5 8 5 7 2 3 6 4 9 3 4 1 1 0 5 3 9 5 9 8 4 4 2 6 6 6 7 7 7 7 7 7 6 7 7 , , , , , , , , , . , , 7 7 3 3 7 3 0 4 1 3 8 6 1 2 6 4 1 6 5 3 7 7 5 7 1 1 3 8 5 9 9 0 6 4 4 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , . , , , , , , , , 3 9 4 7 3 3 4 3 4 4 3 4 8 7 4 9 4 1 0 9 1 0 3 4 1 7 9 1 1 5 6 6 5 3 2 4 1971— F A J M J J M A S u a u e e p u a a n n b p l r g y r y . e t . . . . . . . . 4 4 4 4 5 5 5 5 5 7 7 9 8 2 2 0 4 6 , , , , , , , , , 1 2 4 2 7 8 7 5 8 3 1 1 6 0 2 1 7 4 1 1 9 3 5 8 4 6 2 8 4 4 6 4 4 7 5 5 , , , , , , , , , 3 7 7 8 8 0 8 0 0 9 6 9 6 5 4 3 9 4 8 9 4 3 3 7 3 2 7 6 4 2 2 2 2 5 2 2 , , , , , , , , , 1 1 5 1 0 6 6 0 9 9 3 1 2 5 6 1 3 7 1 1 1 5 1 9 5 6 0 2 2 2 2 2 2 2 2 2 , , , , , , , , , 7 7 1 6 5 2 2 0 0 3 9 1 3 7 1 0 7 5 1 1 4 6 0 4 7 7 6 4 4 4 3 4 4 3 3 3 1 3 3 6 9 8 6 6 8 , , , , , , , , , 3 5 2 0 0 8 6 9 7 4 3 4 6 4 2 6 0 5 8 5 7 6 3 3 3 2 2 8 8 9 9 7 7 7 8 8 , , , , , , , , , 4 3 8 7 7 1 3 6 9 6 0 3 8 1 8 0 2 2 8 8 8 7 8 6 7 5 4 2 2 1 1 1 1 1 1 1 2 0 6 6 7 7 9 8 8 , , , , , , , , , 3 7 2 7 3 1 4 2 0 6 3 1 8 4 5 8 0 4 8 5 5 7 6 5 4 2 0 1 1 1 , , ,0 6 6 8 7 7 7 1 1 0 4 7 4 9 4 4 2 2 5 1 3 9 7 4 6 8 8 1 1 1 1 1 1 1 1 1 3 4 4 4 1 2 2 5 5 , , , , , , , , , 3 4 3 8 7 7 3 6 3 0 5 2 1 1 5 7 1 6 1 1 9 5 7 7 2 4 0 4 2 2 2 4 4 4 4 3 , , , , , , , , , 4 5 8 3 8 5 6 3 0 0 7 7 8 1 8 0 7 0 1 1 1 7 8 7 0 7 2 4 4 4 4 5 5 5 5 5 9 7 8 7 2 6 4 2 0 , , , , , , , , , 1 4 2 7 8 8 2 7 5 3 1 1 7 6 2 0 1 4 1 9 1 8 5 8 5 0 2 2 2 2 2 2 2 3 3 3 , , . , , , , , , 5 5 8 0 5 3 6 3 0 6 2 0 4 6 7 4 2 4 1 9 8 8 5 6 9 3 0 4 6 5 5 5 7 5 7 5 7 2 6 5 6 4 2 4 1 7 8 2 9 3 4 6 7 0 2 2 2 2 2 2 1 1 1 , . , , , , , , , 0 5 5 1 5 0 8 8 9 3 1 8 2 8 8 4 3 8 8 4 2 6 4 5 0 3 2 4 4 4 4 4 4 4 4 5 2 4 3 9 5 7 5 8 1 , , , , , , , , , 9 8 0 1 0 6 9 3 8 9 8 6 9 6 2 1 4 3 1 1 9 6 6 2 3 2 4 9 8 8 6 7 7 8 8 8 , , , , , , , , , 4 1 8 3 5 7 5 0 4 6 7 3 4 5 0 3 9 4 3 8 4 9 5 3 7 2 4 2 2 2 2 2 2 2 2 2 6 4 6 7 5 8 4 4 3 , , , , , , , , , 1 7 1 5 0 5 1 8 7 7 2 1 4 3 0 7 4 1 8 9 8 5 9 3 5 0 0 4 5 4 5 5 5 5 5 5 , , , , , , , , , 2 4 2 3 7 3 4 0 5 6 1 3 5 7 6 5 0 5 9 9 8 3 4 0 6 4 6 8 8 7 7 7 7 7 7 7 , , , , , , , . , 3 7 2 3 2 5 3 6 0 2 7 8 0 7 1 0 7 4 1 9 1 3 6 8 2 0 4 2 1 1 1 1 1 1 1 1 , , , . , , , , , 0 8 7 8 6 7 5 8 6 4 9 5 3 1 0 5 2 4 2 8 7 8 6 6 4 2 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Payable in U.S. dollars 1969—Sept 28,236 15,845 14,326 1 519 12,090 2,132 6,706 275 2,977 301 28,282 2,521 624 1,897 25,046 2,324 16,660 1,849 4,214 715 Oct 27,959 15,651 14,294 1 357 12,023 2,171 6,477 297 3,078 285 28,193 2,478 500 1,978 25,011 2,263 16,223 1,900 4,625 704 Nov 28,866 15,818 14,485 1 333 12,714 1,931 7,564 281 2,938 334 29,233 2,585 492 2,092 25,874 2,094 17,520 1,757 4,504 774 Dec 29,099 15,130 13,642 1 489 13,622 1,994 8,074 349 3,205 346 29,750 2,392 606 1,786 26,341 2,130 17,793 1,566 4,851 1 ,017 1970—Jan 28,787 15,222 13,632 1 591 13,205 2,077 7,748 303 3,076 360 29,356 2,556 511 2,046 25,921 2,109 17,363 1,434 5,016 879 Feb 28,888 14,378 12,837 1 541 14,116 2,280 8,301 305 3,230 395 29,794 2,685 631 2,054 26,302 2,334 17,606 1,431 4,932 807 Mar 28,583 13,503 12,051 1 452 14,757 2,295 8,800 347 3,315 323 29,629 2,586 586 2,000 26,202 2,392 17,290 1,568 4,953 840 Apr 29,777 14,100 12,598 i;, 502 15,341 2,225 9,088 319 3,709 337 30,501 2,511 540 1,971 27,101 2,418 17,801 1,982 4,900 889 May 30,651 13,761 12,117 i; ,644 16,508 2,610 9,639 276 3,983 382 31,341 2,506 524 1,982 27,908 2,736 18,052 1,842 5,278 927 June 32,096 13,750 12,075 i; ,675 17,964 2,778 10,669 247 4,269 382 32,952 2,596 545 2,050 29,472 2,812 19,695 2,001 4,964 885 July 30,823 12,004 10,344 i;, 660 18,443 2,825 10,404 319 4,894 376 31,627 2,498 548 1,950 28,294 2,724 18,746 1,919 4,905 835 Aug 32,198 12,628 10,843 i ,785 19,150 2,829 10,877 310 5,135 420 32,835 2,428 522 1,906 29,549 2,838 19,468 2,187 5,056 859 Sept 32,964 12,144 10,244 i; ,901 20,375 3,399 11,274 334 5,368 445 33,561 2,414 569 1,845 30,348 3,338 19,360 2,714 4,936 799 D O N e c o c t v 3 3 3 2 2 4 , , , 6 9 5 9 9 3 1 9 7 1 1 9 1 0 , , , 4 1 0 0 7 9 0 3 3 9 7 7 , , , 2 9 2 8 5 3 7 2 3 2 2i; , , , ,9 1 0 4 6 8 1 7 6 2 2 2 1 2 4 , , , 0 4 1 2 0 6 7 5 3 4 4 3 , , , 2 0 7 0 0 3 8 9 7 1 1 1 1 3 1 , , , 2 8 2 4 7 2 8 6 2 4 3 3 3 3 6 4 4 2 6 6 5 , , , 7 0 7 9 3 8 5 5 6 4 5 5 7 1 2 9 3 4 3 3 3 3 4 6 , , , 7 3 0 5 5 0 9 6 4 2 2 2 , , , 3 2 3 9 0 3 1 5 4 6 5 5 5 5 8 7 6 0 1 1 1 , , , 8 6 6 1 4 7 1 9 7 3 3 3 2 1 0 , , , 4 0 4 4 9 8 6 2 0 4 3 3 , , , 0 5 9 2 9 1 8 7 0 1 1 1 9 9 9 , , , 8 1 0 0 4 1 7 7 0 2 2 3 , , , 9 8 7 9 3 9 5 7 2 4 4 5 , , , 8 8 17 4 7 7 3 4 1 1 , , 0 2 8 5 2 8 8 5 8 1971—Jan 34,221 8,546 6,112 2,, 434 24,260 4,504 12,553 370 6,833 1 ,414 35,470 2,277 603 1,674 32,216 4,356 19,522 3,818 4,513 976 Feb 33,842 7,657 5,118 2 ,538 24,606 4,716 12,214 423 7,253 1 ,579 35,137 2,120 474 1,647 32,073 4,874 18,243 4,206 4,749 944 Mar 34,960 6,560 4,043 22 , 516 26,409 5,070 13,307 453 7,580 1 ,990 36,213 2,413 501 1,912 32,891 5,052 18,722 4,323 4,794 909 Apr 35,717 4,856 2,501 2, 356 27,337 5,654 13,209 529 7,944 3 ,525 36,973 2,284 491 1,794 33,717 5,644 18,717 4,743 4,612 972 May 36,037 4,193 2,172 ,020 28,264 5,354 13,815 552 8,542 3 ,581 37,284 2,582 643 1,939 33,638 5,469 19,120 4,419 4,630 1 ,063 June 37,622 4,648 2,651 1 ,998 29,412 5,609 14,625 586 8,593 3 ,562 39,116 2,293 432 1,861 35,782 5,793 20,610 4,604 4,775 1 ,041 July 37,092 4,613 2,610 2 ,003 28,693 5,648 13,780 713 8,552 3 ,787 38,297 2,762 393 2,368 34,571 5,433 20,192 4,416 4,530 965 Aug 37,801 3,875 2,025 1 ,851 30,658 5,791 15,427 865 8,576 3 ,268 39,449 2,939 643 2,296 35,406 5,735 20,340 4,375 4,956 1 ,104 Sept 38,644 4,807 2,950 1 ,857 32,040 6,028 16,391 851 8,770 1 ,797 40,128 2,646 389 2,257 36,315 6,203 20,986 4,407 4,720 1 ,167 For Note, see p. 114. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 2 ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN THE UNITED KINGDOM In millions of dollars ASSETS LIABILITIES Claims on U.S. Claims on foreigners To U.S. To foreigners End of month Total Other Offi- Non- Other Total Other Offi- Non- Other Parent branches Other cial bank Parent branches Other cial bank Total bank Other Total of banks insti- for- Total bank Other Total of banks insti- forparent tutions eigners parent tutions eigners bank bank Total 1969—Sept. 23,970 12,359 10,966 1,393 11,264 1,768 6,056 196 3,244 347 23,971 1,863 96 1 ,767 21,608 1,587 14,411 1,432 4,178 499 Oct.. 23,548 11,891 10,680 1,211 11,338 1,960 5,763 220 3,395 320 23,548 1,851 63 1 ,788 21,212 1,545 13,905 1,552 4,211 485 Nov. 24,331 12,033 10,846 1,187 11,930 1,714 6,795 212 3,209 368 24,331 1,980 76 1 ,903 21,811 1,344 14,782 1,402 4,283 541 Dec. 24,130 11,311 10,043 1.267 12,417 1,702 6,953 289 3,473 403 24,130 1,571 82 1 ,489 21,920 1,222 14,954 1,235 4,510 639 1970—Jan.. 24.279 11,574 10,200 1,374 12,272 1,866 6,868 246 3,293 432 24.279 1,898 101 1 ,797 21,791 1,198 14,912 1,054 4,627 590 Feb.. 24,112 10,521 9,223 1,298 13,187 2,012 7,401 244 3,531 404 24,112 2,008 228 1, 781 21,562 1,291 14,648 1,087 4,536 542 Mar. 24,160 9,945 8,789 1,156 13,811 2,083 7,754 275 3,699 403 24,160 1,808 106 1, 703 21,770 1,401 14,531 1,250 4,589 581 Apr. 25,273 10,690 9,496 1,194 14,171 2,013 7,959 256 3,943 412 25,273 1,724 82 1 ,642 22,943 1,309 15,264 1,727 4,643 607 May 25,576 10,061 8,761 1,300 15,099 2,248 8,529 236 4,086 416 25,576 1,692 97 1 ,595 23,294 1,445 15,350 1,505 4,994 591 June 27,000 10,209 8,915 1,294 16,352 2,373 9,457 205 4,317 439 27,000 1,748 108 1, 640 24,719 1,709 16,622 1,744 4,644 533 July. 25,740 8,736 7,427 1,309 16,563 2,350 9,177 268 4,769 441 25,740 1,573 100 i;, 473 23,678 1,615 15,753 1,664 4,646 490 Aug. 26,720 9,424 8,052 1,373 16,826 2,315 9,394 253 4,864 470 26,720 1,531 92 li ,439 24,671 1,755 16,339 1,908 4,669 518 Sept. 26,828 9,023 7,620 1,403 17,250 2,387 9,672 259 4,932 555 26,828 1,431 93 i;, 338 24,849 1,909 15,974 2,425 4,541 548 O No ct v . . . 2 2 6 7 , , 8 0 0 8 6 2 8 7 , , 4 2 0 7 3 6 6 5 , , 9 7 2 3 5 5 1 1, , 5 4 4 7 1 8 1 1 7 9 , , 9 2 2 4 3 4 2 2 , , 9 8 5 0 7 2 1 9 0 , , 4 1 5 4 1 7 2 3 5 9 7 0 5 5 , , 4 7 1 5 3 0 4 5 7 6 9 2 2 2 6 7 , , 8 0 0 8 5 2 1 1 , ,5 4 3 0 1 6 1 9 0 1 1 i i ; ;, , 3 4 0 4 5 0 2 24 5 , , 7 0 5 7 9 2 2 2, , 0 1 2 6 1 6 1 15 5 , , 7 6 6 8 8 7 2 2 , , 4 57 5 4 4 4 4 , ,5 6 1 4 5 6 6 5 0 1 4 6 Dec. 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 601 28,451 1,339 116 i ,222 26,520 2,320 16,533 3,119 4,548 592 1971—Jan.. 28,478 6,064 4,380 1,684 21,330 3,700 10,898 300 6,432 1,084 28,478 1,384 77 i, ,307 26,542 2,358 16,817 3,067 4,300 552 Feb.. 28,115 5,194 3,487 1,706 21,663 3,915 10,760 338 6,650 1,258 28,115 1,423 103 i;, 320 26,103 2,641 15,588 3,337 4,538 589 Mar. 28,711 4,658 2,897 1,761 22,539 3,890 11,419 355 6,875 1,514 28,711 1,533 103 ii ,430 26,597 2,586 15,942 3,615 4,454 581 Apr. 29,082 3,143 1,598 1,545 23,414 4,307 11,584 412 7,111 2,524 29,082 1,492 186 i;, 306 26,989 2,699 15,698 4,067 4,525 601 May 29,952 2,746 1,401 1,345 24,627 4,218 11,957 433 8,020 2,579 29,952 1,591 301 i;, 291 27,667 2,843 16,387 3,873 4,565 694 June 31,276 3,188 1,827 1,361 25,545 4,393 12,632 418 8,101 2,542 31,276 1,565 147 i; ,419 29,021 2,931 17,578 3,967 4,545 690 July. 30,710 3,098 1,700 1,398 25,140 4,448 11,953 520 8,218 2,473 30,710 1,773 126 i. ,647 28,264 2,762 16,843 4,034 4,625 674 Aug. 32,119 2,608 1,340 1.268 27,249 4,462 13,744 558 8,486 2,262 32,119 2,000 300 i;, 700 29,429 3,069 17,310 4,268 4,782 691 Sept. 33.280 3,390 2,143 1,247 28,464 4,882 14,683 512 8,387 1,426 33.280 1,658 117 i ,541 30,877 3,344 18,431 4,318 4,785 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Payable in U.S. dollars 1969—Sept. 20,571 12,281 8,133 911 5,418 1,805 156 20,785 1,755 79 1,676 18,748 1,205 12,880 1,246 3,417 281 Oct.. 19,778 11,804 7,819 942 5,061 1,816 155 20,065 1,738 51 1,687 18,059 1,079 12,218 1,321 3,441 268 Nov. 20,709 11,948 8,576 867 5,976 1,733 185 20,977 1,861 53 1,808 18,812 932 13,138 1,218 3,524 304 Dec., 20,641 11,230 9,201 955 6,265 1,982 209 20,820 1,492 60 1,432 18,916 868 13,302 1,073 3,673 411 1970—Jan.. 20,621 11,475 8,939 1,013 6,085 1,842 206 20,712 1,820 89 1,731 18,551 869 12,865 938 3,878 342 Feb.. 20,244 10,426 9,610 1,128 6,533 1,949 208 20,495 1,894 191 1,703 18,290 898 12,715 914 3,764 311 Mar. 19,995 9,861 9,950 1,182 6,775 1,994 183 20,330 1,700 84 1,616 18,289 929 12,567 1,032 3,761 342 Apr., 21,057 10,591 10,262 1,128 6,923 2,211 204 21,101 1,623 48 1,575 19,122 880 13,044 1,481 3,716 356 May, 21,259 9,972 11,068 1,404 7,340 2,325 218 21,226 1,596 76 1.520 19,270 1,033 12,952 1,266 4,019 359 June, 22,155 10,135 11,787 1,407 7,880 2,500 232 22,239 1,655 92 1,563 20,300 1,137 14,061 1,463 3,640 283 July. 20,989 8,635 12,122 1,412 7,803 2,908 232 20,931 1,496 86 1,410 19,187 1,082 13,196 1,378 3,531 247 A O D S N e u e o c p c t g v t . . . . . . 2 2 2 2 2 2 1 1 1 2 , , , , , 8 5 0 7 5 7 4 1 0 7 8 9 5 2 4 9 8 8 7 6 , , , , , 9 3 1 2 5 4 3 5 9 9 1 3 3 6 0 1 1 1 1 1 2 3 5 4 2 , , , , , 2 8 1 6 0 8 3 0 5 6 6 6 5 7 0 2 1 1 1 1 , , , , , 2 8 3 5 9 4 2 8 2 2 1 9 3 4 0 9 7 8 7 8 , , , , , 9 8 6 2 4 5 9 3 2 2 1 9 5 7 0 2 4 3 3 3 . . , , , 9 0 5 0 3 9 1 1 5 4 8 2 2 0 4 2 2 2 3 3 5 7 7 2 2 9 3 6 8 3 2 2 2 2 2 1 1 1 1 3 , , , , , 8 7 8 0 8 4 8 0 9 9 9 5 5 4 0 1 1 1 1 1 , , , , , 4 2 2 3 4 2 0 7 3 0 8 9 0 4 8 9 7 6 7 7 8 9 8 7 8 1 1 1 1 1 , , , , , 3 2 3 2 1 4 0 3 5 1 9 7 2 0 0 2 2 2 2 2 1 0 0 0 0 , , , , , 1 3 4 2 0 8 0 9 9 9 5 5 5 4 2 1 1 1 1 1 , , , , , 5 4 3 1 3 4 5 7 7 6 8 5 5 2 2 1 1 1 1 1 3 3 3 3 3 , , , , , 2 3 0 6 7 5 8 4 8 2 1 9 4 4 4 2 2 2 2 1 , , , , , 1 8 2 0 6 9 5 9 9 3 8 9 5 6 4 3 3 3 3 3 , , , , , 3 4 5 4 5 6 3 1 0 7 1 0 6 4 2 2 2 2 3 3 1 6 6 6 0 1 7 0 5 2 1971—Jan.. 22,478 5,950 15,710 2,483 9,129 4,099 818 22,705 1,266 66 1,199 21,156 1,540 13,718 2,816 3,081 283 Feb.. 21,924 5,102 15,849 2,541 9,043 4,266 972 22,118 1,291 84 1,207 20,539 1,707 12,531 3,001 3,301 287 Mar. 22,576 4,566 16,791 2,657 9,750 4,384 1,219 22,654 1,411 90 1,321 20,954 1,759 12,754 3,207 3,233 289 Apr. 22,786 3,057 17,534 3,133 9,861 4,541 2,194 22,907 1,358 173 1,185 21,249 1,900 12,640 3,588 3,121 299 May 23,028 2,651 18,156 3,030 10,128 4.999 2,221 23,198 1,455 266 1,189 21,378 1,902 12,967 3,368 3,142 365 June 24,228 3,098 18,918 3,231 10,674 5.013 2,211 24,474 1,432 96 1,336 22,682 2,053 14,071 3,493 3,065 361 July. 23,282 3,010 18,155 3,219 10,031 4,906 2,116 23,400 1,610 89 1.521 21,428 1,819 13,198 3,382 3,029 361 Aug. 23,848 2,528 19,451 3,245 11,336 4.870 1,868 24,263 1,790 238 1,552 22,095 1,900 13,445 3,501 3,249 377 Sept. 24,418 3,289 20,123 3,369 11,883 4.871 1,006 24,742 1,460 59 1,401 22,882 2,126 14,160 3,555 3,041 400 For Note, see p. 114. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 3 ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN THE BAHAMAS In millions of dollars ASSETS LIABILITIES Claims on U.S. Claims on foreigners To foreigners Memo: Memo: End of month Assets Liabili- Total Other Other payable Total To Other Other Other ties branches of Non- in U.S. branches banks Non- payable Total Parent Other Total parent bank, bank U.S. Total of and bank in U.S. bank other banks, for- dollars parent official for- dollars and official eigners bank institu- eigners institutions tions 1969—Sept.. 405 1,209 1,041 168 1,176 739 436 21 2,322 2,404 222 2,163 99 1,699 364 20 2,324 N O o c v t. . . . 7 6 7 9 8 7 1 1 , , 6 4 0 33 8 1 1 , , 4 2 0 4 9 6 1 1 8 9 7 9 1 1 , , 2 1 4 4 1 4 7 6 6 6 5 5 4 4 7 7 8 6 2 2 6 4 2 2 , , 6 5 7 6 5 4 2 2 , , 7 6 7 9 8 8 2 2 1 1 5 3 2 2 , , 5 4 3 5 5 8 19072 1 1 ,8 ,7 7 3 1 9 6 4 9 8 9 4 2 2 7 8 2 2 , , 6 5 7 9 4 6 Dec.. 044 1,538 1,293 244 1,478 951 527 28 2,891 3,044 293 2,718 124 1,957 637 33 2,932 1970—Jan.. 974 1,477 1,217 261 1,462 931 531 35 2,815 2,974 237 2,702 117 2,017 568 36 2,860 Feb.. 302 1,662 1,403 259 1,600 1,027 573 39 3,129 3,302 244 3,018 133 2,255 631 39 3,180 Mar., 484 1,470 1,171 299 1,979 1,352 627 34 3,257 3.486 285 3,158 155 2,346 657 43 3,362 Apr.. ,582 1,458 1,136 322 2,088 1,356 731 37 3,338 3,583 311 3,228 175 2,392 661 44 3,447 May, ,067 1 ,807 1,453 353 2,213 1,415 798 47 3,841 4,070 366 3,658 189 2,716 753 46 3,929 June, ;340831 1,756 1,397 359 2,680 1,772 908 48 4,251 4.487 401 4,034 200 3,042 792 52 4,348 July. 1,488 1,130 358 2,764 1,752 1,012 49 4,062 4,305 469 3,786 197 2,775 813 50 4,150 Aug. 466 1,394 995 399 3,015 1,921 1,094 57 4,221 4,470 488 3,932 214 2,804 913 51 4,296 Sept. ,470 1,291 812 479 3,120 2,004 1,115 60 4,233 4,475 500 3,920 230 2,902 788 56 4,326 Oct.. 194 990 500 491 3,141 1,972 1,168 63 3,948 4,199 432 3,705 212 2,706 786 62 4,063 Nov. ,200 1,056 493 563 3,084 1,813 1,271 60 3,953 4,204 357 3,782 278 2,543 960 65 4,075 Dec. 731 1,119 455 664 3,554 2,096 1,458 58 4,458 4,731 542 4,117 435 2,863 819 72 4,606 1971—Jan.. ,663 1,135 396 739 3,324 1,916 1,408 205 4,375 4,664 491 4,114 705 2,568 841 59 4,527 Feb. 561 1,072 283 789 3,286 1,721 1,565 203 4,254 4,561 382 4,121 840 2,452 830 58 4,438 Mar. ',755 879 162 718 3,605 1,994 1,611 271 4,468 4,756 534 4,171 681 2,575 915 51 4,633 A M p a r y . ;324457 7 93 7 5 3 1 1 6 1 9 3 7 6 6 6 6 0 3 3 , , 6 8 4 8 1 0 2 1 , , 0 9 3 1 8 8 1 1 , , 8 7 4 2 3 3 6 6 6 9 9 4 5 4 , , 0 9 6 3 2 5 5 5 , , 2 3 4 4 5 8 5 64 0 6 3 4 4 , , 6 6 8 3 1 3 1,0 9 8 9 7 1 2 2 , , 7 7 0 4 6 4 8 8 9 8 8 8 6 6 8 2 5 5 , , 1 1 0 9 5 7 June ,733 839 203 635 4,212 2,317 1,895 683 5,461 5,734 446 5,221 1,013 3,095 1,113 67 5,596 July. ,022 890 267 623 4,403 2,337 2,066 729 5,689 6,020 753 5,197 1,125 3,139 933 69 5,841 A Se u p g t . . ,912650 7 8 2 3 8 5 2 1 1 3 9 9 5 61 8 5 9 4 4, , 9 5 9 7 1 3 2 2, , 8 5 9 6 1 4 2 2 , , 1 0 0 0 0 9 6 3 2 3 4 4 5 5 , , 5 8 9 3 0 5 5 6 , , 9 1 2 6 5 2 6 71 9 9 6 5 5 , , 1 3 5 5 5 9 1,0 9 0 3 5 1 3 3, , 3 0 8 2 1 9 1 1 , , 1 0 2 4 1 8 7 8 4 4 5 5 , , 9 7 6 17 3 NOTE.—Components may not add to totals due to rounding. For a given month, total assets may not equal total liabilities because some branches do not adjust the parent's equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange rates, which are used to convert foreign currency values into equivalent dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN BRANCHES OF U.S. BANKS 115 TABLE 4 ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS NOT REQUIRED TO REPORT MONTHLY In millions of dollars September 30, 1969 September 30, 1970 IItteemm Total Payable in Total Payable in dollars dollars Total assets 33333333333,,,,,,,,,,,555555555558888888888899999999999 777777777770000000000022222222222 33333333333,,,,,,,,,,,222222222227777777777766666666666 666666666667777777777733333333333 Claims on U.S 111111111113333333333399999999999 111111111110000000000077777777777 111111111119999999999911111111111 111111111112222222222222222222222 Parent bank 9999999999944444444444 8888888888855555555555 111111111110000000000011111111111 9999999999900000000000 Other 4444444444455555555555 2222222222222222222222 9999999999900000000000 3333333333322222222222 Other assets 33333333333,,,,,,,,,,,444444444445555555555500000000000 555555555559999999999955555555555 33333333333,,,,,,,,,,,000000000008888888888855555555555 555555555555555555555522222222222 Total liabilities 33333333333,,,,,,,,,,,555555555558888888888888888888888 777777777770000000000044444444444 33333333333,,,,,,,,,,,222222222227777777777766666666666 777777777773333333333300000000000 Liabilities to U.S 444444444443333333333300000000000 111111111117777777777744444444444 444444444447777777777788888888888 222222222221111111111166666666666 Parent bank 222222222221111111111133333333333 111111111114444444444455555555555 222222222220000000000088888888888 111111111116666666666600000000000 Other 222222222221111111111166666666666 2222222222299999999999 222222222226666666666699999999999 5555555555555555555555 Other liabilities 33333333333,,,,,,,,,,,111111111115555555555588888888888 555555555553333333333300000000000 22222222222,,,,,,,,,,,777777777779999999999988888888888 555555555551111111111155555555555 TABLE 5 COMPARISON OF FEDERAL RESERVE AND TREASURY REPORTING SYSTEMS FOR FOREIGN BRANCH ASSETS Amounts as of Sept. 30, 1969, in millions of dollars Federal Reserve Treasury Main factors accounting for differences Category Amount Amount Category Total assets 35,115 38,620 Total assets 1. Treasury received reports from a larger number of branches; 2. Some reports to the Treasury were for a business month; and Claims on— 3. Treasury category differed as follows: Parent bank 14,338 13,675 Dollar claims on parent Excluded nondeposit claims on parent banks, assets sold by parents to branches under repurchase agreements, and foreign currency claims on parents. Other U.S 1,703 O) Other foreign branches of parent 3,683 4,178 Deposits in other foreign Included foreign currency claims on parent banks and branches of parent deposits in foreign banking subsidiaries of parents and excluded nondeposit claims on other branches. Other foreign banks 8,055 7,365 Deposits in other foreign Excluded nondeposit claims on foreign banks and banks claims on foreign banking subsidiaries of parents. Official institutions 487 O) Nonbank foreigners 5,934 Loans to foreigners other Included loans to nonbank foreigners purchased from than banks parents under repurchase agreements. 9,189 Other assets 915 Other assets Included claims on "other U.S.," claims on "official institutions," and nondeposit claims purchased from 4,214 parents under repurchase agreements, except such claims on nonbank foreigners. 1 Included in "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F.R. 502 Form Approved Budget Bureau No. 55-R0237 For Federal Reserve Use Only Name of parent bank Location of branch _ Parent Bank F.R. District No. Street address State No. City Bank No. Country Branch Country Code No. Branch Code No. Date (As of last business day of month) Monthly Report on Foreign Branch Assets and Liabilities (Amounts in thousands of U.S. dollars) Payable in U.S. Dollars Payable in Other Currencies Total (1L ) C0 CJ ) Line AASSSSEETTSS millions thousands millions thousands millions thousands code 11.. TToottaall 01 a/ 2. Claims on U.S. addressees, Total — 02 3. Parent 03 4. Other U.S. addressees 04 5. Claims on non-U.S. addressees, Total 05 6. Official institutions 06 7. Other foreign branches of parent bank in same country E' 07 8. Other foreign branches of parent bank in other countries £' 08 9. Other banks 09 10. Nonbanks 10 11. Other assets, Total 11 12, Of which, securities 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LIABILITIES 13. Total 13 14. Liabilities to U.S. addressees, Total 14 15. Parent bank 15 16. Other U.S. addressees 16 17. Liabilities to non-U.S. addressees, Total 17 18. Official institutions 18 19. Other foreign branches of parent bank in same country 19 20. Other foreign branches of parent bank in other countries £' 20 21. Other banks 21 22. Non-banks 22 23j Other liabilities & 23 MATURITY OF ASSETS Payable in IJ .S. Dollars Payable in Other Currencies Time to Maturity Time to Maturity Time to Maturity Time to Maturity 1 year or less more than 1 yr. 1 year or less more than 1 yr. TToottaall 0L ) 1 (2 ) 0 0 • ) (f> ) mill's thous mill's thou's mill's thou's mill's thou's mill's thou's 22224444.... CCCCllllaaaaiiiimmmmssss oooonnnn ooootttthhhheeeerrrr bbbbaaaannnnkkkkssss oooouuuuttttssssiiiiddddeeee UUUU....SSSS.... ((((eeeexxxxccccllll.... ooootttthhhheeeerrrr ffffoooorrrreeeeiiiiggggnnnn bbbbrrrraaaannnncccchhhheeeessss ooooffff ppppaaaarrrreeeennnntttt)))) ((((lllliiiinnnneeee 9999)))) 22224444 25. Claims on nonbanks outside U.S. (line 10) 25 26. Total (lines 24 and 25) 26 Payable in U .S. dollars Memoranda: millions thousands 27. Deposits of and direct borrowings from U.S. addressees (excluding U.S. Parent bank) with time to maturity of more than 1 year (included in line 16, column (1)) 27 28. Deposits of and direct borrowings from U.S. addressees that are international finance subsidiaries of U.S. direct investment companies (included in line 16, column (1)) —' 28 BEFORE PREPARING THIS REPORT PLEASE READ CAREFULLY THE GENERAL AND SPECIFIC INSTRUCTIONS ON REVERSE SIDE Official Signature Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTRUCTIONS Section I — General Instructions A. Introduction This report form is designed to cover the assets 5. "Other foreign branches of parent bank." The and liabilities of foreign branches of Member Banks of the term "other foreign branches of parent bank" includes all Federal Reserve System. branches outside the United States, except branches in U.S. military facilities (which are to be included with "parent B. Who must report. Member banks are to file monthly reports bank"); the term includes all branches, whether or not they prepared by their branches located outside the United States, are exempt from a reporting requirement (see paragraph C, excluding branches in U.S. military facilities. Reports are above.) Subsidiaries of the parent bank located outside to be prepared as of the close of business on the last busi- the United States are to be included with "other banks" if ness day of the month in the country in which the branch is they are banks within the definition of (6) below; otherlocated. The member bank should file the reports with the wise they are to be included with "nonbanks." Federal Reserve Bank in its District by the 25th of the month following the report date. 6. "Other banks." Jhe term "other banks" includes commercial banks, savings banks, discount houses C. Exemptions. Reports are to be filed for: and other similar institutions accepting deposits. Nationalized and other banking institutions owned by central 1. All branches in the Bahamas (unless specific governments should be regarded as foreign "banks" if they exceptions are made by the Board of Governors) and for Qther are not functioning as central banks. Development banks designated branches; and similar institutions should not be included with other banks; include them with nonbanks. 2. All branches in Europe whose total liabilities payable in U.S. dollars amount to $10 million or more; and Valuation. Assets or liabilities payable in foreign currency should be converted into dollars at the exchange 3. All other branches whose total liabilities pay- rate prevailing on the report date, except where your able in U.S. dollars amount to $30 million or more. standard practice calls for a different procedure. If total liabilities payable in U.S. dollars of a Reporting of assets and liabilities payable in more than branch in Europe amount to $10 million or more, or of other one currency. Report in Column 1 only those assets or branches outside the Bahamas (or other designated areas) liabilities payable only in U.S. dollars. If an asset amount to $30 million or more, on any report date, reports or liability is payable in dollars and/or another curshould continue to be filed for that branch for each remain- rency, enter the value in Column 2. ing month in the calendar year regardless of the amounts of liabilities of that branch payable in U.S. dollars on subsequent report dates during the calendar year. Section II -- Specific Instructions In reporting the maturity breakdown of certain (See references on report form assets a branch may elect to include in lines 24 to 26 only for (a) through (e)) those loans, credits, overdrafts, and acceptances of $100,000 or more per individual item, or equivalent amount in foreign currencies. (a) Include in lines 2 through 10 only claims that represent loans, mortagages, credits, overdrafts, Alternatively a branch may elect to report on customers' liabilities on acceptances and deposits lines 24 to 26 all loans, credits, overdrafts and accept- (including negotiable certificates of deposit). ances reported on lines 9 and 10. Include in line 11 ("Other assets") claims such as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

securities (including short-term money market paper), Method of submitting data to Federal Reserve Bank. The investments, accrued interest receivable, etc. parent U.S. bank should file a separate report for each branch required to report. Include in line 3 all advances to U.S. parent bank and balances due from parent bank as well as all Definitions. The definition of maturity for this form loans, securities or other assets purchased from the U.S. is time remaining to maturity. parent bank under a specific repurchase agreement. Include in the appropriate line (4 through 11) all assets 1. "United States." The term "United States" acquired from parent without repurchase agreement. includes the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the following: (b) Include in lines 7 and 19 claims on and lia- American Samoa, Canal Zone, Guam, Midway Island, Virgin bilities to all other branches of the parent bank located Islands, and Wake Island. in the same country as the reporting branch, whether or not these other branches are exempt from reporting (see 2. "U.S. addressee." The term "U.S. addressee" paragraph C, General Instructions). includes any person or corporation whose principal address, according to the records of the reporting branch, is in the (c) Include in lines 8 and 20 claims on and lia- United States. The branch may use as the principal address bilities to other non-U.S. branches of the parent bank that address to which statements of the customer's account that are located outside the country of domicile of the (or receipted notes) are sent. reporting branch; include such claims and liabilities whether or not the particular branches against which 3. "Parent bank." The term "parent bank" includes the claims and liabilities exist are exempt from reportall offices and branches of the reporting bank located in the ing (see paragraph C, General Instructions). United States, as well as affiliates and Edge Act subsidiaries organized in the United States in which the reporting bank or (d) Include in lines 14 through 22 only liabilities holding company which owns the bank holds at least 50 per cent that represent deposits or direct borrowings, including interest. The term "parent bank" also includes branches in rediscounts. Include in line 23 liabilities on accep- U.S. military facilities abroad. tances sold, etc., the permanent investment of the parent bank in the branch, and other branch liabilities such as 4. "Official institution." The term "official accrued taxes and expenses. Include in line 15 advances institution" includes: central governments of foreign from U.S. parent bank or balance due to parent bank. countries and of their possessions; recognized central banks of issue; stabilization funds; exchange control offices; and (e) Enter in line 28 the best figure available fiscal agents of national governments which have as an impor- from your existing records on your liabilities to U.S. tant part of their functions activities similar to those of addressees that are international finance subsidiaries a treasury, central bank, or a stabilization fund. The term of U.S. direct investment companies. A list of such also includes the Bank for International Settlements (BIS), subsidiaries will be supplied, and updated from time to the European Payments Union (EPU), and the International time. As defined in Section 1000.323 of the Foreign Monetary Fund (IMF). The term does not include non-monetary Direct Investment Regulations, an international finance international institutions, such as the International Bank subsidiary is a U.S. corporation owned entirely by a U.S. for Reconstruction and Development, the Inter-American direct investor, the principal business of which is to Development Bank, and the Asian Development Bank; these borrow funds from foreign nationals and to invest such latter types of institutions are to be included with non- funds in foreign affiliates. If any deposits of such banks (lines 10 and 22). Moreover, branches or agencies in subsidiaries have maturities of more than one year, the United States of "foreign official banking institutions" they should also be included in line 27. are to be considered as United States addressees for the purpose of this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ro o Form F.R. 503 Form Approved Name of parent bank Budget Bureau No. 55-R0237 Location of branch Street address For Federal Reserve Use Onl? City Country Parent Bank F.R. District No. State No. Date Bank No. {As of last business day of September) Branch Country Code No. Branch Code No. Annual Supplement to Monthly Report on Foreign Branch Assets and Liabilities (Amounts in thousands of U.S. dollars) Payable in U.S. Dollars Payable in Other Currencies Total (1) (2) (3) LLiinnee AASSSSEETTSS millions thousands millions thousands millions thousands ccooddee 1. Total 01 2. Claims on U.S. addressees, Total 02 3. Parent bank 03 4. Other U.S. addressees | 04 5. Other assets 05 LIABILITIES 6. Total 06 7. Liabilities to U.S. addressees 07 8. Parent bank 08 9. Other U.S. addressees 09 10. Other liabilities 10 BEFORE PREPARING THIS REPORT PLEASE READ CAREFULLY THE GENERAL AND SPECIFIC INSTRUCTIONS ON REVERSE SIDE Official Signature Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSTRUCTIONS Annual Supplement Section I — General Instructions A. Introduction 3. "Parent bank." The term "parent bank" includes all This report is designed to cover the assets and liabilities offices and branches of the reporting bank located in the United as of the end of September of any year of those foreign branches of States, as well as affiliates and Edge Act corporate subsidiaries Member Banks of the Federal Reserve System which were exempt from organized in the United States in which the reporting bank or a filing a Monthly Report on Foreign Branch Assets and Liabilities holding company which owns the bank holds at least 50 per cent (Form F.R. 502) for that month. (See Section I, C of the Monthly interest. The term "parent bank" also includes branches in U.S. Report of Foreign Branch Assets and Liabilities, Form F.R. 502, for military facilities abroad. provisions regarding exemptions.) F. Valuation. Assets or liabilities payable in foreign currency B. Who must report. Member banks are to file an annual report on should be converted into dollars at the exchange rate prevailing behalf of any branch located outside the United States, excluding on the report date, except where your standard practice calls for branches in U.S. military facilities, that is not required to file a different procedure. a report on Form F.R. 502 for the month of September. Reports are to be filed on this form as of the close of business on the last G. Reporting of assets and liabilities payable in more than one currency. business day of September in the country in which the branch is Report in Column 1 only those assets or liabilities payable only in located. The member bank should file the reports with the Federal U.S. dollars. If an asset or liability is payable in dollars and/or Reserve Bank in its district by November 15 of the year in which another currency, enter the value in Column 2. the report is filed. C. Exemptions. There is no exemption from filing this report for any Section II -- Specific Instructions branch not required to file Form 502 as of the end of September. (a) Include in lines 2, 3, and 4 only claims on U.S. addressees D. Method of submitting data to Federal Reserve Bank. The parent U.S. that represent loans, mortgages, credits, overdrafts, customers' liabank should file a report for each branch required to report. bilities on acceptances, and deposits (including negotiable certificates of deposit.) Include in line 5 ("Other Assets") all other claims on E. Definitions. The definitions for this form correspond to those on U.S. addressees, as well as all claims on non-U.S. addressees. the Monthly Report on Foreign Branch Assets and Liabilities. 1. "United States." The term "United States" includes Include in line 3 advances to U.S. parent bank and balances the States of the United States, the District of Columbia, the due parent as well as all loans, securities or other assets purchased Commonwealth of Puerto Rico, and the following: American Samoa, from the U.S. parent bank under a specific repurchase agreement. the Canal Zone, Guam, Midway Island, Virgin Islands, and Wake Include in the appropriate line (4 or 5) all assets acquired from parent without repurchase agreement. I8land. 2. "U.S. addressee." The term "U.S. addressee" includes (b) Include in lines 7, 8, and 9 only liabilities that represent any person or corporation whose principal address, according to the deposits of or direct borrowings from U.S. addressees, advances from records of the reporting branch, is in the United States. The branch the parent bank or balances due the parent bank. Include the permanent investment of the parent bank in the branch, and all other liabilities, may use as the principal address that address to which statements of in line 10. the customer's account (or receipted notes) are sent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chair- The new economic policy had four man, Board of Governors of the Fed- major objectives: first, to slow sharply eral Reserve System, before the Joint and at once the rate of inflation and Economic Committee, February 9, 1972. thereby break the inflationary psychology gripping the Nation; second, to set in motion forces that would stimulate more I am glad to appear before this commit- rapid expansion in aggregate demand and tee once again to report the views of the a decline in unemployment; third, to Board of Governors of the Federal promote increased efficiency in our Reserve System on the state of our na- factories, mines, and other workshops; tional economy. fourth, to set the stage for a reinvigora- The early months of the past year tion of export trade, restoration of conpresented an extraordinary challenge to fidence in the exchange value of the dollar, our national policies. Although a recovery and progress toward a sustainable equihad commenced in economic activity, it librium in the balance of payments. proceeded at a rather sluggish pace. Al- The major new initiatives announced though the number of men and women by the President included a 90-day freeze at work was again rising, the advance on virtually all prices and wages, to be was no faster than that of the labor force; followed by a more flexible price and wage hence unemployment continued at a 6 per policy; some selective reductions in cent rate. Although gains in productivity taxes, including restoration of the inwere resuming, they had yet to display vestment tax credit; a temporary surthe vigorous improvement characteristic charge of 10 per cent on imports; and of earlier cyclical recoveries. And, de- suspension of convertibility of dollars into spite much idleness of men and equip- gold or other reserve assets. The Conment, wages and prices continued to gress in its turn moved with exemplary rise at a virtually undiminished pace. speed to enact the basic tax measures Moreover, the competitive position of recommended by the President, and to the United States in international trade strengthen the legislative basis for the new was deteriorating further, confidence in wage-price policy. the exchange value of the dollar was The Nation responded with a sense of weakening, and a massive shift out of exhilaration to the new economic policy; dollars and into foreign currencies was for it meant that we as a people could and getting under way. would deal energetically with our major In mid-August of last year, the President economic problems—inflation, unemploytook bold and comprehensive steps to deal ment, inadequate growth in output and with these accumulated economic ills; productivity, and imbalance in internafor it had become reasonably clear by then tional payments. A new confidence in our that the performance of the economy Nation's economic future was felt all was eluding our national goals. around. 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 But, as so often happens in human af- been whittled away. Yields on highfairs, the first blush of enthusiasm gave grade corporate and State and local govway to a more cautious appraisal of the ernment bonds have fallen about 75 basis problems yet confronting the economy. points since last summer despite continued Doubts gradually began to be expressed heavy demands on the capital markets. about the effectiveness of the control The rate of interest charged by some banks program that supplanted the freeze, about on prime business loans has dropped to the strength of the economic recovery, the level prevailing in the early 1960's. or about the durability of the Smith- Interest rates on mortgages have been sonian currency agreement negotiated last moving down. And stock prices have risen December. significantly since August, reflecting the These are understandable concerns and greater confidence with which individit would be foolhardy to dismiss them. uals and businesses view the future. Surely, we must recognize that un- This increased confidence has been certainty is inherent in all economic life, evident also in markets for goods and for that the deep-seated economic problems labor. Consumers stepped up their buying we have been struggling with have not yet of new cars and other durable goods last been solved, that more—perhaps much fall, and they were willing to go into debt more—remains to be done to restore the to do so. This was a major factor in the conditions for lasting prosperity. Indeed, quickening pace of economic activity in we must try to see to it that the mo- the fourth quarter. The demand for mentum generated by the new economic capital equipment, which had been conpolicy of last August is sustained in the spicuously weak, is now appreciably months to come. stronger than last summer. And of late But if all this is worth keeping in business firms have been adding submind, it is all the more important to stantially to their work forces; by the recognize the solid evidence of im- fourth quarter of 1971, civilian emprovement that has occurred since last ployment had risen more than a million August in the economic and financial from its level 6 months earlier, and a scene. The brief freeze on wages and further significant increase occurred this prices turned out to be an outstanding January. success. True, deferred increases went in- Gains have also been made in restoring to effect when the freeze ended, causing confidence internationally. The rean upsurge in average wage rates and to a adjustment of currency values negotiated lesser extent in prices. Nevertheless, both in December by the Group of Ten counwages and prices have advanced at mark- tries was an event of far-reaching sigedly lower rates since August 1971 than nificance. While concern about internathey did earlier in 1971. Moreover, de- tional trade and finances has by no means mands for very large increases in wages ended, the uncertainties that had been seem less pervasive now than at any troubling businessmen and the exchange time in recent years, due in large part to markets have been greatly reduced. Conthe controls now in existence. fidence in continuing growth of the world Financial markets have reacted con- economy and of international trade is now structively to this slackening pace of in- much stronger than it was last fall. flation. Interest rates have declined, as the All these signs indicate that our people inflation premium in the cost of credit has can look to the future with more confident Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 125 expectations. The state of confidence, economic expansion will gather mohowever, is always apt to be delicately mentum. This is a familiar process in poised in the early stages of economic re- business cycle history, and it seems covery. It is therefore vitally important, likely that we are even now experiencing now that the Federal Government has such a development. become such a large factor in our Na- The Federal budget for fiscal 1973 that tion's economy, that its operations and has just been presented to the Congress policies be conducted in ways that sus- seems broadly consistent with the objective tain the more confident public mood of more rapid economic expansion, for it released by the new economic policy. embodies a good deal of further stimula- If that is accomplished, the prospects will tion through both higher expenditures be very favorable for a quickening tempo and tax reductions. I recognize that the of economic expansion in the year and budget deficit reflects preponderantly the years ahead. shortfall in the performance of the Several major areas of private demand economy. Yet, as I contemplate the fuoffer promise of additional stimulus to ture, the sheer size of the projected fiscal economic activity during 1972. Business 1972 deficit—close to $40 billion—gives inventory policies have been conserv- me some pause. ative throughout 1970 and 1971. As To maintain the public confidence that sales pick up, there will be a need to keep is so vital to the achievement of faster larger inventories on hand. Fixed capital economic expansion, I consider it crucial expenditures by business firms should to make tangible progress toward a more also move up. Over the past 2 years these balanced fiscal position in the 1973 outlays declined in real terms, so that a budget and beyond. Whether or not the backlog of postponed projects has in all projected revenues are realized will deprobability accumulated. Recent surveys pend principally on the strength of ecoalready indicate a substantial rise in nomic recovery. On the other hand, the planned capital expenditures during 1972 projections of further increases in expendi- —an anticipation supported by a marked tures are largely within the control of the rise in manufacturers' new capital appro- Congress. I would urge, in keeping with priations and the recent strengthening in the President's recommendation, that the new orders for capital equipment and in Congress impose a rigid ceiling on fiscal construction contract awards. 1973 expenditures—a ceiling to be treated A more rapid pace of consumer spend- as inviolate except in the event of a grave ing may well be an additional source of national emergency. This necessary discistimulus in 1972. The rate of personal pline, which I have urged on other ocsaving has been abnormally high for an casions, would go far to reassure the public extended period, and consumers have ac- that the Federal budgetary process is not cumulated large amounts of liquid assets out of control. that could be drawn down. The tax reduc- Let me turn now to the role that monetions resulting from recent legislation tary policy needs to play in furthering will provide additional support to con- national objectives this year. Clearly, our sumer buying power this year. monetary affairs—no less than our fiscal As buying of goods or services goes up affairs—must be kept in order, so that in one sector, its strength will be public confidence in our monetary mantransmitted to other sectors, and the agement is maintained. An unduly ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 pansive monetary policy would be most That is what should happen at a time of unfortunate, particularly in view of the sluggish economic growth, as this comlarge Federal budgetary deficits now pro- mittee has pointed out. jected. We need always to be mindful of The substantial increase of the money the fact that increases in money and credit supply, as variously measured, was acachieved today will still be with us to- companied by abundant and readily morrow, when economic conditions may available supplies of credit. Inflows of no longer be the same as they are today. deposits at the nonbank thrift institu- At this stage of the business cycle it tions were unusually large, and they peris essential to pursue a monetary policy mitted a record increase in the volume that will facilitate good economic re- of mortgage borrowing. Residential concovery. Supplies of money and credit struction was greatly stimulated, and new must be sufficient to finance the growth housing starts rose to unprecedented in consumer spending and in investment levels by the fourth quarter. Business plans that now appears in process. Let firms were able to fund short-term debt me assure this committee that the Fed- and to rebuild their liquidity position. eral Reserve does not intend to let the State and local governments too, findpresent recovery falter for want of money ing a ready market for their securities, or credit. And let me add, just as firmly, were able to expand fairly rapidly their that the Federal Reserve will not release outlays on public goods and services. the forces of a renewed inflationary Interest rates fluctuated over a fairly spiral. wide range last year as financial markets We are now in a favorable position to were buffeted by international as well as provide the monetary support needed for a domestic disturbances. In the spring and quickening pace of production and em- early summer, inflationary expectations ployment. While expansion in the supply worsened, and interest rates moved up of money and credit was relatively brisk despite the ready availability of funds. during 1971, we successfully avoided an But they declined again after the announceunduly rapid growth of liquidity. ment of the new economic policy in No single measure of money or credit August. By the end of 1971, interest rates represents adequately the impact of on virtually all types of debt instruments monetary policy on the economy. Let me had fallen below the levels prevailing at nevertheless cite a few salient facts. the beginning of the year. Growth of the narrowly defined money Looking at 1971 as a whole, the growth supply—that is, currency and private de- in money and credit was, I believe, mand deposits—amounted to 6.2 per consistent with the needs of an expanding cent during 1971, compared with 5.4 per economy. There were, nonetheless, sizcent in 1970. If the money supply is able variations in monetary growth rates defined more broadly, so as to include also —particularly in the narrowly defined consumer-type time and savings deposits at money stock, which rose rapidly in the commercial banks, the rate of growth first half of the year and slowly thereafter. was 11.1 per cent during 1971, com- These variations reflected the public's pared with 8.1 per cent in the previous changing demand for cash balances, which year. is related not only to the need to finance These 1971 growth rates of money current expenditures but also to the desire balances are at the upper end of the to hold money for precautionary reasons. range witnessed over the postwar period. Given the changing state of confidence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 127 during 1971, there is reason to believe that recent months, especially short-term rates. precautionary demands for cash intensified With the passage of time, this effect should during the spring and then subsided fol- become diffused as the additional funds— lowing the August announcement of the the reserves and the deposits they support new economic policy. —are employed to finance consumer loans, To some degree, however, the variations or mortgage loans, or for other purposes. in monetary growth resulted from shifts of It would not be surprising, therefore, to emphasis in monetary policy. Early in see short-term interest rates rise somewhat 1971, the Federal Reserve sought to pro- as economic expansion carries the econmote a rate of monetary growth sufficient omy to higher levels of resource use. to make up for the shortfall in late 1970. On past occasions, a rise in short-term With precautionary demands for funds interest rates has more frequently than not burgeoning unexpectedly at that time, induced a similar increase in long-term key monetary aggregates expanded at a rates. At the present time, however, the faster pace than expected or than would differential between short-term and longhave been desirable for any length of term rates is unusually wide. If further time. Monetary policy, therefore, moved progress is made in dampening inflationary gradually during the spring and summer expectations, there need not be any rise to restrain excessive monetary growth. in the cost of long-term funds. In fact, my Once again, the change sought was hope is that further downward adjustmagnified during August by outflows of ments in long-term interest rates will ocdollars to foreign money centers, and cur in the months ahead, and that credit later—over a longer stretch—by an un- will remain in abundant supply for housforeseen upsurge of domestic confidence ing, for State and local construction, and and consequently smaller precautionary for our Nation's business firms. demands for ready cash. Before closing, let me turn briefly to In recent months, the Federal Reserve other financial and economic issues. I have has sought to encourage a faster rate of already referred to the significance of the monetary expansion than occurred in the Smithsonian agreement of December 18. late summer and fall of last year. Open I have little patience with the view that market operations have been conducted this agreement will prove to be fragile. with more emphasis on increasing the re- The nations participating in the negotiaserve base of the banking system. In the tions last fall realized that much was at 5 months from September through Janu- stake. They still do. All of us are comary, total bank reserves rose at an annual pelled by our own economic interests to rate of over 8 per cent. Thus far, much of continue in the same spirit of cooperathis increase has supported an accelerated tion that led to the agreement. growth in time deposits. But, in due There is, however, much unfinished course, the narrowly defined money stock, business at hand. Legislation is needed to on which so much emphasis is nowadays permit a change in the official dollar price placed by some single-minded observers, of gold, as called for by the Smithsonian will also respond; preliminary calculations agreement. This legislation will soon be indicate that this aggregate rose more considered by the Congress, and I strongly rapidly in January than in the immediate- recommend swift approval. ly preceding months. Over the longer run, we and our trad- The additions to bank reserves have ing partners must fashion a new and helped to move interest rates down in stronger international economic order. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The issues are many and complex. A countries and of our own past. Resumption searching re-evaluation will be needed of of rapid productivity growth is fundathe roles played by gold, reserve curren- mental to our longer-term prospects. With cies, and Special Drawing Rights in higher productivity gains, we could have settling international accounts. Sufficient significant wage increases, larger profit flexibility in exchange rates will be essen- margins, and numerous individual price tial to prevent large and persistent declines within a framework of a stable balance of payments problems. The cir- level of average prices; our ability to cumstances under which the dollar may compete with foreign producers would again be convertible into international be greatly enhanced; and our national reserve assets will have to be reviewed aspirations for cleaner air and water, for carefully. And determined new efforts halting the process of urban decay, for will be required to reduce impediments better housing, and a host of other things to the international flow of goods, services, would be more readily achieved. and capital. Elevating the growth rate of productiv- Progress in these areas will not be rapid. ity will require a many-sided effort, with But it is essential to the health of every full participation by the public and private national economy, including ours, that we sectors. A larger commitment of resources get on with the job. to technical research and to new and im- In the domestic sphere, the most urgent proved capital equipment will be needed. need is to realize the promise of our Labor and management will also need to present wage and price policy. The return get together in joint ventures to increase to a free-market economy will be speeded productivity within the individual firm and if the Pay Board and the Price Commission plant. This can best be done by assuring find ways to deal more successfully with workers that they will individually share outsized requests for wage and price in- in the benefits of improvements in output creases. It is of great importance that the per manhour. Productivity councils at the Pay Board resist pressures to reach com- community and plant level could help to promises in specific cases that threaten to achieve this objective, and—thanks to the undermine its over-all objective. The initiative of the Congress—the National Price Commission is less subject to this Commission on Productivity will shortly hazard, since its decisions do not involve be initiating a program to establish such direct conflict between labor and manage- councils. ment. Its efforts to hold down prices must A serious national effort to increase be pursued with the utmost vigor, and yet economic efficiency should also include leave sufficient scope for confident and the most careful consideration of the steps constructive business behavior. For more needed to reduce abuses of private ecorapid economic expansion is no less im- nomic power, whether of business or labor. portant at this juncture of our Nation's That, I think, is an objective toward which history than bringing the rate of inflation the great majority of the American people down to 2Vi per cent by the end of this quietly aspire. Once our labor and year. product markets become more competi- The jobs of both of these bodies will tive, there will be little or no need in the be lightened if improvements in pro- future for direct wage and price controls ductivity accelerate. Our performance in such as we have recently instituted. This, this critical area has deteriorated in recent too, would strengthen the foundation of years relative to that of other industrial confidence on which our economy rests. 128 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 September 21 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; December, pages 989-99; and January 1972, pages 33-39. The records for the meetings held on October 19, November 16, and December 14, 1971, follow: 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 MEETING HELD ON OCTOBER 19, 1971 Authority to effect transactions in System Account. Information reviewed at this meeting indicated that the increase in real output of goods and services in the third quarter was of only modest proportions, in part because of reductions in steel inventories after the threat of a steel strike was eliminated by the August 1 agreement on a new labor contract. However, there were indications of a strengthening in economic activity following the mid-August announcement of the Government's new economic program. Staff projections suggested that real GNP would grow considerably faster in the current quarter and in the first half of 1972 than it had in the third quarter, and that the rise in prices would be appreciably slower. In September retail sales expanded further, mainly because of the sharp rise in purchases of new domestic automobiles that had begun in mid-August. Retail sales were considerably higher in the third quarter as a whole than in the second quarter. Industrial production, after having declined in July and August, increased somewhat in September, chiefly as a result of partial recovery in output of steel. Total nonfarm payroll employment rose appreciably, in part because of widespread gains among manufacturing industries, and the unemployment rate edged down to 6.0 from 6.1 per cent in August despite a sizable increase in the civilian labor force. Although the number of private housing starts fell in September, the total for the third quarter was a record high. Wholesale prices of industrial commodities declined slightly from mid-August to mid-September—the first monthly decrease in several years. The number of increases among classes of industrial commodities dropped sharply, reflecting the 90-day freeze, and prices of motor vehicles were reduced as the 1971 model-year came to an end. The rise in wage rates apparently also slowed significantly following imposition of the freeze. The general framework of the post-freeze stabilization program, including provision for a Price Commission and a Pay Board, was described in an address by the President on October 7 and in subsequent statements by administration officials. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 131 The latest staff projections for the fourth quarter contemplated a larger increase in Federal expenditures than those prepared 4 weeks earlier, mainly because it was now assumed that the military pay raise associated with the development of a volunteer armed force would be effective in mid-November rather than on January 1. Expansion in residential construction outlays was expected to be substantial, although well below the unexpectedly large gain in the third quarter. For other sectors, projections were about the same as 4 weeks earlier. Thus, it was anticipated that the real volume of consumer spending would increase appreciably; that State and local government expenditures would continue to expand at a substantial rate; that business capital outlays would change little; and that inventory investment would rise. The expectation that real GNP would continue to grow in the first half of 1972 at about the rapid rate anticipated for the fourth quarter was based in part on the assumption that tax measures along the lines of those recently approved by the House of Representatives would be enacted into law. It was expected that consumer expenditures would rise substantially further as a result of advances in disposable income that reflected cuts in personal income taxes as well as increases in employment; and it appeared likely that a renewed expansion in business outlays for plant and equipment would be stimulated by the upswing in production, along with the investment tax credit. Also, business inventory investment was projected to increase considerably in response to the rise in final sales and the need for the auto industry to replenish depleted stocks. U.S. imports again exceeded exports by a substantial margin in August, and in July and August together the trade deficit remained at about the second-quarter rate. Contributing to the July-August deficit was an acceleration in imports in anticipation of the East Coast port strike, which began on October 1. Outflows of short-term capital in September were much smaller than the massive outflows in August. In foreign exchange markets, rates for most major currencies had risen further against the dollar in recent weeks. Some foreign central banks acquired substantial amounts of dollars in September and early October in the process of limiting appreciation of their currencies. Interest rates on market securities had declined in recent weeks to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 levels somewhat below those to which they had dropped immediately after announcement of the new economic program in mid-August. Among the factors contributing to the declines were the developments with respect to the post-freeze stabilization program and growing expectations of a more stimulative monetary policy in the light of recent slackening in the expansion of the monetary aggregates and moderate easing of money market conditions. Although the volume of new issues of corporate bonds rose substantially from August to September and that of State and local government issues also increased, it appeared that total offerings in those sectors would decline somewhat in October and November. The market for Treasury bills was influenced not only by the easing of money market conditions but also by the continuing demands for bills on the part of foreign central banks. On the day before this meeting the market rate on 3-month bills was 4.45 per cent, about 25 basis points lower than 4 weeks earlier and 70 basis points lower than on August 13. The Treasury was expected to announce on October 27 the terms on which it would refund securities maturing on November 15, including about $3.8 billion held by the public. Market participants expected the Treasury to pre-refund some issues and to offer some longer-term issues, making further use of the limited authority to sell bonds with a yield above AVa per cent. Contract interest rates on conventional new-home mortgages, which had risen over the preceding 4 months, were unchanged in September. Yields in the more sensitive secondary market for federally insured mortgages edged down for the second consecutive month. Inflows of savings to nonbank thrift institutions increased in September, but for the third quarter as a whole they were well below the extraordinary rates in the first two quarters of the year. At commercial banks, business loans rose moderately in September following the very large increase that had occurred in August in connection with developments in foreign exchange markets. Other categories of loans—especially real estate, consumer, and security loans— expanded appreciably. Banks acquired sizable amounts of short-term municipal securities but reduced their holdings of U.S. Government obligations for the third consecutive month. The narrowly defined money stock (private demand deposits plus Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 133 currency in circulation, or Mi) declined in September, after having increased at a sharply reduced rate in August. Inflows of consumertype time and savings deposits remained relatively small, and the broadly defined money stock (M plus commercial bank time deposits x other than large-denomination CD's, or M ) increased only slightly. 2 Over the third quarter M and M grew at annual rates of about 3 x 2 and 4.5 per cent, respectively, compared with rates of 11.5 and 12.5 per cent in the second quarter.1 Against the background of strong over-all demands for loans, banks raised offering rates on large-denomination CD's early in September, and the volume of such certificates outstanding rose considerably during the month. Consequently, expansion in the bank credit proxy —daily-average member bank deposits, adjusted to include funds from nondeposit sources—remained relatively rapid in September. Over the third quarter the proxy series rose at a rate of 9 per cent compared with 6.5 per cent in the second quarter. Late in September some banks reduced offering rates on CD's. System open market operations in the period since the September 21 meeting of the Committee had been directed at encouraging somewhat easier conditions in the money market, in light of the continuing tendency of the monetary aggregates to fall short of the expected paths. The Federal funds rate, which had been fluctuating around 5V2 per cent at the time of the September meeting, edged down to around 5V4 per cent. In the 4 weeks ending October 13 member bank borrowings averaged about $380 million, compared with $675 million in the preceding 4 weeks. In the latter part of September the System purchased about $96 million of Federal agency securities. These were the first operations conducted pursuant to the Committee's action of August 24, 1971, authorizing outright operations in agency issues. Staff analysis suggested that if prevailing money market conditions were maintained, growth in both M and M would remain relatively x 2 slow in October and November but would quicken over the course of the following several months. It was noted that the precise timing of the step-up in monetary growth rates was particularly difficult to 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

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 anticipate because of the many prevailing uncertainties. However, the analysis suggested that over the fourth quarter M and M might 1 2 expand at rates close to those recorded in the third, and that Mi might increase more rapidly in the first quarter of 1972. Growth in the bank credit proxy was expected to slow in the fourth quarter as a result of a reduction in U.S. Government deposits from their recent unusually high levels. It was noted in the Committee's discussion that the 90-day freeze on prices and wages had been effective thus far and that the announcement concerning the framework of the post-freeze stabilization program seemed to have been generally well received. However, the details of the program remained to be filled in, and there appeared to be widespread uncertainty about how the program would operate and how effective it might prove to be. As to economic activity, the Committee agreed that a strengthening was under way but some members voiced doubt that real GNP was rising as much in the current quarter as the staff projections suggested. Against this background the Committee decided that open market operations in the period until the next meeting should be directed at achieving moderate growth in monetary and credit aggregates over the months ahead, taking account of the forthcoming Treasury financing. The members agreed that, while some easing of money market conditions in the coming period might be indicated by unfolding developments with respect to the aggregates, a marked easing designed to stimulate faster growth in the near term would not be warranted, particularly in light of the very high rates of monetary expansion earlier in the year. The members also agreed that a continued downdrift in market interest rates would be constructive, but that aggressive efforts to stimulate rate declines would risk both a resurgence of inflationary expectations and the development of conditions that could culminate in rising rates. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real output of goods and services expanded modestly in the third quarter and that unemployment remained substantial. However, there are indica- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 135 tions of a strengthening in economic activity since the mid-August announcement of the Government's new economic program. The 90-day freeze has thus far effectively limited increases in prices and wages, and the general framework of the post-freeze stabilization program has been established. The narrowly defined money stock, which had grown rapidly through July, increased much less in August and declined in September. The broadly defined money stock increased slightly in September as inflows of consumer-type time and savings deposits to banks continued at the moderate August rate. However, the volume of large-denomination CD's outstanding rose sharply, and the rate of expansion in the bank credit proxy remained relatively rapid. Market interest rates have declined in recent weeks and are appreciably below their mid-August levels. The U.S. foreign trade balance remained in heavy deficit in August. Outflows of short-term capital, which had been massive in August, were much smaller in September. In recent weeks the market exchange rates for some foreign currencies against the dollar rose further, while foreign official reserve holdings increased substantially. 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 over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to achieving bank reserve and money market conditions consistent with that objective, taking account of the forthcoming Treasury financing. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Daane. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 MEETING HELD ON NOVEMBER 16, 1971 Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that expansion in real output of goods and services had slowed to an annual rate of about 3 per cent in the third quarter, in part because producers and users of steel were working down inventories accumulated earlier against the threat of a steel strike. Growth in real output appeared to be accelerating in the fourth quarter, and staff projections suggested that a faster pace of expansion would be sustained in the first half of 1972. In October industrial production increased slightly as widespread gains among industries were offset in large part by a strike-induced curtailment in coal. Because of the coal and dock strikes, employment fell in the mining and transportation sectors, and total nonfarm payroll employment changed little following a sizable gain in September. The unemployment rate declined to 5.8 from 6.0 per cent, in part because expansion in the civilian labor force slowed considerably. According to early estimates, retail sales increased slightly further in October to a level appreciably higher than the monthly average for the third quarter. The volume of private housing starts, which had fallen in September from a record high level, rose somewhat in October. Price developments from mid-September to mid-October—the middle period of the 90-day freeze—continued to be characterized by a sharply reduced number of increases, and the wholesale index for industrial commodities was stable following a slight decline in September. The rise in average wage rates slowed sharply in September and October. In early November the Price Commission and the Pay Board announced the basic policies and initial regulations for the post-freeze phase of the stabilization program. The latest staff projections for the fourth quarter of 1971 and the first half of 1972 were similar to those of 4 weeks earlier, although the rate of expansion in real GNP now anticipated was not quite so large as before. In the current quarter growth appeared to be accelerating mainly because of faster expansion in the real volume of consumer spending and an increase in inventory investment from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 137 reduced rate of the third quarter. Federal outlays were expected to rise in part because of the military pay increase that became effective in mid-November. For the first half of 1972, the projections continued to suggest substantial further growth in consumer spending—in response to gains in disposable income arising from tax reductions and increases in social security benefits as well as from expansion in output and employment—and further increases in inventory investment. It was anticipated also that business capital outlays would pick up, that State and local government expenditures would continue to expand rapidly, and that residential construction would advance moderately further. The flow of merchandise through East Coast and Gulf ports was accelerated in September in anticipation of the dock strike that began in October, but the acceleration in exports far exceeded that in imports and the trade balance shifted into surplus. For the third quarter as a whole imports exceeded exports, although by less than the large margin in the second quarter. In late October and early November trading generally was thin in foreign exchange markets, and on occasion rates moved sharply as traders attempted to assess the progress in negotiations on new exchange rate relationships. The outflow of short-term capital declined further, and the rise in reserves of foreign central banks slowed markedly. On a weighted average basis, rates for major foreign currencies changed little against the dollar. On October 27 the Treasury announced that in its mid-November financing it would offer two new securities—a 7-year, 6 per cent note priced to yield 6.04 per cent and a 15-year, 6Vs per cent bond priced to yield 6.15 per cent—in exchange for notes and bonds maturing in November 1971 and in May and August 1972. This combination of a refunding and a pre-refunding was well received. Of the nearly $12 billion of eligible issues held by the public, $5.8 billion were exchanged for the new issues, and only $1.3 billion—34 per cent— of the issues maturing in November were redeemed for cash even though the offering did not include a short-term issue. To cover the redemptions and to raise additional cash, on November 9 the Treasury auctioned $23A billion of a 4% per cent, 15-month note at an average yield of 4.91 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Interest rates on market securities generally had continued to decline following the October 19 meeting of the Committee. The course of rates was influenced by a gradual easing in money market conditions during the period and by market expectations of further easing. Downward pressure on short-term rates was intensified by the relatively small market supply of Treasury bills, which resulted in part from purchases of short-term Treasury securities by foreign central banks. On the day before this meeting the market rate on 3-month Treasury bills was about 4.15 per cent, 30 basis points below its level 4 weeks earlier. Federal Reserve discount rates were reduced lA of a percentage point, to 43A per cent, at seven Reserve Banks on November 11 and at four additional Banks in the period through the date of this meeting. In capital markets, the estimated volume of new corporate and State and local government bonds issued in October was smaller than in September. However, declining yields apparently stimulated offerings, and the volume of new issues expected during the rest of the year remained relatively large. Contract interest rates on conventional new-home mortgages edged lower in October, marking the first decrease since last spring. Yields in the more sensitive secondary market for federally insured mortgages, which had turned down in August, continued to decline. Inflows of savings funds to nonbank thrift institutions slowed somewhat in October but were close to the average rate of the third quarter. At commercial banks, business loans outstanding rose relatively little during October. Major banks reduced their prime lending rates from 6 to 53A per cent late in the month and then to 5V2 per cent in early November, and some banks announced that they were adopting a "floating" prime rate. Real estate and consumer loans continued to expand rapidly in October, and banks again reduced their holdings of U.S. Government securities and increased their holdings of other securities. According to preliminary estimates, the narrowly defined money stock (private demand deposits plus currency in circulation, or Mi) declined further in October. The broader measure of money (Mi plus commercial bank time deposits other than large-denomination CD's, or M ) increased as a result of a marked expansion of inflows of 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 139 consumer-type time and savings deposits, but the rise in M was some- 2 what smaller than had been expected. Growth in the bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources—slowed substantially, as U.S. Government deposits declined and the volume of large-denomination CD's outstanding increased less than in September. Offering rates on such CD's had been reduced late in September and they were cut further during October. System open market operations in the period since the October 19 meeting of the Committee had been directed at achieving a gradual easing of money market conditions in light of the continuing tendency of the monetary aggregates to fall below expected paths. The Federal funds rate declined from about 5Va per cent shortly before the preceding meeting to about 43A per cent. In the 4 weeks ending November 10 member bank borrowings averaged about $270 million, compared with about $380 million in the preceding 4 weeks. Staff analysis suggested that the effects of two factors that had been tending in recent months to hold down demands for money— moderation of inflationary expectations as a result of the new economic program, and lagged reactions to the high short-term interest rates of late spring and early summer—probably had about run their course. According to the analysis, if money market conditions were similar to those prevailing or slightly easier, M would begin to grow 1 again in December and would expand faster over the first quarter— at a pace more nearly in line than recently with growing transactions demands. For M , prospects favored a fourth-quarter rate of growth 2 somewhat above the 4.5 per cent annual rate recorded in the third quarter.1 Only a small further step-up in growth of M was antici- 2 pated in early 1972, however, because inflows of consumer-type time and savings deposits were expected to slow as consumer spending expanded. As to the bank credit proxy, it appeared likely that the rise over the fourth quarter would be held to modest proportions by a decline in U.S. Government deposits from their high September level. In the Committee's discussion it was noted that business and 1 Calculated on the basis of the daily-average level in the last month of the quarter relative to that of the preceding quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 consumer confidence was being adversely affected by widespread uncertainties connected with the transition from the 90-day freeze to the post-freeze stabilization program and with the unsettled international monetary situation. The view was expressed that it would be particularly unfortunate in this climate for the recent weak performance of the monetary aggregates to persist for long, since the lack of significant growth in the aggregates could become an important independent source of uncertainty. At the same time, some members cautioned against unduly aggressive action to stimulate monetary expansion. The Committee decided that open market operations in the coming period should be directed at promoting somewhat greater growth in monetary and credit aggregates over the months ahead, recognizing that pursuit of that objective might require appreciably easier money market conditions. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real output of goods and services expanded modestly in the third quarter, but greater growth appears in prospect for the current quarter. Although the unemployment rate has declined recently, it remains high. Available data indicate that the 90-day freeze effectively limited increases in prices and wages, and basic policies for the post-freeze stabilization program have been announced. The narrowly defined money stock declined further in October, but inflows of consumer-type time and savings deposits to banks expanded considerably and the broadly defined money stock increased moderately. Expansion in the bank credit proxy slowed substantially as the volume of large-denomination CD's outstanding rose less than in September and as U.S. Government deposits were reduced. Interest rates on both short- and long-term market securities have continued to decline in recent weeks and Federal Reserve discount rates were reduced by one-quarter of a percentage point to 434 per cent. The U.S. foreign trade balance was raised in September by a sharp acceleration of export shipments in advance of an East Coast port strike. In recent weeks net outflows of short-term capital apparently have diminished further, market exchange rates for foreign currencies against the dollar on average have not changed much, and foreign official reserve holdings have increased less than they did Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 141 in September. 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 promote somewhat greater growth in monetary and credit aggregates over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to achieving bank reserve and money market conditions consistent with that objective. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, and Robertson. Votes against this action: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 MEETING HELD ON DECEMBER 14, 1971 1. Authority to effect transactions in System Account. The latest estimates of the Commerce Department indicated that real output of goods and services had risen at an annual rate of about 4 percent in the third quarter of 1971 despite the sharp cut in inventory investment associated with elimination of the steel strike threat on August 1. It appeared that real GNP was increasing at a more rapid rate in the fourth quarter—mainly because of an upturn in inventory investment and a greater gain in the real volume of consumer spending—and that prices were rising at a relatively slow pace from the third to the fourth quarter. Staff projections suggested that the faster rate of growth in real GNP would be sustained in the first half of 1972. In November industrial production rose substantially further, reflecting gains in output for both finished goods and materials in addition to expansion in coal mining after the strike settlement in midmonth. Nonfarm payroll employment advanced moderately, but the unemployment rate rose from 5.8 to 6.0 per cent as growth in the civilian labor force picked up again after having slowed in October. Contrary to earlier indications, it now appeared that total retail sales had declined in October, but early estimates for November suggested an upturn despite some slackening in sales of new automobiles. Industrial commodity prices and average hourly earnings in manufacturing changed little from October to November. During the period of the 90-day freeze—mid-August to mid-November—the rate of increase in prices and wages was sharply lower than earlier in the year. In late November and early December, after the freeze ended, the Price Commission received requests for increases from many of the companies required to obtain prior approval. Some requests were granted in full and some in part, and others were held in abeyance pending receipt of additional information. Thus far the Pay Board had announced only a few decisions under the post-freeze guidelines. The latest staff projections for the first half of 1972 were generally similar to those of 4 weeks earlier, although—in line with recent surveys of business spending intentions—the projected rise in busi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 143 ness capital outlays had been revised upward somewhat. As before, it was anticipated that the rate of expansion in consumer spending would remain substantia], reflecting reductions in taxes and assumed increases in social security benefits as well as gains in wage and salary payments; that State and local government expenditures would continue to grow rapidly; that residential construction would advance moderately; and that business inventory investment would increase further. The flow of U.S. merchandise trade declined sharply in October, after having accelerated in September in anticipation of the strike at East Coast and Gulf ports that began on October 1. The decline— like the earlier rise—was greater for exports than for imports. Moreover, exports in October were adversely affected by the coal strike, and they benefited less than imports from the resumption of work at West Coast ports. Consequently, the trade surplus that had emerged in September was succeeded in October by a deficit of record proportions. In foreign exchange markets attitudes had been influenced in recent weeks by the introduction of legislation that would give the President authority to change the dollar price of gold and by reports of progress in international negotiations at the Rome meeting of the Group of Ten. These developments were interpreted as enhancing prospects for a near-term realignment of exchange rates in which most major currencies would appreciate further against the dollar. As a consequence, outflows of short-term capital from the United States were substantial in late November and early December. Official reserves of some countries increased considerably and market exchange rates for most major currencies appreciated against the dollar. Another meeting of the Group of Ten was scheduled to begin in Washington on December 17. In domestic financial markets, interest rates on long-term bonds and on Treasury bills rose in late November, but they turned down again in early December and by midmonth they were close to or below the levels of 4 weeks earlier. In capital markets dealers' inventories of U.S. Government securities increased sharply following the Treasury's mid-November financing—which included a prerefunding of issues maturing in May and August 1972—and the volume of new offerings of corporate and State and local government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 bonds rose moderately from October to November. These developments contributed to the upward pressures on bond yields in late November, but thereafter markets were strengthened by reports of progress at the Group of Ten meeting in Rome and by Federal Reserve purchases of Treasury coupon issues for System account and for foreign official accounts. The rise in Treasury bill rates in late November was related in part to a large issue of tax-anticipation bills, and the subsequent decline to a sharp expansion in demands for bills by the foreign central banks experiencing gains in reserves. The market rate on 3-month bills was about 3.95 per cent on the day before this meeting of the Committee, compared with 4.15 per cent 4 weeks earlier. Federal Reserve discount rates, which had been reduced Va of a percentage point in mid-November, were lowered by an additional V\ of a point, to AVi per cent, at four Reserve Banks effective December 13. Yields in the secondary market for federally insured mortgages apparently declined further in November. According to preliminary estimates, inflows of savings to nonbank thrift institutions continued to slow. At commercial banks, business loans declined somewhat in November, and total loans advanced relatively little even though real estate and consumer loans continued to expand rapidly. Banks increased their holdings of securities. The narrowly defined money stock (private demand deposits plus currency in circulation, or M) changed little from October to x November and had not grown on balance since August. The broader measure of money (M plus commercial bank time deposits other t than large-denomination CD's, or M ) continued to expand at a 2 moderate rate, however, as inflows of consumer-type time and savings deposits remained rapid. Growth in the adjusted bank credit proxy —daily-average member bank deposits, adjusted to include funds from nondeposit sources—rose sharply, reflecting expansion in U.S. Government deposits and in nondeposit liabilities. Owing in part to the weakness in business loan demands, banks had reduced offering rates on large-denomination CD's in September and October, and the average volume of such CD's outstanding declined in November. System open market operations in the period since the last meeting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 145 of the Committee had been directed at achieving a further gradual relaxation of money market conditions, with cognizance being taken of the behavior of the monetary aggregates, particularly the continuing lack of growth in Operations were complicated in late November by an unanticipated shortfall in nonborrowed reserves, and the Federal funds rate and member bank borrowings increased temporarily. At the time of this meeting the funds rate was about 43/s per cent, down from the level of about 43A per cent prevailing shortly before the preceding meeting. In the 4 weeks ending December 8, borrowings averaged about $395 million, compared with about $270 million in the preceding 4 weeks. Staff analysis suggested that an easing of money market conditions during coming weeks probably would be required if M were to 1 expand at moderate rates in December and January, and that such easing would be associated with some step-up in the rate of growth in M . It was noted, however, that the outlook for the monetary 2 aggregates was particularly uncertain at this time because of factors related to possible international flows of funds. It appeared likely that an agreement on new exchange rates in the current negotiations would stimulate reflows of funds from abroad, which in turn could have substantial—if perhaps temporary—effects on the monetary aggregates. However, the size and timing of any such reflows could not be foreseen with assurance. In addition, there was considerable uncertainty about the extent to which recent amendments to regulations of the Office of Foreign Direct Investment would delay the usual year-end corporate repatriation of liquid funds. In the Committee's discussion a number of members expressed the view that more aggressive actions to stimulate monetary growth were needed at this time in the interest of fostering the desired expansion of economic activity and employment. In their judgment the risk of rekindling inflationary pressures and expectations by such actions was considerably less now than it had been earlier in the year. Considerable concern was expressed about the persistent weakness of key monetary aggregates despite the progressive easing of money market conditions in recent months. Reference was made in this connection not only to the absence of net growth in M since August l but also to the low average rate of increase in total member bank reserves during that period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Other members, while agreeing that it would be desirable to promote adequate growth in the aggregates over coming months, advocated more cautious and gradual measures. They noted that the rate of increase in M had been very high in the first 7 months of the x year, and they expressed concern about unduly aggressive action to ease money market conditions at this time in part because of the risk that such action might generate excessive rates of monetary growth in the near future. They also suggested that substantial weight should be given to the behavior of other key aggregates, noting in this connection that M and the bank credit proxy had been expanding 2 more rapidly than M in recent months. x At the conclusion of the discussion the Committee agreed that open market operations should be directed at promoting the degree of ease in bank reserve and money market conditions essential to greater growth in monetary aggregates over the months ahead. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services is increasing more rapidly in the current quarter than it had in the third quarter, but the unemployment rate remains high. Increases in prices and wages were effectively limited by the 90-day freeze, which ended in mid-November. Since then some wage and price increases have occurred, but other increases requested have been cut back or not approved by the Pay Board and the Price Commission. The narrowly defined money stock changed little in November and has not grown on balance since August. Inflows of consumer-type time and savings deposits to banks remained rapid in November and the broadly defined money stock continued to increase moderately. Expansion in the bank credit proxy stepped up as U.S. Government deposits and nondeposit liabilities increased on average. After advancing in the latter part of November, most market interest rates have been declining recently, and discount rates at four Federal Reserve Banks were reduced by an additional one-quarter of a percentage point. The U.S. foreign trade balance was heavily in deficit in October. In recent weeks net outflows of short-term capital apparently have been substantial, market exchange rates for foreign currencies against the dollar on average have risen further, and official reserve holdings of some countries have increased considerably. In light of the foregoing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 147 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 promote the degree of ease in bank reserve and money market conditions essential to greater growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, and Robertson. Votes against this action: None. Subsequent to this meeting, on December 20, 1971, Committee members voted unanimously to amend this current economic policy directive by adding the clause "while taking account of international developments" at the end of the final sentence. As amended, that sentence read as follows: To implement this policy, the Committee seeks to promote the degree of ease in bank reserve and money market conditions essential to greater growth in monetary aggregates over the months ahead, while taking account of international developments. This action was taken following the announcement that agreement regarding exchange rates and related matters had been reached on December 18 at the Group Ten meeting in Washington. The Manager had advised that, if the agreement was followed by substantial reflows of funds to the United States, considerable flexibility in open market operations might be required to cope with the resulting churning in domestic financial markets. The members decided that the directive should be amended to affirm the Committee's intention to authorize the operations that might be needed. 2. Action with respect to continuing authority directive. On December 23, 1971, a majority of Committee members voted to suspend, until close of business on the day of the next meeting of the Committee, the lower limit (set forth in paragraph 1(c) of the continuing authority directive with respect to domestic open market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

operations) on interest rates on repurchase agreements arranged by the Federal Reserve Bank of New York with nonbank dealers. The suspended provision specified that such repurchase agreements were to be made "at rates not less than (1) the discount rate of the Federal Reserve Bank of New York at the time such agreement is entered into, or (2) the average issuing rate on the most recent issue of 3-month Treasury bills, whichever is the lower." This action was taken after the Manager had advised that occasions might arise in the next few weeks when it would be desirable to make fairly extensive use of repurchase agreements in order to supply reserves on a flexible temporary basis, in anticipation of possible large-scale sales of U.S. Treasury bills by foreign central banks; and that in light of prevailing costs of funds to dealers it was doubtful that the New York Reserve Bank would be able to arrange repurchase agreements in any significant volume under existing rate limitations. It was understood that the authority to make repurchase agreements at rates lower than those authorized previously would be used sparingly, and only as deemed necessary to accomplish Committee objectives; and that rates below 35/s per cent would not be employed without prior notification to the Committee. Votes for this action: Messrs. Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, and Treiber. Vote against this action: Mr. Robertson. Unavailable and not voting: Messrs. Burns and Hayes. (Mr. Treiber voted as alternate for Mr. Hayes.) Mr. Robertson dissented from this action because he believed that the desired injection of funds into the market by the Federal Reserve should be through the outright purchase of U.S. Government securities rather than through repurchase transactions which, in his judgment, actually constituted low-rate loans to securities dealers. He indicated that he was reluctant to increase the profits of dealers by providing them with low-cost Federal Reserve funds merely to avoid temporarily raising the price (lowering the yield) of Treasury securities by purchasing them outright. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions BANK HOLDING COMPANIES Act; and (iii) furnishing economic or financial information;** The Board of Governors has under consideration proposed amendments to § 225.4(a) and (b) INTERPRETATION OF REGULATION Y of Regulation Y, "Bank Holding Companies", which were published in the Federal Register of INVESTMENT ADVISER ACTIVITIES December 28, 1971 (36 F.R. 25048). Pending consideration of the proposals, the Board of Effective February 1, 1972, the Board of Gover- Governors has suspended the operation of § nors amended § 225.4(a) of Regulation Y to 225.4(b)(3) of Regulation Y until further notice. add "serving as investment adviser, as defined The Board of Governors has amended subin § 2(a)(20) of the Investment Company Act paragraph (5) of § 225.4(a) of Regulation Y, of 1940, to an investment company registered effective February 1, 1972, to add "serving as under that Act" to the list of activities it has deinvestment adviser to investment companies termined to be so closely related to banking or registered under the Investment Company Act managing or controlling banks as to be a proper of 1940" to the list of activities that it has deincident thereto. During the course of the Board's termined to be closely related to banking or managconsideration of this amendment several quesing banks. An accompanying interpretation of tions arose as to the scope of such activity, partic- Regulation Y expresses the Board's views on ularly in view of certain restrictions imposed by several questions that arose during considerasections 16, 20, 21 and 32 of the Banking Act tion of this matter concerning the scope of the of 1933 (12 U.S.C. 24, 377, 378, 78) (somenew activity and the applicability thereto of certimes referred to hereinafter as the "Glasstain provisions of the Banking Act of 1933. The Steagall Act provisions") and the United States text of the amendment and of the interpretation Supreme Court's decision in Investment Comread as follows: pany Institute v. Camp, 401 U.S. 617 (1971). The Board's views with respect to some of these AMENDMENT TO REGULATION Y questions are set forth below. It is clear from the legislative history of the Effective February 1, 1972, § 225.4(a)(5) is Bank Holding Company Act Amendments of amended to read as follows: 1970 (84 Stat. 1760) that the Glass-Steagall Act provisions were not intended to be affected there- SECTION 225.4—NONBANKING ACTIVITIES by. Accordingly, the Board regards the Glass- Steagall Act provisions and the Board's prior (a) Activities closely related to banking or interpretations thereof as applicable to a holding managing or controlling banks. * * * The followcompany's activities as an investment adviser. ing activities have been determined by the Board Consistently with the spirit and purpose of the to be so closely related to banking or managing Glass-Steagall Act, this interpretation applies or controlling banks as to be a proper incident to all bank holding companies registered under thereto: the Bank Holding Company Act irrespective of whether they have subsidiaries that are member (5) acting as investment or financial adviser, banks. including (i) serving as the advisory company for a mortgage or a real estate investment trust; (ii) **For an interpretation relating to the scope of the activity serving as investment adviser, as defined in § described in (ii) see 12 CFR 225.125. Acting as a management consultant is not regarded by the Board as within this activity 2(a)(20) of the Investment Company Act of 1940, (5). Whether to propose expanding activity (5) to include to an investment company registered under that management consulting is under consideration by the Board. 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Under § 225.4(a)(5), as amended, bank hold- acts as investment adviser; (ii) purchase in their ing companies (which term, as used herein, in- sole discretion, any such securities in a fiduciary cludes both their bank and nonbank subsidiaries) capacity (including as managing agent); (iii) exmay, in accordance with the provisions of § tend credit to any such investment company; or 225.4(b), act as investment advisers to various (iv) accept the securities of any such investment types of investment companies, such as "open- company as collateral for a loan which is for the end" investment companies (commonly referred purpose of purchasing securities of the investment to as "mutual funds") and "closed-end" in- company. vestment companies. Briefly, a mutual fund is an A bank holding company should not engage, investment company which, typically, is con- directly or indirectly, in the sale or distribution tinuously engaged in the issuance of its shares and of securities of any investment company for which stands ready at any time to redeem the securities it acts as investment adviser. Prospectuses or as to which it is the issuer; a closed-end invest- sales literature should not be distributed by the ment company typically does not issue shares holding company, nor should any such literature after its initial organization except at infrequent be made available to the public at any offices of the intervals and does not stand ready to redeem its holding company. In addition, officers and emshares. ployees of bank subsidiaries should be instructed The Board intends that a bank holding com- not to express any opinion with respect to adpany may exercise all functions that are permitted visability of purchase of securities of any investto be exercised by an "investment adviser" ment company for which the bank holding comunder the Investment Company Act of 1940, ex- pany acts as investment adviser. Customers of cept to the extent limited by the Glass-Steagall banks in a bank holding company system who Act provisions, as described, in part, herein- request information on an unsolicited basis reafter. garding any investment company for which the The Board recognizes that presently most mutual bank holding company acts as investment adviser funds are organized, sponsored and managed by may be furnished the name and address of the investment advisers with which they are affiliated fund and its underwriter or distributing company, and that their securities are distributed to the but the names of bank customers should not be public by such affiliated investment advisers, furnished by the bank holding company to the fund or subsidiaries or affiliates thereof. However, or its distributor. Further, a bank holding company the Board believes that (i) the Glass-Steagall should not act as investment adviser to a mutual Act provisions do not permit a bank holding com- fund which has offices in any building which is pany to perform all such functions, and (ii) it is likely to be identified in the public's mind with the not necessary for a bank holding company to bank holding company. perform all such functions in order to engage ef- Acting in such capacities as registrar, transfer fectively in the described activity. agent, or custodian for an investment company is In the Board's opinion, the Glass-Steagall not a selling activity and is permitted under § 225.4 Act provisions, as interpreted by the U.S. Supreme (a)(4) of Regulation Y. However, in view of Court, forbid a bank holding company to sponsor, potential conflicts of interests, a bank holding organize or control a mutual fund. However, the company which acts both as custodian and invest- Board does not believe that such restrictions apply ment adviser for an investment company should to closed-end investment companies as long as exercise care to maintain at a minimal level demand such companies are not primarily or frequently deposit accounts of the investment company which engaged in the issuance, sale and distribution of are placed with a bank affiliate and should not insecurities. In no case, however, should a bank vest cash funds of the investment company in time holding company act as investment adviser to an deposit accounts (including certificates of deposit) investment company which has a name that is of any bank affiliate. similar to, or a variation of, the name of the holding company or any of its subsidiary banks. DELEGATION OF AUTHORITY In view of the potential conflicts of interests that may exist, a bank holding company and its bank The Board of Governors has also expanded the and nonbank subsidiaries should not (i) purchase authority of the Federal Reserve Banks to include for their own account securities of any investment approval of the acquisition by bank holding comcompany for which the bank holding company panies of (1) a controlling interest in the shares of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 151 a newly-formed bank, within specified limitations, 1842), to approve the acquisition of a controlling and (2) shares of a subsidiary bank to the extent interest in the shares of a newly-formed bank, the shares are acquired through the exercise of if (i) no objection to the proposed acquisition has rights received as a bank shareholder. In addition, been made by the bank's supervisory authority, (ii) the Board clarified that the Reserve Banks' au- no significant policy issue is raised by the prothority to approve the formation of a one-bank posal as to which the Board has not expressed its holding company includes authority to approve views, and (iii) the Reserve Bank determines that: merger and/or membership applications that are (a) the general condition of the holding company incidental to such formation. To accomplish these and its bank subsidiaries is satisfactory; delegations the Board has amended its Rules (b) (1) the holding company has either a proven Regarding Delegation of Authority, effective record of furnishing to its subsidiary banks, when January 22, 1972, as follows: needed, special services, management, capital funds, or general guidance, or (2) in the case of a AMENDMENT TO RULES REGARDING relatively new holding company, the Reserve Bank DELEGATION OF AUTHORITY is satisfied that the company has the potential to provide such services; Effective January 22, 1972, § 265.2(f)(22) is (c) (7) bank subsidiaries of the holding company amended and § 265.2(f)(23) and (24) are added to do not hold in the aggregate more than 20 per cent read as follows: of the commercial bank deposits in the relevant SECTION 265.2—SPECIFIC FUNCTIONS market area and (2) the holding company is not DELEGATED TO BOARD EMPLOYEES one of the dominant banking organizations in the AND FEDERAL RESERVE BANKS State. (f) Each Federal Reserve Bank is authorized, as ORDERS UNDER BANK MERGER ACT to member banks or other indicated organizations THE AUGLAIZE COUNTY BANK, headquartered in its district: ST. MARYS, OHIO (22) Under the provisions of section 3(a)(1) of ORDER APPROVING APPLICATION FOR the Bank Holding Company Act (12 U.S.C. 1842), MERGER OF BANKS to approve the acquisition by a company of a con- The Auglaize County Bank, St. Marys, Ohio, trolling interest in the voting shares of one bank, which is to be a member State bank of the Federal if (i) no objection to the proposed acquisition has Reserve System, has applied for the Board's apbeen made by the bank's supervisory authority, (ii) proval pursuant to the Bank Merger Act (12 no significant policy issue is raised by the proposal U.S.C. 1828(c)) of the merger of that bank with as to which the Board has not expressed its views, The Home Banking Company, St. Marys, Ohio. and (iii) neither the holding company nor any of its As an incident to the merger, the present offices of subsidiaries or affiliates is engaged in any activities The Home Banking Company would become other than those specifically permissible for bank branches of The Auglaize County Bank. holding companies by either the Act or Part 225 of As required by the Act, notice of the proposed this chapter (Regulation Y).2 merger, in form approved by the Board, has been (23) Under the provisions of section 3(a)(3) of published, and the Board has requested reports on the Bank Holding Company Act (12 U.S.C. competitive factors from the Attorney General, the 1842), to approve the acquisition by a bank hold- Comptroller of the Currency, and the Federal ing company of additional shares in a subsidiary Deposit Insurance Corporation. bank that are to be acquired through exercise of The Board has considered the application and rights received, on a pro rata basis, by the bank's all comments and reports received in the light of shareholders. the factors set forth in the Act, and finds that: (24) Under the provisions of section 3(a)(3) of Applicant is a wholly owned subsidiary of the Bank Holding Company Act (12 U.S.C. Central Bancorporation, Inc., a registered bank holding company. The proposed merger is one step in a plan of corporate reorganization whereby 2 This delegation includes authority to approve (a) a merger transaction under the provisions of section 18(c) of the Federal Central Bancorporation, Inc. is to acquire all of Deposit Insurance Act (12 U.S.C. 1828(c)) and (b) an applica- the capital stock of The Home Banking Company. tion , under section 9 of the Federal Reserve Act (12U.S.C.321), Central Bancorporation has already received apfor membership in the Federal Reserve System that are incidental to an application to become a one-bank holding company. proval of the Board under the Bank Holding Com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 pany Act to acquire The Home Banking Company Mechanics Bank ($34 million deposits), a (36 Federal Register 18034). wholly-owned subsidiary of The Bank of New York The proposed merger of The Home Banking Company, Inc., New York, New York, the ninth Company and Applicant, a nonoperating bank largest banking organization in the State, operates formed solely to facilitate the corporate reorganiza- two offices in the City of Albany and two offices in tion described above, would itself have no effect Albany County, in New York's Fourth Banking on competition or on banking convenience and District. The Bank of New York Company, Inc., needs. The financial and managerial resources has no other subsidiary located in the Fourth and prospects of The Home Banking Company are District, wherein Mechanics Bank ranks as the satisfactory, as they will be with respect to the sixteenth largest of 35 banks, holding 1.1 per cent resulting bank. of this District's commercial bank deposits. Accordingly, the Board concludes that the appli- Mechanics Bank is the smallest bank operating in cation should be approved. the City of Albany. On the basis of the record, the application L Tanners National ($9 million deposits), the approved for the reasons summarized above. The smaller of two commercial banks in Catskill, transaction shall not be consummated (a) before operates two offices in the town and serves an area the thirtieth calendar day following the date of this comprised of Greene County wherein it ranks as Order or (b) later than three months after the date fifth largest of the six banks operating in the county. of this Order, unless such period is extended for Four of the five competing banks in the county are good cause by the Board, or by the Federal Reserve subsidiaries of multi-bank holding companies and Bank of Cleveland pursuant to delegated authority. are the largest banks headquartered in New York's By order of the Board of Governors, January 18, Fourth Banking District. Tanners National is the 1972. twenty-sixth largest bank in the District and controls only 0.3 per cent of the District's deposits. Voting for this action: Chairman Bums and Governors The closest offices of Mechanics Bank and Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and not voting: Governor Robertson. Tanners National are 33 miles apart, and there is no (Signed) TYNAN SMITH, significant existing competition between them. It appears that the proposed merger would not [SEAL] Secretary of the Board. foreclose any substantial amount of potential competition because of the distances involved and the MECHANICS AND FARMERS' BANK OF presence of intervening banking offices. Tanners ALBANY, ALBANY, NEW YORK Bank is presently closely affiliated with Catskill's ORDER APPROVING APPLICATION FOR other bank, Catskill Savings Bank, through inter- MERGER OF BANKS locking directorates, and it appears that consum- Mechanics and Farmers' Bank of Albany, mation of the proposed merger would serve to Albany, New York ("Mechanics Bank"), a mem- stimulate competition by severing this affiliation ber State bank of the Federal Reserve System, has by eliminating the existing home office protection. applied for the Board's approval pursuant to the Moreover, de novo entry appears unlikely since Bank Merger Act (12 U.S.C. 1828(c)) of the there are already three commercial banking merger of that bank with The Tanners National offices in the village of Catskill, which has a Bank of Catskill, Catskill, New York ("Tanners population of 5,317. It appears that consummation National"), under the charter and title of Mechanics of the proposed merger would not materially Bank. As an incident to the merger, the two present increase the concentration of banking resources in offices of Tanners National would become the Fourth Banking District nor adversely affect branches of the resulting bank. other banks operating therein. As required by the Act, notice of the proposed Based upon all the facts revealed in the record, merger, in form approved by the Board, has been the Board concludes that the merger would not published, and the Board has requested reports on have an adverse effect on competition in any relecompetitive factors from the Attorney General, the vant area. Considerations under convenience and Comptroller of the Currency, and the Federal De- needs lend some weight toward approval of the posit Insurance Corporation. proposal since the residents of the town of Catskill The Board has considered the application and all would benefit by the addition of an alternative, full comments and reports received in the light of the service banking facility. The banking factors as factors set forth in the Act, and finds that: they pertain to Mechanics Bank and Tanners Na- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 153 tional are satisfactory, and the future prospects good cause by the Board, or by the Federal Reof the resulting bank appear favorable. It is the serve Bank of New York pursuant to delegated Board's judgment that consummation of the pro- authority. posal would be in the public interest and that the By order of the Board of Governors, January 25, action should be approved. 1972. On the basis of the record, the application is Voting for this action: Chairman Burns and Governors approved for the reasons summarized above. The Robertson, Maisel, Brimmer, and Sheehan. Absent and not transaction shall not be consummated (a) before voting: Governors Mitchell and Daane. the thirtieth calendar day following the date of this (Signed) TYNAN SMITH, Order or (b) later than three months after the date [SEAL] Secretary of the Board. of this Order, unless such period is extended for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 ORDERS UNDER SECTION 3 OF BANK HOLDING between Bank and Applicant would develop in COMPANY ACT the future. The Board concludes, therefore, that consummation of the proposed acquisition would JACOB SCHMIDT COMPANY AND not adversely affect competition in any relevant AMERICAN BANCORPORATION, INC., area. ST. PAUL, MINNESOTA Bank appears to be satisfactorily serving the financial needs of the community it serves; how- ORDER APPROVING ACQUISITION OF BANK ever, affiliation with Applicant would improve Jacob Schmidt Company and American Ban- the quality, and expand the number of services corporation, Inc., both of St. Paul, Minnesota Bank currently offers to the community. Affiliation (hereinafter jointly referred to as "Applicant"), with Applicant would increase the lending capabiliare bank holding companies within the meaning ty of Bank through participation arrangements of the Bank Holding Company Act and have ap- with Applicant's present subsidiary banks, and plied for the Board's approval under § 3(a)(3) of would enable Bank to benefit from certain inthe Act (12 U.S.C. 1842(a)(3)) for American ternal efficiencies resulting from a holding com- Bancorporation to acquire 100 per cent of the pany structure. Additionally, Bank will be in a voting shares (less directors' qualifying shares) position to provide trust, travel and international of Lake City State Bank, Lake City, Minnesota services. Applicant also proposes to build a new ("Bank"). Jacob Schmidt Company, which owns facility for Bank, including in such plans drive-in 57.8 per cent of American Bancorporation, facilities, off-street parking, and a "community Inc.'s outstanding voting stock, would acquire room." Considerations relating to the convenience indirect control of Bank. and needs of the communities to be served lend some weight toward approval. Notice of receipt of the application has been given in accordance with § 3(b) of the Act, and the Considerations relating to financial and mantime for filing comments and views has expired. agerial resources and future prospects as they re- The Board has considered the application and all late to Applicant, its subsidiaries and Bank, are comments received in the light of the factors set regarded as satisfactory. Applicant's proposed forth in § 3(c) of the Act (12 U.S.C. 1842(c)) public offering will retire the debt incurred in the and finds that: acquisition of Bank. Management expertise to be Applicant controls two banks with aggregate made available to Bank by Applicant lends weight deposits of $197 million, representing 2.1 per cent toward approval of the application. Banking facof the total commercial bank deposits in the State, tors are believed consistent with approval. It is and is the fifth largest bank holding company in the Board's judgment that consummation of the Minnesota. (All banking data are as of June 30, proposed acquisition would be in the public in- 1971, and reflect holding company formations and terest and that the application should be apacquisitions approved through November 30, proved. 1971.) Applicant's acquisition of Bank ($11 mil- On the basis of the record, the application is lion in deposits) would increase Applicant's approved for the reasons summarized above. The share of deposits in the State by 0.1 percentage transaction shall not be consummated (a) before point. Bank, the only bank located in Lake City the thirtieth calendar day following the date of this (estimated population: 3,600), is the third largest Order or (b) later than three months after the date of five banks in the Red Wing banking market of this Order, unless such period is extended for which is approximated by the northeast section good cause by the Board, or by the Federal Reof Wabasha County and the southwest section of serve Bank of Minneapolis pursuant to delegated Goodhue County, and holds 16.8 per cent of de- authority. posits in that market. Applicant's subsidiary located By order of the Board of Governors, January 4, closest to Bank is about 55 miles distant; and it ap- 1972. pears that consummation of the transaction would not eliminate existing competition. On the facts Voting for this action: Vice Chairman Robertson and Govof record, notably, the distances involved, the ernors Mitchell, Daane, and Brimmer. Absent and not voting: Chairman Burns and Governor Maisel. number of banks in the intervening areas between Bank and Applicant's subsidiaries, and Minnesota's prohibitive branching law, there appears (Signed) TYNAN SMITH, to be little likelihood that significant competition [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 155 BANCOHIO CORPORATION, and needs of the community favor approval of COLUMBUS, OHIO the application. It is the Board's judgment that the proposed acquisition would be in the public ORDER APPROVING ACQUISITION OF BANK interest and that the application should be approved. BancOhio Corporation, Columbus, Ohio, a On the basis of the record, the application is apbank holding company within the meaning of the proved for the reasons summarized above. The Bank Holding Company Act, has applied for the transaction shall not be consummated (a) before Board's approval under § 3(a)(3) of the Act (12 the thirtieth calendar day following the date of U.S.C. 1842(a)(3)) to acquire 100 per cent of this Order or (b) later than three months after the the voting shares (less directors' qualifying date of this Order; and (c) The Community Nashares) of The Community National Bank, Love- tional Bank, Loveland, Ohio, shall be opened for land, Ohio ("Bank"), a proposed new bank. business not later than six months after the date of Notice of receipt of the application has been this Order. Each of the periods described in (b) and (c) may be extended for good cause by the Board, given in accordance with § 3(b) of the Act, and the or by the Federal Reserve Bank of Cleveland purtime for filing comments and views has expired. suant to delegated authority. The Board has considered the application and all comments received in the light of the factors set By order of the Board of Governors, January 4, forth in § 3(c) of the Act (12 U.S.C. 1842(c)) 1971. and finds that: Voting for this action: Vice Chairman Robertson and Gov- Applicant, the second largest banking organiza- ernors Mitchell, Daane, and Brimmer. Absent and not voting: tion in Ohio, controls 29 banks with aggregate Chairman Burns and Governor Maisel. deposits of $1.6 billion, representing 7.3 per cent (Signed) TYNAN SMITH, of total commercial bank deposits in the State. [SEAL] Secretary of the Board. (All banking data are as of June 30, 1971 and reflect holding company formations and acquisitions approved through November 30, 1971.) Bank will be located in the town of Loveland UNITED MISSOURI BANCSHARES, INC., which is part of the Cincinnati banking market. KANSAS CITY, MISSOURI The banking needs of the community have been ORDER DENYING ACQUISITION OF BANK served since 1958 by a branch of a bank headquartered in Milford. Because Loveland is lo- United Missouri Bancshares, Inc., Kansas City, cated in three counties, Bank will have the future Missouri (formerly Missouri Bancshares, Inc.), possibility of branching into these counties. Ap- has applied for the Board's approval under § 3(a) plicant has no subsidiaries in these counties and (3) of the Bank Holding Company Act (12 U.S.C. the nearest office of a subsidiary, located 30 miles 1842(a)(3)) to acquire 80 per cent or more of the from Bank, draws no business from Loveland. voting shares of Bank of Jacomo, Blue Springs, Since Bank is a new Bank, approval of the Missouri ("Bank"). acquisition would not result in the elimination Notice of receipt of the application has been of existing competition nor in the foreclosure of given in accordance with § 3(b) of the Act, and the future competition. Based on the record before it, time for filing comments and views has expired. the Board concludes that consummation of the The Board has considered the application and all proposed acquisition would not adversely affect comments received in light of the factors set forth competition in any relevant area. In fact, com- in § 3(c) of the Act (12 U.S.C. 1842 (c)). petition may be stimulated by the provision of a On the basis of the record, the application is new banking alternative in the area. denied for the reasons set forth in the Board's The financial and managerial resources and Statement of this date. prospects of Applicant, its subsidiary banks, and By order of the Board of Governors, January 6, Bank are regarded as satisfactory and these con- 1972. siderations are consistent with approval of the Voting for this action: Vice Chairman Robertson and Govapplication. Applicant has stated that citizens of ernors Mitchell, Daane, Maisel, and Brimmer. Absent and not Loveland were seeking additional banking facili- voting: Chairman Burns. Governor Sheehan did not participate in the Board's action in this matter. ties. It appears that residents and businessmen would benefit from an additional banking source (Signed) TYNAN SMITH, and hence considerations related to convenience [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 STATEMENT community to have banks chartered and sold immediately for a profit. It is further the attitude United Missouri Bancshares, Inc., Kansas City, of this office that everyone who files a de novo Missouri, a registered bank holding company, has application with the intent of negotiation with applied to the Board of Governors, pursuant to any holding company, the application will be section 3(a)(3) of the Bank Holding Company denied." Act of 1956 (12 U.S.C. 1842(a)(3)), for prior In considering the public interest, the Board approval of the acquisition of 80 per cent or more gives weight to a chartering authority being able of the voting shares of Bank of Jacomo, Blue to consider all of the relevant facts surrounding a Springs, Missouri ("Bank"). proposal to establish a new bank including the Statutory considerations. Applicant, the fourth probability that the ownership and management largest banking organization in Missouri, controls of a new bank will remain stable for a reasonable 8 banks with aggregate deposits of approximately period of time. $493.8 million, representing 4.3 per cent of total Another area of concern to the Board in conneccommercial bank deposits in the State. (All banking tion with this case is reflected in the prospect for a data are as of December 31, 1970, and reflect hold- depressed earning rate on this investment as a reing company formations and acquisitions ap- sult of the price being offered to the stockholders proved by the Board through October 31, 1971.) of Bank. The purchase price is equal to almost 200 As a result of consummation of the proposal here- per cent of Bank's book value and the premium in, Applicant's share of commercial bank deposits is equal to about 22 per cent of Bank's deposits. in the State would be increased an insignficant This retarding effect on the earnings of the holding amount, and its position in relation to the State's company if Applicant were to continue to dilute other banking organizations would remain un- its earning capacity by offering premiums in changed. future acquisitions such as appear in this case Bank ($3 million deposits), which received could be serious. The Board has previously excharter approval in March 1970 and opened for pressed its concern about excessive premiums. business on May 26, 1970, is located in suburban (1971 Federal Reserve BULLETIN 838-839). Kansas City, approximately twenty miles east of The present financial condition of Applicant and Applicant's largest subsidiary bank ($380.6 mil- subsidiary banks is generally satisfactory, their lion deposits) in downtown Kansas City. While management is capable, and prospects of the group both Bank and Applicant's lead bank operate appear favorable. As was noted earlier, Bank is a in the Kansas City market and consummation newly chartered organization, and its financial of the proposal herein would tend to foreclose the condition, management, and prospects are redevelopment of competition between the two, garded as satisfactory whether as an affiliate of consummation would not have such a serious ad- Applicant or as an independent. However, converse effect on competition as to require denial siderations relating to the financial factors are not of the application. such as to require approval of the application. In exercising its assigned statutory responsibil- The major banking needs of the residents of the ity of reviewing the acquisition of a bank by a hold- Blue Springs area appear to be adequately served ing company, the Board considers not only the at the present time by the existing institutions, and direct competitive effects of the acquisition but Applicant proposes no new services, except for also all the other relevant circumstances to de- trust services, which are not available from the termine whether, on balance, the acquisition would other six banks in Bank's service area. Moreover, be in the public interest. In considering all the consummation of the proposal would remove an relevant circumstances of this proposal, the Board alternative source of banking services for those finds that the public interest requires denial of the residents of Blue Springs who commute to Kansas application. City. Consequently, considerations relating to In connection with its review of the application, convenience and needs provide no substantial supthe Board has considered a comment filed by the port for approval of the application. Missouri Commissioner of Finance indicating Summary and conclusion. On the basis of all that he views with concern the practice whereby relevant facts in the record, and in light of the a bank is chartered de novo with the intention of factors set forth in section 3(c) of the Act, it is the realizing a profit through the early sale of the bank Board's judgment that the proposed acquisition to a holding company. The Commissioner stated would not be in the public interest, and that the that it was not . .for the good of the banking application should be denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 157 BANKS OF IOWA, INC., competitive force against the larger Omaha-based CEDAR RAPIDS, IOWA banks that eventually might result in a desirable deconcentration of this market. The immediate ORDER APPROVING ACQUISITION OF BANK benefits of increasing competition within the mar- Banks of Iowa, Inc., Cedar Rapids, Iowa, a ket outweigh the potential benefits of Applicant's bank holding company within the meaning of the entry through alternate means. Bank Holding Company Act, has applied for the On the basis of the record before it, the Board Board's approval under § 3(a)(3) of the Act (12 concludes that consummation of the proposed U.S.C. 1842(a)(3)) to acquire 80 per cent or more acquisition would not adversely affect competition of the voting shares of Council Bluffs Savings in any relevant area. Affiliation with Applicant Bank, Council Bluffs, Iowa ("Bank"). would increase Bank's lending capabilities through Notice of receipt of the application has been participations with Applicant's subsidiaries and given in accordance with § 3(b) of the Act, and special emphasis would be given to expansion of the time for filing comments and views has Bank's activities in computer services, trust adexpired. The Board has considered the application ministration, and investment counseling. Assistand all comments received in the light of the fac- ance in the area of municipal financing and intertors set forth in § 3(c) of the Act (12 U.S.C. national banking would also be provided. Consider- 1842(c)) and finds that: ations relating to the convenience and needs of the Applicant controls 3 banks with deposits of communities to be served lend some weight toapproximately $262 million, representing 3.8 per ward approval of the application. cent of the total commercial bank deposits in the Considerations relating to financial and mana- State, and is the second largest banking organiza- gerial resources and prospects as they relate to tion and bank holding company in Iowa.1 Appli- Applicant, its subsidiaries, and Bank are considcant's acquisition of Bank (deposits of $52 million) ered satisfactory and consistent with approval. It is would increase Applicant's share of deposits in the Board's judgment that consummation of the the State by 0.8 percentage points. proposed acquisition would be in the public in- Bank operates one office and three branches, and terest and that the application should be approved. serves the Omaha-Council Bluffs banking market. On the basis of the record, the application is Bank is the fourth largest of 34 banking organiza- approved for the reasons summarized above. The tions serving that market with 4.2 per cent of transaction shall not be consummated (a) before deposits. The three larger banking organizations the thirtieth calendar day following the date of serving this market are located in Omaha, Ne- this Order or (b) later than three months after the braska, on the western side of the Missouri River date of this Order, unless such period is extended which bisects the Omaha-Council Bluffs market, for good cause by the Board, or by the Federal and control approximately 65 per cent of the total Reserve Bank of Chicago pursuant to delegated market deposits. No existing competition would authority. be eliminated as this acquisition represents Appli- By order of the Board of Governors, January 12, cant's initial entry into the market, and the develop- 1972. ment of any meaningful competition between any Voting for this action: Vice Chairman Robertson and Govof Applicant's existing subsidiaries and Bank ernors Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns, and Governor Mitchell. Governor Sheehan appears remote in light of the distance involved, did not participate in the Board's action on this matter. the closest subsidiary being 136 miles northeast (Signed) TYNAN SMITH, of Bank's main office, and the State's highly re- [SEAL] Secretary of the Board. strictive branching laws. Some potential competition would be foreclosed since Applicant could be considered a likely entrant into the market through CITIZENS BANCORP., de novo entry or through the acquisition of a VINELAND, NEW JERSEY smaller bank, and Bank could be a strong addition to a smaller holding company. However, as a ORDER APPROVING FORMATION OF BANK HOLDING subsidiary of the second largest holding company COMPANY in Iowa, Bank could readily present the needed Citizens Bancorp., Vineland, New Jersey, has applied for the Board's approval under § 3(a)(1) 1 All banking data are as of June 30, 1971, and reflect holding of the Bank Holding Company Act (12 U.S.C. company formations and acquisitions approved through December 15, 1971. 1842(a)(1)) of formation of a bank holding com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 pany through acquisition of 100 per cent of the sidiary banks. The financial and managerial revoting shares of Citizens State Bank, Vineland, sources and future prospects of the banks are New Jersey ("Citizens Bank"), and 100 per cent generally satisfactory and consistent with approval. of the voting shares of Continental Bank of New It appears that the present banking needs of the Jersey, Maple Shade, New Jersey ("Continental communities to be served are already being met. Bank"). However, Applicant proposes to provide a greater Notice of receipt of the application has been effective lending capability to the Banks and form given in accordance with § 3(b) of the Act, and the a data processing subsidiary, thereby providing an time for filing comments and views has expired. alternative source for specialized banking services. The Board has considered the application and Therefore, considerations relating to the conveniall comments received in the light of the factors ence and needs lend some weight toward approval. set forth in § 3(c) of the Act (12 U.S.C. 1842(c)) It is the Board's judgment that the proposed transand finds that: action would be in the public interest and that the Applicant was recently formed for the purpose application should be approved. of acquiring the two proposed subsidiary banks. On the basis of the record, the application is Upon acquisition of Citizens Bank (deposits of approved for the reasons summarized above. The $18.3 million) and Continental Bank (deposits of transaction shall not be consummated (a) before $8.6 million), Applicant would become the small- the thirtieth calendar day following the date of est holding company in the State, controlling this Order or (b) later than three months after the less than .2 per cent of commercial bank deposits date of this Order, unless such period is extended in the State. (Banking data are as of June 30, 1971, for good cause by the Board, or by the Federal unless otherwise noted, and reflect holding com- Reserve Bank of Philadelphia pursuant to delegated pany formations and acquisitions approved through authority. December 31, 1971.) By order of the Board of Governors, January Citizens Bank, located in Vineland, is the 13, 1972. seventh largest of thirteen banks in the Vineland- Voting for this action: Chairman Burns and Governors Millville-Bridgeton banking market, controlling Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. 5 per cent of deposits in that market. (Signed) TYNAN SMITH, Continental Bank is located in Maple Shade [SEAL] Secretary of the Board. which is 40 miles north of Vineland and is in the Camden banking market. Continental Bank, with less than 1 per cent of market deposits, is the 12th largest of fifteen banks there. SOCIETY CORPORATION, It appears that Citizens Bank and Continental CLEVELAND, OHIO Bank are owned by stockholders that control the Citizens National Bank of South Jersey, Bridge- ORDER APPROVING ACQUISITION OF BANK ton, New Jersey1 (deposits of $10 million), which Society Corporation, Cleveland, Ohio, a bank is located in the same market as Citizens Bank. holding company within the meaning of the Bank However, it does not appear that consummation of Holding Company Act, has applied for the this proposal would significantly increase deposit Board's prior approval under § 3(a)(3) of the Act concentration or have adverse competitive effects (12 U.S.C. 1842 (a)(3)) to acquire 100 per cent in the Vineland-Millville-Bridgeton banking mar- (less directors' qualifying shares) of the voting ket even if Citizens National Bank is considered shares of The 1st State Bank & Trust Company, as part of this proposal. On the facts presented, Columbus, Ohio ("Bank"). consummation of the proposal herein would not Notice of receipt of the application has been have an adverse effect on existing or potential comgiven in accordance with § 3(b) of the Act, and the petition in any relevant area nor would any comtime for filing comments and views has expired. peting bank be adversely affected. The Board has considered the application and Applicant's financial condition and future pros- all comments received in the light of the factors pects are dependent on those of its proposed sub- set forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and finds that: Applicant controls 11 banks with aggregate dexThe Citizens National Bank of South Jersey is the resulting posits of approximately $1,147 million, representbank of a merger which will be consummated on January 14, 1972. ing 5.2 per cent of the total commercial bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 159 deposits in Ohio and is the fifth largest banking or- Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and ganization in the State. (All banking data are as not voting: Governor Robertson. of June 30, 1971, and reflect holding company (Signed) TYNAN SMITH, formations and acquisitions approved by the Board [SEAL] Secretary of the Board. through November 30, 1971.) Consummation of the acquisition of Bank ($19 million deposits) would add less than . 1 per cent to Applicant's MERCANTILE BANCORPORATION INC., percentage share of deposits and would not ST. LOUIS, MISSOURI change its rank. ORDER APPROVING ACQUISITION OF BANK Though Bank is the ninth largest of 40 banking organizations in the Columbus area, it controls Mercantile Bancorporation Inc., St. Louis, less than 1 per cent of the area deposits. Appli- Missouri, a bank holding company within the cant's acquisition of Bank would constitute its meaning of the Bank Holding Company Act, initial entry in the Columbus area. Applicant's has applied for the Board's approval under § 3(a) nearest subsidiary to Bank is located over 25 miles (3) of the Act (12 U.S.C. 1842(a)(3)) to acquire away, and there is little existing competition be- up to 100 per cent of the voting shares of County tween this subsidiary or any other of Applicant's Bank of St. Charles, St. Charles, Missouri subsidiaries and Bank. Moreover, due to the dis- ("Bank"). tances involved and Ohio's branching law, and Notice of receipt of the application has been other facts of record, there appears to be only given in accordance with § 3(b) of the Act, and a slight possibility of substantial potential com- the time for filing comments and views has expetition developing between any of Applicant's pired. The Board has considered the application subsidiaries, or Applicant itself and Bank. On the and all comments received in the light of the facother hand, Applicant's acquisition of Bank should tors set forth in § 3(c) of the Act (12 U.S.C. make the latter a stronger competitor in the 1842(c)) and finds that: Columbus area, which is dominated by three Applicant, the largest banking organization and large holding companies. On the basis of the record largest bank holding company in Missouri on the before it, the Board considers that consummation basis of deposits, has five subsidiary banks with of the proposal would not adversely affect com- aggregate deposits of $1.12 billion, representing petition in any relevant area. 9.8 per cent of the total commercial bank deposits The financial and managerial resources and in the State. (All banking data are as of June 30, future prospects of Applicant, its subsidiaries, and 1971, adjusted to reflect holding company acquisi- Bank appear to be satisfactory and consistent with tions and formations approved by the Board approval of the application. Considerations relating through November 30, 1971.) Consummation of to the convenience and needs of the community the proposal herein would increase Applicant's to be served lend some weight toward approval share of commercial bank deposits in the State by of the application, since Applicant proposes to less than .1 percentage point. expand Bank's trust services; to provide participa- Bank ($9.7 million of deposits) is one of the tion lending arrangements; and to institute a smaller banks operating in the St. Louis banking credit card program. It is the Board's judgment market, and is the smallest of four banks in Bank's that the proposed acquisition would be in the primary service area, which is approximated by public interest and that the application should be St. Charles and the immediate surrounding area. approved. The St. Charles area has enjoyed substantial On the basis of the record, the application is population growth in the past, and the prospects approved for the reasons summarized above. for the area's economic growth appear highly The transaction shall not be consummated (a) favorable. Two of Applicant's subsidiary banks, before the thirtieth calendar day following the date including its lead bank ($966 million deposits), of this Order or (b) later than three months after are located in downtown St. Louis approximately the date of this Order, unless such period is ex- 23 miles from Bank. While there appears to be tended for good cause by the Board, or by the some competition between Bank and Applicant's Federal Reserve Bank of Cleveland pursuant to subsidiaries in the St. Louis area, or some potendelegated authority. tial therefor, consummation of the proposed By order of the Board of Governors, January 18, acquisition is not likely to substantially lessen 1972. competition nor to have any significant effect on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 competition in any relevant area. In light of the Bank Holding Company Act, has applied for the facts of record, notably the large number of banks Board's approval under § 3(a)(3) of the Act (12 in the St. Louis banking market (over 100), the U.S.C. 1842(a)(3)) to acquire 80 per cent or more existence of geographical barriers and the dis- of the voting shares of The First State Bank and tance separating Applicant's subsidiaries and Trust Company, Eustis, Florida ("Bank"). Bank, and Missouri's restrictive branching laws, Notice of receipt of the application has been there seems to be little prospect for the develop- given in accordance with § 3(b) of the Act, and the ment of significant competition between Bank and time for filing comments and views has expired. Applicant's subsidiaries. Furthermore, consum- The Board has considered the application and all mation of the proposal herein is not likely to comments received in the light of the factors set have any adverse effects on Bank's competitors forth in § 3(c) of the Act (12 U.S.C. 1842(c)) nor would it raise any significant barriers to entry and finds that: by others into the area; rather it would enable Bank Applicant presently controls 19 banks with to compete more effectively with the larger banks aggregate deposits of $687 million, representing in its service area. 4.7 per cent of total commercial bank deposits held The financial and managerial resources and by Florida's banks. (All banking data are as of prospects of Applicant, its subsidiaries, and Bank June 30, 1971, and reflect holding company formaare all regarded as satisfactory and consistent tions and acquisitions approved through Novemwith approval of the application. Applicant pro- ber 30, 1971). Applicant's acquisition of Bank, poses to assist Bank in enlarging its mortgage with deposits of approximately $21 million, lending services and in establishing additional would not represent a significant increase in services such as trust and bond services. The addi- Applicant's share of total deposits in the State. tion and expansion of such services should enhance Bank is the larger of two banks headquartered Bank's ability to meet the expanding needs of its in Eustis and the second largest of 10 banks located service area. Thus, considerations relating to the in Lake County, the relevant market, wherein convenience and needs of the communities to be it holds 13.2 per cent of the market's total deserved lend weight in support of approval of the posits. However, the fifth and eighth largest of the application. It is the Board's judgment that con- county banks are closely affiliated and together summation of the proposed acquisition would be in hold 16.3 per cent of market deposits, and two the public interest, and that the application other county banks, as subsidiaries of the fifth and should be approved. sixth largest banking organizations in the State, On the basis of the record, the application is together control 28.5 per cent of market deposits. approved for the reasons summarized above. The Bank does not compete significantly with any of transaction shall not be consummated (a) before Applicant's subsidiary banks, the nearest of which the thirtieth calendar day following the date of this is located in Sanford, 26 miles east of Eustis. It Order or (b) later than three months after the date also appears that consummation of this proposal of this Order, unless such period is extended for would not eliminate any meaningful potential good cause by the Board, or by the Federal Re- competition due, among other factors of record, to serve Bank of St. Louis pursuant to delegated the distances involved, the number of intervening authority. banks, and the restrictions placed on branching By order of the Board of Governors, January 18, by Florida law. 1972. Based upon the record, the Board concludes that consummation of the proposed acquisition Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and would have no significant adverse effect on comnot voting: Governor Robertson. petition in any relevant area. The financial condi- (Signed) TYNAN SMITH, tions and managerial resources of Applicant and [SEAL] Secretary of the Board. its subsidiary banks are regarded as satisfactory and prospects for Applicant's group appear ATLANTIC BANCORPORATION, favorable. The financial resources and future pros- JACKSONVILLE, FLORIDA pects of Bank are generally satisfactory and favorable; however, Applicant's ability to provide ORDER APPROVING ACQUISITION OF BANK Bank with management strength as needed lends some weight toward approval of this application. Atlantic Bancorporation, Jacksonville, Florida, The convenience and needs aspects of the proposal a bank holding company within the meaning of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 161 also lend weight toward approval since Applicant or potential competition, nor have an adverse proposes to increase Bank's lending capabilities, effect on the other bank in the area. and to provide Bank with counseling regarding The banking considerations are consistent with trusts, investments, credit and overall operations approval of the application. The financial and of the Bank. It is the Board's judgment that the managerial resources of Bank and its prospects proposed transaction would be in the public inter- are regarded as generally satisfactory. Applicant est, and that the application should be approved. has not commenced operations; thus, its financial On the basis of the record, the application is condition, management and prospects are dependapproved for the reasons summarized above. The ent on those of Bank. Applicant's projected transaction shall not be consummated (a) before earnings appear to be sufficient to service its debt the thirtieth calendar day following the date of this without undue strain on Bank's income. The Order or (b) later than three months after the date acquisition herein is not likely to have any signifiof this Order, unless such period is extended for cant immediate effect on the convenience and good cause by the Board, or by the Federal Reserve needs of the community. However, the new and Bank of Atlanta pursuant to delegated authority. expanded services which Applicant proposes to By order of the Board of Governors, January institute should ultimately benefit the public; 20, 1972. and this aspect of the proposal lends some weight toward approval of the application. It is the Board's Voting for this action: Chairman Burns and Governors judgment that the transaction would be in the Robertson, Mitchell, Daane, Maisel, Brimmer, andSheehan. public interest and that the application should be (Signed) TYNAN SMITH, approved. [SEAL] Secretary of the Board. On the basis of the record, the application is approved for the reasons summarized above. The transaction shall not be consummated (a) before NORTH PLATTE CORPORATION, the thirtieth calendar day following the date of this TORRINGTON, WYOMING Order or (b) later than three months after the date of this Order, unless such period is extended for ORDER APPROVING FORMATION OF BANK HOLDING good cause by the Board, or by the Federal COMPANY Reserve Bank of Kansas City pursuant to delegated North Platte Corporation, Torrington, Wyoming, authority. has applied for the Board's approval, under By order of the Board of Governors, January § 3(a)(1) of the Bank Holding Company Act (12 20, 1972. U.S.C. 1842(a)(1)), for the formation of a bank Voting for this action: Chairman Burns and Governors holding company through acquisition of 100 per Robertson, Mitchell, Daane, Maisel, Brimmer, andSheehan. cent (less directors' qualifying shares) of the (Signed) TYNAN SMITH, voting shares of The Citizens National Bank of [SEAL] Secretary of the Board. Torrington, Torrington, Wyoming ("Bank"). Notice of receipt of the application has been given in accordance with § 3(b) of the Act, and the NATIONAL BANCSHARES CORPORATION time for filing comments and views has expired. OF TEXAS, SAN ANTONIO, TEXAS The Board has considered the application and all ORDER APPROVING FORMATION OF BANK HOLDING comments received in the light of the factors set COMPANY forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and finds that: National Bancshares Corporation of Texas, San Applicant is a nonoperating corporation formed Antonio, Texas, has applied for the Board's apfor the express purpose of acquiring Bank which proval under § 3(a)(1) of the Bank Holding Comhas aggregate deposits of approximately $14 pany Act (12 U.S.C. 1842(a)(1)) of formation of million. (All banking data are as of June 30, a bank holding company through acquisition of 1971.) The proposed transaction would effect a 100 per cent of the voting shares (less directors' corporate ownership of Bank, and all shareholders qualifying shares) of the successor by merger to of Bank are being accorded equal treatment. National Bank of Commerce of San Antonio Since Applicant has no present operations or ("Commerce Bank"), San Antonio, Texas, and subsidiaries, it appears that consummation of the 51 per cent or more of the voting shares of Ranproposal would not significantly affect existing dolph Field National Bank ("Randolph Bank"), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Universal City, Texas. The bank into which Com- concentration in the market is not considered to be merce Bank is to be merged has no significance significant in the light of the numerous existing except as a means of acquiring all of the shares of banking alternatives. Accordingly, on the basis of Commerce Bank. Accordingly, the proposed the record before it, the Board concludes that acquisition of the shares of the successor organi- consummation of the proposal would not have an zation is treated herein as the proposed acquisition adverse effect on competition in any relevant of the shares of Commerce Bank. area. Notice of receipt of the application has been The financial, managerial, and future prospects given in accordance with § 3(b) of the Act, and of Applicant and Commerce Bank are regarded the time for filing comments and views has as satisfactory. Although acquisition of the Ranexpired. The Board has considered the application dolph Bank shares involves short-term debt, and all comments received in the light of the fac- Applicant and Commerce Bank appear to be tors set forth in § 3(c) of the Act (12 U.S.C. capable of servicing and repaying such debt with- 1842 (c)) and finds that: out undue strain; the proposed debt to capital Applicant is a newly organized corporation. ratio does not appear to be at an unsatisfactory Consummation of the proposal herein would re- level. Future prospects of the Randolph Bank will sult in Applicant controlling $276.8 million repre- be improved by affiliation with Applicant since senting 1.0 per cent of total commercial bank Randolph Bank will have easier access to necesdeposits in the State and Applicant would become sary capital funds and a pool of trained managethe 10th largest banking organization and the ment personnel. Affiliation with Applicant will also 6th largest bank holding company in Texas. provide Randolph Bank with access to the exper- (All banking data are as of December 31, 1970, tise of Commerce Bank particularly with respect adjusted to reflect holding company formations to trust matters, international banking, and other and acquisitions approved by the Board through specialized services. Thus, considerations related October 31, 1971.) to the convenience and needs of the community Commerce Bank ($264.0 million in deposits) as well as financial, managerial, and future and Randolph Bank ($12.8 million in deposits) prospects of Applicant and the banks involved are both located within the San Antonio banking lend some weight for approval. It is the Board's market which is approximated by Bexar, Guada- judgment that the proposed transaction is in the lope, and Comal Counties. On the basis of de- public interest and should be approved. posits, Commerce Bank is the 2nd largest of 39 On the basis of the record, the application is banking organizations within the market con- approved for the reasons summarized above. The trolling 17.1 per cent of commercial bank deposits; transaction shall not be consummated (a) before Randolph Bank is the 24th largest banking orga- the thirtieth calendar day following the date of nization holding 0.8 per cent of commercial bank this Order or (b) later than three months after the deposits. date of this Order, unless such period is extended Commerce Bank is a large wholesale bank for good cause by the Board, or by the Federal which competes with other large banks through- Reserve Bank of Dallas pursuant to delegated out Texas and the nation, while Randolph Bank authority. is a small retail-oriented institution located 18 By order of the Board of Governors, January miles from Commerce Bank. Since 1969, several 21, 1972. directors of Commerce Bank have held indirect Voting for this action: Chairman Burns and Governors ownership of 51 per cent of the voting shares of Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. Randolph Bank. This relationship has had the (Signed) TYNAN SMITH, effect of eliminating any meaningful competition [SEAL] Secretary of the Board. between the banks, though it is doubtful that any such competition existed prior to this time. Thus, Commerce Bank and Randolph Bank do not com- FIRSTBROOK CORPORATION, pete with each other to any significant extent, and CHICAGO, ILLINOIS the development of such competition, in the ORDER DENYING FORMATION OF BANK future, even in the event of disaffiliation, appears HOLDING COMPANY unlikely because of the large number of intervening banks, the distance involved, and the unit banking Firstbrook Corporation, Chicago, Illinois, has laws of Texas. Moreover, the slight increase in applied for the Board's approval under § 3(a)(1) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 163 of the Bank Holding Company Act (12 U.S.C. projects 50 per cent to service the debt). The 1842(a)(1)) of formation of a bank holding com- projected average annual earnings growth rate pany through acquisition of 80 per cent or more may be unrealistic; it is higher than that experiof the voting shares of Northbrook Trust & Savings enced by Bank between 1961 and 1970 when Bank, Northbrook, Illinois ("Bank"). Bank was the only bank located in its service Notice of receipt of the application has been area. In fact, despite the favorable growth trend given in accordance with § 3(b) of the Act, and of the community which Bank serves, the growth the time for filing comments and views has ex- rate of Bank's earnings has declined from 25.4 pired. The Board has considered the application per cent in 1969 to 9.5 per cent in 1971. If earnand all comments received in the light of the fac- ings growth fails to keep pace with Applicant's tors set forth in § 3(c) of the Act (12 U.S.C. projections, the percentage of earnings paid out as 1842(c)) and finds that: dividends of Bank would have to be increased in Applicant is a newly-formed organization and order to service Applicant's acquisition debt, in has no operating history. Upon acquisition of turn, retarding Bank's capital growth. Finally, it Bank ($31.5 million of deposits), Applicant is not clear that Applicant, even if its projections would control less than . 1 per cent of the com- proved accurate, could properly service its mercial bank deposits in Illinois. (All banking acquisition debt and meet its expenses. data are as of June 30, 1971.) As the proposed Beside imperiling Bank's future capital growth, transaction represents a sale of individuals' owner- the high level of acquisition debt contemplated ship of Bank to a presently nonoperating holding by this application would hinder Applicant's ability company, consummation of the transaction would to meet any emergency capital needs of Bank not eliminate any existing or potential competition should such arise. These factors weigh heavily and would not result in any increase in the con- against approval of this application. It should be centration of banking resources in any relevant emphasized, however, that these factors in no way area. reflect upon the present financial soundness of Bank is presently in satisfactory financial con- Bank, nor upon its future financial condition absent dition with adequate capital and satisfactory man- consummation of the instant proposal. agement. Its location in a growing community The banking needs of the residents of Bank's about 25 miles northwest of Chicago should inservice area appear to be adequately served by sure favorable growth although growth may not existing institutions. The added flexibility of a continue at past rates due to the recent entrance of holding company structure to enable Bank to two other banks into the area previously served better meet future demands lends some weight for only by Bank. Despite future growth prospects approval. of Bank, however, the proposed method of financing the acquisition of Bank, would, if utilized, Under all of the circumstances of this case, the adversely affect the financial condition and pros- Board concludes that the acquisitions debt inpects of both Applicant and Bank. volved in this proposal presents adverse cir- Applicant, upon consummation of the proposed cumstances bearing on the financial condition and transaction, would incur acquisition debt in the prospects of Applicant and Bank. Such circumamount of $4,500,000 resulting in a debt-to- stances are not outweighed by any procompetitive equity ratio of over 250 per cent. Applicant pro- factors or by circumstances relating to the conveniposes to repay the debt with interest in ten years ence and needs of the communities to be served, with increasing annual principal payments be- accordingly, approval of the application is not in ginning in 1973. Based upon the expected rapid the public interest and it should be denied. population growth and development of the North- On the basis of the record, the application is brook area and Bank's annual earnings growth denied for the reasons summarized above. at a rate that would enable Applicant to service its acquisition debt from no more than a 50 per By order of the Board of Governors, January cent dividend payout from Bank. 20,1972. However, Bank's present adequate capitalization Voting for this action: Chairman Burns and Governors Robderives from the restraint Bank has exercised in ertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. past declarations of dividends. Between 1966 and 1970, dividends averaged approximately 19 (Signed) TYNAN SMITH, per cent of current earnings (whereas Applicant [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 FIRST BANC GROUP OF OHIO, INC., mation of the proposal since Applicant could COLUMBUS, OHIO enter bank's market de novo or through acquisition of a smaller bank. However, due to the ORDER APPROVING ACQUISITION OF BANK present "overbanked" character of the market, the restrictive branching laws in the State and other First Banc Group of Ohio, Columbus, Ohio, facts of record, there appears to be little likelia bank holding company within the meaning of the hood that significant competition between bank Bank Holding Company Act, has applied for the and Applicant would develop in the future.1 Board's approval under § 3(a)(3) of the Act (12 On the basis of the foregoing, the Board con- U.S.C. 1842(a)(3)) to acquire 100 per cent of the cludes that consummation of the proposed voting shares of the successor by merger to The transaction would not result in a monopoly, nor be Ashland Bank and Savings Company, Ashland, in furtherance of any combination, conspiracy or Ohio ("Bank"). The bank into which Bank is to attempt to monopolize the business of banking in be merged has no significance except as a means any part of the United States, and would not reto facilitate the acquisition of the voting shares of strain trade, substantially lessen competition, or Bank. Accordingly, the proposed acquisition of the tend to create a monopoly in any section of the shares of the successor organization is treated herecountry. in as the proposed acquisition of the shares of Bank. The financial and managerial resources and fu- Notice of receipt of the application has been ture prospects of Applicant, its subsidiary banks given in accordance with § 3(b) of the Act, and and Bank are regarded as satisfactory and conthe time for filing comments and views has exsistent with approval. Although there is no evipired. The Board has considered the application dence that significant banking needs of the comand all comments received in the light of the munities involved are going unserved, Applicant factors set forth in § 3(c) of the Act (12 U.S.C. proposes to expand mortgage and education loans, 1842(c)) and finds that: provide trust services and municipal financing Applicant controls nine banks with deposits of through Bank and suggests the possibility of $715.5 million, representing 3.2 per cent of the opening additional branches in rural areas of the total commercial bank deposits in the State, and is County. Accordingly, considerations relating to the seventh largest banking organization in Ohio. convenience and needs of the community lend (All banking data are as of June 30, 1971, and some weight toward approval. It is the Board's reflect holding company formations and acquisijudgment that the proposed transaction would be tions approved through November 30, 1971.) in the public interest and that the application should Acquisition of Bank (deposits of $12.8 million) be approved. would increase Applicant's share of deposits in the State by an insignificant amount. Bank On the basis of the record, the application is apoperates two banking offices in Ashland County, proved for the reasons summarized above. The which approximates its banking market. It is the transaction shall not be consummated (a) before third largest of five banking organizations in the the thirtieth calendar day following the date of this County with 18.4 per cent of total deposits in that Order or (b) later than three months after the date area. The two larger banks in the County of this Order, unless such period is extended for respectively control 39 and 21 per cent of market good cause by the Board, or by the Federal Reserve Bank of Cleveland pursuant to delegated authority. deposits. Applicant's subsidiary located closest to Bank is By order of the Board of Governors, January approximately 11 miles west in adjacent Rich- 25,1972. land County and a second subsidiary is located Voting for this action: Chairman Burns and Governors Robapproximately 20 miles east of Bank in adjacent ertson, Maisel, Brimmer, and Sheehan. Absent and not voting: Wayne County. Although some competition ex- Governors Mitchell and Daane. ists between Bank and Applicant's Richland and (Signed) TYNAN SMITH, Wayne County subsidiaries, the amount of com- [SEAL] Secretary of the Board. petition is not considered substantial. Elimination of this competition as a result of consummation of the proposed acquisition would not have a significantly adverse effect on competition in the area. Some potential competition between Appli- Population per banking office in Ashland County is 3,442 and deposits per banking office are $5.8 million. These ratios cant and Bank might be foreclosed by consumare well below both State and national averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 165 AFFILIATED BANK CORPORATION, munities to be served are consistent with approval. MADISON, WISCONSIN Considerations relating to financial and managerial resources and future prospects as they relate ORDER APPROVING ACQUISITION OF BANK to Applicant, its subsidiaries, and Bank, are regarded as satisfactory, and are consistent with Affiliated Bank Corporation, Madison, Wisapproval. It is the Board's judgment that conconsin, a bank holding company within the meansummation of the proposed acquisition would be ing of the Bank Holding Company Act, has apin the public interest and that the application should plied for the Board's approval under § 3(a)(3) be approved. of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 On the basis of the record, the application is per cent or more of the voting shares of Middleton approved for the reasons summarized above. The Shores Bank, Middleton, Wisconsin ("Bank"). transaction shall not be consummated (a) before Notice of receipt of the application has been the thirtieth calendar day following the date of this given in accordance with § 3(b) of the Act, and the Order, or (b) later than three months after the date time for filing comments and views has expired. of this Order, unless such period is extended for The Board has considered the application and all good cause by the Board, or by the Federal Recomments received in the light of the factors set serve Bank of Chicago pursuant to delegated forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and authority. finds that : By order of the Board of Governors, January Applicant is the eleventh largest banking or- 25,1972. ganization in Wisconsin, controlling two banks with aggregate deposits of $93 million, repre- Voting for this action: Chairman Burns and Governors Robsenting 0.9 per cent of the total commercial bank ertson, Maisel, Brimmer, and Sheehan. Absent and not voting; deposits in the State. (All banking data are as of Governors Mitchell and Daane. June 30, 1971, and reflect holding company (Signed) TYNAN SMITH, formations and acquisitions approved through [SEAL] Secretary of the Board. December 31, 1971.) Bank, with deposits of $0.8 million, is the smallest of 31 banks in the relevant banking market which is approximated CHEMICAL NEW YORK CORPORATION, by the Madison SMSA and holds less than 0.1 NEW YORK, NEW YORK per cent of deposits in commercial banks in ORDER APPROVING ACQUISITION OF BANK that market. Both of Applicant's present banking subsidiaries compete in this market, and Ap- Chemical New York Corporation, New York, plicant is the second largest banking organization New York, a bank holding company within the in that market, controlling 15 per cent of market meaning of the Bank Holding Company Act, has deposits. There is no significant existing compe- applied for the Board's approval under section tition between Bank and either of Applicant's 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to acsubsidiaries since Bank was recently formed by quire 100 per cent of the voting shares (less direcofficers and directors of Applicant. Due to the tors' qualifying shares) of the successor by merger number of banks in the intervening areas, and to the Eastern National Bank of Long Island, Wisconsin's branching law, which effectively Smithtown, New York ("Bank"). prohibits Applicant's present subsidiaries and The bank into which Bank is to be merged has Bank from branching into the primary service no significance except as a means to facilitate the area of each other, there appears to be little like- acquisition of the voting shares of Bank. Aclihood that significant competition between Bank cordingly, the proposed acquisition of the and Applicant would develop in the future even if shares of the successor organization is treated the Board denied the application and, as Applicant herein as the proposed acquisition of the shares of has indicated, control of Bank were to be sold to Bank. local residents. Consummation of the proposed Notice of receipt of the application has been acquisition would not eliminate existing or potential given in accordance with section 3(b) of the Act, competition nor have adverse effects on any com- and the time for filing comments and views has peting bank. expired. The Board has considered the applica- The banking needs of the community are being tion and all comments received in the light of the satisfactorily served at this time. Considerations factors set forth in section 3(c) of the Act relating to the convenience and needs of the com- (12 U.S.C. 1842(c)) and finds that: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Applicant, the fourth largest banking organiza- not appear to be paying for the purchase of tion in New York, controls two banks with total monopoly power. While it is true that Applicant domestic deposits of $7.64 billion, representing could enter de novo, if it were to do so it would be 8.7 per cent of the State's total commercial de- prohibited by New York State law from opening a posits. (All banking data are as of December 31, new branch in the year of charter and then 1970, adjusted to reflect holding company forma- limited to two branches a year until 1976. Such tions and acquisitions to date.) Upon acquisition restrictions would limit Applicant's competitive of bank ($52.2 million deposits), Applicant would effectiveness in the market and the "premium" not increase its share of deposits in the State, nor appears to reflect the worth to Applicant of estabits present ranking. lishing such competitive effectiveness at an earlier Bank operates its main office and three branches date. The establishment of branches by Bank as in the Smithtown banking market, and two contemplated by Applicant would, as pointed out branches in the Huntington banking market. It is above, be pro-competitive. the second largest banking organization in the The financial and managerial resources of Appli- Smithtown market, with 15.3 per cent of the de- cant and Bank are generally satisfactory and conposits in that market, and the fourth largest bank- sistent with approval. Applicant proposes to offer, ing organization in the Huntington market, con- through Bank, trust and investment advisory trolling 2.0 per cent of market deposits.1 Ap- services and lower rates on installment loans, plicant's subsidiary office closest to Bank is located thereby providing another competitive 5.5 miles west of Bank's Huntington branch in alternative for expanded banking services. Ac- Nassau County, a separate banking market, into cordingly, considerations relating to convenience which Applicant's bank is presently prohibited and needs of the community lend some weight tofrom branching. Although Applicant's subsidiary ward approval. It is the Board's judgment that the branch derives some banking business from Bank's proposed transaction would be in the public inservice area, existing competition is nominal and terest and that the application should be approved. there are two banking offices in the intervening On the basis of the record, the application is area. Consummation of the proposal would thus approved for the reasons summarized above. The eliminate only a small amount of existing compe- transaction shall not be consummated (a) before tition and would not adversely affect any com- the thirtieth calendar day following the date of this peting bank in any relevant area. Order or (b) later than three months after the Some potential competition between Applicant date of this Order, unless such period is extended and Bank would be foreclosed upon consumma- for good cause by the Board, or by the Federal tion of the proposal since Applicant could enter Reserve Bank of New York pursuant to delegated Bank's markets de novo through acquisition of a authority. smaller bank. The effect of the elimination of By order of the Board of Governors, January this competition would appear to be minimal, how- 27,1972. ever, in light of the large number of potential en- Voting for this action: Chairman Burns and Governors trants to the market. Additionally, within Bank's Mitchell, Daane, and Maisel. Voting against this action: Govmarket area there are seventy-five offices of four- ernors Robertson and Brimmer. teen banks. Within the county there were, at year Governor Sheehan did not participate in the Board's action on this matter. end 1970, 23 banks with 186 offices. Forty-seven per cent of these offices represented only three (Signed) TYNAN SMITH, [SEAL] Secretary of the Board. commercial banks. Applicant's acquisition of Bank, and Bank's expected expansion through de novo branching would provide additional DISSENTING STATEMENT OF GOVERNORS competition for these three dominant banks and ROBERTSON AND BRIMMER have a procompetitive effect in the market. We would deny the application. Consummation Applicant is paying a relatively small premium of the proposal would have adverse competitive for Bank based upon market values of Applicant's effects which are not outweighed by consideraand Bank's stock. Based upon book value the tions relating to the convenience and needs of the premium is substantial. However, Applicant does communities to be served, and the transaction would not be in the public interest. Bank operates six offices and has received apbanking data relating to market position are as of June 30, 1970. proval to open two additional offices in the attrac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 167 tive, rapidly growing Suffolk County area. With FIRST FLORIDA BANCORPORATION, deposits of $52.2 million, it is the second largest TAMPA, FLORIDA banking organization in the Smithtown banking market and the fourth largest banking organization ORDER APPROVING ACQUISITION OF BANK in the Huntington market. Although Applicant's First Florida Bancorporation, Tampa, Florida, a present banking subsidiary is prohibited from bank holding company within the meaning of the branching into Suffolk County, there is some exist- Bank Holding Company Act, has applied for the ing competition between its Woodbury office and Board's approval under § 3(a)(3) of the Act (12 Bank's Huntington branch, which offices are only U.S.C. 1842(a)(3)) to acquire 90 per cent or more 5.5 miles apart. Moreover, it appears that Appli- of the voting shares of The Orlando National Bank cant would be a likely entrant into the growing —West, Orlando, Florida ("Bank"), a proposed Suffolk County market. new bank. In connection with the recent application of Notice of receipt of the application has been Applicant to acquire the Tappan Zee National given in accordance with § 3(b) of the Act, and Bank, one of us (Governor Robertson) expressed the time for filing comments and views has expired. concern about the high premium Applicant was The Board has considered the application and all paying for the bank. There should be even greater comments received in the light of the factors set concern with the premium being paid in the forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and present case. Based on the book values of both finds that: Applicant's stock and Bank's stock that is being ex- Applicant has 22 subsidiary banks with aggrechanged in this transaction, Applicant is paying gate deposits of approximately $445 million, reprea premium of almost $9 million or approximately senting 3.0 per cent of the commercial bank 18 per cent of Bank's deposits. It is obvious that deposits in Florida. (Banking data are as of June Applicant is willing to pay such a premium to ob- 30, 1971.) Approval of the acquisition of Bank tain a well-established branching network and would not presently increase Applicant's deposits market position and thereby avoid the need of since Bank is a proposed new bank. Although one developing a de novo bank into a strong comof Applicant's subsidiaries, The Orlando Bank and petitor. This is an understandable business judg- Trust Company ("Orlando Bank"), is located four ment by Applicant; however, it is the public's miles from the proposed site of Bank, Orlando interest—not Applicant's—that is paramount. Bank originates only a small percentage of its Furthermore, the existence of such premiums in deposits and loans within Bank's proposed service the Suffolk County area reduces the possibilities area. Moreover, Applicant does not have a domifor holding companies smaller than Applicant to nant position in the Orlando area. Accordingly, the enter the market through the acquisition of a bank. Board concludes that consummation of the pro- Applicant's acquisition of Bank is anticompeti- posed acquisition would not adversely affect tive since it will eliminate the potential competi- competition in any relevant area. tion that would result if Applicant entered the The financial and managerial resources and market either through de novo establishment of a future prospects of Applicant, its subsidiary banks, subsidiary bank or by a foothold acquisition of a and Bank are regarded as satisfactory. Considerasmaller bank. The two largest New York City- tions relating to the convenience and needs of the based holding companies have entered Suffolk community lend weight in favor of approval since County by establishing de novo subsidiary banks. Bank is to be established in one of the fastest grow- Applicant should also be required to enter Suffolk ing areas in Florida and will provide an additional County de novo which would increase, rather source of services to customers in or near the than decrease, competition and thereby provide Disney World complex. It is the Board's judggreater benefits to the public. ment that the proposed acquisition would be in the The record reflects that the banking needs of public interest and that the application should be Suffolk County are being adequately met at the approved. present time, and none of the benefits to the con- On the basis of the record, the application is venience and needs of the communities to be served approved for the reasons summarized above. The urged by Applicant outweigh the anticompetitive transaction shall not be consummated (a) before effects of the present transaction. Those same the thirtieth calendar day following the date of this alleged benefits could be provided in less anti- Order or (b) later than three months after the date competitive ways, and the application should be of this Order, and provided further that (c) The denied. Orlando National Bank—West shall be open for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 business not later than six months after the date eliminate only a small amount of existing comof this Order. The periods described in (b) and (c) petition and would not adversely affect any comhereof may be extended for good cause by the peting bank in any relevant area. Board, or by the Federal Reserve Bank of Atlanta Some potential competition between Applicant pursuant to delegated authority. and Bank would be foreclosed upon consummation By order of the Board of Governors, January of the proposal since both Applicant's subsidiary 27,1972. bank and Bank can branch de novo into each others service area. However, the high ratio of Voting for this action: Chairman Burns and Governors Robertson, Daane, Maisel, and Brimmer. Absent and not vot- commercial banking offices to population in the ing: Governors Mitchell and Sheehan. relevant areas, and the relatively static economic (Signed) TYNAN SMITH, and population growth in those areas minimize any [SEAL] Secretary of the Board. effect on potential competition. The financial and managerial resources of Applicant and Bank are generally satisfactory and con- NORTH ATLANTIC BANCORP., sistent with approval. It appears that consumma- NEWTON, MASSACHUSETTS tion of this proposal would not have any immediate ORDER APPROVING ACQUISITION OF BANK effects on the convenience and needs of the com- North Atlantic Bancorp., Newton, Massa- munities, although improvement and expansion chusetts, a bank holding company within the of services may be facilitated by the operational meaning of the Bank Holding Company Act, has structure of a holding company. Moreover, Appliapplied for the Board's approval under § 3(a)(3) of cant will assist Bank in loan participation arrangethe Act (12 U.S.C. 1842(a)(3)) to acquire 51 per ments, auditing, advertising, and general operating cent or more of the voting shares of University procedures. Considerations related to the con- Trust Company, Cambridge, Massachusetts venience and needs of the communities to be served ("Bank"). therefore, lend some weight for approval. It is the Board's judgment that the proposed transaction Notice of receipt of the application has been would be in the public interest and that the applicagiven in accordance with § 3(b) of the Act, and the tion should be approved. time for filing comments and views has expired. The Board has considered the application and all On the basis of the record, the application is comments received in the light of the factors set approved for the reasons summarized above. The forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and transaction shall not be consummated (a) before finds that: the thirtieth calendar day following the date of this Applicant controls one bank with total deposits Order or (b) later than three months after the date of $33.9 million, representing .3 per cent of total of this Order, unless such period is extended for commercial deposits in the State. (Banking data good cause by the Board, or by the Federal Reserve are as of June 30, 1971.) Acquisition of Bank Bank of Boston pursuant to delegated authority. (deposits of $10.2 million) would not significantly By order of the Board of Governors, January 27, increase Applicant's share of total deposits in the 1972. Voting for this action: Chairman Burns and Governors State. Robertson, Daane, Maisel, and Brimmer. Absent and not Bank operates its sole office in the Boston voting: Governors Mitchell and Sheehan. SMSA and the area it presently serves is approxi- (Signed) TYNAN SMITH, mated by the towns of Cambridge, Somerville, [SEAL] Secretary of the Board. Arlington and Belmont. Bank controls .1 per cent of the deposits in the Boston SMSA and ranks ORDER UNDER SECTIONS 3 AND 4 OF forty-first of fifty-five banks in that market. Appli- BANK HOLDING COMPANY ACT cant's subsidiary office closest to Bank is located 6.5 miles away and is also located in the Boston CARLTON AGENCY, INC., SMSA; however, it serves a different area, which CARLTON, MINNESOTA is approximated by the cities of Newton, Wellesbay, Watertown, Brookline, Bedford and Woburn. ORDER DENYING ACTION TO BECOME A BANK There is only nominal existing competition between HOLDING COMPANY AND REQUEST FOR Bank and Applicant's existing subsidiary and there DETERMINATION UNDER § 4(c)(8) are numerous banking offices in the intervening Carlton Agency, Inc., Carlton, Minnesota, has area. Consummation of the proposal would applied for the Board's approval under § 3(a)(1) of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 169 the Bank Holding Company Act (12 U.S.C. 1842 holding companies. The fact that the principal (a)(1)) to become a bank holding company personally has assumed part of the bank acquisithrough the acquisition of 100 per cent of the tion debt does not mean that the holding company voting shares (less directors' qualifying shares) will not be expected to satisfy, directly or indirectof Carlton National Bank, Carlton, Minnesota ly, some of the obligation. After analysis of the pro- ("Bank"). posed debt of Applicant and its principal and other At the same time, Applicant has applied for the circumstances of record, the Board concludes that Board's approval under § 4(c)(8) of the Act and the acquisition debt involved in this proposal § 225.4(b)(2) of the Board's Regulation Y to en- presents adverse circumstances bearing on the gage in certain permissible insurance agency financial condition and prospects of Applicant and activities through the acquisition of certain assets Bank. Such circumstances are not outweighed by of the First National Bank Insurance Agency, any procompetitive factors or by circumstances re- Carlton, Minnesota. lating to the convenience and needs of the com- Notice of receipt of these applications has been munities to be served. On the basis of the record, given in accordance with §§3 and 4 of the Act, and the Board concludes that approval of the § 3 applithe time for filing comments and views has ex- cation is not in the public interest, and it is accordpired. The Board has considered the applications ingly denied.1 and all comments received in light of the factors By order of the Board of Governors, January 27, set forth in § 3(c) of the Act (12 U.S.C. 1842(c)), 1972. and the considerations specified in § 4(c)(8) of Voting for this action: Chairman Burns and Governors the Act (12 U.S.C. 1843(c)(8)) and finds that: Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. Applicant is a newly-formed organization and (Signed) TYNAN SMITH, has no operating history. Upon acquisition of Bank [SEAL] Secretary of the Board. ($5.9 million of deposits), Applicant would control about 0.1 per cent of the commercial bank deposits in the State. (All banking data are as of ORDERS UNDER SECTION 4(c)(8) of June 30, 1971.) As the proposed transaction repre- BANK HOLDING COMPANY ACT sents a transfer of an individual's ownership of LINCOLN FIRST BANKS, INC., Bank into a presently nonoperating holding com- ROCHESTER, NEW YORK pany, consummation would not eliminate any existing or potential banking competition and ORDER APPROVING ACQUISITION OF LINCOLN would not result in any increase in the concentra- FIRST/BAER CORPORATION tion of banking resources in any relevant area. Bank's management and financial condition are Lincoln First Banks, Inc., Rochester, New consistent with approval and its capital presently York, Applicant, a bank holding company within is adequate. However, because of the proposed the meaning of the Bank Holding Company Act, method of financing the acquisition of Bank, the as amended, has applied for the Board's approval financial condition and prospects of Applicant under § 4(c)(8) of the Act and § 225.4(b)(2) of and Bank would be adversely affected by con- the Board's Regulation Y to acquire 51 per cent summation of the proposed transaction. of the voting shares of Lincoln First/Baer Cor- Applicant, upon consummation of the proposed poration, New York, New York ("Lincoln/ acquisition, would incur acquisition debt of Baer"), the successor to Baer Credit Corporation, $175,000 (now owed by the principal to a third- ("Baer"), which is presently 100 per cent owned party bank), which would amount to approxi- by Baer Holding, A.G., Switzerland. Baer Holdmately 66 per cent of Applicant's equity. The ing, A.G., will own 49 per cent of the voting balance of the debt, $100,000, would be held shares of Lincoln/Baer. Lincoln/Baer has no personally by the principal and would be secured significance except as a means to restructure the by stock of Applicant. Applicant would require ownership of Baer Credit Corporation. Notice of more than 60 per cent of Bank's earnings to service the application affording opportunity for interested the debt, and its ability to do so is considered persons to submit comments and views was duly marginal. published (36 Federal Register 22335 and The Board views the debt split arrangement present in this application as a method to circumdenial of Applicant's 3(a)(1) application requires denial of vent the problem of debt servicing by one-bank the attendant 4(c)(8) proposal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 23273). The time for filing comments and views factors the Board is required to consider under has expired and all received have been considered. § 4(c)(8) is favorable. Accordingly, the application Making or acquiring loans or other extensions is hereby approved and Applicant is hereby perof credit is an activity that the Board has previously mitted to engage in the activities now conducted determined to be closely related to banking (12 by Baer that are authorized by 12 CFR 225.4(a)(1). CFR 225.4(a)(1)). A bank holding company may This determination is subject to the conditions set acquire a company engaged in this activity so forth in § 225.4(c) of Regulation Y and to the long as the proposed acquisition is consistent with Board's authority to require such modification or the relevant factors specified in § 4(c)(8) of the termination of the activities of a holding company Act. Lincoln/Baer, which will have assets of or any of its subsidiaries as the Board finds neces- $6.8 million, will conduct only the activities sary to assure compliance with the provisions and presently conducted by Baer, a small commercial purposes of the Act and the Board's regulations finance company whose major activity is non- and orders issued thereunder or to prevent evasion notification accounts receivable financing. Baer thereof. also engages to a limited extent in inventory and By order of the Board of Governors, January equipment financing and in unsecured short-term 12, 1972. international financing. These types of commercial financing are specialized, serving high risk cus- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. tomers who generally cannot obtain sufficient bank financing. Lincoln/Baer will not accept (Signed) TYNAN SMITH, [SEAL] Secretary of the Board. demand deposits and will engage solely in the activities described in § 225.4(a)(1) of Regulation Y. Accordingly, the activities to be conducted by PATAGONIA CORPORATION, Lincoln/Baer are closely related to banking. TUCSON, ARIZONA Applicant is the fifteenth largest banking or- ORDER APPROVING ACQUISITION OF MODEL ganization in New York State, controlling five FINANCE COMPANY banks with aggregate deposits of $1.7 billion. Baer, which operates from a single office in New Patagonia Corporation,1 Tucson, Arizona, a York City, is a small factor in its market (approxi- bank holding company within the meaning of the mated by the Second Federal Reserve District), Bank Holding Company Act of 1956, as amended, competing with over 50 commercial finance com- has applied for the Board's approval, under panies, as well as the commercial finance sub- § 4(c)(8) of the Act and § 225.4(b)(2) of the sidiaries or departments of six area banks. Appli- Board's Regulation Y, to acquire all of the voting cant's subsidiary banks, while located in the market shares of Model Finance Company, Phoenix, area, do not offer commercial finance services of Arizona. Notice of the application affording opporthe type offered by Baer, and consummation of the tunity for interested persons to submit comments proposal would thus have no adverse effects on and views has been duly published. Time for competition. filing comments and views has expired and all Applicant will make a capital contribution to those received have been considered. Lincoln/Baer, thus making likely its development The operation of a finance company and acting as a stronger competitive force than Baer. Addi- as insurance agent or broker are activities that tionally, consummation of the proposal will the Board has determined to be closely related to enable Applicant to provide additional services banking (12 C.F.R. 225.4(a)(1) and (9)). A bank to those of its customers who require this spe- holding company may acquire a company encialized type of financing and will perhaps enable gaged in either of these activities as long as the Applicant to further develop its services in the activities of the institution proposed to be acquired international field. There is no evidence in the are not conducted in a manner inconsistent with record that the proposal would result in any undue concentration of resources, unfair competition, conflicts of interest, unsound banking practices Patagonia Corporation presently controls various nonbanking subsidiaries acquired prior to the date it became a or other adverse effects on the public interest. bank holding company under the Act. It is its intention to Based upon the foregoing and other considera- clarify the status of certain of these subsidiaries as soon as possible, and to comply with the requirements of the Act, intions reflected in the record, the Board has de- cluding the divestiture provisions of section 4, where aptermined that the balance of the public interest plicable, as to all of these subsidiaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 171 the limitations the Board has established pursuant benefits factors the Board is required to consider to § 4(c)(8) of the Act. under section 4(c)(8) outweigh any possible ad- Applicant's banking subsidiary, Great Western verse effects that might result from the proposed Bank and Trust ("Great Western"), is the sixth acquisition. largest bank in Arizona. Its deposits of $124.7 Based upon the foregoing and other consideramillion represent 3.5 per cent of total deposits tions reflected in the record, the Board has determined that the balance of the public interest in the State. Great Western makes consumer infactors the Board is required to consider under stallment loans through its headquarters office in § 4(c)(8) is favorable. Accordingly, the application Phoenix and in branch offices throughout Arizona. is hereby approved. This determination is subject Installment credit by all Arizona banks, as of to revocation by the Board if the facts upon which December 31, 1970, totaled $648.1 million, of it is based change in any material respect. which Great Western had but $5.0 million. By order of the Board of Governors, January Model Finance Company is a small consumer 27, 1972. finance holding company with total assets of $7.2 million.2 It has 13 offices, of which 8 are in areas Voting for this action: Chairman Burns and Governors Robertson, Daane, Maisel, Brimmer, and Sheehan. Absent and of Arizona served by Great Western; the 5 outnot voting: Governor Mitchell. of-State offices are located in Albuquerque, Las (Signed) TYNAN SMITH, Vegas, and Denver. Model Finance Company [SEAL] Secretary of the Board. makes small consumer loans and sells credit insurance in connection with its lending activities. The local markets for high-risk consumer loans, INDUSTRIAL NATIONAL CORPORATION, in which Model Finance Company competes, PROVIDENCE, RHODE ISLAND encompass a relatively large number of competi- ORDER APPROVING ACQUISITION OF tors. For example, in the Tucson and Phoenix AMBASSADOR FACTORS CORPORATION metropolitan areas there are 39 and 117 licensed consumer finance companies, respectively. Industrial National Corporation, Providence, Most potential borrowers in the small high- Rhode Island ("Applicant"), a bank holding risk consumer loan market either can not or would company within the meaning of the Bank Holding not consider commercial banks as alternative Company Act of 1956, as amended, has applied sources. Since finance companies and commercial for the Board's approval under § 4(c)(8) of the banks do not compete for loans to the same class Act and § 225.4(b)(2) of the Board's Regulation of borrowers, the Board concludes that consum- Y, to acquire 100 per cent of the voting shares mation of the acquisition would not eliminate of Ambassador Factors Corporation, New York, existing or potential competition between Great New York ("Ambassador") into which its affili- Western and Model Finance Company. Nor is ates Belvedere Factors Corp. and Ambassador there any significant possibility that the acquisition Leasing Corp., will be merged prior to the acquiwill have adverse effects on credit availability to sition. Notice of the application affording opporindependent finance companies. There is no evi- tunity for interested persons to submit comments dence in the record indicating that consummation and views was duly published. The time for filing of the proposed transaction would result in any comments and views has expired and all those undue concentration of resources, unfair com- received have been considered, including those petition, conflicts of interests, unsound banking presented orally and in writing in connection practices, or other adverse effects on the public with a Board hearing on November 12, 1971, interest. pertaining to factoring in general. It is anticipated that Model Finance Company's The operation by a bank holding company of affiliation with Applicant will give Model Finance a commercial finance company and a factoring Company access to the greater resources of Appli- company are activities that the Board has precant, and enable it to compete more effectively viously determined to be closely related to the with other consumer finance companies in the business of banking (12 CFR 225.4(a)(1)). The area in which it operates. There are also certain Board has also determined that data processing economies likely to be derived from the affiliation. services for the internal storing and processing of On balance, the Board concludes that the public banking, financial or related economic data for members of the holding company system are 2Data as of June 30, 1971. closely related to the business of banking (12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 CFR 225.4(a)(8)). Such a data processing sub- in the commercial finance field. Each derives less sidiary may also perform incidental activities such than one per cent of its volume from the service as selling excess computer time so long as its area of the other. Due to geographical separation only involvement is furnishing the facility and and the large number of competitors in the field, the necessary operating personnel (12 CFR significant competition is unlikely to develop. 225.123). A bank holding company may engage While Applicant presently has a subsidiary perin the above activities so long as the activities of forming data processing services, neither it nor the institution proposed to be acquired are not Ambassador Leasing Corp. do any business in the conducted in a manner inconsistent with the limi- service area of the other and are unlikely to comtations the Board has established pursuant to pete in the future. There is no evidence in the § 4(c)(8) of the Act. record indicating that acquisition of Ambassador It appears that Ambassador engages in factoring by Applicant would result in any undue concenand commercial finance; its affiliate Belvedere tration of resources, unfair competition, conflicts Factors Corp. engages in commercial finance; of interest, unsound banking practices, or other and Ambassador Leasing Corp. provides data adverse effects on the public interest. processing services for Ambassador and sells The majority of Ambassador's clients are now excess computer time to Ambassador's customers headquartered in New York City and acquisition within the limitations of 12 CFR 225.123. of Ambassador by Applicant will likely result in a Accordingly, the activities of Ambassador and wider availabilty of factoring services in Rhode its affiliates are closely related to banking. Island. Additionally, it has become increasingly difficult in recent years for factors to find suf- Applicant, the parent holding company of Indusficient financing to expand. Affiliation with Aptrial National Bank of Rhode Island, has conplicant would assure Ambassador of a source of solidated assets of $1,074 billion, including such funds. Bank's total assets of $1,029 billion. (Banking data are as of June 30, 1971.) Bank is the largest Based upon the foregoing and other conbanking organization in Rhode Island, with 51.2 siderations reflected in the record, the Board has per cent of the commercial bank deposits in the determined that the balance of the public interest State. factors the Board is required to consider under § Ambassador and its affiliates are located in New 4(c)(8) is favorable, and lends weight toward York City. In 1970, Ambassador had a factoring approval. Accordingly, the application is hereby volume of approximately $110 million with 79 approved. This determination is subject to the per cent of its customers being headquartered in Board's authority to require reports by, and make New York City. Ambassador is the twenty-third examinations of, holding companies and their sublargest of the twenty-six factors that compete in sidiaries and to require such modification or national markets and its factoring volume was termination of the activities of a holding company one per cent of the total commercial factored or any of its subsidiaries as the Board finds necvolume for those twenty-six factors. Belvedere essary to assure compliance with the provisions Factors Corp. is s small competitor in the com- and purposes of the Act and the Board's regulamercial finance field, having an annual business tions and orders issued thereunder, or to prevent volume of $1.2 million. Ambassador Leasing evasion thereof. Corp. had an annual business volume from its By order of the Board of Governors, January data processing activities of only $47,000. 27,1972. Neither Applicant nor any of its subsidiaries Voting for this action: Chairman Burns and Governors engages in factoring, and consummation of the Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and not voting: Governor Robertson. proposal would therefore eliminate no existing (Signed) TYNAN SMITH, competition in the factoring field. It appears un- [SEAL] Secretary of the Board. likely that competition in this area would arise between Applicant and Ambassador. Factoring is characterized by relatively high entry barriers FIRST BANK SYSTEM, INC., due to the high degree of expertise in the client's MINNEAPOLIS, MINNESOTA industry which is required and de novo entry in the ORDER APPROVING ACQUISITION OF IDS field has been extremely limited. CREDIT CORPORATION There is no significant existing competition be- First Bank System, Inc., Minneapolis, Minnetween Applicant and Ambassador and its affiliates sota, a bank holding company registered under the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 173 Bank Holding Company Act, as amended, has ap- lis, these offices operate outside of the Ninth plied for the Board's approval under section 4(c) Federal Reserve District in various midwestern (8) of the Act and section 225.4(b)(2) of the and southern states. Empire operates throughout Board's Regulation Y to acquire 100 per cent of Minnesota from a single office located in Minnethe voting shares of IDS Credit Corporation apolis. ("IDSCC"), Minneapolis, Minnesota. Notice of As of December 31, 1970, IDSCC was the 98th the application affording opportunity for inter- largest finance company in the nation and as of ested persons to submit comments and views has September 30, 1971, IDSCC held unpaid credit balexpired and all received have been considered. ances ("outstandings") of approximately $87.1 Making or acquiring loans or other extensions million. However, IDS has already purchased of credit and selling group credit life and disability approximately $50.8 million of IDSCC's outinsurance are activities that the Board has previ- standings and prior to consummation of the proously determined to be closely related to banking posed acquisition, IDS will acquire $36.3 million (12 CFR 225.4(a)(1) and (9)). A bank holding in outstandings of IDSCC in exchange for an ascompany may acquire a company engaged in this sumption of the liabilities of IDSCC. Similarly, activity so long as the proposed acquisition is con- IDS will purchase the outstandings of IDS Homes sistent with the relevant factors specified in section Corporation. The outstandings of Empire and IDS 4(c)(8) of the Act. Credit Corporation of Texas will be retained by Applicant has 86 bank subsidiaries, located those subsidiaries. Upon consummation of the proin Minnesota, North Dakota, South Dakota, Mon- posed transaction, IDSCC will have total assets of tana, and Wisconsin. By virtue of its control of 49 approximately $7 million and net worth of $1.5 banks in Minnesota holding $2.7 billion in de- million. posits, which sum represents 28.5 per cent of de- Since Applicant's present subsidiaries do not posits in commercial banks in the State, Applicant compete outside of the Ninth Federal Reserve is the largest banking organization in Minnesota. District, the proposed acquisition of IDSCC would Within the Minneapolis-St. Paul Standard Metro- not affect existing competition outside of the Ninth politan Statistical Area ("SMSA"), Applicant Federal Reserve District. Therefore, prospects for controls 16 banks holding $1.6 billion in deposits significant potential competition between Apconstituting 39.7 per cent of deposits in commer- plicant and IDSCC outside of the Ninth District cial banks in the Minneapolis-St. Paul SMSA, and are slight. is the largest banking organization in that SMSA. Within the Ninth District, the two Minneapolis (All deposit data are as of June 30, 1971, whereas offices of IDSCC purchase dealer-originated home all market share data are as of June 30, 1970.) improvement installment contracts originating Although all 86 commercial banking subsidiaries in Minnesota and northwestern Wisconsin; such make direct consumer installment loans, only outstandings amounted on September 30, 1971, to five purchased dealer-originated home improve- approximately $5.7 million. Although these conment installment contracts in 1970. The aggregate tracts will be sold to IDS prior to consummation of amount of such contracts was $52,657. the proposed transaction, it may be assumed that IDSCC, a wholly-owned subsidiary of Investors the outstandings of this type will be rebuilt by Diversified Services, Inc. ("IDS"), is a sales IDSCC if the acquisition is consummated. In finance company that purchases and services any case, there is little existing competition bedealer-originated home improvement installment tween Applicant's subsidiaries and IDSCC in view contracts. Through its wholly-owned subsidiary, of the insignificant extent of the involvement of Empire Loan and Thrift Company, Minneapolis, those subsidiaries in the secondary market for Minnesota ("Empire"), IDSCC makes direct con- home improvement paper. Although, given Apsumer loans and purchases dealer-originated plicant's substantial financial resources, there automobile installment contracts. IDSCC also oper- exists a possibility that it might expand its presently ates IDS Homes Corporation, Dublin, Georgia, limited activities in the home improvement paper which purchases mortgages on low priced homes, market, there is no indication that such an expanand IDS Credit Corporation of Texas which sion is probable. In this sense, the proposed makes direct consumer loans through four offices acquisition may have only a slightly adverse in Texas. IDSCC operates 19 offices doing business effect. in 21 states. With the exception of its corporate Applicant's subsidiaries and Empire both make home office and a sales finance office in Minneapo- direct consumer loans in the Minneapolis-St. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Paul SMS A. However, Empire primarily makes Governors Robertson and Brimmer. Absent and not voting: consumer loans of a higher risk quality than com- Governor Mitchell. mercial banks would, as a rule, make. Further- (Signed) TYNAN SMITH, more, Empire—which as of December 31, 1970 [SEAL] Secretary of the Board. had outstanding loans and paper of $0.9 million— is not a significant competitor in the consumer DISSENTING STATEMENT OF GOVERNOR loan business in the Minneapolis-St. Paul SMS A, ROBERTSON being one of the smallest of the 138 consumer finance companies in the SMS A. It is estimated that Applicant is the largest banking organization Applicant through its subsidiaries holds ap- in the Ninth District and presently controls an proximately 16 per cent of outstanding con- extensive network of 86 banks operating throughsumer loans in the SMSA and thereby is the out the Ninth District. I believe that a bank holding largest consumer lender. It would appear that company that occupies as dominant a position as neither existing nor potential significant compe- Applicant does, should not be permitted to expand tition in consumer lending in the SMSA would into other financial areas absent a showing of sigbe foreclosed by consummation of the proposed nificant public benefits flowing therefrom. To acquisition. hold otherwise would be to permit the very unbridled development of undue concentration of eco- Based upon the foregoing, and the record before nomic resources which the Act was meant to preit, the Board concludes that the proposed acquisivent. First Bank System, Inc. possesses the tion would have no adverse effects on existing resources and ability to expand into nonbanking competition and only slightly adverse effects on financial areas de novo. It should be expected to do potential competition in Minnesota and northso. western Wisconsin. It is expected that, following consummation of this proposal, applicant will en- Because consummation of this proposed acquicourage expansion by IDSCC into new geographic sition would have adverse effects on competition markets outside the Ninth District and into new and because this application is totally devoid of any benefits to the public, I would deny the applicaareas of finance activity and that none of this tion. expansion will occur within the Ninth District. Assuming that this expansion would be by internal growth rather than by acquisition, the DISSENTING STATEMENT OF GOVERNOR BRIMMER public interest would be served by both added I dissent from the majority position in this case convenience and increased competition. On balfor the reason that the Board's approval of this ance, the Board concludes that these public application permits the dominant banking organibenefits outweigh any possible adverse effects on zation in the Ninth Federal Reserve District to competition. achieve an extremely powerful position in nu- Based upon the foregoing and other consideramerous locations within the Ninth District with tions reflected in the record, the Board has derespect to consumer financing services. Applitermined that the balance of the public interest cant presently controls 86 banks, 49 of which factors the Board is required to consider under secare located in the State of Minnesota (controlling tion 4(c)(8) is favorable. Accordingly, the 28.5 per cent of the total commercial bank deapplication is hereby approved. This determinaposits in the State) and 37 of which are in the retion is subject to the Board's authority to require maining 4 States comprising the Ninth District reports by, and make examinations of, holding (15 banks in Montana representing control of apcompanies and their subsidiaries and to require proximately 28.9 per cent of the total deposits, 7 such modification or termination of the activities of banks in South Dakota holding approximately 16 a holding company or any of its subsidiaries as per cent of total deposits, 14 banks in North the Board finds necessary to assure compliance with Dakota holding approximately 16 per cent of total the provisions and purposes of the Act and the deposits, 1 bank in Wisconsin controlling approxi- Board's regulations and orders issued thereunder, mately .3 per cent of total deposits). or to prevent evasion thereof. At the present time Applicant's subsidiary banks, By order of the Board of Governors, January located throughout the Ninth District, are en- 27,1972. gaged in making direct consumer loans and the purchase of dealer-originated automobile install- Voting for this action: Chairman Burns and Governors Daane, Maisel, and Sheehan. Voting against this action: ment paper. This is precisely the major thrust of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 175 Empire's activities. The Board's approval action writing in connection with a Board hearing on in this case would enable Applicant, historically November 8, 1971, pertaining to mortgage banking identified as an aggressive competitor, using in general, and this application in particular. Empire as the acquiring vehicle, to acquire ex- Applicant controls the First National Bank of isting finance company offices in any of the Chicago ("Bank"), the second largest bank in the several localities where Applicant's subsidiary Chicago SMS A, and twenty-one domestic and banks and such finance company offices compete. foreign nonbanking subsidiaries. Bank's deposits Under the simplified procedures for bank hold- of $4.6 billion1 represent 18 per cent of the total ing company acquisition of consumer finance commercial bank deposits in the Chicago SMS A. companies that have been proposed by the Board Bank, which does not service mortgages origito be incorporated in its Regulation Y, a bank nated by others, has outstanding $249 million of holding company could acquire any number of mortgages (primarily residential) which represent consumer finance companies, each with assets of only 1.7 per cent of approximately $14.3 billion less than $10 million, so long as the aggregate of mortgage loans outstanding in the Chicago assets of consumer finance companies acquired SMSA. under the procedures within a one-year period does Markin has a mortgage loan portfolio of not exceed $50 million. The typical consumer $97.5 million2 (which represents 0.7 per cent of finance company in the upper Midwest holds mortgage loans outstanding in the Chicago SMSA) assets of less than $10 million. Thus, Applicant and originated $8.3 million in loans during 1970. could, with minimal effort, eliminate existing Applicant and Markin hold a combined share of competition between Applicant's subsidiary banks only 2.4 per cent of the outstanding mortgage loans and existing finance companies and raise insur- in this market. Based on the volume of mortgages mountable barriers to future entry by potential serviced, Markin is the ninth largest mortgage competitors. The obvious result would be a company headquartered in Chicago, and the 187th further strengthening of an already dominant po- largest in the nation. Markin specializes in the sition in this product market. origination of mortgage loans on new income In my judgment, Applicant, occupying as producing properties for sale to institutional indominant a position as it does in the State of vestors, whereas Applicant specializes in residen- Minnesota and the entire Ninth District, should tial loans (for its own account). be permitted to expand in the consumer finance The proposed acquisition would not result in market only by de novo entry. The Board's action any elimination of existing competition between not only fails to impose such a requirement but Bank and Markin in the markets for either conwill encourage unbridled expansion to the dis- struction loans, permanent mortgages on one-four advantage of the banking public. Such a con- family homes, or in the servicing of mortgages for sequence is not contemplated by the applicable the public. The only market in which the two instatute. The application should be denied. stitutions are in direct competition at the present time is the origination of mortgage loans on new FIRST CHICAGO CORPORATION, income producing properties. However, there is CHICAGO, ILLINOIS no significant existing competition between the two in this product market. ORDER APPROVING ACQUISITION OF Bank's capability for de novo entry into those I. J. MARKIN & Co. mortgage banking markets in which it is not First Chicago Corporation, Chicago, Illinois, presently competing is limited only by its ability a bank holding company within the meaning of to develop or obtain the experienced personnel the Bank Holding Company Act of 1956, has necessary to operate a de novo concern. However, applied for the Board's approval under section in this case, we find little differentiation to be made 4(c)(8) of the Act and § 225.4(b)(2) of the Board's between a de novo entry, and the acquisition of a regulation Y to acquire all of the voting shares of firm as small as Markin. As the ninth largest mort- I. J. Markin & Co. ("Markin"), Chicago, Illinois. gage company headquartered in Chicago, Markin Notice of the application affording opportunity for services less than five per cent of all mortgages interested persons to submit comments and views serviced by the top 10 mortgage companies headwas duly published. The time for filing comments and views has expired and all received have been 1 Data as of December 1970. considered, including those presented orally and in 2Data as of October 31,1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 quartered in Chicago. There are numerous other I. J. Markin & Co. ("Markin"), specializes in mortgage companies and other financial institu- the origination of loans on new income producing tions servicing mortgages in the Chicago SMSA properties ($8.3 million in 1970). Unlike many as well. Thus, the market is sufficiently uncon- Chicago mortgage companies, it does not make centrated to allow a small acquisition by Applicant permanent mortgages on one-four family residenwithout a substantial lessening of potential com- ces; nor does it engage to any significant extent in petition. construction lending. For example, Markin made We believe that Applicant's acquisition of no construction loans at all in the Chicago SMSA Markin will not only add to the latter's operating during 1970. As of October 1970, it serviced $97 capabilities but will strengthen its competitive million of loans. Thus, on the basis of mortgages role in the markets where it presently operates and serviced, Markin is the 9th largest mortgage comthose into which it may expand. Applicant's pur- pany in Chicago and the 187th largest in the nachase of Markin could expand the availability of tion. housing finance in the Chicago area (and Applicant It is clear from the record that the purchase of has assured the Board that it will make available Markin by Applicant would diminish existing to Markin additional funds for low and moderate competition. Their offices are less than three blocks income housing projects). Additionally, because of apart. Both are large-scale lenders on mortgages in the number of remaining credit sources, there the Chicago area. Moreover, consolidation of the is no significant possibility that the acquisition two financial institutions would add a significant would have adverse effects on credit availablity volume to the existing loan portfolio of Applicant to independent mortgage companies. On balance, as well as increase the assets of one of the largest the Board concludes that these public benefits financial organizations already in the Chicago outweigh any possible adverse effect on compe- market. Additionally, through a subsidiary (Real tition. Estate Research Corporation) Applicant is one Based upon the foregoing and other considera- of the country's largest active consultants in the tions reflected in the record, the application is ap- real estate field. The subsidiary is active in proved. Chicago, and it would appear probable that it By order of the Board of Governors, January sells its services to Markin as well as to its 31,1972. competitors—and to customers of both. Ap- Voting for this action: Chairman Burns and Governors plicant's acquisition of a substantial mortgage Mitchell, Daane, and Sheehan. Voting against this action: Gov- company thus offers the possibility of substantial ernors Robertson, Maisel, and Brimmer. conflicts of interest. (Signed) TYNAN SMITH, Moreover, there are adverse effects on potential [SEAL] Secretary of the Board. competition. Since the barriers to entry into mortgage banking are relatively low,2 it would appear DISSENTING STATEMENT OF GOVERNORS that Applicant's past experience should facili- ROBERTSON, MAISEL, AND BRIMMER tate easy entry into those lines of mortgage bank- Applicant's subsidiary, First National Bank of ing (i.e., interim construction lending and servicing of permanent mortgages originated by others) Chicago ($4.6 billion deposits), is the second in which it has not heretofore engaged. In fact, largest bank in Chicago and has long been active on several occasions, Applicant has announced in the single family home mortgage market. Its its intention to enter the construction lending present mortgage loan portfolio of $249 million business. It claims, however, that lack of personis comprised almost entirely of residential loans nel experienced in this specialized business has made by it. In addition, the bank has served as a prevented it from doing so. On the other hand, lender to mortgage companies located both within Applicant admits that "a bank with our size and the Chicago SMSA and outside the area. In Applicant's own words, the bank has acquired a 2According to the testimony of the holding company, the reputation over the last 25 years as "a major bank supply of skilled mortgage men in the Chicago area is limited. It for mortgage bankers throughout the nation", and is cheaper for a corporation wishing to expand its business to purchase these services through acquiring an existing firm rather has become "thoroughly familiar with the nature than through attempting to hire individuals, train them, or to of the mortgage banking business."1 acquire a firm not now active in its own market. If we assume this information to be accurate, the purchase of Markin by xSee Statement of Richard L. Thomas, Senior Vice Presi- First Chicago would forestall or make it more difficult for a nondent and General Manager, First Chicago Corporation, Board Chicago based bank holding company to compete in the hearings on mortgage banking, November 8, 1971, pp. 59, 63. Chicago market, one of the largest in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 177 muscle could conceivably hire some very talented Applicant has claimed that consummation of the people from independent mortgage bankers."3 proposal would produce the following benefits: It is thus apparent that consummation of the (1) Markin would become a more aggressive proposed acquisition would foreclose potential mortgage banker, (2) with more funds, it could competition. Applicant, owning the second largest lower the cost of financing to industrial and combank in the Chicago SMSA, clearly has the re- mercial borrowers; (3) Applicant would become a sources and expertise to expand de novo into those more vigorous competitor to other holding commortgage banking lines in which it is not presently panies. However, the argument proves too much. engaged. And it is only logical to expect that such The advantages claimed likely could result from expansion would occur in its own—and Markin's— the acquisition by a corporation the size of Appresent geographical market. As an established plicant of a mortgage banking firm of any size. mortgage company, Markin is likewise capable of There would certainly be an equal—and probably expanding its own mortgage banking activities greater—stimulus to competition through de in the Chicago area. Each institution is a po- novo entry by Applicant as compared to a purchase. tential competitor to the other in both the Thus, the advantages cited are negative rather regional and national mortgage banking markets. than positive factors, for they only serve to Thus, consummation of the proposed acquisition illuminate the manner in which Applicant could would eliminate potential competition in two ways, better enhance competition through internal exsince each would be eliminated as a potential pansion instead of through acquisition. competitor in the other's specialized mortgage An additional public benefit which Applicant activity. claims would result from the instant proposal is Given this record, and the foregoing anti- that Markin would become more active in the competitive effects, under the provisions of the housing field. To date, Markin has exhibited very Act, the Board would have to find a significant num- little interest in national housing policy. It has ber of positive factors benefiting the public in order made few, if any, loans on houses or in support of to outweigh these large negative forces. Since it is any type of government housing program. In conobvious that Applicant could enter the mortgage trast, two subsidiaries of Applicant—First National banking business either de novo or through pur- Bank of Chicago and Real Estate Research Corpochase of a company not now competing with it ration—have been extremely active in the housing directly, extremely strong public interest ad- field. Since Applicant already has in its corporate vantages must be demonstrated before such an structure significant skills in housing finance presacquisition would be in accordance with the ently being used to advance national housing statute and the clear legislative intent. We fully policy, it is difficult to give much weight to a claim concur with the analysis of this question by the of public benefit through the acquisition of Markin Department of Justice in its memorandum on —a corporation whose major skills are in the mortgage banking filed with the Board on Decem- commercial and industrial spheres of mortgage ber 3, 1971: lending and which has avoided participation in the furtherance of national housing policy. The basic balancing test of Section 4(c)(8) is concerned with more than clear adverse competitive effects which might On the record, First Chicago has failed to show amount to a violation of the antitrust laws. While providing any positive benefits to the public through this increased flexibility for bank holding company expansion into nonbanking fields, Congress was concerned that the substantial acquisition. It has shown that numerous negative economic power enjoyed by banks might adversely affect the factors exist of the type that the Federal Reserve public interest when released in these areas. Accordingly, it has been specifically required to consider when imposed regulatory restraints, above and beyond existing antitrust laws, on the limited intermingling of banking and com- bank holding companies wish to acquire outside merce which it was permitting. These restraints are embodied firms rather than expand their existing activities. in the required showing of positive public benefits; in this sense The balance appears clear. We would deny the Section 4(c)(8) imposes a generally stricter standard than traditional antitrust laws. It seems clear that bank holding application. companies bear the burden of demonstrating that their proposed nonbanking activity will be in the public interest. U.S. BANCORP, To meet the burden of establishing that benefits PORTLAND,OREGON to the public outweigh the adverse effects of the ORDER DENYING DETERMINATION UNDER § 4(c) proposed acquisition, as imposed by the 1970 (8) OF BANK HOLDING COMPANY ACT Amendments to the Bank Holding Company Act, U.S. Bancorp, Portland, Oregon, a bank hold- 3Id. at 68. ing company within the meaning of the Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 Holding Company Act of 1956, has applied for Bellevue, Washington; and Palo Alto, California. the Board's approval under section 4(c)(8) of the In its last fiscal year, Simco's Portland office origi- Act and § 225.4(b)(2) of the Board's Regulation nated and sold $4.8 million in mortgage loans, and Y to acquire all of the voting shares of Securities- originated $5.4 million in construction loans. Intermountain, Inc. ("Simco") Portland, Ore- During the same period, its Spokane office orgon. Notice of the application affording oppor- iginated $1.3 million mortgage loans and $1.9 miltunity for interested persons to submit comments lion construction loans. Simco has a servicing and views was duly published. The time for filing volume of $22.7 million in loans from the Spokane comments and views has expired and all received market alone. Based on its total mortgage servicing have been considered, including those presented volume of $205 million, Simco is the 100th largest orally and in writing in connection with a Board mortgage banking company in the country.3 hearing on November 8, 1971, pertaining to mort- The Board finds that the proposed acquisition gage banking in general, and this application in would eliminate substantial existing competition particular. between Applicant and Simco in both the Port- Applicant owns the United States National land and Spokane markets,4 where the two are Bank ("Bank"), a $1.5 billion deposit institution direct competitors. Moreover, through its subheadquartered in Portland, Oregon, Bank holds sidiary, Commerce Mortgage Company, Ap- 37.7 per cent of the total commercial bank de- plicant has the present capability of expanding posits in the State of Oregon, and is one of the two de novo into the Seattle-Bellevue market, where largest commercial banks in the State, which Simco's mortgage loan portfolio exceeds $88 miltogether hold 79.5 per cent of total State de- lion. Thus, the proposed acquisition would have an posits.1 adverse effect on potential competition. The Board Historically, Bank has made residential loans for also views unfavorably the undue concentration its own account. In its most recent fiscal year, of economic resources that would result from the bank originated over $ 1 million in mortgage loans proposed acquisition, considering Applicant's presin the Portland area that were sold to long-term in- ent substantial position in commercial and mortvestors. In addition, it originated $6.5 million gage banking in Oregon. in construction and real estate development loans If the proposed acquisition were approved, for its own account. Applicant and Simco would offer approximately the Bank entered the mortgage banking business in same range of services as Applicant presently 1967 through the acquisitions of Thomas Mortgage offers; the public would gain few, if any, benefits Company and Commerce Mortgage Company therefrom. The Board finds that the proposed ("Commerce"). In its most recent fiscal year, acquisition would not result in greater conven- Commerce originated $13.5 million in mortgage ience, increased competition, or gains in efficiency loans in the Portland area that were sold to longterm investors, and $9.9 million in construction 3Servicing portfolio as of June 30, 1971. and real estate development loans for its own 4According to the Statements of Robert Wilson, president, account. In the same period, Commerce's U.S. Bancorp, and Robert James, Treasurer, Securities-In- Spokane, Washington, office originated $12.1 termountain, Inc., Commerce accounted for 2.4 per cent of total mortgages recorded during the first nine months of 1971 million of mortgage loans that were sold to longin the Portland area, while Simco accounted for 1 per cent. term investors, and over $6 million in construction (Simco's 1970 share of the Portland area represented 3.2 per and real estate development loans for its own cent according to the application.) In Spokane, the two firms had a combined share of approximately 20 per cent. See account. Commerce has a servicing volume of over Board Hearing on Bank Holding Company Acquisition of $91 million in loans from the Spokane market Mortgage Companies, November 8, 1971, pp. 125, 132. With alone. Based on its total mortgage servicing vol- respect to the elimination of existing competition, the Conference Report accompanying the 1970 Amendments to the Bank ume of $372 million, Commerce is the 52nd Holding Company Act states: "Where a bank holding company largest mortgage banking company in the United seeks to engage in related activities through acquisition, in States.2 whole or in part, of a going concern, the elimination of existing competition will be an important negative factor, for Simco engages in the origination and servicing other subsidiaries of the bank holding company, or the company of all types of mortgage loans through offices lo- itself, may already be providing the products and services in the market served by the company to be acquired. In such circated in Portland, Oregon; Seattle, Spokane and cumstances, where the possible benefits to the public of bank holding company activity are already being provided, the elimination of an independent competitive alternative will 1Deposil data as of June 1971. weigh heavily in the balance against approval." Report No. 2Servicing portfolio as of June 30, 1971. 91-1747,p.17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 179 to the public that outweigh the probable adverse Voting for this action: Chairman Burns and Governors effects. Robertson, Daane, Maisel, andSheehan. Absent and not voting: Governors Mitchell and Brimmer. Accordingly, based upon the foregoing and other considerations reflected in the record, the applica- (Signed) TYNAN SMITH, [SEAL] Secretary of the Board. tion is denied. By order of the Board of Governors January 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and Branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Branches have either five or seven directors, of whom a majority are appointed by the Board of Directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each Branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 WILLIAM M. HONEY President, The Martha's Vineyard National Bank, Vineyard Haven, Mass. 1972 RALPH A. MCININCH President, Merchants National Bank of Manchester, N. H. 1973 MARK C. WHEELER Chairman of the Board, President, New England Merchants National Bank of Boston, Mass. 1974 Class B: F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972 G. WILLIAM MILLER President, Textron, Providence, R. I. 1973 W. GORDON ROBERTSON General Trustee, Bangor Punta Corporation, Bangor, Maine 1974 Class C: Louis W. CABOT2 Chairman of the Board, Cabot Corporation, Boston, Mass. 1972 JOHN M. FOX President, Chief Executive Officer, H.P. Hood & Sons, Charlestown, Mass. 1973 JAMES S. DUESENBERRY1 Professor of Economics, Harvard University, Cambridge, Mass. 1974 1 Chairman 2 Deputy Chairman 180 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Dec. 31 Class A : ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. 1972 WILLIAM S. RENCHARD Chairman of the Board, Chemical Bank, New York, N. Y. 1973 NORMAN BRASSLER Chairman of the Board, Chief Executive Officer, New Jersey Bank, N.A., Passaic, N. J. 1974 Class B.- MAURICE R. FORM AN Chairman of the Board, B. Forman Co., Rochester, N. Y. 1972 (Vacancy) 1973 FRANK R. MILLIKEN President, Kennecott Copper Corporation, New York, N. Y. 1974 Class C: ELLISON L. HAZARD2 Chairman of the Executive Committee, Continental Can Company, Inc., New York, N. Y. 1972 ALAN J. PIFER President, Carnegie Corporation of New York, N.Y. 1973 ROSWELL L. GILPATRIC1 Partner, Cravath, Swaine & Moore, New York, N.Y. 1974 BUFFALO BRANCH Appointed by Federal Reserve Bank: DAVID J. LAUB Chairman of the Board, Marine Midland Bank-Western, Buffalo, N. Y. 1972 WILLIAM B. ANDERSON President, The First National Bank of Jamestown, N.Y. 1973 ANGELO A. COSTANZA President, Chief Executive Officer, Central Trust Company Rochester, N.Y., Rochester, N.Y. 1973 THEODORE M. MCCLURE President, The Citizens National Bank and Trust Company, Wellsville, N.Y. 1974 Appointed by Board of Governors: MORTON ADAMS1 General Manager, Pro-Fac Cooperative Inc., Rochester, N.Y. 1972 RUPERT WARREN President, Trico Products Corporation, Buffalo, N.Y. 1973 NORMAN F. BEACH Vice President, General Manager, Kodak Park Division, Eastman Kodak Company, Rochester, N.Y. 1974 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: WILLIAM R. COSBY Chairman of the Board, Princeton Bank and Trust Company, Princeton, N.J. 1972 RICHARD A. HERBSTER President, Lewistown Trust Company, Lewistown, Pa. 1973 JAMES H. DAWSON Chairman of the Board, President, Bank of Delaware, Wilmington, Del. 1974 1 Chairman 2 Deputy Chairman 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term Expires Dec. 31 Class B: EDWARD J. DWYER Chairman, Chief Executive Officer, ESB Incorporated, Philadelphia, Pa. 1972 PHILIP H. GLATFELTER, III Chairman of the Board, President, P. H. Glatfelter Co., Spring Grove, Pa. 1973 C. GRAHAM BERWIND, JR. President, Chief Executive Officer, Berwind Corporation, Philadelphia, Pa. 1974 Class C: BAYARD L. ENGLAND1 Ventnor, N.J. 1972 JOHN R. COLEMAN2 President, Haverford College, Haverford, Pa. 1973 EDWARD W. ROBINSON, JR. President, Chief Executive Officer, Provident Home Industrial Mutual Life Insurance Company, Philadelphia, Pa. 1974 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1973 A. BRUCE BOWDEN Vice Chairman of the Board, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1974 Class B: R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972 JOHN L. GUSHMAN Chairman of the Board, Chief Executive Officer, Anchor Hocking Corporation, Lancaster, Ohio 1973 DONALD E. NOBLE President, Chief Executive Officer, Rubbermaid, Incorporated, Wooster, Ohio 1974 Class C.- ALBERT G. CLAY1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972 J. WARD KEENER2 Chairman of the Board, The B. F. Goodrich Company, Akron, Ohio 1973 HORACE A. SHEPARD Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 183 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH Term Expires Dec. 31 Appointed by Federal Reserve Bank: PAUL W. CHRISTENSEN, JR. President, The Cincinnati Gear Company, Cincinnati, Ohio 1972 ROBERT E. HALL President, The First National Bank and Trust Company, Troy, Ohio 1972 WILLIAM S. ROWE President, The Fifth Third Bank, Cincinnati, Ohio 1973 E. PAUL WILLIAMS President, The Second National Bank of Ashland, Ky. 1974 Appointed by Board of Governors: PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972 CLAIR F. VOUGH Vice President, Office Products Division, IBM Corporation, Lexington, Ky. 1973 GRAHAM E. MARX1 President, General Manager, The G. A. Gray Company, Cincinnati, Ohio 1974 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: ROBINSON F. BARKER Chairman of the Board, Chief Executive Officer, PPG Industries, Inc., Pittsburgh, Pa. 1972 JOHN W. BINGHAM President, The Merchants and Manufacturers National Bank of Sharon, Pa. 1972 MERLE E. GILLIAND Chairman of the Board, Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1973 CHARLES F. WARD President, Gallatin National Bank, Uniontown, Pa. 1974 Appointed by Board of Governors: LAWRENCE E. WALKLEY1 President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa. 1972 ROBERT E. KIRBY President, Industry and Defense Company, Westinghouse Electric Corporation, Pittsburgh, Pa. 1973 RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1974 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A : HUGH A. CURRY President, Chief Executive Officer, The Kanawha Valley Bank, Charleston, W. Va. 1972 THOMAS P. MCLACHLEN President, McLachlen National Bank, Washington, D.C. 1973 EDWARD N. EVANS President, Farmers & Merchants National Bank of Cambridge, Cambridge, Md. 1974 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued Term Expires Dec. 31 Class B.- ROBERT S. SMALL President, Dan River, Inc., Greenville, S. C. 1972 H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1973 HENRY C. HOFHEIMER, II Member of the Executive Committee, Southern Materials Co., Inc., Norfolk, Va. 1974 Class C: ROBERT W. LAWSON, JR.1 Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, W. Va. 1972 STUART SHUMATE2 President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1973 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1974 BALTIMORE BRANCH Appointed by Federal Reserve Bank: J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W. Va. 1973 J. STEVENSON PECK President, Union Trust Company of Maryland, Baltimore, Md. 1973 TILTON H. DOBBIN President, Chairman of the Executive Committee, Maryland National B ank, B altimore, Md. 1974 Appointed by Board of Governors: ARNOLD J. KLEFF, JR. Baltimore, Md. 1972 JOHN H. FETTING, JR.1 President, A. H. Fetting Company, Baltimore, Md. 1973 JAMES G. HARLOW, JR. President, West Virginia University, Morgantown, W. Va. 1974 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: J. WILLIS CANTEY Chairman, Chief Executive Officer, The Citizens & Southern National Bank of South Carolina, Columbia, S.C. 1972 C. C. CAMERON Chairman of the Board, President, First Union National Bank of North Carolina, Charlotte, N.C. 1973 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1973 L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 185 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued CHARLOTTE BRANCH—Continued Term Expires Dec. 31 Appointed by Board of Governors: ROBERT C. EDWARDS President, Clemson University, Clemson, S.C. 1972 CHARLES W. DEBELL1 General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, N.C. 1973 CHARLES F. BENBOW Vice President, R. J. Reynolds Industries, Inc., Winston-Salem, N.C. 1974 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972 A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1973 JACK P. KEITH President, First National Bank of West Point, Ga. 1974 Class B: PHILIP J. LEE Vice President, TropicanaProducts, Inc., Tampa, Fla. 1972 HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1973 OWEN COOPER President, Mississippi Chemical Corporation, Coastal Chemical Corporation, Yazoo City, Miss. 1974 Class C: F. EVANS FARWELL President, Milliken and Farwell, Inc., New Orleans, La. 1972 JOHN C. WILSON1 President, Horne-Wilson, Inc., Atlanta, Ga. 1973 H. G. PATTILLO2 President, Pattillo Construction Company, Inc., Decatur, Ga. 1974 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: HARVEY TERRELL Chairman of the Board, The First National Bank of Birmingham, Ala. 1972 WALLACE D. MALONE, JR. President, Chairman of the Board, The First National Bank of Dothan, Ala. 1973 C. LOGAN TAYLOR Chairman of the Board, The First State Bank of Oxford, Ala. 1973 W. EUGENE MORGAN President, Chief Executive Officer, The First National Bank of Huntsville, Ala. 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH—Continued Term Expires Dec. 31 Appointed by Board of Governors: E. STANLEY ROBBINS1 President, National Floor Products Company, Inc., Florence, Ala. 1972 DAVID MATHEWS President, University of Alabama, University, Ala. 1973 WILLIAM C. BAUER President, South Central Bell, Birmingham, Ala. 1974 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972 MALCOLM C. BROWN President, Chairman of the Board, Florida First National Bank at Brent, Pensacola, Fla. 1973 A. CLEWIS HOWELL President, Marine Bank & Trust Company, Tampa, Fla. 1973 GUY W. BOTTS Vice Chairman of the Board, Barnett Bank of Jacksonville, N. A., Jacksonville, Fla. 1974 Appointed by Board of Governors: HENRY K. STANFORD1 President, University of Miami, Coral Gables, Fla. 1972 HENRY CRAGG Vice President, The Coca-Cola Company Foods Division, Winter Park, Fla. 1973 GERT H. W. SCHMIDT President, TeLeVision 12 of Jacksonville, Fla. 1974 NASHVILLE BRANCH Appointed by Federal Reserve Bank: EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelbyville, Tenn. 1972 DAN B. ANDREWS President, First National Bank, Dickson, Tenn. 1973 EDWARD G. NELSON Executive Vice President, Commerce Union Bank, Nashville, Tenn. 1973 THOMAS C. MOTTERN President, Hamilton National B ank of Johnson City, Tenn. 1974 Appointed by Board of Governors: JOHN C. TUNE, JR. 1 Partner, Butler, McHugh, Butler, Tune & Watts, Nashville, Tenn. 1972 JAMES W. LONG President, Robertson County Farm Bureau, Springfield, Tenn. 1973 EDWARD J. BOLING President, The University of Tennessee, Knoxville, Tenn. 1974 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 187 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NEW ORLEANS BRANCH Term Expires Dec. 31 Appointed by Federal Reserve Bank: H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972 TOM A. FLANAGAN, JR. President, Lakeside National Bank of Lake Charles, La. 1973 LAWRENCE A. MERRIGAN President, The Bank of New Orleans and Trust Company, New Orleans, La. 1973 ARCHIE R. MCDONNELL President, Citizens National Bank, Meridian, Miss. 1974 Appointed by Board of Governors: D. BEN KLEINPETER Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972 BROADUS N. BUTLER1 President, Dillard University, New Orleans, La. 1973 FRED ADAMS, JR. President, Cal-Maine Foods, Inc., Jackson, Miss. 1974 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A : EDWARD BYRON SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972 MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1973 FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1974 Class B.- WILLIAM H. DAVIDSON President, Harley-Davidson Motor Co., Inc., Milwaukee, Wis. 1972 HOWARD M. PACKARD Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis. 1973 JOHN T. HACKETT Executive Vice President, Cummins Engine Company, Inc., Columbus, Ind. 1974 Class C: EMERSON G. HIGDON1 President, The Maytag Company, Newton, Iowa 1972 JOHN W. BAIRD President, Baird & Warner, Inc., Chicago, 111. 1973 WILLIAM H. FRANKLIN2 President, Caterpillar Tractor Co., Peoria, 111. 1974 DETROIT BRANCH Appointed by Federal Reserve Bank: GEORGE L. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman, Manufacturers National Bank of Detroit, Mich. 1972 ELLIS B. MERRY Chairman of the Board, National Bank of Detroit, Mich. 1973 HAROLD A. ELGAS President, Gaylord State Bank, Gaylord, Mich. 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued DETROIT BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 1972 L. WM. SEIDMAN Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1973 PETER B. CLARK1 Chairman of the Board, President, The Evening News Association , Detroit, Mich. 1974 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A : CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972 BRADFORD BRETT President, The First National Bank of Mexico, Mo. 1973 EDWIN S. JONES Chairman of the Board, Chief Executive Officer, First National Bank in St. Louis, Mo. 1974 Class B: EDWARD J. SCHNUCK Chairman of the Board, Schnuck Markets, Inc., Bridgeton, Mo. 1972 FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1973 JAMES M. TUHOLSKI President, Mead Johnson & Company, Evansville, Ind. 1974 Class C.- SAM COOPER2 President, HumKo Products Division of Kraftco Corporation, Memphis, Tenn. 1972 HARRY M. YOUNG, JR. Farmer, Herndon, Ky. 1973 FREDERIC M. PEIRCE1 Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Mo. 1974 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 EDWARD M. PENICK President, Chief Executive Officer, Worthen Bank & Trust Company, Little Rock, Ark. 1973 WILL H. KELLEY President, Chief Executive Officer, The State First National Bank of Texarkana, Ark. 1974 Appointed by Board of Governors: JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972 ROLAND R. REMMEL1 Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1973 AL POLLARD President, Al Pollard & Associates, Little Rock, Ark. 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 189 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LOUISVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 HERBERT J. SMITH President, The American National Bank & Trust Company of Bowling Green, Ky. 1972 HAROLD E. JACKSON President, The Scott County State Bank, Scottsburg, Ind. 1973 HUGH M. SHWAB Chairman of the Boards, First National Bank of Louisville, The Kentucky Trust Company, Louisville, Ky. 1974 Appointed by Board of Governors: JOHN G. BEAM1 President, Thomas Industries, Inc., Louisville, Ky. 1972 WILLIAM H. STROUBE Associate Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky. 1973 (Vacancy) 1974 MEMPHIS BRANCH Appointed by Federal Reserve Bank: JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 WAYNE W. PYEATT President, National Bank of Commerce, Memphis, Tenn. 1972 J.J.WHITE President, Helena National Bank, Helena, Ark. 1973 WADE C. BARTON President, First Citizens National Bank, Tupelo, Miss. 1974 Appointed by Board of Governors: WILLIAM L. GILES1 President, Mississippi State University, State College, Miss. 1972 ALVIN HUFFMAN, JR. President, Huffman Brothers Incorporated, Blytheville, Ark. 1973 C. WHITNEY BROWN President, S.C. Toof & Company, Memphis, Tenn. 1974 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A.- JOHN BOSSHARD Executive Vice President, First National Bank of Bangor, Wis. 1972 PHILIP H. NASON President, The First National Bank of Saint Paul, Minn. 1973 ROY H. JOHNSON President, First National Bank of Negaunee, Mich. 1974 Class B: DAVID M. HESKETT President, Montana-Dakota Utilities Co., Bismarck, N.D. 1972 DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S.D. 1973 JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1974 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued Term Expires Dec. 31 Class C.- DAVID M. LILLY1 Chairman of the Board, The Toro Company, Minneapolis, Minn. 1972 Russ B. HART President, Hart-Albin Company, Billings, Mont. 1973 BRUCE B. DAYTON2 Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minn. 1974 HELENA BRANCH Appointed by Federal Reserve Bank: E. LOWRY KUNKEL President, First National Bank, Butte, Mont. 1972 ROBERT I. PENNER President, Citizens First National Bank, Wolf Point, Mont. 1972 RICHARD D. RUBIE President, Missoula Bank of Montana, Missoula, Mont. 1973 Appointed by Board of Governors: WARREN B. JONES1 Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Mont. 1972 WILLIAM A. CORDINGLEY Publisher, Great Falls Tribune, Great Falls, Mont. 1973 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A.- ROGER D. KNIGHT, JR. Chairman of the Board, United Banks of Colorado, Inc., Denver, Colo. 1972 C. MOSE MILLER Chairman of the Board, President, The Farmers and Merchants State Bank, Colby, Kans. 1973 JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1974 Class B.- CECIL O. EMRICH President, C. O. Emrich Enterprises, Norfolk, Nebr. 1972 ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1973 FRANK C. LOVE President, Kerr-McGee Corporation, Oklahoma City, Okla. 1974 Class C: WILLARD DEERE HOSFORD, Vice President, General Manager, John Deere Company, Omaha, JR.2 Nebr. 1972 ROBERT T. PERSON President, Chairman of the Board, Public Service Company of Colorado, Denver, Colo. 1973 ROBERT W. WAGSTAFF1 Chairman of the Board, President, Coca-Cola Bottling Company of Mid-America, Kansas City, Mo. 1974 DENVER BRANCH Appointed by Federal Reserve Bank: ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1972 DALE R. HINMAN Chairman of the Board, The Greeley National Bank, Greeley, Colo. 1972 JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1973 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 191 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued DENVER BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 DAVID R. C. BROWN1 President, The Aspen Skiing Corporation, Aspen, Colo. 1972 MAURICE B. MITCHELL Chancellor, University of Denver, Colo. 1973 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1972 HUGH C. JONES Executive Vice President, The Bank of Woodward, Okla. 1972 W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1973 Appointed by Board of Governors: FLORIN W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1972 JOSEPH H. WILLIAMS1 President, Chief Operating Officer, The Williams Companies, Tulsa, Okla. 1973 OMAHA BRANCH Appointed by Federal Reserve Bank: EDWARD W. LYMAN President, The United States National Bank of Omaha; Nebr. 1972 S. N. WOLBACH President, The First National Bank of Grand Island, Nebr. 1973 GLENN YAUSSI Chairman of the Board, National Bank of Commerce Trust & Savings, Lincoln, Nebr. 1973 Appointed by Board of Governors: HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1972 A. JAMES EBEL Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebr. 1973 District 11—FEDERAL RESERVE BANK OF DALLAS Class A.- MURRAY KYGER Chairman of the Executive Committee, The First National Bank of Fort Worth, Tex. 1972 J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1973 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1974 Class B: C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972 CARL D. NEWTON Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1973 HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1974 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued Term Expires Dec. 31 Class C.- PHILIP G. HOFFMAN2 President, University of Houston, Tex. 1972 JOHN LAWRENCE Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1973 CHAS. F. JONES1 Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1974 EL PASO BRANCH Appointed by Federal Reserve Bank: ARCHIE B. SCOTT President, The Security State Bank of Pecos, Texas, Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972 CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1973 WAYNE STEWART President, First National Bank in Alamogordo, N.M. 1974 Appointed by Board of Governors: ALLAN B. BOWMAN1 President, General Manager, Banner Mining Company, Tucson, Ariz. 1972 HERBERT M. SCHWARTZ President, Popular Dry Goods Co., Inc., El Paso, Tex. 1973 GAGE HOLLAND Rancher, Marathon, Tex. 1974 HOUSTON BRANCH Appointed by Federal Reserve Bank: W. G. THORNELL Chairman of the Board, President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Chief Executive Officer, Texas Commerce Bank National Association, Houston, Tex. 1972 KLINE MCGEE Chairman of the Board, Southern National Bank of Houston, Tex. 1973 SETH W. DORBANDT Chairman of the Board, President, First National Bank in Conroe, Tex. 1974 Appointed by Board of Governors: GEO.T. MORSE, JR.1 Vice Chairman of the Board, Chief Operating Officer, Peden Industries , Inc., Houston, Tex. 1972 M. STEELE WRIGHT, JR Chairman of the Board, Texas Farm Products Company, Nacogdoches, Tex. 1973 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1974 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: TOM C. FROST, JR. Chairman of the Board, The Frost National Bank of San Antonio, Tex. 1972 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 193 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued SAN ANTONIO BRANCH—Continued Term Expires Dec. 31 Appointed by Federal Branch Bank—Continued W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972 RAY M. KECK, JR. Chairman of the Board, President, Union National Bank of Laredo, Tex. 1973 LEON STONE President, The Austin National Bank, Austin, Tex. 1974 Appointed by Board of Governors: W. A. BELCHER Rancher, Veterinarian, Brackettville, Tex. 1972 IRVING A. MATHEWS1 Chairman of the Board, Chief Executive Officer, Frost Bros., Inc., San Antonio, Tex. 1973 MARSHALL BOYKIN, III Partner, Wood, Boykin & Wolter, Corpus Christi, Tex. 1974 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO LOS ANGELES BRANCH Class A.- CARROLL F. BYRD Chairman of the Board, President, The First National Bank of Willows, Calif. 1972 RALPH J. Voss President, First National Bank of Oregon, Portland, Oreg. 1973 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1974 Class B.- JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1972 MARRON KENDRICK President, Chairman of the Board, Schlage Lock Company, San Francisco, Calif. 1973 CHARLES R. DAHL President, Chief Executive Officer, Crown Zellerbach, San Francisco, Calif. 1974 Class C: S. ALFRED HALGREN2 Senior Vice President, Carnation Company, Los Angeles, Calif. 1972 O. MEREDITH WILSON1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1973 MAS OJI President, Oji Bros. Farm, Inc., Yuba City, Calif. 1974 Appointed by Federal Reserve Bank: W. GORDON FERGUSON President, National Bank of Whittier, Calif. 1972 LINUS E. SOUTHWICK President, Valley National Bank, Glendale, Calif. 1973 CARL E. HARTNACK President, Security Pacific National Bank, Los Angeles, Calif. 1973 RAYBURN S. DEZEMBER Chairman of the Board, President, American National Bank, Bakersfield, Calif. 1974 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH—Continued Term Expires Dec. 31 Appointed by Board of Governors: LELAND D. PRATT1 President, Kelco Company, San Diego, Calif. 1972 EDWARD A. SLOAN President, Sloan's Dry Cleaners, Los Angeles, Calif. 1973 RUTH HANDLER President, Mattel, Inc., Hawthorne, Calif. 1974 PORTLAND BRANCH Appointed by Federal Reserve Bank: JAMES H. STANARD Vice President, First National Bank of McMinnville, Oreg. 1972 FRANK L. SERVOSS President, Crater National Bank of Medford, Oreg. 1972 LEROY B. STAVER Chairman of the Board, Chief Executive Officer, United States National Bank of Oregon, Portland, Oreg. 1973 Appointed by Board of Governors: JOHN R. HOWARD1 President, Lewis and Clark College, Portland, Oreg. 1972 FRANK ANDERSON Farmer, Heppner, Oreg. 1973 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1972 ROY W. SIMMONS President, Zions First National Bank, Salt Lake City, Utah 1972 JOSEPH BIANCO Chairman of the Board, President, Bank of Idaho, Boise, Idaho 1973 Appointed by Board of Governors: JOHN H. BRECKENRIDGE1 President, L. L. Breckenridge Company, Twin Falls, Idaho 1972 THEODORE C. JACOBSEN Chairman of the Board, Jacobsen Construction Company, Inc., Salt Lake City, Utah 1973 SEATTLE BRANCH Appointed by Federal Reserve Bank: A. E. SAUNDERS Vice Chairman of the Board, Puget Sound National Bank, Tacoma, Wash. 1972 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1972 JOSEPH C. BAILLARGEON Chairman of the Board, Chief Executive Officer, Seattle Trust & Savings Bank, Seattle, Wash. 1973 Appointed by Board of Governors: C. HENRY BACON, JR.1 Vice Chairman of the Board, Simpson Timber Company, Seattle, 1972 Wash. THOMAS T. HIRAI President, Quality Growers Company, Inc., Quincy, Wash. 1973 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements GOVERNOR SHEEHAN CONFIRMED ing its staff in 1936, most recently as a Senior Economist specializing in corporate financial Following his confirmation by the Senate on Febanalysis. ruary 7, John E. Sheehan took the oath of office on February 8 as a member of the Board of Gov- Peter M. Keir and James L. Pierce promoted ernors of the Federal Reserve System for the un- to Advisers and Joseph C. Zeisel promoted to expired portion of a term ending January 31, 1982. Associate Adviser in the Division of Research and Statistics. Governor Sheehan has served as a member of the Board since January 4 when he took the oath In addition, the Board has appointed Walter W. of office under a recess appointment announced Kreimann as Deputy Director in the Division of by President Nixon on December 23. He suc- Administrative Services, effective February 22, ceeded William W. Sherrill who resigned effec- 1972. Prior to joining the Board's staff, Mr. tive November 15,1971. Kreimann was with the U.S. Postal Service where Prior to his appointment to the Board, Governor he was responsible for the development and im- Sheehan had been president and chief executive plementation of building and equipment mainofficer of Corhart Refractories Company, a sub- tenance policies and programs. sidiary of Corning Glass Works in Louisville, Mr. Kreimann holds a B.A. degree from Dako- Kentucky. He was also a director of the Louis- ta Wesley an University and has done graduate ville Branch of the Federal Reserve Bank of St. work at George Washington University. Louis. A native of Johnstown, Pennsylvania, Gov- GUIDELINES APPROVED FOR NEW CHECK- CLEARING SYSTEM ernor Sheehan was graduated from the U.S. Naval Academy in 1952 and from the Harvard Busi- The Board of Governors on February 2, 1972, anness School in 1960. nounced approval of guidelines to be used by the System throughout the Nation in establishing CHANGES IN BOARD STAFF regional centers for overnight processing and The Board of Governors has announced the fol- settlement of checks. lowing official staff appointments and promotions, It is expected that the new check-clearing syseffective January 31,1972: tem will result in the majority of the 62 million Robert S. Plotkin appointed an Adviser in the checks written daily by Americans being cleared Legal Division. Prior to joining the Board's staff and paid by the opening of business the day in 1964, he had been associated with private law following deposit of a check. firms in New York and Washington, D.C., as well The guidelines were issued in furtherance of a as with the Securities and Exchange Commission. policy statement by the Board announced last Mr. Plotkin holdsB.B.A. and L.L.B. degrees from June 17, calling—as a matter of urgency—for City College of New York and Columbia Uni- modernization of the Nation's check payments versity, respectively. system. Paul Gardner, Jr., appointed Assistant General The guidelines give basic directions to the Counsel in the Legal Division. Prior to joining Reserve Banks for the establishment, and operathe Board's staff in 1970, Mr. Gardner had been tion, of Regional Check Processing Centers engaged in the private practice of law in (RCPC's) in 4'communities whose trade, business Philadelphia. He holds both A.B. and L.L.B. and financial activities are substantially related" degrees from Harvard University. and where check volume warrants upgrading of Eleanor J. Stockwell appointed an Assistant check-handling facilities. Adviser in the Division of Research and Statis- Most of the new clearing centers will be located tics. Miss Stockwell, a graduate of Vassar at existing Federal Reserve offices: the 12 Federal College, has held a number of increasingly Reserve Banks, their 24 branches, and one responsible positions in the Division since join- facility. Digitized for FRASER 195 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 In operating as regional check-clearing facili- vided with automated clearing and telecommuties, in addition to their other functions, these nications capabilities to serve as the basis for Federal Reserve offices in 37 of the Nation's transition to widespread checkless—electronic— financial centers will expand the overnight check fund transfers. settlement arrangements they have had for some The guidelines approved by the Board were preyears with banks in the reserve cities. pared by the Federal Reserve System Steering New Federal Reserve regional clearing centers Committee on the Payments Mechanism, headed will be opened only in areas not reached by the by Reserve Board Governor George W. Mitchell, centers in existing Federal Reserve offices where in collaboration with the Conference of First Vice check volume and the absence of alternative Presidents of the Reserve Banks. The Steering facilities make additional Federal Reserve service Committee issued a statement accompanying the essential. guidelines, giving the background to its decisions. The new system will make maximum use, con- This emphasized integration into the system of sistent with improved service to the public, of services available from commercial banks. The check-processing centers operated by commercial Steering Committee likewise emphasized that banks. In such commercial bank processing cen- operating arrangements at different clearing centers, checks from a number of correspondent ters may vary sufficiently to accommodate— banks are sorted and otherwise made ready for within the basic guidelines—the substantial clearance. differences that exist across the Nation in banking The new system is to become operative, region structure, population density, volume of check by region, as soon as practicable. Clearing re- traffic, and differences in geography and topoggions may cross State or Federal Reserve district raphy that affect highway and other transportation boundaries. facilities for the movement of checks. For individuals and businesses making and Other members of the Steering Committee are receiving payments by check, the new system will Reserve Board Governors Sherman J. Maisel and mean earlier receipt of funds due to them, and John E. Sheehan (succeeding former Governor earlier payment of funds they are transferring to William W. Sherrill), Reserve Bank Presidents others. For example, most payroll checks—typi- George H. Clay of Kansas City, Aubrey N. cally due to be paid by a local bank to a depositor Heflin of Richmond, and Eliot J. Swan of San in another nearby bank—will be cleared, and em- Francisco, and the First Vice Presidents of the ployees will have use of their pay, within a day Chicago and the New York Reserve Banks, after they deposit their paychecks. Similarly, a Ernest T. Baughman and William F. Treiber. check written to pay a bill, or make a purchase, The size of an area served by a clearing will be debited within a day after the check is center will be determined chiefly by the distance deposited in a participating area bank. In all cases, that surface or air transport—where that is the the total time between the writing and collection more practical and economical means of check of a check circulating within a clearing area will gathering and delivery—can travel to pick up vary according to how long the check is held by the during the afternoon the day's crop of checks recipient before being deposited. deposited in participating banks, bring these to the In its June 1971 policy statement dealing gen- clearing center for processing and settlement erally with modernization of the Nation's system during the night, and deliver them early the next for making financial payments, the Board said morning to banks against which checks dethat a speedier, more efficient check handling and posited the day before were drawn. clearance system is urgent because the huge Participation by banks in the new system will number of checks being put in use—some 23 bil- be on an entirely voluntary basis, but every lion checks, transferring about $13 trillion effort will be made to secure the cooperation of all dollars yearly—is expected to double by the end of banks, whether or not they are members of the this decade. For the same reasons, the Board said Federal Reserve System. the improved check payments system it called for A clearing center will accept from participating should be regarded as a transitional step toward banks in its clearing region all checks written on replacing the use of checks with electronic transfer other participating banks in the region. It will also of funds. accept, from Federal Reserve member banks, Consequently, the guidelines specified that, checks drawn upon banks outside the region. U.S. generally, regional clearing centers should be pro- Government checks, postal money orders, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 197 other items payable at a Federal Reserve office mon is changed to Bibb Company, The, no par will be accepted from participating banks, common; Brush Beryllium Company, The, $1.00 wherever they originate. par common now reads as Brush Wellman, Inc., $1.00 par common; First National Holding Cor- CHANGES IN OTC MARGIN STOCKS poration, $5.00 par common is renamed First The Board of Governors announced several Tennessee National Corporation, $5.00 par comchanges, effective Wednesday, February 2, 1972, mon, Landa Industries, Inc., $.10 par common in its 4'List of OTC Margin Stocks" that was becomes Surveyor Companies, Inc., $.10 par issued in revised form on July 12, 1971. The list common; and Northern Trust Company, The, was first published on July 8, 1969. $20.00 par capital reads as Nortrust Corporation, One stock, National Patent Development Cor- $20.00 par capital. poration, Class A, $.01 par common, is added to the list and will be subject to the same 55 per cent REVISION OF AGGREGATE RESERVES AND margin requirement as other over-the-counter MEMBER BANK DEPOSITS SERIES margin stocks. The member bank reserves and deposits series, Ten stocks are deleted from the list: Herff Jones Table A-18, have been revised for the period 1959 Company, no par common; Horizon Corporation, to date. Seasonal factors have been revised for all $.01 par common; Lynch Communication Systems series. In addition, the seasonally adjusted re- Inc., $1.00 par common; Mission Equities Corpo- serve series have been revised to reflect actual ration, no par common; Texfi Industries, Inc., reserve requirements, eliminating the adjustments $1.00 par common; United Illuminating Company, for changes in reserve requirement percentages The, no par common; Bankers National Life In- that were formerly incorporated in the series. surance Company, $2.00 par common; Eckrich, The revision lowered the level of the aggregate Peter & Sons, Inc., no par common; North Ameri- reserve series from October 1970 to date, recan Life and Casualty Company, $1.00 par com- flecting the actual percentage requirements that mon; United Convalescent Hospitals, Inc., $1.00 have been in effect since October 1, 1970. par common. Revised weekly and monthly data beginning Other changes are as follows: Beefland Inter- with 1959 are available on request from the Banknational, Inc., $1.00 par common becomes ing Section, Division of Research and Statistics, American Beef Packers, Inc., $1.00 par common; Board of Governors of the Federal Reserve Bibb Manufacturing Company, $12.50 par com- System 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 15 Industrial production rose somewhat further in dustry groups. The average workweek of factory January, employment increased, and the unem- workers declined 0.4 hour to 39.9 hours but was ployment rate edged down. Retail sales were 0.1 hour above the level of a year earlier. The little changed. Commercial bank credit, the money unemployment rate edged down to 5.9 per cent stock, and time and savings deposits increased. from 6.0 per cent (revised) in December. Between mid-January and mid-February, yields RETAIL SALES on short-term U.S. Government securities declined but other market interest rates rose. The value of retail sales rose marginally in January, according to the advance report, and was 7.5 INDUSTRIAL PRODUCTION per cent above a year earlier. Sales at durable Industrial production at 107.9 per cent (1967= 100) goods stores were little changed and sales at nonin January was 0.3 per cent above the downward durable goods stores were up 0.3 per cent. Unit revised December level of 107.6. The January sales of new domestic autos advanced 10 per cent index was 2.5 per cent above a year earlier but 3.6 in January to an annual rate of 8.6 million units per cent below the 1969 high. and were 4.0 per cent above a year earlier. Output of final products was unchanged but CONSUMER PRICES production of materials increased further. Auto assemblies declined 6 per cent in January to an The rise in consumer prices, seasonally adannual rate of 8.1 million units. However, justed, accelerated to 0.4 per cent in December production of home goods and consumer non- reflecting mainly increases since the end of the durable goods rose to new highs. Output of busi- 90-day freeze. As in November, food prices rose ness equipment was about unchanged and re- sharply—0.7 per cent—with fresh vegetables, visions in November and December show little beef, and pork showing the largest advances. changes since last August. Production of defense Prices of other commodities and services rose and space equipment declined somewhat further 0.3 per cent. in January. Production of steel and construction BANK CREDIT, DEPOSITS, AND RESERVES materials rose further but output of textiles, Commercial bank credit, adjusted for transfers of paper, and chemicals remained at their December loans between banks and their affiliates, increased record levels. sharply in January—at a seasonally adjusted an- EMPLOYMENT nual rate of over 17 per cent. Rapid expansion in Nonfarm payroll employment increased by 240,000 loans accounted for about four-fifths of this rise. in January with gains widespread among major in- Banks also continued to add substantially to their holdings of municipal issues but holdings of U.S. Treasury securities, which expanded sharply INDUSTRIAL PRODUCTION during the December financings, were reduced. The narrowly-defined money stock increased at MATERIALS an annual rate of 3.7 per cent in January, a stronger PRODUCTS, TOTAL 1 100 rate of advance than in December. Growth in total JL I I i ! time and savings deposits was at an annual rate of 20 per cent—about the same as in December and much larger than in most other recent months. The pace of advance in consumer-type time and savings deposits increased substantially in January while holdings of large negotiable CD's declined slightly. Free reserves of member banks averaged about $195 million over the 4 weeks ending January F.R. indexes, seasonally adjusted. Latest figures: January. 26 compared with $15 million in December. Mem- 198 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ber bank borrowings dropped sharply but excess Yields on U.S. Government notes and bonds reserves also declined somewhat. advanced by some 15 to 30 basis points over the same period. SECURITY MARKETS New and seasoned corporate security yields Treasury bill rates were about 15 basis points rose steadily from mid-January to mid-Februlower to 40 basis points higher between mid- ary. Rates on municipal securities also rose on January and mid-February, with the increases on balance. the longer maturities. The 3-month bill was bid at Common stock prices continued to advance around 3.06 per cent in the middle of February, on moderately heavy volume during the same down from about 3.20 per cent a month earlier. period. INTEREST RATES 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, Dec.; Wholesale, Dec. years or more and for 90-day Treasury bills. Latest figures: week ending Feb. 5. Digitized for FRASER 199 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

109 FEDERAL RESERVE BULLETIN • FEBRUARY 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 TABLES PUBLISHED PERIODICALLY: A 96 Earnings and expenses of Federal Reserve Banks, 1971 Number of banking offices: A 98 Analysis of changes A 99 On, and not on, Federal Reserve Par List Banking and monetary statistics, 1971: A 100 Money market rates A 101 Bond and stock yields A 102 Stock market credit A 112 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 S Sources of funds I, II, 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 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: Banking offices: Assets and liabilities: Analysis of changes in number Feb. 1972 A-98 1959-70 Mar. 1971 A-71.10—A-71.21 On, and not on, Federal Reserve 1970 data (revised) June 1971 A-71.2—A-71.3 Par List, number Feb. 1972 A-99 Flows: 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: List of, Dec. 31,1970 June 1971 A-110 Federal Reserve Banks Feb. 1972 A-96—A-97 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 Banking and monetary statistics: Income ratios June 1971 A-104—A-109 1970 Mar. 1971 A-94—A-106 Operating ratios July 1971 A-100—A-105 July 1971 A-96—A-99 1971 Feb. 1972 A-100—A-101 Stock market credit Feb. 1972 A-102—A-103 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 • FEBRUARY 1972 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Special Drawing Bought u r H e n p e d u l e d r r - Loans f Float 2 as O F se t . h R ts e . r 3 Total 4 s G to o c ld k c a e R r c t c i i g o fi h u c t a n s t t e Total out- chase 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—Dec 40,885 40,772 113 490 2,349 43,853 13,799 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—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 67,655 397 407 3,129 1,013 72,694 10,132 400 Dec 69,158 68,868 290 107 3,905 982 74,255 10,132 400 1972—Jan. * 70,687 70,300 387 20 3,401 1,177 75,411 10,132 400 Week ending— 1971—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 25 3,473 927 73,245 10,132 400 22 68,958 68,863 95 141 4,444 988 74,621 10,132 400 29 69,514 68,938 576 216 4,644 1,096 75,627 10,132 400 1972—Jan. 5 70,658 69,517 , 141 57 4,260 1,078 76,258 10,132 400 12 70,712 70,211 501 17 3,594 1,125 75,592 10,132 400 19* 71,130 70.560 570 13 3,405 1,181 75,884 10,132 400 26* 70,561 70.561 13 3,076 1,228 74,954 10,132 400 End of month 1971—No v 68,157 6-768,157 146 2,707 841 71,909 10,132 400 70,804 6 69,481 1,323 39 4,343 1,068 76,515 10,132 400 Dec 70,202 6 70,202 1,855 1,280 73,427 10,132 1972—Jan. P Wednesday 68,026 6 67,226 800 252 2,763 1,241 72,373 10,132 400 1971—Nov. 130 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 68,427 6,7 68,427 66 2,692 962 72,203 10,132 400 8 69,194 6 68,882 312 86 3,053 929 73,344 10,132 400 15 68,032 6-768,032 28 3,844 983 72,953 10,132 400 22 68,652 6 68,640 12 828 4,059 1,018 74,635 10,132 400 29 71,759 6 69,059 2,700 1,340 4,043 1,114 78,519 10,132 400 1972—Jan. 5* 70,275 6 69,689 586 45 4,198 1,099 75,736 10,132 400 12* 70,518 6 70,361 157 17 3,029 1,179 74,877 10,132 400 19P 71,451 6 70,561 890 24 3,131 1,223 75,970 10,132 400 26* 70,561 6 70,561 19 2,809 1,261 74,727 10,132 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l 3 B W F a . n R it k h . s c r C a e o n n u in d c r y - 5 Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 427 849 145 735 2,265 23,925 5,340 29,265 1970—Dec. 445 1,028 155 786 2,109 24,938 5,550 30,488 1971—Jan. 465 1,025 153 778 2,232 24,710 5,170 29,880 Feb. 467 783 139 718 2,227 24,601 5,085 29,686 Mar. 499 1,047 148 752 2,194 24,814 5,071 29,885 Apr. 506 1,112 173 690 2,244 25,251 5,168 30,419 May 491 652 155 698 2,227 24,793 5,230 30,023 June 471 1,546 161 714 2,251 25,231 5,316 30,547 July 477 1,121 181 712 2,298 25,098 5,357 30,455 Aug. 466 1,621 151 712 2,296 25,365 5,437 30,802 Sept. 464 2,100 152 736 2,327 25,463 5,397 30,860 Oct. 470 1,723 133 714 2,320 25,500 5,453 30,953 Nov. 453 1,926 290 728 2,287 25,653 5,676 31,329 Dec. 487 2,821 181 750 2,208 26,951 5,914 32,865 1972—Jan.? Week ending— 483 1,795 134 726 2,355 25,412 5,549 30,961 1971—Nov. 3 479 1,598 119 710 2,422 25,014 5,566 30,580 10 465 1,582 123 725 2,244 25,577 5,595 31,172 17 464 1,927 123 686 2,265 25,591 5,125 30,716 24 457 1,894 169 732 2,328 25.783 5,492 31,275 Dec. 1 456 1,749 133 717 2,398 25,151 5,592 30,743 8 457 1,563 143 710 2,219 25,246 5,907 31,153 15 450 1 ,895 426 736 2,234 25,785 5,366 31,151 22 448 2,336 471 708 2,301 26,081 5,843 31,924 29 462 2,548 298 862 2,152 27,068 5,746 32,814 1972—Jan. 5 473 2,760 171 727 2,155 26.784 6,009 32,793 12 486 2,515 148 737 2,210 27,745 5,989 33,734 19* 508 3,084 160 724 2,259 26,747 5,896 32,643 26* End of month 460 1 ,996 177 697 2,351 23,782 5,490 29,272 1971—Nov. 464 2,020 294 999 2,131 27,788 5,743 33,531 Dec. 504 2,860 814 2,344 25,621 5,861 31,482 1972—Jan.* Wednesday 493 1,687 124 740 2,403 25,465 5,548 31,013 473 1,411 137 714 2,443 24,322 5,565 29,887 1971—Nov. 3 472 1,532 145 705 2,226 26,396 5,593 31,989 10 467 1,435 126 698 2,303 28,879 5,125 34,004 17 23 460 2,567 128 717 2,353 23,536 5,490 29,026 Dec. 1 463 936 187 779 2,429 25,670 5,591 31,261 8 462 2,127 173 709 2,198 24,159 5,908 30,067 15 452 2,031 473 725 2,250 25,238 5,366 30,604 22 459 1,955 281 754 2,362 29,367 5,844 35,211 29 469 3,071 302 729 2,108 26,224 5,751 31,975 1972—Jan. 5* 479 2,108 146 707 2,173 26,784 6,012 32,796 12* 506 2,491 127 778 2,234 27,967 5,989 33,956 19* 512 2,862 146 716 2,279 26,815 5,896 32,711 26* f 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. 3 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 • FEBRUARY 1972 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago PPeerriioodd 1R eserves Bor- Reserves Bor- Reserves T h o e t ld al qu R ir e e - 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 T h o e t ld al qu R ir e e - d Excess B r F i a n o a . n w g R t k s - . s se F r r r v e e e - e s T h o e t ld al qu R ir e e - d 1 Excess 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 1965—Dec 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 1967—Dec 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 1968—Dec 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 15 1969—Dec 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1 ,285 1 ,267 18 1970—Dec 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 7 1971—Jan 30,488 30,209 279 370 -91 5,976 5,917 59 40 19 1,387 1,392 -5 Feb 29,880 29,679 201 328 -127 5,854 5,810 44 29 15 1,403 1,380 23 Mar 29,686 29,487 199 319 -120 5,664 5,703 -39 51 -90 1,375 1.384 -9 Apr 29,885 29,745 140 148 -8 5,690 5,696 -6 15 -21 1,392 1.385 7 May 30,419 30,107 312 330 -18 5,837 5,791 46 113 -67 1,436 1,421 15 June 30,023 29,892 131 453 -322 5,637 5,674 -37 90 -127 1,387 1,405 -18 July 30,547 30,385 162 820 -658 5,729 5,754 -25 86 -111 1,407 1,408 Aug 30,455 30,257 198 804 -606 5,693 5,640 53 164 -111 1,417 1,410 7 O Se c p t t 3 30 0 , , 8 8 6 0 0 2 3 3 0 0 , , 6 5 5 9 3 6 2 20 0 7 6 5 3 0 6 1 0 - - 2 1 9 5 5 3 5 5 , ,6 6 7 8 8 3 5 5 , ,6 6 6 7 7 4 9 6 3 7 8 - -5 2 6 9 1 1 , . 4 4 1 2 7 5 1 1, , 4 4 0 2 8 3 -6 1 7 Nov 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1 ,408 1,400 Dec 31,329 31,164 165 107 58 5,774 5,749 25 35 10 1.426 1,425 1972—Jan." 32,865 32,698 167 20 147 6,067 6,056 1 ,503 1,511 Week ending— 1971—Jan. 6.... 30,611 30,035 576 407 169 6,064 5,902 162 91 1,396 -15 13.... 30,242 30,210 32 277 -245 5,850 5,910 -60 -60 1,402 18 20.... 31,029 30,937 92 472 -380 6,165 6,198 -33 92 -125 1,424 -40 21.... 30,172 29,890 282 354 -72 5,752 5.760 26 -34 1,373 38 1971—May 5.... 30,780 30,415 365 174 191 5,907 5.817 90 46 44 1.440 -9 12.... 30,084 29,854 230 99 131 5,657 5,716 -59 39 -98 1,424 31 19.... 30,362 30,260 102 306 -204 5,986 5,967 19 143 -124 1,426 -29 26.. .. 30,246 30,072 174 267 -93 5,768 5,781 -13 100 -113 1,435 19 June 2 30,276 29,991 285 646 -361 5,693 5,638 55 171 -116 1.387 -9 9.... 29,886 29,813 73 153 -80 5,648 5,680 -32 46 -78 1,414 1 16.... 30,225 29,959 266 403 -137 5,742 5,729 13 129 -116 1,473 6 23.... 29,919 29,709 210 619 -409 5,648 5,607 41 103 -62 1,338 -13 30 30,292 30,060 232 750 -518 5,676 5,699 -23 107 -130 1,405 11 July 7.... 30,313 30,036 277 661 -384 5,689 5,663 26 34 1.388 14 14.... 30,254 30,249 5 991 -986 5,747 5,814 -67 252 -319 1,390 -22 21.... 30,932 30,650 282 1,121 -839 5,911 5,856 55 65 -10 1,464 13 28.... 30,623 30,556 67 545 -478 5,671 5,718 -47 30 -77 1,383 -1 Aug. 4.... 30,894 30,460 434 764 -330 5,781 5,677 104 43 61 1,447 13 11.... 30,330 30,303 27 593 -566 5,625 5,699 -74 -74 1,419 -12 18.... 30,605 30,381 224 1,179 -955 5,816 5,748 68 342 -274 1,416 4 25.... 30,111 30,020 91 771 -680 5,456 5,522 -66 267 -333 1,387 4 SSeepptt.. 11 30,519 30,195 324 706 -382 5,679 5,561 118 116 2 1,398 -1 88...... .. 30,855 30,650 205 765 -560 5,719 5,759 -40 -40 1.428 5 15.... 30,851 30,604 247 457 -210 5,762 5,690 72 72 1.441 -7 22.... 30,360 30,421 -61 329 -390 5,469 5,578 -109 86 -195 1,410 -3 29.... 31,073 30,730 343 424 -81 5,825 5,689 136 36 100 1,410 -2 Oct. 6 30,993 30,779 214 309 -95 5,644 5,671 -27 29 -56 1,441 19 13.... 30,702 30,653 49 449 -400 5,668 5,693 -25 100 -125 1,413 -19 20.... 31,071 30,861 210 332 -122 5.818 -10 35 -45 1.429 8 27.... 30,424 30,373 51 413 -362 5,513 5,508 5 133 -128 1,353 -11 Nov. 3.. . . 30,961 30,565 396 216 180 5,681 5,626 55 55 1,435 35 10.... 30,580 30,570 10 122 -112 5,589 5,597 -8 21 -29 1,376 -30 17.... 31,172 30,984 188 287 -99 5,705 5.761 -56 64 -120 1,447 14 24.... 30,716 30,572 144 538 -394 5,589 5,520 69 150 -81 1,358 -16 Dec. 1 31,275 30,685 590 705 -115 ,701 5,538 163 222 -59 1,438 52 8.. . . 30,743 30,600 143 59 84 ,671 5,604 67 67 1,356 -10 15.. . . 31,153 30,949 204 25 179 ,699 5,757 -58 -58 1,479 28 22... . 31,151 31,180 -29 141 -170 ,747 5,764 -17 -96 1,371 -43 29... . 31,924 31,610 314 216 98 ,793 5,799 -6 -82 1,511 66 1972—Jan. 5.... 32,814 32,502 312 57 255 6,200 6,120 80 80 1,520 -6 12.... 32,793 32,688 105 17 88 6,055 6,141 -86 -86 1,569 20 19^. . . 33,734 33,455 279 13 266 6,371 6,266 105 105 1,522 -38 26*. . . 32,643 32,404 239 13 226 5,768 5,849 -81 -81 1,473 14 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Period Borrow- Borrowings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required Excess Banks T h o e t ld al Required i Excess Banks 3,140 1,953 ,188 ,188 1,568 897 671 3 668 1939—Dec. 4,317 3,014 ,303 1 ,302 2,210 1,406 804 4 800 . ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,011 46 965 1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1950—Dec. 7,950 7,851 100 20 6,689 6,066 623 40 583 1960—Dec. 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 Mar. 11,754 11,789 -35 119 -154 11,049 10,875 174 10 164 Apr. 11,923 11,832 91 136 -45 11,223 11,063 160 68 92 May 11,743 11,735 8 181 -173 11,256 11,078 178 161 17 June 11,939 11,929 10 441 -431 11,472 11,294 178 265 -87 July 11,871 11,883 -12 425 -437 11,474 11,324 150 208 -58 Aug. 12,115 12,077 38 318 -280 11,587 11,422 165 141 24 Sept. 12,069 12,050 19 163 -144 11,688 11,528 160 115 45 Oct. 12,106 12,041 65 177 -112 11,795 11,641 154 101 53 Nov. 12,198 12,233 -35 22 -57 11,931 11,757 174 42 132 Dec. 12,951 12,939 12 12 12,344 12,192 152 20 132 . . ..1972—Jan.f Week ending— 12,028 11,903 125 310 -185 11,123 10,819 304 26 278 ,1971—Jan. 6 11,912 11,996 -84 249 -333 11,078 10,920 158 28 130 13 12,214 12,246 -32 332 -364 11,226 11,029 197 43 154 20 11,862 11,800 62 286 -224 11,185 10,995 190 42 148 27 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 June 2 11,693 11.753 -60 52 -112 11,131 10,967 164 55 109 9 11,812 11,749 63 113 -50 11,198 11,014 184 161 23 16 11,703 11,640 63 286 -223 11,230 11,111 119 153 -34 23 11,827 11,759 68 324 -256 11,384 11,208 176 308 -132 30 11,847 11,801 46 372 -326 11,389 11,198 191 255 -64 July 7 11,786 11,876 -90 498 -588 11,331 11,147 184 241 -57 14 12,089 12,028 61 607 -546 11,468 11,315 153 333 -180 21 11,946 11,993 -47 296 -343 11,623 11,461 162 212 -50 28 12,094 11,973 121 429 -308 11,572 11,376 196 292 -96 Aug. 4 11,856 11,898 -42 375 -417 11.430 11,275 155 218 -63 11 11,883 11,901 -18 545 -563 11,490 11,320 170 261 -91 18 11,798 11,788 10 372 -362 11,470 11.327 143 132 11 25 11,935 11,896 39 404 -365 11.507 11,339 168 185 -17 Sept. 1 12,182 12.138 44 588 -544 11,526 11,330 196 173 23 8 12,140 12.098 42 324 -282 11.508 11,368 140 130 10 15 11,937 12,013 -76 146 -222 11,544 11,417 127 88 39 22 12,135 12,080 55 231 -176 11,703 11,549 154 157 -3 29 12,165 12,117 48 118 -70 11,743 11,569 174 162 12 Oct. 6 12,011 12,092 -81 234 -315 11,610 11,436 174 108 66 13 12,183 12,110 73 194 -121 11,651 11,512 139 99 40 20 11,876 11,933 -57 129 -186 11,682 11,568 114 97 17 27 12,073 11,976 97 105 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 1 1 2 1 , , 1 9 8 3 1 2 1 1 1 2, , 0 9 2 9 5 2 - 1 6 5 0 6 28 1 2 5 -1 -7 2 5 6 1 1 1 1 , , 9 7 5 8 5 4 1 11 1 , , 6 7 3 3 8 6 2 1 1 4 9 6 1 4 5 4 4 1 6 0 5 2 Dec. 1 8 12,156 12.099 57 57 11,819 11,642 177 25 152 15 12,180 12,254 -74 24 -98 11,853 11,748 105 24 81 22 12,521 12,453 68 58 10 12,099 11,913 186 61 125 29 12,871 12,819 52 52 12,223 12,037 186 57 129 .1972—Jan. 5 12,898 12,927 -29 -29 12,271 12,071 200 17 183 12 13,349 13,301 48 48 12,492 12.328 164 13 151 19 p 12,971 12,840 131 131 12.431 12,256 175 13 162 26 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. Digitized for FR1A96S4E, rRes erves are estimated except for weekly averages. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS • FEBRUARY 1972 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Gross transactions Net transactions Reporting banks and Total Borweek ending— s E e x r r v c e e e - s s s 1 r a B o t B w a o F n i r n . k - R g s s . F t f i b e n r u N d a a t n e n e e n d t r r k s s - a . l S d u e r o f p r ic lu it s r P r e e e q a s r u o e v c r f i g r e v . e n e d s t c P ha u s r e - s Sales t a w c tr o t a i - o n w n s a - s y 2 b c o b P u h f a y a u n n i s r k n e e - s t g s s o b S e f a l a l n n l i e n k e s g s t d L ea o t l a o e n r s s 3 de f r i a r n o o l w g e m s r - s4 Total—46 banks 1971—Dec. 1... 350 371 5,641 -5,662 44.2 10,289 4,647 4,140 6,148 507 1,713 155 7,098 -6,943 54.1 11,121 4,022 3,796 7,325 227 1,789 15. 76 7,844 -7,769 59.1 12,107 4,263 3,909 8,199 354 1,844 22. -35 98 7,636 -7,768 58.9 12,040 4,404 4,007 8,033 397 1,837 29. 40 116 6,586 -6,662 49.8 11,080 4,494 3,925 7,154 569 1,614 1972—Jan. 5. 154 6,567 -6,413 46.1 11,770 5,203 4,451 7,319 752 2,024 12. 38 7,967 -7,929 56.5 12,965 4,998 4,739 8,226 259 1,627 19. 63 7,448 -7,386 51.5 11,692 4,244 3,789 7,904 455 1,671 26. 66 6,319 -6,253 46.0 10,909 4,590 3,963 6,946 627 1,851 8 in New York City 1971—Dec. 1.... 189 217 1,732 -1,759 35.1 2,746 1,014 1,005 1,740 1,286 122 2,381 -2,259 44.4 3,223 843 822 2,402 1,299 15. 39 3,112 -3,073 59.0 3,763 652 652 3,112 1,384 22. 3,236 -3,317 63.4 3,895 659 659 3,236 1,281 29. 2,698 -2,780 52.9 3,399 702 702 2,697 1,182 1972—Jan. 5. 79 2,881 -2,802 50.4 3,765 884 884 2,881 1,488 12. -18 3,078 -3,096 55.6 3,985 907 907 3,078 1,183 19. 75 2,844 -2,769 48.7 3,629 785 785 2,844 1,241 26. 2,374 -2,382 45.0 3,242 868 868 2,374 1,403 38 outside New York City 1971—Dec. I 161 154 3,910 -3,903 50.1 7,543 3,633 3,135 4,408 498 428 8 34 4,718 -4,684 60.4 7,897 3,180 2,974 4,924 206 490 15 37 4,732 -4,696 59.1 8,344 3,612 3,257 5,087 354 460 22 -27 4,400 -4,451 55.9 8,145 3,745 3,348 4,797 397 557 29 48 3,888 -3,883 47.9 7,680 3,792 3,223 4,457 569 433 1972—Jan. 5 , 75 3,686 -3,611 43.2 8,005 4,319 3,567 4,438 752 535 12 , 56 4,888 -4,833 57.0 8,980 4,092 3,832 5,148 259 443 19 -12 4,604 -4,616 53.3 8,064 3,459 3,004 5,059 455 429 26 74 3,945 -3,872 46.6 7,667 3,722 3,095 4,572 627 448 5 in City of Chicago 1971—Dec. 56 1,068 -1,058 83.8 1,695 627 611 1,084 92 6 1,337 -1,331 107.3 1,933 596 574 1,360 114 15. 21 1,739 -1,718 129.5 2,275 536 536 1,739 168 22. -12 14 1,423 -1,450 112.4 2,040 617 574 1,466 42 195 29. 53 21 1,257 -1,225 92.8 1,945 688 612 1,333 76 91 1972—Jan. 5. 12 1,361 -1,349 96.6 2,006 644 567 1,439 78 69 12. 15 1,799 -1,784 126.0 2,521 722 679 1,843 44 77 19. -10 1,708 -1,718 120.7 2,319 611 574 1,744 36 74 26. 6 1 ,443 -1,436 108.1 2,060 617 569 1,490 47 108 33 others 1971—Dec. 1. 105 109 2,842 -2,845 43.5 5,848 3,007 2,524 3,324 482 335 8. 28 3,381 -3,353 51.4 5,964 2,584 2,400 3,564 184 376 15. 16 2,994 -2,978 45.0 6,069 3,075 2,721 3,348 354 293 22. -15 10 2,977 -3,002 45.0 6,105 3,129 2,774 3,331 355 362 29. -5 21 2,631 -2,657 39.1 5,736 3,105 2,611 3,124 494 342 1972—Jan. 5. 63 2,325 -2,262 32.5 5,999 3,674 3,000 2,999 674 466 12. 41 3,089 -3,049 43.2 6,459 3,369 3,154 3,305 216 366 19. -2 2,896 -2,898 40.0 5,745 2,849 2,430 3,315 419 355 26. 67 2,502 -2,435 34.9 5,608 3,105 2,526 3,082 580 340 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

FEBRUARY 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. 133 Federal Reserve Bank R Ja a 1 n t 9 e . 7 2 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 e . 7 2 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 . e 7 3 2 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us B N o ew st o Y n ork. . . 4 4 1 1 / / 2 2 D De e c c . . 1 1 7 3 , , 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 5V V 4 4 6 6 * *4 4 D D e e c c . . 1 1 7 3 , , 1 1 9 9 7 7 1 1 6 6 % *4 C Ph le i v la e d la e n lp d h . i . a . . . . 4 41 * /2 4 D D e e c c . . 1 1 7 7 , , 1 1 9 9 7 7 1 1 4 4 > V / 4 4 D De e c c . . 1 1 7 7 , , 1 1 9 9 7 7 1 1 5 5 V V 4 4 6 6 * *4 4 D D e e c c . . 1 17 7 , , 1 19 9 7 7 1 1 6 6 % V4 C R A h t ic l i a h c n a m t g a o o n d 4 4 4 1 * * / 4 4 2 D D D e e e c c c . . . 2 2 1 3 4 7 , , , 1 1 1 9 9 9 7 7 7 1 1 1 4 4 4 V y V 4 4 4 D D D e e e c c c . . . 2 2 1 3 4 7 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 5 5 V V *4 4 4 6 6 61 1 % / / 2 2 D D D e e e c c c . . . 2 2 1 3 7 4 , , , 1 1 1 9 9 9 7 7 7 1 1 1 6 6 6V % % 4 M St. i n L n o e u a i p s olis. . 4 4 1 1 / / 2 2 D De e c c . . 2 1 3 3 , , 1 19 9 7 7 1 1 4 4 % V4 D De e c c . . 2 1 3 3 , , 1 19 9 7 7 1 1 5 51 * / 4 4 6 61 * /2 4 D D e e c c . . 2 1 3 3 , , 1 19 9 7 7 1 1 6 6 * % 4 K D Sa a a n l n l a s F a s r s a n C c i i t s y c . o . 4 4 4 1 1 % / / 2 2 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 1 9 9 9 7 7 7 1 1 1 4 4 4 3 V % / 4 4 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 5 5 V V *4 4 4 6 6 6* * * 4 4 4 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 19 9 9 7 7 7 1 1 1 e e 6V y y 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. In effect Dec. 31, 1954 1*4 1959—Mar. 6 2*4-3 3 1969—Apr. 4 51/2-6 6 16 3 3 8 6 6 1955—Apr. 14 1*4-1% I1/2 May 29 3 -3*4 31/2 15 i*4-i% 13/4 June 12 3*4 31/2 May 2 m l34 Sept. 11 31/2-4 4 1970—Nov. 11 534-6 6 Aug. 4 5 1 1 3 3 4 4 - - 2 2 1 * 4 4 2 13 /4 18 4 4 1 1 3 6 53 5 4 3 -6 4 5 53 3 / / 4 4 N Se o p v t . . 1 1 1 8 9 2 3 2 2 2* 2 4 * - - - 2 2 2 4 * * * 4 4 4 2 2 2 2 1 1 * / / 4 4 2 1960—J A u u n g e . 1 1 1 2 4 3 0 , . , . 3 3 3 * * m 4 4 - - - 4 4 3 *4 4 3 3 3 1 * /2 4 Dec. 1 4 1 1 5 5 1 1 / / 5 2 2 * - - 5 5 4 3 3 / / 4 4 5 5 5 3 * * 4 4 4 23 21/2 21/2 Sept. 9, 3 3 1956—A A p u r g . . 2 2 1 4 0 3 2 2 23 3 * / 4 i 4 - - - 3 3 3 2 2 3 3 3 / / 4 4 1963—July 2 1 6 7 , , 3 3* -3 4 *4 3 3 1 1 / / 2 2 1971—Jan. 1 1 9 5 8 5 5 * 5 4 1 - - / 5 5 4 * 1 4 4 5 5 5 1 1 * / / 4 4 4 31 3 3 1964—Nov. 2 3 4 0 , , 3 4 1 /2-4 4 4 2 2 2 9 5 5 -51/4 5 5 1957—Aug. 9 3 -3*4 3 Feb. 13 434-5 5 2 3 3*4 3*4 1965—Dec. 6, 4 -4*i 4*4 19 434 434 N De o c v . . 1 2 5 3 3 -3*4 3 3 1967—Apr. 1 7 3 , , 4 41 - / 4 2 * 4 4 41 /2 July 2 1 3 6 4 5 34-5 5 5 1958—Jan. 22 23^-3 3 14, 4 4 Nov. 11 434-5 5 2 4 23/4-3 23/4 Nov. 20, 4 -4*4 4*4 19 434 434 Mar. 7 2*4-3 214 27, 41/2 41/2 2 1 1 3 2* 2 4 * -2 4 3 4 2 21 * / 4 4 1968—Mar. 15, 41/2-5 4*4 Dec. 2 1 4 3 4* 4 4 V -4 4 3 4 4 4 * 3 4 4 A M p a r y . 1 9 8 1^ l - 3 2 /4 1 /4 1 1 3 3 / 4 4 Apr. 2 1 2 9 . . 5 5 -51/2 5 5 * 4 In effect Jan. 31, 1972 4*4 4*4 Aug. 15 13/4-2 13/4 26. 5*4 5*4 Sept. 12 134-2 2 Aug. 16. 5*4-5*4 5*4 23 2 2 30. 5*4 5*4 Oct. 24 2 -2*4 2 Dec. 18. 514-51/2 5*4 Nov. 7 21/2 2*4 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, 1960—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. 1972-Jan. 3, 5-7, 3.75; 10, 3.625; 11, 13-14, Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 18-19, 3.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS • FEBRUARY 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) Time deposits Reserve Country Other Effective date i C r b e e c s a n i e n t t r y r k v a s e l b s c R a e i r n t e v y k - e s C ba o tr n u y k n s - b cl a a ( o n a s f k l s l e s s ) Effective date 1 $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b i r l a - nk $ s O 5 v m er il - d S e in i p a t g s v o s - s - $ U 5 t n i m m d e e i r l- de $ p 5 O o s v m i e ts r i l lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. i I6I/2 6 12 64 64 Sept. 8, 15. 1951—Jan. 11,16 23 19 13 Jan. 25, Feb. 1. 24 20 14 1967—Mar. 2. 31/2 31/2 1953—July 9,1 22 19 13 Mar. 16. 3 3 1954—June 24, 16 21 July 29, Aug. 1. 20 18 12 1968—Jan. 11,18.... 16% 17 12 12% 1958—Feb. 27, Mar. 1. 191/z 11% Mar. 20, Apr. 1. 19 11 1969—Apr. 17 17 17% 12% 13 Apr. 17 I81/2 Apr. 24 18 16% 1970—Oct. 1 1960—Sept. 1 171/2 Nov. 24 12 In effect Jan. 31, 1972. 17 17% 12% 13 Dec. 1 I61/2 1962—July 28 (3) Present legal Oct. 25, Nov. 1. requirement: Minimum 10 7 3 3 3 Maximum 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central rowings above a specified base from foreign banks by domestic offices reserve or reserve city banks and the second to the change at country of a member bank. For details concerning these requirements, see 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 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

FEBRUARY 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 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 31/2 31/2 Multiple maturity:3 30-89 days 4 451 /2 90 days-1 year.. 1 year to 2 years. 2 years and over. 5% Single-maturity: 5 Less than $100,000: Other time deposits: 2 30 days to 1 year. 5 12 months or more.. ., 4 1 year to 2 years. 51/2 9 6 0 m d o a n y t s h t s o to 6 m 12 o n m t o h n s t . h . s . 21/2 41/2 51/2 $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : 51/2 53/ 4 Less than 90 days 4 30-59 days 51/2 (4) (30-89 days) 60-89 days 5% (4) 90-179 days 5*4 6 63/4 180 days to 1 year 7 1 year or more. ., 5Vi }eV4 71/2 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see NOTE.—Maximum rates that may be paid by member banks are estab- BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati- rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6*4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6l/i 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 b k l 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 bb ll kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Dec. 1, 1971 Four weeks ending December 29, 1971 Gross demand—Total. 193,795 42,850 7,887 67,887 75,172 Gross demand—Total 199,926 43,690 8,251 70,930 77,056 Interbank 27,383 13,208 1,484 9,618 3,073 Interbank 26,750 12,221 1,543 9,837 3,150 U.S. Govt 3,074 383 106 1,149 1,436 U.S. Govt 5,597 1,158 283 2,120 2,037 Other 163,339 29,259 6,296 57,120 70,663 Other 167,580 30,311 6,425 58,974 71,870 Net demand 1 144,670 25,299 5,971 50,878 62,522 Net demand 1 151,846 27,285 6,486 53,758 64,318 Time 206,995 25,570 7,746 74,689 98,990 Time 209,649 25,623 7,705 76,449 99,872 Demand balances due Demand balances due from domestic banks 11,483 402 287 2,724 7,070 from domestic banks... 11,512 1,510 162 2,638 7,202 Currency and coin.... 5,445 441 104 1,711 3,190 Currency and coin.. 5,677 464 113 1,798 3,302 Balances with F.R. Balances with F.R. Banks 25,491 5,205 1,301 10,361 8,624 Banks 25,566 5,264 1,316 10,399 8,587 Total reserves held.... 30,936 5,646 1,405 12,072 11,814 Total reserves held., 31,243 5,728 1,429 12,197 11,889 Required 30,703 5,604 1,400 12,047 11,652 Required 31,085 5,731 1,419 12,200 11,735 Excess 233 42 5 25 162 Excess 158 -3 10 -3 154 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures, close of business, deposits minus cash items in process of collection and demand balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • FEBRUARY 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1972 1971 1972 1971 Jan. 26 Jan. 19 Jan. 12 Jan. 5 Dec. 29 Jan. 31 Dec. 31 Jan. 31 Assets Gold certificate account 9,875 9,875 9,875 9,875 9,875 9,875 9,875 10,464 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 306 283 272 258 253 313 261 255 Loans: f Member bank borrowings 19 24 17 45 1,340 15 39 308 Other Acceptances: 77 77777777 77777777 77777777 88880000 75 88880000 59 66664444 55557777 44442222 111188883333 111188881111 Federal agency obligations: 665500 666655550000 666655550000 444477777777 444488885555 665500 444488885555 33331111 33338888 55558888 111111111111 111100001111 U.S. Govt, securities: Bought outright: Bills 30,655 33330000,,,,666655555555 33330000,,,,666655554444 33330000,,,,111155555555 22229999,,,,777733334444 30,296 33330000,,,,111155556666 25,606 35,905 35,905 35,733 35,733 35,554 35,905 35,554 33,236 3,351 3,351 3,324 3,324 3,286 3,351 3,286 2,941 TToottaall bboouugghhtt oouuttrriigghhtt i 69,911 ii 6699,,991111 ii 6699,,771111 ii 6699,,221122 ii 6688,,557744 i 69,552 11 6688,,999966 i 61,783 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 885599 111199 552288 22,,558899 11,,222222 TTTTTTToooooootttttttaaaaaaalllllll UUUUUUU.......SSSSSSS....... GGGGGGGooooooovvvvvvvttttttt,,,,,,, ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 69,911 70,770 69,830 69,740 71,163 69,552 70,218 61,783 TTTTTTToooooootttttttaaaaaaalllllll llllllloooooooaaaaaaannnnnnnsssssss aaaaaaannnnnnnddddddd ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 70,657 71,616 70,669 70,439 73,362 70,292 71,104 62,150 CCCCCCCaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss iiiiiiinnnnnnn ppppppprrrrrrroooooooccccccceeeeeeessssssssssssss ooooooofffffff cccccccooooooolllllllllllllleeeeeeeccccccctttttttiiiiiiiooooooonnnnnnn pl0,9l8 f12,060 11,726 12,778 12,279 P9j192 11,887 9,284 151 152 151 150 151 152 150 129 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr aaaaaaasssssssssssssseeeeeeetttttttsssssss::::::: DDDDDDDeeeeeeennnnnnnooooooommmmmmmiiiiiiinnnnnnnaaaaaaattttttteeeeeeeddddddd iiiiiiinnnnnnn fffffffooooooorrrrrrreeeeeeeiiiiiiigggggggnnnnnnn cccccccuuuuuuurrrrrrrrrrrrrreeeeeeennnnnnnccccccciiiiiiieeeeeeesssssss 17 17 17 17 14 17 17 186 IIIIIIIMMMMMMMFFFFFFF gggggggooooooolllllllddddddd dddddddeeeeeeepppppppooooooosssssssiiiiiiittttttteeeeeeeddddddd 2222222 144 144 144 144 144 144 144 159 949 910 867 788 805 967 757 793 ^93,417 ^95,457 94,121 94,849 97,283 ^91,352 94,595 83,820 LLLLLLLiiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss 52,490 52,931 53,506 53,835 54,328 52,229 53,819 48,630 DDDDDDDeeeeeeepppppppooooooosssssssiiiiiiitttttttsssssss::::::: MMMMMMMeeeeeeemmmmmmmbbbbbbbeeeeeeerrrrrrr bbbbbbbaaaaaaannnnnnnkkkkkkk rrrrrrreeeeeeessssssseeeeeeerrrrrrrvvvvvvveeeeeeesssssss ^26,815 v27,967 26,784 26,224 29,367 ^25,621 27,788 24,565 UUUUUUU.......SSSSSSS....... TTTTTTTrrrrrrreeeeeeeaaaaaaasssssssuuuuuuurrrrrrreeeeeeerrrrrrr———————GGGGGGGeeeeeeennnnnnneeeeeeerrrrrrraaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnnttttttt 2,862 2,491 2,108 3,071 1,955 2,860 2,020 976 146 127 146 302 281 147 294 129 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr::::::: IIIIIIIMMMMMMMFFFFFFF gggggggooooooolllllllddddddd dddddddeeeeeeepppppppooooooosssssssiiiiiiittttttt 2222222 144 144 144 144 144 144 144 159 AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 572 634 563 585 610 670 855 610 *>30,539 ^31,363 29,745 30,326 32,357 p29,442 31,101 26,439 DDDDDDDeeeeeeefffffffeeeeeeerrrrrrrrrrrrrreeeeeeeddddddd aaaaaaavvvvvvvaaaaaaaiiiiiiilllllllaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttyyyyyyy cccccccaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss 8,109 8,929 8,697 8,580 8,236 7,337 7,544 6,534 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss aaaaaaannnnnnnddddddd aaaaaaaccccccccccccccrrrrrrruuuuuuueeeeeeeddddddd dddddddiiiiiiivvvvvvviiiiiiidddddddeeeeeeennnnnnndddddddsssssss 546 565 576 576 631 565 647 511 ^91,684 ^93,788 92,524 93,317 95,552 p89,573 93,111 82,114 CCCCCCCaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss CCCCCCCaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll pppppppaaaaaaaiiiiiiiddddddd iiiiiiinnnnnnn 775511 774488 774433 774433 774400 775522 742 770088 774422 774422 774422 774422 770022 774422 742 770022 QQQQQQQjjjjjjjjjjjjjjjjjjjjjgggggggjjjjjjj cccccccaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 224400 117799 111122 4477 228899 228855 229966 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss ^93,417 f95,457 94,121 94,849 97,283 p9l,352 94,595 83,820 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 252 253 254 254 255 253 254 270 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr fffooorrreeeiiigggnnn aaannnddd iiinnnttteeerrrnnnaaatttiiiooonnnaaalll aaaccccccooouuunnntttsss 28,390 28,219 28,057 27,551 27,549 28,420 27,227 11,645 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 57,045 57,144 57,278 57,425 57,427 53,801 54,954 53,050 Collateral held against notes outstanding: Gold certificate account 2,445 2,445 2,470 2,670 22,,667700 22,,444455 22,,667700 33,,333300 U.S. Govt, securities 56,075 56,075 56,075 55,875 55,675 56,075 55,875 51,415 58,520 58,520 58,545 58,545 58,345 58,520 58,545 54,745 f Previously referred to as Discounts and advances. 2 See note 1 (b) to table at top of p. A-77. i See note 6 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1972 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. i s M ap i o n l n is e - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 99,,887755 556677 22,,991100 661188 688 998844 442288 11,,880000 339977 117799 447766 338800 444488 Special Drawing Rights certif. acct 440000 2233 9933 2233 33 3366 2222 7700 1155 77 1155 1144 4499 F.R. notes of other banks 11,,557722 118888 227788 114444 92 111144 229988 9944 4455 3344 2255 7788 118822 Other cash 331133 1122 35 4433 3366 1199 2299 1177 3388 1111 2288 3377 88 Lo S a e n c s u : r t e d by U.S. Govt, and agency ** ** ** ** 1155 11 55 22 11 33 22 Other AAcccceeppttaanncceess:: BBoouugghhtt oouuttrriigghhtt 7755 7755 Federal agency obligations: Bought outright 650 30 168 34 50 47 34 105 25 13 27 30 87 U.S. Govt, securities: Bought outright 169,552 3,228 18,035 3,667 5,352 5,042 3,636 11,226 2,633 1,352 2,875 3,176 9,330 TToottaall llooaannss aanndd sseeccuurriittiieess 7700,,229922 3,258 1188,,227788 3,702 5,402 5,094 3,670 11,333 2,659 1,365 2,905 3,207 9,419 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn...... 1122,,779900 770 22,,222266 727 945 932 1,391 2,138 645 507 836 887 786 BBaannkk pprreemmiisseess 115522 2 88 3 25 13 16 16 15 20 17 9 8 OOtthheerr aasssseettss:: * DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess.... 1177 22 44 1 2 1 2 1 1 1 2 114444 114444 AAAllllll ooottthhheeerrr 996677 80 224411 50 70 69 46 146 38 21 41 42 123 TTToootttaaalll aaasssssseeetttsss 96,522 4,900 24,210 5,280 7,292 7,286 5,909 15,635 3,834 2,141 4,345 4,635 11,055 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 555333,,,888000111 2,857 111333,,,222444777 3,158 4,384 4,761 2,688 9,337 2,085 899 1,999 2,076 6,310 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 222555,,,666222111 1,040 777,,,222666000 1,104 1,649 1,480 1,710 3,621 919 663 1,134 1,501 3,540 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 222,,,888666000 187 777666111 269 158 51 64 250 157 94 321 205 343 FFFooorrreeeiiigggnnn 111444777 7 444 444000 7 13 7 10 22 5 3 6 8 19 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 333 111444444 111444444 All other 666777000 ** 666111444 33 1166 33 44 33 22 22 22 2211 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 29,442 1,234 8,819 1,383 1,820 1,554 1,787 3,897 1,084 762 1,463 1,716 3,923 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 10,935 702 1 ,542 616 885 833 1,290 2,036 584 428 783 722 514 565 27 145 30 43 40 29 91 21 14 25 26 74 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 94,743 4,820 23,753 5,187 7,132 7,188 5,794 15,361 3,774 2,103 4,270 4,540 10,821 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 752 33 193 39 69 39 51 115 25 17 32 41 98 SSSSSuuuuurrrrrpppppllllluuuuusssss 742 34 193 38 68 38 50 111 25 17 32 41 95 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 285 13 71 16 23 21 14 48 10 4 11 13 41 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... 96,522 4,900 24,210 5,280 7,292 7,286 5,909 15,635 3,834 2,141 4,345 4,635 11,055 CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 253 11 5 67 13 23 13 17 37 9 6 11 14 32 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5566,,996633 33,,007733 1144,,001122 33,,331111 44,,662299 44,,995522 2,998 99,,776633 22,,117711 943 2,102 22,,225500 6,759 Collateral held against notes outstanding: Gold certificate account . 22,,444455 115500 550000 330000 335500 228855 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5566,,007755 33,,000000 1133,,880000 33,,115500 44,,440000 44,,772200 3,100 99,,330000 22,,113300 970 2,175 22,,333300 7,000 TToottaall ccoollllaatteerraall 58,520 3,150 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 $186 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 $107 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 • FEBRUARY 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 MMMooonnnttthhh Exch., c G p h r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , t y - c G h p r u a o s r s e - s s G sa r l o e s s s m E s a h t x o u i c r f r h ts i . t y tions 1970—Dec 33333333333333,,,,,,,,,,,,,,444444444444441111111111111144444444444444 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 22222222222222,,,,,,,,,,,,,,888888888888888888888888888833333333333333 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 55 336655 1971—Jan 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 Feb 55555555555555,,,,,,,,,,,,,,888888888888883333333333333322222222222222 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 55555555555555,,,,,,,,,,,,,,333333333333334444444444444477777777777777 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 --33,,773322 111111777777444444 44,,009922 Mar 33333333333333,,,,,,,,,,,,,,111111111111114444444444444422222222222222 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222444000 22222222222222,,,,,,,,,,,,,,666666666666660000000000000000000000000000 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222444000 222222666666333333 Apr 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 222444 ---333,,,555444888 444000666 111,,,444777888 Dec 33333333333333,,,,,,,,,,,,,,111111111111116666666666666600000000000000 11111111111111,,,,,,,,,,,,,,999999999999998888888888888811111111111111 33333333333333,,,,,,,,,,,,,,000000000000005555555555555555555555555555 11111111111111,,,,,,,,,,,,,,999999999999998888888888888811111111111111 111111 111333000 222111 ---111333000 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFeeedddeeerrraaalll aaagggeeennncccyyy aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt ooobbbllliiigggaaatttiiiooonnnsss (((nnneeettt))) 55 --1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... UUnnddeerr NNNNeeeetttt c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s ssss GGGG eeee iiiitttt cccc oooo iiii uuuu eeee 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 r a r a cc ee gg hh nn ee pp rr aa nn ee uu ee tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee]]]] 11997700——DDeecc.... 111133 4488 55555555555555,,,,,,,,,,,,,,111111111111110000000000000099999999999999 55555555555555,,,,,,,,,,,,,,333333333333333333333333333344444444444444 999999999999990000000000000088888888888888 --6611 2222222222222211111111111111 --5500 888888888888881111111111111199999999999999 11997711——JJaann 22222222222222,,,,,,,,,,,,,,222222222222229999999999999988888888888888 22222222222222,,,,,,,,,,,,,,222222222222229999999999999988888888888888 --------------333333333333335555555555555599999999999999 22222222222222 --------------333333333333335555555555555577777777777777 FFFFFFeeeeeebbbbbb............ 111111888888999999 --336600 111122221111 44444444444444..............111111111111118888888888888833333333333333 44444444444444,,,,,,,,,,,,,,111111111111118888888888888833333333333333 666666666666667777777777777799999999999999 --------------55555555555555 ************** 666666666666667777777777777733333333333333 MMMMMMaaaaaarrrrrr............ 222222000000555555 77774444 66666666666666,,,,,,,,,,,,,,555555555555556666666666666611111111111111 55555555555555,,,,,,,,,,,,,,222222222222224444444444444422222222222222 11111111111111,,,,,,,,,,,,,,666666666666669999999999999988888888888888 111888666 8888888855555555 11111111111111,,,,,,,,,,,,,,999999999999996666666666666688888888888888 AAAAAApppppprrrrrr............ 666666222222 11116666 55555555555555,,,,,,,,,,,,,,000000000000008888888888888855555555555555 66666666666666,,,,,,,,,,,,,,444444444444440000000000000044444444444444 --------------444444444444443333333333333399999999999999 ---111888666 33333333333333 --------8888888855555555 --------------777777777777770000000000000077777777777777 MMMMMMaaaaaayyyyyy...... 888888222222 --332277 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 11111111111111,,,,,,,,,,,,,,000000000000004444444444444433333333333333 88888888888888 4444444488888888 11111111111111,,,,,,,,,,,,,,000000000000009999999999999999999999999999 JJJJJJuuuuuunnnnnneeeeee ...... 111111111111 1144 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 777777777777775555555555555544444444444444 --------------11111111111111 --------4444444488888888 777777777777770000000000000055555555555555 JJJJJJuuuuuullllllyyyyyy 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 333333333333332222222222222233333333333333 --------------77777777777777 333333333333331111111111111166666666666666 AAAuuuggg...... 111666 --554477 888 22222222222222..............111111111111118888888888888844444444444444 11111111111111,,,,,,,,,,,,,,999999999999995555555555555511111111111111 11111111111111,,,,,,,,,,,,,,000000000000002222222222222277777777777777 666999 --------------33333333333333 5555555555555555"""""""" 11111111111111,,,,,,,,,,,,,,111111111111114444444444444488888888888888 SSSeeepppttt...... 333444 111444 33333333333333,,,,,,,,,,,,,,666666666666669999999999999977777777777777 33333333333333,,,,,,,,,,,,,,999999999999993333333333333300000000000000 666666666666669999999999999988888888888888 66666iiiii ---666999 --------------11111111111111 --------5555555555555555 666666666666663333333333333344444444444444 OOOcccttt 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 --------------333333333333336666666666666611111111111111 3333355555 --------------333333333333332222222222222266666666666666 NNNooovvv...... 222666777 11,,992200 555888 115500 55555555555555,,,,,,,,,,,,,,000000000000000000000000000033333333333333 55555555555555,,,,,,,,,,,,,,000000000000000000000000000033333333333333 666666666666661111111111111133333333333333 222224444444444 66666666666666 888888888888886666666666666622222222222222 DDDeeeccc...... 666777 666 44444444444444,,,,,,,,,,,,,,888888888888883333333333333300000000000000 33333333333333,,,,,,,,,,,,,,666666666666660000000000000077777777777777 22222222222222,,,,,,,,,,,,,,444444444444440000000000000011111111111111 111114444455555 110011 2222222222222222222222222222 118811 22222222222222,,,,,,,,,,,,,,888888888888885555555555555500000000000000 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n ese g N u l e a i t l n h d d e e s r r - s f S r w an is c s s 1968—Dec 2,061 1,444 433 165 1969—Dec 1,967 1,575 199 60 125 1970—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 Oct 30 * 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 1972 1971 1972 1971 Jan. 26 Jan. 19 Jan. 12 Jan. 5 Dec. 29 Jan. 31 Dec. 31 Jan. 31 Loans f—Total 19 24 17 45 1,338 15 39 308 Within 15 days 17 22 16 43 1,335 14 37 308 16 days to 90 days. 2 2 2 3 2 91 days to 1 year.. Acceptances—Total.. 77 141 134 119 263 75 261 59 Within 15 days 13 67 76 60 195 19 196 18 16 days to 90 days. 64 74 58 59 68 56 65 41 91 days to 1 year.. U.S. Government securities—Total. 69,911 70,770 69,830 69,740 71,163 69,552 70,218 61,783 Within 15 days* 4,622 5,298 3,907 4,455 7,039 3,103 3,917 2,415 16 days to 90 days 14,671 14,773 15,483 15,314 14,596 16,049 15,825 13,685 91 days to 1 year 16,325 16,406 16,337 15,868 15,635 16,107 16,583 19,879 Over 1 year to 5 years 25,286 25,286 25,179 25,179 25,100 25,286 25,100 19,089 Over 5 years to 10 years 7,855 7,855 7,776 7,776 7,664 7,855 7,664 6,046 Over 10 years 1,152 1,152 1,148 1,148 1,129 1,152 1,129 669 Federal agency obligations—Total. 650 681 688 535 596 650 586 Within 15 days1 7 37 38 58 119 7 109 9 1 1 6 d d a a y y s s t t o o 9 1 0 y d ea a r y s 1 2 8 5 1 19 1 3 3 1 2 9 0 3 1 2 8 0 2 1 2 8 0 2 1 2 8 5 1 1 2 8 0 2 Over 1 year to 5 years 288 289 289 181 181 288 181 Over 5 years to 10 years 91 91 88 61 61 91 61 Over 10 years 58 58 60 33 33 58 33 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) SM T 2 o 3 S t 3 A a l ' s N Le .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 . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th S 26 e A r ' s 1970—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 Sept. 12,310.5 5,613.7 2.815.3 ,696.8 3,881.4 83.0 191.7 84.0 56.3 45.4 Oct.. 12.270.1 5.776.2 2,710.9 ,493.9 3.783.1 83.3 201.5 81.1 54.7 44.4 Nov. i2,896.2 6.057.5 2,857.1 838.6 r3,981.6 87.0 211.0 85.2 57.3 46.4 Dec. 12.331.8 5,555.5 2,813.1 776.2 3,963.1 83.1 195.6 83.5 56.5 46.0 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 • FEBRUARY 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 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—Dec. 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 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 Feb. 55,611 38,298 6,266 2,178 136 2.972 8,753 17,994 17,313 4,822 12,022 213 249 Mar. 56,304 38,785 6,303 2,200 136 3,011 8,835 18,300 17,519 4,892 12,160 212 248 Apr. 56.592 38,917 6,360 2,206 136 3,001 8,826 18,388 17,675 4,917 12,294 210 246 May 57,403 39,509 6,410 2,245 136 3,048 8,960 18,711 17,894 4,994 12,438 210 245 June 58,393 40,263 6,472 2,277 136 3,099 9,137 19,144 18,130 5,075 12,596 209 243 July. 58,558 40,238 6,493 2,260 136 3,068 9,031 19,251 18,321 5,129 12,735 208 242 Aug. 58,904 40,442 6,537 2,267 136 3,058 9,045 19,398 18,462 5,162 12,845 207 241 Sept. 58,797 40,284 6,556 2,273 135 3,053 8,987 19,279 18,514 5,155 12,906 206 240 Oct.. 59,216 40,559 6,589 2,302 135 3,071 9,054 19,408 18,657 5,183 13,024 205 239 Nov. 60,636 41,699 6,714 2,360 135 3,186 9,329 19,975 18,936 5,272 13,216 204 237 Dec. 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 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 DDDeeeccc... 333111... aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777111 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Dec. Nov. Dec. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 Gold 1100,,113322 (((999,,,888777555))) 22 225577 Gold certificates.... (((999,,,888777555))) 33 99,,887744 1111 Federal Reserve notes 555777,,,444888999 111444333 3333,,,,666666668888 555333,,,666777888 555333,,,333000666 555000,,,222000444 Treasury currency—Total 777,,,777111000 666000 222266660000 777,,,333999000 777,,,333333000 666,,,888888999 DDoollllaarrss 555559999988888 11114444 111888 555556666666666 555554444455555 444448888822222 Fractional coin 66666,,,,,444449999955555 44444444 222444222 66666,,,,,222220000099999 66666,,,,,111117777700000 55555.....888880000000000 United States notes 333332222233333 1111 333332222211111 333332222211111 333330000099999 In process of retirement4 222229999944444 222229999944444 222229999944444 222229999988888 TToottaall——DDeecc.. 3311 11997711 5555 77775555,,,,333333332222 ((((9999,,,,888877775555)))) 444466660000 9999,,,,888877774444 3333,,,,999922229999 6611,,006688 Nov. 30, 1971 5555 77774444,,,,000066664444 ((((9999,,,,888877775555)))) 444444448888 9999,,,,888877774444 3333,,,,111100006666 6600,,663366 Dec 31 1970 5555 77771111,,,,666622226666 ((((11110000,,,,444455557777)))) 444433331111 11110000,,,,444455556666 3333,,,,666644445555 5577,,009933 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as gold certificates are secured by outside the United States and currency and coin held by banks. Esti- gold. Duplications are shown in parentheses. mated totals for Wed. dates shown in table on p. A-5. 2 Includes $144 million gold deposited by and held for the International NOTE.—Prepared from Statement of United States Currency and Coin Monetary Fund. and other data furnished by the Treasury. For explanation of currency 3 Consists of credits payable in gold certificates, the Gold Certificate reserves and security features, see the Circulation Statement or the Aug. Fund—Board of Governors, FRS. 1961 BULLETIN, p. 936. 4 Redeemable from the general fund of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week Mi (MI p M lu i s time {Mi plu M s s d eposits Mi (Mi p M lu2 s time (M2 plu M s A d eposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other than institutions)2 demand deposits) banks other than institutions)2 large time CD's) 1 large time CD's) 1 1968—Dec 197.4 378.0 572.6 203.4 383.0 577.5 1969—Dec 203.7 386.8 '588.3 209.8 392.0 '593.4 1970—Dec 214.8 418.2 '634.0 221.2 423.5 '637.2 1971—Jan 215.3 423.1 '642.2 221.4 428.3 '647.5 Feb 217.7 430.4 '653.4 215.6 427.8 '650.4 Mar 219.7 437.1 '663.9 217.5 435.7 '662.9 Apr 221.2 441.5 '672.5 222.3 443.7 '675.2 May 223.8 446.6 '681.0 219.9 443.7 '678.2 June 225.5 450.6 '687.8 223.7 449.1 '687.1 July 227.4 453.4 '693.8 226.0 452.0 '693.0 Aug 228.0 454.5 '697.6 224.9 451.7 '694.5 Sept 227.6 455.6 '701.2 226.2 454.3 '699.5 Oct 227.7 458.3 '706.5 227.5 458.0 '705.9 Nov 227.7 460.8 '711.6 229.6 461.4 '711.4 Dec 228.2 464.7 '718.1 235.1 470.2 '723.4 1972—Jan.* 228.9 470.1 727.1 235.4 475.4 732.6 W1Qe7e9k enTdoi n n g—5 222222222222888888......222222 444444666666888888......222222 241.3 479.7 1 2 222222222222888888......555555 444444666666999999......222222 238.3 477.2 19 222222222222999999......000000 444444666666999999......888888 236.0 475.9 26p 222222222222999999......222222 444444777777000000......666666 231.1 472.0 Feb 5p 222222222222999999......888888 444444777777222222......222222 223300..77 447722..88 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non- Non- Govt. w o e r e k Cur- De- Time and savings t b h a r n i k ft Cur- De- Time and savings t b h a r n i k ft de it p s o 5 s rency mand deposits institu- rreennccyy mand deposits institudepos- tions 4 depos- tions 4 its its CD's 3 Other Total CD's 3 Other Total 1968—De c 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—De c 46.0 157.7 11.0 183.2 194.1 201.5 46.9 162.9 11.1 182.1 193.2 '201.4 5.6 1970—De c 49.0 165.8 25.5 203.4 228.9 '215.8 50.0 171.3 25.8 202.3 228.1 '213.6 7.3 1971— F Ja eb n 4 49 9 . . 7 3 1 16 6 8 6 . . 0 0 2 2 7 6 . . 5 6 2 21 0 2 7 . . 7 8 2 2 4 3 0 4 . . 2 4 ' ' 2 2 1 2 9 3 . . 2 0 4 4 9 9 . . 1 1 1 1 7 66 2 . . 5 3 2 2 7 7 . . 4 0 2 2 0 1 6 2 . . 9 2 2 2 3 3 3 9 . . 8 6 ' '2 2 2 1 2 9 . . 6 3 6 8 . . 8 4 Mar 50.0 169.7 28.1 217.4 245.4 '226.8 49.5 168.0 28.0 218.2 246.2 '227.2 5.5 Apr 50.5 170.7 27.8 220.3 248.1 '231.0 50.1 172.3 27.1 221.4 248.5 '231.5 5.5 May 50.8 173.0 28.5 222.8 251.3 '234.4 50.5 169.4 27.6 223.8 251.4 '234.5 7.8 June 51.1 174.5 29.4 225.0 254.4 '237.2 51.0 172.7 28.4 225.4 253.8 '238.0 5.3 July 51.6 175.8 30.4 225.9 256.4 '240.4 51.9 174.1 29.5 226.0 255.5 '241.1 6.8 Aug 51.7 176.3 30.8 226.5 257.3 '243.1 51.9 173.0 31.2 226.9 258.1 '242.8 6.8 Sept 51.9 175.7 31.6 228.0 259.6 '245.6 51.9 174.3 32.1 228.1 260.3 '245.2 7.5 Oct 52.2 175.5 32.7 230.6 263.3 '248.3 52.2 175.3 33.6 230.6 264.1 '247.9 5.3 Nov 52.2 175.5 32.2 233.1 265.3 '250.8 52.8 176.9 33.7 231.8 265.5 '250.0 3.9 Dec 52.5 175.7 33.4 236.4 269.9 '253.4 53.5 185.5 33.9 235.1 269.0 '253.2 6.7 1972—Jan... . 52.7 176.2 33.2 241.2 274.4 257.1 52.6 182.9 33.7 240.0 273.7 257.2 7.2 Week ending— 1972—Jan. 5. 52.6 175.6 33.2 240.0 273.2 53.3 188.1 33.4 238.4 271.7 8.7 12. 52.7 175.8 33.2 240.7 274.0 53.0 185.3 33.8 238.9 272.7 5.7 19. 52.8 176.1 33.2 240.9 274.1 52.6 183.4 33.8 239.9 273.7 6.3 26* 52.8 176.5 33.3 241.4 274.6 52.0 179.1 33.9 240.8 274.8 7.6 Feb. 5* 52.9 176.9 33.4 242.4 275.8 52.0 178.7 33.4 242.0 275.4 8.9 1 Includes, in addition to currency and demand deposits, savings de- NOTE.—For description of revised series and for back data, see pp. 880posits, time deposits open account, and time certificates of deposits other 93 of the November BULLETIN. than negotiable time certificates of deposit issued in denominations of Average of daily figures. Money stock consists of (1) demand deposits $100,000 or more by large weekly reporting commercial banks. at all commercial banks other than those due to domestic commercial 2 Includes M2, plus the average of the beginning and end of month banks and the U.S. Govt., less cash items in process of collection and F.R. deposits of mutual savings banks and savings and loan shares. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside 3 Negotiable time certificates of deposit issued in denominations of the Treasury, F.R. Banks, and vaults of all commercial banks. Time de- $100,000 or more by large weekly reporting commercial banks. posits adjusted are time deposits at all commercial banks other than those 4 Average of the beginning and end-of-month deposits of mutual savings due to domestic commercial banks and the U.S. Govt. banks and savings and loan shares. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT • FEBRUARY 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss 33 PPPPeeeerrrriiiioooodddd TTToootttaaalll NNNooonnn--- Demand Demand bbbooorrrrrrooowwweeeddd RRReeeqqquuuiiirrreeeddd TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1968—Dec.'" 27.29 26.51 26.89 297.6 164.3 128.3 5.0 301.2 163.8 133.3 4.1 304.6 308.1 1969—Dec.r 27.97 26.83 27.74 285.4 150.3 129.8 5.3 288.8 149.7 134.6 4.6 305.4 308.8 1970—Dec.r 29.13 28.76 28.92 319.0 178.8 133.8 6.4 322.8 178.2 138.7 6.0 330.6 334.4 1971—Jan.r 29.40 28.97 29.16 323.3 183.5 134.1 5.8 328.2 182.8 139.7 5.6 333.4 338.3 Feb.' 29.61 29.25 29.36 328.1 187.5 135.7 4.9 328.4 187.1 134.3 7.0 336.7 337.0 Mar.r 29.78 29.44 29.59 332.5 191.7 136.8 4.0 332.2 192.3 135.4 4.5 339.6 339.2 Apr.r 29.99 29.86 29.79 336.9 193.6 137.7 5.6 337.3 193.6 139.0 4.7 342.0 342.4 May r 30.32 30.10 30.12 340.4 196.0 139.0 5.4 338.4 195.8 135.9 6.7 344.5 342.5 Juner 30.53 30.11 30.34 342.3 198.2 139.8 4.3 340.2 197.6 138.2 4.4 346.7 344.7 July 30.65 29.93 30.48 345.5 199.8 140.6 5.1 344.1 198.9 139.4 5.7 349.8 348.4 Aug.r 30.73 29.98 30.56 347.1 200.3 141.0 5.7 344.6 200.8 138.1 5.8 351.0 348.6 Sept.r 31.05 30.53 30.89 349.2 202.1 140.5 6.6 348.2 202.7 139.2 6.3 353.3 352.2 Oct.'" 30.89 30.49 30.70 349.8 205.2 139.9 4.7 350.2 205.9 139.9 4.3 354.7 355.0 Nov.r 30.97 30.53 30.75 352.7 206.4 140.9 5.4 351.6 206.9 141.6 3.1 358.0 357.0 Dec.'" 31.25 31.08 31.10 357.9 210.2 141.5 6.2 362.2 209.7 146.7 5.7 361.9 366.2 1972—Jan. p 31.80 31.68 31.57 361.0 213.7 141.1 6.2 366.4 213.4 147.0 6.0 365.0 370.4 1 Averages of daily figures. Member bank reserve series reflects actual 1968 are not comparable with later data due to the withdrawal from the reserve requirement percentages with no adjustment to eliminate the System on Jan. 2, 1969, of a large member bank. effect of changes in Regulations D and M. Required reserves were in- 3 Total member bank deposits subject to reserve requirements, plus creased by $660 million effective Apr. 16, 1969, and $400 million, effective Euro-dollar borrowings, bank-related commercial paper, and certain Oct. 16, 1969. Required reserves were reduced bv $500 million (net) other nondeposit items. This series for deposits is referred to as "the adeffective Oct. 1, 1970. justed bank credit proxy." 2 Averages of daily figures. Deposits subject to reserve requirements NOTF.—Due to changes in Regulations M and D, member bank reinclude total time and savings deposits and net demand deposits as defined serves include reserves held against nondeposit funds beginning Oct. 16, by Regulation D. Private demand deposits include all demand deposits 1969. Back data may be obtained from the Banking Section, Division of except those due to the U.S. Govt., less cash items in process of collection Research and Statistics, Board of Governors of the Federal Reserve and demand balances due from domestic commercial banks. Data for System, Washington, D. C. 20551. GROSS LOANS At 40 INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans1 plus loans sold to bank affiliates3 DDDaaattteee Securities Securities TToottaall ii,,22 LLooaannss11,, 22 TToottaall ii,,22 LLooaannss11,,22 U.S. Other2 U.S. Other2 Govt. Govt. 1965-—Dec. 31 300.1 198., 2 57.1 44. ,8 307.6 203.2 59.5 44.9 1966-—Dec. 31 316.1 213. 9 53. 5 48. ,7 324.0 219.0 56.2 48.8 1967-—Dec. 30 352.0 231. .3 59. .3 61. .4 360.8 236.8 62.5 61.5 1968 -Dec. 31 390.6 258.2 61. 0 71. ,4 400.4 264.4 64.5 71.5 1969--Dec. 31 4 402.1 279. 4 51. 5 71., 2 412.1 286.1 54.7 71.3 1970-—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. 21P 476.5 316. ,4 59.. 1 101.. 0 475.8 314.5 60.0 101.3 319.3 317.4 Nov. 24* 478.4 317. ,5 58., 9 102.0 478.5 316.0 61.1 101.4 320.3 318.8 Dec. 31 v 482.9 318. .6 60. ,3 103,. 9 494.9 326.3 64.6 104.1 321.5 329.2 1972-—Jan. 26 " 489.8 324.3 59. .8 105 .7 488.5 321.2 62.8 104.5 327.3 324.2 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 billion are included in "Other securities" rather than "Loans." NOTE.—Series revised. For monthly data 1959-70, see Dec. 1971 BULLE- 3 Includes loans sold outright by commercial banks to own subsidiaries, TIN, pp. 974-75. For monthly data, 1948-58, see Aug. 1968 BULLETIN, foreign branches, holding companies, and other affiliates. pp. A-94-A-97. For a description of the seasonally adjusted series see 4 Beginning June 30, 1969, data revised to include 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

FEBRUARY 1972 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, c c s G S e a a to r t D n o e t c d l i R s d k f 1 i - T r s c o e r u t i u n n e u a r g a c r y n 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 Other 3 O r s i e t t c h ie u e s - r c T l n a i i a n e p a t o n i t b e i e t — 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 s a 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. 27*. 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. 24*. 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. 29*. 10,500 7,600 642.900 379,400 141,600 67,900 71,200 2,500 121,900 661,100 597,900 63,200 1972—Jan. 26*. 10,500 7,700 639,900 378,300 138,700 66,200 69,900 2,500 123,000 658,100 590,100 68,000 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n s c i r k d - y s e d ju e m D p s a a t o d e e n s - - d d it 7 s o b r u C e a t n u n s c i r 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 m c 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 t n s a - g 3 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 o a A v n n m i t d n k l s g . s B F a A . n R t k . s 1947—Dec. 31... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 ,336 1,452 870 1950—Dec. 30... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 ,293 2,989 668 1967—Dec. 30... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 ,344 5,508 1,123 1968—Dec. 31.. . 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315.. 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—Jan. 27 . . 203,300 48,300 155,000 205,900 47,600 158,300 307,600 235,000 72,600 2,500 500 9,500 1,200 Feb. 24.. . 204,900 48,500 156,400 203,800 47,900 155,900 313,900 240,400 73,500 2,500 500 7,500 1,400 Mar. 31.. . 214,100 49,300 164,800 208,200 48,800 159,400 322,100 247,000 75,100 2,500 500 5,000 900 Apr. 28... 207,200 48,900 158,300 207,400 48,500 158,800 324,200 248,300 75,900 2,300 500 8,600 1,400 May 26.. . 212,400 49,500 162,900 209,900 49,400 160,500 328,400 251,700 76,800 2,300 500 8,500 900 June 30.. . 217,900 50,000 167,900 215,010 50,491 164,519 331,873 253,651 78,222 2,482 454 8,939 1,274 July 28... 213,900 50,400 163,500 213,700 50,500 163,200 334,000 255,800 78,200 2,500 500 7,400 1,400 Aug. 25. .. 214,700 50,300 164,400 213,000 50,600 162,300 336,300 257,700 78,600 2,500 500 10,000 1,400 Sept. 29*. . 213,800 50,400 163,400 212,400 50,500 161,900 340,700 261,400 79,400 2,400 500 9,500 2,000 Oct. 27*. . 215,400 51,000 164,400 216,300 50,900 165,400 343,400 263,600 79,800 2,500 500 6,500 1,700 Nov. 24*. . 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. 29* . 223,200 51,100 172,100 230,100 52,200 177,800 351,300 270,000 81,300 2,500 500 11,600 2,000 1972 Jan. 26* . 216,100 51,800 164,300 218,900 51,100 167,800 355,600 273,900 81,700 2,400 500 2,900 1 Includes Special Drawing Rights certificates beginning January 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans" were excluded from "Time June 1961, also includes certain accounts previously classified as other liadeposits" and deducted from "Loans" at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re- (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See footnote 1 on p. A-23. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 See second paragraph of note 2. NOTE.—For back figures and descriptions of the consolidated condition 5 Figures for this and later dates take into account the following changes statement and the seasonally adjusted series on currency outside banks and (beginning June 30, 1969) for commercial banks: (1) inclusion of con- demand deposits adjusted, see "Banks and the Monetary System," Section solidated reports (including figures for all bank-premises subsidiaries and 1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS other significant majority-owned domestic subsidiaries) and (2) reporting for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estiof figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only forlast Wed. of month. condition beginning June 1969, see BULLETIN for Aug. 1969, pp. 642-46. 7 Other than interbank and U.S. Govt., less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • FEBRUARY 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 Time Time5 ury counts4 U.S. Govt. Other All commercial banks: 1941 —- Dec. 31 ... 50,746 21,714 21,8 7,225 26,551 79,104 71,283 10,982 44 349 15,952 23 1945--Dec. 31 ... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 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 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 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 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 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 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 1971--Jan. 27... 454,250 305,600 61,520 87,130 83,860 559,200 462,730 25,360 2,030 9,250 190,810 235,280 20,500 Feb. 24... 458,040 307,740 61,430 88,870 82,450 561,810 463,950 25,850 1,990 7,060 188,180 240,870 21,500 Mar. 31. .. 463,500 310,380 61,620 91,500 94,350 580,930 483,470 30,640 1,990 4,520 198,860 247,460 22,130 Apr. 28. .. 467,030 312,840 60,030 94,160 88,680 578,200 479,640 26,430 2,020 8,150 194,310 248,730 24,070 May 26... 469,010 315,380 58,770 94,860 84,530 576,610 478,570 24,400 2,080 7,900 191,930 252,260 23,390 June 30... 480,524 322,886 60,254 97,383 96,141 599,429 503,018 31,313 2,207 8,412 206,918 254,168 22,547 July 28... 478,300 320,870 59,280 98,150 85,880 587,470 489,140 26,650 2,030 6,790 197,310 256,360 24,050 Aug. 25... 482,230 325,450 58,720 98,060 85,300 591,080 491,180 26,380 2,110 9,390 195,020 258,280 24,620 Sept. 292>. . 489,640 331,000 58,740 99,900 88,180 602,070 497,530 27,050 2,500 8,920 197,180 261,{ 26,850 Oct. 21 v. . 491,270 329,910 60,020 101,340 95,590 610,880 505,960 28,950 2,610 5,940 204,350 264,110 27,240 Nov. 24p. . 495,560 333,040 61,140 101,380 95,350 614,570 504,830 28,250 2,600 4,200 203,760 266,020 30,870 Dec. 29p. . 511,670 343,530 64,550 103,590 95,830 632,780 524,890 27,020 2,650 11,120 213,610 270,490 30,960 1972--Jan. 26p.. 506,410 339,100 62,810 104,500 91,860 622,090 519,020 28,550 2,820 9,240 203,950 274,460 26,510 Member of F.R. System: 1941 —- Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 1945--Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 1947--Dec. 31.. . 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 1966--Dec. 31 .. . 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 1967--Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 1968--Dec. 31 ... 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 1969--Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 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 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 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 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 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 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 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 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 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 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 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 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 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 1972—Jan. 26?. 397,948 272,451 45,722 79,775 80,580 498,591 411,462 27,230 2,596 7,643 162,307 211,686 25,429 Reserve city member: New York City:8 1941—Dec. 31 .. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1945—Dec. 31.. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 1947—Dec. 31 .. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 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 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 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 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 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 1971—Jan. 27.. 60,658 45,791 6,011 8,856 21,274 87,437 64,712 11,270 950 1,985 29,761 20,746 4,997 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 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 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 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 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 July 28.. 59, 46,382 4,837 8,769 22,281 88,057 67,319 12,062 835 939 29,379 24,104 5,954 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 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 Oct. 27.. 61,734 47,971 5,r~ 8.675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 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 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 1972—Jan. 26.. 62,539 48,337 5,405 8,797 23,684 91,726 71,017 13,443 1,258 1,395 30,660 24,261 5,854 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Interbank3 Other Total Num- Class of bank lia- Bor- capital ber and date Cash bilities row- ac- of Total assets 3 and Demand ings counts banks U.S. capital Total3 Treas- Other ac- De- Time Time 5 ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 8 9 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1.312 ,552 3,462 719 377 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 1966—Dec. 31 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 25 310 6,008 4, 484 1,199 1967—Dec. 30 12.744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 21 267 6,250 6,013 383 1,346 1968—Dec. 31 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 1969—Dec. 31 7 14,365 10,771 1.564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1,517 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 1,586 1971—Jan. 27 15,530 10,901 2,208 2,421 2,981 19,487 14,303 1.313 79 487 6,091 6,333 1,969 1,591 Feb. 24 15,479 11,000 2,048 2,431 3,083 19,482 14,264 1,451 58 252 6,010 6,493 2,125 1,618 Mar. 31 16,056 11,345 2,179 2,532 2,695 19,609 14,665 2,074 130 168 5,598 6,695 1,961 1,635 Apr. 28 15,726 11,051 1,940 2,735 3,159 19,874 15,048 1,326 123 414 6,415 6,770 2,304 1,622 May 26 15,853 11,293 1,677 2,883 3,011 19,741 14,951 1,300 143 419 6,181 6,908 2,180 1,616! 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 1.637 July 28 16,128 11,724 1.565 2,839 3,199 20,233 15,413 1,448 150 277 6,389 7, 2,489 1,634 Aug. 25 16,346 12,113 1,528 2,705 3,089 20,364 15,234 1,365 142 380 5,997 7, 2,447 1.638 Sept. 29 16,704 12,273 1,671 2,760 2,756 20,438 15,571 1,339 191 374 6,028 7. 1,952 1,649 Oct. 27 16,526 11,938 1,732 2,856 3,576 21,049 15,933 1,553 228 240 6,386 1\ 2,462 1,669 Nov. 24 16,651 11,945 1,780 2,926 3,856 21,333 15,364 1,431 219 102 6,097 7, 2,712 1,649 Dec. 29 17,032 12,203 1,772 3,057 3,601 21,646 16,340 1,403 226 463 6,706 1\ 2,838 1,661 1972—Jan. 26 16,614 11,901 1 ,657 3,056 3,488 21,059 15,730 1,460 213 378 6,243 2,673 1,781 Other reserve city: 8,9 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 ....... 4 3 0 6 , , 1 0 0 4 8 0 1 8 3 , , 5 4 1 4 4 9 2 2 0 9 , , 1 5 9 5 6 2 2 2, , 3 0 9 4 6 2 1 1 3 1 , , 0 2 6 8 6 6 4 5 9 1 , , 6 8 5 9 9 8 4 4 9 6 , , 0 4 8 6 5 7 6 5 , , 4 6 1 2 8 7 2 3 2 0 8,2 4 2 0 1 5 2 28 4 , , 9 6 9 5 0 5 1 9 1 , , 7 4 6 2 0 3 2 1 2 2, , 8 5 4 6 4 6 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 1967—Dec. 30 105.724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 1969—Dec. 31 7 121,324 90,896 11,944 18,484 29,954 157.512 126,232 10,663 242 1,575 58,923 54,829 9,881 11,464 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 12,221 1971—Jan. 27 130.725 92,805 14,490 23,430 26,930 164,214 133,018 8,875 675 3,141 52,463 67,864 10,413 12,234 Feb. 24 131,751 92,932 14,498 24,321 26,701 164,992 133,375 9,169 686 2,262 52,063 69,195 10,014 12,321 Mar. 31. 134,204 94,302 14,636 25,266 29,361 170.513 138,409 9,791 692 1,592 55,594 70,740 11,044 12,474 Apr. 28 134,119 94,416 13,830 25,873 28,581 169,509 136,752 9,036 652 3,066 53,562 70,436 11,889 12,502 May 26 134,244 95,022 13,409 25,813 28,193 169,420 137,136 9,009 714 2,671 53,519 71,223 11,325 12,561 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 12,826 July 28 136,792 97,128 13,487 26,177 26,803 170,828 138,268 9,150 684 1,999 54,884 71,551 11,822 12,785 Aug. 25 137,513 98,538 13,132 25,843 27,341 172,142 138,865 9,111 667 3,366 54,235 71,486 12,375 12,854 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 12,922 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 13,012 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 13,012 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 13,164 1972—Jan. 26 145,436 103,311 14,796 27,329 29,154 182,373 147,352 9,306 901 3,057 56,144 77,944 13,528 13,427 Country member: 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,235 12,494 11 2,525 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,378 14.560 23 2,934 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 1,474 56,672 57,144 308 10,309 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 1968—Dec. 31 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 1969—Dec. 317 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 12,766 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 13,807 1971—Jan. 27 152,818 97,686 22,513 32,619 22,336 180,086 157.059 2,721 81 2,316 64,380 87.561 2,178 13,676 Feb. 24 154,467 98,374 22,916 33,177 22,119 181,664 158,145 2,693 81 2,337 63,287 89,747 2,446 13,764 Mar. 31 156,551 99,673 22,695 34,183 23,925 186,072 162,273 2,862 81 1,393 65,677 92,260 2,361 13,826 Apr. 28 158,579 100,832 22,618 35,129 22,694 186,808 162,599 2,655 81 2,085 64,958 92,820 2,505 13,932 May 26 160,056 101,757 22,508 35,791 22,882 188,553 163,827 2,680 135 2,185 64,975 93,852 2,660, 13,970 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 14,499 July 28 163,225 102,754 22.955 37,516 23,059 191,971 167,088 2,776 135 2,281 66,784 95,112 2,866 14,128 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 14,153 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 14,195 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 14,291 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 14,385 Dec. 29 174,137 109,816 24,327 39,994 25,216 205,835 178,734 3,111 224 3,024 72,278 100,097 3,462 14,557 1972—Jan. 26* 173,359 108,902 23,864 40,593 24,254 203,433 177,363 3,021 224 2,813 69,260102,045 3,374 14,567 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • FEBRUARY 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS a i n n m d s u e r F m a D b n e c IC e rs hip Total Loa l ns U.S. Other a C ss a e s t h s 3 c b a i a l l p i n i a t i d i t - e a s l Total3 De- Demand Time rr BB ii oo nn oo ww gg rr ss -- -- c c c c c c TTT aaa ooo aaa ppp ooo uuu ccc iii ttt nnn --- ttt aaa ttt aaa lll sss lll bbb NNN aaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Treas- 2 ac- mand Time 5 ury counts4 U.S. Govt. Other Insured banks: Total: 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 . . . . . . 1 1 4 2 1 9 1 4 , , , 2 8 2 9 0 7 0 9 4 2 2 3 1 5 7 , , , 2 7 5 5 6 8 9 5 3 8 2 6 8 1 7 , , , 9 0 9 1 4 4 2 6 1 7 8 6 , , , 1 7 9 3 5 8 1 0 4 2 3 3 5 4 6 , , , 7 2 9 8 9 2 8 2 6 1 1 7 5 5 6 7 2 , , , 8 5 7 2 4 3 0 4 3 ' 1 1 4 6 4 1 7 9 , , , 8 7 4 5 7 1 1 5 1 12,6 1 1 1 0 3 5 , , 8 6 8 5 3 4 54 23 1 1 , , , 7 3 7 4 2 6 0 5 2 ' 9 4 8 2 1 0 , , , 9 2 2 7 9 7 5 8 6 2 3 1 9 4 5 , , , 8 8 6 8 7 9 2 6 9 21 6 1 5 1 0 9 8 6, , , 8 7 6 4 3 7 4 4 1 1 1 1 3 3 3 , , , 3 2 4 9 9 2 8 7 6 1 1 1 9 9 9 6 6 6 3 5 4 — — — D D D e e e c c c . . . 3 2 3 1 0 1 . . . . . . 2 2 3 5 7 0 2 5 3 , , , 5 0 5 7 5 9 9 3 3 2 1 1 0 7 5 0 4 5 , , , 1 2 2 0 6 3 9 1 4 6 6 5 2 9 2 , , , 4 1 7 9 2 2 9 0 3 4 3 3 4 4 8 , , , 3 5 3 6 9 2 4 4 0 6 5 5 0 9 0 , , , 3 9 3 2 1 3 7 1 7 3 3 3 7 4 1 4 3 0 , , , 0 8 7 5 7 3 1 6 0 2 3 3 7 0 3 3 5 0 , , , 6 1 3 1 2 5 3 3 7 1 1 1 8 5 7 , , , 1 0 6 4 7 6 9 7 4 4 9 7 2 4 3 3 3 3 6 6 5, , , 5 7 4 0 1 8 8 2 7 1 1 1 5 5 4 9 4 0 , , , 6 0 7 5 4 0 9 3 2 1 1 1 4 2 1 6 6 0 , , , 0 1 7 8 8 2 4 5 3 4 2 3 , , , 3 5 5 2 7 8 5 1 0 2 2 2 9 7 5 , , , 8 3 2 2 7 7 7 7 7 1 1 1 3 3 3 , , , 5 4 2 4 8 8 0 6 4 1 1 1 9 9 9 6 6 6 8 7 6 — — — D D D e e e c c c . . . 3 3 3 1 1 0 . . . . . . 3 3 3 9 5 2 9 8 1 , , , 5 5 4 6 3 7 6 6 3 2 2 2 6 3 1 4 5 7 , , , 6 5 3 0 7 0 0 9 2 6 6 5 4 2 5 , , , 0 0 7 2 9 8 8 4 8 4 6 7 0 8 0 , , , 9 9 3 3 4 0 8 1 7 8 7 6 3 7 8 , , , 0 3 5 6 4 1 1 8 5 4 4 4 4 9 0 8 8 1 , , , 8 0 4 7 7 0 8 1 9 4 3 3 3 9 5 2 4 1 , , , 7 1 4 1 1 3 9 8 8 2 2 1 1 4 9 , , , 5 4 4 9 2 9 8 7 7 1 1 , , 2 1 8 5 5 8 8 5 1 4 5 5 , , , 2 9 0 1 7 0 9 5 0 1 1 1 6 8 9 6 2 8 . . , 6 9 5 8 8 3 9 4 5 2 1 1 0 8 5 3 3 9 , , , 6 0 3 0 6 9 2 0 6 4 8 5 , , , 7 5 6 3 1 7 1 7 5 3 3 3 6 1 3 , , , 6 5 9 0 1 3 9 6 0 j ' 1 1 1 3 3 3 , , , 4 5 5 8 3 1 1 3 0 1969— D Ju e n c e . 3 3 0 1 7 .. . 4 4 1 0 9 8 , , 7 6 4 2 6 0 2 2 9 8 4 3 , , 6 1 3 9 8 9 5 5 4 3 , , 3 7 9 2 9 3 7 7 0 1 , , 7 6 0 9 9 7 8 8 9 7 , , 0 31 9 1 0 5 5 2 1 7 3 , , 5 9 9 6 8 0 4 4 3 2 4 3 , , 1 9 3 5 8 7 2 2 6 4 , , 8 88 5 9 8 8 69 0 5 0 5 5, , 0 6 3 2 8 4 2 1 0 9 7 2 , , 3 3 1 5 1 7 2 1 0 9 0 4 , , 2 2 8 3 7 7 1 18 4 , , 0 4 2 5 4 0 3 3 8 9 , , 3 4 2 5 1 0 1 1 3 3 , , 4 4 6 6 4 4 1970— D Ju e n c e . 3 3 1 0 . . . . 4 4 5 2 8 1 , ,1 9 4 1 1 9 2 3 9 1 4 2 , , 9 00 6 6 3 5 61 1 , , 4 2 3 4 8 8 7 8 4 5 , , 9 4 2 7 9 5 9 8 2 4 , , 7 8 0 8 8 5 5 5 2 7 6 2 , , 4 6 8 8 4 2 4 4 7 3 9 1 , , 1 0 7 9 4 4 2 3 6 0 , , 0 2 1 3 7 3 1,8 8 7 2 4 9 7 8 , , 8 0 9 4 8 0 2 1 0 9 8 1 , , 0 7 3 5 7 2 2 2 0 3 4 1 , , 4 1 5 3 6 2 1 1 8 9 , , 2 1 1 4 5 9 4 4 2 1 , , 4 1 2 5 7 9 . ' 1 1 3 3 , , 5 4 0 7 2 8 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: 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 . . . . . . 2 6 6 7 9 5 , , , 5 3 2 7 1 8 1 2 0 2 1 1 1 1 3 , , , 4 7 9 2 2 2 8 5 5 3 5 1 8 1 2 , , , 6 0 2 7 3 5 4 9 0 4 3 5 , , , 1 1 8 7 3 0 8 7 6 . 2 2 1 2 0 4 , , , 0 1 9 2 4 7 4 4 7 4 9 8 3 0 8 , , , 4 2 1 3 8 2 3 2 0 8 8 3 2 4 9 , , , 0 9 4 2 3 5 3 9 8 8,37 9 6 5 , , 2 7 1 2 8 9 6 35 1 1 4 , , 0 0 7 8 1 9 8 3 5 4 2 5 5 3 3 , , , 5 4 2 4 7 6 1 3 2 1 1 8 9 6 , , , 3 2 2 2 7 2 2 8 4 4 7 5 4 8 4 3 5 , , , 6 4 6 0 4 4 9 4 0 5 5 5 , , , 1 0 0 1 1 0 7 7 5 1 1 1 9 9 9 6 6 6 5 3 4 — — — D D D e e e c c c . . . 3 2 3 1 0 1 . . . . . . 1 1 1 7 5 3 6 1 7 , , , 6 4 4 0 0 4 5 6 7 1 9 8 1 6 4 8 , , , 6 8 5 8 4 3 8 5 7 3 3 3 2 3 3 , , , 3 4 3 4 8 0 7 4 5 2 2 1 5 1 9 , , , 7 3 2 2 1 1 0 2 8 2 3 3 6 8 4 , , , 8 6 0 8 3 6 0 5 4 2 1 1 1 7 9 9 0 0 , , , 7 2 2 4 8 3 4 9 3 1 1 1 6 9 5 9 3 0 , , , 6 8 8 1 6 2 5 0 3 1 1 8 2 0 , , , 8 5 0 6 2 6 3 1 4 4 2 1 5 1 4 8 1 6 3 3 3 , , , 2 6 6 9 8 0 1 4 4 9 8 7 2 4 6 , , , 5 5 8 3 3 3 3 4 6 8 6 7 5 1 0 , , , 5 2 7 2 8 4 2 8 6 2 1 1 , , , 6 1 7 2 0 0 7 9 4 1 1 15 7 3 , , , 0 4 5 4 3 4 8 4 8 ; 4 4 4 , , , 8 6 7 1 1 7 5 5 3 1 1 1 9 9 9 6 6 6 7 8 6 — — — D D D e e e c c c . . . 3 3 3 1 0 1 . . . . . . 2 2 1 0 3 8 8 6 7 , , , 9 1 2 7 5 3 1 1 0 1 1 1 5 3 2 9 9 9 , , , 3 2 1 1 5 8 5 7 2 3 3 3 4 5 0 , , , 3 3 3 0 0 5 8 0 5 1 4 2 3 1 7 5, , , 3 5 7 4 7 1 8 2 3 : j 4 4 5 6 1 0 , , , 6 6 9 3 9 5 4 0 3 2 2 2 9 6 3 6 3 5 , , , 5 3 9 9 7 9 4 5 6 2 2 2 0 3 5 6 1 7 , , , 4 3 8 5 7 8 6 4 4 1 1 1 2 3 5 , , , 5 8 1 8 7 1 8 7 7 4 6 6 3 5 5 7 7 2 3 3 3 , , , 1 0 0 4 9 3 2 0 5 1 1 9 0 1 6 6 6 , , , 7 0 4 5 1 2 5 9 2 1 1 9 0 2 3 7 2 , , , 6 6 5 4 8 9 2 4 7 3 3 5 , , , 4 1 9 7 2 2 8 0 3 2 1 1 1 8 9 , , , 5 4 7 2 5 3 4 9 0 4 4 4 , , , 7 7 7 9 5 1 9 8 6 1969— D Ju e n c e . 3 3 0 1 7 .. . 2 2 4 4 2 7 , , 2 5 4 2 1 6 1 17 7 0 7 , , 8 4 3 35 4 2 2 9 9 , , 4 5 8 7 1 6 4 4 1 0 , , 9 5 2 1 7 4 : 5 5 2 4 , , 2 7 7 2 1 1 3 3 0 1 5 3 , , 8 9 0 2 0 7 2 2 5 5 1 6 , , 4 3 8 1 9 4 1 1 4 6 , , 3 2 2 9 4 9 ' 4 3 3 6 7 1 3 3 , , 5 0 3 4 4 9 1 12 1 1 3 , , 7 1 1 3 9 4 1 1 2 1 0 4 , , 0 8 6 8 0 5 1 9 2 , , 8 2 9 7 5 9 2 2 2 3 , , 6 2 2 4 8 8 4 4 , ,6 7 6 0 8 0 1970— D Ju e n c e . 3 3 1 0 . . . . 2 2 4 7 7 1 , , 8 7 6 6 2 0 1 1 7 8 6 7 , , 3 5 7 5 6 4 2 3 8 4 , , 1 2 9 0 1 3 4 5 3 0 , , 2 0 9 0 5 4 5 5 1 6 , , 9 02 4 8 2 3 3 4 1 0 2 , , 7 4 6 8 4 0 2 2 5 8 4 3 , , 2 6 6 6 1 3 1 1 4 8 , , 9 0 4 5 7 1 9 3 8 9 2 3 4 5 , , 7 06 4 6 0 1 12 1 2 3 , , 2 2 9 9 8 6 ! 1 1 2 3 0 7 , , 5 5 5 9 9 2 1 1 3 3 , , 0 1 5 0 1 0 2 24 4 , , 8 1 6 0 8 6 4 4 , , 6 6 3 2 7 0 1971—June 30.. 281,830 192,339 33,759 55,732 157, 244 352,807 294,025 16,575 1,441 5,118 121,096 149,795 15,629 25,999 4,598 State member: 1 1 1 9 9 9 4 4 4 1 5 7 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . 3 3 1 7 2 5 , , , 8 5 9 7 6 5 1 6 0 1 6 8 1 , , , 2 8 2 9 5 0 5 0 0 2 1 7 7 9 , , , 5 0 2 8 0 4 9 0 0 2 2 1 , , , 1 1 9 5 2 3 5 5 3 1 8 9 0 , , , 7 1 8 3 4 2 1 5 2 4 4 2 3 8 4 , , , 8 0 68 7 8 8 9 4 4 4 2 4 0 2 , , , 5 7 2 0 5 3 5 9 0 3,97 4 3 8 , , 4 : 7 1 3 1 9 15 8,1 6 3 6 2 8 6 1 1 2 2 1 4 7 3 , , , 1 0 8 6 6 7 8 8 4 4 9 7 , , , 0 0 9 2 6 8 5 2 6 13 9 0 1 2 2 3 , , , 2 9 0 4 4 5 6 5 5 1 1 1 , , , 9 5 8 1 0 6 8 2 7 1 1 1 9 9 9 6 6 6 4 5 3 — — — D D D e e e c c c . . . 2 3 3 0 1 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 | J 1 1 1 5 2 5 , , , 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 1 5 8 5 , , , 9 6 7 3 7 6 4 3 0 9 9 9 3 8 1 , , , 6 8 2 5 4 3 2 0 5 8 8 7 6 1 8 , , , 1 6 5 0 5 5 8 7 3 6 5 5 , , , 4 3 6 8 9 5 6 0 5 4 2 3 5 3 8 3 6 2 2 2 1 , , , 2 2 6 3 9 0 4 5 6 4 4 3 4 0 9 , , , 0 7 5 0 2 9 5 5 8 2 3 3 9 2 4 , , , 9 6 6 3 4 8 1 2 0 1 1 1 , , 3 7 ,6 7 9 0 2 5 7 7 7 7 , , , 8 4 5 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 7 6 8 — — — D D D e e e c c c . . . 3 3 3 0 1 1 . . . . . . 8 7 8 5 9 7 , , , 1 8 3 2 9 7 8 4 7 5 5 6 4 8 1 , , , 5 5 9 6 1 6 0 3 5 ! 1 1 1 1 2 2 , , , 5 6 5 6 4 8 9 9 1 1 1 1 3 1 5 , , , 9 3 2 6 4 4 6 8 7 , 2 2 1 2 2 9 , , , 3 8 04 0 1 9 3 2 1 1 9 1 1 9 1 6 , , , 5 1 8 0 8 8 4 8 5 8 9 9 5 5 8 , , , 5 6 4 4 3 6 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 , , , 2 4 3 8 1 9 9 9 7 4 4 4 5 7 1 , , , 9 4 4 6 9 6 1 8 4 4 4 3 0 0 6 , , , 7 1 9 2 3 4 9 6 5 2 1 1 , , , 5 4 8 9 3 9 8 5 2 8 8 7 , , , 3 8 5 1 6 3 9 8 6 1 1 1 , , , 3 3 2 5 1 6 1 3 2 1 1969— D Ju e n c e . 3 3 1 0 . 7 . . 9 8 0 8 , , 0 3 8 4 8 6 6 6 4 5, , 5 0 6 0 0 7 ' 1 9 0 , , 9 2 0 5 2 7 1 1 4 4 , , 4 2 3 7 7 1 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 0 3 1 6 1970— D Ju e n c e . 3 3 1 0 . . . . 9 8 4 8 , , 7 40 6 4 0 6 6 4 6 , , 4 9 3 6 9 3 1 9 1 , , 1 1 3 9 3 6 1 1 4 6 , , 8 6 3 0 2 0 2 2 5 3 , , 4 5 7 9 2 8 1 1 1 2 7 5 , , 2 4 0 6 9 0 1 9 0 1 1 , , 9 5 6 1 7 2 1 1 0 1 , , 1 0 7 9 5 1 2 7 9 5 9 0 1 1 , , 8 7 9 2 1 0 4 4 5 2 , , 7 6 3 2 4 0 4 3 2 6 , , 2 9 1 8 8 3 4 5 , , 4 4 5 7 7 8 9 9, , 2 0 3 7 2 8 1 1 ,1 ,1 4 6 7 6 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: 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 . . . . . . 1 1 5 6 4 , , , 7 6 4 3 7 4 9 6 4 4 2 3 , , , 9 9 2 5 4 9 8 1 2 1 1 1 0 0 , , , 5 0 5 0 3 8 9 9 4 1 1 1 , , , 0 4 0 2 4 6 5 8 3 4 4 2 , , , 4 0 6 4 6 8 8 8 3 2 1 8 0 9 , , , 7 6 2 0 9 5 8 1 6 1 1 7 8 9 , , , 7 1 3 0 1 4 2 9 0 262 2 1 4 2 4 9 4 1,5 1 6 4 5 0 9 3 1 1 4 2 0 , , , 1 3 6 6 6 3 2 6 5 , 3 6 5 , , , 5 3 6 5 6 8 8 0 0 6 7 7 1 1 , , 2 0 9 7 8 5 1 3 9 6 6 6 , , , 4 4 8 1 7 1 6 8 0 1 1 1 9 9 9 6 6 6 4 5 3 — — — D D D e e e c c c . . . 2 3 3 0 1 1 . . . . . . 4 4 5 2 6 2 , , , 4 5 0 6 6 2 4 7 8 2 2 3 6 3 0 , , , 5 5 3 4 5 1 4 0 0 1 1 1 3 4 3 , , , 7 1 39 9 3 1 0 7 6 7 5 , , , 5 2 5 8 3 2 1 3 3 7 7 5 , , , 1 5 9 7 1 4 4 3 2 4 5 6 9 4 0 , , , 2 6 7 7 7 4 5 9 7 4 4 5 9 4 4 , , , 3 2 8 8 8 0 9 0 6 6 6 5 5 9 5 8 5 9 ' , 6 7 8 1 0 3 6 7 6 4 1 2 9 8 6 2 2 2 5 7 3 , , , 5 5 1 2 0 4 8 4 0 2 2 1 2 5 9 , , , 5 8 7 0 8 9 9 2 3 9 9 7 9 1 2 4 4 4 , , , 4 2 9 8 3 1 8 2 4 7 7 7 , , , 1 2 3 7 6 2 3 2 0 1 1 1 9 9 9 6 6 6 7 6 8 — — — D D D e e e c c c . . . 3 3 3 0 1 1 . . . . . . 6 5 7 4 3 6 , , , 4 5 8 4 5 5 9 3 7 4 3 3 3 3 7 , , , 3 6 6 7 3 7 8 6 5 1 1 1 3 5 6 , , , 8 1 1 7 4 5 3 6 5 1 1 9 1 4 , , , 3 6 0 2 4 2 9 9 0 ! 9 7 8 , , , 7 4 3 7 0 0 7 3 5 6 7 8 5 4 4 , , , 9 3 6 2 2 0 1 8 5 6 7 5 6 7 9 , , , 3 1 4 6 3 0 8 4 7 9 7 7 0 0 8 8 9 6 8 9 8 7 4 9 | 6 5 5 9 8 4 1 8 3 2 3 3 8 1 4 , , , 4 0 6 7 0 1 1 4 5 2 4 3 9 0 4 , , , 6 0 6 2 6 4 5 0 0 2 1 9 1 6 9 7 2 5 6 5 , , , 3 4 8 4 8 3 2 2 0 7 7 7 , , , 5 4 38 0 4 4 4 0 1969— D Ju e n c e . 3 30 1 7 .. . 8 7 2 8 , , 1 0 3 3 3 2 4 5 8 1 , , 3 6 5 4 8 3 1 1 4 4 , ,3 5 4 6 1 5 1 1 5 5 , , 9 3 2 3 5 3 1 8 0 , , 6 0 9 5 6 6 9 8 4 8 , , 4 8 5 0 3 2 8 7 3 8 , , 3 6 8 1 0 0 1,0 7 1 9 7 1 8 7 5 8 9 7 2 4 4 9 3 3 7 4 , , 5 0 6 7 1 0 4 4 3 2, , 9 7 2 9 1 2 4 6 5 2 1 9 7 7 , , 4 0 0 0 3 4 7 7 , , 5 52 9 8 5 1970— D Ju e n c e . 3 3 1 0 . . . . 9 8 2 4 , , 3 8 9 7 9 5 5 5 4 7 , , 1 4 4 8 9 9 1 1 3 6 , ,0 9 3 2 9 4 1 1 6 8 , , 8 87 0 1 2 1 9 1 , , 3 2 4 0 6 8 1 9 0 6 6 , , 7 4 9 5 4 7 9 8 3 4 , , 9 8 9 6 8 5 1,0 8 9 9 1 4 1 1 3 4 7 1 1 1 , , 0 4 8 3 3 8 4 3 0 5 , , 0 83 0 7 5 4 5 6 1 , , 9 3 1 2 3 2 7 5 0 7 8 1 7 8 , , 9 3 7 2 5 6 7 7 , , 6 7 7 3 5 5 1971—June 30.. 99,532 61,509 15,953 22,070 10,439 1 , 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

FEBRUARY 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 aaa iii nnn nnn mmm ddd sss uuu eee rrr FFF mmm aaa DDD nnn bbb ccc eee III eee CCC rrr sss hhhiiippp TToottaall LLooaa ll nnss T U r u e . r a S y s . - Oth 2 er aaa CCC ssssss aaa eee sss ttt hhh sss 333 ccc ccc bbb ooo aaa iii aaa uuu lll aaa lll ppp iii iii nnn nnn ccc aaa ttt iii ddd --- iii ttt --- ttt eee sss aaa sss lll 444 TToottaall33 m D a e n - d Time U. D S. e n na O nd th er Tim 5 e rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- c c c c c c TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- ttt aaa ttt aaa lll sss lll NNN bbbaaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Govt. Noninsured nonmember: 1941—Dec. 31 1,457 455 7 61 241 763 2,283 1,812 329 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 2,251 111 185 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 307,. . 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 12,211 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31... . 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31... , 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30. . . 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 . 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—June 30 87,919 56,222 14,245 17,452 10,092 100,934 87,145 1,215 207 1,119 37,084 47,520 1,038 8,523 7,868 Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—June 30... . 102,500 63,566 16,216 22,718 11,398 117,414 102,254 1,348 227 1,429 41,091 58,160 847 9,489 7,993 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Beginning Jan. 4, 1968, a country bank with deposits of $321 million CCC were reclassified as securities, and Export-Import Bank portfolio was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve fund participations were reclassified from loans to securities. This reduced city bank in Chicago with total deposits of $190 million was reclassified as Total loans and increased "Other securities" by about $1 billion. Total a country bank. loans include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are included in NOTE.—Data are for all commercial banks in the United States (includ- "Federal funds sold, etc.," on p. A-24. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent Beginning June 30, 1971, Farmers Home Administration notes are all commercial banks, both member and nonmember; stock savings classified as "Other securities" rather than "Loans." As a result of this banks; and nondeposit trust companies. change, approximately $700 million was transferred to "Other securities" For the period June 1941-June 1962 member banks include mutual for the period ending June 30, 1971, for all commercial banks. savings banks as follows: three before Jan. 1960, two through Dec. 1960, See also table (and notes) at the bottom of p. A-32. and one through June 1962. Those banks are not included in insured 2 See first two paragraphs of note 1. commercial banks. 3 Reciprocal balances excluded beginning with 1942. Beginning June 30, 1969, commercial banks and member banks exclude 4 Includes items not shown separately. See also note 1. a small national bank in the Virgin Islands; also, member banks exclude, 5 See last paragraph of note 1. and noninsured commercial banks include, through June 30, 1970, a small 6 Beginning with Dec. 31, 1947, the series was revised; for description, member bank engaged exclusively in trust business. see note 4, p. 587, May 1964 BULLETIN. Comparability of figures for classes of banks is affected somewhat by 7 Figure takes into account the following changes beginning June 30, changes in F.R. membership, deposit insurance status, and the reserve 1969: (1) inclusion of consolidated reports (including figures for all bank- classifications of cities and individual banks, and by mergers, etc. premises subsidiaries and other significant majority-owned domestic Data for national banks for Dec. 31, 1965, have been adjusted to make subsidiaries) and (2) reporting of figures for total loans and for individual them comparable with State bank data. categories of securities on a gross basis—that is, before deduction of Figures are partly estimated except on call dates. valuation reserves—rather than net as previously reported. For revisions in series before June 30, 1947, see July 1947 BULLETIN, 8 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN, pp. 870-71. p. 993. For various changes between reserve city and country status in 1960-63, see note 6, p. 587, May 1964 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS • FEBRUARY 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For Total Fed- o p r u r c c a h r a ry si i n n g g fina T n o c ial U s .S ec . u T ri r t e i a es s u 6 r y Class of loans i eral Com- securities institutions Other, State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - f s e u o tc n l . d d 2 , s T 3 o t , a 4 l m a c i i n n e a d - r l - A c t a u l u g r l r 5 - - i - b T r o o - Real v i d t i n o i d - - - Oth 5 er Bills g s l a o e o n c c v d a u t l - , O r s it e t i h c e e s u r - 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—Dec. 31.. 461,998 16,241 297,897 112,486 11,155 6,332 3,536 2,660 15,855 72,492 65,807 7,574 61,742 69,637 16,481 1971—June 30. 481,270 15,663 307,969 114,362 12,226 5,634 3,493 2,844 16,958 75,777 69,149 7,527 60,254 77,994 19,389 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 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 11,141 6,207 3,516 2,581 15,713 72,302 65,556 7,507 61,438 69,301 16,174 1971—June 30 478,302 15,381 306,194 113,411 12,211 5,555 3,480 2,718 16,825 75,615 68,942 7,437 59,991 77,687 19,048 Member—Total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6.776 39,833 47,227 7,558 1970—Dec. 31.. 366,520 12,677 241,840 97,954 6,538 5,963 3,028 2,345 14,688 54,600 49,829 6,895 45,399 55,662 10,942 1971—June 30. 378,769 12,026 248,040 98,573 7,094 5,333 3,024 2,496 15,770 56,934 52,037 6.777 44,038 61,963 12,702 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 31 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 ,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 11 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 31 io 60,333 802 47,503 28,189 12 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 15 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 20 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 6 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 31 io 14,365 215 10,556 6,444 50 337 262 186 1,219 842 862 354 1,564 1,837 192 1970—Dec. 31.. 15,745 475 10,739 6,502 42 356 191 138 1,284 864 1,015 346 2,105 2,055 372 1971—June 30. 16,477 612 11,164 6,515 41 373 245 218 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 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1970—Dec. 31.. 154,568 5,420 94,421 25,637 5,052 524 828 239 2,648 30,005 27,585 1,903 22,586 26,079 6,062 1971—June 30. 163,782 5,407 98,452 26,922 5,433 352 723 279 2,577 31,148 29,113 1,905 22,634 29,675 7,614 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 156 2,266 1,061 109 11,318 2,179 ,219 7,920 1,073 625 1969—Dec. 31 io 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 book value; they do not add to the total (shown at book value) and are Loans, p. A-32. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 s B w F e R a r . i n v e R t - h k e . s s r C c e a o n n u i d c r n - 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 p m D s o a d a t d s e e e n i - - - d t d s 8 m D e I o s n t t i e c r 7 ba e F n ig k o n r - s 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 i e f n e r r f c d d t s i k i - ' - s, IPC I b n a t n e k r- G P S U i a o n o a n . s g v v S d t s - t . a , l g S l a o o t n c a v d a t t e l . IPC 3 rr BB ii oo nn oo ww gg rr ss -- -- cc CC oo aa tt aa uu aa cc pp ll nn -- ii tt -- ss etc. Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 31 io.. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1970—Dec. 31.... 23,319 7,046 23,136 173,912 27,442 3,166 7,938 17,763 8,540 183,032 1,975 463 23,225 208,201 19,375 42,958 1971—June 30... 24,066 7,634 21,546 168,263 28,699 2,614 8,412 17,276 11,949 177,692 2,207 517 26,221 228,176 22,547 45,311 All insured: 1941—Dec. 31.. . . 12,396 1,358 8,570 37,845 9,823 673 ,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io.. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1970—Dec. 31.... 23,319 7,028 22,332 172,351 27,235 2,998 7,898 17,636 8,352 182,048 1,874 462 23,150 207,519 19,149 42,427 1971—June 30... 24,066 7,610 20,748 168,860 28,519 2,434 8,392 17,185 11,736 176,815 2,166 517 26,132 227,387 22,297 44,816 Member—Total: 1941—Dec. 31.. .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31*0.. 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 City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 3110.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1970—Dec. 31.... 4,683 436 1,308 19,770 10,283 2,225 1,039 1,171 3,286 27,779 956 71 1,464 18,913 4,500 6,486 1971—June 30... 4,716 466 1,193 15,264 13,504 1,717 1,199 789 6,032 25,994 937 68 1,896 21,572 4,531 6,860 City of Chicago: 1941—Dec. 31.... 1,021 43 298 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 2 9 902 426 1969—Dec. 3U0.. 869 123 150 5,221 1,581 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1970—Dec. 31.... 1,148 126 160 5,120 1,853 282 240 210 6,213 49 568 5,549 1,851 1,586 1971—June 30... 991 126 247 5,044 1,439 318 352 211 6,084 85 3 741 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 31 146 6,082 4 1 ,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io.. 7,179 3,302 7,870 62,729 3,080 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 13,595 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 31 io 1,644 88,,338833 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7,931 1970—Dec. 3i 111,,,666000222 99,,339922 40,743 1,182 284 1,478 4,513 1,230 35,560 243 57 4,819 47,200 796 8,858 1971 _june 30 111,,,777666555 88,,557766 40,593 1,094 254 1,429 4,323 1,295 35,472 227 55 5,688 52,419 847 9,489 7 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States; member 8 Through 1960 demand deposits other than interbank and U.S. banks in U.S. possessions were included through 1968 and then excluded. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 BULLETIN. A small noninsured member bank engaged exclusively in trust business 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports is treated as a noninsured bank and not as a member bank for the period (including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS • FEBRUARY 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 loans financial Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural banks ury trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1971 Jan. 6 261,122 9,495 7,761 1,119 387 228 177,779 81,512 2,051 1,521 3,770 130 2,347 13 258,253 8,994 7,467 1,127 282 118 175,604 81,024 2,016 1,066 3,513 129 2,354 20 255,976 7,715 6,695 631 238 151 174,768 80,947 2,017 886 3,133 140 2,364 27 255,534 7,872 6,505 1,009 230 128 174,433 80,055 2,016 1 ,377 3,466 142 2,311 Dec. 1 278,607 10,351 8,866 1,226 154 105 188,292 82,944 1 ,124 5,006 137 2,408 8 276,020 9,343 8,586 527 148 82 187,500 82,992 761 4,486 134 2,417 15 283,215 11,536 9,548 1,590 189 209 190,754 83,917 1,047 5,098 175 2,413 22 282,272 10,453 9,214 814 132 293 191,491 83,738 863 5,552 137 2,422 29 283,738 10,545 9,550 629 117 249 192,112 83,825 2,293 813 5,449 143 2,438 1972 Jan. 5 p 285,925 12,929 11,695 869 170 195 191,413 83,284 2,334 914 5,079 154 2,474 12p 282,703 11,140 9,912 718 254 256 190,543 82,848 2,326 912 4,839 149 2,493 19 p 280,606 10,323 9,152 752 248 171 190,047 82,616 2,308 864 4,940 153 2,468 26 p 279,662 10,501 9,263 829 246 163 189,004 81,825 2,322 878 5,021 158 2,484 New York City 1971 Jan. 6 58,793 1,168 1 ,019 45 104 43,314 25,806 1 ,268 2,450 642 13 57,587 1,401 1,240 114 47 42,331 25,687 882 2,293 641 2 0 56,378 935 865 35 35 41,796 25,627 760 1,892 656 2 7 56,847 1,194 1,103 45 46 41,936 25,237 1,113 2,156 625 Dec. 1 60,268 1,386 1,305 19 62 44,895 25,788 856 3,393 574 8 58,668 1,137 1,026 84 17 44,344 25,818 603 2,963 581 15 60,954 1 ,148 1 ,043 29 76 45,678 26,273 819 3,365 589 22 59,910 803 690 20 93 45,523 25,961 662 3,776 588 29 59,635 940 918 22 45,378 25,685 666 3,684 598 1972 Jan. 5 p 59,128 1,158 1,120 44,442 25,350 694 3,384 609 12* 58,f" 1,384 1,280 44,191 25,236 745 3,227 604 19 p 58,486 1,115 1,043 44,011 25,196 672 3,276 595 26* 58,802 1,663 1 ,604 43,706 24,882 677 3,426 602 Outside New York City 1971 Jan. 6 202,329 8,327 6,742 1,074 387 124 134,465 55,706 2,019 253 1 ,320 118 1,705 13 200,666 7,593 6,227 1 ,013 282 71 133,273 55,337 2,003 184 1 ,220 114 1 ,713 2 0 199,598 6,780 5,830 596 238 116 132,972 55,320 2,001 126 1 ,241 127 1 ,708 27 198,687 6,678 5,402 964 230 82 132,497 54,818 2,000 264 1 ,310 129 1 ,686 Dec. 1 218,339 8,965 7,561 1,207 154 43 143,397 57,156 2,182 268 1,613 93 1 ,834 8 217,352 8,206 7,560 443 138 65 143,156 57,174 2,204 158 1,523 91 1 ,836 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 57.777 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 1972 Jan. 1 5 2 p * 2 2 2 2 6 3 , ,8 7 3 9 5 7 1 9 1 , , 7 7 5 7 6 1 1 8 0 , , 6 5 3 7 2 5 7 8 0 6 8 9 2 1 3 4 0 1 1 1 8 8 6 6 1 1 4 4 6 6 , , 9 3 7 5 1 2 5 57 7 , , 6 9 1 3 2 4 2 2 , , 2 3 9 0 8 6 2 1 2 6 0 7 1 1 , , 6 6 9 1 5 2 1 10 0 7 6 1 1 ,8 ,8 8 6 9 5 19* 222,120 9,208 8,109 737 224 138 146,036 57,420 2,281 192 1,664 108 1,873 26* 220,860 8,838 7,659 829 225 125 145,298 56,943 2,295 201 1 ,595 110 1,882 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 1971 669 1,528 21,788 814 14,204 28,631 6,514 4,240 15,070 2,807 Jan. 6 627 1,531 21,772 814 13,783 28,329 6,247 4,265 14,998 2,819 13 660 1,508 21,717 798 13,646 28,349 6,239 4,386 15,005 2,719 20 619 1,557 21,709 786 13,509 28,268 5,946 4,637 14,916 2,769 27 855 2,400 23,695 792 14,786 28,298 3,732 3,437 16,719 4,410 Dec. 1 841 2,536 23,728 854 14,885 27,312 2,936 3,478 16,608 4,290 8 886 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 22 903 3,002 24,058 923 15,361 28,946 4,339 3,766 16,622 4,219 29 1972 918 2,928 24,172 899 15,528 28,970 4,368 3,890 16,598 4,114 Jan. 5* 873 2,847 24,127 929 15,397 28,150 3,675 3,948 16,467 4,060 12* 757 2,857 24,100 892 15,263 27,845 3,873 3,893 16,250 3,829 19* 813 2,669 24,108 917 15,118 27,823 3,877 3,879 16,245 3,822 26* New York City 1971 185 878 1,900 498 2,794 5,782 1,838 513 2,980 451 Jan. 6 136 895 1,912 504 2,623 5,353 1,401 518 2,987 447 13 185 901 1,911 497 2,595 5,357 1,293 627 3,016 421 20 152 914 1,905 479 2,510 5,687 1,389 875 2,986 437 27 364 ,044 1,911 526 2,715 5,801 1,138 612 3,183 868 Dec. 1 354 ,115 1,925 554 2,825 5,046 487 618 3,182 759 8 346 ,162 1,939 568 2,731 5,347 873 676 3,096 702 15 391 ,231 1,943 570 2,772 5,123 602 679 3,077 765 22 372 ,283 1,958 584 2,779 5,001 455 679 3,118 749 29 1972 390 1,227 1,951 567 2,771 5,231 712 702 3,130 687 Jan. 5* 341 1, 155 1,951 557 2,741 4,956 586 701 3,071 598 12* 253 1,210 1,932 566 2,693 5,069 901 670 3.014 484 19* 274 1,095 1,943 543 2,631 5,193 1,011 684 3.015 483 26* Outside New York City 1971 484 650 19,888 316 11,410 22,849 4,676 3,727 12,090 2,356 Jan. 6 491 636 19,860 310 11,160 22,976 4,846 3,747 12,01 2,372 13 475 607 19,806 301 11,051 22,992 4,946 3,759 11,989 2,298 20 467 643 19,804 307 10,999 22,581 4,557 3,762 11,930 2,332 27 491 1,356 21,784 266 12,071 22,497 2,594 2,825 13,536 3,542 Dec. 1 487 1,421 21,803 300 12,060 22,266 2,449 2,860 13,426 3,531 8 540 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 22 531 1,719 22,100 339 12,582 23,945 3,884 3,087 13,504 3,470 29 1972 528 1,701 22,221 332 12,757 23,739 3,656 3,188 13,468 3,427 Jan. 5* 532 1,692 22,176 372 12,656 23,194 3,089 3,247 13,396 3,462 12* 504 1,647 22,168 326 12,570 22,776 2,972 3,223 13,236 3,345 19* 539 1,574 22,165 374 12,487 22,630 2,866 3,195 13,230 3,339 26* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • FEBRUARY 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) 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- other5 pation4 Large banks— Total 1971 45,217 6,715 32,384 1.272 4,846 33,289 19,626 3,539 7,205 717 14,639 340,137 Jan. 6 45,326 6,795 32,509 1 ,267 4,755 33,386 18,260 3,733 6,535 718 14,505 335,390 13 45,144 6,675 32,413 1 ,249 4,807 31,484 20,562 3,506 6,021 721 14,778 333,048 20 44,961 6,237 32,629 1.273 4,822 29,752 18,865 3,563 5,664 722 14,476 328,576 27 Dec. 1 51,666 8,106 36,194 1 ,516 5,850 35,306 16,899 3,744 8,417 833 15,661 359,467 8 51,865 8,289 36,302 1,504 5,770 31,358 19,190 3,696 7,735 848 15,825 354,672 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 52,310 8,322 36,663 1 ,525 5,800 34,895 18,592 3,838 7,528 849 16,175 364,149 29 52,135 8,076 36,656 1 ,547 5,856 32,565 22,465 4,173 7,304 857 16,262 367,364 1972 Jan. 5^ 52,613 8,483 36,605 1 ,621 5,904 33,802 19,747 3,744 7,578 826 16,200 367,822 12" 52,870 8,489 37,025 1,587 5,769 32,925 20,438 3,959 7,345 885 15,995 364,250 19^ 52,391 8,201 36,814 1 ,573 5,803 34,370 21 ,173 3.795 7,333 890 15,771 363,938 26" 52,334 8,242 36,665 1 ,561 5,866 33,094 19,897 3.796 6,902 923 15,732 360,006 New York City 1971 Jan. 6 8,529 1 ,983 5,292 129 1 ,125 13,547 5,152 459 1 ,107 337 5,152 84,547 13 8,502 1,973 5,290 134 1,105 15,955 4,726 464 1 ,076 337 5,046 85,191 20 8,290 1,882 5,147 131 1 ,130 14,619 5,518 425 1,113 338 5,420 83,811 27 8,030 1,479 5,296 131 1,124 14,346 4,922 427 974 339 5,112 82,967 Dec. 1 8,186 1 ,473 5,433 271 1 ,009 15,806 4,752 448 1 ,506 378 5,103 88,171 8 8,141 1,454 5,376 279 1 ,032 13,664 5,145 469 1 ,648 378 5,355 85,327 15 8,781 1,814 5,641 293 1 ,033 16,801 4,608 475 1 ,809 378 5,188 90,213 22 8,461 1,620 5,524 256 1,061 14,275 4,613 468 1,605 378 5,486 86,735 29 8,316 1 ,484 5,464 263 1,105 13,909 6,227 494 1,601 379 5,519 87,764 1972 Jan. 5p 8,297 1,529 5,448 307 1,013 13,314 5,881 470 1 ,494 329 5,372 85,988 12" 8,337 1 ,593 5,547 274 923 13,971 5,682 474 1,663 387 5,298 86,343 19" 8,291 1,552 5,519 292 928 15,807 5,988 452 1 ,611 389 5,174 87,907 26" 8,240 1,623 5,376 293 948 16,514 4,635 442 1,380 424 4,979 87,176 Outside New York City 1971 Jan. 6 36,688 4,732 27,092 1 ,143 3,721 19,742 14,474 3.080 6,098 380 9,487 255,590 13 36,824 4,822 27,219 1 ,133 3,650 17,431 13,534 3,269 5,459 381 9,459 250,199 20 36,854 4,793 27,266 1,118 3,677 16,865 15,044 3.081 4,908 383 9,358 249,237 27 36,931 4,758 27,333 1,142 3,698 15,406 13,943 3,136 4,690 383 9,364 245,609 Dec. 1 43,480 6,633 30,761 1,245 4,841 19,500 12,147 3,296 6,911 455 10,648 271,296 8 43,724 6,835 30,926 1,225 4.738 17,694 14,045 3,227 6,087 470 10,470 269,345 15 43,864 6,638 31,214 1 ,255 4,757 20,790 13,098 3,392 6,378 471 10,426 276,816 22 43,849 6,702 31,139 1 ,269 4.739 20,620 13,979 3,370 5,923 471 10,689 277,414 29 43,819 6,592 31,192 1,284 4,751 18,656 16,238 3,679 5,703 478 10,743 279,600 1972 Jan. 5" 44,316 6,954 31,157 1,314 4,891 20,488 13,866 3,274 6,084 497 10,828 281,834 \2p 44,533 6,896 31,478 1,313 4,846 18,954 14,756 3,485 5,682 498 10,697 277,907 \9v 44,100 6,649 31,295 1,281 4,875 18,563 15,185 3,343 5,722 501 10,597 276,031 26" 44,094 6,619 31,289 1,268 4,918 16,580 15,262 3,354 5,522 499 10,753 272,830 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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- IPC ical U.S. and Total 6 ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- govts.^ divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc.2 cial checks ings sions banks Large banks— Total 1971 102,549 6,996 4,075 22,982 788 780 2,359 6,928 120,820 48,801 52,500 13,387 1,280 4,372 Jan. 6 99,355 6,307 2,994 21,967 763 826 2,411 7,740 121,964 48,835 53,302 13,504 1,521 4,331 13 97,053 6,114 4,968 20,396 662 850 2,483 7,070 122,749 48,974 53,625 13,813 1,570 4,299 20 94,887 6,460 6,563 19,649 636 872 2,286 6,898 123,078 49,145 53,765 13,905 1 ,576 4,253 27 103,293 7,196 2,237 24,308 622 898 2,755 7,797 138,217 54,124 60,901 15,588 2,072 5,095 Dec. 1 100,478 6,262 1,770 22,777 665 777 2,533 7,499 138,861 54,034 61,486 15,717 2,124 5,064 8 107,563 6,960 5,021 23,747 611 851 2,322 8,620 138,813 54,167 60,561 16,562 2,080 5,010 15 105,978 6,913 6,313 21,904 585 789 2,387 7,426 139,921 54,214 60,935 17,229 2,098 5,000 22 106,885 6,563 7,571 20,880 636 962 2,402 6,800 140,932 54,542 61,295 17,550 2,114 4,970 29 1972 106,524 7,083 4,120 22,819 834 764 2,549 7,760 141,316 55,191 61,075 17,483 2,125 4,977 Jan. 5* 104,767 6,761 3,443 22,270 798 750 2,495 7,406 142,098 55,387 61,462 17,565 2,268 4,986 12* 103,490 6,500 4,584 21,816 663 756 2,454 8,833 142,432 55,604 61,590 17,549 2,276 4,928 19* 99,505 6,492 5,854 22,417 688 701 2,411 8,712 142,834 55,71 61,726 17,634 2,281 4,985 26* New York City 1971 2 2 3 4 , , 0 1 6 3 1 9 5 6 7 3 2 5 6 8 7 7 8 5 1 9 0 , , 5 1 9 8 9 9 4 4 5 3 1 3 6 6 5 2 3 7 1 1 , , 7 6 8 5 1 6 5 3 , , 2 9 3 6 6 3 1 1 9 9 , ,8 4 3 8 6 0 4 4 , ,5 6 8 0 7 3 1 1 0 0 , , 6 8 3 1 6 3 1 9 ,0 7 0 9 0 2 2, , 4 3 6 9 1 7 Jan. 1 6 3 22,911 460 1,069 9,121 370 690 1 ,856 4,632 19,776 4,631 10,771 1,014 884 2,341 20 22,631 504 1,931 9,156 350 723 1,670 4,511 19,765 4,667 10,694 1,035 885 2,350 27 43,906 23,553 586 579 11,721 325 738 1,992 4,412 23,643 5,265 12,712 1,647 1,123 2,780 Dec. 1 40,676 22,455 407 282 10,495 364 606 1,797 4,270 23,872 5,272 12,930 1,637 1,138 2,780 8 46,200 25,105 895 1,443 11,151 322 700 1 ,587 4,997 23,159 5,276 12,391 1,514 1,064 2,799 15 42,933 24,019 643 1,754 9,609 315 640 1,657 4,296 23,350 5,268 12,465 1,649 1,066 2,795 22 42,960 24,746 423 1,935 9,496 355 818 1,645 3,542 23,529 5,313 12,621 1 ,654 1,057 2,773 29 1972 23,648 637 872 9,308 485 617 1,721 4,110 23,301 5,367 12,385 1 ,583 1,073 2,774 Jan. 5* 22,927 697 789 10,050 461 587 1,730 4,103 23,588 5,429 12,550 1,587 1,174 2,758 12* 23,597 659 978 9,877 349 607 1,702 5,445 23,609 5,464 12,552 1,593 1,200 2,716 19* 22,217 585 1,345 11,245 388 545 1,689 5,797 23,620 5,481 12,526 1,631 1,196 2,698 26* Outside New York City 1971 105,512 78,410 6,361 3,200 13.383 337 153 703 2,965 101,340 44,214 41,864 12,408 600 1 ,911 Jan. 6 99,760 76,294 5,735 2,316 11,778 330 173 630 2,504 102,128 44,232 42,489 12,504 635 1,934 13 98,487 74,142 5,654 3,899 11,275 292 160 627 2,438 102,973 44,343 42,854 12,799 686 1 ,958 20 96,775 72,256 5,956 4,632 10,493 286 149 616 2,387 103,313 44,478 43,071 12,870 691 1,903 27 105,200 79,740 6,610 1,658 12,587 297 160 763 3,385 114,574 48,859 48,189 13,941 949 2,315 Dec. 1 102,085 78,023 5,855 1,488 12,282 301 171 736 3,229 114,989 48,762 48,556 14,080 986 2,284 8 109,495 82,458 6,065 3,578 12,596 289 151 735 3,623 115,654 48,891 48,170 15,048 1,016 2,211 15 109,362 81,959 6,270 4,559 12,295 270 149 730 3,130 116,571 48,946 48,470 15,580 1,032 2,205 22 109,739 82,139 6,140 5,636 11.384 281 757 3,258 117,403 49,229 48,674 15,896 1,057 2,197 29 1972 111,055 82,876 6,446 3,248 13,511 349 147 828 3,650 118,015 49,824 48,690 15,900 1,052 2,203 Jan. 5* 107,346 81,840 6,064 2,654 12,220 337 163 765 3,303 118,510 49,958 48,912 15,978 1,094 2,228 12* 105,882 79,893 5,841 3,606 11,939 314 149 752 3,388 118,823 50,140 49,038 15,956 1,076 2,212 19* 102,969 77,288 5,907 4,509 11,172 300 156 722 2,915 119,214 50,237 49,200 16,003 1,085 2,287 26* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • FEBRUARY 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's Gross eral Other Total loans included in time liabili- Wednesday funds liabili- capital Total and De- and savings deposits11 ties of pur- F.R. ties Secur- loans invest- mand banks chased, Banks Others etc. 8 Loans ities (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed 9 ad- justed io Total to to foreign justed 9 IPC's others branches Large banks— Total 1971 Jan. 20,013 258 1,364 21,392 4,012 24,746 178,844 252,692 87,111 26,285 17,195 9,040 7,438 19,011 245 1,329 21,638 4,059 24,709 176,504 250,159 84,016 27,035 17,695 9,340 7,861 17,903 1,445 1,216 21,321 4,059 24,682 175,128 248,621 82,748 27,267 17,803 9,464 7,823 16,698 674 1,157 19,900 4,062 24,679 175,181 248,410 82,287 27,198 17,725 9,473 6,535 Dec. 23,698 24 1,034 16,547 4,024 26,741 188,922 268,886 87,255 33,950 21,373 12,577 2,408 25,305 66 1,053 15,741 4,003 26,792 187,416 266,593 86,856 34,386 21,769 12,617 1,867 15. 25,158 8 1,040 15,520 4,009 26,709 191,856 272,781 89,336 33,359 20,915 12,444 1,386 22. 23,644 793 1,038 15,769 3,995 26,618 191,794 272,122 89,183 33,815 21,258 12,557 1,544 29. 26,046 1,249 1,020 14,762 3,895 26,684 192,204 273,285 91,683 34,018 21,334 12,684 909 1972 Jan. 5'' 27,085 1,052 14,857! 4,072 26,895 191,729 273,312 91,712 33,383 20,690 12,693 1,208 12* 26,208 1,071; 15,005 4.097 27,002 190,898 271,918 90,052| 33,783 20,999 12,784 1,721 19'' ! 24,752 1,046 15,288 4.098 27,150 190,461 270,697 88,326| 33,816 21,079 12,737 1,561 26* | 22,795 1,034 15,163 4,103 27,221 189,429 269,586 85,415! 33,931 21,083 12,848 1,416 /Yen- York City ' 1971 Jan. 6 5,571 168 9,994 1,169 6,220 43,278 57,589 17,924 7,989 5,736 2,253 4,571 13 4,886 182 10,316 1.203 6,165 42,356 56,211 15,781 8,314 5,934 2,380 4,796 20 4,476 602 163 10,318 1,202 6,165 41,681 55,328 16,300 8,326 5.924 2,402 4,808 27 4,413 184 157 9,622 1.204 6,146 41,875 55,592 16,043 8,224 5,822 2,402 4,206 Dec. 1 5,652 205 6,622 1,189 6,954 44,612 58,599 15,800 11,497 7,605 3,892 1,539 8 6,346 200 6,081 1.184 6,968 44,101 57,288 16,235 11,667 7,761 3,906 1,069 15 6,399 225 6,090 1,186 6,954 45,437 59,565 16,805 10,964 7,299 3,665 884 22 5,576 537 229 6,077 1.185 6,848 45,245 58,829 17,295 11,161 7,384 3.777 939 29 6,869 515 212 5,700 1,145 6,834 45,028 58,345 17,620 11,234 7,456 3.778 578 1972 Jan. 7,009 210 5,990 1,171 6.909 44,090 57,618 17,904 10,929 7,165 3,764 822 12*» 6,877 193 6,247 1.189 6,905 43,954 57,247 16,534 11,220 7,351 3,869 ,195 19 v 6,651 178 6,190 1.190 6,875 43,830 57,190 16,552 11,306 7,441 3,865 962 26* 5,347 177 6,121 1,190 6.910 43,491 56,924 14,707 11,294 7,410 3,884 ,042 Outside New York City 1971 Jan. 6 14,442 258 1,196 11,398 2,843 18,526 135,566 195,103 69,187 18,296 11,459 6,837 2,867 13 14,125 245 1,147 11,322 2.856 18,544 134,148 193,948 68,235 18,721 11,761 6,960 3,065 20 13,427 843 1,053 11,003 2.857 18,517 133,447 193,293 66,448 18,941 11,879 7,062 3,015 27. 12,285 490 1,000 10,278 2.858 18,533 133,306 192,818 66,244 18,974 11,903 7,071 2,329 Dec. 1 18,046 24 829 9,925 2,835 19,787 144,310 210,287 71,455 22,453 13,768 8,685 869 8 18,959 66 853 9,660 2,819 19,824 143,315 209,305 70,621 22,719 14,008 8,711 798 15 18,759 8 815 9,430 2,823 19,755 146,419 213,216 72,531 22,395 13,616 8.779 502 22 18,068 256 809 9,692 2,810 19,770 146,549 213,293 71,888 22,654 13,874 8.780 605 29 19,177 734 9,062 2,750 19,850 147,176 214,940 74,063 22,784 13,878 8,906 331 1972 Jan. 5* 20,076 842 8,867 2,901 19,986 147,639 215,694 73,808 22,454 13,525 8,929 386 12* 19,331 878 8,758 2,908 20,097 146,944 214,671 73,518 22,563 13,648 8,915 526 19 p 18,101 9,098 2,908 20,275 146,631 213,507 71,774 22,510 13,638 8,872 599 26 p 17,448 9,042 2,913 20,311 145,938 212,662 70,708 22,637 13,673 8,964 374 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. i°All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1972 1972 1971 1971 1971 Jan. Jan. Jan. Jan. Dec. Jan. Dec.' IV 2nd 1st 26 19 12 5 29' half half Durable goods manufacturing: Primary metals 1,995 1,991 1,990 2,019 2,010 -15 — 46 -104 -162 -123 -20 -285 149 Machinery 4,182 4,280| 4,259 4,186 4,382 -2001 -58 -290 -600 -238 38 -838 -209 T O r t a h n er s p f o a r b t r a i t c i a o t n e d e q m u e i t p a m l e p n r t oducts... 2 1 , , 5 6 6 1 6 5 2 1 , , 5 6 7 4 2 0 | 2 1 , ,6 5 5 8 4 8 1 2 1 , , 5 6 8 7 1 1 2 1 , , 6 7 6 1 3 7 -1 -9 0 7 2 - 1 2 0 ! ] -1 — 6 3 4 4 - - 1 2 0 59 0] -13 2 2 5 - 1 9 3 9 2 -3 -7 9 5 1 -1 2 9 0 1 0 Other durable goods 2,443 2,456 2,493 2,493 2,497 -54 — 1301 -110 -327 9 112 -318 261 Nondurable goods manufacturing: Food, liquor, and tobacco 2,793 2,839 2,815 2,824 2,895 -102 58 '105 201 290 -163 491 -700 Textiles, apparel, and leather 2,181 2,181 2,170| 2,201 2,294| -113 -142| -40 -273 -32 115 -305 281 Petroleum refining 1,129 1,121 1,118 1,150 1,175 -46 92 -73 56 -64 56 -407 Chemicals and rubber 2,091 2,132 2,155 2,1601 2,256 -165 -93 -167 -437 -163 44 -600 76 Other nondurable goods 1,698 1,732 1,719 1,732' 1,824j -126 28 -71 -96 57 -30 -39 -135 Mining, including crude petroleum and natural gas 3,670 3,779 3,743 3,7641 3,808 -1381 17 -68 -17 208 -278 191 -386 Trade: Commodity dealers 1,630 1,647 1,679 1,648 1,677 -47 165 '167 460 69 -174 529 -231 Other wholesale 4,372 4,390! 4,3661 4,369 4,440 -68 128 -41 136 387 206 523 216 Retail 4,077 4,085 4,065 4,057 4,123 -46 -498 30 -341 72 185 -269 347 T C r o a m n m sp u o n r i t c a a ti t o i n o n 5 1 , , 5 3 5 2 8 6 5 1 , , 5 3 7 5 8 5 5 1 , , 6 4 1 5 8 6 5 1 . , 7 4 1 6 0 1 5 1 , , 6 3 5 1 5 5 -9 1 7 1 - -5 22 1 80 1 -2 -7 4 7 9 -24 2 8 3 -3 1 0 8 6 4 - - 3 2 2 26 5 - 2 2 3 0 3 Other public utilities 2,629 2,747 2,7941 2,802 2,729 -100 44 41 176 347 185 523 -142 Construction 3,741 3,767 3,745 3.711 3,8201 -79 46 -6 78 88 71 166 202 Services 7,91' 7,875 7,912 7,957 7,r 31 227 57 276 19 387 295 187 All other domestic loans 5,614 5,629 5,543 5,641 5,657 -43 238 30 305 309 '297 614 117 Bankers' acceptances 1,928 2,063 2,151 2,259 2,295 -367 484 '129 696 458 -386] 1,154 -550 Foreign commercial and industrial loans 3,215 3,270] 3,266 3,259 3,229 —14) 246 '27 254] 327 '99 581 239 Total classified loans 68,3641 69,129 69,299 69,655 70,341 -1,9771 741 -5101 -300 ,752 535 1,452 -463 Total commercial and industrial loans 81,825 82,616 82,848 83,284 83,825 — 2,000 1,190 '337 ,217 1,070 '1,554 '578 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1972 1971 1971 1971 Industry Jan. Dec. Nov. Oct. Sept. Aug. July June May IV' III II I 2nd 26 29' 24 27 29 25 28 30 26 half' Durable goods manufacturing: Primary metals 1 ,315 1,362 1,406 1,496 1,525 1,482 1,535 1,587 1,667 -163 -62 -43 103 -225 Machinery 2,179 2,285 2,397 2,478 2,481 2,507 2,5141 2,539 2,594 -196 -58 -52 -90 -254 Transportation equipment 1 ,605 1,620] 1,592 1,626 1,689 1,582 1,552| 1,559 1,440 -69 130 -54 -20 61 Other fabricated metal products 699 713 709 744 7761 807 804] 8is| 805 -63 -39 82 -9 -102 Other durable goods 1 ,117 1,135 1,162 1,203 1,213 1,266 1,237 1,231 1,201 -78 -18 15 127 -96 Nondurable goods manufacturing: Food, liquor, and tobacco 987 1,021 1,012 975 988 941 9481 972 919 33 16 -2 -11 49 Textiles, apparel, and leather 567 576 577 585 607 610| 598 597 609 -31 10 -20 -40 -21 Petroleum refining 848 892 867 9001 857 841 9021 892 9201 35 -35 -23 -298 Chemicals and rubber 1,330] 1,441 1,534 1,661 1,792 1,815 1,828 1,824 1,726 [ -351 -32 -26 1 -383 Other nondurable goods. 1 ,010] 1,024 1,018 1,048 1,018 1,006| 1,008 1,021 1,058 6 -3 -79 -71 3 Mining, including crude petroleum and natural gas, 2,927 3,039 2,998 3,023 2,936 3,002 3,019 2,992 3,058 103 -56 -131 -203 47 Trade: Commodity dealers. , 119 115 104 116 109 117 101! 97! 88 6 12 17 1 18 Other wholesale 915 894 865 868 8521 839 850 842) 809 42 10 60 26 52 Retail 1,349 1,383 1,433 1,482 1,477 1,456 1,423 1,421 1,423 -94 56 4 18 -38 Transportation 4,397 4,440 4,467| 4,461 4,588 4,488 4,612 4,614 4,681 -148 -26 -253 303 -174 Communication 432 427 427 418 4201 422 471 468 439 7 -48 66 -13 -41 Other public utilities 1 ,305 1,316 1,293 1,304] 1,273 1,181 1,141 1,095 1,038 43 178 122 -45 221 Construction 1 ,257 1,244 1,255 1,245 1,197 1,208 1,229 1,192 1,178 47 5 85 63 52 Services 3,539 3,488 3,448 3,408 3,357 3,320 3,247 3,269 3,192 131 88 127 -67 219 All other domestic loans . . . 1,570] 1,431 1,413 1,388 1,388 1,360 1,309 1,247 1,259 43 141 -21 -17 184 Foreign commercial and industrial loans 1,995 2,076 1,9561 1,940] 1,892 1,950 1,908 1,892 1,882 184 100 76 184 Total loans 31,462 31,922 31,933 32,369 32,435 32,200 32,236 32,1661 31,986 -513 269 -26 — 166 -244 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 • FEBRUARY 1972 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder TToottaall CCllaassss ooff bbaannkk,, aanndd qquuaarrtteerr oorr mmoonntthh ddeeppoossiittss,, Financial Nonfinancial Consumer Foreign All IIPPCC business business other All commercial banks: 1970—June 17.1 85.3 49.0 1.6 9.6 162.5 Sept 17.0 88.0 51.4 1.4 10.0 167.9 Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar 18.3 86.1 54.1 1.4 10.4 170.3 June 17.9 89.9 56.0 1.3 10.7 175.8 Sept 17.9 91.5 57.5 1.2 9.7 177.9 Dec.* 18.5 97.9 58.6 1.2 10.7 186.9 Weekly reporting banks: 1970—Dec 13.5 56.1 23.3 1.2 5.6 99.7 1971—Jan 13.9 54.4 24.1 1.2 5.6 99.3 Feb 13.9 52.2 23.1 1.2 5.5 95.8 Mar 14.1 52.4 23.9 1.3 5.7 97.3 Apr 14.1 53.4 25.3 1.3 5.7 99.8 13.7 52.9 24.1 1.2 5.5 97.4 14.0 54.2 24.4 1.2 6.0 99.8 July 14.1 54.7 24.8 1.2 5.4 100.3 Aug 13.5 53.4 24.1 1.2 5.1 97.2 Sept 13.8 54.6 24.5 1.2 5.5 99.6 Oct 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 Dec.* 14.3 58.6 24.9 1.2 5.9 104.9 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Dec. 31, June 30, Class of Dec. 31, Dec. 31, Dec. 31, June 30, bank 1968 1969 1970 1971 bank 1968 1969 1970 1971 All commercial.... 1,216 1,131 804 746 All member—Cont. Insured 1,216 1,129 803 745 Other reserve city. 332 304 143 125 National member 730 688 433 407 Country 605 571 437 411 State member 207 188 147 129 All nonmember 278 255 224 210 All member 937 876 580 536 Insured 278 253 223 209 Noninsured 2 1 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as BULLETIN, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal- These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-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

FEBRUARY 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 Commercial Commercial and All other and All other industrial industrial 1971—Oct. 6 2,884 1,799 1,085 1.588 409 1.179 13 2.879 1,801 1,077 1.571 402 1,169 20 2,904 1,832 1,072 1.572 393 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 1,198 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 1972—Jan. 5 2,858 1,596 1,263 1,623 371 1,252 12 2,827 1,603 1,225 1.597 362 1,235 19 2,773 1,583 1,191 1.589 362 1,227 26 2,999 1,729 1,270 1,568 351 1,217 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 Total Im- Ex- Others ports ports Alt Bank Bank For- into from other related Other i related Other 2 Total Own Bills Own eign United United 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 ,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—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 Dec.. 29,934 495 10,923 1,478 17,038 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • FEBRUARY 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 192 9 51/2-6 1954—Mar. 17 3 1967—Jan. 26-27... 51/2-534 1971--Feb. 16 5% Mar. 27 51/2 Mar. 11 193 0 31/2-6 1955—Aug. 4 3311//44 Nov. 20 6 19 51/4 193 1 234-5 Oct. 14 31/2 Apr. 23 5^-51/2 193 2 314-4 1968—Apr. 19 61/2 May 11 5Vi 193 3 n/2-4 1956—Apr. 13 3333//44 Sept. 25 6 -614 July 6. 5^/2-6 193 1 4 9 — 47 (Nov.) IVz 1957— A A u ug g . . 21 6 4 41 /2 N De o c v . . 1 1 2 3 8 , 6 6 66 1 33 1 / 44 4 2 O N c o t v . . 2 7 0 1 , 6 5 5 V V 4 a -5% 4 51/2-5H 1958—Jan. 22 .... 4 1969—Jan. 7 7 8 51/2 Effective date S A e p p r t . . 2 1 1 1 3 4 1 /2 J M u a n r e . 1 9 7 7 88 1 11 / // 2 22 2 2 9 2 5 51 3 / / 4 8 -5 -5 1 i / / 22 Dec. 6 51/4-5%- 1947—Dec. i. .. 13/4 1959—May 18 41/2 1970—Mar. 25 8 5 i/l Sept. 1 5 Sept. 21 1V2 27 5i4-5i/i 1948—Aug. i... 2 Nov. 12 llA 31 51/4 1950—Sept. 22 214 11996600——AAuugg.. 23 4i/2 Dec. 2 2 3 2 6 1 3 4 1972-—Jan. 3 5-51/s- 1965—Dec. 6 5 51/4 1951—Jan. 8 21/2 1971—Jan. 6 61/2 17 434-514 Oct. 17 234 1966—Mar. 10 51/2 15 61/4 24 45/8-5 Dec. 19 3 June 29 534 18, , 6 31 41/2-434 Aug. 16 6 1953—Apr. 27 31/4 1 Date of change not available. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1--9 10-99 100-499 500--999 1,000 and over Center 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 centers 6.18 6.51 7.51 7.68 7.05 7.27 6.51 6.88 6.26 6.58 5.93 6.27 New York City 5.86 6.25 7.33 7.49 6.79 7.00 6.17 6.64 5.99 6.37 5.78 6.17 7 other Northeast 6.40 6.77 7.75 7.88 7.31 7.52 6.73 7.07 6.46 6.81 6.00 6.42 8 North Central 6.13 6.46 7.13 7.37 6.89 7.17 6.45 6.83 6.13 6.45 5.95 6.27 7 Southeast 6.47 6.77 7.72 7.75 7.16 7.36 6.65 6.87 6.39 6.62 6.01 6.46 8 Southwest 6.43 6.64 7.38 7.62 6.83 7.06 6.44 6.79 6.27 6.74 6.31 6.31 4 West Coast 6.21 6.54 7.93 8.06 7.29 7.43 6.64 7.11 6.65 6.55 5.92 6.31 Revolving credit 35 centers 5.98 6.31 7.24 7.40 6.74 7.08 6.16 6.49 6.01 6.36 5.94 6.28 New York City 5.94 6.31 6.78 6.74 6.52 6.74 6.02 6.33 5.85 6.28 5.94 6.30 7 other Northeast 6.16 6.64 8.17 8.25 7.20 7.67 6.15 6.62 6.30 6.86 6.11 6.58 8 North Central 6.10 6.37 7.21 7.63 6.79 7.12 6.22 6.47 5.93 6.61 6.09 6.30 7 Southeast 6.04 6.18 6.52 6.52 6.56 6.57 6.30 6.26 6.25 6.09 5.81 6.14 8 Southwest 6.70 6.92 7.54 7.77 6.72 6.90 6.57 7.31 6.63 6.71 6.77 6.86 4 West Coast 5.88 6.20 7.65 8.03 6.69 7.13 6.10 6.41 5.94 6.17 5.84 6.17 Long-term 35 centers 6.44 6.67 7.55 7.54 6.95 7.46 6.79 7.10 6.57 6.92 6.35 6.54 New York City 6.36 6.31 6.39 6.12 6.24 6.80 6.40 6.60 6.50 6.65 6.35 6.26 7 other Northeast 6.64 6.78 8.36 8.41 7.00 7.48 7.08 7.27 7.50 6.67 6.27 6.59 8 North Central 6.58 6.99 7.69 7.08 7.38 7.74 6.79 6.85 6.32 6.82 6.53 7.00 7 Southeast 7.28 7.73 6.97 7.34 6.29 7.60 7.78 8.71 7.78 7.27 7.05 7.00 8 Southwest 6.44 7.12 6.85 7.47 6.93 7.48 6.63 7.47 6.11 8.02 6.46 6.68 4 West Coast 6.20 6.55 8.16 7.72 7.19 7.35 6.64 7.04 6.16 6.60 6.12 6.45 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

FEBRUARY 1972 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee cccooommmlll... pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' FFFeeedddeeerrraaalll 3-month bills5 6-month bills5 9- to 12-month issues PPPeeerrriiioooddd mmm 444 ppp --- ooo aaa nnn ttt ppp ooo ttt eee hhh 666 rrr sss --- 111 mmm ddd 333 ppp iii --- ooo rrr lll eee aaa nnn ttt ccc ooo ccc ttt ttt eee hhh lll 666 ddd yyy sss --- 222 ,,, 999 aaa 000 aaa ccc nnn ccc ddd ccc eee aaa eee ppp yyy sss ttt ,,, sss --- 111 fff rrr uuu aaa nnn ttteee ddd 333 sss n R ew at e i s o su n e M y a ie r l k d 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 33 iiss -- yy ss tt ee uu oo aa ee rr ss 55 77 -- 1964, 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966. 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967. 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968. 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1969. 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6.85 1970. 7.72 7.23 7.31 7.17 6.458 6.42 6.562 6.55 6.53 6.90 7.37 1971. 5.11 4.91 4.85 4.66 4.348 4.33 4.511 4.51 4.67 4.75 5.77 1971--Jan 5.11 5.07 4.77 4.14 4.494 4.44 4.510 4.47 4.39 4.29 5.72 Feb 4.47 4.37 4.09 3.72 3.773 3.69 3.806 3.78 3.84 3.80 5.31 Mar 4.19 4.05 3.80 3.71 3.323 3.38 3.431 3.50 3.61 3.66 4.74 Apr 4.57 4.27 4.36 4.15 3.780 3.85 3.927 4.03 4.09 4.21 5.42 May 5.10 4.69 4.91 4.63 4.139 4.13 4.367 4.34 4.64 4.93 6.02 June 5.45 5.24 5.33 4.91 4.699 4.74 4.890 4.95 5.32 5.57 6.36 July 5.75 5.54 5.60 5.31 5.405 5.39 5.586 5.62 5.73 5.89 6.77 Aug 5.73 5.57 5.57 5.57 5.078 4.93 5.363 5.22 5.52 5.67 6.39 Sept 5.75 5.44 5.49 5.55 4.668 4.69 4.934 4.97 5.20 5.31 5.96 Oct 5.54 5.30 5.05 5.20 4.489 4.46 4.626 4.60 4.75 4.74 5.68 Nov 4.92 4.81 4.78 4.91 4.191 4.22 4.338 4.38 4.49 4.50 5.50 Dec 4.74 4.60 4.45 4.14 4.023 4.01 4.199 4.23 4.40 4.38 5.42 1972--Jan 4.08 3.95 3.92 3.50 3.403 3.38 3.656 3.66 3.78 3.99 5.33 Week ending— 11997711---Oct. 2 5.75 5.44 5.40 5.43 4.676 4.65 4.973 4.95 5.17 5.26 5.91 9 5.75 5.44 5.23 5.32 4.534 4.51 4.743 4.72 5.00 4.91 5.84 16 5.63 5.39 5.03 5.29 4.486 4.45 4.595 4.58 4.73 4.73 5.68 23 5.45 5.24 4.98 5.14 4.494 4.47 4.635 4.56 4.67 4.70 5.62 30 5.25 5.06 4.88 5.11 4.443 4.36 4.530 4.47 4.49 4.51 5.53 Nov. 6 5.03 4.97 4.78 5.16 4.233 4.18 4.346 4.34 4.41 4.37 5.41 13 ... 4.88 4.88 4.75 4.93 4.174 4.18 4.340 4.37 4.47 4.40 5.47 20 4.93 4.80 4.75 4.88 4.122 4.15 4.255 4.31 4.42 4.46 5.47 27 , . 4.88 4.66 4.81 4.86 4.236 4.33 4.411 4.49 4.61 4.69 5.63 Dec. 4 4.88 4.73 4.75 4.68 4.324 4.28 4.431 4.42 4.60 4.63 5.52 4.88 4.70 4.58 4.59 4.091 4.11 4.207 4.28 4.53 4.54 5.48 18 4.75 4.63 4.50 4.20 3.944 4.04 4.144 4.27 4.50 4.40 5.45 25 4.75 4.50 4.40 3.89 4.023 4.02 4.263 4.25 4.38 4.30 5.43 1972--Jan. 1 4.50 4.50 4.18 4.05 3.731 3.73 3.952 4.03 4.09 4.15 5.27 8 4.38 4.20 4.10 3.57 3.735 3.59 4.043 3.92 4.03 4.11 5.31 15 4.10 3.98 3.88 3.71 3.109 3.16 3.375 3.43 3.65 3.92 5.20 22 3.98 3.85 3.88 3.54 3.276 3.31 3.452 3.58 3.64 3.94 5.32 29 3.88 3.80 3.85 3.43 3.493 3.46 3.754 3.71 3.79 4.00 5.47 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 INTEREST RATES • FEBRUARY 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 (long- Total i term) Total i 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 6.28 197 1 5.74 5.62 5.22 5.89 7.94 7.39 8.56 7.57 8.38 8.13 6.69 3.14 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 1972—Ja n 5.62 5.13 4.84 5.49 7.66 7.19 8.23 7.34 7.98 7.85 6.57 2.96 Week ending— 1971—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 8. . . 5.61 5.05 4.75 5.40 7.67 7.19 8.27 7.36 8.02 7.86 6.68 2.97 15. . . 5.57 5.00 4.65 5.40 7.65 7.17 8.21 7.33 8.00 7.84 6.52 2.95 22. . . 5.61 5.16 4.90 5.50 7.63 7.16 8.18 7.31 7.95 7.82 6.49 2.94 29. . . 5.67 5.31 5.05 5.65 7.67 7.22 8.24 7.36 7.95 7.87 6.57 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: * 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. A verage daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 l/i hours per day, or 21 Yi 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

FEBRUARY 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 Exchange ( G t l U e o o r . n m v S g t . ) , - S l a o t n c a d a te l p A C o A 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 l NYSE AMEX 196?,. 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1,225 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 1964 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 1965 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 1966. 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 1967. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968. 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969. 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1971 68.80 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 25.22 17,429 4,234 1971--Jan 66.10 79.9 66.5 93.49 102.22 36.64 63.43 51.29 53.72 37.76 42.52 66.41 23.56 17,429 4,493 Feb 66.78 81.5 66.8 97.11 106.62 38.78 62.49 53.42 56.45 40.37 42.30 68.19 25.02 19,540 6,054 Mar 67.94 82.8 65.8 99.60 109.59 39.70 62.42 54.89 58.43 41.71 41.60 70.66 25.88 16,955 5,570 Apr 67.57 80.4 65.1 103.04 113.68 42.29 62.06 56.81 60.65 45.35 41.73 73.91 26.43 19,126 5,685 May 65.72 75.6 63.7 101.64 112.41 42.05 59.20 56.00 60.21 45.48 39.70 70.89 26.03 15,157 4,157 June 65.84 74.8 63.5 99.72 110.26 42.12 57.90 55.06 59.25 44.90 38.71 70.01 25.61 13,802 3.488 July 66.16 74.0 63.2 99.00 109.09 42.05 60.08 54.83 58.70 44.02 39.72 70.42 25.46 12,634 3,080 Aug 67.33 77.4 63.4 97.24 107.26 43.55 57.51 53.73 57.62 44.83 38.17 69.41 24.84 14,574 3,473 Sept 69.35 81.7 64.2 99.40 109.85 47.18 56.48 54.95 59.13 48.09 37.53 72.14 25.47 12,038 3,259 Oct 70.33 84.7 65.2 97.29 107.28 44.58 57.41 53.76 57.52 47.02 37.93 71.24 25.24 13,340 3,622 Nov 70.47 84.1 c66.4 92.78 102.21 41.19 55.86 51.17 54.50 44.29 36.87 68.98 24.10 13,163 3,234 Dec 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 4,777 1972--Jan 68.79 84.6 67.1 103.30 114.12 45.16 60.19 57.19 61.33 50.56 40.02 74.24 26.46 18,072 5,516 Week ending— 1972--Jan. 1 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 5,218 8 . , 68.88 85.6 67.3 102.76 113.48 44.72 60.22 56.81 60.87 49.77 39.91 74.36 25.88 17,475 5,322 15 69.24 85.8 67.2 103.39 114.11 44.88 61.03 57.23 61.23 50.23 40.60 74.85 26.40 17,128 5,878 22 68.83 84.0 67.0 103.83 114.72 45.35 60.43 57.49 61.66 51.10 40.22 74.37 26.71 18,953 6,145 29 , 68.34 83.1 66.9 103.10 113.99 45.48 59.29 57.11 61.41 50.83 39.48 73.39 26.72 18,699 5,823 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes PPeerriioodd C c t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r e s g t r ) e & ! s M (y a e tu ar r s i ) ty L c p r ( o a e p r t i a n e c i n r o t e ) / (t d h c o p o P h l r u u l a i a s c r s . - r e e s o ) f (t a d h m L o o l o u o la a s u n . r n s o t ) 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 & l s M (y a e tu ar r s i ) ty L c p r ( o a e p r t i n a e c i n r t o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t d a h L o m o l o u o la s a u . n r n s o ) t f 1964. 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965., 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966, 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967., 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 , 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969. 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71 .5 28.3 19.9 1970. 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1970--Dec 8.20 1.07 25.8 73.8 35.3 25.8 8.12 .85 23.3 71.9 30.7 21.7 1971 —-J an 8.03 .92 25.8 73.3 36.2 26.4 7.94 .82 23.5 72.5 30.7 22.0 Feb 7.74 1.00 26.2 73.9 37.0 26.2 7.67 .79 24.0 73.1 31.1 22.5 Mar 7.52 .83 25.9 73.7 35.9 26.0 7.47 .77 24.1 73.5 31.7 23.0 Apr 7.37 .73 26.3 73.6 36.0 26.2 7.34 .75 24.2 73.6 31.8 23.1 May 7.36 .71 26.1 74.0 36.7 26.7 7.33 .71 24.0 73.2 32.3 23.3 June 7.38 .74 26.3 73.7 37.5 27.3 7.38 .74 24.3 73.9 32.9 23.9 July 7.51 .90 26.3 74.5 36.8 27.1 7.50 .75 24.2 74.5 31.6 23.2 Aug 7.60 .84 26.2 73.9 36.5 26.5 7.58 .76 24.5 74.2 31.9 23.5 Sept 7.67 .97 25.8 75.3 35.1 25.9 7.63 .79 24.2 74.5 30.7 22.5 Oct 7.68 .97 26.4 75.5 35.2 26.3 7.62 .79 24.1 74.2 31.2 22.9 Nov.r 7.65 .87 26.7 75.4 36.7 27.3 7.56 .79 24.3 74.6 31.6 23.2 Dec 7.63 .94 26.6 74.6 36.5 26.5 7.51 .79 24.6 74.5 32.4 23.7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT • FEBRUARY 1972 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregulated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Total Margin stock Convertible Subscription Nonmargin bonds issues stock Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin accts. 4,954 4,054 900 3,860 826 158 60 36 1,145 1,221 5,044 4,224 820 4,000 734 188 69 36 1,104 1,220 433 5,174 4,311 863 4,090 776 186 70 35 1,121 1.205 484 5,392 4,531 861 4,300 772 193 72 38 1,137 1,183 465 5,598 4,776 822 4,530 739 206 67 40 1,122 1.206 445 5,701 4,874 827 4,620 754 213 57 41 1,122 1,235 431 5,783 4,976 807 4,720 733 213 58 43 1,228 1,263 415 5,860 5,050 810 4,790 737 215 56 45 1,091 1,183 410 5,917 5,121 796 4,850 723 227 58 44 1,208 1,206 405 5,990 5,208 782 4,930 713 230 54 48 1,182 1,237 364 6,016 5,238 778 4,950 711 239 53 49 1,194 1,204 393 5,995 5,198 797 4,910 731 242 51 46 1,193 1,209 412 6,520 5,700 820 5,400 750 258 56 42 1,409 1,288 387 1 Margin credit includes all credit extended to purchase or carry stocks 3 Nonmargin stocks are those not listed on a national securities exchange or related equity instruments and secured at least in part by stock (see and not included on the Board of Governors of the Federal Reserve Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data System's list of OTC margin stocks. At banks, loans to purchase or carry for member firms of the NYSE. June data for banks are universe totals; nonmargin stocks are unregulated; at brokers, such stocks have no loan all other data for banks represent estimates for all commercial banks value. based on reports by a reporting sample, which accounted for 60 per cent 4 Includes loans to purchase or carry margin stock if these are unsecured of security credit outstanding at banks on June 30, 1971. or secured entirely by unrestricted collateral (see Dec. 1970 BULLETIN). 2 In addition to assigning a current loan value to margin stock generally, 5 Free credit balances are in accounts with no unfulfilled commitments Regulations T and U permit special loan values for convertible bonds and to the brokers and are subject to withdrawal by customers on demand. stock acquired through exercise of subscription rights. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts EE ppee nndd rrii oo oo dd ff ll (( dd dd ii mm oo oo ee oo ff bb nn ii ll ll -- tt ss -- 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er End of period c st N r a e e t d u t i s t 60 o r p e i m r n o c d r e e e n b t r t 6 L s 0 t e a p s t s e u r s t h c a e n n t o ( f b m T a d i l o l o a l t l n i a l o l c a n e r s s ) llaarrss))!! 1970—Dec 48.2 42.3 9.4 4,030 1970—Dec.. 4,030 11.0 16.1 27.1 16.8 13.5 15.5 1971—Jan 49.2 43.6 7.2 4,260 1971—Jan. . 4,000 12.1 19.6 28.3 17.1 10.0 12.8 Feb 49.1 44.2 6.7 4,380 Feb.. 4,090 11.4 19.5 31.1 16.3 9.3 12.3 48.6 45.5 5.9 4,400 Mar.. 4,300 11.8 20.0 33.0 16.2 7.2 11.8 46.8 48.1 5.1 4,500 Apr.. 4,530 11.8 20.3 35.0 15.0 6.2 11.7 May 46.5 47.1 6.4 4,360 May. 4,620 10.6 15.7 36.7 18.0 7.4 11.6 June 45.1 47.8 7.0 4,250 June. 4,720 9.6 14.4 34.9 20.1 8.6 12.2 July 45.2 46.7 8.1 4,190 July.. 4,790 8.3 12.2 29.1 25.2 11.0 14.1 44.6 48.0 7.4 4,230 Aug.. 4,850 9.3 14.4 35.4 19.6 8.9 12.6 Sept 44.2 47.0 8.8 4,160 Sept.. 4,930 8.7 13.1 34.3 20.7 9.9 13.3 Oct 45.5 45.2 9.3 4,060 Oct... 4,950 7.5 10.9 28.7 24.4 12.1 16.3 44.6 45.1 10.2 4,000 Nov.. 4,910 7.3 10.7 25.9 26.2 13.1 16.8 Dec 35.0 55.7 9.4 7,300 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 NOTE.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other NOTE.—Each customer's equity in his collateral (market value of col- collateral in the customer's margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col- sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments 3 M ga o g r e t- Other G U o . v S. t . S g l a o o t n c a v d a t t e l . o C r t a o h a n r t e d p e r o 1 - Cash O as t s h e e t r s g l r i T e e a a t s n o b i n e e e t i d r s l a r v i l a - e l De it p s o 2 s- l O ia t t i b h e i s e l i r - G r c e o e a s n u e c e n r - r v ts a e l classi ( f i i n e d m b o y n m th a s) t urity accts. 3 or 3-6 6-9 less 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 47.193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 485 452 57,473 2,332 3,219 205 12,378 1,112 1,483 78,202 70,361 2,111 5,730 564 315 31 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 58,014 2,365 3,196 206 13,457 1,129 1,564 79,930 72,441 1,739 5,750 638 322 285 58.194 2,592 3,328 222 13,919 1,270 1,575 81,100 73,366 1,926 5,809 723 352 283 58,540 2,636 3,356 246 14,882 1,287 1,635 82,581 75,002 1,746 5,832 840 413 322 58,796 2,727 3,340 278 15,519 1,254 1,656 83,570 75,824 1,882 5,863 993 445 360 59,111 2,813 3,441 330 16,070 1,261 1,659 84,686 76,656 2,116 5,914 1,152 470 385 59,546 2,696 3,409 319 16,649 1,281 1,665 85,565 77,683 1,956 5.926 1,118 517 343 59,935 2,545 3,558 326 16,969 1,198 1,750 86,282 78,130 2,198 5,924 1,015 582 347 60,350 2,685 3,517 338 17,159 1,151 1,692 86,892 78,437 2,423 6,031 978 557 374 60,622 2,782 3,467 339 17,282 1,177 1,742 87,410 79,236 2,129 6,045 1,086 509 422 61,036 2,840 3,382 343 17,292 1,250 1,712 87,856 79,648 2,150 6,059 1,125 415 484 61,473 2,891 3,346 357 17,452 1,280 1,695 88,495 80,165 2,218 6,112 1,129 554 461 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 8, p. A-19. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. loans beginning with Aug. 1967. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign Total Bonds Stocks g M a o g r e t s - e R st e a a te l P l o o l a i 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—Nov.r. 205,905 11,187 4,714 3,293 3.180 88,153 73,757 14,396 73,893 6,284 15,950 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 Nov... 219,353 11,150 4,473 3,484 3,193 98,443 79,384 19,059 74,903 6,949 16,948 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 • FEBRUARY 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 n i 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 Loans Other d p M u er r a i i d o n e d g 68,834 5,211 3,315 4,775 82,135 70,885 5,708 856 1,550 1,136 78,770 5,563 3,926 5,346 93,605 80,236 6,520 629 1,999 1,221 90,944 6,445 3,979 6,191 107,559 91,308 7,209 015 2,528 1,499 101,333 6,966 4,015 7,041 119,355 101,887 7,899 601 2,239 1,729 110,306 7,414 3,900 7,960 129,580 110,385 8,704 444 2,198 1,849 114,427 7,762 3,366 8,378 133,933 113,969 9,096 462 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 2,803 140,232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 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 '2,537 172,047 19,096 2,284 10,811 204,238 171,358 12,325 8,439 4,960 7,156 2,511 174,382 18,284 2,781 10,864 206,311 174,493 13,133 9,005 5,061 4,619 2,355 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 Liabilities and capital operations) cooperatives credit banks banks v m a b A t n e e o d c m r - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a 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 10,614 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 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1 ,801 5,669 5,503 7,917 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

FEBRUARY 1972 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1971 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity 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 11/10/70 - 3/12/73. . . 7.30 450 4/1/71 - 1/3/72.. 3.85 9 5 9 7 / / / / 2 2 2 2 7 7 5 5 / / / / 7 7 7 7 1 1 0 0 - - - - 8 1 5 1 / 1 / 2 1 / 2 5 2 / 5 2 / 7 / 7 7 / 7 2 7 / 2 7 2 2 6 8 7 5 1 . M M 1 4 5 2 4 2 3 0 5 0 1 0 0 0 0 7 7 6 1 / / / 2 1 1 1 / 2 2 0 1 / / / 2 7 6 7 / 1 1 0 6 9 - - - - 6 6 6 /1 / / 3 1 1 2 / 2 2 1 /7 / / 2 7 7 3 / 3 3 7 . 3 . . . . . . 4 6 8 8 1 . . . 7 / 3 3 4 5 5 0 5 2 3 1 5 5 5 4 0 0 0 6 7 8 6 5 / / / / 1 2 1 3 / / / / 7 7 7 7 1 1 1 1 - - - - 4 2 5 3 / / / / 3 1 1 1 / / / / 7 7 7 7 2 2 2 2 . . . . . . . . 4 5 5 6* . . . 8 6 7 4 5 0 0 2/25/70 - 2/26/73 8.35 350 3/10/70 - 9/10/73. . .. 8.10 300 9/1/72 - 6/1/72.. 5.55 5/23/71 - 2/26/73 5.70 400 6/10/71 -9/10/73 6.13 350 10/4/71 - 7/3/72 8.15 3 1 / 0 2 / 5 2 /7 7 1 / 7 - 0 5 - /2 8/ 5 2 / 7 7 / 3 7 3 4 7 . . 2 2 0 0 4 45 0 0 0 8 1 / 2 1 / 0 1 / 0 7 / 1 7 0 - - 12 1 / 2 10 /1 /7 0 3 /7 . 3 . . .. . 7 5 . . 1 7 5 5 5 5 0 0 0 0 1 1 1 2 / / 1 1 / / 7 7 1 1 - - 8 9 / / 1 5 / / 7 7 2 2 . 4 45 .9 / 5 s 1/26/70 - 1/25/74 8.40 300 12/1/71 - 3/11/74. . .. 5.45 400 3/2/70 - 3/1/73. 7.75 6 6 8 / / / 2 2 2 5 7 6 / / / 7 7 7 1 1 0 - - - 5 2 / / 2 2 2 / 5 5 2 / / 5 7 7 / 4 4 7 4 8 6 7 . . . 3 4 1 5 0 0 2 2 3 5 5 0 0 0 0 4 8 1 / / 1 1 5 /1 0 /7 0 / 0 7 / 7 0 1 - - - 6 6 3 / / 1 / 1 1 0 1 0 / / 7 / 7 4 7 4. 4 . . . . . . . 5 7 7 . . . 7 7 9 5 0 0 4 3 3 0 5 5 0 0 0 9 7 1 / / / 1 4 1 / / / 7 7 7 1 1 0 - - - 7/ 1 2 7 /2 / / 1 7 / / 7 3 7 4 . 4 . . . . 5 6 5 . . . 9 8 5 5 5 5 8/25/69 - 8/25/74 7.65 183 9/10/69 - 9/10/74. . .. 7.85 250 1 1 1 /2 /2 6/ 5 7 / 1 6 9 - - 2 /2 1 5 1 /7 / 5 2 5/74... 8 6. .0 1 5 0 2 2 3 5 2 0 2 5/ / 1 1 0 0 / / 7 7 1 1 - - 9 1 / 2 10 /1 /7 0 4 / 74.... 6 5. .1 65 0 2 3 5 0 0 0 8/25/70 - 5/26/75 8.00 265 9/10/71 - 12/10/74. 6.45 450 7/27/70 - 8/25/75 7.95 300 11/10/70 - 3/10/75. . . 7.55 300 8 1 / 2 2 / 7 1 / 8 71 / 7 - 0 - 2/ 1 2 1 5/ / 7 2 6 5 /75.... 6 73 .5 / 8 0 2 3 5 5 0 0 4 1 / 0 1 / 2 1 / 2 7 / 1 7 1 - - 6 /1 3 0 /1 /7 0 5 / 75. . . 5 6 . . 2 3 5 5 6 5 0 00 0 6/25/71 - 5/25/77 6.95 200 10/13/70 - 9/10/75. . . 7.50 350 3/25/70 - 2/25/80 7.75 350 3/11/71 - 3/10/76 5.65 500 10/15/70 - 10/15/80.... 7.80 200 6/10/71 - 6/10/76 6.70 250 Federal land banks 10/27/71 - 11/27/81. . . 6.60 200 11/10/71 -9/10/76.... 6.13 300 Bonds: Fe D C de a i 9 9 4 A S s r p / a / / c e i s 3 3 1 l o t o c s 0 0 a / u o o p N 7 / l / n c 7 e n 0 6 a 1 i r t 8 d d t a a i a - e n t t o - r i - b i o y n o o 4 e t 1 a n n / e n 1 l 0 — 1 s s m t 0 / / u 1 M / 7 a 1 r / 5 r 9 e / o k 7 6 s r 3 e : t t g age 4 6 8 . . . 3 0 0 8 0 0 1 2 2 2 ,5 5 5 0 0 5 0 0 9 9 7 9 5 2 2 1 3 1 1 1 / / / / / / / / 2 2 0 1 1 1 1 1 1 1 2 / / / 0 2 0 0 0 1 1 1 3 1 1 / / / / / / / 0 / 2 0 7 7 7 7 7 7 7 6 / / / 1 1 1 1 1 1 1 2 7 7 7 1 1 0 - - - - - - - - 9 9 - - - 6 6 6 1 / / 2 1 / / 1 / 2 6 1 1 1 6 1 1 / 0 2 / / 0 0 1 0 / 2 1 2 / 1 / 1 / / / 0 / / 0 8 7 7 8 8 0 0 1 1 / 1 7 / 7 3 2 7 / / 0 1 7 7 8 7 / / 6 7 7 7 . 1 . . . 9 8 . . . . . . . . . . . . 7 4 6 7 6 6 6 6 6 7 6 1 . . . . . . . . . . 5 8 4 2 / 6 2 7 3 7 5 2 5 5 5 5 5 5 8 5 0 8 2 2 2 2 3 3 2 3 3 1 1 5 5 5 5 0 5 0 9 0 5 0 0 0 0 0 0 0 8 0 0 0 0 7 9 4 6 9 7 2 2 8 2 1 / / / / / / / / / / 0 2 2 2 2 2 1 1 2 2 2 / 0 0 2 0 2 0 0 4 3 5 2 / / / / / / / / / / 3 7 7 6 7 6 6 7 7 5 5 / 1 1 9 1 8 3 0 0 6 7 7 2 - - - - - - - - - - 4 - 4 / 1 9 7 2 1 / 2 2 9 2 0 / / / / 2 / / 1 / 1 0 2 2 1 / 2 1 0 1 0 5 2 0 2 5 / 0 5 5 / / 7 / / / 3 / / / 2 7 7 7 7 7 / 7 6 2 / 3 7 2 2 3 2 2 7 3 7 . / . . . . 2 2 . . - 7 - . . 7 . 7 . . . . . 2 . . 8 . 2 . . . . . . . . . 4 7 4 8 8 6 4 5 3 5K 1 . . . . . . K K 9 2 3 4 5 7 4 5 5 5 0 0 0 11/10/71 - 9/12/83. . .. 6.75 250 1/20/70 - 7/20/73. . . 8.45 Mortgage-backed bonds: 4/12/71 - 6/11/84 6.25 200 8/20/73 - 7/20/73.... 7.95 9/9/70- 10/2/72 7.50 400 12/10/71 - 12/10/84. . 6.90 250 4/20/70 - 10/22/73. . 7.80 6/1/70 - 6/2/75 8.38 250 2/20/72 - 2/20/74. . . 41/2 9/29/70- 10/1/90 8.63 200 10/20/70 - 4/22/74. . 7.30 10/21/71 - 7/27/74. . 5.85 De 2 3 b / / e 1 1 n 0 0 t / /6 u 69 0 r e s - - : 2 3 / / 1 1 0 0 / / 7 7 2 2 . . . . . . 5 63 H / 4 2 9 5 8 0 Banks for cooperatives 4 4 2 / / / 2 2 2 0 0 0 / / / 7 6 7 1 5 0 - - - 1 4 1 0 / / 2 2 /2 1 0 / 1 / 7 7 / 5 5 7 . . 4 . . . .. . . 4 5 8 . ^ ^ 3 0 10/14/69 -- 3/10/72. . 634 200 Debentures: 7/20/71 - 10/20/75... 7.20 5 2 6 1 1 1 / / / 2 0 1 1 1 1 / / / 1 0 1 0 1 1 / / 1 / 0 3 7 7 7 / / / 0 0 0 6 6 7 9 1 0 - - - - - - - - 9 9 6 / / / 6 1 1 1 1 1 / 2 2 1 2 1 1 / / / / / 2 1 1 7 7 7 / 1 1 2 2 2 7 / . . / . 2 7 7 . . . . 2 2 . . . . . . 4 8 8 7 8 7 % . . . . . 7 4 2 0 4 0 0 0 0 0 4 4 2 2 3 1 0 0 0 0 0 0 0 0 0 0 0 0 7 8 1 1 1 1 / / 0 2 0 1 1 2 / / / / / / 4 1 1 1 7 7 / / / / 1 1 7 7 7 7 1 1 0 2 - - - - - 2 - 1 / 5 / 1 4 6 1 / 3 1 / / 0 / / 3 7 / 1 / 7 7 1 / / 2 2 7 2 7 / . 7 . . 2 2 . 3 . . . . . . 5 4 5 4 7 3 1 . . . / 8 6 / 3 g 2 5 5 0 2 4 2 3 3 1 9 8 8 0 4 0 1 5 3 0 2 0 2 2 7 2 1 5 / / / / 0 / 2 2 2 2 2 / 3 1 2 0 0 /6 / 7 / / / 6 7 6 6 6 / 1 6 6 7 7 1 - - - - - 4 4 - / / 2 7 1 2 2 / / / 0 1 0 2 2 2 0 / / 4 0 2 7 8 / / / / 8 2 7 1 7 7 0 . 6 6 9 / . . . . 7 . . . . 7 . . . . . 6 5 5 5 5 6 . . . . M K 3 0 0 7 5 0 0 0 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 FEDERAL FINANCE • FEBRUARY 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 S i p ss e u c e ia s l Other balance Fiscal year: 196 8 153,671 172,802 6,030 178,833 -25,161 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 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: 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. 87,583 104,117 99 104,216 16,633 18,240 -21 1,807 157 16,257 54 -882 -453 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 July-Dec.. .. 93,100 110,608 948 111,557 -18,377 26,001 -1,119 2,803 523 21,556 973 80 -2,122 Month: 1970—De c 15,436 r15,920 -326 r15,594 r—158 5,519 31 2,487 59 3,004 2,185 '-140 r_ 799 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 Dec 17,213 17,085 399 17,484 271 9,511 284 1,291 22 8,482 1,328 5,653 -1,230 Selected balances Treasury operating balance Federal securities End Memo: pe o ri f o d B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G l o an ld c e Total 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 , L tm e a s c e s c n : o t O s u n t o h t f s e r S n L p o e e te c s s s i a : 3 l E p T h q u o b e u b y t l a l d a i l l c s : s c p p D o G r o N r i e n o v p b o s v a s t w o t . t — e . r o - e f 5 d issues 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: 197 0 1 ,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 38,802 197 1 2,020 9,173 113 11,306 424.131 11,044 85,544 22,922 825 325,884 Month : 1970—Dec.. 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 38,802 1971—Jan.. 976 8,532 109 9,616 388,341 13,504 77,380 21,842 825 301,798 38.693 Feb . 1,064 6,725 109 7,898 390,664 12,503 78,843 21,461 825 302,038 38,183 Mar.. 858 3,561 109 4,528 391,668 13,021 79,366 21,784 825 302,713 37,814 Apr.. 1,322 7,462 109 8,893 391,891 12,676 79,586 21,714 825 302,442 38.694 May., 874 5,938 109 6,920 396,845 12,716 81,681 22,417 825 304,638 37,275 June. 1,274 7,372 109 8,755 398.130 12,163 82,740 22,400 825 304,328 36,886 July.. 1,274 7,372 113 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 39,530 Nov.. 1,996 2,223 113 4,331 414,620 10,760 84,253 22,900 825 317,402 39,392 Dec.. 2,020 9,173 113 11,306 424.131 11,044 85,544 22,922 825 325,884 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

FEBRUARY 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 Employment Estate Misc. Total W he it ld h - N w he o it l n h d - - fu R n e d - s t N ot e a t l c G e r r i e o p - s ts s fu R n e d - s co P n t a a t y x r - i e b s u a t S i n o e d l n f s - 1 i e n U m s n u p - r l. . c O e n r i t e p h e - t t e s r 2 t N ot e a t l E ta x x c e i s s e t C o u m s s - a g n if d t ce r i e p - ts 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 Half year: 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. r87,584 37,465 5,569 565 42,469 12,744 1,467 17,768 133 1,348 1,576 20,826 8,153 1,317 1,537 2,006 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 July-Dec. 93,180 38,449 5,589 574 43,465 13,262 1,448 19,643 155 1,51 1,673 22,989 8,961 1,838 2,395 1,718 Month: 1970—De c r15,436 r5,846 422 50 r6,217 4,664 179 2,221 50 265 2,545 1,347 220 285 338 1971—Ja n 15,773 6,339 4,280 40 10,579 1,085 558 178 113 165 264 2,720 1,195 199 269 286 Feb 15,130 7,246 654 1,407 6,493 683 310 835 141 721 248 5,944 1,505 175 280 361 Mar 13,205 6,605 1,392 4,631 3,366 3,887 363 ,472 152 77 288 3,990 1,443 226 329 328 Apr 21,024 5,939 7,951 4,261 9,630 4,360 345 294 1,085 301 290 4,970 1,351 221 589 248 May 13,190 6,224 735 3,114 3,846 878 255 893 209 ,005 258 6,366 1,459 204 379 313 June 22,508 6,690 3,681 505 9,867 6,684 236 311 115 57 279 3,764 1,510 250 352 318 July 13,198 6,221 490 191 6,519 163 284 987 205 272 3,464 1,532 227 319 258 Aug 15,652 6,706 306 91 6,920 688 236 049 660 287 5,996 1,482 244 311 245 Sept 19,710 5,513 3,755 76 9,192 ,505 198 ,299 152 60 273 3,784 1,490 363 263 312 Oct 12,462 5,941 396 55 6,282 ,11 375 592 116 274 2,983 1,412 334 391 324 Nov 14,945 7,245 264 55 7,455 730 218 ,408 424 288 4,120 1,656 343 566 293 Dec 17,213 6,823 379 106 7,096 ,064 138 308 52 278 2,642 1,389 329 545 286 Budget outlays4 Com- Educa- Intra- Period Total t f i e N d o n e n a s - - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A t c u g u r r l e - i - so N u u r r a e r a - 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 n a 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 o a 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 1972er6 236,610 78,030 3,960 3,180 7,345 4,376 11,872 4,039 10,140 82,249 11,127 20,067 5,302 -7,877 1973 e6 246,257 78,310 3,844 3,191 6,891 2,450 11,550 4,844 11,281 87,775 11,745 21,161 5,531 -8,590 Half year: 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. 104,216 38,521 1,409 1,720 4,633 1,561 5,808 1,677 3,744 32,710 4,626 9,597 1.818 -3,607 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 July-Dec. 111,557 35,755 1 ,752 1,777 5,999 1,952 6,030 2,181 4,355 38,131 5,003 10,050 2,392 -3,822 Month: 1970—De c r15,594 '6,786 160 318 90 59 832 314 733 5,678 808 1,676 r2 97 -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 S O A N D e c u e o p t c g v t 1 1 1 1 1 9 7 8 8 8 , , , , , 7 5 4 1 9 9 8 8 9 4 1 2 4 6 7 5 6 6 6 5 , , , , , 7 1 5 1 9 1 7 0 9 7 3 5 6 5 9 2 3 3 3 1 8 0 0 8 0 6 3 8 3 1 2 2 2 2 2 8 9 6 8 7 5 1 6 6 3 1,1 9 8 3 5 3 6 6 5 3 4 3 8 2 6 4 2 3 3 3 7 3 0 4 0 1 2 9 4 2 1 1 , , 6 0 9 8 8 4 3 4 7 9 3 0 7 5 2 2 2 2 4 2 9 5 0 9 7 1 6 2 2 2 7 9 6 8 5 2 2 6 5 0 2 4 1 1 1 6 6 6 6 6 , , , , , 1 4 4 3 4 6 9 8 3 4 9 9 5 7 4 7 9 8 8 8 5 4 9 3 9 8 2 2 3 6 1 1 1 1 1 , . , , , 7 6 8 8 4 6 0 1 1 0 8 2 8 1 0 2 4 3 5 3 8 7 3 9 3 7 3 4 6 3 -2 - - - , 2 3 2 3 3 4 4 7 3 8 6 3 6 2 6 t Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. interest received by trust funds. 2 Supplementary medical insurance premiums and Federal employee 6 Estimates presented in the Jan. 1973 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 $2,250 million for ous receipts. fiscal 1972, and $5,000 million for fiscal 1973, 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 • FEBRUARY 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p g u r b o l s i s c Marketable Con- Nonmarketable Special debt i Total Total Bills C c e a r t t e i s fi - Notes Bonds 2 b v i o b e n r le d t- s Total 3 bo S in n a g v d s - s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—E>ec. 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 1972—Jan.. 422.9 336.9 261.9 97.5 114.0 50.4 2.3 72.7 55.1 84.2 1 Includes non-interest-bearing debt (of which $624 million on Jan. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1972, 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 EE ppee nn rr dd ii oo oo dd ff pp TT gg dd uu rr oo ee bb oo tt bb ll ss aa tt ii ss ll cc ag G t U a e r o n n u . v S d c st t . i , e s B F a . n R k . s Total m C b e a o r n c m k i - a s l s M b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t te s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r o t n e e d n i r g a - n l 1 i O m t n o t v i r h s e s c e s . r - 2 funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—Dec 368.2 89.0 57.2 222.0 56.8 2.9 7.1 13.3 25.4 51.8 29.1 11.4 24.1 1970—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 54.0 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 Dec 424.1 106.0 70.2 247.9 65.3 2.7 6.6 12.6 20.4 54.4 23.0 46.9 16.0 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date TToottaall years years years 20 years Total Bills Other All holders: 1968—Dec. 31 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Nov. 30 254,456 108,911 89,829 19,082 96,204 29,321 9,566 10,454 Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 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—Nov. 30 18,439 1,230 633 597 7,751 4,690 2,311 2,456 Dec. 31 18,444 1,380 605 775 7,614 4,676 2,319 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—Nov. 30 67,817 33,887 29,082 4,805 25,209 7,597 534 589 Dec. 31 70,218 36,032 31,033 4,999 25,299 7,702 584 601 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—Nov. 30 168,200 73,794 60,114 13,680 63,244 17,034 6,721 7,409 Dec. 31 173,376 81,729 65,867 15,862 60,735 16,943 6,627 7,340 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—Nov. 30 47,894 11,108 5,026 6,082 29,399 6,578 580 230 Dec. 31 . 51,363 14,920 8,287 6,633 28,823 6,847 555 217 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—Nov. 30 2,714 346 180 166 1,243 493 293 339 Dec. 31 2,742 416 235 181 1,221 499 281 326 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—Nov. 30 5,633 501 228 273 1,668 981 1,367 1,115 Dec. 31 5,679 720 325 395 1,499 993 1,366 1,102 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—Nov. 30 5,478 3,263 2,410 853 1,893 280 17 24 Dec. 31 6,021 4,191 3,280 911 1,492 301 16 20 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—Nov. 30 3,180 636 368 268 1,565 612 171 196 Dec. 31 3,002 629 343 286 1,449 587 162 175 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—Nov. 30 9,691 4,329 3,709 620 2,372 793 933 1,263 Dec. 31 9,823 4,592 3,832 760 2,268 783 918 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—Nov. 30 93,610 53,611 48,193 5,418 25,104 7,297 3,360 4,242 Dec. 31 94,746 56,261 49,565 6,696 23,983 6,933 3,329 4,237 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 5,662 commercial banks, 486 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 740 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 466 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 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 • FEBRUARY 1972 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer Period Total Dealers and brokers Within 1-5 5-10 Over Com- All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1970—De c 2,590 2,043 343 153 52 949 123 1,025 493 1971—Ja n 3,482 2,629 564 248 40 ,346 130 1,364 642 Feb 3,316 2,291 579 397 49 ,178 145 1,232 760 Mar 3,072 2,122 506 388 57 ,036 143 1,204 688 Apr 2,458 1,881 328 216 33 828 116 878 636 May.... 2,322 1,695 406 192 29 837 100 742 643 June 2,195 1,802 273 92 28 727 110 687 672 July 2,484 2,103 280 74 28 814 131 837 702 Aug 2,482 1,848 512 97 25 859 129 855 640 Sept 2,115 1,598 271 219 26 759 99 725 532 Oct 2,646 1,905 438 268 36 988 117 906 634 Nov 2,691 1,668 523 418 81 906 157 940 687 Dec 3,139 2,317 497 266 58 ,006 214 1,190 730 Week ending— 1971—Dec. 1. 3,138 2,454 416 210 58 1,055 152 1,096 836 8. 3,121 2,277 492 278 74 1,020 245 1,064 793 15. 3,095 2,323 501 239 32 956 239 1,190 710 22. 2,681 1,991 396 252 43 884 177 956 664 29. 3,973 2.839 710 345 79 1,263 247 1,675 787 Jan. 5 3,289 2,579 375 261 72 918 257 1 ,299 815 12. 4,046 2,843 771 374 57 1,132 483 1,446 985 19. 2,675 1.840 475 321 39 730 317 924 705 26. 2,343 1,778 368 162 36 675 324 783 561 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. m t a A i t e l u s l r i- W y i e t a h r i n y 1 e - a 5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s a s G g e t c e o ie u n v s r c t i , y - Period sou A r l c l es Y N C o e it w r y k w E h ls e e r - e C t o io rp n o s r 1 a- 5,571 4,399 612 485 76 1,049 1970—Dec.. .. 5,949 1 ,868 1,960 379 5,634 4,626 525 403 80 966 1971—Jan. .. 6,198 1,888 1,695 527 4,655 3,320 569 691 75 946 Feb.... 5,684 1,673 1,318 369 4,421 3,511 437 404 70 981 Mar.. . 4,543 1,356 926 399 4,870 4,019 415 416 20 1,118 Apr... 5,700 1,759 1,415 724 2,646 2,115 189 331 11 818 May... 3,389 1,095 475 517 2,735 2,477 116 130 12 776 June... 3,163 1,061 523 435 3,011 3,018 -23 26 -11 771 July... 3,516 1,151 391 721 2,897 2,473 344 70 11 698 Aug.. . 3,071 894 390 821 3,856 3,089 355 377 36 926 Sept... 4,146 1,049 856 811 4,353 3,612 394 310 37 903 Oct.... 4,511 1,188 704 921 5,846 3,725 914 943 265 1,063 Nov.. . 6,455 1,877 932 1,564 5,335 3,877 626 600 232 1,101 Dec.... 5,516 1,374 912 1,659 Week ending- 5,666 4,782 469 341 75 1,059 1971—Nov. 6,027 1,920 937 1,260 5,522 3,351 668 1,189 314 1,006 6,688 2,043 1,071 1,670 6,033 3,452 1,279 1,016 284 905 6,565 1,994 819 1,436 5,808 3,611 1,069 873 255 1,215 6,628 1,812 937 1,673 6,120 4,379 746 751 244 1,153 Dec. 1 . 5,852 1,547 901 1 ,552 5,213 3,702 636 640 235 1,123 8. 5,852 1,558 968 1,713 5,157 3,781 576 567 232 1,056 15. 5,277 1,419 777 1,646 5,097 3,625 674 555 243 1,059 22. 5,382 1 ,318 1,034 1,627 5,775 4,328 623 592 231 1,163 29. 5,326 1,126 841 1,662 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

FEBRUARY 1972 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1972 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills—Cont. Treasury notes—Cont. Treasury bonds F F e e b b . . 10 3 , , 1 1 9 9 7 7 2 2 , . 3 3 , . 9 9 0 0 3 0 J J u u n n e e 2 3 9 0 , , 1 1 9 9 7 7 2 2.... 1 1 , , 6 7 0 0 1 1 A M p a r y . 15 1 , , 1 1 9 9 7 7 3 3 . .. . . . . . • •• mm m 5,84 3 4 4 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . 2 21 V A i 1 1 , , 2 9 2 5 8 1 F F e e b b . . 2 1 4 7 , , 1 1 9 9 7 7 2 2 . . 3 3 . , 9 9 0 0 1 1 J Ju u l l y y 1 6 3 , , 1 1 9 9 7 7 2 2 . . . . . . . . 1 1 , ,6 6 0 0 1 0 A Oc u t g . . 15 1 , 1 1 1 9 9 7 7 3 3 . .. . . . . . .. • ss i yy t 88 t 1,83 3 9 0 D Fe e b c . . 1 1 5 5 , , 1 19 9 6 7 7 2 - . 7 .. 2 . .. .4 2V * 2,5 9 5 8 3 0 Feb. 29, 1972. 1,701 July 20, 1972.... 1,601 Feb. 15, 1974 ... •m 3,139 Aug. 15, 1972.... .4 1,455 Mar. 2, 1972. 3,901 July 27, 1972.... 1,603 Apr. 1974.... .1 % 34 Aug. 15, 1973 .4 3,894 Mar. 9, 1972. 3,903 July 31, 1972.... 1,703 May 15, 1974.... .71/4 4,505 Nov. 15, 1973.... •41/s 4,341 Mar. 16, 1972. 3,901 Aug. 31, 1972.... 1,700 Aug. 15, 1974. ... .55/8 10,284 Feb. 15, 1974.... •41/s 3,125 Mar. 23, 1972. 3,910 Sept. 30, 1972.... 1,702 Oct. 1, 1974 .1% 42 May 15, 1974 .41/4 3,576 Mar. 30, 1972. 3,903 Oct. 31, 1972.... 1,700 Nov. 15, 1974.... .534 7,212 Nov. 15, 1974 .37/8 2,237 Mar. 31, 1972. 1.701 Nov. 30, 1972.... 1,201 Feb. 15, 1975.... .53/4 5,148 May 15, 1975-85. 1,210 Apr. 6, 1972. 3,901 Dec. 31, 1972.... 1,200 Feb. 15, 1975.... .5% 2,045 June 15, 1978-83. .3y 1,524 Apr. 13, 1972. 3,903 Jan. 31,1973.... 1,200 Apr. 1, 1975.. .. .1% 8 Feb. 15, 1980.... .4 4 2,587 Apr. 20, 1972. 3.901 May 15, 1975, ... .6 6,760 Nov. 15, 1980.... • 3 ft 1,902 A A p p r r . . 2 27 1 , , 1 1 9 9 7 7 2 2 f . 4 3 , . 0 9 3 0 4 2 A O u ct g . . 15 1 , , 1 1 9 9 7 7 5 5 . . . . . . . . . .5 m % 7,67 3 9 0 A M u a g y . 1 1 5 5 , , 1 19 9 8 8 1 5 .... . . 3 7 y 1,0 8 3 0 3 7 A M M p a a r y y . 3 1 4 0 1 , , , 1 1 1 9 9 9 7 7 7 2 2 2 , . . 1 1 1 . , , 6 7 60 0 0 1 2 2 Tre F F a e e s b b u . . ry 1 1 n 5 5 , , o t 1 e 1 s 9 9 7 7 2 2 4 7 % ^ 2,6 8 9 0 0 0 N A Fe o p b v r . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 7 7 7 6 5 6 , . . . . . , . . . . . . . .7 6 W % 2 3 3 , ,7 1 3 1 2 9 5 7 N A Fe u o b g v . . . 1 1 15 5 5 , , , 1 1 1 9 9 9 8 8 8 7 8 6 - - . 9 9 . 2 3 .. . . . • . 4 4 6 y I 4 /4 8 3 1 , , 7 2 2 9 1 4 1 6 5 May 18, 1972. 1,602 Apr. 1, 1972 \y2 34 May 15, 1976.... 2,697 May 15, 1989-94.. 41/s 1,540 J M M u a a n y y e 2 3 5 1 1, , , 1 1 1 9 9 97 7 7 2 2 2 , . . 1 1 1 , , , 7 6 6 0 0 0 1 1 0 A M M u a a g y y . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 2 2 2 5 4 6 y y 4 4 2 3 1 , , , 5 6 3 7 7 7 2 8 6 A O N c u o t g v . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 7 7 7 6 6 6 . . . . . . . . . . . . . .. .7 i 66 1 y %% /2 2 4 1 , , 1 2 9 8 4 3 3 F N F e e o b b v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 9 8 5 0 , , . , , . • . • 3 33 %% 4 3 1 , , , 5 6 0 0 4 9 1 8 3 J J u u n n e e 1 8 5 , , 1 1 9 9 7 7 2 2 . . 1 1, , 6 6 0 0 0 1 O N c o t v . . 15 1 ' . , 1 1 9 9 7 7 2 2 6 li /2 2,28 3 5 3 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 7 7 7 7 . . . . . . . . .7 88 3 4 2 5 , , 2 1 6 6 4 3 Convertible bonds June 21, 1972| 3,026 Feb. 15, 1973 &A 2,514 Feb. 15, 1978 .,, .6 y 8,389 Investment Series B June 22, 1972. 1,602 Feb. 15, 1973 4% 4,268 Nov. 15, 1978.... ,6 4 8,208 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 Total G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other2 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u 5 s - V a a e n t id e s r ' - O p p o t u h s r e e - s r gations auth. 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9.269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1970—Dec.... 2,190 1.270 914 571 826 793 2,176 425 327 623 121 681 1971--Jan.r.. 2,732 1,613 997 577 ,156 999 2,721 509 390 436 373 1,013 Feb.. 1,851 1,225 619 585 627 639 1,835 520 133 315 123 743 Mar.r . 2,258 1,309 949 447 660 1,152 2,244 570 183 702 28 762 Apr.r., 1,891 1.305 581 430 510 952 1,841 491 66 471 19 795 May.r. 2,167 1,091 869 197 486 ,095 585 2,159 625 448 433 222 430 Juner., 2,013 1,320 684 779 337 896 2,004 385 394 699 14 512 July.. 1,989 1.306 506 171 477 606 905 1,942 301 120 231 219 1,071 Aug. r. 1,903 1,141 754 459 735 707 1,894 352 158 377 159 846 Sept.r. 2,098 1,313 523 258 348 706 1,044 2,053 463 65 458 271 796 Oct.r. . 1,728 836 890 341 840 548 1,626 291 210 353 96 678 Nov.r , 2,264 1,394 869 629 874 761 2,134 418 338 500 246 631 Dec..., 2,068 1,367 440 441 568 1,058 2,042 353 137 239 298 1,016 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 • FEBRUARY 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 -- Noncorporate Corporate PPPPeeeerrrriiiioooodddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aagg GG UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee )) cc 44 aa ll OOtthheerrss TToottaall Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 1963 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 1964 37,122 10,656 1,205 10,544 760 13,957 10.865 3,623 7,243 412 2,679 1965 40,108 9,348 2,731 11,148 889 15,992 13 ^720 5,570 8,150 725 1,547 1966 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970 88,664 14,831 16,180 17,762 949 38,944 30,264 25,384 4,880 1,388 7,292 1970—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 Nov 10,525 3,249 1,300 2,286 24 3,665 2,393 2,003 390 270 1,002 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 al fi e n s a t n a c t i e a l Bonds Stocks Bonds Stocks Bonds Bonds Stocks Bonds Stocks Bonds 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 ,671 197 0 9,191 1,322 1,949 2,545 2,188 92 8,016 3,001 5,059 83 3,861 ,636 1970—Nov. 927 180 147 129 170 7 845 505 693 502 78 Dec. 932 124 207 147 307 58 725 230 277 822 146 1971— F Ja e n b. . . 6 64 4 4 7 6 1 9 7 25 7 9 2 2 1 3 1 9 2 1 8 6 9 7 1 6 7 0 5 8 2 31 68 7 6 3 7 9 2 1 11 2 5 4 5 8 5 1 6 12 6 Mar. 2,123 294 289 186 160 1 895 557 481 52 834 204 Apr. 819 316 198 243 268 67 607 660 247 26 484 107 May 631 158 143 131 250 89 447 141 403 2 763 113 June 1,031 175 497 290 182 115 616 439 204 14 513 300 July. 383 200 159 188 157 62 520 212 232 1,390 500 144 A Se u p g t . . 9 2 9 6 1 2 2 1 1 5 2 4 1 7 2 6 3 2 1 9 7 5 5 1 7 2 6 0 2 1 9 2 6 5 8 7 7 8 4 1 9 6 2 2 2 3 3 5 5 9 46 3 5 8 2 5 5 1 17 2 9 6 Oct. 571 93 138 172 185 5 703 230 432 ' '9' 615 224 Nov. 654 174 68 237 102 6 657 545 256 657 301 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

FEBRUARY 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 Net change 19,799 7,541 12,258 15,629 4,542 11,088 4,169 3,000 1,169 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 i 9,385 2,089 7,297 7,598 | 1,546 6,051 1,788 542 1,245 11,936 2,577 9,359 9,034 2,069 6,964 2,902 508 2,394 11,241 2,015 9,226 8,765 1,776 6,989 2,476 239 2,237 13,212 2,979 10,233 8,974 I 2,681 6,294 4,238 299 3,939 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 4,244 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 1 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—Dec.. . 467 307 160 47,618 3,649 43,969 1959 2,280 786 1,494 15,818 860 14,958 1960 22,,009977 842 1,255 1177,,002266 973 16,053 1971—Jan. . . 487 242 245 50,251 3,663 46,588 Feb.. . 349 322 27 51,300 3,600 47,700 1961 2,951 1,160 1,791 22,789 980 21,809 Mar... 468 425 43 53,618 3,328 50,290 1962 2,699 1,123 1,576 21,271 1,315 19,956 Apr.. . 547 394 153 55,883 3,046 52,837 1963 2,460 1,504 952 25,214 11,,334411 2233,,887733 May.. 307 428 -121 53,610 2,607 51,003 June.. 434 467 -33 53,560 2,830 50,730 1964 3,404 1,875 1,528 29,116 1,329 27,787 July... 371 444 -73 51,424 2,856 48,568 1965 4,359 1,962 2,395 35,220 1.803 33,417 Aug... 432 394 38 53,798 3,016 50,782 1966 44,,667711 2,005 2,665 3344,,882299 22,,997711 3311,,885588 Sept... 304 471 -167 53,291 2,511 50,780 Oct.... 596 419 177 51,160 2,885 48,275 1967 4,670 2,745 1,927 44,701 2,566 42,135 Nov... 397 334 63 50,958 3,172 47,786 1968 6,820 3,841 2,979 52,677 3,187 49,490 Dec... 453 411 42 5555,,004455 3,038 52,007 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 • FEBRUARY 1972 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 11996655 11996666 11996677 11996688 1969 I II Ill IV I II III IV Manufacturing Total P D S P ( r a r i 1 o o l v e 7 f f i s i 7 i d t t s e s c n b a o d e f r s t f p e o s r r . e t ) a : t x a e x s e s 1 2 7 1 2 6 7 2 , , , , 0 5 2 4 4 3 2 6 6 7 7 1 1 2 1 9 6 3 3 5 , , , , 4 9 3 7 8 2 0 3 7 0 7 8 2 2 1 0 0 6 2 1 , , , , 8 9 3 6 9 8 9 6 8 9 9 4 2 2 1 2 7 5 3 5 , , , , 2 3 7 7 7 7 8 4 5 1 7 0 : 2 2 1 4 7 5 4 3 , , , , 7 6 0 4 2 5 4 9 2 7 9 0 5 3 3 5 1 , , , , 6 2 9 7 3 9 8 1 3 8 5 6 5 6 3 7 1 , , , , 8 6 7 7 7 0 3 3 8 9 2 1 5 5 3 3 1 , , , , 9 5 0 7 8 8 3 4 7 0 0 6 6 6 0 3 2 , , , , 3 9 0 8 8 3 7 5 8 2 8 0 5 6 7 3 1 , , , , 5 6 5 8 6 1 7 3 5 3 9 8 6 6 1 3 1 , , , , 8 3 7 9 8 9 5 1 7 2 0 6 6 5 1 3 1 , , , , 8 0 2 8 5 6 8 4 1 1 5 4 6 6 2 3 3 , , , , 3 5 1 3 1 1 8 1 9 7 3 8 Nondurable goods industries (78 P D S P a r r i o c o l v e o f f i s i i d r t t p s e s n s b a . d f e ) s t : f 2 e o r r e ta t x a e x s e s 6 7 4 4 2 , , , , 8 8 7 5 9 4 8 2 7 6 6 7 73 9 2 5 , , , , 6 1 7 4 4 8 2 7 3 1 9 3 7 9 7 5 3 , , , , 9 0 3 0 6 3 7 2 9 9 9 7 8 9 4 5 3 , , , , 8 8 7 0 6 6 9 8 1 6 9 2 9 1 2 6 3 0 , , , , 0 1 3 2 3 0 3 8 3 3 3 9 20 2 1 , , , 1 3 4 7 5 8 2 4 6 7 8 3 2 2 1 1 , , , 0 4 4 7 2 9 1 5 5 2 1 1 2 2 1 1 , , , 5 5 4 7 5 4 7 6 1 5 1 3 22 2 1 , , , 1 4 4 8 2 4 8 2 9 2 9 5 2 2 1 1 , , , 7 5 4 8 6 2 9 1 4 4 2 2 2 2 3 1 , , , 1 6 5 8 9 6 5 0 8 4 9 8 2 2 3 1 , , , 4 6 5 8 4 4 2 2 5 1 9 0 2 2 3 1 , , , 6 5 5 8 2 0 2 4 6 4 3 9 Dura P S P D b a r r l i e o o l v e f f i s g i i d t t o s s e o n b a d d e f s s t f e i o n r r d e ta u t x s a t e x r s i e e s s (99 corps.): 3 1 1 1 7 4 4 2 , , , , 6 0 3 2 4 7 0 0 1 5 0 0 1 1 2 7 4 4 2 , , , , 8 1 3 0 3 9 0 9 4 1 7 4 1 1 2 6 3 1 3 , , , , 3 4 9 8 2 5 2 6 9 2 2 4 1 1 4 7 4 5 0 , , , , 9 1 8 5 8 8 7 1 9 9 9 0 1 1 5 7 4 5 1 , , , , 9 4 2 4 8 6 1 9 9 9 6 0 3 3 3 1 , , , 4 5 8 9 7 9 7 7 7 8 1 2 3 4 2 6 , , , 3 1 7 9 8 0 9 8 6 7 8 1 3 3 2 1 , , , 0 4 5 9 3 3 5 8 5 6 9 3 3 4 2 8 1 , , , , 4 2 3 2 5 9 6 5 9 0 1 3 3 4 2 5 1 , , , , 0 8 0 0 4 4 8 2 1 9 7 6 3 4 2 8 1 , , , , 2 1 1 1 9 2 9 0 5 4 0 8 3 3 7 1 1 , , , , 7 2 6 0 1 6 1 1 5 5 6 0 3 3 9 1 1 , , , , 8 7 9 2 1 5 9 7 5 6 7 0 Selected industries: Foods and kindred products (25 S P P D a r r i o o c l v e o f f i s i i d r t t p s s e s n b a . d ) f e s : t f e o r r e ta t x a e x s e s 1 1 6, , 4 7 8 5 2 1 9 0 7 0 6 9 19 1 1 , , , 0 0 9 5 3 0 1 6 8 8 6 4 20 1 1 , , , 1 9 0 5 3 6 4 8 4 7 1 3 22 2 1 , , , 1 2 0 6 C 2 9 1 7 9 3 6 2 2 4 1 , , , 4 5 1 6 2 9 7 6 5 3 1 1 5,1 4 2 1 8 9 5 5 4 8 5 0 5,3 2 5 1 8 6 6 5 9 0 3 5 5,7 2 5 1 3 8 9 5 7 5 0 5 5,7 2 5 1 9 9 7 5 9 3 6 6 5,7 5 2 1 1 6 3 6 4 1 4 2 5,9 5 2 1 2 8 7 6 3 1 5 5 6,6 6 3 1 3 6 1 6 1 6 4 4 6,3 6 3 1 2 2 4 7 5 1 4 0 Chemical and allied products (20 S P P D a r r i o c o l v e o f f i s i i d r t t p s e s s n b a . d ) e f s : t f e o r r e ta t x a e x s e s 1 2 8 1 , , , 8 1 6 9 9 5 3 2 1 8 0 6 20 3 1 , , , 0 0 7 9 0 7 3 4 7 3 7 8 2 2 0 1 , , , 7 5 5 9 3 6 7 6 1 1 9 0 22 3 1 1 , , , , 8 1 6 0 0 1 1 0 8 7 8 2 24 3 1 1 . , , , 4 2 0 7 9 3 5 7 4 1 8 3 5,4 7 2 3 3 6 3 9 6 0 6 0 5,6 8 4 2 9 1 0 3 7 9 7 6 5,7 8 4 2 8 0 1 4 2 6 2 3 5,8 7 2 3 9 4 9 8 3 4 8 7 5,8 8 4 2 4 4 4 5 5 4 8 2 6,2 8 4 2 3 5 7 7 0 1 5 3 6,2 4 2 8 3 4 1 5 6 1 8 4 6,1 7 4 2 8 2 1 7 3 1 1 4 Pe S P P D tr a r r i o o o l v l e f f i e s i i d u t t s s e m n b a d f e r s t e f e o f r i r n e ta i n t x a g e x s ( e 1 s - 6 corps.): . 1 1 1 7 , , , 9 5 7 8 6 4 3 2 2 1 7 8 : 20 1 2 , , , 8 8 6 8 8 9 1 8 7 8 7 1 23 3 2 1 , , , , 2 0 0 0 5 0 3 7 8 4 8 9 24 2 2 1 , , , , 2 8 2 0 1 6 0 3 8 6 6 9 2 2 5 2 1 , , , , 9 5 2 1 4 8 2 2 1 6 4 3 5,8 7 2 5 9 6 5 9 0 7 3 2 6,0 6 2 5 1 9 5 2 3 2 5 0 6,1 7 2 5 0 4 5 6 0 0 8 1 6,2 6 2 5 1 6 7 3 4 7 3 4 6,1 7 5 2 0 2 6 8 7 6 2 2 6,6 7 5 2 1 2 5 7 0 8 8 3 6,2 7 5 2 6 5 5 8 4 0 4 2 6,6 7 5 2 0 3 8 5 5 7 6 0 Primary metals and products (34 P S P D a r r i o o c l v e f o f i s i i d r t t p s e s n s b a . d e f ) s : t f e o r r e ta t x a e x s e s . . 2 1 2 6 , , , 6 5 9 8 8 1 4 3 9 8 8 1 ! > ! 2 3 1 8 , , , 2 9 5 9 7 0 5 2 7 3 8 4 ; I : r - 2 2 6 1 , , , 4 5 5 8 8 0 3 9 7 6 2 2 : i 1 3 2 1 0 , , , 9 7 1 9 2 5 7 5 1 0 1 2 i 3 3 3 1 , , , 0 6 9 9 5 7 8 1 2 4 7 2 7,1 6 2 3 5 2 6 7 0 4 9 6 8,4 9 2 5 2 1 3 5 7 5 0 0 7,4 6 2 3 6 0 3 4 1 1 3 3 7,1 7 4 2 3 3 8 6 3 5 2 4 7,6 4 2 6 7 3 9 4 1 1 1 2 8,6 8 5 2 1 2 4 0 2 8 5 4 8,4 4 7 2 4 3 1 4 8 5 5 7 8,9 5 2 8 4 4 1 5 3 2 8 3 Ma S P P D c a r r i h o o l v e i f f i s n i i d t t e s s e r n y b a d f e s ( t f 2 e o r 4 r e t c a t o x a e r x p s e s s . ): . 2 3 1 5 , , , 6 3 1 7 2 6 0 7 6 4 ' 4 \ ' 5 I 29 3 1 , , , 5 6 9 8 1 1 1 7 2 2 2 5 » i i 5 3 3 2 1 , , , 4 7 7 9 8 8 2 2 2 9 1 1 • > 35 2 4 , , , 6 0 1 9 6 1 3 9 0 4 4 2 i • • 1 3 4 2 8 1 , , , , 7 3 1 1 1 7 4 2 9 7 7 8 ' ! 8,3 9 4 2 3 4 7 4 6 8 1 7 ; 8 1 , , 8 4 2 0 6 9 4 0 4 9 8 8 8 1 , , 9 1 2 5 0 1 4 3 7 2 8 7 , 9 1 , , 5 2 0 5 1 4 3 7 7 9 1 9 8 1 , , 9 0 5 2 5 7 7 2 7 1 0 6 i i 9 1 , , 7 1 2 5 5 6 7 7 7 7 1 6 1 1 0, , 5 1 5 2 4 4 6 9 2 1 8 3 : ! \ 9, 9 4 2 4 9 6 9 7 8 3 4 7 Automobiles and equipment (14 D P S P a r r i o o c l v e f f o i s i i d r t t e p s s n s b a . d f e ) s : t f e o r r e ta t x a e x s e s . 4 6 3 1 2 , , , , 2 2 8 7 9 1 9 5 ^ 2 ( : > J 1 ) 43 2 5 1 , , , 8 , 2 6 7 7 7 4 7 * 4 1 ! 3 j 1 I r 4 3 1 1 2 , , , , 9 5 9 3 0 9 6 0 6 9 " 6 i 5 > ' 5 2 0 5 1 , , , , 9 5 9 6 2 0 1 4 6 3 6 2 i I ! ! 52 5 2 1 , , , , 2 2 6 7 9 6 0 2 C 8 4 3 > ! ! ! • 12 1 , , 3 5 3 7 4 0 6 8 3 7 4 3i I 1 r 1 1 3 , , 8 8 3 5 5 4 6 4 1 7 4 5; 9,8 6 3 3 4 7 6 3 C 2 4 0 : l l 1 1 4 , , 9 7 9 5 1 5 6 4 8 0 7 3 l 1 1 3, , 3 6 8 3 2 6 0 6 8 3 6 5 ; i 1 1 3 , , 5 7 6 4 4 5 3 3 2 0 8 6 11,3 6 3 3 0 5 4 6 C 2 2 6 ) t » i 1 1 4 , , 4 0 7 5 1 2 0 5 1 4 6 6 Public utility Railr D P O P o r r i p a o o v e d f f i r i : i d a t t s e s t n i b a n d e f g s t f e o r r e r e t v a e t x n a e x u s. e e . s . . . . . 10,2 9 4 8 0 7 6 li ? S ? S > 5 i 10 1 , , 6 0 9 5 6 0 0 9 1 ( ; ' 1 1 > > 10, 3 5 3 3 1 3 8 7 S ? f 'l 5 ) J 10,8 5 5 6 5 1 6 7 9 5 5 ? ) \ i ; 11,4 4 4 6 5 6 8 8 1 1 ? :1 5 2,6 1 1 1 1 1 1 2 1 2 ' ' ' > f 2,7 1 2 1 5 3 0 7 8 2 6 4 t i I ! . 2,7 1 1 1 0 0 4 1 8 C 9 C ! > ) ) 2,7 1 1 1 9 6 8 6 6 6 2 9 1 ; ) i 2,7 1 1 9 1 2 4 8 6 8 1 ! 1 ; 2,9 2 1 1 1 3 2 7 6 6 0 3 i > i i 2,8 1 1 3 4 9 0 6 < ? ( i ) S ) 2,9 1 1 5 8 3 9 8 6 6 2 Elect P D O P ri r r i p c o o v e f f i p r i i d a t t o e s s t w n i b a n d e f e g s t r f e : o r r e r e v t a e t x a n x e u e s e s . . . . . . 1 4 2 1 5 , , , , 5 8 2 8 8 3 1 1 < * : < 5 * 5 * 1 2 6 4 1 , , , , 7 9 9 4 4 5 3 1 < ^ $ ' ) 1 ) J 1 2 2 4 7 , , , , 9 0 9 5 0 6 5 4 ? ( ' ' 1 7 i 5 1 3 2 4 9 , , , , 0 2 7 4 0 0 8 2 2 1 9 1! ) 1 : 2 3 4 2 1 , , , , 1 9 2 0 8 3 9 7 6 ? 9 *i I > > 5 1 , , 1 3 8 5 0 3 5 6 6 9 1 3 5 [ t > 4 1 , ,0 5 6 5 4 5 4 5 C 3 1 ! t ) ! 4 1 , , 8 2 7 5 6 6 7 4 9 4 1 3 > ; [ 4 1 , ,1 8 7 5 2 9 3 6 5 2 3 5 1 i 1 i 5 1 , , 4 3 5 8 8 8 8 7 C C 4 3 1 ^ ! 1 1 4 , , 0 9 7 5 6 1 0 7 5 3 7 7 i i 5 1 , , 3 3 5 8 6 7 6 2 1 ( ( 1 ) 3 1 [ 5 1 , , 3 1 7 5 1 7 2 8 2 9 3 1 Telep O P P D h r r p i o o o v e f f n i r i i d e a t t s s e : t n i b a n d f e g s t f e o r r e r e v t a e t x n ax e u e s e s . . . . . . 1 3 1 1 1 , , , , 7 3 1 1 1 2 8 5 * ( ! ! ) 5 i 3 1 3 2 1 1 , , , , 5 2 4 9 4 3 2 0 ? 1 ( : ) 1 J 5 13 3 1 1 , , , , 3 6 9 3 1 6 9 9 1 : ' ' I 1 1 J 1 1 1 4 3 , , , , 4 9 4 9 2 6 3 5 ? 1 ( 1 ) I [ 1 1 4 2 6 1 , , , , 0 0 0 4 9 8 5 9 ? ( ' : ' 5 ) \ 3,4 5 9 3 8 2 5 7 6 i 1 1 5 1 > [ 3,5 4 9 3 4 4 8 1 4 1 9 ? I • 1 3,6 9 4 3 2 9 9 9 9 C 3 6 • ) [ i 3 1 , ,0 7 3 5 0 7 6 0 1 1 3 2t \ 3 1 , ,0 8 5 3 7 5 4 6 C 3 C ? ! ) ) } 1 3 , , 0 9 5 3 4 2 7 7 3 3 5 1 i 1 1 4,0 9 3 4 7 9 7 4 < 1 : ' I ) 1 J 4 1 , , 1 0 5 3 8 8 0 2 5 1 6 0 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 1 line- operating subsidiaries and the two affiliates. All series: Profits before taxes are income after all charges and before haul railroads. Federal income taxes and dividends. . . Electric power: Federal Power Commission data for Class A ana a Back data available from the Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and Series have been temporarily discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U p ri r b n o u d f t i i e t s s - d co c a n a t l s l i p 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 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 t n a l i l s p o o u n i w t m a - l p ances 1 ances 1 1964 66.8 28.3 38.4 17.8 20.6 33.9 1970—I. ... 75.6 34.1 41.5 25.0 16.6 54.4 1965 77.8 31.3 46.5 19.8 26.7 36.4 II... 75.8 34.5 41.3 24.9 16.4 55.7 1966 84.2 34.3 49.9 20.8 29.1 39.5 III... 78.5 35.6 42.9 25.2 17.7 56.7 1967 79.8 33.2 46.6 21.4 25.3 43.0 IV... 71.6 32.3 39.2 25.0 14.3 58.0 1968 87.6 39.9 47.8 23.6 24.2 46.8 1971—1' . . . 83.0 38.3 44.8 25.6 19.2 59.4 1969 84.2 39.7 44.5 24.4 20.0 51.3 IP. . 86.9 39.1 47.8 25.4 22.4 61.0 1970 75.4 34.1 41.2 25.0 16.2 56.2 III*".. 85.8 37.5 48.2 25.7 22.5 62.7 1971p 85.2 37.7 47.4 25.5 21.9 61.9 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 NNeett Notes and accts. Notes and accts. EEnndd ooff ppeerriioodd wwoorrkkiinngg UU..SS.. receivable payable AAccccrruueedd ccaappiittaall 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 ov .S t, . i Other G U o . v S t . , i Other ttaaxxeess 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 Ill 231.3 591.9 59.8 10.6 3.9 276.9 199.5 41.2 360.6 5.2 242.2 18.7 94.7 i Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities 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 OOtthheerr ii AA ((SS .. .. RR AA .. .. )) 196 5 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 196 6 63.51 14.06 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 1972 2 88.90 15.02 16.40 2.37 1.88 2.50 1.43 14.86 2.72 31. ,73 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 • FEBRUARY 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 t ies5 Mo ty rt p g e a 6 ge EEE pppeee nnn rrr ddd iii ooo ooo ddd fff hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 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 ee oo rr 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 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA oo eerr ll ll ss dd ll -- Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O h e o t r h l s d e - r F w u H V n ri d A A t e t — - e r n - t C 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 r340.7 28.6 '60.1 29.8 9.8 20.0 399.6 268.5 223.8 44.7 '131.1 107.1 23.9 101.9 297.6 II.. . 435.6 r344.5 30.0 '61.1 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 '349.7 31.7 '61.9 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 '355.9 33.0 '62.8 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—I.. . . '459.0 '361.8 33.6 '63.6 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.. . '471.1 '372.0 35.2 '63.9 31.9 9.7 22.2 439.3 290.8 240.7 49.5 148.5 121.9 26.6 '114.4 '324.9 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 NOTE.—Based on data from Federal Deposit Insurance Corp., Federal U.S. sponsored agencies—new FNMA, Federal land banks, GNMA Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (Pools), and the FHLHC. Other agencies (amounts small or current sep- ture and Commerce, Federal National Mortgage Assn., Federal Housing arate data not readily available) included with "individuals and others." Admin., Public Housing Admin., Veterans Admin., Government National 3 Derived figures; includes debt held by Federal land banks and farm Mortgage Assoc., Federal Home Loan Mortgage Corp., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-54. Figures for first three quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other non- non- FHA- VA- Con- farm FHA- VA- Con- farm in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1 1 9 9 6 6 4 5 4 4 3 9, , 6 9 7 7 5 6 2 3 8 2 , , 9 3 3 8 3 7 7 7 , , 3 7 1 0 5 2 2 2 . , 7 ( 4 2 2 1 1 8 , , 9 8 9 7 7 6 1 14 2 , , 3 4 7 0 7 5 2 2, , 9 6 1 3 1 8 4 44 0 , , 6 5 1 5 7 6 4 3 0 6 , ,4 0 8 9 7 6 1 13 2 , , 7 2 9 8 1 7 1 1 1 1 , , 1 4 2 0 1 8 1 1 3 4 , . 0 89 7 7 9 4 4, , 4 0 6 1 9 6 5 5 3 2 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1968—III 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 Ill 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 7,£ 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

FEBRUARY 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—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 A M p a r y . 4 5 9 7 1 8 4 5 4 3 2 3 2 1 4 8 4 5 1 0 0 7 4 4 5 9 7 7 4 4 , , 5 5 3 5 6 2 6 6 8 8 , , 9 4 9 2 3 5 1 1 1 1 , ,1 23 8 7 6 5 5 , , 2 2 8 5 4 4 5 5 2 1 , , 4 9 7 8 2 5 5 5 , , 5 5 4 5 3 4 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 '74,707 r69,121 10,975 5,142 52,438 5,586 Sept. 672 636 73 515 36 74,799 69,209 10,950 5,104 52,590 5,590 Oct.. 607 568 28 487 39 74,864 69,270 10,884 5,071 52,749 5,594 Nov. 607 565 20 492 42 74,903 69,302 10,843 5,047 52,854 5,596 i Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (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 (end of period) Loans made Loans outstanding (end of period) Ad- Repay- Members' Period vances ments deposits Short- Long- Period h N o e m w e Home VA- Con- Total term 1 term 2 Total i con- pur- Total 2 guar- vens t t i r o u n c - chase sured anteed tional 1945 278 213 195 176 19 46 196 3 5,601 4,296 4,784 ,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 4 5 , , 3 02 3 5 5 5 5 , , 3 9 2 9 5 7 , , 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 ,006 1,929 1,036 1 1 1 9 9 9 6 6 6 4 6 5 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 6 3 , , , 0 6 6 1 3 5 3 8 3 1 1 7 0 0 , , , 8 8 5 2 3 3 8 0 8 1 1 1 0 1 1 1 4 0 , , , 3 4 3 3 2 0 3 7 6 4 5 5 , , , 1 2 8 4 6 9 5 9 4 6 6 6 , , , 6 1 3 8 5 9 3 7 8 1 9 8 0 8 9 3 , , , 7 7 0 6 0 5 3 1 6 1 1 1 9 9 9 6 6 6 9 7 8 2 5 1 , , , 5 7 5 3 3 2 1 4 7 4 1 1 , , 0 , 5 8 7 0 6 6 0 1 4 5 9 , , , 2 3 2 5 8 8 9 6 9 3 4 8 , , , 8 9 4 6 8 3 7 5 4 4 3 8 0 5 9 1 5 2 1 1 1 , , ,0 4 3 4 3 8 1 2 2 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 197 0 3,256 1,929 10,615 3,081 7,534 2,331 1 1 9 9 6 6 8 9 2 2 1 1 , , 9 8 8 4 3 7 4 4 , , 9 7 1 5 6 7 1 1 1 1 , , 2 2 1 5 5 4 1 1 3 4 0 0 , , 8 3 0 47 2 6 7 , , 6 9 5 1 8 7 7 7 , , 0 6 1 5 2 8 1 1 1 2 7 4 , , 1 7 3 7 2 2 1970—Dec. 224 134 10,615 3,081 7,534 2,331 197 0 21,387 4,150 10,239 150,562 10,195 8,507 131,860 1971—Jan.. 43 331 10,326 2,924 7,403 2,750 1970— D N e o c v . . . . 2 1 , , 4 9 7 7 4 2 4 3 1 5 6 5 9 9 1 6 9 8 1 1 4 5 8 0 , , 8 5 9 6 6 0 1 9 0 , , 2 1 2 9 6 5 8 8 , , 3 5 3 0 6 7 1 1 3 3 0 1 , , 7 8 9 6 4 0 A M Fe p a b r y . . 1 7 2 5 1 7 1 1 1 , , 1 4 4 5 9 2 1 2 8 9 8 7 , , , 2 9 2 6 2 6 9 6 7 2 2 2 , , , 3 2 6 2 2 9 2 6 7 4 6 7 , , , 9 0 2 4 4 3 5 3 0 2 2 3 , , , 8 3 0 2 7 9 8 6 3 1971— J M J F A M J u u a e p a a l n n b r y r y . e . . . . . . . . . . . . 2 4 3 4 3 1 1 , , , , , , , 1 7 1 3 4 6 8 6 5 9 0 3 6 8 8 1 5 1 8 7 7 3 5 5 3 6 6 7 0 2 9 8 4 2 1 7 1 7 6 6 0 8 2 2 1 1 1 , , , , , 1 0 3 1 4 7 8 0 8 0 5 4 5 1 9 7 6 1 3 2 8 1 1 1 1 1 1 1 6 5 5 5 5 5 6 3 1 6 8 2 4 1 , , , , , , , 9 5 5 7 6 4 4 5 0 4 7 6 3 4 1 3 7 4 5 0 0 1 1 1 1 1 1 1 0 2 2 1 0 1 2 , , , , , , , 8 4 5 1 5 8 2 7 1 9 2 6 8 7 3 2 3 0 5 3 0 9 9 9 8 8 9 8 , , , , , , , 7 2 1 6 5 9 7 8 9 2 7 6 8 2 4 9 8 3 6 0 2 1 1 1 1 1 1 1 3 4 3 3 3 3 3 3 1 5 7 2 9 4 , , , , , , , 0 5 8 5 3 5 3 8 7 6 5 8 8 2 9 5 3 7 7 6 0 J D J O N S A u u e e c o u n l p c t v g y e . t . . . , . . 4 2 3 3 3 3 3 9 6 3 0 2 0 5 0 4 8 6 7 9 8 2 2 2 3 2 2 1 6 9 0 0 6 1 8 2 6 3 3 4 3 3 7 7 7 7 7 7 7 , . , , , , , 7 9 6 2 6 3 5 0 3 4 3 4 3 1 9 6 1 7 0 8 4 2 2 2 2 3 2 2 , , , , , , , 8 8 8 0 3 8 5 2 7 4 0 9 1 4 9 4 4 2 7 4 2 4 4 4 4 4 4 4 , , , , , , , 9 8 8 7 7 7 7 8 4 3 6 9 9 0 0 4 4 6 3 4 2 rl 2 1 1 1 1 1 , , , , , , , 1 5 7 5 4 6 5 1 4 8 9 2 2 5 1 9 9 6 2 8 0 Aug.. 4,111 641 2,225 166,342 12,852 10,034 143,456 S N O e o c p v t t . . . . . . 3 3 3 , , , 4 6 2 0 7 6 5 2 5 6 6 5 0 2 8 9 8 3 1 1 1 , , , 7 9 6 1 5 4 7 1 3 1 1 1 7 6 7 0 8 2 , , , 1 4 0 0 6 4 6 4 0 1 1 1 3 3 3 , , , 2 1 5 7 3 2 8 0 0 1 1 1 0 0 0 , , , 3 5 2 7 7 3 4 6 2 1 1 1 4 4 4 6 7 5 , , , 4 9 1 5 0 4 4 2 4 1 y 2 1 e S S ar e e c c b u u u r r t e e d d n o l o t o r a m u n o n s, r s e e a c m t u h r o a e n r d t i 1 z l 0 e o d a y n e s q a u m rs a . a r t t u er r l i y n , g h in a v 1 in y g e a m r a o t r u r l i e t s ie s. s of more than NOTE.—Federal Home Loan Bank Board data. 1 Includes loans for repairs, additions and alterations, refinancing, etc. 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 • FEBRUARY 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 Governmentunderwritten CCoonn-- Total t F u i i n c t n i i s a a o t l i n n - - s h O ol t d h e er r s Total t F u i i n c t n i i s a o a t l i n n - - s h O ol t d h e er r s EEnndd ooff ppeerriioodd TToottaall Total F su H in r A e - d - an g V t u e A a e r - d - i ttii vv oo ee nn nn aa -- ll 2 2 2 1 4 1 4 . . . 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 0 7 2 3 3 0 . . . 5 7 6 2 2 8. . . 3 2 2 1 1 1 9 9 9 6 5 6 3 4 4 1 1 1 9 8 8 7 2 . . . 6 2 6 6 6 4 5 9 . . . 3 9 2 3 3 4 8 5 . . . 1 3 0 3 3 0 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 2 2 2 5 8 6 0 0 4 . . . 1 0 0 2 2 2 3 2 1 6 3 3 . . . 6 7 2 4 4 3 0 3 6 . . . 3 4 9 4 4 3 3 0 7 . . . 9 3 2 2 3 3 9 1 4 . . . 5 7 0 9 8 8 . . . 2 8 2 1 1 1 9 9 96 6 6 6 8 7 * * 2 2 2 5 2 36 1 3 . . . 1 2 6 7 7 8 6 9 4 . . . 1 9 4 5 4 4 0 4 7 . . . 8 6 4 3 3 3 3 2 1 . . . 5 8 3 1 1 1 5 6 4 6 6 7 . . . 1 8 6 298.6 250.8 47.8 47.3 37.7 9.6 1969—1 254.8 85.3 51.4 33.9 169.6 3 3 1 1 4 9 . . 1 0 2 2 6 62 5 . . 7 0 5 5 1 4 . . 4 0 5 52 0 . . 2 6 4 4 0 1 . . 2 3 1 1 0 0 . . 9 4 I I I V l I l r r 2 2 2 6 6 5 3 7 9 . . . 4 0 5 8 9 8 8 0 7 . . . 8 1 2 " 5 5 5 2 4 3 . . . 2 5 3 r3 3 3 5 5 4 . . . 6 5 9 1 1 1 7 7 7 4 2 6 . . . 3 6 6 1970—1 I I I I I V I 3 3 3 3 3 3 2 2 2 8 6 1 . . . . 2 2 3 7 2 2 2 2 7 6 6 7 2 5 8 7 . . . . 8 9 9 2 5 5 5 6 5 9 7 1 . . . . 8 4 4 0 5 5 5 5 8 6 4 3 . . . . 0 1 5 2 4 4 4 4 4 5 3 2 . . . . 3 8 9 2 1 1 1 1 1 2 1 0 . . . . 3 3 8 2 1970—1 I IV l l ' r2 ' 2 2 2 7 6 7 7 5 8 1 9 . . . . 8 5 7 7 9 9 9 9 1 2 5 7 . . . . 6 1 2 3 5 5 5 5 6 5 9 8 . . . . 1 6 9 1 3 3 3 3 6 6 7 7 . . . . 3 0 0 0 r ' r > 1 1 1 " 7 8 7 1 9 8 0 7 2 . . . 9 7 1 .5 3 3 4 5 3 3 . . 3 1 2 2 8 9 1 0 . .1 6 6 6 1 3 . . 7 0 6 5 2 9 . . 3 7 4 4 9 7. . 2 4 1 1 2 2 . . 9 5 1971—1 II r2 2 9 8 0 3 . . 9 6 r10 9 0 8 . . 4 2 6 6 1 2 . . 0 8 r3 3 7 7 . . 6 3 '1 1 9 8 0 5 . . 5 3 i Structures of five or more units. 1 Includes outstanding amount of VA vendee accounts held by private NOTE.—Based on data from same source as for "Mortgage Debt Out- investors under repurchase agreement. standing" table (second preceding page). NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL DELINQUENCY RATES ON HOME MORTGAGES LOANS MADE (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— LLooaannss iinn FHA-insured VA-guaranteed ffoorree-- EEnndd ooff ppeerriioodd cclloossuurree Mortgages Mortgages Total 30 days 60 days o 9 r 0 m da o y r s e Period Prop- Pro- erty Total h N o e m w e s h is E o t m i x n - e g s jects 1 m pr i e m o n v - t e s - 2 Total 3 h N om ew e s h is o E t m i x n - e g s 1 1 9 9 6 6 3 4 3 3 . . 3 2 0 1 2 2 . .3 3 5 2 . . 6 5 0 5 . . 3 3 8 1 . . 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 57 8 4,9 2 6 1 5 7 8 2 95 0 6 17 6 1 3 2,8 1 4 9 6 2 1,023 1,821 1 1 1 9 9 9 6 6 6 6 7 8 3 3 3 . . . 4 4 1 0 7 7 2 2 2 . . . 5 4 6 4 3 6 . . .5 5 5 1 4 4 . . . 3 2 2 2 7 3 . . . 3 3 2 6 2 6 196 5 8,689 1,705 5,760 591 634 2,652 876 1,774 1969 3.22 2.43 .52 .27 .27 1 1 1 9 9 9 6 6 6 8 7 6 7 7 8 , , , 3 1 2 2 5 7 0 0 5 1 1 1 , , , 7 3 5 2 6 7 9 9 2 4 4 4 , , , 3 5 9 6 1 2 6 6 4 1,1 5 6 2 8 4 3 3 2 6 6 6 4 2 5 1 3 6 2 3 3 , , , 6 7 4 0 0 7 0 5 4 1 1 , , 1 4 9 4 3 8 3 0 0 2 2 1 , , , 3 2 6 4 1 5 3 9 8 1967—1 I I l I l . 2 3 3 . . . 8 1 0 5 5 4 2 2 2 . . . 1 3 1 7 6 4 . . . 4 5 5 5 2 6 . . . 3 2 2 1 7 6 . . .3 3 3 1 8 4 196 9 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 IV 3.47 2.66 .54 .27 .32 197 0 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 1970—Oct.. 1,218 304 564 292 57 341 117 224 1968—1 II 2 2. . 8 8 9 4 2 2 . . 1 2 1 3 . . 4 4 9 4 . . 2 2 2 4 . .2 3 8 2 Nov. 1,063 273 497 248 45 318 106 212 III.... 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 A M M p a a r r y . . , , , 1 1 1 , , , 0 1 2 9 3 0 7 6 3 2 2 3 9 9 1 0 3 8 4 5 5 6 3 0 7 1 4 2 3 3 0 5 3 2 4 0 4 4 5 6 6 5 4 3 3 1 0 5 7 3 0 1 9 9 1 8 8 1 2 2 3 5 0 0 2 5 6 I I V ll . . . . . . . . 2 3 . . 9 2 1 2 2 2 . . 1 4 8 3 . .5 4 2 7 . .2 2 7 6 . .2 2 7 5 J S J O A u u e c u n p l t g y . t e . . . , , , , 1 1 1 1 1 , , , , , 2 3 2 3 3 0 7 4 9 4 2 2 3 0 2 3 4 3 3 3 2 0 3 2 1 2 7 8 0 8 6 5 6 7 5 2 0 4 4 1 9 4 6 3 0 2 2 3 2 3 7 9 9 1 0 6 9 0 6 4 1 2 8 0 6 5 1 9 5 3 0 6 5 9 7 3 7 1 1 4 8 6 8 4 5 3 0 1 6 1970—1 I II l l 2 2 3 3 . . . . 9 8 6 1 6 3 4 0 2 2 2 2 . . . . 2 1 6 1 6 4 7 0 . . . . 5 4 6 5 2 5 1 3 . . . . 3 2 3 3 1 8 0 6 . . . . 3 3 2 3 1 1 5 3 1971—1 3.21 2.26 .56 .39 .40 1 Monthly figures do not reflect mortgage amendments included in annual II 3.27 2.36 .53 .38 .38 totals. 2 Not ordinarily secured by mortgages. NOTE.—Mortgage Bankers Association of America data from 3 Includes a small amount of alteration and repair loans, not shown separ- reports on 1- to 4-family FHA-insured, VA-guaranteed, and conately; only such loans in amounts of more than $1,000 need be secured. ventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured savings and loan associations. loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 r A e - d - a g n V u t A e a - e r- d c P ha u s r e - s Sales d p M e u r r a i i d o n e d g st O i a n n u g t d - Total F su H in r A e - d - a g V n u t A e a e r - - d c P ha u s r- es 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 ,045 ,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 ,089 867 ,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 ,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 1970-0ct... 5,132 4,573 559 46 42 775 1970-0ct... 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 43 424 ,247 June. 15,363 10,970 4,393 239 10 1,294 5,750 July.. 5,282 4,761 520 25 487 ,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 Oct. . 5.245 Oct. . 17,202 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 12-18 homes homes 3-4 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 —June 1.. 322.4 146.6 77.1 57.8 11.6 8.05 8.18 8.16 14.. 638.2 191.2 133.7 47.3 10.2 7.91 8.15 8.22 1970—Dec. 8.38 8.26 8.30 8.40 28.. 539.0 262.6 191.8 60.3 10.4 7.92 8.22 8.28 1971—Jan.. 8.18 8.08 7.95 July 12.. 606.0 241.1 161.8 60.3 10.4 7.98 8.23 8.31 Feb.. 7.91 7.80 7.75 28.. 686.2 183.4 183.3 58.2 21.1 8.07 Mar. 7.66 7.60 7.60 7.32 Apr., 7.49 7.47 7.55 7.37 Aug. 25 . 634.6 153.5 153.5 7.97 May, 7.47 7.45 7.65 7.75 June, 7.50 7.50 7.70 7.89 Sept. 8.. 445.2 188.6 188.6 7.88 July. 7.66 7.63 7.80 7.97 20.. 437.5 193.0 193.0 7.86 Aug. 7.74 7.71 7.85 7.92 Sept. 7.83 7.76 7.85 7.84 Oct. 4.. 365.1 194.8 194.8 7.85 Oct.. 7.84 7.75 7.80 7.75 18.. 219.8 103.6 103.6 7.83 Nov. 7.79 7.71 r7.75 7.62 Dec. 7.63 7.51 7.70 7.59 126.0 56.4 56.4 7.77 15. 145.2 102.0 102.0 7.70 29. 210.6 101.1 101.1 7.66 NOTE.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Dec. 12. 232.5 70.2 70.2 7.63 on prevailing local conditions as of the first of the succeeding Dec. 27. 222.7 148.1 148.1 7.62 month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. 1972—Jan. 10.. 136.9 72.9 72.9 7.61 203, 30-year mortgages with minimum downpayment and an Jan. 24.. 103.6 54.9 54.9 7.61 assumed prepayment at the end of 15 years. Gaps in data are due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract NOTE.—Implicit secondary market yields are gross—before deduction of 38interest rates on conventional first mortgages in primary markets basis-point fee paid for mortgage servicing. They reflect the average accepted bid are unweighted and are rounded to the nearest 5 basis points. yield for Govt.-underwritten mortgages after adjustment by Federal Reserve Th; FHLBB effective rate series reflects fees and charges as well to allow for FNMA commitment fees and FNMA stock purchase and holding as contract rates (as shown in the table on conventional first- requirements, assuming a prepayment period of 15 years for 30-year loans. Commortgage terms, p. A-37) and an assumed prepayment at end mitments for 12-18 months are for new homes only. Beginning Oct. 18, 1971, the of 10 years 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 • FEBRUARY 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 1 loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1 1 9 9 4 4 1 5 9 5, , 6 1 6 7 5 2 6 2 , , 0 4 8 6 5 2 2,4 4 5 5 8 5 1,9 8 2 1 9 6 3 1 7 8 6 2 1 1 , , 3 0 2 0 2 9 3 3 , ,0 2 8 0 7 3 7 8 4 4 6 5 1 1 , , 6 6 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 7,307 197 1 137,237 109,545 38,310 32,447 4.356 34,432 27,692 10,300 9,818 7,574 1970—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 ,094 7,402 Feb. 123,815 99,244 34,869 28,928 4,051 31,396 24,571 9,506 ,353 7,712 Mar. 123,604 99,168 35,028 28,591 4,045 31,504 24,436 9,557 ,207 7,672 Apr. 125,047 100,028 35,496 28,682 4,077 31,773 25,019 9,676 ,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 Dec. 137,237 109,545 38,310 32,447 4,356 34,432 27,692 10,300 9,818 7,574 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 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 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 196 5 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 196 6 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 196 7 80,926 69.490 32,700 26,734 8,972 1,084 11,436 285 11,151 196 8 89,890 77.457 36,952 29,098 10,178 1,229 12,433 320 12,113 196 9 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 197 0 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 197 1 109,545 94,086 45,976 32,140 14,191 1 ,779 15,459 360 15,099 1970—Dec. 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 1971—Jan.. 100,101 86,308 41,611 30,791 12,353 1,553 13,793 324 13,469 Feb.. 99,244 85,910 41,446 30,511 12,351 1,602 13,334 323 13,011 Mar. 99,168 86,015 41,563 30,326 12,509 1,617 13,153 325 12,828 Apr. 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 May 100,692 87.491 42,482 30,441 12.874 1,694 13,201 334 12,867 June 101,862 88,544 43,011 30,609 13,206 1,718 13,318 339 12,979 July. 102,848 89.458 43,509 30,906 13,296 1,747 13,390 344 13,046 Aug. 104,060 90,536 44,112 31,098 13,570 1,756 13,524 347 13,177 Sept. 104,973 91,279 44,603 31,133 13,780 1,763 13,694 349 13,345 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 Dec. 109,545 94,086 45,976 32,140 14,191 1,779 15,459 360 15,099 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

FEBRUARY 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 E p n e d r io o d f Total Pur- paper s g O c u o t o m o h n d e e - r s r m iz l o o a a d n a t e i d n o r s n n - s l P o o e a n r n a - s l End of period m A pa o u p b t e i o l r - e O s g c u o t o m o h n d e e - r s r m R iz o a e a n d p ti d e a o r i n r n - l s P o o e a n r n a - s l 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 14,440 197 1 45,976 13,003 8,752 9,805 2,864 11,552 197 1 32,140 10,279 6,521 107 15,233 1970—Dec.... 41,895 12,433 7,587 8,633 2,760 10,482 1970—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 Dec.... 45,976 13,003 8,752 9,805 2,864 11,552 Dec. 32,140 10,279 6,521 107 15,233 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 EEnndd ooff ppeerriioodd Total m pa o p b e il r e s g u o m od e s r m iz o a d ti e o r n n - l s o o a n n a s l End of period Total Com- Other S c e r r e v d i i c t e paper loans mer- finan- Retail Credit cial cial outlets cards1 1939 150 27 5 12 106 banks tu in ti s o ti n - s 1941 213 47 9 11 146 1945 121 16 4 10 91 1 1 1 9 9 9 5 5 6 5 0 0 4 1 , , 5 9 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 0 1 5 2 3 2,0 9 3 3 5 9 4 6 1 1 1 1 9 9 9 4 3 4 1 9 5 2 3 3 , , , 7 2 0 1 0 8 9 3 7 6 6 6 2 7 9 5 4 3 1 1 7 6 5 2 2 2 1 1 1 , , , 6 6 4 4 1 1 5 2 4 5 5 8 9 1 4 7 8 5 1 1 1 9 9 9 6 6 6 5 7 6 1 9 8 0 , , , 2 3 0 8 1 5 9 4 6 3 3 3 , , , 0 7 4 3 0 1 6 7 0 4 5 6 9 8 3 8 8 9 1,0 9 9 0 3 8 6 3 0 4 4 3 , , , 3 8 7 2 3 0 2 6 4 1 1 1 9 9 9 5 5 6 5 0 0 1 6 9 3 , , , 7 9 1 6 2 7 8 4 3 2 3 1 , , , 6 5 8 3 7 8 5 6 4 2 6 3 4 6 2 5 7 3 4 4 3 , , , 2 5 8 9 7 9 1 9 3 2 4 7 1 3 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 1 9 9 9 9 7 6 6 7 1 9 8 0 1 1 1 1 1 2 5 4 , , , , 4 9 9 0 0 4 7 4 7 3 0 6 4 5 4 5 , , , , 9 2 8 2 1 1 0 0 6 3 9 2 1,0 7 8 8 2 2 2 9 2 7 9 8 1 1 1 1 , , , , 3 0 1 2 8 9 8 5 5 3 3 6 7 5 6 6 , , , , 6 1 3 6 4 2 7 9 7 2 4 0 1 1 1 1 9 9 9 9 6 6 6 6 6 5 7 8 2 2 2 1 3 1 0 8 , , , , 3 2 0 9 0 0 9 0 1 0 6 4 6 7 6 7 , , , , 9 6 3 9 7 9 4 4 5 0 0 6 1 1 1 , , , 0 0 1 9 8 2 6 8 3 8 1 6 5 5 6 5 , , , , 9 7 8 4 3 1 2 5 2 9 4 0 1 1 , , 3 0 7 8 0 2 0 7 5 9 6 4 6 4 5 5 , , , , 8 4 3 8 8 4 0 1 9 6 0 8 1970—Dec 14,046 5,202 898 1,256 6,690 1 1 9 9 6 7 9 0 2 25 4 , , 6 3 4 0 1 0 7 8 , ,2 9 0 0 5 0 1 1 , , 1 2 9 7 6 9 6 6, , 9 6 3 5 2 0 1 1 , ,9 5 1 8 8 4 6 7, , 3 9 0 7 7 0 1971—Jan 13,906 5,143 888 1,247 6,628 197 1 27,692 8,916 1,384 7,597 2,221 7,574 Feb 13,953 5,148 889 1,254 6,662 1970—Dec.... 25,641 8,205 1 ,279 6,932 1,918 7,307 Mar 14,126 5,215 901 1,260 6,750 J J A M u u p l a n y r y e 1 1 1 1 4 4 5 4 , , , , 5 3 9 0 6 4 2 4 8 2 4 3 5 5 5 5 , , , , 5 5 2 3 1 4 9 7 0 8 2 2 9 9 9 9 5 1 5 2 2 4 8 7 1 1 1 1 , , , , 3 2 2 3 3 7 9 2 6 7 7 0 6 6 7 7 , , , , 2 8 1 9 0 5 4 7 1 2 9 2 1971— M J A F a e p a n b r r . . . . . . . . 2 2 2 2 4 5 4 4 , , , , 5 0 9 4 7 1 7 3 1 9 6 6 8 8 8 8 , , , , 2 2 1 3 4 9 0 5 6 9 5 0 1 1 1 1 , , , , 3 3 3 2 0 2 0 8 1 6 8 4 5 5 5 6 , , , , 3 7 4 1 1 7 3 4 6 4 5 4 1 1 1 1 , , , , 9 8 9 9 1 9 1 5 5 1 8 0 7 7 7 7 , , , , 6 7 6 4 1 5 7 0 2 4 2 2 A Se u p g t 1 1 5 5 , , 3 5 2 4 6 3 5 5 , , 6 7 5 4 9 6 9 9 7 9 7 2 1 1 , , 3 3 5 6 4 6 7 7 , , 4 33 3 6 9 J M u a n y e . . . . . . 2 2 5 5 , , 5 33 2 3 6 8 8 , ,5 4 1 2 2 5 1 1 , , 3 34 5 0 0 6 6, , 1 0 9 4 9 6 2 1 , , 0 9 1 5 5 8 7 7 , , 5 4 6 5 4 0 Oct 15,665 5,787 999 1,378 7,501 July. .. 25,506 8,498 1,356 6,173 2,098 7,381 Nov 15,862 5,862 1,012 1,389 7,599 Aug. .. 25,644 8,633 1,364 6,120 2,185 7,342 Dec 15,970 5,916 1,022 1,385 7,647 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 Nov.. . 26,166 8,795 1,387 6,482 2,152 7,350 NOTE.—Other financial lenders consist of credit unions and miscel- Dec.... 27,692 8,916 1,384 7,597 2,221 7,574 laneous lenders. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 CONSUMER CREDIT • FEBRUARY 1972 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. Extensions 11996655 7777777788888888,,,,,,,,555555558888888866666666 2222222277777777,,,,,,,,222222222222222277777777 2222222222222222,,,,,,,,777777775555555500000000 22222222,,,,,,,,222222226666666666666666 2222222266666666,,,,,,,,333333334444444433333333 1966 8888888822222222,,,,,,,,333333333333333355555555 2222222277777777,,,,,,,,333333334444444411111111 2222222255555555,,,,,,,,555555559999999911111111 22222222,,,,,,,,222222220000000000000000 2222222277777777,,,,,,,,222222220000000033333333 1967 8888888844444444,,,,,,,,666666669999999933333333 2222222266666666,,,,,,,,666666666666666677777777 2222222266666666,,,,,,,,999999995555555522222222 22222222,,,,,,,,111111111111111133333333 2222222288888888,,,,,,,,999999996666666611111111 1968 9999999977777777,,,,,,,,000000005555555533333333 3333333311111111,,,,,,,,444444442222222244444444 3333333300000000,,,,,,,,555555559999999933333333 22222222,,,,,,,,222222226666666688888888 3333333322222222,,,,,,,,777777776666666688888888 1969 111111110000000022222222,,,,,,,,888888888888888888888888 3333333322222222,,,,,,,,333333335555555544444444 3333333333333333,,,,,,,,000000007777777799999999 22222222,,,,,,,,222222227777777788888888 3333333355555555,,,,,,,,111111117777777777777777 1970 111111110000000044444444,,,,,,,,111111113333333300000000 2222222299999999,,,,,,,,888888883333333311111111 3333333366666666,,,,,,,,777777778888888811111111 22222222,,,,,,,,111111114444444455555555 3333333355555555,,,,,,,,333333337777777733333333 1971 111111111111111177777777,,,,,,,,666666663333333388888888 3333333344444444,,,,,,,,666666663333333388888888 4444444400000000,,,,,,,,999999997777777799999999 22222222,,,,,,,,555555555555555500000000 3333333399999999,,,,,,,,444444447777777711111111 111999777000———DDDeee ccc 8,536 1111111100000000,,,,,,,,111111119999999944444444 2,170 22222222,,,,,,,,000000004444444455555555 3,281 44444444,,,,,,,,555555556666666622222222 177 111111114444444499999999 2,908 33333333,,,,,,,,444444443333333388888888 111999777111———JJJaaa nnn 8,916 77777777,,,,,,,,555555554444444455555555 2,461 11111111,,,,,,,,999999999999999977777777 3,252 22222222,,,,,,,,888888886666666688888888 177 111111112222222222222222 3,026 22222222,,,,,,,,555555555555555588888888 FFFeeebbb 9,081 77777777,,,,,,,,444444448888888899999999 2,687 22222222,,,,,,,,333333333333333366666666 3,204 22222222,,,,,,,,444444443333333311111111 197 111111115555555555555555 2,993 22222222,,,,,,,,555555556666666677777777 MMMaaarrr 9,533 99999999,,,,,,,,555555557777777755555555 2,897 33333333,,,,,,,,000000007777777744444444 3,210 33333333,,,,,,,,000000007777777766666666 209 111111119999999977777777 3,217 33333333,,,,,,,,222222222222222288888888 AAAppprrr 9,751 1111111100000000,,,,,,,,000000007777777799999999 2,872 33333333,,,,,,,,111111110000000000000000 3,415 33333333,,,,,,,,333333336666666633333333 205 222222221111111199999999 3,259 33333333,,,,,,,,333333339999999977777777 MMMaaayyy 9,690 99999999,,,,,,,,555555556666666622222222 2,756 22222222,,,,,,,,888888888888888833333333 3,295 33333333,,,,,,,,111111114444444488888888 200 222222223333333355555555 3,439 33333333,,,,,,,,222222229999999966666666 JJJuuunnneee 9,715 1111111100000000,,,,,,,,666666666666666677777777 2,838 33333333,,,,,,,,333333330000000011111111 3,433 33333333,,,,,,,,555555553333333388888888 224 222222226666666633333333 3,220 33333333,,,,,,,,555555556666666655555555 JJJuuulllyyy 9,675 1111111100000000,,,,,,,,000000009999999988888888 2,773 33333333,,,,,,,,000000003333333322222222 3,399 33333333,,,,,,,,444444441111111155555555 218 222222224444444488888888 3,285 33333333,,,,,,,,444444440000000033333333 AAAuuuggg 10,049 1111111100000000,,,,,,,,333333330000000000000000 3,004 33333333,,,,,,,,000000006666666666666666 3,465 33333333,,,,,,,,444444446666666655555555 222 222222225555555533333333 3,358 33333333,,,,,,,,555555551111111166666666 SSSeeepppttt 10,156 99999999,,,,,,,,888888884444444499999999 3,147 22222222,,,,,,,,999999992222222277777777 3,462 33333333,,,,,,,,444444445555555544444444 227 222222223333333377777777 3,320 33333333,,,,,,,,222222223333333311111111 OOOcccttt 10,031 99999999,,,,,,,,777777779999999977777777 2,992 33333333,,,,,,,,000000003333333377777777 3,467 33333333,,,,,,,,444444442222222233333333 229 222222222222222255555555 3,343 33333333,,,,,,,,111111111111111122222222 NNNooovvv 10,572 1111111100000000,,,,,,,,777777771111111111111111 3,162 33333333,,,,,,,,111111110000000055555555 3,595 33333333,,,,,,,,777777773333333377777777 214 222222221111111155555555 3,601 33333333,,,,,,,,666666665555555544444444 DDDeeeccc 10,130 1111111111111111,,,,,,,,999999996666666666666666 2,973 22222222,,,,,,,,777777778888888800000000 3,604 55555555,,,,,,,,000000006666666611111111 217 111111118888888811111111 3,336 33333333,,,,,,,,999999994444444444444444 Repayments 111999666555 6666666699999999,,,,,,,,999999995555555577777777 2222222233333333,,,,,,,,555555554444444433333333 2222222200000000,,,,,,,,555555551111111188888888 22222222,,,,,,,,111111111111111166666666 2222222233333333,,,,,,,,777777778888888800000000 1966 7777777766666666,,,,,,,,111111112222222200000000 2222222255555555,,,,,,,,444444440000000044444444 2222222233333333,,,,,,,,111111117777777788888888 22222222,,,,,,,,111111111111111100000000 2222222255555555,,,,,,,,444444442222222288888888 1967 8888888811111111,,,,,,,,333333330000000066666666 2222222266666666,,,,,,,,444444449999999999999999 2222222255555555,,,,,,,,555555553333333355555555 22222222,,,,,,,,111111114444444422222222 2222222277777777,,,,,,,,111111113333333300000000 1968 8888888888888888,,,,,,,,000000008888888899999999 2222222288888888,,,,,,,,000000001111111188888888 2222222288888888,,,,,,,,000000008888888899999999 22222222,,,,,,,,111111113333333322222222 2222222299999999,,,,,,,,888888885555555500000000 1969 9999999944444444,,,,,,,,666666660000000099999999 2222222299999999,,,,,,,,888888888888888822222222 3333333300000000,,,,,,,,333333336666666699999999 22222222,,,,,,,,111111116666666633333333 3333333322222222,,,,,,,,111111119999999955555555 1970 111111110000000011111111,,,,,,,,111111113333333388888888 3333333300000000,,,,,,,,999999994444444433333333 3333333344444444,,,,,,,,444444444444444411111111 22222222,,,,,,,,000000007777777755555555 3333333333333333,,,,,,,,666666667777777799999999 1971 111111110000000099999999,,,,,,,,222222225555555544444444 3333333311111111,,,,,,,,888888881111111188888888 3333333388888888,,,,,,,,444444448888888811111111 22222222,,,,,,,,333333330000000044444444 3333333366666666,,,,,,,,666666665555555511111111 111999777000———DDDeee ccc 8,515 88888888,,,,,,,,888888882222222233333333 2,618 22222222,,,,,,,,555555556666666666666666 2,945 22222222,,,,,,,,999999999999999911111111 175 111111117777777722222222 2,777 33333333,,,,,,,,000000009999999944444444 111999777111———JJJaaa nnn 8,829 88888888,,,,,,,,666666660000000055555555 2,623 22222222,,,,,,,,444444448888888833333333 3,145 33333333,,,,,,,,222222224444444422222222 175 111111116666666655555555 2,886 22222222,,,,,,,,777777771111111155555555 FFFeeebbb 8,979 88888888,,,,,,,,333333334444444466666666 2,636 22222222,,,,,,,,444444447777777711111111 3,212 33333333,,,,,,,,000000007777777788888888 188 111111117777777711111111 2,943 22222222,,,,,,,,666666662222222266666666 MMMaaarrr 9,038 99999999,,,,,,,,666666665555555511111111 2.696 22222222,,,,,,,,999999991111111155555555 3,164 33333333,,,,,,,,444444441111111133333333 196 222222220000000033333333 2,982 33333333,,,,,,,,111111112222222200000000 AAAppprrr 9,088 99999999,,,,,,,,222222221111111199999999 2,566 22222222,,,,,,,,666666663333333322222222 3,249 33333333,,,,,,,,222222227777777722222222 184 111111118888888877777777 3,089 33333333,,,,,,,,111111112222222288888888 MMMaaayyy 9,197 88888888,,,,,,,,888888889999999988888888 2,640 22222222,,,,,,,,555555556666666600000000 3,211 33333333,,,,,,,,111111112222222244444444 188 111111118888888866666666 3,158 33333333,,,,,,,,000000002222222288888888 JJJuuunnneee 9,190 99999999,,,,,,,,444444449999999977777777 2,678 22222222,,,,,,,,777777777777777711111111 3,233 33333333,,,,,,,,222222226666666688888888 192 222222220000000033333333 3,087 33333333,,,,,,,,222222225555555555555555 JJJuuulllyyy 8,914 99999999,,,,,,,,111111111111111122222222 2,565 22222222,,,,,,,,666666661111111188888888 3,203 33333333,,,,,,,,222222222222222266666666 188 111111119999999944444444 2,958 33333333,,,,,,,,000000007777777744444444 AAAuuuggg 9,222 99999999,,,,,,,,000000008888888888888888 2.697 22222222,,,,,,,,666666667777777755555555 3,262 33333333,,,,,,,,111111115555555533333333 196 111111119999999988888888 3,067 33333333,,,,,,,,000000006666666622222222 SSSeeepppttt 9,157 88888888,,,,,,,,999999993333333366666666 2,732 22222222,,,,,,,,666666669999999988888888 3,172 33333333,,,,,,,,000000009999999911111111 199 222222220000000022222222 3,054 22222222,,,,,,,,999999994444444455555555 OOOcccttt 9,107 99999999,,,,,,,,000000000000000077777777 2,634 22222222,,,,,,,,666666666666666611111111 3,219 33333333,,,,,,,,111111119999999911111111 197 111111119999999988888888 3,057 22222222,,,,,,,,999999995555555577777777 NNNooovvv 9,306 99999999,,,,,,,,333333337777777777777777 2,662 22222222,,,,,,,,777777770000000000000000 3,254 33333333,,,,,,,,222222222222222233333333 199 222222220000000022222222 3,191 33333333,,,,,,,,222222225555555522222222 DDDeeeccc 9,230 99999999,,,,,,,,555555551111111188888888 2,696 22222222,,,,,,,,666666663333333344444444 3,188 33333333,,,,,,,,222222220000000000000000 198 111111119999999955555555 3,148 33333333,,,,,,,,444444448888888899999999 Net change in credit outstanding 2 111999666555 88888888,,,,,,,,666666662222222299999999 33333333,,,,,,,,666666668888888844444444 22222222,,,,,,,,222222223333333322222222 111111115555555500000000 22222222,,,,,,,,555555556666666633333333 1966 66666666,,,,,,,,222222221111111155555555 11111111,,,,,,,,999999993333333377777777 22222222,,,,,,,,444444441111111133333333 9999999900000000 11111111,,,,,,,,777777777777777755555555 1967 33333333,,,,,,,,333333338888888877777777 111111116666666688888888 11111111,,,,,,,,444444441111111177777777 --------2222222299999999 11111111,,,,,,,,888888883333333311111111 1968 88888888,,,,,,,,999999996666666644444444 33333333,,,,,,,,444444440000000066666666 22222222,,,,,,,,555555550000000044444444 111111113333333366666666 22222222,,,,,,,,999999991111111188888888 1969 88888888,,,,,,,,222222227777777799999999 22222222,,,,,,,,444444447777777722222222 22222222,,,,,,,,777777771111111100000000 111111111111111155555555 22222222,,,,,,,,999999998888888822222222 1970 22222222,,,,,,,,999999999999999922222222 --------11111111,,,,,,,,111111111111111122222222 22222222,,,,,,,,333333334444444400000000 7777777700000000 11111111,,,,,,,,666666669999999944444444 1971 88888888,,,,,,,,333333338888888844444444 22222222,,,,,,,,888888882222222200000000 22222222,,,,,,,,444444449999999988888888 222222224444444466666666 22222222,,,,,,,,888888882222222200000000 1970—De c 21 11111111,,,,,,,,333333337777777711111111 -448 --------555555552222222211111111 336 11111111,,,,,,,,555555557777777711111111 2 --------2222222233333333 131 333333334444444444444444 1971—Ja n 87 --------11111111,,,,,,,,000000006666666600000000 -162 --------444444448888888866666666 107 --------333333337777777744444444 2 --------4444444433333333 140 --------111111115555555577777777 Feb 102 --------888888885555555577777777 51 --------111111113333333355555555 -8 --------666666664444444477777777 9 --------1111111166666666 50 --------5555555599999999 Mar 495 --------7777777766666666 201 111111115555555599999999 46 --------333333333333333377777777 13 --------66666666 235 111111110000000088888888 Apr 663 888888886666666600000000 306 444444446666666688888888 166 9999999911111111 21 3333333322222222 170 222222226666666699999999 May 493 666666666666666644444444 116 333333332222222233333333 84 2222222244444444 12 4444444499999999 281 222222226666666688888888 June 525 11111111,,,,,,,,111111117777777700000000 160 555555553333333300000000 200 222222227777777700000000 32 6666666600000000 133 333333331111111100000000 July 761 999999998888888866666666 208 444444441111111144444444 196 111111118888888899999999 30 5555555544444444 327 333333332222222299999999 Aug 827 11111111,,,,,,,,222222221111111122222222 307 333333339999999911111111 203 333333331111111122222222 26 5555555555555555 291 444444445555555544444444 Sept 999 999999991111111133333333 415 222222222222222299999999 290 333333336666666633333333 28 3333333355555555 266 222222228888888866666666 Oct 924 777777779999999900000000 358 333333337777777766666666 248 222222223333333322222222 32 2222222277777777 286 111111115555555555555555 Nov 1,266 11111111,,,,,,,,333333333333333344444444 500 444444440000000055555555 341 555555551111111144444444 15 1111111133333333 410 444444440000000022222222 Dec 900 22222222,,,,,,,,444444444444444488888888 277 111111114444444466666666 416 11111111,,,,,,,,888888886666666611111111 19 --------1111111144444444 188 444444445555555555555555 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac- 2 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see "Consumer NOTE.—Estimates are based on accounting records and often Credit," Section 16 (New) of Supplement to Banking and Monetary include financing charges. Renewals and refinancing of loans. Statistics, 1965, and pp. 983-1003 of the BULLETIN for Dec. 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 7777777788888888,,,,,,,,555555558888888866666666 2222222299999999,,,,,,,,555555552222222288888888 2222222255555555,,,,,,,,111111119999999922222222 99999999,,,,,,,,444444443333333366666666 1111111144444444,,,,,,,,444444443333333300000000 1966 8888888822222222,,,,,,,,333333333333333355555555 3333333300000000,,,,,,,,000000007777777733333333 2222222255555555,,,,,,,,444444440000000066666666 1111111100000000,,,,,,,,333333336666666622222222 1111111166666666,,,,,,,,444444449999999944444444 1967 8888888844444444,,,,,,,,666666669999999933333333 3333333300000000,,,,,,,,888888885555555500000000 2222222255555555,,,,,,,,444444449999999966666666 1111111100000000,,,,,,,,999999991111111111111111 1111111177777777,,,,,,,,444444443333333366666666 1968 9999999977777777,,,,,,,,000000005555555533333333 3333333366666666,,,,,,,,333333333333333322222222 2222222288888888,,,,,,,,888888883333333366666666 1111111122222222,,,,,,,,888888885555555500000000 1111111199999999,,,,,,,,000000003333333355555555 1969 111111110000000022222222,,,,,,,,888888888888888888888888 3333333388888888,,,,,,,,555555553333333333333333 3333333300000000,,,,,,,,888888885555555544444444 1111111144444444,,,,,,,,222222224444444455555555 1111111199999999,,,,,,,,222222225555555566666666 1970 111111110000000044444444,,,,,,,,111111113333333300000000 3333333399999999,,,,,,,,111111113333333366666666 2222222299999999,,,,,,,,666666666666666622222222 1111111144444444,,,,,,,,666666661111111199999999 2222222200000000,,,,,,,,777777771111111133333333 1971 111111111111111177777777,,,,,,,,666666663333333388888888 4444444455555555,,,,,,,,000000009999999999999999 3333333322222222,,,,,,,,000000003333333366666666 1111111177777777,,,,,,,,333333331111111122222222 2222222233333333,,,,,,,,111111119999999911111111 111999777000———DDDeee ccc 8,536 1111111100000000,,,,,,,,111111119999999944444444 3,326 33333333,,,,,,,,333333339999999900000000 2,240 22222222,,,,,,,,777777779999999955555555 1,187 11111111,,,,,,,,222222220000000066666666 1,783 22222222,,,,,,,,888888880000000033333333 111999777111———JJJaaa nnn 8,916 77777777,,,,,,,,555555554444444455555555 3,338 22222222,,,,,,,,888888888888888855555555 2,411 11111111,,,,,,,,999999996666666611111111 1,288 11111111,,,,,,,,000000005555555555555555 1,879 11111111,,,,,,,,666666664444444444444444 FFFeeebbb 9,081 77777777,,,,,,,,444444448888888899999999 3,478 22222222,,,,,,,,999999998888888888888888 2,513 22222222,,,,,,,,111111112222222211111111 1,282 11111111,,,,,,,,111111111111111177777777 1,808 11111111,,,,,,,,222222226666666633333333 MMMaaarrr 9,533 99999999,,,,,,,,555555557777777755555555 3,646 33333333,,,,,,,,777777778888888833333333 2,681 22222222,,,,,,,,666666668888888866666666 1,394 11111111,,,,,,,,444444441111111188888888 1,812 11111111,,,,,,,,666666668888888888888888 AAAppprrr 9,751 1111111100000000,,,,,,,,000000007777777799999999 3,676 33333333,,,,,,,,999999994444444488888888 2,624 22222222,,,,,,,,666666667777777722222222 1,475 11111111,,,,,,,,555555555555555522222222 1,976 11111111,,,,,,,,999999990000000077777777 MMMaaayyy 9,690 99999999,,,,,,,,555555556666666622222222 3,600 33333333,,,,,,,,666666667777777711111111 2,798 22222222,,,,,,,,666666665555555555555555 1,441 11111111,,,,,,,,444444449999999933333333 1,851 11111111,,,,,,,,777777774444444433333333 JJJuuunnneee 9,715 1111111100000000,,,,,,,,666666666666666677777777 3,806 44444444,,,,,,,,222222220000000077777777 2,490 22222222,,,,,,,,888888883333333322222222 1,513 11111111,,,,,,,,777777772222222244444444 1,906 11111111,,,,,,,,999999990000000044444444 JJJuuulllyyy 9,675 1111111100000000,,,,,,,,000000009999999988888888 3,644 33333333,,,,,,,,999999991111111177777777 2,676 22222222,,,,,,,,777777779999999911111111 1,423 11111111,,,,,,,,555555550000000066666666 1,932 11111111,,,,,,,,888888888888888844444444 AAAuuuggg 10,049 1111111100000000,,,,,,,,333333330000000000000000 3,919 44444444,,,,,,,,000000006666666622222222 2,699 22222222,,,,,,,,777777772222222299999999 1,452 11111111,,,,,,,,555555558888888822222222 1,979 11111111,,,,,,,,999999992222222277777777 SSSeeepppttt 10,156 99999999,,,,,,,,888888884444444499999999 3,989 33333333,,,,,,,,999999993333333322222222 2,718 22222222,,,,,,,,555555554444444499999999 1,488 11111111,,,,,,,,444444443333333399999999 1,961 11111111,,,,,,,,999999992222222299999999 OOOcccttt 10,031 99999999,,,,,,,,777777779999999977777777 3,832 33333333,,,,,,,,777777775555555522222222 2,733 22222222,,,,,,,,666666665555555555555555 1,490 11111111,,,,,,,,444444441111111144444444 1.976 11111111,,,,,,,,999999997777777766666666 NNNooovvv 10,572 1111111100000000,,,,,,,,777777771111111111111111 4,140 33333333,,,,,,,,999999993333333311111111 2,853 33333333,,,,,,,,000000001111111155555555 1,564 11111111,,,,,,,,555555553333333355555555 2,015 22222222,,,,,,,,222222223333333300000000 DDDeeeccc 10,130 1111111111111111,,,,,,,,999999996666666666666666 3,939 44444444,,,,,,,,000000002222222233333333 2,760 33333333,,,,,,,,333333337777777700000000 1,454 11111111,,,,,,,,444444447777777777777777 1.977 33333333,,,,,,,,000000009999999966666666 Repayments 111999666555 6666666699999999,,,,,,,,999999995555555577777777 2222222255555555,,,,,,,,666666666666666633333333 2222222222222222,,,,,,,,555555555555555511111111 88888888,,,,,,,,333333331111111100000000 1111111133333333,,,,,,,,444444443333333333333333 1966 7777777766666666,,,,,,,,111111112222222200000000 2222222277777777,,,,,,,,777777771111111166666666 2222222233333333,,,,,,,,555555559999999977777777 99999999........333333333333333377777777 1111111155555555,,,,,,,,444444447777777700000000 1967 8888888811111111,,,,,,,,333333330000000066666666 2222222299999999,,,,,,,,444444446666666699999999 2222222244444444,,,,,,,,888888885555555533333333 1111111100000000,,,,,,,,111111116666666699999999 1111111166666666,,,,,,,,888888881111111155555555 1968 8888888888888888,,,,,,,,000000008888888899999999 3333333322222222,,,,,,,,000000008888888800000000 2222222266666666,,,,,,,,444444447777777722222222 1111111111111111,,,,,,,,444444449999999999999999 1111111188888888,,,,,,,,000000003333333388888888 1969 9999999944444444,,,,,,,,666666660000000099999999 3333333355555555,,,,,,,,111111118888888800000000 2222222288888888,,,,,,,,222222221111111188888888 1111111122222222,,,,,,,,777777770000000099999999 1111111188888888,,,,,,,,555555550000000022222222 1970 111111110000000011111111,,,,,,,,111111113333333388888888 3333333377777777,,,,,,,,999999996666666611111111 2222222299999999,,,,,,,,888888885555555588888888 1111111133333333,,,,,,,,555555551111111166666666 1111111199999999,,,,,,,,888888880000000033333333 1971 111111110000000099999999,,,,,,,,222222225555555544444444 4444444411111111,,,,,,,,000000001111111188888888 3333333311111111,,,,,,,,000000001111111199999999 1111111155555555,,,,,,,,333333338888888888888888 2222222211111111,,,,,,,,888888882222222299999999 111999777000———DDDeee ccc 8,515 88888888,,,,,,,,888888882222222233333333 3,262 33333333,,,,,,,,222222223333333355555555 2,465 22222222,,,,,,,,777777775555555533333333 1,113 11111111,,,,,,,,111111115555555599999999 1,675 11111111,,,,,,,,666666667777777766666666 111999777111———JJJaaa nnn 8,829 88888888,,,,,,,,666666660000000055555555 3,385 33333333,,,,,,,,111111116666666699999999 2,486 22222222,,,,,,,,222222229999999933333333 1,199 11111111,,,,,,,,111111119999999955555555 1,759 11111111,,,,,,,,999999994444444488888888 FFFeeebbb 8,979 88888888,,,,,,,,333333334444444466666666 3,369 33333333,,,,,,,,111111115555555533333333 2,656 22222222,,,,,,,,444444440000000011111111 1,186 11111111,,,,,,,,000000007777777700000000 1,768 11111111,,,,,,,,777777772222222222222222 MMMaaarrr 9,038 99999999,,,,,,,,666666665555555511111111 3,387 33333333,,,,,,,,666666666666666666666666 2,674 22222222,,,,,,,,888888887777777711111111 1 ,207 11111111,,,,,,,,222222224444444455555555 1,770 11111111,,,,,,,,888888886666666699999999 AAAppprrr 9,088 99999999,,,,,,,,222222221111111199999999 3,332 33333333,,,,,,,,444444441111111177777777 2,580 22222222,,,,,,,,666666662222222299999999 1,315 11111111,,,,,,,,333333333333333366666666 1,861 11111111,,,,,,,,888888883333333377777777 MMMaaayyy 9,197 88888888,,,,,,,,888888889999999988888888 3,375 33333333,,,,,,,,222222228888888833333333 2,698 22222222,,,,,,,,555555558888888833333333 1,323 11111111,,,,,,,,222222226666666677777777 1,801 11111111,,,,,,,,777777776666666655555555 JJJuuunnneee 9,190 99999999,,,,,,,,444444449999999977777777 3,541 33333333,,,,,,,,666666667777777788888888 2,550 22222222,,,,,,,,666666666666666644444444 1,299 11111111........333333336666666688888888 1,800 11111111,,,,,,,,777777778888888877777777 JJJuuulllyyy 8,914 99999999,,,,,,,,111111111111111122222222 3,351 33333333,,,,,,,,444444441111111199999999 2,485 22222222,,,,,,,,444444449999999944444444 1,293 11111111,,,,,,,,333333338888888877777777 1,785 11111111,,,,,,,,888888881111111122222222 AAAuuuggg 9,222 99999999,,,,,,,,000000008888888888888888 3,456 33333333,,,,,,,,444444445555555599999999 2,590 22222222,,,,,,,,555555553333333377777777 1,288 11111111,,,,,,,,222222229999999999999999 1,888 11111111,,,,,,,,777777779999999933333333 SSSeeepppttt 9,157 88888888,,,,,,,,999999993333333366666666 3,460 33333333,,,,,,,,444444444444444411111111 2,614 22222222,,,,,,,,555555551111111144444444 1,266 11111111,,,,,,,,222222222222222222222222 1,817 11111111,,,,,,,,777777775555555599999999 OOOcccttt 9,107 99999999,,,,,,,,000000000000000077777777 3,439 33333333,,,,,,,,444444440000000088888888 2,495 22222222,,,,,,,,444444445555555577777777 1,319 11111111,,,,,,,,222222229999999922222222 1,854 11111111,,,,,,,,888888885555555500000000 NNNooovvv 9,306 99999999,,,,,,,,333333337777777777777777 3,470 33333333,,,,,,,,444444448888888822222222 2,579 22222222,,,,,,,,777777770000000033333333 1,360 11111111........333333333333333388888888 1,897 11111111,,,,,,,,888888885555555544444444 DDDeeeccc 9,230 99999999,,,,,,,,555555551111111188888888 3,451 33333333,,,,,,,,444444444444444433333333 2,596 22222222,,,,,,,,888888887777777733333333 1 ,324 11111111........333333336666666699999999 1,859 11111111 ,,,,,,,,888888883333333333333333 Net change in credit outstanding 2 111999666555 88888888,,,,,,,,666666662222222299999999 33333333,,,,,,,,888888886666666655555555 22222222,,,,,,,,666666664444444411111111 11111111,,,,,,,,111111112222222266666666 999999999999999977777777 1966 66666666,,,,,,,,222222221111111155555555 22222222,,,,,,,,333333335555555577777777 11111111,,,,,,,,888888880000000099999999 11111111,,,,,,,,000000002222222255555555 11111111,,,,,,,,000000002222222244444444 1967 33333333,,,,,,,,333333338888888877777777 11111111,,,,,,,,333333338888888811111111 666666664444444433333333 777777774444444422222222 666666662222222211111111 1968 88888888,,,,,,,,999999996666666644444444 44444444,,,,,,,,222222225555555522222222 22222222,,,,,,,,333333336666666644444444 11111111,,,,,,,,333333335555555511111111 999999999999999977777777 1969 88888888,,,,,,,,222222227777777799999999 33333333,,,,,,,,333333335555555533333333 22222222,,,,,,,,666666663333333366666666 11111111,,,,,,,,555555553333333366666666 777777775555555544444444 1970 22222222,,,,,,,,999999999999999922222222 11111111,,,,,,,,555555559999999900000000 --------666666661111111111111111 11111111,,,,,,,,111111110000000033333333 999999991111111100000000 1971 88888888,,,,,,,,333333338888888844444444 44444444,,,,,,,,000000008888888811111111 11111111,,,,,,,,000000001111111177777777 11111111,,,,,,,,999999992222222244444444 11111111,,,,,,,,333333336666666622222222 1970—De c 21 11111111,,,,,,,,333333337777777711111111 64 111111115555555555555555 -225 4444444422222222 74 4444444477777777 108 11111111,,,,,,,,111111112222222277777777 1971—Ja n 87 --------11111111,,,,,,,,000000006666666600000000 -47 --------222222228888888844444444 -75 --------333333333333333322222222 89 --------111111114444444400000000 120 --------333333330000000044444444 Feb 102 --------888888885555555577777777 109 --------111111116666666655555555 -143 --------222222228888888800000000 96 4444444477777777 40 --------444444445555555599999999 Mar 495 --------7777777766666666 259 111111111111111177777777 7 --------111111118888888855555555 187 111111117777777733333333 42 --------111111118888888811111111 Apr. 663 888888886666666600000000 344 555555553333333311111111 44 4444444433333333 160 222222221111111166666666 115 7777777700000000 May 493 666666666666666644444444 225 333333338888888888888888 100 7777777722222222 118 222222222222222266666666 50 --------2222222222222222 June 525 11111111,,,,,,,,111111117777777700000000 265 555555552222222299999999 -60 111111116666666688888888 214 333333335555555566666666 106 111111111111111177777777 July 761 999999998888888866666666 293 444444449999999988888888 191 222222229999999977777777 130 111111111111111199999999 147 7777777722222222 Aug 827 11111111,,,,,,,,222222221111111122222222 463 666666660000000033333333 109 111111119999999922222222 164 222222228888888833333333 91 111111113333333344444444 Sept 999 999999991111111133333333 529 444444449999999911111111 104 3333333355555555 222 222222221111111177777777 144 111111117777777700000000 Oct 924 777777779999999900000000 393 333333334444444444444444 238 111111119999999988888888 171 111111112222222222222222 122 111111112222222266666666 Nov 1,266 11111111,,,,,,,,333333333333333344444444 670 444444444444444499999999 274 333333331111111122222222 204 111111119999999977777777 118 333333337777777766666666 Dec 900 22222222,,,,,,,,444444444444444488888888 488 555555558888888800000000 164 444444449999999977777777 130 111111110000000088888888 118 11111111,,,,,,,,222222226666666633333333 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. • FEBRUARY 1972 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion age* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.* Total index 100.00 106.7 104.6 105.3 105.7 105.5 106.2 107.0 107.2 106.1 105.3 106.2 106.4 Products, total 62.21 106.0 104.2 104.6 105.0 104.5 105.5 105.9 106.1 106 106.2 106. 106.9 Final products 48.95 104.4 102.2 102.9 103.0 102.5 103.6 103.9 104.5 104 105.0 104. 105.3 Consumer goods 28.53 110.3 110.8 112.8 112.9 112.7 114.6 115.7 116.1 116 116.0 115, 116.9 Equipment 20.42 96.2 90.3 88.9 89.3 88.4 88.1 87.8 88.2 89 89.6 90. 89.0 Intermediate products 13.26 111.9 112.1 110.9 112.5 112.0 112.4 113.5 112.4 113 110.7 112. 113.0 Materials 37.79 107.8 105.4 106.5 106.8 107.1 107.5 108.9 109.0 105 104.0 106. 105.6 Consumer goods Durable consumer goods 7.86 104.8 102.9 108.1 110.6 111.6 112.2 117.2 116.1 115.8 115.8 113.6 115.3 Automotive products 2.84 99.9 100.0 110.9 117.8 117.8 113.7 123.1 121.2 120.1 121.1 118.0 119.6 Autos 1.87 86.6 88.6 104.1 112.8 112.2 103.2 108.3 107.9 107.9 108.5 108.0 107. Auto parts and allied goods..., .97 125.6 122.2 124.1 127.4 128.6 133.9 151.4 146.8 143.6 145.2 153.4 142.2 Home goods 5.02 107.6 104.6 106.5 106.5 108.2 111.4 113.9 113.3 113.5 112.9 111.1 112.9 Appliances, TV, and radios 1.41 103.4 104.5 104.9 102.5 107.9 116.4 120.7 116.9 115.0 112.1 105.7 110.7 Appliances and A/C .92 122.1 120.6 122.6 117.6 124.9 126.0 132. 129.3 126.0 128.0 121.7 131.1 TV and home audio .49 68.2 74.3 71.8 74.0 76.1 98.6 99.4 93.9 94.5 82.4 75.6 72.6 Carpeting and furniture 1.08 108.4 106.3 106.4 110.1 108.3 110.7 111.7 113.6 114.8 114.7 116.1 115.3 Misc. home goods 2.53 109.7 104.1 107.5 107.5 108.1 109.0 111.1 111.2 112.0 112.5 112.1 113.1 Nondurable consumer goods 20.67 112.5 113.8 114.6 113.8 113.1 115.5 115.1 116.1 116.1 116.1 115.6 117.5 Clothing 4.32 101.2 99.1 99.7 97.3 96.9 101.0 102.6 101.9 102.4 100.3 102.5 103.5 Consumer staples 16.34 115.4 117.7 118.5 118.1 117.4 119.4 118.5 119.9 119. 120.2 119.1 121.2 Consumer foods and tobacco.. 8.37 110.6 112.8 114.0 112.6 111.8 112.7 113.2 113.5 112.0 112.6 110.4 113.9 Nonfood staples 7.98 120.4 122.9 123.2 123.9 123.2 126.4 124.2 126.5 128.0 128.4 128.2 128.9 Consumer chemical products 2.64 126.1 132.5 131.8 131.8 131.6 134.0 133.2 130.9 133.1 133. 133.5 131.7 Consumer paper products 1.91 103.9 102.6 104.4 104.6 103.0 108.2 105.0 109.9 106.9 106.2 109.2 110.3 Consumer fuel and lighting. , 3.43 125.2 126.9 127.0 128.9 127.9 130.5 128.0 132.5 135.9 137.2 134.7 137.1 Residential utilities 2.25 131.3 131.9 132.0 135.2 133.2 136.4 135.1 140.6 145.1 146.2 144.2 147.0 Equipment Business equipment 12.74 101.1 95.6 94.2 96.0 95.0 95.1 94.4 95.0 96.3 96.8 97.8 97.4 Industrial equipment 6.77 98.8 94.0 91.5 93.4 92.4 92.4 90.9 90.9 91.8 92.0 92.4 92.6 Building and mining equip. 1.45 95.9 93.6 90.6 94.3 92.4 91.2 91.5 88.8 88.9 96.4 96.6 95.5 Manufacturing equipment .. 3.85 91.9 84.2 82.9 82.2 81.3 82.1 79.5 80.1 81.1 79.9 80.5 81.1 Power equipment 1.47 119.9 119.8 115.0 121.7 121.5 120.5 120.2 121.3 122.7 119.7 119.5 119.7 Commercial, transit, farm eq*... 5.97 103.7 97.9 97.2 99.0 98.0 98.2 98.4 99.6 101.5 102.2 103.8 102.8 Commercial equipment 3.30 110.6 105.3 105.5 107.0 106.6 107.1 107.6 107.6 109.9 109.9 112.0 111.0 Transit equipment 2.00 94.4 87.4 88.6 89.1 87.2 87.3 87.3 90.5 88.4 90.2 90.2 90.4 Farm equipment .67 97.7 92.4 82.0 88.0 86.6 86.6 87.7 99.9 100.0 103.9 99.5 Defense and space equipment 7.68 87.9 81.2 80.0 78.1 77.5 76.5 76.9 77.1 77.7 77.9 77.7 75.1 Military products 5.15 89.7 82.9 82.6 80.4 79.8 79.1 79.5 80.5 81.4 82.2 82.3 79.0 Intermediate products 5.93 110.6 112.5 111.1 111.9 112.6 113.4 115.5 113.5 115.3 109.4 111.3 112.7 Construction products 7.34 113.0 111.9 110.8 113.1 111.4 111.6 111.9 111.6 112.7 111.7 113.4 113.4 Misc. intermediate products Materials 20.91 103.4 99.4 101.5 101.6 101.9 102.2 104.8 103.0 98.7 94.9 98.7 100.4 Durable goods materials 4 5 . .4 7 1 5 9 9 6 5 . . 5 1 9 8 5 6 . . 8 6 9 8 9 8 . . 4 4 1 8 0 7 1 . . 6 4 1 8 0 6 3 . . 4 2 1 8 02 6 .0 1 8 0 8 5. . 1 9 1 8 0 7 4 . . 9 8 8 7 . . 8 0 1 8 0 2 0 . . 1 4 1 8 0 6 0. . 7 0 1 8 0 6 1 . . 9 8 Consumer durable parts 10.75 110.5 107.5 109.0 108.8 109.2 110.2 112.8 110.2 104.6 99.0 104.1 106.6 Equipment parts Durable materials nec 13.99 112.5 112.1 111.7 112.1 112.0 112.7 112.8 115.5 112.3 114.8 114.7 114.6 Nondurable goods materials 8.58 113.0 111.8 111.2 111.7 111.9 113.2 113.7 117.5 113.4 117.8 118.8 118.8 Textile, paper, and chem. mat 5.41 111.5 112.7 112.5 112.7 112.3 111 111.3 112.0 110.5 109.9 108.2 108.3 Nondurable materials n.e.c 2.89 117.0 117.6 117.8 118.6 121.1 121.0 119.7 121.1 119.7 117.2 119.3 99.4 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 104.7 102.0 103.4 102.3 102.9 106.6 108.7 108.0 108.3 107. 107.1 108.5 Containers 1.82 119.5 117.4 119.2 119.6 108.1 113.5 117.8 115.5 118.2 117.2 115.0 116.8 Gross value of products in market structure (In billions of 1963 dollars) Products, total 386.8 380.9 386.2 388.6 385.9 390.2 391.6 392.6 395.2 393.0 392.8 395.3 Final products 298.0 292.1 297.7 298.5 297.4 300.4 301.3 303.2 304.6 305.4 302.9 305.2 Consumer goods.... 202.6 203.3 209.1 209.5 209.6 212.6 213.4 214. 216.4 215.5 212.1 215.7 Equipment 95.5 88.7 88.7 89.2 87.9 87.9 87.6 88.5 88.1 90.1 90.7 89.4 Intermediate products. 89.0 89.0 88.4 89.9 88.5 89.3 90.2 89.6 90.8 87.7 89.7 90.1 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

FEBRUARY 1972 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee**>> Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.P Manufacturing 88.55 105.2 102.4 103.3 103.9 103.2 104.4 105.7 105.6 104.9 103.6 104.9 105.4 105.2 105.7 Durable 52.33 101.5 97.3 98.1 98.6 98.3 99.1 100.5 100.1 99.4 96.6 98.5 99.1 98.0 98.4 Nondurable 36.22 110.6 110.0 110.9 111.7 110.4 112.1 113.3 113.7 113.0 113.8 114.2 114.6 115.8 116.5 Mining and utilities 11.45 118.0 120.1 119.3 119.9 120.2 120.6 119.0 120.7 120.3 120.0 120.3 116.1 118.7 120.5 Mining 6.37 109.7 112.1 111.1 110.1 111.4 110.4 108.6 108.9 105.7 106.5 106.0 97.7 102.0 107.3 Utilities 5.08 128.5 130.2 129.6 132.2 131.5 133.2 132.1 135.6 138.7 137.0 138.4 139.3 139.6 137.1 Durable manufactures Primary and fabricated metals 12.55 108.1 105.1 106.8 106.0 105.8 108.6 111.5 108.3 104.2 93.8 99.5 100.9 98.7 101.1 Primary metals 6.61 106.9 104.3 108.1 105.5 106.6 108.7 114.3 108.1 98.2 81.0 93.9 95.7 91.4 94.7 Iron and steel, subtotal 4.23 105.3 101.4 106.9 104.8 105.2 109.1 112.9 105.3 99.0 66.2 85.9 88.7 81.9 85.4 Fabricated metal products 5.94 109.4 106.2 105.4 106.6 104.9 108.5 108.5 108.5 110.8 108.0 105.7 106.9 106.8 108.2 Machinery and allied goods 32.44 97.6 92.4 93.0 93.5 93.0 92.7 93.8 94.4 94.7 94.5 95.2 95.3 94.5 94.2 Machinery 17.39 100.5 94.8 93.4 94.2 94.0 94.2 95.3 95.2 97.4 95.6 96.3 97.0 96.3 96.3 Nonelectrical machinery 9.17 99.6 92.4 90.1 92.3 91.1 91.4 90.9 91.6 94.9 94.1 95.0 95.3 93.3 93.8 Electrical machinery 8.22 101.4 97.4 97.1 96.3 97.1 97.4 100.2 99.2 100.2 97.3 97.8 98.9 99.6 99.1 Transportation equipment 9.29 90.3 86.8 91.1 92.6 91.3 89.5 90.9 91.7 88.5 91.1 91.7 92.4 91 .2 90.8 Motor vehicles and parts 4.56 96.9 98.5 107.7 113.0 112.2 108.4 110.2 111.7 106.7 111.6 111.8 112.9 112.5 113.3 Aerospace and misc. trans, eq... 4.73 83.9 75.8 75.2 72.9 71.2 71.4 72.3 72.4 71.0 71.5 72.4 72.6 70.7 69.2 Instruments 2.07 110.8 104.9 106.5 105.3 105.5 106.7 108.0 108.5 110.9 109.1 110.5 111.2 110.2 109.6 Ordnance, private and Govt 3.69 95.3 88.5 87.9 85.5 85.7 85.2 86.0 88.8 88.8 90.0 90.2 85.6 85.1 84.6 Lumber, clay, and glass 4.44 106.3 107.5 106.9 109.8 110.8 113.0 112.3 111.0 111.2 110.4 111 .1 112.7 113.0 113.3 Lumber and products 1.65 106.3 106.8 109.7 110.8 110.3 112.5 110.0 111.0 115.4 113.1 113.9 117.3 117.9 117.8 Clay, glass, and stone products 2.79 106.3 107.9 105.3 109.2 111.1 113.3 113.7 111.1 108.7 108.8 109.4 109.9 110.1 110.6 Furniture and miscellaneous 2.90 108.8 104.9 105.2 107.1 105.6 109.5 109.9 111.3 113.5 111.3 112.0 112.1 111.5 111.4 Furniture and fixtures 1.38 99.4 95.5 94.2 96.0 95.0 98.7 97.6 100.9 99.9 99.6 100.8 100.3 101.6 100.5 Miscellaneous manufactures 1.52 117.3 113.4 115.2 117.2 115.4 119.3 121.2 120.7 126.1 122.0 122.2 122.6 120.5 121.4 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 97.1 98.6 98.0 97.3 99.8 101.5 102.4 100.2 100.1 102.5 102.2 101.1 102.7 Textile mill products 2.69 106.3 103.3 103.1 105.4 105.3 106.3 107.5 109.1 108.5 110.5 111.0 110.1 109.6 111.5 Apparel products 33..3333 97.8 94.9 97.4 94.5 94.0 97.3 99.7 97.1 97.0 96.0 99.5 100.0 99.1 Leather and products ..8888 90.8 86.7 89.5 89.0 85.4 89.9 89.8 89.3 86.7 84.1 87.6 87.2 82.9 86.4 Paper and printing 7.92 107.8 105.0 107.1 108.1 104.6 106.9 106.9 106.0 106.8 108.2 108.3 109.0 110.7 110.9 Paper and products 3.18 113.3 110.6 116.9 116.0 111.0 114.4 115.1 113.4 115.5 117.8 116.4 116.1 119.8 120.1 Printing and publishing 4.74 104.1 101.2 100.5 102.8 100.2 101.8 101.4 101.0 101.0 101.7 102.9 104.3 104.4 104.8 Chemicals, petroleum, and rubber.... 11.92 118.2 118.9 118.2 120.9 120.5 122.4 124.2 125.3 124.0 126.2 127.3 126.5 127.8 128.8 Chemicals and products 7.86 120.2 121.2 119.3 121.7 121.0 123.4 123.7 126.8 125.0 127.6 129.7 128.2 130.8 131.0 Petroleum products 1.80 112.6 118.1 117.2 117.1 116.3 115.8 112.7 115.0 114.8 115.8 113.7 115.7 116.0 119.8 Rubber and plastics products 2.26 115.7 111.8 115.5 120.6 122.7 124.5 127.2 129.1 128.0 129.9 129.6 129.0 127.6 128.2 Foods and tobacco 9.48 110.8 112.5 113.9 113.1 112.2 112.9 113.6 113.7 113.8 112.8 111.1 113.2 116.0 116.0 Foods 8.81 111.7 113.5 114.6 114.1 113.8 114.1 114.6 115.4 115.2 114.0 111.9 114.3 117.2 117.3 Tobacco products ..6677 110000..00 9999..55 110066..66 110000..11 9900..33 9966..99 110000..33 9922..11 9966..66 98.2 110000..33 9988..55 9988..22 Mining Metal, stone, and earth minerals 1.26 112.0 116.4 113.6 113.6 111.6 106.5 104.6 104.9 91.6 96.8 98.1 102.0 110.6 109.3 Metal mining .51 131.3 144.7 140.1 139.0 135.1 124.7 122.6 117.3 93.5 104.8 109.7 117.1 135.5 134.4 Stone and earth minerals .75 98.8 97.3 95.6 96.3 95.6 94.2 92.4 96.4 90.2 91.4 90.1 91 .7 93.6 92.2 Coal, oil, and gas 5.11 109.2 111.0 110.6 109.3 111.4 111.4 109.6 109.9 109.2 108.9 108.0 96.7 99.9 106.8 Coal .69 105.8 103.6 112.3 108.8 116.2 115.5 110.2 109.4 109.4 109.4 109.7 29.1 55.2 109.1 Oil and gas extraction 4.42 109.7 112.3 110.3 109.3 110.6 114.3 109.6 110.0 109.2 108.8 107.7 107.3 106.9 106.4 Utilities Electric 3.91 130.8 132.5 131.5 134.9 133.6 135.5 133.8 138.3 142.0 139.7 141.5 142.3 142.3 138.8 11..1177 112211..00 112222..44 112233..00 112233..66 112244..33 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 INDUSTRIAL PRODUCTION: N.S.A. • FEBRUARY 1972 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion age*> Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec." Total index 100.00 106.7 102.0 103.2 106. 106.0 106.5 107.3 109.7 102.1 105.5 109.8 109.8 Products, total 62.21 106.0 100.7 101.8 104.7 104.5 105.0 105.1 109.0 103.9 107.5 111.7 111.2 Final products 48.95 104.4 98.9 101.0 103. 103.0 102.9 102.7 107.2 101.6 105.6 110.0 109.3 Consumer goods 28.53 110.3 105.4 110.3 113.2 112.9 113.6 113.5 119.3 111.9 118.4 123 122.9 Equipment 20.42 96.2 89.8 88.1 89.6 89.1 88.0 87.6 90.4 87 87.6 91.8 90.3 Ma In te t r e i r a m ls e diate products 3 1 7 3 . . 7 2 9 6 1 1 0 11 7 . . 9 8 1 10 0 7 4 . . 3 1 1 1 0 04 5 . . 7 4 1 10 0 9 8 . . 5 3 1 11 0 0 8 . . 2 4 1 1 0 12 9 . . 6 0 1 1 1 13 0 . . 8 8 1 11 1 5 0 . . 5 9 1 9 1 9 2 , . 2 4 1 1 0 14 2 . . 5 3 1 11 0 8 6 .8 1 1 0 18 7 . . 1 6 Consumer goods Durable consumer goods 7.86 104.8 100.8 107.3 113.8 114.8 114.7 117.3 120.5 101.9 108.6 121.5 125.7 Automotive products 2.84 99.9 100.0 115.6 125.1 125.3 121.9 127.2 130.5 94.9 102.0 128.6 135.8 Autos 1.87 86.6 92.4 113.5 124.1 123.4 112.5 120.2 120.8 69.4 76.5 112.0 124.0 Auto parts and allied goods.... .97 125.6 114.6 119.6 127.0 128.9 139.9 140.8 149.0 144.0 151.0 160.5 158.6 Home goods 5.02 107.6 101.3 102.6 107.4 108.8 110.7 111.7 114.9 105.8 112.4 117.5 120.0 Ap A p p li p a l n i c a e n s c , e s T V an , d a n A d / C ra dios 1. . 4 9 1 2 1 12 0 2 3 . . 1 4 1 9 0 0 0 . . 9 3 1 1 0 2 2 0 . . 5 1 1 12 0 4 8 . . 7 9 1 1 1 3 3 3 . . 6 6 1 13 1 3 6 . . 1 1 1 11 3 7 2 . . 1 2 1 13 1 6 7 . . 1 3 1 1 2 0 2 2 . . 3 5 1 1 0 1 4 4 .4 1 12 1 8 3 . .4 0 1 1 4 2 2 5 . . 8 3 TV and home audio .49 68.2 73.2 69.5 79.3 76.2 84.3 88.8 81.9 65.4 84.8 86.2 92.5 Carpeting and furniture 1.08 108.4 108.6 108.0 114.7 111.4 111.1 108.6 112.6 97.9 114.9 119.5 116.6 Misc. home goods 2.53 109.7 103.9 100.4 103.4 105.1 107.5 110.0 114.4 111.0 116.0 118.9 118.5 Nondurable consumer goods 20.67 112.5 107.1 111.4 113.0 112.2 113.2 112.1 118.8 115.7 122.1 123.7 121.8 Clothing 4.32 101.2 85.5 95.0 102.0 102.5 102.6 101.4 105.5 93.6 105.6 107.0 110.7 Consumer staples 16.34 115.4 112.8 115.7 115.9 114.8 116.0 114.9 122.3 121.6 126.5 128.1 124.7 Consumer foods and tobacco.. 8.37 110.6 106.6 108.1 108.5 108.7 110.0 110.8 116.6 112.6 118.6 120.0 120.5 Nonfood staples 7.98 120.4 119.3 123.7 123.7 121.2 122.3 119.1 128.3 131.2 134.7 136.5 129.2 Consumer chemical products 2.64 126.1 123.2 123.9 125.7 125.7 131.2 132.4 142.2 131.8 139.4 145.2 139.1 Consumer paper products 1.91 103.9 97.4 99.6 101.8 100.1 107.1 102.0 110.2 109.6 113.9 116.0 113.9 Consumer fuel and lighting. , 3.43 125.2 120.3 137.0 134.3 129.6 123.8 118.4 127.6 142.7 142.6 141.2 130.0 Residential utilities 2.25 131.3 132.7 146.7 143.0 137.1 129.2 122.3 132.4 154.4 153.2 153.0 136.6 Equipment Business equipment 12.74 101.1 94.3 92.7 96.6 96.0 95.3 94.2 98.0 93.3 93.9 100.3 99.4 Industrial equipment 6.77 98.8 93.2 90.8 93.9 92.8 92.4 90.3 92.6 90.4 90.1 94.9 94.3 Building and mining equip. 1.45 95.9 95.3 89.8 93.3 90.3 91.7 90.9 91.6 87.0 90.5 98.2 97.0 Manufacturing equipment.... 3.85 91.9 83.5 81.9 84.3 82.9 82.0 79.1 81.5 79.3 78.5 83.3 81.9 Power equipment 1.47 119.9 116.3 115.1 119.6 120.9 120.3 119.2 122.6 122.7 119.8 122.0 124.0 Commercial, transit, farm eq.*. . 5.97 103.7 95.6 94.8 99.7 99.7 98.5 98.6 104.2 96.6 98.3 106.5 105.2 Commercial equipment 3.30 110.6 103.4 101.8 105.3 104.7 105.3 106.0 112.4 112.6 110.7 115.6 112.0 Transit equipment 2.00 94.4 85.2 87.1 91.5 91.0 88.9 89.0 93.8 75. 82.6 92.3 95.3 Farm equipment .67 97.7 88.0 83.4 96.7 100.9 93.7 90.9 94.3 81.7 83.8 103.7 101.2 Defense and space equipment 7.68 87.9 82.3 80.5 78.1 77.7 76.0 76.7 77.8 76.7 77.1 77.8 75.2 Military products 5.15 89.7 82.9 82.8 80.3 80.1 78.9 79.7 81.8 80. 81.6 82.2 78.7 Intermediate products 5.93 110.6 105.4 103.3 109.9 111.6 115.8 118.0 118.6 112.3 111.9 115.9 117.5 Construction products 7.34 113.0 108.8 105.8 109. 109. 110.0 110.4 113.0 112.4 116.6 119.8 118.6 Misc. intermediate products Materials 20.91 103.4 98.0 99. 103.2 104.2 104.1 107.2 106.3 92.1 92.0 99.9 102.3 4.75 96.5 100.4 102.9 104.6 104.5 102.0 106.4 104.5 88.3 92.0 100.1 104.2 Durable goods materials 5.41 95 86.7 87.8 88.9 89.0 87.0 89.4 89.4 81.7 80.1 86.9 86.6 Consumer durable parts 10.75 110.5 102.7 104.4 109.8 111.8 113.7 116.6 115.6 99.1 98.0 106.3 109.4 Equipment parts Durable materials n.e.c 13.99 112.5 110.0 110.9 113.3 112.0 113.7 114.3 115.8 107.2 114.5 114.8 117.4 Nondurable goods materials 8.58 113.0 108.3 110.4 114.3 112.8 115.6 116.0 118.0 106.5 116.9 118.7 121.3 Textile, paper,and chem. mat.... 5.41 111.5 112.7 111.6 111 .6 110.8 110.8 111.6 112.4 108.2 110.6 108.6 111.2 Nondurable materials n.e.c 2.89 117.0 119.5 119.9 120.5 121.9 121.4 119.5 120.4 111.4 117.7 118.3 98.5 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 104.7 94.0 99.1 104.9 105.9 106.9 106.9 110.6 100.2 109.3 112.6 115.7 Containers 1.82 119.5 108.6 112.6 119.2 108. 113.8 119.6 119.1 113.0 121.2 120 123.5 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

FEBRUARY 1972 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee**>> Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.P Manufacturing, total 88.55 105.2 99.7 100.9 104.3 104.4 105.0 106.0 108.3 99.7 103.1 108.1 109.2 106.2 102.2 Durable 52.33 101.5 95.9 96.8 100.2 100.6 100.4 101.7 102.7 93.2 93.6 100.6 101.6 98.9 95.9 Nondurable 36.22 110.6 105.2 106.8 110.2 109.8 111.7 112.1 116.3 109.2 116.8 119.0 120.1 116.8 111.2 Mining and utilities 11.45 118.0 119.5 120.6 119.7 119.4 117.9 117.0 120.7 121.9 124.2 123.8 114.9 115.1 119.8 6.37 109.7 112.0 108.7 108.6 109.7 110.4 110.9 111.0 103.0 107.7 106.4 98.0 101.5 107.2 Utilities 5.08 128.5 128.9 135.6 133.7 131.5 127.3 124.6 132.8 145.7 144.9 145.7 136.1 132.3 135.7 Durable manufactures Primary and fabricated metals 12.55 108.1 102.2 105.7 110.0 111.0 112.0 114.6 111.1 95.8 90.0 99.0 101.5 98.8 98.3 Primary metals 6.61 106.9 99.0 106.6 111.6 115.2 115.8 119.8 112.6 87.9 76.2 91.1 94.5 90.2 89.7 Iron and steel, subtotal 4.23 105.3 96.4 105.2 110.7 114.3 117.1 119.1 109.0 90.4 62.4 81.9 86.2 80.7 81.2 Fabricated metal products 5.94 109.4 105.8 104.7 108.2 106.3 107.7 108.8 109.5 104.7 105.3 107.7 109.3 108.3 107.8 Machinery and allied goods 32.44 97.6 91.9 92.8 95.1 94.9 93.4 94.4 96.7 88.8 90.3 97.6 98.1 95.5 92.1 Machinery 17.39 100.5 92.6 92.4 96.0 95.8 94.9 94.8 97.0 92.2 92.6 99.5 99.4 96.8 93.9 Nonelectrical machinery 9.17 99.6 90.4 88.9 94.3 93.6 92.5 91.4 94.2 91.8 90.6 97.2 95.5 93.4 91.7 Electrical machinery 8 22 101.4 95.0 96.3 97.8 98.3 97.5 98.6 100.2 92.6 94.9 102.0 103.8 100.6 96.3 Transportation equipment 9.29 90.3 88.9 93.1 95.4 94.6 91.6 94.2 96.1 77.8 81.7 93.2 97.2 93.6 87.5 Motor vehicles and parts 4.56 96.9 102.0 112.9 118.9 117.7 112.0 116.9 120.5 86.1 93.5 114.4 122.4 117.5 105.9 Aerospace and misc. trans, eq. .. 4.73 83.9 76.3 74.1 72.8 72.3 72.0 72.4 72.6 69.7 70.4 72.8 73.0 70.6 69.7 Instruments 2.07 110.8 104.8 103.4 102.2 103.7 103.4 106.9 110.8 110.9 111.4 114.9 114.4 110.8 109.5 Ordnance, private and Govt 3.69 95.3 88.9 88.4 86.3 86.2 85.2 86.2 89.2 88.1 88.9 89.8 85.0 85.2 85.0 Lumber, clay, and glass 4.44 106.3 100.9 97.7 104.5 108.7 113.2 114.5 116.6 110.4 116.0 116.5 118.1 113.0 106.2 Lumber and products 1.65 106.3 97.0 98.8 110.6 112.1 114.5 112.5 117.5 112.2 117.6 119.5 121.6 115.3 107.0 Clay, glass, and stone products 2.79 106.3 103.2 97.0 100.9 106.7 112.5 115.7 116.1 109.4 115.1 114.7 116.1 111.6 105.7 Furniture and miscellaneous 2.90 108.8 105.7 102.3 107.4 106.6 108.7 107.6 112.3 104.2 112.0 115.9 115.3 115.6 112.2 Furniture and fixtures 1.38 99.4 98.4 96.2 100.7 98.5 98.6 95.8 99.3 86.8 98.0 101.8 100.6 104.6 103.5 Miscellaneous manufactures 1.52 117.3 112.3 107.9 113.6 114.0 117.9 118.4 124.1 120.0 124.8 128.8 128.7 125.6 120.2 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 87.3 95.7 101.8 101.7 101.6 101.3 104.6 90.8 104.4 104.9 107.8 100.9 91.8 Textile mill products 2.69 106.3 93.5 102.0 107.6 108.2 108.5 110.4 114.0 96.9 114.5 113.6 113.8 110.4 100.9 Apparel products 33..3333 97.8 83.5 92.3 99.4 99.4 9999..33 97.4 100.8 89.9 100.4 102.4 107.3 97.7 Leather and products ..8888 90.8 82.6 88.8 92.7 90.4 8888..88 87.9 89.8 75.2 88.7 88.0 91.3 83.5 82.3 Paper and printing 7.92 107.8 99.5 101.3 105.4 103.2 107.4 106.8 108.5 103.5 111.6 113.4 114.8 112.2 105.0 Paper and products 3.18 113.3 102.3 115.5 118.9 113.6 117.8 116.2 116.6 105.7 117.6 116.1 122.1 120.8 111.1 Printing and publishing 4.74 104.1 97.6 91.7 96.4 96.2 100.4 100.5 103.1 102.1 107.5 111.5 109.9 106.4 101.0 Chemicals, petroleum, and rubber 11.92 118.2 117.1 114.7 119.4 119.7 122.2 123.2 128.6 121.6 126.7 130.7 129.9 129.0 126.7 Chemicals and products 7.86 120.2 118.7 115.1 118.9 119.5 124.3 125.3 131.1 124.2 128.6 133.1 130.8 131.3 128.2 Petroleum products 1.80 112.6 116.3 112.4 113.5 112.0 110.9 111.7 119.1 118.9 120.9 118.9 117.8 115.2 118.0 Rubber and plastics products 2.26 115.7 112.0 115.3 125.8 126.4 124.0 125.0 127.7 114.8 124.7 131.9 136.6 132.2 128.5 Foods and tobacco 9.48 110.8 107.9 109.5 108.8 108.8 109.6 110.5 115.9 112.0 117.7 119.4 121.2 117.0 111.1 Foods 8.81 111.7 109.8 109.7 109.2 110.2 110.9 111.4 117.2 114.0 118.6 120.4 122.3 118.4 113.2 Tobacco products... . .67 110000..00 8833..55 110066..44 110033..00 9900..55 9922..77 9999..33 9988..55 8866..22 110055..77 110066..55 110066..11 9999..00 Mining Metal, stone, and earth minerals 1.26 112.0 105.5 97.7 98.7 101.0 107.2 116.9 118.3 97.3 104.1 104.1 105.8 103.7 99.1 Metal mining .51 131.3 116.9 115.0 118.3 117.9 126.1 145.7 147.7 106.8 116.9 118.7 117.9 113.8 108.6 Stone and earth minerals .75 98.8 97.7 86.0 85.3 89.5 94.4 97.4 98.3 90.9 95.4 94.2 97.6 96.8 92.6 Coal, oil, and gas 5.11 109.2 113.6 111.4 111.0 111.8 111.2 109.4 109.2 104.4 108.6 107.0 96.0 100.9 109.2 Coal .69 105.8 103.0 111.1 109.1 114.7 117.6 112.4 111.6 82.7 116.5 112.6 31.1 56.4 108.4 Oil and gas extraction 4.42 109.7 115.2 111.4 111.3 111.3 114.1 108.9 108.8 107.8 107.4 106.1 106.2 107.9 109.3 Utilities 3.91 130.8 130.8 139.3 136.7 133.6 128.0 124.2 134.6 151.3 150.0 150.8 138.0 132.8 137.0 Gas .... 11..1177 112211..00 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 • FEBRUARY 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Prices 4 PPeerriioodd TToottaall Total Final p P ro r M d o u d a c u r t k c s e t s t Inter- Mate- f M d a u I c a s n t n t - u r u y r - - i o = p n ( u t u a 1 i C t m c t 9 1 o il p a i 6 n 0 i f t - z u 7 0 y g a t ) . - t s r c t C t a r i o u o o c n n c t n - s - - N T m r p t i o e o u e c l m n t o n r u a a y a t - l l — l - - g i - TT ss rr aa ee oo ll tt tt ee aa aa ss ii ll ll 33 s C u o m n e - r m W c s o o h a d m l o e i l - t e y - Con- mediate rials ing Total sumer Equip- prodgoods ment ucts 1952. 92.8 74.1 52 79.5 88.6 1953. 95.5 76.3 54 80.1 87.4 1954. 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84 74.4 54 80.5 87.6 1955. 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 59 80.2 87.8 1956. 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 61 81.4 90.7 1957. 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 64 84.3 93.3 1958. 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 64 86.6 94.6 1959i . 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 69 87.3 94.8 1960>. 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80. 82.4 70 88.7 94.9 1961. 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 '82.1 70 89.6 94.5 1962. 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 75 90.6 94.8 1963. 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 79 91.7 94.5 1964\ ., 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 83 92.9 94.7 1965. 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 91 94.5 96.6 1966. 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 97 97.2 99.8 1967r . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100 100.0 100.0 1968\ . 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103. 109 104.2 102.5 1969>. 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 114 109.8 106.5 1970). 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 '78.2 107.3 120 116.3 110.4 >—Dec 104.6 104.2 102.2 110.8 90.3 112.1 105.4 102.4 5'74.1 132.0 106.8 122 119.1 111.0 —Jan 105.3 104.6 102.9 112.8 88.9 110.9 106.5 103.3 117.0 107.0 124 119.2 111.8 Feb 105.7 105.0 103.0 112.9 89.3 112.5 106.8 103.9 '74.7 126.0 106.9 126 119.4 112.8 Mar 105.5 104.5 102.5 112.7 88.4 112.0 107.1 103.2 141.0 107.0 127 119.8 113.0 Apr 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 161.0 107.2 128 120.2 113.3 May 107.0 105.9 103.9 115.7 87.8 113.5 108.9 105.7 '75.4 141.0 107.5 128 120.8 113.8 June 107.2 106.1 104.5 116.1 88.2 112.4 109.0 105.6 147.0 107.3 129 121.5 114.3 July 106.1 106.8 104.9 116.0 89.3 113.8 105.3 104.9 151.0 107.1 129 121.8 114.6 Aug 105.3 106.2 105.0 116.0 89.6 110.7 104.0 103.6 '73.9 153.0 107.1 133 122.1 114.9 Sept 106.2 106.2 104.6 115.0 90.2 112.5 106.2 104.9 156.0 107.6 135 122.2 114.5 Oct 106.4 106.9 105.3 116.9 89.0 113.0 105.6 105.4 137.0 107.6 134 122.4 114.4 Nov 107.0 107.6 105.9 118.0 88.9 114.0 105.9 105.2 '73.9 155.0 r107.9 136 122.6 114.5 Dec 107.6 107.8 105.8 118.1 88.7 115.3 107.5 105.7 160.0 108.1 132 123.1 115.4 1—Jan.* 107.9 107.8 105.8 118.2 88.5 115.4 108.0 106.1 108.4 113333 t Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for 4th quarter 1970. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1970 1971 Type of ownership and 1969 1970 type of construction Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction 1 67,425 67,097 4,974 4,383 4,993 6,386 7,743 7,555 8,077 7,670 7,712 6,814 6,568 '6,405 6,286 By type of ownership: Public 22,656 23,362 1,688 1,464 1,578 1,722 2,074 2,065 2,795 2,683 2,299 2,010 1,837 1,960 1 ,696 Private i 44,769 45,058 3,286 2,919 3,415 4,663 5,669 5,489 5,489 4,987 5,413 4,804 4,731 4,445 4,590 By type of construction: Residential building 1 25,219 24,910 2,045 1,631 1,819 2,729 3,168 3,310 3,485 3,357 3,255 3,196 3,170 3,001 Nonresidential building 25,667 24,180 1,693 1,711 1,654 2,199 2,080 2,264 2,800 2,621 2,120 2,246 2,064 2,128 Nonbuilding 16,539 18,489 1,235 1,041 1,520 1,458 2,495 1,981 1,792 1,691 2,337 1,371 1,332 1 ,274 Private housing units authorized. .. 1,299 1,324 1,768 1,635 1,563 1,627 1,638 1,927 1,849 2,052 2,006 1,900 2,173 1 ,961 2,231 (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

FEBRUARY 1972 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Total Total d R en e t s i i a - l Total In tr d i u al s - B m u C i e l o r d c m i i n - a g l s b O in u t g i h s l e d r 1 - Other Total M ta i r l y i- H w ig ay h - d v e m a v t & e e i n l o o t n p - 59,965 42,096 25,150 19,443 2,842 5,144 3,631 5,052 17,869 ,266 6,365 64,563 45,206 27,874 21,735 2,906 4,995 3,745 5,376 19,357 ,179 7,084 67,413 47,030 28,010 21,786 3,565 5,396 3,994 5,727 20,383 910 7,133 73,412 51,350 27,934 21,714 5,118 6,739 4,735 6,491 22,062 830 7,550 76,002 51,995 25,715 19,352 6,679 6,879 5,037 7,517 24.007 727 8,405 77,503 51,967 25,568 18,985 6,131 6,982 4,993 8,356 25,536 695 8,591 86,626 59,021 30,565 24,030 6,021 7,761 4,382 9,719 27,605 808 9,321 93,347 65,384 33,200 25,941 6,783 9,401 4,971 10,288 27,963 879 9,252 94,265 66,147 31,748 24,156 6,538 9,754 5,125 12,036 28,118 719 9,986 98,285 69,248 34,096 35,152 6,282 9,348 4,983 14,539 29,037 733 9,772 102,628 110,729 35,104 35,625 6,088 10,001 5,205 14,241 31,899 683 11,776 100,645 70,637 35,629 35,008 6,169 10,262 5,334 13,243 30.008 856 102,340 70,743 36,509 34,234 6,258 10,106 5,009 12,861 31,597 812 103,027 72,961 37,678 35,283 6,072 10,734 5,099 13,378 30,066 863 105,875 76,263 39,589 36,674 6,110 11,262 5,355 13,947 29,612 824 107,591 77,880 41,500 36,380 5,766 11,038 5,289 14,287 29,711 848 109,210 79,941 42,326 37,615 5,508 11,795 5,815 14,497 29,269 865 109,957 80,484 42,689 37,795 5,428 12,690 5,499 14,178 29,473 ,142 111,910 82,071 43,927 38,144 4,852 13,069 5,482 14,741 29,839 900 110,031 81,442 44,739 36,703 4,597 11,702 5,591 14,813 28,573 786 113,680 81,837 45,067 36,770 4,993 11 ,510 5,372 14,895 31,843 881 113,633 83,156 45,233 37,923 4,885 12,188 5,670 15,180 30,477 943 115,143 84,977 46,146 38,831 4,979 12,678 5,953 15,203 30,166 922 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) Region Type of structure 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 FHA VA 1,463 264 290 531 378 991 471 1,492 1,463 339 261 1,610 261 328 591 431 1,021 589 1,642 1,610 292 221 1,529 253 339 582 355 972 108 450 1,562 1,529 264 205 1,473 270 362 575 266 964 87 422 1,510 1,473 246 197 1,165 207 288 473 198 779 61 325 1,196 1,165 195 158 1,292 215 337 520 220 844 72 376 1,322 1,292 232 180 1,508 227 369 619 294 900 81 527 1,548 1,508 283 227 1,467 206 349 588 323 810 87 571 1,500 1,467 288 237 1,434 218 294 612 310 813 85 536 1,467 1,434 479 418 1,693 262 355 737 339 934 111 648 128 127 39 34 2,054 234 427 916 477 1,240 102 712 124 121 69 63 1,725 238 320 724 435 946 110 669 115 111 37 32 1,754 238 292 745 479 985 110 659 105 102 32 27 1,959 257 442 803 457 1,048 121 790 169 168 40 33 1,912 233 457 814 408 1,098 109 705 204 201 53 45 1,975 271 362 855 487 1,124 111 740 204 199 49 41 2,000 231 393 868 508 1,177 120 703 197 194 55 46 2,229 303 401 879 586 1,187 137 905 196 194 52 43 2,258 274 518 986 480 1,212 145 901 203 205 55 46 2,002 222 426 877 477 1,187 171 644 176 174 58 50 2,031 220 429 908 474 1 ,159 104 768 182 180 47 39 2,303 317 503 970 513 1 ,283 107 913 175 172 57 48 2,517 397 505 ,047 568 1,411 127 979 153 150 92 85 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 • FEBRUARY 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) ii pp TT nn oo ss oo tt pp tt ii aa uu tt ll uu ll aa tt nn ii tt oo oo iioo nn nn nn aa -- ll lab N or o t f i o n r ce TT ll ff aa oo oo bb rr tt cc oo aa ee rr ll Employed1 Une m r m a e t p n e2 t l oy- ((NN..SS..AA..)) (N.S.A.) ((SS..AA..)) Total Total In c n u o lt n u a r g al r i- In U pl n o e y m ed - (pe S r . A ce .) n t; industries agriculture 1966r 131,180 52,288 78,899 75,777 72,899 68,920 3,979 2,878 3.8 1967 3r 133,319 52,527 80,796 77,350 74,373 70,529 3,844 2,977 3.8 1968 r 135,562 53,291 82,271 78,737 75,921 72,104 3,817 2,816 3.6 1969r 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970r 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971 142,596 55,666 86,929 84,113 79,119 75,732 3,387 4,994 5.9 1971-Jan.'". 141,500 55,872 86,706 83,730 78,718 75,312 3.406 5,012 6.0 Feb.' 141,670 56,017 86,311 83,361 78,475 75,190 3,285 4,886 5.9 Mar. 141.885 56,286 86,385 83,455 78,446 75,059 3,387 5,009 6.0 Apr.' 142,088 56,308 86,670 83,788 78,732 75,192 3,540 5,056 6.0 May' 142,285 56,331 86,836 83,986 78,830 75,418 3,412 5,156 6.1 June1 142,482 54,698 86,217 83,401 78,600 75,299 3,301 4,801 5.8 July 142,685 53,877 86,727 83,930 79,014 75,640 3,374 4,916 5.9 Aug. 142.886 54,433 87,088 84,313 79,199 75,792 3.407 5,114 6.1 Sept. 143,104 56,220 87,240 84,491 79,451 76,088 3,363 5,040 6.0 Oct.r 143,321 55,968 87,467 84,750 79,832 76,416 3,416 4,918 5.8 Nov. 143,517 55,802 87,812 85,116 80,020 76,601 3,419 5,096 6.0 Dec.1 143,723 56,181 87,883 85,225 80,098 76,698 3,400 5,127 6.0 1972—Jan.. 144,697 57,550 88,301 85,707 80,636 77,243 3,393 5,071 5.9 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - T t l i i 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 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 71,042 18,603 525 3,320 4,434 15,278 3,851 12,044 12,987 Dec.f 71,167 18,574 606 3,228 4,464 15,325 3,851 12,083 13,036 1972—Jan. ? 71,407 18,619 611 3,305 4,492 15,359 3,861 12,098 13,062 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 71,638 18,693 524 3,410 4,447 15,537 3,836 12,032 13,159 Dec.f 72,030 18,602 604 3,160 4,468 16,100 3,832 12,023 13,241 1972—Jan. P 70,467 18,448 598 2,951 4,420 15,179 3,822 11,904 13,145 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

FEBRUARY 1972 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted i Industry group 1971 1972 1971 1972 Jan. Nov. Dec.*' Jan.p Jan. Nov. Dec.f Jan.p 13,551 13,505 13,489 13,537 13,400 13,605 13,528 13,388 Durable goods 7,665 7,614 7,602 7,645 7,619 7,660 7,636 7,598 108 92 90 91 109 93 91 91 Lumber and wood products 483 519 518 525 466 516 510 506 Furniture and fixtures 370 388 390 395 369 393 395 395 Stone, clay, and glass products 496 504 502 509 478 507 498 490 Primary metal industries 997 922 924 937 992 910 919 932 Fabricated metal products 1,007 1,018 1,013 1,023 1,005 1,031 1,026 1,021 1,198 1,177 1,176 1,173 1,198 1,162 1,171 1,173 Electrical equipment and supplies 1,183 1,189 1,190 1,192 1,185 1,205 1,203 1,194 Transportation equipment 1,245 1,230 1,220 1,221 1,258 1,250 1,245 1,235 Instruments and related products 260 261 259 258 259 261 261 258 Miscellaneous manufacturing industries 318 314 320 321 300 332 317 303 5,886 5,891 5,887 5,892 5,781 5,945 5,892 5,790 Food and kindred products 1,187 1,177 1,180 1,191 1,124 1,202 1,168 1,128 Tobacco manufactures 65 58 57 59 65 63 61 59 Textile-mill products 845 851 856 860 838 855 859 853 Apparel and related products 1,187 1,198 1,184 1,172 1,171 1,207 1,183 1,157 Paper and allied products 531 530 530 527 527 533 533 524 Printing, publishing, and allied industries 672 661 661 662 669 665 667 659 Chemicals and allied products 588 581 581 581 582 578 579 576 Petroleum refining and related industries 116 116 117 117 112 116 115 113 Rubber and misc. plastic products 431 458 461 464 429 463 465 462 Leather and leather products 264 261 260 259 264 263 262 259 i 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.) IInndduussttrryy ggrroouupp 1971 1972 1971 1972 1971 1972 Jan. Nov. Dec.*' Jan.2' Jan. Nov. Dec.*' Jan.?' Jan. Nov. Dec.*5 Jan.^ Total 39.8 40.1 40.3 39.9 138.60 144.72 150.18 146.89 3.50 3.60 3.69 3.70 Durable goods 40.3 40.6 40.9 40.5 149.17 155.88 162.70 158.38 3.72 3.83 3.93 3.93 Ordnance and accessories 41.1 41.9 41.9 41.7 156.83 162.96 167.93 170.07 3.77 3.88 3.97 4.03 Lumber and wood products 39.8 40.8 40.9 40.8 117.09 129.92 130.47 126.48 3.01 3.20 3.19 3.17 Furniture and fixtures 39.5 40.0 39.9 40.3 110.09 118.37 121.47 118.31 2.83 2.93 2.97 2.98 Stone, clay, and glass products 41.2 41.9 41.6 41.6 141.86 155.45 155.17 152.22 3.52 3.71 3.73 3.74 Primary metal industries 40.3 40. 1 41. 1 40.2 164.83 173.96 185.36 181.75 4.08 4.36 4.51 4.51 Fabricated metal products 40.4 40.4 40.9 40.2 147.17 153.47 159.42 153.62 3.67 3.78 3.86 3.85 Machinery 40.2 41. 1 41.3 40.6 155.57 166.04 174.30 168.49 3.87 4.04 4.16 4.15 Electrical equipment and supplies 39.7 40.1 40.3 39.8 135.83 142.21 147.24 143.32 3.43 3.52 3.60 3.61 Transportation equipment 41.3 40.5 41.9 41.3 181.69 182.48 196.85 188.70 4.41 4.44 4.61 4.58 Instruments and related products 39.8 40.2 40.4 40.4 137.02 144.18 147.29 145.12 3.46 3.56 3.61 3.61 Miscellaneous manufacturing industries... 38.6 39.1 39.1 39.2 112.22 117.32 120.17 119.81 2.93 2.97 3.05 3.08 Nondurable goods 39.2 39.5 39.4 39.3 124.09 130.28 133.39 131.82 3.19 3.29 3.36 3.38 Food and kindred products 40.7 40.0 40.2 40.2 134.13 136.34 142.16 140.45 3.32 3.40 3.51 3.52 Tobacco manufactures 39.1 35.6 35.8 34.2 115.28 109.96 119.10 109.55 3.01 3.08 3.29 3.27 Textile-mill products 40.4 41.1 40.9 41.3 101.60 107.23 108.47 109.34 2.54 2.59 2.62 2.68 Apparel and related products 35.2 36.2 36.0 35.6 85.61 91.48 91.44 90.11 2.46 2.52 2.54 2.56 Paper and allied products 41.7 42.3 42.4 42.0 147.74 158.15 163.02 159.26 3.56 3.73 3.80 3.81 Printing, publishing, and allied industries. 37.6 37.6 37.5 37.2 151.03 160.55 165.30 159.34 4.06 4.27 4.35 4.33 Chemicals and allied products 41.5 41.4 41.6 41.7 158.18 166.40 170.13 170.57 3.83 4.00 4.07 4.11 Petroleum refining and related industries . 42.5 41.8 42.6 42.3 186.06 195.77 196.65 199.39 4.43 4.65 4.66 4.77 Rubber and misc. plastic products 40.1 40.6 41.0 41.0 132.47 141.17 145.38 144.02 3.32 3.46 3.52 3.53 Leather and leather products 37.1 38.3 37.8 37.7 95.23 100.22 102.29 101.19 2.56 2.61 2.65 2.67 1 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 • FEBRUARY 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total RRRRRReeeeeennnnnntttttt H o s w o h n m ip e e r - - c F a o o n u i a d e l l l t e r G a i l n c e a i d c s t - y o n F i p a n i n u e s g d r h r s - a - - AA uupp pp aa kk pp nn ee aa dd ee rr pp eell TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e a i c e n n r a g d e d a - - g O s a o e t n o r h d v d e - r s tion tion ices 1929 5555511111.....33333 4444488888.....33333 777777666666......000000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 555555444444......111111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 55553333....7777 555555777777......222222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 55559999....1111 555555888888......888888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 196 0 8888888888.....77777 8888888888.....00000 99990000....2222 999999111111......777777 86.3 888999...222 999888...666 93.8 8888899999.....66666 888999...666 85.1 777999...111 999000...111 888777...333 888777...888 196 1 8888899999.....66666 8888899999.....11111 99990000....9999 999999222222......999999 86.9 999111...000 999999...444 93.7 9999900000.....44444 999000...666 86.7 888111...444 999000...666 888999...333 888888...555 196 2 9999900000.....66666 8888899999.....99999 99991111....7777 999999444444......000000 87.9 999111...555 999999...444 93.8 9999900000.....99999 999222...555 88.4 888333...555 999222...222 999111...333 888999...111 196 3 9999911111.....77777 9999911111.....22222 99992222....7777 999999555555......000000 89.0 999333...222 999999...444 94.6 9999911111.....99999 999333...000 90.0 888555...666 999333...444 999222...888 999000...666 196 4 9999922222.....99999 9999922222.....44444 99993333....8888 999999555555......999999 90.8 999222...777 999999...444 95.0 9999922222.....77777 999444...333 91.8 888777...333 999444...555 999555...000 999222...000 196 5 9999944444.....55555 9999944444.....44444 99994444....9999 999999666666......999999 92.7 999444...666 999999...444 95.3 9999933333.....77777 999555...999 93.4 888999...555 999555...222 999555...999 999444...222 196 6 9999977777.....22222 9999999999.....11111 99997777....2222 999999888888......222222 96.3 999777...000 999999...666 97.0 9999966666.....11111 999777...222 96.1 999333...444 999777...111 999777...555 999777...222 196 7 111110000000000.....00000 111110000000000.....00000 111100000000....0000 111111000000000000......000000 100.0 111000000...000 111000000...000 100.0 111110000000000.....00000 111000000...000 100.0 111000000...000 111000000...000 111000000...000 111000000...000 196 8 111110000044444.....22222 111110000033333.....66666 111100004444....2222 111111000000222222......444444 105.7 111000333...111 111000000...999 104.4 111110000055555.....44444 111000333...222 105.0 111000666...111 111000444...222 111000444...777 111000444...666 196 9 111110000099999.....88888 111110000088888.....99999 111111110000....8888 111111000000555555......777777 116.0 111000555...666 111000222...888 109.0 111111111111111.....55555 111000777...222 110.3 111111333...444 111000999...333 111000888...777 111000999...111 197 0 111111111166666.....33333 111111111144444.....99999 111111118888....9999 111111111111000000......111111 128.5 111111000...111 111000777...333 113.4 111111111166666.....11111 111111222...777 116.2 111222000...666 111111333...222 111111333...444 111111666...000 1970—De c 111111111199999.....11111 111111111155555.....33333 111122222222....6666 111111111111222222......666666 133.4 111111444...999 111111000...777 115.3 111111111199999.....22222 111111666...999 119.1 111222444...222 111111555...000 111111666...222 111111888...555 1971—Ja n 111111111199999.....22222 111111111155555.....55555 111122222222....7777 111111111111222222......999999 133.4 111111666...777 111111111...555 115.4 111111111177777.....66666 111111777...555 119.8 111222444...999 111111555...333 111111777...333 111111888...999 Feb 111111111199999.....44444 111111111155555.....99999 111122222222....6666 111111111111333333......666666 132.3 111111777...222 111111222...888 115.9 111111111188888.....11111 111111777...555 120.2 111222555...888 111111555...444 111111777...555 111111999...111 Mar 111111111199999.....88888 111111111177777.....00000 111122222222....4444 111111111111333333......999999 131.2 111111777...444 111111333...333 116.4 111111111188888.....66666 111111777...888 120.6 111222666...888 111111555...888 111111777...777 111111999...444 Apr 111112222200000.....22222 111111111177777.....88888 111122222222....5555 111111111111444444......444444 130.9 111111777...333 111111333...999 117.0 111111111199999.....11111 111111888...111 121.2 111222777...555 111111666...333 111111888...444 111111999...777 May 111112222200000.....88888 111111111188888.....22222 111122223333....2222 111111111111444444......777777 131.6 111111777...222 111111444...444 118.1 111112222200000.....22222 111111888...888 121.6 111222888...111 111111666...555 111111888...999 111111999...999 June 111112222211111.....55555 111111111199999.....22222 111122224444....0000 111111111111555555......222222 133.0 111111777...444 111111444...666 118.7 111112222200000.....11111 111111999...666 122.1 111222888...666 111111666...888 111111999...333 111222000...333 July 111112222211111.....88888 111111111199999.....88888 111122224444....5555 111111111111555555......444444 133.5 111111777...555 111111444...777 118.9 111111111199999.....33333 111111999...555 122.6 111222999...333 111111777...111 111111999...666 111222111...222 Aug ffffflllll2222222222.....11111 111112222200000.....00000 111122225555....1111 111111111111555555......888888 134.4 111111777...888 111111555...777 119.1 111111111199999.....00000 fffllllll999...333 123.1 111333000...000 111111777...555 111111999...777 111222111...888 Sept ttttt111112222222222.....22222 111111111199999.....11111 111122225555....5555 111111111111666666......111111 135.1 111111777...888 111111555...777 119.4 111112222200000.....66666 111---111111888...666 123.6 111333000...444 111111777...666 111222000...555 111222222...444 Oct ffffflllll2222222222.....44444 111111111188888.....99999 111122225555....9999 111111111111666666......444444 135.7 111111777...888 111111555...777 119.5 111112222211111.....66666 111111111999 --- 333 123.5 111222999...666 111111777...999 111222000...555 111222222...666 Nov 111112222222222.....66666 111111111199999.....00000 111122226666....4444 111111111111666666......666666 136.7 111111888...111 111111666...222 119.5 111112222211111.....99999 111111888...888 123.7 111222999...777 111111777...999 111222000...888 111222222...888 Dec 111112222233333.....11111 111112222200000.....33333 111122226666....8888 111111111111666666......999999 137.0 111111888...111 111111888...222 119.6 111112222211111.....88888 111111888...666 123.9 111333000...111 111111777...999 111222111...111 111222333...000 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers, t Reflects effect of refund of Federal excise tax on new cars. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities m 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 P o a e s r n o e s o d d e d - s d 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 c s t , . - e c m M a q e h n e r u i a y d n n i - p - t - F t u e u t r r c n e . , i - N t e m m a r o l i a e l n n l i - s - c - T e p m t q r o i e a u o r n n n i t p a s t1 - - - n c M e e o l i l s u a - s - 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 .0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 111.0 107.1 110.7 111.7 106.7 110.4 112.8 103.3 109.4 111.1 108.5 116.2 113.8 108.7 115.1 108.9 111.9 108.9 111.8 112.2 106.9 111.7 113.5 103.8 108.4 112.2 109.0 116.5 114.2 109.3 118.8 109.5 112.3 112.8 113.9 113.3 112.5 106.7 112.4 113.0 104.2 109.1 117.5 109.3 116.4 114.6 109.7 119.0 109.7 112.6 113.0 113.0 113.7 112.8 106.9 112.5 112.8 104.5 109.1 123.4 109.3 116.5 114.9 109.6 120.9 109.5 112.8 113.3 113.0 113.5 113.3 107.5 114.0 113.0 104.5 109.0 124.6 109.6 117.8 115.0 109.7 121.6 109.7 112.7 113.8 114.0 114.5 113.7 107.8 114.4 114.2 104.3 108.7 124.9 109.9 118.5 115.3 109.9 121.8 109.8 112.5 114.3 116.0 114.9 113.9 108.5 114.2 114.4 104.4 108.7 126.1 110.2 118.5 115.5 109.8 122.2 110.0 112.6 114.6 113.4 116.0 114.5 109.2 114.2 114.4 104.4 109.7 130.6 110.5 119.4 115.7 110.0 123.3 110.3 112.8 114.9 113.2 115.4 115.1 109.7 114.4 114.8 104.3 109.8 134.6 110.6 121.1 116.1 110.2 124.2 110.5 113.0 . 114.5 110.5 114.6 115.0 109.7 114.7 115.3 104.3 109.7 134.3 110.6 121.1 116.0 110.2 124.2 109.6 113.0 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7 113.0 114.5 112.2 114.4 114.9 109.8 115.1 114.7 103.8 109.5 131.3 110.6 120.9 115.9 110.2 124.0 110.8 113.1 115.4 115.8 115.9 115.3 110.6 116.2 115.0 103.4 109.4 132.7 110.7 120.8 116.2 110.2 124.2 112.9 113.2 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967= 100) 1971 1970 Group Group Dec. Oct. Dec. Dec. Farm products: Pulp, paper, and allied products: Fresh and dried produce 111.3 115.8 127.1 126.3 Pulp, paper and products, excluding Grains 108.0 88.3 87.8 95.3 building paper and board 108.8 110.9 Livestock 99.5 120.9 121.0 124.7 Woodpulp 111.8 111.5 Live poultry 80.5 93.5 92.3 87.2 Wastepaper 108.5 117.2 Plant and animal fibers 86.7 96.3 97.3 102.5 Paper 112.1 114.7 Fluid milk 117.6 119.2 118.8 119.0 Paperboard 99.5 102.9 Eggs 127.3 92.4 88.5 114.4 Converted paper and paperboard.. 108.6 110.1 Hay and seeds 106.8 107.9 109.0 109.2 Building paper and board 100.3 104.6 Other farm products 120.0 115.4 111.8 117.3 Processed foods and feeds: Metals and metal products: Cereal and bakery products 110.9 111.3 111.5 111.6 Meat, poultry, and fish 104.3 116.9 117.1 120.4 Iron and steel 116.5 125.5 Dairy products 112.8 116.4 116.3 117.4 Steelmill products 116.6 128.1 Processed fruits and vegetables 111.0 115.3 115.4 115.8 Nonferrous metals 116.7 116.3 Sugar and confectionery 117.8 118.7 119.1 120.2 Metal containers 115.8 124.2 Beverages and beverage materials. . . 114.3 116.4 116.6 116.4 Hardware 114.8 117.7 Animal fats and oils 129.0 132.1 130.1 122.3 Plumbing equipment 113.2 118.3 Crude vegetable oils 130.8 128.9 128.6 118.2 Heating equipment 112.7 116.3 Refined vegetable oils 132.8 127.9 130.4 122.7 Fabricated structural metal products 114.2 120.3 Vegetable oil end products 117.5 122.8 122.8 122.0 Miscellaneous metal products 117.6 119.7 Miscellaneous processed foods 112.5 112.7 113.0 113.1 Manufactured animal feeds 109.3 98.7 100.3 104.5 Textile products and apparel: Machinery and equipment: Cotton products 106.9 112.2 112.5 113.6 Agricultural machinery and equip... 116.3 117.5 Wool products 96.8 92.4 92.3 91.5 Construction machinery and equip.. 119.6 121.8 Manmade fiber textile products.... 97.5 102.5 103.2 104.3 Metalworking machinery and equip 115.1 118.1 Apparel 111.9 113.8 113.8 113.8 General purpose machinery and T M e i x s t c i e le l la h n o e u o s u e s f u t r e n x i t s il h e i n p g r s o ducts 1 1 0 0 7 3 . . 7 3 1 1 0 2 4 0 . . 1 8 1 1 2 0 1 4 . .1 2 1 1 0 3 6 6 . . 1 2 Sp e e q ci u a i l p m i e n n d t u stry machinery and 117.0 120.2 equipment 122.0 Hides, skins, leather, and products: 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 . . 2 6 1 11 0 7 9 . . 8 6 Hides and skins 101.9 117.2 123.1 128.6 Leather 107.3 113.4 113.5 117.0 Footwear 113.9 117.1 117.1 117.1 Other leather products 106.8 109.0 109.1 109.8 Furniture and household durables: Household furniture 112.7 115.6 Fuels and related products, and power: Commercial furniture 117.5 118.2 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 4 7 0 7 5 5 8 . . . . 5 9 8 7 1 1 1 1 5 0 8 1 0 8 2 6 . . . . 5 8 9 3 1 1 1 11 0 5 8 6 0 2 8 . . . . 5 9 2 8 1 1 1 1 0 1 5 9 0 7 6 0 . . . . 5 9 2 3 H H O Fl t o o o h u m o e s r r e e h c h e o o o le v l u d c e s t r e r i a h o n p n o g p i l s c l d i a e d n q u c u e r i a s p b m le e n g t o ods. . . 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 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 Industrial chemicals 101 .4 102.4 101.7 101.1 Concrete ingredients 112.7 124.1 P D P F r a a r e t i u s n p g t a s a r m n e a d d n a d t o p e i r a p l i s i h a , n a l t i s r n m ed a i c b e l u e ticals 1 1 1 1 0 5 1 0 1 2 0 2 . . . . 8 8 9 0 1 1 1 9 2 1 0 9 5 9 2 . . . . 7 9 0 6 1 1 1 9 2 1 0 9 5 5 2 . . . . 7 9 3 4 1 1 1 10 0 1 1 1 2 5 5 . . . . 5 9 9 9 C S R t o e r r f n u e r c c f a r r t c e u a t t c r o e a t r o l i p r e r i c s e o l s a d y u c p ts r oducts excluding 1 1 1 1 1 2 4 1 6 . . . 5 3 4 1 1 1 2 2 1 2 7 4 . . . 1 9 6 Agricultural chemicals and products. 89.4 90.4 90.3 90.3 Asphalt roofing 107.0 131.2 Plastic resins and materials 90.6 89.9 89.2 89.0 Gypsum products 95.1 113.6 Other chemicals and products 109.5 112.5 112.5 112.4 Glass containers 124.3 131.5 Other nonmetallic minerals 117.4 125.7 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 1969 = 100) 95.2 94.6 94.1 93.8 Railroad equipment 116.8 122.5 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 Lumber 111.1 142.7 141.9 143.8 Tobacco products 117.0 116.8 Millwork 114.0 123.7 123.7 124.3 Notions 109.4 111.7 Plywood 104.6 116.2 115.9 117.8 Photographic equipment and supplies 105.7 106.3 Other wood products 117.8 118.8 119.5 119.1 Other miscellaneous products 110.8 112.9 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 • FEBRUARY 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1970 1971' Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 ^ IV II III IVp G Fi r n o a s l s p n u a r t c i h o a n s a e l s product. 1 10 0 1 3 .4 .1 5 57 5 . . 2 6 1 12 2 0 4. . 5 1 2 27 8 8 4 .0 .8 7 78 9 5 3 . . 7 9 8 85 6 7 4 . . 1 2 9 92 2 1 9 .7 .1 9 97 7 1 4 .3 .1 1 1, , 0 0 4 4 4 6 . . 7 8 9 98 8 4 8 .7 .4 1 1, , 0 0 1 2 7 0 .7 . 1 8 , 1 0 , 3 0 5 4 .4 0 1 . , 0 0 1 54 ,0 .6 5 3.4 1 1, , 0 0 7 7 1 3 .2 . 0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.6 615.8 662.2 624.7 644.9 657.4 668.8 611.1 Durable goods 9.2 3.5 9.6 30.5 73.1 84.0 89.9 88.6 100.4 84.9 96.6 99.1 102.8 103.2 Nondurable goods 37.7 22.3 42.9 98. 215.0 230. 247.6 264.7 278. 270.9 273.2 277.8 280.2 283.9 Services 30.3 20.1 28.1 62.4 204.0 221.3 242, 262.5 283.0 268.9 275.0 280.5 285.8 290.6 Gross private domestic investment 16.2 1.4 17.9 54.1 116.6 126.0 137.8 135.3 150.8 137.3 143.3 152.9 150.8 156.5 Fixed investment 14.5 3.0 13.4 47.3 108.4 118.9 130.4 132.5 148.7 133.6 140.2 148.3 152.0 154.6 Nonresidential 10.6 2.4 9.5 27.9 83.3 88.8 98.6 102.1 108.2 100.8 104.7 108.3 109.3 110.4 Structures 5.0 .9 2.9 9.2 28.0 30.3 34.5 36.8 38.1 37. 36.7 38.5 38.7 38.6 Producers' durable equipment. 5.6 1.5 6.6 18.7 55.3 58.5 64. 65.4 70 63.7 68.1 69. 70.6 71.8 Residential structures 4.0 .6 3.9 19.4 25 30. 31. 30.4 40.6 32. 35.4 40.0 42.7 44.2 Nonfarm 3.8 .5 3.7 18.6 24.5 29.5 31.2 29.7 40. 32.2 35.0 39.5| 42.1 43.6 Change in business inventories. 1.7 -1.6 4.5 6.8 8.2 7.1 7.4 2. 2. 3.7 3.1 4.6 -1.2 1.9 Nonfarm 1.8 -1.4 4.0 6.0 7.5 6.9 7.3 2. 1.5 3.3 2.9 4.1 -2.0 1.0 Net exports of goods and services. 1.1 .4 1.3 1.8 5.2 2.5 2.0 3.6 .7 2.7 4.7 .1 -2.0 Exports 7.0 2.4 5.9 13. 46.2 50.6 55.6 62.9 65.5 63.2 66.2 66.5 68.2 61.2 Imports 5.9 2.0 4.6 12.0 41.0 48.1 53.6 59.3 64. 60.5 61.5 66.4 68.2 63.2 Government purchases of goods and services. 8.5 8.0 24.8 37.9 180.1 199.6 209.7 219.4 233.1 223.7 227.9 229.6 233.8 240.9 Federal 1.3 2.0 16.9 18, 90.7 9< 99.2 97.2 97.6 95.9 96.4 96.0 97.6 100.6 National defense 13. 14 72.4 78.3 78.4 75.4 71.4 73.2 72.6 71.4; 70.2 71.5 Other 3. 4.3 18.4 20.5 20.7 21.9 26.2 22.7 23.7| 24.6 27.4 29.2 State and local 7.2 6.0 7.9 19 89.4 100.8 110.6 122.2 135.4 127.9 131.6 133.6 136.2 140.3 i Gross national product in constant (1958) ! | dollars 203.6 141.5 263.7 355.3 675.2j 706.6 724.7 720.0 739.5 715.9 729.7: 735.8 740.7 751.7 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 11996677 11996688 11996699 11997700 11997711**'' Item IV I II III I Vp National income 86.8 40.3 104.2 241.1 653.6 711.1 763.7 795.9 850.8 802.1 831.7 847.3 855.2 Compensation of employees 51.1 29.5 64.8 154.6 467.2 514.6 565.5 601.9 641.8 609.3 627.3 638.0 645.6 656.5 Wages and salaries 50.4 29.0 62.1 146.8 423.1 464.9 509.6 541.4 574.2 547.2 561.4 571.0 577.3 586.9 Private 45.5 23.9 51.9 124.4 337.3 369.2 405.5 426.6 450.3 429.9 440.3 448.4 452.3 460.2 Military .3 .3 1.9 5.0 16.2 17.9 19.0 19.4 18.6 18.6 19.2 18.6 18.0 18.6 Government civilian 4.6 4.9 8.3 17.4 69.5 77.8 85.1 95.5 105.2 98.6 101.8 104.0 106.9 108.1 Supplements to wages and salaries .7 .5 2.7 7.8 44.2 49.7 56.0 60.5 67.7 62.1 65.9 67.0 68.3 69.6 Employer contributions for social insurance .1 .1 2.0 4.0 21.9 24.3 27.8 29.6 34.0 30.1 33.3 33.6 34.2 35.0 Other labor income .6 .4 .7 3.8 22.3 25.4 28.2 30.8 33.7 32.0 32.6 33.4 34.1 34.6 Proprietors' income 15.1 5.9 17.5 37.5 62.1 64.2 67.0 66.9 68.3 65.9 66.4 67.2 69.2 70.5 Business and professional 9.0 3.3 11.1 24.0 47.3 49.5 50.3 51.0 52.1 51.5 51.6 51.9 52.3 52.5 Farm 6.2 2.6 6.4 13.5 14.8 14.7 16.8 15.8 16.3 14.4 14.8 15.2 17.0 18.1 Rental income of persons 5.4 2.0 3.5 9.4 21.1 21.2 22.6 23.3 24.3 23.7 23.8 24.2 24.5 24.6 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 78.6 70.8 80.7 69.0 79.5 82.5 80.0 Profits before tax 10.0 1.0 17.7 42.6 79.8 87.6 84.2 75.4 85.2 71.6 83.0 86.9 85.8 Profits tax liability 1.4 .5 7.6 17.8 33.2 39.9 39.7 34.1 37.7 32.3 38.3 39.1 37.5 Profits after tax 8.6 .4 10.1 24.9 46.6 47.8 44.5 41.2 47.4 39.2 44.8 47.8 48.2 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.4 25.0 25.5 25.0 25.6 25.4 25.1 25.3 Undistributed profits 2.8 -1.6 5.7 16.0 25.3 24.2 20.0 16.2 21.9 14.3 19.2 22.4 22.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.1 -3.3 -5.5 -4.5 -4.4 -2.6 -3.5 -4.4 -5.8 -4.0 Net interest 4.7 4.1 3.2 2.0 24.4 26.9 29.9 33.0 35.6 34.2 34.8 35.4 35.9 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

FEBRUARY 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 r IItteemm 1929 1933 1941 1950 1967 1968 1969 1970 197133 I yp IV I II III 103.1 55.6 124.5 284.8 793.9 864.2 929.1 974.1 1,046.8 988.4 1,020.8 1,040.0 1,053.4 1,073.0 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 68.9 74.5 81.1 87.6 95.2 89.8 92.0 93.9 96.2 98.7 Indirect business tax and nontax lia- 7.0 7.1 11.3 23.3 70.4 78.6 85.7 92.9 102.1 95.8 99.0 100.2 103.0 106.3 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.7 3.9 4.3 4.1 4.2 4.2 4.3 4.4 .7 .6 ..44 11..55 -.7 --22..77 --44..11 --44..55 --44..77 --11..66 --44..33 --44..99 --44..77 Plus: Subsidies less current surplus of gov- —. 1 . 1 .2 1.4 .7 1.1 1.7 .9 1.7 1.8 .7 .7 . 5 8866..88 4400..33 110044..22 224411..11 665533..66 771111..11 776633..77 779955..99 885500..88 880022..11 883311..77 884477..33 885555..22 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 78.6 70.8 80.7 69.0 79.5 82.5 80.0 Contributions for social insurance .2 .3 2.8 6.9 42.4 47.1 54.0 57.6 65.2 58.5 64.0 64.6 65.4 66.6 Excess of wage accruals over disbursements Plus: Government transfer payments .9 1.5 2.6 14.3 48.7 56.1 62.2 75.6 90.5 80.7 83.7 92.2 92.5 93.3 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 23.6 26.1 29.0 31.7 31.9 32.4 31.8 31.4 32.2 32.3 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.4 25.0 25.5 25.0 25.6 25.4 25.7 25.3 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.7 3.9 4.3 4.1 4.2 4.2 4.3 4.4 Equals: Personal income 85.9 47.0 96.0 227.6 629.3 688.9 750.3 803.6 857.0 816.7 833.5 853.4 864.6 876.6 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 83.0 97.9 116.2 115.9 115.8 115.2 111.6 113.8 116.0 121.8 Equals: Disposable personal income 83.3 45.5 92.7 206.9 546.3 591.0 634.2 687.8 741.2 701.5 722.0 739.6 748.5 754.8 Less: Personal outlays 79.1 46.5 81.7 193.9 506.0 551.2 596.3 633.7 680.8 643.0 663.3 676.0 687.6 696.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.6 615.8 662.2 624.7 644.9 657.4 668.8 677.7 Consumer interest payments 1.5 .5 .9 2.4 13.2 14.3 15.8 16.9 17.7 17.4 17.6 17.7 17.8 17.9 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .8 .9 .9 .9 .9 .9 .9 1.0 ..99 4.2 -.9 11.0 13.1 40.4 39.8 37.9 54.1 60.4 58.5 58.6 63.6 61.0 58.4 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 477.5 499.0 513.5 531.5 550.6 532.5 542.7 550.5 555533..22 555566..00 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. PERSONAL INCOME (In billions of dollars) 1970 1971 r IItteemm 11997700 119977113355 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.? Total personal income 803.6 857.0 820.9 829.9 832.4 838.3 843.0 848.6 868.6 857.7 866.1 869.9 871.2 874.9 883.8 Wage and salary disbursements 541.4 574.2 551.5 558.7 560.6 564.8 567.7 572.0 573.2 572.9 579.2 579.8 581.3 584.8 594.6 Commodity-producing industries. . 200.7 205.7 202.1 202.4 201.8 203.3 204.4 206.1 206.4 205.0 205.3 206.7 207.4 208.1 211.5 Manufacturing only 158.3 160.8 158.4 159.0 158.5 159.2 159.6 161.1 161.4 160.2 160.2 161.1 162.0 162.2 165.0 Distributive industries 129.1 138.8 131.4 134.1 135.2 136.5 137.2 138.3 138.1 138.0 140.0 140.7 140.9 141.6 144.4 Service industries 96.7 105.9 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.3 107.4 107.7 108.1 108.7 109.8 Government 114.8 123.8 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 126.6 124.7 124.9 126.4 128.9 Other labor income 30.8 33.7 32.2 32.4 32.6 32.8 33.1 33.4 33.7 33.9 34.1 34.3 34.4 34.6 34.8 Proprietors' income 66.8 68.4 66.1 66.3 66.3 66.6 66.9 67.1 67.4 68.3 69.3 70.1 70.4 70.6 70.7 Business and professional 51.0 52.1 51.5 51.6 51.5 51.7 51.8 51.9 52.1 52.2 52.3 52.3 52.4 52.5 52.6 Farm 15.8 16.3 14.6 14.7 14.8 14.9 15.1 15.2 15.3 16.1 17.0 17.8 18.0 18.1 18.1 Rental income 23.3 24.3 23.8 23.9 23.5 24.0 24.1 24.2 24.3 24.4 24.5 24.5 24.5 24.6 24.6 Dividends 25.0 25.5 23.9 25.6 25.7 25.5 25.5 25.6 25.2 25.6 25.7 25.7 25.7 25.7 24.3 Personal interest income 64.7 67.5 66.8 66.7 66.6 66.4 66.6 66.7 66.9 67.4 68.1 68.8 68.7 68.6 68.5 Transfer payments 79.6 94.7 85.1 86.8 87.8 89.1 89.8 90.5 109.0 96.2 96.5 97.9 97.4 97.6 98.2 Less: Personal contributions for social insurance 28.0 31.2 28.6 30.5 30.7 30.9 30.9 31.0 31.1 31.1 31.4 31.4 31.4 31.6 32.0 Nonagricultural income 781.4 834.0 800.5 808.6 810.8 816.6 821.1 826.5 846.5 834.8 842.4 845.3 846.4 850.1 859.0 Agricultural income 22.2 23.0 20.4 21.3 21.5 21.7 21.9 22.1 22.2 22.9 23.7 24.6 24.7 24.7 24.8 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 FLOW OF FUNDS • FEBRUARY 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 III IV I II III IV I II III Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors 68.5 83.5 96.9 90.4 97.5 88.4 86.8 81.4 103.7 94.6 110.6 112.8 173.7 167.5 1 2 U.S. Government 3.5 13.0 13.4 -3.6 12.8 -.7 1.2 3.0 16.0 12.2 20.0 -.7 45.6 24.6 2 3 Public debt securities 2.3 8.9 10.3 -1.3 12.9 4.9 4.9 3.5 18.1 11.4 18.5 2.2 45.8 24.7 3 4 Budget agency issues 1.2 4.1 3.1 -2.4 -.1 -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 89.1 85.7 78.3 87.7 82.4 90.6 113.5 128.1 142.9 5 6 Corporate equity shares .9 2.4 -.7 4.8 6.8 6.0 9.2 5.9 6.0 5.4 9.9 9.2 15.3 17.0 6 7 Debt instruments 64.0 68.1 84.2 89.3 77.9 83.2 76.4 72.4 81.7 77.1 80.7 104.2 112.9 125.9 7 8 Debt capital instruments 39.0 46.6 50.9 49.1 58.8 45.2 42.5 45.6 54.6 60.0 74.7 82.0 85.7 84.4 8 9 State and local govt. sees.... 5.7 8.7 9.6 8.1 11.8 5.6 4.7 8.9 10.2 8.9 19.3 25.3 16.6 18.0 9 10 Corporate and fgn. bonds... 11.0 15.9 14.0 13.1 21.1 12.1 11.1 15.0 22.4 22.2 24.8 25.0 24.1 14.1 10 11 Mortgages 22.3 22.0 27.3 27.9 25.8 27.5 26.7 21.7 22.0 28.9 30.7 31.7 45.1 52.3 11 12 Home mortgages 11.4 11.6 15.2 15.7 12.8 15.7 13.9 10.7 11.1 15.2 14.2 14.9 25.2 28.8 12 13 Other residential 3.1 3.6 3.5 4.8 5.9 4.8 5.6 4.6 5.4 6.5 6.9 7.1 9.8 10.2 13 14 Commercial 5.7 4.7 6.6 5.5 5.4 5.3 5.8 4.8 4.2 5.2 7.5 7.5 8.8 11.0 14 15 2.1 2.1 2.1 1.9 1.8 1.8 1.5 1.5 1.4 2.1 2.1 2.2 1.2 2.3 15 16 Other private credit 25.0 21.6 33.3 40.2 19.2 38.0 33.9 26.7 27.0 17.0 6.0 22.2 27.2 41.5 16 17 Bank loans n.e.c 10.3 9.6 13.4 15.7 2.7 11.7 14.2 7.6 9.0 1.9 -7.6 4.2 13.4 22.6 17 18 7.2 4.6 11.1 9.3 4.3 8.9 7.5 4.8 6.1 6.2 .2 4.1 9.2 13.9 18 19 Open market paper 1.0 2.1 1.6 3.3 3.8 2.7 1.0 5.0 2.2 .5 7.5 2.9 -3.7 2.7 19 20 Other 6.4 5.2 7.3 11.8 8.4 14.6 11.2 9.4 9.8 8.4 5.9 10.9 8.3 2.3 20 21 By borrowing sector 64.9 70.5 83.5 94.1 84.7 89.1 85.7 78.3 87.7 82.4 90.6 113.5 128.1 142.9 21 22 Foreign 1.5 4.1 3.0 3.7 2.6 2.3 2.4 2.6 1.7 2.2 4.0 4.3 6.7 7.2 22 23 State and local governments 6.4 8.8 9.9 8.5 12.2 5.8 5.1 9.4 10.4 9.7 19.5 25.7 16.7 18.1 23 24 Households 23.2 19.7 31.8 32.2 21.6 31.5 28.2 22.8 21.5 24.8 17.2 23.3 40.8 41.2 24 25 Nonfinancial business 33.8 37.9 38.8 49.7 48.3 49.4 49.9 43.4 54.2 45.7 50.0 60.2 63.9 76.3 25 26 Corporate 24.9 29.3 30.3 39.1 38.8 37.4 41.0 36.9 45.2 33.6 39.2 47.2 49.9 59.4 26 27 Nonfarm noncorporate 5.5 5.0 5.8 7.4 6.3 8.7 6.4 3.5 5.2 8.7 7.7 8.2 9.4 12.7 27 28 Farm 3.5 3.5 2.7 3.2 3.2 3.3 2.5 3.0 3.8 3.3 3.1 4.8 4.6 4.2 28 Funds advanced directly in credit markets ! Total funds raised 68.5 83.5 96.9 90.4 97.5 88.4 86.8 81.4 103.7 94.6 110.6 112.8 173.7 167.5 ! Advanced directly by— 2 U.S. Government 4.9 4.6 4.9 2.5 3.2 3.7 2.3 3.9 3.6 3.5 1.8 4.3 4.3 2.3 2 3 U.S. Govt, credit agencies, net... .3 .5 -.2 .2 1.2 -.1 1.5 -.7 1.6 .9 3.0 2.4 -6.3 -1.5 3 4 Funds advanced 5.1 -. 1 3.2 9.0 9.9 10.5 14.1 13.7 7.1 8.7 10.1 .3 -5.7 6.5 4 5 Less funds raised in cr. mkt 4.8 -.6 3.5 8.8 8.7 10.6 12.5 14.4 5.5 7.8 7.0 -2.0 .6 7.9 5 6 Federal Reserve System 3.5 4.8 3.7 4.2 5.0 -.5 9.3 1.2 5.5 7.7 5.5 16.1 1.4 7.6 6 7 Commercial banks, net 16.7 36.6 39.5 12.2 31.3 -.9 12.1 1.0 23.3 63.6 37.3 37.6 59.2 44.0 7 8 Funds advanced 16.8 36.9 39.7 16.5 29.5 4.2 18.9 10.1 27.4 52.1 28.4 35.9 59.8 44.9 8 9 Less funds raised . 1 .2 .2 4.3 -1.8 5.0 6.8 9.1 4.1 -11.6 -8.9 -1.7 .6 .9 9 10 Private nonbank finance 25.9 34.4 34.2 30.1 38.9 25.6 24.4 25.3 42.4 42.0 45.8 71.3 81.9 59.8 10 11 Savings institutions, net 7.8 16.8 14.6 10.4 14.7 6.8 5.6 4.7 15.3 18.0 20.7 45.5 49.9 35.1 11 12 Insurance 19.3 18.7 22.0 21.8 24.9 20.6 19.5 23.2 27.1 24.1 25.3 29.9 33.9 27.2 12 13 Finance n.e.c., net -1.3 -1.1 -2.5 -2.1 -.7 -1.8 -.7 -2.6 * * -.3 -4.0 -1.9 -2.6 13 14 Foreign -1.8 2.8 2.5 1.3 10.9 5.1 -1.1 9.4 9.5 4.9 19.6 27.5 30.1 32.1 14 15 Private domestic nonfinancial 19.1 -.2 12.3 39.8 7.1 55.5 38.4 41.2 17.9 -27.9 -2.5 -46.4 3.1 23.3 15 16 Business 3.6 -.2 7.4 13.8 -1.0 18.1 7.0 15.1 12.3 -28.5 -2.9 -1.8 9.7 10.2 16 17 State and local governments. .. 3.4 2.1 .4 6.1 -3.8 7.7 5.6 -2.5 -5.3 -7.8 .4 1.8 3.0 2.9 17 18 Households 11.9 * 5.8 18.3 10.6 26.4 25.3 24.8 8.8 8.1 .5 -46.3 -5.2 14.6 18 19 Less: Net security credit -.2 2.2 1.4 -1.6 -1.4 -3.2 -.4 -3.8 -2.1 -.2 .6 . 1 4.5 4.4 19 Sources of funds supplied to credit markets Total borrowing 1 by nonfinancial sectors 68.5 83.5 96.9 90.4 97.5 88.4 86.8 81.4 103.7 9944..66 111100..66 112.8 173.7 116677..55 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 42.8 51.3 60.8 44.5 68.2 47.6 44.3 55.1 72.0 69.2 76.6 81.5 94.5 93.6 2 3 Deposits 23.7 51.5 48.5 4.7 61.1 -7.9 5.9 13.9 54.1 97.1 79.2 127.9 91.4 70.2 3 4 Demand dep. and currency.. 4.0 12.4 14.8 7.1 6.1 7.6 8.2 2.0 7.0 7.3 8.3 15.5 23.1 4.6 4 5 Time and svgs. accounts.... 19.7 39.1 33.7 -2.4 54.9 -15.5 -2.3 11.9 47.1 89.9 70.8 112.4 68.3 65.6 5 6 At commercial banks. .. 12.5 22.5 20.8 -10.5 38.4 -21.3 -6.4 7.4 31.9 68.2 46.3 61.9 26.5 31.5 6 7 At savings institutions. .. 7.2 16.6 12.9 8.1 16.5 5.8 4.2 4.4 15.2 21.7 24.5 50.4 41.9 34.1 7 8 Credit market instr., net 19.1 -.2 12.3 39.8 7.1 55.5 38.4 41.2 17.9 -27.9 -2.5 -46.4 3.1 23.3 8 9 U.S. Govt, securities 5.5 — 1.7 7.7 15.0 -6.9 23.2 14.1 6.5 -8.0 -6.8 -19.2 — 49.5 .8 4.7 9 10 Pvt. credit market instr 11.4 7.8 13.4 27.0 15.2 29.6 27.5 37.6 23.9 -22.1 21.5 15.4 11.6 22.7 10 11 Corporate equities -1.0 -4.1 -7.4 -3.8 -2.6 -.6 -3.7 -6.7 -.1 .7 -4.3 -12.3 -4.9 .4 11 12 Less security debt -.2 2.2 1.4 -1.6 -1.4 -3.2 -.4 -3.8 -2.1 -.2 .6 . 1 4.5 4.4 12 Other sources: 13 Foreign funds .7 4.6 4.3 9.6 2.4 10.4 -.6 10.8 2.7 -4.5 .7 9.7 27.1 37.4 13 14 At banks 2.5 1.7 1.8 8.3 -8.4 5.3 .5 1.3 -6.8 -9.4 -18.9 -17.8 -3.0 5.3 14 15 Direct -1.8 2.8 2.5 1.3 10.9 5.1 -1.1 9.4 9.5 4.9 19.6 27.5 30.1 32.1 15 16 Chg. in U.S. Govt, cash balance. -.4 1.2 -1.1 .4 2.6 1.6 3.9 1.0 2.1 1.4 6.1 -18.8 17.4 .6 16 17 U.S. Government loans 4.9 4.6 4.9 2.5 3.2 3.7 2.3 3.9 3.6 3.5 1.8 4.3 4.3 2.3 17 18 Pvt. insur. and pension reserves.. 16.7 17.5 18.5 18.7 21.0 18.7 18.9 18.7 22.7 19.8 22.8 25.3 24.2 19.7 18 19 Sources n.e.c 3.8 4.3 9.5 14.7 .1 6.4 18.1 -8.1 .7 5.3 2.5 10.7 6.1 13.9 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • FLOW OF FUNDS A 73 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1966 1967 1968 1969 1970 III IIVV I IIII IIIIII IIVV I IIII IIIIII Demand deposits and currency 1 Net incr. in banking system liability. . 2.6 14.8 14.8 8.5 10.1 11.0 13.2 5.1 9.8 8.9 16.9 -1.9 39.9 6.2 1 ? U.S. Government deposits -.4 1.1 -1.2 .6 2.5 1.9 4.2 1.1 2.0 .7 6.0 -19.2 17.3 .6 2 3 3.0 13.7 16.0 7.9 7.7 9.1 9.0 4.0 7.8 8.2 10.8 17.3 22.6 5.6 3 4 Domestic sectors 3.9 13.4 15.7 7.6 7.4 8.5 9.0 2.6 8.2 8.6 10.3 17.5 22.8 5.7 4 5 3.1 9.4 11.1 5.9 4.7 9.5 5.1 5.4 7.4 5.0 1.0 7.3 16.2 10.0 5 6 Nonfinancial business .7 .8 1.8 -.8 -.9 -4.3 3.0 -2.3 -2.7 .7 .9 -1.2 2.9 -1.7 6 7 State and local governments. -.1 -1.0 .7 3.2 1.2 3.9 2.9 -.3 1.0 11..11 3.1 2.5 1.1 1.1 7 8 Financial sectors -. 1 1.0 .9 .5 1.3 .9 .8 .5 1.2 11..44 2.0 1.9 — .3 1.1 8 9 Mail float .3 3.2 1.2 -1.2 1.1 -1.5 -2.8 -.7 1.3 .5 3.3 6.9 2.9 -4.8 9 10 Rest of the world -1.0 .3 .3 .3 .3 .6 * ,.4 -.4 -.5 .5 -.1 -.2 -.2 10 Time and savings accounts 1 20.2 40.8 33.3 -1.6 53.9 -15.4 3.4 16.8 44.3 87.5 67.1 113.3 72.9 68.0 1 2 At commercial banks—Total.... 13.3 23.8 20.6 -9.7 36.7 -21.2 -1.1 11.6 28.5 65.6 41.3 61.1 29.5 33.1 2 3 Corporate business -.7 2.9 1.9 -9.8 12.8 -11.0 -4.2 .5 6.1 32.3 12.2 9.0 1.5 11..11 3 4 State and local governments... 1.3 2.4 3.2 -5.9 9.9 -10.3 -4.6 6.4 10.3 13.4 9.6 12.1 3.5 1111..99 4 5 Foreign .8 1.2 -.3 1.0 -1.9 .4 5.7 4.3 -3.5 -3.2 -5.1 -1.4 2.6 1.6 5 6 11.9 17.1 15.7 5.2 15.8 * 2.4 .5 15.5 22.5 24.5 40.8 21.5 18.4 6 7 At savings institutions 7.0 17.0 12.8 8.1 17.2 5.7 4.5 5.2 15.8 21.9 25.8 52.2 43.4 34.9 7 Liabilities— 8 Savings and loan assns 3.6 10.6 7.5 4.1 11.1 2.9 .7 2.0 9.8 15.6 16.9 36.7 2288..66 2255..33 8 9 Mutual savings banks 2.6 5.1 4.2 2.6 4.4 1.5 2.2 1.6 4.4 4.7 7.0 12.4 11.6 6.6 9 10 .8 1.2 1.1 1.4 1.7 1.3 1.5 1.6 1.7 1.5 1.9 3.1 3.1 3.0 10 Assets— 11 7.2 16.6 12.9 8.1 16.5 5.8 4.2 4.4 15.2 21.7 24.5 50.4 41.9 34.1 1111 12 Cr. union deps. at S & L's... -.2 .3 -.1 * .7 -.1 .3 .8 .6 .2 1.3 1.8 1.5 .8 12 U.S. Government securities 2 1 To H ta o l u n s e e t h o is l s d u e s s a vings bonds 8 . . 6 7 12 1 . . 5 0 16. . 7 4 - 5 .4 .5 21. . 6 3 1 - 0 .8 .0 13. . 8 1 1 - 7 .9 .5 2_1 . 6 2 20. . 1 5 27 1 . . 0 7 -2 1 .6 .9 4 2 6 . . 7 3 3 2 2 . . 4 7 2 1 3 Direct excluding savings bonds... 1.8 7.9 9.9 -.9 12.6 5.6 4.8 4.4 18! 3 10.9 16.8 .3 43.1 22.2 3 4 Budget agency issues * .1 1.5 -.4 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 10.6 12.5 14.4 5! 5 7.8 7.0 -2.0 .6 7.9 5 6 Loan participations 1.3 4.0 1.7 -1.9 -1.3 -4.8 -3.3 -2.6 -2. 2 -.1 -.2 -3.6 -.5 .1 6 7 8 Ne U t . a S c . q G ui o si v t e io r n n s m , e b n y t s ( e a c g t e o n r cy sec.)... 8 1. . 3 7 1 — 2. . 5 1 16. . 7 1 -1 5 . . 3 5 2 -. 1 . 1 6 1 - 0 .8 .0 - 1 1 3 . . 0 8 17. . 5 1 21. 6* 20. . 1 1 2 - 7 .6 .0 -2.6* 46.3* 32.7 8 7 1 9 0 Sp D on ir s e o c r t e d m a c r r k ed e i t t a b a l g e e ncies 1 . . 3 0 .9 * - - . . 1 1 - - . . 2 5 1 1. . 9 7 - - . . 5 8 1. . 2 4 2 2. . 8 0 _ _ 8 5 1 1 . . 0 2 4 4. . 4 3 - - 3 1 . . 9 8 - - 2 . . 2 7 ' - — 2 2 .8 .8 1 9 0 11 FHLB special issue .6 -.9 .3 -.2 .3 .8 -.8 2 -.2 . 1 2.0 -2.6 . 1 11 12 Federal Reserve System 3.5 4.8 3.8 4.2 5.0 -.4 9.2 1.1 5! 4 7.9 5.6 15.8 1.7 7.6 12 13 Foreign -2.4 2.1 -.5 -1.8 9.1 2.7 -3.7 8.0 8., 2 4.7 15.5 26.3 28.7 29.0 13 14 Commercial banks —3.6 9.3 3.4 -9.5 9.0 -9.5 -5.2 .5 6.. 8 11.0 17.6 2.2 14.7 -5.2 14 15 Direct -3.4 6.3 2.2 -9.3 5.8 -7.6 -6.2 -.7 6., 8 8.9 8.0 .1 11.3 -8.2 15 16 Agency issues —-2 3.0 1.3 -.3 3.2 -1.9 1.0 1.3 * 2.1 9.6 2.1 3.4 3.0 16 17 Nonbank finance .4 -1.9 2.2 -.8 3.7 -4.7 -.8 -.7 9.. 8 2.2 3.7 4.4 3.1 -.6 17 18 Direct -.2 -2.2 .4 -2.4 1.5 -7.3 -.6 -3.2 7,. 6 -.7 2.5 -7.3 2.5 -3.7 18 19 Agency issues .5 .3 1.8 1.6 2.2 2.6 -.2 2.6 2,. 2 2.9 1.2 11.8 .6 3.1 19 20 Pvt. domestic nonfinancial 8.5 -1.7 7.7 15.0 -6.9 23.2 14.1 6.5 -8. ,0 -6.8 -19.2 -49.5 .8 4.7 20 21 Savings bonds—Households... .6 1.0 .4 -.4 .3 -.8 .1 -.9 .2 .5 1.7 1.9 2.7 2.4 21 22 Direct excl. savings bonds 3.3 -3.0 4.1 8.7 -10.5 18.8 5.0 -2.7 -9 .2 -10.8 -19.2 -32.7 1.7 .4 22 23 Agency issues 4.7 .4 3.2 6.7 3.4 5.2 9.1 10.1 1., 4 3.5 -1.7 -18.7 -3.6 1.8 23 Private securities 1 Total net issues, by sector 18.5 28.2 23.9 27.7 42.3 25.1 26.3 31.3 41.0 39.3 57.7 65.0 58.8 53.0 1 2 State and local governments 5.7 8.7 9.6 8. 1 11.8 5.6 4.7 8.9 10.2 8.9 19.3 25.3 16.6 18.0 2 3 Nonfinancial corporations 11.4 17.0 12. 1 16.4 27.0 16.1 19.8 20.2 28.9 25.7 33.4 32.8 37.8 30.2 3 4 Finance companies .8 1.0 .8 1.6 2.5 1.4 1.3 1.3 2.3 2.8 3.8 4.5 2.5 3.7 4 5 Commercial banks . 1 . 2 # 2 . 1 . 1 * -. 1 .2 * * * .9 .4 . 2 5 6 Rest of the world 5 1.3 1.3 1.5 .9 2.0 .5 .7 -.4 2.0 1.3 1.4 1.6 .9 6 7 18.5 28.2 23.9 27.7 42.3 25.1 26.3 31.3 41.0 39.3 57.7 65.0 58.8 53.0 7 8 Households 3.2 -1.8 -1.2 3.0 8.1 5.2 5.3 6.9 9.8 2.5 13.3 -3.3 4.2 13.0 8 9 Nonfinancial corporations 1.0 -.2 -1.1 5.1 1.4 5.5 5.0 .6 2.0 1.6 1.2 6.1 3.2 .7 9 10 State and local governments 1.1 1.9 -.4 2.6 .2 .9 1.4 .4 .7 -.8 .6 2.8 2.7 2.6 10 11 Commercial banks 1.9 9.8 8.9 .3 10.8 -1.1 -1.7 5.0 8.9 14.5 14.7 20.1 14.9 7.8 11 12 Mutual savings banks .3 2.3 1.6 .6 1.7 * .2 1.2 2.0 1.2 2.5 8.3 6.7 1.5 12 13 Insurance and pension funds 12.9 16.6 17.6 16.8 18.7 15.0 15.4 17.0 20.6 13.9 23.2 26.7 33.0 25.5 13 14 Finance n.e.c -2.2 -.9 -3.6 -2.8 .1 -1.1 -2.2 -.3 -3.5 4.3 -. 1 3.3 -5.5 .4 14 15 Security brokers and dealers... .1 .2 -.9 .2 .7 2.3 -2.6 * .2 5.2 -2.7 1.4 -6.1 -.7 15 16 Investment companies, net -2.4 -1.1 -2.8 -3.0 -.6 -3.4 .3 -.3 -3.7 -1.0 2.5 1.9 .6 11..11 16 17 Portfolio purchases 1.4 1.5 1.9 2.7 1.8 2.7 4.6 1.3 -1.0 2.4 4.5 2.1 .4 ..99 17 18 Net issues of own shares.... 3.7 2.6 4.7 5.7 2.4 6.1 4.2 1.6 2.7 3.4 2.1 .2 -.2 -.1 18 19 .3 .6 2.3 2.1 1.4 .7 2.9 .6 .5 2.1 2.3 1.0 -.5 1.5 19 Bank loans n.e.c. ! 9.0 7.5 15.7 17.8 2.1 11.1 17.6 5.2 10.3 5.0 -11.8 11.1 15.6 2 Households .4 2.1 3.1 2.4 .8 .9 1.5 2.3 -1.1 1.2 1.0 2.7 5.4 3 Nonfinancial business 10.1 7.7 10.6 13.5 2.3 12.3 12.8 4.6 10.4 .9 -6.7 1.8 5.4 4 Rest of the world -.2 -.2 -.3 -.2 -.4 -1.5 -.1 .6 -.3 -.2 -1.9 -.2 2.7 5 Financial sectors -1.3 -2.1 2.3 2.1 -.5 -.6 3.4 -2.3 1.2 3.0 -4.1 6.9 2.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS • FEBRUARY 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 Line CCrreeddiittss--ff;; ddeebbiittss —— 1969 1970 II III IV I II IIIP 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 -427 -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 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 -899 444 292 192 -166 400 -812 -921 16 U.S. Government capital flows excluding nonscheduled -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 -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 -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 Errors and omissions, net -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 -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 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 Official reserve transactions balance 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 -12 77 -8 -8 -9 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks -836 -810 -235 -233 -188 -202 -160 --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 -967 787 14 395 422 109 456 300 48 SDR's -851 -254 -251 -76 -55 17 -29 49 Convertible currencies 814 2,152 818 34 469 373 -66 72 50 -1,034 389 227 406 9 255 252 851 Memoranda: 51 Transfers under military grant programs, (excluded from lines 2, 4, and 14) 756 613 191 116 169 119911 116622 225566 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 2,532 2,885 ((55)) (5) ((55)) ((55)) ((55)) ((55)) 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21) 431 434 ((55)) (5) ((55)) ((55)) ((55)) ((55)) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 I II III* Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -6,084 -4,688 -1,085 -892 -1,240 -2,684 -5,961 -9,472 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 i Imports 2 Trade balance Period 1968 1969 1970 1971 1968 1969 1970 1971 1968 1969 1970 1971 r Month: Jan.., 2,814 3 2,161 3,406 3,733 2,687 32,002 3,223 3,683 127 159 183 50 Feb.. 2,775 32,266 3,547 3,691 2,592 32,672 3,278 3,550 184 -406 269 141 Mar.. 3 2,439 3 3,188 3,376 3,815 3 2,589 32,982 3,218 3,565 -150 206 158 250 Apr.. 3 2,855 3 3,318 3,409 3,521 3 2,604 3 3,183 3,263 3,754 251 135 146 -232 May. 2,740 33,268 3,661 3,783 2,755 33,257 3,338 3,983 -15 11 323 -201 June. 2,870 3 3,179 3,730 3,661 2,792 3 3,152 3,266 4,019 78 27 465 -358 July. 2,858 3,182 3,699 3,493 2,725 3,074 3,255 3,790 133 108 444 -297 Aug.. 3 2,950 3,366 3,592 3,678 2,872 3,163 3,346 3,934 78 203 246 -256 Sept.. 3 3,211 3.341 3,553 4,511 2,951 3,078 3,428 4,245 261 263 125 +265 Oct.. 3 2,631 3.342 3,689 2,710 2,736 3,192 3,501 3,531 -105 150 188 -821 Nov.. 2,972 3,398 3,499 3,160 2,883 3,180 3,428 3,387 89 218 71 -227 Dec.. 2,977 3,280 3,570 3,859 2,908 3,078 3,404 4,132 70 202 166 -274 Quarter I 8,028 7,615 10,328 11,239 7,867 7,655 9,719 10,798 161 -40 609 441 II... 8,465 9,765 10,800 10,965 8,151 9,591 9,867 11,755 314 174 933 -790 III... 9,019 9,889 10,845 11,681 8,548 9,315 10,029 11,969 471 574 816 -288 IV... 8,580 10,020 10,758 9,728 8,527 9,450 10,333 11,051 53 570 425 -1,323 Year4.. 34,063 37,332 42,662 43,555 33,226 36,043 39,963 45,602 837 ,289 2,699 -2,047 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 • FEBRUARY 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 -----------11111111111 -------2222222 ---222 ---222 ----55552222 4444411111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 ----22220000 --3300 --2255 ----111144446666 ----111133330000 -----------3333333333322222222222 -------111111188888880000000 55551111 55551111 111100002222 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 ----55550000 --7755 --5500 --5500 ----333388887777 '''' 333322229999 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 -----2222255555***** --2255 ----22228888 ---222333 Brazil 555555777777 777222 555444 2222255555 ------333333 -----11111 ----22223333 ---222333 Colombia 333333888888 111000 2222299999 777777 ** Venezuela -----2222255555 Other --55 --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --44 --6666 •• --44 •• TToottaall 117755 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --44 --111111 ** --44 ** Asia: ---111000 -----44444 ---222111 ---444222 Jap^n -----5555566666 --111199 --111199 Lebanon -----3333322222 --1111 --11 -------99999995555555 --3355 Malaysia -----11111 -------33333334444444 ---111000 Philippines ***** 2255 2200 ** --11 9999999 4400 --44 33 --88 --11 ---111 --11 Saudi Arabia -----1111133333 -------55555550000000 Singapore -------88888881111111 111111 ---333000 Other --4477 --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 --4411 --7711 2211 2211 TToottaall ---999333 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333999 ---111999777 ---111555 111000 ---333222 *** All other ---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 11110000 ----111155556666 ----333322222222 4444111144442222 ----7777 ----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

FEBRUARY 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 aa rr oo ff Total To G ta o l2 l d st T o r c e k a 1 s ury v c fo e u C r r r o t e r i n e i b g - n l n e - p R I o e M s s i i n e t F i r 3 o v n e SDR's4 E m n o d n t o h f Total To G ta o l 2 ld st T o r c e k a 1 s ury v c fo u e C c r r i r o e e t r i s n e i b g - 5 n l n e - p R I o e M s s i i n e t F i r o 3 v n e 1958... 22,540 20,582 20,534 1,958 1971 1959... 21,504 19,507 19,456 1,997 Jan.. .. 14,699 11,040 10,732 491 1,700 1960... 19,359 17,804 17,767 11,,555555 Feb... . 14,534 11,039 10,732 327 1,700 Mar 14,342 10,963 10,732 256 1,680 1961. .. 18,753 16,947 16,889 116 1,690 Apr.. .. 14,307 10,925 10,732 257 1,682 1962... 17,220 16,057 15,978 99 1,064 May... 13,811 10,568 10,332 318 1,678 1963. .. 16,843 15,596 15,513 212 1 ,035 June... 13,504 10,507 10,332 322 1,428 1964. . . 16,672 15,471 15,388 432 769 July.... 13,283 10,453 10,332 250 1,433 1965. . . 15,450 613,806 613,733 781 6 863 Aug 12,128 10,209 10,132 248 574 Sept 12,131 10,207 10,132 250 577 1966.. . 14,882 13,235 13,159 1 ,321 326 Oct 12,146 10,207 10,132 259 580 1967.. . 14,830 12,065 11 ,982 2,345 420 Nov... . 12,131 10,206 10,132 243 582 1968.. . 15,710 10,892 10,367 3,528 1 ,290 Dec.. .. 812,167 10,206 10,132 8 276 585 1969.. . 7 16,964 11,859 10,367 72,781 2,324 1970... 14,487 11,072 10,732 629 1,935 851 1972 1971. . . 812,167 10,206 10,132 8 276 585 1,100 Jan.. . . 12,879 10,206 10,132 276 587 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 allocations by the IMF of Special Drawing Rights as follows: (in millions of dollars) 867 on Jan. 1, 1970; 717 on Jan. 1, 1971; and 710 on NOTE.—See Table 23 for gold held under earmark at F.R. Banks for Jan. 1, 1972; plus net transactions in SDRs. 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)) UUUUU.....SSSSS..... UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy rrrrreeeeessssseeeeerrrrrvvvvveeeee ooottthhheeerrr cccooouuunnntttrrriiieeesss pppppooooosssssiiiiitttttiiiiiooooonnnnn PPPPPeeeeerrrrriiiiioooooddddd wwwiiittthhh IIIMMMFFF PPPeeerrr ccceeennnttt iiiiinnnnn IIIIIMMMMMFFFFF PP ss tt uu aa dd iioo bb yy oo ss nn mm oo llll cc ss ff aa ee rr rr ii nn ii ss nn pp tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt FF ss ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss 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 hhhhaaaa oooo nnnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt qqq UUU uuu ooo ... ooo fff SSS ttt ... aaa ppppp ((((( eeeee eeeee rrrrr nnnnn iiiii ddddd ooooo ddddd ooooo ))))) fffff 44444 1946—1957 2222,,,,000066663333 666000000 ----------------------44444444444444444444445555555555555555555555 ----------2222222222,,,,,,,,,,666666666677777777770000000000 888822227777 777777777777777777775555555555 777777777777777777777777777777777777777777775555555555555555555555 22222222222222222222228888888888888888888888 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999977777777777777777777775555555555555555555555 1958—1963 1111,,,,000033331111 111555000 66666666666666666666660000000000000000000000 ----------1111111111,,,,,,,,,,666666666666666666666666666666 2222,,,,777744440000 2222222222,,,,,,,,,,333333333311111111115555555555 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,000000000000000000000099999999999999999999990000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000033333333333333333333335555555555555555555555 1964—1966 777777776666 11 ,,664400 44444444444444444444445555555555555555555555 ----------777777777722222222223333333333 6666 1111111111 ,,,,,,,,,,777777777744444444444444444444 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333334444444444444444444444 99999999999999999999994444444444444444444444 5555555555555555555555333333333333333333333322222222222222222222226666666666666666666666 1967 22222222222222222222220000000000000000000000 ----------111111111111111111114444444444 ----------99999999994444444444 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777744444444444444444444440000000000000000000000 99999999999999999999992222222222222222222222 444444444444444444444422222222222222222222220000000000000000000000 1968 --8844 22222222222222222222220000000000000000000000 ----------888888888800000000006666666666 ----------888888888877777777770000000000 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,888888888888888888888877777777777777777777770000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,222222222222222222222299999999999999999999990000000000000000000000 1969 22222222 11111111111111111111119999999999999999999999 ----------1111111111,,,,,,,,,,333333333344444444443333333333 222222222266666666668888888888 ----------1111111111 ,,,,,,,,,,000000000033333333334444444444 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333336666666666666666666666 55555555555555555555555555555555555555555555 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,333333333333333333333322222222222222222222224444444444444444444444 1970 11,,115555 6666777711112222**** iiiiiiiioooo 22222222222222222222225555555555555555555555 ----------888888888855555555554444444444 777777777744444444441111111111 1111111111,,,,,,,,,,999999999922222222229999999999 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777766666666666666666666665555555555555555555555 77777777777777777777771111111111111111111111 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999933333333333333333333335555555555555555555555 1971 ----------------------22222222222222222222228888888888888888888888 ----------22222222224444444444 44444444440000000000 1111111111,,,,,,,,,,333333333355555555550000000000 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 1111,,,,333366662222 1971— F Ja e n b ** 222255550000 ----------------------3333333333333333333333 ********************** ----------22222222223333333333 11111111111111111111********** 222222222233333333335555555555 5555555555555555555555 5555555555555555555555 ,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,, 0000000000000000000000 0000000000000000000000 0000000000000000000000 0000000000000000000000 0000000000000000000000 0000000000000000000000 7777777777777777777777 7777777777777777777777 5555555555555555555555 5555555555555555555555 1111111111111111111111 1111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,,7777777777777777777777 ,,,,,,,,,,,,,,,,,,,,,,7777777777777777777777 0000000000000000000000 0000000000000000000000 0000000000000000000000 0000000000000000000000 Mar ********************** 22222222220000000000 222222222222000000000000 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000022222222222222222222220000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666688888888888888888888880000000000000000000000 Apr ----------------------3333333333333333333333 1111111111 ------------222222222222 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000011111111111111111111118888888888888888888888 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666688888888888888888888882222222222222222222222 May ----------------------2222222222222222222222 --11 7777777777 444444444444 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,000000000000000000000022222222222222222222222222222222222222222222 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,666666666666666666666677777777777777777777778888888888888888888888 June 225500 ----------------------1111111111111111111111 1111111111 222222222222555555555555000000000000 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,222222222222222222222277777777777777777777772222222222222222222222 77777777777777777777779999999999999999999999 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,444444444444444444444422222222222222222222228888888888888888888888 July ----------------------5555555555555555555555 ------------555555555555 5555555555555555555555,,,,,,,,,,,,,,,,,,,,,,222222222222222222222266666666666666666666667777777777777777777777 77777777777777777777779999999999999999999999 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,444444444444444444444433333333333333333333333333333333333333333333 Aug 886622 ----------------------3333333333333333333333 888888888888555555555555999999999999 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222226666666666666666666666 99999999999999999999991111111111111111111111 555555555555555555555577777777777777777777774444444444444444444444 Sept ----------------------3333333333333333333333 ------------333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222223333333333333333333333 99999999999999999999991111111111111111111111 555555555555555555555577777777777777777777777777777777777777777777 Oct ----------------------3333333333333333333333 ------------333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222220000000000000000000000 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888880000000000000000000000 Nov ----------------------2222222222222222222222 ------------222222222222 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111118888888888888888888888 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888882222222222222222222222 Dec ----------------------3333333333333333333333 ------------333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 1972—Jan ----------------------2222222222222222222222 ------------222222222222 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111113333333333333333333333 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888887777777777777777777777 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. • FEBRUARY 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 • Official institutions 3 Banks and other foreigners Non- Total Total p G o d s o e i l t - d ] m in G e v o n e l t s d t - 2 Total i i p n S t b l i t i o h a e e a b r s U n o b r y t m k r i e . r l t s d S e - - - . M n b G o U a a a o o t b r n n . e v k S l 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 a S y l d k e e d e s . r s e - t t - - Total i i p n S t b l i t i o a h e e a b r s n U o b r y t m k r i e . r l t s d S e - - - . M n b G o U a a a o t o b r n n . e k v S l d s d e e t . s , t 4 - Total i i n p S t b l i t i o h e a U e a b r s n o b r y t . m k r i S e r l t s d e . - - - 6 notes 715,825 200 200 7,917 5,724 542 716,845 200 200 8,665 5,950 552 19,428 500 500 10,12,0 9,154 966 7,618 7,077 541 1,190 530 /20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 \21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 /22,853 800 800 11,830 10,940 890 8,275 7,759 516 1.948 703 122,936 800 800 11,830 10,940 890 8,357 7,841 516 1.949 704 (24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 ,250 124,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 ,284 /26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 j28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 \29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 29,115 834 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 /29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 \29,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 J33.271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 \33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 /33,828 1,030 230 800 12,548 11,318 529 701 19,525 18,916 609 725 683 133,614 1,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 683 /41,735 ,019 219 800 11,955 11,054 346 9 555 28,102 27,577 525 659 609 141,894 ,019 219 800 11,978 11,077 346 9 555 28,234 27,709 525 663 613 44,509 579 179 400 19,957 19,239 289 429 23,186 22,596 590 787 741 /43,291 566 166 400 20,068 19,333 306 429 21,813 21,166 647 844 820 \43,238 566 166 400 20.057 19,333 295 429 21,768 21,203 565 847 821 43,660 559 159 400 20,490 19,774 287 429 21,543 20,931 612 1,068 1,043 44,065 559 159 400 22,321 21,600 292 429 20,192 19,583 609 993 951 45,481 559 159 400 24,841 24,120 292 429 18,955 18,357 598 1,126 985 47,663 548 148 400 27,253 26,532 292 429 18,573 17,970 603 1,289 1,148 51,815 548 148 400 32,091 31,347 292 452 17,838 17,269 569 1,338 1,196 51,393 548 148 400 30,640 26,809 379 3,452 18,881 18.308 573 1,324 1,181 53,288 544 144 400 32,953 26,869 632 5,452 18,401 17,822 579 1,390 1,247 59,909 544 144 400 40,672 34,017 870 5,785 17,196 16,653 543 1,497 1,343 60,794 544 144 400 42,150 35,081 1,015 6.054 16,620 16,105 515 1,480 1,325 62,186 544 144 400 43,390 36,063 1,272 6.055 16,819 16.309 510 1,433 1,278 62,642 544 144 400 45.058 37,256 1,747 6,055 15,577 15,096 481 1,463 1,308 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

FEBRUARY 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 l i n e s E W u e ro st p e e r n 1 Canada A re m L pu e a r b ti i l n c i c a s n Asia Africa cou O n t t h r e ie r s 2 1967.. 15,646 9,872 996 1,131 3,145 249 253 12,548 7,009 533 1,354 3,168 259 225 19683. 12,481 7,001 532 1,354 3,122 248 224 411,955 5,823 495 1,679 3,190 546 222 1969 3 11,978 5,823 495 1,702 3,190 546 222 •Nov.. 19,957 13,231 637 1,661 3,639 449 340 J20,068 13,021 662 1,562 4,060 407 356 Dec. 3 \20,057 13,016 662 1,562 4,054 407 356 1971—JJ an.. . 20,490 13,680 678 1.388 4,040 381 323 Feb.. . 22,321 15,374 727 1.389 4,163 325 343 Mar.. 24,841 17,151 801 1,236 4,998 242 413 Apr.. . 27,253 19,119 818 1,244 5,285 257 530 May. , 32,091 22,720 865 1,213 6,396 286 611 June., 30,640 20,676 843 1,262 6,895 271 693 July. . 32,953 22,447 921 1,286 7,253 285 761 Aug.. 40,672 25,460 1,185 1,348 11,546 312 821 Sept.., 42,150 26,035 1,173 1,229 12,631 296 786 Oct.. . 43,390 26,550 1,241 1,298 13,235 276 790 Nov.*. 45,058 27,539 1,345 1,277 13,776 248 873 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 liabilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 5 Payable in dollars IMF Deposits Payable gold U.S. End of period Total 1 Total Dem D an e d p os T its i me2 b T i c r l e U l e s r a . t s S i a f u . i n r - y d s O l t i h e a t o r h b m r . e t r 3 - 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 f a u s i n - ry d cates 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 f40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 244 [40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 /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 5.520 368 400 821 69 159 211 42,148 ,770 14,758 5,673 14,453 6,886 378 400 1,043 115 155 273 42,534 ,124 13,516 5,474 16,390 6,744 410 400 951 64 149 279 43,862 210 11,846 5,159 18,703 7,502 652 400 985 73 166 242 46,050 413 10,447 4,953 22,356 7,657 637 400 1,148 62 202 206 50,212 593 9,991 4,901 26,961 7,740 619 400 1,196 49 221 209 46,698 038 10,855 4,969 22,763 7,451 660 400 1,181 60 232 164 46,338 ,686 10,262 4,957 23,439 7,028 652 400 1,247 79 224 170 52,413 ,763 9,284 5,026 30,198 7,255 650 400 1,343 61 202 269 5 5 2 4 , , 9 0 1 5 1 0 ;6 5 7 14 0 1 1 0 1 , ,8 60 6 5 0 5 5 , , 0 1 7 9 3 9 2 2 9 9 , , 7 7 7 5 2 8 7 6 , , 0 8 6 5 4 3 3 3 9 8 7 0 4 4 0 0 3 0 1 1 , , 3 2 2 7 5 8 9 7 2 8 2 1 1 7 2 5 1 1 4 6 6 8 54,060 690 10,973 5,331 30,723 6,663 370 403 1,308 69 201 157 55,557 171 10,698 5,072 33,025 6,376 386 400 1,365 73 185 210 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. • FEBRUARY 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 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 f u s . i n r - d y s O l t i h e a t o r h b m r e . t 3 r - f r o e c n r u i e c n r i i - g e n s Total Dema D nd e posi T ts ime2 T bi c r l c U e e l a s a r . t t s S e i a u f . s n i r - d y s O t l h i e t a o r h b m r e t .3 - r 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 r L 3 3 8 8 , , 7 6 8 3 6 1 2 2 0 0 , , 3 3 9 7 7 2 6 6 , , 7 8 5 7 1 6 3 3 , , 9 9 7 7 1 1 7 7 , , 1 1 0 1 9 3 4 4 2 2 9 9 1 1 1 1 , , 0 0 7 5 7 4 1 1 , , 9 9 1 3 8 0 2 2 , , 9 9 5 4 1 2 3 3 , , 8 8 4 4 4 4 2 2, , 1 1 5 3 9 9 1970—Dec. 6 / \ 4 4 0 0 , , 4 5 9 3 9 6 1 1 5 5 , , 7 7 1 1 6 6 5 5, , 8 7 0 4 2 5 1 13 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 8 8 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1971—Jan.... 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.. . 52,372 11,781 5,023 29,190 5,997 380 36,063 1,231 2,480 28,982 3,212 Nov. P. 52,352 10,904 5,129 30,166 5,782 370 37,256 1,263 2,500 30,071 3,264 Dec.*5. 53,792 10,625 4,886 32,415 5,480 386 39,543 1,620 2,366 32,311 3,088 To banks 9 To other foreigners Payable in dollars End of period Total 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 e i a u f s . n i r - d y s O l t i h e a t o r h b m r e . t 3 r - Total Dema D nd e posi T ts i me2 T b c i r l c e U e l a s r a . t t s S i e a u f s . n i r - d y s O l t i h e a t o 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—Dec. 6 [ (2 21 1 , ,1 2 6 03 6 1 1 6 6 , , 9 9 4 1 5 7 1 1 2 2 , , 3 3 7 7 6 6 1 1 , , 3 3 5 2 4 6 1 1 4 4 3 3, , 2 2 0 0 2 2 4 4, , 0 0 3 2 8 9 1,688 1 1, ,8 8 8 95 6 1 1 3 3 1 1 3 3 2 2 5 5 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 7,018 600 3,168 2,910 3,894 1,696 1,825 96 277 Aug... 16,653 12,584 6,275 665 2,769 2,876 3,839 1,684 1,787 87 280 Sept... 16,105 12.221 7,486 758 1,286 2,690 3,645 1,577 1,712 85 272 Oct.. . 16.309 12,353 8,845 883 120 2,504 3,734 1,705 1,660 89 281 Nov. P. 15,096 11,152 7,961 959 2,223 3,733 1,680 1 ,670 87 295 Dec.P . 14,249 10,342 7,344 873 2,118 3,679 1,661 1,648 96 273 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

FEBRUARY 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 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct. Nov.p Dec.p Europe: Austria 185 191 185 203 274 244 244 255 246 254 Belgium-Luxembourg 597 780 903 761 781 916 901 875 736 691 Denmark 189 219 148 175 201 164 173 171 168 168 Finland 117 115 107 110 131 116 116 136 134 160 France 2,267 2,297 2,275 2,467 3,242 3,663 3,302 2,842 2,858 3,150 Germany 7,520 10,318 12,472 7,268 5,446 5,082 5,339 5,606 5,733 6,601 Greece 184 145 146 152 159 160 179 184 175 170 Italy 1,330 1,903 1,833 1,760 1,777 2,032 2,286 2,231 1,953 1,886 Netherlands 762 620 661 609 461 283 302 315 289 270 Norway 324 403 465 506 574 649 655 658 714 685 Portugal 274 298 280 270 271 295 314 307 308 303 Spain 198 201 232 200 208 204 185 202 185 203 Sweden 503 631 625 681 718 723 729 729 757 792 Switzerland 1,948 2,145 2,312 2,093 1,914 3,355 3,268 3,306 3,275 3,254 Turkey 46 25 43 21 27 26 27 48 67 68 United Kingdom 5,509 5,087 5,162 6,126 6,214 6,129 6,367 7,321 7,868 7,534 Yugoslavia 37 33 38 33 39 31 41 34 40 34 Other Western Europe1 594 339 795 1,000 1,417 1,517 1,446 1,404 1,371 1,369 U.S.S.R 15 22 9 9 10 10 11 12 8 14 Other Eastern Europe 54 45 50 66 61 45 61 56 67 53 Total 22,653 25,817 28,742 24,511 23,926 25,644 25,945 26,691 26,951 27,661 Canada 4,056 3,256 3,136 3,292 3,250 3,316 3,472 3,803 3,590 3,439 Latin America: Argentina 539 507 505 447 501 499 419 415 437 441 Brazil 346 336 335 361 428 418 358 360 383 343 Chile 266 260 256 257 235 252 247 211 189 191 Colombia 247 191 169 183 178 168 178 181 179 188 Cuba 7 7 7 6 7 7 6 6 6 6 Mexico 821 863 800 790 705 728 672 680 708 713 Panama 147 177 165 166 147 149 127 150 150 154 Peru 225 181 190 200 162 146 162 163 163 164 Uruguay 118 121 112 116 116 127 117 116 108 108 Venezuela 735 684 729 786 782 787 806 915 874 963 Other Latin American republics 620 601 582 582 624 623 597 608 615 654 Bahamas and Bermuda 745 980 940 960 1,074 885 661 346 389 657 Netherlands Antilles and Surinam 98 105 105 101 97 101 87 94 85 87 Other Latin America 39 48 56 46 46 49 44 42 46 38 Total 4,952 5,062 4,953 5,002 5,100 4,940 4,482 4,285 4,333 4,706 Asia: China Mainland 33 34 33 35 35 34 34 34 35 39 Hong Kong 258 281 313 306 301 316 296 316 336 311 India 302 211 245 255 222 193 150 154 142 89 Indonesia 73 73 60 71 67 59 57 69 65 63 Israel 135 155 125 132 128 115 108 130 133 150 Japan 5,150 6,815 8,192 8,673 8,691 13,136 13,793 14,014 13,919 14,294 Korea 199 184 193 201 187 185 195 189 216 201 Philippines 285 338 340 321 333 328 322 294 304 302 Taiwan 275 296 293 291 300 281 268 294 248 258 Thailand 508 381 306 281 237 177 144 131 107 126 Other 708 601 585 558 622 542 568 631 579 595 Total 7,926 9,366 10,685 11,123 11,123 15,366 15,936 16,255 16,082 16,428 Africa: Congo (Kinshasa) 14 19 15 16 19 44 25 16 12 1122 Morocco 11 9 9 9 7 10 11 8 9 9 South Africa 83 74 64 61 71 74 81 74 74 78 U.A.R. (Egypt) 17 15 14 15 19 13 25 16 13 24 Other 395 268 291 285 299 303 321 331 314 474 Total 521 384 392 385 415 444 463 445 422 597 Other countries: Australia 389 576 668 757 830 914 854 854 922 919 All other 39 41 40 46 47 46 34 39 51 42 Total 428 617 708 803 877 960 888 893 973 961 Total foreign countries 40,536 44,502 48,616 45,117 44,691 50,670 51,186 52,372 52,352 53,792 International and regional: International2 975 1,225 1,256 1,230 1,242 1,342 1,309 1,276 1,280 1,330 Latin American regional 131 185 201 210 237 262 279 266 285 298 Other regional3 115 138 139 141 168 139 137 136 143 137 Total 1,221 1,548 1,596 1,581 1,647 1,743 1,725 1,678 1,708 1,765 Grand total 41,757 46,050 50,212 46,698 46,338 52,413 52,911 54,050 54,060 55,557 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. • FEBRUARY 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 1970 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 9 4 9 1 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 Libya 68 288 430 Ot B he r r it i L sh a t W in e A st m In e d ri i c e a s : 25 30 38 33 38 N So ig u e th ri e a r n Rhodesia 1 2 0 1 2 1 1 2 1 Sudan 3 3 Other Asia: Tanzania 23 10 Afghanistan 8 16 15 26 15 Tunisia 2 6 7 Burma 5 2 5 4 3 Uganda 9 5 7 Cambodia 2 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 * 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 r 2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 89 t 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 • 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 )—Dec 1,698 789 909 695 160 54 13 138 6 385 8 122 236 —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 79 247 July 1,008 501 507 273 184 51 13 88 8 83 1 80 234 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 935 483 452 159 236 57 15 84 8 12 1 92 240 Nov.? 916 448 469 174 236 59 15 101 7 8 * 88 250 Dec.? 909 445 465 156 253 56 2 109 6 3 * 83 261 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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) 1970 1971 Dec.1 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.f Dec.p Europe: 7 6 6 6 6 6 6 6 6 6 6 6 6 * * * * * * * * * * * * * Switzerland 34 33 34 34 31 30 29 29 29 29 29 60 60 472 520 518 510 519 485 490 496 460 432 427 362 323 27 20 24 25 25 25 25 25 25 49 71 82 85 Eastern Europe 6 6 6 6 6 6 6 6 6 5 5 5 5 Total 547 586 589 582 587 552 557 562 525 521 538 516 480 Canada 178 178 177 174 173 175 174 175 175 175 175 179 181 La L ti a n t in A m A e m r e ic ri a c : an republics 2 2 2 1 1 j 1 j j 1 ! 1 Other Latin America 6 6 6 6 6 6 6 6 6 6 6 6 6 Total 8 8 8 7 7 7 7 7 7 7 7 7 7 Asia: 20 20 20 20 20 20 20 20 20 20 20 20 Japan 56 56 55 55 55 55 142 395 633 755 1,009 1,488 1,717 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 85 85 85 85 85 85 172 425 663 784 1,038 1,518 1,727 Africa 43 43 43 43 43 43 43 43 43 43 25 8 8 All other * * « * * * * * * * * * * Total foreign countries. 860 889999 901 890 895 861 952 1,211 1,413 1,530 1,782 2,228 2,402 International and regional: International 2 17 115 115 115 115 115 126 126 126 126 126 Latin American regional 24 25 25 26 26 27 27 28 28 29 29 30 30 Total 26 25 42 141 141 142 142 143 154 155 155 156 156 Grand total 888866 992233 994433 11,,003311 11,,003366 1,003 11,,009955 1,354 1,567 1,685 1,937 2,383 2,558 i Based on Jan. 31, 1971, benchmark survey. Ketaoie u.a. oovi. securities wim an ungmai iiiaiumy u! mu.c year, and are based on benchmark surveys of holdmgs 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 End of period Total Total g B iu e m l- Can- m G a e n r- y Italy2 Korea T w a a i n - T la h n a d i- Total m G a e n r y - 3 Italy e S r w la it n z d - 196 9 43,181 1,431 32 1,129 135 15 20 100 4 1,750 4 1,084 125 541 197 0 3,563 2,480 32 2,289 25 15 20 100 1,083 542 541 1971 -Jan.. 3,563 2,480 32 289 25 15 20 100 1,083 542 541 Feb.. 3,563 2,480 32 289 25 15 20 100 1,083 542 541 Mar. 3,563 2,480 32 289 25 15 20 100 1,083 542 541 J M A J u u p a l n r y y e . . , 5 6 8 3 3 , , , , 5 5 5 5 9 9 9 6 2 2 2 3 7 2 5 2 , , , , 4 4 4 4 8 8 8 8 0 0 0 0 3 3 3 3 2 2 2 2 2 2 2 2 8 8 8 8 9 9 9 9 5 3 , ,0 0 0 0 0 0 2 2 2 2 5 5 5 5 1 1 1 1 5 5 5 5 2 2 2 2 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 M 1 1 1 , , , , 0 1 1 l 8 1 1 ll 3 1 1 5 5 5 5 4 4 4 4 2 2 2 2 5 5 5 5 5 6 6 4 6 9 9 1 9 Aug. 8,924 7,479 32 289 5,000 23 15 20 100 1,444 542 902 Sept. 9,193 7,479 32 289 5,000 23 15 20 100 1,714 542 1,172 Oct.. 9,195 7,479 32 289 5,000 23 15 20 100 1,716 542 1,174 Nov. 9,271 7,554 32 365 5,000 22 15 20 100 1,716 542 1,174 Dec. 69,657 7,829 32 640 5,000 22 15 20 100 6 1,827 612 1.215 1972—Jan- 9,658 7,829 32 2,640 5,000 22 15 20 100 1,828 612 1.216 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. • FEBRUARY 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 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct. Nov.p Dec.? Europe: Austria 6 17 6 5 5 8 5 4 10 11 Belgium-Luxembourg 50 57 73 58 48 95 60 53 63 57 Denmark 40 54 54 51 46 47 47 50 48 49 Finland 66 128 139 133 129 117 114 113 116 135 France 113 102 120 106 124 155 148 132 179 266 Germany 186 214 358 250 230 256 252 197 227 240 Greece 26 22 24 22 21 22 21 24 23 30 Italy 101 108 131 120 133 140 130 114 139 155 Netherlands 61 76 85 87 84 92 82 70 90 105 Norway 54 54 64 67 61 71 68 66 66 65 Portugal 11 15 20 18 13 11 12 10 12 12 Spain 52 65 70 61 64 66 64 58 68 70 Sweden 97 124 129 135 138 117 116 113 120 118 Switzerland 100 137 163 148 162 253 145 136 143 150 Turkey 9 8 30 14 11 26 20 4 3 3 United Kingdom 379 580 808 536 480 785 467 506 681 724 Yugoslavia 35 33 36 37 38 37 29 27 22 19 Other Western Europe 13 12 15 17 18 16 16 16 11 12 3 3 2 2 2 2 2 4 10 28 Other Eastern Europe 45 51 50 44 48 37 39 33 33 37 Total 1,449 1,859 2,379 1,913 1,855 2,353 1,837 1,732 2,064 2,286 1,085 972 1,021 1,003 980 994 1,126 1,165 1,170 1,580 Latin America: C C C A B h o u r r a g i l b l z o e a e i m n l t b in ia a 2 2 33 3 8 0 2 22 1 4 0 5 66 3 4 3 3 1 2 0 0 6 1 1 3 0 5 3 2 4 3 1 9 0 2 5 1 4 3 2 8 3 2 4 3 1 9 1 3 5 1 9 6 0 5 3 4 3 3 1 1 2 3 5 1 5 2 4 7 3 4 3 3 1 4 5 3 2 1 2 1 5 9 3 4 3 3 1 1 5 3 4 1 8 3 7 3 3 4 3 3 1 1 5 2 3 1 8 3 7 8 3 4 3 3 1 1 7 1 4 1 0 8 6 2 3 4 3 3 1 3 0 8 3 1 4 4 0 9 3 P M Pe a e r n x u a i m co a 9 1 9 0 4 5 9 7 8 1 1 9 0 5 8 5 0 8 1 1 8 5 0 6 3 4 8 1 1 7 0 5 9 9 6 9 1 9 4 7 9 3 3 9 1 1 7 1 6 7 3 9 9 1 1 0 9 0 8 0 2 8 1 9 0 9 5 8 8 8 2 1 0 4 0 1 5 9 9 1 1 3 7 2 6 6 5 Uruguay 63 53 52 43 44 41 31 32 39 41 Venezuela 283 243 232 230 239 249 243 251 249 268 Other Latin American republics 342 330 313 314 309 303 319 326 337 373 Bahamas and Bermuda 179 190 239 212 261 252 255 242 260 264 Netherlands Antilles and Surinam 19 21 20 19 18 15 17 21 14 18 Other Latin America 22 22 22 27 31 36 27 32 29 25 Total 3,204 3,214 3,210 3,201 3,359 3,423 3,356 3,253 3,342 3,495 Asia: China Mainland 2 1 1 1 1 1 1 1 I 1 Hong Kong 39 60 56 60 69 71 78 77 71 72 India 13 21 20 19 18 18 20 22 17 21 Indonesia 56 48 34 30 63 60 57 39 40 41 Israel 120 110 112 117 123 116 125 103 132 129 Japan 3,890 3,358 3,607 3,502 3,222 4,078 4,046 3,738 3,885 4,295 Korea 178 228 231 259 252 252 217 286 329 348 Philippines 137 128 115 125 126 119 110 111 129 136 Taiwan 95 117 127 130 127 123 113 105 94 109 Thailand 109 118 114 116 123 127 147 145 148 173 Other 157 187 211 200 203 239 249 235 235 252 Total 4,797 4,376 4,629 4,559 4,326 5,204 5,163 4,862 5,079 5,576 Africa: Congo (Kinshasa) 4 5 6 6 18 22 21 22 21 21 Morocco 6 5 6 5 6 88 5 5 4 4 South Africa 77 93 103 97 128 113322 142 146 152 154 U.A.R. (Egypt) 13 17 16 14 12 11 12 11 9 10 Other 79 103 104 110 108 110 108 105 93 103 Total 180 223 235 232 272 284 287 289 281 293 Other countries: Australia 64 73 81 94 105 118 134 140 140 159 All other 16 18 17 20 21 22 23 22 24 27 Total 80 91 98 114 126 140 158 162 164 186 Total foreign countries 10,796 10,735 11,571 11,022 10,918 12,398 11,927 11,463 12,101 13,416 International and regional 3 2 2 3 3 2 3 3 4 3 Grand total 10,799 10,736 11,572 11,024 10,921 12,400 11,930 11,466 12,104 13,419 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

FEBRUARY 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 End of period Total Total Total O in t f i s o f L t i i n c o t s i u a a - n l s t B o a — n ks1 Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o m a i f c r g n c a n a f c e d o c e e p e c r r s s t - t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - g c F a p n o u c o n v a o a r r d i n p t m e t , i c i e f e g l s e r i . s e - n , - 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 (9,578 9,063 3,281 262 1,946 1,073 1,954 3,169 658 518 352 84 } 9,667 9,151 3,278 262 1,943 1,073 2,015 3,202 656 516 352 89 10,799 10,148 3,051 119 1,720 1,212 2,389 3,968 740 651 393 92 10,409 9,903 2,867 110 1,575 1,182 2.363 3,950 724 506 308 79 10,561 10,026 2,955 88 1,594 1,273 2,353 3,973 745 535 334 111 10,687 10,124 3,008 100 1,598 1,311 2,335 4,033 747 564 365 102 10,736 10,203 3,116 107 1,754 1,255 2,279 4,098 710 534 339 92 11,572 10,937 3,383 156 1,929 1,299 2,349 4,136 1,069 636 449 78 11,024 10,459 3,409 147 1,969 1,292 2,378 3,960 712 565 374 102 10,921 10,382 3,570 200 2,052 1,318 2.364 3,638 810 539 382 62 12,400 11,767 4,296 191 2,680 1,425 2,357 4,121 992 633 497 46 11,930 11,248 3,857 187 2,255 1,415 2,371 4,048 972 682 481 104 11,466 10,770 3,617 135 2,153 1,329 2,307 3,877 969 696 473 111 12,104 11,426 4,175 167 2,579 1,429 2,306 3,898 1,047 679 487 89 13,419 12,535 4,698 222 2,793 1,684 2,473 4,260 1,104 884 591 119 t 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 Payable Total Loans to— 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 n i 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 Official Other term cies Total institu- Banksi foreign- claims tions ers 3,567 3,158 528 237 2,393 394 68 479 428 1,375 122 3,250 2,806 502 209 2,096 426 67 411 408 1,329 88 3,075 2,698 504 236 1,958 352 71 411 312 1,325 115 2,962 2,615 485 213 1,917 323 70 412 278 1,281 117 2,957 2,643 484 213 1,946 289 77 420 266 1,257 121 3,044 2,737 501 226 2,011 277 111 424 268 1,271 125 3,082 2,778 504 227 2,047 271 117 439 275 1,273 120 3,246 2,935 523 251 2,161 279 107 498 277 1,264 208 3,218 2,915 475 242 2,197 277 112 519 266 1,229 225 3,279 2,986 489 253 2,244 273 118 530 266 1,263 219 3,387 3,084 513 265 2,305 276 120 546 259 1,331 221 3,433 3,115 514 269 2,332 289 126 570 264 1,346 225 3,494 3,181 533 266 2,382 286 127 580 261 1,323 240 3,536 3,238 555 286 2,396 275 138 583 244 1,360 240 3,616 3,319 563 309 2,447 275 128 590 219 1,435 246 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period TToottaall II aa nn nn tt dd ll.. Foreign ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhh sss aaa eee aaa ttt sss lll eee eee ppp sss sss uuu ooo rrr--- rrr ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss lll eee eee ppp sss sss uuu ooo rrr rrr --- ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhh eee sss aaa ttt aaa sss lll eee eee ppp sss sss uuu ooo rrr rrr --rreeggiioonnaall Total Official Other 196 9 -45 11 -56 -115 59 15,483 12,795 2,688 1,552 2,581 -1,029 1,519 2,037 -517 197 0 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 997 37 1971f 1,672 130 1,542 1,661 -119 14,523 13,134 1,389 1,685 2,561 -876 1,385 1,431 -46 1970—Dec... 52 -22 74 17 57 1,321 1,030 291 140 277 -137 83 87 -4 1971—Jan... 37 38 -8 46 1,242 1,022 220 116 424 -307 90 95 -5 Feb... 19 17 2 5 -3 1,516 1,411 105 126 107 19 68 111 -44 Mar.. 88 99 -11 -11 1,411 1,314 97 176 190 -14 85 121 -36 Apr... 5 * 5 * 4 1,383 1,412 -29 174 234 -60 117 179 -63 May.. -33 1 -33 -33 1,163 1,126 37 118 218 -100 94 120 -26 June.. 92 * 91 87 4 1,004 1,019 -15 121 239 -118 98 130 -32 July.. 260 1 259 253 6 1,038 1,002 36 112 137 -26 102 144 -42 Aug... 212 11 202 238 -36 1,152 1,013 139 110 306 -196 124 102 22 Sept.. 118 1 117 145 -28 1,043 795 249 131 138 -7 118 96 22 Oct... 252 * 252 257 -5 965 972 -7 163 257 -95 157 104 52 Nov.f 446 1 445 474 -29 940 845 95 152 135 17 137 76 61 Dec.f. 175 1 175 209 -34 1,664 1,202 462 185 174 11 195 151 44 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 36 1970 626 58 195 128 110 -33 24 482 -9 47 85 — 1 1 22 1971* 730 86 131 219 166 -50 71 624 -93 39 108 * -2 54 1970—Dec 216 39 27 8 39 14 11 137 40 32 4 * * 3 1971—Jan 130 -13 27 14 26 7 46 107 11 6 -3 * -1 11 Feb -32 -23 28 9 -6 -23 21 7 -34 -5 * * * * Mar -26 -26 11 2 -27 -11 -8 -59 1 18 9 * * 6 Apr -5 8 -10 8 -4 -18 -8 -24 -7 11 11 * -1 6 May 10 9 • 13 10 -6 -3 24 -17 -4 1 — 1 * 7 June...... -11 3 3 12 9 -19 -24 -17 -11 -4 7 * » 14 July -4 12 -6 15 -10 6 -13 4 -24 2 15 * * -2 Aug 79 10 7 38 24 -33 -7 38 11 13 16 1 * * Sept 155 24 33 9 38 11 17 132 10 7 4 * * 2 Oct -47 8 -4 2 4 -30 * -21 -21 -17 5 * — 1 7 Nov.f.... * 9 -9 22 1 -1 20 42 -14 -38 6 * * 4 Dec.* 480 66 51 76 101 67 31 392 2 49 39 * * -2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e 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 es 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 -1 10 336 1970 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971f 659 15 35 -1 171 327 39 586 37 19 -2 * -21 39 1970—Dec 75 2 7 -3 9 28 18 61 1 1 3 * 1 8 1971—Jan 89 * -6 * 15 2 * 12 28 -4 * * * 52 Feb 137 4 3 2 16 21 39 85 -4 1 1 * -12 65 Mar 123 10 14 — 1 32 32 5 92 11 6 3 * * 11 -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 — i * 49 -3 42 * 1 1 « * 17 Sept 94 * -1 * 21 69 -3 86 16 5 * * * -14 Oct 40 5 1 * 53 24 2 83 -8 -2 — 1 * * -33 Nov.p. . . . 94 * 4 -1 42 70 6 122 7 -1 2 * -5 -31 Dec.P -18 -1 -2 -11 18 -6 -3 -13 * 1 * -3 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i a m c t a e i n r - Asia r A ic f a - c O 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 636 508 1969 -1,547 66 -1,613 74 -1,128 -98 -474 -6 20 1970 -914 -254 -660 50 -584 -11 -129 -6 20 553 393 1971* -922 -310 -611 48 -304 -46 -345 3 32 566 397 467 297 1970—Dec -141 4 -145 -22 -90 -5 -31 -1 4 434 278 1971—Jan -312 -197 -116 2 -90 -29 2 368 220 Feb -24 -4 -20 -24 27 4 -29 1 334 182 Mar -50 11 -61 6 -34 11 -44 — 1 1 291 203 Apr -122 -46 -77 -34 29 5 -79 1 349 279 May -126 4 -130 -4 -62 -13 -52 2 June -150 13 -163 -3 -111 5 -72 14 1971—Mar 511 314 July -67 7 -74 -16 -6 -2 -53 2 419 300 Aug -174 -152 -22 23 -23 -10 -14 1 332 320 Sept 15 8 6 1 -7 3 8 1 Oct -43 32 -75 22 -111 -13 24 2 Nov.* 78 11 67 51 32 -28 8 3 NOTE.—Data represent the money credit balances and Dec.f 55 2 53 23 52 -9 -11 2 money debit balances appearing on the books of reporting "4 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. • FEBRUARY 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 ties! plus Wednesday ties1 plus Maturity of sec.2 sec.2 liability Sept. Oct. Nov. 1970 1971—Cont. 4 4 4 3 3 3 1 1 , , , , , , , , 2 0 1 4 0 4 9 8 4 5 6 1 3 5 7 7 1 9 6 2 6 1 2 9 O N D J S J J A M A M F u u a e e c e o u p l a a n n p b t y c v g r y . . e r t . . . . . . . 2 2 3 2 2 2 2 2 2 2 3 2 5 8 0 7 6 9 5 4 0 9 8 5 . . . . . . . . . . . . 1 1 1 1 1 1 1 1 9 9 7 8 0 0 2 1 1 2 3 3 , , , , , , , , , , , , 2 6 4 6 6 4 1 8 9 3 6 0 9 7 3 6 2 6 8 7 4 0 4 8 7 6 5 3 9 9 5 2 4 5 6 6 O S A e c u p t g . t . . 2 2 2 2 1 1 1 1 6 4 0 2 5 8 1 3 5 1 8 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , , , 6 4 2 7 1 7 4 2 3 2 9 1 0 7 2 2 0 5 0 3 7 3 0 1 1 5 2 3 1 3 5 9 6 3 5 0 4 5 4 4 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 0 0 3 2 5 2 4 3 5 4 8 1 7 5 2 7 9 6 0 5 7 0 0 5 5 5 5 5 6 2 9 5 8 3 7 3 C O a t i m d h l n l a e o 2 4 5 7 r 6 8 3 t 1 n e f t t t t n s r t l h h h h h : d o t t i d a h l b s lo il w it a i i n e f g t s e , r m ca a l r t e e u n p r d o in a rt g r 2 9 4 2 5 1 1 1 . . . . . . . . . . 3 3 2 5 0 4 4 7 3 4 8 9 7 5 3 9 3 7 4 4 4 2 5 8 1 1 1 1 . . . . . . . . . . 0 9 6 7 7 5 3 2 5 7 6 7 8 7 6 0 5 7 8 7 2 9 6 3 1 1 1 11 . . . . . . . . . .. 0 2 3 6 9 9 4 3 4 77 0 6 3 7 4 6 4 0 9 33 1971 21... 2,917 2,917 9th .27 .42 .24 Jan. 27. 6,536 7,536 Nov. 3... 2,467 2,467 10th .38 .21 .25 Feb. 24. 5,666 6,666 10... 2,964 2,964 11th .20 .24 .29 Mar. 31. 2,858 4,358 11... 3,358 3,358 12th .22 .25 .21 4 6 6 7 , , , , 0 9 1 2 3 0 2 0 9 4 0 2 J A M u p a n r y e . 2 2 2 6 8 . . . 2 1 1 , , , 1 8 5 5 7 7 8 9 7 5 4 4 , , , 5 8 1 8 8 6 7 5 6 Dec. 24 8 1 . . . . . . . . . 2 3 1 , , , 4 3 8 0 4 6 8 2 7 2 3 1 , , , 4 3 8 4 0 6 2 8 7 Maturities of more than 1 .74 .78 .87 1 9 6 . . 2 1 , , 3 9 2 3 3 8 4 5, , 3 9 3 4 1 6 2 1 2 5 . . . . . . 1 1 , , 3 5 8 4 6 4 1 1 , , 3 5 8 4 6 4 30.90 30.65 30.99 23. 2,313 5,321 29... >•909 >•909 1 1 1 9 2 3 4 , , , , 6 8 2 3 2 0 6 4 1 5 9 9 July 2 2 3 1 8 7 1 0 4 . . . . . 2 1 1 1 1 , , , , , 1 4 8 7 4 8 9 8 4 9 9 5 0 2 0 4 5 4 4 4 , , , , , 1 7 9 6 5 9 8 2 4 0 7 7 7 5 0 Jan 1 . 97 2 1 1 2 6 5 2 9 . . . . . . . . . . . . 1 1 1 1 , , , , 7 5 4 2 2 6 1 0 1 8 3 8 1 1 1 1 , , , , 7 5 4 2 2 6 1 0 1 8 3 8 d t f a h o m e e r p N o o O w B u s n T h i a t t h i s E c a t h . a o — m n s d a $ I s u n 5 d c c 0 h l a i u r m n e d d d c i e l e t s l o p i b o f o i o n n s a r i t r l t o e l s o r r w e o a m s t i n t h n o - d e g b r r s e e d . a o f i r o r f i e r n a c e g l t i l g b n b U r o a . b r S n r r . c o a h n w d e c i o s h n l e g l in s a s r Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held are U.S. Treasury Certificates Eurodollar Series. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody EEnndd ooff period 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 ii nn mm tt gg ee -- dd CCaannaaddaa ments 1 ments 1 1969 134 7,030 12,311 1970 148 16,226 12,926 1,638 1,219 87 272 60 979 280 1971—Jan.... 129 16,206 12,958 1 QAQ2 \ f 1 l, , 4 31 5 9 4 1,0 9 2 5 5 2 1 16 1 1 6 1 1 8 7 3 4 7 8 6 6 6 66 1 3 0 5 4 1 6 9 9 Feb... 147 18,033 12,981 Mar... 201 20,534 13,057 1970—Nov 1,485 955 189 175 166 664 472 Apr... 162 22,879 13,095 Dec 1,095 651 150 173 121 372 417 May.. 208 28,126 13,447 June.. 199 26,544 13,509 1971—Jan 1,252 815 144 177 116 520 363 July... 162 28,574 13,559 Feb 1,312 805 173 190 144 548 401 Aug... 122 35,914 13,821 Mar 1,450 965 165 175 145 706 377 Sept... 166 36,921 13,819 Apr 1,468 952 178 200 138 687 390 Oct.. . 135 38,207 13,819 May 1,532 917 160 293 161 622 424 Nov. . 177 39,980 13,820 June 1,462 918 183 240 122 634 367 Dec.. . 294 43,195 13,815 July 1,475 938 197 238 101 579 393 1972—Jan.... 147 44,359 13,815 A Se u p g t.r 1 1 , , 6 5 6 5 6 2 1,0 9 8 6 9 1 2 2 0 0 8 4 2 2 4 8 1 0 1 1 2 0 8 7 6 5 4 1 5 4 4 4 8 8 8 2 Oct 1,576 996 205 270 106 535 525 1 Marketable U.S. Treasury bills, certificates of in- Nov 1,570 986 203 238 143 612 488 debtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and in foreign 1 Negotiable and other readily transferable foreign obligations payable on demand currencies. or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. NOTE.—Excludes deposits and U.S. Govt, securities 2 Data on the two lines for this date differ because of changes in reporting coverage. held for international and regional organizations. Ear- Figures on the first line are comparable in coverage with those shown for the preceding marked gold is gold held for foreign and international date; figures on the second line are comparable with those shown for the following date. accounts and is not included in the gold stock of the United States. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables 25 and 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Sept. Dec. Mar. June Sept.*5 Sept. Dec. Mar. June Sept.f Europe: Austria 6 8 11 12 10 9 10 10 10 13 Belgium-Luxembourg 66 46 47 58 60 54 47 49 61 59 Denmark 3 2 9 3 3 16 17 16 17 14 Finland 1 2 2 2 2 13 11 8 15 16 France 141 126 112 117 142 154 150 159 181 182 Germany, Fed, Rep. of 166 139 122 105 126 192 209 191 228 209 Greece 3 4 4 5 6 28 28 34 27 40 Italy 69 77 71 69 74 161 163 175 172 177 Netherlands 124 128 115 102 85 62 62 65 74 66 Norway 6 5 4 5 5 13 16 15 14 17 Portugal 10 13 14 18 18 14 15 13 20 11 Spain 48 24 27 35 37 73 81 93 91 92 Sweden 35 34 28 31 28 25 40 53 40 37 Switzerland 185 159 122 85 100 45 47 38 62 95 Turkey 3 4 3 5 3 13 8 17 9 11 United Kingdom 661 819 704 647 662 1,055 698 1,020 961 840 Yugoslavia 1 2 1 1 1 17 17 16 16 21 Other Western Europe 21 11 1 2 2 9 9 12 11 14 Eastern Europe 5 4 4 3 3 24 24 16 16 16 Total 1,556 1,605 1,403 1,304 1,366 1,977 1,652 1,997 2,027 1,928 Canada 215 215 201 188 178 703 751 715 708 783 Latin America: Argentina 10 11 14 17 19 61 61 65 66 66 Brazil 17 19 15 17 13 107 120 105 118 129 Chile 11 11 13 8 14 42 48 40 44 48 Colombia 6 6 6 6 6 37 37 36 31 40 Cuba • • * * * 1 1 1 1 Mexico 28 22 20 20 21 149 156 143 151 146 Panama 5 5 6 6 6 18 18 21 17 20 Peru 6 4 4 4 5 29 36 35 36 34 Uruguay 5 4 4 4 4 5 6 7 6 6 Venezuela 14 18 17 17 14 70 68 70 69 73 Other L.A. republics 35 37 29 29 33 97 100 96 96 104 Bahamas and Bermuda 94 154 158 152 228 153 160 210 263 340 Neth. Antilles and Surinam. 24 23 5 7 4 10 9 8 9 9 Other Latin America 5 6 5 6 8 23 29 21 25 22 Total 260 1 320 296 293 376 801 848 858 931 1,036 1 As H ia o : ng Kong 8 1 9 8 8 9 19 17 19 25 I 25 I I n n d d i o a n esia 41 7 j 38 9 25 5 22 6 2 1 6 1 4 1 2 4 2 3 1 4 2 3 0 9 2 3 1 9 j 2 3 4 6 Israel 21 24 28 19 21 21 23 24 25 21 Japan 135 ! 144 165 158 177 314 323 348 372 411 Korea 1 ! l 11 10 10 29 42 48 54 52 Philippines 7 ! 7 7 7 6 32 30 31 56 43 Taiwan 8 9 10 11 17 27 33 32 38 43 Thailand 4 4 4 3 4 13 11 12 13 16 Other Asia 47 50 59 122 140 145 145 155 159 201 Total 281 296 322 366 420 657 678 728 802 872 Africa: Congo (Kinshasa) 15 2 2 2 ? 4 3 5 6 4 South Africa 24 34 31 45 45 29 30 32 38 38 U.A.R. (Egypt) 2 i 1 2 1 1 11 9 10 9 9 Other Africa 51 41 19 33 32 48 50 53 67 j 70 Total 90 78 54 82 80 92 92 100 120 122 Other countries: Australia 74 i 75 81 81 68 70 80 86 82 | 85 All other 5 7 8 8 9 15 15 13 17 i 24 I Total 79 82 89 89 77 84 94 99 99 109 International and regional.... * * • * 1 1 1 3 4 4 Grand total 2,482 2,597 2,365 2,322 2,498 4,316 4,117 4,499 4,692 4,854 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. • FEBRUARY 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 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 c g l i n e e s Total P d a o y l in a la 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 1,353 1,029 324 2,555 2,116 192 246 1,371 1,027 343 2,946 2,529 201 216 1,386 1,039 347 3,011 2,599 203 209 1,358 991 367 3,369 2,936 211 222 1,473 1,056 417 3,855 3,415 210 229 1,678 1,271 407 3,907 3,292 422 193 1,608 1,225 382 3,783 3,173 368 241 1,576 1,185 391 4,014 3,329 358 327 1,613 1,263 350 4,023 3,316 429 278 1,797 1,450 346 3,874 3,222 386 267 1,786 1,399 387 3,710 3,124 221 365 2,090 1,654 436 4,124 3,495 244 385 2,202 1,724 478 4,238 3,699 219 320 2,356 1,843 513 4,417 3,825 234 358 2,482 1,955 526 4,316 3,710 301 306 2,597 2,165 432 4,117 3,534 234 349 2,365 1,946 419 4,499 3,890 232 377 2,322 1,927 395 4,692 4,037 303 352 2,498 2,082 416 4,854 4,146 377 332 i 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—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 S J.725 2,215 152 433 496 172 73 388 141 249 69 42 \ 2,300 2,335 152 442 542 174 77 415 142 269 75 46 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 3,147 2,953 151 692 656 177 64 615 138 310 75 75 Sept.? 2,922 2,899 135 675 666 175 63 583 133 319 76 74 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

FEBRUARY 1972 • MONEY RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) n a A (d u o st l r l a ar l ) ia (s A ch u i s l t l r in ia g ) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a ) F (f r r a a n n c c e ) 28.473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 20.191 28.492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 4 19.302 126.589 111.36 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—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 Mar 24.835 112.42 3.8670 2.0145 99.367 16.792 13.368 23.722 18.129 Apr 24.673 112.38 3.8696 2.0144 99.237 16.792 13.353 23.727 18.126 May 24.156 112.42 3 3.9676 2.0164 99.138 16.792 13.334 23.735 18.094 June 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 Aug 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 Nov 19.925 115.89 4.1280 2.1572 99.607 16.806 13.773 23.773 18.096 Dec 19.928 117.48 4.2041 2.1986 100.067 16.797 13.994 23.852 18.549 1972—Jan 19.960 119.10 4.2516 2.2514 99.411 16.653 14.219 24.077 19.329 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 ) 196 8 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 196 9 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 197 0 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 197 1 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 1970—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 6 28.135 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. 30.593 13.388 252.66 .16652 .31249 34.135 8.0056 30.503 1972—Jan.. 30.956 13.415 257.05 .16923 .31978 34.737 8.0002 31.072 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 ro ed 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—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 19.357 724.253 241.87 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 117.31 14.816 3.6494 137.22 1.4822 20.434 25.615 252.66 1972—Jan 119.36 14.913 3.6474 131.27 1.5162 20.731 25.693 257.09 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 • FEBRUARY 1972 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Jan. 31, 1971 Rate Country 1971 1972 as of Jan.31, Per Month 1972 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct, Nov. Dec. Jan. Argentina 6.0 Dec. 1957 6.0 Austria 5.0 Jan. 1970 5.0 Belgium 6.5 Dec. 1970 66..00 55..55 55..00 5.0 Brazil 20.0 July 1969 20.0 Canada 6.0 Nov. 1970 55..2255 44..7755 4.75 Ceylon 6.5 Jan. 1970 6.5 Chile 14.0 July 1969 88..00 77..00 7.0 Colombia 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 11 4.0 8.0 Jan 1971 77..55 77..00 7.0 Ecuador ! 8.0 Jan. 1970 ! 8.0 Egypt, Arab Rep. of ' 5.0 May 1962 5.0 El Salvador ; 4.0 Aug. 1964 4.0 Ethiopia 6.50 Aug. 1970 6.50 Finland i 7.0 Apr. 1962 88..5500 ! 777...777555 7.75 France 6.5 Jan. 1971 66..7755 666...555 666...000 6.0 Germany, Fed. Rep. of 6.0 Dec. 1970 55..00 444...555 44..00 4.0 Ghana 5.5 Mar. 1968 : 88..00 8.0 Greece 6.5 Sept. 1969 i ;i 6.5 Honduras 4.0 Feb. 1966 4.0 Iceland 5.25 Jan. 1966 5.25 India 6.0 Jan. 1971 6.0 Indonesia 6.0 May 1969 6.0 Iran 8.0 Aug. 1969 7777....0000 7.0 Ireland 7.25 Jan. 1971 6666....11119999 66..0066 66..0000 55..9944 66..1122 55..1122 5555....11112222 44..9944 44..88ii 4.81 Italy 5.5 Mar. 1970 5555....0000 4444....5555 4.5 Jamaica 6.0 May 1969 5555....5555 555...000 5.0 Japan 5.75 Jan. 1971 55..55 55..2255 444...777555 4.75 Korea 23.0 Dec. 1970 2200..00 55..00 33..55 3.5 Mexico 4.5 June 1942 4.5 Morocco 3.50 Nov. 1951 3.50 Netherlands 6.0 Aug. 1969 55..55 55..00 44..55 4.5 New Zealand 7.0 Mar. 1961 7.0 Nigeria 4.50 June 1968 4.50 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 33..7755 3.75 South Africa 5.5 Aug. 1968 66..55 6.5 Spain 6.25 Jan. 1971 666...000 55..00 5.0 Sweden 7.0 July 1969 66..55 666...000 55..55 55..00 5.0 Switzerland 3.75 Sept. 1969 3.75 Taiwan 9.8 Dec. 1970 99..2255 9.25 Thailand 5.0 Oct. 1959 5.0 Tunisia 5.0 Sept. 1966 5.0 Turkey 9.0 Sept. 1970 9.0 United Kingdom 7.0 Apr. 1970 66..00 55..00 5.0 Venezuela 5.0 Oct. 1970 5.0 18.0 Sept. 1970 18.0 NOTE.—Rates shown are mainly those at which the central bank either Honduras—Rate shown is for advances only. discounts or makes advances against eligible commercial paper and/or Indonesia—Various rates depending on type of paper, collateral, comgovt, securities for commercial banks or brokers. For countries with modity involved, etc.; more than one rate applicable to such discounts or advances, the rate Japan—Penalty rates (exceeding the basic rate shown) for borrowings shown is the one at which it is understood the central bank transacts from the central bank in excess of an individual bank's quota: the largest proportion of its credit operations. Other rates for some Morocco—Various rates from 3 per cent to 4.6 per cent depending on type of these countries follow: of paper, maturity, collateral, guarantee, etc. Argentina—3 and 5 per cent for certain rural and industrial paper, de- Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producpending on type of transaction; tion, import substitution industries and manufacture of exports; 8 per Brazil—8 per cent for secured paper and 4 per cent for certain agricultural cent for other agricultural, industrial and mining paper; paper; Philippines—6 per cent for financing the production, importation, and dis- Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent tribution of rice and corn and 7.75 per cent for credits to enterprises enfor loans to make up reserve deficiencies. gaged in export activities. Preferential rates are also granted on credits to Colombia—5 per cent for warehouse receipts covering approved lists of rural banks; and products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi for rediscounts in excess of an individual bank's quota; per cent for advances against government bonds, and 5 Vi per cent for Costa Rica—5 per cent for paper related to commercial transactions rediscounts of certain industrial paper and on advances against promissory (rate shown is for agricultural and industrial paper); notes or securities of first-class Venezuelan companies. Ecuador—5 per cent for special advances and for bank acceptances for Vietnam—10 per cent for export paper; treasury bonds are rediscounted agricultural purposes, 7 per cent for bank acceptances for industrial at a rate 4 percentage points above the rate carried by the bond; and purposes, and 10 per cent for advances to cover shortages in legal reserves; there is a penalty rate of 24 per cent for banks whose loans exceed quan- Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. titative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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- Month 3 T m r b e o i a l n s ls u t , h ry s* 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 n m ls t k , e h s 3 T 3 r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - C d b r l e a e a p a t n o e r k s i s n s 4 i t ' g D m a o d y n a - y e t y o 5 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 6 r y D m a o d y n a - e y t y o - 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 1970 6.12 6.22 8.26 6.70 5.73 5.23 8.67 6.54 8.67 5.97 6.47 5.14 1971 3.62 3.76 6.41 5.57 4.93 3.84 4.54 6.10 4.34 3.76 5.24 1971—Jan 4.59 5.25 8.06 6.79 5.84 5.00 6.46 5.75 7.61 5.60 4.46 5.25 Feb 4.51 4.90 8.06 6.75 6.08 5.00 6.00 5.75 7.32 5.05 5.41 5.25 Mar 3.30 3.48 8.06 6.66 6.12 5.00 5.77 5.75 7.36 4.49 3.27 5.25 Apr........ 3.04 2.65 7.06 5.75 5.15 4.00 5.53 4.75 4.23 3.59 1.13 5.25 May 3.06 2.76 7.06 5.65 5.36 4.00 5.84 4.75 2.31 3.88 1.84 5.25 June 3.15 3.01 6.74 5.60 4.71 4.00 6.45 4.25 6.95 4.39 2.91 5.25 July 3.58 3.64 6.42 5.57 5.00 4.00 5.62 4.25 6.33 4.03 2.69 5.25 Aug 3.88 3.94 5.99 5.75 5.05 4.00 5.69 4.25 6.18 4.24 5.53 5.25 Sept 3.93 4.16 3 5.42 4.83 4.39 4 3.00 5.99 4.25 7.01 4.34 3.80 5.25 Oct 3.79 4.16 8 4.90 4.63 4.29 2.88 5.95 3.75 7.50 4.47 5.35 5.25 Nov 3.31 3.60 4.74 4.48 3.75 2.70 5.51 3.75 4.58 4.06 3.79 5.25 Dec 3.25 3.63 4.42 4.36 3.46 2.50 33..2255 55..7788 33..9900 44..9911 5.12 1972 Jan 33..2299 33..7711 44..4488 44..3366 33..9944 22..5500 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 PPrreemmiiuumm 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 (( (( rr pp oo ii —— ee ++ ss oo rr mm cc ww uu )) )) oo ii oo nn aa uu uu oo rr dd 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 )) C qu a A n o in s t a e d d C a an a q da u A b o U d a t j . a s . S t i . s 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 v a e f d o ad r a ) CC dd ff (( (( dd aa oo ii —— ++ ss oo nn rr cc )) ww ll aa )) ll oo dd aa aa oo uu oo ii rr rr rr nn ss aa nn dd tt nn ii CC nn (( cc aa ff NN ee nn aa oo nn vv aa ee ff tt tt dd oo ii rr vv aa )) ee 1971 AAuugg.. 6 5.53 5.23 .30 -.48 -.18 3.92 3.83 5.23 -1.40 1.22 -.18 13 5.63 5.10 .53 .40 .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 SSeepptt.. 3 4.89 4.42 .47 1.71 2.18 3.89 3.80 4.42 -.62 1.22 .60 10 4.72 4.59 .16 1.47 1.63 3.79 3.70 4.59 -.89 1.26 .37 17 4.72 4.68 .04 1.64 1.68 3.88 3.77 4.68 -.91 1.14 .23 24 4.77 4.67 .10 3.30 3.40 3.99 3.90 4.67 -.77 1.05 .28 Oct. 1 4.77 4.52 .25 1.88 2.13 4.05 3.95 4.52 -.57 .75 .18 8 4.73 4.45 .28 1.97 2.25 4.00 3.81 4.45 -.54 .42 -.12 15 4.63 4.35 .28 1.93 2.21 3.92 3.83 4.35 -.52 .26 -.26 22 5.53 4.38 1.15 .44 1.59 3.71 3.63 4.38 -.75 .04 -.71 29 4.53 4.30 .23 -.66 -.43 3.47 3.39 4.30 -.91 .04 -.87 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 1972 Jan. 7 4.32 3.45 .87 .93 1.80 3.33 3.26 3.45 -.19 .52 .33 14 4.29 3.09 1.20 1.76 2.96 3.24 3.17 3.09 .08 .40 .48 21 4.31 3.29 1.02 .61 1.63 3.24 3.17 3.29 -.12 .32 .20 28 4.29 3.34 .95 -.06 .89 3.38 3.31 3.34 -.03 .20 .17 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULLETIN. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 GOLD RESERVES • FEBRUARY 1972 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile world i Fund world 196 4 43,015 22222222222,,,,,,,,,,,111111111117777777777799999999999 1111111111155555555555,,,,,,,,,,,444444444447777777777711111111111 25,365 66666666666 77777777771111111111 222222222222222222222266666666666 666666666660000000000000000000000 11111111111,,,,,,,,,,,444444444445555555555511111111111 99999999992222222222 8888888888844444444444 11111111111,,,,,,,,,,,000000000002222222222266666666666 44444443333333 196 5 243,230 3333333333311111111111,,,,,,,,,,,888888888886666666666699999999999 1111111111133333333333,,,,,,,,,,,888888888880000000000066666666666 27,285 66666666666 66666666666666666666 222222222222222222222233333333333 777777777770000000000000000000000 11111111111,,,,,,,,,,,555555555555555555555588888888888 66666666663333333333 8888888888844444444444 11111111111,,,,,,,,,,,111111111115555555555511111111111 44444444444444 196 6 43,185 22222222222,,,,,,,,,,,666666666665555555555522222222222 1111111111133333333333,,,,,,,,,,,222222222223333333333355555555555 27,300 66666666666 88888888884444444444 222222222222222222222244444444444 777777777770000000000011111111111 11111111111,,,,,,,,,,,555555555552222222222255555555555 44444444445555555555 8888888888844444444444 11111111111,,,,,,,,,,,000000000004444444444466666666666 44444445555555 196 7 41,600 22222222222,,,,,,,,,,,666666666668888888888822222222222 1111111111122222222222,,,,,,,,,,,000000000006666666666655555555555 26,855 111111111115555555555555555555555 88888888884444444444 222222222223333333333311111111111 777777777770000000000011111111111 11111111111,,,,,,,,,,,444444444448888888888800000000000 44444444445555555555 8888888888844444444444 11111111111,,,,,,,,,,,000000000001111111111155555555555 44444445555555 196 8 40,905 22222222222,,,,,,,,,,,222222222228888888888888888888888 1111111111100000000000,,,,,,,,,,,888888888889999999999922222222222 27,725 222222222220000000000055555555555 111111111100000000009999999999 222222222225555555555577777777777 777777777771111111111144444444444 11111111111,,,,,,,,,,,555555555552222222222244444444444 44444444445555555555 8888888888844444444444 888888888886666666666633333333333 44444446666666 196 9 41,015 22222222222,,,,,,,,,,,333333333331111111111100000000000 1111111111111111111111,,,,,,,,,,,888888888885555555555599999999999 26,845 222222222220000000000055555555555 111111111133333333335555555555 222222222226666666666633333333333 777777777771111111111155555555555 11111111111,,,,,,,,,,,555555555552222222222200000000000 44444444445555555555 8888888888844444444444 888888888887777777777722222222222 44444447777777 1970—Dec 41,275 44444444444,,,,,,,,,,,333333333333333333333399999999999 1111111111111111111111,,,,,,,,,,,000000000007777777777722222222222 25,865 111111111119999999999911111111111 111111111144444444440000000000 222222222223333333333399999999999 777777777771111111111144444444444 11111111111,,,,,,,,,,,444444444447777777777700000000000 44444444445555555555 6666666666633333333333 777777777779999999999911111111111 44444447777777 1971_jan 44444444444,,,,,,,,,,,333333333338888888888800000000000 1111111111111111111111,,,,,,,,,,,000000000004444444444400000000000 111111111119999999999911111111111 111111111144444444440000000000 222222222224444444444400000000000 777777777771111111111144444444444 11111111111,,,,,,,,,,,444444444447777777777700000000000 44444444445555555555 6666666666633333333333 777777777779999999999911111111111 44444447777777 Feb 44444444444,,,,,,,,,,,444444444440000000000000000000000 1111111111111111111111,,,,,,,,,,,000000000003333333333399999999999 111111111119999999999911111111111 111111111144444444440000000000 222222222224444444444400000000000 777777777771111111111144444444444 11111111111,,,,,,,,,,,444444444446666666666688888888888 44444444445555555555 4444444444422222222222 777777777779999999999911111111111 44444447777777 Mar 41,240 44444444444,,,,,,,,,,,444444444440000000000044444444444 1111111111100000000000,,,,,,,,,,,999999999996666666666633333333333 25,875 111111111119999999999911111111111 111111111144444444440000000000 222222222223333333333399999999999 777777777771111111111144444444444 11111111111,,,,,,,,,,,444444444446666666666666666666666 44444444445555555555 4444444444422222222222 777777777779999999999911111111111 44444447777777 44444444444,,,,,,,,,,,333333333333333333333388888888888 1111111111100000000000,,,,,,,,,,,999999999992222222222255555555555 111111111119999999999911111111111 111111111144444444440000000000 222222222225555555555533333333333 777777777772222222222288888888888 11111111111,,,,,,,,,,,555555555550000000000022222222222 44444444446666666666 4444444444422222222222 777777777779999999999911111111111 44444447777777 44444444444,,,,,,,,,,,444444444444444444444488888888888 1111111111100000000000,,,,,,,,,,,555555555556666666666688888888888 111111111119999999999911111111111 111111111144444444440000000000 222222222225555555555544444444444 777777777774444444444477777777777 11111111111,,,,,,,,,,,555555555559999999999922222222222 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 44444447777777 June 41,250 44444444444,,,,,,,,,,,555555555552222222222233333333333 1111111111100000000000,,,,,,,,,,,555555555550000000000077777777777 26,220 111111111119999999999911111111111 111111111144444444440000000000 222222222225555555555544444444444 777777777774444444444477777777777 11111111111,,,,,,,,,,,555555555558888888888844444444444 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 44444447777777 July 44444444444,,,,,,,,,,,444444444447777777777799999999999 1111111111100000000000,,,,,,,,,,,444444444445555555555533333333333 111111111119999999999922222222222 111111111144444444440000000000 222222222225555555555599999999999 777777777774444444444466666666666 11111111111,,,,,,,,,,,666666666660000000000000000000000 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 44444447777777 44444444444,,,,,,,,,,,666666666669999999999955555555555 1111111111100000000000,,,,,,,,,,,222222222220000000000099999999999 111111111119999999999922222222222 111111111144444444440000000000 222222222225555555555599999999999 777777777775555555555522222222222 11111111111,,,,,,,,,,,555555555558888888888844444444444 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 44444447777777 Sept ff4411,,221100 44444444444,,,,,,,,,,,777777777772222222222222222222222 1111111111100000000000,,,,,,,,,,,222222222220000000000077777777777 pp2266,,228800 111111111119999999999922222222222 111111111144444444440000000000 222222222225555555555599999999999 777777777772222222222222222222222 11111111111,,,,,,,,,,,555555555557777777777722222222222 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 Oct 44444444444,,,,,,,,,,,777777777772222222222244444444444 1111111111100000000000,,,,,,,,,,,222222222220000000000077777777777 111111111119999999999922222222222 111111111144444444440000000000 222222222225555555555599999999999 777777777772222222222222222222222 11111111111,,,,,,,,,,,555555555556666666666644444444444 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 Nov 44444444444,,,,,,,,,,,777777777772222222222266666666666 1111111111100000000000,,,,,,,,,,,222222222220000000000066666666666 111111111119999999999922222222222 111111111144444444440000000000 222222222225555555555599999999999 777777777772222222222222222222222 11111111111,,,,,,,,,,,555555555556666666666644444444444 44444444446666666666 2222222222222222222222 777777777779999999999922222222222 Dec.? 44444444444,,,,,,,,,,,777777777773333333333322222222222 1111111111100000000000,,,,,,,,,,,222222222220000000000066666666666 111111111119999999999922222222222 222222222225555555555599999999999 777777777772222222222299999999999 11111111111,,,,,,,,,,,555555555554444444444444444444444 2222222222222222222222 777777777779999999999922222222222 Ger- E pe n r d i o o d f lo 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 Japan Rep. of 196 4 5588 9922 8855 33,,772299 44,,224488 7777 224477 114411 111122 1199 56 22,,110077 330044 196 5 3355 9977 8844 44,,770066 44,,441100 7788 228811 114466 111100 2211 56 22,,440044 332288 196 6 2266 110088 4455 55,,223388 44,,229922 112200 224433 113300 110066 2233 46 22,,441144 332299 196 7 3311 110077 4455 55,,223344 44,,222288 113300 224433 114444 111155 2255 46 22,,440000 333388 196 8 3311 111144 4455 33,,887777 44,,553399 114400 224433 115588 119933 7799 46 22,,992233 335566 196 9 2266 8899 4455 33,,554477 44,,007799 113300 224433 115588 119933 3399 46 22,,995566 441133 1970—De c 1177 6644 2299 33,,553322 33,,998800 111177 224433 113311 114444 1166 43 22,,888877 553322 1971—Ja n 1177 6644 2299 33,,553322 33,,997799 111144 224433 113311 114444 1166 43 22,,888866 553322 Feb 1177 6644 2299 33,,553311 33,,997788 9999 224433 113311 114444 1166 43 22,,888855 553344 Mar. 1166 6644 2299 33,,552277 33,,997777 9999 224433 113311 114444 1166 43 22,,888844 553399 Apr 1166 6644 2299 33,,552277 44,,002299 9999 224433 113311 114433 1166 43 22,,888844 663366 May 1166 6644 2299 33,,552233 44,,003355 9999 224433 113300 114433 1166 43 22,,888844 664411 June 1166 6644 2299 33,,552233 44,,004466 9999 224433 113311 114433 1166 43 22,,888844 664411 July 1166 6644 2299 33,,552233 44,,007777 9999 224433 113311 114433 1166 43 22,,888844 667700 Aug 1144 6644 4499 33,,552233 44..007766 9999 224433 113311 114433 1166 43 22,,888844 667799 Sept 1144 6644 4499 33,,552233 44..007777 9988 224433 113311 114433 1166 43 22,,888844 667799 Oct 1144 6644 4499 33,,552233 44,,007777 9988 224433 113311 114433 1166 43 22,,888844 667799 Nov 1144 6644 4499 33,,552233 44,,007777 9988 224433 113311 114433 1166 43 22,,888844 667799 Dec.? 1144 6644 4499 33,,552233 44,,007777 9988 224433 113311 114444 1166 22,,888844 667799 E pe n r d i o o d f Kuwait a L n e o b n - Libya Ma si l a a y- M c e o x i- Mo co ro c- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u - A S r a a u b d i i a 1964 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968 122 288 85 66 165 21 1,697 24 54 20 62 856 119 1969 86 288 85 63 169 21 1,720 25 54 25 45 876 119 1970—Dec 86 288 85 48 176 21 1,787 23 54 40 56 902 119 1971—Jan 86 288 85 48 176 21 1,812 23 54 40 58 902 119 Feb 86 322 85 48 176 21 1,812 23 54 40 59 902 119 Mar 86 322 85 48 176 21 1,812 23 54 40 60 902 119 Apr 86 322 85 48 182 21 1,863 31 54 40 61 902 119 May 87 322 85 53 182 21 1,867 32 54 40 62 902 119 June 87 322 85 58 182 21 1,867 32 55 40 63 902 119 July 87 322 85 58 184 21 1,888 34 55 40 64 895 119 Aug 87 322 85 58 184 21 1,889 34 55 40 65 907 127 Sept 87 322 85 58 184 21 1,889 34 55 40 66 911 127 Oct 87 322 85 58 21 1 889 34 55 40 67 911 127 Nov 888777 333222222 888555 555888 222111 111,,,888888999 333444 555555 4400 666777 999111888 111222888 Dec.p 888777 333222222 888555 555888 222111 111,,,999000999 333333 555555 666777 999222111 111222888 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • GOLD RESERVES AND PRODUCTION A 95 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) A So fr u i t c h a Spain Sweden Sw la i n tz d e r- T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - 574 616 189 2,725 55 104 104 139 2,136 171 401 425 810 202 3,042 55 96 116 139 2,265 155 401 637 785 203 2,842 62 92 102 93 1,940 146 401 583 785 203 3,089 81 92 97 93 1,291 140 401 1,243 785 225 2,624 81 92 97 93 1,474 133 403 1,115 784 226 2,642 82 92 117 93 1,471 165 403 666 498 200 2,732 82 92 126 85 1,349 162 384 632 498 200 2,731 82 92 126 85 1,246 162 384 632 498 200 2,731 82 82 126 85 1,224 162 384 634 498 200 2,806 82 82 127 85 1,123 162 384 630 498 200 2,806 84 127 85 1,022 152 389 630 498 200 2,807 82 127 85 905 152 389 551 498 200 2,857 82 127 85 804 151 389 481 498 200 2,909 82 127 85 803 148 391 486 498 200 2,909 81 127 85 777 148 391 479 498 200 2,909 81 127 85 777 148 391 460 498 200 2,909 80 127 148 391 443 498 200 2,909 80 122 148 391 410 498 200 2,909 80 130 148 391 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc ii -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m- India Japan P p h i i n li e p 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 44444444444444..............66666666666666 11111118888888.......1111111 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 44444444444444..............22222222222222 11111119999999.......4444444 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 33333333333333..............44444444444444 22222223333333.......7777777 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 44444444444444..............00000000000000 22222221111111.......5555555 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 33333333333333..............44444444444444 22222223333333.......7777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 66666660000000.......0000000 1970* 1111111,,,,,,,444444455555550000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 66666663333333.......5555555 8888888888888888888811111111111111111111....................88888888888888888888 6666666.......9999999 3333333.......8888888 777777777777777777..................111111111111111111 33333333333333..............77777777777777 22222224444444.......8888888 22222221111111.......1111111 222222222222222111111111111111...............777777777777777 55555556666666.......6666666 1970—Nov 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................55555555555555555555 ..................666666666666666666 ..............33333333333333 111111111111111...............777777777777777 Dec 8888888888888888888899999999999999999999....................77777777777777777777 66666666666666666666....................88888888888888888888 ..................555555555555555555 ..............33333333333333 222222222222222...............000000000000000 1971—jan 9999999999999999999911111111111111111111....................33333333333333333333 77777777777777777777....................00000000000000000000 ..................444444444444444444 ..............44444444444444 111111111111111...............777777777777777 Feb 8888888888888888888899999999999999999999....................66666666666666666666 66666666666666666666....................66666666666666666666 ..................666666666666666666 ..............44444444444444 111111111111111...............666666666666666 Mar 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................77777777777777777777 ..................555555555555555555 ..............44444444444444 222222222222222...............333333333333333 Apr 9999999999999999999911111111111111111111....................99999999999999999999 66666666666666666666....................55555555555555555555 ..................555555555555555555 ..............44444444444444 111111111111111...............888888888888888 May 9999999999999999999911111111111111111111....................55555555555555555555 66666666666666666666....................77777777777777777777 ..................555555555555555555 ..............33333333333333 111111111111111...............888888888888888 June 9999999999999999999922222222222222222222....................00000000000000000000 66666666666666666666....................77777777777777777777 111111111111111...............888888888888888 July 9999999999999999999933333333333333333333....................44444444444444444444 55555555555555555555....................88888888888888888888 Aug 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 ..................666666666666666666 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 Nov 9999999999999999999911111111111111111111....................77777777777777777777 66666666666666666666....................66666666666666666666 t 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 FEDERAL RESERVE BANKS, 1971 • FEBRUARY 1972 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Discounts and advances 2200,,778855,,331100 1,621,592 44,,992266,,112266 591,732 602,930 968,532 1,120,367 44,,001177,,331100 44,,001177,,331100 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 33,,669944,,667766,,112222 178,996,770 994488,,999988,,995500 192,791,951 284,093,700 270,720,510 185,193,555 FFFFFFFFFFFFFooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnccccccccccccciiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 22,,664488,,005522 124,890 669966,,998800 135,077 237,964 135,076 176,638 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 11,,224433,,112277 31,448 559922,,337733 27,018 67,431 34,681 74,526 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 3,723,369,921 180,774,700 959,231,739 193,545,778 285,002,025 271,858,799 186,565,086 CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss SSSSSSSSSSSSSaaaaaaaaaaaaalllllllllllllaaaaaaaaaaaaarrrrrrrrrrrrriiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: OOOOOOOOOOOOOffffffffffffffffffffffffffiiiiiiiiiiiiiccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 14,802,481 929,259 3,086,718 986,454 854,151 1,248,156 1,171,194 EEEEEEEEEEEEEmmmmmmmmmmmmmpppppppppppppllllllllllllloooooooooooooyyyyyyyyyyyyyeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssss 171,901,456 10,978,342 44,158,859 7,830,591 10,778,588 13,490,323 12,614,779 RRRRRRRRRRRRReeeeeeeeeeeeetttttttttttttiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeefffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss 34,193,811 2,312,721 8,088,689 1,575,149 2,296,178 2,749,093 2,529,595 FFFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeeeesssssssssssss DDDDDDDDDDDDDiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccctttttttttttttooooooooooooorrrrrrrrrrrrrsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrrsssssssssssss 3,594,882 126,130 1,308,553 195,809 157,019 173,024 348,413 TTTTTTTTTTTTTrrrrrrrrrrrrraaaaaaaaaaaaavvvvvvvvvvvvveeeeeeeeeeeeellllllllllllliiiiiiiiiiiiinnnnnnnnnnnnnggggggggggggg eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 4,511,495 292,822 705,391 157,653 313,790 360,770 581,967 PPPPPPPPPPPPPooooooooooooossssssssssssstttttttttttttaaaaaaaaaaaaagggggggggggggeeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeexxxxxxxxxxxxxppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeessssssssssssssssssssssssssaaaaaaaaaaaaagggggggggggggeeeeeeeeeeeee 39.994.681 2,538,146 4,916,748 1,447,744 3,379,861 4,726,117 3,942,585 TTTTTTTTTTTTTeeeeeeeeeeeeellllllllllllleeeeeeeeeeeeeppppppppppppphhhhhhhhhhhhhooooooooooooonnnnnnnnnnnnneeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ttttttttttttteeeeeeeeeeeeellllllllllllleeeeeeeeeeeeegggggggggggggrrrrrrrrrrrrraaaaaaaaaaaaappppppppppppphhhhhhhhhhhhh 4,031,183 208,652 875,947 163,518 177,032 351,196 519,131 PPPPPPPPPPPPPrrrrrrrrrrrrriiiiiiiiiiiiinnnnnnnnnnnnntttttttttttttiiiiiiiiiiiiinnnnnnnnnnnnnggggggggggggg aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd sssssssssssssuuuuuuuuuuuuuppppppppppppppppppppppppppllllllllllllliiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 14,448,240 823,513 2,681,730 736,512 841,039 1,429,139 1,382,155 IIIIIIIIIIIIInnnnnnnnnnnnnsssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnccccccccccccceeeeeeeeeeeee 638,896 40,476 146,746 21,136 47,034 44,938 56,882 TTTTTTTTTTTTTaaaaaaaaaaaaaxxxxxxxxxxxxxeeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn rrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaalllllllllllll eeeeeeeeeeeeessssssssssssstttttttttttttaaaaaaaaaaaaattttttttttttteeeeeeeeeeeee 8,347,964 940,578 1,349,216 202,716 490,388 343,465 485,857 DDDDDDDDDDDDDeeeeeeeeeeeeeppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccciiiiiiiiiiiiiaaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn (((((((((((((bbbbbbbbbbbbbuuuuuuuuuuuuuiiiiiiiiiiiiillllllllllllldddddddddddddiiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss))))))))))))) 5,246,584 171,664 825,755 76,596 214,529 520,510 780,812 LLLLLLLLLLLLLiiiiiiiiiiiiiggggggggggggghhhhhhhhhhhhhttttttttttttt,,,,,,,,,,,,, hhhhhhhhhhhhheeeeeeeeeeeeeaaaaaaaaaaaaattttttttttttt,,,,,,,,,,,,, pppppppppppppooooooooooooowwwwwwwwwwwwweeeeeeeeeeeeerrrrrrrrrrrrr,,,,,,,,,,,,, aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd wwwwwwwwwwwwwaaaaaaaaaaaaattttttttttttteeeeeeeeeeeeerrrrrrrrrrrrr 3,365,213 216,254 617,874 129,380 337,312 295,347 298,581 RRRRRRRRRRRRReeeeeeeeeeeeepppppppppppppaaaaaaaaaaaaaiiiiiiiiiiiiirrrrrrrrrrrrrsssssssssssss aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd aaaaaaaaaaaaalllllllllllllttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrraaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 2,173,458 63,439 248,054 119,858 122,903 365,002 123,500 2,694,100 424,546 1,852,027 55,727 32,384 102,850 138,304 FFFFFFFFFFFFFuuuuuuuuuuuuurrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiitttttttttttttuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeeqqqqqqqqqqqqquuuuuuuuuuuuuiiiiiiiiiiiiipppppppppppppmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt::::::::::::: PPPPPPPPPPPPPuuuuuuuuuuuuurrrrrrrrrrrrrccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaassssssssssssseeeeeeeeeeeeesssssssssssss 12.188.682 328,556 2,317,296 222,764 440,038 792,399 841,194 RRRRRRRRRRRRReeeeeeeeeeeeennnnnnnnnnnnntttttttttttttaaaaaaaaaaaaalllllllllllllsssssssssssss 19,328,125 1,158,212 2,666,867 1,078,089 883,016 1,883,694 1,511,669 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 6,662,779 410,623 1,529,582 389,835 521,325 277,877 296,361 IIIIIIIIIIIIInnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrr-------------BBBBBBBBBBBBBaaaaaaaaaaaaannnnnnnnnnnnnkkkkkkkkkkkkk eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 7,295 110,028 -1,440,054 115,670 207,342 -197,998 171,412 SSSSSSSSSSSSSuuuuuuuuuuuuubbbbbbbbbbbbbtttttttttttttoooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 348,124,031 22,073,961 75,935,998 15,505,201 22,093,929 28,955,902 27,794,392 FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy 24,942,528 1,473,226 5,176,618 1,508,467 1,495,287 2,203,948 1,956,256 AAAAAAAAAAAAAsssssssssssssssssssssssssseeeeeeeeeeeeessssssssssssssssssssssssssmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooofffffffffffff BBBBBBBBBBBBBoooooooooooooaaaaaaaaaaaaarrrrrrrrrrrrrddddddddddddd ooooooooooooofffffffffffff GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvveeeeeeeeeeeeerrrrrrrrrrrrrnnnnnnnnnnnnnooooooooooooorrrrrrrrrrrrrsssssssssssss............. 32,634,002 1,518,000 8,560,400 1,679,798 2,946,100 1,674,400 2,190,200 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll 405,700,561 25,065,187 89,673,016 18,693,466 26,535,316 32,834,250 31,940,848 LLLLLLLLLLLLLeeeeeeeeeeeeessssssssssssssssssssssssss rrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiimmmmmmmmmmmmmbbbbbbbbbbbbbuuuuuuuuuuuuurrrrrrrrrrrrrssssssssssssseeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrtttttttttttttaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffiiiiiiiiiiiiissssssssssssscccccccccccccaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 28,515,761 1,431,540 6,002,321 1,264,157 2,609,734 1,671,533 2,252,481 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss 377,184,800 23,633,647 83,670,695 17,429,309 23,925,582 31,162,717 29,688,367 PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiittttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd lllllllllllllooooooooooooossssssssssssssssssssssssss CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss 3,346,185,122 157,141,053 875,561,044 176,116,469 261,076,444 240,696,083 156,876,719 AAAAAAAAAAAAAddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss ooooooooooooonnnnnnnnnnnnn sssssssssssssaaaaaaaaaaaaallllllllllllleeeeeeeeeeeeesssssssssssss ooooooooooooofffffffffffff UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss............. 101,969,630 5,079,942 26,059,947 5,217,742 7,866,249 7,629,142 5,071,922 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 7,599,394 100,663 46,386 2,445 470,646 117,202 16,400 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaaddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 109,569,024 5,180,605 26,106,333 5,220,187 8,336,895 7,746,343 5,088,322 DDDDDDDDDDDDDeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: LLLLLLLLLLLLLooooooooooooosssssssssssssssssssssssssseeeeeeeeeeeeesssssssssssss ooooooooooooonnnnnnnnnnnnn fffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiigggggggggggggnnnnnnnnnnnnn eeeeeeeeeeeeexxxxxxxxxxxxxccccccccccccchhhhhhhhhhhhhaaaaaaaaaaaaannnnnnnnnnnnngggggggggggggeeeeeeeeeeeee tttttttttttttrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssaaaaaaaaaaaaaccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 8,118,845 384,531 2,151,738 417,257 736,336 417,257 548,161 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 7,184,102 32,960 58,665 3,143 96,102 53,180 55,749 TTTTTTTTTTTTToooooooooooootttttttttttttaaaaaaaaaaaaalllllllllllll dddddddddddddeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss 15,302,947 417,491 2,210,403 420,400 832,438 470,437 603,910 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt aaaaaaaaaaaaaddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss 94,266,076 4,763,114 23,895,930 4,799,787 7,504,457 7,275,906 4,484,412 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss bbbbbbbbbbbbbeeeeeeeeeeeeefffffffffffffooooooooooooorrrrrrrrrrrrreeeeeeeeeeeee pppppppppppppaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy............. 3,440,451,196 161,904,167 899,456,974 180,916,256 268,580,901 247,971,989 161,361,130 DDDDDDDDDDDDDiiiiiiiiiiiiivvvvvvvvvvvvviiiiiiiiiiiiidddddddddddddeeeeeeeeeeeeennnnnnnnnnnnndddddddddddddsssssssssssss pppppppppppppaaaaaaaaaaaaaiiiiiiiiiiiiiddddddddddddd 43,488,074 2,004,027 11,341,925 2,237,610 i 3,957,512 2,261,033 2,951,631 PPPPPPPPPPPPPaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy (((((((((((((iiiiiiiiiiiiinnnnnnnnnnnnnttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrreeeeeeeeeeeeesssssssssssssttttttttttttt ooooooooooooonnnnnnnnnnnnn FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. nnnnnnnnnnnnnooooooooooooottttttttttttteeeeeeeeeeeeesssssssssssss))))))))))))) 3,356,559,873 159,040,740 880,050,249 176,241,396 259,851,138 243,122,856 154,897,299 TTTTTTTTTTTTTrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssfffffffffffffeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeddddddddddddd tttttttttttttooooooooooooo sssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss 40,403,250 859,400 8,064,800 2,437,250 i 4,772,250 2,588,100 3,512,200 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, JJJJJJJJJJJJJaaaaaaaaaaaaannnnnnnnnnnnnuuuuuuuuuuuuuaaaaaaaaaaaaarrrrrrrrrrrrryyyyyyyyyyyyy 1111111111111 701,780,800 32,777,350 184,789,650 35,971,650 i 63,109,650 35,700,550 46,865,800 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, DDDDDDDDDDDDDeeeeeeeeeeeeeccccccccccccceeeeeeeeeeeeemmmmmmmmmmmmmbbbbbbbbbbbbbeeeeeeeeeeeeerrrrrrrrrrrrr 33333333333331111111111111 742,184,050 33,636,750 i 192,854,450 > 38,408,900 i 67,881,900 38,288,650 50,378,000 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • FEDERAL RESERVE BANKS, 1971 A 97 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Item Current earnings 8,733,021 73,777 87,784 326,985 398,419 1,334,045 600,673,056 136,656,592 72,376,648 144,523,731 169,726,271 509,924,388 UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. GGGGGGGGGGGGGooooooooooooovvvvvvvvvvvvvttttttttttttt,,,,,,,,,,,,, ssssssssssssseeeeeeeeeeeeecccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrriiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss 395,960 90,051 60,509 111,240 148,319 335,348 145,150 36,041 70,693 53,090 44,793 65,883 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 609,947,187 136,856,461 72,595,634 145,015,046 170,317,802 511,659,664 CCCCCCCCCCCCCuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt eeeeeeeeeeeeexxxxxxxxxxxxxpppppppppppppeeeeeeeeeeeeennnnnnnnnnnnnssssssssssssseeeeeeeeeeeeesssssssssssss SSSSSSSSSSSSSaaaaaaaaaaaaalllllllllllllaaaaaaaaaaaaarrrrrrrrrrrrriiiiiiiiiiiiieeeeeeeeeeeeesssssssssssss::::::::::::: 1,356,750 1,223,904 777,642 1,006,007 883,114 1,279,132 23,301,248 9,593,667 6,606,427 9,962,016 7,712,050 14,874,566 4,363,985 2,021,137 1,315,621 2,046,057 1,585,403 3,310,183 RRRRRRRRRRRRReeeeeeeeeeeeetttttttttttttiiiiiiiiiiiiirrrrrrrrrrrrreeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr bbbbbbbbbbbbbeeeeeeeeeeeeennnnnnnnnnnnneeeeeeeeeeeeefffffffffffffiiiiiiiiiiiiitttttttttttttsssssssssssss 249,329 146,379 344,147 157,576 156.620 231,883 512,804 290,713 329,825 298,724 245,067 421,969 4,961,391 2,736,394 1,763,778 2,599,748 2,325,536 4,656,633 468,018 245,800 149,781 310,754 265,776 295,578 1,948,924 1,022,559 603,655 1,061,977 690,638 1,225,104 56,371 44,957 26,527 36,678 33,072 84,079 1,494,045 333,200 999,328 579,533 372,585 757,053 662,271 254,494 62,957 850,290 379,528 447,178 DDDDDDDDDDDDDeeeeeeeeeeeeeppppppppppppprrrrrrrrrrrrreeeeeeeeeeeeeccccccccccccciiiiiiiiiiiiiaaaaaaaaaaaaatttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn (((((((((((((bbbbbbbbbbbbbuuuuuuuuuuuuuiiiiiiiiiiiiillllllllllllldddddddddddddiiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss))))))))))))) 461,093 217,637 136,492 302,951 160,467 191,825 235,588 353,985 50,475 132,566 215,413 142,675 68,779 11,130 582 4,269 1,863 1,639 RRRRRRRRRRRRReeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt FFFFFFFFFFFFFuuuuuuuuuuuuurrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiitttttttttttttuuuuuuuuuuuuurrrrrrrrrrrrreeeeeeeeeeeee aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd eeeeeeeeeeeeeqqqqqqqqqqqqquuuuuuuuuuuuuiiiiiiiiiiiiipppppppppppppmmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt::::::::::::: 1,048,000 960,414 145,847 4,155,797 413.621 522,756 3,060,847 1,371,848 864,356 2,065,912 1,160,988 1,622,627 1,377,149 348,400 264,938 477,478 515,823 253,388 AAAAAAAAAAAAAllllllllllllllllllllllllll ooooooooooooottttttttttttthhhhhhhhhhhhheeeeeeeeeeeeerrrrrrrrrrrrr 347,942 91,015 59,582 106,950 139,520 289,886 45,974,534 21,267,633 14,501,960 26,155,283 17,257,084 30,608,154 3,611,569 1,262,547 688,853 1,035,019 1,437,203 3,093,535 FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy 4,893,000 1,112,700 737,700 1,381,700 1,820,004 4,120,000 54,479,103 23,642,880 15,928,513 28,572,002 20,514,291 37,821,689 LLLLLLLLLLLLLeeeeeeeeeeeeessssssssssssssssssssssssss rrrrrrrrrrrrreeeeeeeeeeeeeiiiiiiiiiiiiimmmmmmmmmmmmmbbbbbbbbbbbbbuuuuuuuuuuuuurrrrrrrrrrrrrssssssssssssseeeeeeeeeeeeemmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt fffffffffffffooooooooooooorrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeerrrrrrrrrrrrrtttttttttttttaaaaaaaaaaaaaiiiiiiiiiiiiinnnnnnnnnnnnn fffffffffffffiiiiiiiiiiiiissssssssssssscccccccccccccaaaaaaaaaaaaalllllllllllll aaaaaaaaaaaaagggggggggggggeeeeeeeeeeeeennnnnnnnnnnnncccccccccccccyyyyyyyyyyyyy 5,076,057 1,730,477 848,145 1,911,651 953,323 2,764,342 49,403,046 21,912,403 15,080,368 26,660,351 19,560,968 35,057,347 PPPPPPPPPPPPPrrrrrrrrrrrrrooooooooooooofffffffffffffiiiiiiiiiiiiittttttttttttt aaaaaaaaaaaaannnnnnnnnnnnnddddddddddddd lllllllllllllooooooooooooossssssssssssssssssssssssss 560,544,140 114,944,059 57,515,266 118,354,694 150,756,834 476,602,317 16,418,733 3,766,685 2,032,385 3,983,060 4,646,106 14,197,717 30,270 2,975 6,766,167 21,422 8,287 16,531 AAAAAAAAAAAAAddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss ::::::::::::: 16,449,003 3,769,661 8,798,552 4,004,482 4,654,393 14,214,248 1,227,227 215,503 188,175 343,624 458,165 1,030,871 79,291 3,020 6,763,515 9,236 6,847 22,394 DDDDDDDDDDDDDeeeeeeeeeeeeeddddddddddddduuuuuuuuuuuuuccccccccccccctttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnnsssssssssssss fffffffffffffrrrrrrrrrrrrrooooooooooooommmmmmmmmmmmm cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss::::::::::::: 1,306,518 218,523 6,951,690 352,860 465,012 1,053,265 15,142,485 3,551,138 1,846,862 3,651,622 4,189,381 13,160,982 575,686,625 118,495,196 59,362,128 122,006,316 154,946,215 489,763,299 NNNNNNNNNNNNNeeeeeeeeeeeeettttttttttttt aaaaaaaaaaaaaddddddddddddddddddddddddddiiiiiiiiiiiiitttttttttttttiiiiiiiiiiiiiooooooooooooonnnnnnnnnnnnn tttttttttttttooooooooooooo cccccccccccccuuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeennnnnnnnnnnnnttttttttttttt nnnnnnnnnnnnneeeeeeeeeeeeettttttttttttt eeeeeeeeeeeeeaaaaaaaaaaaaarrrrrrrrrrrrrnnnnnnnnnnnnniiiiiiiiiiiiinnnnnnnnnnnnngggggggggggggsssssssssssss 6,485,409 1,474,167 991,349 1,844,745 2,418,835 5,519,831 PPPPPPPPPPPPPaaaaaaaaaaaaayyyyyyyyyyyyymmmmmmmmmmmmmeeeeeeeeeeeeennnnnnnnnnnnntttttttttttttsssssssssssss tttttttttttttooooooooooooo UUUUUUUUUUUUU.............SSSSSSSSSSSSS............. TTTTTTTTTTTTTrrrrrrrrrrrrreeeeeeeeeeeeeaaaaaaaaaaaaasssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrryyyyyyyyyyyyy (((((((((((((iiiiiiiiiiiiihhhhhhhhhhhhhttttttttttttteeeeeeeeeeeeerrrrrrrrrrrrreeeeeeeeeeeeesssssssssssssttttttttttttt ooooooooooooonnnnnnnnnnnnn FFFFFFFFFFFFF.............RRRRRRRRRRRRR............. 563,996,366 115,887,429 57,273,629 118,376,272 150,657,531 477,164,968 5,204,850 1,133,600 1,097,150 1,785,300 1,869,850 7,078,500 TTTTTTTTTTTTTrrrrrrrrrrrrraaaaaaaaaaaaannnnnnnnnnnnnsssssssssssssfffffffffffffeeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeeeddddddddddddd tttttttttttttooooooooooooo sssssssssssssuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss 105,455,600 24,042,500 15,798,000 29,742,150 39,144,850 88,383,050 SSSSSSSSSSSSSuuuuuuuuuuuuurrrrrrrrrrrrrpppppppppppppllllllllllllluuuuuuuuuuuuusssssssssssss,,,,,,,,,,,,, JJJJJJJJJJJJJaaaaaaaaaaaaannnnnnnnnnnnnuuuuuuuuuuuuuaaaaaaaaaaaaarrrrrrrrrrrrryyyyyyyyyyyyy 1111111111111 110,660,450 25,176,100 16,895,150 31,527,450 41,014,700 95,461,550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 BANKING OFFICES • FEBRUARY 1972 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks MMuuttuuaall ssaavviinnggss bbaannkkss AAAllllll Member Nonmember TTTyyypppeee ooofff oooffffffiiiccceee aaannnddd tttyyypppeee ooofff ccchhhaaannngggeee bbbaaannnkkksss TToottaall Total Na- State Total Insured Non- Insured 1 Nontional insured insured Banks (head office): Dec. 31, 1934 11111116666666,,,,,,,000000066666663333333 11111115555555,,,,,,,444444488888884444444 666,,,444444222 555,,,444666222 998800 999999999,,,,,,,,,000000000444444444222222222 777,,,666999999 11111,,,,,333334444433333 6688 511 Dec. 31, 1941 11111114444444,,,,,,,888888822222226666666 11111114444444,,,,,,,222222277777778888888 666,,,666111999 555,,,111111777 11,,550022 777777777,,,,,,,,,666666666666666666222222222 666,,,888111000 888885555522222 5522 496 Dec. 31, 1947 2 11111114444444,,,,,,,777777711111114444444 11111114444444,,,,,,,111111188888881111111 666,,,999222333 555,,,000000555 11,,991188 777777777,,,,,,,,,222222222666666666111111111 666,,,444777888 777778888833333 119944 339 Dec. 31, 1951 11111114444444,,,,,,,666666611111118888888 11111114444444,,,,,,,000000088888889999999 666,,,888444000 444,,,999333999 11,,990011 777777777,,,,,,,,,222222222555555555222222222 666,,,666000222 666665555500000 220022 327 Dec. 31, 1956 11111114444444,,,,,,,111111166666667777777 11111113333333,,,,,,,666666644444440000000 666,,,444666222 444,,,666555111 11,,881111 777777777,,,,,,,,,111111111888888888111111111 666,,,777333777 444444444444444 222233 304 Dec. 31, 1960 11111113333333,,,,,,,999999988888886666666 11111113333333,,,,,,,444444477777772222222 666,,,111777444 444,,,555333000 11,,664444 777777777,,,,,,,,,333333333000000000000000000 666,,,999444888 333335555522222 332255 189 Dec. 31, 1961 11111113333333,,,,,,,999999944444446666666 11111113333333,,,,,,,444444433333332222222 666,,,111111333 444,,,555111333 11,,660000 777777777,,,,,,,,,333333333222222222000000000 666,,,999999777 333332222233333 333300 184 Dec. 31, 1962 11111113333333,,,,,,,999999933333338888888 11111113333333,,,,,,,444444422222227777777 666,,,000444777 444,,,555000333 11,,554444 777777777,,,,,,,,,333333333888888888000000000 777,,,000777222 333330000088888 333311 180 Dec. 31, 1963 11111114444444,,,,,,,000000077777778888888 11111113333333,,,,,,,555555566666669999999 666,,,111000888 444,,,666111555 11,,449933 777777777,,,,,,,,,444444444666666666111111111 777,,,111777777 222228888844444 333300 179 Dec. 31, 1964 11111114444444,,,,,,,222222266666666666666 11111113333333,,,,,,,777777766666661111111 666,,,222222555 444,,,777777333 11,,445522 777777777,,,,,,,,,555555555333333333666666666 777,,,222666222 222227777744444 332277 178 Dec. 31, 1965 11111114444444,,,,,,,333333300000009999999 11111113333333,,,,,,,888888800000004444444 666,,,222222111 444,,,888111555 11,,440066 777777777,,,,,,,,,555555555888888888333333333 777,,,333222000 222226666633333 332288 177 Dec. 31, 1966 11111114444444.......222222277777774444444 11111113333333,,,,,,,777777777777770000000 666,,,111555000 444,,,777777999 11,,335511 777777777,,,,,,,,,666666666222222222000000000 777,,,333888555 222223333355555 333300 174 Dec. 31, 1967 11111114444444,,,,,,,222222222222222222222 11111113333333,,,,,,,777777722222221111111 666,,,000777111 444,,,777555888 11,,331133 777777777,,,,,,,,,666666666555555555000000000 777,,,444333999 222221111111111 333311 170 Dec. 31, 1968 11111114444444,,,,,,,111111177777779999999 11111113333333,,,,,,,666666677777779999999 555,,,999777888 444,,,777111666 11,,226622 777777777,,,,,,,,,777777777000000000111111111 777,,,555000444 111119999977777 333333 167 Dec. 31, 1969 11111114444444,,,,,,,111111155555558888888 11111113333333,,,,,,,666666666666662222222 555,,,888777111 444,,,666666999 11,,220022 777777777,,,,,,,,,777777777999999999111111111 777,,,555999555 111119999966666 333300 166 Dec. 31, 1970 11111114444444,,,,,,,111111188888881111111 11111113333333,,,,,,,666666688888888888888 555,,,777666888 444,,,666222111 11,,114477 777777777,,,,,,,,,999999999222222222000000000 777,,,777333555 111118888855555 332288 165 Dec. 31, 1971 11111114444444,,,,,,,222222277777773333333 11111113333333,,,,,,,777777788888884444444 555,,,777222888 444,,,666000000 11,,112288 888888888,,,,,,,,,000000000555555555666666666 777,,,888777555 111118888811111 332266 163 Branches, additional offices, and facilities: Dec. 31, 1934 3333333,,,,,,,111111133333333333333 3333333,,,,,,,000000000000007777777 222,,,222222444 111,,,222444333 998811 777777777888888888333333333 777111JJJJJ 33333 ii:: 16 Dec. 31, 1941 3333333,,,,,,,666666699999999999999 3333333,,,,,,,555555566666664444444 222,,,555888000 111,,,555666555 11,,001155 999999999888888888444444444 999333222 5555522222 3322 103 Dec. 31, 1947 2 4444444,,,,,,,333333333333332222222 4444444,,,,,,,111111166666661111111 333,,,000555111 111,,,888777000 11,,118811 111111111,,,,,,,,,111111111111111111000000000 111,,,000444333 6666677777 112244 47 Dec. 31, 1951 5555555,,,,,,,333333388888883333333 5555555,,,,,,,111111155555553333333 333,,,888333777 222,,,333777000 11,,446677 111111111,,,,,,,,,333333333111111111666666666 111,,,222777555 4444411111 116655 65 Dec. 31, 1956 7777777,,,,,,,999999955555555555555 7777777,,,,,,,555555588888889999999 555,,,888888666 333,,,888000999 22,,007777 111111111,,,,,,,,,777777777000000000333333333 111,,,666666666 3333377777 225577 109 Dec. 31, 1960 11111110000000,,,,,,,999999966666669999999 11111110000000,,,,,,,444444488888883333333 888,,,111333333 555,,,555000999 22,,662244 222222222,,,,,,,,,333333333555555555000000000 222,,,333000333 4444477777 338811 105 Dec. 31, 1961 11111111111111,,,,,,,888888899999996666666 11111111111111,,,,,,,333333355555553333333 888,,,888999999 666,,,000444444 22,,885555 222222222,,,,,,,,,444444444555555555444444444 222,,,444111000 4444444444 442277 116 Dec. 31, 1962 11111112222222,,,,,,,999999933333332222222 11111112222222,,,,,,,333333344444445555555 999,,,666444999 666,,,666444000 33,,000099 222222222,,,,,,,,,666666666999999999666666666 222,,,666444666 5555500000 446666 121 Dec. 31, 1963 11111114444444,,,,,,,111111122222222222222 11111113333333,,,,,,,444444499999998888888 111000,,,666111333 777,,,444222000 33,,119933 222222222,,,,,,,,,888888888888888888555555555 222,,,888333555 5555500000 550022 122 Dec. 31, 1964 11111115555555.......222222277777775555555 11111114444444,,,,,,,666666600000001111111 111111,,,444555777 888,,,111555666 33,,330011 333333333,,,,,,,,,111111111444444444444444444 333,,,000999444 5555500000 554499 125 Dec. 31, 1965 11111116666666,,,,,,,444444477777771111111 11111115555555,,,,,,,777777755555556666666 111222,,,222999888 888,,,999666444 33,,333344 333333333,,,,,,,,,444444444555555555888888888 333,,,444000444 5555544444 558833 132 Dec. 31, 1966 11111117777777,,,,,,,666666666666665555555 11111116666666,,,,,,,999999900000008888888 111333,,,111222999 999,,,666111111 33,,551188 333333333,,,,,,,,,777777777777777777999999999 333,,,777111777 6666622222 661144 143 Dec. 31, 1967 11111118888888,,,,,,,777777755555557777777 11111117777777,,,,,,,999999922222228888888 111333,,,888555666 111000,,,111888333 33,,667733 444444444,,,,,,,,,000000000777777777222222222 444,,,000222666 4444466666 666699 160 Dec. 31, 1968 11111119999999,,,,,,,999999911111111111111 11111119999999,,,,,,,000000011111113333333 111444,,,555555333 111000,,,999888555 33,,556688 444444444,,,,,,,,,444444444666666666000000000 444,,,444111444 4444466666 772299 169 Dec. 31, 1969 22222221111111,,,,,,,111111199999996666666 22222220000000,,,,,,,222222200000008888888 111555,,,222000444 111111,,,777222777 33,,447777 555555555,,,,,,,,,000000000000000000444444444 444,,,999555777 4444477777 881100 178 Dec. 31,1970 22222222222222,,,,,,,777777722222227777777 22222221111111,,,,,,,666666644444443333333 111666,,,111999111 111222,,,555333666 33,,665555 555555555,,,,,,,,,444444444555555555222222222 555,,,444000444 4444488888 889911 193 Dec. 31, 1971 22222224444444,,,,,,,222222299999999999999 22222223333333,,,,,,,111111100000004444444 111777,,,000888555 111333,,,222777222 33,,881133 666666666,,,,,,,,,000000000111111111999999999 555,,,999777999 4444400000 998833 212 Changes Jan.-Dec. 31, 1971 Banks: New banks 222222200000003333333 222222200000001111111 444666 333777 99 111111111555555555555555555 111444999 66666 22 Suspensions -------4444444 -------4444444 ---111 ---------333333333 ---222 Reopening of suspended banks 1111111 111111111 11111 Consolidations and absorptions: Banks converted into branches -------88888887777777 -------88888883333333 -45 -39 -6 ---------333333333888888888 -37 -2 -2 Ceased banking operations -------1111111 ---------111111111 Other -------11111115555555 -------11111113333333 --88 --55 --33 ---------555555555 -----55555 --22 Voluntary liquidations 3 -------3333333 -------3333333 ---------333333333 -----11111 --22 Interclass changes: Nonmember to national 777 77 ---------777777777 -----77777 Nonmember to State member 444 4444 ---------444444444 -----44444 State member to national 33 ----3333 State member to nonmember ---222000 ----22220000 222000 22222222220000000000 National to nonmember ---222111 --2211 222111 22222222221111111111 Noninsured to insured 6666666666 --66 Net change 9999922222 9999966666 -------44444440000000 ----22221111 -----1111199999 111111133333336666666 111111111144444444440000000000 --44 ----2222 ---222 Number of banks, Dec. 31, 1971 1111144444,,,,,222227777733333 1111133333,,,,,777778888844444 5555555,,,,,,,777777722222228888888 4444,,,,666600000000 11111,,,,,111112222288888 8888888,,,,,,,000000055555556666666 7777777777,,,,,,,,,,888888888877777777775555555555 118811 333322226666 111666333 Branches and additional offices: De novo 11111,,,,,666660000022222 11111,,,,,444449999933333 999999944444447777777 777744443333 222220000044444 555555544444446666666 555555555544444444446666666666 99990000 111999 Banks converted 9999900000 8888866666 66666665555555 55551111 1111144444 22222221111111 22222222221111111111 3333 111 Discontinued -----9999977777 -----9999966666 -------77777773333333 ----55553333 -----2222200000 -------22222223333333 ----------22222222222222222222 ----1111 Sale of branch -----11111 -------4444444 -----44444 3333333 4444444444 Interclass changes: Nonmember to national 22222221111111 2211 -------22222221111111 ----------22222222221111111111 Nonmember to State member 11111116666666 1111166666 -------11111116666666 ----------11111111116666666666 State member to national 2200 -----2222200000 State member to nonmember --2244 -----2222244444 2244 2244 National to State member ---222 22222 National to nonmember --2266 ---222666 2266 222666 Noninsured to insured 777 --77 Noninsured mutual savings to insured mutual savings 11 --11 Facilities reclassified as branches 333333333 333333333 333333333 333333333 Other ---------222222222555555555 ---------222222222444444444 ---------333333333111111111 ---------222222222111111111 ---111000 77 66 Net change 111111111,,,,,,,,,555555555777777777222222222 111111111,,,,,,,,,444444444666666666111111111 888888888999999999444444444 777777777333333333666666666 111555888 --88 9922 19 Number of branches and additional offices, Dec. 556677 557755 31, 1971 222222222444444444,,,,,,,,,000000000888888888333333333 222222222222222222,,,,,,,,,888888888888888888888888888 111111111666666666,,,,,,,,,999999999000000000222222222 111111111333333333,,,,,,,,,111111111000000000222222222 4400 998833 212 333,,,888000000 55,,998866 55,,994466 Banking facilities:4 Established 666666666 666666666 666666666 555555555 Discontinued ---------222222222 ---------222222222 ---------222222222 ---------222222222 111 Other ---------444444444 ---------444444444 ---------444444444 ---------444444444 Facilities reclassified as branches ---------333333333 ---------333333333 ---------333333333 ---------333333333 Net change ---------555555555 ---------333333333 ---------555555555 ---------444444444 111 Number of facilities, Dec. 31, 1971 222222222111111111666666666 222222222111111111666666666 111111111888888888333333333 111111111777777777000000000 111333 3333 3333 1 Insured mutual savings banks figures include one to three member 3 Exclusive of liquidations incident to succession, conversion, and mutual savings banks, 1941 to 1962 inclusive, not reflected in total com- absorption of banks. mercial bank figures. 4 Provided at military and other Govt, establishments through arrange- 2 Series revised as of June 30, 1947. The revision resulted in an addition ments made by the Treasury Dept. of 115 banks and nine branches. NOTE.—Beginning with 1959, figures include all banks in Alaska and Hawaii, but nonmember banks in territories and possesssions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • FEDERAL RESERVE PAR LIST A 99 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. district, Total Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Puerto Rico and Virgin Islands:1 Dec. 31, 1970 13,600 21,848 13,099 21,670 5,768 16,227 7,331 5,443 501 178 Dec. 31, 1971 13,702 23,296 13,440 23,126 5,728 17,121 7,712 6,005 262 170 F.R. districts, Dec. 31, 1971: Boston 373 1,685 373 1,685 227 1,229 146 456 New York i 477 3,650 477 3,650 340 3.210 137 440 Philadelphia 441 1,691 441 1,691 306 1.211 135 480 Cleveland 789 2,074 789 2,074 468 1,707 321 367 Richmond 735 3,244 702 3,201 360 1,967 342 1,234 33 43 Atlanta 1,691 1,641 1 ,582 1,560 562 1,039 1,020 521 109 81 Chicago 2,591 2,435 2,591 2,435 941 1,594 1,650 841 St. Louis 1,517 935 1,453 903 458 490 995 413 64 32 Minneapolis 1,370 301 1,370 301 490 145 880 156 Kansas City 1,969 321 1,969 321 796 201 1,173 120 Dallas 1,358 270 1,302 256 633 135 669 121 56 14 San Francisco 391 5,049 391 5,049 147 4,193 244 856 State or area, Dec. 31, 1971: Alabama 273 303 216 281 108 226 108 55 57 22 Alaska 65 11 65 5 58 6 7 Arizona 13 347 13 347 4 248 9 99 Arkansas 252 175 188 143 81 104 107 39 32 California 144 3,171 144 3,171 66 2,810 78 361 Colorado 235 28 235 28 140 20 95 8 Connecticut 62 469 62 469 29 363 33 106 Delaware 18 99 18 99 7 47 11 52 District of Columbia 14 108 14 108 12 101 2 7 Florida 534 41 534 41 240 13 294 28 Georgia 434 412 434 412 70 282 364 130 Hawaii 7 141 7 141 9 6 132 Idaho 24 165 24 165 13 144 21 Illinois 1,132 122 1,132 122 493 80 639 42 Indiana , 407 671 407 671 183 420 224 251 Iowa 665 328 665 328 148 91 517 237 Kansas 603 73 603 73 199 42 404 31 Kentucky 343 361 343 361 94 212 249 149 Louisiana 235 414 145 341 59 223 86 118 90 73 Maine 40 238 40 238 25 174 15 64 Maryland 112 568 112 568 46 348 66 220 Massachusetts 158 780 158 780 98 604 60 176 Michigan 330 1,254 330 1,254 205 1,028 125 226 Minnesota 731 17 731 17 223 8 508 9 Mississippi 183 369 183 369 45 160 138 209 Missouri 669 99 669 99 169 41 500 58 Montana 143 10 143 10 92 8 51 2 Nebraska 439 45 439 45 135 27 304 18 Nevada 8 89 8 89 5 78 3 11 New Hampshire 73 69 73 69 49 57 24 12 New Jersey 209 1,096 209 1,096 153 949 56 147 New Mexico 68 140 68 140 40 88 28 52 New York 305 2,553 305 2,553 239 2,402 66 ' 151 North Carolina 93 1,222 72 1,183 24 610 48 573 21 39 North Dakota 168 72 168 72 46 14 122 58 Ohio 514 1,368 514 1,368 336 1,150 178 218 Oklahoma 436 71 436 71 213 51 223 20 Oregon 46 358 46 358 8 259 38 99 Pennsylvania 451 1,823 451 1,823 309 1,350 142 473 Rhode Island 13 179 13 179 5 97 8 82 South Carolina 99 457 87 453 25 261 62 192 12 South Dakota 159 100 159 100 57 66 102 34 Tennessee 309 527 309 527 91 331 218 196 Texas 1,214 86 1,196 86 579 29 617 57 18 Utah 50 148 50 148 15 108 35 40 Vermont 41 89 41 89 26 50 15 39 Virginia 245 885 245 885 146 645 99 240 Washington 91 587 91 587 31 499 60 88 West Virginia 199 6 199 6 119 2 80 4 Wisconsin 608 285 608 285 166 89 442 196 Wyoming 71 2 71 2 55 16 1 Puerto Rico 1 13 186 13 186 19 13 167 Virgin Islands 1 25 25 25 7 1 Puerto Rico and the Virgin Islands assigned to the New York District NOTE.—Includes all commercial banking offices in the United States, for purposes of Regulation J, "Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except eight in the Virgin Islands are 216 banking facilities. Number of banks and branches differs from that branches of New York City banks. Certain branches of Canadian banks in the preceding table because this table includes banks in Puerto Rico (two in Puerto Rico and five in Virgin Islands) are included above in the and the Virgin Islands but excludes banks and trust companies on which table as nonmember banks; and nonmember branches in Puerto Rico no checks are drawn. include eight branches of Canadian banks. 2 Includes fifteen New York City branches of three insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 INTEREST RATES, 1971 • FEBRUARY 1972 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime 3-month bills5 6-month bills 5 9- to 12-month coml. paper bankers' Federal issues 3- to 5paper placed accept- funds year 4- to 6- directly ances rate3 iissssuueess66 months1 3- to 6- 90 days1 Rate on Market Rate on Market Bills months2 new yield new yield (market Other 6 issue issue yield) s 1971—Jan 5.11 5.07 4.77 4.14 4.494 4.44 4.510 4.47 4.39 4.29 5.72 Feb 4.47 4.37 4.09 3.72 3.773 3.69 3.806 3.78 3.84 3.80 5.31 Mar 4.19 4.05 3.80 3.71 3.323 3.38 3.431 3.50 3.61 3.66 4.74 Apr 4.57 4.27 4.36 4.15 3.780 3.85 3.927 4.03 4.09 4.21 5.42 May 5.10 4.69 4.91 4.63 4.139 4.13 4.367 4.34 4.64 4.93 6.02 June 5.45 5.24 5.33 4.91 4.699 4.74 4.890 4.95 5.32 5.57 6.36 July 5.75 5.54 5.60 5.31 5.405 5.39 5.586 5.62 5.73 5.89 6.77 Aug 5.73 5.57 5.57 5.57 5.078 4.93 5.363 5.22 5.52 5.67 6.39 Sept 5.75 5.44 5.49 5.55 4.668 4.69 4.934 4.97 5.20 5.31 5.96 Oct 5.54 5.30 5.05 5.20 4.489 4.46 4.626 4.60 4.75 4.74 5.68 Nov 4.92 4.81 4.78 4.91 4.191 4.22 4.338 4.38 4.49 4.50 5.50 Dec 4.74 4.60 4.45 4.14 4.023 4.01 4.199 4.23 4.40 4.38 5.42 Week ending— 1970—Dec. 26 5.75 5.45 5.25 4.84 4.727 4.82 4.765 4.87 4.88 4.85 5.96 1971—Jan. 2 5.75 5.44 5.25 4.82 4.830 4.87 4.836 4.88 4.86 4.85 5.94 9 5.68 5.41 5.23 3.82 4.921 4.84 4.927 4.89 4.71 4.76 5.99 16 5.38 5.25 4.88 4.27 4.640 4.51 4.633 4.55 4.48 4.40 5.78 23 4.85 4.93 4.48 4.13 4.213 4.20 4.243 4.22 4.19 3.87 5.58 30 4.53 4.69 4.45 4.23 4.201 4.19 4.235 4.24 4.18 4.11 5.54 Feb. 6 4.63 4.63 4.35 4.09 4.110 4.06 4.114 4.11 4.11 4.03 5.49 13 4.63 4.53 4.13 3.59 3.845 3.71 3.839 3.75 3.80 3.82 5.33 20 4.38 4.31 4.03 4.14 3.640 3.56 3.679 3.65 3.72 3.70 5.24 27 4.25 4.03 3.85 3.46 3.497 3.43 3.590 3.57 3.68 3.64 5.15 Mar. 6 4.25 3.88 3.75 3.41 3.347 3.35 3.467 3.44 3.64 3.69 5.07 13 4.25 4.08 3.70 3.29 3.307 3.28 3.359 3.39 3.52 3.56 4.75 20 4.20 4.13 3.83 3.93 3.307 3.39 3.416 3.51 3.57 3.59 4.55 27 4.05 4.13 3.80 3.70 3.331 3.37 3.481 3.54 3.63 3.68 4.56 Apr. 3 4.23 4.08 4.00 4.02 3.521 3.61 3.695 3.72 3.70 3.89 4.85 10 4.28 4.13 4.13 3.98 3.703 3.78 3.754 3.85 3.79 4.02 5.08 17 4.58 4.28 4.38 4.20 4.039 3.96 4.140 4.09 4.10 4.16 5.37 24 4.70 4.34 4.45 4.27 3.770 3.81 3.960 4.02 4.14 4.19 5.59 May 1 4.80 4.39 4.60 4.14 3.865 3.93 4.087 4.22 4.44 4.53 5.77 88 5.00 4.50 4.83 4.41 3.865 3.84 4.182 4.20 4.46 4.69 5.92 1155 5.00 4.51 4.88 4.59 3.861 3.96 4.178 4.23 4.58 4.75 5.98 22 5.15 4.79 4.95 4.55 4.352 4.36 4.530 4.49 4.79 5.20 6.20 29 5.25 4.98 5.00 4.68 4.478 4.38 4.578 4.46 4.73 5.08 5.97 June 5 5.38 5.13 5.00 4.82 4.344 4.28 4.508 4.52 4.78 4.99 5.92 12 5.38 5.13 5.18 4.77 4.510 4.58 4.720 4.79 5.13 5.37 6.22 19 5.48 5.19 5.43 4.89 4.989 4.94 5.200 5.16 5.43 5.76 6.54 26 5.50 5.39 5.50 4.96 4.953 4.86 5.133 5.06 5.56 5.74 6.46 July 3 5.65 5.45 5.60 5.07 5.080 5.17 5.277 5.37 5.77 6.06 6.70 10 5.75 5.48 5.63 5.18 5.467 5.40 5.614 5.53 5.65 5.96 6.70 17 5.75 5.56 5.50 5.13 5.376 5.38 5.483 5.52 5.61 5.70 6.64 24 5.75 5.56 5.63 5.46 5.546 5.45 5.724 5.73 5.77 5.85 6.82 31 5.75 5.58 5.63 5.38 5.554 5.39 5.833 5.77 5.87 6.00 6.92 Aug. 7 5.75 5.60 5.63 5.57 5.273 5.28 5.618 5.67 5.90 6.02 6.85 14 5.83 5.68 5.63 5.59 5.372 5.24 5.770 5.66 5.92 6.06 6.81 21 5.78 5.58 5.55 5.59 4.921 4.71 5.202 4.89 5.24 5.41 6.05 28 5.63 5.46 5.53 5.48 4.747 4.69 4.860 4.87 5.19 5.39 6.06 Sept. 4 5.70 5.44 5.50 5.59 4.549 4.47 4.771 4.79 5.13 5.20 5.89 11 5.75 5.44 5.50 5.73 4.538 4.62 4.846 4.92 5.17 5.23 5.94 18 5.75 5.44 5.50 5.59 4.834 4.79 5.085 5.02 5.22 5.35 6.00 25 5.75 5.45 5.50 5.46 4.743 4.74 4.993 5.04 5.26 5.41 6.01 Oct. 2 5.75 5.44 5.40 5.43 4.676 4.65 4.973 4.95 5.17 5.26 5.91 9 5.75 5.44 5.23 5.32 4.534 4.51 4.743 4.72 5.00 4.91 5.84 16 5.63 5.39 5.03 5.29 4.486 4.45 4.595 4.58 4.73 4.73 5.68 23 5.45 5.24 4.98 5.14 4.494 4.47 4.635 4.56 4.67 4.70 5.62 30 5.25 5.06 4.88 5.11 4.443 4.36 4.530 4.47 4.49 4.51 5.53 Nov. 6 5.03 4.97 4.78 5.16 4.233 4.18 4.346 4.34 4.41 4.37 5.41 13 4.88 4.88 4.75 4.93 4.174 4.18 4.340 4.37 4.47 4.40 5.47 20 4.93 4.80 4.75 4.88 4.122 4.15 4.255 4.31 4.42 4.46 5.47 27 4.88 4.66 4.81 4.86 4.236 4.33 4.411 4.49 4.61 4.69 5.63 Dec. 4 4.88 4.73 4.75 4.68 4.324 4.28 4.431 4.42 4.60 4.63 5.52 11 4.88 4.70 4.58 4.59 4.091 4.11 4.207 4.28 4.53 4.54 5.48 18 4.75 4.63 4.50 4.20 3.944 4.04 4.144 4.27 4.50 4.40 5.45 25 4.75 4.50 4.40 3.89 4.023 4.02 4.263 4.25 4.38 4.30 5.43 1972—Jan. 1 4.50 4.50 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. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • INTEREST RATES, 1971 A 101 BONO 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 (longterm) Total 1 Aaa Baa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - Common 1971—Jan 5.91 5.34 5.08 5.65 8.04 7.36 8.74 8.57 8.70 8.17 6.53 3.32 Feb 5.84 5.28 4.92 5.73 7.75 7.08 8.39 7.24 8.39 7.94 6.32 3.18 J J A M A M u u u p l a a n g y r y r . e . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 . . . . . . 9 7 7 9 9 7 1 8 1 4 6 5 5 5 5 5 6 5 . . . . . . 8 9 2 9 4 1 4 8 6 9 9 2 5 5 5 5 5 5 . . . . . . 7 6 5 7 2 0 1 5 6 5 2 0 5 5 6 6 6 6 . . . . . . 2 5 8 3 5 3 6 5 6 8 6 1 7 7 8 8 8 8 . . . . . . 8 8 1 0 1 1 6 4 2 4 3 4 7 7 7 7 7 7 . . . . . . 2 2 6 5 6 5 1 5 4 9 4 3 8 8 8 8 8 8 . . . . . . 7 4 4 7 6 7 5 5 6 6 2 6 7 7 7 7 7 7 . . . . . . 8 3 8 4 6 8 5 6 0 3 8 0 8 8 8 8 8 8 . . . . . . 3 4 3 4 4 4 9 3 7 8 6 0 8 8 8 8 8 8 . . . . . . 0 3 0 2 3 3 8 9 5 3 4 0 6 6 7 7 6 6 . . . . . . 4 9 0 5 8 0 8 9 3 9 2 4 2 3 3 3 3 3 . . . . . . 9 1 1 1 1 0 9 0 0 3 8 4 5 5 . . 5 7 2 4 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—Jan. 2. 6.16 5.49 5.25 5.75 8.19 7.48 8.97 7.75 8.86 8.31 6.92 3.36 9. 6.09 5.59 5.40 5.80 8.16 7.45 8.90 7.71 8.84 8.26 6.79 3.36 16. 5.96 5.30 5.00 5.60 8.10 7.42 8.82 7.66 8.76 8.22 6.62 3.35 23. 5.83 5.24 4.95 5.60 8.02 7.36 8.69 7.54 8.63 8.19 6.33 3.30 30. 5.78 5.24 4.95 5.60 7.87 7.19 8.54 7.38 8.57 8.01 6.38 3.26 Feb. 6. 5.80 5.39 5.10 5.75 7.79 7.10 8.47 7.26 8.52 7.96 6.30 3.20 13. 5.78 5.16 4.75 5.65 7.74 7.06 8.40 7.20 8.41 7.94 6.34 3.17 20. 5.83 5.24 4.85 5.75 7.72 7.07 8.34 7.22 8.32 7.93 6.24 3.15 27. 5.92 5.35 5.00 5.80 7.74 7.10 8.34 7.25 8.32 7.95 6.41 3.19 Mar. 6. 5.94 5.46 5.15 5.85 7.78 7.13 8.40 7.27 8.37 8.00 6.43 3.18 13. 5.77 5.24 4.95 5.60 7.84 7.20 8.47 7.32 8.40 8.11 6.53 3.11 20. 5.65 5.14 4.90 5.40 7.88 7.26 8.50 7.38 8.40 8.13 6.44 3.05 27. 5.54 5.18 5.00 5.40 7.86 7.25 8.47 7.42 8.38 8.07 6.46 3.10 Apr. 3. 5.64 5.24 5.00 5.60 7.85 7.22 8.46 7.42 8.38 8.03 6.53 3.07 10. 5.66 5.33 5.10 5.70 7.84 7.23 8.45 7.42 8.35 8.02 6.54 3.02 17. 5.73 5.45 5.20 5.80 7.85 7.24 8.45 7.42 8.38 8.03 6.54 2.98 24. 5.82 5.61 5.30 6.00 7.86 7.24 8.42 7.43 8.37 8.05 6.62 2.99 May 1 . 5.81 5.80 5.50 6.15 7.89 7.30 8.47 7.46 8.38 8.10 6.64 2.95 8. 5.92 5.96 5.65 6.25 7.95 7.43 8.52 7.57 8.37 8.14 6.69 2.98 15. 5.96 6.08 5.80 6.40 7.99 7.48 8.59 7.64 8.38 8.17 6.74 3.01 22. 6.04 6.00 5.70 6.40 8.08 7.57 8.69 7.75 8.44 8.28 6.82 3.06 29. 5.90 6.00 5.70 6.40 8.12 7.66 8.68 7.77 8.43 8.35 7.03 3.11 June 5. 5.79 5.83 5.50 6.20 8.15 7.69 8.71 7.80 8.40 8.41 6.98 3.07 12. 5.89 5.90 5.60 6.25 8.13 7.66 8.73 7.79 8.37 8.42 7.03 3.09 19. 6.06 5.99 5.70 6.35 8.13 7.63 8.77 7.79 8.42 8.38 6.96 3.08 26. 5.98 6.19 5.80 6.65 8.14 7.62 8.78 7.79 8.49 8.37 6.99 3.14 July 3. 5.97 6.35 5.90 7.00 8.14 7.63 8.78 7.82 8.47 8.35 7.01 3.10 10. 5.92 6.09 5.70 6.60 8.14 7.65 8.75 7.83 8.43 8.35 7.06 3.09 17. 5.82 6.09 5.70 6.60 8.14 7.64 8.77 7.84 8.43 8.34 7.07 3.12 24. 5.91 5.98 5.65 6.30 8.14 7.63 8.75 7.85 8.47 8.32 6.96 3.12 31 . 5.96 6.08 5.80 6.40 8.16 7.66 8.78 7.86 8.47 8.34 7.04 3.18 Aug. 7. 5.93 6.13 5.85 6.45 8.21 7.69 8.85 7.89 8.53 8.41 7.10 3.28 14. 5.90 6.09 5.80 6.45 8.22 7.71 8.88 7.89 8.55 8.44 7.06 3.25 21 . 5.64 5.42 5.15 5.75 8.02 7.49 8.66 7.72 8.31 8.23 6.99 3.12 28. 5.70 5.71 5.45 6.20 8.07 7.50 8.69 7.76 8.48 8.19 7.02 3.06 Sept. 4, 5.58 5.59 5.30 6.10 8.03 7.45 8.65 7.67 8.54 8.15 6.94 3.10 11 , 5.51 5.40 5.00 5.80 7.97 7.42 8.62 7.62 8.45 8.11 6.87 3.03 2 1 5 8. , 5 5 . . 5 5 9 9 5 5. . 5 5 1 0 5 5 . .1 1 5 0 5 5 . . 9 9 0 0 7 7 . . 9 9 7 6 7 7 . . 4 4 4 4 8 8 . . 6 5 3 7 7 7 . . 6 6 5 4 8 8 . . 3 3 9 2 8 8. . 1 1 2 3 6 6. . 8 8 5 7 3 3. . 1 0 1 7 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 27 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 1 Includes bonds rated Aa and A, data for which are not shown sep- Corporate bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody's Investors Service series. Stocks: Standard and Poor's Corporate cororate bonds in some groups has varied somewhat. series. Dividend/price ratios are based on Wed. figures; earnings/price. Ratios are as of end of period. Preferred stock ratio is based on eight NOTE.—Computed as follows: U.S. Govt, bonds: Averages of daily median yields for a sample of noncallable issues—12 industrial and two figures for bonds maturing or callable in 10 years or more. State and public utility; common stock ratios on the 500 stocks in the price index. local govt, bonds: General obligations only, based on Thurs. figures. Quarterly earnings are seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 STOCK MARKET CREDIT • FEBRUARY 1972 SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1971 (In millions of dollars) Regulation T Regulation U 1 Regu- Type of credit lation G NYSE Other Commercial Other members brokers and Total banks banks 3 Total dealers 2 Margin credit: Subject to margin requirements: Margin stock 4 4,732 66 4,798 723 10 733 161 Convertible bonds 207 4 211 57 58 45 Subscription issues 41 41 16 16 "Plan lenders" 5 60 Total 4,980 70 5,050 796 11 807 266 Not subject to margin requirements: Nonmargin stock 6 1,225 3 1,228 Total 4,980 70 5,050 2,021 14 2,035 266 Other security credit 1,249 14 1,263 At bank T s o t r a e l p orting less than $250,000 n.e.c.' 4^980 io '5^656' 3,4 1 6 9 7 7 30 2 3,4 1 9 9 7 9 266 1 Excludes loans to brokers and dealers. 5 Credit extended to finance purchases through qualified stock option 2 Includes data for firms that are members of the American Stock Ex- and employee stock purchase plans. change but not of the New York Stock Exchange that report directly to 6 Loans to purchase or carry over-the-counter (OTC) stock not on the the Board of Governors of the Federal Reserve System and for other Federal Reserve Board's OTC margin stock list and secured by restricted broker-dealers reporting voluntarily to the National Association of collateral in whole or in part. Securities Dealers. 7 Security credit extended under Regulation U by banks reporting less 3 Includes U.S. agencies of foreign banks and mutual savings banks. than $250,000 of such loans, not included in detail above. 4 Includes bank loans for which part of the collateral was not restricted. Such loans may contain some credit to purchase or carry convertible bonds. NOTE.—Details may not add to totals due to rounding. MARGIN CREDIT BY SOURCE SECURITY CREDIT AT BANKS BY TYPE 1 (In millions of dollars) (In millions of dollars) Outstanding on Brokers Banks Others Total June 30 June 30 Category 1968 66666,,,,,333333333344444 1969 55555,,,,,222223333333333 1970 44444,,,,,111111111177777 222,,,000444666 222444555 666,,,444000888 Loans to purchase or carry margin stock, 1971 55555,,,,,000005555500000 222,,,000333555 222666666 777,,,333555111 secured by— a. Stocks (except as described in (c) below)... b. Convertible bonds NOTE.—See footnotes to table above. c. Stocks acquired with subscription rights.. .. d. Restricted collateral, in part Total Loans to purchase or carry nonmargin stock, secured by restricted collateral: a. Entirely b. In part Total All other loans to purchase or carry securities. . . Total 1 Includes all banks reporting total security credit of $250,000 or more. NOTE.—Details may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1972 • STOCK MARKET CREDIT A 103 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS AT BROKERS CARRYING MARGIN ACCOUNTS, JUNE 30, 1964-71 1 (In millions of dollars) Item 1964 1965 1966 1967 1968 1969 1970 1971 DEBIT BALANCES Cash on hand and in banks 466 515 601 686 879 11,,000033 746 633 Securities— Borrowed 201 255 515 805 1,361 1,247 668 888 Sold, delivery pending (failed to deliver) 369 448 823 1,588 33,,884433 22,,226688 804 11,,441133 Net debit balances due from member firms of national securities exchanges 224 221 257 291 507 524 224 318 Debit balances due from all other customers, exclusive of exchange members or allied exchange members in reporting firms—Total.. 55,,338844 55,,117733 55,,884466 66,,223322 2 9,287 8,356 5,615 7,142 In stock margin accounts 11 6,150 5,002 3,836 4,743 In convertible bond margin accounts 101 162 198 208 I 105 85 48 41 In cash accounts 2,690 2,682 1,162 1,842 In other accounts J 241 424 372 308 Net debit balances in individual investment and trading accounts of exchange members or allied exchange members in reporting firms.. 78 84 90 109 102 133 81 120 Debit balances in— Firm investment accounts 264 325 358 477 682 743 665 647 Firm trading and underwriting accounts 959 11,,444455 1,240 11,,661188 1,801 22,,447711 22,,665511 3,615 Commodity margins on deposit with banks, and commodity guaranty funds on deposit 2288 41 5555 49 6677 83 74 83 All other debit balances 389 410 519 1,024 1,112 1,429 1,313 1,313 Total 8,364 8,917 10,304 12,880 19,640 18,258 12,841 16,172 CREDIT BALANCES Money borrowed—Total 3 4,499 4,541 3,969 3,690 4,144 4,394 33,,887722 4,995 From banks and trust companies: In New York City 2,273 2,662 2,518 2,215 2,460 2,780 2,083 2,924 Elsewhere in the United States 1,353 1,180 859 903 966 825 892 989 From U.S. agencies of foreign banks 859 711 552 494 601 517 303 337 From other lenders (not including members of national securities exchanges) 14 28 39 79 117 272 594 746 Securities— 268 340 664 614 1,544 1,357 704 931 393 433 851 1,660 4,127 2,485 894 1,548 Net credit balances due to member firms of national securities ex- 206 199 231 309 446 396 203 288 Credit balances due to other customers exclusive of exchange members or allied exchange members in reporting firms—Total 11,,553311 1,775 2,479 3,363 5,499 5,398 3,642 33,,992255 In free credit balances in cash accounts ] 2,932 2,563 1,761 2,045 In free credit balances in stock and convertible bond margin accounts... 619 718 512 401 In credit balances in short accounts 1,072 931 633 585 In other net credit balances 1 1,100 1,186 736 895 Credit balan ces and money borrowed which are subordinated to general cred/tors under approved agreements 111111 114411 154 190 248 381 454 504 Net credit balances in the individual investment and trading accounts of exc hange members or allied exchange members in reporting firms.. 3377 4488 59 81 111122 113344 121 8877 Credit balances in firm investment and trading accounts 173 214 270 556 616 752 595 769 Net balance in capital accounts 4 and profit and loss accounts and general partners' or voting stockholders' drawing accounts 886666 991199 1,125 1,353 1,748 1,987 1,639 22,,002233 All other credit balances 279 306 504 704 1,052 973 717 1,103 Total 8,364 8,917 10,304 12,880 19,471 18,258 12,841 16,172 MEMO: Money borrowed, according to collateral: Secured by customers' collateral: Entirely by obligations of U.S. Govt, or its agencies 1100 1122 18 13 63 112277 31 2255 Entirely by bonds other than convertible bonds and U.S. Govt. securities 156 104 100 103 30 56 53 5500 By nonexempt securities or mixed collateral 3,616 3,301 2,919 2,184 2,817 2,868 1,971 2,215 Secured by collateral of the firm or of exchange members or allied exchange members in reporting firms: Entirely by obligations of U.S. Govt, or its agencies 116666 332200 136 336 142 302 880055 11,,551144 Entirely by bonds other than convertible bonds and U.S. Govt. 125 116 147 127 102 109 283 229966 425 686 645 926 972 903 709 874 Unsecured borrowing other than subordinated to general creditors... * 2 3 1 16 30 19 21 Total 4,499 4,541 3,969 3,690 4,144 4,394 3,872 4,995 Amount to be repaid for securities sold under repurchase agreements... 134 137 122 326 450 550 1,223 1,197 Number of firms 331 331 328 326 365 371 363 313 1 Member firms of either NYSE or AMEX. Prior to 1968, annual totals monthly in the table on Stock Market Credit, page A-38, but the data do not include data for firms which were members of AMEX but not differ somewhat because of sampling error in the monthly series, statistical NYSE. discrepancies in reporting, and differences in the date of reporting. 2 Because of a change in reporting format in 1968, the items "debit 3 Excluding subordinated borrowing. balances due from all other customers exclusive of general partners or 4 Excluding subordinated indebtedness included in the item "Credit voting stockholders" and "credit balances due to other customers ex- balances and money borrowed, etc.," above. clusive of general partners or voting stockholders" for prior years are not comparable with those for 1968. The difference results essentially from a NOTE.—End-of-month figures. For a discussion of customer debit change in the procedure of netting credit balances against debit balances balances and other figures in this table, see, respectively, "Margin Account for customers with more than one account at a brokerage firm. The sub- Credit," June 1968 BULLETIN, and "Statistics on Margin Accounts," item of debit balances "in stock margin accounts" is conceptually equiva- Sept. 1936 BULLETIN. lent to credit extended to margin customers by brokers, as reported Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 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. GRIMWOOD, Assistant Director and LYLE E. GRAMLEY, Associate Director Program Director for Contingency Planning PETER M. KEIR, Adviser HARRY J. HALLEY, Program Director for Man- JAMES L. PIERCE, Adviser agement Systems STANLEY J. SIGEL, Adviser WILLIAM W. LAYTON, Director of Equal Em- MURRAY S. WERNICK, Adviser ployment Opportunity KENNETH B. WILLIAMS, Adviser BRENTON C. LEAVITT, Program Director for JAMES B. ECKERT, Associate Adviser Banking Structure JOSEPH S. ZEISEL, Associate Adviser EDWARD C. ETTIN, A ssistant Adviser OFFICE OF THE SECRETARY ELEANOR J. STOCKWELL, Assistant Adviser STEPHEN P. TAYLOR, Assistant Adviser TYNAN SMITH, Secretary KENNETH A. KENYON, Deputy Secretary LOUIS WEINER, Assistant Adviser MURRAY ALTMANN, Assistant Secretary LEVON H. GARABEDIAN, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE ELIZABETH L. CARMICHAEL, Assistant RALPH C. BRYANT, Director Secretary JOHN E. REYNOLDS, Associate Director ROBERT L. SAMMONS, Associate Director LEGAL DIVISION JOHN F. L. GHIARDI, Adviser A. B. HERSEY, Adviser THOMAS J. O'CONNELL, General Counsel ROBERT F. SANDERS, Deputy General Counsel REED J. IRVINE, Adviser PAUL GARDNER, JR. , Assistant General Counsel SAMUEL I. KATZ, Adviser BERNARD NORWOOD, Adviser PAULINE B. HELLER, Adviser ROBERT S. PLOTKIN, Adviser RALPH C. WOOD, Adviser ROBERT F. GEMMILL, Associate Adviser SAMUEL PIZER, Associate Adviser DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF SUPERVISION AND REGULATION JAMES A. MCINTOSH, Director JOHN N. KILEY, JR. , Associate Director FREDERIC SOLOMON, Director WALTER A. ALTHAUSEN, Assistant Director BRENTON C. LEAVITT, Deputy Director DONALD G. BARNES, Assistant Director FREDERICK R. DAHL, Assistant Director HARRY A. GUINTER, Assistant Director JACK M. EGERTSON, Assistant Director P. D. RING, Assistant Director JOHN P. FLAHERTY, Assistant Director JAMES L. VINING, Assistant Director JANET O. HART, Assistant Director CHARLES C. WALCUTT, Assistant Director JOHN N. LYON, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve JOHN T. MCCLINTOCK, Assistant Director Examiner THOMAS A. SIDMAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 105 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER RONALD G. BURKE, Director JOHN KAKALEC, Controller JOHN J. HART, Assistant Director HARRY J. HALLEY, Deputy Controller DIVISION OF DATA PROCESSING JEROLD E. SLOCUM, Director CHARLES L. HAMPTON, Associate Director GLENN L. CUMMINS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES BENJAMIN R. W. KNOWLES, JR., JOSEPH E. KELLEHER, Director Assistant Director WALTER W. KREIMANN, Deputy Director HENRY W. MEETZE, Assistant Director DONALD E. ANDERSON, Assistant Director RICHARD S. WATT, Assistant Director JOHN D. SMITH, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 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 A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, President G. MORRIS DORRANCE, JR., THIRD FEDERAL RESERVE DISTRICT, Vice President 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 JOHN S. FANGBONER, FOURTH FEDERAL CHESTER C. LIND, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL LEWIS H. BOND, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 107 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 John H. Fetting, Jr. H. Lee Boatwright, III Charlotte 28201 Charles W. DeBell Jimmie R. Monhollon Culpeper Communications J. Gordon Dickerson, Jr. Center 22701 Atlanta 30303 John C. Wilson Monroe Kimbrel H. G. Pattillo Kyle K. Fossum Birmingham 35202 E. Stanley Robbins Dan L. Hendley Jacksonville 32203 Henry K. Stanford Edward C. Rainey Nashville 37203 John C. Tune, Jr. Jeffrey J. Wells New Orleans 70160 Broadus N. Butler George H. Gaffney Miami Office 33101 W. M. Davis 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 Roland R. Remmel John F. Breen Louisville 40201 John G. Beam Donald L. Henry Memphis 38101 William L. Giles 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 Allan B, Bowman Frederic W. Reed Houston 77001 Geo. T. Morse, Jr. James L. Cauthen San Antonio 78295 Irving A. Mathews 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 108 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted.) ANNUAL REPORT Sec. 15. International Finance. 1962. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. FEDERAL RESERVE BULLETIN. Monthly. $6.00 INDUSTRIAL PRODUCTION—1957-59 BASE. per annum or $.60 a copy in the United States and 1962. 172 pp. $1.00 a copy; 10 or more sent to one adits possessions, Bolivia, Canada, Chile, Colombia, dress, $.85 each. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, BANK MERGERS & THE REGULATORY AGEN- Nicaragua, Panama, Paraguay, Peru, El Salvador, CIES: APPLICATION OF THE BANK MERGER Uruguay, and Venezuela; 10 or more of same ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or issue sent to one address, $5.00 per annum or $.50 more sent to one address, $.85 each. each. Elsewhere, $7.00 per annum or $.70 a copy. BANKING MARKET STRUCTURE & PERFORM- FEDERAL RESERVE CHART BOOK ON FI- ANCE IN METROPOLITAN AREAS: A STATIS- NANCIAL AND BUSINESS STATISTICS. Month- TICAL STUDY OF FACTORS AFFECTING ly. Annual subscription includes one issue of His- RATES ON BANK LOANS. 1965. 73 pp. $.50 a torical Chart Book. $6.00 per annum or $.60 a copy copy; 10 or more sent to one address, $.40 each. in the United States and the countries listed above; 10 or more of same issue sent to one address, $5.00 THE PERFORMANCE OF BANK HOLDING COMper annum or $.50 each. Elsewhere, $7.00 per an- PANIES. 1967. 29 pp. $.25 a copy; 10 or more sent num or $.70 a copy. to one address, $.20 each. FARM DEBT. Data from the 1960 Sample Survey of HISTORICAL CHART BOOK. Issued annually in Agriculture. 1964. 221 pp. $1.00 a copy; 10 or more Sept. Subscription to monthly chart book includes sent to one address, $.85 each. one issue. $.60 a copy in the United States and countries listed above; 10 or more sent to one ad- MERCHANT AND DEALER CREDIT IN AGRICULdress, $.50 each. Elsewhere, $.70 a copy. TURE. 1966. 109 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- THE FEDERAL FUNDS MARKET. 1959. Ill pp. visions of certain other statutes affecting the Federal $1.00 a copy; 10 or more sent to one address, $.85 Reserve System. 353 pp. $1.25. each. REGULATIONS OF THE BOARD OF GOVER- TRADING IN FEDERAL FUNDS. 1965. 116 pp. NORS OF THE FEDERAL RESERVE SYSTEM. $1.00 a copy; 10 or more sent to one address, $.85 each. PUBLISHED INTERPRETATIONS OF THE BOARD OF GOVERNORS, as of Dec. 31, 1970. $2.50. U.S. TREASURY ADVANCE REFUNDING, JUNE 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or FLOW OF FUNDS IN THE UNITED STATES, more sent to one address, $.40 each. 1939-53. 1955. 390 pp. $2.75. 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. SURVEY OF FINANCIAL CHARACTERISTICS OF Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. 9. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. more sent to one address, $.85 each. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. SURVEY OF CHANGES IN FAMILY FINANCES. Sec. 12. Money Rates and Securities Markets. 1966. 1968. 321 pp. $1.00 a copy; 10 or more sent to one 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. $.35. address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 109 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. $1.00 a copy; 10 or 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 available upon request from limited supply of staff S. Rose and Lacy H. Hunt II. June 1971. 7 pp. 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 MODEL, by Robert J. Shiller. June 1971. 65 pp. OPEN MARKET POLICIES AND OPERATING PROCEDURES—STAFF STUDIES (papers by ADJUSTMENT AND DISEQUILIBRIUM COSTS Axilrod, Davis, Andersen, Kareken et al., Pierce, AND THE ESTIMATED BRAINARD-TOBIN Friedman, and Poole). 1971. 218 pp. $2.00 a copy; MODEL, by Joseph Bisignano. July 1971. 108 pp. 10 or more sent to one address, $1.75 each. A TEST OF THE "EXPECTATIONS HYPOTHESIS" REAPPRAISAL OF THE FEDERAL RESERVE USING DIRECTLY OBSERVED WAGE AND DISCOUNT MECHANISM: PRICE EXPECTATIONS, by Stephen J. Turnovsky Vol. 1 (papers by Steering Committee, Shull, An- and Michael L. Wachter. Aug. 1971. 25 pp. derson, and Garvy). 1971. 276 pp. MORTGAGE REPAYMENTS AS A SOURCE OF Vol. 2 (papers by Boulding, Chandler, Jones, LOANABLE FUNDS, by Robert Moore Fisher. Ormsby, Modigliani, Alperstein, Melichar, and Aug. 1971. 43 pp. Melichar and Doll). 1971. 173 pp. Price of each THE USE OF INTEREST RATE POLICIES AS A volume, $3.00 a copy; 10 or more sent to one address, STIMULUS TO ECONOMIC GROWTH, by Robert $2.50 each. F. Emery. Sept. 1971. 37 pp. Single copies, in mimeographed or similar form, available upon request from limited supply of the PRIVATE HOUSING COMPLETIONS—A NEW following papers relating to the Discount Study: DIMENSION IN CONSTRUCTION STATISTICS, by Bernard N. Freedman. Jan. 1972. 20 pp. RESERVE ADJUSTMENTS OF THE EIGHT MA- POLICY VARIABLES, UNEMPLOYMENT AND JOR NEW YORK CITY BANKS DURING 1966. PRICE LEVEL CHANGES, by Peter S. Rose and 1968.29pp. Lacy H. Hunt II. Jan. 1972. 11 pp. DISCOUNT POLICY AND BANK SUPERVI- SION. 1968.72pp. OPTIMAL DISTRIBUTED LAG RESPONSES AND EXPECTATIONS, by Roger Craine. Feb. 1972. 9 pp. ACADEMIC VIEWS ON IMPROVING THE FED- ERAL RESERVE DISCOUNT MECHANISM. THE EFECT OF HOLDING COMPANY ACQUISI- 1970. 172 pp. TIONS ON BANK PERFORMANCE, by Samuel H. Talley. Feb. 1972. 25 pp. STAFF ECONOMIC STUDIES Studies and papers on economic and financial subjects REPRINTS that are of general interest in the field of economic Printed in full in the Bulletin. research. Summaries only printed in the Bulletin. (Reprints available as shown in following list.) (Single copies of full text available, in mimeographed form, upon request from limited supply.) ADJUSTMENT FOR SEASONAL VARIATION. June 1941. 11 pp. MEASURES OF INDUSTRIAL PRODUCTION AND FINAL DEMAND, by Clayton Gehman and Cor- SEASONAL FACTORS AFFECTING BANK REnelia Motheral. Jan. 1967.57 pp. SERVES. Feb. 1958. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 110 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 LIQUIDITY AND PUBLIC POLICY, Staff Paper by U.S. INTERNATIONAL TRANSACTIONS: TRENDS Stephen H. Axilrod. Oct. 1961. 17 pp. IN 1960-67. Apr. 1968. 23 pp. SEASONALLY ADJUSTED SERIES FOR BANK MONETARY RESTRAINT AND BORROWING AND CREDIT. July 1962. 6 pp. CAPITAL SPENDING BY LARGE STATE AND INTEREST RATES AND MONETARY POLICY, LOCAL GOVERNMENTS IN 1966. July 1968. Staff Paper by Stephen Axilrod. Sept. 1962. 28 pp. 30 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. MEASURES OF MEMBER BANK RESERVES. 1968. 18 pp. July 1963. 14 pp. BUSINESS FINANCING BY BUSINESS FINANCE CHANGES IN BANKING STRUCTURE, 1953-62. COMPANIES. Oct. 1968. 13 pp. Sept. 1963. 8 pp. MANUFACTURING CAPACITY: A COMPARISON REVISION OF BANK DEBITS AND DEPOSIT OF TWO SOURCES OF INFORMATION, Staff TURNOVER SERIES. Mar. 1965. 4 pp. Economic Study by Jared J. Enzler. Nov. 1968. 5 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff MONETARY RESTRAINT, BORROWING, AND Economic Study by Lyle E. Gramley and Samuel B. CAPITAL SPENDING BY SMALL LOCAL GOV- Chase, Jr. Oct. 1965. 25 pp. ERNMENTS AND STATE COLLEGES IN 1966. RESEARCH ON BANKING STRUCTURE AND Dec. 1968. 30 pp. PERFORMANCE, Staff Economic Study by Tynan REVISION OF CONSUMER CREDIT STATISTICS. Smith. Apr. 1966. 11 pp. Dec. 1968. 21 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic HOUSING PRODUCTION AND FINANCE. Mar. Study by James Pierce. Aug. 1966. 9 pp. 1969. 7 pp. A REVISED INDEX OF MANUFACTURING CA- OUR PROBLEM OF INFLATION. June 1969. 15 pp. PACITY, Staff Economic Study by Frank de Leeuw 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 Gramlich. June 1969. 20 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN 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 AND STATISTICS. May 1970. 4 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. INFLATION IN WESTERN EUROPE AND JAPAN. Oct. 1970. 13 pp. EVIDENCE ON CONCENTRATION IN BANKING MARKETS AND INTEREST RATES, Staff Eco- MEASURES OF SECURITY CREDIT. Dec. 1970. nomic Study by Almarin Phillips. June 1967. 11 pp. 11pp. NEW BENCHMARK PRODUCTION MEASURES, MONETARY AGGREGATES AND MONEY MAR- 1958 AND 1963. June 1967. 4 pp. KET CONDITIONS IN OPEN MARKET POLICY. Feb. 1971. 26 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. 4 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVE- RESPONSE OF STATE AND LOCAL GOVERN- NUE BONDS. Aug. 1967. 16 pp. MENTS TO VARYING CREDIT CONDITIONS. Mar. 1971.24 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de Leeuw CHANGES IN BANK LENDING PRACTICES, 1970. and Edward Gramlich. Jan. 1968. 30 pp. Apr. 1971. 5 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 111 U.S. BALANCE OF PAYMENTS AND INVEST- REVISED MEASURES OF MANUFACTURING MENT POSITION. Apr. 1971. 14 pp. CAPACITY UTILIZATION. Oct. 1971. 3 pp. INTEREST RATES, CREDIT FLOWS, AND MONE- REVISION OF THE MONEY STOCK. Nov. 1971. TARY AGGREGATES SINCE 1964. June 1971. 14 pp. 16 pp. BALANCE OF PAYMENTS PROGRAM: REVISED TWO KEY ISSUES OF MONETARY POLICY. June GUIDELINES FOR BANKS AND NONBANK 1971. 4 pp. FINANCIAL INSTITUTIONS. Nov. 1971. 11pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. REVISION OF BANK CREDIT SERIES. Dec. 1971. June 1971. 12 pp. 5 pp. BANK RATES ON BUSINESS LOANS—REVISED PLANNED AND ACTUAL LONG-TERM BORROW- SERIES. June 1971. 10 pp. ING BY STATE & LOCAL GOVERNMENTS. Dec. 1971. 11 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW MEASURES. July 1971. 26 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, JULY-OCTOBER 1971. Jan. 1972. 14 pp. BANKING AND MONETARY STATISTICS, 1970. Selected series of banking and monetary statistics for FINANCIAL DEVELOPMENTS IN THE FOURTH 1970 only. Feb., Mar., and July 1971. 19pp. QUARTER OF 1971. Feb. 1972. 9 pp. TREASURY AND FEDERAL RESERVE FOREIGN ASSETS AND LIABILITIES OF FOREIGN EXCHANGE OPERATIONS. Oct. 1971. 32 pp. BRANCHES OF U.S. BANKS. Feb. 1972. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 112 FEDERAL RESERVE BULLETIN • FEBRUARY 1972 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers', 14,33,35,100 Demand deposits: Agricultural loans of commercial banks, 24, 26 Adjusted, banks and the monetary system, 19 Arbitrage, 93 Adjusted, commercial banks, 15,18,25 Assets and liabilities (See also Foreigners): Banks, by classes, 11, 20, 25, 29, 39 Banks, by classes, 20, 24, 25, 26, 39 Ownership by individuals, partnerships, and Banks and the monetary system, 19 corporations, 32 Corporate, current, 51 Subject to reserve requirements, 18 Federal Reserve Banks, 12 Turnover, 15 Automobiles: Deposits (See also specific types of deposits): Consumer instalment credit, 56, 57, 58 Accumulated at commercial banks for payment of personal Production index, 60, 61 loans, 32 Adjusted, and currency, 19 Bank credit proxy, 18 Banks, by classes, 11, 20, 25, 29, 39 Bankers' balances, 25, 28 Euro-dollars, 88 (See also Foreigners, claims on, and liabilities to) Federal Reserve Banks, 12, 88 Banking and monetary statistics for 1971,100,101 Postal savings, 19, 25 Subject to reserve requirements, 18 Banking offices: Discount rates (See Interest rates) Changes in number, 98 Discounts and advances by Reserve Banks (See Loans) Par and nonpar offices, number, 99 Banks and the monetary system, 19 Dividends, corporate, 50, 51 Banks for cooperatives, 40 Dollar assets, foreign, 77,83 Bonds (See also U.S. Govt, securities): New issues, 47, 48, 49 Earnings and expenses, Federal Reserve Banks, 96 Yields and prices, 36, 37,101 Earnings and hours, manufacturing industries, 67 Branch banks, liabilities of U.S. banks to their foreign branches, Employment, 64, 66, 67 30, 88 Euro-dollar deposits in foreign branches of U.S. banks, 88 Brokerage balances, 87 Business expenditures on new plant and equipment, 51 Farm mortgage loans, 52, 53 Business indexes, 64 Federal agency obligations, 12, 13, 14, 15 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 42 Capacity utilization, 64 Receipts and expenditures, 43 Capital accounts: Treasury operating balance, 42 Banks, by classes, 20, 25, 30 Federal funds, 8,24,26,30,35,100 Federal Reserve Banks, 12 Federal home loan banks, 40, 41, 53 Central banks, 92, 94 Federal Housing Administration, 52, 53, 54, 55 Certificates of deposit, 30 Federal intermediate credit banks, 40, 41 Coins, circulation, 16 Federal land banks, 40, 41 Commercial and industrial loans: Federal National Mortgage Assn., 40, 41, 55 Commercial banks, 24, 33 Federal Reserve Banks: Weekly reporting banks, 26, 31 Condition statement, 12 Commercial banks: Earnings, expenses, and dividends, 96 Assets and liabilities, 20, 24, 25, 26 U.S. Govt, securities held, 4,12,15,44,45 Banking offices, changes in number, 98 Federal Reserve credit, 4,6,12,15 Consumer loans held, by type, 57 Federal Reserve notes, 12,16, 96 Deposits at, for payment of personal loans, 32 Federally sponsored credit agencies, 40, 41 Loans sold outright, 33 Finance companies: Number, by classes, 20 Loans, 26, 56, 57,59 Real estate mortgages held, by type, 52 Paper, 33,35,100 Commercial paper, 33,35,100 Financial institutions, loans to, 24, 26 Condition statements (See Assets and liabilities) Float, 4 Construction, 64, 65 Flow of funds, 72 Consumer credit: Foreign: Instalment credit, 56, 57, 58, 59 Currency operations, 12, 14, 77, 83 Noninstalment credit, by holder, 57 Deposits in U.S. banks, 5, 12, 19, 25, 29, 88 Consumer price indexes, 64, 68 Exchange rates, 91 Consumption expenditures, 70, 71 Trade, 75 Corporations: Foreigners: Sales, profits, taxes, and dividends, 50, 51 Claims on, 84, 85, 88, 89, 90 Security issues, 48, 49 Liabilities to, 30, 78, 79, 81, 82, 83, 88, 89, 90 Security yields and prices, 36,37,101 Cost of living (See Consumer price indexes) Gold: Currency and coin, 5, 10, 25 Certificates, 12, 13, 16 Currency in circulation, 5, 16,17 Earmarked, 88 Customer credit, stock market, 38,102 Net purchases by U.S., 76 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Government National Mortgage Association, 55 Prime rate, commercial banks, 34 Gross national product, 70, 71 Production, 60-63, 64 Profits, corporate, 50, 51 Hours and earnings, manufacturing industries, 67 Housing permits, 64 Real estate loans: Housing starts, 65 Banks, by classes, 24, 27, 39, 52 Delinquency rates on home mortgages, 54 Income, national and personal, 70, 71 Mortgage yields, 55 Industrial production index, 60-63, 64 Type of holder and property mortgaged, 52, 53, 54, 55 Instalment loans, 56, 57, 58, 59 Reserve position, basic, member banks, 8 Insurance companies, 39, 44, 45, 53 Reserve requirements, member banks, 10 Insured commercial banks, 22,24,32,98 Reserves: Interbank deposits, 11, 20, 25 Central banks and govts., 94 Interest rates: Commercial banks, 25, 28, 30 Business loans bv banks, 34 Federal Reserve Banks, 12 Federal Reserve Banks, 9 Member banks, 5,6, 11, 18,25 Foreign countries, 92, 93 U.S. reserve assets, 77 Money market rates, 35,100 Residential mortgage loans, 37, 52, 53, 54 Mortgage yields, 55 Retail credit, 56 Prime rate, commercial banks, 34 Retail sales, 64 Time and savings deposits, maximum rates, 11 Yields, bond and stock, 36,101 Saving: International capital transactions of the U.S., 78-90 Flow of funds series, 72 International institutions, 76, 77, 92, 94 National income series, 71 Inventories, 70 Savings and loan assns., 40,45,53 Investment companies, issues and assets, 49 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 39, 40 Banks, by classes, 20, 24, 27, 28, 39 Securities (See also U.S. Govt, securities): Commercial banks, 18 Federally sponsored agencies, 40, 41 Federal Reserve Banks, 12, 15 International transactions, 86, 87 Life insurance companies, 39 New issues, 47, 48, 49 Savings and loan assns., 40 Silver coin and silver certificates, 16 Special Drawing Rights, 4, 12, 13, 19, 74, 77 Labor force, 66 State and local govts.: Loans (See also specific types of loans): Deposits, 25, 29 Banks, by classes, 20, 24, 26, 27, 39 Holdings of U.S. Govt, securities, 44, 45 Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 New security issues, 47, 48 Federal Reserve Banks, 4,6,9,12,13,15 Ownership of securities of, 24,28,39 Insurance companies, 39, 53 Yields and prices of securities, 36,37,101 Insured or guaranteed by U.S., 52, 53,54,55 State member banks, 22,32,98 Savings and loan assns., 40, 53 Stock market credit, 38,102 Stocks: Manufacturers: New issues, 48, 49 Capacity utilization, 64 Yields and prices, 36,37,101 Production index, 61,64 Margin requirements, 10 Member banks: Tax receipts, Federal, 43 Assets and liabilities, by classes, 20,24 Time deposits, 11, 18, 19, 20, 25, 29 Treasury cash, Treasury currency, 4, 5, 16, 19 Banking offices, changes in number, 98 Treasury deposits, 5, 12, 42 Borrowings at Reserve Banks, 6,12 Treasury operating balance, 42 Deposits, by classes, 11 Number, by classes, 20 Reserve position, basic, 8 Unemployment, 66 Reserve requirements, 10 U.S. balance of payments, 74 Reserves and related items, 4, 18 U.S. Govt, balances: Mining, production index, 61, 64 Commercial bank holdings, 25, 29 Mobile home shipments, 65 Consolidated condition statement, 19 Money rates (See Interest rates) Member bank holdings, 18 Money stock and related data, 17, 19 Treasury deposits at Reserve Banks, 5, 12, 42 Mortgages (See Real estate loans and Residential mortgage U.S. Govt, securities: loans) Bank holdings, 19, 20, 24, 27, 39, 44, 45 Dealer transactions, positions, and financing, 46 Mutual funds (See Investment companies) Federal Reserve Bank holdings, 4, 12, 15, 44,45 Mutual savings banks, 19, 29, 39, 44,45,52,98 Foreign and international holdings, 12, 83, 86, 88 National banks, 22, 32, 98 International transactions, 83, 86 National income, 70, 71 New issues, gross proceeds, 48 National security expenditures, 43, 70 Open market transactions, 14 Nonmember banks, 22, 24, 25, 32,98 Outstanding, by type of security, 44, 45, 47 Ownership of, 44, 45 Open market transactions, 14 Yields and prices, 36, 37,101 United States notes, 16 Par and nonpar banking offices, number, 99 Utilities, production index, 61, 63, 64 Payrolls, manufacturing index, 64 Personal income, 71 Veterans Administration, 52, 53, 54, 55 Postal savings, 19, 25 Prices: Weekly reporting banks, 26 Consumer and wholesale commodity, 64, 68 Security, 37 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (o THE FEDERAL RESERVE SYSTEM Q) A HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER • Federal Reserve Bank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis