Federal Reserve Bulletin, 1972-05
Federal Reserve Bulletin MAY 1972 * * * * * * * * o O f G° ^ a ' ^ / 'f* A L R E ^ ' * * * * 4 ^ BOARD OF GOVERNORS ■ THE FEDERAL RESERVE SYSTEM ■ WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BULLETIN CONTENTS NUMBER 5 □ VOLUME 58 □ MAY 1972 435 Financial Developments in the First Quarter of 1972 444 Staff Economic Studies: Summary 446 Member Bank Income, 1971 455 Record of Policy Actions of the Federal Open Market Committee 464 Law Department 509 Announcements 521 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 114 Board of Governors and Staff A 116 Open Market Committee and Staff; Federal Advisory Council A 117 Federal Reserve Banks and Branches A 118 Federal Reserve Board Publications A 122 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 Ralph C. Bryant Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Developments in the First Quarter of 1972 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the winter and early spring. AFTER CONTINUING to decline in the early weeks of 1972, most interest rates rose gradually during the remainder of the quarter and on into April, returning to about their late Decem ber levels. The rise in rates reflected the strengthening of economic activity, and, in turn, contributed to development of a generally quieter tone in foreign exchange markets. Meanwhile, growth in the major monetary aggregates was comparatively rapid during the first quarter of 1972. Expansion in Mj (currency plus private nonbank demand deposits), which had been sluggish in the fourth quarter of 1971, was bolstered by growing transactions demands. Broader measures of money expanded in reflection of strong public preferences for interest-bearing deposits at a time when market interest rates were low relative to interest rates offered on deposits. MONETARY AGGREGATES Total member bank reserves and reserves available to support private nonbank deposits both expanded at annual rates of about 10 per cent during the first quarter. The increases raised the rate of growth in these reserve measures for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
436 FEDERAL RESERVE BULLETIN o MAY 1972 BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJOSTED 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, March. CHANGES IN SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1971 1972 Item Year QII QIII QIV Ql Member bank reserves: Total................................................................ 7.3 10.0 7.2 2.2 10.1 Nonborrowed................................................. 8.0 9.0 6.0 6.9 11.0 Available to support private nonbank deposits1 .................................................... 7.7 9.9 3.1 5.8 11.3 Concepts of money:2 Mx.......................................................... 6.2 10.6 3.7 1.1 9.3 M2.......................................................... 11.1 12.4 4.4 8.0 13.3 m3.......................................................... 13.3 14.4 7.8 9.6 15.5 Bank credit proxy, adjusted3........................... 9.5 8.4 7.6 9.7 11.3 memo (change in billions of dollars, sea sonally adjusted): Large CD’s .................................................... 7.9 1.3 2.3 1.8 -0.1 U.S. Govt, demand deposits at com mercial banks............................................ 0.3 0.3 2.3 -0.4 -0.1 1 Total reserves less required reserves for U.S. Government and interbank deposits. 2Mx is currency plus private demand deposits adjusted. Af2 is Mx plus bank time and savings deposits adjusted other than large CD’s. M3 is M2 plus deposits at mutual savings banks and savings and loan associations. 3Total 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q2 1972 437 fourth and first quarters combined to annual rates of 6.2 per cent and 8.7 per cent, respectively. Given reserve availability, and spurred by expanding economic activity, MY grew at a 9.3 per cent annual rate over the first 3 months of the year. Demands for money were also enhanced, with some lag, by the lower interest rates that had developed since last fall. The rapid first-quarter growth offset the slow 1.1 per cent growth rate of the preceding 3 months. For the last two quarters together, M, expanded at an annual rate of 5.3 per cent. Growth in consumer-type time and savings deposits at commercial banks and other depositary institutions was very rapid during January, with both groups of institutions record ing flows at annual rates well above 20 per cent. Fund inflows at commercial banks slowed significantly in the remainder of the quarter, to about an annual rate of growth of 11 per cent for March. The slowing may have resulted from reductions in interest rates offered depositors by some banks as well as from the rise in market rates that occurred in the latter part of the quarter. Inflows of funds to nonbank depositary in stitutions were well sustained, in contrast, with deposit growth at these institutions in March continuing at an annual rate of nearly 20 per cent. Seasonally adjusted monthly averages. For definitions of Mlt M2, and M3, see footnote 2 to Selected Monetary Aggregates table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
438 FEDERAL RESERVE BULLETIN □ MAY 1972 As a result of the slowing in savings deposit growth at banks, expansion in both M2 plus thrift deposits at commercial banks) and M3 (M2 plus thrift deposits at nonbank savings institutions) began to ease toward the end of the quarter, despite the continued rapid expansion in Mx. For the quarter as a whole, M2 and M3 increased at annual rates of 13.3 per cent and 15.5 per cent, respectively—signifi cantly faster than the gains recorded during the fourth quarter of last year. Member bank credit, as measured by the adjusted credit proxy, increased at an annual rate of 11.4 per cent over the quarter, as the gains in private demand deposits and consumertype time and savings deposits substantially offset minor de clines in U.S. Government deposits, large certificates of deposits (CD’s), and Euro-dollar liabilities. The rate of ad vance for this aggregate was slightly larger than in the fourth quarter of last year, when there had been a relatively strong gain in large CD’s. BANK USES OF FUNDS Commercial banks channeled the substantial net gains in deposit resources experienced during the first quarter into a broad range of assets. Growth in holdings of U.S. Treasury securities and other securities accounted for about a third of the total credit expansion. The remaining part of the increase was allocated among a wide variety of loan categories. Sharp gains were recorded in security loans and loans to nonbank financial institutions. Real estate loans and consumer loans also expanded rapidly further, responding to the con tinued boom in residential construction and strong spending for consumer durable goods. In addition, business loans in creased at an annual rate of about 9.6 per cent, the first signifi cant increase in these loans since last year’s heavy thirdquarter borrowing undertaken to hedge against adjustments in foreign exchange rates. The advance in business loans occurred at banks outside New York City; at banks in New York City, on the other hand, business credit demands remained quite weak. This suggests that the pick-up in business loans is probably at tributable to a strengthening in demands for bank loans by small and intermediate-sized regional firms that do not have ready access to financing in either the long- or short-term open markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q2 1972 439 BANK CREDIT-components "^^^“""""^“ cHANGE, BILUONsTnJOLURS U.S. GOVT. SECURITIES 4 OTHER SECURITIES NONBANK SAVINGS ACCOUNTS BANK LOANS-major components ____________ANNUAL RATE OF CHANGE. PER CENT CHANGE, BILLIONS OF DOLLARS 4 lEl ■ n n .i TOTAL LOANS m REAL ESTATE H n 8 i i i i|||| Q2 Q3 Q1 01 1971 1972 1972 Seasonally adjusted. Loans adjusted Seasonally adjusted. Business loans Seasonally adjusted. for transfers between banks and their adjusted for transfers between banks holding companies, affiliates, sub and their holding companies, affil sidiaries, or foreign branches. iates, subsidiaries, or foreign branches. NONBANK Nonbank thrift institutions posted an exceptionally rapid INTERMEDIARIES rate of growth in inflows during the first quarter of 1972. De AND THE posits at savings and loan associations and mutual savings MORTGAGE banks together rose at a seasonally adjusted annual rate of MARKET 20.4 per cent from December to March, a rate sharply above that of the previous quarter and second only to the growth rate in the first quarter of 1971. Personal savings in financial form remained at a high level and the rapid decline in yields on alternative short-term investments in the early months of 1972 stimulated inflows to the nonbank intermediaries. The thrift institutions, particularly the savings and loan associations, used a major portion of the first-quarter savings inflow to underwrite a sharp increase in mortgage debt. Al though the savings and loan associations dominated the mortgage market in the first quarter, the other major de positary institutions and the Federal housing agencies main tained a level of lending activity roughly equivalent to the 1971 pace. During the first quarter of 1972 net mortgage debt forma- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
440 FEDERAL RESERVE BULLETIN □ MAY 1972 NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly data 1971 1972 Item I II III IV Ie Total.................................................................... 9.3 11.9 13.4 13.4 14.1 Residential..................................................... 6.7 9.0 10.0 10.0 10.6 Other1 ............................................................. 2.6 2.9 3.4 3.3 3.4 1 Includes commercial and other nonresidential as well as farm properties. ePartly estimated. Note.—Details may not add to totals because of rounding. tion was at a record seasonally adjusted quarterly pace of $14 billion. As in other recent quarters, the continuing boom in residential construction provided the basis for most of the growth in total mortgage debt. In addition, nonresiden tial mortgage debt also increased in the first quarter as the pace of lending on commercial properties accelerated follow ing a slowdown in the previous quarter. FUNDS RAISED IN Corporate security offerings in the first quarter of 1972 de SECURITIES clined to $10.0 billion, the lowest quarterly total offerings MARKETS volume since the fall of 1970. Issues of both bonds and stock moderated in early 1972, but the largest decline was in the public bond market, where net offerings by manufacturing firms and public utilities were markedly below the 1971 pace. The quarterly total of long-term tax-exempt securities remained at about the $6.0 billion level for the fourth consecu tive quarter, however. Although constitutional questions about the reliance on local property taxes to finance construction of schools appeared to have exerted some depressing influence on the volume of school bond issues, State and local govern ments continued to seek long-term funds for other needs, including a moderate amount of issues for advance refunding. Treasury net borrowing from the public in the first quarter of 1972 was $3.9 billion, only one-third of the amount raised OFFERINGS OF NEW SECURITY ISSUES Quarterly totals, in billions of dollars, not seasonally adjusted 1971 1972 Item I II III IV Ie Corporate securities—Total........................... 12.1 11.7 10.4 10.8 10.0 Bonds.............................................................. 9.9 8.3 6.4 7.6 7.0 Stocks ............................................................. 2.3 3.4 4.1 3.2 3.0 State and local government bonds.................. 6.8 6.1 6.0 6.1 6.0 e Estimated. Note.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q2 1972 441 FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1971 1972 Item I II III IV I Budget surplus or deficit................................... -8.2 1.8 -7.8 -10.6 -10.5 New cash borrowings, or repayments (-)... 1.6 1.6 9.1 12.5 3.9 Other means of financing1................................ 2.9 .9 -.1 -.6 3.0 Change in cash balance.................................... -3.6 4.3 1.2 1.3 -3.6 memo: Net borrowings by Federally sponsored credit agencies2....................................... -1.0 -.9 1.7 1.4 .4 xChecks issued less checks paid and other accrued items. includes debt of Federal Home Loan Banks, the Federal Home Loan Mortgage Corpora tion, Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). in the previous quarter, but more than twice as large as bor rowing in the comparable period a year earlier. While this borrowing added to market pressures, the total was significantly less than had been implied by the January budget message. The Federal budget deficit remained essentially unchanged in the two quarters, but the Treasury was able to draw upon its unusually high cash balance to meet part of its needs. A further decline in borrowings by the housing-oriented agencies contributed to the relatively small first-quarter net borrowing by Federally sponsored credit agencies. INTEREST RATES Although most key short-term rates were lower in March 1972 than they had been in December 1971, short-term rates in general fluctuated widely over the course of the quarter. Strong market demand for short-term instruments and a more rapid expansion in bank reserves pushed down rates on Treasury bills and Federal funds fairly sharply in January and early February. This decline in short-term rates was reversed in mid-quarter, however, after faster monetary growth had resumed and as market participants came to believe that a rapid improvement in the economy, along with heavy Federal deficit financing, would tend to bring upward pressures on interest rates. Rates on private short-term instru ments rose substantially in March, but the largest increase was in 3-month Treasury bills, which rose more than 50 basis points during the month. Expectations about future trends in long-term interest rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
442 FEDERAL RESERVE BULLETIN □ MAY 1972 INTEREST RATES 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 mort gages converted to annual yield (dashed line indicates period of adjustment of change in con tractual 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. were also affected in early 1972 by the anticipation of heavy Federal deficits and borrowing, concern about international financial developments, and speculation about future changes in monetary policy. Although the volume of new corporate security issues declined, institutional investors apparently diverted funds from the bond market to stocks and short-term instruments in anticipation of future rises in yields. As a result, yields on corporate new issues, after reaching a seasonal low in January, began to rise again, and by March they were 13 basis points above the December 1971 average. Yields on long-term State and local government securities, after a short period of decline in January, also began to edge upward. However, the increase in municipal rates was limited to about 5 basis points over the quarter, reflecting continued heavy purchases in this market by commercial banks. Yields on long term U.S. Government securities also rose by only 5 basis points on the average over the quarter. System purchases of coupon issues helped to moderate the pressures in the long term area. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q2 1972 443 With fund inflows at thrift institutions remaining at histori cally high levels, yields on Federal Housing Administration mortgages in the secondary market continued to decline, although the first-quarter drop was only about half as large as that of the previous quarter. In the primary market, the average contract rate on conventional new home mortgages declined 15 basis points during the first quarter, to the lowest rate in nearly a year. □ 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 conclu nors 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 concur studies 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 mem staff 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 Studies” 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 Summary EXPLAINING CHANGES IN EURO-DOLLAR POSITIONS: A STUDY OF BANKS IN FOUR EUROPEAN COUNTRIES Rodney H. Mills, Jr.—Staff, Board of Governors Prepared as a staff paper in August 1971 In recent years international short-term in banks’ net Euro-dollar positions, ad capital flows have been large and in some justed by a scale factor; this adjustment cases troublesome for the monetary takes account of the growth of banking authorities of industrial countries. This activity in general and the Euro-dollar study examines relationships between market in particular. The model employs monetary factors and one type of short the following independent variables: (1) term capital flow, namely, the borrow the average covered differential between ing and lending of Euro-dollars by the 3-month Euro-dollar deposit rate and commercial banks. a selected domestic money market rate; The capital flows viewed in this paper (2) bank loans to private domestic borrow are the changes in the net Euro-dollar ers, in terms of percentage of trend; (3) positions, vis-a-vis nonresidents, of banks for Belgium only, a time trend; and (4) in Belgium, France, Germany, and the for Germany only, basic minimum reserve Netherlands. A simple single-equation ratios against domestic deposits. model is developed to explain the changes The analysis shows that changes in 444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
covered interest differentials were signif reflecting a spillover into the international icantly associated with changes in banks’ market of rising domestic demands for net Euro-dollar positions in all four coun credit. For Germany, tighter credit policy, tries; a rise in domestic rates relative to as reflected by an increase in the required Euro-dollar rates tended to be accompanied reserve ratio, was also accompanied by by an increase in the net liability position a net inflow of Euro-dollar funds. In the (or reduction in net asset position) in equation for Belgium, the time variable Euro-dollars, as the banks were induced was highly significant; the reason for this to bring in funds from abroad. Similarly, is hard to determine. The independent a rise in domestic loans was also associated variables explain between one-half and with an increase in net Euro-dollar liabil three-fourths of the variation in the ad ities in the Netherlands and France, but justed Euro-dollar positions in each not in Belgium or Germany, presumably country. □ 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Member Bank Income, 1971 Net income of member banks rose mod and miscellaneous charges, fees, and so erately in 1971; the increase was less than forth—and total operating income for all in 1970 and well under the record growth member banks was slightly higher in in 1969. The 1971 expansion reflected a 1971 than in the preceding year. negligible after-tax rise in profits from cur Banks, however, faced higher operating rent operations and net gains on security costs in 1971. All types of expenses regis transactions and other extraordinary items, tered some increase except cost of bor whereas in other recent years these latter rowed money. As in earlier years, interest accounts had shown net losses. paid to depositors on time and savings The easing of monetary policy in 1971 deposits took the largest share of bank in enabled banks to expand their holdings of come. Most of the increase in this item earning assets substantially, but it was was interest paid on consumer-type de accompanied by a sharp decline in inter posits—that is, savings and other smallest rates, which limited the rise in operat denomination time deposits—on which ing revenues. Meanwhile, total bank ex a majority of the banks maintained their penses rose almost twice as fast as total offering rates at or near regulatory ceiling operating revenue. levels during the year. Small depositors found these rates attractive relative to SUMMARY market rates, and deposit inflows into The decline in market interest rates in 1971 consumer-type time deposits were sub had a major impact on bank income from stantial. loans, which declined for the first year On the other hand, rates on negotiable since the early 1940’s. While loan port certificates tof deposit in denominations of folios were higher on the average than a $100,000 and over, which are money year earlier, the rate of return dropped market instruments, were reduced sharply sharply. With lendable funds readily avail on balance during the year by the big able and business loan demand relatively banks that issue most of these deposits, weak, banks vigorously expanded their and consequently inflows into these types investment portfolios including substantial of deposits slowed appreciably. Reflecting increases in holdings of intermediate- and these deposit movements, total time and longer-term securities. Since yields were savings deposits at all member banks higher on the longer maturities, these ac were about one-fifth higher on the average quisitions moderated the decline in the av in 1971 than in 1970, but the average rate erage yield on all investments. As a result, of interest paid on all forms of time de 'bank income from securities rose sub posits was somewhat lower. stantially in 1971 and more than offset The decline in market rates in 1971 en the decline in income on loans. Other abled some banks to cut expenses sharply major sources of revenue also expanded— by reducing the cost of borrowed money. such as income from trust departments The largest banks obtained the greatest benefit because they borrow more heavily Note.—This article was prepared by Caroline H. than smaller banks. For the aggregate of Cagle of the Board’s Division of Research and Statistics. 446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
money market banks in New York and Cash dividends declared amounted Chicago, interest on borrowed money had to $1,908 million in 1971, 9 per cent been the largest single item of bank ex above the preceding year. The ratio of div penses in 1970. Much of this borrowing idends to equity capital and reserves was had been in Euro-dollar funds obtained 4.91 per cent, compared with 4.79 per at extraordinarily high rates of interest. As cent in 1970. funds became cheaper and more plentiful in domestic markets in 1971, a large por OPERATING INCOME tion of Euro-dollar borrowing was re Member bank operating income rose to paid with funds obtained more cheaply in $28,670 million in 1971—$757 million U.S. markets. The decline in cost of all more than in 1970 (Table 1). This growth borrowed money at money market banks in of nearly 3 per cent was the smallest since New York and Chicago in 1971 was 1961, and compares with increases of 12 enough to offset the growth in other per cent in 1970 and 20 per cent in 1969. operating expenses and was almost As in other periods of monetary ease, the enough to compensate for the reduction composition of bank revenue shifted to in total operating revenue. At other ward a greater proportion of the total de member banks this item declined much rived from securities and a lesser pro less, but the reduction offset some of the portion from loans. increase in other operating costs. For the first time since World War II, The growth in all other operating ex member banks reported a year-over-year penses at member banks came mainly decline in income from loans. Interest and from salaries and wages, occupancy ex fees on loans (including Federal funds sold pense (including furniture and equipment and securities purchased under resale expenditures), and provision for loan agreements) amounted to $18,994 million losses. Each of these items rose further in 1971—down by $493 million, or 2.5 in 1971, but the rate for each was slower per cent, from 1970. This was due to a near than in 1970. record drop in the average annual rate of Two factors contributed substantially return on loans—from 7.91 to 7.18 per to the rise in bank profits in 1971: lower cent—offset only in part by an expansion income taxes on operating income—attrib in loan holdings and by some shifts in the utable in part to an appreciable growth loan mix from low- to high-yield cate in income from State and local government gories. obligations, which is exempt from Federal Member banks expanded their average income taxes; and net gains from security holdings of loans by 7 per cent in 1971 transactions and other extraordinary items compared with an increase of 5 per cent (after taxes)—compared with net losses in the preceding year (Table 2). They also on these accounts in 1970. made changes in the composition of the In 1971 net income of all member loan portfolio. While loans to businesses banks reached $4,117 million, 7.7 per cent accounted for 38 per cent of total loans greater than in the preceding year. The outstanding in 1971, such loans repre fastest rate of growth was at reserve city sented only 16 per cent of the increase banks in New York and Chicago. Relative in loans during the year. This was in to equity capital plus reserves, net in marked contrast to the preceding year when come of all member banks was 10.6 per business borrowing accounted for more cent in 1971, slightly above the 1970 than one-third of the total growth in loans. level. Many large corporations continued to fi- 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
448 FEDERAL RESERVE BULLETIN □ MAY 1972 TABLE 1 CONSOLIDATED REPORT OF INCOME FOR 1969-71 FOR ALL MEMBER BANKS AND RESTATEMENT OF 1968 DATA TO REVISED 1969 CONCEPT Amount, Change, in millions of dollars 1970-71 Item 1968 In (Restated millions Per 1971 1970 1969 and partly of cent estimated) dollars Operating income—Total............................................................................................ 28,670 27,913 24,991 20,819 757 2.7 Loans: Interest and fees............................................................................................................... 18,317 18,706 17,1041 -389 - 2.1 Federal funds sold and securities purchased under resale agreement......................... 677 781 649J 14,143 -104 -13.3 Securities: Excluding trading account income—total................................................................... 5,662 4,832 4,263 830 17.2 U.S. Treasury securities............................................................................................. 2,434 2,208 2,041 *2,208 226 10.2 U.S. Govt, agencies and corporations...................................................................... 578 415 322 1 163 39.3 States and political subdivisions................................................................................ 2,468 2,090 1,794 [ *1,929 378 18.1 Other securities............................................................................................................ 182 118 106 J 64 54.2 Trust department.................................................................................................................. 1,182 1,075 972 880 107 10.0 Service charges on deposit accounts.................................................................................. 896 868 835 803 28 3.2 Other charges, fees, etc........................................................................................................ 795 681 557 371 114 16.7 Other operating income: On trading account (net).................................................................................................. 340 346 137 -6 -1.7 Other................................................................................................................................ 802 625 473 486 177 28.3 Operating expenses—Total......................................................................................... 23,346 22,193 19,525 16,189 1,153 5.2 Salaries and wages of officers and employees................................................................... 5,666 5,282 4,690 4,097 384 7.3 Officer and employee benefits............................................................................................. 973 876 749 633 97 11.1 Interest on— Time and savings deposits............................................................................................. 9,426 8,139 ‘7,059 '6,803 1,287 15.8 Federal funds purchased and securities sold under repurchase agreements............. 1,073 1,365 1,1771 2559 -292 -21.4 Other borrowed money................................................................................................... 127 444 562 j -317 -71.4 Capital notes and debentures.......................................................................................... 123 90 89 95 33 36.7 Net occupancy expense....................................................................................................... 1,130 1,013 867 783 117 11.5 Furniture, equipment, etc................................................................................................... 797 722 615 506 75 10.4 Provision for loan losses...................................................................................................... 681 534 381 2 343 147 27.5 Other operating expenses................................................................................................... 3,348 3,728 3,336 2,370 -380 -10.2 Income before income taxes and securities gains or losses.................................................. 5,325 5,720 5,467 4,630 -395 -6.9 Applicable income taxes......................................................................................................... 1,349 1,775 1,813 21,479 -426 -24.0 Income before securities gains or losses................................................................................ 3,976 3,945 3,653 3,151 31 .8 Net securities gains or losses (-) after tax............................................................................. 144 -107 -209 2-189 251 Extraordinary charges (-) or credits after taxes.................................................................... -3 -15 5 n.a. 12 Less minority interest in consolidated subsidiaries............................................................... (3) (3) (3) n.a. (3) Net income................................................................................................................................ 4,117 3,823 3,450 2,962 294 7.7 Cash dividends declared4....................................................................................................... 1,908 1,754 1,523 21,299 154 8.8 xThis item excludes, and “interest on other borrowed money” and 1969 changes in reporting, see Federal Reserve Bulletin for July F970, “other operating expenses” include, the following estimated amounts pp.564 ff. of interest on Euro-dollar borrowing incorrectly reported as interest on aLess than $500,000. time and savings deposits: 1968—$305 million; 1969—$101 million. 4On common and preferred stock, 2Because of the substantial changes in reporting beginning in 1969, n.a. Not available. it was necessary to restate the 1968 figures to conform as closely as pos ♦Includes income from trading accounts shown in other operating sible with 1969 reporting procedures. Some figures were wholly or partly income beginning in 1969. estimated. For the methods used in estimation and a description of the Note.—Figures may not add to totals because of rounding. nance heavily in capital markets and cash By contrast, building construction was flows increased in the business sector over especially strong in 1971 and, in con 1971. Reduced capital spending and junction with the greater availability of limited inventory expansion by many funds at lower rates of interest at banks, companies also contributed to the smaller led to a strong upsurge in real estate loans demand for bank credit by business. Re outstanding at member banks. The increase flecting weak loan demand and lower of $3.9 billion, or 7 per cent, in such loans money market yields, the prime loan rate represented one-fifth of the total growth declined from 6% to 5% per cent during in all loans at member banks in 1971. In 1971. part because of a big increase in auto pur Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK INCOME, 1971 449 chases, consumers also borrowed more TABLE 2 from banks than they had in 1970. The CHANGES IN MEMBER BANK AVERAGE LOANS, year-over-year increase in consumer loans INVESTMENTS, DEPOSITS, AND CAPITAL OUT STANDING IN 1971 totaled $3.6 billion compared with a growth of about half this size in 1970. Amounts shown in millions of dollars Since effective interest rates charged are Average Change much higher on consumer loans than on amount1 Item other loans, and prime mortgage rates Per 1970 1971 Amount centage are above prime rates charged on business loans, these shifts in loan composition Total loans and investments, gross2 .............................. 346,800 383,620 36,820 10.6 from low- to high-yield categories helped to cushion the decline in the average rate Federal funds sold and se curities purchased under of return on all loans. resale agreement................ 9,433 13,359 3,926 41.6 Other loans ............................. 236,676 250,902 14,226 6.0 Banks were able to offset the decline in Commercial and industrial. 96,413 99,336 2,923 3.0 Agricultural ....................... 6,451 6,981 530 8.2 income on loans by larger interest and div Real estate.......................... 53,674 57,542 3,868 7.2 For purchasing and carry idends on portfolio investments (exclud ing securities.................. 8,118 9,137 1,019 12.6 To financial institutions .... 16,335 18,379 2,044 12.5 ing trading account). Income from invest Other loans to individuals .. 48,982 52,568 3,586 7.3 ments amounted to $5,662 million in 1971 All other............................... 6,702 6,960 258 3.9 —$830 million, or 17 per cent, more than U.S. Treasury securities3...... 39,256 43,380 4,124 10.5 U.S. Govt, agency and cor in 1970. Income from this source ac poration securities3............ 6,324 9,320 2,996 47.4 States and political subdivi counted for about one-fifth of total oper sion securities3................... 49,348 59,126 9,778 19.8 Other securities3.................... 1,877 2,563 686 36.5 ating revenue but represented a major part Trading account securities.... 3,886 4,970 1,084 27.9 of the 1970 increase in operating income. Total deposits......................... 360,721 404,182 43,461 12.0 Time deposits......................... 163,610 197,571 33,961 20.8 Because inflows of time and savings de Savings................................ 74,254 82,002 7,748 10.4 posits were large and business loan demand Other time I.P.C................. 68,526 87,655 19,129 27.9 All other time...................... 20,830 27,915 7,085 34.0 was relatively slow, banks added $17.6 Equity capital4....................... 31,310 33,502 2,192 7.0 billion, or 18 per cent, to their investment Total capital accounts5.......... 33,111 35,734 2,623 7.9 Reserves on loans and secur portfolios. At the same time the average ities ...................................... 5,282 5,323 41 7.8 Total equity capital and reyield on securities declined slightly. 36,592 38,825 2,233 6.1 Banks were able to moderate this decline 1 Averages of figures for three call dates—the end of the preceding by adding substantially to their holdings of year and the June 30 and December 31 call dates for the calendar year, intermediate- and long-term securities, includes securities held in trading account. 3Excludes securities held in trading account. which carried higher rates of return than 4Includes common stock, preferred stock, surplus, undivided profits, and reserves for contingency and other capital reserves, short-term issues in 1971. includes equity capital plus capital notes and debentures. Income from U.S. Treasury securities rose by 10 per cent in 1971; this reflected come from U.S. Government agency ob a rise of nearly 11 per cent in average hold ligations (39 per cent) and all other securi ings of these securities and a decline of ties (54 per cent); again, these increases only 1 basis point in the average rate of reflect much larger holdings combined with return (Table 3). Income from State and a small reduction and some increase, re local government obligations rose by $378 spectively, in the average rate of return. million, or 18 per cent. This rise resulted As in other recent years, operating in from a 20 per cent growth in average hold come from miscellaneous sources rose ings of such securities and a decline of 6 in 1971: trust department income was up basis points in the before-tax yield. An by 10 per cent; service charges on deposit even faster rate of growth occurred in in- accounts, by 3 per cent; and other charges, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
450 FEDERAL RESERVE BULLETIN □ MAY 1972 TABLE 3 The largest bank expense in 1971—as SELECTED MEMBER BANK INCOME RATIOS it had been in other recent years—was interest on time and savings deposits. In per cent This cost increased by $1,287 million, or Ratios 1971 1970 1969 19681 16 per cent, and made up two-fifths of total operating expenses. Average hold Ratios to equity capital (including reserves): ings of time and savings deposits at all Income before securities gains or losses....................... 10.22 10.75 10.70 10.04 member banks were 21 per cent above Net income................................. 10.60 10.44 10.10 9.43 Cash dividends declared2......... 4.91 4.79 4.46 4.14 the level of the preceding year, but interest rates paid on these deposits Rates of return on— Loans, gross............................... 7.18 7.91 7.57 6.66 declined by 21 basis points to an average U.S. Treasury securities3......... 5.61 5.62 4.95 4.79 U.S. Govt, agencies and of 4.77 per cent. corporations3 ......................... 6.20 6.55 5.811 State and local govt. j>4.13 3.67 A major part of the increase in the cost obligations3............................ 4.17 4.23 3.87 | Other securities3....................... 7.10 6.30 5.59J of time and savings deposits in 1971 was Interest on time deposits due to increases in holdings of regular to total time deposits.................. 4.77 4.98 4.47 4.36 savings and consumer-type small-denomination time deposits. Most banks main JData for 1968 are not entirely comparable with those for later years because of changes in reporting procedures. See Bulletin for tained their offering rates on these de July 1970, pp. 571 and 572. *On common and preferred stock. posits at or near the regulatory ceiling 3Ratios for 1968 include trading account. Ratios for 1969 and later years are based on bank’s own investment account—excluding trading levels during the year; nevertheless some account. of the largest banks, holding substantial Note.—These ratios were computed from aggregate dollar amounts of income and expense items. The capital, deposits, loans, and secur amounts of deposits, dropped their offering ities items on which the ratios were based were averages for two call dates in the calendar year and the last call date in the preceding year. rates below the ceiling in early 1971 and For Dec. 31, 1968, the amount of trading account securities was not reported separately, but such holdings were estimated. then moved them back to the ceiling level fees, and so on, by 17 per cent; in each after midyear, following major movements case they rose by a slightly smaller per in market rates of interest. Because of the centage than in the previous year. “All sharp decline in market rates, on balance, other operating income” includes among in 1971, small depositors found bank other things net income from trading ac rates on savings and other small-denominacount and from foreign branches. In 1971 tion time deposits relatively attractive and income from trading account, including added large sums to their holdings of these capital gains or losses on these securi deposits. On the other hand, rates paid ties, showed a slight decline (2 per cent) on negotiable CD’s in denominations of while income from foreign branches rose $100,000 and over, which are money by $97 million (79 per cent), due to ex market instruments, were moved up and panded foreign operations. down at intervals during the year by large banks that issue most of these deposits; OPERATING EXPENSES the adjustments were made to keep such With operating income under pressure, rates in line with yields on competing banks were hard pressed to hold down op market instruments. With substantial erating costs. Total operating expenses inflows into consumer-type time deposits, rose to $23,346 million—$1,153 million, banks were less interested in acquiring or 5.2 per cent, more than the 1970 figure. large-denomination time deposits than All major expense items were substan they had been in 1970, and inflows into tially higher, with the exception of interest these deposits were much smaller than on borrowed money. in that year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK INCOME, 1971 451 The downward trend in market interest an increase of 5.5 per cent in average rates lowered the cost of borrowed money salary, and a growth of 11 per cent in and thereby helped to offset the rise in total payments for employee benefits. other operating expenses. This item During 1971, when average loans out includes interest on Euro-dollar borrow standing rose by 7 per cent, provision for ing, expenses of Federal funds purchased loan losses amounted to $681 million— and securities sold under repurchase agree $147 million, or 28 per cent, more than ments, and interest paid on all other bor in 1970. This compares with an increase rowed money. The sharpest decline of $153 million, or 40 per cent, in 1970. occurred in interest on Euro-dollar bor For most banks that operate on a reserve rowing, which is of importance mainly at accounting method—and all but a few the largest banks. During 1971 the volume hundred of the smaller banks do—the of such borrowing was about one-fourth provision for loan losses is an estimate of the total in the preceding year and the of the bank’s possible loan losses that average rate paid (on 3-month maturities) might reasonably be expected in the cur dropped by nearly one-fourth. The cost rent loan portfolio (determined by meth of Euro-dollar borrowing is reported by ods prescribed by supervisory authori some banks in “interest on other borrowed ties).1 This item is a current operating ex money” and by others in “other oper pense and therefore affects net income for ating expenses.” These two expense the year. items declined by a total of $697 million, For banks using the reserve accounting or 17 per cent, at all member banks in method, all losses (and recoveries) on 1971. loans sustained during the calendar year For the few very large banks that re must be charged (or credited) to the ported interest on Euro-dollar borrowing reserve account for losses on loans. (These separately, the 1971 figure was about one- transactions are not reflected in the third as much as in 1970. The expense current year’s net income.) In 1971 actual of Federal funds purchased and of securi net loan losses reported by all member ties sold under repurchase agreements banks amounted to $914 million—$113 (which includes a major part of all million greater than the record for recent domestic borrowing) declined by $292 years set in 1970. A sizable portion of million, or 21 per cent. This reflected a this total was concentrated at a rela larger volume of such borrowing but a de tively few large banks. For all member cline in the average rate paid from 7.17 banks the 1971 figure represented 0.34 to 4.66 per cent. It is estimated that the per cent of average loans outstanding cost of all borrowed money at member compared with 0.32 per cent a year banks was around $1 billion lower in earlier. These percentages are higher than 1971 than in 1970 and that this reduction for any other year since the late 1930’s. offset about half of the rise in other With market rates below the 1969-70 operating expenses. highs, member banks issued additional Salaries and wages (including benefits), amounts of capital notes and debentures in the second largest expense item for banks, rose by $481 million to $6,639 million 1 All member banks that do not provide for loan losses in 1971. This was an increase of nearly on a reserve basis must use their actual net loan losses each year as a minimum “provision for loan 8 per cent and was attributable to a rise losses” ; other banks may use this method if they do so of \ xh per cent in number of employees, on a regular basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
452 FEDERAL RESERVE BULLETIN □ MAY 1972 1971. As a result, total interest paid on year’s net income, the amount of a bank’s such securities rose by 37 per cent. Federal income tax liability may be re Net occupancy expenses of bank duced by transfers from the bank’s premises plus furniture and equipment capital accounts to reserves for losses on expenditures increased $192 million, or loans. These transfers are tax-free when 11 per cent, in 1971. This was about they meet certain standards specified by three-fourths as much as in the preceding the Internal Revenue Service. In 1971 year. All other expenses (excluding the tax-free transfers from capital to loan re estimated decline in cost of Euro-dollar serves lowered member banks’ Federal in borrowing included in this item) rose come taxes by $156 million, or by about moderately in 1971. the same amount as in 1970. OTHER TRANSACTIONS NET INCOME AND CASH DIVIDENDS Because of the rise in security prices Net income of member banks rose to many banks were able to realize capital $4,117 million in 1971—up by $294 gains on the sale of investment securi million, or nearly 8 per cent. This repre ties in 1971. These net gains (after sented a rate of return on equity capital plus taxes) amounted to $144 million, com reserves of 10.6 per cent—a little above the pared with net losses of $107 million in 1970 figure. 1970. Extraordinary charges and credits Cash dividends declared amounted to and minority interest in consolidated $1,908 million—9 per cent more than in subsidiaries were small in both years. 1970. This represented dividends of $1,904 million on common stock and $5 INCOME TAXES million on preferred stock. Dividends Member banks set aside from their 1971 were 46 per cent of net income. The income a total of $1,449 million as a ratio of dividends to net worth (equity provision for income taxes. Taxes applica capital plus reserves) was 4.91 per cent. ble to operating income were $1,349 million—$426 million less than in 1970. NET INCOME BY CLASS OF BANK All of the decline was in Federal taxes. Profits at both large and small banks This reduction reflects in part a 7 per cent moved upward in 1971, but the rate of drop in net operating income (before growth varied by class of bank. For reserve taxes), that is, in “income before taxes city banks in New York and Chicago, and security gains or losses”; a rise of 18 which include many of the largest banks per cent in tax-exempt income from State in the country, net income rose by 10 and and local obligations; and removal of the 16 per cent, respectively, compared with Federal surtax (2.5 per cent in 1970). In increases for smaller banks—other reserve addition, banks incurred $100 million of city and country member banks—of 6 and income tax liability in 1971 as a result of 7 per cent, respectively (Table 4). net gains on security transactions and The larger growth in profits at money other extraordinary accounts; in the pre market banks in New York and Chicago ceding year these transactions had resulted in 1971 was due in part to the ability of in net losses that lowered tax liabilities these banks to hold down operating ex by $140 million. penses in a period when operating Aside from the foregoing provision for revenue was under pressure. On a down income taxes that affects the current swing in interest rates two of the largest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK INCOME, 1971 453 TABLE 4 CONSOLIDATED REPORT OF INCOME FOR 1971 AND 1970 FOR MEMBER BANKS GROUPED BY CLASS In million of dollars Reserve city banks All member Country New York City City of Chicago Other Item 1971 1970 1971 1970 1971 1970 1971 1970 1971 1970 Operating income—Total......................... 28,670 27,913 4,725 5,116 1,175 1,230 10,678 10,450 12,093 11,117 Loans: Interest and fees....................................... 18,317 18,706 3,053 3,523 727 817 6,937 7,217 7,601 7,148 Federal funds sold and securities pur chased under resale agreement...... 677 781 55 94 31 31 294 301 298 355 Securities: Excluding trading-account income: U.S. Treasury securities.................... 2,434 2,208 272 279 87 81 768 671 1,307 1,177 U.S. Govt, agencies and corporations 578 415 40 36 11 8 122 78 406 293 States and political subdivisions....... 2,468 2,090 308 296 101 80 865 721 1,194 994 Other securities................................... 182 118 , 32 26 7 6 65 44 77 43 Trust department.......................................... 1,182 1,075 368 336 89 79 461 421 264 238 Service charges on deposit accounts.......... 896 868 68 66 6 6 334 326 487 469 Other charges, fees, etc................................ 795 681 120 105 25 20 377 312 274 244 Other operating income: On trading account (net)......................... 340 346 112 160 56 23 151 150 21 13 Other ......................................................... 802 625 297 195 35 78 305 208 164 143 Operating expenses—Total....................... 23,346 22,193 3,700 4,051 922 961 8,822 8,385 9,901 8,796 Salaries and wages of officers and em ployees .................................................. 5,666 5,282 956 905 195 181 2,141 1,994 2,375 2,202 Officer and employee benefits.................... 973 876 200 175 39 38 359 327 376 335 Interest on— Time and savings deposits...................... 9,426 8,139 1,145 995 362 288 3,475 3,085 4,444 3,770 Federal funds purchased and securities sold under repurchase agreements . 1,073 1,365 299 398 102 137 568 699 104 131 Other borrowed money............................ 127 444 39 228 11 35 61 150 15 31 Capital notes and debentures.................. 123 90 38 26 2 2 56 40 26 22 Net occupancy expense............................... 1,130 1,013 218 195 46 41 403 361 463 415 Furniture, equipment, etc............................. 797 722 102 90 25 21 302 280 368 331 Provision for loan losses............................. 681 534 128 82 34 30 255 199 263 224 Other operating expenses............................. 3,348 3,728 575 956 106 188 1,201 1,249 1,466 1,335 Income before income taxes and securities gains or losses...................................... 5,325 5,720 1,025 1,065 252 269 1,856 2,065 2,191 2,321 Applicable income taxes............................. 1,349 1,775 318 370 71 92 467 670 493 644 Income before securities gains or losses ... 3,976 3,945 706 695 182 178 1,388 1,395 1,699 1,677 Net securities gains or losses(-) after taxes ...................................................... 144 -107 7 -55 7 -13 38 -32 93 -7 Extraordinary charges (-) or credits after taxes...................................................... -3 -15 -7 3 -1 -2 3 -20 2 4 Less minority interest in consolidated subsidiaries.......................................... O) 0) (J) (*) 0) (>) Net income................................................... 4,117 3,823 706 642 188 162 1,429 1,343 1,794 1,675 Cash dividends declared............................. 1,908 1,754 466 423 78 88 716 651 648 592 Ratios (per cent): To equity capital (incl. reserves): Income (after taxes) before securities gains or losses............................. 10.22 10.75 9.51 9.76 9.58 9.77 10.18 10.80 10.66 11.31 Net income.......................................... 10.60 10.44 9.51 9.03 9.88 8.91 10.48 10.40 11.29 11.35 'Less than $500,000. Note .—Figures may not add to totals because of rounding. expense items—cost of borrowed money heavier borrowers than smaller banks; and interest on time and savings deposits— when interest rates are high, the cost of lend themselves to somewhat closer borrowed money is one of their largest control at big banks than at smaller ones. operating costs. With the sharp decline Money market banks are generally much in interest rates in 1971, the largest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
banks were able to reduce this cost suf eral times during 1971, following major ficiently to offset increases in other op movements in market rates. In this way erating expenses as well as most of the money market banks sought to maintain decline in total operating income. For a fairly close relationship between oper smaller banks this reduction was much ating expenses and operating revenues. less significant. By contrast, at smaller banks interest Interest payments on time and savings payments on time and savings deposits deposits absorb a smaller proportion of represent a much larger proportion of total operating revenue, and are subject total operating income—about one-third to somewhat greater control, at money for the smaller banks as a group, com market banks in New York and Chicago pared with one-fourth for all reserve city than at smaller institutions. At most banks in New York and Chicago. A major of the largest banks demand deposits (on part of time and savings deposits at the which interest payments are forbidden) smaller banks is in passbook savings are a much greater part of total deposits (where all of the deposits outstanding carry than at smaller banks. Moreover, a sub the same interest rate) and in consumerstantial part of all time and savings de type time deposits. Offering rates were posits at the largest banks are negotiable held at or near the regulatory ceiling levels CD’s in denominations of $100,000 and on these deposits at most of the smaller over. On these deposits, banks are in a banks in 1971. position to regulate inflows to a consider Salaries and wages and some miscella able degree by adjusting offering rates neous operating expenses also rose more with changes in market interest rates on rapidly at the smaller banks. As a result, competing instruments. Even on consum total operating expenses increased much er-type time deposits—regular savings faster than operating revenue and the and small-denomination time deposits— percentage increase in net income was offering rates at some of the largest banks less for the smaller banks than for money were adjusted downward and upward sev market banks in New York and Chicago. 454 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 Com mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve B ulletin. 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 B ulletin beginning with the July 1967 issue, and such records have continued to be published in the Board’s Annual Reports. The record for the first meeting held in 1972 was published in the B ulletin for April, pages 390-97. The record for the meeting held on February 15, 1972, follows: 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
456 FEDERAL RESERVE BULLETIN □ MAY 1972 MEETING HELD ON FEBRUARY 15, 1972 1. Current Economic Policy Directive. The information reviewed at this meeting indicated that in the fourth quarter of 1971 real GNP had grown at an annual rate of about 6 per cent, compared with (downward revised) growth rates of about 3.5 and 2.5 per cent in the second and third quarters, and that prices had risen relatively little in reflection of the 90-day freeze imposed in mid-August. Staff projections suggested that the faster pace of growth in real GNP would be sustained through the first half of 1972, and that prices were likely to rise sharply for a time in the post-freeze period. In January industrial production and manufacturing employment increased somewhat, although the average workweek in manufac turing declined after having risen for several months. Total non farm payroll employment advanced substantially further, and the unemployment rate edged down to 5.9 from 6.0 per cent in Decem ber. Weekly data suggested that retail sales increased a little in January, following a substantial decline in December. The wholesale and consumer price indexes rose sharply from November to December, reflecting in part the mid-November ter mination of the 90-day freeze. About half the rise in both indexes was accounted for by increases in foodstuffs, which are largely uncontrolled, and in imported goods and other items exempt from the controls. Wage rates also rose substantially in December when, under the post-freeze program, some increases—both previously scheduled and newly negotiated—were allowed to go into effect. However, the advance in wage rates slowed in January. The staff’s projection of growth in real GNP in the first half of 1972 was about unchanged from 5 weeks earlier, although expec tations for some major categories of expenditure were altered. Thus, the projected expansion in Federal purchases of goods and services —which had been raised 5 weeks earlier to reflect the Government pay increase effective in early January—was raised further to re flect a concentration of outlays in the second quarter of the year, roughly in line with the administration’s late-January estimates of the Federal budget for the 1972 fiscal year. On the other hand, the prospective gains in consumer spending were scaled down Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 457 moderately, in large part reflecting the recent lack of strength in retail sales and evidence that new withholding schedules were re sulting in substantial overwithholding of personal income taxes. As in the previous projection, it was anticipated that business capital outlays, residential construction, and State and local government expenditures would continue to grow at substantial rates and that business inventory investment would increase further. In foreign exchange markets, rates for most major currencies appreciated against the dollar in January and early February, rising to or above their new central values. Over the whole period from the time of the Smithsonian Agreement on December 18 through early February, there was a small surplus in the U.S. balance of payments on the official settlements basis, as reflows of funds to the United States after the agreement were somewhat in excess of the deficit on current account and normal capital transactions. The Treasury announced on January 26 that in its mid-February financing it would offer at par a 51-month, 53A per cent note and a 10-year, 6% per cent bond in exchange for issues maturing in Feb ruary 1972 and in February and May 1974. This combination of a refunding and a pre-refunding was well received. About $1.2 bil lion or 32 per cent of the $3.8 billion of the publicly held issues maturing this February were redeemed for cash, and the Treasury met the cash requirement by reducing its balance from a relatively high level. Interest rates on long-term securities generally had risen in recent weeks, largely in reaction to the new estimates of a larger Federal deficit in fiscal 1972 than had been anticipated and to numerous announcements of prospective new corporate security issues. How ever, some corporate borrowers indicated that the exact timing of their offerings would depend on market conditions, and others post poned prospective issues in reaction to rising interest rates. In the month of January the volume of new corporate issues rose some what more than seasonally while that of State and local government issues declined. Most short-term interest rates had declined since the last meeting of the Committee in response to strong private domestic and foreign official demands for short-term securities as well as to further easing in money market conditions. Treasury bill rates had risen early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
458 FEDERAL RESERVE BULLETIN □ MAY 1972 in the period, reflecting expectations of heavy Treasury financing in the short-term area, but after that they fell back. At 3.00 per cent on the day before this meeting, the market rate on 3-month bills was about the same as 5 weeks earlier. Contract interest rates on conventional new-home mortgages and yields in the secondary market for federally insured mortgages continued to decline in January. Inflows of savings funds to non bank thrift institutions rose sharply further—approaching the record high rates of early 1971—in part because of the continuing decline in yields available on short-term market securities relative to the rates paid on savings shares and deposits. Business loans at commercial banks increased somewhat in Jan uary, but business loan demand apparently remained relatively weak, and major banks again lowered their prime rates. Real estate and consumer loans continued to expand rapidly, and banks further increased their holdings of securities other than Treasury issues. Following the January 11 meeting of the Committee, System open market operations had been directed at fostering substantial growth in total member bank reserves in January, while continu ing to take appropriate account of conditions in the money market. After late January, System operations gave primary emphasis to maintaining steady conditions in the money market while the Treasury was engaged in its refunding operation. Total reserves were indicated to have grown from December to January at an annual rate of 28 per cent on the basis of earlier seasonal adjustment factors, and at about a 21 per cent rate on the basis of the factors emerging from the annual revision of seasonal adjustments, com pleted shortly before this meeting. In late January and the first half of February the Federal funds rate fluctuated around 3 XA per cent, down from 3% per cent at the time of the Committee’s meet ing on January 11. In the 5 weeks ending February 9, member bank borrowings averaged about $20 million compared with $110 million in the preceding 4 weeks. Growth in the narrowly defined money stock (private demand de posits plus currency in circulation, or Mx), remained relatively slow in January. However, money more broadly defined (M1 plus com mercial bank time deposits other than large-denomination CD’s, or M2) grew at a fast pace as inflows of savings to commercial banks— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 459 like those to nonbank thrift institutions—rose sharply further. Growth was also rapid in the adjusted bank credit proxy—dailyaverage member bank deposits, adjusted to include funds from non deposit sources—although the average volume of outstanding largedenomination CD’s declined moderately and Government deposits changed little. In continuation of a discussion begun at a meeting on the previous day, the Committee considered the relative merits of money market conditions and various measures of member bank reserves as “operating targets”—that is, as variables for guiding day-to-day open market operations in the effort to achieve its intermediate monetary objectives and, in the process, contribute to the Nation’s basic economic goals. Some arguments were advanced in favor of placing about the same degree of emphasis on money market con ditions as had been customary prior to the meeting on January 11. However, the Committee concluded that in the present environ ment it was desirable to increase somewhat the relative emphasis placed on reserves while continuing to take appropriate account of money market conditions. Committee members believed that doing so would enhance their ability to achieve desired intermediate monetary objectives. These include the performance of various measures of money stock and bank credit that are supported by reserves as well as interest rates and over-all liquidity and credit conditions. At the same time, the members believed that reservesupplying operations should be conducted so as to avoid disturbing effects in money and credit markets. At this meeting the Committee decided to express its reserve objectives in terms of reserves available to support private nonbank deposits—defined specifically as total member bank reserves less those required to support Government and interbank deposits. This measure was considered preferable to total reserves because shortrun fluctuations in Government and interbank deposits are some times large and difficult to predict and usually are not of major sig nificance for policy. It was deemed appropriate for System open market operations normally to accommodate such changes in Government and interbank deposits. The Committee agreed that the economic situation and outlook at this time called for growth in the monetary aggregates at moderate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
460 FEDERAL RESERVE BULLETIN □ MAY 1972 rates. It took note of a staff analysis suggesting that, over the months of February and March combined, such growth was likely to be associated with expansion in the reserve measure employed at about an 8 per cent annual rate, and possibly with some firming of money market conditions. The members decided that it would be desirable to seek growth in the reserve measure in the February-March period at an annual rate in a range of 6 to 10 per cent, while avoiding both sharp short-run fluctuations and undesirably large cumulative changes in money market conditions in either direction in the period between meetings. They also decided that some allowance should be made in the conduct of operations for any significant deviations that might develop between the actual rates of growth in the mone tary aggregates and the moderate growth rates expected. The members also agreed that account should continue to be taken of international developments, and that to the extent feasible the Government securities purchased in reserve-supplying operations should include intermediate- and longer-term issues as well as Treas ury bills. Finally, it was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions if it appeared during the period before the next scheduled meeting that the Committee’s several objectives and constraints were not being met satisfactorily. 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 out put of goods and services increased more rapidly in the fourth quarter than it had in the third quarter, but the unemployment rate remained high. For the current quarter, growth is projected at a rate close to that of the fourth quarter. Prices increased sharply in December, in part reflecting termination of the 90-day freeze. Wage rates also rose substantially in December when some increases that had been deferred under the freeze were allowed to go into effect, but the rise slowed in January. The narrowly defined money stock, which had not grown on balance from August to November, rose somewhat in December and January. Inflows of time and savings funds at bank and nonbank thrift institutions increased sharply in January, and both the broadly defined money stock and the bank credit proxy expanded rapidly. Some short-term interest rates have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 461 declined further in recent weeks while yields on long-term securities generally have increased from the lows reached around mid- January. Exchange rates for most major foreign currencies against the dollar have appreciated to levels near or above their new central values. Since the Smithsonian meeting, capital reflows to the United States have somewhat exceeded the underlying U.S. balance of payments deficit. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to sustainable real economic growth and in creased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of payments. To implement this policy, while taking account of international de velopments, the Committee seeks to achieve bank reserve and money market conditions that will support moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sheehan. Vote against this action: Mr. Hayes. Mr. Hayes dissented from this action for essentially the same reasons he had dissented from the directive adopted at the previous meeting. First, he did not favor placing as much emphasis as con templated on reserves as an operating target; he preferred to place main emphasis on money market conditions for that purpose. Sec ond, he thought the policy agreed upon could result in an easing of money market conditions to a degree that in his judgment would entail substantial risks both domestically and internationally. 2. Continuing authority directive. On January 26, 1972, a majority of Committee members had voted to suspend, until close of business on February 15, 1972, the lower limit (set forth in paragraph 1(c) of the continuing authority directive with respect to domestic open market operations) on interest rates on repurchase agreements arranged by the Federal Reserve Bank of New York with nonbank dealers. The provision in question, which also had been suspended for the period from December 23, 1971, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
462 FEDERAL RESERVE BULLETIN □ MAY 1972 through January 11, 1972, specified that such repurchase agree ments 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 agree ment is entered into, or (2) the average issuing rate on the most recent issue of 3-month Treasury bills, whichever is the lower.” Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, and Sheehan. Vote against this action: Mr. Robertson. This action was taken on recommendation of the System Account Manager, to provide against the contingency that under existing rate limitations it might not prove feasible to enter into repurchase agreements during coming weeks in the volume likely to be found desirable to meet the Committee’s objectives for member bank reserves. It was understood that rates below 3% per cent would not be used without prior notification to the Committee. The action of January 26 was ratified at today’s meeting. Mr. Robertson dissented from the ratification as well as from the original action for reasons similar to those underlying his dissent from the similar action taken in December. He preferred to have needed reserves injected into the banking system by means of outright pur chases of Treasury securities in the open market rather than through repurchase agreements with Government securities dealers. In his judgment such agreements actually constituted subsidized loans to dealers, and he saw no justification for increasing the subsidy by making them at lower and lower rates of interest. 3. Revision of guideline for operations in agency issues. On August 24, 1971, when the Committee had first authorized outright operations in securities issued by Federal agencies, it had approved certain initial guidelines for the conduct of such opera tions with the understanding that they would be subject to review and revision as experience was gained. At this meeting the Com mittee revised guideline 5 under which purchases were limited to issues outstanding in amounts of $300 million or over in cases where the obligations have a maturity of 5 years or less at the time of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 463 purchase, and to issues outstanding in amounts of $200 million or over in cases where the securities have a maturity of more than 5 years at the time of purchase. As revised, the guideline specified that the maturity of the obligation should be taken as of the time of is suance, rather than as of the time of purchase, in determining whether it was eligible for purchase. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sheehan. Votes against this action: None. This action was taken on recommendation of the System Account Manager, on the grounds that from a practical standpoint it was undesirable for an obligation initially eligible for purchase and perhaps already held in the System Account to become ineligible merely because its maturity had shortened with the passage of time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions SECURITIES CREDIT TRANSACTIONS: change Act of 1934 (15 U.S.C. 781(g)(1)), or if LIST OF OTC MARGIN STOCKS issued by an insurance company such issuer con The Board of Governors has amended Regulation tinues to be subject to section 12(g)(2)(G) (15 G, “Securities Credit by Persons Other than Banks, U.S.C. 78/(g)(2)(G)) and has at least $1 million Brokers, or Dealers” ; Regulation T, “Credit by of capital and surplus, Banks for the Purpose of Purchasing or Carrying (2) Four or more dealers stand willing to, and Margin Stocks” , and Regulation U, “Credit by do in fact, make a market in such stock including Banks for the Purpose of Purchasing or Carrying making regularly published bona fide bids and Margin Stocks” , effective May 15, 1972. The offers for such stock for their own accounts, or the amendments implement the requirements for a stock is registered on a securities exchange that is stock’s continued inclusion on the List of OTC exempted by the Securities and Exchange Com Margin Stocks. The text of the amendments to the mission from registration as a national securities Regulations and to the Supplements thereto reads exchange pursuant to section 5 of the Securities as follows: and Exchange Act of 1934 (15 U.S.C. 78e), (3) There continue to be 1,000 or more holders AMENDMENTS TO REGULATION G of record of the stock who are not officers, direc tors, or beneficial owners of 10 per cent or more of the stock, Effective May 15, 1972, section 207.2(f)(3) is (4) The issuer continues to be a U.S. Corpora amended and paragraph (e) is added to section tion, 207.5 (the Supplement to Regulation G) as set forth (5) Daily quotations for both bid and asked below: prices for the stock are continuously available SECTION 207.2— DEFINITIONS to the general public; * * * * * and shall meet three of the four additional require ments that: (f) OTC m argin stock: (6) 400,000 or more shares of such stock re * * * * * main outstanding in addition to shares held bene ficially by officers, directors, or beneficial owners (3) The Board shall from time to time remove of more than 10 per cent of the stock, from the list described in subparagraph (2) of this (7) The shares described in subparagraph (6) paragraph (f) stocks that cease to: of this paragraph continue to have a market value (i) Exist or of which the issuer ceases to exist, in the aggregate of at least $5 million, or (8) The minimum average bid price of such (ii) Meet substantially the provisions of subpara stock, as determined by the Board, is at least graph (1) of this paragraph (f) and § 207.5(e) (the $5 per share, and Supplement to Regulation G). (9) The issuer continues to have at least $2.5 million of capital, surplus, and undivided profits. SECTION 207.5— SUPPLEMENT * * * * * (e) Requirements for continued inclusion on AM ENDM ENTS TO REGULATION T list of OTC m argin stock. Except as provided in subparagraph (4) of § 207.2(f), such stock shall Effective May 15, 1972, section 220.2(e)(3) is meet the requirements that: amended and paragraph (h) is added to section (1) The stock continues to be subject to regis 220.8 (the Supplement to Regulation T) as set tration under section 12(g)(1) of the Securities Ex forth below: 464 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECTION 220.2—DEFINITIONS (7) The shares described in subparagraph (6) of this paragraph continue to have a market value in the aggregate of at least $5 million, (e) OTC m argin stock. * * * (8) The minimum average bid price of such stock, as determined by the Board, is at least $5 per share, and (9) The issuer continues to have at least $2.5 (3) The Board shall from time to time remove million of capital, surplus, and undivided profits. from the list described in subparagraph (2) of this paragraph (e) stocks that cease to: AMENDMENTS TO REGULATION U (i) Exist or of which the issuer ceases to exist, or (ii) Meet substantially the provisions of subparagraph (1) of this paragraph (e) and of Effective May 15, 1972, section 221.3(d) is § 220.8(h) (the Supplement to Regulation T). amended and paragraph (e) is added to section 221.4 (the Supplement to Regulation U) as set sf: sfc ifc sfc sfc forth below: SECTION 220.8— SUPPLEMENT SECTION 221.3— MISCELLANEOUS PROVISIONS (h) Requirements for continued inclusion on list of OTC m argin stock. Except as provided in subparagraph (4) of § 220.2(e), OTC margin (d) OTC margin stock. * * * stock shall meet the requirements that: (3) The Board shall from time to time remove (1) The stock remains subject to registration from the list described in subparagraph (2) of under section 12(g) (1) of the Securities Exchange this paragraph (d) stocks that cease to: Act of 1934 (15 U.S.C. 78/(g)(l)), or if issued by (i) Exist or of which the issuer ceases to exist, an insurance company such issuer continues to be or subject to section 12(g)(2)(G) (15 U.S.C. 78/(g) (ii) Meet substantially the provisions of sub- (2)(G)) and has at least $1 million of capital and paragraph (1) of this paragraph (d) and of surplus, § 221.4(e) (the Supplement to Regulation U). (2) Four or more dealers stand willing to, and do in fact, make a market in such stock including making regularly published bona fide bids and SECTION 221.4— SUPPLEMENT offers for such stock for their own accounts, or 5{C ^ the stock is registered on a securities exchange that is exempted by the Securities and Exchange (e) Requirements for continued inclusion on Commission from registration as a national securi list of OTC m argin stock. Except as provided in ties exchange pursuant to section 5 of the Se subparagraph (4) of § 221.3 (d), OTC margin curities and Exchange Act of 1934 (15 U.S.C. stock shall meet the requirements that: 78e), (1) The stock remains subject to registration (3) There continue to be 1,000 or more holders under section 12(g)(1) of the Securities Exchange of record of the stock who are not officers, di Act of 1934 (15 U.S.C. 78/(g)(l)), or if issued by rectors, or beneficial owners of 10 per cent or more an insurance company such issuer continues to of the stock. be subject to section 12(g)(2)(G) (15 U.S.C. (4) The issuer continues to be a U.S. Corpora 78/(g)(2)(G)) and has at least $1 million of capital tion, and surplus, (5) Daily quotations for both bid and asked (2) Four or more dealers stand willing to, and prices for tfie stock are continuously available to do in fact, make a market in such stock including the general public; making regularly published bona fide bids and and shall meet 3 of the 4 additional requirements offers for such stock for their own accounts, that: or the stock is registered on a securities exchange (6) 400,000 or more shares of such stock re that is exempted by the Securities and Exchange main outstanding in addition to shares held bene Commission from registration as a national securi ficially by officers, directors, or beneficial owners ties exchange pursuant to section 5 of the Securi of more than 10 per cent of the stock. ties and Exchange Act of 1934 (15 U.S.C. 78e), 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
466 FEDERAL RESERVE BULLETIN □ MAY 1972 (3) There continue to be 1,000 or more holders day following the date of this Order or (b) later of record of the stock who are not officers, di than three months after the date of this Order, rectors, or beneficial owners of 10 per cent or more unless such period is extended for good cause of the stock, by the Board or by the Federal Reserve Bank of (4) The issuer continues to be a U.S. Corpora Richmond pursuant to delegated authority. tion, By order of the Board of Governors, April 4, (5) Daily quotations for both bid and asked 1972. prices for the stock are continuously available Voting for this action: Vice Chairman Robertson and Gov to the general public; ernors Mitchell, Daane, Brimmer, and Sheehan. Absent and and shall meet three of the four additional re not voting: Chairman Burns and Governor Maisel. quirements that: (Signed) Tynan Smith, (6) 400,000 or more shares of such stock remain [seal] Secretary of the Board. outstanding in addition to shares held beneficially by officers, directors, or beneficial owners of more than 10 per cent of the stock, SAVANNAH BANK & TRUST COMPANY (7) The shares described in subparagraph (6) OF SAVANNAH, SAVANNAH, GEORGIA of this paragraph continue to have a market value in the aggregate of at least $5 million, Order Approving Application for (8) The minimum average bid price of such Acquisition of Assets and Assumption stock, as determined by the Board, is at least $5 of Liabilities under Bank Merger Act per share, and Savannah Bank & Trust Company of Savannah, (9) The issuer continues to have at least $2.5 Savannah, Georgia (“ Savannah Bank”), a member million of capital, surplus, and undivided profits. State bank of the Federal Reserve System, has applied for the Board’s approval pursuant to the Bank Merger Act (12 U.S.C. 1828(c)) of ORDERS UNDER BANK MERGER ACT the merger of that bank with Chatham Savings Bank, Savannah, Georgia (“Chatham Bank”), POWHATAN COMMUNITY BANK by means of the purchase of assets and assump POWHATAN, VIRGINIA tion of liabilities of the Chatham Bank. As an Order Approving Application for Merger incident to the merger, the present office of of Banks Chatham Bank would become a branch of Savan nah Bank. Powhatan Community Bank, Powhatan, Vir As required by the Act, notice of the proposed ginia, a member State bank of the Federal Reserve merger, in form approved by the Board, has been System, has applied for the Board’s approval pur published, and the Board has requested reports suant to the Bank Merger Act (12 U.S.C. 1828(c)) on competitive factors from the Attorney General, of the merger of that bank with Bank of Powhatan, the Comptroller of the Currency, and the Federal Powhatan, Virginia, under the name of Bank of Deposit Insurance Corporation. Powhatan. The Board has considered the application and As required by the Act, notice of the proposed all comments and reports received in the light of merger, in form approved by the Board, has been the factors set forth in the Act, and finds that: published, and the Board has requested reports on Savannah Bank, with deposits of approximately competitive factors from the Attorney General, the $101 million, is the seventh largest banking or Comptroller of the Currency, and the Federal ganization in Georgia, holding 1.3 per cent of total Deposit Insurance Corporation. The Board has con commercial bank deposits in the State.1 Chatham sidered the application and all comments and re Bank ($3.4 million in deposits) is a small savings ports received in light of the factors set forth in institution prohibited from accepting demand de the Act. posits under Georgia law. Approval of this merger On the basis of the record, the application is ap would minimally affect State-wide concentration proved for the reasons summarized in the Board’s figures. Order of this date relating to the application of Southern Bankshares, Inc. to acquire the Bank of 1 All banking data are as of June 30, 1971, except data con Powhatan, provided that said merger shall not cerning Chatham County banking market which are as of be consummated (a) before the thirtieth calendar June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 467 Savannah Bank, located 95 feet from Chatham of this application, and the convenience and Bank, competes directly with that bank for time needs aspects outweigh the adverse competitive and savings deposits and real estate loans in consequences of this proposed merger. Based upon Chatham County, the relevant geographic market. the foregoing, it is the Board’s judgment that con In Chatham County, Savannah Bank is the second summation of the proposal would be in the public largest commercial banking organization in that interest and that the application should be approved. market. Savannah Bank holds 15.4 per cent of time On the basis of the record, the application is and savings deposits held by all financial in approved for the reasons summarized above. The stitutions in the relevant market, and Chatham transaction shall not be consummated (a) before Bank holds 1.2 per cent. After the merger, the thirtieth calendar day following the date of this Savannah Bank would continue to rank third in the Order or (b) later than three months after the date market for time and savings deposits with 16.6 of this Order, unless such period is extended for per cent of the market total. In view of the facts good cause by the Board, or by the Federal Reserve of record, the Board concludes that the proposed Bank of Atlanta pursuant to delegated authority. merger would result in the elimination of some By order of the Board of Governors, April 6, direct competition and that the effect on competi 1972. tion would be adverse. However, the Board is Voting for this action: Chairman Burns and Governors Rob required to consider whether other aspects of the ertson, Daane, Maisel, Brimmer, and Sheehan. Absent and not instant proposal are such that approval would be voting: Governor Mitchell. in the public interest. (Signed) Tynan Smith, Chatham Bank, over the past five years, has [seal] Secretary of the Board. been experiencing a decline in deposits, and its net current earnings have been lower than the average for similar size Georgia banks. Furthermore, within THE CITIZENS CENTRAL BANK, the past two years Chatham Bank’s president and ARCADE, NEW YORK vice president have died; now that financial institution’s only active officer is approaching Order Approving Application for Merger retirement age. Chatham Bank does not have a of Banks stock option plan, profit sharing plan or retire The Citizens Central Bank, Arcade, New York ment system. In view of the above, Chatham Bank (“Citizens Central”), a member State bank of the does not appear capable of attracting the type of Federal Reserve System, has applied for the individual who would be able to stimulate its Board’s approval pursuant to the Bank Merger Act growth. The likelihood of Chatham Bank’s con verting to a full service commercial bank as other (12 U. S.C. 1828(c)) of the merger of that bank with Citizens State Bank, Lyndonville, New York savings banks have done is remote as the in (“ State Bank”), under the charter and title of dividuals who own control of this bank live over Citizens Central. As an incident to the merger, the 100 miles from Savannah and the record indicates they are not interested in such a conversion. Thus, present office of State Bank would become a branch of the resulting bank. the potential for substantial increased competition As required by the Act, notice of the proposed developing between Savannah Bank and Chatham merger, in form approved by the Board, has been Bank is not likely. From the record, it appears published, and the Board has requested reports on that Savannah Bank is the only financial institution competitive factors from the Attorney General, that has shown any interest in acquiring Chatham the Comptroller of the Currency, and the Federal Bank and Savannah Bank’s interest has arisen Deposit Insurance Corporation. previously because of the latter institution’s owner The Board has considered the application and all ship of real estate near Savannah Bank’s main comments and reports received in the light of the office which it desires for future expansion factors set forth in the Act, and finds that: purposes. Citizens Central ($42 million deposits),1 a sub In the light of Chatham Bank’s serious manage sidiary of Charter New York Corporation, New ment succession problem, there is no assurance York City, operates six offices in New York that capable management can be attracted to the State’s Ninth Banking District wherein it holds 1.2 Bank in the absence of approval of the proposed transaction. Consequently, the financial and mana ’All banking data are as of December 31, 1971, except gerial factors lend substantial weight for approval branch deposit data are as of June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
468 FEDERAL RESERVE BULLETIN □ MAY 1972 per cent of the District’s commercial bank de trust services. Considerations relating to the posits as the eleventh largest of the District’s 31 convenience and needs of the communities to be banks. State Bank ($5 million deposits) operates served are consistent with approval of the applica its only office in Lyndonville and is the only bank tion and lend some weight thereto. It is the Board’s headquartered in Orleans County, the relevant judgment that consummation of the proposal would market, where it controls approximately 9 per be in the public interest, and that the application cent of commercial bank deposits. A large New should be approved. York banking organization operates four banking On the basis of the record, the application is offices in the market and controls the remaining 91 approved for the reasons summarized above. The per cent of market deposits. State Bank ranks as the transaction shall not be consummated (a) before twenty-ninth largest bank in the Ninth Banking the thirtieth calendar day following the date of District with 0.2 per cent of the District’s total this Order or (b) later than three months after commercial bank deposits. the date of this Order, unless such period is ex The nearest offices of the merging banks are ap tended for good cause by the Board, or by the proximately 30 miles apart and their service areas Federal Reserve Bank of New York pursuant to do not overlap. Consummation of the proposal delegated authority. would not significantly increase the concentration By order of the Board of Governors, April 19, of banking deposits in any relevant area. No mean 1972. ingful existing competition would be eliminated Voting for this action: Chairman Burns and Governors Rob by the proposal between the proposed merging ertson, Mitchell, Daane, Maisel, and Sheehan. Absent and not banks nor between any of the banking offices of voting: Governor Brimmer. Charter New York Corporation and State Bank. (Signed) Tynan Smith, Citizens Central is prohibited from de novo [seal] Secretary of the Board. branching into Lyndonville by home office pro tection afforded by New York State laws, and, absent this, the growth potentials of the Lyndon BEVERLY HILLS FIDELITY BANK ville area would limit somewhat de novo entry. BEVERLY HILLS, CALIFORNIA State Bank, as a small unit bank, is not likely to Order Approving Acquisition of Assets expand into the area served by Citizens Bank by de novo branching. Consequently, it appears Beverly Hills Fidelity Bank, Beverly Hills, unlikely that consummation of the proposed California, a newly organized, member State merger would foreclose any significant amount of bank of the Federal Reserve System, has applied, potential competition between Citizens Central, pursuant to the Bank Merger Act (12 U.S.C. State Bank or between any of the banking offices 1828(c)), for the Board’s prior approval to ac of Charter New York Corporation. Based on the quire assets and assume liabilities of Fidelity foregoing, and the record before it, the Board con Bank, Beverly Hills, California ($85 million in cludes that consummation of the proposed acquisi deposits), and as an incident thereto to operate its tion would not have an adverse effect on com main office at the location of the present main petition in any relevant market; rather, the re office of Fidelity Bank in Beverly Hills and branch placement of the small unit banking office by the offices at the locations of two present branches subsidiary of a large State-wide holding company of Fidelity Bank in Los Angeles and Manhattan would likely increase competition with the offices Beach. of the large New York State banking organization. Published notice of the proposed acquisition of The financial and managerial resources of Citi assets and assumption of liabilities and requests zens Central and State Bank are satisfactory and for reports on the competitive factors involved the prospects for the resulting bank would be therein have been dispensed with as authorized favorable. Consequently, banking factors are by the Bank Merger Act. consistent with approval of the application. Con The Board has considered all relevant material summation of the proposed merger would im contained in the record in the light of the factors prove the present banking services available to set forth in the Act, including the effect of the customers of State Bank by increased lending capa proposal on competition, the financial and man bilities and improving the banking services to agerial resources and prospects of the banks in include the addition of credit card services, auto volved, and the convenience and needs of the matic saving plans, and personal and corporate communities to be served and finds that: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 469 On the basis of the information before the approved on a basis that would not delay con Board, including communications from the State summation of the proposal. Banking Department of the State of California, It is hereby ordered, on the basis of the record, the Board finds that an emergency situation exists that the application be and hereby is approved so as to require that the Board act immediately and that the acquisition of assets and assumption pursuant to the provisions of the Bank Merger of liabilities and the establishment of the branch Act in order to safeguard depositors of Fidelity offices may be consummated immediately but in no Bank. event later than three months after the date of this Such anticompetitive effects as will be at Order unless such period is extended for good tributable to consummation of the transaction will cause by the Board, or the Federal Reserve Bank be clearly outweighed in the public interest by of San Francisco pursuant to delegated authority. considerations relating to and involved in the emer By order of the Board of Governors, April 19, gency situation found to exist. From the record 1972. in the case, it is the Board’s judgment that any Voting for this action: Chairman Burns and Governors Rob disposition of the application other than approval ertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. would be inconsistent with the best interests of the (Signed) Tynan Smith, depositors of Fidelity Bank, and the Board con [seal] Secretary of the Board. cludes that the proposed transaction should be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
470 FEDERAL RESERVE BULLETIN □ MAY 1972 ORDERS UNDER SECTION 3 OF BANK HOLDING petition in any relevant area. Nor is consummation COMPANY ACT likely to have any significant adverse effects on Bank’s competitors. VALLEY BANCORPORATION, There is no evidence that significant banking APPLETON, WISCONSIN needs of the community are going unserved; however, consummation of this acquisition would Order Approving Acquisition of Bank allow Bank to improve the quality and expand Valley Bancorporation, Appleton, Wisconsin, the number of services Bank currently offers to a bank holding company within the meaning of the community. Affiliation with Applicant would the Bank Holding Company Act, has applied for increase the lending capability of Bank through the Board’s approval, under § 3(a)(3) of the Bank participation arrangements with Applicant’s Holding Company Act (12 U.S.C. 1842(a)(3)), to present subsidiary banks, and enable Bank to acquire 80 per cent or more of the voting shares initiate trust services as well as to improve and of Bank of Casco, Casco, Wisconsin (“Bank”). expand its consumer lending capabilities. Con Notice of receipt of the application has been siderations relating to the convenience and needs given in accordance with § 3(b) of the Act, and of the communities to be served lend some weight the time for filing comments and views has ex toward approval. pired. The Board has considered the application Considerations relating to financial and mana and all comments received in the light of the fac gerial resources and prospects as they relate to tors set forth in § 3(c) of the Act (12 U.S.C. Applicant, its subsidiaries and Bank, are re 1842(c)) and finds that: garded as satisfactory, except that Bank has not Applicant, the eighth largest banking organiza provided for adequate successor management. tion in Wisconsin, controls eleven banks with Applicant’s capabilities for finding competent and aggregate deposits of approximately $148 mil experienced officers for Bank as needed lend some lion, representing 1.4 per cent of the total com weight in favor of approval. It is the Board’s judg mercial bank deposits in the State.1 Upon acquisi ment that consummation of the proposed acquisi tion of Bank ($7.1 million in deposits), Applicant’s tion would be in the public interest and that the position in relation to the other banking organiza application should be approved. tions in the State would remain unchanged and On the basis of the record, the application is ap Applicant’s share of deposits in the State would proved for the reasons summarized above. The be increased by only 0.1 percentage point. transaction shall not be consummated (a) before Bank’s sole office is located in the village of the thirtieth calendar day following the date of Casco, in Kewaunee County, where it competes this Order or (b) later than three months after the with six other banks in a market approximated date of this Order, unless such period is extended by the northern three-fourths of Kewaunee County for good cause by the Board, or by the Federal and the southern six miles of Door County. Bank Reserve Bank of Chicago pursuant to delegated ranks fourth in deposit size among the banks com authority. peting in this market, holding 14.4 per cent of By order of the Board of Governors, April 3, total deposits in that market. Applicant’s closest 1972. subsidiary, Badger State Bank, located in Den Voting for this action: Vice Chairman Robertson and Gover mark, Brown County, is approximately 27 road nors Mitchell, Daane, and Brimmer. Absent and not voting: miles southwest of Bank. There is no existing Chairman Burns and Governors Maisel and Sheehan. competition between Bank and this subsidiary (Signed) Tynan Smith, or any of Applicant’s other subsidiaries. More [seal] Secretary of the Board. over, in view of the low population density of the area and Wisconsin’s restrictive branch bank FIRST CITY BANCORPORATION OF ing statutes, the possibility of such competition TEXAS, INC., arising in the future appears remote. On the basis HOUSTON, TEXAS of the record before it, the Board concludes that consummation of the proposed acquisition would Order Approving Acquisition of Bank not have a significantly adverse effect on com First City Bancorporation of Texas, Inc., Hous ton, Texas, a bank holding company within the 1 All banking data are as of June 30, 1971, and reflect holding meaning of the Bank Holding Company Act, has company formations and acquisitions approved through Febru ary 29,1972. applied for the Board’s approval under § 3(a)(3) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 471 of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 By order of the Board of Governors, April 4, per cent (less directors’ qualifying shares) of the 1972. voting shares of a non-operating bank formed Voting for this action: Vice Chairman Robertson and Gov for the purpose of acquiring the assets and assum ernors Mitchell, Daane, Brimmer and Sheehan. Absent and ing the liabilities of Gulfgate State Bank of Hous not voting: Chairman Burns and Governor Maisel. ton, Houston, Texas, (“Bank”). The proposed (Signed) Tynan Smith, acquisition of the shares of the successor organiza [seal] Secretary of the Board. tion is treated herein as the proposed acquisition of the shares of Bank. SOUTHERN BANKSHARES, INC., Notice of receipt of the application has been RICHMOND, VIRGINIA given in accordance with § 3(b) of the Act, and the time for filing comments and views has ex Order Approving Acquisition of Banks pired. The Board has considered the application Southern Bankshares, Inc., Richmond, Vir and all comments received in the light of the ginia, a bank holding company within the meaning factors set forth in § 3(c) of the Act (12 U.S.C. of the Bank Holding Company Act, has applied for 1842(c)) and finds that: the Board’s approval under § 3(a)(3) of the Act Applicant controls 7 banks with aggregate (12 U.S.C. 1842(a)(3)) to acquire 100 per cent deposits of $1.3 billion, which amounts to 4.7 of the voting shares (less directors’ qualifying per cent of the total commercial bank deposits shares) of the successors by merger to (1) Bank of in Texas. (Banking data are as of June 30, 1971, and Powhatan, Powhatan, Virginia (“Powhatan reflect holding company formations and acquisi Bank” ), and (2) Bank of Goochland, Goochland, tions approved through February 29, 1972.) Ap Virginia (“Goochland Bank”). plicant presently owns 38.8 per cent of the voting The banks into which Powhatan Bank and shares of Bank ($31 million in deposits) and con Goochland Bank are to be merged have no sig trols it. Consummation of this proposed trans nificance except as a means of acquiring the voting action would merely strenghten an affiliation shares of each Bank. Accordingly, the proposed that has existed since Bank was organized in 1950. acquisitions of the successor organizations are On the basis of the record, it appears that con treated herein as the proposed acquisitions of the summation of the proposal is not likely to have shares of each Bank. an adverse effect on existing or potential com Notice of receipt of the applications has been petition in any relevant area nor would any com given in accordance with § 3(b) of the Act, and the peting bank be adversely affected. time for filing comments and views has expired. Acquisition of the remaining stock of Bank The Board has considered the applications and all would continue Bank’s access to qualified per comments received in the light of the factors set sonnel and participations in more extensive proj forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and ects beyond Bank’s lending capabilities. Con finds that: siderations related to the convenience and needs Applicant controls two banks with total de of the communities to be served weigh slightly posits of $120.5 million, representing 1.4 per cent in favor of approval. The financial and managerial of the total deposits in commercial banks in Vir resources and future prospects of Applicant and ginia, and is the State’s eleventh largest banking its subsidiaries and of Bank are generally satis organization. (All banking data are as of June 30, factory and consistent with approval. It is the 1971, and unless otherwise noted, reflect holding Board’s judgment that the proposed transaction company formations and acquisitions approved would be in the public interest and that the ap through February 29, 1972.) Acquisition of plication should be approved. Powhatan Bank (deposits of $30 million) and On the basis of the record, the application is Goochland Bank (deposits of $14.3 million) approved for the reasons summarized above. The would increase Applicant’s share of deposits in transaction shall not be consummated (a) before the State by approximately .6 percentage point and the thirtieth calendar day following the date of this advance its rank to tenth in the State. Consumma Order or (b) later than three months after the date tion of the proposed transactions would not of this Order, unless such period is extended for significantly increase the concentration of banking good cause by the Board, or by the Federal Re resources in the State. serve Bank of Dallas, pursuant to delegated Powhatan Bank is the only banking organization authority. located in Powhatan and Cumberland Counties, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
472 FEDERAL RESERVE BULLETIN □ MAY 1972 which approximates both its primary service area It is the Board’s judgment that the proposed trans and the relevant banking market. Goochland Bank actions would be in the public interest and that the is the only bank located in its service area approxi applications should be approved. mated by Goochland County. Both Banks serve On the basis of the record, the applications are largely rural counties lying to the west, and adjacent approved for the reasons summarized above. The to, the Richmond SMSA. Applicant’s lead bank, transactions shall not be consummated (a) before Southern Bank and Trust Company (“SBT”), is lo the thirtieth calendar day following the date of this cated in Richmond and serves the Richmond Order or (b) later than three months after the date of SMSA, which represents a separate banking this Order, unless such period is extended for good market from the banking markets in which Pow cause by the Board, or by the Federal Reserve Bank hatan Bank and Goochland Bank compete. of Richmond pursuant to delegated authority. SBT’s closest office to Powhatan Bank and Gooch By order of the Board of Governors, April 4, land Bank is 11 miles and 4.2 miles, respectively, 1972. from those institutions. There is minimal competi Voting for this action: Vice Chairman Robertson and Gov tion existing between Powhatan Bank and Gooch ernors Mitchell, Daane, Brimmer, and Sheehan. Absent and land Bank, and some competition between the not voting: Chairman Burns and Governor Maisel. proposed subsidiaries and banks in the Richmond (Signed) Tynan Smith, SMSA. However, the competition which exists is [seal] Secretary of the Board. not regarded as significant. Moreover, there appears to be no significant incentive for Applicant to estab lish a de novo bank in either of the markets served BARNETT BANKS OF FLORIDA, INC., by Powhatan Bank or Goochland Bank. The JACKSONVILLE, FLORIDA Board, therefore, concludes that the effects on Order Approving Acquisition of Bank existing as well as potential competition resulting from consummation of the proposed acquisitions Barnett Banks of Florida, Inc., Jacksonville, would be only slightly adverse. Applicant would re Florida, a bank holding company within the main the fifth largest among 12 banking organiza meaning of the Bank Holding Company Act, has tions represented in the Richmond SMSA, where applied for the Board’s approval under § 3(a)(3) of it controls 7.3 per cent of market deposits. The the Act (12 U.S.C. 1842(a)(3)) to acquire 90 per proposed transactions should have no adverse cent or more of the voting shares of Bank of effect on competing banks. Florida & Trust Co. at Homestead, Homestead, On the basis of the foregoing, the Board con Florida (“Bank”). cludes that the competitive effects of the proposal Notice of receipt of the application has been are not inconsistent with approval of the applica given in accordance with § 3(b) of the Act, and the tions, and for the reasons discussed hereinafter, any time for filing comments and views has expired. elimination of existing or potential competition that The Board has considered the application and all may result may be regarded as outweighed by the comments received in the light of the factors set benefits that would result from the proposal. forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and The financial and managerial resources of Appli finds that: cant are generally satisfactory and prospects for the Applicant has 31 subsidiary banks controlling group appear favorable. Both Powhatan Bank and aggregate deposits of $943 million and is the third Goochland Bank lack successor management, and largest banking organization in Florida, control Applicant should be able to provide such manage ling 6.4 per cent of deposits in commercial banks ment to avert any serious problem from arising. in the state.1 Acquisition of Bank ($26 million in Banking factors, therefore, lend weight toward deposits) by Applicant would increase its per approval of the application. Although there is no centage share of deposits by only .2 per cent and evidence that significant banking needs of the would leave Applicant as the third ranking banking communities involved are going unserved, con organization in Florida. Consummation of the summation of the proposed acquisitions will enable transaction will not result in a significant in both Powhatan Bank and Goochland Bank to crease in the concentration of banking resources in initiate new services which will include trust, Florida. computer and credit services as well as give each 1 Banking data are as of June 30, 1971, and reflect all holding a larger lending capacity. Convenience and needs company formations and acquisitions approved by the Board considerations lend some weight toward approval. through February 29, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 473 Bank is located in Dade County, as are two Robertson, Mitchell, Daane, Brimmer and SheeHan. Absent and not voting: Governor Maisel. banking subsidiaries of Applicant. However, the closest of those subsidiaries is 26 miles from Bank, (Signed) Tynan Smith, [seal] Secretary of the Board. and there is no substantial existing competition between those subsidiaries and Bank; nor, due to the distance involved, the presence of numerous FIRST NATIONAL BANK HOLDING banking alternatives, and Florida’s branching COMPANY, INC., statutes, is there substantial likelihood of future PINED ALE, WYOMING competition developing between those subsid Order Approving Formation of Bank iaries and Bank. Neither is there any significant Holding Company possibility of substantial competition developing between any other of Applicant’s banking sub First National Bank Holding Company, Inc., sidiaries and Bank for similar reasons. Pinedale, Wyoming, has applied for the Board’s Moreover, consummation of this transaction approval, under § 3(a)(1) of the Bank Holding could have a beneficial effect on competition in Company Act (12 U.S.C. 1842(a)(1)), for the for the Dade County area. Applicant presently con mation of a bank holding company through trols only 2.1 per cent of deposits in Dade County, acquisition of 83.45 per cent or more of the voting and does not rank within the top 10 banking or shares of First National Bank of Pinedale, Pine ganizations. Acquisition of Bank would increase dale, Wyoming (“Bank”). Applicant’s share of Dade County deposits by Notice of receipt of the application has been .8 per cent and would give it a service outlet in an given in accordance with § 3(b) of the Act, and the area of Dade County in which it is presently not time for filing comments and views has expired. represented. Acquisition of Bank should enable The Board has considered the application and all Applicant to provide more effective competition comments received in the light of the factors set for the much larger banking organizations in Dade forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and County with which it must compete. For these finds that: reasons, the Board concludes that the competitive Applicant is a nonoperating corporation formed factors are consistent with approval of this for the purpose of acquiring Bank, which has application. aggregate deposits of approximately $5.6 million. Considerations relating to the financial condi (All banking data are as of June 30, 1971.) All tion, managerial resources and prospects of shareholders of Bank are being accorded substan Applicant, its subsidiary banks and Bank are tially equal treatment. Since Applicant has no generally satisfactory. However, affiliation with present operations or subsidiaries, it appears that Applicant should strengthen Bank’s management consummation of the proposal would not affect and this consideration lends some weight toward existing or potential competition, nor have an approval. Considerations relating to the conveni adverse effect on any other bank in the area. ence and needs of the community to be served are The banking considerations are consistent with consistent with approval. It is the Board’s judg approval of the application. The financial and ment that consummation of the proposed acquisi managerial resources of Bank and its prospects tion would be in the public interest and the appli are regarded as generally satisfactory. Applicant cation should be approved. has not commenced operations; thus, its financial On the basis of the record, the application is condition, management and prospects are de approved for the reasons summarized above. The pendent upon those of Bank. Applicant’s pro transaction shall not be consummated (a) before jected earnings appear to be sufficient to service the thirtieth calendar day following the date of the debt which it will incur upon consummation this Order or (b) later than three months after the of the proposed transaction, without adversely date of this Order, unless such period is ex affecting Bank’s capital structure. The proposed tended for good cause by the Board, or by the acquisition is not likely to have any significant Federal Reserve Bank of Atlanta pursuant to dele immediate effect on the convenience and needs of gated authority. the community. This aspect of the proposal is con sistent with approval of the application. It is the By order of the Board of Governors, April 6, Board’s judgment that the transaction would be in 1972. the public interest and that the application should Voting for this action: Chairman Burns and Governors be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
474 FEDERAL RESERVE BULLETIN □ MAY 1972 On the basis of the record, the application is State, and Applicant would be the smallest of approved for the reasons summarized above. The nine multibank holding companies operating in transaction shall not be consummated (a) before the Colorado. Consummation of the transactions will thirtieth calendar day following the date of this not result in a significant increase in the concentra Order or (b) later than three months after the date tion of banking resources in Colorado. of this Order, unless such period is extended for Applicant presently directly owns between 20 good cause by the Board, or by the Federal and 23 per cent of the voting shares of the four Reserve Bank of Kansas City pursuant to delegated existing banks it seeks to acquire. The remaining authority. shares of such banks are owned by a small group By order of the Board of Governors, April 6, of shareholders who also have interests in Appli 1972. cant and whose shares in the various banks are generally proportionate to their interests in Appli Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Brimmer, and Sheehan. Absent cant. Because of this relationship, the several and not voting: Governor Maisel. banks have been operated as a group with common (Signed) Tynan Smith, officers and policies. The present applications [seal] Secretary of the Board. by Applicant are essentially a reorganization of ownership from an individual to a corporate WEERVA, INC., capacity. Approval will likely have little effect LAKEWOOD, COLORADO on competition since, even if the applications were denied, there is little probability that any Order Approving Acquisition of Banks of the subsidiary banks would compete with one Weerva, Inc., Lakewood, Colorado, a bank another. holding company within the meaning of the Bank Moreover, though certain of the banks are in the Holding Company Act, has applied separately for same markets or nearby markets, they are gen the Board’s approval under § 3(a)(3) of the Act erally small factors in their markets and con (12 U.S.C. 1842(a)(3)) to acquire 80 per cent or summation of the proposal would have little more, respectively, of the voting shares of the competitive impact. Both Lakewood Bank and following five banks: (1) First Westland National Wheat Ridge Bank are in the Denver banking Bank, Lakewood, Colorado (“ Lakewood Bank”); market, which is characterized by large holding (2) The Bank of Vail, Vail, Colorado (“Vail companies. Their combined deposits represent Bank”); (3) The Erie Bank, Erie, Colorado only .9 per cent of total market deposits. The (“Erie Bank); (4) Eagle Valley Bank, Minturn, Erie Bank is located in the Weld County area, Colorado (“Minturn Bank”); and (5) Westland and its deposits represent only .7 per cent of total National Bank, Longmont, Colorado (“Long market shares in that area. The Longmont Bank, mont Bank”), a proposed new bank. which is a proposed new bank, would be part of Notice of receipt of the applications has been the Boulder County area and would be competing given in accordance with § 3(b) of the Act, and the with an organization that has over 40 per cent of time for filing comments and views has expired. total market deposits. Vail Bank and Minturn The Board has considered the applications and all Bank are both located in Eagle County with only comments received in light of the factors set forth one other bank in the area. The Vail Bank has in § 3(c) of the Act (12 U.S.C. 1842(c)) and finds 49 per cent of market deposits in this area that: while the Minturn Bank has 6.9 per cent of the Applicant controls one bank, Wheat Ridge Na deposits. However, due to the different economic tional Bank, Wheat Ridge, Colorado (“Wheat characteristics of the two communities served Ridge Bank”), with deposits of $3.3 million, and the intervening terrain, there is little com representing . 1 per cent of the total commercial petitive overlap between the two and little is likely bank deposits in Colorado. Upon acquisition of to develop. Lakewood Bank (deposits of $20.8 million), Vail Although Applicant will still be a small factor Bank (deposits of $4.8 million), Erie Bank in Colorado after consummation of these acquisi (deposits of $1.2 million), Minturn Bank (deposits tions, it has a potential for future expansion which of $.7 million), and Longmont Bank, a proposed would provide additional competition for the new bank, Applicant would control approxi large holding companies in Colorado and is a mately $31 million in deposits, representing .7 per procompetitive development. The Board con cent of total deposits in commercial banks in the cludes that competitive considerations are con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 475 sistent with approval of each of the applications. MIDLANTIC BANKS INC., Considerations relating to the financial condition, NEWARK, NEW JERSEY managerial resources, and prospects of Applicant, Order Approving Acquisition of Bank its subsidiary bank, and the five banks sought to be acquired are generally satisfactory. However, Midlantic Banks Inc., Newark, New Jersey, has upon consummation of the proposal Applicant will applied for the Board’s approval under § 3(a)(3) raise additional capital funds for Lakewood Bank of the Bank Holding Company Act (12 U.S.C. and Vail Bank. These considerations lend weight 1842(a)(3)) to acquire 100 per cent (less directors’ toward approval of those applications and are qualifying shares) of the voting shares of Citizens consistent with approval of the others. Considera National Bank, Englewood, New Jersey. tions relating to the convenience and needs of the Notice of receipt of the application has been communities to be served are consistent with given in accordance with § 3(b) of the Act, and approval of the applications, particularly since the the time for filing comments and views has ex stronger internal organization that will result from pired. The Board has considered the application approval of these applications should enable Ap and all comments received in light of the factors plicant to facilitate the transfer of personnel set forth in § 3(c) of the Act (12 U. S.C . 1842(c)). among banks as needed. On the basis of the record, the application is Finally, Applicant shall not retain or acquire approved for the reasons set forth in the Board’s any nonbank shares or engage in any nonbanking Statement of this date. The transaction shall not activities to a greater extent or for a longer period be consummated (a) before the thirtieth calendar than would apply in the case of a bank holding com day following the date of this Order or (b) later pany which became such on the date of the pro than three months after the date of this Order, posed consummations, except to the extent other unless such period is extended for good cause by wise permitted in any regulation of the Board the Board, or by the Federal Reserve Bank of hereafter adopted specifically relating to the effect New York pursuant to delegated authority. of the acquisition of an additional bank on the status By order of the Board of Governors, April 7, of nonbank shares and activities of a one-bank 1972. holding company formed prior to 1971, or unless Voting for this action: Chairman Burns and Governors the Board fails to adopt any such regulation before Mitchell, Daane, and Sheehan. Voting against this action: the expiration of two years after the consumma Governors Robertson, Maisel, and Brimmer. tion of the proposed acquisitions. It is the Board’s (Signed) Tynan Smith, judgment that consummation of the proposed [seal] Secretary of the Board. acquisitions would be in the public interest and the applications should be approved. Statement On the basis of the record the applications are approved for the reasons summarized above. The Nature of transaction. Midlantic Banks Inc., transactions shall not be sonsummated (a) before Newark, New Jersey, a registered bank holding the thirtieth calendar day following the date of this company, has applied to the Board of Governors, Order or (b) later than three months after the date pursuant to § 3(a)(3) of the Bank Holding Company of this Order; and (c) Longmont Bank, Longmont, Act (12 U.S.C. 1842(a)(3)), for prior approval Colorado, shall be opened for business not later of the acquisition of 100 per cent (less directors’ than six months after the date of this Order. Each qualifying shares) of the voting shares of the suc of the periods described in (b) and (c) may be cessor by merger to Citizens National Bank, extended for good cause by the Board, or by the Englewood, New Jersey (“Citizens Bank”). Federal Reserve Bank of Kansas City pursuant to The Board in an Order and Statement dated delegated authority. July 29, 1971, denied an earlier application by By order of the Board of Governors, April 6, Applicant to acquire Citizens Bank. Applicant 1972. subsequently filed a request for reconsideration and also an alternative proposal providing for Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Brimmer, and Sheehan. Absent the removal of the home office of Citizens Bank and not voting: Governor Maisel. from Englewood, New Jersey, to Tenafly, New Jersey, which already had home office protection. (Signed) Tynan Smith, In an Order dated October 19, 1971, the Board [seal] Secretary of the Board. denied Applicant’s request for reconsideration of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
476 FEDERAL RESERVE BULLETIN □ MAY 1972 its Order dated July 29, 1971, and directed that other acquisitions which would result in a con Applicant’s alternative proposal be processed as solidation of commercial banking in the North anew application. Jersey Area in a few institutions. The Department Statutory considerations. Applicant controls acknowledged that the removal of the home office six banks with aggregate deposits of $687 million of Citizens Bank from Englewood to Tenafly and is the fourth largest banking organization in would eliminate home office protection in Engle New Jersey with 5.0 per cent of deposits in the wood. However, the Department stated that this State.1 The acquisition of Bank (deposits of $194 might only be a temporary benefit, since a new million) would make Applicant the largest banking bank could be chartered in Englewood which organization in New Jersey, but its share of would restore home office protection to that city. deposits in the State would be only approximately There is no present competition existing between 6.3 per cent. any of Applicant’s five smaller subsidiaries, two Applicant presently has four subsidiaries in the of which are not located in the First Banking Dis First Banking District of New Jersey: National trict, and Citizens Bank and, based on the facts Newark and Essex Bank (“National Newark”) a of record, substantial competition is unlikely to $602 million institution, which is the fourth largest develop in the future. Consummation of the commercial bank in the State; The Sussex and acquisition would not eliminate substantial present Merchants National Bank of Newton (deposits competition between Citizens Bank and Appli of $46 million), which is the largest of four rela cant’s largest subsidiary, National Newark. Despite tively small banks in Sussex County; Madison the fact that these institutions are in adjoining National Bank, Madison (deposits of $9 million), markets and their closest offices are 12 miles apart, which is the twenty-eighth largest of 46 banks the record indicates there is little deposit or loan in the Greater Newark Market; and Midlantic overlap between them. National Bank, Parsippany-Troy Hills, a new Moreover, any possible lessening of potential bank. The other two subsidiaries of Applicant are competition would be offset by the far larger prosmall banks located in the Second and Third Bank competitive benefits that would result from the ing Districts. approval of the application. The New Jersey bank National Newark is the third largest of 34 bank ing market is one of the richest in the nation; ing organizations in the Greater Newark Market, gauged by per capita income payments, New with 17.3 per cent of the total deposits in that Jersey ranks third among the industrial States of market.2 Citizens Bank, located in Bergen County the nation after Connecticut and New York. Yet in the First District, is the fifth largest of 39 New Jersey’s share of the U.S. bank deposit market banking organizations in the Paterson Market, lags well behind its proportion of U.S. population with 6.2 per cent of deposits in the market.3 and personal income: 3.13 per cent compared to In connection with the review of the applica 3.51 per cent and 4.14 per cent respectively. tion, the Board has considered a comment from The reasons for an underdeveloped New Jersey the Department of Justice, which concluded that banking system are not obscure. On the one hand, consummation of the alternative proposal “would the State’s banks have been exposed to vigorous have an adverse effect on competition.” The competition from banks in two of the nation’s Department stated that the amended proposal (as major financial centers, New York and Philadel would have the original) would eliminate Appli phia. On the other hand, the structure of New cant as a potential, de novo entrant or as an entrant Jersey banking itself has been truncated at the top through purchase of a small or “foothold” bank and bottom by constraints placed on normal growth into Bergen County, and also would eliminate of the larger banks and by the inhibitory policy Citizens Bank as a potential member of a new hold against entrance implicit in home office protection ing company system in New Jersey. The Depart statutes and a conservative chartering policy. The ment additionally expressed concern that the resulting banking structure is far less vigorous acquisition of Citizens Bank would serve to trigger and competitive than found in the New York and Philadelphia market alternatives. Over 75 per cent of all New Jersey residents 'Banking data are as of June 30, 1970, and reflect holding company formations and acquisitions approved by the Board live in the New York-Northeastern New Jersey and to date. Philadelphia urbanized areas. Large numbers of 2The Greater Newark Market includes all of Essex County and parts of Union, Hudson and Morris Counties. these residents find that banking services near 3Bergen and Passaic Counties constitute the Paterson Market. work are more convenient and encompass a broader Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 477 range of banking conveniences than are available sion that only a small number of bank holding where they live, hence they bank in New York companies will dominate the State. and Philadelphia. There is another aspect of a pro-competitive Large businesses located in New Jersey would nature that will result from the approval of this be expected to cross the rivers for adequate banking application. The original proposal by Applicant accommodation, but many moderate sized business would have preserved home office protection in customers have been forced away from a natural Englewood, a definitely anticompetitive consid reliance on local sources of bank credit and the eration. However, Applicant now proposes to measure of solicitude which goes with local accom remove the home office of Citizens Bank from modation because local institutions have not grown Englewood to Tenafly, New Jersey, if its applica to a size commensurate with the needs of even a tion is approved. This would have the pro-competimedium sized business. tive effect of opening Englewood to branching from The principal competition for the banking busi without and would not raise new barriers in Ten ness of medium sized firms in New Jersey comes afly, since the latter city already has home office from banks in Philadelphia and New York. After protection due to another bank’s home office being this acquisition is consummated, New Jersey’s located there. largest banking organizations will be less than Based on the foregoing, the Board concludes half the size of the largest Philadelphia bank and that consummation of Applicant’s proposal would smaller even than Philadelphia’s fourth largest not result in a monopoly or be in furtherance of any bank. The size disparity between New Jersey combination, conspiracy, or attempt to monopolize banking organizations and those operating in New the business of banking in any area. Moreover, the York City is much more pronounced. New Jersey’s competitive effects of the proposal are consistent largest banking organization will be only one- with approval of the application and, in fact, lend fifteenth as large as the largest organization oper some weight toward approval. ating in New York City and about equal in size to The financial condition of Applicant, its sub the thirteenth largest operating there. sidiary banks, and of Citizens Bank is generally The transformation that has been taking place satisfactory and prospects of all are favorable. in the banking structure of New York, Virginia, Citizens Bank has had a capital problem but Appli Florida, and other States seems to have been a cant has indicated this will be resolved if the precedent for an attempted revitalization of the application is approved. These considerations are New Jersey banking structure implicit in recent consistent with approval of the application. legislative action. Expanded branching opportuni Consummation of Applicant’s proposal would ties are now available and State-wide holding have a beneficial effect on the convenience and companies have been authorized. Under the in needs of Englewood banking customers since it terim and subsequent steps to be taken, it is now would dissolve Citizens Bank’s home office pro becoming possible for the New Jersey banking tection under New Jersey law and open that city structure to respond to entrepreneurial energy and to branching from without. While no additional innovation and provide New Jersey with a gen types of banking services would be introduced into uinely indigenous, locally rooted banking system. the Paterson Market as a result of the proposed Affiliation with Applicant will enable Citizens affiliation with Applicant, an additional competi Bank to service those New Jersey businesses who tive alternative for larger customers would be presently must look outside the State for their provided. Considerations relating to this factor banking needs and also the large number of insti lend weight for approval of the application. tutions and businesses that are moving or con Summary and conclusion. On the basis of all templating moving to northern New Jersey and relevant facts contained in the record and in the which require services that a bank the size of light of the factors set forth in § 3(c) of the Act, it Citizens Bank would find difficult to provide. is the Board’s judgment that the proposed trans Otherwise, Citizens Bank will remain a fairly action is in the public interest and that the applica passive competitive factor in the New York-North tion should be approved. eastern New Jersey and Philadelphia areas. More over, several new bank holding companies have Dissenting Statement of panies have been formed in New Jersey since Governors Robertson, Maisel and Brimmer consideration was given to the earlier application. There is no longer the same basis for the apprehen We dissent from the majority’s approval of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
478 FEDERAL RESERVE BULLETIN □ MAY 1972 acquisition of a bank of almost $200 million de The Majority Statement also mentions that there posits by the fourth largest banking organization is now a larger number of bank holding companies in New Jersey, which is headquartered in the than existed last July when the previous applica same banking district as the bank to be acquired. tion by this Applicant was denied. Of course, the Although there is little existing competition four largest bank holding companies are still the between the subsidiaries of Applicant and Citizens same as were in existence at the time of our earlier Bank, consummation of the transaction would consideration and all headquartered in the First have a serious adverse effect on potential compe Banking District of New Jersey. tition. Applicant’s lead bank, National Newark, We believe the public interest would be better is the fourth largest commercial bank in the State served and the desired goal of improved competi and is headquartered in the Greater Newark Mar tion advanced if a bank holding company headquar ket, which adjoins the Paterson Market in which tered in either the Second or Third New Jersey Citizens Bank operates. There can be little doubt Banking District were to acquire Citizens Bank, that National Newark is one of the most likely and through that means make its presence felt in potential entrants into the Paterson Market both the First Banking District. from terms of interest and capabilities. This interest There are at present only eight independent could manifest itself either through de novo entry banks in the First Banking District with total de or by the acquisition of a bank smaller than Citizens posits between $100 and $300 million. If any of Bank, which ranks fifth of 39 banking organiza these banks are to be acquired by a holding com tions in the Paterson Market. pany, it should be by a company located in another These considerations weigh heavily for us and banking district; that would be necessary to provide are not offset by the problematical benefits of pro meaningful competition to the four large holding viding stronger competition for New York City companies headquartered in the First District. and Philadelphia banks. Admittedly, there may Another alternative that would be preferable to be some benefit to a few larger customers in the approval of this application would be the com Paterson Market from having the presence of Appli bination of certain of these banks in a new holding cant in that market manifest itself through a large company which would be able to exert competitive bank already in the market. However, for the great pressure on the existing holding companies. Either majority of customers, this increased size will have of these possible courses of action would enhance little meaning. Instead, the result of the acquisition competition, not lessen it as would consummation will be that they will have a potential alternative of this transaction. source of services for their banking needs elim The Majority Statement mentions as a procominated by consummation of the acquisition. The petitive factor that consummation of the transaction Supreme Court said in the Phillipsburg case1 that as now proposed would remove home office pro all classes of customers must be taken into account, tection from Englewood and make it possible for and that benefits to some customers should not be other banks to establish competing branches in allowed to override more significant detriment to Englewood. This element of the present proposal— other customers. indeed, the only new element— is not entitled to Furthermore, in our view, it is doubtful that this much weight in determining whether there are acquisition will place Midlantic in a position to enough public benefits flowing from the trans compete in any meaningful way with New York action to outweigh the adverse competitive factor City and Philadelphia banks. The size disparity will because home office protection can be reinstated still be great. simply by the chartering of a new bank there. The Majority Statement declares that the struc What is more, temporary elimination of home office ture of New Jersey banking is “truncated” at the protection in Englewood may serve to strengthen top. This “truncated” structure will not continue and prolong the home office protection in Tenafly. for long if the Board continues to permit large Having reconsidered this application, we remain holding companies, the size of Applicant, to freely convinced that consummation of the transaction acquire banks the size of Citizens, with almost would have a serious adverse effect on competition $200 million in deposits, even when located in the which is not outweighed by any public benefits same banking district as the holding company’s flowing from the transaction. As a matter of fact, lead bank. we see no public benefits whatsoever flowing to the vast majority of Citizens’ customers. We would *399U.S. 350(1970) deny the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 479 UNITED JERSEY BANKS, son Township, a relatively underbanked commu HACKENSACK, NEW JERSEY nity. Consequently, consummation of the present proposal may foreclose potential competition Order Approving Acquisition of Bank between Applicant’s subsidiaries and Bank. How United Jersey Banks, Hackensack, New Jersey, ever, Bank has failed to achieve the competitive a bank holding company within the meaning of posture expected of a four-year-old bank, and its the Bank Holding Company Act, has applied for competitive potential appears limited. Other com the Board’s approval under § 3(a)(3) of the Act petitors may enter the New Brunswick market (12 U.S.C. 1842(a)(3)) to acquire 100 per cent through the possible acquisition of one of the 11 (less directors’ qualifying shares) of the voting small-to-moderate size independent banks serving shares of Madison State Bank, Madison Township, this market. The Board, therefore, concludes that New Jersey (“Bank”). consummation of the proposed acquisition would Notice of receipt of the application has been have only a slightly adverse effect on potential given in accordance with § 3(b) of the Act, and the competition. time for filing comments and views has expired. The financial condition and management of The Board has considered the application and all Applicant and its subsidiaries are satisfactory and comments received in the light of the factors set the prospects of each are favorable. However, forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and the financial condition of Bank is unsatisfactory; finds that: it has yet to report a profit and its deposit growth Applicant, with ten subsidiary banks holding is lagging. Affiliation with Applicant should sig aggregate deposits of $969.4 million, is the second nificantly strengthen the overall condition of Bank largest banking organization in New Jersey with through the infusion of both management ex 6.2 per cent of the commercial bank deposits in pertise and financial resources. Thus, considera the State. (All banking data are as of June 30, 1971, tions relating to the banking factors lend weight unless otherwise indicated, and reflect holding com toward approval. Applicant further proposes to pany formations and acquisitions approved through expand the range of Bank’s services to include February 29, 1972.) Consummation of the pro trust, investment, international banking, data posed acquisition of Bank ($4.0 million in de processing, and other specialized services. Affilia posits) would increase only slightly Applicant’s tion will also permit Bank to become more respon share of State-wide commercial bank deposits, and sive to the credit needs of the community. At its present ranking would remain unchanged. present, over one-half of Bank’s loan portfolio Bank is one of twenty banking institutions in represents loans purchased or federal funds sold. the New Brunswick banking market,1 the relevant Moreover, Applicant intends to assist Bank in market, where it ranks eighteenth in size with 0.3 opening additional branch facilities. Thus, con per cent of area deposits. Applicant’s subsidiary siderations relating to the convenience and needs office closest to Bank is located eight miles north of the community to be served lend weight to east of Bank and serves a different banking ward approval. It is the Board’s judgment that the market. Apparently no significant present com slightly adverse effects on potential competition petition exists between Bank and this office, or which would result from consummation of the any of Applicant’s other offices. Moreover, the proposal are more than outweighed by considera presence of geographical barriers, including the tions relating to the convenience and needs of the Garden State Parkway, would appear to limit the community and banking factors, that consummation development of future competition between Bank of the proposal would be in the public interest, and this office. and that the application should be approved. Two of Applicant’s subsidiaries have received On the basis of the record, the application is approval to open branch offices outside of Madison approved for the reasons summarized above. Township, where Bank is domiciled, but within The transaction shall not be consummated (a) the New Brunswick banking market. Thus, it before the thirtieth calendar day following the is possible for competition to develop in the date of this Order or (b) later than three months future between Bank and these approved branches. after the date of this Order, unless such period is In addition, Applicant has the expertise and re extended for good cause by the Board, or by the sources to establish a de novo bank within Madi Federal Reserve Bank of New York pursuant to delegated authority. 1 Includes Middlesex County except the municipalities of Plainsboro, Cranbury, Middlesex and Dunellen, plus Franklin By order of the Board of Governors, April 11, Township in Somerset County. 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
480 FEDERAL RESERVE BULLETIN □ MAY 1972 Voting for this action: Chairman Burns and Governors Though Tampa and St. Petersburg are adjacent to Robertson, Daane, Brimmer, and Sheehan. Absent and not vot one another and are part of the Tampa-St. Peters ing: Governors Mitchell and Maisel. (Signed) Tynan Smith, burg Standard Metropolitan Statistical Area, they [seal] Secretary of the Board. essentially represent separate banking markets. For this reason there is little competition between FIRST FINANCIAL CORPORATION, Applicant and Bank, and consummation of this TAMPA, FLORIDA transaction would not have a substantial adverse Order Denying Acquisition of Bank effect on actual competition. However, Applicant’s acquisition of Bank would First Financial Corporation, Tampa, Florida, a have substantially adverse effects on potential com bank holding company within the meaning of the petition between Applicant and Bank. As stated Bank Holding Company Act, has applied for the earlier, Applicant is the largest organization in the Board’s approval under § 3(a)(3) of the Act (12 adjacent Tampa market and, because of its size U.S.C. 1842(a)(3)) to acquire 80 per cent or more and orientation, is one of the most likely potential of the voting shares of Union Trust National entrants into the St. Petersburg market. St. Peters Bank of St. Petersburg, St. Petersburg, Florida burg is an attractive market for entry since the (“Bank”). deposits per bank in St. Petersburg are consider Notice of receipt of the application has been ably higher than the State average and growth given in accordance with § 3(b) of the Act, and prospects of the city are favorable. Thus, Appli the time for filing comments and views has ex cant has the capability and incentive to enter the pired. The Board has considered the application St. Petersburg market, a market which would sup and all comments received in the light of the port the de novo establishment of a new bank. factors set forth in § 3(c) of the Act (12 U.S.C. Applicant, however, is not limited to de novo entry 1842(c) and finds that: into the St. Petersburg market; there are numerous Applicant has nine banks with aggregate de independent banking organizations located there, posits of $427 million, and is the seventh largest the acquisition of which would not pose the com banking organization in Florida, controlling 2.9 petitive problems raised by Applicant’s proposed per cent of commercial bank deposits in the acquisition of Bank and would have a pro-com State.1 Acquisition of Bank ($151 million in de petitive effect. In such circumstances, the elimina posits) by Applicant would increase its percentage tion of a likely entrant into a concentrated market share of deposits by 1 per cent and would make it by the acquisition of a leading firm in the market the sixth largest banking organization in the State. should be discouraged.2 The Board concludes, Consummation of the transaction would not result therefore, that consummation of the proposed in a significant increase in concentration of transaction would foreclose significant potential banking resources in the State of Florida. competition between Applicant and Bank. Applicant’s lead bank and two other banking Bank is one of only two institutions remaining in subsidiaries are located in the Tampa market. That Florida with deposits of over $100 million, which market is a highly concentrated one with the three are not lead banks in bank holding company or leading banking organizations located there having ganizations. It, therefore, appears particularly about 68 per cent of market deposits. Applicant appropriate that the Board keep alive the oppor is the leading organization in the Tampa market tunity for the formation of new holding companies with some 31 per cent of deposits and is the which can serve to provide additional competition dominant organization in the Tampa area. for existing holding companies in Florida. Bank is located in St. Petersburg, which is Denial of the proposed transaction would also located across Tampa Bay from Tampa. The St. preserve Bank as a means of entry into the Tampa- Petersburg market, though not as highly concen St. Petersburg SMSA by a banking organization trated as Tampa, still is relatively concentrated with of appropriate size from a geographic area removed the top four organizations having over 58 per cent from west-central Florida, which would have a of market deposits. Bank is {he second largest in beneficial effect on competition there. This con stitution in St. Petersburg with 17 per cent of market deposits and is only slightly smaller than the leading bank in the market. 2This position is in accordance with an earlier decision of the Board denying the application of Applicant to acquire Bank of 1 Banking data are as of June 30, 1971, and reflect all holding Clearwater, Clearwater, Florida, also located in the Tampa-St. company formations and acquisitions approved by the Board Petersburg Standard Metropolitan Statistical Area (1970 through February 29, 1972. Federal Reserve Bulletin 654). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 481 sideration was recognized by the Board in its Board’s approval, under § 3(a)(3) of the Act (12 denial statement of the application of Barnett U.S.C. 1842(a)(3)), to acquire 100 per cent of the Banks to acquire Bank (1969 Federal Reserve voting shares (less directors’ qualifying shares) Bulletin 615). The Board stressed in that case that of the successor by merger to Long Point National the acquisition of Bank by one of the State’s Bank of Houston, Houston, Texas (“Bank”). largest banking organizations could lead to domi The bank into which Long Point National Bank nation of banking in the State by existing holding of Houston is to be merged has no significance ex companies and perpetuate existing concentration cept as a means of acquiring all of the shares of in the Tampa-St. Petersburg area by increasing Bank. Accordingly, the proposed acquisition of barriers to new entry into St. Petersburg. For shares of the successor organization is treated similar reasons, the Board concludes that con herein as the proposed acquisition of shares of sideration of the competitive factors in the Bank. present application weighs against approval. Notice of receipt of the application has been Considerations relating to the financial condition, given in accordance with § 3(b) of the Act, and the managerial resources and prospects of Applicant, time for filing comments and views has expired. its subsidiary banks, and Bank are satisfactory The Board has considered the application and all though Bank has management succession problems. comments received in the light of the factors set However, Bank is large enough to attract needed forth in § 3(c) of the Act (12 U.S.C 1842(c)) and management on its own. Additionally, although finds that: Applicant at present has adequate managerial re Applicant controls four banks with aggregate sources to provide for its own needs, there is deposits of approximately $688 million, represent some question that it would be able to provide ing 2.6 per cent of the total commercial bank de additional management depth for Bank without posits in Texas and is the fifth largest banking or straining its own managerial resources. For these ganization in the State. (All banking data are as of reasons, the banking factors do not provide June 30, 1971, and reflect holding company for weight for approval of the application. mations and acquisitions approved by the Board Applicant proposes to improve and expand the through March 31, 1972.) Consummation of the lending capabilities and drive-in facilities of Bank. proposed acquisition of Bank (deposits of approxi Although these proposed benefits are favorable, mately $29 million) would increase slightly Ap Bank is capable of providing such improvements plicant’s percentage of total commercial bank by itself. Accordingly, these considerations, deposits in the State but would not change its while consistent with approval of the application, ranking. do not outweigh the anticompetitive effects of the Applicant is the third largest banking organiza proposal. It is the Board’s judgment that consum tion in the relevant market which is approximated mation of the proposed acquisition would not be by the Houston SMSA. Within the market, Appli in the public interest and the application should cant has three banking subsidiaries including the be denied. area’s third largest bank and holds minority stock On the basis of the record, the application is interests ranging from 4.2 per cent to 20.3 per cent denied for the reasons summarized above. in each of five other banks (of which Bank is one). By order of the Board of Governors, April 11, The combined deposits of all eight related banks 1972. ($798.3 million) represent 12.9 per cent of total commercial bank deposits in the market. Bank, Voting for this action: Chairman Burns and Governors Robertson, Daane, Brimmer, and Sheehan. Absent and not with less than 0.5 per cent of deposits in the voting: Governors Mjtchell and Maisel. relevant market, ranks 38th in size among 145 (Signed) Tynan Smith, banks there. [seal] Secretary of the Board. Bank, located in a suburban area of northwest Houston, was established in 1956 under the spon SOUTHWEST BANCSHARES, INC., sorship of principals of Applicant’s lead bank. HOUSTON, TEXAS Ninety-five common stockholders of Bank and Order Approving Acquisition of Bank Applicant hold 59.5 per cent of Bank’s shares. In 1956 these shareholders held 52.6 per cent. Of Southwest Bancshares, Inc., Houston, Texas, the 59.5 per cent, Applicant itself owns 14.7 per a bank holding company within the meaning of the cent of Bank’s shares and Applicant’s officers own Bank Holding Company Act, has applied for the another 8.3 per cent. Based on these facts and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
482 FEDERAL RESERVE BULLETIN □ MAY 1972 other facts of record, disaffiliation in the foresee By order of the Board of Governors, April 11, able future appears to be no more than a remote 1972. possibility. Voting for this action: Chairman Burns and Governors The service area of Applicant’s lead bank, pri Robertson, Mitchell, Brimmer, and Sheehan. Absent and not voting: Governors Daane and Maisel. marily a wholesale bank, is the entire Houston (Signed) Tynan Smith, SMSA, which overlaps the service area of Bank. [seal] Secretary of the Board. However, on the facts of record, including the nature and extent of the existing affiliation be tween the banks and the differences between the TEXAS COMMERCE BANCSHARES, INC., banks in size and type of operation, there appears to HOUSTON, TEXAS be no meaningful competition between them. The Order Approving Acquisition of Bank competition that exists between Bank and any of Texas Commerce Bancshares, Inc., Houston, Applicant’s other banking subsidiaries, or be Texas, a bank holding company within the mean tween Bank and any of the banks in which Appli ing of the Bank Holding Company Act, has applied cant has a minority interest, is not regarded as for the Board’s approval, under § 3(a)(3) of the significant. It appears that consummation of the Bank Holding Company Act (12 U.S.C. 1842(a) proposed acquisition would not eliminate any (3)), to acquire 37 per cent of the voting shares meaningful existing competition nor have an of Beaumont State Bank, Beaumont, Texas. adverse effect on the structure of the Houston Notice of receipt of the application has been market where there are numerous banking alter given in accordance with § 3(b) of the Act, and the natives available. Disaffiliation appears to be an time for filing comments and views has expired. unlikely prospect and, absent disaffiliation, the The Board has considered the application and all development of future competition between Bank comments received in light of the factors set forth and any of Applicant’s subsidiaries is considered in § 3(c) of the Act (12 U.S.C. 1842(c)). unlikely. It is concluded that competitive con On the basis of the record, and for the reasons siderations are consistent with approval. and upon the conditions set forth in the Board’s The financial and managerial resources and Statement of this date, Applicant is granted ap future prospects of Applicant, its subsidiaries, proval to acquire 37 per cent or more of the voting and Bank appear to be generally satisfactory and shares of Beaumont State Bank. The transaction consistent with approval. Bank’s service area has shall not be consummated (a) before the thirtieth experienced considerable economic growth in calendar day following the date of this Order or recent years. Consummation of the proposal herein (b) later than three months after the date of this would enable Bank better to serve the credit re Order, unless such period is extended for good quirements of large customers located in its cause by the Board, or by the Federal Reserve service area. Also, Applicant proposes to develop, Bank of Dallas pursuant to delegated authority. for Bank, international, investment and trust, By order of the Board of Governors, April 11, and industrial development services, and to make 1972. available to Bank the planning and personnel Voting for this action: Chairman Burns and Governors expertise of Applicant’s lead bank. Convenience Robertson, Mitchell, Brimmer, and Sheehan. Absent and not voting: Governors Daane and Maisel. and needs factors lend some weight in favor of approval. It is the Board’s judgment that consum (Signed) Tynan Smith, mation of the proposed acquisition would be in the [seal] Secretary of the Board. public interest and the application should be approved. Statement On the basis of the record, the application is Texas Commerce Bancshares, Inc., Houston, approved for the reasons summarized above. The Texas (“ Applicant”), a registered bank holding transaction shall not be consummated (a) before company, has applied for the Board’s approval •the thirtieth calendar day following the date of under § 3(a)(3) of the Bank Holding Company this Order or (b) later than three months after the Act (12 U.S.C. 1842(a)(3)), to acquire 100 per date of this Order, unless such period is extended cent of the voting shares (less directors’ qualify for good cause by the Board, or by the Federal ing shares) of the successor by merger to American Reserve Bank of Dallas pursuant to delegated National Bank of Beaumont, Beaumont, Texas authority. (“American Bank”). The bank into which Ameri Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 483 can Bank is to be merged has no significance ex mercial bank deposits in that market. Upon con cept as a means to facilitate the acquisition of summation of the proposals herein, Applicant the voting shares of American Bank. Accordingly, would control deposits of $117.3 million rep the proposed acquisition of the shares of the suc resenting 20.2 per cent of total commercial bank cessor organization is treated herein as the pro deposits in the Beaumont market.3 posed acquisition of the shares of American Bank. The closest office of Applicant to either pro Applicant has applied also for approval to acquire posed subsidiary is located approximately 90 37 per cent of the voting shares of Beaumont miles west of Beaumont in Houston, Texas. It State Bank, Beaumont, Texas (“Beaumont appears that no meaningful existing competition State”).1 between Applicant’s subsidiary bank and Ameri Statutory considerations. Applicant controls can Bank or Beaumont State would be eliminated one bank located in Houston, Texas, with de by consummation of Applicant’s proposals; and posits of $1.0 billion, representing 3.7 per cent on the facts of record, particularly in the light of of total commercial bank deposits in the State. Texas law regarding branching and the aforesaid Applicant, the fourth largest banking organiza distance between the banks involved, consumma tion in Texas and the second largest in the Hous tion of the applications is unlikely to foreclose ton banking market, controls approximately 16 significant potential competition between either per cent of total commercial bank deposits in of the proposed subsidiaries and Applicant’s the Houston area. In addition, Applicant con existing subsidiary bank. The affiliation between trols between 20 and 24.9 per cent of the voting American Bank and Beaumont State apparently shares of each of six other banks located in the has served to eliminate any meaningful com Houston market and holding aggregate deposits petition between these banks. of $157.6 million, representing 2.6 per cent of On the other hand, the facts of record indicate commercial bank deposits in the Houston area.2 that acquisition by Applicant of control of both Upon acquisition of control of both American American Bank and Beaumont State, or of Ameri Bank and Beaumont State (respectively, $94 can Bank alone, would have serious adverse million and $23.4 million of deposits), Applicant’s effects on potential competition in the Beaumont position in relation to other Texas banking or banking market. That market looks attractive ganizations and holding companies would re for de novo entry,4 Applicant is considered a main unchanged and Applicant’s share of de likely entrant into the Beaumont banking market, posits in the State would increase by .4 per which is adjacent to Applicant’s present market centage points. (All banking data are as of June area in Houston, Texas, and acquisition of Beau 30, 1971, and reflect holding company acquisi mont State alone will result in the disaffiliation tions and formations through December 31, 1971.) of it from American Bank and thereby reduce American Bank (located in downtown Beau concentration in the Beaumont banking market. mont) and Beaumont State (located 2 miles west Acquisition of Beaumont State by Applicant will of downtown Beaumont) both operate in the provide an additional competitor for the two Beaumont banking market, and are, respectively, largest Beaumont banking organizations. Ameri the second and sixth largest of 18 banking or can Bank is strong enough to continue to com ganizations in that market; and they control re pete as a viable independent bank and is capable spectively, 16.2 per cent and 4.0 per cent of COm- also of becoming a lead bank or substantial participant in a new or smaller bank holding ^ t the time this application was filed, American General Insurance Company, Houston, Texas, owned more than 32 company system. The procompetitive conse per cent of the voting shares of Texas Commerce Bancshares quences that are likely to result from Applicant’s so that an acquisition of shares by Texas Commerce would acquisition of Beaumont State alone would be constitute an indirect acquisition by American General. There fore, separate applications with respect to the acquisition of the shares of Beaumont State and of American Bank were 3 Beaumont State was organized in 1955 and has been affiliated filed by American General, as a bank holding company. How with American Bank since 1959 as the result of the purchase ever, during the period of the Board’s consideration of these of 37 per cent of Beaumont State’s outstanding voting shares applications, American General effected a divestiture of its by a corporation, all of the shares of which are held in trust ownership and control of the voting shares of Texas Commerce for the benefit of the shareholders of American Bank. In ad and has ceased to be a bank holding company under the Bank dition, it appears that individuals owning 18 per cent of the Holding Company Act. Accordingly, American General’s outstanding shares of American Bank directly control an ad applications indirectly to acquire shares of each of said banks ditional 39 per cent of the outstanding voting shares of Beau have been dismissed, as moot, by Order of the Board. mont State. 2 Applicant has filed applications with the Board to acquire 4Beaumont population to banking office ratio is 15,797 all of the remaining outstanding voting shares of each of three compared with the State ratio of 9,276 persons per banking of these banks. office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
484 FEDERAL RESERVE BULLETIN □ MAY 1972 foreclosed by Applicant’s acquisition of both banking market through acquisition of one but American Bank and Beaumont State. not of two banks in that market. Acquisition Financial and managerial resources and future of both American Bank and Beaumont State prospects. The financial condition of Applicant would have serious anticompetitive consequences and its subsidiary bank is regarded as satis which are not regarded as likely in connection factory, management capable, and prospects for with an acquisition of one of these banks. How continued growth seem favorable. The financial ever, I would give Applicant, rather than the condition and management of American Bank Board, the choice of which bank to acquire. and of Beaumont State are considered generally satisfactory and the prospects of each bank, whether Concurring Statement of operating individually or as a subsidiary of Ap Governor Brimmer plicant appear favorable. These considerations are I would approve the application of Texas Com consistent with approval of acquisition of either merce Bancshares, Inc., to acquire the Beaumont bank but lend no significant weight in support State Bank. However, there are several points of approval. which should receive additional emphasis. Convenience and needs of the communities in Entry of Texas Commerce Bancshares into volved. The banking needs of the Beaumont area, the Beaumont banking market brings into sharp for the most part, appear adequately served by focus a number of critical features of the structure the area’s existing banking organizations. Ap of banking in Texas which is undergoing sub plicant’s intention to improve banking services, stantial change. Because of the anti-branching by offering, among others, specialized industrial laws in Texas, many banks in the State have used and real estate financing, international banking various types of affiliated relationships to ex and trust services, can be effectuated through pand their banking network. These include re Applicant’s affiliation with Beaumont State alone. liance on trusteed affiliates which acquire and Utilization by Beaumont Bank of the financial, hold shares of one or more banks for the benefit managerial and resource strength of Applicant of shareholders of a lead bank. Thus, a serious should expand the banking services available question arises as to whether such affiliates are to the Beaumont community. to be incorporated almost automatically into a Summary and conclusion. On the basis of all newly formed holding company organization. relevant facts contained in the record, and in In the absence of geographic restrictions in the light of the factors set forth in § 3(c) of the Act, State on bank holding company expansion, the it is the Board’s judgment that (1) the applica number of bank holding company formations tion to acquire 100 per cent of the voting shares and acquisitions has increased substantially in of American Bank is not in the public interest the last few years. More recently, bank holding and should be denied; and (2) the application companies have begun to look beyond their im to acquire control of Beaumont State is in the public mediate market areas for attractive bank acquisi interest and should be approved; however, the tions on a State-wide basis. There is a limited Board’s approval of the application to acquire number of large banks in the State capable of shares of Beaumont State is conditioned upon State-wide expansion through holding companies. Applicant making an equitable exchange offer Consequently, the danger exists that unrestricted extended on the same terms to all persons hold expansion into new banking markets through ing shares of Beaumont State. In view of the con holding company acquisition of a series of dom dition provided herein for extending an equal inant banks in particular markets (some of which offer to all shareholders of Beaumont State, the may already be affiliated) would severely reduce Board believes it to be in the public interest to competition. If allowed to progress, a major por permit acquisition by Applicant of 37 per cent or tion of the State’s banking resources would come more of Beaumont State’s outstanding voting under the control of a handful of large bank hold shares. ing companies. The Board’s action in this case, in my view, encourages increased competitive vitality in the Concurring Statement of Beaumont market through the introduction of Governor Mitchell an aggressive banking organization. It also en I concur in the Board’s action approving the courages the disaffiliation of two of the larger entry of Texas Commerce into the Beaumont banks in the market. American Bank remains a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 485 significant competitor in its market and is avail since we do not believe the record establishes able also to serve as a significant participant in a that Beaumont State is a suitable entry vehicle separate bank holding company system. for the type of service Commerce would bring In addition, I want to comment on another issue to Beaumont, limiting approval to that alternative related to this case: that issue concerns the Board’s may be tantamount to denial of the application. recent determination that American General In If this is the case, in our opinion, the Beaumont surance Company has terminated its status as a community will, in the short run and possibly bank holding company by (1) exchanging its in the longer run, suffer a loss in competitive voting shares of Texas Commerce for a pro banking environment. The potential for com portionate number of nonvoting shares, (2) com petition must be related not only to the likeli mitting American General to a number of addi hood that a given organization can develop as tional steps designed to remove any possibility a viable competitor or that one will enter the mar of control or controlling influence over the voting ket in response to an apparent opportunity but shares, management or policies of Texas Com also to the period of time it takes either of these merce, and (3) further committing American possibilities to develop. General to divest itself of all interest in Texas Commerce by January 1, 1981. Based upon the Order Denying Approval for Acquisition particular facts and circumstances of this in of Bank stance (including the nature and effect of Ameri Texas Commerce Bancshares, Inc., Houston, can General’s relationship with Texas Com Texas, a bank holding company within the mean merce, the actions taken to eliminate the pos ing of the Bank Holding Company Act, has ap sibility of control or a controlling influence over plied for the Board’s approval, under § 3(a)(3) the voting shares or management or policies of of the Bank Holding Company Act (12 U.S.C. Texas Commerce, and in the light of the afore 1842(a)(3)), to acquire 100 per cent of the voting mentioned commitments), I am satisfied that shares (less directors’ qualifying shares) of the American General has terminated its status as a successor by merger to American National Bank bank holding company. of Beaumont, Beaumont, Texas. However, I am concerned that the Board’s ac Notice of receipt of the application has been tion in the case of American General may be given in accordance with § 3(a) of the Act, and misread as indicating that any company wishing the time for filing comments and views has ex to remove itself from the restrictions of the Bank pired. The Board has considered the application Holding Company Act may do so through a and all comments received in light of the factors simple exchange of voting shares of a bank for set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). non voting shares. On the contrary, the Board’s On the basis of the record, the application is action is based upon a careful analysis of the denied for the reasons set forth in the Board’s particular circumstances relating to American Statement of this date. General’s acquisition, retention, and future di By order of the Board of Governors April 11, vestiture of any ownership interest it may hold 1972. in Texas Commerce. Moreover, the Board has made it clear that its action in no way limits its Voting for this action: Chairman Burns and Governors authority— in appropriate circumstances— to Robertson, Mitchell, Brimmer, and Sheehan. Absent and not voting: Governors Daane and Maisel. amend, revoke or nullify its determination that American General has ceased to be a bank hold (Signed) Tynan Smith, [seal] Secretary of the Board. ing company. Concurring Statement of Governors Order Denying Approval for Acquisition Mitchell and Sheehan of Bank We concur in the Board’s action approving the Texas Commerce Bancshares, Inc., Houston, entry of Texas Commerce into the Beaumont Texas, a bank holding company within the mean banking market through acquisition of one but ing of the Bank Holding Company Act, has ap not of two banks in that market. Acquisition of plied for the Board’s approval, under § 3(a)(3) both American Bank and Beaumont State is un of the Bank Holding Company Act (12 U.S.C. necessary to bring the competitive services of 1842(a)(3)), to acquire 100 per cent of the voting Texas Commerce into Beaumont. However, shares (less directors’ qualifying shares) of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
486 FEDERAL RESERVE BULLETIN □ MAY 1972 successor by merger to MacGregor Park National cent of total commercial bank deposits in the Bank, Houston, Texas (“Bank”). Houston area. In addition, Applicant controls Notice of receipt of the application has been between 20 and 24.9 per cent of the voting shares given in accordance with § 3(b) of the Act, and of each of six other banks located in the Houston the time for filing comments and views has ex market and holding aggregate deposits of $157.6 pired. The Board has considered the application million, representing 2.6 per cent of commercial and all comments received in light of the factors bank deposits in the Houston area.2 Upon set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). acquisition of control of Bank ($26.9 million On the basis of the record, the application is of deposits), Applicant’s position in relation to denied for the reasons set forth in the Board’s the State’s other banking organizations and holding Statement of this date. companies would remain unchanged and Appli By order of the Board of Governors, April 11, cant’s share of deposits in the State would increase 1972. only slightly. (All banking data are as of June 30, Voting for this action: Chairman Burns and Governors 1971, and reflect holding company acquisitions Robertson, Mitchell, Brimmer, and Sheehan. Absent and not and formations through December 31, 1971.) voting: Governors Daane and Maisel. Bank is located in the Houston banking market (Signed) Tynan Smith, approximately 5 miles south of Applicant’s present [seal] Secretary of the Board. subsidiary bank. Bank ranks 40th among 145 Statement banks in the market and controls .4 per cent of commercial bank deposits there. The service Texas Commerce Bancshares, Inc., Houston, area of Applicant’s subsidiary bank completely Texas (“Texas Commerce”), a registered bank overlaps Bank’s service area and a significant holding company, has applied for the Board’s amount of deposit and loan overlap exists between approval, under § 3(a)(3) of the Bank Holding these banks. The amount of total deposits and Company Act (12 U.S.C. 1842(a)(3)), to acquire loans obtained by Applicant’s present subsidiary 100 per cent of the voting shares (less directors’ from Bank’s service area equals 155 per cent, qualifying shares) of the successor by merger and 207 per cent, respectively, of the deposits to MacGregor Park National Bank, Houston, and loans derived from the same area by Bank. Texas (“Bank”).1 The Board has considered Applicant’s conten The bank into which Bank is to be merged has tion that only an insignificant amount of competi no significance except as a means to facilitate tion exists between its present subsidiary bank the acquisition of the voting shares of Bank. and Bank because of the close working relationship Accordingly, the proposed acquisition of the which has existed since Bank was organized in shares of the successor organization is treated 1954 by a group closely associated with Applicant’s herein as the proposed acquisition of the shares bank. Applicant points to the fact that 5 per cent of Bank. of its shareholders own 65 per cent of the outstand Statutory considerations. Texas Commerce ing shares of Bank. However, the Board finds that controls one bank located in Houston, Texas, with Applicant does not control, own, or hold the power deposits of $1.0 billion, representing 3.7 per cent to vote any shares of Bank. Disaffiliation is a rea of total commercial bank deposits in the State. sonable prospect; and, in fact, it appears that a Applicant, the fourth largest banking organiza substantial disaffiliation of Bank from the predeces tion in Texas and the second largest in the Houston sor of Applicant’s lead bank occurred in 1963 banking market, controls approximately 16 per and such severence of common ties has continued to the present. Bank has experienced steady growth *At the time this application was filed, American General in the past several years and continues success Insurance Company, Houston, Texas, owned more than 32 per fully to compete with banks of similar size in the cent of the voting shares of Texas Commerce Bancshares so that an acquisition of shares by Texas Commerce would relevant market. The Houston market has experi constitute an indirect acquisition by American General. enced a high rate of growth during the past decade; Therefore, a separate application with respect to the acquisition of shares of Bank was filed by American General, as a bank and the forecast for continued growth in the market holding company. However, during the period of the Board’s makes it very attractive for expansion by banking consideration of these applications, American General effected organizations. Applicant’s acquisition of Bank a divestiture of its ownership and control of voting shares of Texas Commerce and has ceased to be a bank holding company under the Bank Holding Company Act. Accordingly, Ameri 2Applicant has filed applications with the Board to acquire can General’s application indirectly to acquire shares of Bank all of the remaining outstanding voting shares of each of three has been dismissed, as moot, by Order of the Board. of these banks. 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LAW DEPARTMENT 487 would represent an expansion of Applicant’s Texas) shares of each of six banks as listed below: already strong position in the Houston market 1. 100 per cent of the voting shares (less direc and result in the loss of a viable, independent tors’ qualifying shares) of the successor by merger banking alternative. Approval of the proposed to The American National Bank of Beaumont, acquisition would eliminate Bank as a possible Beaumont, Texas. vehicle for entry by another bank holding com 2. 37 per cent of the voting shares of Beaumont pany not presently competing in the Houston State Bank, Beaumont, Texas. market. On the basis of the record before it, the 3. 100 per cent of the voting shares (less direc Board concludes that approval of the application tors’ qualifying shares) of the successor by merger herein would lessen competition in the Houston to MacGregor Park National Bank of Houston, area. Houston, Texas. Financial and managerial resources and future 4. 100 per cent of the voting shares (less direc prospects. The financial condition of Applicant tors’ qualifying shares) of the successor by merger and its subsidiaries is regarded as satisfactory, to Reagan State Bank of Houston, Houston, Texas. management capable and prospects seem favorable. 5. 100 per cent of the voting shares (less direc The financial condition and management of Bank tors’ qualifying shares) of the successor by merger are deemed satisfactory and its future prospects to Airline Bank, Houston, Texas. appear favorable. These considerations, while 6. 100 per cent of the voting shares (less direc consistent with approval of the application, pro tors’ qualifying shares) of the successor by merger vide no significant weight in support of such action. to North Freeway Bank, Houston, Texas. Convenience and needs of the communities On the basis of the facts of record, including the involved. The banking needs of the residents of following actions and commitments by American the Houston banking market appear to be ade General: quately served at the present time by existing 1. exchange of all voting shares presently held institutions. Provision of trust services, interna of Texas Commerce for a new class of shares tional banking and other services which Applicant which, while held by American General, is non proposes to make available at Bank for the benefit voting; of Bank’s immediate service area, can be provided 2. a written commitment stating that when without acquisition of Bank. Although convenience American General disposes of such nonvoting and needs considerations lend some weight for shares, it will do so only at a public offering under approval, they do not outweigh the anticompetitive written by investment bankers and under an effects which would result from consummation of agreement that no purchaser either directly or this proposed acquisition. indirectly may acquire at the sale shares aggregating Summary and conclusion. On the basis of all more than 2 per cent of the then outstanding com relevant facts contained in the record, and in the mon stock of Texas Commerce; light of the factors set forth in section 3(c) of the 3. a written commitment that no director, officer Act, it is the Board’s judgment that the proposed or policymaking employee of American General transaction would have adverse effects on com does or will serve in a similar capacity with Texas petition which are not outweighed by other con Commerce or any of its subsidiaries and American siderations. Consummation of the proposal, there General will abstain from exercising any influence fore, would not be in the public interest and the or control over Texas Commerce or any of its application should be denied. subsidiaries; 4. a written commitment that no director, officer AMERICAN GENERAL INSURANCE or policymaking employee of American General, COMPANY, HOUSTON, TEXAS or a person owning 25 per cent or more of the shares of American General, or any combination of Order Dismissing Applications for such persons, does or will own or control, directly Acquisition of Banks or indirectly, 25 per cent or more of the voting American General Insurance Company, Hous shares of Texas Commerce or any of its sub ton, Texas (“Applicant”), has applied for the sidiaries; Board’s approval under § 3(a)(3) of the Bank 5. a written commitment by American General Holding Company Act (12 U.S.C. 1842(a)(3)) to for divestiture of all nonvoting shares of Texas acquire indirectly (through Applicant’s subsidiary, Commerce by January 1, 1981; the Board finds Texas Commerce Bancshares, Inc., Houston, that Applicant has effected a divestiture of its Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
488 FEDERAL RESERVE BULLETIN □ MAY 1972 ownership and control of the voting shares of upon consummation of the proposed transaction Texas Commerce Bancshares, Inc., Houston, without adversely affecting Bank’s capital struc Texas, and has ceased to be a bank holding com ture. These considerations are consistent with pany for the purposes of the Bank Holding Com approval of the application. Consummation of the pany Act of 1956, as amended. Accordingly, the proposed transaction would stabilize ownership company’s applications to acquire shares of the and management of Bank, and considerations re aforementioned banks are hereby dismissed as lating to the financial and managerial resources and moot. future prospects of Bank thus weigh toward approv The Board’s findings and action herein are al of the application. Considerations relating to the subject to amendment, revocation, or nullifica convenience and needs of the communities to be tion by the Board should it conclude that American served are consistent with approval of the applica General exercises control or a controlling influence tion. It is the Board’s judgment that the transaction over Texas Commerce or any of its subsidiaries. would be in the public interest and that the appli By order of the Board of Governors, April 11, cation should be approved. 1972. On the basis of the record, the application is approved for the reasons summarized above. The Voting for this action: Chairman Burns and Governors Mitch ell, Brimmer, and Sheehan. Voting against this action: Governor transaction shall not be consummated (a) before Robertson. Absent and not voting: Governors Daane and Maisel. 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 good cause by the Board, or by the Federal Reserve HUME BANCSHARES, INC., Bank of Kansas City pursuant to delegated HUME, MISSOURI authority. By order of the Board of Governors, April 17, Order Approving Formation of 1972. Bank Holding Company Voting for this action: Chairman Burns and Governors Rob Hume Bancshares, Inc., Hume, Missouri, has ertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. applied for the Board’s approval under § 3(a)(1) (Signed) Tynan Smith, of the Bank Holding Company Act (12 U.S.C. [seal] Secretary of the Board. 1842(a)(1)) of formation of a bank holding com pany through acquisition of 89.3 per cent or more MARSHALL & ILSLEY CORPORATION, of the voting shares of Hume Banking Company, MILWAUKEE, WISCONSIN Hume, Missouri (“Bank”). Order Approving Acquisition of Banks Notice of receipt of the application has been given in accordance with § 3(b) of the Act, and the Marshall & Ilsley Corporation, Milwaukee, time for filing comments and views has expired. Wisconsin, a bank holding company within the The Board has considered the application and all meaning of the Bank Holding Company Act, has comments received in the light of the factors set filed separate applications for the Board’s ap forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and proval under § 3(a)(3) of the Act (12 U.S.C. finds that: 1842(a)(3)) to acquire 90 per cent or more of the Applicant is a nonoperating corporation formed voting shares of the following banks in Wisconsin: for the express purpose of acquiring Bank which Bank of Watertown, Watertown (“Watertown has aggregate deposits of approximately $.8 mil Bank”); and Citizens American Bank, Mer lion. (All banking data are as of June 30, 1971.) rill (“Merrill Bank”). Applicant has no present operations or subsid Notice of receipt of the applications has been iaries, and consummation of the proposal would given in accordance with § 3(b) of the Act, and the not adversely affect existing or potential compe time for filing comments and views has expired. tition, nor have an adverse effect on any bank in The Board has considered the applications and all the area. comments received in the light of the factors set Applicant proposes to make an equal offer to all forth in § 3(c) of the Act <12 U.S.C. 1842(c)) and shareholders. Applicant’s financial resources and finds that: future prospects are dependent upon those of Applicant, the second largest bank holding Bank. However, its projected earnings appear to company and banking organization in Wisconsin be sufficient to service the debt which it will incur on the basis of commercial bank deposits, controls Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 489 13 banks with aggregate deposits of approximately ties, the control of the proposed subsidiaries by $684 million, representing 6.8 per cent of total Applicant would likely enhance their services to deposits held by all banks in Wisconsin. (All the public through larger loans made available by banking data are as of June 30, 1971, and reflect participations with Applicant’s subsidiaries and holding company formations and acquisitions through the addition to both Merrill and Watertown approved through March 31, 1972.) Upon acquisi banks of new services which will include leasing, tion of Watertown Bank ($15 million in deposits) trust and computer services. Considerations relat and Merrill Bank ($16 million in deposits), Appli ing to the convenience and needs of the communi cant’s share of State deposits would be increased ties to be served are consistent with approval of by only .3 percentage points and its rank as the the application and lend some support thereto. It State’s second largest banking organization would is the Board’s judgment that consummation of the not change. proposed acquisitions would be in the public inter Watertown Bank operates its only office in the est, and that the applications should be approved. City of Watertown, approximately 46 miles west- On the basis of the record, the applications are northwest of Milwaukee. Although Watertown approved for the reasons summarized above. The Bank is the largest of the three city banks and the transactions shall not be consummated (a) before 16 banks competing in the relevant market wherein the thirtieth calendar day following the date of this it holds 14.8 per cent of deposits; the second, Order or (b) later than three months after the date third, and fourth largest banks in this market hold, of this Order, unless such period is extended for respectively, 14.6, 13.9, and 10.8 per cent of the good cause by the Board, or by the Federal Reserve total deposits. It thus appears that Watertown Bank of Chicago pursuant to delegated authority. Bank does not dominate banking in the area and By order of the Board of Governors, April 19, that consummation of the proposal would not 1972. adversely affect any of the area banks. Voting for this action: Chairman Burns and Governors Rob The sole office of Merrill Bank is located in the ertson, Mitchell, Daane, Maisel, and Sheehan. Absent and not voting: Governor Brimmer. City of Merrill, approximately 210 miles northwest of Milwaukee. Merrill Bank is the smaller of the (Signed) Tynan Smith, two banks in Merrill and the fifth largest of 13 [seal] Secretary of the Board. banks competing in the relevant market wherein it holds 7.3 per cent of deposits. The three largest VALLEY OF VIRGINIA banks hold 59 per cent of market deposits. Con BANKSHARES, INC., summation of the proposal would not adversely HARRISONBURG, VIRGINIA affect any area banks. Order Approving Formation of Applicant’s nearest subsidiaries are 30 miles Bank Holding Company northeast of Watertown Bank and 75 miles south east of Merrill Bank, respectively. There is no Valley of Virginia Bankshares, Inc., Harrison meaningful competition between any of Appli burg, Virginia, has applied for the Board’s approval cant’s subsidiaries and the proposed subsidiaries, under § 3(a)(1) of the Bank Holding Company nor between the Watertown and Merrill banks, and Act (12 U.S.C. 1842(a)(1) of formation of a bank in view of the distances separating the banks, the holding company through acquisition of 100 per numerous intervening banks, and State laws re cent of the voting shares (less directors’ qualifying stricting branching, it appears unlikely that signif shares) of the successors by merger to Rockingham icant competition would develop in the future. National Bank, Harrisonburg, Virginia (“Rocking Consummation of the proposal would have no ham Bank”), and The Commercial and Savings adverse effects on existing or potential competition. Bank, W inchester, Virginia (“ Com m ercial The financial condition and management of Bank”). The banks into which Rockingham Bank Applicant and the proposed subsidiaries are gen and Commercial Bank are to be merged have no erally satisfactory, and prospects for Applicant significance except as a means of acquiring all of appear favorable as do the prospects for the Mer the shares of Rockingham Bank and Commercial rill and Watertown banks under Applicant’s con Bank. Accordingly, the proposed acquisitions of trol. Banking factors are, therefore, consistent with the shares of the successor organizations are treated approval of the applications. herein as the proposed acquisitions of the shares Although the major banking needs of the areas of Rockingham Bank and Commercial Bank. involved appear to be satisfied by existing facili Notice of receipt of the application has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
490 FEDERAL RESERVE BULLETIN □ MAY 1972 given in accordance with § 3(b) of the Act, and would begin operations in satisfactory condition the time for filing comments and views has ex and with competent management. In addition, the pired. The Board has considered the application capital accounts of both banks will be increased and all comments received in the light of the fac by a combined $170,000 upon affiliation. Appli tors set forth in § 3(c) of the Act (12 U.S.C. cant’s future prospects, which are largely depend 1842(c)) and finds that: ent upon those of its two subsidiaries, also appear Applicant is a newly organized corporation. favorable. Although there is no evidence that the Consummation of the proposal herein would result existing banking needs of the communities in in Applicant controlling approximately $79 mil volved are not being met, affiliation of both banks lion in deposits, representing 0.9 per cent of total with Applicant would lead to the availability of commercial bank deposits in the State, and Appli larger lines of credit than either bank could offer cant would become the ninth largest bank holding and other services offered by each bank would be company in Virginia.1 expanded. These considerations relative to the Rockingham Bank ($54.4 million in deposits), convenience and needs of the communities to be the proposed lead bank, is headquartered in Harri served lend some weight toward approval. It is the sonburg and has six offices and two branches serv Board’s judgment that the proposed transaction is ing the southern part of Rockingham County and in the public interest and should be approved. the northeast quadrant of Augusta County. Rock On the basis of the record, the application is ap ingham Bank controls about 20 per cent of com proved for the reasons summarized above. The mercial bank deposits and is the third largest bank, transaction shall not be consummated (a) before in that market.2 It competes with 10 other banks, the thirtieth calendar day following the date of six of which are branches or affiliates of organ this Order or (b) later than three months after the izations which rank among the seven largest bank date of this Order, unless such period is extended ing organizations in Virginia. for good cause by the Board, or by the Federal Commercial Bank ($24.4 million in deposits), Reserve Bank of Richmond pursuant to delegated centered in Winchester, has a main office and four authority. branches, and operates in the Frederick County By order of the Board of Governors, April 19, banking market where it is the third largest of four 1972. banks, controlling 21.5 per cent of deposits.2 The Voting for this action: Chairman Burns and Governors Rob largest bank in that market is twice as large as ertson, Mitchell, Daane, Maisel, and Sheehan. Absent and not voting: Governor Brimmer. Commercial Bank. (Signed) Tynan Smith, The record indicates that Rockingham Bank and [seal] Secretary of the Board. Commercial Bank do not compete with each other, and the development of such competition in the FIRST NATIONAL CITY CORPORATION, future appears unlikely. The nearest offices of NEW YORK, NEW YORK the two banks are 68 miles apart, and under Vir ginia’s restrictive branching laws this separation Order Approving Acquisition of Bank cannot be materially reduced. It appears that the First National City Corporation, New York, affiliation of the two banks in a holding company New York, a bank holding company within the would not have any adverse effects on other banks meaning of the Bank Holding Company Act, has in these markets. Affiliation may actually promote applied for the Board’s approval under § 3(a)(3) of competition by creating a larger institution which the Act (12 U.S.C. 1842(a)(3)) to acquire 100 can then operate in an environment in which large per cent of the voting shares (less directors’ banking systems are very prominent. On the basis qualifying shares) of the successor by merger to of the record before it, the Board concludes that State Bank of Honeoye Falls, Honeoye Falls, consummation of the proposal would not have an New York (“Bank”). adverse effect on competition in any relevant area. Notice of receipt of the application has been The financial and managerial resources of each given in accordance with § 3(b) of the Act, and bank appear satisfactory. It appears that Applicant the time for filing comments and views has ex pired. The Board has considered the application Unless otherwise noted, all banking data are as of June 30, and all comments received in the light of the fac 1971, adjusted to reflect holding company formations and tors set forth in § 3(c) of the Act (12 U.S.C. acquisitions approved by the Board through February 29, 1972. 2Banking data concerning market control are as of June 30, 1842 (c)) and finds that: 1970. Applicant, the second largest banking organiza Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 491 tion in New York, has three subsidiary banks FIRST STATE BANKING CORPORATON, that control deposits of $13.4 billion, represent MIAMI, FLORIDA ing 14.1 per cent of the commercial bank de posits in the State. (Unless otherwise noted, Order Approving Formation of Bank Holding banking data are as of June 30, 1971, adjusted to Company reflect holding company formations and acquisi tions to date.) Consummation of the proposal First State Banking Corporation, Miami, Flori would not change Applicant’s present ranking da, has applied for the Board’s approval under nor significantly increase its share of State de § 3(a)(1) of the Bank Holding Company Act (12 posits. U.S.C. 1842(a)(1)) of formation of a bank holding Bank, with deposits of $7.4 million, operates company through acquisition of 80 per cent or its sole office in Honeoye Falls and is the twelfth more of the voting shares of the following banks largest of sixteen banks in the Rochester banking located in Florida: First State Bank of Miami, market, controlling .4 per cent of deposits in that Miami (“Miami Bank”); Hialeah—Miami Springs market.1 Applicant’s nearest existing subsidiary First State Bank, Hialeah (“Hialeah Bank”); bank is 102 miles from Bank. No significant North Hialeah First State Bank, Hialeah (“North existing competition would be foreclosed by con Hialeah Bank”); Airport First State Bank, Miami summation of the proposal. (“Airport Bank”); and Miami Lakes First State In addition, the Rochester banking market is Bank, Miami (“Miami Lakes Bank”). highly concentrated (four of the sixteen banks Notice of receipt of the application has been control over 90 per cent of deposits) and Ap given in accordance with § 3(b) of the Act, and plicant’s acquisition of Bank will likely have a the time for filing comments and views has ex procompetitive effect since Bank, with Ap pired. The Board has considered the application plicant’s support, should compete more aggres and all comments received in the light of the sively with the larger organizations. factors set forth in § 3(c) of the Act (12 U.S.C. Considerations related to the financial and 1842(c)) and finds that: managerial resources and future prospects of Applicant, a nonoperating corporation, was Applicant, its subsidiary banks and Bank are formed for the purpose of acquiring the proposed generally satisfactory and consistent with approval. group of five banks. Upon acquisition of Miami Although the banking needs of the communities Bank (deposits of $101 million); Hialeah Bank involved are already being adequately met, Ap (deposits of $75 million); North Hialeah Bank plicant proposes to provide, through bank, a (deposits of $17 million); Airport Bank (de major alternative source of specialized banking posits of $11 million); and Miami Lakes Bank services. Accordingly, considerations relating to which was opened December 1, 1971, Applicant convenience and needs lend weight toward ap would control 1.38 per cent of the State’s deposits proval. It is the Board’s judgment that the pro in commercial banks and would be Florida’s posed acquisition would be in the public interest sixteenth largest bank holding company (all bank and that the application should be approved. ing data are as of June 30, 1971, and reflect holding On the basis of the record, the application is company formations and acquisitions approved approved for the reasons summarized above. The through February 29, 1972). transaction shall not be consummated (a) before The five proposed banks are located in the the thirtieth calendar day following the date of this northeastern portion of the Miami banking market, Order or (b) later than three months after the date and upon consummation of this proposal, Appli of this Order, unless such period is extended for cant would control 6 per cent of the total de good cause by the Board, or by the Federal Re posits in the market and be the fourth largest bank serve Bank of New York pursuant to delegated ing organization. Although the service areas of authority. the five banks overlap, no meaningful present By order of the Board of Governors, April 19, competition would be eliminated by the proposed 1972. formation since this proposal represents a corporate Voting for this action: Chairman Burns and Governors Rob reorganization of the five banks which have been ertson, Mitchell, Daane, Maisel, and Sheehan. Absent and not voting: Governor Brimmer. closely affiliated over a long period of time. (Signed) Tynan Smith, Common shareholders control 51 per cent or [seal] Secretary of the Board. more of the outstanding stock of each bank, and the group has a common directorate and shares 1 Data related to market share are as of June 30, 1970. banking services. The group competes with three Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
492 FEDERAL RESERVE BULLETIN □ MAY 1972 larger banking organizations in the market con The Board has considered the application and all trolling 27, 9, and 9 per cent, respectively, of comments received in the light of the factors set market deposits, one of which is the State’s forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and largest holding company. It appears that disaffilia finds that: tion of the group is unlikely even in the absence Applicant controls 7 banks with aggregate de of this proposal, and, therefore, consummation posits of $1.3 billion, which amounts to 4.7 per of the proposed formation would not significantly cent of deposits in commercial banks in Texas. affect potential competition, nor have an adverse (Banking data are as of June 30, 1971, and reflect effect on other area banks. holding company formations and acquisitions ap The financial and managerial resources of Ap proved to date.) plicant and the proposed subsidiaries are satisfac Bank (with deposits of $43.4 million) is the tory and consistent with approval, and it appears fifth largest of 44 banks in the Fort Worth banking that prospects for the group are favorable. The market and controls 2.4 per cent of the deposits in formation would have no immediate effect on that market. Since Applicant’s closest subsidiary the convenience and needs of the communities in is located over 200 miles from Bank and Texas’ volved, however some expansion and improve laws prohibit branching, it appears that consum ment in present services offered by the proposed mation of the proposed transaction would not elim subsidiaries are likely. Considerations relating to inate any meaningful existing or potential competi the convenience and needs of the communities to tion. Additionally, the three largest banks in the be served are, therefore, consistent with approval. market control 64 per cent of such deposits and It is the Board’s judgment that the proposed trans consummation of the proposal would have a proaction would be in the public interest and that the competitive effect by enhancing Bank’s ability to application should be approved. compete. On the basis of the record, the application is Applicant will provide Bank with expertise in approved for the reasons summarized above. The construction and mortgage lending, business and transaction shall not be consummated (a) before industrial development, and international banking. the thirtieth calendar day following the date of this In addition, Bank will benefit from expanded order or (b) later than three months after the date lending capability through loan participations and of this Order, unless such period is extended for the availability of credit as needed. Considera good cause by the Board, or by the Federal Re tions related to the convenience and needs of the serve Bank of Atlanta pursuant to delegated communities to be served lend weight in favor of authority. approval. The financial and managerial resources By order of the Board of Governors, April 21, and future prospects of Applicant, its subsidiary 1972. banks, and Bank are generally satisfactory and Voting for this action: Chairman Burns and Governors Rob consistent with approval. It is the Board’s judg ertson, Mitchell, and Sheehan. Absent and not voting: ment that the proposed transaction is in the public Governors Daane, Maisel, and Brimmer. interest and that the application should be ap (Signed) Tynan Smith, proved. [seal] Secretary of the Board. On the basis of the record, the application is approved for the reasons summarized above. The FIRST CITY BANCORPORATION OF TEXAS, transaction shall not be consummated (a) before INC., HOUSTON, TEXAS the thirtieth calendar day following the date of Order Approving Acquisition of Bank this Order or (b) later than three months after First City Bancorporation of Texas, Inc., Hous the date of this Order, unless such period is ex ton, Texas, a bank holding company within the tended for good cause by the Board, or by the meaning of the Bank Holding Company Act, Federal Reserve Bank of Dallas pursuant to has applied for the Board’s approval under § 3(a) delegated authority. (3) of the Act (12 U.S.C. 1842(a)(3)) to acquire By order of the Board of Governors, April 21, 80 per cent or more of the voting shares of First 1972. National Bank in Arlington, Arlington, Texas Voting for this action: Chairman Burns and Governors Rob (“Bank”). ertson, Mitchell, and Sheehan. Absent and not voting: Gov Notice of receipt of the application has been ernors Daane, Maisel, and Brimmer. given in accordance with § 3(b) of the Act, and the (Signed) Tynan Smith, time for filing comments and views has expired. [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 493 FIRST UNION, INCORPORATED, The financial and managerial resources and ST. LOUIS, MISSOURI prospects of Applicant, its subsidiaries, and Bank are all regarded as satisfactory and consistent Order Approving Acquisition of Bank with approval of the application. Applicant pro First Union, Incorporated, St. Louis, Missouri, poses to assist Bank in enlarging its range of a bank holding company within the meaning of services to include specialized commercial lending, the Bank Holding Company Act, has applied for and to offer trust and investment services through the Board’s approval under § 3(a)(3) of the Act the resources of Applicant. Bank’s ability to offer (12 U.S.C. 1842(a)(3)) to acquire 80 per cent these new and expanded services will enhance its or more of the voting shares of Missouri State competitive capabilities in the Sedalia area. Con Bank of Sedalia, Sedalia, Missouri (“Bank”). siderations relating to the convenience and needs Notice of receipt of the application has been of the communities to be served, therefore, lend given in accordance with § 3(b) of the Act, and weight in support of approval of the application. the time for filing comments and views has ex It is the Board’s judgment that consummation of pired. The Board has considered the application the proposed acquisition would be in the public and all comments received in the light of the interest, and that the application should be ap factors set forth in § 3(c) of the Act (12 U.S.C. proved. 1842(c)) and finds that: On the basis of the record, the application is Applicant, the third largest banking organiza approved for the reasons summarized above. tion and third largest bank holding company in The transaction shall not be consummated (a) Missouri on the basis of deposits, has eight sub before the thirtieth calendar day following the sidiary banks with aggregate deposits of $879.9 date of this Order or (b) later than three months million, representing 7.7 per cent of the total after the date of this Order, unless such period is commercial bank deposits in the State. (All extended for good cause by the Board, or by the banking data are as of June 30, 1971, adjusted to Federal Reserve Bank of St. Louis pursuant to reflect holding company acquisitions and forma delegated authority. tions approved by the Board through March 31, By order of the Board of Governors, April 26, 1972.) Consummation of the proposal herein would 1972. increase Applicant’s share of commercial bank de Voting for this action: Chairman Burns and Governors Rob posits in the State by less than . 1 percentage ertson, Daane, and Sheehan. Absent and not voting: Gov point, and would not alter Applicant’s ranking ernors Mitchell, Maisel, and Brimmer. among the State’s other banking organizations and (Signed) Tynan Smith, bank holding companies. [seal] Secretary of the Board. Bank ($7.4 million of deposits) is the smallest of four banks in its primary service area, which is THE FIRST NATIONAL BANCORPORATION, approximated by Sedalia and the immediate sur INC., DENVER, COLORADO rounding area, and holds only about 13 per cent Order Approving Acquisition of Bank of the area’s deposits. There is no significant existing competition between Bank and Applicant’s The First National Bancorporation, Inc., Den present subsidiaries, the closest of which is about ver, Colorado, a bank holding company within 100 miles northwest of Sedalia. Furthermore, in the meaning of the Bank Holding Company Act, light of the facts of record, including the dis has applied for the Board’s approval under § 3(a)(3) tances separating Applicant’s subsidiary banks of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 and Bank, Missouri’s restrictive branching laws, per cent or more of the voting shares of The and the unattractiveness of the Sedalia area for East Colorado Springs National Bank, Colorado de novo entry because of a low population to bank Springs, Colorado (“Bank”). office ratio, there seems to be little prospect for Notice of receipt of the application has been the development of significant competition between given in accordance with § 3(b) of the Act, and Bank and Applicant’s subsidiaries. It therefore the time for filing comments and views has ex appears that consummation of the proposal herein pired. The Board has considered the application would not likely have any adverse effects on and all comments received in the light of the fac Bank’s competitors but would enable Bank to tors set forth in § 3(c) of the Act (12 U.S.C. compete more effectively with the larger banks 1842(c)) and finds that: in its service area. Applicant has seven subsidiary banks control Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
494 FEDERAL RESERVE BULLETIN □ MAY 1972 ling aggregate deposits of $706.1 million and is sistent with approval of the proposal. It is the the largest bank holding company and banking Board’s judgment that consummation of the pro organization in Colorado, controlling 15.3 per cent posed acquisition would be in the public interest of total commercial bank deposits in the State.1 and that the application should be approved. Acquisition of Bank ($9.2 million in deposits) On the basis of the record, the application is would increase the share of deposits held by Ap approved for the reasons summarized above. The plicant by .20 percentage points. transaction shall not be consummated (a) before Bank, located approximately 3 miles north the thirtieth calendar day following the date of west of downtown Colorado Springs,2 is the this Order or (b) later than three months after the twelfth largest of 22 banks in the Colorado date of this Order, unless such period is extended Springs banking market and holds 2.4 per cent for good cause by the Board, or by the Federal of total commercial bank deposits in that market. Reserve Bank of Kansas City pursuant to dele Applicant’s closest subsidiary to Bank is located ap gated authority. proximately 60 miles north of Colorado Springs By order of the Board of Governors, April 26, and there does not appear to be any meaningful 1972. competition between Bank and any of Applicant’s Voting for this action: Chairman Burns and Governors Rob subsidiary banks. It appears that Applicant’s ertson, Daane, and Sheehan. Absent and not voting: Governors entry into that market through the proposed Mitchell, Maisel, and Brimmer. acquisition would result in increased competition (Signed) Tynan Smith, through the introduction of Applicant’s resource [seal] Secretary of the Board. strength and service capabilities in a manner which will also eliminate an affiliation (which has VIRGINIA NATIONAL BANKSHARES, existed since Bank was chartered in 1964) be INC., NORFOLK, VIRGINIA tween Bank and Colorado Springs National Bank ($47.7 million of deposits), which is the third Order Denying Application to Become a largest bank in Colorado Springs. Consequently, Bank Holding Company consummation of the proposal would have a pro- Virginia National Bankshares, Inc., Norfolk, competitive effect. Virginia, has applied for the Board’s approval Considerations relating to the financial condi under § 3(a)(1) of the Bank Holding Company tion, managerial resources and prospects of Ap Act (12 U.S.C. 1842(a)(1)) of formation of a plicant and its subsidiary banks appear satisfactory bank holding company through acquisition of 100 and consistent with approval. Upon consumma per cent of the voting shares (less directors’ quali tion of the proposed acquisition, Applicant pro fying shares) of the successors by merger to (1) poses to significantly strengthen Bank’s capital Virginia National Bank, Norfolk, Virginia (“Vir position and such action should enhance Bank’s ginia National”) and (2) The Colonial-American ability to compete with the larger banks in Colo National Bank of Roanoke, Roanoke, Virginia rado Springs, most of which are presently affili (“Colonial-American”). The banks into which ated with multi-bank holding companies. These Virginia National and Colonial-American are to be considerations lend weight toward approval. merged have significance only as a means of It appears that the present banking needs of the acquiring all of the shares of each bank. Accord Colorado Springs community are being adequately ingly, the proposed acquisitions of the successor served by banking facilities operating in that area. organizations are treated herein as the proposed Applicant plans to assist Bank in providing trust acquisitions of the shares of each bank. and other specialized services, in addition to in Notice of receipt of the application has been creased loan participations. The provision of ad given in accordance with § 3(b) of the Act, and the ditional sources for such services should be of time for filing comments and views has expired. some benefit to the community and, therefore, The Board has considered the application and convenience and needs considerations are con all comments received in light of the factors set 1 Banking data are as of June 30, 1971, and reflect bank hold forth in § 3(c) of the Act (12 U.S.C. 1842(c)). ing company formations and acquisitions approved through On the basis of the record, the application is March 31, 1972. 2On April 1, 1971, the Board approved Applicant’s applica denied for the reasons set forth in the Board’s tion to acquire shares of The Exchange National Bank of Statement of this date. Colorado Springs ($72.6 million of deposits). Applicant By order of the Board of Governors, April 6, abandoned that proposal subsequent to the initiation of litiga tion by the Department of Justice. 1972, released April 26, 1972. 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LAW DEPARTMENT 495 Voting for this action: Chairman Burns and Governors First National Exchange Bank of Virginia, an affil Robertson, Brimmer, and Sheehan. Voting against this action: iate of Dominion Bankshares Corp., is the largest Governors Mitchell and Daane. Absent and not voting: Gov ernor Maisel. banking institution and holds almost 43 per cent (Signed) Tynan Smith, of deposits in that market. Colonial-American, the [seal] Secretary of the Board. second largest bank, controls 20.4 per cent. The third and fourth largest banking organizations, Statement Applicant is a recently organized corporation Mountain Trust Bank and Virginia Common formed for the express purpose of acquiring wealth Bankshares, respectively, hold 15.1 and Virginia National ($948.5 million in deposits) 11.4 per cent of deposits in the area. Of the re and Colonial-American ($99.1 million in deposits). maining two banking organizations located in the (Deposit data are as of June 30, 1971.) Virginia area, The Farmers National Bank of Salem ranks National, the second largest banking organiza fifth with 6.1 per cent of deposits, while United tion in Virginia and the largest single bank in the Virginia Bankshares, the State’s largest banking State, holds 11.2 per cent of total deposits in the organization, ranks sixth with 4.1 per cent. State. Colonial-American, the second largest of Projections by the State Planning Commission six banking organizations in the Roanoke SMSA for population growth in the Roanoke SMSA and the largest unaffiliated bank in the area, holds forecast a healthy growth rate for the current 1.2 per cent of total deposits in the State. Upon decade. The Fifth District Planning Division, consummation of the proposal, Applicant would be State Planning Commission, predicts that Roa the second largest banking organization in Vir noke will become a major center of wholesale, ginia and would hold 12.4 per cent of total de retail, and service trade. Roanoke is expected to posits there. benefit substantially from expansion in south Virginia National was established in April, western Virginia counties. In the Board’s view, 1963, as a result of the merger of National Bank Roanoke is an attractive market for bank entry. of Commerce of Norfolk and Peoples National No Virginia National banking office offers Bank of Central Virginia, Charlottesville. Since significant competition in the Roanoke market. that date, Virginia National has expanded through However, Virginia National’s mortgage banking merger with 23 smaller banks. Virginia National subsidiary, Mortgage Investment Corporation now operates a total of 111 offices in 22 counties (MIC), has an office in Roanoke. According to and 16 independent cities, but lacks representa data furnished by Applicant, MIC originated 189 tion in three of Virginia’s five key economic mortgages totaling $3.7 million in the Roanoke markets (Richmond, Roanoke and Lynchburg.) area in 1971; Colonial-American originated 301 The holding company’s entry into Roanoke through mortgages during the same period having a total the proposal would enable Applicant to obtain, value of $7.9 million. Existing competition in the in its words, “a substantial market position in origination of residential mortgages in the Roanoke in pursuit of its goal of statewide cover Roanoke market may be eliminated as a result age—a goal it believes will, if attained, increase of consummation of the proposal. the quality and scope of service available to the The Department of Justice has expressed the public.”1 view that approval of the proposal would have Colonial-American was organized in 1920 and a “significantly adverse effect on potential com in December, 1946, merged with Liberty Trust petition in the Roanoke SMSA and in the State Company, Roanoke, and holds 20.4 per cent of as a whole.” The Department considers Vir total commercial bank deposits in its relevant ginia National as one of a limited number of banks banking market, the Roanoke SMSA.2 Colonial - outside the Roanoke SMSA “likely to be viewed American has experienced good growth, which by the banks in the market as potential com is evidenced by the expansion of its total assets petitors and . . . also likely to have a significant from $64.6 million at year end 1965 to $110.7 deconcentrating effect on the market should they million by year end 1970. This 71 per cent in enter de novo or through a foothold acquisition.” crease in the bank’s resources has been without In answer to the Department’s contention, Ap benefit of mergers. plicant stated that Virginia National has no in In the Roanoke SMSA banking market, The tention of becoming a de novo entrant. Virginia National’s current interest in the Roa application, p. 9. noke market is evidenced by its mortgage bank 2lncludes Roanoke County and the independent cities of Roanoke and Salem. ing business there, as well as its participations in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
496 FEDERAL RESERVE BULLETIN □ MAY 1972 loans originating in that area. Further, Virginia In the present matter, the Board concludes that National presently holds a multimillion dollar Colonial-American is a healthy competitor, and trust account of a large corporation whose general is capable of solving such management succession offices are located in Roanoke. Virginia National’s problem as it may have, either as an independent present relationships in that area provide a base for bank or by a more procompetitive affiliation than de novo entry. Such entry or a foothold acquisition the affiliation proposed herein. Banking factors would make possible an increase in the vigor of lend little, if any, weight to approval. competition offered to the major Roanoke banks. Three of the five largest banking organizations Virginia National is the largest banking organ in the State presently serve the Roanoke market. ization in Virginia without a banking office in the It does not appear that there are any significant un Roanoke area. Through an aggressive policy of served banking needs in that market. Although affil expansion, Virginia National has doubled its size iation with Virginia National could enable Colo since 1963. Acquisition of over 20 banks since 1963 nial-American to buttress existing services, the has enabled Virginia National to become a signif overall effect on convenience and needs appears icant competitor in numerous markets throughout to be small. the State. It seems likely that this organization will On the basis of all relevant facts contained in the continue to push aggressively to maintain its posi record, and in light of the factors set forth in sec tion as one of the State’s leading banking organiza tion 3(c) of the Act, the Board concludes that con tions. Virginia National Bank is one of a few summation of the proposed transaction would have major organizations having the capability and in an adverse effect on competition and that the appli centive to enter the Roanoke area. In the Board’s cation should be denied. judgment Virginia National is a likely entrant into the Roanoke banking market. Dissenting Statement of Governor Daane The Board has reason to believe that Colonial- I would approve the proposal. Without more tan American has the opportunity to affiliate with other gible facts than presented in this record, I am un banks and that it has the capability to participate willing to assume that Virginia National Bank is as a significant subsidiary in another holding com a probable entrant into commercial banking in pany system—one with greater prospects for pro Roanoke within the reasonably foreseeable future, moting competition in the Roanoke area than the or that the competition between Virginia National one involved in the subject application. and Colonial-American that would be foreclosed The financial condition of Virginia National (and by this proposal is sufficiently great as to require Applicant) is regarded as satisfactory and manage denial of the application. To the contrary, in my ment as capable; and future prospects appear fa judgment, the facts of record indicate that approval vorable. Colonial-American’s financial condition of this application would enhance competition in is considered satisfactory as is its present manage Roanoke and serve the public interest. ment. Applicant states that there is need for devel The majority recognizes that there is no signif opment of successor management for Colonial- icant existing competition between Virginia Na American. Colonial-American’s recent history tional and Colonial-American. Their closest offices testifies to its strength as a competitor in Roanoke. are from 40 to 50 miles apart, and in most instances During the last half of the 1960’s, this bank’s share these offices are separated by natural barriers. Nor of market deposits rose, while that of the largest is the competition between Virginia National’s bank in the market fell. As the accompanying mortgage banking subsidiary, Mortgage Invest table indicates, Colonial-American has also shown ment Corporation, and Colonial-American of a favorable earnings trend. more than minimal significance. The only consideration which may be adverse Comparative Operating Ratios Colonial-American and State Average to approval of the application is in the area of po For Member Banks with Total Deposits of $50-$ 100 Million tential competition. Here, the Board predicates Operating Ratio 1968 1969 1970 1971 Total Operating Income -h Total Assets (%) its assumption that Virginia National is a likely en Colonial-American 5.7 5.9 6.4 6.5 State Average 6.1 6.4 6.8 6.5 trant into the Roanoke market upon Applicant’s Net Income -r- Total Assets (%) stated goal of statewide coverage. However, there Colonial-American 0.8 0.9 0.9 0.9 State Average 0.8 0.9 0.9 0.7 is no objective indication that Applicant will enter Net Income -h Total Capital (%) Colonial-American 9.8 12.3 12.4 14.2 the Roanoke SMSA market other than through the State Average 11.2 11.3 11.6 11.2 Colonial-American equity capital proposed acquisition. Applicant’s growth across plus valuation reserves to total deposits (%) 10.4 10.1 10.0 10.0 the State during the last several years, the projected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 497 attractiveness of the Roanoke market, and the fact denied. It is my belief that the present proposal that there are no financial or legal barriers to Appli offers the best chance of bringing about deconcen cant’s entry de novo through formation of a new tration in the Roanoke area by reduction of the bank may make such entry a possibility. They do existing 42.9 per cent market share of First National not make that entry a probability. Exchange. Applicant has specifically disclaimed any intent The Board’s recent action in The First National to enter Roanoke de novo. The past suggests that Bancorporation, Inc. (1970 Fed. Res. Bulletin this disclaimer is reliable. In 1967 Virginia Na 539) is also inconsistent with the majority’s de tional attempted to form a bank holding company cision in this matter. Had that decision been fol through affiliation with Central National Bank lowed in this parallel case, as I believe it should of Richmond. That application was denied by have been, the Board would have taken positive the Board. (Allied Bankshares Corp., 53 Fed. action to strengthen the competitive banking struc Res. Bulletin 763.) There, as here, the Board ture in Roanoke and its environs. reasoned that if the application were denied, I would approve the application. Virginia National would likely seek to gain en Governor Mitchell concurs in Governor Daane’s trance into the Richmond market by means of conclusion that the application should be approved, merger or by affiliation with other Richmond although he does not share all the views expressed banks. The Board expressed the view that Central in the foregoing dissenting statement. National’s size, financial condition and staff of ex perienced and capable officers would enable it CASCO-NORTHERN CORPORATION, to expand its space of operation beyond the Rich PORTLAND, MAINE mond area. Neither of the likely effects foreseen Order Approving Formation of Bank in 1967 as the basis for the majority’s denial has Holding Company occurred. Virginia National has not entered the Casco-Northern Corporation, Portland, Maine, Richmond market, and Central National has not has applied for the Board’s approval under § 3(a)(1) succeeded in expanding outside of Richmond and of the Bank Holding Company Act (12 U.S.C. its environs. If the past is prologue, Virginia Na 1842(a)(1)) of formation of a bank holding com tional may well turn its back indefinitely on the pany through acquisition of at least 80 per cent of Roanoke market just as it failed to meet the Board’s the voting shares of Casco Bank & Trust Company, expectations for early entrance into the Richmond Portland, Maine (“Casco Bank”), and Northern market. In any event for the foreseeable period National Bank, Presque Isle, Maine (“Northern ahead, the public, on the basis of Board conjecture, Bank”). is denied the clear benefits of a more effective com Notice of receipt of the application has been petitor. given in accordance with § 3(b) of the Act, and the The First National Fxchange Bank of Virginia time for filing comments and views has expired. is more than twice the deposit size of Colonial- The Board has considered the application and all American and, with 42.9 per cent of total commer comments received in light of the factors set forth cial bank deposits in the Roanoke SMSA, is the in § 3(c) of the Act (12 U.S.C. 1842(c)). dominant bank in the area. Compounding the effect On the basis of the record, the application is of this competitive disparity is the weakness in suc approved for the reasons set forth in the Board’s cessor management of Colonial-American. In these Statement of this date. The transaction shall not circumstances, it seems to me that Colonialbe consummated (a) before the thirtieth calendar American is not in a favorable position to provide day following the date of this Order or (b) later than effective competition for First National Exchange three months after the date of this Order, unless in the Roanoke area, and that there is an imperative such period is extended for good cause by the present need to inject a strong, competitive-minded Board, or by the Federal Reserve Bank of Boston organization into the area. Virginia National Bank pursuant to delegated authority. is such an organization. By order of the Board of Governors, April 26, The certainty of more effective competition for 1972. First National Exchange in the Roanoke area, and Voting for this action: Chairman Burns and Governors very likely in the entire Southwestern Virginia Mitchell, Daane, Brimmer, and Sheehan. Voting against this action: Governor Robertson. Absent and not voting: Governor area in due course had the pending application been Maisel. approved, outweighs any reasonable possibility (Signed) Tynan Smith, of more effective competition if the application is [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
498 FEDERAL RESERVE BULLETIN □ MAY 1972 Statement ing organizations in an area that suffered a popu Nature of transaction. Casco-Northern Cor lation decline of 12.8 per cent from 1960 to 1970. poration, Portland, Maine, has applied to the Board The closest branches of the proposed subsidiaries of Governors, pursuant to § 3(a)(1) of the Bank are about 250 miles apart. The intervening area Holding Company Act (12 U.S.C. 1842(a)(1)), includes three of the State’s largest population cen for prior approval of formation of a bank holding ters (Augusta, Waterville and Bangor), which are company through acquisition of at least 80 per cent presently served by a number of large banking or of the voting shares of Casco Bank & Trust Com ganizations. Thus, no meaningful existing compe pany, Portland, Maine (“Casco Bank”), and tition between the proposed subsidiaries would be Northern National Bank, Presque Isle, Maine eliminated. (“Northern Bank”). Neither Casco Bank nor Northern Bank is able, Statutory considerations. The ten largest bank under State law, to branch into the county princi ing organizations in Maine control 85.6 per cent pally served by the other, except into a town which of the deposits held by all commercial banks in the has no banking office. This form of de novo entry State.1 Applicant proposes to acquire Casco Bank seems unlikely. Moreover, the likelihood of Casco ($126 million in deposits) and Northern Bank ($67 Bank entering Aroostook County is remote in view million in deposits), the fifth and seventh largest of the low population per banking office and the banking organizations in Maine. Upon consum declining population in that county. Northern mation of its proposal, Applicant would control Bank, on the other hand, has not established a 14.8 per cent of commercial bank deposits in the branch in the past 15 years and has never branched State and become the second largest banking or outside its home office county. Therefore, it does ganization and bank holding company in Maine. not seem likely that Northern Bank will branch de Casco Bank is headquartered in Portland, the novo across the State into Casco Bank’s home of largest city in the State (population 65,000) and fice area and contiguous counties. Even assuming Maine’s major industrial and financial center. both proposed subsidiaries were to branch into their Casco Bank operates 33 offices in the five south contiguous counties, they would remain separated western counties of the State (Oxford, York, by a six-county buffer zone. Androscroggin, Sagadahoc, and Cumberland). In the Board’s judgment, consummation of the During the 1960-70 decade, the population of the proposal would have certain procompetitive five-county service area of Casco Bank increased effects. The formation of multi-bank holding com by 7.5 per cent as compared with Maine’s popula panies has substantially altered the banking struc tion growth of 2.4 per cent; however, during the ture of Maine. Because of Maine’s branching re same time period, Portland’s population declined strictions and the limited number of potential by 10.3 per cent. Included in Casco Bank’s service merger partners in the major banking areas, forma area are the twin cities of Lewiston and Auburn, tion of a holding company is the only practical which comprise Maine’s second largest metropol means for creating a Statewide organization. North itan area. Casco Bank is the second largest bank ern Bank’s size, limited personnel and remote ing organization in its service area, where it con location prevent it from becoming the lead bank trols 19.9 per cent of area deposits and competes of an effective Statewide competitor. However, with 13 other commercial banks, including the sec through affiliation with Casco Bank, it is antici ond, third, and sixth largest banking organizations pated that Northern Bank will branch into Bangor, in Maine.2 the third largest city in the State. A substantial po Northern Bank’s main office is located in the tential therefore exists that consummation of town of Presque Isle (population 11,000), about Applicant’s proposal could facilitate increased 300 miles northeast of Portland. It serves, through competition in one of the State’s most significant 14 offices, the northeastern rural county of Aroo markets. Also, with the increased size which would stook. Northern Bank is the largest banking or result from the proposed acquisition, Applicant ganization serving its area by virtue of its control would have a greater ability to expand through proof 53.8 per cent of area deposits.2 It competes with competitive means into other markets in the State, subsidiaries of Maine’s first and fourth largest bank thereby fostering competition in those markets. 1B anking data are as of June 30, 1971, unless otherwise noted, On the basis of the record before it, the Board con and reflect holding company formations and acquisitions ap cludes that consummation of the proposal would proved through February 29, 1972. have a significant adverse effect on competition 2 Banking data concerning market control are as of June 30, 1970. in any relevant market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 499 The financial and managerial resources of Appli tial Statewide organizations from seven to six. As cant and its proposed subsidiaries are generally the Justice Department has stated, “[this] reduc satisfactory in view of the plans of Applicant to tion in potential Statewide organizations is serious raise $2,000,000 in additional capital for Casco because of the absence of significant growth in Bank. Considerations relating to the banking fac Maine’s economy, a factor that makes the devel tors weigh in favor of approval of Applicant’s opment of small banking organizations into signif proposal. icant statewide competitors more unlikely.” The banking needs of residents of the areas It seems to me that a formation which would not served by Applicant’s proposed subsidiaries appear only lead to further concentration of Statewide to be adequately served at present. However, all banking resources, but which would also eliminate of the areas involved would benefit from the greater significant potential competition is riot in the pub loan capability of both institutions through loan lic interest. participation arrangements, and the internal At the moment, Casco Bank is Maine’s third efficiencies flowing from affiliation. Northern largest commercial bank and fifth largest commer Bank will benefit from the formation through an cial banking organization. It operates its main of enhanced ability to offer more specialized com fice and seven branches in Portland and twentyputer, trust and financial counseling services. Con five other branches in southern Maine. It controls venience and needs considerations are believed 19.9 per cent of the deposits in the area served by consistent with approval. it. Northern Bank operates its main office and two Summary and conclusion. On the basis of all branches in Presque Isle, where it has 83.5 per cent relevant facts contained in the record and in the of deposits, and eleven other branches in northern light of the factors set forth in § 3(c) of the Act, it Aroostook County. It has 53.8 per cent of the de is the Board’s judgment that the proposed trans posits in the whole area served by it. In Maine, these actions are in the public interest and that the appli are substantial banks, fully capable of enhancing cation should be approved. competition in the State by entering each other’s market. Dissenting Statement of Governor Under Maine law, the only way that future com Robertson petition could develop between Casco Bank and I would disapprove the application of Casco- Northern Bank would be for one of them to join, Northern Corporation to form a bank holding through merger or holding company affiliation, company, as its anticompetitive effects are not with an existing or a de novo bank in the other’s affirmatively outweighed by other public interest market. In view of the concentrated nature of considerations. I agree with the conclusion ex Maine’s banking structure the preservation of this pressed by the Department of Justice, that “[the] possibility is most important. Casco Bank is one overall effect of this transaction on banking com of the largest of a limited number of potential en petition in Maine will be clearly adverse.” trants into the highly concentrated Aroostook The Board has previously recognized the trend County banking market, in which the three largest toward concentration in Maine’s banking structure. banks hold over 85 per cent of deposits. Consum (See, e.g., Application of Depositors Corporation, mation of this proposal would solidify the domi 1971 Federal Reserve Bulletin 36, where the nance of Northern Bank in its market, and make Board stated: “[because] of an apparent trend to it less likely that bank holding companies not now ward concentration of commercial banking in operating there would consider entering that mar Maine, caution must be exercised with respect to ket. Similarly, Northern Bank is one of a very proposals that might increase such concentration. ’ ’) small number of potential entrants into the service It is obvious that the effect of this formation will area of Casco Bank as most of Maine’s remaining be to concentrate Statewide deposits among still large banking organizations are represented in that fewer organizations. The five largest banking or market. The three Portland banks, including Casco, ganizations in Maine will control over 65 per cent dominate banking in Casco’s service area, holding of Statewide deposits; eight of the ten largest banks nearly 63 per cent of area deposits. Under these in the State will be affiliated with holding com circumstances presented by this application, the panies; and two of the three remaining potential preservation of possible sources of deconcentra lead banks in Statewide bank holding companies tion in highly concentrated banking markets is most (the two banks involved in this application) will important. become affiliated, reducing the number of poten As I stated in my dissent to the Application of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
500 FEDERAL RESERVE BULLETIN □ MAY 1972 Merrill Bankshares Company (1970 Federal Re Bank is located in St. Petersburg, as is Appli serve Bulletin 460), “[In] a State such as Maine, cant’s lead bank, The First National Bank in St. the development of strong organizations capable of Petersburg, St. Petersburg, Florida (“St. Peters competing in most or all of the State’s significant burg Bank”). The St. Petersburg Bank has depos markets is an appropriate goal. But that develop its of $161 million and is the largest bank in the St. ment should be accomplished in a manner which Petersburg area, while Bank has only 1 per cent maximizes, rather than minimizes, the number of of area deposits and is the smallest bank in the area. existing and potential competitors in each of the Though both St. Petersburg Bank and Bank are markets involved.” The subject proposal would located in St. Petersburg, there is little existing serve to minimize the number of existing and po competition between them. Bank was chartered tential competitors. in 1967 as a successor to Southern Bank of St. The record indicates that the banking needs of Petersburg, which had been placed in receivership the communities involved are already being ade by the Federal Deposit Insurance Corporation. At quately served by the banking institutions in the the request of the FDIC, the St. Petersburg Bank area. Moreover, the proposed benefits derived sent personnel to assist in closing Southern Bank through additional services could be provided in a of St Petersburg and these personnel became the more competitive fashion. Therefore, the benefits management staff of Bank. While a previous affil offered by Applicant—such as they are—do not iation was technically broken when Applicant overcome the anticompetitive effects of the acqui acquired St. Petersburg Bank, the close relation sition. ship engendered by this situation has continued I would deny the application. to the present time and accounts in great measure for the lack of competition between the two insti CHARTER BANKSHARES CORPORATION, tutions. Even in the absence of this relationship, JACKSONVILLE, FLORIDA due to the great disparity in size between the two Order Approving Acquisition of Bank banks, the presence of several intervening banks, Charter Bankshares Corporation, Jacksonville, and Florida’s restrictive branching laws, there Florida, a bank holding company within the mean would be little probability of substantial compe ing of the Bank Holding Company Act, has applied tition developing in the future. for the Board’s approval under § 3(a)(3) of the Act While the premium to be paid by Applicant is (12 U.S.C. 1842(a)(3)) to acquire 80 per cent or substantial, it does not appear that its payment will more of the voting shares of The First State Bank adversely affect Applicant’s financial condition in St. Petersburg, St. Petersburg, Florida nor that it is being paid to purchase monopoly (“Bank”). power. The acquisition of Bank would not give Notice of receipt of the application has been Applicant a dominant position in the St. Petersburg given in accordance with § 3(b) of the Act, and the area since Applicant would control only a little over time for filing comments and views has expired. 19 per cent of area deposits, with the second rank The Board has considered the application and all ing banking organization having more than 17 per comments received in light of the factors set forth cent of the deposits and the third ranking banking in § 3(c) of the Act (12 U.S.C. 1842(c)) and finds organization having close to 13 per cent of the mar that: ket. Further, two medium-sized banks located in Applicant has eight banks controlling aggregate St. Petersburg are subsidiaries of the second and deposits of $263 million and is the fourteenth larg third largest banking organizations in the State of est banking organization in Florida, controlling Florida. 1.8 per cent of deposits in commercial banks in the Considerations relating to the financial condition, State.1 Acquisition of Bank ($9 million in deposits) managerial resources, and prospects of Applicant, by Applicant would increase its percentage share its subsidiary banks, and Bank are consistent with of deposits by less than one-tenth of 1 per cent, approval of the application. Considerations relating would not change Applicant’s ranking among bank to the convenience and needs of the community ing organizations in Florida, and would not result to be served lend some weight toward approval of in a significant increase in the concentration of the acquisition since Applicant, through Bank, pro banking resources in Florida. poses to offer trust services, a charge-card plan and construction loans, which services Bank does not banking data are as of June 30, 1971, and reflect holding presently offer. It is the Board’s judgment that con company formations and acquisitions approved by the Board through February 29, 1972. summation of the proposed acquisition would be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 501 in the public interest and the application should be corporation, Inc., both of St. Paul, Minnesota approved. (hereinafter jointly referred to as “Applicant”), On the basis of the record, the application is are bank holding companies within the meaning approved for the reasons summarized above. The of the Bank Holding Company Act and have applied transaction shall not be consummated (a) before for the Board’s approval under § 3(a)(3) of the the thirtieth calendar day following the date of this Act (12 U.S.C. 1842(a)(3)) for American Ban Order or (b) later than three months after the date corporation to acquire 100 per cent of the voting of this Order, unless such period is extended for shares (less directors’ qualifying shares) of Ameri good cause by the Board, or by the Federal Reserve can State Bank of Moorhead, Moorhead, Minne Bank of Atlanta pursuant to delegated authority. sota (“Bank”). Jacob Schmidt Company, which By order of the Board of Governors, April 28, owns 57.8 per cent of American Bancorporation, 1972. Inc.’s outstanding voting stock, would acquire Voting for this action: Chairman Burns and Governors indirect control of Bank. Mitchell, Daane, Maisel, Brimmer, and Sheehan. Voting Notice of receipt of the applications has been against this action: Governor Robertson. given in accordance with § 3(b) of the Act, and (Signed) Tynan Smith, the time for f iling comments and views has expired. [seal] Secretary of the Board. The Board has considered the applications and all comments received in the light of the factors Dissenting Statement of set forth in § 3(c) of the Act (12 U.S.C. 1842(c)) Governor Robertson and finds that: In a case where, as here, prior to the time a bank Applicant controls three banks with aggregate holding company files with this Board an appli deposits of $207 million, representing 2.2 per cent cation seeking approval of a proposed acquisition of the total commercial bank deposits in the State, of an additional bank, it appears that the wife of and is the fourth largest banking organization the chairman and president of the holding company and bank holding company in Minnesota.1 Appli has purchased 95 per cent of the stock of that bank cant’s acquisition of Bank ($22 million in deposits) (apparently on behalf of the holding company, to would increase Applicant’s share of deposits in which she almost immediately offered to sell it) the State by 0.2 percentage points, without and paid a huge premium of 99 per cent based on changing its ranking within the State. book value, and 13V2 per cent based on deposits, Bank is the fifth largest of the 22 banking it behooves one to take an especially hard look at organizations in the Fargo, North Dakota-Moorthe whole proposal. head, Minnesota SMSA, the relevant banking Such a look at this proposal reveals that while market, and controls 6.9 per cent of deposits in there is little or no competition between the Appli that market. The three largest banks in the market cant’s lead bank, the largest bank in the St. Peters are subsidiaries of Northwest Bancorporation burg market, and the bank to be acquired, this is and First Bank System, Inc., the two largest nor surprising even though their service areas over banking organizations in Minnesota and North lap. In view of their present affiliation, one could Dakota, and control 31.5 and 16.1 per cent of hardly expect competition to exist between the two market deposits, respectively. Applicant’s sub banks. However, a previous affiliation between the sidiary located closest to Bank is approximately same two banks was broken when the holding com 240 miles distant; it appears that consummation pany acquired control of the lead bank, and it of the transaction would not eliminate existing seems likely that the affiliation would be broken competition. On the facts of record, notably, again if this application were denied. In any event, the distances involved, the number of banks in in the absence of some evidence that public bene the intervening areas between Bank and Appli fits will flow from the acquisition, and I find none, cant’s subsidiaries, and Minnesota’s prohibitive I would not foreclose disaffiliation and future com branching law, there appears little likelihood that petition by approval of the application. significant competition between Bank and Appli cant would develop in the future. On the other hand, JACOB SCHMIDT COMPANY AND approval may strengthen competition by intro AMERICAN BANCORPORATION, INC., ducing a new banking organization into the market. ST. PAUL, MINNESOTA Order Approving Acquisition of Bank ’Banking data are as of June 30, 1971, and reflect holding company formations and acquisitions approved through Jacob Schmidt Company and American Ban March 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
502 FEDERAL RESERVE BULLETIN □ MAY 1972 The Board concludes, therefore, that consumma the Bank Holding Company Act of 1956, as tion of the proposed acquisition would not ad amended, has applied for the Board’s approval, versely affect competition in any relevant area. under § 4(c)(8) of the Act and § 225.4(b)(2) of the Bank appears to be satisfactorily serving the Board’s Regulation Y, to acquire all of the voting financial needs of the community; however, affilia shares of the wholly-owned consumer finance tion with Applicant would allow Bank to expand subsidiaries of Gulf Financial Corp. (“Gulf”), the services it now offers to the community to Atlanta, Georgia, also a registered bank holding include trust and estate planning, consumer instal company. Notice of the application affording ment financing, real estate and mobile home opportunity for interested persons to submit com financing, financial counseling, and farm manage ments and views has been duly published. Time ment services. Affiliation with Applicant would for filing comments and views has expired and increase the lending capability of Bank through those received have been considered. participation arrangements with Applicant’s pres Applicant’s banking subsidiary, First National ent subsidiary banks. Considerations relating to Bank of Atlanta (“First National”), is the third the convenience and needs of the communities largest bank in the State of Georgia and the second to be served lend weight for approval. largest bank in the Atlanta Standard Metropolitan Considerations relating to financial and mana Statistical Area (“SMSA”), which is comprised of gerial resources and future prospects as they relate Clayton, Cobb, DeKalb, Fulton, and Gwinnett to Applicant, its subsidiary banks, and Bank are Counties, and holds deposits of $762.4 million regarded as generally satisfactory. Management representing 22.8 per cent of total deposits in the expertise to be made available to Bank by Appli Atlanta SMSA as of June 30, 1970. (All banking cant lends weight toward approval of the applica data are as of June 30, 1971, unless otherwise tions. It is the Board’s judgment that consumma indicated.) tion of the proposed acquisition would be in the The wholly-owned consumer finance subsid public interest and that the applications should be iaries of Gulf had total loans outstanding of $6.6 approved. million as of June 30, 1971, and operate 38 offices On the basis of the record, the applications are in the State of Mississippi. Collectively, these approved for the reasons summarized above. subsidiaries constitute the third largest consumer The transaction shall not be consummated (a) finance operation licensed under Mississippi Small before the thirtieth calendar day following the Loan Laws. These subsidiaries make high-risk date of this Order or (b) later than three months direct cash loans on an installment basis to indi after the date of this Order, unless such period is viduals and families and sell credit-related insur extended for good cause by the Board, or by the ance in connection with their lending activities. Federal Reserve Bank of Minneapolis pursuant Although, as indicated above, First National to delegated authority. does extend consumer credit, it is legally pro By order of the Board of Governors, April 28, hibited from operating an office outside of Fulton 1972. and DeKalb Counties and, therefore, is effectively prevented from competing for personal loan busi Voting for this action: Chairman Burns and Governors ness in Mississippi. Applicant is able to enter the Robertson, Daane, and Sheehan. Absent and not voting: Gov ernors Mitchell, Maisel, and Brimmer. State of Mississippi de novo through the estab lishment of personal loan companies. However, (Signed) Tynan Smith, the existence of many potential entrants into Mis [seal] Secretary of the Board. sissippi personal loan markets diminishes any possible adverse effects that consummation of the ORDERS UNDER SECTION 4(C(8) OF BANK proposed acquisitions might have upon potential HOLDING COMPANY ACT competition in that State. The Board concludes FIRST NATIONAL HOLDING CORP., that consummation of the proposed acquisition ATLANTA, GEORGIA would not eliminate any existing or significant potential competition between Applicant and the Order Approving Acquisition of wholly-owned consumer finance subsidiaries of W holly-owned Consumer Finance Gulf. Further, there is no significant probability Subsidiaries of Gulf Financial Corp. that the acquisition will have adverse effects on First National Holding Corp., Atlanta, Georgia, credit availability to independent finance com a bank holding company within the meaning of panies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 503 Gulf Financial Corp. is a registered bank holding cent of deposits in the Los Angeles banking company holding total assets of approximately market.1 $22.2 million as of December 31, 1970. It is antici Rayor, a non-operating company, was formed in pated that affiliation of Gulf’s wholly-owned 1957 to engage in real estate brokerage activities. consumer finance subsidiaries with Applicant It has not engaged in such activities for the past would give those subsidiaries access to the greater five years2 nor has Rayor engaged in mortgage resources of Applicant and enable them to compete banking activities in recent years. Accordingly, more effectively with other consumer finance Applicant’s acquisition of Rayor may be viewed companies in the areas in which they operate. as similar to de novo entry into mortgage banking. There is no evidence in the record indicating that Therefore, Applicant’s acquisition,of Rayor will consummation of the proposed transaction would have no adverse effect on either existing or poten result in any undue concentration of resources, tial competition and will have the procompetitive unfair competition, conflicts of interests, unsound effect of adding an additional firm to the mortgage banking practices, or other adverse effects. banking industry. Based upon the foregoing and other considera Based upon the foregoing and other considera tions reflected in the record, the Board hereby tions reflected in the record, the Board has deter approves the application. This determination is mined that the balance of the public interest factors subject to the conditions set forth in section the Board is required to consider under § 4(c)(8) is 225.4(c) of Regulation Y and to the Board’s favorable. Accordingly, the application is hereby authority to require such modification or termina approved. This determination is subject to the tion of the activities of a holding company or any Board’s authority to require reports by, and make of its subsidiaries as the Board finds necessary examinations of, holding companies and their to assure compliance with the provisions and pur subsidiaries and to require such modification or poses of the Act and the Board’s regulations and termination of the activities of a holding company orders issued thereunder, or to prevent evasions or any of its subsidiaries as the Board finds neces thereof. sary to assure compliance with the provisions and By order of the Board of Governors, April 21, purposes of the Act and the Board’s regulations 1972. and orders issued thereunder, or to prevent evasion thereof. Voting for this action: Chairman Burns and Governors By order of the Board of Governors, April 21, Robertson, Mitchell, and Sheehan. Absent and not voting: 1972. Governors Daane, Maisel, and Brimmer. (Signed) Tynan Smith, Voting for this action: Chairman Burns and Governors Robertson, Mitchell, and Sheehan. Absent and not voting: [seal] Secretary of the Board, Governors Daane, Maisel, and Brimmer. (Signed) Tynan Smith, IMPERIAL BANCORP, [seal] Secretary of the Board. LOS ANGELES, CALIFORNIA FIRST NATIONAL HOLDING CORP., Order Approving Acquisition of Rayor ATLANTA, GEORGIA Realty Company Order Approving Acquisition of Dixie Imperial Bancorp, Los Angeles, California, a Finance Company bank holding company within the meaning of the Bank Holding Company Act of 1956, has applied First National Holding Corp., Atlanta, Georgia, a bank holding company registered under the for the Board’s approval under section 4(c)(8) Bank Holding Company Act of 1956, as amended, of the Act and § 225.4(b)(2) of the Board’s Regula has applied for the Board’s approval, under tion Y to acquire voting shares of the Rayor Realty § 4(c)(8) of the Act and § 225.4(b)(2) of the Board’s Company, Los Angeles, California (“Rayor”). Regulation Y, to acquire all of the voting shares Notice of the application affording opportunity of Dixie Finance Company (“Dixie”), Atlanta, for interested persons to submit comments and Georgia. Notice of the application affording views was duly published. The time for filing comments and views has expired and all received deposit data is based on June, 1971 data; banking market have been considered. share data is as of June, 1970. Applicant owns Imperial Bank in Los Angeles, 2Applicant realizes that real estate brokerage is not a permis sible activity under § 4(c)(8) and has assured the Board that whose deposits of $84.4 million represent .3 per Rayor will not engage in real estate brokerage activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
504 FEDERAL RESERVE BULLETIN □ MAY 1972 opportunity for interested persons to submit com tion. The Board concludes that consummation of ments and views has expired and those received the proposed acquisition would not have a serious have been considered. adverse effect upon existing or potential competi Applicant’s banking subsidiary, First National tion between Applicant and Dixie. Further, there Bank of Atlanta (“First National”), is the third is no significant possibility that the acquisition largest bank in the State of Georgia and the second will have adverse effects on credit availability to largest bank in the Atlanta Standard Metropolitan independent finance companies. Statistical Area (“SMSA”), which is comprised It is anticipated that Dixie’s affiliation with of Clayton, Cobb, DeKalb, Fulton, and Gwinnett Applicant will give Dixie access to the greater Counties, and holds deposits of $699.7 million resources of Applicant, and enable it to compete representing 22.8 per cent of total deposits in the more effectively with other consumer finance Atlanta SMSA. (All banking data are as of June companies in the areas in which it operates. There 30, 1970, unless otherwise indicated.) First is no evidence in the record indicating that con National makes consumer installment loans summation of the proposed transaction would through its headquarters office and branch offices result in any undue concentration of resources, throughout the Atlanta SMSA. As of December unfair competition, conflicts of interests, unsound 31, 1970, First National held personal loans banking practices, or other adverse effects that amounting to $22.4 million, constituting 12.4 per are not outweighed by public benefits that may be cent of the total personal loans made by the 58 reasonably expected to be produced by consumma banks and 79 finance companies making such loans tion of the proposed acquisition. in the Atlanta area. First National is thereby the Based upon the foregoing and other considera largest personal lender in the Atlanta SMSA. tions reflected in the record, the Board hereby Dixie is a consumer finance company with approves the application. This determination is sub total assets of $17.5 million. It operates 54 offices ject to the conditions set forth in section 225.4(c) in Georgia, of which 5 are in the Atlanta SMSA, of Regulation Y and to the Board’s authority to 13 offices in Louisiana, and one office in Florida. require such modification or termination of the Dixie makes direct cash loans on an installment activities of a holding company or any of its sub basis to individuals and families under State small sidiaries as the Board finds necessary to assure loan laws and sells credit insurance in connection compliance with the provisions and purposes of with its lending activities. The five Atlanta offices the Act and the Board’s regulations and orders of Dixie hold personal loans in the amount of issued thereunder, or to prevent evasions thereof. $1.6 million, constituting 0.9 per cent of the By order of the Board of Governors, April 21, market, and thereby ranks 26th of the 137 com 1972. petitors in the Atlanta personal loan market. Voting for this action: Chairman Burns and Governors Although First National and Dixie both compete Robertson, Mitchell, and Sheehan. Absent and not voting: Governors Daane, Maisel, and Brimmer. for personal loan business in the Atlanta SMSA, consummation of the proposed acquisition would (Signed) Tynan Smith, not have any significant adverse effect on existing [seal] Secretary of the Board. competition since the market share of First National would be increased only 0.9 per cent and there MARINE BANCORPORATION, would remain a substantial number of independent SEATTLE, WASHINGTON competitors in the market. Order Denying Acquisition of Far West Georgia branching law precludes the establish Securities Co. ment of banking offices outside the Atlanta SMSA by First National. Therefore, the development of Marine Bancorporation, Seattle, Washington, competition between First National and Dixie a bank holding company within the meaning of beyond the Atlanta SMSA is unlikely. Applicant the Bank Holding Company Act, has applied for the is able to enter markets served by Dixie outside of Board’s approval, under section 4(c)(8) of the the Atlanta area through the establishment of its Act and § 225.4(b)(2) of the Board’s Regulation own personal loan companies. However, the Y, to acquire all of the voting shares of Far West existence of many potential entrants into such Securities Co., Spokane, Washington (“Far personal loan markets diminishes any possible West”). Notice of the application, affording op adverse effects that consummation of the proposed portunity for interested persons to submit com acquisition might have upon potential competi ments and views, has been duly published (36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 505 Federal Register 23651). The time for filing com institutional investors would enable Applicant to ments and views has expired, and all received surmount whatever barriers other bank holding have been considered. companies might encounter in entering the Spo Applicant controls the National Bank of Com kane mortgage market de novo. Such entry by merce (“Bank”), Seattle, the second largest bank Coast is preferable to its acquisition of the second in Washington. As of June 30, 1971, Bank’s total largest mortgage originator in Spokane. To the deposits of $1.2 billion represented 20.4 per cent extent that consummation of the proposed acquisi of all commercial bank deposits in the State. In tion would eliminate the likelihood of de novo Spokane County, Bank operates two branches entry by Coast, the acquisition would have an which originated approximately $435,000 in adverse effect on potential competition. mortgage loans in 1970. Applicant also controls The Board concludes that the public benefits Coast Mortgage Company1 (“Coast”), the 33rd to be derived from the proposed acquisition do largest mortgage banking firm in the nation, with not outweigh the probable adverse effects indi a mortgage servicing portfolio of $547 million.2 cated above. Applicant claims that it can provide Coast presently operates twelve offices located Far West with larger lines of credit that would in western Washington, including offices in the enable Far West to bid competitively on larger first, third, and fourth largest cities in the State. loans and on specialized loans involving housing Coast has no office in Spokane, the second largest for disadvantaged groups. While the acquisition city in Washington. of a mortgage company by a bank holding company Far West operates two offices in Spokane could have the effect of strengthening the com County (the relevant market). Far West is the pany in certain markets, it appears certain that fifteenth largest mortgage banking firm in the such increased ability and service, if it came from State and the second largest in the relevant market, a bank holding company not now competing or based on originations. In 1970, Far West originated not likely to compete in the market, would have approximately $17 million in mortgage loans, a substantially more desirable impact on the public constituting 9.0 per cent of the total volume of interest. mortgages recorded by institutions in Spokane Based upon the foregoing and other considera County. As of December 31, 1970, Far West tions reflected in the record, the Board has con serviced a mortgage loan portfolio of approxi cluded that the public interest factors the Board is mately $30 million. required to consider under section 4(c)(8) are not Bank is not a significant source of mortgage favorable to the requested determination and do funds in the Spokane market. Its two branches in not outweigh possible adverse effects, and that the Spokane County originate approximately .002 request should be denied. Accordingly, the applica per cent of the total mortage loans filed in that tion is hereby denied. County.3 Coast operates only in western Washing By order of the Board of Governors, April 17, ton and originates no mortgages in the Spokane 1972, released May 1, 1972. market. Consummation of the proposed acquisition therefore would appear not to foreclose any Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan. existing competition. (Signed) Tynan Smith, Bank is prohibited by the “home office protec [seal] Secretary of the Board. tion” provisions of Washington branching law from opening a branch office in the City of Spo kane. Nevertheless, there are other avenues of Order Approving Retention of Coast entry into the Spokane mortgage market open to Mortgage Company Marine Bancorporation, Seattle, Washington, Applicant. Coast possesses both the resources and a bank holding company within the meaning of the the incentive to enter this market de novo. Its Bank Holding Company Act of 1956, has applied operation of offices in three of the four largest for the Board’s approval under section 4(c)(8) of the cities in the State make it a likely candidate for Act and § 225.4(b)(2) of the Board’s Regulation entry into Spokane, the second largest city in the Y to retain all of the voting shares of Coast Mort State. Moreover, Coast’s expertise and access to gage Company, Seattle, Washington.1 Notice of *The Board has approved the application of Marine Ban corporation to retain its ownership of shares of Coast Mort *Such shares were purchased by Marine Bancorporation gage Company in a separate Order also dated April 17,1972. in March, 1969, and, under the provisions of section 4(a)(2) 2Servicing portfolio as of June 30, 1971. of the Act, may not be retained beyond December 31, 1980, 3Data as of December 31,1970. without Board approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
506 FEDERAL RESERVE BULLETIN □ MAY 1972 the application affording opportunity for interested tion between the two institutions to the extent that persons to submit comments and views was duly their markets overlapped. The elimination of this published. The time for filing comments and views competition constitutes an adverse effect as con has expired and all received have been considered, templated under § 4(c)(8) of the Act and standing including those presented orally and in writing in alone, would require denial of the instant applica connection with a Board hearing on November tion. 8, 1971, pertaining to mortgage banking in general, The major area affected by the acquisition is and this application in particular. Seattle and its environs, the economic center of Applicant owns The National Bank of Commerce western Washington and the largest city in the of Seattle (“Bank”), whose deposits of $1.2 State. At the time of the acquisition, and to a greater billion represent 20.4 per cent of the total com extent thereafter, the economy of the area was mercial bank deposits in the State of Washington.2 depressed. A reasonable expectation of the affilia Bank is engaged in the business of making mort tion, and the proven fact, was that Applicant would gage loans for its own account. In 1970, it origi improve Coast’s ability to accept from financially nated 2.3 per cent of all real estate mortgages in distressed builders and other mortgage debtors those service areas3 in which its subsidiary, Coast land and improvements for orderly liquidation, Mortgage Company, also competes. thereby preventing foreclosure, forced sales and Coast Mortgage Company operates a mortgage deficiency judgments which would, in most cases, banking business in western Washington. It ac have resulted in financial disaster to the mortgage counted for 5.8 per cent of all mortgage loan origi debtors. Another reasonable expectation, and nations during 1970 in the seven counties in which proven fact, was that the affiliation would also it competes with Bank. On the basis of its mortgage improve the ability of Coast to expand the scope servicing portfolio of $547 million, Coast Mort of its mortgage lending and expand its services gage Company is the 33rd largest mortgage bank into new lines, such as college housing and public ing company in the country.4 Its mortgage servicing housing projects for minority, elderly, and lowportfolio has increased 20 per cent since 1968, the income groups. The Board concludes that these last full year of its operation as an independent potential public benefits outweighed the adverse mortgage company. effect in competition resulting from the affiliation The Board has considered a report of the Depart at the time of the acquisition. ment of Justice which concluded that the acquisi The Board’s review of the record of the affilia tion was anticompetitive and that Applicant had tion indicates that the potential benefits have con not demonstrated public benefits sufficient to tinued to outweigh such adverse effect. The Board satisfy the standards under § 4(c)(8) of the Act. believes that the affiliation is sufficiently likely to The Department recommended that Coast “either continue to produce public benefits in the fore be reconstituted as an independent competitor seeable future so that, on balance, divestiture or sold to a bank holding company not currently would be contrary to the public interest. engaged in mortgage origination in the areas served In addition to its mortgage loan activity, Coast by Coast.” Applicant was given an opportunity to has been engaged in both insurance and land devel reply and did so. Applicant’s response asserts that opment activities. However, Applicant has with there is no existing competition between Bank drawn from the proposal those aspects of the and Coast and that the public benefits resulting application relating to insurance, indicating an from the acquisition have been produced and intent to file a new application for permission to demonstrated by almost three years of actual engage in insurance activities. Applicant has operation. committed itself to refrain from any future land The Board regards the standards under § 4(c)(8) development activities and, with respect to those for retention of shares to be the same as the stand land developments in which it presently has an ards for a proposed acquisition. At the time of the interest, to dispose of same at the earliest practical acquisition, both Coast Mortgage Company and time, and keep the Board advised of progress with Bank were engaged in the business of mortgage respect thereto. loan originations, and there was existing competi Based on the record herein, the application is 2Deposit data as of June 30, 1971. approved on condition that Applicant terminates Approximated by the county boundaries of King, Grays its current land development activities at the Harbor, Whatcom, Snohomish, Kitsap, Thurston, and Clark earliest practical time and undertakes no new Counties in the State of Washington. 4Data as of June 30, 1971. project in this line of activity. This approval is sub Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 507 ject further to the Board’s authority to require the acquisition; its elimination as a result of the reports by, and make examinations of, holding acquisition not only represents a significant lessen companies and their subsidiaries and to require such ing of competition in the field of mortgage origi modification or termination of the activities of a nations in King County, but a probable lessening holding company or any of its subsidiaries as the of future competition between the two organiza Board finds necessary to assure compliance with tions throughout the State. the provisions and purposes of the Act and the Had Applicant sought to acquire a direct com Board’s regulations and orders issued thereunder, petitor, the Board would undoubtedly have denied or to prevent evasion thereof. this proposal if it applied (as we assume it would) By order of the Board of Governors, April 17, the same criteria it adopted in-prior mortgage 1972, released May 1, 1972. banking cases. (See, e.g., applications of First Tulsa Bancorporation, Inc., 1972 Federal Reserve Voting for this action: Chairman Burns and Governors Bulletin 317; U.S. Bancorp, 1972 Federal Mitchell, Daane, Maisel, and Brimmer. Voting against this action: Governors Robertson and Sheehan. Reserve Bulletin 177; BTNB Corporation, (Signed) Tynan Smith, 1972 Federal Reserve Bulletin 70.) In all those cases the Board expressed its concern with the [seal] Secretary of the Board. elimination of existing and potential competition and the concentration of economic resources in Dissenting Statement of given areas. This application, as pointed out by the Governors Robertson and Sheehan Department of. Justice, involves the same types of Applicant is a one bank holding company which likely adverse effects. owns National Bank of Commerce, Seattle, The fact that Applicant here seeks Board ap Washington (“NBC”), the second largest bank proval to retain ownership of a direct competitor headquartered in the State. NBC has total deposits acquired after June 30, 1968, but before super of $1.3 billion and holds over 26 per cent of total visory approval was required by law, should pro commercial bank deposits in King County (Seattle). duce no different result. As pointed out by the It operates more than 100 banking offices through majority, the standards for evaluating the legality out the State, including a main office and 29 of the acquisition are the same in each instance. branches in Seattle. NBC is extensively engaged Given the significant adverse competitive ef in the business of mortgage lending and in 1968, fects and concentration of resources presented the year before the subject acquisition took place, here, those benefits which may ensue to the originated 4.7 per cent (by value) of all mortgages public from Applicant’s retention of Coast1 are not the type of benefits which—in the long run— recorded in the Seattle area. outweigh the adverse effects of this acquisition. Coast Mortgage Company is the leading mort What public benefits Applicant does claim from its gage banking company in the State of Washington acquisition of Coast are short run benefits of a type and the 33rd largest in the United States. All of that can be quickly dissipated. The real and last Coast’s 12 offices are located in western Washing ing public benefits—those which Congress spe ton, including three in King County where NBC cifically directed the Board’s attention to in § is headquartered. Its mortgage originations in 4(c)(8)—greater convenience, increased compe 1968 represented approximately 6.8 per cent of tition, or gains in efficiency, are either absent in mortgages recorded in the Seattle area. In the year this proposal or so insignificant as to be clearly prior to the acquisition, Coast and NBC combined outweighed, in our judgment, by the anticom originated 11.5 per cent of the total volume of petitive consequences found when two such strong mortgages recorded in the Seattle area, and hence, and important competitors in the same market it is clear that they were substantial competitors. combine. The Applicant in this case is one of the leading banking organizations in Washington, both in The majority’s reliance upon post-acquisition terms of local market share and statewide signifi ’Along with the Department of Justice, we doubt there are cance. Coast is not only the leading mortgage any important public benefits to be gained by the continued banking company in the State, but competes for control of Coast by Applicant. Both Applicant’s lead bank, The National Bank of Commerce of Seattle and Coast are mortgage originations (particularly single family substantial institutions, well able to obtain borrowing on residential mortgages) in the same service area as favorable terms. The Bank has both the resources and the Applicant. The existing competition between the ability to expand its mortgage loan operations and thus become a more significant competitor in mortgage banking without two institutions was, as noted, substantial prior to retaining a large Washington firm such as Coast. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
508 FEDERAL RESERVE BULLETIN □ MAY 1972 evidence as the basis for finding public benefits Thus, at best, Applicant’s claim and the Board’s from the acquisition is, in our view, misplaced. finding that the public benefits derived from ap In F.T.C. v. Procter & Gamble Company, the proximately three years of Applicant’s operation Commission held that: of Coast suggest only that the short-run benefits ... the admission of post-acquisition data is proper only in from the acquisition outweigh the immediate ad the unusual case in which the structure of the market has verse effects. Board approval of this acquisition changed radically since the merger. ... If post-acquisition now permits this Applicant, we fear, to exercise data are to be allowed any broader role ... a respondent, so long as the merger is the subject of an investigation or proceed a market power prejudicial to the public interest ing, may deliberately refrain from anti-competitive conduct— and reverse whatever temporary benefits to the may sheathe, as it were, the market power conferred by the public may have flowed from its recent operation merger—and build instead a record of good behavior . . . until eventually the proceeding . . . may terminate in the respondent’s of Coast. favor only because his good-conduct evidence has been con sidered persuasive. At that point, the respondent is free to take Believing that denial would promote greater the wraps off the market power conferred by the merger.2 competition in the origination of mortgages in the Seattle market and thus produce public benefits, 2CCH Trade Reg. Reporter, 1963-65 Transfer Binder, fl6, we would deny the application. 673, at p. 21, 574. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements CHANGES IN BOARD STAFF Interpretation The exemption applies, not only to banks that are The Board of Governors has appointed E. Maurice actively participating in the VFCR program by McWhirter as the Chief Federal Reserve Examiner virtue of having ceilings, but also to banks that do to succeed Lloyd M. Schaeffer, who retired on not have ceilings. Therefore, a bank that has not May 1, 1972. Mr. McWhirter, the Assistant Chief adopted a ceiling may extend export credit regard Federal Reserve Examiner since December 1971, less of the size of the credit. joined the Board’s examining staff in November 1967. He holds a B.S. degree from Abilene Chris tian College and has done graduate study at Texas Definition of Export Credit—Foreign Local Costs Technological College, Lubbock, Texas. Guideline provision Additionally, the Board of Governors has an Export credit is defined, in part, as any claim on a nounced the promotion of Pauline B. Heller from foreigner for the demonstrable financing (a) of Adviser to Assistant General Counsel in the Legal the export of U.S. goods or (b) the performance Division, effective May 4, 1972. abroad of U.S. services [IV-3]. Interpretation A U.S. bank credit to cover local costs incurred APPOINTMENT OF DIRECTORS in a foreign country in connection with the sale of The Board of Governors has appointed James C. U.S. goods to that country (unless the costs are Hendershot as a director of the Louisville Branch attributable to services performed by U.S.-domi of the Federal Reserve Bank of St. Louis, effective ciled or U.S.-incorporated companies or by U.S. April 27, 1972, for the remainder of a 3-year term nationals temporarily resident abroad) is not an expiring December 31, 1974. Mr. Hendershot is president of Reliance Universal, Inc., in Louisville. export credit. The Board has also appointed Edwin J. Caplan, of Alexandria, Louisiana, as a director of the New Definition of Export Credit—U.S. Storage Orleans Branch of the Federal Reserve Bank of Guideline provision Atlanta, effective May 4, 1972, for the remainder An export credit finances the export of U.S. goods of a 3-year term which expires December 31, and the performance of U.S. services abroad 1972. Mr. Caplan is president of Caplan’s Men’s [IV-3]. Shops, Inc. As a director of the New Orleans Interpretation Branch, he succeeds D. Ben Kleinpeter, manager An acceptance credit extended by a U.S. bank to of Kleinpeter Farm Dairy, Baton Rouge, Louisi a foreign importer of U.S. merchandise should be ana, who resigned on April 1, 1972. treated as an export credit (a) only for the period subsequent to export shipment, or (b) if the mer VOLUNTARY FOREIGN CREDIT RESTRAINT chandise is committed for export, from the time PROGRAM it enters a bonded warehouse in the United States. The following are summaries of recent interpreta (The interpretation was made in connection with tions of the Voluntary Foreign Credit Restraint a transaction involving the domestic storage of to (VFCR) guidelines that have been issued, under bacco destined ultimately for export and in light authority delegated to Governor Andrew F. Brim of prevailing practices in the tobacco trade.) mer, to the Federal Reserve Banks. (For text of guidelines, see the Bulletin for November 1971, Foreign Borrowing Offset for Nonbank Financial pp. 906-16, and for March 1972, p. 321.) Institutions Guideline provision Export Credit Exemption—Loan by Bank Without “Covered” investments of nonbank financial in Ceiling stitutions may be permitted to exceed the guideline Guideline provision ceiling to the extent that the funds for such invest Export credits to foreigners are exempted from re ment are borrowed abroad for investment in the straint under the guidelines [II-B-1]. same country or in countries that are subject to the 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
510 FEDERAL RESERVE BULLETIN □ MAY 1972 same or more liberal guideline restraint [III-J-1]. standing for as long as (and to the extent that) cov An institution with a guideline ceiling of less than ered foreign assets would otherwise be held in ex $500,000 may hold covered assets up to this amount cess of a ceiling. if its investments are consistent with guideline re (5) A nonbank financial institution is not to hold straints other than its ceiling [III-J-2]. liquid funds abroad, except minimum working bal ances [Section III-B-2], or to take other actions Interpretation that would be inconsistent with other aspects of (1) All nonbank financial institutions, regardless the balance of payments program [Section III-B-5], of whether they have ceilings under the guidelines, regardless of whether it has borrowed funds abroad. and subject to limitations noted later, may offset covered foreign assets by borrowings abroad MARGIN REQUIREMENTS FOR OTC STOCKS [Sections J-l and 2]. The $500,000 allowance (minimum ceiling) for institutions with no ceilings The Board of Governors has published a revised or small ceilings is subject to the same limitations list of 470 over-the-counter (OTC) stocks that as are the larger ceilings of other institutions. are subject to its margin regulations as of May 15, (2) There is no absolute limit on the amount of 1972. The list supersedes the revised OTC margin foreign assets that may be acquired by a nonbank stock list that was issued on July 12, 1971. (See financial institution, regardless of whether it has July 1971 Bulletin, pp. 628-36.) a ceiling. In particular, it is not limited either by its ceiling (or lack thereof) or by the $500,000 INTEREST RATES ON LOANS TO BUSINESSES, minimum specified in Section J if it takes advantage FARMERS, AND CONSUMERS of the foreign borrowing offset provision. Monthly data indicating the level of interest rates (3) The geographical limitations—namely, the charged by banks on small loans to businesses special restraints on investing in the developed and on loans to farmers and consumers are now countries of continental Western Europe or the being published regularly in the Board’s statistical less-severe restraints on investing in other devel release G.10. The statistics, which were gathered oped countries—may be overridden by borrowing at the request of the Committee on Interest and funds in those foreign countries that are subject, Dividends, were compiled from survey forms sub under the guidelines, to restraints equal to, or more mitted by 295 commercial bank members of the intense than, the restraints that are applied to the Federal Reserve System and by 75 nonmember country in which the investment is being made. banks supervised by the Federal Deposit In To illustrate, a nonbank financial institution with surance Corporation. or without a ceiling may acquire a covered asset Statistical release G.10 covering such data may (but see item 5 that follows): (a) in Germany if it be obtained on a monthly basis by contacting borrows at least the amount of the investment Publications Services, Division of Administrative from residents of that country or of other devel Services, Board of Governors of the Federal Re oped countries of continental Western Europe; or serve System, Washington, D.C. 20551. (b) in Japan if it borrows at least the amount of the investment from residents of the developed coun tries of continental Western Europe or residents ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE of other developed countries; or (c) in Bolivia if SYSTEM it borrows at least the amount of the investment The following banks were admitted to member from (i) residents of the developed countries of con ship in the Federal Reserve System during the tinental Western Europe, or (ii) residents of other period April 16, 1972, through May 15, 1972: developed countries, or (iii) residents of other de veloping countries. Illinois (4) The foreign borrowings used to offset cov Chicago......................................South Side Bank ered foreign assets need not be of any particular Montana minimum maturity. They may be long-term, or Laurel .....................1st Security Bank of Laurel they may be short-term with repeated renewals. California However, there must be foreign borrowings out Beverly Hills............Beverly Hills Fidelity Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 511 LIST OF OTC MARGIN STOCKS1 (as of May 5,1972) AITS,Inc. American Nuclear Corporation $.10 par common $.04 par common AVM Corporation American Television and Communications $1.00 par common Corporation Acushnet Company $.75 par common Common American W elding & M anufacturing Addison-W esley Publishing Company, The Company, Inc. No par common Class B, no par common Anadite, Inc. Advance Ross Corporation No par common $.10 par common Anheuser-Busch, Inc. Alexander & Alexander, Inc. $1.00 par common No par common Anixter Brothers, Inc. Alexander & Baldwin, Inc. $1.00 par common No par common Applebaums’ Food M arkets, Inc. Allegheny Beverage Corporation $1.00 par common $1.00 par common Arden-M ayfair, Inc. Allied Telephone Company $1.00 par common $2.00 par common Arkansas-Missouri Power Company Allyn and Bacon, Inc. $2.50 par common $.50 par common Arkansas W estern Gas Company Alpex Computer Corporation $2.50 par common $.10 par common Arrow-Hart, Inc. Alphanumeric, Inc. $10.00 par common $.031/6 par common Arvida Corporation Alpine Geophysical Associates, Inc. $1.00 par common $.10 par common Associated Coca-Cola Bottling Amarex, Inc. Company, Inc. $1.00 par common $.50 par common American Beef Packers, Inc. Associated Truck Lines, Inc. $1.00 par common Class A, $3.00 par common American Bioculture, Inc. Atlanta Gas Light Company $.02 par common $5.00 par common American Electronic Laboratories, Inc. Baird-Atomic, Inc. Class A, $1.00 par common $1.00 par common American Express Company Bandag, Inc. $1.66-2/3 par common $1.00 par common $1.50 convertible preferred Bangor Hydro-Electric Company American Financial Corporation $5.00 par common No par common Bank Building & Equipment American Furniture Company, Inc. Corporation of America $1.00 par common $1.331/6 par common American Greetings Corporation Barber-Greene Company Class A, $1.00 par common $5.00 par common American M icro-Systems, Inc. Barden Corporation, The $1.00 par common $1.00 par common Barnes-Hind Pharmaceuticals, Inc. ’Stocks appearing on the list have not been approved, No par common in any way, by the Board and representation by any person that their appearance on the list indicates approval by the Bassett Furniture Industries, Inc. Board or is based on approval by any government agency is $5.00 par common unlawful. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
512 FEDERAL RESERVE BULLETIN □ MAY 1972 Beeline Fashions, Inc. Clow Corporation No par common $6.25 par common Betz Laboratories, Inc. Coca-Cola Bottling Company $.10 par common of Los Angeles Bibb Company, The No par common No par common Cogar Corporation Black Hills Power and Light Company $.60 par commom $1.00 par common COGNITRONICS CORPORATION Bonanza International, Inc. $.20 par common No par common Commonwealth Telephone Company Booz, Allen & Hamilton, Inc. $6.66% par common $.25 par common Computer Communications, Inc. Brenco,I nc. $1.00 par common $1.00 par common Computer Usage Company Brush W ellman Inc. $.25 par common $1.00 par common Comress, Inc. Buckbee M ears Company $.05 par common $.10 par common Conagra, Inc. Buckeye International, Inc. $5.00 par common No par common, $5.00 stated value Contran Corporation Burnup & Sims Inc. $1.00 par common $.10 par common Cornelius Company, The Butler M anufacturing Company $.20 par common No par common Cousins Properties Inc. Campbell Taggart, Inc. $1.00 par common $1.00 par common Cross Company, The Carolina Caribbean Corporation $5.00 par common $.831/6 par common Crutcher Resources Corporation Cascade Natural Gas Corporation $1.00 par common $1.00 par common Cypress Communications Corporation Cavanagh Communities Corporation $1.00 par common $.01 par common Damson Oil Corporation Central Vermont Public Service $.40 par common Corporation Daniel International Corporation $6.00 par common $2.00 par common Chance, A. B. Company Dart Drug Corporation $2.50 par common Class A, $1.00 par common Chemical Leaman Tank Lines, Inc. Dasa Corporation $2.50 par common $1.00 par common Chesapeake Instrument Corporation Data General Corporation $1.00 par common $.01 par common Chicago Bridge & Iron Company Data Packaging Corporation $6.66% par common $.10 par common Church’s Fried Chicken, Inc. Decorator Industries, Inc. $.16% par common No par common Citizens Utilities Company Dekalb Agresearch, Inc. Series A, $1.00 par common Class B, no par common Series B, $1.00 par common Delhi International Oil Corporation Clark, J. L. M anufacturing Company $.10 par common $1.00 par common Deluxe Check Printers, Inc. Clevepak Corporation $1.00 par common $1.00 par common Detrex Chemical Industries, Inc. $2.00 par common Clinton Oil Company $.03 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 513 Diamond Crystal Salt Company Fotomat Corporation $2.50 par common $.10 par common Disc Inc. Friendly Ice Cream Corporation $1.00 par common $1.00 par common Donaldson Company, Inc. Frigitrqnics, Inc. $5.00 par common $.10 par common Dorchester Gas Corporation GRT Corporation $.10 par common No par common Dow Jones & Company, Inc. Garfinckel, Brooks Brothers, $1.00 par common M iller & Rhoads, Inc. Downe Communications, Inc. $.50 par common $1.00 par common Gates Learjet Corporation Downtowner Corporation,T he $1.00 par common $1.00 par common Gelman Instrument Company Doyle Dane Bernbach Inc. $.10 par common $.50 par common General Aircraft Corporation Dunkin’ Donuts Inc $1.00 par common $1.00 par common General Health Services, Inc. Duriron Company, Inc., The $1.00 par common $1.25 par common General United Group, Inc. Economics Laboratory, Inc. $.25 par common Common Giffen Industries, Inc. Educational Development Corporation $1.00 par common $.20 par common Gilford Instrument Laboratories Inc. El Paso Electric Company No par common No par common Gleason W orks Elba Systems Corporation Common No par common Golden Cycle Corporation, The Electro-Nucleonics, Inc. No par common $.02Vi par common Graham M agnetics Inc. Energy Conversion Devices, Inc. $.10 par common $.01 par common Graphic Controls Corporation Energy Resources Corporation $1.00 par common $1.00 par common Graphic Sciences, Inc. Equity Oil Company $.50 par common $1.00 par common Great Southwest Corporation Erie Technological Products, Inc. $.10 par common $2.50 par common Green M ountain Power Corporation Fabri-Tek Inc. $3.331/3 par common $.10 par common Grey Advertising Inc. Fair Lanes, Inc. $ 1.00 par common $1.00 par common Gyrodyne Company of America, Inc. First W estern Financial Corporation $ 1.00 par common $1.00 par common Hardee’s Food Systems, Inc. Flickinger, S. M. Company, Inc. No par common $2.50 par common Havatampa Cigar Corporation Florida Telephone Corporation $7.50 par common $2.50 par common Haven Industries, Inc. Food Fair Properties, Inc. $.01 par common $.01 par common Hawthorne Financial Corporation Forest Oil Corporation $1.00 par capital $1.00 par common Heath Tecna Corporation Foster Grant Company, Inc. No par common Common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
514 FEDERAL RESERVE BULLETIN □ MAY 1972 Hexcel Corporation Kelly Services, Inc . $ 1.00 par common $ 1.00 par common Hoover Company, The Keyes Fibre Company $2.50 par common $1.00 par common Hughes Supply, Inc. Keystone Custodian Funds, Inc. $2.00 par common Class A, non-voting Hyatt Corporation no par common $.50 par common King Resources Company Hyster Company $1.00 par common $.50 par common Knape & Vogt Manufacturing Company ISI Corporation $2.00 par common No par common Kuhlman Corporation Imperial Industries, Inc. $1.00 par common $.10 par common Ladd Petroleum Corporation Indianapolis W ater Company $.10 par common $7.50 par common Lance, Inc. Industrial Nucleonics Corporation $2.50 par common No par common Lee Way Motor Freight, Inc. Informatics, Inc. $1.00 par common $. 10 par common Lehigh Coal and Navigation Inland Container Corporation Company, The Class A, no par common $1.00 par common International Bank (Washington, D.C.) Leisure Group, Inc., The Class A, $1.00 par common No par common International Textbook Company Liberty Homes, Inc. (Intext) $1.00 par common No par common Lin Broadcasting Corporation Interway Corporation $2.00 par common $1.00 par common Lowe’s Companies, Inc. Ionics, Inc. $.50 par common $1.00 par common Madison Gas and Electric Company Iowa Southern Utilities Company $8.00 par common $10.00 par common Major Realty Corporation Jamesbury Corporation $.01 par common $ 1.00 par common Mallinckrodt Chemical Works Joslyn M anufacturing and Supply Class A, non-voting, Company $3.33% par common $1.25 par common Management Assistance Inc. KDI Corporation $.10 par common $.35 par common Maui Land & Pineapple Company, Inc. KMS Industries, Inc. No par common $.01 par common Medic-Home Enterprises Inc. Kaiser Steel Corporation $.10 par common $. 66% par common Medicenters of America, Inc. Kalvar Corporation $1.00 par common $.02 par capital Medtronic, Inc. Kaman Corporation $.10 par common Class A, $1.00 par common Millipore Corporation Kearney & Trecker Corporation $.33% par common $2.00 par common Minnesota Fabrics, Inc. Keene Corporation $.05 par common $. 10 par common Mogul Corporation, The Kellwood Company No par common No par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 515 M onterey Life Systems, Inc. Pabst Brewing Company $.10 par common No par common M oore, Samuel and Company Pacific Resources, Inc. No par common No par common M orrison-Knudsen Company, Inc. Palo Alto-Salinas Savings and Loan $10.00 par common Association M otor Club of America No par capital $.50 par common Pan Ocean Oil Corporation National Liberty Corporation $.01 par common $1.00 par common Parker Drilling Company National Patent Development $1.00 par common Corporation Parkview-Gem, Inc. Class A, $.01 par common $1.00 par common National Student M arketing Corporation Pauley Petroleum Inc. $1.00 par common $1.00 par common New England Gas and Electric Association Pavelle Corporation, The $4.00 par common $.10 par common New Jersey Natural Gas Company Pay’n Save Corporation $5.00 par common No par common Nicholson File Company Pennsylvania Gas and W ater Company $1.00 par common No par common, $10.00 stated value Nielsen, A. C. Company Peterson Howell & Heather, Inc. Class A, $1.00 par common No par common Class B, $1.00 par common Pettibone Corporation North Carolina Natural Gas Corporation $10.00 par common $2.50 par common Photon,I nc. North Central Airlines, Inc. $1.00 par common $.20 par common Piedmont Aviation, Inc. Northwest Natural Gas Company $1.00 par common $3.00V6 par common Pizza Hut, Inc. Northwestern Public Service Company $.01 par common $7.00 par common Pope & Talbot, Inc. Noxell Corporation $2.00 par common Class B, non-voting Popeil Brothers, Inc. $1.00 par common $.40 par common Ocean Drilling & Exploration Company Professional Golf Company $.50 par common $.50 par common Ohio Art Corporation, The Progressive Corporation, The $1.00 par common $1.00 par common Oil Shale Corporation, The Public Service Company $.15 par common of New M exico Omega-Alpha, Inc. $5.00 par common $1.00 par common Public Service Company Ormont Drug & Chemical Company, Inc. of North Carolina, Inc. $.10 par common $1.00 par common Otter Tail Power Company Publishers Company, Inc. $5.00 par common $.40 par common Overseas National Airways, Inc. Quality Courts M otels, Inc. $1.00 par common $1.00 par common Ozite Corporation Raychem Corporation $1.00 par common No par common PVO International Inc. Raygo, Inc. $5.00 par common $.05 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
516 FEDERAL RESERVE BULLETIN □ MAY 1972 Recognition Equipment Inc. Southland Corporation, The $.25 par common $.01 par common Reece Corporation, The Southwest Gas Corporation $1.00 par common $1.00 par common Regency Electronics, Inc. Southwest Gas Producing Company, Inc. No par common $1.00 par common Reid-Provident Laboratories, Inc. Soverign Industries, Inc. $1.00 par common $.04 par common Reynolds & Reynolds Company, The Spang Industries, Inc. Class A, $2.50 par common $1.00 par common Rival M anufacturing Company Standard Register Company, The Common $.50 par common Roadway Express, Inc. Stirling Homex Corporation No par common $.01 par common Rouse Company, The Subscription Television, Inc. $.01 par common $.10 par common Russell Stover Candies, Inc. SUGARDALE FOODS, INC. $1.00 par common No par common Saga Administrative Corporation Superior Electric Company, The $1.00 par common $1.00 par common Samsonite Corporation Synercon Corporation No par common $1.00 par common Saul, B. F. Real Estate TDA Industries, Inc. Investment Trust $.10 par common Shares of Beneficial Interest T.I.M.E.-DC, Inc. ($10.00 par value) $2.00 par common Scientific Control Corporation Tally Corporation $.20 par common $.16% par common Scope Inc. Tampax Inc. $1.00 par common $1.00 par common Scripto, Inc. Tassaway, Inc. $.50 par common Class A, $.10 par common Sea World, Inc. Taylor Wine Company, Inc., The $.50 par common $2.00 par common Seismic Computing Corporation Telecor,Inc. $.10 par common $.50 par common Sensormatic Electronics Corporation Telecredit, Inc. $.01 par common $.01 par common Seven-Up Company, The Texas American Oil Corporation $1.00 par common $.10 par common Shareholders Capital Corporation Texas International Airlines, Inc. $.50 par common $2.00 par common Shop Rite Foods, Inc. Tiffany & Company $3.33% par common $1.00 par common Simon & Schuster, Inc. Titan Group, Inc. $.50 par common $1.00 par common Smithfield Foods, Inc. Tracor,Inc. $1.00 par common Common Smith’s Transfer Corporation Transcontinental Gas Pipe Line $2.50 par common Corporation Southern Industries Corporation $.50 par common No par common Transocean Oil, Inc. Southern New England Telephone $1.00 par common Company, The Trico Products Corporation $25.00 par common No par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 517 Trinity Industries, Inc. Banco Credito Y Ahorro Ponceno $1.00 par common $5.00 par common Tyson Foods, Inc. Bankamerica Corporation Common $6.25 par common United States Banknote Corporation Barnett Banks of Florida, Inc. $1.00 par common $2.00 par common Volume Shoe Corporation Baystate Corporation $.50 par common $7.50 par common W agner M ining Equipment, Inc. CP Financial Corporation $.10 par common $1.00 par common W arner Electric Brake & Clutch Citizens and Southern National Bank, Company The (Georgia) $1.00 par common $5.00 par common W ashington Natural Gas Company Cleveland Trust Company, The $5.00 par common $20.00 par capital W ebb Resources, Inc. Commercial Trust Company of New Jersey $.10 par common $5.00 par capital W eeden & Company Continental Bank (Pennsylvania) No par common $5.00 par common W ellington M anagement Company Detroit Bank and Trust Company, The Class A, $.10 par common $10.00 par common W estern Gear Corporation Fidelity Corporation of Pennsylvania $1.00 par common $1.00 par common W estern Publishing Company, Inc. First & M erchants Corporation (Virginia) $1.00 par common, $2.50 stated value $10.00 par common W estgate-California Corporation First Bank System, Inc. Class A, $5.00 par common $2.50 par capital W estmoreland Coal Company First City Bancorporation of Texas, Inc. $5.00 par common $10.00 par common W etterau Foods, Inc. First Empire State Corporation $1.00 par common $5.00 par common W hite Shield Corporation First Florida Bancorporation $.05 par common $1.00 par common W inter Park Telephone Company, The First Jersey National Corporation $2.50 par common $5.00 par common W isconsin Power and Light Company First M erchants National Bank $5.00 par common (New Jersey) W olverine-Pentronix, Inc. $2.50 par common $1.00 par common First National Bank in Dallas W oodward & Lothrop Inc. $10.00 par capital $10.00 par common First National Bank of M aryland, The Yellow Freight System, Inc. $5.00 par capital $1.00 par common First Pennsylvania Corporation Younker Brothers, Inc. $1.00 par common No par common First Tennessee National Corporation Zions Utah Bancorporation $5.00 par common Common First Union, Inc. $10.00 par common First Union National Bancorp, Inc. $5.00 par capital BANK STOCKS Franklin New York Corporation American Savings & Loan Association Common $.33V3 par permanent reserve guarantee stock Convertible preferred A m erican Security and Trust Company Girard Company, The $3.33V£ par capital $1.00 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
518 FEDERAL RESERVE BULLETIN □ MAY 1972 Harris Bankcorp, Inc. Trust Company of New Jersey, The $16.00 par common $2.50 par common Hawaii Bancorporation United Bancshares of Florida, Inc. $1.00 par common $1.00 par common Lincoln First Banks, Inc. United Banks of Colorado, Inc. $10.00 par common $5.00 par common Long Island Trust Company United States Trust Company of New York $5.00 par common $5.00 par capital M anufacturers National Bank of Detroit United Virginia Bankshares Inc. $10.00 par common $10.00 par common M aryland National Corporation Valley National Bank of Arizona, The $5.00 par common $2.50 par common M ellon National Bank and Trust Company Virginia National Bank Common $5.00 par common M idlantic Banks, Inc. $10.00 par common M onmouth County National Bank INSURANCE STOCKS $1.00 par common-capital NCNB Corporation American Bankers Insurance Company of $5.00 par common Florida National Bank of Detroit $2.50 par common $12.50 par common American Bankers Life Assurance Company National City Bank of Cleveland, The of Florida $8.00 par common Common New England M erchants Company, Inc. American Family Life Assurance Company $5.00 par common of Columbus New Jersey National Corporation $1.00 par common $5.00 par common American Fidelity Life Insurance Company Nortrust Corporation $1.00 par common $20.00 par capital American Heritage Life Investment PNB Corporation Corporation $1.00 par common $1.00 par common Pittsburgh National Corporation American International Group, Inc. $5.00 par common $5.00 par common Provident National Corporation American National Financial Corporation $1.00 par common $1.00 par common Republic National Bank of Dallas American Re-Insurance Company $6.00 par common-capital $3.00 par capital Riggs National Bank of W ashington, BMA Corporation D.C., The $2.00 par common $10.00 par common Bankers Security Life Insurance Society Seattle-First National Bank $1.00 par common $10.00 par common Beneficial Standard Corporation Security National Bank Class A, $1.00 par common (Huntington, New York) California-W estern States Life Insurance $5.00 par common Company Security Pacific National Bank $2.50 par common-capital $10.00 par common Chubb Corporation, The Shawmut Association, Inc. $1.00 par common $5.00 par common Coastal States Life Insurance Company, Southeast Banking Corporation The $5.00 par common Common State Street Boston Financial Corporation College/University Corporation $10.00 par common No par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 519 Colonial Life & Accident Insurance Com Independent Life & Accident Insurance pany Company, The Class B, non-voting, $1.00 par common Non-voting, $1.00 par common Colonial Penn Group, Inc. Integon Corporation $.10 par common $1.00 par common Combined Insurance Company of America Interfinancial Inc. $1.00 par common $1.00 par common Connecticut General Insurance Interstate Corporation, The Corporation $1.00 par common $2.50 par common Kemperco, Inc. Crum & Forster $5.00 par common $1.25 par common Kentucky Central Life Insurance Com ERC Corporation pany $2.50 par common Class A, non-voting, $1.00 par common Empire General Corporation Liberty National Life Insurance Company $1.00 par common $2.00 par common-capital Empire Life Insurance Company of Life Investors Inc. America $1.00 par common Class A, $1.00 par common Louisiana and Southern Life Insurance Family Life Insurance Company Company Class A, non-voting, $1.00 par common $1.00 par common Farmers New W orld Life Insurance M idwestern United Life Insurance Com Company pany $1.00 par common $1.00 par common Fidelity Corporation (Virginia) M onarch Capital Corporation $1.00 par common $1.00 par common Fidelity Union Life Insurance Company M onumental Corporation $1.00 par common $5.00 par common Founders Financial Corporation M utual Savings Life Insurance Company $1.00 par common $1.00 par common Franklin Life Insurance Company, The NLT Corporation $2.00 par common $5.00 par common George W ashington Corporation NN Corporation $1.00 par common $5.00 par common Georgia International Corporation National Life of Florida Corporation $1.00 par common $1.00 par common Globe Life and Accident Insurance National Old Line Insurance Company Company Class BB, non-voting, $1.00 par common $1.00 par common National W estern Life Insurance Company Government Employees Insurance Company Class A, common $4.00 par common Nationwide Corporation Government Employees Life Insurance Class A, $2.50 par common Company Northwestern National Life Insurance $1.50 par common Company Great Commonwealth Life Insurance Com $1.25 par common pany Ohio Casualty Corporation $1.00 par common $.50 par common Hamilton International Corporation Old Line Life Insurance Company of Class A, $1.00 par common America, The Hanover Insurance Company, The $1.33% par common $10.00 par capital Peerless Insurance Company Horace M ann Educators Corporation $2.50 par common $ 1.00 par common Pennsylvania Life Company $.66% par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
520 FEDERAL RESERVE BULLETIN □ MAY 1972 Philadelphia Life Insurance Company Security Life and Accident Company $1.00 par common Series A, $2.00 par common Provident Life & Accident Insurance Southwestern Life Insurance Company Company $2.50 par capital Common Unicoa Corporation Provident Life Insurance Company $2.50 par common $2.50 par common Union Fidelity Corporation Republic National Life Insurance Company $.10 par common $1.00 par common United Founders Life Insurance Company Richmond Corporation $.25 par common Common United Services Life Insurance Company Safeco Corporation $1.00 par common $5.00 par common Variable Annuity Life Insurance Company, St. Paul Companies, Inc., The The $3.00 per common $1.00 par common Security Corporation, The W ashington National Corporation $10.00 par common $5.00 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication May 16 Industrial production and nonfarm employment durable goods materials also advanced, including improved further in April and the unemployment the textile, paper, and chemicals group. rate was unchanged. Commercial bank credit, the money stock, and time and savings deposits rose. EMPLOYMENT Between mid-April and mid-May, yields on U.S. Nonfarm payroll employment increased in April, Government securities declined, but yields on sea reflecting increases in trade and in manufacturing. soned corporate securities rose on balance. Average weekly hours of manufacturing produc tion workers rose by 0.4 hour to 40.8 hours, the INDUSTRIAL PRODUCTION highest level in 3 years. The unemployment rate Industrial production rose further in April and at was unchanged in April at 5.9 per cent as both 110.9 per cent (1967=100) was 1 per cent above total employment and the civilian labor force the upward revised March level of 109.8. The changed little. April index was 4.5 per cent above a year earlier but still nearly 1 per cent below the 1969 high of RETAIL SALES 111.9. The January and February indexes were also The value of retail sales declined 1.5 per cent in revised slightly upward. The April output gains April following a 3 per cent rise in March and was were widespread among consumer goods, business 7 per cent above a year earlier, according to the and defense equipment, and materials. advance report. Sales at durable goods stores were Among consumer goods, assemblies of domestic down almost 3 per cent from March, and those at autos increased 9 per cent and were at a seasonally nondurable goods stores were off about 1 per cent. adjusted annual rate of 9 million units. Output of carpeting, furniture, and some other home goods WHOLESALE AND CONSUMER PRICES rose further, but production of television sets and The wholesale price index, seasonally adjusted, household appliances changed little. rose 0.3 per cent between March and April. The Output in most business equipment industries index of industrial commodities increased 0.3 per continued to expand and production of defense cent, in large part as a result of higher prices for equipment also rose. In the materials group, steel machinery, chemicals, textile products, leather output increased strongly and production of most and footwear, and building materials. The index other durable goods rose further. Output of nonof farm and food products declined 0.1 per cent as prices of livestock, meat, and eggs dropped sub INDUSTRIAL PRODUCTION stantially, offsetting higher prices for several com RATIO SCALE, 1967=100 modities, including fresh fruits and vegetables and grains. The consumer price index, seasonally adjusted, changed little in March. The major groupings— food, other commodities, and services—were up somewhat. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased somewhat further in April, but at a much less rapid pace than over the first quarter of 1972 when growth 1972 1966 had been at a high annual rate of 15 per cent. Hold F.R. indexes, seasonally adjusted. Latest figures: April. ings of U.S. Treasury issues increased only slightly 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1967= P 1 R 00 IC ES Wholesale Consumer SECURITY MARKETS Treasury bill rates fell by about 20 to 35 basis points on balance between mid-April and mid-May, with the biggest decreases on the longer maturities. The 3-month bill was bid at around 3.60 per cent in the middle of May, down from 3.85 per cent a month earlier. Over the same period, yields on in termediate-term U.S. Government securities de clined by some 35 to 40 basis points, while long term Treasury bond rates dropped around 10 basis points. Yields on new corporate securities leveled off and then declined during the period from mid- 1968 1970 1972 1968 1970 1972 April to mid-May, while seasoned security yields rose on balance. Municipal security rates declined Bureau of Labor Statistics. “Farm products and foods” is BLS sharply in late April but then rose somewhat. “Farm products, and processed foods and feeds.” Latest figures: Consumer, Mar.; Wholesale, Apr. During the same period, common stock prices declined on diminishing volume. following substantial growth in the two previous months, and holdings of other securities declined nominally following sharp expansion since late summer. Total loans increased at a slower pace INTEREST RATES than earlier in the year; business, real estate, and PER CENT consumer loans continued strong, but loans to se curity brokers and dealers and to nonbank financial institutions weakened. The narrowly defined money stock increased at an annual rate of 8.2 per cent in April, somewhat below the rapid February-March pace but well above the slow expansion of January. Total time and savings deposits increased at an annual rate of 12.4 per cent in April, somewhat faster than in March but less rapidly than earlier in 1972. Sales of large negotiable CD’s increased substantially, but inflows of other time and savings deposits slowed further. Free reserves of member banks averaged about $75 million over the 4 weeks ending April 26, little different from the average for the preceding Discount rate, range or level for all F.R. Banks. Weekly 4-week period. An increase in excess reserves was average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures: offset by higher member bank borrowings. week ending May 6. 522 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 1 Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 8 Federal funds—Major reserve city banks A 9 Reserve Bank interest rates A 10 Reserve and margin requirements A 11 Maximum interest rates; bank deposits A 12 Federal Reserve Banks A 14 Open market account A 15 Reserve Banks; bank debits A 16 U.S. currency A 17 Money stock A 18 Bank reserves; bank credit A 19 Banks and the monetary system A 20 Commercial banks, by classes A 26 Weekly reporting banks A 31 Business loans of banks A 32 Demand deposit ownership A 33 Loan sales by banks A 33 Open market paper A 34 Interest rates A 37 Security markets A 38 Stock market credit A 39 Savings institutions A 41 Federally sponsored credit agencies A 42 Federal finance A 44 U.S. Government securities A 47 Security issues A 50 Business finance A 52 Real estate credit A 56 Consumer credit Continued on next page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 2 FEDERAL RESERVE BULLETIN □ MAY 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 93 Foreign exchange rates A 94 Money rates in foreign countries A 95 Arbitrage on Treasury bills A 96 Gold reserves of central banks and governments A 97 Gold production TABLES PUBLISHED PERIODICALLY: Insured commercial banks, 1971: A 98 Income, expenses, and dividends Member banks, 1971: Income, expenses, and dividends: A 98 By class of bank A100 By Federal Reserve district A106 By size of bank A108 Income ratios, by class of bank and Federal Reserve district A122 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 3 G uide to T abular P resen tatio n SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds III, IV Quarters U Uses of funds * Amounts insignificant in terms of the par n.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) 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 politi stances: (1) to the right (to the left) of a total when the cal subdivisions. components shown to the right (left) of it add to that In some of the tables details do not add to totals because total (totals separated by ordinary rules include more of rounding. components than those shown), (2) to the right (to the The footnotes labeled Note (which always appear left) of items that are not part of a balance sheet, (3) to the last) provide (1) the source or sources of data that do left of memorandum items. not originate in the System; (2) notice when figures are “U.S. Govt, securities” may include guaranteed estimates; and (3) information on other characteristics issues of U.S. Govt, agencies (the flow of funds figures of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds . Mar. 1972 A-72—A-73.9 Banks and branches, number, by class and State............................. Apr. 1972 A-98—A-99 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 Banking offices and deposits of Insured commercial banks....................May 1972 A-98—A-99 Member banks: group banks, Dec. 31, 1970......... Aug. 1971 A-98 Calendar year....................................May 1972 A-98—A-107 Banking and monetary statistics: Income ratios.....................................May 1972 A-108—A-l 13 Operating ratios.................................July 1971 A-100—A-105 1971 ......................................... Feb. 1972 A-100—A-101 Mar. 1972 A-98—A-l 10 Stock market credit............................... Feb. 1972 A-102—A-103 S tatistical R eleases 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 □ MAY 1972 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas Period or date U.S. Govt, securities 1 Special ury Gold Drawing cur u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 stock ce R rt i i g fi h c t a s te re o n u c t y Bought repur assets 3 account stand Total out chase ing right agree ment Averages of daily figures 1939—Dec............................. 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec............................. 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec............................. 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec............................. 20,345 20,336 9 142 1,117 21,606 22*879 4629 1960—Dec............................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec............................. 40,885 40,772 113 490 2,349 43,853 13’799 5*565 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 6 * 841 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—Ap r 63,371 63,153 218 148 3,047 1,103 67,747 10,732 400 7,29t May............................ 64,714 64,368 346 330 2,704 1,076 68,926 10,448 400 7,357 June........................... 64,642 64,574 68 453 2,690 979 68,834 10,332 400 7,419 July............................. 66,001 65,652 349 820 3,001 1,150 71,052 10,332 400 7,437 Aug............................. 66,324 66,143 181 804 2,572 991 70,749 10,184 400 7,460 Sept............................. 67,106 66,794 312 501 2,974 900 71,568 10,132 400 7,523 Oct.............................. 67,690 67,488 202 360 3,122 1,105 72,349 10,132 400 7,545 Nov............................. 68,052 67,655 397 407 3,129 1,013 72,694 10,132 400 7,573 Dec............................. 69,158 68,868 290 107 3,905 982 74,255 10,132 400 7,611 1972—Fe................................b 69,966 69,862 104 33 2,959 957 73,994 9,851 400 7,795 Mar............................. 69,273 69,133 140 99 2,948 780 73,181 9,588 400 7,859 Apr.**......................... 70,939 70,770 169 109 3,089 990 75,229 9,588 400 7,922 Week ending— 1972—Feb. 2..................... 70,364 70,364 16 2,791 1,279 74,526 10,132 400 7,712 9..................... 70,002 70,002 42 2,759 1,307 74,180 10,132 400 7,771 16..................... 70,692 70,261 431 18 2,693 1,150 74,667 9,977 400 7,793 23..................... 70,326 70,326 14 3,020 574 74,000 9,588 400 7,811 Mar. 1..................... 68,622 68,622 67 3,447 662 72,863 9,588 400 7,818 8.................... 68,772 68,772 103 2,885 707 72,532 9,588 400 7,834 15................... 69,110 68,813 297 13 2,932 749 72,901 9,588 400 7,848 22..................... 69,095 69,095 115 3,239 797 73,313 9,588 400 7,868 29..................... 69,744 69,615 129 153 2,686 850 73,516 9,588 400 7,882 Apr. 5..................... 70,697 70,109 588 141 2,841 891 74,706 9,588 400 7,894 12..................... 70,704 70,556 148 14 2,894 943 74,668 9,588 400 7,912 19 p................... 70,811 70,811 45 3,317 996 75,250 9,588 400 7,920 26p................... 71,317 71,130 187 279 3,158 1,045 75,898 9,588 400 7,936 End of month 1972—Feb.............................. 68,425 6-7 68,425 6 2,715 656 71,865 9,588 400 7,824 Mar............................. 70,754 6 70,065 689 255 3,217 878 75,247 9,588 400 7,895 Apr.?1......................... 71,286 6 71,286 58 2,978 1,086 75,491 9,588 400 7,952 Wednesday 1972—Feb. 2..................... 70,195 6 70,195 25 2,749 1,311 74,353 10,132 400 7,765 9..................... 69,995 6 69,995 176 2,528 1,357 74,124 10,132 400 7,788 16..................... 71,928 6 70,623 1,305 28 2,953 611 75,663 9,588 400 7,802 23..................... 69,619 6 69,619 18 2,610 641 72,951 9,588 400 7,813 Mar. 1..................... 68,872 6 68,872 58 2,824 707 72,524 9,588 400 7,820 8..................... 68,772 6 68,772 704 2,788 749 73,076 9,588 400 7,842 15..................... 68,802 6 68,802 27 3,637 790 73,323 9,588 400 7,855 22..................... 69,395 6 69,395 733 3,072 843 74,112 9,588 400 7,877 29..................... 70,689 6 69,785 904 1,030 2,673 897 75,458 9,588 400 7,889 Apr. 5P................... 71,285 6 70,344 941 59 2,959 928 75,403 9,588 400 7,908 12^................... 70,342 6-7 70,342 9 3,013 1,003 74,449 9,588 400 7,917 \9V.................... 70,664 6-770,664 245 3,324 1,045 75,360 9,588 400 7,925 26?................... 72,255 6 71,164 1,091 1,792 3,156 1,102 78,472 9,588 400 7,946 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank r c C t e c u i i n i o u n l r c a n r y T h c i u r n o a e r g l s a y d h s s T u re r a y s with r e F s F e . e R i o g rv r . n e B s, a nks Other 2 c O o F a u t . h c R n e t . s r 3 c b O a F i a p l l t . i n i i h R a t t d i e a e . r l s 3 B W F a . n R it k h . s re c r C s e a o e n n i u r n c d v r * y es Total Period or date Averages of daily figures 7,609 2,402 616 7319 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 . 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 .1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 .1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 .1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 .1965—Dec. 47,000 1,428 902 150 451 -204 20,753 4,507 25,260 . 1967—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 .1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 .1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 .1970—Dec. 56,716 499 1,047 148 752 2,194 24,814 5,071 29,885 .1971—Apr. 57,155 506 1,112 173 690 2,244 25,251 5,168 30,419 .............May 57,969 491 652 155 698 2,227 24,793 5,230 30,023 .............June 58,847 471 1,546 161 714 2,251 25,231 5,316 30,547 ...............July 58,906 477 1,121 181 712 2,298 25,098 5,357 30,455 .............Aug. 59,012 466 1,621 151 712 2,296 25,365 5,437 30,802 .............Sept. 59,185 464 2,100 152 736 2,327 25,463 5,397 30,860 .............Oct. 59,939 470 1,723 133 714 2,320 25,500 5,453 30,953 ............Nov. 61,060 453 1,926 290 728 2,287 25,653 5,676 31,329 .............Dec. 59,681 436 2,421 172 683 2,273 26,374 5,548 31,922 .1972—Feb. 60,137 388 933 170 597 2,247 26,555 5,366 31,921 .............Mar. 60,717 405 1,688 200 615 2,313 27,202 5,421 32,623 .............Apr.*5 Week ending— 59,395 508 3,053 166 755 2,318 26,576 5,859 32,435 .1972—Feb. 2 59,577 502 3,072 156 764 2,382 26,030 5,862 31,892 . 9 59,774 472 2,915 142 733 2,209 26,593 5,664 32,257 .16 59,736 372 2,015 167 592 2,216 26,702 5,121 31,823 ,23 59,696 369 1,339 219 590 2,269 26,187 5,427 31,614 .Mar. 1 59,871 376 1,031 139 587 2,337 26,012 5,453 31,465 60,222 377 754 171 596 2,169 26,448 5,660 32,108 .15 60,257 391 978 189 617 2,191 26,546 5,012 31,558 .22 60,175 406 886 178 576 2,263 26,903 5,316 32,219 .29 60,508 414 1,240 206 657 2,353 27,210 5,394 32,604 . Apr. 5 60,858 403 1,273 255 627 2,389 26,764 5,581 32,345 ...........12 60,863 407 1,535 177 596 2,220 27,360 5,264 32,624 ...........19P 60,633 398 2,413 152 586 2,283 27,357 5,353 32,710 ...........26p End of month 59,795 370 884 137 677 2,294 25,525 5,427 30,952 .1972—Feb. 60,388 402 1,293 191 647 2,339 27,869 5,397 33,266 .............Mar. 60,535 405 1,871 228 631 2,346 27,416 5,570 32,986 .............Apr. * Wednesday 59,554 505 3,173 172 779 2,351 26,116 5,860 31,976 .1972—Feb. 2 59,838 513 2,781 145 739 2,405 26,022 5,865 31,887 ..........................9 59,848 374 2,531 145 612 2,198 27,745 5,669 33,414 ........................16 59,905 373 1,139 178 590 2,236 26,331 5,122 31,453 ........................23 59,794 374 1,128 137 575 2,299 26,025 5,427 31,452 . Mar. 1 60,215 382 1,081 150 548 2,360 26,170 5,453 31,623 60,392 382 851 184 620 2,146 26,591 5,661 32,252 .15 60,321 406 1,314 175 608 2,215 26,938 5,011 31,949 .22 60,438 413 917 205 589 2,302 28,471 5,318 33,789 .29 60,829 412 1,212 236 696 2,396 27,518 5,397 32,915 .Apr. 5P 61,041 407 1,541 188 625 2,179 26,373 5,588 31,961 ...........I2p 60,898 411 1,868 142 545 2,241 27,169 5,264 32,433 ...........\9p 60,728 398 1,822 128 573 2,308 30,449 5,353 35,802 ...........26p 1 Includes Federal Agency issues held under repurchase agreements as on Wed. and end-of-month dates, see tables on F.R. Banks on following of Dec. 1, 1966 and Federal Agency issues bought outright as of Sept. 29, pages. See also note 2. 1971. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital” are shown separately; formerly, they were 6 Includes securities loaned—fully secured by U.S. Govt, securities netted together and reported as “Other F.R. accounts.” pledged with F.R. Banks. 4 Includes industrial loans and acceptances, until Aug. 21, 1959, when 7 Reflects securities sold, and scheduled to be bought back, under industrial loan program was discontinued. For holdings of acceptances matched sale/purchase transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS □ MAY 1972 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves Bor T h o e t ld al qu R ir e e d B r F i o a n a . w n R g t k s . s T h o e t l a d l qu R ir e e d Excess B r F i o n a a . n w g R t k s . s se F r r r v e e e e s T h o e t l a d l qu R ir e e d 1 Excess B r F i a o n . a n R w g t k s . s s F e r r r e v e e e s 1939—Dec.. 11,473 6,462 5,011 3 5,008 5.623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec.. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec.. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec.. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec.. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1965—Dec.. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1967—Dec.. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Dec.. 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 15 85 -70 1969—Dec.. 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 27 -9 1970—Dec.. 29,265 28,993 272 321 -49 5.623 5,589 34 25 9 1,329 1,322 7 4 3 1971—Apr.. 29,885 29,745 140 148 5,690 5,696 -6 15 -21 1,392 1,385 7 4 3 May. 30,419 30,107 312 330 -18 5,837 5,791 46 113 -67 1,436 1,421 15 13 2 June. 30,023 29,892 131 453 -322 5,637 5.674 -37 90 -127 1,387 1,405 -18 21 -39 July.. 30,547 30,385 162 820 -658 5,729 5,754 -25 86 -111 1,407 1,408 -1 28 -29 Aug.. 30,455 30,257 198 804 -606 5,693 5,640 53 164 -111 1,417 1,410 7 7 Sept.. 30,802 30,596 206 501 -295 5,683 5.674 9 38 -29 1,417 1,423 -6 4 '"-io Oct... 30,860 30,653 207 360 -153 5,678 5,667 11 67 -56 1,425 1,408 17 15 2 Nov.. 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1,408 1,400 8 22 -14 Dec.. 31,329 31,164 165 107 58 5.774 5,749 25 35 c-10 1,426 1,425 1 8 -7 1972—Jan... 32,865 32,692 173 20 153 6,066 6.058 8 8 1.503 1,512 -9 —9 Feb.. 31,922 31,798 124 33 91 5.775 5,807 -32 5 — 371 1,446 1,442 4 4 Mar.. 31,921 31,688 233 99 134 5,815 5,758 57 71 -14 1,434 1,443 -9 4 -13 Apr.p 32,623 32,416 207 109 98 5,964 5,939 25 48 -23 1,464 1,476 -12 5 -17 Week ending— 1971—Apr. 7.. 29,670 29,393 277 197 80 5,569 5,631 -62 -62 1,367 1,351 16 16 14., 29,625 29,417 208 150 58 5,748 5,652 96 17 79! 1,346 1,367 -21 -21 21., 29,938 29,857 81 84 -3 5,728 5,784 -56 — 56 1.381 1,384 -3 — 3 28.. 30,157 30,109 48 176 -128 5,625 5,682 -57 46 -103 1,430 1,418 12 18 -6 Sept. 1.. 30,519 30,195 324 706 -382 5,679 5,561 118 116 2! 1,398 1,399 -1 1 -2 8., 30,855 30,650 205 765 -560 5,719 5,759 -40 -40i 1,428 1,423 5 4 1 15., 30,851 30,604 247 457 -210 5,762 5,690 72 72! 1,441 1,448 -7 3 -10 22.. 30,360 30,421 -61 329 -390 5,469 5,578 -109 86 -195! 1,410 1,413 -3 9 -12 29.. 31,073 30,730 343 424 -81 5,825 5,689 136 36 100! 1,410 1,412 -2 -2 Oct. 6.. 30,993 30,779 214 309 -95 5,644 5,671 -27 29 -56 1,441 1,422 19 19 13.. 30,702 30,653 49 449 -400 5,668 5,693 -25 100 -125 1,413 1,432 -19 7 -26 20.. 31,071 30,861 210 332 -122 5,808 5.818 -10 35 -45 1,429 1,421 8 4 4 27.. 30,424 30,373 51 413 -362 5,513 5,508 5 133 -128 1,353 1,364 -11 54 -65 Nov. 3.. 30,961 30,565 396 216 180 5,681 5,626 55 55 1,435 1,400 35 35 10.. 30,580 30,570 10 122 -112 5.589 5,597 -8 21 -29 1,376 1,406 -30 -30 17.. 31,172 30,984 188 287 -99 5,705 5,761 -56 64 -120 1,447 1,433 14 14 24.. 30,716 30,572 144 538 -394 5.589 5,520 69 150 -81 1,358 1,374 -16 47 -63 Dec. 1.. 31,275 30,685 590 705 -115 5,701 5,538 163 222 -59 1,438 1,386 52 47 5 8.. 30,743 30,600 143 59 84 5,671 5,604 67 67 1,356 1,366 -10 — 10 15.. 31,153 30,949 204 25 179 5,699 5,757 -58 -58 1,479 1,451 28 28 22.. 31,151 31,180 -29 141 -170 5,747 5,764 -17 79 -96 1,371 1,414 -43 14 -57 29.. 31,924 31,610 314 216 98 5,793 5,799 -6 76 -82 1,511 1,445 66 21 45 1972—Jan. 5.. 32,814 32,502 312 57 255 6,200 6,120 80 80 1,520 1,526 -6 —6 12.. 32,793 32,688 105 17 88 6,055 6,141 -86 -86 1,569 1,549 20 20 19.. 33,665 33,447 218 14 204 6,369 6,267 102 102 1,526 1,563 -37 — 37 26.. 32,592 32,400 192 12 180 5,766 5,848 -82 -82 1,475 1,459 16 16 Feb. 2.. 32,435 32,190 245 16 229 5,936 5,880 56 56 1,460 1,451 9 9 9.. 31,892 31,842 50 42 8 5,733 5,825 -92 22 -114 1,439 1,445 -6 -6 16.. 32,257 31,946 311 18 293 6,078 5,895 183 183 1,450 1,466 -16 -16 23.. 31,823 31,693 130 14 116 5,686 5,789 -103 -103 1,453 1,427 26 26 Mar. 1.. 31,614 31,532 82 67 15 5,643 5,679 -36 -36 1,411 1,425 -14 — 14 8.. 31,465 31,289 176 103 73 5,649 5,658 -9 99 -108 1,435 1,419 16 16 15.. 32,108 31,715 393 13 380 5,982 5,796 186 186 1,473 1,479 -6 —6 22.. 31,558 31,691 -133 115 -248 5,605 5,725 -120 95 -215 1,421 1,433 -12 4 -16 29.. 32,219 31,934 285 153 132 5.911 5,820 91 94 -3 1,442 1,436 6 14 -8 Apr. 5.. 32,604 32,230 374 141 233 5,991 5,933 58 86 -28 1,521 1,472 49 49 12.. 32,345 32,179 166 14 152 5,963 5,953 10 10 1,446 1,482 -36 — 36 19p. 32,624 32,633 -9 45 -54 5,965 6,055 -90 23 -113 1,499 1,489 10 10 26v. 32,710 32,409 301 279 22 5.912 5.819 93 124 -31 1,432 1,457 -25 23 -48 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 Borrow Reserves Borrow Period ings at Free ings at Free F.R. eserves F.R. reserves T h o e t ld al Required1 Excess Banks T h o e t ld al Required1j Excess Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ..............................1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ..............................1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 ..............................1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ..............................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ..............................1960—Dec. 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 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 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 ..............................1970—Dec. 11,754 11,789 -35 119 -154 11,049 10,875 174 10 164 11,923 11,832 91 136 -45 11,223 11,063 160 68 92 11,743 11,735 8 181 -173 11,256 11,078 178 161 17 11,939 11,929 10 441 -431 11,472 11,294 178 265 -87 ............................................July 11,871 11,883 -12 425 -437 11,474 11,324 150 208 -58 12,115 12,077 38 318 -280 11,587 11,422 165 141 24 12,069 12,050 19 163 -144 11,688 11,528 160 115 45 12,106 12,041 65 177 -112 11,795 11,641 154 101 53 12,198 12,233 -35 22 -57 11,931 11,757 174 42 132 12,954 12,941 13 13 12,342 12,181 161 20 141 ...............................1972—Jan. 12,578 12,573 5 12 -7 12,123 11,976 147 16 131 ...........................................Feb. 12,559 12,533 26 9 17 12,113 11,954 159 15 144 12,862 12,802 60 22 38 12,333 12,199 134 34 100 Week ending- 11,758 11,634 124 184 -60 10,976 10,777 199 13 186 1971—Apr. 7 11,622 11,702 -80 127 -207 10,909 10,696 213 6 207 ...............................................14 11,807 11,826 -19 80 -99 11,022 10,863 159 4 155 ...............................................21 11,910 11,955 -45 98 -143 11,192 11,054 138 14 124 ...............................................28 11,935 11,896 39 404 -365 11,507 11,339 168 185 -17 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 12,011 12,092 -81 234 -315 11,610 11,436 174 108 66 12,183 12,110 73 194 -121 11,651 11,512 139 99 40 11,876 11,933 -57 129 -186 11,682 11,568 114 97 17 12,073 11,976 97 105 -8 11,772 11,563 209 111 98 ....................................Nov. 3 11,967 12,050 -83 47 -130 11,648 11,517 131 54 77 ...............................................10 12,172 12,139 33 174 -141 11,848 11,651 197 49 148 ...............................................17 11,967 11,973 -6 201 -207 11,802 11,705 97 140 -43 ...............................................24 12,181 12,025 156 282 -126 11,955 11,736 219 154 65 ....................................Dec. 1 11,932 11,992 -60 15 -75 11,784 11,638 146 44 102 ............................................... 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 13,309 13,327 -18 -18 12,461 12*290 171 14 157 ...............................................19 12,932 12,837 95 95 12,419 12,256 163 12 151 ...............................................26 12,686 12,688 — 2 — 2 12,353 12 171 182 16 166 ....................................Feb. 2 12,577 12,567 10 10 12 143 12\005 138 20 118 ............................................... 9 12,602 12,636 -34 1 -35 12,127 11,949 178 17 161 ...............................................16 12,583 12,537 46 46 12,101 11,940 161 14 147 ...............................................23 12,464 12,492 -28 57 -85 12,096 11,936 160 10 150 12,396 12,384 12 12 11,985 11,828 157 4 153 ............................................... 8 12,605 12,554 51 2 49 12,048 11,886 162 11 151 ...............................................15 12,465 12,539 -74 8 -82 12,067 11,994 73 8 65 ...............................................22 12,651 12,609 42 21 21 12,215 12,069 146 24 122 ...............................................29 12,804 12,718 86 86 12,288 12,107 181 55 126 Apr. 5 12,740 12,705 35 35 12,196 12,039 157 14 143 ...............................................12 12,873 12,903 -30 9 -39 12,287 12,186 101 13 88 ...............................................\9p 12,901 12,821 80 86 -6 12,465 12,312 153 46 107 ...............................................26*> i 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 open ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS □ MAY 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— Net- Gross transactions Net transactions Reporting banks week a e n n d ding— s E e x r r v c e e e s s s 1 r a o t B w F o in . r R g . s F i b e n N d a t n e e e r r t k a l S d u e r o f p i r c lu it s r P e e q a r u v o c g i f r e . e n d t c P ha u s r e s Sales t a w c t T r o t a o i - o n t w a n s l a s y 2 b c o u P h f y a u n s i r n e e g s t s o b S e a f l a l n l n i e k n e s g s t d L ea o t l o a e n r s s3 de f r B i r a o n o o l w g e m r s r s4 lo N a e n t s Banks funds reserves banks trans. Total—46 banks 1972—Mar. 1.... -11 6 6,335 -6,352 48.1 11,347 5,012 3,966 7,381 1,047 2,515 212 2,303 8. . . . -1 95 7,282 -7,377 56.0 11,925 4,644 4,003 7,922 7,282 1,897 200 -1,697 15.... 227 7,162 -6,935 51.6 12,237 5,075 4,370 7,867 705 1,809 259 1,550 22. ... -55 99 6,959 -7,113 53.5 12,050 5,091 4,162 7,888 929 1,995 197 1,799 29.... 67 117 5,722 -5,772 42.9 11,049 5,327 4,032 7,017 1,295 1,676 363 1,314 April 5. .. . 208 86 6,757 -6,635 48.6 12,880 6,123 432 8,448 1,691 1 ,741 728 1,013 12.... 120 7,814 -7,694 56.1 13,038 5,224 004 9,034 1,220 1,590 685 905 19.... -54 28 7,219 -7,301 52.6 12,389 5,169 931 8,458 1,239 1,570 525 1,045 26.... 32 176 4,611 -4,756 35.0 10,446 5,835 976 6,470 1,859 1,404 378 1,026 8 in New York City 1972—Mar. 1.... -32 3,510 -3,543 69.0 3,916 406 406 3,510 1,714 47 1,668 8. .. . -10 95 3,472 -3,577 69.4 4,058 586 585 3,472 3,472 1,431 40 -1,391 15.... 167 3.279 -3,112 59.0 4,137 858 857 3.279 1,400 74 1,326 22.... -32 91 3.279 -3,403 65.4 4,037 757 757 3.279 1,575 46 1,529 29.... 54 91 2,588 -2,625 49.5 3,365 777 777 2,588 1,279 84 1,194 April 5... . 102 86 3,916 -3,900 72.1 4,640 724 724 3,916 1,360 113 1 ,247 12.... 69 3,976 -3,907 71.9 4,438 462 462 3,976 1,157 55 1,102 19.... -57 23 3,259 -3,340 60.5 3,786 527 527 3,259 1,055 46 1,009 26.... 45 120 1,812 -1,887 35.6 2,749 938 929 1,820 1,030 94 937 38 outside New York City 1972—Mar. 1.... 21 2,825 -2,810 34.8 7,431 4,606 3,560 3,871 1,047 800 165 636 8.... 9 3,810 -3,800 47.4 7,868 4,058 3,417 4,450 3,809 466 160 -306 15.... 60 3,883 -3,823 46.7 8,101 4,218 3,513 4,588 705 409 186 224 22.... -22 3,680 -3,710 45.9 8,014 4,334 3,405 4,609 929 420 151 270 29.... 14 27 3,133 -3,147 38.7 7,684 4,550 3,255 4,428 1,295 398 278 120 April 5... . 106 2,842 -2,735 33.1 8,241 5,399 3,709 4,532 1,691 381 615 -234 12... . 51 3,838 -3,787 45.7 8,600 4,762 3,542 5,058 1,220 433 631 -197 19... . 3 5 3,960 -3,962 47.3 8,603 4,643 3,404 5,199 1,239 515 479 36 26... . -13 56 2,800 -2,869 34.6 7,697 4,898 3,048 4,650 1,850 374 284 90 5 in City of Chicago 1972—Mar. 1.... 1,386 -1,396 107.7 2,167 781 645 1,523 137 240 240 8. ... 1,693 -1,684 130.6 2,384 692 642 1.742 1,692 274 -274 15.... 1,712 -1,706 126.5 2,357 645 590 1,767 55 250 250 22.... 1,666 -1,674 128.5 2,380 715 638 1.742 76 228 228 29.... 1,623 -1,642 125.8 2,359 736 616 1,744 120 220 220 April 5 ... . 1,761 -1,725 128.6 2,530 769 718 1,812 51 200 200 12. .. . 2,032 -2,042 151.1 2,657 625 570 2,087 55 206 206 19.... 1,950 -1,942 143.8 2,681 731 661 2,020 70 212 212 26.... 1,408 -1,442 108.7 2,298 890 787 1,511 104 195 195 33 others 1972—Mar. 1.... 31 1,439 -1,414 20.9 5,263 3,825 2,915 2,348 910 560 165 395 8. ... 1 2,117 -2,116 31.4 5,484 3,366 2,775 2,708 2,117 192 160 -32 15.... 54 2,171 -2,118 31.0 5,744 3,573 2,923 2,821 650 159 186 -27 22.... -18 2,014 -2,036 30.0 5,633 3,619 2,767 2,867 852 192 151 41 29.... 18 1,510 -1,504 22.0 5,324 3,814 2,640 2,685 1,175 178 278 -100 April 5 . .. . 70 1,081 -1,010 14.6 5,711 4,631 2,991 2,721 1,640 181 615 -433 12.... 61 1,806 -1,745 25.2 5,943 4,137 2,972 2,971 1,164 228 631 -403 19. , -4 2,011 -2,019 28.8 5,922 3,912 2,743 3,179 1,169 303 479 -176 26..., -2 1,392 -1,427 20.5 5,400 4,008 2,261 3,139 1,747 178 284 -106 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
MAY 1972 □ F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Loans to member banks Loans to all others under Under Secs. 13 and 13a 1 Under Sec. 10(b) 2 last par. Sec. 133 Federal Reserve Bank A Ra 1 p t 9 r e . 7 2 o 30 n , Ef d fe a c t t e ive Pre ra v t i e ous R A a 1 p t 9 r e . 7 2 o 30 n , Eff d e a c t t e ive Pre ra v t i e ous R A a 1 p t 9 r e . 7 2 o 30 n , Ef d fe a c t t e ive Pre r v at io e us B N o ew st o Y n. o .. r .. k ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41/2 D D e e c c . . 1 1 3 7 , , 1 19 9 7 7 1 1 4 4* % 4 5 5 D D e e c c . . 1 1 3 7, , 1 1 9 9 7 7 1 1 5 S V V a a 6 6 1 1 / / 2 2 D D e e c c . . 1 1 7 3 , , 1 1 9 9 7 7 1 1 6 6 3 3 4 4 Philadelphia........................................ 4% Dec. 17, 1971 4% 5 Dec. 17, 1971 5Va 61/2 Dec. 17, 1971 634 Cleveland............................................. 4% Dec. 17, 1971 4V4 5 Dec. 17, 1971 5Va 6% Dec. 17, 1971 634 41/2 Dec. 24, 1971 4% 5 Dec. 24, 1971 5Va 61/2 Dec. 24, 1971 634 Atlanta................................................ 41/2 Dec. 23, 1971 4% 5 Dec. 23, 1971 5Va 61/2 Dec. 23, 1971 634 Chicago................................................ 4% Dec. 17, 1971 4Va 5 Dec. 17, 1971 5Va 61/2 Dec. 17, 1971 634 St. Louis.............................................. 41/2 Dec. 13, 1971 4M 5 Dec. 13, 1971 5 Va 61/2 Dec. 13, 1971 634 Minneapolis........................................ 4% Dec. 23, 1971 434 5 Dec. 23, 1971 5 Va 61/2 Dec. 23, 1971 634 Kansas City........................................ 41/2 Dec. 13, 1971 434 5 Dec. 13, 1971 5Va 6i/i Dec. 13, 1971 634 D Sa a n l l F as ra ... n .. c .. i . s .. c .. o ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 1 1 / / 2 2 D D e e c c . . 2 1 4 3 , , 1 1 9 9 7 7 1 1 4 43 34 4 5 5 D D e e c c. . 2 1 4 3 , , 1 1 9 9 7 7 1 1 5 5 V Va a 6 61 i / / 2 i D D e e c c . . 2 1 4 3 , , 1 19 97 71 1 6 6 3 3 4 4 i 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 IVi IVi 1959—Mar. 6..................... 21/2-3 3 1969—Apr. 4..................... 51/2-6 6 16..................... 3 3 8..................... 6 6 1955—Apr. 14............. n/2-134 IV2 May 29..................... 3 -31/2 31/2 15............. IVi-IVa 134 June 12..................... 31/2 31/2 May 2............. l34 134 Sept. 11..................... 31/2-4 4 1970—Nov. 11..................... 5 34-6 6 Aug. 4............. 134-214 134 18..................... 4 4 13..................... 534-6 534 5............. 134-214 2 16..................... 534 53/4 S N e o p v t. . 1 1 1 9 2 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 14 2 - 1 - - 2 / 2 2 4 1 1 1 / 4 4 2 2 2 2 21 1 1 / 4 4 2 1960—June 1 1 3 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 1 1 / / 3 2 2 - 1 - - / 4 4 3 i 1/2 4 3 3 3 1 1/ /2 2 Dec. 1 4 1 1 . . . . . .. . . . . .. . . . . .. . . . . . . . .. . . . . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . 5 5 1 1 / / 5 2 2 1 - - / 5 5 2 3 3 / 4 4 5 5 5 1 1 3 / / 4 2 2 23............. 21/2 21/2 Sept. 9..................... 3 3 1956— A A u p g r. . 2 2 3 1 0 4 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 1 3 / / / 3 4 2 4 - - - 3 3 3 2 2 3 3 3 3 / 4 4 1 1 9 9 6 6 4 3 — — N Ju o ly v . 2 2 3 1 4 6 0 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 4 3 1 1 - /2 /2 3 - 1 4 /2 4 4 3 31 1 / / 2 2 1971—Jan. 2 2 1 1 8 9 2 9 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 1/ 5 5 4 1 - - -5 4 5 5 1 1 1 / / / 2 4 4 5 5 5 5 51 1 1 / 4 4 4 1957—Aug. 9............. 3 -31/2 3 Feb. 13..................... 434-5 5 2 3 31/2 31/2 1965—Dec. 6..................... 4 -41/2 41/2 19..................... 434 434 N D o ec v . . 1 2 5. . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 -3i/i 3 3 13..................... 41/2 41/2 July 16..................... 434-5 5 1967—Apr. 7..................... 4 -41/2 4 23..................... 5 5 1958—Jan. 22............. 234-3 3 14..................... 4 4 Nov. 11..................... 434-5 5 2 4 23/4-3 234 Nov. 20..................... 4 -4Vi 41/2 19..................... 434 434 Mar. 2 1 7 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 21 1 / 2 4 4 1 - - / 3 2 4 34 2 2 2 1 1 1 / / 4 4 4 1968—Mar. 2 1 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41/ 4 2 1 - / 5 2 4 41 1 / / 2 i Dec. 2 1 4 3. . . .. .. . . . . . . . . .. .. . . . . . . . . .. .. . . . . . . . . .. . 41/ 4 2 1 - / 4 2 34 4 41 3 / 4 2 A M p a r y . 1 9 8. . . .. .. .. .. .. .. .. .. .. . 13 l 4- 34 214 l 13 3 4 4 Apr. 2 1 2 9 . . . .. .. . . . . .. .. .. .. .. .. .. .. . . . . .. .. .. .. .. . 5 5 -5Vi 5 51/2 In effect Apr. 30, 1972........ 41/2 41/2 Aug. 15........... l34-2 l34 26..................... 51/2 51/2 Sept. 12........... l34-2 2 Aug. 16..................... 514-51/2 5% 23............ 2 2 30..................... 514 51/4 Oct. 24........... 2 -21/2 2 Dec. 18..................... 51/4-51/2 51/2 Nov. 7........... 21/2 21/2 20..................... 5Vi 51/2 Note.—Rates under Secs. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42 and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS □ MAY 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 5 deposits 2 deposits 2-4 (all classes of banks) Time depos its Reserve Country Other Effective date 1 C re e s n er tr v a e l s R er e v e Coun cla (a s l s l es Effective date i city banks banks S in a g v s time deposits b c a i n ty ks b c a i n ty ks ba tr n y ks ba o nk f s) Under Over Under Over de i p ts os Under Over $5 mil $5 mil $5 mil $5 mil $5 mil $5 mil lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. >161/2 64 64 Sept. 8, 15. 1951—Jan. 11,16.......... 23 19 13 Jan. 25, Feb. 1. 24 20 14 1967—Mar. 2. 31/2 1953—July 9,1............ 22 19 13 Mar. 16. 3 1954—June 24, 16.......... 21 July 29, Aug. 1. 20 18 12 1968—Jan. 11,18____ I6I/2 17 12 m/2 1958—Feb. 27, Mar. 1. 191/2 171/2 IH/2 Mar. 20, Apr. 1. 19 17 11 1969—Apr. 17.............. 17 171/2 121/2 13 Apr. 17................. I8I/2 Apr. 24................. 18 I6I/2 1970—Oct. 1................... 1960—Sept. 1................. 171/2 Nov. 24................. 12 In effect Apr. 30, 1972. 17 171/2 121/2 13 Dec. 1................. 16i/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 Regula banks. For changes prior to 1950 see Board’s Annual Reports. tions D and M and appropriate supplements and amendments thereto. 2 Demand deposits subject to reserve requirements are gross demand 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation deposits minus cash items in process of collection and demand balances club accounts became subject to same requirements as savings deposits. due from domestic banks. 6 See preceding columns for earliest effective date of this rate. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Note.—All required reserves were held on deposit with F.R. Banks 4 Since Oct. 16, 1969, member banks have been required under Regula June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member tion M to maintain reserves against balances above a specified base due banks were allowed to count part of their currency and coin as reserves; from domestic offices to their foreign branches. Effective Jan. 7, 1971, the effective Nov. 24, 1960, they were allowed to count all as reserves. For applicable reserve percentage was increased from the original 10 per cent further details, see Board’s Annual Reports. to 20 percent. Regulation D imposes a similar reserve requirement on bor MARGIN REQUIREMENTS (Per cent of market value) For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937--Nov. 1 1945—Feb. 4 40 50 1945--Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946--Jan. 21 1947—Jan. 31 100 100 1947--Feb. 1 1949—Mar. 29 75 75 1949--Mar. 30 1951—Jan. 16 50 50 1951--Jan. 17 1953—Feb. 19 75 75 1953--Feb. 20 1955—Jan. 3 50 50 1955--Jan. 4 Apr. 22 60 60 Apr. 23 1958—Jan. 15 70 70 1958--Jan. 16 Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962—July 9 70 70 1962--July 10 1963—Nov. 5 50 50 1963--Nov. 6 1968—Mar. 10 70 70 1968--Mar. 11 June 7 70 50 70 June 8 1970—May 5 80 60 80 1970—May 6 1971—Dec. 3 65 50 65 Effective Dec. 6, 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
MAY 1972 o 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. 3»/2 3^2 Multiple maturity:3 30-89 days............ 4 41/2 90 days-1 year... 5 1 year to 2 years. 5 5^/2 2 years and over.. 5j/4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years.. 5^/2 5^/2 9 6 0 m d o a n y t s h s to t o 6 1 m 2 o m nt o h n s t . h . s . 2 3 1 !/ /2 2 41/2 5^2 $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 . : . 5V4 Less than 90 days.......... 1 4 30-59 days........... 5 /1 (4) (30-89 days) 60-89 days........... 5% (4) 90-179 days......... 51/2 5% 6 6V4 1 1 8 y 0 e d a a r y o s r t m o 1 o r y e e . a . r . . }61/4 \ 7 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% commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6Vi per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. 23, 1972 Four weeks ending Mar. 22, 1972 Gross demand—Total.... 196,827 44,590 7,969 68,843 75,425 Gross demand—Total... 199,107 45,323 8,112 69,822 75,850 Interbank........................ 28,058 14,048 1.451 9,430 3,130 Interbank....................... 28,715 14,616 1,468 9,436 3,195 U.S. Govt........................ 6,373 1,055 290 2,535 2,493 U.S. Govt....................... 6,174 1,207 294 2,346 2,328 Other................................ 162,396 29,487 6,228 56,878 69,803 Other............................... 164.218 29,500 6.351 58,040 70,327 Net demand 1.................... 147,940 26,204 6,235 52,589 62,912 Net demand 1................... 149,004 26,438 6.352 53,046 63,168 Time..................................... 215,386 25,404 7,654 78,950 103,378 Time.................................... 217,761 25,697 7,718 79,306 105,041 Demand balances due Demand balances due from domestic banks... 12,502 2,635 160 2,587 7,121 from domestic banks. . 13,907 4,021 131 2,621 7,135 Currency and coin............. 5,627 454 105 1,758 3,310 Currency and coin........... 5,388 432 98 1,694 3,164 Balances with F.R. Balances with F.R. Banks............................... 26,475 5,404 1,346 10,854 8,871 Banks.............................. 26,298 5,288 1,337 10,789 8,885 Total reserves held............ 32,102 5,858 1.451 12,612 12,181 Total reserves held........... 31,686 5,720 1,435 12,483 12,049 Required.......................... 31,918 5,847 1,447 12,607 12,016 Required......................... 31,557 5,715 1,439 12,492 11,911 Excess.............................. 184 11 4 5 165 Excess............................. 129 5 -4 -9 138 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 □ MAY 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1972 1972 1971 Apr. 26 Apr. 19 Apr. 12 Apr. 5 Mar. 29 Apr. 30 Mar. 31 Apr. 30 Assets Gold certificate account.................................... 9,475 9,475 9,475 9,475 9,475 9,475 9,475 10,475 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 400 Cash........................................................... 324 318 317 319 323 334 327 264 Loans: Member bank borrowings............... 1,792 245 9 59 1,030 58 255 81 Other..................................................... Acceptances: Bought outright.................................. 82 82 83 Held under repurchase agreements. Federal agency obligations: Bought outright.................................. 979 810 810 810 810 810 Held under repurchase agreements. 15 62 16 U.S. Govt, securities: Bought outright: Bills............................ 30,197 29,866 29,754 29,756 29,396 30,319 29,676 26,321 Certificates—Other. Notes......................... 36,448 36,448 36,296 36,296 36,147 36,448 36,147 34,180 Bonds......................... 3,540 3,540 3,482 3,482 3,432 3,540 3,432 3,220 Total bought outright....................... i 70,185 1-269,854 1-269,532 i 69,534 i 68,975 i 70,307 i 69,255 63,721 Held under repurchase agreements. 1,076 879 896 673 Total U.S. Govt, securities. 71,261 69,854 69,532 70,413 69,871 70,307 69,928 63,721 Total loans and securities..................... 74,214 70,991 70,433 71,516 71,888 71,427 71,152 63,858 Cash items in process of collection. . . p 11,752 p 12,804 p 11,565 * 11,364 10,187 p 10,533 10,028 9,990 Bank premises......................................... 162 162 161 159 159 163 159 136 Other assets: Denominated in foreign currencies. 17 17 17 17 17 17 17 34 IMF gold deposited 3....................... 148 All other............................................... *923' ........866 825 '752' '72l‘ '906' ’702’ 851 Total assets. p 97,267 p 95,033 p 93,193 p 94,002 93,170 p 93,255 92,260 86,156 Liabilities F.R. notes.............................................. 53,391 53,588 53,735 53,539 53,172 53,208 53,110 49,778 Deposits: Member bank reserves.................... p 30,449 p 27,169 p 26,373 p 27,518 28,471 p 27,416 27,869 24,752 U.S. Treasurer—General account. 1,822 1,868 1,541 1,212 917 1,871 1,293 1,322 Foreign............................................... 128 142 188 236 205 228 191 162 Other: IMF gold deposited 3................. 148 All other........................................ 573 545 625 631 715 582 Total deposits. p 32,972 p 29,724 p 28,727 p 29,662 30,182 p 30,146 30,068 26,966 Deferred availability cash items............ 8,596 9,480 8,552 8,405 7,514 7,555 6,743 7,166 Other liabilities and accrued dividends. 553 548 548 565 534 552 555 544 Total liabilities. p 95,512 p 93,340 p 91,562 p 92,171 91,402 p 91,461 90,476 84,454 Capital accounts Capital paid in..................................................................... 762 763 761 761 761 763 761 722 Surplus................................................................................... 742 742 742 742 742 742 742 702 Other capital accounts....................................................... 251 188 128 328 265 289 281 278 Total liabilities and capital accounts.............................. p 97,267 p 95,033 p 93,193 p 94,002 93,170 93,255 92,260 86,156 Contingent liability on acceptances purchased for foreign correspondents................................................... 265 265 261 266 264 265 263 236 Marketable U.S. Govt, securities held in custody for foreign and international accounts.......................... 29,140 29,150 28,953 30,737 30,763 28,792 30,758 16,954 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 57,335 57,331 57,194 57,093 56,934 57,351 57,027 53,453 Collateral held against notes outstanding: Gold certificate account................................................. 2,445 2,445 2,445 2,445 2,445 1,945 2,445 3,250 U.S. Govt, securities....................................................... 56,400 56,350 56,180 56,120 56,075 56,900 56,075 51,955 Total collateral..................................................................... 58,845 58,795 58,625 58,565 58,520 58,845 58,520 55,205 1 See note 6 on p. A-5. 3 See note 1(b) to table at top of p. A-77. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1972 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a C la le n v d e m Ri o c n h d At t l a an c C a h g i o L S ou t. is M ap i o n l n is e K C s a a it s n y Dallas F c S i r s a a c n n o Assets 9,475 472 3,072 634 717 825 493 1,297 348 119 295 334 869 Special Drawing Rights certif. acct.. .. 400 23 93 23 33 36 22 70 15 7 15 14 49 1,270 144 250 132 64 93 285 57 24 17 38 47 119 334 12 26 12 39 40 34 47 21 10 35 15 43 Loans: Secured by U.S. Govt, and agency 57 34 10 5 4 4 1 1 Acceptances: 83 83 Federal agency obligations: 979 46 244 51 75 72 53 161 37 20 39 44 137 U.S. Govt, securities: 170,307 3,310 17,527 3,638 5,385 5,204 3,786 11,531 2,666 1,410 2,795 3,200 9,855 71,427 3,356 17,888 3,689 5,460 5,287 3,844 11,696 2,703 1,430 2,838 3,244 9,992 Cash items in process of collection... 14,186 778 2.422 780 969 1,053 1,704 2,045 715 540 1,047 977 1,156 163 2 8 4 27 13 16 17 15 23 17 13 8 Other assets: Denominated in foreign currencies.. 17 1 2 5 1 1 1 1 2 1 * 1 1 2 All other............................................... 906 66 218 45 67 69 46 139 32 19 35 40 130 Total assets.............................................. 98,178 4,854 23,982 5,320 7,377 7,417 6.445 15,370 3,874 2,165 4,321 4,685 12,368 Liabilities F.R. notes................................................ 54,478 2,892 13,418 3,185 4,383 4,849 2,727 9,400 2,141 939 2,076 2,103 6,365 Deposits: Member bank reserves....................... 27,416 1.049 7,039 1,220 1,843 1,473 1,915 3,665 960 650 1,232 1,629 4,741 U.S. Treasurer—General account.. 1,871 104 566 143 51 86 170 135 105 91 70 141 209 Foreign.................................................. 228 5 3 139 6 11 6 8 18 4 3 5 7 16 Other: All other........................................... 638 2 549 1 17 11 29 1 1 2 2 23 Total deposits.......................................... 30,153 1,160 8,293 1,370 1,905 1,582 2,104 3,847 1,070 745 1,309 1,779 4,989 Deferred availability cash items.......... 11,201 697 1.675 645 888 847 1,457 1,754 583 430 840 684 701 Other liabilities and accrued dividends 552 26 134 28 41 39 40 88 20 12 21 23 80 Total liabilities........................................ 96,384 4,775 23,520 5,228 7,217 7,317 6,328 15,089 3,814 2,126 4,246 4,589 12,135 Capital accounts Capital paid in........................................ 763 34 196 39 69 40 52 118 25 17 33 42 98 Surplus...................................................... 742 34 193 38 68 38 50 111 25 17 32 41 95 Other capital accounts........................... 289 11 73 15 23 22 15 52 10 5 10 13 40 Total liabilities and capital accounts.. 98,178 4,854 23,982 5,320 7,377 7,417 6,445 15,370 3,874 2,165 4,321 4,685 12,368 Contingent liability on acceptances purchased for foreign correspond ents......................................................... 265 12 4 69 14 24 14 18 39 9 6 11 15 34 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................ 57,351 3,092 14,246 3,320 4,583 5,024 3,003 9,663 2,220 976 2,145 2,275 6,804 Collateral held against notes out standing: Gold certificate account.................... 1,945 150 300 350 285 700 155 5 U.S. Govt, securities. ....................... 56,900 3,000 14,450 3,150 4,400 4,815 3,100 9,300 2,130 1,000 2,225 2,330 7,000 Total collateral........................................ 58,845 3,150 14,450 3,450 4,750 5,100 3,100 10,000 2,285 1,000 2,225 2,335 7,000 1 See note 6 on page A-5. 4 After deducting $196 million participations of other Federal Reserve 2 After deducting $12 million participations of other Federal Reserve Banks. Banks. 3 After deducting $89 million participations of other Federal Reserve Note.—Some figures for cash items in process of collection and for Banks. member bank reserves are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT □ MAY 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 Month Exch., c G p h r a u o s r s e s s G sa r l o e s s s Re ti d o e n m s p c G p h r a u o s r s e s s G sa r l o e s s s Re ti d o e n m s p c G p h r a u o s r s e s s G sa r l o e s s s m re s a d h t o e i u f m r t r s i p , ty c G h p r a u o s r s e s s G sa r l o e s s s m E s a h x t o i u c f r r h t i s . ty tions 1971 _Mar. 3,142 2,523 240 2,600 2,523 240 263 Apr. 2,229 1,298 50 2,033 1,298 50 2 119 -2 May 1,291 248 1,163 248 464 46 -136 June 1,955 1,165 37 1.893 1,165 37 82 38 -82 July. 2,067 1,617 127 2,067 1,617 127 Aug. 1,818 1,024 1,709 1,024 991 84 -444 Sept. 2,102 1,088 83 1,818 1,088 83 104 189 -104 Oct.. 772 1,133 772 1,133 Nov. 1,883 1,070 200 1,129 1,070 200 24 -3,548 406 1,478 Dec. 3,160 1,981 3,055 1,981 11 130 21 -130 1972—Jan.. 915 248 110 499 248 110 16 187 Feb. 2,036 3,481 410 1.894 3,481 410 10 1,301 73 959 Mar. 2,009 298 155 1,829 298 155 11 92 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal agency acceptances (U.S. Govt, Net obligations (net) 5-10 years Over 10 years securities) change Month in U.S. Under Net Govt, repur change1 c G p h r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c i f t t h y s a . c G h p r a u o s r s e s s G sa r l o e s s s s i e t c ie u s r r O ig u h t t R a m c g e h e r p a n e s u e t e s r r O i n g u e h t t t , m a c g h n e r a e n e s t t e e s , 1 1971—Mar.. 205 74 6,561 5,242 1,698 186 I * 85 1,968 Apr. . 62 16 5,085 6,404 -439 -186 I 3 -85 -707 May. 82 -327 4,076 4,076 1,043 8 48 1,099 June . 11 14 1,165 1,165 754 -1 -48 705 July.. 3,044 3,044 323 -7 316 Aug.. 16 -547 2,184 1,951 1,027 69 -3 55 1,148 Sept.. 34 14 3,697 3,930 698 61 -69 -1 -55 634 Oct... 2,616 2,616 -361 35 1 -326 Nov.. 267 i’920 58 150 5,003 5,003 613 244 6 862 Dec.. 67 6 4,830 3,607 2,401 145 101 22 181 2,850 I 972—Jan.. 191 23 4,722 5,945 -666 165 -101 -4 -181 -787 Feb.. 52 -2,260 8 1,694 1,694 -1,854 77 -12 -1,789 Mar.. 31 47 2,695 2,022 2,229 83 16 19 61 2,408 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold ankers’ 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 io o d f Total s P t o er u l n in d g s s A ch u i s l t l r in ia g n s B fr e a lg n i c a s n C d a o n l a la d r i s an D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a il n t d h d e e s r r s f S r w an is c s s 1968—Dec.............. 2,061 1,444 8 3 433 165 1 1 4 3 1969—Dec.............. 1,967 1,575 1 * 199 60 125 1 3 4 1970—Dec.............. 257 154 * * 98 1 * 4 1971—Jan.............. 186 80 1 * 99 1 5 Feb............... 107 * 1 * 100 1 5 Mar.............. 34 * 1 * 27 1 5 Apr............... 34 * 1 * 27 1 5 May............. 94 * 1 * 87 1 5 June............. 96 * 2 * 87 1 6 July.............. 23 # 2 * 12 1 8 Aug.............. 23 * 2 * 12 1 8 Sept.............. 23 * 2 12 1 8 Oct............... 30 * 9 * 12 1 8 Nov.............. 15 * 4 * 2 1 s Dec.............. 18 3 3 * 2 1 8 1972—Jan................ 17 3 3 * 2 1 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 1972 1971 Apr. 26 Apr. 19 Apr. 12 Apr. 5 Mar. 29 Apr. 30 Mar. 31 Apr. 30 Loans—Total............. 1,792 245 59 1,030 58 255 81 Within 15 days.... 1,788 245 59 1,028 58 254 79 16 days to 90 days. 4 2 1 2 91 days to 1 year.. Acceptances—Total.. 167 82 82 172 169 83 143 56 Within 15 days.. .. 105 9 11 100 100 23 70 12 16 days to 90 days. 62 73 71 72 69 60 73 44 91 days to 1 year.. U.S. Government securities- 71,261 69,854 69,532 70,413 69,871 70,307 69,928 63,721 Within 15 daysi................. 5,728 4,304 3,683 4,795 5,361 3,471 3,296 4,308 16 days to 90 days............. 16,947 17,046 17,631 17,529 16,757 18,362 18,119 12,579 91 days to 1 year............... 14,887 14,805 14,727 14,598 14,458 14,775 15,218 16,076 Over 1 year to 5 years.... 26,665 26,665 26,565 26,565 26,410 26,665 26,410 23,736 Over 5 years to 10 years.. 5,804 5,804 5,708 5,708 5,678 5,804 5,678 6,142 Over 10 years..................... 1,230 1,230 1,218 1,218 1,207 1,230 1 ,207 880 Federal agency obligations—Total. 994 810 810 872 818 979 826 Within 15 days1.............................. 15 7 7 69 8 16 16 days to 90 days.......................... 74 67 67 67 43 74 55 91 days to 1 year............................ 217 142 142 139 170 217 158 Over 1 year to 5 years................... 450 394 394 397 397 450 397 Over 5 years to 10 years............... 134 116 116 116 116 134 116 Over 10 years.................................. 104 84 84 84 84 104 84 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 accounts i Turnover of demand deposits (billions of dollars) Period > SM T 2 o 3 S t 3 A al ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A 2 l . . ) 3 ’s 2 S o M 2 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s 1971—Mar................................. 11,590.7 5,348.7 2,588.2 6,241.9 3,653.8 80.3 182.5 78.6 54.2 44.5 Apr.................................. 11,572.3 5,315.4 2,592.2 6,256.9 3,664.7 79.8 182.4 78.4 54.0 44.2 May................................ 11,316.5 5,033.8 2,606.3 6,282.7 3,676.4 77.8 174.3 79.2 53.9 44.0 June................................ 11,730.8 5,244.0 2,691.0 6,486.8 3,795.9 80.4 184.0 81.3 55.2 45.0 July.................................. 11,703.8 5,210.2 2,681.0 6,493.6 3,812.6 80.0 184.4 80.4 55.0 45.0 Aug................................. 12,093.8 5,408.9 2,783.7 6,684.8 3,901.2 81.6 189.0 82.8 55.9 45.4 Sept................................. 12,202.2 5,570.3 2,757.5 6,631.9 3,874.4 82.2 190.6 82.3 55.6 45.2 Oct................................... 12,221.4 5,755.8 2,683.2 6,465.6 3,782.5 82.6 199.5 80.0 54.3 44.2 Nov................................. 12,915.7 5,918.9 2,945.2 6,996.9 4,051.6 86.4 203.7 87.2 58.1 46.7 Dec.................................. 12,383.2 5,523.3 2,859.8 6,859.9 4,000.2 83.7 196.1 85.2 57.3 46.4 1972—Jan................................... 12,531.2 5,687.0 2,803.1 6,844.2 4,041.1 83.9 205.3 82.0 56.3 46.2 Feb.................................. 13,028.3 6,013.9 2,913.1 7,014.4 4,101.3 84.5 205.1 82.6 56.2 45.8 Mar................................. 12,788.5 5,631.4 2,932.9 7,157.1 4,224.2 83.0 195.2 83.3 57.2 47.0 ► Revised data. Back data will be published in a forthcoming Bulletin. Note.—Total SMSA’s includes some cities and counties not designated 1 Excludes interbank and U.S. Govt, demand deposit accounts. as SMSA’s. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 16 U.S. CURRENCY □ MAY 1972 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir cula tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939........................ 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941........................ 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945....................... 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947....................... 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950....................... 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955....................... 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1959........................ 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960........................ 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961........................ 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962........................ 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963........................ 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964........................ 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965........................ 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966........................ 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967........................ 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968........................ 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969........................ 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 1970........................ 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971—Mar............ 56,304 38,785 6,303 2,200 136 3,011 8,835 18,300 17,519 4,892 12,160 212 248 3 4 Apr............. 56,592 38,917 6,360 2,206 136 3,001 8,826 18,388 17,675 4,917 12,294 210 246 3 4 May........... 57,403 39,509 6,410 2,245 136 3,048 8,960 18,711 17,894 4,994 12,438 210 245 3 4 June........... 58,393 40,263 6,472 2,277 136 3,099 9,137 19,144 18,130 5,075 12,596 209 243 3 4 July............ 58,558 40,238 6,493 2,260 136 3,068 9,031 19,251 18,321 5,129 12,735 208 242 3 4 Aug............ 58,904 40,442 6,537 2,267 136 3,058 9,045 19,398 18,462 5,162 12,845 207 241 2 4 Sept............ 58,797 40,284 6,556 2,273 135 3,053 8,987 19,279 18,514 5,155 12,906 206 240 2 4 Oct.............. 59,216 40,559 6,589 2,302 135 3,071 9,054 19,408 18,657 5,183 13,024 205 239 2 4 Nov............ 60,636 41,699 6,714 2,360 135 3,186 9,329 19,975 18,936 5,272 13,216 204 237 2 4 Dec............. 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 2 4 1972—Jan.............. 59,429 40,388 6,774 2,281 135 3,083 8,900 19,215 19,042 5,261 13,337 202 235 2 4 Feb............. 59,795 40,725 6,812 2,275 135 3,087 9,010 19,405 19,070 5,257 13^71 201 234 2 4 Mar............ 60,388 41,182 6,860 2,279 135 3,106 9,110 19,692 19,205 5,275 13,490 200 233 2 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out Held by standing, As security For F.R. 1972 1971 Kind of currency Mar. 31, against Treasury F.R. Banks 1972 gold and cash Banks and silver and Agents Mar. Feb. Mar. certificates Agents 31 29 31 Gold........................................................................................ 9,588 (9,475) 113 Gold certificates................................................................... (9,475) 29,474 1 Federal Reserve notes......................................................... 57,028 195 3,919 52,914 52,369 49,389 7,895 Treasury c9u4rrency—Total..............3..2..7..............7..,.4...7..4........... 7,426 6,914 Dollars................................................................................ 676 22 43 611 598 482 Fractional coin................................................................. 6,603 70 284 6,249 6,214 5,821 United States notes......................................................... 323 2 320 321 315 In process of retirement3................................................ 293 293 293 297 Total—Mar. 31, 1972......................................................... 4 74,511 (9.475) 402 9.474 4,248 60,388 Feb. 29, 1972......................................................... 474,171 (9.475) 370 9.474 4,533 59,795 Mar. 31, 1971......................................................... 471,000 (10,464) 483 10,463 3,751 56,304 1 Outside Treasury and F.R. Banks. Includes any paper currency held 4 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 Consists of credits payable in gold certificates, the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 3 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 Bulletin, p. 936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 Mz M2 Mz Mi (Mi plus time {Mi plus deposits Mi (Mi plus time (M2 plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other than institutions)2 demand deposits) banks other than institutions)2 large time CD’s) 1 large time CD’s) 1 1968—De c 197.4 378.0 572.6 203.4 383.0 577.5 1969—De c 203.7 386.8 588.3 209.8 392.0 593.4 1970—De c 214.8 418.2 634.0 221.2 423.5 637.2 1971—Ap r 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—Ja.............n 228.8 469.9 727.3 235.3 475.3 732.8 Feb.......... 231.2 475.5 737.4 229.0 472.7 734.1 Mar......... 233.5 480.1 745.9 231.3 478.7 744.9 Apr.?___ 235.1 483.2 752.8 236.2 485.6 755.7 Week ending— Apr. 5. 235.1 482.8 236.1 485.2 12. 234.9 482.3 237.8 486.5 19. 234.5 482.4 238.0 486.9 26? 235.2 483.7 234.0 483.6 May 3? 234.7 484.5 233.2 484.2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Non Non Govt. bank bank depos week Cur De Time and savings thrift Cur De Time and savings thrift its 5 rency mand deposits institu rency mand deposits institu depos tions 4 depos tions 4 its its CD’s 3 Other Total CD’s 3 Other Total 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—Ap r 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 33.6 230.5 264.1 247.9 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 53.5 181.5 33.9 235.1 269.0 253.2 6.7 1972—Ja............n 52.8 176.0 33.2 241.2 274.4 257.4 52.6 182.7 33.7 240.0 273.7 257.5 7.2 Feb.......... 53.2 178.0 33.8 244.3 278. 1 261.8 52.6 176.4 33.6 243.7 277.3 261.4 7.2 Mar........ 53.7 179.9 33.4 246.5 279.9 265.8 53.2 178.1 33.3 247.5 280.8 266.1 7.7 Apr.?. . . 54.0 181.1 34.7 248.1 282.8 269.6 53.5 182.7 33.7 249.3 283. 1 170.1 7.6 Week ending— Apr. 5. 54.0 181.1 33.4 247.7 281. I 53.7 182.4 32.8 249.1 282.0 7.3 12. 53.9 181.0 34.2 247.5 281.7 53.9 183.9 33.4 248.8 282.1 5.8 19. 54.2 180.4 35.0 247.9 282.9 53.6 184.3 34.0 248.9 282.9 6.7 26'' 54.2 181.0 35.3 248.5 283.8 53.2 180.8 34.2 249.6 283.8 8.3 May 3? 54.1 180.6 35.6 249.8, 285.3 53.5 179.7 34.2 251.0 285.2 j 11.7 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 □ MAY 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 Total member bank deposits plus nondeposit S.A. N.S.A. items 3 Period Total Non Demand Demand borrowed Required Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 1968—Dec... 27.25 26.47 26.89 297.6 164.2 128.3 5.1 301.2 163.8 133.3 4.1 304.6 308.1 1969—Dec... 27.98 26.83 27.75 285.4 150.3 129.8 5.3 288.8 149.7 134.6 4.6 305.4 308.8 1970—Dec.. 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—Apr... 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.. 30.33 30.11 30.12 340.4 196.0 139.0 5.4 338.4 195.8 135.9 6.7 344.5 342.5 June.. 30.53 30.11 30.33 342.3 198.2 139.8 4.3 340.2 197.6 138.2 4.4 346.7 344.7 July. . 30.64 29.92 30.47 345.5 199.8 140.6 5.1 344.1 198.9 139.4 5.7 349.8 348.4 Aug.. 30.74 29.99 30.57 347.1 200.3 141.0 5.7 344.6 200.8 138.1 5.8 351.0 348.6 Sept.. 31.07 30.56 30.91 349.2 202.1 140.5 6.6 348.2 202.7 139.2 6.3 353.3 352.2 Oct... 30.88 30.49 30.69 349.8 205.2 139.9 4.7 350.2 205.9 139.9 4.3 354.7 355.0 Nov.. 30.97 30.54 30.75 352.7 206.4 140.9 5.4 351.6 206.9 141.6 3.2 358.0 357.0 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... 31.77 31.68 31.56 360.9 213.7 141.0 6.3 366.3 213.4 146.9 6.0 364.9 370.3 Feb... 31.62 31.58 31.47 363.1 216.4 142.9 3.7 363.4 215.9 141.5 6.1 366.7 367.1 Mar.. 32.03 31.93 31.82 368.4 217.4 144.9 6.1 368.0 218.1 143.4 6.6 372.1 371.8 Apr.p 32.66 32.54 32.46 372.8 219.8 145.6 7.4 373.2 219.8 147.0 6.5 376.4 376.7 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 by $500 million (net) other nondeposit items. This series for deposits is referred to as “the ad effective Oct. 1, 1970. justed bank credit proxy.” 2 Averages of daily figures. Deposits subject to reserve requirements Note.—Due to changes in Regulations M and D, member bank re include 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 AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans1 plus loans sold to bank affiliates3 Date Securities Securities Total i,2 Loans1, 2 Total i, 2 Loans i, 2 U.S. Other2 U.S. Other2 S.A. N.S.A. 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 71.3 283. 3 290.0 1970—Dec. 31......................... 435.9 292.0 58.0 85.9 446.8 299.0 61.7 86.1 294.9 301.9 1971—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. 27......................... 477.2 317.0 59.1 101.1 476.5 315.1 60.0 101 .5 319.9 318.0 Nov. 24......................... 479.8 318.7 58.8 102.2 479.9 317.3 61 .0 101 .6 321 .6 320.1 Dec. 31......................... 485.7 320.6 60.7 104.5 497.9 328.3 64.9 104.7 323.4 331.1 1972—Jan. 26......................... 491 .4 325.7 59.7 106.0 490.1 322.7 62.7 104.8 328.7 325.6 Feb. 23......................... 496.6 328.5 61 .0 107.1 492.4 324.3 61 .9 106.2 331 .5 327.3 Mar. 29......................... 504.3 333.3 62.2 108.7 500.7 330.0 62.4 108.4 336. 1 332.8 Apr. 26^....................... 505.8 334.8 62.4 108.6 505. 1 334.1 61 .6 109.4 337.5 336.7 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 esti are 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
MAY 1972 a BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and caoital Total Bank credit assets, c c s G S e a a to D r t n o e t c d l i s R d f k i 1 T r s o c e u r i t n u n a e u r g c a r n y t y s d Total Lo n a e 2 n t s Total U.S. s C a T a v o r n i m e n d a g l s . s ury R F s e e e c s d e u e r r r v i a t e l ies Other3 O r s i e t t c i h 4 e u e s r c l T n a i i a n a p e t o i n b e t i e t — t d a i t s a l l l, c d u T e r a p o r n o e t d a s n i l c ts y C co m a a n a u p n i c e n s i d t c t t a s . , l banks Banks 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30., 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10.367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315 10.367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—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—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 7.600 622,200 369,500 133,600 63,300 67.800 2.500 119,100 640.300 571,600 68.800 Nov. 24. 10.500 7.600 626.700 370,900 136,400 64.400 69,500 2.500 119.400 644,800 575,800 69.000 Dec. 31. 10,532 7,627 650,677 386,010 141,547 68,198 70,804 2,545 123,120 668,837 604,415 64,423 1972—Jan. 26.. 10,500 7,700 642,600 380,600 138,400 66,000 69.900 2.500 123,600 660,800 593,000 67,900 Feb. 23., 10,000 7,800 643,300 381.000 136,600 65,200 68.900 2.500 125.700 661,100 592,900 68,200 Mar. 29p 10,000 7.900 653,900 387.000 138,200 65,800 69.900 2.500 128.700 671,700 606,600 65,100 Apr. 26^ 10,000 7.900 660,500 391,400 138,900 65,100 71,300 2.500 130,300 678,400 613,100 65,300 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n n u s c i k r d y s e d ju e m D p a s a t o d e e n s d d it 7 s Total o b r u C e a t n n u s c i k r d y s e d ju e m D p a s a t o d e e n s d d it 7 s Total b m C a e n o r k c m s ia l 8 b M sa a v n u i k t n u s g a s l 9 S P t a S e o v y m s i s t n a g 3 l s n e F e ig o t n r i , o T h c i u r n o a e r g l s a y d s h s s b c a a o a A v n n m i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30___ 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 3!.... 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—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.... 215,900 51,000 164,900 216,800 50,900 165,900 343,700 263,900 79,800 2,500 500 6,500 1 ,700 Nov. 24.... 216,700 51,100 165,600 220,100 52,500 167,600 346,400 266,100 80,300 2,600 500 4,700 1 ,400 Dec. 31.... 224,600 51,100 173,500 234,876 53,141 181,735 353,638 271,760 81,877 2,719 464 10,698 2,020 1972—Jan. 26.... 217,200 51,700 165,500 220,000 51,000 169,000 357,300 274,900 82,500 2,400 500 9,900 2,900 Feb. 23.... 220,400 52,100 168,300 219,300 51,500 167,800 361,700 278,300 83,400 2,600 400 7,800 1 ,100 Mar. 29"... 230,300 52,600 177,700 227,000 52,100 174,900 366,500 281,700 84,800 2,500 400 9,200 900 Apr. 26"... 227,400 52,700 174,700 227,400 52,200 175,200 370,000 284,000 86,000 2,500 400 11,000 1 ,800 1 Includes Special Drawing Rights certificates beginning January 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans” were excluded from “Time June 1961, also includes certain accounts previously classified as other lia deposits” and deducted from “Loans” at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See 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 esti of figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only for last Wed. of month. condition beginning June 1969, see Bulletin for 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 □ MAY 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 Num Cash lia Bor capital ber Class of bank assets 3 bilities row ac of and date Total Loans and Total3 Demand ings counts banks l U.S. capital De Treas Other ac mand Time Time 5 ury 2 counts4 U.S. Govt. Other i All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10, S >82 44.,349 15,952 23 7,173 14,278 1945—Dec. 31 .. . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,( )65 105,921 30,241 219 8,950 14,011 1947—Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31 .. . 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Dec. 31 .. . 401,262 265,259 64,466 71,537 83,752 500,657 434.023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969—Dec. 31 7. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 13,661 1970—Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 13,686 1971—Apr. 28... 467,030 312,840 60.030 94,160 88,680 578,200 479,640 26,430 2,020 8,150 194.310 248,730 24,070 43,740 13,717 May 26. . . 469,010 315,380 58,770 94,860 84,530 576,610 478,570 24,400 2,080 7,900 191,930 252,260 23,390 43,910 13,720 June 30. .. 480,524 322,886 60,254 97,383 96,141 599,429 503,018 31,313 2,207 8,412 206,918 254,168 22,547 45,311 13,729 July 28... 478,300 320,870 59,280 98,150 85,880 587,470 489,140 26,650 2,030 6,790 197.310 256,360 24,050 44,800 13,734 Aug. 25. .. 482,230 325,450 58,720 98,060 85,300 591.080 491,180 26,380 2,110 9,390 195,020 258,280 24,620 44,980 13,739 Sept. 29. . . 489,640 331,000 58,740 99,900 88,180 602,070 497,530 27,050 2,500 8,920 197,180 261,880 26,850; 45,110 13,753 Oct. 27... 492,020 330,570 59,960101,490 95,590 611,630 506,710 28,920 2,610 5,950 204,800 264,430 27,2401 45,530 13,768 Nov. 24. . . 497,070 334,420 61.030 101,620 95,350 616.080 506,340 28,200 2,600 4,210 204,670 266,660 30,870! 45,710 13,776 Dec. 31... 516,564 346,930 64,930104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 47,211 13,783 1972—Jan. 26... 508,200 340,730 62,690 104,780 92,690 624,750 521,320 28,480 2,960 9,280 205,160 275,440 26,370 46,600 13,787 Feb. 23... 511,360 343,300 61,860 106,200 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 47,050 13,799 Mar. 29*\. 521,870 351,130 62,380 108,360 91,350 638,210 525,520 26,430 2,950 8,740 205,210 282,190; 32,810 47,450 13.806 Apr. 26?.. 523,760 352,770 61,620109,370 95,300 643,770 531,990 26,140 2,870 10,470 207,990 284,520 31 ,520 47,780 13.806 Member of F.R. System: 1941—Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 ... 107,183 22,775 78,338 6,070 29.845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 .. . 97,846 32,628 57,914 7,304 32.845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31 .. . 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Dec. 31 .. . 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605; 8,458 30,060 5,978 1969—Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 5,766 1971—Apr. 28... 368,539 252,040 43,704 72,795 78,152 465,677 382,149 25,278 1,776 6,957 155,728 192,410 22,983 34,799 5,747 May 26... 369,182 253,513 42,601 73,068 73,902 462,599 379,887 23,243 1,838 6,663 153,227 194.916 22,237 34,944 5,742 June 30... 378,233 259,530 44,038 74,665 84,743 482,225 400,973 29,965 1,980 6,984 165,827 196,218 21,700 35,822 5,736 July 28... 376,133 257,988 42,844 75,301 75,342 471,089 388,088 25,436 1,804 5,496 157,436 197.916 23,131 35,555 5.730 Aug. 25... 379,269 261,993 42,337 74,939 74,807 473,923 389,558 25,169 1,883 7,907 155,336 199,263! 23,749 35,723 5.730 Sept. 29. . . 385,391 266,575 42,369 76,447 77,361 483,064 394,598 25,829 2,274 7,369 157,000 202,126 25,843 35,827 5.724 Oct. 21... 386,028 264,847 43,586 77,595 83,963 490,047 401,167 27,616 2,385 4,840 162,600 203,726; 26,203 36,179 5.725 Nov. 24... 389,468 267,287 44,630 77,551 83,788 492,995 399,678 26,941 2,372 3,317 161,905 205,143 29,776 36,303 5,729 Dec. 31... 405,087 277,717 47,633 79,738 86,189 511,353 425 380 30,612 2,549 8,427 174,385 209,406 25,046 37,279 5,727 1972—Jan. 26... 397,951 272,452 45,723 79,776 80,580 498,591 411,462 27,230 2,596 7,643 162,307 211,686 25,429 37,028 5,718 Feb. 23... 400,338 274,508 45,102 80,728 83,258 503,720 413,339 29,738 2,627 5,931 161,031 214,012 28,227 37,340 5,720 Mar. 29... 409,024 281,182 45,486 82,356 78,710 508,747 413,132 25,154 2,590 7,216 161,976 216,196 31,792 37,683 5.713 Apr. 26^.. 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 37,928 5.713 Reserve city member: New York City:8 1941—Dec. 31 .. . 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 ... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 ... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31 .. . 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30.. . 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31 .. . 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Dec. 31 7. 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 6,301 12 1970—Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 6,486 12 1971—Apr. 28... 60,115 45,741 5,316 9,058 23,718 89,486 67,750 12,261 920 1 ,392 30,793 22,384 6,285 6,743 12 May 26... 59,029 45,441 5,007 8,581 19,816 84,885 63,973 10,254 846 1,388 28,552 22,933 6,072 6,797 12 June 30... 61,059 47,243 5,116 8,700 26,200 92,767 73,710 15,221 937 1,199 32,816 23,536 4,531 6,860 12 July 28. .. 59,988 46,382 4,837 8,769 22,281 88,057 67,319 12,062 835 939 29,379 24,104 5.954 7,008 12 Aug. 25... 60,886 47,659 4,793 8,434 21,431 88,217 67,392 11,918 939 1,564 28,578 24,393 6,201 7,078 12 Sept. 29. .. 61,997 48,700 4,713 8,584 23,254 90,982 68,633 12,471 1,013 1,283 29,229 24,637 6,818 7,061 12 Oct. 27... 61,734 47,971 5,088 8,675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 7,207 12 Nov. 24. . . 61,776 47,626 5,582 8,568 23,026 90,162 67,792 12,988 1,196 392 28,785 24,431 6.954 7,257 12 Dec. 31. .. 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 7,285 12 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 7,253 12 Feb. 23... 61,856 48,221 5,190 8,445 23,615 91,094 69,674 15,152 1.258 878 28,084 24,302 6,906 7,306 12 Mar. 29... 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 7,342 12 Apr. 26... 63,467 49,539 4,825 9,103 21,014 90,364 68,798 11,451 1,162 2,013 28,842 25,330 6,650 7,372 12 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 a COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num Class of bank lia Bor capital ber and date Cash bilities row ac of Total Loans assets3 and Demand ings counts banks l U.S. capital Total3 Treas Other ac De Time Times ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.): City of Chicago: 8.9 1941—Dec. 31............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31............. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31............. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1966—Dec. 31............. 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967—Dec. 30............. 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—Dec. 31............. 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1 ,535 21 257 6,542 6,171 682 1,433 9 1969—Dec. 31 7......... 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1,517 9 1970—Dec. 31............. 15,745 11,214 2,105 2,427 3,074 19,892 15,041 1,930 49 282 6,663 6,117 1,851 1,586 9 1971—Apr. 28............. 15,726 11,051 1,940 2,735 3,159 19,874 15,048 1,326 123 414 6,415 6,770 2,304 1,622 9 May 26............. 15,852 11,293 1,677 2,883 3,011 19,741 14,951 1,300 143 419 6,181 6,908 2,180 1,616 9 June 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 9 July 28............. 16,128 11,724 1,565 2,839 3,199 20,233 15,413 1,448 150 277 6,389 7,149 2,489 1,634 9 Aug. 25............. 16,346 12,113 1,528 2,705 3,089 20,364 15,234 1,365 142 380 5,997 7,350 2,447 1,638 9 Sept. 29............. 16,704 12,273 1,671 2,760 2,756 20,438 15,571 1,339 191 374 6,028 7,639 1,952 1,649 9 Oct. 27............. 16,526 11,93? 1,732 2,856 3,576 21,049 15,933 1,553 228 240 6,386 7,526 2,462 1,669 9 Nov. 24............. 16,651 11,945 1,780 2,926 3,856 21,333 15,364 1,431 219 102 6,097 7,515 2,712 1,649 9 Dec. 31............. 17,133 12,285 1,782 3,067 3,011 21,214 16,651 1,693 168 364 6,896 7,530 1 ,935 1,682 9 1972—Jan. 26............. 16,614 11,901 1 ,657 3,056 3,488 21,059 15,730 1 ,460 213 378 6,243 7,436 2,673 1 ,781 9 Feb. 23............. 17,234 12,505 1,576 3,153 3,311 21,489 15,791 1,509 207 267 6,305 7,503 2,935 1,796 9 Mar. 29............. 17,668 12,898 1,582 3,188 3,204 21,806 15,912 1,398 191 341 6,462 7,520 3,180 1,820 9 Apr. 26............. 17,761 12,998 1 ,510 3,253 3,207 21,858 16,017 1 ,344 191 465 6,381 7,636 2,972 1,829 9 Other reserve city: 8-9 | 1941—Dec. 31 ........... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.............| 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.............i 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31............. 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 169 1967—Dec. 30.............' 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968 Dec. 31.............! 119,006 83,634 15,036 20,337 28.136' 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 161 1969—Dec. 31 7........ 1 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 11,464 157 1970—Dec. 31.............I 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328 66,734 10,391 12,221 156 1971— Apr. 28.............! 134,119 94,416 13,830 25,873 28,581 169,509 136,752 9,036 652 3,066 53,562 70,436 11,889 12,502 156 May 26............. 134,244 95,022 13,409 25,813 28,193 169,420 137,136 9,009 714 2,671 53,519 71,223 11,325 12,561 156 June 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 12,826 156 July 28............. 136,792 97,128 13,487 26,177 26,803 170,828 138,268 9,150 684 1,999 54,884 71,551 11,822 12,785 156 Aug. 25............. 137,513 98,538 13,132 25,843 27,341 172,142I 138,865 9,111 667 3,366 54,235 71,486 12,375 12,854 156 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 12,922 156 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 13,012 156 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 13,012 156 Dec. 31............. 149,401 106,361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 13,197 156 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 13,427 156 Feb. 23............. 146,609 104,067 14,768 27,774 30,945 185,420 148,824 9,901 938 2,492 57,121 78,372 14,927 13,463 156 Mar. 29............. 149,384 106,665 14,583 28,136 29,082 186,613 147,937 9,004 944 2,889 57,001 78,099 16,508 13,657 156 Apr. 26............. 149,586 107,362 14,434 27,790 32,579 190,334 151,394 9,079 894 3,839 58,129 79,453 16,766 13,725 156 Country member: 8,9 1941—Dec. 31............. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31............. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31............. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31............. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 10,309 5,958 1967—Dec. 30............. 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552! 11,005 5,886 1968—Dec. 31............. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804! 11,807 5,796 1969—Dec. 317........... 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820! 12,766 5,691 1970—Dec. 31............. 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 13,807 5,589 1971—Apr. 28............. 158,579 100,832 22,618 35,129 22,694 186,808 162,599 2,655 81 2,085 64,958 92,820 2,505 13,932 5,570 May 26............. 160,056 101,757 22,508 35,791 22,882 188,553 163,827 2,680 135 2,185 64,975 93,852 2,660 13,970 5,565 June 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 5,559 July 28............. 163,225 102,754 22,955 37,516 23,059 191,971 167,088 2,776 135 2,281 66,784 95,112 2,866 14,128 5,553 Aug. 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 5,553 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 5,547 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 5,548 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 5,552 Dec. 31............. 175,211 110,357 24,343 40,511 26,783 207,798 181,780 3,853 263 2,993 74,072100,600 3,118 15,114 5,550 1972—Jan. 26............. 173,362 108,903 23,865 40,594 24,254 203,438 177,363 3,021 224 2,813 69,260102,045 3,374 14,567 5,541 Feb. 23............. 174,639 109,715 23,568 41,356 25,387 205,717 179,050 3,176 224 2,294 69,521 103,835 3,459 14,775 5,543 Mar. 29"........... 177,522 111,556 23,754 42,212 25,024 208,641 181,254 3,078 224 2,626 69,720105,606 3,676 14,864 5,536 Apr. 26"........... 179,111 112,399 23,874 42,838 25,545 210,567 182,521 3,019 263 2,622 70,719105,898 4,018 15,002 5,536 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS □ MAY 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total il assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia Bor Total Num and FDIC assets3 bilities row capital ber insurance Total Loans and Total3 Demand ings ac of l U.S. Other capital De Time counts banks Treas 2 ac mand Time 5 ury counts4 U.S. i Govt. | Other Insured banks: 1 Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,i 654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,J 883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664! 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149] 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497} 881 4,975I 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878] 394,118 21,598 1,258 5,219. 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427] 1,155 5,000] 198,535 203,602 8,675 36,530 13,481 1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321} 13.464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858} 695 5,038 207,311 194,237 18,024 39,450 13.464 1970—Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 | 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—June 30.. 478,302 321,575 59,991 96,735 95,181 595,819 501,283 30,953 2,166 8,391 205,736 254,036 22,297 44,816 13,547 Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824; 2,792 10,150 219,102 271,835 25,629 46,731 13,602 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233} 150,823 8,863 146 3,691 76,836! 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534! 70,746 1,109 15,048j 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064} 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588' 437 3,035 96,755' 93,642 3,120 18,459; 4,799 1967—Dec. 30.. 1208,971 139,315 34,308} 35,348: 46,634 263,375 231,374 13,877 652 3,142 106,019] 107,684 3,478 19,730} 4,758 1968—Dec. 31..| 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117} 657 3,090 116,422! 122,597 5,923 21,524 4,716 ! } 1969—June 307. | 242,241 170,834' 29,481 41,927 52,271 305,800 251,489 14,324} 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576 40,5 m 54,721 313,927i 256,314 16,299] 361 3,049 121,719 114,885 12,279 23,248 4,668 1970—Dec. 31.. 271,760 187,554j34,203 50,004 56,028 340,764 283,663 18,051] 982} 4,740 122,298 137,592 13,100 24,868 4,620 } 1971—June 30.. 281,830 192,339 33,759 55,732 57,244 352,807j 294,025 16,575 1,441 5,118 121,096 149,795 15,629 25,999 4.598 Dec. 31.. 302,756 206,758^ 36,386 59,612 59,191 376,318 314,085 17,511 1,828 6,014 128,441 160,291 18,169 27,065 4.599 State member: 1941—Dec. 31 . . 15,950 6,295 7,500 2,155 8,145 24,688; 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31..I 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31..; 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978; 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855' 15,760 91,235 78,553 5,655; 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31..I 77,091 51,002! 15,312} 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005! 32,931 1,372 7,853 1,452 1965—Dec. 31..| 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 [ 1966—Dec. 31..I 77,377 54,560 11,569} 11,247i 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30..] 85,128 58,513l 12,649 13,966' 22,312 111,188' 95,637 6,934 516 1,489 45,961' 40,736 1,892 8,368 1,313 1968—Dec. 31..' 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498! 40,945 2,535 8,536 1,262 1969—June 307. ! 88,346 64,007 9,902! 14,437 26,344 119,358[ 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31..] 90,088 65,560 10,257] 14,271 24,313 119,219 94,445 9,541! 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—Dec. 31.. 94,760 66,963 11,196 16,600 25,472 125,460 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1,147 1971—June 30.. 96,939 67,726* 10,279 18,934' 27,499 129,955 107,484 13,389 539, 1 ,865^ 44,731 46,959 6,071 9,823 1,138 Dec. 31.. 102,813 71,441 11,247 20,125 26,998 135,517 111,777 13,102 721 2,412 45,945 49,597 6,878 10,214 1,128 | Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162! 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560! 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262; 4 149! 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,5501 13,391 5,523 5,942 49,275 44,280 559 61 7261 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544! 13,790 6,233 7,174 54,747 49,389 6581 70 649; 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310i 14,137 7,581 7,513 60,679 54,806 695 83 618' 27,528 25,882 91 4,912 7,320 | 1966—Dec. 31.. 56,857 33,636 13,873 9,349! 7,777 65,921 59,434 709 87 543! 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786! 89 588! 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 69 li 34,615 40,060 217 6,482 7,504 1969—June 307. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791} 78 749 34,070 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924! 37,561 43,792 629 7,403 7,595 1970—Dec. 31.. 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 l,438i 40,005 51,322 571 8,326 7,735 1971—June 30.. 99,532 61,509 15,953 22,070 10,439 113,058 99,774 989 186I 1,409 39,908 57,283 597 8,993 7,811 Dec. 31.. 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212! 242 1,723 44,717 61,946 582 9,451 7,875 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 a COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— F C R la S a s i n n s m i s d f u e ic F r m a a D n t b i c I o e C e r n s h b i y p Total Loa l ns T U re . S S a e s . c urit O ie t s h 2 er a C ss a e s t h s 3 c b T a i a l l a o p i i n c a t i t i d t a e a l s l Total3 m D I a n e n t d erba T n i k m 3 e Dema O nd ther Tim 5 e r B i o n o w g r s c c T a o a o p u c t i n a ta t l s l N ba b u o n e m f k r s ury counts 4 U.S. Other Govt. Noninsured nonmember: 1941—Dec. 31........... 1,457 455 761 241 763 2,283 1,872 329 1,^:9l 253 13 329 852 1945—Dec. 31........... 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316......... 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20........... 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31........... 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31........... 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30........... 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31........... 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 30 7........ 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31........... 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—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 Dec. 31 . , 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 Total nonmember: 1941 _Dec. 31........... 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31........... 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31........... 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20........... 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31........... 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31........... 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30.......... 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31.......... 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 .... 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31........... 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—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 Dec. 31......... 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 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 □ MAY 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b c C a a l n l a l k s d s a a o n te d f l i o T n a a v o n n e t d a s s t l i f s F u e o r e n l a d d d l , s Total C m c o i e a m r l A cu gr l i - o p s r u e r c c c F a u h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s R e e s a l Ot i t h n o e - r, Other U s .S ec . u T ri r t e i a es s u 6 ry S l a o t n c a a d te l Other ments etc.2 3, 4 a i n n d a tu l r 5 b T ro o tate v d i i d - - 5 Bills g se o c v u t. r s it e ie c s u 5 d tr u ia s l k a e n r d s ot T h o ers Banks Others uals3 Total c a er n t d ifi Notes Bonds rities deal cates ers Total: 2 1947—Dec. 31. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,276 3,729 422,728 9,928286,750 108,44310,3295,7394,027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 1971 _june 30 481,270 15,663307,969 114,36212,2265,634 3,493 2,844 16,95875,777 69,1497,527 60,254 77,994 19,389 Dec. 31.517,244 19,954327,656 118,52612,4977,2923,659 4,591 16,92681,601 74,5148,049 64,930 82,42022,284 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1.314 3,1643,606 49 4,677 2,361 1,132 88,91221,526 16,04551,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 419,746 9,693284,945 107,68510.314 5,6443,991 2,425 14,89069,669 63,008 7,319 54,399 58,840 11,869 1971—June 30. 478,302 15,381306,194 113,41112,211 5,555 3,480 2,718 16,82575,615 68,9427,437 59,991 77,687 19,048 Dec. 31.514,097 19,623325,764 117,60312,4827,201 3,644 4,405 16,79281,43474,263 7,939 64,691 82,099 21,921 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 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 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 4,81545,295 4,199 3,105 337,613 7,356235,63996,0956,187 5,408 3,286 2,258 14,035 53,20748,388 6.776 39,833 47,2277,558 1971—June 30. 378,769 12,026248,04098,573 7,0945,333 3,024 2,496 15,77056,93452,037 6.777 44,038 61,963 12,702 Dec. 31.405,570 15,373262,826101,4797,311 6,895 3,167 4,123 15,71361,091 55,839 7,20747,633 65,244 14,494 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec 60,333 802 47,503 28,189 3.695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1971—June 30. 61,059 996 46,24726,948 3,822 637 1,106 4,210 4,202 3,916 1,385 5,116 7,298 1,401 Dec. 31 63,342 774 47,941 26,526 4,701 677 1,722 3,997 4,496 4,151 1,641 5,597 7,729 1,302 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 311 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1971—June 30 16,477 612 11,164 6,515 373 245 218 1,465 861 1,078 367 1,736 2,580 384 Dec. 31. 17,162 621 11,693 6,355 527 263 382 1,568 949 1,167 431 1,782 2,f 379 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 88,18037,701 1,386 878 1,300 876 6,006 19,706 17,5692,757 11,944 16,625 1,859 1971—June 30. 137,451 5,010 92,176 38,189 1,601 7861,419 893 7,517 20,722 17,929 3,120 14.552 22,409 3,304 Dec. 31. 149,484 7,771 98,673 40,397 1,630 1,193 1,407 1,671 7,49722,300 19,405 3,173 15,912 23,459 3,670 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 22422,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,82426,362 1,858 21,278 22,5724,718 1971—June 30. 163,782 5,407 98,45226,9225,433 352 723 279 2,577 31,14829,113 1,905 22,634 29,675 7,614 Dec. 31. 175,582 6,208104,52028,201 5,599 474 821 348 2,651 33,347 31,117 1,96224,343 31,3679,144 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 31 io 85,115 2,572 51,111 12,3484,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 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 Dec. 31 111,674 4,581 64,830 17,0465,187 398 492 468 1,21320,509 18,675 842 17,297 17,1767,790 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
MAY 1972 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal De b c C a a l n l a l k s d s a a o n te d f s B w F e R a r . i n v R e t k h e . s s r C c e a o n n u i c d r n y b m a w a d n e n c i o s t k e t h i s s c 7 ju m p s o a d a t d s e e n i d t d s 8 m D e I s n o t t i e c r 7 ba e F n ig k o n r 9 G U o .S vt . . g S 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 f r c d d i s t k i ’ s. IPC I b n a t n e k r G P S U i a o n o a n . g s S v v 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 r B i o n o w g r s c C o a t a u a c p l n i t s etc. Total:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 31 io.. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,36039,978 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 51726,221 228,176 22,54745,311 Dec. 31 . . . 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908 52930,384242,055 25,91247,211 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . .. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. .. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io.. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,02439,450 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 51726,132227,38722,29744,816 Dec. 31 . . . 27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792 52930,303241,003 25,62846,731 Member—Total: 1941—Dec. 31. . .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31 io.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,39532,047 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 46220,534 175,75721,70035,822 Dec. 31. . . 27.478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8,587 152,843 2,549 44523,890 185,55325,04637,279 New York Citv: 1941—Dec '31 .... 5 105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4*015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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. 31 io.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,6924,405 6,301 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 21,5724,531 6,860 Dec. 31. . . 5,362 459 1,806 18,315 12,047 1,779 1,513 909 3,841 26,193 1,186 51 2,060 22,145 5,195 7,285 City of Chicago: 1941—Dec. 31___ 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1 292 20 1,552 237 66 3 160 719 377 1947—Dec. 31___ 1,070 30 175 3*737 1,196 21 72 285 63 3,853 2 9 902 426 1969—Dec. 3U0.. 869 123 150 5,221 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1971—June 30... 991 126 247 5,044 1,439 51 318 352 211 6,084 85 3 741 6,353 2,359 1,636 Dec. 31. . . 956 133 202 5,335 1,592 101 363 333 240 6,323 168 1 809 6,749 1,935 1,682 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 50,4399,881 11,464 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 12,15312,826 Dec. 31 . . . 12,264 1,819 4,222 48,063 10,637 604 3,557 3,600 2,533 56,341 933 225 10,516 66,362 14,79913,197 Country : 1941—Dec. 31___ 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31___ 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io.. 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1971—June 30... 7,964 3,455 7,461 63,490 3,031 56 2,513 8,095 1,956 58,691 223 143 9,033 85,521 2,656 14,499 Dec. 31. . . 8,896 3,367 8,663 68,733 3,779 73 2,993 8,113 1,973 63,986 263 16710,505 90,298 3,118 15,114 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 31 io 1 ,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7.931 1971—June 30.. . 1,765 8,576 40,593 1,094 254 1,429 4,323 1,295 35,472 227 55 5,688 52,419 847 9,489 Dec. 31 1,763 10,655 45,462 1,293 299 1,742 4,710 1,543 39,737 359 85 6,494 56,502 866 9.932 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. I960, 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 1(> Beginning June 30, 1969, reflects (I) 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 □ MAY 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For pui rchasing and dealers or carryinig 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 cul cial Treas Other indus tural Pers. banks ury se trial U.S. U.S. and se curi Treas Other Treas Other sales curi ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 1971 Apr. 7............... 264,276 10,302 7,783 1,994 412 113 177,104 80,976 2,059 1,677 4,236 94 2,346 7,035 6,002 1 4 265,060 10,715 8,459 1,597 454 205 176,955 81,101 2,083 1,096 4,195 90 2,331 7,084 6,056 21............... 264,265 9,525 8,330 735 310 150 177,038 81,255 2,100 891 3,885 90 2,343 7,209 6,159 28............... 260,499 8,233 7,101 773 267 92 176,594 81,072 2,095 575 3,721 93 2,330 7,035 6,271 1972 Mar. 1............... 283,969 10,755 9,694 650 220 191 192,213 82,637 2,350 1,031 6,026 190 2,518 6,322 8,035 8............... 283,777 9,919 8,932 734 172 81 191,742 82,755 2,364 900 5,802 175 2,542 6,071 8,005 1 5 288,182 11,531 10,445 725 272 89 194,387 83,583 2,372 1,118 6,270 186 2,555 6,508 8,171 22............... 287,254 11,475 10,350 670 228 227 193,952 83,540 2,393 869 6,183 174 2,543 6,320 8,201 29............... 288,161 11,892 10,988 490 240 174 194,777 83,905 2,396 683 6,152 169 2,521 6,376 8,305 Apr. 5?............ 290,346 12,173 11,315 491 193 174 195,803 84,038 2,401 639 6,547 170 2,525 6,572 8,269 12?............ 290,103 11,358 10,171 843 194 150 195,828 84,169 2,408 607 6,303 167 2,529 6,615 8,294 19?............. 291,367 11,442 10,143 887 234 178 197,547 84,822 2,436 656 6,696 166 2,533 6,601 8,444 26?.............. 287,899 10,091 9,206 616 157 112 197,196 84,874 2,456 466 6,258 194 2,525 6,499 8,393 New York City 1971 Apr. 7................ 58,186 843 791 35 17 43,389 25,617 20 1,213 2,911 20 602 2,211 1 ,400 1 4 57,929 1 ,084 894 50 100 43,078 25,555 20 879 2,857 21 600 2,244 1,399 21................ 57,593 1,046 937 70 39 42,538 25,550 20 712 2,592 22 601 2,161 1,456 28................ 56,510 1,338 1,185 118 35 41,843 25,381 20 472 2,420 18 599 2,090 1,453 1972 Mar. 1................ 59,878 933 891 42 45,498 25,044 27 834 4,116 54 610 2,042 1 ,922 8.............. 59,406 615 567 19 44,856 25,076 27 736 3,846 48 616 1 ,809 1,941 1 5 61,465 1,396 1,339 32 46,320 25,458 27 930 4,094 51 628 2,176 2,007 22................ 60,959 1,456 1,326 130 45,578 25,337 28 709 4,005 49 629 2,012 1 ,979 29............... 60,867 1,173 995 55 119 46,002 25,460 28 570 4,152 48 621 2,075 2,045 Apr. 5?............ 61,456 1,026 917 109 46,227 25,291 28 532 4,365 48 615 2,177 2,017 12?...___ 60,340 487 465 22 45,562 25,182 28 482 4,147 45 615 2,031 2,016 19?............ 61,125 1,166 1,115 43 45,815 25,197 27 510 4,393 45 625 1,892 2,034 26?............. 59,949 1,414 1 ,365 10 31 45,254 25,110 28 349 4,138 49 627 1,889 1,999 Outside New York City 1971 Apr. 7............... 206,090 9,459 6,992 1,959 412 96 133,715 55,359 2,039 464 1,325 74 1 ,744 4,824 4,602 1 4 207,131 9,631 7,565 1,547 414 105 133,877 55,546 2,063 217 1,338 69 1,731 4,840 4,657 21............... 206,672 8,479 7,393 665 310 111 134,500 55,705 2,080 179 1,293 68 1 ,742 5,048 4,703 28............... 203,989 6,895 5,916 655 267 57 134,751 55,691 2,075 103 1 ,301 75 1 ,731 4,945 4,818 1972 Mar. 1............... 224,091 9,822 8,803 650 220 149 146,715 57,593 2,323 197 1 ,910 136 1,908 4,280 6,113 8............... 224,371 9,304 8,365 705 172 62 146,886 57,679 2,337 164 1 ,956 127 1,926 4,262 6,064 1 5 226,717 10,135 9,106 700 272 57 148,067 58,125 2,345 188 2,176 135 1,927 4,332 6,164 22............... 226,295 10,019 9,024 670 228 97 148,374 58,203 2,365 160 2,178 125 1,914 4,308 6,222 29............... 227,294 10,719 9,993 435 236 55 148,775 58,445 2,368 113 2,000 121 1,900 4,301 6,260 Apr. 5?............. 228,890 11,147 10,398 491 193 65 149,576 58,747 2,373 107 2,182 122 1,910 4,395 6,252 12 v............. 229,763 10,871 9,706 843 194 128 150,266 58,987 2,380 125 2,156 122 1,914 4,584 6,278 19?............ 230,242 10,276 9,028 887 226 135 151,732 59,625 2,409 146 2,303 121 1,908 4,709 6,410 26?............ 227,950 8,677 7,841 606 149 81 151,942 59,764 2,428 117 2,120 145 1,898 4,610 6,394 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 o 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 cor nmercial Notes and bonds banks maturing— Wednesday Con Real sumer For All Certif estate instal eign other Total Bills icates Do For ment govts.2 1 to After mes eign 5 yrs. 5 yrs. tic Large banks— Total 1971 34,450 583 1,456 21,605 769 13,816 28,380 6,110 3,066 15,111 4,093 ...........................Apr. 7 34,577 579 1,481 21,673 800 13,809 28,387 6,143 3,104 15,104 4,036 ......................................14 34,655 530 1,417 21,699 784 14,021 28,075 5,854 3,125 15,128 3,968 ......................................21 34,737 562 1,495 21,810 803 13,995 26,569 4,409 3,161 15,070 3,929 ......................................28 1972 39,178 957 2,487 24,099 919 15,464 27,927 4,145 4,755 15,486 3,541 ...........................Mar. 1 39,300 975 2,497 24,084 889 15,383 28,862 5,173 , 4.820 15,394 3,475 ........................................8 39,448 1,029 2,559 24,098 908 15,582 28,431 4,842 . 4.832 15,252 3,505 ......................................15 39,557 1,068 2,538 24,100 912 15,554 27,989 4,567 4.820 15,228 3,374 ......................................22 39,688 1,143 2,672 24,210 943 15,614 27,749 4,468 4,797 15,209 3,275 ......................................29 39,819 1,278 2,492 24,316 955 15,782 28,628 4,874 4.832 15,702 3,220 ...........................Apr. 5? 39,983 1,104 2,522 24,370 931 15,826 28,460 4,781 4,773 15,713 3,193 ......................................12 ? 40,183 1,095 2,477 24,486 934 16,018 28,170 4,652 4,719 15,701 3,098 ......................................19? 40,363 1,094 2,555 24,597 949 15,973 26,776 3,270 4,768 15,646 3,092 ......................................26? New York City 1971 3,581 206 824 1,819 472 2,493 5,693 1,713 371 2,896 713 . Apr. 7 3,611 184 840 1,831 502 2,535 5,525 1,567 , 378 2,867 713 ...........14 3,624 126 776 1,824 501 2,573 5,486 1,552 363 2,883 ...........21 3,628 155 830 1,820 508 2,449 5,053 1,154 368 1,885 646 ...........28 1972 4,182 269 1,054 1,919 549 2,876 5,333 1,218 970 2,703 442 4,195 307 1,101 1,918 548 2,688 5,850 1,806 1,039 2,615 390 4,196 299 1,163 1,916 560 2,815 5,679 1,646 1,057 2,545 431 .15 4,213 312 1,124 1,911 563 2,707 5,521 1,582 1,029 2,559 351 .22 4,229 341 1,201 1,913 571 2,748 5,376 1,543 1,031 2,493 309 .29 4,254 439 1,077 1,912 559 2,913 5,561 1,751 1,034 2,506 270 .Apr. 5" 4,268 260 1,060 1,913 562 2,953 5,434 1,601 1,021 2,525 287j ...........12" 4,293 255 1,114 1,913 556 2,961 5,272 1,483 1,038 2,529 222 ...........19'' 4,307 260 1,175 1,912 565 2,846 4,629 818 1,033 2,533 245! ...........26" Outside New York City 1971 30,869 377 632 19,786 297 11,323 22,787 4,397 2,695 12,215 3,380 ..........................................Apr. 7 30,966 395 641 19,842 298 11,274 22,862 4,576 2,726 12,237 3,323 ..................................................... 14 31,031 404 641 19,875 283 11,448 22,589 4,302 2,762 12,245 3,280 .....................................................21 31,109 407 665 19,990 295 11,546 21,516 3,255 . 2,793 12,185 3,283 .....................................................28 1972 34,996 688 1,433 22,180 370 12,588 22,594 2,927 . 3,785 12,783 3,099..........................................Mar. 1 35,105 668 1,396 22,166 341 12,695 23,012 3,367 . 3,781 12,779 3,085 .......................................................8 35,252 730 1,396 22,182 348 12,767 22,752 3,196 3,775 12,707 3,074 .....................................................15 35,344 756 1,414 22,189 349 12,847 22,468 2,985 . 3,791 12,669 3,023 .....................................................22 35,459 802 1,471 22,297 372 12,866 22,373 2,925 3,766 12,716 2,966 .....................................................29 35,565 839 1,415 22,404 396 12,869 23,067 3,123 . 3,798 13,196 2,950..........................................Apr. 5" 35,715 844 1,462 22,457 369 12,873 23,026 3,180 3,752 13,188 2,906 .....................................................12? 35,890 840 1,363 22,573 378 13,057 22,898 3,169 . 3,681 13,172 2,876 ..................................................... 19? 36,056 834 1,380 22,685 384 13,127 22,147 2,452 3,735 13,113 2,847 .....................................................26" I For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
tEPORTING BANKS □ MAY 1972 S AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continue (In millions of dollars) Investments (cont.) Other securities Cash Obligations Other bonds, items Re of State corp. stock, in serves Cur and and process with rency political securities of F.R. and liab subdivisions collec Banks coin iti< tion Tax Certif. war All of All rants3 other partici others pation4 7,294 34,256 1,180 5,760 31,817 17,959 3,158 340 7,347 34,611 1,190 5,855 36,812 18,041 3,528 346 7,947 34,570 1,192 5,918 34,086 18,648 3,486 342 7,762 34,353 1,169 5,819 32,616 19,298 3,560 338, 8,523 36,801 1.549 6,201 35,276 19,403 3,429 369 8,648 36,927 1.552 6,127 31,469 19,727 3,377 364 9,031 37,051 1.549 6,202 33,101 19,781 3,475 371; 9,251 36,902 1,521 6,164 28,400 20,044 3,612 365! 9,144 36,946 1.567 6,086 27,114 21,726 3,667 367! 9,190 36,921 1,547 6,084 30,202 21,013 3,372 371 9,428 37,220 1.553 6,256 30,341 19,796 3,650 369; 9,196 37,076 1,558 6,378 30,447 20,352 3,699 371; 9,188 37,004 1.567 6,077 29,413 23,252 3,760 370; 1,373 5,346 123 1 ,419 14,905 4,298 414 84, 1,317 5,416 127 1,382 18,090 4,946 439 88, 1,685 5,306 122 1,410 15,896 4,994 418 85; 1,598 5,167 123 1,388 16,275 4,986 437 85; 1,726 5,207 266 915 15,999 4,896 412 90, 1,739 5,175 272 899 14,361 5,259 415 89 1 ,744 5,167 265 894 13,295 4,779 429 89 2,047 5,231 250 876 10,949 4,550 426 86 1,985 5,230 261 840 10,527 6,111 435 87 2.256 5,288 274 824 10,172 5,150 411 86 2,324 5,386 270 877 10,481 5,410 436 84 2.256 5,363 269 984 10,714 4,586 420 85 2,320 5,197 284 851 11,478 5,511 429 86 5,921 28,910 1 ,057 4,341 16,912 13,661 2,744 255 6,030 29,195 1,063 4,473 18,722 13,095 3,089 258 6,262 29,264 1,070 4,508 18,190 13,654 3,068 257; 6,164 29,186 1,046 4,431 16,341 14,312 3,123 253 6,797 31,594 1.283 5,286 19,277 14,507 3,017 278, 6,909 31,752 1,280 5,228 17,108 14,468 2,962 275; 7,287 31,884 1 ,284 5,308 19,806 15,002 3,046 282; 7,204 31,671 1,271 5,288 17,451 15,494 3,186 279, 7,159 31,716 1,306 5,246 16,587 15,615 3,232 279, 6,934 31,633 1,273 5,260 20,030 15,863 2,961 285, 7,104 31,834 1.283 5,379 19,860 14,386 3,214 284, 6,940 31,713 1,289 5,394 19,733 15,766 3,279 285, 6,T'~ 31,807 1.283 5,226 17,935 17,741 3,331 283, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 Do polit fied polit mes For IPC ical U.S. and Total6 ical tic eign sub- Govt. Com Mutual Com offi sub inter govts.2 divi- mer sav Govts., mer cers* Sav Other divi bank cial ings etc.2 cial checks ings sions banks Large banks— Total 1971 140,700 97,898 6,409 1,971 22,666 829 764 2,324 7,839 128,799 53,083 55,171 14,424 1,526 4.084 ...............Apr. 7 146,284 101,985 6,419 2,717 21,466 725 863 2,225 9,884 128,678 53,027 54,927 14,557 1,513 4;i50 ..........................14 143,976 98,472 6,380 5,483 22,070 662 794 2,214 7,901 128,584 53,021 54,290 15,066 1,568 4.160 .........................21 141,474 97,099 6,353 5,833 20,750 631 778 2,329 7,701 129,293 53,044 54,779 15,229 1,570 4.161 .........................28 1972 151,788 102,735 7,311 3,518 26,500 683 687 2,586 7,768 144,286 56,578 62,085 17,679 2,310 5.151 ...............Mar. 1 144,988 99,467 6,209 3,895 24,357 665 654 2,504 7,237 144,740 56,879 62,269 17,636 2,291 5,194 ...........................8 152,257 105,657 6,205 6,122 22,597 669 778 7,611 143,659 57,103 61,217 17,475 2,253 5.151 .........................15 144,487 100,854 6,593 6,291 20,953 625 667 5,949 144,026 57,382 61,535 17,283 2,251 5.151 .........................22 143,920 100,628 6,575 5,579 20,190 653 822 6,846 144,863 57,616 61,926 17,478 2,270 5,133 .........................29 149,108 104,456 6,622 5,036 22,083 917 757 2,559 6,678 144,190 57,812 61,418 17,186 2,183 5,146 ...............Apr. 5^ 147,023 106,182 6,466 2,901 20,750 832 766 2,516 6,610 144,928 57,633 61,682 17,918 2,193 5,067 .........................12? 148,943 105,148 6,275 6,675 19,983 775 746 2,505 6,836 145,770 57,315 61,754 18,978 2.150 5,141 .........................19*> 146,769 102,708 6,347 7,472 19,941 735 732 2,585 6,249 146,743 57.279 62,264 19,467 2.150 5,140 .........................26p New York City 1971 41,319 22,556 642 284 10,126 469 592 1,682 4,968 21,049 5,218 11,566 1,174 767 2,195 ...............Apr. 7 44,392 23,695 552 628 9,807 398 687 1,562] 7,063 21,233 5,235 11,664 1,203 778 2,225 .........................14 42,552 22,739 477 1,316 10,322 349 608 1,553 5,188 21,044 5,270 11,292 1,256 2,268 .........................21 42,800 23,143 370 1,356 10,202 323 610 1,641 5,155 21,464 5,288 11,660 1,283 861 2,248 .........................28 1972 45,780 23,405 470 661 14,157 353 512 1,810 4,412 23.928 5,615 12,555 1,675 1,189 2,795 ...............Mar. 1 42,637 21,969 398 925 12,676 329 491 1,722 4,127 24,219 5,649 12,714 1,713 1,191 2,851 ...........................8 44,041 23,890 347 1,815 10,786 346 628 1,844 4,385 23,559 5,685 12,079 1,696 1,168 2,830 .........................15 40,232 22,416 511 1,780 9,831 313 515 1,795 3,071 23,892 5,723 12,344 1,717 1,162 2.846 .........................22 40,212 22,302 478 1,326 9,354 347 659 1,851 3,895 24,537 5,753 12,756 1,936 1,163 2,827 .........................29 40,208 22,735 507 1,112 9,513 530 619 1,797 3,395 24,171 5,778 12,443 1,874 1,119 2.846 ...............Apr. 5P 38,746 22,816 520 487 8,748 473 621 1,753 3,328 24,647 5,765 12,745 2,097 1,141 2,808 .........................12 p 39,802 23,156 388 1,690 8,279 419 607 1,726 3,537 24.929 5,725 12,880 2,258 1,109 2.859 ...........................\9P 40,655 23,192 313 1,963 9,094 406 593 1,819 3,275 24,938 5,727 12,881 2,274 1,094 2.860 .........................26 p Outside New York City 1971 99,381 75,342 5,767 1,687 12,540 360 172 642 2,871 107,750 47,865 43,605 13,250 759 ...............Apr. 7 101,892 78,290 5,867 2,089 11,659 327 176 663 2,821 107,445 47,792 43,263 13,354 735 1,925 .........................14 101,424 75,733 5,903 4,167 11,748 313 186 661 2,713 107,540 47,751 42,998 13.810 720 1,892 .........................21 98,674 73,956 5,983 4,477 10,548 308 168 2,546 107,829 47,756 43,119 13 j946 709 1,913 .........................28 1972 106,008 79,330 6,841 2,857 12,343 330 175 776 3,356 120,358 50,963 49,530 16,004 1,121 2,356 ...............Mar. 1 102,351 77,498 5,811 2,970 11,681 336 163 782 3,110 120,521 51,230 49,555 15,923 1,100 2,343 ...........................8 108,216 81,767 5,858 4,307 11,811 323 150 774 3,226 120,100 51,418 49,138 15,779 1,085 2,321 .........................15 104,255 78,438 6,082 4,511 11,122 312 152 760 2,878 120,134 51,659 49,191 15,566 1,089 2.305 .........................22 103,708 78,326 6,097 4,253 10,836 306 163 776 2,951 120,326 51,863 49,170 15,542 1,107 2.306 .........................29 108,900 81,721 6,115 3,924 12,570 387 138 762 3,283 120,019 52,034 48,975 15,312 1,064 2,300 ...............Apr. 5p 108,277 83,366 5,946 2,414 12,002 359 145 763 3,282 120,281 51,868 48,937 15,821 1,052 2,259 .........................12* 109,141 81,992 5,887 4,985 11,704 356 139 779 3,299 120,841 51,590 48,874 16,720 1,041 2,282 ...........................19p 106,114 79,516 6,034 5,509 10,847 329 139 766 2,974 121,805 51,552 49,383 17,193 1,056 2,280 .........................26p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS □ MAY 1972 ASSETS AND LIABILITIES OF URGE 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 deposits i1 ties of pur F.R. ties Secur ac loans invest mand banks chased, Banks Others etc.8 Loans ities counts (gross) ments deposits to etc. 7 ad (gross) ad Issued Issued their justed 9 ad justed i o Total to to foreign justed9 IPC’s others bran ches Large banks— Total 1971 Apr. 7.......................... 21,853 167 1,058 18,157 4,054 25,431 179,040 255,910 84,246 27,238 17,397 9,841 3,260 1 4 23,648 212 1,067 17,149 4,047 25,363 178,632 256,022 85,289 27,173 17,349 9,824 2,317 21.......................... 23,428 78 1,024 16,324 4.044 25,299 177,703 255,405 82,337 26,676 16,626 10,050 2,253 28.......................... 20,111 694 932 16,509 4.045 25,350 177,164 252,836 82,275 27,153 17,010 10,143 2,158 1972 Mar. 1.......................... 25,358 52 1,214 15,323 4.138 27,587 192,317 273,318 86,494 33,765 20,556 13,209 954 8.......................... 25,710 695 1,321 15,555 4.139 27,620 191,754 273,870 85,267 33,989 20,684 13,305 1,164 1 5 26,609 15 1,367 16,039 4,135 27,546 194,444 276,708 90,437 32,810 19,657 13,153 1,263 22.......................... 26,699 721 1,417 16,197 4,134 27,562 194,009 275,836 88,843 32,996 19,902 13,094 1,346 29.......................... 28,232 991 1,121 16,010 4,148 27,656 194,538 276,030 91,037 33,456 20,141 13,315 1,532 Apr. 5*........................ 29,691 41 1,194 15,435 4.132 27,820 195,383 277,753 91,787 32,846 19,847 12,999 1,130 12p......................... 28,846 1,281 15,417 4,130 27,864 195,911 278,828 93,031 33,379 20,170 13,209 1,052 19p......................... 27,237 238 1,244 15,779 4.132 27,786 197,751 280,129 91,838 33,943 20,476 13,467 1,279 26p........................ 25,736 1,679 1,232 15,827 4.139 27,811 196,987 277,599 89,943 34,235 20,732 13,503 1,366 New York City 1971 Apr. 7.......................... 6,747 8,005 1.196 6,507 43,235 57,189 16,004 8,867 6,409 2,458 1,867 1 4 7,292 120 7,476 1.196 6,482 43,084 56,851 15,867 9,103 6,613 2,490 1,184 21.......................... 7,414 7,008 1,198 6,465 42,521 56,530 15,018 8,920 6,263 2,657 1,236 28.......................... 5,542 295 7,272 1,200 6,436 41,841 55,170 14,967 9,334 6,623 2,711 1,409 1972 Mar. 1.......................... 6,984 305 5,726 1,210 7,037 45,271 58,718 14,963 11,323 7,287 4,036 686 8.......................... 6,811 662 382 6.071 1,210 7,035 44,597 58,532 14,675 11,575 7,460 4,115 884 1 5 6,929 463 6,137 1.209 7,030 46,078 59,827 18,145 10,965 6,901 4,064 946 22.......................... 6,364 640 474 6,185 1.210 7,004 45,396 59,321 17,672 11,252 7,161 4,091 968 29.......................... 7,103 655 184 6,414 1,218 6,994 45,839 59,531 19,005 11,812 7,506 4,306 1,191 Apr. 5p........................ 7,799 192 5,944 1.205 7,069 45,897 60,100 19,411 11,365 7,286 4,079 732 12 p........................ 7,229 198 5,883 1.205 7,066 45,324 59,615 19,030 11,866 7,554 4,312 701 19p........................ 5,888 161 196 6,037 1,209 7,028 45,611 59,755 19.119 12,292 7,806 4,486 981 26p........................ 5,114 840 199 6.071 1,212 7,019 45,043 58,324 18.120 12,307 7,850 4,457 981 Outside New York City 1971 Apr. 7.......................... 15,106 167 989 10,152 2,858 18,924 135,805 198,721 68,242 18,371 10,988 7,383 1,393 1 4 16,356 92 1,002 9,673 2,851 18,881 135,548 199,171 69,422 18,070 10,736 7,334 1,133 21.......................... 16,014 78 961 9,316 2,846 18,834 135,182 198,875 67,319 17,756 10,363 7,393 1,017 28.......................... 14,569 399 875 9,237 2,845 18,914 135,323 197,666 67,308 17,819 10,387 7,432 749 1972 Mar. 1........................ 18,374 52 909 9,597 2.928 20,550 147,046 214,600 71,531 22,442 13,269 9,173 268 8......................... 18,899 33 939 9,484 2.929 20,585 147,157 215,338 70,592 22,414 13,224 9,190 280 1 5 19,680 15 904 9,902 2.926 20,516 148,366 216,881 72,292 21,845 12,756 9,089 317 22........................ 20,335 81 943 10,012 2.924 20,558 148,613 216,515 71,171 21,744 12,741 9,003 378 29........................ 21,129 336 937 9,596 2.930 20,662 148,699 216,499 72,032 21,644 12,635 9,009 341 Apr. 5p...................... 21,892 41 1,002 9,491 2.927 20,751 149,486 217,653 72,376 21,481 12,561 8,920 398 12*...................... 21,617 1,083 9,534 2.925 20,798 150,587 219,213 74,001 21,513 12,616 8,897 351 19p...................... 21,349 77 1,048 9,742 2,923 20,758 152,140 220,374 72,719 21,651 12,670 8,981 298 26p...................... 20,622 839 1,033 9,756 2.927 20,792 151,944 219,275 71,823 21,928 12,882 9,046 385 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 1972 1971 1971 Apr. Apr. Apr. Apr. Mar. Apr. Mar. Feb. I IV III 2nd 1st 26 19 12 5 29 half half Durable goods manufacturing: Primary metals.................................... 2,074 2,084 2,077 2,071 2,063 11 36 32 54 -162 -120 -282 145 Machinery............................................ 4,373 4,397 4,323 4,268 4,289 84 185 -78 -91 -600 -231 -831 -218 Transportation equipment................ 2,536 2,616 2,646 2,666 2,676 -140 -19 129 14 -101 24 -77 -190 Other fabricated metal products... 1,714 1,736 1,731 1,728 1,733 -19 93 25 17 -259 -130 -389 197 Other durable goods.......................... 2,718 2,736 2,713 2,666 2,641 77 121 77 146 -328 11 -317 258 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,589 2,600 2,583 2,677 2,666 -77 -139 12 -227 205 293 498 -709 Textiles, apparel, and leather........... 2,630 2,607 2,570 2,602 2,574 56 253 139 281 -273 -31 -304 279 Petroleum refining.............................. 1,023 1,022 1,054 1,104 1,077 -54 -58 6 -97 56 -4 52 -404 Chemicals and rubber....................... 2,146 2,150 2,198 2,139 2,151 -5 5 55 -103 -437 -155 -592 66 Other nondurable goods................... 1,727 1,745 1,707 1,739 1,747 -20 53 -4 -75 -96 60 -36 -140 Mining, including crude petroleum and natural gas............................. 3,681 3,691 3,700 3,698 3,670 11 66 -66 -137 -17 204 187 -383 Trade: Commodity dealers................... 1,451 1,491 1,489 1,501 1,482 -31 6 -154 -194 460 72 532 -235 Other wholesale......................... 4,413 4,403 4,375 4,395 4,381 32 66 -57 -52 132 392 524 208 Retail............................................ 4,444 4,410 4,308 4,305 4,381 63 219 85 259 -340 81 -259 336 Transportation........................................ 5,686 5,655 5,631 5,668 5,613 73 40 15 -33 -78 -246 -324 -30 Communication....................................... 1,346 1,343 1,328 1,292 1,240 106 -101 15 -74 -249 24 -225 231 Other public utilities.............................. 2,689 2,588 2,489 2,514 2,452 237 -184 7 -274 176 349 525 -147 Construction............................................ 4,059 4,053 4,021 3,975 3,973 86 38 194 156 77 106 183 182 Services..................................................... 8,362 8,375 8,310 8,263 8,246 116 218 111 372 276 13 289 187 All other domestic loans....................... 6,016 6,026 5,965 5,925 5,918 98 186 118 264 305 305 610 118 Bankers’ acceptances.............................. 1,608 1,592 1,642 1,753 1,741 -133 -146 -41 -553 696 462 1,158 -555 Foreign commercial and industrial loans.................................................. 3,315 3,288 3,250 3,257 3,314 1 127 -28 89 254 324 578 238 Total classified loans.............................. 70,600 70,608 70,110 70,206 70,028 572 1,065 592 -258 -303 1,803 1,500 -566 Total commercial and industrial loans. 84,874 84,822 84,169 84,038 83,905 969 1,409 730 135 335 1,279 1,614 463 See Note to table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1972 1971 1972 1971 1971 Industry Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. I IV III II 2nd 26 29 23 26 29 24 27 29 25 half Durable goods manufactur ing: Primary metals................... 1,367 1,342 1,330 1,315 1,362 1,406 1,495 1,524 1,481 -20 -162 -62 -43 -224 Machinery........................... 2,005 2,072 2,001 2,179 2,285 2,396 2,476 2,479 2,505 -213 -194 -57 -52 -251 Transportation equipment, 1,389 1,493 1,553 1,605 1,620 1,592 1,626 1,689 1,582 -127 -69 130 -54 61 Other fabricated metal products........................... 695 688 683 699 713 707 743 775 804 -25 -62 -39 82 -101 Other durable goods......... 1,163 1,145 1,118 1,117 1,135 1,162 1,204 1,214 1,269 10 -79 -19 16 -98 Nondurable goods manufac turing : Food, liquor, and tobacco, 909 912 937 987 1,021 1,010 971 985 938 -109 36 17 -2 53 Textiles, apparel, and leather................................ 667 653 580 567 576 577 585 607 609 77 -31 10 -20 -21 Petroleum refining.............. 714 757 818 848 892 867 900 857 841 -135 35 -34 -23 1 Chemicals and rubber........ 1,238 1,226 1,315 1,330 1,441 1,528 1,654 1,785 1,809 -215 -344 -32 -26 -376 Other nondurable goods.. 960 977 973 1,010 1,024 1,018 1,047 1,018 1,006 -47 6 -2 -79 4 Mining, including crude pe troleum and natural gas. 2,870 2,872 2,891 2,927 3,039 2,998 3,021 2,934 3,000 -167 105 -56 -130 49 Trade: Commodity dealers.. 125 125 132 119 115 104 116 109 117 10 6 12 17 18 Other wholesale......... 889 927 883 915 893 860 862 847 834 34 46 11 60 57 Retail........................... 1,328 1,340 1,352 1,349 1,383 1,429 1,475 1,471 1,450 -43 -88 57 3 -31 Transportation......................... 4,400 4,383 4,314 4,397 4,440 4,448 4,444 4,571 4,471 -57 -131 -26 -253 -157 Communication....................... 460 440 417 432 427 427 418 420 422 13 7 -48 66 -41 Other public utilities............... 1,161 1,160 1,191 1,305 1,316 1,292 1,304 1,272 1,180 -156 44 178 122 222 Construction............................ 1,376 1,417 1,327 1,257 1,244 1,255 1,240 1,192 1,202 173 52 5 107 57 Services...................................... 3,593 3,653 3,542 3,539 3,488 3,438 3,397 3,347 3,311 165 141 89 124 230 All other domestic loans 1,830 1,728 1,627 1,570 1,431 1,413 1,390 1,390 1,362 297 41 141 -21 182 Foreign commercial and in dustrial loans.................. 1,981 1,939 1,898 1,995 2,076 1,956 1,940 1,892 1,950 -137 184 100 184 Total loans............................... 31,120 31,249 30,882 31,462 31,921 31,883 32,308 32,378 32,143 -672 -457 275 -6 -182 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 □ MAY 1972 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder Total Class of bank, and quarter or month deposits, Financial Nonfinancial Consumer Foreign All IPC business business other All commercial banks: 1970—June........................................................................................ 17.1 85.3 49.0 1.6 9.6 162.5 Sept......................................................................................... 17.0 88.0 51.4 1.4 10.0 167.9 Dec......................................................................................... 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar........................................................................................ 18.3 86.1 54.1 1.4 10.4 170.3 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 r98.4 58.6 1.3 10.7 rl 87.5 1972—Mar.?.................................................................................... 18.3 94.1 59.2 1.3 10.6 183.6 Weekly reporting banks: 1970—Dec......................................................................................... 13.5 56.1 23.3 1.2 5.6 99.7 1971—Feb......................................................................................... 13.9 52.2 23.1 1.2 5.5 95.8 Mar........................................................................................ 14.1 52.4 23.9 1.3 5.7 97.3 Apr......................................................................................... 14.1 53.4 25.3 1.3 5.7 99.8 May........................................................................................ 13.7 52.9 24.1 1.2 5.5 97.4 June........................................................................................ 14.0 54.2 24.4 1.2 6.0 99.8 July......................................................................................... 14.1 54.7 24.8 1.2 5.4 100.3 Aug......................................................................................... 13.5 53.4 24.1 1.2 5.1 97.2 Sept......................................................................................... 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......................................................................................... '14.4 58.6 r24.6 1.2 5.9 '104.8 1972—Jan.......................................................................................... 14.4 56.8 25.4 1.1 6.0 103.7 Feb......................................................................................... 13.7 55.4 24.5 1.1 5.9 100.5 Mar.^.................................................................................... 14.0 56.0 25.3 1.2 ! 5.8 102.3 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, June 30, Dec. 31, Class of Dec. 31, Dec. 31, June 30, Dec. 31, bank 1969 1970 1971 1971 bank 1969 1970 1971 1971 All commercial.... 1,131 804 746 680 All member—Cont. Insured................. 1,129 803 745 677 Other reserve city 304 143 125 112 National member 688 433 407 387 Country................. 571 437 411 371 State member.... 188 147 129 95 All nonmember 255 224 210 197 All member............. 876 580 536 482 Insured .................. 253 223 209 195 Noninsured.......... 2 1 1 2 Note.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as Bulletin, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-l8. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1972—Jan. 5........... 2,827 1,596 1,231 1,654 371 1,283 12........... 2,795 1,603 1,192 1,629 362 1,267 19........... 2,741 1,583 1,158 1,622 362 1,260 26........... 2,965 1,729 1,236 1,602 351 1,251 Feb. 2........... 2,969 1,731 1,238 1,615 345 1,270 9........... 2,911 1,749 1,162 1,604 345 1,259 16........... 2,837 1,735 1,102 1,624 347 1,277 23........... 2,873 1,718 1,155 1,640 340 1,300 Mar. 1.......... 2,936 1,711 1,225 1,647 353 1,294 8.......... 2,890 1,735 1,155 1,665 369 1,296 15.......... 2,801 1,703 1,098 1,664 366 1,298 22........... 2,795 1,711 1,084 1,629 364 1,265 29 ........ 2,772 1,785 987 1,622 367 1,255 Apr. 5........... 2,796 1,728 1,068 1,629 368 1,261 12 2,740 1,685 1,055 1,634 374 1,260 19.......... 2,648 1,653 995 1,645 373 1,272 26.......... 2,688 1,677 1,011 1,654 369 1,285 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 All Bank Bank For into from other related Other1 related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1 ,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1.889 1,153 2,408 197 0 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—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,r~ 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 ^ Dec. 30,824 495 10.923 1.478 17,928 1972—Jan.. 31,857 505 11,922 1,582 17,848 7,601 2,917 2,157 761 75 253 4,356 2,558 1,584 3,458 Feb. 32,247 525 12,262 1.624 17,836 7,935 3,123 2,408 715 63 267 4,482 2,589 1,717 3,629 Mar. 32,390 545 12,233 1,627 17,985 7,985 3,083 2,246 837 143 263 4,496 2,597 1,774 3,613 >> Data for commercial and finance company paper on new basis 1 As reported by dealers; includes finance company paper as well as beginning December 1971. The new series reflects inclusion of paper other commercial paper sold in the open market. issued directly by real estate investment trusts and several additional 2 As reported by finance companies that place their paper directly with finance companies. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 34 INTEREST RATES □ MAY 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 1955—Aug. 4.......... 314 1968—Apr. 19 61/2 Oct. 20 5*4 Oct. 14........... 31/2 Sept. 25 6 -6Va Nov. 1 534-5^ 193 0 3 Vi-6 Nov. 13 61/4 4 5Vi-5H 193 1 2^-5 1956—Apr. 13 334 Dec. 2 61/2 8 5Vi 193 2 3V4-4 Aug. 21.......... 4 18 6Va 22 53/8-5Vi 193 3 lVi-4 29 514-5 Vi 1957—Aug. 6........... 41/2 1969—Jan. 7 1 Dec. 6 5i/4-53/8- 1934— Mar. 17 71/2 51/2 1947 (Nov.) IVi 1958—Jan. 22.,.. 4 June 9 81/2 27 51/4-51/2 Apr. 21 31/2 1970—Mar. 25 8 31 51/4 1947 E — ffe D ct e iv c e . i d . a .. te 1*4 1959— S S M e e a p p y t t . . 1 1 1 1 8. . . . . . . . . . . . . . . . . .. .. . 4 4 5 1/2 N D Se e o p c v t . . . 2 2 1 2 1 3 2 2 . , m 6 7 Va 1972—Jan. 2 1 4 7 3 4 4 5 3 5 -5 / 4 5 8 1 - 1 - 5 / 4 5 8 1 - /4 1948—Aug. i... 2 1 1 9 9 6 6 0 5 — —D Au ec g . . 2 6 3. . . . . . . . . . . . . . . . . . . . . . 5 41/2 1971—Jan. 1 1 6 5 8 6 6 6 1 V /4 i Feb. 2 31 8 4 4 1 3 / / 4 2 8 3 - - 4 4 4 3 1 4 /2- 1 1 9 9 5 5 0 1 — —J O S a e c n p t . . t . 2 1 2 7 8 2 2 23 1 Y / /2 4 a 1966— J M A u u n a g r e . . 2 1 1 9 0 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 3 % /4 M Fe a b r . . 1 1 1 1 6 9 5 5 5 1 V V / a 4 4-5 Vi Mar. 2 2 1 3 7 3 4 4 4 1 3 3 / 4 / 5 2 4 - - 4 4 3 % /4 -. 1953— D A e p c r . . 2 1 7 9 3 31/4 1967—J M an a . r. 2 2 7 6 . - . 2 ... 7 ... . . . . . . 5 51 V /2 i-534 1971— J M A u p l a y r y . 2 1 3 6 1 . . 5 5 5 1 1 V / 4 2 i - - 5 6 1/2 Apr. 5 3 4 5 34-5 Nov. 20........... 6 7. 6 17 5-5V4 1954—Mar. 17 3 1 Date of change not available. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Center Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1972 1971 1972 1971 1972 1971 1972 1971 1972 1971 1972 1971 Short-term 35 centers......................................... 5.52 6.18 7.08 7.51 6.44 7.05 5.76 6.51 5.44 6.26 5.31 5.93 New York City.......................... 5.35 5.86 6.47 7.33 5.92 6.79 5.27 6.17 4.97 5.99 5.38 5.78 7 other Northeast...................... 5.72 6.40 7.20 7.75 6.58 7.31 5.91 6.73 5.54 6.46 5.45 6.00 8 North Central......................... 5.37 6.13 6.72 7.13 6.21 6.89 5.60 6.45 5.46 6.13 5.17 5.95 7 Southeast.................................. 5.87 6.47 7.39 7.72 6.73 7.16 6.11 6.65 5.76 6.39 5.29 6.01 5.79 6.43 7.05 7.38 6.43 6.83 5.81 6.44 5.60 6.27 5.58 6.31 4 West Coast.............................. 5.39 6.21 7.41 7.93 6.69 7.29 6.08 6.64 5.46 6.65 5.07 5.92 Revolving credit 35 centers......................................... 5.24 5.98 6.60 7.24 6.16 6.74 5.60 6.16 5.31 6.01 5.18 5.94 New York City.......................... 5.07 5.94 6.06 6.78 5.51 6.52 5.34 6.02 5.22 5.85 5.05 5.94 7 other Northeast...................... 5.41 6.16 7.37 8.17 6.56 7.20 5.44 6.15 5.28 6.30 5.38 6.11 8 North Central......................... 5.67 6.10 7.14 7.21 5.95 6.79 5.55 6.22 5.32 5.93 5.73 6.09 7 Southeast.................................. 5.76 6.04 6.03 6.52 6.13 6.56 5.56 6.30 5.86 6.25 5.74 5.81 8 Southwest................................. 5.91 6.70 6.65 7.54 5.94 6.72 5.69 6.57 6.44 6.63 5.73 6.77 4 West Coast.............................. 5.13 5.88 6.67 7.65 6.36 6.69 5.72 6.10 5.10 5.94 5.04 5.84 Long-term 35 centers......................................... 5.64 6.44 6.98 7.55 6.85 6.95 6.19 6.79 6.13 6.57 5.44 6.35 New York City.......................... 5.35 6.36 5.75 6.39 5.77 6.24 5.83 6.40 5.62 6.50 5.29 6.35 7 other Northeast...................... 5.99 6.64 7.59 8.36 7.07 7.00 6.51 7.08 6.88 7.50 5.52 6.27 8 North Central......................... 5.42 6.58 6.39 7.69 6.75 7.38 6.08 6.79 6.04 6.32 5.17 6.53 7 Southeast................................. 7.07 7.28 7.81 6.97 9.03 6.29 6.78 7.78 9.53 7.78 5.50 7.05 8 Southwest................................ 6.16 6.44 6.57 6.85 6.67 6.93 6.42 6.63 6.68 6.11 5.87 6.46 4 West Coast.............................. 5.80 6.20 7.55 8.16 6.24 7.19 6.02 6.64 5.04 6.16 5.87 6.12 Note.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 468- 77 of the June 1971 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 o INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime Period 4 p c - o a t m p o e l 6 r . - d p i p r l a e a p c c t e e l d r y , b a a a c n n c c k e e e p s r t , s ’ F f r e u a d n t e e d r 3 s al 3-month bills 5 6-month bills 5 9- to 12-month issues 3- y t e o a r 5 months1 m 3- o t n o t h 6 s - 2 90 days1 n R ew at e is o su n e M y a ie r l k d et n R ew at e is s o u n e M y a ie r l k d et bi 1 ll - y ( e m a a r r Other6 issues7 ket yield) 5 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—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 Feb.................... 3.93 3.78 3.52 3.29 3.180 3.18 3.594 3.63 4.05 4.07 5.51 Mar................... 4.17 4.03 3.95 3.83 3.723 3.72 4.086 4.12 4.42 4.54 5.74 Apr.................... 4.58 4.38 4.43 4. 17 3.723 3.70 4.218 4.22 4.65 4.84 6.01 Week ending— 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 Feb. 5........... 3.98 3.88 3.75 3.23 3.367 3.35 3.733 3.78 4.05 4.05 5.55 12 . . 4.00 3.78 3.50 3.25 3.141 3.09 3.594 3.56 4.00 3.92 5.51 19........... 3.93 3.75 3.45 3.43 3.066 3.04 3.537 3.50 3.95 4.04 5.47 26........... 3.88 3.75 3.43 3.34 3.145 3.22 3.513 3.64 4.11 4.21 5.50 Mar. 4........... 3.90 3.80 3.60 3.18 3.446 3.44 3.762 3.78 4.17 4.19 5.50 11........... 4.00 3.88 3.73 3.43 3.553 3.56 3.796 3.86 4.21 4.22 5.57 18........... 4.20 4.03 4.03 3.88 3.845 3.85 4.195 4.25 4.51 4.64 5.84 25........... 4.30 4.13 4.13 3.91 3.920 3.81 4.322 4.27 4.50 4.72 5.83 Apr. 1........... 4.33 4.20 4.13 4.09 3.849 3.82 4.354 4.36 4.67 4.89 5.92 8........... 4.50 4.38 4.40 4.16 3.798 3.80 4.367 4.38 4.82 5.01 6.07 15........... 4.63 4.38 4.50 4.18 3.731 3.81 4.223 4.30 4.77 4.96 6.08 22........... 4.63 4.38 4.48 4.05 3.849 3.64 4.278 4.19 4.60 4.81 6.02 29........... 4.55 4.38 4.33 4.20 3.513 3.54 4.004 4.01 4.39 4.57 5.86 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 □ MAY 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 Total i (long term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s R ro a a i d l P u u ti b li l t i y c fe P r r r e e d C m o o m n C m o o m n 1962................................................... 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 1963 ................................................... 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964................................................... 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965................................................... 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966................................................... 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 1967................................................... 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968................................................... 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 1969................................................... 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1970................................................... 6.59 6.42 6.12 6.75 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.28 1971................................................... 5.74 5.62 5.22 5.89 7.94 7.39 8.56 7.57 8.38 8.13 6.69 3.14 5.44 1971—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 4.86 1972—Jan......................................... 5.62 5.13 4.84 5.49 7.66 7.19 8.23 7.34 7.98 7.85 6.57 2.96 Feb......................................... 5.67 5.29 5.01 5.63 7.68 7.27 8.23 7.39 8.00 7.84 6.67 2.92 Mar........................................ 5.66 5.31 4.99 5.61 7.66 7.24 8.24 7.35 8.03 7.81 6.76 2.86 Apr.. ..................................... 5.74 5.45 5.16 5.79 7.71 7.30 8.24 7.42 8.04 7.87 6.91 2.83 Week ending— 1972—Feb. 5................................ 5.70 5.36 5.10 5.70 7.68 7.25 8.26 7.39 7.99 7.85 6.62 2.93 12............................... 5.71 5.26 5.00 5.60 7.70 7.29 8.25 7.42 8.00 7.84 6.71 2.91 19................................ 5.65 5.26 5.00 5.60 7.68 7.28 8.23 7.39 8.01 7.83 6.64 2.91 26................................ 5.63 5.29 4.95 5.60 7.67 7.26 8.21 7.35 8.01 7.83 6.71 2.92 Mar. 4................................ 5.62 5.31 5.00 5.60 7.67 7.25 8.21 7.35 8.03 7.82 6.74 2.86 11................................ 5.62 5.18 4.90 5.50 7.66 7.24 8.22 7.34 8.02 7.81 6.80 2.82 18................................ 5.67 5.30 5.00 5.60 7.66 7.22 8.24 7.34 8.02 7.81 6.78 2.85 25................................ 5.68 5.35 5.00 5.65 7.67 7.24 8.26 7.36 8.04 7.82 6.71 2.87 Apr. 1................................ 5.69 5.40 5.05 5.70 7.67 7.24 8.25 7.37 8.04 7.82 6.75 2.89 8................................ 5.73 5.49 5.20 5.80 7.67 7.25 8.22 7.37 8.02 7.81 6.86 2.82 15................................ 5.76 5.54 5.25 5.90 7.69 7.28 8.22 7.39 8.01 7.84 6.87 2.79 22................................ 5.76 5.50 5.20 5.90 7.74 7.33 8.26 7.46 8.06 7.89 6.94 2.82 29................................ 5.71 5.26 5.00 5.55 7.76 7.36 8.26 7.48 8.06 7.92 6.97 2.88 Number of issues2.......................... 8 20 5 5 119 20 30 40 29 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep Govt.: Averages of daily figures for bonds maturing or callable in 10 years arately. Because of a limited number of suitable issues, the number or more. (2) State and local govt.: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. (3) Corporate: Averages of daily figures. (2) and (3) are 23, 1967, Aaa-rated railroad bonds are no longer a component of the from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s corporate series. Dividend/price ratios 2 Number of issues varies over time; figures shown reflect most recent are based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios Note.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Bonds: Monthly and weekly yields are computed as follows: (1) U.S. adjusted at annual rates. Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude Note.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market Note.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 x/i hours per day, or 2 7 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
MAY 1972 a SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer (thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares) (1941_43= 10) (Dec. 31, 1965 = 50) Stock Ex change ( G t l U e o o r . n v m 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 t e Total In tr d i u al s R ro a a i d l P u u ti b li l t i y c Total In tr d i u al s T p t o r i a r o t n n a s Utility na F n i c e in to d t e a x l 1 NYSE AMEX 196 2 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1,225 196 3 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 196 4 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 196 5 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 196 6 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 2,752 196 7 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 4,508 196 8 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 196 9 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 197 0 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 197 1 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— 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 66.4 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—Ja n 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 Feb........ 68.32 83.8 66.7 105.24 116.86 45.66 57.41 58.45 63.36 52.80 38.56 73.74 27.52 18,817 6,328 Mar.... 68.43 84.1 66.2 107.69 119.73 46.48 57.73 59.96 65.18 53.71 38.56 77.15 28.03 18,351 5,680 Apr........ 67.66 82.5 65.1 108.81 121.34 47.38 55.70 60.65 66.10 55.50 37.48 80.36 28.24 18,402 5,584 Week ending— 1972—Apr. 1 68.14 83.3 66.0 107.04 119.08 46.19 56.95 59.60 64.79 53.21 37.92 78.26 27.82 13,951 3,795 8, 67.77 82.3 65.5 108.73 121.11 47.34 56.70 60.54 65.90 55.37 37.94 79.33 28.12 19,763 6,034 15 67.48 81.5 65.0 109.83 122.50 48.09 56.00 61.23 66.77 56.54 37.62 80.93 28.46 19,907 6,272 22, 67.44 82.2 64.7 109.28 121.97 47.78 55.23 60.96 66.50 56.08 37.29 81.12 28.37 18,075 5.693 29, 67.95 84.2 65.2 107.38 119.80 46.30 54.86 59.88 65.23 54.00 37.07 80.06 28.01 15,862 4,336 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r e r p a o a n e t n c t r e ) t c F c h e ( e a p e n r e s t g r ) e & 1 s M (y a e t a u r r s i ) ty L c p r ( o e a p r n a t i e i c t r n o e ) / (t d h c o p o P h l r u u l a i a s c r s r . e e s o ) f (t a d h m L o o l o u o la a s u r . n n s o t ) f C c t ( r r e p a o a n e t n c t r e t ) c F c h e ( e a p e n r e s t g r ) e & 1 s M (y a e t a u r r s i ) ty L c r p ( o e a p r n a t i e i c t r n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r e e s o ) f (t d a h L o m o l u o l o a s a u . r n n s o ) t f 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 2.2.7 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 1971.............................. 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1971—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................. 7.65 .87 26.7 75.4 36.7 27.3 7.56 .79 24.3 74.6 31.6 23.2 Dec................. 7.62 .93 26.6 74.5 36.4 26.5 7.51 .80 24.6 74.6 32.5 23.9 1972—Jan.................. 7.62 .95 26.5 75.0 37.3 27.6 7.45 .82 24.9 74.7 32.5 24.1 Feb.'............. 7.45 1.02 27.0 76.5 37.2 27.8 7.35 .79 25.4 75.8 33.1 24.8 Mar................. 7.39 .81 27.1 76.0 37.8 28.2 7.32 .75 25.0 75.3 32.9 24.4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 STOCK MARKET CREDIT □ MAY 1972 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregu lated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1971—Mar.............. 5,392 4,531 861 4,300 772 193 72 38 18 1,137 1,183 465 2,333 Apr............... 5,598 4,776 822 4,530 739 206 67 40 16 1,122 1,206 445 2,216 May............. 5,701 4,874 827 4,620 754 213 57 41 16 1,122 1,235 431 2,084 June............. 5,783 4,976 807 4,720 733 213 58 43 16 1,228 1,263 415 2,023 July............... 5,860 5,050 810 4,790 737 215 56 45 17 1,091 1,183 410 1,841 Aug............... 5,917 5,121 796 4,850 723 227 58 44 15 1,208 1,206 405 1,838 Sept............... 5,990 5,208 782 4,930 713 230 54 48 15 1,182 1,237 364 1,734 Oct................ 6,016 5,238 778 4,950 711 239 53 49 14 1,194 1,204 393 1,765 Nov............... 5,995 5,198 797 4,910 731 242 51 46 15 1,193 1,209 412 1,758 Dec............... 6,835 5,700 835 5,400 764 258 57 42 14 1,197 1,298 387 1,837 1972—Jan................ 6,850 5,989 861 5,700 789 252 56 37 16 1,182 1,313 448 2,040 Feb................ 7,427 6,477 950 6,180 877 256 56 41 17 1,170 1,327 434 2,108 Mar.............. 7,847 6,896 951 6,620 883 240 53 36 15 1,158 1,294 442 2,070 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) Total Equity class (per cent) Equity class of accounts debt Net in debit status Total E pe n r d i o o d f l ( d i m o o o n f i l l s 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er End of period s c t r a e t d u i s t 60 o r p e m r o c r e e nt 6 L 0 e p ss e r t h c a e n n t o ( f b m a d i l o l a l l n i l o c a n e r s s ) lars) 1 1971- 48.6 45.5 5.9 4,400 1971—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 46.5 47.1 6.4 4,360 May. 4,620 10.6 15.7 36.7 18.0 7.4 11.6 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 44.2 47.0 8.8 4,160 Sept.. 4,930 8.7 13.1 34.3 20.7 9.9 13.3 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 35.0 55.7 9.4 7,300 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 1972- 36.8 55.9 7.3 5,780 1972—Jan... 5,700 8.7 13.5 27.1 32.6 8.5 9.6 Feb......................... 35.1 57.0 7.9 5,910 Feb.. 6,180 8.4 12.4 25.9 35.1 8.5 9.7 35.8 56.0 8.1 5,990 Mar.. 6,620 7.6 11.2 22.3 38.5 10.6 9.7 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
MAY 1972 □ SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 End of period M ga o g r e t Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o Cash O as t s h e e ts r g li T e a a t n o b i n e e t i d s a l r i a l l D i e t p s o 2 s l O ia t t i b e h i s e li r G r c e o e s a u n e c n e r v r t a s e l classi ( f i i n e d m b o y n t m hs a ) turity govt. other1 reserve accts. 3 or 3-6 6-9 Over Total less 9 1 1963................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2,549 1964................. 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 1965................. 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966................. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967................. 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968................. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1 ,166 3,011 1969................. 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 485 452 946 2,467 1970................. 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 1971—Feb.... 58,194 2,592 3,328 222 13,919 1,270 1,575 81,100 73,366 1,926 5,809 723 352 283 790 2,148 Mar.. . 58,540 2,636 3,356 246 14,882 1,287 1,635 82,581 75,002 1,746 5,832 840 413 322 86 A 2,439 Apr.... 58,796 2,727 3,340 278 15,519 1,254 1,656 83,570 75,824 1,882 5,863 993 445 360 1,005 2,804 May... 59,111 2,813 3,441 330 16,070 1,261 1,659 84,686 76,656 2,116 5,914 1,152 470 385 1,171 3,178 June. . 59,546 2,696 3,409 319 16,649 1,281 1,665 85,565 77,683 1,956 5.926 1,118 517 343 1,244 3,222 July... 59,935 2,545 3,558 326 16,969 1,198 1,750 86,282 78,130 2,198 5,924 1,015 582 347 1,260 3,204 Aug. .. 60,350 2,685 3,517 338 17,159 1,151 1,692 86,892 78,437 2,423 6,031 978 557 374 1,246 3,155 Sept.. . 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 1,196 3,213 Oct.. .. 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 1,230 3,253 Nov.. . 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 1,231 3,375 Dec---- 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 1,310 3,447 1972—Jan.4.. 62,258 r3,224 3,261 433 18,417 1,246 rl,802 90,641 r82,327 1,962 6,352 1,045 676 409 1,442 3,572 Feb.... 62,517 3,523 3,306 459 19,055 1,255 1,808 91,924 83,269 2,229 6,427 1,277 759 533 1,414 3,983 1 Also includes securities of foreign governments and international data previously reported by NAMSB which were net of valuation reserves. organizations and nonguaranteed issues of U.S. Govt, agencies. For most items, however, the differences are relatively small. 2 See note 8, p. A-19. 3 Commitments outstanding of banks in New York State as reported to Note.—National Assn. of Mutual Savings Banks data; figures are the Savings Banks Assn. of the State of New York. Data include building estimates for all savings banks in the United States and differ somewhat loans beginning with Aug. 1967. from those shown elsewhere in the Bulletin; the latter are for call dates 4 Balance sheet data beginning Jan. 1972 are reported on a gross of and are based on reports filed with U.S. Govt, and State bank supervisory valuation reserves basis. The data differ somewhat from balance sheet agencies. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge rt s e R st e a a te l P lo o a li n c s y a O s t s h e e ts r Statement value: 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964, 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965. 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966, 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967. 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 1968. 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 1966. 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967. 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968, 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1969. 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 9,964 1970. 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16,064 10,909 1971--Feb.r.............................. 209,947 11,071 4,592 3,307 3,172 91,045 74,688 16,357 74,459 6,373 16,220 10,779 Mar................................. 211,500 11,023 4,540 3,335 3,148 92,629 75,192 17,437 74,516 6,485 16,293 10,554 Apr................................. 212,698 10,946 4,454 3,375 3,117 93,756 75,604 18,152 74,536 6,535 16,370 10,555 May................................ 213,414 10,954 4,433 3,403 3,118 94,197 76,096 18,101 74,552 6,591 16,433 10,687 June................................ 214,279 10,786 4,242 3,412 3,132 95,031 76,644 18,387 74,535 6,644 16,516 10,767 July................................. 215,284 11,031 4,466 3,430 3,135 95,683 77,333 18,350 74,583 6,729 16,590 10,668 Aug................................. 216,436 11,076 4,475 3,452 3,149 96,429 77,581 18,848 74,707 6,749 16,679 10,796 Sept................................. 217,489 11,000 4,345 3,484 3,171 97,199 78,121 19,078 74,799 6,811 16,782 10,898 Oct.................................. 218,257 11,016 4,331 3,485 3,200 97,778 78,890 18,888 74,864 6,876 16,850 10,873 Nov................................. 219,353 11,150 4,473 3,484 3,193 98,443 79,384 19,059 74,903 6,949 16,948 10,960 Dec.................................. 221,573 11,129 4,427 3,518 3,184 99,430 78,912 20,518 75,596 7,097 17,027 11,294 1972-—Jan.................................. 223,312 11,325 4,594 3,535 3,196 101,350 80,087 21,263 75,517 7,097 17,074 10,949 Feb.................................. 224,736 11,341 4,609 3,535 3,197 102,821 80,795 22,026 75,456 6,999 17,132 10,987 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 □ MAY 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments4 Total assets— End of period M ga o ge rt s I s i n m t e v i c e e e u s n s r t 1 t Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i f d r u i v e t n s e d s m ro B o w n o e e r y d 3 Loans Other d p M u er r a i i d o n e d g O e p u in n e t g s d ri t o a a o d n t f d 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1.136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1 ,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5.601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2.136 1,482 196 7 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3.004 196 8 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 1969 5............. 140,232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 2,812 1970 5............ 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 1,602 4,393 1971 —Mar.. 154,199 18,297 3,362 9,560 185,418 155,510 12,023 9,809 3,491 4,585 3,130 6,445 Apr.. 156,343 18,264 3,132 9,723 187,462 157,721 12,010 8.602 3,868 5,261 3,370 7,359 May.. 158,516 18,615 2.986 9,976 190,093 159,881 12,027 7,745 4,327 6,113 3,505 8,300 June., 161,209 18,571 2,769 10,002 192,551 162,986 12.336 7,874 4,725 4,630 3.537 8,545 July.. 163.720 19,281 2,139 10,084 195,224 164,524 12.337 8,011 4,944 5,408 3,144 8,555 Aug... 166.111 18,972 2,077 10,312 197,472 165,633 12,329 8,203 5,023 6,284 2,880 8,311 Sept.., 168 ^ 233 18,663 2,056 10,474 199,426 168,303 12,339 8,388 4,996 5,400 2,639 8.004 Oct.. . 170.106 18.971 2,166 10,603 201,846 169,796 12,327 8,353 5,001 6,369 2.537 7,806 Nov.. 172.047 19,096 2,284 10,811 204,238 171,358 12,325 8,439 4,960 7,156 2,511 7,759 Dec.. 174,385 18,293 2,783 10,842 206,303 174,472 13,187 9,048 5,072 4,524 2,345 7,237 1972—Jan... 175,838 19,691 2,785 10,926 209,240 177,738 13,250 8,053 4,874 5,325 2,508 7,510 Feb.' . 177,614 20,682 2,829 11,144 212,269 180,556 7,275 4,853 13,248 6,337 3,354 8,659 Mar.? 180.166 21,404 2,518 11,367 215,455 184,855 6,816 5.079 13,261 5,444 4,106 9,856 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on reflects liquid assets and other investment securities. Included are U.S. preceding page) except that figures for loans in process are not included Govt, obligations, Federal agency securities, State and local govt, securi above but are included in the figures for mutual savings banks. ties, time deposits at banks, and miscellaneous securities, except FHLBB 5 Balance sheet data for all operating savings and loan associations stock. Compensating changes have been made in “Other assets.” were revised by the Federal Home Loan Bank Board for 1969 and 1970. 2 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings Note.—Federal Home Loan Bank Board data; figures are estimates for and fixtures. See also note 1. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLBB and other borrowing. monthly reports of insured assns. and annual reports of noninsured assns. 4 Insured savings and loan assns. only. Data on outstanding commit Data for current and preceding year are preliminary even when revised. MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c m rs e s I m nv e e n s ts t p C a o d a n s e s i d t h s B n a o o n n te d d s s M po b d e s e e m i r ts C s a to p c it k al M l g o ( a A a o g n r ) e s t D n t a e u ( o L n b r t e e d ) e s s n c L a o t ( o o i t A v o a p e ) n e s s r D t e u (L b 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 (L b re e ) s n M l g o ( a A a o g n r ) e t s B ( o L n ) ds 1967 4,386 2,598 127 4,060 1,432 1 ,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968, 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 1969. 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970. 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 6,395 1971 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 7,063 1971-—Mar. . 9,689 4,322 116 8,756 3,425 1,628 15,420 15,122 2,153 1,819 5,380 5,077 7,347 6,645 Apr... 8,269 4,235 192 7,876 2,828 1,627 15,308 15,477 2,113 1,900 5,568 5,336 7,426 6,700 May.. 7,268 4,400 96 7,419 2,379 1,620 15,242 15,142 2,056 1,830 5,729 5,468 7,502 6,640 June.. 7,241 3,718 132 7,329 2,112 1,602 15,363 14,795 2,041 1,770 5,909 5,639 7,579 6,640 July.. 7,338 3,211 85 7,297 1,699 1,600 15,674 15,638 1,997 1,726 5,905 5,712 7,650 6,884 Aug... 7,513 2,744 86 7,218 1,532 1,603 16,304 15,260 1,942 1,791 5,866 5,742 7,709 6,884 Sept. . 7,637 2,584 117 7,190 1,522 1,600 16,732 16,241 1,942 1,791 5,841 5,713 7,767 6,884 Oct... 7,640 2,740 99 7,390 1,450 1,603 17,202 16,984 2,030 1,745 5,763 5,680 7,826 7,063 Nov.. 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 7,063 Dec... 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 7,063 1972-—Jan.. . 7,238 3,412 156 7,139 1,949 1,647 17,977 17,442 2,098 1 ,867 5,785 5,537 7,970 7,063 Feb... 6,515 3,805 115 6,731 2,014 1,696 18,220 17,814 2,149 1,840 5,720 5,591 8,039 7,186 Mar. . 5,992 4,342 113 6,730 2,008 1,708 18,342 17,992 2,267 1,840 5,967 5,689 8,139 7,186 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
AY 1972 □ FEDERALLY SPONSORED CREDIT AGENCIE ISSUES OF FEDERALLY SPONSORED AGENCIES, MARCH 31, 1971 Cou Amount Cou Amount pon (millions Agency, and date of issue pon (millions Agency, and date of issue dllioi rate of dollars) and maturity rate of dollars) and maturity iolla Federal National Mortgage Federal intermediate Association—Cont. credit banks 200 Debentures—Cont: Debentures: 394 6/12/61 - 6/12/73. . .. 41/4 146 7/1/71 - 4/3/72.. 394 250 7/10/70 - 6/12/73.... 8.35 350 8/2/71 - 5/1/72. . 614 310 7/12/71 - 6/12/73........ 6.75 550 9/1/72 - 6/1/72. . 403 350 3/10/70 - 9/10/73___ 8.10 300 10/4/71 - 7/3/72 435 400 6/10/71 -9/10/73......... 6.13 350 11/1/71 - 8/1/72. 594 400 12/10/70 - 12/10/73. . 5.75 500 12/1/71 - 9/5/72 529 450 8/10/71 - 12/10/73.. . . 7.15 500 1/3/72 - 10/2/72. 397 300 12/1/71 - 3/11/74___ 5.45 400 2/1/72 - 11/1/72. 624 250 4/10/70 - 3/11/74___ 7.75 350 3/1/72 - 12/4/72. 558 300 8/5/70 - 6/10/74........ 7.90 400 3/2/70 - 3/1/73. 203 300 11/10/71 - 6/10/74___ 5.70 350 9/1/70- 7/2/73. . 200 182 9/10/69 - 9/10/74. . .. 7.85 250 7/1/71 - 1/2/74.. 212 229 2/10/71 - 9/10/74......... 5.65 300 1/4/71 - 7/1/74. 224 250 5/10/71 - 12/10/74.... 6.10 250 1/3/72 - 7/1/75. . 302 265 9/10/71 - 12/10/74.. . . 6.45 450 300 11/10/70 - 3/10/75. . . 7.55 300 350 10/12/71 - 3/10/75. . . 6.35 600 300 4/12/71 - 6/10/75......... 5.25 500 200 10/13/70 - 9/10/75. . . 7.50 350 350 3/10/72 - 12/10/75. . . 5.70 500 200 3/11/71 - 3/10/76......... 5.65 500 200 6/10/71 - 6/10/76........ 6.70 250 2/10/72 - 6/10/76........ 5.85 450 Federal landbanks 11/10/71 -9/10/76. . . . 6.13 300 Bonds: 7/12/71 - 12/10/76.. .. 7.45 300 2/23/71 •- 4/20/72. . . . 4.45 300 2/13/62 - 2/10/77___ 41/2 198 4/20/71 ■- 4/20/72 41/4 437 12/10/70 - 6/10/77. . . 6.38 250 6/22/70 - 7/20/72. . . 8.20 442 5/10/71 -6/10/77......... 6.50 150 9/14/56 - 9/15/72. . . 3K 109 998 9/10/71 -9/12/77......... 6.88 300 9/22/69 - 9/15/72. . . 8.35 337 10/12/71 - 12/11/78. . 6.75 300 10/23/72 - 10/23/72. 5K 200 250 12/10/71 - 12/10/79. . 6.55 350 7/20/71 -- 10/23/72. . . 6.50 446 200 2/10/72 - 3/10/80........ 6.88 250 7/20/70 - 1 /22/73. . . 7.95 407 250 1/21/71 - 6/10/81 7.25 250 2/20/63 - 2/20/73-78 4Vs 148 9/10/71 -9/10/81........ 7.25 250 1/20/70 - 7/20/73 . . . 8.45 198 2/10/71 - 6/10/82......... 6.65 250 8/20/73 - 7/20/73.... 7.95 350 3/11/71 - 6/10/83......... 6.75 200 4/20/70 - 10/22/73. . 7.80 300 400 11/10/71 - 9/12/83___ 6.75 250 2/20/72 - 2/20/74. . . 4% 155 250 4/12/71 - 6/11/84........ 6.25 200 10/20/70 - 4/22/74. . 7.30 354 200 12/10/71 - 12/10/84. . 6.90 250 10/21/71 - 7/27/74. . 5.85 326 3/10/72 - 3/10/92___ 7.00 200 4/20/71 - 10/21/74.. . 5.30 300 2/20/70 - 1/20/75. . . 8^8 220 4/20/65 - 4/21/75. . . 4^ 200 100 Banks for cooperatives 2/15/72 - 7/21/75 5.70 425 300 Debentures: 7/20/71 - 10/20/75. . . 7.20 300 400 10/4/71 - 4/3/72. . 5% 295 2/21/66 - 2/24/76. . . 5.00 123 200 11/1/72 - 5/1/72. . . 4.85 312 7/20/66 - 7/20/76. . . 5% 150 200 12/1/71 - 6/1/72. . 41/2 357 10/27/71 - 10/20/77. 6.35 300 400 1/3/72 - 10/1/73. . . 4.65 346 5/2/66 - 4/20/78 ___ 5H 150 450 2/1/72 - 8/1/72. .. . 3.80 430 2/20/67 - ■ 1/22/79. . . 5.00 285 250 10/1/70 - 10/1/73. 7.30 100 2/23/71 - 4/20/81. ... 6.70 224 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 □ MAY 1972 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public ; Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest of Net lend out or Public Plus: ments by Govt, Equals: Trea financ Budget ex ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi (-) securi securi Special borrow operat Other net4 tures ties ties notes 3 ing ing S is p s e u c e ia s l Other balance Fiscal year: 196 8 153,671 172,802 6,030 178,833 -25,161 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 2-1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 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-Dee.r 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-Dee.. 93,100 110,608 948 111,557 -18,377 26,001 -1,119 2,803 523 21,556 973 80 -2,122 Month: 1971—Ma r *■13,197 *■18,322 318 *•18,640 -5,443 1,003 518 522 324 675 -3,370 r — 97 *•1,301 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 1972—Ja...............n 17,596 19,226 243 19,469 -1,873 -1,269 -474 -1,508 -369 134 -191 1,026 2,573 Feb............ 15,239 18,589 175 18,764 -3,525 1.169 568 1,450 286 1 -4,018 -208 -702 Mar........... 15,237 20,000 327 20,327 -5,090 3,312 -103 -683 97 3,795 591 -16 1,869 Selected balances Treasury operating balance Federal securities End Memo: of Le:s s: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n nts d t O a e r p t i h o e e s s r i 5 Total se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s G In o v v e t s , tn a l c e c n o t u s n o ts f S n L p o e e t c s e s i s a : 3 l E T h q b o e u y l t a d a l l s: s c p p o G r o N r i n o v p o s v a s w o t t . e — . r - e 6 d S i p ss e u c e ia s l Other public Fiscal year: 1968.......................... 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 1969.......................... 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 1970........................... 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 1971........................... 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 Calendar year: 1970.......................... 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 38,802 1971........................... 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 *•39,860 Month: 1971 _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 39,860 1972—Jan................ 2,860 8,118 5 134 11,112 422,862 10,570 84,037 22,522 825 326,017 39,701 Feb................ 884 6,075 134 7,094 424,032 11,137 85,486 22,839 825 326,019 39,883 Mar............... 1,293 6,391 2 7,685 427,343 11,034 84,804 22,935 825 329,814 1 Equals net expenditures plus net lending. 4 Includes accrued interest payable on public debt securities, deposit 2 The decrease in Federal securities resulting from conversion to private funds, miscellaneous liability and asset accounts, and seigniorage. ownership of Govt.-sponsored corporations (totaling $9,853 million) is 5 As of Jan. 3, 1972, the Treasury operating balance was redefined to not included here. In the bottom panel, however, these conversions de exclude the gold balance and to include previously excluded “Other deposi crease the outstanding amounts of Federal securities held by the public taries” (deposits in certain commercial depositaries that have been con mainly by reductions in agency securities. The Federal National Mortgage verted from a time to a demand basis to permit greater flexibility in Association (FNMA) was converted to private owership in Sept. 1968 and Treasury cash management). the Federal intermediate credit banks (FICB) and banks for coopera 6 Includes debt of Federal home loan banks, Federal land banks, R.F.K. tives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and banks for 3 Represents non-interest-bearing public debt securities issued to the cooperatives (beginning Dec. 1968). International Monetary Fund and international lending organizations. New obligations to these agencies are handled by letters of credit. Note.—Half years may not add to fiscal year totals due to revisions in series which are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes Corporation Social insurance taxes income taxes and contributions Period Employment Total taxes and Excise Cus Estate Misc. W he i l t d h N w he i o t l n h d fu R n e d s t N ot e a t l c G e r r i e o p s ts s fu R n e d s co P ro n ay l t l r ibut S i e o l n f- s1 e in U m s n u p - r l. . c O e n r i t e p h e t t e s r 2 t N ot e a t l taxes toms a g n if d t taxes empl. Fiscal year: 196 8 153,671 57,301 20,951 9,527 68,72629,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 3,051 2,491 196 9 187,78470,18227,258 10,191 87,24938,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,74377,41626,236 13,24090,41235,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 3,644 3,424 197 1 188,39276,49024,262 14,52286,23030,320 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. 102,91038,619 20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 1,416 25,558 7,464 2,148 1,615 July-Dee.. 87,58437,465 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. 100,83039,045 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-Dee.. 93,18038,449 5,589 57443,465 13,262 1,448 19,643 155 1,518 1,673 22,989 8,961 1,838 2,395 1,718 Month: 1971—Mar.. '■13,197 r6,597 1,392 4,631 '3,358 3,887 363 3,472 152 77 288 3,990 1,443 226 329 328 Apr.. 21,024 5,939 7,951 4,261 9,630 4,360 345 3,294 1,085 301 290 4,970 1,351 221 589 248 May. 13,190 6,224 735 3,114 3.846 878 255 4,893 209 1,005 258 6,366 1,459 204 379 313 June. 22,508 6,690 3,681 505 9,867 6,684 236 3,311 115 57 279 3,764 1,510 250 352 318 July.. 13,198 6,221 490 191 6,519 1,163 284 2,987 205 272 3,464 1,532 227 319 258 Aug.. 15,652 6,706 306 91 6,920 688 236 5,049 660 287 5,996 1,482 244 311 245 Sept.. 19,710 5,513 3,755 76 9,192 4,505 198 3,299 152 60 273 3,784 1,490 363 263 312 Oct... 12,462 5,941 396 55 6,282 1,111 375 2,592 116 274 2,983 1,412 334 391 324 Nov.. 14,945 7,245 264 55 7,455 730 218 3,408 424 288 4,120 1,656 343 566 293 Dec.. 17,213 6,823 379 106 7,096 5,064 138 2,308 ' ' '3 52 278 2,642 1,389 329 545 286 1972—Jan.., 17,596 6,627 4,318 110,944 1,228 158 3,044 124 153 295 3,615 743 259 621 344 Feb.. 15,239 7,581 682 1,416 6.846 878 212 4,774 147 545 274 5,740 819 224 596 347 Mar., 15,237 7,782 1,323 5,200 3,905 4,995 273 3,787 167 71 325 4,350 1,130 264 602 263 Budget outlays4 Period t f i e N o d n e n a s a e l a I f n fa t i l r . s s S e p r a e a r c c e h A t c u u g r l r e i N ur a a t l t m C r a a o e n n r m d c s e p . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m t o d a i n w u a o d n c n e a r w H e a e l n a fa d lt r h e e V ra e n t s In e t s e t r g G e o r e v a n t l . t t I g i r n o a o a t n c n v r s a t s , - 5 Fiscal year: 196 8 178,833 80,517 4,619 4,721 5,943 1,655 8,094 4,076 6,739 43,780 6,882 13,744 2,561 -4,499 196 9 184,548 81,232 3,785 4,247 6,221 2,081 7,921 1,961 6,525 49,395 7,640 15,791 2,866 -5,117 197 0 196,588 80,295 3,570 3,749 6,201 2,480 9,310 2,965 7,289 56,785 8,677 18,312 3,336 -6,380 197 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-Dee. 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-Dee. 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: 1971—Ma r r15,640 r6,670 392 333 -52 r229 1,000 206 r913 r6,137 964 r1,711 r395 -260 Apr.......... 17,818 6,337 328 252 -21 250 1,015 286 683 6,093 883 1,683 323 -294 May........ 17,152 6,043 358 274 94 255 707 230 752 5,858 877 1.667 361 -325 June........ 19,965 8,122 185 245 -101 560 1,162 394 1,191 7,588 874 1,626 403 -2,284 July......... 18,556 5,187 340 377 1,784 293 572 545 684 6,191 798 1,651 380 -240 Aug.......... 19,582 5,595 308 291 963 432 1,643 291 661 6,385 892 1.668 533 386 Sept.......... 18,196 5,979 303 273 336 344 947 292 924 6,169 758 1,800 287 -246 Oct............ 18,791 6,106 303 266 1,134 309 1,030 272 501 6,499 833 1,418 396 -276 Nov.......... 18,947 6,175 286 286 568 302 892 256 851 6,437 942 1,811 334 -343 Dec......... 17,484 6,713 181 285 852 271 875 402 722 6,444 896 1,702 473 -2,332 1972—Ja..............n 19,469 6,161 347 259 699 264 813 434 813 6,807 1,023 1,737 390 -277 Feb.......... 18,764 6,333 307 276 298 237 619 254 908 6,938 864 1,714 400 -385 Mar........ 20,327 7,158 361 310 16 265 876 342 932 7,111 1,045 1,801 401 -293 1 Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. interest received by trust funds. 2 Supplementary medical insurance premiums and Federal employee 6 Estimates presented in the Jan. 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 □ MAY 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total Marketable Nonmarketable End of period p g u r b o l s i s c Con i S ss p u e e c s i a 4 l debt 1 Total Total Bills C c e a r t t e if s i Notes Bonds 2 b v i o b e n l r e 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—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 78.1 1971—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 Feb.. 424.0 336.5 261.2 98.1 112.9 50.2 2.3 73.0 55.3 85.6 Mar. 427.3 340.6 265.4 102.4 112.9 50.1 2.3 72.9 55.6 84.9 Apr., 425.3 340.4 263.0 98.3 114.7 50.0 2.3 75.1 55.9 83.1 1 Includes non-interest-bearing debt (of which $623 million on Apr. 30, 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 E pe n r d i o o d f p T g d u r o e b o t b l s a i t s c l ag G t U e a r o n u n .S v c d s i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r s r c O a o t t r i h o p e n o r s g S l a o o t n v c a d a t t s e l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o n t e e n d i r g a n l 1 O i m t n o v t 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—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 1972—Jan.................. 422.9 104.4 69.6 248.9 62.8 2.7 6.5 12.2 21.1 54.6 22.8 48.2 18.0 Feb.................. 424.0 106.2 67.7 250.2 62.1 2.7 6.5 12.5 22.0 54.9 22.4 48.9 18.2 Mar................. 427.3 105.5 69.9 251.9 63.3 2.7 6.5 12.3 21 .6 55.2 22.3 49.9 18.1 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se 2 Consists of savings and loan assns., nonprofit institutions, cor curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-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
MAY 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 Total years years years 20 years Total Bills Other All holders: 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—Dec. 31............................................................. 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972 Feb. 29............................................................. 261,215 122,067 98,122 23,945 93,089 26,347 9,459 10,253 Mar. 31............................................................. 265,380 126,315 102,371 23,944 93,106 26,349 9,419 10,191 U.S. Govt, agencies and trust funds: 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—Dec. 31..................................................... 18,444 1,380 605 775 7,614 4,676 2,319 2,456 1972 Feb. 29..................................................... 18,621 1,324 639 685 7,810 4,708 2,323 2,456 Mar. 31..................................................... 18,672 1,279 575 704 7,763 4,828 2,346 2,456 Federal Reserve Banks: 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—Dec. 31..................................................... 70,218 36,032 31,033 4,999 25,299 7,702 584 601 1972 Feb. 29..................................................... 67,698 34,574 28,300 6,274 26,318 5,647 566 594 Mar. 31..................................................... 69,928 36,468 30,136 6,332 26,534 5,719 599 607 Held by private investors: 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—Dec. 31..................................................... 173,376 81,729 65,867 15,862 60,735 16,943 6,627 7,340 1972 Feb. 29..................................................... 174,896 86,169 69,183 16,986 58,961 15,992 6,570 7,203 Mar. 31..................................................... 176,780 88,568 71,660 16,908 58,809 15,802 6,474 7,128 Commercial banks: 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—Dec. 31............................................ 51,363 14,920 8,287 6,633 28,823 6,847 555 217 1972—Feb. 29............................................ 48,971 14,868 6,928 7,940 27,384 6,035 490 195 Mar. 31............................................ 49,793 15,836 7,957 7,879 27,342 5,944 478 192 Mutual savings banks: 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—Dec. 31............................................ 2,742 416 235 181 1,221 499 281 326 1972—Feb. 29............................................ 2,683 377 180 197 1,223 483 299 301 Mar. 31............................................ 2,718 389 201 188 1,229 502 299 299 Insurance companies: 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—Dec. 31............................................ 5,679 720 325 395 1,499 993 1,366 1,102 1972—Feb. 29............................................ 5,575 659 309 350 1,441 1,024 1,369 1,082 Mar. 31............................................ 5,623 706 351 355 1,428 1,036 1,368 1,087 Nonfinancial corporations: 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—Dec. 31............................................ 6,021 4,191 3,280 911 1,492 301 16 20 1972—Feb. 29............................................ 5,830 4,411 3,217 1,194 1,119 258 16 27 Mar. 31............................................ 5,632 4,346 3,318 1,028 1,143 119 16 9 Savings and loan associations: 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—Dec. 31............................................ 3,002 629 343 286 1,449 587 162 175 1972—Feb. 29............................................ 3,125 835 481 354 1,330 631 149 180 Mar. 31............................................ 3,202 945 570 375 1,309 623 147 177 State and local governments: 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—Dec. 31............................................ 9,823 4,592 3,832 760 2,268 783 918 1,263 1972—Feb. 29............................................ 10,895 5,816 4,989 827 2,099 771 882 1,327 Mar. 31............................................ 10,289 5,119 4,309 810 2,176 795 881 1,318 All others: 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—Dec. 31............................................ 94,746 56,261 49,565 6,696 23,983 6,933 3,329 4,237 1972—Feb. 29............................................ 97,817 59,203 53,079 6,124 24,365 6,790 3,365 4,091 Mar. 31............................................ 99,523 61,227 54,954 6,273 24,182 6,783 3,285 4,046 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 5,658 commercial banks, 486 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 738 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.” Comparable data the 467 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 □ MAY 1972 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1971—Mar................................. 3,072 2,122 506 388 57 1,036 143 1,204 688 567 Apr................................. 2,458 1,881 328 216 33 828 116 878 636 516 May................................ 2,322 1 s695 406 192 29 837 100 742 643 480 June................................ 2,195 1,802 273 92 28 727 110 687 672 418 July................................. 2,484 2,103 280 74 28 814 131 837 702 471 Aug................................. 2,482 1,848 512 97 25 859 129 855 640 462 Sept................................. 2,115 1,598 271 219 26 759 99 725 532 482 Oct.................................. 2,646 1,905 438 268 36 988 117 906 634 659 Nov................................. 2,691 1,668 523 418 81 906 157 940 687 547 Dec................................. 3,139 2,317 497 266 58 1,006 214 1,190 730 569 1972—Jan................................... 3,191 2,268 571 309 44 i 879 2 391 3 1,120 801 623 Feb.................................. 3,260 2,339 652 242 27 913 363 1 ,170 815 611 Mar................................. 3,163 2,443 457 234 29 800 437 1,060 867 459 Week ending— 1972—Mar. 1......................... 2,969 2,483 354 105 28 677 342 1,198 753 571 8......................... 3,127 2,548 342 197 40 729 294 1,212 892 389 15......................... 2,951 2,200 435 296 19 731 464 968 788 417 22......................... 3,215 2,418 502 259 37 912 493 1,029 781 630 29......................... 3,323 2,569 555 179 21 852 490 1,011 970 403 Apr. 5......................... 3,487 2,609 604 244 30 802 486 1,153 1,046 324 12......................... 2,595 2,044 369 162 20 622 345 867 762 561 19......................... 2,856 2,329 313 188 27 721 407 855 873 467 26......................... 2,853 2,303 378 150 22 641 413 1,029 771 948 1 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities Note.—The transactions data combine market purchases and sales of dealers. U.S. Govt, securities dealers reporting to the F.R. Bank of New York. 2 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities They do not include allotments of, and exchanges for, pew U.S. Govt, brokers. securities, redemptions of called or matured securities, or purchases or 3 Beginning Jan. 5, 1972, includes transactions of dealers and brokers sales of securities under repurchase agreement, reverse repurchase (resale), in securities other than U.S. Govt., previously shown under “other” or similar contracts. Averages of daily figures based on the number of dealers and brokers. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t A a ie t l u s l ri W y i e 1 t a h r in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G g e t c e i o e u n v s r c t i . y Period sou A r l c l es Y N C o e it r w y k w E h ls e e r e C t o io rp ns o r 1 a o A th l e l r 1971—Mar.................. 4,421 3,511 437 404 70 981 1971—Mar............. 4,543 1,356 926 399 1,862 Apr................. 4,870 4,019 415 416 20 1,118 Apr............. 5,700 1,759 1,415 724 1,802 May................. 2,646 2,115 189 331 11 818 May............ 3,389 1,095 475 517 1,301 June................. 2,735 2,477 116 130 12 776 June............ 3,163 1,061 523 435 1,145 July................. 3,011 3,018 — 23 26 -11 771 July............. 3,516 1,151 391 721 1,254 Aug.................. 2,897 2,473 344 70 11 698 Aug............. 3,071 894 390 821 967 Sept................. 3,856 3,089 355 377 36 926 Sept............. 4,146 1,049 856 811 1,430 Oct................... 4,353 3,612 394 310 37 903 Oct.............. 4,511 1,188 704 921 1,699 Nov................. 5,846 3,725 914 943 265 1,063 Nov............. 6,455 1,877 932 1,564 2,082 Dec.................. 5,335 3,877 626 600 232 1,101 Dec............. 5,517 1,375 912 1,659 1,571 1972—Jan................... 5,561 4,665 437 365 94 847 1972—Jan.............. 5,714 1,296 904 1,750 1,763 Feb.................. 4,960 4,094 479 304 83 554 Feb.............. 5,205 1,456 719 1,344 1,686 ................. 4,933 4,710 228 -32 27 489 Mar Mar............. 4,662 1,347 907 949 1,458 Week ending— Week ending— 1972—Feb. 2 . . , 5,683 5,017 424 164 78 712 1972—Feb. 2... 5,732 1,501 1,021 1,625 1,584 9......... 5,088 3,885 761 361 81 493 9. .. 5,811 1,556 865 1,539 1,852 ......... 4,299 3,364 508 340 87 508 16 16. .. 4,993 1,072 555 1,286 2,080 23 . , 4,827 4,144 321 282 80 664 23. .. 4,583 1,387 580 1,271 1,345 Mar. 1......... 5,309 4,668 298 258 86 582 Mar. 1 . .. 5,165 1,706 880 1,177 1,403 8___ 5,635 5,211 325 39 60 561 8. .. 5,148 1,515 1,013 1,199 1,422 15......... 5,128 4,943 214 -46 18 392 15. .. 5,078 1,353 900 1,180 1,645 22 4,680 4,587 158 -80 14 477 22. .. 4,500 1,421 803 788 1,488 29 ... . 4,420 4,296 176 -60 7 507 29. .. 4,074 1,117 833 703 1,422 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
MAY 1972 □ GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, ARIL 30, 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 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds Apr. 30, 1972.. 1.702 Oct. 5, 1972........... 1,800 Oct. 1, 1973 .11/2 30 June 15, 1967--72..21/2 1,226 May 4, 1972.. 3,902 Oct. 12, 1972........... 1,801 Feb. 15, 1974 • 7% 2,960 Sept. 15, 1967--72..21/2 1,951 May 11, 1972.. 3.901 Oct. 19, 1972........... 1,801 Apr. 1, 1974 .li/z 34 Dec. 15, 1967--72..21/2 2,549 May 18, 1972.. 4,007 Oct. 26, 1972........... 1,801 May 15, 1974,.,. .714 4,334 Aug. 15, 1972 4 1,453 May 25, 1972.. 4.001 Oct. 31, 1972........... 1,700 Aug. 15, 1974 , ..55/8 10,284 Aug. 15, 1973 4 3,894 May 31, 1972.. 1.701 Nov. 30, 1972........... 1,701 Oct. 1, 1974 ., .11/2 42 Nov. 15, 1973 .41/s 4,340 June 1, 1972.. 4.001 Dec. 31, 1972............ 1,701 Nov. 15, 1974 .5% 7,212 Feb. 15, 1974 .41/s 2,468 June 8, 1972.. 4.002 Jan. 31, 1973............ 1,200 Feb. 15, 1975 .534 5,148 May 15, 1974 .41/4 2,854 June 15, 1972.. 4.002 Feb. 28, 1973............. 1,200 Feb. 15, 1975 • 57/s 2,045 Nov. 15, 1974 •37/s 2,237 June 21, 1972f. 3,026 Mar. 31, 1973............ 1,201 Apr. 1, 1975 , ., •li/z 8 May 15, 1975--85.av4 1,208 June 22, 1972.. 4.002 May 4 to July 6, 1972 May 15, 1975, •57/8 1,776 June 15, 1978-83..3% 1,519 June 29, J972.. 3.902 strip........................... 2,043 May 15, 1975 6 6,760 Feb. 15, 1980 4 2,584 June 30, 1972.. 1.701 Aug. 15, 1975,.,. •57/8 7,679 Nov. 15, 1980 .31/2 1,900 July 6, 1972.. 3.903 Oct; 1, 1975,. ,■ m 30 Aug. 15, 1981 ,7 807 July 13, 1972.. 3.902 Nov. 15, 1975 ,, .7 3,115 Feb. 15, 1982 .65/8 2,197 July 20, 1972.. 3.902 Feb. U, 1976 .614 3,739 May 15, 1985, .314 1,021 July 27, 1972.. 3.903 Treasijry notes Apr. 1, 1976 .11/2 27 Nov. 15, 1986, .61/8 1,216 July 31, 1972.. 1.703 May 15, 1972........4y4 3,676 May 15, 1976 .5Y4 2,804 Aug. 15, 1987--92..414 3,784 Aug. 3, 1972.. 1,600 May 15, 1972........6V4 1,377 May 15, 1976.. ..61/2 2,697 Feb. 15, 1988--93..4 243 Aug. 10, 1972.. 1,600 Aug. 15, 1972.........5 2,574 Aug. 15, 1976,, ..71/2 4,194 May 15, 1989--94..41/s 1,535 Aug. 17, 1972.. 1,801 Oct. 1. 1972........li/i 33 Oct. 1, 1976 11 Feb. 15, 1990. .31/2 4,428 Aug. 24, 1972.. 1,803 Nov. 15, 1972........6 2,285 Nov. 15, 1976 •614 1,283 Feb. 15, 1995, 3 1,039 Aug. 31, 1972.. 3,496 Feb. 15, 1973........6% 2,514 Feb. 15, 1977 .8 5,163 Nov. 15, 1998 .31/2 3,535 Sept. 7, 1972.. 1,800 feb. 15, 1973.........4% 4,268 Aug. 15, 1977 • 734 2,264 Sept. 14, 1972.. 1,801 Apr. 1, 1973.........li/2 34 Feb. 15, 1978 .., • 614 8,389 Convertiblebonds Sept. 21, 1972.. 1,801 May 15, 1973.........7% 5,844 Nov. 15, 1978, .6 8,207 Investment Series B Sept. 28, 1972.. 1,805 Aug. 15, 1973........8H 1,839 Apr. 1, 1975-80..23^ 2,312 Sept. 30, 1972.. 1.702 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 D R n e u v e e HAAl G l U o o a .S v n t . s . State di s a s t n t a r d t i . ct Other2 Total c E at d i u o n b R r a i o d n a g d d e s s i U tie ti s l 4 H in o g u s s V a a e n i t d e s r ’ O p p o t u s h r e e s r gations auth. 1964................ 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 1965................ 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 1966................ 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 i,r~ 533 3,667 1967................ 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,807 1968................ 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 1969................ 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 1970................ 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 1971................. 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 1971—Mar. .. 2,258 1,309 949 1 447 660 1,152 2,244 570 183 702 28 762 Apr— 1,891 1,305 581 5 430 510 952 1,841 491 66 471 19 795 May.. . 2,167 1,091 869 197 10 486 1,095 585 2,159 625 448 433 222 430 June... 2,013 1,320 684 8 779 337 896 2,004 385 394 699 14 512 July. .. 1,989 1,306 506 171 5 477 606 905 1,942 301 120 231 219 1,071 Aug. . . 1,903 1,141 754 9 459 735 707 1,894 352 158 377 159 846 Sept.. . 2,098 1,313 523 258 3 348 706 1,044 2,053 463 65 458 271 796 Oct.. .. 1,728 836 890 3 341 840 548 1,626 291 210 353 96 678 Nov.. . 2,264 1,394 869 1 629 874 761 2,134 418 338 500 246 631 Dec.... 2,068 1,367 440 253 8 441 568 1,058 2,042 353 137 239 298 1,016 1972—Jan. . 1,770 1,120 649 2 639 545 587 1,690 377 147 440 56 670 Feb.r.. 1,989 1,049 935 5 354 963 671 1,917 527 78 435 29 849 Mar.. . 2,195 1,278 687 225 5 434 930 830 2,081 457 133 340 329 820 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 rtjay not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 48 SECURITY ISSUES □ MAY 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. G U o .S vt . . an S d t a lo te c al Others Total Govt.2 agency3 (U.S.)4 Total P o u f b fe l r ic e l d y P p ri l v a a c t e e d ly Preferred Common 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...................... 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 1971....................... 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1971—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.c . . . . 9,410 2,455 1,876 1,679 12 3.387 2,665 1,942 723 86 637 Nov.c. .. . 10,568 3,254 1,300 2,286 24 3,704 2,436 2,003 433 270 999 Dec.c 6,911 443 698 2,058 39 3,673 2,473 1,190 1,283 169 1,031 1972—Jan............ 7,115 529 1,401 1,737 297 3,151 2,319 1 ,767 552 303 529 Feb............ 7,248 539 1,325 1,942 126 3,315 2,277 1,906 371 194 844 Gross proceeds, major groups of corporate issuers Period Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1964................................................... 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965................................................... 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966................................................... 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 1967................................................... 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968................................................... 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969................................................... 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 1970................................................... 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 1971.................................................. 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1971—Feb........................................ 644 17 72 112 89 1 752 317 672 11 248 66 Mar....................................... 2,123 294 289 186 160 1 895 557 481 52 834 204 Apr........................................ 819 316 198 243 268 67 607 660 247 26 484 107 May...................................... 631 158 143 131 250 89 447 141 403 2 763 113 June...................................... 1,031 175 497 290 182 115 616 439 204 14 513 300 July....................................... 383 200 159 188 157 62 520 212 232 1,390 500 144 Aug....................................... 262 212 76 175 76 12 687 162 359 385 126 Sept....................................... 991 154 123 295 120 29 578 492 235 46 525 179 Oct........................................ 571 91 150 172 185 5 703 230 432 624 224 Nov....................................... 637 174 61 232 145 6 672 545 261 9 660 303 Dec........................................ 687 293 246 127 199 33 520 371 311 42 510 335 1972—Jan........................................ 307 71 169 138 254 14 416 113 456 294 717 203 Feb........................................ 421 100 55 104 120 4 389 600 438 60 855 170 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
MAY 1972 □ SECURITY ISSUES A 49 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1967......................... 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 1968......................... 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 1969......................... 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 1970......................... 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 1971......................... 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 1970—IV................ 11,936 2,577 9,359 9,034 2,069 6,964 2,902 508 2,394 1971—1................... 11,241 2,015 9,226 8,765 1,776 6,989 2,476 239 2,237 II................. 13,212 2,979 10,233 8,974 2,681 6,294 4,238 299 3,939 Ill............... 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 4,244 IV................ 11,488 2,521 8,967 8,019 2,084 5,935 3,469 437 3,032 Type of issuer Manu Commercial ! Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1967......................... 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 1968......................... 4,418 -1,842 2,242 821 987 -149 3,669 892 1 ,579 120 1 ,069 -741 1969......................... 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1970......................... 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1971......................... 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1970—IV................. 2,054 374 407 404 428 58 1,777 1,189 1,135 51 1,165 318 1971—1................... 2,076 520 201 416 271 33 1,897 948 1,194 66 1,349 255 II.................. 2,296 885 446 757 461 374 1,347 1,261 919 38 825 624 Ill................ 852 676 -10 678 195 230 1,493 814 832 1,442 1,148 404 IV................. 1,361 453 190 445 -27 163 1,749 1,183 980 54 1,683 734 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- Note.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose, actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales i Redemp Net Total 2 Cash Other Sales 1 Redemp Net Total 2 Cash Other tions sales position 3 tions sales position 3 1960............... 2,097 842 1,255 17,026 973 16,053 1971—Mar... 468 425 43 53,618 3,328 50,290 Apr.. . 547 394 153 55,883 3,046 52,837 1961............... 2,951 1,160 1,791 22,789 980 21,809 May.. 307 428 -121 53,610 2,607 51,003 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 June.. 434 467 -33 53,560 2,830 50,730 1963............... 2,460 1,504 952 25,214 1,341 23,873 July... 371 444 -73 51,424 2,856 48,568 Aug... 432 394 38 53,798 3,016 50,782 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Sept... 304 471 -167 53,291 2,511 50,780 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 Oct__ 596 419 177 51,160 2,885 48,275 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 Nov... 397 334 63 50,958 3,172 47,786 Dec... 453 411 42 55,045 3,038 52,007 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 1972—Jan. ... 521 475 46 56,694 3,163 53,531 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 Feb... 404 514 -110 58,536 3,478 55,058 Mar... 472 667 -195 58,740 3,251 55,489 1970............... 4,624 2,987 1,637 47,618 3,649 43,969 1971............... 5,145 4,751 774 56,694 3,163 53,531 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 mem bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 50 BUSINESS FINANCE □ MAY 1972 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 I II III IV I II III IV Manufacturing Total (177 corps.): Sales.......................................... 177,237 195,738201,399225,740243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes................ 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes................... 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends................................. 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 1,885 2,118 Nondurable goods industries (78 corps.):2 Sales.......................................... 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes................ 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes................... 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1,489 1,492 1,559 1,529 1,523 Dividends......................................... 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 820 849 Durable goods industries (99 corps.):3 Sales.......................................... 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756 Profits before taxes................ 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4,490 4,041 4,224 3,210 3,815 Profits after taxes................... 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 1,715 1,997 Dividends................................. 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 1,065 1,270 Selected industries: Foods and kindred products (25 corps.): Sales.......................................... 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 6,631 6,325 Profits before taxes................ 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 666 644 Profits after taxes................... 896 1,008 1,041 1,093 1,171 255 260 285 293 261 275 314 321 Dividends......................................... 509 564 583 616 661 150 155 155 156 162 165 164 170 Chemical and allied products (20 corps.): Sales.......................................... 18,158 20,007 20,561 22,808 24.494 5,436 5,697 5,782 5,893 5,845 6,230 6,236 6,183 Profits before taxes................ 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 818 721 Profits after taxes................... 1,630 1,737 1,579 1,618 1,773 390 419 412 398 448 473 441 411 Dividends................................. 926 948 960 1,002 1,031 236 236 243 287 252 251 254 274 Petroleum refining (16 corps.): Sales.......................................... 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 6,214 6,107 6,610 6,264 6,605 Profits before taxes................ 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 750 737 Profits after taxes................... 1,541 1,898 2,038 2,206 2,224 592 520 561 534 562 558 554 550 Dividends......................................... 737 817 1,079 1,039 1,123 253 255 258 273 282 273 282 286 Primary metals and products (34 corps.): Sales.......................................... 26,548 28,558 26,532 30,171 33,674 7,150 8,427 7,461 7,133 7,671 8,612 8,448 8,943 Profits before taxes................ 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 715 818 Profits after taxes................... 1,689 1,903 1,506 1,750 1,912 376 550 343 482 431 504 435 542 Dividends................................. 818 924 892 952 987 224 230 233 264 242 245 247 253 Machinery (24 corps.): Sales.......................................... 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 10,542 9,463 Profits before taxes................ 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1,071 1,167 1,141 998 Profits after taxes................... 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 568 477 Dividends................................. 774 912 921 992 1,128 247 248 248 249 270 271 293 294 Automobiles and equipment (14 corps.): Sales.......................................... 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 11,300 14,024 Profits before taxes................ 6,253 5,274 3,906 5,916 5,268 1,507 1 .851 640 1,918 1 ,663 1,542 652 1,411 Profits after taxes................... 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 342 706 Dividends................................. 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 366 556 Public utility Railroad: Operating revenue.................. 10,208 10,661 10,377 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 2,836 2,958 Profits before taxes................. 979 1,094 385 678 683 127 206 149 196 128 220 149 186 Profits after taxes................... 815 906 319 565 461 112 174 110 169 98 173 98 92 Dividends................................. 468 502 538 515 488 117 132 100 166 116 136 100 136 Electric power: Operating revenue................. 15,816 16,959 17,954 19,421 21,075 5,106 4.553 4,869 4,892 5,480 4,913 5,370 5,312 Profits before taxes................ 4,213 4,414 4,547 4,789 4,938 1,351 I ,040 1 ,271 1,125 1,384 1,065 1,366 1,123 Profits after taxes................... 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 827 779 Dividends................................. 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 561 581 Telephone: Operating revenue................. 11,320 12,420 13,311 14,430 16,057 3,486 3.544 3,629 3,771 3,853 3,975 4,044 4,185 Profits before taxes................ 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 979 1,006 Profits after taxes................... 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 497 520 Dividends................................. 1,153 1,248 1,363 1,428 1 ,493 351 318 396 363 368 371 373 381 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroad: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Series have been temporarily discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r s t e s c ta o I x n m e e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h s tr U p i r b n o u d f t i i e t s s d co c a n a t l i l s p o o u i n w t m a l p Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h s t U r p i r b n o u d fi t i t e s s d co c a t n a l i l o s p o u n i w t m a l p ances 1 ances 1 1966............... 84.2 34.3 49.9 20.8 29.1 39.5 1970—I. ... 75.6 34.1 41.5 25.0 16,6 54.4 1967................ 79.8 33.2 46.6 21.4 25.3 43.0 II. .. 75.8 34.5 41.3 24.9 16.4 55.7 III... 78.5 35.6 42.9 25.2 17.7 56.7 1968................ 87.6 39.9 47.8 23.6 24.2 46.8 IV... 71.6 32.3 39.2 25.0 14.3 58.0 1969................ 84.2 39.7 44.5 24.4 20.0 51.3 1970................ 75.4 34.1 41.2 25.0 16.2 56.2 1971—I. ... 83.0 38.3 44.8 25.6 19.2 59.4 1971................ 85.5 37.8 47.6 25.5 22.1 61.9 II . . . 86.9 39.1 47.8 25.4 22.4 61.0 III... 85.8 37.5 48.2 25.7 22.5 62.7 IV... 86.0 36.4 49.6 25.3 24.4 64.4 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 N<?t Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . I t n o v ri e e n s Other Total J F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 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 01.4 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 04.7 IV2..................... r235.3 r601.5 63.0 13.0 3.5 rill.6 201.3 43.0 r366.2 4.9 247.4 19.5 94.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment 2 New series (for which figures for the third and fourth quarters of 1971 companies, were published in the April Bulletin) has been temporarily abandoned by SEC. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Total Period Total Durable d N ur o a i b l- le Mining R ro a a i d l Air Other Electric and G a o s t her n C i o ca m ti m on u s Other1 A (S . . R A .) . 1966......................... 63.51 14.06 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 1967......................... 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1968.......................... 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15,14 1969......................... 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 1970......................... 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 1971......................... 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972 2 ..................... 89.77 16.11 16.50 2.20 1.75 2.42 1.55 14.58 2.86 12.30 19.51 1970—IV................. 21.66 4.26 4.40 .50 .43 .76 .33 3.12 .63 2.81 4.42 78.63 1971—1.................... 17.68 3.11 3.58 .49 .34 .34 .28 2.70 .41 2.50 3.94 79.32 II................... 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 Ill................. 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV................. 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972—1 2 ................ 19.56 3.43 3.60 .53 .45 .52 .35 3.15 .45 7.i08 87.54 II 2............... 22.49 4.01 4.15 .54 .42 .78 .35 3.60 .72 7.92 89.09 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 □ MAY 1972 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s2 1- to 4-family houses4 com M m u e l r t c if ia a l m p il r y o p a e n r d ti es 5 M t o y r p tg e a 6 ge E pe n r d i o o d f h A e o r l l s d l tu F i t n i c i n i s o a a t n l i n s 1 a U c g i . e e S n s . v o I i a t d n h n u d e d a i r l s s h A e o r l l s d l tu F i t n i c i n i o s a a t n l i n s 1 O h e o t r h l s d e 3 r h A e o r l l s d l Total tu F i t n i i n o s a t n i n s . 1 O h e o t r h l s d e r Total tu F i t n i i n o s a t n i n s . 1 O h e o t r h l s d er w u F V n r H i d A t A t e 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—III.. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV.. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—1.. .. 429.4 340.7 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... 435.6 344.5 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—1.... 459.0 361.8 33.6 63.6 31.8 10.1 21.7 427.2 283.6 234.5 '49.1 143.6 117.5 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 '50.1 148.3 121.6 26.7 114.4 324.9 Ill. . 485.6 383.6 37.4 64.6 32.4 9.8 22.6 453.2 299.7 248.0 51.7 153.5 125.8 27.7 IV . . 499.9 394.5 105.4 66.8 32.9 9.9 23.0 467.0 307.8 254.2 53.6 159.2 130.5 28.7 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 U.S. agencies (amounts small or 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 Total non Farm Total non Farm FHA- VA- Con farm FHA- VA- Con farm Total in- guar ven Total in guar ven sured anteed tional sured anteed tional 1941........ 4,906 3,292 1 ,048 566 4,812 3,884 900 28 1945........ 4,772 3,395 856 521 4,208 3,387 797 24 196 4 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11 ,121 13,079 4,016 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 i 17 196 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 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 Ill 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 7,888 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 7,413 107 II. 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,880 49,260 15,931 12,092 21,237 7,519 101 Ill 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 7,671 103 IV. 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 7,893 119 1971—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 Ill 79,936 50,280 25,500 4,156 60,625 51,989 22,429 75 IV. 82,515 52,004 26,306 4,205 61,978 53,027 23,287 50 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
MAY 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 1 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 1964................................................... 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965................................................... 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966................................................... 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967................................................... 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968................................................... 7,925 7,153 755 346 6,052 722 69,973 64,172 12,469 5,954 45,749 5,801 1969................................................... 7,531 6,943 663 220 6,108 537 72,027 66,254 12,271 5,701 48,282 5,773 1970r................................................ 7,137 6,785 397 80 6,268 315 73.227 67,555 11,551 5,540 49,898 5,672 1971.................................................. 7,684 7,185 320 98 6,584 497 74,700 69,125 11,086 5,195 52,274 5,574 1971—Feb........................................ 449 425 17 5 407 24 74,437 68,871 11,338 5,346 52,187 5,566 Mar....................................... 623 579 33 5 541 44 74,516 68,973 11,302 5,316 52,355 5,543 Apr........................................ 578 533 18 8 507 45 74,536 68,993 11,237 5,284 52,472 5,543 May...................................... 491 442 24 8 410 49 74,552 68,425 11,186 5,254 51,985 5,554 June...................................... 537 494 29 9 456 42 74,535 68,973 11,123 5,219 52,631 5,562 July....................................... 590 551 20 8 523 39 74,583 69,017 11,048 5,180 52,789 5,566 Aug....................................... 735 684 23 8 601 51 74,707 69,121 10,975 5,142 52,438 5,586 Sept....................................... 672 636 73 10 515 36 74,799 69,209 10,950 5,104 52,590 5,590 Oct........................................ 607 568 28 11 487 39 74,864 69,270 10,884 5,071 52,749 5,594 Nov....................................... 607 565 20 9 492 42 74,903 69,302 10,843 5,047 52,854 5,596 Dec........................................ 1,346 1,285 18 10 1,252 61 75,596 69,995 10,760 5,001 53,660 5,601 1972—Jan......................................... 503 475 37 16 393 28 81,056 75,517 10,722 4,986 53,704 5,539 Feb........................................ 436 392 26 12 354 44 75,456 69,940 10,674 4,952 53,750 5,516 1 Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-earlier monthly figures may hot add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Members1 Period va A n d c es R m e e p n a ts y d (e e n p d o si o ts f Period h N o e m w e Home FHA- VA- Con Total t S e h rm or t 1 t L e o rm ng 2 period) Total i con pur Total 2 in guar- ven struc chase sured anteed tional tion 1945......................... 278 213 195 176 19 46 1964......................... 5,565 5,025 5,325 2,846 2,479 1,199 1945............... 1,913 181 1,358 5,376 1965......................... 5,007 4,335 5,997 3,074 2,923 1,043 1966......................... 3,804 2,866 6,935 5,006 1,929 1,036 1964............... 24,913 6,638 10,538 101,333 4,894 6,683 89,756 1965............... 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1967......................... 1,527 4,076 4,386 3,985 401 1,432 1966............... 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1968......................... 2,734 1 ,861 5,259 4,867 392 1,382 1969......................... 5,531 1,500 9,289 8,434 855 1,041 1967............... 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1970......................... 3,256 1,929 10,615 3,081 7,534 2,331 1968............... 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1971......................... 2,714 5,392 7,936 3,002 4,934 1,789 1969............... 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1970r............. 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971—Apr.............. 71 1,492 8,269 2,226 6,043 2,828 1971............... 39,472 6,835 18,811 174,385 13,798 10,848 149,739 May............. 151 1,151 7,267 2,322 4,945 2,376 June............. 238 264 7,241 2,397 4,844 2,111 1971—Mar... 2,795 521 1,143 154,430 12,123 8,922 134,320 July............. 309 213 7,338 2,544 4,794 1,696 Apr.. . 3,168 597 1,306 156,574 11,560 9,128 135,886 Aug.............. 358 183 7,514 2,812 4,702 1,528 May. . 3,438 620 1,451 158,747 11,885 9,299 137,563 Sept............. 327 203 7,637 2,844 4,793 1,522 June.. 4,301 718 2,109 161,440 12,273 9,580 i39,587 306 303 7,640 2,874 4,766 1,450 July... 4,151 686 2,087 163,951 12,592 9,784 141,575 Nov............. 364 296 7,709 2,829 4,880 1 ,549 Aug... 4,111 641 2,225 166,342 12,852 10,034 143,456 490 262 7,936 3,002 4,934 1,789 Sept... 3,672 628 1,951 168,464 13,130 10,232 145,102 Oct.. . 3,405 609 1,717 170,106 13,278 10,374 146,454 1972—Jan............... 186 885 7,238 2,569 4,669 1,948 Nov... 3,298 589 1,661 172,047 13,521 10,582 147,944 Feb.............. 148 871 6,515 2,342 4,173 2,014 Dec.. . 3,592 573 1,590 174,385 13,798 10,848 149,739 Mar............. 500 2,444 5,992 2,125 3,867 2,008 1972—Jan.... 2,632 481 1,253 175,838 13,976 11,013 150,849 Feb.r . 2,849 518 1,400 177,614 14,167 11,264 152,183 1 Secured or unsecured loans maturing in 1 year or less. Mar... 3,909 714 1,860 180,166 14,416 11,594 154,156 2 Secured loans, amortized quarterly, having maturities of more than I year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. Note.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 54 REAL ESTATE CREDIT □ MAY 1972 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i G Uli o d v e e r r w nm rit e t n e t n - Con E pe n r d io o d f Total F i i n c n i s a a t l i n h O ol t d h e e r r s Total F i i c n n i s a a t l i n h O ol t d h e e r r s End of period Total Total F su H in r A e d - an g V t u e A a e r - d 1 ti v o e n n a l tutions tutions 1 1 19 9 9 4 4 6 1 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 5 4 6 . . . 7 9 7 3 9 8 4 . . . 6 5 4 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 5 7 6 2 2 8 . . . 3 2 2 1 1 1 9 9 9 6 5 6 3 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 9 8 2 7 . . . 2 6 6 6 6 4 5 9 . . . 3 9 2 3 3 4 5 8 . . . 1 3 0 3 3 0 0 . . .9 2 9 1 1 1 1 2 4 6 8 . . . 3 3 3 1964................ 231.1 195.4 35.7 33.6 25.1 8.5 1965.................................. 212.9 73.1 42.0 31.1 139.8 1 1 1 9 9 9 6 6 6 7 6 5 . ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 2 3 1 3 6 3 . . . 7 6 2 4 4 3 0 3 6 . . . 3 9 4 4 4 3 0 3 7 . . . 3 9 2 2 3 3 1 4 9 . . . 5 7 0 9 8 8 . . . 8 2 2 1 1 1 9 9 96 6 6 6 7 8 . ? ? .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 23 5 2 6 1 3 . . . 1 2 6 7 7 8 6 9 4 . . . 1 9 4 5 4 44 0 7 . . . 8 6 4 3 3 3 3 2 1 . . . 5 3 8 1 1 1 5 6 4 6 6 7 . . . 1 8 6 1968?.............. 298.6 250.8 47.8 47.3 37.7 9.6 1970—1............................ 268.5 91.6 55.6 36.0 176.9 1970— I I I I ll . _ . , . _ _ . 3 3 3 3 2 2 2 6 1 . . . 3 2 7 2 2 2 7 6 6 2 8 5 . . . 8 9 9 5 5 5 9 5 7 . . . 4 8 4 5 5 5 6 4 3 . . . 1 5 2 4 4 4 4 3 2 . . . 3 9 2 1 1 1 1 0 1 . . . 8 3 3 I I I V l I l .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 7 7 8 1 6 0 . . . 7 2 0 9 9 9 5 2 7 . . . 1 3 2 5 5 5 6 8 9 . . . 1 1 9 3 3 3 7 6 7 . . . 3 0 0 1 1 1 7 8 8 9 2 1 . . . 6 9 0 IV........ 338.2 277.2 61.0 58.0 45.8 12.2 1971—1............................. 283.6 98.2 61.0 37.3 185.3 1971—1........... 343.3 281.6 61.7 59.7 47.2 12.5 I I I l . l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 9 9 0 9 . . 9 7 100.4 62.8 37.6 190.5 II........ 353.1 290.1 63.0 62.3 49.4 12.9 IV.......................... 307.8 Ill___ 364.0 298.4 65.6 64.3 50.4 13.9 IV 374.7 306.1 68.6 66.8 52.0 14.8 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. i Structures of five or more units. Note.—Based on data from same source as for “Mortgage Debt Out est N im o a t t e e . s — . F F o o r r c t o o n ta v l e n d ti e o b n t a l, o u fi t g s u ta r n es d i a n r g e , de fi r g iv u e re d s . are FHLBB and F.R. standing” table (second preceding page). Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL DELINQUENCY RATES ON HOME MORTGAGES LOANS MADE (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure FHA-insured VA-guaranteed but delinquent for— Lo f a o n re s in End of period closure 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 om ew es h is o E t m i x n e g s jects 1 m pr i e m o n v t e s 2 Total3 h N om ew es h is o E t m i x n e g s 1 1 9 9 6 63 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 . . 2 3 1 0 2 2 . . 3 3 5 2 . . 5 6 5 0 . . 3 3 1 8 . . 3 38 4 1965................ 3.29 2.40 .55 .34 .40 1945............. 665 257 217 20 171 192 1 1 9 96 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 . .4 4 7 0 2 2. . 6 5 6 4 . . 5 5 4 4 . .2 3 7 2 . . 3 32 6 1964............. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1968................. 3.17 2.43 .51 .23 .26 1969................. 3.22 2.43 .52 .27 .27 1965............. 8,689 1,705 5,760 591 634 2,652 876 1,774 1966............. 7,320 1,729 4,366 583 641 2,600 980 1,618 1968—1........... 2.84 2.11 .49 .24 .32 1967............. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 II........ 2.89 2.23 .44 .22 .28 1968............. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 Ill___ 2.93 2.23 .48 .22 .26 1969............. 9,129 1,551 5,570 1,316 693 4,072 1 ,493 2,579 IV___ 3.17 2.43 .51 .23 .26 1970............. 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 1969—1........... 2.77 2.04 .49 .24 .26 1971—Jan... 999 295 476 187 41 297 102 195 II 2.68 2.06 .41 .21 .25 Feb. . 951 284 450 185 32 256 90 166 III .... 2.91 2.18 .47 .26 .25 Mar.. 1,097 318 531 202 46 303 98 205 IV___ 3.22 2.43 .52 .27 .27 Apr.. 1,136 293 467 330 46 350 98 252 May. 1,203 290 504 354 55 417 111 306 1970—1........... 2.96 2.14 .52 .30 .31 June. 1,372 322 629 399 21 519 127 392 II......... 2.83 2.10 .45 .28 .31 July.. 1,340 338 646 304 53 561 135 426 Ill___ 3.10 2.26 .53 .31 .25 Aug.. 1,393 407 710 216 60 577 146 431 IV .. 3.64 2.67 .61 .36 .33 Sept.. 1,242 320 543 290 89 693 188 506 Oct. . 1,202 318 504 276 105 1971—1........... 3.21 2.26 .56 .39 .40 Nov.. 1,220 358 511 273 77 757 226 526 II.......... 3.27 2.36 .53 .38 .38 Dec.. 1,598 358 502 691 47 685 220 465 Ill . . 3.59 2.54 .62 .43 .41 IV 3.93 2.82 .65 .46 .46 1972—Jan... 1,277 420 516 280 62 1 Monthly figures do not reflect mortgage amendments included in annual rep N o o rt t s e .— on M 1 o - rt t g o a g 4 e - fa B m a i n ly k e F rs H A A - s i s n o s c u i r a e t d io , n V o A f - g A ua m ra e n ri t c e a e d, d a a t n a d f c r o o n m totals. ventional mortgages held by more than 400 respondents, including 2 Not ordinarily secured by mortgages. mortgage bankers (chiefly), commercial banks, savings banks, and 3 Includes a small amount of alteration and repair loans, not shown separ savings and loan associations. ately; only such loans in amounts of more than $1,000 need be secured. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured 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
MAY 1972 □ REAL ESTATE CREDIT A 55 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period Total F su H in re A d - a g n V u t A e a e r - d c P ha u s r e s Sales d p M u er r a i i d o n e d g st O i a n n u g d t Total F su H in re A d - a g n V u t A e a e r - - d c P ha u s r e s Sales d p M u er r a i i d o n e d g st O i a n n u g d t 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 197 0 5,184 4,634 550 621 897 738 197 0 15,502 11,071 4,431 5,078 8,047 5,203 1971-Jan... 5,188 4,641 546 35 27 705 1971-Feb.. 15,448 11,061 4,391 60 72 80 4,865 Feb.. 5,213 4,670 543 38 21 682 Mar.. 15,420 11,012 4,408 76 46 33 4.380 Mar.. 5,241 4,703 538 56 100 707 Apr.. 15,308 10,933 4,375 58 105 457 4.381 Apr.. 5.244 4,710 534 39 120 786 May. 15,242 10,893 4,349 91 92 871 4,926 May. 5,261 4,731 530 40 171 906 June. 15,363 10,970 4,393 239 10 1,294 5,750 June. 5,275 4,751 524 43 424 1,247 July.. 15,674 11,184 4,490 407 576 5,709 July.. 5,282 4,761 520 25 487 1,586 Aug.. 16,304 11,662 4,642 659 1,219 5,146 Aug.. 5,279 29 Sept.. 16,732 635 572 5,327 Sept.. 5.259 4,749 510 17 Oct. . 17,202 553 655 5,208 Oct. . 5.245 15 Nov.. 17,535 406 893 5,466 Nov.. 5.260 24 Dec.. 17,791 350 1,014 5,694 Dec.. 5,294 32 1972-Jan... 17,977 281 574 5,558 1972-Jan... 5,287 Feb.. 18,220 324 578 5,614 Feb.. 5,281 Mar.. 18,342 316 469 5,635 Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Total holdings include Sept. 1968 relate to Special Assistance and Management and Liquidating conventional loans. Data prior to Sept. 1968 relate to secondary market portfolios of former FNMA and include mortgages subject to participation portfolio of former FNMA. Mortgage commitments made during the pool of Government Mortgage Liquidation Trust, but exclude conven period include some multifamily and nonprofit hospital loan commit tional mortgage loans acquired by former FNMA from the RFC Mortgage ments in addition to 1- to 4-family loan commitments accepted in FNMA’s Co., the Defense Homes Corp., the Public Housing Admin., and Com free market auction system, and through the FNMA-GNMA Tandem munity Facilities Admin. Plan (Program 18). FEDERAL NATIONAL MORTGAGE ASSOCIATION HOME-MORTGAGE YIELDS AUCTIONS (In per cent) Government-underwritten Conventional home loans Primary market Secondary home loans (conventional loans) market Date of auction Mortgage Average Mortgage Average FHA series amounts yield amounts yield FHLBB series Yield (short (short Period (effective rate) on FHA- term term insured commit commit New Existing h N om ew es l h o n o a e m w ns e Offered Accepted ments) Offered Accepted ments) homes homes In millions of In In millions of In dollars per cent dollars per cent 1968......................... 6.97 7.03 7.12 7.21 1969......................... 7.81 7.82 7.99 8.26 1971—Dec. 12............ 232.5 70.2 7.63 1970......................... 8.44 8.35 8.52 9.05 27............ 222.7 148.1 7.63 1971......................... 7.60 7.54 7.75 7.70 1972—Jan. 10 .... 136.9 72.9 7.62 1971—Mar.............. 7.66 7.60 7.60 7.32 24............ 103.6 54.9 7.61 7.49 7.47 7.55 7.37 7.47 7.45 7.65 7.75 Feb. 7............ 88.7 63.9 7.61 June............. 7.50 7.50 7.70 7.89 14............ 62.4 34.9 7.74 July............. 7.66 7.63 7.80 7.97 22 68.6 44.8 7.61 Aug.............. 7.74 7.71 7.85 7.92 28............ 21.1 11.5 7.64 Sept.............. 7.83 7.76 7.85 7.84 Oct............... 7.84 7.75 7.80 7.75 Mar 6 . .. 86.9 50.6 7.56 Nov.............. 7.79 7.69 7.75 7.62 13............ 10.1 5.5 7.61 Dec.............. 7.77 7.64 7.70 7.59 20 .... 202.9 86.2 7.54 1972—Jan............... 7.78 7.58 7.60 7.49 Apr 3 .......... 258.8 178.5 7.56 Feb.............. 7.60 7.49 7.60 7.46 10............ 27.1 14.9 7.66 Mar.............. 7.52 7.44 7.55 7.45 17 347.4 176.3 7.60 Note.—Annual data are averages of monthly figures. The Note.—Average secondary market yields are gross—before deduction of 38 FHA data are based on opinion reports submitted by field offices basis-point fee paid for mortgage servicing. They reflect the average accepted bid on prevailing local conditions as of the first of the succeeding yield for home mortgages assuming a prepayment period of 12 years for 30-year month. Yields on FHA-insured mortgages are derived from loans, without special adjustment for FNMA commitment fees and FNMA stock weighted averages of private secondary market prices for Sec. purchase and holding requirements. Beginning Oct. 18, 1971, the maturity on new 203, 30-year mortgages with minimum downpayment and an short-term commitments was extended from 3 to 4 months. Mortgage amounts assumed prepayment at the end of 15 years. Gaps in data are offered by bidders are total eligible bids received. due to periods of adjustment to changes in maximum permis sible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the table on conventional firstmortgage terms, p. A-37) and an assumed prepayment at end of 10 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 56 CONSUMER CREDIT □ MAY 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 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955, 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966. 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1968. 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1969. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970 126,802 101,161 35,490 29,949 4,110 31,612 25,641 9,484 8,850 7,307 1971 137,237 109,545 38,310 32,447 4,356 34,432 27,692 10,300 9,818 7,574 1971--Mar................................. 123,604 99,168 35,028 28,591 4,045 31,504 24,436 9,557 7,207 7,672 Apr.................................. 125,047 100,028 35,496 28,682 4,077 31,773 25,019 9,676 7,689 7,654 May................................ 126,025 100,692 35,819 28,706 4,126 32,041 25,333 9,765 8,004 7,564 June................................ 127,388 101,862 36,349 28,976 4,186 32,351 25,526 9,862 8,214 7,450 July................................. 128,354 102,848 36,763 29,165 4,240 32,680 25,506 9,854 8,271 7,381 Aug................................. 129,704 104,060 37,154 29,477 4,295 33,134 25,644 9,997 8,305 7,342 Sept................................. 130,644 104,973 37,383 29,840 4,330 33,420 25,671 10,061 8,305 7,305 131,606 105,763 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 1972- 135,830 108,826 38,111 32,096 4,319 34,300 27,004 10,324 8,929 7,751 Feb.................................. 135,253 108,634 38,239 31,615 4,332 34,448 26,619 10,433 8,141 8,045 Mar................................. 136,135 109,481 38,762 31,682 4,354 34,683 26,654 10,511 8,011 8,132 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 1 6 (New) of Supplement to Banking and, Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- and pp. 983-1003 of the Bulletin for Dec. 1968. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com Mis Auto Other Total mercial Finance Credit cellaneous Total mobile retail banks cos. 1 unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945 2,462 1,776 745 910 102 19 686 28 658 1950 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1965 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 1966 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 1967 80,926 69,490 32,700 26,734 8,972 1,084 11,436 285 11,151 1968 89,890 77,457 36,952 29,098 10,178 1,229 12,433 320 12,113 1969 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 1970 101,161 87,064 41,895 31,123 12,500 1 ,546 14,097 327 13,770 1971 109,545 94,086 45,976 32,140 14,191 1,779 15,459 360 15,099 1971- 99,168 86,015 4!,563 30,326 12,509 1,617 13,153 325 12,828 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 100,692 87,491 42,482 30,441 12,874 1,694 13,201 334 12,867 101,862 88,544 43,011 30,609 13,206 1,718 13,318 339 12,979 102,848 89,458 43,509 30,906 13,296 1,747 13,390 344 13,046 104,060 90,536 44,112 31,098 13,570 1,756 13,524 347 13,177 104,973 91,279 44,603 31,133 13,780 1,763 13,694 349 13,345 105,763 91,943 44,947 31,331 13,875 1,790 13,820 354 13,466 107,097 92,901 45,396 31,643 14,052 1,810 14,196 359 13,837 109,545 94,086 45,976 32,140 14,191 1,779 15,459 360 15,099 1972- 108,826 93,668 45,878 31,948 14,062 1,780 15,158 359 14,799 Feb... ................................................... 108,634 93,955 45,963 31,979 14,126 1,887 14,679 360 14,319 109,481 94,853 46,415 32,221 14,328 1,889 14,628 366 14,262 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
MAY 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) Autornobile Repair paper Other and Other Repair E p n e d ri o o d f Total Pur s g c u o o m o n d e s r m iz l o o a d a ti e n o r s n n s l P o o a e n n r a s l End of period Total m A pa o u p b t e i o l r e s g c u o o m o n d e s r m iz a o a n d ti d e o r n n s l P o o a e n n r 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 1965 28,962 10,209 5,659 4,166 2,571 6,357 1965.................................. 24,282 9,400 4,425 224 10,233 1966 31,319 11,024 5,956 4,681 2,647 7,011 1966.................................. 26,091 9,889 5,171 191 10,840 1967. 32,700 10,927 6,267 5,126 2,629 7,751 1967.................................. 26,734 9,538 5,479 154 11,563 1968, 36,952 12,213 7,105 6,060 2,719 8,855 1968.................................. 29,098 10,279 5,999 113 12,707 1969, 40,305 12,784 7,620 7,415 2,751 9,735 1969.................................. 31,734 11,053 6,514 106 14,061 1970 41,895 12,433 7,587 8,633 2,760 10,482 1970.................................. 31,123 9,941 6,648 94 14,440 1971 45,976 13,003 8,752 9,805 2,864 11,552 1971................................... 32,140 10,279 6,521 107 15,233 1971-—Mar... 41,563 12,147 7,667 8,499 2,692 10,558 1971—Mar....................... 30,326 9,674 6,363 93 14,196 Apr---- 42,094 12,268 7,825 8,595 2,702 10,704 30,369 9,781 6,280 98 14,210 May... 42,482 12,361 7,942 8,676 2,729 10,774 May...................... 30,441 9,810 6,236 100 14,295 June... 43,011 12,484 8,098 8,821 2,765 10,843 June....................... 30,609 9,918 6,224 101 14,366 July. .. 43,509 12,614 8,220 8,931 2,803 10,941 30,906 10,037 6,230 101 14,538 Aug. .. 44,112 12,753 8,318 9,074 2,838 11,129 31,098 10,077 6,249 103 14,669 Sept.. . 44,603 12,831 8,380 9,235 2,860 11,297 31,133 10,077 6,268 104 14,684 Oct.... 44,947 12,932 8,509 9,301 2,874 11,331 31,331 10,177 6,306 105 14,743 Nov.. . 45,396 13,015 8,680 9,412 2,875 11,414 31,643 10,248 6,325 106 14,964 Dec__ 45,976 13,003 8,752 9,805 2,864 11,552 32,140 10,279 6,521 107 15,233 1972--Jan.... 45,878 12,957 8,734 9,783 2,835 11,569 1972—Jan......................... 31,948 10,197 6,501 108 15,142 Feb.... 45,963 13,007 8,763 9,769 2,824 11,600 31,979 10,207 6,508 107 15,157 Mar__ 46,415 13,167 8,903 9,833 2,835 11,677 32,221 10,340 6,554 109 15,218 See Note to first table on preceding page. Note.—Finance companies consist of those institutions formerly clas sified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single Other Repair payment Charge accounts Auto con and Per loans End of period Total mobile sumer modern sonal paper goods ization loans Total Service paper loans End of period Com Other credit mer finan Retail Credit cial cial outlets cards1 1939.................................. 150 27 5 12 106 banks insti 1941.................................. 213 47 9 11 146 tutions 1945.................................. 121 16 4 10 91 1950.................................. 692 159 40 102 391 1939................ 2,719 625 162 1,414 518 1955.................................. 1,959 560 130 313 956 1941................. 3,087 693 152 1,645 597 1960.................................. 4,566 1,460 297 775 2,034 1945................ 3,203 674 72 1,612 845 1965.................................. 8,289 3,036 498 933 3,822 1950................ 6,768 1,576 245 3,291 76 1,580 1966................................... 9,314 3,410 588 980 4,336 1955................ 9,924 2,635 367 4,579 216 2,127 1967................................... 10,056 3,707 639 1,006 4,704 1960................ 13,173 3,884 623 4,893 436 3,337 1968................................... 11,407 4,213 727 1,093 5,374 1969................................... 12,943 4,809 829 1,183 6,122 196 5 18,990 6,690 981 5,724 706 4,889 1970................................... 14,046 5,202 898 1,256 6,690 196 6 20.004 6,946 1,026 5,812 874 5,346 1971................................... 15,970 5,916 1,022 1,385 7,647 196 7 21,206 7,340 1,088 5,939 1,029 5,810 196 8 23,301 7,975 1,163 6,450 1,305 6,408 1971— A M p a r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 4 4 , , 1 3 2 42 6 5 5 , ,2 2 1 9 5 2 9 90 1 1 4 1 1, , 2 2 7 6 7 0 6 6 , , 8 7 5 5 9 0 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 27 9 9 6 6 6 , , 6 9 5 3 0 2 1 1, , 9 5 1 8 8 4 6 7, , 3 9 0 7 7 0 May...................... 14,568 5,372 927 1,297 6,972 197 1 27.692 8.916 1.384 7.597 2,221 7.574 June....................... 14,924 5,510 952 1,320 7,142 July....................... 15,043 5,548 958 1,336 7,201 1971—Mar... 24,436 8,249 1,308 5,316 1,891 7,672 Aug....................... 15,326 5,659 977 1,354 7,336 Apr__ 25,019 8,350 1,326 5,774 1,915 7,654 Sept....................... 15,543 5,746 992 1,366 7,439 May... 25,333 8,425 1,340 6,046 1,958 7,564 Oct......................... 15,665 5,787 999 1,378 7,501 June... 25,526 8,512 1,350 6,199 2,015 7,450 Nov....................... 15,862 5,862 1,012 1,389 7,599 July. .. 25,506 8,498 1,356 6,173 2,098 7,381 Dec........................ 15,970 5,916 1,022 1,385 7,647 Aug. .. 25,644 8,633 1,364 6,120 2,185 7,342 Sept.. . 25,671 8,694 1,367 6,101 2,204 7,305 1972—Jan......................... 15,842 5,864 1,013 1,376 7,589 Oct.... 25,843 8,722 1,375 6,269 2,166 7,311 Feb........................ 16,013 5,902 1,019 1,401 7,691 Nov.. . 26,166 8,795 1.387 6,482 2,152 7,350 Mar....................... 16,217 5,986 1,033 1,410 7,788 Dec__ 27.692 8.916 1.384 7.597 2,221 7.574 1972—Jan.._.. 27.004 8,937 1.387 6,719 2,210 7,751 lan N eo o u t s e .— len O d t e h rs e . r financial lenders consist of credit unions and miscel M Fe a b r .... 2 2 6 6 , , 6 6 1 5 9 4 9 9 , , 0 0 0 8 8 3 1 1 , , 4 4 2 2 5 8 6 5 , , 0 9 0 6 8 9 2 2 , ,1 0 3 4 3 2 8 8 , , 0 1 4 3 5 2 1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 58 CONSUMER CREDIT □ MAY 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 Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1965. 78,586 27,227 22,750 2,266 26,343 1966. 82,335 27,341 25,591 2,200 27,203 1967. 84,693 26,667 26,952 2,113 28,961 1968. 97,053 31,424 30,593 2,268 32,768 1969. 102,888 32,354 33,079 2,278 35,177 1970. 104,130 29,831 36,781 2,145 35,373 1971 . 117,638 34,638 40,979 2,550 39,471 1971—Mar.. 9,533 9,575 2,897 3,074 3,210 3,076 209 197 3,217 3,228 Apr.. 9,751 10,079 2,872 3,100 3,415 3,363 205 219 3,259 3,397 May. 9,690 9,562 2,756 2,883 3,295 3,148 200 235 3,439 3,296 June. 9,715 10,667 2,838 3,301 3,433 3,538 224 263 3,220 3,565 July.. 9,675 10,098 2,773 3,032 3,399 3,415 218 248 3,285 3,403 Aug.. 10,049 10,300 3,004 3,066 3,465 3,465 222 253 3,358 3,516 Sept.. 10,156 9,849 3,147 2,927 3,462 3,454 227 237 3,320 3,231 Oct.. 10,031 9,797 2,992 3,037 3,467 3,423 229 225 3,343 3,112 Nov.. 10,572 10,711 3,162 3,105 3,595 3,737 214 215 3,601 3,654 Dec.. 10,130 11,966 2,973 2,780 3,604 5,061 217 181 3,336 3,944 1972—Jan... 10,184 8,766 2,978 2,470 3,706 3,297 221 156 3,279 2,843 Feb.. 10,339 8,902 3,046 2,762 3,698 2,926 243 202 3,352 3,012 Mar.. 10,996 10,951 3,143 3,358 3,921 3,727 249 230 3,683 3,636 Repayments 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1969. 94,609 29,882 30,369 2,163 32,195 1970. 101,138 30,943 34,441 2,075 33,679 1971 . 109,254 31,818 38,481 2,304 36,651 1971—Mar.. 9,038 9,651 2.696 2,915 3,164 3,413 196 203 2,982 3,120 Apr.. 9,088 9,219 2,566 2,632 3,249 3,272 184 187 3,089 3,128 May. 9,197 8,898 2,640 2,560 3,211 3,124 188 186 3,158 3,028 June. 9,190 9,497 2,678 2,771 3,233 3,268 192 203 3,087 3,255 July.. 8,914 9,112 2,565 2,618 3,203 3,226 188 194 2,958 3,074 Aug.. 9,222 9,088 2.697 2,675 3,262 3,153 196 198 3,067 3,062 Sept.. 9,157 8,936 2,732 2,698 3,172 3,091 199 202 3,054 2,945 Oct... 9,107 9,007 2,634 2,661 3,219 3,191 197 198 3,057 2,957 Nov.. 9,306 9,377 2,662 2,700 3,254 3,223 199 202 3,191 3,252 Dec.. 9,230 9,518 2,696 2.634 3,188 3,200 198 195 3,148 3,489 1972—Jan... 9,547 9,485 2,761 2,669 3,501 3,648 201 193 3,084 2,975 Feb.. 9,373 9,094 2.693 2.634 3,408 3,407 200 189 3,072 2,864 Mar.. 9,632 10,104 2.693 2,835 3,422 3,660 204 208 3,313 3,401 Net change in credit outstanding 2 1965. 8,629 3,684 2,232 150 2,563 1966. 6,215 1,937 2,413 90 1,775 1967. 3,387 168 1 ,417 -29 1,831 1968. 8,964 3,406 2,504 136 2,918 1969. 8,279 2,472 2,710 115 2,982 1970. 2,992 -1,112 2,340 70 1 ,694 1971 . 8,384 2,820 2,498 246 2,820 1971—Mar... 495 -76 201 159 46 -337 13 -6 235 108 Apr.. . 663 860 306 468 166 91 21 32 170 269 May.. 493 664 116 323 84 24 12 49 281 268 June.. 525 1,170 160 530 200 270 32 60 133 310 July... 761 986 208 414 196 189 30 54 327 329 Aug... 827 1,212 307 391 203 312 26 55 291 454 Sept... 999 913 415 229 290 363 28 35 266 286 Oct.. . 924 790 358 376 248 232 32 27 286 155 Nov... 1,266 1,334 500 405 341 514 15 13 410 402 Dec.. . 900 2,448 277 146 416 1 ,861 19 -14 188 455 1972—Jan..., 637 -719 217 -199 205 -351 20 -37 195 -132 Feb... 966 -192 353 128 290 -481 43 13 280 148 Mar.. . 1,364 847 450 523 499 67 45 22 370 235 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
MAY 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 Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1965. 78,586 29,528 25,192 9,436 14,430 1966. 82,335 30,073 25,406 10,362 16,494 1967. 84,693 30,850 25,496 10,911 17,436 1968. 97,053 36,332 28,836 12,850 19,035 1969. 102,888 38,533 30,854 14,245 19,256 1970. 104,130 39,136 29,662 14,619 20,713 1971 . 117,638 45,099 32,036 17,312 23,191 1971-Mar................................. 9,533 9,575 3,646 3,783 2,681 2,686 1,394 1,418 1,812 1,688 Apr.................................. 9,751 10,079 3,676 3,948 2,624 2,672 1,475 1,552 1.976 1,907 May................................ 9,690 9,562 3,600 3,671 2,798 2.655 1,441 1,493 1,851 1,743 June................................ 9,715 10,667 3,806 4,207 2,490 2,832 1,513 1,724 1,906 1,904 July................................. 9,675 10,098 3,644 3,917 2,676 2,791 1,423 1,506 1,932 1,884 Aug................................. 10,049 10,300 3,919 4,062 2,699 2,729 1,452 1,582 1,979 1,927 Sept................................. 10,156 9,849 3,989 3,932 2,718 2,549 1,488 1,439 1,961 1,929 Oct.................................. 10,031 9,797 3,832 3,752 2,733 2.655 1,490 1,414 1.976 1,976 Nov................................. 10,572 10,711 4,140 3,931 2,853 3,015 1,564 1,535 2,015 2,230 Dec................................. 10,130 11,966 3,939 4,023 2,760 3,370 1,454 1,477 1,911 3,096 1972—Jan.., 10,184 8,766 3,826 3,366 2,695 2,247 1,482 1,244 2,181 1,909 Feb.. 10,339 8,902 3,947 3,539 2,666 2,354 1,602 1,465 2,124 1,544 Mar.. 10,996 10,951 4,117 4,237 2,906 2,890 1,737 1 ,743 2,236 2,081 Repayments 1965. 69,957 25,663 22,551 8,310 13,433 1966. 76,120 27,716 23,597 9.337 15,470 1967. 81,306 29,469 24,853 10,169 16,815 1968. 88,089 32,080 26,472 11,499 18,038 1969. 94,609 35,180 28,218 12,709 18,502 1970. 101 ,138 37,961 29,858 13,516 19,803 1971 . 109,254 41,018 31,019 15,388 21,829 1971—Mar.. 9,038 9,651 3,387 3,666 2,674 2,871 1 ,207 1,245 1 ,770 I ,869 Apr.. 9,088 9,219 3,332 3,417 2,580 2,629 1,315 1,336 1,861 1,837 May. 9,197 8,898 3,375 3,283 2,698 2,583 1.323 1 ,267 1,801 1,765 June. 9,190 9,497 3,541 3,678 2,550 2,664 1,299 1,368 1,800 1,787 July.. 8,914 9,112 3,351 3,419 2,485 2,494 1,293 1,387 1,785 1,812 Aug.. 9,222 9,088 3,456 3,459 2,590 2,537 1,288 1,299 1,888 1,793 Sept.. 9,157 8,936 3,460 3,441 2,614 2,514 1,266 1,222 1,817 1,759 Oct.. 9,107 9,007 3,439 3,408 2,495 2,457 1,319 1,292 1,854 1,850 Nov.. 9,306 9,377 3,470 3,482 2,579 2,703 1,360 1.338 1,897 1,854 Dec.. 9,230 9,518 3,451 3,443 2,596 2,873 1.324 1 ,369 1,859 1,833 1972—Jan... .9,547 9,485 3,620 3,464 2,586 2,439 1,346 1,372 1.995 2,210 Feb.. 9,373 9,094 3,538 3,454 2,463 2,323 1,377 1,294 1.995 2,023 Mar.. 9,632 10,104 3,574 3,785 2,513 2,648 1 ,527 1 ,539 2,018 2,132 Net change in credit outstanding 2 1965. 8,629 3,865 2,641 1,126 997 1966. 6,215 2,357 1,809 1,025 1,024 1967. 3,387 1,381 643 742 621 1968. 8,964 4,252 2,364 1,351 997 1969. 8,279 3,353 2,636 1,536 754 1970. 2,992 1 ,590 — 611 1 ,103 910 1971 . 8,384 4,081 1 ,017 1 ,924 1,362 —Mar................................. 495 -76 259 117 7 -185 187 173 42 -181 Apr.................................. 663 860 344 531 44 43 160 216 115 70 May................................ 493 664 225 388 100 72 118 226 50 -22 June................................ 525 1,170 265 529 -60 168 214 356 106 117 July................................. 761 986 293 498 191 297 130 119 147 72 Aug................................. 827 1,212 463 603 109 192 164 283 91 134 Sept................................. 999 913 529 491 104 35 222 217 144 170 Oct.................................. 924 790 393 344 238 198 171 122 122 126 Nov................................. 1,266 1,334 670 449 274 312 204 197 118 376 Dec.................................. 900 2,448 488 580 164 497 130 108 118 1,263 —Jan................................... 637 -719 206 -98 109 -192 136 -128 186 -301 Feb.................................. 966 -192 409 85 203 31 225 171 129 -479 Mar................................. 1 ,364 847 543 452 393 242 210 204 218 -51 1 Includes adjustments for differences in trading days. changes in their outstanding credit. Such transfers do not affect total 2 Net changes in credit outstanding are equal to extensions less re instalment credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and re payments have been adjusted to eliminate duplication resulting from Note.—“Other financial lenders” include credit unions and miscellaneous large transfers of paper. In those months the differences between ex lenders. See also Note to preceding table and Note 1 at bottom of p. A-56. tensions and repayments for some particular holders do not equal the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 60 INDUSTRIAL PRODUCTION: S.A. □ MAY 1972 MARKET GROUPINGS (1967 = 100) 1967 1971 1972 pro 1971 Grouping por aver tion age* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.* Total index...................................... 100.00 106.4 105.5 106.2 107.0 107.2 106.1 105.3 106.2 106.4 107.0 107.6 108.4 109.2 109.8 Products, total.................................... 62.21 106.2 104.5 105.5 105.9 106.1 106.8 106.2 106.2 106.9 107.6 107.5 108.1 108.7 108.9 Final products.................................. 48.95 104.4 102.5 103.6 103.9 104.5 104.9 105.0 104.6 105.3 105.9 105.6 105.9 106.6 106.5 Consumer goods......................... 28.53 115.5 112.7 114.6 115.7 116.1 116.0 116.0 115.0 116.9 118.2 117.9 118.3 118.5 118.3 Equipment................................... 20.42 88.9 88.4 88.1 87.8 88.2 89.3 89.6 90.2 89.0 88.8 88.5 88.5 89.8 90.1 Intermediate products................... 13.26 112.8 112.0 112.4 113.5 112.4 113.8 110.7 112.5 113.0 114.0 114.7 115.9 116.7 117.5 Materials.............................................. 37.79 106.8 107.1 107.5 108.9 109.0 105.3 104.0 106.2 105.6 106.0 107.6 109.0 110.3 111.6 Consumer goods Durable consumer goods..................... 7. 114.3 111.6 112.2 117.2 116.1 115.8 115.8 113.6 115.3 115.5 116.4 117.1 118.8 117.6 Automotive products..................... 2.84 119.4 117. 113.7 123.1 121.2 120.1 121.1 118.0 119.6 119.6 119.8 116.5 119.2 118.2 Autos............................................ 1.87 108.3 112.2 103.2 108.3 107.9 107.9 108.5 108.0 107.8 109.2 109.4 102.8 106.4 104.6 Auto parts and allied goods___ .97 140.8 128.6 133.9 151.4 146.8 143.6 145.2 153.4 142.2 139.7 139.6 143.0 144.1 144.3 Home goods.......................................... 5.02 111.5 108.2 111.4 113.9 113.3 113.5 112.9 111.1 112.9 113.4 114.7 117.4 118.7 117.3 Appliances, TV, and radios......... 1.41 111.2 107.9 116.4 120.7 116.9 115.0 112.1 105.7 110.7 113.4 116.0 123.3 122.2 113.4 Appliances and A/C................... .92 127.2 124.9 126.0 132.1 129.3 126.0 128.0 121.7 131.1 135.5 134.5 142.6 145.7 129.1 TV and home audio.................. .49 81.4 76.1 98.6 99.4 93.9 94.5 82.4 75.6 72.6 71.8 81.3 87.1 78.3 84.0 Carpeting and furniture................ 1.08 112.9 108.3 110.7 111.7 113.6 114.8 114.7 116.1 115.3 117.3 116.0 118.0 120.6 122.0 Misc. home goods......................... 2.53 111.0 108.1 109.0 111.1 111.2 112.0 112.5 112.1 113.1 111.7 113.4 114.1 116.0 117.5 Nondurable consumer goods.............. 20.67 116.0 113.1 115.5 115.1 116.1 116.1 116.1 115.6 117.5 119.3 118.5 118.8 118.3 118.5 Clothing............................................. 4.32 101.4 96.9 101.0 102.6 101.9 102.4 100.3 102.5 103.5 103.6 104.9 105.6 102.4 Consumer staples........................... 16.34 119.8 117.4 119.4 118.5 119.9 119.8 120.2 119.1 121.2 123.5 122.1 122.3 122.5 123.0 Consumer foods and tobacco.. 8.37 113.2 111.8 112.7 113.2 113.5 112.0 112.6 110.4 113.9 117.2 114.6 115.3 115.1 114.8 Nonfood staples......................... 7.98 126.8 123.2 126.4 124.2 126.5 128.0 128.4 128.2 128.9 130.1 130.0 129.7 130.3 131 .5 Consumer chemical products 2.64 133.2 131.6 134.0 133.2 130.9 133.1 133.1 133.5 131.7 136.9 134.0 137.2 138.5 140.0 Consumer paper products... 1.91 107.8 103.0 108.2 105.0 109.9 106.9 106.2 109.2 110.3 111.5 114.8 111.4 111.7 112.0 Consumer fuel and lighting. . 3.43 132.4 127.9 130.5 128.0 132.5 135.9 137.2 134.7 137.1 135.2 135.7 134.2 134.2 135.9 Residential utilities............ 2.25 140.1 133.2 136.4 135.1 140.6 145.1 146.2 144.2 147.0 144.5 144.5 141.8 142.3 142.9 Equipment Business equipment............................... 12.74 96.0 95.0 95.1 94.4 95.0 96.3 96.8 97.8 97.4 97.0 96.6 97.2 98.5 99.1 Industrial equipment..................... 6.17 92.3 92.4 92.4 90.9 90.9 91.8 92.0 92.4 92.6 93.2 92.8 92.3 93.3 93.6 Building and mining equip. 1.45 92.9 92.4 91.2 91.5 88.8 88.9 96.4 96.6 95.5 95.2 94.0 98.0 99.6 100.3 Manufacturing equipment 3.85 81.4 81.3 82.1 79.5 80.1 81.1 79.9 80.5 81.1 81.3 81.0 80.0 80.6 80.5 Power equipment....................... 1.47 120.5 121.5 120.5 120.2 121.3 122.7 119.7 119.5 119.7 122.2 122.2 118.7 120.2 121.0 Commercial, transit, farm eq*.. . 5.97 100.1 98.0 98.2 98.4 99.6 101.5 102.2 103.8 102.8 101.3 100.8 102.9 104.5 105.4 Commercial equipment............. 3.30 108.4 106.6 107.1 107.6 107.6 109.9 109.9 112.0 111.0 109.1 106.9 109.0 111.5 112.5 Transit equipment..................... 2.00 89.0 87.2 87.3 87.3 90.5 88.4 90.2 90.2 90.4 88.6 92.1 94.1 93.8 94.3 Tarm equipment......................... .67 92.8 88.0 86.6 86.6 87.7 99.9 100.0 103.9 99.5 101.1 96.1 98.6 102.4 102.9 Defense and space equipment........... 7.68 77.1 77.5 76.5 76.9 77.1 77.7 77.9 77.7 75.1 75.3 74.9 74.1 75.3 75.3 Military products........................... 5.15 80.4 79.8 19.1 79.5 80.5 81.4 82.2 82.3 79.0 78.7 78.2 77.5 78.4 78.2 Intermediate products Construction products....................... 5.93 113.0 112.6 113.4 115.5 113.5 115.3 109.4 111.3 112.7 112.9 115.1 115.7 115.2 117.5 Misc. intermediate products............ 7.34 112.5 111.4 111.6 111.9 111.6 112.7 111.7 113.4 113.4 114.9 114.4 116.0 117.8 117.6 Materials Durable goods materials...................... 20.91 100.8 101.9 102.2 104.8 103.0 98.7 94.9 98.7 100.4 99.5 100.1 103.1 104.8 106.5 Consumer durable parts................ 4.75 101 .4 103.2 102.8 105.1 104.8 98.8 100.4 100.7 101.8 99.4 99.2 104.0 105.8 109.3 Equipment parts.............................. 5.41 86.6 86.4 86.0 88.9 87.1 87.0 82.1 86.0 86.9 86.0 87.6 88.5 90.2 89.7 Durable materials nec.................... 10.75 107.8 109.2 110.2 112.8 110.2 104.6 99.0 104.1 106.6 106.4 106.8 110.1 111.8 113.8 Nondurable goods materials............... 13.99 113.8 112.0 112.7 112.8 115.5 112.3 114.8 114.7 114.6 116.0 116.6 116.0 116.9 118.0 Textile, paper, and chem. mat.... 8.58 116.1 111.9 113.2 113.7 117.5 113.4 117.8 118.8 118.8 121.7 122.9 120.9 121.4 122.9 Nondurable materials n.e.c........... 5.41 110.3 112.3 111.9 111.3 112.0 110.5 109.9 108.2 108.3 107.1 106.7 108.2 109.7 110.0 Fuel and power, industrial............... 2.89 116.2 121.1 121.0 119.7 121.1 119.7 117.2 119.3 99.4 105.0 117.6 117.4 117.8 118.4 Supplementary groups Home goods and clothing................ 9.34 106.8 102.9 106.6 108.7 108.0 108.3 107.1 107.1 108.5 108.9 110.1 111.9 111.2 110.0 Containers............................................ 1.82 116.7 108.1 113.5 117.8 115.5 118.2 117.2 115.0 116.8 119.1 120.8 120.4 123.4 119.7 Gross value of products in market structure (In billions of 1963 dollars) Products, total................... 392.0 385.9 390.2 391.6 392.6 395.2 393.0 392.8 395.3 396.1 394.6 398.8 399.5 398.8 Final products............. 302.3 297 A 300.4 301.3 303.2 304.6 305.4 302.9 305.2 305.9 303.4 306.7 306.6 306.6 Consumer goods.... 213.6 209.6 212.6 213.4 214. 216.4 215.5 212.1 215.7 217.1 215.9 217.5 216.8 217.0 Equipment................ 87.9 87.9 87.6 88.5 88.1 90.1 90.7 89.4 87.7 89.1 89.9 89.8 Intermediate products. 88.5 89.3 90.2 89.6 90.8 87.7 89.7 90.1! 90.2 91.0 92.2 92.7 92.5 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
MAY 1972 □ INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 1967 1971 1972 pro 1971 Grouping por avertion age* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Manufacturing................................... 88.55 104.8 103.2 104.4 105.7 105.6 104.9 103.6 104.9 105.4 105.3 105.4 106.6 107.8 108.2 Durable.......................................... 52.33 98. 98.3 99.1 100.5 100.1 99.4 96.6 98.5 99.1 98.0 98.2 99.7 101.3 101.5 Nondurable.................................... 36.22 113.3 110.4 112.1 113.3 113.7 113.0 113.8 114.2 114.6 115.9 115.9 116.7 117.5 117.8 Mining and utilities......................... 11.45 119.6 120.2 120.6 119.0 120.7 120.3 120.0 120.3 116.1 118.7 121.4 120.6 121.3 121.6 Mining............................................ 6.37 107.0 111.4 110.4 108.6 108.9 105.7 106.5 106.0 97.7 102.3 107.8 107.3 106.8 107.6 Utilities........................................... 5.08 135.3 131.5 133.2 132.1 135.6 138.7 137.0 138.4 139.3 139.6 138.3 137.4 139.6 139.1 Durable manufactures Primary and fabricated metals.... 12.55 103.9 105.8 108.6 111.5 108.3 104.2 93.8 99.5 100.9 98.7 100.0 103.9 104.6 106.3 Primary metals.............................. 6.61 100.9 106.6 108.7 114.3 108.1 98.2 81.0 93.9 95.7 91.4 93.6 102.4 101.8 104.5 Iron and steel, subtotal........... 4.23 96.5 105.2 109.1 112.9 105.3 99.0 66.2 85.9 88.7 81.9 85.5 95.2 94.6 98.0 Fabricated metal products......... 5.94 107.3 104.9 108.5 108.5 108.5 110 108.0 105.7 106.9 106.9 107.1 105.7 107.7 108.7 Machinery and allied goods............ 32.44 94.2 93. 92.7 93.8 94.4 94.7 94.5 95.2 95.3 94.6 94.1 94.7 96.6 96.3 Machinery...................................... 17.39 95.5 94. 94.2 95.3 95.2 97.4 95.6 96.3 91.0 96.3 96.6 97.4 98.6 98.0 Nonelectrical machinery......... 9.17 92.9 91. 91.4 90.9 91.6 94.9 94.1 95.0 95.3 93.3 92.5 93.8 95.6 94.5 Electrical machinery................ 8.22 98.4 97. 97.4 100.2 99.2 100.2 97.3 97.8 98.9 99.6 101.2 101.5 102.1 102.0 Transportation equipment......... 9.29 91.3 91. 89.5 90.9 91.7 88.5 91.1 91.7 92.4 91.6 89 90.7 93.4 94.4 Motor vehicles and parts.... 4.56 111.6 112. 108.4 110.2 111.7 106.7 111.6 111.8 112.9 113.4 111.7 113.0 116.5 117.9 Aerospace and misc. trans. eq 4.73 71.8 71. 71.4 72.3 72.4 71.0 71.5 72.4 72.6 70.7 68.7 69.3 71 .1 71.7 Instruments.................................... 2.07 108.5 105. 106.7 108.0 108.5 110.9 109.1 110.5 111.2 110.4 109.3 111.1 114.4 113.7 Ordnance, private and Govt.. .. 3.69 87.0 85. 85.2 86.0 90.0 90.2 85.6 85.1 84. 83.5 84.0 83.5 Lumber, clay, and glass................... 4.44 111.3 110.8 113.0 112.3 111.0 111.2 110.4 111.1 112.7 113.0 114.3 115.0 117.5 117.1 Lumber and products................. 1.65 113.4 110.3 112.5 110.0 111.0 115.4 113.1 113.9 117.3 117.9 120.7 121.1 118.7 119.0 Clay, glass, and stone products. 2.79 110.1 111.1 113.3 113.7 111.1 108.7 108.8 109.4 109.9 110.1 110.5 111.5 116.6 116.0 Furniture and miscellaneous............ 2.90 110.1 105.6 109.5 109.9 111.3 113.5 111.3 112.0 112.1 111.5 112.7 113.8 115.3 116.6 Furniture and fixtures................. 1.38 98.7 95.0 98.7 97.6 100.9 99.9 99.6 100.8 100.3 101.6 100.4 101.2 104.2 106.4 Miscellaneous manufactures___ 1.52 120.5 115.4 119.3 121.2 120.7 126.1 122.0 122.2 122.6 120.5 123.9 125.1 125.2 125.9 Nondurable manufactures Textiles, apparel, and leather......... 6.90 100.7 97.3 99.8 101.5 102.4 100.2 100.1 102.5 102.2 101.6 102.8 102.0 100.9 101.4 Textile mill products................... 2.69 108.5 105.3 106.3 107.5 109.1 108.5 110.5 111.0 110.1 110.2 112.0 108.9 106.7 108.2 Apparel products......................... 3.33 97.9 94.0 97.3 99.7 97.1 97.0 96.0 99.5 100.0 99.5 99.7 99.8 99.9 Leather and products.................. 87.3 85.4 89.9 89.8 89.3 ~ 86.7 84.1 87.6 87.2 82.9 86.8 89.3 86.8 Paper and printing............................ 7.92 107.8 104.6 106.9 106.9 106.0 106.8 108.2 108.3 109.0 110.6 110.8 111.3 112.5 112.4 Paper and products..................... 3.1 116.0 111.0 114.4 115.1 113.4 115.5 117.8 116.4 116.1 119.5 120.0 122.4 123.0 123.1 Printing and publishing............... 4.74 102.2 100.2 101.8 101.4 101.0 101.0 101.7 102.9 104.3 104.5 104.7 103.9 105.4 105.3 Chemicals, petroleum, and rubber., 11.92 124.3 120.5 122.4 124.2 125.3 124.0 126.2 127.3 126.5 127.8 127.8 129.7 132.1 132.9 Chemicals and products............. 7.86 125.8 121.0 123.4 123.7 126.8 125.0 127.6 129.7 128.2 130.7 130.3 131.1 134.4 134.3 Petroleum products..................... 1.80 115.7 116.3 115.8 112.7 115.0 114.8 115.8 113.7 115.7 116.0 118.3 119.3 118.7 118.8 Rubber and plastics products__ 2.26 125.9 122.7 124.5 127.2 129.1 128.0 129.9 129.6 129.0 127.6 126.6 133.2 134.7 138.4 Foods and tobacco............................ 9.48 113.3 112.2 112.9 113.6 113.7 113.8 112.8 111.1 113.2 115.6 114.3 115.6 115.4 115.1 Foods.............................................. 8.81 114.5 113.8 114.1 114.6 115.4 115.2 114.0 111.9 114.3 117.0 115.8 116.4 116.4 116.0 Tobacco products......................... .67 97.7 90.3 96.9 100.3 92.1 96.6 98.2 100.3 98.5 98.2 93.8 103.8 102.5 Mining Metal, stone, and earth minerals... 1.26 104.6 111.6 106.5 104.6 104.9 91.6 96.8 98.1 102.0 110.9 111.1 108.0 107.7 107.5 Metal mining................................ .51 121.4 135.1 124.7 122.6 117.3 93.5 104.8 109.7 117.1 136.7 137.7 128.9 131.0 130.1 Stone and earth minerals........... .75 93.2 95.6 94.2 92.4 96.4 90.2 91.4 90.1 91.7 93.4 92.7 93.8 92.0 92.1 Coal, oil, and gas.............................. 5.11 107.5 111. 4 111.4 109.6 109.9 109.2 108.9 108.0 96.7 100.2 107.0 107.1 106.6 107.8 Coal................................................. .69 99.0 116.2 115.5 110.2 109.4 109.4 109.4 109.7 29.1 55.7 112.4 106.3 99.6 104.1 Oil and gas extraction................. 4.42 108.9 110.6 114.3 109.6 110.0 109.2 108.8 107.7 107.3 107.2 106.1 107.2 107.7 108.4 Utilities Electric................................................ 3.91 138.0 133.6 135.5 133. i 138.3 142.0 139.7 141.5 142.3 141.9 141.2 144.3 144.0 Gas...................................................... 1.17 126.5 124.3 For Note see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 62 INDUSTRIAL PRODUCTION: N.S.A. □ MAY 1972 MARKET GROUPINGS (1967 = 100) 1967 1971 1972 1971 Grouping por aver tion age3’ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.p Total index.......................................... 100.00 106.4 106.0 106.5 107.3 109.7 102.1 105.5 109.8 109.8 107.2 103.9 106.2 109.5 110.2 Products, total....................................... 62.21 106.2 104.5 105.0 105.1 109.0 103.9 107.5 111.7 111.2 107.4 102.6 105.0 108.0 108.5 Final products.................................... 48.95 104.4 103.0 102.9 102.7 107.2 101.6 105.6 110.0 109.3 105.6 100.7 103.9 106.6 106.4 Consumer goods............................. 28.53 115.5 112.9 113.6 113.5 119.3 111.9 118.4 123.1 122.9 117.3 109 9 115.4 118.3 117.6 Equipment........................................ 20.42 88.9 89.1 88.0 87.6 90.4 87.1 87.6 91.8 90.3 89.2 87.8 87.6 90.2 90.7 Intermediate products....................... 13.26 112.8 110.2 112.6 113.8 115.5 112.4 114.5 118.1 118.1 114.1 109.7 109.4 113.5 115.7 Materials................................................ 37.79 106.8 108.4 109.0 110.8 110.9 99.2 102.3 106.8 107.6 107.0 106.0 108.1 111.9 113.0 Consumer goods Durable consumer goods......................... 7.86 114.3 114.8 114.7 117.3 120.5 101.9 108.6 121.5 125.7 118.9 106.9 116.7 121.5 120.4 Automotive products......................... 2.84 119.4 125.3 121.9 127.2 130.5 94.9 102.0 128.6 135.8 123.7 102.4 120.6 126.4 125.2 Autos................................................. 1.87 108.3 123.4 112.5 120.2 120.8 69.4 76.5 112.0 124.0 115.6 87.5 112.0 117.0 115.1 Auto parts and allied goods........ .97 140.8 128.9 139.9 140.8 149.0 144.0 151.0 160.5 158.6 139.4 130.9 137.1 144.4 144.6 Home goods.............................................. 5.02 111.5 108.8 110.7 111.7 114.9 105.8 112.4 117.5 120.0 116.2 109.4 114.5 118.8 117.8 Appliances, TV, and radios............. 1.41 111.2 113.6 116.1 117.1 117.3 102.5 104.1 113.4 125.3 116.2 97.9 122.7 126.4 118.2 Appliances and A/C...................... .92 127.2 133.6 133.1 132.2 136.1 122.3 114.4 128.0 142.8 131.6 107.5 143.2 149.0 136.3 TV and home audio....................... .49 81.4 76.2 84.3 88.8 81.9 65.4 84.8 86.2 92.5 87.4 80.1 84.3 83.9 84.1 Carpeting and furniture.................... 1.08 112.9 111.4 111.1 108.6 112.6 97.9 114.9 119.5 116.6 120.5 118.6 119.8 125.7 125.5 Misc. home goods.............................. 2.53 111.0 105.1 107.5 110.0 114.4 111.0 116.0 118.9 118-5 114.4 112.0 107.7 111.6 114.2 Nondurable consumer goods.................. 20.67 116.0 112.2 113.2 112.1 118.8 115.7 122.1 123.7 121.8 116.7 111.0 115.0 117.2 116.6 4.32 101.4 102.5 10? 6 101.4 105.5 93.6 105.6 107.0 110.7 100.5 90.5 100.6 106.3 Consumer staples................................ 16.34 119.8 114.8 116.0 114.9 122.3 121.6 126.5 128.1 124.7 121.0 116.4 118.8 120.1 U9.7 Consumer foods and tobacco___ 8.37 113.2 108.7 110.0 110.8 116.6 112.6 118.6 120.0 120.5 115.7 108.1 109.2 110.7 111.7 Nonfood staples.............................. 7.98 126.8 121.2 122.3 119.1 128.3 131.2 134.7 136.5 129.2 126.5 125.1 128.9 129.8 128.1 Consumer chemical products.. 2.64 133.2 125.7 131.2 132.4 142.2 131.8 139.4 145.2 139.1 136.8 124.6 129.0 132.1 133.7 Consumer paper products........ 1.91 107.8 100.1 107.1 102.0 110.2 109.6 113.9 116.0 113.9 110.7 108.9 106.3 108.7 106.6 Consumer fuel and lighting. . . 3.43 132.4 129.6 123.8 118.4 127.6 142.7 142.6 141.2 130.0 127.4 134.6 141.4 139.6 135.9 Residential utilities................ 2.25 140.1 137.1 129.2 122.3 132.4 154.4 153.2 153.0 136.6 132.5 141.0 152.3 150.1 144.6 Equipment Business equipment.................................. 12.74 96.0 96.0 95.3 94.2 98.0 93.3 93.9 100.3 99.4 97.2 95.0 95.4 99.2 99.9 Industrial equipment......................... 6.77 92.3 92.8 92.4 90.3 92.6 90.4 90.1 94.9 94.3 93.6 92.0 91.1 94.0 93.6 Building and mining equip........... 1.45 92.9 90.3 91.7 90.9 91.6 87.0 90.5 98.2 97.0 99.0 95.7 97.1 99.5 97.0 Manufacturing equipment........... 3.85 81.4 82.9 82.0 79.1 81.5 79.3 78.5 83.3 81.9 81.1 80.4 79.0 82.7 82.1 Power equipment........................... 1.47 120.5 120.9 120.3 119.2 122.6 122.7 119.8 122.0 124.0 120.9 118.7 117.0 118.2 120.4 Commercial, transit, farm eq.* .... 5.97 100.1 99.7 98.5 98.6 104.2 96.6 98.3 106.5 105.2 101.3 98.3 100.3 105.2 107.1 Commercial equipment................. 3.30 108.4 104.7 105.3 106.0 112.4 112.6 110.7 115.6 112.0 109.4 105.0 105.2 109.7 110.5 Transit equipment.......................... 2.00 89.0 91.0 88.9 89.0 93.8 75.1 82.6 92.3 95.3 91.0 89.8 92.5 96.3 98.4 Farm equipment............................. .67 92.8 100.9 93.7 90.9 94.3 81.7 83.8 103.7 101.2 92.1 90.6 99.1 109.9 116.5 Defense and space equipment................ 7.68 77.1 77.7 76.0 76.7 77.8 76.7 77.1 77.8 75.2 75.8 75.9 74.6 75.2 75.5 Military products................................ 5.15 80.4 80.1 78.9 79.7 81.8 80.8 81.6 82.2 78.7 78.9 78.7 77.7 78.3 78.5 Intermediate products Construction products........................... 5.93 113.0 111.6 115.8 118.0 118.6 112.3 111.9 115.9 117.5 112.6 109.0 107.6 113.1 116.4 Misc. intermediate products................. 7.34 112.5 109.1 110.0 110.4 113.0 112.4 116.6 119.8 118.6 115.4 110.3 110.8 113.8 115.2 Materials Durable goods materials......................... 20.91 100.8 104.2 104.1 107.2 106.3 92.1 92.0 99.9 102.3 100.2 98.6 101.8 106.6 108.9 Consumer durable parts................... 4.75 101.4 104.5 102.0 106.4 104.5 88.3 92.0 100.1 104.2 103.8 104.0 107.6 109.2 110.7 Equipment parts................................ 5.41 86.6 89.0 87.0 89.4 89.4 81.7 80.1 86.9 86.6 85.2 86.8 88.8 91.6 92.4 Durable materials n.e.c..................... 10.75 107.8 111.8 113.7 116.6 115.6 99.1 98.0 106.3 109.4 106.2 102.1 105.7 113.0 116.4 Nondurable goods materials.................. 13.99 113.8 112.0 113.7 114.3 115.8 107.2 114.5 114.8 117.4 117.5 114.3 115.1 118.2 118.0 Textile, paper, and chem. mat.......... 8.58 116.1 112.8 115.6 116.0 118.0 106.5 116.9 118.7 121.3 123.0 119.1 120.1 124.2 123.9 Nondurable materials n.e.c.............. 5.41 110.3 110.8 110.8 111.6 112.4 108.2 110.6 108.6 ill .2 108.9 106.7 107.3 108.6 108.6 Fuel and power, industrial................... 2.89 116.2 121.9 121.4 119.5 120.4 111.4 117.7 118.3 98.5 105.7 119.2 119.4 119.7 119.3 Supplementary groups Home goods and clothing.................... 9.34 106.8 105.9 106.9 106.9 110.6 100.2 109.3 112.6 115.7 108.9 100.7 108.0 113.0 111.6 Containers................................................ 1.82 116.7 108.1 113.8 119.6 119.1 113.0 121.2 120.1 123.5 118.0 111.7 113.8 123.0 119.7 For Note see p. A-63. * Referred to as “Nonindustrial equipment” in the article published in the July 1971 Bulletin, pp. 551-76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 1967 1971 1972 pro 1971 Grouping por avertion ageP Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.^ Manufacturing, total............................... 88.55 104.8 104.4 105.0 106.0 108.3 99.7 103.1 108.1 109.2 106.2 101.9 104.2 108.2 109.1 Durable................................................. 52.33 98.8 100.6 100.4 101.7 102.7 93.2 93.6 100.6 101.6 98.9 95.8 98.4 102.7 103.7 Nondurable.......................................... 36.22 113.3 109.8 111.7 112.1 116.3 109.2 116.8 119.0 120.1 116.8 110.6 112.6 116.1 116.7 Mining and utilities................................ 11.45 119.6 119.4 117.9 117.0 120.7 121.9 124.2 123.8 114.9 115.3 119.2 121.0 120.9 120.0 Mining................................................... 6.37 107.0 109.7 110.4 110.9 111.0 103.0 107.7 106.4 98.0 101.8 107.5 104.7 105.1 105.6 Utilities................................................. 5.08 135.3 131.5 127.3 124.6 132.8 145.7 144.9 145.7 136.1 132.3 133.9 141.5 140.8 138.0 Durable manufactures Primary and fabricated metals............. 12.55 103.9 111.0 112.0 114.6 111.1 95.8 90.0 99.0 101.5 98.9 97.4 102.7 108.5 111.4 Primary metals.................................... 6.61 100.9 115.2 115.8 119.8 112.6 87.9 76.2 91.1 94.5 90.3 88.8 101.0 107.7 112.6 Iron and steel, subtotal................. 4.23 96.5 114.3 117.1 119.1 109.0 90.4 62.4 81.9 86.2 80.7 81.3 93.7 99.9 106.5 Fabricated metal products............... 5.94 107.3 106.3 107.7 108.8 109.5 104.7 105.3 107.7 109.3 108.4 107.1 104.5 109.3 110.1 Machinery and allied goods................... 32.44 94.2 94.9 93.4 94.4 96.7 88.8 90.3 97.6 98.1 95.5 92.2 94.8 98.0 98.1 Machinery............................................ 17.39 95.5 95.8 94.9 94.8 97.0 92.2 92.6 99.5 99.4 96.8 94.3 96.7 100.3 99.9 Nonelectrical machinery............... 9.17 92.9 93.6 92.5 91.4 94.2 91.8 90.6 97.2 95.5 93.4 91.4 92.6 97.7 97.0 Electrical machinery...................... 8 22 98.4 98.3 97.5 98.6 100.2 92.6 94.9 102.0 103.8 100.6 97.6 101.3 103.3 103.2 Transportation equipment............... 9.29 91.3 94.6 91.6 94.2 96.1 77.8 81.7 93.2 97.2 93.6 87.2 92.7 96.2 97.3 Motor vehicles and parts............. 4.56 111.6 117.7 112.0 116.9 120.5 86.1 93.5 114.4 122.4 117.5 105.9 118.0 122.3 122.8 Aerospace and misc. trans. eq. .. 4.73 71.8 72.3 72.0 72.4 72.6 69.7 70.4 72.8 73.0 70.6 69.2 68.3 71.0 72.8 Instruments.......................................... 2.07 108.5 103.7 103.4 106.9 110.8 110.9 111.4 114.9 114.4 111.0 109.2 107.7 110.8 111.6 Ordnance, private and Govt............ 3.69 87.0 86.2 85.2 86.2 89.2 88.1 88.9 89.8 85.0 85.2 85.2 84.0 84.3 84.2 Lumber, clay, and glass......................... 4.44 111.3 108.7 113.2 114.5 116.6 110.4 116.0 116.5 118.1 113.0 106.6 105.5 111.7 114.9 Lumber and products........................ 1.65 113.4 112.1 114.5 112.5 117.5 112.2 117.6 119.5 121.6 115.3 108.4 110.3 118.5 120.9 Clay, glass, and stone products.... 2.79 110.1 106.7 112.5 115.7 116.1 109.4 115.1 114.7 116.1 111.6 105.6 102.7 107.7 111.4 Furniture and miscellaneous................... 2.90 110.1 106.6 108.7 107.6 112.3 104.2 112.0 115.9 115.3 115.6 113.5 110.0 116.3 117.0 Furniture and fixtures....................... 1.38 98.7 98.5 98.6 95.8 99.3 86.8 98.0 101.8 100.6 104.6 103.4 103.3 109.3 110.3 Miscellaneous manufactures............ 1.52 12Q.5 114.0 117.9 118.4 124.1 120.0 124.8 128.8 128.7 125.6 122.7 116.0 122.6 123.1 Nondurable manufactures Textiles, apparel, and leather............... 6.90 100.7 101.7 101.6 101.3 104.6 90.8 104.4 104.9 107.8 101.3 92.4 100.4 105.1 104.2 Textile mill products......................... 2.69 108.5 108.2 108.5 110.4 114.0 96.9 114.5 113.6 113.8 111.0 101.4 106.6 110.0 111.2 Apparel products................................ 3.33 97.9 99.4 99.3 97.4 100.8 89.9 100.4 102.4 i 07.3 98.1 87.7 98.4 105.1 Leather and products........................ .88 87.3 90.4 88.8 87.9 89.8 75.2 88.7 88.0 91.3 83.5 82.7 88.6 90.4 90.5 Paper and printing.................................. 7.92 107.8 103.2 107.4 106.8 108.5 103.5 111.6 113.4 114.8 112.1 105.0 105.3 109.8 111.1 Paper and products........................... 3.18 116.0 113.6 117.8 116.2 116.6 105.7 117.6 116.1 122.1 120.5 111.0 120.9 126.1 125.9 Printing and publishing..................... 4.74 102.2 96.2 100.4 100.5 103.1 102.1 107.5 111.5 109.9 106.5 100.9 94.8 98.9 101.1 Chemicals, petroleum, and rubber........ 11.92 124.3 119.7 122.2 123.2 128.6 121.6 126.7 130.7 129.9 129.0 125.8 125.9 130.6 131.8 Chemicals and products................... 7.86 125.8 119.5 124.3 125.3 131.1 124.2 128.6 133.1 130.8 131.2 127.6 126.5 131.3 132.7 Petroleum products........................... 1.80 115.7 112.0 110.9 111.7 119.1 118.9 120.9 118.9 117.8 115.2 116.5 114.4 115.0 114.4 Rubber and plastics products.......... 2.26 125.9 126.4 124.0 125.0 127.7 114.8 124.7 J31.9 136.6 132.2 126.9 132.9 140.5 142.6 Foods and tobacco.................................. 9.48 113.3 108.8 109.6 110.5 115.9 112.0 117.7 119.4 121.2 116.8 109.5 110.7 111.0 111.6 Foods.................................................... 8.81 114.5 110.2 110.9 111.4 117.2 114.0 118.6 120.4 122.3 118.2 111.9 111.2 111.4 112.3 Tobacco products............................... .67 97.7 90.5 92.7 99.3 98.5 86.2 105.7 106.5 106.1 99.0 78.7 103.6 105.5 Mining Metal, stone, and earth minerals.......... 1.26 104.6 101.0 107.2 116.9 118.3 97.3 104.1 104.1 105.8 103.9 100.5 93.1 93.6 97.3 Metal mining....................................... .51 121.4 117.9 126.1 145.7 147.7 106.8 116.9 118.7 117.9 114.8 111.3 105.8 111.5 113.6 Stone and earth minerals................. .75 93.2 89.5 94.4 97.4 98.3 90.9 95.4 94.2 97.6 96.6 93.1 84.4 81.5 86.2 Coal, oil, and gas.................................... 5.11 107.5 111.8 111.2 109.4 109.2 104.4 108.6 107.0 96.0 101.3 109.2 107.6 108.0 107. 7 Coal....................................................... .69 99.0 114.7 117.6 112.4 111.6 82.1 116.5 112.6 31.1 56.9 111.7 105.1 99.9 102.7 Oil and gas extraction....................... 4.42 108.9 111.3 114.1 108.9 108.8 107.8 107.4 106.1 106.2 108.2 108.8 108.0 109.3 108.5 Utilities Electric...................................................... 3.91 138.0 133.6 128.0 124.2 134-6 151.3 150.0 150.8 138.0 132.8 136.2 146.6 145.8 142.6 1.17 126.5 124.3 Note.—Published groupings include some series and subtotals not a later date. Figures for individual series and subtotals are published in shown separately. A description and historical data will be available at the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 BUSINESS ACTIVITY; CONSTRUCTION □ MAY 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu Prices 4 facturing 2 In Ca Market dustry pacity Nonag utiliza Con ricul Products tion struc tural Total Period Total Total Final C p o r n o diicts m In ed te ia r te M ria a l t s e f M a i c a n t n g u u r i o = n ( u 1 1 m 9 tp 0 6 f 0 u 7 g ) t . tr c t a i o c o n t n s T m p e o e l m t o n a y t l — i p m E lo e m n y t r P o a l y ls s r a e l t e ai s l 3 s C um on e r m W c s o o a h d m l o e i l t e y Total sumer Equip prod goods ment ucts 1952....................... 92.8 74.1 93.4 54.5 52 79.5 88.6 1953....................... 95.5 76.3 98.2 60.3 54 80.1 87.4 1954....................... 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87! 6 1955....................... 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956....................... 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957....................... 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958....................... 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959....................... 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94! 8 1960....................... 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961....................... 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 r82.1 84.5 68.0 70 89.6 94.5 1962....................... 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90 6 94 8 1963....................... 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94 .‘5 1964....................... 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965....................... 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 91 94.5 96.6 1966....................... 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967....................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968....................... 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 109 104.2 102.5 1969....................... 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 114 109.8 106.5 1970....................... 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 *78.2 107.3 98.1 114.2 120 116.3 110.4 1971*..................... 106.5 106.2 104.5 115.6 88.9 112.8 106.8 104.8 r74.4 * i 32 * 0 * 107.4 94.3 116.9 122 121.3 113.9 1971—Mar........... 105.5 104.5 102.5 112.7 88.4 112.0 107.1 103.2 }5r74.8 141.0 107.0 94.0 114.7 127 119.8 113.0 Apr............ 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 161.0 107.2 94.4 115.4 128 120.2 113.3 May.......... 107.0 105.9 103.9 115.7 87.8 113.5 108.9 105.7 r75.5 141.0 107.5 94.8 117.6 128 120.8 113.8 June.......... 107.2 106.1 104.5 116.1 88.2 112.4 109.0 105.6 J 147.0 107.3 94.3 117.7 129 121.5 114.3 July........... 106.1 106.8 104.9 116.0 89.3 113.8 105.3 104.9 ) 151.0 107.1 93.9 116.8 129 121.8 114.6 Aug........... 105.3 106.2 105.0 116.0 89.6 110.7 104.0 103.6 \ r74.1 153.0 107.1 93.5 116.5 133 122.1 114.9 Sept........... 106.2 106.2 104.6 115.0 90.2 112.5 106.2 104.9 J 156.0 107.6 94.5 117.0 135 122.2 114.5 Oct............ 106.4 106.9 105.3 116.9 89.0 113.0 105.6 105.4 ] 137.0 107.6 94.1 117.8 134 122.4 114.4 Nov........... 107.0 107.6 105.9 118.2 88.8 114.0 106.0 105.3 I r74.1 155.0 107.9 94.4 ’•118.4 136 122.6 114.5 Dec........... 107.6 107.5 105.6 117.9 88.5 114.7 107.6 105.4 J 160.0 108.1 94.2 121.1 133 123.1 115.4 1972—Jan............ 108.4 108.1 105.9 118.3 88.5 115.9 109.0 106.6 1 165.0 108.7 94.5 122.2 *•133 123.2 116.3 Feb............ 109.2 108.7 106.6 118.5 89.8 116.7 110.3 107.8 74.9 155.0 108.9 r95.0 *•124.9 *•135 123.8 117.3 Mar........... 109.8 108.9 106.5 118.3 90.1 117.5 111.6 108.2 J 159.0 109.3 r95.6 *•125.9 139 124.0 117.4 Apr.*........ 110.9 109.6 107.6 119.4 91.2 117.2 113.1 109.3 109.6 96.2 128.4 117.5 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for first quarter 1971. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Note.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1971 1972 Type of ownership and 1970 1971 type of construction Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1........................... 67,097 78,878 6,386 7,743 7,555 8,077 7,670 7,712 6,814 6,568 6,405 6,286 6,234 5,607 7,284 By type of ownership: Public............................................ 23,362 24,183 1,722 2,074 2,065 2,795 2,683 2,299 2,010 1,837 1,960 1,696 2,137 1,634 1,634 Private 1....................................... 45,058 56,408 4,663 5,669 5,489 5,489 4,987 5,413 4,804 4,731 4,445 4,590 4,097 3,973 1,686 By type of construction: Residential building 1............... 24,910 35.226 2,729 3,168 3,310 3,485 3,357 3,255 3,196 3,170 3,001 2,997 2,667 2,664 Nonresidential building............ 24,180 26,577 2,199 2,080 2,264 2,800 2,621 2,120 2,246 2,064 2,128 1.959 1,728 1,799 Nonbuilding................................ 18,489 20,509 1,458 2,495 1,981 1,792 1,691 2,337 1,371 1,332 1,274 1.959 1,840 1,144 Private housing units authorized. .. 1,324 1,885 1,627 1,638 1,927 1,849 2,052 2,006 1,900 2,173 1,961 2,292 2,105 *•2,078 1,953 (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
MAY 1972 o CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser Period Total Resi Buildings Mili High vation Total dential Total Indus Com Other Other Total tary way de m v & e e n lo t p Other 2 trial mercial build ings 1 1962 3 . . . . 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1963 4 . ... 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1964 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1965 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 1966 76,002 51,995 25,715 26,280 6.679 6,879 5,037 7,685 24,007 727 8,405 1967 77,503 51,967 25,568 26.399 6,131 6,982 4,993 8,293 25,536 695 8,591 1968 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27,605 808 9,321 1969 93,347 65,384 33,200 32,184 6,783 9,401 4,971 11,029 27,963 879 9,252 1970 94,265 66,147 31,748 34.399 6,538 9,754 5,125 12,982 28,118 719 9,986 197 1 108,968 79,080 42,379 36,701 5,423 11,619 5,437 14,222 1971—Mar. 103,027 72,961 37,678 35,283 6,072 10,734 5,099 13,378 30,066 863 676 Apr. 105,875 76,263 39,589 36,674 6,110 11,262 5,355 13,947 29,612 824 756 May 107,591 77,880 41,500 36,380 5,766 11,038 5,289 14,287 29,711 848 702 June 109,210 79,941 42,326 37,615 5,508 11,795 5,815 14,497 29,269 865 614 July. 109,801 80,328 42,533 37,795 5,428 12,690 5,499 14,178 29,473 1,142 150 Aug. 111,778 81,939 43,795 38,144 4,852 13,069 5,482 14,741 29,839 900 609 Sept. 110,319 81,730 45,027 36,703 4,597 11,702 5,591 14,813 28,573 786 570 Oct.. 114,748 82,905 46,135 36,770 4,993 11,510 5,372 14,895 31,843 881 540 Nov. 115,186 84,764 46,841 37,923 4,885 12,188 5,670 15,180 30,422 938 697 Dec. 117,017 85,989 47,741 38,248 4,914 12,391 5,770 15,173 31,028 918 454 1972—Jan.1 120,175 88,234 49,739 38,495 4,864 13,366 5,698 14,567 31,941 1,015 910 Feb.1 121,172 89,179 51,786 37,306 4.680 13,138 5,558 14,017 31,993 998 768 Mar. 123,832 91,594 53,036 38,558 4,608 13,608 6,150 14,192 32,238 1,223 910 1 Includes religious, educational, hospital, institutional, and other build 4 Beginning 1963, reflects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Census Bureau data, monthly series at seasonally adjusted private nonresidential groups. annual rates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R -•) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship Region Type of structure ments (N.S.A.) Total N e o a r s t t h C N e o n r t t r h al South West fam 1- ily 2 f - a m to i l 4 y - m 5- o r o e r - Total Private Public Total FHA VA family 1963............................ 1,610 261 328 591 431 1,021 5;89 1,642 1,610 32 292 221 71 151 1964............................ 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965............................ 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966............................ 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967............................ 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968............................ 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1969....................... 1,467 206 349 588 323 810 87 571 1,500 1,467 33 288 237 51 413 1970............................ 1,434 218 294 612 310 813 85 536 1,467 1,434 33 479 418 61 401 1971............................ 2,051 263 434 869 485 1,151 120 780 c2,087 c2,055 c32 c627 c533 c94 c497 1971—Mar................ 1,938 233 413 821 471 1,080 117 741 169 168 1 40 33 7 36 Apr................. 1,951 224 435 841 450 1,122 120 709 204 201 3 53 45 8 43 May................ 2,046 257 412 860 517 1,152 115 779 204 199 5 49 41 8 41 June................ 2,008 250 396 864 498 1,150 127 731 197 194 3 55 46 9 47 July................. 2,091 271 436 849 535 1,162 131 798 197 194 3 52 43 9 45 Aug................. 2,219 279 493 941 505 1,198 143 878 206 205 2 55 46 9 50 2,029 249 454 876 449 1,172 137 720 176 174 2 58 50 9 53 Oct.................. 2,038 242 435 895 465 1,155 108 774 182 180 2 47 39 8 50 Nov................ 2,228 305 483 950 489 1,242 102 883 179 176 3 57 48 9 40 Dec................. 2,457 437 508 995 518 1,347 121 989 155 152 3 92 85 7 34 1972—Jan.r.............. 2,487 438 436 983 629 1,415 175 896 151 149 2 45 37 8 33 Feb.'............. 2,655 269 557 1,219 610 1,313 213 1,129 152 151 1 36 28 8 40 Mar................ 2,359 345 345 1,062 607 1,283 135 942 205 203 2 49 38 11 Note.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspec for Govt.-underwritten, which are from Federal Housing Admin, and tions. Data may not add to totals because of rounding. Veterans Admin, and represent units started, including rehabilitation Mobile home shipments are as reported by Mobile Homes Manufac turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 66 EMPLOYMENT □ MAY 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p n T o ( s o N t p t i a u . t S u l l a t . n A i t o o i . o n ) n n a - l la ( b N N o . o r S t . f A i o n . r ) ce T ( l f a S o o b . r A t c o a e r . l ) Total Employed1 Unem U (p n e m e r r a m e t c e n p e 2 t l n o t y ; Total In c n u o lt n u a ra g l r i In ployed S.A.) industries agriculture 1966............................. 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967 3.......................... 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3*8 1968............................. 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1969............................. 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970............................. 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 79,120 75,732 3,387 4,993 5.9 1971—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 June................. 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................... 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.................. 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 Feb.................. 144,895 57,577 88,075 85,535 80,623 77,266 3,357 4,912 5.7 Mar................. 145,077 57,163 88,817 86,313 81,241 77,759 3,482 5,072 5.9 Apr.............. 145,227 57,440 88,747 86,284 81,205 77,881 3,324 5,079 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 Total M t a u n ri u n f g ac Mining c C o o n t n i s o t t r r n a u c c t t T i li o r c a n n u & s ti p l i o p ti r u e t b a s Trade Finance Service G m ov e e n r t n 1966............................................................... 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 1967............................................................... 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968............................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 1969............................................................... 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 1970............................................................... 70,616 19,369 622 3,345 4,504 14,922 3,690 11,630 12,535 1971............................................................... 70,699 18,610 601 3,259 4,481 15,174 3,800 11,917 12,858 seasonally adjusted 1971—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.................................................... 71,185 18,566 607 3,245 4,465 15,315 3,860 12,089 13,038 1972—Jan..................................................... 71,584 18,609 616 3,320 4,502 15,447 3,872 12,120 13,098 Feb.................................................... 71,729 18,690 612 3,236 4,479 15,495 3,879 12,177 13,161 Mar.®............................................... 71,990 18,777 611 3,262 4,540 15,513 3,889 12,205 13,193 Apr.?3................................................ 72,172 18,855 603 3,235 4,536 15,606 3,902 12,211 13,224 NOT SEASONALLY ADJUSTED 1971—Apr.................................................... 70,309 18,482 617 3,164 4,469 14,974 3,758 11,867 12,978 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.................................................... 72,034 18,595 605 3,177 4,469 16,089 3,841 12,029 13,229 1972—Jan..................................................... 70,643 18,440 602 2,965 4,430 15,266 3,833 11,926 13,181 Feb.................................................... 70,776 18,537 596 2,880 4,407 15,147 3,844 12,031 13,334 Mar.35............................................... 71,339 18,656 597 2,965 4,486 15,269 3,866 12,120 13,380 Apr.2’................................................ 71,834 18,697 597 3,119 4,500 15,419 3,890 12,235 13,377 Note.—Bureau of Labor Statistics; data include all full- and part- persons, domestic servants, unpaid family workers, and members of time employees who worked during, or received pay for, the pay pe the Armed Forces are excluded. riod that includes the 12th of the month. Proprietors, self-employed Beginning with 1969, series has been adjusted to Mar. 1970 bench mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1971 1972 1971 1972 Apr. Feb. Mar.p Apr.*7 Apr. Feb. Mar.35 Apr.p 13,502 13,597 13,683 13,758 13,357 13,465 13,577 13,615 Durable goods........................................................................ 7,612 7,685 7,744 7,791 7,578 7,648 7,727 7,758 97 89 89 90 96 89 89 89 Lumber and wood products...................................... 488 519 519 509 478 504 507 498 Furniture and fixtures................................................. 372 397 399 399 368 396 397 395 Stone, clay, and glass products................................ 498 511 514 519 493 493 502 514 1,008 937 961 965 1,013 938 963 970 Fabricated metal products........................................ 1,014 1,024 1,036 1,041 1,005 1,019 1,029 1,032 Machinery.................................................................... 1,163 1,178 1,174 1,184 1,174 1,189 1,190 1,196 Electrical equipment and supplies........................... 1,177 1,205 1,214 1,227 1,164 1,202 1,209 1,214 Transportation equipment........................................ 1,225 1,234 1,245 1,261 1,227 1,243 1.258 1,264 Instruments and related products........................... 253 261 262 265 252 261 263 264 317 330 331 331 309 315 320 322 Nondurable goods................................................................. 5,890 5,912 5,939 5,967 5,779 5,817 5,850 5,857 Food and kindred products...................................... 1,181 1,177 1,187 1,190 1,104 1,102 1,111 1,113 Tobacco manufactures............................................... 66 58 61 62 57 56 55 53 Textile-mill products................................................... 840 862 868 871 837 858 865 868 Apparel and related products................................... 1,202 1,190 1,191 1,199 1,192 1,193 1,198 1,190 Paper and allied products.......................................... 527 529 533 535 522 524 528 530 Printing, publishing, and allied industries............. 666 666 666 669 666 664 667 669 Chemicals and allied products,................................ 584 578 575 576 588 576 577 580 Petroleum refining and related industries............... 116 119 117 115 114 114 114 113 Rubber and misc. plastic products........................... 443 468 476 482 439 467 472 478 Leather and leather products.................................... 265 265 265 268 261 265 264 264 1 Data adjusted to 1970 benchmark. Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1971 1972 1971 1972 1971 1972 Apr. Feb. Mar.p Apr.p Apr. Feb. Mar.p Apr.p Apr. Feb. Mar.p Apr.p 39.8 40.5 40.4 40.8 139.83 149.17 151.13 152.69 3.54 3.72 3.75 3.77 Durable goods.......................................................... 40.3 41.1 41.0 41.5 150.40 161.17 163.59 165.21 3.76 3.96 3.99 4.01 Ordnance and accessories............................. 41.5 42.4 42.2 42.3 156.94 170.49 168.82 169.66 3.80 4.04 4.01 4.03 Lumber and wood products........................ 40.1 40.9 40.9 41.4 123.11 129.68 132.11 133.72 3.07 3.21 3.23 3.23 Furniture and fixtures.................................... 39.5 40.7 40.5 40.7 111.25 119.00 121.00 121.10 2.86 2.99 3.01 3.02 Stone, clay, and glass products................... 41.1 42.0 42.2 41.7 147.55 155.74 159.68 160.55 3.59 3.78 3.82 3.85 Primary metal industries.............................. 41.0 41.1 41.2 41.0 171.39 186.55 188.70 189.47 4.17 4.55 4.58 4.61 Fabricated metal products........................... 40.1 41.0 42.9 41.4 147.26 157.16 159.54 162.35 3.70 3.89 3.92 3.95 Machinery........................................................ 40.0 41.4 41.4 42.0 158.00 173.47 175.56 177.66 3.95 4.19 4.21 4.23 Electrical equipment and supplies.............. 39.8 40.7 40.3 40.9 136.72 145.52 146.29 147.83 3.47 3.62 3.63 3.65 Transportation equipment........................... 40.6 41.9 42.0 42.7 175.12 191.58 194.69 196.88 4.40 4.65 4.68 4.71 Instruments and related products............... 39.7 40.8 40.3 40.1 137.86 149.08 149.11 148.03 3.49 3.69 3.70 3.71 Miscellaneous manufacturing industries... 38.6 39.6 39.3 39.6 113.19 119.95 120.26 121.27 2.94 3.06 3.06 3.07 Nondurable goods................................................... 39.2 39.6 39.6 39.9 125.65 133.28 134.35 135.09 3.23 3.40 3.41 3.42 Food and kindred products......................... 40.5 40.0 40.0 40.2 134.13 139.79 142.09 142.84 3.37 3.53 3.57 3.58 Tobacco manufactures.................................. 37.5 33.6 34.5 34.1 i18.91 111.55 113.56 114.23 3.24 3.37 3.40 3.42 Textile-mill products...................................... 40.4 41.2 41.4 41.8 102.00 111.11 111.92 112.61 2.55 2.71 2.71 2.72 Apparel and related products..................... 35.1 36.2 35.8 36.1 86.45 92.62 92.52 92.88 2.47 2.58 2.57 2.58 Paper and allied products............................ 42.3 42.6 42.7 43.1 151.26 161.63 163.24 164.82 3.61 3.83 3.85 3.86 Printing, publishing, and allied industries. 37.5 37.5 37.7 38.0 154.42 162.19 165.88 167.83 4.14 4.36 4.40 4.44 Chemicals and allied products..................... 41.7 41.8 41.7 41.7 162.57 171.39 171.39 173.05 3.88 4.12 4.11 4.13 Petroleum refining and related industries . 41.7 42.0 41.7 42.2 193.73 202.03 203.01 209.72 4.58 4.88 4.88 4.90 Rubber and misc. plastic products............. 40.3 41.0 41.2 41.4 134.06 144.08 144.43 143.91 3.36 3.54 3.54 3.51 Leather and leather products....................... 38.3 38.5 38.2 38.9 95.98 103.95 102.33 101.68 2.58 2.70 2.70 2.69 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 □ MAY 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation Period it A em ll s Food Total Rent H o s w o h n m ip e e r - - c F a o o n u i a e d l l l t e r G a i l c n e a i c d s t y o n F i p a n i n u e s g r d h r s a A up p a k p n e a d e re p l T p t o r i a o r n t n a s Total M c ic a e a r d e l s c P o a e n r r a e l r R e a i c e n n r a g d e d a g O s a o e t n o h rv d d e s r tion tion ices 1929............................ 51.3 48.3 76.0 48.5 1933............................ 38.8 30.6 54.1 36.9 1941............................ 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945............................ 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960............................ 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1961............................ 89.6 89.1 90.9 92.9 86.9 91.0 99.4 93.7 90.4 90.6 86.7 81.4 90.6 89.3 88.5 1962............................ 90.6 89.9 91.7 94.0 87.9 91.5 99.4 93.8 90.9 92.5 88.4 83.5 92.2 91.3 89.1 1963............................ 91.7 91.2 92.7 95.0 89.0 93.2 99.4 94.6 91.9 93.0 90.0 85.6 93.4 92.8 90.6 1964............................ 92.9 92.4 93.8 95.9 90.8 92.7 99.4 95.0 92.7 94.3 91.8 87.3 94.5 95.0 92.0 1965............................ 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966............................ 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967............................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968............................ 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969............................ 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970............................ 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1971............................ 121.3 118.4 124.3 115.2 133.7 117.5 114.7 118.1 119.8 118.6 122.2 128.4 116.8 119.3 120.9 1971—Mar................ 119.8 117.0 122.4 113.9 131.2 117.4 113.3 116.4 118.6 117.8 120.6 126.8 115.8 117.7 119.4 Apr................. 120.2 117.8 122.5 114.4 130.9 117.3 113.9 117.0 119.1 118.1 121.2 127.5 116.3 118.4 119.7 May............... 120.8 118.2 123.2 114.7 131.6 117.2 114.4 118.1 120.2 118.8 121.6 128.1 116.5 118.9 119.9 June............... 121.5 119.2 124.0 115.2 133.0 117.4 114.6 118.7 120.1 119.6 122.1 128.6 116.8 119.3 120.3 July................ 121.8 119.8 124.5 115.4 133.5 117.5 114.7 118.9 119.3 119.5 122.6 129.3 117.1 119.6 121.2 Aug................ t122.1 120.0 125.1 115.8 134.4 117.8 115.7 119.1 119.0 fl 19.3 123.1 130.0 117.5 119.7 121.8 Sept................ t122.2 119.1 125.5 116.1 135.1 117.8 115.7 119.4 120.6 t118.6 123.6 130.4 117.6 120.5 122.4 Oct.................. fl22.4 118.9 125.9 116.4 135.7 117.8 115.7 119.5 121.6 f 119.3 123.5 129.6 117.9 120.5 122.6 Nov................ 122.6 119.0 126.4 116.6 136.7 118.1 116.2 119.5 121.9 118.8 123.7 129.7 117.9 120.8 122.8 Dec................. 123.1 120.3 126.8 116.9 137.0 118.1 118.2 119.6 121.8 118.6 123.9 130.1 117.9 121.1 123.0 1972—Jan.................. 123.2 120.3 127.3 117.1 137.8 118.7 119.0 119.5 120.2 119.0 124.3 130.5 118.1 121.4 123.5 Feb................. 123.8 122.2 127.6 117.5 138.0 118.7 119.4 119.6 120.7 118.3 124.7 131.0 118.4 121.5 124.3 Mar................ 124.0 122.4 127.9 117.7 138.2 118.7 119.7 120.1 121.3 118.4 125.0 131.4 118.7 121.7 124.6 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers, f Reflects effect of refund of Federal excise tax on new cars. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Period m c t A o i o e m l d s l i p F u r a c o r t m d s c f f P e o a e s n o r e s o d d d e 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 t e c r b . , L b e u t e c m r . , P e a t p c e . r, M e a t l c e s, . t c M a e h n r i a y d n F t e u u t r r c e n . , i N t m m a o l i e l n n i c T e p t q r o i a o u r n n t ip a s n c M e e o l i l u s a s e m q e u n ip t erals ment1 196 0 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 196 1 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 196 2 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 196 3 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 196 4 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 196 5 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 196 6 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 196 7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 196 8 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 196 9 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 197 0 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 197 1 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 1971—Apr., 113.3 113.0 113.5 113.3 107.5 114.0 113.0 104.5 109.0 124.6 109.6 117.8 115.0 109.7 121.6 109.7 112.7 May 113.8 114.0 114.5 113.7 107.8 114.4 114.2 104.3 108.7 124.9 109.9 118.5 115.3 109.9 121.8 109.8 112.5 June 114.3 116.0 114.9 113.9 108.5 114.2 114.4 104.4 108.7 126.1 110.2 118.5 115.5 109.8 122.2 110.0 112.6 July. 114.6 113.4 116.0 114.5 109.2 114.2 114.4 104.4 109.7 130.6 110.5 119.4 115.7 110.0 123.3 110.3 112.8 Aug. 114.9 113.2 115.4 115.1 109.7 114.4 114.8 104.3 109.8 134.6 110.6 121.1 116.1 110.2 124.2 110.5 113.0 Sept. 114.5 110.5 114.6 115.0 109.7 114.7 115.3 104.3 109.7 134.3 110.6 121.1 116.0 110.2 124.2 109.6 113.0 Oct., 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7 113.0 Nov. 114.5 112.2 114.4 114.9 109.8 115.1 114.7 103.8 109.5 131.3 110.6 120.9 115.9 110.2 124.0 110.8 113.1 Dec. 115.4 115.8 115.9 115.3 110.6 116.2 115.0 103.4 109.4 132.7 110.7 120.8 116.2 110.2 124.2 112.9 113.2 1972—Jan.. 116.3 117.8 117.2 115.9 111.3 117.8 116.0 103.4 109.5 134.9 110.8 121.4 116.5 110.2 124.3 113.4 113.7 Feb. 117.3 120.7 118.8 116.5 112.0 119.1 116.1 103.5 109.2 137.7 111.6 122.6 117.1 110.8 124.6 113.6 114.0 Mar. 117.4 119.7 118.6 116.9 112.1 123.0 116.5 103.4 108.9 139.5 112.3 123.4 117.3 110.9 124.8 113.8 114.2 Apr. 117.5 119.1 117.7 117.3 112.6 127.2 116.9 104.1 108.7 141.1 112.8 123.5 117.6 111.0 125.6 113.8 114.1 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1972 1971 1972 Group Group Apr. Feb. Mar. Apr Apr. Feb. Mar. Apr Farm products: Pulp, paper, and allied products: Fresh and dried produce. 120.8 127.5 112.8 117.6 Pulp, paper and products, excluding Grains................................. 106.8 93.0 93.8 96.0 building paper and board.............. 109.9 111.9 112.5 113.1 Livestock............................ 116.9 139.6 136.7 133.8 Woodpulp.............................................. 112.2 111.5 111.5 111.5 Live poultry....................... 99.5 105.4 107.6 94.1 Wastepaper............................................ 107.7 126.6 129.3 131.0 Plant and animal fibers. . 89.4 113.2 114.3 122.1 Paper....................................................... 114.3 115.3 115.7 115.9 Fluid milk.......................... 119.7 120.5 121.8 122.1 Paperboard............................................ 103.0 103.5 103.6 105.6 Eggs..................................... 104.4 91.9 107.7 87.2 Converted paper and paperboard... 108.8 111.4 112.2 112.7 Hay and seeds................... 104.8 110.2 114.4 118.5 Building paper and board.................. 101.7 104.7 105.6 106.1 Other farm products........ 114.4 116.8 117.5 118.0 Processed foods and feeds: Metals and metal products: Cereal and bakery products........... 111.5 112.4 112.6 112 Meat, poultry, and fish.................... 113.3 130.5 127.3 123.6 Iron and steel................................. 118.4 128.2 128.3 128.3 Dairy products.................................. 115.5 117.5 118.0 117.5 Steelmill products.......................... 118.5 131.0 130.9 130.9 Processed fruits and vegetables___ 113.0 116.1 116.7 118.3 Nonferrous metals......................... 117.2 115.0 117.2 117.6 Sugar and confectionery.................. 118.6 121.1 121.9 121.1 Metal containers............................ 123. 1 127.1 127.1 127.3 Beverages and beverage materials. 115.6 116.8 116.7 117.2 Hardware......................................... 115.6 119.0 119.2 119.6 Animal fats and oils......................... 135.9 133.5 130.4 127.8 Plumbing equipment..................... 114.9 118.6 118.9 119.0 Crude vegetable oils......................... 120.4 116.8 115.6 118.9 Heating equipment........................ 114.7 116.2 117.0 117.9 Refined vegetable oils....................... 125.2 120.1 120.6 120.9 Fabricated structural metal products 116.8 122.0 122.1 122.1 Vegetable oil end products............. 119.4 121.1 120.8 120.7 Miscellaneous metal products......... 118.0 123.2 124.1 124.3 Miscellaneous processed foods___ 114.3 113.8 113.7 113.8 Manufactured animal feeds............ 104.4 103.7 108.5 108.5 Textile products and apparel: Machinery and equipment: Cotton products.............................. 108.9 118.0 119.6 120.5 Agricultural machinery and equip.. 116.7 121.5 122.0 122.1 Wool products................................. 94.4 92.2 92.0 93.0 Construction machinery and equip. 120.9 124.7 125.0 125.7 Manmade fiber textile products. 98.6 105.9 106.1 107.2 Metalworking machinery and equip 116.6 118.9 119.4 119.7 Apparel.............................................. 112.2 114.0 114.1 114.2 General purpose machinery and Textile housefurnishings................ 103.5 108.5 108.7 108.7 equipment........................................ 118.3 121.2 121.5 121.9 Miscellaneous textile products... 118.7 141.6 130.9 131.1 Special industry machinery and equipment........................................ 119.7 123. 1 123.0 123.4 Hides, skins, leather, and products: Electrical machinery and equip.. . . 109.5 110.0 110.1 110.2 Miscellaneous machinery................. 117.0 118.8 119.0 119.6 Hides and skins............ 121.1 148.9 173.8 188.6 Leather............................ 111.0 120.6 128.4 138.1 Footwear........................ 116.6 118.5 120.1 122.4 Other leather products. 107.7 111.2 111.9 113.7 Furniture and household durables: Fuels and related products, and power: Household furniture.......................... 114. 1 116.7 116.8 116.9 Commercial furniture........................ 118. 1 118.3 118.7 119.2 Coal........................................... 184.0 192.6 192.6 191.2 Floor coverings.................................. 99.8 98.2 98.2 98.2 Coke.......................................... 145.9 155.0 155.0 155.3 Household appliances....................... 107.1 107.5 107.4 107.5 Gas fuels................................... 105.9 110.2 110.9 112.5 Home electronic equipment............. 93.7 92.9 93.0 92.8 Electric power....................... 112.3 120.0 120.0 120.5 Other household durable goods. . . 120. 1 124.1 124.5 124.5 Crude petroleum..................... 113.2 113.2 113.2 113.2 Petroleum products, refined. 105.3 105.5 106.3 106.6 Nonmetallic mineral products: Chemicals and allied products: P O A D P F I P n l a a r t g r a d e h t i u r s s n p u e i g t c t a i s r s a c u t r m n c r e l a r i h d t d a e n a u e s l t d r o m p e i a c n i r a l p l i h s i s c i h a c e , n a a h a l m l i t s n s r e n . . . m d i m . . e . c a . . . d a . a n . i m . . c i c . l . d . b . a s a . e . . . . l l t . u p . . s e . . . e . . . t r . . . . r i a . . . o . i c . . . . n . . . . a d . a . . . . . d . . l . . l u . . s . . . . s . . . . . c p . . . . . . . . . . . . t . . . . . r . . . s . . . . o . . . . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . u . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . t . . . . . . . . . . . s . . . . . . . . . . . . . . . . 1 1 1 1 1 1 9 8 1 0 0 4 1 0 4 8 1 3 2 3 5 1 . . . . . . . . 8 2 5 9 9 0 0 1 1 1 1 1 1 1 9 8 1 1 0 0 1 0 9 0 2 2 0 7 2 1 . . . . . . . . 3 5 2 3 2 7 7 4 1 1 1 1 1 1 9 8 1 0 0 1 0 0 0 8 2 3 2 7 2 1 . . . . . . . . 9 6 7 5 5 9 7 0 1 1 1 1 1 1 9 8 1 1 0 1 0 0 8 2 3 2 2 8 1 3 . . . . . . . . 3 5 2 3 2 5 4 0 G A G C S R C F t l o o l y e s r a r a p n f n u p e t s r h c c c s f s a g u r r r a t c u e a e c l l m a t t t t c r o o e e s a t r n s r o p l o p i i t . r n . r e a o r . c i o . s i g e o f . l n . . d a i s r d . . n e . y . e . u . . . u r . g . d . c . . . s c . . . . p i . . t . . . e t . . . . . s r . . s . . . n . . . o . . . . . . . . . . . . . . t . . . d . . . . . . . s . . . . . . . u . . . . . . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . . . t . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e . . . . . . . . . . . . . . . . x . . . . . . . . . . . . . . . . c . . . . . . . . . . . . . . . . l . . . . . . . . . u . . . . . . . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . i . . . . . . . . . . . . n . . . . . . . . . . . . . . . . g . . . 1 1 1 1 1 1 1 1 3 1 2 0 1 2 2 2 1 4 3 1 9 6 1 6 . . . . . . . . 5 5 6 0 7 4 0 2 1 1 1 1 1 1 1 1 1 2 1 3 3 2 2 2 6 7 2 1 1 3 4 3 . . . . . . . . 8 5 2 8 6 6 1 1 , ; ! 1 1 1 1 1 1 1 1 2 3 1 3 2 1 2 2 7 5 1 4 1 6 4 2 . . . . . . . . 3 5 5 2 2 4 6 1 1 1 1 1 1 1 1 1 1 2 3 2 2 1 2 3 5 1 7 4 6 7 6 1 . . . . . . . . 9 2 2 2 4 1 1 1 Other nonmetallic minerals............. 122.0 125.9 126.4 126.4 Rubber and plastic products: Crude rubber.......................................... 99.8 98.8 98.5 98.2 Tires and tubes...................................... 107.5 108.4 108.4 108.4 Transportation equipment: Miscellaneous rubber products.......... 116.3 120.4 120.4 120.4 Plastic construction products (Dec. Motor vehicles and equipment. 114.1 118.1 118. 1 118.1 1969 = 100)............................................ 95.5 93.8 93.6 93.6 Railroad equipment..................... 119.9 123.9 127.3 128.4 Unsupported plastic film and sheeting (Dec. 1970= 100)................................ 102.6 99.9 98.9 98.4 Laminated sheets, high pressure (Dec. 1970= 100)................................ 101.0 98.6 98.1 98.4 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition....................................... 112.5 114.0 114.5 114.0 Lumber......................... 131.5 150.4 152.4 155.1 Tobacco products................................ 116.5 117.4 117.4 117.4 Millwork...................... 118.6 125.5 125.8 126.6 Notions................................................... 111.7 111.7 111.7 111.7 Plywood....................... 115.6 125.1 128.9 128.9 Photographic equipment and supplies 105.8 106.7 106.9 106.2 Other wood products. 119.3 119.9 120.1 121.1 Other miscellaneous products........... 112.2 114.4 114.5 115.0 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 □ MAY 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 j1971 I 11 in IV I p 103.1 55.6 1245 284.8 793.9 864.2 929.1 974.11,046.81,020.81,040.01,053.41,072.91,103.2 101.4 57.2 120.1 278.0 785.7 857.1 921.7 971.31,044.51,017.71,035.41,054.61,070.41,102.6 77.2 45.8 80.6 191.0 492.1 536.2 579.6 615.8 662.1 644.9 657.4 668.8 677.2 690.2 Durable goods................................................... 9.2 3.5 9.6 30.5 73.1 84.0 89.9 88.6 100.5 96.6 99.1 102.8 103.6 107.0 Nondurable goods............................................ 37.7 22.3 42.9 98.1 215.0 230.8 247.6 264.7 278.6 273.2 277.8 280.2 283.3 286.9 30.3 20.1 28.1 62.4 204.0 221.3 242.1 262.5 282.9 275.0 280.5 285.8 290.3 296.3 16.2 1.4 17.9 54.1 116.6 126.0 137.8 135.3 151.6 143.3 152.9 150.8 159.4 167.6 14.5 3.0 13.4 47.3 108.4 118.9 130.4 132.5 149.3 140.2 148.3 152.0 157.0 167.1 10.6 2.4 9.5 27.9 83.3I 88.8 98.6 102.1 108.7 104.7 108.3\ 109.3 112.6 118.1 Structures................................................... 5.0 .9 2.9 9.2 28.0j 30.3 34.5 36.8 38.2 36.7 38.5 38.7 39.0 39.4 Producers’ durable equipment.............. 5.6 1.5 6.6 18.7 55.3 58.5 64.1 65.4 70.5 68.1 69.8! 70.6 73.6 78.7 Residential structures.................................. 4.0 .6 3.9 19.4 25.1 30.1 31.8 30.4 40.6 35.4 40.0 42.7 44.4 49.0 3.8 .5 3.7 18.6 24.5 29.5 31.2 29.7 40.1 35.0 39.5! 42.1 43.8 48.4 Change in business inventories........... 1.7 -1.6 4.5 6.8 8.2 7.1 7.4! 2.8 2.2 3.1 4.6 -1.2 2.4 .6 1.8 -1.4 4.0 6.0 7.5 6.9 7.3 2.5 1.7 2.9 4. i -2.0 2.0 . 1 Net exports of goods and services..................... 1.1 .4 1.3 1.8 5.2 2.5 2.0 3.6i 4.7 .1 — 4.6 — 5 1 7.0 2.4 5.9 13.8 46.2 50.6 55.6 62.9 65.3 66.2 66.5 68.2 60.4 69! 5 Imports............................................................... 5.9 2.0 4.6 12.0 41.0 48.1 53.6! 59.3 65.3 61.5 66.4! 68.2 65.0 74.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 180.1 199.6 209.7| 219.4 233.0 227.9 229.6 233.8 240.8 250.4 1.3 2.0 16.9 18.4 90.7\ 98.8 99.2 97.2 97.6 96.4 96.0 97.6 100.3 105.3 National defense.......................................... 13.8 14.1 72.4! 78.3 78.4! 75.4 71.4 72.6 71.4! 70.2 71.4 76.0 Other............................................................... 3.1 4.3 18.4: 20.5 20.7| 21.9j 26.2 23.7 24.6 21A 28.9 29.3 State and local.................................................. 7.2 6.0 7.9 19.5 89.4; 100.8 110.6; 122.2 135.5 131.6 133.6; 136.2 140.5 145.1 i 1 Gross national product in constant (1958) ..............d..o..l.l..a..r.s......................................... 203.6 141.5 263.7 355.3 675.2| 706.6 724.7 720.0 739.4 729.7 735.8 740.7 751.3 761.0 | 1 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) 1971 1972 1929 1933 1941 1950 1967 1968 1969 1970 1971 I II III IV I p National income................................................... 86.8 40.3 104.2 241.1 653.6 711.1 763.7 795.9 851.1 831.7 847.3 855.2 870.1 Compensation of employees.............................. 51.1 29.5 64.8 154.6 467.2 514.6 565.5 601.9 641.9 627.3 638.0 645.6 656.6 679.5 Wages and salaries......................................... 50.4 29.0 62.1 146.8 423.1 464.9 509.6 541.4 574.2 561.4 571.0 577.3 587.0 606.9 Private........................................................... 45.5 23.9 51.9 124.4 337.3 369.2 405.5 426.6 450.4 440.3 448.4 452.3 460.3 475.2 Military......................................................... .3 .3 1.9 5.0 16.2 17.9 19.0 19.4 18.6 19.2 18.6 18.0 18.6 19.9 Government civilian.................................. 4.6 4.9 8.3 17.4 69.5 77.8 85.1 95.5 105.2 101.8 104.0 106.9 108.1 111.8 Supplements to wages and salaries.............. .7 .5 2.7 7.8 44.2 49.7 56.0 60.5 67.7 65.9 67.0 68.3 69.6 72.6 Employer contributions for social in surance ..................................................... . 1 .1 2.0 4.0 21.9 24.3 27.8 29.6 34.0 33.3 33.6 34.2 35.0 37.4 Other labor income.................................... .6 .4 .7 3.8 22.3 25.4 28.2 30.8 33.7 32.6 33.4 34.1 34.6 35.2 Proprietors’ income............................................ 15.1 5.9 17.5 37.5 62.1 64.2 67.0 66.9 68.3 66.4 67.2 69.2 70.5 71.3 Business and professional............................ 9.0 3.3 11.1 24.0 47.3 49.5 50.3 51.0 52.1 51.6 51.9 52.3 52.5 52.6 Farm................................................................. 6.2 2.6 6.4 13.5 14.8 14.7 16.8 15.8 16.3 14.8 15.2 17.0 18. 1 18.7 Rental income of persons.................................. 5.4 2.0 3.5 9.4 21.1 21.2 22.6 23.3 24.3 23.8 24.2 24.5 24.6 24.8 Corporate profits and inventory valuation adjustment........................................................ 10.5 -1.2 15.2 37.7 78.7 84.3 78.6 70.8 81.0 79.5 82.5 80.0 82.0 Profits before tax........................................... 10.0 1.0 17.7 42.6 79.8 87.6 84.2 75.4 85.4 83.0 86.9 85.8 86.0 Profits tax liability...................................... 1.4 .5 7.6 17.8 33.2 39.9 39.7 34.1 37.8 38.3 39.1 37.5 36.4 Profits after tax.......................................... 8.6 .4 10.1 24.9 46.6 47.8 44.5 41.2 47.6 44.8 47.8 48.2 49.7 Dividends................................................. 5.8 2.0 4.4 8.8 21.4 23.6 24.4 25.0 25.5 25.6 25.4 25.7 25.3 25.8 Undistributed profits............................ 2.8 -1.6 5.7 16.0 25.3 24.2 20.0 16.2 22.1 19.2 22.4 22.5 24.4 Inventory valuation adjustment................. .5 -2.1 -2.5 -5.0 -1.1 -3.3 -5.5 -4.5 -4.4 -3.5 -4.4 -5.8 -4.0 -5.6 Net interest........................................................... 4.7 4.1 3.2 2.0 24.4 26.9 29.9 33.0 35.6 34.8 35.4 35.9 36.4 36.9 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
MAY 1972 □ NATIONAL PRODUCT AND INCOME A 71 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1971 1972 1929 1933 1941 1950 1967 1968 1969 1970 1971 I II III IV Ip 1 Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 929.1 974.11,046.81,020.81,040.01,053.41,072.91,103.2 Less: Capital consumption allowances........ 7.9 7.0 8.2 18.3 68.9 74.5 81.1 87.6 95.2 92.0 93.9 96.2 98.7 101.2 Indirect business tax and nontax lia bility ..................................................... 7.0 7.1 11.3 23.3 70.4 78.6 85.7 92.9 102.1 99.0 100.2 103.0 106.2 107.6 Business transfer payments................. .6 .7 .5 .8 3.1 3.4 3.7 3.9 4.3 4.2 4.2 4.3 4.4 4.5 Statistical discrepancy........................... .7 .6 .4 1.5 -.7 -2.7 -4.1 -4.5 -4.9 -4.3 -4.9 -4.7 -5.8 Plus: Subsidies less current surplus of gov ernment enterprises............................ 1 . 1 .2 1.4 .7 1.1 1.7 1.0 1.8 .7 .7 # 7 1.6 Equals: National income.................................... 86.8 40.3 104.2 241.1 653.6 711.1 763.7 795.9 851.1 831.7 847.3 855.2 870.1 Less: Corporate profits and inventory valu ation adjustment.................................. 10.5 -1.2 15.2 37.7 78.7 84.3 78.6 70.8 81.0 79.5 82.5 80.0 82.0 Contributions for social insurance .2 .3 2.8 6.9 42.4 47.1 54.0 57.6 65.2 64.0 64.6 65.4 66.6 71.5 Excess of wage accruals over disburse ments....................................................... -1.9 Plus: Government transfer payments.......... .9 1.5 2.6 14.3 48.7 56.1 62.2I 75.6 90.4 83.7 92.2 92.5 93.3 94.8 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 31.8 31.4 32.2 32.2 31.9 Dividends................................................... 5.8 2.0 4.4 8.8 21.4 23.6 24.4! 25.0 25.5 25.6 25.4 25.7 25.3 25.8 Business transfer payments................... .6 .7 .5 .8 3.1 3.4 3.7 3.9 4.3 4.2 4.2 4.3 4.4 4.5 Equals: Personal income................................ 85.9 47.0 96.0 227.6 629.3 688.9 750.3 803.6 857.0 833.5 853.4 864.6 876.7 899.9 Less: Personal tax and nontax payments.. 2.6 1.5 3.3 20.7 83.0 97.9 116.2| 115.9 115.8 111.6 113.8 116.0 121.7 134.2 Equals: Disposable personal income............. 83.3 45.5 92.7 206.9 546.3 591.0 634.2| 687.8 741.3 722.0 739.6 748.5 755.0 765.7 Less: Personal outlays....................................... 79.1 46.5 81.7 193.9 506.0 551.2 596.3 633.7 680.7 663.3 676.0 687.6 696.0 709.2 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.6 j 615.8 662.1 644.9 657.4 668.8 677.2 690.2 Consumer interest payments ............. 1.5 .5 .9 2.4 13.2 14.3I 15.8! 16.9 17.7 17.6 17.7 17.8 17.9 18.0 Personal transfer payments to for eigners................................................. .3 .2 .2 .5 .7 .8 .9i .9 .9 .9 .9 1.0 .9 1.0 Equals: Personal saving. 4.2 -.9 11.0 13.1 40.4 39.8 37.9 54.1 60.5 58.6 63.6 61.0 59.0 56.5 Disposable personal income in constant (1958) ! dollars.................................................................. 150.6 112.2 190.3 249.6 477.5 499.0 513.5 531.5 550.6 542.7 550.5 553.2 556.1 558.5 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) 1971 1972 Item 1970 1971 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb. Mar.* Total personal income............................ 803.6 857.0 838.3 843.0 848.6 868.6 857.7 866.1 869.9 871.2 874.9 883.9 892.8 901.8 905.1 Wage and salary disbursements........... 541.4 574.2 564.8 567.7 572.0 573.2 572.9 579.2 579.8 581.3 584.8 594.8 603.0 610.6 612.7 Commodity-producing industries. . 200.7 205.7 203.3 204.4 206.1 206.4 205.0 205.3 206.7 207.4 208.1 211.4 213.2 216.4 218.6 Manufacturing only........................ 158.3 160.8 159.2 159.6 161.1 161.4 160.2 160.2 161.1 162.0 162.2 165.3 165.8 169.2 171.4 Distributive industries....................... 129.1 138.8 136.5 137.2 138.3 138.1 138.0 140.0 140.7 140.9 141.6 144.7 146.3 149.4 148.4 Service industries................................ 96.7 105.9 103.3 103.9 105.0 105.7 106.3 107.4 107.7 108.1 108.7 109.9 111.4 112.3 113.4 Government......................................... 114.8 123.8 121.6 122.1 122.6 123.0 123.6 126.6 124.7 124.9 126.4 128.8 132.0 132.5 132.3 Other labor income................................ 30.8 33.7 32.8 33.1 33.4 33.7 33.9 34.1 34.3 34.4 34.6 34.8 35.0 35.2 35.4 Proprietors’ income................................ 66.8 68.4 66.6 66.9 67.1 67.4 68.3 69.3 70.1 70.4 70.6 70.7 70.8 71.3 71.8 Business and professional................. 51.0 52.1 51.7 51.8 51.9 52.1 52.2 52.3 52.3 52.4 52.5 52.6 52.5 52.6 52.7 Farm...................................................... 15.8 16.3 14.9 15.1 15.2 15.3 16.1 17.0 17.8 18.0 18.1 18.1 18.3 18.7 19. 1 Rental income......................................... 23.3 24.3 24.0 24.1 24.2 24.3 24.4 24.5 24.5 24.5 24.6 24.6 24.7 24.8 24.8 Dividends................................................. 25.0 25.5 25.5 25.5 25.6 25.2 25.6 25.7 25.7 25.7 25.7 24.3 25.8 25.9 25.8 Personal interest income....................... 64.7 67.5 66.4 66.6 66.7 66.9 67.4 68.1 68.8 68.7 68.6 68.4 68.7 68.8 68.9 Transfer payments.................................. 79.6 94.7 89.1 89.8 90.5 109.0 96,2 96.5 97.9 97.4 97.6 98.2 98.7 99.4 100.0 Less: Personal contributions for social insurance.......................................... 28.0 31.2 30.9 30.9 31.0 31.1 31.1 31.4 31.4 31.4 31.6 32.0 33.9 34.2 34.3 Nonagricultural income.......................... 781.4 834.0 816.6 821.1 826.5 846.5 834.8 842.4 845.3 846.4 850.1 859.2 867.9 876.4 879.2 Agricultural income................................ 22.2 23.0 21.7 21.9 22.1 22.2 22.9 23.7 24.6 24.7 24.7 24.8 24.9 25.4 25.9 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 □ MAY 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 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. secs.. .. 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 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 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 Consumer credit...................... 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 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 1 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 1 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 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 -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 1 18 7 H St o at u e s e a h n o d l d lo s. c .. a . l .. . g ... o .. v .. e .. r .. n .. m .... e .. n .. t .. s . . . .. . . . 1 3 1 . . 4 9 2.1 * 5. . 8 4 1 6 8 . . 1 3 - 1 3 0 . . 8 6 2 7 6 . . 7 4 2 5 5. . 3 6 - 2 2 4 . . 5 8 -5 8 . . 3 8 -7 8 . . 8 1 . .5 4 -46 1 . . 3 8 -5 3 . . 2 0 1 2 4 . . 9 6 1 1 8 7 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 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 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 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............... 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 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 -.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 .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 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 -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
MAY 1972 □ FLOW OF FUNDS A 73 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 Transaction category, or sector 1966 1967 1968 1969 1970 III IV I II III IV I II III 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 2 -.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 Money supply.................................. 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 9.0i 2.6 8.2 8.6i 10.3 17.5 22.8 5.7 4 5 Households............................... 3.1 9.4 11.1 5.9 4.7 9.5 5.1 5.4 7.4 5.0i 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' 1.1 3.1 2.5 1.1 1.1 7 8 Financial sectors..................... -.1 1.0 .9 .5 1.3 .9 .8 .5 1.2 1.4 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 * 1.4 -.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 1.1 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 11.9 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 Households................................... 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 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 28.6 25.3 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 Credit unions............................ .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 Households............................... 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 11 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 1 8.7 12.5 16.7 5.5 21.6 10.0 13.8 17.5 21.6 20.1 27.0 -2.6 46.3 32.7 1 2 Household savings bonds.............. .6 1.0 .4 -.4 .3 -.8 .1 -.9 -.2 .5 1.7 1.9 2.7 2.4 2 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 Net acquisitions, by sector................. 8.7 12.5 16.7 5.5 21.6 10.0 13.8 17.5 21.6 20.1 27.0 -2.6 46.3 32.7 7 8 U.S. Government (agency sec.)... 1.3 -.1 .1 -1.3 -.1 -.8 -1.0 .1 * .1 -.6 * * 8 9 Sponsored credit agencies............. 1.0 * -.1 -.2 1.7 -.5 1.2 2.0 -.5 1.0 4.4 -1.8 -2.7 -2.8 9 10 Direct marketable....................... .3 .9 1 -.5 1.9 -.8 .4 2.8 -.8 1.2 4.3 -3.9 -.2 -2.8 10 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 .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 .5 1.3 1.3 1.5 .9 2.0 .5 .7 -.4 2.0 1.3 1.4 1.6 .9 6 7 Net purchases........................................ 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 1.1 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 .9 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 Rest of the world............................ .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. 1 Total net borrowing............................. 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 20.0 1 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 -1.4 2 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 18.8 3 4 Rest of the world............................ -.2 -.2 -.3 -.2 -.4 -1.5 -.1 .6 -.3 -.2 -1.9 -.2 2.7 5.2 4 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 -2.7 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 74 U.S. BALANCE OF PAYMENTS □ MAY 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 Line Credits + , debits — 1969 1970 197133 IV I II III IVp Summary—Seasonally adjusted 1 Merchandise trade balance 1........................................................ 660 2,110 -2,879 142 248 -1,061 -540 -1,526 2 Exports...................................................................................... 36,490 41,980 42,769 10,461 11,016 10,706 11,475 9,572 3 Imports...................................................................................... -35,830 -39,870 -45,648 -10,319 -10,768 -11,767 -12,015 -11,098 4 Military transactions, net.............................................................. -3,341 -3,371 -2,854 -770 -664 -667 -722 -801 5 Travel and transportation, net..................................................... -1,780 -1,979 -2,246 -478 -434 -617 -559 -636 6 Investment income, net 2............................................................... 5,975 6,242 7,950 1,626 1,789 2,176 1,702 2,281 7 U.S. direct investments abroad............................................ 7,340 7,906 9,297 1,988 2,040 2,416 2,133 2,708 8 Other U.S. investments abroad............................................ 3,199 3,503 3,414 851 864 832 842 876 9 Foreign investments in the United States......................... -4,564 -5,167 -4,761 -1,213 -1,115 -1,072 -1,273 -1,303 10 Other services, net........................................................................... 497 588 728 150 211 175 175 168 11 Balance on goods and services 3............................................................ 2,011 3,592 699 670 1,150 6 56 -514 12 Remittances, pensions, and other transfers............................. -1,266 -1,410 -1,459 -351 -342 -355 -385 -377 13 Balance on goods, services, and remittances...................................... 745 2,182 -760 319 808 -349 -329 -891 14 U.S. Government grants (excluding military)........................... -1,644 -1,739 -2,014 -485 -428 -483 -542 -562 15 -899 444 -2,774 -166 380 -832 -871 -1,453 16 U.S. Government capital flows excluding nonscheduled repayments, net 4........................................................................ -2,106 -1,837 -2,071 -450 -602 -679 -421 -369 17 Nonscheduled repayments of U.S. Government assets........... -87 244 225 40 4 102 72 48 18 U.S. Government nonliquid liabilities to other than foreign 263 -436 -536 -263 -85 -55 -174 -221 19 Long-term private capital flows, net........................................... -50 -1,453 -4,128 7 -1,009 -1,793 -1,797 472 20 U.S. direct investments abroad............................................ -3,254 -4,445 -4,526 -934 -1,370 -1,393 -1,404 -358 21 Foreign direct investments in the United States.............. 832 969 -192 160 92 -16 -388 120 22 Foreign securities.................................................................... -1,494 -942 -910 -337 -353 -388 -248 79 23 U.S. securities other than Treasury issues......................... 3,112 2,190 2,251 792 559 196 582 914 24 Other, reported by U.S. banks............................................ 477 199 -796 56 -127 -234 -295 -140 25 OtHer, reported by U.S. nonbanking concerns................. 277 576 45 270 190 42 -44 -143 26 -2,879 -3,038 -9,284 -832 -1,312 -3,257 -3,191 -1,523 27 Nonliquid short-term private capital flows, net....................... -602 -545 -2,529 -175 -381 -409 -1,008 -731 28 -658 -1,015 -1,848 -396 -70 -186 -954 -638 29 Claims reported by U.S. nonbanking concerns............... -35 -360 -576 -171 -125 -138 -129 -184 30 Liabilities reported by U.S. nonbanking concerns.......... 91 830 -105 392 -186 -85 75 91 31 Allocations of special drawing rights (SDR’s)........................ 867 717 216 180 179 179 179 32 Errors and omissions, net............................................................. -2,603 -1,104 -10,878 -233 -1,012 -2,313 -5,283 -2,270 33 Net liquidity balance................................................................................ -6,084 -3,821 -21,973 -1,024 -2,525 -5,800 -9,303 -4,345 34 Liquid private capital flows, net................................................... 8,786 -6,000 -7,794 -2,454 -3,025 53 -2,882 -1,940 35 Liquid claims............................................................................ 124 242 -1,089 157 -310 86 -557 -308 36 Reported by U.S. banks................................................ -209 -119 -580 -79 -85 31 -407 -119 37 Reported by U.S. nonbanking concerns................... 333 361 -509 236 -225 55 -150 -189 38 Liquid liabilities....................................................................... 8,662 -6,242 -6,705 -2,611 -2,715 -33 -2,325 -1,632 39 To foreign commercial banks...................................... 9,166 -6,507 -6,902 -2,888 -3,067 -85 -2,112 -1,638 40 To international and regional organizations............ -63 179 675 79 280 198 156 41 41 -441 86 -478 198 72 -146 -369 -35 42 2,702 -9,821 -29,767 -3,478 -5,550 -5,747 -12,185 -6,285 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government................................................. -162 535 341 77 -8 -8 -9 366 44 Nonliquid liabilities to foreign official agencies reported -836 -810 -539 -188 -201 -160 -173 -5 45 Liquid liabilities to foreign official agencies............................. -517 7,619 27,617 2,765 5,077 5,256 11,173 6,111 46 U.S. official reserve assets, net..................................................... -1,187 2,477 2,348 824 682 659 1,194 -187 47 Gold........................................................................................... -967 787 866 422 109 456 300 1 48 SDR’s........................................................................................ -851 -249 -76 -55 17 -29 -182 49 Convertible currencies........................................................... 814 2,152 381 469 373 -66 72 2 50 -1,034 389 1,350 9 255 252 851 -8 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14)....................................................................... 756 613 729 169 188 159 253 129 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................. 2,532 2,885 (5) (5) (5) (5) (5) (5) 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21)........................ 431 434 (5) (5) (5) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 o U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 75 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1970 1971 Credits +, debits — 1969 1970 \91\p IV I II III 1\p Balances excluding allocations of SDR’s—Seasonally adjusted Net liquidity balance............................ -6,084 -4,688 -22,690 -1,240 -2,705 -5,979 -9,482 -4,524 Official reserve transactions balance. 2,702 -10,688 -30,484 -3,694 -5,730 -5,926 -12,364 -6,464 Balances not seasonally adjusted Balance on goods and services (line 11).................................... 2,011 3,592 699 1,349 1,513 228 -1,291 250 Balance on goods, services, and remittances (line 13)........... 745 2,182 -760 1,002 1,188 -140 -1,683 -124 Balance on current account (line 15).......................................... -899 444 -2,774 552 732 -670 -2,184 -651 Balance on current account and long-term capital 4 (line 26) -2,879 -3,038 -9,284 706 -1,262 -3,613 -4,468 61 Balances including allocations of SDR’s: Net liquidity (line 33)............................................................. -6,084 -3,821 -21,973 -152 -1,847 -6,598 -10,083 -3,445 Official reserve transactions (line 42)................................. 2,702 -9,821 -29,767 -3,174 -4,718 -6,462 -12,704 -5,883 Balances excluding allocations of SDR’s: Net liquidity............................................................................. -6,084 -4,688 -22,690 -152 -2,564 -6,598 -10,083 -3,445 Official reserve transactions.................................................. 2,702 -10,688 -30,484 -3,174 -5,435 -6,462 -12,704 -5,883 1 Adjusted to balance of payments basis; excludes transfers under 3 Equal to net exports of goods and services in national income and military grants, exports under U.S. military agency sales contracts and product accounts of the United States. imports of U.S. military agencies. 4 Includes some short-term U.S. Govt, assets. 2 Includes fees and royalties from U.S. direct investments abroad or 5 Not available. from foreign direct investments in the United States. Note.—Data are from U.S. Department of Commerce, Office of Busi ness Economics. Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance Period 1969 1970 1971 1972 1969 1970 1971 1972 1969 1970 1971 1972 Month: Jan........................ 3 2,161 3,406 3,733 4,221 32,002 3,223 3,683 4,540 159 183 50 -319 Feb....................... 32,266 3,547 3,691 3,806 3 2,672 3,278 3,550 4,403 -406 269 141 -598 Mar...................... 3 3,188 3,376 3,815 3,891 3 2,982 3,218 3,565 4,475 206 158 250 -584 Apr....................... 3 3,318 3,409 3,521 3 3,183 3,263 3,754 135 146 -232 May..................... 33,268 3,661 3,783 3 3,257 3,338 3,983 11 323 -201 June..................... 3 3,179 3,730 3,661 3 3,152 3,266 4,019 27 465 -358 July...................... 3,182 3 699 3,493 3,074 3,255 3,790 108 444 -297 Aug..................... 3,366 3,592 3,678 3,163 3,346 3,934 203 246 -256 Sept...................... 3,341 3,553 4,511 3,078 3.428 4,245 263 125 265 Oct........................ 3,342 3,689 2,710 3,192 3,501 3,531 150 188 -821 Nov...................... 3,398 3,499 3,160 3,180 3.428 3,387 218 71 -227 Dec..................... 3,280 3,570 3,859 3,078 3,404 4,132 202 166 -274 Quarter: I............................ 7,615 10,328 11,239 11,917 7,655 9,719 10,798 13,418 -40 609 441 -1,501 II.......................... 9,765 10,800 10,965 9,591 9,867 11,755 174 933 -790 HI......................... 9,889 10,845 11,681 9,315 10,029 11,969 574 816 -288 IV......................... 10,020 10,758 9,728 9,450 10,333 11,051 570 425 -1,323 Year4........................ 37,332 42,662 43,555 36,043 39,963 45,602 1,289 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 be entries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 76 U.S. GOLD TRANSACTIONS □ MAY 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 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 IV III Western Europe: Austria................................ -82 -55 -100 -25 Belgium............................... -40 -83 -58 -110 -110 France.................................. -M8 -405 -884 -6oi 600 325 -129 -473 -129 -282 -191 Germany, Fed. Rep. of. . -225 500 Ireland.................................. -1 -2 -52 41 Italy...................................... 200 -80 -209 -76 Netherlands........................ -60 -35 -19 -50 -30 -25 Spain..................................... -130 -32 -180 51 Switzerland......................... -81 -50 -2 -30 -50 -25 -50 -175 -75 -50 United Kingdom............... ’329 618 150 80 -879 -835 Bank for Intl. Settlements. 200 Other..................................... -6 -35 -49 16 11 -29 -13 -21 -22 Total. -399 -1,299 -659 -980 -669 969 -204 -180 -85 -448 -263 Canada ----- 200 150 50 Latin American republics: Argentina ....................... -39 -25 -28 -23 Brazil................................. -3 -23 -23 Colombia.......................... 7 -1 Venezuela.......................... Other.................................. -11 -29 -80 -66 Total. 32 17 -65 -54 -131 -111 Asia: Iraq................. -10 -4 -42 Japan............... -56 -119 Lebanon......... -11 -95 -35 -35 Malaysia......... -34 -10 Philippines. .. 25 9 40 -2 Saudi Arabia. -50 Singapore.... -81 11 Other............... -13 -6 -14 -22 -75 -9 -91 -71 21 Total................... 12 -24 -44 -366 42 -213 -38 -197 -15 -32 All other.......................... -36 -16 -166 3-68 -1 -81 -6 -75 -1 Total foreign countries. -392 -36 -1,322 -608 -1,031 -1,118 957 -631 -845 -563 -102 -445 -296 Intl. Monetary Fund5.. 6-225 177 22 -3 10 -156 -22 4142 -7 -11 -4 Grand total -392 -36 -1,547 -431 -1,009 -1,121 967 -787 -867 -422 -109 -457 -300 1 Includes purchase from Denmark of $25 million. 5 Includes IMF gold sales to and purchases from the United States, 2 Includes purchase from Kuwait of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 3 Includes sales to Algeria of $150 million in 1967 and $50 million in by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 1968. first withdrawal, amounting to Si7 million, was made in June 1968. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in mitigation of U.S. sales to other countries making gold payments repurchase; proceeds from these sales invested by IMF in U.S. Govt, to the IMF. The country data include U.S. gold sales to various countries securities. In Sept. 1970 IMF repurchased $400 million. in connection with the IMF quota payments. Such U.S. sales to countries 6 Payment to the IMF of $259 million increase in U.S. gold subscription and resales to the United States by the IMF total $548 million each. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur 2 Positive figures represent purchases from the IMF of currencies of chase additional amounts equal to its quota. other members for equivalent amounts of dollars; negative figures repre 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures purchases and from other net dollar income of the IMF. The United published by the IMF from June 1965 through Jan. 1966, this gold sub States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. <5 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
MAY 1972 d U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of Total To G ta o l2 ld st T o r c e k a 1 sury v c fo e C u c r r r i o e t r e i i e n b s g n l n e p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l2 ld st T o r c e k a 1 sury v c fo u e C c r r i r o e t e r i i e n s b g 5 n l n e p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 1958... 22,540 20,582 20,534 1,958 1971 1959... 21,504 19 507 19,456 1,997 Apr.. .. 14,307 10,925 10,732 257 1,682 1,443 1960. . . 19*359 17 * 804 17,767 1,555 May... 13*811 10^568 10 332 318 1 *678 1 ^247 June. .. 13,504 10,507 10,332 322 M28 1^247 1961. . . 18,753 16,947 16,889 116 1,690 July.... 13,283 10,453 10,332 250 1,433 1,147 1962. .. 17,220 16,057 15,978 99 1,064 Aug---- 12,128 10,209 10,132 248 574 1,097 1963. .. 16,843 15,596 15,513 212 1,035 Sept__ 12,131 10,207 10,132 250 577 1,097 1964. . . 16,672 15,471 15,388 432 769 Oct.. . . 12,146 10,207 10,132 259 580 1,100 1965. . . 15,450 613,806 613,733 781 6 863 Nov... . 12,131 10,206 10,132 243 582 1,100 Dec.... 812,167 10,206 10,132 8 276 585 1,100 1966. . . 14,882 13,235 13,159 1,321 326 1967. . . 14,830 12,065 11,982 2,345 420 1972 1968. . . 15,710 10,892 10,367 3,528 1,290 Jan.. . . 12,879 10,206 10,132 276 587 1 ,810 1969. . . 7 16,964 11,859 10,367 72,781 2,324 Feb... . 12,330 9,662 9,588 276 582 1,810 1970.. . 14,487 11,072 10,732 629 1,935 85 i Mar__ 12,270 9,662 9,588 212 586 1,810 1971 . . . 812,167 10,206 10,132 8 276 585 1,100 Apr... . 12,285 9,662 9,588 429 391 1,803 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 IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve other countries Period with IMF Per cent p in o s I i M tio F n P s t u a d io y b o n m s o ll c s f a e r r i n i s p n t s by s g N I a o M l e l e d t s F J T t c f i r c o u o a i r r n e n e r s s i s e g a n 2 i n c n I i M nc F o m n e et 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 es c T ha o n ta g l e Amount q U u o . o S f t . a p ( e e r n io d d o ) f 4 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1,975 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1,035 1964—1966. 776 45 -723 6 1,744 4,834 94 5326 1967. 20 -114 -94 4,740 92 420 1968. 20 -806 -870 3,870 75 1,290 1969. 22 19 -1,343 268 -1,034 2,836 55 2,324 1970. 1,155 6712 150 25 -854 741 1,929 4,765 71 1,935 1971 . 1,362 -28 -24 40 1,350 6,115 91 585 1971—Apr.. -3 1 -2 5,018 75 1,682 May. -2 -1 7 4 5,022 75 1,678 June. 250 -1 1 250 5,272 79 1,428 July.. -5 -5 5,267 79 1,433 Aug.. '862 -3 859 6,126 91 574 Sept.. -3 -3 6,123 91 577 Oct... -3 -3 6,120 91 580 Nov.. -2 -2 6,118 91 582 Dec.. -3 -3 6,115 91 585 1972—Jan... -2 -2 6,113 91 587 Feb.. 5 5 6,118 91 582 Mar.. -4 -4 6,114 91 586 Apr.. 200 -5 195 6,309 94 391 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. □ MAY 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 inti, and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Non p E e o r n i f o d d Total Total p G o d s o e i l t d 1 m in G e v o n e l s t d t 2 Total i i p S n t b l i t i o a e h e a b r U s n r o b y t m k e i r . r S l t s d e . M n b G o U a a o a t o b n n . e r S v l d k d s e t . e s , 4 t c m T b o U a a o i n u r a b b e n n v r . r l S l a y d e d k e e s . r s e t t Total i i p S t n b l i t i o e a h e a b r s U n r b o y t m k e i r . r l S t e s d . M n b G o U a a o a t o b n r n . e S v l k d d s e t . e s , 4 t i i n p S t b l i t i o e h a e a U b r s n r o b y t . m k e S i r r l t d e s . 6 M n b G o U a a o a t o b n r n . e S v l k d d s e t . e s , t 4 notes 195 7 715,825 200 200 7,917 5,724 542 195 8 716,845 200 200 8,665 5,950 552 195 9 19,428 500 500 10,12.0 9,154 966 7,618 7,077 541 1,190 530 660 1960 8......... / \ 2 2 0 1 , , 9 0 9 27 4 8 8 0 0 0 0 8 8 0 0 0 0 1 11 1 , , 0 0 8 7 8 8 1 1 0 0 , ,2 21 12 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 . . 0 0 4 4 8 8 5 5 5 43 0 1 1 , ,5 5 4 2 1 5 7 7 5 5 0 0 7 7 7 91 5 1961 «......... / \ 2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 . . 8 8 3 3 0 0 1 1 0 0 . . 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 . . 9 9 4 4 8 9 7 7 0 0 3 4 1 1 . . 2 2 4 4 5 5 1962 8......... / 1 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8 . . 3 3 5 5 9 9 7 7 . . 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 19638.......... /26,361 800 800 14,387 12.467 1,217 703 9,214 8.863 351 1,960 808 1,152 \26,322 800 800 14,353 12.467 1,183 703 9,204 8.863 341 1,965 808 1,157 1964 8......... / \2 2 9 8 , , 0 9 0 51 2 8 8 0 00 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3, , 2 2 2 2 0 4 1 1 . . 1 1 2 2 5 5 1 1 . . 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1. . 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 196 5 29,115 834 34 15,372 13,066 1 ,105 1,201 11,478 11,006 472 1,431 752 1966 8......... /29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 129,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 1967 8......... J33.271 1.033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 133,119 1.033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 1968 8......... J 1 3 3 3 3 , , 8 6 2 1 8 4 1 1 . . 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 0 0 0 1 12 2 , , 4 5 8 4 1 8 1 1 1 1 . . 3 3 1 1 8 8 5 4 2 6 9 2 7 70 0 1 1 1 19 9 , , 3 5 8 2 1 5 1 1 8 8 . . 9 9 1 1 6 6 4 6 6 0 5 9 7 7 2 2 5 2 6 6 8 8 3 3 4 3 2 9 1969 8......... / 1 4 4 1 1 , , 7 8 3 9 5 4 1 1 . . 0 0 1 1 9 9 2 2 1 1 9 9 8 8 0 0 0 0 1 11 1 , , 9 9 7 5 8 5 1 11 1 , , 0 0 7 5 7 4 3 3 4 4 6 6 9 9 5 5 5 5 5 5 2 2 8 8 , , 1 2 0 3 2 4 2 27 7 , , 7 5 0 7 9 7 5 5 2 2 5 5 6 6 5 6 9 3 6 6 0 1 9 3 5 5 0 0 1970—Dec.f 1 f4 4 3 3 , , 2 2 9 4 1 2 5 5 6 6 6 6 1 1 6 6 6 6 4 40 0 0 0 2 2 0 0 , , 0 0 6 5 8 7 1 1 9 9 . . 3 3 3 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 2 2 1 1 , ,7 81 7 3 3 2 2 1 1 , ,2 1 0 6 8 6 5 6 6 4 5 7 8 8 4 46 4 8 8 2 2 0 0 2 2 4 6 1971--Feb.. 44,063 559 159 400 22,320 21,599 292 429 20,191 19,582 609 993 951 42 Mar. 45.483 559 159 400 24,840 24,119 292 429 18,958 18,360 598 1,126 985 141 Apr. 47,676 548 148 400 27,252 26,531 292 429 18,587 17,984 603 1,289 1,148 141 May 51,820 548 148 400 32,090 31,346 292 452 17,845 17,276 569 1,337 1,195 142 June 51,401 548 148 400 30,639 26,808 379 3.452 18,890 18,317 573 1,324 1,181 143 July 53,295 544 144 400 32,952 26,868 632 5.452 18,409 17,830 579 1,390 1,247 143 Aug. 59,914 544 144 400 40,671 34,016 870 5,785 17,202 16,659 543 1,497 1,343 154 Sept. 60,770 544 144 400 42,150 35,081 1,015 6.054 16,596 16,081 515 1,480 1,325 155 Oct. 62,089 544 144 400 43,390 36,063 1,272 6.055 16,722 16,212 510 1,433 1,278 155 Nov. 62.483 544 144 400 45,068 37,266 1,747 6.055 15,406 14,925 481 1,465 1,310 155 Dec. io (64,166 544 144 400 47,694 39,679 1.955 6,060 14,400 13,953 447 1.528 1.372 156 \64,212 544 144 400 47,049 39,001 1.955 6.093 15,091 14,644 447 1.528 1.372 156 1972—Jan.. 65,471 544 144 400 47,920 39,566 2,260 6.094 15,327 14,937 390 1,680 1,523 157 Feb.? 66,384 49,202 40,709 2,399 6.094 15,570 15,178 392 1,612 1,455 157 1 Represents liability on gold deposited by the International Monetary 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for Fund to mitigate the impact on the U.S. gold stock of foreign purchases which breakdown by type of holder is not available. for the purpose of making gold subscriptions to the IMF under quota in 8 Data on the two lines shown for this date differ because of changes in creases. reporting coverage. Figures on the first line are comparable with those 2 U.S. Govt, obligations at cost value and funds awaiting investment shown for the preceding date; figures on the second line are comparable obtained from proceeds of sales of gold by the IMF to the United States with those shown for the following date. to acquire income-earning assets. Upon termination of investment, the 9 Includes $17 million increase in dollar value of foreign currency same quantity of gold was reacquired by the IMF. liabilities resulting from revaluation of the German mark in Oct. 1969. 3 Includes Bank for International Settlements and European Fund. 10 Data on second line differ from those on first line because certain 4 Derived by applying reported transactions to benchmark data; accounts previously classified as “Official institutions” are included in breakdown of transactions by type of holder estimated for 1960-63. “Banks” and a number of reporting banks are included in the series for Includes securities issued by corporations and other agencies of the U.S. the first time. Govt, that are guaranteed by the United States. 5 Principally the International Bank for Reconstruction and Develop Note.—Based on Treasury Dept, data and on data reported to the ment and the Inter-American Development Bank. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes difference between cost value and face value of securities in to statistics following in this section, except for minor rounding differences. IMF gold investment account. Liabilities data reported to the Treasury Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury include the face value of these securities, but in this table the cost value of letters of credit and non-negotiable, non-interest-bearing special United the securities is included under “Gold investment.” The difference, which States notes held by other international and regional organizations. amounted to $14 million at the end of 1971, is included in this column. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n es E W u e ro st p e e r n * Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h r e ie r s 2 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1 Q£0 * /411,955 5,823 495 1,679 3,190 546 222 1411,978 5,823 495 1,702 3,190 546 222 1 07H % J20,068 13,021 662 1,562 4,060 407 356 \20,057 13,016 662 1,562 4,055 407 355 1971—Feb...................................................................................... 22,320 15,374 727 1,389 4,162 325 343 Mar..................................................................................... 24,840 17,151 801 1,236 4,997 242 413 Apr...................................................................................... 27,252 19,119 818 1,244 5,285 257 529 May.................................................................................... 32,090 22,720 865 1,213 6,395 286 611 June.................................................................................... 30,639 20,676 843 1,262 6,895 271 692 July..................................................................................... 32,952 22,447 921 1,286 7,252 285 761 Aug..................................................................................... 40,671 25,460 1,185 1,348 11,545 312 821 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 45,068 27,554 1,345 1,275 13,776 248 870 /47,694 29,412 1,340 1,361 14,300 415 866 \47,049 29,451 1,340 1,376 13,602 415 865 1972—Jan...................................................................................... 47,920 29,552 1,334 1,351 14,219 426 1,038 Feb.p.................................................................................. 49,202 30,536 1,341 1,296 14,534 449 1,046 1 Includes Bank for International Settlements and European Fund. accounts previously classified as “Official institutions” are included in 2 Includes countries in Oceania and Eastern Europe, and Western Euro “Banks” and a number of reporting banks are included in the series for pean dependencies in Latin America. the first time. 3 See note 8 to Table 6. Note.—Data represent short-term liabilities to the official institutions 4 Includes $17 million increase in dollar value of foreign currency of foreign countries, as reported by banks in the United States, and foreign liabilities resulting from revaluation of the German mark in Oct. 1969. official holdings of marketable and convertible nonmarketable U.S. Govt, 5 Data on second line differ from those on the first line because certain securities with an original maturity of more than 1 year. 8. SHORT TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners To nonmonetary international and regional organizations6 Payable in dollars Deposits IMF End of period Total i Total Dem D an e d pos T it i s me 2 b T i c r l U e l e s r a . t S s i a f u . i n r d y s O l t h i e a t o r h b m r e . t 4 r P r f e o a c n y r i u e c n a r i i b g e l n s e i m n g v o e e n l s d t t 5 Total Demand Time2 b T i c l r c e l U e s a r a . t t S s i e a f u . s i n r d y s l O t i h e a t r o b h m r e . t 4 r cates 3 1969................................ 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 19707.............................. 1 /4 4 1 1, , 7 7 6 1 1 9 4 41 1 , , 3 3 5 9 1 3 1 1 5 5 , , 7 7 9 8 5 5 5 5 , , 9 9 6 2 1 4 1 1 4 4 , , 1 1 2 2 3 3 5 5, , 5 5 1 1 9 4 3 36 6 8 8 4 40 0 0 0 8 8 2 2 0 0 6 6 9 9 1 1 5 5 9 9 2 2 1 1 1 1 3 3 8 8 1 1 1971—Mar..................... 43,864 43,212 11,854 5,158 18,703 7,497 652 400 985 73 166 242 503 Apr...................... 46,063 45,426 10,466 4,952 22,356 7,652 637 400 1,148 62 202 206 678 May.................... 50,217 49,598 10,002 4,900 26,961 7,735 619 400 1,195 49 221 209 716 June.................... 46,706 46,046 10,869 4,968 22,763 7,446 660 400 1,181 60 232 164 724 July..................... 46,345 45,693 10,274 4,955 23,439 7,025 652 400 1,247 79 224 170 774 Aug..................... 52,418 51,768 9,294 5,026 30,198 7,250 650 400 1,343 61 202 269 810 Sept..................... 52,887 52,490 10,605 5,054 29,772 7,059 397 400 1,325 92 212 146 875 Oct...................... 53,953 53,573 11,860 5,101 29,758 6,854 380 400 1,278 78 175 168 856 Nov..................... 53,901 53,531 10,883 5,257 30,723 6,668 370 400 1,310 69 202 157 882 Dec.8.................. 1 (5 5 5 5 , , 4 4 0 17 4 5 55 5 , , 0 0 1 2 8 5 1 6 0 , , 4 3 6 9 0 9 4 5 , , 2 2 5 09 5 3 3 3 3 , , 0 0 2 2 5 5 1 6 1 , , 3 2 8 8 5 5 3 3 9 8 2 6 4 4 0 0 0 0 1 1, , 3 37 7 2 2 7 7 3 3 1 19 9 2 2 2 2 1 1 0 0 8 8 9 9 6 6 1972—Jan....................... 56,426 56,994 6,157 4,275 33,906 11,656 432 400 1,523 86 200 338 898 Feb.®................... 57,342 56,869 6,019 4,327 34,494 12,029 473 1,455 85 164 295 911 Mar.p................. 57,674 57,158 5,991 4,436 34,933 11,798 516 1,394 88 189 275 841 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. □ MAY 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 institutions9 Payable in dollars Payable in dollars Payable End of period Total Dema D n e d posi T ts ime2 T b c i r c l e U e l a s r a t . t e s S i a s f u . n i r 3 d y s O l t i h e a t o r h b m r e . t 4 r f r o e c n r i u e n c i r i g e n s Total Dema D n e d posi T ts ime2 T bi r c c l U e l e a s a r t . e t S s a i s u f . n i r 3 d y s O t l h i e a t o r h b m r e . t 4 r c P u f r a o r y r e i e a n n i b c g l i n e es 1969......................... 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 19707....................... J \4 4 0 0 , , 5 4 4 9 1 9 1 1 5 5 , , 7 7 2 1 6 6 5 5, , 7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 3 8 3 36 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 65 5 2 2 2 2 , , 5 55 5 4 4 1 1 3 3 , , 3 3 6 67 7 1 1 , , 6 6 1 1 2 2 1 14 48 8 1971—Mar.............. 42,479 11,781 4,991 18,061 6,993 652 24,119 1,579 2,243 17,916 1,981 400 Apr............... 44,515 10,404 4,750 21,750 6,973 637 26,531 1,628 2,204 20,119 2,180 400 May............. 48,622 9,953 4,679 26,352 7,019 619 31,346 1,643 2,204 24,702 2,377 io 420 June............. 45,125 10,809 4,736 22,199 6,722 660 26,808 1,463 2,251 20,097 2,577 420 July.............. 44,698 10,195 4,732 22,869 6,249 652 26,868 1,469 2,307 19,605 3,067 420 Aug.............. 50,675 9,233 4,823 29,529 6,439 650 34,016 1,264 2,371 26,674 3,286 421 Sept.............. 51,162 10,513 4,843 29,226 6,183 397 35,081 1,450 2,392 27,855 3,226 158 Oct............... 52,275 11,781 4,926 29,190 5,997 380 36,063 1,231 2,480 28,982 3,212 158 Nov.............. 52,191 10,814 5,054 30,166 5,786 370 37,266 1,263 2,505 30,071 3,269 158 / 53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 158 Dec.8.......... 1 53,645 6,387 4,063 32,415 10,388 392 39,001 1,327 2,076 32,311 3,122 165 1972—Jan................ 54,503 6,071 4,074 33,168 10,757 432 39,566 1,185 2,077 33,049 3,089 166 Feb.*........... 55,887 5,934 4,163 34,199 11,118 473 40,709 1,099 2,121 34,096 3,226 167 Mar.*.......... 56,280 5,903 4,247 34,658 10,957 516 41,030 1,128 2,150 34,552 3,033 167 To banks11 To other foreigners To banks Payable in dollars and other foreigners : End of period Total payable in Total Dema D n e d posi T ts ime2 T b c i r l c e U e l a s r a . t t s S e i a u f s . n i r d y s O l t i h e a t o r h b m r . e t 4 r Total Dema D nd eposi T ts ime2 T b c i r l c U e e l a s r a . t t s S i e a f u s . n i r d y s O l t i h e a t o r h b m r . e t 4 r f r o e c r n u e c r i i g e n s 1969............... 27,709 23,419 16,756 1,999 20 4,644 4,064 1,711 1,935 107 312 226 19707 ........... J \2 2 1 1, , 1 2 6 0 6 8 1 1 6 6 , , 9 9 1 4 7 9 1 12 2 , , 3 3 8 7 5 6 1 1 , , 3 3 2 5 6 4 1 1 4 4 3 3, , 1 2 9 0 7 2 4 4 , ,0 02 3 9 9 1 1 , , 6 6 8 8 8 8 1 1 , , 8 8 9 8 5 6 1 1 3 3 1 1 3 3 2 2 5 5 2 2 2 2 0 0 1971—Mar.., 18,360 14,029 8,476 879 10 4,665 4,078 1,726 1,870 135 347 253 Apr.. . 17,984 13,617 6,970 654 1,516 4,477 4,129 1,805 1,892 116 315 238 May. . 17,276 13,036 6,573 590 1,518 4,354 4,041 1,737 1,885 131 287 199 June.. 18,317 14,121 7,586 649 2,016 3,869 3,956 1,760 1,835 86 276 240 July.. 17,830 13,704 7,030 600 3,168 2,905 3,894 1,696 1,825 96 277 232 Aug... 16,659 12,590 6,284 665 2,769 2,872 3,839 1,684 1,787 87 280 230 Sept... 16,081 12,196 7,486 739 1,286 2,686 3,646 1,577 1,712 85 272 239 Oct.. . 16,212 12,256 8,845 786 120 2,504 3,734 1,705 1,660 89 281 222 Nov.., 14,925 10,982 7,871 879 9 2,223 3,732 1,680 1,670 87 296 211 /13,95 3 10,034 7,047 850 2,130 3,691 1,660 1,663 96 274 228 Dec.8 \14,644 10,722 3,400 320 6,995 3,694 1,660 1,666 96 271 228 1972—Jan... 14,937 10,899 3,183 330 7,382 3,771 1,703 1,667 116 284 267 Feb.*. 15,178 11,062 3,121 344 7,593 3,810 1,714 1,698 99 299 306 Mar.* 15,250 11,077 3,093 354 7,625 3,824 1,682 1,742 102 298 349 1 Data exclude “holdings of dollars” of the International Monetary liabilities of U.S. banks to their foreign branches and those liabilities of Fund. U.S. agencies and branches of foreign banks to their head offices and 2 Excludes negotiable time certificates of deposit, which are included foreign branches which were previously reported as deposits are included in “Other.” in “Other short-term liabilities”; certain accounts previously classified 3 Includes nonmarketable certificates of indebtedness issued to official as “Official institutions” are included in “Banks”; and a number of institutions of foreign countries. reporting banks are included in the series for the first time. 4 Principally bankers’ acceptances, commercial paper, and negotiable ^Foreign central banks and foreign central govts, and their agencies, time certificates of deposit. See also note 8(a). and Bank for International Settlements and European Fund. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of 10 Increase in valuation resulting from revaluation of Swiss franc. gold by the IMF to the United States to acquire income-earning assets. 11 Excludes central banks, which are included in “Official institutions.” Upon termination of investment, the same quantity of gold was reac quired by the IMF. Note.—“Short-term” refers to obligations payable on demand or having 6 Principally the International Bank for Reconstruction and Develop an original maturity of 1 year or less. For data on long-term liabilities ment and the Inter-American Development Bank. reported by banks, see Table 10. Data exclude the “holdings of dollars” Includes difference between cost value and face value of securities in of the International Monetary Fund; these obligations to the IMF consti IMF gold investment account. tute contingent liabilities, since they represent essentially the amount of 7 Data on the two lines shown for this date differ because of changes in dollars available for drawings from the IMF by other member countries. reporting coverage. Figures on the first line are comparable in coverage Data exclude also U.S. Treasury letters of credit and non-negotiable, nonwith those shown for the preceding date; figures on the second line are interest-bearing special U.S. notes held by the Inter-American Develop comparable with those shown for the following date. ment Bank and the International Development Association. 8 Data on second line differ from those on first line because those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 1972 Area and country Dec. July Aug. Sept. Oct. Nov. Dec.1 Jan. Feb.p Mar.^5 Europe: Austria........................................................... 185 274 244 244 255 246 254 254 261 252 257 Belgium-Luxembourg................................. 597 781 916 901 875 736 701 701 735 779 895 Denmark....................................................... 189 201 164 173 171 168 168 168 177 179 191 117 131 116 116 136 134 160 160 156 150 140 France............................................................ 2,267 3,242 3,663 3,302 2,842 2,858 3,150 3,150 3,234 3,311 3,103 Germany....................................................... 7,520 5,446 5,082 5,339 5,606 5,733 6,596 6,596 6,972 7,724 7,670 Greece............................................................ 184 159 160 179 184 175 170 170 167 164 147 Italy................................................................ 1,330 1,777 2,032 2,286 2,231 1,953 1,888 1,888 1,704 1,697 1,576 762 461 283 302 315 289 271 270 306 424 823 Norway......................................................... 324 574 649 655 658 714 685 685 702 675 674 Portugal......................................................... 274 271 295 314 307 308 303 303 299 282 267 Spain.............................................................. 198 208 204 185 202 185 203 203 187 177 183 Sweden........................................................... 503 718 723 729 729 757 791 792 803 871 965 Switzerland................................................... 1,948 1,914 3,355 3,268 3,306 3,265 3,248 3,249 3,256 3,099 2,936 Turkey........................................................... 46 27 26 27 48 67 68 68 36 34 42 United Kingdom........................................ 5,504 6,209 6,124 6,342 7,223 7,711 7,374 7,379 7,892 7,600 8,089 Yugoslavia.................................................... 37 39 31 41 34 40 34 34 35 40 54 Other Western Europe2............................ 594 1,417 1,517 1,446 1,404 1,396 1,369 1,376 1,317 1,448 1,441 U.S.S.R.......................................................... 15 10 10 11 12 8 14 14 28 11 9 Other Eastern Europe................................ 54 61 45 61 56 67 53 53 84 46 58 Total...................................................... 22,648 23,921 25,639 25,921 26,594 26,809 27,503 27,515 28,352 28,965 29,519 Canada............................................................... 4,056 3,250 3,316 3,472 3,803 3,590 3,441 3,441 3,593 3,574 3,486 Latin America: Argentina...................................................... 539 501 499 419 415 437 441 441 435 420 541 Brazil............................................................. 346 428 418 358 360 383 342 342 376 423 466 Chile............................................................... 266 235 252 247 211 189 191 191 180 146 137 Colombia....................................................... 247 178 168 178 181 179 188 188 185 176 163 Cuba............................................................... 7 7 7 6 6 6 6 6 6 6 6 Mexico........................................................... 821 705 728 672 680 706 709 715 757 747 658 Panama......................................................... 147 147 149 127 150 150 154 154 158 156 156 Peru................................................................ 225 162 146 162 163 163 164 164 164 160 174 Uruguay......................................................... 118 116 127 117 116 108 108 108 108 111 124 Venezuela...................................................... 735 782 787 806 915 874 963 963 870 843 740 Other Latin American republics.............. 620 624 623 597 608 615 656 655 645 683 645 Bahamas and Bermuda............................. 745 1,074 885 661 346 376 657 656 313 278 308 Netherlands Antilles and Surinam.......... 98 97 101 87 94 85 87 87 97 90 81 Other Latin America.................................. 39 46 49 44 42 46 36 37 43 47 42 Total....................................................... 4,952 5,100 4,940 4,482 4,285 4,317 4,702 4,708 4,336 4,287 4,238 Asia: China Mainland.......................................... 33 35 34 34 34 34 39 39 39 38 39 Hong Kong................................................... 258 301 311 296 316 336 312 312 304 335 306 India............................................................... 302 222 193 150 154 142 89 89 114 118 116 Indonesia....................................................... 73 67 59 57 69 65 63 63 54 71 90 Israel............................................................... 135 128 115 108 130 133 150 150 133 143 143 Japan............................................................. 5,150 8,691 13,136 13,793 14,014 13,919 14,294 14,295 14,179 14,950 14,775 Korea............................................................. 199 187 185 195 189 216 201 196 224 220 204 Philippines.................................................... 285 333 328 322 294 304 304 304 269 264 265 Taiwan........................................................... 275 300 281 268 294 248 258 258 280 291 320 Thailand........................................................ 508 237 183 144 131 107 126 126 121 116 121 Other............................................................. 717 634 551 568 631 579 595 595 774 708 717 Total....................................................... 7,936 11,135 15,376 15,936 16,255 16,082 16,432 16,427 16,493 17,254 17,097 Africa: Congo (Kinshasa)........................................ 14 19 44 i 25 16 12 12 12 12 13 22 Morocco........................................................ 11 7 10 11 8 9 9 9 10 9 9 South Africa................................................. 83 71 74 81 74 74 78 78 53 73 70 U.A.R. (Egypt)............................................ 17 19 13 25 16 13 24 24 14 13 13 Other.............................................................. 395 299 303 321 331 314 474 474 510 538 526 Total....................................................... 521 415 444 463 445 422 597 597 599 646 640 Other countries: Australia....................................................... 389 830 914 854 854 919 916 916 1,087 1,121 1,254 All other........................................................ 39 47 46 34 39 51 42 42 42 41 47 Total...................................................... 428 877 960 888 893 970 957 957 1,129 1,162 1,301 Total foreign countries.................................. 40,541 44,698 50,675 51,162 52,275 52,191 53,632 53,645 54,503 55,887 56,280 International and regional: International 3.............................................. 975 1,242 1,342 1,309 1,276 1,278 1,332 1,332 1,475 995 947 Latin American regional........................... 131 237 262 279 266 287 298 298 306 316 302 Other regional4............................................ 114 168 139 137 136 145 142 142 142 144 145 Total....................................................... 1,220 1,647 1,743 1,725 1,678 1,710 1,772 1,772 1,923 1,455 1,394 Grand total.......................................... 41,761 46,345 52,418 52,887 53,953 53,901 55,404 55,417 56,426 57,342 57,674 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. □ MAY 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 5 1969 1970 1971 1969 1970 1971 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus.......................................... 11 15 10 7 2 Jordan............................................ 17 30 14 3 2 Iceland......................................... 9 10 10 10 11 Kuwait........................................... 46 66 54 36 20 Ireland, Rep. of.......................... 38 32 41 29 16 Laos................................................ 3 4 5 2 3 Lebanon......................................... 83 82 54 60 46 Other Latin American republics: Malaysia........................................ 30 48 22 29 23 Bolivia.......................................... 68 76 69 59 55 Pakistan......................................... 35 34 38 27 33 Costa Rica................................... 52 43 41 43 62 Ryukyu Islands (incl. Okinawa) 25 26 18 39 29 Dominican Republic................. 78 96 99 90 123 Saudi Arabia................................ 106 166 106 41 79 Ecuador........................................ 76 72 79 72 57 Singapore...................................... 17 25 57 43 35 El Salvador.................................. 69 79 75 80 78 Syria................................................ 4 6 7 3 4 Guatemala................................... 84 110 100 97 117 Vietnam.......................................... 94 91 179 161 159 Haiti............................................. 17 19 16 19 18 Honduras..................................... 29 29 34 44 42 Other Africa: Jamaica........................................ 17 17 19 19 19 Algeria............................................ 14 13 17 13 23 Nicaragua.................................... 63 76 59 47 50 Ethiopia (incl. Eritrea)............... 20 33 19 12 11 Paraguay..................................... 13 17 16 15 17 Ghana............................................ 10 7 8 6 8 Trinidad & Tobago................... 8 11 10 14 10 Kenya............................................. 43 47 38 13 9 Liberia............................................ 23 41 22 21 23 Ot B he ri r t i L sh a t W in e A st m In er d i i c e a s : ................... 30 38 33 38 (6) N L So i i b g u y e th a ri e . a . r . . n . . . . . . . . R . . . . . . . h . . . . o . . . . . d . . . . . e . . . . s . . . . i . . a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 11 8 2 43 11 0 2 19 1 5 7 1 9 2 1 5 2 ( (6 6 2 ) ) Sudan............................................. 3 I 1 1 1 Other Asia: Tanzania........................................ 10 18 9 10 6 Afghanistan................................. 16 15 26 15 19 Tunisia........................................... 6 7 7 6 9 Burma......................................... 2 5 4 3 10 Uganda.......................................... 5 7 8 5 3 Cambodia................................... 1 1 2 2 5 Zambia.......................................... 20 38 10 14 (6) Ceylon.......................................... 3 4 4 4 4 Iran.............................................. 35 41 32 50 59 All other: Iraq.............................................. 26 6 11 7 (6) New Zealand................................ 16 18 25 22 23 1 Data in the two columns shown for this date differ because of changes 4 Asian, African, and European regional organizations, except BIS and in reporting coverage. Figures in the first column are comparable in cov European Fund, which are included in “Europe.” erage with those shown for the preceding date; figures in the second column 5 Represent a partial breakdown of the amounts shown in the “other” are comparable with those shown for the following date. categories (except “Other Eastern Europe”). 2 Includes Bank for International Settlements and European Fund. 6 Not available. 3 Data exclude “holdings of dollars” of the International Monetary Fund but include IMF gold investment until Feb. 1972, when investment was terminated. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total reg i a n i n o t d i n . al Total O in t f i s f o t i n i c t i s u a l Banks1 fo O r e t e r h i s g e n r A t r i g n e a n A O L m a t e h t r i e i n c r a Israel Japan Thailand O A t s h i e a r co o u A t n h l t e l ri r es 196 8 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 196 9 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 197 0 1,703 789 914 695 166 54 13 138 6 385 122 240 1971—Mar.. 1,350 630 720 494 167 59 13 91 6 262 96 251 Apr.. . 1,187 577 611 407 147 57 13 92 7 186 85 225 May. . 1,142 548 594 393 144 57 13 94 8 182 83 213 June.. 1,129 557 572 334 189 48 13 87 8 130 80 252 July.. 1,024 501 524 284 189 51 13 88 8 83 91 239 Aug.. 895 480 415 172 190 53 13 66 8 12 92 223 Sept.. 878 473 405 161 189 55 15 62 12 90 217 Oct... 935 483 452 159 236 57 15 84 12 92 240 Nov.. 911 446 465 170 237 59 15 101 89 245 Dec.., 915 446 469 156 257 56 2 109 83 265 1972—Jan... 1,009 546 462 150 254 58 2 105 80 268 Feb.*\ 1,062 565 497 165 253 79 2 107 79 303 Mar.p 1,120 635 486 155 254 78 2 102 68 307 i Excludes central banks, which are included with “Official institutions.’’ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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) 1971 1972 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.p Mar.* Europe: Belgium-Luxembourg....................... 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland.......................................... 34 31 30 29 29 29 29 29 60 60 53 53 53 United Kingdom................................ 510 519 485 490 496 460 432 427 362 323 279 283 268 Other Western Europe..................... 25 25 25 25 25 25 49 71 82 85 95 95 95 Eastern Europe.................................. 6 6 6 6 6 6 5 5 5 5 5 5 5 Total............................................ 582 587 552 557 562 525 521 538 516 480 438 441 426 Canada..................................................... 174 173 175 174 175 175 175 175 179 181 179 179 178 Latin America: Latin American republics................. 1 1 1 1 1 1 1 1 1 1 1 1 1 Other Latin America........................ 6 6 6 6 6 6 6 6 6 6 6 6 6 Total............................................ 7 7 7 7 7 7 7 7 7 7 7 7 7 Asia: India..................................................... 20 20 20 20 20 20 20 20 20 Japan.................................................... 55 55 55 142 395 633 755 1,009 1,488 1,717 2,007 2,146 2,391 Other Asia.......................................... 10 10 10 10 10 10 10 10 10 10 10 10 10 Total............................................ 85 85 85 172 425 663 784 1,038 1,518 1,727 2,017 2,156 2,401 Africa....................................................... 43 43 43 43 43 43 43 25 8 8 8 8 8 All other.................................................. * * * * * * * * * * * * * Total foreign countries......................... 890 895 861 952 1,211 1,413 1,530 1,782 2,228 2,402 2,650 2,791 3,020 International and regional: International....................................... 115 115 115 115 115 126 126 126 126 126 126 126 126 Latin American regional................. 26 26 27 27 28 28 29 29 30 30 31 31 32 Total............................................ 141 141 142 142 143 154 155 155 156 156 157 157 158 Grand total................................ 1,031 1,036 1,003 1,095 1,354 1,567 1,685 1,937 2,383 2,558 2,807 2,948 3,177 Note.—Data represent estimated official and private holdings of mar- year, and are based on benchmark surveys of holdings and regular monthly ketable U.S. Govt, securities with an original maturity of more than 1 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 Bel Can- Ger Italy Korea Tai Thai Total Ger- Italy Switz gium many wan land erland 196 9 43,181 1,431 32 1,129 135 20 100 4 1,750 4 1,084 125 541 197 0 3.563 2.480 32 2.289 25 20 100 1.083 542 541 1971—Apr. 3.563 2.480 32 2.289 25 20 100 1.083 542 541 May 5 3,592 2.480 32 2.289 25 20 100 5 1,111 542 5 569 June 6.592 5.480 32 2.289 3.000 25 20 100 1,111 542 569 July. 8.592 7.480 32 2.289 5.000 25 20 100 1,111 542 569 Aug. 8,924 7.479 32 2.289 5.000 23 20 100 1,444 542 902 Sept. 9,193 7.479 32 2.289 5.000 23 20 100 1,714 542 1,172 Oct.. 9,195 7.479 32 2.289 5.000 23 20 100 1.716 542 1.174 Nov. 9,271 7,554 32 2,365 5.000 22 20 100 1.716 542 1.174 Dec. 6 9,657 7.829 32 2.640 5.000 22 20 100 6 1,827 612 1.215 1972—Jan.. 9.658 7.829 32 2.640 5.000 22 20 100 1,828 612 1.216 Feb.. 9.658 7.829 32 2.640 5.000 22 20 100 1,828 612 1,216 Mar. 9,940 8,188 32 2.840 5,158 22 20 100 1.752 536 1,216 Apr. 12,440 10,688 32 2.840 7,658 22 20 100 1.752 536 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. □ MAY 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 1972 Area and country 1 Dec. July Aug. Sept. j Oct. Nov. Dec.1 Jan. Feb.25 Mar.p Europe: 6 5 8 1 5 4 10 11 11 8 11 11 Belgium-Luxembourg................................ 50 48 95 60 53 63 57 57 71 102 78 Denmark....................................................... 40 46 47 47 50 48 49 49 50 54 55 66 129 117 114 113 116 135 135 137 139 138 France............................................................ 113 124 155 148 132 179 267 268 311 344 341 Germany....................................................... 186 231 259 i 252 197 227 235 235 202 253 260 Greece............................................................ 26 21 22 | 21 24 23 30 30 30 25 29 Italy................................................................ 101 133 140 130 114 139 159 161 166 182 230 Netherlands.................................................. 61 84 92 ! 82 70 90 105 105 92 102 117 54 61 71 68 66 66 67 67 72 71 73 Portugal......................................................... 11 13 11 ! 12 10 12 12 12 14 14 14 Spain.............................................................. 52 64 66 62 58 68 70 70 83 88 105 97 138 117 116 113 120 118 118 125 125 130 Switzerland................................................... 100 162 253 145 136 143 145 145 147 181 164 Turkey........................................................... 9 11 26 20 4 3 3 3 4 8 3 United Kingdom........................................ 379 499 804 454 409 535 564 564 527 563 557 Yugoslavia.................................................... 35 38 37 > 29 27 22 19 19 20 15 25 Other Western Europe............................... 13 18 16 16 16 11 12 12 13 16 17 U.S.S.R.......................................................... 3 2 2 2 4 10 28 28 33 37 47 Other Eastern Europe................................ 45 48 37 39 33 33 37 37 44 48 51 1,449 1,876 2,375 1,821 1,634 1,918 2,123 2,125 2,148 2,376 2,444 1 ,085 980 994 1,128 1,165 1,171 1,581 1,581 1,507 1,649 1,939 Latin America: Argentina...................................................... 326 334 329 337 327 316 305 305 310 306 316 Brazil............................................................. 325 417 436 ! 412 418 410 434 440 452 472 485 Chile............................................................... 200 156 151 1 143 138 142 139 139 126 122 106 Colombia....................................................... 284 315 335 j 353 353 378 380 380 375 390 376 Cuba............................................................... 1 3 13 13 ! 13 13 13 13 13 13 13 13 Mexico........................................................... 909 943 977 901 808 839 936 936 1,004 977 1,006 Panama......................................................... 95 99 113 1 97 95 109 125 125 110 106 116 Peru................................................................ 147 173 169 190 198 201 176 176 163 159 155 Uruguay......................................................... 63 44 41 31 32 39 41 41 41 41 41 Venezuela...................................................... 283 239 249 243 251 249 268 268 271 271 278 Other Latin American republics.............. 342 309 303 319 326 337 374 374 366 364 352 Bahamas and Bermuda.............................. 196 286 271 265 242 264 262 262 253 288 300 Netherlands Antilles and Surinam.......... 19 18 15 17 21 20 18 18 20 23 16 Other Latin America.................................. 22 31 36 27 32 23 25 26 23 21 20 Total...................................................... 3,222 3,377 3,437 3,347 3,253 3,340 3,495 3,502 3,527 3,554 3,581 Asia: China Mainland.......................................... 2 1 1 1 1 1 1 1 1 1 2 Hong Kong.......................................... 39 69 71 i 78 77 71 68 70 61 81 90 India............................................................... 13 18 18 20 22 17 21 21 22 20 18 Indonesia................................................................. 56 63 60 1 57 39 40 41 41 37 35 37 Israel............................................................... 120 123 116 i 125 103 132 129 129 124 106 98 Japan............................................................. 3,890 3,224 4,085 i 4,047 3,738 3,888 4,279 4,296 4,149 4,081 4,142 Korea............................................................. 178 252 252 1 217 286 329 348 348 330 394 403 Philippines.................................................... 137 126 119 ! no 111 129 136 147 141 145 149 Taiwan........................................................... 95 127 123 1 113 105 94 109 109 123 154 156 Thailand........................................................ 109 123 127 147 145 148 164 173 175 198 199 Other.............................................................. 167 203 239 249 235 226 252 252 237 213 232 Total...................................................... 4,807 4,329 5,211 5,163 4,862 5,074 5,548 5,586 5,399 5,427 5,525 Africa: Congo (Kinshasa)........................................ 4 18 22 21 22 21 21 21 21 14 13 Morocco........................................................ 6 6 6 5 5 4 4 4 4 4 3 South Africa................................................. 77 131 137 144 146 152 156 158 163 166 147 U.A.R. (Egypt)............................................ 13 12 11 12 11 9 10 10 11 13 11 Other.............................................................. 79 109 111 110 105 94 103 103 91 101 104 Total....................................................... 180 276 288 291 289 281 295 296 290 299 278 Other countries: Australia....................................................... 64 105 118 ! 134 140 140 159 159 162 158 165 All other........................................................ 16 21 22 23 22 24 27 27 31 29 35 Total....................................................... 80 126 140 158 162 164 186 186 193 187 200 Total foreign countries.................................. 10,823 10,963 12,445 11,909 11,365 11,948 13,229 13,276 13,063 13,493 13,968 International and regional............................ 3 3 2 3 3 4 3 3 3 5 4 Grand total.......................................... 10,826 10,966 12,447 11,912 11,368 11,952 13,232 13,279 13,066 13,498 13,971 1 Data in the two columns shown for this date differ because of changes on demand or with a contractual maturity of not more than 1 year: loans in reporting coverage. Figures in the first column are comparable in made to, and acceptances made for, foreigners; drafts drawn against coverage with those shown for the preceding date; figures in the second foreigners, where collection is being made by banks and bankers for column are comparable with those shown for the following date. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and Note.—Short-term claims are principally the following items payable their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 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 f o L t i n i c t o i s u a a l ns t B o a — nks1 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 c r f 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 n o u c o n o v r a r d i n m t e t , i c i e f l g s e i . s e n , Other paper 1969................................. 9,667 9,151 3,278 262 1,943 1,073 2,015 3,202 656 516 352 89 74 1970................................. 10,826 10,175 3,051 119 1,720 1,212 2,389 3,985 750 651 393 92 166 1971—Mar..................... 10,706 10,142 3,002 100 1,598 1,304 2,335 4,053 752 564 365 102 96 Apr..................... 10,768 10,234 3,110 107 1,754 1,250 2,279 4,127 718 534 339 92 103 May.................... 11,613 10,977 3,377 156 1,929 1,293 2,349 4,177 1,074 636 449 78 109 June................... 11,062 10,497 3,405 147 1,969 1,288 2,378 3,993 721 565 374 102 89 July..................... 10,966 10,427 3,563 200 2,051 1,312 2,364 3,682 818 539 382 62 94 Aug..................... 12,447 11,814 4,294 191 2,682 1,421 2,357 4,162 1,001 633 497 46 90 Sept..................... 11,912 11,230 3,835 188 2,236 1,410 2,372 4,052 972 682 481 104 97 Oct...................... 11,368 10,672 3,520 135 2,056 1,329 2,307 3,877 969 696 473 111 112 Nov..................... 11,952 11,280 4,028 167 2,431 1,430 2,306 3,901 1,046 671 484 89 99 Dec.2................. / \ 1 1 3 3 , , 2 2 3 7 2 9 1 1 2 2 , , 3 3 4 9 6 4 4 3 , , 5 9 3 9 1 8 2 22 2 1 2 2 2 , , 6 0 3 9 1 7 1 1 , , 6 6 7 8 9 0 2 2 , , 4 4 7 7 5 5 4 4 , , 2 2 4 7 3 0 1 1, , 6 0 5 9 1 7 8 8 8 8 5 6 5 59 9 3 2 1 11 1 9 9 1 1 7 7 4 4 1972—Jan...................... 13,066 12,322 3,882 206 2,061 1,614 2,473 4,251 1 ,716 744 501 139 104 $£>.».................. 13,498 12,704 4,036 198 2,061 1,777 2,430 4,413 1 ,825 794 568 127 98 Mar.p................. 13,971 13,075 4,174 165 2,169 1,840 2,476 4,462 1 ,963 896 575 183 138 1 Excludes central banks which are included with “Official institutions.” branches which were previously reported as “Loans” are included in 2 Data on second line differ from those on first line because ^a) those “Other short-term claims”; and (b) a number of reporting banks are included claims of U.S. banks on their foreign branches and those claims of U.S in the series for the first time. agencies and branches of foreign banks on their head offices and foreign 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d i o o d f Total Loans to— O lo t n h g e r P c fo a u r y r i e r n a i e b g n l n e U K d n i o n i m t g ed E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l ri r es Official Other term cies Total institu Banks1 foreign claims tions ers 1969................... 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970................... 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971—Mar___ 3,050 2,744 501 226 2,017 277 30 111 424 268 1,277 125 548 297 Apr........ 3,088 2,783 504 227 2,053 271 33 117 439 275 1,279 120 554 304 May.... 3,252 2,940 523 251 2,167 279 32 107 498 277 1,269 208 548 343 June.... 3,223 2,919 475 241 2,203 278 26 112 519 266 1,234 225 514 353 July. ... 3,294 2,992 489 253 2,250 282 20 118 530 266 1,277 219 515 370 Aug. ... 3,393 3,090 513 265 2,311 276 28 120 546 259 1,337 221 539 371 Sept. ... 3,440 3,121 514 269 2,338 291 28 126 570 264 1,351 225 536 366 Oct........ 3,494 3,181 533 266 2,382 286 26 127 580 261 1,323 240 565 397 Nov. . . . 3,537 3,237 555 282 2,401 276 23 138 586 244 1,357 240 564 407 Dec....... 3,621 3,320 563 309 2,448 278 22 130 592 219 1,435 246 571 426 1972—Jan........ 3,668 3,362 565 307 2,490 281 24 132 581 256 1 ,436 241 594 427 Feb. .. 3,717 3,414 595 319 2,500 279 24 124 592 254 1 ,453 241 624 430 Mar.*7. . 3,829 3,532 640 329 2,563 271 26 131 625 233 1,473 278 644 444 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 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 Total I a n n t d l. Foreign c P ha u s r e s Sales c N ha s e a s t l e e p s s u o r r c P ha u s r e s Sales c N ha s e a s t e l e p s s u o r r c P ha u s r e s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 1970............................... 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 998 35 1971............................... 1,672 130 1,542 1,661 -119 14,531 13,139 1,392 1,687 2,568 -880 1,387 1,432 -44 1972—Jan.-Mar.*___ 619 1 618 688 -71 5,128 4,086 1,041 510 903 -393 671 637 33 1971—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 -15 139 239 -100 98 130 -31 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 1,013 139 110 313 -203 124 102 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.................... 446 1 445 474 -29 940 845 94 138 135 3 137 76 61 Dec.................... 175 1 175 209 -34 1,673 1,207 465 186 175 11 195 151 43 1972—Jan..................... 248 1 247 305 -58 1,580 1,277 302 126 419 -293 191 170 21 Feb.*................. 141 141 138 3 1,606 1,307 299 160 241 -81 200 199 1 Mar.*............... 230 1 229 245 -16 1,942 1,501 441 224 243 -19 280 269 11 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora official institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica Asia Africa co O u t n h t e ri r es r I e n g t i l o . n & al 1970....................... 626 58 195 128 110 -33 24 482 -9 47 85 1 22 1971....................... 733 86 131 219 168 -49 72 627 -92 39 108 * -2 54 1972—Jan.-Mar.* 583 66 20 125 205 127 -1 541 -57 20 55 -1 1 24 1971—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........... * 9 -9 22 1 -1 20 42 -14 -38 6 * * 4 Dec............ 483 66 51 76 102 68 32 394 2 49 39 * * -2 1972—Jan............. 269 36 29 60 98 2 -7 218 1 11 27 * * 12 Feb.*........ 153 13 4 37 55 36 5 149 -32 10 20 — 1 * 6 Mar.*.... 161 18 -13 27 52 89 * 174 -27 -1 8 ♦ * 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 d INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1970....................... 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971....................... 658 15 35 -1 171 327 39 586 37 19 -2 * -21 39 1972—Jan.-Mar.p 458 3 * -1 -14 153 39 181 18 -12 246 * * 26 1971—Mar........... 123 10 14 -1 32 32 5 92 11 6 3 * * 11 Apr............ -23 3 -3 * 7 7 5 19 -2 4 -6 * * -39 27 -1 27 * -5 19 -6 33 * 3 -1 * -2 -6 June.......... -4 -1 -1 * -2 -4 * -8 11 2 -3 * -2 -3 July........... 40 -2 -1 1 3 20 1 22 -10 3 * * * 24 Aug............ 60 -3 -1 -1 * 49 -3 42 * 1 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........... 94 * 4 -1 42 70 6 122 7 -1 2 * -5 -31 Dec............ -18 -1 -1 -2 -12 18 -6 -3 -13 * 1 * — 3 1972—Jan............. 33 3 2 1 -14 20 38 49 10 -2 3 * * -27 Feb.p......... 146 -1 -1 -1 -20 102 -11 67 11 -13 51 * * 29 Mar.p.. . . 279 2 * * 20 32 12 65 -3 2 192 * * 23 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) Intl. Total Latin Other Credit Debit Period Total and foreign Eu Canada Amer Asia Af coun End of balances balances re coun rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1970.................. -915 -254 -662 50 -586 -11 -129 -6 20 1969—Mar........................ 553 393 1971.................. -925 -310 -615 34 -285 -53 -345 3 32 566 397 1972—Jan. 467 297 -Mar.p... -359 -240 -120 138 -171 -27 -67 -7 14 434 278 1971—Mar.... -50 11 -61 6 -34 11 -44 -1 1 368 220 Apr.. .. -122 -46 -77 -34 29 5 -79 * 1 334 182 May... -126 4 -130 -4 -62 -13 -52 * 2 291 203 June. .. -132 13 -145 -3 -93 5 -72 6 14 349 281 July.... -67 7 -74 -16 -6 -2 -53 * 2 Aug.. .. -180 -152 -29 23 -23 -16 -14 1 1 511 314 Sept---- 15 8 6 1 -7 3 8 * 1 419 300 Oct....... -43 32 -75 22 -111 -13 24 1 2 333 320 Nov.... 64 11 53 37 32 -28 8 1 3 311 312 Dec. 55 2 53 23 53 -10 -11 -4 2 1972—J F a e n b .P. , . . -2 -8 7 0 2 -2 -1 4 2 2 - - 6 3 7 0 3 11 2 - -7 2 3 4 -26 1 -25 5 _2 * * 3 mo N n o ey t e d .— eb D it a b t a a l a r n e c p e r s e s a e p n p t e t a h r e in g m o o n n e t y h e c r b e o d o i k t s b o al f a r n e c p e o s r t a i n n d g Mar.p.. -8 15 -22 96 -75 -2 -47 -5 10 brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Notes to Tables 21a and 21b on following pages: Note.—Components may not add to totals due to rounding. Assets Liabilities 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 1971—Apr....................................4,960 5,130 unrealized paper profits and paper losses caused by changes in exchange May..................................5,095 5,230 rates, which are used to convert foreign currency values into equivalent June..................................5,488 5,623 dollar values. July.............................. .....5,714 5,866 Aug...................................5,635 5,762 Sept..................................5,884 6,012 Oct....................................5,888 6,084 1 Many of the figures for the period Apr .-Nov. 1971 have been revised; Nov...................................6,538 6,722 the individual revisions are not noted. Dec...................................7,566 7,759 2 Revised data for total assets and total liabilities payable in U.S. dollars beginning Apr. 1971 are as follows (in millions of dollars); 1972—Jan.....................................7,017 7,237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1972 21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi Non Other Parent branches Other cial bank Total bank Other Total of banks insti for parent tutions eigners bank IN ALL FOREIGN COUNTRIES 1971—Jan............. 47,131 8,794 6,125 2,670 36,035 7,308 16,368 641 11,717 2 302 Feb............ 47,211 7,863 5,131 2,731 36,847 7,687 16,715 673 12,314 2*501 Mar............ 48,263 6,769 4,055 2,714 38,623 7,838 17,284 744 12,757 2,871 Apr.1........ 49,444 5,047 2,511 2,536 39,927 8,468 17,401 747 13,311 4,471 May.......... 50,574 4,398 2,191 2,207 41,576 8,317 18,124 798 14,337 4,600 June........... 52,732 4,853 2,661 2,191 43,292 8,924 19,062 851 14,456 4,587 July............ 52,739 4,833 2,619 2,214 43,088 8,788 18,474 1,006 14,820 4,817 Aug............ 54,873 4,092 2,036 2,056 46,393 9,126 20,773 1,129 15,365 4,388 Sept............ 56,967 5,047 2,970 2,077 48,963 9,706 22,305 1,164 15,788 2,957 Oct............. 57,496 5,844 3,649 2,195 49,716 10,154 21,923 1,198 16,441 1 ,937 Nov.1........ 58,684 5,662 3,341 2,320 51,095 10,416 22,685 1,195 16,799 1,928 Dec............ 61,474 4,800 2,313 2,487 54,879 11,224 24,630 1,167 17,858 1,795 1972—Jan............. 60,026 4,333 1,987 2,345 53,760 10,445 24,513 1,211 17,591 1,933 1971—Jan............. 34,221 8,546 6,112 2,434 24,260 4,504 12,553 370 6,833 1,414 Feb............ 33,842 7,657 5,118 2,538 24,606 4,716 12,214 423 7,253 1,519 Mar............ 34,960 6,560 4,043 2,516 26,409 5,070 13,307 453 7,580 1,990 Apr.1........ 35,742 4,856 2,501 2,356 27,361 5,654 13,223 530 7,954 3,525 May.......... 36,070 4,193 2,172 2,020 28,296 5,354 13,839 554 8,549 3,581 June.......... 37,648 4,648 2,651 1 ,998 29,438 5,609 14,645 587 8,598 3,562 July............ 37,117 4,613 2,610 2,003 28,718 5,648 13,799 714 8,557 3,787 Aug............ 37,846 3,875 2,025 1,851 30,703 5,791 15,466 866 8,581 3,268 Sept............ 38,712 4,807 2,950 1,858 32,145 6,029 16,436 875 8,805 1,759 Oct............. 38,570 5,600 3,633 1,968 32,617 6,094 16,302 907 9,013 653 Nov.1........ 39,184 5,380 3,319 2,061 33,147 6,436 16,715 910 9,086 658 Dec............ 40,236 4,542 2,306 2,236 35,117 6,659 18,040 864 9,554 577 1972-Jan............... 38,928 4,072 1,975 2,097 34,228 6,427 17,759 822 9,220 629 IN UNITED KINGDOM Total, all currencies................................ 1971—Jan............. 28,478 6,064 4,380 1,684 21,330 3,700 10,898 300 6,432 1,084 Feb............ 28,115 5,194 3,487 1,706 21,663 3,915 10,760 338 6,650 1,258 Mar............ 28,711 4,658 2,897 1,761 22,539 3,890 11,419 355 6,875 1,514 Apr............ 29,082 3,143 1,598 1,545 23,414 4,307 11,584 412 7,111 2,524 May........... 29,952 2,746 1,401 1,345 24,627 4,218 11,957 433 8,020 2,579 June........... 31,276 3,188 1,827 1,361 25,545 4,393 12,632 418 8,101 2,542 July............ 30,710 3,098 1,700 1,398 25,140 4,448 11,953 520 8,218 2,473 Aug............ 32,119 2,608 1,340 1,268 27,249 4,462 13,744 558 8,486 2,262 Sept............ 33,280 3,390 2,143 1,247 28,464 4,882 14,683 512 8,387 1,426 Oct............. 33.408 4,116 2,772 1,344 28,458 5,189 14,536 524 8,210 834 Nov............ 33,945 3,845 2,529 1,316 29,203 5,483 15,040 527 8,153 896 Dec............ 34,552 2,694 1 ,230 1 ,464 30,996 5,690 16,211 476 8,619 862 1972—Jan............. 33,877 2,514 1,228 1,287 30,447 5,243 16,411 469 8,325 916 Payable in U S. dollars.......................... 1971—Jan............. 22,478 5,950 15,710 2,483 9,129 4,099 818 Feb............ 21,924 5,102 15,849 2,541 9,043 4,266 972 Mar............ 22,576 4,566 16,791 2,657 9,750 4,384 1,219 Apr............ 22,786 3,057 17,534 3,133 9,861 4,541 2,194 May........... 23,028 2,651 18,156 3,030 10,128 4,999 2,221 June........... 24,228 3,098 18,918 3,231 10,674 5,013 2,211 July........... 23,282 3,010 18,155 3,219 10,031 4,906 2,116 Aug............ 23,848 2,528 19,451 3,245 11,336 4,870 1,868 Sept............ 24,418 3,289 20,123 3,369 11,883 4,871 1,006 Oct............. 24,481 4,012 20,069 3,440 11,859 4,771 399 Nov............ 24,561 3,717 20,445 3,918 12,090 4,438 398 Dec............ 24,428 2,585 21,493 4,135 12,762 4,596 350 1972—Jan............. 23,666 2,415 20,857 3,885 12,631 4,341 394 IN THE BAHAMAS V. ,........... .. ...... , ^ Total all currencies................................ 1971—Jan............. 4,663 1,135 396 739 3,324 1,916 1,408 205 Feb............ 4,561 1,072 283 789 3,286 1,721 1,565 203 Mar........... 4,755 879 162 718 3,605 1,994 1,611 271 Apr.1........ 25,270 935 169 766 3,666 1 ,933 1,733 669 May.......... 5,379 773 113 660 3,913 2,062 1,850 694 June.......... 5,760 839 203 635 4,238 2,338 1,900 683 July........... 6,047 890 267 623 4,428 2,357 2,071 729 Aug............ 5,970 728 139 589 4,618 2,604 2,014 624 Sept............ 6,208 835 219 615 5,039 2,934 2,105 334 Oct............. 6,586 887 246 641 5,605 3,019 2,585 95 Nov.1........ 7,319 1,037 227 810 6,167 3,228 2,940 115 Dec............ 8,493 1,282 505 778 7,119 3,798 3,320 92 1972—Jan............. 27,973 955 159 796 6,925 3,679 3,247 94 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Total Other Offi Non Other Month-end Location and currency form Parent branches Other cial bank Total bank Other Total of banks insti for parent tutions eigners bank IN ALL FOREIGN COUNTRIES 47 131 2 508 662 1,845 42,981 6,839 24,840 4,258 7,044 1,642 ............1971—Jan. ...........Total, all currencies 47,210 2,376 544 1,833 43,196 7,444 23,710 4,764 7,278 1,638 .........................Feb. 48,265 2,640 559 2,080 44,069 7,507 24,175 5,006 7,381 1,556 49,444 2,529 547 1,982 45,066 8,078 24,118 5,554 7,316 1,849 50,574 2,848 726 2,122 45,891 8,134 25,039 5,216 7,502 1,835 52,732 2,565 528 2,038 48,342 8,553 26,729 5,339 7,721 1,824 .........................June 52,736 3,061 477 2,584 47,934 8,346 26,544 5,373 7,670 1,741 .........................July 54,873 3,349 763 2,586 49,622 8,792 27,178 5,450 8,203 1,902 56,969 3,015 501 2,514 51,940 9,516 28,497 5,476 8,451 2,014 57,496 2,915 474 2,441 52,540 9,802 28,520 5,581 8,638 2,041 58,684 2,892 475 2,417 53,673 10,038 29,354 5,749 8,531 2,119 .........................Nov.1 61,475 3,114 669 2,445 56,242 10,818 31,147 5,491 8,786 2,119 60,020 2,938 658 2,280 55,048 10,324 29,763 5,869 9,091 2,034 ............1972—Jan. 35,470 2,277 603 1,674 32,216 4,356 19,522 3,818 4,513 976 ..............1971-Jan. 35,137 2,120 474 1,647 32,073 4,874 18,243 4,206 4,749 944 .........................Feb. 36,213 2,413 501 1,912 32,891 5,052 18,722 4,323 4,794 909 36,998 2,284 491 1,794 33,717 5,644 18,717 4,743 4,612 997 37,316 2,582 643 1,939 33,638 5,469 19,120 4,419 4,630 1,096 39,142 2,293 432 1,861 35,782 5,793 20,610 4,604 4,775 1,068 38,322 2,762 393 2,368 34,571 5,433 20,192 4,416 4,530 990 .........................July 39,494 2,939 643 2,296 35,406 5,735 20,340 4,375 4,956 1,149 40,208 2,638 381 2,257 36,375 6,234 20,981 4,408 4,752 1,195 40,742 2,549 352 2,198 36,331 6,154 20,797 4,503 4,878 1,161 40,949 2,546 375 2,170 37,176 6,479 21,124 4,662 4,910 1,227 42,090 2,674 511 2,163 38,139 6,692 22,069 4,426 4,953 1,276 41,379 2,556 546 2,010 37,734 6,710 20,874 4,753 5,306 1,182 ............1972—Jan. IN UNITED KINGDOM 28,478 1,384 77 1,307 26,542 2,358 16,817 3,067 4,300 522............1971—Jan. 28,115 1,423 103 1,320 26,103 2,641 15,588 3,337 4,538 589 .........................Feb. 28,711 1,533 103 1,430 26,597 2,586 15,942 3,615 4,454 581 29,082 1,492 186 1,306 26,989 2,699 15,698 4,067 4,525 601 29,952 1,591 301 1,291 27,667 2,843 16,387 3,873 4,565 694 31,276 1,565 147 1,419 29,021 2,931 17,578 3,967 4,545 690 30,710 1,773 126 1,647 28,264 2,762 16,843 4,034 4,625 674 .........................July 32,119 2,000 300 1,700 29,429 3,069 17,310 4,268 4,782 691 33,280 1,658 117 1,541 30,877 3,344 18,431 4,318 4,785 745 33,408 1,628 104 1,523 31,009 3,250 18,535 4,447 4,777 772 33,945 1,618 77 1,541 31,513 3,106 18,901 4,622 4,885 814 34,552 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 33,877 1,626 132 1,494 31,473 3,296 18,076 4,680 5,421 778 ............1972—Jan. 22,705 1,266 66 1,199 21,156 1,540 13,718 2,816 3,081 283 ............1971—Jan. 22,118 1,291 84 1,207 20,539 1,707 12,531 3,001 3,301 287 22,654 1,411 90 1,321 20,954 1,759 12,754 3,207 3,233 289 22,907 1,358 173 1,185 21,249 1,900 12,640 3,588 3,121 299 23,198 1,455 266 1,189 21,378 1,902 12,967 3,368 3,142 365 24,474 1,432 96 1,336 22,682 2,053 14,071 3,493 3,065 361 23,400 1,610 89 1,521 21,428 1,819 13,198 3,382 3,029 361 .........................July 24,263 1,790 238 1,552 22,095 1,900 13,445 3,501 3,249 377 24,742 1,460 59 1,401 22,882 2,126 14,160 3,555 3,041 400 24,727 1,435 49 1,387 22,875 2,095 14,079 3,660 3,041 417 25,044 1,452 36 1,416 23,166 2,028 14,185 3,813 3,140 426 24,845 1,412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 24,445 1,437 76 1,360 22,643 2,157 13,249 3,851 3,351 400 ............1972—Jan. s •s^ .........^ s IN THE BAHAMAS 4,664 491 4,114 705 2,568 841 59............1971—Jan. ...........Total, all currencies 4,561 382 4,121 840 2,452 830 58.........................Feb. 4,756 534 4,171 681 2,575 915 51 2 5,270 503 4,681 1,087 2,706 888 87 5,380 646 4,633 991 2,744 898 101 5,761 446 5,221 1,013 3,095 1,113 93 6,045 753 5,197 1,126 3,1138 933 95.........................July 5,970 696 5,155 1,005 3,029 1,121 119.........................Aug. 6,211 719 5,359 931 3,381 1,048 133 6,588 628 5,805 1,083 3,551 1,170 155 7,320 622 6,537 1,446 3,947 1,144 161 .........................Nov.1 8,495 750 7,557 1,649 4,784 1,124 188 2 7,973 625 7,197 1,563 4,427 1,207 151 ............1972—Jan. For notes see p. A87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1972 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. 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 1971 1972 Wednesday ties1 Wednesday ties1 plus Wednesday ties1 Maturity of sec.2 liability Dec. Jan. Feb. 1966 1970 1971—Cont. 1.86 1.48 1.70 Mar. 30.............. 1,879 Mar. 25. 11,885 Nov. 3. .. 2,467 Call....................................... 1.52 2.02 1.72 June 29.............. 1,951 June 24. 12,172 10... 2,964 Other liabilities, maturing Sept. 28.............. 3,472 Sept. 30. 9,663 17. .. 3,358 in following calendar Dec. 28.............. 4,036 Dec. 30. 7,676 24. .. 3,342 months after report Dec. 1 ... 2,408 date: 1967 1971 1 8 5 . . . . . . 1 1, , 3 86 8 7 6 1 4 1 . . 7 2 5 0 r 5 8 . . 2 4 8 0 9 5 . . 1 8 5 9 J S D M u e e n a p c r e t . . . 2 2 2 2 9 8 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 3 3 , , , , 2 0 4 1 4 5 1 6 1 2 9 6 J A M F M a e p n a a b r . y r . . . 2 2 2 2 3 4 6 7 8 1 . . . . . 5 2 2 6 1 , , , , , 8 1 5 6 5 5 5 6 3 7 8 8 6 6 9 6 4 7 5 4 , , , , , 6 5 5 3 1 6 3 8 5 6 6 8 6 7 6 Jan 1 . 97 2 2 1 2 9 2 5 2 . . . . . . . . . . . . 1 1 1 , , , 7 5 2 9 2 4 0 0 1 9 4 8 4 7 3 t t r h h d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 1 . . . . . . 1 7 1 8 2 4 1 5 5 5 7 6 r 2 2 4 2 r . . . . . . 1 5 0 3 5 3 7 3 4 0 3 0 2 2 4 1 . . . . . . 6 4 4 7 3 3 7 3 4 3 0 8 June 30. 1,492 4,500 19... 1,568 .29 r. 36 .32 1968 J A u u ly g . 2 28 5 . . 1 1 , , 4 4 9 0 5 5 4 4 , , 6 0 4 75 5 Feb. 2 2 6 . . . . . . 1 1 , , 4 30 1 1 9 11th................................. . . 2 2 9 4 r . . 2 3 6 5 . . 3 4 8 4 J S M u e n a p r e t . . 2 2 2 6 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 7 , , , 9 2 1 2 0 0 0 2 4 Sept. 8 1. . 1 1 , , 2 2 3 3 3 9 3 3 , , 4 4 0 0 3 9 2 1 9 3 6 . . . . . . . . . 1 1 1 , , , 0 0 06 6 0 2 6 8 Mat 1 u 2 r t i h ti . e .. s .. . o ... f . . m ... o ... r . e .. . t . h ... a .. n .. .. 1 .. . . 2 8 5 2 . .3 9 9 2 . .3 9 3 4 Dec. 31 (1/1/69) 6,039 15. 1,701 3,355 Mar. 1... r954 22. 2,153 3,807 8... 1,164 31.80 31.32 32.83 29. 2,475 3,578 15... r\ ,263 1969 22... rl, 346 29... ’•1,532 Note.—Includes interest-bearing U.S. dollar Mar. 26.............. 9,621 Oct. 6. 2,222 3,325 Apr. 5... 1,130 deposits and direct borrowings of all branches in June 25.............. 13,269 13. 2,723 3,275 12... 1,052 the Bahamas and of all other foreign branches Sept. 24.............. 14,349 20. 2,601 3,153 19... 1,279 for which such deposits and direct borrowings Dec. 31.............. 12,805 27. 2,917 2,917 26... 1,367 amount to $50 million or more. Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Euro dollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series. 24. DEPOSITS, U.S. GOVT. SECURITIES, 25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody End of End of United period Deposits period Total Short Short King Canada U se .S cu . r G it o ie v s t 1 . Ear g m o a ld rked Deposits in te v r e m st Deposits in te v r e m st dom ments1 ments 1 1969............... 134 7,030 12,311 1970............... 148 16,226 12,926 1968..................... 1,638 1,219 87 272 60 979 280 1971— Apr.. . 162 22,879 13,095 n - / \ 1 1 , , 3 4 1 91 9 1,0 9 6 5 2 2 1 16 1 1 6 1 1 7 83 4 7 86 6 6 66 1 3 0 4 5 6 3 9 4 May. . 208 28,126 13,447 1970..................... 1,141 697 150 173 121 372 436 June.. 199 26,544 13,509 July... 162 28,574 13,559 1971—Feb.......... 1,356 849 173 190 144 548 418 Aug... 122 35,914 13,821 Mar.......... 1,469 983 165 175 145 706 383 Sept... 166 36,921 13,819 Apr.......... 1,488 972 178 200 138 687 397 Oct.. . 135 38,207 13,819 May......... 1,551 938 160 293 161 622 430 Nov. . 177 39,980 13,820 June........ 1,470 932 176 240 122 634 365 Dec.. . 294 43,195 13,815 July......... 1,478 949 189 238 101 579 395 Aug.......... 1,661 1,085 201 246 128 639 480 1972—Jan.... 147 44,359 13,815 Sept.......... 1,579 989 198 285 107 519 489 Feb. .. 137 45,699 14,359 Oct.......... 1,604 1,015 206 277 106 540 531 Mar... 191 46,837 14,321 Nov......... 1,622 1,029 205 246 143 612 517 Apr.. . 228 46,836 14,315 Dec.r.. .. 1,623 1 ,051 219 233 120 575 564 1972—Jan.'___ 1,728 1 ,071 252 242 163 604 665 1 Marketable U.S. Treasury bills, certificates of in Feb........ 1 ,811 1 ,018 332 237 225 548 838 debtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the Note.—Excludes deposits and U.S. Govt, securities obligation was incurred by the foreigner. held for international and regional organizations. Ear 2 Data on the two lines for this date differ because of changes in reporting coverage. marked gold is gold held for foreign and international Figures on the first line are comparable in coverage with those shown for the preceding accounts and is not included in the gold stock of the date; figures on the second line are comparable with those shown for the following date. United States. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables 26 and 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 91 26. 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 Dec. Mar. June Sept. Dec p Dec. Mar. June Sept. Dec.p Europe: Austria...................................... 8 11 12 10 5 10 10 10 13 14 Belgium-Luxembourg........... 46 47 58 60 66 47 49 61 59 62 Denmark.................................. 2 9 3 3 2 17 16 17 14 15 Finland..................................... 2 2 2 2 2 11 8 15 16 15 France...................................... 126 112 117 139 142 150 159 181 182 208 Germany, Fed, Rep. of........ 139 122 105 125 117 209 191 228 209 192 Greece...................................... 4 4 5 6 4 28 34 27 40 35 Italy........................................... 77 71 69 74 108 163 175 172 176 190 Netherlands............................. 128 115 102 85 70 62 65 74 66 69 Norway.................................... 5 4 5 5 5 16 15 14 17 13 Portugal.................................... 13 14 18 18 16 15 13 20 13 16 Spain......................................... 24 27 35 37 66 81 93 91 89 123 Sweden...................................... 34 28 31 28 17 40 53 40 37 40 Switzerland.............................. 159 122 85 100 91 47 38 62 95 63 Turkey...................................... 4 3 5 3 2 8 17 9 11 9 United Kingdom................... 842 723 647 686 765 698 1,020 961 844 957 Yugoslavia............................. 2 1 1 2 3 17 16 16 21 21 Other Western Europe......... 11 1 2 2 2 9 ! 12 11 14 13 Eastern Europe....................... 4 4 3 3 4 24 16 16 16 32 Total................................. 1,628 1,422 1,304 1,390 1,487 1,652 1,997 2,027 1,932 2,086 Canada......................................... 221 206 193 183 181 751 715 708 800 909 Latin America: Argentina................................. 11 14 17 19 18 61 65 66 66 55 Brazil........................................ 19 15 17 13 21 120 105 118 127 150 Chile.......................................... 11 13 8 14 13 48 40 44 48 48 Colombia................................. 6 6 6 6 7 37 36 31 40 46 Cuba.......................................... * * * * 1 1 1 1 1 1 Mexico...................................... 22 20 20 23 22 156 143 151 146 149 Panama.................................... 5 6 6 6 5 18 21 17 20 21 Peru........................................... 4 4 4 5 7 36 1 35 36 34 34 Uruguay................................... 4 4 4 4 2 6 7 6 6 5 Venezuela................................ 18 17 17 14 16 67 69 69 73 78 Other L.A. republics............. 37 29 29 33 33 99 95 96 105 101 Bahamas and Bermuda........ 154 158 152 232 275 160 210 263 362 366 Neth. Antilles and Surinam. 23 5 7 4 3 9 8 9 9 9 Other Latin America............. 6 5 6 8 5 29 21 25 21 24 320 296 293 381 428 846 855 931 1,057 1,085 Asia: 9 8 8 9 12 17 19 25 26 24 38 25 22 26 27 34 39 39 36 37 Indonesia.................................. 9 5 6 11 10 21 20 21 24 29 24 28 19 21 10 23 24 25 21 23 Japan........................................ 144 165 158 178 177 323 349 372 397 411 Korea........................................ 1 11 10 10 13 42 50 54 52 68 Philippines............................... 7 7 7 6 7 30 31 56 43 49 Taiwan...................................... 9 10 11 17 18 33 32 38 43 41 Thailand.................................. 4 4 3 4 3 11 12 13 16 15 50 59 122 140 143 145 155 159 201 145 Total................................. 296 322 366 421 420 678 730 802 859 843 Africa: Congo (Kinshasa).................. 2 2 2 1 1 3 5 6 4 6 South Africa............................ 34 31 45 45 31 30 32 38 39 41 U.A.R. (Egypt)....................... 1 2 1 1 1 9 10 9 9 9 Other Africa............................ 41 19 33 32 35 50 53 67 70 100 Total................................. 78 54 82 78 68 92 100 120 122 156 Other countries: 75 81 81 68 46 80 86 82 85 83 All other.................................. 7 8 8 9 9 15 13 17 24 19 82 89 89 77 55 94 99 99 109 102 International and regional. . .. * * * 1 * 1 3 4 4 4 Grand total..................... 2,626 2,389 2,327 2,531 2,639 4,114 4,499 4,692 4,882 5,185 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 92 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1972 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NON BANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e P fo a r y i e n a i b g l n e Total P d a o y i l n a la b r l s e Deposits with currencies banks abroad in reporter’s Other name 1967—Sept........................ 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 1968—Mar........................ 1,358 991 367 3,369 2,936 211 222 June....................... 1,473 1,056 417 3,855 3,415 210 229 Sept........................ 1,678 1,271 407 3,907 3,292 422 ‘ 193 Dec........................ 1,608 1,225 382 3,783 3,173 368 241 1969—Mar........................ 1,576 1,185 391 4,014 3,329 358 327 June....................... 1,613 1,263 350 4,023 3,316 429 278 Sept........................ 1,797 1,450 346 3,874 3,222 386 267 ( 1,786 1,399 387 3,710 3,124 221 365 ( 2,095 1,654 441 4,124 3,495 244 385 1970—Mar........................ 2,204 1,724 480 4,238 3,699 219 320 2,357 1,843 513 4,417 3,825 234 358 2,482 1,956 526 4,314 3,708 301 306 Dec......................... 2,626 2,159 467 4,114 3,532 234 349 1971—Mar........................ 2,389 1,957 432 4,499 3,890 232 377 June....................... 2,327 1,919 408 4,692 4,037 303 352 Sept........................ 2,531 2,091 440 4,882 4,174 383 326 Dec.*..................... 2,639 2,182 458 5,185 4,535 318 333 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date, the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period uaomues Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r ca Japan O A t s h i e a r Africa o A th l e l r 1967—Sept.......................... 411 1,452 40 212 309 212 84 283 109 103 87 13 De 1 J 414 1,537 43 257 311 212 85 278 128 117 89 16 ........................... ( 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar.......................... 582 1,536 41 265 330 206 61 256 128 145 84 21 June......................... 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept.......................... 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec........................... 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar.......................... 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June......................... 1,325 1 ,952 168 368 447 195 76 216 142 229 72 40 Sept.......................... 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec 1 ( 1,725 2,215 152 433 496 172 73 388 141 249 69 42 ........................... { 2,331 2,360 152 442 562 177 77 416 142 271 75 46 1970—Mar.......................... 2,385 2,741 159 735 573 181 74 454 158 288 71 47 June......................... 2,613 2,753 161 712 580 177 65 474 166 288 76 54 Sept.......................... 2,813 2,882 157 720 620 180 63 583 144 284 73 58 Dec........................... 3,129 2,946 146 708 669 183 60 614 140 292 71 64 1971—Mar.......................... 3,196 2,979 154 688 670 182 63 611 161 302 77 72 June......................... 3,190 2,990 151 692 677 180 64 625 138 313 75 76 Sept.......................... 2,947 2,956 135 675 690 179 63 594 133 323 89 75 Dec.*....................... 3,061 3,059 128 709 684 174 61 656 141 329 94 85 i 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
MAY 1972 □ MONEY RATES A 93 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France Period (peso) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 20.191 1969................................................................... .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 419.302 126.589 111.36 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 1971 _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 24.156 112.42 33.9676 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 Feb........................................................ U9.960 119.10 4.3108 2.2810 99.528 16.650 14.306 24.099 19.650 Mar....................................................... 119.10 4.3342 2.2757 100.152 16.650 14.361 24.121 19.835 Apr........................................................ 119.10 4.3236 2.2672 100.430 16.650 14.301 24.088 19.852 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 r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n M (d a o l l a l y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e r s ) 1968........................................................................................ 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969........................................................................................ 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970........................................................................................ 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1971........................................................................................ 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 1971 _Mar............................................................................ 27.538 13.304 241.87 .16063 .27971 32.616 8.0056 27.816 Apr............................................................................. 27.516 13.315 241.79 .16070 .27972 32.604 8.0056 27.776 May........................................................................... 6 28.144 13.330 241.87 .16059 .27979 32.642 8.0056 628.135 June............................................................................ 28.474 13.346 241.87 .16009 .27979 32.720 8.0056 28.065 July............................................................................ 28.728 13.347 241.85 .16048 .27980 32.733 8.0056 28.097 Aug............................................................................ 29.277 13.345 243.46 .16157 .28113 32.737 8.0056 28.693 Sept............................................................................ 29.794 13.401 246.94 .16292 .29583 33.354 8.0056 29.308 Oct.............................................................................. 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 29.772 Nov............................................................................ 30.005 13.353 249.33 .16324 .30418 33.627 8.0056 30.006 Dec............................................................................. 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 Feb............................................................................. 31.390 13.638 260.37 .17036 .32769 35.080 8.0000 31.468 Mar............................................................................ 31.545 13.716 261.81 .17161 .33054 35.409 8.0000 31.384 Apr............................................................................. 31.468 13.735 261.02 .17138 .32943 35.406 8.0000 31.142 Period Z (d e N o a l e l l a w 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 c d h a ) (p S e p s a e i t n a) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d ) ( U p K d o n i o u n it m n g e d 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 1971—Mar............................................................................ 112.54 14.010 3.5019 140.56 1.4290 19.369 23.254 241.87 Apr............................................................................. 112.50 14.028 3.5000 140.51 1.4291 19.368 23.263 241.79 May............................................................................ 112.54 13.556 3.5013 140.56 1.4291 19.357 7 24.253 241.87 June............................................................................ 112.55 14.062 3.5027 140.57 1.4290 19.370 24.409 241.87 July............................................................................ 112.53 14.073 3.5016 140.55 1.4292 19.371 24.423 241.85 Aug............................................................................. 113.28 14.244 3.5289 141.46 1.4335 19.502 24.813 243.46 Sept............................................................................ 114.95 14.494 3.5970 140.88 1.4415 19.732 25.118 246.94 Oct.............................................................................. 115.88 14.599 3.6275 140.43 81.4457 19.914 25.157 249.06 Nov............................................................................ 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 249.33 Dec............................................................................. 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 Feb............................................................................. 119.39 15.029 3.6690 132.98 1.5170 20.858 25.890 260.37 Mar............................................................................ 119.29 15.161 3.6930 133.77 1.5369 20.956 25.974 261.81 Apr............................................................................. 119.36 15.151 3.6950 133.32 1.5487 20.907 25.920 261.02 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. Average for Feb. 1-27, 1972. 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 94 MONEY RATES □ MAY 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 Apr. 30, Per Month 1972 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina......................... 6.0 Dec. 1957 18.0 18.0 Austria............................. 5.0 Jan. 1970 5.0 Belgium........................... 6.0 Mar. 1971 5.5 5.0 4.5 4.0 4.0 Brazil................................ 20.0 July 1969 20.0 Canada............................. 5.25 Feb. 1971 4.75 4.75 Ceylon.............................. 6.5 Jan. 1970 6.5 Chile................................. 14.0 July 1969 8.0 7.0 7.0 Colombia......................... 8.0 May 1963 8.0 Costa Rica....................... 4.0 June 1966 4.0 Denmark......................... 7.5 Apr. 1971 7.0 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............................ 7.0 Apr. 1962 8.50 7.75 7.75 France.............................. 6.5 Jan. 1971 6.75 6.5 6.0 5.75 5.75 Germany, Fed. Rep. of. 5.0 Apr. 1971 4.5 4.0 3.0 3.0 Ghana.............................. 5.5 Mar. 1968 i........... 8.0 8.0 Greece.............................. 6.5 Sept. 1969 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 7.0 7.0 Ireland.............................. 6.19 Apr. 1971 6.06 6.00 5.94 6.12 5.12 5.12 4.94 4.81 4.81 4.81 J It a a m ly a . i .. c .. a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 . . 5 0 A A p p r r . . 1 1 9 97 71 1 1 | 4.5 5.0 4.0 4 5. . 0 0 Japan................................ 5.75 Jan. 1971 5.5 5.25 4.75 4.75 Korea............................... 19.0 Dec. 1970 16.0 13.0 13.0 Mexico............................. 4.5 June 1942 4.5 Morocco.......................... 3.50 Nov. 1951 3.50 Netherlands..................... 5.5 Apr. 1971 5.0 4.5 4.0 4.0 New Zealand.................. 7.0 Mar. 1961 6.0 6.0 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........................... 3.75 Feb. 1971 3.75 South Africa................... 6.5 Mar. 1971 6.5 Spain................................ 6.0 Apr. 1971 5.0 5.0 Sweden............................. 6.0 Apr. 1971 5.5 5.0 5.0 Switzerland..................... 3.75 Sept. 1969 3.75 Taiwan............................. 9.8 Dec. 1970 9.25 9.25 Thailand.......................... 5.0 Oct. 1959 5.0 Tunisia............................. 5.0 Sept. 1966 5.0 Turkey.............................. 9.0 Sept. 1970 9.0 United Kingdom........... 6.0 Apr. 1971 5.0 5.0 Venezuela........................ 5.0 Oct. 1970 5.0 Vietnam........................... 18.0 Sept. 1970 18.0 Note.—Rates shown are mainly those at which the central bank either 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, com govt, 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 produc pending 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 en for 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
MAY 1972 □ MONEY RATES; ARBITRAGE A 95 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 er Month 3 T m r b e o i a l n s ls t u , h r s y * D m a o d y n a - e y t y o 2 - 3 m P b b r o a i i l n n m ls t k , e hs3 3 T r m b e i o a l s n ls u t , h ry s D m a d o y a n - y t e o y - C d b r l e e a a p a t n o e r k s s in i s 4 t ’ g D m a o d y n a - y e to y - 5 Tr 6 d b e 0 a i a - l y s l 9 s u s 0 , 6 ry 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 t e o y - d P is r r c i a v o t a u e 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—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 5.28 3.25 5.78 3.90 4.91 5.12 1972—Jan............... 3.29 3.71 4.48 4.36 3.94 2.50 5.31 3.25 4.20 3.61 4.44 5.00 Feb............... 3.48 3.79 4.85 4.37 4.43 2.50 5.20 2.75 4.15 3.19 3.38 5.00 Mar.............. 3.51 3.70 4.77 4.34 4.58 2.50 2.75 3.88 2.26 0.98 5.00 Apr............... 3.65 3.68 4.62 4.30 3.82 2.50 1.84 0.70 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 Premium Premium Date q K ( u U a i b n o U d n a t g j s i . a S . t d i t e s . o i t ) d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o a r d n) d f ( ( p o i + - s r o c w ) u ) o a n u o o r d n n r d t i L n ( o c f N n a e o n v d e f t o o t i r v n e ) qu A i o n t s ed Cana q d u A a o U d t j . a . S t . t io o n U S n ta it te e s d C S ( a f p a n o r v a e f o d a r d a) C d f ( ( d o a i + - s o r n c w ) l a ) l o a d a u o o r r i n n r a s d n t i C n ( c a f N e a n o n v a e f t o d t i r v a e ) Canada basis 1971 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 Feb. 4............... 4.29 3.24 1.05 -.13 .92 3.55 3.46 3.24 .22 -.08 .14 11............... 4.32 2.89 1.43 -.28 1.15 3.43 3.35 2.89 .46 -.48 -.02 18............... 4.32 2.97 1.35 -.44 .91 3.48 3.40 2.97 .43 -.92 -.49 25............... 4.31 3.22 1.09 -.37 .72 3.47 3.39 3.22 .17 -1.00 -.83 Mar. 3............... 4.30 3.40 .90 -.40 .50 3.41 3.38 3.40 -.02 -1.08 -1.10 10............... 4.29 3.53 .76 .15 .91 3.40 3.33 3.53 -.20 -1.28 -1.48 17............... 4.29 3.78 .51 .07 .58 3.56 3.48 3.78 -.30 -.76 -1.06 24............... 4.27 3.69 .58 .12 .70 3.61 3.53 3.69 -.16 -.76 - .92 31............... 4.26 3.80 .46 -.11 .35 3.55 3.47 3.80 -.33 -.76 -1.09 Apr. 7............... 4.27 3.72 .55 . 17 .72 3.64 3.56 3.72 -.16 -.80 -.96 14............... 4.27 3.78 .49 .12 .61 3.71 3.63 3.78 -.15 -.80 -.95 21............... 4.23 3.48 .75 .01 .76 3.64 3.56 3.48 .08 -1.04 -.96 28............... 4.21 3.48 .73 -.04 .69 3.62 3.54 3.48 .06 -1.20 -1.14 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 96 GOLD RESERVES □ MAY 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 1965. 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 44 1966. 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 45 1967. 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 45 1968. 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 46 1969. 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 47 1970. 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 47 1971—Mar.. 41,240 4,404 10,963 25,875 191 140 239 714 1,466 45 42 791 47 Apr.. 4,338 10,925 191 140 253 728 1,502 46 42 791 47 May. 4,448 10,568 191 140 254 747 1,592 46 22 792 47 June. 41,250 4,523 10,507 26,220 191 140 254 747 1.584 46 22 792 47 July.. 4,479 10,453 192 140 259 746 1,600 46 22 792 47 Aug.. 4,695 10,209 192 140 259 752 1.584 46 22 792 47 Sept.. 41,210 4,722 10.207 26,280 192 140 259 722 1,572 46 22 792 Oct... 4,724 10.207 192 140 259 722 1.564 46 22 792 Nov.. 4,726 10,206 192 140 259 722 1.564 46 22 792 Dec.. p4i;ii6 4.732 10,206 p26*270 192 90 259 729 1.544 46 22 792 1972—Jan.... 4.732 10,206 192 90 260 729 1.544 46 22 792 Feb.... 5.303 9.662 192 90 260 729 1 ,544 46 21 792 Mar.p. 5.304 9.662 192 259 729 1.544 20 792 Ger E p n er d i o o d f lo C m o b ia m D a e r n k l F a i n n d France m F a e n d y . , Greece India Iran Iraq l I a r n e d Israel Italy Japan Rep. of 1965............................ 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966............................ 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967............................ 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968............................ 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969............................ 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 413 1970............................ 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 532 1971—Mar................. 16 64 29 3,527 3,977 99 243 131 144 16 43 2,884 539 Apr................. 16 64 29 3,527 4,029 99 243 131 143 16 43 2,884 636 May................ 16 64 29 3,523 4,035 99 243 130 143 16 43 2,884 641 June................ 16 64 29 3,523 4,046 99 243 131 143 16 43 2,884 641 July................. 16 64 29 3,523 4,077 99 243 131 143 16 43 2,884 670 Aug................. 14 64 49 3,523 4,076 99 243 131 143 16 43 2,884 679 Sept................. 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 679 Oct.................. 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 679 Nov................. 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 679 Dec................. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 679 1972—Jan.................. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 679 Feb.................. 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 711 Mar.p............. 14 64 49 3,523 4,077 98 243 131 144 2,884 735 E pe n r d i o o d f Kuwait a L n e o b n Libya M s a i l a ay M c e o xi Mo co roc N la et n h d e s r N w o a r y P st a a k n i Peru P p h in il e ip s Po g r a t l u A S r a a u b d i i a 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............................ 86 288 85 48 176 21 1 ,787 23 54 40 56 902 119 1971—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 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 58 184 21 1,889 34 55 40 67 911 127 Nov................. 87 322 85 58 184 21 1,889 34 55 40 67 918 m i Dec................. 87 322 85 58 184 21 1,909 33 55 40 67 921 nn 1972—Jan.................. 87 322 85 58 21 1,908 33 55 40 68 921 r\27 Feb.................. 87 322 85 58 21 1 ,908 33 55 40 68 921 127 Mar.p............. 87 85 58 1,908 33 68 925 127 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAY 1972 o GOLD RESERVES AND PRODUCTION A 97 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS— Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o i n t m g ed U gu r a u y V zu e e n l e a Y sl u av g i o a S I e f n t o t t r l l e . ments 4 1965................................ 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966................................ 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967................................ 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968................................ 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969................................. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970................................ 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 1971—Mar..................... 634 498 200 2,806 82 82 127 85 1,123 162 384 32 -73 Apr..................... 630 498 200 2,806 84 81 127 85 1,022 152 389 52 13 May.................... 630 498 200 2,807 82 81 127 85 905 152 389 52 118 June.................... 551 498 200 2,857 82 81 127 85 804 151 389 52 213 July.................... 481 498 200 2,909 82 81 127 85 803 148 391 52 225 Aug..................... 486 498 200 2,909 81 81 127 85 778 148 391 52 210 Sept..................... 479 498 200 2,909 81 82 127 85 778 148 391 52 215 Oct...................... 460 498 200 2,909 80 82 127 85 778 148 391 52 227 Nov..................... 443 498 200 2,909 80 82 122 85 778 148 391 51 249 Dec..................... 410 498 200 2,909 80 82 130 85 775 148 391 51 310 1972—Jan...................... 403 498 200 2,909 80 82 130 85 391 332 Feb...................... 405 498 200 2,909 80 82 130 85 391 333 Mar.*................. 405 498 200 2,909 80 82 391 354 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c i A So fr u i t c h a Ghana C s ( h K o a n i s n g a o ) U St n a i t t e e s d C a a d n a M ic e o x N ra ic g a u a Co b l i o a m India Japan P p h in il e ip s t A ra u l s ia o A th l e l r 1965............................... 1.440.0 1,069.4 26.4 2.3 58.6 125.6 7.6 5.4 11.2 4.6 18.1 15.3 30.7 64.8 1966................................ 1.445.0 1,080.8 24.0 5.6 63.1 114.6 7.5 5.2 9.8 4.2 19.4 15.8 32.1 62.9 1967................................ 1.410.0 1.068.7 26.7 5.4 53.4 103.7 5.8 5.2 9.0 3.4 23.7 17.2 28.4 59.4 1968................................ 1.420.0 1,088.0 25.4 5.9 53.9 94.1 6.2 4.9 8.4 4.0 21.5 18.5 27.6 61.6 1969................................ 1.420.0 1.090.7 24.8 6.0 60.1 89.1 6.3 3.7 7.7 3.4 23.7 20.0 24.5 60.0 1970*.............................. 1.450.0 1,128.0 24.8 6.2 63.5 84.3 6.9 3.8 7.1 3.7 24.8 21.1 21.7 54.1 1971—Feb..................... 89.6 6.6 .6 .4 2.3 1.5 Mar.................... 94.3 6.7 .5 .4 2.4 2.6 Apr..................... 91.9 6.5 .5 .4 2.2 1.8 May................... 91.5 6.7 .5 .3 1.6 1.7 June................... 92.0 6.7 .1 .4 2.4 1.8 July.................... 93.4 5.8 1.1 .4 2.4 2.1 Aug.................... 92.3 6.3 .6 .3 2.4 2.0 Sept.................... 91.3 6.1 .6 .3 2.4 2.1 Oct..................... 93.4 6.3 .6 2.1 Nov.................... 91.7 6.6 .6 Dec.................... 85.7 5.9 1972—Jan..................... 87.8 6.0 Feb..................... 81.2 5.9 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1971 (Income, etc. in thousands, and asset and liability items in millions, of dollars) Reserve city All Insured All Item insured nonmember member Country banks banks banks Total New York City of Other City Chicago 36,194,562 7,524,319 28,670,242 16,577,592 4,724,586 1,174,564 10,678,442 12,092,651 Loans: Interest and fees.......................................................................... 22,946,385 4,628,952 18,317,433 10,716,660 3,052,744 727,069 6,936,847 7,600,773 Federal funds sold and securities purchased with resale 869,066 192,287 676,779 378,944 54,593 30,627 293,725 297,834 Securities—Interest and dividends:1 3,382,642 948,856 2,433,785 1,127,143 272,092 86,555 768,496 1,306,643 Other U.S. Govt, securities (agencies and corporations). 913,906 335,813 578,093 172,477 39,725 10,616 122,136 405,616 Obligations of States and political subdivisions................... 3,122,365 654,490 2,467,875 1,274,374 308,438 100,894 865,042 1,193,501 All other securities...................................................................... 237,572 55,560 182,013 104,734 32,444 7,471 64,819 77,279 Trust department income............................................................. 1,257,521 75,553 1,181,968 917,559 367,536 88,727 461,297 264,408 Service charges on deposit accounts........................................... 1,225,300 329,574 895,725 408,381 68,068 6,488 333,824 487,344 Other charges, fees, etc................................................................... 980,624 185,317 795,308 521,497 119,629 24,917 376,952 273,811 Other operating income: On trading account (net)........................................................... 343,852 4,307 339,546 318,557 111,951 56,104 150,503 20,989 915,330 113,610 801,720 637,266 297,366 35,097 304,804 164,454 Operating expenses—Total................................................................ 29,502,086 6,156,500 23,345,586 13,444,291 3,699,714 922,083 8,822,495 9,901,295 Salaries and wages of officers and employees........................... 7,166,335 1,500,238 5,666,096 3,291,589 955,698 194,750 2,141,141 2,374,507 Officer and employee benefits....................................................... 1,185,019 211,532 973,487 597,374 199,612 38,916 358,846 376,113 Interest paid on: Time and savings deposits......................................................... 12,163,028 2,737,292 9,425,736 4,981,698 1,144,769 361,560 3,475,369 4,444,038 Federal funds purchased and securities sold with re purchase agreement............................................................ 1,092,654 19,208 1,073,446 969,276 298,642 102,378 568,256 104,171 Other borrowed money............................................................. 138,394 11 ,768 126,626 111,300 39,057 11,098 61,145 15,326 Capital notes and debentures................................................... 141,543 18,591 122,953 96,488 38,314 1,987 56,187 26,465 Occupancy expense of bank premises, net................................ 1,402,082 271,631 1,130,451 667,047 218,112 46,421 402,513 463,405 1,013,042 215,760 797,281 429,197 102,194 24,950 302,053 368,084 Provision for loan losses................................................................ 859,481 178,073 681,408 418,290 128,386 34,414 255,490 263,118 Other operating expenses............................................................... 4,340,509 992,406 3,348,102 1,882,033 574,930 105,609 1,201,494 1,466,069 Income before income taxes and securities gains or losses............. 6,692,476 1,367,820 5,324,656 3,133,300 1,024,872 252,481 1,855,948 2,191,356 1,688,084 338,931 1,349,153 856,649 318,449 70,735 467,466 492,504 5,004,392 1,028,889 3,975,503 2,276,651 706,423 181,746 1,388,482 1,698,852 209,462 65,405 144,057 51,070 6,629 6,833 37,608 92,987 Extraordinary charges ( —) or credits after taxes..................... -1,355 1,148 -2,503 -4,869 -6,909 -1,016 3,057 2,367 Less minority interest in consolidated subsidiaries................. 282 164 117 26 26 92 Net income............................................................................................. 5,212,217 1,095,277 4,116,939 2,322,826 706,141 187,562 1,429,122 1,794,114 Cash dividends declared: 2,220,488 316,717 1,903,772 1,257,252 464,082 78,234 714,936 646,520 On preferred stock.......................................................................... 5,424 817 4,607 3,371 1,926 1,445 1,237 Memoranda items: Income taxes applicable to 1971 operating income................. 1,688,084 338,931 1,349,153 856,649 318,449 70,735 467,466 492,504 Tax effect of: Net securities gains or losses ( —), etc.................................... 133,699 33,497 100,202 36,113 -906 4,873 32,147 64,090 Transfers—Capital accounts to IRS loan loss reserves 2.. -171,319 -15,168 -156,152 -114,740 -36,894 -5,303 -72,544 -41,411 Total provision for income taxes, 1971........................................ 1,650,463 357,259 1,293,203 778,022 280,648 70,305 427,069 515,182 Federal........................................................................................... 1,367,032 318,617 1,048,415 595,862 185,179 69,509 341,174 452,552 State and local.............................................................................. 283,431 38,642 244,789 182,160 95,469 796 85,895 62,629 A 98 INSURED AND MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Memoranda items (cont.): Occupancy expense of bank premises, gross........................... 1,719,599 311,366 1,408,232 860,568 257,845 71,882 530,842 547,664 Rental income from bank premises...................................... 317,516 39,735 277,781 193,522 39,733 25,460 128,329 84,260 Net security gains or losses (—) before income taxes.......... 355,166 100,582 254,584 95,620 14,780 12,724 68,116 158,964 Extraordinary charges ( —) or credits before income tax.. . -13,361 -532 -12,827 -13,307 -15,968 -2,035 4,697 479 Reserves for losses on loans:3 Balance at beginning of year................................................... 6,082,599 922,190 5,160,409 3,405,546 1,257,030 290,161 1,858,356 1,754,863 Additions due to mergers and absorptions.............. 24,758 1 ,929 22,829 2,980 2,980 19,849 Recoveries credited to reserves.......................................... 316,776 62,033 254,743 129,193 28,638 8,094 92,461 125,550 Transfers to reserves............................................................ 1,269,154 247,712 1,021,442 647,033 194,944 45,377 406,712 374,409 Losses charged to reserves.................................................. 1,397,803 232,047 1,165,756 745,881 237,384 52,123 456,375 419,875 Transfers from reserves.................................................... 42,661 15,108 27,553 10,573 34 10,539 16,980 Balance at end of year............................................................. 6,252,822 986.709 5,266,113 3,428,297 1,243,228 291,475 1,893,594 1,837,816 Net loan losses ( —) or recoveries4.......................................... -1,087,834 -173,637 -914,196 -616,688 -208,745 -44,028 -363,913 -297,508 Reserves on securities: Balance at beginning of year.................................................. 178,278 51,967 126,311 57,133 304 6,966 49,863 69,178 Additions due to mergers and absorptions..................... 31 25 5 5 Recoveries credited to reserves.......................................... 2,255 737 1,518 1,518 Transfers to reserves............................................................ 29,059 8,813 20,246 10,699 615 10,084 9,546 Losses charged to reserves.................................................. 3,711 1,859 1,851 57 57 1,795 Transfers from reserves...................................................... 27,581 6,031 21,550 10,235 304 750 9,181 11,315 Balance at end of year............................................................. 178,331 53,652 124,679 57,541 6,832 50,709 67,138 Total net changes in capital accounts............................................ 4,388,601 1,068,976 3,319,625 1,870,812 789,365 95,802 985,645 1,448,813 Net income transferred to undivided profits........................... 5,212,217 1,095,277 4,116,939 2,322,826 706,141 187,562 1,429,122 1,794,114 Common stock sold (net)........................................................... 214,404 98,264 116,140 67,009 53,884 3,000 10,126 49,131 Preferred stock, capital notes, and debentures sold............. 962,061 119.710 842,352 682,482 357,227 7,500 317,756 159,870 Premium received on new capital stock sold......................... 408,532 138,841 269,691 178,156 164,265 1 13,890 91,535 Transfers from loan and securities reserves........................... 70,242 21,139 49,103 20,808 304 784 19,720 28,295 Other increases.............................................................................. 473,968 93,986 379,982 193,950 93,172 10,852 89,927 186,032 Dividends declared........................................................................ 2,225,912 317,533 1,908,379 1,260,623 466,008 78,234 716,381 647,756 Transfers to loan and securities reserve (net of tax effect). . 267,413 63,285 204,128 124,702 29,664 6,276 88,762 79,426 Other decreases............................................................................... 459,498 117,423 342,075 209,094 89,955 29,387 89,752 132,981 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and resale purchases)............................................................................... 326,299 62,038 264,260 159,451 47,706 11,768 99,977 104,809 U.S. Treasury securities1........................................................... 59,700 16,319 43,380 20,261 4,815 1,473 13,974 23,119 Other U.S. Govt, securities (agencies and corporations)1.. 14,753 5,433 9,320 2,939 643 170 2,126 6,381 Obligations of States and political subdivisions1................. 74,515 15,389 59,126 30,217 6,824 2,308 21,084 28,909 All other securities1..................................................................... 3,443 880 2,563 1,384 449 118 817 1,180 Cast assets....................................................................................... 95,387 11,243 84,144 58,546 23,526 3,055 31,965 25,598 Total assets5.................................................................................... 601,390 114,449 486,940 291,265 91,204 20,537 179,523 195,675 Time and savings deposits.......................................................... 254,581 57,010 197,571 103,352 23,773 7,025 72,554 94,219 Total deposits................................................................................ 505,346 101,163 404,182 232,949 70,873 15,786 146,290 171,234 Total capital accounts plus total reserves............................... 50,980 9,923 41,057 24,721 8,125 1,938 14,658 16,336 Equity capital plus total reserves.............................................. 48,445 9,621 38,825 22,943 7,421 1,897 13,625 15,881 Number of officers and employees................................................ 974,950 224,627 750,323 400,267 97,459 21,914 280,894 350,056 Number of banks.............................................................................. 13,602 7,875 5,727 177 12 9 156 5,550 For numbered notes see p. A-105. MAY 1972 □ INSURED AND MEMBER BANKS, 1971 A 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income, etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 1,263,8826,843,065 1,390,079 2,098,751 1,549,953 1,980,4054,269,209 944,194 775,195 1,239,114 1,508,729 4,807,666 Loans: Interest and fees.............................................................................. 807,6154,414,867 895,548 1,294,760 1,011,292 1,221,4092,665,599 569,385 502,176 778,748 963,241 3,192,793 Fed. funds sold and securities purchased with resale agreement.................................................................................. 24,231 93,976 31,106 58,653 31,233 65,821 115,341 34,868 13,548 41,763 64,037 102,204 83,236 450,251 120,244 227,272 136,573 182,274 441,455 113,200 80,101 129,502 125,691 343,985 Other U.S. Govt, securities (agencies and corporations). .. 15,912 91,457 26,909 34,298 45,657 56,044 108,267 31,058 21,303 25,854 39,223 82,111 Obligations of States and political subdivisions..................... 109,593 558,829 131,292 229,421 139,388 180,789 390,164 80,831 62,734 103,854 136,598 344,381 5,390 47,420 11,687 14,783 4,676 11,061 36,611 4,829 2,046 3,446 7,596 32,470 Trust department income.................................................................. 96,373 426,463 61,617 84,118 44,199 53,249 166,002 23,732 19,476 36,230 42,137 128,373 Service charges on deposit accounts.............................................. 41,920 151,614 37,501 56,015 58,530 86,694 99,838 27,549 26,175 48,043 50,768 211,077 Other charges, fees, etc...................................................................... 37,109 156,267 38,398 47,054 40,602 68,728 94,656 23,954 27,961 44,625 42,838 173,116 Other operating income: On trading account (net)............................................................... 7,844 121,108 4,194 19,934 12,975 10,270 64,128 7,920 5,188 7,168 13,679 65,138 Other................................................................................................... 34,659 330,814 31,583 32,444 24,828 44,065 87,149 26,867 14,489 19,882 22,921 132,019 Operating expenses—Total.................................................................... 1,034,9585,450,907 1,130,013 1,680,5321,239,503 1,604,6623,511,813 747,561 617,197 985,817 1,205,9094,136,715 Salaries and wages of officers and employees.............................. 300,053 1,390,014 267,303 373,002 334,807 401,167 754,203 173,132 130,835 242,208 262,210 1,037,163 Officer and employee benefits........................................................... 53,096 277,685 51,031 56,277 55,495 64,509 129,160 27,861 22,173 34,565 37,653 163,982 Interest paid on: Time and savings deposits............................................................ 313,316 1,901,517 479,389 754,808 469,359 598,324 1,636,752 313,854 298,258 386,667 494,133 1,779,360 Federal funds purchased and securities sold with repur chase agreement...................................................................... 54,573 329,958 47,466 64,941 27,412 49,981 167,676 34,030 20,562 33,437 72,016 171,396 Other borrowed money.................................................................. 6,125 45,525 5,280 1,642 3,070 16,557 24,041 578 2,777 3,655 12,205 5,171 Capital notes and debentures....................................................... 4,928 45,627 10,078 4,383 6,667 4,609 13,805 2,970 2,469 3,694 2,026 21,699 Occupancy expense of bank premises, net.................................... 63,443 315,119 52,395 70,185 61,724 68,148 162,087 30,855 20,617 39,521 35,891 210,467 Furniture, equipment, etc.................................................................. 45,585 159,305 39,292 59,330 52,422 69,802 115,328 29,914 20,983 41,303 46,788 117,230 Provision for loan losses.................................................................... 29,970 173,327 22,901 44,525 29,760 55,479 91,731 19,533 11,182 31,418 51,358 120,225 Other operating expenses.................................................................. 163,869 812,831 154,880 251,439 198,788 276,086 417,030 114,835 87,343 169,350 191,630 510,022 Income before income taxes and securities gains or losses............... 228,9241,392,158 260,067 418,219 310,450 375,743 757,396 196,633 157,997 253,297 302,821 670,951 Applicable income taxes.................................................................... 63,552 382,129 50,090 76,921 84,169 91,727 185,832 52,232 50,600 71,648 78,783 161,471 Income before securities gains or losses........................................ 165,372 1,010,030 209,976 341,298 226,281 284,016 571,564 144,401 107,398 181,649 224,038 509,481 Net securities gains or losses ( —) after taxes............................... 9,719 15,309 7,957 11,505 6,403 15,778 36,414 6,028 4,145 8,156 12,500 10,144 Extraordinary charges ( — ) or credits after taxes........................ -247 -6,767 94 659 928 1,388 -838 503 92 1,022 258 407 Less minority interest in consolidated subsidiaries..................... 41 3 10 26 38 Net income................................................................................................. 174,8441,018,529 218,027 353,459 233,612 301,182 607,129 150,907 111,635 190,790 236,796 520,031 Cash dividends declared: On common stock.............................................................................. 110,428 603,625 104,477 140,139 89,347 110,742 219,533 62,572 41,210 81,742 92,408 247,549 On preferred stock.............................................................................. 36 1,933 41 685 637 133 772 2 25 285 37 22 Memoranda items: Income taxes applicable to 1971 operating income................... 63,552 382,129 50,090 76,921 84,169 91,727 185,832 52,232 50,600 71,648 78,783 161,471 Tax effect of: Net securities gains or losses ( —), etc....................................... 9,645 5,122 4,989 8,216 4,693 12,396 25,194 4,410 3,267 5,656 7,203 9,410 Transfers—Capital accounts to IRS loan loss reserves2. . . . -9,184 -46,871 -7,119 -14,135 -7,406 -8,900 -13,758 -5,090 -2,998 -3,183 -5,766 -31,742 Total provision for income taxes, 1971........................................... 64,013 340,380 47,961 71,002 81,457 95,222 197,268 51,552 50,869 74,121 80,221 139,139 Federal............................................................................................... 40,786 226,439 47,015 70,233 74,266 91,576 178,446 50,127 37,882 66,656 79,921 85,067 State and local................................................................................. 23,227 113,941 946 769 7,191 3,646 18,822 1,424 12,987 7,465 299 54,072 A 100 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Memoranda items (cont.): 72,019 366,114 59,772 90,382 72,856 96,158 208,064 36,775 29,376 58,750 72,057 245,912 Rental income from bank premises........................................... 8,577 50,995 7,377 20,196 11,132 28,010 45,977 5,920 8,759 19,229 36,167 35,445 Net securities gains or losses ( —) before income taxes............. 19,704 29,919 12,904 19,899 10,987 27,812 62,548 10,485 7,617 13,816 19,726 19,165 Extraordinary charges ( —) or credits before income tax.......... -587 -16,256 136 480 1,037 1,748 -1,778 457 -111 1,019 236 795 Reserves for losses on loans: 3 218,625 1,620,948 254,520 342,176 230,126 266,911 802,812 133,992 118,664 164,519 231,687 775,430 Additions due to mergers and absorptions.......................... 188 14,745 2,919 186 918 598 205 172 108 63 -65 2,794 Recoveries credited to reserves............................................... 12,804 45,437 7,335 17,409 11,424 25,414 35,213 8,652 4,936 17,456 27,610 41,054 Transfers to reserves................................................................. 48,870 262,597 38,792 76,363 45,779 75,026 121,704 36,530 18,226 41,070 73,928 182,558 Losses charged to reserves....................................................... 59,278 315,081 42,688 82,204 45,698 83,870 144,311 32,768 16,098 47,377 87,089 209,295 Transfers from reserves............................................................ 906 2,303 424 1,911 1,320 4,638 2,670 6,404 449 2,389 3,618 522 Balance at end of year................................................................... 220,304 1,626,343 260,452 352,019 241,227 279,442 812,952 140,174 125,387 173,343 242,453 792,018 Net loan losses ( —) or recoveries 4............................................... -46,490 -269,642 -35,352 -65,039 -34,347 -58,559 -109,253 -24,274 -11,194 -31,022 -60,665 -168,349 Reserves on securities: Balance at beginning of year......................................................... 1,644 4,612 1,141 34,253 5,919 12,121 19,389 12,968 2,128 3,206 24,282 4,647 Additions due to mergers and absorptions.......................... 6 71 43 738 245 86 39 14 244 38 Transfers to reserves................................................................. 321 872 84 5,001 600 855 3,051 3,512 338 264 3,724 1,625 62 423 32 230 49 88 6 143 182 638 Transfers from reserves............................................................. 382 1,251 227 8,541 1,434 567 2,587 2,818 333 723 2,330 359 1,593 3,852 1,710 30,730 5,084 12,361 19,852 13,696 2,005 2,809 25,075 5,913 Total net changes in capital accounts................................................... 87,031 1,046,753 253,567 217,695 200,505 231,247 402,504 102,374 87,901 133,274 144,872 411,903 Net income transferred to undivided profits................................ 174,844 1,018,529 218,027 353,459 233,612 301,182 607,129 150,907 111,635 190,790 236,796 520,031 Common stock sold (net)................................................................. 1,192 64,110 3,246 4,121 5,728 17,929 8,079 1,565 2,074 1,432 3,718 2,340 Preferred stock, capital notes, and debentures sold................... 17,046 382,785 113,791 6,452 31,620 9,784 51,837 9,797 15,439 28,131 11,257 164,414 Premium received on new capital stock sold............................... 3,084 187,047 10,769 5,090 11,167 17,024 8,679 3,040 714 2,320 8,890 11,868 Transfers from loan and securities reserves................................. 1,287 3,554 651 10,451 2,754 5,205 5,257 9,221 782 3,112 5,948 881 Other increases.................................................................................... 21,687 152,298 35,163 8,176 24,106 29,327 34,147 15,088 8,104 15,453 16,135 20,299 Dividends declared.............................................................................. 110,464 605,558 104,518 140,824 89,984 110,875 220,305 62,574 41,235 82,027 92,445 247,571 Transfers to loan and securities reserves (net of tax effect). ... 10,037 43,272 8,856 22,704 9,213 11,503 19,266 15,418 4,384 6,733 20,528 32,217 Other decreases.................................................................................... 11,608 112,740 14,706 7,132 9,285 26,827 73,054 9,253 5,227 19,204 24,899 28,142 Assets, deposits, and capital accounts: Loans gross (including Federal funds sold and resale pur chases) ............................................................................................ 11,243 67,077 13,151 19,021 13,497 16,296 40,101 8,516 6,952 10,893 14,141 43,374 U.S. Treasury securities 1................................................................. 1,473 7,935 2,122 4,078 2,258 3,264 7,735 1,969 1,578 2,296 2,269 6,404 Other U.S. Govt securities (agencies and corporations) 1......... 263 1,526 421 579 680 851 1,681 490 341 404 596 1,489 Obligations of States and political subdivisions 1....................... 2,767 12,969 3,190 5,453 3,378 4,216 9,282 1,954 1,499 2,482 3,431 8,505 All other securities 1.......................................................................... 93 672 178 196 88 164 537 84 39 108 128 276 Cash assets........................................................................................... 3,355 27,699 3,326 4,839 3,858 5,622 10,798 2,867 1,834 3,626 4,996 11,324 Total assets 5....................................................................................... 20,117 126,199 23,213 35,388 24,618 31,661 73,381 16,456 12,795 20,479 26,742 75,891 Time and savings deposits............................................................... 6,707 40,275 10,364 16,535 10,106 12,357 33,962 6,407 6,026 7,900 9,765 37,167 Total deposits....................................................................................... 16,353 100,823 19,479 29,795 21,008 27,015 61,421 13,970 11,011 17,471 22,302 63,534 Total capital accounts plus total reserves.................................... 1,824 11,095 2,099 3,385 2,107 2,694 6,030 1,435 999 1,799 2,201 5,389 Equity capital plus total reserves.................................................... 1,740 10,260 1,951 3,319 2,009 2,587 5,779 1,378 957 1,735 2,135 4,975 Number of officers and employees..................................................... 40,989 157,133 38,049 52,638 49,517 58,458 99,624 25,813 18,295 33,780 36,944 139,083 Number of banks.................................................................................... 227 339 306 468 360 562 941 458 490 796 633 147 For numbered notes see p. A-105. MAY 1972 □ MEMBER BANKS, 1971 A 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income etc., in thousands, and asset and liability items in millions, of dollars) Federal Reserve District Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 455,339 4,948,506 632,081 1,163,969 756,979 725,634 2,175,700 429,871 231,545 AW,911 656,989 3,989,002 Loans: 261,752 3,211.919 416,072 717,661 494,584 472,793 1,379,315 266,241 152,393 269,772 428,372 2,645,787 Federal funds sold and securities purchased with resale agreement.................................. 10,589 57,466 10,757 34,617 12,584 25,418 62,003 19,497 3,199 15,152 36,480 91,183 Securities—Interest and dividends:1 32,116 288,252 35,721 95,234 61,846 50,067 170,994 35,760 12,109 25,744 39,256 280,044 Other U.S. Govt, securities (agencies and 7,690 40,093 2,656 9,472 14,324 6,803 19,275 3,439 2,016 1,727 4,741 60,243 Obligations of States and political subdivisions 32,525 328,697 49,953 133,757 69,305 50,346 193,373 34,221 14,255 31,458 57,556 278,928 All other securities................................................. 1,513 32,863 3,097 8,585 2,181 6,344 13,679 2,223 659 1,308 3,148 29,135 Trust department income........................................ 54,768 372,392 40,070 65,285 30,596 27,764 126,416 15,967 14,732 25,043 31,635 112,891 Service charges on deposit accounts..................... 5,944 75,337 17,163 25,509 29,220 25,520 33,600 11,280 3,654 7,552 7,980 165,623 21,174 124,775 28,971 30,404 18,762 27,301 52,093 13,745 12,927 19,405 25,492 146,448 Other operating income: On trading account (net)..................................... 6,427 114,422 4,194 19,899 10,021 7,876 62,050 7,785 5,130 6,159 12,692 61,902 20,841 302,290 23,428 23,547 13,556 25,402 62,904 19,713 10,472 8,657 9,639 116,819 368,060 3,889,271 512,081 924,311 603,612 585,286 1,779,656 340,013 168,505 332,345 506,466 3,434,686 Salaries and wages of officers and employees. . . 108,519 995,827 130,480 204,967 171,715 152,792 377,257 79,721 39,436 80,455 99,142 851,279 17,635 207,027 27,880 30,915 29,282 27,474 69,820 14,274 6,998 12,028 16,111 137,931 Interest paid on: Time and savings deposits................ ................ 89,330 1,230,671 167,842 390,044 204,300 178,463 749,937 118,086 57,542 104,595 195,686 1,495,204 Federal funds purchased and securities sold with repurchase agreement......................... 42,241 307,642 44,883 61,581 20,651 35,639 154,460 32,159 18,717 26,103 64,718 160,482 4,328 43,029 4,488 1,205 2,191 15,203 21,982 347 2,559 2,074 10,906 2,989 2,710 39,127 9,266 3,319 5,569 2,584 9,568 2,337 863 2,228 871 18,047 21,544 226,814 25,712 39,035 32,983 25,444 87,450 13,686 5,132 12,277 4,476 172,495 18,145 106,096 18,686 31,065 27,076 27,410 55,468 14,171 5,083 16,244 20,868 88,884 9,985 133,442 13,691 28,786 14,018 20,797 59,221 10,174 2,603 11,685 16,661 97,227 53,625 599,597 69,153 133,395 95,827 99,482 194,493 55,059 29,572 64,656 77,027 410,150 Income before income taxes and securities gains or 87,279 1,059,235 120,000 239,659 153,367 140,348 396,044 89,858 63,040 79,633 150,523 554,316 Applicable income taxes.......................................... 28,188 326,088 25,020 41,544 42,786 40,463 103,799 24,895 25,846 22,277 43,001 132,743 Income before securities gains or losses............... 59,090 733,147 94,980 198,115 110,582 99,885 292,245 64,963 37,194 57,356 107,522 421,572 Net securities gains or losses ( —) after taxes. .. 5,976 6,205 3,085 2,357 313 6,095 12,806 2,493 1,561 2,433 4,026 3,723 Extraordinary charges ( —) or credits after taxes -6,961 587 830 258 -1,016 332 14 580 197 312 Less minority interest in consolidated subsi diaries ................ ............................ 26 65,067 732,391 98,064 201,058 111,724 106,237 304,034 67,762 38,769 60,369 111,745 425,607 Cash dividends declared: 52,907 478,653 52,474 91,057 47,814 49,185 122,679 37,667 16,347 40,368 55,939 212,162 On preferred stock ................................ 1,926 637 133 653 22 Memoranda items: Income taxes applicable to 1971 operating in- 28,188 326,088 25,020 41,544 42,786 40,463 103,799 24,895 25,846 22,277 43,001 132,743 Tax effect of: Net securities gains or losses ( —), etc.............. 6,730 -1,413 1,908 1,529 229 4,955 8,237 2,491 1,855 2,399 3,239 3,954 Transfers—Capital accounts to IRS loan loss -4,546 -39.578 -4,536 -10,643 -2,868 -3,620 -9,061 -3,578 -1,968 -1,866 -4,673 -27,803 30,372 285,096 22,392 32,431 40,147 41, 798 102,975 23,808 25,733 22,810 41,567 108,894 19,045 187.652 22,202 32.431 35.312 40,310 94,485 23,125 18,808 20,642 41,567 60,283 State and local........................................................ 11.327 97.444! 190 4* 835 1.488 8.489 682 6.926 2.168 48,611 A 102 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Memoranda items (cont.): Occupancy expense of bank premises, gross 24,182 270,651 30,192 53,847 38,655 40,983 118,263 17,588 10,480 24,592 28,921 202,215 Rental income from bank premises................. 2,638 43,837 4,481 14,812 5,673 15,539 30,813 3,902 5,348 12,315 24,445 29,720 Net securities gains or losses (—) before income taxes........................................................................ 12,706 13,902 4,992 3,684 131 10,895 22,062 4,663 3,398 4,545 7,282 7,360 Extraordinary charges (—) or credits before in come taxes............................................................... -16,072 789 1,241 412 -2,035 652 32 867 179 628 Reserves for losses on loans:3 Balance at beginning of year.............................. 89,952 1,311,753 131,134 214,492 122,884 106,602 474,762 66,620 38,227 64,393 110,101 674,625 Additions due to mergers and absorptions. 1 1,288 725 371 595 Recoveries credited to reserves..................... 4,965 30,279 2,677 8,601 5,417 10,510 15,285 4,185 1,165 5,831 10,031 30,246 Transfers to reserves......................................... 18,622 205,172 23,140 51,898 19,819 28,270 77,911 23,179 6,492 15,764 26,385 150,382 Losses charged to reserves.............................. 23,903 249,253 25,522 54,697 20,623 33,651 91,541 18,731 3,761 19,295 33,660 171,245 Transfers from reserves.................................... 380 746 215 1,796 267 5,556 10 748 803 53 Balance at end of year........................................ 89,256 1,297,952 132,716 219,549 128,007 110,306 476,151 69,697 42,115 65,945 112,055 684,549 Net loan losses (—) or recoveries 4..................... -18,937 -218,973 -22,845 -46,095 -15,206 -23,140 -76,255 -14,545 -2,594 -13,463 -23,627 -140,998 Reserves on securities: Balance at beginning of year.............................. 29 369 100 25,858 805 4,179 7,051 7,973 168 10,554 48 Additions due to mergers and absorptions. Recoveries credited to reserves..................... Transfers to reserves......................................... 3,781 369 615 2,740 40 2,865 76 Losses charged to reserves............................. Transfers from reserves.................................... 419 5,639 527 835 1,696 208 818 94 Balance at end of year........................................ 65 70 24,000 279 4,548 6,832 9,017 12,600 30 Total net changes in capital accounts......................... 28,096 808,453 150,663 104,091 78,725 65,948 172,797 37,618 25,971 28,457 42,622 327,371 Net income transferred to undivided profits 65,067 732,391 98,064 201,058 111,724 106,237 304,034 67,762 38,769 60,369 111,745 425,607 Common stock sold (net)........................................... 55,884 469 1,051 6,075 3,094 103 111 1 205 18 Preferred stock, capital notes, and debentures sold............................................................................. 10,000 357,227 105,000 1,949 32,662 6,554 4,568 12,678 151,845 Premium received on new capital stock sold 40 172,265 1,328 2,780 669 471 400 66 2 120 15 Transfers from loan and securities reserves......... 380 419 6,385 742 1,796 1,102 7,252 10 955 1,621 147 Other increases............................................................... 12,219 93,525 13,565 801 14,853 21,384 12,020 9,267 796 4,401 1,132 9,988 Dividends declared........................................................ 52,907 480,579 52,474 91,057 48,451 49,318 123,332 37,667 16,347 40,368 55,961 212,162 Transfers to loan and securities reserves (net of tax effect)................................................................. 4,185 32,272 4,913 16,251 2,933 4,222 10,244 12,167 1,920 2,253 7,915 25,427 Other decreases.............................................................. 2,518 90,405 8,579 591 1,040 16,672 47,010 3,886 80 7,329 8,325 22,660 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and re sale purchases)...................................................... 3,844 49,816 6,115 10,884 6,636 6,253 21,894 4,224 2.273 3,975 6,926 36,610 U.S. Treasury securities1........................................... 562 5,061 635 1,739 975 923 3,005 614 269 487 739 5,252 Other U.S. Govt, securities (agencies and corporations)1........................................................ 119 648 39 193 204 86 320 67 33 23 63 1,143 Obligations of States and political subdivisions1 819 7,340 1,176 3,151 1,690 1,206 4,515 819 323 752 1,473 6,953 All other securities1...................................................... 28 457 45 111 42 81 201 45 12 68 56 237 Cash assets...................................................................... 1,567 23,945 1,923 3,075 2,235 2,464 6,771 1,660 835 1,604 2,579 9,890 Total assets5.................................................................... 7,454 94,682 10,451 20,018 12,241 11,600 39,041 7,789 4,090 7,220 12,577 64,104 Time and savings deposits......................................... 1,787 25,476 3,554 8,429 4,426 3,689 15,076 2,383 1,217 2,185 2,831 31,298 Total deposits................................................................ 5,572 73,645 8,303 16,296 10,280 9,427 30,902 6,249 3.273 5,886 9,786 53,329 Total capital accounts plus total reserves............ 698 8,425 967 2,021 1,071 1,048 3,304 687 326 638 1,028 4,507 Equity capital plus total reserves........................... 651 7,705 836 1,973 993 979 3,120 640 311 597 978 4,160 Number of officers and employees. 12,601 103,163 16,242 26,024 23,571 20,438 45,690 11,568 5,093 10,955 12,725 112,197 Number of banks.................................. 4 15 6 16 15 20 24 15 18 17 19 For numbered notes see p. A-l05. MAY 1972 □ MEMBER BANKS, 1971 A 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income, etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—Total....................................................................... 808,543 1,894,559 757,998 934,782 792,974 ISA,1122,093,509 514,323 543,650 827,137 851,740 818,664 Loans: Interest and fees.............................................................................. 545,863 1,202,948 479,476 577,099 516,709 748,617 1,286,285 303,144 349,783 508,976 534,869 547,006 Federal funds sold and securities purchased with resale agreement.................................................................................. 13,642 36,510 20,349 24,036 18,648 40,403 53,338 15,371 10,348 26,611 27,557 11,020 Securities—Interest and dividends:1 U.S. Treasury securities.............................................................. 51,120 161,999 84,523 132,038 74,727 132,207 270,461 77,440 67,993 103,758 86,435 63,942 Other U.S. Govt, securities (agencies and corporations)___ 8,222 51,364 24,254 24,827 31,333 49,241 88,992 27,619 19,287 24,126 34,483 21,868 Obligations of States and political subdivisions................... 77,068 230,133 81,339 95,664 70,083 130,443 196,791 46,611 48,479 72,396 79,042 65,452 All other securities........................................................................ 3,877 14,556 8,590 6,197 2,495 4,717 22,932 2,606 1 ,386 2,138 4,448 3,335 Trust department income............................................................ 41,605 54,070 21,547 18,833 13,603 25,485 39,586 7,765 4,743 11,187 10,502 15,483 Service charges on deposit accounts............................................ 35,977 76,277 20,339 30,506 29,310 61 ,174 66,238 16,269 22,521 40,491 42,789 45,454 Other charges, fees, etc................................................. 15,935 31,492 9, All 16,650 21,840 41,427 42,563 10,209 15,035 25,220 17,347 26,668 Other operating income: On trading account (net)................................................. 1,417 6,686 36 2 954 2 394 2,078 135 58 1,009 987 3,236 Other.................................................................... 13,818 28,524 8,155 8,896 ll’,272 18*664 24*245 7,154 4,017 11,225 13,282 15,200 Operating expenses—Total............................................................... 666,898 1,561,636 617,931 756,222 635,892 1,019,376 1,732,156 407,549 448,693 653,473 699,443 702,028 Salaries and wages of officers and employees............................ 191,534 394,186 136,822 168,036 163,092 248,375 376,946 93,411 91,399 161,753 163,069 185,884 Officer and employee benefits.......................................... 35,461 70,658 23,151 25,362 26,213 37,036 59,339 13,587 15,175 22,537 21,542 26,052 Interest paid on: Time and savings deposits............................................................ 223,986 670,846 311,547 364,764 265,059 419,861 886,815 195,768 240,717 282,072 298,447 284,157 Federal funds purchased and securities sold with repur chase agreement...................................................................... 12,332 22,316 2,583 3,360 6,761 14,342 13,216 1,870 1,845 7,334 7,298 10,914 Other borrowed money......................................................... 1,798 2,497 792 437 880 1,355 2,058 231 218 1,581 1,299 2,182 Capital notes and debentures....................................................... 2,218 6,500 811 1 ,064 1,098 2,025 4,237 633 1,606 1,466 1,156 3,652 Occupancy expense of bank premises, net.................................... 41,899 88,305 26,684 31 ,150 28,741 42,704 74,637 17,169 15,485 27,244 31,414 37,972 Furniture, equipment, etc............................................................ 27,440 53,209 20,605 28,265 25,346 42,392 59,859 15,743 15,899 25,059 25,920 28,346 Provision for loan losses.................................................................. 19,985 39,885 9,209 15,739 15,742 34,682 32,511 9,359 8,578 19,733 34,696 22,998 Other operating expenses................................................................... 110,245 213,234 85,727 118,044 102,962 176,604 222,537 59,776 57,772 104,694 114,603 99,872 Income before income taxes and securities gains or losses.............. 141,645 332,923 140,067 178,560 157,083 235,395 361,352 106,775 94,957 173,664 152,298 116,636 Applicable income taxes.................................................................... 35,364 56,041 25,070 35,377 41,384 51,264 82,034 27,337 24,753 49,371 35,782 28,727 Income before securities gains or losses........................................ 106,281 276,882 114,997 143,184 115,699 184,132 279,319 79,438 70,204 124,293 116,516 87,908 Net securities gains or losses ( —) after taxes............................... 3,743 9,104 4,873 9,148 6,090 9,683 23,608 3,536 2,584 5,723 8,475 6,421 Extraordinary charges ( —) or credits after taxes........................ -247 193 94 72 99 1 ,130 179 171 78 442 61 95 Less minority interest in consolidated subsidiaries...................... 41 3 10 38 Net income.......................................................................... 109,777 286,138 119,963 152,400 121,887 194,946 303,095 83,145 72,866 130,421 125,052 94,424 Cash dividends declared: On common stock.................................................... 57,521 124,972 52,003 49,082 41,533 61,557 96,854 24,905 24,863 41,374 36,469 35,387 On preferred stock................................................... 36 8 41 685 119 2 25 285 15 22 Memoranda items: Income taxes applicable to 1971 operating income................... 35,364 56,041 25,070 35,377 41,384 51,264 82,034 27,337 24,753 49,371 35,782 28,727 Tax effect of: Net securities gains or losses (—), etc..................... 2,915 6,536 3,082 6,687 4,464 7,440 16,957 1,920 1,412 3.258 3,964 5,457 Transfers—Capital accounts to IRS loan loss reserves2___ -4,638 -7,293 -2,583 -3,493 -4,538 -5,280 -4,697 -1,513 -1,030 -1 ,317 -1,093 -3,938 Total provision for income taxes, 1971........................................ 33,641 55,284 25,569 38,571 41,310 53,424 94,293 27,744 25,135 51,312 38,654 30,246 Federal................................................................ 21,740 38,788 24,813 37,802 38,954 51,266 83,960 27,002 19,074 46,015 38,355 24,784 State and local.................................................. 11,900 16,497 756 769 2,357 2,158 10,333 742 6,061 5,297 299 5,461 A 104 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Memoranda items (cont.): Occupancy expense of bank premises, gross................................ 47,837 95,463 29,580 36,535 34,200 55,175 89,801 19,187 18,895 34,158 43,136 43,697 5,938 7,158 2,896 5,385 5,459 12,471 15,164 2,018 3,410 6,914 11,722 5,725 Net securities gains or losses (—) before income taxes............. 6,998 16,017 7,912 16,215 10,857 16,917 40,486 5,822 4,219 9,272 12,444 11,806 Extraordinary charges (—) or credits before income tax.......... -587 -183 1 36 -308 -203 1 ,336 257 -194 -143 151 56 167 Reserves for losses on loans:3 Balance at beginning of year............................................................. 128,673 309,195 123,386 127,683 107,241 160,309 328,050 67,372 80,437 100,127 121,586 100,804 Additions due to mergers and absorptions.......................... 188 14,744 1 ,631 186 193 221 205 112 108 63 -65 2,199 Recoveries credited to reserves............................................... 7,839 15,157 4,658 8,808 6,007 14,904 19,928 4,466 3,771 11,624 17,579 10,808 30,248 57,425 15,652 24,465 25,960 46,756 43,793 13,351 11,733 25,306 47,542 32,177 Losses charged to reserves....................................................... 35,376 65,828 17,165 27,507 25,075 50,218 52,770 14,037 12,338 28,082 53,429 38,051 Transfers from reserves............................................................ 525 2,303 424 1,165 1 ,105 2,842 2,404 847 439 1 ,641 2,815 469 131,048 328,391 127,737 132,470 113,220 169,135 336,802 70,477 83,272 107,398 130,397 107,469 Net loan losses ( —) or recoveries 4................................................ -27,552 -50,669 -12,507 -18,943 -19,140 -35,417 -32,997 -9,728 -8,599 -17,558 -37,037 -27,350 Reserves on securities: Balance at beginning of year............................................................. 1,616 4,243 1,041 8,396 5,114 7,942 12,338 4,996 2,128 3,039 13,729 4,598 6 71 43 738 245 86 39 14 244 38 227 752 84 1,220 600 486 2,436 772 338 224 859 1,549 5 423 32 230 49 88 6 143 182 638 382 832 227 2,902 908 567 1 ,752 1,122 333 516 1,512 265 Balance at end of year........................................................................ 1,528 3,782 1,610 6,730 4,806 7,813 13,020 4,679 2,005 2,809 12,475 5,882 Total net changes in capital accounts...................................................... 58,935 238,299 102,904 113,604 121,780 165,299 229,707 64,756 61,930 104,817 102,250 84,532 Net income transferred to undivided profits................................ 109,777 286,138 119,963 152,400 121,887 194,946 303,095 83,145 72,866 130,421 125,052 94,424 Common stock sold (net)................................................................. 1 ,192 8,227 3,246 4,258 A,618 11,855 4,984 1 ,462 1,964 1,431 3,513 2,322 Preferred stock, capital notes, and debentures sold................... 7,046 25,558 8,791 4,503 31,620 9,784 19,175 3,243 10,872 15,452 11,257 12,569 Premium received on new capital stock sold............................... 3,044 14,782 10,769 3,762 8,387 16,355 8,208 2,641 647 2,317 8,770 11,853 Transfers from loan and securities reserves.................................. 907 3,135 651 4,066 2,013 3,409 4,155 1,969 772 2,157 4,327 734 9,467 58,773 21,598 7,375 9,254 7,943 22,127 5,821 7,308 11,052 15,003 10,311 57,557 124,980 52,044 49,767 41,533 61,557 96,973 24,906 24,888 41,659 36,484 35,409 Transfers to loan and security reserves (net of tax effect).... 5,853 11,000 3,943 6,453 6,280 7.281 9,021 3,251 2,463 4,479 12,613 6,790 9,090 22,334 6,128 6,541 8,246 10,154 26,043 5,367 5,148 11,875 16,574 5,482 Assets, deposits, and capital accounts: Loans gross (including Federal funds sold and resale pur chases) ........................................................................................... 7,399 17,262 7,035 8,136 6,860 10,043 18,206 4,292 A,619 6,918 7,214 6,764 U.S. Treasury securities 1................................................................. 911 2,874 1,486 2,339 1,283 2,341 4,730 1,355 1,309 1,809 1,530 1,151 Other U.S. Govt securities (agencies and corporations) 1......... 143 878 382 386 476 765 1,360 423 308 380 532 347 Obligations of States and political subdivisions 1....................... 1,948 5,629 2,014 2,303 1,688 3,009 4,767 1 ,135 1,176 1,730 1,958 1,552 66 216 132 85 46 82 336 39 27 39 72 40 1,788 3,754 1,403 1 ,764 1,623 3,158 A,021 1 ,208 999 2,022 2,417 1,434 12,663 31,518 12,762 15,370 12,377 20,062 34,340 8,667 8,705 13,259 14,165 11,787 Time and savings deposits............................................................... 4,921 14,798 6,810 8,106 5,680 8,668 18,886 4,024 4,809 5,715 5,934 5,869 Total deposits....................................................................................... 10,781 27,179 11,176 13,498 10,728 17,587 30,519 7,722 7,737 11,585 12,516 10,205 Total capital accounts plus total reserves.................................... 1,126 2,670 1,131 1 ,364 1,036 1,646 2,725 748 673 1,161 1,174 882 Equity capital plus total reserves.................................................... 1,089 2,555 1,115 1,346 1,016 1,609 2,659 737 646 1,139 1,157 815 28,388 53,970 21,807 26,614 25,946 38,020 53,934 14,245 13,202 22,825 24,219 26,886 Number of banks.................................................................................... 223 324 300 452 345 542 917 443 482 778 616 128 1 Excluding trading account securities. b anks not on a reserve accounting method and the excess of cluded in the time deposit figures used in this table. The 2 Prior to 1969 transfers to IRS reserve for bad debt losses losses charged against reserve for losses on loans over re number of officers and employees is as of the end of year. on loans were deducted from operating income; beginning coveries credited to these reserves for banks on a reserve Cash assets comprise cash, balances with other banks (in in 1969, within prescribed limits, banks may deduct all or accounting method. cluding reserve balances), and cash items in process of col part of the transfers to this reserve from income and treat 5 Including trading account securities. lection. Equity capital and reserves include common and the balance, if any, as a transfer from capital accounts. (These Note.—Figures exclude one member bank located outside preferred stock, surplus, undivided profits plus reserves transfers are exempt from Federal income taxes.) the continental United States. Balance sheet figures shown for contingencies, other capital reserves, and reserves on 3 Includes reserve for bad debt losses and other reserves on were obtained by averaging the amounts shown in each bank’s loans and securities. Total capital accounts include equity loans. official condition reports submitted for December 31, 1970, capital and capital notes and debentures. Details may not 4 Sum of the expense item “provision for loan losses” for June 30 and December 31, 1971. Savings deposits are in add to totals because of rounding. MAY 1972 □ MEMBER BANKS, 1971 A 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group--Total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,GOO- 25,000- 50,000- 100,000- 500,000- 2,000 5,000 10,000 25, 000 50,000 100,000 500,000 or more Operating income—Total.......................................................................... 28,666,417 10,257 168,457 596,188 1,946,715 1,958,381 1,883,079 5,293,095 16,810,245 Loans: Interest and fees.................................................................................. 18,315,445 5,772 97,781 354,100 1,185,645 1,216,692 1,171,497 3,345,634 10,938,324 Federal funds sold and securities purchased with resale agreement..................................................................................... 676,350 436 6,047 20,086 64,803 59,117 50,269 129,859 345,734 Securities—Interest and dividends:2 U.S. Treasury securities.................................................................... 2,433,106 2,358 32,599 96,104 267,024 224,882 207,534 473,526 1,129,079 Other U.S. Govt, securities (agencies and corporations)......... 577,905 645 10,492 31,689 84,163 78,363 67,689 127,139 177,726 Obligations of States and political subdivisions....................... 2,467,871 241 8,834 46,526 179,098 193,482 185,625 512,485 1,341,582 181,899 87 1,293 3,481 10,657 11,356 13,341 36,293 105,392 Trust department income...................................................................... 1,181,968 3 137 757 7,303 25,633 41,576 210,557 896,003 Service charges on deposit accounts.................................................. 895,518 353 6,368 26,564 90,219 85,370 74,904 186,972 424,769 Other charges, fees, etc.......................................................................... 795,181 198 3,020 10,679 35,890 41,252 44,568 160,749 498,826 Other operating income: 339,546 1 1 1 57 28 571 23,239 315,648 Other...................................................................................................... 801,629 165 1,886 6,203 21,856 22,207 25,506 86,644 637,163 23,339,719 8,234 137,097 484,259 1,584,258 1,606,434 1,563,159 4,336,699 13,619,580 Salaries and wages of officers and employees................................. 5,664,288 3,063 39,126 121,762 365,079 368,500 358,669 1,076,388 3,331,701 Officer and employee benefits.............................................................. 973,360 248 3,833 15,014 50,966 56,168 56,188 178,557 612,387 Interest paid on: Time and savings deposits............................................................... 9,424,818 2,462 58,353 220,424 753,130 755,431 723,044 1,775,026 5,136,948 Federal funds purchased and securities sold with repurchase agreement......................................................................................... 1,073,446 2 110 529 2,479 6,003 11,924 117,638 934,762 Other borrowed money.................................................................... 126,618 9 150 223 1,156 1,829 1,715 10,950 110,587 Capital notes and debentures.......................................................... 122,953 3 28 140 1,642 3,475 4,513 15,859 97,294 Occupancy expense of bank premises, net....................................... 1,129,887 319 5,193 18,226 65,482 71,178 73,921 212,545 683,023 Furniture, equipment, etc..................................................................... 796,988 259 4,176 15,836 52,206 57,975 57,546 190,674 418,315 681,332 358 4,595 16,435 46,457 38,898 40,827 111,126 422,637 Other operating expenses...................................................................... 3,346,029 1,512 21,533 75,670 245,662 246,977 234,814 647,936 1,871,926 Income before income taxes and securities gains or losses................. 5,326,697 2,024 31,360 111,929 362,457 351,947 319,919 956,396 3,190,665 Applicable income taxes........................................................................ 1,349,266 509 8,519 29,448 87,793 79,090 69,513 217,452 856,942 Income before securities gains or losses............................................ 3,977,432 1,515 22,841 82,481 274,664 272,857 250,407 738,944 2,333,723 Net securities gains or losses ( —) after taxes.................................. 144,053 66 1,184 4,484 16,995 19,095 19,047 42,389 40,794 Extraordinary charges ( —) or credits after taxes........................... -2,503 7 83 444 739 381 1,452 -154 -5,454 Less minority interest in consolidated subsidiaries 117 35 10 6 52 15 Net income..................................................................................................... 4,118,864 1,587 24,073 87,409 292,388 292,327 270,906 781,126 2,369,047 Cash dividends declared: On common stock................................................................................... 1,903,772 604 6,927 23,497 78,322 92,933 90,980 333,125 1,277,384 On preferred stock 4,607 7 109 144 120 1,012 3,216 Memoranda items: Income taxes applicable to 1971 operating income....................... 1,349,266 509 8,519 29,448 87,793 79,090 69,513 217,452 856,942 Tax effect of: Net securities gains or losses ( — ), etc........................................... 100,201 27 500 2,044 8,882 12,939 15,526 32,950 27,333 Transfers—Capital accounts to IRS loan loss reserves 3......... -156,088 109 566 297 -4,327 -6,573 -7,164 -20,712 -118,287 Total provision for income taxes, 1971.................................................. 1,293,378 646 9,585 31, 790 92,349 85,455 77,874 229,690 765,989 Federal................................................................................................... 1,048,586 605 8,902 29,146 84,192 77,687 69,706 201,999 576,351 State and local..................................................................................... 244,792 41 683 2,645 8,157 7,769 8,168 27,691 189,638 A 106 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Memoranda items (cont.): Oc R cu en p t a a n l c i y n c e o x m pe e n s fr e o o m f b b a a n n k k p p r r e e m m i i s s e e s s , .. g .. r .. o .. s .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,4 2 0 7 7 7 , , 6 7 6 8 8 0 3 2 4 6 4 5,5 3 4 4 1 8 19 1 , ,3 5 3 5 3 9 7 6 1 , , 2 7 7 5 1 2 8 1 2 1 , , 3 1 5 73 2 8 1 8 4 , , 2 36 8 3 4 2 6 7 2 4 , , 3 9 7 1 3 9 8 1 6 8 4 1 , , 9 8 1 9 6 4 N Ex e t t r a se o c r u d r in it a ie r s y g c a h i a n r s g o es r ( lo — ss ) e o s r ( c — re ) d b it e s f o b r e e f o i r n e c o in m c e o m ta e x t e a s x .. . . . . . . . . . . . . . . . . . . - 2 1 5 2 4 , , 8 5 2 7 7 9 91 9 1,67 8 8 9 6,5 4 2 5 2 0 26,4 1 6 4 8 9 31,8 5 5 5 8 7 34 1 , , 5 50 1 8 6 - 7 1 6 ,3 ,5 8 7 5 0 -1 7 4 6 , , 2 8 0 7 3 7 Reserves for losses on loans:4 Ba R A la e d n c d c o i e v t i e a o r t n ie b s s e d g c u i r n e e n d t i i n o t g e m d o e t f r o y g e e r r a e s r s . e a .. r . n . v . d . e . . s . a . . . . b . . . . . s . . . . o . .. . r . . . . p . . . . . t . . . i . . . o . . . . n . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,1 2 6 2 5 0 4 2 , , , 4 7 8 0 4 3 3 9 0 4 1 4 5 0 0 1 2 3 , , 0 9 8 5 1 0 0 5 6 9 0 - , , 1 0 9 1 8 0 8 1 5 2 2 3 6 2 , , 7 5 1 4 0 3 7 0 7 27 1 1 9 , , 6 9 6 7 7 6 8 2 7 2 2 8 0 1 , , 4 1 7 1 2 1 3 1 7 85 5 7 1 7 , , . 1 5 7 3 8 8 1 4 9 3,4 1 4 1 2 2 3 5 , , , 0 8 1 2 3 6 5 6 2 Transfers to reserves................................................................. 1,021,195 337 4,859 20,043 62,886 58,103 58,653 158,321 657,993 Losses charged to reserves....................................................... 1,165,751 321 5,201 23,084 69,732 61,154 67,020 183,867 755,373 Transfers from reserves........................................................... 27,553 12 217 902 3,859 3,097 1,832 9,168 8,467 Balance at end of year....................................................................... 5,265,871 595 15,486 65,924 248,679 286,169 292,052 881.790 3,475,176 Net loan losses ( —) or recoveries 5............................................... -914,397 -353 -3,980 -14,859 -43,946 -41,702 -46,606 -132,735 -630,210 Reserves on securities: Balance at beginning of year............................................................ 126,311 468 3,461 10,259 17,705 9,911 34,123 50,380 Additions due to mergers and absorptions......................... 5 6 Recoveries credited to reserves.............................................. 1,518 6 2 46 319 367 778 Transfers to reserves................................................................. 20,246 134 290 1,377 2,361 1,857 3,899 10,328 Losses charged to reserves....................................................... 1,851 70 137 868 284 429 57 Transfers from reserves............................................................ 21,550 151 1,189 2,316 1,832 6,614 9,447 Balance at end of year....................................................................... 124,679 601 3,531 10,356 17,200 10,020 31,762 51,205 Total net changes in capital accounts..................................................... 3,284,791 1,183 17,945 66,863 239,378 232,754 210,169 585,601 1,930,897 Net income transferred to undivided profits............................... 4,118,864 1,587 24,073 87,409 292,388 292,327 270,906 781,126 2,369,047 Common stock sold (net)................................................................. 98,175 126 715 2,656 7,502 6,166 3,661 8,712 68,637 Preferred stock, capital notes, and debentures sold................... 842,352 180 1,422 9,230 22,648 23,599 95,362 689,912 Premium received on new capital stock sold.............................. 252,148 223 1,347 5,046 16,602 13,337 9,012 19,213 187,371 Transfers from loan and securities reserves................................. 49,103 12 217 1,054 5,048 5,413 3,663 15,783 17,913 Other increases.................................................................................... 378,448 220 2,801 9,593 30,783 27,773 17,334 73,867 216,078 Dividends declared............................................................................ 1,908,379 604 6,927 23,503 78,431 93,077 91,100 334,137 1,280,600 Transfers to loan and securities reserves (net of tax effect)... 204,020 89 965 4,196 13,479 14,992 12,519 30,382 127,398 Other decreases................................................................................... 341,900 292 3,495 12,615 30,264 26,842 14,387 43,942 210,063 Assets, deposits, and capital accounts: Loans gross (includes Federal funds sold and resale purchases) 278,105,467 86,953 1,444,244 5,205,118 17,285,178 17,770,763 17,186,507 49,465,265 169,661,439 U.S. Treasury securities2................................................................. 45,294,573 42.235 583.632 1,740,756 4,892,290 4,155,241 3,742.928 8,763,846 21,373,645 Other U.S. Govt, securities (agencies and corporations)2. . . . 10,708.196 10;099 173,665 566,983 1,511,810 1,414,440 1,190,443 2,613,415 3,227,341 Obligations of States and political subdivisions 2.................... 63,199,753 6,044 225,183 1,146,286 4,599,200 4,886,162 4,806,868 13,637,288 33,892,722 All other securities2.......................................................................... 2,884,620 1,310 19,266 69,477 214,159 228,788 250,447 617,495 1,483,678 Cash assets........................................................................................... 86,159,705 29,006 399,658 1,286,537 3,995,285 4,167,433 4,078,503 14,586,399 57,616,884 Total assets 6...................................................................................... 511,657,817 177,529 2,893,833 10,210,344 33,243,375 33,565,938 32,193,487 92,893,349 306,479,962 Time and savings deposits............................................................... 212,375,837 58,667 1,364,030 5,082,685 17,100,666 17,016,306 16,201,122 40,663,855 114,888,506 Total deposits...................................................................................... 425,729,228 153,490 2,562,709 9,107,577 29,693,883 29,712,713 28,348,769 79,502,578 246,647,509 Total capital accounts plus total reserves.................................... 42,626,008 21,573 287,109 901,756 2,734,626 2,711,007 2,595,398 7,584,662 25,789,877 Equity capital plus total reserves................................................... 40,040,961 21,557 286,684 898,483 2,705,720 2,646,878 2,511,410 7,279,562 23,690,667 Number of officers and employees.................................................... 749,883 534 6,002 18,441 55,654 55,917 53,569 151,654 408,112 Number of banks................................................................................... 5,680 103 704 1,228 1,881 843 413 375 133 1 Total is for banks operating during the entire year, except that one bank located outside 5 Net losses on loans is the excess of losses charged against reserve for losses on loans over the continental United States is excluded. recoveries credited to these reserves for banks on the reserve accounting method. 2 Excluding trading account securities. 6 Including trading account securities. 3 Prior to 1969 all transfers to IRS reserve for bad debt losses on loans were deducted from income; beginning in 1969 within prescribed limits, banks may deduct all or part of the trans Note.—The figures for assets, deposits, capital accounts, number of officers and employees, fers to this reserve from income and treat the balance, if any, as a transfer from capital accounts. and number of banks are as of the end of the year. (These transfers are exempt from Federal income taxes.) 4 Includes reserve for bad debt losses and other reserves on loans. Details may not add to totals because of rounding. MAY 1972 □ MEMBER BANKS, 1971 A 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME RATIOS BY CLASS OF MEMBER BANK, AND FOR ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Class of bank Federal Reserve district Reserve city All Item member Phila Min Kan San Coun banks Bos New del Cleve Rich At Chi St. neap sas Dal Fran New City of try ton York phia land mond lanta cago Louis olis City las cisco York Chi Other City cago Summary ratios: Percentage of equity capital plus all reserves: Income after taxes and before securities gains (losses)1............................................................................ 9.51 9.58 10.18 10.66 10.22 9.48 9.84 10.75 10.28 11.23 10.96 9.85 10.48 11.19 10.45 10.43 10.23 Net income.......................................................................... 9.51 9.88 10.48 11.29 10.60 10.04 9.92 11.17 10.65 11.62 11.63 10.50 10.95 11.66 10.99 11.08 10.45 Cash dividends paid.......................................................... 6.27 4.12 5.25 4.07 4.91 6.34 5.90 5.35 4.24 4.47 4.28 3.81 4.54 4.30 4.72 4.32 4.97 Percentage of net income: Cash dividends paid.......................................................... 65.99 41.71 50.12 36.10 46.35 63.17 59.45 47.93 39.84 38.51 36.81 36.28 41.46 36.93 42.99 39.03 47.60 Sources and disposition of income: Percentage of total assets: Total operating expenses................................................. 4.05 4.48 4.91 5.06 4.79 5.14 4.31 4.86 4.74 5.03 5.06 4.78 4.54 4.82 4.81 4.50 5.45 Salaries, wages, and fringe benefits.......................... 1.26 1.13 1.39 1.40 1.36 1.75 1.32 1.37 1.21 1.58 1.47 1.20 1.22 1.19 1.35 1.12 1.58 Interest on time and savings deposits..................... 1.25 1.76 1.93 2.27 1.93 1.55 1.50 2.06 2.13 1.90 1.88 2.23 1.90 2.33 1.88 1.84 2.34 Occupancy expense of bank premises, net............. .23 .22 .22 .23 .23 .31 .24 .22 . 19 .25 .21 .22 .18 .16 .19 .13 .27 All other operating expenses..................................... 1.31 1.37 1.37 1.16 1.27 1.53 1.25 1.21 1.21 1.30 1.50 1.13 1.24 1.14 1.39 1.41 1.26 Total operating income.................................................... 5.18 5.71 5.94 6.17 5.88 6.28 5.42 5.98 5.93 6.29 6.25 5.81 5.73 6.05 6.05 5.64 6.33 Income after taxes and before securities gains (losses)1............................................................................ .77 .88 .77 .86 .81 .82 .80 .90 .96 .91 .89 .77 .87 .83 .88 .83 .67 Net income......................................................................... .77 .91 .79 .91 .84 .86 .80 .93 .99 .94 .95 .82 .91 .87 .93 .88 .68 Percentage of total operating income: Interest, fees, and other loan income2........................ 65.76 64.50 67.71 65.31 66.25 65.81 65.88 66.66 64.48 67.26 64.99 65.13 63.99 66.52 66.21 68.08 68.53 Securities—Interest and dividends:3 U.S. Treasury securities.............................................. 5.75 7.36 7.19 10.80 8.48 6.58 6.57 8.65 10.82 8.81 9.20 10.34 11.98 10.33 10.45 8.33 7.15 Other U.S. Govt, securities (agencies and cor porations) ................................................................... .84 .90 1.14 3.35 2.01 1.25 1.33 1.93 1.63 2.94 2.82 2.53 3.28 2.74 2.08 2.59 1.70 Obligations of States and political subdivisions. . 6.52 8.58 8.10 9.86 8.60 8.67 8.16 9.44 10.93 8.99 9.12 9.13 8.56 8.09 8.38 9.05 7.16 All other securities........................................................ .68 .63 .60 .63 .63 .42 .69 .84 .70 .30 .55 .85 .51 .26 .27 .50 .67 Service charges on deposit accounts............................ 1.44 .55 3.12 4.03 3.12 3.31 2.21 2.69 2.66 3.77 4.37 2.33 2.91 3.37 3.87 3.36 4.39 Trust department income............................................... 7.77 7.55 4.31 2.18 4.12 7.62 6.23 4.43 4.00 2.85 2.68 3.88 2.51 2.51 2.92 2.79 2.67 All other operating income............................................. 11.24 9.93 7.83 3.84 6.79 6.34 8.93 5.36 4.78 5.08 6.27 5.81 6.26 6.18 5.82 5.30 7.73 Total operating income...................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages............................................................ 20.22 16.58 20.05 19.63 19.76 23.74 20.31 19.22 17.77 21.60 20.25 17.66 18.33 16.87 19.54 17.37 21.57 4.22 3.31 3.36 3.11 3.39 4.20 4.05 3.67 2.68 3.58 3.25 3.02 2.95 2.86 2.78 2,49 3.41 Interest on: Time and savings deposits......................................... 24.23 30.78 32.54 36.74 32.87 24.78 27.78 34.48 35.96 30.28 30.21 38.33 33.24 38.47 31.20 32.75 37.01 Borrowed money.......................................................... 7.14 9.66 5.89 .98 4.18 4.80 5.48 3.79 3.17 1.96 3.35 4.49 3.66 3.01 2.99 5.58 3.67 Capital notes and debentures.................................... .81 .16 .52 .21 .42 .38 .66 .72 .20 .43 .23 .32 .31 .31 .29 .13 .45 Occupancy expense of bank premises, net................. 4.61 3.95 3.76 3.83 3.94 5.01 4.60 3.76 3.34 3.98 3.44 3.79 3.26 2.65 3.18 2.37 4.37 Provision for loan losses................................................. 2.71 2.92 2.39 2.17 2.37 2.37 2.53 1.64 2.12 1.92 2.80 2.14 2.06 1.44 2.53 3.40 2.50 All other operating expenses......................................... 14.37 11.15 14.11 15.21 14.50 16.61 14.25 14.02 14.84 16.23 17.50 12.51 15.37 14.01 17.05 15.84 13.07 Total operating expenses.................................... 78.31 78.51 82.62 81.88 81.43 81.89 79.66 81.30 80.08 79.98 81.03 82.26 79.18 79.62 79.56 79.93 86.05 Income before taxes and securities gains (losses). .. 21.69 21.49 17.38 18.12 18.57 18.11 20.34 18.70 19.92 20.02 18.97 17.74 20.82 20.38 20.44 20.07 13.95 Income after taxes and before securities gains (losses). .......................................................................... 14.95 15.47 13.00 14.04 13.86 13.08 14.75 15.10 16.26 14.59 14.34 13.38 15.29 13.85 14.65 14.84 10.59 Net securities gains or losses ( —), after taxes........... .13 .57 .36 .77 .49 .76 .22 .58 .55 .43 .79 .85 .64 .54 .66 .84 .22 All other income (net)...................................................... -.14 -.08 .02 .02 -.01 -.09 .03 .05 .07 -.01 .05 .01 .08 .01 Net income......................................................................... 14.94 15.96 13.38 14.83 14.35 13.83 14.88 15.68 16.84 15.07 15.20 14.22 15.98 14.40 15.39 15.69 10.81 A 108 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Rates of return (per cent): On securities—Interest and dividends ;3 O U t .S he . r T U re . a S s . u G ry o v se t, c u se r c it u i r e i s t . i . e .. s .. .. ( . a ... g .. e .. n .. c .. i . e .. s .. .. a .. n .. d ... . c ... o .. r .. ....... 5.65 5.87 5.49 5.65 5.61 5.65 5.67 5.66 5.57 6.04 5.58 5.70 5.74 5.07 5.64 5.53 5.37 On O A l l b o p l l a o i o g n r t a h s a t : t e i 2 i r o o n n s s e s c ) o u . f . r . . S i .. t . t i . a . e .. t s . e . . . . s . . . . . . . . a . . . . n . . . . d . . . . . . . . . p . . . . . o . . . . l . . . . i . . t . . . . i . . c . . . . a . . . . l . . . . . . s . . . . u . . . . . . b . . . . d . . . . . . i . . v . . . . . . i . . s . . . . i . . o . . . . . n . . . . . s . . . . . . . . . . 4 6 7 . . . 5 2 1 1 2 7 4 6 6 . . . 3 3 2 1 3 7 4 5 7 . . . 9 1 7 3 0 4 4 6 6 . . . 3 5 1 5 5 2 4 6 7 . . . 1 2 1 7 0 0 6 3 5 . . . 0 9 7 5 6 7 4 5 7 . . . 3 9 0 9 5 0 4 6 6 . . . 1 5 3 1 8 7 4 7 5 . . . 2 5 9 4 0 2 4 6 5 . . . 7 2 1 1 8 2 4 6 6 . . . 2 7 5 8 5 8 4 6 6 . . . 8 2 4 1 0 4 4 6 5 . . . 1 3 7 3 3 6 4 6 5 . . . 1 2 1 8 9 5 4 6 3 . . . 1 1 4 8 9 0 6 3 5 . . . 5 9 9 8 8 4 1 4 5 1 . . . 0 5 7 1 4 5 N In e te t r l e o s a t n , f l e o e s s s , e a s n ( d — o ) t h o e r r r l e o c a o n v e i r n ie c s o 4 m ... e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 6 .4 .5 3 1 - 6 .3 .4 7 3 - 7 .3 .2 6 3 - 7 .2 .5 7 3 - 7 .3 .1 4 8 - 7 .4 .3 1 9 - 6 .4 .7 0 2 - 7 .2 .0 6 4 - 7 .3 .1 3 1 - 7 .2 .7 5 2 - 7 .3 .8 5 9 - 6 .2 .9 7 3 - 7 .2 .0 8 9 - 7 .1 .4 6 1 - 7 .2 .5 6 3 - 7 .4 .2 1 6 - 7 .3 .5 8 9 Ratios on selected types of assets: Percentage of total assets: Securities:3 O U t .S he . r T U re . a S s . u G ry o s v e t, c u se r c it u i r e i s t . i . e .. s .. .. ( . a ... g .. e .. n .. c .. i . e .. s .. .. a .. n ... d .. .. c .. o .. r .. .. 5.27 7.17 7.78 11.81 8.90 7.32 6.28 9.13 11.52 9.17 10.30 10.54 11.96 12.33 11.21 8.48 8.43 C R G a e r O A a s o h l s l b p l s e l a o i o s l g s r t t o a s a h a a e t t t e n i e i t r o o s s n a n . s 2 .. s s e s . . . . s ) c . . o . . e u . . . . . . f t . . . r . . . s . . . S i . . . . t . . . . t . . . . i . . . . a e . . . . . . . . t s . . . . . . e . . . . . . . . . . . s . . . . . . . . . . . . . . . . . a . . . . . . . . . . n . . . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . p . . . . . . . . . . . . o . . . . . . . . . . . . l . . . . . . i . . . . . t . . . . . . . . . i . . . . . . c . . . . . . . . . . a . . . . . . . . . . . . l . . . . . . . . . . . . . s . . . . . . . . . . u . . . . . . . . . . . . . b . . . . . . . . . . . . d . . . . . . . . . . . . . i . . . . . . v . . . . . . . . . . . i . . . . . s . . . . . . . . . . i . . . . . o . . . . . . . . . . . . . . n . . . . . . . . . . . s . . . . 2 5 5 7 2 1 . . . . . . 4 7 3 0 4 7 1 8 9 9 0 0 5 1 1 7 1 1 4 . . . . . . 6 8 3 5 8 2 1 2 0 7 7 4 5 1 1 5 1 1 1 7 . . . . . . 8 6 1 4 7 8 1 9 8 5 4 0 5 1 1 3 3 1 4 3 . . . . . . 2 5 0 6 8 7 8 6 6 0 0 7 5 1 1 4 1 1 7 2 . . . . . . 9 2 5 2 6 1 1 8 5 6 2 4 5 1 1 5 1 1 3 6 . . . . . . 8 4 3 9 7 6 8 2 5 6 0 7 2 5 1 1 3 1 1 0 . . . . . . 9 1 1 5 2 2 5 5 4 3 0 7 5 1 1 6 1 1 4 3 . . . . . . 8 6 7 4 3 7 1 5 6 6 2 4 5 1 1 3 1 1 3 5 . . . . . . 7 6 4 5 6 4 3 5 6 7 4 0 5 1 1 2 4 1 5 3 . . . . . . 9 7 8 3 7 6 1 6 5 2 2 6 5 1 1 2 2 1 3 7 . . . . . . 6 3 3 5 4 7 1 1 8 7 5 7 5 1 1 2 4 4 1 2 . . . . . . 2 7 7 5 6 6 1 9 3 3 4 4 5 1 1 2 1 1 1 7 . . . . . . 9 5 7 5 4 8 9 7 4 0 2 7 5 1 1 2 4 1 1 4 . . . . . . 3 6 7 3 3 5 1 3 3 6 0 7 5 1 1 3 1 2 1 7 . . . . . . 1 1 5 9 7 7 1 9 2 7 7 0 5 1 1 ' 2 2 2 8 2 . . . . . . 2 6 4 8 2 8 8 2 7 7 2 2 5 1 1 2 7 1 4 1 . . . . . . 0 1 3 9 9 2 5 5 6 6 2 0 Percentage of gross loans:2 C A L L R o o o l e l a a a m n n o l m t s s e h s e t t e t r o o r a c t f i i l e a n a o l d r a l o m i a n v a n s i e n d d 2 r s u . s . i . . . a . n . . . . . . l . d . . s . . . . . . u . . . . . f . . . s . o . . . t . . . . r . r . . . . . . . i . . . p a . . . . . . . l . e . . . . . r . . l . . . . o s . . . . . o . . . a . . . . n . . . n . . . . . a . . . s . . . . l . . . . . . . . . . . e . . . . . . . . x . . . . . . . . . p . . . . . . . . . . . e . . . . . . . . n . . . . . . . . . . . d . . . . . . . . . . i . . . . . . t . . . . . . u . . . . . . . . . . . r . . . . . . . . e . . . . . . . . s . . . . . . . . . . . . . . . . . . . . 2 5 8 8 6 6 . . . . . 7 3 4 3 0 9 6 5 6 4 2 5 9 7 7 4 . . . . . 2 9 5 8 3 3 8 6 7 6 2 2 3 1 0 0 9 1 8 . . . . . 1 0 9 5 2 9 8 6 5 2 2 2 3 1 5 5 7 0 1 . . . . . 1 6 9 0 2 1 8 5 2 4 2 3 1 1 2 1 7 9 8 . . . . . 6 5 1 7 8 1 9 4 9 7 4 2 2 1 0 3 1 3 . . . . . 1 8 6 3 9 1 9 8 6 6 4 2 1 1 7 2 5 3 . . . . . 6 9 2 7 4 3 6 7 0 4 2 2 3 1 1 6 2 7 1 . . . . . 9 8 1 9 1 1 8 2 2 7 2 2 3 1 6 5 1 1 5 . . . . . 4 0 5 9 0 5 6 2 5 2 2 3 3 1 3 1 0 3 1 . . . . . 6 4 1 4 3 1 8 5 6 0 3 3 1 1 1 2 5 1 8 . . . . . 8 3 8 5 4 1 6 5 8 0 2 3 1 1 2 6 4 8 7 . . . . . 4 4 7 3 9 9 6 6 5 4 2 2 3 1 4 2 4 1 7 . . . . . 3 2 2 2 9 1 6 9 0 4 2 2 2 1 1 1 6 9 1 1 . . . . . 3 6 2 6 0 9 9 8 0 4 2 2 1 1 1 8 2 8 4 5 . . . . . 2 9 8 2 7 1 9 3 7 0 2 2 3 1 4 4 0 8 1 . . . . . 9 6 2 6 4 1 8 8 6 7 2 3 1 1 3 7 6 4 8 . . . . . 6 4 3 5 0 3 8 5 4 0 Other ratios (per cent): Interest on time and savings deposits to time and I T T n i o m c s t a o a e v m l i a c n e n a g p d t s a i t x d s a a e e l s v p a i t o n c o s g c i s o n t u s e d . n t . e . t . p i . s n .. o . c . a s . o . i n . t m . d . s . . e . t r . . o e . p . s . l . t e . u o . r . s . t v . a . e . i l . n s . . d c . t . o . o e .. m p .. t . o o . e . s t . . i a t . t . a l . s . x . . a . . . e . s . . . . s s . . . . . e . . . . . . t . . . s . . . . . . . . . 5 . . . . . . . 2 3 4 8 8 3 . . . . 8 9 4 5 1 0 4 4 4 2 9 4 5 7 . . . . 4 4 2 1 3 9 6 4 4 2 4 8 9 3 . . . . 7 5 1 0 9 9 6 0 2 5 4 8 2 5 . . . . 7 3 3 0 1 4 0 2 2 4 4 8 8 3 . . . . 8 7 4 9 3 8 7 0 2 4 4 9 1 6 . . . . 0 6 0 7 1 9 7 6 2 3 4 8 5 9 . . . . 7 7 0 9 9 2 4 4 5 1 9 4 3 8 . . . . 6 0 0 2 2 3 4 0 5 1 4 9 5 6 . . . . 5 5 4 7 9 6 6 2 4 2 4 8 8 5 . . . . 6 5 8 1 5 5 4 0 2 4 4 8 4 5 . , . . 8 0 7 5 2 4 0 4 2 5 4 8 4 5 . . . . 2 8 2 5 1 1 9 2 4 2 4 5 8 5 . . . . 8 7 8 4 1 9 6 6 3 5 4 7 1 4 . . . . 9 8 3 7 4 0 2 0 2 4 4 8 5 7 . . . . 8 7 2 9 9 8 2 7 4 2 8 3 5 5 . . . . 7 2 0 3 8 6 4 0 2 5 4 7 1 8 . . . . 7 4 1 1 8 9 0 0 Number of banks 6.................................................................... 12 9 156 5,550 5,727 227 339 306 468 360 562 941 458 490 796 633 147 For notes see p. A-113. MAY 1972 c MEMBER BANKS, 1971 A 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco Summary ratios: Pe I r n ce c n om tag e e a f o t f e r e q t u ax it e y s c a a n p d it a b l e p fo lu re s a se ll c u re r s it e i r e v s e g s: ains (losses)1................................. 9 9 . . 9 0 8 7 9 9. . 5 5 1 0 1 1 1 1 . . 7 3 3 6 1 1 0 0 . . 1 0 8 4 1 11 1 . . 1 2 3 4 1 1 0 0 . . 8 2 5 0 9 9 . .3 7 3 4 1 1 0 0 . . 5 1 8 4 1 1 2 1 . . 4 9 5 4 1 9 0 . . 6 1 1 1 1 1 1 0 . . 4 9 2 9 1 10 0 . . 2 1 3 3 8.12 6.23 6.27 4.61 4.87 5.03 3.95 5.88 5.24 6.76 5.72 5.09 Pe C rc a e s n h t a d g i e v i o de f n n d e s t i p n a c i o d m ... e .. : ......................................................................................... 81.31 65.61 53.51 45.28 43.36 46.42 40.56 55.58 42.16 66.86 50.07 49.84 Sources and disposition of income: Pe T T rc o o e A I O S t t n n a a a l c t t l l l l a c e a o o o u r g r e p t p e p i h e s e e a t s e o r r n , r a a f o c w t t n t o y i i o n a n p t t e g g g e a i x e m r l p e i s a n a , e x e t c s i n p a n a s o s n e n e g m e n d t d s s e o e : f e x s . f r s . a p . i . b . n v . . e . . a g . i . n . n . n . e . . s . g . k . . e b . s . . . s . e . p . . d . . n . . r . . . e . . . e e . . . p . . . m f . . . . i o . . . t . . i . . . s s . s . . . i . . . e . . t . . . . . . s s . . . . . , . . . . . . . . . . . . . . n . . . . . . . . . . . . . e . . . . . . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4 1 1 1 . . . . . . 9 1 7 1 6 2 3 7 0 9 9 8 5 4 1 1 1 . . . . . . 3 2 1 2 2 2 1 2 3 7 9 0 4 6 1 1 1 . . . . . . 5 9 0 5 6 2 1 5 0 4 0 4 5 4 1 1 1 . . . . . . 8 6 3 1 1 9 1 1 1 7 9 4 6 4 1 1 1 . . . . . . 9 1 6 3 6 2 3 8 6 7 6 4 6 5 1 1 1 . . . . . . 2 0 5 7 5 2 5 1 5 5 3 4 5 4 1 1 1 . . . . . . - 5 5 2 1 2 9 5 7 7 4 2 2 5 4 1 1 1 . . . . . . 5 5 3 4 1 2 1 1 6 8 7 0 5 4 1 1 1 . . . . . . 6 1 1 4 4 1 6 3 2 7 2 0 4 5 1 1 1 . . . . . . 6 7 7 2 4 1 1 0 8 0 4 7 4 5 1 1 . . . . . . 0 2 5 9 5 0 1 5 2 2 3 3 5 2 6 1 1 . . . . . . 3 3 2 5 2 2 5 3 2 4 6 2 I N n e c t o m in e c o a m fte e r .. . t . a ... x .. e . s .. .. a .. n .. d .. .. b ... e . f .. o .. r .. e .. . s .. e .. c .. u .. r .. i . t . i . e .. s .. . g ... a .. i . n .. s . .. ( .. l . o .. s .. s . e .. s .. ) .. 1 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 9 7 . . 7 7 7 7 . .9 9 3 0 1 . . 9 0 8 0 . .9 9 1 0 . .9 8 1 6 . . 7 77 4 . . 8 83 6 . . 9 9 0 4 . . 8 7 3 9 . . 8 8 5 8 . . 6 6 5 6 Pe I r n ce te n r t e a s g t e , f o e f e s t , o t a a n l d o p o e th ra e t r i n l g o a i n n c i o n m co e m : e2............................................................... 59.81 66.06 67.52 64.63 66.99 68.65 66.24 66.47 67.19 69.16 70.75 68.61 Sec U u . r S i . t i T es r — ea I s n u t r e y r e s s e t c a u n r d it i d es iv .. i .. d .. e .. n .. d ... s .. : . 3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.05 5.82 5.65 8.18 8.17 6.89 7.85 8.31 5.22 6.24 5.97 7.02 T S A e r l O r O A l u v s o t l b i t l h t c l h e i d e o g e r t e a r h c p U t h e a i o r a o . r p S r n t s e . m g s e r e G c a e o s u t n o f i r o t n v S i n g t t i t i n , a e d i c s t s n e e e o . c . p s c . m o . u o . a . m r . s e n . i i . . t e . t d . . i . . . . e . . a . . . p s . . . . c . . . o . . . ( c . . . l . a . . o i . . . . . g t . . u . . i . . e . c . . . n . n . . a . . . . . t . c l . . . s . . i . . . . e s . . . . . . . u s . . . . . . . . . . b . . . a . . . . . d . . . n . . . . . . . . i . d . . . . v . . . . . . . . i . . . c . . s . . . . . o . . i . . . . o . . . r . . . . . . . n . p . . . . . . . . . s o . . . . . . . . . . . r . . . . . . . . . a . . . . . . . . . . . t . . . . . . . . i . . . . . o . . . . . . . . . . . . n . . . . . . . . . . . . s . . . . . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 1 1 2 0 . . . . . . 1 6 3 0 6 3 7 3 8 4 2 0 1 7 6 1 0 . . . . . . 5 6 8 9 5 6 1 2 7 4 2 6 7 6 2 8 . . . . . . 7 3 9 9 4 4 1 3 9 8 0 2 1 5 2 6 1 . . . . . . 3 6 1 8 7 4 1 7 9 0 3 9 9 4 5 3 1 . . . . . . 1 6 0 8 8 2 5 2 9 4 6 8 6 3 8 3 . . . . . . 5 9 8 4 8 9 1 3 2 7 3 0 5 8 8 1 . . . . . . 8 1 8 8 6 5 1 8 8 8 2 4 9 7 2 3. . . . . . 7 6 9 6 5 8 1 1 2 6 2 0 1 6 6 1 2 . . . . . . 1 3 8 5 3 2 5 6 7 7 6 8 6 7 8 1 . . . . . . 3 0 6 4 3 8 1 1 5 7 3 3 7 4 8 1 . . . . . . 3 8 2 7 7 4 1 1 1 6 2 7 6 4 2 8 1 . . . . . . 1 5 9 8 1 7 1 5 9 3 6 3 Total operating income............................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 O Sa ff la ic r e i r e s a a n n d d e m wa p g lo e y s e .. e .. .. b .. e .. n ... e . f .. i . t .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2 3 3 . . 8 83 7 2 4 0 . . 1 1 8 2 2 4 0 . . 4 6 1 4 1 2 7 . . 6 6 5 0 2 3 2 . . 8 68 6 21 3 . . 0 7 5 8 1 3 7 . .3 2 3 0 1 3 8 . . 3 5 2 4 1 3 7 . . 0 03 2 1 2 9 . . 9 5 1 2 1 2 5 . . 4 0 5 9 21 3. . 4 3 5 4 I O P A n r l c t T B C l o e c v r o i o u a m e i r t p p s h s r i e i a t o t o e n a r w n o a c l n n e y o f n d : d o p o e r e s t x m r a e l p a s o v o e t a i n n i a n n n n s e g g e d y s l o . e o d . d s . x f . e s e . p . e p b b .. e s a . o e . n . n . n . s . . s . . i k t . . e t u . . . s . s . p . r . . . . . . . . e r . . . . . . . s . e . . . . . . . m . . . . . . . . . . . . . . . . . i . . . . . . s . . . . . . . . . e . . . . . . . . . . s . . . . . . . . , . . . . . . . . . . . . n . . . . . . . . . . . . . e . . . . . . . . . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 4 2 9 0 5 . . . . . . 6 7 1 2 5 8 1 3 9 9 2 0 2 1 7 4 4 2 4 . . . . . . 0 8 5 6 7 3 8 6 8 9 9 0 2 1 7 4 6 2 1 3 . . . . . . 8 5 0 1 9 4 1 5 3 6 6 6 3 1 2 5 3 3 4 . . . . . . 3 4 3 2 5 1 5 9 7 8 8 0 2 1 4 6 3 1 6 . . . . . . 0 3 9 8 2 7 1 5 5 8 3 8 2 1 7 2 4 3 7 . . . . . . 5 0 8 3 5 5 9 5 3 6 0 0 3 1 4 2 8 4 1 . . . . . . 0 7 5 1 4 4 1 5 3 6 2 0 2 1 7 2 7 3 6 . . . . . . 5 4 3 1 1 5 7 3 6 6 8 4 2 1 9 2 4 1 5 . . . . . . 2 8 1 3 1 0 1 5 8 7 2 0 2 1 2 2 6 5 9 . . . . . . 8 9 8 3 5 7 3 7 3 8 4 0 2 1 1 2 9 1 4 . . . . . . 5 5 7 9 6 1 1 3 8 2 8 3 3 1 4 4 2 7 2 . . . . . . 0 4 3 5 4 4 5 3 9 5 2 8 Total operating expenses........................................................................... 80.84 78.60 81.02 79.42 79.74 80.66 81.80 79.10 72.78 80.68 77.09 86.11 I I N n n e c c t o o m m sec e e u a b r f e i t t f e i o e r r s e t a g t x a a e i x n s e s s a o n a r d n l d b o e s s s f e o e c s r u e r ( i — s t e ie ) c , s u a r g i f a t t i e i e n r s s t g a ( a l x o i e n s s s s . e . ( . s . l . o ) .. . s . . . . s . . . . e . . . . s . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 2 . . . 3 1 9 1 7 6 2 1 1 4. . . 8 1 4 1 3 0 1 1 8 5 . . . 4 9 0 9 8 2 2 1 0 7 . . . 5 0 2 8 2 0 2 1 0 4 . . . 2 0 6 6 5 0 1 13 9 . . . 8 7 3 5 6 4 1 1 3 8 . . . 5 4 2 3 8 0 2 1 0 5. . . 1 5 9 1 7 0 2 1 7 6 . . . 2 6 0 2 8 6 1 1 3 9 . . . 9 3 59 2 2 2 1 2 6 . . . 9 3 6 1 6 2 1 1 3 0 . . . 1 8 5 9 6 0 All other income (net)............................................................................................ -.14 .05 .10 .03 -.04 .08 .14 .02 Net income................................................................................................................ 14.28 14.80 15.51 17.27 14.75 14.64 13.97 15.76 16.74 14.65 17.00 10.66 A 110 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Rates oi return: On securities—Interest and dividends:3 O A O U l t b . l S h li . e o g r t T a h U r t e i e r o . a S n s s . s u e c G r o u y o f r v s i S e t t t i , c a e u s s t e e r .. c s . i . t u . i . a . r e . n . i s . t d . . i . . . e . . . p s . . . . . o . . . ( . . l a . . i . . . g t . . . i . e . c . . . n . a . . . . c . l . . . i . . e s . . . . u s . . . . . b . . a . . . d . n . . . . i . d . . v . . . . . i . c . s . . . o . i . . . o . r . . . n . p . . . . s . o . . . . . . r . . . . . . a . . . . . . . . t . . . . i . . . . . o . . . . . . n . . . . . . . . . s . . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . 5 6 5 3 . . . . 7 4 9 4 1 7 6 4 7 4 5 6 . . . . 1 4 6 1 7 9 9 8 6 6 5 4 . . . . 7 8 6 2 9 2 2 4 7 5 4 4 . . . . 7 9 4 2 1 1 7 4 4 7 5 6 . . . . 0 1 1 3 1 8 0 4 7 7 5 4 . . . . 7 1 9 4 9 7 2 0 5 6 4 6 . . . . 6 2 7 0 9 8 9 2 5 5 4 4 . . . . 1 8 1 9 7 6 2 4 5 4 6 4. . . . 4 4 1 5 1 5 3 0 7 5 4 1 . . . . 3 9 2 1 1 6 8 8 7 5 5 3 . . . . 3 4 5 9 1 9 6 0 1 5 5 4 2 . . . . 0 3 2 3 1 3 7 0 On loans:2 N In e t t e r l e o s a t n , f l e o e s s s , e a s n ( d — o ) th or e r r e lo c a o n ve i r n ie c s o 4 m ... e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 7 .4 .0 9 8 - 6 .4 .5 3 6 - 6 .3 .9 7 7 - 6 .4 .9 2 1 - 7 .2 .6 2 4 - 7 .3 .9 7 6 - 6 .3 .5 4 8 - 6 .3 .7 4 6 - 6 .1 .8 1 4 - 7 .3 .1 3 6 - 6 . . 3 7 4 1 - 7 .3 .4 8 7 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury securities............................................................... 7.54 5.34 6.07 8.68 7.96 7.95 7.69 7.88 6.57 6.74 5.87 8.19 Other U.S. Govt, securities (agencies and corporations).. 1.60 .68 .37 .96 1.66 .74 .81 .85 .80 .32 .50 1.78 Obligations of States and political subdivisions.................. 10.98 7.75 11.25 15.73 13.80 10.40 11.56 10.52 7.89 10.41 11.71 10.84 All other securities......................................................................... .37 .48 .43 .55 .34 .70 .51 .57 .29 .94 .44 .36 Gross loans2......................................................................................... 51.56 52.61 58.51 54.37 54.21 53.90 56.08 54.23 55.58 55.05 55.06 57.11 Cash assets............................................................................................ 21.02 25.28 18.39 15.35 18.25 21.24 17.34 21.30 20.41 22.22 20.50 15.42 Real estate assets................................................................................ 1.75 1.02 1.23 1.34 1.64 2.70 1.49 1.55 1.53 1.97 2.38 2.00 Percentage of gross loans:2 Commercial and industrial loans................................................... 58.27 55.54 46.18 41.12 36.48 36.95 44.12 41.75 44.38 32.97 41.76 37.79 Loans to farmers................................................................................ .05 .07 .11 .04 .38 .39 .33 .56 .75 5.22 .86 3.10 Real estate loans................................................................................ 9.13 9.43 12.27 19.94 18.56 12.38 18.74 12.63 13.80 12.90 9.43 27.16 Loans to individuals for personal expenditures........................ 11.93 8.92 16.35 18.95 28.33 30.40 11.65 20.36 18.02 20.17 13.99 16.26 All other loans2................................................................................... 20.62 26.04 25.09 19.95 16.25 19.88 25.16 24.70 23.05 28.74 33.96 15.69 Other ratios (per cent): Interest on time and savings deposits to time and savings dep. 4.99 4.83 4.72 4.62 4.61 4.83 4.97 4.95 4.72 4.78 5.10 4.77 Income taxes to net income plus income taxes............................. 31.82 28.01 18.58 13.88 26.43 28.23 25.30 25.99 39.89 27.42 27.11 20.37 Time and savings deposits to total deposits................................... 32.06 34.59 42.80 51.72 43.05 39.13 48.78 38.13 37.18 37.12 39.15 58.68 Total capital accts. and reserves to total assets5.......................... 9.36 8.89 9.25 10.09 8.74 9.03 8.46 8.81 7.97 8.84 8.17 7.03 TSumber of banks6......................................................................................... 4 15 6 16 15 20 24 15 8 18 17 19 For notes see p. A-113. MAY 1972 □ MEMBER BANKS, 1971 A 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Fran cisco Summary ratios: Percentage of equity capital plus all reserves: 9.73 10.83 10.30 10.63 11.33 11.41 10.46 10.76 10.83 10.89 9.95 10.75 10.08 11.19 10.76 11.32 11.99 12.11 11.40 11.27 11.28 11.45 10.78 11.58 5.28 4.89 4.66 3.69 4.08 3.82 3.64 3.37 3.85 3.65 3.14 4.34 Percentage of net income: 52.43 43.67 43.38 32.65 34.07 31.57 31.99 29.95 34.15 31.94 29.17 37.49 Sources and disposition of income: Pe T rc o e t n a t l a o g p e e o ra f t t i o n t g a l e a x s p s e e n ts s : es....................................................................................... 5.26 4.95 4.84 4.92 5.13 5.08 5.04 4.70 5.15 4.92 4.93 5.95 Salaries, wages, and fringe benefits................................................................. 1.79 1.47 1.25 1.25 1.52 1.42 1.27 1.23 1.22 1.38 1.30 1.79 Interest on time and savings deposits............................................................ 1.76 2.12 2.44 2.37 2.14 2.09 2.58 2.25 2.76 2.12 2.10 2.41 Occupancy expense of bank premises, net.................................................... .33 .28 .20 .20 .23 .21 .21 .19 .17 .20 .22 .32 All other operating expenses............................................................................ 1.38 1.08 .95 1.10 1.24 1.36 .98 1.03 1.00 1.22 1.31 1.43 Total operating income.......................................................................................... 6.38 6.01 5.93 6.08 6.40 6.25 6.09 5.93 6.24 6.23 6.01 6.94 Income after taxes and before securities gains (losses)1................................. .83 .87 .90 .93 .93 .91 .81 .91 .80 .93 .81 .74 Net income................................................................................................................ .86 .90 .93 .99 .98 .97 .88 .95 .83 .98 .88 .80 Pe I r n ce te n r t e a s g t e , f o e f e s t , o t a a n l d o p o e th ra e t r i n lo g a i n n c i o n m co e m : e2............................................................... 69.19 65.42 65.94 64.30 67.51 62.88 63.98 61.92 66.24 64.75 66.03 68.16 Securities—Interest and dividends:3................................................................... U.S. Treasury securities.................................................................................... 6.32 8.55 11.15 14.12 9.42 10.53 12.91 15.05 12.50 12.54 10.14 7.81 Other U.S. Govt, securities (agencies and corporations)........................... 1.01 2.71 3.19 2.65 3.95 3.92 4.25 5.36 3.54 2.91 4.04 2.67 Obligations of States and political subdivisions.......................................... 9.53 12.14 10.73 10.23 8.83 10.39 9.40 9.06 8.91 8.75 9.28 7.99 All other securities.............................................................................................. .47 .76 1.13 .66 .31 .37 1.09 .50 .25 .25 .52 .40 Service charges on deposit accounts.................................................................. 4.44 4.02 2.68 3.26 3.69 4.87 3.16 3.16 4.14 4.89 5.02 5.55 Trust department income...................................................................................... 5.14 2.85 2.84 2.01 1.71 2.03 1.89 1.50 .87 1.35 1.23 1.89 All other operating income................................................................................... 3.90 3.55 2.34 2.77 4.58 5.01 3.32 3.45 3.55 4.56 3.74 5.53 Total operating income............................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages................................................................................................... 23.68 20.80 18.05 17.97 20.56 19.79 18.00 18.16 16.81 19.55 19.14 22.70 Officer and employee benefits............................................................................... 4.38 3.72 3.05 2.71 3.30 2.95 2.83 2.64 2.79 2.72 2.52 3.18 Interest on: Time and savings deposits................................................................................ 27.70 35.40 41.10 39.02 33.42 33.46 42.36 38; 06 44.27 34.10 35.03 34.70 Borrowed money................................................................................................ 1.74 1.30 .44 .40 .96 1.25 .72 .40 .37 1.07 1.00 1.59 Capital notes and debentures........................................................................... .27 .34 .10 .11 .13 .16 .20 .12 .29 .17 . 13 . 44 Occupancy expense of bank premises, net........................................................ 5.18 4.66 3.52 3.33 3.62 3.40 3.56 3.33 2.84 3.29 3.68 4.63 Provision for loan losses........................................................................................ 2.47 2.10 1.21 1.68 1.98 2.76 1.55 1.81 1.57 2.38 4.07 2.80 All other operating expenses................................................................................ 17.07 14.11 14.06 15.68 16.23 17.47 13.52 14.72 13.60 15.73 16.55 15.72 Total operating expenses.. ................................................................... 82.49 82.43 81.53 80.90 80.20 81.24 82.74 79.24 82.54 79.01 82.12 85.76 Income before taxes and securities gains (losses)............................................ 17.51 17.57 18.47 19.10 19.80 18.76 17.26 20.76 17.46 20.99 17.88 14.24 Income after taxes and before securities gains (losses).................................. 13.14 14.61 15.17 15.31 14.59 14.67 13.34 15.44 12.91 15.02 13.67 10.73 Net securities gains or losses (—), after taxes.................................................. ; 46 .48 .64 .99 .77 .77 1.13 .69 .48 .69 1.01 .79 All other income (net)............................................................................................ -.03 .01 .01 .01 .09 .03 .01 .05 .01 Net income............................................................................................................... 13.57 15.10 15.82 16.30 15.37 15.53 14.47 16.16 13.40 15.76 14.68 11.53 A 112 MEMBER BANKS, 1971 □ MAY 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Rates of return: On securities—Interest and dividends:3 On A O O U l l t b . o l S h l a o . i e g n r t T a h s U t r e : i e 2 r o . a S n s s . s e u c G r o u y f o r s v i S t e t t i c , a e u s t s e . e r . s . c i . t u . a i .. r e n .. i s . d t . . i . . e . .. . p s . . . . o . . ( . . l . . a i . . t . . g . . i . . e c . . . . n a . . . . c l . . . . i . s . e . . u . . s . . . . b . . a . . d . . n . . i . . d . . v . . . . i . . c s . . . . o i . . o . . r . . n . . p . . . . s o . . . . . . r . . . . . . a . . . . . . . . t . . . i . . . . o . . . . . . . n . . . . . . . s . . . . . . ) . . . . . . . . . . . . . . . 5 5 5 3 . . . . 9 6 9 7 1 1 5 4 5 4 6 5 . . . . 8 7 0 6 5 5 8 3 5 6 4 6 . . . . 0 6 4 3 3 8 8 4 4 7 5 6 . . . . 1 3 4 6 5 2 2 4 5 6 4 5 . . . . 1 8 5 3 5 2 8 8 5 6 4 5 . . . . 3 7 6 4 3 2 4 4 5 6 4 6 . . . . 7 1 8 5 1 2 2 4 5 6 4 6 . . . . 7 5 6 1 1 2 9 0 4 5 6 5 . . . . 1 1 2 0 2 9 6 7 5 6 4 5 . . . . 1 7 4 3 3 8 3 4 5 6 4 6 . . . . 2 0 4 6 1 3 7 4 5 6 4 8 . . . . 2 5 3 4 1 5 0 2 N In e t t e r l e o s a t n , f l e o e s s s , e a s n ( d — o ) t h or e r r e lo c a o n v e i r n ie c s o 4 m ... e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 7 . . 3 5 7 6 - 7 . . 2 1 9 8 - 7 .1 .1 7 0 - 7 . . 2 3 2 8 - 7 . . 2 8 7 0 - 7 . . 3 8 5 5 - 7 . . 1 3 7 5 - 7 .2 .4 1 2 - 7 . . 1 6 8 9 - 7 . . 2 7 2 4 - 7 . . 4 7 8 9 - 8 .4 .2 0 4 Ratios on selected types of assets: Percentage of total assets: Securities:3 C R G a e r A O O U a s o h l l s t b . l S h s e l a o . i e s l g s r t t o T a h a s a e U r t t e n i e e t r o . s a s S n a . s 2 s . . . s e s u . . . . c s G r . . o . . e u y . . f . o . t r . . s . . s v i S . . . t . e . t . . t . i . , c . . a e . . . . u . . s t s . . . . e . . . e r . . . . . s c . . . i . . . . t . u . . . . i . a . . . . . r . e . . n . . . . i . s . . . . t . d . . . . . i . . . . . . e . . . . . . . p . . s . . . . . . . . . . o . . . . . . ( . . . . l . . . a . . i . . . . . . t . . g . . . . . . . i . . . e . . c . . . . . . n . . . . a . . . . . . . . . . c l . . . . . . . . i . . . . . s . e . . . . . . . u . . s . . . . . . . . . . . b . . . . . . a . . . . . d . . . . . n . . . . . . i . . . . d . . . . v . . . . . . . . . . . i . . . c . . s . . . . . . . o . . . i . . . . . o . . . r . . . . . . . . n p . . . . . . . . . . . . s . . o . . . . . . . . . . . r . . . . . . . . . . . . a . . . . . . . . . . . . t . . . . . . . i . . . . . . . o . . . . . . . . . . . . . . n . . . . . . . . . . . . . . s . . . . . . . ) . . . . . . . . . . . . 5 1 1 7 2 8 1 5 4 . . . . . . . 1 0 5 4 1 3 1 1 9 2 2 3 8 2 5 1 1 9 2 4 1 7 1 . . . . . . . 1 7 7 9 8 5 6 1 1 8 5 6 6 8 5 1 1 1 2 5 1 1 5 0 1 . . . . . . . 9 0 1 7 9 6 6 9 3 5 8 4 2 9 5 1 1 1 2 2 1 1 5 4 . . . . . . . 5 2 9 6 4 9 5 1 1 1 5 3 7 8 5 1 1 1 2 5 3 3 0 3 . . . . . . . 1 1 4 8 3 6 3 1 7 2 6 3 7 4 5 1 1 1 2 0 3 5 1 5 . . . . . . . 8 1 0 4 6 7 0 1 1 7 6 7 0 4 5 1 1 1 3 3 3 1 1 3 . . . . . . . 0 8 9 5 7 9 7 1 8 8 6 2 7 7 4 1 1 1 9 4 1 3 3 5 . . . . . . . 5 8 6 0 9 6 4 1 8 3 3 3 8 4 5 1 1 1 3 3 5 3 1 1 . . . . . . . 7 5 3 0 6 4 5 1 3 3 4 7 0 0 5 1 1 1 2 2 5 1 3 3 . . . . . . . 8 1 6 2 0 2 6 7 6 7 9 4 4 4 5 1 1 1 2 0 3 0 3 7 . . . . . . . 9 0 7 8 8 5 0 3 5 8 0 2 0 6 5 1 1 9 7 2 2 3 2 . . . . . . . 3 3 7 1 9 1 3 1 8 6 6 6 3 4 Percentage of gross loans:2 A C L L R o o l o e l a a a m o n n l m t s s e h s e t t e t o r o r a c t f i i l e a n a o l d r l a o m i a n v a n s i e n d d 2 r s u . s . i . . . a n . . . . . . l . d . . s . . . . u . . . . . . f . . s . o . . . t . . . r . . r . . . . . . i . . . a p . . . . . . l . e . . . . . r . l . . . . . o s . . . . o . . a . . . . n . . . n . . . . . a . . . s . . . l . . . . . . . . . e . . . . . . . . x . . . . . . . . . p . . . . . . . . . . e . . . . . . n . . . . . . . . . . d . . . . . . . . . i . . . . t . . . . . . . u . . . . . . . . . r . . . . . . . e . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 1 7 1 0 0 . . . . . 5 5 0 4 4 1 1 5 9 4 2 2 3 1 6 6 3 2 . . . . . 4 1 7 8 85 9 6 0 0 2 2 3 1 6 1 9 1 0 . . . . . 5 6 5 9 2 5 7 8 8 2 3 3 1 9 2 5 9 3 . . . . . 6 6 1 4 1 1 7 8 0 4 2 2 3 1 2 4 7 0 4 . . . . . 1 9 6 5 7 8 3 7 0 2 2 2 3 1 9 2 2 3 1 . . . . . 5 7 3 8 4 5 5 7 9 4 2 2 3 1 5 5 2 6 0 . . . . . 0 5 3 5 4 9 8 9 2 2 2 2 3 1 7 8 1 1 1 . . . . . 0 9 7 2 0 1 5 8 6 0 2 2 3 1 6 1 3 2 6 . . . . . 0 9 0 9 0 5 3 2 6 4 2 2 2 1 1 0 4 5 6 2 . . . . . 3 5 9 5 6 3 3 8 6 0 2 3 1 1 7 8 3 5 4 . . . . . 1 7 9 9 3 1 1 4 0 4 2 2 2 6 8 8 8 7 . . . . . 7 5 5 2 9 1 5 5 5 4 Other ratios (per cent): I I T T n n i o t c m e t o a r e m l e s a c e t n a o t d p a n i x t s a e a t l i s v m i a t n o c e g c s a n t s n e d . t d e a i p n s n a o d c v s o i i r t m n e s g s e e t s o r p d v l t e e u o s p s t o a t i o s l n i d t c t s o o e m t p t a o o e l s t a i i t m t a s s s x . e e . e . t . a s . s . . n . 5 . . . d . . . . . . . . . . . s . . . . . a . . . . . . . v . . . . . . i . . . n . . . . . . g . . . . . . . s . . . . . . . . . d . . . . . . e . . . . . p . . .. . 2 4 4 3 5 8 . . . . 5 4 6 8 5 5 3 9 5 1 4 8 4 6 . . . . 5 4 1 4 3 9 7 4 6 1 4 8 0 7 . . . . 5 8 9 5 7 6 6 2 2 6 4 0 0 8 . . . . 4 1 0 8 9 9 5 7 2 5 5 4 2 8 . . . . 3 6 9 3 1 7 6 4 2 4 4 1 9 8 . . . . 5 8 2 2 8 0 4 0 2 6 4 7 3 1 . . . . 6 7 9 8 3 9 2 8 2 5 4 5 2 8 . . . . 0 1 8 6 1 1 6 3 2 6 5 7 5 2 . . . . 7 6 0 1 3 0 4 4 2 4 4 8 8 9 . . . . 7 9 2 3 5 3 3 3 4 2 5 7 8 3. . . . 6 0 4 3 1 2 0 0 2 5 4 7 7 4 . . . . 5 4 2 8 1 8 6 4 Number of banks6................................................................................. 223 324 300 452 345 542 917 443 482 778 616 128 u v m b lo n i a s s e d 2 n 3 4 1 i s t o e k e h E E L N n r s s o x x o e d a f o o c c a t o g l l n n n u u p r r l s o d d l e a l u l s e o i e e o n s s m r a s s a e c e n t n s e t l s m h s u r n e o e l a r d i t o o n n v s d e e v s o e i x s t e n l F r o e o c r a i g e s e t a c - d r y ” s r n c a e s e e o c s s i f r c n u c e o o a o i o l t n r s l f l v e u . t e r f l b t i n u o r e h n a t s i n s e g e n s t d s s e k s e m s i s u n s c , c s u m e r c n o o t e r h h l o p d i d a o t o t e i i r t f d e r a g o e s a . t n d e n . h t d d i e n t a o s g a e e r g x c e t i a p n h u s i e e c e r n r n s i o s t v e s m t i e e e r r s e a i e e , t p c s s e i u e e c m f r r o r v v a c u e e n h “ n s s y a p t . i s r f f n e o o o d g r r c s a r t U a u o e g n b s b m e N 6 5 e i l s t e r p E o I e o e s v n q u t d f . x e c u e t c s M i l e S . . e l n u — d u n t d d a a d t i n T e t e v f e s i y r s h i s s d o s e . o c o u m u a n r f e a p e a ) t l i t h t m t i i h b a o e n e e a s l s m e n w i n k d n b r h o o a e i t t r l c t r h e l a i h a s i o b t s r s i a e o a a n a v n s a n c , k a d g d h r g ( l y o w t d r b h c e e h s a a e g b u i n t a c e b p e k t h n r s d e ’ t t e s s u a w o c f n r e u i i s e d l g t t h l s i s u i a o n i b r d l a w g l e e y e n s n t — d t p w f h r u i o r e a o n b e l m c t l l g i a o a p s v b n t h r r a h l t d e e e l i e c d u l n s e e a a e s w d i n v t s n i i e e t n o r o a r n g a e l f b m a e R a e f o l q r n a a n u a o e c u n d e t r h a u a k i n e o g m l s i c l g s n g e e y s r o r f g i u o b e n g i t g m l u a n h e s a p p y t s i a p a f t e r s n i e o d r t i w c s m e y r a h m t t p n o a h a o p r t n r n a s r e i a t e t l o f s s y a o e b i f o g n r n t a i l o g g f e t f l e u r m p w u t t d e r u h h e s g h e r o n h , e a s o p s c e t l w e a o e r e m e r s e s , h i e e o , a n i s a s n n l t t l e h h e n a y r o t o e d r a h e g f w , b e v s e e t a x e b g s e n r p r c t e r d e a o e k n o h s g r m i s e a u a n e i r d e l v s b a t w s n l e . i l y t o c n i u I t e a f e a h d n s d n p o y m in t a e i f s h n u l d r m a t y e g e h k i c s v a s h i o e t r u l i n h l d s s a l e g g e e t t u r r s , i o a o f b e i f l s a a f f a n i o r t n g a r c b e r e u k n a r r a e t r s c s t t i i d e i h h e o n i a s i d n e e s t . l size or amount—are weighted equally and in general have an results of operations of individual banks. MAY 1972 □ MEMBER BANKS, 1971 A 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 114 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Arthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itchell J. Dewey Daane Sherman J. M aisel Andrew F. Brimmer John E. Sheehan Robert C. H olland. Executive Director J. Charles Partee, Adviser to the Board Robert Solomon, Adviser to the Board Howard H. Hackley, Assistant to the Board Charles M olony, 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. H olland, Executive Director J. Charles Partee, Director David C. M elnicoff, 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. H alley, Program Director for Man James L. Pierce, Adviser agement Systems Stanley J. Sigel, Adviser W illiam W. Layton, Director of Equal Em M urray S. W ernick, 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, Assistant Adviser OFFICE OF THE SECRETARY Eleanor J. Stockw ell, Assistant Adviser Stephen P. Taylor, Assistant Adviser Tynan Smith, Secretary Louis Weiner, Assistant Adviser M urray Altmann, Assistant Secretary Levon H. Garabedian, Assistant Director Normand R. V. Bernard, Assistant Secretary A rthur L. Broida, Assistant Secretary Elizabeth L. Carmichael, Assistant DIVISION OF INTERNATIONAL FINANCE Secretary Ralph C. Bryant, Director M ichael A. Greenspan, Assistant Secretary John E. Reynolds, Associate Director Robert L. Sammons, Associate Director LEGAL DIVISION A. B. Hersey, Adviser Reed J. Irvine, Adviser Thomas J. O’Connell, General Counsel Samuel I. K atz, Adviser Robert F. Sanders, Deputy General Counsel Bernard Norwood, Adviser Paul Gardner, Jr. , Assistant General Counsel Ralph C. Wood, Adviser Pauline B. H eller, Assistant General Counsel Robert F. Gemmill, Associate Adviser Robert S. Plotkin, Adviser Samuel Pizer, Associate Adviser DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF SUPERVISION AND REGULATION James A. McIntosh, Director Frederic Solomon, Director John N. Kiley, Jr. , Associate Director Brenton C. Leavitt, Deputy Director W alter A. A lthausen, Assistant Director Frederick R. D ahl, Assistant Director Donald G. Barnes, Assistant Director Jack M. Egertson, Assistant Director Harry A. Guinter, Assistant Director John P. Flaherty, Assistant Director P. D. Ring, Assistant Director Janet O. H art, Assistant Director James L. Vining, Assistant Director John N. Lyon, Assistant Director Charles C. W alcutt, Assistant Director John T. M cClintock, Assistant Director E. Maurice M cW hirter, Chief Federal Thomas A. Sidman, Assistant Director Reserve Examiner Charles L. Marinaccio, Adviser Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 115 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER Ronald G. Burke, Director John Kakalec, Controller John J. H art, Assistant Director Harry J. H alley, Deputy Controller DIVISION OF DATA PROCESSING Jerold E. Slocum, Director DIVISION OF ADMINISTRATIVE SERVICES Charles L. Hampton, Associate Director Glenn L. Cummins, Assistant Director Joseph E. K elleher, Director Benjamin R. W. Knowles, Jr., W alter W. Kreimann, Deputy Director Assistant Director Donald E. Anderson, Assistant Director Henry W. M eetze, Assistant Director John D. Smith, Assistant Director Richard S. W att, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 116 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer David P. Eastburn J. L. Robertson Philip E. Coldwell Bruce K. MacLaury John E. Sheehan J. Dewey Daane Sherman J. Maisel Willis J. Winn George W. Mitchell Robert C. H olland, Secretary Robert Solomon, Economist (International Finance) A rthur L. Broida, Deputy Secretary Edward G. Boehne, Associate Economist M urray Altmann, Assistant Secretary Ralph C. Bryant, Associate Economist Normand R. V. Bernard, Assistant Secretary Lyle E. Gramley, Associate Economist Charles M olony, Assistant Secretary Ralph T. Green, Associate Economist Howard H. Hackley, General Counsel A. B. Hersey, Associate Economist David B. Hexter, Assistant General Counsel William J. Hocter, Associate Economist J. Charles Partee, Senior Economist John H. Kareken, Associate Economist Stephen H. Axilrod, Economist (Domestic Finance) Robert G. Link, 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, tw elfth 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 H erbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 117 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairriian 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. Eastbui;n John R. Coleman Mark H. Willes Cleveland ............ 44101 Albert G. Qay Willis j. Winn J. Ward Keener Walter k. 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. Hei\dley 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 tugene 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. Johh 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. Cav^ri 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 118 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 ad its 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 COM per 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 AGRICUL dress, $.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 OFTHE BOARD OF GOVERNORS, as of Dec. 31, 1971. $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 119 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. Part 2 (papers by Ettin, Peskin, and Ahearn and Apr. 1971,82 pp. Peskin). 1971. 153 pp. $1.00acopy; lOor more sent THE RELATIVE IMPORTANCE OF MONETARY to one address, $.85 each. AND FISCAL VARIABLES IN DETERMINING (Single copies, in mimeographed or similar form, PRICE LEVEL MOVEMENTS: A NOTE, by Peter 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 OPTIMAL DISTRIBUTED LAG RESPONSES AND SION. 1968.72 pp. EXPECTATIONS, by Roger Craine. Feb. 1972. 9 pp. ACADEMIC VIEWS ON IMPROVING THE FED THE EFFECT OF HOLDING COMPANY ACQUISI ERAL RESERVE DISCOUNT MECHANISM. TIONS ON BANK PERFORMANCE, by Samuel 1970. 172 pp. H. Talley. Feb. 1972. 25 pp. INTERNATIONAL MONEY MARKETS AND FLEX STAFF ECONOMIC STUDIES IBLE EXCHANGE RATES, by Stanley W. Black. Studies and papers on economic and financial subjects Mar. 1972.74 pp. that are of general interest in the field of economic EXPLAINING CHANGES IN EURO-DOLLAR PO research. SITIONS: A STUDY OF BANKS IN FOUR EUROPEAN COUNTRIES, by Rodney H. Mills, Summaries only printed in the Bulletin. Jr. May 1972. 34 pp. (Single copies of full text available, in mimeographed REPRINTS form, upon request from limited supply.) Printed in full in the Bulletin. (Reprints available as shown in following list.) MEASURES OF INDUSTRIAL PRODUCTION AND FINAL DEMAND, by Clayton Gehman and Cor ADJUSTMENT FOR SEASONAL VARIATION. June nelia Motheral. Jan. 1967. 57pp. 1941. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 120 FEDERAL RESERVE BULLETIN □ MAY 1972 SEASONAL FACTORS AFFECTING BANK RE THE FEDERAL RESERVE-MIT ECONOMETRIC SERVES. Feb. 1958. 12 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. U.S. INTERNATIONAL TRANSACtlONS: TRENDS IN 1960-67. Apr. 1968. 23 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. MONETARY RESTRAINT AND BORROWING AND 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. MEASURES OF MEMBER BANK RESERVES. FEDERAL FISCAL POLICY IN THE 1960’s. Si July 1963. 14 pp. 1968. 18 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. Dec. 1968. 30 pp. RESEARCH ON BANKING STRUCTURE AND 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 THE CHANNELS OF MONETARY POLICY, Staff with Frank E. Hopkins and Michael D. Sherman. Economic Study by Frank de Leeuw and Edward Nov. 1966. 11 pp. Gramlich. June 1969. 20 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN REVISION OF WEEKLY SERIES FOR COMMER U.S. CAPITAL MARKETS, Staff Economic Study CIAL BANKS. Aug. 1969. 5 pp. by Daniel H. Brill with Ann P. Ulrey. Jan. 1967. 14 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. REVISED SERIES ON COMMERCIAL AND IN DUSTRIAL LOANS BY INDUSTRY. Feb. 1967. RECENT CHANGES IN STRUCTURE OF COM 2 pp. MERCIAL BANKING. Mar. 1970. 16 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SDR’s IN FEDERAL RESERVE OPERATIONS SALES FINANCE COMPANIES. Feb. 1967. 5 pp. AND STATISTICS. May 1970. 4 pp. SUFtVEY OF FINANCE COMPANIES, MID-1965. INFLATION IN WESTERN EUROPE AND JAPAN. Apr. 1967. 26 pp. Oct. 1970. 13 pp. EVIDENCE ON CONCENTRATION IN BANKING MEASURES OF SECURITY CREDIT. Dec. 1970. MARKETS AND INTEREST RATES, Staff Eco nomic Study by Almarin Phillips. June 1967. 11 pp. ii pp. MONETARY AGGREGATES AND MONEY MAR NEW BENCHMARK PRODUCTION MEASURES, KET CONDITIONS IN OPEN MARKET POLICY. 1958 AN D 1963. June 1967. 4 pp. Feb. 1971. 26 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT BANK FINANCING OF MOBILE HOMES. Mar. 1971. ON MEMBER BANKS. July 1967. 6 pp. 4 pp. INTEREST COST EFFECTS OF COMMERCIAL RESPONSE OF STATE AND LOCAL GOVERN BANK UNDERWRITING OF MUNICIPAL REVE MENTS TO VARYING CREDIT CONDITIONS. NUE BONDS. Aug. 1967. 16 pp. Mar. 1971. 24pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 121 INTEREST RATES, CREDIT FLOWS, AND MONE PLANNED AND ACTUAL LONG-TERM BORROW TARY AGGREGATES SINCE 1964. June 1971. ING BY STATE & LOCAL GOVERNMENTS. 16 pp. Dec. 1971. 11 pp. TWO KEY ISSUES OF MONETARY POLICY. June CHANGES IN TIME AND SAVINGS DEPOSITS, 1971. 4 pp. JULY-OCTOBER 1971. Jan. 1972. 14 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. ASSETS AND LIABILITIES OF FOREIGN June 1971. 12 pp. BRANCHES OF U.S. BANKS. Feb. 1972. 16 pp. BANK RATES ON BUSINESS LOANS—REVISED TREASURY-FEDERAL RESERVE FOREIGN EX SERIES. June 1971. 10 pp. CHANGE OPERATIONS. Mar. 1972. 29 pp. INDUSTRIAL PRODUCTION—REVISED AND WAYS TO MODERATE FLUCTUATIONS IN THE NEW MEASURES. July 1971. 26 pp. CONSTRUCTION OF HOUSING. Mar. 1972. 11pp. BANKING AND MONETARY STATISTICS, 1970. U.S. BALANCE OF PAYMENTS AND INVEST Selected series of banking and monetary statistics for MENT POSITION. Apr. 1972. 15 pp. 1970 only. Feb., Mar., and July 1971. 19 pp. OPEN MARKET OPERATIONS AND THE MONE REVISED MEASURES OF MANUFACTURING TARY AND CREDIT AGGREGATES—1971. CAPACITY UTILIZATION. Oct. 1971. 3 pp. Apr. 1972. 23 pp. REVISION OF THE MONEY STOCK. Nov. 1971. CHANGES IN BANK LENDING PRACTICES, 1971. 14 pp. Apr. 1972. 5 pp. BALANCE OF PAYMENTS PROGRAM: REVISED CHANGES IN TIME AND SAVINGS DEPOSITS GUIDELINES FOR BANKS AND NONBANK AT COMMERCIAL BANKS, OCTOBER 1971- FINANCIAL INSTITUTIONS. Nov. 1971. 11pp. JANUARY 1972. Apr. 1972. 12 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. FINANCIAL DEVELOPMENTS IN THE FIRST 5 pp. QUARTER OF 1972. May 1972. 9 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
)xedni sihtn i dettimo si” A“ xiferp eht hguohtla 311-A hguorht 4-A segap o t era secnerefeR( A 122 FEDERAL RESERVE BULLETIN □ MAY 1972 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers’, 14, 33, 35 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Ownership by individuals, partnerships, and Arbitrage, 95 corporations, 32 Assets and liabilities (See also Foreigners): Subject to reserve requirements, 18 Banks, by classes, 20, 24, 25, 26, 39 Turnover, 15 Banks and the monetary system, 19 Deposits (See also specific types of deposits): Corporate, current, 51 Accumulated at commercial banks for payment of personal Federal Reserve Banks, 12 loans, 32 Automobiles: Adjusted, and currency, 19 Consumer instalment credit, 56, 57, 58 Banks, by classes, 11, 20, 25, 29, 39 Production index, 60, 61 Euro-dollars, 90 Federal Reserve Banks, 12,90 Postal savings, 19, 25 Bank credit proxy, 18 Subject to reserve requirements, 18 Bankers’ balances, 25, 28 Discount rates (See Interest rates) (See also Foreigners, claims on, and liabilities to) Discounts and advances by Federal Banks (See Loans) 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 hours, manufacturing industries, 67 Yields and prices, 36, 37 Employment, 64, 66, 67 Branch banks: Euro-dollar deposits in foreign branches of U.S. banks, 90 Foreign, 30, 88, 89, 90 Brokerage balances, 87 Farm mortgage loans, 52, 53 Business expenditures on new plant and equipment, 51 Federal agency obligations, 12, 13, 14, 15 Business indexes, 64 Federal finance: Business loans (See Commercial and industrial loans) Cash transactions, 42 Receipts and expenditures, 43 Capacity utilization, 64 Treasury operating balance, 42 Federal funds, 8, 24, 26, 30, 35 Capital accounts: Federal home loan banks, 40, 41, 53 Banks, by classes, 20, 25, 30 Federal Reserve Banks, 12 Federal Housing Administration, 52, 53, 54, 55 Central banks, 94, 96 Federal intermediate credit banks, 40, 41 Federal land banks, 40, 41 Certificates of deposit, 30 Coins, circulation, 16 Federal National Mortgage Assn., 40, 41, 55 Commercial and industrial loans: Federal Reserve Banks: Commercial banks, 24, 33 Condition statement, 12 Weekly reporting banks, 26, 31 U.S. Govt, securities held, 4, 12, 15, 44, 45 Commercial banks: Federal Reserve credit, 4, 6, 12, 15 Assets and liabilities, 20, 24, 25, 26 Federal Reserve notes, 12, 16 Consumer loans held, by type, 57 Federally sponsored credit agencies, 40, 41 Finance companies: Deposits at, for payment of personal loans, 32 Loans, 26, 56, 57, 59 Loans sold outright, 33 Paper, 33, 35 Number, by classes, 20 Real estate mortgages held, by type, 52 Financial institutions, loans to, 24, 26 Float, 4 Commercial paper, 33, 35 Flow of funds, 72 Condition Statements (See Assets and liabilities) Foreign: Construction, 64, 65 Currency operations, 12, 14, 77, 83 Consumer credit: Deposits in U.S. banks, 5, 12, 19, 25, 29, 90 Instalment credit, 56, 57, 58, 59 Exchange rates, 93 Noninstalment credit, by holder, 57 Trade, 75 Consumer price indexes, 64, 68 Foreigners: Consumption expenditures, 70, 71 Claims on, 84, 85, 90, 91, 92 Corporations: Liabilities to, 30, 78, 79, 81, 82, 83, 90, 91, 92 Sales, profits, taxes, and dividends, 50, 51 Security issues, 48, 49 Gold: Security yields and prices, 36, 37 Certificates, 12, 13, 16 Cost of living (See Consumer price indexes) Earmarked, 90 Currency and coin, 5, 10, 25 Net purchases by U.S., 76 Currency in circulation, 5, 16, 17 Production, 97 Customer credit, stock market, 38 Reserves of central banks and govts., 96 Stock, 4,19,77 Debits to deposit accounts, 15 Government National Mortgage Association, 55 Debt (See specific types of debt or securities) Gross national product, 70, 71 Demand deposits: Adjusted, banks and the monetary system, 19 Hours and earnings, manufacturing industries, 67 Adjusted, commercial banks, 15, 18, 25 Housing permits, 64 Banks, by classes, 11, 20, 25, 29 Housing starts, 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 123 Income, national and personal, 70,71 Production, 60-63, 64 Income and expenses: Profits, corporate, 50, 51 Insured commercial banks, 98 Member banks, 98-113 Real estate loans: Industrial production index, 60-63, 64 Banks, by classes, 24, 27, 39, 52 Instalment loans, 56, 57, 58, 59 Delinquency rates on home mortgages, 54 Insurance companies, 39,44,45, 53 Mortgage yields, 55 Insured commercial banks, 22,24, 32,98 Type of holder and property mortgaged, 52, 53, 54,55 Interbank deposits, 11, 20, 25 Reserve position, basic, member banks, 8 Interest rates: Reserve requirements, member banks, 10 Business loans by banks, 34 Reserves: Federal Reserve Banks, 9 Central banks and govts., 96 Foreign countries, 94, 95 Commercial banks, 25, 28, 30 Money market rates, 35 Federal Reserve Banks, 12 Mortgage yields, 55 Member banks, 5, 6, 11, 18, 25 Prime rate, commercial banks, 34 U.S. reserve assets, 77 Time and savings deposits, maximum rates, 11 Residential mortgage loans, 37, 52, 53, 54 Yields, bond and stock, 36 Retail credit, 56 International capital transactions of the U.S., 78-92 Retail sales, 64 International institutions, 76, 77, 94, 96 Inventories, 70 Saving: Investment companies, issues and assets, 49 Flow of funds series, 72 Investments (See also specific types of investments): National income series, 71 Banks, by classes, 20, 24, 27, 28, 39 Savings and loan assns., 40, 45, 53 Commercial banks, 18 Savings deposits (See Time deposits) Federal Reserve Banks, 12, 15 Savings institutions, principal assets, 39, 40 Life insurance companies, 39 Securities (See also U.S. Govt, securities): Savings and loan assns., 40 Federally sponsored agencies, 40, 41 International transactions, 86, 87 New issues, 47, 48, 49 Labor force, 66 Silver coin, 16 Loans (See also specific types of loans): Special Drawing Rights, 4, 12, 13, 19, 74, 77 Banks, by classes, 20, 24, 26,27, 39 State and local govts.: Commercial banks, 18, 20,24, 26, 27, 31, 33,34 Deposits, 25, 29 Federal Reserve Banks, 4, 6, 9, 12, 13, 15 Holdings of U.S. Govt, securities, 44, 45 Insurance companies, 39, 53 New security issues, 47, 48 Insured or guaranteed by U.S., 52, 53, 54, 55 Ownership of securities of, 24, 28, 39 Savings and loans assns., 40, 53 Yields and prices of securities, 36, 37 State member banks, 22, 32 Manufacturers: Stock market credit, 38 Capacity utilization, 64 Stocks: Production index, 61, 64 New issues, 48, 49 Margin requirements, 10 Yields and prices, 36, 37 Member banks: Assets and liabilities, by classes, 20, 24 Tax receipts, Federal, 43 Borrowings at Reserve Banks, 6, 12 Time deposits, 11, 18, 19, 20, 25, 29 Deposits, by classes, 11 Treasury cash, Treasury currency, 4, 5, 16, 19 Income and expenses, 98-113 Treasury deposits, 5,12,42 Number, by classes, 20 Treasury operating balance, 42 Reserve position, basic, 8 Reserve requirements, 10 Unemployment, 66 Reserves and related items, 4, 18 U.S. balance of payments, 74 Mining, production index, 61, 63 U.S. Govt, balances: Mobile home shipments, 65 Commercial bank holdings, 25, 29 Money rates (See Interest rates) Consolidated condition statement, 19 Money stock and related data, 17, 19 Member bank holdings, 18 Mortgages (See Real estate loans and Residential mortgage Treasury deposits at Reserve Banks, 5, 12, 42 loans) U.S. Govt, securities: Mutual funds (See Investment companies) Bank holdings, 19, 20, 24, 27, 39, 44, 45 Mutual savings banks, 19, 29, 39, 44, 45, 52 Dealer transactions, positions, and financing, 46 Federal Reserve Bank holdings, 4, 12, 15, 44, 45 National banks, 22, 32 Foreign and international holdings, 12, 83, 86, 90 National income, 70, 71 International transactions, 83, 86 New issues, gross proceeds, 48 National defense expenditures, 43, 70 Nonmember banks, 22, 24, 25, 32, 98 Open market transactions, 14 Outstanding, by type of security, 44, 45, 47 Ownership of, 44, 45 Open market transactions, 14 Yields and prices, 36, 37 United States notes, 16 Payrolls, manufacturing index, 64 Utilities, production index, 61, 63 Personal income, 71 Postal savings, 19, 25 Veterans Administration, 52, 53, 54, 55 Prices: Consumer and wholesale commodity, 64, 68 Weekly reporting banks, 26 Security, 37 Prime rate, commercial banks, 34 Yields (See Interest rates) )xedni sihtn i dettimos i” A“ xiferp eht hguohtla 311-A hguorht 4-A segapo t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^ Chicago j OmafuL* jCjncinnam fC(iarl°ttO >3 Oklahoma City Dallas Jiouston Antonio* Miami January 1972 Vnmmh/X.W gJvm,OM * (o THE FEDERAL RESERVE SYSTEM ) ft q 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
Cite this document
Federal Reserve (1972, April 30). Federal Reserve Bulletin, 1972-05. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197205
@misc{wtfs_bulletin_197205,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1972-05},
year = {1972},
month = {Apr},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197205},
note = {Retrieved via When the Fed Speaks corpus}
}