Federal Reserve Bulletin, 1972-06

F e d e r a l R e s e r v e B u l l e t i n JUNE 1972 * * * * * * * , * ' o f C O J* % * f* A L R E s f :* * BOARD OF GOVERNORS ■ THE FEDERAL RESERVE SYSTEM ■ WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN C O N T E N T S NUMBER 6 □ VOLUME 58 □ JUNE 1972 523 Financing Corporate Investment 531 Staff Economic Studies: Summaries 533 Construction Loans at Commercial Banks 545 Some Essentials of International Monetary Reform 550 Characteristics of Federal Reserve Bank Directors 560 Membership of the Board of Governors of the Federal Reserve System, 1913-72 562 Record of Policy Actions of the Federal Open Market Committee 571 Law Department 601 Announcements 603 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 108 Board of Governors and Staff A 110 Open Market Committee and Staff; Federal Advisory Council A 111 Federal Reserve Banks and Branches A 112 Federal Reserve Board Publications A 119 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE 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

h n a n c in g C o r p o r a t e I n v e s t m e n t CORPORATE FINANCING in early 1972 was strongly in­ fluenced by the striking improvement in financial positions that took place last year. Long-term financing in capital markets—while large by historical standards—was well below the record volume of 1971. But borrowing in shorter-term form, which had been unusually small during most of 1971, increased sharply. Corporate liquidity ratios appear to have declined slightly in the first quarter despite continued addi­ tions to liquid asset holdings at the high 1971 rate. The flow of internal funds to nonfinancial corporations in the first quarter of this year was one-tenth above the 1971 average, but in dollar terms the increase did not keep pace with the rise in spending. Improvement in economic activity has been accompanied by acceleration in spending on fixed assets and by expansion in financing of customers, although accumulation of inventories remained minimal through the first quarter. LIQUIDITY By the end of 1971, nonfinancial corporations had accom­ plished a major restructuring of their balance sheets. Impor­ tant elements of this restructuring were the acquisition of additional liquid assets, a slowdown in the growth of current liabilities, and a resulting considerable improvement in liqui­ dity positions. Funds raised through sale of long-term securities in 1971, together with those available from internal sources, were large Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN □ JUNE 1972 enough relative to spending to permit substantial accumulation of liquid assets. According to data of the Securities and Exchange Commission, holdings of such assets increased by more than $13 billion after 2 years of almost no change. The increase was largest for manufacturing corporations al­ though increases occurred in other major industrial sectors as well. Many corporations used proceeds of capital market financ­ ing to retire previously incurred short-term debt or as a substitute for new short-term borrowing. Total current liabili­ ties, which had grown at an average annual rate of more than $30 billion in the previous 3-year period, increased less than $4 billion from mid-1970 to mid-1971 and grew only moderately after midyear. As a result, the average maturity of corporate debt length­ ened significantly and, for the first time in many years, corporate liquidity ratios increased—from 29.7 per cent at the end of 1970 to 32.5 per cent at the end of 1971, as measured by the ratio of liquid assets to current liabilities. In addition, there was a sizable increase in unidentified assets (or reduction in unidentified liabilities), the timing of which within the year suggests that it may have been related to disturbances in foreign exchange markets. Although current liabilities of corporations at the end of last year were still very large relative both to liquid assets < LIQUIDITY RATIO higher after sharp increase in holdings of LIQUID ASSETS and 1 little rise in CURRENT LIABILITIES PER CENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS Ql 02 03 04 01 02 03 04 Q1 02 03 04 SEC end-of-quarter data not seasonally adjusted. Liquid assets are sum of cash and deposits, holdings of U.S. Govt, securities, and “other” current assets. Excludes banks, savings and loan assns., insurance companies, and investment companies but includes other financial corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING CORPORATE INVESTMENT 525 and to total current assets, pressures to restructure balance sheets and to improve liquidity positions have undoubtedly lightened. Holdings of liquid assets appear to have increased further in early 1972, at a time of year when they are usually reduced, but growth in short-term debts has picked up. PHYSICAL INVESTMENT Spending by nonfinancial corporations for physical assets has accelerated this year. After growing less than 4 per cent in all of 1971, such spending rose at an annual rate of 23 per cent in the first quarter of 1972 and continued to advance— though probably at a somewhat slower rate—in the second quarter. Thus far, the step-up has been concentrated in plant and equipment outlays. FLOW OF FUNDS—NONFINANCIAL CORPORATIONS In billions of dollars at seasonally adjusted annual rates 1970 1971 1972 Item HI H2 HI H2 Qlp Soirees................................................ 104.5 99.6 122.5 133.3 134.4 Internal............................................ 60.8 62.3 69.3 74.0 79.0 Undistributed profits1................ 8.1 7.5 11.9 13.5 15.9 Capital consumption allowances 52.7 54.8 57.4 60.5 63.1 Funds raised in markets................. 41.1 38.5 47.0 50.2 52.7 Bonds and mortgages................. 21.7 29.4 32.0 29.2 25.6 Stocks .......................................... 6.3 7.3 12.3 14.5 11.0 Bank loans, n.e.c........................ 7.3 -2.8 .8 5.9 12.0 Other ........................................... 5.8 4.6 2.0 .5 4.0 2.6 -1.2 6.2. 9.1 2.7;f Profit tax liabilities..................... -4.9 - .5 6.5 1.5 2.1 Other liabilities........................... 7.5 - .7 - .3 7.6 .6 96.8 87.6 107.7 103.3 115.7 Fixed investment............................. 80.6 82.5 84.6 87.8 95.0 Inventories....................................... .9 4.3 2.3 - .4 1.0 Net trade and consumer credit....... 6.0 3.8 3.9 1.3 4.5 Miscellaneous financial assets....... 5.6 2.9 6.1 4.1 4.5 Liquid assets.................................... 3.7 -5.9 10.8 10.5 10.7 Discrepancy........................................ 7.7 12.1 14.9 29.9 18.6 1 After inventory valuation adjustment and inclusion of foreign branch profits. Preliminary. n.e.c. Not elsewhere classified. Manufacturing businesses reduced their spending for plant and equipment by 6 per cent last year but, according to the most recent Department of Commerce survey, are planning an increase of 6 per cent in 1972, all of it after the first quarter. If realized, this would be the first significant rise in such outlays since 1969. Public utility and communications companies together plan to increase their capital expenditures at a moderately faster rate than in 1971. They accounted for two-thirds of the increase in all business plant and equipment expenditures in the first quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN □ JUNE 1972 While outlays for plant and equipment began to rise more rapidly in early 1972, and net investment in residential properties continued to increase sharply, accumulation of inventories remained minimal. Nonfinancial corporations in­ vested only $1.4 billion in additional inventories in the fourth quarter of last year, on a gross national product basis, and even less than this in the first quarter of 1972—perhaps because final sales accelerated more than expected. INTERNAL FUNDS The flow of internal funds to nonfinancial corporations, which had increased by nearly one-third during the preceding 2 years, rose further in the first quarter of 1972 to an annual rate of $79 billion, as capital consumption allowances contin­ ued to grow and profits increased. For the nonfinancial corporate sector, profits before taxes, after amounting to about $66 billion in the third and fourth quarters of last year, increased to $72 billion. While this was not a record rate—profits of such corporations had totaled $72 billion as long ago as the first quarter of 1969—it did represent an increase of 10 per cent from the levels of late 1971. Moreover, a further sizable rise seems likely in the second quarter of this year. Most of the first-quarter increase in profits reflected expan- 80 60 40 20 0 Seasonally adjusted annual rates. “Undistributed profits” are after inventory valuation adjustment and inclusion of foreign branch profits. Ql 1972 preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING CORPORATE INVESTMENT 527 sion in activity. Profit margins appear to have risen also, after adjustment for seasonal variation, but with selling prices restrained by controls and with unit labor costs higher, the increase was moderate. For some companies, margins ap­ parently have risen enough to require price reductions. But in a number of industries average margins were lower than in early 1971, and for manufacturing corporations as a group the ratio of profits before taxes to sales was well below the levels of 1967-69. PROFIT MARGINS of manufacturing companies rise moderately PER CENT Federal Trade Commission and Securities and Exchange Commission quarterly data manufacturing corporations. Ratio of profits before taxes to sales, seasonally adjusted Federal Reserve. Income taxes have absorbed a declining proportion of corporate profits since adoption of the present investment tax credit in 1971. Also, the ratio of dividend payments to profits has declined. While a large number of companies have increased their dividends per share by the maximum—gener­ ally 4 per cent—permitted under the stabilization program, and the amount of stock outstanding has increased, net divi­ dends paid by nonfinancial corporations rose only 5 per cent in the first quarter of this year. As a result of the reduced proportions of profits set aside for income taxes and dividends, profits after these charges rose 16 per cent in the first quarter. But inclusion of reduced profits of foreign branches and elimination of an increased volume of inventory profits lowers the first-quarter change in undistributed profits, as measured in the flow of funds accounts, to 3 per cent—the same relative increase as in capital consumption allowances and therefore in total internal funds. Undistributed profits seem likely to have risen much Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN □ JUNE 1972 faster in the second quarter, reflecting a probable further increase in total profits and decline in inventory profits. However, with capital consumption allowances now ac­ counting for four-fifths of total internal funds, and growing at a rate of 3 per cent a quarter, sharp changes in the flow of internal funds cannot be expected over the short run. Thus, a quarter-to-quarter increase of as much as 10 per cent in total internal funds would require an increase of close to 40 per cent in the undistributed-profits component. Other sources of funds, as well as total uses of funds, are much more volatile. EXTERNAL FINANCING With the rise in spending far exceeding the increase in funds generated internally, funds raised by nonfinancial corporations in money and capital markets rose by $10 billion or 23 per cent in the first quarter, and the proportion of total inflows represented by such market financing returned to about 40 per cent. Short-term borrowing accounted for all of the increase, as net issues of long-term securities—bonds, stocks, and mortgages—continued to decline. Corporate financing in long-term capital markets was at an annual rate of $37 billion in the first quarter, compared with $42 billion in the fourth quarter of 1971 and $45 billion in the third quarter. The reduction was entirely in bonds and Nonfinancial corporations reduce reliance on LONG-TERM market financing while increasing use of SHORT-TERM borrowing PER CENT OTHER BORROWING BONDS, STOCKS, MORTGAGES 40 \ ■ i i i i i . mmmmm 20 J l I 1968 1969 1970 1971 Ql Q21 971Q 3 Q4 1 Q 2 l Per cent of total inflows to nonfinancial corporations. Total inflows comprise items listed in the table on page 525 under “Sources.” Ql 1972 preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING CORPORATE INVESTMENT 529 stocks. Expansion of corporate mortgage debt continued at last year’s record rate. Gross offerings of corporate bonds and stocks in the first 6 months of 1972 totaled about $20 billion, a decline of 18 per cent from the huge volume a year earlier. Manufacturing companies, whose offerings dropped 50 per cent, accounted for more than four-fifths of the decline. Offerings of public utility and communications companies remained close to the volume in the first half of 1971. SECURITY ISSUES by manufacturing companies decline sharply; those by nonmanufacturers remain large BILLIONS OF D0LLA 20 10 0 10 0 20 10 0 1909 1970 1971 1972 SEC gross offerings data not seasonally adjusted. HI 1972 partly estimated by Federal Re­ serve. “All other” issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. The marked reduction in bond and stock issues by manu­ facturing companies occurred despite the prospective step-up in their outlays for plant and equipment. In the first half of 1971, on the other hand, these companies had greatly in­ creased their issuance of securities at a time when their plant and equipment expenditures were declining. To a considerable extent, these disparities reflected the intensity last year, and moderation this year, of pressures to lengthen the maturity of outstanding debt. Corporate financing in markets providing shorter-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN □ JUNE 1972 funds, which had remained exceptionally small throughout 1971—except for a spurt in the third quarter, associated with the disturbances in foreign exchange markets—increased in early 1972. Borrowing at banks was larger in the first quarter of 1972 than at any other time in almost 3 years. Although corporations as a group had not yet begun to build up their inventories, the rapid rise in sales enlarged other short-term financing needs, credit was available on favorable terms, and corporations were more willing than previously to expand their short-term debt. Short-term bor­ rowing accounted for three-tenths of the funds raised by nonfinancial corporations in money and capital markets in the first quarter, compared with less than one-tenth during most of 1971 but with well over three-tenths in most years of the 1960’s. ★ ★ ★ With substantial progress having been made in restructuring debt and improving liquidity, and with both long- and short­ term funds readily available, corporations are in a position to tailor their demands on financial markets more closely to the nature of their spending than has been the case for several years. In this situation, resumption of inventory accumulation to support rising sales should be accompanied by a further shift toward short-term borrowing, and sales of long-term securities for the purpose of repaying short-term debt should remain moderate. However, continuation of a more balanced composition of corporate external financing will depend im­ portantly on the success of stabilization measures in pre­ venting renewal of inflationary expectations. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S taff E conom ic S tudies 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 B ulletin 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 B u lletin 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 B ulletin. available in that form. Study Sum m aries CREDIT RATIONING: A REVIEW Benjamin M. Friedman—Morgan Stanley & Co. This paper is based on research that was supported by the Board of Governors of the Federal Reserve System and undertaken while the author was Junior Fellow of the Society of Fellows, Harvard University. It was presented to a meeting of the System Committee on Financial Analysis in May 1971 and was revised in early 1972. Credit rationing is a familiar, if somewhat This paper reviews the literature of controversial, concept in both academic credit rationing, within the context of and popular discussions of the functioning commercial and industrial borrowers, as of American financial markets. In partic­ it has evolved since the early 1950’s when ular, the availability of credit, as well as two opposing points of view were clearly its cost, plays a significant role in discus­ articulated: by Robert V. Roosa—credit sions of the impact of financial markets rationing exists and has a logical basis— upon various forms of real spending and Paul A. Samuelson—credit rationing throughout the economy. The potential would be an illogical violation of profit implications of credit rationing for both maximization by lenders and so does not the theory and the practice of monetary exist in any significant sense. Subsequent policy are broad, especially in the context work has attempted to reconcile these two of the as yet inconclusive search for the positions, primarily by examining more “channels” by which monetary policy fully the constraints and/or the time hori­ affects aggregate output, prices, and em­ zon within which lenders maximize prof­ ployment. its. This paper deals in turn with the 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

refinement of the basic theoretical frame­ absence of empirical support for the exis­ work, the central role of uncertainty in tence of credit rationing, these models in credit-rationing models, the nonquantifia- themselves remain somewhat empty ves­ ble concept of the customer relationship, sels, unable to contribute substantially ei­ and the very limited number of relevant ther to monetary policy formulation or empirical studies. to financial forecasting. In addition, the The study concludes that the literature continually changing institutional frame­ of credit rationing has achieved consid­ work of the financial system may render erable theoretical sophistication but re­ obsolete some of the phenomena ad­ mains empirically inconclusive. The the­ dressed by the literature of the 1950’s and, oretical models that have been developed at the same time, introduce new variants. have effectively answered Samuelson’s Hence the only firm conclusion to be objections that credit rationing would drawn is the potential usefulness of logically violate the principle of lender serious further empirical investigation of profit maximization. Nevertheless, in the the commercial bank loan market. □ REGULATION Q AND THE COMMERCIAL LOAN MARKET IN THE 1960’s Benjamin M. Friedman—Morgan Stanley & Co. This paper is based on research that was supported by the Board of Governors of the Federal Reserve System and undertaken while the author was Junior Fellow of the Society of Fellows, Harvard University. It was presented to a meeting of the System Committee on Financial Analysis in May 1971 and was revised in early 1972. This paper examines the record of the arguments, devised to treat the institu­ commercial loan market in the 1960’s, tional framework of the 1950’s, largely paying special attention to the ability of inappropriate; and (2) that, during the banks to compete for open market funds, specific periods in which the effectiveness subject to Regulation Q interest ceilings, of Regulation Q interest ceilings denied through negotiable time certificates of de­ banks this flexibility, the models oriented posit. Relying on theories of credit ra­ toward the 1950’s were temporarily valid, tioning and credit availability advanced in with credit-rationing effects constituting the 1950’s and early 1960’s, the paper an important aspect of restrictive mone­ specifically examines the familiar view tary policy. that the major impact of these ceiling rates The application of parametric and nonoperates through credit rationing and parametric statistical tests to the estimated availability phenomena. residuals of the borrower demand function By using quarterly data compiled from for commercial loans provides empirical the Federal Reserve System’s large evidence that precludes any strong con­ weekly reporting commercial bank series, firmation of the hypothesis that associates the paper estimates a borrower demand credit rationing and Regulation Q. The function for commercial loans, including evidence indicates that Regulation Q does no price term other than the loan interest indeed produce significant distorting ef­ rate. It then applies that function to test fects in the commercial loan market but the second part of the following two-part that these effects are not consistently in hypothesis: (1) that the control afforded the direction of reducing net loan exten­ banks over their deposit volume by the sions from what would have been ex­ advent in 1961 of negotiable time CD’s pected in the absence of effective Regu­ rendered credit rationing and availability lation Q interest ceilings. □ 532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

C o n stru ctio n L o a n s at C o m m ercia l B anks Commercial banks continue to be the < Construction loans held by commercial largest single holder of loans used to fi­ * banks surveyed, June 30,1971 nance on-site construction. Banks of all sizes are active in this type of lending. These are part of the findings of an offi­ cial survey—the first of its kind in 21 years —conducted in mid-1971 covering banks holding nine-tenths of the total resources of the banking system. Nearly two-thirds of the 6,541 com­ mercial banks surveyed in the United States and possessions reported that they held nonfarm construction loans on June 30, 1971. Altogether, their holdings of loans to finance construction activity to­ taled $9.2 billion. Of this amount, $7.5 billion was classified among mortgage houses, and other private nonresidential loans—loans secured primarily by real properties. estate—and $1.7 billion among commer­ In addition to a detailed examination of cial and industrial loans. The two cate­ the survey results, this article includes gories of construction loans combined several of the basic data tables used for amounted to a sixth of the permanent analysis (Appendix A). Further back­ mortgages reported by the banks surveyed. ground information is given in three other The dollar amount of construction loans appendixes. Appendix B covers the sur­ covered in the survey was concentrated vey design, schedule, and instructions; both by size and location of bank and by Appendix C, a comparison of the official type of property. A few large commercial 1950 and 1971 surveys; and Appendix D, banks—54— held more than two-fifths of technical and related considerations bear­ all outstanding construction credit ing on interpretation of the results. reported by 4,166 banks. Among the four census regions, commercial banks located PURPOSE OF SURVEY in the Northeast accounted for the largest The major purpose of the 1971 survey was single share—a third—of total credit out­ to quantify commercial bank holdings of standing. Unlike permanent mortgage on-site construction loans as compared loans, somewhat more than half of the dol­ with other types of loans related to real lar volume of all outstanding construction estate development and ownership. Under loans reported related to industrial struc­ prevailing arrangements, loans made by tures, office buildings, stores, ware- most commercial banks for construction in progress are distinct—both functionally Note.—Robert Moore Fisher and Bernard N. Freed­ and legally—from the financing of final man of the Board’s Division of Research and Statistics prepared this article. purchases. The distinction parallels the 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN □ JUNE 1972 separation that exists between the short­ credit extensions as “business” loans term development process and the long­ under certain conditions even when they term ownership of a completed property. involve a mortgage. Among other consid­ This separation is commonly marked by erations, such loans need not be subject different maturity, risk, and yield charac­ to statutory limits on either loan-to-value teristics and by different borrowers as well ratios or a bank’s total holdings of mort­ as by different kinds of lenders that may gage loans. operate under different statutory or regu­ In addition, the survey provided detail latory limitations relating to aggregate needed to help improve the reliability of holdings of each type of loan. (See Ap­ the estimating procedures based on a pendix D.) sample of reports of gross mortgage lend­ While the focus of the survey was on ing now being collected by the Federal construction lending, the results of the Deposit Insurance Corporation for com­ 1971 survey highlight the contribution of mercial banks. These estimates form part commercial banks to each of these sepa­ of the regular monthly series on gross rate credit markets for nonfarm real estate. mortgage flows, available for most major The construction loans included in the lender groups since mid-1970 under the survey relate to the financing of construc­ general auspices of the Department of tion activity under way as well as to the Housing and Urban Development. financing of improvements to land prior In evaluating the results, it must be to the building of structures. The survey recognized, of course, that the construc­ covered all commercial banks that are tion loans and permanent mortgage loans members of the Federal Reserve System analyzed in this survey represent only one and all other banks with total deposits of of several ways in which commercial $25 million and over. banks may contribute to financing real A survey of this general type had been estate. As an omnibus type of financial made once before—as of June 30, 1950, institution in a position to offer short­ for all insured commercial banks. (See term, interim-term, and long-term credit Appendix C.) Unlike results of the earlier related to the mortgage and real estate official survey and others,1 the results of markets, commercial banks not only make the recent survey permit analysis of un­ construction loans and permanent mort­ derlying structural detail in considerable gages for their own account but also ex­ depth. tend warehousing-type credit to mortgage The 1971 survey also covered on-site companies and other nonbank real estate construction loans classified among com­ lenders. In addition, they purchase se­ mercial and industrial loans rather than curities of such housing-oriented issuers among real estate loans. No previous at­ as the Federal National Mortgage Associ­ tempt had been made to determine the ation, the Federal home loan banks, and incidence of all types of construction loans the National Corporation for Housing in “business” loans, although nationally Partnerships; buy municipal securities is­ chartered commercial banks as well as sued to finance public housing and other some State-chartered institutions have public improvements; service mortgages been permitted for some time to classify owned by others; advance loans against mobile homes2 and mobile-home parks; 1 For a description of earlier surveys, see Peter A. Schulkin, “Commercial-Bank Construction Lending,” 2 Results of a mid-1970 survey of commercial bank Research Report to the Federal Reserve Bank of Bos­ financing of mobile homes were published in the Federal ton, No. 47, September 1970. Reserve B ulletin, March 1971, pp. 179-82. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION LOANS AT COMMERCIAL BANKS 535 and extend unsecured loans to finance TABLE 1 home and other real estate improvements. CONSTRUCTION LOANS REPORTED AMONG COMMERCIAL AND INDUSTRIAL LOANS BY COMMERCIAL BANKS SURVEYED SURVEY RESULTS June 30,1971 The survey results confirm other indica­ In per cent tions that commercial banks hold more Share at commercial banks of all: credit outstanding for private nonfarm Commercial and industrial loans............................... 1.6 Mortgage loans......................................................... 2.6 construction than does any other lender Construction loans, however secured........................ 18.6 group. At $9.2 billion, the aggregate amount held in mid-1971 by the banks all types of construction loans held by surveyed was more than twice the volume commercial banks, as shown in Table 1. of disbursed construction loans then out­ These ratios, it may be noted, were standing at savings and loan associa­ derived at a time of the building season tions—clearly the next largest holder of when construction outlays are typically such loans among all other lender groups, large and in a year when construction including the growing real estate invest­ outlays were exceptionally high. ment trusts. Analysis of the survey results in terms At most commercial banks, whether of bank size and location as well as of grouped by size of deposit or by location, type of property indicated the following: the amount of construction loans out­ 1. Almost two-thirds of all the com­ standing was exceeded by the amount of mercial banks surveyed reported some permanent mortgages held. This largely construction loans. The proportions reflects the much more rapid turnover of represented by these banks—and in most construction loans relative to that of per­ cases, the proportions of their total demanent mortgages. The different rates of turnover associated with each type of Proportion of commercial banks in survey loan, in turn, help to explain why lenders with construction loans, June 30, 1971 such as commercial banks, which are PER CENT OF NUMBER heavily engaged in construction as well as permanent mortgage lending, tend to exhibit a more volatile pattern of net mortgage investment than less diversified types of mortgage lenders do. (See Ap­ pendix D.) Altogether, the survey results indicate that nonfarm construction loans secured primarily by real estate constituted about 12 per cent of all bank loans so secured.3 Share of bank deposits in construction loans PER CENT OF AMOUNT Also, holdings of construction loans 4 classified among commercial and indus­ trial loans accounted for nearly a fifth of __________ 1 3 Among permanent loans secured by real estate, the survey included some loans made to finance the ac­ I I I I I quisition or holding of unimproved nonfarm land. Ac­ cording to the HUD gross-flow series, outstanding land loans approximated 2.5 per cent of all outstanding per­ DEPOSIT SIZE IN MILLIONS OF DOLLOAVERRS manent mortgage loans at all commercial banks on June 30, 1971. Member banks only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN □ JUNE 1972 posits in such loans—varied directly with amount of their construction loans on res­ their deposit size.4 idential—almost exclusively 1- to 4-fam­ 2. The largest banks tended to have the ily properties. At the other extreme, banks largest share of their combined holdings with deposits of $1,000 million and over in construction loans. had 59 per cent of their construction loans on nonresidential properties. Stratification Construction loans and permanent real of banks by size of mortgage portfolio— estate loans held by commercial banks, rather than by size of deposits—yielded June 30, 1971 a similar but somewhat less pronounced SIZE OF BANK IN MILLIONS OF DOLLARS pattern. TABLE 2 DISTRIBUTION OF COMMERCIAL BANKS AND OF AMOUNT OF PERMANENT MORTGAGES AND CON­ STRUCTION LOANS OUTSTANDING BY SIZE OF TOTAL DEPOSITS OF BANKS SURVEYED June 30,1971 In per cent Deposit size Number of Amount of (in millions banks loans outstanding of dollars) with loans Permanent 1 Construction Under 251 ....................... 63 10 4 25-49 ................................. 19 12 6 50-99 ................................. 9 12 7 100-499 ........................... 7 24 20 500-999 ........................... 1 14 19 1000 and over................. 1 28 44 All size groups............... 100 100 100 1 Member banks only. BILLIONS OF DOLLARS 5. In virtually all instances, the multifamily-property category showed a rel­ 1 Member banks only. atively much higher proportion of con­ struction loans in the combined mix of 3. The larger banks also accounted for construction and permanent real estate a larger share of total bank holdings of loans outstanding than did other types of construction loans than of permanent properties. This general pattern obtained mortgage loans (Table 2). for banks located outside as well as inside 4. Smaller banks tended to concentrate standard metropolitan areas, and in all more on construction loans for 1- to 4census regions. family properties. Larger banks, in con­ The higher ratio of construction loans trast, specialized relatively more on cons­ in the combined mix of loans—50 per truction loans on multifamily and cent—for multifamily properties re­ nonresidential properties. Illustrating this flected, in part, the high level of multi­ pattern, banks with deposits of less than family construction under way in mid- $25 million held 69 per cent of the dollar 1971. It also was associated with the relatively small over-all amount of mul­ 4 Banks reporting permanent mortgages outstanding tifamily mortgage debt held by commer­ showed a similar profile by deposit size. However, the range of variation was quite limited—from 92 per cent cial banks compared with other “type of for banks in the $25-million to $49-million deposit-size property” loan portfolios. In fact, multicategory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION LOANS AT COMMERCIAL BANKS 537 position of commercial banks in the mar­ Construction loans and permanent ket for construction credit. mortgage loans held by commercial banks, 7. There was considerable difference in June 30, 1971 the amount of construction loans held by TYPE OF NONFARM PROPERTY reporting banks in various parts of the Nation, owing mainly to differences in local markets. Among census regions, banks in the Northeast, for example, ac­ counted for the largest share—a third—of all construction loans outstanding as noted earlier, including more than two-fifths of such loans in the case of nonresidential properties. These market shares reflected not only the substantial amount of nonresidential construction work then under way in the Northeast, but also the practice of some of the larger banks with headquarters in that area to originate or family loans accounted for no more than participate in loans for such work on 9 per cent of all types of construction and properties situated elsewhere in the permanent real estate loans held by banks country. A similar tendency was noted in in any given deposit-size group—the the case of multifamily properties, which, $500 million to $999 million category. like nonresidential properties, often entail 6. Construction loans reported among large loans. commercial and industrial loans supple­ The greatest number of banks reporting mented bank holdings of mortgages to construction loans was in the South. Such only a minor degree—by less than 3 per banks also accounted for the largest share cent on the average, as noted in Table 1. of outstanding construction loans on 1- to However, for one particular property 4-family properties—36 per cent. This type — multifamily — the corresponding was partly associated with the heavy con­ percentage approximated 12 per cent. centration of private 1- to 4-family units— Also, “business” construction loans ac­ two-fifths of the Nation’s total—under counted for a more significant share—20 construction in that area in mid-1971. per cent—of total construction credit for Also, because individual home construc­ all types of residential properties. Thus, tion projects often involve relatively small traditional measures of participation in amounts of funds, they can be readily real estate finance—expressed in terms of financed in local as well as in regional mortgages held—tend to understate the or national credit markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN □ JUNE 1972 APPENDIX A: Basic Data Tables TABLE A 1 ALL OUTSTANDING LOANS SECURED PRIMARILY BY REAL ESTATE AT COMMERCIAL BANKS SURVEYED, JUNE 30, 1971 By type of nonfarm property and by bank size and location Amount outstanding (in millions of dollars) Number of banks with loans Category Residential Non­ Residential Non­ Total resi­ Total resi­ dential dential Total 1- to 4- Multi­ Total 1- to 4- Multi­ family family family family ALL BANKS IN SURVEY.............................. 64,740 42,580 38,995 3,585 22,160 6,360 6,270 6,236 1,839 5,939 A. Total deposits (in millions of dollars): Under 251.......................................................... 5,961 4,461 4,363 98 1,499 4,022 3,948 3,926 589 3,647 25-49................................................................... 7,432 4,966 4,767 198 2,467 1,205 1,193 1,186 505 1,169 50-99................................................................... 7,222 4,523 4,239 284 2,699 558 555 552 315 550 100-499............................................................... 15,249 9,261 8,541 720 5,988 443 442 440 317 441 500-999............................................................... 9,236 5,777 4,993 784 3,459 78 78 78 64 78 1,000 and over................................................... 19,640 13,593 12,091 1,501 6,047 54 54 54 49 54 B. Mortgage holdings (in millions of dollars): Under 25............................................................ 22,354 14,608 13,956 652 7,746 5,938 5,848 5,815 1,502 5,519 25-99................................................................... 14,607 8,818 7*942 876 5,789 321 321 320 246 320 100-499............................................................... 15,742 9,967 8,743 1,224 5,775 90 90 90 80 89 500 and over..................................................... 12,037 9,187 8,354 833 2,850 11 11 11 11 11 C. SMSA location: Inside.................................................................. 54,148 35,239 31,879 3,360 18,909 2,680 2,638 2,622 1,138 2,542 Outside............................................................... 10,592 7,341 7,115 225 3,251 3,680 3,632 3,614 701 3,397 D. Census region: 2 Northeast........................................................... 19,736 12,359 11,190 1,169 7,378 1,057 1,043 1,037 362 1,017 North central..................................................... 19,327 13,430 12,539 892 5,896 2,585 2,563 2,556 735 2,440 South................................................................... 11,059 6,012 5,341 670 5,047 2,166 2,114 2,097 530 1,971 West..................................................................... 14,239 10,507 9,666 841 3,731 545 543 539 209 506 TABLE A 2 ALL CONSTRUCTION LOANS OUTSTANDING AT COMMERCIAL BANKS SURVEYED, JUNE 30, 1971 By type of nonfarm property and by bank size and location Amount outstanding (in millions of dollars) Number of banks with loans Category Residential Non­ Residential Non­ Total resi­ Total resi­ dential dential Total 1- to 4- Multi­ Total 1- to 4- Multi­ family family family family ALL BANKS IN SURVEY.............................. 9,225 4,375 2,386 1,989 4,850 4,166 3,877 3,755 970 2,259 A. Total deposits (in millions of dollars): Under 251.......................................................... 340 235 209 26 105 2,172 2,010 1,967 192 804 25-49................................................................... 514 324 257 67 190 959 884 849 246 589 50-99................................................................... 627 355 264 90 272 490 456 437 170 369 100-499............................................................... 1,866 916 479 436 950 416 402 386 251 369 500-999............................................................... 1,774 872 442 430 903 75 73 70 63 74 1,000 and over................................................... 4,104 1,674 734 940 2,430 54 52 46 48 54 B. Mortgage holdings (in millions of dollars): Under 25............................................................. 1,934 1,148 852 296 786 3,757 3,478 3,373 689 1,876 25-99................................................................... 2,348 1,148 562 586 1,200 309 301 288 198 285 100-499............................................................... 3,277 1,360 621 739 1,917 89 87 85 73 87 500 and over...................................................... 1,666 719 351 368 947 11 11 9 10 11 C. SMSA location: Inside.................................................................. 8,555 3,951 2,024 1,927 4,604 2,021 1,850 1,763 680 1,328 Outside............................................................... 670 424 361 62 246 2,145 2,027 1,992 290 931 D. Census region:2 Northeast............................................................ 3,220 1,106 416 690 2,114 748 702 675 188 427 North central..................................................... 1,196 576 299 277 619 1,461 1,346 1,302 269 721 South................................................................... 2,626 1,411 855 555 1,215 1,597 1,497 1,454 392 874 West.................................................................... 2,065 1,208 761 447 857 353 325 317 118 233 For notes, see Table A-4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION LOANS AT COMMERCIAL BANKS 539 TABLE A 3 OUTSTANDING CONSTRUCTION LOANS REPORTED AS SECURED PRIMARILY BY REAL ESTATE BY COMMERCIAL BANKS SURVEYED, JUNE 30, 1971 By type of nonfarm property and by bank size and location Amount outstanding (in millions of dollars) Number of banks with loans Category Residential Non­ Residential Non­ Total resi­ Total resi­ dential dential Total 1- to 4- Multi­ Total 1- to 4- Multi­ family family family family ALL BANKS IN SURVEY.............................. 7,511 3,480 1,902 1,578 4,031 3,690 3,426 3,321 768 1,900 A. Total deposits (in millions of dollars): Under 251.......................................................... 267 195 175 20 72 1,855 1,715 1,678 142 615 25-49................................................................... 414 256 211 45 158 867 796 770 178 501 50-99................................................................. 541 295 218 77 246 463 428 411 143 340 100-499............................................................... 1,469 707 387 320 762 388 374 359 209 331 500-999............................................................... 1,416 701 361 340 715 68 65 62 54 65 1,000 and over................................................... 3,404 1,325 550 776 2,079 49 48 41 42 48 B. Mortgage holdings (in millions of dollars): Under 25............................................................ 1,490 893 690 203 597 3,300 3,047 2,959 522 1,549 25-99................................................................... 1,767 844 424 420 924 294 286 274 171 260 100-499............................................................... 2,726 1,089 472 616 1,638 86 83 80 66 81 500 and over...................................................... 1,528 655 316 339 873 10 10 8 9 10 C. SMSA location: Inside................................................................... 6,964 3,124 1,596 1,528 3,840 1,845 1,678 1,603 547 1,167 Outside................................................................ 547 356 306 50 191 1,845 1,748 1,718 221 733 D. Census region:2 Northeast........................................................... 2,808 917 326 591 1,891 707 665 639 160 386 North Central................................................... 914 434 239 195 479 1,230 1,138 1,105 198 567 South.................................................................. 1,898 988 605 383 910 1,426 1,323 1,283 305 744 West.................................................................... 1,774 1,067 677 390 707 320 293 287 102 199 TABLE A 4 OUTSTANDING CONSTRUCTION LOANS REPORTED AMONG COMMERCIAL AND INDUSTRIAL LOANS BY COMMERCIAL BANKS SURVEYED, JUNE 30, 1971 By type of nonfarm property and by bank size and location Amount outstanding (in millions of dollars) Number of banks with loans Category Residential Non­ Residential Non­ Total resi­ Total resi­ dential dential Total 1- to 4- Multi­ Total 1- to 4- Multi­ family family family family ALL BANKS IN SURVEY.............................. 1,714 895 484 412 819 1,416 1,107 1,017 300 700 A. Total deposits (in millions of dollars): Under 251........................................................... 73 40 34 6 33 705 548 520 56 274 25-49................................................................... 100 69 46 22 31 303 249 222 93 153 50-99................................................................... 86 59 46 13 26 157 108 97 33 88 100-499............................................................... 397 208 92 116 188 175 141 122 72 120 500-599............................................................... 359 171 81 90 188 43 33 31 21 34 1,000 and over................................................... 700 348 184 164 352 33 28 25 25 31 B. Mortgage holdings (in millions of dollars): Under 25............................................................ 444 255 162 94 189 1,235 959 886 213 563 25-99................................................................... 580 304 139 166 276 126 101 87 51 90 100-499............................................................... 551 271 149 123 280 49 41 38 31 41 500 and over..................................................... 139 65 35 30 74 6 6 6 5 6 C. SMSA location: Inside.................................................................. 1,591 828 429 399 763 654 503 443 211 372 Outside................................................................ 123 68 55 12 55 762 604 574 89 328 D. Census region:2 Northeast........................................................... 412 189 89 99 223 212 158 140 45 108 North central..................................................... 283 143 60 83 141 522 412 374 98 239 South.................................................................. 727 423 251 172 304 532 418 389 122 269 West.................................................................... 290 141 83 57 150 148 117 112 35 83 1 Includes member banks only. 2 Excludes “other areas”: U.S. possessions and trust territories in the Pacific, Panama Canal Zone, Puerto Rico, and the Virgin Islands. Note.—Dollar amounts may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN □ JUNE 1972 TABLE A5 TABLE A6 CONSTRUCTION LOANS REPORTED AMONG NUMBER AND TOTAL DEPOSITS OF COMMERCIAL COMMERCIAL AND INDUSTRIAL LOANS AT BANKS SURVEYED COMMERCIAL BANKS SURVEYED June 30,1971 June 30,1971 Total deposits in millions of dollars In millions of dollars Deposit size of banks (in millions of dollars) Number Total deposits Commercial and industrial loans Deposit size of banks (in millions of dollars) For con­ Total All banks in survey ... 6,541 455,924 struction Under 251.................. 4,080 41,288 All banks in survey 1,714 107,663 25-49 ......................... 1,302 45,059 50-99 ......................... 572 39,501 Under 251.................. 73 4,484 100-499 .................... 455 93,530 25-49 ......................... 100 6,586 500-999 .................... 78 55,250 50-99 ......................... 86 6,534 1,000 and over....... 54 181,296 100-499 .................... 397 18,268 500-999 .................... 359 13,099 Member banks only. 1,000 and over...... 700 58,693 Member banks only APPENDIX B: Survey Coverage, Schedule, and Related Instructions Used The supplemental survey of construction loans share of commercial and industrial loans reported made in conjunction with the June 30, 1971, by banks, as shown in Table Bl. Report of Condition was limited to all member banks of the Federal Reserve System and all other TABLE B1 commercial banks with deposits of $25 million or SURVEY COVERAGE—SELECTED MEASURES more. The survey form and related instructions are reproduced in Exhibit 1. Relative to Totals for All Commercial Banks in U.S. and Other Areas Of the 6,541 commercial banks surveyed, 6,361 reported some form of permanent mortgages—that Measure Per cent of total is, long-term loans secured primarily by real es­ Number of banks tate—or of on-site construction loans outstanding. Surveyed .................................................................... 47.6 Reporting construction loans, Such institutions constituted nearly half of the total permanent mortgage loans, or both ............. 46.3 number of commercial banks in operation as of Amount outstanding June 30, 1971. They held almost 90 per cent of Nonfarm mortgages ................................................ 89.1 all commercial bank deposits in the United States ResidentiaTTTr........................................7....7. 88.4 1-to 4-family..................................................... 87.7 and possessions and 86 per cent of all bank time Multifamily ..................................................... 96.7 and savings deposits. They also accounted for Nonresidential ..................................................... 90.5 Commercial and industrial loans ....................... 93.3 similarly large shares of total bank holdings of Total deposits............................................................... 89.8 Total time and savings deposits............................ 86.1 nonfarm mortgage debt and for an even larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION LOANS AT COMMERCIAL BANKS 541 Supplement to EXHIBIT 1 Budget Bureau No. 55-S71005 FR105 Call 200 Approval Expires August 31, 1971 June 1971 SUPPLEMENTAL INFORMATION ON CONSTRUCTION LOANS Name of Bank______________________________________________________________ Location__________________________________________________________________ (City) (State) (Zip Code) (F.R. District) INSTRUCTIONS The purpose of this report is to obtain information on outstanding loans made to finance on-site construc­ tion in process. Include under Item 1 of this report all construction - loans already included in the corresponding items in “Real estate loans” shown in Schedule A of the Condition Report. Include under Item 2 of this report all construction loans meeting those definitions that are already included in Item 5, "Commercial and industrial loans,” of Schedule A. If the construction loan is part of a permanent financing arrangement, report the loan as a construction loan if the structure has not yet been completed and transition to permanent financing has not been made. Include loans to finance land improvements prior to erecting structures. These loans should be classified according to the intended use for which the sites are being prepared, if known. If not known, classify with nonfarm nonresidential. Exclude loans made solely for the purpose of holding or acquiring land with no immedi­ ate plans for improvement or to finance activity other than on-site building. Exclude loans to finance off-site manufacture or transportation of building components or materials. Exclude loans made solely to purchase construction equipment and secured by a lien on the equipment. Exclude direct lease financing of construction equipment. Do not include undisbursed loan funds, sometimes referred to as incomplete loans, unless the borrowers are liable and pay interest thereon. If interest is being paid on the undisbursed proceeds, the latter amounts should be included with loans. In determining how a given loan should be classified, the bank may rely on such information as it already has available. Mixed-purpose loans, i.e., covering two or more classifications should be classified according to the major purpose. 1. Construction loans for on-site construction, secured primarily by mortgage or In Thousands of Dollars other lien on nonfarm real estate, and included in the subitems under Item 1 of Schedule A, “Real estate loans”: Mil. Thou. Hun. Cts. (a) For construction of 1-4 family dwelling units (included in items 1(b)1, 1(b)2 or 1(b)3 of Schedule A)..................................................................... XXX XX (b) For construction of multifamily properties with 5 or more dwelling units (included in items 1(c)1 and 1(c)2 of Schedule A)............................... xxx XX (c) For construction of nonfarm, nonresidential properties (included in item 1(d) of Schedule A).............................................................................. XXX XX (d) Total (must agree with sum of items a, b and c above).......................... XXX XX 2. Construction loans for on-site construction, not secured primarily by a mortgage or other lien on real estate, and included in item 5 of Schedule A, “Commercial and industrial loans”: (a) For construction of 1-to-4 family dwelling units.................................. XXX XX (b) For construction of multifamily residential properties with 5 or more dwelling units.........................., .................................................. XXX XX (c) For construction on privately owned, nonfarm, nonresidential properties (ExcJudes construction on publicly owned properties such as public school schools, hospitals, government buildings, or highways.)........................ XXX XX (d) Total (must agree with sum of a, b and c above).................................. XXX XX Name and Title of Officer Authorized to Sign this Report RETURN ONE COPY OF THIS REPORT TO THE FEDERAL RESERVE BANK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN □ JUNE 1972 APPENDIX C: Comparison Between the Supplemental Call Report Results in 1950 and in 1971 Results of the June 30, 1971, construction loan ducted at a time when residential construction survey are shown in Table Cl along with those activity was extremely high. for a similar survey—the only other available— For residential loans, the only sector for which made for insured commercial banks as of June 30, historical comparisons can be made, the relation­ 1950.1 The different institutional coverage of the ships among the various property and loan types recent survey had relatively little effect on the were somewhat different in 1971 from those comparability of the 1950 and 1971 results, as reported in the earlier survey. “Commercial and suggested by the comparison in Table Cl between industrial” loans outstanding for residential con­ surveyed and insured banks in 1971 (column 4 struction accounted for 2.1 per cent of outstanding versus column 6). Also, both surveys were con- residential loans secured by real estate, compared with 1.3 per cent for 1950. Moreover, construction loans not included among mortgages constituted 1 Report No. 33, “Operating Insured Commercial and Mutual Savings Banks—Assets and Liabilities, June a fifth of total loans for residential construction in 30, 1950,” FDIC, p. 5. 1971 as against 15 per cent in 1950. TABLE C1 NONFARM REAL ESTATE AND RELATED LOANS HELD BY COMMERCIAL BANKS SURVEYED Amounts in millions of dollars ______________________ June 30, 19501 June 30, 197l2 June 30, 19711 Type of loan Amount Per cent Amount Per cent Amount Per cent All, including other construction loans....... 311,496 66,454 All loans secured by real estate.................. 11,371 100 64,740 100 72,478 100 Residential .................................................. 9,344 82 42,580 66 48,029 66 1-to 4-family.......................................... 48,964 79 38,995 60 44,321 61 Multifamily ........................................... 4380 3 3,585 6 3,708 5 Nonresidential .......................................... 2,028 18 22,160 34 24,448 34 Other “on-site” construction loans........ n.a. n.a. 1,714 3 Residential .................................................. 125 1 895 2 Nonresidential ........................................... n.a. n.a. 819 4 MEMORANDA Residential construction loans—total__ 837 100 4,375 100 Secured by real estate.............................. 712 85 3,480 80 n.a. n.a. Not secured by real estate5 .................... 125 15 895 20 Nonresidential construction loans—total n.a. n.a. 4,850 100 Secured by real estate.............................. n.a. n.a. 4,031 83 Not secured primarily by real estate5 .. n.a. n.a. 819 17 Commercial and industrial loans.................. 16,842 107,663 114,115 1 All insured commercial banks. 2 All member commercial banks and other commercial banks with deposits of $25 million or more. 3Includes other construction loans for residential properties only. 4 Includes distribution of certain loans amounting to $884 million that were not allocated directly by type of residential property in 1950. 5In 1971 survey—“Not primarily secured by real estate.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION LOANS AT COMMERCIAL BANKS 543 APPENDIX D: Technical and Related Considerations Among the features that distinguish on-site con­ required for existing as well as for new units, gross struction or “building” loans—whether or not in construction lending may be quite volatile over a the form of mortgages—from permanent or long­ period of financial ease and restraint.1 Further­ term mortgage loans, the incremental nature of the more, given the rapid turnover rate of construction disbursements and the short maturity or repayment loans, financial institutions such as commercial pattern that characterize construction loans deserve banks, with a high proportion of gross mortgage particular emphasis in any comparison of credit activity in such loans, are thus apt to demonstrate outstanding. Unlike long-term mortgages, con­ a pattern of fluctuation in net mortgage investment struction loans are ordinarily paid out to the bor­ that is considerably greater than for lender groups rower in a number of instalments as work is put specializing in permanent mortgages. in place and then are repaid in full when sup­ As noted earlier, statutory or regulatory provi­ planted by permanent financing for the completed sions may also affect bank holdings of construction project. The amount of a lender’s holdings of a loans, mortgage loans, or both. In the case of construction loan on a project in process thus nationally chartered banks, aggregate holdings of usually understates the amount of such credit that loans to finance the construction of buildings— will ultimately be extended against the project. whether or not secured primarily by liens on real Permanent mortgage loans, on the other hand, are estate—may not exceed total bank paid-in and frequently paid out in one lump sum, and under unimpaired capital and surplus. In contrast, there prevailing amortization arrangements are then are no statutory limits on bank holdings of VArepaid gradually in increasing amounts, depending guaranteed mortgages and of many loans insured on maturity terms. by the Federal Housing Administration. On the The maturity of a construction loan ordinarily other hand, holdings of all other types of loans ranges from several months to several years, secured primarily by real estate—including certain depending mainly on the size and complexity of construction loans—may not exceed bank capital the structure involved. Thus, in most cases the stock and surplus or 70 per cent of time and rate of turnover of construction loans is high savings deposits, whichever is the greater. relative to average outstanding credits. For single­ In comparing the survey results relating to family homes, in particular, construction loan construction loan holdings by commercial banks portfolios can turn over more than once a year. with similar holdings by other lenders or with This limited period contrasts with an average life construction activity in general, several other con­ expectancy for permanent mortgage loans of a siderations also merit emphasis: decade or more. 1. The term “construction loans” as used The sharply higher rate of turnover of construc­ throughout this paper refers to loans for construc­ tion loans compared with that of permanent mort­ tion activity solely at the project site. As has been gage loans means that comparisons based on out­ noted, such construction loans may comprise loans standing amounts of such credit can understate the made without either (a) the pledge of any mortgage extent of a lender’s activity in the construction loan or (b) reliance by the lender on real estate as the market at any point in time relative to the lender’s primary security offered even if a mortgage exists. participation in the market for permanent mort­ As in the instructions for the Report of Condition, gages. As of mid-1971, for example, permanent only loans backed primarily by a lien on real estate mortgage loans outstanding at the commercial were to be designated as real estate—or mort­ banks surveyed were 8 times greater than the gage—loans in the survey. amount of outstanding construction loans secured For loans classified among mortgages, the dis­ primarily by real estate. Yet on a gross basis, tinction between “on-site” and other types of acquisitions of permanent loans during 1971 as a construction loans is relatively easy for reporters whole were only about $1.5 billion larger than to make. In such cases, the purpose of the loan gross acquisitions of construction mortgages by is already defined by the type of collateral—real all commercial banks, according to the series on estate—offered as primary security. Even here, mortgage lending published by HUD. 1See Robert Moore Fisher, “The Availability of Con­ Because construction lending is essentially con­ struction Credit for Housing,” in Federal Reserve Staff tingent on the varying availability of permanent Study on Ways to Moderate Fluctuations in Housing mortgage loans, and permanent mortgage loans are Construction, soon to be published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN □ JUNE 1972 however, reporting difficulties can arise, as for holdings with holdings by major types of lenders example, in the treatment of joint construction- of construction loans, however secured, is not now permanent loans. In the case of commercial and possible. Among other considerations, the mort­ industrial loans, moreover, the possibility of con­ gage lending series published by HUD—the most ceptual blurring in terms of either purpose or type comprehensive available in any form—is not de­ of collateral is greater, particularly for projects signed to include interim financing from building where large and extremely creditworthy corpora­ materials and appliance manufacturers either di­ tions are the borrowers. Thus the possibility of rectly or through conglomerate arrangements. inconsistent reporting, even by the same banks in Moreover, since the HUD-sponsored lending some cases, cannot be ruled out.2 series is limited to mortgage instruments, it ex­ 2. Within the area of commercial and industrial cludes other types of construction loans made loans, use of the “on-site” concept of construction by commercial banks and others. It also excludes loans appreciably understates the over-all con­ construction funds secured via stock market or tribution of commercial banks to construction ac­ bond market operations, an important financing tivity. For example, loans for “on-site” construc­ source for both corporate and public (Federal, tion specifically exclude loans to finance the “off- State, and local) capital formation purposes. site” fabrication, inventorying, and other activity 4. The Census Bureau series on the value of of building materials and construction equipment new construction put in place offers some indica­ manufacturers, including manufacturers of modules tion of the direction, although not necessarily the and heating and other appliances which in many level, of disbursements of on-site construction cases become integral components of completed loans from all types of financing sources. In midstructures.3 1971, the amount of new construction put in place 3. A precise comparison of commercial bank on privately owned projects was estimated by the Census Bureau at $7.1 billion—with $3.9 billion for private residential work alone. (The seasonally 2See also Schulkin, op. cit., pp. 94-98 and 145-147, adjusted annual rate equivalents were $79.9 billion on these and other aspects of the reporting problem. and $42.3 billion, respectively.) However, even 3 While outdated, the Office of Business Economics if allowance were made for bond and related study, “Input-Output Structure of the U.S. Economy: financing as well as for activity not requiring 1963,” published as a 3-volume supplement to the November 1969 Survey of Current Business, offers external borrowing, the series on new construction additional illumination on this point. See also “Input- outlays would not be directly comparable with the Output Transactions: 1966,” Bureau of Economic amount of construction loans outstanding—since, Analysis Staff Paper in Economics and Statistics, No. after all, outstandings are a stock measured at one 19, February 1972, and George R. Kinzie, “Construc­ particular point in time and disbursements are a tion’s Input-Output Profile,” in the August 1970 issue of Construction Review. flow. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S om e Essentials o f Internatbnal M on eta ry R eform On August 15 of last year, in the face the Smithsonian Agreement. Despite re­ of an unsatisfactory economic situation, cent developments in Vietnam, which the President of the United States acted may cause some uneasiness in financial' decisively to alter the Nation’s economic markets for a time, the Smithsonian re­ course. The new policies, especially the alignment of currencies is, in my judg­ decision to suspend convertibility of the ment, solidly based. It was worked out dollar into gold or other reserve assets, with care by practical and well-informed were bound to have far-reaching conse­ men, and I am confident that the central quences for international monetary ar­ banks and governments of all the major rangements. New choices were forced on countries will continue to give it strong all countries. support. The next 4 months gave all of us a Developments in the American econ­ glimpse of one possible evolution of the omy since last December have been en­ international economy. Since exchange couraging. Aggregate activity in the rates were no longer tied to the old par United States has begun to show signs of values, they were able to float—a pre­ vigorous resurgence. Price increases have scription that many economists had fa­ moderated, and our rate of inflation has vored. However, last fall’s floating rates recently been below that of most other did not conform to the model usually industrial countries. Moreover, the budget sketched in academic writings. Most deficit of the Federal Government will be countries were reluctant to allow their much smaller this fiscal year than seemed exchange rates to move in response to likely 3 or 4 months ago. These develop­ market forces. Instead, restrictions on fi­ ments have strengthened the confidence nancial transactions proliferated, special with which businessmen and consumers measures with regard to trade emerged assess the economic outlook. International here and there, new twists crept into the confidence in turn is being bolstered by pattern of exchange rates, serious business the passage of the Par Value Modification uncertainty about governmental policies Act, by the convergence of short-term developed, fears of a recession in world interest rates in the United States and economic activity grew, and signs of po­ abroad, and by some promising signs of litical friction among friendly nations improvement in the international financial multiplied. accounts of the United States. Fortunately, this dangerous trend With the Smithsonian Agreement and toward competitive and even antagonistic other indications of progress behind us, national economic policies was halted by it is necessary now to move ahead and plan for the longer future. The Smithson­ ian meeting was pre-eminently concerned Note—Remarks of Arthur F. Burns, Chairman, with realigning exchange rates. It did not Board of Governors of the Federal Reserve System, attempt to deal with structural weaknesses before the 1972 International Banking Conference, Montreal, Canada, May 12, 1972. in the old international monetary system. 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN □ JUNE 1972 Yet they must eventually be remedied if influence on the operation of any interna­ we are to build a new and stronger in­ tional monetary system. ternational economic order. Third, in the calculable future any in­ We all have to ponder this basic ques­ ternational monetary system will have to tion: Given the constraints of past history, respect the need for substantial autonomy what evolution of the monetary system is of domestic economic policies. A re­ desirable and at the same time practically formed monetary system cannot be one attainable? For my part, I should like to that encourages national authorities to take advantage of this gathering to con­ sacrifice either the objective of high em­ sider some of the elements that one might ployment or the objective of price stability reasonably expect to find in a reformed in order to achieve balance of payments monetary system. equilibrium. More specifically, no country First of all, a reformed system will need experiencing an external deficit should to be characterized by a further strength­ have to accept sizable increases in unem­ ening of international consultation and ployment in order to reduce its deficit. Nor cooperation among governments. Our na­ should a surplus country have to moderate tional economies are linked by a complex its surplus by accepting high rates of web of international transactions. Prob­ inflation. Domestic policies of this type lems and policies in one country inevita­ are poorly suited to the political mood of bly affect other countries. This simple fact our times, and it would serve no good of interdependence gives rise to con­ purpose to assume otherwise. straints on national policies. In a smoothly I come now to a fourth element that functioning system, no country can ignore should characterize a reformed monetary the implications of its own actions for system. If I am right in thinking that the other countries or fail to cooperate in world needs realistic and reasonably sta­ discussing and resolving problems of mu­ ble exchange rates, rather than rigid ex­ tual concern. The task of statesmanship change rates, ways must be found to en­ is to tap the great reservoir of international sure that payments imbalances will be good will that now exists and to make sure adjusted more smoothly and promptly that it remains undiminished in the future. than under the old Bretton Woods ar­ Sound domestic policies are a second rangements. requirement of a better world economic The issues here are many and complex. order. A well-constructed international There was a consensus at the Smithsonian monetary system should, it is true, be meeting that wider margins around pari­ capable of absorbing the strains caused by ties can help to correct payments imbal­ occasional financial mismanagement in ances, and should prove especially helpful this or that country—such as are likely in moderating short-term capital move­ to follow from chronic budget deficits or ments—thereby giving monetary authori­ from abnormally large and persistent ties somewhat more scope to pursue dif­ additions to the money supply. But I ferent interest rate policies. Our experi­ doubt if any international monetary sys­ ence has not yet been extensive enough tem can long survive if the major indus­ to permit a confident appraisal of this trial countries fail to follow sound finan­ innovation. It is clear, however, that no cial practices. In view of the huge size matter how much the present wider mar­ of the American economy, I recognize gins may contribute to facilitating the ad­ that the economic policies of the United justment of exchange rates to changing States will remain an especially important conditions, the wider margins by them­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY REFORM 547 selves will prove inadequate for that pur­ participate actively in it. In my view, all pose. countries have an obligation to eliminate We may all hope that at least the major payments imbalances, and the rules of countries will pursue sound, noninflation- international conduct to which I referred ary policies in the future. We should nev­ earlier will therefore need to define ac­ ertheless recognize that national lapses ceptable behavior and provide for in­ from economic virtue will continue to ternational monitoring of both surplus and occur. In such circumstances, changes in deficit countries. parities—however regrettable—may well Sixth, granted improvements in the become a practical necessity. Moreover, promptness with which payments imbal­ even if every nation succeeds in achieving ances are adjusted, reserve assets and noninflationary growth, structural changes official borrowing will still be needed to in consumption or production will often finance in an orderly manner the imbal­ lead to shifts in national competitive ances that continue to arise. Looking to positions over time. Such shifts will also the long future, it will therefore be im­ modify the pattern of exchange rates that portant to develop plans so that world is appropriate for maintaining balance of reserves and official credit arrangements payments equilibrium. exist in an appropriate form and can be In my judgment, therefore, more adjusted to appropriate levels. prompt adjustments of parities will be This brings me to the seventh feature needed in a reformed monetary system. of a reformed international monetary sys­ Rules of international conduct will have tem. It is sometimes argued that, as a part to be devised that, while recognizing of reform, gold should be demonetized. rights of sovereignty, establish definite As a practical matter, it seems doubtful guidelines and consultative machinery for to me that there is any broad support for determining when parities need to be eliminating the monetary role of gold in changed. This subject is likely to become the near future. To many people, gold one of the central issues, and also one of remains a great symbol of safety and the most difficult, in the forthcoming ne­ security, and these attitudes about gold are gotiations. not likely to change quickly. Never­ Let me turn to a fifth element that theless, I would expect the monetary role should characterize a reformed monetary of gold to continue to diminish in the system. A major weakness of the old years ahead, while the role of Special system was its failure to treat in a sym­ Drawing Rights increases. metrical manner the responsibilities of The considerations that motivated the surplus and deficit countries for balance International Monetary Fund to establish of payments adjustment. With deficits the SDR facility in 1969 should remain equated to sin and surpluses to virtue, valid in a reformed system. However, moral as well as financial pressures were revisions in the detailed arrangements very much greater on deficit countries to governing the creation, allocation, and reduce their deficits than on surplus coun­ use of SDR’s will probably be needed. tries to reduce surpluses. In actual prac­ In the future, as the SDR’s assume in­ tice, however, responsibility for payments creasing importance, they may ultimately imbalances can seldom be assigned un­ become the major international reserve ambiguously to individual countries. And asset. in any event, the adjustment process will Next, as my eighth point, let me com­ work more efficiently if surplus countries ment briefly on the future role of the dollar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN □ JUNE 1972 as a reserve currency. It has often been emphasis in recent discussions. Conver­ said that the United States had a privileged tibility is important, but no more so than position in the old monetary system be­ the other issues on which I have touched. cause it could settle payments deficits by It is misleading, and may even prove adding to its liabilities instead of drawing mischievous, to stress one particular down its reserve assets. Many also argue aspect of reform to the exclusion of that this asymmetry should be excluded others. Constructive negotiations will be in a reformed system. There thus seems possible only if there is a general disposi­ to be significant sentiment in favor of tion to treat the whole range of issues in diminishing, or even phasing out, the role balanced fashion. of the dollar as a reserve currency. One We need to guard against compart­ conceivable way of accomplishing this mentalizing concern with any one of the objective would be to place restraints on issues, if only because the various ele­ the further accumulation of dollars in ments of a new monetary system are official reserves. If no further accumula­ bound to be interrelated. There is a par­ tion at all were allowed, the United States ticularly important interdependence, for would be required to finance any deficit example, between improvements in the in its balance of payments entirely with exchange-rate regime and restoration of reserve assets. some form of convertibility of the dollar I am not persuaded by this line of into gold or other reserve assets. Without reasoning, for I see advantages both to some assurance that exchange rates of the United States and to other countries both deficit and surplus countries will be from the use of the dollar as a reserve altered over time so as to prevent interna­ currency. But I recognize that there are tional transactions from moving into some burdens or disadvantages as well. serious imbalance, I would deem it im­ And, in any event, this is an important practical to attempt to restore convertibil­ issue on which national views may well ity of the dollar. diverge in the early stages of the forth­ My tenth and last point involves the coming negotiations. linkage between monetary and trading ar­ I come now to a ninth point concerning rangements. We cannot afford to overlook a new monetary system, namely, the issue the fact that trade practices are a major of convertibility of the dollar. It seems factor in determining the balance of pay­ unlikely to me that the nations of the ments position of individual nations. world, taken as a whole and over the long There is now a strong feeling in the United run, will accept a system in which con­ States that restrictive commercial policies vertibility of the dollar into international of some countries have affected adversely reserve assets—SDR’s and gold—is en­ the markets of American business firms. tirely absent. If we want to build a In my judgment, therefore, the chances strengthened monetary system along one- of success of the forthcoming monetary world lines, as I certainly do, this issue conversations will be greatly enhanced if will have to be resolved. I therefore an­ parallel conversations get under way on ticipate, as part of a total package of trade problems, and if those conversations long-term reforms, that some form of take realistic account of the current and dollar convertibility can be re-established prospective foreign trade position of the in the future. United States. I must note, however, that this issue In the course of my remarks this morn­ of convertibility has received excessive ing I have touched on some of the more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY REFORM 549 essential conditions and problems of in­ exists at present about the proper role of reserve ternational monetary reform. Let me con­ currencies in the new system; clude by restating the elements I would Ninth, re-establishment of some form of dollar convertibility in the future; expect to find in a new monetary system And finally, tenth, a significant lessening of that meet the test of both practicality and restrictive trading practices as the result of negoti­ viability: ations complementing the negotiations on mone­ First, a significant further strengthening of the tary reform. processes of international consultation and coop­ I firmly believe that a new and stronger eration; international monetary system can and Second, responsible domestic policies in all the major industrial countries; must be built. Indeed, I feel it is an urgent Third, a substantial degree of autonomy for necessity to start the rebuilding process domestic policies, so that no country would feel quite promptly. It is not pleasant to con­ compelled to sacrifice high employment or price template the kind of world that may stability in order to achieve balance of payments evolve if cooperative efforts to rebuild the equilibrium; monetary system are long postponed. We Fourth, more prompt adjustments of payments imbalances, to be facilitated by definite guidelines might then find the world economy di­ and consultative machinery for determining when vided into restrictive and inward-looking parities need to be changed; blocs, with rules of international conduct Fifth, a symmetrical division of responsibilities concerning exchange rates and monetary among surplus and deficit countries for initiating reserves altogether absent. and implementing adjustments of payments imbalances; As we learned last fall, a world of Sixth, systematic long-range plans for the financial manipulations, economic restric­ evolution of world reserves and official credit tions, and political frictions bears no arrangements; promise for the future. It is the respon­ Seventh, a continued but diminishing role for sibility of financial leaders to make sure gold as a reserve asset, with a corresponding that such a world will never come to increase in the importance of SDR’s; Eighth, a better international consensus than pass. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

C h a ra c te ris tic s o f Federal R e serve B a n k D irectors INTRODUCTION In certain matters—such as establishing The individuals who serve as directors of discount rates and appointing the chief the Federal Reserve Banks and branches officers of the Federal Reserve Banks— play a unique role in helping to supervise directors have a joint responsibility with the activities of the Nation’s central bank. the Board; namely, they initiate the action They also share the responsibility for as­ but the necessary approval rests with the suring monetary and credit conditions that Board. The advice of directors is fre­ will foster high employment and eco­ quently sought by Board Members and nomic growth with reasonable price sta­ other Federal Reserve officials on business bility. conditions and public attitudes in their In establishing the Federal Reserve areas—as well as on general policy mat­ Sytem in 1913, the Congress recognized ters. that the decisions to be made by the cen­ Directors are especially helpful in tral bank would require an element of keeping the Board of Governors and the judgment, and the lawmakers took pre­ Federal Reserve Banks alerted to emerg­ cautions to assure that these judgments ing economic developments in their par­ would be impartial, informed, and in the ticular areas. It is important to the Federal best interests of the country as a whole. Reserve in its implementation of monetary Consequently, the framework of the Fed­ policy to have up-to-date information on eral Reserve is designed to reflect a blend economic developments. However, there of public and private participation, and is a time lag in much of the statistical data also to recognize the local and regional on which monetary and credit policy problems that arise in a country as diverse decisions are based; trends or changes in as the United States. In this country, we the economy usually begin to develop have a unique central bank—unlike those some time before they are reflected in the in most countries where authority is cen­ numerous statistical series. The Federal tralized in a single bank with numerous Reserve directors, along with other lead­ branches. The Federal Reserve Act estab­ ers in the business and financial commu­ lished a regional system that is now com­ nity, help bridge this gap by providing prised of 12 regional Reserve Banks, 24 the System with economic intelligence at branches, and 1 facility (in Miami). The an early stage as developments are un­ Board of Governors in Washington has folding. the responsibility of coordinating and Because of the public responsibility in­ directing policy so that the over-all Sys­ herent in the position, it is important that tem can work effectively. The Board is experienced and competent individuals assisted in this task by the Federal Reserve serve as directors in the Federal Reserve directors. System. Over the years, the country has been fortunate in this respect. The busi­ Note.—A Report by Andrew F. Brimmer, Member, ness acumen, experience, and public Board of Governors of the Federal Reserve System, June 6, 1972. awareness of the directors who have 550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHARACTERISTICS OF DIRECTORS 551 served the System—and who are serving the spring. From time to time, selected it today—provide the Federal Reserve groups of directors are invited to meet with an unusually valuable asset.1 with the Board to discuss particular Directors of the Federal Reserve Banks issues. Individual Members of the Board and branches—there are 262 in all—meet of Governors frequently attend directors’ formally in groups once each month and meetings during visits to Reserve Banks. in some cases every 2 weeks. During Directors are also invited by the Board these meetings, the directors decide ques­ to submit their individual views on busi­ tions relating to the activities of a Reserve ness conditions and policy matters directly Bank or its branches and frequently assess to the Governors in Washington. In other economic conditions. Head office (Re­ words, there is a great deal of contact on serve Bank) directors, on the basis of both formal and informal bases between information presented at board meetings directors and full-time Federal Reserve or available to them through local sound­ policy-makers. This contact not only is ings, may initiate a change in the discount inherent in the way the Federal Reserve rate (which is the rate charged member was established by Congress but also is commercial banks on borrowings from fostered and encouraged by the Board of their district Reserve Bank). Of course, Governors and by the Reserve Banks and the ultimate responsibility to review and branches. determine discount rates rests with the Given the important role played by Board of Governors; but when a rate is Federal Reserve directors, it was con­ changed, the Board usually acts upon a cluded in 1967 that we should have a recommendation submitted by the direc­ better understanding of the characteristics tors of a Reserve Bank.2 of this group of public servants. The In addition, many of the directors present study resulted from that conclu­ confer formally with Members of the sion. From an analysis of the charac­ Board of Governors at least once each teristics of Federal Reserve directors who year. For many years, in early December, were serving as of January 1, 1957, 1967, the Board has held 2 days of meetings and 1972, a sharply etched profile with the Chairmen and Deputy Chairmen emerges. of the Federal Reserve Banks. Newly ap­ The typical director, at the beginning pointed directors, who assume their duties of 1972, was just under 56 years of age, as of January 1 of each year, usually meet had served as a director for slightly less in formal session with the Board during than 3 years, was more likely to be en­ gaged in banking or some phase of manu­ Occasionally, service as a director is a stepping stone facturing than in any other field, and was for appointment to a full-time policy position with the Federal Reserve. For example, Governor John E. Shee­ likely to hold a college degree. The com­ han (who became a Member of the Federal Reserve posite director in 1972 is younger than his Board on January 4, 1972) was a director of the Louis­ ville Branch of the Federal Reserve Bank of St. Louis predecessors, has served less time on his prior to his appointment to the Board. And the former board, is more diverse in his occupational Chairman of the Board at the Federal Reserve Bank of Philadelphia, Willis J. Winn, was appointed Pres­ pursuits, and has more formal education ident of the Federal Reserve Bank of Cleveland in 1971. than the typical director of 15 years ago. In all, more than a half dozen men who at one time served as directors have also served subsequently as THE STATUTORY FRAMEWORK full-time Federal Reserve policy-makers. 2Under law, the Federal Reserve Board of Governors Before turning to the specific results of could determine a discount rate on its own without such the research, it might be helpful to look a recommendation. However, the only instance of this occurred in August 1927. at the requirements, role, and respon­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL RESERVE BULLETIN □ JUNE 1972 sibilities of directors as defined in the without discrimination in favor of or against any Federal Reserve Act. member bank or banks and may, subject to the provisions of law and the orders of the Board of As adopted on December 23, 1913, the Governors of the Federal Reserve System, extend Act specified the number, classes, and to each member bank such discounts, advance­ manner of selection of Reserve Bank ments, and accommodations as may be safely and directors. Each bank must have nine reasonably made with due regard for the claims directors—three representative of lenders and demands of other member banks, the mainte­ nance of sound credit conditions, and the accom­ (Class A), three representative of bor­ modation of commerce, industry, and agriculture rowers (Class B), and three representative .... [Paragraph 8] of the general public interest (Class C). In addition to the qualifications speci­ The three Class A directors represent the fied in the Act, the Federal Reserve Board commercial banks that are members of the of Governors has imposed additional rules Federal Reserve and as a matter of prac­ on directors. All directors are precluded tice are usually active officers of member from holding political office. They also banks. The three Class B directors at the must not hold public office (with minor time of their selection must be “actively exceptions such as service on school engaged in their district in commerce, boards). Also no Class C director may be agriculture, or some other industrial pur­ an officer, director, employee, or stock­ suit.” The three Class C directors are holder of a bank; nor may he hold stock appointed by the Board of Governors as in a savings and loan association. The representatives of the public interest as a Board also will not appoint a Class C or whole. branch director who will reach 70 years Other requirements are specified in the of age before expiration of his term of law. For example, no Member of office. Congress may be a Reserve Bank director. As to length of service, Board policy The Class A directors are representative, limits service of Class C directors to 6 respectively, of the large, medium, and years—two full 3-year terms. There are small banks in each district. No Class B two general exceptions to this rule: (1) director may be an officer, director, or a director appointed to fill the remainder employee of a bank. A Class C director of an unexpired term may serve two full must have been a resident of his district terms after that, and (2) a Class C director for at least 2 years prior to his appoint­ may serve a third term as Chairman, if ment by the Board of Governors. The he has not already served a full term as length of each term of office for all three Chairman. The Board has encouraged the classes of directors is 3 years. Reserve Banks to adopt a similar rotation The pertinent portions of Section 4 of policy in the selection of Class A and B the Federal Reserve Act that relate to the directors, and all Reserve Banks—except duties and responsiblities of directors are one (San Francisco)—have done so. as follows: Each Federal Reserve branch office, Every Federal reserve bank shall be conducted under the supervision and control of a board of under the law, must have a board of directors. [Paragraph 6] directors of from three to seven members. The board of directors shall perform the duties As a matter of practice, 17 branches have usually pertaining to the office of directors of seven-man boards, and seven branches banking associations and all such duties as are have five-man boards. The law is silent prescribed by law. [Paragraph 7] Said board of directors shall administer the on qualifications for branch directors. affairs of said bank fairly and impartially and They are generally limited by rule or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHARACTERISTICS OF DIRECTORS 553 practice to no more than 6 years’ service. decrease in the ages of branch directors. However, a director named to fill the The average age of directors at the Re­ unexpired portion of a term generally may serve Banks changed little during the last serve 6 years thereafter. A majority of 5 years, and as of January 1, 1972, it was branch directors are appointed by the Re­ 57.9 years. The number of directors over serve Bank while the remainder are ap­ 65 years of age continued to decline, but pointed by the Board of Governors. Under the number under 50 has leveled off fol­ Federal Reserve Board regulations, lowing a substantial increase between branch directors appointed by the Reserve 1957 and 1967. Banks must be well qualified and experi­ 2. The average length of service enced in banking or actively engaged in among Reserve Bank directors decreased commerce, agriculture, or some other in­ over the 15-year period, reflecting the dustrial pursuit. Those appointed by the Board’s increased efforts to encourage Board of Governors must be nonbankers rotation. The decline occurred during the who are representative of the general first 10 years of the period, however, and public interest. the average length of service has remained Of the 262 directors currently serving at 2.9 years over the last 5 years. The the System, 108 serve on boards of the term of the Reserve Bank director with 12 Reserve Banks, and 154 serve on the most seniority (serving on the San boards of the 24 branches. Francisco Bank’s board) stood at 32 years at the beginning of 1972. GENERAL CHARACTERISTICS OF 3. The industry origins of the nonbank DIRECTORS directors covered in the analysis showed In general, the analysis of the data shows a sharp increase in manufacturing fields. that the Federal Reserve director of 1972 To some extent, this is a reflection of the is younger than his counterpart of 15 years increased dispersion of manufacturing ac­ earlier, has served as a director for a tivity over the country. The number of shorter period of time, has a more diverse directors in agriculture decreased sharply occupational background, and has more between 1957 and 1967, but the number formal education than the typical director has increased somewhat during the last 5 of 1957 or 1967. There is also a growing years. The number of directors in the trend—begun by the Board of Governors wholesale and retail trades dropped in 1968—toward representation of minor­ sharply during the last 5 years following ity groups on the various Bank and branch a rise between 1957 and 1967. Lawyers boards. And late in 1971, the first woman and contractors, unrepresented in 1957, director (at the Los Angeles Branch of the held a total of eight directorships in 1972. Federal Reserve Bank of San Francisco) Communications and publishing increased was named by the Board of Governors. from two to seven directors between 1957 The analysis yielded a number of gen­ and 1967, but the number dropped to four eral findings: at the start of this year. 1. The average age of all directors was The industrial sources of Board-ap­ 55.7 years in 1972, compared with 58.6 pointed directors are more diverse than the years in 1957 and 56.2 years in 1967. backgrounds of the Class A and Class B Thus, the declining trend shows signs of directors at head offices and of branch leveling off. The decline in the average directors appointed by the Reserve Banks. age from 1967 to 1972 resulted from a Undoubtedly the differences can be traced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN □ JUNE 1972 TABLE 1 AGE OF DIRECTORS, 1972 By number in each age group Age group Category Total Under 40 40-49 50-64 65-69 70 Average and over Reserve Bank Class A ................................ 36 0 3 28 3 2 58.9 B1 .................................. 35 1 5 22 6 1 57.1 C .................................. 36 0 1 32 3 0 57.8 Total .................................. 107 1 9 82 12 3 57.9 Reserve branch Bank-appointed .................... 89 3 23 58 5 0 54.3 Board-appointed1 .................. 64 2 13 47 2 0 53.9 Total .................................. 153 5 36 105 7 0 54.1 Reserve Banks and branches 260 6 45 187 19 3 55.7 1 There were vacancies for one Class B and one branch director as of January 1, 1972. in large measure to the provisions in the another traces the emergence of minority Act and the Board’s regulations mentioned group members and women as Federal earlier. For example, as of January 1 this Reserve directors. year, 16 men in the field of education were serving the System as directors, and all DETAILED CHARACTERISTICS OF were appointed by the Board. The direc­ DIRECTORS tors engaged in the legal profession and Age of directors. As mentioned earlier, in communications and publishing were as of January 1, 1972, System directors also Board appointees. were younger on the average than the 4. The percentage of directors with directors who served the Federal Reserve college degrees increased sharply over the in 1957 and 1967. There was a marked 15-year period, in large part because of decline over the last 15 years in the the general increase in the educational number of directors over 65 years of age attainment of branch directors. The per­ and a substantial increase in the number centage of advanced degrees has remained of directors under 50. The trend toward virtually unchanged since 1967. younger directors, however, has shown 5. A separate analysis of the 12 Reserve signs of leveling off over the last several Bank Chairmen showed that their average years. age has changed very little since 1957; Tables 1 and 2 provide data on the age the percentage of Chairmen with ad­ of directors. vanced degrees is double the average for TABLE 2 directors of Reserve Banks and branches. AGE OF DIRECTORS, The number of Chairmen engaged in var­ 1957,1967, and 1972 ious segments of manufacturing—fol­ Category 1957 1967 1972 lowing a sharp drop between 1957 and Average age (years) 1967 (from 8 to 1)—had climbed to 6 at Reserve Banks and the beginning of this year. branches ......................... 58.6 56.2 55.7 Reserve Banks.................... 60.4 57.8 57.9 The remainder of this report presents Reserve branches................ 57.6 55 54.1 detailed analyses of the age, tenure, in­ Reserve Banks less branches ................ 2.8 2.8 3.8 dustrial origins, and educational back­ Number ground of the Federal Reserve directors. Directors aged— Two special sections are also included. Over 65 ......................... 56 27 22 Under 50 ......................... 32 52 51 One is devoted to the 12 Chairmen, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHARACTERISTICS OF DIRECTORS 555 On the average, System directors were TABLE 3 TENURE OF RESERVE BANK DIRECTORS, 1972 55.7 years old at the start of the current In years year, compared with 56.2 years in 1967 Number Tenure and 58.6 years in 1957. The number of Category of directors Average Longest serving member directors under the age of 50 increased Class A .................... 36 2.9 32 from 32 in 1957 to 52 in 1967; it was B1 ................. 35 3.2 13 C .................... 36 2.6 8 virtually unchanged at 51 this year. The All classes................ 107 2.9 decline in average age between 1967 and 1 There was one Class B vacancy as of January 1, 1972. 1972 is attributable to a drop in the age of branch directors. The average age of As mentioned earlier, Class C directors head office directors changed only slightly are generally limited to 6 years’ service over the last 5 years (from 57.8 years in by Board policy. The Board has urged all 1967 to 57.9 years in 1972). Reserve Banks to adopt similar rotations The average age of branch directors for Class A and Class B directors. Most declined more rapidly over the 15-year districts have such limitations, but one period than the average age of directors Class A director has served the System serving head offices. As of January this for 32 years, and a Class B director has year, branch directors averaged 3.8 years been in office for 13 years. Both are from younger than their head office colleagues, the same Federal Reserve district—San compared with a difference of 2.8 years Francisco.3 These variations tend to in­ in 1957 and 1967. flate the averages. The number of directors over 65 years TABLE 4 old has declined in recent years. Twenty - TENURE OF RESERVE BANK DIRECTORS, 1957,1967, and 1972 two directors were over 65 years of age In years in 1972, compared with 27 in 1967 and Tenure 1957 1967 1972 56 in 1957. Average .............................. 3.8 2.9 2.9 On average, the Class B and Class C Longest serving member... 27.0 32.0 directors were slightly younger than the Class A directors who represent member Partly because of the Board’s rotation banks. Class A directors averaged 58.9 policy, the Class C directors have less years at the start of 1972 compared with average tenure than other directors at head 57.1 years for Class B directors and 57.8 offices. Their average length of service years for Class C directors. In line with was 2.6 years in early 1972, in contrast Board policy, no Class C director was 70 to 3.2 years for Class B directors and 2.9 or more years of age while three directors years for Class A directors. selected by member banks—two Class A There is nothing unusual about the and one Class B—were 70 or more. length of service of Bank branch direc­ Tenure of directors. On the average, the tors. They are generally limited by rule length of service of Federal Reserve Bank or practice to no more than 6 years’ ser­ directors declined substantially between vice. Data on length of service are pre­ 1957 and 1967, but it has leveled off since sented in Tables 3 and 4. then. The average tenure was 3.8 years in 1957 and 2.9 years in both 1967 and 3The San Francisco Federal Reserve Bank on several occasions has considered the adoption of a policy limit­ 1972. However, these averages tend to ing terms of directors to 3 years. However, it concluded conceal large variations both in length of each time that special circumstances relating to its board made desirable a postponement of the introduction of individual service and by class of direc­ the rotation policy recommended by the Federal Reserve tors. Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN □ JUNE 1972 TABLE 5 INDUSTRY ORIGINS OF DIRECTORS, 1972 Reserve Banks and Reserve Banks Reserve Branches Branches Origin Percentage Percentage Percentage Number distribution Number distribution Number distribution Banking................................... 125 47.7 36 22.2 89 57.8 Manufacturing ....................... 70 26.7 46 42.6 24 15.6 Education................................ 16 6.1 4 3.7 12 7.8 Agriculture ............................. 13 5.0 4 3.7 9 5.8 Public utilities ....................... 7 2.7 5 4.6 2 1.3 Wholesale and retail trade .... 6 2.3 3 2.8 3 1.9 Services................................... 5 1.9 1 .9 4 2.6 Legal ....................................... 4 1.5 2 1.9 2 1.3 Construction............................ 4 1.5 1 .9 3 1.9 Communication...................... 4 1.5 4 2.6 Insurance ................................ 2 .8 2 1.9 Transportation ....................... 2 .8 2 1.9 Not classified.......................... 2 .8 1 .9 1 .6 Subtotal ............................... 260 99.2 107 99.1 153 99.4 Vacancy............................... 2 .8 1 .9 1 .6 Total............................... 1262 100.0 l08 100.0 154 100.0 Industry origins of directors. Major 1972, compared with none in 1957 and shifts in the industry origins of Federal only two 5 years ago. Reserve directors have occurred over the Banking is still the chief source of last 15 years. On the other hand, the num­ Federal Reserve directors, accounting for ber of fields represented on Bank and 125 positions or 47.7 per cent of the total branch boards have increased only slightly. in 1972. Of course, this stems from the There was a marked increase in the num­ legal requirement that the three Class A ber of directors engaged in manufacturing, directors at head offices must represent the a sharp decline in the wholesale and retail member banks and the Reserve Bank trades, and a mixed pattern for agriculture. practice generally of appointing officers The number of directors representing ag­ of member banks as branch directors. riculture declined sharply between 1957 TABLE 6 and 1967 (from 19 to 10), but the number INDUSTRY ORIGINS OF DIRECTORS, increased somewhat over the last 5 years 1957,1967, and 1972 In per cent (to 13). The sharp increase in manufac­ Origin 1957 1967 1972 turing origins (from 57 in 1957 to 70 this Agriculture year) reflects the greater geographical Total .............................. 7.3 3.8 5.0 dispersion of manufacturing, especially Manufacturing Total .............................. 21.9 20.3 26.7 during the last 5 years. There were 53 Reserve Banks................ 32.4 26.9 42.6 directors engaged in manufacturing in Reserve branches............ 14.5 13.3 15.6 Wholesale-retail 1967. Total....................................... 5.0 6.5 2.3 Occupational representation on the boards of directors has broadened some­ The 70 directors engaged in various what over the last 15 years. For instance, segments of manufacturing as of January the legal profession was not represented 1, 1972, represented 26.7 per cent of all at all in 1957. There were two lawyer System directors. Forty-six manufacturers directors in 1967, and as of January 1 this were represented on district Bank boards. year, four lawyers served as directors— This is the largest single field represented two at head offices and two at branches. at the head offices—accounting for more Four directors were drawn from the con­ than two-fifths of Bank directorships. The struction industry at the beginning of next largest industrial source of nonbank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHARACTERISTICS OF DIRECTORS 557 TABLE 7 EDUCATION OF RESERVE BANK DIRECTORS, 1972 Class A Class B Class C College degree Percentage Percentage Percentage Number distribution Number distribution Number distribution None ............ 11 30.6 9 25.7 3 8.3 B.A................ 18 50.0 13 37.1 16 44.4 M.A............... 2 5.6 4 11.4 6 16.7 LL.D or J.D. 5 13.8 7 20.0 5 13.9 M.D............... 1 2.9 Ph.D.............. 1 2.9 5 13.9 Not classified 1 2.8 Total ...... 36 100.0 35 100.0 36 100.0 directors serving head offices was public Educational attainment is higher among utilities—at 4.6 per cent. directors appointed by the Board of Gov­ For the System as a whole, education ernors than among Bank-selected direc­ (16 persons) and agriculture (13) are the tors. This was also true in 1957 and 1967. most popular sources after banking Of all directors at head offices, only three (125) and manufacturing (70). The appointed by the Board of Governors had number of directors drawn from education no college degree in January of 1972, has been fairly stable over the years— 18 compared with 11 Class A directors and in 1957, 19 in 1967, and 16 this year. 9 Class B directors. At the branches, 11 All 16 directors in this field (four at head Board-appointed directors had no college offices and 12 at the branches) were ap­ degree (about one-fifth of the 64 Boardpointed by the Board of Governors. appointed directors), compared with 25 Data on industrial origins of directors (or about 28 per cent) of the 89 Bank-ap­ are presented in Tables 5 and 6. pointed directors. Educational background. In line with The higher educational attainment of general trends in the Nation at large, Fed­ Board-appointed directors is also evident eral Reserve directors had more formal in advanced degrees earned. Seventeen of education in 1972 than they did in either the Class C directors had advanced de­ of the other two years covered by this grees in 1972, compared with 13 Class analysis. But here again the sharpest in­ B directors and 7 Class A directors. At crease in formal education occurred dur­ the branches, 18 Board-appointed direc­ ing the period 1957-67; there has been tors had advanced degrees, compared with a slower increase since 1967. Educational 14 Bank-appointed directors. The higher data are presented in Tables 7 through 9. educational standing of the Board-ap­ Three of every four directors (75.5 per pointed group is to be expected since it cent) held college degrees at the beginning TABLE 8 of 1972, compared with 68.2 per cent in EDUCATION OF RESERVE BRANCH DIRECTORS, 1967 and 47.5 per cent in 1957. Data in 1972 Table 9 show that the percentage of Bank-appointed Board-appointed College degree directors with college degrees was slightly Percentage Percentage Number distribution Number distribution higher at head offices (78.3 per cent) than None ......................... 25 28.1 11 17.2 it was at the branches (73.4 per cent). B.A............................ 38 42.7 32 50.0 M.A........................... 4 4.5 5 7.8 More than one of four directors (27.8 LL.B. or J.D........... 10 11.2 3 4.7 M.D........................... 0 0 2 3.1 per cent) have advanced degrees. This is Ph.D........................... 0 0 8 12.5 slightly below 1967 (28.3 per cent) but Not classified............ 12 13.5 3 4.7 above 1957 (22.8 per cent). Total................. 89 100.0 64 100.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN □ JUNE 1972 TABLE 9 women. There was no minority group or EDUCATIONAL ATTAINMENT OF DIRECTORS female representation on the Bank or In per cent branch boards in either 1957 or 1967. Directors with college degrees at- 1957 1967 1972 With respect to minority groups, the first Reserve Banks ...................... 55.7 75.5 78.3 R R e e s s e e r r v v e e B b a r n a k n s c h a e n s d . b .. r .. a .. n .. c .. h .. e .. s . .. . 4 47 1 . . 5 6 6 68 3 . . 2 2 7 75 3 . . 5 4 black person to serve as a director was Bachelor’s .......................... 24.7 40.0 47.8 appointed by the Board of Governors in Advanced ............................ 22.8 28.3 27.8 1968. He was appointed to the Los An­ includes a number of persons in the field geles Branch of the Federal Reserve Bank of education, particularly college pres­ of San Francisco where the number of idents. directors was increased that year from five Characteristics of Reserve Bank Chair­ to seven. In late 1970, the Board of Gov­ men. Since there are only 12 Chairmen of ernors appointed the first black person to Federal Reserve Banks, it is difficult to serve as director of a head office.4 The draw meaningful comparisons about their first woman director was appointed late characteristics as a group. However, it is last year by the Board of Governors to interesting to note that the average age of serve on the board of the Los Angeles the 12 men who have served as Chairmen Branch. varied little over the last 15 years. At the As of this January 1 there were five beginning of 1972, the average was 61, male representatives of minority groups compared with 59.3 in 1967 and 60.8 and one woman serving as directors. All years in 1957. The range in age this year six were appointed by the Board. Two was from 51 to 69. Ten had college de­ men (one black and one Japanese-Ameri­ grees, and seven had advanced degrees. can) serve at head offices. The other three These data are presented in Table 10. men (one black, one Japanese-American, and one Mexican-American) and the only TABLE 10 SELECTED CHARACTERISTICS OF RESERVE woman serve as branch directors. One of BANK CHAIRMEN the black men is Chairman of the New Category 1957 1967 1972 Orleans Branch of the Federal Reserve Age (years) Bank of Atlanta.5 Three Federal Reserve Average .......................... 60.8 59.3 61.0 High.................................. 69 districts have drawn directors from mi­ Low .................................. 57 49 51 nority groups or have selected a Number In manufacturing............ 8 1 6 woman—Philadelphia, Atlanta, and San With college degree....... 10 Francisco. Four persons in these cate­ Per cent of total ....... 83 gories serve the San Francisco district— With advanced degree ... 7 one at the head office and three at its Per cent of total , 58 various branches. Six Chairmen were engaged in manu­ These six directors represent 2.3 per facturing or business pursuits, two were cent of all Bank and branch directors. As educators, two were lawyers, one was an of January 1, 1972, their average age was insurance executive, and the other was a 53.5 years, somewhat younger than the retired president of a public utility. Minority group and women directors. 4The appointee was the late Whitney M. Young, Jr., An especially interesting facet of the then Executive Director of the National Urban League, characteristics of Federal Reserve direc­ who was appointed a Class C director of the Federal Reserve Bank of New York. tors is the emergence of directors drawn 5He is Dr. Broadus N. Butler, President of Dillard from minority groups and from among University in New Orleans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHARACTERISTICS OF DIRECTORS 559 average for the System as a whole. Their sentation of minority groups and women education ranged from no college to a as Federal Reserve directors will spread Ph.D. They represented farming, serv­ in future years to take advantage of the ices, education, insurance, and manufac­ unique expertise and experience these in­ turing. dividuals can bring to the Federal Reserve It is hoped that this beginning in repre­ System. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-72 APPOINTIVE MEMBERS1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin .Boston ................Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. PaulM. Warburg..................New York...... .do. Term expired Aug. 9, 1918. Frederic A. Delano.............Chicago........... .do. Resigned July 21, 1918. W. P. G. Harding................Atlanta............ .do. Term expired Aug. 9, 1922. Adolph C. Miller..................San Francisco .do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. .New York....... .Oct. 26, 1918 Resigned Mar. 15, 1920. .Chicago............ .Nov. 10, 1919 Term expired Aug. 9, 1920. .New York....... . .June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. .Cleveland......... .Sept. 29, 1920 Term expired Mar. 4, 1921. .Minneapolis May 12, 1921 Resigned May 12, 1923. .Chicago............ . .Mar. 14, 1923 Died Mar. 22, 1923. .Cleveland......... .May 1, 1923 Resigned Sept. 15, 1927. .St. Louis.......... May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. .Chicago............ ... .do....... Died Nov. 28, 1930. .Minneapolis .Oct. 4, 1927 Resigned Aug. 31, 1930. .New York....... Sept. 16, 1930 Resigned May 10, 1933. .Kansas City__ .May 18, 1931 Term expired Jan. 24, 1933. .Atlanta............. . May 19, 1933 Resigned Aug. 15, 1934. M. S. .Chicago............ . .June 14, 1933 Reappointed in 1936 and 1948. Re­ signed May 31, 1961. .Kansas City__ __do........ Served until Feb. 10, 1936, on which date his successor took office. San Francisco ... .Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. .New York....... Feb. 3, 1936 Resigned Sept. 30, 1937. JohnK. McKee . .Cleveland ....... __do........ Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom...................Atlanta . .do. Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison.............Dallas ..................Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis..................Richmond ...........June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper..................New York...........Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans . ............Richmond ...........Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr........St. Louis..............Apr. 4, 1946 Resigned Nov 30, 1958. Lawrence Clayton...............Boston .................Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe............Philadelphia........Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton................Atlanta.................Sept. 1, 1950 Resigned Jan. 31, 1952. OliverS. Powell...................Minneapolis........................do........ Resigned June 30, 1952. For notes see opposite page. 560 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTIVE MEMBERS1—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Wm. McC. Martin, Jr..........New York...........Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. A. L. Mills, Jr.......................San Francisco ....Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson.....................Kansas City.........................do........ Reappointed for term beginning Feb. 1, 1964. PaulE. Miller........................Minneapolis Aug. 13, 1954 Died Oct. 21, 1954. Aug. 12, 1954 Served through Feb. 28, 1966. Mar. 17, 1955 Retired Apr. 30, 1967. G. H. King, Jr.......................Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell............Chicago................AAuugg.. 3311, 1961 Reappointed for term beginning Feb. 1, 1962. Nov. 29, 1963 Sherman J. Maisel...............San Francisco Apr. 30, 1965 Served through May 31, 1972. Mar. 9, 1966 William W. Sherrill.............Dallas May 1, 1967 Reappointed for term beginning Feb. 1, 1968. Resigned November 15, 1971. Arthur F. Burns...................New York Jan. 31, 1970 Term began Feb. 1, 1970. Jan. 4, 1972 June 5, 1972 CHAIRMEN3 VICE CHAIRMEN3 Charles S. Hamlin.....Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano .....Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding.......Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg ..Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger ...May 1, 1923-Sept. 15, 1927. Albert Strauss.......... .Oct. 26, 1918-Mar. 15, 1920. Roy A. Young............Oct. 4, 1927-Aug. 31, 1930. Edmund Platt............ July 23, 1920-Sept. 14, 1930. Eugene Meyer............Sept. 16, 1930-May 10, 1933. J. J. Thomas............. .Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black........May 19, 1933-Aug. 15, 1934. Ronald Ransom..........Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles.....Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston ..Mar. 11, 1955-Feb. 28, 1966. Thomas B. McCabe... Apr. 15, 1948-Mar. 31, 1951. J. L. Robertson......... Mar. 1, 1966- Wm. McC. Martin, Jr..Apr. 2, 1951-Jan. 31, 1970. Arthur F. Burns.........Feb. 1, 1970- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo........ Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams.Feb. 2, 1914-Mar. 2, 1921. Carter Glass............. Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger ...Mar. 17, 1921-Apr. 30, 1923. David F. Houston . . .Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes....... May 1, 1923-Dec. 17, 1924. Andrew W. Mellon ....Mar. 4, 1921-Feb. 12, 1932. Joseph W. McIntosh ...Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills......... Feb. 12, 1932-Mar. 4, 1933. J. W. Pole................. .Nov. 21, 1928-Sept. 20, 1932. William H. Woodin ....Mar. 4, 1933-Dec. 31, 1933. J. F. T. O’Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr.Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve Act the appointive members; that the Secretary of the Treasury and the Comp­ Federal Reserve Board was composed of seven members, including troller of the Currency should continue to serve as members until five appointive members, the Secretary of the Treasury, who was ex­ Feb. 1, 1936; that the appointive members in office on the date of that officio chairman of the Board, and the Comptroller of the Currency. Act should continue to serve until Feb. 1, 1936, or until their successors The original term of office was 10 years, and the five original ap­ were appointed and had qualified; and that thereafter the terms of pointive members had terms of 2, 4, 6, 8, and 10 years, respectively. members should be 14 years and that the designation of Chairman In 1922 the number of appointive members was increased to six, and and Vice Chairman of the Board should be for a term of 4 years. in 1933 the term of office was increased to 12 years. The Banking Act 2 Date after words “Resigned” and “Retired” denotes final day of of 1935, approved Aug. 23, 1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal Reserve 3 Chairman and Vice Chairman were designated Governor and Vice System and provided that the Board should be composed of seven Governor before Aug. 23, 1935. 561 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 u lletin . 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 u lle tin beginning with the July 1967 issue, and such records have continued to be published in the Board’s Annual Reports. The records for the first two meetings held in 1972 were published in the B u lletin s for April, pages 390-97, and May, pages 455- 63. The record for the meeting held on March 21, 1972, follows: 562 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEETING HELD ON MARCH 21, 1972 1. Current economic policy directive. The latest estimates of the Commerce Department indicated that real output of goods and services had risen at an annual rate of nearly 6 per cent in the fourth quarter of 1971, and it appeared that expan­ sion in real GNP was continuing at about that rate in the current quar­ ter. Prices rose substantially in the first few months following the mid-November termination of the 90-day freeze. In February industrial production and nonfarm payroll employ­ ment continued to expand, and estimates of both measures for Jan­ uary were revised upward by substantial amounts. The average workweek in manufacturing increased sharply, more than recover­ ing the reduction of January, and the unemployment rate declined further to 5.7 from 5.9 per cent in January. The number of housing starts expanded substantially further. However, retail sales—accord­ ing to the advance report—remained at the December-January level. The wholesale price index continued to rise at a rapid rate in Jan­ uary and February. In addition to sizable advances in prices of in­ dustrial commodities—which for the most part had been expected in the first few months after termination of the 90-day freeze—there were large increases among foodstuffs. However, the advance in wage rates slowed after an initial post-freeze surge in December. Staff projections suggested that growth in real GNP would be somewhat faster in the second quarter than in the first, in large part because of acceleration in consumer expenditures. It was expected that consumer spending would be buoyed by a more rapid rate of expansion in disposable personal income—as many taxpayers took steps to remedy the overwithholding of taxes that had resulted from the introduction of new withholding schedules at the beginning of this year. It was expected also that the rise in prices would moderate from the high rate that followed termination of the freeze. The deficit in U.S. merchandise trade remained large in Jan­ uary, about equaling the average of the preceding 9 months. Be­ tween mid-February and mid-March speculative outflows of funds from the United States raised the deficit in the over-all balance of payments and put further downward pressure on exchange rates for the dollar against other major currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN □ JUNE 1972 Short-term interest rates had increased considerably in recent weeks, reflecting in large part expanding market supplies of Treasury bills and firming money market conditions. From February 14 through March 20, the Treasury added $300 million to its weekly issue of bills, and on March 1 it auctioned a $3 billion strip of 15 outstanding issues of bills. In addition, the System sold sizable amounts of Treasury bills in order to absorb bank reserves that were supplied as the Treasury reduced its balances at the Federal Reserve Banks. On the day before this meeting of the Committee, the rate on 3-month bills was about 3.85 per cent compared with a recent low of about 3.00 per cent in mid-February. Interest rates on long-term securities had changed little on bal­ ance since mid-February after having increased partly in reaction to late January estimates of a larger Federal deficit in fiscal 1972 than had been anticipated. The spread between rates on short- and long-term securities had been extremely wide by historical stand­ ards, and it remained wide even after the recent rise in short-term rates. In February, as in January, the volume of new corporate and State and local government bonds issued publicly was below the monthly average of 1971. It appeared that the volume of such issues would not change much in March. Yields in the secondary market for Federally insured mortgages declined somewhat further in February, reaching a level about onehalf of a percentage point lower than in the summer of 1971. The rates of inflow of savings funds to nonbank thrift institutions slowed from their exceptionally rapid pace of January, but they were still faster than the average rates of the second half of 1971. Despite the recent rise in yields available on short-term market securities, the rates paid on savings shares and deposits remained relatively attrac­ tive. Business loans at commercial banks expanded more rapidly in February than at any other time since the summer of 1971 when loan demand had been stimulated by developments in foreign exchange markets, but expansion was concentrated in a relatively few indus­ tries. Real estate and consumer loans continued to increase at high rates and banks added a large amount to their holdings of secur­ ities, especially Treasury issues. Following 6 months of slow growth, the narrowly defined money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 565 stock (private demand deposits plus currency in circulation, or Mx) increased sharply in February—in part because of a substantial re­ duction in U.S. Government deposits at commercial banks. Inflows of savings funds to commercial banks—although smaller than in January—remained large, and continued rapid growth was recorded for the more broadly defined money stock (Mx plus commercial bank time deposits other than large-denomination CD’s, or M2). Growth moderated in the bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources —chiefly because of the reduction in Government deposits. Includ­ ing rough estimates for March, it appeared that over the first quarter and M2 would expand at annual rates of about 9.5 and 13.0 per cent, respectively, and that the bank credit proxy would rise at a rate of about 10.5 per cent.1 System open market operations since the February 15 meeting of the Committee had been directed at fostering growth in reserves available to support private nonbank deposits—the measure em­ ployed by the Committee to express its objective for bank reserves —at an annual rate between 6 and 10 per cent in the February-March period while at the same time avoiding both sharp fluctuations and large cumulative changes in money market conditions. As the period progressed, it appeared that the reserve measure was growing at a rate of 10 per cent or slightly faster. It also appeared that the firstquarter growth rates developing for the monetary aggregates were somewhat above the rates the Committee had expected. As a result, operations were directed toward limiting the growth in reserves, and money market conditions were allowed to firm. The Federal funds rate, which had fluctuated around 3% per cent in the second half of February, rose to about 4 per cent at the time of this meeting. Member bank borrowings averaged about $60 million in the 2 weeks through March 15 compared with about $35 million in the preced­ ing 3 weeks. The Committee agreed that the economic situation continued to call for moderate growth in the monetary aggregates, although at rates less rapid than those likely to be recorded for the first quar­ 1 Growth rates cited are calculated on the basis of the daily-average level in the last month of the quarter relative to the last month of the preceding quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN □ JUNE 1972 ter. The members took account of a staff analysis suggesting that moderate rates of growth in the aggregates over March and April combined were likely to be associated with expansion in reserves available to support private nonbank deposits at an annual rate of about 11 per cent in those months, and probably with some further tightening in money market conditions. It was indicated that such developments would not necessarily have much lasting effect on capital markets, in view of the unusually wide spread existing between long- and short-term interest rates. The Committee decided to seek growth in the reserve measure employed at an annual rate in a range of 9 to 13 per cent during the March-April period while avoiding both sharp day-to-day fluctua­ tions and large cumulative changes in money market conditions. The members also decided that some allowance should be made in the conduct of operations if growth in the monetary aggregates ap­ peared to be deviating significantly from the rates expected; that account should be taken of international developments and of the Treasury financing of relatively small size that was being contem­ plated; and that reserve-supplying operations should continue to in­ clude to the extent feasible purchases of intermediate- and longerterm Government securities as well as Treasury bills. It was under­ stood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if it appeared that the Committee’s objectives and con­ straints 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 suggests that real out­ put of goods and services is increasing in the current quarter at about the stepped-up rate attained in the fourth quarter of 1971. Several measures of business activity have strengthened recently and demands for labor have improved somewhat, but the unemploy­ ment rate remains high. Wholesale prices continued to rise rapidly in January and February, in part because of large increases in prices of foods. However, the advance in wage rates slowed markedly after the post-freeze surge in December. Following a period of sluggish growth, the narrowly defined money stock increased sharply in Feb­ ruary, partly reflecting a substantial reduction in U.S. Government deposits. Inflows of time and savings funds at bank and nonbank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 567 thrift institutions continued rapid in February, although below Jan­ uary’s extraordinary pace. Short-term interest rates have risen con­ siderably in recent weeks while yields on long-term securities have changed little on balance. Exchange rates for most major foreign cur­ rencies against the dollar appreciated further in February and early March, as recurrent speculative outflows of capital added to the U.S. balance of payments deficit. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster finan­ cial conditions conducive to sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of pay­ ments. To implement this policy, while taking account of international developments and possible Treasury financing, the Committee seeks to achieve bank reserve and money market conditions that will sup­ port moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Brimmer, Coldwell, Daane, Eastburn, MacLaury, Maisel, Mitchell, Robertson, Sheehan, and Winn. Votes against this action: None. 2. Continuing authority directive. On February 29, 1972, the Committee members had voted to increase from $2 billion to $3 billion the limit on changes between Committee meetings in System Account holdings of U.S. Govern­ ment and Federal agency securities specified in paragraph 1(a) of the continuing authority directive with respect to domestic open market operations. 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, which was ratified by unanimous vote at today’s meeting, had been taken on recommendation of the System Account Manager as a temporary precautionary measure. The Manager had advised that increased leeway for System sales of Government and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN □ JUNE 1972 Federal agency securities might well be required in implementing the Committee’s policy directive during the period before the next meeting in view of the large volume of sales that had already been required because of the reduction in Treasury balances at Federal Reserve Banks. At this meeting, after the Manager had advised that the larger limit no longer appeared likely to be needed, the Committee amended paragraph 1(a) of the continuing authority directive to restore the $2 billion limit that had been in effect prior to the action on February 29. Votes for this action: Messrs. Burns, Hayes, Brimmer, Coldwell, Daane, Eastburn, MacLaury, Maisel, Mitchell, Robertson, Sheehan, and Winn. Votes against this action: None. On March 7, 1972, a majority of Committee members had voted to suspend, until the close of business on March 21, 1972, the lower limit (set forth in paragraph 1(c) of the continuing authority direc­ tive) on interest rates on repurchase agreements (RP’s) arranged by the Federal Reserve Bank of New York with nonbank dealers. The provision in question—which had also been suspended for the pe­ riods from December 23, 1971, through January 11, 1972, and from January 26 through February 15, 1972—specified that such RP’s were to be made “at rates not less than (1) the discount rate of the Federal Reserve Bank of New York at the time such agreement is entered into, or (2) the average issuing rate on the most recent issue of 3-month Treasury bills, whichever is the lower.” Votes for this action: Messrs. Hayes, Coldwell, Daane, Eastburn, MacLaury, Mitchell, Sheehan, and Winn. Votes against this action: Messrs. Brim­ mer and Robertson. Absent and not voting: Messrs. Burns and Maisel. This action had been taken on recommendation of the Manager, to provide against the contingency that under existing rate limita­ tions it might not prove feasible to enter into RP’s during coming days in the volume likely to be found desirable to meet the Commit­ tee’s objectives for member bank reserves. It was understood that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 569 rates below 3 lA per cent would not be used without prior notifica­ tion to the Committee. Mr. Brimmer had dissented from this action because he felt that excessive reliance was being placed on RP’s in open market opera­ tions. He was also disturbed about the frequency with which RP’s had been made recently at rates below the lower limit that would obtain in the absence of Committee action to suspend the relevant provision of the continuing authority directive. He thought that since such RP rates were typically below yields on 3-month Treasury bills, their continued use might give the market a misleading im­ pression of the Committee’s policy objectives. Mr. Robertson had dissented from the action in question for the same reasons underlying his dissents from similar actions taken in December and January. He preferred to have needed reserves in­ jected into the banking system by means of outright purchases of Treasury securities in the open market rather than through RP’s with Government securities dealers. In his judgment such agree­ ments actually constituted subsidized loans to dealers. The action of March 7 was ratified by unanimous vote at today’s meeting. Messrs. Brimmer and Robertson, having recorded their dissents from the action of March 7, did not consider it necessary to dissent also from the ratification. 3. Review of continuing authorizations. This being the first meeting of the Federal Open Market Commit­ tee following the election of new members from the Federal Reserve Banks to serve for the year beginning March 1, 1972, and their assumption of duties, the Committee followed its customary prac­ tice of reviewing all of its continuing authorizations and directives. The Committee reaffirmed the continuing authority directive with respect to domestic open market operations, the authorization for System foreign currency operations, and the foreign currency direc­ tive in the forms in which they were presently outstanding. Votes for these actions: Messrs. Burns, Hayes, Brimmer, Coldwell, Daane, Eastburn, MacLaury, Maisel, Mitchell, Robertson, Sheehan, and Winn. Votes against these actions: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN □ JUNE 1972 In connection with the review of the continuing authority direc­ tive for domestic open market operations, the Committee took special note of paragraph 3, which authorized the Reserve Banks to engage in lending of U.S. Government securities held in the System Open Market Account under such instructions as the Committee might specify from time to time. That paragraph had been added to the directive on October 7, 1969, on the basis of a judgment by the Com­ mittee that in the existing circumstances such lending of securities was reasonably necessary to the effective conduct of open market operations and to the effectuation of open market policies, and on the understanding that the authorization would be reviewed period­ ically. At this meeting the Committee concurred in the judgment of the Manager that the lending activity in question remained necessary and, accordingly, that the authorization should remain in effect sub­ ject to periodic review. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions BANK HOLDING COMPANIES and industry studies;2 and (v) providing financial advice to State and local governments, such as The Board of Governors has amended section with respect to the issuance of their securities; 225.4(a)(5) of Regulation Y, “Bank Holding Companies,” effective June 6, 1972, in order to indicate in more precise terms its intent in per­ mitting bank holding companies to act as “invest­ ment or financial adviser.” The text of the amend­ INTERPRETATIONS OF REGULATION Y ment reads as follows: ACTIVITIES NOT CLOSELY RELATED TO AMENDMENT TO REGULATION Y BANKING Pursuant to section 4(c)(8) of the Bank Holding Effective June 6, 1972, § 225.4(a)(5) is amended Company Act and section 225.4(a) of Regulation to read as set forth below, and footnote 1 in Y, the Board of Governors has determined that the § 225.4(b)(1) and footnote 2 in § 225.4(d) are following activities are not so closely related to redesignated as footnotes 3 and 4, respectively, banking or managing or controlling banks as to be and the footnotes denoted by two asterisks (**) a proper incident thereto: and by three asterisks (***) are deleted: Equity funding—that is, the combined sale of mutual funds and insurance. SECTION 225.4—NONBANKING ACTIVITIES Underwriting life insurance that is not sold in connection with a credit transaction by a bank hold­ (a) Activities closely related to banking or ing company, or a subsidiary thereof. managing or controlling banks. * * * The fol­ Real estate brokerage (see 1972 Federal Re­ lowing activities have been determined by the serve B u lletin 428). Board to be so closely related to banking or man­ Land development (see 1972 Federal Reserve aging or controlling banks as to be a proper in­ B u lletin 429). cident thereto: Real estate syndication. (5) acting as investment or financial adviser to the extent of (i) serving as the advisory com­ pany for a mortgage or a real estate investment 2This is to be contrasted with “management consulting” which the Board views as including, but not limited to, the trust; (ii) serving as investment adviser, as de­ provision of analysis or advice as to a firm’s (i) purchasing fined in section 2(a)(20) of the Investment Com­ operations, such as inventory control, sources of supply, and pany Act of 1940, to an investment company cost minimization subject to constraints; (ii) production opera­ tions, such as quality control, work measurement, product registered under that Act; (iii) providing portfolio methods, scheduling shifts, time and motion studies, and investment advice1 to any other person; (iv) fur­ safety standards; (iii) marketing operations, such as market testing, advertising programs, market development, packag­ nishing general economic information and advice, ing, and brand development; (iv) planning operations, such as general economic statistical forecasting services demand and cost projections, plant location, program planning, corporate acquisitions and mergers, and determination of long-term and short-term goals; (v) personnel operations, such as recruitment, training, incentive programs, employee com­ pensation, and management-personnel relations; (vi) internal lrThe term “portfolio investment” as used herein is intended operations, such as taxes, corporate organization, budgeting to refer generally to the investment of funds in a “security” systems, budget control, data processing systems evaluation, as defined in section 2(1) of the Securities Act of 1933 (15 and efficiency evaluation; or (vii) research operations, such U.S.C. § 77a) or in real property interests, except where the as product development, basic research, and product design real property is to be used in the trade or business of the person and innovation. The Board has determined that “management being advised. In furnishing portfolio investment advice, bank consulting” is not an acitivity that is so closely related to holding companies and their subsidiaries shall observe the banking or managing or controlling banks as to be a proper standards of care and conduct applicable to fiduciaries. incident thereto. 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN □ JUNE 1972 INVESTMENT IN CORPORATIONS OR 221(d)(4), or 236 of the National Housing Act (12 PROJECTS DESIGNED PRIMARILY TO U.S.C. 1701) and investments in projects to con­ PROMOTE COMMUNITY WELFARE1 struct or rehabilitate low- or moderate-income housing which is financed or assisted by direct loan, Under § 225.4(a)(7) of Regulation Y, a bank tax abatement, or insurance under provisions of holding company may, in accordance with the State or local law, similar to the aforementioned provisions of § 225.4(b), engage in “making Federal programs, provided that, with respect to all equity and debt investments in corporations or such projects the owner is, by statute, regulation, projects designed primarily to promote community or regulatory authority, limited as to the rate of re­ welfare, such as the economic rehabilitation and turn on his investment in the project, as to rentals development of low-income areas.” The Board or occupancy charges for units in the project, and included that activity among those the Board in such other respects as would be a “limited div­ has determined to be so closely related to banking idend corporation” (as defined by the Secretary or managing or controlling banks as to be a of Housing and Urban Development). proper incident thereto, in order to permit bank Investments in other projects that may be con­ holding companies to fulfill their civic responsibili­ sidered to be designed primarily to promote com­ ties. As indicated hereinafter in this interpreta­ munity welfare include but are not limited to (1) tion, the Board intends § 225.4(a)(7) to enable projects for the construction or rehabilitation of bank holding companies to take an active role housing for the benefit of persons of low- or modin the quest for solutions to the nation’s social erate-income, (2) projects for the construction or problems. Although the interpretation primarily rehabilitation of ancillary local commercial facili­ focuses on low- and moderate-income housing, it ties necessary to provide goods or services prin­ is not intended to limit projects under § 225.4(a)(7) cipally to persons residing in low- or moderateto that area. Other investments primarily designed income housing, and (3) projects designed ex­ to promote community welfare are considered per­ plicitly to create improved job opportunities for missible, but have not been defined in order to low- or moderate-income groups (for example, provide bank holding companies flexibility in ap­ minority equity investments, on a temporary basis, proaching community problems. For example, in small or medium-sized locally-controlled busi­ bank holding companies may utilize this flexibility nesses in low-income urban or other economically to provide new and creative approaches to the depressed areas). In the case of de novo projects, promotion of employment opportunities for low- the copy of the notice with respect to such other income persons. Bank holding companies possess projects which is to be furnished to Reserve Banks a unique combination of financial and managerial in accordance with the provisions of § 225.4(b)(1) resources making them particularly suited for a should be accompanied by a memorandum which meaningful and substantial role in remedying our demonstrates that such projects meet the objec­ social ills. Section 225.4(a)(7) is intended to pro­ tives of § 225.4(a)(7). vide an opportunity for them to assume such a Investments in corporations or projects organized role. to build or rehabilitate high-income housing, or Under the authority of § 225.4(a)(7), a bank commercial, office, or industrial facilities that are holding company may invest in community de­ not designed explicitly to create improved job velopment corporations established pursuant to opportunities for low-income persons shall be Federal or State law. A bank holding company presumed not to be designed primarily to promote may also participate in other civic projects, such as community welfare, unless there is substantial a municipal parking facility sponsored by a local evidence to the contrary, even though to some civic organization as a means to promote greater extent the investment may benefit the community. public use of the community’s facilities. Within the category of permissible investments ORDER UNDER BANK MERGER ACT under § 225.4(a)(7) are investments in projects to construct or rehabilitate multi-family low- or CENTRAL TRUST COMPANY ROCHESTER moderate-income housing with respect to which a N.Y., ROCHESTER, NEW YORK mortgage is insured under sections 221(d)(3), Order Approving Application for Merger of Banks 1At the time it issued this interpretation, the Board of Gov­ ernors revoked the paragraph headed “Community projects” Central Trust Company Rochester N.Y., Ro­ included in its earlier interpretation published at page 514 in the Bulletin for June 1971. chester, New York (“Central Bank”), a member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 573 State bank of the Federal Reserve System, has would be eliminated by the proposed merger beapplied for the Board’s approval pursuant to the tweeen either the merging banks or between any Bank Merger Act (12 U.S.C. 1828(c)) of the of the banking offices of Charter’s subsidiaries and merger of that bank with The First National Bank Painted Post Bank. It also appears that no sub­ of Painted Post, Painted Post, New York (“Painted stantial potential competition would be foreclosed Post Bank”), under the charter and title of Central by consummation of the merger in view of the Bank. As an incident to the merger, the two offices limitations placed on branching by New York of Painted Post Bank would become branches of State laws, the distances separating the banks, and the resulting bank. the limited economic prospects for the area served As required by the Act, notice of the proposed by Painted Post Bank. Based on the foregoing merger, in form approved by the Board, has been and the record before it, the Board concludes that published, and the Board has requested reports on consummation of the proposed merger would not competitive factors from the Attorney General, adversely affect competition in any relevant market the Comptroller of the Currency, and the Federal but would likely increase competition in Steuben Deposit Insurance Corporation. County by providing a more effective competitor The Board has considered the application and to the larger banks operating in the area. all comments and reports received in the light The financial and managerial resources of Cen­ of the factors set forth in the Act, and finds that: tral and Painted Post Banks are generally satis­ Central Bank ($227 million deposits)1, a sub­ factory, and the prospects for the resulting bank sidiary of Charter New York Corporation, New appear favorable. Considerations relating to bank­ York City, operates 14 offices in New York ing factors are consistent with approval of the State’s Eighth Banking District, of which 13 are application. As a result of the merger the cus­ located in Monroe County and one in the northern tomers of Painted Post Bank would be provided portion of Steuben County. It holds 9.6 per cent with expanded loan and deposit services, trust of the District’s commercial bank deposits as the department facilities, and automated banking serv­ fourth largest of the District’s 31 banks and ranks ices. Considerations relating to the convenience and fourth among the eight banks headquartered in needs of the communities to be served are con­ Monroe County, controlling approximately 11 per sistent with approval of the application and lend cent of county deposits. some weight thereto. It is the Board’s judgment Painted Post Bank ($9 million deposits) operates that consummation of the proposal would be in two offices in the southeastern portion of Steuben the public interest, and that the application should County. It is the eighteenth largest bank in the be approved. Eighth Banking District and the seventh largest On the basis of the record, the application is of nine banks domiciled in Steuben County, hold­ approved for the reasons summarized above. The ing 0.4 and 7.4 per cent of the deposits in these transaction shall not be consummated (a) before respective areas. Painted Post Bank competes pri­ the thirtieth calendar day following the effective marily with three larger banks that control deposits date of this Order or (b) later than three months ranging from $863 million to $11 million. Con­ after the effective date of this Order, unless such summation of the proposed merger would not ad­ period is extended for good cause by the Board, or versely affect other area banks nor significantly by the Federal Reserve Bank of New York pur­ increase the concentration of banking deposits in suant to delegated authority. any relevant area. By order of the Board of Governors, effective The subject banks operate in separate markets, May 22, 1972. their service areas do not overlap, and their nearest Voting for this action: Chairman Burns and Governors banking offices are located approximately 35 Mitchell, Daane, Brimmer, and Sheehan. Absent and not miles apart. No significant existing competition voting: Governors Robertson and Maisel. 1 All banking data are as of December 31, 1971, except branch (Signed) Tynan Smith, deposit data are as of June 30, 1970. [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN □ JUNE 1972 ORDERS UNDER SECTION 3 OF BANK HOLDING separating the banks and the restrictive Missouri COMPANY ACT branching laws. It does not appear, therefore, that consummation of Applicant’s proposal would MERCANTILE BANCORPORATION INC., eliminate any existing competition, nor foreclose ST. LOUIS, MISSOURI the development of significant potential compe­ tition, or that there would be adverse effects on Order Approving Acquisition of Bank any bank in the area involved. Mercantile Bancorporation Inc., St. Louis, The financial and managerial resources and pros­ Missouri, a bank holding company within the pects of Applicant, its present subsidiaries, and meaning of the Bank Holding Company Act, Bank are all regarded as satisfactory and consistent has applied for the Board’s approval under § 3(a) with approval of the application. It appears that (3) of the Act (12 U.S.C. 1842(a)(3)) to acquire the major banking needs of Bank’s service area are 90 per cent or more of the voting shares of The presently being met by the existing banking in­ Trenton National Bank, Trenton, Missouri stitutions; however, Applicant proposes to expand (“Bank”). Bank’s services, including its credit and trust Notice of receipt of the application has been operations, in order to make Bank more responsive given in accordance with § 3(b) of the Act, and the to the needs of the community. Thus, considertime for filing comments and views has expired. tions relating to the convenience and needs are con­ The Board has considered the application and all sistent with approval of the application. It is the comments received in the light of the factors set Board’s judgment that the transaction would be in forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and the public interest, and that the application should finds that: be approved. Applicant, Missouri’s largest banking organiza­ On the basis of the record, the application is tion and its largest bank holding company, con­ approved for the reasons summarized above. The trols seven subsidiary banks with aggregate depos­ transaction shall not be consummated (a) before the its of $1.2 billion, representing approximately thirtieth calendar day following the effective date 10 per cent of the total commercial bank deposits of this Order or (b) later than three months after in the State.1 Consummation of Applicant’s pro­ the effective date of this Order, unless such period posal would not have a significant effect on the is extended for good cause by the Board, or by concentration of commercial bank deposits in the Federal Reserve Bank of St. Louis pursuant to Missouri, increasing Applicant’s share of com­ delegated authority. mercial bank deposits by less than .2 of a per­ By order of the Board of Governors, effective centage point. May 2, 1972. Bank ($18.5 million deposits) is the larger of Voting for this action: Chairman Burns and Governors Rob­ two banks in Trenton and the largest of five banks ertson, Daane, Brimmer, and Sheehan. Absent and not voting: in the Trenton banking market (approximated by Governors Mitchell and Maisel. Grundy County), and holds 45.5 per cent of market (Signed) Tynan Smith, deposits. Even though Bank is the largest in the [seal] Secretary of the Board. area, the other area banks appear to be viable and aggressive competitors, and the record indicates FIRST NATIONAL CHARTER that the Bank does not occupy a dominant position, CORPORATION, KANSAS CITY, MISSOURI as evidenced by a slight decline in its percentage of market deposits held while other area banks in­ Order Approving Acquisition of Bank creased their share of such deposits. Applicant’s First National Charter Corporation, Kansas closest subsidiary to Bank is over 85 miles away, City, Missouri, a bank holding company within and neither it nor any of Applicant’s other sub­ the meaning of the Bank Holding Company sidiaries competes with Bank to any meaningful Act, has applied for the Board’s approval under extent. The development of any competition be­ § 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to tween Bank and any of Applicant’s subsidiaries acquire 100 per cent of the voting shares (less is considered unlikely because of the distances directors’ qualifying shares) of the successor by merger to The Livestock National Bank, Kansas City, Missouri (“Bank”). The bank into which *A11 banking data are as of June 30, 1971, adjusted to reflect Bank is to be merged has no significance except holding company acquisitions and formations approved by the Board through March 31, 1972. as a means of acquiring all of the shares of Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 575 Accordingly, the proposed acquisition of the shares On the basis of the record, the application is of the successor organization is treated herein as approved for the reasons summarized above. The the proposed acquisition of shares of Bank. transaction shall not be consummated (a) before the Notice of receipt of the application has been thirtieth calendar day following the effective date given in accordance with § 3(b) of the Act, and of this Order or (b) later than three months after the time for filing comments and views has the effective date of this Order, unless such period expired. The Board has considered the applica­ is extended for good cause by the Board, or by the tion and all comments received in the light of the Federal Reserve Bank of Kansas City pursuant to factors set forth in § 3(c) of the Act (12 U.S.C. delegated authority. 1842(c)) and finds that: By order of the Board of Governors, effective Applicant, the fifth largest banking organization May 2, 1972. in Missouri, controls seven banks with aggregate Voting for this action: Chairman Burns and Governors Rob­ deposits of $498.4 million, representing ap­ ertson, Daane, Brimmer, and Sheehan. Absent and not voting: proximately 4.3 per cent of total deposits in com­ Governors Mitchell and Maisel. mercial banks in the State.1 Upon acquisition of (Signed) Tynan Smith, Bank ($19.7 million in deposits) Applicant will [seal] Secretary of the Board. increase its share of Statewide deposits by 0.2 per cent and will become the fourth largest FIDELITY AMERICAN BANKSHARES, INC., banking organization in the State. LYNCHBURG, VIRGINIA Applicant, through three of its subsidiary banks, controls approximately 11 per cent of the total Order Approving Acquisition of Bank commercial bank deposits in the Kansas City Fidelity American Bankshares, Inc., Lynchburg, Standard Metropolitan Statistical Area and is the Virginia, a bank holding company within the second largest banking organization in that meaning of the Bank Holding Company Act, has area. Applicant’s ranking in the SMSA will re­ applied for the Board’s approval under § 3(a)(3) main unchanged as a result of this proposal, and of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 Applicant’s share of deposits will increase by less per cent of the voting shares of Tidewater Bank than 0.6 per cent. and Trust Company, Williamsburg, Virginia Bank, which specializes in livestock and farm (“Bank”), a proposed new bank. lending, was organized in 1955 by shareholders of Notice of receipt of the application has been Applicant’s lead bank, the First National Bank of given in accordance with §3(b) of the Act, and the Kansas City, Missouri (“First National”). Be­ time for filing comments and views has expired. cause of the specialized services offered by Bank, The Board has considered the application and all Bank’s lengthy affiliation with First National and comments received in the light of the factors set the fact that disaffiliation between the two in­ forth in §3(c) of the Act (12 U.S.C. 1842(c)) and stitutions is unlikely, no existing nor significant finds that: potential competition will be foreclosed upon Applicant controls seven banks with aggregate consummation of the proposed transaction. deposits of $352.9 million, representing 4.2 per The financial and managerial resources and cent of the total commercial bank deposits in the future prospects of Applicant and bank are sat­ State, and is the eighth largest banking organiza­ isfactory and consistent with approval. Applicant tion in Virginia. (All banking data are as of June proposes to diversify Bank’s operations thereby 30, 1971, and reflect holding company forma­ providing another alternative for full banking tions and acquisitions approved through Febru­ services in the community. Considerations relating ary 29, 1972.) Since Bank is a proposed new to convenience and needs of the community are bank, no existing competition would be eliminated consistent with approval. It is the Board’s judg­ nor would concentration be increased in any ment that the proposed transaction would be in the relevant area. public interest and that the application should be Bank will be located in the City of Williamsburg approved. and will represent the initial entry by Applicant into the Williamsburg banking market.1 Appli- 1 Unless otherwise noted, all banking data are as of June 30, 1971, adjusted to reflect holding company applications ap- approximated by City of Williamsburg, western portion of proved by the Board through April 7, 1972. James City County, and northeast portion of York County. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN □ JUNE 1972 cant’s closest subsidiary to Bank is located 17 miles cause by the Board, or by the Federal Reserve Bank away and competes in a different market. The of Richmond pursuant to delegated authority. Williamsburg market is now served by only two By order of the Board of Governors, effective banks, one of which holds 80.9 per cent of May 2, 1972. market deposits. Thus, Applicant’s acquisition of Voting for this action: Chairman Burns and Governors Rob­ Bank would have a procompetitive effect as it ertson, Daane, Brimmer, and Sheehan. Absent and not voting: would provide a third banking alternative and Governors Mitchell and Maisel. likely establish a basis for increased competition (Signed) Tynan Smith, and reduced concentration in Bank’s market area. [seal] Secretary of the Board. Accordingly, the Board concludes that consum­ mation of the proposed acquisition would not HUNTINGTON BANCSHARES adversely affect competition in any relevant area. INCORPORATED, The financial and managerial resources of COLUMBUS, OHIO Applicant and its subsidiary banks are deemed satisfactory, and projected growth and earnings Order Approving Acquisition of Bank for the group appear favorable. Bank, as a pro­ Huntington Bancshares Incorporated, Colum­ posed new bank, has no financial or operating bus, Ohio, a bank holding company within the history; however, its prospects under Applicant’s meaning of the Bank Holding Company Act, has management appear favorable. A “management applied for the Board’s approval under § 3(a)(3) incentive plan” negotiated by Applicant with the of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 directors of Bank could have an adverse effect per cent or more of the voting shares of The First on the condition of Bank. Despite this aspect of National B ank of Kenton, Kenton, Ohio (“ B ank ”). Applicant’s proposal, the acquisition is approved Notice of receipt of the application has been inasmuch as Applicant is to acquire 100 per cent given in accordance with § 3(b) of the Act, and of the voting shares of Bank, and there will be no the time for filing comments and views has ex­ minority shareholders whose interests could be pired. The Board has considered the application prejudiced by the management incentive plan. and all comments received in the light of the Bank will commence operations with total in­ factors set forth in § 3(c) of the Act (12 U.S.C. itial capital of $750,000, which appears adequate 1842(c)) and finds that: to provide capital for Bank as well as to permit Applicant, the fourth largest multibank holding payment under the management incentive plan. company and the sixth largest banking organiza­ Banking factors as they concern Applicant’s tion in Ohio, has eleven subsidiary banks with group and the proposed new bank are consistent aggregate deposits of $903 million, representing with approval of the application. It appears that the approximately 4 per cent of total commercial major banking needs of the area are being ade­ bank deposits in the State. (All banking data are quately served at the present time. However, as of June 30, 1971 and reflect all bank holding Bank would provide an additional source of con­ company acquisitions approved through March venient banking services to the area. Considerations 31, 1972.) Consummation of the proposal herein under convenience and needs aspects of the pro­ would increase Applicant’s share of commercial posal are consistent with approval and lend some bank deposits in the State by an insignificant weight thereto. It is the Board’s judgment that amount and its ranking in the State would be un­ consummation of the proposed acquisition would changed. be in the public interest and that the application Bank (approximately $12 million deposits) op­ should be approved. erates one banking office located in Kenton, On the basis of the record, the application is Hardin County, Ohio. Bank is the second largest approved for the reasons summarized above. The of seven banks in the Hardin County banking transaction shall not be consummated (a) before market, and controls 20 per cent of the total com­ the thirtieth calendar day following the effective mercial bank deposits in that area. date of this Order or (b) later than three months Applicant’s subsidiary bank located closest to after that date; and (c) Tidewater Bank and Trust Bank is 27 miles northwest of Bank in adjoining Company, Williamsburg, Virginia, shall be opened Allen County, Ohio, and is considered to operate in for business not later than six months after the a separate but adjacent banking market. It ap­ effective date of this Order. Each of the periods pears that there is no significant competition be­ described in (b) and (c) may be extended for good tween Bank and this or any of Applicant’s other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 577 subsidiary banks. Moreover, it does not appear On the basis of the record, the application is likely that such competition would develop in the approved for the reasons summarized above. The future because of the distances separating Bank transaction shall not be consummated (a) before from Applicant’s present subsidiary banks, the the thirtieth calendar day following the effective number of banks located in intervening areas, and date of this Order or (b) later than three months and the restrictive provisions of the Ohio law after the effective date of this Order, unless such on branch banking. Although Bank and Ap­ period is extended for good cause by the Board, or plicant’s Allen County subsidiary could elect to by the Federal Reserve Bank of Cleveland pur­ establish branches in closer proximity to each other suant to delegated authority. along their common county border, the rural char­ By order of the Board of Governors, effective acter of the area separating these banks and the May 4, 1972. presence of three intervening banks make this Voting for this action: Chairman Burns and Governors Rob­ possibility remote. There appears to be little like­ ertson, Daane, Brimmer, and Sheehan. Absent and not voting: lihood that Applicant would establish a de novo Governors Mitchell and Maisel. office in the Hardin County banking market in (Signed) Tynan Smith, view of the low population per banking office [seal] Secretary of the Board. ratio existing in that area.1 It appears, therefore, that consummation of the proposal herein would BOATMEN’S BANCSHARES, INC., neither eliminate meaningful existing competition ST. LOUIS, MISSOURI nor foreclose significant potential competition. Affiliation with Applicant will introduce an ad­ Order Approving Acquisition of Bank ditional bank holding company organization into Boatmen’s Bancshares, Inc., St. Louis, Mis­ the Hardin County area and should enable Bank souri, a bank holding company within the meaning to compete more aggressively with the area’s of the Bank Holding Company Act, has applied largest bank, which is a subsidiary of the State’s for the Board’s approval under § 3(a)(3) of the largest bank holding company. Thus, approval of Act (12 U.S.C. 1842(a)(3)) to acquire 90 per cent the instant application should have a procom- or more of the voting shares of Bank of Troy, petitive effect on competition in the area. Troy, Missouri (“Bank”). On the basis of the record before it, the Board Notice of receipt of the application has been concludes that consummation of the proposed given in accordance with § 3(b) of the Act, and acquisition would not have an adverse effect on the time for filing comments and views has ex­ competition in any relevant area. The financial and pired. The Board has considered the application managerial resources and prospects of Applicant and all comments received in the light of the factors and its subsidiary banks are satisfactory and con­ set forth in §3(c) of the Act (12 U.S.C. 1842(c)) sistent with approval of the application. Bank’s and finds that: financial condition and future prospects are sat­ Applicant, the sixth largest banking organiza­ isfactory. Affiliation with Applicant should en­ tion and the sixth largest bank holding company in able Bank to draw upon Applicant’s managerial Missouri on the basis of deposits, has four sub­ resources to provide an adequate source of qualified sidiary banks with aggregate deposits of $349.2 management personnel. The banking needs of the million representing 3.03 per cent of the total com­ Hardin County area appear to be adequately served mercial bank deposits in the State. (All banking at the present time; however, Applicant proposes data are as of June 30, 1971, adjusted to reflect to make trust services available through Bank holding company acquisitions and formations ap­ and to assist Bank in meeting requests for larger proved by the Board through March 31, 1972.) loans through participation agreements with its Consummation of the proposal herein would in­ other subsidiary banks. Thus, considerations re­ crease Applicant’s share of commercial bank de­ lating to the convenience and needs of the com­ posits in the State by less than . 1 of a percentage munities to be provided these additional services point, and would not alter Applicant’s ranking lend some weight toward approval of the applica­ among the State’s other banking organizations tion. and bank holding companies. Bank ($8 million of deposits) is the only bank in Troy, a community with a population of about 2,500, and ranks as the largest of six banks in Population to banking office ratio of Hardin County is 3,081 compared with the State average of 5,764. Lincoln County (the relevant market), with 27.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN □ JUNE 1972 per cent of area deposits. Although Bank is the Voting for this action: Chairman Burns and Governors Rob­ largest bank in the Lincoln County market, it ertson, Daane, Brimmer, and Sheehan. Absent and not voting: Governors Mitchell and Maisel. does not occupy a dominant position. Bank has (Signed) Tynan Smith, been operated conservatively, with a loan to de­ posit ratio of approximately 30 per cent; and, al­ [seal] Secretary of the Board. though its earnings have increased steadily and prospects appear favorable, its rate of growth has FIRST BANCORP, INC., been slower than that of the competing area banks. CINCINNATI, OHIO Applicant’s subsidiary located closest to Bank is Order Denying Formation of Bank Holding 22 miles southeast of Bank; neither it nor any Company of Applicant’s other subsidiaries compete with Bank to any significant extent. Moreover, the First Bancorp, Inc., Cincinnati, Ohio, has development of such competition is considered applied for the Board’s approval under § 3(a)(1) unlikely because of the large number of banks in of the Bank Holding Company Act (12 U.S.C. the intervening area, Missouri’s restrictive branch­ 1842(a)(1)) of formation of a bank holding com­ ing law, and a low population to bank ratio in pany through acquisition of 100 per cent of the Bank’s service area mitigating against Applicant’s voting shares (less directors’ qualifying shares of: de novo entry into the Lincoln County area. It (1) The Athens National Bank, Athens (“Athens appears, therefore, that consummation of the pro­ Bank”); (2) The Security Bank, Athens (“Secur­ posed acquisition would not eliminate existing or ity Bank”); and (3) The New Richmond National potential competition nor have adverse effects on Bank, New Richmond (“Richmond Bank”), all any competing bank. in Ohio. The considerations relating to the financial and Notice of receipt of the application has been managerial resources are regarded as satisfactory given in accordance with § 3(b) of the Act, and and consistent with approval of the application as the time for filing comments and views has ex­ they relate to Applicant and its subsidiaries, and pired. The Board has considered the application lend some weight toward approval as they relate to and all comments received in the light of the Bank since Applicant will assist Bank in meeting a factors set forth in § 3(c) of the Act (12 U.S.C. management succession problem, and will pro­ 1842(c)) and finds that: vide Bank with additional personnel in order to The subject banks are presently owned by a better serve the needs of the community. Applicant partnership and its wholly owned subsidiary cor­ proposes to broaden Bank’s lending program, poration, both of which became regulated bank establish Saturday banking, add a drive-in facility, holding companies as a result of the Bank Holding and provide trust and data processing services. Company Act Amendments of 1970. Both have None of the above services are generally ac­ filed irrevocable declarations pursuant to § 4(c) cessible to the residents of the area, and the addi­ (12) of the Act and the Board’s regulations there­ tion and expansion of these services should aid in under that they will divest themselves of their the development of the area. Thus, these consid­ interests in the banks prior to January 1, 1981. erations relating to the convenience and needs of Applicant would initially be owned by these com­ the area lend weight for approval of the application. panies, however, Applicant states that it is in­ It is the Board’s judgment that the proposed tended that the companies would divest themselves transaction is in the public interest and should be of the banks by selling Applicant’s shares to a approved. control group and to other members of the public. On the basis of the record, the application is It is contended that this proposal is necessary in approved for the reasons summarized above. The order to permit more orderly divestiture of the transaction shall not be consummated (a) before banks and that the banks are more marketable the thirtieth calendar day following the effective as a package. date of this Order or (b) later than three months Athens Bank ($32.5 million deposits), the largest after the effective date of this Order, unless such of eight banks in the Athens County, Ohio, bank­ period is extended for good cause by the Board, ing market, operates six branches in that market (5 or by the Federal Reserve Bank of St. Louis pur­ of which are located within the City of Athens) suant to delegated authority. and controls approximately 38 per cent of total By order of the Board of Governors, effective deposits in commercial banks in that area. (All May 4, 1972. banking data are as of June 30, 1971 and reflect Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 579 bank holding company formations and acquisi­ believes that in a concentrated market, such as tions through December 31, 1971.) Security Bank Athens, the foreclosure of any significant possi­ ($12.9 million deposits) operates one banking bility of deconcentration has an adverse effect office located in the City of Athens and is the on competition. Security Bank has full commer­ second largest bank in the Athens County banking cial banking powers and absent the present market, controlling approximately 15 per cent of relationship has the potential of being an active total deposits in commercial banks in that market. competitor in Athens. The rapid growth of Hock­ New Richmond Bank ($4.2 million deposits) ing Valley Bank of Athens (founded in 1965) to operates one bank approximately 130 miles east virtually the same size as Security Bank shows the of Athens, Ohio, in the City of New Richmond, need in Athens for competitive banking alter­ Clermont County, Ohio, (which is considered part natives. of the Cincinnati, Ohio, banking market) and At present the banks are subject to divestiture controls .2 per cent of deposits in commercial prior to January 1, 1981. Any such divestiture banks in that market. through sale to corporate or partnership interests would require the prior approval of the Board. Security and Athens Banks, which together hold Given the structure of banking in Athens, it is more than 50 per cent of the total deposits in com­ clear that, were the two banks unaffiliated, any mercial banks in the Athens County area, have proposal to place them both in the same holding been affiliated by common stock ownership since company structure would involve significantly 1963 and this ownership was formalized by the anticompetitive effects. Consummation of the acquisition of the banks in 1963 and 1966, re­ instant proposal would virtually insure the con­ spectively, by a partnership and its affiliated corporation. The main office of Athens Bank and tinued operation of the banks as a group and fore­ close the probability that the required divestiture the only office of Security Bank are located directly across the street from each other in would be carried out through sale of the banks separately and that Security Bank would realize its downtown Athens. Four branches of Athens Bank potential as an alternative source of full banking are located within a four mile radius of its main services, This foreclosure has a significantly ad­ office. Although both banks are chartered as com­ mercial banks, by agreement, Security Bank has verse effect on potential competition. Affiliation been operated more in the nature of a savings bank of New Richmond Bank with either of the Athens Banks would not, however, raise similar problems. by accepting only time and savings accounts from the general public. The Board concurs with Ap­ On the basis of the record, and due to the fact plicant’s statement that no present competition that the instant proposal involves merely a re­ exists between these banks which would be elim­ structuring of present affiliations, the Board finds inated by the proposal herein. However, the Board that the proposal would have little effect on finds that the proposal raised serious competitive the banking convenience and needs of the com­ questions in view of Applicant’s stated intention munities to be served or on the financial and to divest these banks as a unit through the bank managerial resources and future prospects of holding company vehicle. the banks involved. These considerations provide The Department of Justice, commenting on the no weight toward approval and do not outweigh competitive effects of the proposal, found that the the adverse competitive effects of the proposal. establishment of common ownership and control It is the Board’s judgment that consummation of of the two Athens banks was anticompetitive in the proposal would not be in the public interest its origin and that their joint operation in the same and that the application should be denied. banking market eliminated substantial actual and On the basis of the record, the application is potential competition. The Department found that denied for the reasons summarized above. allowing acquisition of both banks by Applicant By order of the Board of Governors, effective would tend to perpetuate a high degree of con­ May 4, 1972. centration in the Athens market and would have a significantly adverse effect on competition. Voting for this action: Chairman Burns and Governors Rob­ ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ The Board is aware that neither approval nor ernors Daane, Maisel, and Brimmer. denial of the instant application will have any im­ mediate effect on banking competition or concen­ (Signed) Tynan Smith, tration in the Athens market. However, the Board [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL RESERVE BULLETIN □ JUNE 1972 WYOMING BANCORPORATION, of this proposal would have beneficial effects on CHEYENNE, WYOMING the convenience and needs of the Laramie area in that consummation will enable Bank to activate Order Approving Acquisition of Bank its trust powers and to broaden its lending activi­ Wyoming Bancorporation, Cheyenne, Wyom­ ties, especially in the areas of residential and ing, a bank holding company within the meaning of agricultural lending. Considerations related to the the Bank Holding Company Act, has applied for convenience and needs of the communities to be the Board’s approval under § 3(a)(3) of the Act served, therefore, weigh slightly in favor of ap­ (12 U.S.C. 1842(a)(3)) to acquire 97.6 per cent proval. It is the Board’s judgment that the pro­ or more of the voting shares of University Na­ posed transaction would be in the public interest and tional Bank of Laramie, Laramie, Wyoming that the application should be approved. (“Bank”). On the basis of the record, the application is Notice of receipt of the application has been approved for the reasons summarized above. The given in accordance with § 3(b) of the Act, and transaction shall not be consummated (a) before the the time for filing comments and views has expired. thirtieth calendar day following the effective date The Board has considered the application and all of this Order or (b) later than three months after comments received in the light of the factors set the effective date of this Order, unless such period forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and is extended for good cause by the Board, or by the finds that: Federal Reserve Bank of Kansas City pursuant to Applicant controls eight banks with total de­ delegated authority. posits of $81.3 million, representing 9.7 per cent of By order of the Board of Governors, effective the total deposits in commercial banks in Wyom­ May 4, 1972. ing,1 and is the second largest banking organiza­ Voting for this action: Chairman Burns and Governors Rob­ tion in the State. (Banking data are as of June 30, ertson, Daane, Brimmer, and Sheehan. Absent and not voting: 1971.) Acquisition of Bank (deposits of $6.9 Governors Mitchell and Maisel. million) would not significantly increase Ap­ (Signed) Tynan Smith, plicant’s share of total deposits in the State. [seal] Secretary of the Board. Bank is the smallest of three banks operating in the Laramie banking market (approximated by FIRST TENNESSEE NATIONAL Albany County) and holds approximately 11.9 per CORPORATION, cent of the deposits in the market. Applicant’s MEMPHIS, TENNESSEE subsidiary closest to Bank is located in Cheyenne, fifty miles east of Laramie. This distance, the Order Approving Acquisition of Bank existence of intervening banks and geographical First Tennessee National Corporation, Mem­ barriers, and Wyoming’s prohibition against phis, Tennessee, a bank holding company within branch banking have precluded the development the meaning of the Bank Holding Company Act, of competition between any of Applicant’s sub­ has applied for the Board’s approval under § 3(a)(3) sidiary banks and Bank. These same factors would of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 appear to preclude the future development of com­ per cent of the voting shares of the successor by petition between any of those subsidiaries and merger to Bank of Morristown, Morristown, Bank. The population of the Laramie banking mar­ Tennessee (“Bank”). The bank into which Bank ket adequately supports three banks, but is insuffi­ is to be merged has no significance except as a cient to make the market attractive for de novo means to facilitate the acquisition of the voting entry. shares of Bank. Accordingly, the proposed acqui­ The financial and managerial resources and sition of the shares of the successor organization future prospects of Applicant, its subsidiary banks, is treated herein as the proposed acquisition of the and Bank are considered generally satisfactory and shares of Bank. are consistent with approval. Consummation Notice of the application, affording opportunity for interested persons to submit comments and views, has been given in accordance with § 3(b) *On March 23, 1972, the Board approved Applicant’s of the Act. The time for filing comments and acquisition of voting shares of banks in Lander, Lusk, and views has expired, and none have been timely Rawlins, Wyoming. Data for these banks are included in the textual data for Applicant. received. The Board has considered the applica­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 581 tion in light of the factors set forth in § 3(c) of the On the basis of the record, the application is Act (12 U.S.C. 1842(c)) and finds that: approved for the reasons summarized above. The Applicant controls four banks with aggregate transaction shall not be consummated (a) before deposits of approximately $834 million and is the thirtieth calendar day following the effective the largest banking organization in Tennessee, date of this Order or (b) later than three months controlling 10.7 per cent of deposits in commercial after the effective date of this Order, unless such banks in the State.1 Acquisition of Bank (depostis period is extended for good cause by the Board, of $13 million) would increase Applicant’s per­ or by the Federal Reserve Bank of St. Louis pur­ centage share of deposits in the State by less than suant to delegated authority. two-tenths of 1 per cent and would not result in a By order of the Board of Governors, effective significant increase in the concentration of banking May 9, 1972. resources in Tennessee. Voting for this action: Chairman Burns and Governors Rob­ There is no present competition existing between ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ Bank and any of Applicant’s banking subsidiaries. ernors Daane, Maisel, and Brimmer. Moreover, due to the distances involved and Ten­ (Signed) Tynan Smith, nessee’s restrictive branching laws, there is little [seal] Secretary of the Board. probability of substantial future competition de­ veloping between any of these subsidiaries and CONSOLIDATED BANKSHARES OF Bank. Bank is located in the eastern part of FLORIDA, INC., Tennessee, whereas Applicant’s lead bank, The FORT LAUDERDALE, FLORIDA First National Bank of Memphis, Memphis, Tennessee (deposits of $777 million), is some 450 Order Approving Acquisition of Banks miles distant from Morristown, and no other Consolidated Bankshares of Florida, Inc., Fort subsidiary of Applicant is within 45 miles of Bank. Lauderdale, Florida, a bank holding company Moreover, Applicant’s acquisition of Bank could within the meaning of the Bank Holding Com­ have pro-competitive effects. Bank is the smallest pany Act, has filed separate applications for the of three banks located in the Morristown banking Board’s approval under § 3(a)(3) of the Act (12 area and is approximately half the size of the two U.S.C. 1842(a)(3)) to acquire 80 per cent or more other institutions in the area, one of which is al­ of the voting shares of First National Bank of ready affiliated with a bank holding company. Eau Gallie, Melbourne, Florida (“Eau Gallie The expertise and management depth that Ap­ Bank”), and Indialantic Beach Bank, Indialantic, plicant can provide Bank should enable Bank to Florida (“Indialantic Bank”). be a stronger competitor for these two larger or­ ganizations. Competitive consequences of the Notice of the applications, affording oppor­ transaction are considered by the Board to be con­ tunity for interested persons to submit comments sistent with approval of the application. and views, has been given in accordance with § Considerations relating to the financial condi­ 3(b) of the Act. The time for filing comments and tion, managerial resources, and prospects of Ap­ views has expired, and none has been timely plicant, its subsidiary banks, and Bank are sat­ received. The Board has considered the applica­ isfactory and consistent with approval of the ap­ tions in the light of the factors set forth in § 3(c) plication. Considerations relating to the con­ of the Act (12 U.S.C. 1842 (c)) and finds that: venience and needs of the community to be served Applicant controls five banks with aggregate lend some weight toward approval of the appli­ deposits of approximately $280 million, repre­ cation since affiliation with Applicant by Bank senting 1.90 per cent of total deposits in com­ will permit Bank to offer more sophisticated mercial banks in Florida and is the thirteenth services and larger loans which the Morristown largest banking organization and bank holding area appears to require. It is the Board’s judgment company in the State. (All banking data are as of that consummation of the proposed acquisition June 30, 1971, adjusted to reflect holding com­ would be in the public interest and the application pany formations and acquisitions approved by the should be approved. Board through April 25, 1972.) The acquisitions of Eau Gallie Bank ($14 million deposits) and Indialantic Bank ($6 million deposits) would banking data are as of June 30, 1971, and reflect holding increase Applicant’s share of State deposits by company formations and acquisitions approved by the Board through April 30, 1972. 0.13 percentage points. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN □ JUNE 1972 Indialantic Bank and Eau Gallie Bank serve the after the effective date of this Order, unless such South Brevard banking market controlling 12.94 period is extended for good cause by the Board, and 5.52 per cent of the market’s deposits as the or by the Federal Reserve Bank of Atlanta pursuant fourth and seventh largest, respectively, of the to delegated authority. market’s eight banks. The largest of the four hold­ By order of the Board of Governors, effective ing companies competing in this market holds May 9, 1972. over 35 per cent of the market deposits. It ap­ Voting for this action: Chairman Burns and Governors Rob­ pears that affiliation of these banks with Applicant ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ would increase their ability to compete with the ernors Daane, Maisel, and Brimmer. larger banks without adversely affecting any of (Signed) Tynan Smith, the area banks. [seal] Secretary of the Board. Eau Gallie Bank was organized by stockholders and directors of Indialantic Bank in 1963, and the FIRST EMPIRE STATE CORPORATION, close affiliation between them has been continuous. BUFFALO, NEW YORK The two banks are six miles apart and their service areas overlap, but due to their common control and Order Approving Acquisition of Bank management, there is no meaningful competition First Empire State Corporation, Buffalo, New between them nor is any likely to develop. Appli­ York, a bank holding company within the meaning cant’s closest subsidiary bank is located approxi­ of the Bank Holding Company Act, has applied mately 150 miles south of the Melbourne and for the Board’s approval under § 3(a)(3) of the Indialantic areas and does not compete with Act (12 U.S.C. 1842(a)(3)) to acquire 100 per Banks. In view of the distances separating the cent of the voting shares of Hambro American banks and State laws restricting branching, it ap­ Bank & Trust Co., New York, New York pears unlikely that any significant competition (“Bank”). would develop in the future. Acquisition of Banks Notice of receipt of the application has been by Applicant would have no adverse effects on given in accordance with § 3(b) of the Act, and existing or potential competition. the time for filing comments and views has ex­ The financial condition and managerial re­ pired. The Board has considered the application sources of Applicant, its present subsidiaries and and all comments received in the light of the of Indialantic and Eau Gallie Banks are satis­ factors set forth in § 3(c) of the Act (12 U.S.C. factory, and the future prospects of each appear 1842(c)) and finds that: favorable. Considerations relating to banking Applicant controls one bank with deposits of factors are consistent with approval of the ap­ $885.6 million, representing .9 per cent of the total plications. Full banking services are available to commercial deposits in New York.1 Acquisition of the residents of the relevant areas at the present Bank would not increase significantly Applicant’s time, and Applicant will introduce no new serv­ control of commercial bank deposits in the State, ices to the Eau Gallie or Indialantic Banks. How­ and Applicant’s rank as the sixteenth largest bank­ ever, Applicant proposes to improve the operating ing organization in the State would remain un­ efficiency of the subject banks, to increase loan changed. Bank, with deposits of $78.4 million, participations, and to assist in obtaining qualified controls approximately . 1 per cent of commercial personnel for the banks through Applicant’s train­ deposits in the Metropolitan New York banking ing and recruiting program. Considerations re­ market and is the. thirty-fourth largest of 60 banks lating to the convenience and needs of the com­ in that market. munities to be served are consistent with and lend The nearest banking subsidiary of Applicant to some support toward approval of the applications. Bank is the Manufacturer’s and Traders Trust It is the Board’s judgment that consummation Company (“M & T Bank”), Buffalo, New York, of the proposed transactions would be in the located over 300 miles away from Bank. Since public interest and that the applications should M & T Bank derives 2.1 per cent of its deposits be approved. from Bank’s service area there is a slight amount On the basis of the record, the applications are of existing competition between the two banks. approved for the reasons summarized above. The transactions shall not be consummated (a) before XA11 banking data are as of June 30, 1971, adjusted to reflect the thirtieth calendar day following the effective holding company formations and acquisitions through Febru­ date of this Order or (b) later than three months ary 29,1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 583 However, Bank is primarily engaged in national after the effective date of this Order, unless such and international banking and therefore is com­ period is extended for good cause by the Board, peting for different customers than M & T Bank. or by the Federal Reserve Bank of New York Considering the distance separating the two institu­ pursuant to delegated authority. tions and the differing nature of their banking By order of the Board of Governors, effective business, consummation of the proposed acquisi­ May 9, 1972. tion would not eliminate significant existing com­ Voting for this action: Chairman Burns and Governors Rob­ petition. ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ Although Applicant might enter the New York ernors Daane, Maisel, and Brimmer. banking market de novo or through acquisition of (Signed) Tynan Smith, a smaller bank, such entry seems unlikely. Neither [seal] Secretary of the Board. a de novo subsidiary nor a smaller bank would be likely to offer Applicant the expertise necessary MEI CORPORATION AND IGI SUCCESSOR, to compete with the larger New York banks in INC., international banking. Therefore, Applicant’s ac­ MINNEAPOLIS, MINNESOTA quisition of Bank would have no adverse effect on potential competition and could result in in­ Order Approving Formation of Bank creased competition in the New York City banking Holding Companies market. MEI Corporation, Minneapolis, Minnesota The financial and managerial resources and (“MEI”), a bank holding company by virtue of future prospects of Applicant and Bank are gen­ its ownership of Olmsted County Bank & Trust erally satisfactory and consistent with approval of Company, Rochester, Minnesota (“Olmsted the application. It is expected also that Applicant’s Bank”), proposes to acquire IGI Successor, Inc., acquisition of Bank may add depth and experience Minneapolis (“Successor”), a proposed new com­ to Bank’s management. In acquiring Bank, Appli­ pany. IGI Successor will succeed, through merger, cant will incur substantial debt in relation to its to the interests of Investors Growth Industries, net worth. Although the Board is concerned with Inc., Minneapolis (“IGI”), a bank holding com­ high levels of acquisition debt, it does not ap­ pany by virtue of its indirect ownership of ap­ pear that such debt will weaken the financial sta­ proximately 68 per cent of the voting shares of bility of Applicant or Bank. Applicant’s past First National Bank in Sioux City, Sioux City, earnings indicate that it will be able to service the Iowa (“Bank”). Before consummation of the pro­ debt from future earnings without adversely affect­ posal, MEI will divest itself of Olmsted Bank.1 ing the condition of M & T Bank, or Bank. On the The direct acquisition of Bank by Successor, and basis of these facts the Board does not consider the acquisition by MEI of Successor, require the level of acquisition debt in this case to be such Board approval pursuant to § 3 of the Bank Hold­ as to require denial of the application. ing Company Act (12 U.S.C. 1842). Notice of receipt of the proposal has been given Applicant proposes to offer new and improved in accordance with § 3(b) of the Act, and the time banking services at both banks if this application for filing comments and views has expired. The is approved. Applicant would add construction Board has considered the applications involved and financing, commercial mortgages and leasing to the all comments received in the light of the factors services Bank presently offers. In addition, Bank’s set forth in § 3(c) of the Act (12 U.S.C. 1842 expertise in international financing would enable (c)). M & T Bank to provide more sophisticated bank­ Bank ($77.7 million in deposits) is the second ing service to its customers. Accordingly, consid­ largest of six banks in Sioux City, Iowa, and the erations relating to the convenience and needs of the ninth largest banking organization in Iowa (con­ community to be served lends weight toward ap­ trolling 1.1 per cent of the total commercial bank proval. It is the Board’s judgment that the proposed deposits in Iowa).2 Bank is 68 per cent owned by transaction is in the public interest and that the application should be approved. On the basis of the record, the application is *Bank Shares Incorporated, Minneapolis, has been granted approved for the reasons summarized above. The Board approval to acquire Olmsted Bank (1971 Fed. Res. transaction shall not be consummated (a) before Bulletin 681). 2Banking data are as of June 30, 1971, and reflect bank hold­ the thirtieth calendar day following the effective ing company acquisitions and formations approved by the Board date of this Order or (b) later than three months through March 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN □ JUNE 1972 Minnesota Small Loan Company, Minneapolis, TEXAS COMMERCE BANCSHARES, INC., Minnesota, a subsidiary of IGI. IGI itself en­ HOUSTON, TEXAS gages in soft drink bottling and distribution. Order Approving Acquisition of Bank Consummation of the proposal would eliminate neither existing nor potential competition; nor Texas Commerce Bancshares, Inc., Houston, does it appear that there would be any adverse Texas, a bank holding company within the mean­ effects on any bank in the area. The financial and ing of the Bank Holding Company Act, has ap­ managerial resources and future prospects of Ap­ plied for the Board’s approval under §3(a)(3) of plicants and Bank are consistent with approval of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 per the applications. No changes are contemplated by cent of the voting shares (less directors’ qualifying Applicants which would affect the convenience shares) of the successor by merger to North Free­ and needs of the community involved. way Bank, Houston, Texas1 (“Bank”). The Normally, the Board does not approve an appli­ bank into which Bank is to be merged has no cation involving the formation of a bank holding significance except as a means to facilitate the company with nonbanking assets, unless the re­ acquisition of the voting shares of Bank. Ac­ tention of those assets is permissible under the cordingly, the proposed acquisition of the shares provisions of section 4(c) of the Act. However, of the successor organization is treated herein as under the circumstances presented by this trans­ the proposed acquisition of the shares of Bank. action, the Board concludes that approval of the Notice of receipt of the application has been applications would be in the public interest. A given in accordance with § 3(b) of the Act, and the result of approval would be to require separation time for filing comments and views has expired. of nonbanking activities from banking activities The Board has considered the application and all at a date earlier than might otherwise be the case. comments received in the light of the factors set IGI became a bank holding company by operation forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and of law on December 31, 1970. It has filed an finds that: irrevocable declaration with the Board pursuant Texas Commerce controls one bank which is to 12 CFR 225.4(d) that it would cease to be a bank located in Houston, Texas, and has deposits of holding company by January 1, 1981. Unless IGI $1.0 billion, representing 3.7 per cent of total is acquired by another company, the combination commercial bank deposits in the State. Upon of banking and nonbanking in its organization acquisition of control of Bank ($4.1 million in might continue until that date. As bank holding deposits), Applicant’s position in relation to the companies organized subsequent to December 31, State’s other banking organizations and holding 1970, both MEI and Successor would be required companies would remain unchanged and Ap­ under §4(a)(2) of the Act (12 U.S.C. 1843(a)(2)) plicant’s share of deposits in the State would not to divest the nonbanking assets acquired from IGI increase significantly. (All banking data are as of within two years after becoming a bank holding June 30, 1971, and reflect holding company company, unless the activities are permissible acquisitions and formations through February 29, under section 4(c) or the Board grants an exten­ 1972.) sion of time pursuant to section 4(a)(2). Applicant, the fourth largest banking organiza­ The applications are approved on condition tion in Texas and the second largest in the Houston that the transaction shall not be consummated (a) banking market, controls approximately 16 per before MEI divests itself of Olmsted Bank, or cent of total commercial bank deposits in the Housbefore the thirtieth calendar day following the effective date of this Order, whichever is later, or (b) later than three months after the later of these *At the time this application was filed, American General dates, unless such period is extended for good cause Insurance Company, Houston, Texas, owned more than 32 per by the Board, or by the Federal Reserve Bank of cent of the voting shares of Texas Commerce Bancshares so that an acquisition of shares by Texas Commerce would con­ Minneapolis pursuant to delegated authority. stitute an indirect acquisition by American General. There­ By order of the Board of Governors, effective fore, a separate application with respect to the acquisition of shares of Bank was filed by American General, as a bank hold­ May 9, 1972. ing company. However, during the period of the Board’s con­ sideration of these applications, American General effected a Voting for this action: Chairman Burns and Governors Rob­ divestiture of its ownership and control of voting shares of ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ Texas Commerce and has ceased to be a bank holding company ernors Daane, Maisel, and Brimmer. under the Bank Holding Company Act. Accordingly, Ameri­ (Signed) Tynan Smith, can General’s application indirectly to acquire shares of Bank has been dismissed, as moot, by Order of the Board (1972 Fed­ [seal] Secretary of the Board. eral Reserve Bulletin 7650). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 585 ton area. In addition, Applicant controls between interest and that the application should be ap­ 20 and 24.9 per cent of the voting shares of each proved. of six other banks (including 24.9 per cent of the On the basis of the record, the application is voting shares of Bank) which are located in the approved for the reasons summarized above. Houston market and hold aggregate deposits of The transaction shall not be consummated (a) $157.6 million, representing 2.6 per cent of com­ before the thirtieth calendar day following the mercial bank deposits in the Houston area.2 effective date of this Order or (b) later than three Bank located in the Houston banking market months after the effective date of this Order, approximately 10 miles north of Applicant’s sub­ unless such period is extended for good cause by sidiary bank, ranks 122nd among 145 banks in the Board, or by the Federal Reserve Bank of the market and controls . 1 per cent of commercial Dallas pursuant to delegated authority. bank deposits there. Bank was organized in 1970 By order of the Board of Governors, effective by individuals associated with the predecessor of May 16, 1972. Applicant’s subsidiary bank which has maintained Voting for this action: Vice Chairman Robertson and Gov­ a close working relationship with Bank since its ernors Mitchell, Daane, Brimmer, and Sheehan. Absent and not organization. The service area of Applicant’s voting: Chairman Burns and Governor Maisel. subsidiary bank overlaps Bank’s service area and (Signed) Tynan Smith, some competition apparently exists between Bank [seal] Secretary of the Board. and the larger downtown banks. The disparity in size between Bank and Applicant’s subsidiary FIRST COMMERCIAL BANKS INC., bank and Bank’s predominantly suburban-retail ALBANY, NEW YORK character reduce the prospect of meaningful compe­ tition developing between these banks. In view Order Approving Acquisition of Bank of the facts of record, including the nature and First Commercial Banks Inc., Albany, New character of the aforementioned relationships and, York, a bank holding company within the meaning particularly in view of Bank’s small size, the Board of the Bank Holding Company Act, has applied for concludes that consummation of the proposed the Board’s approval under § 3(a)(3) of the Act acquisition would not significantly lessen existing (12 U.S.C. 1842(a)(3)) to acquire 100 per cent of or potential competition in the Houston area; and the voting shares of Kingston Trust Company, competitive considerations are consistent with Kingston, New York (“Bank”). approval. Notice of receipt of the application has been The financial condition of Applicant and its given in accordance with § 3(b) of the Act, and subsidiary bank is regarded as satisfactory, man­ the time for filing comments and views has expired. agement capable and prospects appear favorable. The Board has considered the application and all The financial condition and management of Bank comments received in the light of the factors set are deemed satisfactory and its future prospects forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and appear favorable and consistent with approval. finds that: The banking needs of the residents of the Houston Applicant, the tenth largest multi-bank holding banking market, including those in Bank’s im­ company and the twelfth largest banking organiza­ mediate service area, appear to be adequately tion in New York, controls two banks with ag­ served at the present time by existing institutions. gregate deposits of approximately $1.1 billion, However, Applicant’s proposal to provide, through representing 1.1 per cent of total deposits in com­ bank, services presently available only from larger mercial banks in the State.1 Acquisition of Bank downtown Houston banks, should contribute to the would increase applicant’s control of deposits in convenience of banking customers in the area. commercial banks in the State by .1 percentage Considerations relating to the convenience and point; however, Applicant’s present Statewide needs of the relevant area are consistent with ap­ rank would not change. Bank, with deposits of proval of the application and lend some weight $57.5 million, is the fourth largest of 29 banks in thereto. It is the Board’s judgment that consumma­ the Mid-Hudson banking market, approximated tion of the proposed transaction is in the public 2Applicant has filed applications with the Board to acquire 1 Unless otherwise noted, total deposits and State rank and all of the remaining outstanding voting shares of each of two share of deposits are as of December 31, 1971. Market rank of these six banks in addition to Bank. and share of deposits are as of June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN □ JUNE 1972 by Dutchess, Ulster, and Putnam Counties and the Voting for this action: Chairman Burns and Governors Rob­ Newburgh area of Orange County, controlling 7.2 ertson, Mitchell, Daane, Brimmer, and Sheehan. Absent and not voting: Governor Maisel. per cent of commercial bank deposits in that market. (Signed) Tynan Smith, Applicant’s nearest subsidiary banking office is [seal] Secretary of the Board. located approximately 25 miles from Bank and neither it nor Applicant’s other subsidiary bank CENTRAN BANCSHARES CORPORATION, derives a significant amount of loans or deposits CLEVELAND, OHIO from Bank’s area. Moreover, Bank derives less than 1 per cent of its loans and deposits from the Order Approving Acquisition of Banks banking districts in which Applicant’s subsidiary banks operate. No significant existing competition Centran Bancshares Corporation, Cleveland, would be eliminated by consummation of the pro­ Ohio, a bank holding company within the mean­ posed acquisition. ing of the Bank Holding Company Act, has ap­ plied, in three separate applications as set forth Applicant might enter the Mid-Hudson banking below, for the Board’s approval under § 3(a)(3) market de novo or through acquisition of a smaller of the Act (12 U.S.C. 1842(a)(3)) to acquire: 1) bank. However, de novo entry is unattractive be­ 99.33 per cent of the voting shares of The Rich­ cause the market already has a high ratio of bank­ land Trust Company, Mansfield, Ohio (“Rich­ ing offices to depositors. Acquisition of a smaller land Bank”); 2) 98.83 per cent of the voting bank would not present significantly different com­ shares of The Farmers and Savings Bank, Loudonpetitive considerations and might limit Appli­ ville, Ohio (“Farmers Bank”); and 3) 97.61 per cant’s ability to compete effectively with the larger cent of the voting shares of The Sutton State Bank, holding companies already represented in the Attica, Ohio (“Sutton Bank”). The above trans­ market. On the basis of the record, no significant actions would be effected through the acquisition potential competition would be foreclosed by by Centran Bancshares Corporation of all the consummation of the proposal. shares of Mid-Ohio Banc-Shares, Inc., Mansfield, The financial and managerial resources and fu­ Ohio, a registered bank holding company which ture prospects of Applicant, its subsidiary banks, presently owns the specified percentages of the and Bank are generally satisfactory and consistent three banks that are to be acquired. with approval. Applicant proposes to offer new and Notice of receipt of the applications has been improved services through Bank, including inter­ given in accordance with § 3(b) of the Act, and the national banking, computer services, expansion of time for filing comments and views has expired. mortgage financing, expansion of trust services, The Board has considered the applications and all and underwriting and purchasing debt issues of comments received in the light of the factors set local governments. The expansion of Bank’s serv­ forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and ices will provide another competitive alternative finds that: for these specialized banking services. Accord­ Applicant has two subsidiary banks with total ingly, considerations relating to the convenience deposits of $1.2 billion, and ranks as the fourth and needs of the community to be served lend largest banking organization and second largest weight toward approval. It is the Board’s judgment bank holding company in Ohio with 5.4 per cent that the proposed transaction is in the public in­ of the total commercial bank deposits in the State. terest and that the application should be approved. (All banking data are as of June 30, 1971, ad­ On the basis of the record, the application is justed to reflect holding company acquisitions ap­ approved for the reasons summarized above. The proved through March 31, 1972.) Applicant’s lead transaction shall not be consummated (a) before bank, Central National Bank of Cleveland, is the thirtieth calendar day following the effective headquartered in Cleveland and operates 48 date of this Order or (b) later than three months branches throughout Cuyahoga County; its other after the effective date of this Order, unless such subsidiary bank, American Bank of Commerce, period is extended for good cause by the Board, or is headquartered in Akron and operates 16 branches by the Federal Reserve Bank of New York pur­ throughout Summit County. suant to delegated authority. Mid-Ohio Banc-Shares, Inc., by virtue of its By order of the Board of Governors, effective control of Richland Bank ($63.9 million deposits), May 18, 1972. Farmers Bank ($12.3 million deposits), and Sutton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 587 Bank ($6.9 million deposits), ranks as the State’s requires denial of the present proposal in light eighth largest bank holding company. As a result of Mid-Ohio’s relatively small size and the nature of consummation of the proposal, the three and size of its banking subsidiaries. On the basis banks presently owned by Mid-Ohio would be of the foregoing and the facts of record, the Board acquired by Applicant, and Applicant’s share of concludes that the competitive considerations are deposits in the State would be increased by .4 per consistent with approval of the applications. cent, resulting in Applicant becoming the State’s Considerations relating to the financial and third largest banking organization while remaining managerial resources and prospects of Applicant, its second largest bank holding company. its subsidiaries, and the banks involved are re­ In contrast to Applicant, Mid-Ohio, as one of garded as satisfactory and consistent with ap­ Ohio’s smaller bank holding companies, has proval of the applications. It does not appear that been restricted in its acquisitions primarily to any significant banking needs are going unserved smaller banks located in medium size cities or in the areas served by each of the proposed sub­ rural communities. As a result thereof, Mid-Ohio sidiary banks. However, affiliation with Applicant serves markets separate and distant from those should result in each of the proposed subsidiary served by Applicant’s present subsidiaries. Rich­ banks being able to offer its customers new and land Bank, the second largest of five banks in Rich­ expanded banking services. Specifically, through land County, is headquartered and operates four of Applicant’s resources, each of the proposed subsid­ its branches in Mansfield, Ohio, the county seat of iaries will be able to provide increased business Richland County, which is 74 miles southwest of loan assistance, trust services, and an expanded Cleveland and 64 miles southeast of Akron; it also mortgage lending program. The ability of each of operates five other branches within a radius of 18 the proposed subsidiary banks to offer these ad­ miles from Mansfield. Farmers Bank, the fourth ditional services should benefit the residents of its largest of five banks in Ashland County, is head­ respective service area by providing an additional quartered in Loudonville, located 83 miles south­ source of complete banking services. Thus, con­ west of Cleveland and 91 miles southeast of siderations relating to the convenience and needs Akron, and operates its single branch five miles of the communities involved are consistent with, northwest of Loudonville. Sutton Bank, the sixth and lend slight weight toward, approval of the ap­ largest of eight banks in Seneca County, operates plications. It is the Board’s judgment that the its only office in Attica, located 75 miles southwest transactions would be in the public interest, and of Cleveland and 84 miles west of Akron. There that the applications should be approved. is no significant existing competition, nor po­ On the basis of the record, the applications are tential therefor, between Applicant’s subsidiary approved for the reasons summarized above. The banks and the banks to be acquired, primarily due transactions shall not be consummated (a) before to the distances separating the banks (the nearest the thirtieth calendar day following the effective office of Applicant’s subsidiaries to any office of date of this Order or (b) later than three months the proposed subsidiaries is approximately 45 after the effective date of this Order, unless such miles), the presence of numerous banking alter­ period is extended for good cause by the Board, natives, and Ohio’s restrictive branching laws, or by the Federal Reserve Bank of Cleveland which generally limit a bank to branching within pursuant to delegated authority. its home county. Although consummation of the proposal could By order of the Board of Governor, effective tend to foreclose the development of some poten­ May 19, 1972. tial competition between Applicant and Mid-Ohio, Approval of acquisition of The Richland Trust Company. it appears unlikely that Applicant would enter the Voting for this action: Chairman Burns and Governors Mitchell, areas served by the three proposed subsidiaries, Daane, and Sheehan. Voting against this action: Governors or that Mid-Ohio possesses the necessary finan­ Robertson and Brimmer. Absent and not voting: Governor Maisel. cial resources for meaningful entry into the areas Approval of acquisition of The Farmers and Savings Bank presently served by Applicant’s existing subsid­ and The Sutton State Bank. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Brimmer, iaries. Consummation of the proposal would re­ and Sheehan. Absent and not voting: Governor Maisel. move Mid-Ohio as a holding company in the competitive structure of Ohio banking; however, (Signed) Tynan Smith, the Board does not consider that this result alone [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN □ JUNE 1972 Statement of Governors Robertson and served by the subsidiaries of Applicant and Mid- Brimmer Concurring in Part and Ohio. However, in a proposal involving the Dissenting in Part acquisition of a holding company by another hold­ ing company, we believe that consideration and We concur in the Board’s action insofar as it analysis must also be given to the long-range ef­ relates to Applicant’s acquisition of Farmers Bank fect on consummation of such a proposal on com­ and Sutton Bank. We would deny approval of petition among holding companies, as well as the Applicant’s acquisition of Richland Bank, because effect that the elimination of an independent hold­ such action would have clearly adverse effects on ing company would have on a State’s banking potential competition in the Mansfield market. structure. If every small and newly formed bank Since the proposal before the Board involves holding company is absorbed by a larger or dom­ Applicant’s acquisition of the three banks through inant holding company, the future for the develop­ the direct acquisition of Mid-Ohio Banc-Shares, ment of smaller regional holding companies ap­ a registered bank holding company, we would pears bleak. In our view, competition among condition approval of the acquisition of the parent banking organizations would be better served by holding company upon Applicant subsequently preserving and encouraging small or regional bank divesting itself of its interest in Richland Bank. holding companies. Furthermore, we believe that It appears that alternative means of entry into the Board has the responsibility to exercise its the Mansfield market are available to Applicant authority under the Bank Holding Company Act more conducive to the promotion of competition to ensure that the establishment and development than its acquisition of the second largest and one of of small viable holding companies is not thwarted the dominant banking organizations in that market. by larger holding companies attempting to take With 145 manufacturing firms employing 15,000 over the lead bank of such companies soon after workers, the City of Mansfield (about 60,000 their organization. population) serves as the industrial and economic center for all of Richland County (about 130,000 FIRST UNION INCORPORATED, population). If the present proposal were denied, ST. LOUIS, MISSOURI we believe that Applicant would attempt to par­ ticipate in the economic activity in that area either Order Approving Acquisition of Bank through the acquisition of one of the smaller First Union, Incorporated, St. Louis, Missouri, banks in the county or through de novo entry. The a bank holding company within the meaning of record provides ample evidence that Applicant the Bank Holding Company Act, has applied for could enter the Mansfield market de novo. As the Board’s approval under § 3(a)(3) of the Act Ohio’s second largest bank holding company and (12 U.S.C. 1842(a)(3)) to acquire 80 per cent or its fourth largest banking organization, Applicant more of the voting shares of the First National possesses both the management personnel and Bank of Liberty, Liberty, Missouri (“Bank”). financial resources for meaningful participation in the Mansfield market through the establishment of Notice of receipt of the application has been a new bank. However, as a result of the Board’s given in accordance with § 3(b) of the Act, and the action, the possibility that Applicant would ex­ time for filing comments and views has expired. plore alternative avenues of entry into the area is The Board has considered the application and all virtually eliminated, and the development of po­ comments received in the light of the factors set tential competition foreclosed. Since there are no forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and benefits relating to the convenience and needs that finds that: would outweigh this adverse competitive effect, Applicant, the third largest bank holding com­ we would deny Applicant’s acquisition of Richland pany and the third largest banking organization in Bank. Missouri, controls nine banks with aggregate de­ While not determinative of our action here, we posits of $887.3 million, representing approxi­ are also somewhat concerned by the reasoning mately 7.8 per cent of the commercial bank deposits process followed by the majority in evaluating in the State. (All banking data are as of June 30, the overall effect of Applicant’s proposal on com­ 1971, adjusted to reflect holding company forma­ petition in Ohio. The Board’s analysis quite prop­ tions and acquisitions approved by the Board erly includes an examination of the effects on through April 30, 1972.) As a result of consum­ competition in each of the respective markets mation of the proposal herein, Applicant’s posi­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 589 tion in relation to the State’s other bank holding The transaction shall not be consummated (a) companies and banking organizations would re­ before the thirtieth calendar day following the main unchanged. effective date of this Order or (b) later than three Bank ($12.8 million), located 15 miles north­ months after the effective date of this Order, un­ east of downtown Kansas City in Clay County, is less such period is extended for good cause by the the largest bank in Liberty and second largest of Board, or by the Federal Reserve Bank of St. seven banks competing in its primary service area Louis pursuant to delegated authority. (approximated by the communities of Liberty, By order of the Board of Governors effective Kearney, Excelsior Springs, Claycomo, and a May 22, 1972. portion of Gladstone). Bank holds 17.5 per cent Voting for this action: Chairman Burns and Governors of the total commercial bank deposits in that area. Mitchell, Daane, Brimmer, and Sheehan. Absent and not vot­ One of Applicant’s present subsidiary banks, The ing: Governors Robertson and Maisel. National Bank of North Kansas City, is located (Signed) Tynan Smith, 13 miles from Bank, but does not appear to be a [seal] Secretary of the Board. significant competitor to Bank due to the presence of a number of banks in the intervening area. None TRADE DEVELOPMENT BANK HOLDINGS of Applicant’s other sibsidiary banks competes with S. A., Bank to any significant extent, and the development CITY OF LUXEMBOURG, LUXEMBOURG of such competition is considered unlikely in light Order Approving Formation of Bank of Missouri’s restrictive branching law and the Holding Company distances separating Bank from Applicant’s sub­ sidiaries. Trade Development Bank Holdings S. A., City Bank has not been an aggressive competitor of Luxembourg, Luxembourg (“Applicant”), has within its service area, as evidenced by a low applied for the Board’s approval, under § 3(a)(1) loan-to-deposit ratio. Affiliation with Applicant of the Bank Holding Company Act (12 U.S.C. should strengthen Bank’s competitive capabilities 1842(a)(1)), to become a bank holding company in relation to the other area banks, including those through acquisition of up to 100 per cent of the Kansas City banks which derive business from voting shares of Trade Development Bank, Gen­ residents of Bank’s service area who commute eva, Switzerland, which owns approximately 51 to Kansas City. It does not appear that significant per cent of the outstanding voting shares of Re­ existing competition would be eliminated nor public National Bank of New York, N.Y. significant potential competition foreclosed by (“Bank”). Consummation of the proposal would consummation of Applicant’s proposal, or that give Applicant indirect control of Bank, which has there would be undue adverse effects on any bank deposits of approximately $189 million. in the area involved. Notice of receipt of the application has been The financial and managerial resources and given in accordance with § 3(b) of the Act, and future prospects of Applicant, its subsidiaries, and the time for filing comments and views has ex­ Bank are all regarded as satisfactory and consistent pired. The Board has considered the application with approval of the application. It appears that and all comments received in the light of the fac­ consummation of Applicant’s proposal would not tors set forth in § 3(c) of the Act (12 U.S.C. have any immediate effects on the convenience and 1842(c)) and finds that: needs of the communities involved, but the area Trade Development Bank, Geneva, Switzerland, presently being served by Bank is experiencing is a subsidiary of Safra Bank S. A., Panama City, rapid development. Therefore, affiliation with Republic of Panama, because of the latter’s own­ Applicant should enhance Bank’s ability to meet ership of 75 per cent of the voting shares of the the growing needs of the area, as well as strengthen former. Consummation of the proposal would in­ its competitive posture with respect to the larger volve the insertion of an intermediate holding Kansas City banks serving the area. These con­ company between Safra Bank and Trade Devel­ siderations relating to the convenience and needs opment Bank and would have no effect on bank­ are consistent with, and lend some weight for ap­ ing competition in the United States, nor would it proval of the application. It is the Board’s judg­ adversely affect any competing bank. ment that the proposed transaction is in the public Considerations relating to the financial and man­ interest and should be approved. agerial conditions and prospects of Bank are On the basis of the record, the application is satisfactory and consistent with approval. Ap­ approved for the reasons summarized above. plicant states that its creation is designed to pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN □ JUNE 1972 vide corporate flexibility for such activities as per cent (less directors’ qualifying shares) of the acquisition of banks in the European Economic voting shares of La Porte State Bank, La Porte, Community and, further, to provide a more ef­ Texas (“Bank”). fective vehicle than Trade Development Bank for Notice of the application, affording opportunity raising capital funds when they are needed. Con­ for interested persons to submit comments and siderations relating to the financial and managerial views, has been given in accordance with § 3(b) condition of Applicant and its prospects are satis­ of the Act, and the time for filing comments and factory and consistent with approval. It appears that views has expired, and none has been timely consummation of the proposal would have no effect received. The Board has considered the applica­ on the convenience and needs of customers of tion in the light of the factors set forth in § 3(c) Republic Bank in New York. of the Act (12 U.S.C. 1842(c)) and finds that: Trade Development Bank is engaged, directly or indirectly, in nonbanking activities in the United Applicant controls eight banks with aggregate States that are not permissible under the Board’s deposits of $1.3 billion, which amounts to 4.9 regulations adopted pursuant to § 4(c)(9) of the per cent of the total commercial bank deposits in Act governing the activities of foreign bank hold­ Texas. (Banking data are as of June 30, 1971, ing companies. It appears that, in the absence of and reflect holding company formations and acqui­ the transaction herein, such activities may be con­ sitions approved through April 30, 1972.) Ap­ tinued until at least December 31, 1980, by virtue plicant presently owns 36.3 per cent of the voting of the provisions of § 4(a)(2) of the Act. However, shares of Bank ($9.2 million in deposits) and con­ upon consummation of the proposal herein, Ap­ trols it. Consummation of this proposed transac­ plicant will be required to divest itself of these tion would merely strengthen an affiliation that has activities within two years from the date Ap­ existed since 1956. On the basis of the record, it plicant becomes a bank holding company, and appears that consummation of the proposal is not therefore, the Board finds that the proposed likely to have an adverse effect on existing or transaction is in the public interest and should be potential competition in any relevant area nor would approved. any competing bank be adversely affected. On the basis of the record, the application is Considerations related to the convenience and approved for the reasons summarized above. The needs of the communities to be served are con­ transaction shall not be consummated (a) before sistent with approval. The financial and managerial the thirtieth calendar day following the effective resources and future prospects of Applicant and its date of this Order or (b) later than three months subsidiaries and of Bank are generally satisfactory after the effective date of this Order, unless such and consistent with approval. It is the Board’s period is extended for good cause by the Board, or judgment that the proposed transaction would be by the Federal Reserve Bank of New York pur­ in the public interest and that the application should suant to delegated authority. be approved. By order of the Board of Governors, effective May 22, 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 transaction shall not be consummated (a) before Mitchell, Daane, Brimmer and Sheehan. Absent and not voting: Governors Robertson and Maisel. the thirtieth calendar day following the effective date of this Order or (b) later than three months (Signed) Tynan Smith, after the effective date of this Order, unless such [seal] Secretary of the Board. period is extended for good cause by the Board, or by the Federal Reserve Bank of Dallas pursuant FIRST CITY BANCORPORATION OF to delegated authority. TEXAS, INC., HOUSTON, TEXAS By order of the Board of Governors, effective May 22, 1972. Order Approving Acquisition of Bank Voting for this action: Chairman Burns and Governors Mitchell, Daane, Brimmer, and Sheehan. Absent and not vot­ First City Bancorporation of Texas, Inc., Hous­ ing: Governors Robertson and Maisel. ton, Texas, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board’s approval under § 3(a)(3) (Signed) Tynan Smith, of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 [seal] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 591 SOUTHWEST BANCSHARES, INC., in that market. However, its share of IPC de­ HOUSTON, TEXAS posits is less than 8 per cent of total market de­ posits because its share of deposits of banks and Order Approving Acquisition of Bank State and local governments are disproportion­ Southwest Bancshares, Inc., Houston, Texas, a ately large. These deposits amount to nearly 40 bank holding company within the meaning of the per cent of Bank’s total deposits. The two largest Bank Holding Company Act, has applied for the banks in the Fort Worth market, each of which is a Board’s approval, under § 3(a)(3) of the Act (12 subsidiary bank of a bank holding company, in the U.S.C. 1842(a)(3)), to acquire 100 per cent of the aggregate control over 50 per cent of total bank voting shares (less directors’ qualifying shares) of deposits in that area. the successor by merger to Continental National Applicant’s subsidiary closest to Bank is located Bank of Fort Worth, Fort Worth, Texas (“Bank”). in Longview, Texas, approximately 160 miles The bank into which Bank is to be merged has southeast of Bank. It appears that no competition no significance except as a means to facilitate the between Bank and any of Applicant’s subsidiaries acquisition of the voting shares of Bank. Ac­ would be eliminated by the proposed acquisition. cordingly, the proposed acquisition of the suc­ The competitive effect of the proposed acquisition cessor organization is treated herein as the pro­ on the smaller, predominantly retail suburban posed acquisition of the shares of Bank. banks in the Fort Worth area is not likely to be Notice of receipt of the application has been significant, particularly in view of the size disparity given in accordance with § 3(b) of the Act, and the and banking service distinctions existing between time for filing comments and views has expired. these smaller banks and the three largest banks The Board has considered the application and all in the market. Moreover, the record shows a comments received in the light of the factors set presently existing extensive common ownership forth in § 3(c) of the Act (12 U.S.C. 1842(c)) and between shareholders of Bank and three smaller finds that: banks in the Fort Worth market. Approval of the Applicant, the third largest bank holding com­ Applicant’s proposal will so dilute the degree pany and the fifth largest banking organization in of common ownership ties between Bank and these Texas has four subsidiary banks with aggregate other banks as to insure complete disaffiliation deposits of approximately $688 million repre­ since shareholders presently controlling approxi­ senting 2.6 per cent of total commercial bank de­ mately 50 per cent of Bank’s outstanding shares and posits in the State.1 (All banking data are as of shares in these other banks will relinquish control June 30, 1971, and reflect holding company of Bank in exchange for 5.6 per cent shareholding formations and acquisitions approved through in Applicant. This aspect of Applicant’s proposal January 31, 1972.) Consummation of the proposal should have a pro-competitive effect. herein would increase Applicant’s share of com­ Consummation of Applicant’s proposal should mercial bank deposits in the state by .7 percentage strengthen Bank’s competitive position as a more points and Applicant’s rank in the State would be effective alternative to the two large banks for unchanged. The proposed acquisition represents customers requiring wholesale banking services in Applicant’s initial entry into the Fort Worth bank­ the Fort Worth-Dallas area. The Board has con­ ing market. sidered the possibility that Applicant could enter the Bank ($182.2 million of deposits) has one office Fort Worth market either through acquisition of a located in downtown Fort Worth, is the third larg­ smaller bank or de novo, and the fact that consum­ est of 44 banks serving the Fort Worth banking mation of Applicant’s proposal would eliminate market, and controls 10.2 per cent of total deposits Bank as a potential lead bank of a new bank holding company. Although these considerations, which have been noted by the Department of Justice, are 1 Applicant controls substantially all the stock of three Texas negative possibilities of the proposal, they are banks: Bank of the Southwest, Houston; Village National Bank, conjectural relative to the positive advantage Houston; and First National Bank of Longview, Longview, Texas. With respect to other banks located in the Houston bank­ noted above. Management of the Bank apparently ing market, Applicant holds approximately 34 per cent of the has explored the possibility of forming a holding voting shares of South Park National Bank, and has minority company on its own but abandoned the the plan as interests of between 14 and 20 per cent in four banks whose aggregate deposits as of June 30, 1971, were approximately not being feasible and it appears unlikely that Ap­ $102 million. Applicant’s minority interest of 24.7 per cent in plicant would enter the market de novo or through Kilgore National Bank, Kilgore, Texas, is expected to be liquidated. one of the smalller banks in the area. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN □ JUNE 1972 Convenience and needs considerations are con­ cant will move the emerging structure of banking sistent with and lend some weight toward approval. in the State another step toward domination by a To the extent that Bank will be able, as a result of few giant banking organizations and will have Applicant’s assistance, to provide services to the an adverse effect on competition in the Fort Worth community presently provided only by the two area. largest banks in the area, consummation of the The banking structure in Texas is experiencing proposal promises improved service for the com­ rapid change brought about by bank holding com­ munity’s needs and convenience. panies aggressively competing to acquire the most On the basis of the record, the application is attractive independent banks located in separate approved for the reasons summarized above. The banking markets throughout the State. The Board’s transaction shall not be consummated (a) before action in this matter, permitting one of the State’s the thirtieth day following the effective date dominant banking organizations to acquire the of this Order or (b) later than three months after the largest independent bank in the Fort Worth market, effective date of this Order, unless such period is can only serve to foster concentration of banking extended for good cause by the Board, or by the resources in the State in a limited number of bank Federal Reserve Bank of Dallas pursuant to dele­ holding companies and discourage the develop­ gated authority. ment of competing holding companies. In addition, By order of the Board of Governors, effective the dominant competitive position of Continental May 24, 1972. Bank in relation to the majority of the banks in the Fort Worth area will be entrenched through affil­ Voting for this action: Chairman Burns and Governors iation with Applicant. Mitchell, Daane, and Sheehan. Voting against this action: Gov­ ernors Robertson and Brimmer. Absent and not voting: Gov­ The financial condition and resource strength of ernor Maisel. Continental Bank are adequate to enable that bank (Signed) Tynan Smith, to continue to serve its community as an independ­ [seal] Secretary of the Board. ent bank or, in the alternative, to serve as a poten­ tial lead bank or substantial member of a competing Dissenting Statement of Governor Statewide or regional bank holding company. I con­ Robertson cur with the conclusions reached by the Department of Justice that elimination of Applicant as a poten­ With each approval by this Board of an applica­ tial entrant into the Fort Worth market, either de tion by a giant holding company to acquire an novo or through acquisition of a smaller bank, and independent bank, financial power in this country the elimination of Continental Bank as a participant becomes more centralized—for better or worse. in a separate bank holding company would have an The presidents of the banks that are acquired often adverse effect on competition in that area. continue to function as such, but as subordinates. I find nothing in Applicant’s proposal which Their continuance in office depends not on how would outweigh the adverse competitive conse­ well they serve the public, but rather on how well quences of consummation of the transaction and, they please the man in charge of the holding com­ therefore, pursuant to what I deem to be the man­ pany. Not only is the financial power within a date of the Bank Holding Company Act, I would given area concentrated in fewer hands, which deny this application. may not be in the public interest, but the ranks of community leaders seeking to serve their com­ Dissenting Statement of Governor munities in a spirit of independence are diminished. Brimmer Hence, it is essential that this Board consider with very great care the public benefits, if any, that are Approval of this proposal will further reduce likely to flow from an acquisition before giving its the already limited number of banks in Texas ca­ approval. Obviously, its approval should be with­ pable of Statewide expansion through the bank held unless the benefits are great enough—and holding company vehicle, further concentrate bank­ often they are—to outweigh any adverse factors. ing resources in the State, and foreclose potential In this case, approval of this application per­ competition in the Fort Worth banking market. mits Applicant, the third largest banking organiza­ Applicant controls three banks which, in the tion in Houston and the fifth largest in the State, aggregate, held total deposits of approximately to enter the Fort Worth banking market through $726 million as of August, 1971. In addition, it the acquisition of the third largest bank in that holds substantial minority interests in five other market. Acquisition of Continental Bank by Appli­ Houston banks with aggregate deposits in excess Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 593 of $100 million. The Board’s action today permits late these smaller banks from Applicant’s influence Applicant’s entry into the Fort Worth banking and control. Consummation of this proposal con­ market through acquisition of the third largest tinues the trend toward concentration of the State’s bank in that market—an institution holding more banking resources as another major portion of these than three times the total deposits of the next larg­ resources comes under the control of one of the est bank—and one which (through common share­ State’s largest bank holding companies. holder ownership) is also associated with a chain The effect of this acquisition in the Fort Worth of smaller banks in the Fort Worth area. area will be to strengthen further the competitive In view of these circumstances, I must bring up position of a few large bank holding companies in again the issues that I raised in my Concurring that market. For example, while two such compa­ Statement to the Board’s Order of April 11, 1972, nies already control 65 per cent of the total deposits relating to the application by Texas Commerce in the market, the Board’s action will concentrate Bancshares, Houston, Texas, to acquire two banks almost 80 per cent of the total in the hands of three in Beaumont, Texas. (Published in the Federal companies. Moreover, elimination of Applicant Register of April 18, 1972, 37 F.R. 7653). In as a likely entrant into the Fort Worth market either that Statement, I noted—with particular concern de novo or through acquisition of a smaller bank in —the danger that exists in permitting the unre­ that market will have an adverse effect on potential stricted Statewide expansion by the few very large competition in that area. bank holding companies in Texas through the sys­ I concur with the Department of Justice which tematic acquisition of the dominant banks in other concluded that, due to the concentration of banking banking markets in the State The danger on which resources in Texas, the State’s largest banking or­ I focused in that Statement is clearly present in ganizations—such as Applicant—should be pro­ this case. hibited from acquiring any banking organization Continental Bank, with deposits approaching which is of sufficient size to represent a potential $200 million, possesses the financial condition and leader or significant member of a smaller Statewide management capability to enable it to serve as the holding company absent a showing of “unusual lead bank for a new Statewide or regional bank public benefit.” holding company. It is also affiliated, through com­ I find the record almost devoid of any public mon shareholder ownership, with three smaller benefits flowing from the proposal. Consequently, banks in the Fort Worth banking market holding I would deny the application. aggregate total deposits of approximately $80 million.1 Most of these common shareholder re­ lationships have existed since the early 1950’s ORDER UNDER SECTIONS 3 AND 4 OF BANK when a family, which presently holds, through HOLDING COMPANY ACT various trust instruments, the largest block of shares of Continental Bank was instrumental in the for­ MIDLAND MORTGAGE CORPORATION mation of all three of these smaller banks. There­ AND PORT HURON FINANCIAL COMPANY, fore, in my view, the majority’s action authorizes DETROIT, MICHIGAN Applicant’s entry into the Fort Worth market through the acquisition of an established chain Order Approving Action to Become Bank banking network. This network controls aggregate Holding Companies and Request for bank deposits of almost $270 million, representing Determination under 4(c)(8) approximately 15 per cent of the total commercial Midland Mortgage Corporation and its whollybank deposits in the Fort Worth area. Although owned subsidiary Port Huron Financial Company, the exchange of shares of Continental Bank for both of Detroit, Michigan, have applied for the shares of Applicant will quantitatively reduce com­ Board’s approval under § 3(a)(1) of the Bank Hold­ mon share ownership, this exchange will not insu­ ing Company Act (12 U.S.C. 1842(a)(1)) to be­ come bank holding companies through the acquisi­ tion by the latter of 85 per cent or more of the voting shares of Peoples Bank of Port Huron, Port Huron, 1 Shareholders owning a significant proportion of the voting Michigan (“Bank”). shares of Continental Bank control approximately 57 per cent of the voting shares of Ridglea State Bank ($33.2 million depos­ Midland Mortgage Corporation (“Midland its); 47 per cent of State Bank of East Fort Worth ($22.6 million Mortgage”) has also applied for the Board’s deposits); and 26 per cent of Haltom City State Bank ($23.9 million deposits) all located in the Fort Worth banking market. approval under § 4(c)(8) of the Bank Holding Com­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN □ JUNE 1972 pany Act (12 U.S.C. 1843(a)(8)) to continue to The management of both Applicant and Bank are engage in the activities of mortgage banking after regarded as satisfactory. The present financial con­ becoming a bank holding company. Such activi­ dition of Applicant is considered satisfactory; how­ ties have been determined by the Board to be close­ ever, as a result of consummation of the present ly related to banking (12 CFR 225.4(a)(1)). proposal, Applicant will incur significant acqui­ Notice of receipt of the applications has been sition debt. The presence of significant acquisition given in accordance with §§3 and 4 of the Act, and debt in newly formed holding companies is of con­ the time for filing comments and views has expired. cern to the Board, but the record indicates that The Board has considered the applications and all such debt can be adequately serviced out of the comments received in the light of the factors set projected earnings of the holding company without forth in § 3(c) of the Act (12 U.S.C. 1842(c)), and unduly endangering the financial stability of Bank the considerations specified in § 4(c)(8) of the Act. Additionally, because of the need to strengthen the capital position of Bank, a portion of the acquisi­ Midland Mortgage, a small mortgage banking tion debt incurred will be used to purchase Bank’s firm with its sole office located in the City of De­ stock and capital notes to augment immediately troit, engages in the origination and servicing of Bank’s capital position. Consequently, as a result first mortgage loans on real estate, mainly in the of its affiliation with Applicant and the injection Detroit metropolitan area. With a mortgage servic­ of additional capital funds, the financial condition ing portfolio of only $10.25 million as of December of Bank will be enhanced, and its prospects for 31, 1971, Midland Mortgage is unranked among growth improved. the three hundred largest mortgage banking firms in the country. However, through common ownership Consummation of Applicant’s proposal will not of individuals, Midland Mortgage is affiliated with have any immediate significant effects on conven­ the James T. Barnes and Company, Detroit, the ience and needs. The major banking needs of the country’s 14th largest mortgage banking company St. Clair area appear to be met by the existing bank­ with a servicing portfolio of $794 million as of ing institutions. However, because of its improved June 30, 1971. Because of this close relationship financial condition, Bank should become a more with the Barnes Company, Applicant has been able effective competitor to the other area banks. Fur­ to assume part of the Barnes Company’s construc­ thermore, affiliation with Applicant and permit­ tion loan business. Consequently, Applicant pro­ ting Applicant to continue to engage in the activi­ jects an increase in its mortgage loan originations ties of a mortgage company will enable Bank to from a present volume of under $1 million annually engage more actively in mortgage lending in the to a 1972 volume in excess of $20 million. St. Clair market and enable Applicant to continue to participate in serving the mortgage needs of the Bank ($63.4 million deposits as of June 30, Detroit area. These considerations are consistent 1971), located approximately 60 miles northeast with, and lend some weight toward approval. of Detroit, is the second largest of six banks oper­ On the basis of the foregoing and other facts ating in the St. Clair County market, and holds reflected in the record, the Board has determined 24.9 per cent of market deposits; the largest bank in that the considerations affecting the competitive the market holds 41.4 per cent of market deposits. factors under section 3(c) of the Act and the balance Since Bank originates mortgages only in St. Clair of the public interest factors the Board must con­ County, and Applicant has no present banking sub­ sider under section 4(c)(8) in permitting a holding sidiaries and generally limits its mortgage activi­ company to engage in an activity on the basis that ties to the Detroit area, consummation of the pro­ it is closely related to banking both favor approval posal would not eliminate any existing competi­ of the Applicant’s proposal. tion in either the commercial banking or mortgage banking markets. Furthermore, even though Appli­ Accordingly, the applications are approved for cant could expand its mortgage activities into the the reasons summarized above. This determina­ St. Clair market, the volume of mortgage business tion is subject to the conditions set forth in section in that market does not make it particularly attrac­ 225.4(c) of Regulation Y and to the Board’s author­ tive for de novo entry; nor does it appear likely ity to require such modification or termination of that Bank could successfully expand its banking the activities of a holding company or any of its activities into the Detroit area. The Board con­ subsidiaries as the Board finds necessary to assure cludes, therefore, that the proposed acquisition compliance with the provisions and purposes of the would have no substantially adverse effects on Act and the Board’s regulations and orders issued potential competition in either product market. thereunder, or to prevent evasion thereof. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 595 acquisition of Bank shall not be consummated (a) ORDERS UNDER SECTION 4(c)(8) OF before the thirtieth calendar day following the BANK HOLDING COMPANY ACT effective date of this Order or (b) later than three R.I.H.T. CORPORATION, months after the effective date of this Order, unless PROVIDENCE, RHODE ISLAND such period is extended for good cause by the Board, or by the Federal Reserve Bank of Chicago Order Denying Participation in Slater pursuant to delegated authority. Mall Urban Renewal Project By order of the Board of Governors, effective R.I.H.T. Corporation, Providence, Rhode May 30, 1972. Island, a bank holding company registered under the Bank Holding Company Act of 1956, as Voting for this action: Chairman Burns and Governors Rob­ amended, has applied for the Board’s approval ertson, Mitchell, Daane, Brimmer, and Sheehan. Absent and not voting: Governor Maisel. under section 4(c)(8) of the Act and section 225.4(b)(1) of the Board’s Regulation Y to par­ (Signed) Tynan Smith, ticipate, through Washington Row Company [seal] Secretary of the Board. (“WRC”), its wholly-owned subsidiary, as a limited partner in Slater Mall Associates (“SMA”), a Rhode Island limited partnership, in the development of a parcel of real estate in the Concurring Statement of urban renewal project known as the “Slater Mall Governor Brimmer Urban Renewal Area Project, R.I. R-ll” in the city of Pawtucket, Rhode Island. Notice of the I concur in the Board’s action approving both application, affording opportunity for interested the application of Midland Mortgage Corporation persons to submit comments and views, was duly to become a bank holding company and to con­ published (37 Federal Register 310). Time for fil­ tinue thereafter to engage in the activities of a mort­ ing comments and views has expired and none have gage company. However, I want to call attention been received. to other financial holdings or interests of the owners Making equity and debt investments in corpora­ of Midland Mortgage Corporation in Michigan tions or projects designed primarily to promote which could be cause for concern to the Board in community welfare, such as the economic rehabil­ future proposals involving this Applicant. itation and development of low-income areas is an Both Midland Mortgage Corporation and James activity that the Board has determined to be close­ T. Barnes and Company are currently owned and ly related to banking (12 CFR 225.4(a)(7)). The controlled by members of the Barnes family. In issue raised by this application is whether partici­ addition, members of that family have recently pation in the development of a shopping and office indicated an intent to acquire a substantial interest complex on a parcel of real estate in the Slater Mall in the Bank of the Commonwealth ($991.8 million urban renewal project constitutes investment in a deposits), the fourth largest bank in Detroit and project designed primarily to promote community the fifth largest bank in Michigan. In view of the welfare. extensive mortgage banking activities of James The Slater Mall urban renewal area encompasses T. Barnes and Company and Bank of the Common­ approximately 57 acres in the downtown business wealth in the Detroit market, such a purchase may district of Pawtucket, Rhode Island. Applicant pro­ raise competitive problems. Since the Bank Hold­ poses to participate as a limited partner in SMA ing Company Act is not applicable to banks pur­ in the development of one parcel of real estate in chased solely by individuals, the Board’s permis­ the Slater Mall urban renewal area. SMA intends sion to acquire the bank would not be required. to construct a five-story retail-commercial-restau- On the other hand, any effort to bring Bank of the rant complex on that parcel at an estimated con­ Commonwealth under the same corporate struc­ struction cost of approximately $3.4 million, of ture as Midland Mortgage or James T. Barnes and which $2 million will be provided in the form of a Company would require Board approval. Such a loan from Applicant’s banking subsidiary, Rhode proposal would, in my view, raise serious competi­ Island Hospital Trust National Bank (“Bank”), tive problems in the Detroit area which would secured by a first mortgage and a loan of $.7 mil­ require Board analysis in light of the statutory fac­ lion from WRC secured by a second mortgage. tors set forth in the Bank Holding Company Act. Under the limited partnership agreement, the part­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN □ JUNE 1972 ners have contributed $15,000 to SMA’s capital posal is to enter into a potentially highly profitable account, and additional funds would be provided commercial venture and is not within the scope of to SMA by the partners in the form of unsecured the activity permitted by section 225.4(a)(7) of subordinated loans to the partnership. The proposed Regulation Y. shopping and office complex would be occupied Accordingly, the application is denied. by various retail and commercial tenants, as well By order of the Board of Governors, effective as by a branch office of Bank. May 2, 1972. The commercial nature of development and own­ Voting for this action: Chairman Burns and Governors Rob­ ership of a shopping and office complex and the pro­ ertson, Daane, Brimmer, and Sheehan. Absent and not voting: jected rate of return raise the question as to whether Governors Mitchell and Maisel. the project is designed primarily to promote com­ (Signed) Tynan Smith, munity welfare or whether it is primarily designed [seal] Secretary of the Board. as a profit-making venture. The mere fact that an investment relates in some THE FIRST NATIONAL manner to an urban renewal project is not sufficient BANCORPORATION, INC., to justify a conclusion that it is designed primarily DENVER, COLORADO to promote community welfare. Urban renewal Order Approving Transfer of Assets of refers to the use of the eminent domain power to Mortgage Banking Division remove slums and blighted areas from our cities through the acquisition of large tracts of land, the The First National Bancorporation, Inc., Den­ demolition of existing structures, and the sale of ver, Colorado, a bank holding company within the that land for development purposes at subsidized meaning of the Bank Holding Company Act, has prices to those willing to construct new buildings applied for the Board’s approval, under § 4(c)(8) and facilities on that land. New structures erected of the Act and § 225.4(b)(2) of the Board’s Reg­ in an urban renewal project need not be for the ulation Y, to transfer all of the assets (including benefit of low or moderate income persons, and servicing rights) of the mortgage banking division may, in fact, be exclusively devoted to luxury or of The First National Bank of Denver, Denver, commercial uses. An investment by a bank hold­ Colorado (“First National”), a banking subsidiary, ing company to develop a commercial structure to a proposed new wholly-owned subsidiary, First to be constructed on urban renewal land therefore is Denver Mortgage Company (“Mortgage Com­ viewed no differently than an investment to develop pany”), and thereby to continue to engage in the a commercial structure on non-urban renewal land. activity of mortgage banking. Such activity has This should not be considered a disparagement of been determined by the Board to be closely related the efforts of federal, state, or local agencies in­ to the business of banking (12 CFR 225.4(a)(1)). volved in solving our urban problems but rather Notice of the application, affording opportunity is a recognition that the Board must consider other for interested persons to submit comments and factors in charting the course of bank holding com­ views on the public interest factors, has been duly pany development. Of course, construction of a published (37 Federal Register 5775). The time five-story shopping and office complex should stim­ for filing comments and views has expired, and ulate the local economy and, to that extent, pro­ none has been timely received. mote community welfare. However, to conclude Applicant is the largest banking organization in that every activity that has such effect is a permis­ Colorado with aggregate deposits of $706.1 mil­ sible activity for bank holding companies would lion, representing 15.3 per cent of total commercial be to create a loophole in the Act through which a deposits in the State.1 First National, Applicant’s bank holding company could engage in virtually lead bank, has been active in the origination of any activity thereby nullifying Congress’ basic in­ mortgage loans (primarily commercial mortgages tent to separate banking from commerce. To avoid and construction loans) and in 1967 originated such a consequence, the Board requires that pro­ $27.9 million, or 4.0 per cent, of all mortgages motion of community welfare be the primary thrust of a proposed activity under section 225.4(a)(7) banking data are as of June 30, 1971, and reflect bank hold­ rather than a mere collateral effect of the activity. ing company formations and acquisitions approved through Based on the foregoing and other considerations March 31, 1972. As of June 30, 1968, or immediately prior to First National’s acquisition of Mortgage Investments Com­ reflected in the record before us, the Board con­ pany, Applicant controlled deposits of $489.9 million, repre­ cludes that the primary purpose of Applicant’s pro­ senting 14.2 per cent of total commercial deposits in the State. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 597 recorded in the Denver market.2 At this time, First able to open additional full service offices both National serviced all mortgage loans for its own within and outside the State. The Board concludes account, with the exception of $17.7 million in that these measures would be procompetitive, and loans serviced for one institutional investor, and that transfer of the functions of the mortgage ranked 121st in mortgage servicing among com­ banking division of First National to Applicant’s mercial banks in the United States. proposed new subsidiary would be in the public During 1967, the year before it was acquired by interest. First National, Mortgage Investments Company, Based upon the foregoing and other considera­ Denver, Colorado (“Company”), originated $21.7 tions reflected in the record, the Board has deter­ million, or 3.1 per cent, of all mortgages recorded mined that the balance of the public interest factors in the Denver market. On the basis of a mortgage the Board is required to consider under § 4(c)(8) servicing portfolio of $256 million,3 Company is favorable. Accordingly, the application is hereby ranked 56th among all mortgage banking firms in approved. This determination is subject to the con­ the United States. Company’s lending consisted ditions set forth in § 225.4(c) of Regulation Y and primarily of residential mortgage loans while First to the Board’s authority to require such modifica­ National’s activity was mostly in commercial mort­ tion or termination of the activities of a holding gages and construction loans. As the lending activ­ company or any of its subsidiaries as the Board ity of the two institutions was substantially in dif­ finds necessary to assure compliance with the pro­ ferent product markets, the Board concludes that visions and purposes of the Act and the Board’s the acquisition had only slight adverse effects on regulations and orders issued thereunder, or to pre­ competition. Although First National became the vent evasion thereof. largest mortgage lender in the Denver market after By order of the Board of Governors, effective the acquisition with a market share of 7.3 per cent, May 4, 1972. the market is relatively unconcentrated. Nor is Voting for this action: Chairman Burns and Governors Rob­ there anything in the record to indicate that the ertson, Daane, Brimmer, and Sheehan. Absent and not voting: acquisition led to an undue concentration of re­ Governors Mitchell and Maisel. sources, conflicts of interests or unsound banking (Signed) Tynan Smith, practices. On balance, the Board concludes that [seal] Secretary of the Board. the slight anticompetitive effects of the acquisition were outweighed by the public benefits that poten­ DOMINION BANKSHARES CORPORATION, tially could be derived from operation of Company ROANOKE, VIRGINIA by a holding company with the size and resources of this Applicant. Order Approving Acquisition of State Following the acquisition of Company by First Mortgage Corporation National in 1968, Company’s branches in the Den­ Dominion Bankshares Corporation, Roanoke, ver area were closed and due to Colorado com­ Virginia, a bank holding company within the mean­ mercial bank regulations, Company’s full service ing of the Bank Holding Company Act, has applied branches in Colorado Springs and Greeley were for the Board’s approval, under § 4(c)(8) of the Act restricted in their operations to the activity of mort­ and § 225.4(b)(2) of the Board’s Regulation Y, to gage originations. These measures helped slow acquire all of the voting shares of State Mortgage Company’s growth rate. Corporation (“State Mortgage”), Martinsville, The proposed transfer of the mortgage division Virginia, a company that engages in the activity into an operating subsidiary of the holding com­ of making personal loans to individuals, prin­ pany would leave unchanged the present competi­ cipally upon the security of second mortgages on tive situation in the Denver mortgage market. The residential property. Such activity has been deter­ transfer would allow the new subsidiary to convert mined by the Board to be closely related to the the loan production offices in Greeley and Colorado business of banking (12 CFR 225.4(a)(1)). Springs to full service branches and would allow Notice of the application, affording opportu­ the mortgage banking function to be conducted on nity for interested persons to submit comments and a more competitive basis with other mortgage com­ views on the public interest factors has been duly panies. In addition, the new subsidiary would be published (37 Federal Register 5979). The time for filing comments and views has expired, and none has been timely received. 2The Denver market consists of the Denver SMSA. 3Servicing portfolio as of June 30, 1968. Applicant, parent holding company of The First Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL RESERVE BULLETIN □ JUNE 1972 National Exchange Bank of Virginia (“Bank”), in a position to better serve its customers and pro­ Roanoke, has aggregate deposits of $678.8 mil­ vide more effective competition in its market area. lion, representing 7.9 per cent of the total commer­ On balance, the Board concludes that these public cial deposits in Virginia.1 Bank is the largest bank­ benefits outweigh any possible adverse effect on ing institution in the Roanoke Standard Metropoli­ competition. tan Statistical Area (“SMSA”), where it holds Based upon the foregoing and other considera­ almost 43 per cent of deposits in that market. Al­ tions reflected in the record, the Board has deter­ though Bank is active in the origination of first mined that the balance of the public interest factors mortgage loans on real property, its second mort­ the Board is required to consider under section gage operations are nominal (total outstanding 4(c)(8) is favorable. Accordingly, the application volume approximating $63,000) and amount to is hereby approved. This determination is subject approximately 1.2 per cent of the estimated total to the conditions set forth in section 225.4(c) of second mortgage loans outstanding in the Roanoke Regulation Y and to the Board’s authority to require market. such modification or termination of the activities State Mortgage is engaged in the business of of a holding company or any of its subsidiaries as making or acquiring loans of individuals for its own the Board finds necessary to assure compliance account secured primarily by second mortgages with the provisions and purposes of the Act and on residential real estate. Contrary to the implica­ the Board’s regulations and orders issued there­ tion in its corporate title, the principal business of under, or to prevent evasion thereof. State Mortgage is not to make loans to purchase By order of the Board of Governors, effective residential property, nor to originate such loans for May 9, 1972. delivery to others. Its customers generally are seek­ Voting for this action: Chairman Bums and Governors Rob­ ing funds of modest amounts for various family ertson, Mitchell, and Sheehan. Absent and not voting: Gov­ needs, such as debt consolidation, purchase of auto­ ernors Daane, Maisel and Brimmer. mobiles, medical expenses, home improvement, (Signed) Tynan Smith, or education. Though the only office of State Mort­ [seal] Secretary of the Board. gage is located in Martinsville, its business is de­ rived not only from the Martinsville market, but ORDER UNDER SECTION 4(d) OF BANK HOLDING from the Roanoke, Danville and Lynchburg mar­ COMPANY ACT kets as well. At year end 1971, State Mortgage held total outstanding mortgage loans of $906,000, of MINNESOTA MINING AND which $272,000 came from the Roanoke market. MANUFACTURING COMPANY, Thus, State Mortgage and Bank’s combined out­ ST. PAUL, MINNESOTA standing second mortgage loans represented less than 7 per cent of the Roanoke market volume. Order Approving Exemption of Nonbanking The minimal competition that presently exists Activities of Bank Holding Companies between State Mortgage and Bank in the Roanoke Minnesota Mining and Manufacturing Com­ market is not likely to increase to a significant de­ pany, St. Paul, Minnesota (“3M”), a bank holding gree, inasmuch as federal banking law restricts the company within the meaning of the Bank Holding circumstances in which national banks may make Company Act of 1956 (12 U.S.C. 1841), by virtue loans secured by second mortgages on real prop­ of ownership of all but the directors’ qualifying erty. Thus, Bank is not now and can not in the fu­ shares of Eastern Heights State Bank, St. Paul, ture be considered an active participant in the busi­ Minnesota (“Bank”), has applied to the Board of ness of originating second mortgage loans. The Governors, pursuant to § 4(d) of the Act, for an Board concludes that consummation of the pro­ exemption from the prohibitions of § 4 (relating posed acquisition would have no adverse effects to nonbanking activities and acquisitions). on existing competition, nor foreclose the devel­ Notice of receipt of the application was pub­ opment of future competition. lished in the Federal Register on January 5, 1972 Approval of the proposed acquisition will make (37 Federal Register 118). Time for filing com­ available to State Mortgage the financial resources ments and views has expired and all those received of Applicant and permit State Mortgage to satisfy have been considered. No request for a hearing has a greater portion of the demand for second mort­ been received. gage loans. As a result, State Mortgage should be Section 4(d) of the Act provides that to the extent deposit data as of December 31, 1971. such action would not be substantially at variance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 599 with the purposes of the Act and subject to such million) at year-end 1970 were less than 2 per cent conditions as the Board considers necessary to pro­ of 3M’s total assets; Bank’s net income, for the tect the public interest, the Board may grant an same period, was equal to 0.16 per cent of 3M’s exemption from the provisions of § 4 of the Act to net income. 3M states that during 1970 alone, it certain one-bank holding companies in order (1) borrowed $55.5 million, including over $23 million to avoid disrupting business relationships that have in short-term loans. In contrast, Bank’s total loans existed over a long period of years without adverse­ outstanding as of year-end 1970 totaled under $ 11 ly affecting the banks or communities involved, million, of which less than 10 per cent represented or (2) to avoid forced sales of small locally owned commercial or industrial loans. It appears that 3M banks to purchasers not similarly representative of has never borrowed from Bank and 3M states that community interests, or (3) to allow retention of it is not aware of any instance in which a significant banks that are so small in relation to the holding customer, supplier, dealer or distributor of 3M has company’s total interests and so small in relation done business with Bank. to the banking market to be served as to minimize Bank (approximately $25 million in deposits) the likelihood that the bank’s powers to grant or competes in the Minneapolis-St. Paul SMSA bank­ deny credit may be influenced by a desire to further ing market and controls about 0.5 per cent of the the holding company’s other interests. total deposits in that market.1 In the same market, The Board has considered the application in the two bank holding companies (First Bank System, light of the factors set forth in § 4(d) of the Act and Inc., and Northwest Bancorporation) control in finds that: the aggregate, 70 per cent of total deposits. In 3M, with assets in excess of $1.5 billion as of Bank’s immediate service area there are 12 other year-end 1970, is a diversified company engaged banks and Bank controls only 2.0 per cent of the in the manufacture of a variety of consumer and aggregate total deposits of these 13 banks. industrial products within the United States and The record contains nothing to suggest that 3M abroad. In the late 1950’s 3M had begun the estab­ has misused Bank’s services for the benefit of 3M’s lishment, in a developing area on the outskirts of other interests and, in view of the size disparity be­ St. Paul, of what is now the company’s headquar­ tween Bank and 3M, and the small size of Bank ters. By 1958, approximately 1,000 employees in relation to the surrounding banking market and of 3M were located at the new 3M facility, and to the credit needs of 3M, future misuse of Bank further substantial employee growth at the plant by 3M seems unlikely. and population growth in the surrounding area Based on the foregoing and other considerations were expected. No banking facilities were avail­ reflected in the record, the Board has concluded, able within a3J/2 mile radius of 3M’s headquarters. pursuant to § 4(d)(3), that Bank is so small in re­ lation to the total interests of 3M and so small in In 1958, the Board denied the application of an relation to the banking market served by Bank as existing bank holding company (the predecessor to minimize the likelihood that Bank’s powers to to First Bank System, Inc.) to acquire the voting grant or deny credit may be influenced by a de­ shares of a proposed new bank to be located in the sire to further 3M’s other interests; and an exemp­ area (1958 Federal Reserve Bulletin 1061). Accord­ tion is warranted. Accordingly, an exemption is ing to 3M, no other organization was available to granted; provided, however, that this determina­ take over and supply the needed capital for the pro­ tion is subject to revocation if the facts upon which posed bank and, since bank services were needed it is based change in any material respect. in the area, 3M provided the capital to establish By order of the Board of Governors, effective the Bank and acquired substantially all of its stock May 9, 1972. at the time the Bank was organized, in 1958. At present, 3M owns all of Bank’s stock except for Voting for this action: Chairman Burns and Governors Rob­ directors’ qualifying shares. It appears that Bank ertson, Daane, and Sheehan. Absent and not voting: Governors is well managed and in sound financial condition; Mitchell, Maisel, and Brimmer. and provides a substantial number of social and (Signed) Tynan Smith, community services in addition to the usual services [seal] Secretary of the Board. provided by commercial banks. The record contains nothing to suggest that 3M has abused its relation­ ship with Bank or misused Bank’s services for the *A11 banking data are as of June 30, 1971, and reflect bank benefit of 3M’s other interests. holding company formations and acquisitions approved by the The record shows that Bank’s total assets ($29.3 Board through March 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF MR. BUCHER AS A expired on January 31, 1972, but he continued to MEMBER OF THE BOARD OF GOVERNORS serve as a Board Member until his successor was appointed. Prior to his appointment to the Board, On April 27, 1972, the President announced his Mr. Maisel was professor of business administra­ intention to appoint Jeffrey M. Bucher as a mem­ tion and Chairman of the Center for Real Estate ber of the Board of Governors of the Federal Re­ and Urban Economics at the University of Cali­ serve System. Mr. Bucher’s appointment was sub­ fornia, Berkeley. sequently confirmed by the Senate on May 30 and Mr. Maisel’s letter of resignation and the Presi­ he took the oath of office, administered by Chair­ dent’s letter of acceptance follow: man Burns in the Board’s building, on June 5. The text of the White House announcement May 31, 1972 follows: My dear Mr. President: I hereby tender my resignation as a member of The President on April 27, 1972, announced his the Board of Governors of the Federal Reserve intention to nominate Jeffrey M. Bucher, of Los System, effective at the close of business May Angeles, California, to be a member of the 31, 1972. Board of Governors of the Federal Reserve Sys­ The approval by the Senate of Mr. Jeffrey tem for a term of 14 years beginning February 1, Bucher as my successor means that I may now 1972. He succeeds Sherman J. Maisel whose leave to engage in other activities without crea­ term expired January 31, 1972. ting any problems for the Federal Reserve Mr. Bucher has served with the United Cali­ System. fornia Bank in Los Angeles since 1957, except I have found my term as a Governor of the for the period from 1959 to 1961 when he was Federal Reserve System most stimulating and an Associate with the firm of Stephens, Jones, challenging. I hope that I have succeeded in LaFever and Smith. He is currently Senior Vice making a contribution toward our ability to President in charge of the Trust and Investment conduct monetary operations in a way that will Division at the United California Bank, a posi­ improve economic conditions and the national tion he has held since 1967. welfare. Mr. Bucher was born February 9, 1933, in Respectfully yours, Los Angeles. He received an A.B. degree from Sherman J. Maisel Occidental College in 1954 and a J.D. degree from Stanford University in 1956. He is married and has five children. The White House The Board of Governors of the Federal Re­ June 8, 1972 serve System consists of seven members ap­ Dear Mr. Maisel: pointed by the President, by and with the advice As you leave the Board of Governors of the and consent of the Senate, for terms of 14 years. Federal Reserve System, I want to express my The current Chairman of the Board is Arthur F. appreciation for your dedicated service to the Burns. nation. The Board and the American public have benefitted substantially from the wisdom RESIGNATION OF MR. MAISEL AS A and insights you brought to your position, and MEMBER OF THE BOARD OF GOVERNORS I welcome this opportunity to extend my best wishes to you for continued success and hap­ Sherman J. Maisel, a member of the Board of piness in the years ahead. Governors since April 30, 1965, resigned effective Sincerely, May 31, 1972. Mr. Maisel’s term of office had Richard Nixon 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN BOARD STAFF ing funds abroad in liquid form except for nec­ essary working balances. The Board of Governors has announced the fol­ A bank that contemplates holding a greater lowing official staff promotions and appointments amount of such foreign assets but that has no ceil­ in the Division of International Finance, effective ing should consult the Federal Reserve Bank in June 7, 1972: its District concerning the possible adoption of a Arthur B. Hersey has been designated Senior ceiling. Adviser and Robert F. Gemmill and Samuel Pizer have been promoted from Associate Advisers to Advisers. Use of “Newcomer” Ceilings George B. Henry and Helen B. Junz have been Guideline provision appointed Assistant Advisers. Mr. Henry, who Banks without ceilings may adopt them in stipu­ holds a Ph.D. degree from Yale University, joined lated amounts in order to engage directly in foreign the Board’s staff in 1968. Mrs. Junz, who holds financing (II-A-4). degrees from the New School for Social Research Interpretation and from the University of Amsterdam, was with It is reasonable to presume that a “newcomer” the U.S. Department of Commerce before joining bank is using its ceiling properly if it makes a the Board’s staff in 1962. foreign loan or investment that, in the absence of the VFCR, it would also have made. Conversely, VOLUNTARY FOREIGN CREDIT it is reasonable to presume that the ceiling is not RESTRAINT PROGRAM being used properly if the loan or investment is made at the initiative of another U.S. bank or is The following are summaries of recent interpreta­ attributable wholly or substantially to the latter’s tions of the Voluntary Foreign Credit Restraint having insufficient leeway under its VFCR ceiling. (VFCR) Guidelines that have been issued, under A practical test of whether making a particular authority delegated to Governor Andrew F. Brim­ loan or investment would be appropriate for a mer, to the Federal Reserve Banks. (For text of bank that has adopted a ceiling under the current Guidelines, see the Bulletin for November 1971, Guidelines would be the determination that, among pp. 906-16, and for March 1972, p. 321.) potential or actual U.S. lenders, the “newcomer” bank (1) took the initiative to arrange the credit, Regularization of “De Minimus” Holdings (2) assumed the principal burden of judging the creditworthiness of the borrower, and (3) bore Guideline provision responsibility for the administrative details con­ Banks are asked (1) not to hold foreign assets in cerning the extension and the repayment of the excess of their ceilings (II-A-1), and (2) to report credit. their holdings whenever they have $500,000 of foreign assets, whether those assets are of a type subject to, or exempt from, ceiling (II-F). ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Interpretation A bank that has not adopted a ceiling will be acting The following banks were admitted to membership consistently with the objectives of the Voluntary in the Federal Reserve System during the period Foreign Credit Restraint Program if its foreign May 16, 1972, through June 15, 1972. assets of a type subject to ceiling do not exceed the lesser of (a) $500,000 or (b) 2 per cent of its total Iowa assets as of the end of 1970 and if those foreign Des Moines...Valley Bank and Trust Company assets are otherwise in conformity with the Guide­ Wisconsin lines, for example, with the request against hold­ Milwaukee..................................Northridge Bank 602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 14 Industrial production and nonfarm employment EMPLOYMENT rose further in May, and retail sales increased. The Nonfarm payroll employment rose in May, re­ unemployment rate was unchanged and the whole­ flecting increases in manufacturing, State and sale price index rose. Commercial bank credit, local governments, and service establishments. the money stock, and time and savings deposits The factory workweek declined by 0.3 hour to 40.5 increased. Between mid-April and mid-May, yields hours, following an 0.4 hour rise in the previous on the 3-month Treasury bills rose but yields on month. The unemployment rate in May remained long-term U.S. Government bonds and on sea­ unchanged for the third consecutive month at 5.9 soned corporate securities declined. per cent, as substantial growth in the labor force matched employment advances. INDUSTRIAL PRODUCTION Industrial production rose further in May and at RETAIL SALES 111.6 per cent (1967 = 100) was 0.5 per cent above The value of retail sales rose about 2.5 per cent in the upward revised April level of 111.1. The May and was 10 per cent above a year earlier, May index was 4.3 per cent above a year earlier according to the advance report. Sales at durable and 0.3 per cent below the 1969 high of 111.9. goods stores increased 3.5 per cent and sales at May output gains were in consumer goods, busi­ nondurable goods stores were up 2 per cent. ness equipment, and durable goods materials. Among consumer goods, production of carpet­ WHOLESALE AND CONSUMER PRICES ing and furniture, some appliances, and non­ The wholesale price index, seasonally adjusted, durable goods rose. Auto assemblies, however, rose 0.5 per cent between April and May. The were somewhat lower and were at an annual rate index of industrial commodities increased 0.4 per of 8.8 million units, compared to a 9.0 million cent with advances for textile products, lumber unit rate in April. Output in most business equip­ and plywood, and machinery and equipment. The ment industries continued to advance in May and index of farm and food products rose 0.8 per cent production of defense equipment changed little. with large increases for livestock, meat, cotton, Output of construction products, steel, and most and wool. other durable goods materials rose further, but The consumer price index rose 0.2 per cent in production of textiles, paper, and chemicals was April, seasonally adjusted. A drop of 0.1 per cent about unchanged. in food prices—mainly meats, eggs, and fresh vegetables—offset in part the increases of 0.2 INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 per cent for other commodities and of 0.3 per cent for services. Since November, the index has ad­ vanced at an annual rate of 3.3 per cent. 100 BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, adjusted for transfers of 120 loans between banks and their affiliates, increased rapidly in May—rising at an annual rate of about 18 per cent. Loan expansion was strong with all major categories showing substantial growth. Hold­ ings of U.S. Treasury securities increased slightly 80 further while holdings of other securities in­ 1972 1966 creased sharply following a small decline in April. The narrowly defined money stock increased F.R. indexes, seasonally adjusted. Latest figures: May. at an annual rate of 3.6 per cent in May, slowing 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1967=P1R00I CES Wholesale Consumer 1967=100 in the middle of June, compared with 3.60 per cent a month earlier. Yields on intermediate-term U.S. Government notes and bonds changed little over the same period, while long-term bond rates fell by about 5 to 10 basis points. During the period from mid-May to mid-June yields on new corporate securities declined steadi­ ly. In mid-June, however, new issue yields rose sharply while interest rates on seasoned corporate securities continued to decline moderately. Munic­ ipal security yields also declined until mid-June when rates increased significantly. Common stock prices declined on balance over the same period on moderate volume. 1968 1970 1972 1968 1970 1972 Bureau of Labor Statistics. “Farm products and foods” is BLS “Farm products, and processed foods and feeds.” Latest INTEREST RATES PER CENT figures: Consumer, Apr.; Wholesale, May. further from the rapid rates realized earlier in the year. U.S. Government deposits were unchanged. Total time and savings deposits increased at an annual rate of 17.8 per cent, considerably faster than in March and April. Sales of large negotiable CD’s continued strong in May, and inflows of other time and savings deposits accelerated. Free reserves of member banks averaged about $30 million over the 5 weeks ending May 31 compared with $60 million in April. Excess re­ serves declined somewhat but borrowings also dropped slightly. SECURITY MARKETS Treasury bill rates rose by about 15 to 25 basis Discount rate, range or level for all F.R. Banks. Weekly points on balance between mid-May and mid-June. average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures: The 3-month bill was bid at around 3.85 per cent week ending June 3. 604 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

FEDERAL RESERVE BULLETIN □ JUNE 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 (flows through Q1 1972; assets and liabilities through 1971) 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 (see above for flow of funds): A 98 Bank holding companies, December 31,1971 A 119 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds 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......................................... June 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 1960-71 ......................................... June 1972 A-73.10 A-73.21 On, and not on, Federal Reserve Par List, number............................ Feb. 1972 A-99 Flows: 1965-71 data (revised)................ June 1972 A-73.1—A-73.9 Annually Bank holding companies: Income and expenses: B k ,0,, . A Q, List of, Dec. 31, 1971....................... June 1972 A-98 Federal Reserve Banks ................... Feb.. 972 A-96-A-97 Banking offices and deposits of Insured commercial banks................ May 1972 A-98-A-99 groupbanks, Dec. 31,1970......... Aug. 1971 A-98 Member banks. 6 v ’ 6 Calendar year................................ May 1972 A-98—A-107 Banking and monetary statistics: Income ratios.................................. ^ay *972 A-108-A-113 6 J Operating ratios............................. July 1971 A-100—A-105 1971 ................................................... Feb. 1972 A-100—A-101 Mar.1972 A-98—A-110 Stock market credit............................... Feb. 1972 A-102—A-103 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases............................................................................................................................ June 1972 A-115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ JUNE 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 4*629 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 6777 1968—De c 52,529 52,454 75 765 3,251 56,610 10,’367 6810 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—Ma y 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—Ja n 70,687 70,300 387 20 3,405 1,177 75,415 10,132 400 7,656 Feb.............................. 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 A M p a r y . * .. 7 .......................................... 7 7 0 1 , , 9 4 3 2 9 8 7 7 1 0 , , 3 7 9 7 1 0 16 3 9 7 1 1 0 19 9 3 3 , ,1 0 2 3 1 1 9 9 3 9 5 0 7 75 5 , , 1 6 7 8 1 5 1 9 0 , , 5 2 8 2 8 4 4 4 0 0 0 0 7 7, , 9 9 2 9 2 2 Week ending— 1972—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..................... 70,811 70,811 43 3,265 996 75,196 9,588 400 7,920 26..................... 71,317 71,130 187 279 3,113 1,045 75,853 9,588 400 7,936 May 3..................... 71,337 71,337 117 2,996 1,094 75,627 9,588 400 7,954 10..................... 71,524 71,524 85 3,197 1,135 76,030 9,940 400 7,971 2 3 1 4 1 7 ? . p ... . ... . .. . ... . .. . ... . ... . .. . ... . ... . .. . ... . 7 7 7 1 1 1 , , , 3 3 5 0 4 3 3 8 0 7 7 7 1 1 1 , , , 3 3 3 6 0 4 3 7 8 163 25 6 3 3 4 9 3 3 3 , , , 4 0 1 1 0 9 1 8 2 9 7 8 6 5 0 8 2 7 7 7 7 5 5 5 , , , 6 6 6 8 2 1 7 7 0 1 1 1 0 0 0 , , , 4 4 4 1 1 1 0 0 0 4 4 4 0 0 0 0 0 0 7 8 8 , , , 0 9 0 1 8 0 1 7 8 End of month 1972—Mar............................. 70,754 6 70,065 689 255 3,217 878 75,247 9,588 400 7,895 A M p a r y . * . * ............................................ 7 72 1 , , 6 2 1 8 1 6 6 6 7 71 1 , , 4 2 7 8 1 6 1,140 1,59 6 2 0 2 2 , , 9 8 7 0 5 8 1,0 8 8 4 6 5 7 77 5 , , 9 4 9 9 9 0 1 9 0 , , 5 4 8 1 8 0 4 40 00 0 7 8 , ,0 9 2 4 1 9 Wednesday 1972—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. 5..................... 71,285 6 70,344 941 60 3,023 928 75,468 9,588 400 7,908 12..................... 70,342 6-770,342 10 3,032 1,003 74,469 9,588 400 7,917 19..................... 70,664 6-770,664 245 3,333 1,045 75,369 9,588 400 7,925 26..................... 72,255 6 71,164 1,091 1,789 3,209 1,102 78,522 9,588 400 7,946 May 1 3 0 p ? ............................... 7 7 1 1 , , 4 3 6 4 1 8 6 6 7 7 1 1 , , 4 3 6 4 1 8 4 4 7 93 0 3 3 , , 2 0 0 5 4 0 1 1 , , 1 13 8 4 0 7 76 6 , , 1 3 5 5 3 4 1 9 0 , , 5 4 8 1 8 0 4 4 0 0 0 0 7 7 , ,9 96 7 7 6 17 p................... 71,348 6 71,348 194 3,816 734 76,171 10,410 400 8,000 24 p................... 71,303 6 71,303 316 2,991 806 75,492 10,410 400 8,009 31 p................... 72,611 6 71,471 1,140 1,592 2,808 845 77,999 10,410 400 8,021 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 c e u i i i n o u n r la c n r ­ y ­ ­ T h c i u r n o a e r g l s a d y h s s ­ ­ T u re r a y s­ with r e F F s e . e i R o g r r v n . ­ e B s, a nks Other 2 c O o F u a t . h n c R ­ e t . s r 3 c b a O F i a p l l t i n . i h i a R 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 a e o e n n u i r n d c r v s y ­ es Total Period or date Averages of daily figures 7,609 2,402 616 7119 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. 57,155 506 1,112 173 690 2,244 25,251 5,168 30,419 .1971—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. 60,201 487 2,821 181 750 2,208 26,955 5,910 32,865 .1972—Jan. 59,681 436 2,421 172 683 2,273 26,374 5,548 31,922 ...........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 27,144 5,421 32,565 ...........Apr. 61,182 573 2,170 185 574 2,289 27,328 5,466 32,794 ...........Mayp Week ending— 59,696 369 1,339 219 590 2,269 26,187 5,427 31,614 .1972—Mar. 1 59,871 376 1,031 139 587 2,337 26,012 5,453 31,465 6 60 0, ,2 22 57 2 3 39 7 1 7 9 7 7 5 8 4 1 1 7 8 1 9 6 5 1 96 7 2 2, , 1 1 9 6 1 9 2 2 6 6 , , 4 5 4 4 8 6 5 5 , , 0 6 1 6 2 0 3 31 2 , , 5 1 5 0 8 8 ..1252 60,175 406 886 178 576 2,263 26,903 5,316 32,219 .29 6 6 0 0 , , 8 5 5 0 8 8 4 40 1 3 4 1 1 , , 2 2 7 4 3 0 2 2 5 0 5 6 6 6 2 5 7 7 2 2 , , 3 3 8 5 9 3 2 2 6 7 , , 7 2 6 1 4 0 5 5. , 5 3 8 9 1 4 3 3 2 2 , , 3 6 4 0 5 4 .. A..p..r.. .125 60,863 407 1,535 177 596 2,220 27,306 5,259 32,565 ..........19 60,633 398 2,413 152 586 2,283 27,312 5,354 32,666 ..........26 6 60 1 , , 6 0 6 1 8 0 4 7 0 4 3 8 2 2, , 5 0 1 9 8 0 1 19 3 1 6 5 6 7 03 4 2 2 , , 3 30 5 5 6 2 2 7 7 , , 2 04 5 9 9 5 5. , 5 7 8 0 1 8 3 3 2 2 , , 7 8 5 4 7 0 ..M...a.y. 103 6 6 1 1 , , 2 3 0 0 8 9 3 86 8 1 0 2 1 , , 2 6 6 5 5 8 1 14 4 9 0 5 5 5 7 7 6 2 2 , , 2 2 7 1 1 0 2 27 7 , , 5 6 9 6 8 9 5 5 , ,4 10 88 9 3 3 2 3 , ,1 7 5 0 7 7 ................2174^ 61,358 375 2,178 323 588 2,329 27,356 5,508 32,864 ..........31*> End of month 60,388 402 1,293 191 647 2,339 27,869 5,397 33,266 .1972—Mar. 60,535 401 1,871 228 631 2,346 27,415 5,571 32,986 .............Apr. 61,694 365 2,144 157 584 2,388 29,498 5,508 35,006 .............Mayp Wednesday 59,794 374 1,128 137 575 2,299 26,025 5,427 31,452 .........1972—Mar. 1 60,215 382 1,081 150 548 2,360 26,170 5,453 31,623 6 6 0 0 , , 3 3 2 9 1 2 4 3 0 8 6 2 1,3 8 1 51 4 1 17 8 5 4 6 6 0 2 8 0 2 2 , , 1 2 4 15 6 2 26 6, , 5 9 9 3 1 8 5 5 , , 0 66 11 1 3 3 1 2 , , 9 2 4 5 9 2 ..2152 60,438 413 917 205 589 2,302 28,471 5,318 33,789 .29 6 61 0 , , 0 8 4 2 1 9 4 4 1 0 2 7 1 1, , 5 2 4 1 1 2 2 1 3 8 6 8 6 62 9 5 6 2 2 , , 3 1 9 79 6 2 2 7 6 , , 5 3 8 9 3 3 5 5 , , 3 5 9 8 7 4 3 3 2 1, , 9 9 7 8 7 0 ..A..p.r... 125 60,898 411 1,868 142 545 2,241 27,178 5,262 32,440 ...........19 60,728 398 1,822 128 573 2,308 30,499 5,354 35,853 ...........26 6 6 1 0 , , 3 9 2 3 2 6 1,2 4 2 0 4 5 2 2 , , 6 6 8 87 6 1 12 3 1 6 5 6 6 06 0 2 2 , ,3 16 87 7 2 2 7 6 , , 1 8 9 1 9 3 5 5 , , 7 5 0 7 2 0 3 3 2 2 , , 5 7 1 6 5 9 ..M..a..y. 102 p >p 61,419 386 1,491 170 569 2,234 28,712 5,502 34,214 ...........17 p 61,311 383 2,402 148 611 2,301 27,155 5,109 32,264 ..........24 p 61,694 365 2,144 157 584 2,388 29,498 5,508 35,006 ..........3 Ip 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 a JUNE 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 el t d al qu R ir e e ­ d 1Excess B r F i o a n a . n w R g t k s ­ . s Free T h o e t l a d l qu R ir e e ­ d i Excess B r F i a o n a . n g w R t k s . ­ s s F er r r v e e e ­ e s T h o e t l a d l qu R ir e e ­ d i Excess B r F i a o n . a n R g w t k s . ­ s s F e r r r e v e ­ e e s —Dec.. 11,473 6,462 5,011 3 5,008 5.623 3,012 2,611 2,611 1,141 601 540 540 1 1 1 1 9 9 9 9 3 4 4 5 9 1 5 0 — — — D D D e e e c c c . . . . . . 1 1 17 2 6 , , , 3 8 0 9 2 1 1 7 2 1 1 9 4 6 , , , 4 5 3 2 3 6 6 2 4 3 1 1 , , , 3 4 0 9 9 2 1 0 7 3 1 3 4 4 2 5 3 1 , , 3 1 8 8 5 8 5 7 5 4 4 5 , , , 1 1 7 1 4 4 8 2 2 4 4 4 , , , 1 0 6 5 7 1 3 0 6 9 1 8 4 2 9 8 5 1 5 9 8 2 -1 9 4 8 6 4 9 7 1 1 . . 1 1 9 4 9 3 3 9 9 1,1 9 8 9 2 4 1 8 4 29 1 5 4 8 5 29 1 5 4 3 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 7 9 0 7 5 8 0 — — — — — — D D D D D D e e e e e e c c c c c c . . . . . . . . . . . . 2 2 2 2 2 8 7 2 5 9 , , , , , 0 2 7 2 2 3 2 1 6 6 1 1 5 9 0 2 2 2 2 2 2 6 4 7 8 , , , , , 2 9 7 7 9 6 1 6 7 9 7 5 6 3 4 4 4 2 2 3 5 5 5 7 4 5 2 7 5 2 1,0 4 7 2 3 8 6 5 3 21 5 6 4 8 - - 3 8 - 1 4 - 1 2 0 2 9 0 9 7 4 5 5 5 5 , , , , . 3 4 1 6 0 0 4 5 2 5 1 1 7 3 2 4 5 5 5 5 , . , , , 2 0 3 0 5 6 8 5 3 8 0 5 7 9 4 1 4 5 0 1 3 1 0 6 8 4 2 2 1 4 1 3 5 2 1 0 5 9 0 - - 1 2 - - 7 2 3 0 0 2 3 0 9 1 1 1 1 1 . , . , , 2 1 1 3 2 4 8 9 2 2 3 5 9 5 9 1 1 1 1 1 , , , , , 1 2 2 1 3 2 6 1 8 2 8 7 7 4 2 1 1 15 5 7 8 8 2 8 2 1 5 3 7 4 3 -7 - - - 8 5 9 0 3 1971— J M u a n y e. . 3 3 3 0 0 0 , , , 0 4 5 2 4 1 3 7 9 2 3 3 9 0 0 , , , 8 3 1 9 8 0 2 5 7 3 1 1 3 1 6 2 2 L 4 8 3 5 2 3 3 0 0 - - 3 6 -1 2 5 8 8 2 5 5 5 , , , 8 6 7 3 2 3 9 7 7 5 5 5 , . , 7 6 7 9 7 5 1 4 4 - - 3 2 4 7 5 6 1 9 8 1 0 3 6 - - 1 1 -6 1 2 1 7 7 1 1 1 , , . 3 4 4 8 3 0 7 6 7 1 1 1 , , ,4 4 4 2 0 0 1 5 8 -1 - 1 1 8 5 2 2 1 1 8 3 - - 3 2 9 9 2 J A S u e u p l g y t . . . . . . 3 3 3 0 0 0 , , , 4 8 8 5 0 6 5 2 0 3 3 30 0 0 , , , 6 2 5 5 5 9 3 7 6 2 2 1 0 0 9 6 8 7 8 5 3 0 0 6 1 4 0 - - - 2 6 1 9 5 0 5 3 6 5 5 5 , , , 6 6 6 7 9 8 8 3 3 5 5 5 , . , 6 6 66 4 7 7 0 4 5 11 9 3 1 6 3 6 7 8 4 -1 - - 2 5 11 9 6 1 1 1. . . 4 4 4 2 1 1 5 7 7 1 1 1 , , , 4 4 4 0 2 1 8 3 0 - 1 6 7 7 1 4 5 7 ’“-io 2 ONocvt..... 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1.408 1,400 8 22 -14 31,329 31,164 165 107 58 5.774 5,749 25 35 ‘-10 1.426 1,425 1 8 -7 Dec.. 32,865 32,692 173 20 153 6,066 6.058 1,503 1,512 -9 -9 1972—Jan............ 31,922 31,798 124 33 91 5.775 5,807 -37 1,446 1,442 4 4 Feb........... 31,921 31,688 233 99 134 5,815 5,758 -14 1,434 1,443 -9 4 -13 Mar.......... 32,565 32,429 136 109 27 5,938 5,940 -50 1,482 1,476 6 5 1 MApayr*..*......... 32,794 32,709 85 119 -34 6,049 6,067 -68 1,515 1,504 11 12 -1 Week ending— 30,780 30,415 365 174 191 5,907 5,817 90 46 44 1.440 1,449 -9 -9 1971—May 152.... 30,084 29,854 230 99 131 5,657 5,716 -59 39 -98 1,424 1,393 31 31 30,362 30,260 102 306 -204 5,986 5,967 19 143 -124 1,426 1,455 -29 41 -70 19.. 30,246 30,072 174 267 -93 5,768 5,781 -13 100 -113 1.435 1,416 19 18 1 26.. 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 31,172 30,984 188 287 -99 5,705 5,761 -56 64 -120 1,447 1,433 14 14 17.. 30,716 30,572 144 538 -394 5.589 5,520 69 150 -81 1,358 1,374 -16 47 -63 24.. 31,275 30,685 590 705 -115 5,701 5,538 163 222 -59 1.438 1,386 52 47 5 Dec. 1.. 30,743 30,600 143 59 84 5,671 5,604 67 67 1,356 1,366 -10 -10 8.. 31,153 30,949 204 25 179 5,699 5,757 -58 -58 1,479 1,451 28 28 2 1 2 5. . . . 31,151 31,180 -29 141 -170 5,747 5,764 -17 -96 1,371 1,414 -43 14 -57 31,924 31,610 314 216 98 5,793 5,799 -6 -82 1,511 1,445 66 21 45 29.. 32,814 32,502 312 57 255 6,200 6,120 80 80 1.520 1,526 -6 -6 1972—Jan. 152.... 32,793 32,688 105 17 88 6,055 6,141 -86 -86 1,569 1,549 20 20 33.665 33.447 218 14 204 6,369 6,267 102 102 1,526 1,563 -37 -37 19.. 32,592 32,400 192 12 180 5,766 5,848 -82 -82 1,475 1,459 16 16 26.. 32,435 32,190 245 16 229 5,936 5,880 56 56 1,460 1,451 9 9 Feb. 2.. 31,892 31,842 50 42 8 5,733 5,825 -92 22 -114 1.439 1,445 -6 -6 9.. 32,257 31,946 311 18 293 6,078 5,895 183 183 1,450 1,466 -16 -16 16.. 31,823 31,693 130 14 116 5,686 5,789 -103 -103 1,453 1,427 26 26 23.. 31,614 31,532 82 67 15 5,643 5,679 -36 -36 1,411 1,425 -14 -14 Mar. 1.. 31,465 31,289 176 103 73 5,649 5,658 -9 99 -108 1.435 1,419 16 16 8.. 32,108 31,715 393 13 380 5,982 5,796 186 186 1,473 1,479 -6 -6 2 1 2 5. . . . 31,558 31,691 -133 115 -248 5,605 5,725 -120 -215 1,421 1,433 —12 4 -16 32,219 31,934 285 153 132 5,911 5,820 91 -3 1,442 1,436 6 14 -8 29.. 32,604 32,230 374 141 233 5,991 5,933 58 86 -28 1.521 1,472 49 49 Apr. 152.... 32,345 32,179 166 14 152 5,963 5,953 10 10 1,446 1,482 -36 -36 32,565 32,624 -59 43 -102 5,947 6,055 -108 23 -131 1,498 1,489 9 9 19.. 32.666 32.448 218 279 -61 5,913 5,824 89 124 -35 1.441 1,456 -15 23 -38 26.. 32,840 32,704 136 117 19 5,862 5,927 -65 60 -125 1,513 1,480 33 33 May 130..,, 32,757 32.566 191 87 104 6,019 5,978 41 49 -8 1,486 1,506 -20 -20 33,157 32,963 194 39 155 6,223 6,218 5 21 -16 1,566 1,535 31 31 17. 32,707 32,558 149 63 86 6,012 5.998 14 39 -25 1.441 1,490 -49 -49 2341**.. 32,864 32,731 133 254 -121 5,979 5.999 -20 51 -71 1,534 1,497 37 54 -17 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 Required 1 Excess Banks T h o e t ld al Required1 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 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 6,689 6,458 232 50 182 4,761 4,099 663 29 634 7,950 7,851 100 20 80 6,689 6,066 623 40 583 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ..............................1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ..............................1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 .............................1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ..............................1969—Dec. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 ..............................1970—Dec. 11,923 11,832 91 136 -45 11,223 11,063 160 68 92 ..............................1971—May 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 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 12,559 12,533 26 9 17 12,113 11,954 159 15 144 12,820 12,804 16 22 -6 12,325 12,209 116 34 82 12,873 12,899 -26 31 -57 12,357 12,239 118 26 92 Week ending— 12,044 11,939 105 101 4 11,389 11,210 179 27 152 ........................1971—May 5 11,826 11,752 74 42 32 11,177 10,993 184 18 166 ...............................................12 11,805 11,871 -66 71 -137 11,145 10,967 178 51 127 ...............................................19 11,820 11,780 40 93 -53 11,223 11,095 128 56 72 ...............................................26 12,073 11,976 97 105 -8 11,772 11,563 209 111 98 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 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 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 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 12,816 12,903 -87 8 -95 12,304 12,177 127 12 115 12,865 12,827 38 86 -48 12,447 12,341 106 46 60 ...............................................26 12,894 12,866 28 2 26 12,571 12,431 140 55 85 12,815 12,804 11 19 -8 12,437 12,278 159 19 140 12,966 12,983 -17 4 -21 12,402 12,227 175 14 161 ...............................................17 12,972 12,851 121 8 113 12,282 12,219 63 16 47 ...............................................24 p 12,964 12,972 -8 106 -114 12,387 12,263 124 43 81 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures, weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ JUNE 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 er x r v c e e e ­ s s s 1 r a B o t B w a F o n i r n . k R ­ g s . s F t f i b e r u n N d a a t n n e e n e d r r t k s s a ­ . l S d u e r o f p i r c lu it s r P r e e e q a s r e u o v c r i g f r e v . e n e d s t ch P a u s r e ­ s Sales t a w c t T r o t o a i - o n t w n a s a l s ­ y 2 b c b o P u h a f a y u n n s i r k n e e ­ s s t g s o b S e a f a l l n l n i e n k e s g s t d L ea o t l a o e n rs s 3 de f r B i r a n o o o l g w e r m s r ­ ­ s4 lo N a e n t s Total—46 banks 1972—April 5......... 208 86 6,757 -6,635 48.6 12,880 6,123 4,432 8,448 1,691 1,741 728 1,013 12......... 120 7,814 -7,694 56.1 13,038 5 224 4 004 9,034 1,220 1,590 685 905 19........ -54 28 7,219 -7,301 52.6 12,389 5,169 3,931 8,458 1,239 1,570 525 1,045 26......... 32 176 4,611 -4,756 35.0 10,446 5,835 3,976 6,470 1,859 1,404 378 1,026 May 3......... 21 60 4,306 -4,345 31.7 10,211 5,905 4,100 6,111 1,805 1,828 233 1,595 10......... 23 46 5,621 -5,644 41.0 11,874 6,253 3,656 8,219 2,598 1,728 307 1,421 17......... 44 21 6,064 -6,041 42.7 12,039 5,976 3,756 8,284 2,220 1,476 233 1,243 24......... 24 39 4,994 -5,010 36.5 10,409 5,415 3,513 6,896 1,902 1,290 209 1,082 31......... -14 159 4,397 -4,570 33.1 10,300 5,903 3,546 6,754 2,358 1,499 321 1,178 8 in New York City 1972—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 2 6 , 45 120 1,812 -1,887 35.6 2,749 938 929 1,820 9 1,030 94 937 May 3......... -37 60 1,541 -1,638 30,4 2,757 1,216 991 1,767 225 1,470 78 1,392 10 11 46 2,802 -2,837 52.1 3,596 794 617 2,980 178 1,264 50 1,214 17 19 21 3,205 -3,207 56.4 4,060 856 856 3,204 1,037 30 1,007 24 23 39 2.364 -2,381 44.4 2,984 620 619 2.364 950 39 911 31, . . -8 29 2.364 -2,401 44.8 3,075 710 710 2.364 0 1,174 50 1,124 38 outside New York City 1972—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 May 3......... 57 2,765 -2,708 32.6 7,453 4,689 3,109 4,344 1,580 358 155 203 10......... 12 2,819 -2,807 33.8 8,278 5,459 3,039 5,239 2,420 464 257 207 17 25 2,859 -2,834 33.4 7,979 5,120 2,900 5,079 2,220 439 203 236 24 1 2,630 -2,629 31.5 7,425 4,795 2,893 4,532 1,902 341 170 171 31......... -6 131 2,033 -2,169 25.7 7,226 5,193 2,836 4,390 2,358 326 271 55 5 in City of Chicago 1972—April 5........ 36 1,761 -1,725 128.6 2,530 769 718 1,812 51 200 200 12 . , -10 2,032 -2,042 151.1 2,657 625 570 2,087 55 206 206 19........ 7 1,950 -1,942 143.8 2,681 731 661 2,020 70 212 212 26 -11 23 1,408 -1,442 108.7 2,298 890 787 1,511 104 195 195 May 3......... 23 1,544 -1,521 112.9 2,288 744 676 1,611 67 229 229 10......... -4 1,856 -1,860 135.2 2,585 729 680 1,904 49 307 307 17 ... 20 1,741 -1,721 122.9 2,402 661 614 1,788 47 268 268 24 .... -19 1,441 -1,460 107.7 2,204 763 722 1.481 41 223 223 31......... 12 54 1,434 -1,475 108.4 2,084 651 603 1.481 48 217 217 33 others 1972—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 5 2,011 -2,019 28.8 5,922 3,912 2,743 3,179 1,169 303 479 -176 26........ -2 33 1,392 -1,427 20.5 5,400 4,008 2,261 3,139 1,747 178 284 -106 May 3......... 34 1,221 -1,187 17.0 5,166 3,945 2,433 2,733 1,512 130 155 -26 10 16 963 -947 13.6 5,694 4,731 2,359 3,335 2,372 158 257 -100 17 6 1,119 -1,113 15.7 5,578 4,459 2,286 3,292 2,173 171 203 -32 24 20 1,189 -1,169 16.7 5,222 4,032 2,171 3,051 1,862 118 170 -52 31......... -18 77 599 -694 9.8 5,142 4,542 2,232 2,909 2,310 109 271 -162 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

JUNE 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 M Ra 1 a t 9 y e 7 2 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t io e us R M a 1 a t 9 y e 7 2 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t i e ous M R 1 a a 9 t y e 7 2 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t io e us Boston.................................................. 4Vi Dec. 13, 1971 434 5 Dec. 13, 1971 5Vi 6Vi Dec. 13, 1971 634 New York........................................... 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 6V4 Dec. 17, 1971 634 Philadelphia........................................ 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 6Vi Dec. 17, 1971 634 Cleveland............................................. 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 61/2 Dec. 17, 1971 634 Richmond............................................ 41/2 Dec. 24, 1971 434 5 Dec. 24, 1971 5V4 6i/i Dec. 24, 1971 634 Atlanta................................................. 41/2 Dec. 23, 1971 4% 5 Dec. 23, 1971 5V4 6Vi Dec. 23, 1971 634 Chicago................................................ 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 51/4 6Vi Dec. 17, 1971 634 St. Louis.............................................. 4 Vi Dec. 13, 1971 434 5 Dec. 13, 1971 5i/4 6Vi Dec. 13, 1971 634 Minneapolis........................................ 4Vi Dec. 23, 1971 434 5 Dec. 23, 1971 5V4 6i/i Dec. 23, 1971 634 Kansas City........................................ 4Vi Dec. 13, 1971 434 5 Dec. 13, 1971 5V& 61/2 Dec. 13, 1971 634 Dallas................................................... 4i/i Dec. 24, 1971 43/4 5 Dec. 24, 1971 51/4 6Vi Dec. 24, 1971 634 San Francisco.................................... 41/2 Dec. 13, 1971 434 5 Dec. 13, 1971 5V4 6i/i Dec. 13, 1971 634 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 lVi lVi 1959—Mar. 6 2i/2-3 3 1969—Apr. 4..................... 51/2-6 6 1955—A M p a r y . 1 1 2 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 iy 1/ 2 i 2 y - i 4 1 3 % 4 m IV2 J S M u ep a n y t e . 2 1 1 1 1 9 2 6 3 3 1/321 - -/ 3 24 i /2 4 3 3 3 V V i i 1970—Nov. 1 8 1 .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 6 4-6 6 6 N S A e o u p v g t . . . 1 1 1 9 5 4 3 8 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 m 1 V V 2 - 4 i 2 * - - - - 2 2 2 2 4 V1 1 V V ,4 4 4 4 i 2 2 2 2 2 l 1 V V * / / 2a a 4 1960— A Ju u n g e . 1 1 1 1 4 2 0 8 3 . . ., 3 3 3 % V3 4 i1 - - - 3 / 4 42 1 /2 4 4 3 3 3 1 % /2 Dec. 1 1 1 4 1 1 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 1 1 3 / / 5 5 4 2 2 1 3 - - - / 4 6 5 5 i 3 3 4 4 5 5 5 5 5 1 3 3 3 V / 4 4 4 2 i 23............. 21/2 21/2 Sept. 9. 3 3 1956—Apr. 2 1 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 % /2 - - 3 3 2 2 3 3 . / 4 4 1963—July 2 1 6 7 . . 3 31 - / 3 2 1/2 3 3 1 V /2 i 1971—Jan. 1 8 5. . . . . . . . . . . . . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . 5i/ 5 4 1 - / 5 4 Vi 5 5 1 1 / / 4 4 Aug. 2 3 4 1. . . . . . . . . . . . . . . . . . . . . . . . . . 23, 3 4-3 3 3 1964—Nov. 2 3 4 0 . . 3 4 1/2-4 4 4 2 2 1 9 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 - - 5 51 1 4 4 5 5 5 1/4 1957— N D A e o u c v g . . . 2 1 2 9 5 . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 - - % 3 31 V /2 i 3 3 3 3 1/2 1 1 9 9 6 6 5 7— —D Ap ec r . . 1 6 7 3 . . . 4 4 41 - - 4 /2 4 1 1 / / 2 2 4 4 41 1 / / 2 2 J F u e l b y . 2 1 1 1 3 9 6 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 5 3 3 34 4 4 - - 5 5 4 5 5 5 34 1958—J A M a p a n r r . . . 2 2 2 1 1 7 2 1 3 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 22 IV 3 1 3 1 ^ 4 2 4 4 4 V - - - - - 2 2 3 3 3 aV 34 4 2 2 2 2 3 i 1 V 1 y 3 . / 4 4 4 4 4 1968— N M o a v r . . 2 2 2 1 12 0 7 4 5. . . . . 4 4 V 4 5 4 i 1- - /4 5 21/2 4 4 4 4 5 1 1 V / / 2 2 i D N e o c v . . 2 1 1 1 1 4 3 7 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 3 V V 3 4 4 4 i i - i - - / 4 4 5 i 3 3 4 4 4 4 4 4 5 3 V 3 i/ 4 4 i i A S O N M e u c o p a t g v y t . . . . 2 2 1 1 9 7 3 4 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 i i y y 4 4 2 2 i 1 y - - - / 2 2 4 2 2 1/2 2 2 2 2 1 1 1 % V / 4 2 D A A p u ec r g . . . 2 2 1 1 3 1 6 0 9 6 0 8. . . . . . 5 5 5 V 14 5 5 5 & 1 V - - % 5 / - 5 4 2 5 1 V V /2 i i 5 5 5 5 5 5 1 1 1 V V % / / / 2 2 2 i i In effect May 31, 1972........ 4Vi 4Vi 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 □ JUNE 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 r b e e c s a n i e n t t r y k r v a s e l b s c a e R i r n t e v y k ­ e s C ba t o r n u y k n s ­ b cl a a ( o n a s k f l s l e s s ) Effective date * $ U 5 n c m d it e i y l r ­ ba $ n O 5 k v m s er il ­ $ U 5 n m de b il r a ­ nk $ s O 5 v m er il ­ d S i e n i p a t g s v o s ­ s­ $ U 5 ti n m m d e e i r l­ d ep $ O 5 o s v m i e ts r il ­ lion lion lion lion lion lion In effect Dec. 31, 1949. 22 12 1966—July 14,21. 64 64 Sept. 8, 15. 1951—Jan. 11,16.. 23 13 1953— J J a u n ly . 25 9 , , 1 F . e .. b .. . ..... 1.. 2 2 2 1 24 1 13 4 1967— M Ma a r r . . 1 2 6 . . 3 3 % I* 1954— J J u u l n y e 2 29 4 , , A 16 u . g ... . . ... 1 20 8 12 1968—Jan. 11,18____ 16% 17 12 12% 1958— M Fe a b r . . 2 27 0 , , A M p a r r . . 1 1 1 19 9% 1 1 1 1% 1969—Apr. 17.............. 17 17% 12% 13 Apr. 17............... 18% Apr. 24................. 18 1970—Oct. 1................... 1960— N Se o p v t . . 24 1. . . . . . . .. .. . . . . . . .. .. . . . . .. .. . . . . . 17% 12 In effect May 31, 1972. 17 17% 12% 13 Dec. 1............... 16% 1962—July 28................. (3) Present legal Oct. 25, Nov. 1 M r in eq im ui u r m em .. e .. n .. t .. : . 2 1 2 0 7 130 130 103 Maximum......... 14 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, 17050 17050 1946—Jan. 21 1947—Jan. 31 , 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

JUNE 1972 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits.............. 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3Vi 3Vi Multiple maturity:3 30-89 days............ 4 4 Vi 90 days-1 year... 5 1 year to 2 years. 5 5 Vi 2 years and over.. 5% 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.. SVz 5 Vi 6 months to 12 months 3 Vi 4Vi 2 years arid over. . 5V4 9 L 0 e ( s d 3 s 0 a t y - h 8 s a 9 t n o d 9 a 6 0 y m s d ) a o y n s t . h ... s .. . . . .. . . 2 1 % 4 5Vi $1 3 6 0 0 0 0, - - 0 8 5 0 9 9 0 d d a a a n y y d s s . . o . . . . v . . . . . . e . . r . . . . : . . . . . 5 5 V V 4 i ( ( 4 4 ) ) 90-179 days......... 5 Vi 5 Vi 6 63/4 180 days to 1 year. }6% 7 1 year or more... 7Vi 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see Note.—Maximum rates that may be paid by member banks are estab­ Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 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 * 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 b l 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 b k l 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 Mar. 22, 1972 Four weeks ending April 19, 1972 8,112 Gross demand—Total. 199,107 45,323 69,822 75,850 Gross demand—Total.. 198,775 41,653 8,238 71,310 77,574 Interbank................... 28,715 14,616 1,468 9,436 3,195 Interbank.................... 25,551 11,372 1,496 9,437 3,246 U.S. Govt.................. 6,174 1,207 294 2,346 2,328 U.S. Govt................... 6,106 1,156 297 2,392 2,261 Other........................... 164,218 29,500 6.351 58,040 70,327 Other........................... 167,118 29,126 6,445 59,482 72,066 Net demand 1............... 149,004 26,438 6.352 53,046 63,168 Net demand 1................ 152,675 27,047 6,487 54,434 64,707 Time................................ 217,761 25,697 7,718 79,306 105,041 Time................................. 218,957 26,106 7,726 79,080 t06,045 Demand balances due Demand balances due from domestic banks 13,907 4,021 131 2,621 7,135 from domestic banks. 13,361 3,431 162 2,684 7.084 Currency and coin.... 5,388 432 98 1,694 3,164 Currency and coin........ 5,387 424 103 1,695 3,166 Balances with F.R. Balances with F.R. Banks.......................... 26,298 5,288 1,337 10,789 8,885 Banks........................... 27,046 5,529 1,374 11,058 9.085 Total reserves held 31,686 5,720 1,435 12,483 12,049 Total reserves held........ 32,433 5,953 1,477 12,753 12,251 Required..................... 31,557 5,715 1,439 12,492 11,911 Required...................... 32,242 5,940 1,470 12,734 12,098 Excess......................... 129 5 -4 -9 138 Excess.......................... 191 13 7 19 153 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 □ JUNE 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1972 1972 1971 May 31 May 24 May 17 May 10 May 3 May 31 April 30 May 31 Assets Gold certificate account................................. 10,303 10,303 10,303 9,475 9,475 10,303 9,475 10,075 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 400 Cash...................................................... 318 330 331 329 328 318 334 282 Loans: Member bank borrowings.............. 1,592 316 194 493 470 1,592 60 1,051 Other................................................ Acceptances: Bought outright............................... 78 76 79 82 85 78 83 64 Held under repurchase agreements. 65 65 48 Federal agency obligations: Bought outright................................ 979 979 979 979 979 979 979 Held under repurchase agreements. 25 25 U.S. Govt, securities: Bought outright: Bills......................... 30,504 30,336 30,381 30,381 30,494 30,504 30,319 27,237 Certificates—Other. Notes....................... 36,448 36,448 36,448 36,448 36,448 36,448 36,448 34,307 Bonds....................... 3,540 3,540 3,540 3,540 3,540 3,540 3,540 3,220 Total bought outright..................... i 70,492 170,324 170,369 i 70,369 1 70,482 170,492 170,307 164,764 Held under repurchase agreements. 1,115 1,115 Total U.S. Govt, securities. 71,607 70,324 70,369 70,369 70,482 71,607 70,307 64,764 Total loans and securities................... 74,346 71,695 71,621 71,923 72,016 74,346 71,429 65,927 Cash items in process of collection... *11,055 *10,668 *13,074 *10,880 *12,012 *11,055 10,530 9,193 Bank premises..................................... 163 163 162 163 162 163 163 139 Other assets: Denominated in foreign currencies. 57 38 18 17 17 57 17 94 IMF gold deposited 2..................... 148 All other........................................... 625 605 554 1,000 955 625 906 546 Total assets. *97,267 *94,202 *96,463 *94,187 *95,365 *97,267 93,254 86,804 Liabilities F.R. notes........................................... 54,249 53,908 54,029 53,964 53,588 54,249 53,208 50,535 Deposits: Member bank reserves.................. *29,498 *27,155 *28,712 *26,813 *27,199 *29,498 27,415 25,499 U.S. Treasurer—General account. 2,144 2,402 1,491 2,686 2,687 2,144 1,871 805 Foreign........................................... 157 148 170 121 136 157 228 208 Other: IMF gold deposited 2................ 148 All other..................................... 584 611 569 606 560 584 631 528 Total deposits. *32,383 *30,316 *30,942 *30,226 *30,582 *32,383 30,145 27,188 Deferred availability cash items........... 8,247 7,677 9,258 7,830 8,808 8,247 7,555 6,779 Other liabilities and accrued dividends. 580 555 551 552 566 580 552 558 Total liabilities....................................... *95,459 *92,456 *94,780 *92,572 *93,544 *95,459 91,460 85,060 Capital accounts Capital paid in............................................................. 768 769 767 762 763 768 763 724 Surplus.......................................................................... 742 742 742 742 742 742 742 702 Other capital accounts................................................ 298 235 174 111 316 298 289 318 Total liabilities and capital accounts.......................... *97,267 *94,202 *96,463 *94,187 *95,365 *97,267 93,254 86,804 Contingent liability on acceptances purchased for foreign correspondents............................................ 261 269 271 265 264 261 265 253 Marketable U.S. Govt, securities held in custody for foreign and international accounts.................. 28,594 28,809 28,849 28,781 28,885 28,594 28,792 19,382 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 57,575 57,502 57,497 57,330 57,319 57,575 57,351 53,802 Collateral held against notes outstanding: Gold certificate account............................................ 1,945 1,945 1,945 1,945 1,945 1,945 1,945 3,250 U.S. Govt, securities.................................................. 57,235 57,035 56,960 56,900 56,900 57,235 56,900 52,025 Total collateral............................................................... 59,180 58,980 58,905 58,845 58,845 59,180 58,845 55,275 i See note 6 on p. A-5. 2 See note 1(b) to table at top of p. A-77. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 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 l l a e 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 i a t n s y ­ Dallas F c S i r s a a c n n o ­ Assets 10,303 364 1,791 577 1,090 737 453 1,792 337 252 280 359 2,271 Special Drawing Rights certif. acct.... 400 23 93 23 33 36 22 70 15 7 15 14 49 961 123 191 71 49 84 226 36 21 16 41 33 70 318 12 20 10 37 39 36 45 18 10 35 16 40 Loans: Secured by U.S. Govt, and agency 798 187 180 48 65 21 9 91 11 10 176 Other................................................. 794 71 282 325 10 106 Acceptances: 78 78 Held under repurchase agreements.. 65 65 Federal agency obligations: Bought outright................................ 979 46 250 51 76 73 53 160 37 20 39 44 130 Held under repurchase agreements.. 25 25 U.S. Govt, securities: Bought outright................................ 170,492 3,348 17,994 3,694 5,463 5,265 3,820 11,492 2,632 1,420 2,835 3,205 9,324 Held under repurchase agreements.. 1,115 1,115 74,346 3,652 19,989 3,793 5,604 5,359 3,882 12,068 2,669 1,451 2,894 3,249 9,736 Cash items in process of collection... 14,320 832 2,726 844 1,067 1,254 1,466 2,090 716 553 839 876 1,057 163 2 8 4 27 13 16 17 15 24 17 12 8 Other assets: Denominated in foreign currencies.. 57 3 215 3 5 3 4 9 2 1 2 3 7 All other........................................... 625 53 155 40 44 45 30 91 21 14 22 27 83 Total assets........................................... 101,493 5,064 24,988 5,365 7,956 7,570 6,135 16,218 3,814 2,328 4,145 4,589 13,321 Liabilities F.R. notes............................................. 55,210 2,932 13,590 3,249 4,424 4,868 2,779 9,456 2,162 960 2,126 2,121 6,543 Deposits: Member bank reserves..................... 29,498 1,029 7,701 1,098 2.145 1,339 1,763 4,536 901 738 1,142 1,628 5,478 U.S. Treasurer—General account.. 2,144 159 557 184 221 159 139 125 88 129 72 51 260 Foreign....................................... 157 7 350 7 13 7 10 22 5 3 6 8 19 Other: All other....................................... 584 2 495 2 14 4 23 3 1 2 3 35 Total deposits....................................... 32,383 1,197 8,803 1,291 2,379 1,519 1,916 4,706 997 871 1,222 1,690 5,792 Deferred availability cash items......... 11,512 828 1,974 704 947 1,041 1,288 1,681 574 444 698 656 677 Other liabilities and accrued dividends 580 28 155 29 45 42 33 92 21 13 23 26 73 Total liabilities..................................... 99,685 4,985 24,522 5,273 7,795 7,470 6,016 15,935 3,754 2,288 4,069 4,493 13,085 Capital accounts Capital paid in..................................... 768 33 200 39 70 40 53 118 25 17 33 42 98 Surplus.................................................. 742 34 193 38 68 38 50 111 25 17 32 41 95 Other capital accounts......................... 298 12 73 15 23 22 16 54 10 6 11 13 43 Total liabilities and capital accounts.. 101,493 5,064 24,988 5,365 7,956 7,590 6,135 16,218 3,814 2,328 4,145 4,589 13,321 Contingent liability on acceptances purchased for foreign correspond­ ents.................................................... 261 12 468 13 24 13 18 39 9 6 11 14 34 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............................................ 57,575 3,073 14,366 3,327 4,596 5,019 2,993 9,645 2,260 987 2,201 2,276 6,832 Collateral held against notes out­ standing: Gold certificate account.................. 1,945 150 300 350 285 700 155 5 U.S. Govt, securities....................... 57,235 3,000 14,650 3,150 4,400 4,815 3,100 9,300 2,180 1,010 2,300 2,330 7,000 Total collateral..................................... 59,180 3,150 14,650 3,450 4,750 5,100 3,100 10,000 2,335 1,010 2,300 2,335 7,000 1 See note 6 on page A-5. 4 After deducting $193 million participations of other Federal Reserve 2 After deducting $42 million participations of other Federal Reserve Banks. Banks. 3 After deducting $107 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 □ JUNE 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 p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t i s . ty tions 1971—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 46 104 189 -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 Apr............. 2,666 1,478 135 2,254 1,478 133 7 -2 255 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 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 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 u r h x r i m c i f t h t y a s . ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s G se i o t c i v e u t 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 r a c e g h n e p r a n e e u s t t e r s e ­ ­ , change 1 1971—Apr.. 62 5,085 6,404 -439 -186 -85 -707 May. 82 -327 4,076 4,076 1,043 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 1972—Jan.. 191 23 4,722 5,945 -666 165 -101 -4 -181 -787 Feb.. 52 -2,260 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 Apr.. 126 23. 2,625 3,298 380 169 -16 1 -61 472 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ 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 e u rl 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 t n d h d e e s r r s ­ f S r w an is c s s 1968—Dec. 2,061 1,444 433 165 1 1969—Dec. 1,967 1,575 199 60 125 1970—Dec. 257 154 98 1971—Feb. 107 100 Mar. 34 27 Apr. 34 27 May 94 87 June 96 87 July. 23 12 Aug. 23 12 Sept. 23 12 Oct., 30 12 Nov. 15 2 Dec. 18 2 1972—Jan.. 17 2 Feb. 17 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 May 31 May 24 May 17 May 10 May 3 May 31 Apr. 30 May 31 Loans—Total............ 1,592 316 194 493 470 1,592 58 1,051 Within 15 days.... 1.590 314 194 491 468 1,590 58 1,048 16 days to 90 days. 2 2 2 2 2 3 91 days to 1 year.. Acceptances—Total.. 143 76 79 82 85 143 83 111 Within 15 days.. .. 90 17 19 23 26 90 23 62 16 days to 90 days. 53 59 60 59 59 53 60 49 91 days to 1 year.. U.S. Government securities—Total. 71,607 70,324 70,369 70,369 70,482 71,607 70,307 64,764 Within 15 days*............................. 5,059 4,581 4,748 6,822 6,709 5,059 3,471 1,944 16 days to 90 days......................... 15,894 15,932 15,921 15,008 15,144 15,894 18,362 13,760 91 days to 1 year........................... 19,581 18,738 18,627 14,840 14,930 19,581 14,775 18,639 Over 1 year to 5 years................... 24,039 24,039 24,039 26,665 26,665 24,039 26,665 23,645 Over 5 years to 10 years............... 5,804 5,804 5,804 5,804 5,804 5,804 5,804 5,896 Over 10 years................................. 1,230 1,230 1,230 1,230 1,230 1,230 1,230 880 Federal agency obligations—Total. 1,004 979 979 979 979 1.004 979 Within 15 days1........................... 60 35 35 60 16 days to 90 days....................... 78 77 77 112 112 78 74 91 days to 1 year.......................... 221 187 187 187 187 221 217 Over 1 year to 5 years................. 409 442 442 442 442 409 450 Over 5 years to 10 years.............. 132 134 134 134 134 132 134 Over 10 years............................... 104 104 104 104 104 104 104 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period S T M 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 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 □ JUNE 1972 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir ­ ­ 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—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 13,371 201 234 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 Apr............... 60,535 41,140 6,902 2,276 135 3,094 9,028 19,705 19,395 5,351 13,606 199 232 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 Apr. 30, against Treasury F.R. Banks 1972 gold and cash Banks and silver and Agents Apr. Mar. Apr. certificates Agents 30 31 30 Gold............................................. 9,588 (9,475) 113 Gold certificates.................... (9,475) 2 9,474 1 Federal Reserve notes 57,351 190 4,142 53,019 52,914 49,618 Treasury currency—Total. 7,948 98 333 7,516 7,474 6,974 Dollars................................... 690 26 47 618 611 482 Fractional coin.................. 6,642 71 287 6,285 6,249 5,878 United States notes......... 323 2 321 320 317 In process of retirement 293 293 293 297 Total—Apr. 30, 1972.......... 4 74,888 (9.475) 401 9.474 4,477 60,535 Mar. 31, 1972......... 4 74,511 (9.475) 402 9.474 4,248 60,388 Apr. 30, 1971.......... 4 71,514 (10,475) 509 10,474 3,938 56,592 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

JUNE 1972 □ MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week M2 Mz M 2 Mz Mi (Mi plus time (M2 plus deposits Mi (Mi plus time (M2 plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other than institutions)2 demand deposits) banks other than institutions)2 large time CD’s) 1 large time CD’s) 1 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 214.8 418.2 633.9 221.2 423.5 637.2 1971—Ma y 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........ 221. A 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......... 235.0 483.0 752.7 236.1 485.4 755.6 Mayp___ 235.7 486.5 759.1 231.6 483.6 756.2 Week ending— May 3. 234.7 484.2 233.2 483.9 IOp 234.5 484.6 231.2 482.6 Up 236.7 487.5 232.6 484.4 24 p 235.0 486.4 229.2 481.5 3\p 236.3 488.5 231.6 485.0 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non­ Non­ Govt. or 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—Dec.... 43.4 154.0 23.6 180.6 204.2 194.6 44.3 159.1 23.6 179.6 203.2 194.6 5.0 1969—Dec.... 46.0 157.7 11.0 183.2 194.1 201.5 46.9 162.9 11.1 182.1 193.2 201.4 5.6 1970—Dec.... 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—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—Jan.... 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., . 54.0 180.9 34.7 248.1 282.8 269.7 53.6 182.6 33.8 249.3 283.1 270.2 7.6 May p ., 54.4 181.4 36.2 250.8 287.0 272.6 54.0 177.6 35.0 252.0 287.0 272.7 10.4 Week ending- May 3.. 54.1 180.6 35.6 249.5 285.2 53.5 179.7 34.3 250.7 285.0 11.7 10 p. 54 4 180.1 36.0 250.1 286.1 54.4 176.9 34.6 251.4 285.9 11.0 Up. 54 4 182.3 36.1 250.8 286.9 54.1 178.5 34.9 251.8 286.7 10.6 24 p. 54 5 180.5 36.5 251.4 287.9 53.9 175.3 35.4 252.3 287.7 10.2 3\p. 54.5 181! 8 36.6 252.2 288.8 54.0 177.6 35.5 253.4 288.9 8.9 1 Includes, in addition to currency and demand deposits, savings de­ Note.—For description of revised series and for back data, see pp. 880posits, time deposits open account, and time certificates of deposits other 93 of the November Bulletin. than negotiable time certificates of deposit issued in denominations of Average of daily figures. Money stock consists of (1) demand deposits $100,000 or more by large weekly reporting commercial banks. at all commercial banks other than those due to domestic commercial 2 Includes M2, plus the average of the beginning and end of month banks and the U.S. Govt., less cash items in process of collection and F.R. deposits of mutual savings banks and savings and loan shares. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside 3 Negotiable time certificates of deposit issued in denominations of the Treasury, F.R. Banks, and vaults of all commercial banks. Time de­ $100,000 or more by large weekly reporting commercial banks. posits adjusted are time deposits at all commercial banks other than those 4 Average of the beginning and end-of-month deposits of mutual savings due to domestic commercial banks and the U.S. Govt. banks and savings and loan shares. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT o JUNE 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.i Deposits subject to reserve requirements3 Total member bank deposits I plus nondeposit S.A. N.S.A. items4 Period Non­ Total bor­ Re­ Avail­ Demand Demand rowed quired able 2 Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 1 1968—Dec 27.25 I 26.47 26.89 i 24.96 297.6 164.2 128.3 5.1 301.2 163.8 133.3 4.1 304.6 308.1 1969—Dec 27.98 ! 26.83 27.75 I 25.25 285.4 150.3 129.8 5.3 288.8 149.7 134.6 4.6 305.4 308.8 1970—Dec____ 29.13 | 28.76 28.92 26.75 319.0 178.8 133.8 6.4 322.8 178.2 138.7 6.0 330.6 334.4 1971—May.... 30.33 30.11 30.12 27.94 340.4 196.0 139.0 5.4 338.4 195.8 135.9 6.7 344.5 342.5 June___ 30.53 30.11 30.33 ! 28.20 342.3 198.2 139.8 4.3 340.2 197.6 138.2 4.4 346.7 344.7 July. 30.64 29.91 30.47 ! 28.36 345.5 199.8 140.6 5.1 344.1 198.9 139.4 5.7 349.8 348.4 Aug.. .. 30.74 29.98 30.57 j 28.52 347.1 200.3 141.0 5.7 344.6 200.8 138.1 5.8 351.0 348.6 Sept.. . . 31.07 30.56 30.91 ! 28.50 349.2 202.1 140.5 6.6 348.2 202.7 139.2 6.3 353.3 352.2 Oct......... 30.88 i 30.48 30.69 ! 28.59 349.8 205.2 139.9 4.7 350.2 205.9 139.9 4.3 354.7 355.0 Nov.. . . 30.97 30.54 30.75 28.73 352.7 206.4 140.9 5.4 351.6 206.9 141.6 3.2 358.0 357.0 Dec........ 31.25 31.08 31.10 | 28.84 357.9 210.2 141.5 6.2 362.2 209.7 146.7 5.7 361.9 366.2 1972—Jan . . 31.77 31.68 31.56 29.06 360.9 213.7 141.0 6.3 366.3 213.4 146.9 6.0 364.9 370.3 Feb......... 31.62 31.58 31.47 ! 29.24 363. 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 I 29.63 368.4 217.4 144.9 6.1 368.0 218.1 143.4 6.6 372.1 371.8 Apr.. . . 32.64 i 32.53 32.47 S 29.80 372.7 219.8 145.5 7.4 373.1 219.8 146.8 6.5 376.3 376.6 May*5. . 32.87 32.77 32.70 j 30.00 377.2 223.4 146.4 7.4 375.0 223.1 143.0 8.8 381.0 378.7 1 Averages of daily figures. Member bank reserve series reflects actual except those due to the U.S. Govt., less cash items in process of collection reserve requirement percentages with no adjustment to eliminate the and demand balances due from domestic commercial banks. Data for effect of changes in Regulations D and M. Required reserves were in­ 1968 are not comparable with later data due to the withdrawal from the creased by $660 million effective Apr. 16, 1969, and $400 million, effective System on Jan. 2, 1969, of a large member bank. Oct. 16, 1969. Required reserves were reduced by $500 million (net) 4 Total member bank deposits subject to reserve requirements, plus effective Oct. 1, 1970. Euro-dollar borrowings, bank-related commercial paper, and certain 2 Reserves available to support private nonbank deposits are defined other nondeposit items. This series for deposits is referred to as “the ad­ as (1) required reserves for (a) private demand deposits, (b) total time justed bank credit proxy.” and savings deposits, and (c) nondeposit sources subject to reserve re­ quirements, and (2) excess reserves. This series excludes required reserves Notf.—Due to changes in Regulations M and D, member bank re­ for net interbank and U.S. Govt, demand deposits. serves include reserves held against nondeposit funds beginning Oct. 16, 3 Averages of daily figures. Deposits subject to reserve requirements 1969. Back data may be obtained from the Banking Section, Division of include total time and savings deposits and net demand deposits as defined Research and Statistics, Board of Governors of the Federal Reserve by Regulation D. Private demand deposits include all demand deposits 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 Loans1, 2 U.S. Other2 U.S. Other2 S.A. N.S.A. Govt. Govt. 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—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.............................. All.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 May 31^........................... 513.8 340.3 62.8 110.7 511.4 340.0 61.0 110.5 342.8 342.4 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.—For monthly data 1959-70, see Dec. 1971 Bulletin, pp. 974-75. 3 Includes loans sold outright by commercial banks to own subsidiaries, For monthly data, 1948-58, see Aug. 1968 Bulletin, pp. A-94-A-97. foreign branches, holding companies, and other affiliates. For a description of the seasonally adjusted series see the following Bul­ 4 Beginning June 30, 1969, data revised to include all bank-premises letins: July 1962, pp. 797-802; July 1966, pp. 950-55; Sept. 1967, pp. subsidiaries and other significant majority-owned domestic subsidiaries; 1511-17; and Dec. 1971, pp. 971-73. Data are for last Wed. of month earlier data include commercial banks only. Also, loans and investments except for June 30 and Dec. 31; data are partly or wholly estimated except are now reported gross, without valuation reserves deducted, rather than when June 30 and Dec. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total assets, Date c c s G S e a a to D r t n o e t c d i l s R f d k i i ­ T r s o c e u i t r n n a u u e r g c n r a y t­ ­ y s d ­ ­ Total Lo n a e 2 n t s Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s ury R F s B e e e a s d c n e u e r k r r v i a s t e l ies Other 3 O r s i e t t i c h e u e s ­ r c T l n a i i a n p a e t o n i e b i t e t t d — a t i s a l l l ­ , c d u e T r a p r o n e o t d n a si c l t y s c C o m a a n a u n p i e c n s d i t ­ c t t s a . , l 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10.367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315 10.367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Dec. 31. 11,132 7,149 580,899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—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 7.900 653.700 386.900 138,200 65,800 69.900 2,600 128.500 671,600 606,700 64.900 Apr. 26p. 10,000 7.900 660,500 391,400 138,900 65,100 71,300 2,600 130.300 678,500 613,100 65,400 May 31p. 10,800 8,000 665.300 395.100 138.700 64,500 71.600 2,600 131.600 684,200 620.000 64,200 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted U.S. Government Date Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e D p s a a t o d e e n s ­ d ­ d i t 7 s Total o b r u C e a t n u n s c i k r d y ­ s e d ju e m D p s a a t o d e e n s ­ d ­ d 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 m y s i s t n a ­ g 3 l s n e F e i o g t n r 1 ­ , 0 T h c i u r n o a e r g l s a y d h s s ­ ­ s b c a a o a A v n n m i t d k n l g s . s B F a A . n R t k . s 1947- Dec. 31... 110.500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950--Dec. 30... 114.600 24.600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967--Dec. 30... 181.500 39.600 141.900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968--Dec. 31.. . 199.600 42.600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969--Dec. 315.. 206,800 45.400 161.400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970--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—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. 29p.. 230,300 52.600 177.700 227,000 52.100 174.900 366,600 281.700 84,900 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 May 31p.. 233.700 53.300 180.400 230,800 53.100 177,700 374.700 288.000 86,700 2,900 400 9,000 2,100 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 □ JUNE 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 assets3 bilities row­ ac­ of and date Total Loans and Total 3 Demand ings counts banks l U.S. capital De­ Treas­ Other ac­ mand Time Times ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31.. . 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,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— 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 59,960 101,490 95,590 611,630 506,710 28,920 2,610 5,950 204,800 264,430 27,240 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 62,690104,780 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 61,860106,200 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 47,050 13,799 Mar. 29p.. 521,870 351,130 62,380108,360 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 13.823 May 31?.. 529,500 358,070 60,960110,470101,350 656.750 542,930 28,250 3,020 8,430 214,620,288,610 33,110 48,320 13.823 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—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. 27... 386,028 264,847 43,586 77,595 83,963 490,047 401,167 27,616 2,385 4,840 162,600 203,726 26,203 36,179 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 May 31 p. . 414,457 286.298 44,403 83,756 87,521 523,523 427,413 26,915 2,663 6,825 169,481 221,529 31,907 38,369 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—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 May 31. .. 65,719 50,799 5,257 9,663 22,516 93,765 70,852 12,303 1,198 1,038 29,918 26,395 8,103 7,618 13 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num­ Class of bank lia­ Bor­ capital ber and date Cash bilities row­ ac­ of Total Loans assets 3 and Demand ings counts banks l U.S. capital Total3 Treas­ Other ac­ De­ Time Time 5 ury 2 counts 4 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—May 26............ 15,853 11,293 1,677 2,883 3,011 19,741 14,951 1,300 143 419 6,181 6,908 2,180 1,616 9 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 11,938 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 1,78C 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 21,489i 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 3,207S 21,858 16,017 1,344 191 465 6,381 7,636 2,972 1,829 9 May 31............ 18,135 13,271 1,665 3,199 3,538 22,682 16,496 1,412 182 282 6,618 8,002 3,280 1,849 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............ 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 26,8671 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........ 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............ 133,718 96,158 14,700 22,860 31,2631 171,733 140,518 11,317 592 2,547 59,328 66,734 10,391 12,221 156 1971—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 27,341 172,142 138,865 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 29,0821 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 May 31............ 151,153 108,846 14,362 27,945 34,413 193,947 155,174 9,985 1,020 2,763 60,716 80,690 16,435 13,890 156 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—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 5,553 164,524 103,683 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 69,521103,835 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 5,535 May 31^.......... 179,450 113,382 23,119 42,949 27,054 213,129 184,891 3,215 263 2,742 72,229106,442 4,089 15,012 5,535 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS □ JUNE 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets 3 bilities row­ capital ber insurance Total Loans and Total 3 Demand ings ac­ of l U.S. Other capital De­ Time counts banks Treas­ 2 ac­ mand Time 5 ury counts4 U.S. Govt. Other Insured banks: Total: 1941_Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,i654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544| 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 | 54 1,325 92,975 34,882 61 9,734 13,398 1 1 9 9 6 6 3 4 — — D De e c c. . 2 3 0 1 . . . . 2 2 7 5 5 2 , , 0 5 5 7 3 9 1 1 5 7 5 4 , , 2 2 6 3 1 4 6 6 2 2 , , 4 7 9 2 9 3 3 38 4 , , 3 5 2 9 0 4 5 5 9 0 , , 9 3 1 3 1 7 3 3 4 1 3 0 , , 8 7 7 3 6 0 1 2 3 7 0 3 5, , 1 6 1 5 3 7 1 1 7 5 , , 6 0 6 7 4 7 I 4 7 4 3 3 3 6 6 , , 4 7 8 1 7 2 1 1 5 4 4 0 , , 0 7 4 0 3 2 1 1 2 1 6 0 , , 1 7 8 2 5 3 2 3, ,5 57 8 1 0 2 2 7 5 , , 3 2 7 77 7 1 1 3 3 , , 2 4 8 8 4 6 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 30 7. 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 64,691104,020 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 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233j 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315! 34,308 35,348' 46,634 263,375! 231,374 13,877] 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117; 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 30?. 242,241 170,834 29,481 41,927: 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719! 114,885 12,279 23,248 4,668 1970—Dec. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 1971—June 30.. 281,830 192,339 33,759 55,732 57,244 352,807 294,025 16,575 1,441 5,118 121,096 149,795 15,629 25,999 4.598 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 I 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.. 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 j 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958| 9,855 15,760 91,235 78,553 5,655, 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486' 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390. 382 1,606 39,598 34,680 1,607 7,492 1,406 1 19 9 6 6 7 6 — — D De e c c . . 3 3 1 0 . . . . 7 8 7 5, , 1 3 2 7 8 7 5 5 4 8, , 5 5 1 6 3 0 1 1 1 2 , , 5 6 6 4 9 9 1 1 1 3 , , 2 9 4 6 7 6 2 1 2 9 , , 3 0 1 49 2 1 9 1 9 1 , , 5 1 0 8 4 s1 8 9 5 5 , , 5 6 4 3 7 7 6 6 , , 2 9 0 3 0 4t 3 5 5 1 7 6 1 1 , , 3 48 9 9 7 4 45 1 , , 9 4 6 6 1 4 4 3 0 6, , 1 7 2 3 9 6 1 1 , , 4 8 9 9 8 2 7 8 , , 8 3 1 6 9 8 1 1 , , 3 3 5 1 1 3 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 23,550 13,391 5,523s 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658! 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695: 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709, 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 307. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070i 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 1,438 40,005i 51,322 571 8,326 7,735 1971—June 30.. 99,532 61,509 15,953 22,070 10,439 113,058 99,774 989 186 1,409» 39,908! 57,283 i 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: 44,717r 61,9461 582: 9,451 7,875 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets3 bilities row­ capital ber insurance Total Loa l ns T U re .S as . ­ Other ca a a p n c i d ­ tal Total3 m D a e n ­ d Time Demand Time ings co a u c n ­ ts ba o n f ks ury 2 counts 4 U.S. 5 Other Govt. Noninsured nonmember: 1941—Dec. 31.......... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.......... 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316........ 2,009 474 1,280 255 576 2,643 2,251 111 185 18 1,392 478 4 325 783 1963—Dec. 20.......... 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.......... 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31.......... 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30.......... 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31.......... 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 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 7r919 1971—June 30........ 102,500 63,566 16,216 22,718 11,398117,414102,254 1,348 227 1,429 41,091 58,160 847 9,489 7,993 Dec. 31........ 111,674 69,411 17,297 24,966 13,643 129,100112,764 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 □ JUNE 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments Total Fed­ o p r u r c c F a h r o a r r y s i i n n g g fina T n o cial U s .S ec . u T ri r t e i a e s s u 6 ry b C a l n a k s s a o nd f lo a a n n d s 1 fu er n a d l s C m o e m r­ ­ Agri- securities institutions Real Ot t h o er, S a t n a d te call date invest­ sold, Total cial cul- in- Other local Other ments etc.2 3, 4 a i n n d ­ a tu l r- 5 b T r o o­ v d i i d - - 5 Bills g se o c v u t. ­ r s it e i c e u s ­ 5 d tr u ia s l ­ k an er d s ot T he o rs Banks Others uals3 Total ce a r n t d ifi­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31., 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1969—Dec. 31 io 422,728 9,928286,750108,443 10,329 5,7394.027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 1971—June 30. 481,270 15,663307,969 114,362 12,2265,6343,493 2,844 16,95875,77769,1497,52760,254 77,994 19,389 Dec. 31.517,244 19,954327,656118,526 12,497 7,2923,659 4,591 16,92681,601 74,5148,04964,930 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 ,1643,606 49 4,677 2,361 1,132 “ ,912 21,526 16,04551,342 3,8733,258 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 1969—Dec. 31 io 419,746 9,693284,945 107,685 10.314 5,6443,991 2,425 14,89069,66963,008 7,319 54,399 58,84011,869 1971—June 30. 478,302 15,381306,194113,411 12,211 5,5553,480 2,718 16,82575,615 68,9427,43759,991 77,687 19,048 Dec. 31.514,097 19,623325,764117,603 12,482 7,201 3,644 4,405 16,79281,43474,2637,93964,691 82,09921,921 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 14,27144,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1969—Dec. 31 io 337,613 7, 356 235,63996,0956,1875,4083,286 2,258 14,03553,20748,388 6.77639,833 47,2277,558 1971—June 30. 378,769 12,026 248,04098,5737,0945,333 3,024 2,496 15,77056,93452,0376.777 44,038 61,963 12,702 Dec. 31.405,570 15,373262,826 101,4797,3116,895 3,167 4,123 15,71361,091 55,8397,20747,633 65,24414,494 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 23811,972 1,642 558 9,772 638 604 1969—Dec. 31 io 60,333 802 47,503 28,189 3.695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 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 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 31 io 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 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 2,688 379 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 4271,503 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 35120,196 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 92,17638,189 1,601 7861,419 893 7,51720,722 17,9293,120 14.552 22,4093,304 Dec. 31. 149,484 7,771 98,67340,397 1,630 1,193 1,407 1,671 7,49722,300 19,4053,173 15,912 23,459 3,670 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 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 1,85821,278 22,5724,718 1971—June 30. 163,782 5,407 98,45226,9225,433 352 723 279 2,577 31,14829,113 1,90522,634 29,6757,614 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 10911,318 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 16,81314,868 61214,875 11,9564,600 1971—June 30. 102,500 3,638 59,929 15,7895,131 301 468 348 1,187 18,843 17,112 74916,216 16,031 6,687 Dec. 31. 111,674 4,581 64,83017,0465,187 398 492 468 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

JUNE 1972 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w 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 a w B d n e n a i c o s t k e l t ­ h ­ i s s c 7 ju p m D s o a d a t d s e e e n i ­ ­ d ­ t d s 8 m D e I s n o t t ­ i e c r 7 ba e F n ig k o n r­ 9 G U o . v S t . . 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 a o o a n . s S v v d t ­ 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. ings Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 3110.. 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 21,546168,263 28,699 2,614 8,412 17,276 11,949 177,692 2,207 51726,221 228,17622,54745,311 Dec. 31.. . 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908 52930,384242,05525,91247,211 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 13,166 180,86018,02439,450 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 46220,534175,75721,70035,822 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 City: 1941—Dec. 31___ 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 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. 31io.. 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 22,1455,195 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. 31 io.. 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 6,3532,359 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. 31io.. 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 62,31212,15312,826 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 66,36214,79913,197 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. 3110.. 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. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 Bulletin. A small noninsured member bank engaged exclusively in trust business 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports is treated as a noninsured bank and not as a member bank for the period (including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ JUNE 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i 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 ro cial Agri­ Total mer­ U.S. hers 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 May 5.............. 262,254 8,214 7,470 391 257 96 177,742 81,299 2,118 552 4,094 113 2,321 7,306 6,464 12................ 264,470 9,709 8,521 528 261 399 179,146 81,621 2,133 713 4,245 111 2,361 7,365 6,607 19................ 262,151 9,049 7,971 462 182 434 178,874 81,715 2,149 462 4,076 110 2,348 7,039 6,645 26................ 259,757 6,974 6,073 405 138 358 178,362 81,370 2,181 561 3,722 125 2,344 6,836 6,708 1972 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................ 291,364 11,442 10,143 887 234 178 197,544 84,835 2,436 656 6,696 166 2,533 6,603 8,444 26................ 287,891 10,091 9,206 616 157 112 197,188 84,887 2,456 466 6,258 194 2,525 6,501 8,398 May 10 3 pp. . . . . . . . . . . . .. . . . . . . . . . . . . 2 2 9 9 1 0 , , 8 3 2 8 1 0 1 1 0 1 , , 1 1 6 3 5 4 1 8 0 , , 5 0 8 3 9 2 9 6 2 5 3 2 2 3 6 2 5 5 3 1 8 25 8 1 1 9 9 9 8 , , 5 8 0 6 8 9 8 85 5 , , 4 4 9 2 8 0 2 2, ,4 47 6 3 7 9 8 1 9 3 4 6 7 , , 6 0 8 0 0 4 1 1 6 8 3 4 2 2, , 5 5 5 4 9 7 6 6 , ,4 2 0 6 3 0 8 8, , 4 4 1 7 5 4 2 1 4 7 p p. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 9 90 1, ,0 43 3 7 4 1 1 0 1 , , 2 0 3 8 7 8 9 9 , , 3 9 7 2 9 6 4 6 7 1 3 7 2 1 4 99 4 1 30 8 1 6 1 1 9 9 8 8 , , 6 92 5 8 4 8 8 5 4 , , 3 98 6 7 9 2 2 , , 4 4 9 8 5 4 7 6 4 7 5 8 6 6 , ,3 5 9 7 5 2 1 1 9 63 4 2 2 , , 5 53 5 9 0 6 6 , , 2 0 7 2 9 0 8 8 , , 4 4 2 0 5 9 31 p.............. 291,138 9,992 9,008 672 207 105 199,987 84,790 2,507 811 6,969 149 2,567 6,244 8,593 New York City 1971 May 5............... 56,554 728 662 20 42,279 25,297 20 461 2,760 21 615 2,190 1,495 12................ 57,404 972 680 261 43,204 25,727 20 608 2,847 19 612 2,209 1,525 19................ 56,918 1,541 1,198 272 42,800 25,699 20 365 2,747 18 596 2,160 1,519 26................ 55,519 723 488 20 202 42,228 25,492 20 426 2,459 19 591 2,029 1,551 1972 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 31 45,254 25,110 28 349 4,138 49 627 1,889 1,999 May 3p............ 61,983 1,869 1,789 50 46,482 25,117 31 738 4,752 54 636 1,778 2,056 10*............. 60,561 705 669 33 45,848 24,971 30 757 4,442 50 648 1,737 2,021 17 p............... 60,675 1,246 1,205 41 45,418 25,005 33 591 4,132 47 638 1,731 2,019 24p............. 60,046 827 783 29 45,266 24,770 33 544 4,332 50 640 1,657 2,038 31*............... 60,623 940 917 18 45,924 24,563 32 691 4,652 47 642 1,747 2,109 Outside New York City 1971 May 5............. 205,700 7,486 6,808 345 257 76 135,463 56,002 2,098 91 1,334 92 1,706 5,116 4,969 12................ 207,066 8,737 7,841 497 261 138 135,942 55,894 2,113 105 1,398 92 1,749 5,156 5,082 19................ 205,233 7,508 6,773 391 182 162 136,074 56,016 2,129 97 1,329 92 1,752 4,879 5,126 26................ 204,238 6,251 5,585 392 118 156 136,134 55,878 2,161 135 1,263 106 1,753 4,807 5,157 1972 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................ 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................ 230,239 10,276 9,028 887 226 135 151,729 59,638 2,409 146 2,303 121 1,908 4,711 6,410 26................ 227,942 8,677 7,841 606 149 81 151,934 59,777 2,428 117 2,120 145 1,898 4,612 6,399 May 3 p.............. 229,838 9,265 8,243 622 325 75 153,026 60,381 2,436 156 2,252 130 1,911 4,625 6,418 10?............ 229,819 9,460 7,920 923 262 355 153,021 60,449 2,443 156 2,238 113 1,911 4,523 6,394 2 1 3 4I 7 p p*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 3 2 0 0 9 , , , 5 7 9 1 6 8 5 2 8 9 9 9 , , , 4 8 0 4 1 5 2 2 0 8 8 8 , , , 7 0 5 2 9 9 1 1 6 6 4 6 1 7 6 7 3 7 2 2 1 0 4 8 7 4 4 2 1 6 8 57 0 7 1 1 1 5 5 5 4 3 3 , , , 0 3 5 6 8 1 3 8 0 6 6 6 0 0 0 , , , 2 2 3 1 2 6 7 7 4 2 2 2 , , , 4 4 4 5 7 6 1 5 2 1 1 15 3 2 4 4 0 2 2 2 , , , 3 2 26 1 4 3 7 0 1 1 1 1 4 0 6 4 2 1 1 1 , , , 9 9 9 0 2 1 1 5 0 4 4 4 , , , 5 4 3 4 6 9 8 7 3 6 6 6 , , , 3 4 4 7 0 8 1 4 6 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) UU.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 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1971 34,754 561 1,390 21,871 765 14,134 26,506 4,211 3,258 15,081 3,956 .......................................May 5 34,873 671 1,723 21,944 806 13,973 26,154 3,938 3,273 14,995 3,948!................................................12 34,941 657 1,867 21,989 798 14,078 25,231 3,365 3,322 14,820 3,724'................................................19 35,058 636 1,873 22,088 812 14,048 25,568 3,862 3,319 14,736 3,651................................................26 1972 39,819 1,278 2,492 24,316 955 15,782 28,628 4,889 4,836 15,683 3,220.......................................Apr. 5 39,983 1,104 2,522 24,370 931 15,826 28,460 4,796 4,776 15,695 3,193!................................................12 40,183 1,095 2,474 24,476 934 16,013 28,170 4,652 4,738 15,682 3,098'.................................................19 40,362 1,094 2,547 24,597 949 15,954 26,776 3,295 4,762 15,627 3,092 ................................................26 40,423 1,056 2,585 24,703 932 16,338 27,076 3,615 4,840 15,525 3,096'.......................................May 3 * 40,614 1,003 2,470 24,753 961 16,185 27,294 3,970 4,831 15,558 2,9351................................................10? 40,804 1,123 2,663 24,820 951 16,168 27,326 4,072 4.619 15,550 3,085;................................................17* 40,950 1,075 2,626 24,951 948 16,199 27,024 3,859 4.619 15,509 3,037 ................................................24* 41,049 1,004 2,623 25,064 943 16,674 26,958 3,844 4,940 15,193 2,981................................................31® New York City 1971 3,660 138 706 1,816 488 2,612 5,079 1,018 457 2,914 690 . May 5 3,678 242 903 1,821 524 2,469 5,025 1,086 456 2,838 6451 ..........12 3,689 200 988 1,824 515 2,460 4,570 786 446 2,778 560 ..........19 3,700 151 960 1,822 518 2,490 4,781 1,060 436 2,736 549; ..........26 1972 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 2,525 287! ..........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 4,333 277 1,244 1,912 552 3,002 4,805 883 1,065 2,483 374 4,360 253 1,146 1,917 578 2,938 5,132 1,254 1,083 2,468 327 .10* 4,399 254 1,154 1,920 576 2,919 5,130 1,259 990 2,472 409 A7P 4,408 245 1,121 1,926 579 2,923 5,042 1,231 993 2,425 393 .24 p 4,411 256 1,127 1,922 578 3,147 4,913 1,094 , 1,012 2,448 359! .31* 1 { Outside ; New York City 1971 31,094 423 684 20,055 277 11,522 21,427 3,193 2,801 12,167 3,266 .......................................May 5 31,195 429 820 20,123 282 11,504 21,129 2,852 2,817 12,157 3,303 .................................................12 31,252 457 879 20,165 283 11,618 20,661 2,579 . 2,876 12,042 3,164................................................19 31,358 485 913 20,266 294 11,558 20,787 2,802 , 2,883 12,000 3,102................................................26 1972 35,565 839 1,415 22,404 396 12,869 23,067 3,138 3,802 13,177 2,950 .......................................Apr. 5 35,715 844 1,462 22,457 369 12,873 23,026 3,195 , 3,755 13,170 2,906................................................12 35,890 840 1,360 22,563 378 13,052 22,898 3,169 3,700 13,153 2,876................................................19 36,055 834 1,372 22,685 384 13,108 22,147 2,477 . 3,729 13,094 2,847 ................................................26 36,090 779 1,341 22,791 380 13,336 22,271 2,732 3,775 13,042 2,722.......................................May 3* 36,254 750 1,324 22,836 383 13,247 22,162 2,716 3,748 13,090 2,608 ................................................10* 36,405 869 1,509 22,900 375 13,249 22,196 2,813 3,629 13,078 2,676................................................17* 36,542 830 1,505 23,025 369 13,276 21,982 2,628 3,626 13,084 2,644................................................24* 36,638 748 1,496 23,142 365 13,527 22,045 2,750 3,928 12,745 2,622................................................31* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING BANKS □ JUNE 1972 'S AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continu (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 rants 3 other partici­ others pation4 7,849 34,866 1,172 5,905 33,651 21,038 3,127 343 7,709 34,666 1,201 5,885 32,276 17,961 3,436 341; 7,360 34,673 1,159 5,805 32,058 19,461 3,455 339. 7,388 34,593 1,175 5,697 28,468 19,688 3,569 333; ,190 36,921 1,547 6,084 30,202 21,013 3,372 371, ,428 37,220 1,553 6,256 30,341 19,796 3,650 369, ,196 37.076 1,558 6,378 30,447 20,352 3,699 371, ,188 37,004 1,567 6,077 29,413 23,252 3,760 370, ,284 37.076 1.593 6,150 30,198 20,142 3,446 372, ,055 37,242 1,614 6,141 28,385 20,107 3,572 368, ,117 37,289 1.594 6,095 30,125 21,814 3,633 373, ,041 37,408 1,577 6,093 27,629 20,079 3,743 367, ,066 37,357 1,589 6,189 32,686 22,696 3,792 377, 1,521 5,445 119 1,383 15,788 5,808 399 85. 1,538 5,240 111 1,314 14,580 4,418 425 84; 1,319 5,278 111 1,299 14,716 4,696 410 83 j 1,338 5,130 128 1,191 12,530 5,199 429 80, 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, 5,257 308 897 10,205 4,158 410 85. 5,337 333 878 10,881 4,872 434 85; 5,410 314 865 10,154 6,127 408 86! 5,438 306 876 10,729 5,345 433 85; 2,260 5,378 280 928 11,783 5,899 425 87; 6,328 29,421 1,053 4,522 17,863 15,230 2,728 257 6,171 29,426 1,090 4,571 17,696 13,543 3,011 257 6,041 29,395 1,048 4.506 17,342 14,765 3,045 255 6,050 29,463 1,047 4.506 15,938 14,489 3,140 253; 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; 6,868 31,807 1.283 5,226 17,935 17,741 3,331 283; 6,919 31,819 1,285 5,253 19,993 15,984 3,036 286, 6,727 31,905 1,281 5,263 17,504 15,235 3,138 282; 6,825 31,879 1,280 5,230 19,971 15,687 3,225 287 6,750 31,970 1,271 5,217 16,900 14,734 3,310 282; 6,806 31,979 1,309 5.261 20,903 16,797 3,367 289; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 Total IPC ical U.S. and Total6 ical tic eign sub­ Govt. Com­ Mutual Com­ offi­ sub­ inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc. 2 cial checks ings sions banks Large banks- Total 1971 143,385 96,055 7,674 5,685 21,760 714 828 2,370 8,299 129,488 53,159 54,859 15,205 1,595 4,178 5 142,094 96,567 6,654 6,653 21,083 652 877 2,291 7,317 129,741 53,259 55,020 15,316 1,529 4,117 12 139,272 96,205 6,549 5,114 20,320 635 793 2,176 7,480 130,518 53,397 55,376 15,285 1,563 4,391 .19 136,097 95,925 6,249 5,317 18,615 841 765 2,214 6,171 131,099 53,434 55,645 15,384 1,578 4,553 .26 1972 149,108 104,431 6,622 5,061 22,083 917 757 2,559 6,678 144,190 57,812 61,418 17,186 2,183 5,146 5 147,023 106,145 6,466 2,938 20,750 832 766 2,516 6,610 144,928 57,633 61,682 17,918 2,193 5,067 12 148,943105,148 6,275 6,675 19,983 775 746 2,505 6,836 145,770 57,315 61,746 18,986 2,150 5,141 .19 146,769102,708 6,347 7,472 19,941 735 732 2,585 6,249 146,743 57,279 62,264 19,467 2,150 5,140 .26 148,502101,536 7,165 8,614 20,694 738 721 2,565 6,469 147,119 57,295 62,610 19,398 2,110 5,224 3 * 143,851 99,253 6,700 6,538 20,273 697 884 2,632 6,874 147,525 57,401 62,854 19,419 2,205 5,157 10* 147,348 102,291 6,606 7,513 20,649 655 798 2,653 6,183 148,130 57,523 63,336 19,346 2,264 5,167 17* 141,694 99,231 6,353 5,792 19,679 618 745 2,657j 6,619 148,957 57,589 63,950 19,415 2,310 5,202 24* 150,163 105,290 7,200 5,027 21,541 698 716 2,926 6,765 149,089 57,624 64,414 19,068 2,303 5,197 31* ! New York City 1971 43,094 22,337 1,189 1,317 9,953 372 654 1 ,728 5,544 21,475 5,310 11,764 1,229 827 2,222 41,253 21,766 442 1,654 9,844 334 703 1,654 4,856 21,437 5,323 11,740 1,272 766 2,208 12 40,735 22,150 587 1,140 9,346 332 601 1,528 5,051 21,635 5,342 11,789 1,286 767 2,320 .19 38,695 22,345 417 1,356 8,066 556 560 1 ,540 3,855 21,932 5,337 11,878 1,313 784 2,491 26 1972 40,208 22,735 507 1,112 9,513 530 619 1,797i 3,395 24,171 5,778 12,443 1,874 1,119 2,846 5 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 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 19 40,655 23,192 313 1,963 9,094 406 593 1,819| 3,275 24,938 5,727 12,881 2,274 1,904 2,860 26 39,713 22,811 502 2,004 8,663 396 591 1,773 2,973 24,937 5,726 12,970 2,100 1,046 2,989 3* 39,074 21,494 439 1,439 9,169 365 738 1,740 3,690 24,987 5,754 13,009 2,101 1,078 2,941 10* 38,817 22,225 443 1,628 8,788 342 659 1,842 2,890 24,957 5,751 13,031 2,022 1,105 2,950 17* 38,614 21,985 378 1,146 8,711 328 597 1,865 3,604 25,086 5,755 13,110 2,032 1,135 2,954 24* 40,908 23,546 426 972 9,593 369 563 2,090 3,349 25,064 5,749 13,215 1,927 1,132 2,942 31* ! Outside New York City 1971 100,291 73,718 6,485 4,368 11,807 342 174 642 2,755 108,013 47,849 43,095 13,976 768 1,956 100,841 74,801 6,212 4,999 11,239 318 174 637 2,461 108,304 47,936 43,280 14,044 763 1,909 12 98,537 74,055 5,962 3,974 10,974 303 192 648 2,429 108,883 48,055 43,587 13,999 796 2,071 .19 97,402 73,580 5,832 3,961 10,549 285 205 674 2,316 109,167 48,097 43,767 14,071 794 2,062 26 1972 108,900 81,696 6,115 3,949 12,570 387 138 762 3,283 120,019 52,034 48,975 15,312 1,064 2,300 5 108,277 83,329 5,946 2,451 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 48,866 16,728 1,041 2,282 ,19 106,114 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 26 108,789 78,725 6,663 6,610 12,031 342 130 792 3,496 122,182 51,569 49,640 17,298 1,064 2,235 3* 104,777 77,759 6,261 5,099 11,104 332 146 892 3,184 122,538 51,647 49,845 17,318 1,127 2,216 10* 108,531 80,066 6,163 5,885 11,861 313 139 811 3,293 123,173 51,772 50,305 17,324 1,159 2,217 17* 103,080 77,246 5,975 4,646 10,968 290 148 792 3,015 123,871 51,834 50,840 17,383 1,175 2,248 24* 109,255 81,744 6,774 4,055 11,948 329 153 836 3,416 124,025 51,875 51,199 17,141 1,171 2,255 31* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ JUNE 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits i 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 justed9 ad­ justed io Total to to foreign justed9 IPC’s others bran­ ches Large banks— Total 1971 May 5...................... 22,448 748 997 16,444 4,048 25,557 177,925 254,223 82,289 27,061 16,934 10,127 2,004 12....................... 23,559 15 1,061 15,752 4,032 25,555 179,663 255,278 82,082 27,118 17,014 10,104 1,598 19...................... 22,380 920 995 16,150 4,030 25,474 179,295 253,523 81,780 27,541 17,182 10,359 1,628 26....................... 18,744 1,235 995 16,002 4,020 25,482 178,627 253,048 83,697 28,003 17,296 10,707 1,579 1972 Apr. 5....................... 29,691 41 1,194 15,435 4.132 27,820 195,383 277,753 91,762 32,845 19,848 12,997 1,130 12...................... 28,846 1,281 15,417 4,130 27,864 195,911 278,828 92,994 33,379 20,172 13,207 1,052 19....................... 27,237 238 1,244 15,779 4.132 27,786 197,748 280,126 91,838 33,964 20,489 13,475 1,279 26....................... 25,736 ,679 1,232 15,827 4,139 27,811 196,979 277,591 89,943 34,334 20,801 13,533 1,374 May 3*..................... 26,683 446 1,172 15,857 4,143 28,009 199,554 280,733 88,996 34,278 20,950 13,328 1,240 10*..................... 27,416 477 1,152 15,443 4,146 28,033 199,442 280,788 88,655 34,580 21,177 13,403 1,323 17*..................... 28,362 181 1,124 15,848 4,137 27,972 198.967 280,388 89,061 34,875 21,552 13,323 1,544 24*..................... 27,198 292 1,276 15,673 4,145 27,981 198,437 279,580 88,594 35,399 21,964 13,435 1,592 31*..................... 27,209 ,516 1,294 15,426 4,154 28,200 199.967 281,126 90,909 35,547 22,243 13,304 1,456 New York City 1971 May 5....................... 6,180 319 6,872 1,204 6.510 42,207 55,754 16,036 9,309 6,628 2,681 1,180 12....................... 7,370 6,409 1.189 6,519 43,254 56,482 15,175 9,280 6,659 2,621 911 19....................... 6,484 620 6,647 1.190 6.510 42,943 55,520 15,533 9,435 6,646 2,789 1,028 26....................... 5,015 672 6,596 1,195 6,488 42,312 54,880 16,743 9,719 6,730 2,989 993 1972 Apr. 5.......................... 7,799 192 5,944 1.205 7.069 45,897 60,100 19,411 11,365 7,286 4.079 732 12...................... 7,229 198 5,883 1.205 7,066 45,324 59,615 19,030 11,866 7,554 4,312 701 19....................... 5,* 161 196 6,037 1,209 7,028 45,611 59,755 19.119 12,292 7,806 4,486 981 26....................... 5,114 840 199 6,071 1,212 7,019 45,043 58,324 18.120 12,307 7,850 4,457 981 May 3*..................... 5,803 417 106 6,009 1,211 7,095 46,285 59,917 18,841 12,134 7,838 4,296 878 10*..................... 6,625 325 93 5,817 1,212 7,100 45,631 59,639 17,585 12,180 7,915 4,265 897 17*..................... 7,812 150 102 6,050 1,213 7.069 45,205 59,216 18,247 12,193 8,061 4,132 1,164 24*..................... 6,785 276 259 5,960 1,216 7,056 45,065 59,018 18,028 12,341 8,164 4,177 1,227 31*..................... 6,986 254 334 5,631 1,217 7,136 45,691 59,450 18,560 12,199 8,119 4.080 1,073 Outside New York City 1971 May 5.......................... 16,268 429 940 9,572 2,844 19,047 135,718 198,469 66,253 17,752 10,306 7,446 824 12....................... 16,189 15 1,006 9,343 2,843 19,036 136,409 198,796 66,907 17,838 10,355 7,483 687 19....................... 15,896 300 944 9,503 2,840 18,964 136,352 198,003 66,247 18,106 10,536 7,570 600 26....................... 13,729 563 944 9,406 2,825 18,994 136,315 198,168 66,954 18,284 10,566 7,718 586 1972 Apr. 5.......................... 21,892 41 1,002 9,491 2.927 20,751 149,486 217,653 72,351 21,480 12,562 8,918 398 12....................... 21,617 1,083 9,534 2,925 20,798 150,587 219,213 73,964 21,513 12,618 8,895 351 19...................... 21,349 77 1,048 9,742 2.923 20,758 152,137 220,371 72,719 21,672 12,683 8,989 298 26...................... 20,622 839 1,033 9,756 2.927 20,792 151,936 219,267 71,823 22,027 12,951 9,076 393 May 3*.................... 20,880 29 1,066 9,848 2,932 20,914 153,269 220,816 70,155 22,144 13,112 9,032 362 10*.................... 20,791 152 1,059 9,626 2,934 20,933 153,811 221,149 71,070 22,400 13,262 9,138 426 17*.................... 20,550 31 1,022 9,798 2.924 20,903 153,762 221,172 70,814 22,682 13,491 9,191 380 24*.................... 20,413 16 1,017 9,713 2,929 20,925 153,372 220,562 70,566 23,058 13,800 9,258 365 31*.................... 20,223 1,262 960 9,795 2,937 21,064 154,276 221,676 72,349 23,348 14,124 9,224 383 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. n Certificates of deposit issued in denominations of $100,000 or more. 1 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 May May May May May May Apr. Mar. I IV III 2nd 1st 31 24 17 10 3 half half Durable goods manufacturing: Primary metals................................. 2,136 2,134 2,144 2,136 2,140 62 11 36 54 -162 -120 -282 145 Machinery......................................... 4,269 4,252 4,283 4,299 4,355 -104 84 185 -91 -600 -231 -831 -218 Transportation equipment.............. 2,419 2,449 2,492 2,547 2,539 -117 -140 -19 14 -101 24 -77 -190 Other fabricated metal products... 1,690 1,696 1,719 1 ,721 1 ,712 -24 -19 93 17 -259 -130 -389 197 Other durable goods........................ 2,751 2,743 2,768 2,768 2,765 33 77 121 146 -328 11 -317 258 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,561 2,576 2,624 2,617 2,675 -28 -77 -139 -227 205 293 498 -709 Textiles, apparel, and leather.......... 2,767 2,744 2,773 2,761 2,700 137 56 253 281 -273 -31 -304 279 Petroleum refining........................... 1,028 1,066 1,065 1,079 1,075 5 -54 -58 -97 56 -4 52 -404 Chemicals and rubber..................... 2,167 2,158 2,198 2,154 2,143 21 -5 5 -103 -437 -155 -592 66 Other nondurable goods................. 1,670 1,673 1,679 1,696 1,746 -57 -20 53 -75 -96 60 -36 -140 Mining, including crude petroleum and natural gas........................... 3,680 3,685 3,639 3,657 3,648 -1 11 66 -137 -17 204 187 -383 Trade: Commodity dealers................. 1,367 1,398 1,410 1,443 1,446 -84 -31 6 -194 460 72 532 -235 Other wholesale....................... 4,417 4,403 4,423 4,421 4,408 4 32 66 -52 132 392 524 208 Retail........................................ 4,510 4,520 4,515 4,476 4,463 66 63 219 259 -340 81 -259 336 Transportation..................................... 5,569 5,533 5,608 5,606 5,627 -117 73 40 -33 -78 -246 -324 -30 Communication................................... 1,286 1,381 1,386 1 ,394 1,416 -60 106 -101 -74 -249 24 -225 231 Other public utilities........................... 2,651 2,731 2,732 2,720 2,798 -38 237 -184 -274 176 349 525 -147 Construction........................................ 4,127 4,113 4,081 4,083 4,059 68 86 38 156 77 106 183 182 Services................................................. 8,274 8,305 8,318 8,336 8,326 -86 114 218 372 276 13 289 18 7 All other domestic loans..................... 6,109 6,089 6,160 6,124 6,173 93 98 186 264 305 305 610 118 Bankers’ acceptances........................... 1,624 1,636 1,630 1 ,694 1,676 16 -133 -146 -553 696 462 1,158 -555 Foreign commercial and industrial loans.............................................. 3,380 3,386 3,340 3,308 3,295 65 1 127 89 254 324 578 238 Total classified loans........................... 70,452 70,671 70,987 71,040 71,185 -146 570 1,065 -258 -303 1,803 1,500 -566 Total commercial and industrial loans. 84,790 84,987 85,369 85,420 85,498 -97 982 1,409 135 335 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 May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. I IV III II 2nd 31 26 29 23 26 29 24 27 29 half Durable goods manufactur­ ing: Primary metals................... 1,381 1,367 1,342 1,330 1,315 1 ,362 1,406 1,495 1,524 -20 -162 -62 -43 -224 Machinery.......................... 1,986 2,005 2,072 2,001 2,179 2,285 2,396 2,476 2,479 -213 -194 -57 -52 -251 Transportation equipment. 1,370 1,389 1,493 1,553 1 ,605 1,620 1 ,592 1,626 1,689 -127 -69 130 -54 61 Other fabricated metal products......................... 685 695 688 683 699 713 707 743 775 -25 -62 -39 82 -101 Other durable goods.......... 1,144 1,163 1,145 1,118 1 ,117 1 ,135 1,162 1,204 1,214 10 -79 -19 16 -98 Nondurable goods manufac­ turing : Food, liquor, and tobacco. 947 909 912 937 987 1,021 1,010 971 985 -109 36 17 -2 53 Textiles, apparel, and leather............................. 646 667 651 580 567 576 577 585 607 75 -31 10 -20 -21 Petroleum refining............. 726 714 757 818 848 892 867 900 857 -135 35 -34 -23 1 Chemicals and rubber....... 1,245 1,238 1,226 1,315 1,330 1 ,441 1,528 1,654 1,785 -215 -344 -32 -26 -376 Other nondurable goods.. 930 960 980 973 1,010 1,024 1,018 1,047 1,018 -44 6 -2 -79 4 Mining, including crude pe­ troleum and natural gas. 2,785 2,870 2,872 2,891 2,927 3,039 2,998 3,021 2,934 -167 105 -56 -130 49 Trade: Commodity dealers.. 128 125 125 132 119 115 104 116 109 10 6 12 17 18 Other wholesale........ 912 889 927 883 915 893 860 862 847 34 46 11 60 57 Retail......................... 1,332 1,328 1,340 1,352 1,349 1 ,383 1,429 1,475 1,471 -43 -88 57 3 -31 Transportation....................... 4,285 4,400 4,383 4,314 4,397 4,440 4,448 4,444 4,571 -57 -131 -26 -253 -157 Communication..................... 427 460 440 417 432 427 427 418 420 13 7 -48 66 -41 Other public utilities............. 1,218 1,161 1,160 1,191 1,305 1 ,316 1,292 1,304 1,272 -156 44 178 122 222 Construction.......................... 1,371 1,376 1,417 1,327 1 ,257 1,244 1,255 1,240 1,192 173 52 5 107 57 Services................................... 3,555 3,593 3,657 3,545 3,542 3,488 3,438 3,397 3,347 169 141 89 124 230 All other domestic loans .... 1,812 1,830 1,728 1,627 1,570 1,431 1,413 1,390 1,390 297 41 141 -21 182 Foreign commercial and in­ dustrial loans.................. 1,995 1,981 1,939 1,898 1,995 2,076 1,956 1,940 1,892 -137 184 100 184 Total loans............................. 30,880 31,120 31,254 30,885 31,465 31,921 31,883 32,308 32,378 -667 -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 □ JUNE 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 98.4 58.6 1.3 10.7 187.5 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 13.7 55.8 24.6 1.1 5.4 100.7 Dec.................................................................................. 14.4 58.6 24.6 1.2 5.9 104.8 1972—Jan................................................................................... 14.4 56.8 25.4 1.1 r5.9 103.7 Feb.................................................................................. 13.7 55.4 r24.4 1.1 5.9 100.5 Mar................................................................................. 14.0 56.0 25.3 1.2 5.8 102.3 Apr.*............................................................................... 14.3 56.9 27.0 1.2 5.9 105.4 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 Note .—Daily-average balances maintained during month as estimated Bulletin, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, 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.................. 688 433 407 387 571 437 411 371 State member........................ 188 147 129 95 All nonmember...................... 255 224 210 197 All member............................... 876 580 536 482 253 223 209 195 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-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 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. lr........ 2,942 1,717 1,225 1,641 347 1,294 8 *■, , , 2,896 1,741 1,155 1,660 363 1,297 15 r........ 2,807 1,709 1,098 1,658 360 1,298 22r . 2,801 1,717 1,084 1,623 358 1,265 29 r........ 2,779 1,792 987 1,617 361 1,256 Apr. 5 r........ 2,806 1,737 1,069 1,620 358 1,262 12r 2,750 1,695 1,055 1,624 364 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 May 3.......... 2,610 1,618 992 1,654 368 1,286 10 ....... 2,571 1,612 959 1,659 357 1,302 17 , 2,485 1,557 928 1,670 368 1,302 24 ....... 2,446 1,564 882 1,660 366 1,294 31......... 2,450 1,472 978 1,672 360 1,312 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 Other 2 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—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 1,1 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 Apr. 32,504 532 12,394 1,644 17,934 7,734 2,840 2,009 830 83 265 4,547 2.597 1,707 3,431 y 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 □ JUNE 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date 192 9 51/2-6 1955—Aug. 4.... 3V4 1968—Apr. 19. 6% 20.......... 534 Oct. 14.... 3% Sept. 25, 6 -614 1 5 34 *-5 5/8 193 0 3%-6 Nov. 13, 61/4 4 51/2 *-5 5/8 193 1 2%-5 1956—Apr. 13..., 334 Dec. 2 61/2 8 51/2* 193 2 3V4-4 Aug. 21..., 4 18 63/4 22 53/8-51/2* 193 3 11/2-4 29 514-51/2* 1957—Aug. 6... 41/2 1969—Jan. 7 7 Dec. 6.......... 51/4-53/8- 1934— Mar. 17, 71/2 51/2* 1947 (Nov.) Wi 1958—Jan. 22... 4 June 9, 81/2 27 514-51/2* Apr. 21... 3% 1970—Mar. 25 31 51/4* 194 E 7— ffe D ct e i c v . e i d . a .. te m 1959— S S M e e a p p y t t . . 1 1 8 1 1 .. . . . . . . . 4 4 5 % N D Se o e p c v t . . . 2 2 1 2 1 3 2 2 , , 7 m 6 1 3 i^ 4 1972—Jan. 2 3 1 4 3 1 7. . . . . . . . . . . . . . . . . . . . 4 4 4 5 5 1 3 - / / 4 5 8 2 1 - - - / 5 4 5 8- 1 3 * 5 4 4 1 * * 4* 1948—Aug. i... 2 1960—Aug. 23... 4% 1971—Jan. 15 6 6 61 1 / / 4 2 28.......... 43/8-41/2- 1965—Dec. 6... 18 6 434* 1950—Sept. 22 2V4 1966—Mar. 10... 5% M Fe a b r . . 1 1 1 6 5 5 1 3 4 4 -51/2 2 1 3 3. . . . . . . . . . . . . . . . . . . . 4 4 1 3 /2 4 - * 434* 1951—Jan. 8 2Vi June 29... 534 19 51/4 27.......... 434 *-47/8-5 O D c e t c . . 1 1 7 9 2 3 3/4 Aug. 16... 6 1971—Apr. 23, 514-51/2 Apr. 3.......... 434 *-5 1967—Jan. 26-27 5^2-534 May 11. 51/2 5.......... 5* 1953—Apr. 27 3V4 N M o a v r. . 2 2 0 7 . . . . . . 5 6 % July 6 7 , , 5 6 1/2-6 1 1 7 . . . .. . . .. . . . . .. .. . . . 5 5 * *- - 5 5 V 14 &-5i4 1954—Mar. 17 3 1 Date of change not available. Note.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money market variables. Asterisk denotes prime rate charged by the majority of commercial banks. 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 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

JUNE 1972 o INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) Finance U.S. Government securities (taxable)4 Prime CO. Prime Period m 4 p c - o o a t n m p o t e h l 6 r . s - 1 m d 3 p p i - o r l a a e t n p o c c t t e e h l 6 d r y s - , 2 9 b a 0 a a c n n d c c k e a e e p y s r t , s s ­ 1 ’ F f r e u a d n t e e d r 3 s al n R ew at 3 e i - s m o su n o e nth b M i y ll a i s e r 5 l k d et n R ew a 6 t e i - s m o su n o e nth b M i y ll a i s e r 5 l k d et 9 b - i 1 l t l - o y ( e m 1 a 2 a r - r m ­ ont O h t i h ss e u r e 6 s 3 is - y s t u e o a e r s 5 7 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—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 4.58 4.38 4.43 4.17 3.723 3.70 4.218 4.22 4.65 4.84 6.01 May................. 4.51 4.38 4.25 4.27 3.648 3.68 4.064 4.12 4.44 4.58 5.69 Week ending— 1972—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 May 6.......... 4.55 4.38 4.25 4.25 3.604 3.56 3.998 4.03 4.37 4.52 5.72 13.......... 4.50 4.38 4.25 4.20 3.462 3.58 3.907 4.03 4.42 4.55 5.73 20.......... 4.50 4.38 4.25 4.32 3.699 3.74 4.118 4.23 4.53 4.67 5.71 27.......... 4.50 4.38 4.25 4.24 3.825 3.78 4.233 4.19 4.47 4.57 5.62 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily - 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 □ JUNE 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 ( S l t o a n te g s ­ Total1 term) Total i 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—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 May.................................... 5.64 5.33 5.09 5.65 7.71 7.30 8.23 7.43 8.01 7.88 6.90 2.88 Week ending— 1972—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 May 6............................. 5.69 5.36 5.10 5.70 7.73 7.34 8.22 7.45 8.01 7.89 6.91 2.92 13............................. 5.69 5.41 5.20 5.70 7.71 7.33 8.20 7.44 8.00 7.86 6.93 2.94 20............................. 5.64 5.35 5.15 5.60 7.72 7.30 8.25 7.44 8.02 7.89 6.89 2.90 27............................. 5.57 5.21 4.90 5.60 7.70 7.27 8.25 7.40 8.01 7.88 6.92 2.81 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: 1 Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude Note.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market Note.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com­ companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 Vi hours per day, or 27 Vi 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

JUNE 1972 □ SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer­ (thousands of 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 m v S g t . ) . ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total 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 Total In tr d ia u l s­ T p t o r i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l 1 NYSE AMEX 1962......................... 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1,225 1963......................... 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 1964......................... 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1,570 1965......................... 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 2,120 1966......................... 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 1967......................... 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968......................... 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969......................... 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970......................... 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1971......................... 68.80 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 25.22 17,429 4.234 1971—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—Jan................ 68.79 84.6 67.1 103.30 114.12 45.16 60.19 57.19 61.33 50.56 40.02 74.24 26.46 18,072 5,516 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 May.............. 68.59 84.6 65.3 107.65 120.16 45.06 54.94 59.82 65.30 53.43 37.04 78.32 27.61 15,270 4,184 Week ending— 1972—May 6 68.09 83.8 65.1 106.33 118.49 45.13 55.41 59.20 64.40 52.60 37.23 78.73 27.58 14,435 3,966 13 68.08 83.7 65.0 105.69 117.79 44.73 55.02 58.75 63.94 52.38 36.94 77.72 27.29 14,388 4,127 20 68.59 84.3 65.0 107.47 119.97 45.31 54.69 59.76 65.24 53.80 36.91 78.13 27.68 15,649 4,432 27. . 69.28 85.4 65.5 110.18 123.26 45.12 54.70 61.13 66.99 54.65 37.13 78.66 27.89 16.506 4.357 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t c n e t r ) 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 ( a o e p r t i n a e i c t n o r 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 c n e t r ) t ­ c F c h e ( e a p e n r s e t g ) r e & 1 s M (y a e t a u r r s i ) ty L c p r ( a o e p r t n i a e i c t n o r e ) / (t d h c o o p P h l r u u l a i a s c r s . r e ­ e s o ) f (t d a h L m o o l u o l o a s a u . r n s n 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 22.7 71.5 28.3 19.9 1970....................... 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971....................... 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1971—Apr............. 7.37 .73 26.3 73.6 36.0 26.2 7.34 .75 24.2 73.6 31.8 23.1 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.r.......... 7.38 .84 27.2 76.2 37.7 28.2 7.31 .77 25.1 75.6 32.7 24.4 Apr............. 7.37 .86 27.1 75.6 38.3 28.4 7.29 .78 25.3 75.2 33.8 24.9 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT □ JUNE 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—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 Apr.............. 8,250 7,283 967 7,010 898 240 57 33 12 1,150 1,278 433 2,030 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 E pe n r d i o o d f l ( d d i m o o e o n b f i l l ­ s t ­ 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 N r a e t e d u t i s t 60 o r p e m in r o c d r e e e n b t i t 6 L s 0 t e a p s t s u e r s t h c a e n n t o ( f b m T a d i l o o l a l t l n i a l o c a l n e r s s ) lars) i 1971—Apr....................... 46.8 48.1 5.1 4,500 1971—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 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 Dec....................... 35.0 55.7 9.4 7,300 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 1972—Jan........................ 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 35.5 56.5 8.0 5,920 Apr.. 7,010 7.1 10.2 19.5 40.0 12.8 10.5 Note.—Special miscellaneous accounts contain credit balances that i 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

JUNE 1972 □ SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments 3 End of period M ga o g r e t­ Other G U o . v S t . . g S l a o o t n c a v d a t t e l . o C r t a o h a n r t e d p e r o 1 ­ Cash O as t s h e e ts r g l r i e T e a a t s n b o i n e e e i t r d s l a r v i a l ­ e l D i e t p s o 2 s­ l O ia t t i b h e i s e li r ­ G r c e o e s a n u e c e n 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 accts. 3 or 3-6 6-9 Over Total less 9 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—Mar.. . 58,540 2,636 3,356 246 14,882 1,287 1,635 82,581 75,002 1,746 5,832 840 413 322 864 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 3,224 3,261 433 18,417 1,246 1,802 90,641 82,327 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 Mar... 62,947 3,660 3,380 515 19,659 1,256 1,852 93,268 84,809 1,991 6,468 1,448 769 681 1,429 4,327 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 United State and Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r States local 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--Mar.r........................... 211,670 11,003 4,543 3,314 3,146 92,661 75,167 17,494 74,533 6,398 16,296 10,779 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 10,898 218,257 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- 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 Mar.............................. 226,024 11,517 4,744 3,532 3,241 103,798 81,099 22,699 75,424 7,048 17,212 11,025 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 o JUNE 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— End of period M ga o ge rt s ­ I s i n m e t v i c e e e u s n s r i t 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 d e ­ s m ro B o w n o e e r­ d y3 p L ro o i c n a e n s s s Other d p M u er r a i i d o n e d g O e p i u n n e t g d s ri t o a a o n d 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—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 13,248 7,275 4,853 6,337 3,354 8,659 Mar.. 180,145 21,427 2,521 11,291 215,384 184,843 13,261 6,759 5,077 5,444 4,110 9,864 Apr.* 182,731 21,429 2,555 11,443 218,158 186,623 13,267 6,843 5,282 6,143 4,010 10,848 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 Ad­ Cash Mem­ Deben­ Loans Loans v m a b n t e e o c r m s e ­ s I m nv e e n s ts t­ p a o d n s e i d ­ ts B n a o o n n te d d s s po b d s e e i r ­ ts C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ n t a u ( o L n r t e e d ) s s c a o ( t o i t A v o p ) e e s r­ D t e u (L b re e ) s n­ co a d ( u A n is n d ) ­ ts 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--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 Apr... 5,913 4,233 81 6,729 1,762 1,717 18,403 18,131 2,260 1,833 6,105 5,879 8,238 7,382 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

JUNE 1972 o FEDERALLY SPONSORED CREDIT AGENCIE )ING ISSUES OF FEDERALLY SPONSORED AGENCIES, APRIL 30, 1971 Cou­ Amount Cou­ Amount pon (millions Agency, and date of issue pon (millions Agency, and date of issue tillioi rate of dollars) and maturity rate of dollars) and maturity iollai Federal National Mortgage Federal intermediate Association—Cont. credit banks 8.15 200 Debentures—Cont: Debentures: 6V4 394 6/12/61 - 6/12/73.......... 4% 146 8/2/71 - 5/1/72.. 614 7Vh 250 7/10/70 - 6/12/73.......... 8.35 350 9/1/72 - 6/1/72. . 418 5X 310 7/12/71 - 6/12/73............ 6.75 550 10/4/71 - 7/3/72 435 8.35 350 3/10/70 - 9/10/73.......... 8.10 300 11/1/71 - 8/1/72. 594 5.70 400 6/10/71 -9/10/73........... 6.13 350 12/1/71 - 9/5/72 554 4.20 400 12/10/70 - 12/10/73___ 5.75 500 1/3/72 - 10/2/72. 427 7.20 450 8/10/71 - 12/10/73 . , . 7.15 500 2/1/72 - 11/1/72. 624 8.40 300 12/1/71 - 3/11/74.......... 5.45 400 3/1/72- 12/4/72. 558 8.40 250 4/10/70 - 3/11/74 ,,, 7.75 350 4/3/72 - 1/2/73. . 514 7.10 300 8/5/70 - 6/10/74........... 7.90 400 3/2/70 - 3/1/73. 203 6.35 300 11/10/71 - 6/10/74.......... 5.70 350 9/1/70-7/2/73. . 200 7.65 182 9/10/69 - 9/10/74.......... 7.85 250 7/1/71 - 1/2/74.. 212 8.00 228 2/10/71 -9/10/74............ 5.65 300 1/4/71 _ 7/1/74. 224 6.10 250 5/10/71 - 12/10/74.......... 6.10 250 1/3/72 - 7/1/75. . 302 8.05 265 9/10/71 - 12/10/74 . . . 6.45 450 7.95 300 11/10/70 - 3/10/75 ........ 7.55 300 6.50 350 10/12/71 - 3/10/75........ 6.35 600 m 300 4/12/71 -6/10/75............ 5.25 500 6.95 200 10/13/70-9/10/75 7.50 350 7.75 350 3/10/72 - 12/10/75 5.70 500 7.80 200 3/11/71 - 3/10/76............ 5.65 500 6.60 200 6/10/71 - 6/10/76........... 6.70 250 Federal land banks 2/10/72 - 6/10/76........... 5.85 450 Bonds: 11/10/71 -9/10/76.......... 6.13 300 6/22/70 - 7/20/72. 8.20 442 7/12/71 - 12/10/76.......... 7.45 300 9/14/56 - 9/15/72. 3K 109 2/13/62 - 2/10/77.......... 41/2 198 9/22/69 - 9/15/72. 8.35 337 12/10/70 - 6/10/77 6.38 250 10/23/72 - 10/23/72. . 5K 200 5/10/71 -6/10/77........... 6.50 150 7/20/71 - 10/23/72.... 6.50 446 1,137 9/10/71 - 9/12/77........... 6.88 300 7/20/70 - 1/22/73___ 7.95 407 10/12/71 - 12/11/78. . .. 6.75 300 2/20/63 - 2/20/73-78. 4H 148 6.00 250 12/10/71 - 12/10/79___ 6.55 350 4/20/72 - 4/23/73........ 5.20 433 8.00 200 2/10/72 - 3/10/80........... 6.88 250 1/20/70 - 7/20/73___ 8.45 198 4.38 250 1/21/71 - 6/10/81 7.25 250 8/20/73 - 7/20/73....... 7.95 350 9/10/71 -9/10/81........... 7.25 250 4/20/70 - 10/22/73. . . 7.80 300 2/10/71 - 6/10/82............ 6.65 250 2/20/72 - 2/20/74___ 41/2 155 3/11/71 -6/10/83............ 6.75 200 10/20/70 - 4/22/74. . . 7.30 354 7.50 400 11/10/71 - 9/12/83 6.75 250 10/21/71 - 7/27/74. . . 5.85 326 8.38 250 4/12/71 -6/11/84............ 6.25 200 4/20/71 - 10/21/74.... 5.30 300 8.63 200 12/10/71 - 12/10/84___ 6.90 250 2/20/70 - 1/20/75___ 220 3/10/72 - 3/10/92.......... 7.00 200 4/20/65 - 4/21/75___ 200 2/15/72 - 7/21/75 5.70 425 7/20/71 - 10/20/75.... 7.20 300 4% 100 Banks for cooperatives 4/20/72 - 1/20/76........ 61/4 300 8.70 300 Debentures: 2/21/66 - 2/24/76___ 5.00 123 8.40 400 11/1/72 - 5/1/72............. 4.85 312 7/20/66 - 7/20/76___ 5^ 150 7.40 200 12/1/71 - 6/1/72............ 41/2 357 10/27/71 - 10/20/77.. 6.35 300 8.00 200 1/3/72- 10/1/73............. 4.65 355 5/2/66 - 4/20/78........ 5^ 150 7.20 400 2/1/72 - 8/1/72............... 3.80 447 2/20/67 - 1/22/79___ 5.00 285 7.30 450 4/3/72 - 10/2/72............. 4.55 262 2/23/71 -4/20/81........ 6.70 224 8.30 250 10/1/70 - 10/1/73.......... 7.30 100 4/20/72 - 4/20/82........ 6.90 200 guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 FEDERAL FINANCE □ JUNE 1972 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest­ of Net lend­ out­ or Public Plus: ments by Govt, Equals: Trea­ financ­ Budget ex­ ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi­ (-) securi­ securi­ Special borrow­ operat­ Other net4 tures ties ties notes 3 ing ing S 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. 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—Ap r n 1,040 r17,740 r53 r17,792 r3,248 223 '-347 221 r-72 '•-273 4,365 r501 '1,891 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 Apr......... 24,534 19,113 -515 18,598 5,935 -2,039 -44 -1,770 1,746 -2,059 4,047 1,338 1,508 Selected balances Treasury operating balance Federal securities End Memo: of Less: 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 Sp G I e n c o v i v a e t l s , t m ac e c n o t O u s n t o h ts f e r S n L p o e e t s c e s i s a : 3 l E p T h u q b o e b u y l t l d a a i l c l s: s c p p o G r o N r i n o v p o s v s a w o . t t — . r e - e 6 d issues 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—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 40,109 1,871 9,724 136 11,732 425,304 10,991 83,034 24,681 825 327,755 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

JUNE 1972 □ FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C nc o o rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e i o ta n x s es Period Employment Total 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 r n t o a a t y l x r l ­ i e b s u a t S i n o e d l n f s - i i e n U m s n u p - r l . . c O e n r i t p e h e ­ t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s ­ E a g s n i t f a d t te c M e r ip i e s t ­ c s . 3 taxes empl. Fiscal year: 1968.................................... 153,671 57,301 20,951 9,52768,72629,897 1,23227,680 1,544 3,346 2,05234,62214,079 2,038 3,051 2,491 1969.................................... 187,78470,18227,258 10,191 87,24938,338 1,66032,521 1,715 3,328 2,353 39,91815,222 2,319 3,491 2,908 1970.................................... 193,74377,41626,23613,24090,41235,037 2,20837,190 1,942 3,465 2,70045,29815,705 2,430 3,644 3,424 1971.................................... 188,39276,49024,262 14,52286,23030,320 3,53539,751 1,948 3,673 3,20648,578 16,614 2,591 3,735 3,858 Half year: 1970—Jan.-June............... 102,91038,61920,465 12,75946,325 19,858 1,22620,134 1,811 2,196 1,41625,558 7,464 1,168 2,148 1,615 July-Dee................. 87,58437,465 5,569 56542,469 12,744 1,467 17,768 133 1,348 1,57620,826 8,153 1,317 1,537 2,006 1971—Jan.-June................ 100,83039,045 18,693 13,95743,781 17,576 2,06821,983 1,815 2,325 1,63027,752 8,462 1,274 2,198 1,853 93,18038,449 5,589 57443,465 13,262 1,448 19,643 155 1,518 1,67322,989 8,961 1,838 2,395 1,718 Month: 1971—Apr.......................... r21,040 r5,955 7,951 4,261 r9,645 4,360 345 3,294 1,085 301 290 4,970 1,351 221 589 r249 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 Apr.......................... 24,534 6,599 8,650 3,284 11,985 5,145 250 3,877 1,153 343 283 5,655 1,091 215 372 342 Budget outlays4 Period Total t f i e N d o 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 r l e ­ i­ so N u u r r e a r a c ­ t l ­ es m t C r a a o e n n r m d c s e p ­ . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m t o d a i n w u a o n d c n e a ­ r ­ w H e a e l n a f d a 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 l t. ­ t I t g i r n o a o a t c n v n r ­ a s t s , - ­ 5 Fiscal year: 1968..................................... 178,833 80,517 4,619 4,721 5,943 1,655 8,094 4,076 6,739 43,780 6,882 13,744 2,561 -4,499 1969..................................... 184,548 81,232 3,785 4,247 6,221 2,081 7,921 1,961 6,525 49,395 7,640 15,791 2,866 -5,117 1970..................................... 196,588 80,295 3,570 3,749 6,201 2,480 9,310 2,965 7,289 56,785 8,677 18,312 3,336 -6,380 1971.................................... 211,425 77,663 3,093 3,381 5,097 2,676 11,282 3,382 8,649 70,213 9,787 19,608 3,970 -7,376 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 1973e6................................ 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—Apr.......................... r17,792 '6,299 r334 252 *•-22 r288 rl,016 r309 r659 r6,056 >■884 rl,688 r326 -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—Jan........................... 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 Apr.......................... 18,598 6,738 265 238 -196 255 793 9 728 6,936 929 1,792 419 -308 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 □ JUNE 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t l t s a i s c l 1 Total Bills M C a c r e k a r t e t e i t f s a i b ­ le Notes Bonds 2 b C v i o b e o n l r n e d t­ ­ s T N o o ta n l m 3 ark b e S o t i a n a n b g v d s l ­ s e i S ss p u e e c s i a 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6 1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 78.1 1971—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 May 427.9 339.5 261.9 98.1 113.4 50.4 2.3 75.2 56.2 86.6 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 l c ag G t U e a r o n n u .S v c d s t i . t . es 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 a c d a t t e s 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 i O 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—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 Apr................ 425.3 105.5 70.3 249.5 61.9 2.7 6.4 11.2 21.5 55.5 21.9 49.8 18.5 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

JUNE 1972 □ U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs 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 Mar. 31........................................................ 265,380 126,315 102,371 23,944 93,106 26,349 9,419 10,191 Apr. 30........................................................ 262,989 122,263 98,321 23,942 94,849 26,348 9,392 10,137 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—Mar. 31................................................ 18,672 1,279 575 704 7,763 4,828 2,346 2,456 Apr. 30................................................ 20,445 3,087 2,343 744 7,735 4,822 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—Mar. 31................................................ 69,928 36,468 30,136 6,332 26,534 5,719 599 607 Apr. 30................................................ 70,307 36,609 30,319 6,290 26,665 5,804 618 612 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—Mar. 31................................................ 176,780 88,568 71,660 16,908 58,809 15,802 6,474 7,128 Apr. 30................................................ 172,237 82,567 65,659 16,908 60,449 15,722 6,428 7,069 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—Mar. 31......................................... 49,793 15,836 7,957 7,879 27,342 5,944 478 192 Apr. 30........................................ 48,650 14,062 6,221 7,841 28,112 5,821 465 189 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—Mar. 31......................................... 2,718 389 201 188 1,229 502 299 299 Apr. 30........................................ 2,730 384 196 188 1,247 500 302 297 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—Mar. 31........................................ 5,623 706 351 355 1,428 1,036 1,368 1,087 Apr. 30......................................... 5,507 622 291 331 1,417 1,020 1,360 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—Mar. 31........................................ 5,632 4,346 3,318 1,028 1,143 119 16 9 Apr. 30....................................... 4,854 3,711 2,794 917 1,014 105 15 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—Mar. 31......................................... 3,202 945 570 375 1,309 623 147 177 Apr. 30......................................... 3,103 806 483 323 1,357 615 150 176 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—Mar. 31........................................ 10,289 5,119 4,309 810 2,176 795 881 1,318 Apr. 30........................................ 10,165 4,940 4,113 827 2,328 774 846 1,278 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—Mar. 31........................................ 99,523 61,227 54,954 6,273 24,182 6,783 3,285 4,046 Apr. 30......................................... 97,228 58,042 51,561 6,481 24,974 6,887 3,290 4,033 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 5,644 commercial banks, 486 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 737 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 □ JUNE 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 aiid 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—Apr............................... 2,458 1,881 328 216 33 828 116 878 636 516 May............................. 2,322 1,695 406 192 29 837 100 742 643 480 June............................. 2,195 1,802 273 92 28 727 110 687 672 418 July.............................. 2,484 2,103 280 74 28 814 131 837 702 471 Aug.............................. 2,482 1,848 512 97 25 859 129 855 640 462 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 1 879 2 391 1,120 3 801 623 Feb............................... 3,260 2,339 652 242 27 913 363 1,170 815 611 Mar.............................. 3,177 2,443 464 241 29 800 437 1,060 881 459 Apr............................... 2,990 2,300 460 203 28 704 450 1,002 835 609 Week ending— 1972—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 May 3....................... 3,408 2,307 719 348 34 756 637 1,188 826 521 10....................... 2,353 1,836 272 218 29 524 355 729 746 332 17....................... 2,235 1,624 351 211 50 456 315 750 714 371 24....................... 2,463 1,919 316 189 40 692 273 728 770 531 31*..................... 2,914 2,292 356 235 30 821 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, new 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. (Note was incorrectly placed in May Bulletin.) 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 i t e 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 e g 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—Apr.... 4,870 4,019 415 416 20 1,118 1971- 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 3,516 1,151 391 721 1,254 Aug....... 2,897 2,473 344 70 11 698 3,071 894 390 821 967 Sept....... 3,856 3,089 355 377 36 926 4,146 1,049 856 811 1,430 Oct....... 4,353 3,612 394 310 37 903 4,511 1,188 704 921 1,699 Nov. ... 5,846 3,725 914 943 265 1,063 6,455 1,877 932 1,564 2,082 Dec....... 5,335 3,877 626 600 232 1,101 5,517 1,375 912 1,659 1,571 1972—Ja n 5,561 4,665 437 365 94 847 1972- 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 Mar.. . . 4,933 4,710 228 -32 27 489 4,662 1,347 907 949 1,458 Apr....... 3,573 3,713 20 -131 -29 422 3,400 1,044 746 657 953 Week ending— Weekending— 1972—Mar. 1 5,309 4,668 298 258 86 582 1972--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 Apr. 5 3,954 3,897 124 -61 -5 422 Apr. 5. .. 4,015 1,265 1,009 667 1,074 12 3,826 3,928 12 -92 -21 378 12. .. 3,606 1,078 840 673 1,015 19 3,394 3,709 -77 -195 -42 349 19. .. 3,435 1,105 779 635 916 26 3,075 3,286 16 -189 -39 460 26. .. 2,562 719 475 645 724 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

JUNE 1972 o GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MAY 31, 1972 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds June 1, 1972. 4.001 Nov. 9, 1972............ 1,800 Oct. 1, 1973.....1*4 30 June 15, 1967-72.. 2i/2 1,226 June 8, 1972. 4.002 Nov. 16, 1972............ 1,801 Feb. 15, 1974.....734 2,960 Sept. 15, 1967-72. ,2l/i 1,951 June 15, 1972. 4.002 Nov. 24, 1972............ 1,801 Apr. 1, 1974..• • • 1 Vi 34 Dec. 15, 1967-72.. 21/2 2,548 June 21, 1972f 3,026 Nov. 30, 1972............ 1.701 May 15, 1974,....714 4,334 Aug. 15, 1972........4 1,453 June 22, 1972. 4.002 Dec. 31, 1972........... 1.701 Aug. 15, 1974.....55/s 10,284 Aug. 15, 1973.........4 3,894 June 29, 1972. 3.902 Jan. 31, 1973............ 1.700 Oct. 1, 1974,.• • • 1 Vi 42 Nov. 15, 1973.........4i/g 4,340 June 30, 1972. 1.701 Feb. 28, 1973............ 1.701 Nov. 15, 1974..,,..534 7,212 Feb. 15, 1974.........4i/s 2,468 July 6, 1972. 3.903 Mar. 31, 1973............ 1,201 Feb. 15, 1975..,...534 5,148 May 15, 1974.........414 2,853 July 13, 1972. 3.902 Apr. 30, 1973............ 1,200 Feb. 15, 1975.. ...5% 2,045 Nov. 15, 1974.........37/s 2,237 July 20, 1972. 3.902 May 31, 1973............ 1,200 Apr. 1, 1975,. ■ • • 1 Vi 8 May 15, 1975-85.. 4% 1,208 July 27, 1972. 3.903 June 1 to July 6, 1972, May 15, 1975,, •••57/8 1,776 June 15, 1978-83.. 314 1,517 July 31, 1972. 1,703 strip......................... 1,226 May 15, 1975.. , 6 6,760 Feb. 15, 1980.........4 2,583 Aug. 3, 1972. 3.901 Aug. 15, 1975..,...57/s 7,679 Nov. 15, 1980.........31/2 1,900 Aug. 10, 1972. 3.901 Oct. 1, 1975,, ...1% 30 Aug. 15, 1981.........7 807 Aug. 17, 1972. 4.101 Nov. 15, 1975..,. . .7 3,115 Feb. 15, 1982.........6% 2,702 Aug. 24, 1972. 4.102 Feb. 15, 1976..,...614 3,739 May 15, 1985........3Va 1,015 Aug. 31, 1972. 3,496 Treasury notes Apr. 1, 1976,. ...IVl 27 Nov. 15, 1986.........6i/8 1,216 Sept. 7, 1972. 1,800 Aug. 15, 1972... . .5 2,,574 May 15, 1976 ...534 2,804 Aug. 15, 1987-92.. 414 3,780 Sept. 14, 1972. 1,801 Oct. 1. 1972.....1% 33 May 15, 1976 ...61/2 2,697 Feb. 15, 1988-93.. 4 242 Sept. 21, 1972. 1,801 Nov. 15, 1972.. . ,6 2,,285 Aug. 15, 1976.. ...71/2 4,194 May 15, 1989-94.. 4 Vs 1,531 Sept. 28, 1972. 1,805 Feb. 15, 1973. ....6% 2,,514 Oct. 1, 1976 ...1% 11 Feb. 15, 1990.........3'A 4,407 Sept. 30, 1972. 1.702 Feb. 15, 1973.....4% 4,,268 Nov. 15, 1976..,,..614 1,283 Feb. 15, 1995........3 1,028 Oct. 5, 1972. 1,800 Apr. 1, 1973..• • • 1 Vi 34 Feb. 15, 1977,, , 8 5,163 Nov. 15, 1998........3 Vi 3,505 Oct. 12, 1972. 1,801 May 15, 1973.....734 5,,844 Apr. 1,1977 ,...1% 1 Oct. 19, 1972. 1,801 May 15, 1973. ...434 3,793 Aug. 15, 1977 ....734 2,264 Convertible bonds Oct. 26, 1972. 1,801 Aug. 15, 1973..,...8 y8 1,,839 Feb. 15, 1978 ...614 8,389 Investment Series B Oct. 31, 1972. 1,700 Nov. 15, 1978..,, , ,6 8,207 Apr. 1, 1975-80.. 2 34 2,311 Nov. 2, 1972. 1,801 f 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 ered 3 Total G o e b a n l l e i­ r­ _ R n e u v e e­ HAAl G l U o o a .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 on ­ b R r a i o d n a g d d e s s i U ti t e i s l­ 4 H in o g u 5 s­ V a a e n i t d e s r ’ ­ O p p o t u h s r e e ­ s r gations auth. 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 197 1 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—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. 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 Apr... 2,089 1,371 712 6 471 660 957 2,050 482 229 427 10 902 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 SECURITY ISSUES □ JUNE 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . .2 ag G U e o n . v S c t . y . 3 a ( n U S d t . a S lo t . e ) c 4 al Other 5 Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d 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—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.'........ 7,188 529 1,401 1,737 316 3,205 2,371 1,767 604 303 531 Feb.r....... 7,302 539 1,325 1,942 126 3,369 2,329 1,917 412 195 846 Mar.......... 6,556 586 400 2,185 156 3,229 2,253 1,677 577 282 694 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 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—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. »•.................................. 321 71 163 138 268 14 418 115 458 294 742 202 Feb.r................................. 428 101 67 104 142 4 388 600 438 60 865 171 Mar.................................... 448 155 178 264 102 3 386 354 197 30 942 170 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

JUNE 1972 □ SECURITY ISSUES A 49 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers i 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 i & 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 Sales 1 Redemp­ Net Total 2 Cash Other Sales i 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—Apr.. 547 394 153 55,883 3,046 52,837 May. 307 428 -121 53,610 2,607 51,003 1961.............. 2,951 1,160 1,791 22,789 9 SO 21,809 June. 434 467 -33 53,560 2,830 50,730 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 July.. 371 444 -73 51,424 2,856 48,568 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Aug.. 432 394 38 53,798 3,016 50,782 Sept.. 304 471 -167 53,291 2,511 50,780 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 Oct... 596 419 177 51,160 2,885 48,275 1965.............. 4,359 1,962 2,395 35,220 1.803 33,417 Nov.. 397 334 63 50,958 3,172 47,786 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 Dec.. 453 411 42 55,045 3,038 52,007 1967.............. 4,670 2,745 1,927 44,701 2,566 42,135 1972—Jan... 521 475 46 56,694 3,163 53,531 1968.............. 6,820 3,841 2,979 52,677 3,187 49,490 Feb. . 404 514 -110 58,536 3,478 55,058 1969.............. 6,717 3,661 3,056 48,291 3,846 44,445 Mar.. 472 667 -195 58,740 3,251 55,489 Apr.. 405 655 -250 58,870 2,827 56,043 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 □ JUNE 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...................................... 177,237195,738201,399225,740243,449 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....................................... 112,341 122,094123,429140,879 151,416 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 1,040 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

JUNE 1972 o BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i s r 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 f t i i t e s s d ­ co c a n a l t l s i p o o u i w n t m a ­ l p ­ Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U p ri r b n o u d fi t i t e s s ­ d co c a t n a l i s l o 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—1.... 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 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . . 1 Other G U o . v S t . . 1 j Other taxes 1966.............................. 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967.............................. 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 1968.............................. 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969............................. 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1........................ 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II....................... 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 Ill..................... 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 IV..................... 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 88.1 1971—1......................... 220.4 576.9 55.8 10.1 4.2 269.8 196.8 40.1 356.5 6.1 240.3 18.6 91.4 II....................... 226.3 582.6 58.6 10.3 3.9 273.2 197.4 39.3 356.3 5.3 241.2 16.8 93.0 Ill..................... 231.3 591.9 59.8 10.6 3.9 276.9 199.5 41.2 360.6 5.2 242.2 18.7 94.7 IV2................... 235.3 601.5 63.0 13.0 3.5 277.6 201.3 43.0 366.2 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 n bl ­ e Mining R ro a a i d l­ Air Other Electric and G a o s th er n C i o ca m ti m on u s ­ Other1 A (S . , R A .) . 196 6 63.51 14.06 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 196 7 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 196 8 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 197 0 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 197 1 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 11.. 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 111., 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 7.08 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 □ JUNE 1972 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 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 o s a a t n l i n s ­ ­ 1 a U c g i . e e S n s . ­ v o I i t a d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t n c i 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 e te - 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—I.... 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—I.... 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 III. . 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, PH A, 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 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 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

JUNE 1972 □ REAL ESTATE CREDIT A 53 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1945............................................... 976 6,637 5,860 1,394 4,466 766 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—Mar.r................................. 630 586 31 4 551 44 74,533 68,988 11,306 5,320 52,362 5,545 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 Mar.................................... 569 484 24 18 442 85 75,424 69,897 10,599 4,932 54,366 5,527 i Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-earlier monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Members’ Ad­ Repay­ deposits, Period vances ments (end of Period h N om ew e Home FHA- VA- Con­ Total t S e h rm or t­ 1 t L er o m ng ­ 2 period) con­ pur­ Total 2 in­ guar- ven­ struc­ chase sured anteed tional tion 1945....................... 278 213 195 176 19 46 5,565 5,025 5,325 2,846 2,479 1,199 1945............ 1,913 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 1,036 196 4 24,913 6,638 10,538 101,333 4,894 6,683 89,756 196 5 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1,527 4,076 4,386 3,985 401 1,432 196 6 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1968....................... 2,734 1,861 5,259 4,867 392 1,382 1969....................... 5,531 1,500 9,289 8,434 855 1,041 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1970....................... 3,256 1,929 10,615 3,081 7,534 2,331 196 8 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1971....................... 2,714 5,392 7,936 3,002 4,934 1,789 196 9 21,847 4,757 11,254 140,347 7,917 7,658 124,772 197 0 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971—May........... 151 1,151 7,267 2,322 4,945 2,376 197 1 39,472 6,835 18,811 174.385 13.798 10.848 149.739 238 264 7,241 2,397 4,844 2,111 July............ 309 213 7,338 2,544 4,794 1,696 1971—Apr.. 3,168 597 1,306 156,57411,560 9,128 135,886 Aug............ 358 183 7,514 2,812 4,702 1,528 May. 3,438 620 1,451 158,74711,885 9,299 137,563 Sept............ 327 203 7,637 2,844 4,793 1,522 June. 4,301 718 2,109 161,44012,273 9,580 139,587 306 303 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 2,225 166,34212,852 10,034 143,456 Dec............. 490 262 7,936 3,002 4,934 1,789 Sept.. 3,672 628 1,951 168,46413,130 10,232 145,102 Oct.. 3,405 609 1,717 170,10613,278 10,374146,454 1972—Jan............. 186 885 7,238 2,569 4,669 1,948 Nov.. 3,298 589 1,661 172,04713,521 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 Apr............. 318 396 5,913 2,049 3,864 1,762 1972—Jan... 2,632 481 1,253 175,838 13,976 11,013 150,849 Feb.. 2,849 518 1,400 177,61414,167 11,264152,183 Mar.r 3,910 180,16614,416 11,594154,156 1 Secured or unsecured loans maturing in 1 year or less. Apr.. 3,810 182,731 14,685 11,788 156,258 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. Note.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 REAL ESTATE CREDIT □ JUNE 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 Multifamily1 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 re A ­ d - an g V t u e A a e r - d - i ti v o e n n a ­ l tutions tutions 1941............... 24.2 14.9 9.4 5.9 3.6 2.2 1 1 9 9 5 63 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8 8 2. . 2 6 6 4 5 . . 3 9 3 4 5 . . 1 0 30 . . 2 9 1 1 1 4 6 . . 3 3 1 1 9 9 4 6 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 4 1 . . 3 2 1 1 7 5 6 . . 7 7 3 8 4 . .5 6 2 5 9 . . 7 0 2 3 0 . . 5 7 2 8. . 3 2 1964............................... 197.6 69.2 38.3 30.9 128.3 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 8 6 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 31 4 9 . . . 5 7 0 9 8 8 . . . 8 2 2 1 1 1 9 9 9 6 6 6 7 8 6 * * .. . . . . . . . . . . . . . . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . 2 2 23 2 5 6 3 1 . . . 1 2 6 7 7 8 6 9 4 . . . 1 9 4 4 5 4 4 7 0 . . . 8 4 6 3 3 3 1 2 3 . . . 5 3 8 1 1 1 5 4 6 6 7 6 . . . 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 1 I I l .. l . . - . . . - . . - . - . . - 3 3 3 3 2 2 2 6 1 . . . 3 2 7 2 2 2 7 6 6 2 5 8 . . . 8 9 9 5 5 5 9 5 7 . . . 8 4 4 5 5 5 6 3 4 . . . 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 7 2 . . . 1 3 2 5 5 5 6 8 9 . . . 1 1 9 3 3 3 7 7 6 . . . 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— I I 1 I l .. l . . . . _ . . . . _ . . . . _ . . . . 3 3 3 5 4 6 3 3 4 . . . 1 3 0 2 2 2 9 9 8 0 8 1 . . . 1 6 4 6 6 6 5 3 1 . . . 6 7 0 6 6 5 4 2 9 . . . 3 3 7 4 4 5 7 9 0 . . . 2 4 4 1 1 1 2 2 3. . . 9 9 5 I I IV I l . l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 9 9 0 0 9 7 . . . 7 9 8 1 1 1 0 0 0 2 0 5 . . . 9 4 2 6 6 6 2 4 5 . . . 8 7 4 3 3 3 9 7 8 . . . 5 6 5 2 1 1 0 9 9 2 6 0 . . . 6 8 5 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 , d f e i 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 but delinquent for— Loans in FHA-insured VA-guaranteed fore­ 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 o e m w es h is o E t m i x n ­ e g s jects 1 m p i r e m o n v ­ t e s ­ 2 Total 3 h N om ew es h is o E t m i x n ­ e g s 1 1 9 9 6 6 7 5. . . . . . . .. .. .. .. .. .. .. . . .. . . .. . 3 3 3 . . . 2 4 4 9 7 0 2 2 2 . . . 4 6 5 0 6 4 . . . 5 5 5 5 4 4 . . . 3 3 27 2 4 . . . 3 4 3 6 0 2 1968............... 3.17 2.43 .51 .23 .26 1969............... 3.22 2.43 .52 .27 .27 1945............ 665 257 217 20 171 192 1970............... 3.64 2.67 .61 .36 .33 1964............ 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1971............... 3.93 2.82 .65 .46 .46 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . 7 8 , , 3 6 2 8 0 9 1 1 , , 7 7 0 2 5 9 5 4 , ,3 76 66 0 5 59 8 1 3 6 64 3 1 4 2 2, , 6 60 5 0 2 9 8 8 7 0 6 1 1 , , 6 7 1 7 8 4 1968— I 11 ll .. . .. . . . .. . . 2 2 . . 9 8 3 9 2 2 . . 2 23 3 . . 4 48 4 . .2 2 2 2 . . 2 2 8 6 1 1 9 9 6 6 8 7. .. . . .. . . . . .. . . . . .. . . . . . 7 8, , 2 1 7 5 5 0 1 1 , ,3 5 6 7 9 2 4 4, ,5 9 1 2 6 4 1,1 6 2 4 3 2 6 62 5 3 6 3 3, , 4 7 0 7 5 4 1 1 , , 4 1 3 43 0 2 2, ,2 34 5 3 9 IV___ 3.17 2.43 .51 .23 .26 1969............ 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1969—1.......... 2.77 2.04 .49 .24 .26 1970............ 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 II........ 2.68 2.06 .41 .21 .25 Ill.... 2.91 2.18 .47 .26 .25 1971—Feb.. 951 284 450 185 32 256 90 166 IV.... 3.22 2.43 .52 .27 .27 Mar.. 1,097 318 531 202 46 303 98 205 Apr.. 1,136 293 467 330 46 350 98 252 1970—1.......... 2.96 2.14 .52 .30 .31 May. 1,203 290 504 354 55 417 111 306 II........ 2.83 2.10 .45 .28 .31 June. 1,372 322 629 399 21 519 127 392 III. ... 3.10 2.26 .53 .31 .25 July.. 1,340 338 646 304 53 561 135 426 3.64 2.67 .61 .36 .33 Aug.. 1,393 407 710 216 60 577 146 431 Sept.. 1,242 320 543 290 89 693 188 506 1971—1.......... 3.21 2.26 .56 .39 .40 Oct. . 1,202 318 504 276 105 514 135 379 II......... 3.27 2.36 .53 .38 .38 Nov.. 1,220 358 511 273 77 757 226 526 Ill....... 3.59 2.54 .62 .43 .41 Dec.. 1,598 358 502 691 47 685 220 465 IV, ... 3.93 2.82 .65 .46 .46 1972—Jan.. 1,277 420 516 280 62 629 204 425 1972—1.......... 3.16 2.21 .58 .37 .50 Feb.. 1,094 366 448 237 44 460 199 361 Mar 349 449 658 231 427 Note.—Mortgage Bankers Association of America data from reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ 1 Monthly figures do not reflect mortgage amendments included in annual ventional mortgages held by more than 400 respondents, including totals. mortgage bankers (chiefly), commercial banks, savings banks, and 2 Not ordinarily secured by mortgages. savings and loan associations. 3 Includes a small amount of alteration and repair loans, not shown separ­ 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

JUNE 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 r A e ­ d - a g n V u t A e a e r - ­ d c P ha u s r e ­ s Sales d p M 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-Apr... 5.244 4,710 534 39 120 786 1971-Feb.. 15,448 11,061 4,391 60 72 80 4,865 May.. 5,261 4,731 530 40 171 906 Mar.. 15,420 11,012 4,408 76 46 33 4.380 June.. 5,275 4,751 524 43 424 1,247 Apr.. 15,308 10,933 4,375 58 105 457 4.381 July... 5,282 4,761 520 25 487 1,586 May. 15,242 10,893 4,349 91 92 871 4,926 Aug... 5,279 29 June. 15,363 10,970 4,393 239 10 1,294 5,750 Sept... 5.259 4,749 510 17 July.. 15,674 11,184 4,490 407 576 5,709 Oct. .. 5.245 15 Aug.. 16,304 11,662 4,642 659 1,219 5,146 Nov... 5.260 24 Sept.. 16,732 635 572 5,327 Dec.. . 5,294 32 Oct. . 17,202 553 655 5,208 Nov.. 17,535 406 893 5,466 1972-Jan.... 5,287 Dec.. 17,791 350 1,014 5,694 Feb.. . 5,281 Mar... 5,243 1972-Jan... 17,977 281 574 5,558 Apr... 5,125 Feb.. 18,220 324 578 5,614 Mar.. 18,342 316 79 469 5,635 Note.—Government National Mortgage Assn. data. Data prior to Sept. 1968 relate to Special Assistance and Management and Liquidating Note.—Federal National Mortgage Assn. data. Total holdings include portfolios of former FNMA and include mortgages subject to participation conventional loans. Data prior to Sept. 1968 relate to secondary market pool of Government Mortgage Liquidation Trust, but exclude conven­ portfolio of former FNMA. Mortgage commitments made during the tional mortgage loans acquired by former FNMA from the RFC Mortgage period include some multifamily and nonprofit hospital loan commit­ Co., the Defense Homes Corp., the Public Housing Admin., and Com­ ments in addition to 1- to 4-family loan commitments accepted in FNMA’s munity Facilities Admin. free market auction system, and through the FNMA-GNMA Tandem 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 new Offered Accepted ments) Offered Accepted ments) New Existing homes l h o o a m ns e 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 1972—Jan. 10., 136.9 72.9 7.62 1970....................... 8.44 8.35 8.52 9.05 24. 103.6 54.9 7.61 1971....................... 7.60 7.54 7.75 7.70 Feb. 7., 63.9 7.61 1971—Apr............. 7.49 7.47 7.55 7.37 14. 62.4 34.9 7.64 May............ 7.47 7.45 7.65 7.75 22., 68.6 44.8 7.61 June............ 7.50 7.50 7.70 7.89 28., 21.1 11.5 July............ 7.66 7.63 7.80 7.97 Aug............. 7.74 7.71 7.85 7.92 Mar. 6. 86.9 50.6 7.56 Sept............. 7.83 7.76 7.85 7.84 13. 10.1 5.5 7.61 7.84 7.75 7.80 7.75 20. 202.9 86.2 7.54 Nov............. 7.79 7.69 7.75 7.62 Dec............. 7.77 7.64 7.70 7.59 Apr. 3. 258.8 178.5 7.56 10. 14.9 1972—Jan.............. 7.78 7.58 7.60 7.49 17. 347.4 176.3 7.60 Feb............. 7.60 7.49 7.60 7.46 Mar............. 7.52 7.44 7.55 7.45 May 1.. 364.9 336.4 7.63 Apr............. 7.51 7.42 7.60 7.50 8.. 35.0 20.4 7.77 15. 266.3 188.2 7.63 30., 133.4 76.4 7.62 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding Note.—Average secondary market yields are gross—before deduction of 38 month. Yields on FHA-insured mortgages are derived from basis-point fee paid for mortgage servicing. They reflect the average accepted bid weighted averages of private secondary market prices for Sec. yield for home mortgages assuming a prepayment period of 12 years for 30-year 203, 30-year mortgages with minimum downpayment and an loans, without special adjustment for FNMA commitment fees and FNMA stock assumed prepayment at the end of 15 years. Gaps in data are purchase and holding requirements. Beginning Oct. 18, 1971, the maturity on new due to periods of adjustment to changes in maximum permis­ short-term commitments was extended from 3 to 4 months. Mortgage amounts sible contract interest rates. The FHA series on average contract offered by bidders are total eligible bids received. 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 □ JUNE 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--Apr............................... 125,047 100,028 35,496 28,682 4,077 31,773 25,019 9,676 7,689 7,654 May............................. 126,025 100,692 35,819 28,706 4,126 32,041 25,333 9,765 8,004 7,564 June............................. 127,388 101,862 36,349 28,976 4,186 32,351 25,526 9,862 8,214 7,450 July.............................. 128,354 102,848 36,763 29,165 4,240 32,680 25,506 9,854 8,271 7,381 Aug.............................. 129,704 104,060 37,154 29,477 4,295 33,134 25,644 9,997 8,305 7,342 Sept.............................. 130,644 104,973 37,383 29,840 4,330 33,420 25,671 10,061 8,305 7,305 Oct............................... 131,606 105,763 37,759 30,072 4,357 33,575 25,843 10,097 8,435 7,311 Nov.............................. 133,263 107,097 38,164 30,586 4,370 33,977 26,166 10,182 8,634 7,350 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 Apr............................... 137,791 110,734 39,337 31,882 4,417 35,098 27,057 10,620 8,306 8,131 i 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 16 (New) of Supplement to Banking and, Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- and pp. 983-1003 of the Bulletin for Dec. 1968. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com­ Mis­ Auto­ Other Total mercial Finance Credit cellaneous Total mobile retail banks cos. i unions lenders i 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- 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 May.................................................. 100,692 87,491 42,482 30,441 12,874 1,694 13,201 334 12,867 June.................................................. 101,862 88,544 43,011 30,609 13,206 1,718 13,318 339 12,979 July.................................................. 102,848 89,458 43,509 30,906 13,296 1,747 13,390 344 13,046 104,060 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 Oct................................................... 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 14,262 110,734 96,104 47,148 32,530 14,494 1,932 14,630 372 14,258 i 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

JUNE 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) Aut p o a m pe o r bile Other R a e n p d air Other Repair E p n er d i 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 lo P 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 l s P o o a e n n r a ­ s l chased Direct paper paper loans 1 1 9 94 3 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1, , 0 72 79 6 2 4 3 4 7 7 3 1 3 7 8 8 3 1 0 6 9 6 1 16 3 1 5 4 3 7 6 1 3 1 19 9 4 3 1 9 , , 2 1 , , 5 8 4 3 1 6 1,4 9 3 3 8 2 1 1 9 3 4 4 2 1 0 51 4 7 6 0 1 5 9 1945............... 745 66 143 114 110 312 1945. 910 202 40 62 606 1950............... 5,798 1,177 1,294 1,456 834 1,037 1950, 5,315 3,157 692 80 1,386 1955............... 10,601 3,243 2,062 2,042 1,338 1,916 1955. 11,838 7,108 1,448 42 3,240 1960............... 16,672 5,316 2,820 2,759 2,200 3,577 1960. 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 1965 . 24,282 9,400 4,425 224 10,233 196 6 31,319 11,024 5,956 4,681 2,647 7,011 1966 26,091 9,889 5,171 191 10,840 196 7 32,700 10,927 6,267 5,126 2,629 7,751 1967 26,734 9,538 5,479 154 11,563 196 8 36,952 12,213 7,105 6,060 2,719 8,855 1968. 29,098 10,279 5,999 113 12,707 196 9 40,305 12,784 7,620 7,415 2,751 9,735 1969. 31,734 11,053 6,514 106 14,061 197 0 41,895 12,433 7,587 8,633 2,760 10,482 1970, 31,123 9,941 6,648 94 14,440 197 1 45,976 13,003 8,752 9,805 2,864 11,552 1971 32,140 10,279 6,521 107 15,233 1971—Apr.... 42,094 12,268 7,825 8,595 2,702 10,704 1971- 30,369 9,781 6,280 98 14,210 May... 42,482 12,361 7,942 8,676 2,729 10,774 30,441 9,810 6,236 100 14,295 June... 43,011 12,484 8,098 8,821 2,765 10,843 30,609 9,918 6,224 101 14,366 July... 43,509 12,614 8,220 8,931 2,803 10,941 July..................... 30,906 10,037 6,230 101 14,538 Aug. .. 44,112 12,753 8,318 9,074 2,838 11,129 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- 31,948 10,197 6,501 108 15,142 Feb.... 45,963 13,007 8,763 9,769 2,824 11,600 Feb...................... 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 Apr__ 47,148 13,369 9,065 10,004 2,873 11,837 32,530 10,474 6,574 112 15,370 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 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 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 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 1965............... 18,990 6,690 981 5,724 706 4,889 1970................................ 14,046 5,202 898 1,256 6,690 1966............... 20,004 6,946 1,026 5,812 874 5,346 1971................................ 15,970 5,916 1,022 1,385 7,647 2 23 1 , , 3 2 0 0 1 6 7 7 , ,9 3 7 4 5 0 1 1 , , 1 0 6 8 3 8 5 6 , , 9 4 3 5 9 0 1 1, , 3 0 0 2 5 9 5 6, , 4 8 0 1 8 0 1971—Apr...................... 14,342 5,292 914 1,277 6,859 24,300 7,900 1,196 6,650 1,584 6,970 May.................... 14,568 5,372 927 1,297 6,972 1970............... 25,641 8,205 1,279 6,932 1,918 7,307 June..................... 14,924 5,510 952 1,320 7,142 1971............... 27,692 8,916 1,384 7,597 2,221 7.574 July..................... 15,043 5,548 958 1,336 7,201 Aug..................... 15,326 5,659 977 1,354 7,336 1971—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 Apr...................... 16,426 6,057 1,046 1,432 7,891 1972—Jan.... 27,004 8,937 1,387 6,719 2,210 7,751 Feb.... 26,619 9,008 1,425 6,008 2,133 8,045 lan N eo o u te s .— len O de th rs e . r financial lenders consist of credit unions and miscel­ M Ap a r r _ _ _ _ 2 2 7 6 , , 0 6 5 5 7 4 9 9 , , 1 08 7 3 6 1 1 , ,4 4 2 4 8 4 6 5 , , 2 9 3 6 9 9 2 2, , 0 0 6 4 7 2 8 8 , , 1 1 3 3 1 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 □ JUNE 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.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 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—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 Apr............................... 10,777 10,563 3,194 3,257 3,824 3,591 256 262 3,503 3,453 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—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 Apr............................... 9,681 9,310 2,767 2,682 3,531 3,391 207 199 3,176 3,038 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—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 Apr............................... 1,096 1,253 427 575 293 200 49 63 327 415 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

JUNE 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—Apr............................... 9,751 10,079 3,676 3,948 2,624 2,672 1,475 1,552 1,976 1,907 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 1,977 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 Apr............................... 10,777 10,563 4,156 4,215 2,908 2,793 1,583 1,577 2,130 1,978 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—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 Apr............................... 9,681 9,310 3,598 3,482 2,579 2,484 1,424 1,368 2,080 1,976 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 1971—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 1972—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 Apr............................... 1,096 1,253 558 733 329 309 ! 159 209 50 2 1 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. □ JUNE 1972 MARKET GROUPINGS (1967= 100) p 19 r 6 o 7 ­ 1971 1971 1972 por­ aver­ Grouping tion age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.* Total index..................................... 100.00 106.4 106.2 107.0 107.2 106.1 105.3 106.2 106.4 107.0 107.6 108.4 109.4 110.0 111.1 Products, total................................... 62.21 106.2 105.5 105.9 106.1 106.8 106.2 106.2 106.9 107.6 107.5 108.1 108.8 109.2 110.0 Final products................................. 48.95 104.4 103.6 103.9 104.5 104.9 105.0 104.6 105.3 105.9 105.6 105.9 106.7 107.0 108.2 Consumer goods........................ 28.53 115.5 114.6 115.7 116.1 116.0 116.0 115.0 116.9 118.2 117.9 118.3 118.6 118.9 120.2 Equipment.................................. 20.42 88.9 88.1 87.8 88.2 89.3 89.6 90.2 89.0 88.8 88.5 88.5 89.9 90.3 91.6 Intermediate products................... 13.26 112.8 112.4 113.5 112.4 113.8 110.7 112.5 113.0 114.0 114.7 115.9 117.0 117.1 116.6 Materials............................................ 37.79 106.8 107.5 108.9 109.0 105.3 104.0 106.2 105.6 106.0 107.6 109.0 110.5 111.6 113.4 Consumer goods Durable consumer goods.................... 7.86 114.3 112.2 117.2 116.1 115.8 115.8 113.6 115.3 115.5 116.4 117.1 119.5 117.9 122.2 Automotive products..................... 2.84 119.4 113.7 123.1 121.2 120.1 121.1 118.0 119.6 119.6 119.8 116.5 119.2 119.1 124.9 Autos.......................................... 1.87 108.3 103.2 108.3 107.9 107.9 108.5 108.0 107. 109.2 109.4 102.8 106.4 104.6 114.3 Auto parts and allied goods___ .97 140.8 133.9 151.4 146.8 143.6 145.2 153.4 142.2 139.7 139.6 143.0 144.1 146.9 145.1 Home goods........................................ 5.02 111.5 111.4 113.9 113.3 113.5 112.9 111.1 112.9 113.4 114.7 117.4 119.7 117.2 121.0 Appliances, TV, and radios.......... 1.41 111.2 116.4 120.7 116.9 115.0 112.1 105.7 110.7 113.4 116.0 123.3 122.6 113.2 127.0 Appliances and A/C.................. .92 127.2 126.0 132.1 129.3 126.0 128.0 121.7 131.1 135.5 134.5 142.6 146.2 128.9 141.4 TV and home audio.................. .49 81.4 98.6 99.4 93.9 94.5 82.4 75.6 72.6 71.8 81.3 87.1 78.3 84.0 100.1 Carpeting and furniture................ 1.08 112.9 110.7 111.7 113.6 114.8 114.7 116.1 115.3 117.3 116.0 118.0 122.7 124.2 125.9 Misc. home goods......................... 2.53 111.0 109.0 111.1 111.2 112.0 112.5 112.1 113.1 111.7 113.4 114.1 116.7 116.4 115.9 Nondurable consumer goods............. 20.67 116.0 115.5 115.1 116.1 116.1 116.1 115.6 117.5 119.3 118.5 118.8 118.2 119.3 119.4 Clothing......................................... 4.32 101.4 101.0 102.6 101.9 102.4 100.3 102.5 103.5 103.6 104.9 105.6 102.6 103.8 Consumer staples.......................... 16.34 119. 119.4 118.5 119.9 119.8 120.2 119.1 121.2 123.5 122.1 122.3 122.4 123.3 123.3 Consumer foods and tobacco.. 8.37 113.2 112.7 113.2 113.5 112.0 112.6 110.4 113.9 117.2 114.6 115.3 115.5 115.9 115.7 Nonfood staples........................ 7.98 126.8 126.4 124.2 126.5 128.0 128.4 128.2 128.9 130.1 130.0 129.7 129.7 131.1 131.8 Consumer chemical products 2.64 133.2 134.0 133.2 130.9 133.1 133.1 133.5 131.7 136.9 134.0 137.2 136.4 138.5 140.5 Consumer paper products... 1.91 107.8 108.2 105.0 109.9 106.9 106.2 109.2 110.3 111.5 114.8 111.4 112.1 113.9 112.0 Consumer fuel and lighting.. 3.43 132.4 130.5 128.0 132.5 135.9 137.2 134.7 137.1 135.2 135.7 134.2 134.5 134.9 136.1 Residential utilities........... 2.25 140.1 136.4 135.1 140.6 145.1 146.2 144.2 147.0 144.5 144.5 141.8 142.5 142.3 143.6 Equipment Business equipment........................... 12.74 96.0 95.1 94.4 95.0 96.3 96.8 97.8 97.4 97.0 96.6 97.2 98.7 99.4 100.8 Industrial equipment................... 6.77 92.3 92.4 90.9 90.9 91.8 92.0 92.4 92.6 93.2 92.8 92.3 93.4 93.9 94.4 Building and mining equip. 1.45 92.9 91.2 91.5 88.8 88.9 96.4 96.6 95.5 95.2 94.0 98.0 99.6 100.5 97.1 Manufacturing equipment 3.85 81.4 82.1 79.5 80.1 81.1 79.9 80.5 81.1 81.3 81.0 80.0 80.7 80.7 82.7 Power equipment...................... 1.47 120.5 120.5 120.2 121.3 122.7 119.7 119.5 119.7 122.2 122.2 118.7 120.3 121.8 122.1 Commercial, transit, farm eq*... 5.97 100.1 98.2 98.4 99.6 101.5 102.2 103.8 102.8 101.3 100.8 102.9 104.7 105.6 108.2 Commercial equipment............ 3.30 108.4 107.1 107.6 107.6 109.9 109.9 112.0 111.0 109.1 106.9 109.0 111.8 112.9 113.0 Transit equipment.................... 2.00 89.0 87.3 87.3 90.5 88.4 90.2 90.2 90.4 88.6 92.1 94.1 93.8 94.3 100.9 Farm equipment........................ .67 92.8 86.6 86.6 87.7 99.9 100.0 103.9 99.5 101.1 96.1 98.6 102.4 102.7 106.2 Defense and space equipment........... 7.68 77.1 76.5 76.9 77.1 77.7 77.9 77.7 75.1 75.3 74.9 74.1 75.3 75.3 76.3 Military products........................... 5.15 80.4 79.1 79.5 80.5 81.4 82.2 82.3 79.0 78.7 78.2 77.5 78.4 78.3 79.1 Intermediate products Construction products....................... 5.93 113.0 113.4 115.5 113.5 115.3 109.4 111.3 112.7 112.9 115.1 115.7 115.8 116.0 116.4 Misc. intermediate products............. 7.34 112.5 111.6 111.9 111.6 112.7 111.7 113.4 113.4 114.9 114.4 116.0 118.0 118.2 116.9 Materials Durable goods materials.................... 20.91 100.8 102.2 104.8 103.0 98.7 94.9 98.7 100.4 99.5 100.1 103.1 105.0 106.3 108.0 Consumer durable parts............... 4.75 101.4 102.8 105.1 104.8 98.8 100.4 100.7 101 99.4 99.2 104.0 105.9 108.7 112.0 Equipment parts............................ 5.41 86.6 86.0 88.9 87.1 87.0 82.1 86.0 86.9 86.0 87.6 88.5 90.3 90.7 91.7 Durable materials nec................... 10.75 107.8 110.2 112.8 110.2 104.6 99.0 104.1 106.6 106.4 106 110.1 112.0 113.1 114.3 Nondurable goods materials............... 13.99 113.8 112.7 112.8 115.5 112.3 114. 114.7 114.6 116.0 116.6 116.0 117.0 117.8 119.8 Textile, paper, and chem. mat---- 8.58 116.1 113.2 113.7 117.5 113.4 117.8 118. 118.8 121.7 122.9 120.9 121.6 122.0 124.2 Nondurable materials n.e.c.......... 5.41 110.3 111.9 111.3 112.0 110.5 109.9 108.2 108.3 107.1 106.7 108.2 109.8 111.3 112.9 Fuel and power, industrial............... 2.89 116.2 121.0 119.7 121.1 119.7 117.2 119.3 99.4 105.0 117.6 117.4 117.7 118.9 120.8 Supplementary groups Home goods and clothing................. 9.34 106.8 106.6 108.7 108.0 108.3 107.1 107.1 108.5 108.9 110.1 111.9 111.8 111.0 113.5 Containers.......................................... 1.82 116.7 113.5 117.8 115.5 118.2 117.2 115.0 116. 119.1 120.8 120.4 123.5 120.1 125.7 Gross value of products in market structure (In billions of 1963 dollars) Products, total................. 392.0 390.2 391.6 392.6 395.2 393.0 392. 395.3 396.1 394.6 398.8 400.3 401.0 405.8 Final products............ 302.3 300.4 301.3 303.2 304.6 305.4 302.9 305.2 305.9 303.4 306.7 307.1 308.2 313.6 Consumer goods.... 213.6 212.6 213.4 214.8 216.4 215.5 212.1 215.7 217.1 215.9 217.5 217.4 218.3 221.7 Equipment............... 88.8 87.9 87.6 88.5 88.1 90.1 90.7 89.4 88.8 87.7 89.1 90.0 90.1 92.1 Intermediate products. 89.6 89.3 90.2 89.6 90.8 87.7 89.7 90.1 90.2 91.0 92.2 93.1 93.2 92.4 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

JUNE 1972 □ INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) Grouping p p 1 ti 9 o r o 6 o r n 7 ­ ­ a a 1 v g 9 e 7 e r 1 * ­ Apr. May June July A 19 u 7 g 1 . Sept. Oct. Nov. Dec. Jan. Feb. 1972 Mar. Apr.* Manufacturing...................................... 88.55 104.8 104.4 105.7 105.6 104.9 103.6 104.9 105.4 105.3 105.4 106.6 108.1 108.6 110.1 Durable............................................ 52.33 98.8 99.1 100.5 100.1 99.4 96.6 98.5 99.1 98.0 98.2 99.7 101.4 102.1 104.1 Nondurable...................................... 36.22 113.3 112.1 113.3 113.7 113.0 113.8 114.2 114.6 115.9 115.9 116.7 117.8 118.1 118.8 Mining and utilities............................. 11.45 119.6 120.6 119.0 120.7 120.3 120.0 120.3 116.1 118.7 121.4 120.6 121.6 122.3 122.4 Mining.............................................. 6.37 107.0 110.4 108.6 108.9 105.7 106.5 106.0 97.7 102.3 107.8 107.3 107.2 108.5 108.9 Utilities............................................. 5.08 135.3 133.2 132.1 135.6 138.7 137.0 138.4 139.3 139.6 138.3 137.4 139.7 139.7 139.6 Durable manufactures 12.55 103.9 108.6 111.5 108.3 104.2 93.8 99.5 100.9 98.7 100.0 103.9 105.3 106.9 109.2 Primary metals................................. 6.61 100.9 108.7 114.3 108.1 98.2 81.0 93.9 95.7 91.4 93.6 102.4 102.6 104.6 108.3 Iron and steel, subtotal............... 4.23 96.5 109.1 112.9 105.3 99.0 66.2 85.9 88.7 81.9 85.5 95.2 95.9 98.3 103.5 Fabricated metal products.............. 5.94 107.3 108.5 108.5 108.5 110.8 108.0 105.7 106.9 106.9 107.1 105.7 108.3 109.4 110.2 Machinery and allied goods................. 32.44 94.2 92.7 93.8 94.4 94.7 94.5 95.2 95.3 94.6 94.1 94.7 96.4 96.8 99.2 Machinery......................................... 17.39 95.5 94.2 95.3 95.2 97.4 95.6 96.3 97.0 96.3 96.6 97.4 98.4 98.7 100.9 Nonelectrical machinery.............. 9.17 92.9 91.4 90.9 91.6 94.9 94.1 95.0 95.3 93.3 92.5 93.8 94.8 95.0 96.8 Electrical machinery.................... 8.22 98.4 97.4 100.2 99.2 100.2 97.3 97.8 98.9 99.6 101.2 101.5 102.4 102.8 105.4 Transportation equipment.............. 9.29 91.3 89.5 90.9 91.7 88.5 91.1 91.7 92.4 91.6 89.8 90.7 93.4 94.6 98.4 Motor vehicles and parts............ 4.56 111.6 108.4 110.2 111.7 106.7 111.6 111.8 112.9 113.4 111.7 113.0 116.5 117.8 124.8 Aerospace and misc. trans. eq... 4.73 71.8 71.4 72.3 72.4 71.0 71.5 72.4 72.6 70.7 68.7 69.3 71.1 72.3 72.9 Instruments...................................... 2.07 108.5 106.7 108.0 108.5 110.9 109.1 110.5 111.2 110.4 109.3 111.1 114.5 114.1 115.8 Ordnance, private and Govt........... 3.69 87.0 85.2 86.0 88.8 88.8 90.0 90.2 85.6 85.1 84.8 83.5 84.0 83.6 84.5 Lumber, clay, and glass....................... 4.44 111.3 113.0 112.3 111.0 111.2 110.4 111.1 112.7 113.0 114.3 115.0 117.6 117.2 116.3 Lumber and products..................... 1.65 113.4 112.5 110.0 111.0 115.4 113.1 113.9 117.3 117.9 120.7 121.1 118.9 118.6 118.1 Clay, glass, and stone products___ 2.79 110.1 113.3 113.7 111.1 108.7 108.8 109.4 109.9 110.1 110.5 111.5 116.9 116.4 115.2 Furniture and miscellaneous................. 2.90 110.1 109.5 109.9 111.3 113.5 111.3 112.0 112.1 111.5 112.7 113.8 116.2 117.1 118.1 Furniture and fixtures..................... 1.38 98.7 98.7 97.6 100.9 99.9 99.6 100.8 100.3 101.6 100.4 101.2 105.8 106.6 108.0 Miscellaneous manufactures........... 1.52 120.5 119.3 121.2 120.7 126.1 122.0 122.2 122.6 120.5 123.9 125.1 125.4 126.8 127.3 Nondurable manufactures Textiles, apparel, and leather.............. 6.90 100.7 99.8 101.5 102.4 100.2 100.1 102.5 102.2 101.6 102.8 102.0 101.1 102.8 105.1 Textile mill products....................... 2.69 108.5 106.3 107.5 109.1 108.5 110.5 111.0 110.1 110.2 112.0 108.9 107.0 110.3 112.0 Apparel products............................. 3.33 97.9 97.3 99.7 97.1 97.0 96.0 99.5 100.0 99.5 99.7 99.8 100 1 101 4 Leather and products...................... .88 87.3 89.9 89.8 89.3 86.7 84.1 87.6 87.2 82.9 86.8 89.3 86.8 85.3 93.7 Paper and printing............................... 7.92 107.8 106.9 106.9 106.0 106.8 108.2 108.3 109.0 110.6 110.8 111.3 112.7 112.3 111.9 Paper and products......................... 3.18 116.0 114.4 115.1 113.4 115.5 117.8 116.4 116.1 119.5 120.0 122.4 123.0 122.8 124.1 Printing and publishing................... 4.74 102.2 101.8 101.4 101.0 101.0 101.7 102.9 104.3 104.5 104.7 103.9 105.8 105.4 103.7 Chemicals, petroleum, and rubber.... 11.92 124.3 122.4 124.2 125.3 124.0 126.2 127.3 126.5 127.8 127.8 129.7 132.5 132.5 133.7 Chemicals and products.................. 7.86 125.8 123.4 123.7 126.8 125.0 127.6 129.7 128.2 130.7 130.3 131.1 135.0 134.4 135.8 Petroleum products......................... 1.80 115.7 115.8 112.7 115.0 114.8 115.8 113.7 115.7 116.0 118.3 119.3 118.7 117.9 118.1 Rubber and plastics products......... 2.26 125.9 124.5 127.2 129.1 128.0 129.9 129.6 129.0 127.6 126.6 133.2 134.9 137.6 139.0 Foods and tobacco............................... 9.48 113.3 112.9 113.6 113.7 113.8 112.8 111.1 113.2 115.6 114.3 115.6 115.9 116.1 115.8 Foods................................................ 8.81 114.5 114.1 114.6 115.4 115.2 114.0 111.9 114.3 117.0 115.8 116.4 116.9 117.3 117.0 Tobacco products............................ .67 97.7 96.9 100.3 92.1 96.6 98.2 100.3 98.5 98.2 93.8 103.8 102.5 101.4 Mining Metal, stone, and earth minerals......... 1.26 104.6 106.5 104.6 104.9 91.6 96.8 98.1 102.0 110.9 111.1 108.0 109.8 108.4 103.1 Metal mining................................... .51 121.4 124.7 122.6 117.3 93.5 104.8 109.7 117.1 136.7 137.7 128.9 133.7 130.8 118.0 Stone and earth minerals................ .75 93.2 94.2 92.4 96.4 90.2 91.4 90.1 91.7 93.4 92.7 93.8 93.5 93.3 92.8 Coal, oil, and gas................................. 5.11 107.5 111.4 109.6 109.9 109.2 108.9 108.0 96.7 100.2 107.0 107.1 106.5 108.6 110.4 .69 99.0 115.5 110.2 109.4 109.4 109.4 109.7 29.1 55.7 112.4 106.3 99.6 104.1 105.6 Oil and gas extraction..................... 4.42 108.9 114.3 109.6 110.0 109.2 108.8 107.7 107.3 107.2 106.1 107.2 107.6 109.3 111.1 Utilities Electric.................................................. 3.91 138.0 135.5 133.8 138.3 142.0 139.7 141.5 142.3 142.3 141.9 141.2 144.4 144.8 144.8 Gas....................................................... 1.17 126.5 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. □ JUNE 1972 MARKET GROUPINGS (1967 = 100) p 19 ro 67 - 1971 1971 1972 Grouping p ti o o r n ­ age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.* Total index....................................... 100.00 106.4 106.5 107.3 109.7 102.1 105.5 109.8 109.8 107.2 103.9 106.2 109.6 110.5 111.7 Products, total................................... 62.21 106.2 105.0 105.1 109.0 103.9 107.5 111.7 111.2 107.4 102.6 105.0 108.2 109.0 109.8 Final products................................. 48.95 104.4 102.9 102.7 107.2 101.6 105.6 110.0 109.3 105.6 100.7 103.9 106.7 107.0 108.0 Consumer goods.......................... 28.53 115.5 113.6 113.5 119.3 111.9 118.4 123.1 122.9 117.3 109 9 115.4 118.4 118.4 119.7 Equipment.................................... 20.42 88.9 88.0 87.6 90.4 87.1 87.6 91.8 90.3 89.2 87.8 87.6 90.3 91.0 91.7 Intermediate products..................... 13.26 112.8 112.6 113.8 115.5 112.4 114.5 118.1 118.1 114.1 109.7 109.4 113.8 116.3 116.7 Materials............................................ 37.79 106.8 109.0 110.8 110.9 99.2 102.3 106.8 107.6 107.0 106.0 108.1 112.0 112.9 114.8 Consumer goods Durable consumer goods....................... 7.86 114.3 114.7 117.3 120.5 101.9 108.6 121.5 125.7 118.9 106.9 116.7 122.1 120.7 125.3 Automotive products....................... 2.84 119.4 121.9 121.2 130.5 94.9 102.0 128.6 135.8 123.7 102.4 120.6 126.4 126.1 134.1 Autos............................................ 1.87 108.3 112.5 120.2 120.8 69.4 76.5 112.0 124.0 115.6 87.5 112.0 117.0 115.1 128.0 Auto parts and allied goods........ .97 140.8 139.9 140.8 149.0 144.0 151.0 160.5 158.6 139.4 130.9 137.1 144.4 147.2 145.8 Home goods.......................................... 5.02 111.5 110.7 111.7 114.9 105.8 112.4 117.5 120.0 116.2 109.4 114.5 119.7 117.6 120.3 Appliances, TV, and radios............ 1.41 111.2 116.1 117.1 117.3 102.5 104.1 113.4 125.3 116.2 97.9 122.7 126.8 118.0 126.2 Appliances and A/C.................... .92 127.2 133.1 132.2 136.1 122.3 114.4 128.0 142.8 131.6 107.5 143.2 149.7 136.1 147.8 TV and home audio..................... .49 81.4 84.3 88.8 81.9 65.4 84.8 86.2 92.5 87.4 80.1 84.3 83.9 84.1 85.6 Carpeting and furniture.................. 1.08 112.9 111.1 108.6 112.6 97.9 114.9 119.5 116.6 120.5 118.6 119.8 127.9 127.8 126.5 Misc. home goods........................... 2.53 111.0 107.5 110.0 114.4 111.0 116.0 118.9 118.5 114.4 112.0 107.7 112.3 113.1 114.3 Nondurable consumer goods................ 20.67 116.0 113.2 112.1 118.8 115.7 122.1 123.7 121.8 116.7 111.0 115.0 117.1 117.5 117.5 Clothing............................................ 4.32 101.4 102.6 101.4 105.5 93.6 105.6 107.0 110.7 100.5 90.5 100.6 106.5 106.9 Consumer staples............................. 16.34 119.8 116.0 114.9 122.3 121.6 126.5 128.1 124.7 121.0 116.4 118.8 119.9 120.3 120.2 Consumer foods and tobacco__ 8.37 113.2 110.0 110.8 116.6 112.6 118.6 120.0 120.5 115.7 108.1 109.2 111.2 112.7 112.9 Nonfood staples........................... 7.98 126.8 122.3 119.1 128.3 131.2 134.7 136.5 129.2 126.5 125.1 128.9 129.1 128.3 128.0 Consumer chemical products.. 2.64 133.2 131.2 132.4 142.2 131.8 139.4 145.2 139.1 136.8 124.6 129.0 130.1 132.3 137.5 Consumer paper products....... 1.91 107.8 107.1 102.0 110.2 109.6 113.9 116.0 113.9 110.7 108.9 106.3 109.1 110.8 110.9 Consumer fuel and lighting... 3.43 132.4 123.8 118.4 127.6 142.7 142.6 141.2 130.0 127.4 134.6 141.4 139.6 135.0 130.1 Residential utilities............... 2.25 140.1 129.2 122.3 132.4 154.4 153.2 153.0 136.6 132.5 141.0 152.3 150.1 144.2 137.4 Equipment Business equipment............................... 12.74 96.0 95.3 94.2 98.0 93.3 93.9 100.3 99.4 97.2 95.0 95.4 99.4 100.2 101.2 Industrial equipment....................... 6.77 92.3 92.4 90.3 92.6 90.4 90.1 94.9 94.3 93.6 92.0 91.1 94.1 93.9 94.4 Building and mining equip.......... 1.45 92.9 91.7 90.9 91.6 87.0 90.5 98.2 97.0 99.0 95.7 97.1 99.5 97.2 97.7 Manufacturing equipment.......... 3.85 81.4 82.0 79.1 81.5 79.3 78.5 83.3 81.9 81.1 80.4 79.0 82.8 82.3 82.6 Power equipment......................... 1.47 120.5 120.3 119.2 122.6 122.7 119.8 122.0 124.0 120.9 118.7 117.0 118.3 121.2 121.9 Commercial, transit, farm eq.*---- 5.97 100.1 98.5 98.6 104.2 96.6 98.3 106.5 105.2 101.3 98.3 100.3 105.4 107.3 108.9 Commercial equipment............... 3.30 108.4 105.3 106.0 112.4 112.6 110.7 115.6 112.0 109.4 105.0 105.2 110.0 110.9 111.1 Transit equipment....................... 2.00 89.0 88.9 89.0 93.8 75.1 82.6 92.3 95.3 91.0 89.8 92.5 96.3 98.4 104.0 Farm equipment.......................... .67 92.8 93.7 90.9 94.3 81.7 83.8 103.7 101.2 92.1 90.6 99.1 109.9 116.3 112.6 Defense and space equipment.............. 7.68 77.1 76.0 76.7 77.8 76.7 77.1 77.8 75.2 75.8 75.9 74.6 75.2 75.6 75.8 Military products............................. 5.15 80.4 78.9 79.7 81.8 80.8 81.6 82.2 78.7 78.9 78.7 11.1 78.3 78.6 78.9 Intermediate products Construction products......................... 5.93 113.0 115.8 118.0 118.6 112.3 111.9 115.9 117.5 112.6 109.0 107.6 113.7 117.0 118.8 Misc. intermediate products............... 7.34 112.5 110.0 110.4 113.0 112.4 116.6 119.8 118.6 115.4 110.3 110.8 113.9 115.8 115.1 Materials Durable goods materials....................... 20.91 100.8 104.1 107.2 106.3 92.1 92.0 99.9 102.3 100.2 98.6 101.8 106.8 108.7 109.8 Consumer durable parts................. 4.75 101.4 102.0 106.4 104.5 88.3 92.0 100.1 104.2 103.8 104.0 107.6 109.3 110.1 111.1 Equipment parts.............................. 5.41 86.6 87.0 89.4 89.4 81.7 80.1 86.9 86.6 85.2 86.8 88.8 91.7 93.4 92.8 Durable materials n.e.c................... 10.75 107.8 113.7 116.6 115.6 99.1 98.0 106.3 109.4 106.2 102.1 105.7 113.2 115.7 117.9 Nondurable goods materials................. 13.99 113.8 113.7 114.3 115.8 107.2 114.5 114.8 117.4 117.5 114.3 115.1 118.3 118.0 121.0 Textile, paper, and chem. mat......... 8.58 116.1 115.6 116.0 118.0 106.5 116.9 118.7 121.3 123.0 119.1 120.1 124.4 123.0 126.8 5.41 110.3 110.8 111.6 112.4 108.2 110.6 108.6 111.2 108.9 106.7 107.3 108.7 109.9 111.8 Fuel and power, industrial................. 2.89 116.2 121.4 119.5 120.4 111.4 117.7 118.3 98.5 105.7 119.2 119.4 119.6 119.6 121.2 Supplementary groups Home goods and clothing................... 9.34 106.8 106.9 106.9 110.6 100.2 109.3 112.6 115.7 108.9 100.7 108.0 113.6 112.7 114.2 Containers............................................ 1.82 116.7 113.8 119.6 119.1 113.0 121.2 120.1 123.5 118.0 111.7 113.8 123.1 120.1 126.1 For Note see p. A-63. * Referred to as “Nonindustrial equipment” in the article published in the July 1971 Bulletin, pp. 551-76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) p 19 ro 67 - a 1 v 9 e 71 r­ 1971 1972 Grouping tion age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.* Manufacturing, total............................ 88.55 104.8 105.0 106.0 108.3 99.7 103.1 108.1 109.2 106.2 101.9 104.2 108.5 109.6 111.0 Durable............................................. 52.33 98.8 100.4 101.7 102.7 93.2 93.6 100.6 101.6 98.9 95.8 98.4 103.1 104.3 105.8 Nondurable...................................... 36.22 113.3 111.7 112.1 116.3 109.2 116.8 119.0 120.1 116.8 110.6 112.6 116.4 117.2 118.3 Mining and utilities............................. 11.45 119.6 117.9 117.0 120.7 121.9 124.2 123.8 114.9 115.3 119.2 121.0 121.1 120.7 120.1 Mining.............................................. 6.37 107.0 110.4 110.9 111.0 103.0 107.7 106.4 98.0 101.8 107.5 104.7 105.4 106.4 108.7 Utilities............................................. 5.08 135.3 127.3 124.6 132.8 145.7 144.9 145.7 136.1 132.3 133.9 141.5 140.8 138.7 134.5 Durable manufactures 12.55 103.9 112.0 114.6 111.1 95.8 90.0 99.0 101.5 98.9 97.4 102.7 109.2 111. 9 113.1 Primary metals................................. 6.61 100.9 115.8 119.8 112.6 87.9 76.2 91.1 94.5 90.3 88.8 101.0 108.6 112.9 115.5 Iron and steel, subtotal............... 4.23 96.5 117.1 119.1 109.0 90.4 62.4 81.9 86.2 80.7 81.3 93.7 101.3 106.9 111.1 Fabricated metal products.............. 5.94 107.3 107.7 108.8 109.5 104.7 105.3 107.7 109.3 108.4 107.1 104.5 109.9 110.8 110.5 32.44 94.2 93.4 94.4 96.7 88.8 90.3 97.6 98.1 95.5 92.2 94.8 98.2 98.7 100.4 17.39 95.5 94.9 94.8 97.0 92.2 92.6 99.5 99.4 96.8 94.3 96.7 100.6 100.7 101.7 Nonelectrical machinery............. 9.17 92.9 92.5 91.4 94.2 91.8 90.6 97.2 95.5 93.4 91.4 92.6 97.9 97.6 98.0 Electrical machinery.................... 8 22 98.4 97.5 98.6 100.2 92.6 94.9 102.0 103.8 100.6 97.6 101.3 103.6 104.1 105.7 Transportation equipment.............. 9.29 91.3 91.6 94.2 96.1 77.8 81.7 93.2 97.2 93.6 87.2 92.7 96.2 97.6 101.7 Motor vehicles and parts............ 4.56 111.6 112.0 116.9 120.5 86.1 93.5 114.4 122.4 117.5 105.9 118.0 122.3 122.7 130.8 Aerospace and misc. trans. eq. .. 4.73 71.8 72.0 72.4 72.6 69.7 70.4 72.8 73.0 70.6 69.2 68.3 71.0 73.4 73.6 Instruments....................................... 2.07 108.5 103.4 106.9 110.8 110.9 111.4 114.9 114.4 111.0 109.2 107.7 111.2 112.2 112.2 3.69 87.0 85.2 86.2 89.2 88.1 88.9 89.8 85.0 85.2 85.2 84.0 84.3 84.3 84.5 Lumber, clay, and glass....................... 4.44 111.3 113.2 114.5 116.6 110.4 116.0 116.5 118.1 113.0 106.6 105.5 112.0 115.0 116.6 Lumber and products..................... 1.65 113.4 114.5 112.5 117.5 112.2 117.6 119.5 121.6 115.3 108.4 110.3 118.7 120.5 120.2 Clay, glass, and stone products---- 2.79 110.1 112.5 115.7 116.1 109.4 115.1 114.7 116.1 111.6 105.6 102.7 108.0 111.7 114.4 Furniture and miscellaneous................. 2.90 110.1 108.7 107.6 112.3 104.2 112.0 115.9 115.3 115.6 113.5 110.0 117.2 117.5 117.8 Furniture and fixtures..................... 1.38 98.7 98.6 95.8 99.3 86.8 98.0 101.8 100.6 104.6 103.4 103.3 111.0 110.5 109.0 Miscellaneous manufactures........... 1.52 120.5 117.9 118.4 124.1 120.0 124.8 128.8 128.7 125.6 122.7 116.0 122.8 124.0 125.8 Nondurable manufactures Textiles, apparel, and leather.............. 6.90 100.7 101.6 101.3 104.6 90.8 104.4 104.9 107.8 101.3 92.4 100.4 105.4 105.7 106.9 Textile mill products....................... 2.69 108.5 108.5 110.4 114.0 96.9 114.5 113.6 113.8 111.0 101.4 106.6 110.3 113.4 114.4 Apparel products............................. 3.33 97.9 99.3 97.4 100.8 89.9 100.4 102.4 107.3 98.1 SI.7 98.4 105.3 103.6 Leather and products...................... .88 87.3 88.8 87.9 89.8 75.2 88.7 88.0 91.3 83.5 82.7 88.6 90.4 90.2 ' 92! 6 Paper and printing............................... 7.92 107.8 107.4 106.8 108.5 103.5 111.6 113.4 114.8 112.1 105.0 105.3 110.0 111. 0 112.5 Paper and products......................... 3.18 116.0 117.8 116.2 116.6 105.7 117.6 116.1 122.1 120.5 111.0 120.9 126.1 125.6 127.8 Printing and publishing................... 4.74 102.2 100.4 100.5 103.1 102.1 107.5 111.5 109.9 106.5 100.9 94.8 99.2 101.2 102.2 Chemicals, petroleum, and rubber....... 11.92 124.3 122.2 123.2 128.6 121.6 126.7 130.7 129.9 129.0 125.8 125.9 131.0 131.6 133.5 Chemicals and products.................. 7.86 125.8 124.3 125.3 131.1 124.2 128.6 133.1 130.8 131.2 127.6 126.5 131.9 132.8 136.8 Petroleum products......................... 1.80 115.7 110.9 111.7 119.1 118.9 120.9 118.9 117.8 115.2 116.5 114.4 115.0 113.5 113.1 Rubber and plastics products......... 2.26 125.9 124.0 125.0 127.7 114.8 124.7 131.9 136.6 132.2 126.9 132.9 140.7 141.7 138.4 9.48 113.3 109.6 110.5 115.9 112.0 117.7 119.4 121.2 116.8 109.5 110.7 111.4 112.7 112.4 Foods................................................ 8.81 114.5 110.9 111.4 117.2 114.0 118.6 120.4 122.3 118.2 111.9 111.2 111.8 113.5 113.7 Tobacco products............................ .67 97.7 92.7 99.3 98.5 86.2 105.7 106.5 106.1 99.0 78.7 103.6 105.5 101.6 Mining 1.26 104.6 107.2 116.9 118.3 97.3 104.1 104.1 105.8 103.9 100.5 93.1 95.4 98.2 103.6 Metal mining................................... .51 121.4 126.1 145.7 147.7 106.8 116.9 118.7 117.9 114.8 111.3 105.8 113.8 114.2 119.3 Stone and earth minerals................ .75 93.2 94.4 97.4 98.3 90.9 95.4 94.2 97.6 96.6 93.1 84.4 82.8 87.3 93.0 Coal, oil, and gas................................. 5.11 107.5 111.2 109.4 109.2 104.4 108.6 107.0 96.0 101.3 109.2 107.6 107.9 108.5 110.0 Coal.................................................. .69 99.0 117.6 112.4 111.6 82.7 116.5 112.6 31.1 56.9 111.7 105.1 99.9 102.7 107.5 4.42 108.9 114.1 108.9 108.8 107.8 107.4 106.1 106.2 108.2 108.8 108.0 109.2 109.4 110.4 Utilities Electric.................................................. 3.91 138.0 128.0 124.2 134.6 151.3 150.0 150.8 138.0 132.8 136.2 146.6 145.8 143.5 138.0 Gas........................................................ 1.17j 126.5 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 □ JUNE 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices 4 facturing 2 In­ Ca­ Market dustry p ut a i c li i z ty a­ Con­ N ri o c n u a l g ­ ­ Products tion struc­ tural Total Period Total Total Final C p o r n o ­ dnets m In ed te ia r t ­ e 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 o c n t n s ­ T m p e o e l m o t n a y t ­ l — ­ i p m E lo e m n y ­ t ­ P ro 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 sumerEquip­ 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 r78.2 107.3 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 H4A 132.0 107.4 94.3 116.9 122 121.3 113.9 1971—Apr........... 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 1 161.0 107.2 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 I 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 1 137.0 107.6 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 ^ r74.1 155.0 107.9 94.4 r 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 88.5 115.9 109.0 106.6 165.0 108.7 94.5 122.2 rl 33 123.2 116.3 Feb........... 109.4 108.8 106.7 118.6 89.9 117.0 110.5 108.1 \r75.1 155.0 108.9 95.0 124.9 r135 123.8 117.3 Mar.......... 110.0 109.2 107.0 118.9 90.3 117.1 111.6 108.6 159.0 r109.4 95.6 r125.8 139 124.0 117.4 Apr.......... 111.1 110.0 108.2 120.2 91.6 116.6 113.4 110.1 167.0 r109.7 96.2 r128.6 138 124.3 117.5 May*..... 111.6 110.9 109.0 121.2 92.0 117.3 113.1 110.7 110.0 96.7 129.2 118.2 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. Latest figure is final. 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 1......................... 67,097 78,878 7,743 7,555 8,077 7,670 7,712 6,814 6,568 6,405 6,286 6,234 5,607 7,284 8,100 By type of ownership: Public........................................ 23,362 24,183 2,074 2,065 2,795 2,683 2,299 2,010 1,837 1,960 1,696 2,137 1,634 rl ,686 1,741 Private 1.................................... 45,058 56,408 5,669 5,489 5,489 4,987 5,413 4,804 4,731 4,445 4,590 4,097 3,973 r5,598 6,359 By type of construction: Residential building i.............. 24,910 35,226 3,168 3,310 3,485 3,357 3,255 3,196 3 170 3,001 2,997 2,667 2,664 3,617 Nonresidential building........... 24,180 26,577 2,080 2,264 2,800 2,621 2,120 2,246 2*064 2,128 1.959 1,728 1,799 2,187 Nonbuilding............................. 18,489 20,509 2,495 1,981 1,792 1,691 2,337 1,371 1,332 1,274 1.959 1,840 1,144 1,480 Private housing units authorized. .. 1,324 1,885 1,638 1,927 1,849 2,052 2,006 1,900 2,173 1,961 2,292 2,105 r2,078 *•1,928 1,987 (In thousands, S.A., A.R.) 1 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

JUNE 1972 □ CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Nonresidential Period Total Total d R en e t s i i a ­ l Total In tr d ia u l s­ B m u C i e o l r d m c i i n a ­ g l s b O u t i h l e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v n & t e e i s n l o e o t n r p ­ ­ Other 2 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—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... 120,175 88,234 49,739 38,495 4,864 13,366 5,698 14,567 31,941 1,015 910 Feb.. . 121,233 89,225 51,832 37,393 4.680 13,138 5,558 14,017 32,008 998 783 Mar.r 121,849 91,680 53,055 38,625 4,790 13,361 6,024 14,192 30,169 1,202 907 Apr.., 122,623 91,522 52,499 39,023 4,718 13,232 5,923 15,099 31,101 956 708 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—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 Sept............... 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................ 2,487 438 436 983 629 1,415 175 896 151 149 2 45 37 8 33 Feb................ 2,682 271 566 1,223 622 1,325 215 1,142 154 152 1 36 28 8 40 Mar.r............ 2,357 355 358 1,049 595 1,298 137 922 205 203 2 49 38 11 49 Apr............... 2,115 252 330 1,081 452 1,174 157 784 214 212 2 39 30 9 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 □ JUNE 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p T n o ( s o N 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 Total E In m c n u p o l l t n o u a y ra g e l r d i- 1 In U pl n o e y m ed ­ U (p n e e m r S r a m . e A t c e n p e . 2 t l ) n o t y ; ­ 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—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 May............... 145,427 57,441 88,905 86,486 81,394 78,041 3,353 5,092 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 n r a u c c t ­ T t l i i 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 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—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............................................... 72,030 18,777 613 3,272 4,536 15,518 3,890 12,217 13,207 Apr.p............................................ 72,269 18,867 604 3,252 4,522 15,636 3,899 12,251 13,238 May*1............................................ 72,475 18,959 603 3,260 4,536 15,617 3,918 12,286 13,296 NOT SEASONALLY ADJUSTED 1971—May.............................................. 70,738 18,554 622 3,265 4,500 15,071 3,780 11,953 12,993 June.............................................. 71,355 18,746 634 3,414 4,549 15,192 3,837 12,050 12,933 July.............................................. 70,452 18,448 613 3,480 4,534 15,132 3,867 12,040 12,338 Aug............................................... 70,542 18,651 625 3,509 4,486 15,151 3,865 11,994 12,261 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............................................... 71,374 18,653 599 2,974 4,482 15,274 3,867 12,131 13,394 Apr.p............................................ 71,934 18,711 598 3,135 4,486 15,449 3,887 12,276 13,392 Mayp............................................ 72,451 18,811 603 3,250 4,518 15,538 3,910 12,384 13,437 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

JUNE 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 May Mar. Apr .p May p May Mar. Apr.p MayP 13,569 13,677 13,770 13,841 13,441 13,572 13,627 13,711 7,667 7,741 7,813 7,873 7,634 7,723 7,779 7,838 Ordnance and accessories...................................... 98 89 90 92 97 89 89 91 Lumber and wood products.................................. 491 520 518 516 488 508 507 513 Furniture and fixtures............................................ 375 400 402 406 371 397 398 401 Stone, clay, and glass products............................. 502 514 515 525 500 502 510 523 Primary metal industries........................................ 1,012 961 970 976 1,018 963 975 982 Fabricated metal products..................................... 1,020 1,034 1,041 1,053 1,011 1,028 1,032 1,044 1,159 1,174 1,185 1,201 1,163 1,189 1,197 1,205 1,184 1,212 1,226 1,234 1,168 1,207 1,212 1,217 Transportation equipment..................................... 1,253 1,243 1,268 1,274 1,252 1,256 1,271 1,273 255 262 265 267 254 263 264 266 Miscellaneous manufacturing industries............... 318 332 333 329 314 320 324 253 Nondurable goods............................................................ 5,902 5,936 5,957 5,968 5,807 5,849 5,848 5,873 Food and kindred products................................... 1,184 1,183 1,180 1,180 1,121 1,108 1,103 1,117 Tobacco manufactures........................................... 65 61 62 62 56 55 54 53 Textile-mill products.............................................. 845 869 871 874 840 866 867 870 Apparel and related products................................ 1,204 1,191 1,201 1,194 1,200 1,198 1,192 1,191 Paper and allied products...................................... 519 532 535 539 514 527 530 534 Printing, publishing, and allied industries............ 667 666 667 667 664 667 667 663 588 576 577 581 587 578 581 581 Petroleum refining and related industries.............. 116 117 116 115 116 114 115 115 448 476 480 486 444 473 476 482 Leather and leather products................................. 266 265 268 270 264 264 264 268 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 May Mar. Apr.p May35 May Mar. Apr.p May? May Mar. Apr p May^ 40.0 40.4 40.8 40.5 142.00 150.72 152.69 153.09 3.55 3.74 3.77 3.78 Durable goods..................................................... 40.5 41.0 41.5 41.2 153.09 163.59 165.21 166.04 3.78 3.99 4.01 4.03 41.5 42.3 42.5 42.2 158.12 169.64 171.32 172.18 3.81 4.02 4.05 4.08 Lumber and wood products...................... 39.8 40.9 41.1 40.8 125.42 131.70 133.16 135.14 3.12 3.22 3.24 3.28 Furniture and fixtures................................ 39.9 40.5 40.7 40.4 113.76 121.00 121.10 120.80 2.88 3.01 3.02 3.02 Stone, clay, and glass products................. 41.4 42.2 41.9 41.7 151.01 159.68 160.90 162.15 3.63 3.82 3.84 3.87 Primary metal industries............................ 41.0 41.3 41.5 41.4 170.57 188.74 191.36 192.56 4.15 4.57 4.60 4.64 Fabricated metal products......................... 40.7 40.8 41.3 41.1 152.22 159.15 161.95 162.76 3.74 3.92 3.95 3.96 Machinery................................................... 40.5 41.4 41.8 41.5 160.79 175.56 176.81 175.96 3.97 4.21 4.23 4.24 Electrical equipment and supplies............. 39.9 40.3 40.8 40.3 138.90 146.29 147.06 147.13 3.49 3.63 3.64 3.66 Transportation equipment......................... 41.1 42.1 42.9 42.3 182.52 194.74 197.82 200.55 4.43 4.67 4.71 4.73 Instruments and related products.............. 40.0 40.3 40.7 41.1 140.10 149.11 150.26 152.97 3.52 3.70 3.71 3.74 Miscellaneous manufacturing industries... 38.9 39.3 39.6 39.2 114.07 120.26 121.66 120.43 2.94 3.06 3.08 3.08 Nondurable goods............................................... 39.4 39.6 39.9 39.6 127.01 134.35 135.49 135.14 3.24 3.41 3.43 3.43 Food and kindred products....................... 40.1 40.6 40.8 40.5 136.21 142.40 143.56 144.68 3.38 3.56 3.58 3.59 Tobacco manufactures............................... 38.3 34.4 33.8 33.9 125.07 112.89 114.20 115.91 3.30 3.39 3.45 3.46 Textile-mill products................................... 40.8 41.4 41.7 41.1 103.94 111.92 112.34 110.84 2.56 2.71 2.72 2.71 Apparel and related products.................... 35.5 35.8 36.0 35.7 87.69 92.52 92.62 91.75 2.47 2.57 2.58 2.57 Paper and allied products.......................... 42.1 42.7 43.0 42.5 152.04 162.82 164.01 163.66 3.62 3.84 3.85 3.86 Printing, publishing, and allied industries. 37.7 37.6 38.0 37.7 157.17 165.06 167.45 167.70 4.18 4.39 4.43 4.46 Chemicals and allied products................... 41.5 41.8 41.7 41.6 161.85 171.80 172.63 171.81 3.90 4.11 4.12 4.13 Petroleum refining and related industries . 41.7 41.7 42.2 41.4 194.65 203.01 211.86 207.55 4.58 4.88 4.95 4.93 Rubber and misc. plastic products............ 40.4 41.2 41.4 41.3 136.21 144.43 145.96 147.08 3.38 3.54 3.56 3.57 Leather and leather products..................... 37.8 38.2 39.1 38.6 97.52 102.33 102.60 104.61 2.58 2.70 2.70 2.71 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 □ JUNE 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 e u 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 r h v 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—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............... fl 22.1 120.0 125.1 115.8 134.4 117.8 115.7 119.1 119.0 fl 19.3 123.1 130.0 117.5 119.7 121.8 Sept............... fl22.2 119.1 125.5 116.1 135.1 117.8 115.7 119.4 120.6 fl 18.6 123.6 130.4 117.6 120.5 122.4 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 Apr................ 124.3 122.4 128.2 118.1 138.5 118.6 120.2 120.5 121.8 118.6 125.5 131.7 119.1 122.3 125.1 Note.—Bureau of Labor Statistics index for city wage-eamers and clerical workers, f Reflects effect of refund of Federal excise tax on new cars. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Pro­ 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 e o a e s n o e s 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 e tc r b . , ­ L b e u e tc m r . , ­ P e a t p c e . r, j | M e a t l e c s, . t­ e c M a q e h n r u i a y d n i ­ p ­ ­ F t e u u t r r c e n . , i­ N t e m m a r o l a i e l n n l i - s c ­ - T e p m t q r o i a o e u r n n n i t p a s t ­ ­ ­ 1 n c M e e o l i l u s a ­ s ­ ment 196 0 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 192.4 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 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8105.2 197 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—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 ;121.1 116.0 110.2 124.2 109.6113.0 Oct. 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7113.0 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.. 116.3 117.8 117.2 115.9 111.3 117.8 116.0 103.4 109.5 134.9 110.8 121.4 116.5 110.2 124.3 113.4113.7 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 M13.7 114.1 May 118.2 122.2 118.6 117.6 113.3 129.5 117.5 104.4 108.8 142.7 113.2 123.6 117.9 111.1 125.9 113.8 114.1 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 1972 Group Group May Mar. Apr. May May. Mar. Apr. May Farm products: Pulp, paper, and allied products: Fresh and dried produce. 127.5 112.8 117.6 120.6 Pulp, paper and products, excluding Grains............................... 107.2 93.8 96.0 97.5 building paper and board........... 110.2 112.5 113.1 113.4 Livestock......................... 119.0 136.7 133.8 139.8 Woodpulp........................................ 112.4 111.5 111.5 111.5 Live poultry..................... 101.3 107.6 94.1 96.3 Wastepaper...................................... 107.6 129.3 131.0 130.5 Plant and animal fibers.. 90.3 114.3 122.1 130.1 Paper................................................ 114.2 115.7 115.9 115.9 Fluid milk........................ 118.7 121.8 122.1 122.5 Paperboard....................................... 102.6 103.6 105.6 105.8 Eggs.................................. 92.4 107.7 87.2 90.6 Converted paper and paperboard.. 109.4 112.2 112.7 113.3 Hay and seeds................. 106.8 114.4 118.5 116.9 Building paper and board............... 102.7 105.6 106.1 106.5 Other farm products........ 113.6 117.5 118.0 119.5 Processed foods and feeds: Metals and metal products: Cereal and bakery products.......... 111.1 112.6 112.8 113.3 Meat, poultry, and fish.................. 116.4 127.3 123.6 126.8 Iron and steel..................................... 120.1 128.3 128.3 128.3 Dairy products............................... 116.2 118.0 117.5 117.4 Steelmill products............................. 117.2 130.9 130.9 130.7 Processed fruits and vegetables.... 114.0 116.7 118.3 119.0 Nonferrous metals............................. 123.1 117.2 117.6 117.8 Sugar and confectionery................ 119.2 121.9 121.1 120.8 Metal containers............................... 123.1 127.1 127.3 127.3 Beverages and beverage materials. 115.7 116.7 117.2 117.2 Hardware........................................... 115.6 119.2 119.6 120.2 Animal fats and oils....................... 131.5 130.4 127.8 127.3 Plumbing equipment......................... 115.8 118.9 119.0 119.0 Crude vegetable oils....................... 120.6 115.6 118.9 112.8 Heating equipment........................... 115.1 117.0 117.9 118.1 Refined vegetable oils..................... 128.3 120.6 120.9 119.6 Fabricated structural metal products 117.3 122.1 122.1 122.0 Vegetable oil end products............ 118.5 120.8 120.7 120.7 Miscellaneous metal products.......... 118.2 124.1 124.3 124.4 Miscellaneous processed foods.... 113.9 113.7 113.8 115.0 Manufactured animal feeds........... 104.6 108.5 108.5 108.4 Textile products and apparel: Machinery and equipment: Cotton products........................... 109.6 119.6 120.5 121.5 Agricultural machinery and equip.., 116.6 122.0 122.1 122.3 Wool products.............................. 93.5 92.0 93.0 98.3 Construction machinery and equip., 121.1 125.0 125.7 125.6 Manmade fiber textile products. 99.7 106.1 107.2 108.0 Metalworking machinery and equip 117.4 119.4 119.7 120.0 Apparel.......................................... 112.2 114.1 114.2 114.3 General purpose machinery and Textile housefurnishings.............. 104.3 108.7 108.7 109.3 equipment..................................... 118.7 121.5 121.9 122.2 Miscellaneous textile products... 113.6 130.9 131.1 129.8 Special industry machinery and equipment.................................... 120.4 123.0 123.4 123.5 Hides, skins, leather, and products: Electrical machinery and equip........ 109.4 110.1 110.2 110.5 Miscellaneous machinery................. 117.2 119.0 119.6 120.3 Hides and skins........... 121.4 173.8 188.6 200.3 Leather......................... 113.0 128.4 138.1 137.8 Footwear...................... 116.7 120.1 122.4 124.6 Other leather products. 107.9 111.9 113.7 115.3 Furniture and household durables: Fuels and related products, and power: Household furniture.................... 115.0 116.8 116.9 117.1 Commercial furniture................. 118.1 118.7 119.2 119.4 Coal....................................... 182.8 192.6 191.2 191.2 Floor coverings........................... 99.8 98.2 98.2 98.2 Coke....................................... 147.6 155.0 155.3 155.3 Household appliances................. 107.1 107.4 107.5 107.2 Gas fuels................................ 106.9 110.9 112.5 113.0 Home electronic equipment........ 93.7 93.0 92.8 92.9 Electric power....................... 112.6 120.0 120.5 121.2 Other household durable goods. 124.5 124.5 125.0 Crude petroleum................... 113.2 113.2 113.2 113.2 Petroleum products, refined. 107.4 106.3 106.6 107.3 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals......................... 101.5 101.0 101.5 101.4 Flat glass.......................................... 124.4 122.4 121.1 121.5 Prepared paint............................................. 115.9 117.9 118.3 118.3 Concrete ingredients....................... 121.2 124.6 126.4 126.7 Paint materials.................................. 103.5 102.7 103.0 103.5 Concrete products........................... 119.6 124.5 125.1 125.1 Drugs and pharmaceuticals............. 101.9 102.5 102.4 102.8 Structural clay products excluding Fats and oils, inedible...................... 138.8 103.5 112.2 116.0 refractories................................... 114.5 116.2 117.2 117.2 Agricultural chemicals and products 93.8 90.6 92.2 92.1 Refractories..................................... 126.7 127.1 127.1 127.1 Plastic resins and materials.............. 88.2 88.9 88.3 88.6 Asphalt roofing............................... 123.6 131.2 131.2 131.2 Other chemicals and products........ 112.1 112.7 113.5 114.1 Gypsum products............................ 101.2 115.3 114.9 113.4 Glass containers............................... 131.5 131.5 136.2 136.2 Rubber and plastic products: Other nonmetallic minerals............ 124.8 126.4 126.4 128.4 Rubber and rubber products............. 110.9 112.9 112.9 113.0 Crude rubber..................................... 100.6 98.5 98.2 98.6 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. 114.2 118.1 ■118.0 118.1 1969 = 100)........................................ 94.6 93.6 93.6 93.3 Railroad equipment................... 120.4 127.3 128.4 129.6 Unsupported plastic film and sheeting (Dec. 1970= 100)............................. 102.2 98.9 98.4 98.5 Laminated sheets, high pressure (Dec. 1970=100)............................ 99.1 98.1 98.4 98.4 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 112.4 114.5 114.0 114.1 Lumber....................... 157.0 152.4 155.1 157.0 Tobacco products............................. 116.5 117.4 117.4 117.5 Millwork.................... 127.6 125.8 126.6 127.6 Notions.............................................. 111.7 111.7 111.7 111.7 Plywood..................... 130.3 128.9 128.9 130.3 Photographic equipment and supplies 105.9 106.9 106.2 106.2 Other wood products. 122.7 120.1 121.1 122.7 Other miscellaneous products.......... 111.6 114.5 115.0 114.9 Note.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 NATIONAL PRODUCT AND INCOME □ JUNE 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 II III IV Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 929.1 974.11,046.81,020.81,040.01,053.41,072.91,103.6 Final purchases............. 101.4 57.2 120.1 278.0 785.7 857.1 921.7 971.31,044.51,017.71,035.41,054.61,070.41,103.0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.6 615.8 662.1 644.9 657.4 668.8 677.2 691.8 Durable goods............................. 9.2 3.5 9.6 30.5 73.1 84.0 89.9 88.6 100.5 96.6 99.1 102.8 103.6 107.6 Nondurable goods....................... 37.7 22.3 42.9 98.1 215.0 230, 247.6 264.7 278.6 273.2 277.8 280.2 283.3 288.0 Services........................................ 30.3 20.1 28.1 62.4 204.0 221.3 242.1 262.5 282.9 275.0 280.5 285.8 290.3 296.2 Gross private domestic investment....... 16.2 1.4 17.9 54.1 116.6 126.0 137.8 135.3 151.6 143.3 152.9 150.8 159.4 168.3 Fixed investment............................... 14.5 3.0 13.4 47.3 108.4, 118.9 130.4 132.5 149.3 140.2 148.3 152.0 157.0 167.7 Nonresidential................................ 10.6 2.4 9.5 27.9 83.3 88.8 98.6 102.1 108 104.7 108.3 109.3 112.6 118.7 Structures................................... 5.0 .9 2.9 9.2 28.0 30.3 34.5 36.8 38.2 36.7 38.5 38.7 39.0 39.8 Producers’ durable equipment. 5.6 1.5 6.6 18.7 55.3 58.5 64.1 65.4 70.5 68.1 69. 70.6 73.6 78.9 Residential structures................... 4.0 .6 3.9 19.4 25.1 30.1 31. 30.4 40.6 35.4 40.0! 42.7 44.4 49.0 Nonfarm.................................... 3.8 .5 3.7 18.6 24.5 29.5 31.2 29.7 40.1 35.0 39.5l 42.1 43.8 48.4 Change in business inventories.---- 1.7 -1.6 4.5 6 8.2 7 7.4 2. 2.2 3.1 4.6 -1.2 2.4 .6 Nonfarm....................................... 1 -1.4 4.0 6.0 7.5 6.9 7.3 2.5 1.7 2.9 4.1 -2.0 2.0 .1 Net exports of goods and services. 1.1 .4 1.3 1.8 5.2 2.5 2.0 3.6 4.7 .1 -4.6 -6.2 Exports....................................... 7.0 2.4 5.9 13. 46.2 50.6 55.6 62.9 65.3 66.2 66.5 68.2 60.4 69.2 Imports....................................... 5.9 2.0 4. 12.0 41.0 48.1 53.6 59 65.3 61.5 66.4 68.2 65.0 75.4 Government purchases of goods and services. 8.5 8.0 24.8 37.9 180.1 199.6 209.7 219.4 233.0 227.9 229.6 233.8 240.8 249.6 Federal......................................................... 1.3 2.0 16.9 18.4 90.7 98.8 99.2 97.2 97.6 96.4 96.0 97.6 100.3 104.9 National defense..................................... 13 14.1 72.4 78.3 78.4 75.4 71.4 72.6 71.4 70.2 71.4 75.8 Other........................................................ 3.1 4.3 18.4 20.5 20.7 21.9 26.2 23.7 24.6 27.4 28.9 29.0 State and local............................................ 7.2 6.0 7.9 19 89.4 100.8 110.6 122.2 135.5 131.6 133.6 136.2 140.5 144.8 Gross national product in constant (1958) dollars.......................................................... 203.6 141.5 263.7 355.3 675.2 706.6 724.7 720.O' 739.4 729.7j 735.8 740.7 751.3 761.6 I 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 Item I II III IV Ip National income................................................ 86.8 40.3 104.2 241.1 653.6 711.1 763.7 795.9 851.1 831.7 847.3 855.2 870.1 898.7 Compensation of employees............................. 51.1 29.5 64.8 154.6 467.2 514.6 565.5 601.9 641.9 627.3 638.0 645.6 656.6 679.9 50.4 29.0 62.1 146.8 423.1 464.9 509.6 541.4 574.2 561.4 571.0 577.3 587.0 607.3 45.5 23.9 51.9 124.4 337.3 369.2 405.5 426.6 450.4 440.3 448.4 452.3 460.3 475.6 .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 .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 71.2 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 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 86.0 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 91.6 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 39.3 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 52.3 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 26.5 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 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

JUNE 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 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 I II III IV I p 103.1 55.6 124.5 284.8 793.9 864.2 929.1 974.11,046.81,020.81,040.01,053.41,072.91,103.6 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 99.0 100.2 103.0 106.2 107.9 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 .7 .6 .4 1.5 -.7 -2.7 -4.1 -4.5 -4.9 -4.3 -4.9 -4.7 -5.8 -7.2 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 1.5 86.8 40.3 104.2 241.1 653.6 711.1 763.7 795.9 851.1 831.7 847.3 855.2 870.1 898.7 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 86.0 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- -1.7 Plus: Government transfer payments........... .9 1.5 2.6 14.3 48.7 56.1 62.2 75.6 90.4 83.7 92.2 92.5 93.3 95.0 Net interest paid by government and 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 85.9 47.0 96.0 227.6 629.3 688.9 750.3 803.6 857.0 833.5 853.4 864.6 876.7 900.1 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 83.0 97.9 116.2| 115.9 115.8 111.6 113.8 116.0 121.7 135.7 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 546.3 591.0 634.2 687.8 741.3 722.0 739.6 748.5 755.0 764.3 Less: Personal outlays................................... 79.1 46.5 81.7 193.9 506.0 551.2 596.3! 633.7 680.7 663.3 676.0 687.6 696.0 710.8 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2| 579.6| 615.8 662.1 644.9 657.4 668.8 677.2 691.8 Consumer interest payments............ 1.5 .5 .9 2.4 13.2 14.3 15.8! 16.9 17.7 17.6 17.7 17.8 17.9 18.0 Personal transfer payments to for­ I eigners............................................ .3 .2 .2 .5 .7 .8 .9 .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 53.5 i Disposable personal income in constant (1958) 1 dollars............................................................ 150.6 112.2 190.3 249.6 477.5 499.0 513.5| 531.5 550.6 542.7 550.5 553.2 556.1 558.0 i 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p Total personal income.......................... 803.6 857.0 843.0 848.6 868.6 857.7 866.1 869.9 871.2 874.9 883.9 892.8 901.8 905.6 909.7 Wage and salary disbursements.......... 541.4 574.2 567.7 572.0 573.2 572.9 579.2 579.8 581.3 584.8 594.8 603.0 610.6 613.2 617.2 Commodity-producing industries. . 200.7 205.7 204.4 206.1 206.4 205.0 205.3 206.7 207.4 208.1 211.4 213.2 216.4 218.8 220.5 Manufacturing only............................. 158.3 160.8 159.6 161.1 161.4 160.2 160.2 161.1 162.0 162.2 165.3 165.8 169.2 171.6 173.3 Distributive industries..................... 129.1 138.8 137.2 138.3 138.1 138.0 140.0 140.7 140.9 141.6 144.7 146.3 149.4 148.6 149.8 Service industries............................. 96.7 105.9 103.9 105.0 105.7 106.3 107.4 107.7 108.1 108.7 109.9 111.4 112.3 113.5 114.1 Government..................................... 114.8 123.8 122.1 122.6 123.0 123.6 126.6 124.7 124.9 126.4 128.8 132.0 132.5 132.3 132.8 Other labor income............................. 30.8 33.7 33.1 33.4 33.7 33.9 34.1 34.3 34.4 34.6 34.8 35.0 35.2 35.4 35.7 Proprietors’ income............................. 66.8 68.4 66.9 67.1 67.4 68.3 69.3 70.1 70.4 70.6 70.7 70.8 71.3 71.7 71.4 Business and professional............... 51.0 52.1 51.8 51.9 52.1 52.2 52.3 52.3 52.4 52.5 52.6 52.5 52.6 52.7 52.8 Farm................................................. 15.8 16.3 15.1 15.2 15.3 16.1 17.0 17.8 18.0 18.1 18.1 18.3 18.7 19.0 18.6 Rental income...................................... 23.3 24.3 24.1 24.2 24.3 24.4 24.5 24.5 24.5 24.6 24.6 24.7 24.8 24.8 24.9 Dividends............................................. 25.0 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 25.9 Personal interest income..................... 64.7 67.5 66.6 66.7 66.9 67.4 68,1 68.8 68.7 68.6 68.4 68.7 68.8 68.7 69.1 Transfer payments............................... 79.6 94.7 89.8 90.5 109.0 96.2 96.5 97.9 97.4 97.6 98.2 98.7 99.4 100.3 100.0 Less: Personal contributions for social insurance....................................... 28.0 31.2 30.9 31.0 31.1 31.1 31.4 31.4 31.4 31.6 32.0 33.9 34.2 34.4 34.5 Nonagricultural income........................ 781.4 834.0 821.1 826.5 846.5 834.8 842.4 845.3 846.4 850.1 859.2 867.9 876.4 879.8 884.2 Agricultural income.............................. 22.2 23.0 21.9 22.1 22.2 22.9 23.7 24.6 24.7 24.7 24.8 24.9 25.4 25.7 25.5 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FIRST QUARTER 1972 (Seasonally adjusted annual rates; in billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of U.S. All State the Govt. Sponsored Mone­ Pvt. sectors Discrep­ Natl, Sector House­ Busi­ and local Total world Total credit tary Coml. nonbank ancy savings holds ness govts. agencies auth. banking finance and invest­ Transaction ment category U S U S U S U S U S U S U S U S U S U S U S U S U 182.4 ....... 102.5 ....... -2.7 ....... 282.2 10.0 -14.7 6.8 .1 * 3.6 3.1 284.3 274.3 1 97.2 86.6 ......... 183.9 2.8 1.1 1.7 186.6 186.6 2 85.2 ... . 15.9 ......... -2.7 ......... 98.3 10.0 -14.7 4.0 .1 * 2.5 1.5 97.7 87.7 3 183 2 83.9 . ... -5.5....... 261.7 ....... 11.4....... -16.7 2.4 -1.3 * 2.4 1.3 258.8 25.5 264.5 4 5 Private capital expenditures......................... 144 0 128 9 272.9 .... 3.0 1.2 1.8 275.9 8.4 275.9 5 6 Consumer durables.................................. 107 6 107.6 ......... 107.6 107.6 6 7 Residential construction.......................... 30 7 18 3 49.0 49.0 49.0 7 8 Plant and equipment......................................... 5 7 110.0 ... 115.7 ......... 3.0 1.2 1.8 118.7 118.7 8 .6 .6......... .6 .6 9 10 Net financial investment (11-12)................... 39.2 -44.9 -5.5 -11.2 11.4 -16.7 -.6 -1.3 1.2 -.5 -17.1 17.1 -11.4....... 10 98. 3 27.2....... 11.7 137.2 18.9....... -13.4 139.1 7.0 2.1 42.9 87.0 281.9 7.6 11 .... 59.1 72.1 17.3 148.5 7.6 3.3 139.7 8.3 2.1 41.7 87.5 299.0 18.9 12 13 Gold SDR’s and official fgn exchange 2.2 -.3 -.2 -2.2 -2.2 -.3 -.3 ......................13 14 Treasury currency and SDR ctfs .... .7 1.0 1.0 1.0 .7 -.4 14 15 Demand deposits and currency............... 18.5 4.0 14.5 14.6 18.5 ......................15 I g Private domestic ............................... 20.2 6.3 2.7 29.2 -.8 29.9 -.3 7.3 22.6 -.5 28.4 29.9 1.5 16 17 U.S. Government.................................. -12.2 -9.8 -2.5 -7.4 -12.2 -9.8 2.4 17 1IOQ FX rU\rlpvilognll ♦ . • ...........................................................•.•..•..•..•.•.. -1.6 -1.6 -.8 -.7 -1.6 18 19 Time and savings accounts....................... 84 6 86.8 .7 88.8 .7 88.8 ....................19 20 At commercial banks............................ 27 9 .8 1.4 30.2 1.4 -.2 ___ 31.3 31.3 31.3 ....................20 21 At savings institutions.......................... 56 7 56.7 .7 57.4 .7 57.4 57.4 ............... 21 22 Life insurance reserves............................ 7 2 7.2 .1 7.2 7.2 7.2 ................22 23 Pension fund reserves.............................. 14.9 14.9 1.3 13.6 13.6 14.9 ...................... 23 24 Interbank items........................................ -25.5 -25.5 -.6 NS-24.9 -22.9 -25.5 -25.5 ...................... 24 25 Corporate shares..................................... -10.0 11.0 -10.0 11.0 2.7 -.1 15.4 -2.8 15.4 -2.8 8.1 ...................... 25 26 Credit market instruments...................... -19.1 49.4 6.7 56.7 7.2 16.8 -5.1 122.9 13.4 4.3 3.0 3.6 129.3 9.7 7.2 6.6 3.9 57.9 4.2 60.4 -1.1 140.5 140.5 ...................... 26 27 U.S. Government securities................. -21 3 -4.5 7.7 -18.1 11.4 3.7 16.6 6.3 5.6 6.3 4.3 -4.1 10.8 10.0 ...................... 27 28 State and local obligations................... -2 2 1 0 -.1 16.5 -1.3 16.5 17.8 17.3 .5 16.5 ......... 28 2 3 9 0 C H o o r m po e r m ate o r a tg n a d g f e o s r . e .. i . g .. n .. . b .. o .. n ... d .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 .2 9 26.1 1 1 4 . . 3 2 -.4* 13 . . 2 5 2 1 7 4 . . 5 2 -1.0 1.7 -.8 -.1 2 1 8 0 . . 2 6 7. .2 2 4.8 6.7 * 3.4 1 1 0 6 . . 6 7 3. . 8 2 2 2 3 7 . . 1 6 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 0 9 31 Other mortgages................................... 2.8 1.5 20.1 2.8 21.6 .4 18.4 2.0 4.1 12.4 21.6 ...................... 31 32 Consumer credit................................... ......... 13.9 3.0 3.0 13.9 10.9 5.6 5.3 13.9 ...................... 32 33 Bank loans n.e c............................... 6 5 15.0 21.4 .4 26.1 4.2 26.1 4.2 26.1 ............... 33 34 Other loans........................................... -12.4 1.3 7.2 6.1 .3 -5.2 7.7 3.0 2.3 3.4 .5 -8.2 -5.2 .3 -.5 2.2 .8 4.1 -9.4 1.7 ............... 34 35 Security credit........................................... 1.3 8.7 1.3 8.7 .1 13.6 6.2 5.8 7.8 6.2 14.9 ...................... 35 36 To brokers and dealers....................... 1 3 1.3 4.9 6.2 4.9 6.2 6.2 ...................... 36 37 To others............................................... ......... 8.7 8.7 .1 8.7 .9 7.8 8.7 ...................... 37 38 Taxes payable........................................... 2.1 .5 .5 2.1 -1.6 -1.7 -.4 -.9 -.4 -1.1 .4 1.5 ...................... 38 39 Trade credit............................................... 6 7.7 4.9 .5 7.7 5.9 .1 .2 -1.7 -1.5 .5 .5 6.7 4.6 -2.1 ...................... 39 40 Equity in noncorporate business............. -3 2 -3.2 -3.2 -3.2 -3.2 ...................... 40 41 Miscellaneous claims............................... 2.4 .5 5.5 .6 8.0 1.1 .7 3.4 -.3 -.9 6.9 25.8 .1 1.7 1 0 4.1 15.5 2.6 7.6 15.2 29.4 14.3 ...................... 41 42 Sector discrepancies (1-4).................................... -.8 18.6 2.8 20.5 -1.4 2.0 4.4 1.4 1.1 1.9 25.5 25.5 9.8 42 A 72 FLOW OF FUNDS □ JUNE 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.1 2. SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql Funds raised, by type and sector Total funds raised by nonfinancial 1 sectors......................................... 70.4 68.7 83.4 97.8 92.5 101.9 156.3 91.1 93.6 94.5 109.7 142.9 168.9 141.7 1 2 U.S. Government.............................. 1.8 3.6 13.0 13.4 -2.8 13.1 25.5 -7.4 2.0 8.9 17.4 22.3 28.6 3.6 2 3 Public debt securities.................... 1.3 2.3 8.9 10.3 -1.3 12.9 26.0 -5.9 3.6 9.5 16.3 23.8 28.1 1.3 3 4 Budget agency issues.................... .5 1.3 4.1 3.1 -1.6 .3 -.5 -1.5 -1.6 -.6 1.1 -1.6 .5 2.2 4 5 All other nonfinancial sectors.. 68.6 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 138.1 5 6 Corporate equity shares............... .3 .9 2.4 -.7 4.8 6.8 13.5 1.9 7.6 6.0 7.6 12.7 14.2 10.9 6 7 Debt instruments........................... 68.3 64.1 68.0 85.1 90.6 81.9 117.4 96.6 83.9 79.6 84.7 108.0 126.1 127.2 7 8 Debt capital instruments.......... 38.8 39.0 46.2 51.3 49.0 60.8 87.5 51.8 46.2 52.5 69.2 84.5 90.5 81.5 8 9 State and local govt. secs.. .. 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 16.5 9 10 Corporate and fgn. bonds.. . 5.9 11.0 15.9 14.0 13.1 21.1 20.3 14.0 12.2 18.0 24.3 23.2 17.4 15.9 10 11 Mortgages.............................. 25.6 22.3 22.0 27.3 27.9 25.8 47.0 29.3 26.5 22.7 29.0 39.3 54.6 49.1 11 12 Home mortgages..................... 15.4 11.4 11.6 15.2 15.7 12.8 26.1 16.8 14.6 11.2 14.4 20.4 31.8 27.5 12 13 Other residential...................... 3.6 3.1 3.6 3.5 4.8 5.9 8.8 4.6 5.1 5.2 6.6 8.6 9.0 9.1 13 14 Commercial............................... 4.4 5.7 4.7 6.6 5.5 5.4 10.1 5.7 5.3 4.8 6.0 8.6 11.6 10.4 14 15 Farm............................................. 2.2 2.1 2.1 2.1 1.9 1.8 2.0 2.3 1.6 1.5 2.1 1.8 2.3 2.1 15 16 Other private credit................... 29.5 25.1 21.8 33.8 41.6 21.1 29.9 44.8 37.8 27.1 15.5 23.4 35.6 45.7 16 17 Bank loans n.e.c..................... 14.1 10.4 9.9 13.8 16.8 5.0 13.0 19.4 14.2 9.0 1.1 7.9 18.0 21.8 17 18 Consumer credit.................... 10.0 7.2 4.6 11.1 9.3 4.3 10.4 10.0 7.9 5.5 3.4 6.5 13.5 13.9 18 19 Open-market paper............... -.3 1.0 2.1 1.6 3.3 3.8 -.4 4.6 2.1 3.7 3.8 -.4 -.4 2.9 19 20 Other...................................... 5.7 6.4 5.2 7.3 12.2 8.0 6.9 10.8 13.6 8.8 7.3 9.4 4.5 7.0 20 21 By borrowing sector.................... 68.6 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 138.1 21 22 Foreign.......................................... 2.5 1.3 4.0 3.1 3.3 3.0 5.6 4.7 2.0 2.3 3.8 5.5 5.8 4.2 22 23 State and local governments........ 7.6 6.4 8.5 10.4 8.7 13.9 20.6 8.9 8.5 11.4 16.4 22.1 19.1 16.8 23 24 Households.................................... 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 49.4 24 25 Nonfinancial business................... 29.6 34.1 38.1 39.1 50.8 49.5 63.0 50.8 50.7 49.9 49.2 61.6 64.4 67.7 25 26 Corporate.............................................. 20.6 25.2 29.7 30.7 40.2 39.8 48.6 39.8 40.6 41.1 38.5 47.0 50.1 52.7 26 27 Nonfarm noncorporate.................... 5.7 5.5 5.0 5.7 7.4 6.4 10.3 7.6 7.2 5.6 7.4 11.0 9.7 10.2 27 28 Farm........................................................ 3.3 3.5 3.5 2.7 3.2 3.2 4.1 3.4 3.0 3.2 3.3 3.6 4.6 4.8 28 Funds advanced directly in credit markets Total, households and business 1 Total capital outlays1............. 173.6 191.2 188.7 208.7 225.1 221.9 249.7 222.3 227.9 220.3 223.4 243.1 255.6 272.9 1 2 Capital consumption2................... 110.3 118.5 128.4 140.4 153.8 165.7 176.3 150.4 157.2 163.3 168.2 173.4 179.1 183.9 2 3 Net physical investment............... 63.3 72.7 60.3 68.3 71.3 56.1 73.4 71.9 70.7 57.1 55.2 70.4 76.5 89.0 3 4 Net funds raised........................... 58.5 57.3 57.9 71.0 83.3 71.8 104.6 84.9 81.1 71.9 72.1 93.1 115.4 117.1 4 5 Excess net investment3................. 4.9 15.4 2.4 -2.7 -12.0 -15.7 -31.2 -13.0 -10.3 -14.8 -17.0 -22.7 -38.9 -28.1 5 Total business 6 Total capital outlays............... 84.1 97.0 94.0 99.0 108.4 109.0 119.0 104.5 112.2 105.7 112.3 117.6 120.4 128.9 6 7 Capital consumption..................... 50.5 54.2 58.5 63.2 69.0 74.6 81.2 67.4 70.6 73.4 75.8 79.1 83.2 86.6 7 8 Net physical investment............... 33.6 42.8 35.6 35.8 39.4 34.4 37.8 37.2 41.6 32.3 36.6 38.4 37.2 42.2 8 9 Net debt funds raised................... 29.6 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 56.7 9 10 Corp. equity issues....................... * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 11.0 10 11 Excess net investment3................. 4.0 8.7 — 2.5 -3.3 -11.4 -15.1 -25.2 -13.6 -9.1 -17.6 -12.6 -23.1 -27.3 -25.5 11 Corporate business 12 Total capital outlays............... 62.8 77.1 72.0 76.2 84.1 84.1 87.1 80.6 87.6 81.5 86.8 86.9 87.4 96.0 12 13 35.2 38.2 41.5 45.1 49.2 53.8 59.0 48.0 50.4 52.7 54.8 57.4 60.5 63.1 13 14 27.5 38.9 30.5 31.1 34.9 30.3 28.2 32.6 37.2 28.8 31.9 29.5 26.9 32.9 14 15 Net debt funds raised................... 20.6 24.0 27.4 31.6 35.9 33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 41.7 15 16 Corp. equity issues....................... * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 11.0 16 17 Excess net investment3................. 6.9 13.7 .8 .3 -5.3 -9.5 -20.4 -7.2 -3.3 -12.3 -6.5 -17.5 -23.2 -19.8 17 Households 18 Total capital outlays............... 89.6 94.2 94.6 109.7 116.7 112.9 130.7 117.7 115.7 114.6 111.0 126.2 135.2 144.0 18 19 Capital consumption..................... 59.9 64.3 69.9 77.2 84.8 91.2 95.1 83.0 86.6 89.9 92.4 94.2 95.9 97.2 19 20 29.7 29.9 24.7 32.5 31.9 21.7 35.6 34.7 29.1 24.7 18.6 32.0 39.3 46.8 20 21 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 49.4 21 22 Excess net investment3................. .9 6.7 5.0 .6 -.6 -.6 -6.0 .5 -1.2 2.8 -4.3 .5 -11.7 -2.6 22 Of which: 23 Houses less home mtgs................. -3.3 -.8 -1.3 -2.1 -3.4 -2.8 -9.5 -2.8 -4.0 -1.4 -4.3 -5.3 -13.8 -5.4 23 24 Durables less cons, credit............ 4.7 7.9 7.8 5.6 6.3 4.0 6.5 7.2 5.9 5.0 2.8 8.5 5.3 8.2 24 25 Nonprofit P&E less mtgs.............. 1.8 2.0 1.9 1.9 2.3 2.3 2.3 2.1 2.4 2.5 2. 1 2.2 2.3 2.4 25 26 Less: Unallocated debt................ 2.4 2.4 3.5 4.8 5.8 4.1 5.2 6.0 5.6 3.3 4.9 4.9 5.6 7.8 26 1 Capital outlays are totals for residential and nonresidential fixed ments, and foreigners. All funds raised by financial sectors are excluded. capital, net change in inventories, and consumer durables, except outlays U.S. Government budget issues (line 4) are loan participation certificates by financial business. issued by CCC, Export-Import Bank, FNMA, and GNMA, together with 2 Capital consumption includes amounts for consumer durables and security issues by FHA, Export-Import Bank, and TVA. Issues by federally excludes financial business capital consumption. sponsored credit agencies are excluded as borrowing by financial institu­ 3 Excess of net investment over net funds raised. tions. Such issues are in U.S. Government securities in Table 3. Corporate share issues are net cash issues by nonfinancial and foreign corporations. Note.—Data revised 1965-71; 1972 Q2 based on preliminary and in­ Mortgages exclude loans in process. Open market paper is commercial complete information. paper issued by nonfinancial corporations plus bankers’ acceptances. Funds raised, by type and sector. Credit flows included here are the amounts shown on lines 25-34 of Table 1 by households, business, govern­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.2 FLOW OF FUNDS □ JUNE 1972 3. DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql 1 Total funds advanced in credit mar­ kets to nonfinancial sectors........ 70.1 67.7 81.0 98.5 87.7 95.1 142.9 89.1 86.0 88.5 102.1 130.2 154.7 130.8 1 By public agencies and foreign 2 Total net advances............................. 8.9 11.9 11.3 12.2 15.8 28.0 41.2 9.9 22.3 25.3 30.6 37.7 44.8 27.4 2 3 U.S. Govt, securities..................... 3.7 3.4 6.8 3.4 .9 15.7 33.4 -2.7 4.5 10.5 21.0 32.4 34.4 21.3 3 4 Residential mortgages.................. .4 2.8 2.1 2.8 4.6 5.7 5.7 3.0 6.3 6.3 5.2 4.2 7.1 5.7 4 5 FHLB advances to S&L’s............ .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 - 6.0 5 6 Other loans and securities........... 4.1 4.8 4.9 5.1 6.3 5.2 4.8 6.6 6.6 5.7 4.6 6.9 2.8 6.4 6 By agency— 7 U.S. Govt....................................... 2.8 4.9 4.6 4.9 2.9 2.8 3.2 2.7 3.7 3.1 2.6 4.4 1.9 3.0 7 8 Sponsored credit agencies............. 2.2 5.1 -.1 3.2 9.0 9.9 2.8 6.2 11.8 11.1 8.7 - 1.8 7.4 7.2 8 9 Federal Reserve............................. 3.8 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 2.8 7.2 8.4 9.3 3.9 9 10 Foreign........................................... .1 - 1.6 2.0 .3 -.3 10.3 26.4 - 2.6 2.0 8.3 12.2 26.7 26.1 13.4 10 11 Agency borrowing not in line 1. . .. 2.1 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 6.6 11 Private domestic funds advanced 1 1 3 2 To U ta . l S . n e G t o a v d t v , a s n e c c e u s r . i .. t . i . e .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.3 * 6 5 0 . . 4 6 6 5 9 . .1 7 8 1 9 3 . . 8 3 8 5 0 . . 4 7 7 6 5 . .8 2 1 - 0 4 5 . . 0 5 8 2 6 . . 5 3 7 8 4 . . 7 7 7 9 4 . . 3 0 7 3 8 . . 1 0 - 9 9 2 . . 9 8 11 1 7 . . 8 3 - 1 1 1 1 0 . . 4 0 1 1 3 2 14 Municipal securities...................... 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 16.5 14 15 Corporate and fgn. bonds............ 6.0 10.3 16.0 13.8 12.6 20.5 20.0 13.4 11.8 17.1 23.8 23.0 17.1 16.9 15 16 Residential mortgages................... 18.6 11.6 13.1 15.8 15.8 12.9 29.2 18.3 13.3 10.0 15.7 24.7 33.6 30.9 16 17 Other mortgages and loans.......... 32.1 28.5 23.5 37.8 43.0 23.8 37.4 46.8 38.5 28.6 19.4 27.2 46.8 51.1 17 18 Less: FHLB advances.................. .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 - 6.0 18 Private financial intermediation 19 Credit market funds advanced by pri­ vate financial institutions........... 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.1 43.7 54.3 86.1 105.9 105.3 118.3 19 20 Commercial banking.................... 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.1 14.7 21.6 41.5 49.4 50.0 57.9 20 21 Savings institutions....................... 14.3 7.9 15.0 15.6 14.2 16.6 41.6 17.8 10.6 11.7 21.5 45.4 37.8 49.7 21 22 Insurance and pension funds........ 13.6 15.0 12.4 13.9 12.2 17.6 12.0 12.4 12.1 17.7 17.5 11.6 12.4 7.2 22 23 Other finance................................. 5.5 4.7 -.5 6.6 8.6 4.5 2.3 10.9 6.2 3.3 5.5 -.6 5.2 3.4 23 24 Sources of funds:............................... 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.1 43.7 54.3 86.1 105.9 105.3 118.3 24 25 Domestic private deposits............ 38.5 21.2 49.4 46.1 2.5 60.4 92.3 5.0 -.1 32.0 88.8 105.8 78.6 110.2 25 26 Credit market borrowing.............. 6.8 3.0 -.6 6.9 16.8 1.8 4.5 13.4 20.1 10.7 -7.0 -.2 9.2 3.1 26 27 Other sources................................. 17.2 20.5 14.0 22.0 34.7 8.0 9.0 45.7 23.6 11.6 4.3 .3 17.6 5.0 27 2 28 9 T Fo re r a e s ig u n ry f u b n a d la s n .. c .. e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 1. .8 0 - 3 . . 5 7 2. . 3 2 - 2 . . 2 6 9.3 * -8 2 . . 4 9 -3 2 . . 3 2 - 1 2 4 . . 1 4 4 2. . 1 2 -3 3 . . 4 4 -13 2 . . 5 4 - - 7 1 . . 6 6 6 1 . . 1 0 -7 5 . . 4 4 2 2 9 8 3 3 1 0 I O n t s h u e r r a , n n ce e t a .. n .. d .. .. p .. e . n .. s .. i . o .. n .. .. r . e .. s .. . . . . . . . . . . . . . . . . . 1 5 1 . . 9 4 1 4 3 . . 2 2 1 - 1 .3 .8 1 8 1 . . 4 2 1 1 5 0 . . 1 3 13.5 * 8 1 . .8 2 2 9 3 . . 7 7 1 6 0 . . 3 9 - 1 1 3 . . 3 0 14 1 . . 1 2 2 7 . .6 0 8 1 . . 8 6 5 1 . . 2 7 3 3 1 0 Private domestic nonfinancial investors 32 Direct lending in cr. mkts................. 7.6 18.9 5.8 21.7 43.5 7.4 4.2 35.5 51.2 30.3 -15.0 -13.3 21.2 -5.1 32 33 U.S. Govt, securities..................... 2.3 8.8 -1.3 7.7 16.0 -7.6 -13.1 14.6 17.4 1.8 -17.0 -24.7 - 1.6 -18.1 33 34 Municipal securities...................... 2.6 2.7 - 2.0 .3 7.5 1.7 5.7 5.4 9.7 4.5 - 1.1 5.3 6.1 -1.3 34 35 Corporate plus fgn. bonds........... 1.4 2.5 5.3 5.1 7.6 10.4 8.6 6.0 9.1 8.7 12.1 10.3 6.8 13.5 35 36 Commercial paper......................... .5 2.0 1.5 4.4 8.7 - 1.2 - 2.1 6.1 11.2 10.9 -13.3 -7.8 3.7 -5.2 36 37 Other.............................................. .8 3.0 2.4 4.2 3.7 4.1 5.0 3.5 3.8 4.3 4.3 3.5 6.2 6.0 37 38 Deposits and currency..................... 40.7 23.1 51.5 48.6 5.3 63.9 95.7 6.5 4.1 35.0 92.8 110.3 80.9 117.5 38 39 Time and savings accounts.......... 32.7 20.3 39.3 34.0 - 2.2 56.2 81.3 5.2 -9.7 31.1 81.4 92.4 70.1 86.8 39 40 Money............................................ 7.9 2.8 12.2 14.6 7.6 7.7 14.4 1.3 13.8 3.9 11.4 17.9 10.7 30.7 40 41 Demand deposits....................... 5.8 .8 10.1 12.2 4.7 4.2 11.0 -.2 9.6 .9 7.4 13.4 8.4 23.4 41 42 Currency..................................... 2.1 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 7.3 42 43 Total of credit market instr., De­ posits, and currency................. 48.2 42.1 57.3 70.3 48.8 71.3 99.9 42.1 55.3 65.3 77.8 96.9 102.1 112.3 43 Memoranda: 44 Public support rate (in per cent) 12.7 17.6 13.9 12.3 18.0 29.4 28.9 11.1 26.0 28.6 30.0 28.9 29.0 21.0 44 45 Pvt. fin. intermediation (in per cent)....................................... 98.8 73.7 90.8 83.5 66.9 92.6 100.2 74.3 58.5 73.4 110.3 114.0 89.8 107.5 45 46 Total foreign funds....................... .8 2.1 4.3 2.9 9.0 1.8 23.1 11.8 6.2 4.9 -1.3 19.1 27.1 18.8 46 Corporate equities not included above 1 Total net issues......... 3.4 4.6 4.9 4.0 10.4 9.3 14.6 8.3 12.6 9.1 9.5 12.9 16.3 8.1 1 2 Mutual fund shares 3.1 3.7 2.6 4.7 5.7 2.4 1.1 6.4 5.0 3.0 1.9 .2 2.1 -2.8 2 3 Other equities....... .3 .9 2.3 -.7 4.7 6.9 13.5 1.9 7.6 6.1 7.6 12.7 14.2 10.9 3 4 Acq. by financial inst. 5.7 6.0 8.4 9.5 12.8 11.3 19.1 12.1 13.5 12.5 10.2 20.7 17.5 15.4 5 Other net purchases. -2.3 -1.3 -3.5 -5.5 -2.4 -2.0 -4.5 -3.8 -.9 -3.3 -.7 -7.8 -1.2 -7.3 Notes to Table 3 29. Demand deposits at commercial banks. 30. Excludes net investment of these reserves in corporate equities. Line 31. Mainly retained earnings and net misc. liabilities. 1. Total funds raised (line 1 of Table 2) excluding corporate equities. 32. Line 12 less line 19 plus line 26. 2. Sum of lines 3-6 or 7-10. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 6. Includes farm and commercial mortgages. includes mortgages. 11. Funds raised by Federally sponsored credit agencies. 42. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. Also sum of lines 27 through 41 excluding subtotals. 44. Line 2/line 1. 17. Includes farm and commercial mortgages. 45. Line 19/line 12. 25. Lines 39 + 41. 46. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities 28. Foreign deposits at commercial banks, bank borrowings from foreign Line branches, and liabilities of foreign banking agencies to foreign 1 and 3 Includes issues by financial institutions. Digitized for FRASaEffRili ates. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o FLOW OF FUNDS A 73.3 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql Households, personal trusts, and nonprofit organizations 1 538.9 587.2 629.3 688.9 750.3 803.6 857.0 734.9 765.8 794.0 813.2 843.5 870.6 900.1 1 2 Less: Personal taxes & nontaxes... 65.7 75.4 83.0 97.9 116.2 115.9 115.8 115.4 116.9 117.4 114.4 112.7 118.9 135.7 2 3 Equals: Disposable personal in­ come ............................... 473.2 511.9 546.3 591.0 634.2 687.8 741.2 619.5 648.8 676.7 698.9 730.7 751.8 764.4 3 4 Less: Personal outlays.................... 444.8 479.3 506.0 551.2 596.3 633.7 680.7 586.4 606.1 626.5 640.9 669.6 691.8 710.8 4 5 Equals: Personal saving, NIA basis. 28.4 32.5 40.4 39.8 37.9 54.1 60.5 33.1 42.7 50.2 57.9 61.1 60.0 53.6 5 6 Plus: Credits from Govt, insur.1. 4.8 5.2 5.4 6.0 6.6 9.2 9.8 6.5 6.8 9.9 8.6 10.5 9.0 8.4 6 7 Capital gains dividends2 . . .9 1.3 1.7 2.5 2.5 .9 .8 3.2 1.9 1.5 .3 .7 .9 1.0 7 8 Net durables in consumpt.. 14.8 15.2 12.4 16.7 15.5 8.4 17.0 17.2 13.9 10.6 6.2 15.0 18.9 22.2 8 9 Equals: Net saving........................... 49.0 54.2 59.8 64.9 62.6 72.6 88.0 60.0 65.2 72.1 73.0 87.3 88.7 85.2 9 10 Plus: Capital consumption......... 59.9 64.3 69.9 77.2 84.8 91.2 95.1 83.0 86.6 89.9 92.4 94.2 95.9 97.2 10 11 Equals: Gross saving...................... 108.8 118.5 129.8 142.0 147.4 163.7 183.1 143.0 151.8 162.0 165.5 181.5 184.7 182.4 11 12 Gross investment................................ 113.7 126.7 131.9 143.5 143.3 171.5 176.6 132.3 154.3 167.1 175.8 178.6 174.7 183.2 12 13 Capital expend, (net of sales).... 89.6 94.2 94.6 109.7 116.7 112.9 130.7 117.7 115.7 114.6 111.0 126.2 135.2 144.0 13 14 Residential construction........... 19.1 18.9 17.0 21.1 21.6 18.9 24.7 22.8 20.5 19.5 18.2 23.0 26.5 30.7 14 15 Consumer durable goods.......... 66.3 70.8 73.1 84.0 89.9 88.6 100.5 90.0 89.9 89.6 87.6 97.9 103.2 107.6 15 16 Plant and equip, (nonprofit). .. 4.1 4.5 4.5 4.5 5.1 5.3 5.4 4.9 5.3 5.5 5.2 5.3 5.6 5.7 16 17 Net finan. investment..................... 24.1 32.5 37.3 33.8 26.6 58.6 45.9 14.6 38.7 52.5 64.8 52.4 39.4 39.2 17 18 Net acquis, of financial assets. . 54.3 56.1 61.0 68.6 57.6 80.0 90.7 46.6 67.9 70.8 89.5 87.3 93.2 98.3 18 19 Deposits and credit market instruments3........................... 39.3 40.5 46.8 55.8 43.7 61.5 70.5 34.8 52.1 53.9 69.2 69.2 71.0 85.7 19 20 Demand dep. and curr......... 7.9 2.6 11.1 12.6 3.5 6.1 8.5 -.7 7.4 5.4 7.0 11.8 4.7 20.2 20 21 Savings accounts.................... 28.0 20.5 34.8 30.4 6.1 44.5 73.5 11.6 .5 23.9 65.2 83.0 63.9 84.6 21 22 At commercial banks........ 14.9 13.2 18.1 17.4 -1.9 27.6 32.7 .9 -4.8 14.1 41.0 36.3 29.1 27.9 22 23 At savings institutions....... 13.2 7.3 16.7 13.0 8.0 17.0 40.8 10.6 5.3 9.8 24.2 46.7 34.8 56.7 23 24 Credit market instruments... 3.4 17.5 .9 12.9 34.1 10.8 -11.5 24.0 44.2 24.6 -3.0 -25.6 2.3 -19.1 24 25 U.S. Govt, securities......... 1.7 8.4 -.8 4.5 12.1 -4.4 - 22.6 11.6 12.5 4.7 -13.4 -35.1 -10.4 -21.3 25 26 State and local oblig.......... 1.7 3.7 -1.7 -.2 8.4 2.3 4.9 6.2 10.7 3.9 .7 4.8 5.1 - 2.2 26 27 Corporate and fgn. bonds . .7 1.9 4.8 4.8 5.7 12.5 7.6 2.1 9.3 8.8 16.1 9.1 6.1 13.9 27 28 Mortgages........................... -.8 1.3 .9 1.8 2.0 2.2 2.4 1.9 2.0 2.6 1.8 1.5 3.4 3.0 28 29 Commercial paper............. * 2.2 -2.3 2.0 5.9 - 1.8 -3.9 2.3 9.6 4.6 - 8.2 -5.9 -1.9 -12.4 29 30 Investment company shares.. 3.1 3.7 2.6 4.7 5.7 2.4 1.1 6.4 5.0 3.0 1.9 .2 2.1 - 2.8 30 31 Other corporate shares.......... -5.1 -4.7 - 6.8 -12.3 -9.6 -5.1 -6.5 - 12.1 -7.2 - 6.0 -4.3 - 8.2 -4.9 -7.2 31 32 Life insurance reserves.......... 4.8 4.6 5.0 4.5 4.9 5.2 6.6 4.8 5.0 5.0 5.3 6.4 6.9 7.2 32 33 Pension fund reserves............ 12.3 14.4 14.4 15.4 15.8 19.5 20.2 15.1 16.6 19.3 19.8 21.6 18.9 14.9 33 34 Net invest, in noncorp. bus... -1.9 -3.5 -3.6 - 2.0 -4.3 -5.6 -3.7 -4.1 -4.5 -5.5 -5.6 -4.5 -2.9 -3.2 34 35 Security credit........................ .5 * 1.1 .7 -.8 -.5 * - 1.2 -.4 -1.5 .6 .2 -.3 1.3 35 36 Miscellaneous......................... 1.3 1.2 1.5 1.8 2.1 2.6 2.4 2.9 1.3 2.5 2.6 2.4 2.4 2.4 36 37 Net increase in liabilities........... 30.2 23.6 23.7 34.8 31.0 21.4 44.7 32.0 29.3 18.3 24.7 34.9 53.8 59.1 37 38 Credit market instruments... 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 49.4 38 39 Home mortgages................ 15.2 12.3 10.5 14.9 16.2 12.5 24.5 16.9 15.5 11.8 13.2 18.7 30.4 26.1 39 40 Other mortgages................ 1.2 1.3 1.2 1.1 1.3 1.4 1.4 1.2 1.3 1.3 1.4 1.4 1.5 1.5 40 41 Instalment cons, credit.... 8.6 6.2 3.4 9.0 8.3 3.0 8.4 8.8 7.2 4.3 1.3 4.7 11.4 11.9 41 42 Other consumer credit.... 1.4 1.0 1.2 2.1 1.0 1.3 2.1 1.2 .7 1.2 2.0 1.8 2.2 2.1 42 43 Bank loans n.e.c................. 1.4 .4 2.1 3.1 2.8 1.5 3.9 3.5 2.1 . 1 2.9 3.4 4.3 6.5 43 44 Other loans 4....................... .9 2.0 1.3 1.7 3.0 2.6 1.3 2.5 3.5 3.2 2.0 1.4 1.2 1.3 44 45 Security credit........................ .8 -.2 3.3 2.1 -2.5 -1.9 2.1 -2.9 - 2.0 -4.6 .8 2.4 1.8 8.7 45 46 Trade debt............................. .2 .3 .4 .5 .5 .6 .6 .4 .5 .5 .6 .6 .6 .6 46 47 Miscellaneous......................... .3 .4 .3 .4 .4 .4 .5 .4 .4 .4 .4 .4 .5 .5 47 48 Discrepancy (11-12)......................... -4.8 - 8.2 - 2.1 -1.4 4.1 -7.7 6.4 10.7 -2.5 -5.1 -10.4 2.9 10.0 -.8 48 1 Excludes corporate equities. Memoranda: Net physical investment: (.A) Residential construction 19.1 18.9 17.0 21.1 21.6 18.9 24.7 22.8 20.5 19.5 18.2 23.0 26.5 30.7 49 50 Less: Capital consumption............. 7.1 7.4 7.8 8.3 8.8 9.2 9.7 8.7 9.0 9.2 9.3 9.6 9.8 10.0 50 Home mortgages................... 15.2 12.3 10.5 14.9 16.2 12.5 24.5 16.9 15.5 11.8 13.2 18.7 30.4 26.1 51 52 Equals: Excess net investment....... -3.3 -.8 -1.3 - 2.1 -3.4 - 2.8 -9.5 - 2.8 -4.0 -1.4 -4.3 -5.3 -13.8 -5.4 52 (B) Consumer durables 53 Expenditures..................................... 66.3 70.8 73.1 84.0 89.9 88.6 100.5 90.0 89.9 89.6 87.6 97.9 103.2 107.6 53 54 Less: Capital consumption............. 51.5 55.6 60.7 67.4 74.4 80.3 83.6 72.8 76.0 79.1 81.4 82.9 84.3 85.4 54 55 Equals: Net investment................... 14.8 15.2 12.4 16.7 15.5 8.4 17.0 17.2 13.9 10.6 6.2 15.0 18.9 22.2 55 56 Less: Consumer credit.................... 10.0 7.2 4.6 11.1 9.3 4.3 10.4 10.0 7.9 5.5 3.4 6.5 13.5 13.9 56 57 Equals: Excess net investment........ 4.7 7.9 7.8 5.6 6.3 4.0 6.5 7.2 5.9 5.0 2.8 8.5 5.3 8.2 57 (C) Nonprofit plant plus equipment 58 Expenditures..................................... 4.1 4.5 4.5 4.5 5.1 5.3 5.4 4.9 5.3 5.5 5.2 5.3 5.6 5.7 58 59 Less: Capital consumption............. 1.2 1.3 1.4 1.5 1.6 1.7 1.7 1.6 1.6 1.7 1.7 1.7 1.8 1.8 59 60 Nonprofit mortgages............. 1.2 1.3 1.2 1.1 1.3 1.4 1.4 1.2 1.3 1.3 1.4 1.4 1.5 1.5 60 61 Equals: Excess net investment........ 1.8 2.0 1.9 1.9 2.3 2.3 2.3 2.1 2.4 2.5 2.1 2.2 2.3 2.4 61 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.4 FLOW OF FUNDS □ JUNE 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql Nonfinancial business—Total 1 Income before taxes 1....................... 129.5 139.1 136.2 142.4 138.4 129.7 139.3 141.4 135.4 131.5 127.8 137.7 141.0 148.0 1 2 Gross saving...................................... 71.8 77.1 78.4 79.9 79.2 82.3 94.1 79.0 79.5 81.4 83.2 91.0 96.7 102.5 2 3 Gross investment.............................. 60.4 66.6 68.5 69.6 68.1 72.4 71.8 68.6 67.7 73.7 71.1 76.1 66.8 83.9 3 4 Capital expenditures................... 84.1 97.0 94.0 99.0 108.4 109.0 119.0 104.5 112.2 105.7 112.3 117.6 120.4 128.9 4 5 Fixed investment........................... 74.4 82.2 85.8 92.0 101.0 106.2 116.7 97.8 104.2 104.5 108.0 113.7 119.7 128.3 5 6 Business plant & equipment. . . 66.3 76.1 77.8 83.0 90.8 94.7 100.8 87.5 94.2 94.0 95.5 99.0 102.6 110.0 6 7 1-4 family resident, const. 2.... .7 -.7 2.0 .9 -.1 1.0 2.4 .4 —. 6 -.4 2.4 2.6 2.3 2.5 7 8 Other residential....................... 7.4 6.8 6.1 8.1 10.3 10.4 13.5 10.0 10.6 10.8 10.1 12.2 14.8 15.8 8 9 Change in inventories 3................ 9.6 14.8 8.2 7.1 7.4 2.8 2.3 6.7 8.1 1.2 4.4 3.9 .7 .6 9 10 Net financial investment.................... -23.6 -30.4 -25.6 -29.4 -40.3 -36.5 -47.2 -36.0 -44.6 -32.0 -41.2 -41.4 -53.51-44.9 10 11 Financial uses of funds, net........... 21.2 13.7 18.1 25.1 22.9 12.6 23.4 25.2 19.6 23.3 2.3 24.9 21.8 27.2 11 1 n 2 Fin C a o n i c p ia o l r a so te u r s c h e a s r e o f i f s u s n u d e s s , . .. n .. e .. t .. . . . . . . . . . 44.9 * 44 1 . . 1 2 4 2 3 . . 3 6 5 - 4 . . 8 6 6 4 3 . . 3 1 4 6 9 . . 8 2 7 1 0 3 . . 6 4 62 1 . . 2 2 6 7 4. . 1 4 5 6 5 . . 3 2 4 7 3 . . 3 5 6 1 6 2. . 3 3 7 14 5 . . 5 3 7 1 2 1 . . 1 0 1 13 2 14 Credit market instruments........ 29.6 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 56.7 14 15 Corporate bonds................... 5.4 10.2 14.7 12.9 12.1 20.3 19.4 12.9 11.2 17.5 23.0 22.1 16.7 14.2 15 16 Home mortgages................... .2 - 1.0 1.1 .3 -.6 .3 1.5 -.2 - 1.0 -.6 1.2 1.7 1.4 1.3 16 17 Other mortgages.................... 9.1 9.7 9.2 11.0 11.0 11.7 19.4 11.3 10.7 10.2 13.2 17.5 21.4 20.1 17 18 Bank loans n.e.c..................... 12.3 10.4 8.0 11.0 14.6 3.5 6.4 15.9 13.3 8.7 - 1.6 3.3 9.6 15.0 18 19 Other loans 4......................... 2.6 3.6 2.8 4.8 9.3 7.0 2.7 9.6 9.1 7.9 6.1 4.7 .8 6.1 19 20 Trade debt................................. 12.2 10.1 9.0 10.5 15.1 4.5 3.8 15.0 15.3 8.2 .9 3.0 4.7 4.9 20 21 Other liabilities.......................... 3.1 -.1 -3.5 4.9 - 2.8 -4.8 3.9 -3.5 -1.9 -2.9 -6.7 1.7 6.2 -.5 21 22 Discrepancy (2-3)............................. 11.4 10.6 9.9 10.3 11.1 9.9 22.4 10.4 11.8 7.7 12.1 14.9 29.9 18.6 22 Farm and nonfarm noncorporate business5 1 Net income 1.................................... 65.6 69.8 71.2 73.5 76.4 76.5 78.3 76.2 76.6 77.4 75.6 76.7 80.0 81.4 1 2 Gross saving 6................................... 15.2 16.0 16.9 18.2 19.7 20.8 22.5 19.3 20.2 20.6 21.0 21.7 22.7 23.5 2 3 Gross investment.............................. 15.2 16.0 16.9 18.2 19.7 20.8 22.5 19.3 20.2 20.6 21.0 21.7 22.7 23.5 3 4 Capital expenditures................... 21.3 19.9 22.1 22.8 24.3 24.9 31.8 23.9 24.6 24.2 25.6 30.7 32.9 32.9 4 5 Fixed investment........................... 19.6 19.5 21.1 22.2 23.4 24.7 30.5 23.2 23.6 23.9 25.5 29.1 31.9 33.3 5 6 Change in inventories 3................ 1.7 .4 .9 .6 .9 .2 1.3 .8 1.1 .3 .1 1.6 1.1 -.4 6 7 Net financial investment.................... - 6.1 -3.9 -5.1 -4.7 -4.5 -4.1 -9.3 -4.6 -4.4 -3.6 -4.6 -8.9 - 10.2 -9.4 7 8 Financial uses of funds, net........... 1.0 1.1 1.2 1.8 1.8 1:7 1.8 1.6 1.9 1.6 2.3 1.5 2.1 1.5 8 9 Financial sources of funds, net.... 7.1 5.0 6.3 6.5 6.3 5.8 11.1 6.2 6.3 5.1 6.9 10.4 12.3 10.9 9 10 Credit market instruments........ 9.0 9.0 8.4 8.4 10.6 9.7 14.4 11.0 10.2 8.8 10.7 14.6 14.3 15.0 10 11 Mortgages.............................. 5.4 4.5 5.8 5.5 5.7 6.7 9.8 6.3 5.1 5.4 8.0 9.3 10.3 10.0 11 12 Bank loans n.e.c.................... 1.6 2.3 1.2 1.7 2.6 1.2 3.1 2.4 2.8 1.4 1.2 2.6 3.7 3.0 12 13 Other loans 4 -7...................... 2.0 2.2 1.4 1.3 2.4 1.8 1.5 2.3 2.4 2.1 1.5 2.7 .3 2.1 13 14 Trade debt, net......................... * -.4 1.5 .1 -.1 1.7 .4 -.7 .6 1.8 1.8 .4 .9 -.9 14 15 Proprietors’ net investment 8.. . -1.9 -3.5 -3.6 - 2.0 -4.3 -5.6 -3.7 -4.1 -4.5 -5.5 -5.6 -4.5 -2.9 -3.2 15 Nonfinancial corporate business 1 Profits before tax.............................. 65.7 71.1 66.1 72.2 67.5 57.7 65.5 71.3 63.7 59.2 56.2 65.0 65.9 72.2 1 2 Less: Profits tax accruals............... 27.5 30.0 28.3 34.0 33.3 27.0 30.5 35.1 31.4 27.6 26.4 31.4 29.7 32.0 2 3 Net dividends paid............... 16.8 18.1 18.8 20.8 20.9 21.0 20.9 20.8 20.9 21.1 21.0 20.8 20.9 21.5 3 4 Equals: Undistributed profits.......... 21.3 22.9 19.0 17.5 13.3 9.6 14.1 15.3 11.4 10.5 8.8 12.8 15.4 8.7 4 5 Plus: Foreign branch profits, net........ 1.8 1.8 2.1 2.5 2.5 2.6 3.1 2.4 2.5 2.6 2.7 3.1 3.0 2.8 5 6 Investment valuation adj......... -1.7 - 1.8 - 1.1 -3.3 -5.5 -4.5 -4.4 - 6.1 -4.9 -5.0 -4.0 -4.0 -4.9 -5.6 6 7 Capital consumption.............. 35.2 38.2 41.5 45.1 49.2 53.8 59.0 48.0 50.4 52.7 54.8 57.4 60.5 63.1 7 8 Equals: Gross internal funds........... 56.6 61.2 61.5 61.7 59.5 61.5 71.6 59.7 59.3 60.8 62.3 69.3 74.0 79.0 8 9 Gross investment (10+15)............... 45.2 50.6 51.5 51.4 48.4 51.6 49.3 49.2 47.5 53.1 50.2 54.4 44.1 60.4 9 10 Capital expenditures................. 62.8 77.1 72.0 76.2 84.1 84.1 87.1 80.6 87.6 81.5 86.8 86.9 87.4 96.0 10 11 Fixed investment........................... 54.9 62.7 64.7 69.8 77.6 81.5 86.2 74.7 80.6 80.6 82.5 84.6 87.8 95.0 11 12 Plant and equipment................. 52.8 61.6 62.5 67.4 74.8 78.2 81.2 71.7 77.9 77.7 78.6 79.9 82.5 89.1 12 13 Residential construction........... 2.0 1.1 2.3 2.3 2.8 3.3 5.0 3.0 2.7 2.9 3.8 4.7 5.3 5.9 13 14 Change in inventories 3................ 7.9 14.4 7.3 6.4 6.5 2.6 .9 6.0 7.0 .9 4.3 2.3 -.4 1.0 14 15 Net financial investment.................... -17.6 -26.5 -20.4 -24.8 -35.8 -32.5 -37.9 -31.4 -40.1 -28.4 -36.6 -32.5 -43.3 -35.6 15 16 Financial uses of funds, net........... 20.2 12.6 16.8 23.3 21.1 10.9 21.7 24.7 17.7 21.7 23.4 19.7 25.6 16 17 Liquid assets.............................. 2.6 -3.7 4.8 5.3 -.5 - 1.0 10.6 2.0 -2.7 3.7 -5.8 10.8 10.5 10.7 17 18 Demand dep. and curr.......... .3 .3 1.5 1.1 1.5 .3 4.5 .2 3.0 -.1 .6 6.2 2.8 6.2 18 19 Time deposits......................... 2.3 -1.4 2.1 .4 -2.4 1.7 .6 -1.5 -3.3 -.5 3.9 3.5 - 2.2 .8 19 20 U.S. Govt, securities............. -1.4 -1.4 -2.3 .9 -1.3 -2.9 2.7 .6 -3.0 -2.5 -3.4 2.0 3.3 -4.5 20 21 Open market paper............... .5 -.2 3.8 2.5 2.7 .6 1.8 3.8 1.6 6.3 -5.2 -1.9 5.6 7.2 21 22 State and local oblig.............. .9 - 1.0 -.3 .5 - 1.0 -.6 1.0 - 1.0 - 1.0 .5 -1.7 1.0 1.0 1.0 22 23 Consumer credit........................ 1.2 1.2 .9 1.7 1.3 1.4 2.0 1.2 1.1 1.4 1.5 1.7 1.9 2.6 23 24 Trade credit............................... 13.0 11.3 7.7 13.9 17.3 6.2 4.0 17.4 17.3 11.0 1.4 4.8 3.2 7.7 24 25 Other financial assets 9............. 3.4 3.7 3.5 2.4 3.0 4.3 5.1 4.1 2.0 5.6 2.9 6.1 4.1 4.5 25 26 Financial sources of funds, net 37.8 39.1 37.3 48.1 56.9 43.4 59.6 56.1 57.8 50.1 36.5 55.9 62.9 61.2 26 27 Net new share issues................. * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 11.0 27 28 Credit market instruments........ 20.6i 24.0i 27.4 31.6i 35.9 33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 41.7 28 29 Corporate bonds................... 5.4 10.2 14.7 12.9 12.1 20.3 19.4 12.9 11.2 17.5 23.0' 22.1 16.7 14.2 29 30 Mortgages.............................. 3.9 4.2 4.5 5.8 4.8 5.3 11.2 4.9 4.6 4.2 6.4 9.9 12.5 11.4 30 31 Bank loans n.e.c..................... 10.7 8.2 6.8 9.3 12.1 2.3 3.3 13.5 10.6 7.3 - 2.8 .7 5.9 12.0 31 32 Other loans 1 o....................... .6 1.4 1.4 3.6 7.0 5.2 1.2 7.2 6.8 5.8 4.6 1.9 .5 4.0 32 33 Profit tax liability...................... 2.2: .2: -4.7 2.9' -3.3 -2.7 4.0 - 2.8 -3.9 -4.9 -.5 6.5 1.5 2.1 33 34 Trade debt................................. 12.1 10.5i 7.5i 10.4 15.2 2.8 3.4 15.7 14.8 6.4 -.8 2.6 3.8 5.8 34 35 Other liabilities.......................... 2.9> 3.2: 4.9' 4.1 4.8 3.4 3.6 3.3 6.4 7.5 -.6■ -.3 7.5 .6 35 36 Discrepancy (8-9)............................. 11.4 10.6 9.9' 10.3 11.1 9.91 22.4 10.4 11.8 7.7 12.1 14.9 29.9 18.6 36 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.5 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql State and local governments-—General funds 1 1 Net surplus, NIA basis..................... 1.0 1.3 - 1.6 -.3 .1 .5 2.9 -.9 1.2 1.5 -.5 1.0 4.8 4.3 1 2 Less: Retirement cr. to households . 3.3 3.8 4.0 4.7 5.0 6.8 6.8 5.1 5.0 7.4 6.1 7.6 6.1 7.0 2 3 Equals: Gross saving........................ -2.4 - 2.6 -5.5 -5.0 -4.9 - 6.2 -4.0 - 6.0 -3.8 -5.9 - 6.6 - 6.6 -1.4 -2.7 3 4 Net financial investment.................... -3.4 -3.8 -5.1 -4.0 -6.5 -7.5 -5.4 -6.5 -6.5 -8.5 - 6.6 -7.8 -3.0 -5.5 4 5 Net acq. of financial assets............ 4.6 3.0 4.0 7.0 2.6 6.8 15.6 2.9 2.4 3.4 10.2 14.7 16.5 11.7 5 6 Currency and demand deposits. -.4 -.8 - 1.0 .6 2.1 -.1 .5 1.7 2.4 -3.1 2.9 -.6 1.5 2.7 6 7 Time deposits............................. 2.4 1.3 2.4 3.2 -5.9 10.0 7.2 -4.9 -6.9 7.7 12.3 5.9 8.4 1.4 7 8 Credit market instruments........ 2.5 2.3 2.4 2.6 7.1 -2.3 7.7 6.6 7.6 -.4 -4.2 9.2 6.2 7.2 8 9 U.S. Government securities.. 1.9 1.8 1.8 2.2 5.2 -.2 6.9 2.5 7.9 -.4 -.1 8.4 5.5 7.7 9 10 Direct................................. 1.3 1.7 1.2 1.2 3.5 .3 6.2 1.5 5.5 .8 -.2 7.7 4.6 6.9 10 1 1 1 2 Sta U te .S a . n G d o l v o t c , a a l g s e e n c c u y r i s ti e e c s . . .. . . . .. . . -.1 .6 .1 * .6 1.0 * 1 . . 1 7 -.5 * -. . 2 8 1 . . 2 0 2.4 * - 1. . 1 1 -.1 .1 -. . 4 7 .8 * -. . 1 8 1 11 2 13 Corporate bonds................... .7 .6 .5 .2 1.8 - 2.0 1.0 3.9 -.2 -.1 -4.0 1.2 .7 -.4 13 14 Home mortgages................... * * * .1 * * * * * * * * * 14 15 Tax receivables.......................... .1 .2 .3 .7 -.6 -.9 .3 -.6 -.7 -.9 -.9 .2 .4 .5 15 16 Net increase in liabilities.............. 8.0 6.9 9.1 11.0 9.1 14.4 21.0 9.4 8.9 11.9 16.9 22.5 19.6 17.3 16 17 Credit mkt. borrowing.............. 7.6 6.4 8.5 10.4 8.7 13.9 20.6 8.9 8.5 11.4 16.4 22.1 19.1 16.8 17 18 State and local obligations ... 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 16.5 18 19 Short-term.......................... .6 .7 1.8 .1 2.6 3.8 4.6 3.1 2.0 2.0 5.6 6.0 3.2 4.0 19 20 Other................................... 6.7 5.1 6.5 9.9 5.4 10.0 15.6 5.3 5.4 9.7 10.3 16.0 15.2 12.6 20 21 U.S. Government loans........ .3 .6 .2 .3 .7 .1 .4 .4 1.1 -.3 .5 .1 .7 .3 21 22 Trade debt................................. .4 .5 .6 .6 .4 .4 .5 .5 .4 .4 .5 .4 .5 .5 22 23 Discrepancy (7-8)............................. 1.0 1.3 -.5 - 1.1 1.6 1.3 1.4 .5 2.7 2.6 * 1.2 1.7 2.8 23 U.S. Government 2 1 Total receipts, NIA basis................. 124.7 142.5 151.2 175.0 196.9 191.5 198.8 197.4 196.3 192.7 190.3 197.2 200.4 222.1 1 2 Personal taxes............................... 53.8 61.7 67.5 79.7 94.9 92.2 89.0 95.1 94.6 94.1 90.3 87.1 90.9 105.4 2 3 Corporate profits tax accruals---- 29.3 32.1 30.7 36.7 36.3 30.6 33.6 37.8 34.7 30.8 30.5 34.5 32.7 34.6 3 4 Indirect taxes................................. 16.5 15.7 16.3 18.0 19.0 19.3 20.2 18.7 19.3 19.1 19.6 20.3 20.2 20.3 4 5 Insurance receipts......................... 25.1 33.0 36.7 40.7 46.8 49.3 56.0 45.8 47.7 48.7 49.9 55.3 56.7 61.8 5 6 Total expenditures, NIA basis........ 123.5 142.8 163.6 181.5 189.5 205.1 221.9 187.0 192.0 202.0 208.2 217.1 226.6 235.4 6 7 Goods and services....................... 66.9 77.8 90.7 98.8 99.2 97.2 97.6 98.4 99.9 98.5 96.0 96.2 99.0 104.9 7 8 Grants and donations................... 24.2 29.0 30.7 34.1 37.2 45.2 48.1 36.3 38.2 43.1 47.4 48.8 47.5 45.3 8 9 Net interest.................................... 8.7 9.5 10.2 11.7 13.1 14.6 13.7 12.6 13.6 14.3 14.9 13.6 13.9 13.1 9 10 Insurance benefits......................... 23.7 26.4 32.0 36.9 40.0 48.1 62.4 39.8 40.3 46.2 50.0 58.5 66.3 72.1 10 11 Net surplus, NIA basis..................... 1.2 -.2 -12.4 -6.5 7.3 -13.6 -23.1 10.4 4.3 -9.3 -18.0 -19.9 -26.2 -13.3 11 12 Less: Insur. credits to households 3 . 1.4 1.4 1.4 1.3 1.6 2.5 2.9 1.4 1.8 2.5 2.5 3.0 2.9 1.4 12 13 Equals: Gross saving....................... -.2 - 1.6 -13.8 -7.8 5.7 -16.1 -26.0 9.0 2.5 - 11.8 -20.5 -22.9 -29.1 -14.7 13 14 Net financial investment.................... -.9 -.2 -13.1 -8.4 5.0 -15.9 -24.9 10.0 * - 12.6 -19.2 -24.4 -25.3 -16.7 14 15 Net acquis, of finan. assets............ 3.0 5.4 2.9 7.4 3.3 .3 4.2 2.6 4.4 -1.4 1.9 1.6 6.8 -13.4 15 16 Demand deposits & currency. . -1.4 -.1 1.0 -1.7 1.1 2.5 3.2 .1 2.1 2.4 2.7 -1.3 7.7 - 12.2 16 17 2.8 4.9 4.6 4.9 2.9 2.8 3.2 2.7 3.7 3.1 2.6 4.4 1.9 3.0 17 18 Agency securities4................. * 1.3 _. l 1 — 1.3 _. i * — 1 7 — ,9 * — .2 * 18 19 Mortgages.............................. -.1 .’8 .9 l.’l '.1 !3 * '.6 '.8 .4 .2 .2 -.1 -.5 19 20 Other loans............................ 2.9 2.8 3.8 3.7 3.5 2.6 3.2 3.7 3.8 2.6 2.5 4.3 2.0 3.4 20 Excess of tax accruals 21 over receipts.......................... 1.2 -.7 -4.4 1.7 -2.9 - 2.8 1.6 -2.7 -3.2 -3.9 - 1.6 3.3 -.2 - 1.6 21 22 Other financial assets5.............. .5 1.3 1.8 2.5 2.2 -2.3 -3.7 2.5 1.9 -3.0 -1.7 -4.8 - 2.6 -2.5 22 23 Net increase in liabilities............... 3.9 5.6 16.0 15.9 -1.7 16.2 29.1 — 7.4 4.4 11.2 21.2 26.0 32.1 3.3 23 24 U.S. Government securities.... 1.8 3.6 13.0 13.4 - 2.8 13.1 25.5 -7.4 2.0 8.9 17.4 22.3 28.6 3.6 24 25 Savings bonds—households.. .6 .7 .9 .4 -.4 .3 2.4 -.4 -.4 -.5 1.1 2.3 2.5 3.2 25 26 Direct excl. savings bonds. .. .7 1.7 8.0 9.9 -.9 12.6 23.6 -5.5 4.0 10.1 15.2 21.5 25.6 - 1.8 26 27 Budget agency sec.6.............. .5 1.3 4.1 3.1 - 1.6 .3 -.5 -1.5 - 1.6 -.6 1.1 - 1.6 .5 2.2 27 28 Life & retirement reserves........ 1.4 1.4 1.4 1.3 1.6 2.5 2.9 1.4 1.8 2.5 2.5 3.0 2.9 1.4 28 29 Other liabilities7........................ .7 .6 1.6 1.1 -.4 .6 .6 -1.4 .6 -.2 1.3 .8 .6 -1.7 29 30 Discrepancy (13-14)......................... .6 -1.4 -.7 .6 .7 -.2 - 1.1 - 1.0 2.5 .8 - 1.2 1.5 -3.8 2.0 30 31 Memo: Corp. tax receipts, net........ 28.1 32.8 35.1 35.0 39.2 33.4 32.0 40.5 37.9 34.6 32.1 31.2 32.9 36.2 31 Federally sponsored credit agencies 8 1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 1 2 Net increase in assets....................... 2.3 5.3 -.1 3.2 9.2 10.8 3.4 6.3 12.0 11.9 9.7 -1.0 7.8 7.0 2 3 Credit market instruments........... 2.2 5.1 -.1 3.2 9.0 9.9 2.8 6.2 11.8 11.1 8.7 - 1.8 7.4 7.2 3 4 U.S. Government securities---- .1 1.0 * -.1 -.2 1.7 -1.5 -.6 .1 1.1 2.3 - 1.8 - 1.2 5.6 4 5 Residential mortgages.............. .5 1.9 1.1 1.6 3.9 5.4 5.6 2.3 5.5 5.8 4.9 4.0 7.2 6.1 5 6 .6 .7 .7 .5 .6 .5 .7 .7 .5 .4 .5 .6 .8 .7 6 7 Other loans................................ 1.0 1.6 - 1.8 1.2 4.8 2.3 - 2.0 3.8 5.8 3.7 .9 -4.7 .7 -5.2 7 8 To coops (BC)....................... .1 .2 .2 .1 .2 .3 * .2 .1 .2 .4 .2 -.2 .3 8 9 To farmers (FICB)................ .3 .4 .5 .2 .6 .7 .7 .5 .7 .7 .7 1.0 .4 .5 9 10 To S & L’s (FHLB).............. .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 - 6.0 10 11 Net increase in liabilities.................. 2.2 5.2 — .2 3.2 9.1 10.8 3.3 7.2 11.7 12.3 9.3 -.5 7.1 8.3 11 12 Credit market instruments........... 2.1 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 6.6 12 13 Agency securities....................... 1.9 5.1 -.6 3.2 9.1 8.7 3.9 7.1 11.0 10.8 6.6 .1 7.6 6.3 13 14 U.S. Government loans............ .2 — .2 1 .2 -.3 .1 -.1 .3 14 15 Miscellaneous liabilities............... .1 .4 .5 -.3 .4 2.1 -.5 .1 .6 1.5 2.7 -.8 -.3 1.7 15 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.6 FLOW OF FUNDS □ JUNE 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 1965 1966 1967 1968 1969 1970 1971 Hi 1 H2 HI H2 HI H2 Ql Monetary authorities 1 1 Current surplus............................... * * * * * * * * * * * * * * 1 2 Net acquisition of financial assets. . . 2.3 4.2 4.9 3.6 4.2 5.3 8.3 2.7 5.6 4.5 6.1 7.2 9.3 2.1 2 3 Gold and foreign exchange 2....... -1.3 -.3 -.5 -1.2 -.1 -1.4 -.8 -.5 .3 -.6 -2.2 -1.1 -.6 -2.2 3 4 Treas. currency and SDR ctfs....... .2 .7 .5 .2 . 1 .7 .5 -.1 .2 1.1 .3 .5 .4 1.0 4 5 F.R. float....................................... -.4 .3 . 1 .9 * .8 . 1 -1.3 1.3 1.1 .6 -.5 .7 .6 5 6 F.R. loans to domestic banks.. .. -.1 .1 * * * .2 -.3 1.0 -1.0 .1 .2 -.1 -.5 -1.3 6 7 3.8 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 2.8 7.2 8.4 9.3 3.9 7 8 U.S. Government securities.... 3.7 3.5 4.8 3.8 4.2 5.0 8.6 3.7 4.8 2.7 7.3 8.4 8.9 4.3 8 9 Net increase in liabilities................... 2.2 4.2 4.8 3.6 4.1 5.3 8.3 2.7 5.6 4.4 6.1 7.2 9.3 2.1 9 10 Member bank reserves................. .4 1.3 1.3 .6 .3 2.1 3.6 -.6 1.3 1.9 2.3 2.9 4.4 -.5 10 11 Vault cash of coml. banks 3........ .3 .6 .5 1.3 .1 -.3 .5 .7 -.5 .1 -.7 .2 .8 -2.1 11 Demand deposits and currency 12 * .2 .9 -1.0 .5 -.4 .9 .7 .3 -1.1 .3 .3 1.5 -2.5 12 13 -.1 .2 * .1 -.1 * .1 -.1 -.1 . 1 -.1 .1 .2 -.8 13 14 Currency outside banks........... 2.1 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 7.3 14 15 Other.............................................. -.5 -.1 . 1 .2 .4 .4 -.3 .5 .4 .5 .4 -.8 .2 .6 15 Commercial banking 5 1 Current surplus................................. 2.1 2.5 2.3 3.0 3.5 3.5 3.7 3.5 3.6 3.5 3.6 3.6 3.7 3.6 1 2 Net acquisition of financial assets. .. 30.6 21.4 41.0 46.6 22.5 40.4 57.6 29.5 15.4 31.4 49.4 63.1 52.1 42.9 2 3 Total loans and investments........ 29.0 17.7 37.5 40.3 17.9 33.1 50.5 23.3 12.3 19.8 46.4 48.5 52.5 63.7 3 4 Credit market instruments....... 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.1 14.7 21.6 41.5 49.4 50.0 57.9 4 5 U.S. Government securities6. -2.3 -3.5 9.4 3.5 -8.6 9.7 6.0 -12.7 -4.2 2.3 17.2 8.6 3.3 -4.1 5 6 Direct................................. -3.0 -3.5 6.5 2.2 -9.2 5.8 2.3 -11.2 -6.9 1.0 10.7 5.9 -1.1 -2.0 6 7 Agency issues..................... .7 . 1 3.0 1.3 .6 3.9 3.6 -1.5 2.6 1.3 6.5 2.8 4.4 -2.1 7 8 Other securities and mtg.. .. 10.8 7.1 14.6 15.5 4.7 13.6 23.9 9.4 . 1 8.2 19.0 25.6 22.1 28.1 8 9 State and local obligations. 5.2 2.3 9.1 8.6 -.6 10.3 12.7 2.3 -3.5 6.1 14.6 15.6 9.8 17.3 9 10 Corporate bonds................ -.1 .1 .8 .3 -. 1 .8 1.3 . 1 -.2 .4 1.2 1.5 1.1 * 10 11 Home mortgages............... 3.2 2.4 2.5 3.5 3.0 .9 5.7 3.8 2.2 .8 1.0 4.7 6.7 6.7 11 12 Other mortgages................ 2.5 2.3 2.2 3.2 2.4 1.6 4.2 3.2 1.7 .9 2.3 3.9 4.6 4.1 12 13 Other credit exc. security. . . 20.6 13.4 11.9 20.0 22.8 8.2 19.9 26.4 18.9 11.2 5.3 15.1 24.5 33.9 13 14 Consumer credit................ 4.6 2.6 1.8 4.9 3.3 1.9 4.8 3.7 2.7 1.6 2.0 2.9 6.5 5.6 14 15 Bank loans n.e.c................. 16.5 9.2 7.7 16.2 19.0 4.4 14.4 21.8 16.1 8.1 .8 11.9 16.8 26.1 15 16 Open market paper............ -.5 1.6 2.4 -1.1 .5 2.0 .8 .9 .1 1.5 2.5 .4 1.2 2.2 16 17 Corporate equities..................... . 1 . 1 . 1 . 1 * . 1 * * . 1 .1 . 1 . 1 -.1 17 18 Security credit........................... -.2 .6 1.5 1.3 -1.1 1.4 .8 .3 -2.5 -1.9 4.8 -1.0 2.6 5.8 18 19 Vault cash & mem. bk. reserves.. .7 1.9 1.8 1.9 .5 1.8 4.1 .1 .8 2.0 1.6 3.1 5.2 -2.6 19 20 Other interbank claims................. . 1 .6 .3 1.6 2.3 2.5 1.1 3.8 .8 5.7 -.7 10.4 -8.3 -22.3 20 21 Miscellaneous assets..................... .7 1.1 1.3 2.8 1.9 3.0 1.9 2.2 1.6 3.9 2.1 1.1 2.7 4.1 21 22 Net increase in liabilities................... 29.2 20.2 39.3 44.8 21.5 38.7 55.1 29.1 13.8 29.5 47.8 60.6 49.6 41.7 22 23 Demand deposits, net................... 5.5 .3 11.5 13.4 5.3 8.7 14.0 -2.9 13.4 5.1 12.3 12.3 15.7 14.5 23 24 U.S. Government...................... -1.0 -.5 .2 -.2 * 2.9 2.2 -2.1 2.1 3.4 2.4 -1.6 6.1 -7.4 24 25 Other 7........................................ 6.5 .9 11.2 13.7 5.3 5.8 11.8 -.7 11.3 1.7 9.9 13.9 9.6 21.9 25 26 Time deposits................................ 20.1 13.3 23.9 20.7 -9.3 38.0 41.4 -6.5 -12.2 21.9 54.0 46.9 35.8 31.3 26 27 Commercial paper issues.............. 4.2 -1.9 -.4 2.5 5.9 6. 5-10.2 -1.2 . 5 .8 27 28 Bank security issues...................... .8 . 1 .2 .2 1 . l .6 .2 * . 1 .7 .4 3.4 28 29 -.4 .3 .1 .9 * .8 . 1 -1.3 1.3 1.1 .6 -.5 .7 .6 29 30 Borrowing at F.R. Banks............. -.1 .1 * * * .2 -.3 1.0 -1.0 . 1 .2 -. 1 -.5 -1.3 30 31 Other interbank claims................. . 1 .6 .3 1.6 2.3 2.5 1.1 3.8 .8 5.7 -.7 10.4 -8.3 -22.3 31 32 Profit tax liabilities....................... -.1 * -.1 -.1 .1 .3 * .1 * .4 .3 -.3 .3 -.9 32 33 Liabilities to foreign branches... . 1 2.9> .7 2.3i 7.9 -6.9 -4.1 15.6 .3 -4.0 -9.9 -8.0 -.2 5.6 33 34 Other miscellaneous liabilities. .. 3.2: 2.ei 2.7 5.6i 10.9' -3.1 2.8 16.6 5.3 -7.4 1.2 .4 5.2 9.9 34 35 Discrepancy...................................... .4t .8! .31 .6ij .7 .7 ♦ .4 .9 .6 .8 .1 * 1.1 35 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.7 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1970 1971 1972 Category 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql Private nonbank financial institutions—Total 1 1 Current surplus................................. 1.4 1.6 1.3 .2 -.2 1.5 3.0 -.6 .3 2.7 3.0 3.0 3.1 1 2 Physical investment (life insurance).. .4 .5 . 6 .7 .9 1.4 .9 1.0 1.2 1.5 1.8 2 3 Net acquisition of financial assets---- 41.6 35.3 41.9 49.7 46.5 54.4 80.3 49.5 43.5 45.5 63.2 83.7 76.8 87.0 3 4 Demand deposits and currency. . . .5 -.2 1.0 .1 1.5 .7 -.5 .7 .9 2.0 .9 .5 -.5 4 5 Time deposits (MSB).................... * * * -.1 .2 .2 -.2 * .2 .3 .2 .1 5 6 Svgs. and loan shares (Cr. union) -.1 -.4 .3 -.3 * * * -.2 .2 -. 1 .1 .5 -.4 .7 6 7 Corporate shares........................... 5.7 5.9 8.3 9.4 12.8 11.2 19.1 12.1 13.4 12.4 10.1 20.7 17.6 15.4 7 8 Credit market instruments........... 33.4 27.6 26. 36.0 35.0 38.6 56.0 41.0 28.9 32.7 44.5 56.5 55.3 60.4 8 9 U.S. Government securities---- * .1 -2.4 2.1 -1.9 4.0 3.1 .6 -4.5 5.2 2.9 6.2 .1 10.8 9 10 State and local obligations .... -.5 .7 1.2 1.2 1.0 1.8 1.8 .8 1.2 1.2 2.4 1.1 2.6 .5 10 11 Corporate and foreign bonds... 7.4 8.7 11.2 9.5 6 11.8 14.5 9.2 4.3 9.8 13.9 15.3 13.8 10.6 11 12 Home mortgages....................... 11.9 5.2 8.0 8.6 8.5 7.1 17.7 11.1 5.8 3.3 10.8 15.4 19.9 16.7 12 13 Other mortgages....................... 7.8 6.7 6.7 7.0 6.8 8.4 12.5 6.1 7.6 7.8 9.1 11.7 13.3 12.4 13 14 Consumer credit........................ 3.8 2.9 1.4 3.8 4.1 .6 3.0 4.7 3.5 2.3 -1.1 1.6 4.3 5.3 14 15 Other loans................................ 2.9 3.4 .7 3.8 9.7 4.9 3.3 8.5 11.0 3.2 6.6 5.2 1.4 4.1 15 16 Security credit............................... .5 -.2 2.8 2.0 -2.6 -1.4 2.0 -3.5 -1.7 -4.0 1.2 2.3 1.6 7.8 16 17 Trade credit................................... .2 .2 .3 .3 .4 .5 .5 .4 .4 .5 .5 .5 .5 .5 17 18 Miscellaneous assets..................... 1.5 2.3 2.5 1.3 .9 3.8 1.8 .3 1.6 3.1 4.4 2.1 1.5 2.6 18 19 Net increase in liabilities......................... 40.9 35.1 42.9 49.3 48.7 52.7 77.1 51.2 46.2 41.9 63.6 78.9 75.3 87.5 19 20 Time and savings accounts........... 13.1 6.9 17.0 12.7 7.9 17.0 40.8 10.4 5.5 9.7 24.3 47.2 34.5 57.4 20 21 Insurance and pension reserves. .. 15.6 17.6 18.0 18.6 19.1 22.2 24.0 18.5 19.8 21.9 22.6 25.0 22.9 20.7 21 22 Credit market instruments........... 6.0 2.9 -.8 6.7 12.4 3.7 4.3 10.7 14.2 4.1 3.2 .3 8.3 -1.1 22 23 Finance company bonds........... 1.9 .8 1.0 .8 1.6 2.5 3.8 1.7 1.4 1.8 3.3 3.4 4.1 3.8 23 24 Mortgage loans in process........ * -.9 1.0 .2 * .6 2.0 .6 -.5 -.5 1.8 2.8 1.2 .2 24 25 Bank loans n.e.c........................ 2.4 -1.3 -2.1 2.3 2.1 -.6 1.4 2.4 1.9 -.8 -.4 4.0 -1.2 4.2 25 26 Other loans................................ 1.7 4.3 -.7 3.3 8.7 1.1 -2.9 6.0 11.5 3.6 -1.5 -9 4.0 -9.4 26 27 Finance company paper........ 1.0 3.4 1.8 2.5 4.7 -.2 -.2 2.9 6.5 .9 -1.3 -4.0 3.6 -3.3 27 28 FHLB loans........................... .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -6.0 28 29 Investment company shares.......... 3.1 3.7 2.6 4.7 5.7 2.4 1.1 6.4 5.0 3.0 1.9 .2 2.1 -2.8 29 30 Security credit............................... * .6 2.1 2.0 -2.0 1.4 .6 -1.5 -2.6 -2.9 5.6 1.9 6.2 30 31 Taxes payable................................ .2 * -.1 .2 .1 .2 -.1 .1 . 1 * .4 -.3 -.4 31 32 Miscellaneous liabilities............... 3.0 3.4 4.2 4.4 5.4 5.8 6.5 6.6 4.2 6.1 5.6 6.9 6.0 7.6 32 33 Discrepancy....................................... 1.7 -.9 1.2 -1.1 -1.5 2.1 -4.2 2.1 -3.0 * 1.9 33 Savings and loan associations 1 Net acquisition of financial assets.... 10.2 4.6 9.7 9.7 9.3 14.1 30.1 11.2 7.5 8.9 19.3 32.1 28.1 37.2 1 2 Demand deposits & currency 2... * -.5 -.3 -.4 -.2 .3 .5 -.4 .1 .1 .4 .5 .5 .1 2 3 Credit market instruments........... 9.6 4.2 9.1 10.1 9.8 11.3 29.4 12.1 7.5 7.0 15.7 31.1 27.7 34.9 3 4 U.S. Government securities---- .5 .4 1.6 .7 .3 1.2 5.2 .7 -.2 .9 1.4 9.1 1.3 9.3 4 5 Home mortgages....................... 7.1 2.9 6.0 7.2 7.7 7.2 18.0 9.5 5.9 4.2 10.1 15.7 20.4 18.8 5 6 Other mortgages....................... 1.9 .9 1.5 2.1 1.8 3.0 6.1 1.9 1.8 1.9 4.1 6.3 5.9 6.8 6 7 Consumer credit........................ . 1 * * .1 * * . 1 * * * * * .1 * 7 8 Misc. financial transactions......... .6 .9 .9 * -.2 2.5 .2 -.5 * 1.8 3.2 .4 -.1 2.2 8 9 Net increase in liabilities................... 9.4 4.0 9.3 8.9 8.4 13.3 28.9 10.4 6.5 8.0 18.6 31.3 26.5 36.1 9 10 Savings shares............................... 8.5 3.6 10.6 7.4 3.9 10.9 28.1 5.9 1.9 5.4 16.3 32.5 23.7 41.2 10 11 Credit market instruments........... .8 .1 -1.7 1.1 4.1 1.8 * 3.5 4.7 1.9 1.8 -2.6 2.6 -7.1 11 12 Mortgage loans in process........ * -.9 1.0 .2 * .6 2.0 .6 -.5 -.5 1.8 2.8 1.2 .2 12 13 Borrowing from FHLB............ .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -. 1 -5.8 .5 -6.0 13 Mutual savings banks 1 Net acquisition of financial assets 3. 4.0 2.8 5.4 4.6 3.1 4.7 10.6 4.3 1.8 4.0 5.4 13.1 8.1 12.2 1 2 Corporate shares....................... .2 * .2 .3 .2 .3 .5 .2 .2 .3 .4 .4 .6 .7 2 3 Credit market instruments........ 3.7 2.6 5.0 4.1 2.9 3.8 9.3 4.1 1.8 3.2 4.3 11.8 6.9 11.6 3 4 U.S. Government securities.. -.3 -.5 -.3 -.2 -.5 .2 .4 * -1.1 .1 .3 .4 .3 .2 4 5 State and local govt, securities -. 1 -.1 * * * * .2 ♦ * * .2 .1 .5 5 6 Corporate bonds.................... -. 1 .3 2.1 1.3 .3 1.3 4.3 .9 -.2 1.1 1.5 6.9 1.7 5.3 6 7 Home mortgages................... 2.7 1.6 1.8 1.4 1.4 .9 1.2 1.5 1.3 .7 1.2 .9 1.5 1.2 7 8 Other mortgages.................... 1.4 1.1 1.4 1.4 1.3 .9 2.7 1.2 1.3 .7 1.2 2.5 3.0 3.0 8 9 Savings deposits........................ 3.6 2.6 5.1 4.2 2.6 4.4 9.9 3.1 2.1 2.7 6.2 11.7 8.0 12.2 9 10 Miscellaneous liabilities............ .1 * .1 .1 .2 .1 .1 .2 .3 .3 -.1 .1 .2 .1 10 Life insurance companies 1 Net acquisition of financial assets3... 8.7 8.2 8.7 9.8 9.2 9.9 12.5 8.3 10.2 10.4 9.4 12.4 12.6 10.6 1 2 Corporate shares........................... .7 .3 1.0 1.4 1.7 2.0 3.6 1.8 1.6 2.3 1.7 3.9 3.3 3.8 2 3 Credit market instruments............ 7.5 7.7 7.4 7.7 6.7 7.0 8.1 6.4 7.0 7.2 6.8 7.6 8.5 6.7 3 4 U.S. Government securities---- -.4 -.4 -.3 -.1 -.3 .1 -.2 -.3 -.3 .1 .1 -.3 * .5 4 5 State and local obligations---- -.3 -.4 -.1 .2 * .1 .2 * * * .2 .2 .2 5 6 Corporate bonds....................... 2.8 2.4 3.8 3.9 1.5 1.5 5.1 2.4 .7 1.4 1.6 3.8 6.5 4.4 6 7 Home mortgages....................... 1.1 .6 -.5 -.7 -1.1 -1.3 -2.1 -.6 -1.5 -1.3 -1.3 -2.0 -2.2 -3.8 7 8 Other mortgages....................... 3.8 4.0 3.4 3.2 3.1 3.6 3.3 2.7 3.5 4.0 3.3 2.7 3.9 3.2 8 9 Other loans................................ .6 1.5 1.0 1.2 3.4 3.0 1.6 2.3 4.6 3.0 3.1 3.2 * 2.3 9 10 Net increase in liabilities................... 7.9 7.9 9.0 9.1 9.2 10.2 11.8 9.1 9.4 9.8 10.5 11.6 12.1 12.4 10 11 Life insurance reserves................. 4.7 4.5 4.9 4.6 4.8 5.1 6.6 4.7 4.9 4.9 5.3 6.3 6.8 7.2 11 12 Pension fund reserves................... 2.1 2.1 2.6 2.9 2.9 3.3 3.3 2.9 2.9 3.2 3.3 3.3 3.3 3.3 12 13 Other liabilities............................. 1.2 1.2 1.6 1.5 1.4 1.7 2.0 1.4 1.4 1.7 1.7 2.0 2.1 2.0 13 Digitized for FRNASotEeR.— Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.8 FLOW OF FUNDS □ JUNE 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Categery 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Ql Private pension funds 2 1 Ne D t e a m cq a u n is d i ti d o e n p o o s i i f t i s n a a n n c d i a c l u a r s r s e e n ts cy 5.5 * 7.2 * 6. . 6 4 6. .3 4 6.3* 7. . 1 2 - 7 . . 2 3 5.7 * 7. . 0 1 6.4 7. . 9 3 - 7 . . 3 9 6.7 -1 3 . . 0 2 3 Corporate shares..................... 3.1 3.7 4.6 5.4 4.6 8.9 5.3 5.5 4.5 4.6 10.6 7.2 7.7 4 Credit market instruments___ 2.1 2.6 .7 .6 2.4 -1.6 -.1 1.4 1.8 2.9 -2.6 -.5 -2.8 5 U.S Government securities. * -.5 -.6 -.2 .2 -.3 -.3 * .5 -.6 1.3 6 Corporate bonds.................. 1.5 2.5 1.1 .6 2.1 -.7 .2 1.0 1.7 2.4 -1.3 -2.8 7 Mortgages............................ .6 .6 .2 .1 .1 -.6 .3 .2 * -.7 -.5 -1.2 8 Miscellaneous.......................... .3 .9 .3 .1 .1 .1 .1 -.7 State and local govt, employee retirement funds 1 Net acquisition of financial assets---- 3.3 3.8 4.0 5.0 6.8 6.8 5.1 5.0 7.4 6.1 7.6 6.1 7.0 2 Demand deposits and currency... * .1 .1 -.1 -.1 -.3 * . 1 .2 * -.2 .9 3 Corporate shares........................... .4 .5 .7 1.8 3.2 1.7 1.9 2.1 2.2 2.9 3.5 4.0 4 Credit market instruments.......... 2.9 3.2 2.8 3.4 3.6 3.9 2.8 5.0 3.6 4.6 2.7 2.0 5 U.S. Government securities__ .4 .1 -.9 -.3 -.8 -.2 -.4 -.2 .1 -1.3 -.4 -.3 6 Direct..................................... .2 -.1 -1.1 -.5 -.5 -.2 -.7 -.5 -.2 -1.1 * -.2 7 U.S. Govt, agency sec........... .2 .1 .1 .1 -.3 .3 .3 .3 -.2 -.4 * 8 State and local obligations....... -.3 -.1 -.1 -.1 -.2 -.1 -.3 -.3 -.4 -.2 9 Other cr. mkt. instruments 3.2 3.8 4.5 5.5 7.9 5.8 5.3 7.7 6.0 6.9 6.5 10 Corporate bonds.................... 2.1 2.5 3.4 3.1 4.4 3.9 2.4 4.4 3.3 5.7 3.0 3.3 11 Mortgages.............................. .7 .8 .5 .6 .3 .3 1.0 1.2 .5 .2 .4 -.7 12 Other.............................................. .1 .1 .4 .1 -.1 .2 .2 .1 .1 .2 .1 Other insurance companies 1 Current surplus. -.1 .5 .4 .1 * .5 1.1 * * .1 .9 1.1 1.1 1.2 1 2 Net acquisition of financial assets 1.2 2.1 2.0 3.1 2.9 5.4 4.9 3.8 2.1 5.4 5.4 4.7 5.1 4.1 2 3 Demand deposits and currency -.1 * * .1 * .1 * * -.1 .1 .1 * * 3 4 Corporate shares..................... .1 .4 .3 .8 1.0 1.0 2.5 1.1 .8 1.3 .7 2.0 2.9 2.2 4 5 Credit market instruments.... 1.1 1.5 1.4 1.9 1.6 3.9 1.9 2.2 .9 3.6 4.1 2.1 1.7 1.3 5 6 U.S. Government securities. * -.4 -.7 -.2 -.5 .1 -.4 .1 -1.1 -.1 .3 -.4 -.4 -.4 6 7 State and local obligations. .4 1.3 1.4 1.0 1.2 1.5 1.5 1.2 1.3 1.4 1.5 1.5 1.5 1.5 7 8 Corporate bonds................. .6 .6 .7 1.2 .8 2.3 .7 .9 .8 2.3 2.3 .9 .5 .2 8 9 Commercial mortgages....... * * * * * * .1 * * * .1 * .1 .1 9 10 Trade credit............................. .2 .2 .3 .3 .4 .5 .5 .4 .4 .5 .5 .5 .5 .5 10 11 Net increase in liabilities. 1.6 1.8 2.1 2.4 3.4 3.5 3.4 4.2 2.6 3.4 3.6 3.5 3.3 3.2 11 12 Discrepancy..................... .3 .2 .5 -.5 .5 -1.5 -.4 .4 .5 -2.0 -.9 -.1 -.7 .3 12 Finance companies 1 Net acquisition of financial assets---- 5.4 2.6 .9 5.5 8.0 1.9 4.2 7.8 8.0 3.1 .6 4.2 4.1 6.4 1 2 Demand deposits and currency... .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 2 3 .5 -.6 .4 .6 .3 .1 1.1 .7 -.1 -.5 .8 1.4 .7 1.7 3 4 2.6 1.8 .6 2.4 2.6 -.6 1.0 2.9 2.2 1.1 -2.4 -.3 2.2 2.8 4 5 Other loans (to business)............. 2.0 1.2 -.4 2.2 4.8 2.1 1.9 4.0 5.7 2.2 1.9 2.8 .9 1.6 5 6 5.2 2.8 .9 5.5 8.3 1.8 4.3 7.1 9.5 2.2 1.4 2.9 5.7 6.0 6 7 Corporate bonds........................... 1.9 .8 1.0 .8 1.6 2.5 3.8 1.7 1.4 1.8 3.3 3.4 4.1 3.8 7 8 2.2 -1.4 -2.0 2.3 2.1 -.5 .7 2.5 1.6 -.4 -.6 3.5 -2.0 5.5 8 9 Open market paper....................... 1.0 3.4 1.8 2.5 4.7 -.2 -.2 2.9 6.5 .9 -1.3 -4.0 3.6 -3.3 9 Open-end investment companies 1 Current surplus................................. -1.1 -1.2 -1.5 -2.2 -2.4 -.8 -.7 -3.1 -1.7 -1.4 -.2 -.6 -.8 -.9 1 2 Net acquisition of financial assets---- 2.0 2.5 1.1 2.5 3.3 1.6 .5 3.4 3.3 1.6 1.6 -.4 1.3 -3.7 2 3 Demand deposits and currency... .1 * .2 .1 -.1 * .1 -.1 -.1 -.3 .2 .2 * .2 3 4 Corporate shares........................... 1.2 1.0 1.5 1.5 2.5 1.1 .4 1.3 3.6 1.7 .5 1.3 -.4 -2.4 4 5 Credit market instruments............ .8 1.5 -.5 .9 .9 .5 -.1 2.1 -.3 .1 .9 -1.9 1.7 -1.6 5 6 U.S. Government securities.... * .6 -.5 .2 -.5 .2 -.3 -.4 -.6 3.8 -3.4 -.4 -.2 -1.7 6 7 Corporate bonds....................... .4 .4 * .4 .2 .7 .6 .5 -.1 -1.4 2.8 -.2 1.5 .8 7 8 Open market paper ................. .3 .5 * .3 1.2 -.4 -.4 2.0 .4 -2.3 1.6 -1.2 .4 -.7 8 9 3.1 3.7 2.6 4.7 5.7 2.4 1.1 6.4 5.0 3.0 1.9 .2 2.1 -2.8 9 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.9 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 1965 1966 1967 1968 1970 HI H2 HI H2 HI H2 Ql Rest of the world 1 Net U.S. exports............................... 6.9 5.3 5.2 2.5 2.0 3.6 * 1.3 2.8 3.9 3.3 2.4 -2.3 - 6.2 1 2 U.S. exports................................... 39.2 43.4 46.2 50.6 55.6 62.9 65.3 52.4 58.8 62.4 63.5 66.4 64.3 69.2 2 3 U.S. imports.................................. 32.3 38.1 41.0 48.1 53.6 59.3 65.3 51.2 56.0 58.5 60.1 64.0 66.6 75.4 3 4 Transfer receipts from U.S............... 2.8 2.8 3.0 2.9 2.9 3.1 3.4 2.9 2.9 3.0 3.3 3.2 3.6 3.8 4 5 Current account balance *................ -4.1 -2.4 - 2.2 .4 .9 -.4 3.4 1.7 .1 -.8 -.1 .8 5.9 10.0 5 6 Net financial investment.................... -3.8 -1.9 - 1.2 .9 3.4 .7 13.6 5.2 1.7 -.1 1.4 7.6 19.7 11.4 6 7 Net acquis, of financial assets....... 1.9 3.3 7.6 8.5 10.3 5.8 22.2 13.9 6.7 5.9 5.7 17.2 27.2 18.9 7 8 Gold and SDR’s2..................... 1.7 .6 1.2 1.2 - 1.0 .8 1.3 -.5 -1.4 -.2 1.8 1.8 .9 2.2 8 9 U.S. demand dep. & currency.. .1 .4 .3 .6 .3 .2 .2 -.3 .8 .1 .3 -.3 .8 - 1.6 9 10 Time deposits............................. .6 .3 1.2 -.3 1.1 -1.7 .5 -.9 3.1 .5 -3.9 .7 .4 1.4 10 11 U.S. corporate shares................ -.4 -.3 .7 2.1 1.6 .7 .9 1.8 1.3 -.4 1.8 .2 1.6 2.7 11 12 U.S. Government securities.... -.2 -2.4 2.1 -.5 - 1.8 9.1 26.3 -4.1 .5 6.7 11.6 25.8 26.8 11.4 12 13 Other credit market instr.3. . .. .2 .9 -.1 .7 1.5 1.2 .1 1.5 1.5 1.7 .7 .9 -.7 2.0 13 14 Other financial assets 4............. -.2 3.9 2.1 4.6 8.6 -4.5 -7.2 16.4 .9 -2.4 - 6.6 - 11.8 -2.5 .8 14 15 Net increase in liabilities............... 5.6 5.2 8.7 7.6 6.9 5.1 8.6 8.7 5.0 6.0 4.3 9.6 7.5 7.6 15 16 Official U.S. fgn. exchange5 ... .4 * 1.1 2.1 .3 -2.5 -1.7 .2 .4 -3.3 - 1.8 - 1.6 - 1.8 -.3 16 17 Foreign corporate shares.......... .3 -.3 .1 .2 .5 .1 * .7 .3 -.2 .4 .4 -.3 -.1 17 18 Corporate bonds....................... .5 .7 1.2 1.1 1.0 .9 .9 1.0 1.0 .4 1.3 1.1 .7 1.7 18 19 1.8 .8 2.8 1.8 1.8 2.1 4.7 2.9 .7 2.0 2.2 4.0 5.5 2.6 19 20 Other liabilities 7....................... 2.6 3.9 3.6 2.5 3.3 4.7 4.7 3.9 2.6 7.0 2.3 5.8 3.5 3.6 20 21 Discrepancy 8.................................... -.3 -.5 - 1.1 -.5 -2.5 - 1.1 -10.3 -3.5 - 1.6 -.8 -1.4 -6.7 -13.8 -1.4 21 Note.—Data revised 1965-71; 1972 Ql based on preliminary and incomplete information. Notes to Table 4 Households 1 Imputed saving associated with growth of government life insurance Banking and retirement reserves. 1 Federal Reserve System plus those Treasury accounts included in 2 From open-end investment companies. “Member Bank Reserves, Federal Bank Credit, and Related Items” 3 Excludes corporate equities. (p. A-4). Excludes Exchange Stabilization Fund, which is in U.S. Govt, 4 Policy loans, hypothecated deposits, and U.S. Govt, loans to nonprofit accounts. organizations. 2 Includes F.R. holdings of foreign currencies. On Special Drawing Rights, see notes 5 and 7 to Governments table. SDR certificates as assets of the Federal Reserve are on line 4 of this table. Business 3 Includes vault cash of nonmember banks. 1 Excludes imputed rental income from owner-occupied houses. 4 IMF deposits are net in line 3. 2 Change in work in process. 5 Combined statement for all commercial banks as reported on p. 4 3 E A x ft c e lu r d in es v e C n C to C ry - g v u a a l r u a a n t t i e o e n d a l d o j a u n s s tm , t e r n e t a . ted as U.S. Govt, purchases on A-20, their domestic affiliates as reported on p. A-33 for loans sold and commercial paper issued, Edge Act corporations, U.S. agencies of NIA basis. foreign banks, and banks in U.S. possessions overseas. The figures 5 Includes corporate farms. 6 Noncorporate net income is treated as payment in full to proprietors c a o n n d s o th li e d a o te th e c r o m gr m ou er p c s i a i l n c b lu an de k d s, in b u t t h e c l s a e im ct s o r b a e r t e w e s e h n o w c n o m in m b e o rc t i h a l l e b n a d n in k g s in the household sector. Gross saving consists of capital consumption allowances plus corporate farm retained profits. and borrowing in the statement. Quarterly figures are based on balance 7 8 L In o c a lu n d s e f s r o e m ar U ni . n S g . s G r o e v ta t, i n a e n d d i c n o m bu m s e in rc e i s a s l ; l s o e a e n s n o fr t o e m 6 fi a n b a o n v c e e . companies. she 6 e N t e e s t t i c m h a a t n e g s e fo in r p la a s r t v d a a l y u e o f o f q u h a o r l t d e i r n . gs. 7 Net of F.R. float, shown separately in line 31. 9 Direct investments abroad, foreign currency holdings, and insurance receivables. i o Commercial paper, commercial loans from finance companies, and No 1 n b In an k a d f d in i a ti n o c n e to types shown, includes credit unions and security U.S. Govt, loans. brokers and dealers. 2 Excludes deposits at FHLB, which are included in Miscellaneous, Governments line 8. 1 Retirement funds are on p. A-73.8. 3 Includes cash and other assets, not shown separately. 2 Unified budget basis for all years. Excludes sponsored agencies 4 Includes retained capital gains dividends. shown below. 3 Govt, life insurance, employee retirement, and R.R. retirement Rest of the world programs. 1 Line 4 minus line 1. The current balance is shown here from the 4 Securities of sponsored credit agencies only. viewpoint of the rest of the world and is thus opposite in sign from U.S. 5 Mainly official foreign exchange and IMF position of Treasury. balance of payments statements and U.S. national income accounts. Includes net purchases of Special Drawing Rights, which are assets of 2 Net purchases of gold and Special Drawing Rights from the U.S. only. the Exchange Stabilization Fund. Initial allocation of SDR’s in January Excludes acquisitions of gold from outside the U.S. Also excludes January is excluded, however, from these tables on transactions. allocation of SDR’s. 6 Loan participation certificates and securities issued by Export-Import 3 Corporate bonds and acceptances. Bank, GNMA, CCC, Federal Housing Administration, and TV A. In­ 4 Trade credit, direct investment in the United States, bank liabilities cludes mortgage liabilities of Defense Dept, and Coast Guard and block to foreign branches, security credit, and unallocated assets. sales of Farmers Home Administration insured notes. 5 Includes net IMF position. 7 Includes net sales of SDR certificates to Federal Reserve System. 6 Bank loans, acceptances, and loans from U.S. Govt. 8 Home loan banks, land banks, intermediate credit banks, banks for 7 Trade debt, direct investment abroad, foreign currencies other than cooperatives, Federal National Mortgage Association (before 1969, sec­ in line 16, subscriptions to international organizations except IMF, and ondary market operations only), and mortgage pools issuing GNMA- unidentified liabilities. guaranteed securities. 8 Errors and omissions in U.S. balance of payments statement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1971 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors Rest U.S. State of the Govt. Federally Private Total i Discrepancies Sector Households Business and local Total world Total sponsored Monetary Commercial nonbank govts. credit authority banks finance agencies Transaction category A L A L A L A L A L A L A L A L A L A L A L A L A 2170.* . 421.4 ......... 87.3 ........ 2679.1 151.4 103.4 ......... 1628.9 50.3 ........ 93.5 574.5 910.5 4562.8 1 2 Total liabilities..................... . . 525.8 749.8 178.4 1454.1 155.2 375.0 1538.6 49.3 ......... 93.5 541.3 854.5 . 3522.9 2 3 Gold ................................... 33.1 1.2 ........ 10.1 ........ 10.1 ........ 44.4 3 4 Official foreign exchange.. ..................3 .3 ........ .3 4 5 IMF position....................... ..................6 .7 ........... -.1 ......... -.1 ........ ... .6 a 6 Treasury currency............... ........... 6.4 8.0 ........... 8.0 ........... 8.0 6.4 - 1.6 6 7 Demand dep. and currency ........... 255.2 ........... 56.4 ........... 198.8 238.9 255.2 7 8 Private domestic.............. 134.9 ... . 57.3 10.4 202.7 ........... 16.3 236.1 .2 ........... ........... 53.4 ........... 182.6 16.1 .. 219.0 236.1 17.1 8 9 U.S. Government. ... 13.5 ........... ........... 12.7 ........... 2.5 ........... 10.2 13.5 12.7 -.8 9 10 Foreign............................. 6.4 ........... ........... 6.4 .........................5 ........... 6.0 6.4 10 11 Time and savings accounts 496.0 ........... 540.5 ........... .5 548.7 .5 ........... ......... 548.7 11 12 At commercial banks---- 221.8 ........... 14.1 30.4 266.3 7.2 .5 .5 274.5 ........... 274.5 .5 ........... ........... 274.5 12 13 At savings institutions... 274.2 ........... 274.2 ........... * 274.2 * 274.2 274.2 13 14 Life insurance reserves........ 137.0 ........... 137.0 ........ ........ 7.4 129.5 .... 129.5 137.0 14 15 Pension fund reserves......... 268.1 ......... 268.1 ........... ........... 30.4 237.7 ........... 237.7 ........... 268.1 15 16 Interbank claims................ 49.8 49.8 4.4 35.3 45.4 14.5 49.8 49.8 16 17 Corporate shares 2.............. 878.7 878.7 ......... 21.4 185.4 55.0 .5 184.9 55.0 1085.5 55.0 17 18 Other credit mkt. instr........ 224.9 503.3 63.8 542.3 44.5 171.7 333.2 1217.2 52.1 57.4 59.2 326.9 1280.2 123.3 48.2 43.2 71.0 ........ 494.2 4.9 666.7 75.2 1724.7 1724.7 18 19 U.S. Govt, securities 3... 77.1........... 10.1 34.4 ........... 121.5 46.0 ........... ........... 325.4 201.1 43.2 2.7 43.2 70.8 ........... 83.5 ........ 44.1 . 368 6 19 20 State & local govt, oblig.. 52.3 .... 3.2 2.1 166.5 57.5 166.5 109.0 ........... 82.9 ........... 26.1 166 5 20 21 Corp. & fgn. bonds........ 47.5 . . ........ 187.3 5.9 53.4 187.3 2.0 14.7 176.2 29.6 4.0 2.9 172.2 26.7 231 6 21 22 Home mortgages............. 13.4 296.1 ........... 5.2 2.2 15.6 301.3 5.7 1.4 286.5 5.1 20.9 ........... 48.0 .. 217.7 5.1 307 8 22 23 Other mortgages.............. 31.5 21.9 ........... 170.2 31.5 192.1 3.8 156.8 9.1 ........... 34.5 .. 113.2 192 1 23 24 Consumer credit.............. 137.2 33.0 ........... 33.0 137.2 104.3 ........... 54.9 . 49.4 137 2 24 25 Bank loans n.e.c.............. ......... 25.8 ........... 128.2 ........... 153.9 ........... 8.8 177.2 14.5 177.2 .. 14.5 177 2 25 26 Other loans...................... 3.1 22.2 17.6 51.4 ........... 5.2 20.7 78.9 4.1 33.8 49.7 ........... 69.1 31.0 15.6 ........... .3 ........... 9.2 2.0 44.1 29.0 143 7 26 27 Security credit...................... 2.1 11.2 2.1 11.2 .3 .3 21.6 12.5 13.8........ 7.8 12.5 24.0 27 28 To brokers and dealers. . 2.1 2.1 ........... .3 ........... 10.1 12.5 10.1 .. . ........... 12.5 12 5 28 29 To others......................... ........... 11.2 ........... 11.2 .3 11.5 . .. 3 7 7.8 11 5 29 2.0 ........ 2.0 18.3 18.7 2.4 — .1 .9 1.5 20.7 20.7 30 180.5 129.3 6.8 180.5 141.9 5.7 6.9 4.9 3.5 4.9 4.9 195.9 152.3 -43.6 31 32 Miscellaneous...................... 28.8 5.6 105.7 59.9 134.5 65.5 25.1 89.8 4.5 .3 52.1 124.5 1.8 6.1 1 9 20.6 47.8 29.7 68.7 216.2 280.1 63.9 32 For notes see facing page. A 73.10 FLOW OF FUNDS □JUNE 1972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, December 31, 1971—Continued (Amounts outstanding in billions of dollars) (B) Private nonbank financial institution State and Savings Mutual Life Private local govt, Other Open-end Security Sector Total and loan savings Credit insurance pension retirement insurance Finance investment brokers assns. banks unions cos. funds funds cos. cos. cos. and dealers Transaction category A L A L A L A L A L A L A L A L A L A L A L 910.5 206.3 ........ 89.6 ........ 18.3 ......... 214.5 128.4 64.8 54.6 64.4 55.0 14.6 1 ........ 193.1 ........ 83.3 ........ 18.3 ........ 199.6 ......... 128.4 ........ 64.8 ........ 37.9 ........ 55.0 12.7 2 3 Demand deposits and currency 16.1 2.2 ........ .9 ........ .9 ........ 1.8 ......... 1.6 .5 ....... 1.5 3.9 g 2 0 3 4 Time and savings accounts---- .5 274.2 .5 4 5 At commercial banks............ .5 .5 6 At savings institutions.......... * 274.2 174.5 81.4 * 18.3 7 Life insurance reserves............. ........ 129.5 ........ 129.5 7 8 Pension fund reserves............... 237.7 128.4 64.8 8 9 Corporate shares3................... 184.9 55.0 3.0 ........ 20.5 ......... 86.6 11.2 . 15.5 47.1 55.0 10 9 10 Other credit mkt. instr............. 666.7 75.2 193.6 14.1 82.9 ......... 17.4 ......... 182.2 ......... 35.4 . 51.1 32.7 60.4 .,61.1 7 1 3 8 10 11 U.S. Govt, securities........ 44.1 17.5 5.2 2.4 ......... 4.0 ......... 2.7 6.0 ......... 3.9 . . . .6 1.8 11 12 State & local govt, secs__ 26.1 ........ .4 3.5 ......... 1.9 ......... 19.3 10 12 13 Corp. and fgn. bonds....... 172.2 26.7 12.6 79.3 29.0 36.2 ........ 9.3 26.7 4 9 10 13 14 Home mortgages............... 217.7 5.1 143.0 5.1 38.6 .9 24.6 ........ 3.7 ......... 7.0 14 15 Other mortgages............... 113.2 31.5 23.3 51.0 ......... 7.1 ........ .3 ......... 15 16 Consumer credit............... 49.4 1.6 1.5 14.2 32.1 16 17 Bank loans n.e.c................ 14.5 1.1 13 3 17 18 Other loans....................... 44.1 29.0 ........ 7.9 1.3 ........ 19.8 ........ 21.3 21.1 1.6 18 19 Security credit........................... 7.8 12.5 7.8 12.5 19 20 To brokers and dealers........ 12.5 21 Other...................................... 7.8 7.8 21 22 Taxes payable........................... ..................2 .... .8 2 3 1 22 23 Trade credit............................... 4.9 4.9 23 24 Miscellaneous........................... 29.7 68.7 10.6 4.4 2.3 1.8 10.0 24.8 4.8 2.0 ......... ........ 37.8 24 1 Where no amount appears in total-asset column, total assets are identically equal to amount in the budget (CCC, Export-Import Bank, GNMA, TVA, FHA) and by sponsored credit shown for total liabilities. agencies in Financial sectors, and loan participation certificates. Postal savings system deposits 2 Assets shown at market value; nonbank finance liability is redemption value of shares of are included in line 32. open-end investment companies. No specific liability is attributed to issuers of stocks other 4 Business asset is corporate only. Noncorporate trade credit is deducted in liability total to than open-end investment companies for amounts outstanding. conform to quarterly flow tables. 3 Includes savings bonds, other nonmarketable debt held by the public, issues by agencies JUNE 1972 □ FLOW OF FUNDS A 73.11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.12 FLOW OF FUNDS □ JUNE 1972 6. SUMMARY OF CREDIT MARKET DEBT OWED BY NONFINANCIAL SECTORS* (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Debt outstanding by type and sector Total credit market debt owed I By nonfinancial sectors.......... 741.0 785.2 838.5 896.6 963.3 1033.8 1099.9 1179.7 1278.4 1364.1 1459.5 1601.5 1 2 U.S. Government..................... 235.9 243.1 250.2 254.1 260.4 262.2 265.8 278.8 292.2 288.2 301.4 326.9 2 3 Public debt securities........... 234.0 240.7 246.9 251.0 256.4 257.7 260.0 268.9 279.2 278.0 290.8 316.9 3 4 Budget agency securities2... 1.9 2.5 3.3 3.2 4.0 4.5 5.8 9.9 13.0 10.3 10.5 10.0 4 5 All other nonfin, sectors........ 505.1 542.0 588.3 642.4 702.9 771.7 834.1 900.9 986.2 1075.9 1158.2 1274.6 5 6 Debt capital instruments.... 356.2 385.4 417.9 453.8 490.7 530.0 569.0 614.1 665.1 713.1 774.5 861.9 6 7 State and local govt. sec.. 70.8 76.1 81.4 87.3 93.0 100.3 106.0 114.4 124.4 132.4 146.2 166.5 7 8 Corporate and fgn. bonds 80.9 86.1 91.7 96.6 101.6 108.0 118.6 133.5 147.3 159.4 181.1 202.0 8 9 Mortgages......................... 204.4 223.2 244.9 269.9 296.1 321.7 344.4 366.3 393.4 421.3 447.2 493.4 9 10 Home mortgages........... 138.8 150.0 162.7 177.9 193.5 208.9 220.6 232.1 247.1 262.8 275.6 301.3 10 II Other residential........... 20.3 23.0 25.8 29.0 33.6 37.2 40.3 43.9 47.3 52.2 58.0 66.8 11 12 Commercial................... 32.4 36.4 41.1 46.2 50.0 54.5 60.1 64.8 71.4 76.9 82.3 92.4 12 13 Farm.............................. 12.8 13.9 15.2 16.8 18.9 21.2 23.3 25.5 27.5 29.5 31.2 32.9 13 14 Other private credit............. 148.9 156.7 170.4 188.6 212.2 241.7 265.1 286.8 321.1 362.8 383.7 412.7 14 15 Bank loans n.e.c............... 56.6 59.5 64.0 70.4 79.8 93.9 104.3 114.1 128.0 145.0 149. 162.8 15 16 Consumer credit............... 56.1 58.0 63.8 71.7 80.3 90.3 97.5 102.1 113.2 122.5 126. 137.2 16 17 Open market paper.......... 2.8 3.8 3.8 3.9 4.5 4.2 5.2 7.4 9.0 12.3 16.1 15.7 17 18 Other................................. 33.4 35.4 38.7 42.6 47.7 53.3 58.1 63.2 70.9 83.1 91.0 97.0 18 19 By borrowing sector............... 505.1 542.0 588.3 642.4 702.9 771.7 834.1 900.9 986.2 1075.9 1158.2 1274.6 19 20 Foreign................................. 23.2 25.4 27.7 30.9 36.6 39.4 40.2 43.1 45. 47.6 51.1 57.4 20 21 State and local govts........... 72.1 77.5 83.4 89.5 95.5 103.1 109.5 117.9 128.4 137.1 151.1 171.7 21 22 Households........................... 216.3 231.6 252.4 277.2 305.1 333.8 356.2 375.8 407.9 440.6 463.2 503.3 22 23 Nonfinancial business.......... 193.5 207.5 224.8 244.9 265.7 295.4 328.3 364.1 404.0 450.5 492.8 542.3 23 24 Corporate.......................... 149.0 159.0 170.8 183.8 196.7 217.3 241.3 268.6 299.4 335.3 368.1 402.9 24 25 Nonfarm noncorporate.... 24.6 26.9 30.2 34.7 40.0 45. 51.2 56.2 62.7 70.1 76.4 87.4 25 26 Farm.................................. 20.0 21.6 23.9 26.4 29.0 32.3 35. 39.2 41.9 45.1 48.3 52.0 26 Holdings of credit market claims 3 Total credit market debt claims 1 against nonfinancial sectors.............. 741.0 785.2 838.5 896.6 963.3 1033.8 1099.9 1179.7 1278.4 1364.1 1459.5 1601.5 1 Holdings held by public agencies and foreign 2 Total..................................................... 77.0 81.6 89.0 95.5 103.3 112.0 123.4 134.4 146.8 161.6 190.1 230.7 2 3 U.S. Govt, securities....................... 39.4 41.3 44.9 48.7 52.2 55.9 59.3 66.1 69.5 70.4 86.1 119.5 3 4 Residential mortgages..................... 8.2 8.4 8.5 7.2 7.1 7.4 10.2 12.3 15.1 19.7 25.5 31.1 4 5 FHLB advances to s&l’s................. 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 9.3 10.6 7.9 5 6 Other loans plus securities............. 27.4 29.2 32.1 34.8 38.7 42.6 46.9 51.6 56.9 62.2 67.9 72.1 6 By agency— 7 U.S. Govt......................................... 25.9 27.5 30.0 31.4 34.1 36.9 41.2 45.7 51.1 54.0 56.7 59.2 7 8 Sponsored credit agencies............... 11.1 12.1 13.7 15.3 16.0 18.3 23.4 23.3 26.5 35.6 45.4 48.2 8 9 Federal reserve................................. 27.5 28.9 30.9 33.8 37.2 41.0 44.5 49.3 53.0 57.2 62.2 71.0 9 10 Foreign............................................. 12.5 13.0 14.4 15.0 15.9 15.9 14.3 16.1 16.1 14.9 25.7 52.1 10 11 Agency debt not in line 1................... 7.9 8.6 10.1 11.5 12.1 14.2 19.0 18.4 21.9 30.6 39.3 43.2 11 Private domestic holdings 12 Total..................................................... 671.9 712.2 759.5 812.6 872.1 936.0 995.5 1063.7 1153.5 1233.1 1308.8 1414.0 12 13 U.S. Govt, securities....................... 203.1 208.8 213.5 215.1 218.3 218.2 223.6 229.3 242.6 246.9 253.1 249.1 13 14 Municipal securities......................... 70.8 76.1 81.4 87.3 93.0 100.3 106.0 114.4 124.4 132.4 146.2 166.5 14 15 Corporate and fgn. bonds.............. 80.3 85.5 91.0 95.9 100.7 107.3 117.3 132.5 146.4 159.0 179.4 200.1 15 16 Residential mortgages..................... 152.3 166.0 181.8 201.5 221.9 240.5 252.5 265.4 281.0 296.8 309.7 338.5 16 17 Other mortgages and loans............ 167.4 178.5 195.3 217.6 243.6 275.7 303.0 326.5 364.2 407.3 431.0 467.8 17 18 Less—FHLB advances.................... 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 9.3 10.6 7.9 18 Private financial intermediation— 19 Cr. mkt. claims held by private fin. inst. 493.1 531.0 579.1 628.7 685.7 748.2 792.1 854.9 929.7 984.8 1054.9 1160.9 19 20 Commercial banking....................... 198.6 213.5 232.6 250.0 273.4 302.5 318.4 354.4 393.4 412.9 444.4 494.2 20 21 Savings institutions......................... 109.3 121.1 135.1 152.5 168.7 183.0 191.3 206.1 221.6 235.7 252.2 293.9 21 22 Insurance and pension funds.......... 159.4 169.4 180.7 192.3 204.7 218.3 233.3 245.8 259.7 271.9 289.5 301.5 22 23 Other finance................................... 25.9 27.0 30.7 34.0 38.9 44.4 49.0 48.5 55.1 64.2 68.7 71.3 23 24 Sources of funds:................................ 493.1 531.0 579.1 628.7 685.7 748.2 792.1 854.9 929.7 984.8 1054.9 1160.9 24 25 Domestic deposits........................... 278.4 301.6 331.3 363.3 397.4 435.9 456.1 505.3 551.5 553.9 614.3 706.4 25 26 Credit market debt.......................... 22.7 24.7 28.5 34.7 39.6 46.4 49.3 48.8 55.7 72.9 74.7 80.1 26 27 Other sources................................... 192.0 204.6 219.2 230.7 248.7 265.9 286.7 300.8 322.6 357.9 365.9 374.4 27 28 Foreign funds............................... 8.5 9.8 10.3 11.8 14.3 15.0 18.7 21.0 23.6 32.9 24.5 21.2 28 29 Treasury balances........................ 5.9 5.9 7.2 6.5 6.5 5.5 5.0 5.2 5.0 5.1 7.9 10.2 29 30 Insurance and pension res.......... 133.4 140.9 150.2 159.7 170.4 181.4 195.3 206.4 216.7 228.3 242.1 249.0 30 31 Other, net..................................... 44.2 48.0 51.5 52.7 57.6 64.0 67.7 68.2 77.3 91.7 91.3 94.1 31 Private domestic nonfinancial investors— 32 Credit mkt. claims............................... 201.5 205.9 208.9 218.5 226.0 234.2 252.8 257.7 279.5 321.2 328.7 333.2 32 33 U.S. Govt, securities....................... 103.8 102.9 104.3 108.5 109.5 111.7 120.5 119.1 126.8 142.8 135.2 121.5 33 34 Municipal securities......................... 36.0 37.4 36.4 38.8 40.6 43.2 45.8 43.8 44.1 50.1 51.8 57.5 34 35 Corporate and fgn. bonds.............. 11.2 11.7 11.5 11.9 13.1 15.1 17.2 21.7 26.8 34.3 44.7 53.4 35 36 Commercial paper........................... 2.4 3.0 3.5 4.4 6.0 6.5 8.5 10.0 14.4 23.1 21.9 20.7 36 37 Other................................................ 48.2 50.9 53.1 54.9 56.8 57.7 60.7 63.0 67.3 70.9 75.0 80.0 37 38 Deposits and currency.......................... 307.9 331.8 362.3 396.0 432.5 473.1 495.2 546.6 595.2 600.5 664.3 759.9 38 39 Time and savings accounts............. 173.7 194.2 222.3 251.0 280.1 312.8 332.0 371.2 405.1 402.8 459.2 540.5 39 40 Money.............................................. 134.2 137.7 140.0 145.0 152.4 160.3 163.2 175.4 190.1 197.7 205.2 219.4 40 41 Demand deposits......................... 104.7 107.4 109.0 112.3 117.3 123.1 124.0 134.1 146.4 151.1 155.1 166.0 41 42 Currency....................................... 29.5 30.2 31.0 32.7 35.1 37.2 39.2 41.3 43.7 46.6 50.0 53.4 42 43 Total of credit market instr., deposits, and currency..................... 509.5 537.8 571.3 614.5 658.5 707.3 748.0 804.2 874.6 921.7 993.0 1093.0 43 44 Public holdings as per cent of total___ 10.4 10.4 10.6 10.7 10.7 10.8 11.2 11.4 11.5 11.8 13.0 14.4 44 45 Pvt. fin. intermediation (in per cent)... 73.4 74.6 76.2 11A 78.6 79.9 79.6 80.4 80.6 79.9 80.6 82.1 45 46 Total foreign funds............................. 21.0 22.8 24.7 26.8 30.2 30.9 33.0 37.0 39.7 47.8 50.2 73.3 46 1 Excludes corporate equities both as assets and as liabilities. Digitized for FRA2S InEcRlu des U.S. Govt, liability for home mortgages not in U.S. Govt, securities on page A-73.13. http://fraser.stlou3i sFfeord n.oortegs/ see p. A-73.2. Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.13 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in biliions of dollars) Transaction category, or sector 1960 1961 | 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Demand deposits and currency 1 Money supply........................................ 146.1 151.6 155.0 160.4 168.8 177.3 180.4 193.7 209.9 217.9 227.2 242.5 1 2 Domestic sectors............................... 144.0 148.5 151.8 156.9 164.6 172.9 175.6 188.6 204.2 211.9 221.0 236.1 2 3 Households..................................... 70.2 72.5 74.1 77.9 82.5 90.3 92.9 104.1 116.7 120.4 126.5 134.9 3 4 Nonfinancial business................... 45.8 46.2 46.6 46.8 47.3 47.7 48.0 49.5 50.8 52.2 52.7 57.3 4 5 Corporate................................... 27.6 27.9 28.2 28.5 28.9 29.2 29.5 30.9 32.0 33.3 33.7 38.1 5 6 Nonfarm noncorporate............. 12.4 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 6 7 Farm........................................... 5.8 5.8 5.9 5.7 5.9 6.0 6.0 6.1 6.3 6.4 6.5 6.6 7 8 State and local govts..................... 6.4 6.1 7.0 8.2 9.6 9.2 8.4 7.4 8.0 10.0 10.0 10.4 8 9 Financial sectors............................ 9.5 10.6 11.5 11.6 11.9 12.3 12.2 13.0 14.0 14.1 15.6 16.3 9 10 Mail float....................................... 12.1 13.1 12.5 12.4 13.3 13.4 14.1 14.5 14.7 15.2 16.3 17.1 10 11 Rest of the world............................... 2.1 3.1 3.2 3.5 4.2 4.4 4.8 5.1 5.7 6.0 6.2 6.4 11 12 U. S. Government................................. 6.8 6.8 8.1 7.8 7.9 7.0 6.6 7.7 6.5 7.0 9.5 12.7 12 13 Total assets............................................ 152.9 158.5 163.1 168.2 176.8 184.3 187.0 201.4 216.4 224.9 236.7 255.2 13 14 Net banking system liability.................. 152.9 158.5 163.1 168.2 176.8 184.3 187.0 201.4 216.4 224.9 236.7 255.2 14 15 Monetary authorities......................... 30.6 31.4 32.3 34.2 36.8 38.8 41.2 44.2 45.7 48.9 52.0 56.4 15 16 Commercial banking......................... 122.3 127.1 130.9 134.0 140.0 145.4 145.8 157.3 170.7 176.0 184.7 198.8 16 Time deposits and savings accounts 1 Total held............................................... 177.1 197.8 226.5 256.1 286.5 319.7 338.8 379.6 412.9 411.5 466.5 548.7 1 2 Commercial banking liability........... 73.6 83.0 98.6 113.0 127.6 147.7 159.8 183.7 204.5 195.1 233.1 274.5 2 3 Corporate business........................ 3.9 6.9 8.4 10.8 10.8 13.1 11.7 13.8 14.2 11.8 13.5 14.1 3 4 State and local government.......... 4.6 5.5 6.5 8.1 9.8 12.2 13.5 15.9 19.1 13.2 23.2 30.4 4 5 U.S. Government........................... .3 .3 .3 .3 .3 .3 .2 .3 .4 .2 .4 .5 5 6 Mut. svgs. banks........................... .1 .2 .2 .1 .2 .2 .2 .2 .2 .1 .3 .5 6 7 Foreign........................................... 2.9 2.9 3.4 4.3 5.4 6.0 6.3 7.6 7.3 8.4 6.7 7.2 7 8 Households..................................... 62.0 67.3 79.9 89.4 101.1 115.9 127.9 146.0 163.4 161.5 189.0 221.8 8 9 Savings institutions liability.............. 103.5 114.8 127.9 143.1 159.0 172.0 179.0 195.8 208.4 216.4 233.4 274.2 9 Liabilities: 10 Savings and loan assns.............. 62.1 70.9 80.2 91.3 101.9 110.4 114.0 124.5 131.6 135.5 146.4 174.5 10 11 Mutual svgs. banks.................... 36.3 38.3 41.3 44.6 48.8 52.4 55.0 60.1 64.5 67.1 71.6 81.4 11 12 Credit unions............................. 5.0 5.6 6.3 7.2 8.2 9.2 10.0 11.2 12.3 13.7 15.4 18.3 12 Assets: 13 Households................................. 103.3 114.5 127.6 142.7 158.4 171.6 178.9 195.5 208.4 216.4 233.4 274.2 13 14 Cr. union deps. at S & L’s .1 .3 .4 .4 .5 .4 .1 .3 .1 * * * 14 U.S. Govt, securities1 1 Total outstanding................................... 242.5 250.1 258.4 263.9 270.5 274.2 282.9 295.4 312.1 317.3 339.2 368.6 1 2 Included in public debt..................... 234.0 240.7 246.9 251.0 256.4 257.7 260.0 268.9 279.2 278.0 290.8 316.9 2 3 Household savings bonds.............. 45.6 46.4 46.9 48.0 49.0 49.6 50.2 51.1 51.5 51.1 51.4 53.8 3 4 Direct excl. savings bonds............ 188.3 194.2 200.0 202.9 207.4 208.1 209.8 217.8 227.7 226.8 239.4 263.0 4 5 Short-term marketable.............. 88.2 98.9 99.8 101.1 105.8 108.8 110.2 118.9 119.4 128.4 133.8 130.4 5 6 Other direct................................ 100.1 95.3 100.2 101.9 101.6 99.3 99.5 98.9 108.3 98.4 105.6 132.7 6 7 Other budget issues........................... .7 1.0 1.5 1.4 2.2 2.6 4.0 8.2 11.3 8.7 9.0 8.5 7 8 Sponsored agency issues2................. 7.9 8.5 10.0 11.5 11.9 13.8 18.9 18.4 21.6 30.6 39.3 43.2 8 9 Total holdings, by sector....................... 242.5 250.1 258.4 263.9 270.5 274.2 282.9 295.4 312.1 317.3 339.2 368.6 9 10 U.S. Government (agency sec.)........ * * * * * 1.4 1.3 1.4 . 1 * 10 11 Sponsored credit agencies................. 1.5 1.4 1.8 2.2 1.8 1.9 2.9 2.9 2.7 2.5 4.2 2.7 11 12 Federal reserve system...................... 27.4 28.9 30.8 33.6 37.0 40.8 44.3 49.1 52.9 57.2 62.1 70.8 12 13 Short-term marketable.................. 19.2 18.3 20.7 25.6 28.2 31.9 36.5 39.2 32.6 37.6 38.5 39.5 13 14 Other direct.................................... 8.1 10.6 10.1 8.0 8.8 8.9 7.8 9.9 20.4 19.5 23.7 30.7 14 15 Agency issues................................. .6 15 16 Foreign............................................... 10.6 11.0 12.3 12.9 13.4 13.2 10.8 12.9 12.4 10.6 19.7 46.0 16 17 Short-term marketable.................. 7.7 7.1 9.2 8.7 8.5 7.6 6.7 7.6 5.9 3.7 11.5 25.4 17 18 Other.............................................. 2.9 3.9 3.1 4.2 4.9 5.6 4.1 5.3 6.5 7.0 8.2 20.6 18 19 Pvt. domestic nonfinan...................... 103.8 102.9 104.3 108.5 109.5 111.7 120.5 119.1 126.8 142.8 135.2 121.5 19 20 Household savings bonds.............. 45.6 46.4 46.9 48.0 49.0 49.6 50.2 51.1 51.5 51.1 51.4 53.8 20 21 Direct excl. svgs. bonds................ 53.7 51.9 52.5 54.7 54.5 55.0 58.7 56.2 60.3 70.1 60.0 49.5 21 22 Short-term marketable.............. 30.8 31.1 32.0 33.6 30.9 33.5 34.6 33.4 39.1 51.0 38.3 28.5 22 23 Other direct................................ 22.9 20.7 20.4 21.1 23.5 21.5 24.0 22.8 21.1 19.0 21.7 21.0 23 24 Agency issues................................. 4.5 4.6 4.9 5.7 5.9 6.5 10.0 9.7 12.5 19.5 21.6 16.5 24 25 Loan participations....................... .2 .6 1.5 2.2 2.6 2.1 2.3 1.7 25 26 Commercial banks............................. 64.9 70.7 72.1 69.4 69.8 67.4 64.0 73.4 76.9 67.2 76.9 83.5 26 27 Short-term marketable.................. 23.2 33.7 27.9 24.3 28.6 26.7 21.8 27.3 29.0 24.9 30.3 24.9 27 28 Other direct.................................... 39.3 34.1 39.8 40.3 35.9 34.7 36.0 37.0 37.5 32.5 32.9 40.6 28 29 Agency issues................................. 2.3 3.0 4.4 4.7 5.3 6.0 6.1 9.1 10.3 9.8 13.6 18.0 29 30 Nonbank finance............................... 34.5 35.2 37.1 37.3 39.1 39.1 39.2 36.7 38.9 36.9 41.0 44.1 30 31 Short-term marketable.................. 5.8 7.3 8.1 7.0 7.8 7.5 8.6 8.6 10.1 9.0 11.2 9.4 31 32 Other direct.................................... 26.9 25.9 26.8 27.8 28.5 28.3 26.6 23.8 22.7 20.1 18.9 19.7 32 33 Agency issues................................. 1.8 1.9 2.2 2.4 2.8 3.3 3.9 4.4 6.1 7.9 10.9 15.1 33 34 Memo: Held by pvt. domestic nonfin., 203.1 208.8 213.5 215.1 218.3 218.2 223.6 229.3 242.6 246.9 253.1 249.1 34 banks, and nonbank finance.............. 1 Where not shown separately, loan participations are included with sector in flow of funds accounts. They are included in credit market debt agency issues. of financial institutions. 2 These issues are outside the budget and outside the U.S. Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.14 FLOW OF FUNDS □ JUNE 1972 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 State and local government securities 1 Total liability of state and local govts. .. 70.8 76.1 81.4 87.3 93.0 100.3 106.0 114.4 124.4 132.4 146.2 166.5 1 2 Short-term.......................................... 3.4 3.6 3.9 4.3 4.9 5.5 6.2 8.0 8.1 10.7 14.6 19.2 2 3 Long-term.......................................... 67.4 72.4 77.5 83.0 88.1 94.8 99.9 106.4 116.3 121.7 131.7 147.3 3 4 70.8 76.1 81.4 87.3 93.0 100.3 106.0 114.4 124.4 132.4 146.2 166.5 4 5 30.8 32.2 31.2 32.7 34.7 36.4 40.1 38.4 38.2 45.0 47.4 52.3 5 6 Corporate business............................ 2.4 2.4 2.7 3.8 3.7 4.6 3.6 3.3 3.8 2.8 2.2 3.2 6 7 2.7 2.8 2.6 2.3 2.2 2.2 2.1 2.1 2.2 2.2 2.3 2.1 7 8 Commercial banking......................... 17.7 20.5 26.2 28.7 33.7 38.9 41.2 50.3 58.9 59.9 70.2 82.9 8 9 Mutual savings banks....................... .7 .7 .5 .4 .4 .3 .3 .2 .2 .2 .2 .4 9 10 Life insurance companies................. 3.6 3.9 4.0 3.9 3.8 3.5 3.1 3.0 3.2 3.2 3.3 3.5 10 11 Other insurance companies.............. 8.1 9.1 9.9 10.6 11.0 11.3 12.6 14.1 15.1 16.3 17.8 19.3 11 12 State & local govt., rtr. funds.......... 4.4 4.3 3.8 3.3 2.9 2.6 2.5 2.4 2.4 2.3 2.0 1.9 12 13 Brokers and dealers........................... .4 .3 .5 .5 .7 .5 .5 .5 .5 .4 .9 1.0 13 Corporate and foreign bonds 1 90.8 96.5 102.4 109.0 116.6 125.7 137.2 153.4 168.3 182.0 206.3 231.6 1 2 Corporate business............................ 75.3 80.0 84.5 88.4 92.4 97.8 108.0 122.7 135.6 147.6 167.9 187.3 2 3 9.9 10.4 10.7 12.2 14.3 16.1 16.9 17.9 18.8 20.3 22.9 26.7 3 4 .2 .8 1.6 1.7 2.0 2.2 2.3 2.4 2.9 4 5 Rest of the world............................... 5.6 6.2 7.2 8.2 9.2 10.2 10.5 10.8 11.7 11.7 13.2 14.7 5 6 Total assets............................................ 90.8 96.5 102.4 109.0 116.6 125.7 137.2 153.4 168.3 182.0 206.3 231.6 6 7 Households......................................... 9.8 10.3 9.7 9.5 10.0 11.3 12.8 16.8 21.7 27.4 39.8 47.5 7 8 State and local government.............. 1.5 1.3 1.8 2.4 3.1 3.8 4.4 4.9 5.1 7.0 4.9 5.9 8 9 Commercial banking......................... 1.1 .9 .8 .8 .9 .8 .9 1.7 2.0 1.9 2.7 4.0 9 10 Mutual savings banks....................... 3.8 3.6 3.5 3.2 3.1 2.9 3.2 5.3 6.6 6.9 8.3 12.6 10 11 Life insurance companies................. 48.2 50.7 53.2 56.0 58.3 61.1 63.5 67.3 71.2 72.7 74.1 79.3 11 12 Private pension funds....................... 15.7 16.9 18.1 19.6 21.2 22.7 25.2 26.4 27.0 27.6 29.7 29.0 12 13 State & local govt. rtr. funds............ 6.7 8.5 10.4 12.3 14.2 16.3 18.9 22.3 24.8 27.9 31.8 36.2 13 14 Other insurance companies.............. 1.7 1.7 2.1 2.0 2.4 3.0 3.6 4.3 5.5 6.3 8.6 9.3 14 15 Brokers and dealers........................... .5 .3 .4 .6 .5 .5 .6 .6 .2 .4 .5 1.0 15 16 Investment companies....................... 1.2 1.6 1.6 1.8 2.1 2.6 2.9 3.0 3.4 3.6 4.3 4.9 16 17 Rest of the world............................... .6 .6 .7 .7 .9 .7 1.3 .9 .9 .4 1.7 2.0 17 Corporate equities 1 Total at market value............................. 451.0 574.0 505.7 597.0 684.1 778.0 700.7 889.6 1035.8 931.9 928.8 1085.5 1 2 Open-end inv. co. shares................... 17.0 22.9 21.3 25.2 29.1 35.2 34.8 44.7 52.7 48.3 47.6 55.0 2 3 Other.................................................. 434.0 551.1 484.4 571.8 655.0 742.8 665.9 844.9 983.2 883.6 881.2 1030.4 3 4 Market value of holdings....................... 451.0 574.0 505.7 597.0 684.1 778.0 700.7 889.6 1035.8 931.9 928.8 1085.5 4 5 Households......................................... 396.1 501.6 437.8 514.9 588.7 667.0 595.5 754.6 874.4 775.5 763.1 878.7 5 6 Mutual savings banks....................... .8 .9 1.0 1.2 1.3 1.4 1.5 1.7 1.9 2.2 2.5 3.0 6 7 Commercial banking......................... .1 .1 .1 .1 .1 .2 .2 3. .4 .4 .5 .5 7 8 Life insurance companies................. 5.0 6.3 6.3 7.1 7.9 9.1 8.8 10.9 13.2 13.7 15.4 20.5 8 9 Private pension funds....................... 16.5 22.9 21.9 27.7 33.5 40.7 39.5 51.1 61.4 61.6 67.2 86.6 9 10 State & local govt. rtr. funds............ .4 .6 .8 1.0 1.3 1.6 2.1 2.8 4.1 5.9 8.0 11.2 10 11 Other insurance companies.............. 7.5 9.3 8.6 10.0 11.4 12.0 11.0 13.0 14.6 13.3 13.2 15.5 11 12 Open-end investment cos................... 14.8 20.3 18.3 22.1 25.6 30.9 28.9 39.2 46.1 40.9 39.7 47.1 12 13 Brokers and dealers........................... .5 .3 .4 . 6 .5 .5 .6 .6 .2 .4 .5 1.0 13 14 Rest of the world............................... 9.3 11.8 10.3 12.5 13.8 14.6 12.6 15.5 19.6 18.1 18.7 21.4 14 Total mortgages 1 Total mortgage debt............................... 206.8 226.2 248.6 274.3 300.1 325.8 347.4 370.2 397.5 425.3 451.7 499.9 1 2 Savings & loan assns......................... 1.2 1.6 2.0 2.5 2.2 2.2 1.3 2.3 2.4 2.5 3.1 5.1 2 3 U.S. Government............................... 1.3 1.5 1.7 1.8 1.8 1.8 1.8 1.7 1.7 1.6 1.5 1.4 3 4 Private nonfin. sectors....................... 204.4 223.2 244.9 269.9 296.1 321.7 344.4 366.3 393.4 421.3 447.2 493.4 4 5 Total assets............................................ 206.8 226.2 248.6 274.3 300.1 325.8 347.4 370.2 397.5 425.3 451.7 499.9 5 6 Households........................................ 31.8 33.5 34.5 34.8 35.1 34.3 35.7 36.6 38.4 40.2 42.5 44.9 6 7 State & local govts., gen fds............. 1.3 2.0 2.1 2.2 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 7 8 U.S. Government............................... 5.8 6.1 6.3 5.8 5.7 5.6 6.4 7.3 8.4 9.1 9.5 9.5 8 9 FNMA and land banks.................... 5.5 5.7 5.9 5.4 5.7 6.8 9.4 11.1 13.3 17.8 23.6 29.9 9 10 Commercial banks............................. 28.8 30.4 34.5 39.4 44.0 49.7 54.4 59.0 65.7 70.7 73.3 82.5 10 11 Savings & loan assns......................... 60.1 68.8 78.8 90.9 101.3 110.3 114.4 121.8 130.8 140.2 150.3 174.5 11 12 Mut. savings banks........................... 26.9 29.1 32.3 36.2 40.6 44.6 47.3 50.5 53.5 56.1 57.9 61.9 12 13 Credit unions..................................... .4 .4 .5 .5 .5 .6 .6 .7 .7 .7 .8 .9 13 14 Life insurance companies................. 41.8 44.2 46.9 50.5 55.2 60.0 64.6 67.5 70.0 72.0 74.4 75.6 14 15 Pvt. pension funds............................. 1.3 1.6 1.9 2.2 2.7 3.3 3.9 4.1 4.1 4.2 4.3 3.7 15 16 State & local govt. rtr. funds............ 1.5 1.9 2.2 2.6 3.1 3.7 4.5 5.0 5.4 6.0 6.8 7.1 16 17 Other insurance companies.............. .1 .2 .1 .1 .1 .1 .1 .2 .2 .2 .2 .3 17 18 Finance companies............................ 1.6 2.2 2.7 3.5 3.9 4.5 3.9 4.3 4.9 5.7 5.9 7.0 18 Bank loans n.e.c. 1 Total outstanding................................... 62.5 66.0 71.6 79.6 89.5 106.1 115.2 122.9 139.0 158.6 162.9 177.2 1 2 Nonfinancial business....................... 7.2 8.1 8.6 9.1 10.5 11.9 12.2 14.4 17.5 20.4 21.9 25.8 2 3 Households......................................... 46.3 47.6 51.6 56.9 62.0 74.4 84.8 92.7 103.7 118.3 121.8 128.2 3 4 Rest of the world............................... 3.1 3.7 3.9 4.5 7.3 7.7 7.3 7.0 6.8 6.2 6.2 8.8 4 5 Financial sectors................................ 5.9 6.5 7.6 9.2 9.8 12.2 10.8 8.7 11.1 13.6 13.0 14.4 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.15 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Total claims outstanding Credit market debt owed by— 1 Nonfinancial sectors........................... 741. C 785.2 838.5 896.6 963.3 1033.8 1099.9 1179.7 1278.4 1364.1 1459.5 1601.5 1 ? Federal government......................... 235.9 243.1 250.2 254.1 260.4 262.2 265.8 278.8 292.2 288.2 301.4 326.9 2 3 Foreign............................................. 23.2 25.4 27.7 30.9 36.6 39.4 40.2 43.1 45.8 47.6 51.1 57.4 3 4 Private domestic.............................. 481.9 516.6 560.6 611.5 666.3 732.3 793.9 857.8 940.4 1028.2 1107.1 1217.2 4 5 Financial sectors................................. 30.6 33.3 38.6 46.2 51.7 60.5 68.4 67.2 77.6 103.6 114.1 123.3 5 6 Sponsored cr. agencies.................... 7.9 8.6 10.1 11.5 12.1 14.2 19.0 18.4 21.9 30.6 39.3 43.2 6 7 Savings and loan assns................... 3.4 4.4 5.6 7.6 7.8 8.7 8.7 7.0 8.2 12.3 14.1 14.1 7 8 Finance companies.......................... 19.3 20.3 22.9 26.9 31.0 36.1 38.9 39.8 45.3 54.1 55.9 61.1 8 Q .2 .8 1.6 1.7 2.0 2.2 2.3 2.4 2.9 9 10 Bank affiliates.................................. 4.2 2.3 2.0 10 11 Total credit market debt (1 + 10)....... 771.6 818.5 877.1 942.8 1015.0 1094.4 1168.3 1246.9 1356.0 1467.7 1573.6 1724.7 11 Other debt forms— 12 Foreign exchange............................. 1.6 1.8 1.2 1.2 1.2 1.6 1.6 2.8 4.8 5.1 2.6 .9 12 13 Treasury currency............................ 2.7 2.7 2.8 2.8 2.8 3.1 4.0 4.6 5.1 5.3 6.0 6.4 13 14 Deposits at financial insts............... 330.0 356.3 389.6 424.3 463.3 504.0 525.8 581.0 629.3 636.4 703.2 803.8 14 15 Insurance and pension reserves___ 175.8 192.2 201.9 219.4 238.4 259.6 273.7 300.6 326.3 341.8 367.7 405.0 15 16 Security credit.................................. 10.9 13.2 13.9 16.4 16.3 17.2 17.6 23.2 27.5 22.8 22.3 24.0 16 17 Trade debt........................................ 67.3 70.6 74.4 78.8 82.1 91.7 103.6 111.8 123.0 142.8 154.0 152.3 17 18 Profit taxes payable......................... 16.0 16.5 17.7 19.2 20.8 22.5 22.7 17.8 20.9 17.8 17.0 20.7 18 19 Miscellaneous................................... 117.8 117.5 127.2 136.5 148.6 163.1 180.2 199.4 221.4 258.0 263.9 280.1 19 20 Interbank claims.............................. 23.1 24.5 25.8 25.9 27.0 27.4 30.3 32.4 36.8 39.5 44.8 49.8 20 21 Investment co. shares...................... 17.0 22.9 21.3 25.2 29.1 35.2 34.8 44.7 52.7 48.3 47.6 55.0 21 22 Total debt above................................. 1533.8 1636.6 1752.8 1892.5 2044.7 2219.8 2362.5 2565.2 2803.6 2985.6 3202.7 3522.9 22 Add—Financial assets not included in borrowing 23 Other corporate shares................... 434.0 551.1 484.4 571.8 655.0 742.8 665.9 844.9 983.2 883.6 881.2 1030.4 23 24 Gold.................................................. 40.5 41.1 41.5 42.3 43.0 43.2 43.2 41.6 40.9 41.0 44.6 44.4 24 Deduct—Floats not included in assets: 25 Demand deposits—U.S. Govt........ -.3 -.3 * .1 -.4 .1 -.2 -.6 -.1 -.7 -.7 -.8 25 26 Other............... 12.1 13.1 12.5 12.4 13.3 13.4 14.1 14.5 14.7 15.2 16.3 17.1 26 27 Trade credit..................................... -19.3 -22.0 -23.1 -25.6 -30.9 -35.0 -36.4 -38.0 -42.6 -43.1 -39.0 -43.6 27 Deduct—Liabilities not allocated as assets 28 Treasury currency........................... -2.6 -2.7 -2.7 -2.6 -2.4 -2.4 -2.2 -2.0 -1.7 -1.5 -1.6 -1.6 28 29 Miscellaneous................................... 29.6 23.5 26.6 28.4 31.1 36.6 40.4 45.1 52.1 67.9 60.3 63.9 29 30 Totals allocated to sectors as assets. . . 1988.8 2217.2 2265.4 2493.9 2731.9 2993.1 3055.9 3432.6 3805.3 3872.6 4093.2 4562.8 30 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Households, personal trusts, and nonprofit organizations 1 Total financial assets.................................................. 967.9 1112.1 1085.31214.41344.71485.81468.71703.41907.11867.31944.32170.4 1 2 Deposits and cr. mkt. instr.0)................................... 381.5 403.3 430.1 464.1 500.7 540.6 579.6 625.6 681.4 723.5 785.0 855.8 2 3 Demand dep. and currency................................... 70.2 72.5 74.1 77.9 82.5 90.3 92.9 104.1 116.7 120.4 126.5 134.9 3 4 Savings accounts.................................................... 165.3 181.8 207.5 232.1 259.5 287.5 306.8 341.5 371.8 377.8 422.4 496.0 4 5 At commercial banks......................................... 62.0 67.3 79.9 89.4 101.1 115.9 127.9 146.0 163.4 161.5 189.0 221.8 5 6 At savings institutions........................................ 103.3 114.5 127.6 142.7 158.4 171.6 178.9 195.5 208.4 216.4 233.4 274.2 6 7 Credit mkt. instruments......................................... 146.0 149.0 148.5 154.0 158.7 162.8 179.9 180.0 192.9 225.3 236.1 224.9 7 8 U.S. Govt, securities.......................................... 73.5 72.7 73.0 77.0 79.0 80.7 89.0 88.2 92.7 104.8 100.4 77.1 8 9 Short-term mkt................................................ 8.8 7.8 8.0 10.6 9.4 12.9 14.9 12.0 17.5 27.0 16.4 .6 9 10 Other direct..................................................... 16.3 15.9 15.2 15.0 16.7 14.2 16.0 16.0 13.2 11.9 15.2 11.7 10 11 Agency issues.................................................. 2.7 2.6 2.9 3.3 3.8 4.0 7.9 9.0 10.5 14.8 17.4 10.9 11 12 Savings bonds.................................................. 45.6 46.4 46.9 48.0 49.0 49.6 50.2 51.1 51.5 51.1 51.4 53.8 12 13 State and local oblig.......................................... 30.8 32.2 31.2 32.7 34.7 36.4 40.1 38.4 38.2 45.0 47.4 52.3 13 14 Corporate and foreign bonds............................. 9.8 10.3 9.7 9.5 10.0 11.3 12.8 16.8 21.7 27.4 39.8 47.5 14 15 Mortgages............................................................ 31.8 33.5 34.5 34.8 35.1 34.3 35.7 36.6 38.4 40.2 42.5 44.9 15 16 Commercial paper.............................................. .1 .2 .1 .1 * .1 2.3 * 1.9 7.9 6.1 3.1 16 17 Corporate equities.................................................. 396.1 501.6 437.8 514.9 588.7 667.0 595.5 754.6 874.4 775.5 763.1 878.7 17 18 Investment co. shares......................................... 17.0 22.9 21.3 25.2 29.1 35.2 34.8 44.7 52.7 48.3 47.6 55.0 18 19 Other corp. shares.............................................. 379.0 478.7 416.6 489.7 559.6 631.8 560.7 709.9 821.7 727.2 715.4 823.6 19 20 Life insurance reserves........................................... 85.2 88.6 92.4 96.6 101.1 105.9 110.6 115.4 120.0 125.0 130.3 137.0 20 21 Pension fund reserves............................................ 90.7 103.5 109.5 122.8 137.3 153.7 163.2 185.2 206.2 216.8 237.4 268.1 21 22 Security credit......................................................... 1.1 1.2 1.2 1.2 1.2 1.7 1.6 2.7 3.5 2.6 2.2 2.1 22 23 Miscellaneous assets............................................... 13.3 13.8 14.3 14.8 15.7 17.0 18.2 19.8 21.6 23.8 26.3 28.8 23 24 Total liabilities............................................................ 226.2 243.1 264.1 291.2 319.3 349.4 372.2 395.8 430.8 461.9 483.6 525.8 24 25 Credit mkt. instruments........................................ 216.3 231.6 252.4 277.2 305.1 333.8 356.2 375.8 407.9 440.6 463.2 503.3 25 26 Home mortgages................................................ 136.8 147.7 160.4 175.1 191.1 206.4 219.0 229.4 244.1 260.4 273.1 296.1 26 27 Other mortgages................................................. 9.2 10.1 11.0 12.0 13.1 14.2 15.5 16.7 17.8 19.1 20.5 21.9 27 28 Installment cons, credit...................................... 43.0 43.9 48.7 55.5 62.7 71.3 77.5 80.9 89.9 98.2 101.2 109.5 28 29 Other consumer credit........................................ 13.2 14.1 15.1 16.3 17.6 19.0 20.0 21.2 23.3 24.3 25.6 27.7 29 30 Bank loans n.e.c.................................................. 7.2 8.1 8.6 9.1 10.5 11.9 12.2 14.4 17.5 20.4 21.9 25.8 30 31 Other loans.......................................................... 7.0 7.7 8.5 9.2 10.1 11.0 11.9 13.3 15.3 18.3 20.9 22.2 31 32 Security credit......................................................... 5.4 6.7 6.6 8.6 8.4 9.2 9.0 12.3 14.4 11.9 10.0 11.2 32 33 Trade credit............................................................ 2.1 2.2 2.4 2.5 2.8 3.0 3.3 3.7 4.2 4.7 5.3 5.8 33 34 Deferred and unpaid life insurance premiums....... 2.4 2.5 2.7 2.9 3.0 3.3 3.7 3.9 4.3 4.7 5.1 5.6 34 Digitized for FRA(!S) EERx cludes corporate equities. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.16 FLOW OF FUNDS □ JUNE 1972 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Nonfinancial business—Total 1 Total financial assets............................. 211.1 223.5 236.2 252.3 268.1 290.9 306.3 326.0 353.4 379.0 394.3 421.4 1 2 Demand dep. and currency.............. 45.8 46.2 46.6 46.8 47.3 47.7 48.0 49.5 50.8 52.2 52.7 57.3 2 3 Time deposits.................................... 3.9 6.9 8.4 10.8 10.8 13.1 11.7 13.8 14.2 11.8 13.5 14.1 3 4 Credit market instr............................ 36.6 37.2 39.5 42.8 45.0 46.6 45.8 48.3 54.6 56.8 55.7 63.8 4 5 Trade credit....................................... 82.3 88.0 92.6 98.8 107.0 120.0 131.3 139.0 153.0 170.3 176.5 180.5 5 6 Miscellaneous assets......................... 42.5 45.2 49.1 53.2 58.0 63.5 69.4 75.3 80.8 87.9 95.9 105.7 6 7 Total liabilities....................................... 297.2 307.0 332.0 360.3 386.4 430.1 476.6 519.2 576.4 642.6 694.9 749.8 7 8 Credit mkt instruments..................... 193.5 207.5 224.8 244.9 265.7 295.4 328.3 364.1 404.0 450.5 492.8 542.3 8 9 Corporate bonds........................... 75.3 80.0 84.5 88.4 92.4 97.8 108.0 122.7 135.6 147.6 167.9 187.3 9 10 Home mortgages........................... 2.1 2.3 2.4 2.7 2.4 2.5 1.6 2.7 3.0 2.4 2.5 5.2 10 11 Other mortgages............................ 56.4 63.2 71.1 80.1 89.5 98.6 108.3 117.5 128.4 139.4 151.1 170.2 11 12 Bank loans n.e.c............................. 46.3 47.7 51.5 56.8 62.0 74.3 84.7 92.7 103.7 118.4 121.7 128.2 12 13 Other loans..................................... 13.5 14.4 15.3 16.8 19.5 22.1 25.6 28.4 33.3 42.7 49.6 51.4 13 14 Trade debt, net.................................. 57.9 60.4 63.4 67.5 69.8 78.5 88.51 94.6 104.3 122.3 131.0 129.3 14 15 Other liabilities.................................. 45.7 39.1 43.8 48.0 50.8 56.2 59.8 60.5 68.1 69.8 71.0 78.2 15 Farm business 1 1 Total financial assets............................. 7.6 7.7 7.9 7.8 8.2 8.5 8.7 9.1 9.6 10.2 10.8 11.3 1 2 Demand deposits and currency........ 5.8 5.8 5.9 5.7 5.9 6.0 6.0 6.1 6.3 6.4 6.5 6.6 2 3 Miscellaneous assets......................... 1.8 1.9 2.0 2.1 2.3 2.5 2.7 3.0 3.3 3.8 4.3 4.7 3 4 Insurance receivables..................... 1.6 1.7 1.7 1.9 2.0 2.2 2.3 2.6 2.8 3.2 3.6 4.0 4 5 Equity in sponsored agencies........ .2 .2 .2 .3 .3 .3 .4 .4 .5 .6 .6 .7 5 6 Total liabilities....................................... 23.6 25.5 28.4 31.5 34.5 38.4 42.8 47.1 50.1 54.0 58.3 63.4 6 7 Credit market instruments............... 20.0 21.6 23.9 26.4 29.0 32.3 35.8 39.2 41.9 45.1 48.3 52.0 7 8 Mortgages...................................... 12.8 13.9 15.2 16.8 18.9 21.2 23.3 25.5 27.5 29.5 31.2 32.9 8 9 Bank loans n.e.c............................. 5.1 5.3 6.1 6.7 7.0 7.7 8.6 9.3 9.7 10.3 11.2 12.5 9 10 Other loans.................................... 2.1 2.3 2.6 2.9 3.1 3.5 3.9 4.5 4.7 5.3 5.9 6.7 10 11 U.S. Government....................... .6 .7 .7 .8 .9 .9 .9 1.1 1.0 1.0 1.0 1.0 11 12 FICB and bks for coops........... 1.5 1.7 1.8 2.1 2.2 2.5 2.9 3.4 3.7 4.3 5.0 5.7 12 13 Trade debt.......................................... 3.7 3.9 4.5 5.1 5.5 6.1 7.0 7.8 8.2 8.9 10.0 11.4 13 Memo—CCC direct and guaranteed 14 Loans not included above.................... .6 .9 1.1 .7 .5 .5 .5 1.7 1.1 14 Nonfarm noncorporate business 1 Total financial assets................... 20.8 21.3 21.8 22.3 23.0 23.7 24.5 25.4 26.6 27.8 29.0 30.2 1 2 Demand deposits and currency 12.4 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 2 3 Consumer credit....................... 5.4 5.5 5.9 6.3 6.6 7.1 7.6 8.0 8.8 9.3 9.8 10.4 3 4 Miscellaneous assets................ 3.0 3.2 3.3 3.5 3.8 4.1 4.4 4.8 5.3 6.0 6.7 7.4 4 5 Insurance receivables........... 3.0 3.1 3.3 3.5 3.7 4.0 4.3 4.7 5.2 5.8 6.5 7.2 5 6 Eq. in spons. agencies.......... .1 .1 .1 . 1 .1 . 1 .1 .1 .2 .2 .2 6 7 Total liabilities............................. 26.8 29.5 32.7 36.2 41.0 46.1 50.3 56.0 62.2 68.9 75.8 86.0 7 8 Credit market instruments.... 24.6 26.9 30.2 34.7 40.0 45.8 51.2 56.2 62.7 70.1 76.4 87.4 8 9 Mortgages............................. 13.6 15.6 17.8 20.6 24.0 27.1 29.5 33.2 36.6 40.3 45.1 53.5 9 10 Home................................. 1.0 1.1 1.2 1.4 1.2 1.3 .8 1.4 1.5 1.2 1.2 2.6 10 11 Multifamily....................... 10.2 11.8 13.6 15.8 19.1 21.8 24.2 27.0 29.7 33.3 37.7 43.8 11 12 Commerical...................... 2.3 2.6 3.0 3.4 3.7 4.0 4.5 4.8 5.4 5.8 6.2 7.0 12 13 Bank loans n.e.c................... 3.9 4.2 4.6 5.3 5.7 6.7 8.0 8.5 9.8 11.7 12.1 13.9 13 14 Other loans........................... 7.1 7.1 7.8 8.8 10.3 12.0 13.8 14.5 16.4 18.1 19.3 20.0 14 15 Trade debt, net......................... 2.2 2.6 2.5 1.5 1.0 .3 -.9 -.2 -.5 -1.2 -.6 -1.4 15 16 Trade debt............................ 15.7 16.5 16.2 15.0 14.9 14.3 13.5 14.7 14.6 14.3 15.4 15.1 16 17 Trade receivables.................. 13.6 13.8 13.6 13.6 13.9 14.0 14.4 14.9 15.1 15.5 16.0 16.4 17 Corporate nonfinancial business 1 1 Total financial assets............................. 182.6 194.5 206.5 222.2 237.0 258.7 273.0 291.5 317.1 341.0 354.5 379.8 1 2 Liquid assets...................................... 53.0 56.5 59.6 64.2 65.1 67.8 64.1 68.8 74.1 73.5 72.5 83.1 2 3 Demand deposits and currency. .. 27.6 27.9 28.2 28.5 28.9 29.2 29.5 30.9 32.0 33.3 33.7 38.1 3 4 Time deposits................................. 3.9 6.9 8.4 10.8 10.8 13.1 11.7 13.8 14.2 11.8 13.5 14.1 4 5 U.S. Govt, securities..................... 16.9 16.5 16.8 16.7 15.8 14.4 13.0 10.7 11.6 10.4 7.4 10.1 5 6 Open market paper....................... 2.3 2.8 3.5 4.3 6.0 6.5 6.3 10.0 12.5 15.2 15.8 17.6 6 7 State and local obligations............ 2.4 2.4 2.7 3.8 3.7 4.6 3.6 3.3 3.8 2.8 2.2 3.2 7 8 Consumer credit................................ 9.7 9.9 10.6 11.6 12.9 14.1 15.3 16.3 17.9 19.2 20.6 22.6 8 9 Trade credit....................................... 82.3 88.0 92.6 98.8 107.0 120.0 131.3 139.0 153.0 170.3 176.5 180.5 9 10 Miscellaneous financial assets.......... 37.6 40.1 43.8 47.5 51.9 56.9 62.3 67.4 72.2 78.1 85.0 93.7 10 11 Fgn. direct investment................... 32.7 34.7 37.2 40.7 44.4 49.2 53.9 58.3 61.6 66.6 72.9 79.9 11 12 Fgn. currencies............................... .1 .2 .8 .7 1.1 .8 .9 1.1 1.6 1.3 .9 1.4 12 13 Insurance receivables..................... 4.7 5.1 5.7 6.0 6.4 6.8 7.3 8.0 8.8 9.9 10.8 12.1 13 14 Eq. in sponsored agencies............. .1 .1 .1 .1 .1 .1 .1 .1 .2 .2 .3 .4 14 15 Total liabilities....................................... 246.7 252.1 271.0 292.7 310.9 345.6 383.5 416.2 464.1 519.7 560.8 600.4 15 16 Credit market instruments............... 149.0 159.0 170.8 183.8 196.7 217.3 241.3 268.6 299.4 335.3 368.1 402.9 16 17 Corporate bonds........................... 75.3 80.0 84.5 88.4 92.4 97.8 108.0 122.7 135.6 147.6 167.9 187.3 17 18 Mortgages....................................... 32.0 36.0 40.5 45.4 49.0 52.8 57.1 61.6 67.3 72.1 77.3 89.0 18 19 Home mortgages....................... 1.0 1.0 1.2 1.4 1.2 1.3 .8 1.4 1.5 1.2 1.2 2.6 19 20 Multifamily............................... 10.1 11.2 12.2 13.2 14.5 15.3 16.1 16.9 17.6 18.8 20.4 23.0 20 21 Commercial................................ 20.9 23.6 27.1 30.8 33.3 36.2 40.2 43.3 48.2 52.0 55.7 63.4 21 22 Bank loans n.e.c............................. 37.3 38.1 40.9 44.9 49.3 60.0 68.2 74.9 84.2 96.3 98.5 101.8 22 23 Open market paper....................... 1.2 1.5 1.6 1.3 1.5 1.2 2.2 3.7 5.3 8.0 10.6 9.6 23 24 Finance co. loans........................... 2.3 2.5 2.2 2.7 3.2 3.8 3.8 3.5 5.3 9.5 11.8 13.6 24 25 U.S. Govt, loans........................... .9 .9 1.1 1.2 1.4 1.7 2.0 2.2 1.7 1.8 2.1 1.6 25 26 Profit taxes payable......................... 13.6 15.1 15.7 17.6 18.5 20.7 20.9 16.2 19.0 15.7 14.4 18.3 26 27 Trade debt.......................................... 52.0 53.9 56.4 60.9 63.3 72.0 82.5 87.0 96.6 114.6 121.7 119.3 27 28 Miscellaneous liabilities.................... 32.1 24.0 28.0 30.4 32.3 35.5 38.9 44.3 49.1 54.0 56.7 59.9 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.17 8. SECTOR STATEMENTS OR FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 State and local governments—-General funds* 1 Total financial assets ......................... 30.8 32.3 35.4 39.2 43.5 48.2 51.2 55.2 62.2 64.9 71.7 87.3 1 2 Liquid assets...................................... 17.8 19.3 22.0 24.8 27.2 30.4 31.5 34.8 39.2 39.0 50.0 64.2 2 3 Demand deposits and curr............ 6.4 6.1 7.0 8.2 9.6 9.2 8.4 7.4 8.0 10.0 10.0 10.4 3 4 Time deposits................................. 4.6 5.5 6.5 8.1 9.8 12.2 13.5 15.9 19.1 13.2 23.2 30.4 4 5 Short-term U.S. Govt, sec............. 6.8 7.7 8.6 8.6 7.8 9.0 9.6 11.5 12.1 15.7 16.8 23.4 5 6 Other U.S. Govt, securities.............. 6.6 6.0 5.9 6.2 6.9 7.6 8.8 8.7 10.4 11.9 10.6 10.9 6 7 State and local obligations............... 2.7 2.8 2.6 2.3 2.2 2.2 2.1 2.1 2.2 2.2 2.3 2.1 7 8 Corporate bonds............................... 1.5 1.3 1.8 2.4 3.1 3.8 4.4 4.9 5.1 7.0 4.9 5.9 8 9 Home mortgages............................... 1.3 2.0 2.1 2.2 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 9 10 Taxes receivable................................. .9 1.0 1.1 1.3 1.9 2.1 2.3 2.5 3.2 2.5 1.7 2.0 10 11 Total liabilities....................................... 74.5 80.2 86.2 92.5 98.8 106.8 113.6 122.8 133.9 143.0 157.4 178.4 11 12 Credit market instruments............... 72.1 77.5 83.4 89.5 95.5 103.1 109.5 117.9 128.4 137.1 151.1 171.7 12 13 State and local obligations............ 70.8 76.1 81.4 87.3 93.0 100.3 106.0 114.4 124.4 132.4 146.2 166.5 13 14 Short-term.................................. 3.4 3.6 3.9 4.3 4.9 5.5 6.2 8.0 8.1 10.7 14.6 19.2 14 15 Other........................................... 67.4 72.4 77.5 83.0 88.1 94.8 99.9 106.4 116.3 121.7 131.7 147.3 15 16 Other loans (U.S. Govt.).............. 1.2 1.5 2.0 2.2 2.5 2.8 3.4 3.6 4.0 4.7 4.8 5.2 16 17 Trade debt...................................... 2.5 2.7 2.8 3.0 3.3 3.7 4.2 4.8 5.4 5.9 6.3 6.8 17 U.S. Government 1 Total financial assets............................. 55.9 58.6 62.8 65.9 70.2 73.4 78.4 81.0 89.6 93.4 97.3 103.4 1 2 Gold and off. U.S. fgn. exch............. 1.7 1.9 1.2 1.2 1.0 1.1 .9 1.3 3.3 4.7 3.6 2.1 2 3 Demand deposits and currency........ 7.2 7.2 8.1 7.7 8.3 6.9 6.8 8.3 6.6 7.7 10.3 13.5 3 4 Time deposits..................................... .3 .3 .3 .3 .3 .3 .2 .3 .4 .2 .4 .5 4 5 Credit market instruments............... 25.9 27.5 30.0 31.4 34.1 36.9 41.2 45.7 51.1 54.0 56.7 59.2 5 6 * * * * * 1.4 1.3 1.4 . 1 * 6 7 Home mortgages........................... 4.2 4.4 4.5 4.1 4.0 3.9 4.5 5.2 6.0 6.1 6.0 5.7 7 8 Other mortgages............................ 1.5 1.7 1.7 1.7 1.7 1.7 1.9 2.1 2.4 3.0 3.5 3.8 8 9 Other loans..................................... 20.1 21.4 23.7 25.5 28.4 31.2 33.5 37.2 41.3 44.7 47.2 49.7 9 10 To rest of the world.................. 13.3 13.8 14.9 16.0 17.5 19.0 19.8 22.3 24.4 26.5 27.8 29.5 10 11 To others.................................... 6.9 7.6 8.8 9.6 10.9 12.2 13.7 14.9 16.9 18.2 19.5 20.2 11 12 Taxes receivable................................. 15.0 15.5 16.6 17.9 18.9 20.5 20.4 15.2 17.7 15.2 15.3 18.7 12 13 Trade credit....................................... 1.8 1.8 2.0 2.5 2.7 3.1 4.4 5.8 6.4 7.3 6.6 4.9 13 14 Miscellaneous assets.......................... 4.1 4.4 4.6 4.9 4.8 4.7 4.4 4.3 4.1 4.2 4.4 4.5 14 15 Total liabilities....................................... 263.4 271.8 280.0 285.1 292.4 296.4 302.6 319.1 334.4 331.7 346.7 375.0 15 16 Credit market instruments............... 235.9 243.1 250.2 254.1 260.4 262.2 265.8 278.8 292.2 288.2 301.4 326.9 16 17 Savings bonds................................. 45.6 46.4 46.9 48.0 49.0 49.6 50.2 51.1 51.5 51.1 51.4 53.8 17 18 Short-term marketable.................. 88.2 98.9 99.8 101.1 105.8 108.8 110.2 118.9 119.4 128.4 133.8 130.4 18 19 Other direct.................................... 100.1 95.3 100.2 101.9 101.6 99.3 99.5 98.9 108.3 98.4 105.6 132.7 19 20 Agency issues................................. .1 .1 .1 .2 .2 .2 .3 .5 1.9 1.6 1.9 2.5 20 21 Loan participations....................... .6 .9 1.4 1.2 2.0 2.4 3.7 7.7 9.4 7.1 7.1 6.0 21 22 Home mortgages........................... 1.3 1.5 1.7 1.8 1.8 1.8 1.8 1.7 1.7 1.6 1.5 1.4 22 23 Trade debt.......................................... 3.1 3.4 3.7 3.6 3.4 3.9 4.5 5.1 5.1 4.8 4.2 3.5 23 24 Treasury currency liability................ 2.7 2.7 2.8 2.8 2.8 3.1 4.0 4.6 5.1 5.3 6.0 6.4 24 25 Life insurance reserves...................... 6.4 6.5 6.6 6.8 6.9 7.0 7.1 7.2 7.2 7.3 7.4 7.4 25 26 Retirement fund reserves.................. 14.1 15.0 16.0 17.2 18.4 19.7 21.0 22.3 23.6 25.1 27.5 30.4 26 27 Miscellaneous liabilities.................... 1.2 1.0 .8 .7 .6 .6 .2 1.0 1.2 .9 .3 .3 27 Federally sponsored credit agencies2 1 Total financial assets............................. 11.3 12.5 14.1 15.6 16.3 18.6 23.8 23.7 27.0 36.1 46.9 50.3 1 2 Currency and demand deposits........ .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 2 3 Credit market instr............................ 11.1 12.1 13.7 15.3 16.0 18.3 23.4 23.3 26.5 35.6 45.4 48.2 3 4 U.S. Government securities.......... 1.5 1.4 1.8 2.2 1.8 1.9 2.9 2.9 2.7 2.5 4.2 2.7 4 5 Mortgages....................................... 5.5 5.7 5.9 5.4 5.7 6.8 9.4 11.1 13.3 17.8 23.6 29.9 5 6 Home (FNMA)......................... 2.9 2.9 2.8 2.1 2.0 2.5 4.4 5.5 7.2 11.0 16.1 20.9 6 7 Multifamily (FNMA)................ * * * * * * * * * * .3 1.1 7 8 Farm (FLB)............................... 2.6 2.8 3.1 3.3 3.7 4.3 5.0 5.6 6.1 6.7 7.2 7.9 8 9 Other loans..................................... 4.1 5.0 6.1 7.7 8.5 9.6 11.1 9.3 10.5 15.3 17.6 15.6 9 10 To coops (BC)........................... .6 .7 .7 .8 1.0 1.1 1.3 1.5 1.6 1.7 2.0 2.0 10 11 To farmers (FICB)..................... 1.5 1.7 1.8 2.1 2.2 2.5 2.9 3.4 3.7 4.3 5.0 5.7 11 12 To S & L’s (FHLB)................... 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 9.3 10.6 7.9 12 13 Other assets........................................ .1 .1 .2 .1 .1 .1 .3 .3 .3 .3 1.3 1.8 13 14 Total liabilities....................................... 10.8 11.9 13.5 14.9 15.5 17.8 23.0 22.8 26.1 35.2 46.0 49.3 14 15 Credit market instr........................... 7.9 8.6 10.1 11.5 12.1 14.2 19.0 18.4 21.9 30.6 39.3 43.2 15 16 Agency securities........................... 7.9 8.5 10.0 11.5 11.9 13.8 18.9 18.4 21.6 30.6 39.3 43.2 16 17 U.S. Government loans................ * .1 .1 . 1 .3 .1 * .3 17 18 Miscellaneous liabilities.................... 2.9 3.3 3.4 3.4 3.5 3.6 4.0 4.4 4.2 4.5 6.6 6.1 18 19 Deposits at FHLB’s....................... .9 1.2 1.2 1.2 1.2 1.0 1.0 1.4 1.4 1.0 2.3 1.8 19 20 Capital subscriptions..................... 1.7 1.8 1.9 1.9 1.9 2.0 2.3 2.4 2.2 2.4 2.7 2.8 20 21 Other.............................................. .3 .3 .3 .3 .3 .5 .6 .6 .6 1.1 1.6 1.5 21 1 Employee retirement funds are on page A-71.20. operatives, and Federal land banks. These agencies are privately owned 2 This group consists of Federal home loan banks, Federal National and are excluded from U.S. Government budget accounts as of 1969 Mortgage Association, Federal intermediate credit banks, banks for co- and from U.S. Government figures in these accounts for all years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.18 FLOW OF FUNDS □ JUNE 1972 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Monetary authorities 2 1 To G ta o l l f d i n a a n n d c ia fg l n a . s s e e x t c s h .. a .. n .. g .. e .. 1 .. . . . . . . . . . . . . . . . . 5 1 2 7 . . 2 7 5 1 3 6 . .8 6 5 1 5 6 . . 3 0 5 1 7 5 . . 5 6 6 1 0 5 . . 8 6 6 1 3 4 . . 1 3 6 1 7 4 . . 3 0 7 1 2 3 . . 1 5 7 1 5 2 . . 8 4 8 1 0 2. . 3 0 8 1 5 0 . .9 2 9 10 3 . . 1 5 2 1 3 Treas. currency and SDR ctfs.. 5.2 5.4 5.4 5.4 5.2 5.4 6.2 6.6 6 6.8 7.5 8.0 3 4 5 F F . . R R . . l f o lo a a n t s . . t .. o .. . d .. o .. m .... e . s .. t . i . c .. .. b .. a .. n .. k .. s .. . 1.8 * 2. . 3 1 2.9* 2.6 * 2. . 6 2 2. . 2 1 2. . 5 2 2. . 6 1 3. . 4 2 3. . 4 2 4. . 3 3 4.3* 4 5 6 Credit market instruments 27.5 28.9 30.9 33.8 37.2 41.0 44.5 49.3 53.0 57.2 62.2 71.0 6 7 U.S. Govt, securities............ 27.4 28.9 30. 33.6 37.0 40.8 44.3 49.1 52.9 57.2 62.1 70.8 7 8 Short-term marketable. . . 19.2 18.3 20.7 25.6 28.2 31.9 36.5 39.2 32.6 37.6 38.5 39.5 8 9 Other direct....................... 8.1 10.6 10.1 8.0 8.8 8.9 7.8 9.9 20.4 19.5 23.7 30.7 9 10 Agency issues................... .6 10 11 Acceptances.......................... .1 .1 .1 .2 .1 .3 11 12 Bank loans n.e.c................... * * 12 13 Total liabilities....................... 52.2 53.6 55.3 57.5 60.8 63.1 67.3 72.1 75.8 80.0 85.2 93.5 13 14 Vault cash of coml. banks. 3.3 3.7 4.3 5.0 4.5 4.9 5.5 5.9 7.2 7.3 7.0 7.5 14 15 Member bank reserves 17.1 17.4 17.5 17.0 18.1 18.4 19. 21.1 21.7 22.1 24.2 27.8 15 1 1 7 6 De U m .S a . n d G d o e v p e o rn si m ts e a n n t. d .. . c .. u .. r .. r . e .. n .. c .. y .. . 30. . 6 9 31 . . 9 4 3 1 2 . .3 0 3 1 4 . . 2 2 3 1 6. . 8 4 3 1 8. . 8 4 4 1 1 . . 6 2 4 2 4 . . 5 2 45 1. . 5 7 4 2 8 . . 0 9 5 1 2 . . 6 0 5 2 6 . . 5 4 1 1 7 6 18 Foreign................................... .2 .3 .3 .2 .3 .2 .4 .4 .5 .4 .3 .5 18 2 1 0 9 Ta C xe u s r r p e a n y c a y b o le u . t . s .. i . d .. e .. . b .. a .. n ... k .. s .. . . . . . . . . . . . . . . . . 29.5 * 30.2* 31.0* 32.7 * 35. . 1 5 37.2* 39.2 41.3* 43. .1 7 46 . . 2 6 50 . . 1 0 53.4* 2 1 0 9 21 Other.......................................... 1.2 1.2 1.3 1.3 .9 .9 .9 1.1 1.5 1.9 1.9 21 Commercial banking2 1 Total financial assets............................. 230.9 247.9 269.9 288.6 314.7 345.2 365.5 406.4 453.0 476.5 516.9 574.5 1 2 Total bank credit3............................. 204.7 220.6 240.7 259.1 283.0 312.0 328.5 366.1 406.4 424.8 457.9 508.5 2 3 Credit market instruments............ 198.6 213.5 232.6 250.0 273.4 302.5 318.4 354.4 393.4 412.9 444.4 494.2 3 4 U.S. Govt, securities4................ 64.9 70.7 72.1 69.4 69.8 67.4 64.0 73.4 76.9 67.2 76.9 83.5 4 5 Short-term direct................... 23.2 33.7 27.9 24.3 28.6 26.7 21.8 27.3 29.0 24.9 30.3 24.9 5 6 Other direct............................. 39.3 34.1 39.8 40.3 35.9 34.7 36.0 37.0 37.5 32.5 32.9 40.6 6 7 Agency issues......................... 2.3 3.0 4.4 4.7 5.3 6.0 6.1 9.1 10.3 9.8 13.6 18.0 7 8 Other securities and mtg........... 47.6 51.8 61.5 70.0 78.6 89.4 96.5 111.0 126.6 132.5 146.2 169.4 8 9 State and local obligations... 17.7 20.5 26.2 29.7 33.7 38.9 41.2 50.3 58.9 59.9 70.2 82.9 9 10 Corporate bonds.................... 1.1 .9 .8 .8 .9 .8 .9 1.7 2.0 1.9 2.7 4.0 10 11 Home mortgages.................... 19.2 20.0 22.1 24.9 27.2 30.4 32.8 35.3 38.8 41.4 42.3 48.0 11 12 Other mortgages..................... 9.6 10.4 12.3 14.5 16.8 19.3 21.6 23.7 26.9 29.3 30.9 34.5 12 13 Other credit exc. security.......... 86.2 91.0 99.0 110.7 125.1 145.7 158.0 169.9 189.9 213.2 221.3 241.3 13 14 Consumer credit..................... 20.6 21.4 23.7 27.2 31.0 35.7 38.3 40.0 44.9 48.2 50.1 54.9 14 15 Bank loans n.e.c..................... 62.5 66.0 71.6 79.6 89.5 106.0 115.2 122.9 139.0 158.6 162.9 177.2 15 16 Open market paper................ 2.4 2.8 3.0 3.0 3.6 3.0 4.5 7.0 5.9 6.4 8.4 9.2 16 17 Hypothecated deposits.......... .7 .8 .8 .8 1.0 1.1 17 18 Corporate equities......................... .1 .1 .1 .1 .1 .2 .2 .3 .4 .4 .5 .5 18 19 Security credit................................ 6.0 7.1 8.0 9.0 9.4 9.3 9.9 11.4 12.7 11.5 13.0 13.8 19 20 Vault cash.......................................... 3.3 3.7 4.3 5.0 4.5 4.9 5.5 5.9 7.2 7.3 7.0 7.5 20 21 Member bank reserves...................... 17.1 17.4 17.5 17.0 18.1 18.4 19.8 21.1 21.7 22.1 24.2 27.8 21 22 Other interbank claims..................... .8 1.0 1.1 1.2 1.6 1.7 2.3 2.6 4.2 6.5 9.0 10.1 22 23 Miscellaneous assets......................... 5.0 5.2 6.3 6.2 7.5 8.2 9.3 10.7 13.4 15.7 18.7 20.6 23 24 Total liabilities....................................... 212.8 228.7 249.3 268.3 292.6 321.9 340.9 380.2 425.1 447.6 486.2 541.3 24 25 Demand deposits, net....................... 122.3 127.1 130.9 134.0 140.0 145.4 145.8 157.3 170.7 176.0 184.7 198.8 25 26 U.S. Government........................... 5.9 5.9 7.2 6.5 6.5 5.5 5.0 5.2 5.0 5.1 7.9 10.2 26 27 Other.............................................. 116.4 121.1 123.7 127.4 133.5 139.9 140.8 152.0 165.7 171.0 176.8 188.6 27 28 Time deposits..................................... 73.6 83.0 98.6 113.0 127.6 147.7 159.8 183.7 204.5 195.1 233.1 274.5 28 29 Large negotiable CD’s.................. 1.1 3.2 6.2 9.9 12.6 16.3 15.7 20.3 23.5 10.9 26.1 34.0 29 30 Other at coml. banks............ 72.2 79.5 92.1 102.7 114.6 130.9 143.6 162.8 180.2 183.2 205.6 238.8 30 31 At fgn. banking agencies.............. .3 .3 .3 .4 .4 .5 .5 .6 .8 1.0 1.4 1.7 31 32 Federal Reserve float......................... 1.8 2.3 2.9 2.6 2.6 2.2 2.5 2.6 3.4 3.4 4.3 4.3 32 33 Borrowing at F.R. banks................. * .1 * * .2 .1 .2 .1 .2 .2 .3 * 33 34 Other interbank claims..................... .8 1.0 1.1 1.2 1.6 1.7 2.3 2.6 4.2 6.5 9.0 10.1 34 35 Corporate bonds............................... .2 .8 1.6 1.7 2.0 2.2 2.3 2.4 2.9 35 36 Commercial paper issues.................. 4.2 2.3 2.0 36 37 Taxes payable.................................... 1.5 .6 1.1 .6 .8 .7 .7 .6 .5 .6 1.0 .9 37 38 Miscellaneous liabilities.................... 12.8 14.6 14.8 16.6 19.1 22.4 27.9 31.3 39,3 59.1 49.1 47.8 38 39 Liab. to fgn. branches................... 3.5 3.8 3.7 4.0 4.6 4.7 7.6 8.3 10.6 18.6 11.6 7.6 39 40 Other.............................................. 9.3 10.8 11.1 12.6 14.5 17.7 20.3 23.0 28.6 40.6 37.5 40.3 40 1 Monetary gold stock and F.R. holdings of foreign currencies. Ex­ possessions. Edge Act corporations and agencies of foreign banks appear change Stabilization Fund holdings of gold and foreign exchange are together in these tables as “foreign banking agencies.” in U.S. Govt, account, page A-73.17. 3 Gross of bad debt reserves. 2 Consists of chartered commercial banks, their domestic affiliates, 4 At par value. Edge Act corporations, agencies of foreign banks, and banks in U.S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.19 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Private nonbank financial institutions—Total 1 Total financial assets............................. 364.8 406.6 434.7 482.1 529.2 579.9 605.2 666.8 729.2 759.8 811.7 910.5 1 2 Demand deposits and currency........ 9.3 10.4 11.3 11.4 11.7 12.2 12.0 12.8 13.8 13.9 15.4 16.1 2 3 Time deposits (Mut. svgs. bks.)....... .1 .2 .2 .1 .2 .2 .2 .2 .2 .1 .3 .5 3 4 Svgs. and loan shares (Cr. unions). . .1 .3 .4 .4 .5 .4 . 1 .3 .1 ★ * * 4 5 Corporate shares............................... 45.6 60.5 57.4 69.6 81.4 96.3 92.3 119.2 141.5 137.9 146.5 184.9 5 6 Other credit mkt. instruments.......... 294.5 317.5 346.5 378.7 412.3 445.7 473.7 500.5 536.4 571.9 610.4 666.7 6 7 U.S. Govt, securities..................... 34.5 35.2 37.1 37.3 39.1 39.1 39.2 36.7 38.9 36.9 41.0 44.1 7 8 State and local obligations............ 17.2 18.2 18.8 18.7 18.7 18.3 19.0 20.2 21.4 22.4 24.2 26.1 8 9 Corporate and foreign bonds.... 77.9 83.3 89.3 95.5 101.7 109.1 117.8 129.1 138.6 145.4 157.2 172.2 9 10 Home mortgages........................... 101.9 112.3 123.3 137.4 150.3 162.2 167.8 175.6 184.1 193.0 200.0 217.7 10 11 Other mortgages............................ 31.7 36.2 42.1 49.3 57.1 64.9 71.7 78.4 85.4 92.3 100.7 113.2 11 12 Consumer credit............................. 20.6 21.1 23.6 26.6 29.7 33.5 36.3 37.8 41.6 45.8 46.4 49.4 12 13 Other loans..................................... 10.8 11.2 12.3 13.9 15.6 18.5 21.9 22.6 26.4 36.1 41.0 44.1 13 14 Security credit.................................... 3.6 4.7 4.6 6.1 5.6 6.1 5.9 8.7 10.8 8.2 6.8 7.8 14 15 Trade credit....................................... 1.9 2.0 2.2 2.3 2.5 2.6 2.9 3.2 3.5 3.9 4.4 4.9 15 16 Miscellaneous assets......................... 9.5 11.0 12.2 13.4 14.9 16.4 18.1 21.8 23.1 24.0 27.9 29.7 16 17 Total liabilities....................................... 332.7 370.1 396.7 440.8 485.0 533.0 559.1 616.9 675.0 708.9 759.6 854.5 17 18 Time and savings accounts............... 103.5 114.8 127.9 143.1 159.0 172.0 179.0 195.8 208.4 216.4 233.4 274.2 18 19 Ins. and pension reserves................. 155.3 170.6 179.2 195.5 213.1 232.8 245.6 271.1 295.4 309.4 332.8 367.2 19 20 Investment company shares.............. 17.0 22.9 21.3 25.2 29.1 35.2 34.8 44.7 52.7 48.3 47.6 55.0 20 21 Other credit mkt. instruments.......... 22.7 24.7 28.5 34.5 38.8 44.8 47.7 46.8 53.5 66.4 70.0 75.2 21 22 Finance company bonds............... 9.9 10.4 10.7 12.2 14.3 16.1 16.9 17.9 18.8 20.3 22.9 26.7 22 23 Mtg. loans in process.................... 1.2 1.6 2.0 2.5 2.2 2.2 1.3 2.3 2.4 2.5 3.1 5.1 23 24 Bank loans n.e.c............................. 6.0 6.5 7.5 9.2 9.8 12.2 10.9 8.7 11.1 13.7 13.1 14.5 24 25 Other loans..................................... 5.7 6.3 8.3 10.6 12.6 14.3 18.6 17.9 21.2 29.9 31.0 29.0 25 26 Finance company paper............ 3.7 3.6 4.8 5.8 7.2 8.3 11.7 13.5 16.0 20.6 20.4 21.1 26 27 FHLB loans............................... 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 9.3 10.6 7.9 27 28 Security credit.................................... 5.4 6.3 7.2 7.7 7.9 7.9 8.5 10.6 12.6 10.6 12.0 12.5 28 29 Taxes payable..................................... .9 .8 .9 .9 .9 1.1 1.1 1.0 1.2 1.3 1.5 1.5 29 30 Miscellaneous liabilities.................... 27.8 29.9 31.7 33.8 36.2 39.2 42.5 46.9 51.2 56.5 62.3 68.7 30 Savings and loan associations 1 Total financial assets............................. 71.5 82.1 93.6 107.6 119.4 129.6 133.9 143.5 152.9 162.1 176.2 206.3 1 2 Demand dep. and currency.............. 1.7 2.1 2.7 2.8 2.8 2.9 2.3 2.0 1.6 1.4 1.7 2.2 2 3 Credit market instruments............... 66.2 75.6 85.9 99.2 110.2 119.8 124.4 133.4 143.2 152.9 164.1 193.6 3 4 U.S. Govt, securities..................... 5.2 5.7 6.0 7.0 7.6 8.2 8.6 10.1 10.9 11.1 12.3 17.5 4 5 Home mortgages........................... 55.4 62.4 69.8 79.1 87.2 94.2 97.4 103.3 110.3 117.9 125.0 143.0 5 6 Other mortgages............................ 4.7 6.4 9.0 11.9 14.2 16.1 17.0 18.5 20.5 22.3 25.4 31.5 6 7 Consumer credit............................. 1.0 1.1 1.1 1.2 1.3 1.4 1.4 1.4 1.5 1.5 1.5 1.6 7 8 Miscellaneous assets......................... 3.5 4.4 5.0 5.5 6.3 6.9 7.2 8.2 8.2 7.9 10.4 10.6 8 9 Total liabilities....................................... 66.5 76.4 87.1 100.4 111.5 120.9 124.8 134.0 142.6 150.9 164.2 193.1 9 10 Savings shares.................................... 62.1 70.9 80.2 91.3 101.9 110.4 114.0 124.5 131.6 135.5 146.4 174.5 10 11 Credit market instruments............... 3.4 4.4 5.6 7.6 7.8 8.7 8.7 7.0 8.2 12.3 14.1 14.1 11 12 Mtg. loans in process.................... 1.2 1.6 2.0 2.5 2.2 2.2 1.3 2.3 2.4 2.5 3.1 5.1 12 13 Borrowing from FHLB................. 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 9.3 10.6 7.9 13 14 Bank loans n.e.c............................. .2 .2 .2 .2 .3 .5 .5 .4 .5 .5 .4 1.1 14 15 Taxes payable..................................... * * * .1 .1 .1 .1 .1 .1 .1 .1 .2 15 16 Miscellaneous liabilities.................... 1.0 1.1 1.2 1.4 1.6 1.7 2.1 2.4 2.7 3.0 3.6 4.4 16 17 Memo: FHLB loans less deposits........ 1.0 1.5 2.3 3.6 4.1 5.0 5.9 3.0 3.9 8.2 8.3 6.1 17 Mutual savings banks 1 Total financial assets............................. 40.6 42.8 46.1 49.7 54.2 58.2 61.0 66.4 71.2 74.2 79.0 89.6 1 2 Demand deposits and currency........ .7 .8 .8 .8 .8 .8 .8 .8 .8 .9 1.0 .9 2 3 Time deposits..................................... .1 .2 .2 .1 .2 .2 .2 .2 .2 .1 .3 .5 3 4 Corporate shares............................... 38.5 40.6 43.6 47.0 51.2 54.9 57.6 62.6 66.9 69.8 73.5 82.9 4 5 Other credit mkt. instruments........ 6.7 6.6 6.7 6.5 6.5 6.2 5.7 5.4 5.2 4.7 4.9 5.2 5 6 U.S. Govt, securities..................... .7 .7 .5 .4 .4 .3 .3 .2 .2 .2 .2 .4 6 7 State and local govt, sec................ 3.8 3.6 3.5 3.2 3.1 2.9 3.2 5.3 6.6 6.9 8.3 12.6 7 8 Corporate bonds........................... 18.4 20.0 22.1 24.7 27.4 30.1 31.7 33.5 35.0 36.4 37.3 38.6 8 9 Home mortgages........................... 8.6 9.1 10.2 11.5 13.2 14.6 15.7 17.0 18.4 19.7 20.6 23.3 9 10 Other mortgages............................ .2 .2 .3 .3 .4 .5 .6 .7 .8 1.0 1.2 1.5 10 11 Consumer credit............................. .2 .3 .4 .3 .4 .3 .5 .5 .6 .9 t.O 1.3 11 12 Other loans..................................... .8 .9 1.0 1.2 1.3 1.4 1.5 1.7 1.9 2.2 2.5 3.0 12 13 Miscellaneous assets.......................... .3 .4 .5 .7 .7 .8 1.0 1.1 1.4 1.3 1.7 2.3 13 14 Savings deposits.................................... 36.3 38.3 41.3 44.6 48.8 52.4 55.0 60.1 64.5 67.1 71.6 81.4 14 15 Miscellaneous liabilities........................ .7 .8 .8 .9 1.0 1.1 1.1 1.3 1.4 1.6 1.7 1.8 15 Credit unions 1 Total financial assets............................. 5.0 5.6 6.3 7.2 8.2 9.2 10.0 11.2 12.3 13.7 15.4 18.3 1 2 Demand dep. and curr...................... .3 .4 .4 .4 .5 .5 .6 .7 .7 .6 .8 .9 2 3 Svgs. and loan shares........................ .1 .3 .4 .4 .5 .4 .1 .3 .1 * * * 3 4 Credit mkt. instruments................... 4.5 4.9 5.6 6.3 7.2 8.2 9.4 10.2 11.6 13.1 14.6 17.4 4 5 U.S. Govt securities.......................... .2 .2 .2 .3 .3 .3 .5 .5 .7 .8 1.3 2.4 5 6 Consumer credit............................. 3.9 4.3 4.9 5.5 6.3 7.3 8.3 9.0 10.2 11.6 12.5 14.2 6 7 Home mortgages........................... .4 .4 .5 .5 .5 .6 .6 .7 .7 .7 .8 .9 7 8 Credit union shares............................... 5.0 5.6 6.3 7.2 8.2 9.2 10.0 11.2 12.3 13.7 15.4 18.3 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

73.20 FLOW OF FUNDS □ JUNE 1972 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Life insurance companies 1 Total financial assets.............................. 115.9 122.8 129.2 136.9 144.9 154.1 161.7 172.1 182.9 190.9 200.5 214.5 1 2 Demand deposits and currency........ 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1.6 1.7 1.6 1.8 1.8 2 3 Corporate shares............................... 5.0 6.3 6.3 7.1 7.9 9.1 8.8 10.9 13.2 13.7 15.4 20.5 3 4 Other credit market instruments.... 105.6 110.9 116.9 123.3 130.2 137.7 145.4 152.8 160.5 167.2 174.2 182.2 4 5 U.S. Govt, securities..................... 6.5 6.1 6.2 5.9 5.6 5.1 4.7 4.5 4.4 4.1 4.2 4.0 5 6 State and local obligations............ 3.6 3.9 4.0 3.9 3.8 3.5 3.1 3.0 3.2 3.2 3.3 3.5 6 7 Corporate bonds........................... 48.2 50.7 53.2 56.0 58.3 61.1 63.5 67.3 71.2 72.7 74.1 79.3 7 8 Home mortgages........................... 24.9 25.6 26.4 27.3 28.5 29.6 30.2 29.8 29.0 28.0 26.7 24.6 8 9 Other mortgages............................ 16.9 18.6 20.5 23.2 26.6 30.4 34.4 37.8 40.9 44.1 47.7 51.0 9 10 Other loans..................................... 5.5 5.9 6.6 7.0 7.4 8.0 9.5 10.5 11.8 15.2 18.2 19.8 10 11 Miscellaneous assets......................... 3.9 4.3 4.6 4.9 5.3 5.7 6.0 6.9 7.5 8.3 9.2 10.0 11 12 Total liabilities....................................... 108.5 114.2 120.3 126.8 134.0 141.9 149.9 159.0 168.1 177.5 187.7 199.6 12 13 Life insurance reserves...................... 78.8 82.1 85.8 89.9 94.2 98.9 103.5 108.2 112.9 117.8 122.9 129.5 13 14 Pension fund reserves....................... 18.9 20.3 21.6 23.3 25.3 27.3 29.4 32.1 35.0 37.9 41.2 44.5 14 15 Taxes payable..................................... .4 .4 .4 .4 .6 .5 .6 .5 .6 .7 .8 .8 15 16 Miscellaneous liabilities.................... 10.5 11.5 12.4 13.2 14.0 15.2 16.4 18.2 19.7 21.1 22.8 24.8 16 Private pension funds 1 Total financial assets............................. 38.2 46.3 47.3 55.4 63.9 73.6 75.8 89.4 101.4 1 102.5 110.8 128.4 1 2 Demand dep. and currency.............. .5 .7 .7 .8 .9 .9 .9 1.3 1.6 1.6 1.8 1.6 2 3 Corporate shares 16.5 22.9 21.9 27.7 33.5 40.7 39.5 51.1 61.4 61.6 67.2 86.6 3 4 Other credit market instruments.... 19.7 21.3 23.0 25.2 27.5 29.6 32.2 33.0 34.0 34.6 37.0 35.4 4 5 U.S. Govt, securities..................... 2.7 2.8 3.1 3.4 3.6 3.6 3.1 2.5 2.9 2.8 3.0 2.7 5 6 Corporate bonds........................... 15.7 16.9 18.1 19.6 21.2 22.7 25.2 26.4 27.0 27.6 29.7 29.0 6 7 Home mortgages........................... 1.3 1.6 1.9 2.2 2.7 3.3 3.9 4.1 4.1 4.2 4.3 3.7 7 8 Miscellaneous assets.......................... 1.4 1.5 1.7 1.7 2.0 2.3 3.2 4.0 4.4 4.7 4.7 4.8 8 State and local govt, retirement funds 1 Total financial assets............................. 19.6 22.0 24.5 26.9 29.7 33.1 36.9 41.5 46.2 51.2 58.0 64.8 1 2 Demand dep. and currency.............. .2 .3 .3 .3 .3 .3 .4 .5 .6 .5 .6 .5 2 3 Corporate shares............................... .4 .6 .8 1.0 1.3 1.6 2.1 2.8 4.1 5.9 8.0 11.2 3 4 Other credit market instruments---- 18.5 20.7 22.9 25.1 27.6 30.5 33.7 36.6 39.8 43.1 47.5 51.1 4 5 U.S. Govt, securities..................... 5.9 6.1 6.5 6.9 7.4 7.8 7.9 6.9 7.2 6.9 6.9 6.0 5 6 Short-term marketable.............. .4 .4 .4 .4 .3 .4 .4 .5 .5 .8 .8 .7 6 7 Other direct................................ 5.3 5.4 5.7 6.1 6.7 6.9 6.8 5.7 5.4 4.7 4.2 3.9 7 8 Agency issues............................. .2 .3 .4 .3 .4 .5 .7 .8 1.3 1.5 1.8 1.5 8 9 State and local obligations............ 4.4 4.3 3.8 3.3 2.9 2.6 2.5 2.4 2.4 2.3 2.0 1.9 9 10 Corporate bonds........................... 6.7 8.5 10.4 12.3 14.2 16.3 18.9 22.3 24.8 27.9 31.8 36.2 10 11 Mortgages...................................... 1.5 1.9 2.2 2.6 3.1 3.7 4.5 5.0 5.4 6.0 6.8 7.1 11 12 Other.................................................. .4 .4 .5 .5 .6 .7 .7 1.7 1.7 1.7 1.9 2.0 12 Other insurance companies 1 Total financial assets............................. 26.3 29.2 30.1 32.4 34.7 36.5 37.2 40.9 44.9 45.5 49.9 54.6 1 2 Demand dep. and currency.............. 1.3 1.4 1.5 1.4 1.4 1.3 1.3 1.3 1.4 1.3 1.4 1.5 2 3 Corporate shares............................... 7.5 9.3 8.6 10.0 11.4 12.0 11.0 13.0 14.6 13.3 13.2 15.5 3 4 Other credit market instruments---- 15.5 16.5 17.8 18.6 19.4 20.5 22.0 23.5 25.4 27.0 30.9 32.7 4 5 U.S. Govt, securities..................... 5.6 5.6 5.7 5.9 6.0 6.0 5.6 4.9 4.7 4.2 4.3 3.9 5 6 State and local obligations 8.1 9.1 9.9 10.6 11.0 11.3 12.6 14.1 15.1 16.3 17.8 19.3 6 7 Corporate bonds........................... 1.7 1.7 2.1 2.0 2.4 3.0 3.6 4.3 5.5 6.3 8.6 9.3 7 8 Commercial mortgages................. .1 .2 • 1 I • 1 1 • 11 • 11 .1 .2 .2 .2 .2 .3 8 9 Trade credit....................................... 1.9 2.0 2.2 2.3 2.5 2.6 2.9 3.2 3.5 3.9 4.4 4.9 9 10 Total liabilities....................................... 15.9 16.7 17.4 18.4 19.6 21.2 23.0 25.1 27.5 30.9 34.4 37.9 10 11 Policy payables.................................. 15.7 16.5 17.2 18.3 19.6 21.1 22.9 25.0 27.5 30.8 34.2 37.8 11 Taxes payable.................................... .1 .1 . 1 .1 * .1 .1 .1 . 1 .1 .2 .2 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ FLOW OF FUNDS A 73.21 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 Finance companies 1 24.1 25.1 27.6 31.7 35.6 41.0 43.6 44.5 49.9 58.5 60.4 64.4 1 2 Demand deposits and currency........ 2.1 2.3 2.5 2.3 2.3 2.5 2.7 2.9 3.1 3.4 3.7 3.9 2 3 Home mortgages............................... 1.6 2.2 2.7 3.5 3.9 4.5 3.9 4.3 4.9 5.7 5.9 7.0 3 4 Consumer credit................................ 15.4 15.5 17.3 19.6 21.6 24.3 26.1 26.7 29.1 31.7 31.1 32.1 4 5 Other loans (to bus.)......................... 4.9 5.0 5.1 6.4 7.8 9.7 10.9 10.6 12.8 17.6 19.7 21.3 5 6 Total liabilities....................................... 19.6 20.6 23.2 27.2 31.1 36.4 39.1 40.0 45.5 54.3 56.2 61.4 6 7 Corporate bonds............................... 9.9 10.4 10.7 12.2 14.3 16.1 16.9 17.9 18.8 20.3 22.9 26.7 7 8 Bank loans n.e.c................................. 5.7 6.3 7.4 9.0 9.5 11.7 10.3 8.3 10.6 13.1 12.6 13.3 8 9 Open market paper........................... 3.7 3.6 4.8 5.8 7.2 8.3 11.7 13.5 16.0 20.6 20.4 21.1 9 10 .3 .3 .3 .3 .2 .3 .2 .2 .2 .2 .3 .3 10 Open-end investment companies 1 Total financial assets............................. 17.0 22.9 21.3 25.2 29.1 35.2 34.8 44.7 52.7 48.3 47.6 55.0 1 2 .3 .3 .3 .4 .4 .5 .5 .7 .8 .7 .7 .8 2 3 Corporate shares............................... 14.8 20.3 18.3 22.1 25.6 30.9 28.9 39.2 46.1 40.9 39.7 47.1 3 4 Other credit market instruments.... 2.0 2.3 2.6 2.7 3.0 3.8 5.4 4.8 5.8 6.7 7.2 7.1 4 5 U.S. Govt, securities..................... .6 .7 .7 .7 .8 .8 1.4 .9 1.1 .7 .9 .6 5 6 Corporate bonds........................... 1.2 1.6 1.6 1.8 2.1 2.6 2.9 3.0 3.4 3.6 4.3 4.9 6 7 Open market paper....................... .1 * .3 .2 .1 .5 1.0 1.0 1.2 2.4 2.1 1.6 7 Security brokers and dealers 1 Total financial assets............................. 6.7 7.7 8.6 9.2 9.4 9.5 10.2 12.6 15.0 12.8 14.0 14.6 1 2 Demand dep. and currency.............. .6 .7 .6 .7 .8 .9 1.0 1.2 1.6 1.9 1.9 2.0 2 3 Corporate shares............................... .5 .3 .4 .6 .5 .5 . 6 .6 .2 .4 .5 1.0 3 4 Other credit mkt. instruments.......... 1.9 2.0 2.9 1.8 2.5 2.1 2.8 2.1 2.5 2.4 4.8 3.8 4 5 U.S. Govt, securities..................... 1.0 1.3 2.0 .7 1.4 1.1 1.7 1.0 1.8 1.7 3.4 1.8 5 6 State and local govt, oblig............ .4 .3 .5 .5 .7 .5 .5 .5 .5 .4 .9 1.0 6 7 Corporate bonds........................... .5 .3 .4 .6 .5 .5 .6 .6 .2 .4 .5 1.0 7 8 Security credit.................................... 3.6 4.7 4.6 6.1 5.6 6.1 5.9 8.7 10.8 8.2 6.8 7.8 8 9 Total liabilities....................................... 5.4 6.4 7.2 7.8 7.9 8.0 8.6 10.7 12.8 10.7 12.1 12.7 9 10 Security credit.................................... 5.4 6.3 7.2 7.7 7.9 7.9 8.5 10.6 12.6 10.6 12.0 12.5 10 11 From banks................................... 3.3 4.1 5.2 5.3 5.5 5.3 5.8 6.7 7.7 6.7 8.6 9.3 11 12 From agencies of fgn banks.......... .8 .9 .7 1.1 1.1 .8 .9 .9 .9 .9 .9 .9 12 13 Customer credit balances.............. 1.2 1.3 1.3 1.3 1.3 1.8 1.8 3.0 4.1 3.1 2.5 2.4 13 14 Taxes payable..................................... * .1 * .1 .1 .1 .1 .2 .2 .1 .2 .1 14 Rest of the world 1 Total financial assets............................. 63.9 70.1 71.7 78.4 84.4 88.0 89.6 98.0 107.9 115.6 125.0 151.4 1 2 Gold.................................................... 22.7 24.2 25.4 26.7 27.5 29.4 30.0 29.5 30.0 29.2 32.7 33.1 2 3 U.S. demand deposits....................... 2.1 3.1 3.2 3.5 4.2 4.4 4.8 5.1 5.7 6.0 6.2 6.4 3 4 U.S. time deposits............................. 2.9 2.9 3.4 4.3 5.4 6.0 6.3 7.6 7.3 8.4 6.7 7.2 4 5 Corporate shares............................... 9.3 11.8 10.3 12.5 13.8 14.6 12.6 15.5 19.6 18.1 18.7 21.4 5 6 Other credit market instruments---- 12.5 13.0 14.4 15.0 15.9 15.9 14.3 16.1 16.1 14.9 25.7 52.1 6 7 U.S. Govt, securities..................... 10.6 11.0 12.3 12.9 13.4 13.2 10.8 12.9 12.4 10.6 19.7 46.0 7 8 Corporate bonds1.......................... .6 .6 .7 .7 .9 .7 1.3 .9 .9 .4 1.7 2.0 8 9 Other loans..................................... 1.3 1.4 1.4 1.4 1.6 2.0 2.2 2.2 2.8 3.8 4.3 4.1 9 10 Security credit.................................... .1 .1 .1 .1 .1 .2 .2 .3 .6 .4 .3 .3 10 11 Trade credit....................................... .6 .8 .8 .8 .8 1.0 1.4 1.8 2.7 4.4 5.7 5.7 11 12 Miscellaneous assets.......................... 13.7 14.2 14.0 15.5 16.5 16.6 20.0 22.1 25.9 34.3 29.0 25.1 12 13 U.S. bank liabilities to fgn affiliates 3.5 3.8 3.7 4.0 4.6 4.7 7.6 8.3 10.6 18.6 11.6 7.6 13 14 Direct investment in U.S............... 6.9 7.4 7.6 7.9 8.4 8.8 9.1 9.9 10.8 11.8 13.2 13.0 14 15 Other.............................................. 3.3 3.0 2.7 3.5 3.6 3.1 3.4 3.9 4.5 3.9 4.2 4.6 15 16 Total liabilities....................................... 64.0 70.2 75.7 82.0 93.9 101.4 107.2 116.2 126.1 134.9 143.0 155.2 16 17 Official U.S. foreign exchange and net IMF position........................... 1.6 1.8 1.2 1.2 1.2 1.6 1.6 2.8 4.8 5.1 2.6 .9 17 18 Credit market instruments............... 23.2 25.4 27.7 30.9 36.6 39.4 40.2 43.1 45.8 47.6 51.1 57.4 18 19 Bonds.............................................. 5.6 6.2 7.2 8.2 9.2 10.2 10.5 10.8 11.7 11.7 13.2 14.7 19 20 Bank loans n.e.c............................. 3.1 3.7 3.9 4.5 7.3 7.7 7.3 7.0 6.8 6.2 6.2 8.8 20 21 Other loans..................................... 14.5 15.5 16.7 18.2 20.2 21.5 22.3 25.3 27.3 29.7 31.7 33.8 21 22 Security debt...................................... .1 .1 .1 .1 .1 .1 .1 .3 .5 .3 .3 .3 22 23 Trade debt.......................................... 1.7 1.9 2.2 2.2 2.8 2.7 3.0 3.5 3.9 5.2 7.2 6.9 23 24 Miscellaneous liabilities.................... 37.5 40.9 44.6 47.5 53.1 57.6 62.2 66.5 71.0 76.7 81.8 89.8 24 25 U.S. capital subscription to IBRD, IDA, etc......................... .8 1.0 1.1 1.2 1.2 1.3 1.3 1.4 1.5 1.7 1.9 2.2 25 26 U.S. direct invest, abroad2........... 32.7 34.7 37.2 40.7 44.4 49.2 53.9 58.3 61.6 66.6 72.9 79.9 26 27 3.2 3.5 4.2 4.5 4.8 4.3 4.0 4.1 4.6 4.2 4.0 4.4 27 28 Other.............................................. .7 1.7 2.1 1.2 2.7 2.8 3.0 2.8 3.3 4.1 3.0 3.3 28 l Excludes U.S. issues in foreign markets to finance U.S. investment 2 Excludes investment financed by bond issues in foreign markets, abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS □ JUNE 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 Line Credits+, debits — 1969 1970 1971* IV I II III IV* 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 official reserve agencies......................................................... 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 -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 Claims reported by U.S. banks........................................ -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 -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 35 124 242 -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 -63 179 675 79 280 198 156 41 41 -441 86 -478 198 72 -146 -369 -35 42 Official reserve transactions balance................................................ 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 by U.S. banks........................................................................ -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 49 814 2,152 381 469 373 -66 72 2 50 Gold tranche position in IMF......................................... -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

JUNE 1972 □ 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 197127 IV I II III IV? 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 32,672 3,278 3,550 4,403 -406 269 141 -598 Mar... 3 3,188 3,376 3,815 3,891 32,982 3,218 3,565 4,475 206 158 250 -584 Apr... 3 3,318 3,409 3,521 3,760 3 3,183 3,263 3,754 4,460 135 146 -232 -699 May.. 33,268 3,661 3,783 33,257 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 I I 9,765 10,800 10,965 9,591 9,867 11,755 174 933 -790 III.... 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 □ JUNE 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) 1971 1972 Area and country 1963 1964 1965 1966 1967 1968 1969 1970 1971 II III IV Western Europe: Austria.............................. -82 -55 -100 -25 Belgium............................. -40 -83 -58 -110 -110 France............................... -518 -405 -884 -6oi 600 325 -473 -282 -191 Germany, Fed. Rep. of. . -225 500 Ireland............................... -1 -2 -52 41 Italy................................... 200 -80 -209 -76 Netherlands....................... -60 -35 -19 -25 -25 Spain................................... -130 -32 -180 Switzerland......................... -81 -50 -2 -30 -50 -25 — 175 -75 -50 -50 United Kingdom.............. *329 618 150 -879 -835 Bank for Intl. Settlements. 200 Other.................................. ‘”i -35 -49 16 11 -29 -22 Total. -399 -1,299 -659 -980 -669 969 -796 -85 -448 -263 Canada 200 150 50 Latin American republics: Argentina ..................... -25 -25 -28 Brazil.............................. -23 Colombia........................ -1 Venezuela....................... Other............................... -6 -40 -29 -80 -5 -4 Total. 32 56 -41 -65 -131 Asia: Iraq................ -21 -42 Japan............. -119 Lebanon........ ' “Jj -95 -35 -35 Malaysia........ -34 -10 -10 Philippines. .. 25 9 40 -2 -i -1 Saudi Arabia. -50 Singapore -81 11 -30 Other............. -13 -14 -14 -22 -75 -9 2-91 -1 Total................. 3 -24 -86 -44 -366 -213 -38 -15 -32 All other....................... -7 -16 -22 3-166 3-68 -81 -6 -1 Total foreign countries. -392 -36 -1,322 -608 -1,031 -1,118 957 4-631 -845 -102 -445 -296 Intl. Monetary Fund5.. 6-225 177 22 -3 10 -156 -22 -7 -11 -4 -544 Grand total........ -36 -1,547 -431 -1,009 -1,121 967 -787 -867 -109 -457 -300 -544 1 Includes purchase from Denmark of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 2 Includes purchase from Kuwait of $25 million. by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 3 Includes sales to Algeria of $150 million in 1967 and $50 million in first withdrawal ($17 million) was made in June 1968 and the last with­ 1968. drawal ($144 million) was made in Feb. 1972. 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. IMF repurchased $400 million in Sept. 1970 and the remaining in connection with the IMF quota payments. Such U.S. sales to countries $400 million in Feb. 1972 and resales to the United States by the IMF total $548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 5 Includes IMF gold sales to and purchases from the United States, 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 if needed. Under appropriate conditions, the United States could pur­ IMF operations. Does not include transactions in gold relating to gold chase additional amounts equal to its quota. deposit or gold investment (see Table 6). 5 Includes $259 million gold subscription to the IMF in June 1965 for a U.S. quota increase, which became effective on Feb. 23, 1966. In figures 2 Positive figures represent purchases from the IMF of currencies of published by the IMF from June 1965 through Jan. 1966, this gold sub­ other members for equivalent amounts of dollars; negative figures repre­ scription was included in the U.S. gold stock and excluded from the sent repurchase of dollars, including dollars derived from charges on reserve position. purchases and from other net dollar income of the IMF. The United 6 Includes $30 million of special drawing rights. States has a commitment to repurchase within 3 to 5 years, but only to 7 Represents amount payable in dollars to the IMF to maintain the the extent that the holdings of dollars of the IMF exceed 75 per cent of value of IMF holdings of U.S. dollars. the U.S. quota. Purchases of dollars by other countries reduce the U.S. commitment to repurchase by an equivalent amount. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota was increased to $4,125 million in 1959, to $5,160 million in Feb. 3 Includes dollars obtained by countries other than the United States 1966, to $6,700 million in Dec. 1970, and to $7,270 million in May 1972 as from sales of gold to the IMF. a result of the change in par value of the U.S. dollar. Under the Articles of 4 Represents the U.S. gold tranche position in the IMF (the U.S. Agreement, subscription payments equal to the quota have been made quota minus the holdings of dollars of the IMF), which is the amount 25 per cent in gold and 75 per cent in dollars. that the United States could purchase in foreign currencies automatically Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o 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 l 2 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 o e s s i e ti r o v 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 e u 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 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 May.. 13,811 10,568 10,332 318 1,678 1,247 1960. 19,359 17,804 17,767 1,555 June.. 13,504 10,507 10,332 322 1,428 1,247 July.., 13,283 10,453 10,332 250 1,433 1,147 1961. 18,753 16,947 16,889 116 1,690 Aug... 12,128 10,209 10,132 248 574 1,097 1962. 17,220 16,057 15,978 99 1,064 Sept... 12.131 10,207 10,132 250 577 1,097 1963. 16,843 15,596 15,513 212 1,035 Oct.. . 12,146 10,207 10,132 259 580 1,100 1964. 16,672 15,471 15,388 432 769 Nov... 12.131 10,206 10,132 243 582 1,100 1965. 15,450 613,806 613,733 781 6 863 Dec... 812,167 10,206 10,132 8 276 585 1,100 1966. 14,882 13,235 13,159 1,321 326 1972 1967. 14,830 12,065 11,982 2,345 420 Jan.. . 12,879 10,206 10,132 276 587 1,810 1968. 15,710 10,892 10.367 3,528 1 ,290 Feb... 12,330 9,662 9,588 276 582 1,810 1969. 716,964 11,859 10.367 72,781 2,324 Mar... 12,270 9,662 9,588 212 586 1,810 1970. 14,487 11,072 10,732 629 1,935 851 Apr.. . 12,285 9,662 9,588 429 391 1,803 1971 . 812,167 10,206 10,132 8 276 585 1,100 May. . 913,345 910,490 910,410 469 9428 91,958 1 Includes (a) gold sold to the United States by the International Mon­ became effective on Feb. 23, 1966. In figures published by the IMF from etary Fund with the right of repurchase, and (b) gold deposited by the June 1965 through Jan. 1966, this gold subscription was included in the IMF to mitigate the impact on the U.S. gold stock of foreign purchases U.S. gold stock and excluded from the reserve position. for the purpose of making gold subscriptions to the IMF under quota 7 Includes gain of $67 million resulting from revaluation of the German increases. For corresponding liabilities, see Table 6. mark in Oct. 1969, of which $13 million represents gain on mark holdings 2 Includes gold in Exchange Stabilization Fund. at time of revaluation. 3 The United States has the right to purchase foreign currencies equiva­ 8 Includes $28 million increase in dollar value of foreign currencies lent to its reserve position in the IMF automatically if needed. Under ap­ revalued to reflect market exchange rates as of Dec. 31, 1971. propriate conditions the United States could purchase additional amounts 9 Total reserve assets include an increase of $1,016 million resulting equal to the U.S. quota. See Table 5. from change in par value of the U.S. dollar on May 8, 1972; of which, 4 Includes allocations by the IMF of Special Drawing Rights as follows: total gold stock $828 million, (Treasury gold stock $822 million,) reserve (in millions of dollars) 867 on Jan. 1, 1970; 717 on Jan. 1, 1971; and 710 on position in IMF $33 million, and SDR’s $155 million. Jan. 1, 1972; plus net transactions in SDRs. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. Note.—See Table 24 for gold held under earmark at F.R. Banks for 6 Reserve position includes, and gold stock excludes, $259 million gold foreign and international accounts. Gold under earmark is not included subscription to the IMF in June 1965 for a U.S. quota increase which 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 position Period with IMF in IMF Per cent P su ay b m s o c f e r n ip ts ­ s g N a o l e l e d t s T t f i r o o a r n n e s s i g a i n c n ­ I i M nc F i o n m ne e t Purc o h f ases pur R ch e a ­ ses 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 t d io o n ll s a r i s n by IMF 1 c c u i r e r s e n 2 ­ dollars dollars3 do i l n lars 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 1,640 45 -723 6 1,744 4,834 94 5326 1967......................................... 20 -114 -94 4,740 92 420 1968......................................... -84 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—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 May............................. 7541 -4 537 6,846 94 428 For notes see opposite page. 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A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 ' 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 t s 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 b o y t m k e i r . r l S t s e d ­ ­ . ­ M n b G o U a a o a t o b n n e . r v S l d k s d 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 r v . r l S l y a d k d e e e s . r s e ­ t t ­ ­ Total i i p S t n b l i t i o a e h e a b U r s 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 ­ Total i i n p S t b l i t i o a e h e a U b r s n r b o y t . m k i e S r r l t e s d ­ . ­ ­ 6 M n b G o U a a o a t b o n r n . e v S k l 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 10,120 9,154 966 7,618 7,077 541 1,190 530 660 1960 8........ J \2 2 1 0, , 9 0 9 27 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 0 0 7 88 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 . . 0 0 4 4 8 8 5 5 5 43 0 1 1, , 5 5 4 2 1 5 7 7 5 5 0 0 7 79 7 1 5 1961 8........ / 1 2 2 2 2 , , 8 9 5 3 3 6 8 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 51 16 6 1 1 . . 9 9 4 4 8 9 7 7 0 0 3 4 1 1. . 2 24 4 5 5 1962 8........ \ ( 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1, , 9 9 6 9 3 7 7 7 5 5 1 1 8 8. . 3 35 59 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 /26,361 800 800 14,387 12.467 1,217 703 9,214 8.863 351 1,960 808 1,152 19638............ 126,322 800 800 14,353 12.467 1,183 703 9,204 8.863 341 1,965 808 1,157 1964 8........ 1 (2 2 8 9 , , 9 0 5 0 1 2 8 8 0 00 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 13 3 , , 2 2 2 2 0 4 1 1 . . 1 1 2 2 5 5 1 1 . . 0 0 7 7 9 9 1 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 22 2 8 8 1 1 8 8 9 9 0 0 4 4 196 5 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1966 8........ 1 (2 2 9 9 , , 9 7 0 79 4 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 55 0 1 1 2 2 , , 4 53 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3, , 6 85 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967 8........ \ ( 3 3 3 3 , , 1 27 1 1 9 1 1 . . 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4 , . 0 0 3 27 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5, , 7 8 6 9 3 4 1 1 5 5 , , 3 20 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 73 7 2 2 0 0 4 4 1968 8........ \ ( 3 3 3 3 , , 6 8 1 28 4 1 1 . . 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 0 0 0 1 1 2 2, , 4 5 8 4 1 8 1 1 1 1 . . 3 3 1 1 8 8 5 4 2 6 9 2 7 7 0 0 1 1 1 19 9 , , 3 5 8 2 1 5 1 1 8 8 . . 9 9 1 1 6 6 6 4 0 6 9 5 7 7 2 2 5 2 6 6 8 8 3 3 4 39 2 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 80 0 0 0 1 1 1 1 , , 9 9 5 78 5 1 1 1 1, , 0 0 7 5 7 4 3 3 4 4 6 6 9 9 5 5 5 5 5 5 2 2 8 8 , , 2 1 3 0 4 2 2 2 7 7 , , 7 5 0 7 9 7 5 5 2 2 5 5 6 6 5 63 9 6 6 0 13 9 5 5 0 0 1970-Dec.8 (43,291 566 166 400 20,068 19.333 306 429 21,813 21,166 647 844 820 24 143,242 566 166 400 20,057 19.333 295 429 21,773 21,208 565 846 820 26 1971-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 Juner 51,408 548 148 400 30,639 26,808 379 3.452 18,897 18,324 573 1,324 1,181 143 July T. 53,296 544 144 400 32,952 26,868 632 5.452 18,410 17,831 579 1,390 1,247 143 Aug.r 59,912 544 144 400 40,670 34.015 870 5,785 17,202 16,659 543 1,496 1,342 154 Sept.r 60,761 544 144 400 42,149 35,080 1,015 6.054 16,595 16,080 515 1,473 1,318 155 Oct.r. 62,082 544 144 400 43,394 36,067 1,272 6.055 16,722 16,212 510 1,422 1,267 155 Nov.r 62,480 544 144 400 45,073 37,271 1,747 6.055 15,408 14,927 481 1,455 1,300 155 Dec.10 r \ ( 6 6 4 4 , , 2 1 2 66 2 5 5 4 4 4 4 1 1 4 4 4 4 4 4 0 0 0 0 4 4 7 7 , , 6 0 9 6 4 4 3 3 9 9 , . 6 0 7 1 9 6 1 1 . . 9 9 5 5 5 5 6 6 , . 0 0 6 93 0 1 1 4 5, , 0 4 9 0 1 0 1 1 3 4 , , 9 6 5 4 3 4 4 4 4 4 7 7 1 1 , , 5 5 2 23 8 1 1 , , 3 3 7 67 2 1 1 5 5 6 6 1972-Jan. »•. 65,486 544 144 400 47,940 39,586 2,260 6.094 15,327 14,937 390 1,675 1,518 157 Feb... 66,377 49,192 40,699 2,399 6.094 15,571 15,179 392 1,614 1,457 157 Mar.p. 66,925 49,745 41,007 2,644 6.094 15,628 15,252 376 1,552 1,395 157 Apr.P. 68,050 50,002 38,740 2,668 8,594 16,603 16,214 389 1,445 1,276 169 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

JUNE 1972 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n es E W u e ro st p e e r n 1 Canada A re m L pu a e b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 /411,955 5,823 495 1,679 3,190 546 222 1411,978 5,823 495 1,702 3,190 546 222 J20,068 13,021 662 1,562 4,060 407 356 \20,057 13,016 662 1,562 4,055 407 355 1971—Apr.............................................................................. 27,252 19,119 818 1,244 5,285 257 529 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.r........................................................................... 40,670 25,460 1,185 1,346 11,545 312 822 Sept.r.......................................................................... 42,149 26,035 1,173 1,227 12,631 296 787 Oct.r............................................................................ 43,394 26,555 1,241 1,297 13,235 276 790 45,073 27,559 1,345 1,275 13,776 248 870 /47,694 29,412 1,340 1,361 14,300 415 866 \47,064 29,466 1,340 1,376 13,602 415 865 1972—Jan............................................................................... 47,940 29,602 1,334 1,351 14,219 426 1,008 Feb............................................................................... 49,192 30,526 1,341 1,296 14,534 449 1,046 Mar.*3........................................................................... 49,745 30,848 1,212 1,292 14,753 457 1,183 Apr.?........................................................................... 50,002 30,608 1,341 1,462 14,791 477 1,323 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 IMF Deposits End of period Total i Total Dem D an e d pos T it i s me 2 b T i c r c l U e l e a s r a t . t e S s i a f s u . i n r ­ 3 d y s O l t i h 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 n c 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 U e l 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 h b m r e . t 4 r ­ 1969.............................. 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 223 19707............................ [41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 381 \41,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 381 1971—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 Juner................ 46,713 46,046 10,869 4,968 22,763 7,446 667 400 1,181 60 232 164 724 Julyr................. 46,346 45,693 10,274 4,955 23,439 7,025 653 400 1,247 79 224 170 774 Aug.r................ 52,416 51,766 9,294 5,026 30,198 7,248 650 400 1,342 61 202 269 810 Sept.r................ 52,878 52,481 10,605 5,054 29,772 7,050 397 400 1,318 92 212 146 867 Oct.r................. 53,946 53,566 11,860 5,088 29,758 6,860 380 400 1,267 78 177 168 843 Nov.r............... 53,898 53,527 10,883 5,219 30,723 6,702 371 400 1,300 69 205 157 870 Dec.8r.............. 1 f5 5 5 5 , , 4 4 0 2 4 7 5 5 5 5, , 0 0 1 3 8 5 1 6 0 , , 4 3 6 99 0 4 5 , , 2 2 1 09 5 3 3 3 3 , , 0 0 2 2 5 5 1 6 1 , , 3 3 8 3 5 5 3 39 86 2 4 40 0 0 0 1 1 , , 3 36 7 7 2 7 7 3 3 1 19 9 2 2 2 21 1 0 0 8 8 9 9 1 6 1972—Jan.'................. 56,441 56,009 6,157 4,225 33,906 11,721 432 400 1,518 86 200 338 893 Feb.................... 57,335 56,862 6,019 4,329 34,494 12,020 473 1,457 85 164 295 912 Mar.p................ 57,654 57,138 5,991 4,438 34,933 11,776 516 1,395 88 191 275 841 Apr.?................ 56,230 55,736 6,459 4,505 32,328 12,444 494 1,276 87 196 177 816 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. □ JUNE 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 iin dollars Payable End of period Total Dema D nd eposi T ts ime2 T b c i r c l e e U l a r s a t . t s e S i a f u s . 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 r n i u e c n i r i g ­ e n s Total Dema D n e d posi T ts ime2 T bi c c r l U e e a ls a r t . t e s S i a s u f . n i r 3 ­ d y s O l t 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..................... / \ 4 40 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 13 3 3 8 3 3 6 6 8 8 1 1 9 9 . . 3 3 3 3 3 3 1 1 . . 6 6 5 5 2 2 2 2 . . 5 5 5 5 4 4 1 1 3 3 . . 3 3 6 6 7 7 1 1 , , 6 6 1 12 2 1 1 4 4 8 8 1971—Apr............. 44,515 10,404 4,750 21,750 6,973 637 26,531 1,628 2.204 20,119 2,180 400 48,622 9,953 4,679 26,352 7,019 619 31,346 1,643 2.204 24,702 2,377 io 420 45,132 10,809 4,736 22,199 6,722 667 26,808 1,463 2,251 20,097 2,577 420 July r........... 44,699 10,195 4,732 22,869 6,249 653 26,868 1,469 2,307 19,605 3,067 420 50,674 9,233 4,823 29,529 6,438 650 34,015 1,264 2,371 26,674 3,285 421 51,160 10,513 4,843 29,226 6,182 397 35,080 1,450 2,392 27,855 3,225 158 52,279 11,781 4,911 29,190 6,016 380 36,067 1,231 2,465 28,982 3,231 158 52,198 10,814 5,014 30,166 5,831 371 37,271 1,263 2,465 30,071 3,314 158 Dec.8 r... . / \ 5 5 3 3 , , 6 6 3 6 2 0 1 6 0 , , 3 3 8 26 7 4 5 , , 0 0 2 1 3 7 3 3 2 2 . . 4 4 1 15 5 1 5 0 , , 4 4 8 4 9 3 3 3 8 9 6 2 3 3 9 9 , , 6 0 7 1 9 6 1 1 , ,3 6 2 2 7 0 2 2, ,5 03 0 6 4 3 3 2 2 . . 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 7 1 16 5 5 8 1972—Jan.r........... 54,523 6,071 4,024 33,168 10,827 432 39,586 1,185 2,027 33,049 3,159 166 Feb.............. 55,878 5,934 4,165 34,199 11,108 473 40,699 1,099 2,121 34,096 3,216 167 Mar.p.......... 56,259 5,903 4,247 34,658 10,935 516 41,007 1,128 2,150 34,552 3,010 167 Apr.P.......... 54,954 6,372 4,309 32,151 11,629 494 38,740 1,246 2,273 32,051 3,003 167 To banksii To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Dema D nd eposi T ts ime2 T b c i r c l U e e l a s a r . t t s S e i a u f s . n i r ­ d y s O l t i h e a t o r h b m r e . t 4 r ­ Total Dema D n e d posi T ts ime2 T b c i r l c U e 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 ­ 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 4 1 9 7 1 1 2 2 , , 3 3 8 7 5 6 1 1 , , 3 3 2 5 6 4 1 1 4 4 3 3 , , 2 19 0 7 2 4 4 , ,0 02 39 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—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 r.......... 18,324 14,121 7,586 649 2,016 3,869 3,956 1,760 1,835 86 276 247 July r........... 17,831 13,704 7,030 600 3,168 2,905 3,894 1,696 1,825 96 277 233 Aug............. 16,659 12,590 6,284 665 2,769 2,872 3,839 1,684 1,787 87 280 230 Sept.r.......... 16,080 12,196 7,486 739 1,286 2,686 3,645 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.r.......... 14,927 10,982 7,871 879 9 2,223 3,732 1,680 1,670 87 296 213 /13,95 3 10,034 7,047 850 8 2,130 3,691 1,660 1,663 96 274 228 Dec.8......... \14,644 10,722 3,400 320 8 6,995 3,694 1,660 1,666 96 271 228 1972—Jan.............. 14,937 10,899 3,183 330 4 7,382 3,771 1,703 1,667 116 284 267 Feb............. 15,179 11,062 3,121 344 4 7,593 3,811 1,714 1,699 99 299 306 Mar.p.......... 15,252 11,077 3,093 354 4 7,625 3,826 1,682 1,742 102 299 349 Apr.P.......... 16,214 12,027 3,372 347 4 8,306 3,859 1,755 1,689 96 318 328 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”; (b) certain accounts previously classified 3 Includes nonmarketable certificates of indebtedness issued to official as “Official institutions” are included in “Banks”; and (c) 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 (a) those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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. Aug.r Sept.r Oct.r Nov.r Dec.1 r Jan.r Feb. Mar.* Apr.* Europe: Austria...................................................... 185 244 244 255 246 254 254 261 252 257 276 Belgium-Luxembourg.............................. 597 916 901 875 736 701 701 735 779 895 873 189 164 173 171 168 168 168 177 179 191 218 Finland...................................................... 117 116 116 136 134 160 160 156 150 140 151 France....................................................... 2,267 3,663 3,302 2,842 2,858 3,150 3,150 3,234 3,311 3,103 3,043 Germany................................................... 7,520 5,082 5,339 5,606 5,733 6,596 6,596 6,972 7,724 7,670 5,482 Greece....................................................... 184 160 179 184 175 170 170 167 164 147 163 Italy.......................................................... 1,330 2,032 2,286 2,231 1,953 1,888 1,888 1,704 1,697 1,576 1,634 Netherlands.............................................. 762 283 302 315 291 271 270 306 424 823 878 Norway..................................................... 324 649 655 658 714 685 685 702 675 674 655 Portugal.................................................... 274 295 314 307 308 303 303 299 282 267 279 Spain......................................................... 198 204 185 202 185 203 203 187 177 183 219 Sweden...................................................... 503 723 729 729 757 791 792 803 871 964 981 Switzerland............................................... 1,948 3,355 3,268 3,306 3,265 3,248 3,249 3,256 3,099 2,935 2,945 Turkey...................................................... 46 26 27 48 67 68 68 36 34 42 36 United Kingdom..................................... 5,504 6,124 6,342 7,223 7,711 7,374 7,379 7,892 7,600 8,089 7,954 37 31 41 34 40 34 34 35 40 54 94 Other Western Europe2.......................... 594 1,517 1,446 1,409 1,401 1,369 1,391 1,367 1,438 1,416 1,376 U.S.S.R..................................................... 15 10 11 12 8 14 14 28 11 9 10 54 45 61 56 67 53 53 54 46 58 54 22,648 25,639 25,921 26,599 26,816 27,503 27,530 28,372 28,955 29,494 27,322 Canada.......................................................... 4,056 3,316 3,472 3,803 3,590 3,441 3,441 3,593 3,574 3,486 3,723 Latin America: 539 499 419 415 437 441 441 435 420 541 507 Brazil........................................................ 346 418 358 360 383 342 342 376 423 466 559 Chile.......................................................... 266 252 247 211 189 191 191 180 146 137 132 Colombia.................................................. 247 168 178 181 179 188 188 185 176 163 184 Cuba.......................................................... 7 7 6 6 6 6 6 6 6 6 7 821 726 670 678 706 709 715 757 747 658 667 Panama.................................................... 147 149 127 150 150 154 154 158 156 156 155 Peru........................................................... 225 146 162 163 163 164 164 164 160 174 174 Uruguay.................................................... 118 127 117 116 108 108 108 108 111 124 118 Venezuela.................................................. 735 787 806 915 874 963 963 870 843 740 851 Other Latin American republics............. 620 623 597 608 615 656 655 645 684 649 694 Bahamas and Bermuda........................... 745 885 661 346 376 657 656 313 278 307 444 Netherlands Antilles and Surinam......... 98 101 87 94 85 87 87 97 90 81 87 Other Latin America............................... 39 49 44 42 46 36 37 43 47 37 29 Total.................................................. 4,952 4,938 4,481 4,284 4,317 4,702 4,708 4,336 4,288 4,239 4,608 Asia: China Mainland....................................... 33 34 34 34 34 39 39 39 38 39 39 Hong Kong.............................................. 258 311 296 316 336 312 312 304 335 306 299 India.......................................................... 302 193 150 154 142 89 89 114 118 116 102 Indonesia.................................................. 73 59 57 69 65 63 63 54 71 90 89 Israel......................................................... 135 115 108 130 133 150 150 133 143 143 145 Japan........................................................ 5,150 13,136 13,793 14,014 13,919 14,294 14,295 14,179 14,950 14,775 14,829 Korea........................................................ 199 185 195 189 216 201 196 224 220 204 178 Philippines................................................ 285 328 322 294 304 304 304 269 264 265 291 Taiwan...................................................... 275 281 268 294 248 258 258 280 291 320 338 Thailand.................................................... 508 183 144 131 107 126 126 121 116 120 170 Other........................................................ 717 551 568 631 579 595 595 774 708 717 713 Total.................................................. 7,936 15,376 15,936 16,255 16,082 16,432 16,427 16,493 17,254 17,097 17,191 Africa: Congo (Kinshasa).................................... 14 44 25 16 12 12 12 12 13 22 14 Morocco................................................... 11 10 11 8 9 9 9 10 9 9 11 South Africa............................................. 83 74 81 74 74 78 78 53 73 70 79 U.A.R. (Egypt)......................................... 17 13 25 16 13 24 24 14 13 13 15 395 303 321 331 314 474 474 510 538 526 543 Total.................................................. 521 444 463 445 422 597 597 599 646 640 662 Other countries: Australia................................................... 389 914 854 854 919 916 916 1,087 1,121 1,257 1,405 All other................................................... 39 46 34 39 51 42 42 42 41 47 43 Total.................................................. 428 960 888 893 970 957 957 1,129 1,162 1,304 1,448 Total foreign countries............................... 40,541 50,674 51,160 52,279 52,198 53,632 53,660 54,523 55,878 56,259 54,954 International and regional: International 3........................................... 975 1,341 1,301 1,265 1,269 1,332 1,327 1,470 995 947 811 Latin American regional......................... 131 262 280 267 287 298 298 306 316 302 330 Other regional4........................................ 114 139 137 135 144 142 142 142 146 146 135 Total.................................................. 1,220 1,742 1,718 1,667 1,700 1,772 1,767 1,918 1,457 1,395 1,276 Grand total....................................... 41,761 52,416 52,878 53,946 53,898 55,404 55,427 56,441 57,335 57,654 56,230 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. □ JUNE 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................. 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) L N 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 2 91 5 2 ( (6 6 2 ) ) Sudan.......................................... 3 1 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...................................... 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 o f t i n i c t i s u a ­ l Banks1 fo O r e e t 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 1968............................. 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969............................. 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 1970.............................. 1,703 789 914 695 166 54 13 138 6 385 8 122 240 1971—Apr.................... 1,187 577 611 407 147 57 13 92 7 186 1 85 225 May.................. 1,142 548 594 393 144 57 13 94 8 182 1 83 213 June.................. 1,129 557 572 334 189 48 13 87 8 130 1 80 252 July................... 1,024 501 524 284 189 51 13 88 8 83 1 91 239 Aug................... 895 480 415 172 190 53 13 66 8 12 1 92 223 Sept.r................ 885 480 405 161 189 55 15 62 8 12 1 90 217 Oct.r................. 941 490 452 159 236 57 15 84 8 12 1 92 240 Nov.r............... 917 452 465 170 237 59 15 101 7 8 * 89 245 Dec.................... 915 446 469 156 257 56 2 109 6 3 * 83 265 1972—Jan..................... 1,009 546 462 150 255 58 2 105 6 1 * 80 268 Feb.................... 1,062 565 497 165 253 79 2 107 6 * * 79 303 Mar.p............... 1,115 633 483 152 254 78 2 102 6 * * 68 304 Apr.p................ 1,129 651 478 145 253 80 2 103 5 * * 63 304 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.* Apr.* Europe: Belgium-Luxembourg..................... 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland...................................... 31 30 29 29 29 29 29 60 60 53 53 53 52 United Kingdom............................. 519 485 490 496 460 432 427 362 323 279 283 268 280 Other Western Europe................... 25 25 25 25 25 49 71 82 85 95 95 95 95 Eastern Europe............................... 6 6 6 6 6 5 5 5 5 5 5 5 5 Total........................................ 587 552 557 562 525 521 538 516 480 438 441 426 438 Canada................................................ 173 175 174 175 175 175 175 179 181 179 179 178 179 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 Japan................................................ 55 55 142 395 633 755 1,009 1,488 1,717 2,007 2,146 2,391 2,415 Other Asia....................................... 10 10 10 10 10 10 10 10 10 10 10 10 10 Total........................................ 85 85 172 425 663 784 1,038 1,518 1,727 2,017 2,156 2,401 2,425 Africa.................................................. 43 43 43 43 43 43 25 8 8 8 8 8 8 All other.............................................. * * * * * * * * * * * * * Total foreign countries....................... 895 861 952 1,211 1,413 1,530 1,782 2,228 2,402 2,650 2,791 3,020 3,057 International and regional: International................................... 115 115 115 115 126 126 126 126 126 126 126 126 136 Latin American regional................ 26 27 27 28 28 29 29 30 30 31 31 32 33 Total......................................... 141 142 142 143 154 155 155 156 156 157 157 158 168 Grand total............................. 1,036 1,003 1,095 1,354 1,567 1,685 1,937 2,383 2,558 2,807 2,948 3,177 3,226 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 ada 1 many wan land many 3 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—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 May 12.441 10,688 32 2.840 7.658 22 20 100 1.753 536 1,217 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. □ JUNE 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 Dec.r Aug.r Sept.r Oct.r Nov. Dec.1 r Jan.r Feb. Mar.p Apr.: Europe: Austria.................................................... 6 5 4 10 11 11 11 11 12 Belgium-Luxembourg........................... 50 95 60 53 63 57 57 71 102 78 66 Denmark................................................ 40 47 47 50 48 49 49 50 54 55 52 Finland.................................................... 66 117 114 113 116 135 135 137 139 138 137 France..................................................... 113 156 149 133 182 267 268 311 344 342 273 Germany................................................. 186 259 253 198 227 235 235 202 253 258 239 Greece..................................................... 26 22 21 24 23 30 30 30 25 29 28 Italy........................................................ 101 144 131 114 139 159 161 166 182 230 213 Netherlands............................................ 61 92 82 70 90 105 105 92 102 117 108 Norway................................................... 54 71 68 66 66 67 67 72 71 73 72 Portugal.................................................. 11 11 12 10 12 12 12 14 14 14 13 Spain....................................................... 52 66 62 58 68 70 70 83 88 105 135 Sweden.................................................... 97 117 116 113 120 118 118 125 125 130 128 Switzerland............................................. 100 255 145 137 143 145 145 147 181 164 138 Turkey.................................................... 9 26 20 4 3 3 3 4 8 3 5 United Kingdom................................... 379 804 457 410 536 564 564 527 563 559 535 Yugoslavia.............................................. 35 37 29 27 22 19 19 20 15 25 24 Other Western Europe........................... 13 16 15 16 11 12 12 13 16 17 17 U.S.S.R................................................... 3 2 2 4 10 28 28 33 37 47 70 Other Eastern Europe........................... 45 37 39 33 33 37 37 44 48 51 42 Total................................................ 1,449 2,381 1,827 1,639 1,923 2,123 2,125 2,148 2,376 2,445 2,307 Canada........................................................ 1,043 985 1,092 1,093 1,138 1,529 1,529 1,507 1,700 1,942 1,831 Latin America: Argentina................................................ 326 329 337 327 316 305 305 310 306 316 304 Brazil...................................................... 325 436 412 418 410 434 440 452 472 482 511 Chile........................................................ 200 151 143 138 142 139 139 126 122 106 111 Colombia................................................ 284 335 353 353 378 380 380 375 390 376 376 Cuba........................................................ 13 13 13 13 13 13 13 13 13 13 13 Mexico.................................................... 909 977 901 808 839 936 936 1,004 977 1,006 1,095 Panama................................................... 112 113 97 95 109 125 125 110 106 116 110 Peru......................................................... 147 169 190 198 201 176 176 163 159 155 163 Uruguay.................................................. 63 41 31 32 39 41 41 41 41 41 38 Venezuela................................................ 283 249 243 251 249 268 268 271 271 278 311 Other Latin American republics........... 342 303 319 326 337 374 374 366 364 352 376 Bahamas and Bermuda......................... 196 271 265 242 264 262 262 253 288 300 281 Netherlands Antilles and Surinam....... 19 15 17 21 20 18 18 20 23 16 11 Other Latin America............................. 22 36 27 32 23 25 26 23 21 20 28 Total................................................ 3,239 3,437 3,347 3,253 3,340 3,495 3,502 3,527 3,554 3,577 3,727 Asia: China Mainland..................................... 2 1 1 1 1 1 1 1 1 2 2 Hong Kong............................................ 39 71 78 77 71 68 70 61 81 90 99 India........................................................ 13 18 20 22 17 21 21 22 20 17 18 Indonesia................................................ 56 60 57 39 40 41 41 37 35 37 39 Israel....................................................... 120 116 125 103 132 129 129 124 106 98 84 Japan...................................................... 3,890 4,086 4,047 3,739 3,889 ,279 4,296 ,149 4,059 4,116 3,980 Korea...................................................... 178 252 217 286 329 348 348 330 394 403 399 Philippines.............................................. 137 119 110 111 129 136 138 141 145 149 136 Taiwan.................................................... 95 123 113 105 94 109 109 123 154 156 172 Thailand.................................................. 109 127 147 145 148 164 173 175 200 201 203 Other....................................................... 167 239 240 226 226 252 252 237 213 232 211 Total................................................ 4,807 5,211 5,155 4,854 5,075 5,548 5,577 5,399 5,407 5,501 5,343 Africa: Congo (Kinshasa).................................. 4 22 21 22 21 21 21 21 14 13 15 Morocco................................................. 6 6 5 5 4 4 4 4 4 3 4 South Africa.......................................... 77 137 144 146 152 156 158 163 166 147 152 U.A.R. (Egypt)...................................... 13 11 12 11 9 10 10 11 13 11 10 Other....................................................... 79 107 106 101 90 99 99 91 101 104 120 Total................................................ 180 284 287 285 277 291 292 290 278 301 Other countries: Australia................................................. 64 118 134 140 140 159 159 162 158 165 169 All other................................................. 16 22 23 22 24 27 27 31 29 35 35 Total................................................ 80 140 158 162 164 186 186 193 188 200 203 Total foreign countries............................. 10,798 12,439 11,867 11,286 11,917 13,172 13,211 13,063 13,524 13,944 13,712 International and regional........................ 3 2 3 3 4 3 3 3 5 4 3 Grand total..................................... 10,802 12,441 11,870 11,289 11,920 13,175 13,214 13,066 13,528 13,948 13,715 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

JUNE 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 f s f t L i i c t o i u a a ­ l ns t B o a — nksi Others C s t t o o i a o u l n l n t e d ­ s c ­ ­ f A o o m a r c f n c a a f c e d o c e p e c r 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 o u c o n o v r r d i m t e t , i i e f l g s i . s e ­ n , ­ Other tions ing eigners nance paper 1969r............. 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 74 1970r............. 10.802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1971— Apr. r. 10,751 10.232 3,108 107 1,754 1,247 2,279 4,124 721 520 324 92 103 Mayr. 11,606 10,974 3,374 156 1,929 1,290 2,349 4,173 1,078 632 446 78 109 Juner. 11,048 10,493 3,401 147 1,969 1.284 2,378 3,990 724 555 365 102 89 Julyr. . 10.953 10,423 3,559 200 2,051 1 ;308 2,364 3.678 821 531 374 62 95 Aug.r. 12,441 11,810 4,290 191 2,682 1,417 2,357 4,157 1.006 631 495 46 90 Sept.r. 11,870 11,225 3,831 188 2,236 1,406 2,372 4,049 974 645 453 104 88 Oct.r.. 11,289 10,668 3,516 135 2,056 1,325 2,307 3,864 982 620 406 111 103 Nov.r. 11,920 11,276 4,024 167 2,431 1,426 2,306 3,897 1,050 644 457 89 99 Dec.2r /13,175 12,333 4,508 221 2,621 1,667 2,475 4,243 1,107 842 549 119 174 \13,214 12,373 3,975 222 2,087 1,666 2,475 4,270 1.652 841 548 119 174 1972—Jan.. . . 13,066 12,322 3,882 206 2,061 1,614 2,473 4,251 1,716 744 501 139 104 Feb.... 13,528 12,741 4,036 198 2,061 1.777 2,430 4,394 1,882 787 562 127 98 Mar.p. 13,948 13,047 4,178 167 2,141 1,870 2,476 4,410 1,983 900 579 183 138 Apr.P. 13,715 12,995 4,456 163 2,355 1,939 2,469 4,252 1,818 720 497 112 111 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 End of Payable period Total Loan 1 s to— O lo t n h g e ­ r c fo u r r i e r n i e g n n ­ U K d n i o i n 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—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 Juner... 3,203 2,898 475 241 2,182 278 26 112 519 266 1,234 225 514 333 Julyr... 3,261 2,959 489 253 2,217 282 20 118 530 266 1,277 219 515 337 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 1,351 225 536 367 Oct........ 3,494 3,181 533 266 2,382 286 26 127 580 261 1,323 240 565 398 Nov. . .. 3,537 3,237 555 282 2,401 276 23 138 586 244 1,357 240 564 407 Dec.r... 3,640 3,331 565 309 2,457 287 22 130 593 228 1,435 246 582 426 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.p. . 3,838 3,526 644 328 2,554 285 26 131 605 233 1,496 278 651 444 Apr.P... 3,937 3,616 652 333 2,631 295 27 143 625 230 1,539 290 671 439 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. □ JUNE 1972 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes * securities 2 Foreign bonds Foreign stocks Net piirehases or sales Period Total I a n n t d l. Foreign c P ha u s r e ­ s Sales c N h s a 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 l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h e s a t a s l e e 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 1971r........................... 1,672 130 1,542 1,661 -119 14,573 13,156 1,416 1,687 2,571 -885 1,385 1,434 -49 1972—Jan.-Apr.p___ 667 12 655 713 -58 6,875 5,534 1,341 628 1,052 -424 895 819 76 1971— Apr. *•............... 5 * 5 * 4 1,383 1,412 -28 174 235 -62 117 179 -63 May................. -33 1 -33 -33 1,163 1,126 37 118 218 — 100 94 120 —26 Juner............... 92 * 91 87 4 1,007 1,022 -15 139 239 -100 98 130 -32 July r................ 260 1 259 253 6 1,042 1,006 36 112 138 -27 102 144 -42 Aug.r............... 212 11 202 238 -36 1,185 1,021 163 110 313 -203 124 102 22 Sept.r.............. 118 1 117 145 -28 1,045 796 249 131 138 -7 118 96 22 252 252 257 -5 965 972 -7 163 257 -95 157 104 52 Nov.r.............. 446 1 445 474 -29 940 845 94 137 136 * 137 76 61 Dec.r............... 175 1 175 209 -34 1,673 1,207 465 185 175 10 195 154 41 1972—Jan................... 248 1 247 305 -58 1,580 1,277 302 126 409 -283 191 170 21 Feb................... 141 141 138 3 1,611 1,312 299 159 241 — 82 200 199 1 Mar.p.............. 230 1 229 245 -16 2,025 1,527 498 181 248 -67 290 269 20 Apr.P............... 48 11 38 25 13 1,660 1,418 242 161 153 8 215 181 34 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 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 tr e i r es r I e n g t i l o . n & al 1970..................... 626 58 195 128 110 -33 482 -9 47 85 22 1971r................... 733 87 131 219 168 -49 627 -92 38 108 54 1972—Jan.-Apr.P 679 58 21 143 210 178 589 -80 37 104 30 1971—Ap r -5 8 -10 -4 -18 -24 -7 11 11 6 May.......... 10 9 * 13 10 -6 -3 24 -17 -4 1 7 Juner....... -11 3 3 12 9 -19 -24 -18 -11 -4 7 14 Julyr........ -3 12 -6 15 -10 6 -13 4 -24 2 15 -2 Aug.r....... 78 10 7 38 24 -33 -7 38 11 12 16 * Sept.......... 155 24 33 9 38 11 17 132 10 7 4 2 Oct........... -47 8 -4 2 4 -30 * -21 -21 -17 5 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—Ja..............n 269 36 29 60 2 218 1 27 12 Feb........... 153 13 4 37 36 149 -32 20 6 Mar.p 177 19 -12 27 95 185 -26 8 7 Apr.P........ 80 -9 -20 19 46 37 -23 49 -1 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 197 0 956 35 48 134 118 91 464 128 25 28 1 -12 324 1971 «■................... 684 15 35 197 327 39 612 37 19 -2 * -21 39 1972—Jan.-Apr.p 662 45 6 -6 168 29 242 17 -12 274 * * 140 1971—Ap r -23 3 -3 7 7 5 19 -2 4 -6 * * -39 May.......... 27 -1 27 -5 19 -6 33 * 3 -1 * -2 -6 June.......... -4 -1 -1 -2 -4 * -8 11 2 -3 * -2 -3 July.......... 40 -2 -1 1 3 20 1 22 -10 3 * * * 24 Aug.r....... 85 -3 -1 -1 26 49 -3 67 * 1 1 * * 17 Sept.......... 94 -1 21 69 -3 86 16 5 * * * -14 Oct............ 40 1 53 24 2 83 -8 -2 -1 * * -33 Nov.......... 94 4 42 70 6 122 7 -1 2 * -5 -31 Dec........... -18 -1 -1 -12 18 -6 -3 -13 * 1 * -3 1972-Ja..............n 33 3 2 -14 20 38 49 10 -2 3 * * -27 Feb........... 146 -1 -1 -20 102 -11 67 11 -13 51 * * 29 Mar.p.... 321 5 3 29 54 15 106 -3 3 192 * * 23 Apr.**........ 162 38 3 -1 -13 20 -1 * 27 * 115 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—June........................... 566 397 1971 *•.............. -933 -310 -623 34 -285 -53 -350 -1 32 467 297 1972—Jan. 434 278 Apr.p. . -347 -234 -113 165 -163 -48 -81 -4 19 368 220 1971—Apr.r. . -124 -46 -78 -34 29 5 -79 -2 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 r... -68 7 -75 -16 -6 -2 -53 -1 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.r.. 61 11 51 37 32 -28 6 * 3 311 314 Dec.r. . 51 2 49 23 53 -10 -15 -4 2 1972—Mar.p......................... 325 379 1972—Jan.r... -262 -242 -20 11 -24 -16 5 * 3 Feb___ -81 -12 -68 32 -73 1 -26 -2 * Mar.p.. -46 14 -60 58 -74 -2 -47 -5 10 Note.—Data represent the money credit balances and Apr.?. . 42 6 36 65 8 -31 -13 3 5 money debit balances appearing on the books of reporting 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: 1 Total assets and total liabilities each amounted to $8,436. some branches do not adjust the parent’s equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange Note.—Components may not add to totals due to rounding. rates, which are used to convert foreign currency values into equivalent For a given month, total assets may not equal total liabilities because dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JUNE 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 parent banks insti­ for­ of tutions eigners bank IN ALL FOREIGN COUNTRIES Total, all currencies....................... 1970—Dec.. 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1,403 1971—Feb.. 47,228 7,849 5,131 2,718 36.878 7,687 16,194 673 12,325 2,501 Mar.. 48,284 6,769 4,055 2,714 38,643 7,838 17,300 744 12,762 2,871 Apr.. 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.. 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 Feb.. 61,918 4,127 1,742 2,385 55,876 11,013 25.644 1,118 18,101 1,915 Payable in U.S. dollars. 1970—Dec.. 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 525 1971—Feb.. 33,859 7,643 5,118 2,524 24,637 4,716 12,233 423 7,265 1,579 Mar.. 34,980 6,560 4,043 2,516 26,430 5,070 13,322 453 7,585 1,990 Apr.. 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.. 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 Feb.. 39,975 3.875 1,732 2,143 35,405 6,637 18,539 821 9,408 695 IN UNITED KINGDOM Total, all currencies........ 1970—Dec.. 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 601 1971—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 Feb., 34.712 2,247 1,044 1,204 31,617 5,584 17,097 454 8,482 848 Payable in U.S. dollars. 1970—Dec.. 22,574 6,596 15,655 2,223 9,420 4.012 323 1971—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 Feb. 23,816 2,153 21,254 3,960 13,058 4,237 409 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1 ,173 455 717 3,583 2,119 1,464 59 1971—Feb.. 4,578 1 ,058 283 775 3,317 1,740 1,577 203 Mar.. 4,775 879 162 718 3,625 2,009 1,616 271 Apr.. 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 4,61 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.. 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.. 17,973 955 159 796 6,925 3,679 3,247 94 Feb., 8,436 1,005 107 898 7,307 3,844 3,462 124 Digitized for FRASEFoRr notes see p. A-87. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 parent banks insti­ for­ of tutions eigners bank IN ALL FOREIGN COUNTRIES 47,354 2,575 716 1,859 42,812 6,426 24,829 4,180 7,377 1,967 ...........1970—Dec. ..........Total, all currencies '47,228 2,376 544 1,833 43,196 7,444 23,710 4,764 7,278 '1,655 ...........1971—Feb. '48,285 2,640 559 2,080 44,069 7,507 24,175 5,006 7,381 '1,576 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 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 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. 61,917 3,188 779 2,409 56,666 10,645 30,711 6,180 9,130 2,063 36,086 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 ...........1970—Dec. ..........Payable in U S. dollars '35,155 2,120 474 1,647 32,073 4,874 18,243 4,206 4,749 '961 ...........1971—Feb. '36,233 2,413 501 1,912 32,891 5,052 18,722 4,323 4,794 '930 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. 42,618 2,762 644 2,117 38,639 6,853 21,746 4,768 5,272 1,218 .......................Feb. IN UNITED KINGDOM 28,451 1,339 116 1,222 26,520 2,320 16,533 3,119 4,548 592 ...........1970—Dec. ..........Total, all currencies 28,115 1,423 103 1,320 26,103 2,641 15,588 3,337 4,538 589 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. 34,712 1,582 114 1,468 32,371 3,417 18,705 4,788 5,461 759 .......................Feb. 23,005 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 ...........1970—Dec. ..........Payable in U.S. dollars 22,118 1,291 84 1,207 20,539 1,707 12,531 3,001 3,301 287 ...........1971—Feb. 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 '22,608 2,157 13,249 3,851 3,351 400...........1972—Jan. 24,765 1,377 50 1,327 22,985 2,081 13,670 3,824 3,411 403 .......................Feb. v ... ___' IN THE BAHAMAS 4,815 542 4,183 488 2,872 823 90 4,540 4,688 ...........1970—Dec. ..........Total, all currencies '4,579 382 4,121 840 2,452 830 '75 ...........1971—Feb. '4,776 534 4,171 681 2,575 915 '72 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 3,138 933 95 .......................July 5,970 696 5,155 1,005 3,029 1,121 119 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 8,495 750 7,557 1,649 4,784 1,124 188 i 7,973 625 7,197 1,563 4,427 1,207 151 ...........1972—Jan. 8,436 876 7,412 1,526 4,681 1,206 148 7,497 7,584 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. □ JUNE 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 1972 Wednesday ties1 Wednesday ties1 plus Wednesday ties1 Maturity of sec.2 liability Jan. Feb. Mar. 1966 1970 1971—Cont. Mar. 25. 11,885 1.48 1.70 1.50 Mar. 30............. 1,879 June 24. 12,172 Dec. 22... 1,544 Call................................... 2.02 1.72 1.75 June 29............. 1,951 Sept. 30. 9,663 29... 909 Other liabilities, maturing Sept. 28............. 3,472 Dec. 30. 7,676 in following calendar Dec. 28............. 4,036 1972 months after report date: 1971 Jan. 5... 1,208 8.40 9.15 11.27 1967 J F a e n b . . 2 2 4 7 . . 5 6 , , 6 5 6 3 6 6 7 6 , , 5 66 3 6 6 1 1 9 2 . . . . . . 1 1 , ,7 5 2 6 1 8 5 4. . 5 2 3 8 4 5 . . 6 8 7 9 4 5 . . 7 5 9 6 J M S D u e e n a p c r e t . . . 2 2 2 2 9 7 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 3 3 , , , , 2 0 4 1 4 5 1 6 1 9 2 6 J J A A M M u u u p l n a a y g r y r e . . . 2 2 2 2 3 3 5 8 0 1 8 6 . . . . . . 2 2 1 1 1 1 , , , , , , 8 1 4 4 4 5 5 5 9 0 7 9 5 5 8 8 9 2 4 5 4 4 4 4 , , , , , , 6 3 1 5 0 5 4 5 8 7 6 0 5 7 5 8 6 0 Feb. 2 2 1 2 9 6 3 6 . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , , 4 3 0 0 0 0 1 6 6 0 1 9 8 2 6 4 9 5 7 8 t t t t t h h h h h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 . . . . . . 5 1 0 3 3 3 3 7 4 6 0 0 2 2 1 . . . . . . 4 4 7 3 3 3 3 0 3 4 2 8 2 1 1 . . . . . . 8 9 4 4 3 7 1 5 3 5 7 4 Sept. 29. 2,475 3,578 Mar. 1... 954 10th.............................. .26 .38 .43 1968 8... 1,164 11th.............................. .35 .44 .36 Oct. 6. 2,222 3,325 15... 1,263 12th.............................. .39 .33 .36 Mar. 27............. 4,920 13. 2,723 3,275 22... 1,346 Maturities of more than 1 June 26............. 6,202 20. 2,601 3,153 29... 1,532 .92 .94 1.07 Sept. 25............. 7,104 27. 2,917 2,917 Apr. 5... 1,130 Dec. 31 (1/1/69) 6,039 12... 1,052 Nov. 3. 2,467 19... 1,279 31.32 32.83 34.81 10. 2,964 26... 1,374 1969 17. 3,358 24. 3,342 May 3. . . 1,240 Note.—Includes interest-bearing U.S. dollar Mar. 26............. 9,621 10. . . 1,323 deposits and direct borrowings of all branches in June 25............. 13,269 Dec. 1 . 2,408 17. . . 1,544 the Bahamas and of all other foreign branches Sept. 24............. 14,349 8. 1,867 24. . . 1,599 for which such deposits and direct borrowings Dec. 31............. 12,805 15. 1,386 31. .. 1,446 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 ini 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 J 1,319 952 116 174 76 610 469 1971—May. . 208 28,126 13,447 \1,491 1,062 161 183 86 663 534 June.. 199 26,544 13,509 1,141 697 150 173 121 372 436 July... 162 28,574 13,559 Aug... 122 35,914 13,821 1971—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......... 1,623 1,051 219 233 120 575 564 May. . 157 46,453 15,542 1972—Jan . 1,728 1,071 252 242 163 604 665 Feb....... 1,811 1,018 332 237 225 548 838 1 Marketable U.S. Treasury bills, certificates of in­ Mar........ 1,948 1,194 281 272 200 642 840 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

JUNE 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.r Mar.r Juner Sept.r Dec.* Dec.r Mar.r June Sept. Dec.* 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 9 9 United Kingdom.................. 860 735 659 686 765 698 1,020 961 846 957 Yugoslavia............................ 4 4 4 4 3 17 16 16 21 21 Other Western Europe........ 11 1 2 2 2 9 12 11 14 13 Eastern Europe..................... 5 4 3 3 4 24 16 16 16 32 Total.............................. 1,649 1,437 1,319 1,391 1,487 1,652 1,997 2,027 1,932 2,086 Canada...................................... 221 206 193 183 181 769 721 706 800 909 Latin America: Argentina.............................. 11 14 17 19 18 61 65 66 66 55 Brazil..................................... 19 15 17 13 21 120 105 117 127 150 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 35 36 34 34 Uruguay................................ 4 4 4 4 2 6 7 6 6 5 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........ 163 173 167 232 275 188 222 273 362 366 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 Total.............................. 329 311 307 381 428 874 866 940 1,057 1,085 Asia: 9 8 8 9 12 17 19 25 26 24 India....................................... 38 25 22 26 27 34 39 39 36 37 Indonesia............................... 9 5 6 11 10 21 20 21 24 29 Israel...................................... 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 9 10 11 17 18 33 32 38 43 41 Thailand................................ 4 4 3 4 3 11 12 13 16 15 Other Asia............................. 50 59 122 140 143 145 153 158 201 145 Total.............................. 296 322 366 421 420 678 729 800 859 843 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 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 Total.............................. 82 89 89 77 55 94 99 99 109 102 International and regional.... * * * 1 * 1 3 4 4 4 Grand total................... 2,655 2,418 2,357 2,532 2,639 4,160 4,515 4,696 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. □ JUNE 1972 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n a la b r l s e c P u fo r a r r y e i e n a n i b g c l n i e es Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a t d h in reporter’s Other name 1967—Sept..................... 1,353 1,029 324 2,555 2,116 192 246 S 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 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 \ 2,124 1,654 471 4,159 3,532 244 383 1970—Mar.'................... 2,234 1,724 510 4,275 3,738 219 318 Juner................... 2,387 1,843 543 4,457 3,868 234 355 Sept.r................... 2,512 1,956 557 4,361 3,756 301 305 Dec.r................... 2,655 2,159 496 4,160 3,579 234 348 1971—Mar. •-................... 2,418 1,957 462 4,515 3,909 232 374 Juner................... 2,357 1,919 438 4,696 4,045 303 348 Sept.r................... 2,532 2,091 442 4,882 4,174 383 326 Dec.p................... 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 lia T b o il t i a ti l es 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 n ic r a 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 Dec. i. 4 42 1 8 4 1 1 , , 5 53 7 7 0 4 4 3 3 2 26 5 3 7 3 31 2 1 2 2 2 1 1 2 2 9 8 1 5 2 2 7 7 8 4 1 1 2 2 8 8 1 1 3 1 2 7 8 89 9 1 16 6 1968—Mar.., 582 1,536 41 265 330 206 61 256 128 145 84 21 June.. 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept... 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec... 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar... 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June.. 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept.. 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec.r 2 1 , ,7 3 2 0 5 4 2 2 , , 2 3 1 6 5 3 1 1 5 5 2 2 4 4 3 4 3 2 4 56 9 2 6 1 17 7 7 2 7 7 3 7 4 38 2 8 0 1 1 4 4 1 2 2 27 4 1 9 6 75 9 4 46 2 1970—Mar. r 2,358 2,744 159 735 573 181 74 458 158 288 71 47 Juner. 2,587 2,757 161 712 580 177 65 477 166 288 76 54 Sept.r 2,785 2,885 157 720 620 180 63 586 144 284 73 58 Dec.r. 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar.r 3,177 2,983 154 688 670 182 63 615 161 302 77 72 Juner. 3,172 2,994 151 692 677 180 64 629 138 313 75 76 Sept.r 2,922 3,025 135 675 753 179 63 598 133 323 91 75 Dec.P, 3,061 3,059 128 709 684 174 61 656 141 329 94 85 1 Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ MONEY RATES A 93 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na A (d u o st l r la a r l ) ia (s A ch u i s ll t i r n ia g) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) C (ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1968., .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 4 19.302 1970. 126.589 111.36 3.8659 2.0139 2 95.802 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—Apr.. 24.673 112.38 3.8696 2.0144 99.237 16.792 13.353 23.727 18.126 May. 24.156 112.42 3 3.9676 2.0164 99.138 16.792 13.334 23.735 18.094 June. 23.602 112.43 4.0021 2.0109 97.913 16.792 13.342 23.735 18.092 July., 22.642 112.42 4.0040 2.0133 97.912 16.792 13.334 23.735 18.136 Aug.. 20.757 113.17 4.0264 2.0351 98.670 16.792 13.435 23.735 18.130 Sept.. 19.919 114.78 4.0844 2.0921 98.717 16.839 13.672 23.830 18.112 Oct... 19.923 115.76 4.1261 2.1353 99.537 16.820 13.768 23.800 18.073 Nov.. 19.925 115.89 4.1280 2.1572 99.607 16.806 13.773 23.773 18.096 Dec.., 19.928 117.48 4.2041 2.1986 100.067 16.797 13.994 23.852 18.549 1972—Jan.. 19.960 119.10 4.2516 2.2514 99.411 16.653 14.219 24.077 19.329 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 May. 119.10 4.3277 2.2737 101.120 16.650 14.332 24.084 19.944 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u la i e l n t d h d e ­ s r) 196 8 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 196 9 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 197 0 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 197 1 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 28.650 1971—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 May. 31.454 13.763 261.24 .17175 .32854 35.446 8.0000 31.124 Period Z (d e N o a e l 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 a fr u n ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S f r r w l a a i n n tz c d ­ ) U K d n i o n i m t g ed ­ (pound) 1968................................................................................ 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 111.48 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—Apr...................................................................... 112.50 14.028 3.5000 140.51 1.4291 19.368 23.263 241.79 May..................................................................... 112.54 13.556 3.5013 140.56 1.4291 19.357 724.253 241.87 June..................................................................... 112.55 14.062 3.5027 140.57 1.4290 19.370 24.409 241.87 July...................................................................... 112.53 14.073 3.5016 140.55 1.4292 19.371 24.423 241.85 Aug...................................................................... 113.28 14.244 3.5289 141.46 1.4335 19.502 24.813 243.46 Sept...................................................................... 114.95 14.494 3.5970 140.88 1.4415 19.732 25.118 246.94 Oct....................................................................... 115.88 14.599 3.6275 140.43 81.4457 19.914 25.157 249.06 Nov...................................................................... 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 249.33 Dec...................................................................... 117.31 14.816 3.6494 137.22 1.4822 20.434 25.615 252.66 1972—Jan....................................................................... 119.36 14.913 3.6474 131.27 1.5162 20.731 25.693 257.09 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 May..................................................................... 119.41 15.214 3.7075 133.82 1.5492 21.032 25.903 261.24 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 □ JUNE 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 May 31, Per Month 1972 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 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 5.0 May 1962 5.0 4.0 Aug. 1964 .......... 4.0 6.50 Aug. 1970 6.50 7.0 Apr. 1962 8.50 7.75 7.75 France................................... 6.75 May 1971 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 8.0 8.0 H G o re n e d c u e r .. a .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6. . 5 0 S F e e p b t . . 1 1 9 9 6 6 6 9 j.......... 4 6. . 5 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................................... 6.06 May 1971 6.00 5.94 6.12 5.12 5.12 4.94 4.81 4.81 4.81 Italy....................................... 5.0 Apr. 1971 4.5 4.0 4.0 Jamaica................................. 5.5 Apr. 1971 ! 5.0 5.0 Japan..................................... 5.5 May 1971 | 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 6.0 6.0 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 9.25 May 1971 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 I 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

JUNE 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 i n tz d er­ Month 3 T m r b e o i a l n s ls t u , h r s y i m Da o d y n a - y e t y o 2 - 3 m P b b r o i a i l m n n ls k t , e hs3 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - C d b r l e a e a p t a n e o r k s s in s 4 it ’ g m Da o d y n a - y e t y o 5 - T 6 d r b e 0 a i a y - l s l 9 s s u 0 , 6 ry m Da o d y n a - y e t y o 7 - 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1970....................... 6.12 6.22 8.26 6.70 5.73 5.23 8.67 6.54 8.67 5.97 6.47 5.14 1Q71 3.62 3.76 6.41 5.57 4.93 3.84 4.54 6.10 4.34 3.76 5.24 1971-—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 4.76 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 3.67 3.73 4.83 4.27 4.56 2.50 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 centper annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date United P ( r + em ) i o u r m inc N en e t t ive Canada d ( i + sc ) o u o n r t inc N en e t t ive Kingdom Spread discount (favor Spread (-) on (favor q ( u a o U d t j . a . S ti . t o o n U S n ta i t t e e s d L ( o f n a o v d f o o r n) f ( p o - o r ) w u n a o r d n d Lon o d f on) qu A i o n t s ed qu A o U d t j . a . S ti t . o o n U S n ta i t t e e s d C ( a f n a o v a f o d r a) C f d o a o n rw l a l d a a r i r a s d n Can o a f da) basis) Canada basis 1971 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 May 5.............. 4.19 3.44 .75 -.22 .53 3.61 3.53 3.44 .09 -1.28 -1.19 12.............. 4.20 3.55 .65 -.21 .44 3.62 3.54 3.55 -.01 -1.40 -1.41 19.............. 4.20 3.72 .48 -.38 .10 3.69 3.61 3.72 -.11 -1.72 -1.83 26.............. 4.24 3.67 .57 -.49 .08 3.75 3.66 3.67 -.01 -1.72 -1.73 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 □ JUNE 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—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 47 Oct... 4,724 10.207 192 140 259 722 1,564 46 22 792 47 Nov.. 4,726 10,206 192 140 259 722 1,564 46 22 792 47 Dec.. 4i ‘i85 4.732 10,206 26,250 192 90 259 729 1,544 46 22 792 47 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.. . *41,260 5.304 9.662 *26,290 192 70 259 729 1,544 20 792 Apr.*. 5,331 9.662 192 259 729 1,544 20 767 Ger­ E pe n r 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 196 5 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 196 6 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 196 7 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 196 8 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 196 9 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 413 197 0 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 532 1971—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. 14 64 49 3.523 4.077 98 243 131 144 16 43 2.884 735 AprJ 14 64 49 3.523 4.077 98 131 144 16 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 e n th d e s r­ N w o ay r­ P s a ta k n i­ Peru P p h i i n l e ip s ­ Po g r a t l u­ A S r a a u b d i i a 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—Apr................ 86 322 85 48 182 21 1,863 31 54 40 61 902 119 May............... 87 322 85 53 182 21 1,867 32 54 40 62 902 119 June............... 87 322 85 58 182 21 1,867 32 55 40 63 902 119 July............... 87 322 85 58 184 21 1,888 34 55 40 64 895 119 Aug............... 87 322 85 58 184 21 1,889 34 55 40 65 907 127 Sept............... 87 322 85 58 184 21 1,889 34 55 40 66 911 127 Oct................. 87 322 85 58 184 21 1,889 34 55 40 67 911 127 Nov............... 87 322 85 58 184 21 1,889 34 55 40 67 918 127 Dec................ 87 322 85 58 184 21 1,909 33 55 40 67 921 127 1972—Jan................. 87 322 85 58 181 21 1,908 33 55 40 68 921 127 Feb................ 87 322 85 58 21 1,908 33 55 40 68 921 127 Mar............... 87 85 58 21 1,908 33 55 68 925 127 Apr.*............ 89 58 1,908 33 55 68 925 127 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ 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 i n tz 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 n it 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 l 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—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 85 778 391 51 332 Feb.................... 405 498 200 2,909 80 82 130 85 751 391 51 333 Mar................... 405 498 200 2,909 80 82 129 85 751 391 51 354 Apr.P................ 412 498 200 2,909 82 127 391 51 347 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 ic th a Ghana C s ( h K o a n i s n g a ­ o ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ N ra i g ca 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 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^........................... 1.098.7 24.4 6.0 77.3 6.6 4.1 24.9 22.2 23.5 1971—Mar.................. 94.3 6.7 .5 .4 2.4 2.6 Apr................... 91.9 6.5 .5 .4 2.2 rl ,7 May................. 91.5 6.7 .5 .3 1.6 rl ,8 June.................. 92.0 6.7 .1 .4 2.4 '1.9 July.................. 93.4 5.8 1.1 .4 2.4 2.1 Aug.................. 92.3 6.3 .6 .3 2.4 '2.1 Sept.................. 91.3 6.1 .6 .3 2.4 2.1 Oct................... 93.4 6.3 .6 .3 2.1 2.0 Nov.................. 91.7 6.6 .6 .3 Dec................... 85.7 5.9 .5 1972—Jan.................... 87.8 6.0 .6 Feb................... 81.2 5.9 .6 Mar.................. 84.5 6.1 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 BANK HOLDING COMPANIES □ JUNE 1972 BANK HOLDING COMPANIES, DECEMBER 31, 1971 (The term “Bank Holding Companies” is as defined in the Bank Holding Company Act of 1956. Companies listed include those that have re­ ported to the Board, and include some companies that have filed registration statements pursuant to the Act, but whose holding company status has not yet been determined by the Board. The list also reflects some name and location changes occurring subsequent to December 31, 1971. Com­ panies that notified the Board of the divestment of their bank, subsequent to December 31, 1971, are excluded from the list.) Location of Location of principal office Holding company principal office Holding company Alabama Colorado Alexander City Wilbanks and Wilbanks Aurora......................... Midway Investment Corporation Altoona.......... The Attalla Trust Company Boulder........................ Affiliated Bankshares of Colorado, Inc. Altoona.......... The Gadsden Corporation Boulder........................ Boulder National Corporation Bay Minette. . , Gulf Area Insurance Agency, Inc. Brighton....................... Lorin Investment Co., Inc. Birmingham. . Central and State National Corporation of Buena Vista................. Summit Buena Vista Agency, Inc. Alabama Burlington................... First of Burlington Agency, Inc. Birmingham. . First Alabama Bancshares, Inc. Center.......................... Center Insurance Agency, Incorporated Birmingham. . The Alabama Financial Group, Inc. Colorado Springs........ American Heritage Corporation Birmingham. . The Mid-South Company, Inc. Colorado Springs........ Central Colorado Bancorp, Inc. Brundidge.... Community Investment, Inc. Cortez.......................... Cortez Investment Co. Florence......... Guardian Savings Investment Corporation Craig............................ Moffat Corp. Livingston. ... Sumter Securities, Inc. Denver......................... Bank Land Co. Monroeville... The Monroe County Bank Denver......................... Boulevard Corporation Phenix City.. . R. M. Greene, Inc. Denver......................... Colorado Funding Company Repton........... Repton Supply Company Denver......................... Colorado National Bankshares, Inc. Troy............... Trust No. 3 under will of Charles Henderson Denver......................... Denver Industrial Company Denver......................... Midwestern Financial Corporation Denver......................... Nordenco, Inc. Alaska Denver......................... Preferred Investment Shares, Inc. Anchorage.... Alaska Bancorporation Denver......................... Stuarco Oil Company, Inc. Anchorage... . Alaska Bancshares, Inc. Denver......................... The First National Bancorporation, Inc. Denver......................... UNB Corporation Denver......................... United Banks of Colorado, Inc. Arizona Denver......................... Village Corporation Phoenix.......... Arizona-Colorado Land & Cattle Company Englewood................... Brown Corporation Phoenix.......... Continental Bancor, Inc. Estes Park.................... First Estes Plaza Company Phoenix.......... UB Financial Corp. Fort Lupton................ Fort Lupton Insurance Agency, Inc. Scottsdale Arizona Equities, Inc. Fort Morgan............... The Hereford Insurance and Investment Co. Scottsdale Globe Corporation Fruita........................... D. Earle Brumbaugh Agency, Inc. Tucson............ Patagonia Corporation Glenwood Springs.... First McKinley Corporation Granby......................... Middle Park Agency, Inc. Grand Junction.......... First Western Slope Corporation Arkansas Holyoke....................... Holyoke Agency, Inc. Bearden.......... Moline Investment Company Idaho Springs.............. High Country Investment Corp. Bentonville. . . Walton Enterprises, Inc. Keenesburg................. Citizens Insurance Agency, Inc. Bentonville. . . Walton’s 5 & 10 Cent Stores Kirk............................. Liberty Agency, Inc. Camden.......... Ouachita Valley, Inc. La Salle....................... Greeley-La Salle Investment Company Fayetteville... Industrial Finance Company Lakewood................... J. B. H. Corporation Fort Smith__ Arkansas Best Corporation Lakewood................... United Corporation Little Rock. .. Clark County Bank Partnership Lakewood................... Weerva, Inc. Little Rock. .. First Arkansas Bankstock Corporation Lamar.......................... Valley State Investments, Inc. Little Rock. .. Frank Lyon Company Leadville...................... Mid-Continent Corporation Little Rock. . . Lake Hamilton Enterprises, Inc. Littleton....................... First Colorado Bankshares, Inc. Little Rock... The First Pyramid Life Insurance Co. of America Littleton....................... Howard County Land and Cattle Co. Little Rock. .. United Banks of Arkansas, Inc. Loveland..................... Loveland Securities, Inc. Marvell.......... Marvell Implement Company Mancos........................ Hans Glockner Agency, Inc. McCrory........ Thompson Land Company, Inc. Meeker......................... Meekco, Inc. Pine Bluff....... Simmons First National Corporation Norwood..................... San Miguel Investment Company Texarkana. ... Commercial Investment Company Otis............................... Washington Investment Co. Texarkana.... The State First National Bank of Texarkana Ouray........................... Harry A. Lowe Agency, Inc. Trumann........ American Pioneer Life Insurance Company Pueblo......................... Lindoe, Inc. Wilson............ Lee Wilson & Company Rangely....................... Rimco, Inc. Rifle............................. Rifle Bank Agency, Inc. Sterling......................... Commercial Bancorporation of Colorado California Sterling......................... Commercial Bank Investment Company Alameda........ Alameda Bancorporation, Inc. Sterling......................... O’Connell Corporation Bakersfield__ Pacific Bancorporation Stratton....................... Clark Insurance Agency, Inc. Beverly Hills. . Ahmanco, Inc. Walsenburg................. Plains States Financial Corporation Beverly Hills. . Beverly Hills Bancorp Beverly Hills. . City National Corporation Beverly Hills.. The Ahmanson Foundation Connecticut Beverly Hills.. Trans-World Financial Co. Bridgeport. Connecticut Financial Services Corporation Canoga Park.. I. B. Financial Corp. Hartford. . CBT Corporation Culver City.. . Charter Bancorp Hartford. . First Connecticut Bancorp, Inc. Downey.......... Golden State Bancorporation Hartford. . Hartford National Corporation Fremont......... Fremont Bancorporation Hartford. . The Litchfield Investment Corporation Long Beach... Coast Bancorp Stamford.. Olin Corporation Los Angeles... A. F. Gilmore Company Waterbury. Colonial Bancorp, Inc. Los Angeles... Budget Industries, Inc. Los Angeles... First Lincoln Financial Corporation Los Angeles... H. F. Ahmanson & Company Delaware Los Angeles... Imperial Bancorp Dover.......... Manufacturers Hanover Corporation Los Angeles... Perpetual Corporation Frankford. . Frankford Financial Corp. Los Angeles... Pierce National Life Insurance Company Frankford.. Rush-Oak Corporation Los Angeles... Unionamerica, Inc. Wilmington. Bancshares Corporation Los Angeles... Western Bancorporation Wilmington. Family Finance Corporation Oakland.......... Central Banking System, Inc. Wilmington. Hopeton Holding Corporation Oakland.......... World Airways, Inc. Wilmington. Integrity Finance Corporation Oakland.......... Worldamerica Investors Corp. Wilmington. M-F Securities, Inc. Oxnard........... Levy Bancorp Wilmington. Twin Gates Corporation San Diego___ Southern California First National Corporation Wilmington. Beneficial Corporation San Francisco. BankAmerica Corporation San Francisco. Crocker National Corporation San Francisco. Denebeim Bros. Dist. of Columbia San Francisco. Wells Fargo & Company Washington........ American Security Corporation Santa Rosa... Frank P. Doyle Trust, Article IX Washington........ Eastern Bancorporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ BANK HOLDING COMPANIES A 99 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Dist. of Columbia- Idaho (Continued) Boise.................... Idabanco, Inc. Washington........ Financial General Bankshares, Inc. Washington........ International Bank Washington........ International Printing Pressmen & Assistants Illinois Union Abingdon............. Rae C. Heiple, Inc. Washington. International Union, United Mine Workers of Bartonville........... Backlund Investment Co. America Bartonville........... Backlund-Scott Co. Washington., Union Commerce Corporation Bartonville........... Bartonville Investment Company Berwyn................. Conlon-Moore Corporation Blue Island.......... Highland Community Company Fl M M M M M M J J J J M M M H H J M o F F F F F B a a a a a r o r o o o o o o c c c c c i i i i i i i a i a i o a a a d a r a a r r r a c k l a k k k l k i i t l t t t l s m m m a m m m a m t m t s s s s s y y t l l o W o L o o L L o p a a w w R i i i i i i i i n n n n n . . . a a . . n . n . a . r . . . . . . . o . a o v a v v v v o u . . u . . . . u . . d d . . . . . . . l . o t i i i i o i . . . o d . . d . . . t d . . o l l l l . . . l . . . . . d o . . . . d . l l l . . l . l . e e . f . . e . . . n . . . e . e e e . e . . . n . . . . . . r . . r . . . . r . . . . . . . . . . . . . . . . . . d d . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . B . . . . . . . . . a a . . . . . . . . . . . . . . . . a . . . . . . . . . . . . . . . . . . . . . l l . . . . . . e . . . . . . . . . . . l . . . e e . . . . . . . . . . . . . . . . e . . . . . . . a . . . . . . . . . . . . . . . - _ . . . . . . . . . . . . . . . . . . . . . . c . . . - . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . - . . . . . h . . . . . . . . . . . . . . . . . . - _ . . . . . . . . . . . . . . . . . . . . . . P R P I D C F F T A C C C E S A B F B C B F F n o a e l e h t l i e l i c i e i h o a r t t o r t o e n d t r r p J b l o e e n e n r y n a a i s s a r v r e n z u r a w t c r i t t s i I n A e I C r n H r e d N e l n t d n o h n a a n t B a a N e n a t a m k a i h i v l a l v l t r a r , r s t c i l a a d n a e i l d e t C e B N B I F C n o B B i t B s r B s n a r o G i c t C i n o t B a a t a i a a o o t c e a r m a m n s c m n e n a r e t n n a r . o n n r h n a i i a d l c k p e c k n f e o n c a m a n c l C a o s f n o s c n s B s n s r l o B i n h r h B h t s e e o r n t t B a o p a s r B d s r h a a a r s a a , m p l a , u n f , , a c r t a n r r a n o I i C o e k c n i e e I B r p I F I k n o n a k n s r e t n s n s f c a a s i c k a l n l a o s c c s c o o h n s F C n . C t C o , h . f B . . u i n r V a y k l f o o a i o I o r a o M a s d n o r r n e C F r r l n r e p a c t t s p p i o i l k y o i s , d . . a o o o n f , s o m m a I r r g r C , F f n I i , a a p n d i I o c t t l T F — I n a c i a i o . m n o o l r n c . , r o c u V n n . y i p . I r d s , n a i o t a d n c t I , i a n . y n , I c g n . I c n T . c r . u st C C C C C C C C C C C C C C C C C C C C B C h h h h h h l h h h h h h h h h h h h h h h u i i i i i i i i i i i i i i i i i i i i i e c c c c c c c c c c c c c c c c c c c c c a a a a a a a a a a a a a a a a a a a a a I g g g g g g g g g g g g g g g g g g g g g s o o l o o o o o o o o o o o o o o o o o o o a . . . . . . . . . . . . . . . . . . . . . . . . . . . n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C E C C C C C C B B B B B B A A A B A A O A v i i h h o e o e a e e u a a m m m l l m m t v t l c y v v v n n t i n i n n r i i i a c c z o l e e o a e a e m e d k t k c A s t i v a a e r i r r , r r l r l n a o n e e a n g g g l i g l i n i i p m C l y y I r r l c c g c a l e e a a o o s i i n s s a a a a t a e d , n m m N I A B o c n n n C p r L H a C U n t I . n B i a a a a i a g t n c v a i N i G t M t e e t t l f n t e t a a i a c p e C e e e i l d y l n c a n a I n l o o i d d s i i a l c a t t g c o t a t c r n l c B C E i a i m o p y L i p e r n e o I A o h a l n p n n p o a , i s o d i r n i l e t o & s f C t o p n v t n r a I r n e e s a e C i C p n e a r C c o e l s o o r l t r a M o c s t o a o p r h c C r a e t t C C a C & . I r n r p i r r i i m s d n a a t c p a o o i p d u o o o o i s t c d a t o S n o r e o i e a m r e r r h g p u o n r F , n c a p r p s l s i o a s o t a n t p i t , i o n o I y s e t t i I n C t r n a i r e o r r I n n i C a o a i n a a o c n C C o n c c e t n C n o t . t y c n i m e . s o i o i o c , . r o o o , m m i p I n p I n m n a n I o n a l n p p c r p c n c a a . C a . a y . n n t o n i y y o r y p n F o r o a u t n io d n a ­ Miami...................... Southeast Banking Corporation Chicago............... Financial Investments Corporation M M M i i i a a a m m m i i i . B B ... e e .. a a . c c .. h h .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J T U e e n f l f i e e t p e rs d o o s n i B t , a B n I a n c n c s c . h o ar rp es , I o n f c F . lorida, Inc. C C C h h h i i i c c c a a a g g g o o o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F F F i i i r r r s s s t t t w C D in h ro ic C v a e o g r r o s p o C C r o o a r t r p i p o o o n r r a a t t i i o o n n N N o o r r t t h h P M al i m am B i. e .. a .. c .. h ... .. D Am at e a r i L c e a a n s e B a F n in cs a h n a c r i e a s l , C In o c rp o o rp ra o t r i a o t n e d C C h h i i c c a ag g o o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F G r - a W nk C li o n r p C o a r p a i t t i a o l n Corporation P O Pa e r n n la s a n a m c d a o o l . C a .. . . i . . t . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E T F s r ir i c - s a S t p t a e a t t e M O I o r n l t a v e n e l, d s t I o m n c C e . n o t r p C o o r r a p ti o o r n a tion C C C h h h i i i c c c a a a g g g o o o . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . .. . . . . .. . . . . . . H G G e e ro l n i w e c r o t a h p l te C A r a m A p e i i t r r a i c l S , a e n I r n v T c ic . r e a , n I s n p c o . rtation Corporation Riviera Beach.......... General Financial Systems, Inc. Chicago............... Howard McKee Corporation Sarasota................... Palmer Bank Corporation Chicago................ Kemperco, Inc. Sarasota................... Trans Continental Securities, Inc. Chicago............... Lawndale Financial Group, Inc. Satellite Beach........ Symetrics Industries, Inc. Chicago............... Lumbermens Mutual Casualty Company Satellite Beach........ Symetrics Investments, Inc. Chicago............... M-R Financial Corporation Sebring..................... Avon Securities, Inc. Chicago............... Manufacturers National Corporation St. Petersburg.......... North American Mortgage Corporation Chicago............... Marcor Inc. Tampa..................... Exchange Bancorporation, Inc. Chicago............... Maurice L. Quinn Properties, Inc. Tampa..................... First Financial Corporation Chicago............... Mayflower Investors, Inc. Tampa..................... First Florida Bancorporation Chicago............... Metropolitan Investments Corporation Tampa...................... First National Bank of Tampa Chicago............... Miami Corporation T T T a a a m m m p p p a a a . . .. . . . . .. . . . . . . . . . . .. . . . . .. . . . . .. . . . . . . . . . . .. . . . . .. . . . . .. . . . . . . L M U y n i k c io e k s n l e B r S r e C o c o s u . r r p i I t n o y c r a . & ti o In n vestment Company C C C h h h i i i c c c a a a g g go o o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N M M . i o c & n h t i g g W o a m . n C e A r o y v r e p W n o u r a e a r t d F i o i & n n a C nc o i . a , l I n G c r o o r u p p o , r a In te c d . Venice...................... V. N. T. Investment Co. Chicago............... Nathan Hale Investment Corporation Winter Park............ Combanks Corporation C C h h i i c c a a g g o o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N No o r r t t h h l a S n ta d t e I n I s n u v r e a s n tm ce e n A t g C en o c r y p , o I r n a c ti . on Chicago............... Northwest Financial Corp. Georgia Chicago............... Northwestco, Inc. Atlanta......... Colpak Enterprises, Inc. Chicago............... Nortrust Corporation Atlanta......... Doraco, Inc. Chicago............... Oak Brook Corporation Atlanta......... Duco, Inc. Chicago............... Opar Corporation Atlanta......... First National Holding Corp. Chicago............... Polish Roman Catholic Union of America Atlanta......... Forpak, Inc. Chicago............... R. R. Donnelley & Sons Company Atlanta......... Gulf Financial Corp. Chicago............... Republic Bancorp Company Atlanta......... Phoenix, Inc. Chicago............... S-W Corporation Atlanta......... Security Financial Corporation Chicago............... Safeway Insurance Company Atlanta......... The Fulton National Corporation Chicago............... Selin Corporation Atlanta......... Trust Company of Georgia Chicago............... The Lewistown Company Atlanta......... Trust Company of Georgia Associates Chicago............... The Main Corporation Atlanta......... Unicapital Corporation Chicago............... University Bancorporation, Inc. Augusta........ First Railroad & Banking Company of Georgia Chicago............... Western Capital Corporation Blackshear... The Brantley Company, Inc. Chicago............... Wheaton Bancorporation, Inc. Brunswick... American Trading Company Chicago............... Wirtz Corporation Cairo............ Davis Memorial Fund Chicago............... 1 st State Corporation Colquitt........ Union Investment Co., Inc. Decatur................ Archer-Daniels-Midland Company Cornelia........ First National Cornelia Corporation Decatur................ Estate of James Millikin, Deceased Dalton.......... National Loan Company Des Plaines.......... Des Plaines Bancorporation, Inc. Dalton.......... The First National Bank of Dalton Dunlap................ Backlund-White Incorporated Douglasville. Hudson and Pilgrim Developers, Inc. East Dubuque__ First Wyanet Investment Corporation Meigs............ J. L. Pilcher and Sons, Inc. El Paso................. Woodford Bancorporation, Inc. Savannah.... Citizens and Southern Holding Company Elgin..................... Blackhawk Builders, Inc. Savannah.... The Citizens and Southern National Bank Elk Grove Village Elk Grove Investment Corporation Soperton Soperton Naval Stores, Inc. Eureka................. Select Investment Co. Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 BANK HOLDING COMPANIES □ JUNE 1972 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Illinois—(Continued) Iowa—(Continued) Farmer City.......... Farmer City Agency, Inc. Bettendorf.......... Steel Valley, Inc. Franklin Park........ Brunner Enterprises, Inc. Casey................. Security Insurance, Inc. Galesburg............... G-J Corporation Cedar Rapids. .. Banks of Iowa, Inc. Glenview................ Cummins-American Corp. Cedar Rapids. .. Bezanson Investments, Inc. Highland Park First Highland Corporation Cedar Rapids. .. Citizens Corporation Hinckley.................. Hinckley Securities and Investment Company, Cedar Rapids. .. Moramerica Financial Corporation Inc. Cedar Rapids. . . Park Forest Bancorporation, Inc. Kankakee Romy Hammes, Inc. Centerville.......... Centerville National Inc. Kewanee........ Anna wan Investment Co. Chariton............ Hy-Vee Employees’ Trust Kewanee........ Kewanee Investing Company Chariton............ Hy-Vee Food Stores, Inc. La Grange... . Wesco Investment Corp. Charles City. . .. Nora Springs Investment Company La Grange... . 1st Brookfield, Inc. Charles City Riceville Investment Company La Grange.... F.N.B.C. of La Grange, Inc. Clarion............... A. M. Saylor, Incorporated Lake Forest... Transworld Corp. Clinton............... B. P. Corp. Lebanon......... Lebanon Shares, Inc. Clinton............... W. J. Young & Co. Lemont.......... Illinois Pure Aluminum Company Coon Rapids... . Community Grain Company Mattoon......... Singer & Associates, Inc. Coon Rapids... . Dallas Investment Company Maywood Continental Mortgage Corporation Coon Rapids__ Perry Investment Company Melrose Park. GSC Enterprises, Inc. Corning.............. Whitmore Company, Inc. Melrose Park. Polk Bros., Inc. Council Bluffs.. . State Company Milford.......... Arthur R. Murray, Inc. Council Bluffs.. . Whitney Corporation of Iowa Moline............ K-J Investment Company Crawfordsville... Crawfordsville Insurance Agency, Inc. Morris............ Grundy National Service Company Cresco................ How-Win Development Co. Morrison........ Monmouth Financial Services, Inc. Davenport.......... American Home Investment Company Nashville........ Time Associates, Inc. Davenport.......... Joy Development Corporation Normal.......... Banill Corporation Davenport.......... Management Associates, Inc. Northfield Northfield Bancorporation, Inc. Davenport.......... Security Investing Co., Ltd. O’Fallon........ First National Holding Corporation of Decorah............. Security Agency, Inc. O’Fallon, Illinois Des Moines........ Bankers Equity Corporation Oak Park........ F N B of Cicero Corporation Des Moines....... Banko, Inc. Onarga........... B & B Management Corp. Des Moines........ Brenton Banks, Inc. Onarga........... Livingston Financial Corp. Des Moines........ Central National Bancshares, Inc. Pekin.............. Court Acceptance Company Des Moines........ Chase Investment Company Peoria............. Commerce Ban Corporation Des Moines........ Continental Western Industries, Inc. Peoria............. Heights Finance Corporation Des Moines........ Continental Western Insurance Company Peoria............. Keystone Consolidated Industries, Inc. Des Moines....... Dico Corporation Peoria............. Pioneer Industrial Park, Inc. Des Moines....... Easter Stores Peru................ Colonial Bancorporation, Inc. Des Moines........ Easter’s, Inc. Rock Island... Ribso, Inc. Des Moines....... Grundy Investment Company Rock Island... S B H Corp. Des Moines........ Hawkeye Bancorporation Rockford........ Atwood Vacuum Machine Company Des Moines........ Investors Equity of Iowa, Inc. Rockford........ S.B.A. Company Des Moines........ Iowa Bancorporation Romeoville. . . Hampton Park Corporation Des Moines........ Ruan Financial Corporation Savanna.......... Thomson Investment Company, Inc. Des Moines........ Stephens Industries, Inc. Spring Grove. Arnold Buschman Enterprises, Inc. Des Moines........ The Hawarden Banking Company Springfield... . Cherry Hills Enterprises Des Moines........ The Lodwick-Kiron Company Springfield.. . . Teachers Finance Co. Des Moines........ The Lodwick-Manning Company Viola............... V.B.H. Corporation Dubuque............ Iowa National Investment Company Washington... R & B Management Corporation Dyersville........... Dyersville National Investment Company Dysart................ Kupka’s, Inc. Indiana Eldora................ First Building Corporation of Eldora Bedford. American Security Company of Bedford, Ellsworth............ Hill Investment Co. Incorporated Fonda................. Stege Insurance Agency, Inc. Culver............ State Exchange Finance Company Goose Lake....... Goose Lake Investment, Inc. East Chicago.. Riley Company, Inc. Hampton............ Allison Corporation Edinburg........ Amos Investment Corp. Hospers.............. Hospers Agency Company Elkhart........... Owners Discount Corporation Hubbard............ D. W. Heineking, Inc. Elkhart........... SJV Corporation Humboldt.......... Humboldt Realty and Insurance Co., Inc. Evansville.... Two Rivers, Incorporated Humeston.......... Humeston Corporation Fort Wayne... Financial Incorporated Iowa City........... First Trust and Union Savings Bank Corporation Fort Wayne... Lincoln Tower Corporation Iowa City........... Frank J. Eicher Company, Inc. Gary............... Indiana Industries Incorporated Iowa City........... Iowa County Bank Corporation Hartford City. Town Financial Corporation Iowa City........... Midwest Bank Corporation Indianapolis. . American Fletcher Corporation Iowa City........... North Central Bank Corporation Indianapolis. . Insurance Investment Corporation Knoxville........... Community Holding Company Indianapolis. . The Indiana National Corporation Knoxville........... Duclarkee, Inc. Indianapolis. . Vernon Financial Corporation Lake View.......... JEMS, Inc. Indianapolis. . Vernon General Insurance Company Lenox................. Zabel Enterprises, Inc. Nashville........ Nashville Securities and Investment Company, Leon................... Decatur Corporation Inc. Lone Tree.......... Lone Tree Service Company South Bend.. American Affiliates, Inc. Manchester........ Delaware Service Co., Inc. South Bend., FBT Bancorp of Indiana, Inc. Manson.............. Youell Sales Department, Inc. South Bend.. St. Joseph Agency, Inc. Mapleton........... Danco, Inc. South Bend.. St. Joseph Bank & Trust Company Maquoketa........ Ohnward Corporation Syracuse___ First Charter Financial Corporation Maquoketa........ Wisco, Inc. Terre Haute. Clinton Cable TV Co., Inc. Marion............... M-V Co., Inc. Terre Haute. Nichols Investment Corporation Marion............... Neighbor Insurance Agency, Inc. Mason City........ Fabank, Inc. Iowa Mason City........ Fayette Investment Co. Ackley Ackley Bancorporation Mason City........ Kanawha Investment Co. Anamosa.. Lesernal Corporation Mason City........ Kossuth Security Investment Company Aplington. . Aplington Insurance, Inc. Mason City........ Unibank, Inc. Baxter....... Baxter Insurance Agency, Inc. Mason City........ United American Investment Co. Bellevue. .. Bellevue Service Co. Mason City........ Ventura Investment Company Bettendorf. Investment Management, Inc. Melbourne......... Dream, Inc. Bettendorf. River Cities Investment Co. Miles.................. Miles Service Corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 o BANK HOLDING COMPANIES A 101 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Iowa—(Continued) Kansas—(Continued) Monona............. Leroy C. Darby, Inc. Hutchinson.............. First, Inc. Montezuma........ Arendts, Inc., of Montezuma, Iowa Hutchinson............. Hart Food Stores, Inc. Monticello.......... M.S.B. Corporation Ingalls...................... Ingalls Insurance Agency, Inc. Nevada............... Nevada Brick & Tile Company Jamestown............... John Herbin, Inc. New Hampton. . Shaw Investment Company Jewell....................... Citizens Insurance Agency, Inc. Oelwein.............. Oelwein Bancorporation Junction City.......... Valley Insurance Company, Inc. Panora............... Mid Iowa, Inc. Kansas City............. Central Kansas Bankshares, Inc. Pella................... Vermeer Investment Company Kansas City............. Int. Brhod Boilmkrs Iron Ship Bldrs Pisgah................. Nebo Corporation Blksmths Forgrs and Helpers Postville.............. Chevalier, Inc. Kansas City......... Kansas Bancorporation, Inc. Red Oak............ Spencer Banshares, Inc. Kansas City......... Security Investment Company, (A Partnership) Rock Rapids.... Asco, Inc. Kansas City......... Tic, Inc. Rock Rapids.... Ashton Investment Company Kinsley................. Kinban, Inc. Rock Rapids... . Midwest Agricultural Credit Corporation Lacrosse............... Full Service Insurance, Inc. Rock Rapids... . Rock Rapids State Bank Larned................. Lanbank, Inc. Rowley............... Shields Agency, Inc. Lenexa................. Lenexa Bancshares, Inc. Sioux City.......... Midco Incorporated Leoti..................... Barr Investment Company, Inc. Sioux City.......... Morningside Development Company Lewis................... Cross Financial Corporation Sioux City.......... Perry Development Company Lewis................... Cross Manufacturing, Inc. Sioux City.......... Pioneer Development Company Louisburg............ Louisburg Investors, Incorporated Sioux City.......... Security National Corporation New Strawn........ Boyce Insurance, Inc. Sloan.................. Sloan State Corporation Oberlin................. Shanlie, Inc. Spencer.............. Spencer National Bank Trust Offerle.................. Offerle Investment Co., Inc. Strawberry Point, Munter Agency, Inc. Olathe.................. Patrons Bancorporation, Inc. Swea City.......... Bank Service Department, Inc. Osawatomie......... Osawatomie Agency, Inc. Tama.................. Beohm’s Inc. Ottawa................. Peoples Savings, Inc. Tama.................. Hams, Inc. Parsons................ J. J. Flynn Investment Company, Inc. Terril.................. Bank Sales Department, Inc. Pittsburg.............. Cunningham Agency, Inc. Tingley............... Carl G. Riggs Agency, Inc. Pleasanton........... First Finance & Investments, Inc. Tipton................ Miller Co. Prairie Village.... Johnson County Bankshares, Inc. Tipton................ Tipton Company, Inc. Prairie Village... . Kansas Agencies & Investments, Inc. Toledo................ Tama County Abstract Company Pratt..................... National Insurance Agency, Inc. Traer.................. Jeb’s, Inc. Quinter................. Ouinter Insurance Service, Inc. Waverly.............. Cedar Investment Company Rexford............... The Rexford Investment Company, Inc. Williams............. Williams Security Insurance Agency, Inc. Richmond............ Peoples Investment, Inc. Wilton Junction. C-B-G, Inc. Salina................... First State Management Corporation, Inc. Zearing............... Tri County Insurance Agency, Inc. Sharon Springs... Peoples Insurance Agency, Inc. Shawnee Mission. Miami Agency, Inc. Kansas Shawnee Mission. Roeland Park Agency, Inc. Abilene............... The Brown Memorial Foundation Smith Center....... Lull and Rush Agency, Inc. Alexander.......... Alexander C.B.M., Inc. Spring Hill........... The Dunmire Agency, Inc. Arkansas City... HNB Corporation Sylvan Grove.... The Sylvan Agency, Inc. Arma.................. Bedene Insurance Agency, Inc. Sylvia................... Sylvia Insurance Agency, Inc. Atchison............ Atchison Investment Company, Inc. Topeka................. First Topeka Bankshares, Inc. Atchison............ Exchange Bankshares Corporation Tribune................ TQE First Insurance Agency, Inc. Atchison............ Mitchell Investment Company Troy..................... G & R, Inc. Axtell................. Axtell Agency, Inc. Wakeeney............ First Wakeeney Agency, Inc. Barnes................ Barnes Investment Corporation Wakefield............. Wakefield Agency, Inc. Belleville............ K. L. Klaumann Agency, Inc. Waverly................ Meader Insurance Agency, Incorporated Bennington........ Berco, Inc. Wichita................ First National Investors Corporation, Inc. Chanute............. Danehower Realty Corporation Wichita................ Fourth Financial Corporation Chanute............. Morrow & Keeling, Inc. Wichita................ K & B Producers, Incorporated Cherry vale......... I and B, Inc. Wichita................ Parklane Financial Corporation Cimarron........... First National Agency, Inc. Wichita................ Sierra Petroleum Co., Inc. Colby................. Hi-Plains Insurance Agency, Inc. Wichita................ William Graham, Inc. Colby.................. Northwest Kansas Insurance Agency, Inc. Yoder................... Yoder Insurance Agency, Inc. Delphos.............. Roger Billings, Incorporated Edna................... Key Insurance, Inc. Kentucky El Dorado.......... Butler County Historical Society, Inc. Ashland........ The Thomas S. Hope Trust Emporia............. Educators Investment Company of Kansas, Inc. Lexington. . . Ashland Investment Corporation Emporia............. Namyaw Corporation, Inc. Lexington. . . Bank Management Associates, Inc. Esbon................. Sapp Insurance Agency, Inc. Lexington. . . Boys Club of Lexington, Kentucky, Inc. Eureka............... Kelwood Farms, Inc. Lexington. . . Central Realty Co., Inc. Garden City.... Percival Insurance Agency, Inc. Lexington. . . Investment Securities Corp. Girard................ Mid-America Bancshares, Inc. Lexington. . . Kentucky Central Life Insurance Company Glasco................ First Glasco Agency, Inc. Lexington. . . Lexington Insurance Agency, Inc. Glen Elder......... The Glen Elder Agency, Inc. Lexington. . . Mid-Central Investment Co., Inc. Goff................... Nemaha Investment Company Lexington. . . Mid-State Financial Corporation Goodland.......... First Insurance Agency, Inc. Lexington. . . The Cardinal Corporation Louisville, Kentucky Goodland.......... Western Agency, Inc. Louisville... . Trustees, First National Bank of Louisville Hanover............. William Byrnes Agency, Inc. Mayfield....... Usher and Gardner, Incorporated Hanston............. Hanston Insurance Agency, Inc. Middlesboro. Commercial Securities Corporation Hardtner............ B-K Agency, Inc. Murray......... National Investment Company Haven................. Haven Insurance Agency Incorporated Salt Lick.... Salt Lick Deposit Bank Voting Trust Hays................... Bushton Investment Company, Inc. Hays................... Kansas Natural Gas, Inc. Louisiana Hays................... Midwest Bancorporation, Inc. Baton Rouge. Great American Corporation Herington.......... First of Herington, Inc. Baton Rouge. Gulf Union Corporation Herington.......... Herington Bancshares, Inc. Baton Rouge. Ter-Am Corporation Hiawatha........... Crossdale, Inc. Covington Commercial Capital Systems, Inc. Hill City............. Consolidated Insurance, Inc. Lake Charles. Powell Lumber Company Hutchinson........ Directors Capital Corporation, Inc. New Orleans., First Commerce Corporation Hutchinson........ First National Bank of Hutchinson New Orleans., Lykes Financial Corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 BANK HOLDING COMPANIES □ JUNE 1972 BANK HOLDING COMPANIES, DECEMBER 31, 1971-Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Louisiana—(Continued) Minnesota—(Continued) New Orleans.............. Lykes-Youngstown Corporation Crystal......................... Crystal State Agency, Inc. New Orleans.............. New Orleans Bancshares, Inc. Dover........................... First Dover Investment Company, Inc. New Orleans.............. The ICB Corporation Edina........................... Great Northwest Industries, Inc. New Orleans.............. Whitney Holding Corporation Edina........................... Southwest Fidelity Securities and Plaquemine................ A. Wilbert’s Sons Lumber and Shingle Company Investment Company Ruston....................... Marbury Building Corporation Elgin............................ Elgin Investment Company, Inc. Shreveport................. Zachary Taylor Life Insurance Company Eyota........................... Farmers Investment Company, Inc. Sulphur...................... Wm. T. Burton Industries, Inc. Fergus Falls................ Adams Investment Company Fergus Falls................ Bankers Financial Corporation Maine Floodwood................. Floodwood Agency, Inc. Augusta...................... Depositors Corporation Foley........................... The Gilmanton Co. Bangor....................... Merchants Corporation Fridley......................... Babbscha Company Bangor....................... Merrill Bankshares Company Fulda........................... Citizens State Agency of Fulda, Inc. Lewiston.................... Northeast Bankshare Association Glenville...................... Citizens Investment Co., Inc. Livermore Falls........ Starling Corporation Hallock....................... C. D. L. Corporation Portland...................... United Bancorp of Maine Halstad....................... Aarestad Farm Products, Inc. Harmony..................... C-S, Inc. Maryland Hastings...................... First Agency of Hastings, Inc. Baltimore................... Equitable Bancorporation Hayfield....................... Himle Agency, Inc. Baltimore................... Maryland National Corporation Hector......................... Spreiter Agency, Inc. Baltimore................... Mercantile Bankshares Corporation Hinckley...................... Oppegard Agency, Inc. Cheverly..................... Tennessee Shares Corporation Hutchinson................. The Burich Company Lexington Park......... Maryland Bankcorp, Inc. Isle............................... Lakeside Credit Company, Inc. Silver Spring............... Potomac Securities Corporation Kenyon....................... Ellingson Corporation Kiester......................... Kiester Investments, Inc. Massachusetts Lake Benton............... Farmers State Agency of Lake Benton, Inc. Boston......................... Atlantic Corporation Lake Lillian................. First State Agency of Lake Lillian Inc. Boston....................... Baystate Corporation Mankato..................... Mankato Stone Company Boston........................ Commonwealth National Corporation Milan........................... Southwestern Investment Co. Boston....................... First National Boston Corporation Minneapolis................ Bank Shares Incorporated Boston........................ New England Merchants Company, Inc. Minneapolis................ Buffalo Investment Corporation Boston....................... Shawmut Association, Inc. Minneapolis................ Cutler Corporation Boston....................... State Street Boston Financial Corporation Minneapolis................ Dassel Investment Company Boston......................... U. S. T. Corporation Minneapolis................ Diversified Bank Investment Company Brockton.................... First Massachusetts Financial Corporation Minneapolis................ Eagle Agency, Inc. New Bedford............... Berkshire Hathaway Inc. Minneapolis................ Fidelity Securities & Investment Company Newton....................... North Atlantic Bancorp. Minneapolis................ First Bank System, Inc. Northampton............ Smith College Minneapolis................ Gamble-Skogmo, Inc. Pittsfield..................... Berkshire Bancorp Inc. Minneapolis................ Geiger Corporation Quincy........................ Shorebank, Inc. Minneapolis................ Houston County Agency, Inc. Worcester.................. Mechanics Bancorp, Inc. Minneapolis................ Independent Bancorporation Worcester.................... Worcester Bancorp, Inc. Minneapolis................ Investment Corporation of America, Inc. Minneapolis................ Investors Growth Industries, Inc. Michigan Minneapolis................ Lanesboro Agency, Inc. Bad Axe...................... Huron Financial Services Trust Minneapolis................ Lenroc, Inc. Bay Port...................... Bay Port Associates Minneapolis................ Madison Agency, Inc. Belding........................ First State Investment Co. Minneapolis................ Malcar Holding Company Big Rapids.................. Big Rapids Investment Company Minneapolis................ McGlynn, Garmaker and Bushman Detroit......................... United Midwest Equity, Inc. Minneapolis................ Minnesota Small Loan Company Escanaba..................... Northern Michigan Corporation Minneapolis................ Mower Agency, Inc. Farmington................. Charlevoix Investment Company Minneapolis................ Northeast Securities Corporation Flint............................. ASB Investment Company Minneapolis................ Northwest Bancorporation Flint............................. Charles Stewart Mott Foundation Minneapolis................ Stephen Adams & Company, Inc. Flint............................. Shiawassee Investment Company Minneapolis................ Summit Home Insurance Co. Houghton.................... Woodlak Company Minneapolis................ The Bellingham Corporation Kalamazoo................. Great Lakes Holding Company Minneapolis................ Waycrosse, Inc. Lansing....................... D.A.R. Corporation Minneapolis................ Wood Lake Corporation Lansing....................... Douglas Steel Erection Corporation Montgomery............... Sutliff International Inc. Lansing....................... Douglas Steel Fabricating Corporation Moorhead................... Am-Can Investment, Inc. Lansing....................... Lansing Bank Shares Associates Mora........................... Kanabec Credit Company Lansing....................... R.Z. Corporation Nashwauk................... American National Agency, Inc. Lansing....................... S.J.E. Corporation Navarre....................... Orono Financial, Inc. Midland....................... Midland Investment Company New Ulm..................... State Bond and Mortgage Company Southfield.................... South-Royal Investment Company North Branch............. North Branch Investment, Inc. Warren........................ Western Michigan Investment Company Ortonville.................... Tri-County State Agency, Inc. Pine City..................... P.B.C. Incorporated Minnesota Pine Island.................. Tri County Investment Co. Albany......................... Stearns Agency, Inc. Preston......................... Root River Agency, Inc. Amboy......................... Gem Agency, Inc. Randall....................... Aladdin, Inc. Appleton..................... M P S Investment Company Richfield...................... Richfield State Agency, Inc. Bagley.......................... First National Agency of Bagley, Inc. Richfield...................... Summit Agency of Richfield, Inc. Balaton........................ Balaton Agency, Inc. Robbinsdale................ Guaranty Securities Corporation Barnes ville................... Barnes ville Investment Corp. Rochester..................... Aumanchester, Inc. Baudette...................... First National Agency of Baudette, Inc. Rush City.................... Kimberly Leasing Corporation Bertha.......................... Todd County Insurance Agency, Inc. Sacred Heart............... Poe Investment Company Brewster...................... Nobles Agency, Inc. South St. Paul............. Summit Southview Holding Corporation Caledonia.................... Houston Investments, Incorporated Spring Grove.............. Spring Grove Investments, Inc. Calumet....................... Calumet Investment Company Springfield................... Springfield Investment Company Canby.......................... Howard W. Reiter Investment Co. St. Louis Park............. Dynasonics Corporation Cannon Falls............ Jerema, Inc. St. Louis Park............. First Western Agency, Inc. Cass Lake................. Cass Lake Company St. Louis Park............. Minnesota Assets Management Corporation Cloquet....................... Northwest Investment Co. of Cloquet, Inc. St. Paul....................... American Bancorporation, Inc. Cloquet...................... Stewart Furniture Co., Inc. Coleraine................... Jan-Mar Corp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ BANK HOLDING COMPANIES A 103 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Minnesota—(Continued) Missouri—(Continued) St. Paul Continental Banksystem Nevada...................... Mid-Nation Financial Shares, Inc. St. Paul........ Jacob Schmidt Company Nevada...................... Vernada Investment Corporation St. Paul........ L H J Company New London............. Behrens, Inc. St. Paul........ Mid America Bancorporation, Inc. New Madrid.............. Hunter Farms, Incorporated St. Paul........ Minnesota Mining and Manufacturing Company Newburg.................... Newburg Insurance Agency, Inc. St. Paul......... Moamco Corporation Odessa....................... Corporation Service & Investment Co. St. Paul......... Otto Bremer Company Odessa....................... Country Agencies & Investments, Inc. St. Paul.......... Otto Bremer Foundation Richmond Heights.. . Friendly Finance Co. St. Paul.......... Summit Agency, Inc. Sedalia....................... Sedalia Enterprises, Inc. St. Paul.......... Vic Sather & Associates, Inc. Sikeston..................... First National Company of Sikeston, Inc. St. Peter......... St. Peter Agency, Inc. Smithville................... Mid-America Bancorp, Inc. Stewartville... P & D Company of Stewartville, Inc. Smith ville................... Thirty-Five Venturers, Inc. Tower............. Tower-Soudan Agency, Inc. Smithville................... Thirty-Four Venturers, Inc. Twin Valley... Twin Valley Agency, Inc. Smithville................... Thirty-Six Venturers, Inc. Two Harbors. Essen and Sons Company Smithville................... Thirty-Three Venturers, Inc. Tyler............... Citizens State Agency of Tyler, Inc. Springfield................. Central Mortgage Co., Inc. Wadena.......... First National Agency of Wadena, Inc. Springfield................. Cottonrudy Investment Company Waite Park. . . Plaza Agency, Inc. Springfield................. Marshfield Investment Company Waseca........... Clear Lake Agency of Waseca, Minnesota, Inc. Springfield................. Ozark Bancshares, Inc. Worthington.. State Agency, Inc. Springfield................. Smico Investment Co., Inc. Zumbrota Zumbrota Agency, Inc. Springfield................. U. N. Bancshares, Inc. St. Joseph.................. Ameribanc, Inc. Mississippi St. Joseph.................. First American Bancshares, Inc. Jackson. . . Affiliated Investments, Inc. St. Joseph.................. First Bancorporation, Inc. Jackson. . . Deposit Guaranty Corp. St. Joseph.................. First Midwest Bancorp., Inc. Jackson. . . First Capital Corporation St. Joseph.................. Missouri Bancorporation, Inc. Southaven. Financial Development Company St. Louis..................... Boatmen’s Bancshares, Inc. St. Louis.................... Cairo First, Inc. Missouri St. Louis.................... Clayton Bancshares Corporation Albany............... Parman Chev.-Olds.-Buick, Inc. St. Louis.................... Contract Leasing Corporation Arcadia.............. Ellington Investment Company St. Louis.................... Crestwood Bank Shares Corporation Bowling Green. . Edward V. Long and Company St. Louis.................... Delta Loan & Finance Company Buckner............. Jeffries Insurance Agency, Inc. St. Louis.................... First Banc Group, Inc. Butler................. Financial Enterprises, Inc. St. Louis..................... First Union, Incorporated Cape Girardeau. Himmelberger-Harrison Lumber Company St. Louis..................... General Bancshares Corporation Centralia............ Boone County Insurance Agency, Inc. St. Louis..................... Graneto Company Centralia............ Centralia Insurance Agency, Inc. St. Louis..................... Hampton Bankshares Corporation Charleston.......... Shelby Alfalfa Meal Company St. Louis..................... Madison Bancgroup & Co. Chillicothe.......... Citizens Bancshares Co. St. Louis.................... Manchester Financial Services Corp. Clayton.............. County National Bancorporation St. Louis.................... Mercantile Bancorporation, Inc. Clayton.............. Delk Investment Corporation St. Louis..................... Mercantile-Commerce Company Clayton.............. Greater Arlington Company St. Louis.................... Montgomery Bancgroup & Co. Clayton.............. Mark Twain Bancshares, Inc. St. Louis.................... Mount Vernon Corporation Clayton.............. Schmid Brothers Investment Co., Inc. St. Louis.................... South St. Louis Investment Company Columbia........... Bren-Mar Properties, Inc. St. Louis.................... T G Bancshares Co. Columbia........... Brookwood, Inc. Urbana...................... Vaughan Investment Company Creve Coeur.... Manchester Insurance & Indemnity Company Warrensburg............. Harmon Oil Co., Inc. Creve Coeur.... Manchester Life & Casualty Management Corporation Montana Crystal City... Waggener Store Company Anaconda........ First Security Agency Hermitage.... Freeco, Inc. Baker............... Baker National Insurance Agency, Inc. Higginsville.. . Lafayette Management, Inc. Billings............. Antler Land Company Independence. Independence Financial Corporation Billings............. Citizens Development Co. Independence. Jones Investigation Corp. Billings............. STS Corporation Jefferson City. Central Bancompany Bozeman.......... Bozeman Holding Company Joplin.............. First Community Bancorporation Bozeman.......... Bozeman Insurance Agency, Inc. Kansas City... American Bancorporation, Inc. Butte................. Butte Insurance Agency, Inc. Kansas City... Building Leasing Corporation Circle............... Reserve Enterprises, Inc. Kansas City... CCB Corporation Circle............... Towe Foundation Kansas City... Colt Investments Inc. Columbia Falls. Falsbuilding, Inc. Kansas City... Commerce Bancshares, Inc. Conrad............. Conrad Company Kansas City... Continental Holding Corporation Deer Lodge. ... Deer Lodge Insurance Agency, Inc. Kansas City... Coronado Financial Corporation Dillon............... Paru, Inc. Kansas City... Drexler Corporation Ennis................ Jackass Creek Land & Livestock Company Kansas City... Feeney Insurance Agency, Inc. Froid................ Schnitzler Corporation Kansas City... First National Charter Corporation Glendive.......... Exchange Investors, Inc. Kansas City... Joe W. Ingram Trust “B” Great Falls.... Bancorporation of Montana Kansas City... Keytesville Bancshares, Inc. Great Falls.... The Montana Corporation Kansas City... Layco Investment Company, Inc. Livingston........ Guaranty Development Company Kansas City... Merchants Investors, Inc. Red Lodge....... Red Lodge Insurance Agency, Inc. Kansas City... Merchants-Bancorp, Inc. Richey.............. Richey Insurance Agency, Inc. Kansas City... Metro Insurance Agency, Inc. Ronan.............. Olsson’s, Inc. Kansas City... Mid-Continent Holding Corporation Roundup.......... Roundup Insurance Agency, Inc. Kansas City... Midwest Bancorporation, Inc. Stevensville.... Con-West, Inc. Kansas City... Milbro Company Superior........... Mineral County Insurance Agency Inc. Kansas City... Missouri Banc-Management, Inc. Worden............ Hansen-Lawrence Agency, Inc. Kansas City... Oppenheimer Industries, Inc. Kansas City... Orwig and Company, Inc. Nebraska Kansas City... Peoples Credit Co. Ainsworth. Commercial Investment Co. Kansas City... Republic Industries, Inc. Arcadia. . . Arcadia Agency Company Kansas City.., The University Bancorp Inc. Bartley.... Wells Enterprises Incorporated Kansas City.., United Missouri Bancshares, Inc. Beatrice. .. Beatrice State Company Lemay............ Stupp Bros. Bridge & Iron Co. Beatrice. .. Pickrell, Inc. Neosho.......... Seneca Investment Company Beatrice. .. Wymore, Inc. Nevada.......... First Finance Company Nevada........... Kayco Investment Corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 BANK HOLDING COMPANIES □ JUNE 1972 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Nebraska—(Continued) Nebraska—(Continued) Beatrice..................... 1st Group, Inc. Shelton....................... Shelton Enterprises, Inc. Blue Hill.................... Blue Hill Agency, Inc. Silver Creek............... Tereco, Inc. Brainard.................... Brainard Agency Company St. Edward................ St. Edward Management Company Broken Bow.............. Broken Bow Enterprises, Inc. Stamford................... Stamford Banco, Inc. Broken Bow.............. First Central Nebraska Company Superior..................... Hardy Insurance Agency, Inc. Carleton..................... Carleton Agency, Inc. S wanton..................... Swanton Agency, Inc. Cozad........................ Cozad Elevators, Inc. Table Rock............... Duroc Investment Company Davenport................. Jennings Agency Inc. Tekamah................... Tekamah Agency Company David City................. L.E.S., Incorporated Trenton...................... Thuman Corporation Decatur..................... Decatur Agency Company Verdigre..................... The Verdigre Agency, Inc. Edison....................... Hardin, Inc. Wahoo....................... People’s Insurance Agency, Inc. Elm Creek................. Midstate Insurance Agency and Management, Wausa........................ Wausa Banshares, Inc. Inc. Weeping Water......... United Rock Construction, Inc. Exeter......................... The First National Insurance Agency, West Point................. EGF Inc. Incorporated Wolbach.................... Wolbach Insurance Agency, Inc. Farnam...................... Nebraska Bankshares, Inc. Gothenburg............... “96” Ranches Nevada Gresham.................... The Gresham Company Reno. First Bancorporation Holdredge................. First Security Investment Co. Indianola................... Indianola Agency, Inc. New Hampshire Kearney..................... Circle Management Company Hanover......... Trustees of Dartmouth College Kenesaw.................... First Kenesaw Company Inc. Manchester.. . The Manchester Corporation Keystone................... Keystone Investment Inc. Nashua........... New Hampshire Bankshares, Inc. Kimball..................... American National Agency, Inc. Kimball..................... Republican Valley Chemicals, Inc. New Jersey Kimball..................... Tri-State Insurance Agency, Inc. Cherry Hill.......... Heritage Bancorporation Lincoln...................... Clearwater Development Co., Inc. Clifton................. Winged City Corporation Lincoln...................... Evergreen Corporation Cresskill............... Adwildon Corporation Lincoln...................... Farmers Insurance Agency, Inc. Englewood Cliffs. CPC International Inc. Lincoln...................... First Plaza Company Hackensack......... United Jersey Banks Lincoln...................... Fremont First National Co. Hamburg.............. Kittatinny Corporation Lincoln...................... Fremont First State Co. Jersey City........... First Jersey National Corporation Lincoln...................... Grand Island Overland Co. Newark................ Fidelity Union Bancorporation Lincoln...................... Havelock Investment Company Newark................ First National State Bancorporation Lincoln...................... Kearney First National Co. Newark................ Midlantic Banks, Inc. Lincoln...................... Labanco, Inc. North Brunswick. Angco Company Lincoln...................... NBC Co. Passaic................. Popular Services, Inc. Lincoln....................... North Platte State Co. Trenton................ New Jersey National Corporation Lincoln...................... Prairie Home, Inc. Wayne.................. Cegrove Corp. Lincoln...................... Second Evergreen Corporation Westfield.............. Motor Finance Corporation Lincoln...................... The Commonwealth Company Lincoln...................... Woodstock Land and Cattle Company New Mexico Lisco.......................... Hoff Investment Corporation Alamogordo. Bank Securities, Inc. Loup City................. Sherman County Management, Inc. Albuquerque. First New Mexico Bankshare Corporation Lyons......................... Farm & Home Insurance Agency, Inc. Albuquerque. Mountain States Investment Corporation Malmo....................... Malmo Agency Company Aztec............ Alpha Agency Mead......................... Three B’s Inc. Aztec............ Pierce Agency, Inc. Milford...................... Farmers & Merchants Investment, Inc. Grants.......... Western Investors, Inc. Monroe..................... Monroe Agency, Inc. Hobbs.......... A-N Corporation Nelson....................... CLC Enterprises, Inc. Hobbs.......... Daniels Insurance Agency, Inc. Niobrara................... Niobrara Investment Co. Hobbs.......... SNB Corporation Norfolk..................... Norfolk Banshares, Inc. Roswell........ First National Roswell Corporation Norfolk..................... Tilden Enterprises, Inc. Santa Fe. . . . New Mexico Bancorporation, Inc. North Platte.............. Nebanco, Inc. O’Neill....................... O’Neill Properties, Inc. New York Omaha....................... Bank Management, Inc. Albany........ First Commercial Banks, Inc. Omaha....................... First National of Nebraska, Inc. Albany........ United Bank Corporation of New York Omaha....................... Great Western Automation, Inc. Bay Shore. . Edith E. Kable Trust Omaha....................... Industrial Loan & Investment Co. Brooklyn.. . Kings Lafayette Corporation Omaha....................... Investment Enterprises, Inc. Buffalo........ First Empire State Corporation Omaha....................... Iowa Banco Corporation Buffalo........ Marine Midland Banks, Inc. Omaha....................... Omaha National Corporation Mineola. . .. Franklin New York Corporation Omaha....................... Otoe County Co. New York. . Amalgamated Clothing Workers of America Omaha....................... Packers Management Company, Inc. New York. . American B & T Corporation Omaha....................... Preferred Management Company New York. . Bankers Trust New York Corporation Omaha....................... Southwest Ban Corporation New York. . Bessemer Securities Corporation Omaha....................... State Furniture Company New York. . C.I.T. Financial Corporation Omaha....................... 304 Corporation New York. . Charter New York Corporation Ord............................. BBJ Incorporated New York. . Chemical New York Corporation Osceola...................... Osceola Insurance, Inc. New York. . Chesapeake Shares Corporation Oshkosh..................... O & F Cattle Company New York. . Distributors Discount Corporation Oxford....................... Howard Huff Inc. New York. . El-Tronics, Inc. Oxford....................... Oxford Lanes Inc. New York. . Empire Shares Corporation Palmer....................... Archer Corporation New York. . Financial General Corporation (Del.) Palmer....................... Archer, Incorporated New York. , First National City Corporation Palmer....................... Central Grain, Inc. New York. . Hambro American Corporation Palmer....................... Clarke, Inc. New York. , International Equities, Inc. Palmer....................... Dinsdale Bros., Inc. New York. , Investors Financial Corporation Palmer....................... Green Top, Inc. New York. Investors Funding Corporation of New York Pawnee City.............. Pawnee County Banshares, Inc. New York. J. C. Penney Company, Inc. Peru........................... The Peru Agency, Inc. New York. J. P. Morgan & Co. Incorporated Pierce......................... Pierce Corporation New York. Lexington Shares, Inc. Ravenna.................... Oliver-Jensen Agency, Inc. New York. . Milwaukee Western Corporation Ravenna.................... Platte Valley Cattle Company New York. Morris Plan Corporation Red Cloud................. Republican Valley Investment Co., Inc. New York. Morris Plan Shares Corporation Shelby........................ Shelby Insurance, Inc. New York. N L Industries, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ BANK HOLDING COMPANIES A 105 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company New York—(Continued) Ohio—(Continued) New York.................... North Virginia Shares, Inc. Steubenville......... First Steuben Bancorp, Inc. New York.................... Rockbridge Shares Corporation Steubenville......... Union Bancshares Company New York.................... Southeastern Shares Corporation Toledo................. First National Bancorp New York.................... Standard Prudential Corporation Toledo................. Insurance Agency, Inc. New York.................... Sterling Precision Corporation Toledo................. Northwest Ohio Bancshares, Inc. New York.................... The Bank of New York Company, Inc. Toledo................. Securities, Incorporated New York.................... The Chase Manhattan Corporation Toledo................. Seilon, Inc. New York.................... The Kemmerer Corporation Urbana................. Mercy Memorial Hospital Association New York.................... The Sperry and Hutchinson Company New York.................... U T Securities Corporation Oklahoma New York.................... Warner Communications, Inc. Allen................. Allen Insurance Agency, Inc. New York.................... Wilshire Oil Company of Texas Ardmore.......... First Southwest Corporation Norwich....................... The National Bank & Trust Company of Bethany............ Devonshire Investment Company Norwich Billings............. Evans Insurance Agency, Inc. Rochester..................... Lincoln First Banks Inc. Binger............... Binger Agency Inc. Rochester..................... Security New York State Corporation Cement............. Cement Insurance Agency, Inc. Saratoga Springs........ 473 Broadway Holding Corporation Cleo Springs. .. Parker Insurance Agency, Inc. Warsaw....................... Financial Institutions, Inc. Clinton............. Hometown Finance Company Warsaw....................... Geneva Shareholders, Inc. Clinton............. Lowry Facilities, Incorporated Custer City.... First Insurance Agency, Inc. North Carolina Del City........... Del State, Incorporated Charlotte..................... First Union National Bancorp, Inc. Duncan............ Educators Finance Company, Inc. Charlotte..................... NCNB Corporation Duncan............ Security Corporation Fuquay-Varina............ Wake Insurance Agency, Inc. Enid................. Central Service Corporation Jacksonville................. Bancshares of North Carolina, Inc. Konawa............ Konawa Insurance Agency, Inc. Lumberton.................. Southern National Corporation Kremlin............ Kremlin Insurance Agency, Inc. North Wilkesboro.... Northwestern Financial Corporation Lawton............. City National Company, Inc. Whiteville.................... United Carolina Bancshares Corporation Lawton............. The American Company Winston-Salem............ The Wachovia Corporation Lawton............. The American National Bank of Lawton Lawton............. The Sheridan Building Company North Dakota Maysville.......... The H. Pat Henson Company Casselton..................... Insurance by Strehlow, Inc. Muskogee........ Commercial Landmark Corporation Devils Lake................. Western State Agency, Inc. Oklahoma City. Colonial Voting Corporation Dickinson.................... Trans-Western Corporation Oklahoma City. First Oklahoma Bancorporation, Inc. Enderlin....................... People’s Insurance Agency, Inc. Oklahoma City. Liberty National Corporation Kenmare...................... Jorgenson Insurance Agency, Inc. Oklahoma City. Plaza Management Company Linton.......................... J. D. Meier Agency, Inc. Oklahoma City. Shepard-Richardson Mohall......................... Banker Agency, Inc. Oklahoma City. The 3900 Corporation New Rockford............ Watson Insurance Inc. Okmulgee........ Mabrey Insurance Agency, Inc. Regent......................... Regent Corporation Ponca City....... Security Bancorp, Inc. Steele........................... H.O.M.E. Inc. Purcell.............. National Insurance Agency of Purcell, Inc. Streeter......................... Streeter Insurance Agency, Inc. Sapulpa............ American Bancorporation, Inc. Towner........................ Thompson Insurance Inc. Shawnee........... A-R Building Corporation Williston...................... Davidson Cattle Company Shawnee........... Profit Sharing Plan of the Federal National Bank Shawnee........... The Federal National Bank & Trust Co of Ohio Shawnee Akron.......................... The Goodyear Tire & Rubber Company Tonkawa. M.H.D. Planning, Inc. Cincinnati.................... American Financial Corporation Tulsa. . . . Bostates Investment Company Cincinnati.................... Baldwin-Central, Inc. Tulsa.... Citbanko, Inc. Cincinnati.................... D. H. Baldwin Company Tulsa First Tulsa Bancorporation, Inc. Cincinnati.................... Lindner Bros., Inc. Tulsa Fourth National Corporation Cincinnati.................... Midwestern Fidelity Corporation of Ohio Tulsa Helmerich & Payne, Inc. Cincinnati.................... Ohio Valley Financial Corporation Tulsa. . . . NBT Corporation Cincinnati.................... The Central Bancorporation, Inc. Tulsa. . . . Quatro Corporation Cincinnati.................... The Western and Southern Life Insurance Tulsa. . . . SFC Enterprises, Inc. Company Tuttle. ... Tuttle Insurance Agency, Inc. Cincinnati.................... United Dairy Farmers Investment Company Cleveland..................... Ashland Investment Company Oregon Cleveland..................... Capital Bancorporation Portland. Orbanco, Inc. Cleveland..................... Centran Bancshares Corporation Portland. U. S. Bancorp Cleveland..................... Citizens Financial Corporation Salem. .. Vickars-Henry Corporation Cleveland..................... Greencastle Investment Company Cleveland..................... Midwest Bancorporation (of Ohio), Inc. Pennsylvania Cleveland..................... Shelter Resources Corporation Bala-Cynwyd....... CP Financial Corp. Cleveland..................... Society Corporation Bala-Cynwyd....... Lincoln National Company Cleveland..................... UCB Investment Company Bala-Cynwyd....... The Girard Company Cleveland..................... Union Financial Corporation Bethlehem............ First Valley Corporation Columbus.................... Aircraft Acceptance Corporation Chambersburg. . . National Valley Corp. Columbus.................... American Bancorporation, Inc. Ford City............. Peoples Bank of Ford City, Pa. Columbus.................... BancOhio Corporation Hershey............... Milton Hershey School and School Trust Columbus.................... Equitable Development Corp. New Cumberland. CCNB Corporation Columbus.................... Equity Resources Corporation Philadelphia........ Capital Corporate Resources, Inc. Columbus.................... First Banc Group of Ohio, Inc. Philadelphia........ Cemetery Services International, Inc. Columbus.................... Greater Ohio Corporation Philadelphia........ First Pennsylvania Corporation Columbus.................... Greater Ohio River Co. Philadelphia........ PNB Corporation Columbus.................... Homewood Corporation Philadelphia........ Provident National Corporation Columbus.................... Huntington Bancshares Incorporated Philadelphia........ State Bancshares, Inc. Columbus.................... Penhurst Corp. Pittsburgh............ Equimark Corporation Columbus.................... The Financial Growth Corporation Pittsburgh............ Pittsburgh National Corporation Columbus.................... The Second Security Corporation Reading................ B-O-P Corporation Columbus.................... Tonti Financial Corp. Rockwood........... Rockwood Insurance Company Columbus.................... Tonti Plan, Inc. Rosemont............ Fidelity Corporation of Pennsylvania Edgerton..................... Tri-State Securities, Inc. Sandy Lake.......... Mercer County State Bank Mansfield..................... Mid-Ohio Banc-Shares, Inc. Scottdale.............. Lawrence Keister & Company Marion......................... Henry A. True Trust St. Marys............. J. K. P. Hall Corporation Milford........................ U. S. Grant Financial Corporation Uniontown.......... GNB Corporation Old Fort...................... The Paul M. Gillmor Company Wilkes-Barre........ United Penn Corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 BANK HOLDING COMPANIES □ JUNE 1972 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company Rhode Island Texas—(Continued) Pawtucket. .. PT Investment Corporation Buffalo................. Bison Five Company Providence... Citizens Corporation Childress.............. The Farmers & Mechanics Trust Company Providence... Industrial National Corporation Cisco.................... First National Bank in Cisco Providence... National Columbus Bancorp, Inc. Cisco.................... Southwest Employees Incentive Plan Providence... Old Colony Co-Operative Bank Conroe................. Security North Corporation Providence... Old Stone Corporation Corpus Christi. . . Cattle-Land Oil Co. Providence... People’s Corporation Corpus Christi. . . Corpus Christi Bank and Trust Providence... R.I.H.T. Corporation Corpus Christi. . . Heldenfels Brothers Woonsocket. TSB Corporation Corsicana............. First Bancorp, Inc. Dalhart................ High Western Enterprise Co. South Carolina Dallas................... Bank Management Partnership Charleston The Citizens and Southern Corporation Dallas................... First National Bank in Dallas Columbia.... First Bankshares Corp. of S. C. Dallas................... First National Securities Company Easley........... Marion Hoage, Inc. Dallas................... Mercantile National Bank at Dallas Greenville First Piedmont Corporation Dallas................... Pittman, Bacon, & WessendorfF Greenwood.. General Insurance Agency, Inc. Dallas................... Republic National Bank of Dallas Rock Hill___ Guardian Fidelity Corporation Dallas................... Silco, Inc. Dallas................... The Equitable Company of Texas South Dakota Dallas................... Voting Trust Agreement of First National Bank, Aberdeen.... Dacotah Bank Holding Co. Lafayette, La. Brookings. . . Fishback Insurance Agency, Inc. Dallas................... W. H. Cothrum & Co. Edgemont. . . Erickson Investment Company Denison................ North Texas Loan and Trust Company Estelline........ Johnson Investment Co. El Paso................. State National Bank Hurley.......... Three-D, Inc. El Paso................. The Flory Company Huron.......... C. A. S. Corporation El Paso................. United Bank Shares, Inc. Huron.......... Hon, Inc. Fort Stockton Montebev Inc. Huron.......... Huron Investment Corporation Fort Worth.......... Earl R. Waddell & Sons, Inc. Huron.......... Sodak Investment Management, Inc. Fort Worth.......... The First National Bank of Fort Worth Huron........... Triangle, Inc. Fort Worth.......... The First National Company Huron.......... Union Credit Corporation Fort Worth.......... The Fort Worth National Corporation Huron.......... 401 Inc. Galveston............ Galbank, Inc. Milbank........ Dakota Company, Incorporated Galveston............ Sealy & Smith Foundation Mitchell........ Commercial Banshares, Inc. Galveston............ The Moody Foundation Mitchell........ Patton Holding Company, Inc. Galveston............ United States National Bancshares, Inc. Onida............ Sully County Insurance Agency Georgetown......... First Texas Bancorp, Inc. Parkston.... Parkston Investment Company Groves................. First of Groves Corporation Pierre ............ X Y Z Corporation Hart..................... Earth Enterprises Corp. Rapid City... Baker Corporation Hart..................... Norkin Corp. Rapid City... DPS Corporation Houston............... Capital National Corporation Rapid City... Dakota Investment Corporation Houston............... Fannin Group, Inc. Rapid City... Hay Springs Corporation Houston............... First Baldwin Bankshares, Inc. Rapid City... Lincoln Corporation Houston............... First City Bancorporation of Texas, Inc. Rapid City... Ranchers Security Corporation Houston............... First Texas Bancshares Corporation Rapid City... The Harlem Corporation Houston............... Franklin Service Corporation Rapid City... Western Corporation Houston............... Houston First Financial Group, Inc. Sioux Falls. . American Financial Services, Inc. Houston............... Houston National Company Sioux Falls. . Haugo Investment Company Houston............... Kickerillo Company Sioux Falls. . Investment Corporation of America Houston............... M. & W. Investment Company Sioux Falls. . Lincoln Investment Company Houston............... Second Baldwin Bankshares, Inc. Sioux Falls. . Newport Corporation Houston............... Southern National Corporation Sioux Falls. . Sioux Enterprises, Inc. Houston............... Southwest Bancshares, Inc. Sioux Falls. . The Bridger Company Houston............... Texas Commerce Bancshares Timber Lake. Dewco Agency, Co. Houston............... Texas Eastern Transmission Corporation Vermillion.. . United National Corporation Houston............... Texas Gulf Industries, Inc. Watertown... Farmers and Merchants Investment Company Houston............... The Republic Corporation Yankton....... American Banshares, Inc. Houston............... Westgrove Corporation Huntsville............ First Huntsville Corporation Tennessee Irving................... CDM Corporation Chattanooga. Hamilton Bancshares, Inc. Johnson City....... Arrowhead Company Cookeville. .. Voting Trust Agreement of Shares of Johnson City....... Pedernales Blanco Corporation First National Bank Kingsville............. King Ranch, Inc. Gallatin. .. First & Peoples National Bank Levelland............. The Levelland Co. Gallatin... First & Peoples Trust Company Longview............. Bosch Development Company Knoxville.. The Hamilton National Bank of Knoxville Lubbock.............. Southwest Bank Shares Company Maryville.. Tennessee National Bancshares, Inc. Lufkin.................. National Merger Investment Corporation Memphis.. First Tennessee National Corporation Marshall.............. First National Company Memphis.. Memphis Trust Company Midland............... The Midland National Corporation Memphis.. United Tennessee Bancshares Corporation Mineral Wells First Nat’l Bank in Mineral Wells Employees Millington. Barretville Bank & Trust Company Retirement Fund Nashville.. Church of Christ Foundation, Inc. Mineral Wells___ First National Bank in Mineral Wells Nashville.. First American National Corporation Mineral Wells Firstron Corporation Nashville.. First National Company Mt. Pleasant........ First National Bank of Mt. Pleasant Nashville.. Washington Industries, Inc. Mt. Pleasant........ The First National Bank in Mt. Pleasant Sunbright.. Sunbright, Inc. Pension Trust Odessa................. Ector Shopping Center, Inc. Texas Overton............... Bruce McMillan, Jr. Foundation Abilene__ F&M Operating Company Port Arthur......... First National Bank Stock Pool Trust Abilene__ First National Bank of Abilene Richardson.......... Dynamerica Corporation Amarillo. . Catlan Corporation Roby.................... B.C.D. Investments, Inc. Amarillo. . Southwestern Investment Company San Angelo......... Trustees of Shannon West Texas Memorial Austin.... American First Corporation Hospital Austin.... Texas Broadcasting Company San Antonio Frost National Bank Beaumont. American National Bank of Beaumont San Antonio........ Frost Realty Company Beaumont. First Security National Corporation San Antonio....... Mortgage Investment Corporation Beaumont. Outreach National Enterprises, Inc. San Antonio....... Southwest Texas Corporation Beaumont. The Park & Bowie Corporation San Antonio....... The Bancorporation of Texas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1972 □ BANK HOLDING COMPANIES A 107 BANK HOLDING COMPANIES, DECEMBER 31, 1971—Continued (For headnote see page A-98) Location of Location of principal office Holding company principal office Holding company T exas—(Continued) Wisconsin—(Continued) Sherman............... Grayson County State Bank Janesville..................... McGuire Wausau Agency Temple................. Fletcher Enterprises, Inc. Ladysmith................. Ladysmith Corporation Uvalde................. Briscoe Ranch, Inc. Madison..................... Affiliated Bank Corporation Uvalde................. The Uvalde Capital Corporation Madison...................... Mid-Wis Bankshares, Inc. Vernon................. K.R.I.G., Inc. Milwaukee.................. American Bankshares Corporation Victoria................ American Corporation Milwaukee................... Bankmanagers Corp. Waco.................... American Income Life Insurance Company Milwaukee................... Community Holding Corporation Waco................... Exporters & Traders Compress & Warehouse Milwaukee.................. Everett G. Smith 1961 Trust Company Milwaukee................... Financial Network Corporation Waco................... First Financial Corporation Milwaukee................... First Wisconsin Bankshares Corporation Waco.................... First Southwest Bancorporation, Inc. Milwaukee................... Inland Financial Corporation Waco.................... NCB Company of Waco Milwaukee................... M. S. Investment Co. Waco.................... Texas Life Insurance Company Milwaukee................... Marshall & Ilsley Corporation Waco.................... The Community Company Milwaukee................... Midland Financial Corporation Whitehouse.......... The First Company Milwaukee................... The Jacobus Company Wichita Falls....... The First-Wichita National Bank of Wichita Milwaukee................... The Marine Corporation Falls Milwaukee................... Time Holdings, Inc. Wichita Falls....... Waggoner Building Corporation Milwaukee................... Wausau Financial Corporation Winnsboro........... Etex Banco, Inc. Monona....................... General Leasing and Investment Company, Inc. Wolfforth............. Wolfforth Investment Corporation Monroe....................... Green County Investment Co., Inc. New Franken.............. New Shares, Inc. Utah Park Falls.................... Park Falls Agency, Inc. Ogden................... Citizens Bankshares, Inc. Phillips......................... Phillips Insurance Agency Ogden................... Smith’s Management Corporation Sheboygan................... Citizens Bancorporation Ogden................... Tennessee Homestead Company Sheboygan................... Security Financial Services, Inc. Ogden................... Wasatch National, Inc. Valders......................... Wm. F. Christel, Inc. Salt Lake City__ Continental Thrift & Loan Company Viola............................ Viola Insurance Agency, Inc. Salt Lake City__ First Security Corporation Waukesha................... First Holding Company Salt Lake City__ Tracy Bancorp Wausau....................... Central Wisconsin Bankshares, Inc. Salt Lake City__ Zions Utah Bancorporation Winter......................... The Hegeholz Agency, Inc. Springville............ M. O. Packard Investment Company Wyoming Vermont Casper. .. Midland Investment Corporation Barre.................... Jones Real Estate Company, Inc. Casper. . . Security Bankshares, Inc. Burlington............ General Educational Fund, Inc. Casper. .. The Wyoming National Corporation Cheyenne. Platte Insurance Company Virginia Cheyenne. Wymor Company Alexandria........... Alexandria Shares Corporation Cheyenne. Wyoming Bancorporation Baileys Crossrds.. Northern Virginia Bankshares Incorporated Cody....... First State Corporation Charlottesville... . Citizens Commonwealth Corporation Evanston. Bradco, Inc. Charlottesville__ NB Corporation Evanston., Jane Corporation Dillwyn................ Kyanite Mining Corporation Glenrock., First Glenrock Corporation Falls Church........ First Virginia Bankshares Corporation Lander.. . Central Trust Company Lynchburg............ Fidelity American Bankshares, Inc. Lander. . . First Capital Corporation Richmond............ Central National Corporation Lusk........ Bankers Capital Corporation Richmond............ Financial General Corporation (Va.) Powell. . . American Stock Company Richmond............ First & Merchants Corporation Richmond............ Southern Bankshares, Inc. Canada Richmond............ United Virginia Bankshares Incorporated Montreal. Bank of Montreal Richmond............ Virginia Bankshares, Inc. Montreal. The Royal Bank of Canada Richmond............ Virginia Commonwealth Bankshares, Inc. Toronto. . Canadian Imperial Bank of Commerce Roanoke.............. Dominion Bankshares Corporation Toronto. . The Toronto-Dominion Bank Virginia Beach. . . Peoples Corporation Winchester........... F & M National Corporation England London. Barclays Bank International Limited Washington London. Barclays Bank Limited Port Angeles........ Union Bond & Mortgage Company London. Hambros Bank Limited Seattle.................. Jushua Green Corp. London. Hambros Limited Seattle.................. Marine Bancorporation London. Schroders Limited Spokane............... Washington Bancshares, Inc. London. Standard and Chartered Banking Group Limited London. The Chartered Bank West Virginia London. The Hambros Trust Limited Charleston........... McKay Corporation Gassaway............. Community Investment Company, Inc. Greece Montgomery........ Hill-Imbrogno Athens.. National Bank of Greece, S.A. Parkersburg......... Atlas Towing Company Parkersburg......... Criss Concrete Company, Inc. Hong Kong Parkersburg......... Stern Bros., Inc. Hong Kong B.C.C., The Hongkong and Shanghai Banking Wheeling.............. James B. Chambers Memorial Corporation Wheeling.............. The Ogden Newspapers, Inc. Israel Wisconsin Tel Aviv. Bank Leumi Le-Israel B.M. Appleton.............. First National Corporation Tel Aviv. Otzar Hityashvuth Hayehudim B.M. Appleton.............. Valley Bancorporation Augusta................ Augusta Financial Corporation Japan Barron................. Barron Investment Company, Inc. Osaka.. The Sumitomo Bank, Limited Barron................. Bronken Agency, Inc. Tokyo. The Bank of Tokyo, Ltd. Cumberland........ H. W. Burt, Inc. Tokyo. The Industrial Bank of Japan, Limited Eau Claire............ Voyageur Development Corporation Eau Claire............ Voyageur Services, Inc. Panama Fort Atkinson__ B & F Corporation Panama City. Safra Bank S.A. Grantsburg.......... Jensen-Sundquist Agency, Inc. Green Bay............ Associated Bank Services, Inc. Switzerland Green Bay............ United Bankshares, Inc. Geneva......... Swiss-Israel Trade Bank Janesville............. Jackman Management Geneva......... Trade Development Bank Janesville.............. M & S Bancorp Zurich.......... Hambros Investment Company A.G. Janesville............. Management Operations, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM A rthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itchell J. Dewey D aane John E. Sheehan Andrew F. Brimmer Jeffrey M. Bucher R obert C. H olland. Executive Director J. C harles Partee, Adviser to the Board R obert Solom on, Adviser to the Board H ow ard H. H ackley, Assistant to the Board David B. H exter, Assistant to the Board R obert L. Cardon, Assistant to the Board Frank O’Brien, Jr., Special Assistant to the Board Edwin J. Johnson, Assistant to the Board John S. Rippey, Special Assistant to the Board Joseph R. Coyne, Special Assistant to the Board DIVISION OF RESEARCH AND STATISTICS OFFICE OF EXECUTIVE DIRECTOR J. C harles Partee, Director Stephen H. A xilrod, Associate Director Robert C. H olland, Executive Director David C. M elnicoff, Deputy Executive Sam uel B. Chase, Associate Director Director Lyle E. G ram ley, Associate Director Peter M. Keir, Adviser Gordon B. Grimwood, Assistant Director and James L. Pierce, Adviser Program Director for Contingency Planning S tanley J. Sigel, Adviser H arry J. H alley, Program Director for Man­ M urray S. W ernick, Adviser agement Systems K enneth B. W illiam s, Adviser W illiam W. Layton, Director of Equal Em­ James B. E ckert, Associate Adviser ployment Opportunity Joseph S. Zeisel, Associate Adviser B renton C. L eavitt, Program Director for Edw ard C. E ttin, Assistant Adviser Banking Structure E leanor J. Stockw ell, Assistant Adviser Stephen P. T aylor, Assistant Adviser Louis W einer, Assistant Adviser OFFICE OF THE SECRETARY Levon H. G arabedian, Assistant Director Tynan Smith, Secretary M urray A ltm ann, Assistant Secretary N orm andR. V. B ernard, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE A rthur L. Broida, Assistant Secretary Ralph C. B ryant, Director E lizabeth L. Carm ichael, Assistant John E. Reynolds, Associate Director Secretary R obert L. Sammons, Associate Director M ichael A. Greenspan, Assistant Secretary A. B. Hersey, Senior Adviser R obert F. Gemmill, Adviser Reed J. Irvine,Adviser LEGAL DIVISION Sam uel I. K atz, Adviser Thomas J. O’C onnell, General Counsel B ernard Norwood, Adviser Paul G ardner, Jr. , Assistant General Counsel Sam uel Pizer, Adviser Pauline B. H eller, Assistant General Counsel Ralph C. W ood, Adviser R obert S. Plotkin, Adviser George B. Henry, Assistant Adviser Helen B. Junz, Assistant Adviser DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF SUPERVISION AND REGULATION James A. M cIntosh, Director Frederic Solom on, Director John N. K iley, Jr., Associate Director B renton C. L eavitt, Deputy Director W alter A. A lthausen, Assistant Director Frederick R. D ahl, Assistant Director D onald G. Barnes, Assistant Director Jack M. Egertson, Assistant Director H arry A. G uinter, Assistant Director John P. F laherty, Assistant Director P. D. Ring, Assistant Director Janet O. H art, Assistant Director James L. Vining, Assistant Director John N. Lyon, Assistant Director C harles C. W alcutt, Assistant Director John T. M cC lintock, Assistant Director E. M aurice M cW hirter, Chief Federal Thomas A. Sidman, Assistant Director Reserve Examiner C harles L. M arinaccio, Adviser Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 109 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER R onald G. Burke, Director John K akalec, Controller John J. H art, Assistant Director H arry J. H alley, Deputy Controller DIVISION OF DATA PROCESSING Jerold E. Slocum , Director DIVISION OF ADMINISTRATIVE SERVICES C harles L. Hampton, Associate Director G lenn L. Cummins, Assistant Director Joseph E. K elleher, Director Benjamin R. W. K now les, Jr., W alter W. Kreim ann, Deputy Director Assistant Director D onald E. A nderson, Assistant Director H enry 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 110 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer J. Dewey Daane J. L. Robertson Jeffrey M. Bucher David P. Eastburn John E. Sheehan Philip E. Coldwell Bruce K. MacLaury WlLLIS J. WlNN George W. Mitchell Robert C. H olland, Secretary R obert Solom on, Economist (International Finance) A rthur L. Broida, Deputy Secretary Edw ard G. Boehne, Associate Economist M urray A ltm ann, Assistant Secretary Ralph C. B ryant, Associate Economist Norm and R. V. B ernard, Assistant Secretary Lyle E. G ram ley, Associate Economist H ow ard H. H ackley, General Counsel Ralph T. G reen, Associate Economist David B. H exter, Assistant General Counsel A. B. Hersey, Associate Economist W illiam J. H octer, Associate Economist J. C harles Partee, Senior Economist John H. K areken, Associate Economist Stephen H. A xilrod, Economist (Domestic Finance) R obert G. Link, Associate Economist A lan R. Holmes, Manager, System Open Market Account C harles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL A. W. C lausen, tw elfth federal reserve district, President G. M orris D orrance, 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. M orey, 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 W illiam J. Korsvik, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 111 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston ...................... 02106 James S. Quesenberry Frank E. Morris Louis W. Cabot Earle O. Latham New York................ 10045 Roswell L. Gilpatric Alfred Hayes Ellison L. Hazard William F. Treiber Buffalo................. ....14240 Morton Adams A. A. Maclnnes, Jr. Philadelphia ......... 19101 Bayard L. England David P. Eastburn John R. Coleman Mark H. Willes Cleveland ................ 44101 Albert G. Clay Willis J. Winn J. Ward Keener Walter H. MacDonald Cincinnati ............ 45201 Graham E. Marx Fred O. Kiel Pittsburgh ........... 15230 Lawrence E. Walkley James H. Campbell Richmond......................23261 Robert W. Lawson, Jr. Aubrey N. Heflin Stuart Shumate Robert P. Black Baltimore ...................21203 John H. Fetting, Jr. H. Lee Boatwright, III Charlotte....................28201 Charles W. DeBell Jimmie R. Monhollon Culpeper Communications J. Gordon Dickerson, Jr. Center....................22701 Atlanta .................... 30303 John C. Wilson Monroe Kimbrel H. G. Pattillo Kyle K. Fossum Birmingham......... 35202 E. Stanley Robbins Dan L. Hendley Jacksonville ......... 32203 Henry K. Stanford Edward C. Rainey Nashville............... 37203 John C. Tune, Jr. Jeffrey J. Wells New Orleans......... 70160 Broadus N. Butler George H. Gaffney Miami Office......... 33101 W. M. Davis Chicago.................... 60690 Emerson G. Higdon Robert P. Mayo William H. Franklin Ernest T. Baughman Detroit................... 48231 Peter B. Clark Daniel M. Doyle St. Louis................... 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock........... 72203 Roland R. Remmel John F. Breen Louisville............. 40201 John G. Beam Donald L. Henry Memphis.............. 38101 William L. Giles Laurence T. Britt Minneapolis ............ 55480 David M. Lilly Bruce K. MacLaury Bruce B. Dayton M. H. Strothman, Jr. Helena................... 59601 Warren B. Jones Howard L. Knous Kansas City............. 64198 Robert W. Wagstaff George H. Clay Willard D. Hosford, Jr. John T. Boy sen Denver ................. 80217 David R. C. Brown George C. Rankin Oklahoma City 73125 Joseph H. Williams Howard W. Pritz Omaha ................. 68102 Henry Y. Kleinkauf Robert D. Hamilton Dallas ....................... 75222 Chas. F. Jones Philip E. Cold well 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 S. Alfred Halgren A. B. Merritt Los Angeles......... 90051 Leland D. Pratt Paul W. Cavan Portland................ 97208 John R. Howard William M. Brown Salt Lake City...... 84110 John R. Breckenridge Arthur L. Price Seattle................... 98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 112 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 are not accepted.) ANNUAL REPORT 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per Currency. 1963. 11 pp. $.35. Sec. 12. Money annum or $.60 a copy in the United States and Rates and Securities Markets. 1966. 182 pp. its possessions, Bolivia, Canada, Chile, Colom­ $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. bia, Costa Rica, Cuba, Dominican Republic, 15. International Finance. 1962. 92 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon­ Sec. 16 (New). Consumer Credit. 1965. 103 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. per annum or $.50 each. Elsewhere, $7.00 per 172 pp. $1.00 a copy; 10 or more sent to one annum or $.70 a copy. address, $.85 each. FEDERAL RESERVE CHART BOOK ON FINANCIAL BANK MERGERS & THE REGULATORY AGENCIES: AND BUSINESS STATISTICS. Monthly. Annual APPLICATION OF THE BANK MERGER ACT OF subscription includes one issue of Historical 1960. 1964 . 260 pp. $1.00 a copy; 10 or more Chart Book. $6.00 per annum or $.60 a copy sent to one address, $.85 each. in the United States and the countries listed above; 10 or more of same issue sent to one BANKING MARKET STRUCTURE & PERFORMANCE IN address, $.50 each. Elsewhere, $7.00 per annum METROPOLITAN AREAS: A STATISTICAL STUDY OF or $.70 a copy. FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to HISTORICAL CHART BOOK. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and THE PERFORMANCE OF BANK HOLDING COMPA­ countries listed above; 10 or more sent to one NIES. 1967. 29 pp. $.25 a copy; 10 or more sent address, $.50 each. Elsewhere, $.70 a copy. to one address, $.20 each. THE FEDERAL RESERVE ACT, as amended through THE FEDERAL FUNDS MARKET. 1959. Ill pp. Nov. 5, 1966, with an appendix containing $1.00 a copy; 10 or more sent to one address, provisions of certain other statutes affecting the $.85 each. Federal Reserve System. 353 pp. $1.25. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 REGULATIONS OF THE BOARD OF GOVERNORS OF a copy; 10 or more sent to one address, $.85 THE FEDERAL RESERVE SYSTEM. each. PUBLISHED INTERPRETATIONS OF THE BOARD OF U.S. TREASURY ADVANCE REFUNDING, JUNE GOVERNORS, as of Dec. 31, 1971. $2.50. 1960-JULY 1964. 1966 . 65 pp. $.50 a copy; 10 or more sent to one address, $.40 each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent DEBITS AND CLEARING STATISTICS AND THEIR USE. to one address, $.85 each. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. INTEREST RATE EXPECTATIONS: TESTS ON YIELD SPREADS AMONG SHORT-TERM GOVERNMENT SUPPLEMENT TO BANKING AND MONETARY STA­ SECURITIES. 1968. 83 pp. $.50 a copy; 10 or TISTICS. Sec. 1. Banks and the Monetary Sys­ more sent to one address, $.40 each. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. SURVEY OF FINANCIAL CHARACTERISTICS OF 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. or more sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 113 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. OPERATING POLICIES OF BANK HOLDING COMPA­ 321 pp. $1.00 a copy; 10 or more sent to one NIES—PART 1, by Robert J. Lawrence. Apr. address, $.85 each. 1971, 82 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE­ THE RELATIVE IMPORTANCE OF MONETARY AND SERVE STUDY OF THE U.S. GOVERNMENT SE­ FISCAL VARIABLES IN DETERMINING PRICE LEVEL CURITIES MARKET. 1969. 48 pp. $.25 a copy; MOVEMENTS: A NOTE, by Peter S. Rose and Lacy 10 or more sent to one address, $.20. H. Hunt II. June 1971. 7 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF ESTIMATION OF THE INVESTMENT AND PRICE THE GOVERNMENT SECURITIES MARKET: STAFF EQUATIONS OF A MACROECONOMETRIC MODEL, STUDIES—PART 1 (papers by Cooper, Bernard, by Robert J. Shiller. June 1971. 65 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or more sent to one address, $.40 each. PART 2 ADJUSTMENT AND DISEQUILIBRIUM COSTS AND (papers by Ettin, Peskin, and Ahearn and Pes- THE ESTIMATED BRAINARD—TOBIN MODEL, by kin). 1971. 153 pp. $1.00 a copy; 10 or more Joseph Bisignano. July 1971. 108 pp. sent to one address, $.85 each. A TEST OF THE “EXPECTATIONS HYPOTHESIS” (Limited supplies, in mimeographed or similar USING DIRECTLY OBSERVED WAGE AND PRICE form, of staff papers others than those con­ EXPECTATIONS, by Stephen J. Turnovsky and tained in Parts 1 and 2 are available upon Michael L. Wachter. Aug. 1971. 25 pp. request for single copies. See p. 48 of main report for a list of such papers.) MORTGAGE REPAYMENTS AS A SOURCE OF LOANABLE FUNDS, by Robert Moore Fisher. OPEN MARKET POLICIES AND OPERATING PROCE­ Aug. 1971. 43 pp. DURES—STAFF STUDIES (papers by Axilrod, Davis, Andersen, Kareken et al., Pierce, Fried­ THE USE OF INTEREST RATE POLICIES AS A STIMU­ man, and Poole). 1971. 218 pp. $2.00 a copy; LUS TO ECONOMIC GROWTH, by Robert F. 10 or more sent to one address, $1.75 each. Emery. Sept. 1971. 37 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ PRIVATE HOUSING COMPLETIONS—A NEW DIMEN­ COUNT MECHANISM, Vol. 1 (papers by Steering SION IN CONSTRUCTION STATISTICS, by Bernard Committee, Shull, Anderson, andGarvy). 1971. N. Freedman. Jan. 1972. 20 pp. 276 pp. Vol. 2 (papers by Boulding, Chandler, POLICY VARIABLES, UNEMPLOYMENT AND PRICE Jones, Ormsby, Modigliani, Alperstein, Meli- LEVEL CHANGES, by Peter S. Rose and Lacy H. char, and Melichar and Doll). 1971. 173 pp. Hunt II. Jan. 1972. 11 pp. $3.00 a copy; 10 or more sent to one address, $2.50 each. OPTIMAL DISTRIBUTED LAG RESPONSES AND EX­ PECTATIONS, by Roger Craine. Feb. 1972. 9 pp. A limited supply of the following mimeo­ graphed paper is available upon request for THE EFFECT OF HOLDING COMPANY ACQUISITIONS single copies: ON BANK PERFORMANCE, by Samuel H. Talley. Feb. 1972. 25 pp. ACADEMIC VIEWS ON IMPROVING THE FEDERAL RESERVE DISCOUNT MECHANISM. 1970. 172 INTERNATIONAL MONEY MARKETS AND FLEXIBLE pp. EXCHANGE RATES, by Stanley W. Black. Mar. 1972. 74 pp. STAFF ECONOMIC STUDIES Studies and papers on economic and financial EXPLAINING CHANGES IN EURO-DOLLAR POSI­ subjects that are of general interest in the field TIONS: A STUDY OF BANKS IN FOUR EUROPEAN of economic research. COUNTRIES, by Rodney H. Mills, Jr. May 1972. 34 pp. Summaries only printed in the BULLETIN. (Limited supply of mimeographed copies of full CREDIT RATIONING: A REVIEW, by Benjamin M. text available upon request for single copies.) Friedman. June 1972. 26 pp. MEASURES OF INDUSTRIAL PRODUCTION AND REGULATION Q AND THE COMMERCIAL LOAN MAR­ FINAL DEMAND, by Clayton Gehman and Cor­ KET IN THE 1960’s, by Benjamin M. Friedman. nelia Motheral. Jan. 1967. 57 pp. June 1972. 38 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 114 FEDERAL RESERVE BULLETIN □ JUNE 1972 Printed in full in the BULLETIN. UNDERWRITING OF MUNICIPAL REVENUE BONDS. (These studies are included in list of reprints Aug. 1967. 16 pp. below.) THE FEDERAL RESERVE-MIT ECONOMETRIC REPRINTS MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. ADJUSTMENT FOR SEASONAL VARIATION. June 1941. 11 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1960-67. Apr. 1968. 23 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND LOCAL LIQUIDITY AND PUBLIC POLICY, Staff Paper by GOVERNMENTS IN 1966. July 1968. 30 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. 1968. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. 18 pp. July 1962. 6 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM­ INTEREST RATES AND MONETARY POLICY, Staff PANIES. Oct. 1968. 13 pp. Paper by Stephen Axilrod. Sept. 1962. 28 pp. MANUFACTURING CAPACITY: A COMPARISON OF MEASURES OF MEMBER BANK RESERVES. July TWO SOURCES OF INFORMATION, Staff Eco- 1963. 14 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. MONETARY RESTRAINT, BORROWING, AND CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND REVISION OF BANK DEBITS AND DEPOSIT TURN­ STATE COLLEGES IN 1966. Dec. 1968. 30 pp. OVER SERIES. Mar. 1965. 4 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. TIME DEPOSITS IN MONETARY ANALYSIS, Staff 1968. 21 pp. Economic Study by Lyle E. Gramley and Sa­ muel B. Chase, Jr. Oct. 1965. 25 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. RESEARCH ON BANKING STRUCTURE AND PER­ FORMANCE, Staff Economic Study by Tynan OUR PROBLEM OF INFLATION. June 1969. 15 pp. Smith. Apr. 1966. 11 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco- A REVISED INDEX OF MANUFACTURING CAPACITY, nomic Study by Frank de Leeuw and Edward Staff Economic Study by Frank de Leeuw with Gramlich. June 1969. 20 pp. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. Aug. 1969. 5 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study by EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. Daniel H. Brill with Ann P. Ulrey. Jan. 1967. 20 pp. 14 pp. RECENT CHANGES IN STRUCTURE OF COMMER­ REVISED SERIES ON COMMERCIAL AND INDUS­ CIAL BANKING. Mar. 1970. 16 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. SDR’s IN FEDERAL RESERVE OPERATIONS AND SURVEY OF FINANCE COMPANIES, MID-1965. Apr. STATISTICS. May 1970. 4 pp. 1967. 26 pp. INFLATION IN WESTERN EUROPE AND JAPAN. Oct. EVIDENCE ON CONCENTRATION IN BANKING MAR­ 1970. 13 pp. KETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. 11 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. 11 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. MONETARY AGGREGATES AND MONEY MARKET CONDITIONS IN OPEN MARKET POLICY. Feb. INTEREST COST EFFECTS OF COMMERCIAL BANK 1971. 26 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 115 BANK FINANCING OF MOBILE HOMES. Mar. 1971. BY STATE & LOCAL GOVERNMENTS. Dec. 1971. 4 pp. 11 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS CHANGES IN TIME AND SAVINGS DEPOSITS, TO VARYING CREDIT CONDITIONS. Mar. 1971. 24 JULY-OCTOBER 1971. Jan. 1972. 14 pp. pp. ASSETS AND LIABILITIES OF FOREIGN BRANCHES INTEREST RATES, CREDIT FLOWS, AND MONETARY OF U.S. BANKS. Feb. 1972. 16 pp. AGGREGATES SINCE 1964. June 1971. 16 pp. TREASURY-FEDERAL RESERVE FOREIGN EX­ TWO KEY ISSUES OF MONETARY POLICY. June CHANGE OPERATIONS. Mar. 1972. 29 pp. 1971. 4 pp. WAYS TO MODERATE FLUCTUATIONS IN THE SURVEY OF DEMAND DEPOSIT OWNERSHIP. June CONSTRUCTION OF HOUSING. Mar. 1972. 11 pp. 1971. 12 pp. U.S. BALANCE OF PAYMENTS AND INVESTMENT BANK RATES ON BUSINESS LOANS—REVISED POSITION. Apr. 1972. 15 pp. SERIES. June 1971. 10 pp. OPEN MARKET OPERATIONS AND THE MONETARY INDUSTRIAL PRODUCTION—REVISED AND NEW AND CREDIT AGGREGATES—1971. Apr. 1972. 23 MEASURES. July 1971. 26 pp. pp. BANKING AND MONETARY STATISTICS, 1970. Se­ CHANGES IN BANK LENDING PRACTICES, 1971. Apr. lected series of banking and monetary statistics 1972. 5 pp. for 1970 only. Feb., Mar., and July 1971. 19 pp. CHANGES IN TIME AND SAVINGS DEPOSITS AT COMMERCIAL BANKS, OCTOBER 1971-JANUARY REVISED MEASURES OF MANUFACTURING CAPAC­ 1972. Apr. 1972. 12 pp. ITY UTILIZATION. Oct. 1971. 3 pp. FINANCIAL DEVELOPMENTS IN THE FIRST QUARTER REVISION OF THE MONEY STOCK. Nov. 1971. 14 OF 1972. May 1972. 9 pp. pp. CONSTRUCTION LOANS AT COMMERCIAL BANKS. BALANCE OF PAYMENTS PROGRAM: REVISED June 1972. 12 pp. GUIDELINES FOR BANKS AND NONBANK FINAN­ CIAL INSTITUTIONS. Nov. 1971. 11 pp. SOME ESSENTIALS OF INTERNATIONAL MONETARY REFORM. June 1972. 5 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK DIRECTORS. June 1972. 10 pp. PLANNED AND ACTUAL LONG-TERM BORROWING ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to Weekly releases release day which data refer Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Week ended previous Wednesday Applications and Reports Received, or Acted on, by the Tuesday Week ended previous Board (H.2) Saturday Assets and Liabilities of All Commercial Banks in the Wednesday Wednesday, 2 weeks United States (H.8) earlier Changes in State Bank Membership (K.3) Tuesday Week ended previous Saturday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 116 FEDERAL RESERVE BULLETIN □ JUNE 1972 Approximate Date or period to Weekly releases (cont.) release day which data refer Commercial and Industrial Loans Outstanding, by Industry Wednesday Wednesday, 1 week (H.12)2 earlier Condition Report of Large Commercial Banks in New Thursday Previous Wednesday York and Chicago (H.4.3) Condition Report of Large Commercial Banks and Do­ Wednesday Wednesday, 1 week mestic Subsidiaries (H.4.2)3 earlier Deposits, Reserves, and Borrowings of Member Banks Wednesday Week ended 3 Wed­ (H.7) nesdays earlier Factors Affecting Bank Reserves and Condition Statement Thursday Week ended previous of Federal Reserve Banks (H.4.1) Wednesday Money Stock Measures (H.6) Thursday Week ended Wed­ nesday of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednes­ day of previous week Selected Interest and Exchange Rates for Major Countries Thursday Week ended previous and the United States (H. 13) Saturday Weekly Foreign Exchange Rates (H. 10) Monday Week ended previous Friday Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wed­ nesday of previous week Weekly U.S. Government Security Yields and Prices (H. 15) Monday Week ended previous Saturday Semimonthly releases Research Library—Recent Acquisitions (J.2) 1st and 16th Period since last re­ of month lease Monthly releases Assets and Liabilities of All Member Banks by Districts 14th of month Last Wednesday of (G.7.1) previous month Automobile Loans by Major Finance Companies (G.25) 7th working 2nd month previous day of month Automobile Instalment Credit Developments (G.26) 6th working 2nd month previous day of month Bank Debits, Deposits, and Deposit Turnover (G.6) 25th of month Previous month Business Indexes (G. 12.3) 15th of month Previous month (Industrial Prodution Indexes also available annually, see p. A-l 18) Commercial and Industrial Term Loans Outstanding by In­ 2nd Wednes­ Last Wednesday of dustry (H. 12b) Available only as attachment to weekly day of month previous month H.12 release Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 117 Monthly releases (cont.) Approximate Date or period to release day which data refer Consumer Credit (G. 19) 3rd working 2nd month previous day of month Consumer Instalment Credit at Commercial Banks (G.18) 4th working 2nd month previous day of month Finance Companies (G.20) 5th working 2nd month previous day of month Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Interdistrict Settlement Fund (G. 15) 15th of month Previous month Interest Rates Charged on Selected Types of Bank Loans 15th of month 2nd month previous (G. 10) Maturity Distribution of Euro-Dollar Deposits in Foreign 1st of month Last day of 3rd month Branches of U. S. Banks (G. 17) previous Maturity Distribution of Outstanding Negotiable Time 24th of month Last Wednesday of Certificates of Deposit (G.9) previous month Monthly Foreign Exchange Rates (G.5) 1st of month Previous month National Summary of Business Conditions (G. 12.2) 15th of month Previous month Open Market Money Rates and Bond Prices (G 13) 6th of month Previous month State Member Banks of Federal Reserve System and Non­ 1st week of Previous month member Banks that Maintain Clearing Accounts with month Federal Reserve Banks (G.4) (Also annual) 1st week of End of previous year February Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G. 14) 4th of month Previous month Quarterly releases Bank Rates on Short Term Business Loans (E.2) 18th of March, 1st 15 days of Febru­ June, Sep­ ary, May, August, tember, De­ November cember Capacity Utilization in Manufacturing (E.5) 21st of Janu­ Previous quarter ary, April, July, Octo­ ber Flow of Funds: >, Previous quarter Seasonally adjusted and unadjusted (Z.l) 15th of Feb­ Seasonally adjusted only (Z. la) ruary, May, > August, and Volume and Composition of Individuals’ Savings November (Flow of funds series) (E.8) ^ Sales, Profits, and Dividends of Large Corporations (E.6)4 10th of April, 2nd quarter previous June, Sep­ tember, De­ cember Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 118 FEDERAL RESERVE BULLETIN □ JUNE 1972 Semiannual releases Approximate Date or period to release day which data refer Assets and Liabilities of All Commercial Banks, by Class May and No­ End of previous De­ of Bank (E.3.4) vember cember and June List of OTC Margin Stocks (E.7) June 30, De­ Release date cember 31 (Also monthly revisions) Last week of Period since last re­ month lease Assets, Liabilities, and Capital Accounts of Commercial May and No­ End of previous De­ and Mutual Savings Banks—Reports of Call (Joint Re­ vember cember and June lease of Federal Deposit Insurance Corp., Board of Gov­ ernors of Federal Reserve System, and Office of Comp­ troller of the Currency. Published and distributed by FDIC.) Annual releases Bank Debits to Demand Deposit Accounts ExceptTnterbank March 25 Previous year and U.S. Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. March 25 Previous year Government Accounts (C.5a) Federal Reserve Par List (G.3) Early Novem­ Previous September ber 30 (Also monthly supplements) 5th of month Period since last re­ lease Industrial Production Indexes November Previous year (Available upon request, after being announced) Member Bank Income (C.4) End of May Previous year Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circum­ stances may, from time to time, result in a release date being later than anticipated. 2Contains monthly H. 12b release on second Wednesday of month. 3Contains revised H.4.3 data. 4Publication temporarily suspended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 119 IN D E X T O S T A TIS TIC A L T A B L E S (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 Bank credit proxy, 18 Postal savings, 19, 25 Bank holding companies, list, Dec. 31, 1971,98 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 Business expenditures on new plant and equipment, 51 Farm mortgage loans, 52, 53 Business indexes, 64 Federal agency obligations, 12, 13, 14, 15 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 42 Receipts and expenditures, 43 Capacity utilization, 64 Treasury operating balance, 42 Capital accounts: Federal funds, 8, 24, 26, 30, 35 Banks, by classes, 20, 25, 30 Federal home loan banks, 40, 41, 53 Federal Reserve Banks, 12 Federal Housing Administration, 52, 53, 54, 55 Central banks, 94, 96 Federal intermediate credit banks, 40, 41 Certificates of deposit, 30 Federal land banks, 40, 41 Coins, circulation, 16 Federal National Mortgage Assn., 40, 41, 55 Commercial and industrial loans: Federal Reserve Banks: Commercial banks, 24, 33 Condition statement, 12 Weekly reporting banks, 26, 31 U.S. Govt, securities held, 4, 12, 15, 44, 45 Commercial banks: Federal Reserve credit, 4, 6, 12, 15 Assets and liabilities, 20, 24, 25, 26 Federal Reserve notes, 12, 16 Consumer loans held, by type, 57 Deposits at, for payment of personal loans, 32 Federally sponsored credit agencies, 40, 41 Finance companies: Loans sold outright, 33 Loans, 26, 56, 57, 59 Number, by classes, 20 Paper, 33, 35 Real estate mortgages held, by type, 52 Financial institutions, loans to, 24, 26 Commercial paper, 33, 35 Float, 4 Condition Statements (See Assets and liabilities) Construction, 64, 65 Flow of funds: Consumer credit: Financial assets and liabilities, 73.10 Instalment credit, 56, 57, 58, 59 Saving and financial flows, 72 Noninstalment credit, by holder, 57 Foreign: Consumer price indexes, 64, 68 Currency operations, 12, 14, 77, 83 Consumption expenditures, 70, 71 Deposits in U.S. banks, 5, 12, 19, 25, 29, 90 Corporations: Exchange rates, 93 Sales, profits, taxes, and dividends, 50, 51 Trade, 75 Security issues, 48, 49 Foreigners: Security yields and prices, 36, 37 Claims on, 84, 85, 90, 91, 92 Cost of living (See Consumer price indexes) Liabilities to, 30, 78, 79, 81, 82, 83, 90, 91, 92 Currency and coin, 5, 10, 25 Currency in circulation, 5, 16, 17 Gold: Customer credit, stock market, 38 Certificates, 12, 13, 16 Earmarked, 90 Debits to deposit accounts, 15 Net purchases by U.S., 76 Debt (See specific types of debt or securities) Production, 97 Demand deposits: Reserves of central banks and govts., 96 Adjusted, banks and the monetary system, 19 Stock,4,19,77 Adjusted, commercial banks, 15, 18, 25 Government National Mortgage Assn., 55 Banks, by classes, 11, 20, 25, 29 Gross national product, 70, 71 )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 701-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 701-A hguorht 4-A segap o t era secnerefeR( A 120 FEDERAL RESERVE BULLETIN □ JUNE 1972 Hours and earnings, manufacturing industries, 67 Production, 60-63, 64 Housing permits, 64 Profits, corporate, 50, 51 Housing starts, 65 Real estate loans: Income, national and personal, 70,71 Banks, by classes, 24, 27, 39, 52 Industrial production index, 60-63,64 Delinquency rates on home mortgages, 54 Instalment loans, 56,57,58,59 Mortgage yields, 55 Insurance companies, 39,44,45, 53 Type of holder and property mortgaged, 52, 53, 54,55 Insured commercial banks, 22,24,32 Reserve position, basic, member banks, 8 Interbank deposits, 11, 20, 25 Reserve requirements, member banks, 10 Interest rates: Reserves: Business loans by banks, 34 Central banks and govts., 96 Federal Reserve Banks, 9 Commercial banks, 25, 28, 30 Foreign countries, 94, 95 Federal Reserve Banks, 12 Money market rates, 35 Member banks, 5, 6, 11, 18, 25 Mortgage yields, 55 U.S. reserve assets, 77 Prime rate, commercial banks, 34 Residential mortgage loans, 37, 52, 53, 54 Time and savings deposits, maximum rates, 11 Retail credit, 56 Yields, bond and stock, 36 Retail sales, 64 International capital transactions of U.S., 78-92 International institutions, 76, 77, 94, 96 Saving: Inventories, 70 Flow of funds series, 72 Investment companies, issues and assets, 49 National income series, 71 Investments (See also specific types of investments): Savings and loan assns., 40, 45, 53 Banks, by classes, 20, 24, 27, 28, 39 Savings deposits (See Time deposits) Commercial banks, 18 Savings institutions, principal assets, 39, 40 Federal Reserve Banks, 12, 15 Securities (See also U.S. Govt, securities): Life insurance companies, 39 Federally sponsored agencies, 40, 41 Savings and loan assns., 40 International transactions, 86, 87 New issues, 47, 48, 49 Labor force, 66 Silver coin, 16 Loans (See clso 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 Ownership of securities of, 24, 28, 39 Insured or guaranteed by U.S., 52, 53, 54, 55 Yields and prices of securities, 36, 37 Savings and loans assns., 40, 53 State member banks, 22, 32 Stock market credit, 38 Manufacturers: Stocks: Capacity utilization, 64 New issues, 48, 49 Production index, 61, 64 Yields and prices, 36, 37 Margin requirements, 10 Member banks: Tax receipts, Federal, 43 Assets and liabilities, by classes, 20, 24 Time deposits, 11, 18, 19, 20, 25, 29 Borrowings at Reserve Banks, 6, 12 Treasury cash, Treasury currency, 4, 5, 16, 19 Deposits, by classes, 11 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 Foreign and international holdings, 12, 83, 86, 90 National banks, 22, 32 International transactions, 83, 86 National income, 70, 71 New issues, gross proceeds, 48 National defense expenditures, 43, 70 Open market transactions, 14 Nonmember banks, 22, 24, 25, 32 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) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ☆ (c T H E F E D E R A L R E S E R V E S Y S T E M g ) A HAW AII Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories o Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities • Federal Reserve Bank Facilities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis