Full text of Federal Reserve Bulletin : February 1971
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FEDERAL RESERVE
BULLETIN
*
*
*
*
*
*
*
FEBRUARY 1971
BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C.
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring
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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)
FEDERAL RESERVE
BULLETIN
NUMBER 2 • VOLUME 57 • FEBRUARY 1971
79
CONTENTS
Monetary Aggregates and Money Market Conditions in Open
Market Policy
105
Record of Policy Actions of the Federal Open Market Committee
121
Law Department
149
Directors of Federal Reserve Banks and Branches
163
Announcements
164
National Summary of Business Conditions
Financial and Business Statistics
A
1
A
3
Guide to Tabular Presentation
A
3
Statistical Releases: Reference
A
4
U.S. Statistics
A
72
Contents
International Statistics
A 100
Board of Governors and Staff
A 101
Open Market Committee and Staff; Federal Advisory Council
A 102
Federal Reserve Banks and Branches
A 103
Federal Reserve Board Publications
A 107
Index to Statistical Tables
Map of Federal Reserve System on Inside Back Cover
EDITORIAL
COMMITTEE
Charles Molony
Partee
Robert C. Holland
Robert Solomon
Kenneth B. Williams
Elizabeth B. Sette
J- c h a r l e s
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official
statements and signed articles. Direction for the art work is provided by Mack Rowe.
Monetary Aggregates
and
Money Market Conditions
in Open Market Policy
THERE HAS BEEN WIDESPREAD discussion over the past year or
so about the emphasis given to monetary and credit aggregates,
as compared with traditional operating variables such as money
market conditions, in the formulation and conduct of the Federal Reserve System's open market policy. This article discusses
the role—in the decision-making process of the Federal Open
Market Committee ( F O M C ) 1 and in the day-to-day conduct
of Federal Reserve open market operations—of aggregates such
as the money supply and bank credit, in comparison with other
financial variables. Such aggregates, of course, represent only a
few of the many financial variables, including interest rates and
credit flows through nonbank institutions and the market directly, that are evaluated in monetary policy decisions and their
implementation. And financial conditions as a whole are evaluated against the underlying purpose of monetary policy—the
encouragement of a healthily functioning economy, both domestically and in relation to the rest of the world.
The policy decisions of the FOMC are based on a full-scale
evaluation by Committee members of likely tendencies in critical
*The Federal Open Market Committee is the statutory body responsible
for open market operations (purchase and sale of U.S. Government securities
in the open market), the most flexible and frequently used instrument by which
monetary policy affects bank reserves, bank credit, money supply, and ultimately over-all credit conditions. The FOMC consists of the seven members
of the Board of Governors of the Federal Reserve System, the President of
the Federal Reserve Bank of New York, and four of the remaining 11 Reserve
Bank presidents serving in rotation. The Chairman of the Board of Governors
has traditionally been elected by the Committee to serve as Chairman of the
Open Market Committee, and the President of the Federal Reserve Bank of
New York has traditionally been elected Vice-Chairman.
80
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
measures of economic performance such as output, employment,
prices, and the balance of payments. In deciding on the stance of
monetary policy, the Committee considers whether these tendencies in domestic economic activity and the balance of payments appear desirable, and if not, how they might be influenced by changes in financial conditions—including the pace of
monetary expansion, credit availability, interest rates—and by
expectational factors. Once a general policy stance is adopted,
guidelines are set for the day-to-day conduct of operations in
the open market. During 1970 somewhat more emphasis was
placed on the behavior of monetary aggregates—such as the
money supply and bank credit—in providing guidance for the
day-to-day conduct of open market operations.
Since it has always been recognized that the effect of monetary policy stems from its influence on bank credit, money, interest rates, and financial flows generally, the greater emphasis
placed on monetary aggregates basically represented a modification of operating procedures rather than a change in the fundamental objective of policy. Under conditions of uncertainty—
for example, uncertainty about the impact on interest rates of
expectational factors or about the strength of future demands
for goods and services—some emphasis on the aggregates helps
to guard against the risk that open market operations might
in the end supply either too large or too small amounts of bank
reserves, credit, and money as a result of unexpected and undesired shifts in demands for goods and services and for credit.
At the same time, however, an approach that utilizes aggregates as one operating guide must take account of shifts in the
demand for money and liquidity at given levels of income. Such
shifts would have to be accommodated through open market
operations in order to help provide the money and liquidity demanded if interest rates and credit conditions generally were not
to become unduly tight or easy. Thus, the longer-run path for
monetary aggregates needs to be evaluated in relation to emerging credit conditions and tendencies in economic activity, to help
determine if demands for liquidity have been properly assessed.
And whatever longer-run path for the aggregates may be included as guidance for open market operations, short-run, selfcorrecting variations in money and credit demands need to be accommodated in order to avoid inducing unnecessary, and possibly
destabilizing, fluctuations in money market conditions.
In practice, allowance has to be made—in the formulation of
OPEN MARKET POLICY
81
monetary policy and in the guides to the conduct of policy—for
uncertainties with respect to both the demand for goods and
the demand for money and liquidity. And trends in monetary
aggregates, interest rates, and other financial variables have to
be evaluated in relation to the continuing flow of evidence as to
the likely course of economic activity.
DIRECTIVES OF THE
FOMC
The monetary policy decisions of the FOMC—which in recent
years has generally met about every 4 weeks—are embodied in
the Committee's current economic policy directive, voted on
near the end of each meeting. This directive is issued to the
Federal Reserve Bank^of New York, which, because it is
located in the Nation's central money and credit market, undertakes open market operations for the Federal Reserve System.
The directive is carried out by a senior officer of the Bank, who
is designated by the FOMC as Manager of the System Open
Market Account.
Both the form and the content of the FOMC directive have
changed over the years. Since 1961 the directive has contained
two paragraphs. The first paragraph has contained statements
about recent key economic and financial developments, and also
a general statement of current goals of the FOMC with respect
to economic growth, price stability, and the balance of payments. 2 The second paragraph contains the FOMC's instructions
to the Account Manager for guiding open market operations in
the interval between FOMC meetings. The second paragraph is,
2
For illustrative purposes the first paragraph of the directive issued on
Dec. 16, 1969, is quoted below:
"The information reviewed at this meeting indicates that real economic
activity has expanded only moderately in recent quarters and that a further
slowing of growth appears to be in process. Prices and costs, however, are
continuing to rise at a rapid pace. Most market interest rates have advanced
further in recent weeks partly as a result of expectational factors, including
concern about the outlook for fiscal policy. Bank credit rose rapidly in November after declining on average in October, while the money supply increased
moderately over the 2-month period; in the third quarter, bank credit had
declined on balance and the money supply was about unchanged. The net
contraction of outstanding large-denomination CD's has slowed markedly
since late summer, apparently reflecting mainly an increase in foreign official
time deposits. However, flows of consumer-type time and savings funds at
banks and nonbank thrift institutions have remained weak, and there is considerable market concern about the potential size of net outflows expected
around the year-end. In November the balance of payments deficit on the
liquidity basis diminished further and the official settlements balance reverted
to surplus, mainly as a result of return flows out of the German mark and
renewed borrowing by U.S. banks from their foreign branches. In light of the
foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary
pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments."
82
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
in essence, a highly condensed summary of the Committee's discussion and conclusions as to the sort of operations that will
be required to reach its longer-run policy goals. These directives
are made public after a 3-month lag in a "record of policy
actions," which also includes a resume of prevailing economic
and financial conditions and of the Committee's discussion of
policy implications at the meeting.
The nature of the operating instructions in the second paragraph of the directive has changed from time to time. Money
market conditions have remained as important guides in determining day-to-day open market activity. Though emphasis on
various money market indicators has varied over the years in
light of changing economic and financial circumstances, money
market conditions have generally been construed to include
member bank borrowings at the Federal Reserve discount window, the net reserve position of member banks (excess reserves
of banks less borrowings from the Federal Reserve), the interest
rate on Federal funds (essentially reserve balances of banks that
are made available to other banks, usually on an overnight
basis), and at times the 3-month Treasury bill rate.
At times when it was framing the operating instructions contained in the second paragraph of its directive solely in terms of
money market conditions, the FOMC was nevertheless con^
cerned with developments in monetary aggregates and financial
conditions generally as they affect the broad objectives of policy.
Beginning in 1966, the Committee supplemented the reference
to money market conditions in the second paragraph with a
reference to certain monetary aggregates, such as bank credit,
and later the money supply.3 The desired behavior of aggregates
has been given increased emphasis since early 1970.
From mid-1966 through 1969 the reference to aggregates
was generally to bank credit and was contained in a so-called
proviso clause. The second paragraph of the directive issued
on December 16, 1969, is illustrative:
"To implement this policy, System open market operations
until the next meeting of the Committee shall be conducted with
a view to maintaining the prevailing firm conditions in the money
market; provided, however, that operations shall be modified if
bank credit appears to be deviating significantly from current
projections or if unusual liquidity pressures should develop."
3
There was also occasional reference to such aggregates in directives during
the first half of the 1960's.
OPEN MARKET POLICY
83
In 1970 monetary aggregates came to play a more prominent
role in the phrasing of the second paragraph, and references
were made to the money supply as well as to bank credit. In the
directive issued on March 10, 1970, the Committee stated more
directly its desires with respect to the aggregates rather than
referring to them in the form of a proviso clause. The second
paragraph of the directive of that date read as follows:
"To implement this policy, the Committee desires to see
moderate growth in money and bank credit over the months
ahead. System open market operations until the next meeting of
the Committee shall be conducted with a view to maintaining
money market conditions consistent with that objective."
The operating instructions in the second paragraphs of FOMC
directives are not confined to money market conditions and a desired pattern of behavior in the monetary aggregates. The System Account Manager has also been directed, when appropriate,
to take account of Treasury financings, liquidity pressures, and
the possible impacts of bank regulatory changes in the process
of achieving satisfactory conditions in the money market and
satisfactory performance of monetary aggregates.
As the nature of economic and financial problems has altered,
so has the phrasing of the second paragraph of the directive.
For instance, the second paragraph of the directive issued on
May 26, 1970, emphasized the need to moderate pressures on
financial markets; it read as follows:
"To implement this policy, in view of current market uncertainties and liquidity strains, open market operations until the
next meeting of the Committee shall be conducted with a view
to moderating pressures on financial markets, while, to the extent compatible therewith, maintaining bank reserves and money
market conditions consistent with the Committee's longer-run
objectives of moderate growth in money and bank credit."
The short-run bulge in bank credit expansion expected to result from the Board's action around midyear in suspending ceilings on maximum interest rates payable by banks on large certificates of deposit in the 30- to 89-day maturity range was taken
into consideration in the phrasing of the second paragraph of
the directive issued by the FOMC on July 21, 1970:
"To implement this policy, while taking account of persisting
market uncertainties, liquidity strains, and the forthcoming
Treasury financing, the Committee seeks to promote moderate
growth in money and bank credit over the months ahead, allow-
84
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
ing for a possible continued shift of credit flows from market to
banking channels. System open market operations until the next
meeting of the Committee shall be conducted with a view to
maintaining bank reserves and money market conditions consistent with that objective; provided, however, that operations shall
be modified as needed to counter excessive pressures in financial
markets should they develop."
And in the directive issued on August 18, 1970, an easing of
conditions in credit markets was taken as an objective of open
market operations parallel with desires with respect to monetary
aggregates, as follows:
"To implement this policy, the Committee seeks to promote
some easing of conditions in credit markets and somewhat greater
growth in money over the months ahead than occurred in the
second quarter, while taking account of possible liquidity problems and allowing bank credit growth to reflect any continued
shift of credit flows from market to banking channels. System
open market operations until the next meeting of the Committee
shall be conducted with a view to maintaining bank reserves and
money market conditions consistent with that objective, taking
account of the effects of other monetary policy actions."
The first and second paragraphs of all directives issued from
December 16, 1969, through December 15, 1970, are shown in
the appendix to indicate the variety of considerations that the
FOMC takes into account in formulating its policy and framing
its operating instructions.
POLICY FORMATION
The FOMC's basic concern is with the real economy—production, employment, prices, and the balance of payments. But the
Committee must translate its broader economic goals into the
monetary and credit variables over which the Federal Reserve
has a direct influence. Thus, whatever emphasis is given to the
financial variables that influence day-to-day open market operations, it is recognized that the immediate targets of day-to-day
operations are not the goals of monetary policy, but rather
that those targets are set with a view to facilitating the achievement of the broader financial and economic objectives of the
FOMC.
In setting its immediate operating targets, the FOMC necessarily reviews past and prospective relationships between financial conditions and economic objectives. A benchmark in this
OPEN MARKET POLICY
85
review is provided several times a year in a presentation by the
staff to the Committee of an interrelated set of longer-run economic and financial projections. These exercises review in detail
recent economic and financial developments, assess the outlook
for and impact of fiscal policy, and trace the likely patterns of
change in such measures as income, output, employment, prices,
and the balance of payments for a period of about a year ahead.
Provisional estimates are also presented of the flow of funds—
including various monetary aggregates—and interest rates expected to be consistent with these patterns of economic development. A reappraisal of current tendencies in and prospects for
economic activity, financial flows and credit market conditions,
and the balance of payments is presented to the FOMC by the
staff on the occasion of each meeting. Included in the regular
documentation is an analysis of relationships among money
market variables, paths for monetary aggregates, and interest
rates broadly considered for a period several months ahead.
At each FOMC meeting, most of the time is given over to a
free interchange of views by Committee members of their
assessment of the current economic situation and outlook and
of the related appropriate monetary policies. As the discussion
proceeds, each Committee member indicates his assessment of
the basic tendencies in economic activity, prices, employment,
and so forth; his appraisal of recent financial developments in
relation to desired economic goals; and what steps might be taken
through open market operations (or other policy instruments that
interact with open market operations) to help achieve financial
conditions suitable to economic goals.
It may develop, for instance, that most or all Committee members believe that economic prospects are deviating from those
that had previously been expected and desired. If so, the Committee may wish to modify its objectives concerning money
market conditions and desired rates of expansion in monetary
and credit aggregates, so as to promote over-all financial and
credit conditions that are more conducive to desired economic
conditions. Or it may turn out that economic activity is developing about in line with expectations but seems to be entailing a
pattern of financial flows different from that originally expected.
Still another possibility is that the relationship that is developing
between the variables specified for the System Account Manager
for purposes of guiding day-to-day open market operations and
86
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
broader financial flows and interest rates is not what was expected. Under any of such circumstances, the FOMC could
react by changing its operating instructions.
The operating instructions in the second paragraph of the
directive are expressed qualitatively. But the specific variables
involved—money market conditions and monetary and credit
aggregates—are typically indicated in terms of ranges in the
discussion.
Over the past year the operating instructions embodying the
Committee's policy thrust have changed in two general ways.
First, as has been noted, somewhat more emphasis has been
placed on monetary aggregates as a target for open market operations rather than as an outgrowth of such operations. Second,
the time horizon for a path of monetary and credit aggregates
(in relation to money market conditions and other financial
variables) has been viewed as encompassing several months or,
expressed in calendar quarters, at least one or two quarters
ahead. Longer-run paths provide the Committee with a means for
focusing on the emerging trend of growth in the money supply or
in bank credit, while recognizing that, over very short-run periods
of a week or a month or so, there may be irregular movements in
rates of change in monetary aggregates because of erratic shifts
in the public's demand for deposits and such factors as Treasury
financings, a large change in U.S. Government deposits, or movements of funds between the U.S. and foreign countries.
ROLE OF
MONETARY AGGREGATES
The somewhat greater use of monetary aggregates in the formulation and conduct of open market policy during the past year
represents for the most part an extension of the trend of policy
over the previous several years. It has always been recognized
that monetary policy achieves its effects through its influence on
bank credit, money supply, interest rates, and financial flows
generally. But the benefits that might be expected from an increased degree of emphasis on monetary aggregates in the conduct of open market operations relate to the question of monetary control under conditions of uncertainty.
Greater emphasis on aggregates is consistent with a variety
of economic theories, and it does not necessarily imply any particular judgment as to the importance for the economy of monetary flows relative to interest rates and credit conditions or
relative to other influences such as fiscal policy and technological
innovation. Operationally, however, by placing more emphasis
OPEN MARKET POLICY
87
on monetary aggregates in the instructions to the Account Manager, the FOMC has a greater assurance that unexpected and
undesired shortfalls or excesses in the demands for goods and
services in the economy, and hence in the demands for credit
and money, will not lead more or less automatically to too little
or too much expansion in bank reserves, bank credit, and money.
Giving more weight to monetary aggregates means, for
example, that if there were an unexpected and undesired shortfall in business and consumer demand for goods and services,
the Federal Reserve would continue to provide reserves to try to
keep growth in money and bank credit from weakening unduly
at a time when the public, with transactions demand for cash
reduced, was seeking to invest excess funds in various financial
assets. In the process, there would be a greater short-run decline
in interest rates than would otherwise be the case. The drop in
interest rates and the easing of credit conditions would help to
provide financial incentives that would encourage a strengthening of demands for goods and services.
While increasing the emphasis on monetary and credit aggregates tends to increase the protection against undesired shifts in
demands for goods and services, it at the same time runs the
risk of reducing protection against unexpected shifts in the public's demand for cash and liquidity. Thus, for example, if the
public decides to hold more liquidity relative to income than had
been earlier assumed, failure to permit a faster rise in the money
supply to accommodate this desire would lead to higher interest
rates and tighter credit conditions as the public seeks to sell
other assets to acquire cash. The tightening of credit conditions
would tend to lead to a weaker GNP than desired. In contrast,
the tendency toward tighter conditions could be averted if the
Federal Reserve helped to meet the desire for greater liquidity by
increasing its purchases of financial assets (through open market
acquisitions of U.S. Government securities)—thereby providing
more bank reserves to support an increase in bank deposits and
in the money supply and to keep interest rates from rising.
In practice, allowance has to be made for uncertainties about
both the demand for goods and services and the demand for
money and liquidity. Opinions differ among professional economists as to the relative degrees of stability of these types of
demand, and practical experience over the past several years
suggests that there is a good deal of variation in both. There
have been periods when large increases in Federal Government
88
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
purchases of goods and services and/or in private sector demands for capital goods and inventories have caused marked
shifts in over-all demands for goods and services at given interest rates. But there have also been periods when liquidity strains,
greatly increased financial transactions, and various international
uncertainties have resulted in a sizable upward shift in the
demand for cash and closely related assets at given interest
rates. Furthermore, open market policy not only needs to distinguish between, and take account of, shifts in both the demand
for goods and services and the demand for money and liquidity
at given interest rates, but also must evaluate the extent to which
such shifts are transitory or more permanent.
The late spring and the summer of 1970 are an example of a
period when liquidity strains in the economy—typified by rising
long-term interest rates at a time when economic activity was
sluggish, by the bankruptcy of a major railroad, and by a generally cautionary attitude on the part of investors toward securities, particularly commercial paper—were giving rise to considerable uncertainty and were threatening a marked erosion in
confidence. Under those circumstances Federal Reserve policy
stressed the need to moderate pressures on financial markets and
to accommodate liquidity needs.
In late June the Board of Governors suspended maximum
ceiling rates on large CD's maturing in 30- to 89-days as part of
the effort to reliquify the economy. This action made it possible
for banks to compete for funds and to accommodate borrowers
who were not able, in the conditions of the time, to refinance their
borrowings in the commercial paper market, or were not able to
do so without a bank loan commitment as back-up. And open
market operations during the period were conducted in such a
way as to provide the reserves to sustain the very large increase
in bank credit resulting from renewed ability of banks to obtain
funds through issuance of certain large CD's. The FOMC's
policy directives in that period (see directives of May 26 and
July 21, 1970, on pp. 99 and 100) tended to subordinate, temporarily, longer-run objectives for monetary aggregates to the
shorter-run liquidity needs of the economy.
In general, in evaluating the appropriateness of particular
operating guidelines at a particular time, the FOMC has to make
judgments about the nature of the fundamental influences that
are affecting the domestic economy and the international position of the dollar. If, for example, it developed that interest rates
OPEN MARKET POLICY
89
were higher, and over-all credit conditions tighter, than expected
for a given rate of increase in bank credit or money, the FOMC
would have to make a judgment as to whether GNP was stronger
than anticipated, whether inflationary expectations were affecting interest rates, or whether the demands for money and closely
related assets had shifted at given levels of income and interest
rates. Or, as another example, interest rate movements might be
undesirably affecting capital flows between the United States and
foreign countries; in this case judgments might have to be made
as to how the various policy instruments could be adapted to
such a development.
Judgments made with respect to interrelationships among
policy objectives would affect not only the open market policy
instrument but also other monetary policy instruments. With
respect to open market policy, types of adjustments called for in
operating instructions would include, for instance, whether to
change the targets for aggregates and/or whether to put more
stress on money or credit market conditions. Or adjustments
might be called for in other policy instruments—such as the
discount rate or reserve requirements, including provisions such
as those recently made affecting Euro-dollar borrowings of U.S.
banks—in order to achieve a variety of policy objectives more
effectively.
In looking toward a desired longer-run growth rate in monetary aggregates, the FOMC has focused on money and bank
credit in its operating instructions. The concept of money used
for these purposes has generally been the so-called narrowly
defined money supply—currency in circulation outside the banking system plus demand deposits other than U.S. Government
and domestic interbank deposits—but broader definitions have
also been taken into account. The determination of what rates
of growth may be desired for money takes into account not only
what is happening in credit markets but also the rates of growth
in certain types of assets held by the public that are closely
related to narrowly defined money and that the public holds as
a store of value and as a source of immediate liquidity.
A number of broader concepts of the money supply and of
liquidity have been utilized by economic analysts; in relating
money supply to economic activity. These include, in addition
to the narrowly defined money supply, a concept—here termed
M 2 —that adds time and savings deposits other than large CD's
at commercial banks to narrowly defined money; and a concept,
90
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
termed M 3 , that adds deposits at both mutual savings banks and
savings and loan associations. And even these concepts can be
broadened by adding other money-like assets, such as large
marketable negotiable CD's issued by banks and other shortterm marketable securities. Annual, quarterly, and monthly
rates of change over the past year in the three concepts of money
noted above are shown in the table below.
VARIOUS MEASURES OF MONEY: RATES OF CHANGE
Seasonally adjusted annual rates, in per cent
M]
(Currency
plus demand
deposits1)
(Mi plus coml.
bank time deposits
other than
large CD's)
Ms
(M2 plus deposits
at S&L's and
mutual savings
banks)
1969
1970
3.1
5.4
2.4
8.2
2.8
7.9
1970—Q1
Q2
Q3
Q4
5.9
5.8
6.1
3.4
3.4
8.4
11.0
9.2
2.6
7.9
10.5
9.7
2.2
— 1.5
9.6
10.8
7.6
6.7
9.9
12.5
10.3
7.3
7.0
13.0
1.2
-1.2
7.8
9.7
7.2
6.6
9.9
11.4
10.0
8.1
8.1
12.6
M2
Period
1970—January
February...
March
April
May
June
July
August
September..
October
November..
December. .
9.4
-4.1
12.3
9.9
5.2
2.3
5.7
6.8
5.7
1.1
2.8
6.2
i Demand deposits other than interbank and U.S. Govt.
NOTE.—Monthly rates of change based on the daily-average levels outstanding. Quarterly and annual
rates of changes measured from daily-average levels outstanding in end-of-period months.
As may be seen, the rates of change for the various measures
may diverge noticeably, and they may show a high degree of
fluctuation over the short run. Differential tendencies in the
various measures of money and liquidity have been the result
in large part of sharp shifts of funds by the public between
deposits and market securities when market interest rates moved
above and then back below ceiling rates on deposits at banks
and thrift institutions. But divergent movements, particularly in
the short run, may develop even when ceiling rates are not a
disturbing element. This highlights the need to evaluate a variety
of money and liquidity measures, among other things, in gauging
the impact of monetary policy on the economy. Moreover, the
OPEN MARKET POLICY
91
relatively large month-to-month variations in growth for any
particular money measure—and variations are even larger from
week to week—emphasize the need to evaluate data over some
long period of time in judging the underlying tendency of the
series.
As noted earlier, in addition to the money supply, the second
paragraph of the directive has emphasized bank credit. A current
measure of bank credit for the guidance of the Account Manager
was provided by measuring bank credit from the liability side,
since liability data are available more quickly and can be used
to construct a series on a daily-average basis. This daily-average
measure does not encompass all bank liabilities (it excludes nonmember bank deposits and bank capital, for example) but it
includes the most volatile ones. It encompasses not only the
member bank component of deposits included in M2 above, but
also funds obtained by banks through large time CD's, U.S.
Government deposits, and interbank deposits and through nondeposit sources such as Euro-dollars and commercial paper
issued by bank-related affiliates. The sum of these deposits and
nondeposit sources is called the adjusted credit proxy.
Inclusion of bank credit in the directive might be considered
as recognition of a broader concept of money, since time and
savings deposits at commercial banks are a key source of bank
credit. In addition, however, the inclusion recognizes that bank
credit is a key component of total credit availability and one that
is immediately sensitive to open market operations.
The amount of bank credit that the FOMC is willing to
encourage or to countenance depends, like the money supply,
on over-all economic and financial conditions. When, for example, banks have been unable for an extended period to increase
time and savings deposits because interest rate ceilings on time
deposits were unrealistically low relative to market rates, it was
to be expected that outstanding bank credit would grow rapidly
for a time after ceiling rates again became competitive. This
growth would represent mainly a shifting of credit flows from
market to banking channels as banks sought to restore their
previous competitive position and as the public restructured its
financial asset portfolios to reflect the changed yield relationships. Federal Reserve open market operations could provide the
reserves necessary to sustain the shift in the public's ability and
willingness to hold time deposits relative to other assets. The
accompanying chart shows monthly changes in bank credit, as
92
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
CREDIT PROXY ADJUSTED;
TOTAL RESERVES
BILLIONS OF DOLLARS
Bank "credit proxy adjusted" is total member bank deposits plus funds provided by Eurodollar borrowings and bank-related commercial paper. Through the first half of 1969, no
data on bank-related commercial paper were available, but amounts outstanding were not
thought to be growing significantly in those periods.
measured by the adjusted credit proxy, along with total bank
reserves.
DAY-TO-DAY
MARKET
OPEN
OPERATIONS
The day-to-day operations in the market by the System Account
Manager have continued to be guided mainly by money market
conditions, in part because the information that is available daily
and continuously as to the state of the money market—for example, the Federal funds rate and dealer loan rates—reflects
the interaction of the demand for and existing supply of bank
reserves and hence provides a basis for making daily decisions
as to whether the System should be in the market providing additional or absorbing existing reserves; and if so, by how much
and through what means. But the degree to which the Manager
seeks to influence money market conditions has been affected
by the relationship that is presumed to exist at any given time
among money market conditions, reserves, and the monetary
aggregates and by the Committee's desires with respect to monetary aggregates and over-all conditions in the credit market.
Changes in money market conditions, of course, may reflect
factors other than efforts to influence reserve flows in accordance
OPEN MARKET POLICY
93
with longer-run targets for monetary aggregates. Some changes
in money market conditions reflect no more than shifts in the
distribution of reserves among banks. Others represent the shortrun effects of bulges in demand for day-to-day credit at times of
Treasury financings or in tax payment periods. Yet others represent unanticipated, virtually random changes in technical factors
—such as float or currency in circulation—that supply to or
absorb from the market more reserves than was either expected
or seemed likely to be sustained. And as in the summer of 1970,
open market operations in relation to money market conditions
may sometimes reflect primarily a concern with liquidity pressures in the economy.
Although recognizing that money market conditions are subject to a number of influences, the System Account Manager
takes into consideration the relationship between money market
conditions and the trends in bank credit and money that has prevailed in the recent past and the relationship that is expected to
develop in the future in making decisions concerning reserve
provision or absorption through open market operations. At
the beginning of a statement week, for example, his operations
may be aimed at a condition of tightness or ease in the money
market roughly similar to that of previous weeks. This would
mean that such variables as the Federal funds rate, dealer loan
rates, the net reserve position of member banks, and borrowings
by member banks from the Federal Reserve would generally tend
to fluctuate within the range of recent experience—although
there might be special, sometimes unforeseen developments (such
as a mail strike) that could cause marked short-run changes in
money market conditions.
If and as it becomes evident that monetary aggregates are
running above or below the desired path, however, the Account
Manager may aim at correspondingly tighter or easier money
market conditions. Also, if it should turn out that the apparent
new relationship was not long-lasting, the Account Manager
would subsequently have to reverse the direction of his operations. Thus, to the extent that monetary aggregates are given
more emphasis in the operating paragraph of the directive, money
market conditions may be subject to a somewhat greater degree
of fluctuation.
While the counterpart of greater sensitivity to monetary aggregates would be a somewhat greater tendency for actual money
market conditions to change more frequently than otherwise,
94
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
sharp short-run shifts in money market conditions are not likely
to develop, in part because the FOMC is concerned with the
state of money and credit markets as well as with tendencies in
monetary aggregates. There are a number of reasons for the
continuing role of money market conditions as a day-to-day guide
for open market operations.
First, the money market reflects the pressure of demand for
liquidity, and the nation's central bank has a unique responsibility for maintenance of orderly conditions in such a market.
Second, there are large and often unpredictable week-to-week
and month-to-month swings in the economy's demand for money
and bank credit. These demands are often self-correcting, and as
a result there is little purpose in permitting the sharp fluctuations
in money market conditions, and perhaps in credit markets generally, that would be likely to develop should the flow and ebb of
these demands not be accommodated in Federal Reserve operations affecting bank reserves.
Third, because of the key role of the money market in quickly
reflecting shifts in the need for and availability of liquid
funds, presumably in large part as a result of the interaction of
the public's spending decisions and monetary policy, sharp shifts
in money market conditions may be interpreted by market participants as a harbinger of relatively permanent changes in credit
demand or monetary policy. Investors, businessmen, and consumers may vary their credit outlook, and perhaps their economic
outlook too, in response to the money market to the extent that
they regard changes in the market as a signal of events to come.
This prospect itself counsels caution in undertaking open market
operations that lead to large short-run changes in money market
conditions until it becomes fairly certain that longer-run tendencies in money supply, bank credit, and over-all credit con
ditions require such changes.
While there are reasons for emphasis on money market conditions, it should be stressed that money market conditions are
only instrumental to the attainment of the main financial objectives of policy—flows of monetary aggregates and over-all
credit conditions—that are appropriate to achievement of overall economic goals. For the Account Manager, the day-to-day
operations of the Account and the effect of these operations on
the money market are made even more complex because he is
aware that the FOMC generally has in mind not only some view
concerning the desired longer-run trend in various monetary
OPEN MARKET POLICY
95
aggregates but also a view concerning what should be sought in
the way of associated credit conditions.
These desires may sometimes turn out to be in conflict; for
example, monetary aggregates as a group may be rising more
rapidly than desirable while credit conditions may be tightening
more than desirable. Meeting one desire by holding back on the
provision of reserves in order to restrain growth in bank credit
and money would tend, at least temporarily, to thwart the other
desire by leading to even more tightening of credit conditions.
Under such circumstances, the Account Manager would have
to adjust his operations—thereby affecting day-to-day money
market conditions—in line with the sense of priority among operating objectives given by the FOMC.
While the whole set of objectives would be reconsidered at
the next FOMC meeting, the Account Manager's operations
are monitored daily through a morning telephone conference
call. This call involves the Trading Desk in New York, senior
officials on the staff of the Board of Governors in Washington,
and one of the Reserve Bank Presidents (serving in rotation)
who is a voting member of the FOMC (other than the President
of the Federal Reserve Bank of New York). Individual Board
members may also participate in the call from time to time, as
may the President of the New York Reserve Bank. In this call
the Manager explains his program for the day, and that program,
or possible alternative approaches, are discussed. As part of
this process, not only are current figures on bank reserve positions, money market conditions, and broader credit conditions
reported, but also information on the latest deposit and bank
credit figures and how these compare with FOMC desires is
appraised.
In general, as the FOMC's objectives with respect to monetary
aggregates, and also over-all credit conditions, have been given
increased stress in the directive to the Account Manager, the
timing and extent of the System's day-to-day open market operations have, of course, been altered, with consequent effects on
day-to-day money market conditions. At the same time, the
Manager still takes account of the emerging tightness or ease in
the money market as a factor affecting the timing and extent of
day-to-day open market operations. But this emerging tightness
or ease is evaluated against trends in money, bank credit, and
over-all credit conditions, which are, and always have been,
among the basic financial objectives of monetary policy.
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
APPENDIX: Current Economic Policy Directives Issued by
the FOMC
Meeting held on December 16,1969
The information reviewed at this meeting indicates that real economic
activity has expanded only moderately in recent quarters and that a further
slowing of growth appears to be in process. Prices and costs, however, are
continuing to rise at a rapid pace. Most market interest rates have advanced
further in recent weeks partly as a result of expectational factors, including
concern about the outlook for fiscal policy. Bank credit rose rapidly in
November after declining on average in October, while the money supply
increased moderately over the 2-month period; in the third quarter, bank
credit had declined on balance and the money supply was about unchanged. The net contraction of outstanding large-denomination CD's has
slowed markedly since late summer, apparently reflecting mainly an increase in foreign official time deposits. However, flows of consumer-type
time and savings funds at banks and nonbank thrift institutions have
remained weak, and there is considerable market concern about the potential size of net outflows expected around the year-end. In November the
balance of payments deficit on the liquidity basis diminished further and
the official settlements balance reverted to surplus, mainly as a result of
return flows out of the German mark and renewed borrowing by U.S.
banks from their foreign branches. In light of the foregoing developments,
it is the policy of the Federal Open Market Committee to foster financial
conditions conducive to the reduction of inflationary pressures, with a view
to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments.
To implement this policy, System open market operations until the next
meeting of the Committee shall be conducted with a view to maintaining
the prevailing firm conditions in the money market; provided, however,
that operations shall be modified if bank credit appears to be deviating
significantly from current projections or if unusual liquidity pressures
should develop.
Meeting held on January 15,1970
The information reviewed at this meeting suggests that real economic
activity leveled off in the fourth quarter of 1969 and that little change is
in prospect for the early part of 1970. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have receded
from highs reached during December. Bank credit and the money supply
increased slightly on average in December and also over the fourth quarter
as a whole. Outstanding large-denomination CD's held by domestic depositors have continued to contract in recent months while foreign official time
deposits have expanded considerably. Flows of consumer-type time and
savings funds at banks and nonbank thrift institutions have remained weak,
and there apparently were sizable net outflows after year-end interest crediting. U.S. imports and exports have both grown further in recent months
but through November the trade balance showed little or no further improvement from the third-quarter level. At the year-end the over-all balance
of payments statistics were buoyed by large temporary inflows of U.S. corporate funds. In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions conducive
OPEN MARKET POLICY
97
to the orderly reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in
the country's balance of payments.
To implement this policy, while taking account of the forthcoming Treasury refunding, possible bank regulatory changes and the Committee's desire
to see a modest growth in money and bank credit, System open market
operations until the next meeting of the Committee shall be conducted with
a view to maintaining firm conditions in the money market; provided, however, that operations shall be modified if money and bank credit appear to
be deviating significantly from current projections.
Meeting held on February 10, 1970
The information reviewed at this meeting suggests that real economic
activity, which leveled off in the fourth quarter of 1969, may be weakening
further in early 1970. Prices and costs, however, are continuing to rise at
a rapid pace. Long-term market interest rates recently have fluctuated
under the competing influences of heavy demands for funds and shifts in
investor attitudes regarding the outlook for monetary policy. Bank credit
declined in January but the money supply increased substantially on average; both had risen slightly in the fourth quarter. Flows of time and savings
funds at banks and nonbank thrift institutions have remained generally weak
since year-end, and they apparently have been affected little thus far by the
recent increases in maximum rates payable for such funds. The U.S. foreign
trade balance improved somewhat in December, as imports fell off. The
over-all balance of payments has been in substantial deficit in recent weeks.
In light of the foregoing developments, it is the policy of the Federal Open
Market Committee to foster financial conditions conducive to the orderly
reduction of inflationary pressures, with a view to encouraging sustainable
economic growth and attaining reasonable equilibrium in the country's
balance of payments.
To implement this policy, while taking account of the current Treasury
refunding, possible bank regulatory changes and the Committee's desire to
see moderate growth in money and bank credit over the months ahead,
System open market operations until the next meeting of the Committee
shall be conducted with a view to moving gradually toward somewhat less
firm conditions in the money market; provided, however, that operations
shall be modified promptly to resist any tendency for money and bank credit
to deviate significantly from a moderate growth pattern.
Meeting held on March 10, 1970
The information reviewed at this meeting suggests that real economic
activity, which leveled off in the fourth quarter of 1969, is weakening further in early 1970. Prices and costs, however, are continuing to rise at a
rapid pace. Market interest rates have declined considerably in recent weeks,
partly as a result of changing investor attitudes regarding the outlook for
economic activity and monetary policy. Both bank credit and the money
supply declined on average in February, but both were tending upward in
the latter part of the month. Outflows of time and savings funds at banks
and nonbank thrift institutions, which had been sizable in January, apparently ceased in February, reflecting advances in rates offered on such funds
following the recent increases in regulatory ceilings, together with declines
in short-term market interest rates. The U.S. foreign trade surplus narrowed
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
in January and the over-all balance of payments deficit has remained large
in recent weeks. In light of the foregoing developments, it is the policy of
the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the
resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee desires to see moderate growth
in money and bank credit over the months ahead. System open market
operations until the next meeting of the Committee shall be conducted with
a view to maintaining money market conditions consistent with that
objective.
Meeting held on April 7,1970
The information reviewed at this meeting suggests that real economic
activity weakened further in early 1970, while prices and costs continued
to rise at a rapid pace. Fiscal stimulus, of dimensions that are still uncertain, will strengthen income expansion in. the near term. Most long-term
interest rates backed up during much of March under the pressure of heavy
demands for funds, but then turned down in response to indications of some
relaxation of monetary policy and to the reduction in the prime lending rate
of banks. Short-term rates declined further on balance in recent weeks,
contributing to the ability of banks and other thrift institutions to attract
time and savings funds. Both bank credit and the money supply rose on
average in March; over the first quarter as a whole bank credit was about
unchanged on balance and the money supply increased somewhat. The U.S.
foreign trade surplus increased in February, but the over-all balance of
payments appears to have been in considerable deficit during the first
quarter. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to
orderly reduction in the rate of inflation, while encouraging the resumption
of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee desires to see moderate growth
in money and bank credit over the months ahead. System open market
operations until the next meeting of the Committee shall be conducted with
a view to maintaining money market conditions consistent with that objective, taking account of the forthcoming Treasury financing.
Meeting held on May 5,1970
The information reviewed at this meeting indicates that real economic
activity weakened further in the first quarter of 1970. Growth in personal
income, however, is being stimulated in the second quarter by the enlargement of social security benefit payments and the Federal pay raise. Prices
and costs generally are continuing to rise at a rapid pace, although some
components of major price indexes recently have shown moderating tendencies. Most market interest rates have risen sharply in recent weeks as
a result of heavy demands for funds, possible shifts in liquidity preferences,
and the disappointment of earlier expectations regarding easing of credit
market conditions. Prices of common stocks have declined markedly since
early April. Attitudes in financial markets generally are being affected by the
expansion of military operations in Southeast Asia and by concern about
the success of the Government's anti-inflationary program. Both bank credit
OPEN MARKET POLICY
99
and the money supply rose substantially from March to April on average,
although during the course of April bank credit leveled off and the money
supply receded sharply from the end-of-March bulge. The over-all balance
of payments was in considerable deficit during the first quarter. In light of
the foregoing developments, it is the policy of the Federal Open Market
Committee to foster financial conditions conducive to orderly reduction in
the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's
balance of payments.
To implement this policy, the Committee desires to see moderate growth
in money and bank credit over the months ahead. System open market
operations until the next meeting of the Committee shall be conducted with
a view to maintaining bank reserves and money market conditions consistent
with that objective, taking account of the current Treasury financing; provided, however, that operations shall be modified as needed to moderate
excessive pressures in financial markets, should they develop.
Meeting held on May 26,1970
The information reviewed at this meeting indicates that real economic
activity declined more than previously estimated in the first quarter of 1970,
but little further change is projected in the second quarter. Prices and costs
generally are continuing to rise at a rapid pace, although some components
of major price indexes recently have shown moderating tendencies. Since
early May most long-term interest rates have remained under upward pressure, partly as a result of continued heavy demands for funds and possible
shifts in liquidity preferences, and prices of common stocks have declined
further. Attitudes in financial markets generally are being affected by the
widespread uncertainties arising from recent international and domestic
events, including doubts about the success of the Government's anti-inflationary program. Both bank credit and the money supply rose substantially
from March to April on average; in May bank credit appears to be changing
little while the money supply appears to be expanding rapidly. The over-all
balance of payments continued in considerable deficit in April and early
May. In light of the foregoing developments, it is the policy of the Federal
Open Market Committee to foster financial conditions conducive to orderly
reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in
the country's balance of payments.
To implement this policy, in view of current market uncertainties and
liquidity strains, open market operations until the next meeting of the Committee shall be conducted with a view to moderating pressures on financial
markets, while, to the extent compatible therewith, maintaining bank reserves and money market conditions consistent with the Committee's longerrun objectives of moderate growth in money and bank credit.
Meeting held on June 23,1970
The information reviewed at this meeting suggests that real economic
activity is changing little in the current quarter after declining appreciably
earlier in the year. Prices and costs generally are continuing to rise at a
rapid pace, although some components of major price indexes recently have
shown moderating tendencies. Since late May market interest rates have
shown mixed changes following earlier sharp advances, and prices of com-
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
mon stocks have recovered part of the large decline of preceding weeks.
Attitudes in financial markets continue to be affected by uncertainties and
conditions remain sensitive, particularly in light of the insolvency of a major
railroad. In May bank credit changed little and the money supply rose moderately on average, following substantial increases in both measures in
March and April. Inflows of consumer-type time and savings funds at banks
and nonbank thrift institutions have been sizable in recent months, but the
brief spring upturn in large-denomination CD's outstanding at banks has
ceased. The over-all balance of payments was in heavy deficit in April and
May. In light of the foregoing developments, it is the policy of the Federal
Open Market Committee to foster financial conditions conducive to orderly
reduction in the rate of inflation, while encouraging the resumption of
sustainable economic growth and the attainment of reasonable equilibrium
in the country's balance of payments.
To implement this policy, in view of persisting market uncertainties and
liquidity strains, open market operations until the next meeting of the
Committee shall continue to be conducted with a view to moderating pressures on financial markets. To the extent compatible therewith, the bank
reserves and money market conditions maintained shall be consistent with
the Committee's longer-run objective of moderate growth in money and
bank credit, taking account of the Board's regulatory action effective June
24 and some possible consequent shifting of credit flows from market to
banking channels.
Meeting held on July 21,1970
The information reviewed at this meeting indicates that real economic
activity changed little in the second quarter after declining appreciably
earlier in the year. Prices and wage rates generally are continuing to rise
at a rapid pace. However, improvements in productivity appear to be slowing the rise in costs, and some major price measures are showing moderating tendencies. Since mid-June long-term interest rates have declined considerably, and prices of common stocks have fluctuated above their recent
lows. Although conditions in financial markets have improved in recent
weeks uncertainties persist, particularly in the commercial paper market
where the volume of outstanding paper has contracted sharply. A large
proportion of the funds so freed apparently was rechanneled through the
banking system, as suggested by sharp increases in bank loans and in largedenomination CD's of short maturity—for which rate ceilings were suspended in late June. Consequently, in early July bank credit grew rapidly;
there was also a sharp increase in the money supply. Over the second quarter as a whole both bank credit and money supply rose moderately. The
over-all balance of payments remained in heavy deficit in the second quarter.
In light of the foregoing developments, it is the policy of the Federal Open
Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable
economic growth and the attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, while taking account of persisting market uncertainties, liquidity strains, and the forthcoming Treasury financing, the
Committee seeks to promote moderate growth in money and bank credit
over the months ahead, allowing for a possible continued shift of credit
flows from market to banking channels. System open market operations
OPEN MARKET POLICY
101
until the next meeting of the Committee shall be conducted with a view to
maintaining bank reserves and money market conditions consistent with that
objective; provided, however, that operations shall be modified as needed to
counter excessive pressures in financial markets should they develop.
Meeting held on August 18,1970
The information reviewed at this meeting suggests that real economic
activity, which edged up slightly in the Second quarter after declining appreciably earlier in the year, may be expanding somewhat further. Prices and
wage rates generally are continuing to rise at a rapid pace. However, improvements in productivity appear to be slowing the rise in costs, and some
major price measures are showing moderating tendencies. Credit demands
in securities markets have continued heavy, and interest rates have shown
mixed changes since mid-July after declining considerably in preceding
weeks. Some uncertainties persist in financial markets, particularly in connection with market instruments of less than prime grade. In July the money
supply rose moderately on average and bank credit expanded substantially.
Banks increased holdings of securities and loans to finance companies, some
of which were experiencing difficulty in refinancing maturing commercial
paper. Banks sharply expanded their outstanding large-denomination CD's
of short maturity, for which rate ceilings had been suspended in late June,
and both banks and nonbank thrift institutions experienced large net inflows
of consumer-type time and savings funds. The over-all balance of payments
remained in heavy deficit in the second quarter, despite a sizable increase
in the export surplus. In July the official settlements deficit continued large,
but there apparently was a marked shrinkage in the liquidity deficit. In light
of the foregoing developments, it is the policy of the Federal Open Market
Committee to foster financial conditions conducive to orderly reduction in
the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's
balance of payments.
To implement this policy, the Committee seeks to promote some easing
of conditions in credit markets and somewhat greater growth in money
over the months ahead than occurred in the second quarter, while taking
account of possible liquidity problems and allowing bank credit growth to
reflect any continued shift of credit flows from market to banking channels.
System open market operations until the next meeting of the Committee
shall be conducted with a view to maintaining bank reserves and money
market conditions consistent with that objective, taking account of the
effects of other monetary policy actions.
Meeting held on September 15,1970
The information reviewed at this meeting suggests that real economic
activity, which edged up slightly in the second quarter, is expanding somewhat further in the third quarter, led by an upturn in residential construction. Wage rates generally are continuing to rise at a rapid pace, but improvements in productivity appear to be slowing the rise in costs, and some
major price measures are rising less rapidly than before. Interest rates declined in the last half of August, but most yields turned up in early September, as credit demands in securities markets have continued heavy; existing
yield spreads continue to suggest concern with credit quality. The money
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
supply rose rapidly in the first half of August but moved back down through
early September. Bank credit expanded sharply further in August as banks
continued to issue large-denomination CD's at a relatively rapid rate, while
reducing their reliance on the commercial paper market after the Board of
Governors acted to impose reserve requirements on bank funds obtained
from that source. The balance of payments deficit on the liquidity basis
diminished somewhat in July and August from the very large secondquarter rate, but the deficit on the official settlements basis remained high
as banks repaid Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster
financial conditions conducive to orderly reduction in the rate of inflation,
while encouraging the resumption of sustainable economic growth and the
attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee seeks to promote some easing
of conditions in credit markets and moderate growth in money and attendant bank credit expansion over the months ahead. System open market
operations until the next meeting of the Committee shall be conducted with
a view to maintaining bank reserves and money market conditions consistent
with that objective.
Meeting held on October 20, 1970
The information reviewed at this meeting suggests that real output of
goods and services increased slightly further in the third quarter but that
employment declined and unemployment continued to rise; activity in the
current quarter is being adversely affected by a major strike in the automobile industry. Wage rates generally are continuing to rise at a rapid
pace, but improvements in productivity appear to be slowing the increase in
costs, and some major price measures are rising less rapidly than before.
Most interest rates have declined since mid-September, although yields on
corporate and municipal bonds have been sustained by the continuing heavy
demands for funds in capital markets. The money supply rose slightly on
average in September and increased moderately over the third quarter as a
whole. Bank credit expanded further in September but at a rate considerably less than the fast pace of the two preceding months. Banks continued
to issue large-denomination CD's at a relatively rapid rate and experienced
heavy inflows of consumer-type time and savings funds, while making substantial further reductions in their use of nondeposit sources of funds. The
balance of payments deficit on the liquidity basis diminished in the third
quarter from the very large second-quarter rate, but the deficit on the
official settlements basis remained high as banks repaid Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the Federal
Open Market Committee to foster financial conditions conducive to orderly
reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in
the country's balance of payments.
To implement this policy, the Committee seeks to promote some easing
of conditions in credit markets and moderate growth in money and attendant
bank credit expansion over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a
view to maintaining bank reserves and money market conditions consistent
with those objectives, taking account of the forthcoming Treasury financings.
OPEN MARKET POLICY
103
Meeting held on November 17, 1970
The information reviewed at this meeting suggests that real output of
goods and services is changing little in the current quarter and that unemployment has increased. Part but not all of the weakness in over-all
activity is attributable to the strike in the automobile industry which apparently is now coming to an end. Wage rates generally are continuing
to rise at a rapid pace, but gains in productivity appear to be slowing the
increase in unit labor costs. Recent movements in major price measures
have been erratic but the general pace of advance in these measures has
tended to slow. Most interest rates declined considerably in the past few
weeks, and Federal Reserve discount rates were reduced by one-quarter
of a percentage point in the week of November 9. Demands for funds in
capital markets have continued heavy, but business loan demands at banks
have weakened. The money supply changed little on average in October
for the second consecutive month; bank credit also was about unchanged,
following a slowing of growth in September. The balance of payments
deficit on the liquidity basis was at a lower rate in the third quarter and
in October than the very high second-quarter rate, but the deficit on the
official settlements basis remained high as banks repaid Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions conducive
to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable
equilibrium in the country's balance of payments.
To implement this policy, the Committee seeks to promote some easing
of conditions in credit markets and moderate growth in money and attendant bank credit expansion over the months ahead, with allowance for
temporary shifts in money and credit demands related to the auto strike.
System open market operations until the next meeting of the Committee
shall be conducted with a view to maintaining bank reserves and money
market conditions consistent with those objectives.
Meeting held on December 15, 1970
The information reviewed at this meeting suggests that real output of
goods and services has declined since the third quarter, largely as a
consequence of the recent strike in the automobile industry, and that
unemployment has increased. Resumption of higher automobile production is expected to result in a bulge in activity in early 1971. Wage rates
generally are continuing to rise at a rapid pace, but gains in productivity
appear to be slowing the increase in unit labor costs. Movements in major
price measures have been diverse; most recently, wholesale prices have
shown little change while consumer prices have advanced substantially. Market interest rates declined considerably further in the past few weeks, and
Federal Reserve discount rates were reduced by an additional one-quarter
of a percentage point. Demands for funds in capital markets have continued heavy, but business loan demands at banks have been weak. Growth
in the money supply was somewhat more rapid on average in November
than in October, although it remained below the rate prevailing in the
first three quarters of the year. Banks acquired a substantial volume of
securities in November, and bank credit increased moderately after changing little in October. The foreign trade balance in September and October
was smaller than in any other 2-month period this year. The over-all
balance of payments deficit on the liquidity basis remained in October and
November at about its third-quarter rate. The deficit on the official settlements basis was very large as banks continued to repay Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions conducive
to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable
equilibrium in the country's balance of payments.
To implement this policy, System open market operations shall be
conducted with a view to maintaining the recently attained money market
conditions until the next meeting of the Committee, provided that the expected rates of growth in money and bank credit will at least be achieved.
104
Record of Policy Actions
of the Federal Open Market Committee
Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the
Board's Annual Report, are released approximately 90 days following
the date of the meeting and are subsequently published in the Federal
Reserve B U L L E T I N .
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 L L E T I N beginning with the July 1967 issue, and such records have
continued to be published in the Board's Annual Reports.
Records for the meetings held in 1970 through October 20 were
published in the B U L L E T I N S for April, pages 3 3 3 - 4 0 ; May, pages
4 3 6 - 4 3 ; June, pages 5 0 7 - 1 6 ; July, pages 5 7 3 - 8 0 ; August, pages 6 2 7 3 3 ; September, pages 7 0 8 - 1 9 ; October, pages 7 5 7 - 6 3 ; November,
pages 8 1 5 - 2 2 ; December, pages 9 2 1 - 2 7 ; and January 1 9 7 1 , pages
2 1 - 2 7 . The records for the meetings held on November 1 7 , and
December 15, 1970, follow:
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
MEETING HELD ON NOVEMBER 17, 1970
Authority to effect transactions in System Account.
Information reviewed at this meeting suggested that real output of
goods and services, which had risen at an annual rate of 1.4 per cent
in the third quarter, was changing little in the current quarter. Part
but not all of the weakness in over-all activity was attributable to a
strike at a major automobile manufacturer, which had begun in midSeptember and which apparently was now coming to an end. Although
recent movements in major price measures had been erratic, the general tendency in these measures had been toward a slower rate of
increase.
In October retail sales, industrial production, and nonfarm payroll
employment all declined and the unemployment rate edged up to 5.6
from 5.5 per cent in September. Sales fell sharply at automobile
dealers, but they increased at other types of retail establishments
after having changed little since April. Production was cut back
further in October in the motor vehicle and supplier industries and
also in industries that make business and defense equipment and many
types of industrial materials. Although payroll employment rose
moderately in the nonmanufacturing sector, it declined in manufacturing even apart from the effects of the automobile shutdown.
Average wholesale prices of industrial commodities advanced
sharply from mid-September to mid-October after some slowing in
the third quarter. Wholesale prices of farm products and foods declined about as much in October as they had risen in the previous
month. The consumer price index rose considerably in September,
but over the third quarter as a whole it had increased less than in
either of the two preceding quarters.
Wage rates were continuing to advance at a rapid pace; the increases provided by contract settlements concluded during the third
quarter, while somewhat smaller than the second-quarter increases,
were significantly larger than those of 1968 and 1969. However, output per manhour in the private nonfarm sector had risen considerably
further in the third quarter, and the rate of advance in unit labor
costs in the second and third quarters taken together was the lowest
since mid-1967.
RECORD OF POLICY ACTIONS OF FOMC
According to the latest staff projections—in which it was assumed
that the automobile industry would be back in full production by
early December—real GNP would remain about unchanged in the
fourth quarter, partly because of the effects of the strike in curtailing
business inventory investment and growth in consumer spending. It
appeared likely that over-all economic activity would rebound sharply
in the first quarter of 1971 in the aftermath of the strike; but that the
pace of expansion would moderate considerably in the second quarter, when automobile output and sales were expected to fall back from
their earlier post-strike surge.
Over the three quarters ending with the second quarter of 1971 the
average rate of growth in real GNP was expected to be relatively low.
The projections for that period contemplated further sizable advances
in residential construction expenditures and State and local government outlays. However, it was anticipated that consumer expenditures
would increase only moderately on balance, and that business capital
investment and defense outlays would decline. The rate of advance
in prices was still expected to slow, but by less than had appeared
likely earlier.
The surplus on U.S. foreign trade declined further in September;
for the third quarter as a whole the surplus was slighdy below the
high second-quarter rate. The over-all balance of payments on the
liquidity basis improved markedly from the second to the third quarter, largely because of a reversal of flows involved in U.S. bank lending to foreigners and a renewal of foreign buying of U.S. stocks. The
deficit on the official settlements basis remained near the high level of
the second quarter as a result of substantial repayments of Euro-dollar
borrowings by U.S. banks.
Preliminary estimates for October suggested that on both bases the
over-all payments deficit was remaining at about the third-quarter
rate. Repayments of Euro-dollar borrowings by U.S. banks appeared
to be continuing at a fairly steady pace; although Euro-dollar interest
rates had declined markedly during October, they were still considerably above comparable U.S. interest rates.
In the foreign exchange markets, most currencies had strengthened
against the dollar recently. Abroad, discount rates were reduced by the
National Bank of Belgium, from IVi to 7 per cent, on October 22; by
the Bank of Japan, from 6Va to 6 per cent, on October 28; and by the
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
Bank of Canada, from 6V2 to 6 per cent, on November 12. These
actions followed indications of easing of demand in the respective
domestic economies. The German Federal Bank cut its discount rate
from 7 to 6V2 per cent on the day of this meeting.
On October 22 the Treasury announced the terms on which it
would refund securities maturing in mid-November, including $6
billion held by the public. Holders of the maturing obligations were
offered the choice of a new IV4 per cent,
-year note priced at par
or a reopened IV2 per cent, 5 3 4-year note priced to yield 7.39 per
cent. The offering was very well received by the market; redemptions
for cash were smaller than had been expected and the notes traded at
substantial premiums on a "when-issued" basis. Near the end of
October, when it announced the results of the refunding, the Treasury
also announced that on November 5 it would auction $2 billion'of a
63A per cent, 18-month note, employing methods similar to those
normally used in Treasury bill auctions. This financing also was highly
successful; the average issuing rate in the auction was 6.21 per cent,
well below expectations.
Short-term interest rates had declined substantially further since
the October 20 meeting of the Committee. For example, the market
rate on 3-month Treasury bills, at 5.30 per cent on the day before this
meeting, was about 65 basis points below its level 4 weeks earlier and
lower than at any time in the preceding 2 years. The recent rate declines reflected a reduction in demands for short-term credit as a
result of the prolonged strike in the automobile industry and the
general sluggishness in the economy; the reinvestment in short-term
securities of the proceeds of the continuing heavy volume of capital
market issues; and widespread expectations among investors of imminent reductions in Federal Reserve discount rates and the prime lending rate of commercial banks. On November 11 and succeeding days
Federal Reserve Bank discount rates were reduced to 53A per cent
from the 6 per cent level that had been in effect since early April 1969.
On November 12 the prime lending rate—which had been cut from 8
to IV2 per cent in the latter part of September—was lowered to IV4
per cent.
In October some further easing of conditions in markets for residential mortgages was reflected in an additional slight decline in secondary market yields on federally insured loans. Inflows of savings
RECORD OF POLICY ACTIONS OF FOMC
funds to nonbank thrift institutions were again substantial, and it
appeared that the volume of mortgage loans and of new commitments
for such loans—both of which had increased considerably in the third
quarter—had continued large.
At commercial banks the rate of growth in total time and savings
deposits from September to October was below the very high thirdquarter rate, although the expansion remained substantial for both
consumer-type deposits and large-denomination CD's. The money
stock changed little from September to October—declining slightly
according to the published statistical series, and rising slightly after
a tentative allowance was made for the biases resulting from the accounting procedures employed in connection with certain types of
international transactions. On both bases the money stock had increased only slightly in September, but over the third quarter as a
whole it had grown at an annual rate of about 5 per cent.1
The lack of significant growth in the money stock in October contrasted with expectations at the time of the preceding Committee
meeting of expansion in that month at about a 4.5 per cent rate. The
shortfall appeared to be associated with the weakness in demands for
short-term credit; business loans at banks (adjusted to include loans
that had been sold to affiliates) declined even more sharply in October
than in the preceding month. Growth in the bank credit proxy—dailyaverage member bank deposits—also fell considerably short of expectations. After adjustment for a further marked reduction in bank
reliance on funds obtained from nondeposit sources, the proxy series
increased at an annual rate of less than 1 per cent, compared with
growth rates of about 10 per cent in September and more than 17
per cent in the third quarter as a whole.
System open market operations had been directed at achieving a
slight easing of money market conditions early in the period following
the October 20 meeting of the Committee, when current estimates
indicated that the monetary aggregates were growing at rates moderately below those desired. Somewhat greater easing had been sought
later in the period, when revised data indicated that the shortfall in
the aggregates was greater than had been thought earlier and when
1
Calculated on the basis of the daily-average level in the last month of the
quarter relative to that in the last month of the preceding quarter.
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
conditions associated with the Treasury financings were such that
"even keel" considerations offered less of a constraint on operations.
Most recently, the Federal funds rate had been fluctuating in a range
around 53A per cent, compared with the range above 6 per cent that
had prevailed shortly before the October 20 meeting. In the 4 weeks
ending November 11 member bank borrowings averaged about $475
million, down slightly from the average in the preceding 5 weeks.
Staff analysis suggested that, in light of the current weakness in
demands for money and credit, attainment of even a 4 per cent annual
rate of growth for money over the fourth quarter probably would
necessitate some easing of prevailing money market conditions. The
analysis suggested, however, that if subsequently there were no further substantial change in money market conditions, money growth
would step up in the first quarter of 1971, when demands for money
and credit were expected to strengthen temporarily in connection
with the bulge in GNP anticipated in the aftermath of the auto strike.
It appeared that growth in the money stock at an annual rate of 4
per cent in the fourth quarter might be associated with expansion in
the adjusted bank credit proxy at a rate of about 4.5 per cent.
The Committee agreed that, in light of the current and prospective
economic situation, some easing of conditions in credit markets and
moderate growth in money remained appropriate as objectives of
monetary policy. Concern was expressed about the shortfalls from
expected growth rates for the monetary aggregates that had been
experienced in October, and the members decided that an easing of
money market conditions would be desirable at present for the purpose of stimulating more substantial growth in the aggregates.
As at other recent meetings, there were some differences of view
with respect to the emphasis that should be placed on the growth rate
of money relative to other indicators of policy, and with respect to
the specific growth rate for money that should be sought. The Committee decided that it would be undesirable to "whipsaw" money and
credit market conditions to the extent that might be required to attain
a 5 per cent money growth rate in the fourth and first quarters individually. In particular, the Committee agreed that a 4 per cent growth
rate in the fourth quarter would be acceptable if the results of operating experience over coming weeks bore out the indication of the
staff analysis that attainment of a 5 per cent rate would require a
sharp easing of money market conditions. This judgment was reached
RECORD OF POLICY ACTIONS OF FOMC
in light of the expectation that money growth would pick up in the
first quarter if there were no further substantial change in money
market conditions. At the same time, it was noted that the policy
objectives for the first quarter and subsequent periods would, of
course, be considered by the Committee at future meetings.
During the discussion the Committee considered the degree to
which money market conditions should be eased in coming weeks in
pursuing the longer-run objectives for the monetary aggregates, in
light of the possibility that a marked easing might substantially accelerate the currently large outflows of short-term capital from the
United States. The Committee decided that, if it was found in the
course of operations that easing sufficient to reduce the Federal funds
rate to around 5 per cent was still not producing an adequate response
in terms of growth rates in the aggregates, members' views regarding
appropriate further operations should be ascertained. It was noted in
this connection that the Board of Governors was prepared to consider
measures to moderate the pace of repayments of Euro-dollar borrowings by U.S. banks if those repayments threatened to exceed
tolerable limits.
The Committee also considered a proposal for making somewhat
more use than was customary at this time of the year of open market
purchases of longer-term Treasury securities in meeting reserve needs.
Most members thought that a moderate volume of such purchases, if
practicable, could serve a constructive purpose.
The following current economic policy directive was issued to the
Federal Reserve Bank of New York:
The information reviewed at this meeting suggests that real output
of goods and services is changing little in the current quarter and
that unemployment has increased. Part but not all of the weakness in
over-all activity is attributable to the strike in the automobile industry which apparently is now coming to an end. Wage rates generally
are continuing to rise at a rapid pace, but gains in productivity
appear to be slowing the increase in unit labor costs. Recent movements in major price measures have been erratic but the general
pace of advance in these measures has tended to slow. Most interest
rates declined considerably in the past few weeks, and Federal Reserve discount rates were reduced by one-quarter of a percentage
point in the week of November 9. Demands for funds in capital
markets have continued heavy, but business loan demands at banks
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
have weakened. The money supply changed little on average in
October for the second consecutive month; bank credit also was
about unchanged, following a slowing of growth in September. The
balance of payments deficit on the liquidity basis was at a lower
rate in the third quarter and in October than the very high secondquarter rate, but the deficit on the official settlements basis remained
high as banks repaid Euro-dollar liabilities. In light of the foregoing
developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in
the rate of inflation, while encouraging the resumption of sustainable
economic growth and the attainment of reasonable equilibrium in
the country's balance of payments.
To implement this policy, the Committee seeks to promote some
easing of conditions in credit markets and moderate growth in money
and attendant bank credit expansion over the months ahead, with
allowance for temporary shifts in money and credit demands related
to the auto strike. System open market operations until the next
meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with
those objectives.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Daane, Francis, Heflin, Hickman, Mitchell, Robertson, Sherrill, and Swan. Vote against this
action: Mr. Maisel.
Mr. Maisel dissented from this action because he believed that the
objectives for growth in money and credit favored by the majority
were unsatisfactory. He favored seeking a growth rate for money in
the fourth quarter at least as high as the rate that had prevailed on
the average in the first three quarters of the year. Indeed, he thought
the information developed at this and prior meetings on the state of
the economy and its prospects should have led the Committee to reconsider and change the policies it had previously pursued. The monetary conditions sought under this directive would, he believed, increase
the probabilities that output and employment would continue on a
path that was too far below the economy's potential. In his judgment
the gap between actual and potential output and the consequent lost
production, income, and jobs would be greater than could be justified
on the basis of the needs of the economy, demand pressures on prices,
or the balance of payments.
RECORD OF POLICY ACTIONS OF FOMC
MEETING HELD ON DECEMBER 15, 1970
Authority to effect transactions in System Account.
The information reviewed at this meeting suggested that real output
of goods and services had declined in the fourth quarter of 1970,
largely because of the strike in the automobile industry that had extended from mid-September until late November. A bulge in activity
was in prospect for the first quarter of 1971, in connection with the
resumption of higher production and sales of automobiles.
In November retail sales, industrial production, and nonfarm payroll
employment continued to decline and the unemployment rate rose
further—to 5.8 from 5.6 per cent in October. The weakness in economic activity appeared to extend to areas well beyond those affected
by the strike. While the decline in total retail sales was attributable to
another sharp reduction at automobile dealers, sales at other types of
retail establishments increased relatively little. Within the manufacturing sector, the cutbacks that occurred in production and employment were centered in industries making business and defense
equipment and various types of industrial materials, as well as automobile parts and supplies; automobile assemblies were maintained at
the reduced October rate. In the nonmanufacturing sector payroll
employment changed little. On the other hand, private housing starts
rose further in October, the latest month for which data were available.
Major price measures had behaved in a diverse manner recently.
Average wholesale prices of industrial commodities leveled off from
mid-October to mid-November after rising sharply in the previous
month. Prices of farm products and foods declined further, and the
total wholesale price index edged down. In contrast, the consumer
price index continued upward in October at the accelerated rate recorded in September.
Staff projections had been revised since the previous Committee
meeting to indicate a decline in real GNP in the fourth quarter, rather
than little change; and a rebound in the first quarter, in the aftermath
of the strike, somewhat greater than had been anticipated earlier. The
projections still suggested that the pace of expansion would moderate
considerably in the second quarter and that the average rate of growth
in real GNP over the three quarters ending in mid-1971 would be
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
relatively low. It was noted that the projections made no allowance
for any unusual accumulation of steel inventories as a precaution
against a possible steel strike when current wage contracts expired
on July 31.
The surplus on U.S. foreign trade declined slightly further in October; in September and October together it was smaller than in any
other 2-month period in 1970. With respect to the over-all balance of
payments, the deficit on the liquidity basis in October and November
remained at about the third-quarter rate despite the shrinkage in the
trade surplus. The official settlements deficit, on the other hand, continued very large as a result of further repayments of Euro-dollar
borrowings by U.S. banks.
On November 30 the Board of Governors announced certain measures to moderate the pace of repayments of such Euro-dollar borrowings, including an increase from 10 to 20 per cent in the reserves
required from member banks against Euro-dollar borrowings in excess
of the amounts allowed as a "reserve-free" base. The higher requirement was intended to give banks an added inducement to preserve
their reserve-free bases against possible future need. At the same time
the Board announced that discount rates at five Federal Reserve
Banks had been lowered to 5 Vi per cent from the level of 53A per
cent to which they had been reduced earlier in the month.
Since late November Euro-dollar interest rates had risen considerably and the dollar had strengthened against most major European
currencies. These developments appeared to reflect the combined influence of year-end adjustments in the Euro-dollar market and the
response of U.S. banks to the Board's actions to moderate Euro-dollar
repayments. In addition, the strength of the dollar reflected declines
in domestic interest rates in some European financial markets. Discount rates were reduced by the German Federal Bank, from 6V2 to
6 per cent, on December 3; and by the National Bank of Belgium,
from 7 to 6V2 per cent, on December 10. In each country similar
reductions of V2 percentage point had been made only recently—on
October 22 in Belgium and on November 17 in Germany.
System open market operations since the November 17 meeting
of the Committee had been directed at fostering some easing of money
market conditions, for the purposes of promoting easier conditions in
credit markets generally and of achieving expansion in the money
RECORD OF POLICY ACTIONS OF FOMC
stock at a moderate rate. A substantial volume of reserves was supplied during the interval, in part through purchases of intermediateand long-term Treasury securities. The effective rate on Federal funds,
which had been around 53A per cent shortly before the mid-November
meeting, subsequently fluctuated for the most part in a range from
5 Vi per cent down to about 5 per cent. Most recently, however, the
funds rate had moved below that range on a number of days and had
averaged about 5 per cent. In the 4 weeks ending December 9 member bank borrowings had averaged about $375 million, approximately
$100 million below the average of the preceding 4 weeks.
Both short- and long-term market interest rates had declined substantially in recent weeks. With respect to short-term securities, the
market rate on 3-month Treasury bills was 4.80 per cent on the day
before this meeting, 50 basis points below its level 4 weeks earlier. In
capital markets, where an extended rally had begun around the end
of October, yields had fallen to their lowest levels in well over a year
despite a continuing very heavy volume of new corporate and municipal offerings.
Contributing to these declines in interest rates were the cumulating
evidence of weakness in economic activity, a growing belief that demands for funds in capital markets might moderate after the turn of
the year, and widespread market expectations that an expansionary
monetary policy would be pursued. A reduction on November 23 in
the prime lending rate of commercial banks from IV4 to 7 per cent—
the third cut in the prime rate since the end of the summer—helped
to sustain the rally, as did the recent reduction in Federal Reserve
Bank discount rates.
Yields on residential mortgages declined further in November in
secondary markets for federally insured loans, and the ceiling rate on
such loans was lowered by administrative action from 8V2 to 8 per
cent, effective December 1. This was the first reduction in the ceiling
rate in nearly a decade. According to preliminary indications, both the
inflows of savings funds to nonbank thrift institutions and the volume
of new mortgage commitments by those institutions had continued
large in November.
At commercial banks, business loans (adjusted to include loans
that had been sold to affiliates) declined sharply in November for the
third successive month. The recent weakness in loan demands re-
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
fleeted the effects of the automobile strike and the general sluggishness of economic activity, and also the use by corporations of some
proceeds of capital market offerings to repay bank debt. Banks continued to acquire securities—particularly municipal issues—at a rapid
rate, and they were less aggressive than earlier in seeking funds
through issues of large-denomination CD's. Although the rate of
growth in total time and savings deposits remained substantial, it
was somewhat below that of October and only about half the exceptionally high rate of the summer.
According to preliminary estimates, both the bank credit proxy—
daily-average member bank deposits—and the money stock increased
somewhat more rapidly on the average in November than had been
anticipated at the time of the previous meeting. After adjustment for
a further reduction in bank reliance on funds from nondeposit sources,
the proxy series expanded at an annual rate of about 8 per cent, compared with rates of about 1 per cent in October and 17 per cent over
the third quarter.1 Preliminary calculations for the money stock, based
on the newly revised statistical series,2 indicated that growth in November was at an annual rate of 4.5 per cent. While this was above
the 1 per cent growth rate recorded in October, it was below the
increases—at annual rates of about 6 per cent—now indicated for
each of the first three quarters of the year.
It was noted that the outlook for the monetary aggregates was particularly uncertain at this time, both because of the difficulties of
assessing the precise impact on financial markets of the surge in
activity expected in the aftermath of the automobile strike and because
of the churning in those markets that is typical of the period around
the year-end. Staff analysis suggested that the money stock would tend
to increase relatively rapidly in December and January, in part as a
result of the expected bulge in economic activity. According to the
analysis, if money market conditions were about the same as those
1
Calculated on the basis of the daily-average level in the last month of the
quarter relative to that in the last month of the preceding quarter.
2
The revised series, published by the Board of Governors on November 27,
1970, incorporated the usual annual revisions of seasonal factors and benchmark adjustments for nonmember bank data. It also reflected the use of newly
collected information to correct downward biases resulting from the accounting
procedures employed in connection with certain types of international transactions.
RECORD OF POLICY ACTIONS OF FOMC
most recently attained, over the fourth quarter the money stock and
the adjusted bank credit proxy would expand at annual rates of about
5 and 9 per cent, respectively. For both aggregates somewhat faster
growth was anticipated over the first quarter of 1971.
In light of the uncertainties affecting the weeks immediately ahead,
a number of Committee members suggested that it would be appropriate, in making decisions on open market operations in this period, to
give somewhat greater weight than previously to money market conditions relative to the weight given to reported statistics on the monetary
aggregates. A few members expressed the view that such a shift in
emphasis was desirable on more general grounds, apart from present
uncertainties.
With respect to the monetary aggregates, some members drew attention to the significance of the behavior of aggregates other than
the narrowly defined money stock—private demand deposits plus
currency in circulation, the so-called "Mi." Reference was made in
this connection both to bank credit and to money on various definitions that are broader than M x .
There were some differences in the views expressed regarding the
rates of expansion in money and bank credit that might be considered
desirable or acceptable in the coming period. In the course of the discussion, and against the background of present expectations regarding
growth rates in the fourth quarter, it was suggested that the monetary
aggregates should expand in the weeks immediately ahead by at least
the amounts that appeared to be consistent with the somewhat faster
growth rates anticipated for the first quarter. The Committee agreed
that money market conditions should be eased if it appeared that
shortfalls from those growth paths were developing, but that otherwise operations should be directed at maintaining the conditions most
recently attained.
The following current economic policy directive was issued to the
Federal Reserve Bank of New York:
The information reviewed at this meeting suggests that real output
of goods and services has declined since the third quarter, largely as
a consequence of the recent strike in the automobile industry, and
that unemployment has increased. Resumption of higher automobile
production is expected to result in a bulge in activity in early 1971.
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FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
Wage rates generally are continuing to rise at a rapid pace, but gains
in productivity appear to be slowing the increase in unit labor costs.
Movements in major price measures have been diverse; most recently, wholesale prices have shown little change while consumer
prices have advanced substantially. Market interest rates declined
considerably further in the past few weeks, and Federal Reserve discount rates were reduced by an additional one-quarter of a percentage point. Demands for funds in capital markets have continued
heavy, but business loan demands at banks have been weak. Growth
in the money supply was somewhat more rapid on average in November than in October, although it remained below the rate prevailing in the first three quarters of the year. Banks acquired a
substantial volume of securities in November, and bank credit increased moderately after changing little in October. The foreign
trade balance in September and October was smaller than in any
other 2-month period this year. The over-all balance of payments
deficit on the liquidity basis remained in October and November at
about its third-quarter rate. The deficit on the official settlements
basis was very large as banks continued to repay Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, System open market operations shall be
conducted with a view to maintaining the recently attained money
market conditions until the next meeting of the Committee, provided
that the expected rates of growth in money and bank credit will at
least be achieved.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Daane, Heflin, Maisel, Mitchell, Robertson, Sherrill, Swan, and Mayo. Vote against this
action: Mr. Francis. (Mr. Mayo voted as alternate
for the late Mr. Hickman.)
Mr. Francis dissented from this action both because he favored
relative to that
increasing, rather than reducing, the emphasis on
on money market conditions in making System operating decisions,
and because he favored maintaining growth in the money stock at the
recently prevailing annual rate of 5 per cent. In the latter connection,
RECORD OF POLICY ACTIONS OF FOMC
he believed that continued growth in money at a 5 per cent rate was
likely to assure steady progress toward moderating price increases,
along with a gradually increasing pace of expansion in real output.
In his judgment a faster growth rate for money would result in higher
real output in 1971, but at a disproportionate cost in terms of prolonging inflation and perhaps intensifying it after 1971.
119
Law Department
Statutes, regulations, interpretations, and decisions
HOUSING AND URBAN DEVELOPMENT ACT OF 1970
By Act approved December 31, 1970 (Public
Law 91-609), Congress amended various laws
relating to housing and urban development and enacted new legislation in this area to provide for a
national urban growth policy with emphasis on new
community and inner city development.
A provision of the Act expands the powers of
national banks by amending section 24 of the
Federal Reserve Act to authorize such banks to
make loans or purchase obligations for land development that are guaranteed by the Secretary
of Housing and Urban Development under the
portion of the Act described as Part B of the
Urban Growth and New Community Development Act of 1970 (84 Stat. 1793, 1803).
FINANCIAL INSTITUTIONS SUPERVISORY ACT
An Act of Congress approved December 31,
(Public Law 9 1 - 6 0 9 ) , among other things,
made permanent the provisions of titles I and II of
the Act of October 16, 1 9 6 6 (Public Law 8 9 - 6 9 5 ) ,
known as the Financial Institutions Supervisory
Act of 1 9 6 6 (see Federal Reserve BULLETIN for
November 1 9 6 6 , page 1 6 1 8 ) . Titles I and II contain provisions with respect to regulatory and supervisory authority and were originally made effective only through close of June 30, 1972.
1970
UNIFORM RELOCATION ASSISTANCE AND REAL
PROPERTY ACQUISITION POLICIES ACT OF 1970
By Act approved January 2, 1971 (Public Law
91-646), Congress provided for uniform and equitable policies regarding land acquisition and treatment of persons displaced from their homes, businesses, or farms by Federal agencies or by federally assisted programs. For the purposes of the
Act, "Federal agency" includes the Federal Reserve Banks and branches thereof.
RESERVES AGAINST EURODOLLAR BORROWINGS
The Board of Governors, effective January 15,
1971, amended section 213.7(a) of Regulation M,
"Foreign Activities of National Banks", to provide
a means by which a member bank may retain its
reserve-free base with respect to its Eurodollar
borrowings from its foreign branches by counting
within its base the amount of purchases by its foreign branches of certain Export-Import Bank obligations. The text of the amendment reads as follows (the change appears in footnote 8):
AMENDMENT TO REGULATION M
Effective January 15, 1971, section 213.7(a) is
amended to read as follows:
SECTION 213.7—RESERVES AGAINST
FOREIGN BRANCH DEPOSITS
(a) Transactions with parent bank. During each
week of the four-week period beginning October
16, 1969, and during each week of each successive
four-week ("maintenance") period, a member
bank having one or more foreign branches shall
maintain with the Reserve Bank of its district, as a
reserve against its foreign branch deposits, a daily
average balance equal to 20 per cent of the amount
by which the daily average total of
(1) net balances due from its domestic offices to
such branches, and
(2) assets (including participations) held by
such branches which were acquired from its domestic offices,7
during the four-week ("computation") period ending on the Wednesday fifteen days before the beginning of the maintenance period, exceeds the
greater of
(i) the lowest corresponding daily average total 8 for any computation period ending after November 25, 1970, or
(ii) 3 per cent of the member bank's daily average deposits subject to § 204.5(a) of this chap7
Excluding (1) assets so held on June 26, 1969, representing credit extended to persons not residents of the
United States and (2) credit extended or renewed by a
domestic office after June 26, 1969, to persons not residents
of the United States to the extent such credit was not extended in order to replace credit outstanding on that date
which was paid prior to its original maturity (see definition
of United States resident in footnote 9 ) .
8
Including the principal amount paid by a foreign branch
of the member bank for obligations held by such branch
that were purchased by it from the Export-Import Bank of
the United States pursuant to its program announced on
January 15, 1971, and excluding assets representing credit
extended to persons not residents of the United States.
121
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
122
ter (Regulation D) during the current computation
period, or the lowest corresponding daily average
total 8 for any computation period beginning on
or after January 21, 1971, and after the bank has
had a foreign branch in operation for more than
90 days, whichever amount is the lesser:
Provided, That the applicable base computed under (i) or (ii) shall be reduced by the daily average
amount of any deposits of the member bank subject to § 204.5(c) of this chapter (Regulation D)
during the computation period.
^
:c
J
H
:
TRUTH IN LENDING
The Board of Governors, effective January 25,
1971, amended Regulation Z, "Truth in Lending",
to implement the provisions of an Act approved by
Congress October 26, 1970 (Public Law 91-508),
which, among other things, amended the Truth in
Lending Act (15 U.S.C. 1601) to include credit
cards within the coverage of that Act. Section
226.1 of the Regulation has been amended to indicate the addition of the new credit card provisions, and section 226.12 has been amended to
specify that States may apply for an exemption,
under certain conditions, from the Federal law.
Supplement IV sets forth the procedures and criteria necessary to obtain an exemption. A new section 226.13 has been added to the Regulation setting forth the rules governing the issuance of credit
cards and conditions of liability, including liability
for their unauthorized use. The text of the amendments is as follows:
AMENDMENTS TO REGULATION Z
Effective January 25, 1971, section 226.1 and
section 226.12 are amended and section 226.13 and
Supplement IV are added as follows:
SECTION 226.1—AUTHORITY, SCOPE,
PURPOSE, ETC.
(a) Authority, scope and purpose. (1) This Part
comprises the regulations issued by the Board of
Governors of the Federal Reserve System pursuant
to Title I (Truth in Lending Act) and Title V
(General Provisions) of the Consumer Credit Protection Act, as amended (15 U.S.C. § 1601 et
seq.). Except as otherwise provided herein, this
Part applies to all persons who in the ordinary
course of business regularly extend, or offer to extend, or arrange, or offer to arrange, for the extension of consumer credit as defined in paragraph
(k) of § 226.2, and to all persons who issue credit
cards.
(2) This Part implements the Act, the purpose
of which is to assure that every customer who has
need for consumer credit is given meaningful information with respect to the cost of that credit
which, in most cases, must be expressed in the
dollar amount of finance charge, and as an annual
percentage rate computed on the unpaid balance
of the amount financed. Other relevant credit information must also be disclosed so that the customer may readily compare the various credit terms
available to him from different sources and avoid
the uninformed use of credit. This Part also implements the provision of the Act under which a
customer has a right in certain circumstances to
cancel a credit transaction which involves a lien on
his residence. Advertising of consumer credit terms
must comply with specific requirements, and certain credit terms may not be advertised unless the
creditor usually and customarily extends such
terms. This Part also contains prohibitions against
the issuance of unsolicited credit cards and limits
on the cardholders's liability for unauthorized use
of a credit card. Neither the Act nor this Part is
intended to control charges for consumer credit, or
interfere with trade practices except to the extent
that such practices may be inconsistent with the
purpose of the Act.
(b) Administrative enforcement. (1) As set forth
more fully in section 108 of the Act, administrative
enforcement of the Act and this Part with respect
to certain creditors and credit card issuers is assigned to the Comptroller of the Currency, Board
of Directors of the Federal Deposit Insurance Corporation, Federal Home Loan Bank Board (acting
directly or through the Federal Savings and Loan
Insurance Corporation), Administrator of the National Credit Union Administration, Interstate
Commerce Commission, Civil Aeronautics Board,
Secretary of Agriculture, and Board of Governors
of the Federal Reserve System.
(2) Except to the extent that administrative
enforcement is specifically committed to other authorities, compliance with the requirements imposed under the Act and this Part will be enforced
by the Federal Trade Commission.
(c) Penalties and liabilities. Section 112 of the
Act provides for criminal liability for willful and
knowing failure to comply with any requirement
imposed under the Act and this Part, and section
130 of the Act provides for civil liability on the
part of any creditor who fails to disclose any in-
LAW DEPARTMENT
formation required under Chapter 2 of the Act and
under the corresponding provisions of this Part.
Section 134 provides for criminal liability for the
fraudulent use of a credit card to obtain goods or
services having a retail value aggregating $5,000 or
more. Pursuant to section 108 of the Act, violations of the Act or this Part constitute violations of
other Federal laws which may provide further
penalties.
SECTION 226.12—EXEMPTION OF
CERTAIN STATE REGULATED
TRANSACTIONS
(a) Exemption for State regulated transactions.
In accordance with the provisions of Supplements
II and IV to Regulation Z, any State may make
application to the Board for exemption of any class
of transactions within that State from the requirements of Chapter 2 of the Act and the corresponding provisions of this part: Provided, That
(1) Under the law of that State, that class of
transactions is subject to requirements substantially
similar to those imposed under Chapter 2 of the
Act and the corresponding provisions of this Part;
and
(2) There is adequate provision for enforcement.
(b) Procedures and criteria. The procedures and
criteria under which any State may apply for the
determination provided for in paragraph (a) of
this section are set forth in Supplement II to Regulation Z with respect to disclosure and rescission requirements (§§ 121-131 of Chapter 2) and Supplement IV with respect to the prohibition of the
issuance of unsolicited credit cards and the liability
of the cardholder for unauthorized use of a credit
card (§§ 132-133 of Chapter 2).
(c) Civil liability. In order to assure that the
concurrent jurisdiction of Federal and State courts
created in section 130(e) of the Act shall continue
to have substantive provisions to which such jurisdiction shall apply, and generally to aid in implementing the Act with respect to any class of transactions exempted pursuant to paragraph (a) of this
section and Supplement II, the Board pursuant to
sections 105 and 123 hereby prescribes that:
(1) No such exemption shall be deemed to extend to the civil liability provisions of sections 130
and 131; and
(2) After an exemption has been granted, the
disclosure requirements of the applicable State law
shall constitute the disclosure requirements of this
Act, except to the extent that such State law imposes disclosure requirements not imposed by this
123
Act. Information required under such State law
with the exception of those provisions which impose disclosure requirements not imposed by this
Act shall, accordingly, constitute the "information
required under this Chapter" (Chapter 2 of the
Act) for the purpose of section 130(a).
(d) Exemptions granted. Exemptions granted by
the Board to particular classes of credit transactions within specified States are set forth in Supplement III to Regulation Z.
SECTION 226.13—CREDIT C A R D S ISSUANCE AND LIABILITY
(а) Supplemental definitions applicable to this
section. In addition to the definitions set forth in
§ 226.2, as applicable, the following definitions apply to this section:
(1) "Accepted credit card" means any credit
card which the cardholder has requested or applied
for and received, or has signed, or has used, or has
authorized another person to use for the purpose
of obtaining money, property, labor, or services on
credit. Any credit card issued in renewal of, or in
substitution for, an accepted credit card becomes
an accepted credit card when received by the
cardholder whether such card is issued by the same
or a successor card issuer.
(2) "Adequate notice" means a printed notice to
a cardholder which sets forth the pertinent facts
clearly and conspicuously so that a person against
whom it is to operate could reasonably be expected to have noticed it and understood its meaning.
(3) "Card issuer" means any person who issues
a credit card, or the agent of such person with
respect to such card.
(4) "Cardholder" means any person to whom a
credit card is issued or any person who has agreed
with the card issuer to pay obligations arising from
the issuance of a credit card to another person.
(5) "Credit" means the right to defer payment
of debt, incur debt and defer its payment, or to
obtain money, property, labor or services and defer payment therefor.
(б) "Credit card" means any card, plate, coupon
book, or other single credit device existing for the
purpose of being used from time to time upon
presentation to obtain money, property, labor, or
services on credit.
(7) "Unauthorized use" means the use of a
credit card by a person other than the cardholder
(i) who does not have actual, implied, or apparent authority for such use, and
124
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
(ii) from which the cardholder receives no
benefit.
(b) Issuance of credit cards. No credit card
shall be issued except:
(1) In response to a request or application therefor, or
(2) As a renewal of, or in substitution for, an
accepted credit card whether such card is issued
by the same or a successor card issuer.
(c) Conditions of liability of cardholder. A cardholder shall be liable for unauthorized use of a
credit card only if,
(1) The credit card is an accepted credit card;
(2) Such liability does not exceed the lesser of
$50 or the amount of money, property, labor, or
services obtained by such use prior to notification
of the card issuer pursuant to paragraph (f) of this
section;
(3) The card issuer has given adequate notice
to the cardholder of his potential liability on the
credit card or within two years preceding the
unauthorized use; and
(4) The card issuer has provided the cardholder
with an addressed notification requiring no postage to be paid by the cardholder which may be
mailed by the cardholder in the event of the loss,
theft, or possible unauthorized use of the credit
card.
(d) Other conditions of liability. In addition to
the conditions of liability in paragraph (c) of this
section, no cardholder shall be liable for the unauthorized use of any credit card which was issued
after January 24, 1971, and, regardless of the date
of its issuance, after January 24, 1972, no cardholder shall be liable for the unauthorized use of
any credit card, unless the card issuer has provided a method whereby the user of such card can
be identified as the person authorized to use it,
such as by signature, photograph, or fingerprint on
the credit card or by electronic or mechanical
confirmation.
(e) Notice to cardholder. The notice to cardholder pursuant to paragraph ( c ) ( 3 ) of this section may be given by printing the notice on the
credit card, or by any other means reasonably assuring the receipt thereof by the cardholder. An
acceptable form of notice must state that liability
shall not exceed $50 (or any lesser amount), that
notice of loss, theft, or possible unauthorized use
may be given orally or in writing, and the name
and address of the party to receive the notice. It
may include any additional information which is
not inconsistent with the provisions of this section.
An example of an acceptable notice is as follows:
"You may be liable for the unauthorized use of
your credit card [or other term which describes
the credit device]. You will not be liable for unauthorized use which occurs after you notify
[name of card issuer or his designee] at [address]
orally or in writing of loss, theft, or possible unauthorized use. In any case liability shall not exceed [insert—$50 or any lesser amount under
other applicable law or under any agreement with
the cardholder]."
(f) Notice to card issuer. For the purposes of
this section, a cardholder notifies a card issuer by
taking such steps as may be reasonably required
in the ordinary course of business to provide the
card issuer with the pertinent information with respect to loss, theft, or possible unauthorized use
of any credit card, whether or not any particular
officer, employee, or agent of the card issuer does,
in fact, receive such notice or information. Irrespective of the form of notice provided under
paragraph (c)(4) of this section, at the option of
the cardholder, notice may be given to the card
issuer or his designee in person or by telephone or
by letter, telegram, radiogram, cablegram, or other
written communication which sets forth the pertinent information. Notice by mail, telegram, radiogram, cablegram, or other written communication
shall be considered given at the time of receipt or,
whether or not received, at the expiration of the
time ordinarily required for transmission, whichever is earlier.
(g) Action to enforce liability. In any action by
a card issuer to enforce liability for the use of a
credit card, the burden of proof is upon the card
issuer to show that the use was authorized or, if
the use was unauthorized, then the burden of proof
is upon the card issuer to show that the conditions
of liability for the unauthorized use of a credit
card, as set forth in paragraphs (c) and (d) of this
section, have been met.
(h) Effect on other applicable law or agreement.
Nothing in this section imposes liability upon a
cardholder for the unauthorized use of a credit
card in excess of his liability for such use under
other applicable law or under any agreement with
the card issuer.
LAW DEPARTMENT
SUPPLEMENT IV TO REGULATION Z
SECTION 226.12—SUPPLEMENT
Procedures and criteria under which any State
may apply for exemption pursuant to paragraph
(a) of § 226.12 from the provisions of Chapter 2
of the Truth in Lending Act prohibiting the
issuance of unsolicited credit cards and limiting
cardholder liability for unauthorized use of a
credit card.
(a) Application. Any State may make application to the Board, pursuant to the terms of this
supplement and the Board's Rules of Procedure
(12 CFR 262), for a determination that, under the
laws of that State,1 a class of transactions within
the State is subject to requirements substantially
similar to those imposed under Chapter 2 of the
Act2 prohibiting the issuance of unsolicited credit
cards and limiting cardholder liability for unauthorized use of a credit card and that there is
adequate provision for enforcement of such requirements. Such application shall be made by
letter addressed to the Board signed by the Governor, the Attorney General, or any official of the
State having responsibilities under the State laws
which are applicable to that class of transaction
and supported by the documents specified in
paragraph (b).
(b) Supporting documents. The application shall
be accompanied by:
(1) A copy of the full text of the laws of the
State which are claimed by the applicant to
impose requirements substantially similar to those
imposed under Chapter 2 of the Act with respect
to the class of transactions within that State.
(2) A comparison of each requirement of
State law with the corresponding requirement of
Chapter 2 of the Act, together with reasons to
support the claim that applicable requirements of
State law are substantially similar to the applicable requirements imposed under Chapter 2 of the
Act, and to demonstrate that any differences are
not inconsistent with such requirements of Chapter 2 of the Act and that there are no other effective State laws which are inconsistent with such
requirements of Chapter 2 of the Act with respect
to that class of transactions.
1
Any reference to State law in Supplement IV includes
a reference to any regulations which implement State law
and formal interpretations thereof.
2
Any reference to Chapter 2 of the Act or any section
thereof in Supplement IV includes a reference to the implementing provisions of this Part and the Board's formal
interpretations thereof.
125
(3) A copy of the full text of the laws of the
State which provide for enforcement of the State
laws referred to in subparagraph (1) of this paragraph.
(4) A comparison of the provisions of State
law with the provisions of § 108 and § 112 of the
Act, together with reasons to support the claim
that such State laws provide for:
(i) Administrative enforcement of the State
laws referred to in subparagraph (1) of this paragraph which is tantamount to the provisions for
enforcement under § 108 of the Act and,
(ii) Criminal liability for willful and knowing
violation with penalties substantially similar to
those prescribed under § 112 of the Act.
(5) A statement identifying the office designated or to be designated to administer the State
laws referred to in subparagraph (1) of this
paragraph, and a description of the procedures
under which such State laws are to be administratively enforced, including administrative enforcement with respect to federally chartered
creditors.® The foregoing statement should include
reasons to support the claim that there is adequate provision for enforcement of such State
laws.
(c) Public notice of filing and proposed rule
making. In connection with any application which
has been filed in accordance with the requirements
of paragraphs (a) and (b), notice of such filing
and proposed rule making will be published by
the Board in the Federal Register, and a copy of
such application will be made available for examination by interested persons during business hours
at the Board and at the Federal Reserve Bank
of each Federal Reserve District in which any
part of the State of the applicant is situated. A
period of time will be allowed from the date of
such publication for the Board to receive written comments from interested persons with repect to that application.
(d) Exemption from requirements of Chapter 2.
If the Board determines on the basis of the information before it that under the law of a State
5
All transactions within the exempt class of transactions
in which a federally chartered institution is a creditor shall
be treated as a separate class of transactions not subject to
the exemption, and such federally chartered creditors
shall remain subject to the requirements of the Act and administrative enforcement by the appropriate Federal authority under § 108 of the Act, unless it is established to
the satisfaction of the Board that appropriate arrangements
have been made with such Federal authorities to assure effective enforcement of the requirements of "State laws with
respect to such creditors.
126
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
any class of transactions is subject to requirements
substantially similar to those imposed under
Chapter 2 of the Act prohibiting the issuance of
unsolicited credit cards and limiting the cardholder's liability for unauthorized use of a card,
and that there is adequate provision for enforcement, the Board will exempt such class of transactions in that State from the applicable requirements of Chapter 2 of the Act in the following
manner and subject to the following conditions:
(1) Notice of the exemption will be published
in the Federal Register, and the Board will furnish
a copy of such notice to the official who made
application for such exemption and to each Federal authority responsible for administrative enforcement of the requirements of Chapter 2 of
the Act.
(2) The appropriate official of any State which
receives an exemption shall inform the Board
within 30 days of the occurrence of any change
in its related law (or regulations). The report of
any change shall contain copies of the full text
of that change together with statements setting
forth the information and opinions with respect
to that change as specified in subparagraphs (2)
and (4) of paragraph (b). The appropriate official of any State which has received an exemption shall file with the Board from time to time
such reports as the Board may require.
(3) The Board will inform the appropriate official of any State which receives an exemption
of any subsequent amendments to the applicable
provisions of Chapter 2 of the Act (including
the implementing provisions of this Part and the
Board's formal interpretations) which might call
for amendment of State law, regulations, or
formal interpretations.
(e) Adverse determination. (1) If after publication of notice in the Federal Register as provided
under paragraph (d) the Board finds on the basis
of the information before it that it cannot make
any favorable determination in connection with
the application, the Board will notify the appropriate State official of the facts upon which such findings are based and shall afford that State a reasonable opportunity to demonstrate or achieve compliance.
(2) If, after having afforded the State such
opportunity to demonstrate or achieve compliance, the Board finds on the basis of the information before it that it still cannot make any favorable determination in connection with the application, the Board will publish in the Federal
Register a notice of its decision with respect to
such application and will furnish a copy of such
notice to the official who made application for
such exemption.
(f) Revocation of exemption. (1) The Board reserves the right to revoke any exemption if at any
time it determines that the State law does not in
fact impose requirements which are substantially
similar to those imposed under Chapter 2 of the
Act or that there is not in fact adequate provision for enforcement.
(2) Before revoking any State exemption, the
Board will notify the appropriate State official
of the facts or conduct which in the opinion of
the Board warrant such revocation and shall afford that State such opportunity as the Board
deems appropriate in the circumstances to demonstrate or achieve compliance.
(3) If, after having been afforded the opportunity to demonstrate or achieve compliance, the
Board determines that the State has not done so,
notice of the Board's intention to revoke such
exemption shall be published as a notice of proposed rule making in the Federal Register. A
period of time will be allowed from the date of
such publication for the Board to receive written
comments from interested persons with respect to
the proposed rule making.
(4) In the event of revocation of such exemption, notice of such revocation shall be published
by the Board in the Federal Register, and a copy
of such notice shall also be furnished to the appropriate State official and to the Federal authorities responsible for enforcement of requirements
of Chapter 2 of the Act, and the class of transactions affected within that State shall then be
subject to the requirements of Chapter 2 of the
Act and subject to administrative enforcement as
provided under § 108 of the Act.
TENDER OFFERS AND OTHER STOCK
ACQUISITIONS
The Board of Governors, effective February 4,
1971, has amended sections 206.4(g)(2) and
206.5(/) of Regulation F, "Securities of Member
State Banks", in view of the provisions of an Act
of Congress approved December 22, 1970 (Public
Law 91-567). The Act, among other things,
amended the Securities Exchange Act of 1934 to
require disclosure of certain information concerning acquisitions of more than 5 per cent of a class
of equity securities registered pursuant to the
1934 Act (rather than 10 per cent, as formerly).
The text of the amendments is as follows:
LAW DEPARTMENT
127
AMENDMENTS TO REGULATION F
Effective February 4, 1971, sections 206.4(g) (2)
and 206.5 (/) are amended as set forth below:
SECTION 206.4—REGISTRATION
STATEMENTS AND REPORTS
*
*
*
*
*
(g) Current reports. * * *
(2)(i) Any person who, after acquiring, directly or indirectly, the beneficial ownership of any
equity security of a member State bank, of a class
which is registered pursuant to section 12 of the
Act, is directly or indirectly the beneficial owner
of more than 5 per cent of such class shall, within
ten days after such acquisition, send to the bank at
its principal executive office, by registered or certified mail, send to each exchange where the security is traded, and file with the Board a statement
containing the information required by Form F - l l .
Eight copies of the statement shall be filed with the
Board.
(ii) Acquisitions of securities by a security
holder who, prior to such acquisition, was the beneficial owner of more than 5 per cent of the outstanding securities of the same class as those acquired
shall be exempt from the reporting requirements
of subdivision (i) of this subparagraph if the following conditions are met: (a) the acquisition is
made pursuant to preemptive subscription rights in
an offering made to all holders of securities of the
class to which the preemptive subscription rights
pertain; (b) the purchaser does not, through the
exercise of such preemptive subscription rights, acquire more than his or its pro-rata share of the
securities offered; and (c) the acquisition is duly
reported pursuant to section 16(a) of the Act and
the provisions of § 206.6 promulgated thereunder.
SECTION 206.5—PROXY STATEMENTS
AND OTHER SOLICITATIONS UNDER
SECTION 14 OF T H E ACT
*
*
*
*
*
»
(7) Invitations for tenders. (1) No person, directly or indirectly, by use of the mails or by any
means or instrumentality of interstate commerce or
of any facility of a national securities exchange or
otherwise, shall make a tender offer for, or a request or invitation for tenders of, any class of any
equity security, which is registered pursuant to sec
tion 12 of the Act, of a member State bank if, after
consummation thereof, such person would, directly
or indirectly, be the beneficial owner of more than
5 per cent of such class, unless, at the time copies
of the offer or request or invitation are first published or sent or given to security holders, such person has filed with the Board a statement containing the information and exhibits required by Form
F-ll.
*
*
*
(5) If any securities to be offered in connection
with the tender offer for, or request or invitation
for tenders of, securities with respect to which a
statement is required to be filed pursuant to subparagraph (1) of this paragraph, have been or are
to be registered under the Securities Act of 1933, a
copy of the prospectus containing the information
required to be included therein under that Act
shall be filed as an exhibit to such statement. Any
information contained in the prospectus may be
incorporated by reference in such statement.
(6) Eight copies of the statement required by
subparagraph (1) of this paragraph, every amendment to such statement, and all other material required by this section shall be filed with the Board.
INTERPRETATION OF REGULATION T
PARTIAL DELAYED ISSUE CONTRACTS
COVERING NONCONVERTIBLE BONDS
During recent years, it has become customary
for portions of new issues of nonconvertible bonds
and preferred stocks to be sold subject to partial
delayed issue contracts, which have customarily
been referred to in the industy as "delayed delivery" contracts, and the Board of Governors has
been asked for its views as to whether such transactions involve any violations of the Board's margin regulations.
The practice of issuing a portion of a debt (or
equivalent) security issue at a date subsequent to
the main underwriting has arisen where market
conditions made it difficult or impossible, in a
number of instances, to place an entire issue simultaneously. In instances of this kind, institutional
investors (e.g., insurance companies or pension
funds) whose cash flow is such that they expect to
have funds available some months in the future,
have been willing to subscribe to a portion, to be
issued to them at a future date. The issuer has been
willing to agree to issue the securities in two or
more stages because it did not immediately need
the proceeds to be realized from the deferred por-
128
FEDERAL RESERVE BULLETIN • FEBRUARY
tion, because it could not raise funds on better
terms, or because it preferred to have a certain
portion of the issue taken down by an investor of
this type.
In the case of such a delayed issue contract, the
underwriter is authorized to solicit from institutional customers offers to purchase from the issuer,
pursuant to contracts of the kind described above,
and the agreement becomes binding at the underwriters' closing, subject to specified conditions.
When securities are issued pursuant to the agreement, the purchase price includes accrued interest
or dividends, and until they are issued to it, the
purchaser does not, in the case of bonds, have
rights under the trust indenture, or, in the case of
preferred stocks, voting rights.
Securities sold pursuant to such arrangements
are high quality debt issues (or their equivalent).
The purchasers buy with a view to investment and
do not resell or otherwise dispose of the contract
prior to its completion. Delayed issue arrangements
are not acceptable to issuers unless a substantial
portion of an issue, not less than ten per cent, is
involved.
Sections 3(a) (13) and (14) of the Securities
Exchange Act of 1934 provide that an agreement
to purchase is equivalent to a purchase, and an
agreement to sell to a sale. The Board has hitherto
expressed the view that credit is extended at the
time when there is a firm agreement to extend such
credit (1968 Federal Reserve BULLETIN 328; 12
CFR 207.101; H 6800 Published Interpretations of
the Board of Governors). Accordingly, in instances of the kind described above, the issuer may
be regarded as extending credit to the institutional
purchaser at the time of the underwriters' closing,
when the obligations of both become fixed.
Section 220.7(a) of the Board's Regulation T
(12 CFR § 220.7(a)), with an exception not applicable here, forbids a creditor subject to that
regulation to arrange for credit on terms on which
the creditor could not itself extend the credit. Sections 220.4(c)(1) and (2) (12 CFR §§ 220.4(c)
(1) and ( 2 ) ) provide that a creditor may not sell
securities to a customer except in good faith reliance upon an agreement that the customer will
promptly, and in no event in more than seven full
business days, make full cash payment for the
securities. Since the underwriters in question are
creditors subject to the regulation, unless some
specific exception applies, they are forbidden to
arrange for the credit described above. This result
follows because payment is not made until more
1971
than seven full business days have passed from the
time the credit is extended.
However, section 220.4(c)(3)
(12 CFR
§ 220.4(c)(3)) provides that:
If the security w h e n so purchased is an unissued security, the period applicable to the transaction under subparagraph ( 2 ) of this paragraph shall be seven days
after the date o n w h i c h the security is m a d e available
by the issuer f o r delivery t o purchasers.
In interpreting section 220.4(c)(3), the Board
has stated that the purpose of the provision:
. . . is to recognize the fact that, w h e n an issue of
securities is to be issued at s o m e future fixed date, a
security that is part of such issue can be purchased o n
a "when-issued" basis and that p a y m e n t m a y reasonably
be delayed until after such date of issue, subject to
other basic conditions f o r transactions in a special cash
account. ( 1 9 6 2 Federal Reserve BULLETIN 1427; 12
C F R 2 2 0 . 1 1 8 ; «I 5 9 9 6 , Published Interpretations of the
Board of G o v e r n o r s ) .
In that situation, the Board distinguished the case
of mutual fund shares, which technically are not
issued until the certificate can be delivered by the
transfer agent. The Board held that mutual fund
shares must be regarded as issued at the time of
purchase because they are:
. . . essentially available u p o n purchase to the s a m e
extent as outstanding securities. T h e m e c h a n i c s of their
issuance and of the delivery of certificates are n o t
significantly different f r o m the m e c h a n i c s of transfer
and delivery of certificates f o r shares of outstanding
securities, and the issuance of mutual fund shares is
not a future event in the sense that w o u l d warrant the
extension of the time for p a y m e n t b e y o n d that afforded
in the case of outstanding securities,
(ibid.)
The issuance of debt securities subject to delayed
issue contracts, by contrast with that of mutual
fund shares, which are in a status of continual underwriting, is a specific single event taking place at
a future date fixed by the issuer with a view to its
need for funds and the availability of those funds
under current market conditions.
For the reasons stated above the Board concluded that the nonconvertible debt and preferred
stock subject to delayed issue contracts of the kind
described above should not be regarded as having
been issued until delivered, pursuant to the agreement, to the institutional purchaser. This interpretation does not apply, of course, to fact situations
different from that described above.
ORDERS UNDER BANK MERGER ACT
CHEMICAL BANK AND TRUST
COMPANY, MIDLAND, MICHIGAN
In the matter of the application of Chemical
Bank and Trust Company, Midland, Michigan, for
approval of consolidation with Gladwin County
Bank, Beaverton, Michigan.
LAW DEPARTMENT
129
There has come before the Board of Governors,
pursuant to the Bank Merger Act (12 U.S.C.
1828(c)), an application by Chemical Bank and
Trust Company, Midland, Michigan, a member
State bank of the Federal Reserve System, for the
Board's prior approval of the consolidation of that
bank with Gladwin County Bank, Beaverton,
Michigan, under the charter and name of the
former institution. Notice of the proposed consolidation, in form approved by the Board, has
been published as required by said Act.
In accordance with the Act, the Board requested
reports on the competitive factors involved from
the Attorney General, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The Board has considered all relevant material contained in the record in the light of the
factors set forth in the Act, including the effect of
the proposal on competition, the financial and
managerial resources and prospects of the banks
concerned, and the convenience and needs of the
communities to be served, and upon such consideration,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is denied.
By order of the Board of Governors, January 28,
1971.
the proposed consolidation, the sole office of The
Commercial Savings Bank of Saint Louis would
become a branch office of the resulting bank.
Notice of the proposed consolidation, in form approved by the Board, has been published pursuant
to said Act.
In accordance with the Act, the Board requested
reports on the competitive factors involved from
the Attorney General, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The Board has considered all relevant material contained in the record in the light of the
factors set forth in the Act, including the effect of
the proposal on competition, the financial and
managerial resources and prospects of the banks
concerned, and the convenience and needs of the
communities to be served, and upon such consideration,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, said application be and hereby is approved, provided that
the action so approved shall not be consummated
(a) before the thirtieth calendar day following the
date of this Order or (b) later than three months
after the date of this Order, unless such period is
extended for good cause by the Board, or by the
Federal Reserve Bank of Chicago pursuant to
delegated authority.
By order of the Board of Governors, January 28,
1971.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill.
(Signed) KENNETH A. KENYON,
[SEAL]
Deputy Secretary.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill.
(Signed) KENNETH A. KENYON,
[SEAL]
Deputy Secretary.
In the matter of the application of Chemical
Bank and Trust Company, Midland, Michigan, for
approval of consolidation with The Commercial
Savings Bank of Saint Louis, Saint Louis, Michigan.
CITIZENS BANK AND TRUST COMPANY,
CLARE, MICHIGAN
ORDER DENYING APPLICATION FOR CONSOLIDATION
OF BANKS UNDER BANK MERGER A C T
ORDER APPROVING APPLICATION FOR
In the matter of the application of Citizens Bank
and Trust Company, Clare, Michigan, for approval
of consolidation with The Farwell State Savings
Bank, Farwell, Michigan.
CONSOLIDATION OF BANKS UNDER BANK MERGER
ACT
ORDER DENYING APPLICATION FOR
There has come before the Board of Governors,
pursuant to the Bank Merger Act (12 U.S.C.
1828(c)), an application by Chemical Bank and
Trust Company, Midland, Michigan, a member State
bank of the Federal Reserve System, for the Board's
prior approval of the consolidation of that bank
with The Commercial Savings Bank of Saint Louis,
Saint Louis, Michigan, under the charter arid the
name of the former institution. As an incident to
CONSOLIDATION OF BANKS UNDER BANK MERGER
ACT
There has come before the Board of Governors,
pursuant to the Bank Merger Act (12 U.S.C.
1828(c)), an application by Citizens Bank and
Trust Company, Clare, Michigan, a member State
bank of the Federal Reserve System, for the
Board's prior approval of the consolidation of that
bank with The Farwell State Savings Bank, Far-
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
130
well, Michigan, under the charter and name of the
former institution. Notice of the proposed consolidation, in form approved by the Board, has been
published as required by said Act.
In accordance with the Act, the Board requested
reports on the competitive factors involved from
the Attorney General, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. The Board has considered all relevant
material contained in the record in the light of the
factors set forth in the Act, including the effect of
the proposal on competition, the financial and
managerial resources and prospects of the banks
concerned, and the convenience and needs of the
communities to be served, and upon such consideration,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is denied.
By order of the Board of Governors, January 28,
1971.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill.
(Signed)
A. KENYON,
Deputy Secretary.
KENNETH
[SEAL]
STATEMENT
Chemical Bank and Trust Company ("Chemical
Bank-Midland"), Midland, Michigan, a member
State bank of the Federal Reserve System, has
filed applications, pursuant to the Bank Merger
Act (12 U.S.C. 1828(c)), for the prior approval
of the Board of Governors for the consolidation by
merger of that bank with Gladwin County Bank
("Gladwin Bank"), Beaverton, Michigan, and
with The Commercial Savings Bank of Saint Louis
("St. Louis Bank"), Saint Louis, Michigan, each
under the charter and name of Chemical BankMidland. There has also come before the Board
an application by Citizens Bank and Trust Company ("Clare Bank"), Clare, Michigan, a member
State bank of the Federal Reserve System, pursuant to the Bank Merger Act (12 U.S.C. 1828
( c ) ) , for the prior approval of the Board of the
consolidation by merger of that bank with The
Farwell State Savings Bank ("Farwell Bank"),
Farwell, Michigan, under the charter and name of
Clare Bank. If the applications should be approved,
the present offices of Gladwin Bank and St. Louis
Bank would be operated as branches of Chemical
Bank-Midland and the present office of Farwell
Bank would be operated as a branch of Clare Bank.
Although each of the applications has been
separately considered and is the subject of a separate Board Order, because of facts and circumstances common to the three applications, including
common ownership factors, 1 this Statement contains the Board's findings and conclusions with
respect to all three applications.
I. THE PROPOSED CONSOLIDATION OF
CHEMICAL BANK-MIDLAND WITH
GLADWIN BANK
A. Competitive effect of the proposed transaction. Chemical Bank-Midland (deposits $70 million) 2 operates its head office and two branch offices within the city limits of Midland (pop. 34,000), and an additional branch office to the south
of and in close proximity to Midland. It also operates one branch in Fisherville, located seven
miles east of Midland; and one branch office in
Sanford, located eight miles northwest of Midland.
Chemical Bank-Midland is the largest bank located
in Midland, holding more than two times the
amount of deposits held by the only other bank
located in Midland (First National Bank & Trust
Company (deposits $31 million)). Gladwin Bank
(deposits $6 million) operates its sole office in
Beaverton (pop. 1,000), which is located approximately 23 miles north of Midland. Chemical BankMidland's Sanford branch, located about 18 miles
from Beaverton, is the closest of that bank's offices
to Gladwin Bank.
The relevant market within which the competitive impact of the proposed consolidation is to be
considered is approximated by the southern one-half
of Gladwin County (including Beaverton) and the
northern and central portion of Midland County
(which includes the City of Midland). There are
presently located in the Midland-Gladwin market
area offices of five commercial banks which have
market shares (percentage of Midland-Gladwin
deposits held by those banks as of June 30, 1968)
as follows:
Chemical Bank and Trust
Company
First National Bank & Trust
Company
First State Savings Bank
Gladwin County Bank
Citizens Bank and Trust
Company
1
60.3 per cent
25.9 per cent
6.2 per cent
4.2 per cent
3.4 per cent
Midland Investment Company and Currie-Todd Investments, partnerships owned by officers and directors of
Chemical Bank-Midland, hold controlling stock interests in
Gladwin Bank, St. Louis Bank, and Clare Bank, and a
substantial stock interest in Farwell Bank.
2
Unless otherwise noted, all data cited herein are as of
June 30, 1970.
LAW DEPARTMENT
The proposed consolidation would combine the
largest and fourth largest banks in the MidlandGladwin market. The resulting bank would hold
about 65 per cent of the deposits held by commercial banks in the market.
The Midland-Gladwin banking market is already
a very highly concentrated banking market. The
two largest banks located there hold about 86 per
cent of banking deposits, with Chemical BankMidland holding the dominant share (60.3 per
cent). Consummation of the proposed transaction
would increase concentration in the MidlandGladwin banking market to a significant degree
and would entrench Chemical Bank-Midland in its
dominant position as the largest holder of commercial banking deposits in the highly concentrated
Midland-Gladwin banking market. At the same
time, Gladwin Bank would be eliminated as a
competitor in the market and the number of banking alternatives in the market would be reduced
from five to four. In this context, the Board is not
persuaded that Gladwin Bank cannot be regarded
as being in competition with Chemical BankMidland because of common ownership features
which were established in January 1970. The recent acquisition of stock in Gladwin Bank by officers and directors of Chemical Bank-Midland
should not serve to establish a base upon which to
sanction an anticompetitive consolidation, closing
off any prospect of disaffiliation and thereby eliminating an independent competitor in the market
and the potential for eventual deconcentration of
the market. 3
B. Financial and managerial resources and
prospects. The financial conditions, managements,
and prospects of Chemical Bank-Midland and
Gladwin Bank are regarded as satisfactory. Considerations relating to the banking factors, as applied to the proposed transaction, therefore, lend
no weight toward approval of the proposed transaction.
C. Convenience and needs of the communities
involved. There is no evidence that the general
banking needs of the Midland-Gladwin market are
going unserved at the present time. Consummation
of the proposed consolidation would enable Gladwin Bank to provide its customers with more convenient access to increased lending limits and trust
and data processing services. These factors lend
slight weight toward approval of the application.
3
There is evidence in the record which indicates that if
the consolidation is denied there is a substantial possibility
that stock held in Gladwin Bank by Chemical Bank-Midland interests would be sold.
131
D. Summary and conclusion. On the basis of all
relevant facts contained in the record and in the
light of the factors set forth in the Bank Merger
Act (12 U.S.C. 1828(c)), it is the Board's judgment that consummation of the proposed consolidation would have a seriously adverse competitive impact in the Midland-Gladwin market not
clearly outweighed by the benefits of the consolidation in meeting the convenience and needs of the
community.
Accordingly, the Board concludes that the application should be denied.
II. T H E P R O P O S E D C O N S O L I D A T I O N O F
CHEMICAL BANK-MIDLAND WITH
ST. L O U I S B A N K
A. Competitive effect of the proposed transaction. As previously set forth above, Chemical
Bank-Midland maintains its offices in or in close
proximity to the City of Midland and east and
northwest thereof in the Midland-Gladwin market.
St. Louis Bank (deposits $17 million) operates its
sole office in Saint Louis, Michigan (pop. 4,000),
which is located about 23 miles to the southwest of
the City of Midland. The banks serve separate
markets and there is no substantial existing competition between them.
There are six commercial banks located in the
Saint Louis area which are considered to be in
direct competition with St. Louis Bank. They are:
Bank of Alma (deposits $30 million) and Central
National Bank of Alma (deposits $9 million),
both located in Alma three miles to the southwest
of Saint Louis; Commercial National Bank (deposits $18 million), located in Ithaca eight miles
to the south of Saint Louis; Shepherd State Bank
(deposits $7 million), located nine miles to the
northwest of Saint Louis; Farmers State Bank in
Breckenridge (deposits $10 million), located six
miles east of Saint Louis; and Farmers & Merchants State Bank in Merrill (deposits $4 million),
located 14 miles east of Saint Lous. No adverse
impact is foreseen on these banks arising from
consummation of the consolidation of Chemical
Bank-Midland and St. Louis Bank. Further, under
current Michigan banking law providing homeoffice and branch-office protection, Chemical BankMidland would be prohibited from establishing a
de novo branch office in the communities in which
St. Louis Bank and its competitor banks are located. Since the other areas intervening between
Midland and Saint Louis are but sparsely settled,
it appears unlikely that Chemical Bank-Midland
would establish a de novo branch in these areas.
There is, therefore, no significant potential for the
132
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
establishment of competition between Chemical
Bank-Midland and St. Louis Bank.
B. Financial and managerial resources and
prospects. The financial condition, management,
and prospects of Chemical Bank-Midland are satisfactory. The financial condition and management
of St. Louis Bank are reasonably satisfactory. The
proposed consolidation would appear to enhance
its future prospects.
The banking factors, therefore, as they relate to
the proposed consolidation between Chemical
Bank-Midland and St. Louis Bank lend slight
weight toward approval of the application.
C. Convenience and needs of the communities
involved. Consummation of the proposed transaction would not affect present customers of Chemical Bank-Midland.
The proposed consolidation would make available to present customers of St. Louis Bank increased lending limits and a relaxation of restrictive lending policies which have been followed by
St. Louis Bank in the granting of agricultural,
mortgage, and consumer instalment credit. While
there is no evidence in the record to indicate that
the major financial needs of the Saint Louis area
are, at present, going unserved, the factors set forth
above lend slight weight toward approval of the
application.
D. Summary and conclusion. The proposed consolidation would eliminate no substantial existing
or potential competition between the banks. The
banking and convenience and needs factors lend
some weight toward approval of the application.
The Board concludes, therefore, that the application is in the public interest and should be approved.
III. T H E P R O P O S E D C O N S O L I D A T I O N
OF CLARE BANK WITH FARWELL BANK
A. Competitive effect of the proposed transaction. Clare Bank (deposits $25 million) maintains
its head office in Clare, Clare County,4 Michigan.
It maintains one branch in Rosebush, Clare County,
seven miles to the south of Clare and one branch
in Coleman, Gladwin County, located nine miles to
the southeast of Clare.
Farwell Bank (deposits $5 million) maintains
its sole office in Farwell, Clare County, which is
located five miles east of Clare. The two towns are
connected by a major highway, maintain cooperative educational facilities, and have tended to
become closely integrated economically. The banks
4
Clare County abuts on Gladwin County on the east and
Midland County on the south.
do not experience significant competition from any
other bank. The relevant market, therefore, within
which the competitive impact of the proposed consolidation is to be considered is the Clare-Farwell
market.
Clare Bank and Farwell Bank are the only two
banks located in the market. Thus, the proposed
consolidation would eliminate the sole alternative 5
source of banking services in the Clare-Farwell
market.
B. Financial and managerial resources and
prospects. The financial condition and management
of Clare Bank is regarded as satisfactory and its
future prospects good. The financial condition and
prospects of Farwell Bank are regarded as satisfactory. Farwell Bank's management has been considered satisfactory; however, there appears to
have developed a management succession problem
at Farwell Bank due to the ill health of its President. There is no showing, however, that Farwell
Bank's management succession problem is not
capable of solution absent the drastic step of its
consolidation with the only other bank located in
its market area. The banking factors, therefore,
lend no significant weight to approval of the application.
C. Convenience and needs of the communities
concerned. There is no evidence that the major
financial needs of the Clare-Farwell market are not
being met at present. Considerations relating to the
convenience and needs factors, therefore, lend no
significant weight toward approval of the application.
D. Summary and conclusion. On the basis of all
relevant facts contained in the record and in the
light of the factors set forth in the Bank Merger
Act (12 U.S.C. 1828(c)), it is the Board's judgment that consummation of the proposed transaction, a consolidation of the only two banks located
in the Clare-Farwell market, would have a seriously adverse effect on competition in the ClareFarwell market and would not be clearly outweighed in the public interest by the convenience
and needs of the community.
Accordingly, the Board concludes that the application should be denied.
5
Consistent with the conclusion reached with respect to
the Chemical Bank-Midland and Gladwin Bank consolidation in this regard, the Board is not persuaded that the
stock interests recently acquired by officers and directors of
Chemical Bank-Midland in Clare Bank in 1969 and in
Farwell Bank in 1970 lead logically to the conclusion that
the banks cannot be regarded as competitors. Further, as in
the case of the Chemical Bank-Midland and Gladwin Bank
situation, there is evidence in the record herein which indicates that if this application for consolidation is denied, the
stock in Farwell Bank would probably be sold.
LAW DEPARTMENT
ORDERS UNDER SECTION 3 OF BANK HOLDING
COMPANY ACT
SECURITY NEW YORK STATE
CORPORATION,
ROCHESTER, NEW YORK
In the matter of the application of Security New
York State Corporation, Rochester, New York, for
approval of acquisition of voting shares of the successor by merger to First National Bank and Trust
Company of Ithaca, Ithaca, New York.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of Security New York State Corporation, Rochester,
New York ("Applicant"), a registered bank holding company, for the Board's prior approval of the
acquisition of 100 per cent (less directors' qualifying shares) of the voting shares of a new national
bank into which would be merged First National
Bank and Trust Company of Ithaca, Ithaca, New
York ("Ithaca National"). The new national bank
has significance only as a means of acquiring all of
the shares of the bank to be merged into it; the proposal is treated herein as a proposal to acquire
shares of Ithaca National.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and requested his views and recommendation. The Comptroller recommended approval of the application.
The New York State Banking Board, in accordance with a recommendation of the New York Superintendent of Banks, approved an application
with respect to the pending proposal, filed with it
pursuant to New York law.
Notice of receipt of the application was published in the Federal Register on November 10,
1970 (35 Federal Register 17280), providing an
opportunity for interested persons to submit comments and views with respect to the proposal. A
copy of the application was forwarded to the United
States Department of Justice for its consideration.
Time for filing comments and views has expired
and all those received have been considered by the
Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisi
133
tion on competition, the financial and managerial
resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant, the State's twentieth largest banking
organization, controls five banks which hold deposits
of $397 million, representing .5 per cent of New
York's commercial bank deposits. (All banking
data are as of June 30, 1970, adjusted to reflect
holding company formations and acquisitions approved by the Board to date.) The acquisition by
Applicant of Ithaca National ($48 million deposits) would increase its share of State deposits
by .1 per cent and would have no significant effect
on the concentration of banking resources.
Ithaca National, which operates two offices in
Ithaca and an office in nearby Cuyaga Heights, is
the smaller of two banks in Ithaca and the second
largest of four banks in Tompkins County. Applicant's closest subsidiary to Ithaca National is located 25 miles northeast of Ithaca, and no office of
Applicant's present subsidiary banks, which are located in the Sixth, Eighth and Ninth New York
Banking Districts, competes to any significant extent with Ithaca National which is located in the
Seventh District. Furthermore, it does not appear
that substantial competition is likely to develop between them because of the distances involved, the
location of the banks in separate banking districts
and the State law restricting branching, and, in
some instances, the lack of suitable branching sites
due to the rural nature of the intervening areas.
Based upon the foregoing, the Board concludes
that consummation of the proposal would not have
a significant adverse effect on competition in any
relevant area. The banking factors, as they relate
to Applicant, its subsidiaries, and Ithaca National,
are consistent with approval of the application.
Convenience and needs considerations are consistent with approval and lend some weight thereto
because Applicant plans to expand and improve
present services offered by Ithaca National in such
areas as investment services, municipal bond financing, electronic data processing, and fiduciary services. It is the Board's judgment that the proposed
transaction would be in the public interest, and that
the application should be approved.
IT IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
134
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of New York pursuant to delegated
authority.
By order of the Board of Governors, January 14,
1971.
Voting f o r this action: C h a i r m a n Burns and G o v e r nors Robertson, Mitchell, D a a n e , Maisel, and Brimmer.
Absent and not voting: G o v e r n o r Sherrill.
(Signed)
A. KENYON,
Deputy Secretary.
KENNETH
[SEAL]
NEW MEXICO BANCORPORATION, INC.,
SANTA FE, NEW MEXICO
has expired and all those received have been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is approved, provided that
the action so approved shall not be consummated
(a) before the thirtieth calendar day following the
date of this Order or (b) later than three months
after the date of this Order, unless such time be
extended for good cause by the Board, or by the
Federal Reserve Bank of Kansas City pursuant to
delegated authority.
By order of the Board of Governors, January 19,
1971.
In the matter of the application of New Mexico
Bancorporation, Inc., Santa Fe, New Mexico, for
approval of action to become a bank holding company through the acquisition of 80 per cent or more
of the voting shares of (1) The First National Bank
of Santa Fe, Santa Fe, New Mexico, and (2) First
State Bank of Taos, Taos, New Mexico.
V o t i n g f o r this action: C h a i r m a n Burns and G o v e r nors Robertson, Mitchell, Maisel, Brimmer, and Sherrill. A b s e n t and not voting: G o v e r n o r D a a n e .
ORDER APPROVING ACTION TO BECOME A BANK
New Mexico Bancorporation, Inc., Santa Fe,
New Mexico ("Applicant"), has filed with the
Board, pursuant to section 3 ( a ) ( 1 ) of the Bank
Holding Company Act of 1956, an application for
approval of action to become a bank holding company through the acquisition of 80 per cent or more
of the voting shares of (1) The First National Bank
of Santa Fe, Santa Fe, New Mexico ("First National"), and (2) First State Bank of Taos, Taos,
New Mexico ("First Taos").
Views and recommendations of supervisory authorities. As required by section 3 (b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and the
Commissioner of Banking of the State of New
Mexico and requested their views and recommendations. The Commissioner stated that he had no
objection to approval of the application, and the
Comptroller recommended that the application be
approved.
Statutory considerations. Section 3(c) of the Act
provides that the Board shall not approve an acquisition that would result in a monopoly or would
be in furtherance of any combination or conspiracy
to monopolize or to attempt to monopolize the
business of banking in any part of the United States.
Nor may the Board approve a proposed acquisition,
the effect of which, in any section of the country,
may be substantially to lessen competition, or to
tend to create a monopoly, or which in any other
manner would be in restraint of trade, unless the
HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(1)) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), an application of New Mexico
Bancorporation, Inc., Santa Fe, New Mexico, for
the Board's prior approval of action whereby
Applicant would become a bank holding company
through the acquisition of 80 per cent or more of
the voting shares of each of the following two banks
in New Mexico: The First National Bank of Santa
Fe, Santa Fe, and First State Bank of Taos, Taos.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and the
Commissioner of Banking of the State of New
Mexico and requested their views and recommendations. The Commissioner stated that he had no
objection to approval of the application, and the
Comptroller recommended that the application be
approved.
Notice of receipt of the application was published
in the Federal Register on December 1, 1970 (35
Federal Register 18304), which provided an opportunity for interested persons to submit comments
and views with respect to the proposed transaction.
A copy of the application was forwarded to the
United States Department of Justice for its consideration. The time for filing comments and views
[SEAL]
(Signed)
A. KENYON,
Deputy Secretary.
KENNETH
STATEMENT
LAW DEPARTMENT
Board finds that the anticompetitive effects of the
proposed transaction are clearly outweighed in the
public interest by the probable effect of the transaction in meeting the convenience and needs of the
communities to be served. In each case, the Board is
required to take into consideration the financial and
managerial resources and future prospects of the
bank holding company and the banks concerned,
and the convenience and needs of the communities
to be served.
Competitive effect of proposed transaction. The
10 largest banking organizations in New Mexico
control deposits of $962.0 million, representing
70.5 per cent of State-wide deposits.1 First National
is presently the fourth largest bank and fifth largest
banking organization in the State with aggregate deposits of $50.5 million. First Taos, with deposits of
$8.8 million, holds less than 1 per cent of State-wide
deposits. Upon acquisition by Applicant of First
National and First Taos, Applicant would be the
fifth largest banking organization in New Mexico
and the fourth and smallest bank holding company
in the State. Applicant would control only 4.4 per
cent, and bank holding companies would in the
aggregate control 46.0 per cent, of State-wide deposits. Consummation of Applicant's proposal
would result in only a small increase in banking
concentration in New Mexico and may have a procompetitive effect in that it would create a regional
bank holding company that eventually should be
capable of offering effective competition to the
larger State-wide banking organizations.
On the basis of deposits, First National is the
largest bank serving the Santa Fe-Los Alamos market and holds 53 per cent of deposits in that market.
First National's principal competitors include Santa
Fe National Bank, a subsidiary of Western Bancorporation, and Bank of Santa Fe, a member of a
group of banks in New Mexico, Texas and Wyoming under common control. Competition in the
relevant market is not likely to be adversely affected
by consummation of the proposal.
First Taos is the larger of two banks in Taos,
with 75 per cent of deposits in the Taos market.
First Taos has branches at Questa and Red River.
The only other bank in Taos, Centinel Bank of Taos
(founded in early 1969), is well capitalized and
capable of offering First Taos effective competition.
A close working relationship has existed between
1
All deposit data are as of June 30, 1970, and reflect all
holding company formations and acquisitions approved by
the Board through December 31, 1970. References t o "deposits" include only deposits held by commercial banks.
135
First National and First Taos for many years, and
it appears unlikely that affiliation of these banks
would significantly alter the competitive situation
in Taos.
The proposed subsidiaries serve fairly distinct
and separate markets. The shortest distance between
any office of First National and any office of First
Taos is approximately 50 miles, being the distance
between First National's branch office in Pojoaque
and the main office of First Taos in Taos. The intervening area between the two banks is undeveloped and sparsely populated and is already served by
two other banks. Under New Mexico law, neither
of the proposed subsidiaries could establish a branch
in the other's market. First National has been the
principal correspondent of First Taos for many
years, and the president of First Taos is a director
and shareholder of First National. There appears to
be no substantial competition between the two banks
and little likelihood that they would become significant competitors.
On the basis of the foregoing, the Board concludes that consummation of Applicant's proposal
would not result in a monopoly, nor be in furtherance of any combination, conspiracy, or attempt to
monopolize the business of banking in any part of
the United States, and would not restrain trade,
substantially lessen competition, or tend to create a
monopoly in any section of the country.
Financial and managerial resources and future
prospects. Applicant appears to be adequately
capitalized. Its management, which is virtually
identical to that of First National with the addition
of the president of First Taos as its chairman, is
regarded as competent, and its prospects appear to
be favorable.
Both of Applicant's proposed subsidiaries are in
satisfactory financial condition, with competent
management, and favorable prospects.
The Board concludes that considerations relating
to the banking factors are consistent with approval
of the application.
Convenience and needs of the communities involved. The major banking needs of the communities served by the proposed subsidiaries appear to
be adequately served at the present time. However,
development of the Taos area has not kept pace with
that in New Mexico or the rest of the country.
Formation of a regional bank holding company holds
forth the prospect that greater resourcefulness will
be brought to the task of developing tourism in, and
attracting industry to, the Taos area.
These considerations lend some support for approval of the application.
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
136
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would be in the public interest and that
the application should be approved.
CONSOLIDATED
BANKSHARES
FLORIDA,
OF
INC.,
FORT LAUDERDALE,
FLORIDA
In the matter of the application of Consolidated
Bankshares of Florida, Inc., Fort Lauderdale, Florida, for approval of action to become a bank holding
company through the acquisition of 100 per cent
of the voting shares (less directors' qualifying
shares) of Security First National Bank of Plantation, Florida, a proposed new bank, and 80 per cent
or more of the voting shares of each of the following
Florida banks: First National Bank in Fort Lauderdale; Plantation First National Bank, Plantation;
Guaranty First National Bank of Fort Lauderdale;
and Ocean First National Bank of Fort Lauderdale.
ORDER APPROVING ACTION TO BECOME
transaction. A copy of the application was forwarded to the United States Department of Justice for
its consideration. The time for filing comments and
views has expired and all those received have been
considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the action so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order, or (b) later than three
months after the date of this Order, and provided
further that (c) Security First National Bank of
Plantation shall be open for business not later than
six months after the date of this Order. The periods
described in (b) and (c) hereof may be extended
for good cause by the Board, or by the Federal
Reserve Bank of Atlanta pursuant to delegated
authority.
By order of the Board of Governors, January 19,
1971.
V o t i n g f o r this action: Chairman Burns and G o v e r nors Robertson, Mitchell, Maisel, Brimmer, and Sherrill. A b s e n t and not voting: G o v e r n o r D a a n e .
(Signed)
A BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(1)) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), an application by Consolidated
Bankshares of Florida, Inc., Fort Lauderdale, Florida, for the Board's approval of action whereby
Applicant would become a bank holding company
through the acquisition of 100 per cent of the voting
shares (less directors' qualifying shares) of Security
First National Bank of Plantation, Florida, a proposed new bank, and 80 per cent or more of the
voting shares of each of the following Florida
banks: First National Bank in Fort Lauderdale;
Plantation First National Bank, Plantation; Guaranty First National Bank of Fort Lauderdale; and
Ocean First National Bank of Fort Lauderdale.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency, and requested his views and recommendation. The Comptroller offered no objection to approval of the
application.
Notice of receipt of the application was published
in the Federal Register on November 20, 1970 (35
Federal Register 17879), which provided an opportunity for interested persons to submit comments and views with respect to the proposed
A. KENYON,
Deputy Secretary.
KENNETH
[SEAL]
STATEMENT
Consolidated Bankshares of Florida, Inc., Fort
Lauderdale, Florida ("Applicant"), has filed with
the Board, pursuant to section 3(a) (1) of the Bank
Holding Company Act of 1956, an application for
approval of action to become a bank holding company through the acquisition of 100 per cent of the
voting shares (less directors' qualifying shares) of
Security First National Bank of Plantation, Florida
("Security Bank"), a proposed new bank, and 80
per cent or more of the voting shares of each of the
following Florida banks: First National Bank in
Fort Lauderdale ("First National"); Plantation
First National Bank, Plantation ("Plantation
Bank"); Guaranty First National Bank of Fort
Lauderdale ("Guaranty Bank"); and Ocean First
National Bank of Fort Lauderdale ("Ocean
Bank").
Views and recommendation of supervisory authority. As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency, and requested his views and recommendation. The
Comptroller offered no objection to approval of the
application.
Statutory considerations. Section 3(c) of the Act
LAW DEPARTMENT
provides that the Board shall not approve an acquisition that would result in a monopoly or would be
in furtherance of any combination or conspiracy
to monopolize or to attempt to monopolize the business of banking in any part of the United States. Nor
may the Board approve a proposed acquisition, the
effect of which, in any section of the country, may be
substantially to lessen competition, or to tend to
create a monopoly, or which in any other manner
would be in restraint of trade, unless the Board finds
that the anticompetitive effects of the proposed
transaction are clearly outweighed in the public interest by the probable effect of the transaction in
meeting the convenience and needs of the communities to be served. In each case, the Board is required to take into consideration the financial and
managerial resources and future prospects of the
bank holding company and the banks concerned, and
the convenience and needs of the communities to be
served.
Competitive effects of the proposed transaction.
The 10 largest banking organizations, on the basis
of deposits, in the State of Florida control about 42
per cent of the deposits in the State.1 Upon consummation of the proposed transaction, Applicant, with
control of 1.8 per cent of the deposits in the State,
would become the State's twelfth largest banking
organization and eleventh largest bank holding
company.
The five banks that would comprise the holding
company group are or will be located in close proximity, and there is considerable overlap of their service areas. First National ($160 million deposits),
Guaranty Bank ($22 million deposits), and Ocean
Bank ($9 million deposits) are all located in Fort
Lauderdale. Plantation Bank ($32 million deposits)
is located in Plantation, a suburb west of Fort Lauderdale, and Security Bank, a proposed new bank,
will also be situated in Plantation. First National is
within 6.5 miles of the sites of each of the other
proposed subsidiaries.
Through acquisition of these banks, Applicant
would become the largest banking organization in
the Fort Lauderdale area by virtue of its control of
about 35 per cent of market deposits. Other banks
and banking organizations in the market are Broward Bancshares, with 28 per cent of market deposits; subsidiaries of Pan American Bancshares
and Southeast Bancorporation, which together control about 10 per cent of market deposits; three
1
Banking data are as of June 30, 1970, adjusted to reflect
holding company formations and acquisitions approved by
the Board to date.
137
local banking groups; and one independent unit
bank.
Despite the overlapping service areas of the proposed subsidiaries and the fact that Applicant would
become the largest participant in its market, consummation of the proposal would not eliminate any
existing competition. The four proposed subsidiaries
in operation are closely affiliated through common
individual ownership and control, and Security
Bank is being organized by First National. As a
result, the banks do not compete with each other,
as is evidenced by the facts that the banks frequently refer customers to one another to meet the
customer's needs, and in many instances, customers
do various types of business with two or more banks
in the group. Additionally, there is common advertising, pooling of account information, joint support
of one trust department, and the servicing of each
of the banks by one internal audit staff. Moreover,
employees of the affiliated banks share common
fringe benefit programs.
Nor is consummation of the proposal likely to
foreclose potential competition. Controlling shareholders of First National sponsored the organization of Plantation Bank in 1957, and Guaranty
Bank and Ocean Bank in 1963; and they are now
sponsoring the organization of Security Bank.
Shareholders owning more than 50 per cent of the
voting shares of First National have owned 70 per
cent or more of the voting shares of each of the
other operating proposed subsidiaries continuously
since the inception of each. It appears unlikely that
the banks would, in the foreseeable future, become
disaffiliated or for any other reason become more
meaningful competitors.
On the basis of the foregoing, the Board concludes that consummation of this proposal would
not result in a monopoly or be in furtherance of any
combination, conspiracy, or attempt to monopolize
the business of banking in any part of the United
States, and would not restrain trade, substantially
lessen competition, or tend to create a monopoly
in any part of the country.
Financial and managerial resources and future
prospects. The financial condition of Applicant and
its proposed subsidiaries is satisfactory, their managements are considered competent, and their prospects are regarded as favorable.
Considerations relating to the banking factors are
consistent with approval of the application.
Convenience and needs of the communities involved. It appears that the banking needs of the Fort
Lauderdale and Plantation communities are being
adequately served at the present time. The proposed
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
138
subsidiaries are already cooperating with each other
to meet the needs of the communities; formation of
the proposed bank holding company will facilitate
such efforts, and enable the participating banks to
provide more effective competition to other bank
holding company affiliates in the area.
Considerations relating to the convenience and
needs of the communities involved are consistent
with, and lend some weight in support of, approval
of the application.
Summary and conclusion. On the basis of all the
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would be in the public interest and that
the application should be approved.
SOUTHERN BANKSHARES, INC.,
RICHMOND, VIRGINIA
In the matter of the application of Southern
Bankshares, Inc., Richmond, Virginia, for approval
of acquisition of voting shares of the successor by
merger to Williamsburg National Bank, Williamsburg, Virginia.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3)),
and section 222.3(a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), the application of Southern
Bankshares, Inc., Richmond, Virginia ("Applicant"), a one-bank holding company, for the
Board's prior approval of the acquisition of 100 per
cent of the voting shares (except directors' qualifying shares) of a new national bank into which
would be merged Williamsburg National Bank,
Williamsburg, Virginia ("Bank"). [The application
was filed as one to become a bank holding company
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956. Due to Applicant's ownership of 100 per cent of the voting shares of Southern Bank and Trust Company, Richmond, Virginia,
and to the Bank Holding Company Act Amendments of 1970 (Public Law 91-607, 84 Stat. 1760),
Applicant became a bank holding company by
operation of law on December 31, 1970, and the
Board, therefore, treats the application as one by
such a company to acquire an additional bank.]
The new bank has significance only as a means of
acquiring all of the shares of the bank to be merged
into it. Accordingly, the proposed acquisition of the
shares of the successor organization is treated as a
proposed acquisition of the shares of Bank.
As required by section 3(b) of the Act, the Board
gave written notice of receipt of the application to
the Virginia Commissioner of Banking and to the
Comptroller of the Currency and requested their
views and recommendations. The Commissioner
and the Deputy Comptroller recommended approval of the application.
Notice of receipt of the application was published
in the Federal Register on November 19, 1970
(35 Federal Register 17808), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant presently controls one banking subsidiary, acquired on April 30, 1970. This institution,
Southern Bank and Trust Company ("Southern
Bank"), is located in Richmond, Virginia, and is
the State's eleventh largest banking organization,
controlling deposits of $94.6 million, representing
1.3 per cent of total commercial bank deposits in
the State. (All banking data are as of June 30,
1970, adjusted to reflect holding company acquisitions approved by the Board to date.)
Southern Bank with control of 6.2 per cent of
total deposits in the Richmond market area, is the
fifth largest of 13 banks in that market. Upon
acquisition of Bank (deposits of $6.8 million),
Applicant would continue to rank eleventh among
the State's largest banking organizations and would
increase its control over total State deposits to 1.4
per cent.
Bank operates one office in Williamsburg and is,
by a substantial margin, the smaller of the two
banks operating in the Williamsburg banking market. Its competitor, a subsidiary of the State's largest banking organization, holds five times as many
deposit dollars as Bank.
Bank is located fifty-one miles from Southern
Bank and there appears to be no existing competition between the two. Further, in view of the distance separating the two, the presence of two
139
LAW DEPARTMENT
intervening, sparsely settled counties, and the fact
that Virginia law would preclude either bank from
branching de novo into the area served by the other,
there is little likelihood of such competition developing in the future.
Based upon the record, the Board concludes that
consummation of the proposal would have no adverse effect on competition in any relevant area.
The banking factors as they relate to Applicant and
both its present and proposed subsidiary are satisfactory and consistent with approval of the application. Considerations relating to the convenience and
needs of the communities to be served lend some
weight toward approval of the application; although
the banking needs of the Williamsburg area appear
adequately served, affiliation with Applicant would
enhance Bank's ability to participate in the expected
growth of the area by increasing Bank's lending
capabilities and enabling it to provide computer and
specialized financial and trust services. It is the
Board's judgment that consummation of the proposed acquisition would be in the public interest
and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Richmond pursuant to delegated
authority.
By order of the Board of Governors, January 22,
1971.
V o t i n g f o r this action: Chairman Burns, and G o v e r nors Robertson, Mitchell, D a a n e , Maisel, and Brimmer.
A b s e n t and not voting: G o v e r n o r Sherrill.
[SEAL]
(Signed)
A. K E N Y O N ,
Deputy Secretary.
KENNETH
FIRST HOLDING COMPANY, INC.,
WAUKESHA, WISCONSIN
In the matter of the application of First Holding
Company, Inc., Waukesha, Wisconsin, for approval
of acquisition of 80 per cent or more of the voting
shares of Elm-Brook State Bank, Brookfield, Wisconsin.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
First Holding Company, Inc., Waukesha, Wisconsin
("Applicant"), a registered bank holding company,
for the Board's prior approval of the acquisition of
80 per cent or more of the voting shares of ElmBrook State Bank, Brookfield, Wisconsin ("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Wisconsin Commissioner of Banking and
requested his views and recommendation. The
Commissioner responded that he offered no objection to approval of the application.
Notice of receipt of the application was published
in the Federal Register on November 20, 1970
(35 Federal Register 17879), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. The
time for filing comments and views has expired and
all those received have been considered by the
Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant controls four banks with aggregate
deposits of $145 million, representing 1.7 per cent
of total bank deposits in Wisconsin, and is the fifth
largest banking organization in that State. (All
banking data are as of June 30, 1970, adjusted to
reflect bank holding company formations and acquisitions approved by the Board to date.) Applicant's acquisition of Bank, with deposits of $6.4
million, would not change this ranking or significantly increase its share of deposits in the State.
Bank is one of the smaller banks in a market
which is approximated by Milwaukee County and
the east-central portion of Waukesha County west
to and including the City of Waukesha. It has only
0.2 per cent of deposits in this market and its acquisition by Applicant would increase the latter's
share of deposits in this market to only 4.7 per cent.
Three large organizations control 65.3 per cent of
the deposits therein, and the addition of Bank to
Applicant's system would help Applicant compete
with the three larger organizations. Though some
actual competition between Applicant's subsidi-
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
140
aries and Bank would be eliminated by consummation of the acquisition, this is mitigated by the geographical closeness of several banking alternatives
to Bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have a substantially adverse effect on
competition in any relevant area. The banking factors as they pertain to Applicant and its subsidiary
banks are consistent with approval of the application and as they pertain to Bank lend support for
approval. Affiliation with Applicant would provide
Bank with greater depth in management and would
alleviate a management succession problem. Considerations relating to the convenience and needs of
the communities concerned also favor approval of
the application in that Applicant plans to add certain new services at Bank, such as the elimination
of all service charges on demand deposit accounts.
It is the Board's judgment that the proposed transaction would be in the public interest, and that the
application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Chicago pursuant to delegated
authority.
By order of the Board of Governors, January 22,
1971.
Voting f o r this action: Chairman Burns and Governors Robertson, Mitchell, D a a n e , Maisel, and Brimmer.
Absent and not voting: G o v e r n o r Sherrill.
[SEAL]
(Signed)
A. K E N Y O N ,
Deputy Secretary.
KENNETH
MERCANTILE BANCORPORATION, INC.,
ST. LOUIS, MISSOURI
In the matter of the application of Mercantile
Bancorporation, Inc., of St. Louis, Missouri, for
approval of action to become a bank holding
company.
ORDER APPROVING ACTION TO BECOME
Company Act of 1956 (12 U.S.C. 1842(a)(1)),
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by Mercantile Bancorporation, Inc., St. Louis, Missouri,
for the Board's prior approval of action whereby
Applicant would become a bank holding company
through the merger of Mercantile Trust Company
National Association, St. Louis, Missouri, into a
nonoperating bank of which Applicant plans to own
all but directors' qualifying shares and, as an incident
to the merger, acquisition of indirect ownership of
100 per cent of the voting shares (less directors'
qualifying shares) of Mercantile-Commerce Trust
Company, St. Louis, Missouri; and through acquisition of 100 per cent of the voting shares (less directors' qualifying shares) of The Southern Missouri
Trust Company, Springfield, Missouri.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and the
Commissioner of Finance of the State of Missouri,
and requested their views and recommendations.
The Deputy Comptroller recommended approval of
the application, and the Commissioner offered no
objection to approval.
Notice of receipt of the application was published in the Federal Register on November 7, 1970
(35 Federal Register 17224), providing an opportunity for interested persons to submit comments
and views with respect to the proposed transaction.
A copy of the application was forwarded to the
United States Department of Justice for its consideration. Time for filing comments and views has
expired and all those received have been considered
by the Board.
I T IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is approved, provided that
the action so approved shall not be consummated
(a) before the thirtieth calendar day following the
date of this Order, or (b) later than three months
after the date of this Order, unless such period is
extended for good cause by the Board, or by the
Federal Reserve Bank of St. Louis pursuant to
delegated authority.
By order of the Board of Governors, January 28,
1971.
Voting f o r this action: Chairman Burns and G o v e r nors Robertson, Mitchell, D a a n e , Maisel, and Brimmer.
Absent and not voting: G o v e r n o r Sherrill.
A BANK HOLDING COMPANY
(Signed)
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
[SEAL]
A. K E N Y O N ,
Deputy Secretary.
KENNETH
LAW DEPARTMENT
STATEMENT
Mercantile Bancorporation, Inc., St. Louis, Missouri ("Applicant"), has filed with the Board, pursuant to section 3 ( a ) ( 1 ) of the Bank Holding Company Act of 1956, an application for approval of
action to become a registered bank holding company through the merger of Mercantile Trust Company National Association, St. Louis, Missouri
("Mercantile N.A."), into a nonoperating bank of
which Applicant plans to own all but directors'
qualifying shares and, as an incident to the merger,
acquisition of indirect ownership of 100 per cent
of the voting shares (less directors' qualifying
shares) of Mercantile-Commerce Trust Company,
St. Louis, Missouri ("Mercantile-Commerce"); and
through acquisition of 100 per cent of the voting
shares (less directors' qualifying shares) of The
Southern Missouri Trust Company, Springfield,
Missouri ("Southern"). The shares of MercantileCommerce Trust Company are owned by Mercantile Commerce Company, all the shares of which
are held by trustees for the benefit of the shareholders of Mercantile N.A.; as a result of the
merger, Applicant would succeed to the beneficial
ownership of all the shares of Mercantile Commerce
Company. After the aforementioned merger, Applicant proposes to terminate the trust and become
the direct owner of Mercantile Commerce Company, and Mercantile-Commerce Trust Company
would be a second-tier subsidiary of Applicant.
Views and recommendations of supervisory authorities. As required by section 3(b) of the Act,
the Board gave written notice of receipt of the application to the Comptroller of the Currency and
the Commissioner of Finance of the State of Missouri, and requested their views and recommendations. The Deputy Comptroller recommended approval of the application, and the Commissioner
offered no objection to approval.
Statutory considerations. Section 3(c) of the Act
provides that the Board shall not approve an acquisition that would result in a monopoly or would be
in furtherance of any combination or conspiracy
to monopolize or to attempt to monopolize the business of banking in any part of the United States.
Nor may the Board approve a proposed acquisition,
the effect of which, in any section of the country,
may be substantially to lessen competition, or to
tend to create a monopoly, or which in any other
manner would be in restraint of trade, unless the
Board finds that the anticompetitive effects of the
proposed transaction are clearly outweighed in the
141
public interest by the probable effect of the transaction in meeting the convenience and needs of the
communities to be served. In each case, the Board
is required to take into consideration the financial
and managerial resources and future prospects of
the bank holding company and the banks concerned, and the convenience and needs of the
communities to be served.
Competitive effect of proposed transaction. The
10 largest banking organizations in Missouri on the
basis of deposits, six of which are registered bank
holding companies, control 40.2 per cent of total
commercial bank deposits in the State.1 Applicant's
proposed lead bank, Mercantile N.A. ($841 million
deposits), is the State's largest banking organization
and controls 8.3 per cent of total commercial bank
deposits in the State. Upon consummation of the
proposal, Applicant would control 9.0 per cent of
State-wide deposits, and would become the State's
largest bank holding company.
Mercantile N.A., located in downtown St. Louis,
holds 19.7 per cent of commercial bank deposits
in the St. Louis-St. Louis County area, which approximates that bank's relevant market area, and is
the largest of the seventy-two banks in the area.
Each of the next three largest banks in that area is
affiliated with a St. Louis based holding company.
Mercantile-Commerce ($45.8 million deposits),
located 2.3 miles from Mercantile N.A., is the 19th
largest commercial bank in the St. Louis-St. Louis
County area and holds 1.07 per cent of the commercial bank deposits therein. By virtue of its
ownership of Mercantile N.A. and MercantileCommerce, Applicant would control 20.8 per cent
of the total commercial bank deposits in the area.
Southern Bank ($26 million deposits) is located
in Springfield, 220 miles southwest of Mercantile
N.A. Southern is the fourth largest of the 12 banks
in Greene County, the bank's relevant market, and
controls 10.3 per cent of aggregate commercial
bank deposits.
Consummation of the proposal would eliminate
no existing competition between Southern and the
two St. Louis based banks. In the light of the distance
between St. Louis and Springfield and Missouri's
restrictive branching law, it appears unlikely that
any significant future competition would develop.
Although Mercantile N.A. and Mercantile-Commerce are located in the same market, the two banks
1
All banking data are as of June 30, 1970, and reflect
holding company formations and acquisitions approved by
the Board to date.
142
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
do not compete with each other, primarily because
of a relationship between the two banks based upon
common ownership and management that has
existed for over 40 years. The legality of the relationship was questioned in the Missouri courts some
years ago, but the relationship was not held to be
illegal. There appears little likelihood of disaffiliation
in the foreseeable future and, without approving
or condoning the origin or existence of said relationship, the Board believes that the status of that relationship is not of itself ground for denying the
application.
On the basis of the foregoing, the Board concludes that consummation of the proposal would
not result in a monopoly or be in furtherance of any
combination, conspiracy, or attempt to monopolize
the business of banking in any part of the United
States, and would not restrain trade, substantially
lessen competition, or tend to create a monopoly
in any part of the country.
Financial and managerial resources and future
prospects. Applicant would begin operations in a
satisfactory financial condition. Its management is
considered competent, and its prospects, which are
dependent upon those of its proposed subsidiaries,
appear to be favorable.
The financial condition and the management of
each of the proposed subsidiaries is regarded as
satisfactory and the prospects of each appear favorable.
The banking factors, as they relate to Applicant
and its proposed subsidiaries, are consistent with
approval.
Convenience and needs of the communities involved. The major banking needs of the St. Louis
area appear to be adequately served by present
banking facilities and would not be materially affected by consummation of Applicant's proposal.
The major banking needs of the Springfield area
also appear to be adequately served at the present
time. However, affiliation with Applicant should
enable Southern to become a stronger competitor
in its market.
Considerations relating to the convenience and
needs of the areas involved are consistent with approval of the application.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would be in the public interest and that
the application should be approved.
C. B. INVESTMENT CORPORATION,
HOUSTON, TEXAS
In the matter of the application of C. B. Investment Corporation, Houston, Texas, for approval of
acquisition of 100 per cent of the voting shares (less
directors' qualifying shares) of the successor by
merger to First City National Bank of Houston,
Houston, Texas.
ORDER A P P R O V I N G ACQUISITION OF BANK STOCK
BY BANK HOLDING C O M P A N Y
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3)) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), the application of C. B. Investment Corporation, Houston, Texas ("Applicant"), a registered bank holding company, for the
Board's prior approval of the acquisition of 100
per cent of the voting shares (less directors' qualifying shares) of the successor by merger to First City
National Bank of Houston, Houston, Texas
("Bank"). The successor bank only has significance
as a means to facilitate the acquisition of all the
voting shares of Bank, and the proposed acquisition
of shares of the successor bank is treated as the
proposed acquisition of shares of Bank.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency, and requested his views and recommendation. The Comptroller responded that he had no objection to
approval of the application.
Notice of receipt of the application was published
in the Federal Register on December 1, 1970 (35
Federal Register 18304), providing an opportunity
for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant, with control of four banks in the
suburban Houston area with deposits of $48 million
143
LAW DEPARTMENT
representing .2 per cent of the bank deposits in
Texas, is the smallest registered bank holding company in the State and is not among the ten largest
banking organizations. (Banking data are as of
June 30, 1970, and represent holding company
formations and acquisitions approved to date.) Additionally, Applicant owns less than 5 per cent of
the stock of 12 banks, and between 5 per cent and
25 per cent of the shares of four banks in that area.
Although Applicant presently owns less than 1 per
cent of the shares of Bank (deposits of $930 million), the largest of 127 banks in Houston, a close
relationship has existed between the two since Applicant's formation. Applicant was organized by
shareholders of Bank in 1950 to hold shares of
suburban Houston banks, and it has been staffed
by Bank-related personnel since that time. At the
present time, persons owning 24 per cent of Bank's
shares control 100 per cent of Applicant's stock. An
additional indication of the close relationship existing between Applicant and Bank is the fact that
four of the banks in which Applicant has an ownership interest of 5 per cent or more are majority
controlled by stockholders who own more than 50
per cent of the stock of the Bank. The present proposal would result in a strengthening of the existing
relationship, but would appear to have no significant
effect on existing or potential competition. On consummation of the acquisition, Applicant, rather
than Bank, would be the third largest banking organization in Texas and would control 4.3 per cent
of deposits in the State.
Based upon the foregoing, the Board concludes
that consummation of the proposal would not have
an adverse effect on competition in any relevant
area. The banking factors are regarded as consistent
with approval. Considerations relating to the convenience and needs of the communities to be served
are also consistent with approval of the application.
It is the Board's judgment that the proposed transaction would be in the public interest, and that the
application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Dallas pursuant to delegated
authority.
By order of the Board of Governors, January 28,
1971.
Voting for this action: Chairman Burns and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and
not voting: Governors Robertson and Mitchell.
[SEAL]
(Signed)
A. K E N Y O N ,
Deputy Secretary.
KENNETH
MISSOURI BANCSHARES,
INCORPORATED,
KANSAS CITY, MISSOURI
In the matter of the application of
Bancshares, Incorporated, Kansas City,
for approval of acquisition of 80 per cent
of the voting shares of First Security Bank
wood, Kirkwood, Missouri.
Missouri
Missouri,
or more
in Kirk-
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING C O M P A N Y
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1 8 4 2 ( a ) ( 3 ) ) ,
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
Missouri Bancshares, Incorporated, Kansas City,
Missouri ("Applicant"), a registered bank holding
company, for the Board's prior approval of the
acquisition of 80 per cent or more of the voting
shares of First Security Bank in Kirkwood, Kirkwood, Missouri ("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Missouri Commissioner of Finance and
requested his views and recommendation. The Commissioner stated he did not object to approval of the
application.
Notice of receipt of the application was published
in the Federal Register on December 12, 1970 (35
Federal Register 18934), providing an opportunity
for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant controls five banks with deposits of
144
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
$361 million representing approximately 3V2 percent
of the commercial bank deposits in Missouri. It is
the fourth largest holding company and fifth largest
banking organization in the State. (All banking data
are as of June 30, 1970, and reflect holding company acquisitions approved by the Board through
December 31, 1970). Bank (deposits of $21 million) is located 15 miles southwest of downtown St.
Louis. The proposal represents Applicant's first entry into the St. Louis area, and Applicant's nearest
subsidiary to Bank is located 135 miles west of Kirkwood in Boonville. No significant competition between Bank and Applicant's subsidiaries exists, and,
because of distances and restrictive State branching
laws, such competition is unlikely to develop. Bank
is the smaller of two banks in Kirkwood, and the
third largest of seven banks serving the city and
environs with 19 per cent of that area's deposits.
The largest bank, which controls 26 per cent of
area deposits, is owned by the individual who controls Bank. Acquisition by Applicant of Bank would
terminate the affiliation and would result in an
additional banking alternative for area residents.
Based upon the foregoing, the Board concluded
that consummation of the proposed acquisition
would not have a substantially adverse effect on
competition in any area, and could stimulate competition in the Kirkwood area. The banking factors
are consistent with approval of the application. The
banking needs of Bank's customers are being adequately served, although consummation of the acquisition would provide an additional alternative for
such services as trust services. It is the Board's
judgment that the proposed transaction would be in
the public interest, and the application should be
approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Kansas City pursuant to delegated
authority.
By order of the Board of Governors, January 28,
1971.
Voting for this action: Chairman Burns and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and
not voting: Governors Robertson and Mitchell.
[SEAL]
(Signed)
A. K E N Y O N ,
Deputy Secretary.
KENNETH
BARNETT BANKS OF FLORIDA, INC.,
JACKSONVILLE, FLORIDA
In the matter of the application of Barnett Banks
of Florida, Inc., Jacksonville, Florida, for approval
of acquisition of 80 per cent or more of the voting
shares of International Bank of Tampa, Tampa,
Florida.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
Barnett Banks of Florida, Inc., Jacksonville,
Florida ("Applicant"), a registered bank holding
company, for the Board's prior approval of the
acquisition of 80 per cent or more of the voting
shares of International Bank of Tampa, Tampa,
Florida ("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Florida Commissioner of Banking and
requested his views and recommendation. The
Commissioner recommended approval of the application.
Notice of receipt of the application was published in the Federal Register on December 16,
1970 (35 Federal Register 19036), providing an
opportunity for interested persons to submit comments and views with respect to the proposal. A
copy of the application was forwarded to the United
States Department of Justice for its consideration.
Time for filing comments and views has expired and
all those received have been considered by the
Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant is the third largest banking organization
in Florida controlling 24 banks with $626 million
in deposits, representing 5.1 per cent of the deposits
held by all banking organizations in the State. (All
banking data are as of June 30, 1970, adjusted to
reflect holding company formations and acquisitions
approved by the Board through December 31,
1970.) Applicant's acquisition of Bank (deposits
145
LAW DEPARTMENT
of $13 million) would increase its share of deposits
in the State by only one tenth of 1 per cent. Bank
is one of the smaller banks in Tampa, and is the
sixteenth largest of 23 commercial banks serving
Hillsborough County (other than Plant City),
holding only 1.6 per cent of the deposits in that
area.
Applicant's two closest subsidiaries to Bank are
located 23 miles from Bank in Pinellas County,
across Tampa Bay. Because of the location of the
three banks there is little meaningful competition
between these two subsidiaries and Bank and little
possibility that more competition will develop in
the future. Through affiliation with Applicant,
Bank would be in a stronger position to compete
with its much larger competitors in Hillsborough
County, two of which each have deposits in excess
of $190 million. Because of this factor, the acquisition of Bank is likely to have a pro-competitive
effect in the Hillsborough County area.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition in
any relevant area. The banking factors as they
pertain to Applicant and its subsidiary banks are
consistent with approval of the application, and as
they pertain to Bank lend support for approval.
Applicant plans to provide Bank with additional
capital and with stronger management. Considerations relating to the convenience and needs of
banking customers in Hillsborough County are consistent with approval of the application. It is the
Board's judgment that the proposed transaction
would be in the public interest and should be
approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Atlanta pursuant to delegated
authority.
By order of the Board of Governors, January 28,
1971.
Voting for this action: Chairman Burns and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and
not voting: Governors Robertson and Mitchell.
(Signed)
[SEAL]
A. K E N Y O N ,
Deputy Secretary.
KENNETH
TENNESSEE NATIONAL
BANCSHARES, INC.
MARYVILLE, TENNESSEE
In the matter of the application of Tennessee National Bancshares, Inc., Maryville, Tennessee, for
approval of action to become a bank holding company through the acquisition of 80 per cent or more
of the voting shares of The Blount National Bank of
Maryville, Maryville, Tennessee, and more than 50
per cent of the voting shares of Merchants & Farmers Bank, Greenback, Tennessee.
ORDER APPROVING ACTION TO B E C O M E
A BANK
HOLDING
COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(1)) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3a)), an application by Tennessee
National Bancshares, Inc., Maryville, Tennessee,
for the Board's prior approval of action whereby
Applicant would become a bank holding company
through the acquisition of 80 per cent or more
of the voting shares of The Blount National Bank
of Maryville, Maryville, Tennessee, and more
than 50 per cent of the voting shares of Merchants
& Farmers Bank, Greenback, Tennessee.
This application represents an amended version
of an earlier application, approved by the Board
of Governors on March 19, 1970, whereby Tennessee National Bancshares, Inc. sought approval to
become a bank holding company through the acquisition of the aforedescribed voting shares and in addition 80 per cent or more of the voting shares of
The First National Bank of Oneida, Oneida, Tennessee.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the amendment of the application to the Comptroller of the
Currency and the Tennessee Superintendent of
Banks, and requested their views and recommendations. The Comptroller recommended, and the
Superintendent offered no objection to, approval
of the application.
The Board's Order approving Applicant's original
•proposal was published in the Federal Register on
March 26, 1970 (35 F.R. 5137). Notice of receipt
of the amendment of the application was published
in the Federal Register on January 7,1971 (36 F.R.
236), providing an opportunity for interested persons to submit comments and views with respect to
the proposed transaction. Written advice of the
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
146
amendment of the application was sent to the United
States Department of Justice for its consideration.
The time for filing comments and views has expired
and all those received have been considered by the
Board.
Upon consideration of the amended proposal, the
Board finds that the amended application involves
no significant changes, except for exclusion of all
reference to The First National Bank of Oneida,
Oneida, Tennessee, that would alter the conclusion
reached by the Board in its Order and Statement of
March 19, 1970, approving Applicant's original
proposal.
I T IS HEREBY ORDERED, for the reasons set forth
above and in the Board's Statement of March 19,
1970 with respect to Applicant's original proposal,
that the application be and hereby is approved, provided that the action so approved shall not be consummated (a) before the thirtieth calendar day
following the date of this Order or (b) later than
three months after the date of this Order, unless such
time be extended for good cause by the Board, or by
the Federal Reserve Bank of Atlanta pursuant to
delegated authority.
By order of the Board of Governors, February 4,
1971.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and
Governor Maisel.
(Signed) K E N N E T H A. KENYON,
Deputy Secretary.
[SEAL]
COMMERCE BANCSHARES, I N C ,
KANSAS CITY, MISSOURI
In the matter of the application of Commerce
Bancshares, Inc., Kansas City, Missouri, for approval of acquisition of more than 80 per cent of the
voting shares of State Bank and Trust Company of
Poplar Bluff, Poplar Bluff, Missouri.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING
COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3)) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), an application by Commerce
Bancshares, Inc., Kansas City, Missouri ("Applicant"), a registered bank holding company, for the
Board's prior approval of the acquisition of more
than 80 per cent of the voting shares of State Bank
and Trust Company of Poplar Bluff, Poplar Bluff,
Missouri ("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Commissioner of Finance of the State
of Missouri and requested his views and recommendation. His office indicated that this acquisition
was a progressive step for banking in Missouri.
Notice of receipt of the application was published
in the Federal Register on December 19, 1970 (35
Federal Register 19291), providing an opportunity
for interested persons to submit comments and
views with respect to the proposed transaction. A
copy of the application was forwarded to the United
States Department of Justice for its consideration.
The time for filing comments and views has expired
and all those received have been considered by the
Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources of the Applicant and the banks concerned,
and the convenience and needs of the communities
to be served. Upon such consideration, the Board
finds that:
Applicant, the second largest bank holding company and second largest banking organization in
Missouri, has 16 subsidiary banks with aggregate
deposits of $776 million, representing 7.6 per cent
of the total commercial bank deposits in the State.
(All banking data are as of June 30, 1970, adjusted
to reflect bank holding company formations and acquisitions approved by the Board to date.) Upon
consummation of the proposal herein, Applicant
would control 7.8 per cent of deposits in the State,
and its position relative to the State's other banking
organizations would remain unchanged.
Bank ($15.6 million deposits) is the largest of
four banks in Butler County, which approximates
the relevant market, and holds 37.3 per cent of the
aggregate commercial bank deposits therein. Bank
does not occupy a dominant position in the market:
the second largest bank holds $15.2 million in deposits and is a strong competitor in the market; the
third largest bank (deposits $8.3 million) was chartered in 1964 and has experienced satisfactory
growth in the face of competition from the larger
banks. Applicant's closest subsidiary is located 95
miles north of Bank, and neither it nor any other
of Applicant's present subsidiaries compete with
Bank to a significant extent. Consummation of the
proposal herein would not eliminate significant po-
LAW DEPARTMENT
tential competition. Applicant's entry into the Butler
County market de novo or by acquisition of one of
the other banks in the area appears unlikely. Butler
County's low population to bank ratio mitigates
against de novo entry and the other Poplar Bluff
banks have rejected holding company affiliation.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition in
any relevant area. Considerations relating to financial and managerial resources and prospects, as they
relate to Applicant, its subsidiaries and Bank, are
regarded as consistent with approval of the application. Affiliation with Applicant would increase
Bank's effective lending capacity, and would enable
Applicant to broaden Bank's lending policies. In
light of the industrial growth taking place in Bank's
area, these considerations lend weight in support of
approval. It is the Board's judgment that the pro-
147
posed transaction would be in the public interest,
and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
above, that said application be and hereby is approved, provided that the acquisition so approved
shall not be consummated (a) before the thirtieth
calendar day following the date of this Order or (b)
later than three months after the date of this Order,
unless such period is extended for good cause by
the Board, or by the Federal Reserve Bank of Kansas City pursuant to delegated authority.
By order of the Board of Governors, February 4,
1971.
Voting for this action: Vice Chairman Robertson,
and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor Maisel.
(Signed) K E N N E T H A. K E N Y O N ,
Deputy Secretary.
[SEAL]
Directors of
Federal Reserve Banks and Branches
Following is a list of the directorates of the Federal Reserve Banks and Branches as at present constituted.
The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A
and three Class B directors, who are elected by the stockholding member banks, and three Class C directors,
who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in
commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any
bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve
district are classified by the Board of Governors of the Federal Reserve System into three groups, each of
which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C
director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Branches have either five or seven directors, of whom a majority are appointed by the Board of Directors of the parent Federal Reserve Bank and
the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each Branch is designated annually as Chairman of the Board in
such manner as the Federal Reserve Bank may prescribe.
District 1—FEDERAL RESERVE BANK OF BOSTON
Term
Expires
Dec. 31
Class A:
JOHN S I M M E N
(Vacancy)
RALPH A . MCININCH
Chairman of the Board, Chief Executive Officer, Industrial National
Bank of Rhode Island, Providence, R.I.
1971
1972
1973
President, Merchants National Bank of Manchester, N.H.
Class B:
W . GORDON ROBERTSON
F . RAY KEYSER, J R .
G . WILLIAM MILLER
General Trustee, Bangor Punta Corporation, Bangor, Maine
Vice President, Vermont Marble Company, Proctor, Vt.
President, Chief Executive Officer, Textron, Providence, R.I.
1971
1972
1973
Professor of Economics, Harvard University, Cambridge, Mass.
Chairman of the Board, Cabot Corporation, Boston, Mass.
President, United Fruit Company, Boston, Mass.
1971
1972
1973
Class C:
JAMES S . D U E S E N B E R R Y 1
LOUIS W . C A B O T 2
JOHN M . F O X
L
Chairman
2
Deputy Chairman
149
150
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
District 2—FEDERAL RESERVE BANK OF NEW YORK
Term
Expires
Dec. 31
Class A:
President, Chief Executive Officer, Tompkins County Trust Company, Ithaca, N.Y.
President, The Canandaigua National Bank and Trust Company,
Canandaigua, N.Y.
Chairman, Chemical Bank, New York, N.Y.
C . E . T R E M A N , JR.
ARTHUR S . H A M L I N
W I L L I A M S . RENCHARD
1971
1972
1973
Class B:
Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971
Chairman of the Board, B. Forman Co., Rochester, N.Y.
1972
President, Chief Executive Officer, American-Standard Inc., New
York, N.Y.
1973
MILTON C . MUMFORD
MAURICE R . F O R M AN
W I L L I A M D . EBERLE
Class C:
ROSWELL L . G I L P A T R I C 2
A L B E R T L . NICKERSON
1
W H I T N E Y M . YOUNG, JR.
Partner, Cravath, Swaine & Moore, New York, N.Y.
New York, N.Y.
Executive Director, National Urban League, New York, N.Y.
1971
1972
1973
BUFFALO BRANCH
Appointed by Federal Reserve Bank:
JAMES I . WYCKOFF
DAVID J . LAUB
W I L L I A M B . ANDERSON
ANGELO A . COSTANZA
Chairman of the Board, The National Bank of Geneva, N.Y.
Chairman of the Board, Marine Midland Bank-Western, Buffalo,
N.Y.
President, The First National Bank of Jamestown, N.Y.
President, Chief Executive Officer, Central Trust Company Rochester, N.Y.
1971
1972
1973
Vice President, Eastman Kodak Company, Rochester, N.Y.
General Manager, Pro-Fac Cooperative Inc., Rochester, N.Y.
President, Trico Products Corporation, Buffalo, N.Y.
1971
1972
1973
1973
Appointed by Board of Governors.
NORMAN F . B E A C H 1
MORTON ADAMS
R U P E R T WARREN
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
Class A:
HAROLD
F. STILL, JR.
W I L L I A M R . COSBY
RICHARD
1
Chairman
A. HERBSTER
President, Central Penn National Bank, Philadelphia, Pa.
Chairman of the Board, Princeton Bank and Trust Company,
Princeton, N.J.
President, Lewistown Trust Company, Lewistown, Pa.
2
Deputy Chairman
1971
1972
1973
151
DIRECTORS RESERVE BANKS AND BRANCHES
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued
Term
Expires
Dec. 31
Class B:
(Vacancy)
1971
EDWARD J . D W Y E R
PHILIP H . GLATFELTER,
III
President, ESB Incorporated, Philadelphia, Pa.
Chairman of the Board, President, P . H . Glatfelter Co., Spring
Grove, Pa.
1972
1973
Class C:
D.
ROBERT YARNALL, JR.
BAYARD
L.
ENGLAND
2
1
JOHN R . COLEMAN
President, Yarway Corporation, Blue Bell, Pa.
Chairman of the Board, Atlantic City Electric Company, Atlantic
City, N.J.
President, Haverford College, Haverford, Pa.
1971
1972
1973
District 4—FEDERAL RESERVE BANK OF CLEVELAND
Class A :
GEORGE F . KARCH
L. BRUMBACK,
EDWARD W. BARKER
DAVID
JR.
Chairman of the Board, Chief Executive Officer, The Cleveland
Trust Company, Cleveland, Ohio
President, Van Wert National Bank, Van Wert, Ohio
President, First National Bank of Middletown, Ohio
1971
1972
1973
Class B:
J . W I L L I A M HENDERSON, JR.
R. STANLEY
LAING
JOHN L . G U S H M A N
Henderson & Associates, Columbus, Ohio
President, The National Cash Register Company, Dayton, Ohio
President, Chief Executive Officer, Anchor Hocking Corporation,
Lancaster, Ohio
1971
1972
1973
Class C.HORACE
A.
SHEPARD
ALBERT
G.
CLAY1
J . WARD K E E N E R 2
Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio
President, Clay Tobacco Company, Mt. Sterling, Ky.
Chairman of the Board, Chief Executive Officer, The B. F. Goodrich Company, Akron, Ohio
1971
1972
1973
CINCINNATI BRANCH
Appointed by Federal Reserve Bank:
ROBERT
B. JOHNSON
PAUL W . CHRISTENSEN, JR.
ROBERT
E. H A L L
WILLIAM
L
S. R O W E
Chairman
President,
Ky.
President,
President,
Ohio
President,
Pikeville National Bank & Trust Company, Pikeville,
The Cincinnati Gear Company, Cincinnati, Ohio
The First National Bank and Trust Company, Troy,
The Fifth Third Bank, Cincinnati, Ohio
2
Deputy Chairman
1971
1972
1972
1973
152
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued
CINCINNATI BRANCH—Continued
Term
Expires
Appointed by Board of Governors:
Dec. 31
GRAHAM E . M A R X 1
President, General Manager, The G . A . Gray Company, Cincinnati, Ohio
1971
PHILLIP R . SHRIVER
President, Miami University, Oxford, Ohio
1972
CLAIR F . VOUGH
Vice President, IBM Corporation, Lexington, Ky.
1973
PITTSBURGH BRANCH
Appointed by Federal Reserve Bank:
CHARLES H . BRACKEN
President, Chief Executive Officer, Marine National Bank, Erie,
Pa.
ROBINSON F . BARKER
Chairman, Chief Executive Officer, PPG Industries, Pittsburgh,
Pa.
J . W . BINGHAM
President, The Merchants and Manufacturers National Bank of
Sharon, Pa.
MERLE E.'GILLIAND
President, Chief Executive Officer, Pittsburgh National Bank,
Pittsburgh, Pa.
Appointed by Board of Governors :
RICHARD M. CYERT
Dean, Graduate School of Industrial Administration, CarnegieMellon University, Pittsburgh, Pa.
LAWRENCE E. W A L K L E Y 1
President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa.
ROBERT E. KIRBY
President, Industry and Defense Products, Westinghouse Electric
Corporation, Pittsburgh, Pa.
1971
1972
1972
1973
1971
1972
1973
District 5—FEDERAL RESERVE BANK OF RICHMOND
Class A :
DOUGLAS D . MONROE, JR.
H U G H A . CURRY
THOMAS P . M C L A C H L E N
President, Chesapeake National Bank, Kilmarnock, Va.
President, The Kanawha Valley Bank, Charleston, W. Va.
President, McLachlen National Bank, Washington, D.C.
1971
1972
1973
Class B :
CHARLES D . LYON
ROBERT S . SMALL
H . DAIL HOLDERNESS
Hagerstown, Md.
President, Dan River Mills Incorporated, Greenville, S.C.
President, Carolina Telephone and Telegraph Company, Tarboro,
N.C.
1971
1972
1973
Class C.WILSON H . E L K I N S 1
ROBERT W . LAWSON, JR.
STUART SHUMATE
1
Chairman
President, University of Maryland, College Park, Md.
1971
Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, W . Va.
1972
President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va.
1973
2
Deputy Chairman
DIRECTORS RESERVE BANKS AND BRANCHES
153
District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
BALTIMORE BRANCH
A ppointed by Federal Reserve Bank:
Term
Expires
Dec. 31
President, Chairman of the Executive Committee, Maryland National Bank, Baltimore, Md.
Executive Vice President, The Denton National Bank, Denton,
Md.
Executive Vice President, Bank of Ripley, W. Va.
President, Union Trust Company of Maryland, Baltimore, Md.
TILTON H . DOBBIN
J . R . CHAFFINCH, JR.
JAMES J . ROBINSON
J . STEVENSON P E C K
1971
1972
1973
1973
Appointed by Board of Governors:
JAMES
M. JARVIS
ARNOLD J . K L E F F , JR.
1
JOHN H . F E T T I N G , JR.
Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarksburg,
W. Va.
1971
Manager, Baltimore Refinery, American Smelting and Refining
Company, Baltimore, Md.
1972
President, A. H . Fetting Company, Baltimore, Md.
1973
CHARLOTTE BRANCH
Appointed by Federal Reserve Bank :
L. D. COLTRANE, III
J . W I L L I S CANTEY
C. C .
CAMERON
H . P H E L P S BROOKS, JR.
President, The Concord National Bank, Concord, N.C.
President, The Citizens and Southern National Bank of South
Carolina, Columbia, S.C.
Chairman of the Board, President, First Union National Bank of
North Carolina, Charlotte, N.C.
President, The Peoples National Bank, Chester, S.C.
1971
1972
1973
1973
Appointed by Board of Governors :
JOHN
E.
L. FRALEY 1
CRAIG W A L L , SR.
CHARLES
W.
DEBELL
President, Carolina Freight Carriers Corporation, Cherryville,
N.C.
Chairman of the Board, Canal Industries, Inc., Conway, S . C .
General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, N.C.
1971
1972
1973
District 6—FEDERAL RESERVE BANK OF ATLANTA
Class A :
JOHN W . GAY
WILLIAM
B. M I L L S
A. L. E L L I S
1
Chairman
President, The First National Bank of Scottsboro, Ala.
President, The Florida National Bank, Jacksonville, Fla.
Chairman of the Board, First National Bank, Tarpon Springs, Fla.
1971
1972
1973
154
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
Term
Expires
Dec. 31
Class B.Owen
COOPER
PHILIP J . L E E
HOSKINS A . SHADOW
President, Mississippi Chemical Corporation and Coastal Chemical
Corporation, Yazoo City, Miss.
Vice President, Tropicana Products, Inc., Tampa, Fla.
President, Tennessee Valley Nursery, Inc., Winchester, Tenn.
1971
1972
1973
President, Georgia Power Company, Atlanta, Ga.
President, Milliken and Farwell, Inc., New Orleans, La.
President, Horne-Wilson, Inc., Atlanta, Ga.
1971
1972
1973
Class C :
EDWIN I . H A T C H 1
F . EVANS FARWELL
JOHN C . WILSON
2
BIRMINGHAM BRANCH
Appointed by Federal Reserve Bank:
K. M. VARNER,
JR.
HARVEY TERRELL
WALLACE
D.
C. LOGAN
TAYLOR
MALONE, JR.
President, The First National Bank of Auburn, Ala.
Chairman of the Board, The First National Bank of Birmingham,
Ala.
President, Chairman of the Board, The First National Bank of
Dothan, Ala.
Chairman of the Board, The First State Bank of Oxford, Ala.
1971
1972
1973
1973
Appointed by Board of Governors :
W . CECIL B A U E R 1
E. STANLEY
ROBBINS
DAVID MATHEWS
President, South Central Bell Telephone Company, Birmingham,
Ala.
President, National Floor Products Company, Inc., Florence, Ala.
President, University of Alabama, University, Ala.
1971
1972
1973
JACKSONVILLE BRANCH
Appointed by Federal Reserve Bank:
EDWARD W . LANE, JR.
JAMES G . RICHARDSON
MALCOLM C . BROWN
A . CLEWIS H O W E L L
President, The Atlantic National Bank, Jacksonville, Fla.
Chairman of the Board, President, The Commercial Bank and Trust
Company of Ocala, Fla.
President, Chairman, Florida First National Bank at Brent, Pensacola, Fla.
President, Marine Bank & Trust Company, Tampa, Fla.
1971
President, AO Industries, Inc., Coral Gables, Fla.
President, University of Miami, Coral Gables, Fla.
Vice President, The Coca-Cola Company Foods Division, Orlando,
Fla.
1971
1972
1972
1973
1973
Appointed by Board of Governors :
CASTLE W . JORDAN
1
H E N R Y K . STANFORD
H E N R Y CRAGG
1
Chairman
2
Deputy Chairman
1973
DIRECTORS RESERVE BANKS AND BRANCHES
155
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
NASHVILLE BRANCH
Term
Expires
Dec. 31
Appointed by Federal Reserve Bank:
HUGH
M. WILLSON
C. H U F F M A N
President, Citizens National Bank, Athens, Tenn.
Chairman of the Board, President, First National Bank, Shelbyville, Tenn.
President, First National Bank, Dickson, Tenn.
Executive Vice President, Commerce Union Bank, Nashville,
Tenn.
EDWARD
DAN
B. ANDREWS
K E N N E T H L . ROBERTS
1971
1972
1973
1973
Appointed by Board of Governors:
EDWARD J . B O L I N G 1
ROY J . FISHER
JAMES W . LONG
President, The University of Tennessee, Knoxville, Tenn.
Manager, Tennessee Operations, Aluminum Company of America,
Alcoa, Tenn.
President, Robertson County Farm Bureau, Springfield, Tenn.
1971
1972
1973
NEW ORLEANS BRANCH
Appointed by Federal Reserve Bank:
E. W. HAINING
P. HEIDELBERG, JR.
T O M A. FLANAGAN, JR.
LAWRENCE A. MERRIGAN
H.
President,
President,
President,
President,
La.
The First National Bank of Vicksburg, Miss.
Pascagoula-Moss Point Bank, Pascagoula, Miss.
Lakeside National Bank of Lake Charles, La.
The Bank of New Orleans and Trust Co., New Orleans,
1971
1972
1973
1973
Appointed by Board of Governors:
FRANK G . S M I T H
D.
BEN KLEINPETER1
BROADUS
N.
BUTLER
Vice President, Mississippi Power & Light Company, Jackson,
Miss.
Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge,
La.
President, Dillard University, New Orleans, La.
1971
1972
1973
District 7—FEDERAL RESERVE BANK OF CHICAGO
Class A:
FLOYD F . W H I T M O R E
EDWARD
B. S M I T H
MELVIN
C. LOCKARD
President, The Okey-Vernon National Bank, Corning, Iowa
Chairman of the Board, The Northern Trust Company, Chicago,
111.
President, First National Bank, Mattoon, 111.
1971
1972
1973
Indianapolis, Ind.
President, Harley-Davidson Motor Co., Inc., Milwaukee, Wis.
Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis.
1971
1972
1973
Class B:
O. WAYMIRE
H. DAVIDSON
HOWARD M. PACKARD
JOSEPH
WILLIAM
1
Chairman
FEDERAL RESERVE BULLETIN •
156
FEBRUARY 1971
District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued
Term
Expires
Dec. 31
Class C:
W I L L I A M H . FRANKLIN 2
EMERSON G . H I G D O N 1
JOHN W . BAIRD
President, Caterpillar Tractor Co., Peoria, 111.
President, The Maytag Company, Newton, Iowa
President, Baird & Warner, Inc., Chicago, 111.
1971
1972
1973
DETROIT BRANCH
Appointed by Federal Reserve Bank:
B. P. SHERWOOD,
GEORGE
JR.
L. W H Y E L
ROLAND A . M E W H O R T
ELLIS
B. MERRY
President, Security First Bank & Trust Company, Grand Haven,
Mich.
President, Genesee Merchants Bank & Trust Company, Flint,
Mich.
Chairman, Manufacturers National Bank of Detroit, Mich.
Chairman of the Board, National Bank of Detroit, Mich.
1971
1972
1972
1973
Appointed by Board of Governors:
PETER
W.
B. C L A R K 1
M. D E F O E
L. W M .
SEIDMAN
Chairman of the Board, President, The Evening News Association,
Detroit, Mich.
Chairman of the Board, Defoe Shipbuilding Company, Bay City,
M[ich.
Resident Partner, Seidman & Seidman, Grand Rapids, Mich.
1971
1972
1973
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
Class A :
JAMES P . HICKOK
CECIL W . C U P P , JR.
BRADFORD BRETT
Chairman of the Executive Committee, First National Bank in St.
Louis, Mo.
President, Arkansas Bank & Trust Company, Hot Springs, Ark.
President, The First National Bank of Mexico, Mo.
1971
1972
1973
Chairman of the Board, President, D / P Computer Services, Inc.,
Evansville, Ind.
Chairman of the Board, Schnuck Markets, Inc., St. Louis, Mo.
President, Arkansas Foundry Company, Little Rock, Ark.
1971
1972
1973
Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Mo.
President, HumKo Products, Memphis, Tenn.
Melrose Farms, Herndon, Ky.
1971
1972
1973
Class B:
SHERWOOD J . S M I T H
EDWARD J . SCHNUCK
FRED I. BROWN, JR.
Class C:
FREDERIC M . P E I R C E 1
SAM C O O P E R 2
HARRY M . YOUNG, JR.
1
Chairman
2
Deputy Chairman
DIRECTORS RESERVE BANKS AND BRANCHES
157
District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
LITTLE ROCK BRANCH
Term
Expires
Dec. 31
Appointed by Federal Reserve Bank:
Louis E. H U R L E Y
ELLIS E . SHELTON
WAYNE
A.
STONE
M.
EDWARD
PENICK
Chairman of the Board, Chief Executive Officer, The Exchange
Bank & Trust Company, El Dorado, Ark.
President, The First National Bank of Fayetteville, Ark.
Chairman of the Board, Chief Executive Officer, Simmons First
National Bank of Pine Bluff, Ark.
President, Chief Executive Officer, Worthen Bank & Trust Company, Little Rock, Ark.
1971
1972
1972
1973
Appointed by Board of Governors :
AL POLLARD1
JAKE HARTZ, JR.
ROLAND R . R E M M E L
President, A1 Pollard & Associates, Little Rock, Ark.
President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark.
Chairman of the Board, Southland Building Products Co., Little
Rock, Ark.
1971
1972
1973
LOUISVILLE BRANCH
A ppointed by Federal Reserve Bank:
HUGH
M.
SHWAB
PAUL CHASE
HERBERT J. SMITH
HAROLD
E. JACKSON
Chairman of the Board, First National Bank of Louisville, Ky.
President, The Bedford National Bank, Bedford, Ind.
President, The American National Bank and Trust Company of
Bowling Green, Ky.
President, The Scott County State Bank, Scottsburg, Ind.
1971
1972
1972
1973
Appointed by Board of Governors :
RONALD
JOHN
G.
E.
REITMEIER1
BEAM
WILLIAM
H.
STROUBE
President, Catalysts and Chemicals Inc., Louisville, Ky.
President, Thomas Industries, Inc., Louisville, Ky.
Assistant Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky.
1971
1972
1973
MEMPHIS BRANCH
Appointed by Federal Reserve Bank:
WADE W . H O L L O W E L L
JAMES
R.
FITZHUGH
WAYNE W . PYEATT
J.J.WHITE
President,
Executive
President,
President,
The First National Bank of Greenville, Miss.
Vice President, Bank of Ripley, Tenn.
National Bank of Commerce, Memphis, Tenn.
Helena National Bank, Helena, Ark.
1971
1972
1972
1973
Appointed by Board of Governors :
C. W H I T N E Y
BROWN1
WILLIAM L . GILES
ALVIN H U F F M A N , JR.
1
Chairman
President, S. C. Toof & Company, Memphis, Tenn.
President, Mississippi State University, State College, Miss.
President, Huffman Brothers Incorporated, Blytheville, Ark.
1971
1972
1973
158
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
Term
Expires
Dec. 31
Class A :
G . A . DAHLEN
JOHN BOSSHARD
PHILIP H . NASON
President, First National Bank of Ironwood, Mich.
Executive Vice President, First National Bank of Bangor, Wis.
President, The First National Bank of Saint Paul, Minn.
1972
President, The Cretex Companies, Inc., Elk River, Minn.
President, Montana-Dakota Utilities Company, Bismark, N.Dak.
President, Mitchell Packing Company, Inc., Mitchell, S.Dak.
1971
1972
1973
Chairman, Dayton Hudson Corporation, Minneapolis, Minn.
Chairman of the Board, Toro Manufacturing Corporation, Minneapolis, Minn.
President, Hart-Albin Company, Billings, Mont.
1971
1971
1973
Class B:
JOHN H . BAILEY
DAVID M . H E S K E T T
DALE V . ANDERSEN
Class C:
BRUCE B . D A Y T O N 2
DAVID M . LILLY
Russ
1
B. HART
1972
1973
HELENA BRANCH
Appointed by Federal Reserve Bank:
RICHARD
D. RUBIE
E. LOWRYKUNKEL
ROBERT I . P E N N E R
President, Missoula Bank of Montana, Missoula, Mont.
President, First National Bank, Butte, Mont.
President, Citizens First National Bank, Wolf Point, Mont.
1971
Publisher, Great Falls Tribune, Great Falls, Mont.
Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Mont.
1971
1972
1972
Appointed by Board of Governors :
WILLIAM
WARREN
A. CORDINGLEY 1
B. JONES
1972
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
Class A.
JOHN A . O'LEARY
ROGER D . KNIGHT, JR.
C . MOSE M I L L E R
Chairman of the Board, The Peoples State Bank, Luray, Kans.
Chairman of the Board, United Banks of Colorado, Inc., Denver,
Colo.
Chairman of the Board, President, The Farmers and Merchants
State Bank, Colby, Kans.
1971
1973
Phillips Petroleum Company, Bartlesville, Okla.
Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr.
Vice President, Trans World Airlines, Inc., Kansas City, Mo.
1971
1972
1973
1972
Class B.STANLEY LEARNED
CECIL O . E M R I C H
A L F R E D E . JORDAN
1
Chairman
2
Deputy Chairman
159
DIRECTORS RESERVE BANKS AND BRANCHES
District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
Term
Expires
Dec. 31
Class C:
ROBERT W . W A G S T A F F 1
WILLARD D E E R E HOSFORD,
JR.2
ROBERT T . PERSON
Chairman, President, Kansas City Coca-Cola Bottling Company,
Kansas City, Mo.
Vice President, General Manager, John Deere Company, Omaha,
Nebr.
President, Chairman of the Board, Public Service Company of
Colorado, Denver, Colo.
1971
1972
1973
DENVER BRANCH
A ppointed by Federal Reserve Bank:
A R M I N B . BARNEY
L. T R I P P
ROBERT
DALE R . HINMAN
Chairman of the Board, The Colorado Springs National Bank,
Colorado Springs, Colo.
President, Albuquerque National Bank, Albuquerque, N.M.
President, The Greeley National Bank, Greeley, Colo.
1971
1972
1972
Chairman of the Board, Chief Executive, Ideal Basic Industries,
Inc., Denver, Colo.
President, The Aspen Skiing Corporation, Aspen, Colo.
1971
1972
Appointed by Board of Governors:
CRIS DOBBINS 1
C. BROWN
DAVID R .
OKLAHOMA CITY BRANCH
A ppointed by Federal Reserve Bank:
W. H .
MCDONALD
MARVIN MILLARD
C.
HUGH
JONES
Chairman of the Executive Committee, The First National Bank
and Trust Company of Oklahoma City, Okla.
Chairman of the Board, National Bank of Tulsa, Okla.
Executive Vice President, The Bank of Woodward, Okla.
1971
1972
1972
Appointed by Board of Governors:
C. W .
F L I N T , JR.
1
FLORIN W . ZALOUDEK
Chairman of the Board, Flint Steel Corporation, Tulsa, Okla.
Manager, J . I. Case Implements, Kremlin, Okla.
1971
1972
OMAHA BRANCH
Appointed by Federal Reserve Bank:
JOHN
W. HAY,
S. N.
WOLBACH
EDWARD
W.
JR.
LYMAN
President, Rock Springs National Bank, Rock Springs, Wyo.
President, The First National Bank of Grand Island, Nebr.
President, The United States National Bank of Omaha, Nebr.
1971
1971
1972
Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebr.
President, Natkin & Company, Omaha, Nebr.
1971
1972
Appointed by Board of Governors:
A. JAMES
HENRY
L
EBEL
Y. K L E I N K A U F 1
Chairman
2
Deputy Chairman
160
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
District 11—FEDERAL RESERVE BANK OF DALLAS
Term
Expires
Dec. 31
Class A :
President, The Peoples National Bank of Tyler, Tex.
Chairman of the Board, The First National Bank of Fort Worth,
Tex.
President, The Peoples National Bank of Belton, Tex.
A . W . RITER, JR.
MURRAY KYGER
J. V . KELLY
1971
1972
1973
Class B :
President, El Paso Natural Gas Company, El Paso, Tex.
President, Chief Executive Officer, Texas Utilities Company,
Dallas, Tex.
Chairman of the Board, Fox-Stanley Photo Products, Inc., San
Antonio, Tex.
H U G H F . STEEN
C . A . T A T U M , JR.
CARL D . N E W T O N
1971
1972
1973
Class C :
CHAS. F . J O N E S 1
PHILIP G . H O F F M A N
2
JOHN LAWRENCE
Vice Chairman of the Board, Humble Oil & Refining Company,
Houston, Tex.
President, University of Houston, Tex.
Chairman of the Board, Dresser Industries, Inc., Dallas, Tex.
1971
1972
1973
EL PASO BRANCH
Appointed by Federal Reserve Bank :
JOE
B. SISLER
B. SCOTT
ARCHIE
SAM D . YOUNG, J R .
CULLEN J. KELLY
President,
President,
President,
President,
The Clovis National Bank, Clovis, N.M.
The Security State Bank of Pecos, Tex.
El Paso National Bank, El Paso, Tex.
The First National Bank of Midland, Tex.
1971
1972
1972
1973
Appointed by Board of Governors:
JOSEPH
M.
RAY1
ALLAN B . BOWMAN
HERBERT
M. SCHWARTZ
Benedict Professor of Political Science, The University of Texas
at El Paso, Tex.
President, General Manager, Banner Mining Company, Tucson,
Ariz.
President, Popular Dry Goods Co., Inc., El Paso, Tex.
1971
1972
1973
HOUSTON BRANCH
Appointed by Federal Reserve Bank:
H E N R Y B . CLAY
W . G . THORNELL
JOHN E . W H I T M O R E
KLINE M C G E E
1
Chairman
President, First Bank & Trust, Bryan, Tex.
1971
President, The First National Bank of Port Arthur, Tex.
1972
Chairman of the Board, Texas Commerce Bank National Association, Houston, Tex.
1972
Chairman of the Board, Chief Executive Officer, Southern National
Bank of Houston, Tex.
1973
2
Deputy Chairman
161
DIRECTORS RESERVE BANKS AND BRANCHES
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
HOUSTON BRANCH—Continued
Term
Expires
Dec. 31
Appointed by Board of Governors:
R . M . BUCKLEY
GEO.
T.
MORSE, JR.
1
M . STEELE W R I G H T , J R .
President, Eastex Incorporated, Silsbee, Tex.
Vice Chairman of the Board, Chief Operating Officer, Peden Industries, Inc., Houston, Tex.
Chairman of the Board, Texas Farm Products Company, Nacogdoches, Tex.
1971
1972
1973
SAN ANTONIO BRANCH
A ppointed by Federal Reserve Bank:
Chairman of the Board, Chief Executive Officer, Corpus Christi
Bank and Trust, Corpus Christi, Tex.
President, The Frost National Bank of San Antonio, Tex.
President, First National Bank at Brownsville, Tex.
President, Union National Bank of Laredo, Tex.
JAMES T . D E N T O N , J R .
C. FROST, J R .
W. O. ROBERSON
TOM
RAY M . K E C K , J R .
1971
1972
1972
1973
Appointed by Board of Governors:
FRANCIS
B. MAY
Professor of Business Statistics, The University of Texas, Austin,
Tex.
Veterinarian, Rancher, Brackettville, Tex.
President, Frost Bros., Inc., San Antonio, Tex.
W. A. BELCHER1
IRVING A. M A T H E W S
1971
1972
1973
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
Class A:
Chairman of the Board, Chief Executive Officer, First National
Bank and Trust Company, Ontario, Calif.
President, The First National Bank of Willows, Calif.
President, First National Bank of Oregon, Portland, Oreg.
R A L P H V . ARNOLD
CARROLL F . BYRD
R A L P H J . VOSS
1971
1972
1973
Class B:
H E R B E R T D . ARMSTRONG
JOSEPH ROSENBLATT
MARRON KENDRICK
Treasurer, Standard Oil Company of California, San Francisco,
Calif.
Honorary Chairman of the Board, The Eimco Corporation, Salt
Lake City, Utah
President, Chairman of the Board, Schlage Lock Company, San
Francisco, Calif.
1971
1972
1973
Class C.BERNARD T . ROCCA, J R .
S . A L F R E D HALGREN
2
O . MEREDITH WILSON
L
Chairman
1
Chairman of the Board, Pacific Vegetable Oil Corporation, San
Francisco, Calif.
Senior Vice President, Carnation Company, Los Angeles, Calif.
President, Director, Center for Advanced Study in the Behavioral
Sciences, Stanford, Calif.
2
Deputy Chairman
1971
1972
1973
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
LOS ANGELES BRANCH
Term
Expires
Appointed by Federal Reserve Bank:
Dec. 31
SHERMAN HAZELTINE
Chairman of the Board, Chief Executive Officer, First National
Bank of Arizona, Phoenix, Ariz.
1971
CARL E. SCHROEDER
President, The First National Bank of Orange County, Orange,
Calif.
1972
L. E. SOUTHWICK
President, Valley National Bank, Glendale, Calif.
1973
CARL E. HARTNACK
President, Security Pacific National Bank, Los Angeles, Calif.
1973
Appointed by Board of Governors:
J . LELAND ATWOOD 1
LELAND
D.
PRATT
NORMAN B . HOUSTON
Senior Consultant, North American Rockwell Corporation, Los
Angeles, Calif.
President, Kelco Company, San Diego, Calif.
Golden State Mutual Life Insurance Company, Los Angeles,
Calif.
1971
1972
1973
PORTLAND BRANCH
Appointed by Federal Reserve Bank:
L E R O Y B. STAVER
President, United States National Bank of Oregon, Portland, Oreg.
JAMES H . STANARD
Vice President, First National Bank of McMinnville, Oreg.
FRANK L . SERVOSS
President, Crater National Bank of Medford, Oreg.
1971
1972
1972
Appointed by Board of Governors:
FRANK ANDERSON
1
JOHN R . HOWARD
Farmer, Heppner, Oreg.
President, Lewis and Clark College, Portland, Oreg.
1971
1972
SALT LAKE CITY BRANCH
Appointed by Federal Reserve Bank:
W I L L I A M E. IRVIN
Chairman of the Board, The Idaho First National Bank, Boise,
Idaho
President, Bank of Utah, Ogden, Utah
RODERICK H . BROWNING
ROY W. S I M M O N S
President, Zions First National Bank, Salt Lake City, Utah
Appointed by Board of Governors :
ROYDEN G. D E R R I C K 1
President, General Manager, Western Steel Company, Salt Lake
City, Utah
JOHN H . BRECKENRIDGE
President, L. L. Breckenridge Company, Twin Falls, Idaho
1971
1972
1972
1971
1972
SEATTLE BRANCH
Appointed by Federal Reserve Bank:
JOSEPH C. BAILLARGEON
Chairman, Seattle Trust & Savings Bank, Seattle, Wash.
A . E . SAUNDERS
President, Puget Sound National Bank, Tacoma, Wash.
P H I L I P H . STANTON
President, Washington Trust Bank, Spokane, Wash.
Appointed by Board of Governors :
FRANCIS G. C R A N E 1
Manager, Crane and Crane Orchards and Cold Storage, Brewster,
Wash.
C. H E N R Y BACON, JR.
Vice Chairman of the Board, Simpson Timber Company, Seattle,
Wash.
L
Chairman
162
1971
1972
1972
1971
1972
Announcements
CHANGE IN BOARD'S STAFF
Mr. Grasty Crews II was appointed Adviser in the
Legal Division of the Board of Governors, effective
February 1, 1971.
Mr. Crews has been a Consultant to the Board
since November 1970, in connection with a congressionally directed study of proposed national
bank tax legislation. His initial responsibilities within the Legal Division will relate to matters under
the Bank Holding Company Act as amended in
1970.
A graduate of Stevens Institute of Technology,
Mr. Crews received an LL.B. from the University
of Virginia.
DEATH OF A RESERVE BANK PRESIDENT
Mr. Hugh D. Galusha, Jr., President of the Federal
Reserve Bank of Minneapolis, died on January 31,
1971. He had served as President since May 1,
1965.
RESIGNATION OF DIRECTOR
Henry A. Thouron, who had served since April
1967, as a Class B director of the Federal Reserve
Bank of Philadelphia, resigned effective February 4,
1971. He is Chairman of the Board of Hercules Incorporated in Wilmington, Delaware.
CHANGE IN DISCOUNT RATE
The Board of Governors of the Federal Reserve
System on February 12, 1971, approved actions by
the directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco reducing the discount rate
of those banks from 5 per cent to 43A per cent,
effective February 13. (A similar reduction was
approved for the Federal Reserve Bank of New
York, effective February 19, at which time the rate
was 43A per cent at all Reserve Banks.)
The Board of Governors had previously approved
actions by the directors of the Federal Reserve
Banks of New York and San Francisco reducing
the discount rate of those banks from 5 XA to 5 per
cent, effective January 22, and those by the directors of the Federal Reserve Banks of Richmond,
St. Louis, and Kansas City effective January 29,
1971.
The reductions accord with the System's recent
practice of making small changes in the discount
rate from time to time to keep it in closer alignment with short-term market rates.
The discount rate is the rate charged member
banks on borrowings from their district Federal
Reserve Banks.
CHANGE IN OTC MARGIN STOCKS
The Board of Governors of the Federal Reserve
System has announced several changes, effective
February 8, 1971, in its "List of OTC Margin
Stocks" as issued July 20, 1970.
Ten stocks are deleted from the list: CMI Investment Corporation, ,$2.50 par common; Crocker
National Corporation, $10.00 par common; First
National Bank of Boston, The, $12.50 par capital;
Hawaiian Airlines, Inc., common; Hillhaven Inc.,
$.16% par common; Hospital Corporation of
America, $1.00 par common; Indiana Gas Company, Inc., no par common; Public Service Company of New Hampshire, $5.00 par common;
Tropicana Products, Inc., common; and Virginia
Commonwealth Bankshares, $5.00 par common.
Also, Liberty Equities Corporation, $1.00 par
common, is changed to Smithfield Foods, Inc.,
$1.00 par common.
ADMISSION OF STATE BANK TO
MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
The following bank was admitted to membership
in the Federal Reserve System during the period
January 16 through February 15, 1971:
Virginia
Arlington
The Bank of Arlington
163
National Summary of Business Conditions
Released for publication February 16
Industrial production and retail sales rose in January as automotive output and sales recovered
further from the effects of the General Motors
strike. Personal income and nonfarm employment
also rose and the unemployment rate declined.
Commercial bank credit, the money supply, and
time and savings deposits increased. Between midJanuary and mid-February, interest rates declined
further.
INDUSTRIAL PRODUCTION
Industrial production rose 0.7 per cent in January.
The rise in output was largely in the auto and
auto-supplying industries and changes in most
other industries were about offsetting. The total
index at 165.1 per cent of the 1957-59 average was
still 2 per cent below the pre-auto strike level and
5.4 per cent below the July 1969 high.
Auto assemblies increased 18 per cent in
January and were at an annual rate of 8.3 million
units; production schedules indicate a further increase in February. Output of television sets and
some appliances was down again in January, while
production of furniture and consumer staples rose.
Output of industrial, commercial, and defense
equipment continued to decline. Production of
trucks rose again but output of commercial aircraft
dropped further. Among industrial materials and
INDUSTRIAL PRODUCTION
1957-59=100
1966
1968
1970
1966
1968
1970
F.R. indexes, seasonally adjusted. Latest figures: January.
164
parts, production of automotive parts, rubber products, and steel increased, the latter reflecting in part
a build-up of inventories in anticipation of a possible
strike.
PERSONAL INCOME AND EMPLOYMENT
Personal income rose appreciably in January,
largely as a result of higher nonfarm employment
and an increase in Federal employees' wages and
salaries. The rise in nonfarm employment was
centered in trade, services, finance, and government. Manufacturing employment, however, was
about unchanged over the month as increases in the
auto group were offset by declines in other sectors..
The average workweek of factory workers rose
slightly to 39.7 hours but was still 0.6 hour below a
year earlier. The unemployment rate was 6.0 per
cent in January, down slightly from an upward
revised December rate of 6.2 per cent.
RETAIL SALES
The value of retail sales increased about 1 per
cent in January, according to the advance report,
and was 4 per cent above a year earlier. Sales at
durable goods stores rose 4.5 per cent, largely as
a result of the rebound in automotive sales following the end of the GM strike. Sales at nondurable
goods stores changed little.
WHOLESALE AND CONSUMER PRICES
Wholesale prices rose an estimated 0.4 per cent,
seasonally adjusted, from December 15th to
January 12th, largely as a result of an increase of
0.7 per cent in prices of farm and food products.
Prices advanced for most major industrial commodity groups but, after adjustment for seasonal
influences, the index of industrial commodities was
up only 0.1 per cent.
The consumer price index rose 0.5 per cent in
December, seasonally adjusted, as food and gasoline reversed their previous declines and auto and
household service prices registered substantial
increases. The rise from December 1969 amounted
to 5.5 per cent, compared with 6.1 per cent over
the preceding year.
BANK CREDIT, DEPOSITS, AND RESERVES
Commercial bank credit, adjusted for transfers of
loans between banks and their affiliates, increased
$5.4 billion in January, somewhat more than in
December and well above the sluggish pace that
prevailed during the General Motors strike. While
acquisitions of securities, particularly those of State
and local governments, continued to account for
the bulk of the expansion, total loans also rose
somewhat more than in other recent months, reflecting expansion in most major categories.
According to preliminary data, the money
stock increased $300 million in January, a smaller
increase than in December. Time and savings
deposits at commercial banks, on the other hand,
grew rapidly, particularly deposits other than
large negotiable CD's. While CD expansion remained sizable, it was less rapid than in December,
whereas growth of other time and savings deposits
accelerated to a record pace, reflecting the sharp
recent declines in market interest rates.
PRICES
Wholesale
Consumer
Net borrowed reserves of member banks
averaged about $125 million over the 4 weeks
ending January 27 compared with $85 million in
December. Member bank borrowings increased
somewhat and excess reserves declined.
SECURITY MARKETS
Yields on U.S. Government securities fell sharply
between mid-January and early February. Rates
on most notes and bonds declined from 10 to 60
basis points, with the larger movements in shorter
maturities, paralleling the changes in the bill
market. Treasury bill rates fell 60 basis points on
average, with the 3-month bill down almost 70 basis
points to 3.64 per cent in mid-February.
Yields on new corporate bonds also moved
lower on balance over the same period, as did rates
on seasoned corporate securities and on municipal
bonds.
Common stock prices rose on a sharply increased
volume.
INTEREST RATES
1957-59=100
PER CENT
Bureau of Labor Statistics. "Farm products and foods" is BLS
"Farm products, and processed foods and feeds." Latest figures:
December.
Discount rate, range or level for all F.R. Banks. Weekly average
market yields for U.S. Govt, bonds maturing in 10 years or more
and for 90-day Treasury bills. Latest figures: week ending Feb. 6.
165
Financial and Business Statistics
CONTENTS
A 3
GUIDE TO TABULAR PRESENTATION
A 3
STATISTICAL RELEASES: REFERENCE
U.S. STATISTICS:
A 4
A
A
A
A
A
A
A
A
8
9
10
11
12
14
15
16
Member bank reserves, Federal Reserve Bank credit,
and related items
Federal funds—Major reserve city banks
Reserve Bank discount rates
Reserve and margin requirements
Maximum interest rates; bank deposits
Federal Reserve Banks
Open market account
Reserve Banks; bank debits
U.S. currency
A
A
A
A
A
A
A
A
A
A
17
18
19
23
26
31
32
33
35
36
Money supply; bank reserves
Banks and the monetary system
Commercial banks, by classes
Commercial banks
Weekly reporting banks
Business loans of banks
Loan sales by banks
Interest rates
Security markets
Stock market credit
A
A
A
A
A
A
A
A
A
37
37
39
40
42
45
48
50
54
Open market paper
Savings institutions
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Continued on next page
A 1
2
FEDERAL RESERVE BULLETIN •
FEBRUARY 1971
U.S. STATISTICS—Continued
A
A
A
A
A
A
A
A
58
62
62
64
66
66
68
70
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds (flows through Q2 1970)
INTERNATIONAL STATISTICS:
A
A
A
A
A
A
A
A
A
A
72
73
74
75
76
89
90
91
92
93
U.S. balance of payments
Foreign trade
U.S. gold transactions
U.S. reserve assets; position in the IMF
International capital transactions of the United States
Foreign exchange rates
Money rates in foreign countries
Arbitrage on Treasury bills
Gold reserves of central banks and governments
Gold production
TABLES PUBLISHED PERIODICALLY:
A 94
A 98
A 99
Earnings and expenses of Federal Reserve Banks, 1970
Number of banking offices:
Analysis of changes
On, and not on, Federal Reserve Par List
Banking and monetary statistics, 1970:
Money market rates
Bond and stock yields
A 107
INDEX TO STATISTICAL TABLES
A 96
A 97
A 3
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
Estimated
Corrected
Preliminary
Revised
Revised preliminary
N.S.A.
I, II,
III, IV Quarters
n.e.c.
Not elsewhere classified
A.R.
Annual rate
S.A.
Monthly (or quarterly) figures adjusted for
seasonal variation
IPC
SMSA
A
L
S
U
*
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2)
a negative figure, or (3) an outflow.
A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when
the components shown to the right (left) of it add to
that total (totals separated by ordinary rules include
more components than those shown), (2) to the right
(to the left) of items that are not part of a balance
sheet, (3) to the left of memorandum items.
"U.S. Govt, securities" may include guaranteed issues
of U.S. Govt, agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct
obligations of the Treasury. "State and local govt." also
includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals
because of rounding.
The footnotes labeled N O T E (which always appear
last) provide (1) the source or sources of data that do
not originate in the System; (2) notice when figures are
estimates; and (3) information on other characteristics
of the data.
TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Flow of funds
Issue
Oct. 1970
Annually—Continued
Page
A-70—A-71.9
Semiannually
Banking offices:
Analysis of changes in number
On, and not on, Federal Reserve
Par List, number
Feb. 1971
A-96
Feb. 1971
A-97
Annually
Bank holding companies:
List of, Dec. 31, 1969
June 1970
Banking offices and deposits of
group banks, Dec. 31, 1969
Aug. 1970
Banking and monetary statistics:
196 9
197 0
July 1970
Feb. 1971
A-94
A-95
A-94—A-97
A-98—A-99
Issue
Page
Banks and branches, number, by
class and State
Apr. 1970
Flow of funds:
Assets and liabilities:
1955-68
Flows:
1955-68
A-94—A-95
Nov. 1969 A-71.10—A-71.20
Nov. 1969
A-70—A-71.9
Feb. 1971
Aug. 1970
A-94—A-95
A-98
Aug. 1970
Aug. 1970
Aug. 1970
A-98—A-107
A-l 08— A-l 13
A-l 14—A-l 19
Stock exchange firms, detailed debit
and credit balances
Sept. 1970
A-94—A-95
Income and expenses :
Federal Reserve Banks
Insured commercial banks
Member banks :
Calendar year
Income ratios
Operating ratios
Statistical Releases
LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE
Issue
Anticipated schedule of release dates for individual releases
Dec. 1970
Page
A-l 00
BANK RESERVES AND RELATED ITEMS • FEBRUARY 1971
A 4
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities
Total
Bought
outright
1
Float 2
5
381
142
Held
under
repurchase
agreement
Discounts
and
advances
83
170
652
1,117
2,612
2,404
24,744
21,606
Special
Drawing
Rights
certificate
account
17,518
22,759
20,047
22,879
17,954
13,799
13,158
12,436
10,367
10,367
Other
F.R.
assets 3
Total 4
Gold
stock
Averages of daily figures
1939—Dec
1941—Dec
1945—Dec
1950—Dec
2,510
2,219
23,708
20,345
2,510
2,219
23,708
20,336
1960—Dec
1965—De c
1966—De c
1967—De c
1968—De c
1969—De c
27,248
40,885
43,760
48,891
52,529
57,500
27,170
40,772
43,274
48,810
52,454
57,295
78
113
486
81
75
205
94
490
570
238
765
1,086
1,665
2,349
2,383
2,030
3,251
3,235
2,204
29,060
43,853
46,864
51,268
56,610
64,100
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
56,273
55,949
55,780
55,982
57,265
57,630
58,219
59,544
59,903
59,533
60,393
61,688
56,182
55,548
55,695
55,787
57,179
57,584
58.003
59,255
59,625
59,360
60.004
61 ,310
91
401
85
195
86
46
216
289
278
173
389
378
965
1,099
936
877
1,066
978
1,432
849
607
462
425
321
3,442
2,476
2,551
3,275
2,985
2,824
2,901
2,446
2,832
2,933
2,933
3,570
2,114
1,853
2,061
2,209
1,708
1,369
1,302
1,248
1,216
1,734
1,314
1 ,032
62,867
61,468
61,388
62,424
63,087
62,843
63,912
64,134
64,619
64,708
65,132
66,708
11,141
11,367
11,367
11,367
11,367
11,367
11,367
11,367
11,300
11,117
11,117
11,105
155
243
345
400
400
400
400
400
400
400
400
400
1971—Jan. p
62,068
61,941
127
369
3,614
1 ,216
67,340
10,732
400
18
25
59,960
59,879
60,652
60,452
59,528
59,434
59,943
60,350
432
445
709
102
423
445
330
436
2,640
3,122
2,914
3,186
1,633
1,642
1,382
1,013
64,720
65,163
65,366
65,128
11,117
11,117
11,117
11,117
400
400
400
400
2
9
16
23
30
61,378
61,203
61,813
61,771
61,704
60,866
60,898
61,226
61,512
61,554
512
305
587
259
150
455
290
399
325
270
2,837
3,013
2,927
3,799
4,643
1 ,006
952
978
65,704
65,604
66,243
67,036
67,783
11,117
11,117
11,117
11,117
11 ,117
400
400
400
400
400
6
13
62,477
62,110
61,970
61,889
62,091
62,110
61,874
61,809
386
407
277
471
354
4,393
3,718
3,887
3,052
1,222
1,256
68,538
67,347
67,619
66,616
10,732
10,732
10,732
10,732
400
400
400
400
1970—No v
Dec
61,294
62,142
6 61,008
6 62,142
286
300
335
1,987
4,261
928
1,123
64,596
67,918
11,117
10,732
400
400
1971—Jan. ?
61,783
6 61,783
308
2,693
1,267
66,110
10,732
400
25
59,910
58,786
60,714
61,209
6 59,528
6.758,786
6.7 60,097
6.7 60,494
584
553
325
1,144
2,587
2,867
3,339
2,650
1,613
1,670
1,019
1,037
64,758
63,912
65,504
66,103
400
400
400
400
2
9
16
23
30
62,734
59,937
62,944
61,707
60,632
661,142
6.759,937
6 61,337
6 61,707
312
285
933
620
252
2,885
2,658
3,281
3,770
3,939
964
1,013
1,042
1,070
1,110
67,078
63,934
68,385
67,223
65,989
400
400
400
400
400
6 P....
13p....
20f....
27p....
62,140
62,110
62,701
62,044
6,761,785
662,110
6 62,033
661,883
286
271
1,522
741
4,792
3,024
2,904
2,908
1,159
1,202
1,248
1,270
68,529
66,670
68,487
67,031
Week ending—
1970—Nov. 4
11
Dec.
1971—Jan.
20*>
21 p
96
80
1,051
1,097
1,164
1 ,182
End of month
Wednesday
1970—Nov. 4
11
18
Dec.
1971—Jan.
For notes see opposite page.
382
617
715
1,592
1 j 607
6,7 60,632
355
668
161
732
732
732
732
400
400
400
400
FEBRUARY 1971 • BANK RESERVES AND RELATED ITEMS
A 5
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
Foreign
Other
F.R.
accounts 3
Other 2
Other
F.R.
liabilities
and
capital 3
Member bank
reserves
With
F.R.
Banks
Currency
and
coins
Period or date
Total
Averages of daily figures
2,402
2,189
2,269
1,290
616
592
625
615
408
808
1,191
1,428
756
656
1939—Dec.
1941—Dec.
1945—Dec.
1950—Dec.
2,595
3,972
4,262
4,507
4,737
4,960
19,283
22,719
23,830
25,260
27,221
28,031
1960—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
23,580
23,112
22,740
23,323
23,105
22,703
23,170
23,353
23,719
23,593
23,416
23,925
5,278
4,864
4,733
4,773
4,805
4,864
4,958
4,996
5,106
5,108
5,142
5,340
28,858
27,976
27,473
28,096
27,910
27,567
28,128
28,349
28,825
28,701
28,558
29,265
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
24,915
5,535
30,450
11,473
12,812
16,027
17,391
1,029
389
83
-204
-1,105
2,192
16,688
18,747
19,568
20,753
22,484
23,071
763
830
750
747
721
735
2,044
2,160
2,134
2,137
2,215
2.255
2,253
2,275
2,300
2,249
2.256
2,265
786
2,109
353
522
683
291
902
360
1,194
250
154
164
150
225
146
495
231
429
451
458
458
655
610
575
567
544
495
450
451
457
459
453
427
1,206
1,060
1,148
1,180
1,440
1,065
1,147
1,058
1,070
1,042
890
849
170
219
166
182
165
191
177
141
142
149
145
642
710
763
870
845
445
1,028
155
182
11,473
12,812
16,027
17,391
248
292
493
739
739
,531
,247
920
801
1971—Jan.P
Week ending—
467
448
451
456
1,041
988
899
747
169
170
153
135
750
758
716
681
2,292
2,379
2,145
2,208
23,471
23,381
23,655
23,484
5,181
5,344
5,108
4,889
28,652
28,725
28,763
28,373
1970—Nov.
451
442
429
417
409
720
634
763
828
1,205
130
138
135
143
2,296
2,363
2,299
2,176
2,231
23,658
23,375
23,560
24,238
24,329
5,217
5,343
5,478
5,060
5,514
28,875
28,718
29,038
29,298
29,843
Dec.
162
719
717
734
696
711
430
430
440
465
973
1,039
925
1,184
154
158
158
159
1,053
711
718
737
2,006
2,061
2,120
2,169
25,181
24,578
25,446
24,613
5,430
5,664
5,565
5,589
30,611
30,242
31,011
30,202
4
11
18
25
2
9
16
23
30
1971—Jan.
6
13
20 p
27 p
End of month
22,689
24,150
5,220
5,423
27,909
29,573
24,508
5,511
30,019
2,327
2,392
2,162
2,236
23,059
21,253
23,773
24,120
5,182
5,348
5,110
4,890
28,241
26,601
28,883
29,010
752
753
729
708
736
2,356
2,374
2,174
2,196
2,249
25,012
21,104
25,819
24,140
22,494
5,220
5,337
5,475
5,060
5,511
30,232
26,441
31,294
29,200
28,005
723
719
713
717
2,032
2,098
2,151
2,188
25,479
24,440
26,754
24,974
5,436
5,548
5,565
5,589
30,915
29,988
32,319
30,563
692
1,233
587
1,156
136
148
976
455
453
463
453
1,194
1,510
837
805
163
141
124
117
738
750
703
662
458
441
431
423
403
474
830
587
774
1,271
152
145
144
135
429
435
458
471
1,105
587
608
1,237
154
136
185
155
2,302
1,986
129
453
431
1970—Nov.
Dec.
1971— Jan.?
Wednesday
1
2
118
Includes Federal agency obligations.
Beginning with 1960 reflects a minor change in concept; see Feb.
1 9 6 1 BULLETIN, p . 1 6 4 .
3
Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R.
liabilities and capital" are shown separately; formerly, they were
netted together and reported as "Other F.R. accounts."
4
Includes industrial loans and acceptances, until Aug. 21, 1959, when
industrial loan program was discontinued. For holdings of acceptances
on Wed. and end-of-month dates, see tables on F.R. Banks on following
pages. See also note 2.
1970—Nov.
4
11
18
25
Dec. 2
9
16
23
30
1971—Jan. 6»
13*
20 p
21 p
5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963, figures are estimated except for
weekly averages. Beginning Sept. 12, 1968, amount is based on closeof-business figures for reserve period 2 weeks previous to report date.
6
Includes securities loaned—fully secured by U.S. Govt, securities
pledged with F.R. Banks.
7
Reflects securities sold, and scheduled to be bought back, under
matched sale/purchase transactions.
A 6
BANK RESERVES AND RELATED ITEMS • FEBRUARY 1971
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Required 1 Excess
Borrowings
at
F.R.
Banks
Borrowings
at
F.R.
Banks
Reserves
Free
reserves
Total
held
Required 1
1939—Dec
1941—Dec
1945—Dec
1950—Dec
11,473
12,812
16,027
17,391
6,462
9,422
14,536
16,364
5,011
3,390
1,491
1,027
3
5
334
142
5,008
3,385
1,157
885
5,623
5,142
4,118
4,742
3,012
4,153
4,070
4,616
2,611
989
48
125
I960—Dec
1963—De c
1964—De c
1965—De c
1967—De c
1968—De c
1969—De c
19,283
20,746
21,609
22,719
25,260
27,221
28,031
18,527
20,210
21,198
22,267
24,915
26,766
27,774
756
536
411
452
345
455
257
87
327
243
454
238
765
669
209
168
3,687
3,951
4,083
4,301
5,052
5,157
5,441
3.658
3,895
4,062
4,260
5,034
5,057
5,385
29
56
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
28,858
27,976
27,473
28,096
27,910
27,567
28,128
28,349
28,825
28,701
28,558
29,265
28,692
27,703
27,358
27,978
27,729
27,380
27,987
28,204
28,553
28,447
28,438
28,993
187
141
145
272
254
120
272
1,358
827
607
462
425
321
-305
-49
5,668
5,458
5,349
5,482
5,307
5,201
5,315
5,381
5,497
5,583
5,441
5,623
5.659
5,424
5,344
5,453
5,302
5,164
5,306
5,378
5,436
5,542
5,444
5,589
1971— Jan.p
30,450 30,192
258
369
-111
5,977
166
273
115
118
181
1,086
965
1,092
896
822
976
888
- 2
107
-310
-829
-799
-819
-781
-704
-795
-701
-1 ,2 1 7
-682
-335
-208
City of Chicago
21
41
18
100
56
192
58
19
37
35
111
40
230
259
Reserves
Free
reserves
Total
held
Required i Excess
2,611
989
-144
67
1,141
1,143
939
1,199
601
848
924
1,191
10
19
-14
-70
958
1,056
1,083
1,143
1,225
1,199
1,285
953
1,051
1,086
1,128
1,217
1,184
1,267
1,316
1,264
1,249
1,316
1,287
1,247
1,293
1,304
1,310
1,309
1,283
1,322
-22
-130
-203
-132
-76
-148
-198
-171
-95
41
-3
34
141
110
153
227
176
132
269
159
117
12
60
25
-156
-56
29
-63
9
1,320
1,253
1,265
1,295
1,285
1,250
1,290
1,298
1,316
1,307
1,282
1,329
5,917
59
40
19
1,387
540
295
14
1,388
9
34
5
29
5
37
9
3
61
-260
Week ending—
1970—Jan.
7..
14..
21..
28,696
28,988
29,400
28,518
28,411
28,911
29,196
28,406
285
77
204
112
852
865
963
1,030
-567
-788
-759
-918
,624
,747
,923
,410
5,604
5,780
5,873
5,451
20
-33
50
-41
196
234
80
86
-176
-267
-30
-127
1,304
1.335
1,366
1,290
1,312
1,340
1,360
1,279
5. .
28,142
28,588
28,515
28,177
27,954
28,309
28,423
28,039
1
-822
279
92
138
1,010
1,174
681
660
5,238
5,579
5,488
5,222
5,300
5,522
5,535
5,200
-62
147
431
55
77
-209
-374
1,288
1,331
1,359
1,252
1,283
1.339
1,350
1,259
.
.
.
.
.
28,370
28,931
28,921
28,394
29,034
28,192
28,516
28,565
28,441
28,762
178
415
356
660
763
500
460
-482
-348
-144
5,288
5,450
5,478
-389
5,303
5.539
5,599
5,296
5,581
1,276
1 ,293
1.326
1,289
1.340
18
-24
26
7. .
14..
28,786
28,464
28,890
28,447
25
-7
-27
25
28. .
Aug.
12. .
19. .
26. .
Sept. 2 .
9.
16.
23.
30.
-895
-589
-522
57
-47
22
15
89
-102
-55
1
9
-7
1
661
2
28,434
28,423
28,701
28,256
352
41
189
191
398
450
586
433
-46
-409
-397
-242
5,615
5,550
5,682
5,417
5,568
5,563
5,666
5,399
47
-13
16
18
47
-34
-5
7
1,337
1.336
1,287
1.301
1,312
1,343
1,314
1,276
28,652
28,725
28,763
28,373
28,334
28,443
28,599
28,297
318
282
164
76
423
445
330
436
-105
-163
-360
5,571
5,488
5,588
5,266
5,475
5,466
5,558
5,327
96
22
30
25..
Oct.
272
1,277
1,31
1,302
1,315
1,319
85
-47
30
-150
1,298
1,298
1,308
1,231
1,291
1,319
1,301
1,237
2. .
9..
16..
23..
30..
28,875
28,718
29,038
29,298
29,843
28,458
28,582
28,918
29,088
29,409
417
136
120
210
434
455
290
399
325
270
-38
-154
-279
-115
164
5.540
5,387
5,671
5,574
5,843
5,391
5,438
5,634
5,602
5,693
149
-51
37
60
-51
-28
-67
150
1,277
1,312
1.302
1,341
1,362
1,270
1,303
1.327
1,330
1,332
7
9
-25
11
30
6..
13..
30,611
30,242
31,011
30,202
30,035
30,210
30,915
29,907
576
32
96
295
407
277
471
354
169
-245
-375
-59
6,064
5,850
6,161
5,747
5,902
5,910
6,198
5,760
1,396
1,402
1,421
1,372
1,411
1,384
1,453
1,335
-15
18
-32
37
21..
28..
Nov.
4. .
11..
18..
Dec.
1971—Jan.
20*>.
21 p.
For notes see opposite page.
-47
-507
-166
5,380
5,476
121
-84
105
-61
150
162
-60
-37
-13
79
187
89
78
103
-64
-98
32
-5
6
-162
-22
91
-60
-129
-39
-21
7
- 2 1
7
- 6
Borrowings
at
F.R.
Banks
A 7
FEBRUARY 1971 • BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Country banks
Other reserve city banks
Reserves
Borrowings at
F.R.
Banks
Total
held
Required ]
3,140
4,317
6,394
6,689
1,953
3,014
5,976
6,458
1,188
1,303
418
232
1
96
50
7,950
8,393
8,735
9,056
10,081
10,990
10,970
7,851
8,325
8,713
8,989
10,031
10,900
10,964
100
68
22
67
50
90
6
20
190
125
228
105
270
479
11,296
10,975
10,737
11,038
10,978
10,849
11,074
11,174
11,407
11,319
11,216
11,548
11,314
10,913
10,802
11,066
10,948
10,847
11,118
11,178
11,375
11,270
11,274
11,506
11,966
11,952
1,188
1,302
322
182
-122
-103
-161
-55
-180
-473
Required i
1,568
2,210
4,576
4,761
897
1,406
3,566
4,099
671
804
,011
663
3
4
46
29
668
800
965
634
. ...1939—Dec.
. ...1941—Dec.
....1945—Dec.
....1950—Dec.
6,689
7,347
7,707
8,219
8,901
9,875
10,335
6,066
6,939
7,337
7,889
8,634
9,625
10,158
623
408
370
330
267
250
177
40
74
55
92
80
180
321
583
334
315
238
187
70
-144
. ...1960—Dec.
. ...1963—Dec.
. ...1964—Dec.
. ...1965—Dec.
....1967—Dec.
.. ..1968—Dec.
. . . 1969—Dec.
10,403
10,102
9,963
10,143
10,192
10,122
10,270
10,344
10,432
10,326
10,437
10,576
171
188
159
138
148
145
179
152
173
166
-112
189
283
400
276
162
300
267
278
183
107
101
53
28
.. ..1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
10,933
186
34
30
2
-44
-4
32
49
-58
42
455
535
436
372
477
489
682
424
369
338
301
264
-473
-473
-501
-400
-447
-487
-726
-428
-337
-289
-359
-222
10,574
10,290
10,122
10,281
10,340
10,267
10,449
10,496
10,605
10,492
10,619
10,765
14
294
-280
11,119
-28
Period
Free
reserves
Total
held
Excess
62
-65
Borrowings at
F.R.
Banks
Free
reserves
182
-212
-117
-24
-152
-122
-99
-31
66
65
129
161
152
. . . .1971— Jan p
Week ending—
11,280
11,349
11,455
11,210
11,223
11,439
11,482
11,220
57
-90
-27
11,142
11,199
11,233
11,135
11,076
11,186
11.252
11,161
66
13
-19
11,232
11,509
11.445
11,241
11,406
11,242
11,424
11,376
11,328
11,393
11,349
11,168
11.446
11,183
11.253
11,278
11,376
11,203
11,215
11,383
11,313
11,215
11,188
11,326
11,343
11,206
11,325
11,363
11,415
11,611
11,682
11,269
11,356
11,460
11,564
11,666
12,028
11,912
12,211
11,910
11,903
11,996
12,238
11,819
216
440
554
542
-159
-530
-581
-552
10,488
10.557
10,656
10,608
10,272
10,352
10,481
10,456
216
205
175
152
243
162
252
386
-27
43
77
-234
.1970—Jan.
7
14
21
28
532
527
338
371
-466
-514
-357
-397
10.474
10,479
10,435
10,568
10,295
10,262
10,286
10,419
179
217
149
149
231
130
188
198
-52
87
-39
-49
Aug.
5
12
19
26
402
430
317
320
386
-412
-345
-248
-407
-373
10.558
10,572
10,575
10,542
10,728
10,386
10,349
10,385
10,444
10,553
172
223
190
98
175
179
117
94
50
154
-7
106
96
48
21
Sept.
-212
10,485
10,410
10.475
10,546
10,301
10,239
10,345
10,378
184
171
130
168
90
71
131
117
Oct.
-447
-335
-325
94
100
-20
308
337
405
305
7
14
21
28
27
57
-30
9
314
311
296
288
-287
-254
-326
-279
10,568
10,556
10,554
10,661
10,380
10,332
10,397
10.527
188
102
159
123
93
Nov.
224
157
134
86
65
34
41
4
11
18
25
56
7
-45
47
-245
-256
-339
-214
-229
10,733
10,656
10,650
10,772
10,956
10.528
10,485
10,497
10,592
10,718
205
171
153
180
238
47
27
28
25
25
158
144
125
155
213
Dec.
16
301
263
294
261
245
2
9
16
23
30
310
249
332
286
-185
-333
-359
11,123
11,078
11,218
11,172
10,819
10,920
11,026
10,993
304
158
192
179
26
28
42
42
278
130
150
137
.1971—Jan.
-27
91
-10
-26
- 1 0
85
69
-87
13
96
-110
70
-195
i Beginning Sept. 12, 1968, amount is based on close-of-business figures for reserve period 2 weeks previous to report date.
NOTE.—Averages of daily figures. Monthly data are averages of daily
figures within the calendar month; they are not averages of the 4 or 5
weeks ending on Wed. that fall within the month. Beginning with Jan.
1964, reserves are estimated except for weekly averages.
2
9
16
23
30
51
6
13
20"
21p
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.
MAJOR RESERVE CITY BANKS • FEBRUARY 1971
A 8
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars, except as noted)
Basic reserve position
LessReporting banks
and
week ending—
Total—46
1970—Dec.
1971—Jan.
Excess
reserves 1
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
Net-
Gross transactions
Net transactions
Borrowings
from
dealers 4
Purchases
Sales
Total
two-way
transactions 2
52.6
60.2
60.5
60.4
61.6
9,819
10,175
10,002
10,841
11,055
3,300
2,668
2,420
3,209
2,974
2,895
2,556
2,352
2,919
2,755
6,924
7,619
7,650
7,921
8,300
405
112
68
290
220
2,444
2,985
2,746
3,597
3,424
2,352
2,924
2,669
3,521
3,362
-6,753
-7,721
-6,828
-6,310
51.2
58.4
49.9
49.1
9,410
10,828
9,570
9,054
2,420
3,085
3,000
2,771
2,247
2,956
2,837
2,555
7,163
7,872
6,733
6,498
173
129
163
215
3,173
2,617
2,551
2,745
3,076
2,520
2,474
2,654
2,294
2,920
2,973
2,907
3,088
-2,257
-2,886
-2,990
-2,951
-2,946
46.2
58.6
58.4
57.9
56.9
3,378
3,661
3,591
870
795
1,084
741
618
963
706
862
741
600
859
706
2,517
2,920
2,992
3,011
3,088
222
18
104
1,481
1,600
1,613
1,953
1,925
1,398
1,547
1,543
1,883
1,865
2,159
2,764
2,198
2,181
Borrowings
at F.R.
Banks
-1,986
-2,753
-2,324
-2,229
37.0
51.3
41.2
42.7
802
768
151
2,949
643
1,004
953
769
552
881
892
2,250
2,886
2,259
2,261
91
123
61
81
1,792
1,430
1,353
1,630
1,696
1,336
1,280
1,543
-4,172
-4,549
-4,676
-4,702
-4,947
56.8
61.2
62.0
62.1
64.9
6,441
6,514
6,410
6,971
7,260
2,216
1,927
1,802
2,246
2,268
2,033
1,815
1,753
2,060
2,048
4,408
4,699
4,658
4,910
5,212
183
112
50
186
220
962
1,385
1,133
1,643
1,499
954
1,377
1,126
1,638
1,497
Net
interbank
Federal
funds
trans.
Surplus
or
deficit
6,519
7,507
7,582
7,631
8,080
-6,428
-7,435
-7,666
-7,653
-7,893
6,990
7,743
6,570
6,283
Per cent
of
avg.
required
reserves
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Net
loans
banks
2.
9.
16.
23.
30.
6.
13.
20.
27.
199
72
18
27
188
108
103
49
364
21
-112
21
145
48
8 in New York City
1970—Dec.
1971—Jan.
2.
9.
16.
23.
30.
6.
13.
20.
27.
124
34
38
86
- 6
142
244
10
-43
-22
38 outside
New York City
1970—Dec.
1971—Jan.
2.
9.
16.
23.
30.
-20
33
45
4,225
4,587
4,609
4,724
4,992
6.
13.
20.
27.
120
11
-69
43
4,831
4,979
4,372
4,102
-4,767
-4,968
-4,504
-4,081
61.0
63.3
56.0
53.4
6,608
7,060
6,419
6,104
,777
,081
,047
,002
1,695
2,075
1,945
1,867
4,913
4,985
4,474
4,237
82
6
1,381
102
135
1,198
1,115
1,380
1,184
1,194
1,111
-1,197
-1,252
-1,416
-1,213
-1,444
103.9
106.0
117.4
100.3
119.3
1,661
1,652
1,806
1,689
1,966
481
385
420
473
501
433
366
405
424
417
1,228
1,286
1,401
1,266
1,549
48
18
15
49
84
91
154
88
105
125
91
154
88
105
125
105.6
104.0
88.5
96.6
1,665
1,711
1,493
1,572
278
393
348
386
249
393
348
352
1,415
1,318
1,145
1,220
29
34
197
218
144
114
197
218
144
114
48.0
52.7
51.4
54.8
54.6
4,780
4,862
4,604
5,281
5,294
1,735
1,542
1,382
1,774
1,767
1,600
1,449
1,348
1,637
1,631
3,180
3,413
3,257
3,645
3,663
135
94
34
137
136
872
1,231
1,045
1,538
1,374
863
1,223
1,038
1,533
1,372
42.1
55.5
49.6
45.3
4,943
5,350
4,927
4,533
1,499
1,446
1,682
1,597
1,516
3,498
3,668
3,329
3,017
102
53
6
1,185
970
1,054
1,002
1,183
966
1,050
997
75
38
1,188
5 in City of Chicago
1970—Dec.
1971—Jan.
2. .
9. .
16. .
23. .
30..
-12
4
20
1,180
1,267
1.386
1,217
1,465
6.
13.
20.
27.
24
10
-32
15
1.387
1,318
1,145
1,186
-1,362
-1,308
3,045
3,320
3,222
3,508
3,528
-2,974
-3,297
-3,260
-3,489
-3,503
3,445
3,662
3,227
2,916
-3,405
-3,660
-3,322
-2,909
15
-1,182
-1,171
33 others
1970—Dec.
2.
9.
16.
75
23
- 8
23.
30.
1971—Jan.
29
25
6.
13.
20.
27.
95
1
-38
29
4
*30'
55
58
22
c
1
Based upon reserve balances, including all adjustments applicable to
the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies,
if any, were deducted. Excess reserves for later periods are net of all carryover reserves.
2
Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank's weekly average purchases and sales are offsetting.
3
Federal funds loaned, net funds supplied to each dealer by clearing
1,688
1,700
1,617
100
banks, repurchase agreements (purchases of securities from dealers
subject to resale), or other lending arrangements.
4
Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see Aug. 1964 BULLETIN, pp. 944-74.
FEBRUARY 1971 • F.R. BANK INTEREST RATES
A 9
CURRENT RATES
(Per cent per annum)
Advances to and discounts for member banks
Rate on
Jan. 31,
1971
5
5
5
5
5
5
5
5
5
5
5
5
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Previous
rate
Effective
date
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
19,
22,
19,
19,
29,
19,
21,
29,
19,
29,
19,
22,
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
51/2
51/2
5Vi
51/2
51/2
5V2
5Vz
5Vi
51/2
51/2
51/2
51/2
1
Discounts of eligible paper and advances secured by such paper or by
U.S. Govt, obligations or any other obligations eligible for F.R. Bank
purchase. Maximum maturity: 90 days except that discounts of certain
bankers' acceptances and of agricultural paper may have maturities not
over 6 months and 9 months, respectively.
Advances to all others under
last par. Sec. 133
Advances under
Sec. 10(b) 2
Advances and discounts under
Sees. 13 and 13a 1
Federal Reserve Bank
Rate on
Jan. 31,
1971
Effective
date
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
51/2
51/2
5Vi
5Vi
5Vi
51/2
51/2
51/2
51/2
5^2
5*4
5y 2
19,
22,
19,
19,
29,
19,
21,
29,
19,
29,
19,
22,
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
Previous
rate
Rate on
Jan. 31,
1971
6
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
7
7
7
7
7
7
7
7
Effective
date
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
1,
22,
4,
1,
8,
19,
21,
11,
1,
10,
1,
4,
1970
1971
1970
1970
1971
1971
1971
1970
1970
1970
1970
1970
Previous
rate
71/4
m
m
71/4
7V4
m
71/2
7Ya
7VA
7Va
71/4
71/4
2
Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
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)
Effective
date
In effect Dec. 31, 1945
1946—Apr. 25
May 10
1948—Jan.
12
19
Aug. 13
23
1950—Aug. 21
25
1953—Jan.
16
23
1954—Feb.
5
15
Apr. 14
16
May 21
1955—Apr. 14
15. . . . . . ,
May 2
Aug. 4
5
12
Sept. 9
13
Nov. 18
23
1956—Apr. 13
20
Aug. 24
31
Range
(or level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
t fc
t V2-1
1
1 -I14
1V4
IV4-IV2
IV2
11/2-13/4
IV4
1957—Aug.
9
23,
Nov. 15
Dec. 2
11/4
IV4
l!/2
11/2
iy4
iy4
1^-2
2
2
2
1*4-2
iy4
iy4
iy4
iy4
11/2-1%
n/2-1%
iy2
11/2-134
1V2-1V4
134
134-214
134-214
2 -214
2 -214
214
214-21/2
21/2
21/2-3
234-3
23/4-3
3
Effective
date
11/2
11/2
11/2
iy 4
134
1%
2
2
214
214
21/2
21/2
2y4
234
3
3
F.R.
Bank
of
3
31/2
3
3
234-3
234-3
21/4-3
214-234
21/4
134-214
134
134-2
134-2
2
2 -21/2
21/2
3
234
21/4
21/4
214
13/4
134
13/4
2
2
2
21/2
18
21/2-3
3
3 -31/2
31/2
31/2-4
4
3,
10.
14.
Aug. 12.
Sept. 9.
1958—Jan. 22,
24,
Mar. 7,
13,
21.
Apr. 18,
May 9.
Aug. 15,
Sept. 12
23,
Oct. 24
Nov. 7
1959—Mar. 6
16
May 29
June 12
Sept. 11
1960—June
1963—July 17.
26.
1964—Nov. 24.
30.
NOTE.—Rates under Sees. 13 and 13a (as described in table and notes
above). For data before 1946, see Banking and Monetary Statistics, 1943,
pp. 439-42 and Supplement to Section 12, p. 3.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts
against U.S. Govt, obligations was the same as its discount rate except
Effective
date
N.Y.
-31/2
31/2
-31/2
3
t Preferential rate o f V2 o f 1 per cent for advances secured by U.S.
Govt, obligations maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of eligible paper and advances secured by such
paper or by U.S. Govt, obligations with maturities beyond 1 year.
Range
(or level)—
All F.R.
Banks
1965—Dec.
Range
(or level)All F.R.
Banks
6
13
4
7
14
Nov. 20
27
4
F.R.
Bank
of
N.Y.
-41/2
41/2
41/2
41/2
-41/2
41/2
4
4
41/2
41/2
1968—Mar. 15
22
Apr. 19
26
Aug. 16
30
Dec. 18
20
41/2-5
5
5 -51/2
51/2
5*4-51/2
51/4
514-51/2
51/2
4%
5
51/2
51/2
51/2
51/4
51/2
51/2
3
3
31/2
31/2
4
4
1969—Apr.
4
8
5V4-6
6
6
6
1970—Nov. 11
13
534-6
534-6
534
6
534
534
31/2-4
31/2-4
31/2
3 -31/2
3
4
31/2
31/2
3
3
Dec.
11
1
4
5i/2-53/4
51/2-534
51/2
534
51/2
51/2
-3i/ 2
3Vi
31/2
31/2
8
15
19
22
29
514-51/2
51/4
5 -51/4
5 -51/4
5
514
5*4
514
5
5
3
3
3
31/2-4
4
4
4
1967—Apr.
16
1971—Jan.
In effect Jan. 31, 1971
4
4
-41/2
5
5
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24,
28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5 , 1 1 , 1 5 , 1 6 , 5.125;
Apr. 30, 5.75; May 1-3, 6 , 9 , 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75;
July 5, 16, 5.625; Aug. 16, 19, 5.25; 1971—Jan. 21, 27, 4.75.
A 10
RESERVE AND MARGIN REQUIREMENTS • FEBRUARY 1971
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
Dec. 31, 1949, through July 13, 1966
Beginning July 14, 1966
Time deposits 4> s
(all classes of banks)
Net demand4
deposits 2 -
Net demand
deposits 2
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
(all
classes
of
banks)
In effect Dec. 31, 1949
22
18
12
5
1951—Jan.
Jan.
1953—July
1954—June
July
1958—Feb.
Mar.
Apr.
Apr.
I960—Sept.
Nov.
Dec
1962—July
Oct.
23
24
22
21
20
i m
19
181/2
18
17%
19
20
19
13
14
13
6
Effective date i
11, 16
25, Feb. 1
9,1
24, 16
29, Aug. 1 . . . .
27, Mar. 1 . . . .
20, Apr. 1
17
24
1
24
1
28
25, Nov. 1
Reserve
city banks
Effective date i
Country
banks
Over
Over
Under
Under
$5 mil- $5 mil- $5 mil- $5 million
lion
lion
lion
1967—Mar. 2
Mar. 16
12
1968—Jan.
Under
Over
$5 mil- $5 million
lion
64
12
171/2
12%
13
3
10
3
10
13
17
5
12%
121/2
3
3
10
17
17i/2
3%
3
3
161/2
17
11,18
1969—Apr. 17.
1970—Oct. 1
161/2
12
5
In effect Jan. 31, 1971..
16i/2
(3)
4
Present legal
requirement:
Minimum
Maximum
1
When two dates are shown, the first applies to the change at central
reserve or reserve city banks and the second to the change at country
banks. For changes prior to 1950 see Board's Annual Reports.
2
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3
Authority of the Board of Governors to classify or reclassify cities
as 4
central reserve cities was terminated effective July 28, 1962.
Since Oct. 16, 1969, member banks have been required under Regulation M to maintain reserves against balances above a specified base due
from domestic offices to their foreign branches. Effective Jan. 7, 1971, the
applicable reserve percentage was increased from the original 10 per cent
to 20 per cent. Regulation D imposes a similar reserve requirement on bor-
5
6
3%
3
5
18
171/2
17
Other
time deposits
64
6 12
6 16%
1966—July 14,21
Sept. 8, 15
Savings
deposits
10
22
7
14
rowings above a specified base from foreign banks by domestic offices
of a member bank. For details concerning these requirements, see Regular
tions D and M and appropriate supplements and amendments thereto.
Details of revisions effective Jan. 7, 1971, are also shown on pp. 940-42
o f t h e D e c . 1 9 7 0 BULLETIN.
5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
6
See preceding columns for earliest effective date of this rate.
NOTE.—All required reserves were held on deposit with F.R. Banks
June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member
banks were allowed to count part of their currency and coin as reserves;
effective Nov. 24, 1960, they were allowed to count all as reserves. For
further details, see Board's Annual Reports.
MARGIN REQUIREMENTS
(Per cent of market value)
Effective date
Regulation
Jan. 16,
1958
Regulation T:
For credit extended by brokers and dealers on—
Margin stocks
Registered bonds convertible into margin stocks
For short sales
Regulation U :
For credit extended by banks on—
Margin stocks
Bonds convertible into margin stocks
Aug. 5,
1958
July 10,
1962
70
50
70
80
60
80
65
50
65
70
50
80
60
65
50
80
60
65
50
50
70
90
70
50
70
70
90
70
50
70
50
70
90
70
50
70
NOTE.—Regulations T, U , and G, 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
May 6,
1970
Mar. 11,
1968
50
Regulation G:
For credit extended by others than brokers and
dealers and banks on—
Margin stocks
Bonds convertible into listed stocks
July 28,
1960
Nov. 6,
1963
70
50
Oct. 16,
1958
June 8,
1968
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.
FEBRUARY 1971 a 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,
1963
1962
Savings deposits: 1
12 months or m o r e . .
Less than 12 months.
4
4
3%
3%
Other time deposits: 2
12 months or more
6 months to 12 months
90 days to 6 months.. .
Less than 90 days
(30-89 days)
Dec. 6,
1965
Nov. 24,
1964
4
4%
3%
1
5Vz
4
1
Closing date for the Postal Savings System was Mar. 28, 1966. Maximum rates on postal savings accounts coincided with those on savings
deposits.
2
For exceptions with respect to certain foreign time deposits, see
BULLETINS f o r O c t . 1 9 6 2 , p . 1 2 7 9 ; A u g . 1 9 6 5 , p . 1 0 8 4 ; a n d F e b .
p. 167.
1968,
3
Multiple-maturity time deposits include deposits that are automatically renewable at maturity without action by the depositor and deposits
that are payable after written notice of withdrawal.
4
The rates in effect beginning Jan. 21 through June 23, 1970, were 6*4
per cent on maturities of 30-59 days and 6% per cent on maturities of
July 20,
1966
Sept. 26,
1966
Apr. 19,
1968
Jan. 21,
1970
4%
Savings deposits
Other time deposits: 2
Multiple maturity: 3
30-89 days
90 days-1 y e a r . . .
1 year to 2 years.
2 years and over..
Single-maturity:
Less than $100,000:
30 days to 1 year..
1 year to 2 y e a r s . .
2 years and over. .
$100,000 and over:
30-59 days
60-89 days
90-179 days
180 days to 1 year.
1 year or more. . .
4%
5
5Vi
5%
4
5
5
5%
5%
53/4
(4)
(4)
634
7
7%
5%
53/4
5%
6
W/4
60-89 days. Effective June 24, 1970, maximum interest rates on these
maturities were suspended until further notice.
NOTE.—Maximum rates that may be paid by member banks are established by the Board of Governors under provisions of Regulation Q;
however, a member bank may not pay a rate in excess of the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located. Beginning
Feb. 1, 1936, maximum rates that may be paid by nonmember insured
commercial banks, as established by the FDIC, have been the same as
those in effect for member banks.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Country
banks
Item
Other
All
member
banks
183,932
25,161
4,589
154,182
138,266
175,087
41,952
11,419
670
29,864
25,607
19,969
7,493
1,407
196
5,890
5,764
5,963
64,591
9,568
1,774
53,249
48,774
65,039
10,925
5,140
1,277
438
123
91
2,661
1,666
23,545
28,685
28,449
236
5,033
5,471
5,436
35
1,188
1,279
1,282
-3
9,643
11,309
11,286
23
69,896 Gross demand—Total..
Interbank
2,767
U.S. Govt
1,950
Other
65,179
58,122 Net demand i
84,117 Time
Demand balances due
from dom. b a n k s . . . .
6,865
2,945 Currency and coin
B a l a n c e s w i t h F.R.
Banks
7,682
10,627 Total reserves held
10,446
Required
181
Excess
i Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
City
of
Chicago
Country
banks
Other
Four weeks ending Dec. 30, 1970
Four weeks ending Dec. 2, 1970
Gross demand—Total...
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
from dom. banks
Currency and coin
Balances with F.R.
Banks
Total reserves held
Required
Excess
New
York
City
190,426
25,300
6,034
159,093
144,485
178,208
43,785
11,335
1,152
31,297
27,349
20,655
7,895
1,444
303
6,148
6,220
6,068
67,209
9,678
2,261
55,270
51,146
66,260
71,538
2,843
2,317
66,378
59,771
85,226
11,011
5,348
1 ,241
460
140
100
2,694
1 ,713
6,936
3,077
23,876
29,224
28,999
225
5,159
5,619
5,592
27
1 ,229
1 ,329
1 ,323
6
9,805
11,518
11,512
6
7,682
10,759
10,573
186
NOTE.—Averages of daily figures. Balances with F.R. Banks are as
of close of business; all other items (excluding total reserves held and
excess reserves) are as of opening of business.
A 12
FEDERAL RESERVE BANKS o FEBRUARY 1971
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1970
1971
Item
1971
1970
Jan.
27
Jan.
20
Jan.
13
Jan.
6
Dec.
30
Jan.
31
Dec.
31
Jan.
31
10,464
400
10,464
400
10,464
400
10,464
400
10,842
400
10,464
400
10,457
400
11,036
200
247
239
225
218
219
255
221
169
271
286
252
308
335
1,565
63
59
93
56
59
57
57
26
Assets
Gold certificate account
Special Drawing Rights certificate account
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
741
63
5
Federal agency obligations—Held under repurchase
1,522
63
49
10
88
30
94
U.S. Govt, securities:
Bought outright:
Bills
25,706
25,856
24,564
25,606
25,965
20,629
33,182
2,886
25,933
33,236
2,941
33,236
2,941
31,392
3,496
33,236
2,941
162,110
il 2 61,785
261
il 2 60,632
161,783
i 62,142
55,517
192
62,613
62,110
62,046
60,632
61,783
62,142
55,709
64,335
P 11,229
129
62,444
f11,390
128
62,578
P 13,072
128
60,940
11,328
128
62,150
p 9,227
129
62,534
11,178
128
57,387
8,459
117
223
159
759
Total loans and securities
Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
IMF gold deposited 3
All other
162,033
580
62,853
P 10,590
129
Total U.S. Govt, securities
33,236
2,941
62,034
Total bought outright
Held under repurchase agreements
33,236
2,941
161,883
151
Notes
Bonds
25,608
33,236
2,941
244
159
716
253
159
662
253
159
619
257
166
559
186
159
793
257
166
572
975
219
618
84,839
^83,763
85,913
79,180
P85,824
P87,915
P86,125
p87,891
Liabilities
48,871
49,179
49,779
50,118
50,565
48,630
50,323
45,494
p24,974
1,237
155
P26,754
608
185
P24,440
587
136
P25,479
1,105
154
22,494
1,271
135
P24,508
976
129
24,150
1,156
148
23,637
1,127
152
159
558
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account
Foreign
Other:
IMF gold deposit 3
All other
159
554
159
560
159
564
166
570
159
610
166
1,067
210
482
26,687
25,608
6,917
582
5,915
529
84,509
77,546
702
702
675
669
290
85,913
79,180
27,083
Other liabilities and accrued dividends
P28,260
7,682
519
Deferred availability cash items
8,325
551
P84,155
Total liabilities
P86,315
P25,882
8,366
563
P84,590
P27,461
8,280
569
P86,428
24,636
7,389
560
83,150
Capital accounts
708
702
259
Capital paid in
Surplus
Other capital accounts
P85,824
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
Marketable U.S. Govt, securities held in custody for
foreign and international accounts 4
706
702
192
705
702
128
P 87,915
P 86,125
702
702
59
P87,891
702
669
318
84,839
P26,382
6,534
511
P82,057
708
702
296
P83,763
248
252
247
249
250
270
250
147
11,640
11,635
11,386
11,190
11,282
11,645
11,197
7,374
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
U.S. Govt, securities
53,122
53,308
53,555
53,696
53,690
53,050
53,745
49,635
3,330
51,415
3,330
51,415
3,330
51,415
3,330
51,415
3,330
51,415
3,330
51,415
3,330
51,415
3,222
48,112
Total collateral
54,745
54,745
54,745
54,745
54,745
54,745
54,745
51,334
1 See note 6 on p. A-5.
See note 7 on p. A-5.
3 See note 1 (b) at top of p. A-75.
2
4
This caption valid beginning Sept. 16, 1970; figures prior to that
date include both marketable and nonmarketable securities for foreign
account only.
FEBRUARY 1971 •
FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 29, 1971
(In millions of dollars)
Item
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Special Drawing Rights certif. a c c t . . . .
F.R. notes of other banks
Other cash
Discounts and advances:
Secured by U.S. Govt, securities
Other
Acceptances:
Federal
agency
10,464
400
1,576
255
532
23
164
12
2,999
93
287
23
18
290
855
33
117
29
4
*
59
580
23
97
13
933
36
107
17
574
22
380
33
*
1,569
70
77
37
413
15
43
14
3
290
*
347
15
38
18
2
5
244
14
60
16
1,257
49
170
36
59
3
*
161
7
36
7
obligations—Held
U.S. Govt, securities:
Bought outright
161,783
3,078
15,802
3,172
4,764
4,621
3,070
9,942
2,281
1,233
2,412
2,811
8,597
Total loans and securities
62,150
3,078
15,865
3,173
4,764
4,624
3,070
10,235
2,281
1,235
2,417
2,811
8,597
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies..
12,165
129
659
2
2,252
8
608
3
812
13
856
11
1,326
17
1,949
17
560
12
426
12
804
18
783
8
1,130
8
All other
186
159
793
51
Total assets
2
49
159
207
10
17
10
12
28
6
4
8
10
23
40
58
60
38
117
28
15
29
34
116
88,277
4,530 21,942
4,547
6,698
6,654
5,472
14,099
3,372
1,903
3,694
3,980
11,386
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account..
Foreign
Other:
IMF gold deposit 3
All other
50,206
2,839
11,987
2,865
4,090
4,506
2,544
8,775
1,916
861
1,838
1,893
6,092
24,508
976
129
956
65
6
6,818
167
4 34
1,047
65
7
1,659
74
12
1,225
94
7
1,541
95
9
3,431
41
19
874
48
4
596
55
3
1,037
75
5
1,342
66
7
3,982
131
16
159
612
1
159
547
6
2
13
2
7
3
3
3
3
22
Total deposits
26,384
1,028
7,725
1,125
1,747
1,339
1,647
3,498
929
657
1,120
1,418
4,151
9,470
511
557
26
1,652
130
442
27
671
39
678
37
1,147
25
1,485
81
450
19
338
10
646
20
555
23
849
74
4,450 21,494
4,459
6,547
6,560
5,363
13,839
3,314
1,866
3,624
3,889
11,166
185
185
78
36
36
16
64
63
24
37
36
21
48
47
14
106
105
49
24
24
10
16
16
5
30
30
10
39
39
13
90
88
42
4,530 21,942
4,547
6,698
6,564
5,472
14,099
3,372
1,903
3,694
3,980
11,386
5 72
14
24
14
18
40
9
6
11
15
34
6,536
9
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends
86,571
Total liabilities
Capital accounts
Capital paid in
Other capital accounts
Total liabilities and capital accounts..
Contingent liability on acceptances
purchased for foreign correspond-
708
702
296
88,277
270
33
33
14
13
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
nlH pprttfipflfp1 Jirpftiint
U.S. Govt, securities
53,050
3,023
12,714
2,956
4,303
4,703
2,803
9,162
1,997
903
1,926
2,024
3,330
51,415
500
250
2,840 12,400
300
2,800
510
3,900
610
4,160
2,900
1,000
8,450
155
1,930
930
1,975
5
2,130
7,000
Total collateral
54,745
3,090
12,900
3,100
4,410
4,770
2,900
9,450
2,085
930
1,975
2,135
7,000
1
See note 7 on p. A-5.
After deducting $137 million participations of other F.R. Banks.
See note 1 (b) to table at top of page A-75.
4 After deducting $95 million participations of other F.R. Banks.
2
3
5
After deducting $198 million participations of other F.R. Banks.
NOTE.—Some figures for cash items in process of collection and for
member bank reserves are preliminary.
A 14
OPEN MARKET ACCOUNT • FEBRUARY 1971
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt, securities, by maturity
Total
Treasury bills
Others within 1 year
1-5 years
Month
Gross
purchases
Gross
sales
Gross
purchases
Redemptions
Gross
sales
Redemptions
1969—Dec
1,250
1,029
386
1,250
1,029
3,133
801
2,657
1,124
2,225
2,659
1,626
1,127
2,657
245
2,871
3,414
4,154
395
2,577
747
835
1,612
744
106
2,367
183
1,391
2,280
615
100
119
3,133
801
2,657
1,124
2,017
2,449
1,626
1,127
2,474
245
2,715
2,883
4,154
395
2,577
747
835
1,612
744
106
2,367
183
1,391
2,280
Gross
sales
615
100
119
Exch.,
maturity
shifts,
or
redemptions
Gross
purchases
Gross
sales
Exch.
or
maturity
shifts
386
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Gross
purchases
""244"
641
*
308
134
Outright transactions in U.S. Govt, securities—Continued
5 -10 years
Over 10 years
Month
Gross
purchases
Exch.
or maturity
shifts
Gross
purchases
Exch.
or maturity
shifts
-564
154
244
641
17
23
-9,414
*
37
5
Repurchase
agreements
(U.S. Govt,
securities)
6,362
Net
change
in U.S.
Govt,
securities
1969—Dec
3,336
3,336
1,201
4,407
1,176
3,685
953
905
2,008
3,181
3,906
3,465
3,863
5,109
1,009
4,599
1,176
3,338
1,299
905
2,008
2,852
3,861
3,353
4,125
5,334
-1,444
114
-38
723
799
407
882
1,351
28
40
1,218
908
Federal
agency
obligations
(net repurchase
agreements)
-165
1970—Jan
Feb
Mar.. . .
Apr.. . .
May. . .
June...
July
Aug.. ..
Sept.. . .
Oct
Nov.. . .
Dec
-688
16
37
- i ,692
-66
9
4
150
61
16
23
113
386
16
48
-36
I Net change in U.S. Govt, securities, Federal agency obligations, and
bankers' acceptances.
11,106
-129
90
Gross
sales
Gross
sales
167
146
-21
17
308
134
Gross
purchases
Gross
sales
1,319
-154
80
365
-6,712
Bankers'
acceptances
Outright,
net
Under
repurchase
agreements,
net
15
30
-30
34
-34
31
50
8
-27
-61
-7
-4
6
-15
-10
5
-4
3
*
1
21
Net
change 1
-150
26
-26
49
-49
30
21
-14
13
-50
-1,395
57
-43
811
702
397
887
1,407
101
34
1,204
819
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
End of
period
Total
Pounds
sterling
1968—Dec..
2,061
1,444
1969—Oct..
Nov.
Dec.,
1,823
1,370
1,967
1,494
1,273
1,575
1970—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
975
1,179
1,169
1,101
510
690
290
280
680
408
605
215
207
199
199
180
180
180
580
306
Austrian
schillings
Belgian
francs
Canadian
dollars
Danish
kroner
French
francs
German
marks
Italian
lire
433
165
199
313
6
125
60
159
157
93
94
94
95
96
96
97
201
801
801
805
205
400
Netherlands
guilders
Swiss
francs
1
7
60
60
Japanese
yen
100
5
27
4
11
15
14
3
3
4
FEBRUARY 1971 •
FEDERAL RESERVE BANKS; BANK DEBITS
A 15
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1970
1971
Item
1970
1971
Jan. 27
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
Dec. 30
Jan. 31
Dec. 31
Jan. 31
1,522
1,522
271
270
1
286
285
1
253
250
3
308
308
334
332
2
1,566
1,549
17
112
67
45
63
10
53
152
105
47
56
12
44
59
18
41
57
11
46
83
45
38
62,044
4,100
11,910
20,230
19,089
6,046
669
U.S. Government securities—Total
Within 15 days*
Jan. 6
68
27
41
Within 15 days
16 days to 90 days
Jan.13
741
741
Discounts and advances—Total
Within 15 days
16 days to 90 days
Jan. 20
62,701
4,430
11,861
20,606
19,089
6,046
669
62,110
3,175
12,377
20,754
19,089
6,046
669
62,140
3,058
12,481
20,797
19,089
6,046
669
60,632
2,223
11,895
20,819
19,007
6,029
659
61,783
2,415
13,685
19,879
19,089
6,046
669
62,142
1,995
12,676
21,667
19,089
6,046
669
55,739
2,210
11,112
21,286
12,811
7,642
678
i Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts 1
(billions of dollars)
Period
Total
233
SMSA's
Leading SMSA's
N.Y.
6 others
2
Total 232
SMSA's
(excl.
N.Y.)
Turnover of demand deposits
226
other
SMSA's
1969—Dec..
9.560.4
4.198.2
2,212.9
5,362.2
3,149.3
1970—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct.'
Nov.
Dec.
9.547.5
9,793.5
9,845.3
10.170.2
10,021.8
10.143.3
4.054.0
4.232.1
4.336.7
4,422.0
4,249.4
4.366.0
4.324.3
4,770.6
4.668.1
4.899.8
4.824.0
5.016.1
2,277.4
2.309.1
2,291.4
2,417.9
2.460.0
2.443.3
2.508.2
2.478.8
2.502.9
2.497.4
2.420.1
2,480.1
5.493.5
5.561.4
5.508.6
5.748.2
5.772.5
5.777.3
5,893.9
5,787.1
5.891.5
5,892.1
5.718.4
5.887.6
3.216.1
3.252.2
3.217.2
3.330.3
3.312.5
3,334.0
3.385.6
3,308.3
3,388.6
3,394.6
3,298.3
3,407.5
Total
233
SMSA's
10,218.1
10.557.7
10.559.6
10.791.8
10.542.4
10.903.7
1
Excludes interbank and U.S. Govt, demand deposit accounts.
Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
2
NOTE.—Total SMSA's includes some cities and counties not designated
as SMSA's.
Leading SMSA's
N.Y.
6 others
2
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
69.4
145.7
69.6
49.2
40.8
69. 3
' 72. 3
r
70.6
'72.8
'"73.5
r
73.2
'73.2
'75.7
75.4
78.2
75.7
77.0
139.9
148.8
145.7
149.7
150.6
149.3
145.3
71.6
74.2
72.2
75.8
78.4
77.5
79.4
77.9
77.9
78.4
75.8
76.7
'50.5
'51.9
'50.2
'52.2
'53.3
'52.8
'53.7
'52.5
53.0
53.5
51.7
52.5
'41.8
'42.8
'41.3
'42.6
'43.1
'42.8
'43.3
'42.2
42.9
43.4
41.9
42.7
r
162.8
161.0
175.9
168.5
170.6
For description of series, see Mar. 1965 BULLETIN, p. 390.
The data shown here differ from those shown in the Mar. 1965 BULLETIN
because they have been revised, as described in the Mar. 1967 BULLETIN,
p. 389.
A
16
U.S. CURRENCY • FEBRUARY 1971
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
End of period
Total
in circulation 1
Coin and small denomination currency
Large denomination currency
Total
Coin
$1 2
$2
$5
$10
$20
Total
$50
$100
$500
$1,000 $5,000 $10,000
1939
1941
1945
1947
5,553
8,120
20,683
20,020
590
751
1,274
1.404
559
695
1,039
1.048
36
44
73
65
1,019
1,355
2,313
2,110
1,772
2,731
6,782
6,275
1,576
2,545
9,201
9,119
2,048
3,044
7,834
8,850
460
724
2,327
2,548
919
1,433
4,220
5,070
191
261
454
428
425
556
28,515
28,868
1950
1955
195 8
195 9
27,741
31,158
32,193
32,591
19,305
22,021
22,856
23,264
1,554
1,927
2,182
2,304
1,113
1,312
1,494
1,511
64
75
83
85
2,049
2,151
2,186
2,216
5,998
6,617
6,624
6,672
8,529
9,940
10,288
10,476
8,438
9,136
9,337
9,326
2,422
2,736
2,792
2,803
5,043
5,641
5,886
5,913
368
307
275
261
196 0
196 1
196 2
196 3
196 4
32,869
33,918
35,338
37,692
39,619
23,521
24,388
25,356
26,807
28,100
2,427
2,582
2,782
3,030
3.405
1,533
1,588
1,636
1,722
1,806
92
97
103
111
2,246
2,313
2,375
2,469
2,517
6,691
6,878
7,071
7,373
7,543
10,536
10,935
11,395
12,109
12,717
9,348
9,531
9,983
10,885
11,519
2,815
2,869
2,990
3,221
3,381
5,954
6,106
6,448
7,110
7,590
196 5
196 6
196 7
196 8
1969—Dec.
42,056
44,663
47,226
50,961
53,950
29,842
31,695
33,468
36,163
37,917
4.027
4,480
4,918
5,691
6,021
1,908
2,051
2,035
2.049
2,213
127
137
136
136
136
2,618
2,756
2,850
2,993
3,092
7,794
8,070.
8,366
8,786
8,989
13,369
14,201
15,162
16,508
17,466
12,214
12,969
13,758
14,798
16,033
3,540
3,700
3,915
4,186
4,499
1970—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
51,901
52,032
52,701
53,034
53,665
54,351
54,473
54,669
54,795
55,021
56,381
57,093
36,120
36,227
36,780
37,012
37,509
37,994
37,959
38,042
38,082
38,192
39,284
39,639
5,986
5,988
6.028
6,053
6,084
6,128
6,145
6,170
6,193
6,213
6,251
6,281
2,074
2,060
2,086
2,105
2,134
2,157
2,132
2,142
2,168
2,181
2,242
2,310
136
136
136
136
136
136
136
136
136
136
136
136
2,872
2,862
2,915
2,920
2,953
2,983
2,943
2,942
2,964
2,975
3,068
3,161
8,425
8,482
8,622
8,646
8,744
8,837
8,743
8,743
8,747
8,761
9,090
9,170
16,626
16,699
16,993
17,152
17,458
17,753
17,861
17,909
17,875
17,926
18,497
18,581
15,781
15,805
15,921
16,022
16,157
16,357
16,513
16,627
16,712
16,829
17,097
17,454
4,380
4,384
4,418
4,446
4,488
4,567
4,621
4,654
4,668
4,694
4,781
4,896
7,598
11,160
1
Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.
782
20
24
7
5
32
46
24
17
588
438
373
341
4
3
3
3
12
12
249
242
240
249
248
316
300
293
298
293
3
3
3
3
2
10
10
10
4
4
8,135
8,735
9,311
10,068
11,016
245
241
240
244
234
288
286
285
292
276
3
3
3
3
3
4
4
4
4
5
10,889
10,914
10,999
11,075
11,173
11,298
11,404
11,487
11,562
11,656
11,839
12,084
231
229
228
226
225
223
221
220
219
217
216
215
273
271
269
266
264
262
260
259
257
255
254
252
3
3
3
3
3
3
3
3
3
3
3
3
5
5
5
4
4
4
4
4
4
4
4
4
801
9
5
2 Paper currency only; $1 silver coins reported under coin.
NOTE.—Condensed from Statement of United States Currency and
Coin, issued by the Treasury.
KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Kind of currency
10,732
(10,457)
53,745
7,149
Gold
Gold certificates
Federal Reserve notes
Treasury currency—Total
Standard silver dollars
Fractional Coin
United States notes
In process of retirement
Total—Dec. 31, 1970
Nov. 30, 1970
Dec. 31, 1969
Total outstanding, As security
against
Dec. 31,
gold and
1970
silver
certificates
4
(10,457)
3
23
13
(10,457)
(10,827)
(10,036)
1970
1
1969
Dec.
31
Nov.
30
Dec.
31
50,204
6,889
49,526
6,855
47,334
6,615
482
5,800
309
298
482
5,769
306
298
482
5,539
292
303
2 275
310,456
1 Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated totals for Wed. dates shown in table on p. A-5.
2
Includes $179 million gold deposited by and held for the International
Monetary Fund.
3 Consists of credits payable in gold certificates, the Gold Certificate
Fund—Board of Governors, FRS.
4
Redeemable from the general fund of the Treasury.
For
F.R.
Banks
and
Agents
117
40
485
6,043
323
298
5 71,626
5 70,799
5 67,632
Treasury
cash
Currency in circulation
Held by
F.R.
Banks
and
Agents
431
452
596
1
3,423
221
220
10,456
10,826
10,035
3,645
3,140
3,051
57,093
56,381
53,950
5
Does not include all items shown, as gold certificates are secured by
gold. Duplications are shown in parentheses.
NOTE.—Prepared from Statement of United States Currency and Coin
and other data furnished by the Treasury. For explanation of currency
reserves and security features, see the Circulation Statement or the Aug.
1961 BULLETIN, p. 9 3 6 .
FEBRUARY 1971 • MONEY STOCK; BANK RESERVES
A 17
MONEY STOCK AND RELATED DATA
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money stock
Money stock
Time
deposits
adjusted 1
Period
Total
Currency
component
Demand
deposit
component
Total
Demand
deposit
component
Currency
component
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits 1
1967—Dec
1968—Dec
1969—Dec
183.1
197.4
203.6
40.4
43.4
46.0
142.7
154.0
157.7
183.5
204.8
194.6
188.6
203.4
209.8
41.2
44.3
46.9
147.4
159.1
162.9
182.1
203.2
193.2
5.0
5.0
5.6
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
205.2
204.5
206.6
208.3
209.2
209.6
210.6
211.8
212.8
213.0
213.5
214.6
46.2
46.4
46.7
47.1
47.7
47.8
48.1
48.2
48.2
48.5
48.7
48.9
159.0
158.1
159.8
161.2
161.6
161.9
162.5
163.7
164.6
164.5
164.8
165.7
193.3
193.5
195.3
198.5
200.3
202.2
208.2
213.2
218.5
222.2
225.0
230.4
211.4
202.8
204.7
209.3
205.3
207.8
209.0
208.7
211.4
213.0
215.3
221.1
46.1
45.9
46.3
46.6
47.3
47.7
48.3
48.3
48.2
48.5
49.2
50.0
165.4
156.8
158.4
162.6
158.0
160.1
160.7
160.4
163.1
164.5
166.1
171.1
192.7
193.0
195.9
199.3
201.1
202.3
208.1
214.0
218.4
222.5
224.6
228.7
4.8
7.1
6.9
5.3
6.4
6.5
6.8
7.1
6.8
6.1
5.6
7.1
1971—Jan. p
214.8
49.2
165.6
235.3
221.3
49.1
172.2
234.6
6.6
1970—Dec. 30
214.7
49.0
165.8
232.3
222.0
50.1
171.9
230.2
8.3
1971—Jan.
215.4
215.2
214.9
213.9
49.2
49.1
49.2
49.3
166.2
166.1
165.7
164.6
233.6
234.2
235.7
236.5
227.2
223.8
221.2
216.4
49.8
49.4
49.0
48.5
177.4
174.4
172.2
167.9
232.2
233.3
234.8
236.1
7.0
4.8
5.0
8.1
Week ending—
6
13
20"p
21
1
At all commercial banks.
NOTE.—For description of revised series and for back data, see Dec.
and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial
banks. Time deposits adjusted are time deposits at all commercial
banks other than those due to domestic commercial banks and the
U.S. Govt. Effective June 9, 1966, balances accumulated for payment of
personal loans were reclassified for reserve purposes and are excluded from
time deposits reported by member banks.
1 9 7 0 BULLETIN, p p . 8 8 7 - 9 0 9 .
Averages of daily figures. Money stock consists of (1) demand
deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Deposits subject to reserve requirements 2
Member bank reserves, S.A. 1
N.S.A.
S.A.
Period
Total
Nonborrowed
Demand
Demand
Required
Total
Total members
bank deposiit
plus nondepost
items 3
Time
and
savings
Private
U.S.
Govt.
Total
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1967—Dec..
1968—Dec..
1969—Dec..
25.94
27.96
27.93
25.68
27.22
26.81
25.60
27.61
27.71
273.5
298.2
285.8
149.9
165.8
151.5
118.9
128.2
129.4
4.6
4.2
4.9
276.2
301.2
288.6
148.1
163.8
149.7
123.6
133.3
134.4
4.5
4.1
4.6
305.7
308.6
1970—Jan..
Feb..
Mar.,
Apr..
May.
June.
July.
Aug.,
Sept..
Oct..
Nov..
Dec..
28.00
27.72
27.72
28.22
27.89
27.90
28.04
28.59
29.24
29.39
29.47
29.93
26.97
26.62
26.78
27.35
26.92
27.06
26.69
27.78
28.71
28.93
29.03
29.59
27.82
27.52
27.54
28.05
27.69
27.71
27.90
28.41
29.02
29.13
29.23
29.70
284.8
282.9
286.2
290.2
289.1
290.5
296.0
303.2
308.0
310.6
314.0
319.6
149.4
148.8
150.6
153.5
154.6
155.7
160.7
164.9
169.5
173.0
175.7
179.9
130.1
128.5
129.8
131.4
131.4
129.9
130.9
131.9
132.3
132.4
132.3
133.5
5.3
5.6
5.9
5.2
3.0
4.8
4.4
6.4
6.2
5.2
6.0
6.2
288.5
282.3
285.4
290.7
287.9
289.6
296.3
301.0
306.8
310.9
312.8
322.8
148.9
148.8
151.0
153.8
154.9
155.7
160.9
166.0
169.9
173.2
174.9
178.2
135.6
127.4
128.5
132.5
127.7
128.5
129.6
129.1
131.2
132.6
133.4
138.7
3.9
6.1
5.8
4.5
5.4
5.4
5.8
5.9
5.8
5.1
4.6
6.0
304.8
303.4
306.1
309.6
309.3
311.1
315.8
321.9
324.5
324.8
326.7
331.2
308.5
302.8
305.3
310.2
308.2
310.3
316.1
319.9
323.2
325.1
325.6
334.4
1971—Jan. p
30.24
29.81
30.03
324.0
183.2
134.1
6.7
328.2
182.8
139.7
5.6
334.1
338.3
1
Averages of daily figures. Data reflect percentages of reserve requirements made effective Apr. 17, 1969. Required reserves are based on
average deposits with a 2-week lag.
2
Averages of daily figures. Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as defined
by Regulation D . Private demand deposits include all demand deposits except those due to the U.S. Govt., less cash items in process of collection
and demand balances due from domestic commercial banks. Effective June
9, 1966, balances accumulated for repayment of personal loans were eliminated from time deposits for reserve purposes. Jan. 1969 data are not
comparable with earlier data due to the withdrawal from the System on
Jan. 2, 1969, of a large member bank.
3
Total member bank deposits subject to reserve requirements, plus
Euro-dollar borrowings, bank-related commercial paper, and certain
other nondeposit items. This series for deposits is referred to as "the
adjusted bank credit proxy."
NOTE.—Due to changes in Regulations M and D , required reserves
include increases of approximately $400 million since Oct. 16, 1969.
Back data may be obtained from the Banking Section, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
A 18
BANKS AND THE MONETARY SYSTEM • FEBRUARY 1971
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets
Liabilities
and capital
Other
securities 3
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
10,723
14,741
69,839
81,820
82,407
188,148
199,008
487,709
531,589
549,879
175,348
184,384
444,043
484,212
485,545
12,800
14,624
43,670
47,379
64,337
535,500
534,100
538,400
542,600
544,800
555,596
558,100
564,200
573,300
572,900
577,500
595,100
468,600
466,200
472,100
476,800
475,800
487,093
489,800
494,000
504,600
505,300
509,900
528,400
67,000
67,900
66,300
65,800
69,000
68,501
68,300
70,200
68,800
67,600
67,600
66,800
591,000
524,900
66,100
Bank credit
Gold
stock
and
S.D.R.
certificates 1
22,754
22,706
11,982
10,367
10,367
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
11,100
31..
30. .
30..
31. .
315.
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28..
25..
25. .
29. .
27. .
30..
29..
26. .
30. .
2Sp..
25p.
30?.
1971—Jan. 27
4,562
4,636
6,784
6,795
6,849
,600
,700
,800
,800
,800
,767
,800
,800
,500
,500
,500
,500
Date
Treasury
currency
outstanding
U.S. Treasury securities
Total
Loans,
net 2, 3
Total
Coml.
and
savings
banks
Federal
Reserve
Banks
160,832
43,023
171,667
60,366
468,943 282,040
514,427 311,334
532,663 335,127
107,086
96,560
117,064
121,273
115,129
81.199
72,894
66,752
68,285
57,952
22,559
20,778
49,112
52,937
57,154
6,900
6,900
6,900
6,900
7,000
6,986
7,000
7,000
7,100
7,100
7,100
7,100
517,100
515,500
519,800
523,900
526,100
536,845
539,300
545,400
554,800
554,300
558,900
576,500
323,600
323,200
325,300
326,300
327,000
336,860
336,400
338,100
343,800
341,300
341,300
352,800
111,900
110,400
110,400
111,700
113,100
112,475
115,100
118,000
119,000
119,600
122,400
125,200
56,300
54,700
54,800
55,600
56,000
54,742
56,800
58,300
59,000
60,300
61.200
64,500
55,600
55,700
55,600
56,100
57,100
57,714
58,300
59,600
60,000
59,300
61,100
60,600
100
81,600
81,900
84,100
85,800
86,000
87,510
87,800
89,400
91,900
93,400
95,200
98,500
7,200
572,700
345,900
126,800
64,600
62,000
300
100,000
Other 4
3,328
2,888
1,200
51
23
19
DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)
Money stock
Seasonally adjusted
6
Time
Not seasonally adjusted
U.S. Government
Date
Total
Currency
outside
banks
Demand
deposits
adjusted 7
Total
Currency
outside
banks
Demand
deposits
adjusted 7
Total
Commercial
banks 2
Mutual
savings
banks 8
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
31....
30.. . .
30.. . .
31.. . .
315...
110,500
114,600
181,500
199,600
206,800
26,100
24,600
39,600
42,600
45,400
84,400 113,597
90,000 117,670
141,900 191,232
157,000 207,347
161,400 214,689
26,476
25,398
41,071
43,527
46,358
56,411
87,121
35,249
59,246
92,272
36,314
150,161 242,657 182,243
163,820 267,627 202,786
168,331 260,992 193,533
17,746
20,009
60,414
64,841
67,459
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28....
25....
25.. . .
29.. . .
21....
30....
29....
26.. . .
30
2Sp...
25p...
30p. . .
196,400
195,000
200,000
198,400
198,600
199,600
199,300
199,900
203,500
201,600
202,000
208,600
45,300
45,300
45,900
46,300
46,500
46,600
46,800
46,800
47,200
47,400
47,600
47,800
151,100
149,700
154,100
152,100
152,100
153,000
152,500
153,100
156,300
154,200
154,400
160,800
198,900
194,100
196,900
198,400
196,200
201,614
199,100
198,200
202,200
202,400
205,200
215,800
44,700
44,800
45,400
45,900
46,400
47,032
46,900
47,100
47,300
47,300
48,900
48,900
154,300
149,300
151,600
152,600
149,800
154,582
152,200
151,100
154,900
155,100
156,300
166,900
191,600
193,000
196,200
199,500
201,000
203,916
210,000
214,100
219,500
221,800
224,300
229,200
1971—Jan.
21 p.. . 202,900
48,300
154,600 205,400
47,600
157,800 305,900 234,600
1
Includes Special Drawing Rights certificates beginning January 1970.
Beginning with data for June 30, 1966, about $1.1 billion in "Deposits
accumulated for payment of personal loans" were excluded from "Time
deposits" and deducted from "Loans" at all commercial banks. These
changes resulted from a change in Federal Reserve regulations. See table
(and notes), Deposits Accumulated for Payment of Personal Loans, p. A-23.
3 See note 2 on p. A-22.
4
After June 30, 1967, Postal Savings System accounts were eliminated
from this Statement.
5
Figures for this and later dates take into account the following changes
(beginning June 30, 1969) for commercial banks: (1) inclusion of consolidated reports (including figures for all bank-premises subsidiaries and
other significant majority-owned domestic subsidiaries) and (2) reporting
of figures for total loans and for individual categories of securities on a
gross basis—that is, before deduction of valuation reserves. See also note 1.
6
Series began in 1946; data are available only for last Wed. of month.
7
Other than interbank and U.S. Govt., less cash items in process of
collection.
2
258,700
260,400
264,100
267,400
269,300
273,109
279,200
283,400
289,400
292,000
294,800
300,600
Postal
Savings
System 4
3,416
2,923
Foreign,
net 9
Treasury
cash
holdings
At
coml.
At
and
F.R.
savings Banks
banks
1,682
2,518
2,179
2,455
2,683
1,336
1 ,293
1,344
695
596
1,452
2,989
5,508
5,385
5,273
870
668
1,123
703
1,312
67,100
67,400
68,000
68,000
68,300
69,193
69,200
69,300
69,900
70,200
70,500
71,400
2,500
2,600
2,700
2,600
2,400
2,641
2,600
2,400
2,400
2,600
2,500
2,600
600
600
600
600
500
439
500
500
400
500
500
400
6,500
7,600
6,300
6,400
6,200
8,285
7,400
8,600
8,800
6,600
6,200
7,700
1,300
900
1 ,500
1,400
1,300
1,005
1,000
900
1,200
1,300
800
1,300
71,300
2,500
500
9,400
1 ,200
8
Includes relatively small amounts of demand deposits. Beginning with
June 1961, also includes certain accounts previously classified as other liabilities.
9
Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time deposits and $400
million to demand deposits).
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks and
demand deposits adjusted, see "Banks and the Monetary System," Section
1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS
for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million.
For description of substantive changes in official call reports of
condition beginning June 1969, see BULLETIN for August 1969, pp.
642-46.
FEBRUARY 1971 • COMMERCIAL BANKS
A 19
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Class of bank
and date
Total
All commercial banks:
1941—Dec. 3 1 . . . 50,746
1945—Dec. 31 .. . 124,019
1947—Dec. 315.. 116,284
Loans
1,2
Cash
assets 3
U.S.
Treas- Other2
ury
21,714 21,808
26,083 90,606
38,057 69,221
Total
assets—
Total
liabilities
and
capital
accounts 4
Interbank
Total 3
3
Other
Demand
Demand
U.S.
Govt.
10, >82
7,225 26,551 79,104 71,283
14,C>65
7,331 34,806 160,312 150,227
240
9,006 37,502 155,377 144,103 12,792
31 .. .
30...
31 .. .
31 6.
322,661
359,903
401,262
421,597
217,726
235,954
265,259
295,547
56,163
62,473
64,466
54,709
48,772
61,477
71,537
71,341
69,119
77,928
83,752
89,984
403,368
451,012
500,657
530,665
352,287
395,008
434,023
435,577
967
19,770
21,883 1,314
24,747 1,211
735
27,174
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28...
25...
25 . . .
29 . . .
21...
30...
29...
26. ..
30*..
28p..
25*..
30*..
410,980
408,890
412,410
417,170
417,340
423,240
425,530
430,080
436,790
439,350
442,490
461,120
287,330
286,680
288,230
290,550
290,370
296,091
296,330
297,900
301,530
301,310
301,860
314,300
52,960
51,400
51,520
52,330
52,640
51,569
53,510
55,050
55,750
57,050
58,020
61,100
70,600
70,810
72,660
74,290
74,330
75,579
75,690
77,130
79,510
80,990
82,610
85,720
77,400
78,900
76,360
78,410
78,930
85,631
74,930
78,820
85,760
78,310
82,400
87,080
506,770
506,780
508,420
515,650
516,630
529,679
520,800
529,640
543,900
538,950
546,470
570,560
406,380
406,390
407,980
413,780
413,720
432,429
422,740
429,680
447,320
439,790
445,690
469,850
21,550
22,230
21,810
21,600
22,180
26,338
22,440
22,890
26,480
24,780
24,680
27,640
620
620
580
660
690
898
1,350
1,630
1,710
1 ,740
1,740
1,860
Total
capital
accounts
Number
of
banks
Timel
Time
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1971—Jan.
Member of
F.R. System:
1941—Dec.
1945—Dec.
1947—Dec.
Borrowings
Other
44. 349
105 ,921
1,343 94,367
15,952
30,241
35,360
23 7,173 14,278
219 8,950 14,011
65 10,059 14,181
4,992
5,234
5,010
5,054
167,751
184,066
199,901
208,870
158,806 4,859
182,511 5,777
203,154 8,899
193,744 18,360
32,054
34,384
37,006
39,978
13,767
13,722
13,679
13,661
6,320
7,380
6.140
6,230
5,960
8,076
7,170
8,270
8,470
6,220
5,790
7,330
186,130
182,940
183,090
185,620
183,740
192,999
181,540
182,520
190,810
184,870
188,780
203,410
191,760
193,220
196,360
199,670
201,150
204,118
210,240
214,370
219,850
222,180
224,700
229,610
40,030
40,230
40,370
40,590
40,850
41,708
41,510
41,720
42,040
42,080
42,270
42,500
13,662
13,665
13.664
13.665
13,665
13,671
13,671
13,675
13,678
13,684
13,687
13,687
22,620
22,620
22,840
23,530
23,080
18,546
19,850
20,160
18,170
20,200
21,680
22,140
27*.. 453,850 305,310 61,250 87,290 83,300 558,140 461,630 25,380 1 ,990 9,080 190,210 234,970 20,650 42,660 13,687
3 1 . . . 43,521
3 1 . . . 107,183
3 1 . . . 97,846
18,021 19,539
22,775 78,338
32,628 57,914
5,961 23,113 68,121 61,717 10,385
6,070 29,845 138,304 129,670 13,576
7,304 32,845 132,060 122,528 12,353
140 1,709
64 22,179
50 1,176
37,136
69,640
80,609
12,347
24,210
28,340
4
208
54
5,886
7,589
8,464
6,619
6,884
6,923
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
31...
30...
31 . . .
31 6.
263,687
293,120
325,086
336,738
182,802
196,849
220,285
242,119
41,924
46,956
47,881
39,833
38,960
49,315
56,920
54,785
60,738
68,946
73,756
79,034
334,559
373,584
412,541
432,.270
291,063
326,033
355,414
349,883
794
18,788
20,811 1,169
23,519 1,061
609
25,841
4,432
4,631
4,309
4,114
138,218
151,980
163,920
169,750
128,831 4,618
147,442 5,370
162,605 8,458
149,569 17,395
26,278
28,098
30,060
32,047
6,150
6,071
5,978
5,869
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28...
25...
25 . . .
29 . . .
21...
30. ..
29 .. .
26. . .
30. ..
28. ..
25. ..
30. . .
327,368
325,777
328,556
332,097
331,389
335,551
337,377
341,096
346,643
348,424
350,746
366,578
234,860
234,213
235,138
236,436
235,805
240,100
240,309
241,594
244,769
244,377
244,442
255,301
38,328
37,110
37,340
38,192
38,259
37,324
38,950
40,305
40,779
41,872
42,661
45,054
54,180
54,454
56,078
57,469
57,325
58,127
58,118
59,197
61,095
62,175
63,643
66,223
68,449
69,806
67,594
69,174
69,710
75,539
65,971
69,769
75,853
68,978
72,422
76,993
411,828
412,036
413,148
418,597
418,609
428,975
420,844
428,607
440,724
435,498
441,486
462,506
324,605
324,937
326,028
330,136
329,541
345,514
336,818
342.995
358,433
350.996
355,566
376,543
20,560
21,244
20,845
20,608
21,183
25,122
21,371
21,825
25,339
23,643
23,516
26,390
497
496
454
531
567
691
1,139
1,423
1,500
1,535
1,535
1,657
5,420
6,429
5,100
5,251
4,914
6,957
6,181
7,054
7,258
5,169
4,855
6,052
150,363
147,932
148,270
149,940
148,414
155,916
146,003
146,996
153,951
148,472
151,385
164,115
147,765
148,836
151,359
153,806
154,463
156,829
162,124
165,697
170,385
172,177
174,275
178,329
21,263
21,238
21,582
22,376
21,749
17,507
18,675
19,059
17,169
19,021
20,538
21,166
32,078
32,242
32,343
32,528
32,733
33,184
33,047
33,223
33,479
33,481
33,629
33,806
5,853
5,850
5,839
5,828
5,816
5,803
5,795
5,785
5,784
5,781
5,773
5,766
7,929 152,695 182,504 19,557 33,950
5,766
1971—Jan. 27*.. 359,731 247,183 45,222 67,326 73,521 451,224 369,092 24,179 1,785
Reserve city member:
New York City:?
1941—Dec. 31 .. .
1945—Dec. 31 .. .
1947—Dec. 31 . . .
12,896
26,143
20,393
4,072 7,265
7,334 17,574
7,179 11,972
1,559
1,235
1,242
6,637
6,439
7,261
19,862
32,887
27,982
17,932
30,121
25,216
4,202
4,640
4,453
6
17
12
866
6,940
267
12,051
17,287
19,040
807
1,236
1,445
195
30
1,648
2,120
2,259
36
37
37
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
31 . . .
30...
31 . . .
31 6.
46,536
52,141
57,047
60,333
35,941
39,059
42,968
48,305
4,920
6,027
5,984
5,048
5,674
7,055
8,094
6,980
14,869
18,797
19,948
22,349
64,424
74,609
81,364
87,753
51,837 6,370
60,407 7,238
63,900 8,964
62,381 10,349
467
741
622
268
1,016
1,084
888
694
26,535
31,282
33,351
36,126
17,449
20,062
20,076
14,944
1,874
1,880
2,733
4,405
5,298
5,715
6,137
6,301
12
12
12
12
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28...
25...
25 .. .
29...
27.. .
30...
29...
26. . .
30...
28 .. .
25 . . .
30. ..
57,069
56,568
57,225
58,010
57,288
57,088
58,720
58,468
59,484
59,215
59,657
63,437
45,722
45,523
45,505
45,286
44,819
44,881
45,917
45,208
46,265
45,990
45,717
48,359
4,794
4,319
4,408
5,091
4,981
4,413
5,142
5,458
5,144
5,337
5,463
5,878
6,553
6,726
7,312
7,633
7,488
7,795
7,661
7,802
8,075
7,888
8,477
9,200
20,535
21,808
21,809
20,778
22,007
23,070
18,322
20,982
23,057
19,175
20,151
22,916
82,673
83,599
84,348
84,145
84,604
85,666
82,356
84,893
88,026
83,785
85,368
91,955
56,240
57,251
58,076
57,536
57,147
60,615
57,063
58,959
64,019
59,297
59,654
66,943
8,697
9,393
9,585
8,927
9,356
11,148
9,322
9,668
12,161
10,738
10,276
12,053
236
216
211
245
280
321
592
729
719
776
814
919
1,140
1,484
844
968
882
1 ,236
1,382
1,214
1,355
658
749
924
31,730
31,497
32,203
32,116
31,742
32,590
28,927
29,943
31,072
28,024
28,552
32,827
14,437
14,661
15,233
15,280
14,887
15,320
16,840
17,405
18,712
19,101
19,263
20,220
4,930
5,068
5,467
5,756
5,821
4,057
4,855
5,243
4,184
5,038
6,224
6,120
6,248
6,304
6,272
6,290
6,335
6,374
6,340
6,405
6,439
6,385
6,424
6,442
12
12
12
12
12
12
12
12
12
12
12
12
1971—Jan. 2 7 . . .
60,658
45,791
6,011
8,856 21,274
87,437
64,712 11,270
950
1,985
29,761
20,746
4,997
6,449
12
For notes see p. A-22.
A 20
COMMERCIAL BANKS • FEBRUARY 1971
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Class of bank
and date
Total
Reserve city member (cont.)
City of Chicago: 7,8
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
Loans
1.2
U.S.
Treasury
Other
Total
assets—
Total
liabilities
Cash
assets 3
and
capital
accounts 4
Interbank 3
Other
Borrowings
Demand
Demand
Time 1
Time
U.S.
Govt.
Other
2,760
5,931
5,<
954
1,333
1,801
1,430
4,213
2,890
376
385
397
1,566
1,489
1,739
4,363
7,459
6,866
4,057
7,046
6,402
1,035
1,312
1,217
127
1,552
72
2,419
3,462
4,201
476
719
913
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
31
30
31
31 6
12,744
14,274
14,365
11,802
8,756
9,223
10,286
10,771
1,545
1,574
1,863
1,564
1,502
1,947
2,125
2,030
2,638
2,947
3,008
2,802
14,935
16,296
18,099
17,927
12,673
13,985
14,526
13,264
1.433
1.434
) ,535
1,677
310
267
257
175
6,008
6,250
6,542
6,770
4,898
6,013
6,171
4,626
484
383
682
1,290
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
25
25
29
27
30
29
26
30
28
25
30v.
13,684
14,102
14,258
14,522
14,178
14,648
14,449
14,556
15,058
14,835
15,076
15,810
10,376
10,388
10,451
10,530
10,341
10,986
10,662
10,642
11,151
10,735
10,921
11,387
1,351
1,578
1,571
2,858
3.039
2,701
2,760
2,658
2,622
2,560
2,911
2,788
3.040
2,981
3,133
17,287
17,966
17,923
18,154
17,736
18,291
18,021
18,520
18,849
18,841
19,016
19,997
12,024
12,205
12,002
12,299
12,218
13,266
12,937
12,841
13,764
13,399
13,538
14,433
1,205
1,796
1,746
1,925
1,839
1,984
1,957
2,136
2,236
2,304
2,221
2,121
2,099
2,118
2,161
2,175
2,316
2,439
1,232
1,234
1,265
1,682
1,237
1,192
1,595
1,301
1,375
1.435
336
442
258
233
232
347
457
342
380
250
250
243
5,903
5,831
5,762
5,999
5,952
6,102
5,764
5,725
6,017
5,921
5,855
6,626
4,548
4,610
4,709
4,792
4,728
5,119
5,425
5,524
5,703
5,848
5,979
6,053
1,783
2,297
2,425
2,503
2,233
1 ,507
1,689
2,129
1,959
2,253
2,330
2,230
15,530
10,901
2,208
2,421
2,981
19,487
14,303
1 ,313
487
6,091
6,333
1,969
15,347
40,108
36,040
7,105 6,467
8,514 29,552
13,449 20,196
1,776 8,518
2,042 11,286
2,396 13,066
24,430
51,898
49,659
22,313
49,085
46,467
4,356
6,418
5,627
491 12,557 4,806
104
30 8,221 24,655 9,760
405 28,990 11,423
22
2
49,341
55,798
62,484
54,829
1,952
2,555
4,239
9,881
1971—Jan. 27
1,688
1,616
1,540
1,688
1,280
7 8
Other reserve city: •
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1,633
1,715
1,884
1,575
49,004
53,288
57,449
58,923
1
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
31
30
31
31 6
95,831
105.724
119,006
121,324
69,464
73,571
83,634
90,896
13,040
14,667
15,036
11,944
13,326
17,487
20,337
18,484
24,228
26,867
28,136
29,954
123,863
136,626
151,957
157,512
108,804 8,593
120,485 9 , 3 7 4
132,305 10,181
126,232 10,663
233
310
307
242
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28
25
25
29
27
30
29
26
30
28
25
30
118,177
117,265
117.942
119,213
119,002
121,213
120,894
123,418
125,582
126,646
126.943
133,782
88,298
87,839
87,645
88,093
88,033
90,152
89,581
91,106
91,955
91,973
91,301
96,404
11,255
10,775
11,078
11.298
11,287
11,372
11,665
12,341
12,859
13.299
13,789
14,656
18,624
18,651
19,219
19,822
19,682
19,689
19,648
19,971
20,768
21,374
21,853
22,722
24,714
24,467
23,272
25,042
24,393
27,106
24,422
25,008
27,368
25,157
26,774
27,956
148,856
147,785
147,381
150,648
149,816
154,889
151,834
154,765
159.587
158,316
160,182
168,418
115,408 8,327
115.117 8,231
114,763 7,757
117.118 8,113
116,945 8,213
123,673 9,530
120.708 8,374
123,746 8,544
129,246 8,992
127,238 9,032
129,249 9,213
136,577 10,062
143 2,350 50,625 53,963 11,846
152 2,823 49,823 54,
11,104
54, S
11,180
159 2,304 50,306 56,236 11,788
160 1,945 49,990 56,637 11,025
273 3,115 53,317 57,438 9,779
409 2,349 50,046 59,530 9,777
552 3,049 50,085 61,516 9,485
628 3,082 53,139 63,405 9,019
599 2,138 51,709 63,760 9,380
561 1,977 52,625 64,873 9,711
581 2,304 57,155 66,475 10,874
1971—Jan. 27
130.725
92,805 14,490 23,430 26,930 164,214 133,018
8,875
675 3,141 52,463 67,864 10,413
Country member: 7,8
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
12,518
35,002
36,324
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
109.518
122,511
134,759
140,715
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
316
28
25
25
29
27
30
29
26
30
28
25
30
1971—Jan. 27*
For notes see p. A-22.
5,890 4,377
5,596 26,999
10,199 22,857
68,641
74,995
83.397
92,147
22,419
24,689
24.998
21,278
2,250 6,402
2,408 10,632
3,268 10,778
19,466
46,059
47,553
17,415
43,418
44,443
792
1,207
1,056
19,004
20,334
22,664
23,928
131,338
146,052
161,122
169,078
117,749
131,156
144,682
148,007
2,392
2,766
2,839
3,152
18,458
22,826
26,364
27,291
138,438
137,842
139,131
140,326
140,921
142,603
143,314
144,654
146.519
147,728
149,070
153,549
90,464
90,463
91,537
92,501
92,612
94,081
94,149
94,638
95.398
95,679
96,503
99,151
140,933
140,364
141,187
143,183
143,231
147,960
146,110
147,449
151,404
151,062
153,125
158,590
331
340
271
334
349
763
2; 438
2,411
2,591
2,572
2,652
2,840
152,818
97,686 22,513 32,619 22,336 180,086 157,059
2,721
20,928
20,438
20,283
20,115
20,375
19.999
20,455
20,710
21,030
21,311
21,570
22,536
27,046
26,941
27,311
27,710
27,934
28,522
28,710
29,306
30,091
30,738
30,997
31,862
20,342
20,492
19,812
20,594
20,652
22,741
20,667
20,868
22,640
21,606
22,516
22,988
163,012
162,686
163,496
165,624
166,453
170,129
168,633
170,429
174,262
174,556
176,920
182,136
116 2,148 49,856
225 10,109 6,258
30
17 5,465 24,235 12,494
432 28,378 14,560
17
57,144
65,569
73,873
75,170
1 ,820
62,105
60,781
60,449
61,519
60,730
63,907
61,266
61,243
63,723
74,817
75,477
76,531
77,498
78,211
78,951
80,329
81,252
82,565
62,818 83,468
64,353 84,160
67,507 85,581
2.704
2,769
2,510
2,303
2,670
2,164
2,354
2,202
2,007
2,350
2,273
1,942
2,316 64,380 87,561
2,178
69 1,474 56,672
96 1,564 61,161
1,281 66,578
84 1,671 67,930
111
86
86
86
86
86
81
84
84
84
81
81
81
4
11
23
1,594
1,680
1,850
1,746
1,855
2,259
1,993
2,449
2,441
2,123
1,879
2,581
308
552
804
A 21
FEBRUARY 1971 • COMMERCIAL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Classification by
FRS membership
and FDIC
insurance
Total
Loans
1,2
Total
assets—
Securities
Total
Cash
liaassets 3 bilities
and
Other
U.S.
capital
2
acTreascounts 4
ury
Interbank 3
Total
Other
3
Demand
Demand
Time
l
Time
Borrowings
Total
capital
accounts
U.S.
Govt.
Other
54
1,762
23,740
1,325
41,298
80,276
92,975
17,737
15,844
15,077
17,664
18,149
333
402
443
733
923
5,934
6,815
6,712
6,487
5,508
1966-—Dec. 31.
1967-—Dec. 30.
1968-—Dec. 31.
321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497
358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598
399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427
881
1,258
1,155
1969-—June 306
Dec. 31.
408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889
419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858
800
695
5,624 192,357 200,287 14,450 38,321
5,038 207,311 194,237 18,024 39,450
1970—June 30.
421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017
829
8,040 191,752 204,456 18,215 41,159
Insured banks:
Total:
1941-—Dec. 31.
1945-- D e c . 31.
1947-—Dec. 31.
49,290
121,809
114,274
1961-- D e c .
1962-- D e c .
1963-—Dec.
1964-—Dec.
1965-- D e c .
213,904
234,243
252,579
275,053
303,593
30.
28.
20.
31.
31.
National member:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
21,259 21,046
25,765 88,912
37,583 67,941
124,348
139,449
155,261
174,234
200,109
66,026
65,891
62,723
62,499
59,120
6,984 25,788 76,820 69,411
10, 654
7,131 34,292 157,544 147,775
13,;883
8,750 36,926 152,733 141,851 12,615
23,531
28,903
34,594
38,320
44,364
56,086
53,702
50,337
59,911
60,327
276,600
295,093
310,730
343,876
374,051
22,089
23,712
25.277
27,377
29,827
4,975 166,689 159,396
5,219 182,984 183,060
5,000 198,535 203,602
4,717 31,609
5,531 33,916
8,675 36,530
4
78
45
3,640
4,644
5,409
135,511 10,359
142,825 9,155
150,823 8,863
169,615 10,521
193,860 12,064
104
127
146
211
458
3,315
3,735
3,691
3,604
3,284
76,292
76,075
76,836
84,534
92,533
45,441
53,733
61,288
70,746
85,522
225
1,636
1,704
1,109
2,627
11,875
12,750
13,548
15,048
17,434
187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877
236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117
437
652
657
3,035 96,755 93,642
3,142 106,019 107,684
3,090 116,422 122,597
1969—June 306, 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324
Dec. 31. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299
437
361
3,534 113,134 120,060 9,895 22,628
3,049 121,719 114,885 12,279 23,248
247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947
393
5,066 113,296 120,559 13,051 24,106
1966—Dec. 31.
1967—Dec. 30.
1968—Dec. 31.
1970—June 30.
116,402 67,309
127,254 75,548
137,447 84,845
151,406 96,688
176,605 118,537
State member:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
36,088
35,663
33,384
33,405
32,347
150,809
160,657
170,233
190,289
219,744
462
3,584
3,571
2,580
4,325
8,322
16,224
19,278
30.
28.
20.
31.
31.
31,078
29,684
28,635
34,064
36,880
141,050 82,122
140,169 97,380
140,702 110,723
154,043 126,185
159,659 146,084
23,262
45,473
53,541
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
13,006
16,042
19,218
21,312
25,720
39,458
84,939
82,023
6,844
8,671
9,734
1,088
14,013
795
11,725 12,039
13,925 51,250
21,428 38,674
43,433
90,220
88,182
10
215
61
35
27,571
69,312
65,280
3,806 14,977
4,137 20,144
5,178 22,024
247,176
260,609
273,657
305,113
330,323
15,699
29,876
34,882
6, 786
9,:229
8,375
15
621
8,166
381
13,874
24,168
27,068
4,025
7,986
9,062
1
130
9
2,246
2,945
3,055
6,835
6,154
5,655
6,486
5,390
199
231
236
453
382
2,066
2,351
2,295
2,234
1,606
43,303
41,924
40,725
44,005
39,598
21,716
25,983
29,642
32,931
34,680
213
1,914
1,795
1,372
1,607
6,763
7,104
7,506
7,853
7,492
85,547
95,637
98,467
6,200
6,934
8,402
357
516
404
1,397
1,489
1,219
41,464
45,961
47,498
36,129
40,736
40,945
1,498
1,892
2,535
7,819
8,368
8,536
93,858
94,445
9,773
9,541
285
248
1,341
1,065
45,152
48,030
37,307
35,560
4,104
5,116
8,689
8,800
91,967 10,175
299
1,891
42,620
36,983
4,457
9,078
2,155 8,145
1,933 9,731
2,125 10,822
24,688
48,084
43,879
22,259
44,730
40,505
3, 739
4,'411
3,978
17,971 6,302 18,501
17,305 8,050 17,744
15,958 9,855 15,760
15,312 10,777 18,673
12,645 11,065 15,934
84,303
88,831
91,235
98,852
93,640
74,119
76,643
78,553
86,108
81,657
77,377
85,128
89,894
54,560 11,569 11,247 19,049 99,504
58,513 12,649 13,966 22,312 111,188
61,965 12,581 15,348 22,803 116,885
1969—June 306
Dec. 31.
88,346
90,088
64,007 9,902 14,437 26,344 119,358
65,560 10,257 14,271 24,313 119,219
1970—June 30.
88,404
64,439
15,950
37,871
32,566
6,295 7,500
8,850 27,089
11,200 19,240
30.
28.
20.
31.
31.
63,196
68,444
72,680
77,091
74,972
38,924
43,089
46,866
51,002
51,262
1966—Dec. 31.
1967—Dec. 30.
1968—Dec. 31.
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
Nonmember:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31..
5,776
14,639
16,444
9,133 14,832 23,598 117,209
3,241 1,509
2,992 10,584
4,958 10,039
3,120 18,459
3,478 19,730
5,923 21,524
1,025
1,063
1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
4
53
1,560
149
4,162
10,635
12,366
3,360
5,680
6,558
6
7
7
959
1,083
1,271
129
244
30..
28..
20..
31..
31..
34,320
38,557
42,464
46,567
52,028
18,123
20,811
23,550
26,544
30,310
4,225
4,814
5,523
6,233
7,581
6,508
6,276
5,942
7,174
7,513
41,504
45,619
49,275
54,747
60,679
37,560
41,142
44,280
49,389
54,806
543
535
559
658
695
30
43
61
70
83
553
729
726
649
618
21,456
22,170
23,140
25,504
27,528
14,979
17,664
19,793
22,509
25,882
24
34
72
99
91
3,452
3,870
4,234
4,488
4,912
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
56,857
64,449
73,553
33,636 13,873 9,349
37,675 15,146 11,629
43,378 16,155 14,020
7,777
8,403
9,305
65,921
74,328
84,605
59,434
67,107
76,368
709
786
908
87
89
94
543
588
691
28,471
31,004
34,615
29,625
34,640
40,060
99
162
217
5,342
5,830
6,482
1969—June 30*.
Dec. 31..
78,032
82,133
48,358 14,341 15,333 8,696
51,643 14,565 15,925 10,056
88,802
94,453
78,610
83,380
791
1,017
78
85
749
924
34,070
37,561
42,921
43,792
451
629
7,004
7,403
1970—June 30..
84,875
54,149 13,924 16,802
96,794
84,865
894
137
1,083
35,837
46,913
708
7,975
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
For notes see p. A-22.
11,972
12,932
13,391
13,790
14,137
9,346
A 22
COMMERCIAL BANKS • FEBRUARY 1971
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Deposits
Securities
Classification by
FRS membership
and FDIC
insurance
Cash
assets 3
Total
Loans
1, 2
U.S.
Treasury
Other
2
Total
assets—
Total
liabilities
and
Total 3
capital
accounts 4
Interbank 3
Demand
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
30
28
20
31
31
1,536
1,584
1,571
2,312
2,455
577
657
745
1,355
1,549
553
534
463
483
418
406
392
362
474
489
346
346
374
578
572
1,961
2,009
2,029
3,033
3,200
1,513
1,513
1,463
2,057
2,113
1967—Dec. 30
1968—Dec. 31
2,638
2,901
1,735
1,875
370
429
533
597
579
691
3,404
3,789
2,809
2,982
1,800
2,041
321
310
688
632
898
895
1970—June 30
3,043
2,073
321
650
746
Total nonmember:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
7,233
16,849
18,454
3,696
3,310
5,432
2,270
12,277
11,318
1,266
1,262
1,703
3,431 10,992 9,573
4,962 22,024 20,571
4,659 23,334 21,591
457
425
439
30
28
20
31
31
35,856 18,700
40,141 21,469
44,035 24,295
48,879 27,899
54,483 31,858
12,525
13,466
13,854
14,273
14,555
4,631
5,206
5,885
6,707
8,070
6,854 43,465 39,073
6,622 47,628 42,654
6,316 51,304 45,743
7,752 57,780 51,447
8,085 63,879 56,919
1967—Dec. 30
1968—Dec. 31
67,087 39,409
76,454 45,253
15,516
16,585
12,162
14,617
1969—June 306
Dec. 31
80,841
85,115
50,159
53,683
14,662
14,875
16,021
16,556
9,594 92,743
10,950 98,651
1970—June 30
87,919
56,222
14,245
17,452
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
3:
,9
181
111
111
Total
capital
accounts
Time
l
Number
of
banks
Other
185
1,291
1,905
18
1,392
253
365
478
13
4
4
329
279
325
852
714
783
164
190
273
277
148
133
83
86
85
12
14
17
23
17
869
872
832
1,141
1,121
307
330
341
534
612
8
44
93
99
147
370
371
389
406
434
323
308
285
274
263
2,172
2,519
285
319
58
56
15
10
1,081
1,366
733
767
246
224
457
464
211
197
3,942
4,198
2,556
2,570
298
316
81
41
15
16
1,430
1,559
731
638
290
336
502
528
209
197
4,140
2,280
321
69
36
1,247
606
331
549
193
190
5 , ! 04
14,101
167 13,758
3,613
6,045
7,036
18
11
12
1,288
1,362
1,596
7,662
7,130
7,261
719
699
749
931
972
178
176
144
156
168
565
743
743
672
635
22,325 15,286
23,042 17,994
23,972 20,134
26,645 23,043
28,649 26,495
33
77
165
198
238
3,822
4,240
4,623
4,894
5,345
7,320
7,380
7,458
7,536
7,583
77,732 69,279
88,394 78,887
1,071
1,227
147
150
603 32,085
701 35,981
35,372
40,827
408
441
6,286
6,945
7,651
7,701
81,166
85,949
1,090
1,333
160
126
765 35,500 43,652
940 39,120 44,430
741
965
7,506
7,931
7,737
7,792
10,092 100,934 87,145
1,215
207
1,038
8,523
7,868
8,983
9,997
1
See table (and notes), "Deposits Accumulated for Payment of Personal
Loans" p. A-23.
2
Beginning June 30, 1966, loans to farmers directly guaranteed by
CCC were reclassified as securities, and Export-Import Bank portfolio
fund participations were reclassified from loans to securities. This reduced
Total loans and increased "Other securities" by about $1 billion. Total
loans include Federal funds sold, and beginning with June 1967 securities
purchased under resale agreements, figures for which are included in
"Federal funds sold, etc.," on p. A-24.
3
Reciprocal balances excluded beginning with 1942.
4
Includes other assets and liabilities not shown separately. See also
note 1.
5 Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 BULLETIN.
6
Figures for this and later dates take into account the following changes
(beginning June 30, 1969) for commercial banks: (1) inclusion of consolidated reports (including figures for all bank-premises subsidiaries and
other significant majority-owned domestic subsidiaries) and (2) reporting
of figures for total loans and for individual categories of securities on a
gross basis—that is, before deduction of valuation reserves—rather than
net as previously reported.
7 Regarding reclassification of New York City and Chicago as reserve
cities, see Aug. 1962 BULLETIN, p. 993. For various changes between
reserve city and country status in 1960-63, see note 6, p. 587, May 1964
BULLETIN.
Time
U.S.
Govt.
1,457
2,211
2,009
,
Borrowings
D e n land
Noninsured
nonmember:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 315
1969—June 306.
Dcc. 31
Other
1,119
37,084 47,520
8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million
was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve
city bank in Chicago with total deposits of $190 million was reclassified as
a country bank.
NOTE.—Data are for all commercial banks in the United States (including Alaska and Hawaii, beginning with 1959). Commercial banks represent
all commercial banks, both member and nonmember; stock savings
banks; and nondeposit trust companies.
For the period June 1941-June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960; two through Dec. 1960,
and one through June 1962. Those banks are not included in insured
commercial banks.
Beginning June 30, 1969, commercial banks and member banks exclude
a small national bank in the Virgin Islands; also, member banks exclude,
and noninsured commercial banks include, a small member bank engaged
exclusively in trust business.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Data for national banks for Dec. 31, 1965, have been adjusted to make
them comparable with State bank data.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULLETIN,
pp. 870-71.
FEBRUARY 1971 •
COMMERCIAL BANKS
A 23
LOANS AND INVESTMENTS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
Total 1,2
Securities
Loans 1 , 2
Total 1,2
U.S.
Govt.
Loans 1 , 2
U.S.
Govt.
Other 2
Other 2
1960—Dec. 31
194.5
113.8
59.8
20.8
198.5
116.7
61.0
20.9
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
30
31
31
31
31
31
30
31
313
209.6
227.9
246.2
267.2
294.4
310.5
346.5
384.6
401.3
120.4
134.0
149.6
167.7
192.6
208.2
225.4
251.6
278.1
65.3
64.6
61.7
60.7
57.1
53.6
59.7
61.5
51.9
23.9
29.2
35.0
38.7
44.8
48.7
61.4
71.5
71.3
214.4
233.6
252.4
273.9
301.8
317.9
354.5
393.4
410.5
123.9
137.9
153.9
172.1
197.4
213.0
230.5
257.4
284.5
66.6
66.4
63.4
63.0
59.5
56.2
62.5
64.5
54.7
23.9
29.3
35.1
38.8
44.9
48.8
61.5
71.5
71.3
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
28
25
25
29
27
30
29
30
28*
25*
31 e
398.5
399.7
400.9
403.5
405.9
406.4
412.8
418.3
423.7
424.0
427.3
432.5
276.6
278.5
277.6
277.0
278.0
277.4
281.5
284.1
287.3
286.9
287.7
288.9
50.4
49.8
50.3
52.4
53.4
54.1
55.8
57.5
57.6
56.3
56.5
58.0
71.5
71.4
73.0
74.0
74.5
75.0
75.5
76.7
78.8
80.8
83.2
85.6
397.6
395.7
399.0
403.5
403.9
410.1
412.6
415.4
423.3
423.6
426.8
442.4
274.0
273.5
274.8
276.9
277.0
282.9
283.4
283.2
288.0
285.5
286.2
295.5
53.0
51.4
51.5
52.3
52.6
51.6
53.5
55.1
55.8
57.1
58.0
61.2
70.6
70.8
72.7
74.3
74.3
75.6
75.7
77.1
79.5
81.0
82.6
85.7
1971—Jan. 27*
438.0
291.2
58.4
88.4
437.1
288.5
61.3
87.3
Sept.
Oct.
Nov.
Dec.
1
2
Adjusted to exclude interbank loans.
Beginning June 9, 1966, about $1.1 billion of balances accumulated
for payment of personal loans were deducted as a result of a change in
Federal Reserve regulations.
Beginning June 30, 1966, CCC certificates of interest and ExportImport Bank portfolio fund participation certificates totaling an estimated
$1 billion are included in "Other securities" rather than "Loans."
3 Beginning June 30, 1969, data revised to include all bank-premises
subsidiaries and other significant majority-owned domestic subsidiaries;
earlier data include commercial banks only. Also, loans and investments
are now reported gross, without valuation reserves deducted, rather than
net of valuation reserves as was done previously. For a description of the
revision, see Aug. 1969 BULLETIN, pp. 642-46.
NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94
—A-97. For a description of the seasonally adjusted series see the following BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept.
1967, pp. 1511-17.
Data are for last Wed. of month except for June 30 and Dec. 31; data
are partly or wholly estimated except when June 30 and Dec. 31 are call
dates.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
All commercial
Insured
National member
State member
All member
Dec. 31,
1968
June 30,
1969
Dec. 31,
1969
1,216
1,216
730
207
937
1,150
1,149
694
187
881
1,131
1,129
688
188
876
June 30,
1970
945
943
536
178
714
NOTE.—These hypothecated deposits are excluded from Time deposits
and Loans at all commercial banks beginning with June 30, 1966, as
shown in the tables on the following pages: A-l9, A-20, and A-26—A-30
(consumer instalment loans), and in the table at the top of this page.
These changes resulted from a change in the Federal Reserve regulations.
See June 1966 BULLETIN, p. 808.
Class of
bank
All member—Cont.
Other reserve city
All nonmember
Insured
Noninsured
Dec. 31,
1968
332
605
278
278
June 30,
1969
293
588
269
268
Dec. 31,
1969
304
571
255
253
2
June 30,
1970
222
492
230
229
2
These deposits have not been deducted from Time deposits and Loans
for commercial banks as shown on pp. A-21 and A-22 and on pp. A-24
and A-25 (IPC only for time deposits).
Details may not add to totals because of rounding.
A 24
COMMERCIAL BANKS •
FEBRUARY
1971
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Other loans t
Total
loans i
and
investments
Class of
bank and
call date
Total: 2
1947—Dec. 3 1 . . 116,284
Federal
funds
sold,
etc. 2
Total
3, 4
Commercial
and
industrial
Investments
For
To
U.S. Treasury
purchasing
financial
securities 6
or carrying institutions
Other,
securities
AgriReal
to
culin- Other
turTo
dial 5 brovidBills
kers T o
uals3
and Notes Bonds
Total
and others Banks Others
certifidealcates
ers
38,057 1 8 , 1 6 7 1,660
830 1,220
9,393
115
5,723
947 69,221
9,982 6,034 53,205
1968—Dec. 3 1 . . 402,477 6,747 259,727 9 8 , 3 5 7 9 , 7 1 8 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466
1969—Dec. 31 io 422,728 9,928 286,750 108 443 10,329 5,739 4,027 1,'
15,062 70,020 63,256 7,388 54,709
1970—June 30 424,184 11,193 285,843 108,361 11,233 3,972 3,565 2,522 14,393 70,550 64,180 7,068 51,569
All insured:
1941—Dec. 3 1 . . 49,290
1945—Dec. 31 121,809
1947—Dec. 3 1 . . 114,274
21,259 9 , 2 1 4 1,450
662
614
25,765 9 , 4 6 1 I,314 3,164 3,606
37,583 18,012 1,610
823 1,190
40
49
114
18,021 8,671
22,775 8,949
32,628 16,962
972
594 598
855 3,133 3.378
,046
811 1,065
4,773
4,505
21,046
988 3,159 16,899 3,651 3,333
4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258
9,266 5,654
914 67,941 9,676 5,918 52,347 5,129 3,621
39
47
113
58,288 12,650
58,840 11,869
62,619 12,311
3,494
3,653
19,539
971 3,007 15,561 3,090 2,871
3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815
839 57,914 7,803 4,815 45,295 4,199 3,105
7,130 4,662
1968—Dec. 3 1 . . 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881
1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833
1970—June 3 0 . . 336,266 8,267 232,548 95,190 6,626 3,749 2,920 2,228 13,452 53,215 48,729 6,439 37,324
New York City:
1941—Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 3 1 . . 20,393
4,072 2,807
7,334 3,044
7,179 5,361
1968—Dec. 3 1 . . 57,047
1969—Dec. 31 io 60,333
1970—June 3 0 . . 57,088
747 42,222 25,258
802 47,503 28,189
553 44,328 26,692
3,803
3,695
2,444
2,760
5,931
5,088
732
954
1,333
760
1,801 1,418
48
211
73
52,
233
87
1968—Dec. 3 1 . . 14,274
1969—Dec. 3110 14,365
1970—June 3 0 . . 14,648
312 9,974 6,118
215 10,556 6,444
383 10,603 6,635
535
337
379
253
262
141
City of Chicago:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
city:
3 1 . . 15,347
3 1 . . 40,108
3 1 . . 36,040
114
194
427 1,503
170 484
1968—Dec. 3 1 . . 119,339 2,197 81,769 34,632 1,362
1969—Dec. 31 io 121,628 3,021 8 8 , 1 8 0 37,701 1,386
1970—June 3 0 . . 121,435 3,473 86,901 37,502 478
,116 1,254
878 1,300
588 1,151
5,890 1,676
5,596 1,484
10,199 3,096
659
648
818
20
42
23
183
471
227
1968—Dec. 3 1 . . 135,364 2,295 81,706 21,811 4,493
1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739
1970—June 3 0 . . 143,095 3,858 90,716 24,361 5,088
720
498
337
969
947
887
Nonmember:
1947—Dec. 3 1 . . 18,454
614
20
156
1968—Dec. 3 1 . . 76,454 1,196 44,056 10,538 3,797
1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141
1970—June 3 0 . . 87,919 2,926 53,296 13,171 4,606
451
329
223
729
741
645
5,432
1,205
1
Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net. See also note 10.
2
Includes securities purchased under resale agreements. Prior to June 30,
1967, they were included in loans—for the most part in loans to "Banks."
Prior to Dec. 1965, Federal funds sold were included with "Total" loans
and loans to "Banks."
3 See table (and notes), Deposits Accumulated for Payment of Personal
Loans, p. A-23.
32
26
93
123
80
111
903 1,099 3,426
776 1,047 4,547
741 1,228 4,178
300
205
225
Country:
1941—Dec. 3 1 . . 12,518
1945—Dec. 3 1 . . 35,002
1947—Dec. 3 1 . . 36,324
7,105 3,456
8,514 3,661
13,449 7,088
412
169
2,453 1,172
545
267
205 1,219
186 1,219
152 1,154
48,423 8,498
47,227 7,558
50,108 8,019
522
7,265
311
287
272 17,574 3,910
564
238 11,972 1,642
1,623 5,331
3,325 10,339
558 9,772
738
842
823
1,527
1,459
3,147
95
51
149
848
862
942
1,430
40 4,213
26 2,890
256
1,600
367
281 1,863
354 1,564
331 1,540
6,467
751 5,421
1,508
295
855
387 29,552 8,016 5,653 15,883
1,969
351 20,196 2,731 1,901 15,563
1,823
1,881
3,827
181
213
182
193
204
185
315
192
261
956 820
916
1,126
1,342 1,053
110
1,528
4,377
481 3,787 1,222 1,028
707
359 26,999 5,732 4,544 16,722 1,342 1,067
1,979
224 22,857 3,063 2,108 17,687 2,006 ,262
21,269 5,095
22,572 4,718
23,667 4,855
119 2,147 27,164 24,154 1,694 24.998
148 2,263 28,824 26,362 1,858 21,278
159 2,139 29,127 26,858 1,759 19.999
2,266
861
788
948
18,111 2,226
16,625 1,859
17,733 1,955
588 6.005 18,939 16,916 2,520 15,036
876 6.006 19,706 17,569 2,757
,944
689 5,981 19,536 17,156 2,820 11,372
2
4
5
830
629
604
1,810
1,837
1,861
153 1,022
749 1,864
248 2,274
729
606
638
7,233
6,192
6,847
3,619 3,485 1,694 5,984
3,835 3,595 1,807 5,048
3,728 3,773 1,528 4,413
22
36
46
4
17
15
5,276 3,729
58,570 12.967
59,183 12,158
62,975 12,604
1968—Dec. 3 1 . . 399,566 6,526 258,074 9 7 , 7 4 1 9,700 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028
1969—Dec. 31 io 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399
1970—June 3 0 . . 421,141 10,867 284,096 107,567 II,215 3,886 3,541 2,457 14,248 70,252 63,921 7,009 51,248
Member—Total:
1941—Dec. 3 1 . . 43,521
1945—Dec. 3 1 . . 107,183
1947—Dec. 3 1 . . 97,846
State
and Other
local secugovt, rities 5
securities
1,061
932 14,676 12,933
194
231 1,028 16,813 14,868
941 17,336 15,451
294
109 11,318 2,179
535 16,585
612 14,875
629 14,245
1,219
7,920
1,073
625
10,147 4,469
11,956 4,600
12,876 4,585
4
Breakdowns of loan, investment, and deposit classifications are n o
available before 1947; summary figures for 1941 and 1945 appear in the
table on pp. A-19—A-22.
5
Beginning with June 30, 1966, loans to farmers directly guaranteed
by CCC were reclassified as "Other securities," and Export-Import Bank
portfolio fund participations were reclassified from loans to "Other
securities." This increased "Other securities" by about $1 billion.
6
Beginning with Dec. 31, 1965, components shown at par rather than
at book value; they do not add to the total (shown at book value) and are
not entirely comparable with prior figures. See also note 10.
For other notes see opposite page.
A 25
FEBRUARY 1971 • COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Total: 3
1947—Dec. 3 1 . . .
1968—Dec. 3 1 . . .
1969—Dec. 31 io.
1970—June 3 0 . . .
All insured:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1968—Dec. 3 1 . . .
1969—Dec. 31 io.
1970—June 3 0 . . .
Member—Total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1968—Dec. 3 1 . . .
1969—Dec. 31
1970—June 3 0 . . .
Reserves
with
F.R.
Banks
DeBalmand
Curances
derency with
posits
and
docoin mestic
adbanks 7 justed 8
17,796 2,216 10,216 87,123
Interbank
U.S.
DoFor- Govt.
7
mestic eign 9
11,362
1,343
Certified
and
officers'
checks,
etc.
84,987
9,823
12,566
11,236
673 1,762
1,248 23,740
1,379 1,325
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
21,230 7,165 18,343 165,527 22,310 2,117
21,449 7,292 19,528 170,280 24,386 2,471
21,526 7,061 17,577 156,743 23,624 2,393
5,000 16,774 9,442
5,038 17,434 11,476
8,040 16,955 10,073
172,319
178,401
164,725
1,155
695
829
6,246 33,754
7,117 64,184
6,270 73,528
671 1,709
1,243 22,179
1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
21,230 5,634 11,279 31,491 21,483 2,036 4,309
21,449 5,676 11,931 133,435 23,441 2,399 4,114
21,526 5,476 10,617 121,562 22,809 2,313 6,957
12,851
13,274
12,930
8,592 142,476
10,483 145,992
9,179 133,807
1,061
609
691
12,396
15,811
17,797
1,087
1,438
1,672
New York City:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
5,105
4,015
4,639
93
111
151
141
78
70
1968—Dec. 3 1 . . .
1969—Dec. 31 io.
1970—June 3 0 . . .
4,506
4,358
4,621
443
463
429
420 20,808
455 21,316
606 17,479
City of Chicago:
1941—Dec. 3 1 . . .
1945—Dec. 31...
1947—Dec. 3 1 . . .
1,021
942
1,070
43
36
30
298
200
175
1968—Dec. 3 1 . . .
1969—Dec. 31*0.
1970—June 3 0 . . .
1,164
869
885
98
123
96
281
150
135
city:
31...
31.. .
31...
4,060
6,326
7,095
1968—Dec. 3 1 . . .
1969—Dec. 31 io.
1970—June 3 0 . . .
10,761
15,065
16,653
9,714
12,333
10,978
3,595
3,535
3,236
3,677
5,098
6,692
319
237
290
450
1,338
1,105
11,282
15,712
17,646
CapiBortal
rowacings counts
65 10,059
368 19,110 184,892 8,899 37,006
211 13,221 181,443 18,360 39,978
202 17,148 187,713 18,546 41,708
59
103
11
492 15,146
496 29,277
826 33,946
10 6,844
8,671
9,734
215
61
368 19,057 184,178 8 , 6 7 5 36,530
211 13,166 180,860 18,024 39,450
202 17,088 187,166 18,215 41,159
50
99
105
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
330 15,668 147,545 ,458 30,060
186 9,951 140,308 17,395 32,047
168 13,142 144,233 17,507 33,184
6
17
12
1,068
607
866
1,105 6,940
1,217
267
IPC 3
866 34,383
240
1,211
735
898
6,799
2,581
IPC
U.S.
Govt, State
Inter- and
and
bank Postal local
Sav- govt.
ings
21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341
21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413
21,526 7,090 18,208 158,241 23,759 2,579 8,076 17,062 10,254 165,683
12,396 1,358 8,570 37,845
15,810 1,829 11,075 74,722
17,796 2,145 9,736 85,751
1,430
State
and
local
govt.
Time deposits
622
268
321
29
20
14
7,532 1,433
8,708 1,641
9 , 4 7 4 1,673
694
1,236
1,136
4,827
6,605
5,628
27,455
28,354
25,825
2,215
3,153
3,737
1,027
1,292
1,196
127
1,552
72
233
237
285
34
66
63
2,152
3,160
3,853
5,183
5,221
4,683
1,445
1,581
1,607
257
175
347
245
268
326
207
229
178
6,090
6,273
5,597
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
491
,221
405
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
8,847
9,044
8,784
1,800
1,787
1,728
2,986 43,674
3,456 44,169
2,810 40,393
9,725
10,072
9,021
456
590 1,575
509 3,115
3,835
3,934
3,798
1,947
1,928
1,723
51,667
53,062
47,797
307
242
273
2,210
4,527
4,993
526
796
929
9,661
3,216
4,665 23,595
3,900 27,424
790
1,199
1,049
225
5,465
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
1968—Dec. 31. . .
1969—Dec. 31 io.
1970—June 3 0 . . .
6,714
7,179
7,236
3,293
3,302
3,222
7,592 61,827
7,870 62,729
7,066 59,008
2,781
3,080
2,707
1,281
1,671
2,259
7,703
7,905
7,670
1,612
1,721
1,650
57,263
58,304
54,587
111
1,648
195 2,120
30 2,259
168
Country:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
778
1,206
1,418
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
Nonmember: 3
1947—Dec. 3 1 . . .
544
1968—Dec. 3 1 . . .
1969—Dec. 31 io.
1970—June 3 0 . . .
1,560
1,644
1,614
13,595
385
7,631 35,654
8,383 38,644
7,592 36,678
3,947
,018
,112
949
54
110
131
167
1,295
701
209
940
222
266 1,119
4,205
4,284
4,132
55
7
Beginning with 1942, excludes reciprocal bank balances.
8 Through 1960 demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
9 For reclassification of certain deposits in 1961, see note 6, p. 589,
M a y 1 9 6 4 BULLETIN.
10
Beginning June 30, 1969, reflects (1) inclusion of consolidated reports
(including figures for all bank-premises subsidiaries and other significant
majority-owned domestic subsidiaries) and (2) reporting of figures for
total loans and for individual categories of securities on a gross basis—that
is, before deduction of valuation reserves. See also notes 1 and 6.
NOTE.—Data are for all commercial banks in the United States; member
1,168
180
1,092
1,416
1,075
1,623 18,380 2,733 6,137
207 14,692 4,405 6,301
572 14,708 4,057 6 , 3 7 4
288
377
426
476
719
902
624
216
390
84
81
12,284
190
30,865
33,420
31,877
150
126
207
682 1 ,433
5,545
290 1,517
4,409
1,507 1,566
4,729
243
1,967
2,566
2,844
4,542
160 9,563
332 11,045
7,378 55,271 4,239 10,684
86 4,609 50,439 9,881 11,464
67 6,005 51,588 ~ 779 " 8 6 8
146
219
337
6,082
12,224
14,177
4 1,982
11 2,525
23 2,934
6,043 68,348
804 11,807
4 , 9 2 0 70,768 1,820 12,766
6,176 73,207 2,164 13,377
172
6,858
12
1,596
3,442 37,347
441 6,945
3,269 41,135
965 7,931
4,005 43,480 1,038 8,523
banks in U.S. possessions were included through 1968 and then excluded.
For the period June 1941—June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960, two through Dec. 1960,
and one through June 1962. Those banks are not included in all insured or
total banks.
Beginning June 30, 1969, a small noninsured member bank engaged
exclusively in trust business is treated as a noninsured bank and not as a
member bank.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
For other notes see opposite page.
A 26
WEEKLY REPORTING BANKS
• FEBRUARY 1971
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Loans
Federal funds sold, etc. 1
Wednesday
Other
For purchasing
or carrying securities
To brokers
and dealers
involving—
Total
loans
and
investments
Total
To
commercial
banks
U.S.
Treasury
securities
To
others
Total
Other
securities
Commercial
and
industrial
To brokers
and dealers
To nonbank
finan.
institutions
To
others
Agricultural
U.S.
Treasury
sees.
Other
sees.
U.S.
Treasury
sees.
Other
sees.
Large banks—
Total
1970
Dec.
7
14
237,799
235,137
232,746
232,314
6,305
5,957
5,668
6,751
5,732
5,266
5,405
6,499
182
21
Jan.
482
65
106
232
129
137
97
159 172,350 79,802
80 170,548 79,094
61 169,265 78,823
49 167,984 77,956
28
2
9
16
23
30
253,002 9,109
253,479
8,967
257,228
9,244
258,834 9,624
261,057 10,230
8,079
6,633
7.978
7,773
7.979
592
1,742
635
1,266
1,699
300
365
429
457
395
138
227
202
128
157
173,876
174,104
176,633
177,657
178,633
261,137
258,268
255,991
255,537
9,495
8,994
7,715
7,872
7,761
7,467
6,694
6,505
1,119
1,127
631
1,009
387
282
238
230
228
118
152
128
7
14
21
28
55,508
54,408
53,805
53,834
1,363
1,189
1,759
2,340
1,230
1,143
1,717
2,313
2
9
57,537
57,663
58,847
59,536
59,254
1,593
1,076
1,164
1,451
1,532
921
1,036
1,390
1,126
1,168
1,019
1,240
865
1,103
45
114
35
45
4,502
4,123
167
472
45
86
100
2,478
2,458
2,430
2,417
104
104
105
130
102
2,304
2,386
2,325
2,339
2,329
130
129
140
142
2,334
2,340
2,350
2,302
2.003
2.004
2,010
2,003
1,135
1,104
599
555
3,321
3,069
2,988
2,898
104
98
94
80,130
80,086
81,400
81,213
81,618
2.017
2,015
2,019
2.018
2,027
1,113
771
1,677
1,68!"
3,633
3,549
4,186
4,459
4,406
177,794
175,619
174,783
174,443
81,456
80,971
80,895
80,000
2,094
2,066
2,076
2,064
1,522
1,066
886
1,377
3,773
3,514
3,133
3,466
43,350
42,603
41,639
41,150
26,449
26,080
25,803
25,483
919
867
451
394
2,035
1,869
1,813
1,746
757
756
751
752
42,782
43,044
43,637
44,228
44,285
25,820
25,783
26,193
25,769
25,888
936
1,411
587
1,442
1,403
2,338
2,287
2,725
3,028
3,001
634
651
643
651
643
104
47
35
46
43,314
42,331
41,796
41,936
25,806
25,687
25,627
25,237
1,268
2,450
2,293
1,892
2,156
642
641
656
625
132
129
137
97
141
44
39
42
129,000
127,945
127,626
126,834
53,353
53,014
53,020
52,473
1,990
1,992
1,995
1,988
216
567
,653
625
,221
,641
300
365
409
457
395
102
104
112
123
131,094
131,060
132,996
133,429
134,348
54,310
54,303
55,207
55,444
55,730
2,002
2,000
2,004
2,003
2,013
1,074
1,013
596
964
387
282
238
230
124
71
117
82
134,480
133,288
132,987
132,507
55,650
55,284
55,268
54,763
2,062
2,053
2,060
2,048
1,608
1971
Jan.
6*
13*
20*
27*
New York City
1970
Jan.
Dec.
16
23
30
1,218
100
1971
Jan.
6*
13*
58,793
57,587
56,378
56,847
1,401
935
1,194
7
14
21
28
182,291
180,729
178,941
178,480
4,942
4,768
3,909
4,411
2
9
195,465
195,816
198,381
199,298
201,803
7,516
7,891
8,080
8,173
9,012
202,344
200,681
199,613
198,690
8,327
7,593
6,780
6,678
20*
27*
882
760
1,113
Outside
New York City
1970
Jan.
Dec.
16
23
30
4,186
161
1,286
1,200
1,175
1,152
92
96
89
85
1,721
1,702
1,679
1,665
177
197
184
235
282
1,295
90
92
92
92
1,670
1,735
116
1,682
1,688
1,686
254
184
1,323
118
114
127
129
1,692
1,699
1 ,694
1,677
237
148
161
1,262
1,461
1,431
1,405
1971
Jan.
6*
13*
20*
27*
For notes see p. A-30.
6,742
6,227
5,829
5,402
126
264
1,221
1,241
1,310
FEBRUARY 1971 • WEEKLY REPORTING BANKS
A 27
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Loans (cont.)
Investments
Other (cont.)
U.S. Treasury securities
Notes and bonds
maturing—•
To commercial
banks
Wednesday
Domestic
Foreign
Consumer
instalment
Foreign
govts. 2
All
other
Bills
Certificates
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Large Banks—
Total
1970
498
485
459
474
1,463
1,507
1 ,493
1,487
20,387
20,323
20,259
20,252
967
984
954
960
14,406
14,061
13,862
13,937
23,454
23,151
22,602
22,435
3,681
3,469
2,965
2,893
3,500
3,581
3,691
3,682
13,353
13,221
13,074
13,007
2,920
2,880
2,872
2,853
Jan.
419
382
390
420
458
1 ,591
1,616
1,559
1,631
1,619
21,359
21,334
21,470
21,576
21,692
869
846
849
871
870
13,691
13,646
14,078
13,878
14,101
27,364
27,284
27,349
27,573
3,819
3,943
4,143
4,137
4,209
15,256
15,270
15,123
14,978
15,061
2,793
2,792
2,755
2,765
2,713
Dec.
28,061
5,496
5,279
5,328
5,693
6,078
677
635
668
627
1,528
1,531
1,508
1,552
21,854
21,838
21,786
21,781
814
814
798
786
14,167
13,743
13,593
13,463
28,631
28,329
28,349
28,265
6,514
6,247
6,239
5,922
4,240
4,265
4,386
4,637
15,070
14,998
15,005
14,937
2,807
2,819
2,719
2,769
7
14
21
28
2
9
16
23
30
1971
Jan.
6p
13
20
27 p
New York City
1970
290
293
261
250
741
790
747
788
207
145
938
941
878
952
920
182
158
169
1 ,628
1,627
1,642
600
614
600
601
2,925
2,780
1,257
1,298
1,173
1,134
435
441
488
510
2,466
2,429
2,373
2,373
469
457
456
442
Jan.
2,f ~'
2,'
4,627
4,625
4,490
4,459
7
14
21
28
1,881
1,877
1,909
1,931
1,925
526
515
524
543
544
2,538
2,565
2,790
2,597
2,654
5,231
5,444
5,534
5,534
5,556
1,233
1,282
1,419
1,516
1,544
382
438
493
521
521
3,128
3,220
3,153
3,029
3,015
488
504
469
468
476
Dec.
2
9
513
518
627
875
2,980
2,987
3,016
2,986
451
447
421
437
1,621
16
23
30
1971
185
136
185
152
878
895
901
914
1,900
1,912
1,911
1 ,905
498
504
497
479
2,794
2,623
2,595
2,510
5,782
5,353
5,357
5,687
1,838
1,401
1,293
1,389
Jan.
6p
13*
20 p
21 p
Outside
New York City
1970
11,481
11,281
11,178
11,237
18,827
18,526
18,112
17,976
2,424
2,171
1,792
1,759
3,065
3,140
3,203
3,172
10,887
10,792
10,701
10,634
2,451
2,423
2,416
2,41
Jan.
343
331
325
328
326
11,153
11,081
11,281
11,447
4,263
3,997
3,909
4,177
4,534
3,437
3,505
3,650
3,616
3,688
12,128
12,050
11,970
11,949
12,046
2,305
2,288
2,286
2,297
2,237
Dec.
11,288
22,133
21,840
21,815
22,039
22,505
316
310
301
307
11,373
11,120
10,998
10,953
22,849
22,976
22,992
22,578
4,676
4,846
4,946
4,533
3,727
3,747
3,759
3,762
12,090
12,011
11,989
11,951
2,356
2,372
2,298
2,332
208
192
198
224
722
717
746
699
18.766
18,695
18,632
18,610
367
370
354
359
212
237
208
262
289
653
675
681
679
699
19,478
19,457
19,561
19,645
19.767
492
499
483
475
650
636
607
638
19,954
19,926
19.875
19.876
7
14
21
28
2
9
16
23
30
1971
For notes see p. A-30.
Jan.
6f
13*
20p
27 p
A 28
WEEKLY REPORTING BANKS • FEBRUARY 1971
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Investments (cont.)
Other securities
Wednesday
Total
Obligations
of State
and
political
subdivisions
Tax
warrants 3
All
other
Other bonds,
corp. stock,
and
securities
Certif.
of
participation 4
Cash
items
in
process
of
collection
Reserves
with
F.R.
Banks
Currency
and
coin
Balances
with
domestic
banks
Investments
in subsidiaries not
consolidated
Other
assets
Total
assets/
total
liabilities
All
others
Large banks—
Total
1970
Jan.
7
14
21
28
35,690
35,481
35,211
35,144
3,424
3,391
3,292
3,283
28,552
28,504
28,372
28,248
1,103
1,057
1,042
1,041
2,611
2,529
2,505
2,572
33,170
34,161
32,470
29,468
17,106
16,779
18,784
16,960
3.376
3:413
3; 255
3,267
5,407
4,664
4,876
4,502
630
633
634
634
13,361
13,190
13,037
13,019
310,849
307,977
305,802
300,164
Dec.
2
9
16
23
30
42,653
43,124
44,002
43,980
44,133
6,291
6,323
6,526
6,247
6,243
30,741
31,206
31,680
31,791
31,952
1,208
1,173
1,222
1,251
1,238
4,413
4,422
4,574
4,691
4,700
31,502
29,404
33,732
32,689
33,532
18,894
15,256
19,634
17,876
16,429
3,477
3,530
3.558
3; 427
3,835
6,244
5,850
6,257
6,427
6,825
716
716
714
717
716
14,731
14,543
14,749
14,657
14,724
328,566
322,778
335,872
334,627
337,118
Jan.
6p
13 p
45,217
45,326
45,144
44,957
6,715
6,795
6,675
6,237
32,384
32,509
32,413
32,629
1,272
1,267
1,249
1,264
4,846
4,755
4,807
4,827
33,489
33,386
31,484
29,761
19,626
18,260
20,562
18,865
3,539
3,733
3,506
3,562
7,205
6,535
6,021
5,671
717
718
721
722
14,648 340,361
14,515 335,415
14,788 333,073
14,488 328,606
6,168
5,991
5,917
5,885
909
873
842
832
4,518
4,437
4,419
4,383
127
104
101
92
614
577
555
578
15,648
16,818
16,728
14,874
4,463
5,055
5,044
4,430
444
424
415
412
395
439
466
361
282
282
281
281
4,823
4,772
4,643
4,666
81,563
82,198
81,382
78,858
7,931
8,099
8,512
8,323
8,195
1,933
1,917
2,207
1,925
1 ,806
4,702
4,952
5,085
5,136
5,156
139
138
123
154
127
1,157
1,092
1,097
1,108
1,106
13,882
13,581
15,420
14,101
15,712
4,942
3,391
5,760
4,155
4,738
439
473
447
432
454
1.164
1,131
1,283
1.165
1,392
337
337
332
332
331
5,338
5,139
5,306
5,148
5,200
83,639
81,715
87,395
84,869
87,081
8,529
8,502
8,290
8,030
1,983
1,973
1,882
1 ,479
5,292
5,290
5,147
5,296
129
134
131
131
1,125
1,105
1,130
1,124
13,547
15,955
14,619
14,346
5,152
4,726
5,518
4,922
459
464
425
427
1,107
1,076
1,113
974
337
337
338
339
5,152
5,046
5,420
5,112
84,547
85,191
83,811
82,967
7
14
21
28
29,522
29,490
29,294
29,259
2,515
2,518
2.450
2.451
24,034
24,067
23,953
23,865
976
953
941
949
1,997
1,952
1,950
1,994
17,522
17,343
15,742
14,594
12,643
11,724
13,740
12,530
2,932
2,989
2,840
2,855
5,012
4,225
4,410
4,141
348
351
353
353
8,538
8,418
8,394
8,353
229,286
225,779
224,420
221,306
2
9
34,722
35,025
35,490
35,657
35,938
4,358
4,406
4,319
4,322
4,437
26,039
26,254
26,595
26,655
26,796
1,069
1,035
1 ,099
1,097
1,111
3,256
3,330
3,477
3,583
3,594
17,620
15,823
18,312
18,588
17,820
13,952
11,865
13,874
13,721
11,691
3,038
3,057
3,111
2,995
3,381
5,080
4,719
4,974
5,262
5,433
379
379
382
385
385
9,393
9,404
9,443
9,509
9,524
244,927
241,063
248,477
249,758
250,037
36,688
36,824
36,854
36,927
4,732
4,822
4,793
4,758
27,092
27,219
27,266
27,333
1,143
1 ,133
1,118
1,133
3,721
3,650
3,677
3,703
19,942
17,431
16,865
15,415
14,474
13,534
15,044
13,943
3.080
3,269
3.081
3,135
6,098
5,459
4,908
4,697
380
381
383
383
9,496
9,469
9,368
9,376
255,814
250,224
249,262
245,639
1971
20p
21P
New York City
1970
Jan.
7
14
21
Dec.
28
2
9
16
23
30
1971
Jan.
6p
13*
20p
21 P
Outside
New York City
1970
Jan.
Dec.
16
23
30
1971
Jan.
6P
1 3P
20 P
21P
For notes see p. A-30.
FEBRUARY 1971 •
WEEKLY REPORTING BANKS
A 29
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Deposits
Time and savings
Demand
Domestic
interbank
Total
IPC
States
and
political
subdivisions
U.S.
Govt.
Commercial
IPC
Foreign
Mutual
Govts.,
savetc. 2
ings
Commercial
banks
Certified
and
officers'
checks
Total
6
Savings
Other
States
and
political
subdivisions
Wednesday
Domestic
interbank
Foreign
govts. 2
Large Banks—
Total
1970
6,649
6,646
6,601
6,616
280
279
283
285
6,399
6,371
6,353
6,373
Jan.
2,288
2,323
2,348
2,333
2,386
7,256 116,441 47,475 50,391 11,886
6,819 117,333 47,568 50,975 12,182
7,800 118,040 47,611 50,948 12,921
7,064 118,839 47,708 51,363 13,264
7,322 119,443 48,035 51,650 13,329
1,275
1,283
1,324
1,348
1,420
4,912
4,827
4,737
4,663
4,508
Dec.
2,359
2,411
2,483
2,286
6,928
7,740
7,070
6,901
1,280
1,521
1,570
1,576
4,373
4,332
4,299
4,253
140,977
137,598
136,052
131,846
98,644
97,933
94,166
92,209
6,485
6,181
6,220
6,371
2,980
1,559
3,577
4,474
19,272
17,972
17,618
16,239
908
787
683
645
778
732
715
745
2,196
2,253
2,273
2,260
139,560
134,880
144,630
143,666
147,355
96,854
94,657
99,827
99,583
103,149
6,808
6,220
6,379
6,361
6,774
4,220
2,397
5,410
6,004
4,380
20,752
21,123
21,516
20,931
21,704
581
572
543
551
627
801
769
807
839
1,013
788
763
662
636
780
826
850
871
9,714
10,181
10,800
8,903
96,252
95,707
95,265
95,017
46,436 36,181
46,141 35,977
45,965 35,773
45,806 35,646
7
14
21
28
2
9
16
23
30
1971
147,657
142,363
139,596
138,263
102,750
99,356
97,053
94,901
6,996
6,307
6,114
6,459
4,075 22,981
2 , 9 9 4 21,966
4,968 20,396
6,557 19,652
120,844
121,989
122,774
123,089
48,800
48,834
48,974
49,143
52,500
53,303
53,626
53,769
13,387
13,503
13,812
13,896
Jan.
6*
13 P
20 P
27 P
New York City
1970
41,840
41,360
42,162
40,324
23,570
23,377
22,443
22,764
589
460
508
484
656
161
799
1,104
7,355
6,991
7,299
6,606
595
499
413
395
606
537
526
561
1,497
1,532
1,612
1,614
6,972
7,803
8,562
6,796
13,770
13,631
13,527
13,331
4,407
4,381
4,378
4,366
4,547
4,463
4,388
4,279
136
135
121
120
149
149
158
158
4,408
4,382
4,365
4,289
Jan.
7
14
21
28
40,830
39,708
43,848
42,042
44,040
23,068
22,151
24,001
23,510
25,007
546
554
559
528
647
932
471
1,651
1,470
895
9,011
9,591
9,750
9,399
9,869
298
296
272
291
354
657
610
643
676
856
1,665
1,681
1,732
1,703
1,729
4,653
4,354
5,240
4,465
4,683
18,147
18,623
18,796
19,005
19,232
4,471
4,475
4,487
4,506
4,543
9,218
9,658
9,747
9,956
10,192
817
887
949
959
959
728
754
787
819
851
2,763
2,704
2,689
2,629
2,550
Dec.
2
9
41,945
42,603
41,109
41,476
24,139
23,061
22,911
22,631
635
572
460
504
875
678
1,069
1,931
9,599
10,189
9,121
9,156
451
433
370
350
627
653
690
723
1,656
1,781
1,856
1,670
3,963
5,236
4,632
4,511
19,480
19,836
19,776
19,765
4,587
4,603
4,631
4,667
10,636
10,813
10,771
10,694
979
1,000
1,014
1,035
680
886
884
885
2,461
2,397
2,341
2,350
16
23
30
1971
Jan.
6P
13*
21
20*
P
Outside
New York City
1970
82,482 42,029
82,076 41,760
81,738 41,587
81,686 41,440
31,634
31,514
31,385
31,367
6,513
6,511
6,480
6,496
131
130
125
127
1,991
1,989
1,988
2,084
Jan.
7
14
21
28
43,004
43,093
43,124
43,202
43,492
41,173
41,317
41,201
41,407
41,458
11,069
11,295
11,972
12,305
12,370
547
529
537
529
569
2,149
2,123
2,048
2,034
1,958
Dec.
2
9
16
23
30
41,864 12,408
42,490 12,503
42,855 12,798
43,075 12,861
600
635
686
691
1,912
1,935
1,958
1,903
99,137
96,238
93,890
91,522
75,074
74,556
71,723
69,445
5,896
5,721
5,712
5,887
2,324 11,917
1,398 10,981
2,778 10,319
3,370 9,633
313
288
270
250
172
195
189
184
699
721
661
646
2,742
2,378
2,238
2,107
98,730
95,172
100,782
101,624
103,315
73,786
72,506
75,826
76,073
78,142
6,262
5,666
5,820
5,833
6,127
3,288
1,926
3,759
4,534
3,485
11,741
11,532
11,766
11,532
11,835
283
276
271
260
273
144
159
164
163
157
623
642
616
630
657
2,603
2,465
2,560
2,599
2,639
105,712
99,760
98,487
96,787
78,611
76,295
74,142
72,270
6,361
5,735
5,654
5,955
3,200 13,382
2,316 11,777
3,899 11,275
4,626 10,496
337
330
292
286
153
173
703
630
627
2,965 101,364 44,213
2,504 102,153 44,231
2,438 102,998 44,343
2,390 103,324 44,476
98,294
98,710
99,244
99,834
100,211
1971
For notes see p. A-30.
160
148
616
Jan.
6p
13*
20*
27*
WEEKLY REPORTING BANKS •
A 30
FEBRUARY 1971
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Borrowings
from—
Wednesday
Large
Federal
funds
purF.R.
chased, Banks
etc. 7
Others
Memoranda
Reserves
for—
Other
liabilities
etc. 8
Loans
Securities
Total
capital
accounts
Total
loans
(gross)
adjusted 9
Large negotiable
Total
time CD's
loans
included in time
and
Deand savings deposits 11
investmand
ments deposits
(gross)
Issued Issued
adjusted io
adto
to
justed 9
IPC's others
Banks—Total
1970
Jan.
7
14
21
28
17,336
17.251
16,700
16,366
96
901
1,825
807
2,883
2,926
2,900
2,981
25,849
26,155
25,679
25,710
4,026
4.030
4,024
4,026
23,343 172.425
23,322 170,754
23,272 169,069
23,330 167,762
10,759
10,567
10,455
10,467
5,249
5,132
5,003
4,966
Dec.
2
9
20,257
18,508
20.252
19,516
18,775
283
257
895
595
224
1 ,352
1 ,344
1 ,278
1,296
1,256
22,066
21,836
22,275
21,689
4,033
4.031
4,001
3,967
3,872
24,497 174,487 244,504 83,086 25,053
24,516 176,056 246,464 81,956 25,747
24,422 177,509 248,860 83,972 25,584
24,400 179,088 250,641 84,042 25,894
24,431 180.426 252,620 87,739 26,075
16,106
16,551
16,399
16,649
16,905
20,013
19,011
17,903
16,700
258
245
1,445
675
1,364 21,392
1,329 21,638
1,216 21,321
1,157 19,902
4,012
4,059
4,059
4,062
24,746 178,851
24,709 176,511
24,682 175,136
24,681 175,183
252,699 87,112 26,216
250,166 84,017 27,046
248,629 82,748 27,278
248,405 82,293 27,190
17,214
17,715
17,823
17,746
7
14
21
28
4,429
5,079
4,586
4,048
375
279
2
9
6,185
5,051
5,949
5,269
5,511
16
23
30
22,281
231,569
229,386
226,882
225,341
85,555
83,906
82,387
81,665
1971
Jan.
6*
13*
20*
27*
New York City
1970
Jan.
Dec.
16
23
30
1,205
1,205
1.199
6,025
6,020
6,010
5,990
43,193
42,356
41,420
40,927
53,988
52,972
51,827
51,271
18,181
17,390
17,336
17,740
2,706
2,605
2,578
2,523
642
604
577
567
1.214
1.215
1,214
1,150
6,189
6,203
6,150
6,118
6,148
42,636
43,054
43,583
44,131
44,208
55,798
56,597
57,629
57,988
57,959
17,005
16,065
17,027
17,072
17,564
6,909
7,425
7,478
7,731
7,874
4,644
5,039
5,048
5,287
5,469
9,994
10,316
10,318
9,622
1,169
1.203
1,202
1.204
6,220
6,165
6,165
6,146
43,278
42,356
41,681
41,875
57,589
56,211
55,328
55,592
17,924
15,781
16,300
16,043
7,989
8,314
8,326
8,224
5,736
5,934
5,924
5,822
2,821
2,825
2.825
2.826
17,318
17,302
17,262
17,340
129,232
128,398
127,649
126,835
177,581
176,414
175,055
174,070
67,374
66,516
65,051
63,925
8,053
7,962
7,877
7,944
4,607
4,528
4,426
4,399
18,308
18,313
18,272
18,283
131,851
133,002
133,926
134,957
136,218
188,706
189,867
191,231
192,653
194,661
66,081 18,144
65,891 18,322
66,945 18,106
66,970 18,163
70,175 18,201
11,462
11,512
11,351
11,362
11,436
18,526
18,544
18,517
18,535
135,573
134,155
133,455
133,308
195,110
193,955
193,301
192,813
69,188
68,236
66,448
66,250
18,227
18,732
18,952
18,966
11,478
11,781
11,899
11,924
13,968
14,190
13,280
13,625
175
175
384
270
325
337
338
339
10,899
10,740
10,868
10,770
186
187
192
10,808
1.200
1,208
1971
Jan.
6*
13*
168
5,571
4,886
4,476
4,413
602
184
163
157
7
14
21
28
12,907
12,172
12,114
12,318
96
526
1,546
807
2,558
2,589
2,562
2,642
11,881
2
9
14,072
13,457
14,303
14,247
13,264
283
257
511
325
224
1,177
1,169
1,092
1,109
1,064
11,167
11,096
11,413
11,505
10,881
14,442
14,125
13,427
12,287
258
245
843
491
1,196
1,147
1,053
1,000
11,398
11,322
11,003
10,280
20*
27*
182
Outside
New York City
1970
Jan.
Dec.
16
23
30
11,965
12,399
12,085
18,282
1971
Jan.
6*
13*
20*
27*
2,843
2.856
2.857
2.858
1 Includes securities purchased under agreements to resell.
Includes official institutions and so forth.
Includes short-term notes and bills.
4
Federal agencies only.
5
Includes corporate stock.
6
Includes U.S. Govt, and foreign bank deposits, not shown separately.
7
Includes securities sold under agreements to repurchase.
2
3
8 Includes minority interest in consolidated subsidiaries.
9 Exclusive of loans and Federal funds transactions with domestic commercial banks.
1 0 All demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process of collection.
11 Certificates of deposit issued in denominations of $100,000 or more.
FEBRUARY 1971 •
A 31
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during—
Outstanding
1970
1971
Industry
Jan.
Dec.
Jan.
27
Jan.
20
Jan.
2,120
2,157
5,387
2,907
1 ,912
2,486
2,156
5.388
2,892
1,9401
2,538
2,193
5,311
2,8961
1,929
2,5521
2,146
5,429
2,929
1,908
2,554
2,853l
2,195
1,449
2,769
1,910
2,877
2,230
1 ,439
2.760
1 ,925
3,016
2,240
1 ,469
3,104
2,318
1 ,526
2,780
1 ,998
4,008
1 ,367
3,604
4,089
6,127
1 ,433
2,454|
3,432
7,368
4,716
3,935
1 ,367
3,615
3,946
6,176
1 ,428
2,447
3.389
7,411
4.761
1 ,656
4,015
1 ,364
3,662
4,041
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products. .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans
Bankers' acceptances
Foreign commercial and industrial
loans
Total classified loans
2,398
67,692
Total commercial and industrial loans
80,000
5,247
2,903
1,851
2,456
2,7621
2,1
1 ,4381
2,661
1,894
4,008
1 ,377;
3,576;
4,01 O
J
6,133
1 ,420|
2,373
3,411
7,307
4,652
1,507
1 ,602
2,287
68,512
6
13
2,800
1 ,906
6,200|
1,437
2,452
3,358
7,408
4,822
1,694
4,003
1 ,379
3,701
4,045
6,000
1 ,308
2,348
3,411
7,398
4,926
1 ,691
Jan.
Dec.
- 2 6
-182
— 261
— 57
— 342
-130
- 8 8
-119
-104
5
- 2
52
-52
51
-90
-77
368
-182
42
93
6|
6
-21
162i
18
112
-169
-595
— 69
-269
-249
-80
-71
103
-195
-43
521
149
-173
238
-75
51
549
-522
-105
— 190i
-199
127
-22
-181
375
-89
87
25
-91
-274
— 184|
22!
26
638
-24
36
85
-2041
50
57
-35
179
-201
119
46
-240
146
300
-52
945
70|
-435
105
47
-12
92
296
186
2,409
69,311
-1 ,619
1,3701
81,456
81 ,618
-1,628
1,613
2nd
half
ILL
IV
-214|
2,257
2,306
68,582 69,022
3,971
Nov,
79
-125
-35
133
1970
1970
1970
1971
198!
-184!
-256
122
-201
81
— 768i
31
124|
237
169
-344
-198
271
127
249
237
155
101
207]
45
-127
35
-76
-132
- 8
85
106
52
-107
247
-27
—146|
51
225
1481
241
57'
1,068
-134
146
276
60
-30
-38
149
350|
— 395
—113
63
-113
-499
376
-79
-128
27
-257
481
78
-308
366|
19
-386!
-577
-292
54
173
-96
-250
-831
88
-47
66
197 j
—9
1
-147
-115
-203
525
96
1,186|
221
-84
255
884J - 1 , 6 4 0
1,086
1,979' - 1 , 9 4 0
1,607
-55
1st
half
See NOTE to table below.
"TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during—
Outstanding
1970
1970
1970
1971
Industry
Dec.
30
Jan.
27
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment.
Other fabricated metal
products
Other durable goods
Nondurable goods manufacturing :
Food, liquor, and tobacco.
Textiles,
apparel,
and
leather
Petroleum refining
Chemicals and rubber
Other nondurable goods. .
Mining, including crude petroleum and natural gas.
Trade: Commodity dealers. .
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other loans
Foreign commercial and industrial loans
Total loans
Nov.
25
Oct.
28
Sept.
30
July
29
June
24
May
27
III
IV
2nd
half
I
II
7
—103
69
1,527
2,681
1 ,633
1,535
2,690
1,621
1,548
2,826
1,627
1,677
2,924
1,655
1,474
2,920
1,608
1,523
2,824
1,599
1,520
2,784
1,564
1,447
2,763
1,549
-150
'-243
-22
157
140
91
68
-16
-11
-24
51
74
750
1 ,107
742
1 ,089
801
1,131
781
1,136
807
1,141
789
1,135
770
1,158
762
1,132
755
1,162
-65
-52
45
9
3
-30
-2
-7
949
985
932
984
1,008
968
968
1,007
939
-23
1
47
7
-22
-94
-35
7
69
-12
-11
-18
71
112
36
11
-96
-75
13
-101
-24
-5
-105
-53
140
r
100
—135
-3
r
'39
147
-33
— 47
—87
r
77
r
60
-121
-6
5
52
141
40
32
46
115
-2
-127
10
-4
102
-55
-68
-128
8
22
15
-381
-1
-10
-23
-83
-22
-176
112
-16
21
— 264
883
-267
1,544
2,666
1,647
r
674
657
1,213
1,191
1 ,800 ^1,849
1 ,116 1 ,171
703
1,220
1,738
1,159
720
1,230
1 ,693
1 ,171
751
1,248
1,780
1,183
733
1,183
1,664
1,106
767
1,199
1,687
1,098
762
1,266
1,709
1,071
756
1,217
1,694
1,071
3,354
79
783
1 ,450
4,731
398
1 ,029
1,048
3,186
1 ,344
'3,326
79
r
756
M ,399
r
4,564
415
1 ,018
r
1,044
'3,209
M ,285
3,329
83
739
1,371
4,453
415
1,022
1,005
3,208
1,716
3,419
73
727
1 ,351
4,443
386
1,017
972
3,069
1,241
3,461
82
697
1,360
4,417
448
1,065
957
3,132
1,225
3,381
82
704
1,334
4,347
487
1,042
985
3,060
1,242
3,489
80
708
1,292
4,425
424
1,031
959
3,049
1,267
3,582
88
692
1,308
4,276
408
1,033
911
3,017
1,227
3,520
87
717
1,285
4,262
416
984
888
3,031
1,186
1 ,716
1,283
1,612
1,604
1,599
1,599
1,620
1,614
32,358 32,205
32,026
32,622
31,843
31,916
31,739
31,343
1,723
32,569
r
NOTE.—About 160 weekly reporting banks are included in this series;
these banks classify, by industry, commercial and industrial loans amounting to about 90 per cent of such loans held by all weekly reporting banks
and about 70 per cent of those held by all commercial banks.
For description of series see article "Revised Series on Commercial and
Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209.
Aug.
26
r
59
r
r
r
4
-36
-37
-784
r
-20
-43
r
—256
-9
r
64
r
91
r
288
7
r
—15
r
189
r
192
r
56
96
r
6l9
Commercial and industrial "term" loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
A 32
LOAN SALES BY BANKS a FEBRUARY 1971
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions of dollars)
To own subsidiaries, foreign branches,
holding companies, and other affiliates
Date
To all others except banks
By type of loan
By type of loan
Total
Total
Commercial
and
industrial
Nov.
7
14
21
28
4,629
4,447
4,255
4,157
3,244
3,150
3,050
2,985
4
3,963
3,805
3,731
3,610
2,781
2,694
2,617
2,518
3,491
3,424
3,155
3,029
2,735
2,450
403
23
30
1970—Oct.
6
13
20
27
2,832
2,723
2,667
2,600
11
18
25
Dec.
2
9
16
1971—Jan.
Commercial
and
industrial
All other
All other
1,385
1,297
1,205
1,172
1,722
1,772
1,704
1,760
491
486
459
467
1,231
1 ,286
1,245
1,293
1,182
1,114
1,092
1,797
1,807
1,820
1,849
481
489
477
472
1,316
1,318
1,343
1,377
1,041
1,022
894
859
836
1,832
1,853
1,830
1,846
1,890
462
459
440
449
442
1,370
1,394
1,390
1,397
1,448
868
815
785
768
1,908
1,884
1,888
1,911
447
429
422
430
1,461
1,455
1,466
1,481
1,111
261
170
899
1,964
1,908
1,882
1,832
NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold
by banks other than large weekly reporting banks.
RATES ON SHORT-TERM BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
All sizes
1-9
10-99
100-499
1,000 and over
500-999
Interest rate
(per cent per annum)
Nov.
1970
Aug.
1970
Nov.
1970
Nov.
1970
Aug.
1970
Aug.
1970
Nov.
1970
Aug.
1970
Nov.
1970
Aug.
1970
Nov.
1970
Aug.
1970
Percentage distribution of dollar amount
Less than 7.50
7.50
7.51-7.99
8.00
8.01-8.49
8.50
8.51-8.99
9.00
9.01-9.49
9.50
Over 9.50
378.4
12.0
402.6
12.7
100.0
100.0
4,193.4
28.6
39.6
9.9
38.7
9.7
10.1
2.3
5.9
7.0
11.0
11.3
1.4
.5
.6
8.2
8.8
11.0
.5
13.6
47.3
16.4
7.2
4.7
4.1
1.7
1.4
.5
.7
19.5
19.2
11.6
12.7
9.4
7.7
5.7
12.4
6.7
27.5
22.7
11.3
7.6
6.6
2.2
4.3
2.3
2.0
6.9
36.5
25.0
10.0
6.8
6.7
4.1
3.9
6.3
100.0
100.0
100.0
100.0
777.0
4.0
81:5.1
4.2
566.3
.9
574.3 2 , 4 4 7 . 3 2 , 3 6 2 . 7
1.0
.9
18.0
.2
.1
.2
1.9
.4
57.3
21.4
5.6
4.4
3.7
1.6
1.3
3.4
100.0
100.0
1.2
Weighted average rates (per cent per annum)
8.07
7.74
8.47
8.05
8.15
8.08
8.16
8.50
8.24
8.89
8.47
8.49
8.53
8.54
8.89
8.67
9.00
8.71
8.72
8.85
9.41
9.15
9.07
9.41
8.90
8.76
9.08
9.51
NOTE.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 721-
100.0
100.0
4,208.6
27.8
35 centers
New York City
7 other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
1967
100.0
7.9
21.6
4.7
4.3
4.2
10.7
7.3
8.0
9.7
11.6
Center
27 o f the M a y
13.4
13.4
11.7
9.3
21.6
11.5
10.8
8.0
7.8
6.4
3.2
4.1
8.9
9.8
7.3
7.4
17.1
100.0
Total loans:
Dollars (millions)...
Number (thousands)
1.0
.5
10.8
10.1
.8
.3
.3
41.9
20.1
7.9
7.3
6.2
4.2
3.4
7.4
Total
3.5
17.8
3.7
.7
1.0
8.7
6.0
6.3
8.0
14.0
12.9
11.2
27.3
9.7
35.1
16.6
8.9
6.8
5.8
3.7
3.6
1.9
2.5
5.4
BULLETIN.
8.79
8.60
9.09
8.72
8.64
8.53
8.99
9.07
8.95
9.42
8.99
8.79
8.84
9.19
8.34
8.12
8.60
8.36
8.16
8.26
8.38
8.75
8.59
9.01
8.79
8.54
8.59
8.81
8.09
7.83
8.30
8.26
7.95
7.99
8.12
8.46
8.24
8.68
8.46
8.45
8.48
8.61
7.74
7.59
7.99
7.78
7.78
7.69
7.90
8.25
8.12
8.49
8.27
8.15
8.33
8.28
FEBRUARY 1971 • INTEREST RATES
A 33
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Rate
In effect during192 9
5 V2-6
193 0
193 1
193 2
193 3
31/2-6
2^/4-5
314-4
lVi-4
Effective date
Effective date
Rate
1951—Jan.
Oct.
Dec.
8. .
17. .
19..
21/z
2%
1959—May
Sept.
18....
1
23....
27. .
3%
1960—Aug.
1953—Apr.
1965—Dec.
6....
1954—Mar.
17..
3
1955—Aug.
Oct.
4..
14. .
1956—Apr.
Aug.
1934—
1947 (Nov.)
13. .
21. .
31/4
3Vi
m
1957—Aug.
6. .
Wl
Effective date
1948—Aug.i....
m
2
1950—Sept. 22.
2V4
1947—Dec. i . . . .
1
Rate
3
41/2
5
7.
17.
9.
m
8%
1970—Mar.
Sept.
Nov.
Nov.
Dec.
25.
21.
12.
23.
22.
m
7K
6.
15.
18.
6lA
31/
4 2
51/2-53/4 1971—Jan.
Jan.
5V2
1968—Apr. 19.
Sept. 25.
Nov. 13.
Dec.
2.
Dec. 18.
4
5»/2
5Va
1967—Jan. 26-27.
Mar. 2 7 . . . .
Nov. 2 0 . . . .
41/2
6%
6
Jan.
6
6
6V4
Rate
1969—Jan.
Mar.
June
4Vi
5
1966—Mar. 1 0 . . . .
June 29
Aug. 16
4
1958—Jan. 22
Apr. 21. .
Sept. 11 .
Effective date
7
8
7
6V4
61/4
6
-6V4
6%
eyA
Date of change not available.
MONEY MARKET RATES
(Per cent per annum)
U.S. Government secutities (taxable) 4
Finance
Period
Prime
coml.
paper
4- to 6-1
months
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 1
Federal
funds
rate 3
3-month bills 5
6-month bills 5
9- to 12-month issues
Rate on
new issue
Market
yield
Rate on
new issue
Market
yield
Bills (market yield) 5
Other 6
3- to 5year
issues 7
1963
1964
3.55
3.97
3.40
3.83
3.36
3.77
3.18
3.50
3.157
3.549
3.16
3.54
3.253
3.686
3.25
3.68
3.30
3.74
3.28
3.76
3.72
4.06
1965
1966
1967
1968
1969
1970
4.38
5.55
5.10
5.90
7.83
7.72
4.27
5.42
4.89
5.69
7.16
7.23
4.22
5.36
4.75
5.75
7.61
7.31
4.07
5.11
4.22
5.66
8.22
7.17
3.954
4.881
4.321
5.339
6.677
6.458
3.95
4.85
4.30
5.33
6.64
6.42
4.055
5.082
4.630
5.470
6.853
6.562
4.05
5.06
4.61
5.48
6.84
6.55
4.06
5.07
4.71
5.45
6.77
6.53
4.09
5.17
4.84
5.62
7.06
6.90
4.22
5.16
5.07
5.59
6.85
7.37
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8.78
8.55
8.33
8.06
8.23
8.21
8.29
7.90
7.32
6.85
6.30
5.73
8.14
8.01
7.68
7.26
7.43
7.55
7.64
7.48
7.12
6.76
6.16
5.48
8.64
8.30
7.60
7.54
8.02
7.78
7.61
7.20
7.03
6.54
5.79
5.32
8.98
8.98
7.76
8.10
7.94
7.60
7.21
6.61
6.29
6.20
5.60
4.90
7.914
7.164
6.710
6.480
7.035
6.742
6.468
6.412
6.244
5.927
5.288
4.860
7.87
7.13
6.63
6.50
6.83
6.67
6.45
6.41
6.12
5.90
5.28
4.87
7.863
7.249
6.598
6.568
7.262
6.907
6.555
6.526
6.450
6.251
5.422
4.848
7.78
7.23
6.59
6.61
7.02
6.86
6.51
6.56
6.47
6.21
5.42
4.89
7.50
7.07
6.52
6.54
7.12
7.07
6.63
6.55
6.40
6.23
5.39
4.87
8.22
7.60
6.88
6.96
7.69
7.50
7.00
6.92
6.68
6.34
5.52
4.94
8.14
7.80
7.20
7.49
7.97
7.86
7.58
7.56
7.24
7.06
6.37
5.86
1971—Jan
5.11
5.07
4.77
4.14
4.494
4.44
4.510
4.47
4.39
4.29
5.72
3
10
17
24,
31
7.13
6.98
6.88
6.80
6.63
6.75
6.79
6.81
6.78
6.66
6.88
6.78
6.47
6.38
6.38
6.05
6.36
6.21
6.18
6.11
5.807
6.025
6.029
5.942
5.831
5.84
6.01
5.96
5.83
5.84
6.373
6.413
6.225
6.128
6.116
6.43
6.36
6.17
6.15
6.08
6.39
6.29
6.22
6.22
6.16
6.54
6.44
6.36
6.28
6.20
7.09
7.04
7.05
7.13
7.03
Nov.
7
14
21 .
28
6.63
6.56
6.40
5.75
6.58
6.44
6.18
5.61
6.22
6.13
5.60
5.38
6.07
5.80
5.70
5.16
5.653
5.459
5.281
4.760
5.56
5.48
5.19
4.98
5.772
5.653
5.406
4.855
5.80
5.69
5.32
5.03
5.86
5.65
5.22
4.98
6.03
5.81
5.34
5.04
6.84
6.67
6.26
5.84
Dec.
5
12
19
26
5.63
5.75
5.75
5.75
5.50
5.49
5.50
5.45
5.38
5.48
5.25
5.25
5.50
4.91
5.07
4.84
5.084
4.882
4.775
4.727
4.98
4.92
4.77
4.82
4.979
4.874
4.785
4.765
5.95
4.94
4.81
4.87
4.93
4.91
4.79
4.88
5.05
5.06
4.88
4.85
5.81
5.80
5.82
5.96
1971—Jan.
2
9
16
23
30
5.75
5.68
5.38
4.85
4.53
5.44
5.41
5.25
4.93
4.69
5.25
5.23
4.88
4.48
4.45
4.82
3.82
4.27
4.13
4.23
4.830
4.921
4.640
4.213
4.201
4.87
4.84
4.51
4.20
4.19
4.836
4.927
4.633
4.243
4.235
4.88
4.89
4.55
4.22
4.24
4.86
4.71
4.48
4.19
4.18
4.85
4.76
4.40
3.87
4.11
5.94
5.99
5.78
5.58
5.54
Week ending—
1970—Oct.
1
2
Averages of daily offering rates of dealers.
Averages of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Seven-day average for week ending Wednesday.
4 Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank discount rate basis.
6
Certificates and selected note and bond issues.
7
Selected note and bond issues.
A 34
INTEREST RATES • FEBRUARY 1971
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
Corporate bonds
State
and local
By selected
rating
United
States
(longterm)
Total i
Aaa
196 2
196 3
196 4
3.95
4.00
4.15
3.30
3.28
3.28
3.03
3.06
3.09
3.67
3.58
3.54
4.62
4.50
4.57
196 5
196 6
196 7
196 8
1969
197 0
4.21
4.66
4.85
5.25
6.10
6.59
3.34
3.90
3.99
4.48
5.73
6.42
3.16
3.67
3.74
4.20
5.45
6.12
3.57
4.21
4.30
4.88
6.07
6.75
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6.86
6.44
6.39
6.53
6.94
6.99
6.57
6.75
6.63
6.59
6.24
5.97
6.74
6.47
6.08
6.50
7.00
7.12
6.68
6.27
6.18
6.41
6.04
5.49
6.38
6.19
5.81
6.24
6.70
1971—Ja n
5.91
Total
Stocks
Dividend/
price ratio
By
group
Earnings /
price ratio
1
Baa
Industrial
Railroad
Public
utility
Preferred
Common
4.33
4.26
4.40
5.02
4.86
4.83
4.47
4.42
4.52
4.86
4.65
4.67
4.51
4.41
4.53
4.50
4.30
4.32
3.37
3.17
3.01
6.06
5.68
5.54
4.64
5.34
5.82
6.51
7.36
8.51
4.49
5.13
5.51
6.18
7.03
8.04
4.87
5.67
6.23
6.94
7.81
9.11
4.61
5.30
5.74
6.41
7.22
8.26
4.72
5.37
5.89
6.77
7.46
8.77
4.60
5.36
5.81
6.49
7.49
8.68
4.33
4.97
5.34
5.78
6.41
7.22
3.00
3.40
3.20
3.07
3.24
3.83
5.87
6.72
5.71
5.84
6.05
6.40
5.96
5.90
6.07
5.79
5.21
7.13
6.80
6.40
6.87
7.33
7.41
7.02
6.65
6.49
6.74
6.33
5.80
8.32
8.29
8.18
8.20
8.46
8.77
8.85
8.73
8.68
8.63
8.65
8.35
7.91
7.93
7.84
7.83
8.11
8.48
8.44
8.13
8.09
8.03
8.05
7.64
8.86
8.78
8.63
8.70
8.98
9.25
9.40
9.44
9.39
9.33
9.38
9.12
8.15
8.11
7.98
8.00
8.19
8.55
8.61
8.44
8.40
8.35
8.37
7.95
8.38
8.39
8.33
8.34
8,59
8.76
9.11
9.19
9.10
9.06
9.06
8.96
8.54
8.47
8.34
8.37
8.72
9.06
9.01
8.83
8.80
8.74
8.77
8.45
7.02
7.04
6.97
6.98
7.26
7.57
7.62
7.41
7.31
7.33
7.30
6.88
3.56
3.68
3.60
3.70
4.20
4.17
4.20
4.07
3.82
3.74
3.72
3.46
5.34
5.08
5.65
8.04
7.36
8.74
8.57
8.70
8.17
6.53
3.32
6.49
6.39
6.19
5.97
6.26
6.14
6.05
5.71
6.00
5.95
5.85
5.35
6.60
6.40
6.25
6.05
8.68
8.67
8.64
8.62
8.09
8.07
8.05
8.02
9.38
9.41
9.38
9.37
8.39
8.39
8.36
8.35
9.08
9.09
9.06
9.04
.81
.80
.76
.71
7.37
7.28
7.40
7.15
3.72
3.69
3.78
3.67
5...
12.. .
19...
5.93
5.89
5.87
6.05
5.54
5.42
5.49
5.49
5.15
5.15
5.25
5.25
6.05
5.70
5.75
5.75
8.51
8.46
8.33
8.23
7.85
7.78
7.59
7.51
9.27
9.28
9.12
9.02
8.19
8.09
7.92
7.80
9.00
9.02
8.98
8.93
.61
.57
.43
.33
6.99
6.79
6.84
6.87
3.53
3.49
3.48
3.47
2...
9.. .
6.16
6.09
5.96
5.83
5.78
5.49
5.59
5.30
5.24
5.24
5.25
5.40
5.00
4.95
4.95
5.75
5.80
5.60
5.60
5.60
8.19
8.16
7.48
7.45
7.42
7.36
7.19
8.97
8.90
8.82
8.69
8.54
7.75
7.71
7.66
7.54
7.38
8.86
8.84
8.76
8.63
8.57
1.31
6.92
6.79
6.62
6.33
6.38
3.36
3.36
3.35
3.30
3.26
20
30
40
29
40
14
500
6.81
c
Common
5.78
7.50
6.34
Week ending—
1970—Nov.
7...
14...
21...
28...
Dec.
26...
1971—Jan.
16...
23...
30...
Number of issues 2
8.10
8.02
7.87
20
1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, Aaa-rated railroad bonds are no longer a component of the
railroad average or the Aaa composite series.
2
Number of issues varies over time; figures shown reflect most recent
count.
NOTE.—Annual yields are averages of monthly or quarterly data.
Bonds: Monthly and weekly yields are computed as follows: (1) U.S.
119
.26
.22
.19
.01
500
Govt.: Averages of daily figures for bonds maturing or callable in 10 years
or more. (2) State and local govt.: General obligations only, based on
Thurs. figures. (3) Corporate: Averages of daily figures. (2) and (3) are
from Moody's Investors Service series.
Stocks: Standard and Poor's corporate series. Dividend/price ratios
are based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
FEBRUARY 1971 • SECURITY MARKETS
A 35
SECURITY PRICES
Common stock prices
New York Stock Exchange
Bond prices
(per cent of par)
Standard and Poor's index
(1941-43= 10)
Period
New York Stock Exchange index
(Dec. 31, 1965 = 50)
American
Stock
Exchange
total
index 1
Volume of
trading in
stocks
(thousands of
shares)
U.S.
Govt,
(longterm)
State
and
local
Corporate
AAA
Total
Industrial
Railroad
Public
utility
Total
Industrial
Transportation
Utility
Finance
1967.
1968.
1969.
1970,
76.55
72.33
64.49
60.52
100.5
93.5
79.0
72.3
81.8
76.4
68.5
61.6
91.93
98.70
97.84
83.22
99.18
107.49
106.30
91.29
46.72
48.84
45.95
32.13
68.10
66.42
62.64
54.48
50.77
55.37
54.67
45.72
51.97
58.00
57.45
48.03
53.51
50.58
46.96
32.14
45.43
44.19
42.80
37.24
49.82
65.85
70.49
54.64
19.67
27.72
28.73
22.59
10,143
12,971
11,403
10,532
4,508
6,353
5,001
3,376
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
58.33
61.63
62.04
60.89
57.78
57.37
60.59
59.20
60.10
60.44
63.27
65.63
69.7
71.7
75.6
71.9
67.8
67.5
70.6
73.8
72.3
71.9
75.1
79.8
62.2
62.4
62.8
62.8
61.2
59.5
59.0
60.0
60.8
61.3
61.9
64.7
90.31
87.16
88.65
85.95
76.06
75.59
75.72
77.92
82.58
84.37
84.28
90.05
99.41
95.73
96.95
94.01
83.16
82.96
83.00
85.40
90.66
92.85
92.58
98.72
37.62
36.58
37.33
c
36.05
31.10
28.94
26.59
26.74
29.14
31.73
30.80
32.95
55.72
55.24
59.04
c
57.19
51.15
49.22
50.91
52.62
54.44
53.37
54.86
59.96
50.61
48.76
49.46
47.51
41.65
41.28
41.15
42.28
45.10
46.06
45.84
49.00
53.58
51.29
51.53
49.47
43.33
43.40
43.04
44.20
47.43
48.87
48.54
51.68
37.51
36.06
36.85
34.99
29.85
28.51
26.46
27.66
30.43
32.38
31.23
33.70
38.76
38.55
40.77
39.49
35.48
33.74
34.90
35.74
36.74
36.01
36.71
39.93
66.19
65.01
67.37
64.07
54.58
54.21
54.00
56.05
60.13
59.04
57.40
61.95
26.48
25.61
25.15
23.56
20.92
20.81
20.11
20.39
21.72
22.39
21.73
22.19
10,532
11,500
10,141
10,146
12,299
10,294
10,358
10,420
14,423
11,887
11,519
15,241
4,062
3,830
3,122
3,150
3,908
3,189
2,202
2,474
4,438
3,135
2,677
4,330
1971--Jan
66.10
79.9
66.5
93.49
102.22
36.64
63.43
51.29
53.72
37.76
42.52
66.41
23.56
17,429
4,493
63.99
64.53
65.72
66.88
67.29
78.8
77.0
78.8
82.1
81.8
64.9
66.0
66.2
66.8
67.2
91.90
91.97
92.62
94.00
95.37
100.68
100.79
101.04
102.66
104.47
34.70
35.67
36.12
37.08
37.71
61.33
62.01
63.81
64.58
63.30
50.09
50.27
50.86
51.65
52.38
52.71
52.68
53.17
53.96
54.97
35.32
36.30
37.27
38.24
39.24
40.92
41.29
42.46
43.31
43.01
64.25
65.02
66.50
66.90
67.21
22.64 15,647
22.97 14,026
23.34 17,445
23.76 18,061
24.16 20,182
4,432
3,610
4,314
4,712
5,338
NYSE AMEX
Week ending—
1971--Jan.
2
9 ,
16
23
30
i Begins June 30, 1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
NOTE.—Annual data are averages of monthly figures. Monthly and
weekly data are averages of daily figures unless otherwise noted and are
computed as follows: U.S. Govt, bonds, derived from average market
yields in table on preceding page on basis of an assumed 3 per
cent, 20-year bond. Municipal and corporate bonds, derived from average
yields as computed by Standard and Poor's Corp., on basis of a 4 per cent,
20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally
conducted 5 days per week for 5 Vi hours per day, or 21l/i hours per week.
In recent years shorter days and/or weeks have cut total weekly trading
to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 2 2 Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 3122.5; 1970—Jan. 2-May 1, 25.
TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Period
Contract
rate
(per
cent)
Fees &
charges
(per
cent) 1
Maturity
(years)
Loan/
price
ratio
(per
cent)
Existing homes
PurLoan
chase
amount
price
(thous. of (thous. of
dollars)
dollars)
Contract
rate
(per
cent)
Fees &
charges
(per
cent) i
Maturity
(years)
Loan/
price
ratio
(per
cent)
20.0
21.8
21.7
22.5
22.7
22.7
71.3
72.7
72.0
72.7
73.0
71.5
PurLoan
chase
amount
price
(thous. of (thous. of
dollars)
dollars)
1964
1965
1966
1967
1968
1969
5.78
5.74
6.14
6.33
6.83
7.66
.57
.49
.71
.81
.89
.91
24.8
25.0
24.7
25.2
25.5
25.5
74.1
73.9
73.0
73.6
73.9
72.8
23.7
25.1
26.6
28.0
30.7
34.1
17.3
18.3
19.2
20.4
22.4
24.5
5.92
5.87
6.30
6.40
6.90
7.68
.55
.55
.72
.76
.83
.88
1969—Dec
8.07
1.06
25.4
71.9
35.3
25.0
8.08
.93
22.9
70.6
30.0
20.8
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.r
Dec
8.16
8.23
8.29
8.24
8.28
8.31
8.32
8.35
8.31
8.33
8.26
8.20
1.08
1.09
1 11
K02
.98
.99
1.01
.98
1.03
1.05
.99
1.07
25.0
25.2
25.0
24.8
25.3
25.1
25.1
24.8
25.2
25.1
25.3
25.9
69.3
71.8
71.1
71.3
71.7
71.3
71.5
71.6
72.7
72.4
72.1
74.0
36.1
35.0
35.8
34.9
35.8
36.3
35.3
35.7
35.3
34.6
35.8
35.0
25.1
24.9
25.1
24.5
25.3
25.6
24.9
25.5
25.3
24.8
25.2
25.7
8.13
8.23
8.26
8.19
8.18
8.19
8.21
8.25
8.27
8.20
8.18
8.12
.94
1.02
.98
.90
.94
.98
.95
.89
.88
.88
.85
.84
22.4
22.4
22.6
22.7
22.8
23.0
23.1
23.1
22.8
22.8
22.8
23.3
70.3
70.2
70.4
70.2
70.3
71.5
71.5
71.7
71.7
71.5
71.5
71.9
29.8
29.4
29.7
29.6
30.5
30.5
31.0
30.4
29.7
29.0
29.9
30.7
20.5
20.4
20.6
20.4
21.1
21.5
21.7
21.4
21.0
20.5
21.1
21.8
i Fees and charges—related to principal mortgage amount—include
loan commissions, fees, discounts, and other charges, which provide
added income to the lender and are paid by the borrower. They exclude
any closing costs related solely to transfer of property ownership.
NOTE.—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance Corporation. Data are weighted averages
18.9
21.6
22.2
24.1
25.6
28.3
13.4
15.6
15.9
17.4
18.5
19.9
based on probability sample survey of characteristics of mortgages
originated by major institutional lender groups (including mortgage
companies) for purchase of single-family homes. Data exclude loans for
refinancing, reconditioning, or modernization; construction loans to
homebuilders; and permanent loans that are coupled with construction
loans to owner-builders. Series beginning 1965, not strictly comparable
with earlier data. See also the table on Home-Mortgage Yields, p. A-53.
A 36
STOCK MARKET CREDIT o FEBRUARY 1971
STOCK MARKET CREDIT
REGULATORY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
(In millions of dollars)
Credit extended to
margin customers by—
End of period
Brokers Banks
l
Total
(Per cent of total adjusted debt, except as noted)
CusCusNet
tomers' tomers' credit
net
net
exfree
debit
credit tended
balby
balances
ances brokers
1969—Dec..
4,970
2,580
7,550
7,445
2,803
4,680
4,570
4,520
4,360
4,160
2,430
2,390
2,370
2,330
2,290
2,290
2,290
2,300
2,330
2,270
2,320
2,330
7,110
6,960
6,890
6,690
6,450
6,150
6,090
6,110
6,250
6,280
6,332
6,360
6,683
6,562
6,353
5,985
5,433
5,281
2,626
2,463
2,441
2,248
2,222
4,057
4,099
3,912
3,724
3,211
2,009
52,180
2,083
2,236
2,163
2,197
2,286
3,272
End of
period
«
July
Aug
Sept
Oct
NoV....
Dec
3,800'
3,810
3,920
4,010
4,010
4,030
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
1
End-of-month data. Total amount of credit extended by member firms
of the N.Y. Stock Exchange in margin accounts, excluding credit extended
on convertible bonds and other debt instruments and in special subscription accounts.
2
Figures are for last Wed. of month for large commercial banks reporting weekly and represent loans made to others than brokers or dealers
for the purpose of purchasing or carrying securities. Excludes loans collateralized by obligations of the U.S. Govt.
3 Change in series. From Jan. 1966 to June 1970 the total of brokerextended margin credit was estimated by expanding the total of such
credit extended by a small sample of N.Y. Stock Exchange member firms
according to the proportion of total Customers' net debit balances extended by these firms. Beginning with June 30,1970, total broker-extended
margin credit is derived from reports by the majority of N.Y. Stock Exchange member firms that carry margin accounts for customers; these
firms, as a group, account for nearly all such credit extended by members of
that exchange.
4
Series discontinued.
5 Change in series.
NOTE.—Customers' net debit and free credit balances are end-of-month
ledger balances as reported to the New York Stock Exchange by all
member firms that carry margin accounts. They exclude balances carried
for other member firms of national securities exchanges as well as balances
of the reporting firm and of its general partners. Net debit balances are
total debt owed by those customers whose combined accounts net to a
debit. Free credit balances are in accounts of customers with no unfulfilled
commitments to the broker and are subject to withdrawal on demand. Net
credit extended by brokers is the difference between customers' net debit
and free credit balances since the latter are available for the brokers' use
until withdrawn.
EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
Under
20
20-29
30-39
Unrestricted
4,642
1970—Jan
Feb
Mar
Apr
May
Adjusted debt/collateral value
(per cent)
End of
period
Equity class (per cent)
80 or
more
70-79
60-69
50-59
40-49
Under
40
4,690
16.6
22.3
17.0
12.8
9.5
21.8
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
4,680
4,670
4,520
4,360
4,160
3,860
3,800
3,810
3,920
4,010
4,010
4,030
13.8
15.7
15.3
11.8
9.6
8.3
8.1
10.7
11.4
9.9
10.4
21.0
21.1
20.3
18.1
15.8
12.4
15.1
15.1
18.3
15.2
14.8
16.1
16.1
16.3
15.8
14.5
18.3
18.8
21.1
22.9
24.4
25.5
26.1
27.1
13.4
13.3
13.4
13.8
14.2
15.7
16.0
16.6
16.7
16.9
17.5
16.8
10.8
11.1
11.2
11.6
13.5
13.5
13.8
13.6
13.1
14.3
14.1
13.5
24.9
22.5
24.0
30.2
28.6
31.4
25.8
21.1
16.0
18.2
17.2
15.5
i See note 1 to table above.
NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral value.
60 or
more
1969—Dec..
4.5
27.6
16.2
11.8
7.0
31.0
9,810
1970—Jan...
Feb..
Mar..
Apr..
1.7
4.2
3.7
1.5
27.6
26.9
27.1
21.8
16.7
16.8
16.3
16.7
11.4
11.4
11.6
12.1
7.9
7.9
7.5
9.3
34.9
32.8
33.8
38.6
9,280
9,040
8,880
8,450
39.8
40.1
39.5
36.9
31.9
32.6
33.0
29.4
9,100
8,490
8,610
8,580
8,900
8,780
8,570
8,140
Unrestricted
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1.0
1.3
\l
.6
.7
1.0
.0
Restricted i
4.8
1.0
1.0
1.1
1.1
1.0
0.9
.3
31.8
23.3
32.7
37.8
45.5
38.4
39.0
47.0
13.9
24.9
16.7
14.3
12.0
18.0
16.4
13.7
8.8
9.4
9.0
9.2
8.9
9.2
9.7
9.5
i Debt representing more than 30 per cent but less than 35 per cent of
collateral value is unrestricted as of May 6, 1970, but is not separable from
the remainder of this category,
NOTE.—Adjusted debt is computed in accordance with requirements set
forth in Regulation T and often differs from the same customer's net debit
balance mainly because of the inclusion of special miscellaneous accounts
in adjusted debt. Collateral in the margin accounts covered by these data
now consists exclusively of stocks listed on a national securities exchange.
Unrestricted accounts are those in which adjusted debt does not exceed the
loan value of collateral; accounts in all classes with higher ratios are
restricted.
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS
(Per cent of total, except as noted)
End of period
Net
credit
status
Equity class of accounts
in debit status
60 per cent Less than
or more 60 per cent
Total
balance
(millions
of dollars)
1969—Dec.
1969—Dec..
11.0
50-59
Restricted
(Per cent of total debt, except as noted)
Total
debt
(millions
of
dollars)!
40-49
Total
adjusted
debt
(millions
of
dollars)
54.8
37.3
7.9
4,760
1970—Jan..
Feb.,
Mar.
Apr.,
May,
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
53.0
53.0
54.0
54 0
50.3
49.5
47.5
46.7
46.6
46.2
45.5
48.2
38.2
38.3
34.7
35.9
38.8
39.1
40.5
42.6
44.5
43.9
43.9
42.3
8.7
8.8
11.2
10.2
10.9
11.4
11.9
10.7
9.0
9.9
4,620
4,420
4,340
4,140
4,840
4,550
4,390
4,430
4,480
4,430
4,240
4,030
10.6
9.4
NOTE.—Special miscellaneous accounts contain credit balances that
may be used by customers as the margin deposit required for additional
purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually
sales proceeds) occur.
A 37
FEBRUARY 1971 • OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Based on—
Held b y Placed
directly
Placed through
dealers
End of period
Accepting banks
Bank Other i
related
196 4
196 5
196 6
196 7
196 8
196 9
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.*
F.R. Banks
Total
Total
8,361
9,058
13,279
16,535
20,497
31,709
34,362
36,020
37,164
r
38,01
r
39,724
r
37,798
r
36,961
r
36,570
r
33,958
34,401
33,966
31,765
2,223
1,903
3,089
4,901
7,201
216 10,601
266
271
223
088
126
044
986
802
505
520
526
409
10,772
11,604
12,411
12,647
12,826
11,945
11,048
11,242
12,013
12,564
12,775
12,262
3,078
4,262
4,781
5,295
'5,584
r
6,474
'6,559
r
6,834
r
r 6,501
4,115
3,179
2,600
1,940
ExImports
ports
from
into
United United
States States
Others
Bank
2
related Other
Total
Own
bills
Bills
bought
Own
acct.
Foreign
corr.
All
other
6,138
7,155
10,190
11,634
13,296
16,814
3,385
3,392
3,603
4,317
4,428
5,451
1,671
1,223
1,198
1,906
1,544
1,567
1,301
1,094
983
1,447
1,344
1,318
370
129
215
459
200
249
94
187
193
164
58
64
122
144
191
156
109
146
1,498
1,837
2,022
2,090
2,717
3,674
667
792
997
1,086
1,423
1,889
999
974
829
989
952
1,153
1,719
1,626
1,778
2,241
2,053
2,408
18,062
18,364
18,235
18,692
19,298
18,250
18,093
18,025
17,325
18,138
18,065
17,154
,288
,249
,352
,614
,801
,849
,973
5,979
5
6,167
6,267
7,058
1,439
1,408
1,398
1,577
1 ,539
1,589
1,599
1,911
1,952
2,125
2,368
2,694
1,123
1,110
1,156
1,314
1,287
1,339
1,324
1,541
1,557
1,737
1,875
1,960
316
298
242
263
252
250
275
370
395
388
493
735
83
56
52
147
152
170
194
231
232
239
253
235
238
243
250
3,619
3,632
3,732
3,737
3,989
3,996
4,098
3,752
3,574
3,731
3,569
4,057
1.863
1.864
1,891
2,034
2,139
2,190
2,294
2,354
2,396
2,553
2,490
2,601
1,096
1,054
1,113
1,137
1,189
1,162
1,198
1,294
1,285
1,323
1,388
1,561
2,329
2,331
2,349
2,444
2,472
2,497
2,482
2,331
2,167
2,292
2,390
2,895
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
106
42
32
37
63
87
73
87
57
2
As reported by finance companies that place their paper directly with
investors.
MUTUAL SAVINGS BANKS
(In millions of dollars)
Securities
Loans
End of period
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
Corporate
and
other 1
Cash
Other
assets
Total
assets—
Total
liabilities
and
general
reserve
accts.
Deposits 2
Mortgage loan
commitments 3
classified by maturity
(in months)
Other General
liabili- reserve
ties
3 or
less
3-6
6-9
Over
9
1,200
1,654
2.548
2.549
2,820
1960
196 1
196 2
196 3
1964
26,702
28,902
32,056
36,007
40,328
416
475
602
607
739
6,243
6,160
6,107
5,863
5,791
672
677
527
440
391
5,076
5,040
5,177
5,074
5,099
874
937
956
912
1,004
589
640
695
799
886
40,571
42,829
46,121
49,702
54,238
36,343
38,277
41,336
44,606
48,849
678
781
828
943
989
3,550
3,771
3,957
4,153
4,400
196 5
196 6
196 7
196 8
44,433
47,193
50,311
53,286
862
1,078
1,203
1,407
5,485
4,764
4,319
3,834
320 5,170
5,719
251
8,183
219
194 10,180
1,017
953
993
996
944
1,024
1,138
1,256
58,232
60,982
66.365
71,152
52,443
55,006
60,121
64,507
1,124
1,114
1,260
1,372
4,665
4,863
4,984
5,273
742
1969—Nov.. .
Dec....
55,497
55,781
1,867
1,824
3,321
3,296
196 10,863
200 10,824
1,343
1,307
73,914
74,144
66,505
67,026
1,853
1,588
5,556
5.530
677
584
463
485
483
452
1970—Jan....
Feb....
Mar...
Apr
May...
June...
July...
Aug....
Sept.. .
Oct
Nov....
55,860
55,966
56,119
56,279
56,423
56,644
56,804
56,986
57,202
57,398
57,473
1,861
2,122
2,080
2,048
2,223
2,131
2.239
2,249
2.240
2,291
2,332
3,276
3,303
3,274
3,294
3,362
3.214
3,241
3,271
3,281
3.215
3,219
204 10,894
190 10,938
194 11,212
188 11,319
190 11,465
197 11,766
196 11,945
197 12,099
197 12,222
207 12,243
205 12,378
1,360
1,353
1,436
1,385
1 ,374
1,404
1,459
1.464
1,459
1.465
1,483
74,235
74,755
75,164
75.366
75,889
76,312
76,804
r
77,238
77,602
77,855
78,202
66,997
67,255
67,855
67,861
68,196
68,724
69,039
69,222
69,817
70,093
70,361
1,708
1,918
n ,713
1,906
2,071
1 ,957
2,121
2,327
2,087
2,051
2,111
5.531
5,582
5,596
5,599
5,621
5,631
5,643
5,689
5,698
5,712
5,730
576
549
648
603
616
646
665
603
635
596
564
454
458
478
500
502
474
457
406
334
338
315
516
496
476
455
388
363
351
r
332
266
274
311
r
828
912
780
884
848
853
852
956
920
972
1,001
1,035
1,112
1 Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
2
See note 6, p. A-18.
3 Commitments outstanding of banks in New York State as reported to
the Savings Banks Assn. of the State of New York. Data include building
loans beginning with Aug. 1967.
r
Total
811
2,697
2,010
799 2,523
1,166 3,011
982
1,034
1,082 2,705
946 2,467
912
882
807
801
769
707
678
715
691
666
662
2,457
3,385
2,409
2,360
2,275
2,190
2,151
2,057
1,926
1,875
1,852
NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in the BULLETIN; the latter are for call dates
and are based on reports filed with U.S. Govt, and State bank supervisory
agencies. Loans are shown net of valuation reserves. Figures for Jan. and
June 1968 include one savings and loan that converted to a mutual savings bank.
A 38
SAVINGS INSTITUTIONS a FEBRUARY 1971
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Total
assets
Total
United
States
Business securities
State and
1
local Foreign
Mortgages
Total
Bonds
Real
estate
Policy
loans
Other
assets
Stocks
Statement value
196 1
196 2
196 3
1964
196 5
196 6
196 7
196 8
126,816
133,291
141,121
149,470
158,884
167,022
177,832
188,636
11,896
12,448
12,438
12,322
11,679
10,837
10,573
10,509
6,134
6,170
5,813
5,594
5,119
4,823
4,683
4,456
3,888
4,026
3,852
3,774
3,530
3,114
3,145
3,194
1,874
2,252
2,773
2,954
3,030
2,900
2,754
2,859
55,294
57,576
60,780
63,579
67,599
69,816
76,070
82,127
49,036
51,274
53,645
55,641
58,473
61,061
65,193
68,897
6,258
6,302
7,135
7,938
9,126
8,755
10,877
13,230
44,203
46,902
50,544
55,152
60,013
64,609
67,516
69,973
4,007
4,107
4,319
4,528
4,681
4,883
5,187
5,571
5,733
6,234
6,655
7,140
7,678
9,117
10,059
11,306
5,683
6,024
6,385
6,749
7,234
7,760
8,427
9,150
Book value:
196 6
196 7
196 8
167,022
177,361
187,695
10,864
10,530
10,483
4,824
4,587
4,365
3,131
2,993
3,036
2,909
2,950
3,082
68,677
73,997
79.403
61,141
65,015
68,575
7,536
8,982
10,828
64,661
67,575
70,071
4,888
5,188
5,573
9,911
10,060
11,284
11,011
1969—Aug...
Sept...
Oct.. . ,
Nov...
Dec...
194,286
195,049
196,133
196,661
197,230
10,993
10,956
10,993
10,510
10,558
4,538
4,511
4,565
4,118
4,159
3,260
3,253
3,256
3.249
3.264
3.195
3,192
3,172
3,143
3,135
83,811
84,080
84,687
83,980
83,792
70,432
70,703
71,008
71,719
71,290
13,379
13,377
13,679
12,261
12,502
71,214
71,368
71,534
71,710
72,127
5,826
5,831
5,875
5.900
5.901
12,933
13,184
13,418
13,580
13,805
9,509
9,630
9,626
10,981
11,047
1970—Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept...
Oct.. .
197,677
198,506
199,403
199,090
199,173
199,683
201,002
201,918
203,148
203,922
10,962
10,980
10,941
10,833
10,895
10,788
11,071
11,090
11,004
11,029
4,532
4,527
4,505
4,414
4,472
4,401
4,650
4,653
4,561
4,565
3,242
3.250
3,242
3,223
3,226
3,222
3.251
3,255
3.265
3,277
3,188
3,203
3,194
3.196
3.197
3,165
3,170
3,182
3,178
3,187
84,764
85,021
85,344
85,103
84,633
84,656
85.404
85,841
86,675
87,099
71,542
71,600
71,532
71,764
71,858
71,894
72,200
72,497
72,915
73,389
13,222
13,421
13,812
13,339
12,775
12,762
13,204
13,344
13,760
13,710
72,340
72,527
72,616
72,793
72,982
73,165
73,352
73,427
73,540
73,728
5,923
5,984
5,990
6,030
6,061
6,103
6,144
6,158
6,202
6,255
14,060
14,295
14,535
14,759
14,951
15,180
15,354
15,517
15,674
15,813
9,628
9,699
9,977
9,572
9,651
9,791
9,677
9,885
10,053
9,998
i Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance companies in the United States.
8,801
10,881
Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value.
Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item separately but are included in total, in "Other assets."
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
End of period
Savings
capital
Reserves
and undivided
profits
Borrowed
money 3
82,135
93,605
107,559
119,355
129,580
133,933
143,534
152,890
162,299
70,885
80,236
91,308
101,887
110,385
113,969
124,531
131,618
135,670
5,708
6,520
7,209
7,899
8,704
9,096
9,546
10,315
11,239
2,856
3,629
5,015
5,601
6,444
7,462
4,738
5,705
9,728
1,550
1,999
2,528
2,239
2,198
1,270
2,257
2,449
2,455
1,136
1,221
1,499
1,729
1,849
2,136
2,462
2,803
3,207
807
1,872
2,193
2,572
2,549
2,707
1,482
3,004
3,584
2,812
8,611
8,620
161,995
162,299
134,585
135,670
10,668
11,239
9,105
9,728
2,538
2,455
5,099
3,207
882
807
3,079
2,812
8,576
8,649
8,761
8,852
8,986
9,052
8,999
9,091
9,182
9,248
9,356
9,445
161,823
162,602
163,390
164,155
165,730
167,033
168,465
169,764
171,043
172,952
174,747
176,562
134,253
134,458
136,053
136,260
137,013
138,814
139,357
139,907
141,734
142,825
143,928
146,754
11,262
11,259
11,247
11,252
11,254
11,620
11,617
11,615
11,609
11,588
11,592
12,020
10,207
10,253
10,013
10,056
10,169
10,480
10,555
10,622
10,705
10,721
10,691
10,939
2,301
2,203
2,171
2,,224
2,,294
,461
2,'
,530
2,;
,581
2,
2,,679
2,747
2,838
3,087
3,800
4,429
3,906
4,363
5,000
3,658
4,406
5,039
4,316
5,071
5,698
3,762
772
846
1,084
1,391
1,588
1,544
1,700
1,531
1,628
1,711
1,628
1,574
2,738
2,815
3,041
3,487
3,956
4,038
4,333
4,303
4,354
4,539
4,633
4,454
Mortgages
Investment
securities 1
196 1
196 2
196 3
1964
196 5
196 6
196 7
196 8
19695
68,834
78,770
90,944
101,333
110,306
114,427
121,805
130.802
140,347
5,211
5,563
6,445
6,966
7,414
7,762
9,180
i 11,116
10,893
3,315
3,926
3,979
4,015
3,900
3,366
3,442
2,962
2,439
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,571
8,620
1969—Nov..
Dec..
139.803
140,347
11,469
10,893
2,112
2,439
1970s—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
140,483
140,706
140,904
141,390
142,113
143,241
144,320
145,434
146,556
147,712
148,896
150,560
10,900
11,163
11,502
11 ,554
12,108
12,097
12,742
12,826
12,850
13,277
13,340
13,013
1,864
2,084
223
359
523
643
404
413
455
715
155
526
Cash
Other 2
1 U.S. Govt, securities only through 1967. Beginning 1968 the total
reflects liquid assets and other investment securities. Included are U.S.
Govt, obligations, Federal agency securities, State and local govt, securities, time deposits at banks, and miscellaneous securities, except FHLBB
stock. Compensating changes have been made in "Other assets."
2
Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures. See also note 1.
3 Consists of advances from FHLBB and other borrowing.
4
Insured savings and loan assns. only. Data on outstanding commit-
Mortgage loan
commitments 4
Liabilities
Total
assets—
Total
liabilities
Other
Made
during
period
Outstanding at
end of
period
ments are comparable with those shown for mutual savings banks (on
preceding page) except that figures for loans in process are not included
above but are included in the figures for mutual savings banks.
5
Balance sheet data for all operating savings and loan associations
were revised by the Federal Home Loan Bank Board for 1969 and 1970.
NOTE.—Federal Home Loan Bank Board data; figures are estimates for
all savings and loan assns. in the United States. Data are based on
monthly reports of insured assns. and annual reports of noninsured assns.
Data for current and preceding year are preliminary even when revised.
FEBRUARY 1971 • FEDERALLY SPONSORED CREDIT AGENCIES
A 39
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
Liabilities and capital
Federal National
Mortgage Assn.
(secondary market
operations)
Banks
for
cooperatives
Federal
intermediate
credit banks
Federal
land
banks
End of
period
Cash
and
deposits
Advances
to
members
Investments
196 7
196 8
4,386
5,259
2,598
2,375
127
126
4,060
4,701
1,432
1,383
1969—Nov..
Dec...
8,802
9,289
1,968
1,862
110
124
8,172
8,422
1970—Jan.. .
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept...
Oct
Nov
Dec
9,852
9,937
9,745
9,860
10,008
10,236
10,372
10,445
10,524
1,536
1,787
2,870
3,090
2,964
2,844
2,704
2,729
2,722
72
93
107
89
78
106
70
99
109
8,822
9,171
9,825
9,993
9,888
9,880
10,029
10,091
10,089
Bonds
and
notes
Member
deposits
Mortgage
loans
(A)
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Debentures
1,395
1,402
5,348
6,872
4,919
6,376
939
1,041
1,467
1,478
10,009
10,541
806
802
986
1,110
1 ,189
1,333
1,194
1,244
1,340
1,503
1 ,537
1,558
1,574
1,579
1,586
1,592
1,595
1,598
11,070
11,540
12,016
12,456
13,287
13,659
14,085
14,452
14,815
14,702
15,397
15,502
Capital
stock
NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among omitted balance
sheet items are capital accounts of all agencies, except for stock of FHLB's.
Bonds, debentures, and notes are valued at par. They include only publicly
Debentures
(L)
Loans
and
discounts
(A)
1,506
1,577
1,253
1,334
10.205
10,511
1,705
1,732
10,717
11,659
12,227
12,411
12,605
13,165
13,401
13,976
14,396
14,702
15,067
15.206
1,804
1,844
1,840
1,828
1,796
1,749
1,762
1,778
1,852
1,973
2,020
2,030
Bonds
(L)
Mortgage
loans
(A)
3,411
3,654
3,214
3,570
5,609
6,126
4,904
5,399
1,445
1,473
4,275
4,152
4,116
6,704
6,714
5,949
5,949
1.508
1,577
1,576
1,594
1,539
1.509
1,518
1,537
1,537
1,601
1,700
1,755
4,371
4,474
4,644
4,810
4,942
5,097
5,034
5,015
4,998
4,972
4,934
4,974
4,161
4,311
4,422
4,591
4,739
4,879
4,980
4,918
4,839
4,818
4,767
4,799
6,738
6,777
6,833
6,890
6,943
6,995
7,026
7,061
7,101
7,137
7,156
7,186
Federal home loan banks 1
Notes:
12/22/69 - 11/25/70.
Bonds:
10/27/69 - 10/27/70.
1/26/70 -- 1 / 2 6 / 7 1 . . .
2/25/69 -- 2/25/71. . .
7/25/69 -- 2/25/71. . .
3/25/70 -- 3/25/71 . . ,
9/25/69 -- 4/26/71. . .
4/27/70 -- 4/26/71 . . ,
5/26/69 -- 5/25/71. . ,
5/25/70 -- 5/25/71 . . ,
2/25/70 -- 6/25/71. . .
7/27/70 -- 7/27/71 . . ,
8/25/70 -- 8/25/71 . . .
9/25/70 -- 9/27/71 . . .
10/27/69 - 11/26/71.
11/25/69 - 2/25/72. .
6/26/70 -- 2/25/72. . ,
5/25/70 -- 5/25/72. . ,
9/25/70 -- 11/27/72. .
2/25/70 -- 2/26/73 . . ,
1/26/70 -- 1/25/74. . .
6/26/70 -- 2/25/74. . ,
8/25/69 -- 8/25/74. . .
11/25/69 - 11/25/74.
8/25/70 -- 5/26/75. . .
7/27/70 -- 8/25/75. . .
3/25/70 -- 2/25/80. . .
Coupon
rate
Amount
(millions
of dollars)
8.70
250
8.63
6.60
8.00
7.70
8%
7.25
7.00
8.20
8.45
VA
7.65
7.35
8.20
8.20
8.20
8.15
IVs
8.35
8.40
8.40
7.65
8.05
8.00
7.75
7.95
650
600
200
400
850
250
400
350
500
650
500
650
400
250
200
300
200
250
350
300
250
188
265
242
350
300
Federal National Mortgage
Association—
Secondary market
operations
Discount notes
Capital debentures:
9/30/68 - 10/1/73
4/1/70 - 4/1/75
6.00
8.00
250
200
Mortgage-backed bonds:
6/1/70 - 6/1/71
6/1/70 - 6/2/75
9 / 9 / 7 0 - 10/2/72
9 / 2 9 / 7 0 - 10/1/90
10/14/69 - 2 / 1 0 / 7 1 . . .
8.13
8.38
7.50
8.63
8.75
150
250
400
200
400
2,905
Agency, and date of issue
and maturity
Federal National Mortgage
Association—Cont.
Debentures:
3/11/68 - 3 / 1 1 / 7 1 . . . .
2/10/70 - 4/12/71
11/10/69 - 5/10/71. . .
4/10/69 - 6/10/71
12/12/69 - 7/12/71. . .
8/23/60 - 8/10/71
4/10/70 - 8/10/71
7/10/70 - 8/10/71
9/11/61 - 9/10/71
9/10/68 - 9/10/71
6/10/70 - 10/21/71. . .
5/10/69 - 11/10/71. . .
3/10/70 - 12/10/71. . .
2/10/60 - 2/10/72.
3/10/69 - 3/10/72
10/14/69 - 3/10/72. . .
12/11/61 - 6/12/72. . .
2/10/70 - 6/12/72
5/11/70 - 9/11/72
6/10/70 - 9/11/72.
11/10/69 - 12/11/72. .
10/13/70 - 12/11/72. .
11/10/70 - 3/12/73. . .
12/12/69 - 3/12/73. . .
6/12/61 - 6/12/73
7/10/70 - 6/12/73. . . .
3/10/70 - 9/10/73
12/10/70 - 12/10/73. .
4/10/70 - 3/11/74. . . .
8/5/70 - 6/10/74
9/10/69 - 9 / 1 0 / 7 4 . . . .
11/10/70 - 3/10/75. . .
10/13/70 - 9/10/75. . .
2/13/62 - 2/10/77.
12/10/70 - 6/10/77. . .
Banks for cooperatives
Debentures:
7/1/70 - 1/4/71
8/3/70-2/1/71
10/1/70 - 4/2/71
11/2/70 - 5/3/71
12/10/70 - 6/1/71
10/1/70 - 10/1/73. . ..
Coupon
rate
6.00
8.75
8.20
6.85
8.60
Amount
(millions
of dollars)
41/2
350
500
400
250
400
63
200
250
96
350
500
350
500
98
250
200
100
300
400
200
200
400
450
250
146
350
300
500
350
400
250
300
350
198
250
7.85
7.25
7.10
6.70
5.70
7.30
295
391
265
339
366
100
4H
7.38
8.05
41/z
5V4
8.45
6.85
6%
5H
6Y4
ey4
4%
8.70
8.40
7.40
8.00
7.20
7.30
8.30
44
V
8.35
8.10
5.75
7.75
7.90
7.85
7.55
7.50
6.38
1
Data for changes in Oct. 1970 not yet available.
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above.
5,938
6,032
6,032
c
6,113
6,113
6,179
6,259
6,339
6,339
6,395
6,395
6,395
c
offered securities (excluding, for FHLB's bonds held within the FHLB
System) and are not guaranteed by the U,S. Govt.; for a listing of these
securities, see table below. Loans are gross of valuation reserves and
represent cost for F N M A and unpaid principal for other agencies.
OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1970
Agency, and date of issue
and maturity
(L)
Agency, and date of issue
and maturity
Federal intermediate
credit banks
Debentures:
4/1/70 - 1/4/71
5/4/70 - 2/1/71
6/1/70 - 3/1/71
7/1/70 - 4/1/71
8 / 3 / 7 0 - 5/3/71
9/1/70-6/1/71
10/1/70 - 7/1/71
11/2/70 - 8/2/71
12/1/70 - 9/1/71
3/2/70 - 3/1/73
9/1/70-7/2/73
Federal land banks
Bonds:
2/15/57 - 2/15/67-72
4/21/69 - 2/23/71. . .
2/20/70 - 4/20/71. . .
4/20/70 - 4/20/71 . . .
5/1/56 - 5/1/71
7/15/69 - 7/20/71 . . .
10/20/69 - 7/20/71. .
10/20/68 - 10/20/71.
8/20/68 - 2/15/72. . .
6/22/70 - 7/20/72. . .
9/14/56 - 9/15/72. . .
9/22/69 - 9/15/72. . .
10/23/72 - 10/23/72.
7/20/70 - 1/22/73. . .
2/20/63 - 2/20/73-78
1/20/70 - 7/20/73. . .
8/20/73 - 7 / 2 0 / 7 3 . . . .
4/20/70 - 10/22/73. .
2/20/72 - 2/20/74. . .
10/20/70 - 4/22/74. .
2/20/70 - 1/20/75. . .
4/20/65 - 4/21/75. . .
2/21/66 - 2/24/76. . .
7/20/66 - 7/20/76. . .
5/2/66 - 4 / 2 0 / 7 8 . . . .
2/20/67 - 1/22/79. . .
Coupon
7.50
7.40
8.15
8.05
7.25
7.30
7.10
6.80
5.70
8.15
7.75
4H
6.80
81/2
7.35
3V4
8.15
8.45
6.00
5.70
8.20
3%
5K
7.95
4 s
M
8.35
8.45
7.95
7.80
41/2
7.30
8^8
4^
5.00
5K
5/^8
5.00
A 40
FEDERAL FINANCE • FEBRUARY 1971
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
U.S. budget
Means of financing
Receipt-expenditure account
Borrowings from the public
Period
Budget
receipts
Net
expenditures
149,552
153,671
187,784
193,743
153,201
172,802
183,072
194,456
Half year:
1969—Jan.-June. . '104,886
July-Dec.. .
'90,833
1970—Jan.-June. . . r 102,910
87,562
July-Dec.
'90,863
'97,563
'96,893
104,084
Month:
1969—De c
'16,711
'15,226
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
16,297
14,938
13,119
22,029
13,982
22,561
r
12,609
15,172
18,725
11,493
14,134
15,429
16,558
14,999
'16,294
17,844
16,333
14,871
'19,344
17,429
17,329
17,490
16,616
15,876
Fiscal year:
196 7
196 8
1969
197 0
Net
lending
Budget
outlays 1
5,053
6,030
1,476
2,131
Budget
surplus
or
deficit
(-)
158,254 - 8 , 7 0 2
178,833 - 2 5 , 1 6 1
3,236
184,548
196,588 - 2 , 8 4 5
:
Less: Cash and
monetary assets
Less: InvestPlus: ments by Govt,
Equals:
Agency
accounts
Less:
Total
securiSpecial borrowties
notes 3
ing
Special Other
issues
Public
debt
securities
6,314
5,079
21,357
5,944
6,142
633
17,198 -.1,739
Treasury
operating
balance
Other
5,035
3,271
7,364
9,386
4,000
-482
2,838
2,049 - 1 , 1 1 9
23,100
2,089 - 1 , 3 8 4 2 - 1 , 2 9 5
676
5,397
-5,222
-397
596
2,151
304
1,700
1,616
-581
945
3,364
269
-982
'1,590
'315
-896
-952
'1,630
-2,170
'313
'-398
13,523 - 4 , 3 0 9
500 '91,362
,364 '98,927 - 8 , 0 9 3 14,505
'5,248
2,693
'767 '97,661
99 104,183 - 1 6 , 6 2 1 18,240
-815
-429
-1,310
-19
7,643
3,935
5,451
1,807
604 -1,000 - 1 2 , 3 7 0
9,811
330
-4,415
346
16,257
157
1,194
'-767
'2,918
54
113
-84
1,938
103
-2,012
-1,099
-97
-654
43
1,275
3,161
-3,429
3,986 - 4 , 8 1 3
3,893
-2,459
-169
7,210
5,649
-6,718
4,333
-2,323
1,281 - 2 , 2 2 3
1,522
-6,147
3,440
-2,594
5,519
-121
-64
-789
21
-39
-278
-717
1,204
770
-285
1,565
2,909
-160
-233
-38
1,539
-3
-890
12
- 1 7 -1,178
81
-5
31 2,487
193
-579
97
123
599
-194
-139
2,314
-4,691
1,452
-3,156
5,997
2,716
-1,347
2,561
3,306
3,024
1,100
191
316
85
-1,008
2,034
-646
-58
1,497
-2,383
-429
2,185
1,624
' — 138 '15,088
-164
-104
'254
200
108
480
-17
66
114
150
112
-326
16,394
14,894
16,548
18,043
16,441
15,351
'19,327
17,495
17,443
17,640
16,728
15,550
Other
means
of
financing,
net 4
-82
-153
76
27
122
48
38
'1,188
-534
5775 52,166
-436
-149
-768
664
. 526 1,317
1,258 - 1 , 2 5 9
265 - 1 , 7 5 5
-386
-312
-367
-818
7
1,570
-192
1,011
- 7 1 -1,212
-54
-772
Selected balances
Federal securities
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Gold
balance
Total
Public
debt
securities
Agency
securities
Less:
Investments of
Govt, accounts
Special
issues
Less:
Special
notes 3
Other
Equals :
Total
held
by
public
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 6
Fiscal year:
196 7
196 8
196 9
197 0
1,311
1,074
1,258
1,005
4,272
4,113
4,525
6,929
112
112
111
5,695
5,298
5,894
8,045
326,221
347,578
353,720
370,919
18,455
24,399
14,249
12,510
56,155
59,374
66,738
76,124
17,663
19,766
20,923
21,599
3,328
2,209
825
825
267,529
290,629
279,483
284,880
9,220
10,041
24,991
35,789
Calendar year
196 9
197 0
1,312
1,156
3,903
6,834
112
109
5,327
8,099
368,226
389,158
13,820
12,491
70,677
77,931
21,250
21,756
825
825
289,294
301,138
30,578
Month:
1969-Dec...
1,312
3,903
112
5,327
368,226
13,820
70,677
21,250
825
289,294
30,578
1970—Jan....
Feb....
Mar...
Apr...
May. .
June. .
July...
Aug.. .
Sept...
Oct....
Nov...
Dec.. .
1,127
915
1,192
1,784
1,295
1,005
1,200
1,056
1,238
920
587
1,156
5,188
5,592
5,630
5,123
4,605
6,929
6,087
6,174
7,489
5,424
5,217
6,834
112
111
111
111
6,427
6,618
6,934
7,019
6,011
8,045
7,399
7,341
8,839
6,455
5,914
8,099
367,572
368,847
372,007
367,194
371,088
370,919
376,568
380,901
378,678
380,200
383,640
389,158
13,755
12,966
12,987
12,948
12,670
12,510
12,471
12,469
12,481
12,465
12,460
12,491
69,960
71,164
71,935
71,650
73,215
76,124
75,891
77,431
76,541
75,363
75,444
77,931
21,442
20,863
20,959
21,082
21,681
21,599
21,446
21,521
21,548
21,669
21,717
21,756
825
825
825
825
825
825
825
825
825
825
825
825
289,100
288,961
291,275
286,584
288,036
284,880
290,877
293,593
292,246
294,808
298,113
301,138
31,288
32,946
34,214
34,851
35,068
35,762
36,398
37,116
37,404
37,811
38,252
1
2
111
111
111
111
111
111
111
110
109
Equals net expenditures plus net lending.
The decrease in Federal securities resulting from conversion to private
ownership of Govt.-sponsored corporations (totaling $9,853 million) is
not included here. In the bottom panel, however, these conversions decrease the outstanding amounts of Federal securites held by the public
mainly by reductions in agency securities. The Federal National Mortgage
Association (FNMA) was converted to private owership in Sept. 1968 and
the Federal Intermediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968.
3
Represents non-interest-bearing public debt securities issued to the
International Monetary Fund and international lending organizations.
New obligations to these agencies are handled by letters of credit.
4
Includes accrued interest payable on public debt securities, deposit
funds, miscellaneous liability and asset accounts, and seigniorage.
5 Includes initial allocation of SDR's of $867 million.
6 Includes debt of Federal home loan banks, Federal land banks, D.C.
Stadium Fund, F N M A (beginning Sept. 1968), FICB, and banks for
cooperatives (beginning Dec. 1968).
NOTE.—Half years may not add to fiscal year totals due to revisions in
series which are not yet available on a monthly basis.
FEBRUARY 1971 • FEDERAL FINANCE
A 41
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Budget receipts
Social insurance taxes
and contributions
Corporation
income taxes
Individual income taxes
Employment
taxes and
contributions 1
Period
Total
Nonwithheld
Withheld
Refunds
7,845
9,527
10,191
13,240
Gross Rerefunds
ceipts
Net
total
Payroll
taxes
Selfempl.
Other
Unnet
empl.
reinsur. ceipts 2
Excise Custaxes toms
Net
total
Fiscal year:
196 7
196 8
196 9
197 0
149,552
153,671
187,784
193,743
50,521
57,301
70,182
77,416
18,850
20,951
27,258
26,236
Half year:
1969—Jan.-June
July-Dec.
1970—Jan.-June
July-Dec.
104,886
'90,833
102,910
87,562
36,446
38,797
38,619
37,445
876 17,577 1,584 2,039 r1,174 22,374
21,743 9,715 48,474 22,844
r
'131 '1,270 l ,282 19,740
'982 17,057
5,771
48l 44,087 15,179
20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 1,416 25,558
133 1,348 1,576 20,826
565 42,449 12,744 1,467 17,768
5,569
Month:
1969—De c
r
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec......
l 6,711 r 6,412
412
6,203
7,535
6,091
5,748
7,058
6,014
6,040
6,985
5,907
5,667
7,007
5,838
4,491
886
1,235
8,992
1,063
3,797
477
333
3,623
497
216
422
16,297
14,938
13,119
22,029
13,982
22,561
12,609
15,172
18,725
11,493
14,134
15,429
r
61,526
68,726
87,249
90,412
26,047
27,680
32,521
37,190
34,918
946
29,897 1,232
38,338 1,660
35,037 2,208
43 '6,781
5,637
10,660
6,965
3,419
10,701
5,258
9,353
6,281
100 7,219
81 9,449
55 6,110
42 7,181
50 6,209
1,252
774
4,559
4,895
862
7,517
1,071
666
4,543
1,089
711
4,664
214
207
127
129
842
64
234
857
70
123
125
128
320
317
148
188
234
35
1,456
3,907
4,039
2,863
458
236
59
587
47
254
203
221
259
202
278
255
249
270
280
259
265
1,908
'109
111
139
146
1,081
182
265
420
187
179
1,901
2,038
2,319
2,430
1,776 3,659 1,867 33,349 13,719
1,544 3,346 2,052 34,622 14,079
1,715 3,328 2,353 39,918 15,222
1,942 3,465 2,700 45,298 15,705
186
106
374
50
r
2,189
2,674
5,408
3,436
4,419
5,851
3,769
3,185
5,330
2,962
2,697
4,107
2,545
1,106
1,263 1
1,168
1,317
7,388
'8,241
7,464
8,152
r
l ,398
'198
1,154
1,206
1,192
1,226
1,319
1,367
1,439
1,309
1,272
1,237
1,549
1,346
195
165
202
207
192
207
218
223
218
231
207
220
Budget outlays 4
Com- EducaComNattion
Health
mun.
merce develop. and
ural
and
and
reman- welfare
and
sources transp. housing power
Total
National
defense
158,254
178,833
184,548
196,588
70,081
80,517
81,232
80,295
4,547
4,619
3,785
3,570
5,423
4,721
4,247
3,749
4,376
5,943
6,221
'6,201
'1,821
'1,655
'2,081
'2,480
'7,594
'8,094
'7,921
'9,310
2,616
4,076
1,961
'2,965
212,755 76,443
229,232 77,512
3,586
4,032
3,368
3,151
5,262
5,804
2,636
4,243
11,442
10,937
3,858
4,495
Half Year:
1969—Jan.-June
July-Dec.
1970—Jan.-June
July-Dec.
91,362
98,927
'97,661
104,183
41,408
'40,616
'39,683
38,485
1,878
1,941
1,627
1,409
2,114
1,839
1,910
1,720
1,293
5,476
711
4,633
860
1,515
1,017
1,575
3,372
4,611
4,651
5,794
Month:
1969—De c
'15,088
'6,827
145
297
385
186
16,394
14,894
16,548
18,043
16,441
15,351
'19,327
17,495
17,443
17,640
16,728
15,550
6,648
6,199
6,608
6,806
6,516
6,926
6,794
6,253
6,374
6,354
5,965
6,745
161
298
312
336
296
225
199
285
221
311
234
290
299
325
332
285
378
268
282
282
302
266
318
659
-187
76
107
144
113
109
Period
Fiscal year:
196 7
196 8
196 9
197 0
1971 «'6
1972*6
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Intl.
affairs
160
Space
research
Agriculture
-88
2,430
720
44
927
422
90
* Old-age, disability, and hospital insurance, and Railroad Retirement
accounts.
.
2
Supplementary medical insurance premiums and Federal employee
retirement contributions.
3 Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts.
4
Outlays by functional categories are published in the Monthly
Treasury Statement (beginning April 1969). Monthly back data (beginning
July 1968) are published in the Treasury Bulletin of June 1969.
181
185
21
218
208
371
337
316
283
59
'5,853
'6,739
'6,525
'7,289
'37,885
'43,780
'49,395
'56,785
Veterans
Interest
6,897 12,588
6,882 13,744
7,640 15,791
'8,677 18,312
8,300 70,474 9,969
8,808 76,749 10,644
19,433
19,687
25,202
26,063
30,432
32,710
3,975
4,148
4,537
4,625
8,183
8,623
9,687
9,594
1,291
1,677
3,764
3,120
4,314
3,744
655
'221
501
4,450
722
1,515
713
571
683
967
715
1,002
843
885
1,231
1,105
898
832
212
158
257
583
719
532
642
694
,147
553
680
651
593
534
733
4,700
4,510
5,019
5,996
5,207
5,001
5,276
5,289
5,434
5,545
5,488
5,678
729
719
801
751
806
731
732
766
722
767
829
808
1,537
1,614
1,686
1,631
1,563
1,655
1,597
1,705
1,731
1,148
1,738
1,676
928
1,820
281
99
290
471
261
268
234
132
314
5 Consists of government contributions for employee retirement and
interest received by trust funds.
6 Estimates presented in the Jan. 1971 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, Federal pay
increase, and allowance for revenue sharing, totaling $800 million for
fiscal 1971 and $5,969 million for fiscal 1972, are not included.
NOTE.—Half years may not add to fiscal year totals due to revisions in
series which are not yet available on a monthly basis.
A 42
U.S. GOVERNMENT SECURITIES • FEBRUARY 1971
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
public
debt i
End of period
Marketable
Nonmarketable
Total
Total
Bills
Certificates
Notes
30.0
6.0
10.1
33.6
119.5
59.0
53.7
58.7
50.2
78.4
86.4
97.0
104.2
4.0
3.2
3.0
2.8
48.3
61.4
76.5
85.4
99.2
95.2
85.3
69.9
2.7
2.6
2.5
2.4
52.3
54.9
56.7
56.9
85.4
91.4
91.4
91.3
93.5
93.5
93.5
99.9
99.9
99.8
101.2
69.8
63.4
63.1
63.1
63.0
63.0
62.9
58.7
58.7
58.7
53.6
53.6
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
56.8
57.0
57.3
56.9
56.9
57.7
58.3
58.5
58.4
58.3
59.2
59.1
101.2
53.5
2.4
58.7
57.9
259.1
50.5
233.1
41.6
176.6
2.0
17.0
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
303.5
309.3
317.9
320.9
255.8
261.6
267.5
270.3
203.0
207.6
212.5
214.6
48.3
51.5
56.5
60.2
22.7
10.9
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
329.3
344.7
358.0
368.2
273.0
284.0
296.0
295.2
218.0
226.5
236.8
235.9
64.7
69.9
75.0
80.6
5.9
1970—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
367.6
368.8
372.0
367.2
371.1
370.9
376.6
380.9
378.7
380.2
383.6
389.2
295.5
295.4
297.9
293.3
295.8
292.7
298.5
301.4
300.1
302.9
306.0
309.1
236.3
236.0
238.2
234.0
236.6
232.6
237.8
240.5
239.3
242.2
244.4
247.7
81.1
83.7
79.7
80.1
76.2
81.4
81.9
80.7
83.7
84.6
87.9
1971—Jan..
388.3
308.8
247.7
87.9
81.2
Includes non-interest-bearing debt (of which $628 million on Jan. 31,
1971, was not subject to statutory debt limitation).
2
Includes Treasury bonds and minor amounts of Panama Canal and
postal saving bonds.
3
Includes (not shown separately): depositary bonds, retirement plan
bonds, foreign currency series, foreign series, and Rural Electrification
Administration bonds; before 1954, Armed Forces leave bonds; before
Savings
bonds
& notes
48.8
50.7
52.0
52.9
1941—Dec.
1946—Dec.
1
Convertible
bonds
101.2
Bonds
2
Total 3
8.9
56.5
1956, tax and savings notes; and before Oct. 1965, Series A investment
bonds.
4
Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
NOTE.—Based on Daily Statement of U.S. Treasury. See also second
paragraph in NOTE to table below.
OWNERSHIP OF PUBLIC DEBT
(Par value, in billions of dollars)
Held by private investors
Held by—
End of
period
Total
gross
public
debt
U.S.
Govt,
agencies
and
trust
funds
F.R.
Banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Savings
bonds
Other
securities
Foreign
and
international 1
Other
misc.
investors 2
1939—Dec
1946—Dec
41.9
259.1
6.1
27.4
2.5
23.4
33.4
208.3
12.7
74.5
2.7
11.8
5.7
24.9
2.0
15.3
.4
6.3
1.9
44.2
7.5
20.0
.2
2.1
.3
9.3
1962—Dec
1963—Dec
1964—Dec
303.5
309.3
317.9
53.2
55.3
58.4
30.8
33.6
37.0
219.5
220.5
222.5
67.1
64.2
63.9
6.0
5.6
5.5
11.5
11.2
11.0
18.6
18.7
18.2
20.1
21.1
21.1
47.0
48.2
49.1
19.1
20.0
20.7
15.3
15.9
16.7
14.8
15.6
16.3
1965—Dec
1966—Dec
1967—Dec
1968—Dec
1969—Dec
320.9
329.3
344.7
358.0
368.2
59.7
65.9
73.1
76.6
89.0
40.8
44.3
49.1
52.9
57.2
220.5
219.2
222.4
228.5
222.0
60.7
57.4
63.8
66.0
56.8
5.3
4.6
4.1
3.6
2.9
10.3
9.5
8.6
8.0
7.1
15.8
14.9
12.2
14.2
13.3
22.9
24.3
24.1
24.4
25.4
49.7
50.3
51.2
51.9
51.8
22.4
24.3
22.8
23.9
29.1
16.7
14.5
15.8
14.3
11.4
16.7
19.4
19.9
22.4
24.1
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
367.6
368.8
372.0
367.2
371.1
370.9
376.6
380.9
378.7
380.2
383.6
389.2
88.6
89.4
90.4
90.2
92.3
95.2
94.8
96.4
95.5
94.4
94.6
97.1
55.5
55.8
55.8
56.5
57.3
57.7
58.6
59.9
60.0
60.0
61.2
62.1
223.5
223.6
225.9
220.5
221.4
218.0
223.2
224.6
223.2
225.8
227.9
229.9
54.6
53.0
55.5
54.5
53.9
53.3
55.1
58.0
56.9
58.9
59.8
63.2
2.9
2.9
2.9
2.8
2.9
2.9
2.8
2.9
2.9
2.8
2.7
2.8
7.2
7.1
7.0
7.1
6.9
6.8
7.1
7.2
7.1
7.0
6.9
7.0
13.9
13.2
12.7
11.9
12.5
11.1
12.0
11.7
10.3
11.1
10.8
10.6
26.1
26.2
25.5
24.7
25.2
24.6
24.2
24.2
24.0
24.2
23.2
22.9
51.7
51.6
51.6
51.6
51.6
51.6
51.6
51.7
51.7
51.9
51.9
52.1
30.4
31.1
31.6
31.1
31.4
30.9
31.2
30.6
31.0
30.5
30.4
29.8
11.7
12.3
13.2
13.2
13.8
14.8
15.9
16.5
17.4
18.2
20.0
20.6
24.9
26.1
25.9
23.6
23.3
22.0
23.4
21.8
22.1
21.4
22.1
21.1
1
Consists of investments of foreign and international accounts in
the United States.
2
Consists of savings and loan assns., nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included
are certain Govt, deposit accounts and Govt.-sponsored agencies.
NOTE—Reported data for F.R. Banks and U.S. Govt, agencies
and trust funds; Treasury estimates for other groups.
The debt and ownership concepts were altered beginning with the
Mar. 1969 BULLETIN. The new concepts ( 1 ) exclude guaranteed securities and (2) remove from U . S . Govt, agencies and trust funds
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately-owned agencies and certain Govt,
deposit accounts.
A 43
FEBRUARY 1971 • U.S. GOVERNMENT SECURITIES
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
34,493
33,599
37,553
35,500
35,500
78,159
68,260
73.301
82.302
82,318
18,859
35,130
20,026
22,555
22,554
8,417
8,396
8,358
8,566
8,556
16,679
16,415
16,054
10,900
10,863
1,034
812
718
708
1,404
1,509
2,295
2,297
4,503
6,006
6,053
6,075
2,964
2,472
3,848
3,877
2,060
2,059
1,748
1,748
3,438
3,437
2,387
2,387
31,484
28,503
36,023
35,921
36,338
16,041
18,756
22,265
25,548
25,965
15,443
9,747
13,758
10,373
10,373
16,215
12,810
18,743
19,089
858
10,943
7,642
5,949
6,046
178
203
224
214
229
377
408
453
407
440
168,473
162,414
166,165
168,479
77,670
79,780
81,191
84,080
55,222
57,494
58,359
61,250
22,448
22,286
22,832
22,830
50,877
54,485
57,506
57,154
21,223
9,912
12,758
12,631
6,133
6,075
6,604
6,579
12,569
12,164
8,106
8,036
52,194
53,174
45,173
48,045
50,917
18,451
18,894
15,104
16,279
19,208
10,415
9,040
6,727
7,382
10,314
8,036
9,854
8,377
8,897
8,894
26,370
23,157
24,692
26,710
26,609
6,386
10,035
4,399
4,406
4,474
485
611
564
378
367
502
477
414
274
260
Mutual savings banks:
1967—Dec. 3 1 . . .
1968—Dec. 3 1 . . .
1969—Dec. 3 1 . . .
1970—Nov. 3 0 . . .
Dec. 3 1 . . .
4,033
3,524
2,931
2,727
2,745
716
696
501
477
525
440
334
149
122
171
276
362
352
355
354
1,476
1,117
1,251
1,183
1,168
707
709
263
335
339
267
229
203
334
329
867
773
715
397
385
Insurance companies:
1967—Dec. 3 1 . .
1968—Dec. 3 1 . .
1969—Dec. 3 1 . .
1970—Nov. 30. .
Dec. 31. .
7,360
6,857
6,152
5,969
6,066
815
903
868
831
893
440
498
419
395
456
375
405
449
436
437
2,056
1,892
1,808
1,709
1 ,723
914
721
253
848
849
1,175
2,400
2,221
2,028
1,212
1,231
Nonfinancial corporations:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Nov. 30
Dec. 31
4,936
5,915
5,007
3,323
3,057
3,966
4,146
3,157
1,667
1,547
2,897
2,848
2,082
1,251
1,194
1,069
1,298
1,075
416
353
898
1,163
1,766
1,372
1,260
61
568
63
262
242
3
12
12
2
Savings and loan
1967—Dec.
1968—Dec.
1969—Dec.
1970—Nov.
Dec.
4,575
4,724
3,851
3,453
3,263
1,255
1,184
808
645
583
718
680
269
269
220
537
504
539
376
363
1,767
1,675
1,916
1,970
1,899
811
,069
357
285
281
281
346
329
256
243
461
450
441
297
258
State and local governments:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Nov. 30
Dec. 31
14,689
13,426
13,909
11,570
11,204
5,975
5,323
6,416
5,488
5,184
4,855
4,231
5,200
4,097
3,803
1,120
1,092
1,216
1,391
1 ,381
2,224
2,347
2,853
2,477
2,458
937
805
524
813
774
1,557
1,404
1,225
1,193
1,191
3,995
3,546
2,893
1,600
1 ,598
All others:
1967—Dec.
1968—Dec.
1969—Dec.
1970—Nov.
Dec.
80,853
85,391
91,079
91,227
46,524
52,926
55,804
56,140
37,591
42,648
44,843
45,092
8,933
10,278
10,961
11,048
19,526
20,199
22,085
22,037
7,316
4,053
5,809
5,672
2,411
2,545
3,070
3,078
5,075
5,665
4,305
4,298
Type of holder and date
Total
Total
Bills
Other
226,476
236,812
235,863
244,447
247,713
104,363
108,611
118.124
120.125
123,423
69,870
75,012
80,571
84,625
87,923
U.S. Govt, agencies and trust funds:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 3 1 . . . .
1970—Nov. 30
Dec. 31
15,402
16,295
17,049
17,092
2,438
2,321
3,013
3,005
Federal Reserve Banks:
1967—Dec. 31. . . .
1968—Dec. 31. . . .
1969—Dec. 3 1 . . . .
1970—Nov. 30. . . .
Dec. 31
49,112
52,937
57,154
61,233
62,142
Held by private investors:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Nov. 30
Dec. 31
Commercial banks:
1967—Dec. 31.
1968—Dec. 31.
1969—Dec. 31.
1970—Nov. 30.
Dec. 31.
All holders:
1967—Dec.
1968—Dec.
1969—Dec.
1970—Nov.
Dec.
31.
31.
31.
30.
31.
associations:
31
31
31
30
31
31.
31.
31.
30.
31.
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Beginning with Dec. 1968, certain Govt.-sponsored but privately-owned
agencies and certain Govt, deposit accounts have been removed from U.S.
Govt, agencies and trust funds and added to "All others." Comparable data
are not available for earlier periods.
Data complete for U.S. Govt, agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total mar-
12,880
1,120
1,197
1,371
1 ,369
2
9
27
21
6
ketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 5,712 commercial banks, 493 mutual savings
banks, and 746 insurance companies combined; (2) about 50 per cent by
the 469 nonfinancial corporations and 488 savings and loan assns.; and
(3) about 70 per cent by 503 State and local govts.
"All others," a residual, includes holdings of all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A 44
U.S. GOVERNMENT SECURITIES • FEBRUARY 1971
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
U.S. Govt.
agency
securities
Period
Dealers arid brokers
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S. Govt,
securities
Other >
Commercial
banks
All
other
1969—Dec
2,551
2,162
281
55
54
1,029
98
965
460
381
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,385
2,936
2,681
2,046
2,164
2,146
2,395
2,121
2,500
2,768
3,418
2,590
2,058
2,302
2,238
1,801
1,685
1,867
2,073
1,578
2,041
2,266
2,430
2,043
233
421
298
160
337
190
200
372
293
284
601
343
58
176
114
59
106
59
96
146
137
190
338
153
36
36
31
27
36
29
27
25
28
28
50
52
971
1,332
1,208
887
868
728
832
722
878
1,018
1,330
949
92
124
92
70
73
68
77
74
90
109
172
123
922
1,043
921
665
717
820
914
820
931
1,094
1,278
1,025
402
437
460
424
506
529
573
505
602
547
638
493
410
513
501
387
378
414
447
398
403
569
712
428
Week ending—
1970—Dec.
2
9
16
23
30'
2,856
2,508
2,506
2,186
2,948
2,361
1,842
1,940
1,673
2,511
294
411
387
330
253
160
213
123
125
135
41
42
56
58
50
961
958
970
764
926
148
126
122
101
121
1,101
986
982
908
1,209
646
439
433
414
692
408
585
376
451
306
1971—Jan.
6
13
20
27
2,878
3,267
3,613
4,008
2,501
2,710
2,962
2,396
249
375
454
1,024
96
143
143
546
32
39
53
41
1,164
1,385
1,443
1,339
77
112
140
175
1,129
1,247
1,380
1,654
508
523
650
839
303
620
751
777
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt, securities dealers reporting to the F.R. Bank of New York.
They do not include allotments of, and exchanges for, new U.S. Govt,
securities, redemptions of called or matured securities, or purchases or
sales of securities under repurchase agreement, reverse repurchase (resale),
or similar contracts. Averages of daily figures based on the number of
trading days in the period.
DEALER POSITIONS
DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
All
Within
maturi1
ties
year
Commercial banks
1-5
years
5-10
years
Over
10
years
U.S.
Govt.
agency
securities
Period
New
York
City
Elsewhere
Corporations 1
All
other
1969—De c
3,689
1,036
651
884
1,119
1970—Ja n
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
3,075
2,995
3,719
4,922
2,898
2,310
3,214
4,900
4,220
4,233
5,149
5,949
907
660
958
1,293
637
422
855
1,526
1,164
1,370
1,517
1,868
469
504
943
1,373
830
626
770
1,168
1,456
1,232
1,527
1,960
792
650
588
546
466
421
518
834
449
392
416
379
907
1,180
1,229
1,710
964
842
1,071
1,373
1,152
1,240
1,689
1,742
4.
11.
18.
25.
5,573
5,503
5,159
4,565
1,697
1,407
1,399
1,475
1,648
1,696
1,266
1,353
504
476
353
437
1,724
1,924
2,141
1,301
2.
9.
16.
23.
30.
5,107
5,749
5,808
6,071
6,292
1,609
1,828
1,816
1,959
2,011
1,610
2,052
1,735
2,039
2,090
324
411
345
346
458
1,564
1,459
1,912
1,726
1,734
1969—Dec
3,607
3,266
205
100
35
564
1970—Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec
2,908
3,182
3,667
4,507
2,668
2,199
3,267
4,474
4,020
3,963
4,760
5,571
2,869
2,464
3,116
4,228
1,886
1,859
3,102
3,389
3,326
3,449
3,399
4,399
-2
374
248
107
461
111
-18
454
246
103
617
612
22
330
285
164
306
227
171
604
433
379
682
485
20
14
17
8
16
2
13
27
16
33
62
76
529
559
731
705
654
615
828
819
724
1,001
1,066
1,049
1970—Nov. 4
11
18
25
5,402
5,087
4,535
4,430
4,019
3,579
3,278
3,100
502
696
582
622
846
776
639
608
34
36
37
100
1,154
1,071
894
1,143
1970—Nov.
Dec. 2
9
16
23
30
5,177
5,260
5,374
5,726
6,150
3,864
4,010
4,112
4,580
5,133
639
659
675
598
519
588
515
515
472
415
86
76
72
76
84
1,199
1,124
1,037
1,021
972
Dec.
Week ending—
Week ending—
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract, unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
All
sources
1
All business corporations, except commercial banks and insurance
companies.
NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
NOTE to the table on the left.
A 45
FEBRUARY 1971 • GOVERNMENT SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1971
(In millions of dollars)
Issue and coupon rate
Issue and coupon rate
Amount
Treasury bills—Cont.
1,503
June 22, 1971f
3,129
June 24, 1971
3,105
June 30, 1971
3,099
July 1, 1971
3.303
July 8, 1971
1,700
July 15, 1971
3.304
July 22, 1971
3,306
July 29, 1971
3,302
July 31, 1971
2,517
Aug. 31, 1971
Sept. 30, 1971
3.305
1,702
Oct. 31, 1971
3,305
Nov. 30, 1971
3,404
Dec. 31, 1971
3,408
3,403 Treasury notes
2,261
Feb. 15, 1971
3,403
Feb. 15, 1971
1 ,700
Apr. 1, 1971
1.402
May 15, 1971
1,401
May 15, 1971
1.403
Aug. 15, 1971
1.400
Oct. 1, 1971
1 .701
Nov. 15, 1971
Nov. 15, 1971
1.399
1.401
Feb. 15, 1972
Feb. 15, 1972
1.400
Treasury bills
Jan. 31, 1971.
Feb. 4, 1971.
Feb. 11, 1971.
Feb. 18, 1971.
Feb. 25, 1971.
Feb. 28, 1971.,
Mar. 4, 1971 .
Mar. 11, 1971.
Mar. 18, 1971.
Mar. 22, 19711
Mar. 25, 1971.
Mar. 31, 1971 .
Apr. 1, 1971.
Apr. 8, 1971.
Apr. 15, 1971.
Apr. 22, 1971.
Apr. 22, 1971 f
Apr. 29, 1971.
Apr. 30, 1971.
May 6, 1971.
May 13, 1971.
May 20, 1971.
May 27, 1971.
May 31, 1971.
June 3, 1971.
June 10, 1971.
June 17, 1971.
Amount
Issue and coupon rate
Treasury notes—Cont.
Apr. 1, 1972
11/2
May 15, 1972
4V4
May 15, 1972
63,4
Oct. 1, 1972
11/2
Apr. 1, 1973
11/2
May 15, 1973
73^
Aug. 15, 1973
SVs
Oct. 1, 1973
n/2
Feb. 15, 1974
73^
Apr. 1, 1974
11/2
May 15, 1974
IVa
Aug. 15, 1974
55/s
Oct. 1, 1974
11/2
Nov. 15, 1974
534
Feb. 15, 1975
Apr. 1, 1975
11/2
2,509
May 15, 1975
6
2,924
Oct. 1, 1975
U/ 2
35
Feb. 15, 1976
6V4
4,265
May 15, 1976
6*/2
4,176
Aug. 15, 1976
71/2
2,257
Feb. 15, 1977
8
72
Aug. 15, 1977
734
1,734
10,743 Treasury bonds
2,006
Mar. 15, 1966-71. .2i/ 2
3,375
June 15, 1967-72.. 2i/ 2
2,515
1,404
1.702
1,402
1 ,402
1 ,408
1 ,401
1,400
1.703
1.704
1,703
1,201
1,201
1,201
5V8
73A
n/ 2
5V4
8
8M
IV2
5 3/8
734
4*4
iy2
t Tax-anticipation series.
Amount
Issue and coupon rate
Amount
Treasury bonds—Cont.
Sept. 15, 1967-72. .21/2
Dec. 15, 1967-72. .21/2
Aug. 15, 1971
4
Nov. 15, 1971
3%
Feb. 15, 1972
4
Aug. 15, 1972
4
Aug. 15, 1973
4
Nov. 15, 1973
4i/ 8
Feb. 15, 1974
4i/ 8
May 15, 1974
4%
Nov. 15, 1974
3%
May 15, 1975-85. .41/4
June 15, 1978-83..314
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
31/4
6,760
Aug. 15, 1987-92. .414
12
Feb. 15, 1988-93.. 4
3,739
May 15, 1989-94. .4i/ 8
2,697
Feb. 15, 1990
31/2
4,194
Feb. 15, 1995
3
5,163
Nov. 15, 1998
31/2
2,263
34
5,310
2,037
33
34
5,842
1,839
30
3,141
34
4,507
10,284
42
3,981
5,148
1,219
1,235
Convertible bonds
Investment Series B
Apr. 1, 1975-80. .2%
1,951
2,567
2,805
2,760
2,344
2,579
3,894
4,345
3,127
3,581
2,239
1,213
1,541
2,593
1,904
1,069
3,808
248
1,554
4,719
1,245
3,985
2,269
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)
Issues for new capital
All issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
General
obligations
Revenue
HAA1
U.S.
Govt,
loans
State
Special
district
and
Other 2
stat.
auth.
8,845
10,538
10,847
11,329
11,405
14,766
16,596
11,881
5,582
5,855
6,417
7,177
6,804
8,985
9,269
7,725
2,681
4,180
3,585
3,517
3,955
5,013
6,517
3,556
437
254
637
464
325
477
528
402
145
249
208
170
312
334
282
197
1,419
1,620
1,628
2,401
2,590
2,842
2,774
3,359
2,600
3,636
3,812
3,784
4,110
4,810
5,946
3,596
4,825
5,281
5,407
5,144
4,695
7,115
7,884
4,926
1969—Nov...
Dec...
886
816
489
679
358
134
33
5
3
340
102
360
192
1970—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct.. .
Nov..
1,340
1,214
1,551
1,647
995
1,088
1,338
1,355
1,728
1,860
1 ,742
838
901
1,084
1,217
675
652
1,050
870
1,194
1,175
495
302
459
416
312
423
284
481
525
641
750
311
346
434
303
254
165
388
331
534
290
247
500
264
390
345
311
377
225
518
530
475
761
1962
196 3
196 4
196 5
196 6
196 7
196 8
196 9
7
12
7
15
8
12
4
5
9
12
5
1
Only bonds sold pursuant to 1949 Housing Act, which are secured
by contract requiring the Housing Assistance Administration to make
annual contributions to the local authority.
2
Municipalities, counties, townships, school districts.
3
Excludes U.S. Govt, loans. Based on date of delivery to purchaser
and payment to issuer, which occurs after date of sale.
4
Water, sewer, and other utilities.
Use of proceeds
Total
amount
delivered 3
Total
Education
Roads
and
bridges
Utilities 4
Housings
Veter- Other
ans'
puraid
poses
8,568
9,151
10,201
10,471
11,303
14,643
16,489
11,838
2,963
3,029
3,392
3,619
3,738
4,473
4,820
3,252
1,114
812
688
900
1,476
1,254
1,526
1,432
1,668
2,344
2,437
1,965
1,880
2,404
2,833
1,734
521
598
727
626
533
645
787
543
125 2,177
2,396
120 2,838
50 3,311
3,667
5,867
6,523
4,884
422
286
885
816
216
211
168
221
138
97
47
318
289
529
604
727
1,001
430
547
725
505
663
1,095
732
1,326
1,209
1,545
1,647
986
1,088
1,338
1,354
1,728
1,859
1 ,737
319
406
393
473
299
528
265
404
486
524
521
91
59
206
167
30
61
130
136
137
123
63
305
238
227
292
367
150
137
191
234
376
361
6
14
85
12
11
7
4
4
21
64
111
608
490
632
703
278
343
801
619
849
774
680
5
8,732
10,496
10,069
11,538
Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt, loans.
Investment Bankers Assn. data; par amounts of long-term issues
based on date of sale unless otherwise indicated.
Components may not add to totals due to rounding.
A 46
SECURITY ISSUES • FEBRUARY 1971
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues 1
Noncorporate
Corporate
Period
Total
U.S.
Govt. 2
U.S.
Govt,
agency3
State
and local
(U.S.) 4
Bonds
Others
Stock
Total
Total
Publicly
offered
Privately
placed
Preferred
Common
196 2
196 3
196 4
29,956
35,199
37,122
8,590
10,827
10,656
1,188
1,205
1,168-
8,558
10,107
10,544
915
887
760
10,705
12,211
13,957
8,969
10,856
10,865
4,440
4,713
3,623
4,529
6,143
7,243
422
343
412
1,314
1,011
2,679
196 5
196 6
196 7
196 8
196 9
40,108
45,015
68,514
65,562
52,496
9,348
8,231
19,431
18,025
4,765
2,731
6,806
8,180
7,666
8,617
11,148
11,089
14,288
16,374
11,460
889
815
1,817
1,531
961
15,992
18,074
24,798
21,966
26,744
13,720
15,561
21,954
17,383
18,347
5,570
8,018
14,990
10,732
12,734
8,150
7,542
6,964
6,651
5,613
725
574
885
637
682
1,547
1,939
1,959
3,946
7,714
1969—Oct..
Nov.
Dec.
5,420
4,069
4,440
440
300
380
1,782
450
650
1,254
853
812
11
92
65
1,933
2,374
2,531
1,282
1,390
1,860
969
1,164
1,346
313
226
514
20
83
32
630
902
640
1970—Jan..
Feb..
Mar.
Apr.
May,
June
July.
Aug.
Sept.
Oct..
6,144
6,003
6,799
5,891
9,548
6,985
3,128
5,882
4,681
4,577
413
416
461
387
3,701
819
405
3,573
1,428
412
1,648
2,523
1,201
700
950
1,693
1,107
915
1,600
2,169
1,314
1,198
1,504
1,625
974
1,058
1,310
1,318
1,650
133
63
94
9
14
27
306
76
4
113
2,636
1,802
3,539
3,170
3,909
3,389
2,768
2,273
3,518
3,850
2,120
1,334
2,385
2,469
3,441
2,368
2,151
1,935
2,814
2,775
1,595
1,068
1,914
2,022
3,041
1,931
1,831
1,731
2,425
2,390
525
266
471
448
399
436
320
205
389
385
60
50
90
67
69
222
88
92
176
456
417
1,064
634
399
436
529
246
528
896
1,882
180
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Stocks
196 2
196 3
196 4
2,880
3,202
2,819
404
313
228
622
676
902
274
150
220
573
948
944
196 5
196 6
196 7
196 8
196 9
4,712
5,861
9,894
5,668
4,448
704
1,208
1,164
1,311
1,904
1,153
1,166
1,950
1,759
251
257
117
116
3,022
1969—Oct..
Nov.
Dec.
115
286
420
144
167
181
95
183
190
1970—Jan..
Feb.,
Mar.
Apr.
May,
June,
July.
Aug.
Sept.
Oct..
690
314
882
616
801
896
602
663
937
121
43
533
73
17
42
36
20
56
76
172
65
110
283
113
124
232
91
118
289
1,018
Bonds
Stocks
Stocks
Communication
Real estate
and financial
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
14
9
38
2,279
2,259
2,139
562
418
620
1,264
953
669
43
152
1,520
1,397
2,818
3,391
457
313
466
953
1,856
1,859
1,665
1,899
60
116
466
1,579
247
2,332
3,117
4,217
4,407
5,409
604
549
718
873
,326
1,814
1,786
1,724
1,963
139
189
193
43
225
3,762
1,747
2,247
2,159
2,739
514
193
186
662
,671
202
242
193
52
137
140
16
5
6
676
422
497
69
201
103
120
156
255
45
22
225
207
358
219
326
166
165
122
200
276
338
396
330
163
262
154
63
117
215
125
271
138
10
7
557
417
613
939
535
673
15
81
123
293
170
65
430
124
70
190
448
229
216
286
56
1,747
353
143
278
443
370
20
6
141
160
231
421
2
34
204
335
248
266
342
134
163
108
176
49
151
191
122
81
230
162
96
228
287
1
Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3
Issues not guaranteed.
4
See NOTE to table at bottom of preceding page.
Bonds
Public utility
3
653
4
10
182
s Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organizations.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
A 47
FEBRUARY 1971 • SECURITY ISSUES
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers 1
Bonds and notes
All securities
Period
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
15,952
19,799
25,964
25,439
28,841
7,891
7,541
7,735
12,377
10,813
8,061
12,258
18,229
13,062
18,027
12,747
15,629
21,299
19,381
19,523
4,649
4,542
5,340
5,418
5,767
8,098
11,088
15,960
13,962
13,755
3,205
4,169
4,664
6,057
9,318
3,242
3,000
2,397
6,959
5,045
-37
1,169
2,267
-900
4,272
1969—III
IV
6,507
7,473
1,980
2,109
4,526
5,364
4,499
4,710
1,382
1,609
3,117
3,101
2,008
2,763
598
500
1,410
2,263
1970—1
II
Ill
7,272
10,114
9,385
2,185
2,227
2,089
5,086
7,886
7,297
4,987
7,876
7,598
1 ,507
1.545
1.546
3,480
6,330
6,051
2,285
2,238
1,788
679
682
542
1 ,606
1 ,556
1,245
1965
1966
1967
1968
1969
Type of issuer
Bonds
& notes
Stocks
Real estate
and financial
Communication
Public
utility
Transportation 3
Commercial
and other 2
Manufacturing
Period
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
1
Bonds
& notes
Stocks
1965
1966
1967
1968
1969
2,606
4,324
7,237
4,418
3,747
-570
32
832
-1,842
69
614
616
1,104
2,242
1,075
-70
-598
282
821
1,558
185
956
1,158
987
946
718
165
-149
186
1,342
2,659
3,444
3,669
4,464
96
533
652
892
1,353
644
1,668
1,716
1,579
1,834
518
575
467
120
241
2,707
864
1,302
1,069
1,687
-10
-90
-130
-741
866
1969—in
IV
1,087
266
343
484
1.01
181
274
580
136
97
21
41
898
1,447
320
467
566
551
31
87
329
559
420
605
1970—j
II
HI
1,084
1,334
2,169
463
-6
39
-160
343
263
415
633
326
591
64
-15
17
-24
21
1 ,214
1,953
1,917
395
583
750
546
2,134
991
27
10
6
204
504
691
289
361
139
1
2
3
Excludes investment companies.
Extractive and commercial and miscellaneous companies.
Railroad and other transportation companies.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on opposite page, new issues
exclude foreign sales and include sales of securities held by affiliated companies, special offerings to employees, and also new stock issues and cash
• proceeds connected with conversions of bonds into stocks. Retirements
are defined in the same way and also include securities retired with internal funds or with proceeds of issues for that purpose,
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Net
sales
Total 2
Cash
position
511
786
842
1,109
1,494
1,255
13,242
15,818
17,026
634
860
973
12,608
14,958
16,053
2,951
2,699
2,460
1,160
1,123
1,504
1,791
1,576
952
22,789
21,271
25,214
980
1,315
1,341
21,809
19,956
23,873
3,404
4,359
4,671
1,875
1,962
2,005
1,528
2,395
2,665
29,116
35,220
34,829
1,329
1.803
2,971
27,787
33,417
31,858
4,670
6,820
6,717
2,745
3,841
3,661
1,927
2,979
3,056
44,701
52,677
48,291
2,566
3,187
3,846
42,135
49,490
44,445
Sales i
Redemptions
1,620
2,280
2,097
3
Sales i
Redemptions
1969—Dec..,
522
301
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug.'
Sept..
Oct..
Nov..
Dec..
523
407
451
371
304
364
306
311
357
420
343
467
303
249
289
306
300
197
193
167
218
243
215
307
Other
1
Includes contractual and regular single purchase sales, voluntary
and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains
dividends.
2
Market value at end of period less current liabilities.
Sales and redemption
of own shares
Assets (market value
at end of period)
Assets (market value
at end of period)
Total 2
Cash
position 3
221
48,291
3,846
220
158
44,945
48,202
47,915
42,785
39,824
38,459
40,714
42,452
44,353
43,567
45,223
47,618
3,959
4,209
4,046
3,909
4,042
4,396
4,817
4,794
4,593
4,377
4,126
3,649
Net
sales
162
65
4
167
113
144
139
177
128
160
3
Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies
registered with the Securities and Exchange Commission. Data reflect
newly formed companies after their initial offering of securities.
A 48
BUSINESS FINANCE • FEBRUARY 1971
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1968
Industry
1966
1965
1967
1968
19691
1969
IV
Manufacturing
Total (177 corps.):
Sales
177,237 195,738 201,399
Profits before taxes
22,046 23,487 20,898
Profits after taxes
12,461 13,307 12,664
Dividends
6,989
6,527
6,920
Nondurable goods industries (78
2
corps.):
Sales
64,897 73,643 77,969
Profits before taxes
9,039
7,846
9,181
Profits after taxes
5,379
4,786
5,473
Dividends
3,027
2,527
2,729
Durable goods industries (99 corps.): 3
Sales
112,341 122,094 123,429
Profits before taxes
14,200 14,307 11,822
Profits after taxes
6,352
7,675
7,834
Dividends
3,964
4,000
4,191
Selected industries:
Foods and kindred products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemical and allied products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
225,740 243,449 53,633
5,985
25,375 25,622
13,787 14,090 3,298
7,757
1,716
7,271
57,732
6,878
3,609
1,731
53,987 60,388 57,613
6,932
5,580
6,565
3,850
3,030
3,579
2,078
1,746
1,838
61,392
6,887
3,750
1,916
84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198
2,387
2,545
2,664
2,442
2,524
9,866 10,333
2,492
6,103
1,428
1,471
1,559
1,492
5,799
1,411
1.489
3,289
743
763
812
3,082
751
825
140,879 151,416 33,477 36,707
4,386
15,510 15,290 3,598
7,989
1,871
2,198
7,989
4,469
972
981
4,189
32,435 38,259
4.490
3,036
2,361
1,559
1,253
983
35,849 38,195
4,224
4,041
2,190
2,087
1,108
1,026
(25
19,038 20,134 22,109 24,593
2,425
1,967
2,227
1,916
1,171
1,041
1,093
1,008
661
583
616
564
5,184
498
255
150
5,389
563
260
155
5,737
590
285
155
5,799
576
293
156
5,714
534
261
162
5,923
581
275
165
24,494
18,158 20,007 20,561 22,1
3,258
2,731
2,891
3,117
3,073
1,773
1,579
1,630
1,618
1,737
1,031
960
926
1,002
948
5,436
760
390
236
5,697
807
419
236
5,782
806
412
243
5,893
744
398
287
5,845
844
448
252
6,230
875
473
251
17,828 20,887 23,258 24,218 25,586
2,941
3,004
1,962
2,866
2,681
2,224
2,038
1,541
2,206
1,898
1,123
1,079
737
1,039
817
5,890
767
592
253
6,013
692
520
255
6,100
740
561
258
6,214
667
534
273
6,107
726
562
282
6,610
728
558
273
26,548 28,558 26,532 30,171 33,674
3,052
2,487
2,931
3,277
2,921
1,912
1,506
1,689
1,903
1,750
987
892
818
924
952
7,150
669
376
224
8,427
915
550
230
7,461
601
343
233
7,133
735
482
264
7,671
691
431
242
8,612
828
504
245
25,364 29,512 32,721
3,482
3,107
3,612
1,875
1,789
1,626
912
921
774
35,660 38,719
4,377
4,134
2,147
2,014
1,128
992
8,371
936
448
247
8,864
1,008
499
248
8,907
1,112
537
248
9,517
1,079
531
249
8,957
1,071
526
270
9,757
1,167
576
271
42,712 43,641 42,306
6,253
3,906
5,274
3,294
1,999
2,877
1,890
1,567
1,775
50,526 52,290
5,268
5,916
2,604
2,903
1,723
1,642
12,343
1,507
783
364
13,545
1,851
847
364
9,872 14,767 13,328
1,663
640
1,918
806
330
943
365
364
550
13,638
1,542
750
436
16,427
1,710
896
509
(20
(34
(14
Public utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
10,208
979
815
468
10,661
1,094
906
502
10,377 10,859 11,451
683
385
678
461
319
565
488
538
515
2,611
127
112
117
2,758
206
174
132
2,708
149
110
2,782
196
169
166
2,741
128
98
116
2,916
220
173
136
15,816
4,213
2,586
1,838
16,959
4,414
2,749
1,938
17,954
4,547
2,908
2,066
19,421 21,075
4,938
4,789
3,186
3,002
2,201 2,299
5,106
1,351
863
539
4,553
1,040
641
555
4,869
1,271
764
543
4,892
1,125
733
565
5,480
1,384
873
580
4,913
1,065
707
577
11,320
3,185
1,718
1,153
12,420
3,537
1,903
1,248
13,311
3,694
1,997
1,363
14,430
3,951
1,961
1,428
16,057
4,098
2,080
1,493
3,486
971
525
351
3,544
989
441
318
3,629
990
493
396
3,771
1,001
502
363
3,853
1 ,070
540
368
3,975
1,043
523
371
1
Manufacturing figures reflect changes by a number of companies in
accounting methods and other reporting procedures.
2
Includes 17 corporations in groups not shown separately.
3
Includes 27 corporations in groups not shown separately.
NOTE.—Manufacturing corporations: Data are obtained primarily from
published reports of companies.
Railroad: Interstate Commerce Commission data for Class I linehaul railroads.
Electric power: Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
100
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
Telephone: Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General Depts. of American Telephone and Telegraph Co.)
and for two affiliated telephone companies. Dividends are for the 20
operating subsidiaries and the two affiliates.
All series: Profits before taxes are income after all charges and before
Federal income taxes and dividends.
Back data available from the Division of Research and Statistics.
Series have been temporarily discontinued.
FEBRUARY 1971 • BUSINESS FINANCE
A 49
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allow-1
ances
1963
1964
1965
1966
59.4
66.8
77.8
84.2
26.3
28.3
31.3
34.3
33.1
38.4
46.5
49.9
16.5
17.8
19.8
20.8
16.6
20.6
26.7
29.1
1967
1968
1969
1970 p
79.8
88.7
91.2
82.3
33.2
40.6
42.7
37.9
46.6
48.2
48.5
44.4
21.4
23.3
24.7
25.2
25.3
24.9
23.9
19.2
Year
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances 1
31.8
33.9
36.4
39.5
1969—1.
II....
III.. .
IV...
93.0
93.4
89.9
88.5
43.5
43.8
42.1
41.4
49.5
49.7
47.9
47.1
24.1
24.4
25.0
25.2
25.5
25.2
22.9
21.9
48.5
49.3
50.1
51.0
43.0
46.5
49.8
53.5
1970—1 . . .
II....
III...
82.6
82.0
84.4
38.0
38.1
38.9
44.6
43.9
45.4
25.2
25.1
25.4
19.4
18.8
20.0
52.0
53.0
54.0
I Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
NOTE.—Dept. of Commerce estimates.
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt,
securities
Current liabilities
Notes and accts.
receivable
Notes and accts.
payable
U.S.
Govt. 1
Inventories
U.S.
Govt, i
Other
Other
Accrued
Federal
income
taxes
Total
Other
Other
1963
1964
1965
1966
1967
1968
163.5
170.0
180.7
188.2
198.9
212.0
351.7
372.2
410.2
442.6
470.4
513.8
46.5
47.3
49.9
49.3
54.1
58.0
20.2
18.6
17.0
15.4
12.7
14.2
3.6
3.4
3.9
4.5
5.1
5.1
156.8
169.9
190.2
205.2
216.0
237.1
107.0
113.5
126.9
143.1
153.4
165.8
17.8
19.6
22.3
25.1
29.0
33.6
188.2
202.2
229.6
254.4
271.4
301.8
2.5
2.7
3.1
4.4
5.8
6.4
130.4
140.3
160.4
179.0
190.6
209.8
16.5
17.0
19.1
18.3
14.1
16.4
38.7
42.2
46.9
52.8
60.8
69.1
1969—1
II
Ill
IV
214.6
215.6
213.8
213.2
523.3
534.5
544.7
555.9
54.6
55.4
53.9
54.9
16.0
13.5
12.4
12.7
4.8
4.8
4.6
4.8
241.3
248.6
256.3
261.0
170.4
175.2
180.0
184.8
36.1
36.9
37.4
37.8
308.7
318.9
330.9
342.7
6.9
7.2
7.5
7.3
210.7
220.1
227.9
238.1
18.5
15.0
15.9
16.6
72.7
76.5
79.6
80.6
1970—1
II
Ill
213.3
213.6
214.0
561.0
566.3
567.6
52.9
52.5
53.7
12.5
10.7
9.3
4.7
4.4
4.2
264.5
268.7
270.0
188.0
190.2
191.8
38.5
39.9
38.5
347.7
352.7
353.6
7.2
7.0
6.8
238.4
244.1
243.0
18.0
14.6
15.4
84.2
87.1
88.3
1
Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations' books.
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., insurance companies, and investment
companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Public utilities
Transportation
Mining
Durable
Railroad
Nondurable
Air
Other
Electric
Communications
Gas
and other
Other 1
Total
(S.A.
A.R.)
196 3
196 4
196 5
196 6
196 7
196 8
196 9
19702....
40.77
46.97
54.42
63.51
65.47
67.76
75.56
80.58
7.53
9.28
11.50
14.96
14.06
14.12
15.96
15.91
8.70
10.07
11.94
14.14
14.45
14.25
15.72
16.36
1.27
1.34
1.46
1.62
1.65
1.63
1.86
1.86
1.26
1.66
1.99
2.37
1.86
1.45
1.86
1.83
.40
1.02
1.22
1.74
2.29
2.56
2.51
2.94
1.58
1.50
1.68
1.64
1.48
1.59
1.68
1.24
3.67
3.97
4.43
5.38
6.75
7.66
8.94
10.85
1.31
1.51
1.70
2.05
2.00
2.54
2.67
2.48
4.06
4.61
5.30
6.02
6.34
6.83
8.30
10.24
10.99
12.02
13.19
14.48
14.59
15.14
16.05
16.86
1969—I.. .
II. .
III.
IV.
16.04
18.81
19.25
21.46
3.36
3.98
4.03
4.59
3.22
3.84
4.12
4.53
.42
.48
.47
.49
.38
.44
.49
.55
.68
.66
.53
.64
.38
.46
.40
.44
1.88
2.22
2.23
2.61
.48
.77
.80
.62
1.81
2.00
2.11
2.39
3.41
3.97
4.07
4.60
72.52
73.94
77.84
77.84
1970—I.. ,
II. .
III.
2
17.47
20.33
20.26
22.52
3.59
4.08
3.87
4.37
3.56
4.07
4.12
4.61
.45
.47
.46
.47
.42
.47
.46
.49
.73
.80
.74
.67
.28
.31
.30
.34
2.15
2.59
2.79
3.32
.39
.69
.78
.62
2.14
2.59
2.56
3.76
4.26
4.16
7. 64
78.22
80.22
81.88
81.72
1971— P . .
18.12
3.43
3.50
.44
.36
.50
.24
2.90
.45
6. 31
81.40
IV
1 Includes trade, service, construction, finance, and insurance.
Anticipated by business.
2
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corporate and noncorporate business; excludes agriculture,
real estate operators, medical, legal, educational, and cultural service, and
nonprofit organizations.
A 50
REAL ESTATE CREDIT n FEBRUARY 1971
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
End of
period
1941
1945
Farm
Nonfarm
Other
holders 2
All
holders
Financial
institutions 1
1- to 4-family houses 4
Individuals
and
others
U.S.
agencies
All
holders
Financial
institutions 1
Other
holders 3
All
holders
Total
Finan.
institutions 1
Multifamily and
commercial properties 5
Other
holders
Total
Finan.
institutions 1
Other
holders
Mortgage
type 6
FHA—
VAunderwritten
Conventional
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
6.4
4.8
1.5
1.3
4.9
3.4
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
3.0
4.3
28.2
26.5
1964
1965
1966
1967 p ., ,
1968^,
300.1
325.8
347.4
370.2
397.5
241.0
264.6
280.8
298.8
319.9
11.4
12.4
15.8
18.4
21.7
47.7
48.7
50.9
53.0
55.8
18.9
21.2
23.3
25.5
27.5
7.0
7.8
8.4
9.1
9.7
11.9
13.4
14.9
16.3
17.8
281.2
304.6
324.1
344.8
370.0
197.6
212.9
223.6
236.1
251.2
170.3
184.3
192.1
201.8
213.1
27.3
28.7
31.5
34.2
38.1
83.6
91.6
100.5
108.7
118.7
63.7
72.5
80.2
87.9
97.1
19.9
19.1
20.3
20.9
21.6
77.2
81.2
84.1
88.2
92.8
204.0
223.4
240.0
256.6
277.2
1968—Ilf..
IIIP.
IVP.
382.9
389.8
397.5
308.1
313.5
319.9
20.6
21.1
21.7
54.2
55.1
55.8
26.7
27.2
27.5
9.6
9.6
9.7
17.1
17.5
17.8
356.1
362.6
370.0
243.2
247.0
251.2
206.7
209.7
213.1
36.5
37.3
38.1
112.9
115.6
118.7
91.8
94.1
97.1
21.2
21.5
21.6
90.7
92.0
92.8
265.4
270.6
277.2
1969—IP...
IIP..
IIIP.
I VP.
403.7
411.7
418.7
425.3
324.7
331.0
335.7
339.1
22.6
23.4
24.9
26.8
56.4
57.1
58.1
59.4
28.1
28.8
29.2
29.5
9.8
10.1
10.1
9.9
18.3
18.7
19.1
19.6
375.7
382.9
389.5
395.9
254.8
259.5
263.4
266.8
216.0
219.9
222.5
223.6
38.8
39.5
40.9
43.2
120.9
123.4
126.0
129.0
98.9
101.0
103.1
105.5
21.9
22.4
22.9
23.5
94.5
96.6
98.5
100.2
281.2
286.3
291.0
295.7
1970—1....
IIP..
III...
429.3
435.6
442.7
340.6
344.4
349.6
28.5
30.1
31.3
60.1
61.2
61.8
29.8
30.3
30.7
9.8
9.8
98.0
20.0
20.5
20.8
399.5
405.2
412.0
268.5
271.7
275.8
223.7
225.6
228.6
44.8
46.1
47.2
131.0
133.5
136.2
107.1
109.0
111.2
23.9
24.5
25.0
101.9
103.2
297.9
302.3
1
Commercial banks (including nondeposit trust companies but not
trust depts.), mutual savings banks, life insurance companies, and savings
and loan assns.
2
U.S. agencies include former F N M A and, beginning fourth quarter
1968, new G N M A as well as FHA, VA, PHA, Farmers Home Admin.,
and in earlier years, RFC, HOLC, and FFMC. They also include U.S.
sponsored agencies—new F N M A and Federal land banks. Other agencies
(amounts small or current separate data not readily available) included
with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4
For multifamily and total residential properties, see p. A-52.
5 Derived figures; includes small amounts of farm loans held by savings
and loan assns.
6 Data by type of mortgage on nonfarm 1- to 4-family properties alone
are shown on p. A-52.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller of
the Currency.
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
Residential
End of period
Total
Total
FHAinsured
1941
1945
4,906
A,112
43,976
49,675
54,380
59,019
65,696
28,933
32,387
34,876
37,642
41,433
7,315
7,702
7,544
7,709
7,926
1967—IV.
59,019
37,642
1968—1..
II.
Ill
IV.
60,119
61,967
63,779
65,696
38,157
39,113
40,251
41,433
1969—1..
II.
Ill
IV.
67,146
69,079
70,336
70,705
1970—1..
II p
III
70,854
71,291
72,091
FHAinsured
guaranteed
1,048
856
566
521
4,812
4,208
2.742
2,688
2,599
2,696
2,708
18,876 12,405
21,997 14,377
24,733 16,366
27,237 17,931
30,800 20,505
2,638
2,911
3,138
3,446
3,758
40,556
44,617
47,337
50,490
53,456
36,487
40,096
42,242
44,641
46,748
12,287
13,791
14,500
15,074
15,569
11,121
11,408
11,471
11,795
12,033
7,709
2,696
27,237
17,931
3,446
50,490
44,641
15,074
7,694
7,678
7,768
7,926
2,674
2,648
2,657
2,708
27,789 18,396
28,787 19,098
29,826 19,771
30,800 20,505
3,566
3.756
3.757
3.758
51,218
51,793
52,496
53,456
45,171
45,570
46,051
46,748
15,179
15,246
15,367
15,569
42,302
43,532
44,331
44,573
7,953
8,060
8,065
7,960
2,711
2.743
2,793
2,663
31,638
32,729
33,470
33,950
20,950
21,459
21,924
22,113
3,894
4,088
4,081
4,019
54,178
54,844
55,359
56,138
47,305
47,818
48,189
48,682
44,568
44,845
45,345
7,800
2,496
2,575
34,184 22,248
34,469 22,392
22,637
4,038
4,054
4,109
56,433
56,961
57,432
48,892
49,291
49,708
Conventional
3,884
3,387
1
Includes loans held by nondeposit trust companies, but not bank
trust depts.
2
Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corporation series for all commercial and mutual savings banks in the United
Residential
Other
nonfarm
3,292
3,395
196 4
196 5
196 6
196 7
196 8
guaranteed
Conventional
2
Other
nonfarm
900
797
28
24
13,079
14.897
16,272
17,772
19,146
4,016
4,469
5,041
5,732
6,592
53
52
53
117
117
11,795
17,772
5,732
117
11,872
11,918
11,945
12,033
18,120
18,406
18,739
19,146
5,931
6,108
6,329
6,592
116
115
117
15,678
15,769
15,813
15,862
12,097 19,530
12,151 19.898
12,169 20,207
12,166 20,654
6,756
6,908
7,053
7,342
117
117
117
114
15,865
15,916
12,144 20,883
12,150 21,225
7,427
7,556
7,628
114
114
96
116
States and possessions. First and third quarters, estimates based on special
F.R. interpolations after 1963 or beginning 1964. For earlier years, the
basis for first- and third-quarter estimates included F.R. commercial bank
call report data and data from the National Assn. of Mutual Savings
Banks.
FEBRUARY 1971 • REAL ESTATE CREDIT
A 51
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
Total
Total
FHAinsured
VAguaranteed
Other i
FHAinsured
Total
Farm
VAguaranteed
Other
1945
976
6,637
5,860
1,394
4,466
766
196 2
196 3
196 4
196 5
7,478
9,172
10,433
11,137
6,859
8,306
9,386
9,988
1,355
1,598
1,812
1,738
469
678
674
553
5,035
6,030
6,900
7,697
619
866
1,047
1,149
46,902
50,544
55,152
60,013
43,502
46,752
50,848
55,190
10,176
10,756
11,484
12,068
6,395
6,401
6,403
6,286
26,931
29,595
32,961
36,836
3,400
3,792
4,304
4,823
196 6
196 7
196 8
196 9
10,217
8,470
7,925
7,200
9,223
7,633
7,153
6,658
1,300
757
719
602
467
444
346
199
7,456
6,432
6,088
5,857
994
837
772
542
64,609
67,516
69,973
72,031
59,369
61,947
64,172
66,257
12,351
12,161
11,961
11,690
6,201
6,122
5,954
5,669
40,817
43.664
46,257
48,898
5,240
5,569
5,801
5,774
1969—Oct.,
Nov.
Dec.
464
803
663
446
774
47
39
48
607
399
718
25
18
29
71,569
71,710
72,127
65.766
65,915
66,353
11,777
11,762
11,744
5,744
5,720
5,697
48,245
48,433
48,912
5,803
5,795
5,774
1970—Jan.,
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
599
564
576
524
521
549
551
472
520
555
572
541
546
493
502
522
531
458
489
527
34
27
24
31
39
25
50
31
31
28
530
508
510
458
454
492
476
419
452
494
27
23
30
31
19
27
20
14
31
28
72,340
72,527
72,616
72,793
72,982
73,165
73,352
73,427
73,540
73,728
66,621
66,836
66,943
67,121
67,320
67,498
67,687
67.767
67,875
68,058
11,696
11,675
11,642
11,621
11,606
11,569
11,561
11,526
11,486
11,453
5,660
5,638
5,636
5,609
5,583
5,556
5,528
5,499
5,467
5,442
49,265
49,523
49.665
49,891
50,131
50,373
50,598
50,742
50,922
51,163
5,719
5,691
5,673
5,672
5,662
5,667
5,665
5,660
5,665
5,670
1
Include mortgage loans secured by land on which oil drilling or
extracting operations are in process.
NOTE.—Institute of Life Insurance data. For loans acquired, the
monthly figures may not add to annual totals; and for loans outstanding
the end-of-Dec. figures may differ from end-of-year figures because (1)
monthly figures represent book value of ledger assets, whereas year-end
figures represent annual statement asset values, and (2) data for year-end
adjustments are more complete. Beginning 1970 monthly and year-earlier
data are on a statement balance basis.
FEDERAL HOME LOAN BANKS
MORTGAGE ACTIVITY OF SAVINGS AND
LOAN ASSOCIATIONS
(In millions of dollars)
(In millions of dollars)
Loans made
Advances outstanding
(end of period)
Loans outstanding (end of period)
Period
Period
New
home
Total 1 construction
Home
purchase
Total 2
VAFHAguarinsured anteed
Conventional
181
1,358
5,376
196 3
196 4
196 5
196 6
25,173 7,185
24,913 6,638
24,192 6,013
16,924 3,653
10,055
10,538
10,830
7,828
90,944
101,333
110,306
114,427
4,696
4,894
5,145
5,269
6,960 79,288
6,683 89,756
6,398 98,763
6,157 103,001
196 7
196 8
196 9
20,122 4,243
21,983 4,916
21,832 4,756
9,604 121,805 5,791
11,215 130,802 6,658
11,244 140,209 7,910
6,351 109,663
7,012 117,132
7,653 124,646
140,209 7,910
7,653 124,646
140,345
140,568
140,766
141,252
141,975
143,103
143,103
145,296
146,418
147,570
148,896
150,560
7,669
7,680
7,677
7,712
7,761
7,862
7,862
8,050
8,115
8,230
8,336
8,525
1945
1,913
1969—Dec..
1,508
300
687
1970—Jan...
Feb..
Mar..
Apr..
May .
June.
July..
Aug..
Sept..
Oct...
Nov'
Dec.'
1,064
1,042
1,262
1 ,400
1,586
2,086
2,080
2,111
2,183
2,127
1,972
2,451
220
223
284
325
373
398
393
369
388
406
355
401
530
502
585
627
741
1,017
1,071
1,147
1,100
1,032
919
964
7,937
8,000
8,092
8,184
8,325
8,579
8,579
9,011
9,224
9,441
9,226
10,205
124,739
124.888
124,997
125,356
125.889
126,662
'127,403
'128,234
129,079
129,903
130,794
131,830
1 Includes loans for repairs, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958, includes shares pledged against mortgage loans;
beginning with 1966, includes junior liens and real estate sold on contract;
and beginning with 1967, includes downward structural adjustment for
change in universe.
NOTE,—Federal Home Loan Bank Board data.
Advances
Members'
deposits
Repayments
Total
Shortterm 1
Longterm 2
1945
278
213
195
176
19
46
196 3
196 4
196 5
196 6
5,601
5,565
5,007
3,804
4,296
5,025
4,335
2,866
4,784
5,325
5,997
6,935
2,863
2,846
3,074
5,006
1,921
2,479
2,923
1,929
1,151
1,199
1,043
1,036
196 7
196 8
196 9
1,527
2,734
5,531
4,076
1,861
1,500
4,386
5,259
9,289
3,985
4,867
8,434
401
392
855
1,432
1,382
1,041
9,289
8,434
855
1,041
9,852
9,937
9,745
9,860
10,008
10,236
10,373
10,446
10.524
120 10,540
126 10.525
134 10,615
8,744
8,717
8,501
7,721
7,031
7,002
4,445
3,967
3,477
1,108
1,220
1,243
2,138
2,997
3,234
5,927
6,478
7,047
1969—Dec.
564
77
1970—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
708
384
136
393
240
299
243
179
204
135
112
224
145
299
388
278
92
71
106
106
125
1
786
801
985
1 ,108
1 ,188
1,331
1,193
1,238
1,339
1,496
1,978
2,330
Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
2
NOTE.—Federal Home Loan Bank Board data.
A 52
REAL ESTATE CREDIT • FEBRUARY 1971
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions of dollars)
Governmentunderwritten
All residential
Multifamily i
Total
Financial
institutions
Other
holders
Total
Financial
institutions
1941
1945
196 3
196 4
24.2
24.3
211.2
231.1
14.9
15.7
176.7
195.4
9.4
8.6
34.5
35.7
5.9
5.7
29.0
33.6
3.6
3.5
20.7
25.1
196 5
196 6
196735
1968*
250.1
264.0
280.0
298.6
213.2
223.7
236.6
250.8
36.9
40.3
43.4
47.8
37.2
40.3
43.9
47.3
29.0
31.5
34.7
37.7
8.2
8.8
9.2
9.6
1968—III.
IV..
293.3
298.6
246.4
250.8
46.9
47.8
46.2
47.3
36.7
37.7
9.5
9.6
1969—I...
II. .
III.
IV..
303.0
308.9
314.1
319.0
254.4
259.3
262.7
265.0
48.6
49.6
51.4
54.0
48.3
49.4
50.6
52.2
38.4
39.3
40.2
41.3
9.9
10.1
10.4
10.9
1970—I...
Hp.
II IP
312.7
326.2
332.9
265.8
268.7
272.8
55.9
57.5
60.1
53.2
54.5
55.9
42.1
43.1
44.1
11.1
End of
period
End of period
Total
Total
Other
holders
2.2
2.2
FHAinsured
VAguaranteed *
Conventional
1954
1963
1964
4.3
65.9
69.2
4.1
35.0
38.3
.2
30.9
30.9
14.3
116.3
128.3
1965
1966
1967p
1968 p
212.9
223.6
236.1
251.2
73.1
76.1
79.9
83.8
42.0
44.8
47.4
50.6
31.1
31.3
32.5
33.2
139.8
147.6
156.1
167.4
1967—IV
236.1
79.9
47.4
32.5
156.1
1968—1
II
239.1
243,2
247,0
251 ,2
81.0
82.1
83.2
84.4
48.1
48.7
49.6
50.6
32.9
33.4
33.6
33.8
158.1
161.1
163.8
166.8
1969—1
8.3
8.5
18.6
182.2
197.6
254,8
259., 5
263.5
266.8
85.3
87.1
88.8
90.1
51.4
52.2
53.4
54.5
33.9
34.9
35.4
35.6
169.5
172.3
174.6
176.9
268.5
271.7
275.8
91.6
92.1
55.6
56.1
36.0
36.0
177.1
179.9
Ill
IV
11.4
11.8
1970—1
IIP
i Structures of five or more units.
NOTE.—Based on data from same source J ; for "Mortgage Debt Outstanding" table (second preceding page).
1
Includes outstanding amount of VA vendee accounts held by private
investors under repurchase agreement.
NOTE.—For total debt outstanding, figures are FHLBB and F.R.
estimates. For conventional, figures are derived.
Based on data from FHLBB, Federal Housing Admin., and Veterans
Admin.
GOVERNMENT-UNDERWRITTEN RESIDENTIAL
LOANS MADE
(In millions of dollars)
FHA-insured
DELINQUENCY RATES ON HOME MORTGAGES
ExNew isting
homes homes
Property
improvements 2
Total 3
20
895
171
663
Projects 1
New
homes
Existing
homes
192
2,846
1,023
1,821
1945
1964.
665
8,130
257
217
1,608 4,965
1965.
1966.
1967.
1968
1969.
8,689
7,320
7,150
8,275
9,129
1,705
1,729
1,369
1,572
1,551
5,760
4,366
4,516
4,924
5,570
591
583
642
1,123
1,316
634
641
623
656
693
2,652
2,600
3,405
3,774
4,072
876
980
1,143
1,430
1,493
1,774
1,618
2,259
2,343
2,579
1969--July..
Aug..
Sept..
Oct...
Nov..
Dec..
869
791
872
911
705
793
140
130
148
160
131
148
518
501
566
553
430
448
127
92
95
140
90
146
58
68
63
59
55
50
356
385
364
397
328
317
122
126
134
148
125
134
234
259
230
249
203
183
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
807
643
780
864
943
1,097
1,087
178
141
176
176
176
218
230
433
361
406
385
351
478
475
139
109
157
257
367
336
319
58
32
42
45
48
64
62
313
235
257
232
237
262
297
139
107
114
97
98
99
108
174
128
143
135
139
163
189
1
Monthly figures do not reflect mortgage amendments included in annual
totals.
2 Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; 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.
Loans not in foreclosure
but delinquent for—
Mortgages
Mortgages
Period
Total
(Per 100 mortgages held or serviced)
VA-guaranteed
Loans in
foreclosure
End of period
Total
30 days
60 days
90 days
or more
1963
1964
3.30
3.21
2.32
2.35
.60
.55
.38
.31
.34
.38
1965
1966
1967
1968
1969
3.29
3.40
3.47
3.17
3.22
2.40
2.54
2.66
2.43
2.43
.55
.54
.54
.51
.52
.34
.32
.27
.23
.27
.40
.36
.32
.26
.27
1966—III.
IV....
3.09
3.40
2.25
2.54
.52
.54
.32
.32
.36
.36
1967—1
II
III.
IV
3.04
2.85
3.15
3.47
2.17
2.14
2.36
2.66
.56
.45
.52
.54
.31
.26
.27
.27
.38
.34
.31
.32
II
III.
IV
2.84
2.89
2.93
3.17
2.11
2.23
2.23
2.43
.49
.44
.48
.51
.24
.22
.22
.23
.32
.28
.26
.26
1969—1
II
Ill....
IV. . . .
2.77
2.68
2.91
3.22
2.04
2.06
2.18
2.43
.49
.41
.47
.52
.24
.21
.26
.27
.26
.25
.25
.27
1970—1
II
Ill
2.96
2.83
3.10
2.14
2.10
2.26
.52
.45
.53
.30
.28
.31
.31
.31
.25
NOTE.—Mortgage Bankers Association of America data from
reports on 1- to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including
mortgage bankers (chiefly), commercial banks, savings banks, and
savings and loan associations.
FEBRUARY 1971 • REAL ESTATE CREDIT
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
FEDERAL NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
(In millions of dollars)
End of
period
Total
(In millions of dollars)
Mortgage
transactions
(during
period)
Mortgage
holdings
FHAinsured
VAguaranteed
Purchases
A 53
Mortgage
commitments
End of
period
Sales
Made
during
period
Total
Out
standing
Mortgage
commitments
Mortgage
transactions
(during
period)
Mortgage
holdings
FHAinsured
VAguaranteed
Purchases
Made
during
period
Out
standing
1,920
1,736
2,697
6,630
Sales
214
501
1,287
3,539
196 6
196 7
196 8
196 9
2,667
3,348
4,220
4,820
2,062
2,756
3,569
4,220
604
592
651
600
620
860
,089
827
371
1 ,045
867
615
491
1,171
1,266
1,130
196 6
196 7
196 8
196 9
4,396
5,522
7,167
10,950
3,345
4,048
5,121
7,680
1,051
1,474
2.046
3,270
2,081
1,400
1,944
4,121
1969-Nov.
Dec..
4,739
4,820
4,135
4,220
604
600
77
99
39
54
1,171
1,130
1969-Oct...
Nov..
Dec..
9,850
10,386
10,950
6,950
7,305
7,680
2,900
3,081
3,2.70
554
564
593
813
460
683
3,594
3,465
3,539
1970-Jan..,
Feb.,
Mar.
Apr.,
May.
June,
July.,
Aug.,
Sept.
Oct..
Nov.,
4,862
4,903
4,938
4,965
5,006
5,033
5,070
5,102
5,109
5,132
5,141
4,266
4,311
4,350
4,381
4,426
4,458
4,499
4,535
4,546
4,573
4,587
596
592
588
584
580
575
571
567
563
559
554
59
58
53
44
62
58
55
54
27
46
35
34
24
95
48
92
191
172
123
57
42
42
1,098
1,057
1,014
970
925
992
966
802
795
775
776
1970-Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
11,513
12,005
12,499
12,949
13,287
13,658
14,084
14,452
14,807
15,152
15,396
8,062
8,392
8,739
9,069
9,324
9,610
9,936
10,218
10,499
10,780
10,981
3,452
3,613
3,760
3,880
3,962
4.047
4,148
4,234
4,308
4,372
4,416
592
522
526
485
374
434
470
413
406
397
294
836
816
696
592
817
712
532
718
650
535
541
3,694
3,933
4,108
4,152
4,510
4,709
4,684
4,834
4,849
4,805
4,930
NOTE.—Government National Mortgage Assn. data. Data prior to
Sept. 1968 relate to Special Assistance and Management and Liquidating
portfolios of former F N M A and include mortgages subject to participation
pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former F N M A from the RFC Mortgage
Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin.
12
NOTE.—Federal National Mortgage Assn. data. Data prior to Sept.
1968 relate to secondary market portfolio of former FNMA. Mortgage
commitments made during the period include some multifamily and nonprofit hospital loan commitments in addition to 1- to 4- family loan commitments accepted in FNMA's free market auction system.
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY UNDER FREE MARKET SYSTEM
HOME-MORTGAGE YIELDS
Implicit yield, by
commitment period
(in months)
Mortgage amounts
(In per cent)
Primary market
(conventional loans)
Secondary
market
Date
of
auction
Accepted
Period
New
homes
Yield
on FHAinsured
new
home
loans
New
homes
Existing
homes
1966
1967
1968
1969
6.25
6.46
6.97
7.81
6.41
6.52
7.03
7.82
6.40
6.53
7.12
7.99
6.38
6.55
7.21
8.26
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8.34
8.41
8.47
8.41
8.45
8.48
8.49
8.52
8.48
8.51
8.43
8.37
8.29
8.41
8.43
8.34
8.34
8.36
8.37
8.41
8.42
8.35
8.32
8.26
8.55
8.55
8.55
8.55
8.55
8.55
8.60
8.60
8.50
8.50
8.45
8.30
9.29
9.20
9.10
9.11
9.16
9.11
9.07
9.01
8.97
8.90
8.40
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
month. Yields on FHA-insured mortgages are derived from
weighted averages of private secondary market prices for Sec.
203, 30-year mortgages with minimum downpayment and an
assumed prepayment at the end of 15 years. Gaps in data are
due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract
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-35) and an assumed prepayment at end
of 10 years
By commitment
period (in months)
Offered
FHA series
FHLI \B series
(effective rate)
3
6
12-18
Total
3
6
12-18
In millions of dollars
1970—May 11..
18..
25..
In per cent
269.2
300.2
289.5
102.2
136.3
145.2
26.0
32.3
38.9
63.2
86.4
86.7
13.0
17.5
19.7
9.04
9.11
9.15
9.07
9.13
9.18
9.13
9.18
9.22
June
1..
15..
29..
224.2
249.7
156.3
113.8
127.9
98.9
31.1
34.2
30.6
71.4
86.7
56.5
11.3
7.0
11.8
9.20
9.27
9.32
9.24
9.30
9.33
9.27
9.31
9.34
July
13..
27..
286.2
323.8
113.3
150.4
24.9
37.0
72.9
91.0
15.3
22.3
9.20
9.10
9.21
9.12
9.22
9.12
Aug.
3..
24..
441.3
492.8
180.1
215.1
41.4
48.9
91.0
124.4
47.8
41.9
9.03
9.03
9.03
9.03
9.04
9.03
Sept.
8..
24..
384.2
207.8
200.1
195.3
45.6
40.1
117.0
121.5
37.5
33.7
9.06
9.01
9.04
9.01
9.04
9.02
Oct.
5..
19..
267.5
352.5
149.8
149.7
62.2
53.2
73.1
88.1
14.5
8.4
8.90
8.89
8.92
8.90
8.97
8.95
Nov.
2..
16..
341.5
222.4
181.2
170.3
100.0
75.8
62.4
79.4
18.7
15.1
8.90
8.89
8.93
8.90
8.93
8.92
Dec.
7..
14..
166.5
165.1
127.8
124.7
54.7
42.1
60.9
72.1
12.2
10.5
8.56
8.51
8.54
8.43
8.57
8.47
35.5
9.9
25.6
7.82
7.96
8.40
1970—Jan. 2 5 . .
44.1
NOTE.—Implicit secondary market yields are gross—before deduction of 50basis- point fee paid for mortgage servicing. They reflect the average accepted bid
price for Govt.-underwritten mortgages after adjustment by Federal Reserve
to allow for F N M A commitment fees and F N M A stock purchase and holding
requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only.
A 54
CONSUMER CREDIT a FEBRUARY 1971
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Noninstalment
Repair
and modernization
loans i
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939.
1941.
1945.
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1950.
1955.
1
1960.
21,471
38,830
56,141
14,703
28,906
42,968
6,074
13,460
17,658
4,799
7,641
11,545
1,016
1,693
3,148
2,814
6,112
10,617
6,768
9,924
13,173
1,821
3,002
4,507
3,367
4,795
5,329
1,580
2,127
3,337
1965.
1966.
1967.
1968.
1969.
i
1970.
90,314
97,543
102,132
113,191
122,469
126,802
71,324
77,539
80,926
89,890
98,169
101,161
28,619
30,556
30,724
34,130
36,602
35 r 490
18,565
20,978
22,395
24,899
27,609
29,949
3,728
3,818
3,789
3,925
4,040
4,110
20,412
22,187
24,018
26,936
29,918
31,612
18,990
20,004
21,206
23,301
24,300
25,641
7,671
7,972
8,428
9,138
9,096
9,484
6,430
6,686
6,968
7,755
8,234
8,850
4,889
5,346
5,810
6,408
6,970
7,307
—Dec
122,469
98,169
36,602
27,609
4,040
29,918
24,300
9,096
8,234
6,970
i—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
121,074
120,077
119,698
120,402
121,346
122,542
123,092
123,655
123,907
123,866
123,915
126,802
97,402
96,892
96,662
97,104
97,706
98,699
99,302
99,860
100,142
99,959
99,790
101,161
36,291
36,119
36,088
36,264
36,455
36,809
36,918
36,908
36,738
36,518
36,011
35,490
27,346
26,987
26,814
26,850
27,055
27,303
27,538
27,801
28,055
28,152
28,378
29,949
3,991
3,970
3,951
3,960
4,003
4,040
4,081
4,104
4,123
4,126
4,133
4,110
29,774
29,816
29,809
30,030
30,193
30,547
30,765
31,047
31,226
31,163
31,268
31,612
23,672
23,185
23,036
23,298
23,640
23,843
23,790
23,795
23,765
23,907
24,125
25,641
9,092
9,074
9,054
9,102
9,159
9,239
9,254
9,294
9,316
9,313
9,345
9,484
7,539
6,789
6,645
6,900
7,273
7,473
7,509
7,508
7,489
7,656
7,757
8,850
7,041
7,322
7,337
7,296
7,208
7,131
7,027
6,993
6,960
6,938
7,023
7.307
1
Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
hold, family, and other personal expenditures, except real estate mortgage
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-
a n d p p . 9 8 3 - 1 0 0 3 o f t h e BULLETIN f o r D e c . 1 9 6 8 .
INSTALMENT CREDIT
(In millions of dollars)
Financial institutions
End of period
Retail outlets
Total
Total
Commercial
banks
Finance
cos. i
Credit
unions
Miscellaneous
lenders 1
Automobile
dealers 2
Other
retail
outlets
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,836
2,541
910
132
198
102
18
15
19
1,438
1,605
686
123
188
28
1,315
1,417
658
1950
1955
1960
14,703
28,906
42,968
11,805
24,398
36,673
5,798
10,601
16,672
5,315
11,838
15,435
590
1,678
3,923
102
281
643
2,898
4,508
6,295
287
487
359
2,611
4,021
5,936
196 5
196 6
196 7
196 8
196 9
197 0
71,324
77,539
80,926
89,890
98,169
101,161
61,533
66,724
69,490
77,457
84,982
87,064
28,962
31,319
32,700
36,952
40,305
41,895
24,282
26,091
26,734
29,098
31,734
31,123
7,324
8,255
8,972
10,178
11,594
12,500
965
1 .059
1,084
i229
1;, 349
1 :,546
9,791
10,815
11,436
12,433
13,187
14,097
315
277
285
320
336
327
9,476
10,538
11,151
12,113
12,851
13,770
1969—Dec.,
98,169
84,982
40,305
31,734
11,594
1,349
13,187
336
12,851
1970—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec..
97,402
96,892
96,662
97,104
97,706
98,699
99,302
99,860
100,142
99,959
99,790
101,161
84,531
84,393
84,308
84,802
85,335
86,311
86,876
87,315
87,471
87,243
86,820
87,064
40,144
39,990
39,956
40,245
40,515
40,979
41,703
41,934
42,051
42,010
41,740
41,895
31,571
31,538
31,433
31,537
31,595
31,862
31,561
31,588
31,510
31,309
31,081
31,123
11,468
11,459
11,533
11,644
11,778
12,030
12,141
12,292
12,409
12,422
12,438
12,500
1,348
1 ,406
1,386
1 ,376
1 ,447
1 ,440
1,471
1.501
1 ,501
1.502
1,561
1,546
12,871
12,499
12,354
12,302
12,371
12,388
12,426
12,545
12,671
12,716
12,970
14,097
333
331
331
332
333
336
337
337
337
335
332
327
12,538
12,168
12,023
11,970
12,038
12,052
12,089
12,208
12,334
12,381
12,638
13,770
1
Finance companies consist of those institutions formerly classified
as sales finance, consumer finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual
savings banks.
2
Automobile paper only; other instalment credit held by automobile
dealers is included with "other retail outlets."
See also NOTE to table above,
A 55
FEBRUARY 1971 a CONSUMER CREDIT
INSTALMENT CREDIT HELD BY FINANCE
COMPANIES
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions of dollars)
(In millions of dollars)
Automobile
paper
Purchased
End of
period
Direct
Other
consumer
goods
paper
Total
Repair
and
modernization
loans
Personal
loans
Total
End of period
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
309
114
166
135
161
110
363
471
312
1939
1941
1945
1,836
2,541
910
932
1,438
202
134
194
40
151
204
62
619
705
606
1950
1955
1960
5,798
10,601
16,672
1,177
3,243
5,316
1,294
2,062
2,820
1,456
2,042
2,759
834
1,338
2,200
1,037
1,916
3,577
1950
1955
1960
5,315
11,838
15,435
3,157
7,108
7,703
692
1,448
2,553
80
42
173
1,386
3,240
5,006
196 5
196 6
196 7
196 8
196 9
197 0
28,962
31,319
32,700
36,952
40,305
41,895
10,209
11,024
10,927
12,213
12,784
12,433
5,659
5,956
6,267
7,105
7,620
7,587
4,166
4,681
5,126
6,060
7,415
8,633
2,571
2,647
2,629
2,719
2,751
2,760
6,357
7,011
7,751
8,855
9,735
10,482
196 5
196 6
196 7
196 8
196 9
197 0
24,282
26,091
26,734
29,098
31,734
31,123
9,400
9,889
9,538
10,279
11,053
9,941
4,425
5,171
5,479
5,999
6,514
6,648
224
191
154
113
94
10,233
10,840
11,563
12,707
14,061
14,440
1969—Dec...
40,305
12,784
7,620
7,415
2,751
9,735
1969—Dec.
31,734
11,053
6.514
106
14,061
1970—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct.. .
Nov..,
Dec...
40,144
39,990
39,956
40,245
40,515
40,979
41,703
41,934
42,051
42,010
41,740
41,895
12,664
12,585
12,552
12,550
12,600
12,680
13,002
12,981
12,890
12,824
12,628
12,433
7,569
7,533
7,538
7,598
7,635
7,722
7,759
7,748
7,734
7,730
7,654
7,587
7,472
7,474
7,476
7,568
7,667
7,828
8,078
8,183
8,263
8,286
8,299
8,633
2,714
2,691
2,678
2,685
2,705
2,731
2,755
2,770
2,783
2,785
2,779
2,760
9,725
9,707
9,712
9,844
9,908
10,018
10,109
10,252
10,381
10,385
10,380
10,482
1970—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
,571
,538
,433
,537
,595
,862
,561
,588
,510
,309
,081
,123
10,964
10,908
10,876
10,949
10,990
11,073
10,771
10,732
10,619
10,465
10,226
9,941
6.515
6,523
6,489
6,478
6,505
6,560
6,499
6,529
6,568
6,594
6,548
6,648
106
103
13,986
14,004
13,966
14,009
14,001
14,131
14,195
14,233
14,229
14,156
14,213
14,440
See NOTE to first table on preceding page.
106
102
101
99
98
96
94
94
94
94
94
NOTE.—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies.
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL LENDERS
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
End of period
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
Singlepayment
loans
Charge accounts
Total
End of period
Service
credit
Commercial
banks
Other
financial
institutions
Retail
outlets
Credit
cards 1
1939
1941
1945
150
213
121
27
47
16
5
9
4
12
11
10
106
1950
1955
1960
692
1,959
4,566
159
560
1,460
40
130
297
313
775
102
391
956
2,034
1939.
1941.
1945.
2,719
3,087
3,203
625
693
674
162
152
72
1,414
1,645
1,612
196 5
196 6
196 7
196 8
196 9
197 0
8,289
9,314
10,056
11,407
12,943
14,046
3,036
3,410
3,707
4,213
4,809
5,202
498
588
639
727
829
933
980
1,006
1,093
1,183
1 ,256
3,822
4,336
4,704
5,374
6,122
6,690
1950.
1955.
1960.
6,768
9,924
13,173
1,576
2,635
3,884
245
367
623
3,291
4,579
4,893
76
216
436
1,580
2,127
3,337
1969—Dec.
12,943
4,809
829
1,183
6,122
1970—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
12,816
12,865
12,919
13,020
13,225
13,470
13,612
13,793
13,910
13,924
13,999
14,046
4.761
4.762
4,791
4,835
4,897
4,998
5,049
5,110
5,158
5,164
5,171
5,202
821
822
826
834
845
863
872
881
890
891
893
898
1,171
1,176
1,171
1,174
1,199
1,211
1,230
1,240
1.246
1.247
1,260
1,256
6,063
6,105
6,131
6,177
6,284
6,398
6,461
6,562
6,616
6,622
6,675
6,690
1965.
1966.
1967.
1968.
1969.
1970.
18,990
20,004
21,206
23,301
24,300
25,641
6,690
6,946
7,340
7,975
7,900
8,205
981
1,026
1,088
1,163
1,196
1 ,279
5,724
5,812
5,939
6,450
6,650
6,932
706
874
1,029
1,305
1,584
1,918
4,889
5,346
5,810
6,408
6,970
7,307
1969—Dec..
24,300
7,900
1,196
6,650
1,584
6,970
1970—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
23,672
23,185
23,036
23,298
23.640
23,843
23,790
23,795
23,765
23,907
24,125
25.641
7,887
7,857
7,843
7,892
7,925
8,005
8,005
8,041
8,062
8,059
8,071
8,205
1,205
1,217
1,211
1,210
1,234
1,234
1,249
1.253
1.254
1,254
1,274
1,279
5,932
5,210
5,062
5,289
5,633
5,765
5,727
5,664
5,617
5,797
5,884
6,932
1,607
1,579
1,583
1,611
1,640
1,708
1,782
1,844
1.872
1,859
1.873
1,918
7,041
7,322
7,337
7,296
7,208
7,131
7,027
6,993
6,960
6,938
7,023
7,307
146
91
NOTE.—Other financial lenders consist of credit unions and miscellaneous lenders.
518
597
845
i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included
in estimates of instalment credit outstanding.
See also NOTE to first table on preceding page.
A 56
CONSUMER CREDIT • FEBRUARY 1971
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Other consumer
goods paper
Repair and
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.
1966.
1967.
1968.
1969.
1970.
78,586
82,335
84,693
97,053
27,227
27,341
26,667
31,424
32,354
29,831
102,888
104,130
22,750
25,591
26,952
30,593
33,079
36,781
2,266
2,200
2,113
2,268
2,278
2,145
26,343
27,203
28,961
32,768
35,177
35,373
1969—Dec..
8,344
10,096
2,472
2,479
2,838
4,004
169
149
2,865
3,464
1970—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
8,521
8,625
8,392
8,491
9,004
8,683
9,065
8,809
8,849
8,580
8,414
8,536
7,490
7,106
8,243
8,773
8,857
9,534
9,497
8,915
8,580
8,670
8,271
10,194
2,479
2.536
2,496
2,571
2,595
2,587
2,685
2.537
2,621
2,349
2,127
2,170
2,130
2,214
2,584
2,776
2,696
3,023
2,952
2,540
2,402
2,463
2,006
2,045
2,925
3,018
2,922
2,843
3,183
2,925
3,124
3,168
3,071
3,113
3,113
3,281
2,663
2,275
2,725
2,792
3,008
3,019
3,141
3,152
3,097
3,200
3,147
4,562
160
118
137
152
185
213
220
220
197
194
184
176
149
2,957
2,892
2,809
2,894
3,046
2,982
3,064
2,931
2,971
2,936
2,994
2,908
2,579
2,480
2,782
3,020
2,940
3,272
3,184
3,026
2,887
2,823
2,942
3,438
179
165
183
180
189
192
173
186
182
180
177
Repayments
1965.
1966.
1967.
1968.
1969.
1970.
1969—Dec..
1970—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
23,543
25,404
26,499
28,018
29,882
30,943
69,957
76,120
81,306
88,089
94,609
101,138
7 929
8
8
8
8
8
8
8
8
8
8
8
8
141
207
194
195
589
242
622
577
490
662
716
515
8,405
8,257
7,616
8,473
8,331
8,255
8,541
8,894
8,357
8,298
8,853
8,440
8,823
2,499
2,469
2,550
2,501
2,527
2,600
2,573
2,752
2,632
2,599
2,550
2,577
2,618
2,552
2,618
185
185
2,693
3,075
2,441
2,386
2,615
2,600
2,505
2,669
2,843
2,550
2,572
2,683
2,513
2,566
2,722
2,761
2,792
2,729
2,888
2,750
2,874
2,967
2,913
3,036
3,082
2,945
2,926
2,634
2,898
2,756
2,803
2,771
2,906
2,889
2,843
3,103
2,921
2,991
168
171
169
173
174
174
170
175
174
179
176
175
167
158
171
176
170
183
179
174
175
181
169
172
2,782
2,725
2,732
2,766
2,927
2,745
2,826
2.803
2.804
2,897
2,881
2,777
2,723
2,438
2,789
2,799
2,777
2,918
2,966
2,744
2,708
2,886
2,837
3,094
—Dec
i—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,563
1,775
1,831
2,918
2,982
1,694
150
90
-29
136
115
70
415
1,691
-27
-48
286
1,386
-16
-36
172
389
380
418
198
296
415
441
443
232
359
-82
-302
21
-767
-510
-230
442
602
993
603
558
282
-183
-169
1,371
10
-14
-5
44
-5
14
-67
-95
22
-201
-450
-448
-311
-172
-31
176
191
354
109
-10
-170
-220
-507
-521
203
257
130
114
295
175
250
201
158
77
31
336
-263
-359
-173
36
205
248
235
263
254
97
226
1,571
-8
8
-4
10
6
15
22
-2
12
3
4
2
-49
-21
-19
9
43
37
41
23
19
3
7
-23
175
167
77
128
119
237
238
128
167
39
113
131
-144
42
-7
221
163
354
218
282
179
-63
105
344
1
Includes adjustments for differences in trading days.
Net changes in credit outstanding are equal to extensions less
repayments.
2
NOTE.—Estimates are based on accounting records and often
include financing charges. Renewals and refinancing of loans,
2
2,232
2,413
1,417
2,504
2,710
2,340
3,684
1,937
168
3,406
2,472
-1,112
8,629
6,215
3,387
8,964
8,279
2,992
23,780
25,428
27,130
29,850
32,195
33,679
2,527
Net change in credit outstanding
1965.
1966.
1967.
1968.
1969.
1970.
2,116
2,110
2,142
2,132
2,163
2,075
20,518
23,178
25,535
28,089
30,369
34,441
purchases and sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments
without affecting the amount outstanding.
For back figures and description of the data, see "Consumer
Credit," Section 16 ( N e w ) of Supplement to Banking and Monetary
Statistics, 1965, and pp. 983-1003 of the BULLETIN for Dec. 1968.
FEBRUARY 1971 • CONSUMER CREDIT
A 57
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Commercial banks
Total
Other financial
lenders
Finance companies
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.
Retail outlets
S.A. 1
N.S.A.
Extensions
78,586
82,335
84,693
97,053
102,888
104,130
1965
1966
1967
1968
1969
1970
25,192
25,406
25,496
28,836
30,854
29,662
29,528
30,073
30,850
36,332
38,533
39,136
9,436
10,362
10,911
12,850
14,245
14,619
14,430
16,494
17,436
19,035
19,256
20,713
1969—De c
8,344
10,096
3,179
3,302
2,374
3,008
1,170
1,230
1,621
2,556
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,521
8,625
8,392
8,491
9,004
8,683
9,065
8,809
8,849
8,580
8,414
8,536
7,490
7,106
8,243
8,773
8,857
9,534
9,497
8,915
8,580
8,670
8,271
10,194
3,047
3,167
3,193
3,208
3,291
3,262
3,382
3,308
3,417
3,276
3,159
3,326
2,751
2,735
3,206
3,450
3,341
3,643
3,697
3,385
3,352
3,301
2,885
3,390
2,565
2,510
2,439
2,502
2,639
2,616
2,590
2,427
2,441
2,371
2,300
2,240
2,179
2,125
2,391
2,581
2,503
2,912
2,731
2,416
2,300
2,387
2,342
2,795
1,175
1,198
1,122
1,198
1,252
1,233
1,365
1,235
1,265
1,221
1,184
1,187
1,001
1,038
1,144
1,229
1,309
1,407
1,418
1,318
1,212
1,187
1,150
1,206
1,734
1,750
1,638
1,583
1,822
1,572
1,728
1,839
1,726
1,712
1,771
1,783
1,559
1,208
1,502
1,513
1,704
1,572
1,651
1,796
1,716
1,795
1,894
2,803
Repayments
1965
1966
1967
1968
1969
1970
25,663
27,716
29,469
32,080
35,180
37,961
69,957
76,120
81,306
88,089
94,609
101,138
22,551
23,597
24,853
26,472
28,218
29,858
8,310
9,337
10,169
11,499
12,709
13,516
13,433
15,470
16,815
18,038
18,502
19,803
1969—De c
7,929
8,405
2,977
3,044
2,339
2,664
1.064
1,151
1,549
1,546
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,141
8,207
8.194
8.195
8,589
8,242 •
8,622
8,577
8,490
8,662
8,716
8,515
8,257
7,616
8,473
8,331
8,255
8,541
8,894
8,357
8,298
8,853
8,440
8,823
2,962
3,101
3,119
3,081
3,170
3,041
3,264
3,185
3,249
3,258
3,276
3,262
2,912
2,889
3,240
3,161
3,071
3,179
3,388
3.154
3,235
3,342
3.155
3,235
2,431
2,368
2,389
2,415
2,574
2,548
2,580
2,507
2,482
2.551
2.552
2,465
2,342
2,158
2,496
2,477
2,445
2,645
2,617
2,389
2,378
2,588
2,570
2,753
1,086
1,099
1.065
1,117
1,173
1,087
1,184
1,158
1,127
1,165
1,135
1,113
1,128
989
1,090
1,128
1,104
1,162
1,276
1,137
1,095
1,173
1,075
1,159
1,662
1,639
1,621
1,582
1,672
1,566
1,594
1,727
1,632
1,688
1,753
1,675
1,875
1,580
1,647
1,565
1,635
1,555
1,613
1,677
1,590
1,750
1,640
1,676
Net change in credit outstanding
196 5
196 6
196 7
196 8
196 9
197 0
3,865
2,357
1,381
4,252
3,353
1 ,590
8,629
6,215
3,387
8,964
8,279
2,992
2
1,126
1,025
742
1,351
1,536
1,103
2,641
1,809
643
2,364
2,636
-611
1969—Dec..
415
1,691
202
258
35
344
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July. ,
Aug..
Sept..
Oct..
Nov..
Dec..
380
418
198
296
415
441
443
232
359
-767
-510
-230
442
602
993
603
558
282
-183
-169
1,371
85
66
74
127
121
221
533
123
168
18
-117
64
-161
134
142
50
87
65
-163
-33
-105
104
58
267
-301
27
-78
1
2
-82
-302
21
-154
-34
289
270
464
724
231
117
-41
-270
155
Includes adjustments for differences in trading days.
Net changes in credit outstanding are equal to extensions less repayments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from
large transfers of paper. In those months the differences between extensions and repayments for some particular holders do not equal the
68
-405
- 8 0
-41
-180
-201
-252
-225
-228
42
997
1,024
621
997
754
910
79
72
1,010
89
99
57
-127
49
54
72
79
146
181
77
138
56
49
74
205
245
142
181
117
14
75
47
-316
-372
-145
-52
69
17
38
119
126
45
254
1,127
81
101
111
17
1
150
6
134
112
94
24
18
108
changes in their outstanding credit. Such transfers do not affect total
instalment credit extended, repaid, or outstanding.
NOTE.—"Other financial lenders" include credit unions and miscellaneous
lenders. See also NOTE to preceding table and Note 1 at bottom of p. A-54.
INDUSTRIAL PRODUCTION: S.A. • FEBRUARY 1971
A 58
MARKET GROUPINGS
(1957-59= 100)
Grouping
1957-59 1969
proaverporage?
tion
1970
1969
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
170.2
169.0
July
Aug.
Sept.
Oct. r
100.00
Total index
Final products, total
Consumer goods
Equipment, including defense. . .
Materials
172.1
171.1
170.4
170.5
168.8
169.2
168.8
165.8
162.3
47.35
32.31
15.04
52.65
170.8
162.5
188.6
174.6
168.5
160.7
185.2
173.9
168.5
161.5
183.6
172.5
169.9 169.7 168.5
162.4 162.0 163.2
186.2 186.3 179.9
171.5 171.7 171.9
167.7 167.1
163.2 162.8
177.3 176.3
170.4 171.2
166.8
163.5
173.7
171.4
166.5
163.5
173.0
171.2
163.1
160.1
169.6
168.9
159.8
157.0
165.9
164.8
3.21 173.2 160.9
1.82 162.8 141.6
186.2
1.39 186.
155.3
132.9
184.9
154.
127.6
190.7
166.
170.3 172.8
156.0 163.0 163.8
180.1 179.9 184.7
167.5
163.3
173.1
133.1
108.5
165.6
110.1
171.1
Consumer goods
Automotive products
Autos
Auto parts and allied p r o d u c t s . . . .
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes. . . .
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
159.3
184.0
180.2
192.4
145.6
180.3
191.5
138.5
151.0
166.8
140.1
151.0
109.6
175.0
191.7
137.7
152.3 153.6
169.6 174.
149.0 168.6
162.5 186.5
111.0 118.2
173.8 169.2
190.5 186.7
137.6 135.7
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books
Consumer fuel and lighting. . . . . . .
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
162.4
136.6
146.8
209.0
147.
199.6
144.6
226.3
249.7
165.7
137.0
149.6
217.0
149.7
206.0
148.4
234.1
258.2
167.3
138.7
151.7
217.6
147.7
210.0
150.3
239.1
264.7
168.2
139.5
154.6
217.9
147.6
210.3
146.5
241.5
267.5
160.0
138.4
188.5
158.4
136.1
187.8
154.5 155.0
179.4 180.0
178.1 178.9
199.1 206.7
119.1 100.3
170.3 170.6
188.4 189.0
133.4 133.
166.2
139.6
146.1
216.5
146.1
207.2
150.3
235.0
257.7
168.
140.2
150.1
218.6
146.0
212.6
152.1
242.1
267.5
153.2 155.4 156.4
177.7 182.5 183.7
178.8 192.3 198.6
213.9 201.4 218.4 223.7
9 4 . 2 115.2 118.8 127.8
165.5 164.9 165.2 164.9
184.1 186.9 185.0 181.6
131.4 132.4 132.4 133.2
153.0
178.4
182.6
168.0
141.
142.2
219.6
146.9
212.3
149.7
242.8
268.1
166.6
137.9
142.6
217.4
147.6
213.7
153.0
243.3
268.1
166.3
138.7
141.9
217.4
142.9
212.8
148.2
244.3
269.1
166.6
139.4
144.7
213.9
143.1
213.5
148.9
245.0
269.7
76.5
154.5
153.4 153.9
179.0 180.2
189.9 194.3
212.8 216.0
125.5 133.2
164.4 166.5
178.0 174.8
131.7 131.6
168.1
139.3
149.0
215.5
140.5
219.2
152.7
251.7
281.9
166.7
135.2
148.1
215.0
140.8
221.7
155.2
254.2
285.0
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment. .
Farm equipment
Defense equipment
11.63 195.6 193.8
6.85 179.1 176.3
2.42 220.0 223.6
1.76 246.7 240.9
.61 136.8 135.4
192.8 196.9 198.0 193.0 188.7 188.0 186.1 185.9 182.3 178.9
182.1 175.8 175.2 174.6 173.3 170.5 169.7
175.0 184.9 186.
223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.2 210.5 207.0
213.8 207.3 214.3 206.5 193.7
215.4 216.
239.5 231.8 226.
138.4 130.3 134.6 130.4 127.4 128.6 126.0 133.2 133.6 1 2 8 . 0
3.41
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
26.73 165.5 161.8
3.43 163.9 150.9
7 . 8 4 191.9 189.8
9.17 152.4 150.4
6.29 152.
155.4
160.1 157.9 159.1 159.6 157.5 157
148.7 142.3 143.0 143.6 146.0 155.4
188.6 188.6 189.8 183.8 177.5 176.6
151.2 150.7 148.8 148.8 146.8 145.1
149.4 150.2 152.4 147.7 146.8 150.0
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n.e.c
25.92 183.9 186.5
9.11 166.6 168.5
3.03 168.6 174.0
6.07 165.5 165.8
240.0
7 . 4 0 237.
185.3 185.5
167.5 166.2
173.7 169.3
164.4 164.7
239.5 239.0
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
158.
156.0
178.4
146.3
152.6
157.4
161.3
175.9
147.3
147.2
151.9
143.6
173.1
146.1
140.1
144.3
110.9
166.7
144.2
136.2
184.7 184.6 183.8 184.9 184.9 185.4 186.4 186.0
164.8 164.5 162.1 163.4 164.9 165.0 161.2 159.5
165.0 166.2 168.2 166.0 161.9 167.5 163.1 164.1
164.7 163.7 159.1 162.1 166.4 163.7 160.3 157.2
236.0
237.2 236.1 233.1 234.7 234.2 233.4 235
9.41
6.07
2.86
2.32
1.03
1.21
.54
158.2
134.9
216.7
220.6
216.1
236
161.7 159.8 162.0 162.7 163.8
137.4 139.1
137.7 135.3 137.
222.5 222.4 225.0 226.3 226.5
232.0
227.3 227.1 230.2 231
221.1 216.5 218.
219.4 220.6
254.2
244.
254.
248.5 253.
7.80
24.51
179.5
157.1
164.4 163.7
159.5 160.8
166.0
142.0
228.1
233.8
221.8
256.7
166.6
142.4
228.6
234.3
223.9
255.9
165.4 167.5 171.8
140.2 144.4 147.5
229.4 227.9 235.
235.0 233.0 238.7
227.2 225.4 225.8
254.8 252.7 263.0
172.5
148.0
236.7
240.8
223.1
268.6
173.5
159.9
172.7
159.0
178.5
158.
151.4
158.9
Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
F o r NOTE s e e p . A - 6 1 .
166.6 171.4
161.0 159.0
171.
160.7
177.0
159.2
160.
160.
Nov.r
Dec.
FEBRUARY 1971 • INDUSTRIAL PRODUCTION: S.A.
A 59
INDUSTRY GROUPINGS
(1957-59 = 100)
Grouping
1957-59
1969
proaverporage?
tion
100.00 172.8
Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities
1970
1969
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. r
171.1
170.4
170.5
171.1
170.2
169.0
168.8
169.2
168.8
165.8
Nov.r
Dec.
162.3
161.5
164.0
86.45 173.9 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.5 167.7 163.7 159.4
48.07 176.5 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.4 166.7 160.4 153.5
38.38 170.6 171.5 171.0 171.3 170.6 171.9 168.7 168.9 170.0 169.0 167.7 166.9
8.23 130.2 134.4 131.7 134.2 135.1 133.9 134.8 135.5 133.8 137.1 138.9 139.9
5.32 221.2 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 235.8 242.8 244.8
158.7
151.5
167.7
140.8
238.7
161.6
155.6
169.0
139.6
242.0
157.1 154.2 145.6
145.6 142.6 133.9
134.1 129.5 121.5
169.7 172.1 161.5
171.9 169.2 160.6
164.0 162.7 158.0
142.0
129.0
117.2
161.8
158.9
158.2
144.0
130.7
121.0
160.1
161.1
158.9
Durable manufactures
157.8
141.9
134.4
183.6
178.3
174.4
155.2 155.6 157.1
142.6 142.7 145.2
136.7 138-8 136.8
174.4 169.2 172.6
171.4 172.3 172.5
164.2 164.4 162.9
Primary and fabricated
metals....
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
162.5
149
140.3
181.1
179.8
173.3
Machinery and related products. ..
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. .
Instruments and related products.
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
188.4 180.3 178.8 180.0 182.2 178.6 177.6
195.7 188.7 189.7 195.8 199.1 194.9 191.0
194.6 196.5 195.9 195.8 196.6 191.7 187.1
197.2 178.3 181.5 195.9 202.5 199.1 196.3
174.6 163.9 159.6 154.3 156.0 153.1 157.3
166.9 152.0 146.8 142.1 148.9 148.0 158.5
170.7 166.7 161.4 159.1 154.1 153.0
177.
194.4 197.4 194.8 194.0 193.6 195.4 191.3
178.0
190.6
185.2
197.7
159.9
164.4
153.3
187.9
177.4
191.2
185.2
199.1
158.1
164.8
149.7
187.0
176.0
190.3
183.0
199.9
156.7
164.7
147.1
183.3
167.2 158.9
186.2 182.9
180.0 176.1
194.5 191.9
139.0 122.0
95.4
127.3
145.7 141.1
181.8 181.3
157.1
179.0
172.6
187.4
122.8
97.0
141.1
181.7
162.8
176.6
171.1
183.8
142.7
142.0
139.7
179.3
Clay, glass, and lumber
Clay, glass, and stone products...
Lumber and products
4.72
2.99
1.73
142.5 139.9
156.0 157.4
109.7
119.
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
3.05
1.54
1.51
176.7
186.9
166.4
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
144.2 141.5 141.3
154.2 150.3 152.9
149.2 147.9 145.8
98! 0 96.'9
101.9
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.17
3.43
4.74
1.53
164.4
175.6
156.3
142.7
166.8 164.6
178.0 173.8
158.6 157.9
142.0 141.7
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
161.1 159.2 156.5
147.7 143.1 139.2
138.8 135.2 129.8
181.1 174.8 177.3
178.4 180.0 178.9
177.1 175.4 174.6
154.7
138.9
133.0
175.4
175.2
170.2
141.2
155.0
117.5
137.5
151.7
113.1
140.3
154.6
115.5
139.2
152.6
116.1
134.1
149.4
107.6
134.7
148.8
110.5
136.9
150.1
114.2
133.8
148.7
108.2
135.0
149.4
110.1
133.3
148.5
107.0
136.5
151.0
175.9 174.0
183.4 179.4
168.2 168.4
174.2
180.4
167.8
173.5
179.5
167.4
169.1 168.3
174.4 173.8
163.6 162.6
167.3
172.5
162.0
166.1
172.9
159.1
164.8
171.7
157.7
165.2
173.9
156.3
166.7
174.7
158.5
165.5
173.8
157.0
138.8
151.3
141.7
96.9
137.5
150.3
140.1
95.*9
138.9
151.3
140 8
IOO!2
136.7 135.8 135.9 135.9 135.2 135.7 130.0
147.8 145.9 145.3 146.1 145.7 146.7 145.2
137 7 139.0 140.9 140 7 139.3 138.7
104.5
99 .'3 95 '.6 93 .'6 94.'6 97 .'2 93.1
130.4
144.9
164.6
174.8
157.3
142.1
164.4
174.9
156.9
137.9
165.0
176.3
156.9
139.3
163.0
174.5
154.8
136.9
161.7
170.8
155.2
137.5
161.9
172.0
154.6
140.0
162.1
172.9
154.3
138.7
157.6
166.2
151.5
137.4
157.7
168.0
150.2
134.5
160.4
171.5
152.4
137.2
159.9
170.3
152.4
136.6
222.6
239.0
283.0
143.
238.7
224.8 222.1 224.1 224.7
241.7 240.2 242.6 242.3
283.8 281.9 284.3 284.8
149.5 143.3 143.0 146.6
234.8 231.4 234.0 235.3
227.0
244.4
289.2
147.9
239.4
220.2
241.4
281.3
146.5
212.2
224.3
243.2
285.8
147.8
227.8
226.8 223.5
243.3 239.8
285.7 280.7
145.5 147.5
244.8 236.9
222.0
240.8
282.0
150.3
221.4
221.5
240.7
282.9
150.1
219.1
223.3 225.9
242.4 244.0
282.9
154.2 152.8
218.9
11.07
10.25
8.64
1.61
139.0
140.7
136.7
161.9
117.3
140.1 142.7
142.1 144.7
137.4 140.2
167.2 168.9
115.1 117.8
141.3 142.3
143.3 143.7
140.0 140.1
161.0 162.8
116.8 125.1
141.3
143.1
141.0
154.6
117.8
139.2
140.7
138.3
153.7
120.7
140.0
141.1
139.5
149.6
126.6
140.1
141.6
138.8
156.4
121.8
141.0 138.4
142.4 139.6
138.7 135.7
162.2 160.3
122.9 124.1
141.2
142.7
139.4
160.7
121.6
143.1
144.8
140.1
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
127.4
117.7
129.3
139.0
132.0
184.0
64.2
130.3
119.3
132.6
142.0
135.0
128.3 130.2
113.1 122.3
131.4 131.8
140.5 140.6
133.7 133.0
130.5
121.5
132.4
141.2
133.5
129.8 132.3
123.0 134.2
131.3 131.9
142.9 143.9
135.2 135.8
133.3
124.3
135.1
146.7
137.5
131.0
127.5
131.7
143.2
134.4
135.1
128.5
136.5
148.2
139.8
138.2
127.9
140.3
152.1
144.1
139.2
128.1
141.5
152.6
145.1
138.6
127.3
140.9
152.0
144.2
136.9
126.1
139.2
149.9
142.0
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.43
143.5
142.0
144.7
153.7
152.3
154.8
148.2
155.7
142.6
153.5
158.4
149.8
156.8
165.8
150.1
153.1 146.6
162.6 151.8
146.1 142.8
146.1 146.8
150.3 150.9
143.0 143.8
146.6
152.3
142.3
142.2
144.5
140.5
143.3 151.1 152.2
145.1 162.4 161.2
142.0 142.7 145.6
4 . 0 4 233.0 240.5
1.28 174.1
243.1
246.1
242.8 247.1
248.4 248.7 249.5
248.6
257.1
259.6 251.5
175.3
183.3
167.2
141.1
154.5
118.0
Nondurable manufactures
.82
143.5
145.2
140.4
170.7
122.8
Mining
.66
.73
.61
.82
Utilities
Electric
Gas
F o r NOTE s e e p . A - 6 1 .
INDUSTRIAL PRODUCTION: N.S.A. • FEBRUARY 1971
A 60
MARKET GROUPINGS
(1957-59= 100)
Grouping
1957-59 1969
proaverporagef
tion
Final products, total
Consumer goods
Equipment, including defense. . .
Materials
47.35
32.31
15.04
52.65
Jan.
Feb.
Mar.
Apr.
May
172.1
170.6
June
July
Aug.
Sept.
Oct. r
166.5
169.6
168.2
171.5
169.1
172.1
163.6
169.1
170.2
170.8 166.2
162.5 156.6
188.6 187.0
174.6 172.6
167.1
159.0
184.3
169.5
170.5 169.9 166.9 165.8
163.0 161.8 160.6 160.3
186.5 187.3 180.3 177.7
172.5 174.0 174.3 172.1
169.9
165.7
179.0
174.1
161.8
157.6
170.9
165.3
167.1
165.3
170.9
170.9
168.8 164.7
168.1 164.0
170.4 166.1
171.5 168.5
163.3
146.2
185.9
161.6
140.4
189.4
182.9 131.6
185.0 98.3
180.1 175.6
116.6
68.9
179.5
135.2
108.5
170.3
100.00 172.5
Total index
1970
1969
Consumer goods
Automotive products
Autos
Auto parts and allied products. . . .
3.21
1.82
1.39
173.2
162.8
186.8
167.8
155.8
183.6
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and s h o e s . . . .
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
159.3
184.0
180.2
192.4
145.6
180.3
191.5
138.5
143.4 147.4 158.6 158.3
167.2 166.3 178.4 182.9
135.0 149.8 181.6 190.1
147.5 161.6 201.9 215.7
99.7 116.4 124.3 117.8
181.5 170.0 167.2 168.3
193.6 182.9 183.9 186.3
123.2 131.4 141.8 137.4
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
162.4 161.6 164.4
136.6 134.7 131.8
146.8 129.7 132.7
209.0 212.0 213.2
147.1 149.4 146.4
199.6 207.7 226.9
144.6 153.5 151.5
226.3
249.7 258.2 299.9
167.0
152.2
186.5
167.0
152.4
186.3
173.8
173.2
174.4
157.1 154.1 156.4
180.0
181.4 111.5
188.3 185.7 186.0
219.8 213.0
223.0
89.5 110.0
90.3
165.8 159.2 162.9
186.2 183.0 186.9
136.5 134.4 136.4
143.7
168.7
172.3
200.6
92.3
157.3
173.9
122.5
118.9
88.0
159.7
154.1 156.2 162.0
174.1 182.9 190.9
170.1 189.9 205.7
182.8 208.3 223.0
134.2 138.0 157.2
168.7 169.0 175.2
183.4 186.0 186.3
137.2 133.7 137.5
165.6 162.8
133.2 131.6
140.8 142.8
220.1 216.5
147.0 148.3
218.4 209.1
150.0 148.7
161.4 161.2 167.7 169.2 179.4 179.8 172.6
129.8 132.6 136.5 138.0 153.0 155.0 150.1
151.7 152.8 163.3 148.7 156.7 152.7 152.4
216.4 215.2 225.0 216.3 218.2 222.0 220.2
146.6 146.5 145.5 142.9 144.8 141.8 140.7
200.0 193.7 203.6 226.3 236.7 236.2 211.1
144.3 144.8 151.3 151.0 153.3 156.2 151.2
282.2
246.
262.9
231.9
247.9
296.0 316.1
315.7 265.1
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment. .
Farm equipment
Defense equipment
11.63 195.6 194.8
6.85 179.1 Ml.2
2 . 4 2 220.0 228.5
1.76 246.7 238.5
.61 136.8 132.5
193.0 197.3 199.5 194.0 189.7 191.9 182.9
176.0 178.7 172.9
176.9 184.9 187.0 182.
223.2 220.8 223.0 219.2 217.8 221.1 213.9
232.3 231.8 232.9 224.0 223.3 222.4 203.2
141.0 143.9 150.5 140.1 134.4 135.6 114.1
183.5 183.4 178.8
172.8 172.0 168.7
214.2 213.7 209.1
207.9 204.4 193.7
110.9 131.0 127.8
3.41
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
26.73
3.43
7.84
9.17
6.29
159.5
150.4
178.7
149.6
154.9
162.0
158.5
178.4
154.1
154.8
153.2
142.7
172.9
150.
138.9
156.0
147.6
170.6
155.7
142
154.9 147.1
140.7 111.5
171.4 166.2
153.4 149.4
144.3 139.5
Nondurable
25.92 183.9 183.7 182.5 186.9 187.1 188.5 185.1
166.6 162.7 161.5 165.6 167.8 169.3 164.8
9.
3.03 168.6 154.9 165.0 167.3 165.8 172.2 169.9
6.07 165.5 166.6 159.8 164.7 168.8 167.8 162.3
7.40 237.8 237.6 235.9 243.8 241.9 245.7 236.6
186.6
165.1
171.1
162.1
238.5
177.8
154.7
157.9
153
226.0
186.2
165.0
177.6
158.8
231.1
188.6
162.3
131.1
171.3
142.6
174.0
145.7
materials
Business supplies
Containers
General business supplies
Nondurable materials n.e.c
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
165.5
163.9
191.9
152.4
152.8
161.8
158.4
192.6
145.9
148.6
156.
153.9
190.3
137.0
145.5
158.4
144.4
190.3
141.1
151.6
161.3
147.3
191.9
144.0
156.1
160,
147.9
185.
148.
153.6
190.5
165.2 167.4
173.1 176.8
161.3 162.7
235.8 241.6
162.
140.9
164.3
142.0
166.5
140.8
236.
221.2 224.7 221.1 223.6 220.7
218.9 215.4 212.6 217.0 217.7
240.4 241.0 235.1
235.0 244.
227.3
222.
243.1
239.0 247.1 253.4 252.9 240.4
228.4 226.1 229.9 229.2 223.5
261.0 279.0 288.1 287.2 267.5
179.5
157.
167.4 165.1
153.1 157.
176.0
155.3
181.2 153.5
160.8 158.9
9.41
6.07
2.86
2.32
1.03
1.21
.54
158.2
134.9
216.7
220.6
7.80
24.51
216.
161.5
139.4
160.8
137.5
162.9
141.6
162.8
140.5
172.7
148.5
Supplementary groups o!
consumer goods
Automotive and home goods.
Apparel and staples
F o r NOTE s e e p . A - 6 1 .
171.5
160.3
176.3
157.2
175.5
155.9
150.4
170.0
163.2
169.6
161.3
164.9
Nov.r
Dec.
FEBRUARY 1971 • INDUSTRIAL PRODUCTION: N.S.A.
A 61
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
Total index
1957-59 1969
proaverporage ^
tion
100.00
Manufacturing, total
Durable
Nondurable
Mining
Utilities
172.8
1970
1969
Dec.
Jan.
169.6
168.2
86.45 173.9 169.6 167.5
48.07 176.5 172.6 169.1
38.38 170.6 165.9 165.6
8.23 130.2 133.1 130.1
5 . 3 2 221.2
Feb.
Mar.
Apr.
May
June
170.6
169.1
July
Aug.
Sept.
Oct. r
Nov.r
Dec.
172.1
163.6
169.1
170.2
166.5
162.8
162.3
171.3 172.2
170.7 173.5
172.0 170.6
134.1 134.0
171.0 168.9 171.8
170.5 169.4 171.3
171.7 168.4 172.3
135.0 137.9 137.6
161.6
159.8
163.8
129.2
166.4
161.0
173.2
138.2
167.6
162.3
174.2
140.1
164.5
156.3
174.8
141.8
160.9
153.4
170.2
142.0
159.7
156.3
163.7
140.2
148.0
131.1
124.5
155.3
169.9
162.9
153.9
137.2
128.7
168.0
175.3
168.1
155.1 146.7
137.9 132.2
128.2 123.3
173.3 164.6
177.3 165.4
169.2 162.7
142.8
127.7
118.4
161.8
162.2
160.6
143.8
126.6
119.2
153.7
165.9
160.5
165.5 167.7 160.8
184.5 187.0 184.2
176.2 177.7 172.9
195.6 199.3 199.1
136.1 139.0 124.8
123.0 128.4 100.8
144.5 145.1 141.8
184.8 183.8 183.3
159.2
180.2
170.9
192.5
126.3
102.6
143.2
183.2
164.8
177.9
172.3
185.4
145.4
144.9
142.5
181.5
171.5
172.1
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products..
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
162.5
149.1
140.3
181.1
179.8
173.3
161.8
144.7
136.7
173.9
183.8
178.9
158.3
143.1
135.2
171.8
177.9
171.9
158.1
145.7
136.3
180.0
174.1
167.6
161.4
150.7
141.1
185.6
175.1
167.6
158.7
147.9
138.3
183.1
172.6
165.1
158.3 159.9
149.0 147.6
139.4 138.8
183.6 179.7
170.5 175.7
163.4 167.7
Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment
Instruments and related p r o d u c t s . . .
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
188.4 183.2
195.7 190.2
194.6 197.9
197.2 180.1
174.6 169.0
166.9 159.4
177.8 174.1
194.4 199.8
181.0
191.3
197.9
182.5
163.5
154.3
168.4
192.5
182.9 185.8
198.8 202.1
199.7 202.1
197.6 202.1
158.2 161.6
148.3 155.7
163.8 163.7
191.1 194.6
181.0
197.3
197.4
197.2
157.0
155.4
154.9
192.5
179.5 181.4 168.2
192.1 193.6 185.3
191.8 190.4 182.4
192.4 197.8 189.2
161.2 164.6 142.0
167.7 176.4 134.0
152.4 151.2 146.1
189.4 189.8 185.1
4.72
2.99
1.73
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
3.05 176.7 181.3 170.2
1.54 186.9 190.3 179.7
1.51 166.4 172.2 160.6
142.5
156.0
119.1
132.5
149.1
103.8
134.1
145.8
113.7
139.9 140.7
154.0 155.0
115.5 116.1
143.3
159.7
115.1
139.9
157.0
110.5
146.9
161.8
121.1
143.2
157.2
119.0
143.0
157.6
117.8
134.8
150.0
108.6
129.2
143.0
169.3
176.7
161.7
171.0
178.2
163.6
169.0
174.7
163.2
165.2
169.2
161.1
168.5
173.5
163.4
161.9
168.2
155.5
170.9
177.7
163.9
170.9
176.8
164.8
173.9
180.5
167.2
173.1
179.6
166.4
171.1
180.4
161.7
146.4
155.5
152.3
103.6
143.0
154.1
147.1
100.7
142.0 139.5
154.3 151.5
145.7 142.5
98^2 9 8 . 2
139.3 124.9
147.4 135.9
145.3 128.2
86.0
98.8
139.0
146.8
144.9
99.7
137.8
148.6
142.1
96.0
141.3
151.1
146.3
99.6
132.6
149.6
120.8
139.8
125.6 132.5
137.5 142.9
105.0 114.6
Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
144.2
154.2
149.2
101.9
130.8 138.9
145.0 152.1
131.6 141.4
91.4 96.4
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.17
3.43
4.74
1.53
164.4
175.6
156.3
142.7
162.8
163.8
162.1
145.5
160.6
171.2
152.9
129.7
166.1 165.7 168.7
180.9 176.6 182.5
155.4 157.8 158.8
136.4 140.0 148.4
164.2 162.8
175.4 174.7
156.1 154.3
145.9 138.2
153.1
159.1
148.8
125.3
160.8
174.6
150.8
126.9
160.1
168.7
153.8
138.1
165.0
178.9
155.0
144.3
164.4
174.1
157.4
150.9
Chemicals, petroleum, and rubber
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
. 222.6
239.0
283.0
143.8
238.7
221.7
239.1
286.6
145.9
230.1
218.5
235.2
277.7
139.0
233.7
228.0
246.0
290.0
140.1
246.7
226.9
244.4
287.6
141.5
245.2
228.3
248.4
295.0
142.0
237.0
220.1
241.4
281.3
145.0
213.3
219.3 223.3
237.5 239.3
276.0 276.5
153.2 155.3
215.4 229.8
227.5
244.6
284.8
156.3
232.5
226.6
245.0
288.5
151.6
231.1
225.0 224.1
243.5 243.5
287.1
152.2 149.1
226.6
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
139.0
140.7
136.7
161.9
117.3
134.0
137.3
135.3
148.0
93.7
132.6
133.9
132.5
140.9
116.5
735.5
136.6
134.0
150.2
122.2
134.6
136.1
132.2
157.0
115.0
135.2 137.5 142.7
136.1 138.7 143.8
130.6 133.2 136.9
165.4 168.5 180.7
124.8 122.0 129.1
140.4
142.7
138.1
167.3
112.0
153.6 154.2
155.4 156.3
152.8 154.6
169.4 165.4
131.8 127.7
151.0
152.2
150.6
161.1
135.1
143.3
144.9
144.3
147.8
124.0
136.9
140.0
138.0
132.7 122.9
94.7
127.2
133.8 128.8
144.0 139.8
136.1 131.7
133.5 136.5
135.2 135.3
133.2 136.8
144.4 148.1
137.0 141.2
139.7
139.6
139.7
150.6
143.6
140.9
132.5
142.6
152.5
144.2
140.0
123.8
143.4
152.7
143.4
160.2
164.5
157.0
157.2
163.3
152.6
152.1
155.3
149.8
147.4
151.0
144.8
141.4
145.1
138.6
242.8 268.0 280.2 279.7
253.9
234.2
229.2
248.5
287.2
152.2
232.4
91.2
156.2
156.7
155.8
140.0
Mining
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80 127.4
1.16 117.7
5 . 6 4 129.3
4.91 139.0
4.25 132.0
.66 184.0
64.2
.73
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.43
.61
.82
131.9 130.4
117.2 110.8
134.9 134.5
144.6 143.9
136.3 135.7
143.5 139.3
142.0 137.1
144.7 140.9
134.1 132.8
123.8 122.5
136.3 134.9
145.8 144.7
137.0 136.2
128.3 133.6
137.0 142.6
121.8 126.9
139.7
147.6
133.9
132.4 134.0
123.9 135.5
134.2 133.7
144.9 143.5
137.4 136.5
146.9
151.2
143.8
156.2 161.0
167.0 169.8
148.1 154.4
159.0
161.5
157.2
Utilities
Electric
4 . 0 4 233.0 237.0 256.7 247.2 240.3 231.6 229.2
74.1
1.28
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
Industrial Production—1957-59
Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
A 62
BUSINESS ACTIVITY; CONSTRUCTION • FEBRUARY 1971
SELECTED BUSINESS
INDEXES
(1957-59= 100, except as noted)
Manufacturing
Industrial production
Capacity
utilization
in mfg.
(per
cent)
Major market group ings
Major industry
groupings
Period
Final products
Total
Total
MateCon- Equip- rials
sumer ment
goods
Mfg.
Mining
Construction
contracts
Prices
2
Nonagricultural
employment—
Total i
Employment
Payrolls
Total
retail
sales 3
4
Consumer
Wholesale
commodity
Utilities
1951.
1952.
195*.
1954.
81.3
84.3
91.3
85.8
78.6
84.3
89.9
85.7
77.8
79.5
85.0
84.3
78.4
94.1
100.5
88.9
83.8
84.3
92.6
85.9
81.9
85.2
92.7
86.3
91.3
90.5
92.9
90.2
56.4
61.2
66.8
71.8
94.0
91.3
94.2
83.5
63
67
70
76
91.1
93.0
95.6
93.3
106.1
106.1
111.6
101.8
80.2
84.5
93.6
85.4
76
79
83
82
90.5
92.5
93.2
93.6
96.7
94.0
92.7
92.9
1955.
1956.
1957.
1958.
1959.
96.6
99.9
100.7
93.7
105.6
93.9
98.1
99.4
94.8
105.7
93.3
95.5
97.0
96.4
106.6
95.0
103.7
104.6
91.3
104.1
99.0
101.6
101.9
92.7
105.4
97.3
100.2
100.8
93.2
106.0
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9 .
98.1
108.0
90.0
87.7
83.6
74.0
81.5
91
92
93
102
105
96.5
99.8
100.7
97.8
101.5
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
89
92
97
98
105
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
1960.
1961.
1962.
1963.
1964.
108.7
109.7
118.3
124.3
132.3
109.9
111.2
119.7
124.9
131.8
111.0
112.6
119.7
125.2
131.7
107.6
108.3
119.6
124.2
132.0
107.6
108.4
117.0
123.7
132.8
108.9
109.6
118.7
124.9
133.1
101.6
102.6
105.0
107.9
111.5
115.6
122.3
131.4
140.0
151.3
80.6
78.5
82.1
83.3
85.7
105
108
120
132
137
103.3
102.9
105.9
108.0
111.1
99.9
95.9
99.1
99.7
101.5
106.7
105.4
113.8
117.9
124.3
106
107
115
120
128
103.1
104.2
105.4
106.7
108.1
100.7
100.3
100.6
100.3
100.5
1965.
1966.
1967.
1968.
1969
143.4
156.3
158.1
165.5
172.8
142.5
155.5
158.3
165.1
170.8
140.3
147.5
148.5
156.9
162.5
147.0
172.6
179.4
182.6
188.6
144.2
157.0
157.8
165.8
174.6
145.0
158.6
159.7
166.9
173.9
114.8
120.5
123.8
126.6
130.2
160.9
173.9
184.9
202.5
221.2
88.5
90.5
85.3
84.5
143
145
153
173
115.8
121.8
125.4
129.3
133.8
106.7
113.5
113.6
115.2
117.3
136.6
151.7
155.1
167.9
180.8
138
148
153
165
171
109.9
113.1
116.3
121.2
127.7
102.5
105.9
106.1
108.7
113.0
1969-—Dec
171.1
168.5
160.7
185.2
173.9
171.3
134.4
227.9
5*81.7
1970-—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19711971-—Jan.?
170.4
170.5
171.1
170.2
169.0
168.8
169.2
168.8
165.8
162.3
'161.5
'164.0
165.1
168.5 161.5 183.6
169.9 162.4 186.2
169.7 162.0 186.3
168.5 163.2 179.0
167.7 163.2 177.3
167.1 162.8 176.3
166.8 163.5 173.7
166.5 163.5 173.0
163.1 160.1 169.6
'159.8 157.0 165.9
'159.2 '156.3 '165.4
'162.0 '159.9 '164.5
163.4 163.3 163.7
172.5
171.5
171.7
171.9
170.4
171.2
171.4
171.2
168 9
'164.8
'163.7
'166.0
166.9
170.2
170.3
170.8
170.0
168.1
168.0
168.5
167.7
163.7
159.4
'158.7
161.6
162.7
131.7
134.2
135.1
133.9
134.8
135.5
133.8
137.1
138.9
139.9
'140.8
'139.6
140.1
230.1
232.7
230.3
233.8
234.9
235.4
236.3
235.8
242.8
244.8
'238.7
'242.0
244.0
1
2
3
4
5
Employees only: excludes personnel in the Armed Forces.
Production workers only.
F.R. index based on Census Bureau figures.
Prices are not seasonally adjusted.
Figure is for 4th quarter 1969.
NOTE.—All series: Data are seasonally adjusted unless otherwise noted.
• »79.8
> P78.0
•
r p
16.2
1v
J 12. 3
.
f
218
134.9
116.2
185.0
172
131.1
115.1
205
215
208
203
170
186
180
212
183
179
202
205
135.2
135.4
135.6
135.5
134.9
134.5
134.4
134.1
134.3
133.6
133.4
'133.8
134.2
115.7
115.0
115.2
114.2
112.6
112.3
111.9
110.9
183.0
179.9
182.2
179.3
176.7
178.6
178.1
179.0
178.4
168.9
168.6
'176.0
178.3
173
175
174
179
178
178
180
180
181
179
'177
'178
180
131.8
132.5
133.2
134.0
134.6
135.2
135.7
136.0
136.6
137.4
137.8
138.5
116.0
116.4
116.6
116.6
116.8
117.0
117.7
117.2
117.8
117.8
117.7
117.8
118.5
111.1
106.4
'105.5
'107.9
107.8
Capacity utilization: Based on data from Federal Reserve, McGrawHill Economics Department, and Department of Commerce.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
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.
Prices: Bureau of Labor Statistics data.
CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
(In millions of dollars, except as noted)
Type of ownership and
type of construction
1969
1968
Dec.
Total construction
1
1970
1969
Jan.
Feb.
4,927
1,727 1,433
3,501 3,495
61,732 67,425 5,228
Mar.
Apr.
May
June
5,249 6,140 6,757
5,417
6,552 6,177
1,652 2,037 1,791
3,597 3,864 4,966
By type of ownership:
Public
Private 1
19,597 22,656
42,135 44,769
By type of construction:
Residential building *
Nonresidential building
Nonbuilding
24,838 25,219 1,744 1,475 1,482 1.974 2,466
22,512 25,667 2,168 2,252 2,269 2,191 2,412
14,382 16,539 1,317 1,201 1,498 1.975 1,877
Private housing units authorized.
(In thousands, S.A., A.R.)
1,330
1,299
1,239
1,013
1,137
i Because of improved collection procedures, data for 1-family homes
beginning Jan. 1968 are not strictly comparable with those for earlier
periods. To improve comparability, earlier levels may be raised by approximately 3 per cent for total and private construction, in each case,
and by 8 per cent for residential building.
1,099
1,263
Aug.
Sept.
Oct.
Nov.
6,229
5,398
5,453
5,144 4,974
1,695 2,814 2 , 3 1 2 2,078
3,722 3,738 3,865 4,151
1,869 2,023
3,529 3,430
1,688
3,286
2,122 2,347
1,749 2,469
1,544 1,361
2,347
2,469
1,361
2,349
2,331
1,549
2,176 2,301
1,943 1,862
1,278 1,289
1,947
1,701
1,497
1,321
1,275
1,326
1,371
1,521
1,489
1,306
July
Dec.
,737
NOTE.—Dollar value of construction contracts as reported by the F. W.
Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made into
accumulated monthly data after original figures have been published.
Private housing units authorized are Census Bureau series for 13,000
reporting areas with local building permit systems.
FEBRUARY 1971 • CONSTRUCTION
A 63
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Public
Nonresidential
Period
Total
Total
Nonfarm
residential
Buildings
Total
Total
Industrial
Commercial
Other
buildings i
Military
Conservation
&
development
Highway
Other
Other 2
196 1
1962 3
19634
196 4
55,447
59,667
63,423
66,200
38,299
41,798
44,057
45,810
21,680
24,292
26,187
26,258
16,619
17,506
17,870
19,552
2,780
2,842
2,906
3,565
4,674
5,144
4,995
5,396
3,280
3,631
3,745
3,994
5,885
5,889
6,224
6,597
17,148
17,869
19,366
20,390
,371
,266
,189
938
5,854
6,365
7,084
7,133
1,384
1,524
1,690
1,729
8,539
8,714
9,403
10,590
196 5
196 6
196 7
196 8
196 9
72,319
75,120
76,160
84,692
90,866
50,253
51,120
50,587
56,996
62,806
26,268
23,971
23,736
28,823
30,603
23,985
27,149
26,851
28,173
32,203
5,118
6,679
6,131
5,594
6,373
6,739
6,879
6,982
8,333
10,136
4,735
5,037
4,993
4,873
5,521
7,393
8,554
8,745
9,373
10,170
22,066
24,000
25,573
27,696
28,060
852
769
721
824
949
7,550
8,355
8,538
9,295
9,276
2,019
2.195
2.196
2,046
1,796
11,645
12,681
14,511
15,531
16,039
1969—Dec..
89,759
61,878
28,926
32,952
6,419
10,337
5,861
10,335
27,881
895
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec."
90,790
91,978
90,718
r
90,721
'89,702
'90,063
'89,204
'90,090
'90,893
91,657
91,449
93,667
62,737
63,340
64,159
63,365
62,656
61,652
60,795
61,596
62,489
63,686
63,374
65,179
28,711
28,658
29,381
29,829
29,150
27,698
27,134
27,639
28,532
29,729
30,616
32,080
34,026
34,682
34,778
33,777
33,506
33,954
33,661
33,957
33,957
33,957
32,758
33,099
6,433
6,000
5,916
6,230
5,864
5,892
5,915
6,241
5,741
5,983
5,752
5,570
11,029
11,724
11,831
10,577
10,553
10,903
10,027
5,885
6,227
6,099
5,857
5,975
5,878
5,932
5,959
5,686
5,572
5,575
5,617
10,679
10,731
10,733
11.113
11.114
11,281
11,787
11,569
12,155
12,192
12,153
12,133
28,053
28,638
26,559
27,115
27,046
'28,411
'28,409
'28,494
'28,404
'27,971
28,075
28,488
937
890
766
746
868
830
592
845
738
866
758
758
1
Includes religious, educational, hospital, institutional, and other buildings.
2 Sewer and water, formerly shown separately, now included in "Other."
3 Beginning July 1962, reflects inclusion of new series affecting most
private nonresidential groups.
10,188
10,375
10,210
9,278
9,779
4
Beginning 1963, reflects inclusion of new series under "Public" (for
State and local govt, activity only).
NOTE.—Monthly data are at seasonally adjusted annual rates. Figures
for period shown are Census Bureau estimates.
NEW HOUSING UNITS
(In thousands)
Units started
Private (S.A., A.R.)
Private and public
(N.S.A.)
Period
Mobile
home
shipments
(N.S.A.)
Government
underwritten
(N.S.A.)
Type of structure
Region
Total
North- North
east
Central South
1-
West
family
5- or
morefamily
Total
Private
339
471
589
450
108
1,365
1,492
1,642
1,562
422
325
376
527
571
1,510
1,196
1,322
1,548
1,500
2- to 4family
196 1
196 2
196 3
196 4
1,313
1,463
1,610
1,529
247
264
261
253
277
290
328
339
473
531
591
582
316
378
431
355
974
991
1,021
972
196 5
196 6
196 7
196 8
196 9
1,473
1,165
1,292
1.508
1,467
270
207
215
227
206
362
288
337
369
349
575
473
520
619
588
266
198
220
294
323
964
779
844
900
810
87
61
72
81
87
Public
Total
FHA
1,313
1,463
1,610
1,529
328
339
292
264
244
261
221
205
83
78
71
59
90
118
151
191
1,473
1,165
1,292
1,508
1,467
246
195
232
283
291
197
158
227
240
49
37
53
56
51
216
217
240
318
413
180
VA
1969—Dec..
1,402
167
297
573
365
776
105
521
85
84
27
23
27
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.'.
Nov.'
Dec.?
1,059
1,306
1.392
1,224
1,242
1.393
1,603
1,425
1.509
1,583
1,688
1,987
150
243
319
222
190
176
264
181
198
227
260
234
245
209
290
255
228
311
335
298
262
331
353
377
444
525
519
524
566
592
652
640
673
649
737
903
220
329
264
223
258
314
352
306
376
376
338
473
577
725
708
697
728
835
827
838
881
890
930
1,204
66
72
70
57
81
78
95
94
122
87
111
104
416
509
614
470
433
480
681
493
506
606
647
679
69
77
117
130
127
141
143
132
133
143
128
66
74
114
20
21
30
37
42
46
49
40
40
46
39
69
17
18
25
32
37
41
43
34
34
40
34
63
24
24
29
40
33
35
37
38
41
41
30
NOTE.—Starts are Census Bureau series (including farm starts) except
in the case of Govt.-underwritten, which are from Federal Housing
Admin, and Veterans Admin, and represent units started, including re-
120
128
125
135
141
129
131
141
126
118
habilitation units under FHA, based on field office reports of first compliance inspections. Data may not always add to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufacturers Assn.
A 64
EMPLOYMENT • FEBRUARY 1971
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force.. S.A.
Total noninstitutional
population
N.S.A.
Period
Not in the
labor force
N.S.A.
Total
labor
force
S.A.
Employed 1
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Unemployment
rate 2
(per cent)
S.A.
196 5
196 6
19673
196 8
196 9
197 0
129,236
131,180
133,319
135,562
137,841
140,182
52,058
52,288
52,527
53,291
53,602
54,280
77,178
78,893
80,793
82,272
84,239
85.903
74,455
75,770
77,347
78,737
80,733
82,715
71,088
72,895
74,372
75,920
77,902
78,627
66,726
68,915
70,527
72,103
74,296
75,165
4,361
3,979
3,844
3,817
3,606
3,462
366
875
975
817
831
4.5
3.8
3.8
3.6
3.5
4.9
1970—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
139,099
139,298
139,497
139,687
139,884
140,046
140,259
140,468
140,675
140,886
141,091
141,301
54,993
54,673
54,489
54,456
54,915
52,816
52,304
53,220
55,019
54,631
54,705
55,137
85,551
85,539
85,918
86,031
85,849
85,392
85,865
85.904
86,084
86,379
86,512
86,622
82,165
82,198
82,600
82,760
82,621
82,213
82,711
82,770
82,975
83,300
83,473
83,609
78,943
78,781
78,969
78,886
78,601
78,299
78,574
78,508
78,479
78,691
78,550
78,463
75,504
75,300
75,436
75,317
75,031
74,763
75,066
75,073
75,043
75,398
75,197
75,055
3,439
3,481
3,533
3.569
3.570
3,536
3,508
3.435
3.436
3,293
3,353
3,408
3,222
3,417
3,631
,874
,020
,914
,137
,262
,496
4,609
4,923
5,146
3.9
4.2
4.4
4.7
4.9
4.8
5.0
5.1
5.4
5.5
5.9
6.2
1971—Jan..
141,500
55,872
86,873
83,897
78,864
75,451
3,413
5,033
6.0
1 Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
3 Beginning 1967, data not strictly comparable with previous data.
Description of changes available from Bureau of Labor Statistics.
2
NOTE.—Bureau of Labor Statistics. Information relating to persons 16
years of age and over is obtained on a sample basis. Monthly data relate
to the calendar week that contains the 12th day; annual data are averages
of monthly figures.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction
Total
Manufacturing
58,331
60,815
63,955
65,857
67,915
70,274
17,274
18,062
19,214
19,447
19,781
20,169
634
632
627
613
606
619
3,050
3,186
3,275
3,208
3,285
3,437
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.?
70,992
71,135
71,242
71,149
70,839
70,629
70,587
70,414
70,531
70,182
70,085
70,264
20,018
19,937
19,944
19,795
19,572
19,477
19,402
19,271
19,285
18,684
18,538
18,814
625
626
626
622
620
620
1971—Jan. p
70,487
Period
196 4
196 5
196 6
196 7
196 8
196 9
Transportation & public utilities
Trade
Finance
Service
Government
3,951
4,036
4,151
4,261
4,310
4,431
12,160
12,716
13,245
13,606
14,084
14,645
2,957
3,023
3,100
3,225
3,382
3,557
8,709
9,087
9,551
10,099
19,623
11,211
9,596
10,074
10,792
11,398
11,845
12,204
619
621
621
625
625
3,394
3,466
3,481
3,426
3,351
3,324
3,314
3,305
3,262
3,278
3,303
3,311
4,507
4,496
4,502
4,468
4,478
4,511
4,539
4,520
4,511
4,509
4,493
4,440
14,938
14,987
14,984
14,991
14,968
14,927
14,933
14,912
14,961
15,011
14,945
14,829
3,648
3,652
3,665
3,673
3,677
3,679
3,676
3,670
3,684
3,696
3,711
3,725
11,472
11,530
11,537
11,564
11,572
11,532
11,514
11,521
11,622
11,665
11,695
11,730
12,390
12,441
12,503
12,610
12,601
12,559
12,591
12,596
12,585
12,718
12,775
12,790
18,805
620
3,226
4,480
15,013
3,737
11,792
12,814
69,933
70,029
70,460
70,758
70,780
71,385
70,602
70,527
70,922
70,692
70,644
71,196
19,824
19,770
19,794
19,627
19,432
19,627
19,325
19,446
19,512
18,850
18,645
18,839
608
610
616
620
635
635
636
628
622
623
621
611
3,048
3,071
3,161
3,286
3,344
3,504
3,572
3,606
3,500
3,471
3,379
3,218
4,435
4,420
4,443
4,432
4,469
4,561
4,593
4,574
4,561
4,527
4,515
4,449
14,707
14,606
14,700
14,818
14,878
14,994
14,924
14,869
14,936
15,038
15,191
15,720
3,604
3,615
3,639
3,658
3,670
3,708
3,738
3,732
3,695
3,689
3,697
3,706
11,254
11,357
11,433
11,564
11,641
11,717
11,698
11,648
11,634
11,677
11,660
11,648
12,450
12,582
12,680
12,757
12,726
12,639
12,117
12,016
12,456
12,818
12,934
12,995
69,458
18,616
606
2,897
4,408
14,782
3,692
11,568
12,889
Mining
SEASONALLY ADJUSTED
618
NOT SEASONALLY ADJUSTED
1970—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.p
1971—Jan. p
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period that includes the 12th of the month. Proprietors, self-employed
persons, domestic servants, unpaid family workers, and members of
the Armed Forces are excluded.
Data on total and government employment have been revised back
to 1964 due to adjustment of State and local government series to
Oct. 1967 Census of
Governments.
Beginning with 1968, series has been adjusted to Mar. 1969 benchmark.
FEBRUARY 1971 • EMPLOYMENT AND EARNINGS
A 65
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted 1
Seasonally adjusted 1
Industry group
1970
1971
1970
1971
Jan.
Nov.
Dec.f
Jan.®
Jan.
Nov.
Dec.f
Jan.35
14,573
13,289
13,587
13,583
14,402
13,403
13,625
13,422
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
8,425
156
523
395
520
1,086
7,386
118
492
373
495
981
7,686
115
487
370
497
989
7,696
111
479
373
494
979
8,377
158
502
394
500
1,079
7,436
119
490
378
498
966
7,721
116
479
374
490
980
7,652
113
460
372
475
973
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
1,100
1,383
1,246
1,384
289
343
985
1,218
1,181
967
264
312
1,029
1,215
1,189
1,214
261
320
1,027
1,196
1,187
1,268
259
323
1,097
1,385
1,253
1,397
289
323
998
1,207
1,198
986
265
331
1,039
1,211
1,207
1,246
264
315
1,024
1,199
1,193
1,281
259
303
6,148
1,226
67
878
1,242
558
5,903
1,194
64
828
1,200
538
5,901
1,194
62
831
1,201
537
5,887
1,188
63
834
1,192
536
6,025
1,159
67
868
1,218
553
5,967
1,222
70
833
1,212
541
5,904
1,183
68
832
1,199
540
5,770
1,124
63
824
1,170
532
691
619
119
459
289
675
597
116
419
272
676
596
117
417
270
671
591
119
424
269
687
612
115
458
288
679
594
116
425
275
680
592
115
423
272
667
584
115
423
268
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
[Rubber and misc. plastic products
Leather and leather products
1
Data adjusted to 1969 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
Average weekly earnings 1
(dollars per week; N.S.A.)
Average hours worked 1
(per week; S.A.)
Industry group
1970
1971
1970
Nov.
Dec.f
Jan.35
138.05
137.86
3.29
3.39
3.46
3.49
142.04 143.56 148.67 148.80
144.73 151.07 154.91 155.77
110.65 120.78 120.50 114.13
105.42 111.56 114.05 109.59
134.15 144.20 144.20 140.75
159.42 157.21 162.80 164.42
3.49
3.53
2.83
2.71
3.28
3.86
3.58
3.73
3.05
2.81
3.50
3.99
3.68
3.76
3.02
2.83
3.50
4.07
3.72
3.79
2.98
2.81
3.51
4.09
149.37 148.77
157.87 155.96
137.89 135.38
173.77 180.07
137.26 135.98
113.59 111.34
3.45
3.70
3.18
4.02
3.26
2.79
3.54
3.82
3.35
4.03
3.41
2.88
3.67
3.86
3.43
4.28
3.44
2.92
3.71
3.87
3.41
4.36
3.46
2.93
39.2
40.8
38.8
40.4
35.2
41.9
117.99 123.17 124.26 123.77
124.74 131.54 133.42 133.32
106.39 112.81 118.20 113.48
96.80 100.80 101.45 101.20
85.26
83.07
86.38
85.89
142.04 147.55 148.33 148.16
3.01
3.08
2.86
2.42
2.36
3.35
3.15
3.24
2.93
2.52
2.44
3.53
3.17
3.27
3.00
2.53
2.44
3.54
3.19
3.30
3.01
2.53
2.45
3.57
37.6
41.1
43.4
40.0
36.8
143.26
150.12
176.40
128.21
92.74
3.80
3.60
4.21
3.15
2.46
4.02
3.79
4.33
3.29
2.51
4.05
3.80
4.31
3.32
2.53
4.06
3.83
4.39
3.35
2.55
Jan.*'
Total
40.3
39.6
39.6
39.7
131.93 134.58
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
41.0
40.6
39.6
39.5
41.7
41.2
40.0
40.2
39.9
39.4
41.1
39.6
40.0
40.7
40.1
39.5
41.3
40.0
40.3
40.7
38.8
39.6
40.9
40.1
41.4
42.2
40.5
40.2
40.7
39.3
40.0
40.6
39.6
39.9
40.0
38.6
40.4
40.5
39.6
39.8
39.5
38.7
40.5
40.3
39.9
41.4
. 39.5
38.5
39.6
41.0
38.3
40.4
35.6
42.8
38.9
40.4
38.4
39.6
35.4
41.6
39.0
40.6
38.7
39.7
35.3
41.5
38.2
42.0
42.5
40.9
37.5
37.5
41.3
43.0
39.4
37.1
37.5
41.2
43.7
39.7
37.1
i Data adjusted to 1969 benchmark.
1971
Jan.
Dec.f
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
Rubber and misc. plastic products
Leather and leather products
1970
1971
Jan.f
Nov.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products
Average hourly earnings 1
(dollars per hour; N.S.A.)
Dec.f
Jan.
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..
INDUSTRIES
Jan.
141.45
156.14
128.15
161.20
132.03
108.25
Nov.
142.31
155.09
134.00
164.02
137.08
112.03
150.75
157.29
186.62
130.61
93.37
153.50
157.32
185.76
133.13
95.38
150.63
156.26
187.89
133.33
94.35
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
A 66
PRICES • FEBRUARY 1971
CONSUMER PRICES
(1957-59=100)
Housing
Period
All
items
Food
Total
Rent
Health and recreation
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishand
portaings upkeep tion
and
operation
45.2
53.6
Homeownership
88.3
86.4
51.2
55.4
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
50.6
57.5
Total
47.6
63.6
57.3
75.0
58.2
67.3
59.7
45.1
51.3
62.7
55.6
35.3
44.2
58.4
61.4
67.5
85.4
60.8
64.3
66.1
1960.
1961 .
1962
1963,
1964.
103.1
104.2
105.4
106.7
108.1
101.4
102.6
103.6
105.1
106.4
103.1
103.9
104.8
106.0
107.2
103.1
104.4
105.7
106.8
107.8
103.7
104.4
105.6
107.0
109.1
99.5
101.6
102.1
104.0
103.5
107.0
107.9
107.9
107.8
107.9
101.5
101.4
101.5
102.4
102.8
102.2
103.0
103.6
104.8
105.7
103.8
105.0
107.2
107.8
109.3
105.4
107.3
109.4
111.4
113.6
108.1
111.3
114.2
117.0
119.4
104.1
104.6
106.5
107.9
109.2
104.9
107.2
109.6
111.5
114.1
103.8
104.6
105.3
107.1
108.8
1965.
1966.
1967.
1968
1969,
109.9
113.1
116.3
121.2
127.7
108.8
114.2
115.2
119.3
125.5
108.5
111.1
114.3
119.1
126.7
108.9
110.4
112.4
115.1
118.8
111.4
115.7
120.2
127.0
139.4
105.6
108.3
111.6
115.1
117.7
107.8
108.1
108.5
109.5
111.5
103.1
105.0
108.4
113.0
117.9
106.8
109.6
114.0
120.1
127.1
111.1
112.7
115.9
119.6
124.2
115.6
119.0
123.8
130.0
136.6
122.3
127.7
136.7
145.0
155.0
109.9
112.2
115.5
120.3
126.2
115.2
117.1
120.1
125.7
130.5
111.4
114.9
118.2
123.6
129.0
1969-- D e c
131.3
129.9
130.5
121.0
145.4
119.2
113.7
120.0
130.8
126.4
139.6
158.1
128.1
132.7
133.5
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
131.8
132.5
133.2
134.0
134.6
135.2
135.7
136.0
136.6
137.4
137.8
138.5
130.7
131.5
131.6
132.0
132.4
132.7
133.4
133.5
133.3
133.0
132.4
132.8
131.1
132.2
133.6
134.4
135.1
135.6
136.2
137.0
137.8
138.5
139.3
M0.1
121.3
121.8
122.3
122.6
123.0
123.4
123.8
124.2
124.6
125.2
125.7
126.6
146.8
148.5
150.9
152.1
153.3
154.4
155.0
156.2
157.8
158.6
159.3
160.4
119.7
120.6
120.8
120.9
121.0
121.2
122.3
122.9
124.3
125.5
127.1
128.2
114.1
114.6
114.8
115.7
115.8
115.3
115.7
116.4
116.8
118.0
119.2
120.1
120.1
120.8
121.6
122.0
122.5
122.8
123.0
123.2
123.6
123.9
124.5
124.8
129.3
130.0
130.6
131.1
131.9
132.2
131.4
131.5
133.6
134.8
135.7
135.9
127.3
127.3
127.1
128.9
129.9
130.6
131.4
130.6
131.0
133.5
134.4
135.5
140.1
140.7
141.4
142.3
142.9
143.7
144.3
145.1
145.7
146.3
146.9
147.4
159.0
160.1
161.6
162.8
163.6
164.7
165.8
166.8
167.6
167.9
168.7
169.8
128.5
129.0
129.6
129.8
130.3
130.2
130.6
131.3
131.7
132.1
132.3
132.8
133.1
133.2
133.6
134.4
135.2
136,1
136.6
137.1
137.7
138.4
139.3
139.6
133.9
134.3
134.8
135.6
136.1
136.7
137.3
138.1
138.8
139.5
139.8
140.1
1929
1933
1941
1945
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
WHOLESALE PRICES: SUMMARY
(1957-59=100)
Industrial commodities
ProAll
Farm
com- prod- cessed
foods
modi- ucts
and
ties
feeds Total
100.7
100.3
100.6
100.3
100.5
96.9
96.0
97.7
95.7
94.3
98.4
102.5
105.9 105.6
99.7
106.1
108.8 102.2
113.0 108.5
115.1
116.0
116.4
116.6
116.6
116.8
117.0
117.7
117.2
117.8
117.8
117.7
117.8
1
111.7
112.5
113.7
114.3
111.3
111.0
111.3
113.1
108.2
111.8
107.5
106.7
106.8
RubHides, Fuel, Chem- ber,
icals,
etc.
etc.
etc.
etc.
Lum- Paper, Metber,
als,
etc.
etc.
etc.
105.2
106.2
107.4
104.2
104.6
99.6
100.7
100.2
99.8
97.1
100.2
99.1
97.5
96.3
96.7
106.7 102.5 101.8 109.2
113.0 104.7 102.1 119.7
111.7 106.3 102.1 115.8
114.2 109.0 105.8 119.5
119.8 112.7 108.0 125.8
98.9
101.3
103.6
102.5
104.6
97.4
97.8
98.4
98.2
98.3
92.9 101.1
94.8 105.6
97.0 105.4
100.2 119.4
102.1 132.0
109.2 126.5
106.1
98.8
104.5
100.0 101.3 101.5
99.7
101.6 100.8
102.7 100.8 100.6
103.3 100.7 100.5
103.1 101.2 101.2
122.6
125.1
125.2
124.9
124.9
124.1
124.8
126.6
126.1
126.2
124.9
124.8
123.6
114.6
115.1
115.5
115.8
116.2
116.6
116.7
116.9
117.1
117.4
118.3
118.3
118.7
For transportation equipment, Dec. 1968 = 100.
Textiles,
etc.
109.5
109.4
109.5
109.3
109.3
109.3
109.2
109.5
109.6
109.4
109.2
108.8
126.6
126.7
126.8
128.5
127.9
127.3
127.1
127.1
127.3
127.9
128.4
127.9
105.6
106.4
106.3
107.5
109.1
108.6
108.9
109.6
99.1
99.5
100.0
100.4
100.6
100.5
100.9
101.1
111.0 100.9
112.6 101.4
113.7 101.6
116.9 101.6
99.9
96.1
93.3
93.8
92.5
104.7
104.6
104.4
104.2
104.2
104.1
105.6
106.3
106.0
106.1
105.7
106.0
100.4 101.8
95.9
98.8
96.5 100.0
98.6
99.2
100.6 99.0
122.5
121.6
120.2
119.5
120.1
121.0
120.2
119.6
120.2
120.4
119.2
117.9
117.1
101.3
100.7
100.0
100.1
102.8
Machin- Furni- Non- Trans- Misme- portaery
ture, tallic tion cellaand
min- equip- neous
equip- etc.
erals ment 1
ment
102.9 100.1 101.4
102.9 99.5 101.8
102.9 98.8 101.8
103.1 98.1 101.3
103.8 98.5 101.5
101.7
102.0
102.4
103.3
104.1
99.9 105.7 105.0 98.0 101.7
102.6 108.3 108.2 99.1 102.6
104.0 109.5 111.8 101.0 104.3
104.9 112.4 115.4 103.9 108.2
108.2 118.9 119.0 106.1 112.8 100.7
104.8
106.8
109.2
111.7
114.7
121.9 107.2 114.5 102.7
117.0
102.9
102.9
103.2
103.1
103.2
103.3
103.2
103.3
103.6
108.2
108.5
108.9
117.4
117.5
117.8
117.8
118.2
121.0
121.4
121.5
121.9
122.0
122.2
122.3
109.5
123.8
111.1 124.9
111.8 126.1
112.1 127.0
112.5 127.8
112.3 128.7
112.2 129.1
112.5 129.0
112.3 128.8
112.4 128.7
113.0 129.0
112.8 128.0
112.6 127.4
122.5
122.8
123.1
123.4
123.7
124.1
124.7
124.8
125.3
126.0
126.5
127.2
107.5
107.9
108.1
108.3
108.3
108.6
108.8
108.9
109.0
109.2
109.6
109.9
116.5
116.9
117.3
117.8
117.9
117.9
118.1
118.5
118.7
119.1
119.5
120.0
FEBRUARY 1971 • PRICES
A 67
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1970
1969
Group
Group
Dec.
Oct.
Nov.
Dec.
112.4
82.9
120.2
86.9
65.7
138.3
155.8
105.1
113.1
102.4
96.0
111.8
76.5
64.1
140.6
88.2
123.0
117.1
109.4
96.1
102.3
78.0
63.4
142.2
99.3
124.7
120.9
113.1
99.6
100.6
65.9
62.5
143.4
107.3
123.2
119.5
122.0
121.9
133.9
116.4
127.1
116.1
115.6
86.1
97.9
108.0
126.4
121.8
128.7
116.4
136.5
119.1
134.0
121.9
117.8
117.6
114.4
117.5
128.6
127.7
129.5
114.2
136.8
119.6
133.5
122.2
124.2
126.7
123.6
121.4
127.6
129.3
129.9
109.5
137.5
119.0
133.1
121.7
107.6
117.3
122.6
119.9
126.7
133.9
106.1
104.3
91.1
191.1
116.9
108.1
127.8
106.7
100.9
85.7
193.4
119.9
111.2
125.4
106.9
100.9
84.8
190.1
120.0
111.2
125.2
107.6
100.0
84.3
191.3
119.5
109.5
126.8
108.9
119.7
135.0
118.5
97.2
118.1
139.0
121.0
102.9
118.4
139.0
121.1
96.0
118.3
139.1
121.0
124.6
126.9
131.8
103.4
104.5
102.2
181.0
163.4
143.0
108.0
103.3
103.8
181.6
163.4
142.4
109.0
103.3
105.4
181.6
163.4
143.7
109.5
111.6
109.9
97.8
120.3
93.4
94.6
92.8
86.7
80.1
115.1
98.9
123.2
91.0
95.1
117.4
92.7
81.3
118.4
98.9
123.2
92.6
95.5
123.2
92.7
80.5
118.5
98.8
123.3
92.7
95.7
122.7
92.6
80.6
118.6
1970
1969
Dec.
Oct.
Nov.
Dec.
110.1
98.0
106.7
117.4
96.0
110.7
93.9
113.8
109.6
86.8
123.1
97.2
114.0
92.7
113.5
109.6
85.6
123.3
94.5
114.1
92.7
113.4
109.6
84.7
123.3
94.5
113.9
92.2
113.9
116.4
150.1
120.6
123.0
122.8
99.7
113.7
124.5
121.6
123.5
147.5
129.7
128.4
125.0
104.6
120.1
133.5
120.7
123.4
144.3
129.6
130.3
124.4
104.6
119.9
134.0
120.7
123.5
141.1
129.6
130.6
125.1
104.5
120.3
134.0
136.4
139.8
138.0
139.5
145.0
141.9
141.0
146.5
142.0
142.4
147.3
142.5
Pulp, paper, and allied products:
Farm products:
Fresh and dried produce
Grains
Livestock
Live poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Processed foods and feeds:
Cereal and bakery products
Meat, poultry, and fish
Dairy products
Processed fruits and vegetables
Sugar and confectionery
Beverages and beverage m a t e r i a l s . . . .
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Manufactured animal feeds
Metals and metal
Textile products and apparel:
Cotton products
Wool products
Manmade fiber textile products
Silk yarns
Apparel
Textile housefurnishings
Miscellaneous textile products
Pulp, paper and products, excluding
building paper and board
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard..
Building paper and board
products:
Iron and steel
Steelmill products
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Miscellaneous metal products
Machinery and equipment:
Agricultural machinery and equip...
Construction machinery and equip.,
Metalworking machinery and equip
General purpose machinery and
equipment
Special industry machinery and
equipment (Jan. 1961= 100)
Electrical machinery and equip
Miscellaneous machinery
124.8
131.7
132.0
132.9
132.8
106.2
121.0
137.0
109.5
124.5
137.1
109.8
125.3
138.6
110.1
126.4
123.6
124.1
93.1
93.6
77.8
133.3
126.6
128.7
92.9
95.5
77.4
136.6
126.9
130.2
93.0
95.7
77.8
136.8
127.2
130.5
93.2
96.0
77.8
137.5
117.8
116.7
114.2
122.1
122.7
119.8
122.1
119.5
120.1
122.3
119.3
120.7
118.5
120.9
101.2
104.3
116.1
110.6
122.2
125.7
96.2
99.8
120.9
116.9
122.4
132.7
99.5
98.7
125.7
117.3
122.9
132.7
100.6
97.8
125.7
119.7
iTxvkvi ivinvivj uiiu equipment.
Motor vehicles and v^ui^iiiviib • • • • • 109.0
Railroad equipment (Jan. 1961 = 100) 115.7
115.0
120.2
115.3
120.4
115.9
121.0
117.0
132.1
110.4
117.3
118.8
116.8
132.1
110.4
117.5
119.4
116.9
132.1
110.8
117.5
119.8
Hides, skins, leather, and products:
Hides and skins
Leather
Footwear
Other leather products
Fuels and related products, and power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Crude petroleum
Petroleum products, refined
Chemicals and allied
products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and pharmaceuticals
Fats and oils, inedible
Agricultural chemicals and products..
Plastic resins and materials
Other chemicals and products
Rubber and plastic
88.1
101.7
113.4
84.9
107.5
120.2
84.8
107.5
120.0
85.2
107.5
120.0
100.0
95.5
94.7
95.2
Lumber and wood products:
128.2
Lumber
131.7
Millwork
Plywood
96.9
Other wood products (Dec. 1966 = 100) 118.4
123.4
128.3
96.3
119.2
121.6
128.0
94.3
119.2
120.4
127.9
93.3
119.9
i Retitled to include the direct pricing of plastic construction products;
continuity of the group index is not affected.
NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to
Household furniture
Commercial furniture
Floor coverings
Household appliances
Home electronic e q u i p m e n t . . . .
Other household durable goods
Nonmetallic mineral
products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products excluding
refractories
Refractories
Asphalt roofing
Gypsum products
Glass containers
Other nonmetallic minerals
Transportation
products:1
Crude rubber
Tires and tubes
Miscellaneous rubber products
Plastic construction products (Dec.
1969 = 100)
Furniture and household durables:
Miscellaneous
equipment:
products:
Toys, sporting goods, small arms,
ammunition
Tobacco products
Notions
Photographic equipment and supplies
Other miscellaneous products
112.7
124.0
107.2
115.3
114.9
incorporate (1) new weights beginning with Jan. 1967 data and (2) various
classification changes. Back data not yet available for some new classifications.
A 68
NATIONAL PRODUCT AND INCOME • FEBRUARY 1971
GROSS NATIONAL PRODUCT
(In billions of dollars)
Item
1929
1933
1941
1950
1966
1967
1968
1969
1970*
1970
1969
IV
Gross national product
Final purchases
103.1
101.4
55.6 124.5 284.8 749.9
57.2 120.1 278.0 735.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
77.2
9.2
37.7
30.3
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories
Nonfarm
16.2
1.4
14.5
3.0
10.6
2.4
5.0
.9
5.6
1.5
4.0
.6
3.8
.5
1.7 - 1 . 6
1.8 - 1 . 4
....
45.8
3.5
22.3
20.1
865.0 931.4 976.8
857.4 922.9 973.2
951.7
944.5
959.5
957.9
II
III
971.1 985.5
968.1 980.0
IVP
990.9
986.8
8 0 . 6 191.0 4 6 6 . 3 492.1 535.8 577.5 616.8 592.6 603.1 614.4 622.1 6 2 7 . 6
89.4
70.8
73.1
84.0
90.0
91.2
85.4
9 . 6 30.5
90.8
89.1
91.9
42.9 98.1 206.9 215.0 230.2 245.8 264.7 2 5 2 . 0 258.8 262.6 265.8 271.7
28.1 62.4 188.6 204.0 221.6 241.6 262.7 249.8 255.2 259.9 265.1 270.5
17.9
13.4
9.5
2.9
6.6
3.9
3.7
4.5
4.0
54.1
47.3
27.9
9.2
18.7
19.4
18.6
6.8
6.0
121.4 116.6
106.6 108.4
81.6
83.3
28.0
28.5
53.1
55.3
25.0
25.1
24.5
24.5
8.2
14.8
15.0
7.5
126.5
118.9
88.7
29.6
59.1
30.3
29.7
7.6
7.5
5.2
46.2
41.0
2.5
50.6
48.1
Net exports of goods and services
Exports
Imports
1.1
7.0
5.9
.4
2.4
2.0
1.3
5.9
4.6
1.8
13.8
12.0
5.3
43.4
38.1
Government purchases of goods and services..
Federal
National defense
Other
State and local
8.5
1.3
8.0
2.0
1.2
6.0
24.8
16.9
13.8
3.1
7.9
37.9
18.4
14.1
4.3
19.5
156.8
77.8
60.7
17.1
79.0
Gross national product in constant (1958)
dollars
793.9
785.7
I
203.6 141.5 263.7 355.3 658.1
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series,
139.8 135.8
131.4 132.2
99.3 102.6
33.8
35.1
65.5
67.4
32.0 2 9 . 6
31.5
29.0
8.5
3.6
8.0
3.0
1.9
55.5
53.6
3.6
62.3
58.7
180.1 200.2 212.2 220.5
99.5 101.3
90.7
99.7
78.8
12.4
78.0
76.6
22.6
18.4
21.5
23.1
89.4 100.7 110.8 120.8
140.2
133.0
102.6
35.1
67.5
30.4
29.8
7.2
6.5
2.6
58.8
56.2
133.2 134.3
131.6 131.2
102.6 102.8
35.7
35.3
66.9
67.5
28.4
29.1
28.4
27.8
1.6
3.1
2.6
.9
3.5
61.1
57.6
138.3 137.5
132.7 133.4
103.6 101.4
34.6
35.0
68.6
66.8
29.2
32.0
31.4
28.6
5.5
4.1
5.0
3.6
4.2
62.8
58.6
4.1
62.8
58.7
2.7
62.6
59.9
216.3 219.6 218.4 221.0 223.2
102.1 102.3
98.4
98.6
99.7
14.6
79.3
75.8
76.8
78.8
23.8
23.3
23.0
22.9
22.9
114.2 117.4 118.7 122.4 124.8
675.2 707.2 727.1 724.3 729.2 723.8 724.9 7 2 7 . 4 721.3
see the Survey of Current Business, July 1968, July 1969, July 1970, and
Supplement, Aug. 1966.
NATIONAL INCOME
(In billions of dollars)
1929
1933
1941
1950
1966
1967
1970P
1968
Item
1970
1969
II
III
801.0 7 8 5 . 2 7 9 1 . 5
IV
IV*
National income
86.8
40.3
104.2
241.1
620.6 6 5 3 . 6 7 1 2 . 7 7 6 9 . 5
797.4
806.6
Compensation of employees
51.1
29.5
64.8
154.6
435.5
467.2
514.1
564.2
599.8
582.1
592.2
596.4
603.8
606.8
Wages and salaries
Private
Military
Government civilian
50.4
29.0
23.9
62.1
146.8
394.5
423.1
464.8
509.0
540.1
525.3
534.4
543.4
545.4
124.4
5.0
17.4
316.8
14.6
63
337.3
369.1
17.9
77.8
404.9
19.0
85.1
426.2
19.3
94.6
417.2
19.6
88.5
422.6
91.7
19.5
93.9
428.9
19.1
95.4
429.3
.3
4.9
51.9
1.9
8.3
537.4
424.0
.5
2.7
7.8
41.0
44.2
49.3
55.1
59.7
56.8
57.9
59.0
60.4
61.4
2.0
4.0
20.3
20.7
21.9
22.3
24.3
24.9
27.5
27.6
29.3
30.4
28.3
28.5
28.6
29.6
30.8
29.9
29.3
29.0
30.0
62.1
66.8
67.6
51.4
67.2
50.6
67.8
51.2
16.5
67.8
51.7
16.6
67.6
50.6
17.0
16.1
67.4
52.0
15.3
22.0
22.7
22.3
22.5
22.6
22.7
23.0
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
45.5
.3
4.6
.7
69.5
20.1
.7
3.8
37.5
24.0
13.5
61.3
45.2
2.6
17.5
11.1
6.4
16.1
47.3
14.8
64.1
49.1
15.0
5.4
2.0
3.5
9.4
20.0
21.1
21.3
10.5
-1.2
15.2
37.7
82.4
78.7
85.4
85.8
77.4
82.0
76.7
77.5
17.7
7.6
42.6
84.2
79.8
88.7
91.2
82.3
88.5
82.6
82.0
18.6
97.5
31.5
78.4
1.0
.5
84.4
15.1
9.0
5.9
3.3
6.2
10.0
1.4
8.6
10.1
50.5
16.4
16.2
17.8
34.3
33.2
40.6
42.7
37.9
41.4
38.0
38.1
38.9
24.9
8.8
16.0
49.9
20.8
46.6
48.2
48.5
44.4
47.1
43.9
45.4
21.4
25.3
23.3
24.9
24.7
23.9
25.2
19.2
25.2
21.9
44.6
25.2
25.1
25.4
25.1
-3.3
-5.4
-4.9
-6.5
-5.8
-4.5
-5.9
-3.3
27.8
30.7
33.5
31.7
32.4
33.1
33.8
34.5
5.8
.4
2.0
2.8
-1.6
4.4
5.7
.5
-2.1
-2.5
-5.0
4.7
4.1
3.2
2.0
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.
16.2
29.1
-1
21.4
24.4
19.4
20.0
FEBRUARY
1971
•
NATIONAL
PRODUCT
AND
INCOME
A
69
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1929
1933
1941
1950
1966
1967
1968
1969
1970?
1969
1970
II
Gross national product.
Less:
Plus:
103.1
Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Subsidies less current surplus of government enterprises
Plus:
7.0
8.2
18.3
63.9
68.9
7.0
.6
.7
7.
.7
.6
11.3
.5
.4
23.3
.8
1.5
65.7
3.0
-1.0
70.4
3.1
-.7
2.3
1.4
Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Government transfer payments
Net interest paid by government and
consumers
Dividends
Business transfer payments
-.1
.2
86.8
Equals: National income.
Less:
5 5 . 6 124.5 284.8 749.9 793.9
7.9
4 0 . 3 104.2 241.1
10.5
.2
15.2
85.9
47.0
2.6
1.5
Equals: Disposable personal income
83.3
Less:
79.
77.2
1.5
Personal tax and nontax payments...
Personal outlays
Personal consumption expenditures,
Consumer interest payments
Personal transfer payments to foreigners
37.7
6.9
2.6
1.6
2.0
.7
Less:
IVf
990.9
865.0 931.4 976.8
951.7
959.5
971.1
985.5
74.0
78.9
84.3
80.7
82.1
83.6
85.0
86.5
78
3.3
-2.4
85.2
3.5
-4.7
92.0
3.6
-2.5
87.7
3.5
-4.3
89.3
3.6
-5.4
91.1
3.6
-3.1
93.3
3.6
-1.1
94.3
3.7
.7
1.0
1.7
1.2
1.6
1.5
1.8
2.0
712.7 769.5
801.0 785.2 791.5
7 9 7 . 4 806.6
14.3
2.2
4.4
.5
7.2
8.8
.8
9 6 . 0 227.6
82.4
38.0
78.7
42.4
85.8
53.6
77.4
57.1
82.0
55.
77.5
78.4
56.7
57.6
-2.1
-.4
75.8
31.4
25.1
75.1
32.2
25.4
3.6
32.6
25.1
3.7
807.2
813.4
114.2
116.5
41.
48.7
55.7
61.6
73.9
63.4
66.3
22.2
20.
3.0
23.6
21.4
3.1
26.3
23.3
3.3
29.0
24.7
3.5
31.8
25.2
3.6
30.2
25.2
3.5
31.0
25.2
3.6
587.2 629.3
688.7
748.9
801.0 770.5
782.3
97.5
117.3
116.4
119.9
117.0
546.3 591.2
631.6
684.7
650.6
665.3
20.7
75.4
45.5
92.7 206.9
511.9
46.5
45.
.5
81.7 193.9 479.3 506.0
8 0 . 6 191.0 466.3 492.1
13.2
2.4
12.4
.9
3.3
85.4
47.1
76.7
56.0
2.5
2
2.5
5.
.6
Equals: Personal income
620.6 653.6
III
83.0
550.8
535.8
14.3
3.6
801.3
117.7
58.0
78.4
693.0 696.9
683.6
593.9 634.7 609.6 620.5
640.2 646.0
577.5 616.8 592.6 603.1 632.1 622.1 627.6
15.7
16.4 614.4
17.0
17.2
16.1
17.5
16.8
1.0
1.0
.9
Disposable personal income in constant (1958)
dollars
.3
.2
.2
.5
.6
.7
.7
4.2
Equals: Personal saving.
-.9
11.0
13.1
32.5
40.4
40.4
37.6
50.0
41.1
44.
51.5
52.7
150.6 112.2 190.3 249.6 458.9 477.5
499.0
5115
529.7
517.8
522.9
532.0
534.2
Aug.
Sept.
Oct.
Nov.
Dec.p
811.9
809.9
812.6
817.8
1.0
50.9
529.8
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table opposite.
PERSONAL INCOME
(In billions of dollars)
1970
1969
Item
1969
1970*
Dec.
Jan.
801.0 774.3 777.8
Feb.
Mar.
Apr.
May
June
July
Total personal income
748.9
Wage and salary disbursements
Commodity-producing industries...
Manufacturing only
Distributive industries
Service industries
Government
509.0 540.1 528.0 529.5 531.1 535.0 539.9 540.5 538.1 541.5 543.2 546.6 541.8 544.1 550.3
197.5 201.2 203.8 202.2 202.0 203.9 202.3 200.9 201.3 202.1 202.0 201.5 196.8 196.8 202.6
157.5 158.9 161.6 160.8 160.0 161.3 160.0 159.2 159.5 160.1 159.6 159.5 154.3 153.6 159.5
119.8 128.4 124.1 125.4 125.7 126.7 126.0 127.2 127.9 129.1 129.7 130.2 130.6 131.4 131.0
98.8
97.9
99.8 100.0
93.1
94.1
97.3
87.7
96.6
9 4 . 6 95.1
91.6
9 5 . 5 9 5 . 7 96.8
104.1 114.0 108.5 108.9 109.3 109.8 116.5 116.9 113.2 113.5 114.2 117.0 115.6 116.1 116.7
781.5 787.6 806.0 799.7 7 9 8 . 2 803.3 806.4
Other labor income
27.6
30.4
28.6
29.0
29.3
29.6
29.8
30.0
30.3
30.6
30.8
31.1
31.3
31.5
31.7
Proprietors' income
Business and professional
Farm
66.8
50.5
16.4
67.6
51.4
16.2
67.0
50.4
16.6
67.2
50.4
16.8
67.6
50.6
17.0
67.9
50.7
17.2
67.9
51.0
16.9
67.8
51.3
16.5
67.7
51.5
16.2
67.8
51.6
16.2
67.8
51.7
16.1
67.8
51.8
16.0
67.6
51.9
15.7
67.3
52.0
15.3
67.1
52.1
15.0
Rental income
22.0
22.7
22.4
22.5
22.5
22.6
22.6
22.6
22.7
22.7
22.7
22.8
22.9
23.0
23.1
Dividends
24.7
25.2
25.0
25.1
25.2
25.2
25.2
25.3
24.7
25.2
25.3
25.5
25.6
25.7
24.1
Personal interest income
59.7
65.3
62.6
63.0
63.4
63.7
64.2
64.5
64.8
65.3
66.0
66.8
67.0
67.1
67.2
Transfer payments
65.1
77.5
67.7
68.8
69.7
71.1
84.1
76.6
77.6
78.1
78.6
79.6
81.7
81.9
82.6
26.0
27.8
26.9
27.3
27.3
27.5
27.7
27.7
27.6
27.8
28.0
28.2
28.0
28.1
28.3
Less: Personal contributions for social
insurance
Nonagricultural income
Agriculture income
726.7 778.6 751.6 755.0 758.4 764.3 783.0 777.0 775.7 780.9 784.0 789.7 787.9 791.0 796.6
21.3
22.2
21.9
21.6
22.8
23.1
22.7 2 2 . 4 2 2 . 4
22.3
22.4
22.7
23.3 23.0
22.2
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table opposite.
A 70
FLOW OF FUNDS • FEBRUARY 1971
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1968
Transaction category, or sector
1965
1966
1967
1968
1969
1970
1969
II
III
IV
I
II
III
IV
88.8
93.4
82.2
80.0
101.3
1
-5.3 -13.3
-5.7 -12.5
-.7
.4
3.7
9.4
-5.7
.4
3.9
-3.5
3.3
5.6
-2.3
17.2
17.8
-.6
2
3
4
I
II
Funds raised, by type and sector
1
Total funds raised
by nonfinancial sectors
2
3
4
U.S. Government
Public debt securities
Budget agency issues
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
All other nonfinancial
sectors..
Capital market instruments
Corporate equity shares
Debt capital instruments
State and local govt, sec
Corporate and fgn. b o n d s . . .
Mortgages
Home mortgages
Other residential
Commercial
Farm
Bank loans n.e.c
Consumer credit
Open market paper
Other
By borrowing
sector—
Foreign
State and local governments
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
70.4
68.5
82.6
97.4
88.2
81.8
118.0
95.5
1.7
1.3
.4
3.5
2.3
1.2
13.0
8.9
4.1
13.4
10.3
3.0
-3.6
-1.3
-2.4
9.3
4.9
4.4
29.3
24.5
4.9
-5.4
-7.4
2.0
68.7
39.1
.3
38.8
7.3
5.9
25.6
15.4
3.6
4.4
2.2
64.9
39.9
.9
39.0
5.7
11.0
22.3
11.4
3.1
5.7
2.1
69.6
48.0
2.4
45.7
7.7
15.9
22.0
11.6
3.6
4.7
2.1
84.1
50.5
-.7
51.2
9.9
14.0
27.3
15.2
3.5
6.6
2.1
91.9
53.6
4.5
49.1
8.5
13.3
27.4
15.7
4.4
5.2
2.0
72.5
44.2
-.4
44.6
5.4
13.7
25.5
14.6
3.1
5.6
2.3
88.7
50.5
-1.8
52.3
12.5
13.2
26.6
14.6
3.6
6.6
1.9
100.9
59.0
-2.0
61.1
13.8
16.5
30.8
16.6
4.2
8.2
1.8
94.2
55.0
.2
54.7
10.2
15.8
28.6
16.4
4.2
5.9
2.2
102.0
55.0
3.2
51.7
9.8
13.3
28.6
16.6
4.7
5.1
2.3
89.7
51.7
5.3
46.4
6.7
12.8
26.8
15.6
4.6
4.7
2.0
81.8
52.9
9.2
43.6
7.1
11.1
25.4
14.3
4.3
5.2
1.6
76.7
52.7
6.3
46.4
9.2
14.7
22.5
11.4
6.0
5.0
.1
84.1
63.1
6.2
56.9
11.0
22.3
23.6
11.8
5.5
4.8
1.5
5
6
7
8
9
10
11
12
13
14
15
29.5
14.2
10.0
-.3
5.7
25.0
10.3
7.2
1.0
6.4
21.6
9.6
4.6
2.1
5.2
33.6
13.4
11.1
1.6
7.5
38.3
14.2
9.3
3.3
11.3
28.3
10.9
9.8
-1.1
8.8
38.2
13.5
13.2
6.2
5.3
41.8
22.5
12.0
.2
7.0
39.2
16.4
9.9
5.1
7.9
47.1
19.5
10.4
3.9
13.3
38.0
11.5
8.8
3.2
14.6
28.9
9.7
8.4
1.2
9.6
24.0
7.8
4.8
5.0
6.4
21.0
4.5
6.2
2.2
8.1
16
17
18
19
20
68.7
2.6
7.6
28.8
29.6
20.5
5.8
3.3
64.9
1.5
6.4
23.2
33.8
24.9
5.5
3.5
69.6
4.1
7.9
19.7
37.9
29.4
5.0
3.5
84.1
3.0
10.2
31.8
39.1
31.0
5.2
2.9
91.9
3.5
8.9
31.6
47.8
37.8
6.4
3.6
72.5
2.0
5.5
29.4
35.6
26.6
5.8
3.2
9 4 . 2 102.0
4.2
5.5
10.1
10.8
32.2
34.6
47.1
51.8
37.6
42.3
6.2
5.8
3.2
3.8
89.7
2.4
7.0
31.3
49.0
38.0
7.3
3.7
81.8
2.1
7.7
28.6
43.4
33.4
6.5
3.5
76.7
2.7
8.8
24.7
40.5
34.2
4.5
1.8
84.1
1.6
11.3
22.1
49.2
40.3
5.1
3.8
21
22
23
24
25
26
27
28
88.7 100.9
2.6
2.9
14.3
12.8
33.2
34.9
39.9
48.8
31.1
40.7
6.0
5.8
2.2
2.8
88.9
Funds advanced directly in credit markets
1
2
3
4
5
6
7
8
9
Total funds raised
Advanced directly by—
U.S. Government
U.S. Govt, credit agencies, n e t . . .
Funds advanced
Less funds raised in cr. mkt
10
11
12
13
Private nonbank finance
Savings institutions, net
Insurance
Finance n.e.c., net
14
Foreign
15
16
17
18
19
Private domestic nonfinancial....
Business
State and local governments...
Households
Less net security credit
68.5
82.6
91.A
88.2
81.8
118.0
95.5
88.9
88.8
93.4
82.2
80.0
101.3
1
2.8
2.2
2.3
4.9
.3
5.1
4.8
4.6
.5
— l
— .6
5.2
-.2
3.2
3.5
2.6
.1
8.9
8.8
7.1
-.1
4.0
4.1
4.8
-.5
1.2
1.7
2.9
-.8
1.7
2.5
2.3
-.2
3.9
4.1
1.6
-.4
7.1
7.5
3.7
-.2
10.7
10.9
2.8
.5
13.1
12.6
2.7
-.6
14.2
14.7
2.8
1.9
6.6
4.7
2
3
4
5
3.8
28.3
29.1
.8
3.5
16.7
16.8
.1
4.8
36.8
37.0
.2
3.7
39.0
39.2
.2
4.2
9.4
13.7
4.3
6.3
22.8
23.5
.7
7.2
66.7
66.9
.2
-2.9
47.1
47.0
3.1
9.2
10.1
.9
5.0
24.7
29.2
4.5
-.4
6.2
5.0
9.2
3.1
9.9
6.8
1.3
3.8
12.9
9.1
5.9
23.9
28.1
4.1
6
7
8
9
30.1
13.7
17.9
-1.4
25.9
7.8
19.3
-1.3
36.1
16.9
20.4
-1.3
33.5
14.5
21.5
-2.4
30.9
10.3
22.3
-1.7
34.7
15.7
21.1
-2.1
32.7
14.2
20.4
-1.9
33.0
12.6
22.9
-2.5
31.3
15.7
20.3
-4.8
34.7
13.5
22.6
-1.4
30.5
6.6
27.0
-3.0
28.0
5.6
19.1
3.2
25.9
5.3
22.7
-2.1
36.7
15.6
21.0
.2
10
11
12
13
-.3
Federal Reserve System
Commercial banks, net
Funds advanced
Less funds raised
70.4
-1.8
2.8
2.5
2.0
-2.3
3.1
9.4
-1.4
1.3
6.0
2.0
8.1
9.4
14
5.6
1.0
2.5
2.5
.3
19.1
3.6
3.4
11.9
-.2
-2.9
-.6
1.2
-1.3
2.2
13.7
9.0
.7
5.4
1.4
39.0
11.4
7.2
18.8
-1.6
13.4
10.4
-1.9
9.3
4.5
4.0
8.6
3.1
-7.0
.7
6.7
6.4
.9
2.9
3.6
44.7
13.2
6.5
22.2
-2.7
21.8
12.6
4.1
5.0
-.2
52.7
12.2
4.9
32.3
-3.2
36.6
7.1
13.4
16.0
-.2
38.8
10.7
1.4
21.5
-5.2
20.7
.9
2.0
15.2
-2.7
15
16
17
18
19
93.4
82.2
80.0
101.3
\
28.8
36.5
46.0
6.9 - 1 6 . 1
9.4
*
4.1
19.1
2.8 - 1 6 . 2 - 9 . 7
-6.3 —22.1 -13.6
9.1
5.9
3.9
48.4
9.6
-3.9
13.5
9.4
4.1
62.9
42.2
-2.1
44.3
29.0
15.3
2
3
4
5
6
7
*
Sources of funds supplied to credit markets
Total borrowing
by nonfinancial sectors
1 Supplied directly and indirectly by
pvt. domestic nonfin. sectors:
Total
2
Deposits
3
4
Demand dep. and currency..
Time and svgs. a c c o u n t s . . . .
5
6
At commercial
banks...
7
At savings instit
8
9
10
11
12
13
14
15
16
17
18
Other sources:
Foreign funds
At banks
Direct
Chg. in U.S. Govt, cash bal
U.S. Government loans
Pvt. insur. and pension res
Sources n.e.c
NOTE—Annual
figures
for publication
planned
68.5
82.6
97.4
88.2
81.8
118.0
95.5
88.9
46.3
40.7
8.0
32.7
19.5
13.1
42.8
23.7
4.0
19.7
12.5
7.2
47.7
50.6
11.6
39.1
22.3
16.7
58.1
40.4
44.3
1.4
5.5
11.2
33.1 - 4 . 1
20.5 — 12.0
12.6
8.0
47.7
34.3
15.5
18.9
6.4
12.4
58.0
53.9
11.0
43.0
31.2
11.8
63.3
56.6
15.8
40.8
27.5
13.3
48.8
4.1
-2.8
6.9
-6.1
13.0
5.6
2.5
3.5
.3
19.1
8.5
10.4
-.2
-2.9
-2.8
2.0
2.2
13.7
8.9
6.2
1.4
39.0
15.8
21.6
-1.6
13.4
4.5
13.4
4.5
4.0
6.9
-2.2
.1
6.1
9.6
.7
3.6
44.7
24.7
17.3
-2.1
21.8
— .9
22.5
-.2
52.7
26.3
23,2
-3.2
36.6
13.4
23.0
-.2
38.8
6.4
27.2
-5.2
20.7
—4.2
22.2
-2.7
8
9
10
11
.8
1.1
-.3
Credit mkt. instr., net
U.S. Govt, securities
Pvt. credit market instr
Less security debt
70.4
.7
2.5
-1.8
5.0
2.2
2.8
4.0
1.5
2.5
10.4
8.4
2.0
1.8
4.1
-2.3
7.1
4.0
3.1
4.9
-4.5
9.4
12.7
14.1
-1.4
14.4
13.1
1.3
11.9
5.9
6.0
2.6
.6
2.0
9.7
1.6
8.1
4.6
-4.7
9.4
12
13
14
-1.0
2.8
15.7
5.8
-.4
4.9
16.7
3.8
1.2
4.6
18.7
5.6
-1.2
5.2
18.2
13.2
.4 - 1 6 . 2
2.6
7.1
18.7
17.5
15.7
24.0
26.4
4.8
19.1
2.7
-9.6
2.9
19.6
14.4
-6.4
2.3
16.7
14.8
2.1
1.6
18.6
23.4
1.5
3.7
22.2
17.6
4.1
2.8
17.3
9.4
.5
2.7
18.6
.2
2.5
2.8
16.5
12.0
15
16
17
18
for assets and liabilities
in the BULLETIN for March.
1956-69
are
88.8
FEBRUARY 1971 • FLOW OF FUNDS
A 71
PRINCIPAL FINANCIAL TRANSACTIONS
(Seasonally adjusted annual rates; in billions of dollars)
1968
Transaction category, or sector
1965
1966
1967
1968
1969
1970
1969
II
III
IV
I
II
III
IV
I
II
3.2
1.6
1.6
.9
-1.5
-1.7
4.6
.8
-1.3
.7
24.2
4.3
19.9
20.1
17.3
-1.1
3.9
1.0
-1.0
-.2
-1.9
.8
-2.7
-3.3
-3.2
-4.2
1.8
.6
1.7
.6
2.4
-2.4
-1.8
-.7
-1.8
-.3
.3
.8
-.6
!
2
3
4
5
6
7
8
9
10
-15.7 - 3 . 6
-21.5 -7.8
-10.8 - 5 . 6
-10.4 -10.0
6.0
.7
2.0
-.8
5.8
4.2
17.9
12.8
-.7
.9
3.7
9.1
5.1
42.3
26.6
11.4
8.1
-2.4
9.5
15.7
1
2
3
4
5
6
7
Demand deposits and currency
1 Net incr. in banking system liability. .
2
U.S. Government deposits
Money supply
3
Domestic sectors
4
Households
5
Nonfinancial business
6
State and local governments.
7
Financial sectors
8
9
Mail float
10
Rest of the world
7.6
-1.0
8.6
8.3
7.2
-1.4
-.2
.3
2.5
.3
2.6
-.4
3.0
3.9
3.1
14.3
1.1
13.2
12.6
11.4
-2.1
—. 1 - . 4
—. l
1.1
2.7
-1.0
.6
10.7
-1.3
12.0
12.2
6.9
1.3
1.1
1.0
1.9
-.2
.1
6.6
.5 - 1 6 . 2
6.1
16.3
5.9
17.0
3.4
8.8
.5
3.6
2.2
1.6
.4
1.6
-.6
1.5
.2
-.7
39.2
26.3
12.9
13.5
15.6
-1.2
-1.9
2.6
-1.5
-.7
7.2 - 1 0 . 1
-9.7 -6.3
16.9 - 3 . 9
17.1 - 4 . 1
13.5 - 7 . 9
3.8
-4.3
4.1
1.9
1.3 - 1 . 3
2.4
-.6
-.2
.2
7.3
2.1
5.1
5.1
5.6
.6
-1.8
1.0
-.3
*
*
Time and savings accounts
1 Net increase—Total
At commercial banks—Total....
2
Corporate business
3
State and local governments...
4
Foreign
5
6
At savings institutions
7
Liabilities—
Savings and loan assns
8
Mutual savings banks
9
Credit unions
10
Assets
Households
11
Cr. union deps. at S & L's...
12
33.1
20.0
3.9
2.4
.6
13.3
13.1
20.2
13.3
-.7
1.3
.8
11.9
7.0
40.8
23.8
4.1
2.4
1.4
15.8
17.0
8.5
3.6
1.0
3.6
2.6
.8
10.7
5.1
1.2
7.3
4.1
1.1
13.1
7.2
-.2
16.7
.3
12.6
-.2
*
33.0 - 3 . 0
20.6 - 1 1 . 0
2.2 - 7 . 8
3.2 - 7 . 5
*
1.2
3.3
15.1
12.4
8.0
19.1
6.2
-3.2
1.3
-.4
8.3
12.9
43.8
32.3
9.5
5.2
1.0
16.5
11.5
39.9
27.5
4.1
5.7
-.1
17.8
12.4
6.5
-6.8
-7.2
-5.4
-.4
6.6
13.4
.6
-7.9
-7.6
-4.0
-1.4
5.4
8.5
4.0
2.6
1.4
7.6
4.0
1.3
7.2
3.4
.9
6.8
4.5
1.2
8.0
3.8
1.6
4.6
2.7
1.2
3.0
1.5
1.3
.5
2.4
1.4
1.8
1.6
1.6
9.8
4.3
1.5
8
9
10
8.0
12.4
.5
11.8
-.3
13.3
-1.0
13.0
.3
9.1
-.6
5.9
-.1
3.9
.3
4.1
1.0
15.3
.4
11
12
.1 - 5 . 7
-.4
-.5
- 5 . 2 -12.1
.8 - 1 . 3
5.2
7.5
-.3
.6
14.7
-.7
10.1
-.8
10.9
-4.8
13.1
.1
3.8
-.2
12.6
-3.2
18.1
-.9
6.5
.7
14.7
-3.0
21.9
-.2
17.9
.2
4.7
-.7
!
2
3
4
5
6
14.7 13.1 18.1 21.9
*
-.8 -1.0
.1
-.3
2.4
-.8
.3
-.8
-.6
-.6
2.8
.3
-.1
.8
-.4
9.1
-.4
1.2
5.7
3.6
-.5
6.7
8.5
-10.3 -8.1
9.2
1.2
-6.1 -7.1
.4
7.9
-4.1
.8
-.9
1.3
—. 1
.1
3.5
-3.3
—2.5
1 3
— 5.9
2*. 2
2!6
-.2
2.6
13.4
6.4 - 4 . 2
26.3
.1
-.2
-.7
-.9
2.0 - 1 . 7 - 4 . 6
19.3
11.3
9.0
.7
7.7
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
1
2
3
4
5
6
•
U.S. Government securities
j
2
3
4
5
6
Household savings bonds
Direct excluding savings bonds...
Budget agency issues
Sponsored agency issues
Loan participations
7 Net acquisitions, by sector
8
U.S. Government (agency sec.)...
Sponsored credit agencies
9
Direct marketable
10
FHLB special issue
11
12
Federal Reserve System
Foreign
13
14
Commercial banks
Direct
15
16
Nonbank finance
17
18
Direct
19
Agency issues
Pvt. domestic nonfin
20
Savings bonds—Households...
21
22
Direct excl. savings bonds
Agency issues
23
3.8
.6
.7
8.7
.6
1.8
12.6
.9
8.0
.2
-.6
4.0
16.7
.5
9.8
1.4
3.2
1.7
5.5
-.4
-.9
-.4
9.1
-1.9
13.1
.3
4.6
1.9
3.7
2.6
2.1
.4
5.1
1.3
8.7 12.6
*
—. l
1.3
*
.i
1.0
.9
-.2
.3
-.9
- .3
.6
4.8
3.7
3.5
2.1
- . 2 -2.4
9.4
-2.3 -3.6
-3.1 -3.4
6.3
3.2
.8
-.2
-.1
.4
-.9
5
— .2 — 1.3
.'3
!5
.5
2.5
8.5 - 2 . 8
.6
.6
.9
3.3 - 3 . 8
.7
.2
1.2
4.7
16.7
.1
-.1
-.1
5.5
-1.3
-.4
-.7
.3
4.2
-1.1
-11.2
-9.4
-1.8
-.5
—2.3
1.8
15.8
-.4
8.1
8.1
13.1
1.6
.3
.2
.1
6.2
-4.7
-2.2
-1.8
-.4
7.4
6.5
'.9
4.5
.3
-1.9
6.1
*
*
3.8
3.8
-.5
2.8
1.7
1.1
1.6
3
l!3
8.9
.5
4.6
3.8
31.2
.8
23.7
1.4
1.8
3.5
-3.2
.7
-8.1
2.7
2.1
-.6
31.2 - 3 . 2
.1
-.1 -1.0 -1.1
-.4
- . 5 -2.1
.1
- . 2 -2.1
*
-.5
-.3
7.4 - 2 . 8
3.2
.6
4.2 - 6 . 2
12.2 - 3 . 1 - 1 5 . 2
9.8 - 4 . 9 - 1 2 . 5
2.4
1.7 - 2 . 7
4.5 - 9 . 7 - 3 . 1
3 1 — 10.0 — 5.9
1.4
2'.8
.'3
6.9
9 . 6 24.7
.8
.7
-.5
3.1
5.8
18.3
3.1
3.1
6.9
-5.7
-2.2
-.1
-.1
*
5.0
-1.1
-10.7
-11.3
.5
4.4
2.3
2!O
-.9
-.4
-7.0
6.5
Private securities
1 Total net issues, by sector
2
State and local governments
Nonfinancial corporations
3
4
Finance companies
Commercial banks
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Nonfinancial corporations
State and local governments
Commercial banks
Insurance and pension funds
Security brokers and dealers...
Investment companies, net
Portfolio purchases
Net issues of own s h a r e s . . . .
Rest of the world
16.1
7.3
5.4
1.9
.8
.8
16.1
1.1
.5
.6
5.0
*
11.2
-1.7
-.1
-1.5
1.6
3.1
-.5
24.2
9.9
12.1
.8
.2
1.3
27.9
8.5
16.4
1.6
.1
1.4
20.2
5.4
12.8
.8
.7
.5
24.8
12.5
10.3
.7
.2
1.1
29.0
13.8
12.4
.9
-.1
2.0
27.8
10.2
14.7
1.4
.1
1.4
18.5 27.2 24.2
3.2 - 2 . 9 - 3 . 3
.4
1.0
-.4
1.1
1.5
.5
9.0
9.7
1.9
2.3
1.6
.3
17.4 17.5
12.9
-2.2 -1.0 -3.6
.1
.1 -.9
-2.4 -1.1 -2.8
1.4
1.9
1.5
2.6
4.7
3.7
2.2
.6
.3
27.9
4.4
2.3
2.9
1.0
.6
17.3
-2.6
.4
-3.0
2.7
5.6
2.0
20.2 24.8
- . 1 -12.1
2.1 - 2 . 6
1.0
.3
3.2
12.6
1.3
1.5
17.1
17.3
-6.4
5.7
-7.4
9.0
1.0 - 3 . 3
1.4
3.4
2.4
4.7
2.1
2.1
29.0
-8.9
1.3
1.0
15.2
1.8
19.3
-4.2
-3.6
-.6
4.2
4.9
3.6
27.8
4.4
2.4
3.8
2.6
1.1
17.0
-7.4
.3
-7.8
-.2
7.6
3.9
18.5
5.7
11.4
.8
.1
.5
27.2
7.7
17.0
1.0
.2
1.3
31.6
9.2
20.2
1.3
.2
.7
41.8
11.0
28.9
2.3
2.0
28.7
7.1
19.8
1.3
—. 1
.5
28.8 26.2
1.8
5.7
2.7
.2
3.7 - 1 . 2
3.3
1.0
•
1.1
19.8
17.5
*
-2.0
3.4
-.9
— 1.1 - 3 . 4
3.6
2.7
4.7
6.1
.7
.7
28.7
5.9
3.7
5.0
-2.7
.2
14.8
-1.0
-1.4
.4
4.6
4.2
2.7
31.6
5.2
-2.2
4.4
6.1
1.2
15.6
.9
1.7
-.8
1.3
2.1
.6
41.8
13.3
-2.1
3.9
11.6
2.0
15.8
-2.6
1.7
-4.4
— 1.1
3.3
12.2
1.5
11.4
-1.4
.7
11.7
1.0
9.2
-.5
2.1
3.2
3.1
3.9
.8
-4.6
4.5
-.6
5.5
-.4
28.8
9.8
14.9
2.2
.3
1.6
26.2
6.7
16.1
1.4
*
*
-.4
-
1
7
8
9
10
11
12
13
14
15
16
17
18
19
Bank loans n.e.c.
!
2
3
4
5
Nonfinancial business
Rest of the world
Financial sectors
16.6
1.4
12.3
.4
2.4
9.0
.4
10.1
-.2
-1.3
7.5
2.1
7.7
-.2
-2.1
15.7
3.0
10.6
-.3
2.3
16.4
2.0
12.5
-.3
2.1
13.6
2.6
8.3
*
2.8
16.2
2.9
10.8
-.3
2.7
24.9
4.6
18.7
-.7
2.4
17.3
2.1
13.9
.3
1.0
24.3
3.5
15.5
.5
4.8
1
2
3
4
5
A 72
U.S. BALANCE OF PAYMENTS • FEBRUARY 1971
1. U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1970
1969
Item
1968
1969
III *
II
I
IV
III
Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets —Seasonally adjusted
Exports of goods and services—Total 1
Merchandise
Military sales
Transportation
Travel
Investment income receipts, private
Investment income receipts, Govt
Other services
Imports o! goods and services—Total
Merchandise
Military expenditures
Transportation
Travel
Investment income payments
Other services
Balance on goods and services1
Remittances and pensions
1. Balance on goods, services, remittances and pensions
2. U.S. Govt, grants and capital flow, net
Grants, 2 loans, and net change in foreign currency holdings, and short-term claims
Scheduled repayments on U.S. Govt, loans
Nonscheduled repayments and selloffs
3. U.S. private capital flow, net
Direct investments
Foreign securities
Other long-term claims reported by—
Banks
Others
Short-term claims reported by—
Banks
Others
4. Foreign capital flow, net, excluding change in liquid
assets in the United States
Long-term investments
Short-term claims
Nonliquid claims on U.S. Govt, associated with—
Military contracts
U.S. Govt, grants and capital
Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities 4
50,622
55,514
14,565
14,712
15 ,342
15,914
15,924
33,588
1,395
2,969
1,775
6,922
765
3,208
36,473
1,515
3,131
2,058
7,906
932
3,498
9,581
458
843
519
2,043
243
878
9,835
352
803
518
2,083
231
890
10,228
258
877
559
2,255
244
921
10,705
432
926
575
2,058
244
974
10,678
341
940
578
2,179
228
980
-48,129
-53,564
-13,909
-14,061
- 1 4 ,510
-14,810
-14,903
-32,964
-4,535
-3,269
-3,022
-2,933
-1,406
-35,835
-4,850
-3,608
-3,390
-4,463
-1,419
-9,390
-1,245
-967
-840
-1,247
-372
-9,723
-1,178
-976
-920
-1,348
-365
-9,876
-1,255
-977
-990
-1,325
-387
-9,958
-1,214
-1,030
-1,025
-1,292
-384
-9,263
-1,220
-960
" — 875
-1,240
-351
2,493
1,949
656
651
832
1,104
1,021
-1,121
-1,190
-318
-309
-328
-360
-360
1,372
759
338
342
504
744
661
-725
-759
-3,975
-3,828
-1,022
-870
-855
-5,359
1,114
269
-5,032
1,291
-87
-1,213
345
3-154
-1,183
324
3-11
— 1, 2 7 8
335
88
-1,237
398
114
-1,147
386
2
-5,412
-5,233
-980
-889
- 1 ,688
-1,870
-1,339
-3,209
-1,254
-3,070
-1,494
-877
-567
-276
-69
- 1 ,411
-133
-1,434
66
-759
-576
358
-220
330
-424
131
-13
35
-249
24
-375
61
-12
23
-148
-105
-982
-871
296
98
248
-371
41
121
86
-506
-45
103
18
8,701
4,131
311
1,635
563
1,320
1,011
6,029
759
3,959
76
428
113
1,276
-19
844
17
583
199
770
255
-105
2
6
156
-16
- 2
-91
- 5
-20
229
- 1
-22
- 9
-25
-256
-17
11
-63
—6
-20
2,010
-41
-115
150
-242
800
75
217
217
217
-182
-920
-428
*
5 Allocation of Special Drawing Rights.
6. Errors and unrecorded transactions
-514
-927
-2,841
204
Balances 5
A. Balance on liquidity basis
Seasonally adjusted (Equals sum of items 1 - 6 . ) . . .
Less' Net seasonal adjustments
Before seasonal adjustment
B. Balance on basis of official reserve transactions
Balance A, seasonally adjusted
Plus: Seasonally adjusted change in liquid assets
in the United States of—
Commercial banks abroad
Other private residents of foreign countries. . .
International and regional organizations other
than IMF
Less: Change in certain nonliquid liabilities to
foreign central banks and govts
Balance B, seasonally adjusted
171
-7,012
-2,279
6-1,656
-1,439
693
-624
-108
-758
192
1,023
171
-7,012
-2,972
1,044
-1,548
-681
-1,426
-1,661
171
-7,012
-2,279
420
-1,656
-1,439
-1,234
-638
3,387
375
9,217
-441
1,311
-143
149
-131
-1,865
-151
-1,865
-151
-102
192
-1,375
-148
48
-60
12
-66
141
141
-127
87
506
-244
-1,830
For notes see end of table.
-1,234
-638
2,340
-996
-517
-142
-421
-421
1,641
2,700
-582
514
-3,110
-2,893
-1,777
-280
-930
284
781
-2,830
-1,963
-2,061
-2,611
458
Before seasonal adjustment
420
1,641
2,700
-1,040
-311
825
FEBRUARY 1971 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE
A 73
1. U.S. BALANCE OF PAYMENTS—Continued
(In millions of dollars)
1970
1969
1968
Item
1969
III
IV
II
I
III*
Transactions by which balances were settled—Not seasonally adjusted 5
-171
A. To settle balance on liquidity basis.
Change in U.S.
crease, —)
official
reserve
assets
7,012
2,972
-880
-1,187
-154
accounts.
Foreign central banks and govts.:
Convertible nonmarketable U.S. Govt.
securities?
Marketable U.S. Govt, bonds and notes7..,
Deposits, short-term U.S. Govt, securities,
etc
IMF (gold deposits)
Commercial banks abroad
Other private residents of foreign countries
International and regional organizations other
than I M F
1,661
801
-542
1,083
-44
-920
-253
831
14
-37
227
818
395
34
406
-34
-890
1,067
1,067
404
860
84
-9
-212
-67
-126
-3
-126
-3
17
20
2,169
—9
1,554
-143
-227
2,900
-9
-1,685
-151
2,900
-9
-1,685
-151
509
-187
-131
-187
192
2,449
-423
-1,125
-148
-967
-11
-695
-870
-1,183
Change in liquid liabilities to all foreign
1,022
-386
481
1,426
-44
-53
-253
831
1,173
Gold
SDR's
I M F gold tranche position.
Convertible currencies
681
1,548
-1,044
-686
(in-
-1,034
814
-233
-442
709
8,199
3,658
-10
-379
-163
-79
-2,709
-3
3,387
375
-264
11
9,217
-441
*
Change in U.S. official reserve assets (increase, —)
Change in liquid liabilities to foreign central
banks and govts., and I M F (see detail above
under A.)
Change in certain nonliquid liabilities to foreign
central banks and govts, of —
U.S. private organizations
U.S. Govt
48
-60
12
-66
141
141
-127
87
1,641
B. Official reserve transactions.
-2,700
1,040
-825
2,830
1,963
2,061
2,611
-880
-1,187
-686
-154
481
-386
1,022
801
-3,101
-517
2,235
-506
2,762
2,762
526
2,046
534
1,806
-834
-162
-390
-119
-206
41
-155
-258
-155
-258
-230
743
-231
-5
1
purposes of seasonal adjustment the allocation is accounted for at the
rate of $217 million per quarter.
6
Equals sum of items 1 - 4 plus 6.
7 With original maturities over 1 year.
Excludes transfers under military grants.
Excludes military grants.
Negative entry reflects repurchase of foreign obligations previously
sold.
4 Includes certificates sold abroad by Export-Import Bank.
5 The first column shown for 1970-1 excludes, and the second column
includes, initial allocation by the I M F of $867 million of SDR's. For
2
3
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits). Details may not
add to totals because of rounding.
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Imports
Exports i
Period
1967
1968
1969
1970 r
1967
2,814
2,775
3
2,094
3
2,313
3
3,197
3,353
3,296
3,211
3,168
3,370
3,323
3,362
3,365
3,238
3,297
3,627
3,376
3,448
3,693
3,775
3,683
3,600
3,535
3,707
3,463
3,518
2,317
2,216
2,166
2,198
2,118
2,184
2,245
2,145
2,198
2,254
2,396
2,493
2
Export surplus
1969
1970 r
2,014
2,653
2,976
3
3,173
3
3,276
3 3,185
3,064
3,179
3,054
3,221
3,212
3,006
3,250
3,258
3,208
3,247
3,362
3,310
3,241
3,364
3,398
3,528
3,462
3,320
1968
1968
1969
1970'
322
366
359
410
432
398
357
421
399
161
275
184
127
184
-150
251
-15
78
133
78
261
-105
89
70
80
-340
221
180
20
26
104
191
269
141
153
232
47
370
167
200
331
465
442
237
137
179
1
197
1967
Month:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,639
2,582
2,525
2,608
2,549
2,582
2,601
2,566
2,597
2,415
2,671
2,677
2,855
2,740
2,870
2,858
3
2,950
3
3,211
3
2,631
2,972
2,977
Quarter:
I
II
Ill
IV
7,745
7,739
7,764
7,763
8,028
8,465
9,019
8,580
7,604
9,860
9,862
9,966
10,300
10,915
10,819
10,687
6,698
6,500
6,588
7,143
7,867
8,151
8,548
8,527
7,643
9,635
9,297
9,438
9,716
9,918
10,003
10,311
1,047
1,240
1,177
620
161
314
471
53
-39
225
565
852
594
997
816
376
30,934
34,063
37,332
42,662
26,812
33,226
36,043
39,963
4,122
837
1,289
2,699
Year 4
3
2,439
3
3
3
3
1
Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual Security Program.
2
General imports including imports for immediate consumption plus
entries into bonded warehouses.
3
3
2,687
2,592
2,589
2,604
2,755
2,792
2,725
2,872
2,951
2,736
2,883
2,908
3
3
3
3
Significantly affected by strikes.
4 Sum of unadjusted figures.
NOTE.—Bureau of the Census data. Details may not add to totals because of rounding.
A 74
U.S. GOLD TRANSACTIONS • FEBRUARY 1971
3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce)
1969
Area and country
1961
1962
1963
1964
1965
1966
1967
1968
III
Western Europe:
Austria
Belgium
France
Germany, Fed. Rep. o f . .
Ireland
Italy
Netherlands
Spain
Switzerland
United Kingdom
Bank for Intl. Settlements.
Other
Total.
-144
Total.
Asia:
Iraq
Japan
Lebanon
Malaysia
Philippines. ..
Saudi Arabia.
Singapore
Other
Total
All other
-82
— 518
-23
100
-25
-156
-125
-306
-23
-53
-146
102
-55
-40
-405
-225
-1
200
-60
-130
-32
-100
-60i
- 2
-80
-35
-52
-209
-19
- 2
-60
325
500
41
-76
500
25
-20
618
51
-50
-12
-50
150
-30
-879
-50
-835
-25
16
200
-47
il
200
-7
-659
-980
-669
969
721
150
50
-1
-1
-25
,299
-399
190
-90
- 2
-25
- 6
-40
-41
-65
-54
-10
-4
-56
32
56
-95
-34
9
-50
-21
25
-5
-12
20
-1
-15
-27
40
-81
-13
-101
- 6
- 6
-27
-42
-11
175
-10
-29
17
-17
-109
16
200
329
III
-180
-14
-75
-14
-5
42
-93
-24
-44
-366
-1
-16
-166
3-68
-833
-608
-1,031
-1,118
177
22
-3
967;
-970
-392
Intl. Monetary Fund 4 ..
150
5-225
-820
-392
- 3 6 -1,547
-833
* Includes purchase from Denmark of $25 million.
2 Includes purchase from Kuwait of $25 million.
3 Includes sales to Algeria of $150 million in 1967 and $50 million in
1968.
4 Includes IMF gold sales to the United States, gold deposits by the
IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first
withdrawal, amounting to $17 million, was made in June 1968.
10
223
-1
10
-431 -1,009 -1,121
Total foreign countries.
-36 -1,322
Grand t o t a l . . . .
-58
600
-35
-81
II
-25
-83
-884
IV
-39
-3
7
-387
-754 -1,105
Canada
Latin American republics:
Argentina
Brazil
Colombia
Venezuela
Other
-143
-63
-456
1970
1969
-1
- 2
695
9571
-41
-39
24
-14
695
-14
-4
-73
-322
10
-395
IMF sold to the United States a total of $800 million of gold ($200
million in 1956, and $300 million in 1959 and in 1960) with the right of
repurchase; proceeds from these sales invested by IMF in U.S. Govt,
securities.
5 Payment to the IMF of $259 million increase in U.S. gold subscription
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
IMF operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2
Positive figures represent purchases from the IMF of currencies of
other members for equivalent amounts of dollars; negative figures represent repurchase of dollars, including dollars derived from charges on
purchases and from other net dollar income of the IMF. I h e United
States has a commitment to repurchase within 3 to 5 years, but only to
the extent that the holdings of dollars of the IMF exceed 75 per cent of
the U.S. quota. Purchases of dollars by other countries reduce the U.S.
commitment to repurchase by an equivalent amount.
3
Includes dollars obtained by countries other than the United States
from sales of gold to the IMF.
4
Represents the U.S. gold tranche position in the IMF (the U.S.
quota minus the holdings of dollars of the IMF), which is the amount
that the United States could purchase in foreign currencies automatically
if needed. Under appropriate conditions, the United States could purchase additional amounts equal to its quota.
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
published by the IMF from June 1965 through Jan. 1966, this gold subscription was included in the U.S. gold stock and excluded from the
reserve position.
6 Includes $30 million of special drawing rights.
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.
1966, and to $6,700 million in Dec. 1970. Under the Articles of Agreement,
subscription payments equal to the quota have been made 25 per cent in
gold and 75 per cent in dollars.
FEBRUARY 1971 • U.S. RESERVE ASSETS; POSITION IN THE IMF
A 75
4. U.S. RESERVE ASSETS
(In millions of dollars)
Gold stock i
End of
year
Total
Total 2
Treasury
Convertible
foreign
curren-
Gold stock i
Reserve
position
1,975
1,958
1,997
1,555
957.
958.
959.
960.
24,832
22,540
21,504
19,359
22,857
20,582
19,507
17,804
22,781
20,534
19,456
17,767
961.
962.
1963.
964.
965.,
18,753
17,220
16,843
16,672
15,450
16,947
16,057
15,596
15,471
4
13,806
16,889
15,978
15,513
15,388
413,733
116
99
212
432
781
1,690
1,064
1,035
769
4 863
966.,
967.,
968.,
969.,
14,882
14,830
15,710
7
, 16,964
13,235
12,065
10,892
11,859
13,159
11,982
10,367
10,367
1,321
2,345
3,528
7
2,781
326
420
1,290
2,324
End of
month
Convertible
foreign
currencies 5
Total
Total 2
Treasury
1970—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct.. .
Nov..
Dec..
17,396
17,670
17,350
16,919
16,165
16,328
16,065
15,796
15,527
15,120
14,891
14,487
11,882
11,906
11,903
11,902
11,900
11,889
11,934
11,817
11.494
11.495
11,478
11,072
11,367
11,367
11,367
11,367
11,367
11,367
11,367
11,367
11,117
11,117
11,117
10,732
1971—Jan.. .
14,699
11,040
10,732
1
Includes (a) gold sold to the United States by the International Monetary Fund with the right of repurchase, and (b) gold deposited by the
I M F to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to the IMF under quota
increases. For corresponding liabilities, see Table 6.
2
Includes gold in Exchange Stabilization Fund.
3 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions the United States could purchase additional amounts
equal to the U.S. quota. See Table 5.
4
Reserve position includes, and gold stock excludes, $259 million gold
subscription to the I M F in June 1965 for a U.S. quota increase which
became effective on Feb. 23, 1966. In figures published by the IMF from
2,294
2,338
1,950
1,581
980
1 ,132
716
695
1,098
811
640
629
491
Reserve
position
in
IMF3
Special
Drawing
Rights 6
2,321
2,507
2,577
2,510
2,360
2,350
2,454
2,323
1,944
1,823
1,812
1,935
899
919
920
926
925
957
961
961
991
991
961
851
1,700
1 ,468
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded from the reserve position.
5 For holdings of F.R. Banks only, see pp. A-12 and A-13.
6
Includes initial allocation by the IMF of $867 million of Special Drawing Rights on Jan. 1, 1970, and second allocation of $717 million of
SDR's on Jan. 1, 1971, plus net transactions in SDR's.
7
Includes gain of $67 million resulting from revaluation of the German
mark in Oct. 1969, of which $13 million represents gain on mark holdings
at time of revaluation.
NOTE.—See Table 23 for gold held under earmark at F.R. Banks for
foreign and international accounts. Gold under earmark is not included
in the gold stock of the United States.
5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND
(In millions of dollars)
IMF holdings
of dollars
(end of period)
Transactions affecting IMF holdings of dollars
(during period)
Transactions by
other countries
with IMF
U.S. transactions with IMF
Period
Payments
of
subscriptions in
dollars
1946—1957.
1958—1963.
1964—1966.
1967.
1968.
1969.
1970.
1970—Jan..
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1971—Jan.,
For notes see opposite page.
Net
gold
sales
by I M F 3
Transactions in
foreign
currencies 2
600
150
IMF net
income
in
dollars
Purchases
of
dollars 3
Repurchases
1,640
827
2,740
6
-84
1,155
22
6712
"iso'
-45
60
45
-2,670
-1,666
-723
20
20
19
25
-1,343
-854
268
741
-33
2,063
1,031
776
36
42
103
66
-114
-806
-262
-178
150
5
2
1
1,155
10
-3
6 132
129
104
315
1
250
-3
-2
-2
-139
- 2 0
- 1 6
-34
-95
-73
-23
7
33
150
253
29
1
21
Total
change
Amount
Per cent
of
U.S.
quota
775
3,090
4,834
28
75
94
-94
-870
-1,034
1,929
4,740
3,870
2.836
4,765
92
75
55
71
3
-70
67
150
10
-104
131
379
121
11
1,417
2,839
2,653
2,583
2,650
2,800
2,810
2,706
2.837
3,216
3,337
3,348
4,765
55
51
50
51
54
54
52
55
62
65
65
71
235
5,000
75
775
2,315
1 ,744
-186
A 76
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
6. U.S. LIQUID LIABILITIES TO FOREIGNERS
(In millions of dollars)
Liabilities to Intl.
Monetary Fund arising
from gold transactions
Official institutions
End
of
period
Total
Total
Gold
deposit i
Gold
investment 2
Liabilities to nonmonetary intl. and
regional organizations '
Liabilities to foreign countries
Total
Shortterm
liabilities reported
by
banks
in U.S.
3
Banks and other foreigners
Nonmarketable
Marketconvertable
ible
U.S.
U.S.
Govt.
Treasbonds
ury
and
bonds
notes 4
and
notes
Total
Shortterm
liabilities reported
by
banks
in U.S.
Marketable
U.S.
Govt,
bonds
and
notes 4
Total
ShortMarketterm
able
liabilU.S.
ities reGovt,
ported
bonds
by
and
banks
notes 4
in U.S. 6
195 7
195 8
195 9
i 15,825
1 16,845
19,428
200
200
500
200
200
500
10,120
7,917
8,665
9,154
966
7,618
5,724
5,950
7,077
541
1,190
542
552
530
660
1960 8. . .
(20,994
\21,027
800
800
800
800
11,078
11,088
10,212
10,212
866
876
7,591
7,598
7,048
7,048
543
550
1,525
1,541
750
750
775
791
1961 8. . .
/22,853
\22,936
800
800
800
800
11,830
11,830
10,940
10,940
890
890
8,275
8,357
7,759
7,841
516
516
1.948
1.949
703
704
1,245
1,245
1962 8. . .
(24,068
(24,068
800
800
800
800
12,748
12,714
11,997
11,963
751
751
8,359
8,359
7,911
7,911
448
448
2,161
2,195
1,250
1,284
911
911
19638.. . .
/26,361
\26,322
800
800
800
800
14,387
14,353
12,467
12,467
1,217
1,183
703
703
9,214
9,204
8,863
8,863
351
341
1,960
1,965
808
808
1,152
1,157
1964 8 . . .
(28,951
\29,002
800
800
800
800
15,428
15,424
13,224
13,220
1,125
1,125
1,079
1,079
11,001
11,056
10,625
10,680
376
376
1,722
1,722
818
818
904
904
29,115
834
34
800
15,372
13,066
1,105
1,201
11,478
11,006
472
1,431
679
752
1966 8. . .
(29,904
129,779
1,011
1,011
211
800
13,600
13,655
12,484
12,539
860
860
256
256
14,387
14,208
13,859
13,680
528
528
906
905
581
580
325
325
1967
(33,271
\33,119
1,033
1,033
233
233
800
800
15,653
15,646
14,034
14.027
908
908
711
711
15,894
15,763
15,336
15,205
558
558
691
677
487
473
204
204
(33,828
\33,614
1,030
1,030
230
230
800
800
12,548
12,481
11,318
11,318
529
462
701
701
19,525
19,381
18,916
18,916
609
465
725
722
683
683
42
39
1969-Nov.
42,852
Dec. 8, io (41,776
141,876
1,019
1,019
1,019
219
219
219
800
800
800
12,014
11,992
11,992
11,128
11,054
11,054
331
383
383
555
555
555
29,103
28,106
28,205
28,559
27,577
27,676
544
529
529
716
659
660
666
609
610
50
50
50
42,826
42,972
42,943
43,335
43,198
43,347
43,463
43,963
44,189
44,203
44,493
1,019
1,010
1,010
1,010
1,010
1,010
1,010
1,010
587
587
579
219
210
210
800
800
800
800
800
800
800
800
12,680
14,022
14,763
14,409
14,788
15,289
16,574
16,593
17,777
18,134
19,960
11,868
13,213
13,954
13,600
13,977
14,463
15,728
15,747
16,931
17,379
19,205
383
380
380
380
382
397
417
417
417
326
326
429
429
429
429
429
429
429
429
429
429
429
28,397
27,128
26,369
27,154
26,701
26,374
25,127
25,524
25,062
24,669
23,168
27,866
26,644
25,893
26,669
26,200
25,838
24,585
24,962
24,495
24,104
22,582
531
484
476
485
501
536
542
562
567
565
586
730
812
801
762
699
674
752
836
763
813
786
680
762
751
711
648
622
699
791
717
768
739
50
50
50
51
51
52
53
45
46
45
47
196 5
8... ,
1968 9. . .
1970-Jan.. .
Feb.. .
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov.
211
210
210
210
210
210
187
187
179
800
400
400
400
1
Represents liability on gold deposited by the International Monetary
Fund to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to the IMF under quota increases.
2
U.S. Govt, obligations at cost value and funds awaiting investment
obtained from proceeds of sales of gold by the IMF to the United States
to acquire income-earning assets. Upon termination of investment, the
same quantity of gold can be reacquired by the IMF.
3
Includes Bank for International Settlements and European Fund.
4
Derived by applying reported transactions to benchmark data;
breakdown of transactions by type of holder estimated for 1960-63.
Includes securities issued by corporations and other agencies of the U.S.
Govt, that are guaranteed by the United States.
5
Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
6
Includes difference between cost value and face value of securities in
IMF gold investment account. Liabilities data reported to the Treasury
include the face value of these securities, but in this table the cost value of
the securities is included under "Gold investment." The difference, which
amounted to $43 million at the end of 1969, is included in this column.
7 Includes total foreign holdings of U.S. Govt, bonds and notes, for
which breakdown by type of holder is not available.
8 Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable with those
shown for the preceding date; figures on the second line are comparable
with those shown for the following date.
9 Data included on the first line for holdings of marketable U.S. Govt,
securities are based on a July 31, 1963, benchmark survey of holdings and
regular monthly reports of securities transactions (see Table 16). Data included on the second line are based on a benchmark survey as of Nov. 30,
1968, and the monthly transactions reports. For statistical convenience,
the new series is introduced as of Dec. 31, 1968, rather than as of the
survey date.
The difference between the two series is believed to arise from errors in
reporting during the period between the two benchmark surveys, from
shifts in ownership not involving purchases or sales through U.S. banks
and brokers, and from physical transfers of securities to and from abroad.
It is not possible to reconcile the two series or to revise figures for earlier
dates.
io Includes $17 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
NOTE.—Based on Treasury Dept. data and on data reported to the
Treasury Dept. by banks and brokers in the United States. Data correspond
to statistics following in this section, except for minor rounding differences.
Table excludes IMF "holdings of dollars," and holdings of U.S. Treasury
letters of credit and non-negotiable, non-interest-bearing special United
States notes held by other international and regional organizations.
The liabilities figures are used by the Dept. of Commerce in the statistics
measuring the U.S. balance of international payments on the liquidity
basis; however, the balance of payments statistics include certain adjustments to Treasury data prior to 1963 and some rounding differences, and
they may differ because revisions of Treasury data have been incorporated
at varying times. The table does not include certain nonliquid liabilities
to foreign official institutions that enter into the calculation of the official
reserve transactions balance by the Dept. of Commerce.
FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 77
7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions of dollars)
Total
foreign
countries
End of period
Western
Europe 1
Latin
American
republics
Canada
Asia
Africa
Other
countries
9,872
7,009
7,001
15,646
/ 12,548
\ 12,481
996
533
532
1,131
1,354
1,354
3,145
3,168
3,122
249
259
248
253
225
224
4
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.P.
12,014
11,992
4
6,234
5,860
446
495
1,417
1,679
3,104
3,190
570
546
243
222
12,680
14,022
14,763
14,409
14,788
15,289
16,574
16,593
17,777
18,134
19,960
1969—Nov
Dec
6,291
7,251
7,394
6,942
7,311
8,059
9,554
9,659
11,171
11,589
13,253
600
662
590
733
762
500
527
690
620
575
637
1,743
1,893
2,091
2,096
2,057
2,098
2,090
1,973
1,738
1,771
1,641
3,318
3,331
3,780
3,668
3,632
3,571
3,331
3,189
3,253
3,335
3,639
533
702
705
725
744
710
691
692
661
526
449
195
183
203
245
282
351
381
390
334
338
341
1
2
Includes Bank for International Settlements and European Fund.
Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America.
3 See note 9 to Table 6.
4
Includes $17 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
NOTE.—Data represent short-term liabilities to the official institutions
of foreign countries, as reported by banks in the United States, and foreign
official holdings of marketable and convertible nonmarketable U.S. Govt,
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 nonmonetary international
and regional organizations 5
To all foreigners
Payable in dollars
Demand
Time2
U.S.
Treasury
bills and
certificates
Deposits
Total i
Total
Other
shortterm
liab.3
Payable
in
foreign
currencies
IMF
gold
investment 4
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
30,505
31,717
30,276
31,081
11,577
14,387
5,775
5,484
9,173
6,797
3,751
4,413
229
636
800
800
473
683
67
68
120
113
178
394
/40,040
\40,140
39,611
39,711
20.430
20.431
6,834
6,957
5,015
5,015
7,332
7,308
429
429
800
800
609
610
57
57
83
83
244
244
41,214
41,419
41,398
41,780
41,625
41,723
41,812
42,300
42,543
42,651
42,926
41,668
40,772
40,993
40,996
41,418
41,274
41,385
41,468
41,963
42,186
42,301
42,583
41,300
20,078
18,875
17,996
18,719
18,134
18,084
17,203
17,415
17,234
17,041
15,833
15,798
6,976
7,245
7,238
7,021
7,287
7,272
7,178
7,240
7,236
7,044
6,726
5,881
5,938
6,602
7,228
7,164
7,564
8,159
9,103
9,845
10,856
11,665
13,651
14,110
7,780
8,271
8,534
8,514
8,289
7,870
7,984
7,463
6,860
6,551
6,373
5,511
442
426
402
362
351
338
344
337
357
350
343
368
800
800
800
800
800
800
800
800
400
400
400
400
680
762
751
711
648
622
699
791
717
768
739
815
66
75
102
252
317
330
237
226
194
218
252
179
For notes see the following page.
2
81
87
65
76
66
59
73
68
68
69
115
131
128
132
119
131
137
135
144
139
155
188
148
211
A 78
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE—Continued
(Amounts outstanding; in millions of dollars)
To official institutions 7
To residents of foreign countries
Payable in dollars
Payable in dollars
End of period
Total
Deposits
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 3
Payable
in
foreign
currencies
Total
Deposits
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 3
196 7
196 8
29,232
30,234
11,510
14,320
5,655
5,371
8,195
5,602
3,643
4,304
229
636
14,027
11,318
2,054
2,149
2,458
1,899
7,985
5,486
1,378
1,321
1969—Dec. 6
38,631
38,730
20.372
20.373
6,751
6,874
3,971
3,971
7,109
7,084
429
429
11,054
11,054
1,918
1,918
2,951
2,951
3,844
3,844
2,139
2,139
1970—Jan.. .
Feb..
Mar..
Apr...
May..
June.,
July. .
Aug..,
Sept..
Oct.. .
Nov.f
Dec.?\
39,734
39,857
39,847
40,269
40,177
40,301
40,313
40,709
41,426
41,483
41,787
40,453
20,012
18,800
17,914
18,632
18,069
18,008
17,137
17,356
17,161
16,972
15,764
15,729
6,874
7,130
7,107
6,893
7,155
7,153
7,047
7,103
7,102
6,900
6,587
5,726
4,886
5,485
6,098
6,127
6,538
7,166
8,086
8,793
10,277
11,077
13,103
13,498
7,519
8,016
8,327
8,255
8,064
7,637
7,700
7,120
6,530
6,184
5,988
5,131
442
426
402
362
351
338
344
337
357
350
343
368
11,868
13,213
13,954
13,600
13,977
14,463
15,728
15,747
16,931
17,379
19,205
19,287
1,649
1,661
1,445
1,295
1,330
1,410
1,553
1,224
1,369
1,444
1,367
1,627
2,975
3,263
3,412
3,372
3,426
3,475
3,502
3,612
3,439
3,181
2,846
2,556
4,749
5,381
5,989
6,035
6,417
7,020
7,946
8,653
10,141
10,919
12,967
13,354
2,293
2,706
2,906
2,750
2,656
2,410
2,579
2,110
1,834
1,687
1,877
1,602
To banks 8
To other foreigners
Payable in dollars
End of period
Total
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 3
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 3
196 7
196 8
15,205
18,916
11,008
14,299
7,763
10,374
1,142
1,273
129
30
1,973
2,621
4,120
4,444
1,693
1,797
2,054
2,199
81
86
292
362
1969—Dec. 6.
27,577
27,676
23,412
23,388
16,745
16,745
1.988
1.989
20
20
4,658
4,633
3,939
4,062
1.709
1.710
1,811
1,934
107
107
312
312
1970—Jan.. .
Feb.. .
Mar...
Apr...
May. .
June..
July..
Aug...
Sept..,
Oct.. 5.
Nov.*
Dec. p.
27,866
26,644
25,893
26,669
26,200
25,838
24,585
24,962
24,495
24,104
22,582
21,166
23,614
22,529
21,730
22,481
22,011
21,552
20,448
20,827
20,370
20,024
18,432
16,902
16,664
15,473
14,702
15,552
15,029
14,829
13,921
14,446
14,139
13,921
12,747
12,365
2,050
2,077
1,947
1,781
1,951
1,854
1,763
1,726
1,893
1,957
1,922
1,331
22
27
21
19
20
26
24
23
23
32
21
14
4,879
4,952
5,060
5,129
5,011
4,844
4,740
4,631
4,315
4,114
3,742
3,192
4,012
3,892
3,964
3,974
3,987
4,096
3,941
3,946
3,917
3,878
3,955
4,044
1,699
1,666
1,767
1,785
1,710
1,770
1,662
1,685
1,653
1,607
1,651
1,737
1,849
1,790
1,748
1,740
1,779
1,824
1,782
1,764
1,770
1,762
1,820
1,839
116
78
89
74
347
358
361
375
398
383
381
380
380
383
369
338
1
Data exclude "holdings of dollars" of the International Monetary
Fund.
2
Excludes negotiable time certificates of deposit, which are included
in 3"Other."
Principally bankers' acceptances, commercial papeT, and negotiable
time certificates of deposit.
4
U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the IMF to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold can be reacquired by the IMF.
5
Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
IMF gold investment account.
6
Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage
102
120
116
116
114
127
115
131
with those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
7
Foreign central banks and foreign central govts, and their agencies,
and Bank for International Settlements and European Fund.
8 Excludes central banks, which are included in "Official institutions."
NOTE.—"Short-term" refers to obligations payable on demand or having
an original maturity of 1 year or less. For data on long-term liabilities
reported by banks, see Table 10. Data exclude the "holdings of dollars"
of the International Monetary Fund; these obligations to the IMF constitute contingent liabilities, since they represent essentially the amount of
dollars available for drawings from the IMF by other member countries.
Data exclude also U.S. Treasury letters of credit and non-negotiable, noninterest-bearing special U.S. notes held by the Inter-American Development Bank and the International Development Association.
FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A
79
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
1969
Area and country
Dec.
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other
Total
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total foreign countries
Grand total
For notes see the following page.
274
582
189
134
2,030
4,241
198
902
469
272
272
325
429
2,192
27
8,339
35
1,548
8
53
287
581
189
140
2,282
4,505
199
839
631
309
272
416
431
2,032
28
8,600
27
1,139
7
41
273
614
195
137
2,286
5,439
204
909
626
287
275
391
389
2,015
34
9,113
33
850
3
46
263
742
193
134
2,311
5,977
212
1,104
800
315
251
299
378
1,985
34
7,865
31
747
13
43
236
709
187
139
2,417
7,543
198
1,162
748
291
250
234
449
1,909
42
6,659
49
827
13
48
185
596
189
116
2,267
7,520
184
1 ,317
762
324
274
198
503
1,952
46
5,506
37
588
15
53
22,242
21,530
22,403
22,519
22,956
24,118
23,694
24,111
22,633
3,787
4,113
3,421
3,646
3,827
3,787
4,529
4,213
4,016
517
544
406
291
6
990
146
220
122
704
650
1,321
99
47
525
518
447
308
7
882
170
233
121
675
651
1,609
93
36
535
555
458
302
7
859
168
242
122
682
661
1,505
95
39
588
544
444
275
6
896
169
210
113
637
651
1,306
84
44
581
427
429
294
7
915
170
208
108
651
635
1,189
88
40
533
398
325
282
7
846
177
221
107
630
631
1,015
95
34
605
419
359
258
6
780
174
213
104
643
618
761
91
39
560
353
327
244
7
876
178
213
108
652
601
805
96
44
539
305
265
247
7
820
162
225
117
741
611
733
98
42
6,064'
6,274
6,231
5,967
5,740
5,300
5,069
5,064
4,911
37
225
322
87
139
4,084
258
241
210
630
724
41
223
354
79
172
4,020
291
264
226
643
679
43
225
356
68
147
3,995
289
261
262
627
714
41
226
363
59
131
3,914
307
264
260
603
745
41
245
356
61
115
3,969
280
275
212
591
779
41
235
366
53
121
4,118
263
242
228
585
768
38
250
401
50
118
4,242
195
282
247
549
727
35
274
426
85
107
4,557
185
279
260
511
680
32
258
302
73
135
5,147
199
296
275
508
718
6,958
6,992
6,987
6,913
6,925
7,021
7,101
7,401
7,945
73
47
58
22
694
71
47
50
24
716
52
43
45
22
683
50
33
47
24
664
30
21
49
19
685
18
14
47
19
678
17
14
53
19
567
17
10
55
20
471
14
11
83
17
395
895
908
845
817
803
777
669
574
520
290
33
329
30
383
32
418
33
428
31
389
34
390
31
392
33
389
39
311
International and regional:
Total
265
526
167
130
1,915
3,455
179
911
382
216
257
228
410
2,266
25
9,481
32
1,491
18
49
'.
324
359
414
451
459
423
421
425
428
38,730
Total
Latin American regional
Other regional3
265
511
165
141
1,858
2,770
185
647
408
241
263
224
353
2,249
24
9,380
40
1,762
4
40
282
29
Total
279
598
186
132
1,778
2,685
185
590
459
272
266
179
364
2,149
27
10,286
29
1,736
6
37
701
Uruguay
Venezuela
Other Latin American republics
Bahamas and Bermuda
Netherlands Antilles and Surinam
Other Latin America
Dec.p
87
21
66
23
505
Cuba
Mexico
Panama
Nov."
6,396
Latin America:
Argentina
Brazil
Chile
Oct.
36
213
260
86
146
3,788
236
201
196
628
606
Total
Sept.
5,636
Other Eastern Europe
Aug.
416
425
400
261
7
849
140
240
111
691
576
1,405
80
34
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe 1
July
4,012
Germany
Italy
Netherlands
Norway
Portugal
June
21,674
Belgium-Luxembourg
Denmark
May
314
530
153
120
1,581
1,381
207
627
463
341
309
202
412
2,005
28
11,349
37
1,553
11
50
Europe:
Apr.
40,269
40,177
40,301
40,313
40,709
41,426
41,483
41,787
40,453
1,257
100
53
1,268
146
97
1,219
127
102
1,189
131
102
1,245
143
111
1,325
150
116
848
145
124
881
175
113
873
151
115
975
129
111
1,410
1,511
1,448
1,422
1,499
1,591
1,117
1,168
1,139
1,215
40,140
41,780
41,625
41,723
41,812
42,300
42,543
42,651
42,926
41,668
A 80
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES BY COUNTRY—Continued
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data 4
1968
1969
1970
1968
Area or country
Apr.
Dec.
Apr.
Dec.
Apr.
Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of
21
3
15
8
6
24
2
4
20
11
9
38
15
10
32
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
61
55
60
64
84
96
17
31
44
58
14
9
66
51
69
66
82
86
17
33
42
67
16
10
65
61
59
62
89
90
18
37
29
78
18
8
68
52
'78
76
69
84
r
17
29
'17
63
13
8
76
43
'96
72
79
110
19
29
17
76
17
11
Other Latin America:
British West Indies
21
25
25
30
38
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
Iran
Iraq
1969
1970
Area or country
6
17
3
5
38
10
6
5
2
4
41
86
8
5
2
5
44
77
16
2
1
3
35
26
15
1
4
41
6
1
2
Includes Bank for International Settlements and European Fund.
Data exclude "holdings of dollars" of the International Monetary
Fund but include IMF gold investment.
Apr.
Other Asia—Cont.:
Jordan
Kuwait
Laos
Lebanon
Malaysia
Pakistan
Ryukyu Islands (incl. Okinawa)
Saudi Arabia
Singapore
Syria
Vietnam
Dec.
Apr.
Dec.
Apr.
7
34
4
97
52
54
26
70
157
7
123
3
67
3
78
52
60
17
29
67
4
40
4
82
41
24
20
48
40
4
40
17
46
3
83
30
35
25
106
17
4
94
30
66
4
82
48
34
6
15
8
34
28
68
10
2
3
23
2
9
19
14
20
10
43
23
288
3
10
6
5
20
18
7
7
38
20
16
18
Other Africa:
Algeria
Ethiopia (incl. Eritrea)
Ghana
Kenya
Liberia
Libya
Nigeria
Southern Rhodesia
Sudan
Tanzania
Tunisia
Uganda
Zambia
8
23
13
20
26
45
24
4
2
27
2
10
21
All other:
New Zealand
o
51
15
13
3
29
25
69
20
1
5
21
7
6
25
.2
166
25
6
91
13
33
7
47
41
430
11
2
1
3
Asian, African, and European regional organizations, except BIS and
European Fund, which are included in "Europe."
4
Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe").
10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
To foreign countries
To
intl.
and
regional
End of period
Total
Official
institutions
Country or area
Other
foreigners
Argentina
Other
Latin
America
50
35
40
40
Banksi
251
251
284
234
234
234
257
126
126
241
197
443
443
658
140
218
218
201
Israel
Japan
1.494
\2,546
[2,560
3,166
506
689
698
777
988
1,858
1,863
2,389
913
1,807
1,807
2,341
1969—Dec.. .
2.495
892
1,602
1,507
55
40
64
175
41
655
1970—Jan...
Feb.. .
Mar..,
Apr.. .
May. .
June..
July..
Aug..,
Sept..
Oct...
Nov.2',
Dec.?.
2,344
2,346
2,348
2,277
2,220
2,135
2,051
1,951
1,921
1,839
1,732
1,696
880
875
894
847
859
849
827
835
859
844
809
784
1,464
1,471
1,454
1,430
1,362
1,286
1,224
1,116
1,062
995
923
913
1,374
1,376
1,352
1,320
1,248
1,122
1,052
946
886
825
753
699
55
59
62
64
64
116
118
120
119
119
118
37
36
40
46
50
48
54
51
58
52
52
54
25
25
25
25
25
25
25
25
25
25
17
13
166
191
202
210
217
216
197
145
146
147
143
138
6
6
6
6
6
6
7
7
7
7
7
6
657
657
636
636
619
576
523
499
483
467
417
385
1966
1967 2
1968
160
1
Excludes central banks, which are included with "Official institutions."
2
Data on the two lines for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage with
Thailand
Other
Asia
All
other
countries
277
502
502
651
133
84
89
97
70
472
124
47
54
49
49
28
28
28
22
11
9
445
416
405
377
329
243
238
209
192
144
138
124
131
127
138
192
206
209
198
196
194
237
120
122
those shown for the preceding date; figures on the second line are comparable with those shown for the following date,
FEBRUARY 1971 •
INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 81
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES
(End of period; in millions of dollars)
1968
1969
Dec.
Dec.
1970
Area and country
Europe:
Denmark
France
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Other Western E u r o p e . . . .
Eastern Europe
10
5
2
37
5
39
350
33
6
9
6
2
37
5
42
407
24
7
488
384
Feb.
Jan.
May
Mar.
Apr.
6
6
2
37
5
46
350
24
7
6
6
2
37
5
46
359
24
7
529
532
287
2
12
2
15
62
18
61
19
80
80
81
81
81
81
7
7
22
42
42
42
864
856
865
883
933
959
979
984
International and regional:
International
Latin American regional..
Asian regional
31
19
30
20
30
20
30
21
30
21
30
22
22
23
22
23
Total
483
492
501
270
271
271
279
2
15
2
12
2
2
13
2
2
12
2
2
12
2
2
12
2
2
12
2
15
17
15
15
15
61
18
61
18
62
18
62
18
79
79
80
7
7
7
927
Total foreign countries
Oct.
80
7
491
271
11
Total
Other countries
539
272
26
Total
Asia:
Japan
Other Asia
Sept.
286
538
912
914
25
13
1
32
18
31
19
*
Aug.
6
6
2
37
5
47
411
24
7
6
6
2
37
5
46
358
24
7
9
18
Latin America:
Latin American republics..
Neth. Antilles & Surinam.
Other Latin America
July
6
6
2
37
5
44
401
24
7
6
6
2
37
5
45
369
24
7
9
6
2
37
5
42
407
24
7
17
Total
Canada
June
NOV.P
Dec.*3
6
6
2
37
5
49
423
24
7
5
6
2
37
5
49
424
24
7
5
6
2
37
5
49
447
24
6
3
6
2
37
5
49
499
24
6
545
560
559
582
632
294
284
191
190
192
2
12
3
2
12
4
2
12
4
2
12
5
2
12
4
2
12
4
15
16
17
17
18
18
18
61
19
61
19
61
19
61
19
61
19
61
18
61
38
80
80
99
42
42
42
891
912
983
22
23
22
24
24
6
6
2
37
5
45
396
24
7
*
39
50
50
50
50
51
51
52
53
45
45
46
46
24
966
Grand total
962
964
914
906
916
934
985
1,012
1,024
1,030
936
959
1,008
NOTE.—Data represent estimated official and private holdings of marketable U.S. Govt, securities with an original maturity of more than 1
year, and are based on a Nov. 30, 1968, benchmark survey of holdings and
regular monthly 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 foreign currencies
Payable in dollars
End of period
Total
Belgium
Canada 1
Denmark
Sweden
Italy 2
Taiwan
Thailand
Total
25
20
20
100
1,638
t 1,750
3,330
43,181
1,692
1,431
32 1,334
32 1,129
146
135
15
15
1970—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept
Oct..
Nov.
Dec.
2,514
2,513
2,799
2,897
3,096
3,511
3,508
3,508
3,508
3,567
3,564
3,563
1,431
1,431
1,717
1,814
2,013
2,428
2,425
2,425
2,425
2,484
2,481
2,480
32
32
32
32
32
32
32
32
32
32
32
32
1,129
1,129
1,429
1,529
1,729
2,229
2,229
2,229
2,229
2,289
2,289
2,289
135
135
121
118
117
32
29
29
29
28
25
25
15
15
15
15
15
15
15
15
15
15
15
15
20
20
20
20
20
20
20
20
20
20
20
20
1971—Jan.
3,563
2,480
32 2,289
25
15
20
196 8
196 9
1
Includes bonds issued in 1964 to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding end of 1967 through Oct. 1968, $114 million; Nov. 1968 through
Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and
Oct. 1970 through latest date, $24 million.
2
Bonds issued to the Government of Italy in connection with military purchases in the United States.
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Austria
Belgium
Germany 3
50
4
1,051
1,084
Italy
Switzerland
226
125
311
541
1,083
1,083
1,083
1,083
1,083
1 ,083
1,083
1,083
1,083
1,083
1,083
1,083
542
542
542
542
542
542
542
542
542
542
542
542
541
541
541
541
541
541
541
541
541
541
541
541
1,083
542
541
3 In addition, nonmarketable U.S. Treasury notes amounting to $125
million equivalent were issued to a group of German commercial banks in
June 1968. The revaluation of the German mark in Oct. 1969 increased
the dollar value of these notes by $10 million.
4
Includes an increase in dollar value of $101 million resulting from
revaluation of the German mark in Oct. 1969.
A 82
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
Area and country
1969
1970
Dec.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
U.S.S.R
Other Eastern Europe
Total
Apr.
May
June
July
Aug.
Sept.
Oct.
NOV.P
7
56
40
68
107
205
22
120
51
34
8
70
67
99
19
408
28
9
2
34
3
69
31
64
96
135
19
102
65
34
9
99
99
114
19
393
32
7
2
40
5
67
29
61
100
146
22
103
86
35
13
96
92
91
31
329
34
10
2
46
6
64
33
63
82
152
22
100
53
33
12
102
112
115
16
403
30
8
2
41
13
53
28
65
83
125
25
87
49
31
12
52
113
109
17
399
32
7
1
45
7
52
36
63
75
169
27
90
46
30
8
51
103
123
10
335
33
6
2
43
4
70
34
63
104
181
28
102
67
33
10
59
112
100
6
382
36
7
3
40
5
68
36
56
78
182
27
106
52
40
16
58
123
115
4
378
42
8
3
43
8
71
37
55
105
184
25
92
57
48
13
54
110
98
4
430
41
12
1
41
Dec
P
6
50
40
66
113
184
26
101
61
54
11
54
97
100
9
379
35
22
3
36
1,454
1,432
1,397
1,449
1,345
1,310
1,442
1,436
1,487
1,450
Canada
826
598
765
816
729
749
805
859
865
1,061
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American republics
Bahamas and Bermuda
Netherlands Antilles and Surinam
Other Latin America
309
317
188
225
14
803
68
161
48
240
295
93
14
27
285
293
213
254
14
888
68
159
55
254
295
67
15
29
280
303
218
252
14
899
67
162
54
264
287
63
15
23
311
305
213
249
14
911
63
172
52
253
298
65
18
21
306
299
210
250
14
901
68
156
57
248
295
56
16
23
297
296
210
256
14
889
68
142
53
251
294
60
17
20
305
317
205
265
14
900
83
132
57
266
285
74
18
22
303
323
199
267
14
906
94
136
54
284
298
131
14
20
306
322
189
272
13
934
84
141
55
284
321
101
15
22
324
322
199
284
14
902
95
147
63
281
340
152
19
22
Total
2,802
2,890
2,901
2,946
2,900
2,867
2,943
3,043
3,058
3,163
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other
1
36
10
30
108
3,372
158
215
49
101
212
1
41
9
49
99
3,276
190
295
59
103
164
1
44
12
48
94
3,378
216
278
69
98
179
1
46
11
52
93
3,407
215
268
79
100
184
1
41
12
36
90
3,378
222
269
82
96
180
1
35
11
42
80
3,276
228
209
81
106
165
1
46
10
46
82
3,225
227
215
81
108
157
2
36
12
41
105
3,264
218
134
82
100
160
1
36
12
54
110
3,538
197
129
82
97
164
2
39
13
56
120
3,890
196
137
95
109
157
Total
4,291
4,286
4,419
4,455
4,406
4,234
4,198
4,155
4,420
4,815
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
6
3
55
11
86
4
5
60
15
62
5
4
58
17
62
5
4
66
15
68
5
4
69
15
65
4
6
68
14
65
6
5
72
13
63
4
6
72
12
63
5
4
76
10
72
4
6
77
13
79
Total
162
146
145
158
157
157
159
157
166
180
53
16
56
22
62
22
62
18
63
15
66
16
60
17
59
15
59
16
64
16
Other countries:
Australia
All other
Total
Total foreign countries
International and regional
Grand total
69
78
84
80
78
82
77
75
75
80
9,604
9,429
9,711
9,903
9,614
9,399
9,624
9,725
10,071
10,748
2
1
2
1
1
2
2
1
2
3
9,606
9,430
9,714
9,904
,616
9,401
9,626
9,726
10,073
10,751
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to, and acceptances made for, foreigners; drafts drawn against
foreigners, where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 83
14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Payable in foreign currencies
Loans to—
End of period
Official
institutions
Banksi
Others
Collections
outstanding
Total
Total
Total
Acceptances
made
for acct.
of foreigners
Other
Total
Foreign
govt, seDeposits curities,
with for- coml.
eigners
and finance
paper
196 7
8,606
8,182
3,150
306
1,616
1,228
1,552
3,013
467
425
287
70
196 8
8,711
8,261
3,165
247
1,697
1,221
1,733
2,854
509
450
336
40
1969—Dec. 2
(9,578
(9,606
9,063
9,091
3,281
3,278
262
262
1,946
1,943
1,073
1.073
1,954
1,954
3.169
3,202
658
656
516
516
352
352
84
84
1970—Jan...
Feb..
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct...
Nov 2 '.
Dec.f
9,305
9,210
9,340
9,430
9,714
9,904
9,616
9,401
9,626
9,726
10,073
10,751
8,804
8,750
8,926
8,952
9,216
9,437
9,195
8,937
9,147
9,207
9,518
10,100
3,260
3,207
3,290
3,116
3,193
3,316
3,191
2,975
3,229
3,129
3,132
3,040
257
265
294
335
315
305
256
178
186
109
95
119
1,986
1,914
1,922
1,734
1,825
1,932
1,873
1,711
1,936
1,897
1,894
1 ,709
1,018
1,029
1.074
1,047
1,053
1,079
1,063
1,087
1 ,108
1,122
1,143
1,970
1,992
2,083
2,153
2,220
2,238
2.244
2.245
2,275
2,331
2,429
2,415
3,019
2,987
3,044
3,223
3,244
3,287
3,234
3.170
3,056
3,158
3,330
3,966
554
563
508
459
559
595
525
547
586
589
627
680
502
461
415
478
498
467
421
463
479
519
555
651
347
320
300
342
338
314
296
354
366
370
354
393
77
62
45
70
87
78
61
50
40
67
112
90
1
Excludes central banks which are included with "Official institutions."
2
Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage
1,212
with those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Country or area
Type
Payable in dollars
Total
Loans to—
Other
foreigners
Other
longterm
claims
Payable
in
foreign
currencies
United
Kingdom
Other
Europe
15
16
56
68
720
479
427
428
1,556
1,375
Latin
Canada America
Total
Banksi
3,925
3,567
3,638
3,158
669
528
323
237
2,645
2,393
272
394
3,250
2,806
502
209
2,096
426
18
67
411
408
1,329
3,187
3,161
3,226
3,248
3,232
3,165
3,114
3,117
3,141
3,215
3,197
3,049
1
Official
institutions
2.736
2,727
2,796
2,815
2,822
2,776
2,733
2,707
2.737
2,827
2,809
2,680
461
476
519
508
511
486
473
458
447
518
498
488
212
205
211
220
211
209
215
225
244
256
247
230
2.063
2,046
2,067
2,087
2,100
2,080
2,044
2,023
2,046
2,053
2.064
1,963
421
402
398
401
380
362
352
382
376
358
362
343
29
33
31
32
30
27
29
29
28
30
26
25
67
63
68
74
67
67
68
63
64
66
66
69
403
401
419
413
426
425
396
398
395
407
387
412
406
416
406
420
427
416
417
411
416
409
398
312
1,307
1,298
1,337
1,363
1,348
1.328
1,324
1,312
1,345
1.329
1,344
1,301
Japan
Excludes central banks, which are included with "Official institutions."
180
122
Other
Asia
449
617
568
90
86
87
89
89
92
100
106
108
109
113
115
558
546
559
546
530
517
502
515
499
582
583
548
A 84
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
Marketable U.S. Govt, bonds and notes *
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Total
Intl.
and
regional
Total
196 8
196 9
1970?
-489
-4
46
-161
11
-25
Official
-328
-15
71
-380
-79
-39
52
1969—Dec...
37
*
37
1970—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July. .
Aug. .
Sept..
Oct.. .
2
-50
-8
10
18
51
27
13
5
-93
23
49
*
2
-50
-8
9
18
50
26
21
5
-94
22
71
NOV.P
Dec.f.
Purchases
Foreign
*
*
1
1
*
1
-8
*
*
1
-22
Sales
Net pur- Purchases or chases
sales
Sales
Net purchases or
sales
Purchases
Sales
Net purchases or
sales
-1,380
-1,026
-847
1,252
1,519
1,032
1,566
2,037
991
-314
-517
41
Other
51 17,563 13,329
64 15,476 12,795
110 11,391
9,829
4,234
2,681
1,562
2,306
1,552
1,472
3,686
2,578
2,318
-15
-3
*
2
15
20
*
-91
*
18
1,181
969
212
176
195
-19
107
123
-16
2
-47
-8
9
16
35
6
21
5
-3
22
53
917
1,029
1,108
1,010
769
858
783
656
1,049
1,177
754
1,280
905
950
989
850
930
783
650
514
703
938
609
1,010
12
79
120
160
-161
76
133
142
346
239
145
271
113
109
168
143
116
113
111
143
110
109
97
140
190
265
268
186
70
92
263
305
93
255
87
245
-77
-156
-101
-42
47
21
-151
-162
17
-146
10
-105
151
100
101
80
109
74
62
60
76
71
65
82
74
77
115
104
90
60
58
45
90
120
76
82
77
23
-13
-24
18
15
4
15
-14
-50
-11
1
Excludes nonmarketable U.S. Treasury bonds and notes issued to
official institutions of foreign countries ; see Table 12.
2
Includes State and local govt, securities, and securities of U.S. Govt,
agencies and corporations that are not guaranteed by the United States.
*
Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad.
NOTE.—Statistics include transactions of international and regional
organizations.
17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions of dollars)
Period
Total
France
Germany
Nether- Switzer- United
lands
land Kingdom
Other
Europe
Total
Europe
Latin
Canada America
Asia
Africa
2,270
1,487
620
201
150
58
169
216
195
298
189
128
822
490
110
-28
-245
-33
130
295
24
1,592
1,094
482
386
125
-8
151
136
39
124
90
85
19
14
12
-13
5
9
13
40
-23
-1
1
1970—Jan
-43
Feb
-13
Mar
-41
Apr
4
May
-200
June
63
52
July
Aug
104
225
Sept
Oct
158
98
Nov.*....
Dec.p , , ,
213
1
11
16
11
20
-2
3
18
18
36
23
13
27
-5
6
-8
-23
33
18
16
16
37
13
18
8
-24
19
-26
12
-46
23
13
40
49
5
-3
22
-15
-102
-23
-14
20
29
32
3
14
-20
-14
-19
5
-32
14
9
11
6
21
31
11
-31
32
-33
-10
-149
41
58
113
154
85
84
138
-39
-25
-30
25
-30
8
-16
-6
26
31
6
41
24
-24
12
-18
-26
-2
3
-9
20
30
1
28
3
3
6
6
3
15
6
4
22
13
1968
19693
1970 '
1969—Dec
9
-13
-8
1
6
16
7
-4
-3
7
39
-1
11
39
*
4
2
7
-1
Other
Intl. &
countries regional
3
-1
1
12
36
22
*
*
2
*
*
*
*
—1
*
-1
*
*
*
*
*
*
*
*
*
1
*
—1
*
*
*
*
*
*
1
1
1
*
1
4
2
2
—1
7
3
FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A
85
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions of dollars)
Nether- Switzer- United
lands
land Kingdom
Total
France
Germany
1,964
1,195
943
195
97
35
253
200
48
39
14
37
510
169
134
1969—Dec
193
34
17
5
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
56
92
161
156
40
13
81
38
121
81
47
58
7
3
4
7
3
4
4
—1
1
—1
2
2
5
8
8
4
1
5
19
16
Period
1968
1969
1970 p
NOV.P . . . .
Dec.?
*
-6
-2
-3
25
*
1
7
*
*
1
*
-3
522
251
128
238
83
91
1,757
815
474
44
19
15
14
8
32
14
4
23
-1
3
8
3
9
-1
Total
Europe
26
*
*
Other
Europe
14
35
30
10
-14
-12
36
-1
15
-8
1
22
2
-12
9
7
5
3
8
1
2
43
4
18
NOTE.—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations that are not guaranteed by
Latin
Canada America
68
32
128
12
14
23
146
1
6
43
53
78
76
9
-8
68
-4
47
43
13
56
11
7
13
7
2
13
6
21
16
14
17
1
3
-4
10
6
2
2
5
2
-7
1
2
1
Asia
Africa
Other Intl. an<
countries regional
*
-11
28
1
#
1
1
1
2
10
1
-1
1
-1
*
*
11
10
-12
117
336
302
1
38
*
-1
*
*
*
*
37
58
65
26
3
*
*
-1
-6
-1
-2
*
*
*
1
6
3
3
*
*
*
*
-2
*
21
64
19
13
-3
*
1
the United States. Also includes issues of new debt securities sold abroad
by U.S. corporations organized to finance direct investments abroad.
19. NET PURCHASES OR SALES BY FOREIGNERS OF
LONG-TERM FOREIGN SECURITIES, BY AREA
20. FOREIGN CREDIT AND DEBIT
BALANCES IN BROKERAGE ACCOUNTS
(In millions of dollars)
(Amounts outstanding; in millions of dollars)
Period
1968
1969
1970p
Total
Total
Intl.
forand
eign
recoungional tries
-1,694
-1,544
-806
- 3 2 9 -1,366
66 - 1 , 6 1 0
-257 -549
1969—Dec
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.f
Dec.?
-35
4
*
-2
-133
-38
22
-114
-66
9
11
65
5
35
-147
-38
-147 -158
3
16
-196
-91
—i
3
-105
4
Europe
Canada
7 -945
74 - 1 , 1 2 8
50 - 4 7 6
Latin
Amer- Asia
ica
Africa
-300
- 98
1
-96
-471
-138
-39
-6
-6
6
20
20
*
14
*
2
2
1
1
2
1
1966
1967
-39
-8
-24
10
-30
2
-95
-136
-75
54
30
-109
11
-13
-105
-4
-109
10
33
36
17
-1
1
9
4
5
-33
-10
-22
-11
-110
-154
-82
42
39
-78
-52
22
-51
15
-57
-5
-5
5
-2
3
3
-23
56
-30
4
-2
-2
5
-13
-23
-9
8
-14
-16
2
-12
-27
-9
-31
—1
-1
*
*
*
*
*
*
*
—l
-1
Sept
*
1
2
2
1
4
1969—Mar
Dec
1970—Mar
Credit
balances
(due to
foreigners)
Debit
balances
(due from
foreigners)
175
311
End of
period
Other
countries
128
298
453
468
636
372
398
508
553
566
467
434
393
397
297
278
368
334
291
220
182
203
NOTE.—Data represent the money credit balances and
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.
A 86
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
AND FOREIGN BRANCH HOLDINGS OF SPECIAL EXPORT-IMPORT
BANK SECURITIES
22. MATURITY OF EURO-DOLLAR
DEPOSITS IN FOREIGN
BRANCHES OF U.S. BANKS
(Amounts outstanding; in millions of dollars)
(End of month; in billions of dollars)
Wednesday
Amount
Wednesday
1966
Mar.
June
Sept.
Dec.
Wednesday
1969
30
29
28
28
1,879
1,951
3,472
4,036
1967
Mar.
June
Sept.
Dec.
Amount
29
28
27
27
3,412
3,166
4,059
4,241
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29
26
26
30
28
25
30
27
24
29
26
31
Jan.
Feb.
Mar.
Apr.
May
June
31
28
27
24
29
26
4,259
4,530
4,920
5,020
5,872
6,202
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.
31
28
25
30
27
25
31 (1/1/69)...
6,126
7,004
7,104
7,041
7,170
6,948
6,039
Maturity of
liability
Sept.
1970—Cont.
8,545
8,822
9,621
9,399
9,868
13,269
14,434
14,658
14,349
13,648
14,574
'12,805
Aug.
5
12
19
26
10,379
10,373
10,423
10,733
Sept. 2
9
16
23
30
10,437
10,333
10,636
10,238
r
9,663
Oct.
r
1970
1968
1970
Amount
Jan.
Feb.
Mar.
Apr.
May
28
25
25
29
6
13
20
27
June 3
10
17
24
July 1
8
15
22
29
13,623
13,094
11,942
11,973
11,982
11,682
12,026
12,373
11,987
11,946
12,082
12,220
11,455
11,541
11,562
11,280
10,514
Nov.
Dec.
7
14
21
28
3rd
4th
5 th
6th
7th
8th
9th
10th
11th
12th
Maturities of more than 1
9,830
9,589
9,595
-'9,297
r
'9,024
8,892
8,766
'8,435
r
r
2
9
16
23
30
6
13
20
27
1.47
2.17
1.30
2.07
9.07
5.32
3.23
1.58
1.39
1.29
.34
.25
.18
.14
.15
.21
.48
.52
.60
26.97 26.81
' 8,252
8,215
8,305
7,902
'7,676
27.11
NOTE.—Includes interest-bearing U.S. dollar
deposits and direct borrowings of all branches in
the Bahamas and of all other foreign branches
for which such deposits and direct borrowings
amount to $50 million or more.
Details may not add to totals due to rounding.
1971
Jan.
Nov.
9.61 8.23
4 . 2 5 5.09
3.44 3.99
2.06 1.48
1.25 1.32
1.10 1.30
.32
.29
.28
.30
.29
.24
.22
.15
.14
.15
.13
.13
Call
Other liabilities, maturing
in following calendar
months after report
date:
1st
r
4
11
18
25
1.41
1.98
Oct.
7,438
7,861
7,823
7,537
NOTE.—The data represent gross liabilities of reporting banks to their branches in foreign countries, plus $1,000 million of Export-Import bank securities held by foreign branches
beginning Jan. 27, 1971. For back data see May 1968 BULLETIN, p. A-104.
24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
23. DEPOSITS, U.S. GOVT. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGNERS
(Amounts outstanding; in millions of dollars)
(In millions of dollars)
Payable in
Payable in dollars foreign currencies
Assets in custody
End of
period
Deposits
U.S. Govt,
securities 1
1968.
1969.
216
134
9,120
7,030
13,066
12,311
1970—Jan..
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
152
313
200
204
128
168
199
173
136
142
136
148
7,374
8,219
9,118
9,154
9,754
10,888
11,803
12,489
13,983
14,458
16,196
16,226
12,291
12,268
12,270
12,272
12.239
12.240
12,217
12,283
12,611
12,617
12,644
12,926
1971—Jan...
129
16,206
12,958
1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt, securities
held for international and regional organizations. Earmarked gold is gold held for foreign and international
accounts and is not included in the gold stock of the
United States.
End of
period
Earmarked
gold
Total
Deposits
1967
1968
1969—Nov ,
Dec 2
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.'
Nov
Shortterm
invest- Deposits
ments 1
Shortterm
investments 1
United
Kingdom
Canada
1,163
1,638
..
852
1,219
133
87
128
272
49
60
621
979
309
280
1,715
f1,319
\1,449
1,252
952
1,023
105
116
161
280
174
179
78
76
86
1,000
610
663
411
469
519
1,725
1,717
1,604
1,484
1,534
1,586
1,491
1,361
1,500
1,639
1,711
1,242
1,254
1,168
1,061
1,043
1,105
1,043
900
951
985
1,026
183
193
186
178
200
174
181
164
183
177
171
224
190
188
180
182
194
193
203
240
318
348
76
80
63
66
109
112
74
94
126
159
166
1,004
1,050
1,003
904
879
813
787
699
722
679
674
447
372
302
270
331
359
309
297
382
479
523
1
Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year from the date on which the
obligation was incurred by the foreigner.
2
Data on the two lines for this date differ because of changes in reporting coverage.
Figures on the first line are comparable in coverage with those shown for the preceding
date; figures on the second line are comparable with those shown for the following date.
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
Table 26.
FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 87
25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period. Amounts outstanding; in millions of dollars)
Liabilities to foreigners
Area and country
Claims on foreigners
1970
1969
1969
1970
Dec.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany, Fed, Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
Eastern Europe
Total
Canada
Latin America
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other L.A. republics
Bahamas and Bermuda
Neth. Antilles and Surinam
Other Latin America
Total
Asia:
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Other Asia
Total
Africa:
Congo (Kinshasa)
South Africa
U.A.R. (Egypt)
Other Africa
Total
Other countries:
All other
Total
International and regional
Grand total
Mar.
June
Sept.*3
4
62
3
2
135
255
4
90
90
4
10
59
38
127
3
457
1
21
1
3
70
3
1
124
203
3
83
110
5
6
55
29
155
2
543
2
19
2
4
71
3
1
156
202
3
91
116
5
5
47
32
167
2
641
1
21
3
6
66
3
1
139
181
3
75
121
6
10
48
35
184
3
654
1
21
5
5
67
16
7
122
305
19
155
58
17
10
77
32
44
12
1,060
18
12
22
7
60
16
8
155
195
19
169
68
11
14
77
27
44
12
1,338
19
11
17
8
61
17
8
176
244
27
177
75
13
18
72
27
37
11
1,134
15
12
20
6
62
16
13
160
258
28
172
70
13
14
76
25
45
13
1,072
17
9
29
1 ,365
1,419
1,569
1,564
2,057
2,265
2,154
2,098
226
204
204
213
821
638
685
697
9
18
12
7
11
13
10
6
15
14
11
5
10
17
13
6
17
4
12
5
25
43
31
2
4
24
8
10
5
23
27
46
4
5
21
5
6
5
28
28
57
38
6
28
5
6
5
24
35
89
24
5
52
86
41
29
1
141
19
30
7
58
90
65
6
17
53
97
42
33
1
139
19
34
8
69
92
83
7
25
62
100
37
37
1
141
19
37
6
65
102
158
8
20
61
110
42
37
1
154
18
29
5
72
98
139
10
23
190
190
240
267
643
702
791
798
8
20
5
14
144
2
9
3
3
27
7
27
5
15
133
1
6
4
3
26
8
37
7
17
114
2
7
4
3
28
9
41
7
21
136
1
7
9
4
47
11
37
12
36
256
28
38
19
15
119
13
36
11
34
298
27
32
23
15
113
17
41
17
23
310
50
33
29
15
126
19
42
14
21
312
29
31
27
13
145
235
228
228
283
571
602
660
653
2
14
7
29
3
19
1
33
14
19
2
43
15
24
2
51
4
30
9
46
4
28
9
46
5
35
10
49
4
29
11
52
52
56
78
90
88
86
99
95
61
7
65
6
70
6
75
5
61
10
65
13
85
14
71
15
68
71
76
81
71
78
100
86
*
*
*
*
*
*
2
1
2,136
2,169
2,394
2,498
4,253
4,372
4,490
4,429
*
*
NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.
Data exclude claims held through U.S. banks, and intercompany accounts
between U.S. companies and their foreign affiliates.
*
*
Dec.
Mar.
June
Sept.P
A 88
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1971
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
(Amounts outstanding; in millions of dollars)
Liabilities
End of period
Total
Payable
in
dollars
Claims
Payable
in
foreign
currencies
Payable in foreign
currencies
Payable
in
dollars
Total
Deposits with
banks abroad
in reporter's
name
Other
1966—Sept..
Dec...
1,028
1,089
785
827
243
262
2,539
2,628
2,146
2,225
166
167
227
236
1967—Mar..
June..
Sept..
Dec...
Dec. 1 .
1,148
1,203
1,353
1,371
1,386
864
916
1,029
1,027
1,039
285
287
324
343
347
2,689
2,585
2,555
2,946
3,011
2,245
2,110
2,116
2,529
2,599
192
199
192
201
203
252
275
246
216
209
1968—Mar..
June..
Sept..
Dec...
1,358
1,473
1,678
1,608
991
1,056
1,271
1,225
367
417
407
382
3,369
3,855
3,907
3,783
2,936
3,415
3,292
3,173
211
210
422
368
222
229
193
241
1969—Mar..
June..
Sept..
Dec...
Dec. i.
1,576
1,613
1,797
1,786
2,136
1,185
1,263
1,450
1,399
1,645
391
350
346
387
492
4,014
4,023
3,874
3,710
4,253
3,329
3,316
3,222
3,124
3,559
358
429
386
221
315
327
278
267
365
379
1970—Mar..
June..
Sept.p
2,169
2,394
2,498
1,675
1,824
1,940
494
570
558
4,372
4,490
4,429
3,800
3,845
3,766
259
297
357
313
349
306
1
Data differ from that shown for Dec. in line above because of changes
in reporting coverage.
27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
Claims
End of period
Country or area
Total
liabilities
Total
United
Kingdom
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
1966—Sept
Dec
249
329
1,235
1,256
23
27
174
198
267
272
202
203
64
56
207
212
102
95
91
93
90
87
14
13
1967—Mar
June
Sept
Dec 1
Dec.
454
430
411
414
428
1,324
1,488
1,452
1,537
1,570
31
27
40
43
43
232
257
212
257
263
283
303
309
311
322
203
214
212
212
212
58
88
84
85
91
230
290
283
278
274
108
110
109
128
128
98
98
103
117
132
84
85
87
89
89
17
15
13
16
16
582
747
767
1,129
1,536
1,568
1,625
1,790
41
32
43
147
265
288
313
306
330
345
376
419
206
205
198
194
61
67
62
73
256
251
251
230
128
129
126
128
145
134
142
171
84
83
82
83
21
33
32
38
1969—Mar
June
Sept
Dec 1
Dec.
1,285
1,325
1,418
( 1,725
( 2,190
1,872
1,952
1,965
2,215
2,332
175
168
167
152
152
342
368
369
433
443
432
447
465
496
537
194
195
179
172
174
75
76
70
73
77
222
216
213
388
417
126
142
143
141
142
191
229
246
249
269
72
72
71
69
75
43
40
42
42
46
1970—Mar
June
Sept.P
2,321
2,544
2,653
2,713
2,726
2,859
159
160
157
735
712
724
549
557
597
178
175
177
74
65
63
455
475
583
158
166
144
286
286
283
71
76
73
47
54
58
1968—Mar
June
Sept
Dec
(
\
1
Data differ from that shown for Dec. in line above because of changes
in reporting coverage.
FEBRUARY 1971 • MONEY RATES
A 89
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Australia
Period
Austria
(schilling)
(pound)
.48690
.30545
.28473
.28492
26.589
1966
196 7
196 8
196 9
197 0
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
1111.22
111.25
111.25
111.10
111.36
3.8686
3.8688
3.8675
3.8654
3.8659
2.0067
2.0125
2.0026
1.9942
2.0139
92.811
92.689
92.801
92.855
95.802
20.946
20.501
16.678
16.741
16.774
14.475
14.325
13.362
13.299
13.334
2.0124
2.0131
2.0133
2.0127
2.0140
2.0142
2.0146
2.0145
2.0145
2.0146
2.0147
2.0137
93.199
93.179
93.212
93.207
93.195
4 96.273
96.872
97.890
98.422
97.890
98.014
98.276
16.772
16.772
16.770
16.770
16.770
16.770
16.770
16.770
16.770
16.775
16.792
16.792
13.339
13.337
13.340
13.325
13.324
13.334
13.330
13.329
13.331
13.331
13.336
13.354
Argentina
(peso)
223.41
(dollar)
1970—Jan..
Feb..
Mar.
Apr.
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3 28.487
28.507
28.504
28.500
28.500
27.241
24.934
24.936
24.888
24.874
24.864
24.836
111.58
111.77
111.83
111.84
111.73
111.45
111.12
110.99
110.87
110.97
111.12
3.8649
3.8663
3.8663
3.8651
3.8614
3.8618
3.8670
3.8638
3.8684
3.8698
3.8676
3.8681
1971—Jan..
24,829
111.82
3.8665
2.0145
98.831
16.792
13.361
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
.16014
Period
France
(franc)
111.11
Germany
(deutsche
mark)
20.352
20.323
20.191
6 19.302
18.087
25.007
25.084
25.048
7 25.491
27.424
5 16.596
13.255
13.269
13.230
13.233
279.30
275.04
239.35
239.01
239.59
.16042
.15940
.15945
.27598
.27613
.27735
.27903
.27921
32.538
32.519
32.591
32.623
32.396
8.0056
8.0056
8.0056
8.0056
8.0056
1970—Jan..
Feb..
Mar.
Apr.,
May.
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
18.005
18.034
18.038
18.076
18.111
18.120
18.109
18.112
18.104
18.120
18.107
27.126
27.110
27.225
27.459
27.523
27.528
27.537
27.537
27.537
27.531
27.544
27.437
13.239
13.248
13.260
13.260
13.240
13.230
13.219
13.212
13.211
13.217
13.231
13.229
240.04
240.47
240.58
240.61
240.37
239.77
239.06
238.77
238.53
238.74
239.03
239.06
.15890
.15886
.15897
.15895
.15897
.15897
.15893
.15928
.16005
.16052
.16064
.16039
.27948
.27950
.27963
.27926
.27862
.27864
.27826
.27915
.27935
.27948
.27956
.27959
32.438
32.469
32.460
32.460
32.449
32.391
32.308
32.287
32.314
32.395
32.402
32.382
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
1971—Jan..
18.119
27.496
13.269
240.58
.16045
.27932
32.515
8.0056
Norway
(krone)
Portugal
(escudo)
South
Africa
(rand)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
8131.97
111.37
111.21
111.48
13.984
13.985
14.000
13.997
13.992
3.4825
3.4784
3.4864
3.5013
3.4978
139.13
139.09
139.10
138.90
139.24
1.6651
1.6383
1.4272
1.4266
1.4280
19.358
19.373
19.349
19.342
19.282
23.114
23.104
23.169
23.186
23.199
1970—Jan.. .
Feb...
Mar..
Apr..,
May.
June.,
July. .
Aug..
Sept..
Oct...
Nov..
Dec..
111.69
111.89
111.94
111.96
111.84
111.56
111.23
111.10
110.98
111.08
111.22
111.23
13.983
13.990
14.001
14.001
13.987
13.985
13.951
13.998
13.994
13.993
13.996
14.021
3.5096
3.5104
3.5072
3.5021
3.5033
3.4978
3.4913
3.4898
3.4886
3.4893
3.4924
3.4919
139.50
139.75
139.82
139.83
139.69
139.35
138.93
138.76
138.62
138.74
138.91
138.93
1.4247
1.4266
1.4268
1.4274
1.4280
1.4288
1.4290
1.4290
1.4287
1.4290
1.4290
1.4290
19.355
19.305
19.232
19.233
19.233
19.266
19.282
19.306
19.225
19.282
19.324
19.340
23.176
23.257
23.202
23.244
23.199
23.171
23.235
23.247
23.219
23.090
23.155
23.187
1971—Jan..
111.94
14.003
3.5000
139.81
1.4290
19.365
23.227
196 6
196 7
196 8
196 9
197 0
18.108
New Zealand
Period
(pound)
1966.,
1967.,
1968.
1969.
1970.
276.54
276.69
(dollar)
1 Effective Feb. 14, 1966, Australia adopted the decimal currency
system. The new unit, the dollar, replaces the pound and consists of 100
cents, equivalent to 10 shillings or one-half the former pound.
2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2
to 4.2 markkaa per U.S. dollar.
3
A new Argentine peso, equal to 100 old pesos, was introduced on
Jan. 1, 1970. Effective June 18, 1970, the peso was devalued from 3.50 to
4.00 pesos to the U.S. dollar.
4 On June 1, 1970, the Canadian Government announced that, for the
time being, Canada will not maintain the exchange rate of the Canadian
dollar within the margins required by I M F rules.
5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to
7.5 rupees per U.S. dollar.
.16022
6
Effective Aug. 10, 1969, the French franc was devalued from 4.94 to
5.55 francs per U.S. dollar.
7 Effective Oct. 26, 1969, the new par value of the deutsche mark was
set at 3.66 per U.S. dollar.
8 Effective July 10, 1967, New Zealand adopted the decimal currency
system. The new unit, the dollar, replaces the pound and consists of 100
cents, equivalent to 10 shillings or one-half the former pound.
NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967,
the following countries devalued their currency in relation to the U.S.
dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain.
Averages of certified noon buying rates in New York for cable transfers.
For description of rates and back data, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
A 90
MONEY RATES • FEBRUARY 1971
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, 1970
Country
1970
Per
cent
Month
effective
Argentina
Austria
Belgium
Brazil
Burma
6.0
5.0
7.5
20.0
4.0
Dec.
Jan.
Sept.
July
Feb.
8.0
5.5
14.0
8.0
4.0
July
May
July
May
June
9.0
8.0
4.0
7.0
8.0
May
Jan.
Aug.
Apr.
Oct.
6.0
5.5
6.0
3.0
9.0
Sept.
Mar.
July
Jan.
Jan.
1969
1968
1969
1962
1966
India
Indonesia
Iran
Ireland
Israel
5.0
9.0
8.0
8.62
6.0
Mar.
Aug.
Aug.
Jan.
Feb.
1968
1963
1969
1970
1955
4.0
6.0
6.25
26.0
4.5
Aug.
May
Sept.
June
June
1969
1969
1969
1969
1942
6.0
7.0
6.0
4.5
5.0
Aug.
Mar.
Apr.
Sept.
June
2.75
5.5
5.5
Nov.
June
Jan.
Aug.
July
1959
1969
1969
1968
1969
7.0
3.75
10.8
5.0
5.0
July
Sept.
May
Oct.
Sept.
May
May
Feb.
June
Aug.
1961
1962
1969
1969
1969
July
Aug.
Sept.
Oct.
1969
1969
1969
1959
1966
7.5
5.0
8.0
5.5
6.0
June
Nov.
Dec.
Jan.
1969
1961
1954
1969
1965
9.5
May
1969
1970
1964
1962
1969
Germany, Fed. Rep. o f . . .
Ghana
Greece
Honduras
Iceland
Apr.
1969
1968
1969
1963
1966
Denmark
Ecuador
El Salvador
Finland
France
Mar.
1957
1970
1969
1969
1962
Canada
Ceylon
Chile
Colombia
Costa Rica
Feb.
1971
Italy
Jamaica
Japan
Korea
Mexico
Netherlands
New Zealand
Nicaragua
Norway
Pakistan
Peru
Philippine Republic
Portugal
South Africa
Spain
Sweden
Switzerland
Taiwan
Thailand
Tunisia
Turkey
United Arab Rep. (Egypt)
United Kingdom
Venezuela
Vietnam
10.0
7.0
7.5
6.5
6.0
8.0
7.0
7.5
7.0
7.5
6.5
6.5
6.0
6.0
8.19
7.81
7.19
7.31
5.5
6.0
5.75
24.0
3.5
6.5
6.25
9.8
9.0
7.5
7.0
5.0
7.0
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt, securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Chile—17 per cent for forestry paper, preshipment loans and consumer
loans, 18 per cent for selective and special rediscounts, 19.5 per cent for
cash position loans, and 23.5 per cent for construction paper beyond a
basic rediscount period. A fluctuating rate applies to paper covering the
acquisition of capital goods.
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—5 per cent for special advances and for bank acceptances for
7.0
6.5
18.0
agricultural purposes, 7 per cent for bank acceptances for industrial
purposes, and 10 per cent for advances to cover shortages in legal reserves;
Honduras—Rate shown is for advances only.
Indonesia—Various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish production, import substitution industries and manufacture of exports; 8 per
cent for other agricultural, industrial and mining paper;
Philippines—6 per cent for financing the production, importation, and distribution of rice and corn and 7.75 per cent for credits to enterprises engaged in export activities. Preferential rates are also granted on credits to
rural banks; and
Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi
per cent for advances against government bonds, and 5l/i per cent for
rediscounts of certain industrial paper and on advances against promissory
notes or securities of first-class Venezuelan companies.
Vietnam—10 per cent for export paper; treasury bonds are rediscounted
at a rate 4 percentage points above the rate carried by the bond; and
there is a penalty rate of 24 per cent for banks whose loans exceed quantitative ceilings.
FEBRUARY 1971 • MONEY RATES; ARBITRAGE
A 91
OPEN MARKET RATES
(Per cent per annum)
Month
Germany,
Fed. Rep. of
United Kingdom
Canada
Treasury
bills,
3 months i
Day-today
money 2
1968—Dec.
1969—Dec.
5.96
7.15
5.31
6.95
1969—Dec.
7.78
1970—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
7.80
7.70
7.35
6.81
6.51
5.90
5.79
5.66
5.44
5.25
4.74
4.47
1971—Jan..
4.59
Bankers' Treasury
acceptbills,
ances,
3 months
3 months
5.25
Day-today
money
Netherlands
Switzerland
Day-today
money 3
Treasury
bills,
60-90
days 4
Day-today
money 5
Treasury
bills,
3 months
Day-today
money
Private
discount
rate
8.22
8.97
Bankers'
allowance
on
deposits
2.75
4.42
1.84
4.81
4.65
5.55
4.96
5.98
3.75
4.21
4.75
6.80
7.64
5.99
6.75
5.00
5.84
7.78
7.70
6.90
6.00
10.38
5.75
8.35
6.00
7.11
7.88
7.81
7.35
6.82
6.66
5.98
6.00
5.74
5.51
5.24
4.52
5.07
8.60
8.30
8.06
8.06
8.07
8.06
8.06
8.06
8.06
8.06
7.55
7.60
7.27
6.94
6.82
6.87
6.82
6.81
6.82
6.81
6.81
6.82
6.88
7.03
6.97
6.26
6.03
6.03
6.01
6.08
5.84
5.93
5.81
5.95
6.00
6.00
5.56
5.23
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
10.21
9.70
9.47
9.02
8.90
9.35
8.57
8.13
8.13
7.82
7.30
5.75
5.75
7.00
7.00
7.00
7.00
6.75
6.75
6.75
6.75
6.25
5.75
9.09
8.48
9.55
9.68
9.23
8.76
8.86
7.85
9.15
7.43
8.44
7.52
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.75
5.91
6.76
7.05
7.04
5.57
7.07
6.92
6.96
6.03
6.31
6.89
4.33
6.73
8.06
6.79
5.84
5.00
5.60
4.46
7.26
8.49
r
4.75
4.75
4.94
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5 Monthly averages based on daily quotations.
NOTE.—For description and back data, see "International Finance,'
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
4
Rate in effect at end of month.
2
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and Canada
United States and United Kingdom
Treasury bill rates
Treasury bill rates
Date
Premium
( + ) or
discount
(—) on
forward
pound
Net
incentive
(favor
of
London)
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
6.69
6.69
6.69
6.69
6.37
6.35
6.08
5.74
.61
.95
-1.38
-2.54
-1.38
-1.02
Spread
(favor
of
London)
Canada
United
States
Spread
(favor
of
Canada)
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
-1.06
-2.20
-.77
-.07
5.52
5.54
5.41
5.44
5.37
5.39
5.27
5.29
6.37
6.35
6.08
5.74
-1.00
-.92
-1.27
-1.14
-.96
-.83
-.03
-.59
-.31
.02
.07
5.40
5.41
5.35
5.22
4.97
5.26
5.27
5.21
5.08
4.84
5.80
6.01
5.86
5.71
5.79
-.54
-.74
-.65
-.63
-.95
Premium
( + ) or
discount
( - ) on
forward
Canadian
dollars
Net
incentive
(favor
of
Canada)
1970
Sept.
4
11
18
25
.32
.34
-.96
-.81
-.45
.39
.65
.67
.65
.61
.31
.14
.20
.94
.98
.33
.41
.40
.36
.33
.30
.54
2
9
16
23
30
6.69
6.69
6.69
6.69
6.69
5.80
6.01
5.86
5.71
5.79
.89
.68
.83
.98
.90
Nov.
6
13
20
27
6.69
6.69
6.69
6.69
5.44
5.46
5.10
5.00
1.25
1.23
1.59
1.69
-.89
-1.18
-.86
-.98
.36
.05
.73
.71
5.00
4.86
4.60
4.35
4.87
4.74
4.49
4.25
5.44
5.46
5.10
5.00
-.57
-.72
-.61
-.75
.43
.49
.57
.49
.14
.23
.04
.26
Dec.
4
6.69
6.69
6.69
6.69
6.69
4.87
4.80
4.68
4.78
4.80
1.82
1.89
2.01
1.91
1.89
-.71
1.11
1.09
1.33
4.36
4.42
4.35
4.29
4.33
4.87
4.80
4.68
4.78
4.80
-.51
-.38
-.33
-.49
-.47
.65
.61
.61
.14
.23
.97
4.46
4.54
4.51
4.40
4.44
-.12
.49
.59
6.69
6.66
6.66
6.66
4.69
4.35
4.06
4.08
2.00
2.31
2.60
2.58
-.99
-1.52
-2.28
-2.72
1.01
.79
.32
-.14
4.55
4.65
4.55
4.72
4.44
4.53
4.44
4.60
4.69
4.35
4.06
4.08
-.25
.18
.38
.52
-.30
-.63
-.83
-1.11
.55
.45
.45
.59
Oct.
IS.'.'.'.'.'.
24
31
-.80
-.68
-.91
-.92
1.00
1.10
.00
.28
1971
Jan.
8
15
22
29
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
All series: Based on quotations reported to F.R. Bank of New York
by market sources.
For description of series and for back figures, see Oct. 1964 BULLETIN,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
O c t . 1 9 6 4 BULLETIN.
A 92
GOLD RESERVES • FEBRUARY 1971
GOLD
RESERVES
OF CENTRAL
BANKS
AND
GOVERNMENTS
(In millions of dollars)
Estimated
total
world i
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
42,305
43,015
243,230
43,185
41,600
40,905
2,312
2,179
31,869
2,652
2,682
2,288
15,596
15,471
13,806
13,235
12,065
10,892
24,395
25,365
27,285
27,300
26,855
27,725
78
71
66
84
84
109
208
226
223
224
231
257
536
600
700
701
701
714
1,371
1,451
1,558
1,525
1,480
1,524
150
92
63
45
45
45
42
84
84
84
84
84
817
1,026
1,151
1,046
1,015
863
2,310
11,859
26,845
135
263
715
1,520
45
84
872
2,413
2,435
2,512
2,514
2,529
2,544
2,547
2,652
2,825
2,902
3,224
4,339
11,882
11,906
11,903
11,902
11,900
11,889
11,934
11,817
11.494
11.495
11,478
11,072
140
140
140
140
140
140
140
140
140
140
140
263
268
269
268
269
270
269
269
282
283
283
239
710
714
714
712
713
714
714
714
714
714
'714
714
1,518
1,520
1,520
1,518
1,520
1,520
1,520
1,518
1,530
1,528
1,528
1,470
45
45
45
45
45
45
45
45
45
45
45
45
84
84
84
84
84
84
84
63
63
63
63
63
870
879
879
879
880
880
880
880
880
41,015
41,205
41,170
Mi
80
Colombia
Denmark
Finland
Afghanistan
26,790
26,735
^26 j 860
France
Germany,
Fed.
Rep. of
62
58
35
26
31
31
92
92
97
108
107
114
61
85
84
45
45
45
3,175
3,729
4,706
5,238
5,234
3,877
3,843
4,248
4,410
4,292
4,228
4,539
26
89
45
3,547
27
27
27
27
27
26
26
26
26
26
89
89
89
89
89
89
89
45
45
45
45
45
45
45
45
45
45
45
29
3,546
3,544
3,544
3,544
3,541
3,543
3,543
3,537
3,537
3,537
3,533
3,532
18
17
Kuwait
Lebanon
Libya
Malaysia
122
172
183
182
193
193
288
7
2
1
31
66
86
288
86
86
86
86
86
86
86
86
86
86
86
86
288
288
288
288
288
288
288
288
288
288
288
48
48
52
67
136
For notes see end of table.
Argentina
Greece
77
77
78
Australia
Austria
India
Iraq
130
140
120
247
247
281
243
243
243
142
141
146
130
144
158
4,079
130
243
4,079
4,079
4,079
4,079
4.079
4.080
4,080
4.080
4.081
4,081
4,081
3,980
130
120
120
243
243
243
243
243
243
243
243
243
243
243
243
120
120
120
120
120
119
119
117
Mexi-
Netherlands
139
169
158
109
29
34
21
21
21
165
63
169
63
63
63
63
63
63
63
63
63
63
63
48
169
170
170
170
171
171
171
171
176
176
166
Belgium
Israel
791
Italy
18
19
21
23
25
79
60
56
56
46
46
46
2,343
2,107
2,404
2,414
2,400
2,923
158
193
39
46
2,956
158
158
158
158
158
158
158
158
148
148
131
131
151
151
151
151
151
151
151
151
151
151
'144
144
39
38
38
26
26
26
26
26
26
26
16
16
46
46
46
46
46
46
46
45
45
45
43
43
2,976
2,978
2,978
2,978
2.981
2.982
2.983
2,983
2,983
2,983
2,981
2,887
Philippines
Portugal
28
23
38
44
60
62
497
523
576
643
699
856
Norway
21
31
31
31
18
18
24
21
1,720
21
21
21
21
21
21
21
1,720
1,730
1,730
1,730
1,730
1 ,730
1.750
1.751
1,801
1,801
1,832
1,787
27
27
27
27
27
27
27
27
34
33
23
24
Pakistan
25
21
21
21
Ireland
Canada
98
112
110
106
115
193
1,601
1,688
1,756
1,730
1,711
1,697
21
Brazil
53
53
53
53
53
54
Peru
57
67
67
65
20
20
876
25
54
54
54
54
54
54
54
54
54
54
54
54
25
26
40
40
40
40
40
40
40
40
40
45
46
47
49
50
50
53
54
56
59
59
882
882
890
890
890
890
890
901
902
902
902
FEBRUARY 1971 • GOLD RESERVES AND PRODUCTION
A 93
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
South
Africa
Spain
630
574
425
637
583
1,243
573
616
810
785
785
785
1969—De c
1,115
784
1970—Ja n
Feb....
Mar....
Apr... .
May. . .
June...
July....
Aug....
Sept
Oct
Nov....
Dec.v. .
1,075
1,035
1,002
992
978
942
954
920
921
879
788
666
Sweden
784
784
784
784
784
784
784
534
534
534
534
196 3
196 4
196 5
196 6
196 7
196 8
182
189
202
203
203
225
Switzer- Taiwan
land
Thailand
Turkey
U.A.R.
(Egypt)
United
Kingdom
Venezuela
Uruguay
Yugoslavia
Bank
for
Intl.
Settle-4
ments
2,820
2,725
3,042
2,842
3,089
2,624
50
55
55
62
81
81
104
104
96
92
92
92
115
104
116
102
97
97
174
139
139
93
93
93
2,484
2,136
2,265
1,940
1,291
1,474
171
171
155
146
140
133
401
401
401
401
401
403
14
17
19
21
22
50
-279
-50
-558
-424
-624
-349
226
2,642
82
92
117
93
1,471
165
403
51
-480
224
224
224
224
225
225
225
225
225
225
225
200
2,659
2,659
2,659
2,659
2,659
2,670
2,670
2,720
2,720
2,720
2,720
2,732
82
82
82
82
82
82
82
82
82
82
82
92
92
92
92
92
92
92
92
92
92
92
92
117
117
127
127
127
127
127
126
126
126
126
126
93
93
93
93
93
93
93
93
93
93
165
165
165
165
165
165
165
165
165
165
161
403
404
404
404
404
404
404
404
404
404
384
384
51
51
51
51
51
51
52
52
52
52
52
52
-488
-467
-507
-519
-530
-516
-519
-311
-303
-308
— 305
-282
1
Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts, of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
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
countries.
2
Adjusted to include gold subscription payments to the IMF made by
1,469
1,469
1,454
some member countries in anticipation of increase in Fund quotas, except
those matched by gold mitigation deposits with the United States and
United Kingdom; adjustment is $270 million.
3
Excludes gold subscription payments made by some member countries
in anticipation of increase in Fund quotas: for most of these countries
the increased quotas became effective in Feb. 1966.
4
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period
World
production i
North and South America
South
Africa
Ghana
Congo
(Kinshasa)
United
States
Canada
Mexico
Asia
Nica- Colomragua
bia
Other
India
Japan
Philippines
Australia
All
other
1964
1965
1966
1,405.0
1,440.0
1,445.0
1,018.9
1,069.4
1,080.8
30.3
26.4
24.0
7.8
2.3
5.6
51.4
58.6
63.1
133.0
125.6
114.6
7.4
7.6
7.5
6.9
5.4
5.2
12.8
11.2
9.8
5.2
4.6
4.2
16.1
18.1
19.4
14.9
15.3
15.8
33.7
30.7
32.1
66.6
64.8
62.9
1967
1968
1969 p
1,410.0
1,420.0
1,420.0
1,068.7
1,088.0
1,090.7
26.7
25.4
24.8
5.4
5.9
6.0
53.4
53.9
60.1
103.7
94.1
85.2
5.8
6.2
6.3
5.2
4.9
3.7
9.0
8.4
7.7
3.4
4.0
3.4
23.7
21.5
23.7
17.2
18.5
20.0
28.4
27.6
24.5
59.4
61.6
63.9
1969—Nov
Dec
93.6
89.5
6.8
7.1
.5
.5
.6
.4
.3
.2
2.0
2.2
2.0
1.9
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
92.8
88.4
94.3
92.8
94.5
96.6
95.2
96.3
96.2
96.6
7.5
6.5
7.1
6.6
7.0
7.2
6.8
6.3
6.6
6.9
6.5
.5
.6
.6
.5
.5
.8
.5
.6
.6
.6
.6
.7
.7
.2
.3
.3
.3
.3
.3
.3
2.1
1.9
2.1
1.8
2.2
2.0
1.7
1.8
2.6
1.8
1.7
1.7
1.7
2.0
2.2
2.2
1
Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
A 94
FEDERAL RESERVE BANKS, 1970 • FEBRUARY 1971
EARNINGS AND EXPENSES
(In
Item
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Current earnings
Discounts and advances
Acceptances
U.S. Govt, securities
Foreign currencies
All other
50,737,919
4,730,465
3,771,788,164
48,786,279
1,175,617
12,883,134
3,497,819
4,730,465
189,039,121 956,260,942
2,338,626
12,821,481
43,001
445,823
2,086,333
2,173,989
194,105,935
2,488,871
27,121
293,561,717 281,255,061
4,336,184
2,488,231
80,731
37,585
200,162,777
3,162,786
74,812
Total
3,877,218,444
194,918,567 987,141,845
198,170,314
300,486,898
1,548,387
2,508,266
285,867,210 205,574,364
Current expenses
Salaries:
Officers
Employees
Retirement and other benefits
Fees—Directors and others
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing and supplies
Insurance
Taxes on real estate
Depreciation (buildings)
Light, heat, power, and water
Repairs and alterations
Subtotal
F.R. currency
Assessment for'expenses of Board of Governors.
Total
Less reimbursement for certain fiscal agency
and other expenses
Net expenses
803,572
9,893,700
2,227,758
103,181
238,580
2,220,733
248,987
884,976
38,243
844,436
131,093
167,135
73,085
206,907
2,596,519
39,448,320
8,068,623
1,186,798
581,185
3,957,278
1,246,080
2,519,922
97,763
1,265,606
909,285
461,405
276,491
349,159
904,056
7,066,332
1,611,024
96,413
132,215
1,340,498
215,582
681,914
20,175
179,904
76,596
112,295
53,497
12,519
810,370
9,877,373
2,201,306
118,488
257,656
3,049,454
364,184
876,219
46,634
464,149
229,348
298,610
103,780
38,069
1,103,389
11,704,549
2,594,180
96,004
326,036
4,251,169
401,623
1,245,691
37,551
288,926
160,473
270,106
142,543
6,861
977,281
10,929,387
2,407,748
349,020
405,430
3,293,859
526,278
1,113,604
48,619
445,481
780,811
248,055
87,283
4,850
5,840,669
14,802,581
5,576,872
278,408
879,386
306,174
105,058
1,688,877
1,555,029
1,290,386
-1,387,427
192,881
820,513
360,239
107,623
555,467
649,923
483,106
189,167
464,264
1,631,500
246,891
-100,568
651,384
1,111,279
338,865
145,849
305,761,536
23,573,710
21,227,800
19,651,412
1,390,809
1,009,500
66,111,299
4,159,961
5,614,400
13,984,276
1,195,804
1,078,100
20,613,303
1,462,454
1,896,900
24,871,188
2,815,300
1,084,700
23,865,083
2,050,161
1,377,500
350,563,046
Furniture and equipment:
Purchases
Rentals
All other
Inter-Bank expenses
13,009,400
154,724,505
33,823,807
2,937,394
3,918,261
34,511,561
5,245,778
13,353,491
526,355
7,119,718
5,231,410
2,881,022
1,569,529
690,482
22,051,721
75,885,660
16,258,180
23,972,657
28,771,188
27,292,744
29,189,660
1,491,906
6,037,914
1,353,140
2,741,252
1,581,759
2,170,279
321,373,386
20,559,815
69,847,746
14,905,040
21,231,405
27,189,429
25,122,465
183,265,274 279,255,493
258,677,781
180,451,899
Profit and loss
Current net earnings
Additions to current net earnings:
Profits on sales of U.S. Govt, securities.
Profits on foreign exchange transactions
All other
Total additions
Deductions from current net earnings
Net addition to current net earnings
3,555,845,058
174,358,752 917,294,099
8,260,326
3,474,814
274,680
414,588
166,791
34,089
2,072,992
917,351
20,283
424,448
177,215
11,467
649,168
309,258
18,920
616,332
177,216
73,937
434,020
225,863
592
12,009,821
615,468
3,010,626
613,130
977,346
867,485
660,475
567,990
53,619
93,655
14,591
121,109
58,110
25,644
598,539
856,237
809,375
634,831
183,863,812 280,111,730 259,487,156
181,086,729
11,441,829
561,849
2,916,971
Net earnings before payments to U.S. Treasury.
3,567,286,887
174,920,601
920,211,071
Dividends paid
Payments to U.S. Treasury (interest on F.R.
notes)
41,136,551
1,938,260
10,953,058
2,082,392
3,666,823
2,100,487
2,706,936
3,493,570,636
172,129,591
901,017,113
179,826,771
273,227,057
255,889,469
174,728,793
Transferred to surplus
Surplus January 1
32,579,700
669,201,100
852,750
31,924,600
8,240,900
176,548,750
1,954,650
34,017,000
3,217,850
59,891,800
1,497,200
34,203,350
3,651,000
43,214,800
Surplus, December 31
701,780,800
32,777,350
184,789,650
35,971,650
63,109,650
35,700,550
46,865,800
NOTE.—Details may not add to totals because of rounding.
FEBRUARY 1971 • FEDERAL RESERVE BANKS, 1970
A 95
OF FEDERAL RESERVE BANKS
dollars)
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
2,263,363
San
Francisco
Item
Current earnings
14,933,619
831,685
1,387,356
1,986,813
614,380,420
7,276,478
171,248
136,206,294
660,614
39,754
74,457,250
1,075,946
51,762
144,432,674
2,050,380
65,269
163,444,145
636,761,765
138,738,347
76,972,314
148,535,136
168,497,748
2,732,476
57,764
4,637,155
524,481,828
6,354,206
80,747
U.S. Govt, securities
All other
Total
535,553,936
Current expenses
Salaries:
1,213,267
21,327,018
4,418,317
225,201
495,806
4,267,837
676,841
1,869,911
46,551
1,291,428
549,982
379,609
240,266
59,633
1,082,857
8,564,546
1,979,365
102,000
252,592
2,281,350
277,216
925,408
38,102
281,885
508,957
203,201
102,021
4,119
744,432
5,882,671
1,323,741
208,014
306,166
1,427,962
191,915
496,480
20,075
430,818
75,145
115,353
64,894
1,721
948,896
9,143,097
2,105,024
101,528
281,974
2,361,627
311,263
988,793
42,338
547,439
849,765
302,822
143,438
3,834
762,423
6,971,946
1,595,420
200,010
252,303
2,092,135
308,345
598,160
27,284
355,203
522,252
151,764
151,735
1,199
1,062,338
13,915,566
3,291,301
150,737
388,318
3,967,659
477,464
1,152,413
63,020
724,443
437,703
170,667
130,496
1,611
602,673
2,523,251
1,029,624
316,049
371,589
1,075,055
244,622
77,692
204,007
735,109
250,565
50,328
233,676
1,769,173
392,570
95,231
225,995
894,162
397,075
123,108
371,448
1,158,201
236,755
276,591
41,533,264
3,955,139
3,137,100
18,372,577
869,245
724,700
12,529,396
415,133
476,800
20,622,488
1,163,297
897,900
15,630,519
1,165,582
1,186,300
27,976,731
2,930,825
2,743,900
48,625,503
19,966,522
13,421,329
22,683,685
17,982,401
33,651,456
Rent
Furniture and equipment:
All other
Inter-Bank expenses
Subtotal
F.R. currency
Assessment for expenses of Board of Governors
Total
Less reimbursement for certain fiscal agency
5,319,490
1,718,143
863,575
1,941,235
1,024,944
2,946,023
43,306,013
18,248,379
12,557,754
20,742,450
16,957,457
30,705,433
593,455,752
120,489,968
64,414,560
127,792,686
151,540,291
504,848,503
1,347,366
514,272
17,728
299,178
118,144
5,772
165,029
76,446
8,297
318,647
145,942
47,230
363,538
194,590
18,843
1,155,020
451,726
17,522
1,879,367
423,094
249,772
511,819
576,971
1,624,268
27,211
7,065
3,971
12,231
27,495
123,289
549,475
1,500,978
Profit and loss
Current net earnings
Additions to current net earnings:
1,852,156
416,029
245,801
499,588
595,307,909
120,905,996
64,660,361
128,292,274
152,089,766 506,349,481
6,065,780
1,406,095
929,243
1,741,861
582,782,779
118,297,901
62,925,367
125,073,163
6,459,350
98,996,250
1,202,000
22,840,500
805,750
14,992,250
1,477,250
28,264,900
1,795,150
37,349,700
1,425,850
86,957,200
Transferred to surplus
Surplus, January 1
105,455,600
24,042,500
15,798,000
29,742,150
39,144,850
88,383,050
Surplus, December 31
2,304,631
5,240,985
147,989,985 499,682,646
Payments to U.S. Treasury (interest on F.R.
A 96
BANKING OFFICES • FEBRUARY 1971
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks 1
Type of office and type of change
All
banks
Member
Nonmember
Total
National
Total
Insured
Noninsured Insured
1
anks (head office)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
1934
1941
1947 2
1951
1959
1960,
1961
1962
1963
1964
1965
1966.
1967.
1968..
1969
1970..
16,063
14,826
14,714
14,618
13,991
13,986
13,946
13,938
14,078
14,266
14,309
14,274
14,222
14,179
14,158
14,181
15,484
14,278
14,181
14,089
13,474
13,472
13,432
13,427
13,569
13,761
13,804
13,770
13,721
13,679
13,662
13,688
6,442
6,619
6,923
6,840
6,233
6,174
6,113
6,047
6,108
6,225
6,221
6,150
6,071
5,978
5,871
5,768
5,462
5,117
5,005
4,939
4,542
4,530
4,513
4,503
4,615
4,773
4,815
4,779
4,758
4,716
4,669
4,621
980
1,502
1,918
1,901
1,691
1,644
1,600
1,544
1,493
1,452
1,406
1,351
1,313
1,262
1,202
1,147
9,042
7,662
7,261
7,252
7,244
7,300
7,320
7,380
7,461
7,536
7,583
7,620
7,650
7,701
7,791
7,920
7,699
6,810
6,478
6,602
6,878
6,948
6,997
7,072
7,177
7,262
7,320
7,385
7,439
7,504
7,595
7,735
3,133
3,699
4,332
5,383
10,099
10,969
11,896
12,932
14,122
15,275
16,471
17,665
18,757
19,911
21,196
22,727
3,007
3,564
4,161
5,153
9,652
10,483
11,353
12,345
13,498
14,601
15,756
16,908
17,928
19,013
20,208
21,643
2,224
2,580
3,051
3,837
7,492
8,133
8,899
9,649
10,613
11,457
12,298
13,129
13,856
14,553
14,204
16,191
1,243
1,565
1,870
2,370
4,973
5,509
6,044
6,640
7,420
8,156
8,964
9,611
10,183
10,985
11,727
12,536
981
1,015
1,181
1,467
2,519
2,624
2,855
3,009
3,193
3,301
3,334
3,518
3,673
3,568
3,477
3,655
783
984
1,110
1,316
2,160
2,350
2,454
2,696
2,885
3,144
3,458
3,779
4,072
4,460
5,004
5,452
932
1,043
1,275
2,118
2,303
2,410
2,646
2,835
3,094
3,404
3,717
4,026
4,414
4,957
5,404
186
185
48
137
130
-129
-25
-127
-23
1,343
852
783
650
366
352
323
308
284
274
263
235
211
197
196
185
Branches, additional offices, and facilities:
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
1934..
1941..
1947 2 .
1951..
1959..
1960..
1961..
1962..
1963..
1964..
1965..
1966..
1967..
1968..
1969..
1970..
783
52
67
41
42
47
44
50
50
50
54
62
46
46
47
48
Changes Jan.-Dec. 31, 1970
Banks
New banks 3
Suspensions
Consolidations and absorptions:
Banks converted into branches.
Other
Voluntary liquidations *
Interclass changes:
Nonmember to national
State member to national
State member to nonmember...
National to nonmember
Noninsured to insured
Net change
Number of banks, Dec. 31, 1970.
Branches and additional offices:
D e novo
Banks converted
Discontinued
Interclass changes:
Nonmember to national
Nonmember to State member
State member to national
State member to nonmember
National to State member
National to nonmember
Other
Facilities reclassified as branches. .
Net change
Number of branches and additional
offices, Dec. 31, 1970
Banking facilities: 5
Established
Discontinued
Facilities reclassified as branches
Net changes
Number of facilities, Dec. 31, 1970.
1
-1
-10
-53
-7
-15
-3
-59
-13
-58
-11
-4
-5
-39
23
14,181
26
13,688
-103
5,768
-48
4,621
-55
1,147
1,493
129
1,395
127
-76
937
99
-56
735
79
-34
- 2 2
- 2 0
50
12
50
12
-38
-14
15
38
39
11
140
7,735
- 1 1
- 1 1
-12
- 8 0
202
20
38
-14
-46
-15
4
1,531
-15
4
1,435
22,727
21,643
3
-3
-4
-5
219
3
-3
-4
-4
219
State member banks and insured mutual savings banks figures both
include one to three member mutual savings banks, 1941 to 1962 inclusive,
not reflected in total commercial bank figures. State member bank figures
also include one or two noninsured trust companies 1954 to date.
2
Series revised as of June 30, 1947. The revision resulted in an addition
of 115 banks and nine branches.
3
Includes three new banks organized to succeed operating banks.
-68
40
-1
4
809
16,191
12,536
1
3
458
28
455
27
-17
14
'
3
-3
14
46
3
- 2
185
-50
46
-15
-46
4
987
129
7,920
-16
i 78
448
447
3,655
5,452
5,404
-16
3
- 2
- 2
-4
-3
186
-4
-3
174
12
4
Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
5 Provided at military and other Govt, establishments through arrangements made by the Treasury Dept.
NOTE.—Beginning with 1959, figures include all banks in Alaska and
Hawaii, but nonmember banks in territories and possessions are excluded.
FEDERAL RESERVE PAR LIST • FEBRUARY 1971
A 97
NUMBER OF PAR AND NONPAR BANKING OFFICES
Par
Nonpar
(nonmember)
Total
Member
Total
F.R. district,
State, or other area
Nonmember
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Total, including Puerto Rico
and Virgin Islands: 1
Dec. 31, 1969
Dec. 31, 1970
13,578
13,600
20,396
21,848
12,786
13,099
20,131
21,670
5,870
5,768
15,240
16,227
6,916
7,331
4,891
5,443
F.R. districts, Dec. 31, 1970:
Boston
New York 1
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
376
476
456
794
733
1,652
2,563
1,511
1,365
1,952
1,333
390
1 ,604
3,470
1,564
1,966
2,996
1,428
2,326
865
281
284
248
4,816
376
476
456
794
694
1,531
2,563
1,407
1,187
1,952
1,274
390
1 ,604
3,470
1,564
1,966
2,973
1 ,360
2,326
848
226
284
233
4,816
231
352
321
470
361
546
943
459
489
807
639
155
1 ,186
3,064
1,127
1,626
1 ,839
920
1,528
465
131
181
128
4,032
145
124
135
324
333
985
1,620
948
698
1,145
635
235
418
406
437
340
1 ,134
440
798
383
95
103
105
784
State or area, Dec. 31, 1970:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
272
11
12
249
144
227
58
18
14
495
272
62
325
164
3,034
18
436
86
105
33
211
11
12
181
144
227
58
18
14
495
258
62
325
154
3,034
18
436
86
105
33
109
5
4
81
69
139
30
7
12
224
206
55
238
102
2,696
15
339
42
98
13
102
6
8
100
75
88
28
11
2
271
52
7
87
52
338
3
97
44
7
20
441
7
24
1,106
406
665
601
343
231
39
292
142
156
98
633
319
69
328
394
226
441
7
24
1,106
406
665
601
343
137
39
292
142
156
98
633
319
69
328
326
226
72
1
13
492
185
149
203
94
59
25
205
9
137
67
403
82
41
196
219
167
369
6
11
614
221
516
398
249
78
14
87
133
19
31
230
237
28
132
107
59
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
115
1-62
330
728
182
668
139
437
8
73
525
744
1,209
11
348
93
5
41
86
63
115
162
330
728
182
668
139
437
8
73
525
744
1,209
11
348
93
5
41
86
63
49
101
204
223
44
169
90
136
5
49
328
586
995
6
157
41
4
25
75
54
66
61
126
505
138
499
49
301
3
24
197
158
214
5
191
52
1
16
11
9
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
215
66
305
96
168
516
433
49
467
13
1,015
129
2,437
1,123
71
1,300
59
336
1 ,726
170
215
66
305
74
77
516
433
49
467
13
1,015
129
2,437
1 ,103
38
1 ,300
59
336
1 ,726
170
162
39
245
24
46
337
222
10
322
5
884
78
2,300
556
14
1 ,090
45
251
1 ,289
93
53
27
60
50
31
179
211
39
145
8
131
51
2 137
547
24
210
14
85
437
77
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
102
161
307
1 ,191
48
42
233
90
200
605
70
415
98
490
74
139
86
824
556
5
271
2
85
74
266
1 ,171
48
42
233
90
200
605
70
412
76
482
74
139
86
824
556
5
271
2
25
58
90
581
16
26
143
33
120
167
54
244
62
312
26
106
49
611
484
2
85
1
60
16
176
590
32
16
90
57
80
438
16
168
14
170
48
33
37
213
72
3
186
1
Puerto Rico 1
Virgin Islands 1
13
6
180
25
13
6
180
25
1
19
25
13
5
161
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
1
Puerto Rico and the Virgin Islands assigned to the New York District
for purposes of Regulation J, "Check Clearing and Collection". Member
branches in Puerto Rico and all except eight in the Virgin Islands are
branches of New York City banks. Certain branches of Canadian banks
(two in Puerto Rico and one in Virgin Islands) are included above in the
table as nonmember banks; and nonmember branches in Puerto Rico
include eight branches of Canadian banks.
2
Includes 14 New York City branches of three insured nonmember
Puerto Rican banks.
Branches
and offices
792
501
265
178
39
121
104
178
17
55
59
14
68
10
94
68
22
91
20
33
17
87
41
20
3
22
NOTE.—Includes all commercial banking offices in the United States,
Puerto Rico, and the Virgin Islands on which checks are drawn, including
219 banking facilities. Number of banks and branches differs from that
in the preceding table because this table includes banks in Puerto Rico
and the Virgin Islands but excludes banks and trust companies on which
no checks are drawn.
A 98
INTEREST RATES, 1970 • FEBRUARY 1971
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable)4
Finance
Period
Prime
coml.
paper
4- to 6-1
months
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 1
Federal
funds
rate 3
3-month bills 5
6-month bills 5
9- to 12-month issues
Rate on
new issue
Market
yield
Rate on
new issue
Market
yield
Bills (market yield)5
Other 6
3- to 5year
issues 7
8.14
7.80
7.20
7.49
7.97
7.86
7.58
7.56
7.24
7.06
6.37
5.86
8.78
8.55
8.33
8.06
8.23
8.21
8.29
7.90
7.32
6.85
6.30
5.73
8.14
8.01
7.68
7.26
7.43
7.55
7.64
7.48
7.12
6.76
6.16
5.48
8.64
8.30
7.60
7.54
8.02
7.78
7.61
7.20
7.03
6.54
5.79
5.32
8.98
8.98
7.76
8.10
7.94
7.60
7.21
6.61
6.29
6.20
5.60
4.90
7.914
7.164
6.710
6.480
7.035
6.742
6.468
6.412
6.244
5.927
5.288
4.860
7.87
7.13
6.63
6.50
6.83
6.67
6.45
6.41
6.12
5.90
5.28
4.87
7.863
7.249
6.598
6.568
7.262
6.907
6.555
6.526
6.450
6.251
5.422
4.848
7.78
7.23
6.59
6.61
7.02
6.86
6.51
6 56
6.47
6.21
5,42
4.89
7.50
7.07
6.52
6.54
7.12
7.07
6.63
6.55
6.40
6.23
5.39
4.87
8.22
7.60
6.88
6.96
7.69
7.50
7.00
6.92
6.68
6.34
5.52
4.94
1969—Dec. 27
9.00
7.90
8.72
9.18
7.804
7.82
7.815
7„ 82
7.67
8.44
8.10
1970—Jan.
3
10
17
24
31
9.00
9.08
8.75
8.70
8.55
8.03
8.11
8.13
8.16
8.19
8.75
8.75
8.68
8.63
8.50
8.71
8.45
8.96
9.30
9.04
8.096
7.960
7.837
7.789
7.888
8.02
7.91
7.82
7.83
7.89
8.101
7.991
7.784
7.663
7.776
8.03
7.93
7. 64
7.70
7.80
7.75
7.58
7.47
7.43
7.52
8.56
8.36
8.11
8.13
8.23
8.26
8.21
8.10
8.04
8.20
Feb.
7
14
21
28
8.53
8.63
8.55
8.50
8.13
8.11
7.88
7.92
8.40
8.38
8.28
8.13
9.21
9.18
9.39
8.41
7.754
7.312
6.777
6.812
7.61
7.20
6.80
6.87
7.718
7.387
6.917
6.975
7.62
7.30
7.02
6.95
7.37
7.12
6.90
6.84
8.07
7.77
7.39
7.12
8.08
7.94
7.66
7.45
Mar.
7
14
21
28
8.50
8.50
8.35
8.03
7.94
7.89
7.61
7.41
7.95
7.80
7.53
7.19
8.32
7.71
7.82
7.45
6.868
6.876
6.836
6.262
6.89
6.76
6.71
6.16
6.773
6.729
6.707
6.183
6.80
6.68
6.60
6.26
6.64
6.55
6.57
6.32
6.95
6.91
6.96
6.70
7.24
7.15
7.30
7.08
Apr.
4
11
18
25
8.08
8.08
8.00
8.00
7.25
7.25
7.25
7.25
7.23
7.43
7.38
7.63
7.93
7.68
8.02
8.21
6.330
6.409
6.310
6.476
6.35
6.39
6.37
6.58
6.391
6.454
6.247
6.494
6.42
6.41
6.37
6.75
6.36
6.27
6.29
6.70
6.77
6.73
6.78
7.07
7.22
7.29
7.43
7.62
May
2
9
16
23
30
8.13
8.35
8.30
8.18
8.13
7.29
7.36
7.38
7.45
7.56
8.00
8.13
8.08
7.93
7.98
8.43
8.46
7.96
7.84
7.64
6.876
7.184
6.994
6.828
7.133
6.83
6.80
6.78
6.72
7.00
7.253
7.493
7.202
6.996
7.355
7.17
6.93
7.00
6.95
7.15
7.19
7.06
7.13
7.08
7.19
7.56
7.65
7.63
7.70
7.77
7.87
7.96
7.98
7.97
7.98
June
6
13
20
27
8.13
8.15
8.25
8.25
7.56
7.56
7.56
7.51
7.78
7.75
7.85
7.78
7.84
7.98
7.80
7.21
6.824
6.785
6.733
6.626
6.82
6.76
6.71
6.50
6.858
6.895
6.947
6.929
6.88
6.92
6.96
6.80
7.01
7.10
7.17
7.06
7.52
7.53
7.55
7.44
7.76
7.86
7.95
7.88
July
4
11
18
25
8.38
8.35
8.25
8.35
7.54
7.54
7.56
7.75
7.75
7.75
7.63
7.58
7.23
7.34
7.59
7.16
6.421
6.642
6.547
6.385
6.44
6.61
6.45
6.34
6.603
6.656
6.644
6.442
6.50
6.66
6.53
6.41
6.85
6.77
6.62
6.55
7.29
7.14
6.94
6.90
7.73
7.60
7.55
7.56
Aug.
1
8
15
22
29
8.15
8.00
8.00
8.00
7.70
7.78
7.60
7.50
7.50
7.35
7.43
7.33
7.25
7.20
7.05
6.89
6.93
6.82
6.64
6.34
6.345
6.413
6.512
6.527
6.198
6.37
6.46
6.52
6.42
6.25
6.429
6.496
6.682
6.587
6.338
6.47
6.59
6.66
6.52
6.46
6.52
6.61
6.65
6.49
6.46
6.93
6.97
7.09
6.95
6.69
7.58
7.61
7.65
7.59
7.42
Sept.
5
12
19
26
7.50
7.38
7.38
7.20
7.31
7.31
7.25
6.91
7.13
7.13
7.10
6.90
6.46
6.64
6.46
5.84
6.342
6.365
6.314
5.954
6.36
6.40
6.21
5.80
6.508
6.555
6.494
6.241
6.58
6.58
6.49
6.29
6.52
6.49
6.37
6.27
6.81
6.85
6.72
6.49
7.42
7.40
7.24
7.05
Oct.
3
10
17
24
31
7.13
6.98
6.88
6.80
6.63
6.75
6.79
6.81
6.78
6.66
6.88
6.78
6.47
6.38
6.38
6.05
6.36
6.21
6.18
6.11
5.807
6.025
6.029
5.942
5.831
5.84
6.01
5.96
5.83
5.84
6.373
6.413
6.225
6.128
6.116
6.43
6.36
6.17
6.15
6.08
6.39
6.29
6.22
6.22
6.16
6.54
6.44
6.36
6.28
6.20
7.09
7.04
7.05
7.13
7.03
Nov. 7
14
21
28
6.63
6.56
6.40
5.75
6.58
6.44
6.18
5.61
6.22
6.13
5.60
5.38
6.07
5.80
5.70
5.16
5.653
5.459
5.281
4.760
5.56
5.48
5.19
4.98
5.772
5.653
5.406
4.855
5.80
5.69
5.32
5.03
5.86
5.65
5.22
4.98
6.03
5.81
5.34
5.04
6.84
6.67
6.26
5.84
5
12
19
26
5.63
5.75
5.75
5.75
5.50
5.49
5.50
5.45
5.38
5.48
5.25
5.25
5.50
4.91
5.07
4.84
5.084
4.882
4.775
4.727
4.98
4.92
4.77
4.82
4.979
4.874
4.785
4.765
4.95
4.94
4.81
4.87
4.93
4.91
4.79
4.88
5.05
5.06
4.88
4.85
5.81
5.80
5.82
5.96
2
5.75
5.44
5.25
4.82
4.830
4.87
4.836
4.88
4.86
4.85
5.94
1970—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
Week ending—
Dec.
1971—Jan.
1
2
Averages of daily offering rates of dealers.
Averages of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3
Seven-day average for week ending Wednesday.
4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5
Bills quoted on bank discount rate basis.
6 Certificates and selected note and bond issues.
? Selected note and bond issues.
FEBRUARY 1971 • INTEREST RATES, 1970
A 99
BOND AND STOCK YIELDS
(Per cent per annum)
Corporate bonds
Government bonds
Total i
6.86
6.44
6.39
6.53
6.94
6.99
6.57
6.75
6.63
6.59
6.24
5.97
6.74
6.47
6.08
6.50
7.00
7.12
6.68
6.27
6.18
6.38
6.04
5.49
6.38
6.19
5.81
6.24
6.70
6.92
7.00
6.92
6.84
6.83
6.84
Dividend/
price ratio
By
group
By selected
rating
State
and local
United
States
(longterm)
Stocks
Earnings/
price ratio
Total
Industrial
Railroad
Public
utility
Preferred
Common
6.40
5.96
5.90
6.07
5.79
5.21
7.13
6.80
6.40
6.87
7.33
7.41
7.02
6.65
6.49
6.76
6.33
5.80
.32
.29
.18
.20
.46
.77
.85
.73
.68
.63
.65
.35
7.91
7.93
7.84
7.83
8.11
8.48
8.44
8.13
8.09
8.03
8.05
7.64
8.86
8.78
8.63
8.70
8.98
9.25
9.40
9.44
9.39
9.33
9.38
9.12
8.15
8.11
7.98
8.00
8.19
8.55
8.61
8.44
8.40
8.35
8.37
7.95
8.38
8.39
8.33
8.34
8.59
8.76
9.11
9.19
9.10
9.06
9.06
8.96
8.54
8.47
8.34
8.37
8.72
9.06
9.01
8.83
8.80
8.74
8.77
8.45
7.02
7.04
6.97
6.98
7.26
7.57
7.62
7.41
7.31
7.33
7.30
6.88
3.56
3.68
3.60
3.70
4.20
4.17
4.20
4.07
3.82
3.74
3.72
3.46
6.92
6.57
7.32
8.27
7.84
8.80
8.13
i.28
8.50
7.16
3.51
6.88
6.80
6.65
6.71
6.77
6.52
6.41
6.36
6.34
6.39
7.28
7.25
7.00
7.10
7.15
8.33
8.36
8.33
8.95
8.19
8.18
8.14
8.29
7.90
7.91
7.92
7.90
7.91
8.56
8.62
8.57
8.49
8.47
7.16
6.99
7.06
7.02
6.98
3.48
3.46
3.50
3.56
3.71
6.71
6.48
6.30
6.25
6.66
6.51
6.48
6.23
6.28
6.26
6.24
6.00
7.04
6.85
6.80
6.50
8.32
8.31
8.28
8.23
7.97
7.97
7.93
7.83
6.28
6.44
6.51
6.33
6.13
6.04
6.11
6.05
5.85
5.75
5.84
5.80
6.43
6.38
6.42
6.38
8.16
8.14
8.20
6.32
6.38
6.46
6.70
6.14
6.36
6.49
6.72
5.90
6.10
6.25
6.47
6.44
6.75
6.85
7.10
8.18
6.79
6.85
6.83
7.21
6.80
6.87
6.99
7.03
7.10
6.50
6.55
6.70
6.74
6.80
7.20
7.25
7.35
7.35
7.40
7.00
7.09
7.05
6.89
7.04
7.15
7.25
7.04
5.75
6.85
6.95
6.70
6.73
6.56
6.61
6.54
6.99
6.77
6.77
6.41
6.54
6.61
6.76
6.90
6.73
6.81
8.79
8.12
8.14
:.34
.42
.38
34
38
8.81
8.79
8.79
8.73
8.14
8.14
8.11
8.04
.42
.39
:.37
.37
8.51
8.51
8.48
8.39
7.02
7.01
7.13
7.01
3.73
3.71
3.67
3.59
7.79
7.80
7.88
7.92
8.62
8.59
8.65
8.66
7.98
7.95
8.00
8.02
.34
.29
.34
.34
8.30
8.29
8.36
8.41
6.95
6.93
7.03
6.95
3.56
3.62
3.66
3.57
7.85
7.80
7.82
7.83
8.65
8.63
8.67
8.74
7.98
7.97
7.99
.31
.29
.33
.38
8.37
8.35
8.36
8.37
6.95
7.01
6.90
6.98
3.56
3.61
3 69
3.76
8.27
8.36
8.44
8.49
8.56
7.92
7.99
8.09
8.16
8.08
8.21
8.82
8.90
8.95
9.02
9.10
.41
.53
.61
.59
.64
8.45
8.60
8.68
8.78
8.85
7.08
7.16
7.22
7.30
7.35
3.87
3.98
4.14
4.31
4.35
7.35
7.45
7.55
7.30
8.62
8.30
8.42
8.55
8.60
9.13
9.18
9.26
9.36
8.41
8.52
8.56
8.66
.63
.68
.74
8.90
8.97
9.14
9.20
7.42
7.52
7.66
7.69
4.03
4.19
4.16
4.28
6.65
6.50
6.50
6.15
7.25
7.10
7.10
6.80
8.92
8.93
8.60
8.55
8.49
8.40
9.41
9.44
9.39
9.38
8.69
8.67
8.62
8.58
8.76
9.11
9.12
9.12
9.20
9.13
9.05
8.94
7.84
7.66
7.59
7.49
4.32
4.32
4.20
4.10
6.47
6.36
6.40
6.31
6.01
6.20
6.10
6.10
5.95
5.70
6.85
6.75
6.80
6.45
6.40
.76
.73
.71
.74
.72
8.26
8.17
8.52
8.47
8.40
8.42
8.44
9.12
9.15
9.19
9.18
9.22
8.85
8.81
8.13
9.37
9.41
9.42
9.44
9.47
7.50
7.44
7.41
7.38
7.39
4.04
4.09
4.19
4.10
3.88
6.72
6.75
6.64
6.52
6.01
6.26
6.22
6.24
5.70
6.00
5.96
5.95
6.40
6.55
6.50
6.50
.72
.70
.69
.66
8.13
8.13
8.09
8.06
9.45
9.44
9.42
9.32
8.43
8.43
8.40
8.38
9.17
9.08
9.12
9.07
8.82
8.83
8.77
7.39
7.31
7.38
7.26
3.89
3.81
3.86
3.81
6.53
6.51
6.55
6.66
6.65
6.36
6.36
6.34
6.43
6.39
6.15
6.15
6.10
6.10
5.85
6.65
6.65
6.65
6.75
7.00
.63
.63
.62
.63
.64
8.05
8.02
8.03
8.07
9.29
9.34
9.34
9.31
9.34
8.36
8.37
8.33
8.33
8.36
9.04
9.05
9.06
9.07
9.06
8.75
8.74
8.71
8.73
8.77
7.19
7.17
7.26
7.37
7.50
3.75
3.64
3.75
3.78
3.78
6.49
6.39
6.19
5.97
6.26
6.14
6.05
5.71
6.00
5.95
5.85
5.35
6.60
6.40
6.25
6.05
.67
.64
.62
8.09
8.07
8.05
8.02
9.38
9.41
9.38
9.37
8.39
8.39
8.36
8.35
9.08
9.09
9.06
9.04
8.81
8.80
8.76
8.71
7.37
7.28
7.40
7.15
3.72
3.69
3.78
3.67
5.93
5.89
5.87
6.05
5.54
5.42
5.49
5.49
5.15
5.15
5.25
5.25
6.05
5.70
5.75
5.75
.51
.46
.33
.23
7.85
7.78
7.59
7.51
9.27
9.28
9.12
9.02
8.19
8.09
7.92
7.80
9.00
9.02
8.98
8.93
8.61
8.57
8.43
8.33
6.99
6.79
6.84
6.87
3.53
3.49
3.48
3.44
6.88
8.28
8.22
8.17
8.18
8.21
8.70
8.80
8.89
8.10
8.12
8.01
1
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of
cororate bonds in some groups has varied somewhat.
NOTE.—Computed as follows: U.S. Govt, bonds: Averages of daily
figures for bonds maturing or callable in 10 years or more. State and
local govt, bonds: General obligations only, based on Thurs. figures.
8.86
8.81
8.01
8.09
8.16
8.22
8.31
8.81
8.84
8.85
8.82
Corporate bonds: Average of daily figures. Both of these series are from
Moody's Investors Service series. Stocks: Standard and Poor's Corporate
series. Dividend/price ratios are based on Wed. figures; earnings/price.
Ratios are as of end of period. Preferred stock ratio is based on eight
median yields for a sample of noncallable issues—12 industrial and two
public utility; common stock ratios on the 500 stocks in the price index.
Quarterly earnings are seasonally adjusted at annual rates.
A 100
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
ARTHUR F. BURNS, Chairman
GEORGE W .
MITCHELL
ANDREW
J. L. ROBERTSON, Vice
BRIMMER
F.
J. D E W E Y
DAANE
SHERMAN
Chairman
J.
WILLIAM W .
MAISEL
SHERRILL
R O B E R T C . H O L L A N D , Secretary of the Board
Adviser to the Board
R O B E R T S O L O M O N , Adviser to the Board
H O W A R D H . H A C K L E Y , Assistant to the Board
C H A R L E S M O L O N Y , Assistant to the Board
R O B E R T L . CARDON, Assistant to the Board
DAVID B . H E X T E R , Assistant to the Board
J O S E P H R . C O Y N E , Special Assistant to the Board
F R A N K O ' B R I E N , J R . , Special Assistant to the Board
J O H N S . R I P P E Y , Special Assistant to the Board
J. CHARLES PARTEE,
OFFICE OF THE SECRETARY
Secretary
K E N N E T H A . K E N Y O N , Deputy Secretary
E L I Z A B E T H L . C A R M I C H A E L , Assistant Secretary
A R T H U R L . BROIDA, Assistant Secretary
N O R M A N D R . V . BERNARD, Assistant Secretary
G O R D O N B . G R I M W O O D , Defense Planning
Coordinator and Assistant Secretary
* E U G E N E A . LEONARD, Assistant Secretary
ROBERT C . HOLLAND,
LEGAL DIVISION
General Counsel
R O B E R T F . SANDERS, Assistant General Counsel
L A W R E N C E F . N O B L E , Assistant General Counsel
P A U L I N E B . H E L L E R , Adviser
G R A S T Y C R E W S , I I , Adviser
THOMAS J. O'CONNELL,
DIVISION OF RESEARCH AND STATISTICS
Director
Associate Director
L Y L E E . G R A M L E Y , Associate Director
S T A N L E Y J . SIGEL, Adviser
M U R R A Y S . W E R N I C K , Adviser
K E N N E T H B . W I L L I A M S , Adviser
P E T E R M . K E I R , Associate Adviser
J A M E S L . P I E R C E , Associate Adviser
J A M E S B . E C K E R T , Assistant
Adviser
EDWARD C . E T T I N , Assistant Adviser
S T E P H E N P . TAYLOR, Assistant Adviser
Louis W E I N E R , Assistant Adviser
J O S E P H S . Z E I S E L , Assistant Adviser
L E V O N H . GARABEDIAN, Assistant Director
J. CHARLES PARTEE,
S T E P H E N H . AXILROD,
DIVISION OF INTERNATIONAL FINANCE
Director
tRoBERT L . S A M M O N S , Associate Director
J O H N E . R E Y N O L D S , Associate Director
J O H N F . L . G H I A R D I , Adviser
A . B . H E R S E Y , Adviser
R E E D J . I R V I N E , Adviser
S A M U E L I . K A T Z , Adviser
B E R N A R D N O R W O O D , Adviser
R A L P H C . W O O D , Adviser
R A L P H C . BRYANT, Associate Adviser
R O B E R T F . G E M M I L L , Associate Adviser
S A M U E L P I Z E R , Associate Adviser
ROBERT SOLOMON,
DIVISION OF FEDERAL RESERVE BANK
OPERATIONS
Director
Associate Director
P . D . R I N G , Assistant Director
C H A R L E S C . W A L C U T T , Assistant Director
LLOYD M . S C H A E F F E R , Chief Federal Reserve
Examiner
JAMES A . MCINTOSH,
JOHN N . KILEY, JR.,
DIVISION OF SUPERVISION AND REGULATION
Director
Deputy Director
F R E D E R I C K R . D A H L , Assistant Director
JACK M . E G E R T S O N , Assistant Director
J A N E T O . H A R T , Assistant Director
J O H N N . L Y O N , Assistant Director
J O H N T . M C C L I N T O C K , Assistant Director
T H O M A S A . S I D M A N , Assistant Director
T Y N A N S M I T H , Assistant Director
FREDERIC SOLOMON,
J B R E N T O N C . LEAVITT,
DIVISION OF PERSONNEL ADMINISTRATION
Director
Assistant Director
EDWIN J . JOHNSON,
JOHN J . HART,
DIVISION OF ADMINISTRATIVE SERVICES
Director
Assistant Director
Assistant Director
JOSEPH E . KELLEHER,
DONALD E . ANDERSON,
JOHN D . SMITH,
OFFICE OF THE CONTROLLER
JOHN KAKALEC,
Controller
Deputy Controller
§HARRY J . HALLEY,
DIVISION OF DATA PROCESSING
Director
Associate Director
G L E N N L . C U M M I N S , Assistant Director
J O E M . JACKSON, Assistant Director
H E N R Y W . M E E T Z E , Assistant Director
RICHARD S . W A T T , Assistant Director
JEROLD E . S L O C U M ,
JOHN P . SINGLETON,
*On leave from the Federal Reserve Bank of St. Louis.
| O n leave of absence.
JServes also as Program Director for Banking Structure in
the Office of the Secretary.
§Also serves as Program Director for Management Systems.
A 101
FEDERAL OPEN MARKET COMMITTEE
ARTHUR F. BURNS, Chairman
ALFRED HAYES, Vice
Chairman
ANDREW F . BRIMMER
AUBREY N . HEFLIN
J. L . ROBERTSON
J. D E W E Y D A A N E
SHERMAN J. MAISEL
WILLIAM W . SHERRILL
DARRYL R . FRANCIS
GEORGE W . MITCHELL
ELIOT J. SWAN
ROBERT C. HOLLAND, Secretary
ARTHUR L . BROIDA, Deputy Secretary
GEORGE GARVY, Associate
Economist
KENNETH A . KEN YON, Assistant Secretary
LYLE E . GRAMLEY, Associate Economist
CHARLES MOLONY, Assistant Secretary
A . B. HERSEY, Associate Economist
HOWARD H . HACKLEY, General Counsel
WILLIAM J . HOCTER, Associate
DAVID B. HEXTER, Assistant General Counsel
HOMER JONES, Associate
J. CHARLES PARTEE, Economist
JAMES PARTHEMOS, Associate
STEPHEN H . AXILROD, Associate
J. HOWARD CRAVEN, Associate
Economist
Economist
Economist
JOHN E . REYNOLDS, Associate
ROBERT SOLOMON, Associate
ALAN R . HOLMES, Manager, System Open Market
CHARLES A . COOMBS, Special Manager, System
Economist
Economist
Economist
Economist
Account
Open Market
Account
FEDERAL ADVISORY COUNCIL
JOHN M . MEYER, JR., SECOND FEDERAL RESERVE DISTRICT,
A . W . CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, Vice
President
President
MARK C. WHEELER, FIRST FEDERAL
RESERVE DISTRICT
GAYLORD A . FREEMAN, SEVENTH FEDERAL
RESERVE DISTRICT
G . MORRIS DORRANCE, JR., THIRD FEDERAL
RESERVE DISTRICT
ALLEN MORGAN, EIGHTH FEDERAL
RESERVE DISTRICT
JOHN S. FANGBONER, FOURTH FEDERAL
RESERVE DISTRICT
T . M . REARDON, NINTH FEDERAL
RESERVE DISTRICT
JOSEPH W . BARR, FIFTH FEDERAL
RESERVE DISTRICT
MORRIS F . MILLER, TENTH FEDERAL
RESERVE DISTRICT
HARRY HOOD BASSETT, SIXTH FEDERAL
RESERVE DISTRICT
JOHN E . GRAY, ELEVENTH FEDERAL
RESERVE DISTRICT
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Assistant
Secretary
Secretary
A 102
FEDERAL RESERVE BANKS AND BRANCHES
Federal Reserve Bank
or branch
Zip code
Chairman
Deputy Chairman
President
First Vice President
Boston
02106
James S. Duesenberry
Louis W. Cabot
Frank E. Morris
Earle O. Latham
New York
10045
Buffalo
...14240
Albert L. Nickerson
Roswell L. Gilpatric
Norman F. Beach
Alfred Hayes
William F. Treiber
Bayard L. England
D. Robert Yarnall, Jr.
David P. Eastburn
David C. Melnicoff
19101
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
..,44101
....15230
,,,23213
, 21203
28201
,. 30303
Birmingham... . 35202
Jacksonville,... ,.32201
Nashville
,...37203
New Orleans,..
70160
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
60690
. , . 48231
.
63166
....72203
40201
...,38101
Minneapolis
..,,55480
Helena
...,59601
Kansas City
.,,,64198
Denver
80217
Oklahoma City. .,..73125
Omaha
, ,68102
Dallas
75222
El Paso
..,.79999
Houston
,77001
78206
San Antonio...
San Francisco....
94120
Los Angeles
..,,90054
,..,97208
Portland
Salt Lake City , ..84110
,98124
Seattle
Albert G. Clay
J. Ward Keener
Graham E. Marx
Lawrence E. Walkley
A. A. Maclnnes, Jr.
Walter H. MacDonald
Wilson H. Elkins
Robert W. Lawson, Jr.
Arnold J. Kleff, Jr.
John L. Fraley
Aubrey N. Heflin
Robert P. Black
Edwin I. Hatch
John C. Wilson
W. Cecil Bauer
Castle W. Jordan
Edward J. Boling
D. Ben Kleinpeter
Monroe Kimbrel
Kyle K. Fossum
Emerson G. Higdon
William H. Franklin
Peter B. Clark
Robert P. Mayo
Ernest T. Baughman
Frederic M. Peirce
Sam Cooper
A1 Pollard
Ronald E. Reitmeier
C. Whitney Brown
Darryl R. Francis
Dale M. Lewis
David M. Lilly
Bruce B. Dayton
William A. Cordingley
Vice President
in charge of branch
M. H. Strothman, Jr.
Robert W. Wagstaff
Willard D. Hosford, Jr.
Cris Dobbins
C. W. Flint, Jr.
Henry Y. Kleinkauf
George H. Clay
John T. Boysen
Chas. F. Jones
Philip G. Hoffman
Joseph M. Ray
Geo. T. Morse, Jr.
W. A. Belcher
Philip E. Coldwell
T. W. Plant
O. Meredith Wilson
S. Alfred Halgren
J. Leland Atwood
Frank Anderson
Royden G. Derrick
Francis G. Crane
Eliot J. Swan
A. B. Merritt
Fred O. Kiel
Clyde E. Harrell
H. Lee Boatwright, III
Jimmie R. Monhollon
Dan L. Hendley
Edward C. Rainey
Jeffrey J. Wells
Arthur H. Kantner
Daniel M. Doyle
John F. Breen
Donald L. Henry
Laurence T. Britt
Howard L. Knous
John W. Snider
Howard W. Pritz
George C. Rankin
Fredric W. Reed
J. Lee Cook
Carl H. Moore
Paul W. Cavan
William M. Brown
Arthur L. Price
William R. Sandstrom
A 103
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EVOLUTION OF THE ROLE AND FUNCTIONING
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A STUDY OF THE MARKET FOR FEDERAL FUNDS.
1968. 47 pp.
THE REDESIGNED DISCOUNT MECHANISM A N D
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A REVIEW OF RECENT ACADEMIC LITERATURE
ON THE DISCOUNT M E C H A N I S M . 1968. 4 0 pp.
DISCOUNT POLICY A N D BANK
1968. 7 2 pp.
SUPERVISION.
THE LEGITIMACY OF CENTRAL BANKS.
24 pp.
1969.
SELECTIVE CREDIT C O N T R O L 1969. 9 pp.
S O M E PROPOSALS FOR A REFORM OF THE DISCOUNT WINDOW. 1969. 4 0 pp.
RATIONALE A N D OBJECTIVES OF THE 1955 REVISION OF REGULATION A. 1969. 33 pp.
AN EVALUATION OF S O M E DETERMINANTS OF
M E M B E R BANK BORROWING. 1969. 29 pp.
ACADEMIC VIEWS ON IMPROVING THE FEDERAL
RESERVE DISCOUNT MECHANISM.
1970.
172 pp.
CAPITAL A N D CREDIT REQUIREMENTS OF AGRICULTURE, A N D PROPOSALS TO INCREASE
AVAILABILITY OF BANK CREDIT. 1970. 160 pp.
FINANCIAL INSTABILITY REVISITED: THE ECONOMICS OF DISASTER. 1970. 87 pp.
STAFF ECONOMIC STUDIES
Studies and papers on economic and financial subjects that are of general interest in the field of
economic research.
Summaries only printed in the Bulletin.
THE SECONDARY MARKET FOR NEGOTIABLE
CERTIFICATES OF DEPOSIT. 1968. 89 pp.
(Limited supply of mimeographed copies of full
text available upon request for single copies.)
THE DISCOUNT MECHANISM IN LEADING INDUSTRIAL COUNTRIES SINCE WORLD WAR II.
1968. 2 1 6 pp.
MEASURES OF INDUSTRIAL PRODUCTION AND
FINAL DEMAND, by Clayton G e h m a n and Cornelia Motheral. I a n . 1967. 57 pp.
FEDERAL R E S E R V E B O A R D P U B L I C A T I O N S
A 105
THE AVAILABILITY OF MORTGAGE LENDING COMMITMENTS, by R o b e r t M o o r e Fisher. D e c . 1969.
36 p p .
RESEARCH ON BANKING STRUCTURE AND PERFORMANCE, Staff Economic Study by T y n a n
Smith. A p r . 1966. 11 p p .
IMPORTED INFLATION A N D THE INTERNATIONAL
ADJUSTMENT PROCESS, by R u t h Logue. Dec.
1969. 147 pp.
COMMERCIAL BANK LIQUIDITY, Staff Economic
Study by James Pierce. Aug. 1966. 9 pp.
C O N S U M E R SAVINGS A N D THRIFT INSTITUTIONS,
by E d w a r d C. Ettin and B a r b a r a N e g r i O p p e r .
June 1970. 12 pp.
OPTIMAL CHOICE OF MONETARY POLICY INSTRUMENTS IN A SIMPLE STOCHASTIC MACRO
MODEL, by William Poole. Sept. 1970. 2 0 pp.
UNCERTAINTY A N D STABILIZATION POLICIES FOR
A NONLINEAR MACROECONOMIC MODEL, by
Franklin R. Shupp. Dec. 1970. 23 pp.
Printed in full in the Bulletin.
(Reprints
list.)
REPRINTS
ADJUSTMENT FOR SEASONAL VARIATION. J u n e
1941.11pp.
SEASONAL FACTORS AFFECTING BANK RESERVES.
Feb. 1958. 12 pp.
FOR
BANK FINANCING OF AGRICULTURE. J u n e 1967.
23 pp.
EVIDENCE ON CONCENTRATION IN BANKING
MARKETS AND INTEREST RATES, Staff Economic Study by A l m a r i n Phillips. J u n e 1967.
11 pp.
NEW BENCHMARK PRODUCTION MEASURES, 1958
AND 1963. J u n e 1967. 4 pp.
BANK
THE PUBLIC INFORMATION ACT—ITS EFFECT ON
MEMBER BANKS. July 1967. 6 pp.
MEASURES OF MEMBER BANK RESERVES. July
1963. 14 p p .
1953-62.
REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. M a r . 1965. 4 pp.
TIME DEPOSITS IN MONETARY ANALYSIS, Staff
Economic Study by Lyle E. G r a m l e y and
Samuel B. Chase, Jr. Oct. 1965. 2 5 p p .
AUTO LOAN CHARACTERISTICS AT MAJOR SALES
FINANCE COMPANIES. F e b . 1967. 5 pp.
by
INTEREST RATES AND MONETARY POLICY, Staff
P a p e r by Stephen H . Axilrod. Sept. 1962. 28 pp.
STRUCTURE,
REVISED SERIES ON COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp.
REVISED INDEXES OF MANUFACTURING CAPACITY
AND CAPACITY UTILIZATION. July 1967. 3 pp.
LIQUIDITY AND PUBLIC POLICY, Staff P a p e r
Stephen H . Axilrod. Oct. 1961. 17 pp.
CHANGES IN BANKING
Sept. 1963. 8 pp.
THE ROLE OF FINANCIAL INTERMEDIARIES IN
U.S. CAPITAL MARKETS, Staff Economic Study
by Daniel H . Brill with A n n P. Ulrey. Jan.
1967. 14 pp.
SURVEY OF FINANCE COMPANIES, MID-1965. A p r .
1967. 26 pp.
available as shown in following
SEASONALLY ADJUSTED SERIES
CREDIT. July 1962. 6 pp.
A REVISED INDEX OF MANUFACTURING CAPACITY,
Staff Economic Study by F r a n k de Leeuw with
F r a n k E . H o p k i n s a n d Michael D . Sherman.
N o v . 1966. 11 pp.
INTEREST COST EFFECTS OF COMMERCIAL BANK
UNDERWRITING
OF
MUNICIPAL
REVENUE
BONDS. Aug. 1967. 16 pp.
THE FEDERAL
RESERVE-MIT
ECONOMETRIC
MODEL, Staff Economic Study by F r a n k de
Leeuw and E d w a r d G r a m l i c h . Jan. 1968. 30 pp.
THE PRICE OF GOLD IS NOT THE PROBLEM. F e b .
1968. 7 pp.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN
1 9 6 0 - 6 7 . A p r . 1968. 23 pp.
MONETARY RESTRAINT AND BORROWING AND
CAPITAL SPENDING BY LARGE STATE AND
LOCAL GOVERNMENTS IN 1966. July 1968.
30 p p .
A 106
FEDERAL R E S E R V E BULLETIN • F E B R U A R Y
1971
REVISED SERIES ON BANK CREDIT. A u g .
4 pp.
1968.
RECENT CHANGES IN STRUCTURE OF COMMERCIAL BANKING. M a r . 1970. 16 pp.
FEDERAL FISCAL POLICY IN THE 1960's.
1968. 18 pp.
Sept.
U.S. BALANCE OF PAYMENTS AND
MENT POSITION. A p r . 1970. 17 pp.
HOW DOES MONETARY POLICY AFFECT THE
ECONOMY? Staff Economic Study by M a u r i c e
M a n n . Oct. 1968. 12 pp.
BUSINESS FINANCING BY BUSINESS
COMPANIES. Oct. 1968. 13 pp.
FINANCE
MANUFACTURING CAPACITY: A COMPARISON OF
TWO SOURCES OF INFORMATION, Staff Economic Study by J a r e d J. Enzler. N o v . 1968.
5 pp.
MONETARY RESTRAINT, BORROWING, AND CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966. Dec.
1968. 30 p p .
REVISION OF CONSUMER
Dec. 1968. 21 pp.
CREDIT
STATISTICS.
HOUSING PRODUCTION AND FINANCE. M a r . 1969.
7 pp.
OUR PROBLEM OF INFLATION. J u n e 1969. 15 pp.
THE CHANNELS OF MONETARY POLICY, Staff Economic Study by F r a n k de L e e u w a n d E d w a r d
G r a m l i c h . J u n e 1969. 20 pp.
REVISION OF WEEKLY SERIES FOR COMMERCIAL
BANKS. Aug. 1969. 5 pp.
EURO-DOLLARS: A CHANGING MARKET. Oct. 1969.
2 0 pp.
INVEST-
SDR's IN FEDERAL RESERVE OPERATIONS AND
STATISTICS. M a y 1970. 4 pp.
CHANGES IN BANK LENDING PRACTICES, 1969.
M a y 1970. 5 pp.
BANKING AND MONETARY STATISTICS, 1969.
Selected series of banking and monetary statistics
for 1969 only. M a r . and July 1970. 18 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1970. 17 pp.
INFLATION IN WESTERN EUROPE AND JAPAN.
Oct. 1970. 13 pp.
CHANGES IN TIME AND SAVINGS DEPOSITS, APRILJULY 1970. N o v . 1970. 11 pp.
FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER OF 1970. Dec. 1970. 7 pp.
REVISION OF THE MONEY STOCK. Dec.
23 pp.
1970.
MEASURES OF SECURITY CREDIT. Dec.
11pp.
1970.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Jan. 1971. 12 pp.
MONETARY AGGREGATES AND MONEY MARKET
CONDITIONS IN OPEN MARKET POLICY. Feb.
1971. 26 pp.
INDEX TO STATISTICAL TABLES
(For list of tables published periodically, but not monthly, see page A-3.)
Acceptances, bankers', 14, 33, 37, 98
Agricultural loans of commercial banks, 24, 26
Arbitrage, 91
Assets and liabilities (See also Foreigners, claims on,
and liabilities to):
Banks, by classes, 19, 24, 25, 26, 37
Banks and the monetary system, 18
Corporate, current, 49
Federal Reserve Banks, 12
Automobiles:
Consumer instalment credit, 54, 55, 56
Production index, 58, 59
Bank credit proxy, 17
Bankers' balances, 25, 28
(See also Foreigners, claims on, and liabilities to)
Banking and monetary statistics for 1970, 98, 99
Banking offices:
Changes in number, 96
Par and nonpar banking offices, number, 97
Banks and the monetary system, 18
Banks for cooperatives, 39
Bonds (See also U.S. Govt, securities):
New issues, 45, 46, 47
Yields and prices, 34, 35, 99
Branch banks, liabilities of U.S. banks to their foreign
branches, 30, 86
Brokerage balances, 85
Business expenditures on new plant and equipment, 49
Business indexes, 62
Business loans (See Commercial and industrial loans)
Capacity utilization, 62
Capital accounts:
Banks, by classes, 19, 25, 30
Federal Reserve Banks, 12
Central banks, 90, 92
Certificates of deposit, 30
Coins, circulation, 16
Commercial and industrial loans:
Commercial banks, 24, 32
Weekly reporting banks, 26, 31
Commercial banks:
Assets and liabilities, 19, 24, 25, 26
Banking offices, changes in number, 96
Consumer loans held, by type, 55
Deposits at, for payment of personal loans, 23
Loans sold outright, 32
Number, by classes, 19
Real estate mortgages held, by type, 50
Commercial paper, 33, 37, 98
Condition statements (See Assets and liabilities)
Construction, 62, 63
Consumer credit:
Instalment credit, 54, 55, 56, 57
Noninstalment credit, by holder, 55
Consumer price indexes, 62, 66
Consumption expenditures, 68, 69
Corporations:
Sales, profits, taxes, and dividends, 48, 49
Security issues, 46, 47
Security yields and prices, 34, 35, 99
Cost of living (See Consumer price indexes)
Currency and coin, 5, 10, 25
Currency in circulation, 5, 16, 17
Customer credit, stock market, 36, 94
Debits to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 18
Adjusted, commercial banks, 15, 17, 25
Banks, by classes, 11, 19, 25, 29
Subject to reserve requirements, 17
Turnover, 15
Deposits (See also specific types of deposits):
Accumulated at commercial banks for payment of
personal loans, 23
Adjusted, and currency, 18
Banks, by classes, 11, 19, 25, 29, 37
Euro-dollars, 86
Federal Reserve Banks, 12, 86
Postal savings, 18, 25
Subject to reserve requirements, 17
Discount rates (See Interest rates)
Discounts and advances by Reserve Banks, 4, 12, 13, 15
Dividends, corporate, 48, 49
Dollar assets, foreign, 75, 81
Earnings and expenses, Federal Reserve Banks, 94
Earnings and hours, manufacturing industries, 65
Employment, 62, 64, 65
Euro-dollar deposits in foreign branches of
U.S. banks, 86
Farm mortgage loans, 50, 51
Federal finance:
Cash transactions, 40
Receipts and expenditures, 41
Treasury operating balance, 40
Federal funds, 8, 24, 26, 30, 33, 98
Federal home loan banks, 39, 51
Federal Housing Administration, 50, 51, 52, 53
Federal intermediate credit banks, 39
Federal land banks, 39
Federal National Mortgage Assn., 39, 53
Federal Reserve Banks:
Condition statement, 12
Earnings, expenses, and dividends, 94
U.S. Govt, securities held, 4, 12, 15, 42, 43
Federal Reserve credit, 4, 6, 12, 15
Federal Reserve notes, 12, 16, 94
Federally sponsored credit agencies, 39
Finance company paper, 33, 37, 98
Financial institutions, loans to, 24, 26
Float, 4
Flow of funds, 70
Foreign:
Currency operations, 12, 14, 75, 81
Deposits in U.S. banks, 5, 12, 18, 25, 29, 86
Exchange rates, 89
Trade, 73
Foreigners:
Claims on, 82, 83, 86, 87, 88
Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88
Gold:
Certificates, 12, 13, 16
Earmarked, 86
Net purchases by U.S., 74
Production, 93
Reserves of central banks and govts., 92
Stock, 4, 18, 75
Government National Mortgage Association, 53
Gross national product, 68, 69
Hours and earnings, manufacturing industries, 65
Housing permits, 62
Housing starts, 63
A 108
FEDERAL RESERVE BULLETIN • FEBRUARY 1971
Income, national and personal, 68, 69
Industrial production index, 58, 62
Instalment loans, 54, 55, 56, 57
Insurance companies, 38, 42, 43, 51
Insured commercial banks, 21, 23, 24, 96
Interbank deposits, 11, 19, 25
Interest rates:
Business loans by banks, 32
Federal Reserve Banks, 9
Foreign countries, 90, 91
Money market rates, 33, 91, 98
Mortgage yields, 53
Prime rate, commercial banks, 33
Time deposits, maximum rates, 11
Yields, bond and stock, 34, 99
International capital transactions of the U.S., 76-88
International institutions, 74, 75, 90, 92
Inventories, 68
Investment companies, issues and assets, 47
Investments (See also specific types of investments):
Banks, by classes, 19, 24, 27, 28, 37
Commercial banks, 23
Federal Reserve Banks, 12, 15
Life insurance companies, 38
Savings and loan assns., 38
Labor force, 64
Loans (See also specific types of loans):
Banks, by classes, 19, 24, 26, 27, 37
Commercial banks, 19, 23, 24, 26, 27, 31, 32
Federal Reserve Banks, 4, 6, 12, 15
Insurance companies, 38, 51
Insured or guaranteed by U.S., 50, 51, 52, 53
Savings and loan assns., 38, 51
Manufacturers:
Capacity utilization, 62
Production index, 59, 62
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 19, 24
Banking offices, changes in number, 96
Borrowings at Reserve Banks, 6, 12
Deposits, by classes, 11
Number, by classes, 19
Reserve position, basic, 8
Reserve requirements, 10
Reserves and related items, 4, 17
Mining, production index, 59, 62
Mobile home shipments, 63
Money rates (See Interest rates)
Money stock and related data, 17
Mortgages (See Real estate loans and Residential mortgage loans)
Mutual funds (See Investment companies)
Mutual savings banks, 18, 29, 37, 42, 43, 50, 96
National banks, 21, 23, 96
National income, 68, 69
National security expenditures, 41, 68
Nonmember banks, 22, 23, 24, 25, 96
Open market transactions, 14
Par and nonpar banking offices, number, 97
Payrolls, manufacturing index, 62
Personal income, 69
Postal savings, 18, 25
Prices:
Consumer and wholesale commodity, 62, 66
Security, 35
Prime rate, commercial banks, 33
Production, 58, 62
Profits, corporate, 48, 49
Real estate loans:
Banks, by classes, 24, 27, 37, 50
Delinquency rates pn home mortgages, 52
Mortgage yields, 53
Type of holder and property mortgaged, 50, 51,
52, 53
Reserve position, basic, member banks, 8
Reserve requirements, member banks, 10
Reserves:
Central banks and govts., 92
Commercial banks, 25, 28, 30
Federal Reserve Banks, 12
Member banks, 5, 6, 11, 17, 25
U.S. reserve assets, 75
Residential mortgage loans, 35, 50, 51, 52
Retail credit, 54
Retail sales, 62
Sales finance companies, loans, 54, 55, 57
Saving:
Flow of funds series, 70
National income series, 69
Savings and loan assns., 38, 43, 51
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37, 38
Securities {See also U.S. Govt, securities):
Federally sponsored agencies, 39
International transactions, 84, 85
New issues, 45, 46, 47
Silver coin and silver certificates, 16
Special Drawing Rights, 4, 12, 13, 18, 72, 75
State and local govts.:
Deposits, 25, 29
Holdings of U.S. Govt, securities, 42, 43
New security issues, 45, 46
Ownership of securities of, 24, 28, 37, 38
Yields and prices of securities, 34, 35, 99
State member banks, 21, 23, 96
Stock market credit, 36, 94
Stocks:
New issues, 46, 47
Yields and prices, 34, 35, 99
Tax receipts, Federal, 41
Time deposits, 11, 17, 18, 19, 25, 29
Treasury Cash, Treasury currency, 4, 5, 16,18
Treasury deposits, 5, 12, 40
Treasury operating balance, 40
Unemployment, 64
U.S. balance of payments, 72
U.S. Govt, balances:
Commercial bank holdings, 25, 29
Consolidated condition statement, 18
Member bank holdings, 17
Treasury deposits at Reserve Banks, 5, 12, 40
U.S. Govt, securities:
Bank holdings, 18, 19, 24, 27, 37, 42, 43
Dealer transactions, positions, and financing, 44
Federal Reserve Bank holdings, 4, 12, 15, 42, 43
Foreign and international holdings, 12, 81, 84, 86
International transactions, 81, 84
New issues, gross proceeds, 46
Open market transactions, 14
Outstanding, by type of security, 42, 43, 45
Ownership of, 42, 43
Yields and prices, 34, 35, 91, 99
United States notes, 16
Utilities, production index, 59, 62
Veterans Administration, 50, 51, 52, 53
Weekly reporting banks, 26
Yields (See Interest rates)