Full text of Federal Reserve Bulletin : February 1972
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Federal Reserve
Bulletin
FEBRUARY 1972
BOARD OF GOVERNORS •
THE FEDERAL RESERVE SYSTEM •
WASHINGTON, D.C.
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FEDERAL RESERVE BULLETIN
CONTENTS
NUMBER 2 • VOLUME 58 • FEBRUARY 1972
95
Financial Developments in the Fourth Quarter of 1971
104
Staff Economic Studies: Summaries
106
Assets and Liabilities of Foreign Branches of U.S. Banks
123
Statement to Congress
129
Record of Policy Actions of the Federal Open Market Committee
149
Law Department
180
Directors of Federal Reserve Banks and Branches
195
Announcements
198
National Summary of Business Conditions
Financial and Business Statistics
A
1
Contents
A
3
Guide to Tabular Presentation
A
3
Statistical Releases: Reference
A
4
U.S. Statistics
A
74
International Statistics
A 104
Board of Governors and Staff
A 106
Open Market Committee and Staff; Federal Advisory Council
A 107
Federal Reserve Banks and Branches
A 108
Federal Reserve Board Publications
A 112
Index to Statistical Tables
Map of Federal Reserve System on Inside Back Cover
EDITORIAL COMMITTEE
Charles Molony
Robert C. Holland
Kenneth B. Williams
J. Charles Partee
Robert Solomon
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official
statements and signed articles. Direction for the art work is provided by Mack Rowe.
Financial
Developments in the
Fourth Quarter
of 1971
This report, which was sent to the Joint Economic Committee
of the U.S. Congress, highlights the important developments
in financial markets during the fall and early winter.
THE DOWNTREND in interest rates that developed after the
President announced his new domestic and international economic program on August 15 was extended during the fourth
quarter. On balance, the reductions in interest rates after midAugust were about sufficient to offset the advances recorded
in late spring and early summer, and at the end of December most rates were near their lowest levels of the year. The
Federal Reserve discount rate was reduced in two stages from
5 per cent to 4% per cent to bring it more in line with market
rates and to assist in the progress of economic expansion.
A number of factors combined to maintain the downtrend
in interest rates, which occurred despite a continued heavy
volume of borrowing in the securities markets by the U.S.
Treasury, State and municipal governments, and business
corporations. The rate premium required by investors to compensate for expected price increases was apparently reduced
further, as public assessment of the President's wage-price
control program remained generally favorable. Also, a
major uncertainty overhanging the economic outlook was
removed by the mid-December agreement of the Group of
Ten industrial nations on the realignment of currency exchange rates.
The principal monetary aggregates displayed a diverse
pattern of growth over the fourth quarter. The rate of ex95
96
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
BANK RESERVES AND BORROWINGS
BILLIONS OF DOLLARS, S E A S O N A L L Y ADJUSTED
Monthly averages of daily figures for member banks. Total and nonborrowed reserves are
adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed
reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve.
Excess reserves are total reserves less required reserves. Latest figures, December.
pansion in the narrowly defined money stock (Mx)9 which
had declined substantially in the third quarter from the
very rapid pace established earlier in the year, slowed
further to a modest 1 per cent annual rate of growth, as
public demands for cash balances remained small in the wake
of the very large build-up in liquidity over the first half of the
year. Fourth-quarter rates of expansion in broader measures of
money increased significantly from those of the third
quarter, as the continued decline in market interest rates
enhanced the attractiveness of rates paid on thrift deposits
at commercial banks and other depositary institutions.
Over the year 1971, Mx expanded at a 6.2 per cent rate, somewhat more than in 1970, while M 2 and M 3 rose by 11.1 and
13.3 per cent, respectively, growth rates that in both cases
were considerably above those of the year before.
Bank credit, as measured by the adjusted bank credit
proxy, continued to expand substantially in the fourth
quarter, reflecting, in addition to the sharp increase in consumer-type time and savings deposits, a considerable rise in
large negotiable certificates of deposit issued by banks that
more than offset a decline on average in U.S. Treasury
deposits. While the growth in business loans was quite modest,
real estate and consumer loans rose sharply further and
FINANCIAL DEVELOPMENTS, Q4 1971
97
banks continued to channel a significant volume of funds into
security holdings.
MONETARY
IGREGATES
Open market operations in the fourth quarter were directed
toward creating conditions conducive to a sizable expansion
in the monetary aggregates. This easing was reflected in a
considerable decline in the rate on Federal funds. In addition,
member bank indebtedness at Federal Reserve Bank discount
windows declined.
Nonborrowed reserves of member banks increased by about
a 7 per cent annual rate in the fourth quarter—somewhat
more rapidly than in the third. However, with borrowed
reserves declining, total reserves increased at only about a 2
per cent annual rate over the period. Total reserves,
though, grew considerably in December; this carried
through to even more rapid growth in January, reflecting in
part the need for reserves—owing to lagged reserve requirements—because of deposit expansion in the latter half
of December. Over the 4 months September 1971 through
January 1972, total reserves expanded at an annual rate of
about 7 per cent.
Banks were well positioned to accommodate an expansion
in the monetary aggregates, and there was a marked drop
in interest rates and a continued expansion in economic activity—conditions that ordinarily strengthen demands for
CONCEPTS OF MONEY
R A T I O SCALE, BILLIONS OF DOLLARS
Seasonally adjusted monthly averages. For definitions of M l t M 2 , and Af 3 , see footnote 1 to
Changes in Selected Monetary Aggregates table.
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
98
CHANGES IN SELECTED MONETARY AGGREGATES
Percentage annual rates of change, seasonally adjusted
1971
Item
Member bank reserves:
Total
Nonborrowed
Year
I
II
III
IV
1970
1971
8.9
9.5
10.1
9.1
6.8
5.6
2.6
7.2
6.0
9.2
7.3
8.1
9.1
18.1
18.9
10.6
12.4
14.4
3.7
4.4
7.8
1.1
8.0
9.6
5.4
8.1
7.8
6.2
11.1
13.3
10.9
8.4
7.6
9.6
8.3
9.5
2.6
1.3
2.3
1.8
14.5
8.0
Concepts of money: 1
MI
M2
M3
Bank credit:2
Bank credit proxy adjusted
MEMO (change in billions of dollars,
seasonally adjusted):
Large CD's
1
Af i is currency plus private demand deposits adjusted.
M 2 is M x plus bank time and savings deposits adjusted other than large CD's.
M 3 is M 2 plus deposits at mutual savings banks and savings and loan associations.
2
Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper.
NOTE.—Changes are calculated from the average amounts outstanding in the last month
of each quarter.
transactions balances. In spite of this, the increase in Mu as
already mentioned, was at an annual rate of only 1 per cent
over the fourth quarter. M t may not have responded more
sensitively to factors that generally promote growth in this
aggregate, in part because the public decided to reduce
B A N K CREDITtCOMPONENTS
CHANGE, BILLIONS OF DOLLARS
precautionary balances built up earlier in the year when
U.S. G O V T SECURITIES
4
there was greater concern about the economic outlook. In
2
addition, some money-holders may have been gradually
+
0
shifting out of cash balances into interest-bearing assets in the
belief that the wage-price control program would meet with
success and that interest rates would be lower in the future.
OTHER SECURITIES
Finally, experience indicates that it takes time for the
public to adjust its cash balances upward in response to
lower short-term interest rates. Recently, the rate of
expansion in M t has picked up, with the preliminary estimate
T O T A L LOANS
of growth in January at about a 3.7 per cent annual rate.
In contrast to the further slowing in M 1? fourth-quarter
growth in the broader measures of money—M 2 and M 3 —
accelerated as funds flowed into thrift deposits at commercial
banks and nonbank depositary institutions in heavy volume in
K
continued response to the decline in market rates relative to
rates
offered on these deposits. Flows of funds into con1971
1970
sumer-type deposits at commercial banks expanded at a subSeasonally adjusted. Loans adjusted
for transfers between banks and their stantially stronger rate in the fourth quarter than in the
holding companies, affiliates, subthird. At nonbank depositary institutions, on the other hand,
sidiaries, or foreign branches.
La
n,
FINANCIAL DEVELOPMENTS, Q4 1971
99
fourth-quarter deposit growth fell somewhat short of that
for the third quarter, but remained high by historical standards.
With funds flowing into consumer-type deposits in heavy
volume, banks made frequent downward adjustments in their
CD offering rates in an effort to keep these rates in line with
money market interest rates. Despite a generally unaggressive attitude, the volume of CD's outstanding rose
sharply over the quarter. At the same time, U.S. Treasury
deposits declined moderately and nondeposit liabilities of
banks fluctuated sharply but, on balance, remained approximately unchanged. The net result of these developments was
that the adjusted credit proxy expanded at an annual rate of
about 9.7 per cent, somewhat above the third-quarter rate
but essentially in line with the pace for the entire year.
COMMERCIAL
BANK USES OF
FUNDS
B A N K LOANS-MAJOR COMPONENTS
CMJUME. IILLHHIS OF DOLLARS
t
Q4
1970
u
Q1
Q2
1971
Seasonally adjusted. Business loans
adjusted for transfers between banks
and their holding companies, affiliates, subsidiaries, or foreign
branches.
Acquisition of securities, primarily State and local government obligations, accounted for nearly half of the expansion
in bank credit during the fourth quarter. Reflecting the current boom in housing and continued purchases of consumer durable goods, banks also recorded further strong
advances in real estate loans and consumer loans. But developments in other loan categories were quite weak and the
growth in total loans fell well short of the unusually strong
increase recorded in the third quarter.
Business loans declined moderately after having set an
exceptionally rapid pace during the third quarter when both
domestic and foreign borrowers were attempting to reduce
losses or to obtain profits from the expected realignment in
foreign exchange rates. Except for the sharp third-quarter
bulge induced by foreign exchange market developments,
business demands for bank credit were generally quite
moderate throughout 1971. Businesses were on the whole
well supplied with funds from internal sources and from
continued heavy borrowing in the capital markets. At the same
time, needs for funds were kept low by cautious inventory
policies on the part of businesses and by a moderate increase
in expenditures on fixed investments.
In response to the sluggish loan demands and to the market
reductions in short-term interest rates, banks cut their
prime lending rate from 6 per cent to 5 lA per cent during the
fourth quarter. Several large banks also instituted a policy of
tying their base lending rates to selected money market rates.
FEDERAL RESERVE BULLETIN
100
NONBANK
INTERMEDIARIES
AND THE
MORTGAGE
MARKET
NONBANK SAVINGS ACCOUNTS
^^^^^^^^NNUA^TfET^HANGETE^ENT
Seasonally adjusted.
•
FEBRUARY
1972
The increase in deposits at nonbank thrift institutions during
the fourth quarter of 1971, while still very large in dollar
volume, was at a somewhat slower pace than the growth in the
preceding quarter. The major portion of the 1971 shift in consumer portfolios from market securities to deposit claims
apparently came during the first half of the year, when, for
the first time in almost 3 years, deposit institutions had a
favorable yield advantage. However, the sustained high rate
of personal saving and the increase in the relative attractiveness of depositary claims—due to declining market rates of
interest—contributed to a substantial rise in deposits in the
closing months of the year.
Net mortgage debt formation increased at a seasonally adjusted quarterly rate of $13.0 billion in the final quarter of
1971—slightly less than the record pace established in the
preceding quarter. For the residential sector, which had provided the major impetus for the sharp rise in the total since
the end of 1970, debt formation leveled off in the fourth
quarter. And, after rising in the preceding three quarters, the
pace of nonresidential debt formation declined somewhat
in the final quarter, reflecting mainly a slowdown in the
demand for loans on commercial properties.
NET CHANGE IN MORTGAGE DEBT OUTSTANDING
In billions of dollars, seasonally adjusted quarterly data
1970
1971
Item
Total
Residential
Other1
IV
I
II
III
IV e
7.8
5.6
2.2
9.3
6.7
2.6
11.9
9.0
2.9
13.4
10.1
3.3
13.0
10.1
2.9
includes commercial and other nonresidential as well as farm properties.
Partly estimated.
NOTE.—Details may not add to totals because of rounding.
e
In addition to the continued strong support provided to
the mortgage market by savings and loan associations and
commercial banks, mutual savings banks increased their
mortgage lending activity in the fourth quarter. Moreover,
mortgage bankers accelerated their net additions to warehouse
lines in anticipation of future declines in mortgage rates and for
use in issuing GNMA-guaranteed mortgage-backed securities.
Net lending by the various Federally sponsored agencies declined slightly from the moderate third-quarter pace because
ample funds were available from other sources.
FINANCIAL DEVELOPMENTS, Q4 1971
FUNDS RAISED IN
SECURITY
MARKETS
101
Total security offerings by corporations were unchanged
from the third to the fourth quarter, remaining at a monthly
average of $3.5 billion, significantly below the pace set during
the first half of 1971. The monthly average volume of public
bond offerings in the fourth quarter increased moderately,
while takedowns of private placements appear to have remained at a high level. The volume of new equity issues in
the final quarter of the year, although somewhat less than the
record third-quarter level, remained historically large.
OFFERINGS OF NEW SECURITY ISSUES
Monthly average in billions of dollars, not seasonally adjusted
1970
Item
1971
IV
I
II
III
IV e
Corporate securities—Total
Bonds
Stocks
4.0
3.1
.9
4.1
3.3
.8
3.9
2.8
1.1
3.5
2.1
1.4
3.5
2.4
1.1
State and local government bonds ....
2.0
2.2
2.0
2.0
2.0
e
Estimated.
Long-term bond offerings by State and local governments
continued at an average monthly volume of $2 billion for the
third consecutive quarter. In addition to the sustained need
for financing of capital expenditures, a number of government units continued to take advantage of the downward drift
in long-term rates to fund outstanding short-term debt
obligations, which are currently at record levels.
Net Treasury borrowing rose appreciably in the fourth
quarter of 1971. The Federal Government's end-of-quarter
cash balance was higher in December than at the close of the
FEDERAL GOVERNMENT BORROWING AND CASH BALANCE
Quarterly totals in billions of dollars, not seasonally adjusted
1970
Item
Budget surplus or deficit
New cash borrowings, or
repayments ( - )
Other means of financing1
Change in cash balance
1971
IV
I
II
III
IV
-8.9
-8.2
1.6
-7.8
-10.6
8.9
-.7
.7
1.6
2.9
-3.6
1.6
1.1
4.3
9.1
-.1
1.2
12.5
-.6
1.3
1.5
-1.0
-.9
1.7
MEMO:
Net borrowings by federally
sponsored credit agencies 2
1.3®
Checks issued less checks paid and other accrued items.
includes debt of Federal home loan banks, the Federal Home Loan Mortgage Corporation,
Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, and FNMA
(including discount notes and bonds guaranteed by the Government National Mortgage Association).
e
Estimated.
102
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
third quarter, although most of the new cash borrowing was
related to the rising budget deficit. Federal expenditures
decreased slightly from the third to the fourth quarter, but
the decline in receipts was somewhat larger.
Net borrowing by Federally sponsored credit agencies declined somewhat in the last 3 months of the year, in part
because of repayment of debt by the Federal Home Loan
Banks. With inflows to nonbank thrift institutions remaining
high during this period, no substantial demand for Federal
Home Loan Bank advances developed.
INTEREST RATES
The decline in short- and long-term interest rates that
began after the initiation of the administration's new economic program in mid-August continued through the fourth
quarter of 1971. Yields on Treasury bills were about 70 basis
points lower in December than in September, with buying of
bills by foreign accounts large through most of the quarter.
Rates on commercial paper and Federal funds dropped more
than 1 full percentage point. The Federal Reserve discount
rate was lowered in two steps by a total of V2 of a percentage
point.
Long-term rates also fell during the final quarter of 1971,
although by a more modest amount. By the end of December,
however, yields in the Government, corporate, and municipal
markets had dropped back near the previous lows for the year,
reached in the first quarter. Yields on long-term Government
securities, on the average, were only 5 basis points below
their September level by the end of the fourth quarter, but
this was mainly a result of the back-up in rates that occurred
following the Treasury refinancing and pre-refunding in
November, in which a substantial volume of new, longermaturity coupon issues were exchanged for outstanding
issues.
Yields on State and local government bonds edged down
about 10 basis points over the quarter, in spite of a sustained
high level of long-term municipal financing and some slackening of the rate of commercial bank purchases of tax-exempt
securities in December. The largest downward adjustment
was in the long-term corporate market, where yields fell 35
basis points over the 3-month period despite an unseasonally
high calendar of offerings.
Secondary market yields on Federal Housing Administration mortgages declined by one-fourth of a percentage point
FINANCIAL DEVELOPMENTS, Q4 1971
103
INTEREST RATES
PER C E N T PER ANNUM
Monthly averages except FHA (based on quotations for one day each month). Yields: U.S.
Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering
rates; FHA, weighted averages of private secondary market prices of new-home 30-year
mortgages converted to annual yield (dashed line indicates period of adjustment of change
in contractual interest rate); corporate bonds, weighted averages of new publicly offered
bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis;
U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury;
State and local govt, bonds (20 issues, mixed quality), Bond Buyer.
over the quarter. The FHA yield series ended the year at a level
somewhat above the lows recorded in early 1971 when thrift
institutions were experiencing extraordinary savings inflows
and mortgages were in short supply.
•
Staff Economic Studies
The research staffs of the Board of Governors of the Federal Reserve System and of
the Federal Reserve Banks undertake
studies that cover a wide range of economic and financial subjects, and other
staff members prepare papers related to
such subjects. In some instances the Federal Reserve System finances similar
studies by members of the academic profession.
From time to time the results of studies
that are of general interest to the economics profession and to others are summarized—or they may be printed in full—
in this section of the B U L L E T I N .
In all cases the analyses and conclusions set forth are those of the authors
and do not necessarily indicate concurrence by the Board of Governors, by the
Federal Reserve Banks, or by the members of their staffs.
Single copies of the full text of each of
the studies or papers summarized in the
B U L L E T I N are available in mimeographed
form. The list of Federal Reserve Board
publications at the back of each B U L L E T I N
includes a separate section entitled "Staff
Economic Studies99 that enumerates the
studies for which copies are currently
available in that form.
Study Summaries
OPTIMAL DISTRIBUTED LAG RESPONSES AND EXPECTATIONS
Roger Craine—Staff, Board of Governors
Published
in the American Economic Review, December
This paper develops a distributed lag
adjustment model based on a dynamic
theory of a firm. An optimal adjustment
path balances the rewards gained from
quickly hitting the target against the costs
of rapid adjustment. The purpose of the
paper is twofold: (1) to show the advantage in using an optimal adjustment specification (rather than an ad hoc specification) and (2) to show the critical role that
future values—or forecasts—play in determining the optimal adjustment path.
To demonstrate the advantage in an
optimal adjustment specification, a derived optimal adjustment path is compared
with an ad hoc adjustment specification.
104
1971
The optimizing process places restrictions
on the adjustment path and yields explicit
functional forms that may be used to estimate the lag pattern more efficiently. In
addition, the comparison makes explicit
the implicit assumptions associated with
ad hoc adjustment mechanisms attributed
to adjustment costs. For example, when
ad hoc adjustment patterns violate the
restrictions imposed by the optimizing
process, the implication is that the decision-maker has consciously followed a
suboptimal policy.
The paper also examines the impact of
future values on the optimal adjustment
equation and presents methods to approxi-
mate the future values. The target is extremely sensitive to different forecasting
specifications. Also discussed are the
strengths and weaknesses of three fore-
casting techniques, which range from
naive static forecasts to a trajectory of
forecasts for a nonstationary probability
distribution.
•
THE EFFECT OF HOLDING COMPANY ACQUISITIONS ON BANK PERFORMANCE
Samuel H. Talley—Staff, Board of Governors
Prepared as a staff paper in late 1971
The Bank Holding Company Act requires
the Board of Governors of the Federal
Reserve System to determine whether proposed holding company acquisitions of
banks are in the public interest. In making these decisions, it is important for the
Board to know what effect holding company acquisitions generally have on the
performance of acquired banks. The objective of this study is to update our
knowledge of these effects.
The study involves an examination of
18 key banking ratios for 82 banks acquired
by holding companies between 1966 and
1969. Seven of these ratios relate to the
portfolio composition of the acquired
banks; one to bank capital; three to prices
set on various banking services; five to
bank expenses; and two to bank profitability. To isolate the effect of holding
company acquisitions on the ratios, the
performance of each acquired bank is com-
pared both before and after acquisition
with a similar-sized independent bank
that is located in the same banking
market.
Results of the study indicate that the
major effect of holding company acquisitions is to alter the portfolio composition
of acquired banks. These banks tend to
switch out of U.S. Government securities
and into State and local government
securities and loans, particularly instalment loans. These portfolio changes
suggest that holding company acquisitions result in acquired banks making
more credit available in their localities.
Holding company acquisitions, however,
do not result in significant changes in the
capital, prices, expenses, or profitability
of acquired banks. Therefore, the fact that
a bank is acquired by a holding company
does not appear to have a broad impact on
that bank's performance.
•
105
Assets and Liabilities of
Foreign Branches of U.S. Banks
Since September 1969 the Federal Reserve System has been collecting monthly
data on the assets and liabilities of
branches of U.S. banks in foreign countries. The System's interest in these data
developed as the Euro-dollar market expanded and as participation by foreign
branches of the U.S. banks in this market
became increasingly important for financial developments in the United States
as well as abroad.
Tables 1 to 3 (pages 110-14) contain
monthly data that the Federal Reserve
has collected on assets and liabilities of
foreign branches of U.S. banks from
September 1969 through September 1971.
In subsequent issues of the BULLETIN, the
most recently available month-end data
will be published with the other international data in the "Financial and Business Statistics" section.
This article describes these data and
discusses the relationships between them
and data used in the U.S. balance of
payments accounts. It also identifies
differences between these data and similar
data that were collected by the U.S.
Department of the Treasury through
September 1969 and published in the
Treasury Bulletin of November 1970.
DESCRIPTION OF DATA
The upper part of Table 1 shows for 25
months the total assets and liabilities of
all foreign branches of U.S. banks,
except for certain branches with relatively small dollar liabilities. The lower
Note.—Fred B. Ruckdeschel, Special Studies Section, Division of
International Finance, prepared this article.
106
part shows assets and liabilities that
are payable in U.S. dollars. Table 2
contains similar data for branches in the
United Kingdom, and Table 3 for
branches in the Bahamas. Components of
the totals are provided by type of customer as reported by the branches, except where a component might reveal
information about an individual bank.
Reports are filed for all branches in the
Bahamas, for branches in Europe with at
least $10 million of total liabilities payable in U.S. dollars, and for branches
elsewhere abroad with at least $30 million
in total liabilities payable in U.S. dollars.
Facilities on military bases abroad, however, do not report because they are
considered part of the U.S. parent banks.
In September 1969, 105 branches filed
reports. By September 1971, the number
of branches filing reports had grown to
186, about half the growth resulting from
new branches in the Bahamas.
Branches exempt from filing monthly
reports, because they have less than the
minimum dollar liabilities during the
first 9 months of the year, file a simplified annual report as of the end of
September. More than 300 of these
branches reported total assets of $3.6
billion in 1969 and $3.3 billion in 1970
(Table 4).
In general the definitions employed in
the reports are consistent with those used
in U.S. balance of payments accounts. Accordingly, foreign branches are those
located outside the United States, Puerto
Rico, and possessions of the United
States. Similarly, U.S. residents are de-
fined as persons or businesses whose
principal address, according to the records
of the reporting branch, is in the United
States, Puerto Rico, a U.S. possession,
or on a U.S. military base overseas.
But one definition significantly departs from that in balance of payments
accounting: All assets acquired by foreign branches from their parent banks
under specific repurchase agreements
are treated as advances by the branches to
parent banks and therefore are reported
as claims on the parent banks. This treatment of assets acquired under repurchase
agreements conforms with the practice
used in reporting U.S. domestic banking
transactions.
In these reports, a "parent bank" is
defined for all purposes not only as the
U.S. head office of the bank but also
as all of its branches in the United States,
its Edge Act subsidiaries, and its facilities
in U.S. military installations abroad.
"Official institutions" include central
governments, treasuries, central banks,
stabilization funds, exchange-control offices, and the Bank for International
Settlements (BIS).
Net flows of funds within a parent
bank's network of foreign branches are
indicated by the changes in claims on
and liabilities to other foreign branches
of the parent bank. In Table 1 amounts
shown as claims on other foreign branches
do not equal amounts shown as liabilities
to other foreign branches owing to the
reporting exemptions for many branches
and to differences arising from the timing
of entries in the accounts of different
branches.
In addition to claims on and liabilities
to other branches of parent banks,
claims on and liabilities to several other
categories of customers are shown.
Claims include loans, mortgages, over-
drafts, customers' liabilities on acceptances, and advances to and balances due
from parent banks as well as deposits
held by branches in banks. Claims on
parent banks also include, as previously
mentioned, all assets acquired from the
parent banks under specific repurchase
agreements.
"Other assets" refers to short-term
money market paper, other securities,
investments, accrued interest receivable,
and any other assets not defined as
claims.
"Liabilities" generally refers to deposits and other direct borrowings including rediscounts. "Other liabilities"
refers to the permanent investment of the
parent banks in their branches and all
liabilities that are not deposits or direct
borrowings.
Further details of the reporting definitions and procedures are shown in the
monthly F.R. 502 report form and the
annual F.R. 503 report form (pages 116—
21).
RELATIONSHIP TO TREASURY DATA
The reports filed by foreign branches are
part of the regular statistical reporting
system used by the Federal Reserve to
carry out its responsibilities in domestic
and international areas. The data are
also made available to the U.S. Treasury
for administering the interest equalization tax. The data contained in the reports to the Federal Reserve System are
essentially the same as information on
foreign branches reported by banks to the
Treasury under the Interest Equalization
Tax Act on Treasury Form 3954. Accordingly, the Treasury has eliminated its
reporting requirements for any bank that
files reports with the Federal Reserve, and
all banks required to report are now reporting to the Federal Reserve. Because
107
108
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
of the Federal Reserve's exemptions for
certain branches, there has been a substantial reduction in the number of branches filing monthly reports. The Federal
Reserve has also changed some definitions in order to make the foreign branch
reports conform with other reports that
banks file with it.
First, all branches must report to the
Federal Reserve as of the end of the calendar month. Branches of a few large
banks had reported to the Treasury as
of the end of their business month, which
occurred a week or 10 days before the end
of the calendar month. Thus, in order
to obtain statistically comparable data
for economic analysis, it was necessary to
establish on the Federal Reserve form
a common reporting date for all branches.
Second, in the Federal Reserve data,
claims on the U.S. parent bank include
all assets that a branch has purchased from
its parent and that the parent has agreed
to buy back under a specific repurchase
agreement. This conforms with a principle
followed in domestic banking data. Specifically, purchase of any asset covered by a
repurchase agreement is reported as a
loan by the purchasing institution to the
institution that sells the asset and agrees
to repurchase it later. In the Treasury
figures, assets purchased under repurchase
agreements were treated as if purchased
outright. Thus, in the Treasury reports
the purchase of a loan by a foreign branch
from its U.S. parent bank increased the
foreign branch's loans in the category to
which the debtor belonged.
Third, claims on "other" foreign banks
in the Federal Reserve figures include
not only deposit claims but also all other
loans and overdrafts for the account of
foreign banks. In the Treasury figures,
all nondeposit claims on foreign banks
were included in "other assets." An-
other Treasury category covered only
"deposits in other foreign banks."
Fourth, the permanent investment of
U.S. parent banks in their foreign branches
is included in "other liabilities" in the
Federal Reserve data and in "liabilities to
U.S. offices of the parent bank" in the
Treasury data. Otherwise the categories
of liabilities in the two sets of data are
similar. 1
These differences are related in Table
5 to the amounts of assets reported by
branches to the Federal Reserve and the
Treasury at the end of September 1969.
RELATIONSHIP TO BALANCE OF
PAYMENTS DATA
The balance of payments of the United
States involves only transactions between
domestic and foreign residents. Since
foreign branches of U.S. banks are foreign
residents, transactions between them and
other foreigners are not part of the U.S.
balance of payments. Thus, only foreign
branches' claims on and liabilities to
U.S. residents—namely, their parent
banks, the parents' U.S. affiliates, and
other U.S. residents—are directly related
to the U.S. balance of payments. But
different exemption levels, different classification frameworks, and items in tranc h e Federal Reserve also publishes end-of-year
data on assets and liabilities of overseas branches of
member banks, as collected on reports of condition
for the branches. These data differ from the data in this
article in several ways. Only branches of member
banks are covered by the condition report, and there are
no exemptions for small branches. Several institutions
that have branches reporting data described in this
article are not members of the Federal Reserve System.
Moreover, condition reports are filed by branches in
Puerto Rico and other U . S . overseas and trust areas.
Also, branches of several banks in the past filed condition reports as of the end of their business year rather
than as of the end of the calendar year. Finally, the
detailed asset and liability categories on the condition
report focus on the types of assets and liabilities rather
than on the types of borrowers and creditors. Data from
condition statements for 1969 and 1970 were published
in the BULLETIN, S e p t . 1 9 7 1 , pp.
757-58.
109
FOREIGN BRANCHES OF U.S. BANKS
sit between branches and their U.S.
parent banks prevent precise correspondence between figures collected from foreign branches of U.S. banks and figures
collected from U.S. banks and corporations for the balance of payments. For
example, when foreign branches report
assets purchased from their parent banks
under specific repurchase agreements, the
assets are classified as claims on the parent
banks. But when parent banks report for
balance of payments purposes, their liabilities to foreign branches do not include amounts representing assets sold
to foreign branches under specific repurchase agreements.
OFFICIAL DOLLAR RESERVES OF
FOREIGN COUNTRIES
Among the deposits at foreign branches
of U.S. banks are dollar deposits held
by central banks. The central banks count
these U.S. dollar-denominated deposits
as part of their official reserves. These
deposits, however, are not liabilities of
U.S. resident institutions. Therefore,
changes in such deposits are not part
of the U.S. balance of payments but are
part of the difference between the aggregate change in international reserves of all
foreign countries and the U.S. balance of
payments as measured on the official settlements basis.
•
TABLE 1
ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN FOREIGN COUNTRIES
In millions of dollars
LIABILITIES
ASSETS
To foreigners
To U.S.
Claims on foreigners
Claims on U.S.
End of month
Total
Total
Parent
bank
Other
Total
Other
branches
of
parent
bank
Other
banks
Non- Other
Offibank
cial
forinstitutions eigners
Total
Total
Parent
bank
Other
Total
Other
branches
of
parent
bank
Other
banks
NonOfficial
bank
forinstitutions eigners
Other
Total
8,055
1969—Sept.
Oct..
Nov.
Dec.
35,115
35,573
36,341
36,468
16,041
15,862
16,052
15,380
14,338
14,307
14,499
13,660
1,703
1,554
1,553
1,720
18,159
18,816
19,298
20,145
3,683
3,930
3,572
3,524
9,250
9,756
1970—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
36,397
37,174
37,518
38,728
39,815
42,084
40,817
42,446
43,665
44,099
45,011
47,279
15,489
14,652
13,753
14,358
13,999
14,027
12,267
12,866
12,377
11,467
10,344
9,686
13,644
12,862
12,066
12,608
12,129
12,089
10,360
10,856
10,253
9,274
8,003
7,248
1,845
1,791
1,688
1,749
1,870
1,938
1,907
2,009
2,124
2,193
2,340
2,438
19,941
21,502
22,763
23,376
24,756
26,980
27,460
28,446
30,009
31,337
33,278
36,192
3,731
4,161
4,343
4,240
4,565
5,062
4,953
4,939
5,481
6,048
6,372
6,881
9,545
10,203
10,986
11,271
11,981
13,389
13,229
13,897
14,358
14,528
15,419
16,979
1971—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
47,131
47,211
48,263
49,419
50,542
52,705
52,714
54,828
56,876
8,794
7,863
6,769
5,047
4,398
4,853
4,833
4,092
5,047
6,125
5,131
4,055
2,511
2,191
2,661
2,619
2,036
2,970
2,670
2,731
2,714
2,536
2,207
2,191
2,214
2,056
2,077
36,035
36,847
38,623
39,902
41,543
43,266
43,063
46,348
48,752
7,308
7,687
7,838
8,468
8,317
8,924
8,788
9,126
9,705
8,168
16,368
16,715
17,284
17,387
18,100
19,042
18,455
20,735
22,246
487
450
445
537
5,934
6,268
6,031
6,327
464 6,200
472 6,666
555 6,879
494 7,372
478 7,731
448 8,080
513 8,765
500 9,110
565 9,606
544 10,217
692 10,794
695 11,636
641
673
744
746
797
849
1,005
1,128
1,128
11,717
12,314
12,757
13,301
14,329
14,451
14,815
15,360
15,672
1,216
35,110
35,571
36,343
36,468
2,775
2,737
2.847
2,615
738
607
609
719
2.037
2,130
2,238
1,896
31,119
31,597
32,162
32,316
3,534
3,697
3,377
3,354
19,503
19,258
20,457
20,491
2,140
2,270
2,062
1,856
5,942
6,371
6,266
6,614
1,237
1,334
1,537
967 36,397
2,782
2,927
2,839
2,742
2,728
2,827
2,720
2,690
2,667
593
741
693
647
614
638
641
2,189
2,186
2,146
2,095
2,114
2,189
2,080
1,859
32,223
32,915
33,336
34,586
35,646
37,845
36,719
38,354
39,606
39,964
40,824
42,746
3,430
3,714
4,055
4,037
4,266
4,647
4,432
4,599
5,147
5,571
5,960
6,372
20,431
20,832
20,573
21,324
21,801
23,674
22,744
23,756
23,789
23,695
23,724
24,820
1,642
1,698
1,949
2,371
2,264
2,455
2,373
2,651
3,234
3,335
3,429
4,180
6,721
6,670
6,759
6,854
7.315
7,069
7,170
7,348
7,436
7,363
7,711
7,374
1,391
1,332
1,341
1,403
1,444
1,415
1,381
1,406
1,396
1,477
1.715
1,949
1,845
1,833
2,080
1,982
2,122
2.038
2,584
2,586
2,514
42,981
43,196
44,069
45,066
45,891
48,342
47,934
49,622
51,813
6,839
7,444
7,507
8,078
8,134
8,553
8,345
8,792
9,463
24,840
23,710
24,175
24,118
25,039
26,729
26,545
27,178
28,503
4,258
4,764
5,006
5,554
7,044
7,278
7,381
7.316
7,502
7,721
7,670
8,203
8,379
1,642
1,638
1,556
1,824
915
895
992
944
1,020 37,174
1,001 37,516
995
1,060
1,077
1,090
1,135
1,278
1,295
1,390
1,402
38,731
39,818
42,088
40,820
42,450
43,669
44,103
45,017
47,270
2,302
2,501
2,871
4,471
4,600
4,587
4,817
4,388
3,077
47,131
47,210
48,265
49,419
50,542
52,705
52,711
54,828
56,878
2,661
610
661
2,478
2,575
682
656
716
2,508
2,376
2,640
2,529
2.848
2,565
3,061
3,349
3,023
662
544
559
547
726
528
477
763
510
2,C
2,006
1,979
1,822
5,216
5,339
5,373
5,450
5,469
1,802
1,798
1.716
1,857
2,042
Payable in U.S. dollars
1969—Sept
Oct
Nov
Dec
28,236
27,959
28,866
29,099
15,845
15,651
15,818
15,130
14,326
14,294
14,485
13,642
1
1
1
1
519
357
333
489
12,090
12,023
12,714
13,622
2,132
2,171
1,931
1,994
6,706
6,477
7,564
8,074
275
297
281
349
2,977
3,078
2,938
3,205
301
285
334
346
28,282
28,193
29,233
29,750
2,521
2,478
2,585
2,392
624
500
492
606
1,897
1,978
2,092
1,786
25,046
25,011
25,874
26,341
2,324
2,263
2,094
2,130
16,660
16,223
17,520
17,793
1,849
1,900
1,757
1,566
4,214
4,625
4,504
4,851
715
704
774
1 ,017
1970—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
28,787
28,888
28,583
29,777
30,651
32,096
30,823
32,198
32,964
32,699
32,991
34,537
15,222
14,378
13,503
14,100
13,761
13,750
12,004
12,628
12,144
11,193
10,073
9,400
13,632
12,837
12,051
12,598
12,117
12,075
10,344
10,843
10,244
9,252
7,987
7,233
1 591
1 541
1 452
i;,502
i;,644
i;,675
i;,660
i ,785
i;,901
i;,941
,086
,167
2,
2
13,205
14,116
14,757
15,341
16,508
17,964
18,443
19,150
20,375
21,027
22,405
24,163
2,077
2,280
2,295
2,225
2,610
2,778
2,825
2,829
3,399
3,737
4,009
4,208
7,748
8,301
8,800
9,088
9,639
10,669
10,404
10,877
11,274
11,222
11,876
13,248
303
305
347
319
276
247
319
310
334
334
434
362
3,076
3,230
3,315
3,709
3,983
4,269
4,894
5,135
5,368
5,735
6,086
6,795
360
395
323
337
382
382
376
420
445
479
513
524
29,356
29,794
29,629
30,501
31,341
32,952
31,627
32,835
33,561
33,759
34,356
36,004
2,556
2,685
2,586
2,511
2,506
2,596
2,498
2,428
2,414
2,391
2,205
2,334
511
631
586
540
524
545
548
522
569
580
556
657
2,046
2,054
2,000
1,971
1,982
2,050
1,950
1,906
1,845
1,811
1,649
1,677
25,921
26,302
26,202
27,101
27,908
29,472
28,294
29,549
30,348
30,480
31,092
32,446
2,109
2,334
2,392
2,418
2,736
2,812
2,724
2,838
3,338
3,597
3,910
4,028
17,363
17,606
17,290
17,801
18,052
19,695
18,746
19,468
19,360
19,147
19,010
19,807
1,434
1,431
1,568
1,982
1,842
2,001
1,919
2,187
2,714
2,892
2,995
3,737
5,016
4,932
4,953
4,900
5,278
4,964
4,905
5,056
4,936
4,843
5,177
4,874
879
807
840
889
927
885
835
859
799
888
1 ,058
1 ,225
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
34,221
33,842
34,960
35,717
36,037
37,622
37,092
37,801
38,644
8,546
7,657
6,560
4,856
4,193
4,648
4,613
3,875
4,807
6,112
5,118
4,043
2,501
2,172
2,651
2,610
2,025
2,950
2,,434
2 ,538
2 ,516
,356
,020
1 ,998
2 ,003
1 ,851
1 ,857
24,260
24,606
26,409
27,337
28,264
29,412
28,693
30,658
32,040
4,504
4,716
5,070
5,654
5,354
5,609
5,648
5,791
6,028
12,553
12,214
13,307
13,209
13,815
14,625
13,780
15,427
16,391
370
423
453
529
552
586
713
865
851
6,833
7,253
7,580
7,944
8,542
8,593
8,552
8,576
8,770
1 ,414
1 ,579
1,990
3 ,525
3 ,581
3 ,562
3 ,787
3 ,268
1 ,797
35,470
35,137
36,213
36,973
37,284
39,116
38,297
39,449
40,128
2,277
2,120
2,413
2,284
2,582
2,293
2,762
2,939
2,646
603
474
501
491
643
432
393
643
389
1,674
1,647
1,912
1,794
1,939
1,861
2,368
2,296
2,257
32,216
32,073
32,891
33,717
33,638
35,782
34,571
35,406
36,315
4,356
4,874
5,052
5,644
5,469
5,793
5,433
5,735
6,203
19,522
18,243
18,722
18,717
19,120
20,610
20,192
20,340
20,986
3,818
4,206
4,323
4,743
4,419
4,604
4,416
4,375
4,407
4,513
4,749
4,794
4,612
4,630
4,775
4,530
4,956
4,720
976
944
909
972
1 ,063
1 ,041
965
1 ,104
1 ,167
For Note, see p. 114.
2
2
TABLE 2
ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN THE UNITED KINGDOM
In millions of dollars
LIABILITIES
ASSETS
Total
Total
Parent
bank
Other
Total
To foreigners
To U.S.
Claims on foreigners
Claims on U.S.
End of month
Other
Offi- Non- Other
cial
bank
branches Other
forbanks instiof
tutions eigners
parent
bank
Total
Total
Parent
bank
Other
Total
Non- Other
Other
Official
bank
branches Other
forof
banks institutions eigners
parent
bank
Total
1969—Sept.
Oct..
Nov.
Dec.
23,970
23,548
24,331
24,130
12,359
11,891
12,033
11,311
10,966
10,680
10,846
10,043
1,393
1,211
1,187
1.267
11,264
11,338
11,930
12,417
1,768
1,960
1,714
1,702
6,056
5,763
6,795
6,953
196
220
212
289
3,244
3,395
3,209
3,473
347
320
368
403
23,971
23,548
24,331
24,130
1970—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
24.279
24,112
24,160
25,273
25,576
27,000
25,740
26,720
26,828
26,806
27,082
28,451
11,574 10,200
10,521 9,223
9,945 8,789
10,690 9,496
10,061 8,761
10,209 8,915
8,736 7,427
9,424 8,052
9,023 7,620
8,403 6,925
7,276 5,735
6,729 5,214
1,374
1,298
1,156
1,194
1,300
1,294
1,309
1,373
1,403
1,478
1,541
1,515
12,272
13,187
13,811
14,171
15,099
16,352
16,563
16,826
17,250
17,923
19,244
21,121
1,866 6,868
2,012 7,401
2,083 7,754
2,013 7,959
2,248 8,529
2,373 9,457
2,350 9,177
2,315 9,394
2,387 9,672
2,802 9,451
2,957 10,147
3,475 11,095
246
244
275
256
236
205
268
253
259
257
390
316
3,293
3,531
3,699
3,943
4,086
4,317
4,769
4,864
4,932
5,413
5,750
6,235
432
404
403
412
416
439
441
470
555
479
562
601
24.279
24,112
24,160
25,273
25,576
27,000
25,740
26,720
26,828
26,805
27,082
28,451
1971—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
28,478
28,115
28,711
29,082
29,952
31,276
30,710
32,119
33.280
1,684
1,706
1,761
1,545
1,345
1,361
1,398
1.268
1,247
21,330
21,663
22,539
23,414
24,627
25,545
25,140
27,249
28,464
3,700
3,915
3,890
4,307
4,218
4,393
4,448
4,462
4,882
10,898
10,760
11,419
11,584
11,957
12,632
11,953
13,744
14,683
300
338
355
412
433
418
520
558
512
6,432
6,650
6,875
7,111
8,020
8,101
8,218
8,486
8,387
1,084
1,258
1,514
2,524
2,579
2,542
2,473
2,262
1,426
28,478
28,115
28,711
29,082
29,952
31,276
30,710
32,119
33.280
6,064
5,194
4,658
3,143
2,746
3,188
3,098
2,608
3,390
4,380
3,487
2,897
1,598
1,401
1,827
1,700
1,340
2,143
1,863
1,851
1,980
1,571
96
63
76
82
1 ,767
1 ,788
1 ,903
1 ,489
21,608
21,212
21,811
21,920
1,587
1,545
1,344
1,222
14,411
13,905
14,782
14,954
1,432
1,552
1,402
1,235
4,178
4,211
4,283
4,510
499
485
541
639
1,898
1,724
1,692
1,748
1,573
1,531
1,431
1,531
1,406
1,339
101
228
106
82
97
108
100
92
93
91
101
116
1 ,797
1 ,781
1 ,703
1 ,642
1 ,595
1 ,640
i;,473
li,439
i;,338
i;,440
i;,305
i ,222
21,791
21,562
21,770
22,943
23,294
24,719
23,678
24,671
24,849
24,759
25,072
26,520
1,198
1,291
1,401
1,309
1,445
1,709
1,615
1,755
1,909
2,021
2,166
2,320
14,912
14,648
14,531
15,264
15,350
16,622
15,753
16,339
15,974
15,768
15,687
16,533
1,054
1,087
1,250
1,727
1,505
1,744
1,664
1,908
2,425
2,454
2,574
3,119
4,627
4,536
4,589
4,643
4,994
4,644
4,646
4,669
4,541
4,515
4,646
4,548
590
542
581
607
591
533
490
518
548
516
604
592
1,384
1,423
1,533
1,492
1,591
1,565
1,773
2,000
1,658
77
103
103
186
301
147
126
300
117
i,,307
i;,320
ii,430
i;,306
i;,291
i;,419
i.,647
i;,700
i ,541
26,542
26,103
26,597
26,989
27,667
29,021
28,264
29,429
30,877
2,358
2,641
2,586
2,699
2,843
2,931
2,762
3,069
3,344
16,817
15,588
15,942
15,698
16,387
17,578
16,843
17,310
18,431
3,067
3,337
3,615
4,067
3,873
3,967
4,034
4,268
4,318
4,300
4,538
4,454
4,525
4,565
4,545
4,625
4,782
4,785
552
589
581
601
694
690
674
691
745
2,008
1,808
Payable in U.S. dollars
1969—Sept.
Oct..
Nov.
Dec.,
20,571
19,778
20,709
20,641
12,281
1970—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
20,621
20,244
19,995
21,057
21,259
22,155
20,989
21,878
22,015
21,702
21,549
22,574
11,475
10,426
9,861
10,591
9,972
10,135
8,635
9,333
8,941
8,290
7,153
6,596
1971—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
22,478
21,924
22,576
22,786
23,028
24,228
23,282
23,848
24,418
5,950
5,102
4,566
3,057
2,651
3,098
3,010
2,528
3,289
11,804
11,948
11,230
8,133
7,819
8,576
9,201
911
942
867
955
5,418
5,061
5,976
6,265
1,733
1,982
156
155
185
209
20,785
20,065
20,977
20,820
1,861
8,939
9,610
9,950
13,136
14,067
15,655
1,013
1,128
1,182
1,128
1,404
1,407
1,412
1,389
1,524
1,841
1,920
2,223
6,085
6,533
6,775
6,923
7,340
7,880
7,803
7,899
8,227
7,951
8,635
9,420
1,842
1,949
1,994
2,211
2,325
2,500
2,908
2.998
3,050
3,344
3,512
4.012
206
208
183
204
218
232
232
259
273
276
328
323
20,712
20,495
20,330
21,101
21,226
22,239
20,931
21,785
21,890
21,849
21,894
23,005
1,894
1,700
1,623
1,596
1,655
1,496
1,428
1,330
1,404
1,279
1,208
15,710
15,849
16,791
17,534
18,156
18,918
18,155
19,451
20,123
2,483
2,541
2,657
3,133
3,030
3,231
3,219
3,245
3,369
9,129
9,043
9,750
9,861
10,128
10,674
10,031
11,336
11,883
4,099
4,266
4,384
4,541
4.999
5.013
4,906
4.870
4.871
818
972
1,219
2,194
2,221
2,211
2,116
10,262
11,068
11,787
12,122
12,286
12,800
1,805
1,816
22,705
22,118
22,654
22,907
23,198
24,474
23,400
1,868 24,263
1,006 24,742
1,755
1,738
1,492
1,820
1,266
1,291
1,411
1,358
1,455
1,432
1,610
1,790
1,460
79
51
53
60
1,676 18,748
1,687 18,059
1,808 18,812
1,432 18,916
1,205
1,079
932
868
12,880
12,218
13,138
13,302
1,246
1,321
1,218
1,073
3,417
3,441
3,524
3,673
281
268
304
411
89
191
84
48
76
92
86
79
77
68
78
98
1,731
1,703
1,616
1,575
1.520
1,563
1,410
1,349
1,252
1,337
18,551
18,290
18,289
19,122
19,270
20,300
19,187
20,092
20,294
20,185
1,200 20,305
1,110 21,495
869
898
929
880
1,033
1,137
1,082
1,162
1,372
1,375
1,455
1,548
12,865
12,715
12,567
13,044
12,952
14,061
13,196
13,724
13,389
13,251
13,044
13,684
938
914
1,032
1,481
1,266
1,463
1,378
1,634
2,096
2,198
2,295
2,859
3,878
3,764
3,761
3,716
4,019
3,640
3,531
3,572
3,436
3,361
3,510
3,404
342
311
342
356
359
283
247
265
267
260
311
302
66
84
90
173
266
96
89
238
59
1,199
1,207
1,321
1,185
1,189
1,336
1.521
1,552
1,401
1,540
1,707
1,759
1,900
1,902
2,053
1,819
1,900
2,126
13,718
12,531
12,754
12,640
12,967
14,071
13,198
13,445
14,160
2,816
3,001
3,207
3,588
3,368
3,493
3,382
3,501
3,555
3,081
3,301
3,233
3,121
3,142
3,065
3,029
3,249
3,041
283
287
289
299
365
361
361
377
400
21,156
20,539
20,954
21,249
21,378
22,682
21,428
22,095
22,882
For Note, see p. 114.
CO
TABLE 3
ASSETS AND LIABILITIES OF U.S. BANK BRANCHES IN THE BAHAMAS
In millions of dollars
ASSETS
Claims on U.S.
End of month
1969—Sept..
Oct..
Nov..
Dec..
1970—Jan..
Feb..
Mar.,
Apr..
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Claims on foreigners
Total
405
778
697
044
974
302
484
,582
,067
483
;301
466
,470
194
,200
731
,663
561
',755
245
;347
,733
,022
,925
160
LIABILITIES
Total
Parent
bank
Other
Total
Other
branches of
parent bank,
other banks,
and official
institutions
1,209
1,608
1,433
1,538
1,477
1,662
1,470
1,458
1 ,807
1,756
1,488
1,394
1,291
990
1,056
1,119
1,135
1,072
879
935
773
839
890
728
835
1,041
1,409
1,246
1,293
1,217
1,403
1,171
1,136
1,453
1,397
1,130
995
812
500
493
455
396
283
162
169
113
203
267
139
219
168
199
187
244
261
259
299
322
353
359
358
399
479
491
563
664
739
789
718
766
660
635
623
589
615
1,176
1,144
1,241
1,478
1,462
1,600
1,979
2,088
2,213
2,680
2,764
3,015
3,120
3,141
3,084
3,554
3,324
3,286
3,605
3,641
3,880
4,212
4,403
4,573
4,991
739
665
765
951
931
1,027
1,352
1,356
1,415
1,772
1,752
1,921
2,004
1,972
1,813
2,096
1,916
1,721
1,994
1,918
2,038
2,317
2,337
2,564
2,891
Nonbank
foreigners
436
478
476
527
531
573
627
731
798
908
1,012
1,094
1,115
1,168
1,271
1,458
1,408
1,565
1,611
1,723
1,843
1,895
2,066
2,009
2,100
Other
21
26
24
28
35
39
34
37
47
48
49
57
60
63
60
58
205
203
271
669
694
683
729
624
334
Memo:
Assets
payable
in
U.S.
dollars
2,322
2,675
2,564
2,891
2,815
3,129
3,257
3,338
3,841
4,251
4,062
4,221
4,233
3,948
3,953
4,458
4,375
4,254
4,468
4,935
5,062
5,461
5,689
5,590
5,835
To foreigners
Total
To
U.S.
Total
2,404
2,778
2,698
3,044
2,974
3,302
3.486
3,583
4,070
4.487
4,305
4,470
4,475
4,199
4,204
4,731
4,664
4,561
4,756
5,245
5,348
5,734
6,020
5,925
6,162
222
215
213
293
237
244
285
311
366
401
469
488
500
432
357
542
491
382
534
503
646
446
753
696
719
2,163
2,535
2,458
2,718
2,702
3,018
3,158
3,228
3,658
4,034
3,786
3,932
3,920
3,705
3,782
4,117
4,114
4,121
4,171
4,681
4,633
5,221
5,197
5,155
5,359
Other
branches
of
parent
bank
99
97
102
124
117
133
155
175
189
200
197
214
230
212
278
435
705
840
681
1,087
991
1,013
1,125
1,005
931
Other
banks
and
official
institutions
1,699
1 ,739
1,871
1,957
2,017
2,255
2,346
2,392
2,716
3,042
2,775
2,804
2,902
2,706
2,543
2,863
2,568
2,452
2,575
2,706
2,744
3,095
3,139
3,029
3,381
Nonbank
foreigners
364
699
484
637
568
631
657
661
753
792
813
913
788
786
960
819
841
830
915
888
898
1,113
933
1,121
1,048
Other
Memo:
Liabilities
payable
in U.S.
dollars
20
28
27
33
36
39
43
44
46
52
50
51
56
62
65
72
59
58
51
62
68
67
69
74
84
2,324
2,674
2,596
2,932
2,860
3,180
3,362
3,447
3,929
4,348
4,150
4,296
4,326
4,063
4,075
4,606
4,527
4,438
4,633
5,105
5,197
5,596
5,841
5,717
5,963
NOTE.—Components may not add to totals due to rounding.
For a given month, total assets may not equal total liabilities because some branches do not adjust the parent's equity in the branch to reflect unrealized paper profits and paper losses caused by
changes in exchange rates, which are used to convert foreign currency values into equivalent dollar values.
FOREIGN BRANCHES OF U.S. BANKS
115
TABLE 4
ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS NOT REQUIRED TO REPORT MONTHLY
In millions of dollars
September 30, 1969
September 30, 1970
Total
Payable in
dollars
Total
Payable in
dollars
Total assets
Claims on U.S
Parent bank
Other
Other assets
3,589
139
94
45
3,450
702
107
85
22
595
3,276
191
101
90
3,085
673
122
90
32
552
Total liabilities
Liabilities to U.S
Parent bank
Other
Other liabilities
3,588
430
213
216
3,158
704
174
145
29
530
3,276
478
208
269
2,798
730
216
160
55
515
Item
TABLE 5
COMPARISON OF FEDERAL RESERVE AND TREASURY REPORTING SYSTEMS FOR FOREIGN BRANCH ASSETS
Amounts as of Sept. 30, 1969, in millions of dollars
Federal Reserve
Treasury
Main factors accounting for differences
Category
Total assets
Category
Amount
Amount
35,115
38,620
Total assets
1. Treasury received reports from a larger number of
branches;
2. Some reports to the Treasury were for a business
month; and
3. Treasury category differed as follows:
14,338
13,675
Dollar claims on parent
Excluded nondeposit claims on parent banks, assets sold
by parents to branches under repurchase agreements,
and foreign currency claims on parents.
Included foreign currency claims on parent banks and
deposits in foreign banking subsidiaries of parents
and excluded nondeposit claims on other branches.
Claims on—
Parent bank
Other U.S
Other foreign branches of
parent
1,703
O)
3,683
4,178
Deposits in other foreign
branches of parent
Other foreign banks
8,055
7,365
Official institutions
Nonbank foreigners
487
5,934
O)
Deposits in other foreign Excluded nondeposit claims on foreign banks and
banks
claims on foreign banking subsidiaries of parents.
Other assets
915
9,189
4,214
1
Included in "Other assets."
Loans to foreigners other
than banks
Other assets
Included loans to nonbank foreigners purchased from
parents under repurchase agreements.
Included claims on "other U.S.," claims on "official
institutions," and nondeposit claims purchased from
parents under repurchase agreements, except such
claims on nonbank foreigners.
Form F . R . 502
F o r m Approved
Budget Bureau N o . 55-R0237
Name of parent bank
Location of branch _
Street address
City
Country
For Federal Reserve Use Only
Parent Bank F . R . District N o .
State N o .
Bank N o .
Branch Country Code N o .
Branch Code N o .
Date
(As of last business day of month)
Monthly Report on Foreign Branch Assets and Liabilities
(Amounts in thousands of U . S . dollars)
ASSETS
1.
2.
Payable in U . S . Dollars
(1L)
millions
thousands
Payable in Other Currencies
C0
thousands
millions
millions
Total
CJ)
thousands
Line
code
01
Total
a/
Claims on U . S . addressees, Total —
02
3.
Parent
03
4.
Other U . S . addressees
04
5.
Claims on n o n - U . S . addressees, Total
05
6.
Official institutions
06
7.
Other foreign branches of parent
bank in same country E '
07
8.
Other foreign branches of parent
bank in other countries £ '
08
9.
Other banks
09
10.
Nonbanks
10
11.
Other a s s e t s , Total
12,
Of w h i c h , securities
11
12
LIABILITIES
13. Total
13
14.
14
Liabilities to U . S . addressees, Total
15.
Parent bank
15
16.
Other U . S . addressees
16
17.
17
Liabilities to non-U.S. addressees, Total
18.
Official institutions
18
19.
Other foreign branches of parent
bank in same country
19
Other foreign branches of parent
bank in other countries £ '
20
21.
Other banks
21
22.
Non-banks
22
20.
23j
Other liabilities
23
&
Payable in IJ.S. Dollars
Time to Maturity
Time to Maturity
more than 1 y r .
1 year or less
(2 )
1
0L)
mill's
thou s
mill's
thou's
MATURITY OF ASSETS
Payable in Other Currencies
Time to Maturity
Time to Maturity
more than 1 y r .
1 year or less
mill's
00
thou's
mill's
• )
thou's
Total
(f>)
mill's
thou's
2 4 . Claims on other banks outside
U . S . (excl. other foreign
branches of parent)
(line 9)
24
2 5 . Claims on nonbanks outside
U . S . (line 10)
25
2 6 . Total (lines 24 and 25)
Memoranda:
2 7 . Deposits of and direct borrowings from U . S . addressees
(excluding U . S . Parent bank) with time to maturity of
more than 1 year (included in line 16, column (1))
26
Payable in U .S. dollars
thousands
millions
27
2 8 . Deposits of and direct borrowings from U . S . addressees that
are international finance subsidiaries of U . S . direct
investment companies (included in line 16, column (1)) — '
28
BEFORE PREPARING THIS REPORT PLEASE READ CAREFULLY THE GENERAL AND SPECIFIC INSTRUCTIONS ON REVERSE SIDE
Official Signature
INSTRUCTIONS
Section I —
A.
B.
C.
General Instructions
Introduction
This report form is designed to cover the assets
and liabilities of foreign branches of Member Banks of the
Federal Reserve System.
5 . "Other foreign branches of parent bank." The
term "other foreign branches of parent bank" includes all
branches outside the United States, except branches in U . S .
military facilities (which are to be included with "parent
bank"); the term includes all branches, whether or not they
are exempt from a reporting requirement (see paragraph C ,
above.) Subsidiaries of the parent bank located outside
the United States are to be included with "other banks" if
they are banks within the definition of (6) below; otherwise they are to be included with "nonbanks."
Who must r e p o r t . Member banks are to file monthly reports
prepared by their branches located outside the United States,
excluding branches in U . S . military facilities. Reports are
to be prepared as of the close of business on the last business day of the month in the country in which the branch is
located. The member bank should file the reports with the
Federal Reserve Bank in its District by the 25th of the
month following the report date.
Exemptions.
6 . "Other banks." Jhe term "other banks" includes commercial banks, savings b a n k s , discount houses
and other similar institutions accepting deposits. Nationalized and other banking institutions owned by central
governments should be regarded as foreign "banks" if they
are not functioning as central b a n k s . Development banks
and similar institutions should not be included with other
banks; include them with nonbanks.
Reports are to be filed for:
1. A l l branches in the Bahamas (unless specific
exceptions are made by the Board of Governors) and for Qther
designated branches;
2 . A l l branches in Europe whose total liabilities
payable in U . S . dollars amount to $10 million or more; and
Valuation. Assets or liabilities payable in foreign currency should be converted into dollars at the exchange
rate prevailing on the report d a t e , except where your
standard practice calls for a different procedure.
3 . A l l other branches whose total liabilities payable in U . S . dollars amount to $30 million or more.
Reporting of assets and liabilities payable in more than
one currency. Report in Column 1 only those assets or
liabilities payable only in U . S . d o l l a r s . If an asset
or liability is payable in dollars and/or another currency, enter the value in Column 2 .
If total liabilities payable in U.S. dollars of a
branch in Europe amount to $10 million or m o r e , or of other
branches outside the Bahamas (or other designated areas)
amount to $30 million or m o r e , on any report date, reports
should continue to be filed for that branch for each remaining month in the calendar year regardless of the amounts of
liabilities of that branch payable in U . S . dollars on subsequent report dates during the calendar y e a r .
In reporting the maturity breakdown of certain
assets a branch may elect to include in lines 24 to 26 only
those loans, c r e d i t s , overdrafts, and acceptances of $100,000
or more per individual item, or equivalent amount in foreign
currencies.
Alternatively a branch may elect to report on
lines 24 to 26 all loans, credits, overdrafts and acceptances reported on lines 9 and 10.
Section II -- Specific Instructions
(See references on report form
for (a) through (e))
(a)
Include in lines 2 through 10 only claims
that represent loans, mortagages, credits, overdrafts,
customers' liabilities on acceptances and deposits
(including negotiable certificates of deposit).
Include in line 11 ("Other assets") claims such as
securities (including short-term money market paper),
investments, accrued interest receivable, e t c .
Method of submitting data to Federal Reserve Bank. The
parent U . S . bank should file a separate report for each
branch required to report.
Include in line 3 all advances to U . S . parent
bank and balances due from parent bank as well as all
loans, securities or other assets purchased from the U . S .
parent bank under a specific repurchase agreement.
Include in the appropriate line (4 through 11) all assets
acquired from parent without repurchase agreement.
D e f i n i t i o n s . The definition of maturity for this form
is time remaining to maturity.
1. "United States." The term "United States"
includes the States of the United States, the District of
C o l u m b i a , the Commonwealth of Puerto Rico, and the following:
A m e r i c a n Samoa, Canal Zone, Guam, Midway Island, Virgin
Islands, and Wake Island.
2 . " U . S . addressee." The term "U.S. addressee"
includes any person or corporation whose principal address,
according to the records of the reporting b r a n c h , is in the
United States. The branch may use as the principal address
that address to which statements of the customer's account
(or receipted notes) are sent.
3 . "Parent bank." The term "parent bank" includes
all offices and branches of the reporting bank located in the
United States, as well as affiliates and Edge Act subsidiaries
organized in the United States in which the reporting bank or
holding company which owns the bank holds at least 50 per cent
interest. The term "parent bank" also includes branches in
U . S . military facilities abroad.
4 . "Official institution." The term "official
institution" includes: central governments of foreign
countries and of their possessions; recognized central banks
of issue; stabilization funds; exchange control offices; and
fiscal agents of national governments which have as an important part of their functions activities similar to those of
a treasury, central b a n k , or a stabilization fund. The term
also includes the Bank for International Settlements (BIS),
the European Payments Union (EPU), and the International
Monetary Fund (IMF). The term does not include non-monetary
international institutions, such as the International Bank
for Reconstruction and Development, the Inter-American
Development Bank, and the Asian Development Bank; these
latter types of institutions are to be included with nonbanks (lines 10 and 22). Moreover, branches or agencies in
the United States of "foreign official banking institutions"
are to be considered as United States addressees for the
purpose of this report.
(b)
Include in lines 7 and 19 claims on and liabilities to all other branches of the parent bank located
in the same country as the reporting b r a n c h , whether or
not these other branches are exempt from reporting (see
paragraph C , General Instructions).
(c)
Include in lines 8 and 20 claims on and liabilities to other non-U.S. branches of the parent bank
that are located outside the country of domicile of the
reporting branch; include such claims and liabilities
whether or not the particular branches against which
the claims and liabilities exist are exempt from reporting (see paragraph C , General Instructions).
(d)
Include in lines 14 through 22 only liabilities
that represent deposits or direct borrowings, including
rediscounts. Include in line 23 liabilities on acceptances sold, e t c . , the permanent investment of the parent
bank in the b r a n c h , and other branch liabilities such as
accrued taxes and expenses. Include in line 15 advances
from U . S . parent bank or balance due to parent b a n k .
(e)
Enter in line 28 the b e s t figure available
from your existing records on y o u r liabilities to U.S.
addressees that are international finance subsidiaries
of U . S . direct investment companies. A list of such
subsidiaries w i l l be supplied, and updated from time to
time. As defined in Section 1000.323 of the Foreign
Direct Investment Regulations, an international finance
subsidiary is a U . S . corporation owned entirely by a U.S.
direct investor, the principal business of which is to
borrow funds from foreign nationals and to invest such
funds in foreign affiliates. If any deposits of such
subsidiaries have maturities of more than one y e a r ,
they should also be included in line 2 7 .
ro
o
Form F.R. 503
Form Approved
Budget Bureau No. 55-R0237
Name of parent bank
Location of branch
Street address
City
Country
For Federal Reserve Use Onl?
Parent Bank F.R. District No.
State No.
Bank No.
Branch Country Code No.
Branch Code No.
Date
{As of last business day of September)
Annual Supplement to Monthly Report on Foreign Branch Assets and Liabilities
(Amounts in thousands of U.S. dollars)
ASSETS
1.
2.
Payable in Other Currencies
(2)
thousands
millions
Total
(3)
millions
Line
code
thousands
01
Total
02
Claims on U.S. addressees, Total
3.
Parent bank
4.
Other U.S. addressees
5.
Payable in U.S. Dollars
(1)
millions
thousands
03
|
04
05
Other assets
LIABILITIES
6.
7.
06
Total
07
Liabilities to U.S. addressees
8.
Parent bank
08
9.
Other U.S. addressees
09
10
10.
Other liabilities
BEFORE PREPARING THIS REPORT PLEASE READ CAREFULLY THE GENERAL AND SPECIFIC INSTRUCTIONS ON REVERSE SIDE
Official Signature
INSTRUCTIONS
Annual Supplement
Section I —
General Instructions
A.
Introduction
This report is designed to cover the assets and liabilities
as of the end of September of any year of those foreign branches of
Member Banks of the Federal Reserve System which were exempt from
filing a Monthly Report on Foreign Branch Assets and Liabilities
(Form F.R. 502) for that month. (See Section I, C of the Monthly
Report of Foreign Branch Assets and Liabilities, Form F.R. 502, for
provisions regarding exemptions.)
B.
Who must report. Member banks are to file an annual report on
behalf of any branch located outside the United States, excluding
branches in U.S. military facilities, that is not required to file
a report on Form F.R. 502 for the month of September. Reports are
to be filed on this form as of the close of business on the last
business day of September in the country in which the branch is
located. The member bank should file the reports with the Federal
Reserve Bank in its district by November 15 of the year in which
the report is filed.
C.
Exemptions. There is no exemption from filing this report for any
branch not required to file Form 502 as of the end of September.
D.
Method of submitting data to Federal Reserve Bank. The parent U.S.
bank should file a report for each branch required to report.
E.
Definitions. The definitions for this form correspond to those on
the Monthly Report on Foreign Branch Assets and Liabilities.
3. "Parent bank." The term "parent bank" includes all
offices and branches of the reporting bank located in the United
States, as well as affiliates and Edge Act corporate subsidiaries
organized in the United States in which the reporting bank or a
holding company which owns the bank holds at least 50 per cent
interest. The term "parent bank" also includes branches in U.S.
military facilities abroad.
F.
Valuation. Assets or liabilities payable in foreign currency
should be converted into dollars at the exchange rate prevailing
on the report date, except where your standard practice calls for
a different procedure.
G.
Reporting of assets and liabilities payable in more than one currency.
Report in Column 1 only those assets or liabilities payable only in
U.S. dollars. If an asset or liability is payable in dollars and/or
another currency, enter the value in Column 2.
Section II -- Specific Instructions
(a)
Include in line 3 advances to U.S. parent bank and balances
due parent as well as all loans, securities or other assets purchased
from the U.S. parent bank under a specific repurchase agreement.
Include in the appropriate line (4 or 5) all assets acquired from
parent without repurchase agreement.
1. "United States." The term "United States" includes
the States of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, and the following: American Samoa,
the Canal Zone, Guam, Midway Island, Virgin Islands, and Wake
I8land.
2. "U.S. addressee." The term "U.S. addressee" includes
any person or corporation whose principal address, according to the
records of the reporting branch, is in the United States. The branch
may use as the principal address that address to which statements of
the customer's account (or receipted notes) are sent.
Include in lines 2, 3, and 4 only claims on U.S. addressees
that represent loans, mortgages, credits, overdrafts, customers' liabilities on acceptances, and deposits (including negotiable certificates
of deposit.) Include in line 5 ("Other Assets") all other claims on
U.S. addressees, as well as all claims on non-U.S. addressees.
(b)
Include in lines 7, 8, and 9 only liabilities that represent
deposits of or direct borrowings from U.S. addressees, advances from
the parent bank or balances due the parent bank. Include the permanent
investment of the parent bank in the branch, and all other liabilities,
in line 10.
Statement to Congress
Statement by Arthur F. Burns, Chairman, Board of Governors of the Federal Reserve System, before the Joint
Economic Committee, February 9, 1972.
I am glad to appear before this committee once again to report the views of the
Board of Governors of the Federal
Reserve System on the state of our national economy.
The early months of the past year
presented an extraordinary challenge to
our national policies. Although a recovery
had commenced in economic activity, it
proceeded at a rather sluggish pace. Although the number of men and women
at work was again rising, the advance
was no faster than that of the labor force;
hence unemployment continued at a 6 per
cent rate. Although gains in productivity
were resuming, they had yet to display
the vigorous improvement characteristic
of earlier cyclical recoveries. And, despite much idleness of men and equipment, wages and prices continued to
rise at a virtually undiminished pace.
Moreover, the competitive position of
the United States in international trade
was deteriorating further, confidence in
the exchange value of the dollar was
weakening, and a massive shift out of
dollars and into foreign currencies was
getting under way.
In mid-August of last year, the President
took bold and comprehensive steps to deal
with these accumulated economic ills;
for it had become reasonably clear by then
that the performance of the economy
was eluding our national goals.
The new economic policy had four
major objectives: first, to slow sharply
and at once the rate of inflation and
thereby break the inflationary psychology
gripping the Nation; second, to set in motion forces that would stimulate more
rapid expansion in aggregate demand and
a decline in unemployment; third, to
promote increased efficiency in our
factories, mines, and other workshops;
fourth, to set the stage for a reinvigoration of export trade, restoration of confidence in the exchange value of the dollar,
and progress toward a sustainable equilibrium in the balance of payments.
The major new initiatives announced
by the President included a 90-day freeze
on virtually all prices and wages, to be
followed by a more flexible price and wage
policy; some selective reductions in
taxes, including restoration of the investment tax credit; a temporary surcharge of 10 per cent on imports; and
suspension of convertibility of dollars into
gold or other reserve assets. The Congress in its turn moved with exemplary
speed to enact the basic tax measures
recommended by the President, and to
strengthen the legislative basis for the new
wage-price policy.
The Nation responded with a sense of
exhilaration to the new economic policy;
for it meant that we as a people could and
would deal energetically with our major
economic problems—inflation, unemployment, inadequate growth in output and
productivity, and imbalance in international payments. A new confidence in our
Nation's economic future was felt all
around.
123
124
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
But, as so often happens in human affairs, the first blush of enthusiasm gave
way to a more cautious appraisal of the
problems yet confronting the economy.
Doubts gradually began to be expressed
about the effectiveness of the control
program that supplanted the freeze, about
the strength of the economic recovery,
or about the durability of the Smithsonian currency agreement negotiated last
December.
These are understandable concerns and
it would be foolhardy to dismiss them.
Surely, we must recognize that uncertainty is inherent in all economic life,
that the deep-seated economic problems
we have been struggling with have not yet
been solved, that more—perhaps much
more—remains to be done to restore the
conditions for lasting prosperity. Indeed,
we must try to see to it that the momentum generated by the new economic
policy of last August is sustained in the
months to come.
But if all this is worth keeping in
mind, it is all the more important to
recognize the solid evidence of improvement that has occurred since last
August in the economic and financial
scene. The brief freeze on wages and
prices turned out to be an outstanding
success. True, deferred increases went into effect when the freeze ended, causing
an upsurge in average wage rates and to a
lesser extent in prices. Nevertheless, both
wages and prices have advanced at markedly lower rates since August 1971 than
they did earlier in 1971. Moreover, demands for very large increases in wages
seem less pervasive now than at any
time in recent years, due in large part to
the controls now in existence.
Financial markets have reacted constructively to this slackening pace of inflation. Interest rates have declined, as the
inflation premium in the cost of credit has
been whittled away. Yields on highgrade corporate and State and local government bonds have fallen about 75 basis
points since last summer despite continued
heavy demands on the capital markets.
The rate of interest charged by some banks
on prime business loans has dropped to
the level prevailing in the early 1960's.
Interest rates on mortgages have been
moving down. And stock prices have risen
significantly since August, reflecting the
greater confidence with which individuals and businesses view the future.
This increased confidence has been
evident also in markets for goods and for
labor. Consumers stepped up their buying
of new cars and other durable goods last
fall, and they were willing to go into debt
to do so. This was a major factor in the
quickening pace of economic activity in
the fourth quarter. The demand for
capital equipment, which had been conspicuously weak, is now appreciably
stronger than last summer. And of late
business firms have been adding substantially to their work forces; by the
fourth quarter of 1971, civilian employment had risen more than a million
from its level 6 months earlier, and a
further significant increase occurred this
January.
Gains have also been made in restoring
confidence
internationally.
The
readjustment of currency values negotiated
in December by the Group of Ten countries was an event of far-reaching significance. While concern about international trade and finances has by no means
ended, the uncertainties that had been
troubling businessmen and the exchange
markets have been greatly reduced. Confidence in continuing growth of the world
economy and of international trade is now
much stronger than it was last fall.
All these signs indicate that our people
can look to the future with more confident
STATEMENT TO CONGRESS
expectations. The state of confidence,
however, is always apt to be delicately
poised in the early stages of economic recovery. It is therefore vitally important,
now that the Federal Government has
become such a large factor in our Nation's economy, that its operations and
policies be conducted in ways that sustain the more confident public mood
released by the new economic policy.
If that is accomplished, the prospects will
be very favorable for a quickening tempo
of economic expansion in the year and
years ahead.
Several major areas of private demand
offer promise of additional stimulus to
economic activity during 1972. Business
inventory policies have been conservative throughout 1970 and 1971. As
sales pick up, there will be a need to keep
larger inventories on hand. Fixed capital
expenditures by business firms should
also move up. Over the past 2 years these
outlays declined in real terms, so that a
backlog of postponed projects has in all
probability accumulated. Recent surveys
already indicate a substantial rise in
planned capital expenditures during 1972
—an anticipation supported by a marked
rise in manufacturers' new capital appropriations and the recent strengthening in
new orders for capital equipment and in
construction contract awards.
A more rapid pace of consumer spending may well be an additional source of
stimulus in 1972. The rate of personal
saving has been abnormally high for an
extended period, and consumers have accumulated large amounts of liquid assets
that could be drawn down. The tax reductions resulting from recent legislation
will provide additional support to consumer buying power this year.
As buying of goods or services goes up
in one sector, its strength will be
transmitted to other sectors, and the
125
economic expansion will gather momentum. This is a familiar process in
business cycle history, and it seems
likely that we are even now experiencing
such a development.
The Federal budget for fiscal 1973 that
has just been presented to the Congress
seems broadly consistent with the objective
of more rapid economic expansion, for it
embodies a good deal of further stimulation through both higher expenditures
and tax reductions. I recognize that the
budget deficit reflects preponderantly the
shortfall in the performance of the
economy. Yet, as I contemplate the future, the sheer size of the projected fiscal
1972 deficit—close to $40 billion—gives
me some pause.
To maintain the public confidence that
is so vital to the achievement of faster
economic expansion, I consider it crucial
to make tangible progress toward a more
balanced fiscal position in the 1973
budget and beyond. Whether or not the
projected revenues are realized will depend principally on the strength of economic recovery. On the other hand, the
projections of further increases in expenditures are largely within the control of the
Congress. I would urge, in keeping with
the President's recommendation, that the
Congress impose a rigid ceiling on fiscal
1973 expenditures—a ceiling to be treated
as inviolate except in the event of a grave
national emergency. This necessary discipline, which I have urged on other occasions, would go far to reassure the public
that the Federal budgetary process is not
out of control.
Let me turn now to the role that monetary policy needs to play in furthering
national objectives this year. Clearly, our
monetary affairs—no less than our fiscal
affairs—must be kept in order, so that
public confidence in our monetary management is maintained. An unduly ex-
126
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
pansive monetary policy would be most
unfortunate, particularly in view of the
large Federal budgetary deficits now projected. We need always to be mindful of
the fact that increases in money and credit
achieved today will still be with us tomorrow, when economic conditions may
no longer be the same as they are today.
At this stage of the business cycle it
is essential to pursue a monetary policy
that will facilitate good economic recovery. Supplies of money and credit
must be sufficient to finance the growth
in consumer spending and in investment
plans that now appears in process. Let
me assure this committee that the Federal Reserve does not intend to let the
present recovery falter for want of money
or credit. And let me add, just as firmly,
that the Federal Reserve will not release
the forces of a renewed inflationary
spiral.
We are now in a favorable position to
provide the monetary support needed for a
quickening pace of production and employment. While expansion in the supply
of money and credit was relatively brisk
during 1971, we successfully avoided an
unduly rapid growth of liquidity.
No single measure of money or credit
represents adequately the impact of
monetary policy on the economy. Let me
nevertheless cite a few salient facts.
Growth of the narrowly defined money
supply—that is, currency and private demand deposits—amounted to 6.2 per
cent during 1971, compared with 5.4 per
cent in 1970. If the money supply is
defined more broadly, so as to include also
consumer-type time and savings deposits at
commercial banks, the rate of growth
was 11.1 per cent during 1971, compared with 8.1 per cent in the previous
year.
These 1971 growth rates of money
balances are at the upper end of the
range witnessed over the postwar period.
That is what should happen at a time of
sluggish economic growth, as this committee has pointed out.
The substantial increase of the money
supply, as variously measured, was accompanied by abundant and readily
available supplies of credit. Inflows of
deposits at the nonbank thrift institutions were unusually large, and they permitted a record increase in the volume
of mortgage borrowing. Residential construction was greatly stimulated, and new
housing starts rose to unprecedented
levels by the fourth quarter. Business
firms were able to fund short-term debt
and to rebuild their liquidity position.
State and local governments too, finding a ready market for their securities,
were able to expand fairly rapidly their
outlays on public goods and services.
Interest rates fluctuated over a fairly
wide range last year as financial markets
were buffeted by international as well as
domestic disturbances. In the spring and
early summer, inflationary expectations
worsened, and interest rates moved up
despite the ready availability of funds.
But they declined again after the announcement of the new economic policy in
August. By the end of 1971, interest rates
on virtually all types of debt instruments
had fallen below the levels prevailing at
the beginning of the year.
Looking at 1971 as a whole, the growth
in money and credit was, I believe,
consistent with the needs of an expanding
economy. There were, nonetheless, sizable variations in monetary growth rates
—particularly in the narrowly defined
money stock, which rose rapidly in the
first half of the year and slowly thereafter.
These variations reflected the public's
changing demand for cash balances, which
is related not only to the need to finance
current expenditures but also to the desire
to hold money for precautionary reasons.
Given the changing state of confidence
STATEMENT TO CONGRESS
during 1971, there is reason to believe that
precautionary demands for cash intensified
during the spring and then subsided following the August announcement of the
new economic policy.
To some degree, however, the variations
in monetary growth resulted from shifts of
emphasis in monetary policy. Early in
1971, the Federal Reserve sought to promote a rate of monetary growth sufficient
to make up for the shortfall in late 1970.
With precautionary demands for funds
burgeoning unexpectedly at that time,
key monetary aggregates expanded at a
faster pace than expected or than would
have been desirable for any length of
time. Monetary policy, therefore, moved
gradually during the spring and summer
to restrain excessive monetary growth.
Once again, the change sought was
magnified during August by outflows of
dollars to foreign money centers, and
later—over a longer stretch—by an unforeseen upsurge of domestic confidence
and consequently smaller precautionary
demands for ready cash.
In recent months, the Federal Reserve
has sought to encourage a faster rate of
monetary expansion than occurred in the
late summer and fall of last year. Open
market operations have been conducted
with more emphasis on increasing the reserve base of the banking system. In the
5 months from September through January, total bank reserves rose at an annual
rate of over 8 per cent. Thus far, much of
this increase has supported an accelerated
growth in time deposits. But, in due
course, the narrowly defined money stock,
on which so much emphasis is nowadays
placed by some single-minded observers,
will also respond; preliminary calculations
indicate that this aggregate rose more
rapidly in January than in the immediately preceding months.
The additions to bank reserves have
helped to move interest rates down in
127
recent months, especially short-term rates.
With the passage of time, this effect should
become diffused as the additional funds—
the reserves and the deposits they support
—are employed to finance consumer loans,
or mortgage loans, or for other purposes.
It would not be surprising, therefore, to
see short-term interest rates rise somewhat
as economic expansion carries the economy to higher levels of resource use.
On past occasions, a rise in short-term
interest rates has more frequently than not
induced a similar increase in long-term
rates. At the present time, however, the
differential between short-term and longterm rates is unusually wide. If further
progress is made in dampening inflationary
expectations, there need not be any rise
in the cost of long-term funds. In fact, my
hope is that further downward adjustments in long-term interest rates will occur in the months ahead, and that credit
will remain in abundant supply for housing, for State and local construction, and
for our Nation's business firms.
Before closing, let me turn briefly to
other financial and economic issues. I have
already referred to the significance of the
Smithsonian agreement of December 18.
I have little patience with the view that
this agreement will prove to be fragile.
The nations participating in the negotiations last fall realized that much was at
stake. They still do. All of us are compelled by our own economic interests to
continue in the same spirit of cooperation that led to the agreement.
There is, however, much unfinished
business at hand. Legislation is needed to
permit a change in the official dollar price
of gold, as called for by the Smithsonian
agreement. This legislation will soon be
considered by the Congress, and I strongly
recommend swift approval.
Over the longer run, we and our trading partners must fashion a new and
stronger international economic order.
The issues are many and complex. A
searching re-evaluation will be needed of
the roles played by gold, reserve currencies, and Special Drawing Rights in
settling international accounts. Sufficient
flexibility in exchange rates will be essential to prevent large and persistent
balance of payments problems. The circumstances under which the dollar may
again be convertible into international
reserve assets will have to be reviewed
carefully. And determined new efforts
will be required to reduce impediments
to the international flow of goods, services,
and capital.
Progress in these areas will not be rapid.
But it is essential to the health of every
national economy, including ours, that we
get on with the job.
In the domestic sphere, the most urgent
need is to realize the promise of our
present wage and price policy. The return
to a free-market economy will be speeded
if the Pay Board and the Price Commission
find ways to deal more successfully with
outsized requests for wage and price increases. It is of great importance that the
Pay Board resist pressures to reach compromises in specific cases that threaten to
undermine its over-all objective. The
Price Commission is less subject to this
hazard, since its decisions do not involve
direct conflict between labor and management. Its efforts to hold down prices must
be pursued with the utmost vigor, and yet
leave sufficient scope for confident and
constructive business behavior. For more
rapid economic expansion is no less important at this juncture of our Nation's
history than bringing the rate of inflation
down to 2Vi per cent by the end of this
year.
The jobs of both of these bodies will
be lightened if improvements in productivity accelerate. Our performance in
this critical area has deteriorated in recent
years relative to that of other industrial
128
countries and of our own past. Resumption
of rapid productivity growth is fundamental to our longer-term prospects. With
higher productivity gains, we could have
significant wage increases, larger profit
margins, and numerous individual price
declines within a framework of a stable
level of average prices; our ability to
compete with foreign producers would
be greatly enhanced; and our national
aspirations for cleaner air and water, for
halting the process of urban decay, for
better housing, and a host of other things
would be more readily achieved.
Elevating the growth rate of productivity will require a many-sided effort, with
full participation by the public and private
sectors. A larger commitment of resources
to technical research and to new and improved capital equipment will be needed.
Labor and management will also need to
get together in joint ventures to increase
productivity within the individual firm and
plant. This can best be done by assuring
workers that they will individually share
in the benefits of improvements in output
per manhour. Productivity councils at the
community and plant level could help to
achieve this objective, and—thanks to the
initiative of the Congress—the National
Commission on Productivity will shortly
be initiating a program to establish such
councils.
A serious national effort to increase
economic efficiency should also include
the most careful consideration of the steps
needed to reduce abuses of private economic power, whether of business or labor.
That, I think, is an objective toward which
the great majority of the American people
quietly aspire. Once our labor and
product markets become more competitive, there will be little or no need in the
future for direct wage and price controls
such as we have recently instituted. This,
too, would strengthen the foundation of
confidence on which our economy rests.
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.
The records for the meetings held in 1971 through September 21 were
published in the B U L L E T I N S for April, pages 3 2 0 - 2 7 ; May, pages 3 9 1 - 9 8 ;
June, pages 5 0 3 - 1 1 ; July, pages 5 9 9 - 6 0 6 ; August, pages 6 6 3 - 7 1 ;
September, pages 7 1 5 - 2 2 ; October, pages 8 2 0 - 2 7 ; November, pages
9 2 5 - 3 0 ; December, pages 9 8 9 - 9 9 ; and January 1 9 7 2 , pages 3 3 - 3 9 . The
records for the meetings held on October 19, November 16, and December 14, 1971, follow:
129
130
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
MEETING HELD ON OCTOBER 19, 1971
Authority to effect transactions in System Account.
Information reviewed at this meeting indicated that the increase in
real output of goods and services in the third quarter was of only
modest proportions, in part because of reductions in steel inventories
after the threat of a steel strike was eliminated by the August 1
agreement on a new labor contract. However, there were indications
of a strengthening in economic activity following the mid-August
announcement of the Government's new economic program. Staff
projections suggested that real GNP would grow considerably faster
in the current quarter and in the first half of 1972 than it had in the
third quarter, and that the rise in prices would be appreciably slower.
In September retail sales expanded further, mainly because of the
sharp rise in purchases of new domestic automobiles that had begun
in mid-August. Retail sales were considerably higher in the third
quarter as a whole than in the second quarter. Industrial production,
after having declined in July and August, increased somewhat in
September, chiefly as a result of partial recovery in output of steel.
Total nonfarm payroll employment rose appreciably, in part because
of widespread gains among manufacturing industries, and the unemployment rate edged down to 6.0 from 6.1 per cent in August despite
a sizable increase in the civilian labor force. Although the number
of private housing starts fell in September, the total for the third
quarter was a record high.
Wholesale prices of industrial commodities declined slightly from
mid-August to mid-September—the first monthly decrease in several
years. The number of increases among classes of industrial commodities dropped sharply, reflecting the 90-day freeze, and prices of motor
vehicles were reduced as the 1971 model-year came to an end. The
rise in wage rates apparently also slowed significantly following imposition of the freeze. The general framework of the post-freeze stabilization program, including provision for a Price Commission and a
Pay Board, was described in an address by the President on October 7
and in subsequent statements by administration officials.
RECORD OF POLICY ACTIONS OF FOMC
The latest staff projections for the fourth quarter contemplated a
larger increase in Federal expenditures than those prepared 4 weeks
earlier, mainly because it was now assumed that the military pay
raise associated with the development of a volunteer armed force
would be effective in mid-November rather than on January 1. Expansion in residential construction outlays was expected to be substantial,
although well below the unexpectedly large gain in the third quarter.
For other sectors, projections were about the same as 4 weeks earlier.
Thus, it was anticipated that the real volume of consumer spending
would increase appreciably; that State and local government expenditures would continue to expand at a substantial rate; that business
capital outlays would change little; and that inventory investment
would rise.
The expectation that real GNP would continue to grow in the
first half of 1972 at about the rapid rate anticipated for the fourth
quarter was based in part on the assumption that tax measures along
the lines of those recently approved by the House of Representatives
would be enacted into law. It was expected that consumer expenditures would rise substantially further as a result of advances in disposable income that reflected cuts in personal income taxes as well
as increases in employment; and it appeared likely that a renewed
expansion in business outlays for plant and equipment would be stimulated by the upswing in production, along with the investment tax
credit. Also, business inventory investment was projected to increase
considerably in response to the rise in final sales and the need for the
auto industry to replenish depleted stocks.
U.S. imports again exceeded exports by a substantial margin in
August, and in July and August together the trade deficit remained
at about the second-quarter rate. Contributing to the July-August
deficit was an acceleration in imports in anticipation of the East
Coast port strike, which began on October 1. Outflows of short-term
capital in September were much smaller than the massive outflows
in August.
In foreign exchange markets, rates for most major currencies had
risen further against the dollar in recent weeks. Some foreign central
banks acquired substantial amounts of dollars in September and early
October in the process of limiting appreciation of their currencies.
Interest rates on market securities had declined in recent weeks to
131
132
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
levels somewhat below those to which they had dropped immediately
after announcement of the new economic program in mid-August.
Among the factors contributing to the declines were the developments
with respect to the post-freeze stabilization program and growing
expectations of a more stimulative monetary policy in the light of
recent slackening in the expansion of the monetary aggregates and
moderate easing of money market conditions. Although the volume of
new issues of corporate bonds rose substantially from August to September and that of State and local government issues also increased,
it appeared that total offerings in those sectors would decline somewhat in October and November.
The market for Treasury bills was influenced not only by the easing
of money market conditions but also by the continuing demands for
bills on the part of foreign central banks. On the day before this
meeting the market rate on 3-month bills was 4.45 per cent, about
25 basis points lower than 4 weeks earlier and 70 basis points lower
than on August 13.
The Treasury was expected to announce on October 27 the terms
on which it would refund securities maturing on November 15, including about $3.8 billion held by the public. Market participants expected
the Treasury to pre-refund some issues and to offer some longer-term
issues, making further use of the limited authority to sell bonds with
a yield above AVa per cent.
Contract interest rates on conventional new-home mortgages, which
had risen over the preceding 4 months, were unchanged in September. Yields in the more sensitive secondary market for federally
insured mortgages edged down for the second consecutive month.
Inflows of savings to nonbank thrift institutions increased in September, but for the third quarter as a whole they were well below the
extraordinary rates in the first two quarters of the year.
At commercial banks, business loans rose moderately in September
following the very large increase that had occurred in August in connection with developments in foreign exchange markets. Other categories of loans—especially real estate, consumer, and security loans—
expanded appreciably. Banks acquired sizable amounts of short-term
municipal securities but reduced their holdings of U.S. Government
obligations for the third consecutive month.
The narrowly defined money stock (private demand deposits plus
RECORD OF POLICY ACTIONS OF FOMC
currency in circulation, or M i ) declined in September, after having
increased at a sharply reduced rate in August. Inflows of consumertype time and savings deposits remained relatively small, and the
broadly defined money stock (M x plus commercial bank time deposits
other than large-denomination CD's, or M 2 ) increased only slightly.
Over the third quarter M x and M 2 grew at annual rates of about 3
and 4.5 per cent, respectively, compared with rates of 11.5 and 12.5
per cent in the second quarter. 1
Against the background of strong over-all demands for loans, banks
raised offering rates on large-denomination CD's early in September,
and the volume of such certificates outstanding rose considerably
during the month. Consequently, expansion in the bank credit proxy
—daily-average member bank deposits, adjusted to include funds
from nondeposit sources—remained relatively rapid in September.
Over the third quarter the proxy series rose at a rate of 9 per cent
compared with 6.5 per cent in the second quarter. Late in September
some banks reduced offering rates on CD's.
System open market operations in the period since the September
21 meeting of the Committee had been directed at encouraging somewhat easier conditions in the money market, in light of the continuing
tendency of the monetary aggregates to fall short of the expected
paths. The Federal funds rate, which had been fluctuating around
5V2 per cent at the time of the September meeting, edged down to
around 5V4 per cent. In the 4 weeks ending October 13 member bank
borrowings averaged about $380 million, compared with $675 million in the preceding 4 weeks. In the latter part of September the
System purchased about $96 million of Federal agency securities.
These were the first operations conducted pursuant to the Committee's action of August 24, 1971, authorizing outright operations in
agency issues.
Staff analysis suggested that if prevailing money market conditions
were maintained, growth in both Mx and M2 would remain relatively
slow in October and November but would quicken over the course
of the following several months. It was noted that the precise timing
of the step-up in monetary growth rates was particularly difficult to
1
Calculated on the basis of the daily-average level in the last month of the
quarter relative to that in the last month of the preceding quarter.
133
134
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
anticipate because of the many prevailing uncertainties. However, the
analysis suggested that over the fourth quarter M1 and M 2 might
expand at rates close to those recorded in the third, and that Mi
might increase more rapidly in the first quarter of 1972. Growth in
the bank credit proxy was expected to slow in the fourth quarter as
a result of a reduction in U.S. Government deposits from their recent
unusually high levels.
It was noted in the Committee's discussion that the 90-day freeze
on prices and wages had been effective thus far and that the announcement concerning the framework of the post-freeze stabilization program seemed to have been generally well received. However, the
details of the program remained to be filled in, and there appeared
to be widespread uncertainty about how the program would operate
and how effective it might prove to be. As to economic activity, the
Committee agreed that a strengthening was under way but some members voiced doubt that real GNP was rising as much in the current
quarter as the staff projections suggested.
Against this background the Committee decided that open market
operations in the period until the next meeting should be directed at
achieving moderate growth in monetary and credit aggregates over
the months ahead, taking account of the forthcoming Treasury financing. The members agreed that, while some easing of money market
conditions in the coming period might be indicated by unfolding
developments with respect to the aggregates, a marked easing designed
to stimulate faster growth in the near term would not be warranted,
particularly in light of the very high rates of monetary expansion
earlier in the year. The members also agreed that a continued downdrift in market interest rates would be constructive, but that aggressive efforts to stimulate rate declines would risk both a resurgence of
inflationary expectations and the development of conditions that could
culminate in rising rates.
The following current economic policy directive was issued to the
Federal Reserve Bank of New York:
The information reviewed at this meeting indicates that real output
of goods and services expanded modestly in the third quarter and
that unemployment remained substantial. However, there are indica-
RECORD OF POLICY ACTIONS OF FOMC
tions of a strengthening in economic activity since the mid-August
announcement of the Government's new economic program. The
90-day freeze has thus far effectively limited increases in prices and
wages, and the general framework of the post-freeze stabilization
program has been established. The narrowly defined money stock,
which had grown rapidly through July, increased much less in August
and declined in September. The broadly defined money stock
increased slightly in September as inflows of consumer-type time
and savings deposits to banks continued at the moderate August
rate. However, the volume of large-denomination CD's outstanding
rose sharply, and the rate of expansion in the bank credit proxy
remained relatively rapid. Market interest rates have declined in
recent weeks and are appreciably below their mid-August levels. The
U.S. foreign trade balance remained in heavy deficit in August. Outflows of short-term capital, which had been massive in August, were
much smaller in September. In recent weeks the market exchange
rates for some foreign currencies against the dollar rose further,
while foreign official reserve holdings increased substantially. In light
of the foregoing developments, it is the policy of the Federal Open
Market Committee to foster financial conditions consistent with the
aims of the new governmental program, including sustainable real
economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee seeks to achieve moderate growth in monetary and credit aggregates over the months ahead.
System open market operations until the next meeting of the Committee shall be conducted with a view to achieving bank reserve and
money market conditions consistent with that objective, taking
account of the forthcoming Treasury financing.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Clay, Kimbrel, Maisel, Mayo, Mitchell,
Morris, Robertson, and Sherrill. Votes against this
action: None.
Absent and not voting: Mr. Daane.
135
136
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
MEETING HELD ON NOVEMBER 16, 1971
Authority to effect transactions in System Account.
Preliminary estimates of the Commerce Department indicated that
expansion in real output of goods and services had slowed to an
annual rate of about 3 per cent in the third quarter, in part because
producers and users of steel were working down inventories accumulated earlier against the threat of a steel strike. Growth in real output
appeared to be accelerating in the fourth quarter, and staff projections
suggested that a faster pace of expansion would be sustained in the
first half of 1972.
In October industrial production increased slightly as widespread
gains among industries were offset in large part by a strike-induced
curtailment in coal. Because of the coal and dock strikes, employment
fell in the mining and transportation sectors, and total nonfarm payroll employment changed little following a sizable gain in September.
The unemployment rate declined to 5.8 from 6.0 per cent, in part
because expansion in the civilian labor force slowed considerably.
According to early estimates, retail sales increased slightly further
in October to a level appreciably higher than the monthly average for
the third quarter. The volume of private housing starts, which had
fallen in September from a record high level, rose somewhat in
October.
Price developments from mid-September to mid-October—the
middle period of the 90-day freeze—continued to be characterized
by a sharply reduced number of increases, and the wholesale index
for industrial commodities was stable following a slight decline in
September. The rise in average wage rates slowed sharply in September and October. In early November the Price Commission and the
Pay Board announced the basic policies and initial regulations for the
post-freeze phase of the stabilization program.
The latest staff projections for the fourth quarter of 1971 and the
first half of 1972 were similar to those of 4 weeks earlier, although
the rate of expansion in real GNP now anticipated was not quite so
large as before. In the current quarter growth appeared to be accelerating mainly because of faster expansion in the real volume of consumer spending and an increase in inventory investment from the
RECORD OF POLICY ACTIONS OF FOMC
reduced rate of the third quarter. Federal outlays were expected to
rise in part because of the military pay increase that became effective
in mid-November.
For the first half of 1972, the projections continued to suggest
substantial further growth in consumer spending—in response to gains
in disposable income arising from tax reductions and increases in
social security benefits as well as from expansion in output and
employment—and further increases in inventory investment. It was
anticipated also that business capital outlays would pick up, that
State and local government expenditures would continue to expand
rapidly, and that residential construction would advance moderately
further.
The flow of merchandise through East Coast and Gulf ports was
accelerated in September in anticipation of the dock strike that began
in October, but the acceleration in exports far exceeded that in
imports and the trade balance shifted into surplus. For the third
quarter as a whole imports exceeded exports, although by less than
the large margin in the second quarter.
In late October and early November trading generally was thin in
foreign exchange markets, and on occasion rates moved sharply as
traders attempted to assess the progress in negotiations on new
exchange rate relationships. The outflow of short-term capital declined further, and the rise in reserves of foreign central banks slowed
markedly. On a weighted average basis, rates for major foreign currencies changed little against the dollar.
On October 27 the Treasury announced that in its mid-November
financing it would offer two new securities—a 7-year, 6 per cent note
priced to yield 6.04 per cent and a 15-year, 6Vs per cent bond priced
to yield 6.15 per cent—in exchange for notes and bonds maturing
in November 1971 and in May and August 1972. This combination
of a refunding and a pre-refunding was well received. Of the nearly
$12 billion of eligible issues held by the public, $5.8 billion were
exchanged for the new issues, and only $1.3 billion—34 per cent—
of the issues maturing in November were redeemed for cash even
though the offering did not include a short-term issue. To cover the
redemptions and to raise additional cash, on November 9 the
Treasury auctioned $23A billion of a 4% per cent, 15-month note at
an average yield of 4.91 per cent.
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FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Interest rates on market securities generally had continued to
decline following the October 19 meeting of the Committee. The
course of rates was influenced by a gradual easing in money market
conditions during the period and by market expectations of further
easing. Downward pressure on short-term rates was intensified by
the relatively small market supply of Treasury bills, which resulted
in part from purchases of short-term Treasury securities by foreign
central banks. On the day before this meeting the market rate on
3-month Treasury bills was about 4.15 per cent, 30 basis points below
its level 4 weeks earlier. Federal Reserve discount rates were reduced
l
A of a percentage point, to 4 3 A per cent, at seven Reserve Banks
on November 11 and at four additional Banks in the period through
the date of this meeting.
In capital markets, the estimated volume of new corporate and
State and local government bonds issued in October was smaller than
in September. However, declining yields apparently stimulated offerings, and the volume of new issues expected during the rest of the
year remained relatively large.
Contract interest rates on conventional new-home mortgages edged
lower in October, marking the first decrease since last spring. Yields
in the more sensitive secondary market for federally insured mortgages, which had turned down in August, continued to decline.
Inflows of savings funds to nonbank thrift institutions slowed somewhat in October but were close to the average rate of the third
quarter.
At commercial banks, business loans outstanding rose relatively
little during October. Major banks reduced their prime lending rates
from 6 to 53A per cent late in the month and then to 5V2 per cent
in early November, and some banks announced that they were adopting a "floating" prime rate. Real estate and consumer loans continued
to expand rapidly in October, and banks again reduced their holdings of U.S. Government securities and increased their holdings of
other securities.
According to preliminary estimates, the narrowly defined money
stock (private demand deposits plus currency in circulation, or M i )
declined further in October. The broader measure of money (Mi plus
commercial bank time deposits other than large-denomination CD's,
or M 2 ) increased as a result of a marked expansion of inflows of
RECORD OF POLICY ACTIONS OF FOMC
consumer-type time and savings deposits, but the rise in M 2 was somewhat smaller than had been expected. Growth in the bank credit
proxy—daily-average member bank deposits, adjusted to include
funds from nondeposit sources—slowed substantially, as U.S. Government deposits declined and the volume of large-denomination CD's
outstanding increased less than in September. Offering rates on such
CD's had been reduced late in September and they were cut further
during October.
System open market operations in the period since the October 19 meeting of the Committee had been directed at achieving
a gradual easing of money market conditions in light of the continuing tendency of the monetary aggregates to fall below expected paths.
The Federal funds rate declined from about 5Va per cent shortly
before the preceding meeting to about 43A per cent. In the 4 weeks
ending November 10 member bank borrowings averaged about $270
million, compared with about $380 million in the preceding 4 weeks.
Staff analysis suggested that the effects of two factors that had
been tending in recent months to hold down demands for money—
moderation of inflationary expectations as a result of the new economic program, and lagged reactions to the high short-term interest
rates of late spring and early summer—probably had about run their
course. According to the analysis, if money market conditions were
similar to those prevailing or slightly easier, M1 would begin to grow
again in December and would expand faster over the first quarter—
at a pace more nearly in line than recently with growing transactions
demands. For M 2 , prospects favored a fourth-quarter rate of growth
somewhat above the 4.5 per cent annual rate recorded in the third
quarter. 1 Only a small further step-up in growth of M2 was anticipated in early 1972, however, because inflows of consumer-type
time and savings deposits were expected to slow as consumer spending expanded. As to the bank credit proxy, it appeared likely that the
rise over the fourth quarter would be held to modest proportions by
a decline in U.S. Government deposits from their high September
level.
In the Committee's discussion it was noted that business and
1
Calculated on the basis of the daily-average level in the last month of the
quarter relative to that of the preceding quarter.
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140
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
consumer confidence was being adversely affected by widespread
uncertainties connected with the transition from the 90-day freeze
to the post-freeze stabilization program and with the unsettled international monetary situation. The view was expressed that it would
be particularly unfortunate in this climate for the recent weak performance of the monetary aggregates to persist for long, since the
lack of significant growth in the aggregates could become an important independent source of uncertainty. At the same time, some
members cautioned against unduly aggressive action to stimulate
monetary expansion.
The Committee decided that open market operations in the coming period should be directed at promoting somewhat greater
growth in monetary and credit aggregates over the months ahead,
recognizing that pursuit of that objective might require appreciably
easier money market conditions. The following current economic
policy directive was issued to the Federal Reserve Bank of New
York:
The information reviewed at this meeting indicates that real
output of goods and services expanded modestly in the third quarter,
but greater growth appears in prospect for the current quarter.
Although the unemployment rate has declined recently, it remains
high. Available data indicate that the 90-day freeze effectively
limited increases in prices and wages, and basic policies for the
post-freeze stabilization program have been announced. The narrowly defined money stock declined further in October, but inflows
of consumer-type time and savings deposits to banks expanded
considerably and the broadly defined money stock increased moderately. Expansion in the bank credit proxy slowed substantially as
the volume of large-denomination CD's outstanding rose less than
in September and as U.S. Government deposits were reduced. Interest rates on both short- and long-term market securities have continued to decline in recent weeks and Federal Reserve discount rates
were reduced by one-quarter of a percentage point to 434 per cent.
The U.S. foreign trade balance was raised in September by a sharp
acceleration of export shipments in advance of an East Coast port
strike. In recent weeks net outflows of short-term capital apparently
have diminished further, market exchange rates for foreign currencies against the dollar on average have not changed much, and
foreign official reserve holdings have increased less than they did
RECORD OF POLICY ACTIONS OF FOMC
in September. In light of the foregoing developments, it is the policy
of the Federal Open Market Committee to foster financial conditions consistent with the aims of the new governmental program,
including sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee seeks to promote somewhat greater growth in monetary and credit aggregates over the
months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to achieving bank reserve and money market conditions consistent with
that objective.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo,
Mitchell, Morris, and Robertson. Votes against
this action: None.
141
142
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
MEETING HELD ON DECEMBER 14, 1971
1. Authority to effect transactions in System Account.
The latest estimates of the Commerce Department indicated that
real output of goods and services had risen at an annual rate of
about 4 percent in the third quarter of 1971 despite the sharp cut
in inventory investment associated with elimination of the steel
strike threat on August 1. It appeared that real GNP was increasing
at a more rapid rate in the fourth quarter—mainly because of an
upturn in inventory investment and a greater gain in the real volume
of consumer spending—and that prices were rising at a relatively
slow pace from the third to the fourth quarter. Staff projections
suggested that the faster rate of growth in real GNP would be sustained in the first half of 1972.
In November industrial production rose substantially further,
reflecting gains in output for both finished goods and materials in
addition to expansion in coal mining after the strike settlement in
midmonth. Nonfarm payroll employment advanced moderately,
but the unemployment rate rose from 5.8 to 6.0 per cent as growth
in the civilian labor force picked up again after having slowed in
October. Contrary to earlier indications, it now appeared that total
retail sales had declined in October, but early estimates for November suggested an upturn despite some slackening in sales of new
automobiles.
Industrial commodity prices and average hourly earnings in manufacturing changed little from October to November. During the period of the 90-day freeze—mid-August to mid-November—the rate
of increase in prices and wages was sharply lower than earlier in the
year. In late November and early December, after the freeze ended,
the Price Commission received requests for increases from many of
the companies required to obtain prior approval. Some requests were
granted in full and some in part, and others were held in abeyance
pending receipt of additional information. Thus far the Pay Board
had announced only a few decisions under the post-freeze guidelines.
The latest staff projections for the first half of 1972 were generally
similar to those of 4 weeks earlier, although—in line with recent
surveys of business spending intentions—the projected rise in busi-
RECORD OF POLICY ACTIONS OF FOMC
ness capital outlays had been revised upward somewhat. As before,
it was anticipated that the rate of expansion in consumer spending
would remain substantia], reflecting reductions in taxes and assumed
increases in social security benefits as well as gains in wage and salary
payments; that State and local government expenditures would continue to grow rapidly; that residential construction would advance
moderately; and that business inventory investment would increase
further.
The flow of U.S. merchandise trade declined sharply in October,
after having accelerated in September in anticipation of the strike
at East Coast and Gulf ports that began on October 1. The decline—
like the earlier rise—was greater for exports than for imports. Moreover, exports in October were adversely affected by the coal strike,
and they benefited less than imports from the resumption of work at
West Coast ports. Consequently, the trade surplus that had emerged
in September was succeeded in October by a deficit of record proportions.
In foreign exchange markets attitudes had been influenced in recent weeks by the introduction of legislation that would give the
President authority to change the dollar price of gold and by reports
of progress in international negotiations at the Rome meeting of the
Group of Ten. These developments were interpreted as enhancing
prospects for a near-term realignment of exchange rates in which
most major currencies would appreciate further against the dollar.
As a consequence, outflows of short-term capital from the United
States were substantial in late November and early December. Official reserves of some countries increased considerably and market
exchange rates for most major currencies appreciated against the
dollar. Another meeting of the Group of Ten was scheduled to begin
in Washington on December 17.
In domestic financial markets, interest rates on long-term bonds
and on Treasury bills rose in late November, but they turned down
again in early December and by midmonth they were close to or
below the levels of 4 weeks earlier. In capital markets dealers'
inventories of U.S. Government securities increased sharply following the Treasury's mid-November financing—which included a prerefunding of issues maturing in May and August 1972—and the
volume of new offerings of corporate and State and local government
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FEDERAL RESERVE BULLETIN • FEBRUARY 1972
bonds rose moderately from October to November. These developments contributed to the upward pressures on bond yields in late
November, but thereafter markets were strengthened by reports of
progress at the Group of Ten meeting in Rome and by Federal
Reserve purchases of Treasury coupon issues for System account
and for foreign official accounts.
The rise in Treasury bill rates in late November was related in
part to a large issue of tax-anticipation bills, and the subsequent
decline to a sharp expansion in demands for bills by the foreign
central banks experiencing gains in reserves. The market rate on
3-month bills was about 3.95 per cent on the day before this meeting
of the Committee, compared with 4.15 per cent 4 weeks earlier.
Federal Reserve discount rates, which had been reduced Va of a percentage point in mid-November, were lowered by an additional V\ of
a point, to AVi per cent, at four Reserve Banks effective December 13.
Yields in the secondary market for federally insured mortgages
apparently declined further in November. According to preliminary
estimates, inflows of savings to nonbank thrift institutions continued
to slow.
At commercial banks, business loans declined somewhat in November, and total loans advanced relatively little even though real
estate and consumer loans continued to expand rapidly. Banks increased their holdings of securities.
The narrowly defined money stock (private demand deposits plus
currency in circulation, or Mx) changed little from October to
November and had not grown on balance since August. The broader
measure of money (M t plus commercial bank time deposits other
than large-denomination CD's, or M2) continued to expand at a
moderate rate, however, as inflows of consumer-type time and savings
deposits remained rapid. Growth in the adjusted bank credit proxy
—daily-average member bank deposits, adjusted to include funds
from nondeposit sources—rose sharply, reflecting expansion in U.S.
Government deposits and in nondeposit liabilities. Owing in part
to the weakness in business loan demands, banks had reduced
offering rates on large-denomination CD's in September and October,
and the average volume of such CD's outstanding declined in
November.
System open market operations in the period since the last meeting
RECORD OF POLICY ACTIONS OF FOMC
of the Committee had been directed at achieving a further gradual
relaxation of money market conditions, with cognizance being taken
of the behavior of the monetary aggregates, particularly the continuing lack of growth in
Operations were complicated in late
November by an unanticipated shortfall in nonborrowed reserves,
and the Federal funds rate and member bank borrowings increased
temporarily. At the time of this meeting the funds rate was about
43/s per cent, down from the level of about 43A per cent prevailing
shortly before the preceding meeting. In the 4 weeks ending December 8, borrowings averaged about $395 million, compared with
about $270 million in the preceding 4 weeks.
Staff analysis suggested that an easing of money market conditions
during coming weeks probably would be required if M1 were to
expand at moderate rates in December and January, and that such
easing would be associated with some step-up in the rate of growth
in M 2 . It was noted, however, that the outlook for the monetary
aggregates was particularly uncertain at this time because of factors
related to possible international flows of funds. It appeared likely
that an agreement on new exchange rates in the current negotiations
would stimulate reflows of funds from abroad, which in turn could
have substantial—if perhaps temporary—effects on the monetary
aggregates. However, the size and timing of any such reflows could
not be foreseen with assurance. In addition, there was considerable
uncertainty about the extent to which recent amendments to regulations of the Office of Foreign Direct Investment would delay the
usual year-end corporate repatriation of liquid funds.
In the Committee's discussion a number of members expressed
the view that more aggressive actions to stimulate monetary growth
were needed at this time in the interest of fostering the desired
expansion of economic activity and employment. In their judgment
the risk of rekindling inflationary pressures and expectations by such
actions was considerably less now than it had been earlier in the year.
Considerable concern was expressed about the persistent weakness
of key monetary aggregates despite the progressive easing of money
market conditions in recent months. Reference was made in this connection not only to the absence of net growth in Ml since August
but also to the low average rate of increase in total member bank
reserves during that period.
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FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Other members, while agreeing that it would be desirable to promote adequate growth in the aggregates over coming months, advocated more cautious and gradual measures. They noted that the rate
of increase in M x had been very high in the first 7 months of the
year, and they expressed concern about unduly aggressive action to
ease money market conditions at this time in part because of the
risk that such action might generate excessive rates of monetary
growth in the near future. They also suggested that substantial weight
should be given to the behavior of other key aggregates, noting in this
connection that M 2 and the bank credit proxy had been expanding
more rapidly than M x in recent months.
At the conclusion of the discussion the Committee agreed that
open market operations should be directed at promoting the degree
of ease in bank reserve and money market conditions essential to
greater growth in monetary aggregates over the months ahead. The
following current economic policy directive was issued to the Federal
Reserve Bank of New York:
The information reviewed at this meeting suggests that real output of goods and services is increasing more rapidly in the current
quarter than it had in the third quarter, but the unemployment rate
remains high. Increases in prices and wages were effectively limited
by the 90-day freeze, which ended in mid-November. Since then
some wage and price increases have occurred, but other increases
requested have been cut back or not approved by the Pay Board
and the Price Commission. The narrowly defined money stock
changed little in November and has not grown on balance since
August. Inflows of consumer-type time and savings deposits to banks
remained rapid in November and the broadly defined money stock
continued to increase moderately. Expansion in the bank credit
proxy stepped up as U.S. Government deposits and nondeposit liabilities increased on average. After advancing in the latter part of
November, most market interest rates have been declining recently,
and discount rates at four Federal Reserve Banks were reduced by
an additional one-quarter of a percentage point. The U.S. foreign
trade balance was heavily in deficit in October. In recent weeks net
outflows of short-term capital apparently have been substantial, market exchange rates for foreign currencies against the dollar on average have risen further, and official reserve holdings of some
countries have increased considerably. In light of the foregoing
RECORD OF POLICY ACTIONS OF FOMC
developments, it is the policy of the Federal Open Market Committee to foster financial conditions consistent with the aims of the
new governmental program, including sustainable real economic
growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's
balance of payments.
To implement this policy, the Committee seeks to promote the
degree of ease in bank reserve and money market conditions essential to greater growth in monetary aggregates over the months ahead.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo,
Mitchell, Morris, and Robertson. Votes against
this action: None.
Subsequent to this meeting, on December 20, 1971, Committee
members voted unanimously to amend this current economic policy
directive by adding the clause "while taking account of international
developments" at the end of the final sentence. As amended, that
sentence read as follows:
To implement this policy, the Committee seeks to promote the
degree of ease in bank reserve and money market conditions essential to greater growth in monetary aggregates over the months
ahead, while taking account of international developments.
This action was taken following the announcement that agreement regarding exchange rates and related matters had been reached
on December 18 at the Group Ten meeting in Washington. The
Manager had advised that, if the agreement was followed by substantial reflows of funds to the United States, considerable flexibility
in open market operations might be required to cope with the resulting churning in domestic financial markets. The members decided
that the directive should be amended to affirm the Committee's intention to authorize the operations that might be needed.
2. Action with respect to continuing authority directive.
On December 23, 1971, a majority of Committee members voted
to suspend, until close of business on the day of the next meeting of
the Committee, the lower limit (set forth in paragraph 1(c) of the
continuing authority directive with respect to domestic open market
147
operations) on interest rates on repurchase agreements arranged by
the Federal Reserve Bank of New York with nonbank dealers.
The suspended provision specified that such repurchase agreements were to be made "at rates not less than (1) the discount
rate of the Federal Reserve Bank of New York at the time such
agreement is entered into, or (2) the average issuing rate on the
most recent issue of 3-month Treasury bills, whichever is the lower."
This action was taken after the Manager had advised that occasions might arise in the next few weeks when it would be desirable
to m a k e fairly extensive use of repurchase agreements in order
to supply reserves on a flexible temporary basis, in anticipation of
possible large-scale sales of U.S. Treasury bills by foreign central
banks; and that in light of prevailing costs of funds to dealers it
was doubtful that the New York Reserve Bank would be able to
arrange repurchase agreements in any significant volume under
existing rate limitations. It was understood that the authority
to make repurchase agreements at rates lower than those authorized
previously would be used sparingly, and only as deemed necessary
to accomplish Committee objectives; and that rates below 35/s
per cent would not be employed without prior notification to the
Committee.
Votes for this action: Messrs. Brimmer, Clay,
Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris,
and Treiber. Vote against this action: Mr.
Robertson.
Unavailable and not voting: Messrs. Burns and
Hayes. (Mr. Treiber voted as alternate for Mr.
Hayes.)
Mr. Robertson dissented from this action because he believed
that the desired injection of funds into the market by the Federal
Reserve should be through the outright purchase of U.S. Government securities rather than through repurchase transactions which, in
his judgment, actually constituted low-rate loans to securities dealers.
He indicated that he was reluctant to increase the profits of dealers
by providing them with low-cost Federal Reserve funds merely to
avoid temporarily raising the price (lowering the yield) of Treasury
securities by purchasing them outright.
Law Department
Statutes, regulations, interpretations, and decisions
BANK HOLDING COMPANIES
The Board of Governors has under consideration proposed amendments to § 225.4(a) and (b)
of Regulation Y, "Bank Holding Companies",
which were published in the Federal Register of
December 28, 1971 (36 F.R. 25048). Pending
consideration of the proposals, the Board of
Governors has suspended the operation of §
225.4(b)(3) of Regulation Y until further notice.
The Board of Governors has amended subparagraph (5) of § 225.4(a) of Regulation Y,
effective February 1, 1972, to add "serving as
investment adviser to investment companies
registered under the Investment Company Act
of 1940" to the list of activities that it has determined to be closely related to banking or managing banks. An accompanying interpretation of
Regulation Y expresses the Board's views on
several questions that arose during consideration of this matter concerning the scope of the
new activity and the applicability thereto of certain provisions of the Banking Act of 1933. The
text of the amendment and of the interpretation
read as follows:
AMENDMENT TO REGULATION Y
Effective February
1,
1972,
§ 225.4(a)(5)
is
a m e n d e d t o read as f o l l o w s :
SECTION 225.4—NONBANKING ACTIVITIES
(a) Activities closely related to banking or
managing or controlling banks. * * * The following activities have been determined by the Board
to be so closely related to banking or managing
or controlling banks as to be a proper incident
thereto:
(5) acting as investment or financial adviser,
including (i) serving as the advisory company for a
mortgage or a real estate investment trust; (ii)
serving as investment adviser, as defined in §
2(a)(20) of the Investment Company Act of 1940,
to an investment company registered under that
Act; and (iii) furnishing economic or financial
information;**
INTERPRETATION OF REGULATION Y
INVESTMENT ADVISER ACTIVITIES
Effective February 1, 1972, the Board of Governors amended § 225.4(a) of Regulation Y to
add "serving as investment adviser, as defined
in § 2(a)(20) of the Investment Company Act
of 1940, to an investment company registered
under that Act" to the list of activities it has determined to be so closely related to banking or
managing or controlling banks as to be a proper
incident thereto. During the course of the Board's
consideration of this amendment several questions arose as to the scope of such activity, particularly in view of certain restrictions imposed by
sections 16, 20, 21 and 32 of the Banking Act
of 1933 (12 U.S.C. 24, 377, 378, 78) (sometimes referred to hereinafter as the "GlassSteagall Act provisions") and the United States
Supreme Court's decision in Investment Company Institute v. Camp, 401 U.S. 617 (1971).
The Board's views with respect to some of these
questions are set forth below.
It is clear from the legislative history of the
Bank Holding Company Act Amendments of
1970 (84 Stat. 1760) that the Glass-Steagall Act
provisions were not intended to be affected thereby. Accordingly, the Board regards the GlassSteagall Act provisions and the Board's prior
interpretations thereof as applicable to a holding
company's activities as an investment adviser.
Consistently with the spirit and purpose of the
Glass-Steagall Act, this interpretation applies
to all bank holding companies registered under
the Bank Holding Company Act irrespective of
whether they have subsidiaries that are member
banks.
**For an interpretation relating to the scope of the activity
described in (ii) see 12 CFR 225.125. Acting as a management
consultant is not regarded by the Board as within this activity
(5). Whether to propose expanding activity (5) to include
management consulting is under consideration by the Board.
149
150
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Under § 225.4(a)(5), as amended, bank holding companies (which term, as used herein, includes both their bank and nonbank subsidiaries)
may, in accordance with the provisions of §
225.4(b), act as investment advisers to various
types of investment companies, such as "openend" investment companies (commonly referred
to as "mutual funds") and "closed-end" investment companies. Briefly, a mutual fund is an
investment company which, typically, is continuously engaged in the issuance of its shares and
stands ready at any time to redeem the securities
as to which it is the issuer; a closed-end investment company typically does not issue shares
after its initial organization except at infrequent
intervals and does not stand ready to redeem its
shares.
The Board intends that a bank holding company may exercise all functions that are permitted
to be exercised by an "investment adviser"
under the Investment Company Act of 1940, except to the extent limited by the Glass-Steagall
Act provisions, as described, in part, hereinafter.
The Board recognizes that presently most mutual
funds are organized, sponsored and managed by
investment advisers with which they are affiliated
and that their securities are distributed to the
public by such affiliated investment advisers,
or subsidiaries or affiliates thereof. However,
the Board believes that (i) the Glass-Steagall
Act provisions do not permit a bank holding company to perform all such functions, and (ii) it is
not necessary for a bank holding company to
perform all such functions in order to engage effectively in the described activity.
In the Board's opinion, the Glass-Steagall
Act provisions, as interpreted by the U.S. Supreme
Court, forbid a bank holding company to sponsor,
organize or control a mutual fund. However, the
Board does not believe that such restrictions apply
to closed-end investment companies as long as
such companies are not primarily or frequently
engaged in the issuance, sale and distribution of
securities. In no case, however, should a bank
holding company act as investment adviser to an
investment company which has a name that is
similar to, or a variation of, the name of the
holding company or any of its subsidiary banks.
In view of the potential conflicts of interests that
may exist, a bank holding company and its bank
and nonbank subsidiaries should not (i) purchase
for their own account securities of any investment
company for which the bank holding company
acts as investment adviser; (ii) purchase in their
sole discretion, any such securities in a fiduciary
capacity (including as managing agent); (iii) extend credit to any such investment company; or
(iv) accept the securities of any such investment
company as collateral for a loan which is for the
purpose of purchasing securities of the investment
company.
A bank holding company should not engage,
directly or indirectly, in the sale or distribution
of securities of any investment company for which
it acts as investment adviser. Prospectuses or
sales literature should not be distributed by the
holding company, nor should any such literature
be made available to the public at any offices of the
holding company. In addition, officers and employees of bank subsidiaries should be instructed
not to express any opinion with respect to advisability of purchase of securities of any investment company for which the bank holding company acts as investment adviser. Customers of
banks in a bank holding company system who
request information on an unsolicited basis regarding any investment company for which the
bank holding company acts as investment adviser
may be furnished the name and address of the
fund and its underwriter or distributing company,
but the names of bank customers should not be
furnished by the bank holding company to the fund
or its distributor. Further, a bank holding company
should not act as investment adviser to a mutual
fund which has offices in any building which is
likely to be identified in the public's mind with the
bank holding company.
Acting in such capacities as registrar, transfer
agent, or custodian for an investment company is
not a selling activity and is permitted under § 225.4
(a)(4) of Regulation Y. However, in view of
potential conflicts of interests, a bank holding
company which acts both as custodian and investment adviser for an investment company should
exercise care to maintain at a minimal level demand
deposit accounts of the investment company which
are placed with a bank affiliate and should not invest cash funds of the investment company in time
deposit accounts (including certificates of deposit)
of any bank affiliate.
DELEGATION OF AUTHORITY
The Board of Governors has also expanded the
authority of the Federal Reserve Banks to include
approval of the acquisition by bank holding companies of (1) a controlling interest in the shares of
151
LAW DEPARTMENT
a newly-formed bank, within specified limitations,
and (2) shares of a subsidiary bank to the extent
the shares are acquired through the exercise of
rights received as a bank shareholder. In addition,
the Board clarified that the Reserve Banks' authority to approve the formation of a one-bank
holding company includes authority to approve
merger and/or membership applications that are
incidental to such formation. To accomplish these
delegations the Board has amended its Rules
Regarding Delegation of Authority, effective
January 22, 1972, as follows:
AMENDMENT TO RULES REGARDING
DELEGATION OF AUTHORITY
Effective January 22, 1972, § 265.2(f)(22) is
amended and § 265.2(f)(23) and (24) are added to
read as follows:
SECTION 265.2—SPECIFIC FUNCTIONS
DELEGATED TO BOARD EMPLOYEES
AND FEDERAL RESERVE BANKS
(f) Each Federal Reserve Bank is authorized, as
to member banks or other indicated organizations
headquartered in its district:
(22) Under the provisions of section 3(a)(1) of
the Bank Holding Company Act (12 U.S.C. 1842),
to approve the acquisition by a company of a controlling interest in the voting shares of one bank,
if (i) no objection to the proposed acquisition has
been made by the bank's supervisory authority, (ii)
no significant policy issue is raised by the proposal
as to which the Board has not expressed its views,
and (iii) neither the holding company nor any of its
subsidiaries or affiliates is engaged in any activities
other than those specifically permissible for bank
holding companies by either the Act or Part 225 of
this chapter (Regulation Y). 2
(23) Under the provisions of section 3(a)(3) of
the Bank Holding Company Act (12 U.S.C.
1842), to approve the acquisition by a bank holding company of additional shares in a subsidiary
bank that are to be acquired through exercise of
rights received, on a pro rata basis, by the bank's
shareholders.
(24) Under the provisions of section 3(a)(3) of
the Bank Holding Company Act (12 U.S.C.
2
This delegation includes authority to approve (a) a merger
transaction under the provisions of section 18(c) of the Federal
Deposit Insurance Act (12 U.S.C. 1828(c)) and (b) an application , under section 9 of the Federal Reserve Act ( 1 2 U . S . C . 3 2 1 ) ,
for membership in the Federal Reserve System that are incidental to an application to become a one-bank holding company.
1842), to approve the acquisition of a controlling
interest in the shares of a newly-formed bank,
if (i) no objection to the proposed acquisition has
been made by the bank's supervisory authority, (ii)
no significant policy issue is raised by the proposal as to which the Board has not expressed its
views, and (iii) the Reserve Bank determines that:
(a) the general condition of the holding company
and its bank subsidiaries is satisfactory;
(b) (1) the holding company has either a proven
record of furnishing to its subsidiary banks, when
needed, special services, management, capital
funds, or general guidance, or (2) in the case of a
relatively new holding company, the Reserve Bank
is satisfied that the company has the potential to provide such services;
(c) (7) bank subsidiaries of the holding company
do not hold in the aggregate more than 20 per cent
of the commercial bank deposits in the relevant
market area and (2) the holding company is not
one of the dominant banking organizations in the
State.
ORDERS UNDER BANK MERGER ACT
THE AUGLAIZE COUNTY BANK,
ST. MARYS, OHIO
O R D E R A P P R O V I N G A P P L I C A T I O N FOR
M E R G E R OF B A N K S
The Auglaize County Bank, St. Marys, Ohio,
which is to be a member State bank of the Federal
Reserve System, has applied for the Board's approval pursuant to the Bank Merger Act (12
U.S.C. 1828(c)) of the merger of that bank with
The Home Banking Company, St. Marys, Ohio.
As an incident to the merger, the present offices of
The Home Banking Company would become
branches of The Auglaize County Bank.
As required by the Act, notice of the proposed
merger, in form approved by the Board, has been
published, and the Board has requested reports on
competitive factors from the Attorney General, the
Comptroller of the Currency, and the Federal
Deposit Insurance Corporation.
The Board has considered the application and
all comments and reports received in the light of
the factors set forth in the Act, and finds that:
Applicant is a wholly owned subsidiary of
Central Bancorporation, Inc., a registered bank
holding company. The proposed merger is one step
in a plan of corporate reorganization whereby
Central Bancorporation, Inc. is to acquire all of
the capital stock of The Home Banking Company.
Central Bancorporation has already received approval of the Board under the Bank Holding Com-
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
152
pany Act to acquire The Home Banking Company
(36 Federal Register 18034).
The proposed merger of The Home Banking
Company and Applicant, a nonoperating bank
formed solely to facilitate the corporate reorganization described above, would itself have no effect
on competition or on banking convenience and
needs. The financial and managerial resources
and prospects of The Home Banking Company are
satisfactory, as they will be with respect to the
resulting bank.
Accordingly, the Board concludes that the application should be approved.
On the basis of the record, the application L
approved for the reasons summarized above. The
transaction 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 Cleveland pursuant to delegated authority.
By order of the Board of Governors, January 18,
1972.
Voting for this action: Chairman Bums and Governors
Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and
not voting: Governor Robertson.
(Signed) T Y N A N S M I T H ,
Secretary of the Board.
[SEAL]
MECHANICS
AND
ALBANY,
FARMERS'
ALBANY,
NEW
BANK
OF
YORK
ORDER APPROVING APPLICATION
FOR
M E R G E R OF B A N K S
Mechanics and Farmers' Bank of Albany,
Albany, New York ("Mechanics Bank"), a member State bank of the Federal Reserve System, has
applied for the Board's approval pursuant to the
Bank Merger Act (12 U.S.C. 1828(c)) of the
merger of that bank with The Tanners National
Bank of Catskill, Catskill, New York ("Tanners
National"), under the charter and title of Mechanics
Bank. As an incident to the merger, the two present
offices of Tanners National would become
branches of the resulting bank.
As required by the Act, notice of the proposed
merger, in form approved by the Board, has been
published, and the Board has requested reports on
competitive factors from the Attorney General, the
Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
The Board has considered the application and all
comments and reports received in the light of the
factors set forth in the Act, and finds that:
Mechanics Bank ($34 million deposits), a
wholly-owned subsidiary of The Bank of New York
Company, Inc., New York, New York, the ninth
largest banking organization in the State, operates
two offices in the City of Albany and two offices in
Albany County, in New York's Fourth Banking
District. The Bank of New York Company, Inc.,
has no other subsidiary located in the Fourth
District, wherein Mechanics Bank ranks as the
sixteenth largest of 35 banks, holding 1.1 per cent
of this District's commercial bank deposits.
Mechanics Bank is the smallest bank operating in
the City of Albany.
Tanners National ($9 million deposits), the
smaller of two commercial banks in Catskill,
operates two offices in the town and serves an area
comprised of Greene County wherein it ranks as
fifth largest of the six banks operating in the county.
Four of the five competing banks in the county are
subsidiaries of multi-bank holding companies and
are the largest banks headquartered in New York's
Fourth Banking District. Tanners National is the
twenty-sixth largest bank in the District and controls only 0.3 per cent of the District's deposits.
The closest offices of Mechanics Bank and
Tanners National are 33 miles apart, and there is no
significant existing competition between them.
It appears that the proposed merger would not
foreclose any substantial amount of potential competition because of the distances involved and the
presence of intervening banking offices. Tanners
Bank is presently closely affiliated with Catskill's
other bank, Catskill Savings Bank, through interlocking directorates, and it appears that consummation of the proposed merger would serve to
stimulate competition by severing this affiliation
by eliminating the existing home office protection.
Moreover, de novo entry appears unlikely since
there are already three commercial banking
offices in the village of Catskill, which has a
population of 5,317. It appears that consummation
of the proposed merger would not materially
increase the concentration of banking resources in
the Fourth Banking District nor adversely affect
other banks operating therein.
Based upon all the facts revealed in the record,
the Board concludes that the merger would not
have an adverse effect on competition in any relevant area. Considerations under convenience and
needs lend some weight toward approval of the
proposal since the residents of the town of Catskill
would benefit by the addition of an alternative, full
service banking facility. The banking factors as
they pertain to Mechanics Bank and Tanners Na-
LAW DEPARTMENT
tional are satisfactory, and the future prospects
of the resulting bank appear favorable. It is the
Board's judgment that consummation of the proposal would be in the public interest and that the
action should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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
153
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 25,
1972.
Voting for this action: Chairman Burns and Governors
Robertson, Maisel, Brimmer, and Sheehan. Absent and not
voting: Governors Mitchell and Daane.
[SEAL]
(Signed) T Y N A N S M I T H ,
Secretary of the Board.
FEDERAL R E S E R V E BULLETIN •
154
ORDERS UNDER SECTION 3 OF BANK HOLDING
COMPANY ACT
JACOB SCHMIDT COMPANY AND
AMERICAN BANCORPORATION, INC.,
ST. PAUL, MINNESOTA
ORDER A P P R O V I N G ACQUISITION OF B A N K
Jacob Schmidt Company and American Bancorporation, Inc., both of St. Paul, Minnesota
(hereinafter jointly referred to as "Applicant"),
are bank holding companies within the meaning
of the Bank Holding Company Act and have applied for the Board's approval under § 3(a)(3) of
the Act (12 U.S.C. 1842(a)(3)) for American
Bancorporation to acquire 100 per cent of the
voting shares (less directors' qualifying shares)
of Lake City State Bank, Lake City, Minnesota
("Bank"). Jacob Schmidt Company, which owns
57.8 per cent of American Bancorporation,
Inc.'s outstanding voting stock, would acquire
indirect control of Bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U.S.C. 1842(c))
and finds that:
Applicant controls two banks with aggregate
deposits of $197 million, representing 2.1 per cent
of the total commercial bank deposits in the State,
and is the fifth largest bank holding company in
Minnesota. (All banking data are as of June 30,
1971, and reflect holding company formations and
acquisitions approved through November 30,
1971.) Applicant's acquisition of Bank ($11 million in deposits) would increase Applicant's
share of deposits in the State by 0.1 percentage
point. Bank, the only bank located in Lake City
(estimated population: 3,600), is the third largest
of five banks in the Red Wing banking market
which is approximated by the northeast section
of Wabasha County and the southwest section of
Goodhue County, and holds 16.8 per cent of deposits in that market. Applicant's subsidiary located
closest to Bank is about 55 miles distant; and it appears that consummation of the transaction would
not eliminate existing competition. On the facts
of record, notably, the distances involved, the
number of banks in the intervening areas between
Bank and Applicant's subsidiaries, and Minnesota's prohibitive branching law, there appears
to be little likelihood that significant competition
FEBRUARY
1972
between Bank and Applicant would develop in
the future. The Board concludes, therefore, that
consummation of the proposed acquisition would
not adversely affect competition in any relevant
area.
Bank appears to be satisfactorily serving the
financial needs of the community it serves; however, affiliation with Applicant would improve
the quality, and expand the number of services
Bank currently offers to the community. Affiliation
with Applicant would increase the lending capability of Bank through participation arrangements
with Applicant's present subsidiary banks, and
would enable Bank to benefit from certain internal efficiencies resulting from a holding company structure. Additionally, Bank will be in a
position to provide trust, travel and international
services. Applicant also proposes to build a new
facility for Bank, including in such plans drive-in
facilities, off-street parking, and a "community
room." Considerations relating to the convenience
and needs of the communities to be served lend
some weight toward approval.
Considerations relating to financial and managerial resources and future prospects as they relate to Applicant, its subsidiaries and Bank, are
regarded as satisfactory. Applicant's proposed
public offering will retire the debt incurred in the
acquisition of Bank. Management expertise to be
made available to Bank by Applicant lends weight
toward approval of the application. Banking factors are believed consistent with approval. It is
the Board's judgment that c o n s u m m a t i o n of the
proposed acquisition would be in the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 Minneapolis pursuant to delegated
authority.
By order of the Board of Governors, January 4,
1972.
Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, and Brimmer. Absent and not voting:
Chairman Burns and Governor Maisel.
[SEAL]
(Signed) T Y N A N S M I T H ,
Secretary of the Board.
LAW DEPARTMENT
BANCOHIO CORPORATION,
C O L U M B U S , OHIO
ORDER APPROVING ACQUISITION OF B A N K
BancOhio Corporation, Columbus, Ohio, a
bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under § 3(a)(3) of the Act (12
U . S . C . 1842(a)(3)) to acquire 100 per cent of
the voting shares (less directors' qualifying
shares) of The Community National Bank, Loveland, Ohio ( " B a n k " ) , a proposed new bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c))
and finds that:
Applicant, the second largest banking organization in Ohio, controls 29 banks with aggregate
deposits of $1.6 billion, representing 7.3 per cent
of total commercial bank deposits in the State.
(All banking data are as of June 30, 1971 and reflect holding company formations and acquisitions
approved through November 30, 1971.)
Bank will be located in the town of Loveland
which is part of the Cincinnati banking market.
The banking needs of the community have been
served since 1958 by a branch of a bank headquartered in Milford. Because Loveland is located in three counties, Bank will have the future
possibility of branching into these counties. Applicant has no subsidiaries in these counties and
the nearest office of a subsidiary, located 30 miles
from Bank, draws no business from Loveland.
Since Bank is a new Bank, approval of the
acquisition would not result in the elimination
of existing competition nor in the foreclosure of
future competition. Based on the record before it,
the Board concludes that consummation of the
proposed acquisition would not adversely affect
competition in any relevant area. In fact, competition may be stimulated by the provision of a
new banking alternative in the area.
The financial and managerial resources and
prospects of Applicant, its subsidiary banks, and
Bank are regarded as satisfactory and these considerations are consistent with approval of the
application. Applicant has stated that citizens of
Loveland were seeking additional banking facilities. It appears that residents and businessmen
would benefit from an additional banking source
and hence considerations related to convenience
155
and needs of the community favor approval of
the application. It is the Board's judgment that
the proposed acquisition would be in the public
interest and that the application should be approved.
On the basis of the record, the application is approved for the reasons summarized above. The
transaction 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 (c) The Community National Bank, Loveland, Ohio, shall be opened for
business not later than six months after the date of
this Order. Each of the periods described in (b) and
(c) may be extended for good cause by the Board,
or by the Federal Reserve Bank of Cleveland pursuant to delegated authority.
By order of the Board of Governors, January 4,
1971.
Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, and Brimmer. Absent and not voting:
Chairman Burns and Governor Maisel.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
UNITED M I S S O U R I B A N C S H A R E S , I N C . ,
K A N S A S CITY, M I S S O U R I
O R D E R D E N Y I N G ACQUISITION OF B A N K
United Missouri Bancshares, Inc., Kansas City,
Missouri (formerly Missouri Bancshares, Inc.),
has applied for the Board's approval under § 3(a)
(3) of the Bank Holding Company Act (12 U . S . C .
1842(a)(3)) to acquire 80 per cent or more of the
voting shares of Bank of Jacomo, Blue Springs,
Missouri ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in light of the factors set forth
in § 3(c) of the Act (12 U . S . C . 1842 (c)).
On the basis of the record, the application is
denied for the reasons set forth in the Board's
Statement of this date.
By order of the Board of Governors, January 6,
1972.
Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not
voting: Chairman Burns. Governor Sheehan did not participate
in the Board's action in this matter.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
156
STATEMENT
United Missouri Bancshares, Inc., Kansas City,
Missouri, a registered bank holding company, has
applied to 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)), for prior
approval of the acquisition of 80 per cent or more
of the voting shares of Bank of Jacomo, Blue
Springs, Missouri ( " B a n k " ) .
Statutory considerations.
Applicant, the fourth
largest banking organization in Missouri, controls
8 banks with aggregate deposits of approximately
$493.8 million, representing 4 . 3 per cent of total
commercial bank deposits in the State. (All banking
data are as of December 31, 1970, and reflect holding company formations and acquisitions approved by the Board through October 31, 1971.)
As a result of consummation of the proposal herein, Applicant's share of commercial bank deposits
in the State would be increased an insignficant
amount, and its position in relation to the State's
other banking organizations would remain unchanged.
Bank ($3 million deposits), which received
charter approval in March 1970 and opened for
business on May 26, 1970, is located in suburban
Kansas City, approximately twenty miles east of
Applicant's largest subsidiary bank ($380.6 million deposits) in downtown Kansas City. While
both Bank and Applicant's lead bank operate
in the Kansas City market and consummation
of the proposal herein would tend to foreclose the
development of competition between the two,
consummation would not have such a serious adverse effect on competition as to require denial
of the application.
In exercising its assigned statutory responsibility of reviewing the acquisition of a bank by a holding company, the Board considers not only the
direct competitive effects of the acquisition but
also all the other relevant circumstances to determine whether, on balance, the acquisition would
be in the public interest. In considering all the
relevant circumstances of this proposal, the Board
finds that the public interest requires denial of the
application.
In connection with its review of the application,
the Board has considered a comment filed by the
Missouri Commissioner of Finance indicating
that he views with concern the practice whereby
a bank is chartered de novo with the intention of
realizing a profit through the early sale of the bank
to a holding company. The Commissioner stated
that it was not
. . f o r the good of the banking
community to have banks chartered and sold
immediately for a profit. It is further the attitude
of this office that everyone who files a de novo
application with the intent of negotiation with
any holding company, the application will be
denied."
In considering the public interest, the Board
gives weight to a chartering authority being able
to consider all of the relevant facts surrounding a
proposal to establish a new bank including the
probability that the ownership and management
of a new bank will remain stable for a reasonable
period of time.
Another area of concern to the Board in connection with this case is reflected in the prospect for a
depressed earning rate on this investment as a result of the price being offered to the stockholders
of Bank. The purchase price is equal to almost 200
per cent of Bank's book value and the premium
is equal to about 22 per cent of Bank's deposits.
This retarding effect on the earnings of the holding
company if Applicant were to continue to dilute
its earning capacity by offering premiums in
future acquisitions such as appear in this case
could be serious. The Board has previously expressed its concern about excessive premiums.
(1971 Federal Reserve BULLETIN 838-839).
The present financial condition of Applicant and
subsidiary banks is generally satisfactory, their
management is capable, and prospects of the group
appear favorable. As was noted earlier, Bank is a
newly chartered organization, and its financial
condition, management, and prospects are regarded as satisfactory whether as an affiliate of
Applicant or as an independent. However, considerations relating to the financial factors are not
such as to require approval of the application.
The major banking needs of the residents of the
Blue Springs area appear to be adequately served
at the present time by the existing institutions, and
Applicant proposes no new services, except for
trust services, which are not available from the
other six banks in Bank's service area. Moreover,
consummation of the proposal would remove an
alternative source of banking services for those
residents of Blue Springs who commute to Kansas
City. Consequently, considerations relating to
convenience and needs provide no substantial support for approval of the application.
Summary and conclusion. On the basis of all
relevant facts in the record, and in light of the
factors set forth in section 3(c) of the Act, it is the
Board's judgment that the proposed acquisition
would not be in the public interest, and that the
application should be denied.
157
LAW DEPARTMENT
BANKS OF IOWA, INC.,
CEDAR RAPIDS, I O W A
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K
Banks of Iowa, Inc., Cedar Rapids, Iowa, a
bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under § 3(a)(3) of the Act (12
U . S . C . 1842(a)(3)) to acquire 80 per cent or more
of the voting shares of Council Bluffs Savings
Bank, Council Bluffs, Iowa ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has
expired. The Board has considered the application
and all comments received in the light of the factors set forth in § 3(c) of the Act (12 U . S . C .
1842(c)) and finds that:
Applicant controls 3 banks with deposits of
approximately $262 million, representing 3.8 per
cent of the total commercial bank deposits in the
State, and is the second largest banking organization and bank holding company in Iowa. 1 Applicant's acquisition of Bank (deposits of $52 million)
would increase Applicant's share of deposits in
the State by 0.8 percentage points.
Bank operates one office and three branches, and
serves the Omaha-Council Bluffs banking market.
Bank is the fourth largest of 34 banking organizations serving that market with 4.2 per cent of
deposits. The three larger banking organizations
serving this market are located in Omaha, Nebraska, on the western side of the Missouri River
which bisects the Omaha-Council Bluffs market,
and control approximately 65 per cent of the total
market deposits. N o existing competition would
be eliminated as this acquisition represents Applicant's initial entry into the market, and the development of any meaningful competition between any
of Applicant's existing subsidiaries and Bank
appears remote in light of the distance involved,
the closest subsidiary being 136 miles northeast
of Bank's main office, and the State's highly restrictive branching laws. Some potential competition would be foreclosed since Applicant could be
considered a likely entrant into the market through
de novo entry or through the acquisition of a
smaller bank, and Bank could be a strong addition
to a smaller holding company. However, as a
subsidiary of the second largest holding company
in Iowa, Bank could readily present the needed
1
All banking data are as of June 30, 1971, and reflect holding
company formations and acquisitions approved through December 15, 1971.
competitive force against the larger Omaha-based
banks that eventually might result in a desirable
deconcentration of this market. The immediate
benefits of increasing competition within the market outweigh the potential benefits of Applicant's
entry through alternate means.
On the basis of the record before it, the Board
concludes that consummation of the proposed
acquisition would not adversely affect competition
in any relevant area. Affiliation with Applicant
would increase Bank's lending capabilities through
participations with Applicant's subsidiaries and
special emphasis would be given to expansion of
Bank's activities in computer services, trust administration, and investment counseling. Assistance in the area of municipal financing and international banking would also be provided. Considerations relating to the convenience and needs of the
communities to be served lend some weight toward approval of the application.
Considerations relating to financial and managerial resources and prospects as they relate to
Applicant, its subsidiaries, and Bank are considered satisfactory and consistent with approval. 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.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 12,
1972.
Voting for this action: Vice Chairman Robertson and Governors Daane, Maisel, and Brimmer. Absent and not voting:
Chairman Burns, and Governor Mitchell. Governor Sheehan
did not participate in the Board's action on this matter.
(Signed) TYNAN
[SEAL]
Secretary
of the
SMITH,
Board.
CITIZENS B A N C O R P . ,
V I N E L A N D , N E W JERSEY
O R D E R A P P R O V I N G F O R M A T I O N OF B A N K H O L D I N G
COMPANY
Citizens Bancorp., Vineland, New Jersey, has
applied for the Board's approval under § 3(a)(1)
of the Bank Holding Company Act (12 U . S . C .
1842(a)(1)) of formation of a bank holding com-
158
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
pany through acquisition of 100 per cent of the
voting shares of Citizens State Bank, Vineland,
New Jersey ("Citizens B a n k " ) , and 100 per cent
of the voting shares of Continental Bank of New
Jersey, Maple Shade, New Jersey ("Continental
Bank").
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and
all comments received in the light of the factors
set forth in § 3(c) of the Act (12 U . S . C . 1842(c))
and finds that:
Applicant was recently formed for the purpose
of acquiring the two proposed subsidiary banks.
Upon acquisition of Citizens Bank (deposits of
$18.3 million) and Continental Bank (deposits of
$8.6 million), Applicant would become the smallest holding company in the State, controlling
less than .2 per cent of commercial bank deposits
in the State. (Banking data are as of June 30, 1971,
unless otherwise noted, and reflect holding company formations and acquisitions approved through
December 31, 1971.)
Citizens Bank, located in Vineland, is the
seventh largest of thirteen banks in the VinelandMillville-Bridgeton banking market, controlling
5 per cent of deposits in that market.
Continental Bank is located in Maple Shade
which is 40 miles north of Vineland and is in the
Camden banking market. Continental Bank, with
less than 1 per cent of market deposits, is the 12th
largest of fifteen banks there.
It appears that Citizens Bank and Continental
Bank are owned by stockholders that control the
Citizens National Bank of South Jersey, Bridgeton, New Jersey 1 (deposits of $10 million), which
is located in the same market as Citizens Bank.
However, it does not appear that consummation of
this proposal would significantly increase deposit
concentration or have adverse competitive effects
in the Vineland-Millville-Bridgeton banking market even if Citizens National Bank is considered
as part of this proposal. On the facts presented,
consummation of the proposal herein would not
have an adverse effect on existing or potential competition in any relevant area nor would any competing bank be adversely affected.
Applicant's financial condition and future prospects are dependent on those of its proposed sub-
x
The Citizens National Bank of South Jersey is the resulting
bank of a merger which will be consummated on January 14,
1972.
sidiary banks. The financial and managerial resources and future prospects of the banks are
generally satisfactory and consistent with approval.
It appears that the present banking needs of the
communities to be served are already being met.
However, Applicant proposes to provide a greater
effective lending capability to the Banks and form
a data processing subsidiary, thereby providing an
alternative source for specialized banking services.
Therefore, considerations relating to the convenience and needs lend some weight toward approval.
It is the Board's judgment that the proposed transaction would be in the public interest and that the
application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 Philadelphia pursuant to delegated
authority.
By order of the Board of Governors, January
13, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan.
(Signed) TYNAN
[SEAL]
Secretary
of the
SMITH,
Board.
SOCIETY C O R P O R A T I O N ,
C L E V E L A N D , OHIO
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K
Society Corporation, Cleveland, Ohio, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the
Board's prior approval under § 3(a)(3) of the Act
(12 U . S . C . 1842 (a)(3)) to acquire 100 per cent
(less directors' qualifying shares) of the voting
shares of The 1st State Bank & Trust Company,
Columbus, Ohio ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and
all comments received in the light of the factors
set forth in § 3(c) of the Act (12 U . S . C . 1842(c))
and finds that:
Applicant controls 11 banks with aggregate deposits of approximately $1,147 million, representing 5.2 per cent of the total commercial bank
159
LAW DEPARTMENT
deposits in Ohio and is the fifth largest banking organization in the State. (All banking data are as
of June 30, 1971, and reflect holding company
formations and acquisitions approved by the Board
through November 30, 1971.) Consummation of
the acquisition of Bank ($19 million deposits)
would add less than . 1 per cent to Applicant's
percentage share of deposits and would not
change its rank.
Though Bank is the ninth largest of 40 banking
organizations in the Columbus area, it controls
less than 1 per cent of the area deposits. Applicant's acquisition of Bank would constitute its
initial entry in the Columbus area. Applicant's
nearest subsidiary to Bank is located over 25 miles
away, and there is little existing competition between this subsidiary or any other of Applicant's
subsidiaries and Bank. Moreover, due to the distances involved and Ohio's branching law, and
other facts of record, there appears to be only
a slight possibility of substantial potential competition developing between any of Applicant's
subsidiaries, or Applicant itself and Bank. On the
other hand, Applicant's acquisition of Bank should
make the latter a stronger competitor in the
Columbus area, which is dominated by three
large holding companies. On the basis of the record
before it, the Board considers that consummation
of the proposal would not adversely affect competition in any relevant area.
The financial and managerial resources and
future prospects of Applicant, its subsidiaries, and
Bank appear to be satisfactory and consistent with
approval of the application. Considerations relating
to the convenience and needs of the community
to be served lend some weight toward approval
of the application, since Applicant proposes to
expand Bank's trust services; to provide participation lending arrangements; and to institute a
credit card program. It is the Board's judgment
that the proposed acquisition would be in the
public interest and that the application should be
approved.
On the basis of the record, the application is
approved for the reasons summarized above.
The transaction 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 Cleveland pursuant to
delegated authority.
By order of the Board of Governors, January 18,
1972.
Voting for this action: Chairman Burns and Governors
Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and
not voting: Governor Robertson.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
MERCANTILE BANCORPORATION INC.,
ST. LOUIS, M I S S O U R I
ORDER APPROVING ACQUISITION OF B A N K
Mercantile Bancorporation Inc., St. Louis,
Missouri, a bank holding company within the
meaning of the Bank Holding Company Act,
has applied for the Board's approval under § 3(a)
(3) of the Act (12 U . S . C . 1842(a)(3)) to acquire
up to 100 per cent of the voting shares of County
Bank of St. Charles, St. Charles, Missouri
("Bank").
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has expired. The Board has considered the application
and all comments received in the light of the factors set forth in § 3(c) of the Act (12 U . S . C .
1842(c)) and finds that:
Applicant, the largest banking organization and
largest bank holding company in Missouri on the
basis of deposits, has five subsidiary banks with
aggregate deposits of $1.12 billion, representing
9.8 per cent of the total commercial bank deposits
in the State. (All banking data are as of June 30,
1971, adjusted to reflect holding company acquisitions and formations approved by the Board
through November 30, 1971.) Consummation of
the proposal herein would increase Applicant's
share of commercial bank deposits in the State by
less than .1 percentage point.
Bank ($9.7 million of deposits) is one of the
smaller banks operating in the St. Louis banking
market, and is the smallest of four banks in Bank's
primary service area, which is approximated by
St. Charles and the immediate surrounding area.
The St. Charles area has enjoyed substantial
population growth in the past, and the prospects
for the area's economic growth appear highly
favorable. Two of Applicant's subsidiary banks,
including its lead bank ($966 million deposits),
are located in downtown St. Louis approximately
23 miles from Bank. While there appears to be
some competition between Bank and Applicant's
subsidiaries in the St. Louis area, or some potential therefor, consummation of the proposed
acquisition is not likely to substantially lessen
competition nor to have any significant effect on
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
160
competition in any relevant area. In light of the
facts of record, notably the large number of banks
in the St. Louis banking market (over 100), the
existence of geographical barriers and the distance separating Applicant's subsidiaries and
Bank, and Missouri's restrictive branching laws,
there seems to be little prospect for the development of significant competition between Bank and
Applicant's subsidiaries. Furthermore, consummation of the proposal herein is not likely to
have any adverse effects on Bank's competitors
nor would it raise any significant barriers to entry
by others into the area; rather it would enable Bank
to compete more effectively with the larger banks
in its service area.
The financial and managerial resources and
prospects of Applicant, its subsidiaries, and Bank
are all regarded as satisfactory and consistent
with approval of the application. Applicant proposes to assist Bank in enlarging its mortgage
lending services and in establishing additional
services such as trust and bond services. The addition and expansion of such services should enhance
Bank's ability to meet the expanding needs of its
service area. Thus, considerations relating to the
convenience and needs of the communities to be
served lend weight in support of approval of the
application. 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.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 18,
1972.
Voting for this action: Chairman Burns and Governors
Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and
not voting: Governor Robertson.
( S i g n e d ) TYNAN
[SEAL]
Secretary
SMITH,
of the
Board.
ATLANTIC B A N C O R P O R A T I O N ,
J A C K S O N V I L L E , FLORIDA
ORDER APPROVING ACQUISITION OF B A N K
Atlantic Bancorporation, Jacksonville, Florida,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under § 3(a)(3) of the Act (12
U . S . C . 1842(a)(3)) to acquire 80 per cent or more
of the voting shares of The First State Bank and
Trust Company, Eustis, Florida ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c))
and finds that:
Applicant presently controls 19 banks with
aggregate deposits of $687 million, representing
4.7 per cent of total commercial bank deposits held
by Florida's banks. (All banking data are as of
June 30, 1971, and reflect holding company formations and acquisitions approved through November 30, 1971). Applicant's acquisition of Bank,
with deposits of approximately $21 million,
would not represent a significant increase in
Applicant's share of total deposits in the State.
Bank is the larger of two banks headquartered
in Eustis and the second largest of 10 banks located
in Lake County, the relevant market, wherein
it holds 13.2 per cent of the market's total deposits. However, the fifth and eighth largest of the
county banks are closely affiliated and together
hold 16.3 per cent of market deposits, and two
other county banks, as subsidiaries of the fifth and
sixth largest banking organizations in the State,
together control 28.5 per cent of market deposits.
Bank does not compete significantly with any of
Applicant's subsidiary banks, the nearest of which
is located in Sanford, 26 miles east of Eustis. It
also appears that consummation of this proposal
would not eliminate any meaningful potential
competition due, among other factors of record, to
the distances involved, the number of intervening
banks, and the restrictions placed on branching
by Florida law.
Based upon the record, the Board concludes
that consummation of the proposed acquisition
would have no significant adverse effect on competition in any relevant area. The financial conditions and managerial resources of Applicant and
its subsidiary banks are regarded as satisfactory
and prospects for Applicant's group appear
favorable. The financial resources and future prospects of Bank are generally satisfactory and
favorable; however, Applicant's ability to provide
Bank with management strength as needed lends
some weight toward approval of this application.
The convenience and needs aspects of the proposal
161
LAW DEPARTMENT
also lend weight toward approval since Applicant
proposes to increase Bank's lending capabilities,
and to provide Bank with counseling regarding
trusts, investments, credit and overall operations
of the Bank. It is the Board's judgment that the
proposed transaction would be in the public interest, and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 Atlanta pursuant to delegated authority.
By order of the Board of Governors, January
20, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, andSheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
N O R T H PLATTE C O R P O R A T I O N ,
TORRINGTON, WYOMING
ORDER APPROVING FORMATION OF B A N K H O L D I N G
COMPANY
North Platte Corporation, Torrington, Wyoming,
has applied for the Board's approval, under
§ 3(a)(1) of the Bank Holding Company Act (12
U . S . C . 1842(a)(1)), for the formation of a bank
holding company through acquisition of 100 per
cent (less directors' qualifying shares) of the
voting shares of The Citizens National Bank of
Torrington, Torrington, Wyoming ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c)) and
finds that:
Applicant is a nonoperating corporation formed
for the express purpose of acquiring Bank which
has aggregate deposits of approximately $14
million. (All banking data are as of June 30,
1971.) The proposed transaction would effect a
corporate ownership of Bank, and all shareholders
of Bank are being accorded equal treatment.
Since Applicant has no present operations or
subsidiaries, it appears that consummation of the
proposal would not significantly affect existing
or potential competition, nor have an adverse
effect on the other bank in the area.
The banking considerations are consistent with
approval of the application. The financial and
managerial resources of Bank and its prospects
are regarded as generally satisfactory. Applicant
has not commenced operations; thus, its financial
condition, management and prospects are dependent on those of Bank. Applicant's projected
earnings appear to be sufficient to service its debt
without undue strain on Bank's income. The
acquisition herein is not likely to have any significant immediate effect on the convenience and
needs of the community. However, the new and
expanded services which Applicant proposes to
institute should ultimately benefit the public;
and this aspect of the proposal lends some weight
toward approval of the application. It is the Board's
judgment that the transaction would be in the
public interest and that the application should be
approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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, January
20, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, andSheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
NATIONAL BANCSHARES CORPORATION
OF T E X A S , SAN A N T O N I O , TEXAS
ORDER A P P R O V I N G FORMATION OF B A N K H O L D I N G
COMPANY
National Bancshares Corporation of Texas, San
Antonio, Texas, has applied for the Board's approval under § 3(a)(1) of the Bank Holding Company Act (12 U . S . C . 1842(a)(1)) of formation of
a bank holding company through acquisition of
100 per cent of the voting shares (less directors'
qualifying shares) of the successor by merger to
National Bank of Commerce of San Antonio
( " C o m m e r c e B a n k " ) , San Antonio, Texas, and
51 per cent or more of the voting shares of Randolph Field National Bank ("Randolph B a n k " ) ,
162
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Universal City, Texas. The bank into which Commerce Bank is to be merged has no significance
except as a means of acquiring all of the shares of
Commerce Bank. Accordingly, the proposed
acquisition of the shares of the successor organization is treated herein as the proposed acquisition
of the shares of Commerce Bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has
expired. The Board has considered the application
and all comments received in the light of the factors set forth in § 3(c) of the Act (12 U . S . C .
1842 (c)) and finds that:
Applicant is a newly organized corporation.
Consummation of the proposal herein would result in Applicant controlling $276.8 million representing 1.0 per cent of total commercial bank
deposits in the State and Applicant would become
the 10th largest banking organization and the
6th largest bank holding company in Texas.
(All banking data are as of December 31, 1970,
adjusted to reflect holding company formations
and acquisitions approved by the Board through
October 31, 1971.)
Commerce Bank ($264.0 million in deposits)
and Randolph Bank ($12.8 million in deposits)
are both located within the San Antonio banking
market which is approximated by Bexar, Guadalope, and Comal Counties. On the basis of deposits, Commerce Bank is the 2nd largest of 39
banking organizations within the market controlling 17.1 per cent of commercial bank deposits;
Randolph Bank is the 24th largest banking organization holding 0.8 per cent of commercial bank
deposits.
Commerce Bank is a large wholesale bank
which competes with other large banks throughout Texas and the nation, while Randolph Bank
is a small retail-oriented institution located 18
miles from Commerce Bank. Since 1969, several
directors of Commerce Bank have held indirect
ownership of 51 per cent of the voting shares of
Randolph Bank. This relationship has had the
effect of eliminating any meaningful competition
between the banks, though it is doubtful that any
such competition existed prior to this time. Thus,
Commerce Bank and Randolph Bank do not compete with each other to any significant extent, and
the development of such competition, in the
future, even in the event of disaffiliation, appears
unlikely because of the large number of intervening
banks, the distance involved, and the unit banking
laws of Texas. Moreover, the slight increase in
concentration in the market is not considered to be
significant in the light of the numerous existing
banking alternatives. Accordingly, on the basis of
the record before it, the Board concludes that
consummation of the proposal would not have an
adverse effect on competition in any relevant
area.
The financial, managerial, and future prospects
of Applicant and Commerce Bank are regarded
as satisfactory. Although acquisition of the Randolph Bank shares involves short-term debt,
Applicant and Commerce Bank appear to be
capable of servicing and repaying such debt without undue strain; the proposed debt to capital
ratio does not appear to be at an unsatisfactory
level. Future prospects of the Randolph Bank will
be improved by affiliation with Applicant since
Randolph Bank will have easier access to necessary capital funds and a pool of trained management personnel. Affiliation with Applicant will also
provide Randolph Bank with access to the expertise of Commerce Bank particularly with respect
to trust matters, international banking, and other
specialized services. Thus, considerations related
to the convenience and needs of the community
as well as financial, managerial, and future
prospects of Applicant and the banks involved
lend some weight for approval. It is the Board's
judgment that the proposed transaction is in the
public interest and should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 Dallas pursuant to delegated
authority.
By order of the Board of Governors, January
21, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
FIRSTBROOK
of the
Board.
CORPORATION,
CHICAGO,
ILLINOIS
O R D E R D E N Y I N G FORMATION OF B A N K
H O L D I N G COMPANY
Firstbrook Corporation, Chicago, Illinois, has
applied for the Board's approval under § 3(a)(1)
163
LAW DEPARTMENT
of the Bank Holding Company Act (12 U . S . C .
1842(a)(1)) of formation of a bank holding company through acquisition of 80 per cent or more
of the voting shares of Northbrook Trust & Savings
Bank, Northbrook, Illinois ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has expired. The Board has considered the application
and all comments received in the light of the factors set forth in § 3(c) of the Act (12 U . S . C .
1842(c)) and finds that:
Applicant is a newly-formed organization and
has no operating history. Upon acquisition of
Bank ($31.5 million of deposits), Applicant
would control less than . 1 per cent of the commercial bank deposits in Illinois. (All banking
data are as of June 30, 1971.) As the proposed
transaction represents a sale of individuals' ownership of Bank to a presently nonoperating holding
company, consummation of the transaction would
not eliminate any existing or potential competition
and would not result in any increase in the concentration of banking resources in any relevant
area.
Bank is presently in satisfactory financial condition with adequate capital and satisfactory management. Its location in a growing community
about 25 miles northwest of Chicago should insure favorable growth although growth may not
continue at past rates due to the recent entrance of
two other banks into the area previously served
only by Bank. Despite future growth prospects
of Bank, however, the proposed method of financing the acquisition of Bank, would, if utilized,
adversely affect the financial condition and prospects of both Applicant and Bank.
Applicant, upon consummation of the proposed
transaction, would incur acquisition debt in the
amount of $4,500,000 resulting in a debt-toequity ratio of over 250 per cent. Applicant proposes to repay the debt with interest in ten years
with increasing annual principal payments beginning in 1973. Based upon the expected rapid
population growth and development of the Northbrook area and Bank's annual earnings growth
at a rate that would enable Applicant to service
its acquisition debt from no more than a 50 per
cent dividend payout from Bank.
However, Bank's present adequate capitalization
derives from the restraint Bank has exercised in
past declarations of dividends. Between 1966
and 1970, dividends averaged approximately 19
per cent of current earnings (whereas Applicant
projects 50 per cent to service the debt). The
projected average annual earnings growth rate
may be unrealistic; it is higher than that experienced by Bank between 1961 and 1970 when
Bank was the only bank located in its service
area. In fact, despite the favorable growth trend
of the community which Bank serves, the growth
rate of Bank's earnings has declined from 25.4
per cent in 1969 to 9.5 per cent in 1971. If earnings growth fails to keep pace with Applicant's
projections, the percentage of earnings paid out as
dividends of Bank would have to be increased in
order to service Applicant's acquisition debt, in
turn, retarding Bank's capital growth. Finally, it
is not clear that Applicant, even if its projections
proved accurate, could properly service its
acquisition debt and meet its expenses.
Beside imperiling Bank's future capital growth,
the high level of acquisition debt contemplated
by this application would hinder Applicant's ability
to meet any emergency capital needs of Bank
should such arise. These factors weigh heavily
against approval of this application. It should be
emphasized, however, that these factors in no way
reflect upon the present financial soundness of
Bank, nor upon its future financial condition absent
consummation of the instant proposal.
The banking needs of the residents of Bank's
service area appear to be adequately served by
existing institutions. The added flexibility of a
holding company structure to enable Bank to
better meet future demands lends some weight for
approval.
Under all of the circumstances of this case, the
Board concludes that the acquisitions debt involved in this proposal presents adverse circumstances bearing on the financial condition and
prospects of Applicant and Bank. Such circumstances are not outweighed by any procompetitive
factors or by circumstances relating to the convenience and needs of the communities to be served,
accordingly, approval of the application is not in
the public interest and it should be denied.
On the basis of the record, the application is
denied for the reasons summarized above.
By order of the Board of Governors, January
20,1972.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan.
[SEAL]
( S i g n e d ) TYNAN
SMITH,
Secretary
Board.
of the
164
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
FIRST BANC G R O U P O F OHIO, I N C . ,
C O L U M B U S , OHIO
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K
First Banc Group of Ohio, Columbus, Ohio,
a bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under § 3(a)(3) of the Act (12
U . S . C . 1842(a)(3)) to acquire 100 per cent of the
voting shares of the successor by merger to The
Ashland Bank and Savings Company, Ashland,
Ohio ( " B a n k " ) . The bank into which Bank is to
be merged has no significance except as a means
to facilitate the acquisition of the voting shares of
Bank. Accordingly, the proposed acquisition of the
shares of the successor organization is treated herein as the proposed acquisition of the shares of Bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has expired. The Board has considered the application
and all comments received in the light of the
factors set forth in § 3(c) of the Act (12 U . S . C .
1842(c)) and finds that:
Applicant controls nine banks with deposits of
$715.5 million, representing 3.2 per cent of the
total commercial bank deposits in the State, and is
the seventh largest banking organization in Ohio.
(All banking data are as of June 30, 1971, and
reflect holding company formations and acquisitions approved through November 30, 1971.)
Acquisition of Bank (deposits of $12.8 million)
would increase Applicant's share of deposits in
the State by an insignificant amount. Bank
operates two banking offices in Ashland County,
which approximates its banking market. It is the
third largest of five banking organizations in the
County with 18.4 per cent of total deposits in that
area. The two larger banks in the County
respectively control 39 and 21 per cent of market
deposits.
Applicant's subsidiary located closest to Bank is
approximately 11 miles west in adjacent Richland County and a second subsidiary is located
approximately 20 miles east of Bank in adjacent
Wayne County. Although some competition exists between Bank and Applicant's Richland and
Wayne County subsidiaries, the amount of competition is not considered substantial. Elimination of this competition as a result of consummation of the proposed acquisition would not have
a significantly adverse effect on competition in the
area. Some potential competition between Applicant and Bank might be foreclosed by consum-
mation of the proposal since Applicant could
enter bank's market de novo or through acquisition of a smaller bank. However, due to the
present " o v e r b a n k e d " character of the market, the
restrictive branching laws in the State and other
facts of record, there appears to be little likelihood that significant competition between bank
and Applicant would develop in the future. 1
On the basis of the foregoing, the Board concludes that consummation of the proposed
transaction 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.
The financial and managerial resources and future prospects of Applicant, its subsidiary banks
and Bank are regarded as satisfactory and consistent with approval. Although there is no evidence that significant banking needs of the communities involved are going unserved, Applicant
proposes to expand mortgage and education loans,
provide trust services and municipal financing
through Bank and suggests the possibility of
opening additional branches in rural areas of the
County. Accordingly, considerations relating to
convenience and needs of the community lend
some weight toward approval. It is the Board's
judgment that the proposed transaction would be
in the public interest and that the application should
be approved.
On the basis of the record, the application is approved for the reasons summarized above. The
transaction 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 Cleveland pursuant to delegated authority.
By order of the Board of Governors, January
25,1972.
Voting for this action: Chairman Burns and Governors Robertson, Maisel, Brimmer, and Sheehan. Absent and not voting:
Governors Mitchell and Daane.
( S i g n e d ) TYNAN
[SEAL]
Secretary
of the
SMITH,
Board.
Population per banking office in Ashland County is 3,442
and deposits per banking office are $5.8 million. These ratios
are well below both State and national averages.
165
LAW DEPARTMENT
AFFILIATED BANK C O R P O R A T I O N ,
M A D I S O N , WISCONSIN
ORDER APPROVING ACQUISITION OF B A N K
Affiliated Bank Corporation, Madison, Wisconsin, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under § 3(a)(3)
of the Act (12 U . S . C . 1842(a)(3)) to acquire 80
per cent or more of the voting shares of Middleton
Shores Bank, Middleton, Wisconsin ( " B a n k " ) .
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c)) and
finds that :
Applicant is the eleventh largest banking organization in Wisconsin, controlling two banks
with aggregate deposits of $93 million, representing 0 . 9 per cent of the total commercial bank
deposits in the State. (All banking data are as of
June 30, 1971, and reflect holding company
formations and acquisitions approved through
December 31, 1971.) Bank, with deposits of
$0.8 million, is the smallest of 31 banks in the
relevant banking market which is approximated
by the Madison SMSA and holds less than 0.1
per cent of deposits in commercial banks in
that market. Both of Applicant's present banking subsidiaries compete in this market, and Applicant is the second largest banking organization
in that market, controlling 15 per cent of market
deposits. There is no significant existing competition between Bank and either of Applicant's
subsidiaries since Bank was recently formed by
officers and directors of Applicant. Due to the
number of banks in the intervening areas, and
Wisconsin's branching law, which effectively
prohibits Applicant's present subsidiaries and
Bank from branching into the primary service
area of each other, there appears to be little likelihood that significant competition between Bank
and Applicant would develop in the future even if
the Board denied the application and, as Applicant
has indicated, control of Bank were to be sold to
local residents. Consummation of the proposed
acquisition would not eliminate existing or potential
competition nor have adverse effects on any competing bank.
The banking needs of the community are being
satisfactorily served at this time. Considerations
relating to the convenience and needs of the com-
munities to be served are consistent with approval.
Considerations relating to financial and managerial resources and future prospects as they relate
to Applicant, its subsidiaries, and Bank, are
regarded as satisfactory, and are consistent with
approval. 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.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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
25,1972.
Voting for this action: Chairman Burns and Governors Robertson, Maisel, Brimmer, and Sheehan. Absent and not voting;
Governors Mitchell and Daane.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
CHEMICAL N E W YORK
of the
Board.
CORPORATION,
NEW Y O R K , N E W YORK
ORDER A P P R O V I N G ACQUISITION OF B A N K
Chemical New York Corporation, New York,
New York, a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board's approval under section
3(a)(3) of the Act (12 U . S . C . 1842(a)(3)) to acquire 100 per cent of the voting shares (less directors' qualifying shares) of the successor by merger
to the Eastern National Bank of Long Island,
Smithtown, New York ( " B a n k " ) .
The bank into which Bank is to be merged has
no significance except as a means to facilitate the
acquisition of the voting shares of Bank. Accordingly, the proposed acquisition of the
shares of the successor organization is treated
herein as the proposed acquisition of the shares of
Bank.
Notice of receipt of the application has been
given in accordance with section 3(b) of the Act,
and the time for filing comments and views has
expired. The Board has considered the application and all comments received in the light of the
factors set forth in section 3(c) of the Act
(12 U.S.C. 1842(c)) and finds that:
166
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Applicant, the fourth largest banking organization in New York, controls two banks with total
domestic deposits of $7.64 billion, representing
8.7 per cent of the State's total commercial deposits. (All banking data are as of December 31,
1970, adjusted to reflect holding company formations and acquisitions to date.) Upon acquisition
of bank ($52.2 million deposits), Applicant would
not increase its share of deposits in the State, nor
its present ranking.
Bank operates its main office and three branches
in the Smithtown banking market, and two
branches in the Huntington banking market. It is
the second largest banking organization in the
Smithtown market, with 15.3 per cent of the deposits in that market, and the fourth largest banking organization in the Huntington market, controlling 2.0 per cent of market deposits. 1 Applicant's subsidiary office closest to Bank is located
5.5 miles west of Bank's Huntington branch in
Nassau County, a separate banking market, into
which Applicant's bank is presently prohibited
from branching. Although Applicant's subsidiary
branch derives some banking business from Bank's
service area, existing competition is nominal and
there are two banking offices in the intervening
area. Consummation of the proposal would thus
eliminate only a small amount of existing competition and would not adversely affect any competing bank in any relevant area.
Some potential competition between Applicant
and Bank would be foreclosed upon consummation of the proposal since Applicant could enter
Bank's markets de novo through acquisition of a
smaller bank. The effect of the elimination of
this competition would appear to be minimal, however, in light of the large number of potential entrants to the market. Additionally, within Bank's
market area there are seventy-five offices of fourteen banks. Within the county there were, at year
end 1970, 23 banks with 186 offices. Forty-seven
per cent of these offices represented only three
commercial banks. Applicant's acquisition of
Bank, and Bank's expected expansion through
de novo branching would provide additional
competition for these three dominant banks and
have a procompetitive effect in the market.
Applicant is paying a relatively small premium
for Bank based upon market values of Applicant's
and Bank's stock. Based upon book value the
premium is substantial. However, Applicant does
b a n k i n g data relating to market position are as of June 30,
1970.
not appear to be paying for the purchase of
monopoly power. While it is true that Applicant
could enter de novo, if it were to do so it would be
prohibited by New York State law from opening a
new branch in the year of charter and then
limited to two branches a year until 1976. Such
restrictions would limit Applicant's competitive
effectiveness in the market and the " p r e m i u m "
appears to reflect the worth to Applicant of establishing such competitive effectiveness at an earlier
date. The establishment of branches by Bank as
contemplated by Applicant would, as pointed out
above, be pro-competitive.
The financial and managerial resources of Applicant and Bank are generally satisfactory and consistent with approval. Applicant proposes to offer,
through Bank, trust and investment advisory
services and lower rates on installment loans,
thereby
providing
another
competitive
alternative for expanded banking services. Accordingly, considerations relating to convenience
and needs of the community lend some weight toward approval. It is the Board's judgment that the
proposed transaction would be in the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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 New York pursuant to delegated
authority.
By order of the Board of Governors, January
27,1972.
Voting for this action: Chairman Burns and Governors
Mitchell, Daane, and Maisel. Voting against this action: Governors Robertson and Brimmer.
Governor Sheehan did not participate in the Board's action
on this matter.
( S i g n e d ) TYNAN
[SEAL]
Secretary
of the
SMITH,
Board.
D I S S E N T I N G S T A T E M E N T OF G O V E R N O R S
ROBERTSON AND BRIMMER
W e would deny the application. Consummation
of the proposal would have adverse competitive
effects which are not outweighed by considerations relating to the convenience and needs of the
communities to be served, and the transaction
would not be in the public interest.
Bank operates six offices and has received approval to open two additional offices in the attrac-
LAW DEPARTMENT
tive, rapidly growing Suffolk County area. With
deposits of $52.2 million, it is the second largest
banking organization in the Smithtown banking
market and the fourth largest banking organization
in the Huntington market. Although Applicant's
present banking subsidiary is prohibited from
branching into Suffolk County, there is some existing competition between its Woodbury office and
Bank's Huntington branch, which offices are only
5.5 miles apart. Moreover, it appears that Applicant would be a likely entrant into the growing
Suffolk County market.
In connection with the recent application of
Applicant to acquire the Tappan Zee National
Bank, one of us (Governor Robertson) expressed
concern about the high premium Applicant was
paying for the bank. There should be even greater
concern with the premium being paid in the
present case. Based on the book values of both
Applicant's stock and Bank's stock that is being exchanged in this transaction, Applicant is paying
a premium of almost $9 million or approximately
18 per cent of Bank's deposits. It is obvious that
Applicant is willing to pay such a premium to obtain a well-established branching network and
market position and thereby avoid the need of
developing a de novo bank into a strong competitor. This is an understandable business judgment by Applicant; however, it is the public's
interest—not Applicant's—that is paramount.
Furthermore, the existence of such premiums in
the Suffolk County area reduces the possibilities
for holding companies smaller than Applicant to
enter the market through the acquisition of a bank.
Applicant's acquisition of Bank is anticompetitive since it will eliminate the potential competition that would result if Applicant entered the
market either through de novo establishment of a
subsidiary bank or by a foothold acquisition of a
smaller bank. The two largest New York Citybased holding companies have entered Suffolk
County by establishing de novo subsidiary banks.
Applicant should also be required to enter Suffolk
County de novo which would increase, rather
than decrease, competition and thereby provide
greater benefits to the public.
The record reflects that the banking needs of
Suffolk County are being adequately met at the
present time, and none of the benefits to the convenience and needs of the communities to be served
urged by Applicant outweigh the anticompetitive
effects of the present transaction. Those same
alleged benefits could be provided in less anticompetitive ways, and the application should be
denied.
167
FIRST FLORIDA B A N C O R P O R A T I O N ,
T A M P A , FLORIDA
O R D E R A P P R O V I N G A C Q U I S I T I O N OF B A N K
First Florida Bancorporation, Tampa, Florida, a
bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under § 3(a)(3) of the Act (12
U . S . C . 1842(a)(3)) to acquire 90 per cent or more
of the voting shares of The Orlando National Bank
—West, Orlando, Florida ( " B a n k " ) , a proposed
new bank.
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and
the time for filing comments and views has expired.
The Board has considered the application and all
comments received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c)) and
finds that:
Applicant has 22 subsidiary banks with aggregate deposits of approximately $445 million, representing 3.0 per cent of the commercial bank
deposits in Florida. (Banking data are as of June
30, 1971.) Approval of the acquisition of Bank
would not presently increase Applicant's deposits
since Bank is a proposed new bank. Although one
of Applicant's subsidiaries, The Orlando Bank and
Trust Company ( " O r l a n d o B a n k " ) , is located four
miles from the proposed site of Bank, Orlando
Bank originates only a small percentage of its
deposits and loans within Bank's proposed service
area. Moreover, Applicant does not have a dominant position in the Orlando area. Accordingly, the
Board concludes that consummation of the proposed acquisition would not adversely affect
competition in any relevant area.
The financial and managerial resources and
future prospects of Applicant, its subsidiary banks,
and Bank are regarded as satisfactory. Considerations relating to the convenience and needs of the
community lend weight in favor of approval since
Bank is to be established in one of the fastest growing areas in Florida and will provide an additional
source of services to customers in or near the
Disney World complex. It is the Board's judgment that the proposed acquisition would be in the
public interest and that the application should be
approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction 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) The
Orlando National Bank—West shall be open for
168
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
business not later than six months after the date
of this Order. T h e 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
27,1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Sheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
NORTH ATLANTIC BANCORP.,
NEWTON, MASSACHUSETTS
ORDER APPROVING ACQUISITION OF B A N K
North Atlantic B a n c o r p . , N e w t o n , Massachusetts, a bank holding c o m p a n y within the
meaning of the Bank Holding C o m p a n y Act, has
applied for the B o a r d ' s approval under § 3(a)(3) of
the Act (12 U . S . C . 1842(a)(3)) to acquire 51 per
cent or more of the voting shares of University
Trust
Company,
Cambridge,
Massachusetts
("Bank").
Notice of receipt of the application has been
given in accordance with § 3(b) of the Act, and the
time for filing c o m m e n t s and views has expired.
The Board has considered the application and all
c o m m e n t s received in the light of the factors set
forth in § 3(c) of the Act (12 U . S . C . 1842(c)) and
finds that:
Applicant controls one bank with total deposits
of $ 3 3 . 9 million, representing .3 per cent of total
commercial deposits in the State. (Banking data
are as of June 30, 1971.) Acquisition of Bank
(deposits of $ 1 0 . 2 million) would not significantly
increase Applicant's share of total deposits in the
State.
Bank operates its sole office in the Boston
S M S A and the area it presently serves is approximated by the towns of C a m b r i d g e , Somerville,
Arlington and Belmont. Bank controls .1 per cent
of the deposits in the Boston S M S A and ranks
forty-first of fifty-five banks in that market. Applic a n t ' s subsidiary office closest to Bank is located
6.5 miles away and is also located in the Boston
S M S A ; however, it serves a different area, which
is approximated by the cities of N e w t o n , Wellesbay, Watertown, Brookline, Bedford and W o b u r n .
There is only nominal existing competition between
Bank and Applicant's existing subsidiary and there
are numerous banking offices in the intervening
area. C o n s u m m a t i o n of the proposal would
eliminate only a small amount of existing competition and would not adversely affect any competing bank in any relevant area.
Some potential competition between Applicant
and Bank would be foreclosed upon c o n s u m m a t i o n
of the proposal since both A p p l i c a n t ' s subsidiary
bank and Bank can branch de novo into each
others service area. H o w e v e r , the high ratio of
commercial banking offices to population in the
relevant areas, and the relatively static economic
and population growth in those areas minimize any
effect on potential competition.
The financial and managerial resources of Applicant and Bank are generally satisfactory and consistent with approval. It appears that c o n s u m m a tion of this proposal would not have any immediate
effects on the convenience and needs of the communities, although improvement and expansion
of services may be facilitated by the operational
structure of a holding c o m p a n y . M o r e o v e r , Applicant will assist Bank in loan participation arrangements, auditing, advertising, and general operating
procedures. Considerations related to the convenience and needs of the communities to be served
therefore, lend some weight for approval. It is the
B o a r d ' s judgment that the proposed transaction
would be in the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be c o n s u m m a t e d (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 Boston pursuant to delegated authority.
By order of the Board of Governors, January 27,
1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Maisel, and Brimmer. Absent and not
voting: Governors Mitchell and Sheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
ORDER UNDER SECTIONS 3 AND 4 OF
BANK HOLDING COMPANY ACT
CARLTON AGENCY, INC.,
CARLTON, MINNESOTA
ORDER D E N Y I N G A C T I O N TO BECOME A B A N K
H O L D I N G C O M P A N Y AND R E Q U E S T FOR
DETERMINATION UNDER § 4 ( c ) ( 8 )
Carlton A g e n c y , Inc., Carlton, Minnesota, has
applied for the B o a r d ' s approval under § 3(a)(1) of
169
LAW DEPARTMENT
the Bank Holding C o m p a n y Act (12 U . S . C . 1842
(a)(1)) to b e c o m e a bank holding c o m p a n y
through the acquisition of 100 per cent of the
voting shares (less directors' qualifying shares)
of Carlton National B a n k , Carlton, Minnesota
("Bank").
At the same time, Applicant has applied for the
B o a r d ' s approval under § 4(c)(8) of the Act and
§ 225.4(b)(2) of the B o a r d ' s Regulation Y to engage in certain permissible insurance agency
activities through the acquisition of certain assets
of the First National Bank Insurance A g e n c y ,
Carlton, Minnesota.
Notice of receipt of these applications has been
given in accordance with § § 3 and 4 of the Act, and
the time for filing c o m m e n t s and views has expired. The Board has considered the applications
and all c o m m e n t s received in light of the factors
set forth in § 3(c) of the Act (12 U . S . C . 1842(c)),
and the considerations specified in § 4(c)(8) of
the Act (12 U . S . C . 1843(c)(8)) and finds that:
Applicant is a newly-formed organization and
has no operating history. Upon acquisition of Bank
($5.9 million of deposits), Applicant would control about 0.1 per cent of the commercial bank
deposits in the State. (All banking data are as of
June 30, 1971.) As the proposed transaction represents a transfer of an individual's ownership of
Bank into a presently nonoperating holding company, consummation would not eliminate any
existing or potential banking competition and
would not result in any increase in the concentration of banking resources in any relevant area.
B a n k ' s m a n a g e m e n t and financial condition are
consistent with approval and its capital presently
is adequate. H o w e v e r , because of the proposed
method of financing the acquisition of Bank, the
financial condition and prospects of Applicant
and Bank would be adversely affected by consummation of the proposed transaction.
Applicant, upon c o n s u m m a t i o n of the proposed
acquisition, would incur acquisition debt of
$ 1 7 5 , 0 0 0 (now owed by the principal to a thirdparty bank), which would amount to approximately 66 per cent of A p p l i c a n t ' s equity. The
balance of the debt, $ 1 0 0 , 0 0 0 , would be held
personally by the principal and would be secured
by stock of Applicant. Applicant would require
more than 60 per cent of B a n k ' s earnings to service
the debt, and its ability to do so is considered
marginal.
Lincoln First B a n k s , I n c . , Rochester, N e w
York, Applicant, a bank holding c o m p a n y within
the meaning of the Bank Holding C o m p a n y Act,
as a m e n d e d , has applied for the B o a r d ' s approval
under § 4(c)(8) of the Act and § 225.4(b)(2) of
the B o a r d ' s Regulation Y to acquire 51 per cent
of the voting shares of Lincoln First/Baer Corporation, N e w Y o r k , N e w York ( " L i n c o l n /
B a e r " ) , the successor to Baer Credit Corporation,
( " B a e r " ) , which is presently 100 per cent o w n e d
by Baer Holding, A . G . , Switzerland. Baer Holding, A . G . , will own 4 9 per cent of the voting
shares of Lincoln/Baer. Lincoln/Baer has no
significance except as a m e a n s to restructure the
ownership of Baer Credit Corporation. Notice of
the application affording opportunity for interested
persons to submit c o m m e n t s and views was duly
published (36 Federal Register 22335 and
The Board views the debt split arrangement
present in this application as a method to circumvent the problem of debt servicing by one-bank
d e n i a l of Applicant's 3(a)(1) application requires denial of
the attendant 4(c)(8) proposal.
holding companies. The fact that the principal
personally has assumed part of the bank acquisition debt does not mean that the holding c o m p a n y
will not be expected to satisfy, directly or indirectly, some of the obligation. After analysis of the proposed debt of Applicant and its principal and other
circumstances of record, the Board concludes that
the acquisition debt involved in this proposal
presents adverse circumstances bearing on the
financial condition and prospects of Applicant and
Bank. Such circumstances are not outweighed by
any procompetitive factors or by circumstances relating to the convenience and needs of the communities to be served. On the basis of the record,
the Board concludes that approval of the § 3 application is not in the public interest, and it is accordingly denied. 1
By order of the Board of Governors, January 27,
1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
ORDERS UNDER SECTION 4(c)(8) of
BANK HOLDING COMPANY ACT
LINCOLN FIRST BANKS, INC.,
ROCHESTER, NEW YORK
ORDER A P P R O V I N G ACQUISITION OF L I N C O L N
F I R S T / B A E R CORPORATION
170
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
23273). The time for filing comments and views
has expired and all received have been considered.
Making or acquiring loans or other extensions
of credit is an activity that the Board has previously
determined to be closely related to banking (12
CFR 225.4(a)(1)). A bank holding company may
acquire a company engaged in this activity so
long as the proposed acquisition is consistent with
the relevant factors specified in § 4(c)(8) of the
Act. Lincoln/Baer, which will have assets of
$6.8 million, will conduct only the activities
presently conducted by Baer, a small commercial
finance company whose major activity is nonnotification accounts receivable financing. Baer
also engages to a limited extent in inventory and
equipment financing and in unsecured short-term
international financing. These types of commercial
financing are specialized, serving high risk customers who generally cannot obtain sufficient
bank financing. Lincoln/Baer will not accept
demand deposits and will engage solely in the
activities described in § 225.4(a)(1) of Regulation
Y. Accordingly, the activities to be conducted by
Lincoln/Baer are closely related to banking.
Applicant is the fifteenth largest banking organization in New York State, controlling five
banks with aggregate deposits of $1.7 billion.
Baer, which operates from a single office in New
York City, is a small factor in its market (approximated by the Second Federal Reserve District),
competing with over 50 commercial finance companies, as well as the commercial finance subsidiaries or departments of six area banks. Applicant's subsidiary banks, while located in the market
area, do not offer commercial finance services of
the type offered by Baer, and consummation of the
proposal would thus have no adverse effects on
competition.
Applicant will make a capital contribution to
Lincoln/Baer, thus making likely its development
as a stronger competitive force than Baer. Additionally, consummation of the proposal will
enable Applicant to provide additional services
to those of its customers who require this specialized type of financing and will perhaps enable
Applicant to further develop its services in the
international field. There is no evidence in the
record that the proposal would result in any undue
concentration of resources, unfair competition,
conflicts of interest, unsound banking practices
or other adverse effects on the public interest.
Based upon the foregoing and other considerations reflected in the record, the Board has determined that the balance of the public interest
factors the Board is required to consider under
§ 4(c)(8) is favorable. Accordingly, the application
is hereby approved and Applicant is hereby permitted to engage in the activities now conducted
by Baer that are authorized by 12 CFR 225.4(a)(1).
This determination is subject to the conditions set
forth in § 225.4(c) of Regulation Y and to the
Board's authority to require such modification or
termination of the activities of a holding company
or any of its subsidiaries as the Board finds necessary to assure compliance with the provisions and
purposes of the Act and the Board's regulations
and orders issued thereunder or to prevent evasion
thereof.
By order of the Board of Governors, January
12, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Mitchell, Daane, Maisel, Brimmer, and Sheehan.
( S i g n e d ) TYNAN
[SEAL]
Secretary
of the
SMITH,
Board.
PATAGONIA CORPORATION,
TUCSON, ARIZONA
O R D E R A P P R O V I N G A C Q U I S I T I O N OF M O D E L
FINANCE COMPANY
Patagonia Corporation, 1 Tucson, Arizona, a
bank holding company within the meaning of the
Bank Holding Company Act of 1956, as amended,
has applied for the Board's approval, under
§ 4(c)(8) of the Act and § 225.4(b)(2) of the
Board's Regulation Y, to acquire all of the voting
shares of Model Finance Company, Phoenix,
Arizona. Notice of the application affording opportunity for interested persons to submit comments
and views has been duly published. Time for
filing comments and views has expired and all
those received have been considered.
The operation of a finance company and acting
as insurance agent or broker are activities that
the Board has determined to be closely related to
banking (12 C . F . R . 225.4(a)(1) and (9)). A bank
holding company may acquire a company engaged in either of these activities as long as the
activities of the institution proposed to be acquired
are not conducted in a manner inconsistent with
Patagonia Corporation presently controls various nonbanking subsidiaries acquired prior to the date it became a
bank holding company under the Act. It is its intention to
clarify the status of certain of these subsidiaries as soon as
possible, and to comply with the requirements of the Act, including the divestiture provisions of section 4, where applicable, as to all of these subsidiaries.
171
LAW DEPARTMENT
the limitations the Board has established pursuant
to § 4(c)(8) of the Act.
Applicant's banking subsidiary, Great Western
Bank and Trust ( " G r e a t W e s t e r n " ) , is the sixth
largest bank in Arizona. Its deposits of $124.7
million represent 3.5 per cent of total deposits
in the State. Great Western makes consumer installment loans through its headquarters office in
Phoenix and in branch offices throughout Arizona.
Installment credit by all Arizona banks, as of
December 31, 1970, totaled $648.1 million, of
which Great Western had but $5.0 million.
Model Finance Company is a small consumer
finance holding company with total assets of $7.2
million. 2 It has 13 offices, of which 8 are in areas
of Arizona served by Great Western; the 5 outof-State offices are located in Albuquerque, Las
Vegas, and Denver. Model Finance Company
makes small consumer loans and sells credit
insurance in connection with its lending activities.
The local markets for high-risk consumer loans,
in which Model Finance Company competes,
encompass a relatively large number of competitors. For example, in the Tucson and Phoenix
metropolitan areas there are 39 and 117 licensed
consumer finance companies, respectively.
Most potential borrowers in the small highrisk consumer loan market either can not or would
not consider commercial banks as alternative
sources. Since finance companies and commercial
banks do not compete for loans to the same class
of borrowers, the Board concludes that consummation of the acquisition would not eliminate
existing or potential competition between Great
Western and Model Finance Company. Nor is
there any significant possibility that the acquisition
will have adverse effects on credit availability to
independent finance companies. There is no evidence in the record indicating that consummation
of the proposed transaction would result in any
undue concentration of resources, unfair competition, conflicts of interests, unsound banking
practices, or other adverse effects on the public
interest.
It is anticipated that Model Finance C o m p a n y ' s
affiliation with Applicant will give Model Finance
Company access to the greater resources of Applicant, and enable it to compete more effectively
with other consumer finance companies in the
area in which it operates. There are also certain
economies likely to be derived from the affiliation.
On balance, the Board concludes that the public
2
Data as of June 30, 1971.
benefits factors the Board is required to consider
under section 4(c)(8) outweigh any possible adverse effects that might result from the proposed
acquisition.
Based upon the foregoing and other considerations reflected in the record, the Board has determined that the balance of the public interest
factors the Board is required to consider under
§ 4(c)(8) is favorable. Accordingly, the application
is hereby approved. This determination is subject
to revocation by the Board if the facts upon which
it is based change in any material respect.
By order of the Board of Governors, January
27, 1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Maisel, Brimmer, and Sheehan. Absent and
not voting: Governor Mitchell.
( S i g n e d ) TYNAN
[SEAL]
Secretary
SMITH,
of the
Board.
INDUSTRIAL N A T I O N A L C O R P O R A T I O N ,
PROVIDENCE, RHODE ISLAND
O R D E R A P P R O V I N G A C Q U I S I T I O N OF
AMBASSADOR F A C T O R S C O R P O R A T I O N
Industrial National Corporation, Providence,
Rhode Island ( " A p p l i c a n t " ) , a bank holding
company within the meaning of the Bank Holding
Company Act of 1956, as amended, has applied
for the Board's approval under § 4(c)(8) of the
Act and § 225.4(b)(2) of the Board's Regulation
Y, to acquire 100 per cent of the voting shares
of Ambassador Factors Corporation, New York,
New York ( " A m b a s s a d o r " ) into which its affiliates Belvedere Factors Corp. and Ambassador
Leasing Corp., will be merged prior to the acquisition. Notice of the application affording opportunity for interested persons to submit comments
and views was duly published. The time for filing
comments and views has expired and all those
received have been considered, including those
presented orally and in writing in connection
with a Board hearing on November 12, 1971,
pertaining to factoring in general.
The operation by a bank holding company of
a commercial finance company and a factoring
company are activities that the Board has previously determined to be closely related to the
business of banking (12 CFR 225.4(a)(1)). The
Board has also determined that data processing
services for the internal storing and processing of
banking, financial or related economic data for
members of the holding company system are
closely related to the business of banking (12
172
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
CFR 225.4(a)(8)). Such a data processing subsidiary may also perform incidental activities such
as selling excess computer time so long as its
only involvement is furnishing the facility and
the necessary operating personnel (12 CFR
225.123). A bank holding company may engage
in the above activities so long as the activities of
the institution proposed to be acquired are not
conducted in a manner inconsistent with the limitations the Board has established pursuant to
§ 4(c)(8) of the Act.
It appears that Ambassador engages in factoring
and commercial finance; its affiliate Belvedere
Factors Corp. engages in commercial finance;
and Ambassador Leasing Corp. provides data
processing services for Ambassador and sells
excess computer time to Ambassador's customers
within the limitations of 12 CFR 225.123.
Accordingly, the activities of Ambassador and
its affiliates are closely related to banking.
Applicant, the parent holding company of Industrial National Bank of Rhode Island, has consolidated assets of $1,074 billion, including
Bank's total assets of $1,029 billion. (Banking
data are as of June 30, 1971.) Bank is the largest
banking organization in Rhode Island, with 51.2
per cent of the commercial bank deposits in the
State.
Ambassador and its affiliates are located in New
York City. In 1970, Ambassador had a factoring
volume of approximately $110 million with 79
per cent of its customers being headquartered in
New York City. Ambassador is the twenty-third
largest of the twenty-six factors that compete in
national markets and its factoring volume was
one per cent of the total commercial factored
volume for those twenty-six factors. Belvedere
Factors Corp. is s small competitor in the commercial finance field, having an annual business
volume of $1.2 million. Ambassador Leasing
Corp. had an annual business volume from its
data processing activities of only $47,000.
Neither Applicant nor any of its subsidiaries
engages in factoring, and consummation of the
proposal would therefore eliminate no existing
competition in the factoring field. It appears unlikely that competition in this area would arise
between Applicant and Ambassador. Factoring
is characterized by relatively high entry barriers
due to the high degree of expertise in the client's
industry which is required and de novo entry in the
field has been extremely limited.
There is no significant existing competition between Applicant and Ambassador and its affiliates
in the commercial finance field. Each derives less
than one per cent of its volume from the service
area of the other. Due to geographical separation
and the large number of competitors in the field,
significant competition is unlikely to develop.
While Applicant presently has a subsidiary performing data processing services, neither it nor
Ambassador Leasing Corp. do any business in the
service area of the other and are unlikely to compete in the future. There is no evidence in the
record indicating that acquisition of Ambassador
by Applicant would result in any undue concentration of resources, unfair competition, conflicts
of interest, unsound banking practices, or other
adverse effects on the public interest.
The majority of Ambassador's clients are now
headquartered in New York City and acquisition
of Ambassador by Applicant will likely result in a
wider availabilty of factoring services in Rhode
Island. Additionally, it has become increasingly
difficult in recent years for factors to find sufficient financing to expand. Affiliation with Applicant would assure Ambassador of a source of
such funds.
Based upon the foregoing and other considerations reflected in the record, the Board has
determined that the balance of the public interest
factors the Board is required to consider under §
4(c)(8) is favorable, and lends weight toward
approval. Accordingly, the application is hereby
approved. This determination is subject to the
Board's authority to require reports by, and make
examinations of, holding companies and their subsidiaries and to require such modification or
termination of the activities of a holding company
or any of its subsidiaries as the Board finds necessary to assure compliance with the provisions
and purposes of the Act and the Board's regulations and orders issued thereunder, or to prevent
evasion thereof.
By order of the Board of Governors, January
27,1972.
Voting for this action: Chairman Burns and Governors
Mitchell, Daane, Maisel, Brimmer, and Sheehan. Absent and
not voting: Governor Robertson.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
FIRST BANK S Y S T E M , INC.,
MINNEAPOLIS, MINNESOTA
ORDER A P P R O V I N G ACQUISITION OF I D S
C R E D I T CORPORATION
First Bank System, Inc., Minneapolis, Minnesota, a bank holding company registered under the
LAW DEPARTMENT
Bank Holding Company Act, as amended, has applied for the Board's approval under section 4(c)
(8) of the Act and section 225.4(b)(2) of the
Board's Regulation Y to acquire 100 per cent of
the voting shares of IDS Credit Corporation
( " I D S C C " ) , Minneapolis, Minnesota. Notice of
the application affording opportunity for interested persons to submit comments and views has
expired and all received have been considered.
Making or acquiring loans or other extensions
of credit and selling group credit life and disability
insurance are activities that the Board has previously determined to be closely related to banking
(12 CFR 225.4(a)(1) and (9)). A bank holding
company may acquire a company engaged in this
activity so long as the proposed acquisition is consistent with the relevant factors specified in section
4(c)(8) of the Act.
Applicant has 86 bank subsidiaries, located
in Minnesota, North Dakota, South Dakota, Montana, and Wisconsin. By virtue of its control of 49
banks in Minnesota holding $2.7 billion in deposits, which sum represents 28.5 per cent of deposits in commercial banks in the State, Applicant
is the largest banking organization in Minnesota.
Within the Minneapolis-St. Paul Standard Metropolitan Statistical Area ( " S M S A " ) , Applicant
controls 16 banks holding $1.6 billion in deposits
constituting 39.7 per cent of deposits in commercial banks in the Minneapolis-St. Paul SMSA, and
is the largest banking organization in that SMSA.
(All deposit data are as of June 30, 1971, whereas
all market share data are as of June 30, 1970.)
Although all 86 commercial banking subsidiaries
make direct consumer installment loans, only
five purchased dealer-originated home improvement installment contracts in 1970. The aggregate
amount of such contracts was $52,657.
IDSCC, a wholly-owned subsidiary of Investors
Diversified Services, Inc. ( " I D S " ) , is a sales
finance company that purchases and services
dealer-originated home improvement installment
contracts. Through its wholly-owned subsidiary,
Empire Loan and Thrift Company, Minneapolis,
Minnesota ( " E m p i r e " ) , IDSCC makes direct consumer loans and purchases dealer-originated
automobile installment contracts. IDSCC also operates IDS Homes Corporation, Dublin, Georgia,
which purchases mortgages on low priced homes,
and IDS Credit Corporation of Texas which
makes direct consumer loans through four offices
in Texas. IDSCC operates 19 offices doing business
in 21 states. With the exception of its corporate
home office and a sales finance office in Minneapo-
173
lis, these offices operate outside of the Ninth
Federal Reserve District in various midwestern
and southern states. Empire operates throughout
Minnesota from a single office located in Minneapolis.
As of December 31, 1970, IDSCC was the 98th
largest finance company in the nation and as of
September 30, 1971, IDSCC held unpaid credit balances ( " o u t s t a n d i n g s " ) of approximately $87.1
million. However, IDS has already purchased
approximately $50.8 million of I D S C C ' s outstandings and prior to consummation of the proposed acquisition, IDS will acquire $36.3 million
in outstandings of IDSCC in exchange for an assumption of the liabilities of IDSCC. Similarly,
IDS will purchase the outstandings of IDS Homes
Corporation. The outstandings of Empire and IDS
Credit Corporation of Texas will be retained by
those subsidiaries. Upon consummation of the proposed transaction, IDSCC will have total assets of
approximately $7 million and net worth of $1.5
million.
Since Applicant's present subsidiaries do not
compete outside of the Ninth Federal Reserve
District, the proposed acquisition of IDSCC would
not affect existing competition outside of the Ninth
Federal Reserve District. Therefore, prospects for
significant potential competition between Applicant and IDSCC outside of the Ninth District
are slight.
Within the Ninth District, the two Minneapolis
offices of IDSCC purchase dealer-originated home
improvement installment contracts originating
in Minnesota and northwestern Wisconsin; such
outstandings amounted on September 30, 1971, to
approximately $5.7 million. Although these contracts will be sold to IDS prior to consummation of
the proposed transaction, it may be assumed that
the outstandings of this type will be rebuilt by
IDSCC if the acquisition is consummated. In
any case, there is little existing competition between Applicant's subsidiaries and IDSCC in view
of the insignificant extent of the involvement of
those subsidiaries in the secondary market for
home improvement paper. Although, given Applicant's substantial financial resources, there
exists a possibility that it might expand its presently
limited activities in the home improvement paper
market, there is no indication that such an expansion is probable. In this sense, the proposed
acquisition may have only a slightly adverse
effect.
Applicant's subsidiaries and Empire both make
direct consumer loans in the Minneapolis-St.
174
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Paul SMS A. However, Empire primarily makes
consumer loans of a higher risk quality than commercial banks would, as a rule, make. Furthermore, Empire—which as of December 31, 1970
had outstanding loans and paper of $0.9 million—
is not a significant competitor in the consumer
loan business in the Minneapolis-St. Paul SMS A,
being one of the smallest of the 138 consumer
finance companies in the SMS A. It is estimated that
Applicant through its subsidiaries holds approximately 16 per cent of outstanding consumer loans in the S M S A and thereby is the
largest consumer lender. It would appear that
neither existing nor potential significant competition in consumer lending in the SMSA would
be foreclosed by consummation of the proposed
acquisition.
Based upon the foregoing, and the record before
it, the Board concludes that the proposed acquisition would have no adverse effects on existing
competition and only slightly adverse effects on
potential competition in Minnesota and northwestern Wisconsin. It is expected that, following
consummation of this proposal, applicant will encourage expansion by IDSCC into new geographic
markets outside the Ninth District and into new
areas of finance activity and that none of this
expansion will occur within the Ninth District.
Assuming that this expansion would be by internal growth rather than by acquisition, the
public interest would be served by both added
convenience and increased competition. On balance, the Board concludes that these public
benefits outweigh any possible adverse effects on
competition.
Based upon the foregoing and other considerations reflected in the record, the Board has determined that the balance of the public interest
factors the Board is required to consider under section 4(c)(8) is favorable. Accordingly, the
application is hereby approved. This determination is subject to the Board's authority to require
reports by, and make examinations of, holding
companies and their subsidiaries and to require
such modification or termination of the activities of
a holding company or any of its subsidiaries as
the Board finds necessary to assure compliance with
the provisions and purposes of the Act and the
Board's regulations and orders issued thereunder,
or to prevent evasion thereof.
By order of the Board of Governors, January
27,1972.
Voting for this action: Chairman Burns and Governors
Daane, Maisel, and Sheehan. Voting against this action:
Governors Robertson and Brimmer. Absent and not voting:
Governor Mitchell.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
DISSENTING S T A T E M E N T OF G O V E R N O R
ROBERTSON
Applicant is the largest banking organization
in the Ninth District and presently controls an
extensive network of 86 banks operating throughout the Ninth District. I believe that a bank holding
company that occupies as dominant a position as
Applicant does, should not be permitted to expand
into other financial areas absent a showing of significant public benefits flowing therefrom. To
hold otherwise would be to permit the very unbridled development of undue concentration of economic resources which the Act was meant to prevent. First Bank System, Inc. possesses the
resources and ability to expand into nonbanking
financial areas de novo. It should be expected to do
so.
Because consummation of this proposed acquisition would have adverse effects on competition
and because this application is totally devoid of
any benefits to the public, I would deny the application.
D I S S E N T I N G S T A T E M E N T OF G O V E R N O R BRIMMER
I dissent from the majority position in this case
for the reason that the Board's approval of this
application permits the dominant banking organization in the Ninth Federal Reserve District to
achieve an extremely powerful position in numerous locations within the Ninth District with
respect to consumer financing services. Applicant presently controls 86 banks, 49 of which
are located in the State of Minnesota (controlling
28.5 per cent of the total commercial bank deposits in the State) and 37 of which are in the remaining 4 States comprising the Ninth District
(15 banks in Montana representing control of approximately 28.9 per cent of the total deposits, 7
banks in South Dakota holding approximately 16
per cent of total deposits, 14 banks in North
Dakota holding approximately 16 per cent of total
deposits, 1 bank in Wisconsin controlling approximately .3 per cent of total deposits).
At the present time Applicant's subsidiary banks,
located throughout the Ninth District, are engaged in making direct consumer loans and the
purchase of dealer-originated automobile installment paper. This is precisely the major thrust of
175
LAW DEPARTMENT
Empire's activities. The Board's approval action
in this case would enable Applicant, historically
identified as an aggressive competitor, using
Empire as the acquiring vehicle, to acquire existing finance company offices in any of the
several localities where Applicant's subsidiary
banks and such finance company offices compete.
Under the simplified procedures for bank holding company acquisition of consumer finance
companies that have been proposed by the Board
to be incorporated in its Regulation Y, a bank
holding company could acquire any number of
consumer finance companies, each with assets of
less than $10 million, so long as the aggregate
assets of consumer finance companies acquired
under the procedures within a one-year period does
not exceed $50 million. The typical consumer
finance company in the upper Midwest holds
assets of less than $10 million. Thus, Applicant
could, with minimal effort, eliminate existing
competition between Applicant's subsidiary banks
and existing finance companies and raise insurmountable barriers to future entry by potential
competitors. The obvious result would be a
further strengthening of an already dominant position in this product market.
In my judgment, Applicant, occupying as
dominant a position as it does in the State of
Minnesota and the entire Ninth District, should
be permitted to expand in the consumer finance
market only by de novo entry. The Board's action
not only fails to impose such a requirement but
will encourage unbridled expansion to the disadvantage of the banking public. Such a consequence is not contemplated by the applicable
statute. The application should be denied.
FIRST C H I C A G O C O R P O R A T I O N ,
C H I C A G O , ILLINOIS
O R D E R A P P R O V I N G A C Q U I S I T I O N OF
I. J. MARKIN &
Co.
First Chicago Corporation, Chicago, Illinois,
a bank holding company within the meaning of
the Bank Holding Company Act of 1956, has
applied for the Board's approval under section
4(c)(8) of the Act and § 225.4(b)(2) of the Board's
regulation Y to acquire all of the voting shares of
I. J. Markin & Co. ( " M a r k i n " ) , Chicago, Illinois.
Notice of the application affording opportunity for
interested persons to submit comments and views
was duly published. The time for filing comments
and views has expired and all received have been
considered, including those presented orally and in
writing in connection with a Board hearing on
November 8, 1971, pertaining to mortgage banking
in general, and this application in particular.
Applicant controls the First National Bank of
Chicago ( " B a n k " ) , the second largest bank in the
Chicago SMS A, and twenty-one domestic and
foreign nonbanking subsidiaries. Bank's deposits
of $4.6 billion 1 represent 18 per cent of the total
commercial bank deposits in the Chicago SMS A.
Bank, which does not service mortgages originated by others, has outstanding $249 million of
mortgages (primarily residential) which represent
only 1.7 per cent of approximately $14.3 billion
of mortgage loans outstanding in the Chicago
SMSA.
Markin has a mortgage loan portfolio of
$97.5 million 2 (which represents 0.7 per cent of
mortgage loans outstanding in the Chicago SMSA)
and originated $8.3 million in loans during 1970.
Applicant and Markin hold a combined share of
only 2.4 per cent of the outstanding mortgage loans
in this market. Based on the volume of mortgages
serviced, Markin is the ninth largest mortgage
company headquartered in Chicago, and the 187th
largest in the nation. Markin specializes in the
origination of mortgage loans on new income
producing properties for sale to institutional investors, whereas Applicant specializes in residential loans (for its own account).
The proposed acquisition would not result in
any elimination of existing competition between
Bank and Markin in the markets for either construction loans, permanent mortgages on one-four
family homes, or in the servicing of mortgages for
the public. The only market in which the two institutions are in direct competition at the present
time is the origination of mortgage loans on new
income producing properties. However, there is
no significant existing competition between the
two in this product market.
Bank's capability for de novo entry into those
mortgage banking markets in which it is not
presently competing is limited only by its ability
to develop or obtain the experienced personnel
necessary to operate a de novo concern. However,
in this case, we find little differentiation to be made
between a de novo entry, and the acquisition of a
firm as small as Markin. As the ninth largest mortgage company headquartered in Chicago, Markin
services less than five per cent of all mortgages
serviced by the top 10 mortgage companies head1
Data as of December 1970.
2
Data as of October 3 1 , 1 9 7 0 .
176
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
quartered in Chicago. There are numerous other
mortgage companies and other financial institutions servicing mortgages in the Chicago SMSA
as well. Thus, the market is sufficiently unconcentrated to allow a small acquisition by Applicant
without a substantial lessening of potential competition.
We believe that Applicant's acquisition of
Markin will not only add to the latter's operating
capabilities but will strengthen its competitive
role in the markets where it presently operates and
those into which it may expand. Applicant's purchase of Markin could expand the availability of
housing finance in the Chicago area (and Applicant
has assured the Board that it will make available
to Markin additional funds for low and moderate
income housing projects). Additionally, because of
the number of remaining credit sources, there
is no significant possibility that the acquisition
would have adverse effects on credit availablity
to independent mortgage companies. On balance,
the Board concludes that these public benefits
outweigh any possible adverse effect on competition.
Based upon the foregoing and other considerations reflected in the record, the application is approved.
By order of the Board of Governors, January
31,1972.
Voting for this action: Chairman Burns and Governors
Mitchell, Daane, and Sheehan. Voting against this action: Governors Robertson, Maisel, and Brimmer.
( S i g n e d ) TYNAN
[SEAL]
Secretary
SMITH,
of the
Board.
D I S S E N T I N G S T A T E M E N T OF G O V E R N O R S
R O B E R T S O N , M A I S E L , AND B R I M M E R
Applicant's subsidiary, First National Bank of
Chicago ($4.6 billion deposits), is the second
largest bank in Chicago and has long been active
in the single family home mortgage market. Its
present mortgage loan portfolio of $249 million
is comprised almost entirely of residential loans
made by it. In addition, the bank has served as a
lender to mortgage companies located both within
the Chicago SMSA and outside the area. In
Applicant's own words, the bank has acquired a
reputation over the last 25 years as " a major bank
for mortgage bankers throughout the n a t i o n " , and
has become "thoroughly familiar with the nature
of the mortgage banking b u s i n e s s . " 1
x
See Statement of Richard L. Thomas, Senior Vice President and General Manager, First Chicago Corporation, Board
hearings on mortgage banking, November 8, 1971, pp. 59, 63.
I. J. Markin & Co. ( " M a r k i n " ) , specializes in
the origination of loans on new income producing
properties ($8.3 million in 1970). Unlike many
Chicago mortgage companies, it does not make
permanent mortgages on one-four family residences; nor does it engage to any significant extent in
construction lending. For example, Markin made
no construction loans at all in the Chicago SMSA
during 1970. As of October 1970, it serviced $97
million of loans. Thus, on the basis of mortgages
serviced, Markin is the 9th largest mortgage company in Chicago and the 187th largest in the nation.
It is clear from the record that the purchase of
Markin by Applicant would diminish existing
competition. Their offices are less than three blocks
apart. Both are large-scale lenders on mortgages in
the Chicago area. Moreover, consolidation of the
two financial institutions would add a significant
volume to the existing loan portfolio of Applicant
as well as increase the assets of one of the largest
financial organizations already in the Chicago
market. Additionally, through a subsidiary (Real
Estate Research Corporation) Applicant is one
of the country's largest active consultants in the
real estate field. The subsidiary is active in
Chicago, and it would appear probable that it
sells its services to Markin as well as to its
competitors—and to customers of both. Applicant's acquisition of a substantial mortgage
company thus offers the possibility of substantial
conflicts of interest.
Moreover, there are adverse effects on potential
competition. Since the barriers to entry into mortgage banking are relatively low, 2 it would appear
that Applicant's past experience should facilitate easy entry into those lines of mortgage banking (i.e., interim construction lending and servicing of permanent mortgages originated by others)
in which it has not heretofore engaged. In fact,
on several occasions, Applicant has announced
its intention to enter the construction lending
business. It claims, however, that lack of personnel experienced in this specialized business has
prevented it from doing so. On the other hand,
Applicant admits that " a bank with our size and
2
According to the testimony of the holding company, the
supply of skilled mortgage men in the Chicago area is limited. It
is cheaper for a corporation wishing to expand its business to
purchase these services through acquiring an existing firm rather
than through attempting to hire individuals, train them, or to
acquire a firm not now active in its own market. If we assume
this information to be accurate, the purchase of Markin by
First Chicago would forestall or make it more difficult for a nonChicago based bank holding company to compete in the
Chicago market, one of the largest in the United States.
LAW DEPARTMENT
muscle could conceivably hire some very talented
people from independent mortgage b a n k e r s . " 3
It is thus apparent that consummation of the
proposed acquisition would foreclose potential
competition. Applicant, owning the second largest
bank in the Chicago S M S A , clearly has the resources and expertise to expand de novo into those
mortgage banking lines in which it is not presently
engaged. And it is only logical to expect that such
expansion would occur in its own—and M a r k i n ' s —
present geographical market. As an established
mortgage company, Markin is likewise capable of
expanding its own mortgage banking activities
in the Chicago area. Each institution is a potential competitor to the other in both the
regional and national mortgage banking markets.
Thus, consummation of the proposed acquisition
would eliminate potential competition in two ways,
since each would be eliminated as a potential
competitor in the other's specialized mortgage
activity.
Given this record, and the foregoing anticompetitive effects, under the provisions of the
Act, the Board would have to find a significant number of positive factors benefiting the public in order
to outweigh these large negative forces. Since it is
obvious that Applicant could enter the mortgage
banking business either de novo or through purchase of a company not now competing with it
directly, extremely strong public interest advantages must be demonstrated before such an
acquisition would be in accordance with the
statute and the clear legislative intent. We fully
concur with the analysis of this question by the
Department of Justice in its memorandum on
mortgage banking filed with the Board on December 3, 1971:
The basic balancing test of Section 4(c)(8) is concerned with
more than clear adverse competitive effects which might
amount to a violation of the antitrust laws. While providing
increased flexibility for bank holding company expansion into
nonbanking fields, Congress was concerned that the substantial
economic power enjoyed by banks might adversely affect the
public interest when released in these areas. Accordingly, it
imposed regulatory restraints, above and beyond existing antitrust laws, on the limited intermingling of banking and commerce which it was permitting. These restraints are embodied
in the required showing of positive public benefits; in this sense
Section 4(c)(8) imposes a generally stricter standard than
traditional antitrust laws. It seems clear that bank holding
companies bear the burden of demonstrating that their proposed nonbanking activity will be in the public interest.
To meet the burden of establishing that benefits
to the public outweigh the adverse effects of the
proposed acquisition, as imposed by the 1970
Amendments to the Bank Holding Company Act,
3Id.
at 68.
177
Applicant has claimed that consummation of the
proposal would produce the following benefits:
(1) Markin would become a more aggressive
mortgage banker, (2) with more funds, it could
lower the cost of financing to industrial and commercial borrowers; (3) Applicant would become a
more vigorous competitor to other holding companies. However, the argument proves too much.
The advantages claimed likely could result from
the acquisition by a corporation the size of Applicant of a mortgage banking firm of any size.
There would certainly be an equal—and probably
greater—stimulus to competition through de
novo entry by Applicant as compared to a purchase.
Thus, the advantages cited are negative rather
than positive factors, for they only serve to
illuminate the manner in which Applicant could
better enhance competition through internal expansion instead of through acquisition.
An additional public benefit which Applicant
claims would result from the instant proposal is
that Markin would become more active in the
housing field. To date, Markin has exhibited very
little interest in national housing policy. It has
made few, if any, loans on houses or in support of
any type of government housing program. In contrast, two subsidiaries of Applicant—First National
Bank of Chicago and Real Estate Research Corporation—have been extremely active in the housing
field. Since Applicant already has in its corporate
structure significant skills in housing finance presently being used to advance national housing
policy, it is difficult to give much weight to a claim
of public benefit through the acquisition of Markin
—a corporation whose major skills are in the
commercial and industrial spheres of mortgage
lending and which has avoided participation in the
furtherance of national housing policy.
On the record, First Chicago has failed to show
any positive benefits to the public through this
acquisition. It has shown that numerous negative
factors exist of the type that the Federal Reserve
has been specifically required to consider when
bank holding companies wish to acquire outside
firms rather than expand their existing activities.
The balance appears clear. We would deny the
application.
U.S. B A N C O R P ,
PORTLAND,OREGON
ORDER D E N Y I N G D E T E R M I N A T I O N U N D E R § 4 ( c )
( 8 ) OF B A N K H O L D I N G C O M P A N Y A C T
U.S. Bancorp, Portland, Oregon, a bank holding company within the meaning of the Bank
178
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
Holding Company Act of 1956, has applied for
the Board's approval under section 4(c)(8) of the
Act and § 225.4(b)(2) of the Board's Regulation
Y to acquire all of the voting shares of SecuritiesIntermountain, Inc. ( " S i m c o " ) Portland, Oregon. Notice of the application affording opportunity for interested persons to submit comments
and views was duly published. The time for filing
comments and views has expired and all received
have been considered, including those presented
orally and in writing in connection with a Board
hearing on November 8, 1971, pertaining to mortgage banking in general, and this application in
particular.
Applicant owns the United States National
Bank ( " B a n k " ) , a $1.5 billion deposit institution
headquartered in Portland, Oregon, Bank holds
37.7 per cent of the total commercial bank deposits in the State of Oregon, and is one of the two
largest commercial banks in the State, which
together hold 79.5 per cent of total State deposits. 1
Historically, Bank has made residential loans for
its own account. In its most recent fiscal year,
bank originated over $ 1 million in mortgage loans
in the Portland area that were sold to long-term investors. In addition, it originated $6.5 million
in construction and real estate development loans
for its own account.
Bank entered the mortgage banking business in
1967 through the acquisitions of Thomas Mortgage
Company and Commerce Mortgage Company
( " C o m m e r c e " ) . In its most recent fiscal year,
Commerce originated $13.5 million in mortgage
loans in the Portland area that were sold to longterm investors, and $9.9 million in construction
and real estate development loans for its own
account. In the same period, Commerce's
Spokane, Washington, office originated $12.1
million of mortgage loans that were sold to longterm investors, and over $6 million in construction
and real estate development loans for its own
account. Commerce has a servicing volume of over
$91 million in loans from the Spokane market
alone. Based on its total mortgage servicing volume of $372 million, Commerce is the 52nd
largest mortgage banking company in the United
States. 2
Simco engages in the origination and servicing
of all types of mortgage loans through offices located in Portland, Oregon; Seattle, Spokane and
1
2
Deposil data as of June 1971.
Servicing portfolio as of June 30, 1971.
Bellevue, Washington; and Palo Alto, California.
In its last fiscal year, Simco's Portland office originated and sold $4.8 million in mortgage loans, and
originated $5.4 million in construction loans.
During the same period, its Spokane office originated $1.3 million mortgage loans and $1.9 million construction loans. Simco has a servicing
volume of $22.7 million in loans from the Spokane
market alone. Based on its total mortgage servicing
volume of $205 million, Simco is the 100th largest
mortgage banking company in the country. 3
The Board finds that the proposed acquisition
would eliminate substantial existing competition
between Applicant and Simco in both the Portland and Spokane markets, 4 where the two are
direct competitors. Moreover, through its subsidiary, Commerce Mortgage Company, Applicant has the present capability of expanding
de novo into the Seattle-Bellevue market, where
Simco's mortgage loan portfolio exceeds $88 million. Thus, the proposed acquisition would have an
adverse effect on potential competition. The Board
also views unfavorably the undue concentration
of economic resources that would result from the
proposed acquisition, considering Applicant's present substantial position in commercial and mortgage banking in Oregon.
If the proposed acquisition were approved,
Applicant and Simco would offer approximately the
same range of services as Applicant presently
offers; the public would gain f e w , if any, benefits
therefrom. The Board finds that the proposed
acquisition would not result in greater convenience, increased competition, or gains in efficiency
3
Servicing portfolio as of June 30, 1971.
According to the Statements of Robert Wilson, president,
U . S . Bancorp, and Robert James, Treasurer, Securities-Intermountain, Inc., Commerce accounted for 2 . 4 per cent of
total mortgages recorded during the first nine months of 1971
in the Portland area, while Simco accounted for 1 per cent.
(Simco's 1970 share of the Portland area represented 3 . 2 per
cent according to the application.) In Spokane, the two firms
had a combined share of approximately 20 per cent. See
Board Hearing on Bank Holding Company Acquisition of
Mortgage Companies, November 8, 1971, pp. 125, 132. With
respect to the elimination of existing competition, the Conference Report accompanying the 1970 Amendments to the Bank
Holding Company Act states: "Where a bank holding company
seeks to engage in related activities through acquisition, in
whole or in part, of a going concern, the elimination of existing competition will be an important negative factor, for
other subsidiaries of the bank holding company, or the company
itself, may already be providing the products and services in
the market served by the company to be acquired. In such circumstances, where the possible benefits to the public of bank
holding company activity are already being provided, the
elimination of an independent competitive alternative will
weigh heavily in the balance against approval." Report No.
91-1747,p.17.
4
179
LAW DEPARTMENT
to the public that outweigh the probable adverse
effects.
Accordingly, based upon the foregoing and other
considerations reflected in the record, the application is denied.
By order of the Board of Governors January 31,
1972.
Voting for this action: Chairman Burns and Governors
Robertson, Daane, Maisel, andSheehan. Absent and not voting:
Governors Mitchell and Brimmer.
( S i g n e d ) TYNAN SMITH,
[SEAL]
Secretary
of the
Board.
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 n a m e of each director, his principal business affiliation, the class of directorship, and the date w h e n his term expires. Each Federal Reserve Bank has nine directors; three Class A
and three Class B directors, w h o are elected by the stockholding m e m b e r banks, and three Class C directors,
w h o are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding m e m b e r banks. Class B directors must be actively engaged in their district in
c o m m e r c e , agriculture, or some industrial pursuit, and m a y not be officers, directors, or employees of any
bank. For the purpose of electing Class A and Class B directors, the m e m b e r 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 m a y not be officers, directors, e m p l o y e e s , or stockholders of any bank. O n e 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 w h o m 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 m a y prescribe.
District 1—FEDERAL RESERVE BANK OF BOSTON
Class
Term
Expires
Dec. 31
A:
WILLIAM M .
HONEY
RALPH A . MCININCH
MARK C . WHEELER
Class
B:
F . RAY KEYSER, JR.
G . WILLIAM MILLER
W . GORDON ROBERTSON
Class
President, T h e M a r t h a ' s Vineyard National B a n k , Vineyard
H a v e n , Mass.
1972
President, Merchants National Bank of Manchester, N. H .
1973
Chairman of the Board, President, N e w England Merchants
National Bank of Boston, M a s s .
1974
Vice President, Vermont Marble C o m p a n y , Proctor, Vt.
President, Textron, Providence, R . I.
General Trustee, Bangor Punta Corporation, B a n g o r , M a i n e
1972
1973
1974
C:
L o u i s W . CABOT 2
J O H N M . FOX
JAMES S . D U E S E N B E R R Y 1
1
Chairman
2
Deputy Chairman
180
Chairman of the B o a r d , Cabot Corporation, Boston, M a s s .
1972
President, Chief Executive Officer, H . P . H o o d & Sons, Charlestown, Mass.
1973
Professor of E c o n o m i c s , Harvard University, C a m b r i d g e ,
Mass.
1974
District 2—FEDERAL RESERVE BANK OF NEW YORK
Term
Expires
Dec. 31
Class A :
President, The Canandaigua National Bank and Trust C o m p a n y ,
Canandaigua, N . Y.
1972
Chairman of the Board, Chemical B a n k , N e w York, N. Y.
1973
Chairman of the Board, Chief Executive Officer, N e w Jersey
B a n k , N . A . , Passaic, N . J.
1974
ARTHUR S . HAMLIN
WILLIAM S . RENCHARD
NORMAN BRASSLER
Class B.MAURICE
R . FORM AN
Chairman of the B o a r d , B. F o r m a n C o . , Rochester, N. Y.
(Vacancy)
President, Kennecott Copper Corporation, N e w York, N . Y .
FRANK R . M I L L I K E N
Class
1972
1973
1974
C:
ELLISON L . H A Z A R D 2
Chairman of the Executive C o m m i t t e e , Continental Can C o m pany, I n c . , N e w York, N . Y.
1972
President, Carnegie Corporation of N e w York, N . Y .
1973
Partner, Cravath, Swaine & M o o r e , N e w York, N . Y .
1974
A L A N J . PIFER
ROSWELL L . GILPATRIC1
BUFFALO BRANCH
Appointed
by Federal
Reserve
Bank:
DAVID J . L A U B
W I L L I A M B . ANDERSON
ANGELO A . COSTANZA
THEODORE M . MCCLURE
Appointed
by Board of
Chairman of the Board, Marine Midland B a n k - W e s t e r n , B u f f a l o ,
N . Y.
President, T h e First National Bank of J a m e s t o w n , N . Y .
President, Chief Executive Officer, Central Trust C o m p a n y
Rochester, N . Y . , Rochester, N . Y .
President, The Citizens National Bank and Trust C o m p a n y ,
Wellsville, N . Y .
1972
1973
1973
1974
Governors:
MORTON ADAMS1
RUPERT WARREN
NORMAN F . B E A C H
General M a n a g e r , Pro-Fac Cooperative I n c . , Rochester, N . Y .
President, Trico Products Corporation, B u f f a l o , N . Y .
Vice President, General M a n a g e r , K o d a k Park Division, Eastman Kodak C o m p a n y , Rochester, N . Y .
1972
1973
1974
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
Class
A:
W I L L I A M R . COSBY
RICHARD A . HERBSTER
JAMES H . D A W S O N
1
2
Chairman
Deputy Chairman
Chairman of the Board, Princeton Bank and Trust C o m p a n y ,
Princeton, N . J .
President, L e w i s t o w n Trust C o m p a n y , L e w i s t o w n , Pa.
Chairman of the Board, President, Bank of D e l a w a r e , Wilmington, Del.
1972
1973
1974
181
182
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued
Term
Expires
Dec. 31
Class
B:
C h a i r m a n , Chief Executive Officer, E S B Incorporated, Philadelphia, Pa.
PHILIP H . GLATFELTER, III Chairman of the Board, President, P. H. Glatfelter C o . , Spring
G r o v e , Pa.
C. GRAHAM BERWIND, JR. President, Chief Executive Officer, Berwind Corporation, Philadelphia, Pa.
EDWARD J . DWYER
Class
1972
1973
1974
C:
BAYARD L . E N G L A N D 1
Ventnor, N.J.
JOHN R . COLEMAN2
President, Haverford College, H a v e r f o r d , Pa.
EDWARD W . ROBINSON, JR. President, Chief Executive Officer, Provident H o m e Industrial
Mutual Life Insurance C o m p a n y , Philadelphia, Pa.
1972
1973
1974
District 4—FEDERAL RESERVE BANK OF CLEVELAND
Class
A:
DAVID L. BRUMBACK, JR.
EDWARD W . BARKER
A . BRUCE BOWDEN
Class
President, V a n Wert National B a n k , V a n W e r t , O h i o
President, First National Bank of M i d d l e t o w n , Ohio
Vice Chairman of the Board, Mellon National Bank and Trust
C o m p a n y , Pittsburgh, Pa.
1972
1973
President, T h e National Cash Register C o m p a n y , Dayton, Ohio
Chairman of the Board, Chief Executive Officer, Anchor Hocking Corporation, Lancaster, O h i o
President, Chief Executive Officer, R u b b e r m a i d , Incorporated,
W o o s t e r , Ohio
1972
1974
B:
R. STANLEY L A I N G
JOHN L . GUSHMAN
DONALD E . NOBLE
1973
1974
Class C.ALBERT G . C L A Y 1
J. WARD KEENER2
HORACE A . SHEPARD
Chairman
Deputy Chairman
2
President, Clay T o b a c c o C o m p a n y , M t . Sterling, Ky.
1972
Chairman of the Board, T h e B. F. Goodrich C o m p a n y , A k r o n ,
Ohio
1973
Chairman of the Board, Chief Executive Officer, T R W I n c . ,
Cleveland, Ohio
1974
183
DIRECTORS RESERVE BANKS AND BRANCHES
District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued
CINCINNATI BRANCH
Term
Expires
Dec. 31
Appointed
by Federal
Reserve
Bank:
PAUL W . CHRISTENSEN, JR. President,
ROBERT E. HALL
President,
Ohio
WILLIAM S. ROWE
President,
E. PAUL WILLIAMS
President,
Appointed
by Board
of
T h e Cincinnati Gear C o m p a n y , Cincinnati, O h i o
T h e First National Bank and Trust C o m p a n y , T r o y ,
T h e Fifth Third B a n k , Cincinnati, Ohio
T h e Second National Bank of Ashland, K y .
1972
1972
1973
1974
Governors:
PHILLIP R . SHRIVER
CLAIR F. VOUGH
President, M i a m i University, O x f o r d , Ohio
Vice President, Office Products Division, I B M Corporation, Lexington, K y .
President, General M a n a g e r , T h e G . A . Gray C o m p a n y , Cincinnati, Ohio
GRAHAM E. MARX1
1972
1973
1974
PITTSBURGH BRANCH
Appointed
by Federal
Reserve
ROBINSON F. BARKER
JOHN W . BINGHAM
MERLE E. GILLIAND
CHARLES F. WARD
Appointed
by Board
of
Bank:
Chairman of the B o a r d , Chief Executive Officer, PPG Industries,
I n c . , Pittsburgh, Pa.
President, The Merchants and Manufacturers National Bank
of Sharon, Pa.
Chairman of the Board, Chief Executive Officer, Pittsburgh National B a n k , Pittsburgh, Pa.
President, Gallatin National B a n k , U n i o n t o w n , Pa.
1972
1972
1973
1974
Governors:
LAWRENCE E. WALKLEY1
ROBERT E. KIRBY
RICHARD M . CYERT
President, Chief Executive Officer, Westinghouse Air Brake
C o m p a n y , Pittsburgh, Pa.
President, Industry and D e f e n s e C o m p a n y , Westinghouse Electric Corporation, Pittsburgh, Pa.
D e a n , Graduate School of Industrial Administration, CarnegieMellon University, Pittsburgh, Pa.
1972
1973
1974
District 5—FEDERAL RESERVE BANK OF RICHMOND
Class A :
HUGH A . CURRY
THOMAS P. MCLACHLEN
EDWARD N . EVANS
Chairman
President, Chief Executive Officer, T h e K a n a w h a Valley B a n k ,
Charleston, W . Va.
President, M c L a c h l e n National B a n k , W a s h i n g t o n , D . C .
President, Farmers & Merchants National Bank of C a m b r i d g e ,
Cambridge, Md.
1972
1973
1974
184
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
Term
Expires
Dec. 31
Class B.ROBERT S. SMALL
President, D a n River, Inc., Greenville, S. C.
H . DAIL HOLDERNESS
President, Carolina Telephone and Telegraph C o m p a n y , Tarboro, N . C .
1973
M e m b e r of the Executive C o m m i t t e e , Southern Materials C o . ,
I n c . , N o r f o l k , Va.
1974
HENRY C. HOFHEIMER, II
Class
C:
ROBERT W . LAWSON, JR. 1
STUART SHUMATE2
E. CRAIG WALL, SR.
M a n a g i n g Partner of Charleston Office, Steptoe & J o h n s o n ,
Charleston, W . Va.
President, R i c h m o n d , Fredericksburg and P o t o m a c Railroad
C o m p a n y , R i c h m o n d , Va.
Chairman of the Board, Canal Industries, I n c . , C o n w a y , S . C .
1972
1972
1973
1974
BALTIMORE BRANCH
Appointed
by Federal
Reserve
J. R . CHAFFINCH, JR.
JAMES J . ROBINSON
J . STEVENSON PECK
T I L T O N H . DOBBIN
Appointed
by Board
of
Bank:
Executive Vice President, T h e Denton National B a n k , D e n t o n ,
Md.
1972
Executive Vice President, Bank of Ripley, W . Va.
1973
President, Union Trust C o m p a n y of M a r y l a n d , Baltimore, M d .
1973
President, Chairman of the Executive C o m m i t t e e , Maryland National B ank, B altimore, M d .
1974
Governors:
ARNOLD J . KLEFF, JR.
Baltimore, Md.
1972
JOHN H. FETTING, JR. 1
JAMES G. HARLOW, JR.
President, A. H. Fetting C o m p a n y , Baltimore, M d .
President, West Virginia University, M o r g a n t o w n , W . Va.
1973
1974
CHARLOTTE BRANCH
Appointed
by Federal
Reserve
J. WILLIS CANTEY
C. C. CAMERON
H . PHELPS BROOKS, JR.
L. D . COLTRANE, III
Chairman
Deputy Chairman
2
Bank:
C h a i r m a n , Chief Executive Officer, T h e Citizens & Southern
National Bank of South Carolina, C o l u m b i a , S . C .
Chairman of the Board, President, First Union National Bank of
North Carolina, Charlotte, N . C .
President, T h e Peoples National B a n k , Chester, S . C .
President, The Concord National B a n k , C o n c o r d , N . C .
1972
1973
1973
1974
DIRECTORS RESERVE BANKS AND BRANCHES
185
District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
CHARLOTTE BRANCH—Continued
Term
Expires
Dec. 31
Appointed
by Board
of
Governors:
ROBERT C. EDWARDS
CHARLES W . DEBELL 1
President, C l e m s o n University, C l e m s o n , S . C .
General M a n a g e r , North Carolina W o r k s , Western Electric C o m pany, I n c . , W i n s t o n - S a l e m , N . C .
Vice President, R. J. Reynolds Industries, I n c . , W i n s t o n - S a l e m ,
N.C.
CHARLES F. BENBOW
1972
1973
1974
District 6—FEDERAL RESERVE BANK OF ATLANTA
Class
A:
WILLIAM B. MILLS
A. L. ELLIS
JACK P. KEITH
Class
President, The Florida National B a n k , Jacksonville, Fla.
Chairman of the Board, First National B a n k , Tarpon Springs,
Fla.
President, First National Bank of West Point, Ga.
1972
Vice President, T r o p i c a n a P r o d u c t s , I n c . , T a m p a , Fla.
President, Tennessee Valley Nursery, I n c . , Winchester, T e n n .
President, Mississippi Chemical Corporation, Coastal Chemical
Corporation, Y a z o o City, Miss.
1972
1973
1974
President, Milliken and Farwell, I n c . , N e w Orleans, La.
President, H o r n e - W i l s o n , Inc., Atlanta, G a .
President, Pattillo Construction C o m p a n y , I n c . , Decatur, Ga.
1972
1973
1974
1973
1974
B:
PHILIP J. LEE
HOSKINS A. SHADOW
OWEN COOPER
Class
C:
F. EVANS FARWELL
JOHN C. WILSON1
H . G. PATTILLO2
BIRMINGHAM BRANCH
Appointed
by Federal Reserve
Bank:
HARVEY TERRELL
Chairman of the Board, The First National Bank of B i r m i n g h a m ,
Ala.
WALLACE D . MALONE, JR. President, Chairman of the Board, T h e First National Bank of
D o t h a n , Ala.
C. LOGAN TAYLOR
Chairman of the Board, The First State Bank of O x f o r d , Ala.
W . EUGENE MORGAN
President, Chief Executive Officer, T h e First National Bank of
Huntsville, Ala.
Chairman
Deputy Chairman
2
1972
1973
1973
1974
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
186
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
BIRMINGHAM BRANCH—Continued
Term
Expires
Dec. 31
Appointed
by Board
of
Governors:
E. STANLEY ROBBINS1
DAVID MATHEWS
WILLIAM C. BAUER
President, National Floor Products C o m p a n y , I n c . , Florence,
Ala.
President, University of A l a b a m a , University, Ala.
President, South Central Bell, B i r m i n g h a m , Ala.
1972
1973
1974
JACKSONVILLE BRANCH
Appointed
by Federal
Reserve
JAMES G . RICHARDSON
MALCOLM C . B R O W N
A . CLEWIS HOWELL
GUY W .
Appointed
BOTTS
by Board
HENRY K .
of
Chairman of the Board, President, The C o m m e r c i a l Bank and
Trust C o m p a n y of Ocala, Fla.
President, Chairman of the B o a r d , Florida First National Bank at
Brent, Pensacola, Fla.
President, Marine Bank & Trust C o m p a n y , T a m p a , Fla.
Vice Chairman of the Board, Barnett Bank of Jacksonville, N . A . ,
Jacksonville, Fla.
1972
1973
1973
1974
Governors:
STANFORD 1
H E N R Y CRAGG
GERT H . W .
Bank:
SCHMIDT
President, University of M i a m i , Coral Gables, Fla.
Vice President, T h e Coca-Cola C o m p a n y Foods
Winter Park, Fla.
President, TeLeVision 12 of Jacksonville, Fla.
1972
Division,
1973
1974
NASHVILLE BRANCH
Appointed
by Federal
Reserve
EDWARD C. HUFFMAN
DAN B . ANDREWS
EDWARD G . N E L S O N
THOMAS C . M O T T E R N
Appointed
by Board
of
JOHN C. TUNE, JR.
JAMES W . LONG
EDWARD J. BOLING
Chairman
Bank:
Chairman of the Board, President, First National B a n k , Shelbyville, T e n n .
President, First National B a n k , D i c k s o n , T e n n .
Executive Vice President, C o m m e r c e Union B a n k , Nashville,
Tenn.
President, Hamilton National B ank of Johnson City, Tenn.
1972
1973
1973
1974
Governors:
1
Partner, Butler, M c H u g h , Butler, T u n e & Watts, Nashville,
Tenn.
President, Robertson County F a r m Bureau, Springfield, T e n n .
President, T h e University of T e n n e s s e e , Knoxville, Tenn.
1972
1973
1974
187
DIRECTORS RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
NEW ORLEANS BRANCH
Term
Expires
Dec. 31
Appointed
by Federal
Reserve
H. P. HEIDELBERG, JR.
TOM A . FLANAGAN, JR.
LAWRENCE A. MERRIGAN
ARCHIE R . MCDONNELL
Appointed
by Board
of
President, Pascagoula-Moss Point B a n k , Pascagoula, Miss.
President, Lakeside National Bank of Lake Charles, La.
President, T h e Bank of N e w Orleans and Trust C o m p a n y , N e w
Orleans, La.
President, Citizens National B a n k , Meridian, Miss.
1972
1973
1973
1974
Governors:
D . BEN KLEINPETER
BROADUS N .
Bank:
BUTLER1
FRED ADAMS, JR.
Wholesale M a n a g e r , Kleinpeter F a r m s Dairy, I n c . ,
R o u g e , La.
President, Dillard University, N e w Orleans, La.
President, Cal-Maine Foods, I n c . , Jackson, Miss.
Baton
1972
1973
1974
District 7—FEDERAL RESERVE BANK OF CHICAGO
Class A :
E D W A R D B Y R O N SMITH
M E L V I N C . LOCKARD
FLOYD F . WHITMORE
Chairman of the Board, The Northern Trust C o m p a n y , C h i c a g o ,
111.
President, First National B a n k , M a t t o o n , 111.
President, T h e O k e y - V e r n o n National B a n k , Corning, I o w a
1972
1973
1974
Class B.W I L L I A M H . DAVIDSON
H O W A R D M . PACKARD
JOHN T . HACKETT
Class
President, Harley-Davidson Motor C o . , I n c . , M i l w a u k e e , W i s .
1972
Vice Chairman, S. C. Johnson & Son, I n c . , Racine, W i s .
1973
Executive Vice President, C u m m i n s Engine C o m p a n y , I n c . ,
C o l u m b u s , Ind.
1974
C:
EMERSON G . H I G D O N 1
JOHN W .
BAIRD
WILLIAM H . FRANKLIN2
President, The M a y t a g C o m p a n y , N e w t o n , I o w a
President, Baird & W a r n e r , I n c . , Chicago, 111.
President, Caterpillar Tractor C o . , Peoria, 111.
1972
1973
1974
DETROIT BRANCH
Appointed
by Federal
Reserve
GEORGE L . W H Y E L
ROLAND A .
MEWHORT
ELLIS B . M E R R Y
H A R O L D A . ELGAS
Chairman
Deputy Chairman
2
Bank:
President, Genesee Merchants Bank & Trust C o m p a n y , Flint,
Mich.
1972
C h a i r m a n , Manufacturers National Bank of Detroit, M i c h .
1972
Chairman of the Board, National Bank of Detroit, M i c h .
1973
President, Gaylord State Bank, Gaylord, M i c h .
1974
188
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued
DETROIT BRANCH—Continued
Appointed
W. M.
by Board
of
Term
Expires
Dec. 31
Governors:
Chairman of the Board, D e f o e Shipbuilding C o m p a n y , Bay City,
Mich.
1972
Resident Partner, Seidman & S e i d m a n , Grand Rapids, Mich.
1973
Chairman of the Board, President, The Evening N e w s Association , Detroit, Mich.
1974
DEFOE
L . W M . SEIDMAN
PETER B . C L A R K 1
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
Class A :
President,
President,
Chairman
Bank in
CECIL W . C U P P , J R .
BRADFORD B R E T T
E D W I N S . JONES
Class
Arkansas Bank & Trust C o m p a n y , Hot Springs, Ark.
1972
T h e First National Bank of M e x i c o , M o .
1973
of the Board, Chief Executive Officer, First National
St. Louis, M o .
1974
B:
EDWARD J . SCHNUCK
FRED I . B R O W N , J R .
JAMES M .
TUHOLSKI
Chairman of the Board, Schnuck Markets, I n c . , Bridgeton, M o .
President, Arkansas Foundry C o m p a n y , Little R o c k , Ark.
President, M e a d Johnson & C o m p a n y , Evansville, Ind.
1972
1973
1974
Class C.SAM C O O P E R 2
HARRY M . Y O U N G , J R .
PEIRCE1
FREDERIC M .
President, H u m K o Products Division of K r a f t c o Corporation,
M e m p h i s , Tenn.
1972
Farmer, Herndon, Ky.
1973
Chairman of the Board, Chief Executive Officer, General American Life Insurance C o m p a n y , St. Louis, M o .
1974
LITTLE ROCK BRANCH
Appointed
by Federal Reserve
President, T h e First National Bank of Fayetteville, Ark.
Chairman of the Board, Chief Executive Officer, S i m m o n s First
National Bank of Pine Bluff, Ark.
President, Chief Executive Officer, Worthen Bank & Trust C o m pany, Little R o c k , Ark.
President, Chief Executive Officer, T h e State First National Bank
of Texarkana, Ark.
ELLIS E . S H E L T O N
WAYNE A . STONE
EDWARD M .
PENICK
WILL H . KELLEY
Appointed
by Board
of
ROLAND R . REMMEL1
Chairman
Deputy Chairman
2
1972
1972
1973
1974
Governors:
JAKE H A R T Z , J R .
A L POLLARD
Bank:
President, Jacob Hartz Seed C o . , I n c . , Stuttgart, Ark.
1972
Chairman of the Board, Southland Building Products C o . , Little
R o c k , Ark.
1973
President, Al Pollard & Associates, Little R o c k , Ark.
1974
189
DIRECTORS RESERVE BANKS AND BRANCHES
District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
LOUISVILLE BRANCH
Appointed
by Federal
Reserve
PAUL CHASE
HERBERT J. SMITH
by Board
of
Bank:
President, T h e Bedford National B a n k , B e d f o r d , Ind.
President, T h e American National Bank & Trust C o m p a n y of
B o w l i n g Green, K y .
President, T h e Scott County State B a n k , Scottsburg, Ind.
Chairman of the Boards, First National Bank of Louisville, T h e
Kentucky Trust C o m p a n y , Louisville, K y .
HAROLD E. JACKSON
HUGH M . SHWAB
Appointed
Term
Expires
Dec. 31
1972
1972
1973
1974
Governors:
JOHN G . BEAM1
WILLIAM H . STROUBE
(Vacancy)
President, T h o m a s Industries, I n c . , Louisville, K y .
1972
Associate D e a n , College of Science and T e c h n o l o g y , Western
Kentucky University, Bowling G r e e n , K y .
1973
1974
MEMPHIS BRANCH
Appointed
by Federal
Reserve
JAMES R . FITZHUGH
WAYNE W . PYEATT
J.J.WHITE
WADE C. BARTON
Appointed
by Board
of
Bank:
Executive
President,
President,
President,
Vice President, Bank of Ripley, Tenn.
National Bank of C o m m e r c e , M e m p h i s , Tenn.
Helena National B a n k , H e l e n a , Ark.
First Citizens National B a n k , Tupelo, Miss.
1972
1972
1973
1974
Governors:
WILLIAM L. GILES1
ALVIN HUFFMAN, JR.
C. WHITNEY BROWN
President, Mississippi State University, State College, Miss.
President, H u f f m a n Brothers Incorporated, Blytheville, Ark.
President, S . C . Toof & C o m p a n y , M e m p h i s , T e n n .
1972
1973
1974
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
Class A.-
Class
JOHN BOSSHARD
Executive Vice President, First National Bank of B a n g o r , Wis.
1972
PHILIP H . NASON
President, T h e First National Bank of Saint Paul, M i n n .
1973
ROY H . JOHNSON
President, First National Bank of N e g a u n e e , Mich.
1974
President, M o n t a n a - D a k o t a Utilities C o . , Bismarck, N . D .
President, Mitchell Packing C o m p a n y , I n c . , Mitchell, S . D .
President, T h e Cretex C o m p a n i e s , I n c . , Elk River, M i n n .
1972
1973
1974
B:
DAVID M . HESKETT
DALE V. ANDERSEN
JOHN H . BAILEY
Chairman
190
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
Term
Expires
Dec. 31
Class C.DAVID M . LILLY1
R u s s B. HART
BRUCE B. DAYTON2
Chairman of the Board, The Toro C o m p a n y , Minneapolis, M i n n . 1972
President, Hart-Albin C o m p a n y , Billings, M o n t .
1973
Chairman of the Board, Dayton H u d s o n Corporation, Minneapolis,
Minn.
1974
HELENA BRANCH
Appointed
by Federal Reserve
E. LOWRY KUNKEL
ROBERT I. PENNER
RICHARD D . RUBIE
Appointed
by Board
of
Bank:
President, First National B a n k , Butte, M o n t .
President, Citizens First National B a n k , Wolf Point, M o n t .
President, Missoula Bank of M o n t a n a , Missoula, M o n t .
1972
1972
1973
Governors:
WARREN B. JONES1
WILLIAM A. CORDINGLEY
Secretary-Treasurer, T w o Dot Land and Livestock C o m p a n y ,
Harlowton, Mont.
Publisher, Great Falls Tribune, Great Falls, M o n t .
1972
1973
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
Class A.ROGER D . KNIGHT, JR.
C. MOSE MILLER
JOHN A. O'LEARY
Class B.CECIL O. EMRICH
ALFRED E. JORDAN
FRANK C. LOVE
Class
Chairman of the Board, United Banks of Colorado, I n c . , D e n v e r ,
Colo.
1972
Chairman of the Board, President, The Farmers and Merchants
State B a n k , Colby, Kans.
1973
Chairman of the Board, T h e Peoples State B a n k , Luray, Kans.
1974
President, C. O. Emrich Enterprises, N o r f o l k , Nebr.
Vice President, Trans World Airlines, I n c . , Kansas City, M o .
President, K e r r - M c G e e Corporation, O k l a h o m a City, Okla.
1972
1973
1974
C:
WILLARD DEERE HOSFORD, Vice President, General M a n a g e r , John Deere C o m p a n y , O m a h a ,
JR. 2
Nebr.
1972
ROBERT T. PERSON
President, Chairman of the Board, Public Service C o m p a n y of
Colorado, Denver, Colo.
1973
ROBERT W . WAGSTAFF1
Chairman of the Board, President, Coca-Cola Bottling C o m p a n y of
M i d - A m e r i c a , Kansas City, M o .
1974
DENVER BRANCH
Appointed
by Federal
ROBERT L. TRIPP
DALE R. HINMAN
JOHN W . HAY, JR.
Chairman
Deputy Chairman
2
Reserve
Bank:
President, Albuquerque National B a n k , Albuquerque, N . M .
1972
Chairman of the Board, T h e Greeley National B a n k , Greeley,
Colo.
1972
President, Rock Springs National B a n k , R o c k Springs, W y o .
1973
DIRECTORS RESERVE BANKS AND BRANCHES
191
District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
DENVER BRANCH—Continued
Term
Expires
Appointed
by Board
of Governors:
1
DAVID R . C . BROWN
MAURICE B. MITCHELL
Dec.
President, T h e Aspen Skiing Corporation, A s p e n , Colo.
Chancellor, University of D e n v e r , Colo.
31
1972
1973
OKLAHOMA CITY BRANCH
Appointed
by Federal
Reserve
MARVIN MILLARD
HUGH C. JONES
W . H . MCDONALD
Appointed
by Board
of
Bank:
Chairman of the Board, National Bank of Tulsa, Okla.
1972
Executive Vice President, T h e Bank of W o o d w a r d , Okla.
1972
Chairman of the Executive C o m m i t t e e , T h e First National Bank
and Trust C o m p a n y of O k l a h o m a City, Okla.
1973
Governors:
FLORIN W . ZALOUDEK
JOSEPH H . WILLIAMS1
M a n a g e r , J. I. Case Implements, K r e m l i n , Okla.
1972
President, Chief Operating Officer, The Williams C o m p a n i e s ,
Tulsa, Okla.
1973
OMAHA BRANCH
Appointed
by Federal
Reserve
EDWARD W . LYMAN
S. N . WOLBACH
GLENN YAUSSI
Appointed
by Board
of
Bank:
President, T h e United States National Bank of O m a h a ; N e b r .
1972
President, T h e First National Bank of Grand Island, Nebr.
1973
Chairman of the Board, National Bank of C o m m e r c e Trust &
Savings, Lincoln, Nebr.
1973
Governors:
HENRY Y. KLEINKAUF1
A . JAMES EBEL
President, Natkin & C o m p a n y , O m a h a , Nebr.
1972
Vice President, General M a n a g e r , Cornhusker Television Corporation, Lincoln, Nebr.
1973
District 11—FEDERAL RESERVE BANK OF DALLAS
Class A.MURRAY KYGER
J. V. KELLY
A. W . RITER, JR.
Class
Chairman of the Executive C o m m i t t e e , T h e First National Bank
of Fort W o r t h , Tex.
1972
President, T h e Peoples National Bank of Belton, Tex.
1973
President, T h e Peoples National Bank of Tyler, Tex.
1974
B:
C. A . TATUM, JR.
CARL D . NEWTON
HUGH F. STEEN
Chairman
President, Chief Executive Officer, Texas Utilities C o m p a n y ,
Dallas, Tex.
1972
Chairman of the Board, Fox-Stanley Photo Products, I n c . , San
Antonio, Tex.
1973
President, El Paso Natural Gas C o m p a n y , El Paso, Tex.
1974
192
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
Term
Expires
Dec. 31
Class C.PHILIP G . HOFFMAN2
JOHN LAWRENCE
CHAS. F . JONES1
President, University of H o u s t o n , Tex.
1972
Chairman of the Board, Dresser Industries, I n c . , Dallas, Tex.
1973
Vice Chairman of the Board, H u m b l e Oil & Refining C o m p a n y ,
Houston, Tex.
1974
EL PASO BRANCH
Appointed
by Federal
Reserve
President,
President,
President,
President,
ARCHIE B . SCOTT
SAM D . Y O U N G , J R .
CULLEN J. KELLY
W A Y N E STEWART
Appointed
by Board
of
Bank:
The Security State Bank of Pecos, Texas, Pecos, Tex.
El Paso National B a n k , El Paso, T e x .
The First National Bank of M i d l a n d , Tex.
First National Bank in A l a m o g o r d o , N . M .
1972
1972
1973
1974
Governors:
ALLAN B. BOWMAN 1
HERBERT M . SCHWARTZ
President, General M a n a g e r , Banner M i n i n g C o m p a n y , Tucson,
Ariz.
1972
President, Popular Dry G o o d s C o . , I n c . , El Paso, Tex.
1973
GAGE HOLLAND
Rancher, Marathon, Tex.
1974
HOUSTON BRANCH
Appointed
by Federal
Reserve
Bank:
W . G . THORNELL
Chairman of the Board, President, The First National Bank of
Port Arthur, Tex.
1972
JOHN E . WHITMORE
Chairman of the Board, Chief Executive Officer, Texas C o m m e r c e
Bank National Association, H o u s t o n , Tex.
1972
Chairman of the Board, Southern National Bank of Houston,
Tex.
1973
Chairman of the Board, President, First National Bank in Conroe,
Tex.
1974
KLINE M C G E E
SETH W .
Appointed
DORBANDT
by Board of
Governors:
G E O . T . MORSE, JR.1
M . STEELE W R I G H T , JR
R. M.
BUCKLEY
Vice Chairman of the Board, Chief Operating Officer, Peden Industries , I n c . , H o u s t o n , Tex.
1972
Chairman of the Board, Texas Farm Products C o m p a n y , Nacogdoches, Tex.
1973
President, Eastex Incorporated, Silsbee, Tex.
1974
SAN ANTONIO BRANCH
Appointed
by Federal Reserve
TOM C . FROST, JR.
Chairman
Deputy Chairman
2
Bank:
Chairman of the Board, T h e Frost National Bank of San Antonio,
Tex.
1972
193
DIRECTORS RESERVE BANKS AND BRANCHES
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
SAN ANTONIO BRANCH—Continued
Appointed
by Federal
Branch
President, First National Bank at Brownsville, Tex.
1972
Chairman of the Board, President, Union National Bank of L a r e d o ,
Tex.
1973
President, The Austin National B a n k , Austin, Tex.
1974
W . O . ROBERSON
RAY M . KECK, JR.
LEON STONE
Appointed
by Board of
Governors:
W . A . BELCHER
MATHEWS1
IRVING A .
Bank—Continued
Term
Expires
Dec. 31
MARSHALL BOYKIN, III
R a n c h e r , Veterinarian, Brackettville, T e x .
1972
Chairman of the Board, Chief Executive Officer, Frost B r o s . ,
Inc., San Antonio, Tex.
1973
Partner, W o o d , Boykin & Wolter, Corpus Christi, Tex.
1974
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
LOS ANGELES BRANCH
Class A.CARROLL
F.
BYRD
RALPH J. V o s s
C A R L E . SCHROEDER
Chairman of the Board, President, The First National Bank of
W i l l o w s , Calif.
1972
President, First National Bank of O r e g o n , Portland, Oreg.
1973
President, T h e First National Bank of Orange County, O r a n g e ,
Calif.
1974
Class B.JOSEPH ROSENBLATT
M A R R O N KENDRICK
CHARLES R . D A H L
Class
Honorary Chairman of the Board, The E i m c o Corporation, Salt
Lake City, Utah
1972
President, Chairman of the Board, Schlage Lock C o m p a n y , San
Francisco, Calif.
1973
President, Chief Executive Officer, C r o w n Zellerbach, San Francisco, Calif.
1974
C:
S . ALFRED HALGREN2
O . MEREDITH WILSON1
MAS OJI
Appointed
by Federal
Reserve
W . GORDON FERGUSON
LINUS E .
SOUTHWICK
C A R L E . HARTNACK
RAYBURN S . DEZEMBER
Chairman
Deputy Chairman
2
Senior Vice President, Carnation C o m p a n y , Los Angeles, Calif.
1972
President, Director, Center for Advanced Study in the Behavioral
Sciences, Stanford, Calif.
1973
President, Oji Bros. F a r m , I n c . , Y u b a City, Calif.
1974
Bank:
President, National Bank of Whittier, Calif.
President, Valley National Bank, Glendale, Calif.
President, Security Pacific National B a n k , Los Angeles, Calif.
Chairman of the Board, President, American National B a n k ,
Bakersfield, Calif.
1972
1973
1973
1974
194
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
LOS ANGELES BRANCH—Continued
Appointed
by Board
of
Governors:
LELAND D . PRATT1
EDWARD A . SLOAN
RUTH HANDLER
Term
Expires
Dec. 31
President, Kelco C o m p a n y , San D i e g o , Calif.
President, S l o a n ' s Dry Cleaners, Los Angeles, Calif.
President, Mattel, I n c . , H a w t h o r n e , Calif.
1972
1973
1974
PORTLAND BRANCH
Appointed
by Federal
Reserve
JAMES H . STANARD
FRANK L . SERVOSS
LEROY B. STAVER
Appointed
by Board
of
Bank:
Vice President, First National Bank of M c M i n n v i l l e , Oreg.
1972
President, Crater National Bank of M e d f o r d , Oreg.
1972
Chairman of the Board, Chief Executive Officer, United States
National Bank of O r e g o n , Portland, Oreg.
1973
Governors:
JOHN R . HOWARD1
FRANK ANDERSON
President, Lewis and Clark College, Portland, Oreg.
Farmer, H e p p n e r , Oreg.
1972
1973
SALT LAKE CITY BRANCH
Appointed
by Federal
Reserve
RODERICK H . BROWNING
ROY W . SIMMONS
JOSEPH BIANCO
Appointed
by Board of
Bank:
President, Bank of Utah, O g d e n , Utah
President, Zions First National B a n k , Salt Lake City, Utah
Chairman of the Board, President, Bank of Idaho, Boise, Idaho
1972
1972
1973
Governors:
JOHN H . BRECKENRIDGE1
THEODORE C. JACOBSEN
President, L. L. Breckenridge C o m p a n y , T w i n Falls, Idaho
1972
Chairman of the Board, Jacobsen Construction C o m p a n y , I n c . ,
Salt L a k e City, Utah
1973
SEATTLE BRANCH
Appointed
by Federal Reserve
A. E. SAUNDERS
PHILIP H . STANTON
JOSEPH C. BAILLARGEON
Bank:
Vice Chairman of the Board, Puget Sound National B a n k ,
Tacoma, Wash.
1972
President, Washington Trust B a n k , S p o k a n e , W a s h .
1972
Chairman of the Board, Chief Executive Officer, Seattle Trust &
Savings Bank, Seattle, W a s h .
1973
Appointed
by Board of
Governors:
C . HENRY BACON, JR. 1
Vice Chairman of the Board, Simpson Timber C o m p a n y , Seattle,
Wash.
THOMAS T. HIRAI
President, Quality Growers C o m p a n y , I n c . , Quincy, W a s h .
Chairman
1972
1973
Announcements
GOVERNOR SHEEHAN CONFIRMED
Following his confirmation by the Senate on February 7, John E . Sheehan took the oath of office
on February 8 as a m e m b e r of the Board of Governors of the Federal Reserve System for the unexpired portion of a term ending January 31, 1982.
Governor Sheehan has served as a m e m b e r of
the Board since January 4 w h e n he took the oath
of office under a recess appointment announced
by President Nixon on D e c e m b e r 23. H e succeeded William W . Sherrill w h o resigned effective N o v e m b e r 1 5 , 1 9 7 1 .
Prior to his appointment to the Board, Governor
Sheehan had been president and chief executive
officer of Corhart Refractories C o m p a n y , a subsidiary of Corning Glass W o r k s in Louisville,
K e n t u c k y . H e was also a director of the Louisville Branch of the Federal Reserve Bank of St.
Louis.
A native of J o h n s t o w n , Pennsylvania, Governor Sheehan was graduated f r o m the U . S . Naval
A c a d e m y in 1952 and f r o m the Harvard Business School in 1960.
CHANGES IN BOARD STAFF
The Board of Governors has announced the following official staff appointments and promotions,
effective January 3 1 , 1 9 7 2 :
Robert S. Plotkin appointed an Adviser in the
Legal Division. Prior to joining the B o a r d ' s staff
in 1964, he had been associated with private law
firms in N e w York and W a s h i n g t o n , D . C . , as well
as with the Securities and E x c h a n g e C o m m i s s i o n .
M r . Plotkin h o l d s B . B . A . and L . L . B . degrees f r o m
City College of N e w York and C o l u m b i a University, respectively.
Paul Gardner, J r . , appointed Assistant General
Counsel in the Legal Division. Prior to joining
the B o a r d ' s staff in 1970, M r . Gardner had been
engaged in the private practice of law in
Philadelphia. H e holds both A . B . and L . L . B .
degrees f r o m Harvard University.
Eleanor J. Stockwell appointed an Assistant
Adviser in the Division of Research and Statistics. Miss Stockwell, a graduate of Vassar
College, has held a number of increasingly
responsible positions in the Division since join-
ing its staff in 1936, most recently as a Senior
Economist specializing in corporate financial
analysis.
Peter M . Keir and J a m e s L. Pierce promoted
to Advisers and Joseph C. Zeisel promoted to
Associate Adviser in the Division of Research and
Statistics.
In addition, the Board has appointed Walter W .
Kreimann as Deputy Director in the Division of
Administrative Services, effective February 22,
1972. Prior to joining the B o a r d ' s staff, M r .
Kreimann was with the U . S . Postal Service where
he was responsible for the development and implementation of building and equipment maintenance policies and programs.
M r . Kreimann holds a B . A . degree f r o m Dakota Wesley an University and has done graduate
work at George W a s h i n g t o n University.
GUIDELINES APPROVED FOR NEW CHECKCLEARING SYSTEM
The Board of Governors on February 2, 1972, announced approval of guidelines to be used by the
System throughout the Nation in establishing
regional centers for overnight processing and
settlement of checks.
It is expected that the new check-clearing system will result in the majority of the 62 million
checks written daily by Americans being cleared
and paid by the opening of business the day
following deposit of a check.
The guidelines were issued in furtherance of a
policy statement by the Board announced last
June 17, calling—as a matter of u r g e n c y — f o r
modernization of the N a t i o n ' s check payments
system.
The guidelines give basic directions to the
Reserve Banks for the establishment, and operation, of Regional Check Processing Centers
( R C P C ' s ) in 4 'communities whose trade, business
and financial activities are substantially r e l a t e d "
and where check volume warrants upgrading of
check-handling facilities.
Most of the new clearing centers will be located
at existing Federal Reserve offices: the 12 Federal
Reserve Banks, their 24 branches, and one
facility.
195
196
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
In operating as regional check-clearing facilities, in addition to their other functions, these
Federal Reserve offices in 37 of the Nation's
financial centers will expand the overnight check
settlement arrangements they have had for some
years with banks in the reserve cities.
New Federal Reserve regional clearing centers
will be opened only in areas not reached by the
centers in existing Federal Reserve offices where
check volume and the absence of alternative
facilities make additional Federal Reserve service
essential.
The new system will make maximum use, consistent with improved service to the public, of
check-processing centers operated by commercial
banks. In such commercial bank processing centers, checks from a number of correspondent
banks are sorted and otherwise made ready for
clearance.
The new system is to become operative, region
by region, as soon as practicable. Clearing regions may cross State or Federal Reserve district
boundaries.
For individuals and businesses making and
receiving payments by check, the new system will
mean earlier receipt of funds due to them, and
earlier payment of funds they are transferring to
others. For example, most payroll checks—typically due to be paid by a local bank to a depositor
in another nearby bank—will be cleared, and employees will have use of their pay, within a day
after they deposit their paychecks. Similarly, a
check written to pay a bill, or make a purchase,
will be debited within a day after the check is
deposited in a participating area bank. In all cases,
the total time between the writing and collection
of a check circulating within a clearing area will
vary according to how long the check is held by the
recipient before being deposited.
In its June 1971 policy statement dealing generally with modernization of the Nation's system
for making financial payments, the Board said
that a speedier, more efficient check handling and
clearance system is urgent because the huge
number of checks being put in use—some 23 billion checks, transferring about $13 trillion
dollars yearly—is expected to double by the end of
this decade. For the same reasons, the Board said
the improved check payments system it called for
should be regarded as a transitional step toward
replacing the use of checks with electronic transfer
of funds.
Consequently, the guidelines specified that,
generally, regional clearing centers should be pro-
vided with automated clearing and telecommunications capabilities to serve as the basis for
transition to widespread checkless—electronic—
fund transfers.
The guidelines approved by the Board were prepared by the Federal Reserve System Steering
Committee on the Payments Mechanism, headed
by Reserve Board Governor George W . Mitchell,
in collaboration with the Conference of First Vice
Presidents of the Reserve Banks. The Steering
Committee issued a statement accompanying the
guidelines, giving the background to its decisions.
This emphasized integration into the system of
services available from commercial banks. The
Steering Committee likewise emphasized that
operating arrangements at different clearing centers may vary sufficiently to accommodate—
within the basic guidelines—the substantial
differences that exist across the Nation in banking
structure, population density, volume of check
traffic, and differences in geography and topography that affect highway and other transportation
facilities for the movement of checks.
Other members of the Steering Committee are
Reserve Board Governors Sherman J. Maisel and
John E. Sheehan (succeeding former Governor
William W . Sherrill), Reserve Bank Presidents
George H. Clay of Kansas City, Aubrey N.
Heflin of Richmond, and Eliot J. Swan of San
Francisco, and the First Vice Presidents of the
Chicago and the New York Reserve Banks,
Ernest T. Baughman and William F. Treiber.
The size of an area served by a clearing
center will be determined chiefly by the distance
that surface or air transport—where that is the
more practical and economical means of check
gathering and delivery—can travel to pick up
during the afternoon the day's crop of checks
deposited in participating banks, bring these to the
clearing center for processing and settlement
during the night, and deliver them early the next
morning to banks against which checks deposited the day before were drawn.
Participation by banks in the new system will
be on an entirely voluntary basis, but every
effort will be made to secure the cooperation of all
banks, whether or not they are members of the
Federal Reserve System.
A clearing center will accept from participating
banks in its clearing region all checks written on
other participating banks in the region. It will also
accept, from Federal Reserve member banks,
checks drawn upon banks outside the region. U.S.
Government checks, postal money orders, and
ANNOUNCEMENTS
other items payable at a Federal Reserve office
will be accepted f r o m participating banks,
wherever they originate.
CHANGES IN OTC MARGIN STOCKS
The Board of Governors announced several
changes, effective W e d n e s d a y , February 2, 1972,
in its 4 'List of O T C Margin S t o c k s " that was
issued in revised f o r m on July 12, 1971. T h e list
was first published on July 8, 1969.
O n e stock, National Patent D e v e l o p m e n t Corporation, Class A , $ . 0 1 par c o m m o n , is added to
the list and will be subject to the same 55 per cent
margin requirement as other over-the-counter
margin stocks.
Ten stocks are deleted f r o m the list: Herff Jones
C o m p a n y , no par c o m m o n ; Horizon Corporation,
$.01 par c o m m o n ; L y n c h C o m m u n i c a t i o n Systems
Inc., $ 1 . 0 0 par c o m m o n ; Mission Equities Corporation, no par c o m m o n ; Texfi Industries, I n c . ,
$ 1 . 0 0 par c o m m o n ; United Illuminating C o m p a n y ,
T h e , no par c o m m o n ; Bankers National Life Insurance C o m p a n y , $ 2 . 0 0 par c o m m o n ; Eckrich,
Peter & Sons, I n c . , no par c o m m o n ; North American Life and Casualty C o m p a n y , $ 1 . 0 0 par comm o n ; United Convalescent Hospitals, I n c . , $ 1 . 0 0
par c o m m o n .
Other changes are as f o l l o w s : Beefland International, I n c . , $ 1 . 0 0 par c o m m o n becomes
American Beef Packers, I n c . , $ 1 . 0 0 par c o m m o n ;
Bibb Manufacturing C o m p a n y , $ 1 2 . 5 0 par com-
197
m o n is changed to Bibb C o m p a n y , T h e , no par
c o m m o n ; Brush Beryllium C o m p a n y , T h e , $ 1 . 0 0
par c o m m o n now reads as Brush W e l l m a n , I n c . ,
$ 1 . 0 0 par c o m m o n ; First National Holding Corporation, $ 5 . 0 0 par c o m m o n is r e n a m e d First
Tennessee National Corporation, $ 5 . 0 0 par comm o n , Landa Industries, I n c . , $ . 1 0 par c o m m o n
becomes Surveyor C o m p a n i e s , I n c . , $ . 1 0 par
c o m m o n ; and Northern Trust C o m p a n y , T h e ,
$ 2 0 . 0 0 par capital reads as Nortrust Corporation,
$ 2 0 . 0 0 par capital.
REVISION OF AGGREGATE RESERVES AND
MEMBER BANK DEPOSITS SERIES
The m e m b e r bank reserves and deposits series,
Table A - 1 8 , have been revised for the period 1959
to date. Seasonal factors have been revised for all
series. In addition, the seasonally adjusted reserve series have been revised to reflect actual
reserve requirements, eliminating the adjustments
for changes in reserve requirement percentages
that were formerly incorporated in the series.
The revision lowered the level of the aggregate
reserve series f r o m October 1970 to date, reflecting the actual percentage requirements that
have been in effect since October 1, 1970.
Revised weekly and monthly data beginning
with 1959 are available on request f r o m the Banking Section, Division of Research and Statistics,
Board of Governors of the Federal Reserve
System 20551.
National Summary of Business Conditions
Released for publication February 15
Industrial production rose somewhat further in
January, e m p l o y m e n t increased, and the unemployment rate edged d o w n . Retail sales were
little changed. C o m m e r c i a l bank credit, the m o n e y
stock, and time and savings deposits increased.
Between mid-January and mid-February, yields
on short-term U . S . G o v e r n m e n t securities declined but other market interest rates rose.
INDUSTRIAL PRODUCTION
Industrial production at 107.9 per cent ( 1 9 6 7 = 100)
in January was 0 . 3 per cent above the d o w n w a r d
revised December level of 107.6. The January
index was 2.5 per cent above a year earlier but 3 . 6
per cent below the 1969 high.
Output of final products was unchanged but
production of materials increased further. Auto
assemblies declined 6 per cent in January to an
annual rate of 8.1 million units. H o w e v e r ,
production of h o m e goods and consumer nondurable goods rose to new highs. Output of business equipment was about unchanged and revisions in N o v e m b e r and D e c e m b e r show little
changes since last August. Production of defense
and space equipment declined somewhat further
in January. Production of steel and construction
materials rose further but output of textiles,
paper, and chemicals remained at their D e c e m b e r
record levels.
EMPLOYMENT
N o n f a r m payroll e m p l o y m e n t increased by 2 4 0 , 0 0 0
in January with gains widespread among m a j o r inINDUSTRIAL PRODUCTION
MATERIALS
PRODUCTS, TOTAL
JL
I
I
1 100
i
!
F.R. indexes, seasonally adjusted. Latest figures: January.
198
dustry groups. The average workweek of factory
workers declined 0 . 4 hour to 39.9 hours but w a s
0 . 1 hour above the level of a year earlier. T h e
u n e m p l o y m e n t rate edged down to 5 . 9 per cent
f r o m 6 . 0 per cent (revised) in D e c e m b e r .
RETAIL SALES
The value of retail sales rose marginally in January, according to the advance report, and was 7 . 5
per cent above a year earlier. Sales at durable
goods stores were little changed and sales at nondurable goods stores were u p 0 . 3 per cent. Unit
sales of new domestic autos advanced 10 per cent
in January to an annual rate of 8 . 6 million units
and were 4 . 0 per cent above a year earlier.
CONSUMER PRICES
The rise in consumer prices, seasonally adjusted, accelerated to 0 . 4 per cent in D e c e m b e r
reflecting mainly increases since the end of the
90-day freeze. As in N o v e m b e r , food prices rose
s h a r p l y — 0 . 7 per cent—with fresh vegetables,
beef, and pork showing the largest advances.
Prices of other commodities and services rose
0 . 3 per cent.
BANK CREDIT, DEPOSITS, AND RESERVES
Commercial bank credit, adjusted for transfers of
loans between banks and their affiliates, increased
sharply in January—at a seasonally adjusted annual rate of over 17 per cent. Rapid expansion in
loans accounted for about four-fifths of this rise.
Banks also continued to add substantially to their
holdings of municipal issues but holdings of U . S .
Treasury securities, which expanded sharply
during the D e c e m b e r financings, were reduced.
The narrowly-defined m o n e y stock increased at
an annual rate of 3.7 per cent in January, a stronger
rate of advance than in D e c e m b e r . Growth in total
time and savings deposits was at an annual rate of
20 per cent—about the same as in D e c e m b e r and
m u c h larger than in most other recent m o n t h s . T h e
pace of advance in consumer-type time and
savings deposits increased substantially in January while holdings of large negotiable C D ' s declined slightly.
Free reserves of m e m b e r banks averaged about
$195 million over the 4 weeks ending January
26 compared with $15 million in D e c e m b e r . M e m -
ber bank borrowings dropped sharply but excess
reserves also declined s o m e w h a t .
SECURITY MARKETS
Treasury bill rates were about 15 basis points
lower to 4 0 basis points higher between midJanuary and mid-February, with the increases on
the longer maturities. The 3-month bill was bid at
around 3 . 0 6 per cent in the middle of February,
d o w n f r o m about 3 . 2 0 per cent a m o n t h earlier.
Yields on U . S . G o v e r n m e n t notes and bonds
advanced by some 15 to 30 basis points over the
same period.
N e w and seasoned corporate security yields
rose steadily f r o m mid-January to mid-February. Rates on municipal securities also rose on
balance.
C o m m o n stock prices continued to advance
on moderately heavy volume during the same
period.
INTEREST RATES
PER CENT
Bureau of Labor Statistics. "Farm products and f o o d s " is BLS
"Farm products, and processed foods and f e e d s . " Latest
figures: Consumer, Dec.; Wholesale, Dec.
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. 5.
199
A 1
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 interest 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
A
A
A
17
18
19
20
26
31
32
33
33
34
37
38
39
Money stock
Bank reserves; bank credit
Banks and the monetary system
Commercial banks, by classes
Weekly reporting banks
Business loans of banks
Demand deposit ownership
Loan sales by banks
Open market paper
Interest rates
Security markets
Stock market credit
Savings institutions
A
A
A
A
A
A
A
41
42
44
47
50
52
56
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Continued
on next page
109 F E D E R A L R E S E R V E BULLETIN • FEBRUARY 1972
U.S. STATISTICS—Continued
A
A
A
A
A
A
A
A
60
64
64
66
68
68
70
72
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds
INTERNATIONAL STATISTICS:
A
A
A
A
A
A
A
A
A
A
74
75
76
77
78
91
92
93
94
95
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
96
Earnings and expenses of Federal Reserve Banks, 1971
A
A
98
99
Number of banking offices:
Analysis of changes
On, and not on, Federal Reserve Par List
A 100
A 101
Banking and monetary statistics, 1971:
Money market rates
Bond and stock yields
A 102
Stock market credit
A 112
INDEX TO STATISTICAL TABLES
A 3
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
Estimated
c
Corrected
p
Preliminary
r
Revised
rp
Revised preliminary
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
N.S.A.
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 NOTE (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 .
Annually—Continued
Issue
Oct. 1971
A-72—A-73.9
Semiannually
Banking offices:
Analysis of changes in number
Feb. 1972
On, and not on, Federal Reserve
Par List, number
Feb. 1972
A-98
A-99
Annually
Bank holding companies:
List of, Dec. 31,1970
Banking offices and deposits of
group banks, Dec. 31,1970
Banking and monetary statistics:
1970
1971
June 1971
A-110
Aug. 1971
A-98
Mar. 1971
July 1971
Feb. 1972
A-94—A-106
A-96—A-99
A-100—A-101
Banks and branches, number,
by class and State
Flow of funds:
Assets and liabilities:
1959-70
1970 data (revised)
Flows:
1966-70
1970 selected data (revised)
Issue
Page
A-94—A-95
Apr. 1971
Mar. 1971 A-71.10—A-71.21
A-71.2—A-71.3
June 1971
Mar. 1971
June 1971
A-70—A-71.9
A-70—A-71.1
Income and expenses:
Federal Reserve Banks
Insured commercial banks
Member banks:
Calendar year
Income ratios
Operating ratios
Feb. 1972
June 1971
A-96—A-97
A-94—A-95
June 1971
June 1971
July 1971
A-94—A-103
A-104—A-109
A-100—A-105
Stock market credit
Feb. 1972
A-102—A-103
Statistical Releases
LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE
Anticipated schedule of release dates for individual releases
Issue
Page
Dec. 1971
A-103
A 4
BANK RESERVES AND RELATED ITEMS • FEBRUARY 1972
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities
Bought
outright
Total
1
Held
under
repurchase
agreement
Other
F.R.
assets 3
Total 4
Gold
stock
Special
Drawing
Rights
certificate
account
Loans f
Float 2
5
381
142
83
170
652
1,117
2,612
2,404
24,744
21,606
17,518
22,759
20,047
22,879
17,954
13,799
12,436
10,367
10,367
11,105
400
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—Dec
1967—De c
1968—De c
1969—De c
1970—De c
27,248
40,885
48,891
52,529
57,500
61,688
27,170
40,772
48,810
52,454
57,295
61,310
78
113
81
75
205
378
94
490
238
765
1,086
321
1,665
2,349
2,030
3,251
3,235
3,570
2,204
1,032
29,060
43,853
51,268
56,610
64,100
66,708
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
62,068
62,350
62,719
63,371
64,714
64,642
66,001
66,324
67,106
67,690
68,052
69,158
61,941
62,051
62,381
63,153
64,368
64,574
65,652
66,143
66,794
67,488
67,655
68,868
127
299
338
218
346
68
349
181
312
202
397
290
370
328
319
148
330
453
820
804
501
360
407
107
3,636
2,974
2,671
3,047
2,704
2,690
3,001
2,572
2,974
3,122
3,129
3,905
1,216
1,065
896
1,103
1,076
979
1,150
991
900
1,105
1,013
982
67,363
66,797
66,691
67,747
68,926
68,834
71,052
70,749
71,568
72,349
72,694
74,255
10,732
10,732
10,732
10,732
10,448
10,332
10,332
10,184
10,132
10,132
10,132
10,132
400
400
400
400
400
400
400
400
400
400
400
400
1972—Jan. *
70,687
70,300
387
20
3,401
1,177
75,411
10,132
400
3
10
17
24
67,390
67,307
67,828
68,400
67,276
67,155
67,414
67,867
114
152
414
533
216
122
287
538
3,262
3,105
3,268
3,214
1,207
1,240
1,061
796
72,132
71,847
72,535
73,056
10,132
10,132
10,132
10,132
400
400
400
400
1
8
15
22
29
68,970
68,941
68,761
68,958
69,514
68,481
68,822
68,761
68,863
68,938
489
119
705
59
25
141
216
3,027
3,090
3,473
4,444
4,644
859
893
927
988
1,096
73,669
73,047
73,245
74,621
75,627
10,132
10,132
10,132
10,132
10,132
400
400
400
400
400
5
12
70,658
70,712
71,130
70,561
69,517
70,211
70.560
70.561
, 141
501
570
57
17
13
13
4,260
3,594
3,405
3,076
1,078
1,125
1,181
1,228
76,258
75,592
75,884
74,954
10,132
10,132
10,132
10,132
400
400
400
400
68,157
70,804
6-768,157
6 69,481
1,323
146
39
2,707
4,343
1,068
841
71,909
76,515
10,132
10,132
400
400
70,202
6 70,202
1,855
1,280
73,427
10,132
68,026
66,944
68,541
69,862
6 67,226
6-766,944
6 67,605
6 68,159
252
195
392
2,397
2,763
2,855
3,597
2,921
1,241
1,289
801
825
72,373
71,340
73,464
76,207
10,132
10,132
10,132
10,132
400
400
400
400
68,427
69,194
68,032
68,652
71,759
6,
66
28
828
1,340
2,692
3,053
3,844
4,059
4,043
962
929
983
1,018
1,114
72,203
73,344
72,953
74,635
78,519
10,132
10,132
10,132
10,132
10,132
400
400
400
400
400
45
17
24
19
4,198
3,029
3,131
2,809
1,099
1,179
1,223
1,261
75,736
74,877
75,970
74,727
10,132
10,132
10,132
10,132
400
400
400
400
Week ending—
1971—Nov.
Dec.
1972—Jan.
19*
26*
95
576
End of month
1971—No v
Dec
1972—Jan. P
Wednesday
1971—Nov. 10
3
17
24
Dec.
1
8
15
22
29
1972—Jan.
5*
12*
19P
26*
For notes see opposite page.
70,275
70,518
71,451
70,561
7 68,427
6 68,882
6-768,032
6 68,640
6 69,059
6
6
6
6
69,689
70,361
70,561
70,561
800
936
,703
312
12
2,700
586
157
890
86
FEBRUARY 1972 • BANK RESERVES AND RELATED ITEMS
A 5
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Other
F.R.
counts 3
Treasury
Foreign
Other 2
Other
F.R.
liabilities
and
capital 3
Member bank
reserves
With
F.R.
Banks
Currency
and
coin 5
Period or date
Total
Averages of daily figures
2,595
3,972
4,507
4,737
4,960
5,340
19,283
22,719
25,260
27,221
28,031
29,265
1960—Dec.
1965—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
24,938
24,710
24,601
24,814
25,251
24,793
25,231
25,098
25,365
25,463
25,500
25,653
5,550
5,170
5,085
5,071
5,168
5,230
5,316
5,357
5,437
5,397
5,453
5,676
30,488
29,880
29,686
29,885
30,419
30,023
30,547
30,455
30,802
30,860
30,953
31,329
1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
26,951
5,914
32,865
1,029
389
-204
-1,105
2,192
2,265
16,688
18,747
20,753
22,484
23,071
23,925
786
778
718
752
690
698
714
712
712
736
714
728
2,109
2,232
2,227
2,194
2,244
2,227
2,251
2,298
2,296
2,327
2,320
2,287
750
2,208
353
250
154
150
225
146
145
495
231
451
458
458
735
445
465
467
499
506
491
471
477
466
464
470
453
1,028
1,025
783
1,047
1,112
652
1,546
1,121
1,621
2,100
1,723
1,926
155
153
139
148
173
155
161
181
151
152
133
290
487
2,821
181
408
808
1,428
756
656
427
1939—Dec.
1941—Dec.
1945—Dec.
1950—Dec.
11,473
12,812
16,027
17,391
522
683
902
360
1,194
849
616
592
625
615
16,027
17,391
248
292
493
739
739
1,531
1,247
920
2,402
2,189
2,269
1,290
11,473
12,812
1972—Jan.?
Week ending—
483
479
465
464
1,795
1,598
1,582
1,927
134
119
123
123
726
710
725
686
2,355
2,422
2,244
2,265
25,412
25,014
25,577
25,591
5,549
5,566
5,595
5,125
30,961
30,580
31,172
30,716
1971—Nov.
457
456
457
450
448
1,894
1,749
1,563
1 ,895
2,336
169
133
143
426
471
732
717
710
736
708
2,328
2,398
2,219
2,234
2,301
25.783
25,151
25,246
25,785
26,081
5,492
5,592
5,907
5,366
5,843
31,275
30,743
31,153
31,151
31,924
Dec.
462
473
486
508
2,548
2,760
2,515
3,084
298
171
148
862
727
737
724
2,152
2,155
2,210
2,259
27,068
26.784
27,745
26,747
5,746
6,009
5,989
5,896
32,814
32,793
33,734
32,643
160
3
10
17
24
1
8
15
22
29
1972—Jan.
5
12
19*
26*
End of month
697
999
2,351
2,131
23,782
27,788
5,490
5,743
29,272
33,531
814
2,344
25,621
5,861
31,482
124
137
145
126
740
714
705
698
2,403
2,443
2,226
2,303
25,465
24,322
26,396
28,879
5,548
5,565
5,593
5,125
31,013
29,887
31,989
34,004
2,567
936
2,127
2,031
1,955
128
187
173
473
281
717
779
709
725
754
2,353
2,429
2,198
2,250
2,362
23,536
25,670
24,159
25,238
29,367
5,490
5,591
5,908
5,366
5,844
29,026
31,261
30,067
30,604
35,211
3,071
2,108
2,491
2,862
302
146
127
146
729
707
778
716
2,108
2,173
2,234
2,279
26,224
26,784
27,967
26,815
5,751
6,012
5,989
5,896
31,975
32,796
33,956
32,711
460
464
1 ,996
2,020
504
2,860
493
473
472
467
1,687
1,411
1,532
1,435
460
463
462
452
459
469
479
506
512
177
294
1971—Nov.
Dec.
1972—Jan.*
Wednesday
f Previously referred to as Discounts and advances.
1
Includes Federal Agency issues held under repurchase agreements as
of Dec. 1, 1966 and Federal Agency issues bought outright as of Sept. 29,
1971.
2
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
1971—Nov.
3
10
17
23
Dec. 1
8
15
22
29
1972—Jan.
5*
12*
19*
26*
on Wed. and end-of-month dates, see tables on F.R. Banks on following
pages. See also note 2.
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 1972
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
1Reserves
Total
held
Required 1 Excess
Borrowings
at
F.R.
Banks
Reserves
Free
reserves
Total
held
Required
Excess
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
1960—Dec
1965—Dec
1967—Dec
1968—Dec
1969—Dec
1970—Dec
19,283
22,719
25,260
27,221
28,031
29,265
18,527
22,267
24,915
26,766
27,774
28,993
756
452
345
455
257
272
87
454
238
765
1,086
321
669
-2
107
-310
-829
-49
3,687
4,301
5,052
5,157
5,441
5,623
3,658
4,260
5,034
5,057
5,385
5,589
29
41
18
100
56
34
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
30,488
29,880
29,686
29,885
30,419
30,023
30,547
30,455
30,802
30,860
30,953
31,329
30,209
29,679
29,487
29,745
30,107
29,892
30,385
30,257
30,596
30,653
30,690
31,164
279
201
199
140
312
131
162
198
206
207
263
165
370
328
319
148
330
453
820
804
501
360
407
107
-91
-127
-120
-8
-18
-322
-658
-606
-295
-153
-144
58
5,976
5,854
5,664
5,690
5,837
5,637
5,729
5,693
5,683
5,678
5,644
5,774
5,917
5,810
5,703
5,696
5,791
5,674
5,754
5,640
5,674
5,667
5,608
5,749
59
44
-39
1972—Jan."
32,865
32,698
167
20
147
6,067
6,056
6....
13....
20....
21....
30,611
30,242
31,029
30,172
30,035
30,210
30,937
29,890
576
32
92
282
407
277
472
354
169
-245
-380
-72
6,064
5,850
6,165
5,752
5,902
5,910
6,198
5.760
1971—May
5....
12....
19....
26.. ..
30,780
30,084
30,362
30,246
30,415
29,854
30,260
30,072
365
230
102
174
174
99
306
267
191
131
-204
-93
5,907
5,657
5,986
5,768
June
2
9....
16....
23....
30
30,276
29,886
30,225
29,919
30,292
29,991
29,813
29,959
29,709
30,060
285
73
266
210
232
646
153
403
619
750
-361
-80
-137
-409
-518
7....
14....
21....
28....
30,313
30,254
30,932
30,623
30,036
30,249
30,650
30,556
277
5
282
67
661
991
1,121
545
4....
11....
18....
25....
30,894 30,460
30,330 30,303
30,605 30,381
30,111 30,020
434
27
224
91
1
8... .
15....
22....
29....
30,519 30,195
30,855 30,650
30,851 30,604
30,360 30,421
31,073 30,730
6
13....
20....
27....
30,993
30,702
31,071
30,424
3.. . .
10....
17....
24....
30,961
30,580
31,172
30,716
- 6
46
-37
-25
53
9
36
25
City of Chicago
Borrowings
at
F.R.
Banks
192
58
Reserves
Free
reserves
848
924
1,191
958
1,143
1,225
1,199
1 ,285
1,329
953
1,128
1,217
1,184
1 ,267
1,322
4
15
8
15
1,387
1,403
1,375
1,392
1,436
1,387
1,407
1,417
1,417
1.425
1 ,408
1.426
1,392
1,380
1.384
1.385
1,421
1,405
1,408
1,410
1,423
1,408
1,400
1,425
-5
23
-9
7
15
1 ,503
1,511
19
10
-70
- 2 2
86
601
1,141
1,143
939
1,199
40
230
259
25
164
38
67
107
35
Required 1 Excess
2,611
989
-144
67
111
40
29
51
15
113
90
Total
held
-130
-203
9
19
15
-90
-21
-67
-127
-111
-111
-29
-56
-71
10
540
295
14
18
7
-18
7
- 6
17
Week ending—
1971—Jan.
July
Aug.
Sept.
Oct.
Nov.
Dec.
1972—Jan.
162
-33
92
26
-125
-34
1,396
1,402
1,424
1,373
-40
38
5.817
5,716
5,967
5,781
90
-59
19
-13
46
39
143
100
44
-98
-124
-113
1.440
1,424
1,426
1,435
-9
31
-29
19
5,693
5,648
5,742
5,648
5,676
5,638
5,680
5,729
5,607
5,699
55
-32
13
41
-23
171
46
129
103
107
-116
1.387
1,414
1,473
1,338
1,405
-9
-384
-986
-839
-478
5,689
5,747
5,911
5,671
5,663
5,814
5,856
5,718
26
-67
55
-47
34
252
65
30
764
593
1,179
771
-330
-566
-955
-680
5,781
5,625
5,816
5,456
5,677
5,699
5,748
5,522
104
-74
68
324
205
247
-61
343
706
765
457
329
424
-382
-560
-210
-390
-81
5,679
5,719
5,762
5,469
5,825
5,561
5,759
5,690
5,578
5,689
118
-40
72
-109
136
116
30,779
30,653
30,861
30,373
214
49
210
51
309
449
332
413
-95
-400
-122
-362
5,644
5,668
-27
-25
29
5,513
5,671
5,693
5.818
5,508
30,565
30,570
30,984
30,572
396
10
188
144
216
122
287
538
180
-112
-99
-394
5,681
5,589
5,705
5,589
5,626
5,597
5.761
5,520
1
8.. . .
15.. . .
22... .
29... .
31,275 30,685
30,743 30,600
31,153 30,949
31,151 31,180
31,924 31,610
590
143
204
-29
314
705
59
25
141
216
-115
84
179
-170
98
,701
,671
,699
,747
,793
5,538
5,604
5,757
5,764
5,799
163
67
-58
-17
5....
12....
19^. . .
26*. . .
32,814
32,793
33,734
32,643
312
105
279
239
57
17
13
13
255
88
266
226
6,200
6,055
6,371
5,768
6,120
6,141
6,266
5,849
80
For notes see opposite page.
32,502
32,688
33,455
32,404
91
- 6 0
-66
- 1 0
5
55
- 8
-56
69
- 6
-86
105
- 8 1
- 6 0
43
342
267
86
36
100
35
133
21
64
150
222
-78
-116
-62
-130
-77
1.388
1,390
1,464
1,383
61
-74
-274
-333
1,447
1,419
1,416
1,387
-319
-10
2
-15
18
1
6
-13
11
14
-22
13
-1
13
-12
4
4
-40
72
-195
1,398
1.428
1.441
1,410
1,410
-1
-56
-125
-45
1,441
1,413
1.429
1,353
19
-19
1,435
1,376
1,447
1,358
35
-30
14
100
-128
55
-29
-120
- 8 1
-59
67
-58
-96
-82
80
-86
105
- 8 1
1,438
1,356
1,479
1,371
1,511
1,520
1,569
1,522
1,473
5
-7
-3
- 2
8
-11
-16
52
- 1 0
28
-43
66
- 6
20
-38
14
FEBRUARY 1972 • BANK RESERVES AND RELATED ITEMS
A 7
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
,188
,303
418
232
1
96
50
7,950
9,056
10,081
10,990
10,970
11,548
7,851
8,989
10,031
10,900
10,964
11,506
100
67
50
90
6
42
20
228
105
270
479
264
11,974
11,647
11,732
11,754
11,923
11,743
11,939
11,871
12,115
12,069
12,106
12,198
11,962
11,712
11,651
11,789
11,832
11,735
11,929
11,883
12,077
12,050
12,041
12,233
12
-65
81
-35
91
8
10
38
19
65
-35
294
268
236
119
136
181
441
425
318
163
177
22
12,951
12,939
12
Period
Free
reserves
Total
held
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
8,219
8,901
9,875
10,335
10,765
6,066
7,889
8,634
9,625
10,158
10,576
623
330
267
250
177
189
40
92
80
583
238
187
70
-144
161
1960—Dec.
. ...1965—Dec.
. . . .1967—Dec.
1968—Dec.
....1969—Dec.
....1970—Dec.
10,938
10,777
10,749
10,875
11,063
11,078
11,294
11,324
11,422
11,528
11,641
11,757
213
199
166
174
154
174
101
-57
11,151
10,976
10,915
11,049
11,223
11,256
11,472
11,474
11,587
11,688
11,795
11,931
42
178
172
150
164
92
17
-87
-58
24
45
53
132
....1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
12
12,344
12,192
152
20
132
Excess
-12
Borrowings at
F.R.
Banks
Free
reserves
,188
,302
322
182
-161
-55
-180
-473
-222
-282
-333
-155
-154
-45
-173
-431
-437
-280
-144
-112
Excess
160
178
178
150
165
160
180
321
28
35
27
16
10
68
161
265
208
141
115
. . ..1972—Jan.f
Week ending—
12,028
11,912
12,214
11,862
11,903
11,996
12,246
11,800
125
-84
-32
62
310
249
332
286
-185
-333
-364
-224
11,123
11,078
11,226
11,185
10,819
10,920
11,029
10,995
304
158
197
190
26
28
43
42
278
130
154
148
,1971—Jan.
6
13
20
27
12,044
11,826
11,805
11,820
11,939
11.752
11,871
11,780
105
74
4
32
-137
-53
11,389
11,177
11,145
11,223
11,210
10,993
10,967
11,095
179
184
178
128
27
18
51
56
152
166
127
72
.1971—May
40
101
42
71
93
5
12
19
26
11,891
11,693
11,812
11,703
11,827
11,857
11.753
11,749
11,640
11,759
34
-60
63
63
68
317
52
113
286
324
-283
11,305
11,131
11,198
11,230
11,384
11,100
10,967
11,014
11,111
55
161
153
308
47
109
23
-34
-132
June
11,208
205
164
184
119
176
158
-50
-223
-256
2
9
16
23
30
11,847
11,786
12,089
11,946
11,801
11,876
12,028
11,993
46
-90
61
-47
372
498
607
296
-326
-588
-546
-343
11,389
11,331
11,468
11,623
11,198
11,147
11,315
11,461
191
184
153
162
255
241
333
212
-64
-57
July
7
14
21
28
12,094
11,856
11,883
11,798
11,973
11,898
11,901
11,788
-308
-417
-563
-362
11,572
11.430
11,490
11,470
11,376
11,275
11,320
11.327
196
155
170
143
292
218
261
132
-96
-63
-91
11
Aug.
10
429
375
545
372
4
11
18
25
11,935
12,182
12,140
11,937
12,135
11,896
12.138
12.098
12,013
12,080
39
44
42
-76
55
404
588
324
146
231
-365
-544
11.507
11,526
11.508
11,544
11,703
11,339
11,330
11,368
11,417
11,549
168
196
140
127
154
185
173
130
88
157
-17
23
10
39
-3
Sept.
1
8
15
22
29
12,165
12,011
12,183
11,876
12,117
12,092
12,110
11,933
48
-81
73
-57
118
234
194
129
-70
-315
11,743
11,610
11,651
11,682
11,569
11,436
11,512
11,568
174
174
139
114
162
108
99
97
12
66
40
17
Oct.
6
13
20
27
12,073
11,967
12,172
11,967
11,976
12,050
12.139
11,973
97
-83
33
-6
105
47
174
201
11,772
11,648
11,848
209
131
197
97
111
98
77
148
-43
Nov.
11,802
11,563
11,517
11,651
11,705
3
10
17
24
12,181
11,932
12,156
12,180
12,521
12,025
11,992
12.099
12,254
12,453
156
-60
57
-74
68
282
15
11,955
11,784
11,819
11,853
12,099
11,736
11,638
11,642
11,748
11,913
219
146
177
105
154
44
25
24
65
Dec.
-75
57
-98
10
1
8
15
22
29
12,871
12,898
13,349
12,971
12,819
12,927
13,301
12,840
52
-29
48
131
52
-29
48
131
12,223
12,271
12,492
12.431
12,037
12,071
12.328
12,256
200
164
175
57
17
13
13
-66
121
-42
- 1 8
24
58
-112
-282
-222
-176
-121
-186
-130
-141
-207
-126
1
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.
186
186
54
49
140
61
-180
-50
102
152
81
125
129
183
151
162
.1972—Jan.
5
12
19 p
26
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.
A 8
MAJOR RESERVE CITY BANKS • FEBRUARY 1972
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars, except as noted)
Basic reserve position
Less—
Reporting banks
and
week ending—
Total—46
Borrowings
at F.R.
Banks
Gross transactions
Net
interbank
Federal
funds
trans.
Surplus
or
deficit
5,641
7,098
7,844
7,636
6,586
-5,662
-6,943
-7,769
-7,768
-6,662
6,567
7,967
7,448
6,319
Per cent
of
avg.
required
reserves
Net transactions
Total
two-way
transactions 2
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Purchases
Sales
44.2
54.1
59.1
58.9
49.8
10,289
11,121
12,107
12,040
11,080
4,647
4,022
4,263
4,404
4,494
4,140
3,796
3,909
4,007
3,925
6,148
7,325
8,199
8,033
7,154
507
227
354
397
569
1,713
1,789
1,844
1,837
1,614
-6,413
-7,929
-7,386
-6,253
46.1
56.5
51.5
46.0
11,770
12,965
11,692
10,909
5,203
4,998
4,244
4,590
4,451
4,739
3,789
3,963
7,319
8,226
7,904
6,946
752
259
455
627
2,024
1,627
1,671
1,851
1,732
2,381
3,112
3,236
2,698
-1,759
-2,259
-3,073
-3,317
-2,780
35.1
44.4
59.0
63.4
52.9
2,746
3,223
3,763
3,895
3,399
1,014
843
652
659
702
1,005
822
652
659
702
1,740
2,402
3,112
3,236
2,697
1,299
1,384
2,881
3,078
2,844
2,374
-2,802
-3,096
-2,769
-2,382
50.4
55.6
48.7
45.0
3,765
3,985
3,629
3,242
884
907
785
868
884
907
785
868
2,881
3,078
2,844
2,374
1,488
1,183
1,241
1,403
3,910
4,718
4,732
4,400
3,888
-3,903
-4,684
-4,696
-4,451
-3,883
50.1
60.4
59.1
55.9
47.9
7,543
7,897
8,344
8,145
7,680
3,633
3,180
3,612
3,745
3,792
3,135
2,974
3,257
3,348
3,223
4,408
4,924
5,087
4,797
4,457
498
206
354
397
569
428
490
460
557
433
3,686
4,888
4,604
3,945
-3,611
-4,833
-4,616
-3,872
43.2
57.0
53.3
46.6
8,005
8,980
8,064
7,667
4,319
4,092
3,459
3,722
3,567
3,832
3,004
3,095
4,438
5,148
5,059
4,572
752
259
455
627
535
443
429
448
1,337
1,739
1,423
1,257
1,068
-1,058
-1,331
-1,718
-1,450
-1,225
83.8
107.3
129.5
112.4
92.8
1,695
1,933
2,275
2,040
1,945
627
596
536
617
688
611
574
536
574
612
1,084
1,360
1,739
1,466
1,333
42
76
92
114
168
195
91
1,361
1,799
1,708
1 ,443
-1,349
-1,784
-1,718
-1,436
96.6
126.0
120.7
644
722
108.1
2,006
2,521
2,319
2,060
567
679
574
569
1,439
1,843
1,744
1,490
78
44
36
47
108
2,842
3,381
2,994
2,977
2,631
-2,845
-3,353
-2,978
-3,002
-2,657
43.5
51.4
45.0
45.0
39.1
5,848
5,964
6,069
6,105
5,736
3,007
2,584
3,075
3,129
3,105
2,524
2,400
2,721
2,774
2,611
3,324
3,564
3,348
3,331
3,124
482
184
354
355
494
335
376
293
362
342
2,325
3,089
2,896
2,502
-2,262
-3,049
-2,898
-2,435
32.5
43.2
40.0
34.9
5,999
6,459
5,745
5,608
3,674
3,369
2,849
3,105
3,000
3,154
2,430
2,526
2,999
3,305
3,315
3,082
674
216
419
580
466
366
355
340
Borrowings
from
dealers 4
banks
1971—Dec.
1...
15.
22.
29.
1972—Jan.
Excess
reserves 1
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
350
155
76
-35
40
371
98
116
154
38
63
66
5.
12.
19.
26.
8 in New York City
1971—Dec.
1....
15.
22.
29.
1972—Jan.
189
122
39
217
79
5.
12.
- 1 8
19.
75
26.
1,286
1,281
1,182
38 outside
New York City
1971—Dec.
I
8
15
22
29
1972—Jan.
5
12
19
26
161
34
37
-27
48
,
,
154
75
56
-12
74
5 in City of Chicago
1971—Dec.
15.
22.
- 1 2
5.
12.
19.
- 1 0
29.
1972—Jan.
56
6
21
26.
53
14
21
12
15
6
611
617
69
77
74
33 others
1971—Dec.
1.
8.
15.
22.
29.
1972—Jan.
5.
12.
19.
26.
105
28
16
-15
-5
63
41
- 2
67
109
10
21
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
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.
F E B R U A R Y 1 9 7 2 • F.R. B A N K I N T E R E S T
RATES
A 9
CURRENT RATES
(Per cent per annum)
Loans to member banks
Under Sees. 13 and 13a i
Loans to all others under
last par. Sec. 133
Under Sec. 10(b) 2
Federal Reserve Bank
Rate on
Jan. 31,
1972
41/2
41/2
4*4
41/2
41/2
4*4
4*4
41/2
41/2
41/2
4%
41/2
Boston
New York. . .
Philadelphia..
Cleveland. . . .
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
Previous
rate
Effective
date
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
13,
17,
17,
17,
24,
23,
17,
13,
23,
13,
24,
13,
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
Rate on
Jan. 31,
1972
Effective
date
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
43/4
43/4
4>/4
4V4
4V4
4y4
4V4
4V4
4%
4%
4V4
43/4
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.
13,
17,
17,
17,
24,
23,
17,
13,
23,
13,
24,
13,
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
Previous
rate
Rate on
Jan. 31,
1972
6*4
5V4
SV4
5V4
5V4
5V4
5V4
5*4
51/4
5*4
5*4
5V4
5V4
6 *4
6*4
6*4
61/2
6%
61/2
6*4
61/2
6*4
6*4
6*4
Effective
date
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
13,
17,
17,
17,
24,
23,
17,
13,
23,
13,
24,
13,
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
1971
Previous
rate
6%
6*4
6V4
6%
6%
6V4
6%
6%
6*4
6V4
ey4
ey4
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
Range
(or level)—
All F.R.
Banks
1*4
1955—Apr. 14
15
May 2
Aug. 4
5
1*4-1%
i*4-i%
m
134-214
134-2*4
2 -2*4
2 -2*4
2*4
2*4-2*4
21/2
12
9
13
Nov. 18
23
I1/2
13/4
l34
13/4
2
2
21/4
2*4
21/2
21/2
1956—Apr. 13
20
Aug. 24
31
2*i-3
23/4
3
23/4
3
3
1957—Aug.
3
9
23
Nov. 15
Dec. 2
1958—Jan.
22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
Sept. 12
23
Oct. 24
Nov. 7
234-3
23/4-3
-3*4
3*4
3 -3*4
3
3
3*4
3
3
23^-3
23/4-3
2*4-3
2*4-234
2*4
1^-21/4
3
l3/4
13/4-2
134-2
2
2
Effective
date
1959—Mar.
In effect Dec. 31, 1954
Sept.
F.R.
Bank
of
N.Y.
-2*4
21/2
6
16
May 29
June 12
Sept. 11
18
1960—June
3,
10.
14.
Aug. 12,
Sept. 9,
1963—July
17,
214
2*4
21/4
134
13/4
13/4
2
2
2
2*4
31/2-4
4
31/2-4
4
7,
14,
Nov. 20,
27,
4
26.
Aug. 16.
30.
Dec. 18.
20.
31/2
4
4
31/2
31/2
-3*4
3*4
3
3
4
4
4*4
-4*4
41/2
41/2-5
5
5
-51/2
5*4
5*4-5*4
5*4
514-51/2
51/2
41/2
4*4
5
5*4
5*4
5*4
5*4
5*4
51/2
F.R.
Bank
of
N.Y.
6
6
1970—Nov. 11
13
16
Dec. 1
4
11
534-6
534-6
534
51/2-53/4
51/2-53/4
5*4
6
53/4
53/4
1971—Jan.
5*4-5*4
51/4
5 -514
5 -51/4
5
434-5
434
434-5
5
434-5
434
4*4-434
4V4
51/4
51/4
5*4
5
5
5
434
5
5
5
434
434
4*4
4*4
4*4
Feb.
-4*4
Range
(or level)—
All F.R.
Banks
51/2-6
6
1969—Apr.
4
4
4*4
41/2
4
4
3*4
-4*i
41/2
Effective
date
31/2
3
4
1968—Mar. 15,
22.
Apr. 19.
3
3
4
31/2
6,
13,
1965—Dec.
F.R.
Bank
of
N.Y.
3*4-4
3*4-4
m
3 -3*4
3
1964—Nov. 24,
30,
NOTE.—Rates under Sees. 13 and 13a (as described in table and notes
above). For data before 1955, see Banking and Monetary Statistics, 1943,
pp. 439-42 and Supplement to Section 12, p. 31.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts
against U.S. Govt, obligations was the same as its rate on loans to member
banks under Sees. 13 and 13a, except 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*4-3
3
3 -3*4
3*4
26,
1967—Apr.
23/4
Range
(or level)—
All F.R.
Banks
July
Nov.
Dec.
4
8
8
15
19
22
29
13
19
16
23
11
19
13
24
In effect Jan. 31, 1972
534
5*4
5*4
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, 11, 15, 16, 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; Feb. 1-2, 4.50; 4, 11, 4.25; 16-17, 4.00; 18-19,
3.75. Mar. 1-2, 10, 12, 15-18, 24, 29-31, 3.75. Apr. 1-2, 5-6, 3.75; 13, 15,
21, 28, 4.125. May 3-6, 17, 4.125; 18-20, 4.375; 26-27, 4.50; June 1,
4.50; Nov. 15-18, 4.75; Dec. 17, 4.125; 22, 405; 23, 3.75; 27, 3.75; 28-29,
3.625; 30, 3.625 and 3.75. 1972-Jan. 3, 5-7, 3.75; 10, 3.625; 11, 13-14,
18-19, 3.50.
A 10
RESERVE AND MARGIN REQUIREMENTS • FEBRUARY 1972
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
Dec. 31, 1949, through July 13, 1966
Beginning July 14, 1966
Effective date i
Time
deposits
(all
classes
of
banks)
Effective date 1
Central
reserve
city
banks
Reserve
city
banks
Country
banks
In effect Dec. 31, 1949.
22
18
12
1966—July 14,21.
Sept. 8, 15.
1951—Jan.
Jan.
1953—July
1954—June
July
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
1962—July
Oct.
23
24
22
21
20
19
20
19
13
14
13
1967—Mar. 2 .
Mar. 16.
18
12
1968—Jan.
11
1969—Apr. 17
11,16
25, Feb.
9,1
24, 16
29, Aug.
27, Mar.
20, Apr.
17
24
1
24
1
28
25, Nov.
1.
1.
1.
1.
1.
191/z
19
I81/2
18
171/2
I61/2
(3)
Time deposits 4>5
(all classes of banks)
Net demand
deposits 2 . 4
Net demand
deposits 2
11%
16%
Reserve
city banks
Country
banks
Under
Under
Over
Over
$5 mil- $5 mil- $5 mil- $5 million
lion
lion
lion
11,18....
i I6I/2
Savings
deposits
64
6 12
31/2
3
16%
17
12
12%
17
17%
12%
13
17
17%
12%
13
12
In effect Jan. 31, 1972.
Present legal
requirement:
Minimum
Maximum
10
22
3
7
14
10
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or banks)
On margin stocks
1
5
5
21
1
30
17
20
4
23
16
5
16
28
10
6
On convertible bonds
Ending
date
1945—Feb.
July
1946—Jan.
1947—Jan.
1949—Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1968—Mar.
4
4
20
31
29
16
19
3
22
15
4
15
27
9
5
10
1968—Mar. 11
June
June
8
1970—May
1970—May
6
1971—Dec.
Effective Dec. 3, 1971
7
5
2
On short sales
(T)
40
50
75
50
50
75
100
100
75
50
75
50
60
70
50
70
90
70
50
70
75
50
75
50
60
70
50
70
90
70
50
70
70
65
55
50
60
50
50
70
80
65
55
NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit
to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is
a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference
between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation.
Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective
Mar. 11, 1968.
31/2
3
3
10
3
10
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.
(Per cent of market value)
1937—Nov.
1945—Feb.
July
1946—Jan.
1947—Feb.
1949—Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
64
rowings above a specified base from foreign banks by domestic offices
of a member bank. For details concerning these requirements, see Regulations D and M and appropriate supplements and amendments thereto.
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.
MARGIN REQUIREMENTS
Beginning
date
Over
Under
$5 mil- $5 million
lion
1970—Oct. 1
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 central reserve cities was terminated effective July 28, 1962.
4
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 percent. Regulation D imposes a similar reserve requirement on bor-
Period
Other
time deposits
FEBRUARY 1972 • MAXIMUM INTEREST RATES; BANK DEPOSITS
A 11
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates beginning July 20, 1966
Rates Jan. 1, 1962—July 19, 1966
Effective date
Effective date
Type of deposit
Type of deposit
Jan. 1,
July 17,
1962
1963
Savings deposits: 1
12 months or m o r e . .
Less than 12 months.
31/2
31/2
4
41/2
21/2
July 20,
1966
1965
4
4
Other time deposits: 2
12 months or m o r e . . .,
6 months to 12 months
90 days to 6 m o n t h s . . .
Less than 90 days
(30-89 days)
Dec. 6,
Nov. 24,
1964
51/2
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 .
167.
1968,
p.
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 l /i per cent on maturities of
Sept. 26,
1966
Apr. 19,
1968
Jan. 21,
1970
41/2
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 years.
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. .,
41/2
5
4
5%
5
5
51/2
53/4
51/2
51/2
5%
5*4
6
}eV4
5Vi
(44)
()
63/4
7
71/2
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
193,795
27,383
3,074
163,339
144,670
206,995
42,850
13,208
383
29,259
25,299
25,570
7,887
1,484
106
6,296
5,971
7,746
67,887
9,618
1,149
57,120
50,878
74,689
11,483
5,445
402
441
287
104
2,724
1,711
25,491
30,936
30,703
233
5,205
5,646
5,604
42
1,301
1,405
1,400
5
10,361
12,072
12,047
25
75,172 Gross demand—Total
Interbank
3,073
U.S. Govt
1,436
Other
70,663
62,522 Net demand 1
98,990 Time
Demand balances due
from domestic banks...
7,070
3,190 Currency and coin..
Balances with F.R.
Banks
8,624
11,814 Total reserves held.,
11,652
Required
162
Excess
1 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending December 29, 1971
Four weeks ending Dec. 1, 1971
Gross demand—Total.
Interbank
U.S. Govt
Other
Net demand 1
Time
Demand balances due
from domestic banks
Currency and c o i n . . . .
Balances with F.R.
Banks
Total reserves h e l d . . . .
Required
Excess
All
member
banks
199,926
26,750
5,597
167,580
151,846
209,649
43,690
12,221
1,158
30,311
27,285
25,623
8,251
1,543
283
6,425
6,486
7,705
70,930
9,837
2,120
58,974
53,758
76,449
77,056
3,150
2,037
71,870
64,318
99,872
11,512
5,677
1,510
464
162
113
2,638
1,798
7,202
3,302
25,566
31,243
31,085
158
5,264
5,728
5,731
-3
1,316
1,429
1,419
10
10,399
12,197
12,200
-3
8,587
11,889
11,735
154
NOTE.—Averages of daily figures, close of business,
A 12
FEDERAL RESERVE BANKS • FEBRUARY 1972
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1972
Item
Jan. 26
Jan. 19
Jan. 12
Jan. 5
1971
1972
Dec. 29
Jan. 31
1971
Dec. 31
Jan. 31
Assets
Gold certificate account
Special Drawing Rights certificate account
Loans: f
Member bank borrowings
Other
Acceptances:
Federal agency obligations:
U.S. Govt, securities:
Bought outright:
Bills
Total bought outright
Held under repurchase agreements
Total U.S. Govt, securities
Total loans and securities
Cash items in process of collection
Other assets:
Denominated in foreign
currencies
IMF gold deposited 2
9,875
400
9,875
400
9,875
400
9,875
400
9,875
400
9,875
400
9,875
400
10,464
400
306
283
272
19
24
17
258
253
313
261
255
45
1,340
15
39
308
77
77
64
77
57
77
42
80
183
75
80
181
59
650
650
31
650
38
477
58
485
111
650
485
101
30,655
30,655
30,654
30,155
29,734
30,296
30,156
25,606
35,905
3,351
35,905
3,351
35,733
3,324
35,733
3,324
35,554
3,286
35,905
3,351
35,554
3,286
33,236
2,941
i 69,911
i 69,911
859
i 69,711
119
i 69,212
528
i 68,574
2,589
i 69,552
1 68,996
1,222
i 61,783
69,911
70,770
69,830
69,740
71,163
69,552
70,218
61,783
70,657
p
l0,9l8
151
71,616
f12,060
152
70,669
11,726
151
70,439
12,778
150
73,362
12,279
151
70,292
P 9 j 192
152
71,104
11,887
150
62,150
9,284
129
17
144
949
17
144
910
17
144
867
17
144
788
14
144
805
17
144
967
17
144
757
186
159
793
^93,417
^95,457
94,121
94,849
97,283
^91,352
94,595
83,820
Liabilities
Deposits:
Member bank reserves
U.S. Treasurer—General account
Other:
IMF gold deposit
All other
2
Deferred availability cash items
Other liabilities and accrued dividends
52,490
52,931
53,506
53,835
54,328
52,229
53,819
48,630
^26,815
2,862
146
v27,967
2,491
127
26,784
2,108
146
26,224
3,071
302
29,367
1,955
281
^25,621
2,860
147
27,788
2,020
294
24,565
976
129
144
572
144
634
144
563
144
585
144
610
144
670
144
855
159
610
*>30,539
^31,363
29,745
30,326
32,357
p29,442
31,101
26,439
8,109
546
8,929
565
8,697
576
8,580
576
8,236
631
7,337
565
7,544
647
6,534
511
89,573
93,111
82,114
752
742
285
742
742
708
702
296
94,595
83,820
^91,684
^93,788
92,524
93,317
95,552
751
742
240
748
742
179
743
742
112
743
742
47
740
702
289
^93,417
f95,457
94,121
94,849
97,283
p
Capital accounts
Capital paid in
Qjjjgj capital accounts
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
p
9l,352
252
253
254
254
255
253
254
270
28,390
28,219
28,057
27,551
27,549
28,420
27,227
11,645
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
U.S. Govt, securities
f Previously referred to as Discounts and advances.
i See note 6 on p. A-5.
57,045
57,144
57,278
57,425
57,427
53,801
54,954
53,050
2,445
56,075
2,445
56,075
2,470
56,075
2,670
55,875
2,670
55,675
2,445
56,075
2,670
55,875
3,330
51,415
58,520
58,520
58,545
58,545
58,345
58,520
58,545
54,745
2
See note 1 (b) to table at top of p. A-77.
FEBRUARY 1972 • FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1972
(In millions of dollars)
Item
Boston
Total
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Special Drawing Rights certif. acct
F.R. notes of other banks
Other cash
9,875
400
1,572
313
Loans: t
Secured by U.S. Govt, and agency
567
23
188
2,910
93
278
11
28
*
*
618
23
144
12
Federal agency obligations:
Bought outright
984
36
114
43
428
22
298
37
1,800
70
94
36
397
15
45
19
*
15
Other
Acceptances:
Bought outright
688
33
92
35
8
476
15
25
29
380
14
78
17
448
49
182
38
*
5
1
179
7
34
2
1
3
2
75
75
650
30
168
34
50
47
34
105
25
13
27
30
87
169,552
3,228
18,035
3,667
5,352
5,042
3,636
11,226
2,633
1,352
2,875
3,176
9,330
Total loans and securities
70,292
3,258
18,278
3,702
5,402
5,094
3,670
11,333
2,659
1,365
2,905
3,207
9,419
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies..
12,790
152
770
2
2,226
8
727
3
945
25
932
13
1,391
16
2,138
16
645
15
836
17
887
9
786
8
1
2
1
2
1
1
1
2
80
2 4
144
241
507
20
*
50
70
69
46
146
38
21
41
42
123
96,522
4,900 24,210
5,280
7,292
7,286
5,909
15,635
3,834
2,141
4,345
4,635
11,055
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account..
Foreign
Other:
IMF gold deposit 3
All other
53,801
2,857
13,247
3,158
4,384
4,761
2,688
9,337
2,085
899
1,999
2,076
6,310
25,621
2,860
147
1,040
187
7
7,260
761
4 40
1,104
269
7
1,649
158
13
1,480
51
7
1,710
64
10
3,621
250
22
919
157
5
663
94
3
1,134
321
6
1,501
205
8
3,540
343
19
144
670
*
144
614
3
16
3
4
3
2
2
2
21
Total deposits
29,442
1,234
8,819
1,383
1,820
1,554
1,787
3,897
1,084
762
1,463
1,716
3,923
Deferred availability cash items
10,935
565
702
27
616
30
885
43
833
40
1,290
29
2,036
91
584
21
428
14
783
25
722
26
514
74
4,820 23,753
5,187
7,132
7,188
5,794
15,361
3,774
2,103
4,270
4,540
10,821
193
193
71
39
38
16
69
68
23
39
38
21
51
50
14
115
111
48
25
25
10
17
17
4
32
32
11
41
41
13
98
95
41
4,900 24,210
5,280
7,292
7,286
5,909
15,635
3,834
2,141
4,345
4,635
11,055
5 67
13
23
13
17
37
9
6
11
14
32
6,759
U.S. Govt, securities:
Bought outright
All other
Total assets
17
144
967
Liabilities
Other liabilities and accrued dividends
94,743
Total liabilities
1 ,542
145
Capital accounts
Surplus
Other capital accounts
Total liabilities and capital accounts..
Contingent liability on acceptances
purchased for foreign correspond-
752
742
285
96,522
253
33
34
13
11
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
56,963
3,073
14,012
3,311
4,629
4,952
2,998
9,763
2,171
943
2,102
2,250
2,445
56,075
500
150
3,000 13,800
300
3,150
350
4,400
285
4,720
3,100
700
9,300
155
2,130
970
2,175
5
2,330
7,000
Total collateral
58,520
3,150 14,300
3,450
4,750
5,005
3,100 10,000
2,285
970
2,175
2,335
7,000
t Previously referred to as Discounts and advances.
1 See note 6 on p. A-5.
2 After deducting $13 million participations of other F.R. Banks.
3
See note 1 (b) to table at top of p. A-77.
4
After deducting $107 million participations of other F.R. Banks.
5 After deducting $186 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 1972
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt, securities, by maturity
Total
Treasury bills
Others within 1 year
1-5 years
Month
Gross
purchases
Gross
sales
1970—Dec
3,414
2,280
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,515
5,832
3,142
2,229
1,291
1,955
2,067
1,818
2,102
772
1,883
3,160
1,547
5,153
2,523
1,298
248
1,165
1,617
1,024
1,088
1,133
1,070
1,981
Redemptions
327
240
50
37
127
83
200
Gross
purchases
Gross
sales
2,883
2,280
1,515
5,347
2,600
2,033
1,163
1,893
2,067
1,709
1,818
772
1,129
3,055
1,547
5,153
2,523
1,298
248
1,165
1,617
1,024
1,088
1,133
1,070
1,981
5 -10 years
Gross
purchases
1970—Dec..
1971—Jan
Feb..
Mar..
Apr..
May.
June .
July
Aug..
Sept..
Oct
Nov..
Dec..
Gross
sales
113
Gross
purchases
Gross
sales
Exch.
or maturity
shifts
-360
-3,732
37
127
267
67
1,920
-444
-104
200
24
11
-3,548
130
406
21
1,478
-130
5,334
908
2,298
4,183
5,242
6,404
4,076
1,165
3,044
1,951
3,930
2,616
5,003
3,607
-359
679
1,698
-439
1,043
754
323
1,027
698
-361
613
2,401
1 Net change in U.S. Govt, securities, Federal agency obligations, and
bankers' acceptances.
Federal agency
obligations (net)
Net
change
in U.S.
Govt,
securities
2,298
4.183
6,561
5,085
4,076
1,165
3,044
2.184
3,697
2,616
5,003
4,830
150
-2
-136
-82
84
189
5,109
8
14
174
263
119
46
38
4,092
2
464
82
991
104
Gross
sales
121
74
16
58
6
Exch.
or
maturity
shifts
46
Gross
purchases
14
-547
Gross
sales
83
Repurchase
agreements
(U.S. Govt,
securities)
-327
16
34
Gross
purchases
365
240
50
48
189
205
62
82
11
Exch.,
maturity
shifts,
or
redemptions
5
Over 10 years
Exch.
or maturity
shifts
Gross
sales
327
Outright transactions in U.S. Govt, securities—Continued
Month
Gross
purchases
Redemptions
Outright
Bankers'
acceptances
Repurchase
agreements
Outright,
net
Under
repurchase
agreements,
net
-61
21
-50
186
-186
6i
35
244
145
2
- 5*
69
-69
3
8
-1
-7
-3
-1
101
6
22
85
-85
48
-48
55"
-55
181
Net
change ]
819
-357
673
1,968
-707
1,099
705
316
1,148
634
-326
862
2,850
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
French
francs
Pounds
sterling
1968—Dec
1969—Dec
2,061
1,967
1,444
1,575
1970—Oct
Nov
Dec
408
265
257
306
161
154
97
98
98
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
186
107
34
34
94
96
23
23
23
30
80
99
100
27
27
87
87
12
12
12
12
*
*
*
*
*
*
*
*
*
Austrian
schillings
Belgian
francs
Canadian
dollars
Danish
kroner
Total
433
199
German
marks
165
60
Italian
lire
125
Japanese
yen
Netherlands
guilders
Swiss
francs
FEBRUARY 1972 • FEDERAL RESERVE BANKS; BANK DEBITS
A 15
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1972
Item
1971
1972
1971
Jan. 26
Jan. 19
Jan. 12
Jan. 5
Dec. 29
Jan. 31
Dec. 31
Jan. 31
Loans f—Total
Within 15 days
16 days to 90 days.
91 days to 1 year..
19
17
2
24
22
2
17
16
45
43
2
1,338
1,335
3
15
14
39
37
2
308
308
Acceptances—Total..
Within 15 days
16 days to 90 days.
91 days to 1 year..
77
13
64
141
67
74
134
76
58
119
60
59
263
195
68
75
19
56
261
196
65
59
18
41
69,911
4,622
14,671
16,325
25,286
7,855
1,152
70,770
5,298
14,773
16,406
25,286
7,855
1,152
69,830
3,907
15,483
16,337
25,179
7,776
1,148
69,740
4,455
15,314
15,868
25,179
7,776
1,148
71,163
7,039
14,596
15,635
25,100
7,664
1,129
69,552
3,103
16,049
16,107
25,286
7,855
1,152
70,218
3,917
15,825
16,583
25,100
7,664
1,129
61,783
2,415
13,685
19,879
19,089
6,046
669
650
7
25
181
288
91
58
681
37
13
193
289
91
58
688
38
20
193
289
88
60
535
58
20
596
119
20
182
181
61
33
650
7
25
181
288
91
58
586
109
20
U.S. Government securities—Total.
Within 15 days*
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
Federal agency obligations—Total.
Within 15 days 1
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
182
181
61
33
182
181
61
33
1
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts 1
(billions of dollars)
1970—Dec.
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
Leading SMSA's
Total
233
SMSA's
N.Y.
10,896.5
5.016.1
10.688.4
11,508.9
11,425.9
11,658.7
11,119.2
11.815.7
11.770.0
12.369.5
12,310.5
12.270.1
i2,896.2
12.331.8
4,825.9
5,477.4
5.309.7
5.356.8
4.903.9
5.202.8
5.147.4
5.704.9
5,613.7
5.776.2
6.057.5
5,555.5
6 others
2
Total 232
SMSA's
(excl.
N.Y.)
Leading SMSA's
226
other
SMSA's
Total
233
SMSA's
N.Y.
6 others
2
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
2,480.1
5,880.3
3,400.2
77.0
170.6
76.7
52.4
42.6
2,453.5
2,524.1
2,505.3
2.597.1
2,573.9
2.765.2
2,773.9
2,795.7
2.815.3
2,710.9
2,857.1
2,813.1
862.5
3,408.9
3,507.4
3,610.9
3,704.8
3,641.4
3.847.7
3.848.8
3.869.0
3,881.4
3.783.1
r
3,981.6
3,963.1
76.3
168.3
191.3
183.5
185.6
171.2
179.3
178.9
198.7
191.7
201.5
211.0
195.6
76.8
52.6
54.0
53.3
54.4
53.4
55.8
55.8
56.0
56.3
54.7
57.3
56.5
42.9
43.9
44.1
44.7
43.7
45.3
45.2
45.3
45.4
44.4
46.4
46.0
031.5
116.2
301.9
215.3
,612.9
,622.6
,664.7
,696.8
,493.9
838.6
776.2
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.
Turnover of demand deposits
82.0
79.5
80.5
76.6
80.1
79.8
83.7
83.0
83.3
87.0
83.1
79.5
76.5
78.7
77.9
82.4
82.7
83.4
84.0
81.1
85.2
83.5
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 1972
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency
Total
in circulation 1
Total
Coin
$1 2
1939
1941
1945
1947
7,598
11,160
28,515
28,868
5,553
8,120
20,683
20,020
590
751
1,274
1.404
1950
1955
195 8
195 9
27,741
31,158
32,193
32.591
19,305
22,021
22,856
23,264
1960
196 1
196 2
196 3
196 4
32,869
33,918
35,338
37,692
39,619
196 5
196 6
196 7
196 8
196 9
End of period
Large denomination currency
$2
$5
$10
$20
Total
$50
$100
$500
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
801
782
20
24
7
5
32
46
24
17
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
588
438
373
341
4
3
3
3
12
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
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
249
242
240
249
248
316
300
293
298
293
3
3
3
3
2
10
92
97
103
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
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
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
1970—Dec.
57,093
39,639
6,281
2,310
136
3,161
9,170
18,581
17,454
4,896
12,084
215
252
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
55,345
55,611
56,304
56.592
57,403
58,393
58,558
58,904
58,797
59,216
60,636
61,068
38,081
38,298
38,785
38,917
39,509
40,263
40,238
40,442
40,284
40,559
41,699
41,831
6,254
6,266
6,303
6,360
6,410
6,472
6,493
6,537
6,556
6,589
6,714
6,775
2,190
2,178
2,200
2,206
2,245
2,277
2,260
2,267
2,273
2,302
2,360
2,408
136
136
136
136
136
136
136
136
135
135
135
135
2.971
2.972
3,011
3,001
3,048
3,099
3,068
3,058
3,053
3,071
3,186
3,273
8.673
8,753
8,835
8,826
8,960
9,137
9,031
9,045
8,987
9,054
9,329
9,348
17,857 17,264
17,994 17,313
18,300 17,519
18,388 17,675
18,711 17,894
19,144 18,130
19,251 18,321
19,398 18,462
19,279 18,514
19,408 18,657
19,975 18,936
19,893 19,237
4,809
4,822
4,892
4,917
4,994
5,075
5,129
5,162
5,155
5,183
5,272
5,377
11,983
12,022
12,160
12,294
12,438
12,596
12,735
12,845
12,906
13,024
13,216
13,414
214
213
212
210
210
209
208
207
206
205
204
203
251
249
248
246
245
243
242
241
240
239
237
237
6,021
2
i 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.
$1,000 $5,000 $10,000
12
9
5
10
10
4
4
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
(Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars)
Currency in circulation
Held in the Treasury
Kind of currency
Gold
Gold certificates....
Federal Reserve notes
Treasury currency—Total
Dollars
Fractional coin
United States notes
In process of retirement 4
Total—Dec. 31 1971
Nov. 30, 1971
Dec 31 1970
Total, outstanding, As security
Dec. 31.
Treasury
against
1971
gold and
cash
silver
certificates
10,132
(9,875)
(9,875)
Held by
F.R.
Banks
and
Agents
Dec.
31
Nov.
30
Dec.
31
53,678
7,390
53,306
7,330
50,204
6,889
545
6,170
321
294
482
5.800
309
298
2 257
143
60
1
3,668
260
598
6,495
323
294
14
44
1
18
242
566
6,209
321
294
3,929
3,106
3,645
61,068
5 75,332
5 74,064
5 71,626
(9,875)
(9,875)
(10,457)
1970
1971
57,489
7,710
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 $144 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
1
3 9,874
460
448
431
9,874
9,874
10,456
60,636
57,093
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 1972 • MONEY STOCK
A 17
MEASURES OF THE MONEY STOCK
(In billions of dollars)
N o t seasonally adjusted r
Seasonally adjusted r
Mi
(MI plus time
deposits at coml.
banks other than
large time CD's) 1
Ms
{Mi plus deposits
at nonbank thrift
institutions) 2
M2
MA
Mi
(Currency plus
demand deposits)
Mi
(Currency plus
demand deposits)
(Mi plus time
deposits at coml.
banks other than
large time CD's) 1
(M2 plus deposits
at nonbank thrift
institutions) 2
1968—Dec
1969—Dec
1970—Dec
197.4
203.7
214.8
378.0
386.8
418.2
572.6
'588.3
'634.0
203.4
209.8
221.2
383.0
392.0
423.5
577.5
'593.4
'637.2
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
215.3
217.7
219.7
221.2
223.8
225.5
227.4
228.0
227.6
227.7
227.7
228.2
423.1
430.4
437.1
441.5
446.6
450.6
453.4
454.5
455.6
458.3
460.8
464.7
'642.2
'653.4
'663.9
'672.5
'681.0
'687.8
'693.8
'697.6
'701.2
'706.5
'711.6
'718.1
221.4
215.6
217.5
222.3
219.9
223.7
226.0
224.9
226.2
227.5
229.6
235.1
428.3
427.8
435.7
443.7
443.7
449.1
452.0
451.7
454.3
458.0
461.4
470.2
'647.5
'650.4
'662.9
'675.2
'678.2
'687.1
'693.0
'694.5
'699.5
'705.9
'711.4
'723.4
1972—Jan.*
228.9
470.1
727.1
235.4
475.4
732.6
228.2
228.5
229.0
229.2
468.2
469.2
469.8
470.6
241.3
238.3
236.0
231.1
479.7
477.2
475.9
472.0
229.8
472.2
230.7
472.8
Month or week
Week ending—
1Q79 Ton
5
12
19
26p
Feb
5p
COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS
(In billions of dollars)
N o t seasonally adjusted
Seasonally adjusted
Commercial banks
Commercial banks
Month
or
week
Currency
Demand
deposits
Time and savings
deposits
Nonbank
thrift
institutions 4
Currency
Demand
deposits
Time and savings
deposits
CD's 3
Other
Nonbank
thrift
institutions 4
U.S.
Govt.
deposits 5
Total
CD's 3
Other
Total
23.6
11.0
204.2
194.1
228.9
194.6
201.5
'215.8
44.3
46.9
50.0
159.1
162.9
171.3
23.6
11.1
25.8
179.6
182.1
202.3
203.2
193.2
228.1
194.6
'201.4
'213.6
5.0
5.6
7.3
234.4
'219.2
'223.0
172.3
166.5
168.0
172.3
169.4
172.7
174.1
173.0
174.3
175.3
176.9
185.5
27.0
27.4
28.0
27.1
27.6
28.4
29.5
31.2
32.1
33.6
33.7
33.9
206.9
212.2
218.2
221.4
223.8
225.4
226.0
226.9
228.1
230.6
231.8
235.1
233.8
239.6
246.2
248.5
251.4
253.8
255.5
258.1
260.3
264.1
265.5
269.0
'219.3
'222.6
'227.2
'231.5
'234.5
'238.0
'241.1
'242.8
'245.2
'247.9
'250.0
'253.2
6.8
8.4
5.5
5.5
7.8
5.3
6.8
6.8
7.5
5.3
3.9
6.7
257.2
7.2
1968—De c
1969—De c
1970—De c
43.4
46.0
49.0
154.0
157.7
165.8
25.5
180.6
183.2
203.4
1971—Ja n
49.3
26.6
27.5
28.1
27.8
28.5
29.4
30.4
30.8
31.6
32.7
32.2
33.4
207.8
49.7
50.0
50.5
50.8
51.1
51.6
51.7
51.9
52.2
52.2
52.5
166.0
168.0
169.7
170.7
173.0
174.5
175.8
176.3
175.7
175.5
175.5
175.7
212.7
217.4
220.3
222.8
225.0
225.9
226.5
228.0
230.6
233.1
236.4
240.2
245.4
248.1
251.3
254.4
256.4
257.3
259.6
263.3
265.3
269.9
'231.0
'234.4
'237.2
'240.4
'243.1
'245.6
'248.3
'250.8
'253.4
49.1
49.1
49.5
50.1
50.5
51.0
51.9
51.9
51.9
52.2
52.8
53.5
1972—Jan... .
52.7
176.2
33.2
241.2
274.4
257.1
52.6
182.9
33.7
240.0
273.7
Week ending—
1972—Jan.
5.
12.
19.
26*
52.6
52.7
52.8
52.8
175.6
175.8
176.1
176.5
33.2
33.2
33.2
33.3
240.0
240.7
240.9
241.4
273.2
274.0
274.1
274.6
53.3
53.0
52.6
52.0
188.1
185.3
183.4
179.1
33.4
33.8
33.8
33.9
238.4
238.9
239.9
240.8
271.7
272.7
273.7
274.8
8.7
5.7
6.3
7.6
52.9
176.9
33.4
242.4
275.8
52.0
178.7
33.4
242.0
275.4
8.9
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Feb.
5*
1
Includes, in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposits other
than negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
2
Includes M2, plus the average of the beginning and end of month
deposits of mutual savings banks and savings and loan shares.
3
Negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
4
Average of the beginning and end-of-month deposits of mutual savings
banks and savings and loan shares.
5
At all commercial banks.
'226.8
NOTE.—For description of revised series and for back data, see pp. 88093 of the N o v e m b e r BULLETIN.
Average 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 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.
A 18
BANK RESERVES; BANK CREDIT • FEBRUARY 1972
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Deposits subject to reserve requirements 2
Member bank reserves, S.A. 1
S.A.
Total member
bank deposits
plus nondeposit
items 3
N.S.A.
Period
Total
Nonborrowed
Demand
Required
Total
Demand
Time
and
savings
Private
U.S.
Govt.
Total
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1968—Dec.'"
1969—Dec. rr
1970—Dec.
27.29
27.97
29.13
26.51
26.83
28.76
26.89
27.74
28.92
297.6
285.4
319.0
164.3
150.3
178.8
128.3
129.8
133.8
5.0
5.3
6.4
301.2
288.8
322.8
163.8
149.7
178.2
133.3
134.6
138.7
4.1
4.6
6.0
304.6
305.4
330.6
308.1
308.8
334.4
1971—Jan. r
Feb.'
M a r .rr
Apr.
May r
Juner
July
Aug.r
Sept. r
Oct.'"r
Nov.
Dec.'"
29.40
29.61
29.78
29.99
30.32
30.53
30.65
30.73
31.05
30.89
30.97
31.25
28.97
29.25
29.44
29.86
30.10
30.11
29.93
29.98
30.53
30.49
30.53
31.08
29.16
29.36
29.59
29.79
30.12
30.34
30.48
30.56
30.89
30.70
30.75
31.10
323.3
328.1
332.5
336.9
340.4
342.3
345.5
347.1
349.2
349.8
352.7
357.9
183.5
187.5
191.7
193.6
196.0
198.2
199.8
200.3
202.1
205.2
206.4
210.2
134.1
135.7
136.8
137.7
139.0
139.8
140.6
141.0
140.5
139.9
140.9
141.5
5.8
4.9
4.0
5.6
5.4
4.3
5.1
5.7
6.6
4.7
5.4
6.2
328.2
328.4
332.2
337.3
338.4
340.2
344.1
344.6
348.2
350.2
351.6
362.2
182.8
187.1
192.3
193.6
195.8
197.6
198.9
200.8
202.7
205.9
206.9
209.7
139.7
134.3
135.4
139.0
135.9
138.2
139.4
138.1
139.2
139.9
141.6
146.7
5.6
7.0
4.5
4.7
6.7
4.4
5.7
5.8
6.3
4.3
3.1
5.7
333.4
336.7
339.6
342.0
344.5
346.7
349.8
351.0
353.3
354.7
358.0
361.9
338.3
337.0
339.2
342.4
342.5
344.7
348.4
348.6
352.2
355.0
357.0
366.2
1972—Jan. p
31.80
31.68
31.57
361.0
213.7
141.1
6.2
366.4
213.4
147.0
6.0
365.0
370.4
1
Averages of daily figures. Member bank reserve series reflects actual
reserve requirement percentages with no adjustment to eliminate the
effect of changes in Regulations D and M. Required reserves were increased by $660 million effective Apr. 16, 1969, and $400 million, effective
Oct. 16, 1969. Required reserves were reduced bv $500 million (net)
effective
Oct. 1, 1970.
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. Data for
1968 are not comparable with later 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."
NOTF.—Due to changes in Regulations M and D, member bank reserves include reserves held against nondeposit funds beginning 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.
GROSS LOANS At 40 INVESTMENTS
(In billions of dollars)
Seasonally adjusted
Date
Loans 1 ,
2
U.S.
Govt.
1965-—Dec.
1966-—Dec.
1967-—Dec.
1968 - D e c .
1969-- D e c .
31
31
30
31
31
4
Securities
Securities
Total i , 2
Loans 1 plus loans
sold to bank
affiliates 3
Not seasonally adjusted
Other
2
Total i , 2
Loans1,2
U.S.
Govt.
Other 2
300.1
316.1
352.0
390.6
402.1
198.,2
213. 9
231..3
258.2
279. 4
57.1
53. 5
59..3
61. 0
51. 5
44.,8
48.,7
61..4
71.,4
71.,2
307.6
324.0
360.8
400.4
412.1
203.2
219.0
236.8
264.4
286.1
59.5
56.2
62.5
64.5
54.7
44.9
48.8
61.5
71.5
71.3
435.9
292. 0
58.0
85,.9
446.8
299.0
61.7
86.1
294.9
301.9
24*v
31
440.7
446.1
449.5
452.5
456.1
461.1
463.7
468.4
472.4
476.5
478.4
482.9
293. 7
295..7
296.,5
298..2
300. 7
5 301.,7
304.,1
309.,7
313. 0
316.,4
317.,5
318..6
58. 9
60. 8
61. 1
60. 7
60. 4
62. 8
61. 6
60. 9
59. 9
59..1
58.,9
60.,3
88..1
89..6
91..9
93.,5
95,, 1
5 96.6
98.0
97,.8
99,.5
101..0
102.0
103,.9
439.5
442.4
447.7
450.9
453.6
464.8
463.0
466.1
472.0
475.8
478.5
494.9
290.9
292.1
294.6
296.7
300.0
5 307.1
305.6
309.3
313.4
314.5
316.0
326.3
61.5
61.4
61.6
60.0
58.8
60.3
59.3
58.7
58.7
60.0
61.1
64.6
87.1
88.9
91.5
94.2
94.9
5 97.4
98.2
98.1
99.9
101.3
101.4
104.1
296.6
298.6
299.3
300.9
303.5
5 304.8
307.0
312.4
316.0
319.3
320.3
321.5
293.8
295.0
297.5
299.4
302.8
5 310.2
308.4
312.0
316.4
317.4
318.8
329.2
26 "
489.8
324.3
59..8
105 .7
488.5
321.2
62.8
104.5
327.3
324.2
1970-—Dec. 31
1971-—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28
26
30
28
25
29*
1972-—Jan.
21P
1
2
Adjusted to exclude domestic commercial 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 Export-Import
Bank portfolio fund participation certificates totaling an estimated
$1 billion are included in "Other securities" rather than "Loans."
3
Includes loans sold outright by commercial banks to own subsidiaries,
foreign branches, holding companies, and other affiliates.
4
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. Data shown in this table
beginning January 1959 have been revised to include valuation reserves.
5 Beginning June 30, 1971, Farmers Home Administration insured notes
totaling approximately $700 million are included in "Other securities"
rather than in "Loans."
NOTE.—Series revised. For monthly data 1959-70, see Dec. 1971 BULLETIN, pp. 974-75. For monthly data, 1948-58, 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;
Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. 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.
FEBRUARY 1972 • BANKS AND THE MONETARY SYSTEM
A 19
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
Bank credit
Gold
stock
and
SDR
certificates 1
Treasury
currency
outstanding
U.S. Treasury securities
Total
Loans
net
Total
Coml.
and
savings
banks
Federal
Reserve
Banks
Other 3
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31..
30..
30.,
31. .
315.
31..
22,754
22,706
11,982
10,367
10,367
11,132
4,562
4,636
6,784
6,795
6,849
7,149
160,832
171,667
468,943
514,427
532,663
580.899
43,023
60,366
282,040
311,334
335,127
354,447
107,086
96,560
117,064
121,273
115,129
127,207
81.199
72,894
66,752
68,285
57,952
64,814
22,559
20,778
49,112
52,937
57,154
62,142
3,328
2,888
1,200
51
23
251
10,723
14,741
69,839
81,820
82,407
99,245
188,148
199,008
487,709
531,589
549,879
599,180
175,348
184,384
444,043
484,212
485,545
535,157
12,800
14,624
43,670
47,379
64,337
64,020
1971—Jan.
Feb.
. Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27.,
24.,
31..
28..
26. .
30..
28..
25. .
29*.
27*.
24*.
29*.
11,100
11,100
11,100
11,100
10,700
10,732
10,700
10,500
10,500
10,500
10,500
10,500
7,200
7,200
7,300
7,300
7,400
7,420
7,400
7,500
7,500
7,600
7,600
7,600
574,100
577,500
586,700
589,300
594,700
608,204
605,300
611,300
617,000
621,500
625,200
642.900
346,300
347,300
350,100
351,100
355.300
363.301
360,100
365,700
368,100
368,800
369,500
379,400
127,000
127,200
129,900
128,300
128,100
130,479
129,700
130,000
131,300
133,700
136,500
141,600
64,700
64,800
65,000
63,400
62.200
63,565
62,800
62,200
62,200
63,400
64,500
67,900
62,000
61,700
64,200
64,000
64,900
65,518
65,800
66,400
67,600
67,800
69,500
71,200
300
700
800
900
900
1,396
1,100
1,400
1,600
2,500
2,500
2,500
100,800
592,400
595,800
605,100
607,800
612,800
626,356
623,400
629,300
635,000
639,600
643,300
661,100
527,200
529,600
539,100
544,300
550,400
560,032
559,500
563,500
567,500
570,800
574,300
597,900
65,200
66,300
66,000
63,400
62,300
66,324
64,000
65,800
67,600
68,800
69,100
63,200
1972—Jan. 26*.
10,500
7,700
639,900 378,300
138,700
66,200
69,900
2,500
123,000
658,100
590,100
68,000
103,000
106,600
110,000
111,300
114,424
115,400
115,600
117,500
119,000
119,200
121,900
DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)
Money stock
Seasonally adjusted 6
Date
Total
Currency
outside
banks
Demand
deposits
adjusted 7
Currency
outside
banks
U.S. Government
Time
Not seasonally adjusted
Demand
deposits
adjusted 7
Total
Commercial
banks 8
Foreign,
Postal
Mutual Savings
net io
savings
Sys-'
banks 9 tem
3
31...
30...
30...
31.. .
315..
31...
110,500
114,600
181,500
199,600
206,800
209,400
26,100
24,600
39,600
42,600
45,400
47,800
84,400
90,000
141,900
157,000
161,400
161,600
113,597
117,670
191,232
207,347
214,689
219,422
26,476
25,398
41,071
43,527
46,358
49,779
87,121
92,272
150,161
163,820
168,331
169,643
56,411
59,246
242,657
267,627
260,992
302,591
35,249
36,314
182,243
202,786
193,533
230,622
17,746
20,009
60,414
64,841
67,459
71,969
1971—Jan. 27 . .
Feb. 24.. .
Mar. 31.. .
Apr. 2 8 . . .
May 26.. .
June 30.. .
July 2 8 . . .
Aug. 25. . .
Sept. 29*. .
Oct. 27*. .
Nov. 24*. .
Dec. 29* .
203,300
204,900
214,100
207,200
212,400
217,900
213,900
214,700
213,800
215,400
215,800
223,200
48,300
48,500
49,300
48,900
49,500
50,000
50,400
50,300
50,400
51,000
51,100
51,100
155,000
156,400
164,800
158,300
162,900
167,900
163,500
164,400
163,400
164,400
164,700
172,100
205,900
203,800
208,200
207,400
209,900
215,010
213,700
213,000
212,400
216,300
219,200
230,100
47,600
47,900
48,800
48,500
49,400
50,491
50,500
50,600
50,500
50,900
52,500
52,200
158,300
155,900
159,400
158,800
160,500
164,519
163,200
162,300
161,900
165,400
166,700
177,800
307,600
313,900
322,100
324,200
328,400
331,873
334,000
336,300
340,700
343,400
345,800
351,300
235,000
240,400
247,000
248,300
251,700
253,651
255,800
257,700
261,400
263,600
265,500
270,000
72,600
73,500
75,100
75,900
76,800
78,222
78,200
78,600
79,400
79,800
80,300
81,300
1972
Jan. 26* .
216,100
51,800 164,300 218,900
51,100 167,800 355,600 273,900
81,700
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1
Includes Special Drawing Rights certificates beginning January 1970.
2
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-32.
See
footnote 1 on p. A-23.
3
After June 30, 1967, Postal Savings System accounts were eliminated
from
this Statement.
4
See second paragraph of note 2.
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 forlast Wed. of month.
7
Other than interbank and U.S. Govt., less cash items in process of
collection.
3,416
2,923
Treasury
cash
holdings
At
At
coml.
F.R.
and
savings Banks
banks
1,452
2,989
5,508
5,385
5,273
8,409
870
668
1,123
703
1,312
1,156
2,500
2,500
2,500
2,300
2,300
2,482
2,500
2,500
2,400
2,500
2,600
2,500
500 9,500
500 7,500
500 5,000
500 8,600
500 8,500
454 8,939
500 7,400
500 10,000
500 9,500
500 6,500
500 4,700
500 11,600
1,200
1,400
900
1,400
900
1,274
1,400
1,400
2,000
1,700
1,400
2,000
2,400
500
2,900
1,682
2,518
2,179
2,455
2,683
3,148
,336
,293
,344
695
596
431
8
See first paragraph of note 2.
9 Includes relatively small amounts of demand deposits. Beginning with
June 1961, also includes certain accounts previously classified as other liabilities.
10
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 Aug. 1969, pp. 642-46.
A 20
COMMERCIAL BANKS • FEBRUARY 1972
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
Cash
assets 3
Total
U.S.
Treasury
All commercial banks:
1941 —-Dec. 31 . . . 50,746
1 9 4 5 - -Dec. 31 . . . 124,019
1 9 4 7 - -Dec. 31 6. 116,284
21,714 2 1 , 8
26,083 90,606
38,057 69,221
Other
Total
assets—
Total
liabilities
and
capital
accounts 4
Interbank 3
Other
Total 3
Borrowings
Demand
Demand
Time 5
Time
U.S.
Govt.
7,225 26,551 79,104 71,283
10,982
7,331 34,806 160,312 150,227
14,065
9,006 37,502 155,377 144,103 12,7921
240
Other
44 349
105,921
1,343 94,367
15,952
30,241
35,360
23
219
65
1 9 6 6 - -Dec.
1 9 6 7 - -Dec.
1 9 6 8 - -Dec.
1 9 6 9 - -Dec.
1 9 7 0 - -Dec.
31 . . .
30.. .
31 . . .
31 7.
31...
322,661
359,903
401,262
421,597
461,194
217,726
235,954
265,259
295,547
313,334
56,163
62,473
64,466
54,709
61,742
48,772
61,477
71 ,537
71,341
86,118
69,119
77,928
83,752
89,984
93,643
403,368
451,012
500,657
530,665
576,242
352,287
395,008
434,023
435,577
480,940
19,770
967
21,883 1,314
24,747 1,211
27,174
735
30,608 1,975
4,992
5,234
5,010
5,054
7,938
167,751
184,066
199,901
208,870
209,335
158,806 4,859
182,511 5,777
203,154 8,899
193,744 18,360
231,084 19,375
1 9 7 1 - -Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27...
24...
31. . .
28. . .
26...
30...
28...
25...
292>. .
21 v. .
24p. .
29p. .
454,250
458,040
463,500
467,030
469,010
480,524
478,300
482,230
489,640
491,270
495,560
511,670
305,600
307,740
310,380
312,840
315,380
322,886
320,870
325,450
331,000
329,910
333,040
343,530
61,520
61,430
61,620
60,030
58,770
60,254
59,280
58,720
58,740
60,020
61,140
64,550
87,130
88,870
91,500
94,160
94,860
97,383
98,150
98,060
99,900
101,340
101,380
103,590
83,860
82,450
94,350
88,680
84,530
96,141
85,880
85,300
559,200
561,810
580,930
578,200
576,610
599,429
587,470
591,080
602,070
610,880
614,570
632,780
462,730
463,950
483,470
479,640
478,570
503,018
489,140
491,180
497,530
505,960
504,830
524,890
25,360
25,850
30,640
26,430
24,400
31,313
26,650
26,380
27,050
28,950
28,250
27,020
9,250
7,060
4,520
8,150
7,900
8,412
6,790
9,390
8,920
5,940
4,200
190,810
188,180
198,860
194,310
191,930
206,918
197,310
195,020
197,180
204,350
203,760
213,610
235,280
240,870
247,460
248,730
252,260
254,168
256,360
258,280
261,{
264,110
266,020
270,490
1 9 7 2 - -Jan.
2 6 p . . 506,410 339,100 62,810 104,500 91,860 622,090 519,020 28,550 2,820
Member of
F.R. System:
1941 —-Dec. 3 1 . . . 43,521
1 9 4 5 --Dec. 3 1 . . . 107,183
1 9 4 7 --Dec. 3 1 . . . 97,846
18,021 19,539
22,775 78,338
32,628 57,914
88,180
95,590
95,350
95,830
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
182,802 41,924 38,960 60,738 334,559 291,063
2,030
1,990
1,990
2,020
2,080
2,207
2,030
2,110
2,500
2,610
2,600
2,650
11,120
20,500
21,500
22,130
24,070
23,390
22,547
24,050
24,620
26,850
27,240
30,870
30,960
9,240 203,950 274,460 26,510
140 1,709
64 22,179
50 1,176
37,136
69,640
80,609
12,347
24,210
28,340
4
208
54
1966--Dec.
1 9 6 7 --Dec.
1 9 6 8 --Dec.
1969--Dec.
1970--Dec.
31 . . .
30...
31 . . .
31 7.
31...
263,687
293,120
325,086
336,738
365,940
196,849
220,285
242,119
253,936
46,956
47,881
39,833
45,399
49,315
56,920
54,785
66,604
68,946
73,756
79,034
81,500
373,584
412,541
432,270
465,644
326,033
355,414
349,883
384,596
18,788
794
20,811 1,169
23,519 1,061
25,841
609
29,142 1,733
4,432
4,631
4,309
4,114
6,460
138,218
151,980
163,920
169,750
168,032
128,831 4,618
147,442 5,370
162,605 8,458
149,569 17,395
179,229 18,578
1971 —-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27...
24...
31. . .
28...
26...
30...
28.. .
25...
29. . .
27. . .
24..
29. .
359,731
362,488
366,723
368,539
369,182
378,233
376,133
379,269
385,391
386,028
389,468
402,687
247,183
248,916
250,777
252,040
253,513
259,530
257,988
261,993
266,575
264,847
267,287
276,319
45,222
44,840
45,193
43,704
42,601
44,038
42,844
42,337
42,369
43,586
44,630
47,130
67,326
68,732
70,753
72,795
73,068
74,665
75,301
74,939
76,447
77,595
77,551
79,238
73,521
72,296
83,092
78,152
73,902
84,743
75,342
74,807
77,361
83,963
83,788
84,104
451.224
452,887
469,355
465,677
462,599
482.225
471,089
473,923
483,064
490,047
492,995
507,884
369,092
369,632
386,692
382,149
379,887
400,973
388,088
389,558
394,598
401,167
399,678
416,570
24,179
24,680
29,399
25,278
23,243
29,965
25,436
25,169
25,829
27,616
26,941
25,656
7,929
5,730
3,726
6,957
6,663
6,984
5,496
7,907
7,369
4,840
3,317
9,399
152,695
150,712
159,983
155,728
153,227
165,827
157,436
155,336
157,000
162,600
161,905
170,172
182,504
186,766
191,835
192,410
194,916
196,218
197,916
199,263:
1972—Jan.
26?.
397,948 272,451 45,722 79,775 80,580 498,591 411,462 27,230 2,596
Reserve city member:
New York City:8
1941—Dec. 31 . .
1945—Dec. 3 1 . .
1947—Dec. 31 . .
12,896
26,143
20,393
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31..
30..
31 . .
31 7
31..
46,536
52,141
57,047
60,333
62,347
35,941
39,059
42,968
48,305
47,161
1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27..
24..
31..
28. .
26..
30..
28..
25..
29. .
27..
24. .
29. .
60,658
60,791
59,912
60,115
59,029
61,059
59,
60,886
61,997
61,734
61,776
63,429
1972—Jan.
26..
62,539
For notes see p. A-23.
1,785
1,744
1,749
1,776
1,838
1,980
1,804
1,883
2,274
2,385
2,372
2,418
19,557
20,440
21,107
22,983
22,237
21,700
23,131
23,749
202,126 25,843
203,726 26,203
205,143 29,776
208,925 29,855
7,643 162,307 211,686 25,429
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
866
6,940
267
12,051
17,287
19,040
807
1,236
1,445
195
30
4,920
6,027
5,984
5,048
6,009
5.674
7,055
8,094
6,980
9,177
14,869
18,797
19,948
22,349
21,715
64,424
74,609
81,364
87,753
89,384
51,837 6,370
60,407 7,238
63,900 8,964
62,381 10,349
67,186 12,508
467
741
622
268
956
1,016
1,084
888
694
1,039
26,535
31,282
33.351
36,126
32,235
17,449
20,062
20,076
14,944
20,448
2,733
4,405
4,500
45,791
46,610
45,457
45,741
45,441
47,243
46,382
47,659
48,700
47,971
47,626
49,219
6,011
5,378
5,683
5,316
5,007
5,116
4,837
4,793
4,713
5,r~
5,582
5,231
8,856
8,803
8,772
9,058
8,581
8,700
8,769
8,434
8,584
8.675
8,568
8,979
21,274
20,393
27,111
23,718
19,816
26,200
22,281
21,431
23,254
24,405
23,026
23,043
87,437
86,749
93.161
89,486
84,885
92,767
88,057
88,217
90,982
91,671
90.162
92,432
64,712
63,848
71,345
67,750
63,973
73,710
67,319
67,392
68,633
68,923
67,792
70,247
11,270
11,367
14,672
950
919
846
920
846
937
835
939
1,013
1,086
1,196
1,117
1,985
879
573
1 ,392
1,388
1,199
939
1,564
1,283
710
392
1,977
29,761
29.352
33,114
30,793
28,552
32,816
29,379
28,578
29,229
29,561
28,785
31,106
20,746
21,331
22,140
22,384
22,933
23,536
24,104
24,393
24,637
24,561
24,431
24,429
4,997
5,855
5,741
6,285
6,072
4,531
5,954
6,201
6,818
6,748
6,954
7,908
48,337
5,405
8,797 23,684
91,726
71,017 13,443 1,258
1,395
30,660
24,261
5,854
4,072 7,265
7,334 17,574
7,179 11,972
12,261
10,254
15,221
12,062
11,918
12,471
13,005
12,988
11,618
12
1,874
1,880
Total
capital
accounts
FEBRUARY 1972 • COMMERCIAL BANKS
A 21
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
Cash
assets 3
Total
U.S.
Treasury
Reserve city member (cont.)
City of Chicago: 8 9
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
Other
Total
assets—
Total
liabilities
and
capital
accounts 4
Interbank 3
Borrowings
Demand
Total3
Demand
2,760
5,931
5,088
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
Total Numcapital ber
of
accounts banks
Other
Time 5
Time
U.S.
Govt.
Other
127
,552
72
2,419
3,462
4,201
476
719
913
288
377
426
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31
30
31
31 7
31
11,802
12.744
14,274
14,365
15.745
8,756
9,223
10,286
10,771
11,214
1,545
1,574
1,863
1.564
2,105
1,502
1,947
2,125
2,030
2,427
2,638
2,947
3,008
2,802
3,074
14,935
16,296
18,099
17,927
19,892
12,673
13,985
14,526
13,264
15,041
1.433
1.434
1,535
1,677
1,930
25
21
21
15
49
310
267
257
175
282
6,008
6,250
6,542
6,770
6,663
4,
6,013
6,171
4,626
6,117
484
383
682
1,290
1,851
1,199
1,346
1,433
1,517
1,586
1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28
26
30
28
25
29
27
24
29
15,530
15,479
16,056
15,726
15,853
16,477
16,128
16,346
16,704
16,526
16,651
17,032
10,901
11,000
11,345
11,051
11,293
11,777
11,724
12,113
12,273
11,938
11,945
12,203
2,208
2,048
2,179
1,940
1,677
1,736
1.565
1,528
1,671
1,732
1,780
1,772
2,421
2,431
2,532
2,735
2,883
2,964
2,839
2,705
2,760
2,856
2,926
3,057
2,981
3,083
2,695
3,159
3,011
3,080
3,199
3,089
2,756
3,576
3,856
3,601
19,487
19,482
19,609
19,874
19,741
20,477
20,233
20,364
20,438
21,049
21,333
21,646
14,303
14,264
14,665
15,048
14,951
15,636
15,413
15,234
15,571
15,933
15,364
16,340
1.313
1,451
2,074
1,326
1,300
1,489
1,448
1,365
1,339
1,553
1,431
1,403
79
58
130
123
143
85
150
142
191
228
219
226
487
252
168
414
419
317
277
380
374
240
102
463
6,091
6,010
5,598
6,415
6,181
6,648
6,389
5,997
6,028
6,386
6,097
6,706
6,333
6,493
6,695
6,770
6,908
7,097
7,
7,
7.
1\
7,
1\
1,969
2,125
1,961
2,304
2,180
2,359
2,489
2,447
1,952
2,462
2,712
2,838
1,591
1,618
1,635
1.637
1,634
1.638
1,649
1,669
1,649
1,661
1972—Jan. 26
16,614
11,901
1 ,657
3,056
3,488
21,059
15,730
1,460
213
378
6,243
2,673
1,781
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
22
405 28,990 11,423
2
1,967
2,566
2,844
Other reserve city: 8,9
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 . . . . . . .
1
1,622
1,616!
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31
30
31
31 7
31
95,831
105.724
119,006
121,324
133,718
24,228
26,867
28,136
29,954
31,263
123,863
136,626
151,957
157.512
171,733
108,804 8,593
120,485 9,374
132,305 10,181
126,232 10,663
140,518 11,317
233
310
307
242
592
1,633
1,715
1,884
1,575
2,547
49,004
53,288
57,449
58,923
59,328
49,341 1,952
55,798 2,555
62,484 4,239
54,829 9,881
66,734 10,391
9,471
10,032
10,684
11,464
12,221
1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31.
28
26
30
28
25
29
27
24
29
130.725 92,805 14,490 23,430 26,930
131,751 92,932 14,498 24,321 26,701
134,204 94,302 14,636 25,266 29,361
134,119 94,416 13,830 25,873 28,581
134,244 95,022 13,409 25,813 28,193
137,326 97,061 14,552 25,713 30,901
136,792 97,128 13,487 26,177 26,803
137,513 98,538 13,132 25,843 27,341
140,060 100,339 13,121 26,600 27,832
139,515 98,621 13,810 27,084 30,995
141,421 100,284 14,203 26,934 32,048
148,089 105,081 15,800 27,208 32,244
164,214
164,992
170.513
169,509
169,420
175,607
170,828
172,142
175,407
177,945
180,956
187,971
133,018 8,875
133,375 9,169
138,409 9,791
136,752 9,036
137,136 9,009
142,776 10,166
138,268 9,150
138,865 9,111
140,334 9,237
143,113 10,006
142,820 9,537
151,249 9,524
675
686
692
652
714
735
684
667
846
847
733
851
3,141
2,262
1,592
3,066
2,671
2,954
1,999
3,366
2,982
1,963
1,264
3,935
52,463
52,063
55,594
53,562
53,519
57,622
54,884
54,235
54,557
56,832
57,068
60,082
67,864
69,195
70,740
70,436
71,223
71,299
71,551
71,486
72,712
73,465
74,218
76,857
10,413
10,014
11,044
11,889
11,325
12,153
11,822
12,375
13,927
13,732
16,692
15,647
12,234
12,321
12,474
12,502
12,561
12,826
12,785
12,854
12,922
13,012
13,012
13,164
1972—Jan. 26
Country member:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
69,464
73,571
83,634
90,896
96,158
13,040
14,667
15,036
11,944
14,700
13,326
17,487
20,337
18,484
22,860
145,436 103,311 14,796 27,329 29,154 182,373 147,352
12,518
35,002
36,324
5,890 4,377
5,596 26,999
10,199 22,857
9,306
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
901 3,057 56,144 77,944 13,528 13,427
4
11
23
1,982
2,525
2,934
57,144
65,569
73,873
75,170
85,930
308
552
804
1,820
1,836
10,309
11,005
11,807
12,766
13,807
81 2,316 64,380 87.561
81 2,337 63,287 89,747
2,178
2,446
2,361
2,505
13,676
13,764
13,826
13,932
13,970
14,499
14,128
14,153
14,195
14,291
14,385
14,557
225 10,109 6,258
5,465 24,235 12,494
432 28,378 14.560
1,474
1,564
1,281
1,671
2,592
56,672
61,161
66,578
67,930
69,806
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
31
30
31
317
31
109,518
122,511
134,759
140,715
154,130
68,641
74,995
83,397
92,147
99,404
22,419
24,689
24,998
21,278
22,586
18,458
22,826
26,364
27,291
32,140
19,004
20,334
22,664
23,928
25,448
131,338
146,052
161,122
169,078
184,635
117,749
131,156
144,682
148,007
161,850
2,392
2,766
2,839
3,152
3,387
1971—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
24
31
28
26
30
28
25
29
27
24
29
152,818
154,467
156,551
158,579
160,056
163,371
163,225
164,524
166,630
168,253
169,620
174,137
97,686
98,374
99,673
100,832
101,757
103,449
102,754
103,683
105,263
106,317
107,432
109,816
22,513
22,916
22,695
22,618
22,508
22,634
22.955
22,884
22,864
22.956
23,065
24,327
32,619
33,177
34,183
35,129
35,791
37,289
37,516
37,957
38,503
38,980
39,123
39,994
22,336
22,119
23,925
22,694
22,882
24,563
23,059
22,946
23,519
24,987
24,858
25,216
180,086
157.059
158,145
162,273
162,599
163,827
168,852
167,088
168,067
170.060
173,198
173,702
178,734
2,721
2,693
2,862
2,655
2,680
3,087
2,776
2,775
2,782
3,052
2,985
3,111
81
81
135
224
135
135
224
224
224
224
173,359 108,902 23,864 40,593 24,254 203,433 177,363
3,021
224 2,813 69,260102,045
1972—Jan. 26*
For notes see p. A-23.
181,664
186,072
186,808
188,553
193,374
191,971
193,200
196,237
199,382
200,544
205,835
96
111
84
135
1,393
2,085
2,185
2,512
2,281
2,597
2,730
1,927
1,559
3,024
65,677
64,958
64,975
68,742
66,784
66,526
67,186
69,821
69,955
72,278
92,260
92,820
93,852
94,286
95,112
96,034
97,138
98,174
98,979
100,097
2,660,
2,656
2,866
2,726
3,146
3,261
3,418
3,462
3,374 14,567
A 22
COMMERCIAL BANKS • FEBRUARY 1972
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY C U S S OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Classification by
FRS membership
and F D I C
insurance
Securities
Total
Insured banks:
Total:
1941—Dec. 31.. 49,290
1945—Dec. 31.. 121,809
1947—Dec. 31.. 114,274
Cash
assets 3
Loans
l
U.S.
Treasury
21,259 21,046
25,765 88,912
37,583 67,941
Other
2
Total
assets—
Total
liabilities
and
capital
accounts 4
Deposits
Interbank
3
Other
Total 3
Demand
Demand
Time
Time
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
54
Borrowings
Total
capital
accounts
5
U.S.
Govt.
Other
1,762
23,740'
1,325
41,298
80,276
92,975
15,699
29,876
34,882
10
215
61
Number
of
banks
6,844 13,426
8,671 13,297
9,734 13,398
1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077
1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664
1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149
443
733
923
6,712 140,702 110,723
6,487 154,043 126,185
5,508 159,659 146,084
3,571 25,277 13,284
2,580 27,377 13,486
4,325 29,827 13,540
1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497
1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598
1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427
881
1,258
1,155
4,975 166.689 159,396
5,219 182.984 183,060
5,000 198,535 203,602
4,717 31,609 13,533
5,531 33,916 ' 13,510
8,675 36,530 j 13,481
1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889
Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858
1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017
Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233
1971—June 30.. 478,302 321,575 59,991 96,735 95,181 595,819 501,283 30,953
800
695
5,624 192,357 200,287 14,450 38,321 13,464
5,038 207,311 194,237 18,024 39,450 13,464
829
1,874
8,040 191,752 204,456 18,215 41,159' 13,478
7,898 208,037 231,132 19,149 42,427. 13,502
2,166
8,391 205,736 254,036 22,297 44,816' 13,547
National member:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
27,571
69,312
65,280
11,725 12,039
13,925 51,250
21,428 38,674
3,806 14,977
4,137 20,144
5,178. 22,024
43,433
90,220
88,182
39,458
84,939
82,023
1
6,786
9,229
8,375
1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863
1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521
1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064
1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
1967—Dec. 30.. 208,971 139,315 34,3081 35,348: 46,634 263,375 231,374 13,877
1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117
j
1969—June 30 7. 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
1970—June 30.. 247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947
Dec. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051
1971—June 30.. 281,830 192,339 33,759 55,732 57,244 352,807 294,025 16,575
1
State member:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
15,950
37,871
32,566
6,295 7,500
8,850 27,089
11,200 19,240
1963—Dec. 20..
1964—Dec. 31..
1965—Dec. 31..
72,680
77,091
74,972
46,866| 15,958 9,855 15,760
51,002 15,312 10,777 18,673
51,262 12,645 11,065 15,934
1966—Dec. 31..
1967—Dec. 30..
1968—Dec. 31..
2,155 8,145
1,933 9,731
2,125 10,822
35
1,088
14,013
795
23,262
45,473
53,541
8,322
16,224
19,278
146
211
458
3,691
3,604
3,284
76,836
84,534
92,533
4
78
45
3,640
4,644
5,409
5,117
5,017
5,005
61,288
70,746
85,522
1,704 13,548
1,109 15,048;
2,627 17,434
4,615
4,773
4,815
437
652
657
3,035 96,755 93,642
3,142 106,019 107,684
3,090 116,422 122,597
3,120 18,459
3,478 19,730
5,923 21,524
4,799
4,758
4,716
437
361
3,534 113,134 120,060 9,895 22,628
3,049 121,719 114,885 12,279 23,248
4,700
4,668
393
982
5,066 113,296 120,559 13,051 24,106
4,740 122,298! 137,592 13,100 24,868
4,637
4,620
1,441
5,118 121,096 149,795 15,629 25,999
4,598
15
621
8,166
381
13,874
24,168
27,068
4,025
7,986
9,062
2,246
2,945
3,055
1,502
1,867
1,918
24,688
48,084
43,879
22,259
44,730
40,505
3,739
4,411
3,978:
91,235
98,852
93,640
78,553
86,108
81,657
5,655
6,486
5,390
236
453
382
2,295
2,234
1,606
40,725
44,005
39,598
29,642
32,931
34,680
1,795 7,506
1,372 7,853
1 ,607 7,492
1,497
1,452
1,406
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
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
1,351
1,313
1,262
1969—June 307.
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
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
1,236
1,201
1970—June 30..
Dec. 31..
88,404
94,760
64,439 9,133 14,832 23,598 117,209 91,967 10,175
66,963 11,196 16,600 25,472 125,460 101,512 11,091
299
750
1,891
1,720
42,620
45,734
36,983
42,218
4,457
5,478
9,078
9,232
1 ,166
1,147
67,726' 10,279 18,934 27,499 129,955 107,484 13,389
539
1,865
44,731
46,959
6,071
9,823
1,138
1
J
1
1
130
9
1971—June 30..
96,939
Nonmember:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
5,776
14,639
16,444
3,241 1,509
2,992 10,584
4,958 10,039
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
6,810
6,416
6,478
1963—Dec. 2 0 . .
1964—Dec. 31..
1965—Dec. 31..
42,464
46,567
52,028
23,550 13,391
26,544 13,790
30,310 14,137
5,523
6,233
7,581
5,942
7,174
7,513
49,275
54,747
60,679
44,280
49,389
54,806
559,
658'
695
61
70
83
726
649
618
23,140
25,504
27,528
19,793
22,509
25,882
72
99
91
4,234
4,488
4,912
7,173
7,262
7,320
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
7,384
7,440
7,504
1969—June 307.
Dec. 3 1 . .
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
7,528
7,595
1970—June 3 0 . .
Dec. 31..
84,875
92,399
54,149 13,924 16,802 9,346 96,794
57,489 16,039 18,871 11,208 106,457
84,865
93,998
894
1,091
137
141
1,083
1,438
35,837
40,005
46,913
51,322
708
571
7,975
8,326
7,675
7,735
1971—June 30..
99,532
61,509 15,953 22,070 10,439 , 113,058
1
99,774
989
186
1,409
39,908
57,283
597
8,993
7,811
For notes see p. A-23.
129
244
FEBRUARY 1972 • COMMERCIAL BANKS
A 23
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Classification by
F R S membership
and F D I C
insurance
Noninsured
nonmember:
1941—Dec. 31
1945—Dec. 31
1947 Dec. 316
Deposits
Securities
Cash
assets 3
Total
Loans
l
U.S.
Treasury
Other
2
Total
assets—
Total
liabilities
and
Total3
capital
accounts 4
Interbank3
Other
Demand
Time
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,812
2,452
2,251
329
181
111
1963—Dec. 20
1964—Dec. 31
1965—Dec. 31
1,571
2,312
2,455
745
1,355
1,549
463
483
418
362
474
489
374
578
572
2,029
3,033
3,200
1,463
2,057
2,113
190
273
277
83
86
85
1967—Dec. 30
1968—Dec. 31
2,638
2,901
1,735
1,875
370
429
533
597
579
691
3,404
3,789
2,172
2,519
285
319
1969—June 3 0 7 , . .
Dec. 31
2,809
2,982
1,800
2,041
321
310
688
632
898
895
3,942
4,198
2,556
2,570
1970—June 30
Dec. 31
3,043
3,079
2,073
2,132
321
304
650
642
746
934
4,140
4,365
1971—June 30
2,968
2,057
263
648
960
4,356
Total nonmember:
1941—Dec. 31
1945—Dec. 31. . . .
1947—Dec. 3 1 . . . .
7,233
16,849
18,454
3,696
3,310
5,432
2,270
12,211
11,318
1,266
1,262
1,703
9,573
3,431 10,992
4,962 22,024 20,571
4,659 23,334 21,591
1963—Dec. 20
1964—Dec. 31
1965—Dec. 3 1 . . . ,
44,035 24,295
48,879 27,899
54,483 31,858
13,854
14,273
14,555
5,885
6,707
8,070
6,316
7,752
8,085
1967—Dec. 30. . .
1968—Dec. 31
67,087 39,409
76,454 45,253
15,516
16,585
1969—June 30 7 .
Dec. 31
80,841
85,115
50,159
53,683
1970—June 30
Dec. 31
1971—June 3 0 . . .
Number
of
banks
5
Other
I,* 91
1,905
18
1,392
253
365
478
13
4
4
329
279
325
852
714
783
17
23
17
832
1,141
1,121
341
534
612
93
99
147
389
406
434
285
274
263
58
56
15
10
1,081
1,366
733
767
246
224
457
464
211
197
298
316
81
41
15
16
1,430
1,559
731
638
290
336
502
528
209
197
2,280
2,570
321
375
69
101
36
40
1,247
1,298
606
756
331
226
549
532
193
184
2,480
360
41
20
1,182
877
250
495
182
185
457
425
439
190
5,504
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
51,304 45,743
57,780 51,447
63,879 56,919
749
931
972
144
156
168
743 23,972 20,134
672 26,645 23,043
635 28,649 26,495
165
198
238
4,623
4,894
5,345
7,458
7,536
7,583
12,162
14,617
8,983 77,732 69,279
9,997 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
14,662
14,875
16,021
16,556
9,594 92,743 81,166
10,950 98,651 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
87,919 56,222
95,478 59,621
14,245
16,342
17,452
19,514
10,092 100,934 87,145
12,143 110,822 96,568
1,215
1,466
207
243
1,119 37,084 47,520
1,478 41,303 52,078
1,038
796
8,523
8,858
7,868
7,919
. 102,500 63,566
16,216
22,718
11,398 117,414 102,254
1,348
227
1,429
847
9,489
7,993
Beginning June 30, 1966, loans to farmers directly guaranteed by
C C C were reclassified as securities, and Export-Import Bank portfolio
fund participations were reclassified from loans to securities. This reduced
Total loans and increased " O t h e r 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.
Beginning June 30, 1971, Farmers H o m e Administration notes are
classified as "Other securities" rather than " L o a n s . " As a result of this
change, approximately $700 million was transferred to "Other securities"
f o r the period ending June 30, 1971, for all commercial banks.
See
also table (and notes) at the bottom of p. A-32.
2
See first two paragraphs of note 1.
3
Reciprocal balances excluded beginning with 1942.
4
Includes items not shown separately. See also note 1.
5 See last paragraph of note 1.
6
Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 BULLETIN.
7
Figure takes into account the following changes beginning June 30,
1969: (1) inclusion of consolidated reports (including figures for all bankpremises 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.
8 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN,
p. 993. F o r various changes between reserve city and country status in
1960-63, see note 6, p. 587, May 1964 BULLETIN.
Total
capital
accounts
Time
U.S.
Govt.
1,457
2,211
2,009
1
Borrowings
Den nand
41,091
58,160
9 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, through June 30, 1970, 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.
D a t a 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.
A 24
COMMERCIAL BANKS • FEBRUARY 1972
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Other loans
Total
loans i
and
investments
Class of
bank and
call date
Total: 2
1947—Dec. 31. 116,284
Federal
funds
sold,
etc. 2
1
Investments
For
purchasing
or carrying
securities
Total
3 , 4
To
U.S. Treasury
financial
securities 6
Cominstitutions
Other,
mer- Agrito
Real
culin- Other
cial
5
and
To
diturvidinBills
al 5 brokers T o
uals3
dusand
Notes Bonds
Total
and others Banks Others
trial
certifidealcates
ers
38,057 18,167 1,660
830 1,220
9,393 5,723
115
947 69,221 9,982 6,034 53,205 5,276 3,729
1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709
1970—Dec. 3 1 . . 461,998 16,241 297,897 112,486 11,155 6,332 3,536 2,660 15,855 72,492 65,807 7,574 61,742
1971—June 30. 481,270 15,663 307,969 114,362 12,226 5,634 3,493 2,844 16,958 75,777 69,149 7,527 60,254
All insured:
1941—Dec. 3 1 . . 49,290
1945—Dec. 3 1 . . 121,809
1947—Dec. 3 1 . . 114,274
21,259 9,214 1,450
614 662
25,765 9,461 1,314 3,164 3,606
37,583 18,012 1,610
823 1,190
59,183 12,158
69,637 16,481
77,994 19,389
21,046
988 3,159 16,899 3,651 3,333
4,773
4,505
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
40
49
114
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—Dec. 31. 458,919 15,942 296,064 111,540 11,141 6,207 3,516 2,581 15,713 72,302 65,556 7,507 61,438
1971—June 30 478,302 15,381 306,194 113,411 12,211 5,555 3,480 2,718 16,825 75,615 68,942 7,437 59,991
Member—Total:
1941—Dec. 31. 43,521
1945—Dec. 31. 107,183
1947—Dec. 3 1 . . 97,846
18,021 8,671
972
598
594
22,775 8,949
855 3,133 3,378
32,628 16,962 1,046
811 1,065
58,840 11,869
69,301 16,174
77,687 19,048
19,539
3,494
3,653
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
7,130 4,662
839 57,914 7,803 4,815 45,295 4,199 3,105
39
47
113
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—Dec. 3 1 . . 366,520 12,677 241,840 97,954 6,538 5,963 3,028 2,345 14,688 54,600 49,829 6,895 45,399
1971—June 30. 378,769 12,026 248,040 98,573 7,094 5,333 3,024 2,496 15,770 56,934 52,037 6.777 44,038
New York City:
1941—Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 31
20,393
4,072 2,807
7,334 3,044
7,179 5,361
1969—Dec. 31 io 60,333
62,347
1970—Dec. 31
1971—June 30. 61,059
802 47,503 28,189
774 46,386 27,189
996 46,247 26,948
City of Chicago:
1941—Dec. 31
1945—Dec. 3 1 . .
1947—Dec. 31.
412
2,453
545
169
,172
267
12 3,695
15 4,174
20 3,822
776
686
637
8
732
760
1,418
6
2
3
211
73
52
233
87
215 10,556 6,444
475 10,739 6,502
612 11,164 6,515
50
42
41
337
356
373
262
191
245
7,105 3,456
8,514 3,661
13,449 7,088
300
205
225
114
194
427 1,503
170 484
1969—Dec. 31 io 121,628 3,021 88,180 37,701 1,386
1970—Dec. 3 1 . . 133,861 6,007 90,293 38,627 1,428
1971—June 30. 137,451 5,010 92,176 38,189 1,601
878 1,300
909 1,322
786 1,419
2,760
5,931
5,088
1969—Dec. 31 io 14,365
1970—Dec. 3 1 . . 15,745
1971—June 30. 16,477
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
city:
3 1 . . 15,347
3 1 . . 40,108
3 1 . . 36,040
Country:
1941— Dec. 3 1 . . 12,518
1945—Dec. 3 1 . . 35,002
1947—Dec. 3 1 . . 36,324
954
1,333
1,801
48
659
648
818
20
42
23
183
471
227
1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739
1970—Dec. 3 1 . . 154,568 5,420 94,421 25,637 5,052
1971—June 30. 163,782 5,407 98,452 26,922 5,433
498
524
352
947
828
723
329
369
301
741
507
468
Nonmember:
1947—Dec. 3 1 . . 18,454
5,890 1,676
5,596 1,484
10,199 3,096
5,432
1,205
614
1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141
1970—Dec. 3 1 . . 95,478 3,564 56,058 14,532 4,617
1971—June 30. 102,500 3,638 59,929 15,789 5,131
32
26
93
156
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 " B a n k s . "
Prior to Dec. 1965, Federal funds sold were included with " T o t a l " loans
and loans to "Banks."
3
See table (and notes), Deposits Accumulated for Payment of Personal
Loans, p. A-32.
123
80
11
47,227 7,558
55,662 10,942
61,963 12,702
522
7,265
31
287
272 17,574 3,910
564
238 11,972 1,642
1,623 5,331
3,325 10,339
558 9,772
1,047 4 , 5 4 7 3,835 3,595 1,807 5,048
1,169 3,741 3,883 3,907 1,622 6,009
1,106 4,210 4,202 3,916 1,385 5,116
22
36
46
186 1,219
138 1,284
218 1,465
4
17
15
842
864
861
1,527
1,459
3,147
95
51
149
862
1,015
1,078
1,430
40 4,213
26 2,890
1,823
1,881
3,827
256
1,600
367
153 1,022
749 1,864
248 2,274
354 1,564
346 2,105
367 1,736
751 5,421
6,467
295
1,508
855
387 29,552 8,016 5,653 15,883
1,969
351 20,196 2,731 1,901 15,563
830
629
604
182
181
213
193
204
185
1,837
2,055
2,580
192
372
384
956 820
916
1,126
1,342 1,053
16,625 1,859
19,771 3,089
22,409 3,304
4,377
110 481 3,787 1,222 1,028
1,528
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 1,262
148 2,263 28,824 26,362 1,858 21,278
239 2,648 30,005 27,585 1,903 22,586
279 2,577 31,148 29,113 1,905 22,634
2,266
729
606
638
6,192
788
7,757 1,420
7,298 1,401
876 6,006 19,706 17,569 2,757 11,944
798 7,015 19,848 17,322 3,024 14,700
893 7,517 20,722 17,929 3,120 14,552
2
4
5
State
and
local Other
govt, secusecu- rities 5
rities
1,061
231 1,028 16,813 14,868
316 1,168 17,891 15,978
348 1,187 18,843 17,112
109 11,318 2,179
612 14,875
679 16,342
749 16,216
22,572 4,718
26,079 6,062
29,675 7,614
,219 7,920
1,073
625
11,956 4 , 6 0 0
13,975 5,538
16,031 6,687
4
Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for 1941 and 1945 appear in the
table on pp. A-20—A-23.
5
Beginning with June 30, 1966, loans to farmers directly guaranteed
by C C C 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.
FEBRUARY 1972 • COMMERCIAL BANKS
A 25
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Time deposits
D e m a n d deposits
Class of
bank and
call date
Total: 3
1947—Dec. 3 1 . . . .
1969—Dec. 31 i o . .
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
All insured:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1969—Dec. 31 i o . .
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
Reserves
with
F.R.
Banks
DeBalCur- ances
mand
rency
dewith
and
posits
docoin mestic
adb a n k s 7 justed 8
17,796 2,216 10,216
21,449
23,319
24,066
87,123
Interbank
U.S.
Do
Formestic 7 eign s
Govt.
11,362
7,320 20,314 172,079 24,553
7,046 23,136 173,912 27,442
7,634 21,546 168,263 28,699
12,396 1,358 8,570 37,845
15,810 1,829 11,075 74,722
17,796 2,145 9,736 85,751
9,823
12,566
11,236
State
and
local
govt.
Certified
and
officers'
checks,
etc.
IPC
Interbank
1,343
6,799
2,581
84,987
240
2,620 5,054
3,166 7,938
2,614 8,412
17,558
17,763
17,276
11,899
8,540
11,949
179,413
183,032
177,692
735
1,975
2,207
,762
673
1,248 23,740
1,379 1,325
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
5,038
7,898
8,392
17,434
17,636
17,185
11,476
8,352
11,736
178,401
182,048
176,815
695
1,874
2,166
1,430
21,449 7,292 19,528 170,280 24,386 2,471
23,319 7,028 22,332 172,351 27,235 2,998
24,066 7,610 20,748 168,860 28,519 2,434
U.S.
Govt, State
and
and
Postal local
Sav- govt.
ings
111
59
103
111
1,087
1,438
1,672
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
1969—Dec. 31*0..
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
21,449
23,319
24,066
5,676 11,931 133,435 23,441 2,399 4,114
5,445 13,744 133,169 26,260 2,882 6,460
5,870 12,971 127,670 27,605 2,360 6,983
13,274
13,250
12,953
10,483
7,309
10,654
145,992
147,473
142,220
609
1,733
1,980
New York City:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
5,105
4,015
4,639
151
607
866
1,105 6,940
1,217
267
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
10
12
1969—Dec. 3110..
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
4,358
4,683
4,716
463
436
466
694
1,039
1,199
1,168
1,171
789
6,605
3,286
6,032
28,354
27,779
25,994
268
956
937
45
71
68
City of Chicago:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1,021
942
1,070
43
36
30
298
200
175
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
1969—Dec. 3 U 0 . .
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
869
1,148
991
123
126
126
150
160
247
5,221
5,120
5,044
1,581
1,853
1,439
175
282
318
268
240
352
229
210
6,273
6,213
6,084
15
49
85
city:
31....
31....
31....
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
491
8,221
405
1,144
1,763
2,282
611
22,281
11,127
705
26,003
104
30
22
1969—Dec. 31 io. .
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
9,044
9,710
10,394
1,787
1,748
1,822
3,456 44,169
3,731 44,093
4,069 43,872
10,072
10,805
9,631
590 1,575
512 2,547
535 2,954
3,934
3,793
3,716
1,928
2,035
2,455
53,062
53,499
51,451
242
592
735
Country:
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 3 1 . . . .
2,210
4,527
4,993
526
796
929
9,661
23,595
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
7,870 62,729
8,544 64,185
7,461 63,490
3,080
3,319
3,031
1,671
2,592
2,513
7,905
8,045
8,095
1,721
1,779
1,956
58,304
59,982
58,691
84
135
223
167
1,295
180
12,284
190
1,112
222
940
284 1,478
254 1,429
4,284
4,513
4,323
1,416
1,230
1,295
33,420
35,560
35,472
126
243
227
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
1969—Dec. 31 i o . .
1970—Dec. 3 1 . . . .
1971—June 3 0 . . .
93
7,179 3,302
7,778 3,135
7,964 3,455
Nonmember: 3
1947—Dec. 31
1969—Dec. 31 io
1970—D e c . 3i
1971 _ j u n e 30
544
1,644
1,602
1,765
141
78
70
10,761
15,065
16,653
455 21,316
1,308 19,770
1,193 15,264
3,216
4,665
3,900
3,947
3,595
3,535
3,236
8,708 1,641
10,283 2,225
13,504 1,717
54
110
131
13,595
8,383 38,644
9,392 40,743
8,576 40,593
1,182
1,094
7
Beginning with 1942, excludes reciprocal b a n k 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
F o r 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.
211
286
65 10,059
492 15,146
496 29,277
826 33,946
10 6,844
215 8,671
61 9,734
211 13,166 180,860 18,024 39,450
462 23,150 207,519 19,149 42,427
517 26,132 227,387 22,297 44,816
12,396
15,811
17,797
9,714
12,333
10,978
866 34,383
211 13,221 181,443 18,360 39,978
463 23,225 208,201 19,375 42,958
517 26,221 228,176 22,547 45,311
Member—Total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
6,246 33,754
7,117 64,184
6,270 73,528
IPC 3
CapiBortal
rowacings counts
50
99
105
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
186 9,951 140,308 17,395 32,047
406 18,406 160,998 18,578 34,100
462 20,534 175,757 21,700 35,822
29
20
14
9
1
3
216
568
741
20
38
45
243
160
332
86 4,609
222 8,489
249 8,863
4,409 1,290
5,549 1,851
6,353 2,359
4,542
9,563
11,045
172
6,301
6,486
6,860
288
377
426
476
719
902
1,517
1,586
1,636
1,967
2 2,566
1 2,844
50,439 9,881 11,464
58,165 10,391 12,221
62,312 12,153 12,826
146 6,082
219 12,224
337 14,177
54 4 , 9 2 0
112 7,885
143 9,033
6
1,648
195 2,120
30 2,259
207 14,692 4 , 4 0 5
1,464 18,913 4,500
1,896 21,572 4,531
2
31
52
45
778
1,206
1,418
4 1 ,982
11 2,525
23 2,934
70,768 1,820 12,766
78,370 1,836 13,807
85,521 2,656 14,499
6,858
12 1,596
25 3,269 41,135
57 4,819 47,200
55 5,688 52,419
965 7,931
796 8,858
847 9,489
NOTE.—Data are for all commercial banks in the United States; member
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.
A small noninsured member bank engaged exclusively in trust business
is treated as a noninsured bank and not as a member bank for the period
June 30, 1969—June 30, 1970.
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 1972
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Loans
Federal funds sold, etc. i
Wednesday
Other
To brokers
and dealers
involving—
Total
loans
and
investments
Total
To
commercial
banks
U.S.
Treasury
securities
F o r purchasing
or carrying securities
To
others
Total
Other
Commercial
and
industrial
To brokers
and dealers
To n o n b a n k
financial
institutions
To
others
Agricultural
U.S.
Treasury
sees.
curities
Other
sees.
U.S.
Treasury
sees.
Other
sees.
Large banks—
Total
1971
Jan.
Dec.
261,122
6
13
20
27
9,495
8,994
7,715
7,872
7,761
7,467
6,695
6,505
1,119
1,127
631
1,009
387
282
238
230
228
258,253
255,976
255,534
177,779
118 175,604
151 174,768
128 174,433
81,512
81,024
80,947
80,055
1
8
15
22
29
278,607
276,020
283,215
282,272
283,738
10,351
9,343
11,536
10,453
10,545
8,866
8,586
9,548
9,214
9,550
1,226
527
1,590
814
629
154
148
189
132
117
105
82
209
293
249
285,925
282,703
280,606
279,662
12,929
11,140
10,323
10,501
11,695
9,912
9,152
9,263
869
718
752
829
170
254
248
246
6
13
20
27
58,793
57,587
56,378
56,847
1,401
935
1,194
1 ,019
1,240
865
1,103
45
114
1
8
15
60,268
58,668
60,954
59,910
59,635
1,386
1,137
1 ,148
803
940
1,305
1,026
1 ,043
690
918
19
84
29
59,128
58,f"
58,486
58,802
1,158
1,384
1,115
1,663
1,120
1,280
6
13
20
27
202,329
200,666
199,598
198,687
8,327
7,593
6,780
6,678
6,742
6,227
5,830
5,402
1,074
1 ,013
596
964
387
282
238
230
1
8
15
22
29
8,965
218,339
8,206
217,352
222,261 10,388
222,362 9,650
224,103 9,605
7,561
7,560
8,505
8,524
8,632
1,207
443
1,561
794
629
226,797 11,771
223,835 9,756
222,120 9,208
220,860 8,838
10,575
8,632
8,109
7,659
869
708
737
829
2,051
2,016
2,017
2,016
1,521
1,066
886
1 ,377
3,770
3,513
3,133
3,466
130
129
140
142
2,347
2,354
2,364
2,311
82,944
82,992
83,917
83,738
83,825
2,293
1 ,124
761
1,047
863
813
5,006
4,486
5,098
5,552
5,449
137
134
175
137
143
2,408
2,417
2,413
2,422
2,438
195 191,413 83,284
256 190,543 82,848
171 190,047 82,616
163 189,004 81,825
2,334
2,326
2,308
2,322
914
912
864
878
5,079
4,839
4,940
5,021
154
149
153
158
2,474
2,493
2,468
2,484
1 ,268
2,450
2,293
1,892
2,156
642
641
656
625
574
581
589
588
598
609
604
595
602
188,292
187,500
190,754
191,491
192,112
1972
Jan.
5p
12p
19 p
26 p
New York City
1971
Jan.
Dec.
22
29
1,168
104
47
35
46
43,314
42,331
41,796
41,936
25,806
25,687
25,627
25,237
62
17
76
93
22
44,895
44,344
45,678
45,523
45,378
25,788
25,818
26,273
25,961
25,685
856
603
819
666
3,393
2,963
3,365
3,776
3,684
44,442
44,191
44,011
43,706
25,350
25,236
25,196
24,882
694
745
672
677
3,384
3,227
3,276
3,426
124
71
116
82
134,465
133,273
132,972
132,497
55,706
55,337
55,320
54,818
2,019
2,003
2,001
2,000
253
184
154
138
189
132
117
43
65
133
200
227
143,397
143,156
145,076
145,968
146,734
57,156
57,174
57,644
57.777
58^140
2,182
141
230
224
225
186
186
35
45
20
882
760
1,113
662
1972
Jan.
5p
12*
19 p
26*
1,043
1 ,604
Outside
New York City
1971
Jan.
Dec.
,320
,220
,241
,310
118
264
1
1
1
1
2,204
2,214
2,239
2,265
268
158
228
201
147
1,613
1,523
1 ,733
1,776
1,765
93
91
132
93
98
1 ,834
1 ,836
1,824
1,834
1 ,840
2,306
2,298
220
167
2,295
201
1,695
1,612
1,664
1 ,595
106
107
108
1 ,865
1,889
1,873
1,882
126
114
127
129
1,705
1 ,713
1 ,708
1 ,686
1972
Jan.
5p
12*
19*
26*
For notes see p. A-30.
146,971 57,934
146,352 57,612
138 146,036 57,420
125 145,298 56,943
2,281
192
110
A 27
FEBRUARY 1972 • WEEKLY REPORTING BANKS
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
Total
Bills
Certificates
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Large banks—
Total
1971
669
627
660
619
1,528
1,531
1,508
1,557
21,788
21,772
21,717
21,709
814
814
798
786
14,204
13,783
13,646
13,509
28,631
28,329
28,349
28,268
6,514
6,247
6,239
5,946
4,240
4,265
4,386
4,637
15,070
14,998
15,005
14,916
2,807
2,819
2,719
2,769
Jan.
6
13
20
27
855
841
886
936
903
2,400
2,536
2,718
2,920
3,002
23,695
23,728
23,846
23,922
24,058
792
854
897
900
923
14,786
14,885
15,008
15,252
15,361
28,298
27,312
28,280
28,018
28,946
3,732
2,936
3,948
3,628
4,339
3,437
3,478
3,659
3,768
3,766
16,719
16,608
16,514
16,414
16,622
4,410
4,290
4,159
4,208
4,219
Dec.
1
8
15
22
29
918
873
757
813
2,928
2,847
2,857
2,669
24,172
24,127
24,100
24,108
899
929
892
917
15,528
15,397
15,263
15,118
28,970
28,150
27,845
27,823
4,368
3,675
3,873
3,877
3,890
3,948
3,893
3,879
16,598
16,467
16,250
16,245
4,114
4,060
3,829
3,822
1972
Jan.
5*
12*
19*
26*
New York City
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
513
518
627
875
2,980
2,987
3,016
2,986
451
447
421
437
Jan.
6
13
20
27
364
354
346
391
372
,044
,115
,162
,231
,283
1,911
1,925
1,939
1,943
1,958
526
554
568
570
584
2,715
2,825
2,731
2,772
2,779
5,801
5,046
5,347
5,123
5,001
1,138
487
873
602
455
612
618
676
679
679
3,183
3,182
3,096
3,077
3,118
868
759
702
765
749
Dec.
1
8
15
22
29
390
341
253
274
1,227
1, 155
1,210
1,095
1,951
1,951
1,932
1,943
567
557
566
543
2,771
2,741
2,693
2,631
5,231
4,956
5,069
5,193
712
586
901
1,011
702
701
670
684
3,130
3,071
3.014
3.015
687
598
484
483
1972
Jan.
5*
12*
19*
26*
Outside
New York City
1971
484
491
475
467
650
636
607
643
19,888
19,860
19,806
19,804
316
310
301
307
11,051
10,999
22,849
22,976
22,992
22,581
491
487
540
545
531
1,356
1,421
1,556
1,689
1,719
21,784
21,803
21,907
21,979
22,100
266
300
329
330
339
12,071
12,060
12,277
12,480
12,582
22,497
22,266
22,933
22,895
23,945
2,594
2,449
3,075
3,026
3,884
2,825
2,860
2,983
3,089
3,087
13,536
13,426
13,418
13,337
13,504
3,542
3,531
3,457
3,443
3,470
528
532
504
539
1,701
1,692
1,647
1,574
22,221
22,176
22,168
22,165
332
372
326
374
12,757
12,656
12,570
12,487
23,739
23,194
22,776
22,630
3,656
3,089
2,972
2,866
3,188
3,247
3,223
3,195
13,468
13,396
13,236
13,230
3,427
3,462
3,345
3,339
11,410
11,160
4,676
4,846
4,946
4,557
3,727
3,747
3,759
3,762
12,090
12,01
11,989
11,930
2,356
2,372
2,298
2,332
Jan.
6
13
20
27
Dec.
1
8
15
22
29
Jan.
5*
12*
19*
26*
1972
For notes see p. A-30.
A 28
WEEKLY REPORTING BANKS • FEBRUARY 1972
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
partici-4
pation
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
other 5
Large banks—
Total
1971
Jan.
6
13
20
27
Dec. 1
8
15
22
29
45,217
45,326
45,144
44,961
6,715
6,795
6,675
6,237
32,384
32,509
32,413
32,629
1.272
1 ,267
1 ,249
1.273
4,846
4,755
4,807
4,822
33,289
33,386
31,484
29,752
19,626
18,260
20,562
18,865
3,539
3,733
3,506
3,563
7,205
6,535
6,021
5,664
717
718
721
722
14,639
14,505
14,778
14,476
340,137
335,390
333,048
328,576
51,666
51,865
52,645
52,310
52,135
8,106
8,289
8,452
8,322
8,076
36,194
36,302
36,855
36,663
36,656
1 ,516
1,504
1 ,548
1 ,525
1 ,547
5,850
5,770
5,790
5,800
5,856
35,306
31,358
37,591
34,895
32,565
16,899
19,190
17,706
18,592
22,465
3,744
3,696
3,867
3,838
4,173
8,417
7,735
8,187
7,528
7,304
833
848
849
849
857
15,661
15,825
15,614
16,175
16,262
359,467
354,672
367,029
364,149
367,364
52,613
52,870
52,391
52,334
8,483
8,489
8,201
8,242
36,605
37,025
36,814
36,665
1 ,621
1,587
1 ,573
1 ,561
5,904
5,769
5,803
5,866
33,802
32,925
34,370
33,094
19,747
20,438
21 ,173
19,897
3,744
3,959
3.795
3.796
7,578
7,345
7,333
6,902
826
885
890
923
16,200
15,995
15,771
15,732
367,822
364,250
363,938
360,006
1972
Jan.
5^
12"
19^
26"
New York City
1971
Jan.
6
13
20
27
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
Dec.
1
8
15
22
29
8,186
8,141
8,781
8,461
8,316
1 ,473
1,454
1,814
1,620
1 ,484
5,433
5,376
5,641
5,524
5,464
271
279
293
256
263
1 ,009
1 ,032
1 ,033
1,061
1,105
15,806
13,664
16,801
14,275
13,909
4,752
5,145
4,608
4,613
6,227
448
469
475
468
494
1 ,506
1 ,648
1 ,809
1,605
1,601
378
378
378
378
379
5,103
5,355
5,188
5,486
5,519
88,171
85,327
90,213
86,735
87,764
8,297
8,337
8,291
8,240
1,529
1 ,593
1,552
1,623
5,448
5,547
5,519
5,376
307
274
292
293
1,013
923
928
948
13,314
13,971
15,807
16,514
5,881
5,682
5,988
4,635
470
474
452
442
1 ,494
1,663
1 ,611
1,380
329
387
389
424
5,372
5,298
5,174
4,979
85,988
86,343
87,907
87,176
1972
Jan.
5p
12"
19"
26"
Outside
New York City
1971
Jan.
6
13
20
27
36,688
36,824
36,854
36,931
4,732
4,822
4,793
4,758
27,092
27,219
27,266
27,333
1 ,143
1 ,133
1,118
1,142
3,721
3,650
3,677
3,698
19,742
17,431
16,865
15,406
14,474
13,534
15,044
13,943
3.080
3,269
3.081
3,136
6,098
5,459
4,908
4,690
380
381
383
383
9,487
9,459
9,358
9,364
255,590
250,199
249,237
245,609
Dec.
1
8
15
22
29
43,480
43,724
43,864
43,849
43,819
6,633
6,835
6,638
6,702
6,592
30,761
30,926
31,214
31,139
31,192
1,245
1,225
1 ,255
1 ,269
1,284
4,841
4.738
4,757
4.739
4,751
19,500
17,694
20,790
20,620
18,656
12,147
14,045
13,098
13,979
16,238
3,296
3,227
3,392
3,370
3,679
6,911
6,087
6,378
5,923
5,703
455
470
471
471
478
10,648
10,470
10,426
10,689
10,743
271,296
269,345
276,816
277,414
279,600
44,316
44,533
44,100
44,094
6,954
6,896
6,649
6,619
31,157
31,478
31,295
31,289
1,314
1,313
1,281
1,268
4,891
4,846
4,875
4,918
20,488
18,954
18,563
16,580
13,866
14,756
15,185
15,262
3,274
3,485
3,343
3,354
6,084
5,682
5,722
5,522
497
498
501
499
10,828
10,697
10,597
10,753
281,834
277,907
276,031
272,830
1972
Jan.
5"
\2p
\9v
26"
For notes see p. A-30.
FEBRUARY 1972 • WEEKLY REPORTING BANKS
A 29
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Deposits
Time and savings
Demand
Domestic
interbank
IPC
States
and
political
subdivisions
U.S.
Govt.
Commercial
IPC
Foreign
Mutual
Govts.,
savings
etc. 2
Commercial
banks
Certified
and
officers'
checks
Total 6
Savings
Other
States
and
political
subdivisions
Wednesday
Domestic
interbank
Foreign
govts.^
Large banks—
Total
1971
102,549
99,355
97,053
94,887
6,996
6,307
6,114
6,460
4,075 22,982
2,994 21,967
4,968 20,396
6,563 19,649
788
763
662
636
780
826
850
872
2,359
2,411
2,483
2,286
6,928
7,740
7,070
6,898
120,820 48,801
121,964 48,835
122,749 48,974
123,078 49,145
52,500
53,302
53,625
53,765
13,387
13,504
13,813
13,905
1,280
1,521
1,570
1 ,576
4,372
4,331
4,299
4,253
103,293
100,478
107,563
105,978
106,885
7,196
6,262
6,960
6,913
6,563
2,237
1,770
5,021
6,313
7,571
24,308
22,777
23,747
21,904
20,880
622
665
611
585
636
898
777
851
789
962
2,755
2,533
2,322
2,387
2,402
7,797
7,499
8,620
7,426
6,800
138,217
138,861
138,813
139,921
140,932
54,124
54,034
54,167
54,214
54,542
60,901
61,486
60,561
60,935
61,295
15,588
15,717
16,562
17,229
17,550
2,072
2,124
2,080
2,098
2,114
5,095
5,064
5,010
5,000
4,970
7,083
6,761
6,500
6,492
4,120
3,443
4,584
5,854
834
798
663
688
764
750
756
701
2,549
2,495
2,454
2,411
7,760
7,406
8,833
8,712
141,316
142,098
142,432
142,834
55,191
55,387
55,604
55,71
61,075
61,462
61,590
61,726
17,483
17,565
17,549
17,634
2,125
2,268
2,276
2,281
4,977
4,986
4,928
4,985
Jan.
6
13
20
27
Dec.
1
8
15
22
29
1972
106,524
104,767
103,490
99,505
22,819
22,270
21,816
22,417
Jan.
5*
12*
19*
26*
New York City
1971
43,906
40,676
46,200
42,933
42,960
Jan.
884
885
2,461
2,397
2,341
2,350
6
13
20
27
1,647
1,637
1,514
1,649
1 ,654
1,123
1,138
1,064
1,066
1,057
2,780
2,780
2,799
2,795
2,773
Dec.
1
8
15
22
29
1 ,583
1,587
1,593
1,631
1,073
1,174
1,200
1,196
2,774
2,758
2,716
2,698
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
1,014
1,035
23,553
22,455
25,105
24,019
24,746
586
407
895
643
423
579 11,721
282 10,495
1,443 11,151
1,754 9,609
1,935
9,496
325
364
322
315
355
738
606
700
640
818
1,992
1,797
1 ,587
1,657
1,645
4,412
4,270
4,997
4,296
3,542
23,643
23,872
23,159
23,350
23,529
5,265
5,272
5,276
5,268
5,313
12,712
12,930
12,391
12,465
12,621
12,385
12,550
12,552
12,526
1 ,000
1972
23,648
22,927
23,597
22,217
637
697
659
585
872 9,308
789 10,050
978 9,877
1,345 11,245
485
461
349
388
617
587
607
545
1,721
1,730
1,702
1,689
4,110
4,103
5,445
5,797
23,301
23,588
23,609
23,620
5,367
5,429
5,464
5,481
Jan.
5*
12*
19*
26*
Outside
New York City
1971
337
330
292
286
703
630
627
616
44,214
44,232
44,343
44,478
41,864 12,408
42,489 12,504
42,854 12,799
43,071 12,870
600
635
686
691
1 ,911
1,934
1 ,958
1,903
Jan.
149
2,965
2,504
2,438
2,387
160
3,385 114,574 48,859
3,229 114,989 48,762
3,623 115,654 48,891
3,130 116,571 48,946
3,258 117,403 49,229
48,189 13,941
48,556 14,080
48,170 15,048
48,470 15,580
48,674 15,896
949
986
1,032
1,057
2,315
2,284
2,211
2,205
2,197
Dec.
1,016
3,650
3,303
3,388
2,915
49,824
49,958
50,140
50,237
48,690 15,900
48,912 15,978
49,038 15,956
49,200 16,003
1,052
1,094
1,076
1,085
2,203
2,228
2,212
2,287
153
173
105,512
99,760
98,487
96,775
78,410
76,294
74,142
72,256
6,361
5,735
5,654
5,956
3,200
2,316
3,899
4,632
13.383
11,778
11,275
10,493
105,200
102,085
109,495
109,362
109,739
79,740
78,023
82,458
81,959
82,139
6,610
5,855
6,065
6,270
6,140
1,658
1,488
3,578
4,559
5,636
12,587
12,282
12,596
12,295
11.384
297
301
289
270
171
151
149
763
736
735
730
757
111,055
107,346
105,882
102,969
82,876
81,840
79,893
77,288
6,446
6,064
5,841
5,907
3,248 13,511
2,654 12,220
3,606 11,939
4,509 11,172
349
337
314
300
147
163
149
156
828
765
752
722
281
160
101,340
102,128
102,973
103,313
6
13
20
27
1
8
15
22
29
1972
For notes see p. A-30.
118,015
118,510
118,823
119,214
Jan.
5*
12*
19*
26*
A 30
WEEKLY REPORTING BANKS • FEBRUARY 1972
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Borrowings
from—
Federal
funds
purF.R.
chased, Banks
etc. 7
Wednesday
Others
Reserves
for—
Other
liabilities
etc. 8
Memoranda
Total
capital
Loans
Securities
Total
loans
(gross)
adjusted 9
Large negotiable
Total
time C D ' s
loans
included in time
and
Deand savings deposits 1 1
investmand
ments deposits
(gross)
adIssued Issued
justed io Total
adto
to
justed 9
IPC's others
Gross
liabilities of
banks
to
their
foreign
branches
Large banks—
Total
1971
Jan.
Dec.
15.
22.
29.
20,013
19,011
17,903
16,698
258
245
1,445
674
1,364 21,392
1,329 21,638
1,216 21,321
1,157 19,900
4,012
4,059
4,059
4,062
24,746
24,709
24,682
24,679
178,844
176,504
175,128
175,181
252,692
250,159
248,621
248,410
87,111
84,016
82,748
82,287
26,285
27,035
27,267
27,198
17,195
17,695
17,803
17,725
9,040
9,340
9,464
9,473
7,438
7,861
7,823
6,535
23,698
25,305
25,158
23,644
26,046
24
66
8
793
1,249
1,034
1,053
1,040
1,038
1,020
16,547
15,741
15,520
15,769
14,762
4,024
4,003
4,009
3,995
3,895
26,741
26,792
26,709
26,618
26,684
188,922
187,416
191,856
191,794
192,204
268,886
266,593
272,781
272,122
273,285
87,255
86,856
89,336
89,183
91,683
33,950
34,386
33,359
33,815
34,018
21,373
21,769
20,915
21,258
21,334
12,577
12,617
12,444
12,557
12,684
2,408
1,867
1,386
1,544
909
1,052
1,071;
1,046
1,034
14,857!
15,005
15,288
15,163
4,072
4.097
4.098
4,103
26,895
27,002
27,150
27,221
191,729
190,898
190,461
189,429
273,312
271,918
270,697
269,586
91,712
90,052|
88,326|
85,415!
33,383
33,783
33,816
33,931
20,690
20,999
21,079
21,083
12,693
12,784
12,737
12,848
1,208
1,721
1,561
1,416
1,169
1.203
602
184
168 9,994
182 10,316
163 10,318
157 9,622
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
2,253
2,380
2,402
2,402
4,571
4,796
4,808
4,206
537
515
205
200
225
229
212
6,622
6,081
6,090
6,077
5,700
1,189
1.184
1,186
1.185
1,145
6,954
6,968
6,954
6,848
6,834
44,612
44,101
45,437
45,245
45,028
58,599
57,288
59,565
58,829
58,345
15,800
16,235
16,805
17,295
17,620
11,497
11,667
10,964
11,161
11,234
7,605
7,761
7,299
7,384
7,456
3,892
3,906
3,665
3.777
3.778
1,539
1,069
884
939
578
210
5,990
6,247
6,190
6,121
1,171
193
178
177
1.189
1.190
1,190
6.909
6,905
6,875
6.910
44,090
43,954
43,830
43,491
57,618
57,247
57,190
56,924
17,904
16,534
16,552
14,707
10,929
11,220
11,306
11,294
7,165
7,351
7,441
7,410
3,764
3,869
3,865
3,884
822
,195
962
,042
1972
Jan.
5''
27,085
12*
26,208
19''
26*
! 24,752
| 22,795
/Yen- York City
'
1971
Jan.
Dec.
6
13
20
27
5,571
4,886
4,476
4,413
1
5,652
6,346
6,399
5,576
6,869
8
15
22
29
1,202
1972
Jan.
7,009
6,877
6,651
5,347
12*»
19 v
26*
Outside
New York City
1971
Jan.
6
13
20
27.
14,442
14,125
13,427
12,285
258
245
843
490
1,196
1,147
1,053
1,000
11,398
11,322
11,003
10,278
2,843
2.856
2.857
2.858
18,526
18,544
18,517
18,533
135,566 195,103 69,187
134,148 193,948 68,235
133,447 193,293 66,448
133,306 192,818 66,244
18,296
18,721
18,941
18,974
11,459
11,761
11,879
11,903
6,837
6,960
7,062
7,071
2,867
3,065
3,015
2,329
Dec.
1
8
15
22
29
18,046
18,959
18,759
24
66
8
256
734
829
853
815
809
9,925
9,660
9,430
9,692
9,062
2,835
2,819
2,823
2,810
2,750
19,787
19,824
19,755
19,770
19,850
144,310
143,315
146,419
146,549
147,176
210,287
209,305
213,216
213,293
214,940
71,455
70,621
72,531
71,888
74,063
22,453
22,719
22,395
22,654
22,784
13,768
14,008
13,616
13,874
13,878
8,685
8,711
8.779
8.780
8,906
869
798
502
605
331
842
878
8,867
8,758
9,098
9,042
2,901
2,908
2,908
2,913
19,986
20,097
20,275
20,311
147,639
146,944
146,631
145,938
215,694
214,671
213,507
212,662
73,808
73,518
71,774
70,708
22,454
22,563
22,510
22,637
13,525
13,648
13,638
13,673
8,929
8,915
8,872
8,964
386
526
599
374
18,068
19,177
1972
Jan.
5*
12*
19 p
26 p
20,076
19,331
18,101
17,448
1
Includes securities purchased under agreements to resell.
2 Includes official institutions and so forth.
3 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.
8 Includes minority interest in consolidated subsidiaries.
9
Exclusive of loans and Federal funds transactions with domestic commercial banks.
i ° A l l 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 1972 • BUSINESS LOANS OF BANKS
A 31
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during—
Outstanding
1972
1972
Industry
Jan.
26
Jan.
19
Jan.
12
Jan.
5
Dec.
29'
1,995
4,182
2,566
1,615
2,443
1,991
4,280|
2,572
1,640|
2,456
1,990
4,259
2,588
1,6541
2,493
2,019
4,186
2,581
1,671
2,493
2,010
4,382
2,663
1,717
2,497
2,793
2,839
2,824
2,201
1,150
1,732'
2,895
2,294|
1,175
2,256
1,824j
-102
2,132
1,732
2,815
2,170|
1,118
2,155
1,719
3,779
1,647
4,390!
4,085
5,578
1,355
2,747
3,767
7,875
5,629
2,063
3,743
1,679
4,3661
4,065
5,618
1,456
2,7941
3,745
7,912
5,543
2,151
3,7641
1,648
4,369
4,057
5.710
1,461
2,802
3.711
7,957
5,641
2,259
3,808
1,677
4,440
4,123
5,655
1,315
2,729
3,8201
7,r
5,657
2,295
-1381
-47
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal p r o d u c t s . . .
Other durable goods
Nondurable goods manufacturing:
F o o d , liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
T r a d e : 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
3,215
3,270] 3,266
68,3641 69,129 69,299
Total commercial and industrial loans
81,825
2,181
1,129
2,091
1,698
3,670
1,630
4,372
4,077
5,558
1,326
2,629
3,741
7,91'
5,614
1,928
2,181
1,121
82,616
82,848
2,1601
Jan.
1971
83,825
-162
-600
— 46
-58
-97
10]
-54
— 1301
-110
-259
-327
58
-142|
92
-93
28
'105
-40
-73
-167
-71
-273
56
-437
-96
17
165
128
-498
-68
-2!
-113
-46
-165
-126
-68
-46
-97
11
-79
31
-43
-367
— 2,000
1st
half
-100]
201
-123
-238
25
-132
9
-285
-838
-75
-391
-318
149
-209
-191
200
261
290
-32
-163
115
-64
44
-30
491
-305
56
-700
281
-407
76
-135
-163
57
191
529
523
-269
-325
-386
-231
216
347
-226
295
614
1,154
233
-142
202
187
117
-550
-20
38
-99
132
112
-600
-39
-51
44
46
227
238
484
57
30
'129
-17
460
136
-341
-77
-249
176
78
276
305
696
246
741
'27
-5101
254]
-300
327
,752
'99
535
581
1,452
239
-463
'337
,217
1,070
'1,554
'578
-22
-100
—14)
3,229
3,259
69,655 70,341 -1,9771
83,284
-104
-290
— 44
-163
-15
-102
2nd
half
IV
Dec.'
-2001
1971
1971
'167
-41
30
80
1
41
- 6
1,190
208
69
387
72
-248
23
347
19
309
458
-278
-174
206
185
-306
184
185
71
387
'297
-386]
88
523
166
- 2 0
See NOTE to table below.
"TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change d u r i n g -
Outstanding
1971
1971
1971
1972
Industry
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,
T r a d e : Commodity dealers. ,
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans . . .
Foreign commercial and industrial loans
Total loans
Jan.
26
Dec.
29'
1 ,315
2,179
1 ,605
1,362
2,285
1,620]
699
1 ,117
16
-2
-11
49
10
-35
-32
-3
-20
-23
-26
-79
-40
-298
1
-71
-21
-383
3
-56
12
10
56
-26
-48
178
5
88
141
-131
17
60
4
-253
66
122
85
127
-21
-203
1
26
18
303
-13
-45
63
-67
-17
47
18
52
-38
-174
-41
221
52
219
184
100
76
184
269
-26
— 166
-244
988
941
9481
972
919
607
857
1,792
1,018
610|
841
1,815
1,006|
598
9021
1,828
1,008
597
892
1,824
1,021
609
9201
1,726 [
1,058
2,936
109
8521
1,477
4,588
4201
1,273
1,197
3,357
1,388
3,002
117
839
1,456
4,488
422
1,181
1,208
3,320
1,360
3,019
101!
850
1,423
4,612
471
1,141
1,229
3,247
1,309
2,992
97!
842)
1,421
4,614
468
1,095
1,192
3,269
1,247
3,058
88
809
1,423
4,681
439
1,038
1,178
3,192
1,259
103
6
42
-94
-148
7
43
47
131
43
1,892
1,950
1,908
1,892
1,882
184
32,435 32,200
32,236
32,1661 31,986
-513
1,012
975
1 ,010]
576
892
1,441
1,024
577
867
1,534
1,018
585
9001
1,661
1,048
2,927
119
915
1,349
4,397
432
1 ,305
1 ,257
3,539
1,570]
3,039
115
894
1,383
4,440
427
1,316
1,244
3,488
1,431
2,998
104
865
1,433
4,467|
427
1,293
1,255
3,448
1,413
3,023
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.
33
-31
35
-351
6
805
1,201
1,021
1,940]
-102
-96
8is|
1,231
567
848
1,330]
32,369
-9
127
804]
1,237
987
1,9561
82
15
807
1,266
7761
1,213
31,933
-39
-18
-163
-196
-69
744
1,203
2,076
-63
-78
1,667
2,594
1,440
709
1,162
31,922
-225
-254
61
1,587
2,539
1,559
713
1,135
1,995
103
-90
-20
1,535
2,5141
1,552|
1,525
2,481
1,689
31,462
-43
-52
-54
1,482
2,507
1,582
1,496
2,478
1,626
868
1,482
4,461
418
1,304]
1,245
3,408
1,388
-62
-58
130
May
26
1,406
2,397
1,592
116
I
III
June
30
Sept.
29
Aug.
25
2nd
half'
II
IV'
July
28
Oct.
27
Nov.
24
Commercial and industrial " t e r m " 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
D E M A N D DEPOSIT O W N E R S H I P • F E B R U A R Y
1972
GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS 1
(In billions of dollars)
Type of holder
Class of bank, and quarter or m o n t h
Total
deposits,
IPC
Financial
business
Nonfinancial
business
Consumer
1970—June
Sept
Dec
17.1
17.0
17.3
85.3
88.0
92.7
49.0
51.4
53.6
1.6
1.4
1.3
9.6
10.0
10.3
162.5
167.9
175.1
1971—Mar
June
Sept
Dec.*
18.3
17.9
17.9
18.5
86.1
89.9
91.5
97.9
54.1
56.0
57.5
58.6
1.4
1.3
1.2
1.2
10.4
10.7
9.7
10.7
170.3
175.8
177.9
186.9
Foreign
All
other
All commercial banks:
Weekly reporting banks:
1970—Dec
13.5
56.1
23.3
1.2
5.6
99.7
1971—Jan
Feb
Mar
Apr
13.9
13.9
14.1
14.1
13.7
14.0
14.1
13.5
13.8
13.9
13.7
14.3
54.4
52.2
52.4
53.4
52.9
54.2
54.7
53.4
54.6
55.5
55.8
58.6
24.1
23.1
23.9
25.3
24.1
24.4
24.8
24.1
24.5
24.5
24.6
24.9
1.2
1.2
1.3
1.3
1.2
1.2
1.2
1.2
1.2
1.1
1.1
1.2
5.6
5.5
5.7
5.7
5.5
6.0
5.4
5.1
5.5
5.4
5.4
5.9
99.3
95.8
97.3
99.8
97.4
99.8
100.3
97.2
99.6
100.4
100.7
104.9
July
Aug
Sept
Oct
Nov
Dec.*
1
Including cash items in process of collection.
NOTE.—Daily-average balances maintained during m o n t h as estimated
from reports supplied by a sample of commercial banks. F o r a detailed
description of the type of depositor in each category, see June 1971
BULLETIN, p. 466.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
All c o m m e r c i a l . . . .
Insured
National member
State member
All member
Dec. 31,
1968
Dec. 31,
1969
1,216
1,216
730
207
937
1,131
1,129
688
188
876
Dec. 31,
1970
804
803
433
147
580
June 30,
1971
746
745
407
129
536
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 pp. A-20, A-21, and A-26—A-30 (consumer instalment loans), and in the table at the bottom of p. A-18. These changes
Class of
bank
All member—Cont.
Other reserve city.
Country
All nonmember
Insured
Noninsured
Dec. 31,
1968
332
605
278
278
Dec. 31,
1969
304
571
255
253
2
Dec. 31,
1970
143
437
224
223
1
June 30,
1971
125
411
210
209
resulted from a change in Federal Reserve regulations. See June 1966
BULLETIN, p . 8 0 8 .
These deposits have not been deducted from Time deposits and Loans
for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24
and A-25 (IPC only for time deposits).
FEBRUARY 1972 • LOAN SALES BY BANKS; OPEN MARKET PAPER
A 33
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions of dollars)
To own subsidiaries, foreign branches,
holding companies, and other affiliates
To all others except banks
By type of loan
By type of loan
Date
Total
Commercial
and
industrial
All other
Commercial
and
industrial
All other
6
13
20
27
2,884
2.879
2,904
2,928
1,799
1,801
1,832
1,804
1,085
1,077
1,072
1.124
1.588
1.571
1.572
1,572
409
402
393
393
1.179
1,169
Nov.
3
10
17
24
2.880
2,866
2,809
2,845
1,695
1,710
1,740
1,757
1,185
1,157
1 ,069
1,088
1.575
1.576
1,597
1.596
393
391
412
398
1,183
1,185
1,185
1,198
Dec.
1
8
15
22
29
2,934
2,852
2,744
2,871
2,870
1,723
1,675
1,619
1,655
1,632
1,211
1,177
1.125
1,217
1,238
1,592
1.634
1.635
1,590
1,631
400
398
395
387
378
1,192
1,236
1,240
1,203
1,254
1972—Jan.
5
12
19
26
2,858
2,827
2,773
2,999
1,596
1,603
1,583
1,729
1,263
1,225
1,191
1,270
1,623
1.597
1.589
1,568
371
362
362
351
1,252
1,235
1,227
1,217
1971—Oct.
1.180
1,179
NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold
by banks other than large weekly reporting banks.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Based on—
Held b y Placed through
dealers
End of period
Placed
directly
Bank
related
196 4
196 5
196 6
196 7
196 8
196 9
8,361
9,058
13,279
16,535
20,497
31,709
1970—Dec..
31,765
1971—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
32,295
32,506
31,223
31,367
31,115
29,472
29,746
30,057
29,946
31,205
31,164
29,934
Accepting banks
Bank
Other i related
2,223
1,903
3,089
4,901
7,201
,216 10,601
409
12,262
362
383
355
431
392
448
469
454
395
454
406
495
13,071
13,538
13,215
13,058
12,608
11,288
11,001
11,494
11,909
11,897
11,825
10,923
Other 2
Others
Total
Foreign
corr.
Imports
into
United
States
Exports
from
United
States
Alt
other
Own
bills
Bills
bought
Own
acct.
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
3,078
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
1,940
17,154
7,058
2,694
1,960
735
57
250
4,057
2,601
1,561
2,895
1,668
1,518
1.337
1,363
1,356
1,285
1,339
1.338
1,505
1,527
1,624
1,478
17,194
17,067
16,316
16,515
16,759
16,451
16,937
16,771
16,137
17,327
17,309
17,038
6,912
6,984
7,174
7,301
7,494
7,645
7,454
8,377
8,148
7,811
7,479
7,889
2,742
3,089
2,953
2,893
2,927
2,807
2,594
2,612
2,803
3,000
2,852
3,480
2,058
2,306
2,276
2,320
2,382
2,355
2,168
2,131
2,227
2,350
2,204
2,689
684
784
678
573
545
451
426
481
575
650
648
791
59
54
138
56
112
62
55
107
51
52
58
261
270
266
255
236
253
230
228
245
259
3,841
3,575
3,827
4,115
4,203
4,546
4,577
5,413
5,036
4.499
4,312
3,894
2,589
2,618
2,681
2,748
2,889
3,028
3,118
3,405
3,286
3,148
2,848
2,834
1,555
1,520
1,519
1,510
1,479
1,467
1,388
1,505
1,470
1,366
1,392
1,546
2,768
2,847
2,974
3,043
3,126
3,150
2,948
3,467
3,391
3,296
3,239
3,509
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
F.R. Banks
Total
Total
261
258
254
2
As reported by finance companies that place their paper directly with
investors.
A 34
INTEREST RATES • FEBRUARY 1972
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Rate
In effect during—
Effective date
Rate
192 9
51/2-6
1954—Mar.
17
3
193 0
193 1
193 2
193 3
31/2-6
234-5
314-4
n/2-4
1955—Aug.
Oct.
4
14
31/4
31/2
1956—Apr.
Aug.
13
21
33/4
4
1934—
1947 (Nov.)
IVz
1957—Aug.
6
1947—Dec. i. . .
1948—Aug. i . . .
13/4
2
1950—Sept.
22
214
1951—Jan.
Oct.
Dec.
8
17
19
21/2
234
3
1953—Apr.
27
31/4
Rate
1967—Jan. 2 6 - 2 7 . . .
Mar. 27
Nov. 20
51/2-534
51/2
6
41/2
1968—Apr. 19
Sept. 25
Nov. 13
2
Dec.
18,
61/2
6 -614
614
61/2
634
4
31/2
4
1969—Jan.
Mar.
June
7
17
9
7
71/2
81/2
1959—May 18
1
Sept.
41/2
5
1960—Aug.
23
4i/ 2
1970—Mar. 25
Sept. 21
Nov. 12
23
Dec. 22
8
1V2
llA
1
634
1965—Dec.
6
1958—Jan. 22
Apr. 21
Sept. 11
Effective date
Effective date
....
5
1971—Jan.
1966—Mar.
June
Aug.
10
29
16
51/2
534
6
6
15
18, ,
Effective date
Rate
1971-- F e b .
Mar.
16
11
19
Apr. 23
May 11
July
6.
7
Oct. 20
1,
Nov.
4
8
22
29
Dec.
6
5%
51/4
5^-51/2
5Vi
5^/2-6
6
5V4
5Va-5%
51/2-5H
51/2
53/8-5i/2
51/4-51/2
51/4-5%5 i/l
27
31
1972-—Jan.
5i4-5i/i
51/4
3
5-51/s-
51/4
434-514
45/8-5
41/2-434
17
24
31
61/2
61/4
6
1 Date of change not available.
RATES ON BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
All sizes
1--9
10-99
100-499
500--999
1,000 and over
Center
Nov.
1971
Aug.
1971
Nov.
1971
Aug.
1971
Nov.
1971
Aug.
1971
Nov.
1971
Aug.
1971
Nov.
1971
Aug.
1971
Nov.
1971
Aug.
1971
6.88
6.64
7.07
6.83
6.87
6.79
7.11
6.26
5.99
6.46
6.13
6.39
6.27
6.65
6.58
6.37
6.81
6.45
6.62
6.74
6.55
5.93
5.78
6.00
5.95
6.01
6.31
5.92
6.27
6.17
6.42
6.27
6.46
6.31
6.31
6.49
6.33
6.62
6.47
6.26
7.31
6.41
6.01
5.85
6.30
5.93
6.25
6.63
5.94
6.36
6.28
6.86
6.61
6.09
6.71
6.17
5.94
5.94
6.11
6.09
5.81
6.77
5.84
6.28
6.30
6.58
6.30
6.14
6.86
6.17
7.10
6.60
7.27
6.85
8.71
7.47
7.04
6.57
6.50
7.50
6.32
7.78
6.11
6.16
6.92
6.65
6.67
6.82
7.27
8.02
6.60
6.35
6.35
6.27
6.53
7.05
6.46
6.12
6.54
6.26
6.59
7.00
7.00
6.68
6.45
Short-term
35 centers
New York City
7 other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
6.18
5.86
6.40
6.13
6.47
6.43
6.21
6.51
6.25
6.77
6.46
6.77
6.64
6.54
7.51
7.33
7.75
7.13
7.72
7.38
7.93
7.68
7.49
7.88
7.37
7.75
7.62
8.06
7.05
6.79
7.31
6.89
7.16
6.83
7.29
7.27
7.00
7.52
7.17
7.36
7.06
7.43
6.51
6.17
6.73
6.45
6.65
6.44
6.64
Revolving credit
35 centers
New York City
7 other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
5.98
5.94
6.16
6.10
6.04
6.70
5.88
6.31
6.31
6.64
6.37
6.18
6.92
6.20
7.24
6.78
8.17
7.21
6.52
7.54
7.65
7.40
6.74
8.25
7.63
6.52
7.77
8.03
6.74
6.52
7.20
6.79
6.56
6.72
6.69
7.08
6.74
7.67
7.12
6.57
6.90
7.13
6.16
6.02
6.15
6.22
6.30
6.57
6.10
Long-term
35 centers
New York City
7 other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
6.44
6.36
6.64
6.58
7.28
6.44
6.20
6.67
6.31
6.78
6.99
7.73
7.12
6.55
7.55
6.39
8.36
7.69
6.97
6.85
8.16
7.54
6.12
8.41
7.08
7.34
7.47
7.72
NOTE.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 46877 of the June 1971 BULLETIN.
6.95
6.24
7.00
7.38
6.29
6.93
7.19
7.46
6.80
7.48
7.74
7.60
7.48
7.35
6.79
6.40
7.08
6.79
7.78
6.63
6.64
The weights in computing weighted average interest rates on business
loans have been revised.
FEBRUARY 1972 • INTEREST RATES
A 35
MONEY MARKET RATES
(Per cent per annum)
Finance
Prime
coml.
paper
4- to 6-1
months
Period
CO.
paper
placed
directly,
3- to 6months 2
U.S. Government securities (taxable) 4
Prime
bankers'
acceptances,
90 days 1
Federal
funds
rate 3
3-month bills 5
Rate on
new issue
Market
yield
6-month bills 5
Rate on
new issue
Market
yield
9- to 12-month issues
Bills (market yield) 5
Other 6
3- to 5year
issues 7
1964,
3.97
3.83
3.77
3.50
3.549
3.54
3.686
3.68
3.74
3.76
4.06
1965
1966.
1967.
1968.
1969.
1970.
1971.
4.38
5.55
5.10
5.90
7.83
7.72
5.11
4.27
5.42
4.89
5.69
7.16
7.23
4.91
4.22
5.36
4.75
5.75
7.61
7.31
4.85
4.07
5.11
4.22
5.66
8.22
7.17
4.66
3.954
4.881
4.321
5.339
6.677
6.458
4.348
3.95
4.85
4.30
5.33
6.64
6.42
4.33
4.055
5.082
4.630
5.470
6.853
6.562
4.511
4.05
5.06
4.61
5.48
6.84
6.55
4.51
4.06
5.07
4.71
5.45
6.77
6.53
4.67
4.09
5.17
4.84
5.62
7.06
6.90
4.75
4.22
5.16
5.07
5.59
6.85
7.37
5.77
1971-- J a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5.11
4.47
4.19
4.57
5.10
5.45
5.75
5.73
5.75
5.54
4.92
4.74
5.07
4.37
4.05
4.27
4.69
5.24
5.54
5.57
5.44
5.30
4.81
4.60
4.77
4.09
3.80
4.36
4.91
5.33
5.60
5.57
5.49
5.05
4.78
4.45
4.14
3.72
3.71
4.15
4.63
4.91
5.31
5.57
5.55
5.20
4.91
4.14
4.494
3.773
3.323
3.780
4.139
4.699
5.405
5.078
4.668
4.489
4.191
4.023
4.44
3.69
3.38
3.85
4.13
4.74
5.39
4.93
4.69
4.46
4.22
4.01
4.510
3.806
3.431
3.927
4.367
4.890
5.586
5.363
4.934
4.626
4.338
4.199
4.47
3.78
3.50
4.03
4.34
4.95
5.62
5.22
4.97
4.60
4.38
4.23
4.39
3.84
3.61
4.09
4.64
5.32
5.73
5.52
5.20
4.75
4.49
4.40
4.29
3.80
3.66
4.21
4.93
5.57
5.89
5.67
5.31
4.74
4.50
4.38
5.72
5.31
4.74
5.42
6.02
6.36
6.77
6.39
5.96
5.68
5.50
5.42
1972--Jan
4.08
3.95
3.92
3.50
3.403
3.38
3.656
3.66
3.78
3.99
5.33
5.75
5.75
5.63
5.45
5.25
5.44
5.44
5.39
5.24
5.06
5.40
5.23
5.03
4.98
4.88
5.43
5.32
5.29
5.14
5.11
4.676
4.534
4.486
4.494
4.443
4.65
4.51
4.45
4.47
4.36
4.973
4.743
4.595
4.635
4.530
4.95
4.72
4.58
4.56
4.47
5.17
5.00
4.73
4.67
4.49
5.26
4.91
4.73
4.70
4.51
5.91
5.84
5.68
5.62
5.53
5.03
4.88
4.93
4.88
4.97
4.88
4.80
4.66
4.78
4.75
4.75
4.81
5.16
4.93
4.88
4.86
4.233
4.174
4.122
4.236
4.18
4.18
4.15
4.33
4.346
4.340
4.255
4.411
4.34
4.37
4.31
4.49
4.41
4.47
4.42
4.61
4.37
4.40
4.46
4.69
5.41
5.47
5.47
5.63
18
25
4.88
4.88
4.75
4.75
4.73
4.70
4.63
4.50
4.75
4.58
4.50
4.40
4.68
4.59
4.20
3.89
4.324
4.091
3.944
4.023
4.28
4.11
4.04
4.02
4.431
4.207
4.144
4.263
4.42
4.28
4.27
4.25
4.60
4.53
4.50
4.38
4.63
4.54
4.40
4.30
5.52
5.48
5.45
5.43
1
8
15
22
29
4.50
4.38
4.10
3.98
3.88
4.50
4.20
3.98
3.85
3.80
4.18
4.10
3.88
3.88
3.85
4.05
3.57
3.71
3.54
3.43
3.731
3.735
3.109
3.276
3.493
3.73
3.59
3.16
3.31
3.46
3.952
4.043
3.375
3.452
3.754
4.03
3.92
3.43
3.58
3.71
4.09
4.03
3.65
3.64
3.79
4.15
4.11
3.92
3.94
4.00
5.27
5.31
5.20
5.32
5.47
Week ending—
19711971--Oct.
2
9
16
23
30
Nov.
6
13
20
27
Dec.
4
1972--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.
7
Selected note and bond issues.
A 36
INTEREST RATES • FEBRUARY 1972
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
Baa
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
4.33
4.26
4.40
196 5
196 6
196 7
196 8
196 9
197 0
197 1
4.21
4.66
4.85
5.25
6.59
5.74
3.34
3.90
3.99
4.48
5.73
6.42
5.62
3.16
3.67
3.74
4.20
5.45
6.12
5.22
3.57
4.21
4.30
4.88
6.07
6.75
5.89
4.64
5.34
5.82
6.51
7.36
8.51
7.94
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
5.91
5.84
5.71
5.75
5.96
5.94
5.91
5.78
5.56
5.46
5.44
5.62
5.34
5.28
5.26
5.49
5.99
5.98
6.12
5.84
5.45
5.05
5.20
5.24
5.08
4.92
5.00
5.22
5.71
5.65
5.75
5.56
5.09
4.75
4.94
4.99
5.65
5.73
5.56
5.85
6.36
6.36
6.58
6.21
5.86
5.38
5.53
5.55
5.62
5.13
4.84
5.33
5.37
5.46
5.56
4.98
5.15
5.25
5.41
5.58
5.59
5.63
5.68
5.60
5.61
5.57
5.61
5.67
6.10
...
1972—Ja n
Stocks
By
group
Dividend/
price ratio
Earnings /
price ratio
Total i
Industrial
Railroad
Public
utility
Preferred
Common
Common
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
4.49
5.13
5.51
6.18
7.03
8.04
7.39
4.87
5.67
6.23
6.94
7.81
9.11
8.56
4.61
5.30
5.74
6.41
7.22
8.26
7.57
4.72
5.37
5.89
6.77
7.46
8.77
8.38
4.60
5.36
5.81
6.49
7.49
8.68
8.13
4.33
4.97
5.34
5.78
6.41
7.22
6.69
3.00
3.40
3.20
3.07
3.24
3.83
3.14
5.87
6.72
5.71
5.84
6.05
6.28
8.04
7.75
7.84
7.86
8.03
8.14
8.14
8.12
7.97
7.88
7.77
7.75
7.36
7.08
7.21
7.25
7.53
7.64
7.64
7.59
7.44
7.39
7.26
7.25
8.74
8.39
8.46
8.45
8.62
8.75
8.76
8.76
8.59
8.48
8.38
8.38
8.57
7.24
7.36
7.43
7.68
7.80
7.85
7.80
7.64
7.58
7.46
7.42
8.70
8.39
8.39
8.37
8.40
8.43
8.46
8.48
8.39
8.25
8.13
8.12
8.17
7.94
8.08
8.05
8.23
8.39
8.34
8.30
8.12
8.04
7.96
7.92
6.53
6.32
6.48
6.59
6.82
6.99
7.03
7.04
6.90
6.75
6.78
6.81
3.32
3.18
3.10
2.99
3.04
3.10
3.13
3.18
3.09
3.16
3.31
3.10
5.49
7.66
7.19
8.23
7.34
7.98
7.85
6.57
2.96
4.75
4.90
4.95
5.15
5.25
5.45
5.65
5.75
7.78
7.77
7.77
7.78
7.25
7.24
7.27
7.28
8.43
8.37
8.36
8.39
7.46
7.43
7.46
7.48
8.15
8.13
8.10
8.11
7.97
7.96
7.95
7.94
6.76
6.66
6.83
6.85
3.24
3.29
3.31
3.39
5.50
5.25
5.21
5.18
5.20
5.00
5.00
5.00
5.85
5.55
5.35
5.40
7.79
7.79
7.76
7.74
7.28
7.27
7.24
7.23
8.42
8.42
8.39
8.36
7.47
7.46
7.43
7.41
8.14
8.15
8.14
8.12
7.96
7.97
7.92
7.89
6.78
6.76
6.87
6.83
3.21
3.17
3.12
3.02
5.04
5.05
5.00
5.16
5.31
4.75
4.75
4.65
4.90
5.05
5.40
5.40
5.40
5.50
5.65
7.70
7.67
7.65
7.63
7.67
7.22
7.19
7.17
7.16
7.22
8.31
8.27
8.21
8.18
8.24
7.37
7.36
7.33
7.31
7.36
8.06
8.02
8.00
7.95
7.95
7.88
7.86
7.84
7.82
7.87
6.79
6.68
6.52
6.49
6.57
2.99
2.97
2.95
2.94
2.99
20
30
40
29
40
14
500
5.52
5.74
5.65
Week ending—
1971—Nov.
6...
13...
20...
21...
Dec.
4.. .
11 . . .
18. . .
25...
1972—Jan.
1...
8. . .
15. . .
22. . .
29. . .
Number of issues 2
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
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.
Notes to tables on opposite page:
Security Prices:
Terms on Mortgages:
* Begins June 30, 1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
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.—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 f r o m 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. A verage daily volume of trading, normally
conducted 5 days per week for 5 l/i hours per day, or 21 Yi 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. 22Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 3122.5; 1970—Jan. 2 - M a y 1, 25.
NOTE.—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance Corporation. Data are weighted averages
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-55.
A 37
FEBRUARY 1972 • SECURITY MARKETS
SECURITY PRICES
Common stock prices
Bond prices
(per cent of par)
New York Stock Exchange
Standard and Poor's index
(1941-43= 10)
U.S.
Govt,
(longterm)
State
and
local
Corporate
AAA
196?,.
1963
1964
1965
1966.
1967.
1968.
1969.
1970
1971
86.94
86.31
84.46
83.76
78.63
76.55
72.33
64.49
60.52
68.80
112.0
111.3
111.5
110.6
102.6
100.5
93.5
79.0
72.3
80.0
96.2
96.8
95.1
93.9
86.1
81.8
76.4
68.5
61.6
65.0
1971-- J a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
66.10
66.78
67.94
67.57
65.72
65.84
66.16
67.33
69.35
70.33
70.47
68.80
79.9
81.5
82.8
80.4
75.6
74.8
74.0
77.4
81.7
84.7
84.1
83.5
1972--Jan
68.79
84.6
68.92
68.88
69.24
68.83
68.34
85.3
85.6
85.8
84.0
83.1
New York Stock Exchange index
(Dec. 31, 1965 = 50)
Railroad
Public
utility
62.38 65.54
69.87 73.39
81.37 86.19
88.17 93.48
85.26 91.09
91.93 99.18
98.70 107.49
97.84 107.13
83.22 91.29
98.29 108.35
30.56
37.58
45.46
46.78
46.34
46.72
48.84
45.95
32.13
41.94
59.16
64.99
69.91
76.08
68.21
68.10
66.42
62.64
54.48
59.33
44.16
50.77
55.37
54.67
45.72
54.22
43.79
51.97
58.00
57.45
48.03
57.92
48.23
53.51
50.58
46.96
32.14
44.35
44.77
45.43
44.19
42.80
37.24
39.53
66.5 93.49 102.22
66.8 97.11 106.62
65.8 99.60 109.59
65.1 103.04 113.68
63.7 101.64 112.41
63.5 99.72 110.26
63.2 99.00 109.09
63.4 97.24 107.26
64.2 99.40 109.85
65.2 97.29 107.28
c
66.4 92.78 102.21
66.5 99.17 109.67
36.64
38.78
39.70
42.29
42.05
42.12
42.05
43.55
47.18
44.58
41.19
43.17
63.43
62.49
62.42
62.06
59.20
57.90
60.08
57.51
56.48
57.41
55.86
57.07
51.29
53.42
54.89
56.81
56.00
55.06
54.83
53.73
54.95
53.76
51.17
54.76
53.72
56.45
58.43
60.65
60.21
59.25
58.70
57.62
59.13
57.52
54.50
58.85
37.76
40.37
41.71
45.35
45.48
44.90
44.02
44.83
48.09
47.02
44.29
48.34
67.1
103.30 114.12
45.16
60.19
57.19
61.33
66.8
67.3
67.2
67.0
66.9
101.80
102.76
103.39
103.83
103.10
44.10
44.72
44.88
45.35
45.48
58.84
60.22
61.03
60.43
59.29
56.20
56.81
57.23
57.49
57.11
60.35
60.87
61.23
Total
Industrial
Transportation
Industrial
Total
Utility
Finance
American
Stock
Exchange
total
index l
Volume of
trading in
stocks
(thousands of
shares)
NYSE A M E X
44.43
49.82
65.85
70.49
54.64
70.38
3,820
8.52 4,573
9.81 4,888
12.05 6,174
14.67 7,538
19.67 10,143
27.72 12,971
28.73 11,403
22.59 10,532
25.22 17,429
1,225
1,269
1,570
2,120
2,752
4,508
6,353
5,001
3,376
4,234
42.52
42.30
41.60
41.73
39.70
38.71
39.72
38.17
37.53
37.93
36.87
37.52
66.41
68.19
70.66
73.91
70.89
70.01
70.42
69.41
72.14
71.24
68.98
72.28
23.56
25.02
25.88
26.43
26.03
25.61
25.46
24.84
25.47
25.24
24.10
25.04
17,429
19,540
16,955
19,126
15,157
13,802
12,634
14,574
12,038
13,340
13,163
17,171
4,493
6,054
5,570
5,685
4,157
3.488
3,080
3,473
3,259
3,622
3,234
4,777
50.56
40.02
74.24
26.46
18,072
5,516
49.35
49.77
50.23
51.10
50.83
38.99
39.91
40.60
40.22
39.48
73.35
74.36
74.85
74.37
73.39
25.41
25.88
26.40
26.71
26.72
14,399
17,475
17,128
18,953
18,699
5,218
5,322
5,878
6,145
5,823
Week ending—
1972--Jan.
1
8 . ,
15
22
29 ,
112.54
113.48
114.11
114.72
113.99
61.66
61.41
For notes see opposite page.
TERMS ON CONVENTIONAL FIRST MORTGAGES
Existing homes
New homes
Period
Contract
rate
(per
cent)
Fees &
charges
(per
cent)!
Maturity
(years)
Loan/
price
ratio
(per
cent)
PurLoan
chase
amount
price
(thous.
(thous. of dollars)of
dollars)
Contract
rate
(per
cent)
Fees &
charges
(per
cent) l
Maturity
(years)
Loan/
price
ratio
(per
cent)
PurLoan
chase
amount
price
(thous.
of
(thous. of dollars)
dollars)
1964.
1965.,
1966,
1967.,
1968 ,
1969.
1970.
5.78
5.74
6.14
6.33
6.83
7.66
8.27
.57
.49
.71
.81
.89
.91
1.03
24.8
25.0
24.7
25.2
25.5
25.5
25.1
74.1
73.9
73.0
73.6
73.9
72.8
71.7
23.7
25.1
26.6
28.0
30.7
34.1
35.5
17.3
18.3
19.2
20.4
22.4
24.5
25.2
5.92
5.87
6.30
6.40
6.90
7.68
8.20
.55
.55
.72
.76
.83
.88
.92
20.0
21.8
21.7
22.5
22.7
22.7
22.8
71.3
72.7
72.0
72.7
73.0
71 .5
71.1
18.9
21.6
22.2
24.1
25.6
28.3
30.0
13.4
15.6
15.9
17.4
18.5
19.9
21.0
1970--Dec
8.20
1.07
25.8
73.8
35.3
25.8
8.12
.85
23.3
71.9
30.7
21.7
1971 —-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov.
Dec
8.03
7.74
7.52
7.37
7.36
7.38
7.51
7.60
7.67
7.68
7.65
7.63
.92
1.00
.83
.73
.71
.74
.90
.84
.97
.97
.87
.94
25.8
26.2
25.9
26.3
26.1
26.3
26.3
26.2
25.8
26.4
26.7
26.6
73.3
73.9
73.7
73.6
74.0
73.7
74.5
73.9
75.3
75.5
75.4
74.6
36.2
37.0
35.9
36.0
36.7
37.5
36.8
36.5
35.1
35.2
36.7
36.5
26.4
26.2
26.0
26.2
26.7
27.3
27.1
26.5
25.9
26.3
27.3
26.5
7.94
7.67
7.47
7.34
7.33
7.38
7.50
7.58
7.63
7.62
7.56
7.51
.82
.79
.77
.75
.71
.74
.75
.76
.79
.79
.79
.79
23.5
24.0
24.1
24.2
24.0
24.3
24.2
24.5
24.2
24.1
24.3
24.6
72.5
73.1
73.5
73.6
73.2
73.9
74.5
74.2
74.5
74.2
74.6
74.5
30.7
31.1
31.7
31.8
32.3
32.9
31.6
31.9
30.7
31.2
31.6
32.4
22.0
22.5
23.0
23.1
23.3
23.9
23.2
23.5
22.5
22.9
23.2
23.7
For notes see opposite page.
A 38
STOCK MARKET CREDIT • FEBRUARY 1972
STOCK MARKET CUSTOMER FINANCING
(In millions of dollars)
Margin credit at brokers and banks
2
Regulated
By source
End of period
1
Unregulated 3
By type
Other
security
credit
at banks 4
Free credit balances
at brokers 5
Total
Margin stock
Convertible
bonds
Subscription
issues
Brokers Banks
Brokers
Banks Brokers
Nonmargin
stock
credit at
banks
Banks Brokers Banks
Margin
accts.
4,954
4,054
900
3,860
826
158
60
36
1,145
1,221
5,044
5,174
5,392
5,598
5,701
5,783
5,860
5,917
5,990
6,016
5,995
6,520
4,224
4,311
4,531
4,776
4,874
4,976
5,050
5,121
5,208
5,238
5,198
5,700
820
863
861
822
827
807
4,000
4,090
4,300
4,530
4,620
4,720
4,790
4,850
4,930
4,950
4,910
5,400
734
776
772
739
754
733
737
723
713
711
731
750
188
186
193
206
213
213
215
227
230
239
242
258
69
70
72
67
57
58
56
58
54
53
51
56
36
35
38
40
41
43
45
44
48
49
46
42
1,104
1,121
1,137
1,122
1,122
1,228
1,091
1,208
1,220
1.205
1,183
1.206
1,235
1,263
1,183
1,206
1,237
1,204
1,209
1,288
810
796
782
778
797
820
1,182
1,194
1,193
1,409
433
484
465
445
431
415
410
405
364
393
412
387
1
Margin credit includes all credit extended to purchase or carry stocks
or related equity instruments and secured at least in part by stock (see
Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data
for member firms of the NYSE. June data for banks are universe totals;
all other data for banks represent estimates for all commercial banks
based on reports by a reporting sample, which accounted for 60 per cent
of security credit outstanding at banks on June 30, 1971.
2
In addition to assigning a current loan value to margin stock generally,
Regulations T and U permit special loan values for convertible bonds and
stock acquired through exercise of subscription rights.
3
Nonmargin stocks are those not listed on a national securities exchange
and not included on the Board of Governors of the Federal Reserve
System's list of O T C margin stocks. At banks, loans to purchase or c a r r y
nonmargin stocks are unregulated; at brokers, such stocks have no l o a n
value.
4
Includes loans to purchase or carry margin stock if these are unsecured
or secured entirely by unrestricted collateral (see Dec. 1970 BULLETIN).
5
Free credit balances are in accounts with no unfulfilled commitments
to the brokers and are subject to withdrawal by customers on d e m a n d .
EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS
(Per cent of total debt, except as noted)
(Per cent of total, except as noted)
End of
period
Total
debt
(millions
of
dollars)!
1970—Dec..
4,030
1971—Jan. . 4 , 0 0 0
F e b . . 4,090
Mar.. 4,300
A p r . . 4,530
M a y . 4,620
J u n e . 4,720
J u l y . . 4,790
Aug.. 4,850
Sept.. 4 , 9 3 0
Oct... 4 , 9 5 0
Nov.. 4 , 9 1 0
D e c . . 5,400
1
Equity class (per cent)
End of period
80 or
more
70-79
60-69
50-59
40-49
Under
40
11.0
16.1
27.1
16.8
13.5
15.5
12.1
11.4
11.8
11.8
10.6
9.6
8.3
9.3
8.7
7.5
7.3
8.6
19.6
19.5
20.0
20.3
15.7
14.4
12.2
14.4
13.1
10.9
10.7
12.7
28.3
31.1
33.0
35.0
36.7
34.9
29.1
35.4
34.3
28.7
25.9
27.1
17.1
16.3
16.2
15.0
18.0
20.1
25.2
19.6
20.7
24.4
26.2
29.9
10.0
9.3
7.2
6.2
7.4
8.6
11.0
8.9
9.9
12.1
13.1
10.2
12.8
12.3
11.8
11.7
11.6
12.2
14.1
12.6
13.3
16.3
16.8
11.5
See note 1 to table above.
NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral values.
Net
credit
status
Equity class of accounts
in debrt status
Total
balance
(millions
60 per cent Less than of dollars)
or more 60 per cent
1970—Dec
48.2
42.3
9.4
4,030
1971—Jan
Feb
49.2
49.1
48.6
46.8
46.5
45.1
45.2
44.6
44.2
45.5
44.6
35.0
43.6
44.2
45.5
48.1
47.1
47.8
46.7
48.0
47.0
45.2
45.1
55.7
7.2
6.7
5.9
5.1
6.4
7.0
8.1
7.4
8.8
9.3
10.2
9.4
4,260
4,380
4,400
4,500
4,360
4,250
4,190
4,230
4,160
4,060
4,000
7,300
May
June
July
Sept
Oct
Dec
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.
FEBRUARY 1972 • SAVINGS INSTITUTIONS
A 39
MUTUAL SAVINGS BANKS
(In millions of dollars)
Securities
Loans
Mortgage
Other
U.S.
Govt.
Corporate
and
other1
State
and
local
govt.
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
acties
counts
3 or
less
3-6
6-9
36,007
40,328
44,433
47.193
607
739
862
1,078
5,863
5,791
5,485
4,764
440
391
320
251
5,074
5,099
5,170
5,719
912
1,004
1,017
953
799
886
944
1,024
49,702
54,238
58,232
60,982
44,606
48,849
52,443
55,006
943
989
1,124
1,114
4,153
4,400
4,665
4,863
50,311
53,286
55,781
1,203
1,407
1,824
4,319
3,834
3,296
8,183
219
194 10,180
200 10,824
993
996
912
1,138
1,256
1,307
66,365
71,152
74,144
60,121
64,507
67,026
1,260
1,372
1,588
4,984
5,273
5,530
742
811
584
982
1,034
485
452
57,473
57,775
2,332
2,255
3,219
3,151
205 12,378
197 12,876
1,112
1,270
1,483
1,471
78,202
78,995
70,361
71,580
2,111
1,690
5,730
5,726
564
619
315
322
31
302
58,014
58.194
58,540
58,796
59,111
59,546
59,935
60,350
60,622
61,036
61,473
2,365
2,592
2,636
2,727
2,813
2,696
2,545
2,685
2,782
2,840
2,891
3,196
3,328
3,356
3,340
3,441
3,409
3,558
3,517
3,467
3,382
3,346
206
222
246
278
330
319
326
338
339
343
357
13,457
13,919
14,882
15,519
16,070
16,649
16,969
17,159
17,282
17,292
17,452
1,129
1,270
1,287
1,254
1,261
1,281
1,198
1,151
1,177
1,250
1,280
1,564
1,575
1,635
1,656
1,659
1,665
1,750
1,692
1,742
1,712
1,695
79,930
81,100
82,581
83,570
84,686
85,565
86,282
86,892
87,410
87,856
88,495
72,441
73,366
75,002
75,824
76,656
77,683
78,130
78,437
79,236
79,648
80,165
1,739
1,926
1,746
1,882
2,116
1,956
2,198
2,423
2,129
2,150
2,218
5,750
5,809
5,832
5,863
5,914
5.926
5,924
6,031
6,045
6,059
6,112
638
723
840
993
1,152
1,118
1,015
978
1,086
1,125
1,129
322
352
413
445
470
517
582
557
509
415
554
285
283
322
360
385
343
347
374
422
484
461
1
Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
2 See note 8, p. A-19.
3 Commitments outstanding of banks in New York State as reported to
the Savings Banks Assn. of the State of New York. D a t a include building
loans beginning with Aug. 1967.
NOTE.—National Assn. of Mutual Savings Banks d a t a ; 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.
LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities
Government securities
End of period
Total
assets
Total
United
States
State and Foreign
local
Total
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Statement value
196 3
196 4
196 5
196 6
196 7
196 8
141,121
149,470
158,884
167,022
177,832
188,636
12,438
12,322
11,679
10,837
10,573
10,509
5,813
5,594
5,119
4,823
4,683
4,456
3,852
3,774
3,530
3,114
3,145
3,194
2,773
2,954
3,030
2,900
2,754
2,859
60,780
63,579
67,599
69,816
76,070
82,127
53,645
55,641
58,473
61,061
65,193
68,897
7,135
7,938
9,126
8,755
10,877
13,230
50,544
55,152
60,013
64,609
67,516
69,973
4,319
4,528
4,681
4,883
5,187
5,571
6,655
7,140
7,678
9,117
10,059
11,306
Book value:
196 6
196 7
196 8
196 9
167,022
177,361
187,695
197,208
10,864
10,530
10,483
10,914
4,824
4,587
4,365
4,514
3,131
2,993
3,036
3,221
2,909
2,950
3,082
3.179
68,677
73,997
79,403
84,566
61,141
65,015
68,575
70,859
7,536
8,982
10,828
13,707
64,661
67,575
70,071
72,027
4,888
5,188
5,573
5,912
9,911
10,060
11,284
13,825
1970—Nov. r .
Dec...
205,905
206,193
11,187
10,967
4,714
4,494
3,293
3,285
3.180
3,188
88,153
88,183
73,757
73,123
14,396
15,060
73,893
74,345
6,284
6,362
15,950
16,025
1971—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct.. .
Nov...
208,206
209,885
211,500
212,698
213,414
214,279
215,284
216,436
217,489
218,257
219,353
11,027
11,126
11,023
10,946
10,954
10,786
11,031
11,076
11,000
11,016
11,150
4,557
4,632
4,540
4,454
4,433
4,242
4,466
4,475
4,345
4,331
4,473
3,298
3,319
3,335
3,375
3,403
3,412
3,430
3,452
3.484
3.485
3,484
3,172
3,175
3.148
3.117
3.118
3,132
3,135
3.149
3,171
3,200
3,193
90,127
91,038
92,629
93,756
94,197
95,031
95,683
96,429
97,199
97,778
98,443
74,326
74,696
75,192
75,604
76,096
76,644
77,333
77,581
78,121
78,890
79,384
15,801
16,342
17,437
18,152
18,101
18,387
18,350
18,848
19,078
74,370
74,437
74,516
74,536
74,552
74,535
74,583
74,707
74,799
74,864
74,903
6,341
6,453
6,485
6,535
6,591
6,644
6,729
6,749
6,811
6,876
6,949
16,109
16,220
16,293
16,370
16,433
16,516
16,590
16,679
16,782
16,850
16,948
1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance d a t a ; figures are estimates for all
life insurance companies in the United States.
18,888
19,059
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."
A 40
SAVINGS INSTITUTIONS • FEBRUARY 1972
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
Investment
securities 1
Mortgages
68,834
78,770
90,944
101,333
110,306
114,427
121,805
130,802
140,232
5,211
5,563
6,445
6,966
7,414
7,762
9,180
Mortgage loan
commitments4
Liabilities
Cash
Other 2
Total
assets—
Total
liabilities
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,571
8,606
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
162,149
70,885
80,236
91,308
101,887
110,385
113,969
124,531
131,618
135,538
5,708
6,520
7,209
7,899
8,704
9,096
9,546
10,315
11,228
856
629
015
601
444
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
3,200
Loans
Other
10,873
3,315
3,926
3,979
4,015
3,900
3,366
3,442
2,962
2,438
150,331
13,020
3,506
9,326
176,183
146,404
11,991
10,911
3,078
3,799
151,503
152,665
154,430
156,574
158,747
161,440
163,951
166,342
168,464
170,106
172,047
174,382
15,506
16,805
18,335
18,302
18,650
18,609
19,319
19,010
18,701
18,971
19,096
18,284
2,930
3,249
3,376
3,146
3,000
2,783
2,153
2,091
2,070
2,166
2,284
2,781
9,386
9,524
9,668
9,831
10,087
10,110
10,192
10,420
10,582
10,603
179,325
182,243
185,809
187,853
190,484
192,942
195,615
197,863
199,817
201,846
204,238
206,311
149,298
151,742
155,845
158,061
160,221
163,313
164,864
165,973
168,643
169,796
171,358
174,493
12,056
12,062
12,044
12,031
12,035
12.357
12.358
12,350
12,360
12,327
12,325
13,133
10,494
10,097
9,838
8,631
7,774
7,903
8,039
8,231
8,417
8,353
8,439
9,005
3,055
3,161
3,500
3,877
4,336
4,734
4,953
5,032
5,004
5,001
4,960
5,061
4,422
5,181
4,577
5,253
6,118
4,635
5,401
6,277
5,393
6,369
7,156
4,619
i 11,116
10,811
10,864
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 F H L B B
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 f r o m F H L B B and other borrowing.
4
Insured savings and loan assns. only. Data on outstanding commit-
Made
during
period
807
1 ,602
1,665
2,069
3,130
3,370
3,505
3,537
3,144
2,880
2,639
'2,537
2,511
2,355
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 H o m e Loan Bank Board for 1969 and 1970.
NOTE.—Federal H o m e 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.
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Liabilities and capital
Federal National
Mortgage Assn.
(secondary market
operations)
Advances
to
members
Investments
4,386
5,259
9,289
10,614
2,598
2,375
1,862
3,864
127
124
105
4,060
4,701
8,422
10,183
10,614
3,864
105
10,183
2,332
1,607
15,502
10,326
9,926
9,689
8,269
7,268
7,241
7,338
7,513
7,637
7,640
7,708
7,936
4,101
4,187
4,322
4,235
4,400
3,718
3,211
2,744
2,584
2,740
2,545
2,520
112
105
9,836
9,182
8,756
7,876
7,419
7,329
7,297
7,218
7,190
7,390
7,139
7,139
2,751
3,094
3,425
2,828
2,379
2,112
1,699
1,532
1,522
1,450
1,548
1,789
1.599
1.619
1,628
1,627
1.620
1,602
1.600
1,603
1,600
1,603
1,607
15,619
15,552
15,420
15,308
15,242
15,363
15,674
16,204
16,732
17,202
17,535
17,791
Cash
and
deposits
126
116
192
96
132
85
86
117
99
101
142
Bonds
and
notes
Member
deposits
1,432
1,383
1,041
2,332
Capital
stock
1,395
1,402
1,478
1,607
1,618
NOTE.—Data from Federal H o m e 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
Banks
for
cooperatives
Mortgage
loans
(A)
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Debentures
5,348
6,872
10,541
15,502
4,919
6,376
10,511
15,206
Federal
intermediate
credit banks
Federal
land
banks
Debentures
(L)
Loans
and
discounts
(A)
(L)
Mortgage
loans
(A)
1,506
1,577
1,732
2,030
1,253
1,334
1,473
1,755
3,411
3,654
4,275
4,974
3,214
3,570
4,116
4,799
5,609
6,126
6,714
7,186
15,206
2,030
1,755
4,974
4,799
7,186
15,311
15,111
15,122
15,477
15,142
14,795
15,638
15,260
16,241
16,984
17,138
17,701
2,119
2,164
2,153
2,113
2,056
2,041
1,997
1,942
1,942
2,030
2,076
2,076
1,786
1,819
1,819
1,900
1,830
1,770
1,726
1,791
1,791
1,745
1,763
1 ,801
5,055
5,177
5,380
5,568
5,729
5,909
5,905
5,866
5,841
5,763
5,633
5,669
4,845
4,959
5,077
5,336
5,468
5,639
5.712
5,742
5.713
5,680
5,606
5,503
7,210
7,258
7,347
7,426
7,502
7,579
7,650
7,709
7,767
7,826
7,870
7,917
offered securities (excluding, for F H L B ' s bonds held within the F H L B
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.
FEBRUARY 1972 • FEDERALLY SPONSORED CREDIT AGENCIES
OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1971
Agency, and date of issue
and maturity
Federal home loan banks
Bonds:
11/25/69 - 2 / 2 5 / 7 2 .
6/26/70 - 2/25/72
5/25/70 - 5/25/72
7/27/71 - 8/25/72
9/25/70 - 11/27/72
9/27/71 - 11/27/72
2/25/70 - 2/26/73
5/23/71 - 2/26/73
3/25/71 - 5 / 2 5 / 7 3
1 0 / 2 7 / 7 0 - 8/27/73
1/26/70 - 1/25/74
6/26/70 - 2/25/74
8/27/71 - 2 / 2 5 / 7 4
6/25/71 - 5 / 2 5 / 7 4
8/25/69 - 8/25/74
11/25/69 - 1 1 / 2 5 / 7 4 . . .
1/26/71 - 2 / 2 5 / 7 5
8/25/70 - 5/26/75
7/27/70 - 8/25/75
12/18/70- 11/25/75....
8/27/71 - 2/25/76
6/25/71 - 5/25/77
3/25/70 - 2/25/80
10/15/70 - 1 0 / 1 5 / 8 0 . . . .
10/27/71 - 11/27/81. . .
Federal National Mortgage
Association—
Secondary market
operations
Discount notes
Capital debentures:
9/30/68 - 10/1/73
4/1/70 - 4/1/75
9/30/71 - 10/1/96
Coupon
rate
Amount
(millions
of dollars)
8.20
8.20
200
8.15
614
7M
5M
8.35
5.70
4.20
7.20
8.40
8.40
7.10
6.35
7.65
8.05
6.10
8.00
7.95
6.50
73/8
6.95
7.75
7.80
6.60
300
200
400
250
310
350
400
400
450
300
250
250
300
183
232
250
265
300
350
250
200
350
200
200
1,559
6.00
8.00
200
4.38
250
250
Mortgage-backed bonds:
9 / 9 / 7 0 - 10/2/72
6/1/70 - 6/2/75
9 / 2 9 / 7 0 - 10/1/90
Debentures:
2/10/60 - 2 / 1 0 / 7 2 . . .
3/10/69 - 3/10/72. . .
1 0 / 1 4 / 6 9 -- 3 / 1 0 / 7 2 . .
12/11/61 - - 6 / 1 2 / 7 2 . .
2/10/70 - 6/12/72. . .
5/11/70 - 9/11/72. . .
6/10/70 - 9/11/72. . .
1 1 / 1 0 / 6 9 -- 1 2 / 1 1 / 7 2 .
10/13/70 - 12/11/72.
7.50
8.38
8.63
400
250
5H
98
250
63/4
634
4%
8.70
8.40
7.40
Agency, and date of issue
and maturity
Coupon
rate
Amount
(millions
of dollars)
7.30
8.30
41/4
8.35
6.75
8.10
6.13
5.75
7.15
5.45
7.75
7.90
5.70
7.85
5.65
6.10
6.45
7.55
6.35
5.25
7.50
5.65
6.70
6.13
7.45
41/2
6.38
6.50
6.88
6.75
6.55
7.25
7.25
6.65
6.75
6.75
6.25
6.90
450
250
146
350
550
300
350
500
500
400
350
400
350
250
300
250
450
300
500
350
500
250
300
300
198
250
150
300
300
350
250
250
250
200
250
200
250
300
400
8.00
200
200
7.20
400
Banks for cooperatives
Debentures:
7/1/71 - 1 / 3 / 7 2 . . .
8/2/71 - 2 / 1 / 7 2 . . .
10/4/71 - 4 / 3 / 7 2 .
11/1/72 - 5/1/72. .
12/1/71 - 6 / 1 / 7 2 .
10/1/70 - 10/1/73
5.65
53/g
4.85
41/2
7.30
4/1/71 - 1 / 3 / 7 2 . .
5/3/71 - 2 / 1 / 7 2 . .
6/1/71 - 3 / 1 / 7 2 . .
7/1/71 - 4 / 3 / 7 2 . .
8/2/71 - 5/1/72. .
9/1/72 - 6/1/72..
10/4/71 - 7 / 3 / 7 2
11/1/71 - 8 / 1 / 7 2 .
12/1/71 - 9 / 5 / 7 2
3/2/70 - 3/1/73.
9/1/70-7/2/73. .
7/1/71 - 1 / 2 / 7 4 . .
1/4/71 - 7 / 1 / 7 4 .
6*4
5.55
8.15
4.95
45/s
7.75
5.55
6.85
5.95
303
491
285
282
340
100
Federal land banks
Bonds:
2/15/57 - 2/15/67-72
8/20/68 - 2/15/72. . .
2/23/71 - 4 / 2 0 / 7 2 . . . .
4/20/71 - 4 / 2 0 / 7 2 . . . .
6/22/70 - 7/20/72. . .
9/14/56 - 9 / 1 5 / 7 2 . . .
9/22/69 - 9/15/72. . .
10/23/72 - 10/23/72.
7/20/71 - 1 0 / 2 3 / 7 2 . . .
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. .
10/21/71 - 7 / 2 7 / 7 4 . .
4/20/71 - 1 0 / 2 1 / 7 4 . . .
2/20/70 - 1/20/75. . .
4/20/65 - 4/21/75. . .
7/20/71 - 1 0 / 2 0 / 7 5 . . .
2/21/66 - 2/24/76. . .
7/20/66 - 7/20/76. . .
10/27/71 - 10/20/77.
5/2/66 - 4/20/78
2/20/67 - 1/22/79. . .
2/23/71 - 4 / 2 0 / 8 1 . . . .
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page.
3.85
4.60
5.70
5.85
600
200
200
100
Coupon
Federal intermediate
credit banks
Debentures:
Federal National Mortgage
Association—Cont.
Debentures—Cont:
11/10/70 - 3/12/73. . .
12/12/69 - 3 / 1 2 / 7 3 . . .
6/12/61 - 6/12/73
7/10/70 - 6/12/73. . ..
7/12/71 - 6/12/73
3/10/70 - 9/10/73. . ..
6/10/71 - 9 / 1 0 / 7 3
12/10/70 - 12/10/73. .
8/10/71 - 12/10/73. . ..
12/1/71 - 3 / 1 1 / 7 4 . . . .
4/10/70 - 3/11/74. . ..
8/5/70 - 6/10/74
11/10/71 - 6 / 1 0 / 7 4 . . . .
9/10/69 - 9/10/74. . ..
2/10/71 - 9/10/74
5/10/71 - 1 2 / 1 0 / 7 4 . . . .
9/10/71 - 12/10/74.
11/10/70 - 3/10/75. . .
10/12/71 - 3 / 1 0 / 7 5 . . .
4/12/71 - 6/10/75
10/13/70 - 9/10/75. . .
3/11/71 - 3/10/76
6/10/71 - 6/10/76
11/10/71 - 9 / 1 0 / 7 6 . . . .
7/12/71 - 1 2 / 1 0 / 7 6 . . . .
2/13/62 - 2/10/77.
12/10/70 - 6/10/77. . .
5/10/71 - 6/10/77
9/10/71 - 9 / 1 2 / 7 7
10/12/71 - 12/11/78. .
12/10/71 - 12/10/79. .
1/21/71 - 6 / 1 0 / 8 1 . . . .
9/10/71 - 9 / 1 0 / 8 1
2/10/71 - 6/10/82
3/11/71 - 6/10/83
11/10/71 - 9/12/83. . . .
4/12/71 - 6/11/84
12/10/71 - 1 2 / 1 0 / 8 4 . .
Agency, and date of issue
and maturity
5.70
4.45
414
8.20
3K
8.35
5K
6.50
7.95
4K
8.45
7.95
7.80
41/2
7.30
5.85
5.30
8^
4^
7.20
5.00
5M
5K
6.35
5.00
6.70
A 41
A 42
FEDERAL FINANCE • FEBRUARY 1972
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
U.S. budget
Means of
Receipt-expenditure account
Borrowings f r o m the public 2
Period
Net
expenditures
Budget
receipts
financing
Net
lending
Budget
outlays 1
Budget
surplus
or
deficit
(-)
Less: Investments by Govt,
Plus
Equals:
accounts
Agency
Less:
Total
securiSpecial borrowties
notes 3
ing
Special
Other
issues
Public
debt
securities
Fiscal year:
196 8
196 9
197 0
197 1
153,671 172,802
187,784 183,072
193,743 194,456
188,392 210,318
6,030 178,833 - 2 5 , 1 6 1 21,357
5,944
6,142
1,476 184,548
3,236
633
2,131 196,588 - 2 , 8 4 5 17,198 - 1 , 7 3 9
1,107 211,425 - 2 3 , 0 3 3 27,211
-347
3,271
7,364
9,386
6,616
Half year:
1970—Jan.-June. . .
July-Dec.
1971—Jan.-June. . .
July-Dec.. ..
102,910
87,583
100,830
93,100
96,893
104,117
106,234
110,608
2,693
767 97,661
5,248
99 104,216
16,633 18,240
8,971
1,008 107,242 - 6 , 4 1 2
948 111,557 - 1 8 , 3 7 7 26,001
-328
-1,119
5,451
1,807
4,810
2,803
346
157
642
523
Month:
1970—De c
15,436
r
15,920
-326
31
2,487
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
15,773
15,130
13,205
21,024
13,190
22,508
13,198
15,652
19,710
12,462
14,945
17,213
16,870
16,717
18,328
17,769
16,882
19,669
18,507
19,276
18,265
18,677
18,798
17,085
245
-170
318
49
270
297
49
306
-69
115
149
399
,013
-551
,001
1,464
522
518
221
-345
40 2,095
1,059
-553
1,861
-960
20 2,309
-503 -1,019
50 - 1 , 6 9 0
40
-10
1,291
284
r
r
15,594
17,115
16,546
18,646
17,818
17,152
19,965
18,556
19,582
18,196
18,791
18,947
17,484
—158
Less: Cash and
monetary assets
5,519
-818
-1,341
2,324
-1,417
1,003
-5,441
223
3,206
4,954
-3,961
1,285
+2,543
7,169
-5,358
9,293
-3,930
+ 1,513 - 2 , 3 2 4
-334
-6,630
2,686
-4,002
9,511
271
-1,310
- 2 1
Treasury
operating
balance
2,049 - 1 , 1 1 9
23,100
2,089 - 1 , 3 8 4 2 - 1 , 2 9 5
676
5,397
800
19,448
Other
means
of
financing,
net4
Other
-397
596
2,151
710
1,700
1,616
-581
-979
-4,415
16,257
3,191
21,556
2,918
54
657
973
-896
59
3,004
2,185
'-140
86
-382
324
-71
702
-17
122
150
+ 194
660
240
675
-271
2,197
-310
4,226
6,854
-2,003
1,407
2,590
8,482
1,518
-1,718
-3,370
4,365
-1,973
1,835
-1,559
2,337
470
-3,318
-2,324
1,328
654
-193
57
527
-723
-1
47
22
3,364
269
-982
3,586
1,188
-453
54 4 , 1 2 0
80 - 2 , 1 2 2
-882
r _ 799
2,854
-734
1,453
1,957
-931
-268
-478
- 6 9 0 -1,117
- 8 1 9 -1,407
281
1,239
-290
1,314
-17
-928
5,653 - 1 , 2 3 0
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Gold
balance
Fiscal year:
196 8
196 9
197 0
197 1
1,074
1,258
1,005
1,274
4,113
4,525
6,929
7,372
111
112
Calendar year:
197 0
197 1
1 ,156
2,020
Month :
1970—Dec..
1971—Jan..
Feb .
Mar..
Apr..
May.,
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1
Federal securities
Total
Public
debt
securities
Special
issues
Other
Less:
Special
notes 3
Equals:
Total
held
by
public
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 5
109
5,298
5,894
8,045
8,755
347,578
353,720
370,919
398.130
24,399
14,249
12,510
12,163
59,374
66,738
76,124
82,740
19,766
20,923
21 ,599
22,400
2,209
825
825
825
290,629
279,483
284,880
304,328
10,041
24,991
35,789
36,886
6,834
9,173
109
113
8,099
11,306
389,158
424.131
12,491
11,044
77,931
85,544
21,756
22,922
825
825
301,138
325,884
38,802
1,156
6,834
109
8,099
389,158
12,491
77,931
21,756
825
301,138
38,802
976
1,064
858
1,322
874
1,274
1,274
987
2,102
1,876
1,996
2,020
8,532
6,725
3,561
7,462
5,938
7,372
7,372
8,408
7,763
4,667
2,223
9,173
109
109
109
109
109
109
113
113
113
113
113
113
9,616
7,898
4,528
8,893
6,920
8,755
8,755
9,508
9,978
6,655
4,331
11,306
388,341
390,664
391,668
391,891
396,845
398.130
405,299
414,962
412,268
411,934
414,620
424.131
13,504
12,503
13,021
12,676
12,716
12,163
11,203
11,223
10,720
10,770
10,760
11,044
77,380
78,843
79,366
79,586
81,681
82,740
84,601
86,910
85,904
84,213
84,253
85,544
21,842
21,461
21,784
21,714
22,417
22,400
22,522
22,672
22,853
22,853
22,900
22,922
825
825
825
825
825
825
825
825
825
825
825
825
301,798
302,038
302,713
302,442
304,638
304,328
308,554
315,408
313,406
314,812
317,402
325,884
38.693
38,183
37,814
38.694
37,275
36,886
37,985
37,116
37,380
39,530
39,392
111
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 securities held by the public
mainly by reductions in agency securities. The Federal National Mortgage
Association ( F N M A ) 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
2
Agency
securities
Less:
Investments of
Govt, accounts
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 debt of Federal home loan banks, Federal land banks, R . F . K .
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 1972 • FEDERAL FINANCE
A 43
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
Withheld
Nonwithheld
Refunds
9,527
10,191
13,240
14,522
Gross Rerefunds
ceipts
Net
total
Payroll
taxes
Selfempl.
U n - Other Net
empl. net
re- 2 total
insur. ceipts
Fiscal year:
196 8
1969
197 0
197 1
153,671
187,784
193,743
188,392
57,301
70,182
77,416
76,490
20,951
27,258
26,236
24,262
Half year:
1970—Jan.-June
July-Dec.
1971—Jan.-June
July-Dec.
102,910
r
87,584
100,830
93,180
38,619
37,465
39,045
38,449
20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 1,416
133 1,348 1,576
565 42,469 12,744 1,467 17,768
5,569
18,693 13,957 43,781 17,576 2,068 21,983 1,815 2,325 1,630
1,673
155 1,51
574 43,465 13,262 1,448 19,643
5,589
Month:
1970—De c
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
r
15,436
15,773
15,130
13,205
21,024
13,190
22,508
13,198
15,652
19,710
12,462
14,945
17,213
r
5,846
422
6,339
7,246
6,605
5,939
6,224
6,690
6,221
6,706
5,513
5,941
7,245
6,823
4,280
654
1,392
7,951
735
3,681
490
306
3,755
396
264
379
68,726
87,249
90,412
86,230
29,897 1,232 27,680 1,544 3,346 2,052 34,622
38,338 1,660 32,521 1,715 3,328 2,353 39,918
35,037 2,208 37,190 1,942 3,465 2,700 45,298
30,320 3,535 39,751 1,948 3,673 3,206 48,578
50 r 6,217 4,664
40
1,407
4,631
4,261
3,114
505
191
91
76
55
55
106
10,579 1,085
683
6,493
3,366 3,887
9,630 4,360
878
3,846
9 , 8 6 7 6,684
6,519
163
6,920
688
9,192
,505
6,282
,11
7,455
730
7,096
,064
50
179 2,221
558
310
363
345
255
236
284
236
198
375
218
138
178
113
835
141
,472
152
294 1,085
893
209
311
115
987
049
,299
152
592
,408
308
165
721
77
301
,005
57
205
660
60
116
424
52
Excise Custaxes toms
Estate Misc.
and
regift ceipts 3
14,079
15,222
15,705
16,614
3,051
3,491
3,644
3,735
2,038
2,319
2,430
2,591
2,491
2,908
3,424
3,858
1,168 2,148 1,615
1,317 1,537 2,006
1,274 2,198 1,853
1,838 2,395 1,718
25,558
20,826
27,752
22,989
7,464
8,153
8,462
8,961
265 2,545
1,347
220
285
338
2,720 1,195
5,944 1,505
3,990 1,443
4 , 9 7 0 1,351
6,366 1,459
3,764 1,510
3,464 1,532
5,996 1,482
3,784 1,490
2,983 1,412
4,120 1,656
2,642 1,389
199
175
226
221
204
250
227
244
363
334
343
329
269
280
329
589
379
352
319
311
263
391
566
545
286
361
328
248
313
318
258
245
312
324
293
286
264
248
288
290
258
279
272
287
273
274
288
278
Budget outlays 4
Com- EducaNatComHealth
tion
mun.
ural
merce develop
and
and
reand
welfare
manand
sources transp. housing power
Total
National
defense
Fiscal year:
196 8
1969
197 0
197 1
1972er6
1973 e 6
178,833
184,548
196,588
211,425
236,610
246,257
80,517
81,232
80,295
77,663
78,030
78,310
4,619
3,785
3,570
3,093
3,960
3,844
4,721
4,247
3,749
3,381
3,180
3,191
5,943
6,221
6,201
5,097
7,345
6,891
8,094
1,655
7,921
2,081
2,480 9,310
2,676 11,282
4,376 11,872
2,450 11,550
4,076
1,961
2,965
3,382
4,039
4,844
Half year:
1970—Jan.-June
July-Dec.
1971—Jan.-June
July-Dec.
97,661 39,683
104,216 38,521
107,242 39,178
111,557 35,755
1,627
1,409
1,684
1 ,752
1,910
1,720
1,017
1,561
1,777
711
4,633
464
5,999
1,952
4,651
5,808
5,488
6,030
1,291
1,677
1,705
2,181
160
318
90
59
832
314
Period
Month:
1970—De c
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
r
15,594
17,115
16,546
18,646
17,818
17,152
19,965
18,556
19,582
18,196
18,791
18,947
17,484
'6,786
6,153
5,851
6,674
6,337
6,043
8,122
5,187
5,595
5,979
6,106
6,175
6,713
Intl.
affairs
184
236
392
328
358
185
340
308
303
303
286
181
Space
research
1,661
262
295
333
252
274
245
377
291
273
266
286
285
Agriculture
632
-89
-52
-21
94
-101
1,784
963
336
1,134
568
852
t 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.
1,101
-409
234
230
250
255
560
293
432
344
309
302
271
826
759
1,000
1,015
707
1,162
572
1,643
947
1,030
892
875
373
217
206
286
230
394
545
291
292
272
256
402
6,739
6,525
7,289
8,649
10,140
11,281
Veterans
Interest
6,882 13,744
43,780
7,640 15,791
49,395
8,677 18,312
56,785
70,213 9,787 19,608
82,249 11,127 20,067
87,775 11,745 21,161
4,314 30,432
3,744 32,710
4,905 37,503
4,355 38,131
4,537
4,626
5,162
5,003
9,687
9,597
10,014
10,050
5,678
808
1,676
768
797
964
883
877
874
798
892
758
833
942
896
1,631
1,695
1,709
1,683
1.667
1,626
1,651
1.668
1,800
1,418
1,811
1,702
733
676
686
912
683
752
1,191
684
661
924
501
851
722
5,899
5,929
6,139
6,093
5,858
7,588
6,191
6,385
6,169
6,499
6,437
6,444
General
govt.
2,561
2,866
3,336
3,970
5,302
5,531
Intragovt.
transactions 5
-4,499
-5,117
-6,380
-7,376
-7,877
-8,590
1.817 - 4 , 0 1 5
1.818 - 3 , 6 0 7
2,147 - 3 , 7 7 0
2,392 - 3 , 8 2 2
r2 97
-2,157
-247
367
-357
294
-260
399
-294
323
-325
361
403 - 2 , 2 8 4
-240
380
386
533
-246
287
-276
396
-343
334
473 - 2 , 3 3 2
5 Consists of government contributions for employee retirement and
interest received by trust funds.
6 Estimates presented in the Jan. 1973 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, Federal pay
increase, and allowance for revenue sharing, totaling $2,250 million for
fiscal 1972, and $5,000 million for fiscal 1973, 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 44
U.S. GOVERNMENT SECURITIES • FEBRUARY 1972
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
50.2
48.3
61.4
76.5
85.4
101.2
104.2
99.2
95.2
85.3
69.9
58.6
1941—Dec.
1946—Dec.
57.9
259.1
50.5
233.1
41.6
176.6
2.0
17.0
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—E>ec.
1970—Dec.
320.9
329.3
344.7
358.0
368.2
389.2
270.3
273.0
284.0
296.0
295.2
309.1
214.6
218.0
226.5
236.8
235.9
247.7
60.2
64.7
69.9
75.0
80.6
87.9
1971—Jan..
Feb.,
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
388.3
390.7
391.7
391.9
396.8
398.1
405.3
414.6
412.3
411.9
414.6
424.1
308.8
309.8
309.7
310.4
313.2
313.5
318.9
325.8
324.5
325.8
328.4
336.7
247.7
248.1
247.5
245.9
245.6
245.5
247.6
249.7
249.9
252.2
254.5
262.0
87.9
89.3
89.0
87.5
89.1
86.7
88.9
89.6
88.6
89.0
89.8
97.5
101.2
104.3
104.3
104.3
102.5
104.8
104.8
108.2
109.5
111.5
114.0
114.0
1972—Jan..
422.9
336.9
261.9
97.5
114.0
1
Includes non-interest-bearing debt (of which $624 million on Jan. 31,
1972, was not subject to statutory debt limitation).
2
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings 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
5.9
Bonds
2
Convertible
bonds
Total 3
Special
Savings
bonds
& notes
6.1
8.9
56.5
49.8
7.0
24.6
2.8
2.7
2.6
2.5
2.4
2.4
52.9
52.3
54.9
56.7
56.9
59.1
50.3
50.8
51.7
52.3
52.2
52.5
46.3
52.0
57.2
59.1
71.0
78.1
58.5
54.5
54.2
54.1
54.0
54.0
53.9
51.9
51.8
51.8
50.7
50.6
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
58.7
59.3
59.9
62.1
65.2
65.7
68.9
73.8
72.2
71.3
71.6
72.3
52.6
52.8
53.0
53.2
53.4
53.6
53.8
54.0
54.2
54.4
54.7
54.9
77.7
78.9
80.0
79.7
81.7
82.8
84.7
87.0
86.0
84.3
84.4
85.7
50.4
2.3
72.7
55.1
84.2
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.
Indiv iduals
Savings
bonds
Other
securities
Foreign
and
international 1
Other
misc.
inves-2
tors
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
1965—Dec
1966—Dec
1967—Dec
1968—Dec
1969—Dec
1970—Dec
320.9
329.3
344.7
358.0
368.2
389.2
59.7
65.9
73.1
76.6
89.0
97.1
40.8
44.3
49.1
52.9
57.2
62.1
220.5
219.2
222.4
228.5
222.0
229.9
60.7
57.4
63.8
66.0
56.8
62.7
5.3
4.6
4.1
3.6
2.9
2.8
10.3
9.5
8.6
8.0
7.1
7.0
15.8
14.9
12.2
14.2
13.3
10.5
22.9
24.3
24.1
24.4
25.4
23.1
49.7
50.3
51.2
51.9
51.8
52.1
22.4
24.3
22.8
23.9
29.1
29.8
16.7
14.5
15.8
14.3
11.4
20.6
16.7
19.4
19.9
22.4
24.1
21.4
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
388.3
390.7
391.7
391.9
396.8
398.1
405.3
414.6
412.3
411.9
414.6
424.1
96.7
98.0
98.8
99.1
101.8
102.9
104.9
107.3
106.5
104.7
104.7
106.0
61.8
62.5
64.2
63.7
64.8
65.5
65.8
66.9
67.6
67.2
67.8
70.2
229.9
230.2
228.7
229.1
230.2
229.7
234.6
240.4
238.2
240.0
242.1
247.9
61.7
61.3
61.8
60.5
59.4
61.0
60.5
59.5
60.0
60.9
61.5
65.3
2.7
2.8
2.8
2.8
2.9
2.9
2.9
2.8
2.8
2.8
2.7
2.7
7.3
7.2
6.8
6.8
6.8
6.6
6.7
6.7
6.5
6.5
6.5
6.6
11.1
10.2
10.7
9.9
9.6
10.1
11.6
10.9
10.0
11.1
12.0
12.6
23.2
24.0
22.8
21.8
21.8
21.4
21.9
21.1
21.0
20.8
20.6
20.4
52.1
52.3
52.5
52.8
53.0
53.2
53.4
53.6
53.7
54.0
54.2
54.4
29.1
28.3
26.9
26.2
25.0
24.8
24.8
24.5
24.1
23.7
23.4
23.0
20.9
22.9
25.4
29.2
33.8
32.7
35.4
42.7
42.4
42.8
44.1
46.9
21.6
21.1
18.9
19.1
18.1
17.2
17.3
18.6
17.7
17.4
17.1
16.0
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.
T h e debt and ownership concepts were altered beginning with the
M a r . 1969 BULLETIN. T h e new concepts ( 1 ) exclude guaranteed securities and ( 2 ) remove f r o m U . S . Govt, agencies and trust f u n d s
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately owned agencies and certain Govt, deposit
accounts.
FEBRUARY 1972 • U.S. GOVERNMENT SECURITIES
A 45
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
33,599
37,553
35,500
19,082
21,636
68,260
73,301
82,318
96,204
93,648
35,130
20,026
22,554
29,321
29,321
8,396
8,358
8,556
9,566
9,530
16,415
16,054
10,863
10,454
10,397
1,034
812
708
633
605
1,404
1,509
2,297
597
775
4,503
6,006
6,075
7,751
7,614
2,964
2,472
3,877
4,690
4,676
2,060
2,059
1,748
2,311
2,319
3,438
3,437
2,387
2,456
2,456
28,503
36,023
36,338
33,887
36,032
18,756
22,265
25,965
29,082
31,033
9,747
13,758
10,373
4,805
4,999
12,880
12,810
19,089
25,209
25,299
10,943
7,642
6,046
7,597
7,702
203
224
229
534
584
408
453
440
589
601
168.473
162,414
168,479
168,200
173,376
77,670
79,780
84,080
73,794
81,729
55,222
57,494
61,250
60,114
65,867
22,448
22,286
22,830
13,680
15,862
50,877
54,485
57,154
63,244
60,735
21,223
9,912
12,631
17,034
16,943
6,133
6,075
6,579
6,721
6,627
12,569
12,164
8,036
7,409
7,340
53,174
45,173
50,917
47,894
51,363
18,894
15,104
19,208
11,108
14,920
9,040
6,727
10,314
5,026
8,287
9,854
8,377
8,894
6,082
6,633
23,157
24,692
26,609
29,399
28,823
10,035
4,399
4,474
6,578
6,847
611
564
367
580
555
477
414
260
230
217
Mutual savings banks:
1968— Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
3,524
2,931
2,745
2,714
2,742
696
501
525
346
416
334
149
171
180
235
362
352
354
166
181
1,117
1,251
1,168
1,243
1,221
709
263
339
493
499
229
203
329
293
281
773
715
385
339
326
Insurance companies:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
6,857
6,152
6,066
5,633
5,679
903
868
893
501
720
498
419
456
228
325
405
449
437
273
395
1,892
1,808
1,723
1,668
1,499
721
253
849
981
993
1,120
1,197
1 ,369
1,367
1,366
2,221
2,028
1,231
1,115
1,102
Nonfinancial corporations:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
5,915
5,007
3,057
5,478
6,021
4,146
3,157
1,547
3,263
4,191
2,848
2,082
1,194
2,410
3,280
1,298
1,075
353
853
911
1,163
1,766
1,260
1,893
1,492
568
63
242
280
301
12
12
2
17
16
27
8
6
24
20
Savings and loan associations:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
4,724
3,851
3,263
3,180
3,002
1,184
808
583
636
629
680
269
220
368
343
504
539
363
268
286
1,675
1,916
1,899
1,565
1,449
1,069
357
281
612
587
346
329
243
171
162
450
441
258
196
175
State and local governments:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
13,426
13,909
11,204
9,691
9,823
5,323
6,416
5,184
4,329
4,592
4,231
5,200
3,803
3,709
3,832
1,092
1,216
1,381
620
760
2,347
2,853
2,458
2,372
2,268
805
524
774
793
783
1,404
1,225
1,191
933
918
3,546
2,893
1,598
1,263
1,263
All others:
1968—Dec.
1969—Dec.
1970—Dec.
1971—Nov.
Dec.
80,853
85,391
91,227
93,610
94,746
46,524
52,926
56,140
53,611
56,261
37,591
42,648
45,092
48,193
49,565
8,933
10,278
11,048
5,418
6,696
19,526
20,199
22,037
25,104
23,983
7,316
4,053
5,672
7,297
6,933
2,411
2,545
3,078
3,360
3,329
5,075
5,665
4,298
4,242
4,237
Total
Type of holder and date
Total
Bills
236,812
235,863
247,713
254,456
262,038
108,611
118,124
123,423
108,911
119,141
75,012
80,571
87,923
89,829
97,505
U.S. Govt, agencies and trust funds:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
15,402
16,295
17,092
18,439
18,444
2,438
2,321
3,005
1,230
1,380
Federal Reserve Banks:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
52,937
57,154
62,142
67,817
70,218
All holders:
1968—Dec.
1969—Dec.
1970—Dec.
1971—Nov.
Dec.
31
31
31
30
31
Held by private investors:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 31
Commercial banks:
1968—Dec. 31
1969—Dec. 31
1970—Dec. 31
1971—Nov. 30
Dec. 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-
Other
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 5,662 commercial banks, 486 mutual savings
banks, and 740 insurance companies combined; (2) about 50 per cent by
the 466 nonfinancial corporations and 487 savings and loan assns.; and
(3) about 70 per cent by 502 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 46
U.S. GOVERNMENT SECURITIES • FEBRUARY 1972
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
Total
Dealers and brokers
Within
1 year
1-5
years
5-10
years
Over
10 years
Other
U.S. Govt,
securities
1970—Dec
2,590
1971—Ja n
Feb
Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec
2,043
343
153
52
949
Commercial
banks
All
other
123
1,025
493
130
145
143
116
100
110
131
129
99
117
157
214
1,364
1,232
1,204
878
742
687
837
855
725
906
940
1,190
642
760
688
636
643
672
702
640
532
634
687
730
3,482
3,316
3,072
2,458
2,322
2,195
2,484
2,482
2,115
2,646
2,691
3,139
2,629
2,291
2,122
1,881
1,695
1,802
2,103
1,848
1,598
1,905
1,668
2,317
564
579
506
328
406
273
280
512
271
438
523
497
248
397
388
216
192
92
74
97
219
268
418
266
40
49
57
33
29
28
28
25
26
36
58
,346
,178
,036
828
837
727
814
859
759
988
906
,006
3,138
3,121
3,095
2,681
3,973
2,454
2,277
2,323
1,991
2.839
416
492
501
396
710
210
58
74
32
43
79
1,055
1,020
956
884
1,263
152
245
239
177
247
1,096
1,064
1,190
956
1,675
836
793
710
664
787
3,289
4,046
2,675
2,343
2,579
2,843
1.840
1,778
375
771
475
368
261
374
321
72
57
39
36
918
1,132
730
675
257
483
317
324
1 ,299
1,446
924
783
815
985
705
561
81
Week ending—
1971—Dec.
1.
8.
15.
22.
29.
Jan.
5
12.
19.
26.
278
239
252
345
162
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)
Commercial banks
U.S. Government securities, by maturity
Within
All
maturiyear
ties
1-5
years
5-10
years
Over
10
years
U.S.
Govt,
agency
securities
5,571
4,399
612
485
76
1,049
1970—Dec.. ..
5,634
4,655
4,421
4,870
2,646
2,735
3,011
2,897
3,856
4,353
5,846
5,335
4,626
3,320
3,511
4,019
2,115
2,477
3,018
2,473
3,089
3,612
3,725
3,877
525
569
437
415
189
116
-23
344
355
394
914
626
403
691
404
416
331
130
26
70
377
310
943
600
80
75
70
20
11
12
966
946
981
1971—Jan. . .
Feb....
Mar.. .
Apr...
May...
June...
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec....
5,666
5,522
6,033
5,808
4,782
3,351
3,452
3,611
469
668
1,279
1,069
6,120
5,213
5,157
5,097
5,775
4,379
3,702
3,781
3,625
4,328
746
636
576
674
623
-11
11
1,118
818
776
771
698
926
903
1,063
All
sources
Period
36
37
265
232
1,101
341
1,189
1,016
873
75
314
284
255
1,059
1,006
905
1,215
1971—Nov.
751
640
567
555
592
244
235
232
243
231
1,153
1,123
1,056
1,059
1,163
Dec.
Corporations 1
New
York
City
Elsewhere
5,949
1 ,868
1,960
379
6,198
5,684
4,543
5,700
3,389
3,163
3,516
3,071
4,146
4,511
6,455
5,516
1,888
1,673
1,356
1,759
1,095
1,061
1,151
894
1,049
527
369
399
724
517
435
721
821
1,877
1,374
1,695
1,318
926
1,415
475
523
391
390
856
704
932
912
921
1,564
1,659
6,027
6,688
6,565
6,628
1,920
2,043
1,994
1,812
937
1,071
819
937
1,260
1,670
1,436
1,673
5,852
5,852
5,277
5,382
5,326
1,547
1,558
1,419
1 ,318
1,126
901
968
777
1,034
841
1 ,552
1,713
1,646
1,627
1,662
1,188
811
Week e n d i n g -
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.
1 .
8.
15.
22.
29.
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.
FEBRUARY 1972 • GOVERNMENT SECURITIES
A 47
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1972
(In millions of dollars)
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
June
June
June
June
June
3,
10,
17,
24,
29,
2,
9,
16,
23,
30,
31,
6,
13,
20,
21,
27,
30,
4,
11,
18,
25,
31,
1,
8,
15,
21,
22,
Issue and coupon rate
Amount
Issue and coupon rate
Treasury bills—Cont.
3,903
June 29, 1 9 7 2 . . . .
June 30, 1972
3.900
July
6, 1 9 7 2 . . . .
3.901
July 13, 1 9 7 2 . . . .
3,901
July 20, 1 9 7 2 . . . .
1,701
July 27, 1 9 7 2 . . . .
3,901
3,903
July 31, 1 9 7 2 . . . .
3,901
Aug. 31, 1 9 7 2 . . . .
3,910
Sept. 30, 1 9 7 2 . . . .
3,903
Oct. 31, 1 9 7 2 . . . .
1.701
Nov. 30, 1 9 7 2 . . . .
Dec. 31, 1 9 7 2 . . . .
3,901
Jan. 3 1 , 1 9 7 3 . . . .
3,903
3.901
4,034
3.902
1.702 Treasury notes
Feb. 15, 1972
1,602
Feb. 15, 1972
1,601
Apr.
1, 1972
1,602
M a y 15, 1972
1,600
May 15, 1972
1,701
Aug. 15, 1972
1,601
1,601
Oct.
1. 1972
1,600
Nov. 15', 1972
3,026
Feb. 15, 1973
1,602
Feb. 15, 1973
1972,
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972.
1972f
1972.
1972.
1972,
1972.
1972.
1972.
1972,
1972.
1972.
1972.
1972|
1972.
Issue and coupon rate
Amount
1,601
1,701
1,601
1,600
1,601
1,603
1,703
1,700
1,702
1,700
1,201
1,200
1,200
800
2,690
34
3,676
1,378
2,572
33
2,285
2,514
4,268
4%
7^
\y2
4y 4
6y 4
5
li/ 2
6
&A
4%
Treasury notes—Cont.
Apr. 1, 1 9 7 3 . . . . • m
May 15, 1973 . . . . • m
Aug. 15, 1973 . . . . . s y 8
1 1 1 9 7 3 . . . . • itt
Oct.
Feb. 15, 1974 . . . •m
Apr.
1974.... .1 %
May 15, 1 9 7 4 . . . . .71/4
Aug. 15, 1974. . . . .55/8
Oct.
1, 1974
.1%
Nov. 15, 1 9 7 4 . . . . .534
Feb. 15, 1 9 7 5 . . . . .53/4
Feb. 15, 1 9 7 5 . . . . . 5 %
Apr. 1, 1975.. . . . 1 %
May 15, 1975, . . . .6
Aug. 15, 1 9 7 5 . . . . . 5 %
1, 1 9 7 5 . . . . .m
Oct.
Nov. 15, 1 9 7 5 . . . . .7
Feb. 15, 1 9 7 6 , . , . . 6 %
Apr. 1, 1 9 7 6 . . . . .W2
May 15, 1 9 7 6 . . . .
Aug. 15, 1 9 7 6 . . . . .71/2
1, 1 9 7 6 . . . . .iy
Oct.
Nov. 15, 1 9 7 6 . . . . .6%2
Feb. 15, 1 9 7 7 . . . . 8
Aug. 15, 1 9 7 7 . . . . .734
Feb. 15, 1978 . , , .6 y4
Nov. 15, 1 9 7 8 . . . . ,6
Amount
Issue and coupon rate
Amount
Treasury bonds
June 15, 1967-72. . 2 Vi
34
Sept. 15, 1967-72. .21A
5,844
Dec. 15, 1967-72.. 2V*
1,839
Feb. 15, 1 9 7 2 . . . . .4
30
Aug. 15, 1 9 7 2 . . . . .4
3,139
34
Aug. 15, 1973
.4
Nov. 15, 1 9 7 3 . . . . •41/s
4,505
10,284
Feb. 15, 1 9 7 4 . . . . •41/s
42
May 15, 1974
.41/4
7,212
Nov. 15, 1974
.37/8
5,148
May 15, 1975-85.
June 15, 1978-83. .3y4
2,045
8
Feb. 15, 1 9 8 0 . . . . .4
6,760
Nov. 15, 1 9 8 0 . . . . • 3 ft
7,679
Aug. 15, 1981
.7
30
May 15, 1 9 8 5 . . . . .3 y4
3,115
Nov. 15, 1 9 8 6 . . . . • 6I/ 8
3,739
Aug. 15, 1987-92. . 4 y4
27
Feb. 15, 1988-93. . 4
May 15, 1989-94.. 41/s
2,697
4,194
Feb. 15, 1990,
3
Feb. 15, 1995 . , . .3
1,283
Nov. 15, 1998 , , •3%
5,163
2,264 Convertible bonds
8,389
Investment Series B
A p r . 1, 1975-80. .2%
8,208
1,228
1,951
2,553
980
1,455
3,894
4,341
3,125
3,576
2,237
1,210
1,524
2,587
1,902
807
1,033
1,216
3,791
245
1,540
4,501
1,093
3,648
2,320
NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.
t Tax-anticipation series.
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
196 3
196 4
196 5
196 6
196 7
196 8
196 9
197 0
10,538
10,847
11,329
11,405
14,766
16,596
11,881
18,164
General
obligations
5,855
6,417
7,177
6,804
8,985
9.269
7,725
11,850
Revenue
4,180
3,585
3,517
3,955
5,013
6,517
3,556
6,082
HAA1
254
637
464
325
477
528
402
131
U.S.
Govt,
loans
249
208
170
312
334
282
197
103
State
1,620
1,628
2,401
2,590
2,842
2,774
3,359
4,174
Special
district
Other2
and
stat.
auth.
3,636
3,812
3,784
4,110
4,810
5,946
3,596
5,595
5,281
5,407
5,144
4,695
7,115
7,884
4,926
8,399
Use of proceeds
Total
amount
delivered 3
Total
10,496
10,069
11,538
9,151
10,201
10,471
11,303
14,643
16,489
11,838
18,110
Education
3,029
3,392
3,619
3,738
4,473
4,820
3,252
5,062
Roads
and
bridges
812
688
900
1,476
1,254
1,526
1,432
1,532
Utilities 4
2,344
2,437
1,965
1,880
2,404
2,833
1,734
3,525
Housing 5
598
727
626
533
645
787
543
466
Veter- Other
ans'
puraid
poses
2,396
2,838
50 3,311
3,667
5,867
6,523
4,884
7,526
120
1970—Dec....
2,190
1.270
914
571
826
793
2,176
425
327
623
121
681
1971- - J a n . r . .
Feb..
M a r .rr .
A p r . .r ,
May. .
Juner.,
J u l y .r.
Aug. .
Sept.r.
O c t . r r. .
Nov. ,
Dec...,
2,732
1,851
2,258
1,891
2,167
2,013
1,989
1,903
2,098
1,728
2,264
2,068
1,613
1,225
1,309
1.305
1,091
1,320
1.306
1,141
1,313
836
1,394
1,367
997
619
949
581
869
684
506
754
523
890
869
440
577
585
447
430
486
779
477
459
348
341
629
441
,156
627
660
510
,095
337
606
735
706
840
874
568
999
639
1,152
952
585
896
905
707
1,044
548
761
1,058
2,721
1,835
2,244
1,841
2,159
2,004
1,942
1,894
2,053
1,626
2,134
2,042
509
520
570
491
625
385
301
352
463
291
418
353
390
133
183
66
448
394
436
315
702
471
433
699
231
377
458
353
500
239
373
123
28
19
222
14
219
159
271
96
246
298
1,013
743
762
795
430
512
1,071
846
796
678
631
1,016
197
171
258
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.
5
120
158
65
210
338
137
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 48
SECURITY ISSUES • FEBRUARY 1972
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues 1
-
Noncorporate
Corporate
Period
Total
U.S.
Govt. 2
U.S.
Govt.
agency 3
State
and local
(U.S.) 4
Bonds
Others
Stock
Total
Total
Publicly
offered
Privately
placed
Preferred
Common
1963
1964
1965
1966
35,199
37,122
40,108
45,015
10,827
10,656
9,348
8,231
1,168
1,205
2,731
6,806
10,107
10,544
11,148
11,089
887
760
889
815
12,211
13,957
15,992
18,074
10,856
10.865
13 ^720
15,561
4,713
3,623
5,570
8,018
6,143
7,243
8,150
7,542
343
412
725
574
1,011
2,679
1,547
1,939
1967
1968
1969
1970
68,514
65,562
52,496
88,664
19,431
18,025
4,765
14,831
8,180
7,666
8,617
16,180
14,288
16,374
11,460
17,762
1,817
1,531
961
949
24,798
21,966
26,744
38,944
21,954
17,383
18,347
30,264
14,990
10,732
12,734
25,384
6,964
6,651
5,613
4,880
885
637
682
1,388
1,959
3,946
7,714
7,292
9,040
7,651
2,414
401
750
924
1,684
2,245
10
100
4,182
3,980
3,283
3,270
3,001
2,436
283
834
124
168
774
541
7,438
6,522
11,069
7,244
6,969
10,994
9,316
9,346
9,445
9,392
10,525
436
431
517
467
466
2,779
1,153
3,228
1,698
2,455
3,249
1,050
1,224
1,300
700
1,000
1,812
2,049
1,500
1,774
1,876
1,300
2,614
1,823
2,104
1,859
2,114
1,988
1,951
1,850
2,044
1,679
2,286
223
44
1,073
177
118
40
17
237
161
12
24
3,115
3,000
6,075
4,042
3,271
4,375
4,147
2,532
3,768
3,369
3,665
2,627
2,476
4,782
2,623
2,638
3,042
1,951
1,844
2,573
2,645
2,393
2,033
2,201
4,135
2,116
2,148
2,283
1,331
1,428
1,966
1,942
2,003
594
275
647
507
491
760
619
416
607
703
390
76
100
311
537
54
104
1,527
270
165
86
270
413
424
982
882
579
1,228
669
418
1,031
638
1,002
1970—Nov
Dec
,
,
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Stocks
Bonds
Stocks
Bonds
196 3
196 4
196 5
196 6
3,202
2,819
4,712
5,861
313
228
704
1,208
676
902
1,153
1,166
150
220
251
257
948
944
953
1,856
196 7
196 8
196 9
197 0
9,894
5,668
4,448
9,191
1,164
1,311
1,904
1,322
1,950
1,759
1,888
1,949
117
3,022
2,545
1970—Nov.
Dec.
927
932
180
124
147
207
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.
647
644
2,123
819
631
1,031
383
262
991
571
654
69
17
294
316
158
175
200
212
154
93
174
259
72
289
198
143
497
159
76
123
138
68
Communication
Real estate
and financial
Bonds
Stocks
Bonds
Stocks
Bonds
9
38
60
418
620
604
549
953
669
808
1,814
152
1,520
139
189
2,818
116
2,259
2,139
2,332
3,117
3,391
3,762
1,747
313
466
514
193
1,859
1,665
1,899
2,188
466
1,579
247
92
4,217
4,407
5,409
8,016
718
873
1,326
3,001
1,786
1,724
1,963
5,059
193
43
225
83
2,247
2,159
2,739
3,861
186
662
,671
,636
129
147
170
307
7
58
845
725
505
230
693
277
502
822
78
146
239
112
167
89
160
268
250
1
1
608
752
895
607
447
68
391
672
481
247
403
204
232
359
235
432
256
116
186
243
131
290
188
175
295
172
237
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.
Public utility
182
157
76
120
185
102
67
89
115
62
12
29
5
6
616
520
687
578
703
657
317
557
660
141
439
212
162
492
230
545
11
52
26
2
14
1,390
46
' '9'
555
248
834
484
763
513
500
385
525
615
657
112
66
204
107
113
300
144
126
179
224
301
5 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.
FEBRUARY 1972 • SECURITY ISSUES
A 49
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers 1
Bonds and notes
All securities
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
19,799
25,964
25,439
28,841
38,707
7,541
7,735
12,377
10,813
9,079
12,258
18,229
13,062
18,027
29,628
15,629
21,299
19,381
19,523
29,495
4,542
5,340
5,418
5,767
6,667
11,088
15,960
13,962
13,755
22,825
4,169
4,664
6,057
9,318
9,213
3,000
2,397
6,959
5,045
2,411
1,169
2,267
-900
4,272
6,801
9,385
11,936
2,089
2,577
7,297
9,359
7,598
9,034
1,546
2,069
6,051
6,964
1,788
2,902
542
508
1,245
2,394
11,241
13,212
10,746
2,015
2,979
1,992
9,226
10,233
8,754
8,765
8,974
6,159
1,776
2,681
1,649
6,989
6,294
4,510
2,476
4,238
4,586
239
299
343
2,237
3,939
4,244
i
|
I
Type of issuer
Manufacturing
Bonds
& notes
Transportation 3
Commercial
and other 2
Stocks
Communication
Public
utility
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Real estate
and financial
Stocks
1
Bonds
& notes
Stocks
4,324
7,237
4,418
3,747
6,641
32
832
-1,842
69
870
616
1,104
2,242
1,075
853
-598
282
821
1,558
1,778
956
1,158
987
946
1,104
718
165
-149
186
36
2,659
3,444
3,669
4,464
6,861
533
652
892
1,353
2,917
1,668
1,716
1 ,579
1,834
4,806
575
467
120
241
94
864
1,302
1,069
1,687
2,564
-90
-130
-741
866
1,107
2,169
2,054
39
374
263
407
326
404
21
428
-15
58
1,917
1,777
750
1,189
991
1,135
6
51
691
1,165
139
318
2,076
2,296
852
520
885
676
201
446
-10
416
757
678
271
461
195
33
374
230
1,897
1,347
1,493
948
1,261
814
1,194
919
832
66
38
1,442
1,349
825
1,148
255
624
404
1 Excludes investment companies.
Extractive and commercial and miscellaneous companies.
Railroad and other transportation companies.
2
3
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
Sales and redemption
of own shares
Assets (market value
at end of period)
Year
Assets (market value
at end of period)
Month
Sales
1
Redemptions
Net
sales
Total
2
Cash
position
3
Other
1958
1959
1960
1,620
2,280
2,097
511
786
842
1,109
1,494
1,255
13,242
15,818
17,026
634
860
973
12,608
14,958
16,053
1961
1962
1963
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
1964
1965
1966
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
1967
1968
1969
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
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
1
Redemptions
Net
sales
Total
2
Cash
position
3
Other
1970—Dec.. .
467
307
160
47,618
3,649
43,969
1971—Jan. . .
Feb.. .
Mar...
Apr.. .
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
487
349
468
547
307
434
371
432
304
596
397
453
242
322
425
394
428
467
444
394
471
419
334
411
245
27
43
153
-121
-33
-73
38
-167
177
63
42
50,251
51,300
53,618
55,883
53,610
53,560
51,424
53,798
53,291
51,160
50,958
55,045
3,663
3,600
3,328
3,046
2,607
2,830
2,856
3,016
2,511
2,885
3,172
3,038
46,588
47,700
50,290
52,837
51,003
50,730
48,568
50,782
50,780
48,275
47,786
52,007
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 50
BUSINESS FINANCE • FEBRUARY 1972
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
19691
1968
Industry
1965
1966
1967
1968
1969
I
II
Ill
IV
II
I
III
IV
Manufacturing
Total (177 corps.):
177,237 195,738 201,399
Sales
22,046 23,487 20,898
Profits before taxes
12,461 13,307 12,664
Profits after taxes
6,920 6,989
6,527
Dividends
Nondurable goods
industries
(78
2
corps.):
64,897 73,643 77,969
Sales
9,039
7,846 9,181
Profits before taxes
5,379
5,473
4,786
Profits after taxes
3,027
2,729
2,527
Dividends
Durable goods industries (99 corps.): 3
112,341 122,094 123,429
Sales
14,200 14,307 11,822
Profits before taxes
6,352
7,675 7,834
Profits after taxes
3,964
4,000 4,191
Dividends
225,740: 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383
6,319
6,887
6,565
5,580 6,932
5,985 6,878
5,851
25,375 25,622
3,750
3,579
3,609
3,030
3,850
3,244 3,517
13,787 14,090 3,298
1,916
1,838
1,731
1,746 2,078
1,716
1,885 2,118
7,271
7,757
84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626
2,504
2,545
2,442 2,524 2,664 2,641
2,492
9,866 10,333 2,387
1,523
1,559
1,529
1,471
1,489
1,411
1,428
1,492
6,103
5,799
849
808
820
763
825
751
743
812
3,289
3,082
140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756
3,815
4,224
3,210
4,041
3,036 4,490
15,510 15,290 3,598 4,386
1,997
2,190
1,715
2,087
1,559
2,198
2,361
7,989
1,871
7,989
1,270
1,108
1,065
1,026
983
981
1,253
4,469
972
4,189
Selected industries:
Foods and kindred products (25
corps.):
16,427 19,038 20,134 22,1C9 24,593
Sales
2,425
2,227
1,967
1,916
1,710
Profits before taxes
1,171
1,093
1,041
1,008
896
Profits after taxes
661
616
583
564
509
Dividends
Chemical and allied products (20
corps.):
18,158 20,007 20,561 22,808 24.494
Sales
3,258
3,117
2,891
3,073 2,731
Profits before taxes
1,773
1,618
1,579
1,630
1,737
Profits after taxes
1,031
1,002
960
926
948
Dividends
Petroleum refining (16 corps.):
25,586
24,218
23,258
20,887
. 17,828
Sales
2,866 2,941
1,962 : 2,681 3,004
Profits before taxes
2,206 2,224
2,038
1,898
1,541
Profits after taxes
1,123
1,039
1,079
817
737
Dividends
Primary metals and products (34
corps.):
. 26,548! 28,558r: 26,532: 30,171 33,674
Sales
3,052
2,487 2,921
.
2,931 3,277
Profits before taxes
1,689> 1,903; 1,506i 1,750i 1,912
Profits after taxes
987
8921
952
818!
924IDividends
Machinery (24 corps.):
. 25,364\ 29,512» 32,721 35,660 i 38,719'
Sales
3,10''
3,612i 3,482• 4,134• 4,377
Profits before taxes
1,6265 1,875i 1,789> 2,014• 2,147
Profits after taxes
921
9921 1,128!
774I
9125
Dividends
Automobiles and equipment (14
corps.):
. 42,712> 43,6411 42,306i 50,526i 52,29C>
Sales
6,25:J 5,274rI 3,9065 5,916I 5,268!
Profits before taxes
1,999> 2,903! 2,604!•
3,29^ 1 2,87*3
Profits after taxes
1,642! 1,723!
1,77!j 1,56"'
1,89( )
Dividends
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
6,631
666
314
164
6,325
644
321
170
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
6,236
818
441
254
6,183
721
411
274
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
6,264
750
554
282
6,605
737
550
286
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
8,448
715
435
247
8,943
818
542
253
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
526i
270i
9,757 10,542 :
1,167
1,141
576
568!
271
293\
12,3431r 13,545;
1,851
1,507
847
783i
364
364I
9,463
998
477
294
9,872: 14,767 13,328; 13,638 11,30C) 14,024
1,542
652t 1,411
1,663
64Cl 1,918
750
706
806
342»
330l
943
436
556
365i
36 6i
364
550l
Public utility
Railroad:
Operating revenue. .
Profits before taxes..
Profits after taxes. . .
Dividends
Electric power:
Operating revenue. .
Profits before taxes.
Profits after t a x e s . . .
Dividends
Telephone:
Operating revenue. .
Profits before taxes.
Profits after t a x e s . . .
Dividends
10,20?S 10,6611 10,37'l 10,859) 11,451
68:1
67?\
38f5
97S> 1,09'1
461
565i
31S)
8li 5
90(>
;
48?
5
J
515
46?i
>
53?
50;
2,611
12''
112>
11'f
2,758 t
206i
174I.
132 !
2,708!
149>
11C)
10C)
2,7821
196;
169)
166i
2,741
128!
981
116;
2,916 i
220>
173i
136i
2,836i
14<)
9?S
10()
2,958
186
92
136
15,81 <5 16,95^) 17,95'1 19,421! 21,07*i
4,21:* 4,41'1 4 , 5 4 '7 4,789) 4,93?I
3,0021 3,186>
2,58<5 2,74<) 2,90?i
1,83** 1,93$J 2,06(5 2,201: 2,299>
5,1065
1,351[
863t
539>
4,553t
1,04C)
641
55!!
4,869>
1,271
764;
543[
4,8921
1,125i
7331
565i
5,48C1
1,384^
873!
58C1
4,913i
1,065i
707
577
5,37()
1,36(3
8211
561[
5,312
1,123
779
581
11,32( ) 12,42() 13,311I 14,43() 16,05''
3,18!5 3,5311 3,69'1 3,951I 4,09?5
1,99'1 1,961[ 2,08()
1,90:J
1,71*i
1,15!3 1,24?5 1,36:J 1,42?1 1,49:\
3,4865
9711
52i >
351[
3,544I
989•
441
31?1
3,629•
99C)
493[
396i
3,771
1,001
502t
363\
3,853!
1,07C)
54C)
36?}
3,975i
1,0431
5231
371
4,04'I
97<)
4911
37:J
4,185
1,006
520
381
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 1 linehaul railroads.
Electric power: Federal Power Commission data for Class A ana a
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
Telephone: Data obtained f r o m 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 1972 • BUSINESS FINANCE
A 51
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
1964
1965
1966
1967
66.8
77.8
84.2
79.8
28.3
31.3
34.3
33.2
38.4
46.5
49.9
46.6
17.8
19.8
20.8
21.4
20.6
26.7
29.1
25.3
33.9
36.4
39.5
43.0
1968
1969
1970
1971 p
87.6
84.2
75.4
85.2
39.9
39.7
34.1
37.7
47.8
44.5
41.2
47.4
23.6
24.4
25.0
25.5
24.2
20.0
16.2
21.9
46.8
51.3
56.2
61.9
Year
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances 1
1970—I. . . .
II...
III...
IV...
75.6
75.8
78.5
71.6
34.1
34.5
35.6
32.3
41.5
41.3
42.9
39.2
25.0
24.9
25.2
25.0
16.6
16.4
17.7
14.3
54.4
55.7
56.7
58.0
1971—1' . . .
IP. .
III*"..
83.0
86.9
85.8
38.3
39.1
37.5
44.8
47.8
48.2
25.6
25.4
25.7
19.2
22.4
22.5
59.4
61.0
62.7
Quarter
NOTE.—Dept. of Commerce estimates.
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt,
securities
Notes and accts.
payable
Notes and accts.
receivable
Inventories
U.S.
Govt, i
Other
Other
U.S.
Govt, i
Other
Accrued
Federal
income
taxes
Total
Other
1964
1965
1966
1967
1968
1969
170.0
180.7
188.2
198.9
212.0
213.2
372.2
410.2
442.6
470.4
513.8
555.9
47.3
49.9
49.3
54.1
58.0
54.9
18.6
17.0
15.4
12.7
14.2
12.7
3.4
3.9
4.5
5.1
5.1
4.8
169.9
190.2
205.2
216.0
237.1
261.0
113.5
126.9
143.1
153.4
165.8
184.8
19.6
22.3
25.1
29.0
33.6
37.8
202.2
229.6
254.4
271.4
301.8
342.7
2.7
3.1
4.4
5.8
6.4
7.3
140.3
160.4
179.0
190.6
209.8
238.1
17.0
19.1
18.3
14.1
16.4
16.6
42.2
46.9
52.8
60.8
69.1
80.6
1970—1
II
Ill
IV
213.3
213.6
214.0
217.0
561.0
566.3
567.6
572.1
52.9
52.5
53.7
56.9
12.5
10.7
9.3
9.7
4.7
4.4
4.2
4.2
264.5
268.7
270.0
268.1
188.0
190.2
191.8
194.4
38.5
39.9
38.5
38.8
347.7
352.7
353.6
355.2
7.2
7.0
6.8
6.6
238.4
244.1
243.0
244.5
18.0
14.6
15.4
15.9
84.2
87.1
88.3
88.1
1971—1
II
Ill
220.4
226.3
231.3
576.9
582.6
591.9
55.8
58.6
59.8
10.1
10.3
10.6
4.2
3.9
3.9
269.8
273.2
276.9
196.8
197.4
199.5
40.1
39.3
41.2
356.5
356.3
360.6
6.1
5.3
5.2
240.3
241.2
242.2
18.6
16.8
18.7
91.4
93.0
94.7
i 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)
Transportation
Manufacturing
Period
Public utilities
Mining
Total
Durable
Nondurable
Railroad
Air
Other
Electric
Communications
Gas
and other
Other i
Total
(S.A.
A.R.)
196 5
196 6
196 7
196 8
196 9
197 0
1971 2
1972 2
54.42
63.51
65.47
67.76
75.56
79.71
81.47
88.90
11.50
14.06
14.06
14.12
15.96
15.80
14.29
15.02
11.94
14.14
14.45
14.25
15.72
16.15
15.92
16.40
1.46
1.62
1.65
1.63
1.86
1.89
2.13
2.37
1.99
2.37
1.86
1.45
1.86
1.78
1.67
1.88
1.22
1.74
2.29
2.56
2.51
3.03
1.87
2.50
1.68
1.64
1.48
1.59
1.68
1.23
1.37
1.43
4.43
5.38
6.75
7.66
8.94
10.65
12.80
14.86
1.70
2.05
2.00
2.54
2.67
2.49
2.40
2.72
5.30
6.02
6.34
6.83
8.30
10.10
10.89
13.19
14.48
14.59
15.14
16.05
16.59
18.11
31.,73
1970—III.
IV..
20.26
21.66
3.87
4.26
4.12
4.40
.46
.50
.46
.43
.74
.76
.30
.33
2.79
3.12
.78
.63
2.56
2.81
4.16
4.42
81.88
78.63
1971—1...
II..
III.
IV2
17.68
20.60
20.14
23.04
3.11
3.52
3.40
4.26
3.58
4.03
3.91
4.40
.49
.54
.55
.56
.34
.47
.42
.45
.34
.60
.39
.54
.28
.36
.37
.36
2.70
3.20
3.35
3.54
.41
.63
.71
.65
2.50
2.81
2.62
3.94
4.44
4.42
8.28
79.32
81.61
80.75
84.02
1972—12.,
19.48
3.50
3.38
.50
.50
.57
.33
3.05
.43
7.24
87.14
1
2
Includes trade, service, construction, finance, and insurance.
Anticipated by business.
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 52
REAL ESTATE CREDIT • FEBRUARY 1972
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
Farm
Nonfarm
Other
holders 2
End of
period
All
holders
Financial
institutions 1
1- to 4-family houses 4
Individuals
and
others
U.S.
agencies
All
holders
Financial
institutions 1
Other
holders3
All
holders
Total
Finan.
institutions 1
Multifamily and
commercial properties 5
Other
holders
Total
Finan.
institutions 1
Other
holders
Mortgage
type6
FHA—
VAunderwritten
Conventional
1941
1945
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
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
93.4
204.0
223.4
240.0
256.6
276.6
1969—I....
I I . ..
III..
IV..
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
286.2
291.0
295.7
1970—1.. . . 429.4
I I . . . 435.6
I I I . . 443.4
I V . . 451.7
r
340.7
r
344.5
'349.7
'355.9
28.6
30.0
31.7
33.0
'60.1
'61.1
'61.9
'62.8
29.8
30.3
30.8
31.2
9.8
9.8
10.0
10.1
20.0
20.5
20.8
21.1
399.6
405.2
412.5
420.5
268.5
271.7
276.0
280.2
223.8
225.7
228.5
231.4
44.7
46.0
47.5
48.8
'131.1
133.5
136.5
140.3
107.1
109.1
111.4
114.6
23.9
24.5
25.1
25.7
101.9
103.2
106.8
109.2
297.6
302.0
305.7
311.3
1971—I.. . . ' 4 5 9 . 0
I I . . . '471.1
'361.8
'372.0
33.6
35.2
'63.6
'63.9
31.8
31.9
10.1
9.7
21.7
22.2
427.2
439.3
283.6
290.8
234.5
240.7
49.4
49.5
143.6
148.5
117.5
121.9
26.1
26.6
'114.4
111.0
316.2
'324.9
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 F H A , VA, P H A , Farmers H o m e Admin.,
and in earlier years, R F C , H O L C , and F F M C . They also include
U.S. sponsored agencies—new F N M A , Federal land banks, G N M A
(Pools), and the F H L H C . 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 H o m e Admin.
4
For multifamily and total residential properties, see p. A-54.
5
Derived figures; includes small amounts of farm loans held by savings
and loan assns.
6
D a t a by type of mortgage on nonfarm 1- to 4-family properties alone
are shown on p. A-54.
NOTE.—Based on data f r o m Federal Deposit Insurance Corp., Federal
H o m e Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., Government National
Mortgage Assoc., Federal H o m e Loan Mortgage Corp., 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
Residential
End of period
FHAinsured
VAguaranteed
1941
1945
4,906
4,772
3,292
3,395
196 4
196 5
196 6
196 7
196 8
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
2.742
1968—III
IV.
63,779
65,696
40,251
41,433
1969—1..
II.
Ill
IV.
67,146
69,079
70,336
70,705
1970—1..
II.
Ill
IV.
1971—1. .
II.
Conventional
Other
nonfarm
Total
VAguaranteed
566
521
4,812
4,208
3,884
3,387
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
2,599
2,696
2,708
11,408
11,471
11,795
12,033
7,768
7,926
2,657
2,708
29,826
30,800
19,771
20,505
3.757
3.758
52,496
53,456
46,051
46,748
15,367
15,569
11,945
12,033
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
70,854
71,291
72,393
73,275
44,568
44,845
45,318
45,640
7,£
7,800
7,885
7,919
2,496
2,575
2,583
2,589
34,184
34,469
34,850
35,131
22,248
22,392
22,825
23,284
4,038
4,054
4,250
4,351
56,394
56,880
57,402
57,948
74,424
76,639
46,343
48,163
7,971
8,146
2,595
2,636
35,777 23,595
37,381 24,477
4,486
3,999
58,680
59,643
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
FHAinsured
1,048
856
2,(
2
Conventional
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
18,739
19,146
6,329
6,592
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
48,874
49,260
49,628
49,937
15,865
15,931
16,017
16,087
12,105
12,092
12,127
12,008
20,904
21,237
21,654
21,842
7,413
7,519
7,671
7,893
103
119
50,553
51,362
16,157
16,281
12,010 22,386
12,011 23,069
8,014
8,174
113
107
116
107
101
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 1972 • REAL ESTATE CREDIT
A 53
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
Total
Farm
FHAinsured
VAguaranteed
Other i
Total
FHAinsured
Total
Farm
VAguaranteed
Other
1945
976
6,637
5,860
1,394
4,466
766
196 3
196 4
196 5
196 6
9,172
10,433
11,137
10,217
8,306
9,386
9,988
9,223
1,598
1,812
1,738
1,300
678
674
553
467
6,030
6,900
7,697
7,456
866
1,047
1,149
994
50,544
55,152
60,013
64,609
46,752
50,848
55,190
59,369
10,756
11,484
12,068
12,351
6,401
6,403
6,286
6,201
29,595
32,961
36,836
40,817
3,792
4,304
4,823
5,240
196 7
196 8
196 9
197 0
8,470
7,925
7,531
7,127
7,633
7,153
6,943
6,763
757
755
663
401
444
346
220
82
6,432
6,052
6,108
6,280
837
722
537
314
67,516
69,973
72,027
74,345
61,947
64,172
66,254
68,693
12,161
12,469
12,271
11,325
6,122
5,954
5,701
5,390
43,664
45,749
48,282
51,978
5,569
5,801
5,773
5,652
1970—Nov.
Dec.
553
1,143
533
1,099
37
44
490
1,047
20
44
73,848
74,345
68,189
68,693
11,436
11,325
5,416
5,390
51,337
51,978
5,659
5,652
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
448
449
623
578
491
537
590
735
672
607
607
423
425
579
533
442
494
551
684
636
568
565
17
17
33
18
24
29
20
23
73
28
20
399
407
541
507
410
456
523
25
24
44
45
49
42
39
51
36
39
42
74,370
74,437
74,516
74,536
74,552
74,535
74,583
'74,707
74,799
74,864
74,903
68,779
68,871
68,973
68,993
68,425
68,973
69,017
r
69,121
69,209
69,270
69,302
11,383
11,338
11,302
11,237
5,368
5,346
5,316
5,284
5,254
5,219
5,180
5,142
5,104
5,071
5,047
52,028
52,187
52,355
52,472
51,985
52,631
52,789
52,438
52,590
52,749
52,854
5,591
5,566
5,543
5,543
5,554
5,562
5,566
5,586
5,590
5,594
5,596
601
515
487
492
i Includes mortgage loans secured by land on which oil drilling or
extracting operations are in process.
NOTE.—Institute of Life Insurance data. F o r loans acquired, the
monthly figures may not add to annual totals; and for loans outstanding
11,186
11,123
11,048
10,975
10,950
10,884
10,843
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)
Advances outstanding
(end of period)
Loans outstanding (end of period)
Loans made
Period
Period
Total i
New
home
construction
Repayments
Total
Home
purchase
Total 2
sured
1945
1,913
181
1,358
5,376
196 3
196 4
196 5
196 6
25,173
24,913
24,192
16,924
7,185
6,638
6,013
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
196 7
196 8
196 9
197 0
20,122
21,983
21,847
21,387
4,243
4,916
4,757
4,150
9,604
11,215
11,254
10,239
121,805
130,802
140,347
150,562
5,791
6,658
7,917
10,195
1970—Nov..
Dec..
1,972
2,474
355
416
919
968
1971—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
1,667
1,887
2,795
3,168
3,438
4,301
4,151
4,111
3,672
3,405
3,265
307
346
521
597
620
718
686
641
628
609
583
752
818
1,143
1,306
1,451
2,109
2,087
2,225
1,951
1,717
1,643
148,896 9,226
150,560 10,195
151,503
152,665
154,430
156,574
158,747
161,440
163,951
166,342
168,464
170,106
172,040
VAguaranteed
Conventional
6,960 79,288
6,683 89,756
6,398 98,763
6,157 103,001
6,351
7,012
7,658
8,507
109,663
117,132
124,772
131,860
8,336 130,794
8,507 131,860
8,673 132,357
10,473
10,810 8,766 133,089
8,922 134,320
12,123
11,560 9,128 135,886
11,885 9,299 137,563
9,580 139,587
12,273
12,592 9,784 141,575
143,456
10,034
12,852
13,130 10,232 145,102
146,454
10,374
13,278
13,520 10,576 147,944
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 H o m e Loan Bank Board data.
Advances
Shortterm 1
Members'
deposits
Longterm 2
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
,863
,846
,074
,006
1,921
2,479
2,923
1,929
1,151
1,199
1,043
1,036
196 7
196 8
196 9
197 0
1,527
2,734
5,531
3,256
4,076
1,500
1,929
4,386
5,259
9,289
10,615
3,985
4,867
8,434
3,081
401
392
855
7,534
1,432
1,382
1,041
2,331
1945
1 ,861
1970—Dec.
224
134
10,615
3,081
7,534
2,331
1971—Jan..
Feb.
Apr.
May
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
43
27
71
151
238
309
358
327
306
364
490
331
428
1,492
1,151
264
213
183
203
303
296
262
10,326
9,926
8,269
7,267
7,241
7,338
7,514
7,637
7,640
7,709
7.936
2,924
2,697
2,226
2,322
2,397
2,544
2,812
2,844
2,874
2,829
3,002
7,403
7,230
6,043
4,945
4,844
4,794
4,702
4,793
4,766
4,880
4,934
2,750
3,093
2,828
2,376
2,111
r
l ,696
1,528
1,522
1,450
1,549
1,789
1 Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal H o m e Loan Bank Board data.
A 54
REAL ESTATE CREDIT • FEBRUARY 1972
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions of dollars)
1970—1
II
II I
IV
Governmentunderwritten
All residential
Multifamily i
Total
Financial
institutions
Other
holders
Total
Financial
institutions
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
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
314.1
319.0
262.7
265.0
51.4
54.0
50.6
52.2
40.2
41.3
10.4
10.9
321.7
326.3
332.2
338.2
265.9
268.9
272.8
277.2
55.8
57.4
59.4
61.0
53.2
54.5
56.1
58.0
42.9
43.2
44.3
45.8
10.3
11.3
11.8
12.2
1970—1
343.3
353.1
281.6
290.1
61.7
63.0
59.7
62.3
47.2
49.4
12.5
12.9
1971—1
II
End of period
Total
Other
holders
2.2
2.2
8.3
8.5
Conventional
18.6
182.2
197.6
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
1967*
1968*
212.9
223.6
236.1
251.2
73.1
76.1
79.9
84.4
42.0
44.8
47.4
50.6
31.1
31.3
32.5
33.8
139.8
147.6
156.1
166.8
r
254.8
259.5
263.4
r
267.0
85.3
87.1
88.8
90.2
51.4
52.2
"53.3
54.5
33.9
34.9
35.5
r
35.6
169.6
172.3
174.6
176.6
268.5
271.7
275.8
''279.7
91.6
92.2
95.1
97.3
55.6
56.1
58.1
59.9
36.0
36.0
37.0
37.3
98.2
100.4
61.0
62.8
Ill
IV
i Structures of five or more units.
VAguaranteed i
1954
1963
1964
1969—1
II
Ill
IV
NOTE.—Based on data from same source as for "Mortgage Debt Outstanding" table (second preceding page).
Total
FHAinsured
r
r
283.6
290.9
r
r
37.3
37.6
'177.1
r
179.9
r
180.7
>"182.5
185.3
'190.5
1
Includes outstanding amount of VA vendee accounts held by private
investors under repurchase agreement.
NOTE.—For total debt outstanding, figures are F H L B B 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
DELINQUENCY RATES ON HOME MORTGAGES
(Per 100 mortgages held or serviced)
(In millions of dollars)
L o a n s not in foreclosure
but delinquent for—
VA-guaranteed
FHA-insured
Loans in
foreclosure
End of period
Mortgages
Mortgages
Period
Total
1945
196 4
196 5
196 6
196 7
196 8
196 9
197 0
ProEx- jects 1
New isting
homes homes
Property
improvements2
Total 3
New
homes
30 days
60 days
90 days
or more
Existing
homes
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
1967—1
II.
Ill
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
257
1,608
217
4,965
20
895
171
663
192
2,846
1,023
1,821
8,689 1,705
7,320 1,729
7,150 1,369
8,275 1,572
9,129 1,551
11,981 2,667
5,760
4,366
4,516
4,924
5,570
5,447
591
583
642
1,123
1,316
3,250
634
641
623
656
693
617
2,652
2,600
3,405
3,774
4,072
3,442
876
980
1,143
1,430
1,493
1,311
1,774
1,618
2,259
2,343
2,579
2,131
665
8,130
Total
1970—Oct..
Nov.
Dec.
1,218
1,063
1,351
304
273
280
564
497
472
292
248
549
57
45
50
341
318
316
117
106
109
224
212
207
1968—1
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
1971- -Jan..,
Feb..
Mar.,
Apr.,
May,
June,
July.
Aug.,
Sept.,
Oct. ,
999
951
1,097
1,136
1,203
1,372
1,340
1,393
1,242
295
284
318
293
290
322
338
407
320
318
476
450
531
467
504
629
646
710
543
504
187
185
202
330
354
399
304
216
290
276
41
32
46
46
55
21
53
60
89
105
297
256
303
350
417
102
90
98
98
111
195
166
205
252
306
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
577
693
146
188
431
506
1970—1
II
Ill
2.96
2.83
3.10
3.64
2.14
2.10
2.26
2.67
.52
.45
.53
.61
.30
.28
.31
.36
.31
.31
.25
.33
1971—1
II
3.21
3.27
2.26
2.36
.56
.53
.39
.38
.40
.38
1,202
1
Monthly figures do not reflect mortgage amendments included in annual
totals.
2
N o t 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 a m o u n t 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.
NOTE.—Mortgage Bankers Association of America data f r o m
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 1972 • REAL ESTATE CREDIT
FEDERAL NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION ACTIVITY
(In millions of dollars)
(In millions of dollars)
End of
period
Total
FHAinsured
guaranteed
Purchases
Mortgage
holdings
Mortgage
commitments
Mortgage
transactions
(during
period)
Mortgage
holdings
A 55
Mortgage
transactions
(during
period)
End of
period
VA-
Sales
Made
during
period
Out
standing
Purchases
5,522
7,167
10,950
15,502
4,048 1,474
5,121 2,046
7,680 3,270
11,071 4,431
1,400
1,944
4,121
5,078
775
776
738
1970-0ct...
Nov..
Dec..
15,152
15,396
15,502
10,780 4,372
10,981 4,416
11,071 4,431
397
294
165
705
682
707
786
906
,247
,586
1971-Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct. .
15,520
15,448
15,420
15,308
15,242
15,363
15,674
16,304
16,732
17,202
11,092
11,061
11,012
10,933
10,893
10,970
11,184
11,662
75
60
76
58
91
239
407
659
635
3,348
4,220
4,820
5,184
2,756
3,569
4,220
4,634
592
651
600
550
860
,089
827
621
,045
867
615
897
,171
,266
,130
738
1970-0ct...
Nov..
Dec..
5,132
5,141
5,184
4,573
4,587
4,634
559
554
550
46
35
70
42
42
37
1971-Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct. .
5,188
5,213
5,241
5.244
5,261
5,275
5,282
5,279
5,259
5.245
4,641
4,670
4,703
4,710
4,731
4,751
4,761
546
543
538
534
530
524
520
35
38
56
39
40
43
25
27
21
4,749
510
171
424
487
VAguaranteed
196 7
196 8
196 9
197 0
196 7
196 8
196 9
1970
100
120
FHAinsured
Total
NOTE.—Government National Mortgage Assn. data. D a t a 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 R F C Mortgage
Co., the Defense H o m e s Corp., the Public Housing Admin., and C o m munity Facilities A d m i n .
4,428
4,391
4,408
4,375
4,349
4,393
4,490
4,642
Mortgage
commitments
12
4
72
46
105
92
10
Made
during
period
Out
standing
1,736
2,697
6,630
8,047
501
1,287
3,539
5,203
535
541
600
4,805
4,930
5,203
139
80
33
457
871
1,294
576
1,219
572
5,092
4,865
4.380
4.381
920
5,750
5,709
5,146
5,327
NOTE.—Federal National Mortgage Assn. data. D a t a prior to Sept.
1968 relate to secondary market portfolio of former F N M A . 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 F N M A ' s free market auction system, and through
the F N M A - G N M A Tandem Plan (Program 18).
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY UNDER FREE MARKET SYSTEM
HOME-MORTGAGE YIELDS
(In per cent)
Primary market
(conventional loans)
Secondary
market
F H A series
Period
F H L B B series
(effective rate)
New
homes
Yield
on F H A insured
new
home
loans
New
homes
Existing
homes
196 7
196 8
196 9
1970
6.46
6.97
7.81
8.44
6.52
7.03
7.82
8.35
6.53
7.12
7.99
8.52
6.55
7.21
8.26
9.05
1970—Dec.
8.38
8.26
8.30
8.40
1971—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
8.18
7.91
7.66
7.49
7.47
7.50
7.66
7.74
7.83
7.84
7.79
7.63
8.08
7.80
7.60
7.47
7.45
7.50
7.63
7.71
7.76
7.75
7.71
7.51
7.95
7.75
7.60
7.55
7.65
7.70
7.80
7.85
7.85
7
.80
r
7.75
7.70
7.32
7.37
7.75
7.89
7.97
7.92
7.84
7.75
7.62
7.59
Accepted
Date
of
auction
By commitment
period (in months)
Offered
12-18
3-4
Total
12-18
3-4
NOTE.—Annual data are averages of monthly figures. The
F H A 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 F H A series on average contract
interest rates on conventional first mortgages in primary markets
are unweighted and are rounded to the nearest 5 basis points.
T h ; F H L B B effective rate series reflects fees and charges as well
as contract rates (as shown in the table on conventional firstmortgage terms, p. A-37) and an assumed prepayment at end
of 10 years
Implicit yield, by
commitment period
(in months)
Mortgage amounts
In per cent
In millions of dollars
—June
1..
14..
28..
322.4 146.6
638.2 191.2
539.0 262.6
77.1
133.7
191.8
57.8
47.3
60.3
11.6
10.2
10.4
8.05
7.91
7.92
8.15
8.22
8.16
8.22
8.28
July
12..
28..
606.0 241.1
686.2 183.4
161.8
183.3
60.3
58.2
10.4
21.1
7.98
8.07
8.23
8.31
Aug. 25 .
634.6
153.5
153.5
7.97
Sept.
8..
20..
445.2
437.5
188.6
193.0
188.6
193.0
7.88
7.86
18..
4..
365.1
219.8
194.8
103.6
194.8
103.6
7.85
7.83
15.
29.
126.0
145.2
210.6
56.4
102.0
101.1
56.4
102.0
101.1
7.77
7.70
7.66
232.5
222.7
70.2
148.1
70.2
148.1
7.63
7.62
136.9
103.6
72.9
54.9
72.9
54.9
7.61
7.61
Oct.
Dec. 12.
Dec. 27.
1972—Jan. 1 0 . .
Jan. 2 4 . .
8.18
NOTE.—Implicit secondary market yields are gross—before deduction of 38basis-point fee paid for mortgage servicing. They reflect the average accepted bid
yield 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. Beginning Oct. 18, 1971, the
maturity on new short-term commitments was extended f r o m 3 to 4 months.
A 56
CONSUMER CREDIT • FEBRUARY 1972
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Noninstalment
Repair
and modernization
loans 1
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
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
196 5
196 6
196 7
196 8
196 9
197 0
197 1
90,314
97,543
102,132
113,191
122,469
137,237
71,324
77,539
80,926
89,890
98,169
101,161
109,545
28,619
30,556
30,724
34,130
36,602
35,490
38,310
18,565
20,978
22,395
24,899
27,609
29,949
32,447
3,728
3,818
3,789
3,925
4,040
4,110
4.356
20,412
22,187
24,018
26,936
29,918
31,612
34,432
18,990
20,004
21,206
23,301
24,300
25,641
27,692
7,671
7,972
8,428
9,138
9,096
9,484
10,300
6,430
6,686
6,968
7,755
8,234
8,850
9,818
4,889
5,346
5,810
6,408
6,970
7,307
7,574
1970—Dec.
126,802
101,161
35,490
29,949
4,110
31,612
25,641
9,484
8,850
7,307
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
125,077
123,815
123,604
125,047
126,025
127,388
128,354
129,704
130,644
131,606
133,263
137,237
100,101
99,244
99,168
100,028
100,692
101,862
102,848
104,060
104,973
105,763
107,097
109,545
35,004
34,869
35,028
35,496
35,819
36,349
36,763
37,154
37,383
37,759
38,164
38,310
29,575
28,928
28,591
28,682
28,706
28,976
29,165
29,477
29,840
30,072
30,586
32,447
4,067
4,051
4,045
4,077
4,126
4,186
4,240
4,295
4,330
4.357
4,370
4,356
31,455
31,396
31,504
31,773
32,041
32,351
32,680
33,134
33,420
33,575
33,977
34,432
24,976
24,571
24,436
25,019
25,333
25,526
25,506
25,644
25,671
25,843
26,166
27,692
9,480
9,506
9,557
9,676
9,765
9,862
9,854
9,997
10,061
10,097
10,182
10,300
,094
,353
,207
,689
8,004
8,214
8,271
8,305
8,305
8,435
8,634
9,818
7,402
7,712
7,672
7,654
7,564
7,450
7,381
7,342
7,305
7,311
7,350
7,574
126,802
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
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
281
102
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
197 1
71,324
77,539
80,926
89,890
98,169
101,161
109,545
61,533
66,724
69.490
77.457
84,982
87,064
94,086
28,962
31,319
32,700
36,952
40,305
41,895
45,976
24,282
26,091
26,734
29,098
31,734
31,123
32,140
7,324
8,255
8,972
10,178
11,594
12,500
14,191
965
1,059
1,084
1,229
1,349
1,546
1 ,779
9,791
10,815
11,436
12,433
13,187
14,097
15,459
315
277
285
320
336
327
360
9,476
10,538
11,151
12,113
12,851
13,770
15,099
1970—Dec.
101,161
87,064
41,895
31,123
12,500
1,546
14,097
327
13,770
1971—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
100,101
99,244
99,168
100,028
100,692
101,862
102,848
104,060
104,973
105,763
107,097
109,545
86,308
85,910
86,015
86,805
87.491
88,544
89.458
90,536
91,279
91,943
92,901
94,086
41,611
41,446
41,563
42,094
42,482
43,011
43,509
44,112
44,603
44,947
45,396
45,976
30,791
30,511
30,326
30,369
30,441
30,609
30,906
31,098
31,133
31,331
31,643
32,140
12,353
12,351
12,509
12,686
12.874
13,206
13,296
13,570
13,780
13.875
14,052
14,191
1,553
1,602
1,617
1,656
1,694
1,718
1,747
1,756
1,763
1,790
1,810
1,779
13,793
13,334
13,153
13,223
13,201
13,318
13,390
13,524
13,694
13,820
14,196
15,459
324
323
325
330
334
339
344
347
349
354
359
360
13,469
13,011
12,828
12,893
12,867
12,979
13,046
13,177
13,345
13,466
13,837
15,099
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.
123
2
Automobile paper only; other instalment credit held by automobile
dealers is included with "other retail outlets."
See also NOTE to table above,
FEBRUARY 1972 • CONSUMER CREDIT
A 57
INSTALMENT CREDIT HELD BY FINANCE
COMPANIES
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions of dollars)
(In millions of dollars)
Automobile
paper
End of
period
Purchased
Direct
Other
consumer
goods
paper
Total
Repair
and
modernization
loans
Personal
loans
Automobile
paper
End of period
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
197 1
28,962
31,319
32,700
36,952
40,305
41,895
45,976
10,209
11,024
10,927
12,213
12,784
12,433
13,003
5,659
5,956
6,267
7,105
7,620
7,587
8,752
4,166
4,681
5,126
6,060
7,415
8,633
9,805
2,571
2,647
2,629
2,719
2,751
2,760
2,864
6,357
7,011
7,751
8,855
9,735
10,482
11,552
196 5
196 6
196 7
196 8
1969
197 0
197 1
24,282
26,091
26,734
29,098
31,734
31,123
32,140
9,400
9,889
9,538
10,279
11,053
9,941
10,279
4,425
5,171
5,479
5,999
6,514
6,648
6,521
224
191
154
113
106
94
107
10,233
10,840
11,563
12,707
14,061
14,440
15,233
1970—Dec....
41,895
12,433
7,587
8,633
2,760
10,482
1970—Dec.
31,123
9,941
6,648
94
14,440
1971- - J a n . . . . 41,611
F e b . . . . 41,446
41,563
Mar
42,094
Apr
42,482
May...
J u n e . . . 43,011
J u l y . . . 43,509
Aug. . . 44,112
S e p t . . . 44,603
44,947
Oct
N o v . . . 45,396
D e c . . . . 45,976
12,253
12,165
12,147
12,268
12,361
12,484
12,614
12,753
12,831
12,932
13,015
13,003
7,530
7,561
7,667
7,825
7,942
8,098
8,220
8,318
8,380
8,509
8,680
8,752
8,613
8,535
8,499
8,595
8,676
8,821
8,931
9,074
9,235
9,301
9,412
9,805
2,727
2,704
2,692
2,702
2,729
2,765
2,803
2,838
2,860
2.874
2.875
2,864
10,488
10,481
10,558
10,704
10,774
10,843
10,941
11,129
11,297
11,331
11,414
11,552
1971—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
30,791
30,511
30,326
30,369
30,441
30,609
30,906
31,098
31,133
31,331
31,643
32,140
9,754
9,672
9,674
9,781
9,810
9,918
10,037
10,077
10,077
10,177
10,248
10,279
6,605
6,493
6,363
6,280
6,236
6,224
6,230
6,249
6,268
6,306
6,325
6,521
93
93
93
98
14,339
14,253
14,196
14,210
14,295
14,366
14,538
14,669
14,684
14,743
14,964
15,233
See NOTE to first table on preceding page.
100
101
101
103
104
105
106
107
NOTE.—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies.
NONINSTALMENT CREDIT
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL LENDERS
(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
Service
credit
Total
End of period
Commercial
banks
Other
financial
institutions
Retail
outlets
Credit
cards1
1939
1941
1945
150
213
121
27
47
16
5
9
4
12
11
10
106
146
91
1950
1955
1960
692
1,959
4,566
159
560
1,460
40
130
297
102
313
775
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
1965
1966
1967
1968
1969
1970
1971
8,289
9,314
10,056
11,407
12,943
14,046
15,970
3,036
3,410
3,707
4,213
4,809
5,202
5,916
498
588
639
727
829
898
1,022
933
980
1,006
1,093
1,183
1,256
1,385
3,822
4,336
4,704
5,374
6,122
6,690
7,647
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
1970—Dec
14,046
5,202
898
1,256
6,690
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
13,906
13,953
14,126
14,342
14,568
14,924
15,043
15,326
15,543
15,665
15,862
15,970
5,143
5,148
5,215
5,292
5,372
5,510
5,548
5,659
5,746
5,787
5,862
5,916
888
889
901
914
927
952
958
977
992
999
1,012
1,022
1,247
1,254
1,260
1,277
1,297
1,320
1,336
1,354
1,366
1,378
1,389
1,385
6,628
6,662
6,750
6,859
6,972
7,142
7,201
7,336
7,439
7,501
7,599
7,647
196 5
196 6
196 7
196 8
196 9
197 0
197 1
18,990
20,004
21,206
23,301
24,300
25,641
27,692
6,690
6,946
7,340
7,975
7,900
8,205
8,916
981
1,026
1,088
1,163
1,196
1,279
1,384
5,724
5,812
5,939
6,450
6,650
6,932
7,597
706
874
1,029
1,305
1,584
1,918
2,221
4,889
5,346
5,810
6,408
6,970
7,307
7,574
1970—Dec....
25,641
8,205
1 ,279
6,932
1,918
7,307
1971—J a n . . . .
Feb.. . .
Mar
Apr
May...
June...
July. . .
Aug. . .
Sept.. .
Oct
Nov.. .
Dec....
24,976
24,571
24,436
25,019
25,333
25,526
25,506
25,644
25,671
25,843
26,166
27,692
8,196
8,205
8,249
8,350
8,425
8,512
8,498
8,633
8,694
8,722
8,795
8,916
1,284
1,301
1,308
1,326
1,340
1,350
1,356
1,364
1,367
1,375
1,387
1,384
6,144
5,435
5,316
5,774
6,046
6,199
6,173
6,120
6,101
6,269
6,482
7,597
1,950
1,918
1,891
1,915
1,958
2,015
2,098
2,185
2,204
2,166
2,152
2,221
7,402
7,712
7,672
7,654
7,564
7,450
7,381
7,342
7,305
7,311
7,350
7,574
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 58
CONSUMER CREDIT • FEBRUARY
1972
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.1
N.S.A.
S.A. 1
N.S.A.
Other consumer
goods paper
S.A. 1
N.S.A.
Repair and
modernization loans
S.A.1
N.S.A.
Personal loans
S.A.i
N.S.A.
Extensions
78,586
82,335
84,693
97,053
102,888
104,130
117,638
1965
1966
1967
1968
1969
1970
1971
27,227
27,341
26,667
31,424
32,354
29,831
34,638
22,750
25,591
26,952
30,593
33,079
36,781
40,979
2,266
2,200
2,113
2,268
2,278
2,145
2,550
26,343
27,203
28,961
32,768
35,177
35,373
39,471
1970—De c
8,536
10,194
2,170
2,045
3,281
4,562
177
149
2,908
3,438
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,916
9,081
9,533
9,751
9,690
9,715
9,675
10,049
10,156
10,031
10,572
10,130
7,545
7,489
9,575
10,079
9,562
10,667
10,098
10,300
9,849
9,797
10,711
11,966
2,461
2,687
2,897
2,872
2,756
2,838
2,773
3,004
3,147
2,992
3,162
2,973
1,997
2,336
3,074
3,100
2,883
3,301
3,032
3,066
2,927
3,037
3,105
2,780
3,252
3,204
3,210
3,415
3,295
3,433
3,399
3,465
3,462
3,467
3,595
3,604
2,868
2,431
3,076
3,363
3,148
3,538
3,415
3,465
3,454
3,423
3,737
5,061
177
197
209
205
200
224
218
222
227
229
214
217
122
155
197
219
235
263
248
253
237
225
215
181
3,026
2,993
3,217
3,259
3,439
3,220
3,285
3,358
3,320
3,343
3,601
3,336
2,558
2,567
3,228
3,397
3,296
3,565
3,403
3,516
3,231
3,112
3,654
3,944
Repayments
1965
1966
1967
1968
1969
1970
1971
69,957
76,120
81,306
88,089
94,609
101,138
109,254
1970—De c
8,515
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,829
8,979
9,038
9,088
9,197
9,190
8,914
9,222
9,157
9,107
9,306
9,230
23,543
25,404
26,499
28,018
29,882
30,943
31,818
20,518
23,178
25,535
28,089
30,369
34,441
38,481
2,116
2,110
2,142
2,132
2,163
2,075
2,304
23,780
25,428
27,130
29,850
32,195
33,679
36,651
8,823
2,618
2,566
2,945
2,991
175
172
2,777
3,094
8,605
8,346
9,651
9,219
8,898
9,497
9,112
9,088
8,936
9,007
9,377
9,518
2,623
2,636
2.696
2,566
2,640
2,678
2,565
2.697
2,732
2,634
2,662
2,696
2,483
2,471
2,915
2,632
2,560
2,771
2,618
2,675
2,698
2,661
2,700
2,634
3,145
3,212
3,164
3,249
3,211
3,233
3,203
3,262
3,172
3,219
3,254
3,188
3,242
3,078
3,413
3,272
3,124
3,268
3,226
3,153
3,091
3,191
3,223
3,200
175
188
196
184
188
192
188
196
199
197
199
198
165
171
203
187
186
203
194
198
202
198
202
195
2,886
2,943
2,982
3,089
3,158
3,087
2,958
3,067
3,054
3,057
3,191
3,148
2,715
2,626
3,120
3,128
3,028
3,255
3,074
3,062
2,945
2,957
3,252
3,489
Net change in credit outstanding 2
1965
1966
1967
1968
1969
1970
1971
1970—De c
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,629
6,215
3,387
8,964
8,279
2,992
8,384
3,684
1,937
168
3,406
2,472
-1,112
2,820
150
90
-29
136
115
70
246
2,563
1,775
1,831
2,918
2,982
1,694
2,820
21
1,371
-448
-521
336
1,571
2
-23
131
344
87
102
495
663
493
525
761
827
999
924
1,266
900
-1,060
-857
-76
860
664
1,170
986
1,212
913
790
1,334
2,448
-162
51
201
306
116
160
208
307
415
358
500
277
-486
-135
159
468
323
530
414
391
229
376
405
146
107
-8
46
166
84
200
196
203
290
248
341
416
-374
-647
-337
91
24
270
189
312
363
232
514
1,861
2
9
13
21
12
32
30
26
28
32
15
19
-43
-16
-6
32
49
60
54
55
35
27
13
-14
140
50
235
170
281
133
327
291
266
286
410
188
-157
-59
108
269
268
310
329
454
286
155
402
455
1
Includes adjustments f o r differences in trading days.
2
Net changes in credit outstanding are equal to extensions less
repayments.
NOTE.—Estimates are based on accounting records and often
include financing charges. Renewals and refinancing of loans.
2,232
2,413
1,417
2,504
2,710
2,340
2,498
purchases and sales of instalment paper, and certain other transactions may increase the a m o u n t of extensions and repayments
without affecting the amount outstanding.
F o r back figures and description of the data, see " C o n s u m e r
C r e d i t , " Section 16 ( N e w ) of Supplement
to Banking and
Monetary
Statistics,
1 9 6 5 , 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 .
FEBRUARY 1972 • CONSUMER CREDIT
A 59
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Commercial banks
Total
Other financial
lenders
Finance companies
Retail outlets
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
1971
78,586
82,335
84,693
97,053
102,888
104,130
117,638
25,192
25,406
25,496
28,836
30,854
29,662
32,036
29,528
30,073
30,850
36,332
38,533
39,136
45,099
9,436
10,362
10,911
12,850
14,245
14,619
17,312
14,430
16,494
17,436
19,035
19,256
20,713
23,191
1970—De c
8,536
10,194
3,326
3,390
2,240
2,795
1,187
1,206
1,783
2,803
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,916
9,081
9,533
9,751
9,690
9,715
9,675
10,049
10,156
10,031
10,572
10,130
7,545
7,489
9,575
10,079
9,562
10,667
10,098
10,300
9,849
9,797
10,711
11,966
3,338
3,478
3,646
3,676
3,600
3,806
3,644
3,919
3,989
3,832
4,140
3,939
2,885
2,988
3,783
3,948
3,671
4,207
3,917
4,062
3,932
3,752
3,931
4,023
2,411
2,513
2,681
2,624
2,798
2,490
2,676
2,699
2,718
2,733
2,853
2,760
1,961
2,121
2,686
2,672
2,655
2,832
2,791
2,729
2,549
2,655
3,015
3,370
1,288
1,282
1,394
1,475
1,441
1,513
1,423
1,452
1,488
1,490
1,564
1,454
1,055
1,117
1,418
1,552
1,493
1,724
1,506
1,582
1,439
1,414
1,535
1,477
1,879
1,808
1,812
1,976
1,851
1,906
1,932
1,979
1,961
1.976
2,015
1.977
1,644
1,263
1,688
1,907
1,743
1,904
1,884
1,927
1,929
1,976
2,230
3,096
Repayments
1965
1966
1967
1968
1969
1970
1971
25,663
27,716
29,469
32,080
35,180
37,961
41,018
69,957
76,120
81,306
88,089
94,609
101,138
109,254
8,310
9.337
10,169
11,499
12,709
13,516
15,388
22,551
23,597
24,853
26,472
28,218
29,858
31,019
13,433
15,470
16,815
18,038
18,502
19,803
21,829
1970—De c
8,515
8,823
3,262
3,235
2,465
2,753
1,113
1,159
1,675
1,676
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,829
8,979
9,038
9,088
9,197
9,190
8,914
9,222
9,157
9,107
9,306
9,230
8,605
8,346
9,651
9,219
8,898
9,497
9,112
9,088
8,936
9,007
9,377
9,518
3,385
3,369
3,387
3,332
3,375
3,541
3,351
3,456
3,460
3,439
3,470
3,451
3,169
3,153
3,666
3,417
3,283
3,678
3,419
3,459
3,441
3,408
3,482
3,443
2,486
2,656
2,674
2,580
2,698
2,550
2,485
2,590
2,614
2,495
2,579
2,596
2,293
2,401
2,871
2,629
2,583
2,664
2,494
2,537
2,514
2,457
2,703
2,873
1,199
1,186
1 ,207
1,315
1,323
1,299
1,293
1,288
1,266
1,319
1,360
1 ,324
1,195
1,070
1,245
1,336
1,267
1.368
1,387
1,299
1,222
1,292
1.338
1.369
1,759
1,768
1,770
1,861
1,801
1,800
1,785
1,888
1,817
1,854
1,897
1,859
1,948
1,722
1,869
1,837
1,765
1,787
1,812
1,793
1,759
1,850
1,854
1 ,833
Net change in credit outstanding
1965
1966
1967
1968
1969
1970
1971
8,629
6,215
3,387
8,964
8,279
2,992
8,384
2
997
1,024
621
997
754
910
1,362
1,126
1,025
742
1,351
1,536
1,103
1,924
2,641
1,809
643
2,364
2,636
-611
1,017
3,865
2,357
1,381
4,252
3,353
1,590
4,081
1970—De c
21
1,371
64
155
-225
42
74
47
108
1,127
1971—Ja n
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
87
102
495
663
493
525
761
827
999
924
1,266
900
-1,060
-857
-76
860
664
1,170
986
1,212
913
790
1,334
2,448
-47
109
259
344
225
265
293
463
529
393
670
488
-284
-165
117
531
388
529
498
603
491
344
449
580
-75
-143
7
44
100
-60
191
109
104
238
274
164
-332
-280
-185
43
72
168
297
192
35
198
312
497
89
96
187
160
118
214
130
164
222
171
204
130
-140
47
173
216
226
356
119
283
217
122
197
108
120
40
42
115
50
106
147
91
144
122
118
118
-304
-459
-181
70
-22
117
72
134
170
126
376
1,263
1
2
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
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-56.
A
6 0
INDUSTRIAL
PRODUCTION:
S.A.
•
MARKET
FEBRUARY
1 9 7 2
GROUPINGS
(1967 = 100)
1967
proportion
Grouping
1970
1970
average*
100.00 106.7
Total index
1971
Dec.
Jan.
Feb.
Mar.
104.6
105.3
105.7
105.5
Apr.
May
106.2
June
July
Aug.
Sept.
106.2
Oct.
107.0
107.2
106.1
105.3
62.21
48.95
28.53
20.42
13.26
37.79
106.0
104.4
110.3
96.2
111.9
107.8
104.2
102.2
104.6
102.9
110.8 112.8
90.3
88.9
112.1 110.9
105.4 106.5
105.0 104.5
103.0 102.5
112.9 112.7
89.3
88.4
112.5 112.0
106.8 107.1
105.5 105.9
103.6 103.9
114.6 115.7
87.8
88.1
112.4 113.5
107.5 108.9
106.1
104.5
116.1
88.2
112.4
109.0
106
104
116
89
113
105
106.2 106.
105.0 104.
116.0 115,
90.
89.6
110.7 112.
104.0 106.
Durable consumer goods
Automotive products
Autos
Auto parts and allied g o o d s . . . ,
7.86
2.84
1.87
.97
104.8
99.9
86.6
125.6
102.9
100.0
88.6
122.2
108.1
110.9
104.1
124.1
110.6 111.6
117.8 117.8
112.8 112.2
127.4 128.6
112.2 117.2 116.1
113.7 123.1 121.2
103.2 108.3 107.9
133.9 151.4 146.8
115.8
120.1
107.9
143.6
115.8 113.6 115.3
121.1 118.0 1 1 9 . 6
108.5 108.0 1 0 7 .
145.2 1 5 3 . 4 1 4 2 . 2
Home goods
Appliances, TV, and radios
Appliances and A/C
TV and home audio
Carpeting and furniture
Misc. home goods
5.02 107.6
1.41 103.4
.92 122.1
.49
68.2
1.08 108.4
2 . 5 3 109.7
104.6
104.5
120.6
74.3
106.3
104.1
106.5 106.5
104.9 102.5
122.6 117.6
71.8
74.0
106.4 110.1
107.5 107.5
113.3 113.5
116.9 115.0
129.3 126.0
93.9
94.5
113.6 114.8
111.2 112.0
112.9 111.1 112.9
112.1 1 0 5 . 7 1 1 0 . 7
128.0 1 2 1 . 7 1 3 1 . 1
82.4 7 5 . 6
72.6
114.7 116.1 1 1 5 . 3
112.5 112.1 1 1 3 . 1
116.1
101.9
119.9
113.5
116.1
102.4
119.
112.0
116.1
100.3
120.2
112.6
Products, total
Final products
Consumer goods
Equipment
Intermediate products
Materials
106.4
106.9
105.3
116.9
89.0
113.0
105.6
Consumer goods
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and t o b a c c o . .
N o n f o o d staples
Consumer chemical products
Consumer paper products
Consumer fuel and lighting. ,
Residential utilities
108.2
107.9
124.9
76.1
108.3
108.1
111.4 113.9
116.4 120.7
126.0 132.
99.4
98.6
110.7 111.7
111.1
109.0
20.67 112.5 113.8 114.6 113.8 113.1 115.5 115.1
4 . 3 2 101.2 99.1
97.3
99.7
96.9 101.0 102.6
16.34 115.4 117.7 118.5 118.1 117.4 119.4 118.5
8.37 110.6 112.8 114.0 112.6 111.8 112.7 113.2
115.6
117.5
102.5
119.1
110.4
103.5
121.2
113.9
128.2
7.98
2.64
1.91
3.43
2.25
120.4
126.1
103.9
125.2
131.3
122.9
132.5
102.6
126.9
131.9
123.2
131.8
104.4
127.0
132.0
123.9 123.2
131.8 131.6
104.6 103.0
128.9 127.9
135.2 133.2
126.4
134.0
108.2
130.5
136.4
124.2
133.2
105.0
128.0
135.1
126.5
130.9
109.9
132.5
140.6
128.0
133.1
106.9
135.9
145.1
128.4
133.
106.2
137.2
146.2
12.74
6.77
1.45
3.85
1.47
101.1
98.8
95.9
91.9
119.9
95.6
94.0
93.6
84.2
119.8
94.2
91.5
90.6
82.9
115.0
96.0
93.4
94.3
82.2
121.7
95.0
92.4
92.4
81.3
121.5
95.1
92.4
91.2
82.1
120.5
94.4
90.9
91.5
79.5
120.2
95.0
90.9
88.8
80.1
121.3
96.3
91.8
88.9
81.1
122.7
96.8
92.0
96.4
79.9
119.7
5.97
3.30
2.00
.67
103.7
110.6
94.4
97.7
97.9
105.3
87.4
92.4
97.2
105.5
88.6
82.0
99.0
107.0
89.1
98.0
106.6
87.2
88.0
98.2
107.1
87.3
86.6
98.4
107.6
87.3
86.6
99.6
107.6
90.5
87.7
101.5
109.9
88.4
99.9
102.2
109.9
90.2
100.0
7.68
5.15
87.9
89.7
81.2
82.9
80.0
82.6
78.1
80.4
77.5
79.8
76.5
79.1
76.9
79.5
77.1
80.5
77.7
81.4
77.9
82.2
77.7
75.1
82.3
79.0
110.6 112.5
113.0 111.9
111.1
110.8
111.9
113.1
112.6
111.4
113.4 115.5
111.6 111.9
113.5
111.6
115.3
112.7
109.4
111.7
111.3
113.4
112.7
113.4
99.4
95.8
86.6
107.5
101.5
99.4
88.4
109.0
101.6 101.9
101.4 103.2
87.6
86.4
108.8 109.2
102.2
102
86.0
110.2
103.0
104.
87.
110.2
98.7
98.8
87.0
104.6
94.9
100.4
82.1
99.0
98.7
100.4
100.7
133.5
109.2
134.7
144.2
128.9
131.7
110.3
137.1
147.0
97.8
97.4
92.4
96.6
80.5
119.5
92.6
95.5
81.1
119.7
103.8
102.8
Equipment
Business equipment
Industrial equipment
Building and mining equip.
Manufacturing equipment
Power equipment
..
Commercial, transit, farm e q * . . .
Commercial equipment
Transit equipment
Farm equipment
Defense and space equipment
Military products
112.0
90.2
103.9
111.0
90.4
99.5
Intermediate products
Construction products
5.93
7.34
Misc. intermediate products
Materials
Durable goods materials
Consumer durable parts
Equipment parts
Durable materials nec
Nondurable goods materials
Textile, paper, and chem. mat
Nondurable materials n.e.c
Fuel and power, industrial
Supplementary groups
H o m e goods and clothing
Containers
20.91
4.75
5.41
10.75
103.4
96.5
95.1
110.5
13.99
8.58
5.41
2.89
112.5 112.1 111.7
113.0 111.8 111.2
111.5 112.7 112.5
117.0 117.6 117.8
9.34
1.82
104.8
105.1
88.9
112.8
86.0
104.1
101.8
86.9
106.6
111.7
112.7
118.6
112.0
111.9
112.3
121.1
112.7 112.8 115.5
113.2 113.7 117.5
111
111.3 112.0
121.0 119.7 121.1
112.3
113.4
110.5
119.7
114.8 114.7 114.6
117.8 1 1 8 . 8 1 1 8 . 8
109.9 108.2 1 0 8 . 3
117.2 1 1 9 . 3
99.4
102.3
119.6
102.9
108.1
106.6
113.5
108.7
117.8
108.0
115.5
108.3
118.2
107.
117.2
107.1
115.0
108.5
390.2
391.6
392.6
395.2
393.0
392.8
395.3
300.4
301.3
303.2
214.
88.5
89.6
304.6
216.4
88.1
90.8
305.4
215.5
90.1
87.7
302.9
305.2
215.7
89.4
90.1
112.1
104.7
119.5
102.0 103.4
117.4 119.2
386.8
380.9
386.2
388.6
385.9
298.0
292.1
297.7
209.1
88.7
88.4
298.5
209.5
89.2
89.9
297.4
209.6
87.9
88.5
116.8
Gross value of products
in market structure
(In billions of 1963 dollars)
Products, total
Final products
Consumer g o o d s . . . .
Equipment
Intermediate products.
202.6 2 0 3 . 3
95.5
89.0
88.7
89.0
212.6 2 1 3 . 4
87.9
89.3
87.6
90.2
F o r NOTE see p . A - 6 3 .
* Referred to as "nonindustrial equipment" in the article published in the July 1971 BULLETIN, pp. 551-76.
212.1
90.7
89.7
Nov.
Dec.*
FEBRUARY 1972 • INDUSTRIAL PRODUCTION: S.A.
A 61
INDUSTRY GROUPINGS
(1967 =
100)
1971
1970
1967
proportion
1970
average*>
88.55
52.33
36.22
11.45
6.37
5.08
105.2 102.4
101.5
97.3
110.6 110.0
118.0 120.1
109.7 112.1
128.5 130.2
Primary and fabricated metals
Primary metals
Iron and steel, subtotal
Fabricated metal products
12.55
6.61
4.23
5.94
108.1
106.9
105.3
109.4
105.1 106.8
104.3 108.1
101.4 106.9
106.2 105.4
106.0
105.5
104.8
106.6
105.8 108.6 111.5
106.6 108.7 114.3
105.2 109.1 112.9
104.9 108.5 108.5
108.3
108.1
105.3
108.5
Machinery and allied goods
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
M o t o r vehicles and parts
Aerospace and misc. trans, e q . . .
Instruments
Ordnance, private and Govt
32.44
17.39
9.17
8.22
9.29
4.56
4.73
2.07
3.69
97.6
100.5
99.6
101.4
90.3
96.9
83.9
110.8
95.3
92.4
94.8
92.4
97.4
86.8
98.5
75.8
104.9
88.5
93.0
93.4
90.1
97.1
91.1
107.7
75.2
106.5
87.9
93.5
94.2
92.3
96.3
92.6
113.0
72.9
105.3
85.5
93.0
94.0
91.1
97.1
91.3
112.2
71.2
105.5
85.7
93.8
95.3
90.9
100.2
90.9
110.2
72.3
108.0
86.0
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
4.44
1.65
2.79
106.3
106.3
106.3
107.5
106.8
107.9
106.9
109.7
105.3
109.8
110.8
109.2
110.8 113.0
110.3 112.5
111.1 113.3
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
2.90
1.38
1.52
108.8
99.4
117.3
104.9
95.5
113.4
105.2
94.2
115.2
107.1
96.0
117.2
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
6.90
2.69
3.33
.88
100.2
106.3
97.8
90.8
97.1
103.3
94.9
86.7
98.6
103.1
97.4
89.5
98.0
105.4
94.5
89.0
97.3
105.3
94.0
85.4
Paper and printing
Paper and products
Printing and publishing
7.92
3.18
4.74
107.8
113.3
104.1
105.0
110.6
101.2
107.1
116.9
100.5
108.1
116.0
102.8
104.6
111.0
100.2
11.92
7.86
1.80
2.26
118.2
120.2
112.6
115.7
118.9
121.2
118.1
111.8
118.2
119.3
117.2
115.5
120.9
121.7
117.1
120.6
9.48
8.81
.67
110.8
111.7
100.0
112.5
113.5
99.5
113.9
114.6
106.6
113.1
114.1
100.1
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.26
.51
.75
112.0
131.3
98.8
116.4 113.6
144.7 140.1
97.3
95.6
Coal, oil, and gas
Coal
Oil and gas extraction
5.11
.69
4.42
109.2
105.8
109.7
111.0
103.6
112.3
110.6
112.3
110.3
109.3
108.8
109.3
111.4 111.4
116.2 115.5
110.6 114.3
109.6
110.2
109.6
3.91
1.17
130.8
121.0
132.5
122.4
131.5
123.0
134.9
123.6
133.6
124.3
133.8
Grouping
Manufacturing
Durable
Nondurable
Mining and utilities
Mining
Utilities
Dec.
Jan.
Oct.
Nov.
104.9 103.6 104.9
98.5
96.6
99.4
113.0 113.8 114.2
120.3 120.0 120.3
105.7 106.5 106.0
138.7 137.0 138.4
105.4
99.1
114.6
116.1
97.7
139.3
105.2
98.0
115.8
118.7
102.0
139.6
105.7
98.4
116.5
120.5
107.3
137.1
104.2
98.2
99.0
110.8
93.8
81.0
66.2
108.0
99.5
93.9
85.9
105.7
100.9
95.7
88.7
106.9
98.7
91.4
81.9
106.8
101.1
94.7
85.4
108.2
94.4
95.2
91.6
99.2
91.7
111.7
72.4
108.5
88.8
94.7
97.4
94.9
100.2
88.5
106.7
71.0
110.9
88.8
94.5
95.6
94.1
97.3
91.1
111.6
71.5
109.1
90.0
95.2
96.3
95.0
97.8
91.7
111.8
72.4
110.5
90.2
95.3
97.0
95.3
98.9
92.4
112.9
72.6
111.2
85.6
94.5
96.3
93.3
99.6
91 .2
112.5
70.7
110.2
85.1
94.2
96.3
93.8
99.1
90.8
113.3
69.2
109.6
84.6
112.3 111.0
110.0 111.0
113.7 111.1
111.2
115.4
108.7
110.4 111 .1
113.1 113.9
108.8 109.4
112.7
117.3
109.9
113.0
117.9
110.1
113.3
117.8
110.6
105.6 109.5 109.9
97.6
95.0 98.7
115.4 119.3 121.2
111.3
100.9
120.7
113.5
99.9
126.1
111.3
99.6
122.0
112.0
100.8
122.2
112.1
100.3
122.6
111.5
101.6
120.5
111.4
100.5
121.4
99.8
106.3
97.3
89.9
101.5
107.5
99.7
89.8
102.4
109.1
97.1
89.3
100.2
108.5
97.0
86.7
100.1
110.5
96.0
84.1
102.5
111.0
99.5
87.6
102.2
110.1
100.0
87.2
101.1
109.6
99.1
82.9
102.7
111.5
106.9
114.4
101.8
106.9 106.0
115.1 113.4
101.4 101.0
106.8
115.5
101.0
108.2
117.8
101.7
108.3
116.4
102.9
109.0
116.1
104.3
110.7
119.8
104.4
110.9
120.1
104.8
120.5 122.4
121.0 123.4
116.3 115.8
122.7 124.5
124.2
123.7
112.7
127.2
125.3
126.8
115.0
129.1
124.0
125.0
114.8
128.0
126.2
127.6
115.8
129.9
127.3
129.7
113.7
129.6
126.5
128.2
115.7
129.0
127.8
130.8
116.0
127.6
128.8
131.0
119.8
128.2
112.2
113.8
90.3
112.9
114.1
96.9
113.6
114.6
100.3
113.7
115.4
92.1
113.8
115.2
96.6
112.8
114.0
98.2
111.1
111.9
100.3
113.2
114.3
98.5
116.0
117.2
98.2
116.0
117.3
113.6 111.6
139.0 135.1
96.3
95.6
106.5
124.7
94.2
104.6 104.9
122.6 117.3
92.4
96.4
91.6
93.5
90.2
96.8
104.8
91.4
98.1
109.7
90.1
102.0 110.6
117.1 135.5
91 .7 9 3 . 6
109.3
134.4
92.2
109.9
109.4
110.0
109.2
109.4
109.2
108.9
109.4
108.8
108.0
109.7
107.7
96.7
29.1
107.3
99.9
55.2
106.9
106.8
109.1
106.4
138.3
142.0
139.7
141.5
142.3
142.3
138.8
Feb.
103.3 103.9
98.6
98.1
110.9 111.7
119.3 119.9
111.1 110.1
129.6 132.2
Mar.
Apr.
May
June
103.2 104.4 105.7 105.6
9 8 . 3 9 9 . 1 100.5 100.1
110.4 112.1 113.3 113.7
120.2 120.6 119.0 120.7
111.4 110.4 108.6 108.9
131.5 133.2 132.1 135.6
July
Aug.
Sept.
Dec.P
Durable manufactures
92.7
94.2
91.4
97.4
89.5
108.4
71.4
106.7
85.2
Nondurable manufactures
Chemicals, petroleum, and
rubber....
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco products
86.4
Mining
Utilities
Electric
F o r NOTE s e e p . A - 6 3 .
135.5
A 62
INDUSTRIAL PRODUCTION: N.S.A. • FEBRUARY 1972
MARKET
GROUPINGS
(1967 = 100)
Grouping
1967
proportion
1970
1970
average*>
Dec.
1971
Jan.
Feb.
100.00 106.7 102.0 103.2 106.
Total index
Products, total
Final products
Consumer goods
Equipment
Intermediate products
Materials
62.21
48.95
28.53
20.42
13.26
37.79
Mar.
Apr.
May
June
106.0 106.5 107.3 109.7
July
Aug.
Sept.
Oct.
102.1 105.5 109.8 109.8
106.0 100.7 101.8 104.7 104.5 105.0 105.1 109.0 103.9 107.5
104.4
98.9 101.0 103.
103.0 102.9 102.7 107.2 101.6 105.6
110.3 105.4 110.3 113.2 112.9 113.6 113.5 119.3 111.9 118.4
96.2 89.8 88.1 89.6 89.1
88.0 87.6 90.4 87
87.6
111.9 107.3 104.7 109.5 110.2 112.6 113.8 115.5 112.4 114.5
107.8 104.1 105.4 108.3 108.4 109.0 110.8 110.9 99,2 102.3
111.7 111.2
110.0 109.3
122.9
123
91.8 90.3
118.1
118
106.8 107.6
Consumer goods
Durable consumer goods
Automotive products
Autos
Auto parts and allied g o o d s . . . .
7.86 104.8 100.8
2.84 99.9 100.0
1.87 86.6 92.4
.97 125.6 114.6
107.3
115.6
113.5
119.6
113.8
125.1
124.1
127.0
114.8
125.3
123.4
128.9
114.7
121.9
112.5
139.9
117.3
127.2
120.2
140.8
120.5 101.9 108.6
130.5 94.9 102.0
120.8 69.4 76.5
149.0 144.0 151.0
121.5
128.6
112.0
160.5
Home goods
Appliances, TV, and radios
Appliances and A/C
TV and home audio
Carpeting and furniture
Misc. home goods
5.02
1.41
.92
.49
1.08
2.53
107.6
103.4
122.1
68.2
108.4
109.7
102.6 107.4
102.5 108.9
120.1 124.7
69.5 79.3
108.0 114.7
100.4 103.4
108.8
113.6
133.6
76.2
111.4
105.1
110.7
116.1
133.1
84.3
111.1
107.5
111.7
117.1
132.2
88.8
108.6
110.0
114.9 105.8
117.3 102.5
136.1 122.3
81.9 65.4
112.6 97.9
114.4 111.0
117.5 120.0
113.4 125.3
128.0 142.8
86.2 92.5
119.5 116.6
118.9 118.5
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco..
20.67
4.32
16.34
8.37
112.5
Nonfood staples
Consumer chemical products
Consumer paper products
Consumer fuel and lighting. ,
Residential utilities
7.98
2.64
1.91
3.43
2.25
101.3
90.9
100.3
73.2
108.6
103.9
112.4
104
114.4
84.8
114.9
116.0
125.7
135.8
124.0
158.6
107.1 111.4 113.0
85.5 95.0 102.0
115.4 112.8 115.7 115.9
110.6 106.6 1 0 8 . 1 108.5
112.2 113.2
102.5 102.6
114.8 116.0
108.7 110.0
112.1 118.8 115.7 122.1 123.7
101.4 105.5 93.6 105.6 107.0
114.9 122.3 121.6 126.5 128.1
110.8 116.6 112.6 118.6 120.0
121.8
110.7
124.7
120.5
120.4 119.3 123.7
126.1 123.2 123.9
103.9 97.4 99.6
125.2 120.3 137.0
131.3 132.7 146.7
121.2
125.7
100.1
129.6
137.1
119.1
132.4
102.0
118.4
122.3
129.2
139.1
113.9
130.0
136.6
101.2
123.7
125.7
101.8
134.3
143.0
122.3
131.2
107.1
123.8
129.2
128.3
142.2
110.2
127.6
132.4
131.2
131.8
109.6
142.7
154.4
134.7
139.4
113.9
142.6
153.2
136.5
145.2
116.0
141.2
153.0
Equipment
Business equipment
Industrial equipment
Building and mining equip.
Manufacturing e q u i p m e n t . . . .
Power equipment
Commercial, transit, farm eq.*. .
Commercial equipment
Transit equipment
Farm equipment
Defense and space equipment
Military products
12.74 101.1 94.3
6.77 98.8 93.2
1.45 95.9 95.3
3.85 91.9 83.5
1.47 119.9 116.3
92.7
90.8
89.8
81.9
115.1
96.6
96.0
93.9 92.8
93.3 90.3
84.3 82.9
119.6 120.9
95.3
94.2
98.0
99.4
93.3
93.9 100.3
92.4 90.3 92.6 90.4 90.1
94.9 94.3
91.7 90.9 91.6 87.0 90.5 98.2 97.0
82.0 79.1
81.5 79.3 78.5
83.3 81.9
120.3 119.2 122.6 122.7 119.8 122.0 124.0
5.97 103.7 95.6 94.8 99.7 99.7
3.30 110.6 103.4 101.8 105.3 104.7
91.5 91.0
2.00 94.4 85.2 87.1
.67 97.7 88.0 83.4 96.7 100.9
98.5 98.6 104.2 96.6 98.3 106.5 105.2
105.3 106.0 112.4 112.6 110.7 115.6 112.0
88.9 89.0 93.8 75.
82.6 92.3 95.3
93.7 90.9 94.3 81.7
83.8 103.7 101.2
7.68
5.15
87.9
89.7
82.3
82.9
80.5
82.8
78.1
80.3
77.7
80.1
76.0
78.9
76.7
79.7
77.8
81.8
76.7
80.
77.1
81.6
77.8
82.2
75.2
78.7
Intermediate products
Construction products
5.93 110.6 105.4 103.3 109.9 111.6 115.8
110.0
7.34 113.0 108.8 105.8 109.
109.
118.0 118.6 112.3 111.9 115.9 117.5
110.4 113.0 112.4 116.6 119.8 118.6
Misc. intermediate products
Materials
Durable goods materials
Consumer durable parts
Equipment parts
Durable materials n.e.c
Nondurable goods materials
Textile, paper,and chem. m a t . . . .
Nondurable materials n.e.c
Fuel and power, industrial
Supplementary groups
Home goods and clothing
Containers
20.91 103.4
4.75 96.5
5.41 95
10.75 110.5
98.0
99.
103.2 104.2 104.1 107.2 106.3
100.4 102.9 104.6 104.5 102.0 106.4 104.5
86.7 87.8 88.9 89.0 87.0 89.4 89.4
102.7 104.4 109.8 111.8 113.7 116.6 115.6
13.99 112.5
8.58 113.0
5.41 111.5
2.89 117.0
110.0
108.3
112.7
119.5
110.9
110.4
111.6
119.9
113.3
114.3
111 .6
120.5
112.0
112.8
110.8
121.9
113.7
115.6
110.8
121.4
114.3
116.0
111.6
119.5
115.8
118.0
112.4
120.4
92.1
88.3
81.7
99.1
92.0
92.0
107.2
106.5
108.2
111.4
114.5
116.9
110.6
117.7
114.8 117.4
118.7 121.3
108.6
118.3
111.2
98.5
9.34 104.7 94.0 99.1 104.9 105.9 106.9 106.9 110.6 100.2 109.3 112.6 115.7
1.82 119.5 108.6 112.6 119.2 108. 113.8 119.6 119.1 113.0 121.2 120 123.5
F o r NOTE s e e p . A - 6 3 .
* Referred to as "Nonindustrial equipment" in the article published in the July 1971 BULLETIN, pp. 551-76.
99.9 102.3
100.1 104.2
86.9 86.6
98.0 106.3 109.4
80.1
Nov.
Dec."
FEBRUARY 1972 • INDUSTRIAL PRODUCTION: N.S.A.
A 63
INDUSTRY GROUPINGS
( 1 9 6 7 = 100)
1971
1967
proportion
1970
average*>
Dec.
88.55
52.33
36.22
11.45
6.37
5.08
105.2
101.5
110.6
118.0
109.7
128.5
99.7 100.9
96.8
95.9
105.2 106.8
119.5 120.6
112.0 108.7
128.9 135.6
12.55
6.61
4.23
5.94
108.1 102.2
106.9 9 9 . 0
105.3 9 6 . 4
109.4 105.8
105.7
106.6
105.2
104.7
110.0
111.6
110.7
108.2
111.0
115.2
114.3
106.3
112.0
115.8
117.1
107.7
114.6
119.8
119.1
108.8
97.6
Machinery and allied goods
32.44
91.9
Machinery
17.39 100.5
92.6
99.6
90.4
Nonelectrical machinery
9.17
8 22 101.4 9 5 . 0
Electrical machinery
90.3
9.29
Transportation equipment
88.9
4.56
M o t o r vehicles and parts
9 6 . 9 102.0
4.73
76.3
Aerospace and misc. trans, eq. . .
83.9
2 . 0 7 110.8 104.8
Instruments
3.69 9 5 . 3
Ordnance, private and Govt
88.9
92.8
92.4
88.9
96.3
93.1
112.9
74.1
103.4
88.4
95.1
96.0
94.3
97.8
95.4
118.9
72.8
102.2
86.3
94.9
95.8
93.6
98.3
94.6
117.7
72.3
103.7
86.2
93.4
94.9
92.5
97.5
91.6
112.0
72.0
103.4
85.2
Grouping
Manufacturing, total
Durable
Nondurable
Mining and utilities
Utilities
1970
Jan.
Feb.
Mar.
104.3 104.4
100.2 100.6
110.2 109.8
119.7 119.4
108.6 109.7
133.7 131.5
Aug.
Sept.
Oct.
Nov.
99.7
105.0 106.0 108.3
93.2
100.4 101.7 102.7
111.7 112.1 116.3 109.2
117.9 117.0 120.7 121.9
110.4 110.9 111.0 103.0
127.3 124.6 132.8 145.7
103.1
93.6
116.8
124.2
107.7
144.9
108.1
100.6
119.0
123.8
106.4
145.7
109.2
101.6
120.1
114.9
98.0
136.1
106.2
98.9
116.8
115.1
101.5
132.3
102.2
95.9
111.2
119.8
107.2
135.7
111.1
112.6
109.0
109.5
95.8
87.9
90.4
104.7
90.0
76.2
62.4
105.3
99.0
91.1
81.9
107.7
101.5
94.5
86.2
109.3
98.8
90.2
80.7
108.3
98.3
89.7
81.2
107.8
94.4
94.8
91.4
98.6
94.2
116.9
72.4
106.9
86.2
96.7
97.0
94.2
100.2
96.1
120.5
72.6
110.8
89.2
88.8
92.2
91.8
92.6
77.8
86.1
69.7
110.9
88.1
90.3
92.6
90.6
94.9
81.7
93.5
70.4
111.4
88.9
97.6
99.5
97.2
102.0
93.2
114.4
72.8
114.9
89.8
98.1
99.4
95.5
103.8
97.2
122.4
73.0
114.4
85.0
95.5
96.8
93.4
100.6
93.6
117.5
70.6
110.8
85.2
92.1
93.9
91.7
96.3
87.5
105.9
69.7
109.5
85.0
Apr.
May
June
July
Dec.P
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel, subtotal
Fabricated metal products
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
4.44
1.65
2.79
106.3
106.3
106.3
100.9
97.0
103.2
97.7
98.8
97.0
104.5
110.6
100.9
108.7
112.1
106.7
113.2
114.5
112.5
114.5
112.5
115.7
116.6
117.5
116.1
110.4
112.2
109.4
116.0
117.6
115.1
116.5
119.5
114.7
118.1
121.6
116.1
113.0
115.3
111.6
106.2
107.0
105.7
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
2.90
1.38
1.52
108.8
99.4
117.3
105.7
98.4
112.3
102.3
96.2
107.9
107.4
100.7
113.6
106.6
98.5
114.0
108.7
98.6
117.9
107.6
95.8
118.4
112.3
99.3
124.1
104.2 112.0
98.0
86.8
120.0 124.8
115.9
101.8
128.8
115.3
100.6
128.7
115.6
104.6
125.6
112.2
103.5
120.2
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
6.90
2.69
3.33
.88
100.2
106.3
97.8
90.8
87.3
93.5
83.5
82.6
95.7
102.0
92.3
88.8
101.8 101.7
107.6 108.2
99.4
99.4
90.4
92.7
101.6
108.5
99.3
88.8
101.3 104.6
110.4 114.0
9 7 . 4 100.8
89.8
87.9
90.8
96.9
89.9
75.2
104.4 104.9
114.5 113.6
100.4 102.4
88.7
88.0
107.8
113.8
107.3
91.3
100.9
110.4
97.7
83.5
91.8
100.9
Paper and printing
Paper and products
Printing and publishing
7.92
3.18
4.74
107.8
113.3
104.1
99.5
102.3
97.6
101.3
115.5
91.7
105.4
118.9
96.4
107.4 106.8 108.5
117.8 116.2 116.6
100.4 100.5 103.1
103.5
105.7
102.1
111.6
117.6
107.5
113.4
116.1
111.5
114.8
122.1
109.9
112.2
120.8
106.4
105.0
111.1
101.0
11.92
7.86
1.80
2.26
118.2
120.2
112.6
115.7
117.1
118.7
116.3
112.0
114.7 119.4 119.7
115.1 118.9 119.5
112.4 113.5 112.0
115.3 125.8 126.4
122.2
124.3
110.9
124.0
123.2 128.6
125.3 131.1
111.7 119.1
125.0 127.7
121.6
124.2
118.9
114.8
126.7
128.6
120.9
124.7
130.7
133.1
118.9
131.9
129.9
130.8
117.8
136.6
129.0
131.3
115.2
132.2
126.7
128.2
118.0
128.5
9.48
8.81
.67
110.8
111.7
100.0
107.9
109.8
83.5
109.5
109.7
106.4
108.8 108.8 109.6
109.2 110.2 110.9
92.7
103.0 9 0 . 5
110.5 115.9
111.4 117.2
99.3
98.5
112.0
114.0
86.2
117.7
118.6
105.7
119.4
120.4
106.5
121.2
122.3
106.1
117.0
118.4
99.0
111.1
113.2
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.26
.51
.75
112.0 105.5
131.3 116.9
98.8
97.7
97.7
115.0
86.0
98.7 101.0
118.3 117.9
89.5
85.3
118.3
147.7
98.3
97.3
106.8
90.9
104.1
116.9
95.4
104.1
118.7
94.2
105.8
117.9
97.6
103.7
113.8
96.8
99.1
108.6
92.6
Coal, oil, and gas
Coal
Oil and gas extraction
5.11 109.2 113.6
.69 105.8 103.0
4 . 4 2 109.7 115.2
111.4 111.0
111.1 109.1
111.4 111.3
111.8 111.2
114.7 117.6
111.3 114.1
109.4 109.2
112.4 111.6
108.9 108.8
104.4
82.7
107.8
108.6 107.0
116.5 112.6
107.4 106.1
96.0
31.1
106.2
100.9
56.4
107.9
109.2
108.4
109.3
130.8
121.0
139.3 136.7
123.0 123.6
133.6
124.3
151.3
150.0
138.0
132.8
137.0
Nondurable manufactures
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products
Rubber and plastics products
Foods and tobacco
Foods
Tobacco p r o d u c t s . . . .
103.2
113.6
96.2
82.3
Mining
107.2 116.9
126.1 145.7
94.4
97.4
Utilities
Gas
....
3.91
1.17
130.8
122.4
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data will be available at
128.0 124.2
134.6
150.8
a later date. Figures for individual series and subtotals are published in
the monthly Business Indexes release.
A 64
BUSINESS ACTIVITY; CONSTRUCTION • FEBRUARY 1972
SELECTED BUSINESS
INDEXES
(1967= 100, except as noted)
Industrial production
Prices
Industry
Market
Period
Products
Total
Final products
Inter- Matemediate rials
Consumer Equip- products
goods ment
Total
Total
Manufacturing
CaNonagpacity
utiliza- Con- ricultural
struction
emtion
in mfg.
ploycon(1967
ment—
tracts
output
Total i
= 100)
Total
retail
sales 3
4
Consumer
Wholesale
commodity
1952.
1953.
1954.
51.9
51.8
50.8
53.3
47.9
55.1
52.0
51.5
92.8
95.5
84
74.1
76.3
74.4
52
54
54
79.5
80.1
80.5
88.6
87.4
87.6
1955.
1956.
1957.
1958.
1959.i
58.5
61.1
61.9
57.9
64.8
56.6
59.7
61.1
58.6
64.4
54.9
58.2
59.9
57.1
62.7
59.5
61.7
63.2
62.6
68.7
48.9
53.7
55.9
50.0
54.9
62.6
65.3
65.3
63.9
70.5
61.5
63.1
63.1
56.8
65.5
58.2
60.5
61.2
56.9
64.1
90.0
88.2
84.5
75.1
81.4
76.9
79.6
80.3
78.0
81.0
59
61
64
64
69
80.2
81.4
84.3
86.6
87.3
87.8
90.7
93.3
94.6
94.8
>
1960.
1961.
1962.
1963.
1964.,
\
66.2
66.7
72.2
76.5
81.7
66.2
66.9
72.1
76.2
81.2
64.8
65.3
70.8
74.9
79.6
71.3
72.8
77.7
82.0
86.8
56.4
55.6
61.9
65.6
70.1
71.0
72.4
76.9
81.1
87.3
66.4
66.4
72.4
77.0
82.6
65.4
65.6
71.4
75.8
81.2
80.
77.6
81.4
83.0
85.5
82.4
70
70
75
79
83
88.7
89.6
90.6
91.7
92.9
94.9
94.5
94.8
94.5
94.7
1965.
1966.
r
1967.
\
1968.
>
1969.
)
1970.
>—Dec
89.2
97.9
100.0
105.7
110.7
106.7
104.6
88.1
96.8
100.0
105.8
109.7
106.0
104.2
86.8
96.1
100.0
105.8
109.0
104.4
102.2
93.0
98.6
100.0
106.6
111.1
110.3
110.8
78.7
93.0
100.0
104.7
106.1
96.1
90.3
93.0
99.2
100.0
105.7
112.0
111.9
112.1
91.0
99.8
100.0
105.7
112.4
107.8
105.4
89.1
98.3
100.0
105.7
110.5
105.2
102.4
89.0
91.9
87.9
87.7
86.5
'78.2
5'74.1
92.3
97.1
100.0
103.
106.7
107.3
106.8
94.5
97.2
100.0
104.2
109.8
116.3
119.1
96.6
99.8
100.0
102.5
106.5
110.4
132.0
91
97
100
109
114
120
122
—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
105.3
105.7
105.5
106.2
107.0
107.2
106.1
105.3
106.2
106.4
107.0
107.6
104.6 102.9 112.8
105.0 103.0 112.9
104.5 102.5 112.7
105.5 103.6 114.6
105.9 103.9 115.7
106.1 104.5 116.1
106.8 104.9 116.0
106.2 105.0 116.0
106.2 104.6 115.0
106.9 105.3 116.9
107.6 105.9 118.0
107.8 105.8 118.1
88.9 110.9
89.3 112.5
88.4 112.0
88.1 112.4
87.8 113.5
88.2 112.4
89.3 113.8
89.6 110.7
90.2 112.5
89.0 113.0
88.9 114.0
88.7 115.3
106.5
106.8
107.1
107.5
108.9
109.0
105.3
104.0
106.2
105.6
105.9
107.5
103.3
103.9
103.2
104.4
105.7
105.6
104.9
103.6
104.9
105.4
105.2
105.7
117.0
126.0
141.0
107.0
106.9
107.0
107.2
107.5
107.3
107.1
107.1
107.6
107.6
r
107.9
108.1
124
126
127
128
128
129
129
133
135
134
136
132
119.2
119.4
119.8
120.2
120.8
121.5
121.8
122.1
122.2
122.4
122.6
123.1
111.8
112.8
113.0
113.3
113.8
114.3
114.6
114.9
114.5
114.4
114.5
115.4
107.9
118.2
88.5
108.0
106.1
108.4
133
1—Jan.*
107.8
105.8
115.4
t Employees only: excludes personnel in the Armed Forces.
Production workers only.
3
F.R. index based on Census Bureau figures.
4
Prices are not seasonally adjusted.
5 Figure is for 4th quarter 1970.
2
NOTE.—All series: Data are seasonally adjusted unless otherwise noted.
'74.7
'82.1
86.1
89.4
93.2
94.8
100.0
113.2
123.7
161.0
'75.4
'73.9
'73.9
141.0
147.0
151.0
153.0
156.0
137.0
155.0
160.0
84.4
86.1
88.6
111.0
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 d a t a ;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
(In millions of dollars, except as noted)
1970
Type of ownership and
type of construction
1969
Dec.
Total construction
1
Jan.
Feb.
22,656 23,362
44,769 45,058
By type of construction:
Residential building 1
Nonresidential building
Nonbuilding
25,219 24,910 2,045
25,667 24,180 1,693
16,539 18,489 1,235
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,299
1,324
1,688 1,464 1,578 1,722 2,074 2,065 2,795 2,683 2,299 2,010 1,837 1,960 1 ,696
3,286 2,919 3,415 4,663 5,669 5,489 5,489 4,987 5,413 4,804 4,731 4,445 4,590
1,768
1,631
1,711
1,041
1,819 2,729 3,168 3,310 3,485 3,357 3,255 3,196 3,170 3,001
1,654 2,199 2,080 2,264 2,800 2,621 2,120 2,246 2,064 2,128
1,520 1,458 2,495 1,981 1,792 1,691 2,337 1,371 1,332 1 ,274
1,635
1,563
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.
Mar.
67,425 67,097 4,974 4,383 4,993 6,386 7,743 7,555 8,077 7,670 7,712 6,814 6,568 '6,405 6,286
By type of ownership:
Public
Private i
Private housing units authorized. . .
(In thousands, S.A., A.R.)
1971
1970
1,627
1,638
1,927
1,849 2,052 2,006
1,900 2,173
1 ,961 2,231
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.
A 65
FEBRUARY 1972 • CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Public
Private
Nonresidential
Total
Total
Buildings
Residential
Total
Total
Industrial
Commercial
Other
buildings 1
Conservation
&
development
Highway
Military
Other
59,965
64,563
67,413
73,412
76,002
42,096
45,206
47,030
51,350
51,995
25,150
27,874
28,010
27,934
25,715
19,443
21,735
21,786
21,714
19,352
2,842
2,906
3,565
5,118
6,679
5,144
4,995
5,396
6,739
6,879
3,631
3,745
3,994
4,735
5,037
5,052
5,376
5,727
6,491
7,517
17,869
19,357
20,383
22,062
24.007
,266
,179
910
830
727
6,365
7,084
7,133
7,550
8,405
77,503
86,626
93,347
94,265
51,967
59,021
65,384
66,147
25,568
30,565
33,200
31,748
18,985
24,030
25,941
24,156
6,131
6,021
6,783
6,538
6,982
7,761
9,401
9,754
4,993
4,382
4,971
5,125
8,356
9,719
10,288
12,036
25,536
27,605
27,963
28,118
695
808
879
719
8,591
9,321
9,252
9,986
98,285
102,628
69,248
110,729
34,096
35,104
35,152
35,625
6,282
6,088
9,348
10,001
4,983
5,205
14,539
14,241
29,037
31,899
733
683
9,772
11,776
100,645
102,340
103,027
105,875
107,591
109,210
109,957
111,910
110,031
113,680
113,633
115,143
70,637
70,743
72,961
76,263
77,880
79,941
80,484
82,071
81,442
81,837
83,156
84,977
35,629
36,509
37,678
39,589
41,500
42,326
42,689
43,927
44,739
45,067
45,233
46,146
35,008
34,234
35,283
36,674
36,380
37,615
37,795
38,144
36,703
36,770
37,923
38,831
6,169
6,258
6,072
6,110
5,766
5,508
5,428
4,852
4,597
4,993
4,885
4,979
10,262
10,106
10,734
11,262
11,038
11,795
12,690
13,069
11,702
11 ,510
5,334
5,009
5,099
5,355
5,289
5,815
5,499
5,482
5,591
5,372
5,670
5,953
13,243
12,861
13,378
13,947
14,287
14,497
14,178
14,741
14,813
14,895
15,180
15,203
30.008
31,597
30,066
29,612
29,711
29,269
29,473
29,839
28,573
31,843
30,477
30,166
856
1
Includes religious, educational, hospital, institutional, and other buildings.
2 Sewer and water, formerly shown separately, now included in " O t h e r . "
3 Beginning July 1962, reflects inclusion of new series affecting most
private nonresidential groups.
12,188
12,678
812
863
824
848
865
,142
900
786
881
943
922
4
Beginning 1963, reflects inclusion of new series under "Public" (for
State and local govt, activity only).
NOTE.—Census Bureau data, monthly series at seasonally adjusted
annual rates.
NEW HOUSING UNITS
(In thousands)
Type of structure
Region
Total
Northeast
North
Central
1-
South
West
family
2- to 4family
5- or
morefamily
Total
Private
Public
Total
FHA
1,463
1,610
1,529
264
261
253
290
328
339
531
591
582
378
431
355
991
1,021
972
450
1,492
1,642
1,562
1,463
1,610
1,529
339
292
264
261
108
1,473
1,165
1,292
1,508
1,467
1,434
270
207
215
227
206
575
473
520
619
588
612
266
198
220
294
323
310
964
779
844
900
810
813
87
61
72
81
87
85
422
325
376
527
571
536
1,510
1,196
1,322
1,548
1,500
1,467
1,473
1,165
1,292
1,508
1,467
1,434
246
195
232
283
288
479
197
158
218
362
288
337
369
349
294
227
237
418
1,693
2,054
262
234
355
427
737
916
339
477
934
1,240
648
712
128
124
127
121
39
69
34
63
1,725
1,754
1,959
1,912
1,975
2,000
2,229
2,258
2,002
2,031
2,303
2,517
238
238
257
233
271
231
303
274
222
220
317
397
320
292
442
457
362
393
401
518
426
429
503
505
724
745
803
814
855
868
879
986
877
908
970
,047
435
479
457
408
487
508
586
480
477
474
513
568
946
985
1,048
1,098
1,124
1,177
1,187
1,212
1,187
1 ,159
1 ,283
1,411
669
659
790
705
740
703
905
901
644
768
913
979
115
105
169
204
204
197
196
203
176
102
168
201
199
194
194
205
174
111
175
153
172
150
37
32
40
53
49
55
52
55
58
47
57
92
32
27
33
45
41
46
43
46
50
39
48
85
NOTE.—Starts are Census Bureau series (including farm starts) except
for Govt.-underwritten, which are from Federal Housing Admin, and
Veterans Admin, and represent units started, including rehabilitation
471
589
111
102
110
110
121
109
111
120
137
145
171
104
107
127
182
180
VA
221
205
180
units under F H A , based on field office reports of first compliance inspections. Data may not add to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufacturers Assn.
A 66
EMPLOYMENT • FEBRUARY 1972
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force (S.A.)
Total noninstitutional
population
(N.S.A.)
1966 r
Not in
labor force
(N.S.A.)
Total
labor
force
(S.A.)
Unemployed
Unemployment
rate2
(per cent;
S.A.)
Employed 1
Total
Total
In nonagricultural
industries
In
agriculture
1968
1969 r
1970 r
1971
131,180
133,319
135,562
137,841
140,182
142,596
52,288
52,527
53,291
53,602
54,280
55,666
78,899
80,796
82,271
84,240
85,903
86,929
75,777
77,350
78,737
80,734
82,715
84,113
72,899
74,373
75,921
77,902
78,627
79,119
68,920
70,529
72,104
74,296
75,165
75,732
3,979
3,844
3,817
3,606
3,462
3,387
2,878
2,977
2,816
2,832
4,088
4,994
3.8
3.8
3.6
3.5
4.9
5.9
1971-Jan.'".
Feb.'
Mar.
Apr.'
May'
June 1
July
Aug.
Sept.
Oct.r
Nov.
Dec. 1
141,500
141,670
141.885
142,088
142,285
142,482
142,685
142.886
143,104
143,321
143,517
143,723
55,872
56,017
56,286
56,308
56,331
54,698
53,877
54,433
56,220
55,968
55,802
56,181
86,706
86,311
86,385
86,670
86,836
86,217
86,727
87,088
87,240
87,467
87,812
87,883
83,730
83,361
83,455
83,788
83,986
83,401
83,930
84,313
84,491
84,750
85,116
85,225
78,718
78,475
78,446
78,732
78,830
78,600
79,014
79,199
79,451
79,832
80,020
80,098
75,312
75,190
75,059
75,192
75,418
75,299
75,640
75,792
76,088
76,416
76,601
76,698
3.406
3,285
3,387
3,540
3,412
3,301
3,374
3.407
3,363
3,416
3,419
3,400
5,012
4,886
5,009
5,056
5,156
4,801
4,916
5,114
5,040
4,918
5,096
5,127
6.0
5.9
6.0
6.0
6.1
5.8
5.9
6.1
6.0
5.8
6.0
6.0
1972—Jan..
144,697
57,550
88,301
85,707
80,636
77,243
3,393
5,071
5.9
1967 3r
r
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
Beginning 1967, data not strictly comparable with previous data.
Description of changes available f r o m Bureau of Labor Statistics.
3
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)
Manufacturing
Period
196 5
196 6
196 7
196 8
196 9
197 0
Mining
Contract
construction
Transportation & public utilities
Trade
Finance
Service
Government
60,815
63,955
65,857
67,915
70,284
70,616
18,062
19,214
19,447
19,781
20,167
19,369
632
627
613
606
619
622
3,186
3,275
3,208
3,285
3,435
3,345
4,036
4,151
4,261
4,310
4,429
4,504
12,716
13,245
13,606
14,084
14,639
14,922
3,023
3,100
3,225
3,382
3,564
3,690
9,087
9,551
10,099
10,623
11,229
11,630
10,074
10,792
11,398
11,845
12,202
12,535
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.f
70,454
70,391
70,480
70,599
70,769
70,657
70,531
70,529
70,853
70,848
71,042
71,167
18,747
18,684
18,609
18,639
18,702
18,608
18,533
18,457
18,616
18,560
18,603
18,574
625
622
622
623
622
619
597
609
521
525
606
3,271
3,198
3,264
3,282
3,275
3,255
3,228
3,219
3,250
3,290
3,320
3,228
4,507
4,526
4,520
4,505
4,518
4,500
4,476
4,428
4,460
4,442
4,434
4,464
15,039
15,059
15,074
15,107
15,148
15,135
15,158
15,223
15,273
15,270
15,278
15,325
3,746
3,749
3,758
3,769
3,788
3,807
3,806
3,804
3,821
3,834
3,851
3,851
11,800
11,809
11,841
11,843
11,858
11,895
11,921
11,946
11,962
11,996
12,044
12,083
12,719
12,744
12,792
12,831
12,858
12,838
12,812
12,843
12,855
12,935
12,987
13,036
1972—Jan. ?
71,407
18,619
611
3,305
4,492
15,359
3,861
12,098
13,062
SEASONALLY ADJUSTED
616
NOT SEASONALLY ADJUSTED
1970—De c
71,151
18,823
621
3,233
4,454
15,706
3,712
11,717
12,885
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.f
69,527
69,450
69,782
70,309
70,738
71,355
70,452
70,542
71,184
71,379
71,638
72,030
18,579
18,532
18,488
18,482
18,554
18,746
18,448
18,651
18,840
18,709
18,693
18,602
611
606
608
617
622
634
613
625
623
522
524
604
2,921
2,846
2,967
3,164
3,265
3,414
3,480
3,509
3,471
3,478
3,410
3,160
4,435
4.454
4,466
4,469
4,500
4,549
4,534
4,486
4,509
4.455
4,447
4,468
14,862
14,721
14,789
14,974
15,071
15,192
15,132
15,151
15,242
15,327
15,537
16,100
3,709
3,715
3,735
3,758
3,780
3,837
3,867
3,865
3,829
3,826
3,836
3,832
11,611
11,667
11,758
11,867
11,953
12,050
12,040
11,994
11,986
12,020
12,032
12,023
12,799
12,909
12,971
12,978
12,993
12,933
12,338
12,261
12,684
13,042
13,159
13,241
1972—Jan. P
70,467
18,448
598
2,951
4,420
15,179
3,822
11,904
13,145
NOTE.—Bureau of L a b o r Statistics; d a t a include all full- and parttime employees w h o worked during, o r received pay for, the pay period t h a t includes the 12th of the m o n t h . Proprietors, self-employed
persons, domestic servants, u n p a i d f a m i l y workers, and m e m b e r s of
the A r m e d F o r c e s are excluded.
Beginning with 1969, series h a s b e e n a d j u s t e d t o M a r . 1970 benchmark.
FEBRUARY 1972 • EMPLOYMENT A N D EARNINGS
A 67
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted 1
1972
1971
Industry group
Not seasonally adjusted i
1972
1971
Nov.
Dec.*'
Jan.p
Jan.
Nov.
Dec.f
Jan. p
13,551
13,505
13,489
13,537
13,400
13,605
13,528
13,388
7,665
108
483
370
496
997
7,614
92
519
388
504
922
7,602
90
518
390
502
924
7,645
91
525
395
509
937
7,619
109
466
369
478
992
7,660
93
516
393
507
910
7,636
91
510
395
498
919
7,598
91
506
395
490
932
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
1,007
1,198
1,183
1,245
260
318
1,018
1,177
1,189
1,230
261
314
1,013
1,176
1,190
1,220
259
320
1,023
1,173
1,192
1,221
258
321
1,005
1,198
1,185
1,258
259
300
1,031
1,162
1,205
1,250
261
332
1,026
1,171
1,203
1,245
261
317
1,021
1,173
1,194
1,235
258
303
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products
5,886
1,187
65
845
1,187
531
5,891
1,177
58
851
1,198
530
5,887
1,180
57
856
1,184
530
5,892
1,191
59
860
1,172
527
5,781
1,124
65
838
1,171
527
5,945
1,202
63
855
1,207
533
5,892
1,168
61
859
1,183
533
5,790
1,128
59
853
1,157
524
672
588
116
431
264
661
581
116
458
261
661
581
117
461
260
662
581
117
464
259
669
582
112
429
264
665
578
116
463
263
667
579
115
465
262
659
576
113
462
259
Jan.
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries
Rubber and misc. plastic products
Leather and leather products
i Data adjusted to 1970 benchmark.
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
the pay period that includes the 12th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average weekly earnings 1
(dollars per week; N.S.A.)
Average hours worked 1
(per week; S.A.)
Industry group
Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries...
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
D a t a adjusted to 1970 benchmark.
1972
1971
1972
1971
Jan.
Nov.
Dec.*'
Jan. 2 '
Jan.
39.8
40.1
40.3
39.9
138.60
144.72 150.18 146.89
Nov.
Average hourly earnings 1
(dollars per h o u r ; N.S.A.)
Dec.*'
Jan.?'
1972
1971
Nov.
Dec.*5
3.50
3.60
3.69
3.70
3.72
3.77
3.01
2.83
3.52
4.08
3.83
3.88
3.20
2.93
3.71
4.36
3.93
3.97
3.19
2.97
3.73
4.51
3.93
4.03
3.17
2.98
3.74
4.51
Jan.
Jan.^
40.3
41.1
39.8
39.5
41.2
40.3
40.6
41.9
40.8
40.0
41.9
40. 1
40.9
41.9
40.9
39.9
41.6
41. 1
40.5
41.7
40.8
40.3
41.6
40.2
149.17
156.83
117.09
110.09
141.86
164.83
155.88
162.96
129.92
118.37
155.45
173.96
162.70
167.93
130.47
121.47
155.17
185.36
158.38
170.07
126.48
118.31
152.22
181.75
40.4
40.2
39.7
41.3
39.8
38.6
40.4
41. 1
40.1
40.5
40.2
39.1
40.9
41.3
40.3
41.9
40.4
39.1
40.2
40.6
39.8
41.3
40.4
39.2
147.17
155.57
135.83
181.69
137.02
112.22
153.47
166.04
142.21
182.48
144.18
117.32
159.42
174.30
147.24
196.85
147.29
120.17
153.62
168.49
143.32
188.70
145.12
119.81
3.67
3.87
3.43
4.41
3.46
2.93
3.78
4.04
3.52
4.44
3.56
2.97
3.86
4.16
3.60
4.61
3.61
3.05
3.85
4.15
3.61
4.58
3.61
3.08
39.2
40.7
39.1
40.4
35.2
41.7
39.5
40.0
35.6
41.1
36.2
42.3
39.4
40.2
35.8
40.9
36.0
42.4
39.3
40.2
34.2
41.3
35.6
42.0
124.09 130.28 133.39
134.13 136.34 142.16
115.28 109.96 119.10
101.60 107.23 108.47
85.61 91.48 91.44
147.74 158.15 163.02
131.82
140.45
109.55
109.34
90.11
159.26
3.19
3.32
3.01
2.54
2.46
3.56
3.29
3.40
3.08
2.59
2.52
3.73
3.36
3.51
3.29
2.62
2.54
3.80
3.38
3.52
3.27
2.68
2.56
3.81
37.6
41.5
42.5
40.1
37.1
37.6
41.4
41.8
40.6
38.3
37.5
41.6
42.6
41.0
37.8
37.2
41.7
42.3
41.0
37.7
151.03
158.18
186.06
132.47
95.23
165.30
170.13
196.65
145.38
102.29
159.34
170.57
199.39
144.02
101.19
4.06
3.83
4.43
3.32
2.56
4.27
4.00
4.65
3.46
2.61
4.35
4.07
4.66
3.52
2.65
4.33
4.11
4.77
3.53
2.67
160.55
166.40
195.77
141.17
100.22
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
A 68
PRICES • FEBRUARY 1972
CONSUMER PRICES
(1967 = 100)
Housing
Period
All
items
Food
Total
Rent
Homeownership
Health and recreation
Fuel
oil
and
coal
Gas
and
electricity
40.5
48.0
81.4
79.6
1929
1933
1941
1945
51.3
38.8
44.1
53.9
48.3
30.6
38.4
50.7
53.7
59.1
76.0
54.1
57.2
58.8
196 0
196 1
196 2
196 3
196 4
88.7
89.6
90.6
91.7
92.9
88.0
89.1
89.9
91.2
92.4
90.2
90.9
91.7
92.7
93.8
91.7
92.9
94.0
95.0
95.9
86.3
86.9
87.9
89.0
90.8
89.2
91.0
91.5
93.2
92.7
98.6
99.4
99.4
99.4
99.4
196 5
196 6
196 7
196 8
196 9
197 0
94.5
97.2
100.0
104.2
109.8
116.3
94.4
99.1
100.0
103.6
108.9
114.9
94.9
97.2
100.0
104.2
110.8
118.9
96.9
98.2
100.0
102.4
105.7
110.1
92.7
96.3
100.0
105.7
116.0
128.5
94.6
97.0
100.0
103.1
105.6
110.1
1970—De c
119.1
115.3
122.6
112.6
133.4
1971—Ja n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
119.2
119.4
119.8
120.2
120.8
121.5
121.8
fl22.1
t122.2
fl22.4
122.6
123.1
115.5
115.9
117.0
117.8
118.2
119.2
119.8
120.0
119.1
118.9
119.0
120.3
122.7
122.6
122.4
122.5
123.2
124.0
124.5
125.1
125.5
125.9
126.4
126.8
112.9
113.6
113.9
114.4
114.7
115.2
115.4
115.8
116.1
116.4
116.6
116.9
133.4
132.3
131.2
130.9
131.6
133.0
133.5
134.4
135.1
135.7
136.7
137.0
Fur- Apparel Transnishand
portaings upkeep tion
and
operation
Total
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
37.0
42.1
41.2
55.1
47.7
62.4
49.2
56.9
48.5
36.9
44.8
61.5
44.2
47.8
93.8
93.7
93.8
94.6
95.0
89.6
90.4
90.9
91.9
92.7
89.6
90.6
92.5
93.0
94.3
85.1
86.7
88.4
90.0
91.8
79.1
81.4
83.5
85.6
87.3
90.1
90.6
92.2
93.4
94.5
87.3
89.3
91.3
92.8
95.0
87.8
88.5
89.1
90.6
92.0
99.4
99.6
100.0
100.9
102.8
107.3
95.3
97.0
100.0
104.4
109.0
113.4
93.7
96.1
100.0
105.4
111.5
116.1
95.9
97.2
100.0
103.2
107.2
112.7
93.4
96.1
100.0
105.0
110.3
116.2
89.5
93.4
100.0
106.1
113.4
120.6
95.2
97.1
100.0
104.2
109.3
113.2
95.9
97.5
100.0
104.7
108.7
113.4
94.2
97.2
100.0
104.6
109.1
116.0
114.9
110.7
115.3
119.2
116.9
119.1
124.2
115.0
116.2
118.5
116.7
117.2
117.4
117.3
117.2
117.4
117.5
117.8
117.8
117.8
118.1
118.1
111.5
112.8
113.3
113.9
114.4
114.6
114.7
115.7
115.7
115.7
116.2
118.2
115.4
115.9
116.4
117.0
118.1
118.7
118.9
119.1
119.4
119.5
119.5
119.6
117.6 117.5
118.1 117.5
118.6 117.8
119.1 118.1
120.2 118.8
120.1 119.6
119.3 119.5
119.0 f l l 9 . 3
120.6 1-118.6
121.6 1119 - 3
121.9 118.8
121.8 118.6
119.8
120.2
120.6
121.2
121.6
122.1
122.6
123.1
123.6
123.5
123.7
123.9
124.9
125.8
126.8
127.5
128.1
128.6
129.3
130.0
130.4
129.6
129.7
130.1
115.3
115.4
115.8
116.3
116.5
116.8
117.1
117.5
117.6
117.9
117.9
117.9
117.3
117.5
117.7
118.4
118.9
119.3
119.6
119.7
120.5
120.5
120.8
121.1
118.9
119.1
119.4
119.7
119.9
120.3
121.2
121.8
122.4
122.6
122.8
123.0
NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers,
t Reflects effect of refund of Federal excise tax on new cars.
WHOLESALE PRICES: SUMMARY
(1967 = 100)
Industrial commodities
1
ProAll
Farm cessed
com- prodfoods
modi- ucts
and
ties
feeds
94.9
94.5
94.8
94.5
94.7
97.2
96.3
98.0
96.0
94.6
96.6
99.8
100.0
102.5
106.5
110.4
98.7
105.9
100.0
102.5
109.1
111.0
107.1
110.7
112.8
113.0
113.3
113.8
114.3
114.6
114.9
. 114.5
114.4
114.5
115.4
108.9
113.9
113.0
113.0
114.0
116.0
113.4
113.2
110.5
111.3
112.2
115.8
111.8 112.2
113.3 112.5
113.7 112.8
113.5 113.3
114.5 113.7
114.9 113.9
116.0 114.5
115.4 115.1
114.6 115.0
114.1 115.0
114.4 114.9
115.9 115.3
.0
MaTranschin- Furni- Nonme- porta- Misery
ture,
tallic
tion cellaand
min- equip-1 neous
equip- etc.
erals
ment
ment
103.1
99.2
96.3
96.8
95.5
95.3
91.0
91.6
93.5
95.4
98.1
95.2
96.3
95.6
95.4
92.4
91.9
91.2
91.3
93.8
92.0
91.9
92.0
92.2
92.8
99.0
99.4
100.0
99.8
99.9
102.2
95.9
97.8
100.0
103.4
105.3
108.6
95.9
100.2
100.0
113.3
125.3
113.7
96.2
98.8
100.0
101.1
104.0
108.2
96.4
98.8
100.0
102.6
108.5
116.7
103.3
109.4
111.1 108.5 116.2 113.8 108.7
109.3
109.7
109.6
109.7
109.9
109.8
110.0
110.2
110.2
110.2
110.2
110.2
Total
RubHides, Fuel, Chemicals,
ber,
etc.
etc.
etc.
etc.
95.3
94.8
94.8
94.7
95.2
99.5
97.7
98.6
98.5
99.2
90.8
91.7
92.7
90.0
90.3
96.1
97.2
96.7
96.3
93.7
101.8
100.7
99.1
97.9
98.3
95.5 9 6 . 4 99.8
101.2 98.5 100.1
100.0 100.0 100.0
102.2 102.5 103.7
107.3 106.0 106.0
112.0 110.0 107.2
94.3
103.4
100.0
103.2
108.9
110.1
95.5
97.8
100.0
98.9
100.9
105.9
111.7
110.4
112.8
89.5
91.0
91.9
92.5
92.3
For transportation equipment, Dec. 1968 = 100.
Lum- Paper, Metber,
als,
etc.
etc.
etc.
Textiles,
etc.
106.7
106.9 111.7 113.5 103.8 108.4
106.7 112.4 113.0 104.2 109.1
106.9 112.5 112.8 104.5 109.1
107.5 114.0 113.0 104.5 109.0
107.8 114.4 114.2 104.3 108.7
108.5 114.2 114.4 104.4 108.7
109.2 114.2 114.4 104.4 109.7
109.7 114.4 114.8 104.3 109.8
109.7 114.7 115.3 104.3 109.7
109.6 114.7 114.8 104.2 109.5
109.8 115.1 114.7 103.8 109.5
110.6 116.2 115.0 103.4 109.4
112.2
117.5
123.4
124.6
124.9
126.1
130.6
134.6
134.3
131.8
131.3
132.7
109.0
109.3
109.3
109.6
109.9
110.2
110.5
110.6
110.6
110.6
110.6
110.7
116.5
116.4
116.5
117.8
118.5
118.5
119.4
121.1
121.1
121.0
120.9
120.8
99.0
98.4
97.7
97.0
97.4
97.2
97.6
97.6
97.1
97.3
93.0
93.3
93.7
94.5
95.2
93.9 96.9 97.5
96.8 9 8 . 0 98.4
100.0 100.0 100.0
103.2 102.8 103.7
106.5 104.9 107.7
111.4 107.5 113.3
100.8
104.5
95.9
97.7
100.0
102.2
105.2
109.9
115.1
108.9
111.9
118.8
119.0
120.9
121.6
121.8
122.2
123.3
124.2
124.2
124.1
124.0
124.2
109.5 112.3
109.7 112.6
109.5 112.8
109.7 112.7
109.8 112.5
110.0 112.6
110.3 112.8
110.5 113.0
109.6 113.0
110.7 113.0
110.8 113.1
112.9 113.2
114.2
114.6
114.9
115.0
115.3
115.5
115.7
116.1
116.0
116.0
115.9
116.2
FEBRUARY 1972 • PRICES
WHOLESALE PRICES: DETAIL
(1967= 100)
1970
1971
Group
Group
Dec.
Oct.
111.3
108.0
99.5
80.5
86.7
117.6
127.3
115.8
88.3
120.9
93.5
96.3
119.2
92.4
107.9
115.4
127.1
87.8
121.0
92.3
97.3
111.3
116.9
116.4
115.3
118.7
116.4
132.1
128.9
127.9
111.5
117.1
116.3
115.4
119.1
130.4
122.7
112.7
98.7
113.0
100.3
113.1
104.5
112.2
92.4
102.5
113.8
104.1
120.8
112.5
92.3
103.2
113.8
104.1
Pulp, paper, and allied
Farm products:
Fresh and dried produce
Grains
Livestock
Live poultry
Plant and animal fibers
Fluid milk
Eggs
H a y and seeds
Other farm products
106.8
120.0
118.8
88.5
109.0
111.8
126.3
95.3
124.7
87.2
102.5
119.0
114.4
109.2
117.3
Processed foods and feeds:
Cereal and bakery products
Meat, poultry, and fish
Dairy products
Processed fruits and vegetables
Sugar and confectionery
Beverages and beverage materials. . .
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Manufactured animal feeds
112.8
111.0
117.8
114.3
129.0
130.8
132.8
117.5
112.5
109.3
122.8
116.6
130.1
128.6
122.8
111.6
120.4
117.4
115.8
120.2
116.4
122.3
118.2
122.0
Cotton products
Wool products
M a n m a d e fiber textile p r o d u c t s . . . .
Apparel
Textile housefurnishings
Miscellaneous textile products
121.2
113.6
91.5
104.3
113.8
106.1
136.2
101.9
107.3
113.9
106.8
117.2
113.4
117.1
109.0
123.1
113.5
117.1
109.1
128.6
175.8
145.9
107.5
108.7
113.2
107.5
182.9
150.5
108.8
116.3
113.2
106.3
182.9
150.5
108.8
190.2
150.5
107.9
116.3
113.2
106.1
117.0
117.1
109.8
Fuels and related products, and power:
Coal
Coke
Gas fuels
Electric power
Crude petroleum
Petroleum products, refined
Rubber and plastic
116.2
113.2
106.2
101 .4
112.8
102.0
101.8
150.9
89.4
90.6
109.5
102.4
115.9
99.7
102.6
129.0
90.4
89.9
112.5
101.7
115.9
99.7
102.4
125.3
90.3
89.2
112.5
101.1
115.9
101 .9
102.5
115.9
90.3
89.0
112.4
products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Plastic construction products (Dec.
1969 = 100)
Unsupported plastic film and sheeting
(Dec. 1970=100)
Laminated sheets, high pressure
(Dec. 1970=100)
100.0
99.0
116.8
110.8
110.8
119.2
119.2
112.0
98.5
98.5
110.8
119.2
95.2
94.6
94.1
93.8
100.0
100.0
100.1
100.0
100.0
98.2
98.0
97.9
Lumber and wood products:
Lumber
Millwork
Plywood
Other wood products
111.1
114.0
104.6
117.8
NOTE.—Bureau of Labor Statistics indexes.
112.1
99.5
108.6
100.3
110.9
111.5
117.2
114.7
102.9
110.1
104.6
products:
Iron and steel
Steelmill products
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Miscellaneous metal products
Agricultural machinery and equip...
Construction machinery and equip..
Metalworking machinery and equip
General purpose machinery and
equipment
Special industry machinery and
equipment
Electrical machinery and equip
Miscellaneous machinery
116.5
116.6
116.7
115.8
114.8
113.2
112.7
114.2
117.6
125.5
128.1
116.3
124.2
117.7
118.3
116.3
120.3
119.7
142.7
123.7
116.2
118.8
141.9
123.7
115.9
119.5
143.8
124.3
117.8
119.1
117.5
116.3
119.6
115.1
121.8
117.0
120.2
108.2
115.6
109.6
117.8
118.1
122.0
Furniture and household durables:
Household furniture
Commercial furniture
Floor coverings
Household appliances
H o m e electronic equipment
Other household durable g o o d s . . .
Nonmetallic mineral
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
108.8
111.8
108.5
Machinery and equipment:
106.9
96.8
97.5
111.9
103.3
107.7
Hides, skins, leather, and products:
Hides and skins
Leather
Footwear
Other leather products
products:
Pulp, paper and products, excluding
building paper and board
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and p a p e r b o a r d . .
Building paper and board
Metals and metal
110.9
104.3
Textile products and apparel:
Chemicals and allied
Dec.
Dec.
97.6
107.5
93.8
121.9
116.6
112.7
114.5
124.3
124.1
122.6
111.3
126.4
107.0
95.1
124.3
117.4
114.9
127.1
131.2
113.6
131.5
125.7
113.4
116.8
115.2
122.5
110.5
117.0
109.4
105.7
112.6
116.8
111.7
106.3
112.9
equipment:
Motor vehicles and equipment.
Railroad equipment
Miscellaneous
115.6
118.2
products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products excluding
refractories
Refractories
Asphalt roofing
Gypsum products
Glass containers
Other nonmetallic minerals
Transportation
112.7
117.5
99.7
106.4
94.2
117.6
products:
Toys, sporting goods, small arms,
ammunition
Tobacco products
Notions
Photographic equipment and supplies
Other miscellaneous products
110.8
A 69
A 70
NATIONAL PRODUCT AND INCOME • FEBRUARY 1972
GROSS NATIONAL PRODUCT
(In billions of dollars)
Item
1929
1933
1941
1950
1967
1968
1969
1970
1970
1971'
1971 ^
IV
Gross national product.
Final purchases
103.1
101.4
II
III
5 5 . 6 124.5 284.8 793.9 864.2 929.1 974.1 1,046.8 988.4 1,020.81,040.01,053.4 1 , 0 7 3 . 0
57.2 120.1 278.0 785.7 857.1 921.7 971.3 1,044.7 984.7 1,017.71,035.41,054.6
1,071.2
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
8 0 . 6 191.0 4 9 2 . 1 536.2 579.6 615.8
9 . 6 3 0 . 5 73.1 84.0 89.9 88.6
42.9 98.
215.0 230. 247.6 264.7
28.1
62.4 204.0 221.3 242,
262.5
17.9
13.4
9.5
2.9
6.6
3.9
3.7
4.5
4.0
Net exports of goods and services.
Exports
Imports
1.1
7.0
5.9
.4
2.4
1.3
5.9
4.6
Government purchases of goods and services.
Federal
National defense
Other
State and local
8.5
1.3
8.0
2.0
7.2
6.0
24.8
16.9
13.
3.
7.9
2.0
662.2 624.7 644.9 6 5 7 . 4
100.4
84.9
96.6 99.1
278.
270.9 273.2 277.8
2 8 3 . 0 268.9 275.0 280.5
5 4 . 1 116.6 126.0 137.8 135.3 150.8
47.3 108.4 118.9 130.4 132.5 148.7
27.9
83.3
98.6 102.1 108.2
88.8
9.2
2 8 . 0 30.3 34.5 36.8 38.1
18.7 55.3 58.5 64.
65.4 70
19.4 25
30.
31.
30.4 4 0 . 6
18.6 2 4 . 5 2 9 . 5 31.2 2 9 . 7 40.
6.8
8.2
7.4
7.1
2.
2.
6.0
7.5
7.3
6.9
2.
1.5
137.3 1 4 3 . 3 152.9
133.6 140.2 148.3
100.8 104.7 108.3
37.
3 6 . 7 38.5
63.7
68.1 69.
32.
35.4 40.0
32.2
3 5 . 0 39.5|
3.7
3.1
4.6
3.3
2.9
4.1
668.8
102.8
280.2
285.8
611.1
103.2
283.9
290.6
150.8
152.0
109.3
38.7
70.6
42.7
42.1
-1.2
-2.0
156.5
154.6
110.4
38.6
71.8
44.2
43.6
1.9
1.0
.1
66.5
66.4
68.2
68.2
-2.0
61.2
63.2
37.9 180.1 199.6 209.7 219.4 233.1 223.7 227.9 229.6
18,
99.2
90.7 9<
97.2
97.6
95.9
96.4
96.0
14
72.4
78.3 7 8 . 4 75.4 71.4
73.2
72.6 71.4;
4 . 3 18.4 20.5 2 0 . 7 21.9 2 6 . 2
22.7
23.7| 2 4 . 6
19
8 9 . 4 100.8 110.6 122.2 135.4 127.9 131.6 133.6
233.8
97.6
70.2
27.4
136.2
240.9
100.6
71.5
29.2
140.3
740.7
751.7
1.8
13.
12.0
5.2
46.2
41.0
2.5
50.6
48.1
2.0
55.6
53.6
3.6
62.9
59.3
.7
65.5
64.
2.7
63.2
60.5
4.7
66.2
61.5
i
Gross national product in constant (1958)
dollars
IVp
!
203.6 141.5 263.7 355.3 675.2j 706.6 724.7 720.0 739.5
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. F o r back data and explanation of series,
|
715.9 729.7: 735.8
see the Survey of Current Business, July 1968, July 1969, July 1970, July
1971, and Supplement, Aug. 1966.
NATIONAL INCOME
(In billions of dollars)
1929
1933
1941
1950
1967
1968
1969
Item
1970
1970
1971'
1971*'
IV
I
II
III
I Vp
National income
86.8
40.3
Compensation of employees
51.1
29.5
64.8
154.6 467.2 514.6 565.5 601.9 641.8 609.3 627.3 638.0 645.6 6 5 6 . 5
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1
51.9
1.9
8.3
146.8 423.1 464.9 509.6 541.4 574.2 547.2 561.4 571.0 577.3 586.9
124.4 337.3 369.2 405.5 426.6 450.3 429.9 440.3 448.4 452.3 4 6 0 . 2
5 . 0 16.2
17.9 19.0
19.4 18.6
18.6
19.2
18.6
18.6
18.0
17.4 6 9 . 5 77.8 85.1
9 5 . 5 105.2
98.6 101.8 104.0 106.9 108.1
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
104.2 241.1 653.6 711.1 763.7 795.9 850.8
.7
.5
2.7
7.8
44.2
49.7
56.0
60.5
67.7
62.1
65.9
67.0
68.3
69.6
.1
.1
.6
.4
2.0
.7
4.0
3.8
21.9
22.3
24.3
25.4
27.8
28.2
29.6
30.8
34.0
33.7
30.1
32.0
33.3
32.6
33.6
33.4
34.2
34.1
35.0
34.6
15.1
9.0
6.2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
62.1
47.3
14.8
64.2
49.5
14.7
67.0
50.3
16.8
66.9
51.0
15.8
68.3
52.1
16.3
65.9
51.5
14.4
66.4
51.6
14.8
67.2
51.9
15.2
69.2
52.3
17.0
70.5
52.5
18.1
5.4
2.0
3.5
9.4
21.1
21.2
22.6
23.3
24.3
23.7
23.8
24.2
24.5
24.6
10.5
-1.2
15.2
37.7
78.7
84.3
78.6
70.8
80.7
69.0
79.5
82.5
80.0
10.0
1.4
8.6
5.8
2.8
1.0
.5
.4
2.0
-1.6
17.7
7.6
10.1
4.4
5.7
42.6
17.8
24.9
8.8
16.0
79.8
33.2
46.6
21.4
25.3
87.6
39.9
47.8
23.6
24.2
84.2
39.7
44.5
24.4
20.0
75.4
34.1
41.2
25.0
16.2
85.2
37.7
47.4
25.5
21.9
71.6
32.3
39.2
25.0
14.3
83.0
38.3
44.8
25.6
19.2
86.9
39.1
47.8
25.4
22.4
85.8
37.5
48.2
25.1
22.5
.5
-2.1
-2.5
-5.0
-1.1
-3.3
-5.5
-4.5
-4.4
-2.6
-3.5
-4.4
-5.8
-4.0
4.7
4.1
3.2
2.0
24.4
26.9
29.9
33.0
35.6
34.2
34.8
35.4
35.9
36.4
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.
802.1 831.7 847.3 855.2
25.3
FEBRUARY 1972 • NATIONAL PRODUCT A N D INCOME
A 71
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1929
Item
1933
1941
1950
1967
1968
1969
197133
1970
I
IV
103.1
Less:
Capital consumption allowances
Indirect business tax and nontax lia-
Plus:
7.0
8.2
18.3
68.9
81.1
87.6
95.2
89.8
7.0
7.1
.7
11.3
.5
.4
23.3
.8
1.5
7 0 . 4 78.6 85.7
3.1
3.4
3.7
- . 7 -2.7 -4.1
92.9
3.9
-4.5
102.1
4.3
-4.7
95.8
4.1
-1.6
.1
.2
.7
Subsidies less current surplus of gov-
Less:
Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
.6
74.5
1.7
.9
4 0 . 3 104.2 241.1 653.6 711.1 763.7 795.9
850.8
—. 1
86.8
II
I yp
III
55.6 124.5 284.8 793.9 864.2 929.1 974.1 1,046.8 988.4 1,020.8 1,040.0 1 , 0 5 3 . 4 1 , 0 7 3 . 0
7.9
.6
Business transfer payments
1971 r
1970
10.5 - 1 . 2
.2
.3
.7
1.4
15.2
2.8
37.7
6.9
78.7
42.4
84.3
47.1
1.1
93.9
96.2
98.7
9 9 . 0 100.2
4.2
4.2
-4.3 -4.9
103.0
4.3
-4.7
106.3
4.4
.7
.7
.5
802.1 831.7 8 4 7 . 3
855.2
1.7
92.0
1.8
78.6
54.0
70.8
57.6
80.7
65.2
69.0
58.5
79.5
64.0
82.5
64.6
80.0
65.4
66.6
.9
1.5
2.6
14.3
48.7
56.1
62.2
75.6
90.5
80.7
83.7
92.2
92.5
93.3
2.5
5.8
.6
1.6
2.0
.7
2.2
4.4
.5
7.2
8.8
.8
23.6
21.4
3.1
26.1
23.6
3.4
29.0
24.4
3.7
31.7
25.0
3.9
31.9
25.5
4.3
32.4
25.0
4.1
31.8
25.6
4.2
31.4
25.4
4.2
32.2
25.7
4.3
32.3
25.3
4.4
85.9
47.0
9 6 . 0 227.6 629.3 688.9 750.3 803.6 857.0 816.7 8 3 3 . 5 853.4
864.6
876.6
2.6
1.5
Equals: Disposable personal income
83.3
Less:
Plus:
Government transfer payments
Net interest paid by government and
consumers
Dividends
Business transfer payments
Equals: Personal income
Less:
Personal tax and nontax payments
Personal outlays
Personal consumption expenditures.
Consumer interest payments
Personal transfer payments to foreigners
116.0
121.8
45.5
9 2 . 7 206.9 546.3 591.0 634.2 687.8 741.2 701.5 722.0 739.6
748.5
754.8
79.1
77.2
1.5
46.5
45.8
.5
8 1 . 7 193.9 506.0 551.2 596.3 633.7 680.8 643.0 663.3 676.0
8 0 . 6 191.0 492.1 536.2 579.6 615.8 662.2 624.7 644.9 657.4
13.2 14.3 15.8 16.9
2.4
17.6 17.7
17.7
17.4
.9
687.6
668.8
17.8
696.5
677.7
17.9
.3
.2
.2
11.0
20.7
83.0
111.6 113.8
97.9 116.2 115.9
115.8
115.2
.8
.9
.9
.9
.9
.9
.9
1.0
.9
39.8
37.9
54.1
60.4
58.5
58.6
63.6
61.0
58.4
150.6 112.2 190.3 249.6 477.5 499.0 513.5 531.5 550.6 532.5 542.7 550.5
553.2
556.0
4.2
Disposable personal income in constant (1958)
dollars
3.3
-.9
.5
13.1
.7
40.4
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)
Item
1970
197135
Dec.
Total personal income
1971 r
1970
803.6 857.0 820.9
Mar.
Apr.
May
June
Jan.
Feb.
829.9
832.4 838.3 843.0 848.6 868.6
July
Aug.
857.7
866.1 869.9
Sept.
Oct.
Nov.
871.2 874.9
Dec.?
883.8
Wage and salary disbursements
541.4 574.2 551.5 558.7 560.6 564.8 567.7 572.0 573.2 572.9 579.2 579.8 581.3 584.8 5 9 4 . 6
Commodity-producing industries. . 200.7 205.7 202.1 2 0 2 . 4 201.8 203.3 204.4 206.1 206.4 2 0 5 . 0 205.3 206.7 207.4 208.1 2 1 1 . 5
Manufacturing only
158.3 160.8 158.4 159.0 158.5 159.2 159.6 161.1 161.4 160.2 160.2 161.1 162.0 162.2 165.0
Distributive industries
129.1 138.8 131.4 134.1 135.2 136.5 137.2 138.3 138.1 138.0 140.0 140.7 140.9 141.6 144.4
Service industries
9 6 . 7 105.9 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.3 107.4 107.7 108.1 108.7 109.8
Government
114.8 123.8 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 126.6 124.7 124.9 126.4 128.9
Other labor income
30.8
33.7
32.2
32.4
32.6
32.8
33.1
33.4
33.7
33.9
34.1
34.3
34.4
34.6
34.8
Proprietors' income
Business and professional
Farm
66.8
51.0
15.8
68.4
52.1
16.3
66.1
51.5
14.6
66.3
51.6
14.7
66.3
51.5
14.8
66.6
51.7
14.9
66.9
51.8
15.1
67.1
51.9
15.2
67.4
52.1
15.3
68.3
52.2
16.1
69.3
52.3
17.0
70.1
52.3
17.8
70.4
52.4
18.0
70.6
52.5
18.1
70.7
52.6
18.1
24.6
Rental income
23.3
24.3
23.8
23.9
23.5
24.0
24.1
24.2
24.3
24.4
24.5
24.5
24.5
24.6
Dividends
25.0
25.5
23.9
25.6
25.7
25.5
25.5
25.6
25.2
25.6
25.7
25.7
25.7
25.7
24.3
Personal interest income
64.7
67.5
66.8
66.7
66.6
66.4
66.6
66.7
66.9
67.4
68.1
68.8
68.7
68.6
68.5
Transfer payments
79.6
94.7
85.1
86.8
87.8
89.1
89.8
9 0 . 5 109.0
96.2
96.5
97.9
97.4
97.6
98.2
28.0
31.2
28.6
30.5
30.7
30.9
30.9
31.0
31.1
31.4
31.4
31.4
31.6
32.0
Less: Personal contributions for social
insurance
Nonagricultural income
Agricultural income
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table opposite.
31.1
781.4 834.0 800.5 808.6 810.8 816.6 821.1 826.5 846.5
20.4
22.2
21.7 21.9
22.1 22.2
23.0
21.3
21.5
834.8 842.4 845.3 846.4 850.1 859.0
24.8
24.7
24.7
22.9
23.7 24.6
A 72
FLOW OF F U N D S • F E B R U A R Y
1972
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1969
Transaction category, or sector
1966
1967
1968
1969
1970
1971
1970
III
IV
I
II
III
IV
I
II
III
Funds raised, by type and sector
Total funds raised
by nonfinancial sectors
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
U.S. Government
Public debt securities
Budget agency issues
All other nonfinancial
sectors..
Corporate equity shares
Debt instruments
Debt capital instruments
State and local govt. s e e s . . . .
Corporate and fgn. b o n d s . . .
Mortgages
Home mortgages
Other residential
Commercial
Other private credit
Bank loans n.e.c
Open market paper
Other
By borrowing sector
Foreign
State and local governments
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
68.5
83.5
96.9
90.4
97.5
88.4
86.8
81.4 103.7
94.6 110.6 112.8 173.7 167.5
3.5
2.3
1.2
13.0
8.9
4.1
13.4
10.3
3.1
-3.6
-1.3
-2.4
12.8
12.9
-.1
-.7
4.9
-5.6
1.2
4.9
-3.7
3.0
3.5
-.5
16.0
18.1
-2.0
12.2
11.4
.8
64.9
.9
64.0
39.0
5.7
11.0
22.3
11.4
3.1
5.7
2.1
70.5
2.4
68.1
46.6
8.7
15.9
22.0
11.6
3.6
4.7
2.1
83.5
-.7
84.2
50.9
9.6
14.0
27.3
15.2
3.5
6.6
2.1
94.1
4.8
89.3
49.1
8.1
13.1
27.9
15.7
4.8
5.5
1.9
84.7
6.8
77.9
58.8
11.8
21.1
25.8
12.8
5.9
5.4
1.8
89.1
6.0
83.2
45.2
5.6
12.1
27.5
15.7
4.8
5.3
1.8
85.7
9.2
76.4
42.5
4.7
11.1
26.7
13.9
5.6
5.8
1.5
78.3
5.9
72.4
45.6
8.9
15.0
21.7
10.7
4.6
4.8
1.5
87.7
6.0
81.7
54.6
10.2
22.4
22.0
11.1
5.4
4.2
1.4
82.4
5.4
77.1
60.0
8.9
22.2
28.9
15.2
6.5
5.2
2.1
25.0
10.3
7.2
1.0
6.4
21.6
9.6
4.6
2.1
5.2
33.3
13.4
11.1
1.6
7.3
40.2
15.7
9.3
3.3
11.8
19.2
2.7
4.3
3.8
8.4
38.0
11.7
8.9
2.7
14.6
33.9
14.2
7.5
1.0
11.2
26.7
7.6
4.8
5.0
9.4
27.0
9.0
6.1
2.2
9.8
17.0
1.9
6.2
.5
8.4
6.0
-7.6
.2
7.5
5.9
64.9
1.5
6.4
23.2
33.8
24.9
5.5
3.5
70.5
4.1
8.8
19.7
37.9
29.3
5.0
3.5
83.5
3.0
9.9
31.8
38.8
30.3
5.8
2.7
94.1
3.7
8.5
32.2
49.7
39.1
7.4
3.2
84.7
2.6
12.2
21.6
48.3
38.8
6.3
3.2
89.1
2.3
5.8
31.5
49.4
37.4
8.7
3.3
85.7
2.4
5.1
28.2
49.9
41.0
6.4
2.5
78.3
2.6
9.4
22.8
43.4
36.9
3.5
3.0
87.7
1.7
10.4
21.5
54.2
45.2
5.2
3.8
82.4
2.2
9.7
24.8
45.7
33.6
8.7
3.3
1
24.6
24.7
2
3
4
128.1 142.9
15.3
17.0
112.9 125.9
85.7 84.4
18.0
16.6
14.1
24.1
52.3
45.1
25.2
28.8
10.2
9.8
11.0
8.8
1.2
2.3
5
6
7
8
9
10
11
12
13
14
15
27.2
13.4
9.2
-3.7
8.3
41.5
22.6
13.9
2.7
2.3
16
17
18
19
20
90.6 113.5 128.1 142.9
7.2
4.3
6.7
4.0
18.1
16.7
19.5 25.7
17.2 23.3 40.8 41.2
76.3
50.0 60.2 63.9
59.4
39.2
47.2
49.9
12.7
8.2
9.4
7.7
4.2
3.1
4.6
4.8
21
22
23
24
25
26
27
28
20.0
18.5
1.5
-.7
2.2
-2.9
90.6 113.5
9.9
9.2
80.7 104.2
74.7 82.0
19.3 25.3
24.8 25.0
30.7 31.7
14.2
14.9
7.1
6.9
7.5
7.5
2.1
2.2
22.2
4.2
4.1
2.9
10.9
45.6
45.8
-.2
*
Funds advanced directly in credit markets
!
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
Federal Reserve System
Commercial banks, net
Funds advanced
Less funds raised
68.5
83.5
96.9
90.4
97.5
88.4
86.8
81.4 103.7
4.9
.3
5.1
4.8
4.6
.5
-. 1
-.6
4.9
-.2
3.2
3.5
2.5
.2
9.0
8.8
3.2
1.2
9.9
8.7
3.7
-.1
10.5
10.6
2.3
1.5
14.1
12.5
3.9
-.7
13.7
14.4
3.5
16.7
16.8
.1
4.8
36.6
36.9
.2
3.7
39.5
39.7
.2
4.2
12.2
16.5
4.3
5.0
31.3
29.5
-1.8
-.5
-.9
4.2
5.0
9.3
12.1
18.9
6.8
1.2
1.0
10.1
9.1
34.4
16.8
18.7
-1.1
34.2
14.6
22.0
-2.5
30.1
10.4
21.8
-2.1
38.9
14.7
24.9
-.7
25.6
6.8
20.6
-1.8
24.4
5.6
19.5
-.7
25.3
4.7
23.2
-2.6
4.3
2.4
.3
-2.0
4.3
-6.3
-5.7
.6
2.3
-1.5
6.5
7.9
2
3
4
5
5.5
7.7
23.3 63.6
27.4 52.1
4.1 - 1 1 . 6
5.5
37.3
28.4
-8.9
16.1
37.6
35.9
-1.7
1.4
59.2
59.8
.6
7.6
44.0
44.9
.9
6
7
8
9
45.8
20.7
25.3
-.3
71.3
45.5
29.9
-4.0
81.9
49.9
33.9
-1.9
59.8
35.1
27.2
-2.6
10
11
12
13
19.6
27.5
30.1
32.1
14
3.1
-2.5 -46.4
-2.9 -1.8
9.7
.4
1.8
3.0
.5 - 4 6 . 3 - 5 . 2
.1
.6
4.5
23.3
10.2
2.9
14.6
4.4
15
16
17
18
19
81.4 103.7
94.6 110.6 112.8 173.7 167.5
1
69.2
97.1
7.3
89.9
68.2
21.7
94.5
91.4
23.1
68.3
26.5
41.9
93.6
70.2
4.6
65.6
31.5
34.1
2
3
4
5
6
7
17.9 - 2 7 . 9 - 2 . 5 - 4 6 . 4
3.1
-8.0
-6.8 -19.2 — 49.5
.8
23.9 -22.1
21.5
15.4
11.6
-.1
.7 -4.3 -12.3
-4.9
-2.1
-.2
.1
.6
4.5
23.3
4.7
22.7
.4
4.4
8
9
10
11
12
27.1
-3.0
30.1
37.4
5.3
32.1
13
14
15
17.4
4.3
24.2
6.1
.6
2.3
19.7
13.9
16
17
18
19
Private nonbank finance
Savings institutions, net
Insurance
Finance n.e.c., net
25.9
7.8
19.3
-1.3
14
Foreign
-1.8
2.8
2.5
1.3
10.9
5.1
-1.1
9.4
15
16
17
18
19
Private domestic nonfinancial
Business
State and local governments. . .
Households
Less: Net security credit
19.1
3.6
3.4
11.9
-.2
-.2
-.2
2.1
12.3
7.4
.4
5.8
1.4
39.8
13.8
6.1
18.3
-1.6
7.1
-1.0
-3.8
10.6
-1.4
55.5
18.1
7.7
26.4
-3.2
38.4
7.0
5.6
25.3
-.4
41.2
15.1
-2.5
24.8
-3.8
*
!
1.8
3.0
10.1
7.0
10
11
12
13
2.2
94.6 110.6 112.8 173.7 167.5
3.5
.9
8.7
7.8
3.6
1.6
7.1
5.5
42.4
15.3
27.1
42.0
18.0
24.1
9.5
4.9
*
*
17.9 - 2 7 . 9
12.3 - 2 8 . 5
-5.3 -7.8
8.8
8.1
-2.1
-.2
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
Demand dep. and currency..
4
Time and svgs. a c c o u n t s . . . .
5
At commercial banks. ..
6
At savings institutions. ..
7
8
9
10
11
12
13
14
15
16
17
18
19
Credit market instr., net
U.S. Govt, securities
Pvt. credit market instr
Corporate equities
Less security debt
Other sources:
Foreign funds
At banks
Direct
Chg. in U.S. Govt, cash balance.
U.S. Government loans
Pvt. insur. and pension reserves..
Sources n.e.c
90.4
68.5
83.5
96.9
42.8
23.7
4.0
19.7
12.5
7.2
51.3
51.5
12.4
39.1
22.5
16.6
60.8 44.5
48.5
4.7
14.8
7.1
33.7 - 2 . 4
20.8 -10.5
8.1
12.9
19.1
5.5
11.4
-1.0
-.2
-.2
12.3 39.8
7.7 15.0
— 1.7
7.8
27.0
13.4
-4.1
-7.4
-3.8
2.2
1.4 - 1 . 6
88.4
86.8
68.2 47.6
61.1 - 7 . 9
6.1
7.6
54.9 - 1 5 . 5
38.4 -21.3
5.8
16.5
44.3
5.9
8.2
-2.3
-6.4
4.2
55.1
13.9
2.0
11.9
7.4
4.4
97.5
7.1
-6.9
15.2
-2.6
-1.4
55.5
23.2
29.6
-.6
-3.2
38.4
14.1
27.5
-3.7
-.4
41.2
6.5
37.6
-6.7
-3.8
72.0
54.1
7.0
47.1
31.9
15.2
.7
2.5
-1.8
4.6
1.7
2.8
4.3
1.8
2.5
9.6
8.3
1.3
2.4
-8.4
10.9
10.4
5.3
5.1
-.6
.5
-1.1
10.8
1.3
9.4
2.7
-6.8
9.5
-.4
4.9
16.7
3.8
1.2
4.6
17.5
4.3
-1.1
4.9
18.5
9.5
.4
2.5
18.7
14.7
2.6
3.2
21.0
.1
1.6
3.7
18.7
6.4
3.9
2.3
18.9
18.1
1.0
3.9
18.7
-8.1
2.1
3.6
22.7
.7
76.6
79.2
8.3
70.8
46.3
24.5
81.5
127.9
15.5
112.4
61.9
50.4
-4.5
.7
9.7
- 9 . 4 -18.9 -17.8
4.9
19.6 27.5
1.4
3.5
19.8
5.3
6.1 - 1 8 . 8
1.8
4.3
22.8 25.3
2.5
10.7
FEBRUARY 1972 • FLOW OF FUNDS
A 73
PRINCIPAL FINANCIAL TRANSACTIONS
(Seasonally adjusted annual rates; in billions of dollars)
1970
1969
Transaction category, or sector
1966
1967
1968
1970
1969
III
IV
I
1971
III
II
IV
I
II
III
Demand deposits and currency
1 Net incr. in banking system liability. .
?
U.S. Government deposits
3
Domestic sectors
4
5
Nonfinancial business
6
State and local governments.
7
Financial sectors
8
Mail float
9
Rest of the world
10
2.6
-.4
3.0
3.9
3.1
.7
-.1
-. 1
.3
-1.0
14.8
1.1
13.7
13.4
9.4
.8
-1.0
1.0
3.2
.3
14.8
-1.2
16.0
15.7
11.1
1.8
.7
.9
1.2
.3
8.5
.6
7.9
7.6
5.9
-.8
3.2
.5
-1.2
.3
10.1
2.5
7.7
7.4
4.7
-.9
1.2
1.3
1.1
.3
11.0
1.9
9.1
8.5
9.5
-4.3
3.9
.9
-1.5
.6
13.2
4.2
9.0
9.0
5.1
3.0
2.9
.8
-2.8
*
5.1
1.1
4.0
2.6
5.4
-2.3
-.3
.5
-.7
,.4
9.8
2.0
7.8
8.2
7.4
-2.7
1.0
1.2
1.3
-.4
8.9
.7
8.2
8.6
5.0
.7
1.1
1.4
.5
-.5
16.9 - 1 . 9
6.0 - 1 9 . 2
10.8
17.3
10.3
17.5
7.3
1.0
.9 - 1 . 2
2.5
3.1
1.9
2.0
6.9
3.3
-.1
.5
67.1 113.3
41.3 61.1
12.2
9.0
12.1
9.6
-5.1 -1.4
24.5 40.8
25.8
52.2
6.2
39.9
17.3
.6
22.6
5.6
22.8
5.7
16.2
10.0
2.9 - 1 . 7
1.1
1.1
1.1
— .3
2.9 - 4 . 8
-.2
-.2
1
2
3
4
5
6
7
8
9
10
72.9
29.5
1.5
3.5
2.6
21.5
43.4
68.0
33.1
1.1
11.9
1.6
18.4
34.9
1
2
3
4
5
6
7
Time and savings accounts
1
2
3
4
5
6
7
8
9
10
11
12
At commercial b a n k s — T o t a l . . . .
Corporate business
State and local governments...
Foreign
At savings institutions
Liabilities—
Savings and loan assns
Mutual savings banks
40.8
23.8
2.9
2.4
1.2
17.1
17.0
33.3
20.6
1.9
3.2
-.3
15.7
12.8
-1.6
-9.7
-9.8
-5.9
1.0
5.2
8.1
3.6
2.6
.8
10.6
5.1
1.2
7.5
4.2
1.1
4.1
2.6
1.4
11.1
4.4
1.7
2.9
1.5
1.3
7.2
-.2
16.6
.3
12.9
-.1
8.1
16.5
.7
5.8
-.1
Assets—
Cr. union deps. at S & L ' s . . .
*
16.8
11.6
.5
6.4
4.3
.5
5.2
44.3
28.5
6.1
10.3
-3.5
15.5
15.8
87.5
65.6
32.3
13.4
-3.2
22.5
21.9
.7
2.2
1.5
2.0
1.6
1.6
9.8
4.4
1.7
15.6
4.7
1.5
16.9
7.0
1.9
36.7
12.4
3.1
28.6
11.6
3.1
25.3
6.6
3.0
8
9
10
4.2
.3
4.4
.8
15.2
.6
21.7
.2
24.5
1.3
50.4
1.8
41.9
1.5
34.1
.8
11
12
3.4
53.9 - 1 5 . 4
36.7 - 2 1 . 2 - 1 . 1
12.8 -11.0 - 4 . 2
9.9 - 1 0 . 3 - 4 . 6
.4
-1.9
5.7
*
2.4
15.8
17.2
5.7
4.5
20.2
13.3
-.7
1.3
.8
11.9
7.0
U.S. Government securities
1 Total net issues
2
Household savings bonds
3
Direct excluding savings b o n d s . . .
4
Budget agency issues
5
Sponsored agency issues
6
Loan participations
7 Net acquisitions, by sector
8
U.S. Government (agency sec.)...
9
Sponsored credit agencies
10
Direct marketable
11
FHLB special issue
12
Federal Reserve System
13
Foreign
14
Commercial banks
15
Direct
16
Agency issues
17
Nonbank finance
18
Direct
19
Agency issues
20
Pvt. domestic nonfinancial
21
Savings bonds—Households...
22
Direct excl. savings bonds
23
Agency issues
8.7 12.5
1.0
.6
7.9
1.8
.1
*
-.6
5.1
4
.
0
1.3
8.7 12.5
1.3 —. *1
1.0
.9
.3
-.9
.6
4.8
3.5
2.1
-2.4
9.3
—3.6
6.3
-3.4
3.0
—-2
.4 - 1 . 9
2
.2
-.2
.3
.5
1
.7
8.5
1.0
.6
3.3 - 3 . 0
.4
4.7
16.7
5.5 21.6 10.0 13.8 17.5 21. 6 20.1 27.0 - 2 . 6
_ 2
.1 -.9
1.9
1.7
.5
.4
-.4
.3
-.8
.3
16.8
4.4
18! 3 10.9
4.8
5.6
9.9
-.9
12.6
.8
1.7
1.0
2
-.2
-.4
1.3
-.8
2.1
1.5
7.0 - 2 . 0
7.8
14.4
12.5
5! 5
10.6
3.2
9.1
8.7
-.2 -3.6
-.1
1.7 - 1 . 9 - 1 . 3 - 4 . 8 - 3 . 3 - 2 . 6 - 2 . 2
10.0 13.8 17.5 21. 6* 20.1 27.0 - 2 . 6*
16.7
5.5 21.6
-.6
.1
.1
. 1 -1.3
- . 1 -.8 -1.0
4.4 - 1 . 8
1.2
-.1
2.0
-.2
1.7
-.5
_ _85 1.0
4.3 - 3 . 9
1.2
.4
2.8
-.8
1.9
-.1
-.5
2.0
.1
2
-.2
.8
-.8
.3
-.2
.3
15.8
5.6
7.9
-.4
9.2
1.1
5! 4
3.8
4.2
5.0
15.5 26.3
8.,2
4.7
8.0
9.1
2.7 - 3 . 7
- . 5 -1.8
2.2
17.6
6..8 11.0
3.4 - 9 . 5
9.0 - 9 . 5 - 5 . 2
.5
.1
8.0
8.9
6.,8
5.8 - 7 . 6 - 6 . 2
-.7
2.2 - 9 . 3
*
2.1
9.6
2.1
1.0
1.3
-.3
3.2 - 1 . 9
1.3
4.4
3.7
2.2
-.8
9..8
-.7
-.8
3.7 - 4 . 7
2.2
2.5 - 7 . 3
-.7
7,.6
- . 6 -3.2
.4 - 2 . 4
1.5 - 7 . 3
11.8
1.2
2.9
2,.2
-.2
2.6
2.2
2.6
1.8
1.6
23.2
14.1
6.5 - 8 . ,0 - 6 . 8 - 1 9 . 2 - 4 9 . 5
15.0 - 6 . 9
7.7
1.9
1.7
.1
.2
.5
-.9
.4
-.4
.3
-.8
18.8
5.0 - 2 . 7 -9 .2 - 1 0 . 8 - 1 9 . 2 - 3 2 . 7
4.1
8.7 - 1 0 . 5
3.5 - 1 . 7 - 1 8 . 7
1.,4
3.4
5.2
9.1
10.1
3.2
6.7
1
2
3
*
4
7.9
5
.1
6
7
32.7
8
9
- 2 . 7 ' —2.8
- . 2 - 2 . 8 10
. 1 11
-2.6
1.7
7.6 12
13
29.0
28.7
14.7 - 5 . 2 14
11.3 - 8 . 2 15
3.4
3.0 16
3.1
- . 6 17
2.5 - 3 . 7 18
3.1 19
.6
.8
4 . 7 20
2.4 21
2.7
.4 22
1.7
-3.6
1.8 23
46.3
2.7
43.1
.4
.6
-.5
46.3*
32.7
2.4
22.2
58.8
16.6
37.8
2.5
.4
1.6
58.8
4.2
3.2
2.7
14.9
6.7
33.0
-5.5
-6.1
.6
.4
-.2
-.5
53.0
18.0
30.2
3.7
.2
.9
53.0
13.0
.7
2.6
7.8
1.5
25.5
.4
-.7
1.1
.9
-.1
1.5
15.6
5.4
5.4
2.7
2.1
Private securities
1 Total net issues, by sector
State and local governments
2
Nonfinancial corporations
3
Finance companies
4
Commercial banks
5
6
Rest of the world
7
Households
8
Nonfinancial corporations
9
State and local governments
10
Commercial banks
11
Mutual savings banks
12
Insurance and pension funds
13
Finance n.e.c
14
Security brokers and dealers...
15
Investment companies, net
16
Portfolio purchases
17
Net issues of own s h a r e s . . . .
18
19
18.5
5.7
11.4
.8
.1
5
18.5
3.2
1.0
1.1
1.9
.3
12.9
-2.2
.1
-2.4
1.4
3.7
.3
28.2
8.7
17.0
1.0
.2
1.3
28.2
-1.8
-.2
1.9
9.8
2.3
16.6
-.9
.2
-1.1
1.5
2.6
.6
23.9 27.7
8. 1
9.6
12. 1 16.4
.8
1.6
# 2
. 1
1.5
1.3
23.9 27.7
3.0
-1.2
5.1
-1.1
2.6
-.4
.3
8.9
.6
1.6
16.8
17.6
-3.6 -2.8
.2
-.9
-2.8 -3.0
1.9
2.7
4.7
5.7
2.3
2.1
42.3 25.1
11.8
5.6
16.1
27.0
1.4
2.5
*
.1
.9
2.0
42.3 25.1
8.1
5.2
1.4
5.5
.9
.2
10.8 - 1 . 1
*
1.7
15.0
18.7
.1 - 1 . 1
2.3
.7
- . 6 -3.4
1.8
2.7
2.4
6.1
1.4
.7
26.3
4.7
19.8
1.3
-. 1
.5
26.3
5.3
5.0
1.4
-1.7
.2
15.4
-2.2
-2.6
.3
4.6
4.2
2.9
31.3
8.9
20.2
1.3
.2
.7
31.3
6.9
.6
.4
5.0
1.2
17.0
-.3
*
-.3
1.3
1.6
.6
41.0
10.2
28.9
2.3
39.3
8.9
25.7
2.8
*
*
-.4
41.0
9.8
2.0
.7
8.9
2.0
20.6
-3.5
.2
-3.7
-1.0
2.7
.5
2.0
39.3
2.5
1.6
-.8
14.5
1.2
13.9
4.3
5.2
-1.0
2.4
3.4
2.1
1.3
57.7
13.3
1.2
.6
14.7
2.5
23.2
-. 1
-2.7
2.5
4.5
2.1
2.3
65.0
25.3
32.8
4.5
.9
1.4
65.0
-3.3
6.1
2.8
20.1
8.3
26.7
3.3
1.4
1.9
2.1
.2
1.0
5.0 - 1 1 . 8
1.2
1.0
.9 - 6 . 7
- . 2 -1.9
3.0 - 4 . 1
11.1
2.7
1.8
-.2
6.9
*
57.7
19.3
33.4
3.8
Bank loans n.e.c.
!
2
3
4
5
Households
Nonfinancial business
Rest of the world
Financial sectors
9.0
.4
10.1
-.2
-1.3
7.5
2.1
7.7
-.2
-2.1
15.7
3.1
10.6
-.3
2.3
17.8
2.4
13.5
-.2
2.1
2.1
.8
2.3
-.4
-.5
11.1
.9
12.3
-1.5
-.6
17.6
1.5
12.8
-.1
3.4
5.2
2.3
4.6
.6
-2.3
10.3
-1.1
10.4
-.3
1.2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
A 74
U.S. BALANCE OF PAYMENTS • FEBRUARY 1972
1. U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1969
Credits-f; debits —
Line
1970
1971
1970
II
III
IV
I
II
IIIP
Summary—Seasonally adjusted
1
660
2,110
36,490 41,980
-35,830 -39,870
704
142
269 - 1 , 0 4 0
10,461
10,696
11,030
10,720
-9,992 -10,319 -10,761 -11,760
1
2
3
Merchandise trade balance
Exports
Imports
4
5
Military transactions, net
Travel and transportation, net
-3,341
-1,780
-3,371
-1,979
-808
-500
-884
-553
-770
-478
-667
-427
-669
-610
-715
-601
6
7
8
9
Investment income, net 2
U.S. direct investments abroad
Other U.S. investments abroad
Foreign investments in the United States
5,975
7,340
3,199
-4,564
6,242
7,906
3,503
-5,167
1,469
1,905
886
-1,322
1,571
1,973
882
-1,284
1,626
1,988
851
-1,213
1,783
2,033
864
-1,114
2,169
2,409
832
-1,072
1,670
2,053
845
-1,228
177
751
10,582
-9,831
-537
11,481
12,018
10
497
588
133
157
150
212
176
11
2,011
3,592
1,045
995
670
1,170
26
-6
-1,266
-1,410
-362
-359
-351
-342
-355
-388
12
13
14
Remittances, pensions, and other transfers
Balance on goods, services, and remittances
U.S. Government grants (excluding military)
15
16
U.S. Government capital flows excluding nonscheduled
17
18
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies
Long-term private capital flows, net
U.S. direct investments abroad
Foreign direct investments in the United States
19
20
21
22
23
24
25
U.S. securities other than Treasury issues
Other, reported by U.S. banks
Other, reported by U.S. nonbanking concerns
26
27
28
29
30
Nonliquid short-term private capital flows, net
Claims reported by U.S. banks
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns
31
32
Allocations of special drawing rights (SDR's)
Errors and omissions, net
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
Net liquidity balance
Liquid private capital flows, net
Reported by U.S. nonbanking concerns
Liquid liabilities
To international and regional organizations
To other foreigners
Official reserve transactions balance
Financed by changes in—
Nonliquid liabilities t o foreign official reserve agencies
reported by U.S. Government
Nonliquid liabilities to foreign official agencies reported
by U.S. banks
Liquid liabilities to foreign official agencies
U.S. official reserve assets, net
Gold
SDR's
Convertible currencies
Memoranda:
Transfers under military grant programs, (excluded f r o m
lines 2, 4, and 14)
Reinvested earnings of foreign incorporated affiliates of
U.S. firms (excluded f r o m lines 7 and 20)
Reinvested earnings of U.S. incorporated affiliates of
foreign firms (excluded from lines 9 and 21)
For notes see end of table.
745
2,182
683
636
319
828
-329
-394
-1,644
-1,739
-391
-444
-485
-428
-483
-527
-899
444
292
192
-166
400
-812
-921
-2,106
-87
-1,837
244
-480
114
-396
2
-450
40
-602
4
-679
102
-428
72
263
-50
-3,254
832
-1,494
3,112
477
277
-436
-1,453
-4,445
969
-942
2,190
199
576
-224
-272
-1,257
105
93
374
68
345
82
-220
-897
218
-488
720
44
183
-263
7
-934
160
-337
792
56
270
-82
-1,003
-1,370
92
-353
559
-121
190
-53
-1,795
-1,393
-16
-388
196
-236
42
-176
-1,648
-1,399
-319
-224
564
-289
19
-2,879
-3,038
-570
-340
-832
-1,283
-3,237
-3,101
-602
-658
-35
91
-545
-1,015
-360
830
-140
-268
-23
151
-115
-189
-50
124
-175
-396
-171
392
-384
-73
-125
-186
-394
-171
-138
-85
-1,167
-991
-248
72
-2,603
867
-1,104
217
-375
217
-437
216
-233
180
-1,017
179
-2,330
179
-5,204
-6,084
-3,821
-868
-675
-1,024
-2,504
-5,782
-9,293
8,786
124
-209
333
8,662
9,166
-63
-441
-6,000
242
-119
361
-6,242
-6,507
179
86
-536
-160
-127
-33
-376
-441
-124
189
-1,400
-17
-53
36
-1,383
-1,315
82
-150
-2,454
157
-79
236
-2,611
-2,888
79
198
-3,029
-315
-90
-225
-2,714
-3,065
279
72
51
90
35
55
-39
-92
198
-145
-2,828
-520
-405
-115
-2,308
-2,092
155
-371
2,702
-9,821
-1,404
-2,075
-3,478
-5,533
-5,731 -12,121
-162
535
735
-12
77
-8
-8
-9
-836
-517
-810
7,619
-235
99
-233
1,736
-188
2,765
-202
5,061
-160
5,240
-173
11,109
-1,187
-967
2,477
787
-851
2,152
389
805
14
-254
818
227
584
395
-251
34
406
824
422
-76
469
9
682
109
-55
373
255
659
456
17
-66
252
1,194
300
-29
72
851
814
-1,034
756
613
2,532
2,885
431
434
191
(5)
(5)
116
(5)
(5)
169
(5)
(5)
191
(5)
(5)
162
(5)
(5)
256
(5)
(5)
F E B R U A R Y 1 9 7 2 • U.S. B A L A N C E OF P A Y M E N T S A N D FOREIGN T R A D E
A 75
1. U.S. BALANCE OF PAYMENTS-Continued
(In millions of dollars)
1971
1970
1969
Credits + , debits —
1970
II
III
IV
I
II
III*
Balances excluding allocations of SDR's—Seasonally adjusted
-6,084
2,702
Net liquidity balance
Official reserve transactions balance
-4,688
-10,688
-1,085
-1,621
-892
-2,292
-1,240
-3,694
-2,684
-5,713
-5,961
-5,910
-9,472
-12,300
Balances not seasonally adjusted
Balance on goods and services (line 11)
Balance on goods, services, and remittances (line 13)
Balance on current account (line 15)
Balance on current account and long-term capital 4 (line 2 6 ) . . .
Balances including allocations of S D R ' s :
Net liquidity (line 33)
Official reserve transactions (line 42)
Balances excluding allocations of S D R ' s :
Net liquidity
Official reserve transactions
2,011
745
-899
-2,879
3,592
2,182
444
-3,038
1,300
925
487
-899
-291
-657
-1,060
-1,535
1,349
1,002
552
706
1,513
1,188
732
-1,256
228
-140
-670
-3,615
-1,400
-1,795
-2,282
-4,428
-6,084
2,702
-3,821
-9,821
-1,704
-2,069
-1,454
-2,612
-152
-3,174
-1,843
-4,718
-6,596
-6,462
-10,112
-12,679
-6,084
2,702
-4,688
-10,688
-1,704
-2,069
-1,454
-2,612
-152
-3,174
-2,560
-5,435
-6,596
-6,462
-10,112
-12,679
1
Adjusted to balance of payments basis; excludes transfers under
military grants, exports under U.S. military agency sales contracts and
imports of U.S. military agencies.
2
Includes fees and royalties from U.S. direct investments abroad or
from foreign direct investments in the United States.
3
Equal to net exports of goods and services in national income and
product accounts of the United States.
4
Includes some short-term U.S. Govt, assets.
5
Not available.
NOTE.—Data are f r o m U.S. Department of Commerce, Office of Business Economics. Details may not add to totals because of rounding.
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; in millions of dollars)
Exports i
Imports
2
Trade balance
Period
Month:
Jan..,
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
Quarter
I
II...
III...
IV...
4
Year ..
202
218
71
166
-227
-274
161
314
471
53
-40
174
574
570
609
933
816
425
-1,323
837
,289
2,699
-2,047
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
2,002
3
2,672
3
2,982
3
3,183
3
3
,257
3
3,683
3,550
3,565
3,754
3,983
4,019
3,790
3,934
4,245
3,531
3,387
4,132
127
184
-150
251
-15
78
133
78
261
-105
89
70
159
-406
206
135
3,152
3,074
3,163
3,078
3,192
3,180
3,078
3,223
3,278
3,218
3,263
3,338
3,266
3,255
3,346
3,428
3,501
3,428
3,404
11,239
10,965
11,681
9,728
7,867
8,151
8,548
8,527
7,655
9,591
9,315
9,450
9,719
9,867
10,029
10,333
10,798
11,755
11,969
11,051
43,555
33,226
36,043
39,963
45,602
8,028
8,465
9,019
8,580
7,615
9,765
9,889
10,020
10,328
10,800
10,845
10,758
34,063
37,332
42,662
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.
-358
-297
-256
+265
1968
3,179
3,182
3,366
3.341
3.342
3,398
3,280
3
3
3
3
2,161
3
2,266
3
3,188
3
3,318
3
3
,268
3
50
141
250
-232
1971
3,733
3,691
3,815
3,521
3,783
3,661
3,493
3,678
4,511
2,710
3,160
3,859
2,814
2,775
2,439
2,855
2,740
2,870
2,858
2,950
3,211
2,631
2,972
2,977
183
269
158
146
323
465
444
246
125
1970
3,406
3,547
3,376
3,409
3,661
3,730
3,699
3,592
3,553
3,689
3,499
3,570
3
3
1971 r
1969
1971
1969
1970
1968
1970
1968
3
4
1969
11
27
108
203
263
150
188
-201
-821
441
-790
-288
Significantly affected by strikes.
Sum of unadjusted figures.
NOTE.—Bureau of the Census data. Details may not add to totals because of rounding.
A 76
U.S. GOLD TRANSACTIONS • FEBRUARY 1972
3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce)
1971
1970
Area and country
1962
1963
1965
1964
1966
1968
1967
1969
1970
IV
III
Western Europe:
-100
-83
-884
' 329
-12
1
-6
-35
-49
16
-1,105
-399
- 8 8 -1,299
-659
-980
200
150
50
-39
-3
7
-1
-82
-518
Italy
-146
102
-387
Other
Total
Canada
Latin American republics:
Argentina
Brazil
Colombia
Venezuela
Other
Total
-130
190
Total
-2
-60
-2
-85
-52
-209
-19
-2
80
-30
-879
-50
-835
325
500
41
-76
-25
-129
-129
-110
-282
-191
-50
-50
2
-50
51
-50
-20
51
-50
-30
-25
-75
-47
200
11
-29
-8
-21
15
-6
-22
-669
969
-204
-27
-180
-85
-448
-263
-25
-28
-23
- 2 5*
-23
-23
-5
-11
-9
25
29
-25
-13
-6
11
-40
-29
-80
-4
-66
•
-4
•
175
32
56
17
-41
9
-65
-54
-131
-4
-111
*
-4
*
-10
-4
-56
-21
-42
-1
11
-9
2-91
-41
-71
21
42
-213
-39
-197
-15
10
-81
—4
-75
-1
-4
-445
-296
-457
-300
54
10
*
-119
-47
-13
-6
-14
-14
-22
-95
-34
9
-50
-81
-75
-93
12
3
-24
-86
-44
-366
-36
-7
-16
-22
3-166
3-68
-32
- 1*
-11
25
20
*
-1
-13
-833
-392
- 3 6 - 1 ,322
6-225
Intl Monetary Fund^
Grand total
-58
600
-601
-30
72
All other
Total foreign countries
III
85
57
38
Asia:
Jap^n
Lebanon
Malaysia
Philippines
Saudi Arabia
Singapore
Other
-2
-80
-35
-180
-50
150
II
4
-25
-55
-40
-405
-225
-1
200
-60
-32
-81
618
-143
-63
-456
I
-833
-392
- 3 6 -1,547
-608 -1,031 -1,118
-119
-35
40
-4
3
-8
-1
957
4-631
-73
4-563
-102
10
-156
-322
4142
-7
-431 -1,009 -1,121
967
-787
-395
-422
-109
1
Includes purchase from Denmark of $25 million.
Includes purchase from Kuwait of $25 million.
3 Includes sales to Algeria of $150 million in 1967 and $50 million in
1968.
4 Data for I M F include the U.S. payment of $385 million increase in
its gold subscription to the I M F and gold sold by the I M F to the United
States in mitigation of U.S. sales to other countries making gold payments
to the I M F . The country data include U.S. gold sales to various countries
in connection with the I M F quota payments. Such U.S. sales to countries
and resales to the United States by the I M F total $548 million each.
2
22
-1
-30
-3
177
-10
-1
21
-32
*
-4
5
Includes I M F gold sales t o and purchases from the United States,
U.S. payment of increases in its gold subscription to I M F , gold deposits
by the I M F (see note 1 (b) to Table 4), and withdrawal of deposits. The
first withdrawal, amounting to $17 million, was made in June 1968.
I M F 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 I M F in U.S. Govt,
securities. In Sept. 1970 I M F repurchased $400 million.
6
Payment to the I M F of $259 million increase in U.S. gold subscription
less gold deposits by the I M F .
Notes to Table 5 on opposite page:
1
Represents net I M F sales of gold to acquire U.S. dollars for use in
I M F operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2
Positive figures represent purchases from the I M F 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 I M F . The United
States has a commitment to repurchase within 3 to 5 years, but only to
the extent that the holdings of dollars of the I M F 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 I M F .
4 Represents the U.S. gold tranche position in the I M F (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 I M F in June 1965 for
a U.S. quota increase, which became effective on Feb. 23, 1966. In figures
published by the I M F 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 I M F 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 1972 • U.S. RESERVE ASSETS; POSITION IN THE IMF
A 77
4. U.S. RESERVE ASSETS
(In millions of dollars)
Gold stock 1
End of
year
Total
1958...
1959...
1960...
1961. . .
1962...
1963. . .
1964. . .
1965. . .
Convertible
foreign
curren-
Gold s t o c k 1
Reserve
position
in
IMF3
Total2
Treasury
22,540
21,504
19,359
20,582
19,507
17,804
20,534
19,456
17,767
18,753
17,220
16,843
16,672
15,450
16,947
16,057
15,596
15,471
613,806
16,889
15,978
15,513
15,388
613,733
212
432
781
1,690
1,064
1 ,035
769
6 863
14,882
1966.. .
14,830
1967.. .
15,710
1968.. .
1 9 6 9 . . . 7 16,964
14,487
1970...
1971. . . 812,167
13,235
12,065
10,892
11,859
11,072
10,206
13,159
11 ,982
10,367
10,367
10,732
10,132
1 ,321
2,345
3,528
72,781
629
8 276
326
420
1 ,290
2,324
1,935
585
SDR's
End of
month
4
1,958
1,997
1,555
116
99
851
1,100
Convertible
foreign
currencies 5
Total
Total 2
Treasury
Reserve
position
in
IMF3
1971
Jan.. . .
14,699
14,534
Feb... .
14,342
Mar
14,307
Apr.. . .
13,811
May...
13,504
June...
13,283
July....
12,128
Aug
12,131
Sept
12,146
Oct
12,131
Nov... .
Dec.. . . 812,167
11,040
11,039
10,963
10,925
10,568
10,507
10,453
10,209
10,207
10,207
10,206
10,206
10,732
10,732
10,732
10,732
10,332
10,332
10,332
10,132
10,132
10,132
10,132
10,132
491
327
256
257
318
322
250
248
250
259
243
8 276
1,700
1,700
1,680
1,682
1,678
1,428
1,433
574
577
580
582
585
1972
Jan.. . .
10,206
10,132
276
587
12,879
6
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 I M F 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 I M F automatically if needed. Under appropriate conditions the United States could purchase additional amounts
equal to the U.S. quota. See Table 5.
4
Includes allocations by the I M F of Special Drawing Rights as follows:
(in millions of dollars) 867 on Jan. 1, 1970; 717 on Jan. 1, 1971; and 710 on
Jan. 1, 1972; plus net transactions in SDRs.
5 For holdings of F.R. Banks only, see pp. A-12 and A-13.
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 I M F f r o m
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded f r o m the reserve position.
7
Includes gain of $67 million resulting f r o m revaluation of the German
mark in Oct. 1969, of which $13 million represents gain on mark holdings
at time of revaluation.
8
Includes $28 million increase in dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 1971.
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)
I M F holdings
of dollars
(end of period)
Transactions affecting I M F holdings of dollars
(during period)
Transactions by
other countries
with I M F
U.S. transactions with I M F
Period
Payments
of
subscriptions in
dollars
1946—1957
1958—1963
1964—1966
1967
1968
1969
1970
1971
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1972—Jan
For notes see opposite page.
2,063
1,031
776
Net
gold
sales
by I M F i
Transactions in
foreign
currencies 2
600
150
1 ,640
-84
1,155
22
6712*
iio
1,362
*
250
I M F net
income
in
dollars
Total
change
Amount
Per cent
of
U.S.
quota
827
2,740
6
775
2,315
1 ,744
775
3,090
4,834
28
75
94
1,975
1,035
5326
268
741
40
-94
-870
- 1 ,034
1,929
1,350
4,740
3,870
2,836
4,765
6,115
92
75
55
71
91
420
1,290
2,324
1,935
585
-23
11*
235
-1
20
1
7
1
20
-2
4
250
-5
859
-3
-3
-2
-3
5,000
5,000
5,020
5,018
5,022
5,272
5,267
6,126
6,123
6,120
6,118
6,115
75
75
75
75
75
79
79
91
91
91
91
91
1 ,700
1,700
1,680
1,682
1,678
1,428
1,433
574
577
580
582
585
-2
6,113
91
587
Purchases
of
dollars 3
Repurchases
in
dollars
-45
60
45
-2,670
-1,666
-723
20
20
19
25
-28
-114
-806
-1,343
-854
-24
- 3*
*
250
862
-3
-2
-1
-5
-3
-3
-3
-2
-3
-2
U.S.
reserve
position
in I M F
(end of
period) 4
A 78
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
6. U.S. LIQUID LIABILITIES TO FOREIGNERS
(In millions of dollars)
Liabilities to foreign countries
Liabilities to Intl.
Monetary Fund arising
f r o m gold transactions
Banks and other foreigners
Official institutions 3
Total
Total
Gold
deposit ]
Gold
investment 2
Total
Shortterm
liabilities reported
by
banks
in U.S.
Liabilities to nonmonetary intl. and
regional organizations •
NonmarketMarketable
able
convertU.S.
ible
Govt,
U.S.
bonds
Treasand
ury
notes 4
bonds
and
notes
Total
Shortterm
liabilities reported
by
banks
in U.S.
Marketable
U.S.
Govt,
bonds
and
notes 4
Total
Shortterm
liabilities reported
by
banks
in U.S. 6
715,825
716,845
19,428
200
200
500
200
200
500
10,12,0
7,917
8,665
9,154
966
7,618
5,724
5,950
7,077
541
1,190
542
552
530
/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
/22,853
122,936
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
(24,068
124,068
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
,250
,284
/26,361
126,322
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
j28,951
\29,002
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
800
29,115
834
800
15,372
13,066
1,105
1,201
11,478
11,006
472
1,431
/29,904
\29,779
1,011
1,011
211
211
800
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
J33.271
\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
/33,828
133,614
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
/41,735
141,894
,019
,019
219
219
800
800
11,955
11,978
11,054
11,077
346
346
9 555
9 555
28,102
28,234
27,577
27,709
525
525
659
663
609
613
44,509
/43,291
\43,238
579
566
566
179
166
400
400
400
19,957
20,068
20.057
19,239
19,333
19,333
289
306
295
429
429
429
23,186
21,813
21,768
22,596
21,166
21,203
590
647
565
787
844
847
741
820
166
43,660
44,065
45,481
47,663
51,815
51,393
53,288
59,909
60,794
559
559
559
548
548
548
544
544
544
544
544
159
159
159
148
148
148
144
144
144
144
144
400
400
400
400
400
400
400
400
400
400
400
20,490
22,321
24,841
27,253
32,091
30,640
32,953
40,672
42,150
43,390
45.058
19,774
21,600
24,120
26,532
31,347
26,809
26,869
34,017
35,081
36,063
37,256
287
292
292
292
292
379
632
870
1,015
1,272
1,747
429
429
429
429
452
3,452
5,452
5,785
6.054
6.055
6,055
21,543
20,192
18,955
18,573
17,838
18,881
18,401
17,196
16,620
16,819
15,577
20,931
19,583
18,357
17,970
17,269
18.308
17,822
16,653
16,105
16.309
15,096
612
1,068
993
1,126
1,289
1,338
1,324
1,390
1,497
1,480
1,433
1,463
1,043
951
985
1,148
1,196
1,181
1,247
1,343
1,325
1,278
1,308
62,186
62,642
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 I M F under quota increases.
2
U.S. Govt, obligations at cost value and funds awaiting investment
obtained from proceeds of sales of gold by the I M F to the United States
to acquire income-earning assets. U p o n termination of investment, the
same quantity of gold can be reacquired by the I M F .
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
I M F gold investment account. Liabilities data reported to the Treasury
include the face value of these securities, but in this table the cost value of
609
598
603
569
573
579
543
515
510
481
818
821
the securities is included under " G o l d investment." The difference, which
amounted to $19 million at the end of 1970, 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
Includes $17 million increase in dollar value of foreign currency
liabilities resulting f r o m 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 I M F "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.
FEBRUARY 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 79
7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions of dollars)
Total
foreign
countries
End of period
Western
Europe 1
Canada
Latin
American
republics
Asia
Africa
Other
countries
15,646
12,548
12,481
411,955
11,978
9,872
7,009
7,001
5,823
5,823
996
533
532
495
495
1,131
1,354
1,354
1,679
1,702
3,145
3,168
3,122
3,190
3,190
249
259
248
546
546
253
225
224
222
222
•Nov..
Dec. 3
19,957
J20,068
\20,057
13,231
13,021
13,016
637
662
662
1,661
1,562
1,562
3,639
4,060
4,054
449
407
407
340
356
356
1971—JJan.. .
Feb.. .
Mar..
Apr.. .
May. ,
June.,
July. .
Aug..
Sept..,
Oct.. .
Nov.*.
20,490
22,321
24,841
27,253
32,091
30,640
32,953
40,672
42,150
43,390
45,058
13,680
15,374
17,151
19,119
22,720
20,676
22,447
25,460
26,035
26,550
27,539
678
727
801
818
865
843
921
1,185
1,173
1,241
1,345
1.388
1.389
1,236
1,244
1,213
1,262
1,286
1,348
1,229
1,298
1,277
4,040
4,163
4,998
5,285
6,396
6,895
7,253
11,546
12,631
13,235
13,776
381
325
242
257
286
271
285
312
296
276
248
323
343
413
530
611
693
761
821
786
790
873
1967..
19683.
1969 3
1 Includes Bank for International Settlements and European Fund.
2
Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America.
3 See note 8 to Table 6.
4 Includes $17 million increase in dollar value of foreign currency
liabilities resulting f r o m 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
End of period
Deposits
Total 1
Total
Demand
Time2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab. 3
Payable
in
foreign
currencies
IMF
gold
investment4
Deposits
U.S.
Total
Demand
Time2
Treasury
bills and
certificates
31,717
f40,040
[40,199
31,081
39,611
39,770
14,387
20,430
20,460
5,484
6,834
6,959
6,797
5,015
5,015
4,413
7,332
7,336
636
429
429
800
800
800
683
609
613
68
57
62
113
83
83
394
244
244
/41,719
\41,757
41,351
41,389
15,785
15,785
5,924
5,961
14,123
14,123
5.519
5.520
368
368
400
400
820
69
69
159
159
211
42,148
42,534
43,862
46,050
50,212
46,698
46,338
52,413
52,911
54,050
54,060
55,557
,770
,124
210
413
593
038
,686
,763
514
14,758
13,516
11,846
10,447
9,991
10,855
10,262
9,284
10,605
11,860
10,973
10,698
5,673
5,474
5,159
4,953
4,901
4,969
4,957
5,026
5,073
5,199
5,331
5,072
14,453
16,390
18,703
22,356
26,961
22,763
23,439
30,198
29,772
29,758
30,723
33,025
6,886
6,744
7,502
7,657
7,740
7,451
7,028
7,255
7,064
6,853
6,663
6,376
378
410
652
637
619
660
652
650
397
380
370
386
400
400
400
400
400
400
400
400
400
403
403
400
1,043
951
985
1,148
1,196
1,181
1,247
1,343
1,325
1,278
1,308
1,365
115
64
73
62
49
60
79
155
149
166
202
221
232
224
202
212
175
201
185
For notes see the following page.
;670
690
171
2
821
61
92
78
69
73
211
273
279
242
206
209
164
170
269
146
168
157
210
A 80
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE—Continued
(Amounts outstanding; in millions of dollars)
To 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
30,234
r 38,631
L 38,786
14,320
20,372
20,397
5,371
6,751
6,876
5,602
3,971
3,971
4,304
7,109
7,113
636
429
429
11,318
11,054
11,077
2,149
1,918
1,930
1,899
2,951
2,942
5,486
3,844
3,844
1,321
2,139
2,159
1970—Dec. 6
/40,499
\40,536
15,716
15,716
5,745
5,802
13,511
13,511
5,138
5,138
368
368
19,333
19,333
1,652
1,652
2,554
2,554
13,367
13,367
1,612
1,612
1971—Jan....
Feb.. .
Mar...
Apr.. .
May. .
June. .
July...
Aug...
Sept...
Oct.. .
Nov. P.
Dec.* 5 .
40,705
41,183
42,477
44,502
48,616
45,117
44,691
50,670
51,186
52,372
52,352
53,792
14,643
13,452
11,773
10,385
9,941
10,795
10,183
9,223
10,513
11,781
10,904
10,625
5,518
5,325
4,993
4,751
4,680
4,737
4,733
4,824
4,862
5,023
5,129
4,886
13,781
15,711
18,061
21,750
26,352
22,199
22,869
29,529
29,226
29,190
30,166
32,415
6,386
6,285
6,998
6,978
7,024
6,726
6,254
6,443
6,189
5,997
5,782
5,480
378
410
652
637
619
660
652
650
397
380
370
386
19,774
21,600
24,120
26,532
31,347
26,809
26,869
34,017
35,081
36,063
37,256
39,543
1,743
1,688
1,579
1,628
1,643
1,462
1,469
1,264
1,450
1,231
1,263
1,620
2,490
2,434
2,244
2,205
2,205
2,252
2,308
2,372
2,392
2,480
2,500
2,366
13,638
15,550
17,916
20,119
24,702
20,097
19,605
26,674
27,855
28,982
30,071
32,311
1,755
1,778
1,981
2,180
2,377
2,578
3,067
3,286
3,226
3,212
3,264
3,088
196 8
1969 6
To banks 9
To other foreigners
Payable in dollars
End of period
Total
Deposits
Total
Demand
Other
shortterm
liab.3
Deposits
Total
Demand
Time2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.3
18,916
27,577
27,709
14,299
23,412
23,419
10,374
16,745
16,756
1,273
1,988
1,999
30
20
20
2,621
4,658
4,644
4,444
3,939
4,064
1,797
1,709
1,711
2,199
1,811
1,935
86
107
107
362
312
312
(21,166
[21,203
16,917
16,945
12,376
12,376
1,326
1,354
14
14
3,202
3,202
4,029
4,038
1,688
1,886
1,895
131
131
325
325
20,931
19,583
18,357
17,970
17,269
18.308
17,822
16,653
16,105
16.309
15,096
14,249
16,663
15.220
14,027
13,604
13,029
14,111
13,696
12,584
12.221
12,353
11,152
10,342
11,210
10,037
8,468
6,952
6,561
7,572
7,018
6,275
7,486
8,845
7,961
7,344
1,185
1,016
879
654
590
649
600
665
758
883
959
873
13
12
4,255
4,155
4,670
4,482
4,359
3,874
2,910
2,876
2,690
2,504
2,223
2,118
4,038
4,103
4,077
4,128
4,041
3,957
3,894
3,839
3,645
3,734
3,733
3,679
1,689
1,727
1,726
1,805
1,737
1,760
1,696
1,684
1,577
1,705
1,680
1,661
1,843
1,875
1,870
1,892
1,885
1,835
1,825
1,787
1,712
1,660
1 ,670
1,648
130
148
135
116
131
86
96
87
85
89
87
96
376
353
347
315
287
276
277
280
272
281
295
273
196 8
1969 6
1970—Dec. 6
Time 2
U.S.
Treasury
bills and
certificates
1971—Jan....
Feb.. .
Mar...
Apr.. .
May. .
June..
July...
Aug...
Sept...
Oct.. .
Nov. P.
Dec.P .
10
1,516
1,518
2,016
3,168
2,769
1,286
120
1
D a t a exclude "holdings of dollars" of the International Monetary
Fund.
2
Excludes negotiable time certificates of deposit, which are included
in " O t h e r . "
3
Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4
U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the I M F to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold can be reacquired by the I M F .
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
I M F gold investment account.
6
D a t a on the two lines shown 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.
7
Foreign central banks and foreign central govts, and their agencies,
and Bank for International Settlements and European Fund.
8
Increase in valuation resulting f r o m revaluation of Swiss franc.
9 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. D a t a exclude the "holdings of dollars"
of the International Monetary F u n d ; these obligations to the I M F constitute contingent liabilities, since they represent essentially the amount of
dollars available for drawings from the I M F 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 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 81
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
1971
1970
Area and country
Apr.
May
185
597
189
117
2,267
7,520
184
1,330
762
324
274
198
503
1,948
46
5,509
37
594
15
54
191
780
219
115
2,297
10,318
145
1,903
620
403
298
201
631
2,145
25
5,087
33
339
22
45
22,653
4,056
Dec.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe 1
U.S.S.R
Other Eastern Europe
Total
Canada
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
Aug.
Nov. p
Dec.p
Sept.
Oct.
244
916
164
116
3,663
5,082
160
2,032
283
649
295
204
723
3,355
26
6,129
31
1,517
10
45
244
901
173
116
3,302
5,339
179
2,286
302
655
314
185
729
3,268
27
6,367
41
1,446
11
61
255
875
171
136
2,842
5,606
184
2,231
315
658
307
202
729
3,306
48
7,321
34
1,404
12
56
246
736
168
134
2,858
5,733
175
1,953
289
714
308
185
757
3,275
67
7,868
40
1,371
8
67
254
691
168
160
3,150
6,601
170
1,886
270
685
303
203
792
3,254
68
7,534
34
1,369
14
53
23,926
25,644
25,945
26,691
26,951
27,661
3,250
3,316
3,472
3,803
3,590
3,439
447
361
257
183
6
790
166
200
116
786
582
960
101
46
501
428
235
178
7
705
147
162
116
782
624
1,074
97
46
499
418
252
168
7
728
149
146
127
787
623
885
101
49
419
358
247
178
6
672
127
162
117
806
597
661
87
44
415
360
211
181
6
680
150
163
116
915
608
346
94
42
437
383
189
179
6
708
150
163
108
874
615
389
85
46
441
343
191
188
6
713
154
164
108
963
654
657
87
38
June
July
185
903
148
107
2,275
12,472
146
1,833
661
465
280
232
625
2,312
43
5,162
38
795
9
50
203
761
175
110
2,467
7,268
152
1,760
609
506
270
200
681
2,093
21
6,126
33
1,000
9
66
274
781
201
131
3,242
5,446
159
1,777
461
574
271
208
718
1,914
27
6,214
39
1,417
10
61
25,817
28,742
24,511
3,256
3,136
3,292
539
346
266
247
7
821
147
225
118
735
620
745
98
39
507
336
260
191
7
863
177
181
121
684
601
980
105
48
505
335
256
169
7
800
165
190
112
729
582
940
105
56
Total
4,952
5,062
4,953
5,002
5,100
4,940
4,482
4,285
4,333
4,706
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other
33
258
302
73
135
5,150
199
285
275
508
708
34
281
211
73
155
6,815
184
338
296
381
601
33
313
245
60
125
8,192
193
340
293
306
585
35
306
255
71
132
8,673
201
321
291
281
558
35
301
222
67
128
8,691
187
333
300
237
622
34
316
193
59
115
13,136
185
328
281
177
542
34
296
150
57
108
13,793
195
322
268
144
568
34
316
154
69
130
14,014
189
294
294
131
631
35
336
142
65
133
13,919
216
304
248
107
579
39
311
89
63
150
14,294
201
302
258
126
595
Total
7,926
9,366
10,685
11,123
11,123
15,366
15,936
16,255
16,082
16,428
14
11
83
17
395
19
9
74
15
268
15
9
64
14
291
16
9
61
15
285
19
7
71
19
299
44
10
74
13
303
25
11
81
25
321
16
8
74
16
331
12
9
74
13
314
12
9
78
24
474
521
384
392
385
415
444
463
445
422
597
389
39
576
41
668
40
757
46
830
47
914
46
854
34
854
39
922
51
919
42
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and
regional:
International 2
Latin American3 regional
Other regional
Total
Grand total
For notes see the following page.
428
617
708
803
877
960
888
893
973
961
40,536
44,502
48,616
45,117
44,691
50,670
51,186
52,372
52,352
53,792
975
131
115
1,225
185
138
1,256
201
139
1,230
210
141
1,242
237
168
1,342
262
139
1,309
279
137
1,276
266
136
1,280
285
143
1,330
298
137
1,221
1,548
1,596
1,581
1,647
1,743
1,725
1,678
1,708
1,765
41,757
46,050
50,212
46,698
46,338
52,413
52,911
54,050
54,060
55,557
A 82
INTL.
CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES BY COUNTRY—Continued
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data 4
1970
1969
1969
1971
1970
Area or country
Area or country
Apr.
Dec.
Apr.
Dec,
Apr.
Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of
2
4
20
11
9
38
15
10
32
10
10
41
7
10
29
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
65
61
59
62
89
90
18
37
29
78
18
8
68
52
78
76
69
84
17
29
17
63
13
76
43
96
72
79
110
19
29
17
76
17
11
69
41
99
79
75
16
34
19
59
16
10
59
43
90
72
80
97
19
44
19
47
15
14
Other Latin America:
British West Indies
25
30
38
33
38
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
Iran
Iraq
8
5
2
5
44
77
16
2
15
5
3
35
26
4
41
6
26
4
2
4
32
11
15
3
2
4
50
(5)
1
100
1
2
Includes Bank for International Settlements and European Fund.
Data exclude "holdings of dollars" of the International Monetary
Fund
but include I M F gold investment.
3
Asian, African, and European regional organizations, except BIS and
European Fund, which are included in "Europe."
Apr.
Dec.
Apr.
Other Asia—Cont.:
Jordan
Kuwait
Laos
Lebanon
Malaysia
Pakistan
Ryukyu Islands (incl. Okinawa)
Saudi Arabia
Singapore
Syria
Vietnam
4
40
4
82
41
24
20
48
40
4
40
17
46
3
83
30
35
25
30
66
4
82
48
34
26
Other Africa:
Algeria
Ethiopia (incl. Eritrea)
Ghana
Kenya
Liberia
Libya
Nigeria
Southern Rhodesia
Sudan
Tanzania
Tunisia
Uganda
Zambia
All other:
New Zealand
106
166
6
15
8
34
28
68
10
2
3
23
2
9
19
14
20
10
43
23
288
11
2
3
10
6
5
20
13
33
7
47
41
430
20
16
18
17
4
94
25
6
91
11
2
7
7
38
4
Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe").
5 Not available.
10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
To foreign countries
End of period
r
t
•
1
Total
To
intl.
and
regional
Total
Official
institutions
1,863
2,389
1,601
1,807
2,341
1,505
Country or area
Argentina
Other
Latin
America
40
40
41
251
284
64
234
257
175
Other
Banks * foreigners
15
8
55
2,560
3,166
2,490
698
777
889
)—Dec
1,698
789
909
695
160
54
13
—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.?
Dec.?
1,562
1,464
1,344
1,181
1,136
1,122
1,008
889
870
935
916
909
713
687
630
577
548
557
501
480
473
483
448
445
849
777
714
605
588
566
507
409
397
452
469
465
637
573
493
406
392
333
273
171
158
159
174
156
157
154
161
142
139
184
184
185
184
236
236
253
54
51
60
57
57
49
51
53
55
57
59
56
13
13
13
13
13
13
13
13
15
15
15
2
Excludes central banks, which are included with "Official institutions."
Israel
Japan
126
241
41
443
658
655
138
6
385
139
109
91
92
94
87
88
66
59
84
101
109
6
6
6
7
8
8
8
8
8
8
7
6
341
317
262
186
182
129
83
12
12
12
8
3
Thailand
Other
Asia
All
other
countries
502
651
472
89
97
124
8
122
236
8
1
1
1
1
1
1
1
1
1
109
101
95
84
82
79
80
91
90
92
88
83
233
230
246
220
208
247
234
218
212
240
250
261
218
201
70
*
*
FEBRUARY 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 83
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES
(End of period; in millions of dollars)
1971
1970
Dec.
Europe:
1
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Nov.f
Oct.
Dec.p
7
6
6
6
6
6
6
6
6
6
6
6
6
Eastern Europe
34
472
27
6
33
520
20
6
34
518
24
6
34
510
25
6
31
519
25
6
30
485
25
6
29
490
25
6
29
496
25
6
29
460
25
6
29
432
49
5
29
427
71
5
60
362
82
5
60
323
85
5
Total
547
586
589
582
587
552
557
562
525
521
538
516
480
175
174
175
175
175
175
179
181
j
*
*
Switzerland
Canada
Latin America:
Latin American republics
Other Latin America
Total
Asia:
Japan
Total
Africa
Total foreign countries.
International and regional:
International
Latin American regional
Total
Grand total
*
*
*
*
*
*
*
*
*
178
178
177
174
173
2
6
2
6
2
6
6
1
6
1
6
j
6
1
6
6
j
6
1
6
!
6
1
6
8
8
8
7
7
7
7
7
7
7
7
7
7
20
56
10
20
56
10
20
55
10
20
55
10
20
55
10
20
55
10
20
142
10
20
395
10
20
633
10
20
755
10
20
1,009
10
20
1,488
10
1,717
10
85
85
85
85
85
85
172
425
663
784
1,038
1,518
1,727
43
43
43
43
43
43
43
43
43
43
25
8
8
*
*
*
*
*
*
«
*
*
All other
*
*
*
*
*
*
860
899
901
890
895
861
952
1,211
1,413
1,530
1,782
2,228
2,402
2
24
25
17
25
115
26
115
26
115
27
115
27
115
28
126
28
126
29
126
29
126
30
126
30
26
25
42
141
141
142
142
143
154
155
155
156
156
886
923
943
1,031
1,036
1,003
1,095
1,354
1,567
1,685
1,937
2,383
2,558
i Based on Jan. 31, 1971, benchmark survey.
Ketaoie u . a . o o v i . securities wim an ungmai iiiaiumy u! m u . c
year, and are based on benchmark surveys of holdmgs and regular monthly
reports of securities transactions (see Table 16).
NOTE.—Data represent estimated official and private holdings of mar-
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
Total
1969
197 0
1971 - J a n . .
Feb..
Mar.
Apr.
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1972—Jan-
43,181 1,431
3,563 2,480
Belgium
Can-
Italy 2
Thailand
Total
Germany3
Italy
125
Switzerland
541
541
15
15
20
20
100
100
4 1,750
1,083
4 1,084
542
15
15
15
15
15
15
15
15
15
15
15
15
20
20
20
20
20
20
20
20
20
20
20
20
100
100
100
100
100
100
100
100
100
100
100
100
1,083
1,083
1,083
1,083
1,111
1,111
1,444
1,714
1,716
1,716
6 1,827
542
542
542
542
542
542
542
542
542
542
542
612
541
541
541
541
5 569
569
569
902
1,172
1,174
1,174
1.215
15
20
100
1,828
612
1.216
6,592
8,592
8,924
9,193
9,195
9,271
69,657
32
32
32
32
32
32
32
32
32
32
32
32
289
289
289
289
289
289
289
289
289
289
365
640
3,000
5,000
5,000
5,000
5,000
5,000
5,000
25
25
25
25
25
25
25
23
23
23
22
22
9,658
7,829
32 2,640
5,000
22
53,592
Taiwan
135
25
2,480
2,480
2,480
2,480
2,480
5,480
7,480
7,479
7,479
7,479
7,554
7,829
3,563
3,563
3,563
3,563
Korea
32 1,129
32 2,289
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 Oct. 1971, $24 million.
2
Bonds issued to the Government of Italy in connection with military purchases in the United States.
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 dollar value of these notes was increased by $10 million in
Oct. 1969 and by $18 million as of Dec. 31, 1971.
Germany
M,lll
4 Includes an increase in dollar value of $84 million resulting f r o m
revaluation of the German mark in Oct. 1969.
5 Increase in valuation resulted f r o m redemption of outstanding Swiss
franc securities at old exchange rate and reissue of securities at new exchange rate with same maturity dates, at time of revaluation of Swiss
franc. The new issues include some certificates of indebtedness issued to
replace notes which were within a year of maturity.
6 Includes $106 million increase in dollar value of foreign currency
obligations revalued to reflect market exchange rates as of Dec. 31, 1971.
Dollar costs of repayment will be subject to negotiation as to settlement
terms after prospective action on devaluation of the dollar.
A 84
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
1970
1971
Area and country
Dec.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
Other Eastern Europe
Total
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
Apr.
May
June
Aug.
July
Sept.
Oct.
5
58
51
133
106
250
22
120
87
67
18
61
135
148
14
536
37
17
2
44
5
48
46
129
124
230
21
133
84
61
13
64
138
162
11
480
38
18
2
48
8
95
47
117
155
256
22
140
92
71
11
66
117
253
26
785
37
16
2
37
5
60
47
114
148
252
21
130
82
68
12
64
116
145
20
467
29
16
2
39
2,379
1,913
1,855
2,353
1,021
1,003
980
994
321
400
165
303
13
898
105
150
53
243
330
190
21
22
322
403
158
294
13
886
104
153
52
232
313
239
20
22
316
430
155
299
13
879
109
156
43
230
314
212
19
27
334
422
157
315
13
943
99
173
44
239
309
261
18
31
6
50
40
66
113
186
26
101
61
54
11
52
97
100
9
379
35
13
3
45
17
57
54
128
102
214
22
108
76
54
15
65
124
137
8
580
33
12
3
51
6
73
54
139
120
358
24
131
85
64
20
70
129
163
30
808
36
15
2
50
1,449
1,859
1,085
972
326
325
200
284
13
909
95
147
63
283
342
179
19
22
Nov.p
Dec.?
4
53
50
113
132
197
24
114
70
66
10
58
113
136
4
506
27
16
4
33
10
63
48
116
179
227
23
139
90
66
12
68
120
143
3
681
22
11
10
33
11
57
49
135
266
240
30
155
105
65
12
70
118
150
3
724
19
12
28
37
1,837
1,732
2,064
2,286
1,126
1,165
1,170
1,580
329
442
151
335
13
977
113
169
41
249
303
252
15
36
337
418
143
353
13
908
102
190
31
243
319
255
17
27
327
418
138
353
13
808
95
198
32
251
326
242
21
32
316
410
142
378
13
845
109
201
39
249
337
260
14
29
304
434
139
380
13
936
125
176
41
268
373
264
18
25
Total
3,204
3,214
3,210
3,201
3,359
3,423
3,356
3,253
3,342
3,495
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other
2
39
13
56
120
3,890
178
137
95
109
157
1
60
21
48
110
3,358
228
128
117
118
187
1
56
20
34
112
3,607
231
115
127
114
211
1
60
19
30
117
3,502
259
125
130
116
200
1
69
18
63
123
3,222
252
126
127
123
203
1
71
18
60
116
4,078
252
119
123
127
239
1
78
20
57
125
4,046
217
110
113
147
249
1
77
22
39
103
3,738
286
111
105
145
235
I
71
17
40
132
3,885
329
129
94
148
235
1
72
21
41
129
4,295
348
136
109
173
252
Total
4,797
4,629
4,559
4,326
5,204
5,163
4,862
5,079
5,576
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and regional
Grand total
4,376
4
6
77
13
79
5
5
93
17
103
6
6
103
16
104
6
5
97
14
110
18
6
128
12
108
22
8
132
11
110
21
5
142
12
108
22
5
146
11
105
21
4
152
9
93
21
4
154
10
103
180
223
235
232
272
284
287
289
281
293
64
16
73
18
81
17
94
20
105
21
118
22
134
23
140
22
140
24
159
27
80
91
98
114
126
140
158
162
164
186
11,927
11,463
12,101
13,416
10,796
10,735
11,022
10,918
12,398
3
2
2
3
3
2
3
3
4
3
10,799
10,736
11,572
11,024
10,921
12,400
11,930
11,466
12,104
13,419
NOTE.—Short-term claims are principally the following items payable
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
11,571
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 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 85
14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in foreign currencies
Payable in dollars
Loans to—
End of period
Total
Total
8,711
8,261
Acceptances
made
for acct.
of foreigners
Other
Foreign
govt, seDeposits curities,
with for- coml.
eigners and finance
paper
Official
institutions
Banks 1
Others
Collections
outstanding
247
1,697
1,221
1,733
2,854
509
450
336
40
3,169
3,202
658
656
518
516
352
352
84
89
Total
3,165
Total
(9,578
} 9,667
9,063
9,151
3,281
3,278
262
262
1,946
1,943
1,073
1,073
1,954
2,015
10,799
10,148
3,051
119
1,720
1,212
2,389
3,968
740
651
393
92
10,409
10,561
10,687
10,736
11,572
11,024
10,921
12,400
11,930
11,466
12,104
13,419
9,903
10,026
10,124
10,203
10,937
10,459
10,382
11,767
11,248
10,770
11,426
12,535
2,867
2,955
3,008
3,116
3,383
3,409
3,570
4,296
3,857
3,617
4,175
4,698
110
88
1,575
1,594
1,598
1,754
1,929
1,969
2,052
2,680
2,255
2,153
2,579
2,793
1,182
1,273
1,311
1,255
1,299
1,292
1,318
1,425
1,415
1,329
1,429
1,684
2.363
2,353
2,335
2,279
2,349
2,378
2.364
2,357
2,371
2,307
2,306
2,473
3,950
3,973
4,033
4,098
4,136
3,960
3,638
4,121
4,048
3,877
3,898
4,260
724
745
747
710
1,069
712
810
992
972
969
1,047
1,104
506
535
564
534
636
565
539
633
682
696
679
884
308
334
365
339
449
374
382
497
481
473
487
591
79
111
102
92
78
102
62
46
104
111
89
119
100
107
156
147
200
191
187
135
167
222
with those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
t 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
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—
Total
Official
institutions
3,567
3,250
3,158
2,806
528
502
3,075
2,698
2,962
2,957
3,044
3,082
3,246
3,218
3,279
3,387
3,433
3,494
3,536
3,616
2,615
2,643
2,737
2,778
2,935
2,915
2,986
3,084
3,115
3,181
3,238
3,319
Other
Banksi foreigners
Other
longterm
claims
Payable
in
foreign
currencies
Other
Europe
Latin
Canada America
1,375
1,329
122
88
2,393
2,096
394
426
68
67
479
411
504
236
1,958
352
71
411
312
1,325
115
485
484
501
504
523
475
489
513
514
533
555
563
213
213
226
227
251
242
253
265
269
266
286
309
1,917
1,946
2,011
2,047
2,161
2,197
2,244
2,305
2,332
2,382
2,396
2,447
323
289
277
271
279
277
273
276
289
286
275
275
70
77
111
117
107
112
118
120
412
420
424
439
498
519
530
546
570
580
583
590
278
266
268
275
277
266
266
259
264
261
244
219
1,281
1,257
1,271
1,273
1,264
1,229
1,263
1,331
1,346
1,323
1,360
1,435
117
121
125
120
208
225
219
221
225
240
240
246
126
127
138
128
428
408
Japan
237
209
i Excludes central banks, which are included with "Official institutions."
United
Kingdom
Other
Asia
A 86
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
Marketable U.S. Govt, bonds and notes
U.S. corporate
securities 2
1
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Purchases
Foreign
Intl.
and
regional
Total
Total
Official
-115
-41
1,661
Sales
Net pur- Purchases or chases
sales
Sales
Net pur- Purchases or chases
sales
Sales
Net purchases or
sales
2,688
1,582
1,389
1,552
1,490
1,685
2,581
2,441
2,561
-1,029
-951
-876
2,037
997
1,431
-517
37
-46
Other
59 15,483 12,795
123 11,426 9,844
- 1 1 9 14,523 13,134
-45
56
1,672
11
-25
130
-56
82
1,542
1970—Dec...
52
-22
74
17
57
1,321
1,030
291
140
277
-137
83
87
-4
1971—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov.f
Dec.f.
37
19
88
5
-33
92
260
212
118
252
446
175
38
2
-11
5
-33
91
259
202
117
252
445
175
-8
5
46
-3
-11
4
-33
4
6
-36
-28
-5
-29
-34
1,242
1,516
1,411
1,383
1,163
1,004
1,038
1,152
1,043
965
940
1,664
1,022
1,411
1,314
1,412
1,126
1,019
1,002
1,013
795
972
845
1,202
220
105
97
-29
37
-15
36
139
249
-7
95
462
116
126
176
174
118
121
112
110
131
163
152
185
424
107
190
234
218
239
137
306
138
257
135
174
-307
19
-14
-60
-100
-118
-26
-196
-7
-95
17
11
90
68
85
117
94
98
102
124
118
157
137
195
95
111
121
179
120
130
144
102
96
104
76
151
-5
-44
-36
-63
-26
-32
-42
22
22
52
61
44
1969
197 0
1971f
17
99
*
1
*
1
11
1
*
1
1
*
87
253
238
145
257
474
209
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.
1,519
1,033
1,385
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
1969
1970
1971*
1970—Dec
1971—Jan
Feb
Mar
Apr
May
June......
July
Aug
Sept
Oct
Nov.f....
Dec.*
Total
France
Germany
150
58
86
216
195
131
216
39
27
130
-32
-26
-5
10
-11
-4
79
155
-47
-13
-23
-26
8
9
3
12
10
24
8
9
66
27
28
11
-10
•
3
-6
7
33
-4
-9
51
1,487
626
730
*
480
Nether- Switzer- United
lands
land
Kingdom
Other
Europe
Total
Europe
295
24
71
1,094
482
624
125
-9
-93
136
47
39
Latin
Canada America
Africa
Asia
490
110
166
-245
-33
-50
8
39
14
11
137
40
32
4
14
9
2
8
13
12
15
38
9
2
22
76
26
-6
-27
-4
10
9
-10
24
38
4
1
101
7
-23
-11
-18
-6
-19
6
-33
11
-30
-1
67
46
21
-8
-8
-3
-24
-13
-7
17
107
7
-59
-24
24
-17
4
38
132
-21
42
392
11
-34
1
-7
-17
-11
-24
11
10
-21
-14
2
6
-5
18
11
-4
-4
2
13
7
-17
-38
49
-3
189
128
219
*
20
31
90
85
108
*
9
11
1
7
15
16
4
5
6
39
7
—1
*
Intl. &
Other
countries regional
1
-2
36
22
54
*
*
3
*
-1
11
*
6
6
7
14
-2
*
*
*
*
-1
*
—1
»
*
*
*
*
1
*
*
*
*
*
—1
*
*
*
*
2
7
4
-2
F E B R U A R Y 1 9 7 2 • I N T L . C A P I T A L T R A N S A C T I O N S OF T H E U.S.
A 87
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions of dollars)
Period
1969
1970
1971f
France
Germany
1,202
956
659
97
35
15
200
48
35
75
2
7
-3
-6
3
14
-3
27
-1
-1
-1
-1
1
4
-1
*
1970—Dec
1971—Jan
Feb
Mar
May
June
July
Aug
Sept
Oct
Nov.p. . . .
Dec.P
Nether- Switzer- United
Kingdom
land
lands
Total
89
137
123
-23
27
-4
40
60
94
40
94
-18
*
4
10
3
—1
-1
-2
-3
*
5
*
14
37
-1
*
*
1
—i
Asia
Africa
83
91
39
822
464
586
32
128
37
14
25
19
-11
28
-2
9
28
18
61
1
1
3
*
2
21
32
7
19
-4
20
49
69
24
70
18
*
-4
1
6
4
3
2
3
1
5
-2
-1
*
*
*
21
53
42
-11
-1
-2
Latin
C a n a d a America
251
118
327
*
*
*
Total
Europe
176
134
171
15
16
32
7
-5
-2
3
2
—1
«
Other
Europe
NOTE.—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations that are not guaranteed by
39
5
5
-6
*
1
-3
-3
2
6
-6
12
85
92
19
33
-8
22
42
86
83
122
-3
28
-4
11
-2
*
11
-10
*
16
-8
7
-13
*
1
3
-6
-1
-3
*
1
*
—1
2
1
Other Intl. and
countries regional
-1
1
*
*
*
*
*
*
1
8
*
52
65
11
-39
-6
-3
24
17
-14
-33
-31
-3
-12
*
*
-2
-2
«
*
*
*
*
*
*
*
-5
*
336
324
39
10
-12
-21
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
1969
1970
1971*
Total
-1,547
-914
-922
Total
forIntl.
eign
and
counregional tries
66 - 1 , 6 1 3
-254 -660
-310 -611
Europe
Canada
74 - 1 , 1 2 8
50 - 5 8 4
48 - 3 0 4
1970—Dec
-141
4
-145
-22
-90
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.*
Dec.f
-312
-24
-50
-122
-126
-150
-67
-174
15
-43
78
55
-197
-4
11
-46
4
13
7
-152
8
32
11
2
-116
-20
-61
-77
-130
-163
-74
-22
6
-75
67
53
2
-24
6
-34
-4
-3
-16
23
1
22
51
23
-90
27
-34
29
-62
-111
-6
-23
-7
-111
32
52
Latin
America
Asia
Africa
Other
countries
-98
-11
-46
-474
-129
-345
-6
-6
3
20
20
32
-5
-31
-1
4
4
11
5
-13
5
-2
-10
3
-13
-28
-9
-29
-29
-44
-79
-52
-72
-53
-14
8
24
8
-11
—1
"
4
2
1
1
1
2
14
2
1
1
2
3
2
End of
period
1971—Mar
Credit
balances
(due to
foreigners)
Debit
balances
(due f r o m
foreigners)
636
508
553
566
467
434
393
397
297
278
368
334
291
349
220
182
203
279
511
419
332
314
300
320
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 88
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S.
GOVERNMENT SECURITIES
22. MATURITY OF EURO-DOLLAR
DEPOSITS IN FOREIGN
BRANCHES OF U.S. BANKS
(Amounts outstanding; in millions of dollars)
(End of m o n t h ; in billions of dollars)
Liabilities 1
Wednesday
Liabilities!
Liab.
plus
sec. 2
1970
1,879
1,951
3,472
4,036
3,412
3,166
4,059
4,241
4,920
6,202
7,104
6,039
9,621
13,269
14,349
12,805
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
28.
25.
25.
29.
27.
24.
29.
26.
30.
28.
25.
30.
1971
Jan. 27.
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 2 .
9.
16.
23.
30.
July
7.
14.
21.
28.
Wednesday
Liabilities 1
Liab.
plus
sec. 2
1971
Maturity of
liability
Sept.
Oct.
Nov.
2.38
1.43
1.77
1.58
1.49
1.73
9.27
5.03
4.55
2.39
1.77
1.49
.44
.34
.27
.38
.20
.22
8.50
5.68
4.97
2.06
1.76
1.77
.35
.27
.42
.21
.24
.25
9.33
6.26
3.67
1.94
2.00
1.96
.30
.44
.24
.25
.29
.21
.74
.78
.87
1971—Cont.
13,605
13,086
11,885
11,944
12,346
12,172
10,469
10,629
9,663
9,297
8,435
7,676
Aug.
4. . .
11. . .
18. . .
25. . .
Sept. 1. . .
8. . .
15. . .
22. . .
29...
Oct. 6. . .
13. . .
20. . .
24. . .
1,905
1,110
1,376
1,405
1,233
1,239
1,701
2,153
2,475
2,222
2,723
2,601
2,917
2,467
2,964
3,358
3,342
5,055
4,296
4,562
4,075
3,403
3,409
3,355
3,807
3,578
3,325
3,275
3,153
2,917
2,467
2,964
3,358
3,342
1...
8...
15...
22...
29...
2,408
1,867
1,386
1,544
>•909
2,408
1,867
1,386
1,544
>•909
1972
Jan.
5...
12...
19...
26...
1,208
1,721
1,568
1,413
1 ,208
1,721
1,568
1,413
21...
6,536
5,666
2,858
2,158
1,579
1,877
1,938
2,323
2,313
1,492
2,189
1,740
1,880
1,495
7,536
6,666
4,358
5,166
4,587
4,885
4,946
5,331
5,321
4,500
5,197
4,787
4,927
4,645
Nov.
3...
10...
11...
Dec.
Call
Other liabilities, maturing
in following calendar
months after report
date:
1st
2nd
3rd
4th
5th
6th
7th
8th
9th
10th
11th
12th
Maturities of more than 1
30.90 3 0 . 6 5 30.99
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.
1
2
Represents gross liabilities of reporting banks to their branches in foreign countries.
F o r period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning
July 28, 1971, all of the securities held are U.S. Treasury Certificates Eurodollar Series.
23. DEPOSITS, U.S. GOVT. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGN OFFICIAL ACCOUNT
24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
(In millions of dollars)
End of
period
Payable in
Payable in dollars foreign currencies
Assets in custody
Deposits
U.S. Govt.
securities 1
Earmarked
gold
1969
1970
134
148
7,030
16,226
12,311
12,926
1971—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct.. .
Nov. .
Dec.. .
129
147
201
162
208
199
162
122
166
135
177
294
16,206
18,033
20,534
22,879
28,126
26,544
28,574
35,914
36,921
38,207
39,980
43,195
12,958
12,981
13,057
13,095
13,447
13,509
13,559
13,821
13,819
13,819
13,820
13,815
1972—Jan....
147
44,359
13,815
1
Marketable U.S. Treasury bills, certificates of indebtedness, notes, and bonds and nonmarketable U.S.
Treasury securities payable in dollars and 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
Total
Deposits
ShortShortterm
term
Deposits
invest-1
invest-1
ments
ments
United
Kingdom
Canada
1,638
f l , 319
\1,454
1,219
952
1,025
87
116
161
272
174
183
60
76
86
979
610
663
280
469
519
1970—Nov
Dec
1,485
1,095
955
651
189
150
175
173
166
121
664
372
472
417
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept. r
Oct
Nov
1,252
1,312
1,450
1,468
1,532
1,462
1,475
1,666
1,552
1,576
1,570
815
805
965
952
917
918
938
1,089
961
996
986
144
173
165
178
160
183
197
208
204
205
203
177
190
175
200
293
240
238
241
280
270
238
116
144
145
138
161
122
101
128
107
106
143
520
548
706
687
622
634
579
645
514
535
612
363
401
377
390
424
367
393
488
482
525
488
1 QAQ2
1
Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year f r o m the date on which the
obligation w a s incurred by the foreigner.
2
D a t a 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
Tables 25 and 26.
FEBRUARY 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 89
25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period. Amounts outstanding; in millions of dollars)
Liabilities to foreigners
Area and country
1970
Sept.
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 E u r o p e
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
Thailand
Other Asia
Total
Dec.
Mar.
June
Sept.f
12
58
3
2
117
105
5
69
102
5
18
35
31
85
5
647
1
2
3
10
60
3
2
142
126
6
74
85
5
18
37
28
100
3
662
1
2
3
9
54
16
13
154
192
28
161
62
13
14
73
25
45
13
1,055
17
9
24
10
47
17
11
150
209
28
163
62
16
15
81
40
47
8
698
17
9
24
10
49
16
8
159
191
34
175
65
15
13
93
53
38
17
1,020
16
12
16
10
61
17
15
181
228
27
172
74
14
20
91
40
62
9
961
16
11
16
13
59
14
16
182
209
40
177
66
17
11
92
37
95
11
840
21
14
16
1,556
1,605
1,403
1,304
1,366
1,977
1,652
1,997
2,027
1,928
215
215
201
188
178
703
751
715
708
783
10
17
11
6
11
19
11
6
14
15
13
6
17
17
8
6
19
13
14
6
22
5
4
4
18
37
154
23
6
20
6
4
4
17
29
158
5
5
20
6
4
4
17
29
152
7
6
21
6
5
4
14
33
228
4
8
61
120
48
37
1
156
18
36
6
68
100
160
9
29
65
105
40
36
1
143
21
35
7
70
96
210
8
21
66
118
44
31
1
151
17
36
6
69
96
263
9
25
66
129
48
40
28
5
6
5
14
35
94
24
5
61
107
42
37
1
149
18
29
5
70
97
153
10
23
320
296
293
376
801
848
858
931
•
•
260
1
8
41
7
21
135
1
7
8
4
47
1
*
*
*
146
20
34
6
73
104
340
9
22
1,036
1
I
9
38
9
24
144
l
7
9
4
50
8
25
5
28
165
11
7
10
4
59
8
22
6
19
158
10
7
11
3
122
9
26
11
21
177
10
6
17
4
140
19
42
14
21
314
29
32
27
13
145
17
34
21
23
323
42
30
33
11
145
19
39
20
24
348
48
31
32
12
155
25
39
21
25
372
54
56
38
13
159
296
322
366
420
657
678
728
802
872
2
34
1
41
2
31
2
19
2
45
1
33
?
45
1
32
4
29
11
48
3
30
9
50
5
32
10
53
6
38
9
67
4
38
9
70
78
54
82
80
92
92
100
120
75
7
81
8
81
8
68
9
70
15
80
15
86
13
82
17
79
82
89
89
77
84
94
99
99
*
*
•
*
1
1
1
3
4
4
2,482
2,597
2,365
2,322
2,498
4,316
4,117
4,499
4,692
4,854
j
!
!
!
281
74
5
i
i
NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.
Sept.
11
47
9
2
112
122
4
71
115
4
14
27
28
122
3
704
1
1
4
90
Grand total
Sept.*5
June
8
46
2
2
126
139
4
77
128
5
13
24
34
159
4
819
2
11
4
Total
Total
Mar.
1971
6
66
3
1
141
166
3
69
124
6
10
48
35
185
3
661
1
21
5
15
24
2
51
International and r e g i o n a l . . . .
1970
1971
Dec.
Africa:
Congo (Kinshasa)
South Africa
U.A.R. (Egypt)
Other Africa
Other countries:
Australia
All other
Claims on foreigners
j
j
25
36
24
21
411
52
43
43
16
201
122
|
i
I
85
24
109
Data exclude claims held through U.S. banks, and intercompany accounts
between U.S. companies and their foreign affiliates.
A 90
INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1972
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
(Amounts outstanding; in millions of dollars)
Liabilities
Claims
Payable in foreign
currencies
Total
Payable
in
dollars
Payable
in
foreign
currencies
Payable
in
dollars
Total
Deposits with
banks abroad
in reporter's
name
Other
1,353
1,371
1,386
1,029
1,027
1,039
324
343
347
2,555
2,946
3,011
2,116
2,529
2,599
192
201
203
246
216
209
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
1,576
1,613
1,797
1,786
2,090
1,185
1,263
1,450
1,399
1,654
391
350
346
387
436
4,014
4,023
3,874
3,710
4,124
3,329
3,316
3,222
3,124
3,495
358
429
386
221
244
327
278
267
365
385
2,202
2,356
2,482
2,597
1,724
1,843
1,955
2,165
478
513
526
432
4,238
4,417
4,316
4,117
3,699
3,825
3,710
3,534
219
234
301
234
320
358
306
349
2,365
2,322
2,498
1,946
1,927
2,082
419
395
416
4,499
4,692
4,854
3,890
4,037
4,146
232
303
377
377
352
332
i D a t a 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.
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
1967—Sept
Dec
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
411
414
428
1,452
1,537
1,570
40
43
43
212
257
263
309
311
322
212
212
212
84
85
91
283
278
274
109
128
128
103
117
132
87
89
89
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
1,285
1,325
1,418
725
S
J.
\ 2,300
1,872
1,952
1,965
2,215
2,335
175
168
167
152
152
342
368
369
433
442
432
447
465
496
542
194
195
179
172
174
75
76
70
73
77
222
216
213
388
415
126
142
143
141
142
191
229
246
249
269
72
72
71
69
75
43
40
42
42
46
1970—Mar
June
Sept
Dec
2,353
2,585
2,768
3,087
2,716
2,729
2,858
2,912
159
161
157
146
735
712
720
708
554
571
601
650
178
175
177
181
74
65
63
60
453
472
582
603
158
166
144
140
286
286
283
290
71
76
73
71
47
54
58
64
1971—Mar
June
Sept.?
3,154
3,147
2,922
2,945
2,953
2,899
154
151
135
687
692
675
652
656
666
179
177
175
63
64
63
600
615
583
161
138
133
299
310
319
78
75
76
72
75
74
1
1968—Mar
June
Sept
Dec
1969—Mar
June
Sept
Dec 1
(
}
1
D a t a 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.
FEBRUARY 1972 • MONEY RATES
A 91
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Period
1971
Argentina
(peso)
Australia
(dollar)
Austria
(schilling)
Belgium
(franc)
28.473
28.492
126.589
22.502
111.25
111.10
111.36
113.61
3.8675
3.8654
3.8659
4.0009
2.0026
1.9942
2.0139
2.0598
2
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
92.801
92.855
95.802
99.021
16.678
16.741
16.774
16.800
13.362
13.299
13.334
13.508
23.761
23.774
23.742
23.758
20.191
4 19.302
18.087
18.148
1970—Dec
24.836
111.12
3.8681
2.0137
98.276
16.792
13.354
23.722
18.107
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
24.829
24.831
24.835
24.673
24.156
23.602
22.642
20.757
19.919
19.923
19.925
19.928
111.82
112.38
112.42
112.38
112.42
112.43
112.42
113.17
114.78
115.76
115.89
117.48
3.8665
3.8651
3.8670
3.8696
3 3.9676
4.0021
4.0040
4.0264
4.0844
4.1261
4.1280
4.2041
2.0145
2.0148
2.0145
2.0144
2.0164
2.0109
2.0133
2.0351
2.0921
2.1353
2.1572
2.1986
98.831
99.261
99.367
99.237
99.138
97.913
97.912
98.670
98.717
99.537
99.607
100.067
16.792
16.792
16.792
16.792
16.792
16.792
16.792
16.792
16.839
16.820
16.806
16.797
13.361
13.359
13.368
13.353
13.334
13.342
13.334
13.435
13.672
13.768
13.773
13.994
23.722
23.722
23.722
23.727
23.735
23.735
23.735
23.735
23.830
23.800
23.773
23.852
18.119
18.122
18.129
18.126
18.094
18.092
18.136
18.130
18.112
18.073
18.096
18.549
1972—Jan
19.960
119.10
4.2516
2.2514
99.411
16.653
14.219
24.077
19.329
Germany
(Deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
25.048
5 25.491
27.424
28.768
13.269
13.230
13.233
13.338
239.35
239.01
239.59
244.42
.16042
.15940
.15945
.16174
.27735
.27903
.27921
.28779
32.591
32.623
32.396
32.989
8.0056
8.0056
8.0056
8.0056
27.626
27.592
27.651
28.650
Period
196 8
196 9
197 0
197 1
1970—Dec.
27.437
13.229
239.06
.16039
.27959
32.382
8.0056
27.763
1971—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
27.496
27.594
27.538
27.516
6 28.144
28.474
28.728
29.277
29.794
30.065
30.005
30.593
13.269
13.311
13.304
13.315
13.330
13.346
13.347
13.345
13.401
13.349
13.353
13.388
240.58
241.78
241.87
241.79
241.87
241.87
241.85
243.46
246.94
249.06
249.33
252.66
.16045
.16036
.16063
.16070
.16059
.16009
.16048
.16157
.16292
.16332
.16324
.16652
.27932
.27969
.27971
.27972
.27979
.27979
.27980
.28113
.29583
.30202
.30418
.31249
32.515
32.615
32.616
32.604
32.642
32.720
32.733
32.737
33.354
33.573
33.627
34.135
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.820
27.814
27.816
27.776
6 28.135
28.065
28.097
28.693
29.308
29.772
30.006
30.503
1972—Jan..
30.956
13.415
257.05
.16923
.31978
34.737
8.0002
31.072
New
Zealand
(dollar)
Norway
(krone)
Portugal
(escudo)
South
Africa
(rand)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
111.37
111.21
111.48
113.71
14.000
13.997
13.992
14.205
3.4864
3.5013
3.4978
3.5456
139.10
138.90
139.24
140.29
1.4272
1.4266
1.4280
1.4383
19.349
19.342
19.282
19.592
23.169
23.186
23.199
24.325
239.35
239.01
239.59
244.42
Period
1968
1969
1970
1971
1970—Dec
111.23
14.021
3.4919
138.93
1.4290
19.340
23.187
239.06
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
111.94
112.50
112.54
112.50
112.54
112.55
112.53
113.28
114.95
115.88
116.01
117.31
14.003
14.001
14.010
14.028
13.556
14.062
14.073
14.244
14.494
14.599
14.578
14.816
3.5000
3.5031
3.5019
3.5000
3.5013
3.5027
3.5016
3.5289
3.5970
3.6275
3.6342
3.6494
139.81
140.51
140.56
140.51
140.56
140.57
140.55
141.46
140.88
140.43
140.40
137.22
1.4290
1.4290
1.4290
1.4291
1.4291
1.4290
1.4292
1.4335
1.4415
8
1.4457
1.4533
1.4822
19.365
19.332
19.369
19.368
19.357
19.370
19.371
19.502
19.732
19.914
19.989
20.434
23.227
23.266
23.254
23.263
7
24.253
24.409
24.423
24.813
25.118
25.157
25.104
25.615
240.58
241.78
241.87
241.79
241.87
241.87
241.85
243.46
246.94
249.06
249.33
252.66
1972—Jan
119.36
14.913
3.6474
131.27
1.5162
20.731
25.693
257.09
1
A new Argentine peso, equal to 100 old pesos, was introduced on
Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by
the Government of Argentina.
2
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.
3
Effective May 9, 1971, the Austrian schilling was revalued to 24.75
per U.S. dollar.
4 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to
5.55 francs per U.S. dollar.
5 Effective Oct. 26, 1969, the new par value of the German mark was
set at 3.66 per U.S. dollar.
6
Effective May 10, 1971, the German mark and Netherlands guilder
have been floated.
7
Effective May 10, 1971, the Swiss franc was revalued to 4.08 per
U.S. dollar.
8
Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455
per U.S. dollar.
NOTE—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold
was suspended; as from that day foreign central banks did not have to
support the dollar rate in order to keep it within I M F limits.
During December 1971, certain countries established central rates
against the U.S. dollar in place of former I M F parities.
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.
MONEY RATES • FEBRUARY 1972
A 92
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
Jan. 31, 1971
Per
cent
Month
effective
Feb.
Mar.
6.0
5.0
6.5
20.0
Dec.
Jan.
Dec.
July
1957
1970
1970
1969
Canada
Ceylon
Chile
Colombia
Costa Rica
6.0
6.5
14.0
8.0
4.0
Nov.
Jan.
July
May
June
1970
1970
1969
1963
1966
8.0
! 8.0
' 5.0
; 4.0
6.50
i 7.0
6.5
Jan
Jan.
May
Aug.
Aug.
Apr.
Jan.
1971
1970 !
1962
1964
1970
1962
1971
7.5
Germany, Fed. Rep. of
Ghana
Greece
Honduras
Iceland
6.0
5.5
6.5
4.0
5.25
Dec.
Mar.
Sept.
Feb.
Jan.
1970
1968 :
1969 i;
1966 i
1966
5.0
India
Indonesia
Iran
Ireland
6.0
6.0
8.0
7.25
Jan.
May
Aug.
Jan.
1971
1969
1969
1971
Italy
Jamaica
Japan
Korea
Mexico
Morocco
5.5
6.0
5.75
23.0
4.5
3.50
Mar.
May
Jan.
Dec.
June
Nov.
1970
1969
1971
1970
1942
1951
5.0
5.5
6.0
7.0
4.50
4.5
5.0
Aug.
Mar.
June
Sept.
June
1969
1961
1968
1969
1965
5.5
9.5
10.0
3.5
5.5
6.25
Nov.
June
Apr.
Aug.
Jan.
1959
1969
1970
1968
1971
7.0
3.75
9.8
5.0
5.0
July
Sept.
Dec.
Oct.
Sept.
1969
1969
1970
1959
1966
Sept.
Apr.
Oct.
Sept.
1970
1970
1970
1970
Netherlands
New Zealand
Nigeria
Norway
Pakistan
Peru
Philippine Republic
Portugal
South Africa
Spain
Sweden
Switzerland
Taiwan
Thailand
Tunisia
Turkey
United Kingdom
Venezuela
9.0
7.0
5.0
18.0
May
Apr.
Argentina
Austria
Belgium
Brazil
Ecuador
Egypt, Arab Rep. of
El Salvador
Ethiopia
Finland
France
June
July
Aug.
Sept.
Oct,
Nov.
Dec.
5.5
6.0
5.0
8.0
7.0
1
7.0
!
8.50
6.75
7.75
6.0
6.5
4.0
4.5
6.19
6.06
6.00
5.94
6.12
5.12
4.94
4.5
20.0
5.0
4.8i
3.5
5.0
4.75
6.5
7.0
8.0
4.0
7.0
8.0
5.0
4.0
6.50
7.75
6.0
6.0
6.0
7.0
4.81
5.0
4.75
5.25
5.5
6.0
5.0
5.0
20.0
4.0
8.0
6.5
4.0
5.25
8.0
7.0
5.12
Rate
as of
Jan.31,
1972
Jan.
4.75
5.25
4.5
4.5
5.0
4.75
3.5
4.5
3.50
4.5
7.0
4.50
4.5
5.0
9.5
10.0
3.75
3.75
6.5
5.0
6.5
6.0
6.5
5.0
5.5
6.0
9.25
6.0
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—Various rates ranging f r o m 1 per cent to 17 per cent; 20 per cent
for loans to make up reserve deficiencies.
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
agricultural purposes, 7 per cent for bank acceptances for industrial
purposes, and 10 per cent for advances to cover shortages in legal reserves;
Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills.
1972
1971
Country
5.0
5.0
5.0
3.75
9.25
5.0
5.0
9.0
5.0
5.0
18.0
Honduras—Rate s h o w n 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
f r o m the central bank in excess of an individual bank's q u o t a :
Morocco—Various rates f r o m 3 per cent to 4.6 per cent depending on type
of paper, maturity, collateral, guarantee, etc.
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 b a n k s ; and
Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi
per cent for advances against government bonds, and 5 Vi 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 b o n d ; and
there is a penalty rate of 24 per cent for banks whose loans exceed quantitative ceilings.
FEBRUARY 1972 • MONEY RATES; ARBITRAGE
A 93
OPEN MARKET RATES
(Per cent per annum)
Month
Treasury Day-today
bills,
3 months* money 2 3
Prime
Treasury
bank
bills,
bills,
months 3 3 months
Germany,
Fed. Rep. of
France
United Kingdom
Canada
Netherlands
Switzerland
Day-today
money
Clearing
banks'
deposit
rates 4
Day-today
money 5
Treasury
bills,
60-906
days
Day-today
money
Treasury
bills,
3 months
Day-today
money
Private
discount
rate
1970
1971
6.12
3.62
6.22
3.76
8.26
6.41
6.70
5.57
5.73
4.93
5.23
3.84
8.67
6.54
4.54
8.67
6.10
5.97
4.34
6.47
3.76
5.14
5.24
1971—Jan
Feb
Mar
Apr........
May
June
July
Aug
Sept
Oct
Nov
Dec
4.59
4.51
3.30
3.04
3.06
3.15
3.58
3.88
3.93
3.79
3.31
3.25
5.25
4.90
3.48
2.65
2.76
3.01
3.64
3.94
4.16
4.16
3.60
3.63
8.06
8.06
8.06
7.06
7.06
6.74
6.42
5.99
3 5.42
8 4.90
4.74
4.42
6.79
6.75
6.66
5.75
5.65
5.60
5.57
5.75
4.83
4.63
4.48
4.36
5.84
6.08
6.12
5.15
5.36
4.71
5.00
5.05
4.39
4.29
3.75
3.46
5.00
5.00
5.00
4.00
4.00
4.00
4.00
4.00
3.00
2.88
2.70
2.50
6.46
6.00
5.77
5.53
5.84
6.45
5.62
5.69
5.99
5.95
5.51
5.75
5.75
5.75
4.75
4.75
4.25
4.25
4.25
4.25
3.75
3.75
3.25
7.61
7.32
7.36
4.23
2.31
6.95
6.33
6.18
7.01
7.50
4.58
5.78
5.60
5.05
4.49
3.59
3.88
4.39
4.03
4.24
4.34
4.47
4.06
3.90
4.46
5.41
3.27
1.13
1.84
2.91
2.69
5.53
3.80
5.35
3.79
4.91
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.12
1972
3.29
3.71
4.48
4.36
3.94
Jan
1 Based on
2 Based on
3 Data for
months.
4
D a t a for
deposits.
average yield of weekly tenders during month.
weekly averages of daily closing rates.
1968 through Sept. 1971 are for bankers' acceptances, 3
1968 through Sept. 1971 are for bankers' allowance on
4
2.50
5 Rate shown is on private securities.
6 Rate in effect at end of month.
7
Monthly averages based on daily quotations.
8
Bill rates in table are buying rates for prime paper.
NOTE.—For description and back data, see "International Finance,'
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and Canada
United States and United Kingdom
Treasury bill rates
Date
Treasury bill rates
Premium
(+)or
discount
( —) on
forward
pound
Net
incentive
(favor
of
London)
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
6
13
20
27
5.53
5.63
5.73
5.70
5.23
5.10
4.49
4.55
.30
.53
1.24
1.15
-.48
.40
-.24
.91
-.18
.93
3
10
17
24
4.89
4.72
4.72
4.77
4.42
4.59
4.68
4.67
.47
.16
.04
.10
8
15
22
29
1
4.77
4.73
4.63
5.53
4.53
4.52
4.45
4.35
4.38
4.30
Nov.
5
12
19
26
4.51
4.51
4.49
4.47
Dec.
3
10
17
24
31
Can ada
Spread
(favor
of
Canada)
Premium
( + ) or
discount
( —) on
forward
Canadian
dollars
Net
incentive
(favor
of
Canada)
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
1.00
2.06
3.92
3.98
3.84
3.79
3.83
3.92
3.75
3.70
5.23
5.10
4.49
4.55
-1.40
-1.18
-.74
-.85
1.22
1.34
1.13
1.13
-.18
.16
.39
.28
1.71
1.47
1.64
3.30
2.18
1.63
1.68
3.40
3.89
3.79
3.88
3.99
3.80
3.70
3.77
3.90
4.42
4.59
4.68
4.67
-.62
-.89
-.91
-.77
1.22
1.26
1.14
1.05
.60
.37
.23
.28
.25
.28
.28
1.15
.23
1.88
1.97
1.93
.44
-.66
2.13
2.25
2.21
1.59
-.43
4.05
4.00
3.92
3.71
3.47
3.95
3.81
3.83
3.63
3.39
4.52
4.45
4.35
4.38
4.30
-.57
-.54
-.52
-.75
-.91
.75
.42
.26
.04
.04
.18
-.12
-.26
-.71
-.87
4.06
4.11
4.06
4.36
.45
.40
.43
.11
.26
.48
1.09
2.13
.71
.88
1.52
2.24
3.35
3.31
3.33
3.30
3.28
3.24
3.26
3.23
4.06
4.11
4.06
4.36
-.78
-.87
-.80
-1.13
.12
.24
.44
.60
-.66
-.63
-.36
-.59
4.29
4.19
4.35
4.41
4.41
4.21
4.01
3.98
3.78
3.70
.08
.18
.37
.63
.71
2.56
1.75
2.37
1.10
.81
2.64
1.93
2.74
1.73
1.52
3.40
3.30
3.17
3.18
3.20
3.33
3.23
3.10
3.09
3.14
4.21
4.01
3.98
3.78
3.70
-.88
-.78
-.88
-.69
-.56
.58
.62
.64
.56
.72
-.30
-.16
-.24
-.13
.16
4.32
4.29
4.31
4.29
3.45
3.09
3.29
3.34
.87
1.20
1.02
.95
.93
1.76
.61
-.06
1.80
2.96
1.63
.89
3.33
3.24
3.24
3.38
3.26
3.17
3.17
3.31
3.45
3.09
3.29
3.34
-.19
.08
-.12
-.03
.52
.40
.32
.20
.33
.48
.20
.17
1971
Aug.
Sept.
Oct.
1972
Jan.
7
14
21
28
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 94
GOLD RESERVES • F E B R U A R Y 1 9 7 2
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
End of
period
196 4
196 5
196 6
196 7
196 8
196 9
1970—Dec
1971_jan
Feb
Mar
Estimated
total
world i
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Algeria
Argentina
43,015
243,230
43,185
41,600
40,905
41,015
2,179
31,869
2,652
2,682
2,288
2,310
15,471
13,806
13,235
12,065
10,892
11,859
25,365
27,285
27,300
26,855
27,725
26,845
6
6
6
155
205
205
71
66
84
84
109
135
4,339
11,072
25,865
191
4,380
4,400
4,404
4,338
4,448
4,523
4,479
4,695
4,722
4,724
4,726
4,732
11,040
11,039
10,963 25,875
10,925
10,568
10,507 26,220
10,453
10,209
10,207 p26,280
10,207
10,206
10,206
191
191
191
191
191
191
192
192
192
192
192
192
France
Germany,
Fed.
Rep. of
Greece
4,248
4,410
4,292
4,228
4,539
4,079
77
78
120
130
140
130
247
281
243
243
243
243
141
146
130
144
158
158
112
110
106
115
193
193
19
21
23
25
79
39
41,275
41,240
June
July
41,250
Sept
Oct
Nov
Dec.?
f41,210
End of
period
Colombia
Denmark
Finland
Australia
Austria
Belgium
140
239
714
1,470
45
63
791
47
140
140
140
140
140
140
140
140
140
140
140
240
240
239
253
254
254
259
259
259
259
259
259
714
714
714
728
747
747
746
752
722
722
722
729
1,470
1,468
1,466
1,502
1,592
1,584
1,600
1,584
1,572
1,564
1,564
1,544
45
45
45
46
46
46
46
46
46
46
46
63
42
42
42
22
22
22
22
22
22
22
22
791
791
791
791
792
792
792
792
792
792
792
792
47
47
47
47
47
47
47
47
India
Iran
Iraq
3,729
4,706
5,238
5,234
3,877
3,547
1970—De c
17
64
29
3,532
3,980
117
243
131
144
1971—Ja n
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.?
17
17
16
16
16
16
16
14
14
14
14
14
64
64
64
64
64
64
64
64
64
64
64
64
29
29
29
29
29
29
29
49
49
49
49
49
3,532
3,531
3,527
3,527
3,523
3,523
3,523
3,523
3,523
3,523
3,523
3,523
3,979
3,978
3,977
4,029
4,035
4,046
4,077
4.076
4.077
4,077
4,077
4,077
114
99
99
99
99
99
99
99
98
98
98
98
243
243
243
243
243
243
243
243
243
243
243
243
131
131
131
131
130
131
131
131
131
131
131
131
144
144
144
143
143
143
143
143
143
143
143
144
Morocco
Netherlands
48
52
67
136
122
86
183
182
193
193
288
288
17
68
68
68
85
85
1970—Dec
86
288
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec. p
86
86
86
86
87
87
87
87
87
87
87
87
288
322
322
322
322
322
322
322
322
322
322
322
1964
1965
1966
1967
1968
1969
For notes see end of table.
Malaysia
Mexico
1,026
1,151
1,046
1,015
863
872
92
63
45
45
45
45
85
84
45
45
45
45
Libya
84
84
84
84
84
84
Chile
1,451
1,558
1,525
1,480
1,524
1,520
92
97
108
107
114
89
Lebanon
Canada
600
700
701
701
714
715
58
35
26
31
31
26
Kuwait
Burma
226
223
224
231
257
263
196 4
196 5
196 6
196 7
196 8
196 9
End of
period
Brazil
Norway
Pakistan
Ireland
Israel
Italy
43
44
45
45
46
47
Japan
56
56
46
46
46
46
2,107
2,404
2,414
2,400
2,923
2,956
304
328
329
338
356
413
16
43
2,887
532
16
16
16
16
16
16
16
16
16
16
16
16
43
43
43
43
43
43
43
43
43
43
43
2,886
2,885
2,884
2,884
2,884
2,884
2,884
2,884
2,884
2,884
2,884
2,884
532
534
539
636
641
641
670
679
679
679
679
679
Philippines
Portugal
Saudi
Arabia
Peru
7
2
1
31
66
63
169
158
109
166
165
169
34
21
21
21
21
21
1,688
1,756
1,730
1,711
1,697
1,720
31
31
18
18
24
25
53
53
53
53
54
54
67
67
65
20
20
25
23
38
44
60
62
45
523
576
643
699
856
876
78
73
69
69
119
119
85
48
176
21
1,787
23
54
40
56
902
119
85
85
85
85
85
85
85
85
85
85
85
85
48
48
48
48
53
58
58
58
58
58
58
58
176
176
176
182
182
182
184
184
184
21
21
21
21
21
21
21
21
21
21
21
21
1,812
1,812
1,812
1,863
1,867
1,867
1,888
1,889
1,889
1 889
1,889
1,909
23
23
23
31
32
32
34
34
34
34
34
33
54
54
54
54
54
55
55
55
55
55
55
55
40
40
40
40
40
40
40
40
40
40
40
58
59
60
61
62
63
64
65
66
67
67
67
902
902
902
902
902
902
895
907
911
911
918
921
119
119
119
119
119
119
119
127
127
127
128
128
FEBRUARY 1972 • GOLD RESERVES AND PRODUCTION
A 95
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
South
Africa
574
425
637
583
1,243
1,115
666
632
632
634
630
630
551
481
486
479
460
443
410
Turkey
U.A.R.
(Egypt)
United
Kingdom
82
104
96
92
92
92
92
104
116
102
97
97
117
139
139
93
93
93
93
2,136
2,265
1,940
1,291
1,474
1,471
171
155
146
140
133
165
82
92
126
85
1,349
162
384
82
82
82
84
82
82
82
81
81
80
92
82
82
126
126
127
127
127
127
127
127
127
127
85
85
85
85
85
85
85
85
85
1,246
1,224
1,123
1,022
905
804
803
777
777
162
384
384
384
389
389
389
391
391
391
391
391
391
Sweden
Switzerland
616
810
785
785
785
784
189
202
203
203
225
226
2,725
3,042
2,842
3,089
2,624
2,642
55
55
62
498
200
2,732
498
498
498
498
498
498
498
498
498
498
498
498
200
200
200
200
200
200
200
200
200
200
200
200
2,731
2,731
2,806
2,806
2,807
2,857
2,909
2,909
2,909
2,909
2,909
2,909
Spain
Thailand
81
81
Uruguay
162
162
152
152
151
148
148
148
148
148
148
122
80
80
130
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 I M F made by
Venezuela
Yugoslavia
401
401
401
401
403
403
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 " G o l d , " Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Period
1965
1966
1967
1968
1969
1970*
1,440.0
1,445.0
1,410.0
1,420.0
1,420.0
1,450.0
Asia
North and South America
Africa
World
production i
South
Africa
Ghana
Congo
(Kinshasa)
United
States
Canada
Mexico
1,069.4
1,080.8
1,068.7
1,088.0
1,090.7
1,128.0
26.4
24.0
26.7
25.4
24.8
24.8
2.3
5.6
5.4
5.9
6.0
6.2
58.6
63.1
53.4
53.9
60.1
63.5
125.6
114.6
103.7
94.1
89.1
81.8
7.6
7.5
5.8
6.2
6.3
6.9
Nica- Colomragua
bia
5.4
5.2
5.2
4.9
3.7
3.8
Other
India
Japan
Philippines
Australia
All
other
11.2
9.8
9.0
8.4
7.7
7.1
4.6
4.2
3.4
4.0
3.4
3.7
18.1
19.4
23.7
21.5
23.7
24.8
15.3
15.8
17.2
18.5
20.0
21.1
30.7
32.1
28.4
27.6
24.5
21.7
64.8
62.9
59.4
61.6
60.0
56.6
1970—Nov
Dec
94.4
89.7
6.5
6.8
.6
.5
.3
.3
1.7
2.0
1971—jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
91.3
89.6
94.3
91.9
91.5
92.0
93.4
92.3
91.3
93.4
91.7
7.0
6.6
6.7
6.5
6.7
6.7
5.8
6.3
6.1
6.3
6.6
.4
.6
.5
.5
.5
.4
.4
.4
.4
.3
1.7
1.6
2.3
1.8
1.8
1.8
t Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
.6
A 96
FEDERAL RESERVE BANKS, 1971 • FEBRUARY 1972
EARNINGS AND EXPENSES
(In
Item
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Current earnings
Discounts and advances
U.S. Govt, securities
Foreign currencies
All other
Total
20,785,310
4,017,310
3,694,676,122
2,648,052
1,243,127
1,621,592
4,926,126
4,017,310
178,996,770 948,998,950
696,980
124,890
592,373
31,448
968,532
1,120,367
192,791,951 284,093,700 270,720,510
135,077
237,964
135,076
67,431
34,681
27,018
185,193,555
176,638
74,526
3,723,369,921
180,774,700 959,231,739
193,545,778
186,565,086
591,732
602,930
285,002,025 271,858,799
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
Furniture and equipment:
Purchases
Rentals
All other
Inter-Bank expenses
Subtotal
F . R . currency
Assessment for expenses of Board of Governors.
Total
Less reimbursement for certain fiscal agency
and other expenses
N e t expenses
14,802,481
171,901,456
34,193,811
3,594,882
4,511,495
39.994.681
4,031,183
14,448,240
638,896
8,347,964
5,246,584
3,365,213
2,173,458
2,694,100
929,259
10,978,342
2,312,721
126,130
292,822
2,538,146
208,652
823,513
40,476
940,578
171,664
216,254
63,439
424,546
3,086,718
44,158,859
8,088,689
1,308,553
705,391
4,916,748
875,947
2,681,730
146,746
1,349,216
825,755
617,874
248,054
1,852,027
986,454
7,830,591
1,575,149
195,809
157,653
1,447,744
163,518
736,512
21,136
202,716
76,596
129,380
119,858
55,727
854,151
10,778,588
2,296,178
157,019
313,790
3,379,861
177,032
841,039
47,034
490,388
214,529
337,312
122,903
32,384
1,248,156
13,490,323
2,749,093
173,024
360,770
4,726,117
351,196
1,429,139
44,938
343,465
520,510
295,347
365,002
102,850
1,171,194
12,614,779
2,529,595
348,413
581,967
3,942,585
519,131
1,382,155
56,882
485,857
780,812
298,581
123,500
138,304
12.188.682
19,328,125
6,662,779
7,295
328,556
1,158,212
410,623
110,028
2,317,296
2,666,867
1,529,582
-1,440,054
222,764
1,078,089
389,835
115,670
440,038
883,016
521,325
207,342
792,399
1,883,694
277,877
-197,998
841,194
1,511,669
296,361
171,412
348,124,031
24,942,528
32,634,002
22,073,961
1,473,226
1,518,000
75,935,998
5,176,618
8,560,400
15,505,201
1,508,467
1,679,798
22,093,929
1,495,287
2,946,100
28,955,902
2,203,948
1,674,400
27,794,392
1,956,256
2,190,200
405,700,561
25,065,187
89,673,016
18,693,466
26,535,316
32,834,250
31,940,848
28,515,761
1,431,540
6,002,321
1,264,157
2,609,734
1,671,533
2,252,481
377,184,800
23,633,647
83,670,695
17,429,309
23,925,582
31,162,717
29,688,367
157,141,053 875,561,044
176,116,469
261,076,444 240,696,083
156,876,719
Profit and loss
Current net earnings
Additions to current net earnings:
Profits on sales of U.S. Govt, securities.
All other
Total additions
Deductions from current net earnings:
Losses on foreign exchange transactions
All other
Total deductions
Net addition to current net earnings
Net earnings before payments to U.S. Treasury.
3,346,185,122
101,969,630
7,599,394
5,079,942
100,663
26,059,947
46,386
5,217,742
2,445
7,866,249
470,646
7,629,142
117,202
5,071,922
16,400
109,569,024
5,180,605
26,106,333
5,220,187
8,336,895
7,746,343
5,088,322
8,118,845
7,184,102
384,531
32,960
2,151,738
58,665
417,257
3,143
736,336
96,102
417,257
53,180
548,161
55,749
15,302,947
417,491
2,210,403
420,400
832,438
470,437
603,910
94,266,076
4,763,114
23,895,930
4,799,787
7,504,457
7,275,906
4,484,412
161,904,167 899,456,974
180,916,256
268,580,901
247,971,989
161,361,130
3,957,512
2,261,033
2,951,631
259,851,138
243,122,856
154,897,299
2,437,250 i
35,971,650 i
4,772,250
63,109,650
2,588,100
35,700,550
3,512,200
46,865,800
38,408,900i
67,881,900
38,288,650
50,378,000
3,440,451,196
43,488,074
2,004,027
11,341,925
3,356,559,873
159,040,740
880,050,249
Transferred to surplus
Surplus, January 1
40,403,250
701,780,800
859,400
32,777,350
8,064,800
184,789,650
Surplus, December 31
742,184,050
33,636,750 i 192,854,450>
Dividends paid
Payments to U.S. Treasury (interest on F.R.
notes)
NOTE.—Details may not add to totals because of rounding.
2,237,610 i
176,241,396
FEBRUARY 1972 • FEDERAL RESERVE BANKS, 1971
A 97
OF FEDERAL RESERVE BANKS
dollars)
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Item
Current earnings
8,733,021
73,777
87,784
326,985
600,673,056 136,656,592
395,960
90,051
145,150
36,041
72,376,648
60,509
70,693
144,523,731
111,240
53,090
169,726,271 509,924,388
148,319
335,348
44,793
65,883
609,947,187
72,595,634
145,015,046
170,317,802 511,659,664
136,856,461
398,419
1,334,045
U.S. Govt, securities
All other
Current expenses
1,356,750
23,301,248
4,363,985
249,329
512,804
4,961,391
468,018
1,948,924
56,371
1,494,045
662,271
461,093
235,588
68,779
1,223,904
9,593,667
2,021,137
146,379
290,713
2,736,394
245,800
1,022,559
44,957
333,200
254,494
217,637
353,985
11,130
777,642
6,606,427
1,315,621
344,147
329,825
1,763,778
149,781
603,655
26,527
999,328
62,957
136,492
50,475
582
1,006,007
9,962,016
2,046,057
157,576
298,724
2,599,748
310,754
1,061,977
36,678
579,533
850,290
302,951
132,566
4,269
883,114
7,712,050
1,585,403
156.620
245,067
2,325,536
265,776
690,638
33,072
372,585
379,528
160,467
215,413
1,863
1,279,132
14,874,566
3,310,183
231,883
421,969
4,656,633
295,578
1,225,104
84,079
757,053
447,178
191,825
142,675
1,639
1,048,000
3,060,847
1,377,149
347,942
960,414
1,371,848
348,400
91,015
145,847
864,356
264,938
59,582
4,155,797
2,065,912
477,478
106,950
413.621
1,160,988
515,823
139,520
522,756
1,622,627
253,388
289,886
45,974,534
3,611,569
4,893,000
21,267,633
1,262,547
1,112,700
14,501,960
688,853
737,700
26,155,283
1,035,019
1,381,700
17,257,084
1,437,203
1,820,004
30,608,154
3,093,535
4,120,000
54,479,103
23,642,880
15,928,513
28,572,002
20,514,291
37,821,689
5,076,057
1,730,477
848,145
1,911,651
953,323
2,764,342
49,403,046
21,912,403
15,080,368
26,660,351
19,560,968
35,057,347
560,544,140
114,944,059
57,515,266
118,354,694
16,418,733
30,270
3,766,685
2,975
2,032,385
6,766,167
3,983,060
21,422
4,646,106
8,287
14,197,717
16,531
16,449,003
3,769,661
8,798,552
4,004,482
4,654,393
14,214,248
1,227,227
79,291
215,503
3,020
188,175
6,763,515
343,624
9,236
458,165
6,847
1,030,871
22,394
1,306,518
218,523
6,951,690
352,860
465,012
1,053,265
4,189,381
13,160,982
Salaries:
Retirement and other benefits
Depreciation (buildings)
Rent
Furniture and equipment:
All other
F.R. currency
Less reimbursement for certain fiscal agency
Profit and loss
150,756,834 476,602,317
15,142,485
3,551,138
1,846,862
3,651,622
575,686,625
118,495,196
59,362,128
122,006,316
6,485,409
1,474,167
991,349
1,844,745
563,996,366
115,887,429
57,273,629
118,376,272
5,204,850
105,455,600
1,133,600
24,042,500
1,097,150
15,798,000
1,785,300
29,742,150
1,869,850
39,144,850
7,078,500
88,383,050
110,660,450
25,176,100
16,895,150
31,527,450
41,014,700
95,461,550
154,946,215 489,763,299
2,418,835
Additions to current net earnings :
Deductions from current net earnings:
Net addition to current net earnings
5,519,831
Payments to U.S. Treasury (ihterest on
150,657,531 477,164,968
Transferred to surplus
Surplus, January 1
F.R.
A 98
BANKING OFFICES • FEBRUARY 1972
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks
Type of office and type of change
All
banks
Member
Mutual savings
banks
Nonmember
Total
Total
National
State
Total
Insured
N o n - Insured
insured
Banks (head office):
Dec. 31, 1934
Dec. 31, 1941 2
Dec. 31, 1947
Dec. 31, 1951
Dec. 31, 1956
Dec. 31, 1960
Dec. 31, 1961
Dec. 31, 1962
Dec. 31, 1963
Dec. 31, 1964
Dec. 31, 1965
Dec. 31, 1966
Dec. 31, 1967
Dec. 31, 1968
Dec. 31, 1969
Dec. 31, 1970
Dec. 31, 1971
16,063
14,826
14,714
14,618
14,167
13,986
13,946
13,938
14,078
14,266
14,309
14.274
14,222
14,179
14,158
14,181
14,273
15,484
14,278
14,181
14,089
13,640
13,472
13,432
13,427
13,569
13,761
13,804
13,770
13,721
13,679
13,662
13,688
13,784
6,442
6,619
6,923
6,840
6,462
6,174
6,113
6,047
6,108
6,225
6,221
6,150
6,071
5,978
5,871
5,768
5,728
5,462
5,117
5,005
4,939
4,651
4,530
4,513
4,503
4,615
4,773
4,815
4,779
4,758
4,716
4,669
4,621
4,600
980
1,502
1,918
1,901
1,811
1,644
1,600
1,544
1,493
1,452
1,406
1,351
1,313
1,262
1,202
1,147
1,128
9,042
7,662
7,261
7,252
7,181
7,300
7,320
7,380
7,461
7,536
7,583
7,620
7,650
7,701
7,791
7,920
8,056
7,699
6,810
6,478
6,602
6,737
6,948
6,997
7,072
7,177
7,262
7,320
7,385
7,439
7,504
7,595
7,735
7,875
Branches, additional offices, and facilities:
Dec. 31, 1934
Dec. 31, 1941 2
Dec. 31, 1947
Dec. 31, 1951
Dec. 31, 1956
Dec. 31, 1960
Dec. 31, 1961
Dec. 31, 1962
Dec. 31, 1963
Dec. 31, 1964
Dec. 31, 1965
Dec. 31, 1966
Dec. 31, 1967
Dec. 31, 1968
Dec. 31, 1969
Dec. 31,1970
Dec. 31, 1971
3,133
3,699
4,332
5,383
7,955
10,969
11,896
12,932
14,122
15.275
16,471
17,665
18,757
19,911
21,196
22,727
24,299
3,007
3,564
4,161
5,153
7,589
10,483
11,353
12,345
13,498
14,601
15,756
16,908
17,928
19,013
20,208
21,643
23,104
2,224
2,580
3,051
3,837
5,886
8,133
8,899
9,649
10,613
11,457
12,298
13,129
13,856
14,553
15,204
16,191
17,085
1,243
1,565
1,870
2,370
3,809
5,509
6,044
6,640
7,420
8,156
8,964
9,611
10,183
10,985
11,727
12,536
13,272
981
1,015
1,181
1,467
2,077
2,624
2,855
3,009
3,193
3,301
3,334
3,518
3,673
3,568
3,477
3,655
3,813
783
984
1,110
1,316
1,703
2,350
2,454
2,696
2,885
3,144
3,458
3,779
4,072
4,460
5,004
5,452
6,019
71J3
932
1,043
1,275
1,666
2,303
2,410
2,646
2,835
3,094
3,404
3,717
4,026
4,414
4,957
5,404
5,979
203
-4
1
201
-4
46
37
-1
9
155
-3
1
149
-2
-87
-83
-1
-13
-3
-38
-1
-5
-3
-37
-2
-5
-1
-2
-7
-4
-7
-4
20
21
Changes Jan.-Dec. 31, 1971
Banks:
New banks
Suspensions
Reopening of suspended banks
Consolidations and absorptions:
Banks converted into branches
Ceased banking operations
Other
Voluntary liquidations 3
Interclass changes:
Nonmember to national
Nonmember to State member
State member to national
State member to nonmember
National to nonmember
Noninsured to insured
Net change
N u m b e r of banks, Dec. 31, 1971
Branches and additional offices:
D e novo
Banks converted
Discontinued
Sale of branch
Interclass changes:
Nonmember to national
Nonmember to State member
State member to national
State member to nonmember
National to State member
National to nonmember
Noninsured to insured
Noninsured mutual savings to insured mutual
savings
Facilities reclassified as branches
Other
Net change
Number of branches and additional offices, Dec.
31, 1971
Banking facilities: 4
Established
Discontinued
Other
Facilities reclassified as branches
Net change
Number of facilities, Dec. 31, 1971
-15
-3
-39
-6
-8
-5
-3
7
4
7
3
-20
-21
-21
4
-3
-20
92
14,273
96
13,784
-40
5,728
-21
4,600
-19
1,128
136
8,056
20
21
6
140
7,875
1,602
90
-97
1,493
86
-96
947
65
-73
-4
743
51
-53
204
14
-20
-4
546
21
-23
3
546
21
-22
4
21
16
21
-21
-16
-21
-16
- 1
20
-24
-26
-2
-26
16
-20
-24
2
24
24
26
26
7
52
67
41
37
47
44
50
50
50
54
62
46
46
47
48
40
6
3
-24
1,461
3
-31
894
3
-21
736
24,083
22,888
16,902
13,102
6
-2
-4
-3
-5
216
6
-2
-4
-3
-3
216
6
-2
-4
-3
-5
183
5
-2
-4
-3
-4
170
-10
158
3,800
7
6
567
575
5,986
5,946
33
33
Noninsured
68
52
194
202
223
325
330
331
330
327
328
330
331
333
330
328
326
511
496
339
327
304
189
184
180
179
178
177
174
170
167
166
165
163
i: 16
32
124
165
257
381
427
466
502
549
583
614
669
729
810
891
983
103
47
65
109
105
116
121
122
125
132
143
160
169
178
193
212
2
1
-2
-2
-6
-4
181
-2
326
-2
163
90
3
-1
19
1
-7
1
3
-25
1,572
1
Insured mutual savings banks figures include one to three member
mutual savings banks, 1941 to 1962 inclusive, not reflected in total commercial bank figures.
2
Series revised as of June 30, 1947. The revision resulted in an addition
of 115 banks and nine branches.
-45
1,343
852
783
650
444
352
323
308
284
274
263
235
211
197
196
185
181
1
-8
40
- 1
92
19
983
212
1
1
13
3
Exclusive of liquidations incident to succession, conversion, and
absorption of banks.
4
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 possesssions are excluded.
FEBRUARY 1972 • FEDERAL RESERVE PAR LIST
A 99
NUMBER OF PAR AND NONPAR BANKING OFFICES
Par
Nonpar
(nonmember)
Total
F.R. district,
State, or other area
Nonmember
Total
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Banks
Branches
and offices
Total, including Puerto 1Rico
and Virgin Islands:
Dec. 31, 1970
Dec. 31, 1971
13,600
13,702
21,848
23,296
13,099
13,440
21,670
23,126
5,768
5,728
16,227
17,121
7,331
7,712
5,443
6,005
F.R. districts, Dec. 31, 1971:
Boston
New York i
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
373
477
441
789
735
1,691
2,591
1,517
1,370
1,969
1,358
391
1,685
3,650
1,691
2,074
3,244
1,641
2,435
935
301
321
270
5,049
373
477
441
789
702
1 ,582
2,591
1,453
1,370
1,969
1,302
391
1,685
3,650
1,691
2,074
3,201
1,560
2,435
903
301
321
256
5,049
227
340
306
468
360
562
941
458
490
796
633
147
1,229
3.210
1.211
1,707
1,967
1,039
1,594
490
145
201
135
4,193
146
137
135
321
342
1,020
1,650
995
880
1,173
669
244
456
440
480
367
1,234
521
841
413
156
120
121
856
273
216
11
13
188
144
235
62
281
13
252
144
235
62
18
14
534
303
65
347
175
3,171
28
469
99
108
41
108
5
4
14
534
65
347
143
3,171
28
469
99
108
41
226
58
248
104
2,810
20
363
47
101
13
108
6
9
107
78
95
33
11
2
294
55
7
99
39
361
8
106
52
7
28
434
7
24
1,132
407
665
603
343
235
40
412
141
165
122
671
328
73
361
414
238
434
7
24
1,132
407
665
603
343
145
40
412
141
165
122
671
328
73
361
341
238
282
9
144
80
420
91
42
212
223
174
364
6
13
493
183
148
199
94
59
25
639
224
517
404
249
86
15
130
132
21
42
251
237
31
149
118
64
112
568
780
1,254
17
369
99
10
45
89
69
112
158
330
731
183
669
143
439
8
73
568
780
1,254
17
369
99
10
45
89
69
46
98
205
223
45
169
92
135
5
49
348
604
1,028
8
160
41
8
27
78
57
66
60
125
508
138
500
51
304
3
24
220
176
226
9
209
58
2
18
11
12
209
68
305
72
168
514
436
46
451
13
1,096
140
2,553
1,183
72
1,368
71
358
1,823
179
153
40
239
24
46
336
213
8
309
5
949
88
2,402
56
28
66
48
122
178
223
38
142
8
147
52
' 151
573
58
218
20
99
473
82
453
25
57
91
579
15
26
146
31
119
261
66
331
29
50
645
499
2
89
62
102
218
617
35
15
99
60
80
442
192
34
196
57
40
39
240
88
4
196
1
19
25
13
7
167
State or area, Dec. 31, 1971:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
,
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
158
330
731
183
669
143
439
8
73
18
New Jersey
New Mexico
New York
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
514
436
46
451
13
1,096
140
2,553
1,222
72
1,368
71
358
1,823
179
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
99
159
309
1,214
50
41
245
91
199
608
71
457
100
527
86
148
89
885
587
6
285
2
87
159
309
1,196
50
41
245
91
199
608
71
13
186
25
13
Puerto Rico 1
Virgin Islands
1
209
68
305
93
168
100
527
86
148
89
885
587
6
285
2
186
25
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 five 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 fifteen New York City branches of three insured nonmember
Puerto Rican banks.
81
66
140
29
7
12
240
70
166
610
14
1,150
51
259
1,350
97
108
55
16
Banks
Branches
and offices
501
262
178
170
33
109
43
81
64
32
56
14
57
22
32
90
73
21
39
12
18
NOTE.—Includes all commercial banking offices in the United States,
Puerto Rico, and the Virgin Islands on which checks are drawn, including
216 banking facilities. Number of banks and branches differs f r o m 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 100
INTEREST RATES, 1971 • FEBRUARY 1972
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable) 4
Finance
Prime
coml.
paper
4- to 6-1
months
CO.
paper
placed
directly
3- to 6months 2
5.11
4.47
4.19
4.57
5.10
5.45
5.75
5.73
5.75
5.54
4.92
4.74
5.07
4.37
4.05
4.27
4.69
5.24
5.54
5.57
5.44
5.30
4.81
4.60
1970—Dec. 26
5.75
1971—Jan.
2
9
16
23
30
5.75
5.68
5.38
4.85
4.53
Feb.
6
13
20
27
Mar.
Prime
bankers'
acceptances
90 days 1
3-month bills 5
Rate on Market
new
yield
issue
4.77
4.09
3.80
4.36
4.91
5.33
5.60
5.57
5.49
5.05
4.78
4.45
4.14
3.72
3.71
4.15
4.63
4.91
5.31
5.57
5.55
5.20
4.91
4.14
5.45
5.25
5.44
5.41
5.25
4.93
4.69
5.25
5.23
4.88
4.48
4.45
4.63
4.63
4.38
4.25
4.63
4.53
4.31
4.03
6
13
20
27
4.25
4.25
4.20
4.05
Apr.
3
10
17
24
May
1971—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6-month bills 5
Federal
funds
rate 3
9- to 12-month
issues
Rate on
new
issue
Market
yield
Bills
(market
yield) s
Other 6
4.510
3.806
3.431
3.927
4.367
4.890
5.586
5.363
4.934
4.626
4.338
4.199
4.47
3.78
3.50
4.03
4.34
4.95
5.62
5.22
4.97
4.60
4.38
4.23
4.39
3.84
3.61
4.09
4.64
5.32
5.73
5.52
5.20
4.75
4.49
4.40
4.29
3.80
3.66
4.21
4.93
5.57
5.89
5.67
5.31
4.74
4.50
4.38
3- to 5year
issues 6
4.494
3.773
3.323
3.780
4.139
4.699
5.405
5.078
4.668
4.489
4.191
4.023
4.44
3.69
3.38
3.85
4.13
4.74
5.39
4.93
4.69
4.46
4.22
4.01
4.84
4.727
4.82
4.765
4.87
4.88
4.85
5.96
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
4.35
4.13
4.03
3.85
4.09
3.59
4.14
3.46
4.110
3.845
3.640
3.497
4.06
3.71
3.56
3.43
4.114
3.839
3.679
3.590
4.11
3.75
3.65
3.57
4.11
3.80
3.72
3.68
4.03
3.82
3.70
3.64
5.49
5.33
5.24
5.15
3.88
4.08
4.13
4.13
3.75
3.70
3.83
3.80
3.41
3.29
3.93
3.70
3.347
3.307
3.307
3.331
3.35
3.28
3.39
3.37
3.467
3.359
3.416
3.481
3.44
3.39
3.51
3.54
3.64
3.52
3.57
3.63
3.69
3.56
3.59
3.68
5.07
4.75
4.55
4.56
4.23
4.28
4.58
4.70
4.08
4.13
4.28
4.34
4.00
4.13
4.38
4.45
4.02
3.98
4.20
4.27
3.521
3.703
4.039
3.770
3.61
3.78
3.96
3.81
3.695
3.754
4.140
3.960
3.72
3.85
4.09
4.02
3.70
3.79
4.10
4.14
3.89
4.02
4.16
4.19
4.85
5.08
5.37
5.59
1
8
15
22
29
4.80
5.00
5.00
5.15
5.25
4.39
4.50
4.51
4.79
4.98
4.60
4.83
4.88
4.95
5.00
4.14
4.41
4.59
4.55
4.68
3.865
3.865
3.861
4.352
4.478
3.93
3.84
3.96
4.36
4.38
4.087
4.182
4.178
4.530
4.578
4.22
4.20
4.23
4.49
4.46
4.44
4.46
4.58
4.79
4.73
4.53
4.69
4.75
5.20
5.08
5.77
5.92
5.98
6.20
5.97
June
5
12
19
26
5.38
5.38
5.48
5.50
5.13
5.13
5.19
5.39
5.00
5.18
5.43
5.50
4.82
4.77
4.89
4.96
4.344
4.510
4.989
4.953
4.28
4.58
4.94
4.86
4.508
4.720
5.200
5.133
4.52
4.79
5.16
5.06
4.78
5.13
5.43
5.56
4.99
5.37
5.76
5.74
5.92
6.22
6.54
6.46
July
3
10
17
24
31
5.65
5.75
5.75
5.75
5.75
5.45
5.48
5.56
5.56
5.58
5.60
5.63
5.50
5.63
5.63
5.07
5.18
5.13
5.46
5.38
5.080
5.467
5.376
5.546
5.554
5.17
5.40
5.38
5.45
5.39
5.277
5.614
5.483
5.724
5.833
5.37
5.53
5.52
5.73
5.77
5.77
5.65
5.61
5.77
5.87
6.06
5.96
5.70
5.85
6.00
6.70
6.70
6.64
6.82
6.92
Aug.
7
14
21
28
5.75
5.83
5.78
5.63
5.60
5.68
5.58
5.46
5.63
5.63
5.55
5.53
5.57
5.59
5.59
5.48
5.273
5.372
4.921
4.747
5.28
5.24
4.71
4.69
5.618
5.770
5.202
4.860
5.67
5.66
4.89
4.87
5.90
5.92
5.24
5.19
6.02
6.06
5.41
5.39
6.85
6.81
6.05
6.06
Sept.
4
11
18
25
5.70
5.75
5.75
5.75
5.44
5.44
5.44
5.45
5.50
5.50
5.50
5.50
5.59
5.73
5.59
5.46
4.549
4.538
4.834
4.743
4.47
4.62
4.79
4.74
4.771
4.846
5.085
4.993
4.79
4.92
5.02
5.04
5.13
5.17
5.22
5.26
5.20
5.23
5.35
5.41
5.89
5.94
6.00
6.01
Oct.
2
9
16
23
30
5.75
5.75
5.63
5.45
5.25
5.44
5.44
5.39
5.24
5.06
5.40
5.23
5.03
4.98
4.88
5.43
5.32
5.29
5.14
5.11
4.676
4.534
4.486
4.494
4.443
4.65
4.51
4.45
4.47
4.36
4.973
4.743
4.595
4.635
4.530
4.95
4.72
4.58
4.56
4.47
5.17
5.00
4.73
4.67
4.49
5.26
4.91
4.73
4.70
4.51
5.91
5.84
5.68
5.62
5.53
Nov.
6
13
20
27
5.03
4.88
4.93
4.88
4.97
4.88
4.80
4.66
4.78
4.75
4.75
4.81
5.16
4.93
4.88
4.86
4.233
4.174
4.122
4.236
4.18
4.18
4.15
4.33
4.346
4.340
4.255
4.411
4.34
4.37
4.31
4.49
4.41
4.47
4.42
4.61
4.37
4.40
4.46
4.69
5.41
5.47
5.47
5.63
Dec.
4
11
18
25
4.88
4.88
4.75
4.75
4.73
4.70
4.63
4.50
4.75
4.58
4.50
4.40
4.68
4.59
4.20
3.89
4.324
4.091
3.944
4.023
4.28
4.11
4.04
4.02
4.431
4.207
4.144
4.263
4.42
4.28
4.27
4.25
4.60
4.53
4.50
4.38
4.63
4.54
4.40
4.30
5.52
5.48
5.45
5.43
1972—Jan.
1
4.50
4.50
4.18
4.05
3.731
3.73
3.952
4.03
4.09
4.15
5.27
5.72
5.31
4.74
5.42
6.02
6.36
6.77
6.39
5.96
5.68
5.50
5.42
Week ending—
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
Selected note and bond issues.
FEBRUARY 1972 • INTEREST RATES, 1971
A 101
BONO AND STOCK YIELDS
(Per cent per annum)
Total 1
Aaa
Baa
5.91
5.84
5.71
5.75
5.96
5.94
5.91
5.78
5.56
5.46
5.44
5.62
5.34
5.28
5.26
5.49
5.99
5.98
6.12
5.84
5.45
5.05
5.20
5.24
5.08
4.92
5.00
5.22
5.71
5.65
5.75
5.56
5.09
4.75
4.94
4.99
5.65
5.73
5.56
5.85
6.36
6.36
6.58
6.21
5.86
5.38
5.53
5.55
8.04
7.75
7.84
7.86
8.03
8.14
8.14
2.
9.
16.
23.
30.
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
6.
13.
5.80
5.78
5.83
5.92
5.39
5.16
5.24
5.35
5.10
4.75
4.85
5.00
5.94
5.77
5.65
5.54
5.46
5.24
5.14
5.18
5.64
5.66
5.73
5.82
Dividend/
price ratio
By
group
By selected
rating
State
and local
United
States
(longterm)
Period
Stocks
Corporate bonds
Government bonds
Baa
Industrial
Railroad
Public
utility
Preferred
Common
7.36
7.08
7.21
7.25
7.53
7.64
7.64
7.59
7.44
7.39
7.26
7.25
8.74
8.39
8.46
8.45
8.62
8.75
8.76
8.76
8.59
8.48
8.38
8.38
8.57
7.24
7.36
7.43
7.68
7.80
7.85
7.80
7.64
7.58
7.46
7.42
8.70
8.39
8.39
8.37
8.40
8.43
8.46
8.48
8.39
8.25
8.13
8.17
7.94
8.08
8.05
8.23
8.39
8.34
8.30
8.12
8.04
7.96
7.92
6.53
6.32
6.48
6.59
6.82
6.99
7.03
7.04
6.90
6.75
6.78
6.81
3.32
3.18
3.10
2.99
3.04
3.10
3.13
3.18
3.09
3.16
3.31
3.10
8.02
7.87
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
8.31
8.26
8.22
8.19
8.01
6.92
6.79
6.62
6.33
6.38
3.36
3.36
3.35
3.30
3.26
5.75
5.65
5.75
5.80
7.79
7.74
7.72
7.74
7.10
7.06
7.07
7.10
8.47
8.40
8.34
8.34
7.26
7.20
7.22
7.25
8.52
8.41
8.32
8.32
7.96
7.94
7.93
7.95
6.30
6.34
6.24
6.41
3.20
3.17
3.15
3.19
5.15
4.95
4.90
5.00
5.85
5.60
5.40
5.40
7.78
7.84
7.88
7.86
7.13
7.20
7.26
7.25
8.40
8.47
8.50
8.47
7.27
7.32
7.38
7.42
8.37
8.40
8.40
8.38
8.00
8.13
8.07
6.43
6.53
6.44
6.46
3.18
3.11
3.05
3.10
5.24
5.33
5.45
5.61
5.00
5.10
5.20
5.30
5.60
5.70
5.80
6.00
7.85
7.84
7.85
7.86
7.22
7.23
7.24
7.24
8.46
8.45
8.45
8.42
7.42
7.42
7.42
7.43
8.38
8.35
8.38
8.37
8.03
8.02
8.03
8.05
6.53
6.54
6.54
6.62
3.07
3.02
2.98
2.99
5.81
5.92
5.96
6.04
5.90
5.80
5.96
6.08
6.00
6.00
5.50
5.65
5.80
5.70
5.70
6.15
6.25
6.40
6.40
6.40
7.89
7.95
7.99
8.08
8.12
7.30
7.43
7.48
7.57
7.66
8.47
8.52
8.59
8.69
8.68
7.46
7.57
7.64
7.75
7.77
8.38
8.37
8.38
8.44
8.43
8.10
8.14
8.17
8.28
8.35
6.64
6.69
6.74
6.82
7.03
2.95
2.98
3.01
3.06
3.11
5.
12.
19.
5.79
5.89
6.06
5.98
5.83
5.90
5.99
6.19
5.50
5.60
5.70
5.80
6.20
6.25
6.35
6.65
8.15
8.13
8.13
8.14
7.69
7.66
7.63
7.62
8.71
8.73
8.77
8.78
7.80
7.79
7.79
7.79
8.40
8.37
8.42
8.49
8.41
8.42
8.38
8.37
6.98
7.03
6.96
6.99
3.07
3.09
3.08
3.14
3.
5.97
5.92
5.82
5.91
5.96
6.35
6.09
6.09
5.98
6.08
5.90
5.70
5.70
5.65
5.80
7.00
6.60
6.60
6.30
6.40
8.14
8.14
8.14
8.14
8.16
7.63
7.65
7.64
7.63
7.66
8.78
8.75
8.77
8.75
8.78
7.82
7.83
7.84
7.85
7.86
8.47
8.43
8.43
8.47
8.47
8.35
8.35
8.34
8.32
8.34
7.01
7.06
7.07
6.96
7.04
3.10
3.09
3.12
3.12
3.18
7.
14.
21 .
5.93
5.90
5.64
5.70
6.13
6.09
5.42
5.71
5.85
5.80
5.15
5.45
6.45
6.45
5.75
6.20
8.21
8.22
8.02
8.07
7.69
7.71
7.49
7.50
8.85
8.88
8.66
8.69
7.89
7.89
7.72
7.76
8.53
8.55
8.31
8.48
8.41
8.44
8.23
8.19
7.10
7.06
6.99
7.02
3.28
3.25
3.12
3.06
4,
5.58
5.51
5.59
5.59
5.59
5.40
5.50
5.51
5.30
5.00
5.10
5.15
6.10
5.80
5.90
5.90
8.03
7.97
7.97
7.96
7.45
7.42
7.44
7.44
8.65
8.62
8.63
8.57
7.67
7.62
7.64
7.65
8.54
8.45
8.39
8.32
8.15
6.94
6.87
6.87
6.85
3.10
3.03
3.07
3.11
5.25
5.15
4.98
4.95
5.13
4.90
4.80
4.65
4.65
4.90
5.60
5.50
5.30
5.25
5.45
7.95
7.93
7.90
7.87
7.82
7.46
7.44
7.42
7.37
7.31
8.52
8.49
8.48
8.47
8.44
7.64
7.62
7.61
7.56
7.51
8.32
8.32
8.26
8.10
23
30
5.52
5.47
5.44
5.47
5.43
8.05
8.04
8.03
8.00
6.95
6.81
6.75
6.70
6.74
3.13
3.07
3.09
3.20
3.26
6
13
20
27
5.33
5.37
5.46
5.56
4.98
5.15
5.25
5.41
4.75
4.90
4.95
5.15
5.25
5.45
5.65
5.75
7.78
7.77
7.77
7.78
7.25
7.24
7.27
7.28
8.43
8.37
8.36
8.39
7.46
7.43
7.46
7.48
8.15
8.13
8.10
8.11
7.97
7.96
7.95
7.94
6.76
6.66
6.83
6.85
3.24
3.29
3.31
3.39
4
25
5.58
5.59
5.63
5.68
5.50
5.25
5.21
5.18
5.20
5.00
5.00
5.00
5.85
5.55
5.35
5.40
7.79
7.79
7.76
7.74
7.28
7.27
7.24
7.23
8.42
8.42
8.39
8.36
7.47
7.46
7.43
7.41
8.14
8.15
8.14
8.12
7.96
7.97
7.92
7.89
6.78
6.76
6.87
6.83
3.21
3.17
3.12
3.02
1
5.60
5.04
4.75
5.40
7.70
7.22
8.31
7.37
8.06
7.88
6.79
2.99
1971—Jan
Feb
Mar... .
Apr.. . .
May. . .
June...
July. . . .
Aug
Sept
Oct
Nov.
Dec
8.12
7.97
7.88
7.77
7.75
8.12
Earnings/
price ratio
Common
5.52
5.74
'5.65'
Week ending—
1971—Jan.
Feb.
20.
27.
Mar.
6.
13.
20.
27.
Apr.
3.
10.
17.
24.
May
1 .
8.
15.
22.
29.
June
26.
July
10.
17.
24.
31 .
Aug.
28.
Sept.
11 ,
18.
25,
Oct.
Nov.
Dec.
1972—Jan.
2
9
16
11
18
8.10
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.
8.21
8.18
8.11
8.11
8.13
8.12
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 102
STOCK MARKET CREDIT • FEBRUARY 1972
SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1971
(In millions of dollars)
Regulation T
Regulation U
1
Regulation G
Type of credit
NYSE
members
Margin credit:
Subject to margin requirements:
Margin stock 4
Convertible bonds
Subscription issues
"Plan lenders" 5
Total
Not subject to margin
requirements:
Nonmargin stock 6
Total
Other security credit
At banks reporting less than $250,000 n.e.c.'
Total
Other
brokers and
dealers 2
Total
4,732
207
41
66
4
4,980
70
5,050
4,980
70
5,050
4^980
io
'5^656'
4,798
211
41
Commercial
banks
Other
banks 3
Total
723
57
10
796
11
807
1,225
2,021
1,249
197
3,467
3
14
14
2
30
1,228
2,035
1,263
199
3,497
16
733
58
16
161
45
60
266
266
266
Excludes loans to brokers and dealers.
Includes data for firms that are members of the American Stock Exchange but not of the New York Stock Exchange that report directly to
the Board of Governors of the Federal Reserve System and for other
broker-dealers reporting voluntarily to the National Association of
Securities Dealers.
3
Includes U.S. agencies of foreign banks and mutual savings banks.
4
Includes bank loans for which part of the collateral was not restricted.
Such loans may contain some credit to purchase or carry convertible bonds.
5
Credit extended to finance purchases through qualified stock option
and6 employee stock purchase plans.
Loans to purchase or carry over-the-counter (OTC) stock not on the
Federal Reserve Board's OTC margin stock list and secured by restricted
collateral in whole or in part.
7
Security credit extended under Regulation U by banks reporting less
than $250,000 of such loans, not included in detail above.
MARGIN CREDIT BY SOURCE
SECURITY CREDIT AT BANKS BY TYPE 1
(In millions of dollars)
(In millions of dollars)
1
2
Outstanding on
June 30
1968
1969
1970
1971
Brokers
Others
Total
June 30
Category
6,334
5,233
4,117
5,050
NOTE.—See footnotes to table above.
Banks
NOTE.—Details may not add to totals due to rounding.
2,046
2,035
245
266
6,408
7,351
Loans to purchase or carry margin stock,
secured by—
a. Stocks (except as described in (c) b e l o w ) . . .
b. Convertible bonds
c. Stocks acquired with subscription rights.. . .
d. Restricted collateral, in part
Total
Loans to purchase or carry nonmargin stock,
secured by restricted collateral:
a. Entirely
b. In part
Total
All other loans to purchase or carry securities. . .
Total
1
Includes all banks reporting total security credit of $250,000 or more.
NOTE.—Details may not add to totals due to rounding.
FEBRUARY 1972 • STOCK MARKET CREDIT
A 103
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS AT BROKERS CARRYING MARGIN
ACCOUNTS, JUNE 30, 1964-71 1
(In millions of dollars)
Item
1965
1964
1966
1967
1968
1969
1971
1970
DEBIT BALANCES
Cash on hand and in banks
466
Securities—
Borrowed
201
Sold, delivery pending (failed to deliver)
369
Net debit balances due f r o m member firms of national securities exchanges
224
Debit balances due from all other customers, exclusive of exchange
members or allied exchange members in reporting
firms—Total..
5,384
In stock margin accounts
1
In convertible bond margin accounts
In cash accounts
In other accounts
Net debit balances in individual investment and trading accounts of exchange members or allied exchange members in reporting firms..
Debit balances in—
Firm investment accounts
Firm trading and underwriting accounts
Commodity margins on deposit with banks, and commodity guaranty
funds on deposit
All other debit balances
515
601
686
879
1,003
746
633
255
448
515
823
805
1,588
1,361
3,843
1,247
2,268
668
804
888
1,413
221
257
291
5,173
5,846
6,232
I
J
Total
2
507
524
224
318
9,287
6,150
101
105
2,690
241
8,356
5,002
162
85
2,682
424
5,615
3,836
198
48
1,162
372
7,142
4,743
208
41
1,842
308
78
84
90
109
102
133
81
120
264
959
325
1,445
358
1,240
477
1,618
682
1,801
743
2,471
665
2,651
647
3,615
28
389
41
410
55
519
49
1,024
67
1,112
83
1,429
74
1,313
83
1,313
8,364
8,917
10,304
12,880
19,640
18,258
12,841
16,172
4,499
4,541
3,969
3,690
4,144
4,394
3,872
4,995
2,273
1,353
859
2,662
1,180
711
2,518
859
552
2,215
903
494
2,460
966
601
2,780
825
517
2,083
892
303
2,924
989
337
CREDIT BALANCES
Money borrowed—Total 3
From banks and trust companies:
In New York City
Elsewhere in the United States
From U.S. agencies of foreign banks
From other lenders (not including members
changes)
Securities—
Net credit balances due to
of national securities ex-
member firms of national securities ex-
Credit balances due to other customers exclusive of exchange members
or allied exchange members in reporting firms—Total
In free credit balances in cash accounts
In free credit balances in stock and convertible bond margin accounts...
In credit balances in short accounts
In other net credit balances
Credit balan ces and money borrowed which are subordinated to general
c r e d / t o r s under approved agreements
Net credit balances in the individual investment and trading accounts of
exc hange members or allied exchange members in reporting firms..
Credit balances in firm investment 4 and trading accounts
Net b a l a n c e in capital accounts and profit and loss accounts and
general partners' or voting stockholders' drawing accounts
All other credit balances
]
Total
MEMO:
Money borrowed, according to collateral:
Secured by customers' collateral:
Entirely by obligations of U.S. Govt, or its agencies
Entirely by bonds other than convertible bonds and U.S. Govt.
securities
By nonexempt securities or mixed collateral
Secured by collateral of the firm or of exchange members or allied
exchange members in reporting firms:
Entirely by obligations of U.S. Govt, or its agencies
Entirely by bonds other than convertible bonds and U.S. Govt.
Unsecured borrowing other than subordinated to general creditors...
14
28
39
79
117
272
594
746
268
393
340
433
664
851
614
1,660
1,544
4,127
1,357
2,485
704
894
931
1,548
206
199
231
309
446
396
203
288
1,531
1,775
2,479
3,363
5,499
2,932
619
1,072
1,100
5,398
2,563
718
931
1,186
3,642
1,761
512
633
736
3,925
2,045
401
585
895
111
141
154
190
248
381
454
504
37
173
48
214
59
270
81
556
112
616
134
752
121
595
87
769
866
279
919
306
1,125
504
1,353
704
1,748
1,052
1,987
973
1,639
717
2,023
1,103
8,364
8,917
10,304
12,880
19,471
18,258
12,841
16,172
1
10
12
18
13
63
127
31
25
156
3,616
104
3,301
100
2,919
103
2,184
30
2,817
56
2,868
53
1,971
50
2,215
166
320
136
336
142
302
805
1,514
125
425
116
686
2
147
645
3
127
926
1
102
972
16
109
903
30
283
709
19
296
874
21
*
4,499
4,541
3,969
3,690
4,144
4,394
3,872
4,995
Amount to be repaid for securities sold under repurchase a g r e e m e n t s . . .
Number of firms
134
331
137
331
122
328
326
326
450
365
550
371
1,223
363
1,197
313
1 Member firms of either NYSE or AMEX. Prior to 1968, annual totals
do not include data for firms which were members of A M E X but not
NYSE.
2
Because of a change in reporting format in 1968, the items "debit
balances due f r o m all other customers exclusive of general partners or
voting stockholders" and "credit balances due to other customers exclusive of general partners or voting stockholders" for prior years are not
comparable with those for 1968. The difference results essentially from a
change in the procedure of netting credit balances against debit balances
for customers with more than one account at a brokerage firm. The subitem of debit balances "in stock margin accounts" is conceptually equivalent to credit extended to margin customers by brokers, as reported
monthly in the table on Stock Market Credit, page A-38, but the data
differ somewhat because of sampling error in the monthly series, statistical
discrepancies in reporting, and differences in the date of reporting.
3
Excluding subordinated borrowing.
4
Excluding subordinated indebtedness included in the item "Credit
balances and money borrowed, etc.," above.
Total
NOTE.—End-of-month figures. For a discussion of customer debit
balances and other figures in this table, see, respectively, "Margin Account
Credit," June 1968 BULLETIN, and "Statistics on Margin Accounts,"
Sept. 1936 BULLETIN.
A 104
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
ARTHUR F .
BURNS,
Chairman
J. L .
GEORGE W . MITCHELL
ANDREW F.
ROBERTSON,
J. D E W E Y D A A N E
Vice
Chairman
SHERMAN J.
BRIMMER
JOHN E .
MAISEL
SHEEHAN
ROBERT C . HOLLAND, Executive
Director
J . CHARLES PARTEE, Adviser to the Board
ROBERT SOLOMON, Adviser
to the Board
HOWARD H . HACKLEY, Assistant
to the Board
CHARLES MOLONY, Assistant
to the Board
ROBERT L . CARDON, Assistant
to the Board
DAVID B . HEXTER, Assistant
to the Board
EDWIN J . JOHNSON, Assistant
to the Board
FRANK O ' B R I E N , JR. , Special Assistant
to the
JOSEPH R. COYNE, Special Assistant
to the Board
ROBERT C . HOLLAND, Executive
DAVID C . MELNICOFF, Deputy
Director
Executive
J . CHARLES PARTEE,
Director
GORDON B . GRIMWOOD, Assistant
Director
Program Director for Contingency
agement
for
Man-
of Equal
Em-
Director
for
Systems
Opportunity
BRENTON C . LEAVITT, Program
Banking
and
Planning
Director
WILLIAM W . LAYTON, Director
ployment
Structure
OFFICE OF THE SECRETARY
TYNAN SMITH,
Secretary
KENNETH A . KENYON, Deputy
Secretary
MURRAY ALTMANN, Assistant
Secretary
NORMAND R . V . BERNARD, Assistant
Secretary
ARTHUR L . BROIDA, Assistant
Secretary
ELIZABETH L . CARMICHAEL,
Assistant
Counsel
ROBERT F. SANDERS, Deputy General Counsel
PAUL GARDNER, JR. , Assistant General Counsel
Adviser
Adviser
DIVISION OF INTERNATIONAL FINANCE
Director
Adviser
Adviser
R E E D J . IRVINE,
Adviser
SAMUEL I. K A T Z ,
Adviser
BERNARD NORWOOD,
Adviser
RALPH C . WOOD,
Adviser
DIVISION OF SUPERVISION AND REGULATION
Director
JOHN N . KILEY, JR. , Associate
Director
WALTER A . ALTHAUSEN, Assistant
Director
DONALD G . BARNES, Assistant
Director
HARRY A . GUINTER, Assistant
Director
Director
JAMES L . VINING, Assistant
Director
CHARLES C . WALCUTT, Assistant
Director
LLOYD M. SCHAEFFER, Chief Federal
Examiner
A . B . HERSEY,
Director
Director
ROBERT F . GEMMILL, Associate
Adviser
SAMUEL PIZER, Associate
Adviser
DIVISION OF FEDERAL RESERVE BANK
OPERATIONS
JAMES B . ECKERT, Associate
Adviser
JOSEPH S . ZEISEL, Associate
Adviser
EDWARD C . ETTIN, A ssistant
Adviser
ELEANOR J . STOCKWELL, Assistant
Adviser
STEPHEN P . TAYLOR, Assistant
Adviser
LOUIS WEINER, Assistant
Adviser
LEVON H . GARABEDIAN, Assistant
Director
JOHN F . L . GHIARDI,
THOMAS J . O ' C O N N E L L , General
P. D. RING, Assistant
PETER M . KEIR,
Adviser
JAMES L . P I E R C E ,
Adviser
STANLEY J . SIGEL,
Adviser
MURRAY S. WERNICK,
Adviser
KENNETH B . WILLIAMS,
Adviser
JOHN E . REYNOLDS, Associate
ROBERT L . SAMMONS, Associate
LEGAL DIVISION
JAMES A . M C I N T O S H ,
Director
STEPHEN H . AXILROD, Associate
Director
SAMUEL B . CHASE, Associate
Director
LYLE E . GRAMLEY, Associate
Director
RALPH C . BRYANT,
Secretary
PAULINE B . HELLER,
ROBERT S . PLOTKIN,
to the Board
DIVISION OF RESEARCH AND STATISTICS
OFFICE OF EXECUTIVE DIRECTOR
HARRY J . HALLEY, Program
JOHN S. RIPPEY, Special Assistant
Reserve
FREDERIC S O L O M O N ,
Director
BRENTON C . LEAVITT, Deputy
Director
FREDERICK R . DAHL, Assistant
Director
JACK M . EGERTSON, Assistant
Director
JOHN P . FLAHERTY, Assistant
Director
JANET O . HART, Assistant
Director
JOHN N . LYON, Assistant
Director
JOHN T . MCCLINTOCK, Assistant
Director
THOMAS A . SIDMAN, Assistant
Director
Board
A 105
BOARD OF GOVERNORS
Continued
DIVISION OF PERSONNEL ADMINISTRATION
RONALD G . BURKE,
JOHN J . HART, Assistant
Director
Director
OFFICE OF THE CONTROLLER
JOHN KAKALEC,
Controller
HARRY J . HALLEY, Deputy
Controller
DIVISION OF DATA PROCESSING
JEROLD E . SLOCUM,
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E . K E L L E H E R ,
Director
WALTER W . KREIMANN, Deputy
Director
DONALD E . ANDERSON, Assistant
Director
JOHN D . SMITH, Assistant
Director
Director
CHARLES L . HAMPTON, Associate
GLENN L . CUMMINS, Assistant
Director
Director
BENJAMIN R . W . KNOWLES, J R . ,
Assistant
Director
HENRY W . MEETZE, Assistant
RICHARD S . WATT, Assistant
Director
Director
A 106
FEDERAL OPEN MARKET COMMITTEE
Chairman
ARTHUR F . BURNS,
ALFRED H A Y E S ,
Vice
Chairman
A N D R E W F . BRIMMER
M O N R O E KIMBREL
FRANK E . MORRIS
GEORGE H . C L A Y
SHERMAN J. MAISEL
J. L . ROBERTSON
J. D E W E Y D A A N E
ROBERT P . M A Y O
JOHN E .
GEORGE W .
MITCHELL
ROBERT C . HOLLAND,
ARTHUR L . BROIDA, Deputy
Secretary
NORMANDR. V . BERNARD, Assistant
CHARLES MOLONY, Assistant
DAVID B . HEXTER, Assistant
Secretary
A. B. HERSEY, Associate
Economist
Economist
JOHN E . REYNOLDS, Associate
Counsel
Economist
KARL A . SCHELD, Associate
J . CHARLES PARTEE, Economist
STEPHEN H . AXILROD, Associate
Economist
LYLE E . GRAMLEY, Associate
Counsel
General
Secretary
GEORGE GARVY, Associate
Secretary
HOWARD H . HACKLEY, General
SHEEHAN
Economist
ROBERT SOLOMON, Associate
Economist
ROBERT W . EISENMENGER, Associate Economist
ALAN R. HOLMES, Manager,
Economist
CHARLES T . TAYLOR, Associate
Economist
CLARENCE W . TOW, Associate
Economist
System Open Market
CHARLES A. COOMBS, Special Manager,
Account
System Open Market
Account
FEDERAL ADVISORY COUNCIL
A . W . C L A U S E N , T W E L F T H FEDERAL RESERVE DISTRICT,
President
G . M O R R I S D O R R A N C E , J R . , THIRD FEDERAL RESERVE DISTRICT, Vice
JAMES F . E N G L I S H , FIRST FEDERAL
G A Y L O R D F R E E M A N , S E V E N T H FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
D A V I D R O C K E F E L L E R , SECOND
FEDERAL RESERVE DISTRICT
J O H N S . F A N G B O N E R , F O U R T H FEDERAL
D A V I D H . M O R E Y , E I G H T H FEDERAL
RESERVE DISTRICT
C H E S T E R C . L I N D , N I N T H FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
J O S E P H W . B A R R , F I F T H FEDERAL
M O R R I S F . M I L L E R , T E N T H FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
H A R R Y H O O D B A S S E T T , SIXTH FEDERAL
L E W I S H . B O N D , E L E V E N T H FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
President
HERBERT V . PROCHNOW,
WILLIAM J . KORSVIK, Assistant
Secretary
Secretary
A 107
FEDERAL RESERVE BANKS AND BRANCHES
Federal Reserve Bank,
branch, or facility
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
Roswell L. Gilpatric
Ellison L. Hazard
Morton Adams
Alfred Hayes
William F. Treiber
....14240
Buffalo
A. A. Maclnnes, Jr.
Philadelphia
19101
Bayard L. England
John R. Coleman
David P. Eastburn
Mark H. Willes
Cleveland
44101
Albert G. Clay
J. Ward Keener
Graham E. Marx
Lawrence E. Walkley
Willis J. Winn
Walter H. MacDonald
Robert W. Lawson, Jr.
Stuart Shumate
John H. Fetting, Jr.
Charles W. DeBell
Aubrey N. Heflin
Robert P. Black
John C. Wilson
H. G. Pattillo
E. Stanley Robbins
Henry K. Stanford
John C. Tune, Jr.
Broadus N. Butler
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
Roland R. Remmel
John G. Beam
William L. Giles
Darryl R. Francis
Eugene A. Leonard
David M. Lilly
Bruce B. Dayton
Warren B. Jones
Bruce K. MacLaury
M. H. Strothman, Jr.
Robert W. Wagstaff
Willard D. Hosford, Jr.
David R. C. Brown
Joseph H. Williams
Henry Y. Kleinkauf
George H. Clay
John T. Boy sen
Chas. F. Jones
Philip G. Hoffman
Allan B, Bowman
Geo. T. Morse, Jr.
Irving A. Mathews
Philip E. Coldwell
T. W. Plant
O. Meredith Wilson
S. Alfred Halgren
Leland D. Pratt
John R. Howard
John R. Breckenridge
C. Henry Bacon, Jr.
Eliot J. Swan
A. B. Merritt
45201
15230
Cincinnati
Pittsburgh
Richmond
23261
Baltimore
Charlotte
Culpeper
Center
21203
28201
Fred O. Kiel
James H. Campbell
H. Lee Boatwright, III
Jimmie R. Monhollon
J. Gordon Dickerson, Jr.
Communications
22701
Atlanta
30303
Birmingham
Jacksonville
Nashville
New Orleans
35202
32203
37203
70160
Miami Office
33101
Chicago
60690
Detroit
48231
St. Louis
63166
Little Rock
Louisville
Memphis
72203
40201
38101
Minneapolis
55480
Helena
59601
Kansas City
64198
Denver
Oklahoma City
Omaha
Dallas
80217
73125
68102
75222
El Paso
Houston
San Antonio
79999
77001
78295
San Francisco
94120
Los Angeles
Portland
Salt Lake City ,.
Seattle
90051
97208
84110
98124
Vice President
in charge of branch
Dan L. Hendley
Edward C. Rainey
Jeffrey J. Wells
George H. Gaffney
W. M. Davis
Daniel M. Doyle
John F. Breen
Donald L. Henry
Laurence T. Britt
Howard L. Knous
George C. Rankin
Howard W. Pritz
Robert D. Hamilton
Frederic W. Reed
James L. Cauthen
Carl H. Moore
Paul W. Cavan
William M. Brown
Arthur L. Price
William R. Sandstrom
A 108
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RESERVE ADJUSTMENTS OF THE EIGHT MAJOR NEW YORK CITY BANKS DURING 1966.
1968.29pp.
DISCOUNT POLICY AND BANK SUPERVISION. 1968.72pp.
ACADEMIC VIEWS ON IMPROVING THE FEDERAL RESERVE DISCOUNT MECHANISM.
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THE RELATIVE IMPORTANCE OF MONETARY
AND FISCAL VARIABLES IN DETERMINING
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S. Rose and Lacy H. Hunt II. June 1971. 7 pp.
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AND THE ESTIMATED BRAINARD-TOBIN
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A TEST OF THE "EXPECTATIONS HYPOTHESIS"
USING DIRECTLY OBSERVED WAGE AND
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and Michael L. Wachter. Aug. 1971. 25 pp.
MORTGAGE REPAYMENTS AS A SOURCE OF
LOANABLE FUNDS, by Robert Moore Fisher.
Aug. 1971. 43 pp.
THE USE OF INTEREST RATE POLICIES AS A
STIMULUS TO ECONOMIC GROWTH, by Robert
F. Emery. Sept. 1971. 37 pp.
PRIVATE HOUSING COMPLETIONS—A NEW
DIMENSION IN CONSTRUCTION STATISTICS,
by Bernard N. Freedman. Jan. 1972. 20 pp.
POLICY VARIABLES, UNEMPLOYMENT AND
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Lacy H. Hunt II. Jan. 1972. 11 pp.
OPTIMAL DISTRIBUTED LAG R E S P O N S E S AND
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THE EFECT OF HOLDING COMPANY ACQUISITIONS ON BANK PERFORMANCE, by Samuel
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MEASURES OF INDUSTRIAL PRODUCTION AND
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REPRINTS
ADJUSTMENT FOR SEASONAL VARIATION. June
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SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp.
A 110
FEDERAL RESERVE BULLETIN •
FEBRUARY 1972
LIQUIDITY AND PUBLIC POLICY, Staff Paper by
Stephen H. Axilrod. Oct. 1961. 17 pp.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS
IN 1960-67. Apr. 1968. 23 pp.
SEASONALLY ADJUSTED S E R I E S FOR BANK
CREDIT. July 1962. 6 pp.
INTEREST RATES AND MONETARY POLICY,
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LOCAL GOVERNMENTS IN 1966. July 1968.
30 pp.
MEASURES O F MEMBER
July 1963. 14 pp.
RESERVES.
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1968. 18 pp.
CHANGES IN BANKING STRUCTURE, 1953-62.
Sept. 1963. 8 pp.
BUSINESS FINANCING BY BUSINESS FINANCE
COMPANIES. Oct. 1968. 13 pp.
REVISION O F BANK DEBITS AND DEPOSIT
TURNOVER SERIES. Mar. 1965. 4 pp.
MANUFACTURING CAPACITY: A COMPARISON
O F TWO S O U R C E S O F INFORMATION, Staff
Economic Study by Jared J. Enzler. Nov. 1968. 5 pp.
BANK
TIME DEPOSITS IN MONETARY ANALYSIS, Staff
Economic Study by Lyle E. Gramley and Samuel B.
Chase, Jr. Oct. 1965. 25 pp.
RESEARCH ON BANKING STRUCTURE AND
PERFORMANCE, Staff Economic Study by Tynan
Smith. Apr. 1966. 11 pp.
COMMERCIAL BANK LIQUIDITY, Staff Economic
Study by James Pierce. Aug. 1966. 9 pp.
A REVISED INDEX O F MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw
with Frank E. Hopkins and Michael D. Sherman.
Nov. 1966. 11 pp.
THE ROLE O F FINANCIAL INTERMEDIARIES IN
U.S. CAPITAL MARKETS, Staff Economic Study
by Daniel H. Brill with Ann P. Ulrey. Jan. 1967.
14 pp.
REVISED S E R I E S ON COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY. Feb. 1967.
2 pp.
AUTO LOAN CHARACTERISTICS AT MAJOR
SALES FINANCE COMPANIES. Feb. 1967. 5 pp.
SURVEY OF FINANCE COMPANIES, MID-1965.
Apr. 1967. 26 pp.
EVIDENCE ON CONCENTRATION IN BANKING
MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. 11 pp.
NEW BENCHMARK PRODUCTION MEASURES,
1958 AND 1963. June 1967. 4 pp.
THE PUBLIC INFORMATION ACT—ITS EFFECT
ON MEMBER BANKS. July 1967. 6 pp.
INTEREST C O S T E F F E C T S OF COMMERCIAL
BANK UNDERWRITING O F MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp.
THE FEDERAL RESERVE-MIT ECONOMETRIC
MODEL, Staff Economic Study by Frank de Leeuw
and Edward Gramlich. Jan. 1968. 30 pp.
MONETARY RESTRAINT, BORROWING, AND
CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966.
Dec. 1968. 30 pp.
REVISION O F CONSUMER CREDIT STATISTICS.
Dec. 1968. 21 pp.
HOUSING PRODUCTION AND FINANCE. Mar.
1969. 7 pp.
OUR PROBLEM OF INFLATION. June 1969. 15 pp.
THE CHANNELS O F MONETARY POLICY, Staff
Economic Study by Frank de Leeuw and Edward
Gramlich. June 1969. 20 pp.
REVISION O F WEEKLY S E R I E S FOR COMMERCIAL BANKS. Aug. 1969. 5 pp.
EURO-DOLLARS: A CHANGING MARKET. Oct.
1969. 20 pp.
RECENT CHANGES IN STRUCTURE O F COMMERCIAL BANKING. Mar. 1970. 16 pp.
S D R ' s IN FEDERAL RESERVE OPERATIONS
AND STATISTICS. May 1970. 4 pp.
INFLATION IN WESTERN E U R O P E AND JAPAN.
Oct. 1970. 13 pp.
MEASURES O F SECURITY CREDIT. Dec. 1970.
11pp.
MONETARY AGGREGATES AND MONEY MARKET CONDITIONS IN OPEN MARKET POLICY.
Feb. 1971. 26 pp.
BANK FINANCING O F MOBILE HOMES. Mar. 1971.
4 pp.
R E S P O N S E O F STATE AND LOCAL GOVERNMENTS TO VARYING CREDIT CONDITIONS.
Mar. 1971.24 pp.
CHANGES IN BANK LENDING PRACTICES, 1970.
Apr. 1971. 5 pp.
FEDERAL RESERVE BOARD PUBLICATIONS
A 111
U.S. BALANCE OF PAYMENTS AND INVESTMENT POSITION. Apr. 1971. 14 pp.
REVISED MEASURES OF MANUFACTURING
CAPACITY UTILIZATION. Oct. 1971. 3 pp.
INTEREST RATES, CREDIT FLOWS, AND MONETARY AGGREGATES SINCE 1964. June 1971.
16 pp.
REVISION OF THE MONEY STOCK. Nov. 1971.
14 pp.
TWO KEY ISSUES OF MONETARY POLICY. June
1971. 4 pp.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK
FINANCIAL INSTITUTIONS. Nov. 1971. 11pp.
SURVEY OF DEMAND DEPOSIT OWNERSHIP.
June 1971. 12 pp.
REVISION OF BANK CREDIT SERIES. Dec. 1971.
5 pp.
BANK RATES ON BUSINESS LOANS—REVISED
SERIES. June 1971. 10 pp.
PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS.
Dec. 1971. 11 pp.
INDUSTRIAL
PRODUCTION—REVISED
NEW MEASURES. July 1971. 26 pp.
AND
CHANGES IN TIME AND SAVINGS DEPOSITS,
JULY-OCTOBER 1971. Jan. 1972. 14 pp.
BANKING AND MONETARY STATISTICS, 1970.
Selected series of banking and monetary statistics for
1970 only. Feb., Mar., and July 1971. 19pp.
FINANCIAL DEVELOPMENTS IN THE FOURTH
QUARTER OF 1971. Feb. 1972. 9 pp.
TREASURY AND FEDERAL RESERVE FOREIGN
EXCHANGE OPERATIONS. Oct. 1971. 32 pp.
ASSETS
AND LIABILITIES OF
FOREIGN
BRANCHES OF U.S. BANKS. Feb. 1972. 16 pp.
A 112
FEDERAL RESERVE BULLETIN • FEBRUARY 1972
INDEX TO STATISTICAL TABLES
(For list of tables published periodically, but not monthly, see page A-3)
Acceptances, bankers', 14,33,35,100
Agricultural loans of commercial banks, 24, 26
Arbitrage, 93
Assets and liabilities (See also Foreigners):
Banks, by classes, 20, 24, 25, 26, 39
Banks and the monetary system, 19
Corporate, current, 51
Federal Reserve Banks, 12
Automobiles:
Consumer instalment credit, 56, 57, 58
Production index, 60, 61
Bank credit proxy, 18
Bankers' balances, 25, 28
(See also Foreigners, claims on, and liabilities to)
Banking and monetary statistics for 1971,100,101
Banking offices:
Changes in number, 98
Par and nonpar offices, number, 99
Banks and the monetary system, 19
Banks for cooperatives, 40
Bonds (See also U.S. Govt, securities):
New issues, 47, 48, 49
Yields and prices, 36, 37,101
Branch banks, liabilities of U.S. banks to their foreign branches,
30, 88
Brokerage balances, 87
Business expenditures on new plant and equipment, 51
Business indexes, 64
Business loans (See Commercial and industrial loans)
Capacity utilization, 64
Capital accounts:
Banks, by classes, 20, 25, 30
Federal Reserve Banks, 12
Central banks, 92, 94
Certificates of deposit, 30
Coins, circulation, 16
Commercial and industrial loans:
Commercial banks, 24, 33
Weekly reporting banks, 26, 31
Commercial banks:
Assets and liabilities, 20, 24, 25, 26
Banking offices, changes in number, 98
Consumer loans held, by type, 57
Deposits at, for payment of personal loans, 32
Loans sold outright, 33
Number, by classes, 20
Real estate mortgages held, by type, 52
Commercial paper, 33,35,100
Condition statements (See Assets and liabilities)
Construction, 64, 65
Consumer credit:
Instalment credit, 56, 57, 58, 59
Noninstalment credit, by holder, 57
Consumer price indexes, 64, 68
Consumption expenditures, 70, 71
Corporations:
Sales, profits, taxes, and dividends, 50, 51
Security issues, 48, 49
Security yields and prices, 36,37,101
Cost of living (See Consumer price indexes)
Currency and coin, 5, 10, 25
Currency in circulation, 5, 16,17
Customer credit, stock market, 38,102
Debits to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 19
Adjusted, commercial banks, 15,18,25
Banks, by classes, 11, 20, 25, 29, 39
Ownership by individuals, partnerships, and
corporations, 32
Subject to reserve requirements, 18
Turnover, 15
Deposits (See also specific types of deposits):
Accumulated at commercial banks for payment of personal
loans, 32
Adjusted, and currency, 19
Banks, by classes, 11, 20, 25, 29, 39
Euro-dollars, 88
Federal Reserve Banks, 12, 88
Postal savings, 19, 25
Subject to reserve requirements, 18
Discount rates (See Interest rates)
Discounts and advances by Reserve Banks (See Loans)
Dividends, corporate, 50, 51
Dollar assets, foreign, 77,83
Earnings and expenses, Federal Reserve Banks, 96
Earnings and hours, manufacturing industries, 67
Employment, 64, 66, 67
Euro-dollar deposits in foreign branches of U.S. banks, 88
Farm mortgage loans, 52, 53
Federal agency obligations, 12, 13, 14, 15
Federal finance:
Cash transactions, 42
Receipts and expenditures, 43
Treasury operating balance, 42
Federal funds, 8 , 2 4 , 2 6 , 3 0 , 3 5 , 1 0 0
Federal home loan banks, 40, 41, 53
Federal Housing Administration, 52, 53, 54, 55
Federal intermediate credit banks, 40, 41
Federal land banks, 40, 41
Federal National Mortgage Assn., 40, 41, 55
Federal Reserve Banks:
Condition statement, 12
Earnings, expenses, and dividends, 96
U.S. Govt, securities held, 4 , 1 2 , 1 5 , 4 4 , 4 5
Federal Reserve credit, 4 , 6 , 1 2 , 1 5
Federal Reserve notes, 12,16, 96
Federally sponsored credit agencies, 40, 41
Finance companies:
Loans, 26, 56, 57,59
Paper, 33,35,100
Financial institutions, loans to, 24, 26
Float, 4
Flow of funds, 72
Foreign:
Currency operations, 12, 14, 77, 83
Deposits in U.S. banks, 5, 12, 19, 25, 29, 88
Exchange rates, 91
Trade, 75
Foreigners:
Claims on, 84, 85, 88, 89, 90
Liabilities to, 30, 78, 79, 81, 82, 83, 88, 89, 90
Gold:
Certificates, 12, 13, 16
Earmarked, 88
Net purchases by U.S., 76
Production, 95
Reserves of central banks and govts., 94
Stock, 4, 19, 77
Government National Mortgage Association, 55
Gross national product, 70, 71
Hours and earnings, manufacturing industries, 67
Housing permits, 64
Housing starts, 65
Income, national and personal, 70, 71
Industrial production index, 60-63, 64
Instalment loans, 56, 57, 58, 59
Insurance companies, 39, 44, 45, 53
Insured commercial banks, 2 2 , 2 4 , 3 2 , 9 8
Interbank deposits, 11, 20, 25
Interest rates:
Business loans bv banks, 34
Federal Reserve Banks, 9
Foreign countries, 92, 93
Money market rates, 35,100
Mortgage yields, 55
Prime rate, commercial banks, 34
Time and savings deposits, maximum rates, 11
Yields, bond and stock, 36,101
International capital transactions of the U.S., 78-90
International institutions, 76, 77, 92, 94
Inventories, 70
Investment companies, issues and assets, 49
Investments (See also specific types of investments):
Banks, by classes, 20, 24, 27, 28, 39
Commercial banks, 18
Federal Reserve Banks, 12, 15
Life insurance companies, 39
Savings and loan assns., 40
Labor force, 66
Loans (See also specific types of loans):
Banks, by classes, 20, 24, 26, 27, 39
Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34
Federal Reserve Banks, 4 , 6 , 9 , 1 2 , 1 3 , 1 5
Insurance companies, 39, 53
Insured or guaranteed by U.S., 52, 5 3 , 5 4 , 5 5
Savings and loan assns., 40, 53
Manufacturers:
Capacity utilization, 64
Production index, 61,64
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 20,24
Banking offices, changes in number, 98
Borrowings at Reserve Banks, 6 , 1 2
Deposits, by classes, 11
Number, by classes, 20
Reserve position, basic, 8
Reserve requirements, 10
Reserves and related items, 4, 18
Mining, production index, 61, 64
Mobile home shipments, 65
Money rates (See Interest rates)
Money stock and related data, 17, 19
Mortgages (See Real estate loans and Residential mortgage
loans)
Mutual funds (See Investment companies)
Mutual savings banks, 19, 29, 39, 4 4 , 4 5 , 5 2 , 9 8
National banks, 22, 32, 98
National income, 70, 71
National security expenditures, 43, 70
Nonmember banks, 22, 24, 25, 32,98
Open market transactions, 14
Par and nonpar banking offices, number, 99
Payrolls, manufacturing index, 64
Personal income, 71
Postal savings, 19, 25
Prices:
Consumer and wholesale commodity, 64, 68
Security, 37
Prime rate, commercial banks, 34
Production, 60-63, 64
Profits, corporate, 50, 51
Real estate loans:
Banks, by classes, 24, 27, 39, 52
Delinquency rates on home mortgages, 54
Mortgage yields, 55
Type of holder and property mortgaged, 52, 53, 54, 55
Reserve position, basic, member banks, 8
Reserve requirements, member banks, 10
Reserves:
Central banks and govts., 94
Commercial banks, 25, 28, 30
Federal Reserve Banks, 12
Member banks, 5 , 6 , 11, 18,25
U.S. reserve assets, 77
Residential mortgage loans, 37, 52, 53, 54
Retail credit, 56
Retail sales, 64
Saving:
Flow of funds series, 72
National income series, 71
Savings and loan assns., 4 0 , 4 5 , 5 3
Savings deposits (See Time deposits)
Savings institutions, principal assets, 39, 40
Securities (See also U.S. Govt, securities):
Federally sponsored agencies, 40, 41
International transactions, 86, 87
New issues, 47, 48, 49
Silver coin and silver certificates, 16
Special Drawing Rights, 4, 12, 13, 19, 74, 77
State and local govts.:
Deposits, 25, 29
Holdings of U.S. Govt, securities, 44, 45
New security issues, 47, 48
Ownership of securities of, 2 4 , 2 8 , 3 9
Yields and prices of securities, 3 6 , 3 7 , 1 0 1
State member banks, 2 2 , 3 2 , 9 8
Stock market credit, 38,102
Stocks:
New issues, 48, 49
Yields and prices, 3 6 , 3 7 , 1 0 1
Tax receipts, Federal, 43
Time deposits, 11, 18, 19, 20, 25, 29
Treasury cash, Treasury currency, 4, 5, 16, 19
Treasury deposits, 5, 12, 42
Treasury operating balance, 42
Unemployment, 66
U.S. balance of payments, 74
U.S. Govt, balances:
Commercial bank holdings, 25, 29
Consolidated condition statement, 19
Member bank holdings, 18
Treasury deposits at Reserve Banks, 5, 12, 42
U.S. Govt, securities:
Bank holdings, 19, 20, 24, 27, 39, 44, 45
Dealer transactions, positions, and financing, 46
Federal Reserve Bank holdings, 4, 12, 15, 4 4 , 4 5
Foreign and international holdings, 12, 83, 86, 88
International transactions, 83, 86
New issues, gross proceeds, 48
Open market transactions, 14
Outstanding, by type of security, 44, 45, 47
Ownership of, 44, 45
Yields and prices, 36, 37,101
United States notes, 16
Utilities, production index, 61, 63, 64
Veterans Administration, 52, 53, 54, 55
Weekly reporting banks, 26
Yields (See Interest rates)
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