Full text of Federal Reserve Bulletin : January 1970

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FEDERAL RESERVE

BULLETIN

BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C.




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FEDERAL RESERVE

BULLETIN
NUMBER 1 • VOLUME 56 • JANUARY 1970

CONTENTS

1

1969—A Year of Moderating Growth

11

Balance of Payments—Revised Guidelines for Banks
and Nonbank Financial Institutions

23

Record of Policy Actions of the Federal Open Market
Committee

35

Law Department

96

Announcements

111

National Summary of Business Conditions
Financial and Business Statistics

A
A
A
A

1
3
4
70

Contents
Guide to Tabular Presentation
U.S. Statistics
International Statistics

A

94

Board of Governors and Staff

A

95

Open Market Committee and Staff; Federal Advisory
Council

A

96

Federal Reserve Banks and Branches

A

97

Federal Reserve Board Publications

A 101

Index to Statistical Tables
Map of Federal Reserve System on Inside Back Cover

EDITORIAL
COMMITTEE

Charles Molony
J. Charles Partee
Robert C. Holland
Robert Solomon
Kenneth B. Williams
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official
statements and signed articles. Direction for the art work is provided by Mack Rowe.




1969—A Year of
Moderating Growth

CHANGES IN GNP
CHANGE, BILLIONS OF DOLLARS

WRRENT

Dept, of Commerce quarterly data
seasonally adjusted at annual rates.




EXPANSION in real economic activity moderated and finally
halted during 1969 as monetary and fiscal restraints operated to
curb demand. Aggregate expenditures continued to grow at an
undiminished rate during the first three quarters, but an increasingly large share of the gains in gross national product represented price rises. Every major sector except business fixed investment showed less real strength as the year progressed. By
the year-end the pace of increase in current-dollar GNP also
weakened and real growth had ceased. Demands on industrial
capacity and manpower resources began to subside, but there
was little indication of any easing of the intense wage and price
pressures that had built up in recent years.
At the start of the year activity was advancing rapidly and the
hoped-for response to fiscal restraint introduced by the tax surcharge in mid-1968 proved to be limited. But indications of the
effects of monetary and fiscal restraint became apparent by
spring when residential construction activity turned down and
Federal purchases of goods and services declined for the second
quarter in a row. In addition, consumer spending grew at a more
moderate pace. As a result, by the second quarter the growth of
final sales was substantially slower than in the first, and employment gains had moderated somewhat.
Despite a large increase in disposable income, growth of
consumer demand slowed further after midyear and the saving
rate rose sharply. Restrictive monetary policy was reflected
in the continued decline of housing activity and in the
sharp curtailment of growth of State and local government

FEDERAL RESERVE BULLETIN n JANUARY 1970

1 I PRODUCTION, CAPACITY USE, and PROFITS decline late in year, but PRICES continue to rise
1957-59=100
180

PER CENT
90

170

1969

1968

1969

"Industrial production" and "Capacity use," FRB data; "Industrial commodity prices," Bureau of Labor Statistics data, FRB

1957-59=100
120
INDUSTRIAL COMMODITY
sPRICES

95

85

160

1968

BILLIONS OF DOLLARS
105
CORPORATE PROFITS

CAPACITY USE

INDUSTRIAL PRODUCTION

,11 I
1966

1969

85

100
1968

1969

regrouping—Q4 estimated; "Corporate profits," Dept, of Commerce data—Q4 estimated.

spending. With demands weakening for both consumer durable
goods and defense products, industrial output leveled off and
then started to edge down, and corporate profits declined. But
because there was a lag between the weakening in demand and
production adjustments, inventory accumulation rose.
By the fourth quarter there were further reductions in industrial output—in part because of strike activity—and inventory
growth slowed. Manufacturing employment declined and the
workweek was cut, resulting in appreciably smaller gains in
personal income. However, growth in business capital expenditures continued strong, and businessmen were planning further
large increases for 1970.
CONSUMER INCOME
AND OUTLAYS




Consumer outlays continued to be relatively large in the first half
of 1969. But growing pessimism—associated with rising prices,
slowing income gains, and concern with future deterioration in
income and employment opportunities—became an increasingly
important factor in limiting consumer spending in the latter half
of the year.
Demand was relatively strong early in the year in part due to
continued large employment and wage gains. Although increases
in after-tax income slowed temporarily in the first quarter when
a large share of the retroactive income-tax-surcharge payments
were made, a sharp drop in the saving rate from 6.0 per cent in
the second half of 1968 to 5.3 per cent helped sustain consumer
expenditures. Spending slowed slightly in the second quarter
but sales of furniture and appliances remained particularly buoyant, reflecting in part the steady gains in residential construction in late 1968 and early 1969. Unit sales of new autos were
also at a very high level although off somewhat from the latter




A YEAR OF MODERATING GROWTH

half of 1968. But purchases of nondurable goods began to show
signs of slackening growth, and the over-all increase in consumer
purchases was somewhat smaller than in the latter half of
1968.
A marked decline in confidence after midyear was indicated
by the University of Michigan index of consumer sentiment,
which is designed to measure attitudes and expectations of consumers about prospective changes in their incomes, about mar2

DISPOSABLE INCOME grows but
CHANGE, BILLIONS OF DOLLARS

DISPOSABLE INCOME

20

gains in consumer SPENDING slow and
BCONSUMPTION EXPENDITURES

^

.

SAVING RATE rises
PER CENT
BpERSONAL SAVING

1968

1969

Dept, of Commerce data seasonally adjusted at annual rates.

ket conditions for durable goods, and also about the future
course of business. Following an earlier more moderate decline,
this index between May and August showed the sharpest drop for
a single quarter since mid-1966. By November the index had
fallen even further, to a level close to that reached prior to the
1957-58 recession.
Continued rapid price increases apparently were an important element in this deterioration of consumer sentiment. The
consumer price index rose sharply throughout the year and the
rate of increase in food prices accelerated after midyear. Such
rapid price increases completely offset income gains for many

4

FEDERAL RESERVE BULLETIN n JANUARY 1970

employees and, in fact, average weekly earnings in manufacturing adjusted for increases in prices declined slightly during the
year.
The weakness in retail sales in the second half was typical of
a situation of deteriorating confidence and tight credit. Purchases of durable goods fell sharply as furniture and appliance
sales slumped—partly in response to the drop in homebuilding
activity—and also as unit auto sales declined further to a very
low rate by year-end. Purchases of nondurable goods increased
more slowly than in the first half, but expenditures for services
maintained about their former pace. In real terms, retail sales in
June dropped below the level of a year earlier and remained in
this depressed state through the year-end. This slowdown in consumer expenditures was reflected in a sizable build-up of retailers' stocks, and inventory/sales ratios rose to advanced levels at
producers of automobiles and of household appliances, furniture, and apparel, and at retail outlets generally. In the autumn
growth in both employment and income slowed appreciably as
production was cut back, thus further weakening the basis for
retail sales growth.
GOVERNMENT
SPENDING




A sharp reversal in 1969 of the Federal Government's fiscal
operations from moderate deficit to sizable surplus was one of
the important factors slowing over-all economic activity. Expenditure and revenue-generating policies in 1969 resulted in a
surplus of close to $10 billion on a national income account
basis, in contrast with a deficit in 1968 of $5.2 billion. This
shift to surplus largely reflected the surcharge and reductions
in Federal purchases of goods and services in the first half of
1969—mainly in defense. Federal purchases did rise in the third
quarter, when a Federal pay raise became effective, but resumed
their earlier downward trend in the fourth quarter. In total,
Federal purchases of goods and services in the final quarter of
the year were only $800 million higher than at the end of 1968.
This compares with an increase of $8.4 billion from the end of
1967 to the end of 1968—a period that also included a pay raise.
In addition to purchases, the other important areas of Federal
expenditures—grants-in-aid, interest on the national debt, and
transfer payments, largely social security—expanded by $8 billion, about $3 billion less than in the previous year. As a result,
total outlays by the Federal Government rose by $8.8 billion during 1969, about $10 billion less than the 1968 increase.




A YEAR OF MODERATING GROWTH

Federal receipts, as measured in the national income accounts, rose sharply in the first half, when retroactive payments
were received on personal tax liabilities for calendar-year 1968
incomes. Since expenditures were increasing more slowly during
this period, a substantial surplus was attained for the first time
in more than 2 years. There was little further growth in receipts
after midyear as the retroactive payments were completed and
as corporate profits weakened and gains in personal incomes
slowed. With Federal expenditures increasing, the surplus fell
to between $7 billion and $8 billion, annual rate, compared with
$12 billion in the first half. But this was still a much more restrictive fiscal posture than in the second half of 1968 when there
was a deficit of $ 1.5 billion.

3 I Federal RECEIPTS exceed EXPENDITURES
BILLIONS OF DOLLARS

200

1968

1969

Dept, of Commerce (Federal sector, NIA) data seasonally adjusted at annual rate. Q4
estimated by Federal Reserve.

Expansion in State and local government spending also slowed
somewhat—largely in the latter half of 1969—from its pace in
recent years, although Federal grants-in-aid programs were increasing. This slowdown in growth of outlays resulted in large
part from financial market developments. Tight money markets
and high interest rates forced many States and municipalities,
which had reduced their holdings of liquid assets, to trim capital
spending either because market rates of interest exceeded the
legal limits that such governments are permitted to pay on new

FEDERAL RESERVE BULLETIN o JANUARY 1970

bond issues or because they were simply unwilling to borrow at
the prevailing rates.
RESIDENTIAL
CONSTRUCTION

PRIVATE HOUSING STARTS
MILLIONS OF UNITS

2.0

^^~~~«^
1
19ES

1969

1.5
1.0

Bureau of Census data seasonally adjusted at annual rates.

BUSINESS FIXED
INVESTMENT




Monetary restraint was most evident in reduced residential construction activity during the year, although the sharp rise in
home prices probably also curtailed expenditures. As interest
rates rose, there were substantial reductions in flows of savings
funds to banks and other savings institutions. Other usual private sources of mortgage funds also tightened up markedly. This
drying up of private mortgage funds was partially offset by
stepped-up purchases of mortgages by the Federal National
Mortgage Association and a liberal Federal Home Loan Board
lending policy, but housing activity declined steadily as the year
progressed. Usury ceilings on mortgage interest rates apparently
reduced activity, particularly in Northeastern States. Building of
multifamily structures, which was curtailed in the latter part of
the year, also may have been affected by uncertainties concerning changes in depreciation practices proposed in the Tax Reform Act, which was not enacted until December.
Private housing starts declined during 1969 from 1.7 million
units in the first quarter to 1.3 million in the fourth and construction outlays were trimmed by almost $2 billion, annual rate,
over this period. Single-family starts dropped early in the year,
but starts of multifamily units remained relatively strong until
the fall—reflecting investors' ability to compete more effectively
for financing. Although vacancy rates were at their lowest levels
in recent years—an indication that there was an over-all shortage of housing relative to demand—building permits and starts
were still declining as the year came to a close, foreshadowing further reductions in housing starts and in expenditures for
residential construction.
In contrast to other sectors, business capital spending maintained a strong upward momentum in 1969. At the end of 1968,
businessmen, who had held down spending earlier in the year,
sharply accelerated their outlays for new plant and equipment
and were planning further large increases for the first half of
1969. In each of the first two quarters of 1969, expenditures
fell somewhat short of earlier anticipations—apparently because of delays in both construction and deliveries—but the
growth of business fixed investment continued at a level only
slightly below the rate at the end of 1968.




A YEAR OF MODERATING GROWTH

PLANT and EQUIPMENT spending rebounds
in '69 - further gains expected in '70

1964

196S

196B

1967

1968

1969

1970

CHANGE, PER CENT

30

Dept, of Commerce-SEC annual data; 1969 preliminary, 1970 anticipated. Changes from
prior year.

Resource limitations apparently became less of a problem in
the second half of 1969, and expenditures in the third quarter
about matched previously announced plans. The rate of spending growth dipped in the last quarter, and the increase for 1969
as a whole is now estimated to have been 11 per cent rather than
the 14 per cent anticipated in February.
Spending in the manufacturing sector rose by 12 per cent in
1969 in sharp contrast to the 1 per cent decline in 1968. The
only major manufacturing industry that did not report a substantial increase over 1968 was primary iron and steel, where
expenditures were off slightly as needs for additional capacity
declined. In the nonmanufacturing sector, which showed an increase of 10 per cent in 1969 as opposed to 8 per cent in 1968,
the leading gains were by communications, mining, and public
utilities firms; only nonrailroad transportation showed a decline
as civilian aircraft orders fell from the exceptionally high levels
of recent years.
The substantial increase in outlays in 1969 was somewhat
surprising in view of the rapid rate of capital expansion between
1964 and 1966, the relatively low operating rates estimated in

8

NEW ORDERS for
MACHINERY and EQUIPMENT
.LIONS OF DOLLARS

1968

1969

Bureau of Census data seasonally adjusted. Q4 estimated by Federal Reserve.

INVENTORY CHANGE




FEDERAL RESERVE BULLETIN a JANUARY 1970

manufacturing since 1967, the high cost and reduced availability
of investment funds, and the announced intention of the administration to seek elimination of the investment tax credit retroactively to mid-April. In addition, corporations were facing a
weaker profits picture, especially after midyear. But in addition
to anticipated strong demands, concern over rising prices for
capital goods and rapidly increasing unit labor costs undoubtedly affected the thinking of businessmen. About half of the
1969 capital spending was for modernization and cost reduction rather than for expansion of capacity. In the utilities and
communications industries, however, where in many cases operating rates were pressing available capacity, almost all spending
was for expansion.
As the year came to an end there appeared to be no significant abatement in business plans to increase plant and equipment outlays. A further rise of 10 per cent, mainly in the first
half, was projected for 1970 in the Commerce-SEC survey of
anticipated plant and equipment spending. Most of the strength
for 1970 was reported in the nonmanufacturing sector where
utilities, communications, and commercial firms all reported
larger increases than in 1969. Smaller rates of increase, only
about equal to the anticipated rise in prices, were reported by
most manufacturing industries. If current anticipations are realized, business fixed investment outlays will continue to be a
significant source of aggregate demand in the first half of 1970.
But the deterioration of the profits picture and weakening of sales
have raised some question about the possible realization of current plans. In addition new orders for machinery and equipment,
which tend to lead plant and equipment expenditures by about
6 to 9 months, although erratic, have recently begun to show
signs of weakening.
Inventories were accumulated at a relatively low rate in the first
half of 1969 as final sales remained strong. However, additions
to inventory were greater in manufacturing and at the retail level
in the third quarter when sales of consumer goods turned
sluggish. This increase in inventory build-up was partly responsible for the relatively large rise in GNP in the third quarter.
Durable goods inventory/sales ratios rose above late 1966 levels
in the fourth quarter of 1969. But by the end of the quarter,
stock-building of consumer durable goods had slowed as production of autos and some other durable goods had been cut and

A YEAR OF MODERATING GROWTH

strikes had reduced inventory growth in some industries. More
moderate accumulation of inventories, combined with the slowing in final sales, sharply reduced the fourth quarter gain in current-dollar GNP.
EXPORTS AND
IMPORTS

The surplus of exports of goods and services over imports, which
was at its smallest in many years in 1968, declined even further
in 1969. The merchandise balance alone, which was a low $600
million in 1968, remained at about that level in calendar year
1969 but by the second half of the year had recovered to about
$1.3 billion, annual rate, as exports continued to expand and the
growth of imports moderated somewhat. Net exports of services,
however, apparently were somewhat smaller in 1969 than in
1968—reflecting mainly larger interest payments to foreign
holders of U.S. assets resulting from higher interest rates and
larger holdings.

RESOURCE UTILIZATION
AND PRICES

As growth in economic activity slowed, gains in nonfarm payroll
employment moderated progressively and the average workweek
of production workers edged down. But adjustments of employment and working hours to the reduced rate of growth of output
were relatively modest until late in the year; consequently, output per manhour in the private nonfarm economy is estimated
to have declined during the first three quarters of the year and
apparently picked up only slightly in the fourth quarter. At the
same time, wages continued to increase at a rapid pace, reflecting tight labor markets and the pressure of rising living costs.
The increase in compensation per manhour was slightly less than
in 1968 but only because of the relatively small number of new
collective bargaining agreements that were signed in 1969.
With compensation increasing at a rapid pace and little growth
in productivity, unit labor costs in the private nonfarm economy in 1969 rose by more than 6 per cent—the fastest annual
pace since 1956. In the manufacturing sector the performance of productivity was somewhat better. Output per manhour there rose by about 2.5 per cent—still well below the
long-term average—and the rise in unit labor costs was 4 per
cent.
Reflecting demand and cost pressures, the wholesale price
index rose by about 4.0 per cent in 1969—the largest yearly
increase since 1951. Especially sharp increases occurred in
prices of crude materials, processed foods and feeds, consumers'

(ANUFACTUHING

UNEMPLOYMENT RATE

BLS quarterly data seasonally adjusted.







10

FEDERAL RESERVE BULLETIN a JANUARY 1970
UNIT LABOR COSTS rise as gains
in COMPENSATION outpace PRODUCTIVITY
1967=1

190

1967

1968

1969

BLS quarterly data seasonally adjusted. Q4 estimated by Federal Reserve.

nondurable goods, and in industrial prices in the latter part of
the year.
The consumer price index rose by about 6 per cent in 1969,
the largest advance in almost 20 years. There were larger-thanaverage increases in prices of services, especially for such items
as medical care. Food prices also advanced very sharply, with
exceptionally rapid growth in prices of meat and eggs. Nonfood
commodities rose relatively less than the total.
•

BALANCE OF PAYMENTS PROGRAM

Revised Guidelines
For Banks and Nonbank Financial Institutions
The Board of Governors of the Federal Reserve System announced on December 17,
1969, a revision in guidelines that U.S.
banks and other financial institutions have
been asked to follow in order to limit increases in loans and investments abroad.
The revised guidelines continue the program of voluntary restraints in effect since
1965. However, in keeping with the Government's efforts to help stimulate U.S.
exports, the guidelines are changed to give
greater and more explicit recognition to the
established priority for export financing.
The Voluntary Foreign Credit Restraint
Program is one of several elements in the
Government's over-all effort, which also
includes the Interest Equalization Tax and
the Foreign Direct Investment Control Program, to strengthen the U.S. balance of payments position.
Under the revised program, each bank is
to have a ceiling exclusively for loans of 1
year or longer that finance U.S. goods exported on or after December 1. This Export Term-Loan Ceiling is to be separate
from a General Ceiling that will be available
for loans of any type and of any maturity.
Under the new program, the aggregate
General Ceiling of banks currently reporting to the Federal Reserve Board will be
$10.1 billion, and the Export Term-Loan
Ceiling for these banks will be about $1.3
billion, for a total ceiling of $11.4 billion.
Aggregate ceilings under the previous guidelines were $10.1 billion. As of the end of
October, the latest date for which data are




available, the 165 reporting banks were
approximately $1 billion below their ceilings.
The guidelines for nonbank financial institutions, such as insurance companies and
pension funds, continue to provide for a
single ceiling. However, an institution may
exceed its ceiling moderately if the excess
reflects new export credits which could not
be accommodated under its ceiling. In addition, an institution that has had either a low
ceiling, or none at all, may now hold certain covered foreign assets up to a total
of $500,000.
The effective date for these changes in
both the bank and the nonbank provisions
is December 1.
Governor Andrew F. Brimmer, the Board
member charged with administering the
program, explained that the modifications
have two objectives. The first aim, in accordance with the Government's effort to
promote exports, is to direct greater attention to the existing priority for export
financing, particularly for long-term export
loans, within the limits of total lending
restraints. The second aim is to enhance the
opportunities among U.S. financial institutions to compete for foreign lending business.
Under the revised program, a participating bank will have a General Ceiling equal
to its old lending ceiling that can be used
for any type and maturity of foreign loans.
Each participating bank will also have an
Export Term-Loan Ceiling equal to one-

11

12

FEDERAL RESERVE BULLETIN • JANUARY 1970

half of 1 per cent of its end-of-1968 total
assets that can be used for term loans to
finance new U.S. exports.
The definition for these export term loans
is the same as the definition banks have
been using in reports to the Treasury Department on loans and commitments in
connection with the Interest Equalization
Tax. Essentially these are loans, for 1 year
or longer and each of $250,000 or more,
for U.S. exports of goods and for services
performed abroad by U.S. firms. Any such
loans granted for goods shipped, or services
performed, after November 30, 1969, will
be counted against a bank's Export TermLoan Ceiling or, if the bank wishes, against
its General Ceiling.
By setting a separate category for longterm export loans and asking that, even
among short-term loans, banks continue to
give priority to export financing, the revised guidelines should ensure that a greater
amount—and proportion—of U.S. bank
loans to foreigners will be used to finance
the purchase of U.S. goods and services.
Similarly, by providing that General Ceilings be reduced, and Export Term-Loan
Ceilings increased, by repayment of presently outstanding export term loans, the guidelines would preserve the lending leeway for
export financing.
Utilization of total assets of banks as a
base for computing the new export credit
ceiling will make the foreign credit restraint
program more equitable in its treatment of
banks. Since 1965, the program has tended
to freeze the pattern of foreign lending
among banks. The ceilings for the larger
banks have been based on the amount of
foreign loans the banks held at the end of
1964. The ceilings for smaller banks, however, since November 1967 have been a percentage of their total assets. Now total assets,
which are not directly related to the relative
standings of banks in the foreign loan field,



will be used for calculating the Export TermLoan Ceilings of all bgnks.
Under the new program, banks that had
no ceilings under previous guidelines may
qualify for lending ceilings through application to the Federal Reserve Bank in their
district. These ceilings are to be used predominantly for export financing.
Funds of all types advanced to residents
of Canada continue to be exempted from
the program. Canada has been exempted
since the end of February 1968, when the
Canadian Government took steps to ensure
that Canadian financial institutions would
not serve as a "pass through" for U.S. funds.
Banks and other financial institutions are
asked again to give priority to developing
countries for loans and investments under
the ceilings. As in the past, loans that are
guaranteed or participated in by the ExportImport Bank, guaranteed by the Department of Defense, or insured by the Foreign
Credit Insurance Association are exempted
from the ceilings. The exemption for longterm investments in Japan by nonbank financial institutions will not apply to investments made after 1969.
Governor Brimmer reported that, during
the first 10 months of 1969, the banks
reduced their foreign assets covered by the
program by $138 million. In 1968 there
was a net inflow of $612 million, compared
with a suggested reduction of $400 million.
In the third quarter of 1969, a reduction in
foreign assets more than offset a substantial
outflow that occurred in the second quarter.
At the end of October 1969, the banks'
covered assets, at $9.1 billion, were almost
$400 million below the amount of such
assets outstanding on the base date, December 31, 1964.
The revised guidelines are printed below.
Copies will be made available to financial
institutions through the Federal Reserve
Banks.

13

REVISED GUIDELINES

I. General Purpose
In order to help to strengthen the U.S. balance of payments, U.S. financial institutions
are asked to continue to restrain their foreign loans and investments and, within the

limits of the restraints, to give priority to
financing U.S. exports of goods and services and to meeting the credit needs of developing countries.

II. Banks
A. CEILINGS
1. Banks with Ceilings under Previous
Guidelines

A bank that had a foreign lending ceiling
under the Federal Reserve foreign credit
restraint guidelines in existence on November 30, 1969 (hereinafter "previous guidelines") will have, under the present revised
guidelines, a General Ceiling and an Export
Term-Loan Ceiling. The General Ceiling
will be available for foreign claims of any
type and maturity, including Export Term
Loans; subject to the definitions and other
conditions set forth below, the Export
Term-Loan Ceiling will be available solely
for foreign export term loans.
a. GENERAL CEILING
i) The General Ceiling will be equal to
the bank's adjusted ceiling as of November
30, 1969.
ii) A bank should not at any time hold
claims on foreigners in excess of its General Ceiling, except for the claims which it
reports under its separate Export TermLoan Ceiling described in section A-l-b,
below.
iii) Within its General Ceiling, a bank
should give priority to credits financing exports of U.S. goods and services and to
credits meeting the needs of developing
countries.
b. EXPORT TERM-LOAN CEILING
i) The Export Term-Loan Ceiling will
be equal to 0.5 per cent of the bank's total
assets as of December 31, 1968.



ii) A bank should not at any time hold
claims on foreigners that are export term
loans, as defined in section G-3, below, to
finance goods exported from the United
States after November 30, 1969, or to finance services performed in foreign countries by U.S. individuals or U.S. firms after
November 30, 1969, in excess of the bank's
Export Term-Loan Ceiling, except such export term loans as the bank counts against
its General Ceiling, described in section
A-l-a, above.
2. Banks without Ceilings under Previous
Guidelines

A bank that has not had a foreign lending
ceiling under the previous guidelines may
discuss with the Federal Reserve Bank in its
district the possibility of adopting a General
Ceiling and an Export Term-Loan Ceiling.
In determining whether and, if so, in what
amount ceilings should be established,
there should be clear reason for expecting
that the bank will use such ceilings predominantly for short- and long-term export
loans. Any General Ceiling and any Export
Term-Loan Ceiling should not, in the aggregate, exceed 1 per cent of the bank's
total assets as of December 31, 1968.
3. Western Europe

a. CEILING ADJUSTMENT FOR PRIOR
TERM LOANS. A bank each month should
reduce its General Ceiling by the dollar
amount of any repayments it receives on
nonexport loans to residents of developed
countries of continental Western Europe
outstanding on December 31, 1967.

14

FEDERAL RESERVE BULLETIN ° JANUARY 1970

b. RESTRAINT ON NEW NONEXPORT
TERM LOANS. A bank should not make
new term loans to such residents, except
loans that qualify as Export Term Loans.
c. SHORT-TERM CREDITS. A bank
should hold the amount of short-term credits
(having an original maturity of not over 1
year) to such residents to not more than
75 per cent of the amounts of such credits
outstanding on December 31, 1967.
4. Adjustment
Loans

for

Prior

Export

Term

A bank each month should reduce its
General Ceiling, and should increase its
Export Term-Loan Ceiling, by the dollar
amount of any repayments it receives on
export term-loans outstanding on November 30, 1969.
5. Sales of Foreign Assets

a. SALES WITHOUT RECOURSE. A
bank that sells a foreign claim that is subject to the guideline ceilings, without recourse, (a) to a U.S. resident other than a
financial institution participating in the
Federal Reserve foreign credit restraint program or a direct investor subject to the controls administered by the Department of
Commerce or (b) to the Export-Import
Bank should reduce its General Ceiling or
its Export Term-Loan Ceiling, whichever is
relevant, by an equivalent amount.
b. SALES WITH RECOURSE. A bank
that sells a foreign asset, with recourse, to a
U.S. resident other than a financial institution participating in the Federal Reserve
foreign credit restraint program or to a direct investor subject to the Foreign Direct
Investment Program administered by the
Department of Commerce should continue
to report those assets under its General
Ceiling or its Export Term-Loan Ceiling, as
appropriate.




6. Total Assets

For the purpose of calculating the Export
Term-Loan Ceiling, total assets are those
shown in the Official Report of Condition
submitted to the relevant supervisory agency
as of December 31, 1968.
B. EXCLUSION
1. Canada

a. NO RESTRAINT. These guidelines are
not to restrain the extension of credit to
residents of Canada.
b. REPORTING. For the purpose of reporting claims under the General Ceiling, a
bank should count against its General Ceiling claims on residents of Canada outstanding on February 29, 1968, deducting any
net increase in such claims granted after
that date and adding any net reduction in
such claims granted after that date.
2. Certain Guaranteed and Insured Loans

Loans to finance U.S. exports that are
guaranteed or participated in by the Export-Import Bank, or guaranteed by the
Department of Defense, or are insured by
the Foreign Credit Insurance Association
are exempted from the General Ceiling and
the Export Term-Loan Ceiling.
C. TEMPORARY OVERAGES

A bank whose claims on foreigners are in
excess of either or both of its ceilings and
that does not show improvements will be
invited periodically to discuss with the Federal Reserve Bank in its district the steps it
has taken and that it proposes to take to
bring the amount of its claims under the
ceilings.
D. APPLICABILITY TO FINANCIAL INSTITUTIONS
1. General

The guidelines are applicable to all U.S.
banks (exclusive of the trust departments

15

REVISED GUIDELINES

of commercial banks, which should follow
the guidelines for nonbank financial institutions in Part III, below) and to "Edge Act"
and "Agreement" Corporations.
2. Edge Act and Agreement Corporations

a. POLICY OF LIMITING AGGREGATE
CEILINGS. It is intended that the establishment of new Edge Act Corporations or new
Agreement Corporations not result in the
expansion of aggregate lending ceilings
under these guidelines.
b. ONE-BANK OWNED CORPORATIONS. An Edge Act or Agreement Corporation that is owned by one bank and
that, under previous guidelines, had a ceiling separate from that of its parent bank
may continue to be guided by General and
Export Term-Loan Ceilings separate from
those of its parent or may combine its foreign loans and investments with the respective General and Export Term-Loan Ceilings of its parent. The General Ceiling and
the Export Term-Loan Ceiling to which it
would be entitled if it did not combine
would be calculated as under section A-l,
above, on the basis of the corporation's total
assets and its adjusted ceiling under previous
guidelines. An Edge Act or Agreement Corporation that is owned by one bank and that
was established after March 3, 1965, should
share the General and Export Term-Loan
Ceilings of its parent bank.
c. MULTIBANK OWNED CORPORATIONS.
i) Separate Ceilings. An Edge Act or
Agreement Corporation that is owned by
more than one bank or by a registered bank
holding company will have a General Ceiling and an Export Term-Loan Ceiling separate from those of its parents. The corporation's General Ceiling and Export TermLoan Ceilings are each to be equal, respectively, to 100 per cent and 10 per cent of its
adjusted ceiling as of November 30, 1969.




ii) Transfer of Parent's Ceiling. To acquire or to increase ceilings, such an Edge
Act or Agreement Corporation may receive
from one or more of its parent banks a share
of the ceilings of the parent or parents.
Once transferred to the corporation, the
ceilings should not be transferred back to
the parent or parents, except to meet unforeseen and overriding developments. If
any such exceptional need for retransfer
should arise, the corporation and its parent
or parents should consult in advance with
the Federal Reserve Bank in their respective
districts.
3. Bank Holding Companies

a. REGISTERED
BANK HOLDING
COMPANIES. A registered bank holding
company is to be treated as a bank for the
purpose of these guidelines.
b. ONE-BANK HOLDING COMPANIES.
A one-bank holding company whose bank
subsidiary has ceilings under these guidelines is to be treated as a bank for the
purpose of these guidelines. Such a holding
company, together with its bank subsidiary
and any nonbank subsidiary, should report
on a consolidated basis. However, the General Ceiling and the Export Term-Loan
Ceiling, respectively, are to be calculated
on the basis of the ceiling of the bank subsidiary under the previous guidelines and on
the basis of the bank subsidiary's total assets. Furthermore, to minimize changes
from earlier established procedures, any
nonbank subsidiary that was reporting prior
to December 1, 1969, to the Department of
Commerce under the Foreign Direct Investment Program or to a Federal Reserve
Bank under the nonbank financial institution guidelines should not report under
these bank guidelines.
c. CONSOLIDATION
OF
SUBSIDIARIES' CEILINGS. A bank subsidiary (including a bank, Edge Act Corporation, or

FEDERAL RESERVE BULLETIN D JANUARY 1970

16

Agreement Corporation) of a registered
bank holding company may consolidate its
General Ceiling and Export Term-Loan
Ceiling with the respective ceilings of one
or more of the holding company's other
bank subsidiaries that had ceilings under
previous guidelines.
4. Foreign Branches of U.S. Banks

a. The guidelines are not designed to restrict the extension of foreign credits by
foreign branches of U.S. banks if the funds
utilized are derived from foreign sources
and do not add to the outflow of capital
from the United States.
b. Total claims of a bank's domestic offices on its foreign branches (including permanent capital invested in, as well as balances due from, such branches) represent
bank credit to foreigners for the purposes of
the program.
E. CONFORMITY
GUIDELINES

WITH

OBJECTIVES

OF

1. Department of Commerce Program and
Nonbank Financial Institution Guidelines

Banks should avoid making loans that
would directly or indirectly enable borrowers to use funds abroad in a manner inconsistent with the Department of Commerce
program or with the guidelines for nonbank financial institutions.
2. Substitute Loans

Banks should not extend to U.S.-resident
subsidiaries, or branches, of foreign companies loans that otherwise might have been
made by the banks to the foreign parent or
other affiliate of the company or that normally would have been obtained abroad.
3. Management of Liquid Assets

A bank should not place its own funds
abroad (other than in Canada) for short-




term investment purposes, whether such investments are payable in foreign currencies
or in U.S. dollars. Banks need not, however, reduce necessary working balances
held with foreign correspondents.
4. Transactions for Customers

While recognizing that it must follow a
customer's instruction, a bank should discourage customers from placing liquid funds
outside the United States, except in Canada.
A bank should not place with a customer
foreign obligations that, in the absence of
the guidelines, it would have acquired or
held for its own account.
5. U.S. Branches and Agencies of Foreign
Banks

Branches and agencies of foreign banks
located in the United States are requested
to act in accordance with the spirit of these
guidelines.
F. REPORTING

Each bank that has ceilings under these
guidelines and that on a reporting date had
$500,000 or more in foreign claims should
file a Monthly Report on Foreign Claims
with the Federal Reserve Bank in the District in which the bank is located. (Forms
are available at the Federal Reserve Banks.)
G. DEFINITIONS

1. "Foreigners" include: individuals,
partnerships, and corporations domiciled
outside the United States, irrespective of
citizenship, except their agencies or
branches located within the United States;
branches, subsidiaries, and affiliates of U.S.
banks and other U.S. corporations that are
located in foreign countries; and any government of a foreign country or official
agency thereof and any official international
or regional institution created by treaty, irrespective of location.

REVISED GUIDELINES

2. "Claims on foreigners" are claims on
foreigners held for a bank's own account.
They include: foreign long-term securities;
foreign customers' liability for acceptances
executed, whether or not the acceptances
are held by the reporting banks; deferred
payment letters of credit described in the
Treasury Department's Supplementary Reporting Instructions No. 1, Treasury Foreign Exchange Reports, Banking Forms,
dated May 10, 1968; participations purchased in loans to foreigners; loans to financial subsidiaries incorporated in the United
States, 50 per cent or more of which is
owned by foreigners; and foreign assets sold,
with recourse, to U.S. residents other than
financial institutions participating in the
Federal Reserve credit restraint program or
direct investors subject to the controls administered by the Commerce Department.
"Claims on foreigners" exclude: contingent
claims; unutilized credits; claims held for
account of customers; acceptances executed
by other U.S. banks; and, in the manner
determined in section B-l-b above, claims
on residents of Canada.
3. An "export term loan" is a loan of
which a U.S. commercial bank would have
to notify the Treasury Department under
that Department's Interest Equalization Tax
reporting requirements being applied on
December 1, 1969, concerning loans, or
commitments, to foreign obligors. In summary, such loans include or exclude the
following: They include credits of an original maturity of 1 year or more and of an
amount of $250,000 or more to a foreign
obligor for U.S. goods exported or for U.S.
services performed abroad. The loans may
be made directly by a bank or may be made
indirectly by a bank through its purchase
of documented loan paper. For the purpose
of the present guidelines, such loans that are
to be counted against the Export TermLoan Ceiling are confined to credits financ-




17
ing U.S. exports shipped after November 30,
1969, or services performed abroad by U.S.
individuals or U.S. firms after November
30, 1969. The loans exclude debt obligations acquired by a bank and having less
than a year of remaining term until maturity
(regardless of original length of maturity).
The loans also exclude Export-Import Bank
certificates of participation in a pool of
loans. (Participations with the ExportImport Bank in particular loans and loan
paper purchased from the Export-Import
Bank of foreign obligors are exempted under
section II-B-2, above.) It should be noted
that, in accordance with IET usage, export
term-loans have a maturity of 1 year or
more, whereas elsewhere in these guidelines
term loans of other types have a maturity of
more than 1 year and, conversely, short-term
credits have a maturity of 1 year or less.
4. Developing countries are all countries
other than: Abu Dhabi, Australia, Austria,
the Bahamas, Bahrain, Belgium, Bermuda,
Canada, Denmark, France, Germany (Federal Republic), Hong Kong, Iran, Iraq, Ireland, Italy, Japan, Kuwait, Kuwait-Saudi
Arabia Neutral Zone, Libya, Liechtenstein,
Luxembourg, Monaco, Netherlands, New
Zealand, Norway, Portugal, Qatar, Republic of South Africa, San Marino, Saudi Arabia, Spain, Sweden, Switzerland, and the
United Kingdom; and other than: Albania,
Bulgaria, the People's Republic of China,
Cuba, Czechoslovakia, Estonia, Hungary,
Communist-controlled Korea, Latvia, Lithuania, Outer Mongolia, Poland (including
any area under its provisional administration), Rumania, Soviet Zone of Germany
and the Soviet sector of Berlin, Tibet, Union
of Soviet Socialist Republics and the Kurile
Islands, Southern Sakhalin, and areas in
East Prussia that are under the provisional
administration of the Union of Soviet Socialist Republics, and Communist-controlled
Vietnam.

FEDERAL RESERVE BULLETIN o JANUARY 1970

18

I. Nonbank Financial Institutions
A. TYPES OF INSTITUTIONS COVERED

The group of institutions covered by the
nonbank guidelines includes: trust companies; trust departments of commercial
banks; mutual savings banks; insurance
companies; investment companies; finance
companies; employee retirement and pension funds; college endowment funds;
charitable foundations; the U.S. branches
of foreign insurance companies and of other
foreign nonbank financial corporations; and
holding companies (other than bank holding companies) whose domestic assets consist primarily of the stock of operating nonbank financial institutions. Investment
underwriting firms, securities, brokers and
dealers, and investment counseling firms also
are covered with respect to foreign financial
assets held for their own account and are
requested to inform their customers of the
program in those cases where it appears
applicable. Businesses whose principal activity is the leasing of property and equipment, and which are not owned or controlled by a financial institution, are not
defined as financial institutions.
B. CEILING AND PRIORITIES

Each institution is requested to limit its
aggregate holdings of foreign assets covered
by the program to no more than 100 per
cent of the adjusted amount of such assets
held on December 31, 1967, except for
special situations discussed in K below.
Institutions generally are expected to hold
no foreign deposits or money market instruments (other than Canadian). However, an
institution may maintain such minimum
working balances abroad as are needed for
the efficient conduct of its foreign business
activities.
Among other foreign assets that are sub-




ject to the guideline ceiling, institutions are
asked to give first priority to credits that
represent the bona fide financing of U.S.
exports, and second priority to credits to
developing countries. In addition, institutions are requested not to increase the total
of their investments in the developed countries of continental Western Europe beyond
the amount held on December 31, 1968,
except for new credits that are judged to be
essential to the financing of U.S. exports.
This means that reductions through amortizations, maturities, or sales may be offset by
new acquisitions in these countries. However, institutions are expected to refrain
from offsetting proceeds of sales to other
Americans by new acquisitions from foreigners.
Institutions may invest in noncovered
foreign assets generally as desired. However, they are requested to refrain from
making any loans and investments, noncovered as well as covered, that appear to be
inconsistent with other aspects of the Government's balance of payments program.
Among these are the following:
1. Noncovered credits under this program that substitute directly for loans that
commercial banks would have made in the
absence of that part of the program applicable to them.
2. Noncovered credits to developing
country subsidiaries of U.S. corporations
that would not have been permitted under
the Department of Commerce program if
made by the U.S. parent directly.
' •
3. Credits to U.S. corporate borrowers
that would enable them to make new foreign loans and investments inconsistent with
the Department of Commerce program. " '"•'•
4. Credits to U.S. subsidiaries and
branches of foreign companies that other-

19

REVISED GUIDELINES

wise would have been made to the foreign
parent, or that would substitute for funds
normally obtained from foreign sources.
C. COVERED ASSETS

Covered foreign financial assets, subject
to the guideline ceiling, include the following types of investments, except for "free
delivery" items received after December 31,
1967:
1. Liquid funds in all foreign countries
other than Canada. This category comprises foreign bank deposits, including deposits in foreign branches of U.S. banks,
and liquid money market claims on foreign
obligors, generally defined to include marketable negotiable instruments maturing in
1 year or less.
2. All other claims on non-Canadian foreign obligors written, at date of acquisition,
to mature in 10 years or less. This category
includes bonds, notes, mortgages, loans, and
other credits. Excluded are bonds and notes
of international institutions of which the
United States is a member, regardless of maturity. Excluded also are loans guaranteed
or participated in by the Export-Import
Bank, guaranteed by the Department of Defense, or insured by the Foreign Credit Insurance Association.
3. Net financial investment in foreign
branches, subsidiaries, and affiliates, located
in developed countries other than Canada.1
Such financial investment includes payments
into equity and other capital accounts of,
and net loans and advances to, any foreign
businesses in which the U.S. institution has
an ownership interest of 10 per cent or more.
Excluded are earnings of a foreign affiliate
if they are directly retained in the capital
accounts of the foreign business.
4. Long-term credits of foreign obligors
domiciled in developed countries other than




Canada.1 Included in this category are
bonds, notes, mortgages, loans, and other
credits maturing more than 10 years after
date of acquisition. Excluded are bonds of
international institutions of which the
United States is a member.
5. Equity securities of foreign corporations domiciled in developed countries other
than Canada,1 except those acquired after
September 30, 1965, in U.S. markets from
American investors. The test of whether an
equity security is covered will depend on the
institution's obligation to pay the Interest
Equalization Tax on acquisition. Exclusion
from covered assets under this program normally will be indicated when, in acquiring
an equity security that otherwise would be
covered, the purchasing institution receives
a certificate of prior American ownership,
or brokerage confirmation thereof.
D. BASE-DATE HOLDINGS

Base-date holdings for any reporting date
after September 30, 1969, are defined as:
1. Total holdings of covered foreign assets as of the base date, which is December
31, 1969, for investments in Japan of the
types described in C (3), (4), and (5)
above, and December 31, 1967, for all
other covered assets;
2. Minus equity securities of companies
domiciled in developed countries (except
Canada), that are included in (1) but had
been sold to American investors prior to the
current quarter;
3. Plus, or minus, the difference between
sales proceeds and "carrying" value of
covered equities sold prior to the current
quarter to other than American investors or
in other than U.S. markets. On each reporting date, "carrying" value should be the
value reflected in the institution's report (on
1

See Note on p. 22.

20

FEDERAL RESERVE BULLETIN a JANUARY 1970

Form FR 392R-68) for December 31,
1967, in the case of equities held on that
date, and it should be cost in the case of
equities purchased after that date.
"Adjusted" base-date holdings, to which
the 100 per cent ceiling applies, are equal
to "base-date" holdings as denned above
adjusted for sales during the current quarter of included covered equities in accordance with the procedures specified in (2)
and (3) of the preceding paragraph.
E. NONCOVERED ASSETS

Foreign financial assets not covered by
the guidelines are still reportable on the
quarterly statistical reports to the Federal
Reserve Banks. Such noncovered foreign
investments include the following:
1. All financial assets in, or claims on
residents of, the Dominion of Canada.
2. Bonds and notes of international institutions of which the United States is a
member, regardless of maturity.
3. Long-term investments in all developing countries, including credit instruments
with final maturities of more than 10 years
at date of acquisition, direct investment in
subsidiaries and affiliates, and all equity securities issued by firms domiciled in these
countries.
4. Equity securities of firms in developed
countries other than Canada that have been
acquired in U.S. markets from American
investors (see Point C (5) above). Foreign
assets of types covered by the program and
acquired as "free delivery" items—that is,
as new gifts or, in the case of trust companies or trust departments of commercial
banks, in new accounts deposited with the
institution—are not defined as covered assets if they were acquired after December
31, 1967. Such assets should be reported as
a memorandum item, as should outstand-




ing amounts of loans guaranteed or participated in by the Export-Import Bank,
guaranteed by the Department of Defense,
or insured by the Foreign Credit Insurance
Association.
F. CREDITS TO CERTAIN U.S. CORPORATIONS

Any loan or investment acquired by a
nonbank financial institution after June 30,
1968, that involves the advance of funds to
a domestic corporation which is simply a
financing conduit (commonly known as a
"Delaware sub") and which in turn will
transmit the funds to a foreign business,
should be reported as a foreign asset if one
or more foreigners own a majority of the
"Delaware" corporation. The amounts of
such foreign loans or investments should
be classified according to the country where
the funds are actually to be used, not according to the residence of the owners of the
"Delaware" corporation.
In the event that U.S. residents hold a
majority ownership interest in the "Delaware" corporation, no part of a loan or
investment in such a corporation is to be
regarded as a foreign asset of the institution.
G. LEASING OF PHYSICAL GOODS

The foreign leasing activities of firms
which engage primarily in the leasing of
physical assets (e.g., computers, real property, ships, aircraft), and which are not
owned or controlled by a U.S. financial in^
stitution, are not reportable under the nonbank program. However, such activities are
reportable when they are undertaken by
nonbank financial institutions. These institutions should report the book value of any
physical assets leased to foreigners on the
appropriate line of the quarterly form they
file with their Federal Reserve Bank.

21

REVISED GUIDELINES

H. INVESTMENT IN CERTAIN FOREIGN INSURANCE VENTURES

Net investment in foreign insurance ventures should be reported as such wherever
possible. In the case of any such ventures
in which there is no segregated net investment, the U.S. insurance company may
exclude from its foreign assets investments
within the foreign country involved, in
amounts up to 110 per cent of reserves accumulated on insurance sold to residents of
that country, or (if it is larger) the minimum deposit of cash or securities required
as a condition of doing insurance business
within that country.
I. LONG-TERM CREDITS TO DEVELOPINGCOUNTRY BUSINESSES

Institutions are requested to discuss with
their Federal Reserve Bank in advance any
future long-term loans or direct security
placements that would involve extensions
of credit of $500,000 or more to private
business borrowers located in the developing countries.
J. REPORTING REQUIREMENT

Each nonbank financial institution holding, on any quarterly reporting date, covered assets of $500,000 or more, or total
foreign financial assets of $5 million or
more, is requested to file a statistical report
covering its total holdings on that date with
the Federal Reserve Bank of the Federal
Reserve district in which its principal office
is located. The reports are due within 20
days following the close of each calendar
quarter, and forms may be obtained by contacting the Federal Reserve Bank.
K. COVERED
CEILING

ASSETS

IN

EXCESS

OF

1. In view of the balance of payments
objectives of the program, it is noted that




covered investments of nonbank financial
institutions may be permitted to exceed the
guideline ceiling to the extent that the funds
for such investment are borrowed abroad
for investment in the same country or in
countries that are subject to the same or
more liberal guideline limitations. Thus,
funds borrowed in the developed countries
of continental Western Europe may be used
to finance investments in these countries
and elsewhere, and funds borrowed in other
developed countries (except Canada) may
be used to finance investment in covered
foreign assets anywhere but in the developed
countries of continental Western Europe.
Any institution desiring to offset foreign
borrowing against foreign investment, however, should discuss its plans with the Federal Reserve Bank before entering into such
an arrangement.
2. While institutions are expected to
make every reasonable effort to reduce outstanding nonexport credits in order to accommodate new export credits within their
guideline ceiling, such a reduction may not
be feasible for some institutions. An institution that cannot avoid exceeding its guideline ceiling if it makes new loans to finance
U.S. exports—excluding loans that are
guaranteed or participated in by the ExportImport Bank, guaranteed by the Department of Defense, or insured by the Foreign
Credit Insurance Association—should notify its Federal Reserve Bank of the prospective overage before making such loans.
3. An institution with a guideline ceiling
of less than $500,000 may hold covered
assets up to this amount if its investments
are consistent with other guideline provisions, e.g., those with respect to liquid funds
and to nonexport credits to the developed
countries of continental Western Europe.
The institution is expected to file an initial
statement of its holdings with its Federal

Reserve Bank and thereafter to file a statement with the Bank within 20 days after
the end of any calendar quarter when its
total holdings of covered foreign assets have

changed by as much as $100,000 since its
previous report, even though its total holdings remain below the minimum reporting
levels stipulated in the guidelines.
•

NOTE.—Developed countries other than Canada:
continental Western Europe—Austria, Belgium, Denmark, France, Germany (Federal Republic), Italy,
Liechtenstein, Luxembourg, Monaco, Netherlands,
Norway, Portugal, San Marino, Spain, Sweden, and
Switzerland; other developed countries are: Abu
Dhabi, Australia, the Bahamas, Bahrain, Bermuda,
Hong Kong, Iran, Iraq, Ireland, Japan, Kuwait, KuwaitSaudi Arabia Neutral Zone, Libya, New Zealand, Qatar,
Republic of South Africa, Saudi Arabia, and the
United Kingdom. Also to be considered "developed"

are the following countries: Albania, Bulgaria, the
People's Republic of China, Cuba, Czechoslovakia,
Estonia, Hungary, Communist-controlled Korea, Latvia, Lithuania, Outer Mongolia, Poland (including
any area under its provisional administration), Rumania, Soviet Zone of Germany and the Soviet sector
of Berlin, Tibet, Union of Soviet Socialist Republics
and the Kurile Islands, Southern Sakhalin, and areas
in East Prussia which are under the provisional administration of the Union of Soviet Socialist Republics, and Communist-controlled Vietnam.

22



Record of Policy Actions
of the Federal Open Market Committee

Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the
Board's Annual Report, are released approximately 90 days following
the date of the meeting and are subsequently published in the Federal
Reserve BULLETIN.
The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the
decisions. The summary descriptions of economic and financial conditions are based on the information that was available to the Committee
at the time of the meeting, rather than on data as they may have been
revised since then.
Policy directives of the Federal Open Market Committee are issued
to the Federal Reserve Bank of New York—the Bank selected by
the Committee to execute transactions for the System Open Market
Account.
Records of policy actions for the meetings held during 1967 and
1968 were published in the BULLETIN beginning with the July 1967
issue and were subsequently published in the Board's Annual Reports
for 1967 and 1968.
Records for the meetings held in 1969 through September 9 were
published in the BULLETINS for April, pages 345-52; May, pages
433-39; June, pages 508-18; July, pages 596-603; August, pages
647-54; September, pages 727-35; October, pages 823-38; November, pages 879-87; and December, pages 928-37. The record for the
meeting held on October 7, 1969, follows:




23

24




FEDERAL RESERVE BULLETIN o JANUARY 1970

MEETING HELD ON OCTOBER 7, 1969
1. Authority to effect transactions in System Account.

According to staff estimates, expansion in real GNP continued in the
third quarter at about the 2 per cent annual rate of the second quarter,
as an increase in inventory investment approximately offset further
slackening in growth of private final sales. Average prices, as measured
by the GNP deflator, were estimated to have advanced substantially.
Staff projections suggested that real GNP would grow more slowly in
the fourth quarter and that it might change little in the first half of
1970. With pressures on resources expected to ease over that period,
some moderation in the rate of price advance was projected.
A number of monthly measures of economic activity had weakened
recently. Nonfarm employment was about unchanged in September
and the unemployment rate rose sharply to 4.0 from 3.5 per cent in
August. Industrial production edged down in August, and tentative
estimates suggested that it changed little or declined slightly in September. It appeared from weekly data for most of September that retail
sales in that month were about the same as in August and that, after
adjustment for price increases, such sales remained below the level of
a year earlier. New orders at manufacturers of durable goods declined
appreciably in August, and housing starts fell for the seventh consecutive month.
Prices of a large number of industrial commodities increased from
mid-August to mid-September and the average advanced substantially
further. The over-all wholesale price index rose only slightly, however, as a result of another decline in prices of farm products and
foods. In August the consumer price index again increased considerably.
The staff projections of GNP for the current and the next two
quarters were based on the assumptions that the income tax surcharge
would be continued at 5 per cent through the first half of 1970, that
the investment tax credit would be repealed, and that social security
benefits would be increased by 10 per cent on April 1. The projections
suggested that expansion in aggregate final demands would continue to
moderate through the second quarter of 1970 and that the rate of inventory accumulation would be declining after the turn of the year.

RECORD OF POLICY ACTIONS OF FOMC

U.S. merchandise exports rose more than imports in August, so the
trade surplus increased a little. With respect to the over-all balance of
payments, available data indicated that in August and September the
deficit on the liquidity basis had been very large, although not so large
as in preceding months, and that the balance on the official settlements
basis had shifted into deficit. The official settlements balance had been
in surplus for more than a year prior to August mainly as a result of
increases in outstanding Euro-dollar borrowings of U.S. banks through
their foreign branches, but there apparently had been little net change
in those borrowings after July. Speculative flows of funds into Germany during September contributed to the shift in the official settlements balance.
Recent developments in foreign exchange markets had been dominated by events connected with the German mark. Demands for marks
increased in early September in anticipation of a possible revaluation
of that currency after the German elections scheduled for September
28, and by Wednesday, September 24, the German Federal Bank had
acquired a substantial volume of dollars in active but orderly trading.
The German authorities closed their exchange markets the next 2
days and, after a brief resumption of trading, again on Monday, September 29. The Government then announced that the mark would be
allowed to float temporarily, and the exchange rate immediately broke
through its previous upper limit. Subsequently the mark strengthened
further, reaching a premium above par of about fsVi per cent at the
time of this meeting. During the period, the German Federal Bank
frequently sold dollars to moderate fluctuations in the rate. The rise in
the exchange rate and the expectation that the mark would be revalued
once a new German Government was formed led to some reduction
in the earlier tensions in foreign exchange markets, although the
French franc and the Italian lira remained under selling pressure.
Earlier in September discount rates had been increased by the central banks of Germany, Belgium, Switzerland, Austria, and Norway.
Despite the tightening of conditions in domestic European money
markets, interest rates in the Euro-dollar market—which had risen
steadily during August—declined moderately after early September,
partly because of the easing in demands by U.S. banks for Eurodollars.




25

26




FEDERAL RESERVE BULLETIN n JANUARY 1970

On September 17 the Treasury announced that in exchange for
securities maturing on October 1 and December 15, 1969, it would
offer three new notes having, respectively, maturities of about 20
months, 3 years and 8 months, and 6 years and 10 months, and yields
of 8, 7.75, and 7.59 per cent. The new issues were initially well received and rose to a premium in the market. Of the $7.6 billion of
maturing securities held by the public, about $5.8 billion were exchanged for the new issues, including somewhat more than $1 billion
for each of the two longer-term notes. Following this financing, the
Treasury announced that on October 8 it would auction $2 billion
of tax-anticipation bills due in April 1970. The Treasury was expected
to raise additional funds during the fourth quarter to meet further cash
needs.
Treasury cash balances at both commercial banks and Federal Reserve Banks had been reduced to very low levels prior to the midSeptember tax date, and in the period September 5-16 the Treasury
had temporarily financed some of its cash needs through sales of
special short-term certificates of indebtedness to the Federal Reserve.
The volume of such certificates reached a 16-year high of $1.1 billion
on September 10,1 but the Treasury was able to redeem all outstanding
certificates by September 17 and subsequently to rebuild its cash balances to a substantial level.
System open market operations since the previous meeting of the
Committee had been directed at maintaining firm conditions in the
money and short-term credit markets. Sizable operations were required to offset the impact on bank reserves and money market conditions of substantial changes in Treasury cash balances and large
shifts of funds among banks stemming from the Treasury refunding
and from foreign central bank transactions. Federal funds traded
mainly in a range of %Vi to 9Vi per cent; the average effective rate
of about 9 Vs per cent was slightly higher than in the preceding interval. Member bank borrowings averaged $1,075 million in the 4 weeks
1
The volume of special certificates held by the Federal Reserve totaled $322
million on September 5 through 7, $653 million on September 8, $830 million on
September 9, $1,102 million on September 10, $862 million on September 11,
$759 million on September 12 through 14, $513 million on September 15, and
$972 million on September 16.

RECORD OF POLICY ACTIONS OF FOMC

ending October 1, down from an average of $1,250 million in the
previous 4 weeks. Excess reserves were little changed on the average,
and so net borrowed reserves also declined.
Against the background of continuing credit restraint and limited
availability of funds, most market interest rates had risen to new highs in
the period since the previous meeting of the Committee. Yield increases
were relatively pronounced in the capital markets which absorbed large
amounts of new corporate, Federal agency, and intermediate-term
Treasury issues. Most recently, however, yields on Treasury and new
corporate bonds had stabilized following the good reception accorded
a sizable new Federal agency offering, some purchases of Treasury
notes and bonds by official accounts, and the publication of the 4 per
cent unemployment figure for September. Yields on State and local
government bonds had moved counter to the general trend in September; they had declined somewhat as a result of a continuing light volume of new issues and of developments in the Congress relating to
proposed legislation affecting the tax-exempt status of such obligations.
Most short-term interest rates also had risen since the previous
meeting. Rates on Treasury bills were an exception; they were relatively stable for most of the period—mainly because of reinvestment
demands generated by the Treasury refunding and by foreign central
bank purchases—and had declined in recent days. The market rate on
3-month Treasury bills, at 6.94 per cent on the day before this meeting, was 15 basis points below its level 4 weeks earlier.
Conditions in markets for residential mortgages continued to tighten
in September. It appeared that savings flows at nonbank thrift institutions had remained weak during that month, and limited data available for the first few days of October suggested that net outflows following quarterly interest crediting would be larger than usual.
At commercial banks, business loans outstanding increased moderately in September but holdings of U.S. Government securities declined sharply as banks sold Treasury bills acquired in the late-August
bill-strip financing. The bank credit proxy—daily-average member
bank deposits—increased at an annual rate of 2.5 per cent from
August to September. On balance, there was a small reduction in the
average outstanding volume of funds obtained by banks from "nondeposit" sources—including Euro-dollar borrowings, funds obtained




27

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FEDERAL RESERVE BULLETIN n JANUARY 1970

by sales of loans to nonbank customers under repurchase agreements,
and funds obtained through sales of commercial paper by bank affiliates. After adjustment for this development, the proxy series was estimated to have risen at an annual rate of about 2 per cent on the
average in September. In the third quarter as a whole the proxy series
so adjusted was estimated to have declined at an annual rate of 4.2
per cent.
The increase in the average level of member bank deposits in September was attributable almost entirely to a sharp rise in U.S. Government deposits after the midmonth tax date. Private demand deposits
and the money stock2 changed little. Total time and savings deposits
declined at a much slower rate than earlier in the year, partly because
of a marked reduction in net outflows of consumer-type deposits. In
addition, there was a substantial increase in late September in foreign
official time deposits. Further run-offs of large-denomination CD's
occurred during the month, particularly at banks outside of New York.
Staff projections suggested that the average level of member bank
deposits would decline from September to October at an annual rate
of 5 to 8 per cent if prevailing conditions were maintained in money
and short-term credit markets. It appeared likely that the combined
total outstanding of funds obtained from nondeposit sources would
increase a little on the average—perhaps by an amount equivalent to
1 percentage point or less in the credit proxy. Among deposit categories, reductions were anticipated in the average level of both Government and private demand deposits, and the money stock was projected to decline at an annual rate of 2 to 5 per cent. Continued
reductions were expected in both large-denomination CD's and other
time and savings deposits. The run-off of CD's appeared likely to
moderate appreciably, however, partly because the volume of foreign
official deposits was expected to increase further.
The Committee decided that a relaxation of monetary restraint
2
The regular annual benchmark corrections and revisions of seasonal adjustment
factors for the money stock series had been made since the previous meeting of the
Committee. The effect of the adjustment on the statistics for 1969 was to raise the
estimated annual rate of growth during the first quarter from 2.9 to 4.1 per cent,
and to lower the estimated second-quarter growth rate from 4.7 to 4.5 per cent.
During the third quarter the annual rate of increase in the money stock series (on
the new basis) was estimated at a fraction of 1 per cent.

RECORD OF POLICY ACTIONS OF FOMC

would not be appropriate at this time in light of the persistence of
inflationary pressures and expectations. It was also noted in this connection that fiscal policy was likely to become less restrictive in early
1970 even if, as recommended by the administration, the income tax
surcharge was continued at 5 per cent through the first half of the
year. At the same time, the Committee agreed that an intensification
of monetary restraint would not be desirable at present in view of the
considerable degree of restraint already in effect and of the indications
that the rate of economic expansion was moderating.
The Committee concluded that open market operations should be
directed at maintaining the prevailing firm conditions in money and
short-term credit markets, subject to the proviso that operations should
be modified if bank credit appeared to be deviating significantly from
current projections.
The following current economic policy directive was issued to the
Federal Reserve Bank of New York:
The information reviewed at this meeting suggests that the pace of
expansion in real economic activity was sustained in the third quarter
by an acceleration of inventory investment, which about offset a
further slackening in growth of private final sales. Some monthly
economic measures have weakened recently, and slower over-all
growth is projected for the fourth quarter. Substantial upward pressures on prices and costs are persisting. Most market interest rates
recently have risen to new highs as demands for funds have pressed
against limited supplies. In September, on average, the money supply
changed little as U.S. Government deposits rose considerably further,
and bank credit increased slightly after 2 months of substantial decline. The outstanding volume of large-denomination CD's decreased
further in September, and flows of consumer-type time and savings
funds at banks and nonbank thrift institutions appear to have remained relatively weak. The U.S. foreign trade surplus increased a
little in August. In August and September the deficit in the over-all
balance of payments on the liquidity basis was very large, although
not as large as in preceding months; and the official settlements balance, which had been in surplus for more than a year, shifted into
deficit, reflecting slackened Euro-dollar borrowing by U.S. banks and
new speculativeflowsinto Germany. Exchange market tensions were
reduced somewhat when the German Government decided to cease




29

30




FEDERAL RESERVE BULLETIN a JANUARY 1970

temporarily official sales of marks, after which the exchange rate for
that currency rose above the official parity. In light of the foregoing
developments, it is the policy of the Federal Open Market Committee
to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging sustainable economic
growth and attaining reasonable equilibrium in the country's balance
of payments.
To implement this policy, System open market operations until the
next meeting of the Committee shall be conducted with a view to
maintaining the prevailing firm conditions in money and short-term
credit markets; provided, however, that operations shall be modified
if bank credit appears to be deviating significantly from current projections.
Votes for this action: Messrs. Martin, Hayes,
Bopp, Brimmer, Clay, Coldwell, Daane, Mitchell,
Robertson, Scanlon, and Sherrill. Vote against this
action: Mr. Maisel.
In dissenting from this action Mr. Maisel noted that interest rates
on all types of market securities had risen substantially on balance in
the period since late April, and that during this period the Committee's directives—like that favored by the majority today—had called
for maintenance of prevailing firm conditions in money and short-term
credit markets. He also noted that the behavior of key monetary aggregates, including member bank reserves, the money stock, and bank
credit, had been considerably weaker in the third quarter—either declining more rapidly or rising more slowly—than in the first half of
the year; and that sharp declines in the aggregates were projected for
October if prevailing money market conditions were maintained. As
at the two previous meetings, Mr. Maisel expressed the view that such
evidence indicated a steady increase in monetary restrictiveness. He
favored permitting more flexibility in money market conditions in order
to maintain but not intensify the present degree of monetary restraint
measured in terms of key aggregates and interest rates.
2. Amendments to continuing authority directive.

On recommendation of the Manager of the System Open Market Account, the Committee made two amendments to the continuing author-

RECORD OF POLICY ACTIONS OF FOMC

ity directive issued to the Federal Reserve Bank of New York regarding domestic open market operations. In addition, the dollar limit
specified in paragraph 2 of the directive on Federal Reserve Bank
holdings of special short-term certificates of indebtedness purchased
directly from the Treasury, which had been temporarily increased from
$1 billion to $2 billion at the previous meeting, reverted to $1 billion
under the terms of the action the Committee had taken then.
One of the amendments made today also affected paragraph 2; it
involved the addition of language authorizing Reserve Banks other
than the New York Bank to purchase special short-term certificates
from the Treasury for their own account at times when the New York
Reserve Bank was closed. With this amendment, paragraph 2 read as
follows:
2. The Federal Open Market Committee authorizes and directs the
Federal Reserve Bank of New York to purchase directly from the
Treasury for the account of the Federal Reserve Bank of New York,
or, if the New York Reserve Bank is closed, any other Reserve Bank
for its own account (with discretion, in cases where it seems desirable,
to issue participations to one or more Federal Reserve Banks) such
amounts of special short-term certificates of indebtedness as may be
necessary from time to time for the temporary accommodation of the
Treasury; provided that the rate charged on such certificates shall be
a rate YA of 1 per cent below the discount rate of the Federal Reserve
Bank of New York at the time of such purchases, and provided further
that the total amount of such certificates held at any one time by the
Federal Reserve Banks shall not exceed $1 billion.
The second amendment to the directive consisted of the addition
of a new paragraph 3, authorizing the Reserve Banks to engage under
certain conditions in lending of U.S. Government securities held in the
System Open Market Account. The new paragraph read as follows:
3. In order to insure the effective conduct of open market operations, the Federal Open Market Committee authorizes and directs the
Federal Reserve Banks to lend U.S. Government securities held in the
System Open Market Account to Government securities dealers and to
banks participating in Government securities clearing arrangements
conducted through a Federal Reserve Bank, under such instructions
as the Committee may specify from time to time.




31

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FEDERAL RESERVE BULLETIN a JANUARY 1970

Votes for these actions: Messrs. Martin, Hayes,
Bopp, Brimmer, Clay, Coldwell, Daane, Maisel,
Mitchell, Robertson, Scanlon, and Sherrill. Votes
against these actions: None.
The amendment to paragraph 2 was made in view of the possibility
that the Treasury might need temporary accommodation at times, such
as the forthcoming Columbus Day holiday, when the New York Reserve Bank was closed and some other Reserve Banks remained open.
The action to add the new paragraph 3 was taken after the Manager
had advised that the problem of delivery failures in the Government
securities market had worsened significantly over the past year, partly
because private facilities for lending such securities had become inadequate; that delivery failures were markedly impairing the performance of the market; and that the functioning of the market would be
improved if securities held in the System Open Market Account could
be lent, for the express purpose of avoiding delivery failures, to Government securities dealers doing business with the Federal Reserve
Bank of New York and to banks participating in securities clearing
arrangements conducted through a Reserve Bank. The Committee
concurred in the Manager's judgment that under existing circumstances such lending of securities from the System Open Market Account was reasonably necessary to the effective conduct of open
market operations and to the effectuation of open market policies. It
was agreed that the authorization would be reviewed periodically to
determine whether the contemplated lending activity remained necessary.
' The initial instructions specified by the Committee in conjunction
with this authorization included a $75 million limit on the par value
of securities involved in outstanding loans to any individual dealer at
any time and a limit of three business days on the duration of loans
to dealers, with those loans eligible for renewal under certain circumstances. The instructions also specified that both the dealers and the
banks that borrowed securities were to deposit and pledge collateral
consisting of U.S. Government securities of greater current market
value than the securities borrowed. In addition, the lending fee to be
charged on such securities loans was set at a rate higher than the pre-

RECORD OF POLICY ACTIONS OF FOMC

33

vailing fee charged by private lenders, in order to encourage continued
maximum use of available private facilities for lending of Government
securities.
3. Amendment to authorization for System foreign currency
operations.
The Committee approved increases from $100 million to $200 million
equivalent in the System swap arrangements with the Austrian National Bank, the National Bank of Denmark, and the Bank of Norway,
and the corresponding amendments to paragraph 2 of the authorization
for System foreign currency operations, effective immediately. As a
result of this action, paragraph 2 read as Mows:
2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements ("swap" arrangements) for System Open Market Account for
periods up to a maximum of 12 months with the following foreign
banks, which are among those designated by the Board of Governors
of the Federal Reserve System under Section 214.5 of Regulation N,
Relations with Foreign Banks and Bankers, and with the approval of
the Committee to renew such arrangements on maturity:




Foreign bank
Austrian National Bank
National Bank of Belgium
Bank of Canada
National Bank of Denmark
Bank of England
Bank of France
German Federal Bank
Bank of Italy
Bank of Japan
Bank of Mexico
Netherlands Bank
Bank of Norway
Bank of Sweden
Swiss National Bank

Amount of
arrangement
(millions of
dollars equivalent)
200
500
1,000
200
2,000
1,000
1,000
1,000
1,000
130
300
200
250
600

_ . , ,
Foreign bank
6

Amount of
arrangement
, ...r
c
(millions of
dollars equivalent)

Bank for International Settlements:
Dollars against Swiss francs
600
Dollars against authorized European
currencies other than Swiss francs
1,000
Votes for this action: Messrs. Martin, Hayes,
Bopp, Brimmer, Clay, Coldwell, Daane, Maisel,
Mitchell, Robertson, Scanlon, and Sherrill. Votes
against this action: None.

While Austria, Denmark, and Norway each had a strong current
account in its international payments balance, all three countries had
experienced reserve losses recently, for the most part as a result of
the pull of high Euro-dollar interest rates and of speculation on a
revaluation of the German mark. The indicated action was taken on
recommendation of the Special Manager, who advised that it should
prove helpful in providing against the contingency of destabilizing
short-run speculative pressures on the currencies of the countries
involved.

34




Law Department
Statutes, regulations, interpretations, and decisions

INTEREST ON DEPOSITS;
COMMERCIAL PAPER;
RESERVES AGAINST EURODOLLAR BORROWINGS;
DEPOSIT INSURANCE COVERAGE;
SELECTIVE CREDIT CONTROLS

By Act approved December 23, 1969 (Public
Law 91-151), Congress extended until March 22,
1971, the flexible authority of the Board, the Federal Deposit Insurance Corporation, and the
Federal Home Loan Bank Board in regulating the
maximum rates of interest or dividends payable by
insured banks and savings and loan associations on
deposit or share accounts. Included among other
provisions of the Act are specific authorizations for
the Board (1) to apply rate limitations and reserve
requirements to commercial paper issued indirectly
by a member bank through an affiliate and (2) to
apply reserve requirements to Eurodollar borrowings by member banks. The Act also increased
from $15,000 to $20,000 the insurance coverage of
deposits insured by the Federal Deposit Insurance
Corporation and accounts insured by the Federal
Savings and Loan Insurance Corporation.
By repealing provisions of the Defense Production Act of 1950, the Act restores to the President
authority to encourage representatives of all major
sectors of the private economy to enter into voluntary agreements and programs furthering the objectives of the Defense Production Act and exempts
participants from prosecution under the antitrust
laws because of their activities in such programs.
In addition, the Act grants the President standby
authority to request the Board to institute selective
credit controls when necessary to curb inflation.
The text of the relevant portions of the Act is as
follows:
AN ACT
To lower interest rates and fight inflation; to help
housing, small business, and employment; to increase
the availability of mortgage credit; and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress
assembled,
TITLE I—AMENDMENTS TO EXISTING ACTS
SECTION 1. Section 7 of the Act of September 21,

1966 (Public Law 89-587; 80 Stat. 823) is amended
to read:




"SEC. 7. Effective March 22, 1971:
"(1) So much of section 19(j) of the Federal
Reserve Act (12 U.S.C. 371 (b)) as precedes the third
sentence thereof is amended to read as it would without
the amendment made by section 2(c) of this Act.
"(2) The second and third sentences of section
18(g) of the Federal Deposit Insurance Act (12 U.S.C.
1828(g)) are amended to read as they would without
the amendment made by section 3 of this Act.
"(3) The last three sentences of section 18(g) of
the Federal Deposit Insurance Act (12 U.S.C. 1828
(g)) are repealed.
"(4) Section 5B of the Federal Home Loan Bank
Act (12 U.S.C. 1425b) is repealed."
* * *
SEC. 4. (a) Section 19(a) of the Federal Reserve
Act (12 U.S.C. 461) is amended by inserting after
the word "interest," the following: "to determine what
types of obligations, whether issued directly by a member bank or indirectly by an affiliate of a member bank
or by other means, shall be deemed a deposit,".
* * *
SEC. 5. Section 19(b) of the Federal Reserve Act
(12 U.S.C. 461) is amended by adding at the end
thereof a new sentence as follows: "The Board may,
however, prescribe any reserve ratio, not more than 22
per centum, with respect to any indebtedness of a member bank that arises out of a transaction in the ordinary
course of its banking business with respect to either
funds received or credit extended by such bank to a
bank organized under the law of a foreign country or a
dependency or insular possession of the United States."
* * *
SEC. 7 (a) The following provisions of the Federal
Deposit Insurance Act are amended by changing
"$15,000", each place it appears therein, to read
"$20,000":
(1) The first sentence of section 3(m) (12 U.S.C.
1813(m)).
(2) The first sentence of section 7(i) (12 U.S.C.
1817(i)).
(3) The last sentence of section l l ( a ) (12 U.S.C.
1821(a)).
(4) The fifth sentence of section l l ( i ) (12 U.S.C.
1821(i)).
(b) The amendments made by this section are not
applicable to any claim arising out of the closing of
a bank prior to the date of enactment of this Act.
SEC. 8. (a). The following provisions of title IV
of the National Housing Act are amended by changing
"$15,000", each place it appears therein, to read
"$20,000":
(1) Section 401 (b) (12 U.S.C. 1724(b)).
(2) Section 405(a) (12 U.S.C. 1728(a)).
(b) The amendments made by this section are not
applicable to any claim arising out of a default, as

35

36

FEDERAL RESERVE BULLETIN • JANUARY 1970

defined in section 401 (d) of the National Housing Act,
where the appointment of a conservator, receiver, or
other legal custodian as set forth in that section becomes effective prior to the date of enactment of this
Act.
SEC. 9. (a) Section 708(b) of the Defense Production Act of 1950 (50 U.S.C. 2158(b) is amended
by striking out everything after "United States", the
first time it appears, and inserting a period in lieu
thereof.
(b) Section 708(f) of that Act (50 U.S.C. 2158(f))
is repealed.
TITLE n—AUTHORITY FOR CREDIT CONTROL
Sec. 201. Short title
This title may be cited as the Credit Control Act.
Sec. 202 Definitions and rules of construction
(a) The definitions and rules of construction set
forth in this section apply to the provisions of this title.
(b) The term "Board" refers to the Board of Governors of the Federal Reserve System.
(c) The term "organization" means a corporation,
government or governmental subdivision or agency,
trust, estate, partnership, cooperative, or association.
(d) The term "person" means a natural person or
an organization.
(e) The term "credit" means the right granted by a
creditor to a debtor to defer payment of debt or to
incur debt and defer its payment.
(f) The term "creditor" refers to any person who
extends, or arranges for the extension of, credit,
whether in connection with a loan, a sale of property
or services, or otherwise.
(g) The term "credit sale" refers to any sale with
respect to which credit is extended or arranged by the
seller. The term includes any rental-purchase contract
any contract or arrangement for the bailing or leasing
of property when used as a financing device.
(h) The terms "extension of credit" and "credit transaction" include loans, credit sales, the supplying of
funds through the underwriting, distribution, or acquisition of securities, the making or assisting in the
making of a direct placement, or otherwise participating in the offering, distribution, or acquisition of securities.
(i) The term "borrower" includes any person to
whom credit is extended.
(j) The term "loan" includes any type of credit,
including credit extended in connection with a credit
sale.
(k) The term "State" refers to any State, the Commonwealth of Puerto Rico, the District of Columbia,
and any territory or possession of the United States.
(1) Any reference to any requirement imposed under this title of any provision thereof includes reference to the regulations of the Board under this title or
the provision thereof in question.
Sec. 203. Regulations
The Board shall prescribe regulations to carry out
the purposes of this title. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and
exceptions for any class of transactions, as in the
judgment of the Board are necessary or proper to effec-




tuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate compliance
therewith.
Sec. 204. Determination of interest charge
Except as otherwise provided by the Board, the
amount of the interest charge in connection with any
credit transaction shall be determined under the regulations of the Board as the sum of all charges payable directly or indirectly to the person by whom the
credit is extended in consideration of the extension
of credit.
Sec. 205. Authority for institution of credit controls
(a) Whenever the President determines that such
action is necessary or appropriate for the purpose of
preventing or controlling inflation generated by the
extension of credit in an excessive volume, the President may authorize the Board to regulate and control
any or all extensions of credit.
(b) The Board may, in administering this Act,
utilize the services of the Federal Reserve banks and
any other agencies, Federal or State, which are available and appropriate.
Sec. 206. Extent of control
The Board, upon being authorized by the President
under section 205 and for such period of time as he
may determine, may by regulation
(1) require transactions or persons or classes of
either to be registered or licensed.
(2) prescribe appropriate limitations, terms, and
conditions for any such registration or license.
(3) provide for suspension of any such registration
or license for violation of any provision thereof or of
any regulation, rule, or order prescribed under this Act.
(4) prescribe appropriate requirements as to the
keeping of records and as to the form, contents, or substantive provisions of contracts, liens, or any relevant
documents.
(5) prohibit solicitations by creditors which would
encourage evasion or avoidance of the requirements of
any regulation, license, or registration under this Act.
(6) prescribe the maximum amount of credit which
may be extended on, or in connection with, any loan,
purchase, or other extension of credit.
(7) prescribe the maximum rate of interest, maximum maturity, minimum periodic payment, maximum
period between payments, and any other specification
or limitation of the terms and conditions of any extension of credit.
(8) prescribe the methods of determining purchase
prices or market values or other bases for computing
permissible extensions of credit or required downpayment.
(9) prescribe special or different terms, conditions,
or exemptions with respect to new or used goods,
minimum original cash payments, temporary credits
which are merely incidental to cash purchases, payment or deposits usable to liquidate credits, and other
adjustments or special situations.
(10) prescribe maximum ratios, applicable to any
class of either creditors or borrowers or both, of loans
of one or more types or of all types.
(A) to deposits of one or more types or of all types.
(B) to assets of one or more types or of all types.
(11) prohibit or limit any extensions of credit under
any circumstances the Board deems appropriate.

37

LAW DEPARTMENT

Sec. 207. Reports

Reports concerning the kinds, amounts, and characteristics of any extensions of credit subject to this title,
or concerning circumstances related to such extensions
of credit, shall be filed on such forms, under oath or
otherwise, at such times and from time to time, and
by such persons, as the Board may prescribe by regulation or order as necessary or appropriate for enabling the Board to perform its functions under this title.
The Board may require any person to furnish, under
oath or otherwise, complete information relative to any
transaction within the scope of this title including the
production of any books of account, contracts, letters,
or other papers, in connection therewith in the custody or control of such person.
Sec. 208. Injunctions

Whenever it appears to the Board that any person
has engaged, is engaged, or is about to engage in any
acts or practices constituting a violation of any regulation under this title, it may in its discretion bring an
action, in the proper district court of the United States
or the proper United States court of any territory or
other place subject to the jurisdiction of the United
States, to enjoin such acts or practices, and upon a
proper showing a permanent or temporary injunction
or restraining order shall be granted without bond.
Upon application of the Board, any such court may
also issue mandatory injunctions commanding any
person to comply with any regulation of the Board
under this title.
Sec. 209. Civil penalties
(a) For each wilful violation of any regulation
under this title, the Board may assess upon any person
to which the regulation applies, and upon any partner, director, officer, or employee thereof who willfully participates in the violation, a civil penalty not
exceeding $1,000.
(b) In the event of the failure of any person to pay
any penalty assessed under this section, a civil action
for the recovery thereof may, in the discretion of the
Board, be brought in the name of the United States.
Sec. 210. Criminal penalty
Whoever willfully violates any regulation under this
title shall be fined not more than $1,000 or imprisoned
not more than one year, or both.

FEDERAL FUNDS TRANSACTIONS
AS DEPOSITS

The Board of Governors, effective February 12,
1970, has amended Regulation D, "Reserves of
Member Banks," and Regulation Q, "Interest on
Deposits," to narrow the category of "Federal
funds" transactions that are exempt from Regulations D and Q. The main effect will be to bring
within the coverage of those regulations "Federal
funds" transactions with any person other than a
bank and its subsidiaries, various governmental
institutions, or a securities dealer in certain cases.
The text of the amendments reads as follows:




AMENDMENTS TO REGULATION D
Effective February 12, 1970, section 204.l(f)
is amended to read as follows:
(f) Deposits as including certain promissory
notes and other obligations. For the purposes of
this part, the term "deposits" also includes a member bank's liability on any promissory note, acknowledgment of advance, due bill, or similar
obligation (written or oral) that is issued or undertaken by a member bank principally as a means
of obtaining funds to be used in its banking business, except any such obligation that:
(1) is issued to (or undertaken with respect to)
and held for the account of (i) a domestic banking office5" of another bank or (ii) an agency of
the United States or the Government Development
Bank for Puerto Rico;
(2) evidences an indebtedness arising from a
transfer of direct obligations of, or obligations that
are fully guaranteed as to principal and interest by,
the United States or any agency thereof that the
bank is obligated to repurchase;
(3) has an original maturity of more than two
years, is unsecured, and states expressly that it is
subordinated to the claims of depositors; or
(4) arises from a borrowing by a member bank
from a dealer in securities, for one business day,
of proceeds of a transfer of deposit credit in a
Federal Reserve Bank (or other immediately available funds), commonly referred to as "Federal
funds", received by such dealer on the date of the
loan in connection with clearance of securities
transactions.
This paragraph shall not, however, affect (i) any
instrument issued before June 27, 1966, (ii) any
instrument that evidences an indebtedness arising
from a transfer of assets under repurchase agreement issued before July 25, 1969, or (iii) any
instrument issued to a foreign office or another bank
before June 27, 1969.
*
*
*
*
*
Effective February 12, 1970, section 204.5(c) is
amended by inserting after "to foreign offices of
other banks 8 " the following ", or institutions the
time deposits of which are exempt from the rate
limitations of Regulation Q pursuant to § 217.3 (g)
thereof,".
AMENDMENT TO REGULATION Q
Effective February 12, 1970, section 217.1 (f) is
amended to read as follows:
5

*Any banking office in any State of the United
States or the District of Columbia of a bank organized
under domestic or foreign law.

38

FEDERAL RESERVE BULLETIN a JANUARY 1970

(f) Deposits as including certain promissory
notes and other obligations. For the purposes of
this part, the term "deposits" also includes a member bank's liability on any promissory note, acknowledgment of advance, due bill, or similar
obligation (written or oral) that is issued or undertaken by a member bank principally as a means
of obtaining funds to be used in its banking business, except any such obligation that:
(1) is issued to (or undertaken with respect to)
and held for the account of (i) a bank or an
institution the time deposits of which are exempt
from § 217.7 pursuant to § 217.3(g) or (ii) an
agency of the United States or the Government
Development Bank for Puerto Rico;
(2) evidences an indebtedness arising from a
transfer of direct obligations of, or obligations that
are fully guaranteed as to principal and interest by,
the United States or any agency thereof that the
bank is obligated to repurchase;
(3) has an original maturity of more than two
years, is unsecured, and states expressly that it is
subordinated to the claims of depositors; or
(4) arises from a borrowing by a member bank
from a dealer in securities, for one business day, of
proceeds of a transfer of deposit credit in a Federal
Reserve Bank (or other immediately available
funds), commonly referred to as "Federal funds",
received by such dealer on the date of the loan
in connection with clearance of securities transactions.
This paragraph shall not, however, affect (i) any
instrument issued before June 27, 1966, or (ii)
any instrument that evidences an indebtedness arising from a transfer of assets under repurchase
agreement issued before July 25, 1969.
INTERPRETATION OF REGULATION Q

In conjunction with the amendment to section
217.1 (f) of Regulation Q relating to Federal funds
transactions as deposits, which will become effective February 12, 1970, the Board has superseded,
effective that date, its interpretation on "Transfer
from deposit account to 'borrowed money' account
and payment of interest thereon" by amending
such interpretation to read as follows:
MEMBER BANK PARTICIPATION IN
"FEDERAL FUNDS" MARKET
Effective February 12, 1970, the Board of Governors has amended § 217.1 (f) to narrow the
category of "Federal funds" transactions entered
into by member banks that may be classified as




nondeposit borrowings rather than as deposits. One
question that arose in connection with such amendment is the meaning of "bank" as such term is
used in the exemption from Regulation Q for obligations in nondeposit form to another bank. Such
an exemption has been included in § 217.1(f) since
its adoption in 1966. As used in such exemption,
"bank" includes a member bank, a nonmember
commercial bank, a savings bank (mutual or
stock), a building or savings and loan association
or cooperative bank, the Export-Import Bank of
the United States, or a foreign bank. It also includes
bank subsidiaries that engage in business in which
their parents are authorized to engage and subsidiaries the stock of which is by statute explicitly
eligible for purchase by national banks.
To assure that the exemption for liabilities to
banks is not used as a means by which nonbanks
may arrange through a bank to "sell" Federal
funds to a member bank that are not subject to
Regulations D and Q, obligations within the
exemption must be issued to another bank for its
own account. In view of this requirement, a member bank that "purchases" Federal funds should
take such action as may be necessary to ascertain
the character (not necessarily the identity) of the
actual "seller" in order to justify classification of
its liability on the transaction as "Federal funds
purchased" rather than as a deposit. Any bank
that has given general assurance to a member bank
that sales by it of Federal funds ordinarily will be
for its own account and thereafter executes such
transactions for the account of others, should disclose the nature of the actual lender with respect
to each such transaction. If it fails to do so, the
selling bank would be deemed by the Board as
indirectly violating section 19 of the Federal Reserve Act and Regulation Q.
Also to assure the effectiveness of the limitations
on persons who sell Federal funds to member
banks, the amended § 217.1 (f) applies to nondocumentary obligations undertaken by a member
bank to obtain funds for use in its banking business,
as well as to documentary obligations. In recent
months a number of banks have made the Federal
funds market available to business corporations.
In some cases this has been on the basis of book
entries, in which no instrument is involved. Under
the amendment, a bank's liability under informal
arrangements as well as those formally embodied in
a document are within the coverage of § 217.1 (f).
The expansion of § 217.l(f) to nondocumentary obligations does not mean that every bank
liability on a transaction that results in the bank

39

LAW DEPARTMENT

obtaining funds is a deposit. An indorser's or conditional liability such as arises when a bank sells a
loan with recourse need not be classified as a deposit liability. Also, a bank's liability on an acceptance that it sells in the market is not a deposit
liability under the amendment.
It should also be noted that when a member
bank issues an obligation principally for a purpose
other than as a means of obtaining funds to be used
in its banking business—such as usually would be
the case with respect to a due bill issued to evidence
the bank's liability to deliver securities or foreign
exchange sold—it need not classify its liability
thereon as a deposit. However, the circumstances
surrounding an obligation issued ostensibly for a
purpose other than obtaining funds for use in the
ordinary course of business may cause an obligation
to become subject to Regulation Q—for example,
if the bank's liability on a due bill extended beyond
a period exceeding that necessary to complete the
securities sale, or if the bank paid interest to the
customer in excess of the amount that accrued on
the securities sold during the delay in delivery.
INTERPRETATION OF REGULATION A

ELIGIBILITY F O R DISCOUNT O F
MORTGAGE COMPANY NOTES
The question has arisen whether notes issued by
mortgage banking companies to finance their acquisition and temporary holding of real estate mortgages are eligible for discount by Reserve Banks.
Under section 13 of the Federal Reserve Act
the Board has authority to define what are "agricultural, industrial, or commercial purposes", which
is the statutory criterion for determining the eligibility of notes and drafts for discount. However,
such definition may not include paper "covering
merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or
other investment securities".
The legislative history of section 13 suggests that
Congress intended to make eligible for discount
"any paper drawn for a legitimate business purpose
of any kind." x and that the Board, in determining
what paper is eligible, should place a "broad and
adaptable construction" 2 upon the terms in section
13. It may also be noted that Congress apparently
considered paper issued to carry investment securities as paper issued for a "commercial purpose",
1
3

House Report No. 69, 63d Cong., p. 48.
50 CONG. REC. 4675 (1913) (remarks of Rep.
Phelan).




since it specifically prohibited the Board from making such paper eligible for discount. If "commercial" is broad enough to encompass investment
banking, it would also seem to include mortgage
banking.
In providing for the discount of commercial
paper by Reserve Banks, Congress obviously intended to facilitate the current financing of agriculture, industry, and commerce, as opposed to longterm investment.3 In the main, trading in stocks and
bonds is investment-oriented; most securities transactions do not directly affect the production or
distribution of goods and services. Mortgage banking, on the other hand, is essential to the construction industry and thus more closely related to
industry and commerce. Although investment
bankers also perform similar functions with respect
to newly-issued securities, Congress saw fit to deny
eligibility to all paper issued to finance the carrying
of securities. Congress did not distinguish between
newly-issued and outstanding securities, perhaps
covering the larger area in order to make certain
that the area of principal concern (i.e., trading
in outstanding stocks and bonds) was fully included. Speculation was also a major Congressional
concern, but speculation is not a material element
in mortgage banking operations. Mortgage loans
would not therefore seem to be within the purpose
underlying the exclusions from eligibility in section 13.
Section 201.3 (a) of Regulation A provides that
a negotiable note maturing in 90 days or less is not
eligible for discount if the proceeds are used "for
permanent or fixed investments of any kind, such
as land, buildings or machinery, or for any other
fixed capital purpose". However, the proceeds of
a mortgage company's commercial paper are not
used by it for any permanent or fixed capital purpose, but only to carry temporarily an inventory of
mortgage loans pending their "packaging" for sale
to permanent investors that are usually recurrent
customers.
In view of the foregoing considerations the
Board concluded that notes issued to finance such
temporary "warehousing" of real estate mortgage
loans are notes issued for an industrial or commercial purpose, that such mortgage loans do not
constitute "investment securities", as that term is
used in section 13, and that the temporary holding
of such mortgages in these circumstances is not a
3

50 CONG. REC. 5012 (1913) (remarks of Rep.

Thompson of Oklahoma); 50 CONG. REC. 4731-32
(1913) (remarks of Rep. Borland).

40

FEDERAL RESERVE BULLETIN • JANUARY 1970

permanent investment by the mortgage banking
company. Accordingly, the Board held that notes
having not more than 90 days to run which are
issued to finance the temporary holding of mortgage
loans are eligible for discount by Reserve Banks.
SECURITIES OF MEMBER STATE BANKS

Effective December 31, 1969, the Board of
Governors amended Regulation F, "Securities of
Member State Banks", principally to incorporate
the "net income" concept for reporting bank inincome. (The adoption of this concept was announced on July 18, 1969; 1969 BULLETIN page
679.)
Revisions of the rules governing proxy solicitations are included in the amendments. In the main,
such and other revisions clarify the applicability
of various provisions of the regulation and incorporate administrative practices adopted during
the five years since Regulation F was first adopted,
generally without imposing any additional requirements.
The text of the amended and revised portions of
the Regulation is as follows:
AMENDMENTS TO REGULATION F
Effective December 31, 1969, portions of Regulation F are amended to read as follows:
SECTION 206.2—DEFINITIONS
*
*
*
*
*
(z) The term "significant subsidiary" means
a subsidiary meeting either of the following conditions:
(1) The investments in the subsidiary by its
parent plus the parent's proportion of the investments in such subsidiary by the parent's other subsidiaries, if any, exceed 5 per cent of the equity
capital accounts of the bank. "Investments" refers
to the amount carried on the books of the parent
and other subsidiaries or the amount equivalent to
the parent's proportionate share in the equity capital accounts of the subsidiary, whichever is greater.
*
*
*
*
*
SECTION 206.3—INSPECTION AND
PUBLICATION OF INFORMATION
FILED UNDER THE ACT
(b) Inspection. Except as provided in paragraph (c) of this section, all information filed
regarding a security registered with the Board will
be available for inspection at the Federal Deposit




Insurance Corporation, 550 17th Street NW.,
Washington, D.C. In addition, copies of the registration statement and reports required by § 206.4
(exclusive of exhibits), the statements required by
§ 206.5(a), and the annual reports to security
holders required by § 206.5(c), will be available
for inspection at the New York, Chicago, and
San Francisco Federal Reserve Banks and at the
Reserve Bank of the district in which the bank
filing the statements or reports is located.
*
*
*
*
*
SECTION 206.4—REGISTRATION
STATEMENTS AND REPORTS
*
*
*
*
*
(e) Requirement of annual reports. Every registrant bank shall file an annual report for each
fiscal year after the last full fiscal year for which
financial statements were filed with the registration
statement. The report, which shall conform to the
requirements of Form F-2, shall be filed within 90
days after the close of the fiscal year or within 30
days of the mailing of the bank's annual report to
stockholders, whichever occurs first.
*
*
*
*
*
(h) Quarterly reports. Every registrant bank
shall file a quarterly report in conformity with the
requirements of Form F-4 for each fiscal quarter
ending after the close of the latest fiscal year for
which financial statements were filed in a registration statement, except that no report need be filed
for the fiscal quarter which coincides with the end
of the fiscal year of the bank. Such reports shall
be filed not later than 30 days after the end of such
quarterly period, except that the report for any
period ending prior to the date on which a class
of securities of the bank first becomes effectively
registered may be filed not later than 30 days after
the effective date of such registration.
*
*
*
*
*
(q) Number of copies; signatures; binding. (1)
Except where otherwise provided in a particular
form, eight copies of each registration statement
and report (including financial statements) and
four copies of each exhibit and each other document filed as a part thereof, shall be filed with the
Board. At least one complete copy of each statement shall be filed with each exchange, if any, on
which the securities covered thereby are being registered. At least one copy of each report shall be
filed with each exchange, if any, on which the bank
has securities registered.

LAW DEPARTMENT

SECTION 206.5—PROXIES, PROXY
STATEMENTS, AND STATEMENTS
WHERE MANAGEMENT DOES
NOT SOLICIT PROXIES
(a) Requirement of statement. No solicitation
of a proxy with respect to a security of a bank
registered pursuant to section 12 of the Act shall
be made unless each person solicited is concurrently furnished or has previously been furnished
with a written proxy statement containing the information required by Form F-5. If the management of any bank having such a security outstanding fails to solicit proxies from the holders of
any such security in such a manner as to require
the furnishing of such proxy statement, such bank
shall transmit to all holders of record of such
security a statement containing the information
required by Form F-5. The "information statement" required by the preceding sentence shall be
transmitted (i) at least 20 calendar days prior to
any annual or other meeting of the holders of
such security at which such holders are entitled to
vote, or (ii) in the case of corporate action taken
with the written authorization or consent of security holders, at least 20 days prior to the earliest
date on which the corporate action may be taken.
A proxy statement or an information statement
required by this paragraph-is hereinafter sometimes referred to as a "Statement".
(c) Annual report to security holders to accompany statements. (1) Any statement furnished on
behalf of the management of the bank that relates
to an annual meeting of security holders at which
directors are to be elected shall be accompanied or
preceded by an annual report to such security
holders containing such financial statements for
the last 2 fiscal years as will, in the opinion of the
management, adequately reflect the financial position of the bank at the end of each such year and
the results of its operations for each such year.
The financial statements included in the annual
report may omit details or summarize information
if such statements, considered as a whole in the
light of other information contained in the report
and in the light of the financial statements of the
bank filed or to be filed with the Board, will not
by such procedure omit any material information
necessary to a fair presentation or to make the
financial statements not misleading under the
circumstances. Subject to the foregoing requirements with respect to financial statements, the
annual report to security holders may be in any




41
form deemed suitable by the management. This
paragraph (c) shall not apply, however, to solicitations made on behalf of management before the
financial statements are available if solicitation is
being made at the time in opposition to the management and if the management's Statement includes an undertaking in bold-faced type to furnish
such annual report to all persons being solicited at
least 20 days before the date of the meeting.
NOTES: 1. To reflect adequately the financial position and results of operations of a bank in its annual
report to security holders, the financial presentation
shall include, but not necessarily be limited to, the following:
(a) Comparative statements of condition at the end
of each of the last 2 fiscal years.
(b) Comparative statements of income in a form
providing for the determination of "net income" for
each fiscal year and per share earnings data.
(c) Comparative statements of changes in capital
accounts for each fiscal year similar in form to Form
F-9C.
(d) A comparative reconciliation of the "Allowance for Possible Loan Losses" account similar in form
to schedule VII, Form F-9D.
(e) Supplemental notes to financial statements to
the extent necessary to furnish a fair financial presentation.
2. The financial statements should be prepared on
a consolidated basis to the extent required by
§ 206.7 (d). Any differences from the principles of
consolidation or other accounting principles or practices, or methods of applying accounting principles or
practices, applicable to the financial statements of the
bank filed or to be filed with the Board, which have
a material effect on the financial position or results of
operations of the bank, shall be noted and the effect
thereof reconciled or explained in the annual report to
security holders.
3. When financial statements included in the annual
report (Form F-2) filed, or proposed to be filed, with
the Board are accompanied by an opinion of an independent public accountant, the financial statements in
the annual report to security holders should also be
accompanied by an opinion of such independent public
accountant.
4. The requirement for sending an annual report to
each person being solicited will be satisfied with respect
to persons having the same address by sending at least
one report to a holder of record at that address provided
(i) that management has reasonable cause to believe
that the record holder to whom the report is sent is the
"beneficial owner" (see definition in § 206.2 (ff)) of securities registered in the name of such person in other
capacities or in the name of other persons at such address, or (ii) the security holders at such address consent thereto in writing. Nothing herein shall be deemed
to relieve any person so consenting of any obligation to
obtain or send such annual report to any other person.
(2) Eight copies of each annual report sent to
security holders pursuant to this paragraph (c) shall

42

FEDERAL RESERVE BULLETIN • JANUARY 1970

be sent to the Board not later than (i) the date
on which such report is first sent or given to
security holders or (ii) the date on which preliminary copies of the management statement are
filed with the Board pursuant to paragraph (f),
whichever date is later. Such annual report is not
deemed to be "soliciting material" or to be "filed"
with the Board or otherwise subject to this § 206.5
or the liabilities of section 18 of the Act, except to
the extent that the bank specifically requests that it
be treated as a part of the proxy soliciting material or incorporates it in the proxy statement by
reference.
(d) Requirements as to proxy. (1) The form of
proxy (i) shall indicate in bold-face type whether
or not the proxy is solicited on behalf of the management of the bank, (ii) shall provide a specifically
designated blank space for dating the proxy, and
(iii) shall identify clearly and impartially each
matter or group of related matters that management intended to be acted upon, whether proposed
by the management or by security holders. No
reference need be made, however, to proposals as
to which discretionary authority is conferred pursuant to subparagraph (4) of this paragraph.

(3) A form of proxy which provides both for
the election of directors and for action on other
specified matters shall be prepared so as clearly
to provide, by a box or otherwise, means by which
the security holder may withhold authority to vote
for the election of directors. Any such form of
proxy which is executed by the security holder in
such manner as not to withhold authority to vote
for the election of directors shall be deemed to
grant such authority, provided the form of proxy
so states in bold-face type. This paragraph (3) does
not apply (i) in the case of a merger, consolidation or other plan if the election of directors is an
integral part of the plan and is not to be separately
voted upon or (ii) if the only matters to be acted
upon are the election of directors and the election,
selection, or approval of other persons such as
clerks or auditors.
(4) A proxy may confer discretionary authority
to vote with respect to any of the following matters:
(i) Matters that the persons making the solicitation do not know, within a reasonable time before
the solicitation, are to be presented at the meeting,
if a specific statement to that effect is made in
the proxy statement or form of proxy;
(ii) Approval of the minutes of the prior meet-




ing if such approval does not amount to ratification
of the action taken at that meeting;
(iii) The election of any person to any office
for which a bona fide nominee is named in the
proxy statement and such nominee is unable to
serve or for good cause refuses to serve;
(iv) Any proposal omitted from the proxy
statement and form of proxy pursuant to §
206.5 (k);
(v) Matters incident to the conduct of the meeting.
(5) No proxy shall confer authority (i) to vote
for the election of any person to any office for
which a bona fide nominee is not named in the
proxy statement, or (ii) to vote at any annual
meeting other than the next annual meeting (or
any adjournment thereof) to be held after the date
on which the proxy statement and form of proxy
are first sent or given to security holders. A person
shall not be deemed to be a bona fide nominee and
he shall not be named as such unless he has consented to being named in the proxy statement and
to serve if elected.
(6) The proxy statement or form of proxy shall
provide, subject to reasonable specified conditions,
that the shares represented by the proxy will be
voted and that where the person solicited specifies
by means of a ballot provided pursuant to subparagraph (2) of this paragraph, a choice with
respect to any matters to be acted upon, the shares
will be voted in accordance with the specifications
so made.

(f) Material required to be filed. (1) Three preliminary copies of each statement, form of proxy,
and other items of soliciting material to be furnished to security holders concurrently therewith,
shall be filed with the Board by management or any
other person making a solicitation subject to this
§ 206.5 at least 10 calendar days (or 15 calendar
days in-the case of other than routine meetings,
as defined below) prior to the date such item is
first sent or given to any security holders, or such
shorter period prior to that date as may be authorized. For the purposes of this subparagraph
(1), a routine meeting means a meeting with respect to which no one is soliciting proxies subject
to this § 206.5 other than on behalf of management and at which management intends to present
no matters other than the election of directors, election of inspectors of election, and other recurring
matters. In the absence of actual knowledge to the
contrary, management may assume that no other

LAW DEPARTMENT

such solicitation of the bank's security holders is
being made. In cases of annual meetings, one additional preliminary copy of the Statement, the form
of proxy, and any other soliciting material, marked
to show changes from the material sent or given
to security holders with respect to the preceding
annual meeting, shall be filed with the Board.
(2) Three preliminary copies of any additional
soliciting material, relating to the same meeting
or subject matter, furnished to security holders subsequent to the proxy statement shall be filed with
the Board at least 2 days (exclusive of Saturdays,
Sundays, and holidays) prior to the date copies of
such material are first sent or given to security
holders, or such shorter period prior to such date as
may be authorized upon a showing of good cause
therefor.
(3) Eight copies of each Statement, form of proxy,
and other items of soliciting material, in the form
in which such material is furnished to security
holders, shall be filed with, or mailed for filing to,
the Board not later than the date such material is
first sent or given to any security holders. Three
copies of such material shall at the same time be
filed with, or mailed for filing to, each exchange
upon which any security of the bank is listed.
(4) If the solicitation is to be made in whole or
in part by personal solicitation, three copies of all
written instructions or other material that discusses
or reviews, or comments upon the merits of, any
matter to be acted upon, and is furnished to the individuals making the actual solicitation for their
use directly or indirectly in connection with the
solicitation, shall be filed with the Board by the
person on whose behalf the solicitation is made at
least 5 days prior to the date copies of such material are first sent or given to such individuals, or
such shorter period prior to that date as may be
authorized upon a showing of good cause therefor.

(9) The date that proxy material is "filed" with
the Board for purposes of subparagraphs (1), (2),
and (4) of this paragraph is the date of receipt of
the material by the Board, not the date of mailing
to the Board. In computing the advance filing period
for preliminary copies of proxy soliciting material referred to in such subparagraphs, the filing
date of the preliminary material is to be counted
as the first day of the period and definitive material
should not be planned to be mailed or distributed
to security holders until after the expiration of
such period. Where additional time is required for
final printing after receipt of comments, the pre-




43
liminary proxy material should be filed as early as
possible prior to the intended mailing date.
(10) Where preliminary copies of material are
filed with the Board pursuant to this subsection,
the printing of definitive copies for distribution to
security holders should be deferred until the comments of the Board's staff have been received and
considered.
(h) False or misleading statements. (1) No
solicitation or communication subject to this section
shall be made by means of any Statement, form of
proxy, notice of meeting, or other communication,
written or oral, containing any statement that, at
the time and in the light of the circumstances under
which it is made, is false or misleading with respect
to any material fact, or that omits to state any
material fact necessary in order to make the statements therein not false or misleading or necessary
to correct any statement in any earlier communication with respect to the solicitation of a proxy for
the same meeting or subject matter that has become false or misleading. Depending upon particular circumstances, the following may be misleading within the meaning of this paragraph: predictions as to specific future market values, earnings,
or dividends; material that directly or indirectly impugns character, integrity, or personal reputation,
or directly or indirectly makes charges concerning
improper, illegal, or immoral conduct or associations, without factual foundation; failure so to
identify a statement, form of proxy, and other
soliciting material as clearly to distinguish it from
the soliciting material of any other person or persons soliciting for the same meeting or subject
matter; claims made prior to a meeting regarding
the results of a solicitation.
(2) The fact that a proxy statement, form of
proxy, or other soliciting material has been filed with
or reviewed by the Board or its staff shall not be
deemed a finding by the Board that such material
is accurate or complete or not false or misleading,
or that the Board has passed upon the merits of
or approved any statement therein or any matter
to be acted upon by security holders. No representation contrary to the foregoing shall be made.

(o) Solicitation prior to furnishing required
proxy statement. (1) Notwithstanding the provisions of § 206.5(a), a solicitation (other than one
subject to § 206.5 (i)) may be made prior to furnishing security holders a written proxy statement

44

FEDERAL RESERVE BULLETIN a JANUARY 1970

containing the information specified in Form F-5
with respect to such solicitation if:
(1) The solicitation is made in opposition to
a prior solicitation or an invitation for tenders or
other publicized activity, which if successful,
could reasonably have the effect of defeating the
action proposed to be taken at the meeting;
(ii) No form of proxy is furnished to security
holders prior to the time the written proxy statement required by § 206.5(a) is furnished to sesecurity holders: Provided, however, That this subparagraph (ii) shall not apply where a proxy
statement then meeting the requirements of Form
F-5 has been furnished to security holders by or
on behalf of the person making the solicitation;
(iii) The identity of the person or persons by
or on whose behalf the solicitation is made and a
description of their interests direct or indirect,
by security holdings or otherwise, are set forth in
each communication sent or given to security
holders in connection with the solicitation, and
(iv) A written proxy statement meeting the requirements of this section is sent or given to security holders at the earliest practicable date.
(2) Three copies of any soliciting material
proposed to be sent or given to security holders
prior to the furnishing of the written proxy statement required by § 206.5 (a) shall be filed with




the Board in preliminary form at least 5 business
days prior to the date definitive copies of such
material are first sent or given to security holders,
or such shorter period as may be authorized.
*
*
*
*
*
SECTION 206.7—FORM AND CONTENT
OF FINANCIAL STATEMENTS
*
*
*
*
*
(c) Provisions of general application. * * *
(9) General notes to balance sheets. If present with respect to the person for which the
statement is filed, the following shall be set forth
in the balance sheet or in referenced notes thereto:
*
*
*
*
*
(10) General notes to statements of income.
If present with respect to the person for which the
statement is filed, the following shall be set forth
in the statement of income or in referenced notes
thereto:
*
*
*
*
*
(f) Schedules to be filed. * * *
(2) The following schedule shall be filed with
each statement of income filed pursuant to this
part: Schedule VII—Allowance for Possible Loan
Losses.
*
*
*
*
*

45

LAW DEPARTMENT
(Revised Dec. 31, 1969)

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FORM F-2
ANNUAL REPORT
Pursuant to Section 13 of the Securities Exchange Act of 1934
For the fiscal year ended
(Exact name of bank as specified in charter)
(Address of principal office)
GENERAL INSTRUCTIONS
A. Preparation of report. This form is not
to be used as a blank form to be filled in but
only as a guide in the preparation of an annual
report. The report shall contain the numbers
and captions of all items required to be answered, but the text of such items may be
omitted if the answers with respect thereto are
prepared in the manner specified in section
206.4(s) of this Part. Particular attention should
be given to the definitions in section 206.2 and
the general requirements in section 206.4 of this
Part. Except as otherwise stated, the information required shall be given as of the end of the
bank's fiscal year, or as of the latest practicable
date subsequent thereto.
B. Reports by banks filing proxy statements
and statements where management does not
solicit proxies. Items 4 through 6 shall not
be restated or answered by any bank that, since
the close of its fiscal year, has filed with the
Board, with respect to an election of directors,
a proxy statement or statement where management does not solicit proxies pursuant to section
206.5(a) of this Part. The incorporation of
such Statement by reference in answer to such
items is not required. Any financial statements
contained in such Statement or in an annual
report to security holders furnished to the Board
pursuant to section 206.5(c) of this Part may be
incorporated by reference if such financial statements substantially meet the requirements of
this form.




C. Reports by banks not filing proxy statements or statements where management does
not solicit proxies. Information contained in
an annual report to security holders furnished
to the Board pursuant to Instruction D below,
by any bank not subject to Instruction B, may
be incorporated by reference in answer or partial answer to any item of this form. In addition, any financial statements contained in any
such annual report may be incorporated by
reference if such financial statements substantially meet the requirements of this form.
D. Annual reports to stockholders. Every
bank that files an annual report on this form
shall furnish to the Board for its information
eight copies of any annual report to security
holders covering such registrant bank's latest
fiscal year, unless copies thereof are furnished
to the Board pursuant to section 206.5 of this
Part. Such report shall be mailed to the Board
not later than the date on which it is first sent
or given to security holders, but shall not be
deemed to be "filed" with the Board or otherwise subject to the liabilities of section 18 of
the Act, except to the extent that the bank specifically requests that it be treated as a part of
its annual report on this form or incorporates
it herein by reference. If no annual report is
submitted to security holders for the bank's
latest fiscal year, the Board shall be so advised.
INFORMATION REQUIRED IN REPORT
Item 1. Securities registered. As to each class

46

FEDERAL RESERVE BULLETIN • JANUARY 1970

of securities of the bank that is registered pursuant to section 12 of the Act, state the title of
such class, the name of the exchange, if any, on
which registered, and the number of holders of
record of such class.
Item 2. Parents and subsidiaries of the bank.
Furnish a list or diagram showing the relationship of the bank to all parents and subsidiaries,
and as to each person named indicate the percentage of voting securities owned, or other
basis of control, by its immediate parent.
Instructions. 1. This item need not be answered if
there has been no change in the list or diagram as
last previously reported.
2. The list or diagram shall include the bank and
shall be so prepared as to show clearly the relationship of each person named to the bank and to the
other persons named. If any person is controlled by
means of the direct ownership of its securities by
two or more persons, so indicate by appropriate cross
reference.
3. Designate by appropriate symbols (a) subsidiaries for which separate financial statements are filed;
(b) subsidiaries included in the respective consolidated
financial statements; and (c) other subsidiaries, indicating briefly why statements of such subsidiaries are
not filed.
4. Indicate the name of the country in which each
foreign subsidiary was organized.
5. The names of particular subsidiaries may be
omitted if the unnamed subsidiaries, considered in the
aggregate as a single subsidiary, would not constitute
a significant subsidiary.
6. A person, approximately 50 per cent of whose
voting securities are owned, directly or indirectly, by
the bank, and approximately 50 per cent of whose
voting securities are owned, directly or indirectly, by
another person, shall be considered a subsidiary for
the purpose of this item.

approximate amount of such securities owned
of record but not owned beneficially, the approximate amount owned beneficially and the
percentage of outstanding voting securities represented by the amount so owned in each such
manner.
Instruction. To the extent that the information required by this item is given in answer to Item 2, a
reference to such item will suffice.

Item 5. Directors of bank. Furnish the following information, in tabular form to the
extent practicable, with respect to each director
of the bank:
(a) Name each such director, state the date
on which his present term of office will expire
and list all other positions and offices with the
bank presently held by him.
(b) State his present principal occupation or
employment and give the name and principal
business of any corporation or other organization in which such employment is carried on. If
not previously reported, furnish similar information as to all of his principal occupations or
employments during the last five years.
(c) State, as of the most recent practicable
date, the approximate amount of each class of
equity securities of the bank, or any of its
parents or subsidiaries, "beneficially owned"
(as defined in section 2O6.2(ff)) directly or indirectly by him. If he is not the beneficial owner
of any such securities, make a statement to that
effect.

Item 3. Changes hi business. Describe briefly
any material changes during the fiscal year,
not previously reported, in the business of the
bank and its subsidiaries.

Item 6. Remuneration of director and officers
and related matters. Set forth the same information as to remuneration of officers and directors and their transactions with management
and others as is required to be furnished by
Item 7 of Form F-5.

Item 4. Principal holders of voting securities.
If, to the knowledge of the bank, any person
individually, or together with his associates,
owns of record or beneficially more than 10
per cent of the outstanding voting securities of
the bank, name each such person, state the

Item 7. Financial statements and exhibits.
List below all financial statements and exhibits
filed as a part of the annual report:
(a) Financial statements.
(b) Exhibits.




LAW DEPARTMENT

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the bank has duly
caused this annual report to be signed on its
behalf by the undersigned, thereunto duly authorized.
(Name of bank)
Date

By
(Name and title of signing officer)

INSTRUCTIONS AS TO FINANCIAL
STATEMENTS
These instructions specify the balance sheets
and statements of income required to be filed
as a part of annual reports on this form. Section 206.7 of this Part governs the verification,
form, and content of the balance sheets and
statements of income required, including the
basis of consolidation, and prescribes the statement of changes in capital accounts and the
schedules to be filed in support thereof.
1. Financial statements of the bank, (a)
There shall be filed for the bank, in comparative columnar form, verified balance sheets as
of the close of the last two fiscal years and
verified statements of income for such fiscal
years.
(b) Notwithstanding paragraph (a), the individual financial statements of the bank may be
omitted if consolidated statements of the bank
and one or more of its subsidiaries are filed.
2. Consolidated statements. There shall be
filed for the bank and its majority-owned (i)
bank premises subsidiaries, (ii) subsidiaries operating under the provisions of section 25 or
section 25(a) of the Federal Reserve Act
("Agreement Corporations" and "Edge Act
Corporations"), and (iii) significant subsidiaries, in comparative columnar form, verified




47
consolidated balance sheets as of the close of
the last two fiscal years of the bank and verified consolidated statements of income for such
fiscal years.
3. Separate statements of unconsolidated
subsidiaries and other persons. There shall be
filed such other verified financial statements
with respect to unconsolidated subsidiaries and
other persons as are material to a proper
understanding of the financial position and results of operations of the total enterprise.
4. Filing of other statements in certain
cases. The Board may, upon the request of
the bank and where consistent with the protection of investors, permit the omission of
one or more of the statements herein required
or the filing in substitution therefor of appropriate statements of comparable character.
The Board may also require the filing of other
statements in addition to, or in substitution for,
the statements herein required in any case
where such statements are necessary or appropriate for an adequate presentation of the
financial condition of any person whose financial statements are required, or whose statements are otherwise necessary for the protection of investors.
INSTRUCTIONS AS TO EXHIBITS
Subject to provisions regarding incorporation by reference, the following exhibits shall
be filed as part of the report:
1. Copies of all amendments or modifications, not previously filed, to all exhibits previously filed (or copies of such exhibits as
amended or modified).
2. Copies of all documents of the character
required to be filed as an exhibit to an original
form for registration of securities of a bank
which have been executed or otherwise put into
effect during the fiscal year and not previously
filed.

FEDERAL RESERVE BULLETIN a JANUARY 1970

48
(Revised Dec. 31, 1969)

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FORM F-4
QUARTERLY REPORT
OF
(Name of bank)
(City and State)
Fiscal year to date
(— months ending

3 months
ending

Item

19
(current year)

19
(prior year)

19
(current year)

)

19
(prior year)

1. Operating income:
(a) Interest and fees on loans
(b) Interest and dividends on securities
(c) Other operating income
(d) Total operating income
2. Operating expenses:
(a) Salaries and other compensation
(b) Interest expense
(c) Other operating expenses
(d) Total operating expenses
3. Income before income taxes and
securities gains (losses)
4. Applicable income taxes
5. Income before securities gains (losses)
6. Net security gains (losses),
less related tax effect
7. Net income
Pursuant to the requirements of the Securities Exchange Act of 1934, the bank has duly caused this quarterly
report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Name of bank)
Date
(a) Use of Form F-4. Form F-4 is a guide for use
in preparation of the quarterly report to be filed with
the Board.
(b) Persons for whom the information is to be
given. The required information is to be given as to
the registrant bank or, if the bank files consolidated
financial statements with the annual reports filed with
the Board, it shall cover the bank and its consolidated
subsidiaries. If the information is given as to the bank
and its consolidated subsidiaries, it need not be given
separately for the bank.
(c) Presentation of information. The form calls
only for the items of information specified. It is not
necessary to furnish a formal statement of income.
The information is not required to be verified (see
section 206.7(b) of this Part). The report may carry a
notation to that effect and any other qualification con-




By

(Name and title of signing officer)
sidered necessary or appropriate. Amounts may be
stated in thousands of dollars if a notation to that
effect is made.
(d) Incorporation by reference to published statements. If the bank makes available to its stockholders
or otherwise publishes, within the period prescribed
for filing the report, a financial statement containing
the information required by this form, such information may be incorporated by reference to such published statement if copies thereof are filed as an exhibit to this report.
(e) Extraordinary items. If present with respect to
any interim period reported herein, extraordinary
items less applicable income tax effect shall be appropriately segregated and included in the determination of net income. (See Form F-9B, Statement of
Income.)

49

LAW DEPARTMENT
(Revised Dec. 31, 1969)

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FORM F-5
PROXY STATEMENT; STATEMENT WHERE MANAGEMENT DOES
NOT SOLICIT PROXIES
GENERAL INSTRUCTIONS
Each Statement required under section
206.5(a) of this Part shall, to the extent applicable, include the information called for under
each of the items below. In the preparation of
the Statement, particular attention should be
given to the definitions in section 206.2 of this
Part.
This form is not to be used as a blank form
to be filled in nor is it intended to prescribe a
form for presentation of material in the Statement. Its purpose is solely to prescribe the information required to be set forth in the Statement; any additional information that management or the soliciting persons deem appropriate
may be included.
INFORMATION REQUIRED IN
STATEMENT
Item 1. Revocabilify of proxy. State whether
the person giving the proxy has the power to
revoke it. If the right of revocation before the
proxy is exercised is limited or is subject to
compliance with any formal procedure, briefly
describe such limitation or procedure.
Item 2. Dissenters' rights of appraisal. Outline briefly the rights of appraisal or similar
rights of dissenters with respect to any matter
to be acted upon and indicate any statutory
procedure required to be followed by dissenting
security holders in order to perfect such rights.
Where such rights may be exercised only within
a limited time after the date of the adoption of
a proposal, the filing of a charter amendment
or other similar act, state whether the person
solicited will be notified of such date.
Instruction. Indicate whether a security holder's
failure to vote against a proposal will constitute a




waiver of his appraisal or similar rights and whether
a vote against a proposal will be deemed to satisfy
any notice requirements under State law with respect
to appraisal rights. If the State law is unclear, state
what position will be taken in regard to those matters.

Item 3. Persons making the solicitation, (a)
Solicitations not subject to section 206.5(i).
(1) If the solicitation is made by the management of the bank, so state. Give the name
of any director of the bank who has informed
the management in writing that he intends to
oppose any action intended to be taken by the
management and indicate the action which he
intends to oppose.
(2) If the solicitation is made otherwise
than by the management of the bank, so state
and give the names of the persons by whom
and the persons on whose behalf it is made.
(3) If the solicitation is to be made otherwise than by the use of the mails, describe the
methods to be employed. If the solicitation is
to be made by specially engaged employees or
paid solicitors, state (i) the material features of
any contract or arrangement for such solicitation and identify the parties, and (ii) the cost
or anticipated cost thereof.
(4) State the names of the persons by
whom the cost of solicitation has been or will
be borne, directly or indirectly.
(b) Solicitations subject to section 206.5 (i).
(1) State by whom the solicitation is
made and describe the methods employed and
to be employed.
(2) If regular employees of the bank or
any other participants in a solicitation have
been or are to be employed to solicit security
holders, describe the class or classes of employees to be so employed, and the manner and
nature of their employment for such purpose.

50

FEDERAL RESERVE BULLETIN a JANUARY 1970

(3) If specially engaged employees, representatives, or other persons have been or are to
be employed to solicit security holders, state
(i) the material features of any contract or
arrangement for such solicitation and identify
the parties, (ii) the cost or anticipated cost
thereof, and (iii) the approximate number of
such employees or employees of any other person (naming such other person) who will
solicit security holders.
(4) State the total amount estimated to
be spent and the total expenditures to date for,
in furtherance of, or in connection with, the
solicitation of security holders.
(5) State by whom the cost of the solicitation will be borne. If such cost is to be borne
initially by any person other than the bank,
state whether reimbursement will be sought
from the bank, and, if so, whether the question of such reimbursement will be submitted
to a vote of security holders.
Instruction. With respect to solicitations subject to
section 206.5(i), costs and expenditures within the
meaning of this Item 3 shall include fees for attorneys,
accountants, public relations or financial advisers,
solicitors, advertising, printing, transportation, litigation, and other costs incidental to the solicitation,
except that the bank may exclude the amounts of such
costs represented by the amount normally expended
for a solicitation for an election of directors in the
absence of a contest, and costs represented by salaries
and wages of regular employees and officers, provided a statement to that effect is included in the
proxy statement.
Item 4. Interest of certain persons in matters

to be acted upon, (a) Solicitations not subject
to section 206.5 (i). Describe briefly any substantial interest, direct or indirect, by security
holdings or otherwise, of each of the following
persons in any matter to be acted upon, other
than elections to office:
(1) If the solicitation is made on behalf
of management, each person who has been a
director or officer of the bank at any time since
the beginning of the last fiscal year.
(2) If the solicitation is made otherwise
than on behalf of management, each person on
whose behalf the solicitation is made. Any per-




son who would be a participant in a solicitation
for purposes of section 206.5(i), as defined in
subparagraph 2(i) (c), (d), (e), and (/)
thereof, shall be deemed a person on whose
behalf the solicitation is made for purposes of
this paragraph (a).
(3) Each nominee for election as a director of the bank.
(4) Each associate of the foregoing persons.
Instruction. Except in the case of a solicitation subject to section 206.5 of this Part made in opposition
to another solicitation subject to section 206.5 of this
Part, this sub-item (a) shall not apply to any interest
arising from the ownership of securities of the bank
where the security holder receives no extra or special
benefit not shared on a pro rata basis by all other
holders of the same class.

(b) Solicitations subject to section 206.5 (i).
(1) Describe briefly any substantial interest, direct or indirect, by security holdings or
otherwise, of each participant, as defined in
section 206.5 (i) (2) (i) (b), (c), (d), and
(e), in any matter to be acted upon at the
meeting, and include with respect to each participant the information, or a fair and adequate
summary thereof, required by Items 2(a),
2(d), 3, 4(b), and 4(c) of Form F-6.
(2) With respect to any person named in
answer to Item 6(b), describe any substantial
interest, direct or indirect, by security holdings
or otherwise, that he has in any matter to be
acted upon at the meeting, and furnish the information called for by Item 4(b) and (c) of
Form F-6.
Item 5. Voting securities and principal hold-

ers thereof, (a) State, as to each class of voting
securities of the bank entitled to be voted at the
meeting, the number of shares outstanding and
the number of votes to which each class is
entitled.
(b) Give the date as of which the record of
security holders entitled to vote at the meeting
will be determined. If the right to vote is not
limited to security holders of record on that
date, indicate the conditions under which other
security holders may be entitled to vote.

LAW DEPARTMENT

(c) If action is to be taken with respect to
the election of directors and if the persons
solicited have cumulative voting rights, make a
statement that they have such rights and state
briefly the conditions precedent to the exercise
thereof.
(d) If to the knowledge of the persons on
whose behalf the solicitation is made, any person, individually, or together with his associates, owns of record or beneficially more than
10 per cent of the oustanding voting securities
of the bank, name such person or persons,
state the approximate amount of such securities
owned of record but not owned beneficially,
and the approximate amount owned beneficially, and the percentage of outstanding voting
securities represented by the amount of securities so owned in each such manner.
(e) If to the knowledge of the persons on
whose behalf the solicitation is made, a change
in control of the bank has occurred since
the beginning of its last fiscal year, state
the name of the person or persons who acquired such control, the basis of such control,
the date and a description of the transaction
or transactions in which control was acquired
and the percentage of voting securities of the
bank now owned by such person or persons.
(f) Describe any contractual arrangements,
including any pledge of securities of the bank
or any of its parents, known to the persons on
whose behalf the solicitation is made, the operation of the terms of which may at a subsequent date result in a change in control of
the bank.
Instruction. Paragraph (f) does not require a description of ordinary default provisions contained in
the charter, trust indentures or other governing instruments relating to securities of the bank.

Item 6. Nominees and directors, (a) If action
is to be taken with respect to the election of directors, furnish the following information, in
tabular form to the extent practicable, with
respect to each person nominated for election
as a director and each other person whose term
of office as a director will continue after the
meeting:




51
(1) Name each such person, state when
his term of office or the term of office for which
he is a nominee will expire, and all other positions and offices with the bank presently held
by him, and indicate which persons are nominees for election as directors at that meeting.
(2) State his present principal occupation
or employment and give the name and principal business of any corporation or other
organization in which such employment is
carried on. Furnish similar information as to
all of his principal occupations or employments
during the last five years, unless he is now a
director and was elected to his present term
of office by a vote of security holders at a
meeting with respect to which a proxy statement or statement where management does not
solicit proxies was submitted to security holders pursuant to section 206.5(a) of this Part.
(3) If he is or has previously been a
director of the bank state the period or periods
during which he has served as such.
(4) State, as of the most recent practicable date, the approximate amount of each class
of equity securities of the bank, or any of its
parents or subsidiaries, "beneficially owned"
(as denned in section 206.2(ff)) directly or indirectly by him. If he disclaims beneficial
ownership of any such securities, make a statement to that effect.
(b) If any nominee for election as a director
is proposed to be elected pursuant to any arrangement or understanding between the nominee and any other person or persons, except
the directors and officers of the bank acting
solely in that capacity, name such other person
or persons and describe briefly such arrangement or understanding.
(c) If fewer nominees are named than the
number fixed by or pursuant to the governing
instruments, state (1) the reasons for this procedure, and (2) that the proxies cannot be
voted for a greater number of persons than
the number of nominees named.

FEDERAL RESERVE BULLETIN a JANUARY 1970

52

Item 7. Remuneration and other transactions
with management and others. Furnish the information called for by this item if action is to
be taken with respect to (i) the election of
directors, (ii) any bonus, profit sharing or
other remuneration plan, contract or arrangement in which any director, nominee for election as a director, or officer of the bank will
participate, (iii) any pension or retirement
plan in which any such person will participate,
or (iv) the granting or extension to any such
person of any options, warrants, or rights to
purchase any securities, other than warrants or
rights issued to security holders, as such, on a
pro rata basis. However, if the solicitation is
made on behalf of persons other than the management, the information required need be
furnished only as to nominees for election as
directors and as to their associates.
(a) Furnish the following information in
substantially the tabular form indicated below
as to all direct remuneration paid by the bank
and its subsidiaries during the bank's latest
fiscal year to the following persons for services
in all capacities:
(1) Each director of the bank whose
aggregate direct remuneration exceeded $30,000, and each of the two highest paid officers
of the bank whose aggregate direct remuneration exceeded that amount, naming each such
director and officer.
(2) All directors and officers of the bank
as a group, without naming them, but stating
the number of persons included.
(A)
Name of
individual
or number
of persons
in group

(B)
Capacities
in which
remuneration
was received

(C)
Aggregate
direct
remuneration

Instructions. 1. This item applies to any person who
was a director or officer of the bank at any time dur-




ing the period specified. However, information need
not be given for any portion of the period during
which such person was not a director or officer.
2. The information is to be given on an accrual
basis, if practicable. The tables required by this paragraph and paragraph (b) may be combined if the
bank so desires.
3. Do not include remuneration paid to a partnership in which any director or officer was a partner.
But see paragraph (f) below.

(b) Furnish the following information, in
substantially the tabular form indicated, as to
all pension or retirement benefits proposed to
be paid under any existing plan in the event of
retirement at normal retirement date, directly
or indirectly, by the bank or any of its subsidiaries to each director or officer named in
answer to paragraph (a) (1):
(A)
Name of
individual

(B)
Amount set
aside or accrued
during bank's
last fiscal year

(C)
Estimated
annual benefits
upon retirement

Instructions. 1. Column (B) need not be answered
with respect to payments computed on an actuarial
basis under any plan which provides for fixed benefits
in the event of retirement at a specified age or after a
specified number of years of service.
2. The information called for by Column (C) may
be given in a table showing the annual benefits payable upon retirement to persons in specified salary
classifications.
3. In the case of any plan (other than those specified in Instruction 1) where the amount set aside each
year depends upon the amount of earnings of the bank
or its subsidiaries for such year or a prior year (or
where otherwise impracticable to state the estimated
annual benefits upon retirement) there shall be
set forth, in lieu of the information called for by
Column (C), the aggregate amount set aside or accrued to date, unless impracticable to do so, in
which case the method of computing such benefits
shall be stated. In addition, furnish a brief description
of the material terms of the plan, including the
method used in computing the bank's contribution,
and the amount set aside or accrued during the bank's
last fiscal year for all officers and directors as a
group, indicating the number of persons in such
group without naming them.

LAW DEPARTMENT

53

Instruction. Information need not be included as to
payments to be made for, or benefits to be received
from, group life or accident insurance, group hospitalization, or similar group payments or benefits. If it is
impractiable to state the amount of remuneration
payments proposed to be made, the aggregate amount
set aside or accrued to date in respect of such payments shall be stated, together with an explanation of
the basis for future payments.

Instructions. 1. The extension, regranting, or
material amendment of options shall be deemed the
granting of options within the meaning of this paragraph.
2. This item need not be answered with respect to
options granted, exercised, or outstanding, as may be
specified therein, where the total market value (i)
on the granting date of the securities called for by all
options granted during the period specified, (ii) on the
dates of purchase of all securities purchased through
the exercise of options during the period specified, or
(iii) as of the latest practicable date of the securities
called for by all options held at such time, does not
exceed $10,000 for any officer or director named in
answer to paragraph (a) (1), or $30,000 for all officers
and directors as a group.
3. The information for all directors and officers as
a group regarding market value of the securities on
the granting date of the options and on the purchase
date may be given in the form of price ranges for
each calendar quarter during which options were
granted or exercised.

(d) Furnish the following information as to
all options to purchase securities, from the
bank or any of its subsidiaries, which were
granted to or exercised by the following persons since the beginning of the bank's last fiscal year and as to all options held by such persons as of the latest practicable date: (i) each
director or officer named in answer to paragraph ( a ) ( l ) , naming each such person; and
(ii) all directors and officers of the bank as
a group, without naming them:
(1) As to options granted, state (i) the
title and amount of securities called for; (ii) the
prices, expiration dates,and other material provisions; and (iii) the market value of the securities called for on the granting date.
(2) As to options exercised, state (i) the
title and amount of securities purchased; (ii)
the aggregate purchase price; and (iii) the aggregate market value of the securities purchased on the date of purchase.
(3) As to all unexercised options held as of
the latest practicable date, regardless of when
such options were granted, state (i) the title
and aggregate amount of securities called for;
(ii) the range of option prices; and (iii) the
per share market prices of the securities subject to option, as of the latest practicable
date.

(e) If to the knowledge of management any
indebtedness to the bank has arisen since the
beginning of the bank's last fiscal year under
section 16(b) of the Securities Exchange Act
of 1934, as a result of transactions in the
bank's stock (or other equity securities) by
any director, officer, or security holder named
in answer to Item 5(d), which indebtedness
has not been discharged by payment, state the
amount of any profit realized and whether suit
will be brought or other steps taken to recover
such profit. If, in the opinion of counsel, a
question reasonably exists as to the recoverability of such profit, only facts necessary to
describe the transactions, including the prices
and number of shares involved, need be stated.
(f) Describe briefly, and where practicable
state the approximate amount of, any material
interest, direct or indirect, of any of the following persons in any material transactions since
the beginning of the bank's last fiscal year, or
in any material proposed transactions, to which
the bank or any of its subsidiaries was or is to
be a party:
(1) Any director or officer of the bank;
(2) Any nominee for election as a director;
(3) Any security holder named in answer
to Item 5 (d); or

(c) Describe briefly all remuneration payments (other than payments reported under
paragraph (a) or (b) of this item) proposed
to be made in the future, directly or indirectly,
by the bank or any of its subsidiaries pursuant
to any existing plan or arrangement to (i) each
director or officer named in answer to paragraph ( a ) ( l ) , naming each such person, and
(ii) all directors and officers of the bank as a
group, without naming them.




54

FEDERAL RESERVE BULLETIN n JANUARY 1970

(4) Any associate of any of the foregoing
persons.
Instructions. 1. See Instruction 1 to paragraph (a).
Include the name of each person whose interest in any
transaction is described and the nature of the relationship by reason of which such interest is required to be
described. Where it is not practicable to state the
approximate amount of the interest, the approximate
amount involved in the transaction shall be indicated.
2. As to any transaction involving the purchase or
sale of assets by or to the bank or any subsidiary,
otherwise than in the ordinary course of business,
state the cost of the assets to the purchaser and the
cost thereof to the seller if acquired by the seller
within two years prior to the transaction.
3. The instruction to Item 4 shall apply to this item.
4. No information need be given under this paragraph as to any remuneration or other transaction
reported in response to (a), (b), (c), (d), or (e) of
this item.
5. No information need be given under this paragraph as to any transaction or any interest therein
where:
(i) The rates of charges invloved in the transaction are fixed by law or determined by competitive bids;
(ii) The interest of the specified person in the
transaction is solely that of a director of another
corporation which is a party to the transaction;
(iii) The specified person is subject to this Item
7(f) solely as a director of the bank (or associate
of a director) and his interest in the transaction is
solely that of a director, officer of, and/or owner
of less than a 10 per cent interest'in, another person that is a party to the transaction.
(iv) The transaction consists of extensions of
credit by the bank in the ordinary course of its
business that (A) are made on substantially the
same terms, including interest rates and collateral,
as those prevailing at the time for comparable
transactions with other than specified persons, (B)
at no time exceed 10 per cent of the equity capital
accounts of the bank, or $10 million, whichever is
less, and (C) do not involve more than the normal
risk of collectibility or present other unfavorable
features. Notwithstanding the foregoing, if aggregate extensions of credit to the specified persons,
as a group, exceeded 20 per cent of the equity capital accounts of the bank at any time during the
preceding year, (1) the aggregate amount of such
extensions of credit shall be disclosed, and (2) a
statement shall be included, to the extent applicable, that the bank has had, and expects to have
in the future, banking transactions in the ordinary
course of its business with directors, officers, principal stockholders, and their associates, on the same
terms, including interest rates and collateral on
loans, as those prevailing at the same time for
comparable transactions with others. For the purpose of determining "aggregate extensions of credit"




in this instruction, transactions which are exempted
from disclosure pursuant to other instructions to
this Item 7(f) may be excluded,
(v) The transaction involves services as a bank
depositary of funds, transfer agent, registrar, trustee
under a trust indenture, or other similar services;
or
(vi) The interest of the specified person, including all periodic installments in the case of any lease
or other agreement providing for periodic installments, does not exceed $30,000.
6. Information shall be furnished under this paragraph with respect to transactions not excluded above
which involve remuneration, directly or indirectly, to
any of the specified persons for services in any capacity unless the interest of such persons arises solely
from the ownership, individually and in the aggregate,
of less than a 10 per cent interest in another person
furnishing the services to the bank or its subsidiaries.
Item 8. Selection of auditors. If action is
to be taken with respect to the selection or
approval of auditors, or if it is proposed that
particular auditors shall be recommended by
any committee to select auditors for whom
votes are to be cast, name the auditors and describe briefly any direct financial interest or
any material indirect financial interest in the
bank or any of its parents or subsidiaries, or
any connection during the past three years
with the bank or any of its parents or subsidiaries in the capacity of promoter, underwriter,
voting trustee, director, officer, or employee.
Item 9. Bonus, profit-sharing, and other remuneration plans. If action is to be taken with
respect to any bonus, profit-sharing, or other
remuneration plan, furnish the following information:
(a) Describe briefly the material features of
the plan, identify each class of persons who
will participate therein, indicate the approximate number of persons in each such class and
state the basis of such participation.
(b) State separately the amounts which
would have been distributable under the plan
during the last fiscal year of the bank (1) to
directors and officers, and (2) to employees, if
the plan had been in effect.
(c) State the name and position with the
bank of each person specified in Item 7(a)

LAW DEPARTMENT

who will participate in the plan and the amount
which each such person would have received
under the plan for the last fiscal year of the
bank if the plan had been in effect.
(d) Furnish such information, in addition
to that required by this item and Item 7, as
may be necessary to describe adequately the
provisions already made pursuant to all bonus,
profit sharing, pension, retirement, stock option, stock purchase, deferred compensation,
or other remuneration or incentive plans, now
in effect or in effect within the past 2 years,
for (i) each director or officer named in answer to Item 7(a) who may participate in the
plan to be acted upon; (ii) all directors and
officers of the bank as a group, if any director
or officer may participate in the plan, and
(iii) all employees, if employees may participate in the plan.
(e) If the plan to be acted upon can be
amended otherwise than by a vote of stockholders to increase the cost thereof to the bank
or to alter the allocation of the benefits as between the groups specified in (b), state the nature of the amendments which can be so made.
(f) If action is to be taken with respect to
the amendment or modification of an existing
plan, this item shall be answered with respect
to the plan as proposed to be amended or
modified and shall indicate any material differences from the existing plan.
Instruction. If the plan is set forth in a formal
plan, contract, or arrangement, three copies thereof
shall be filed with the Board at the time preliminary
copies of the Statement are filed pursuant to section
206.5(f).
Item 10. Pension and retirement plans. If

action is to be taken with respect to any pension or retirement plan, furnish the following
information:
(a) Describe briefly the material features of
the plan, identify each class of persons who
will be entitled to participate therein, indicate
the approximate number of persons in each
such class, and state the basis of such participation.




55
(b) State (1) the approximate total amount
necessary to fund the plan with respect to past
services, the period over which such amount is
to be paid, and the estimated annual payments
necessary to pay the total amount over such
period, (2) the estimated annual payment to
be made with respect to current services, and
(3) the amount of such annual payments to
be made for the benefit of (i) directors and
officers, and (ii) employees.
(c) State (1) the name and position with
the bank of each person specified in Item 7(a)
who will be entitled to participate in the plan,
(2) the amount which would have been paid
or set aside by the bank and its subsidiaries for
the benefit of such person for the last fiscal
year of the bank if the plan had been in effect,
and (3) the amount of the annual benefits estimated to be payable to such person in the
event of retirement at normal retirement date.
(d) Furnish such information, in addition
to that required by this item and Item 7, as
may be necessary to describe adequately the
provisions already made pursuant to all bonus,
profit sharing, pension, retirement, stock option, stock purchase, deferred compensation, or
other remuneration or incentive plans, now in
effect or in effect within the past 2 years, for
(i) each director or officer named in answer
to Item 7(a) who may participate in the plan
to be acted upon; (ii) all directors and officers
of the bank as a group, if any director or officer may participate in the plan, and (iii) all
employees, if employees may participate in the
plan.
(e) If the plan to be acted upon can be
amended otherwise than by a vote of stockholders to increase the cost thereof to the bank
or alter the allocation of the benefits as between the groups specified in (b) (3), state the
nature of the amendments which can be so
made.
(f) If action is to be taken with respect to
the amendment or modification of an existing
plan, this item shall be answered with respect
to the plan as proposed to be amended or mod-

56

FEDERAL RESERVE BULLETIN • JANUARY 1970

ified and shall indicate any material differences
from the existing plan.
Instructions. 1. The information called for by paragraph (b) (3) or (c) (2) need not be given as to payments made on an actuarial basis pursuant to any
group pension plan which provides for fixed benefits
in the event of retirement at a specified age or after a
specified number of years of service.
2. The instruction to Item 9 shall apply to this item.
Item 11. Options, warrants, or rights. If

action is to be taken with respect to the granting, extension or amendment of any options,
warrants, or rights to purchase securities of the
bank or any subsidiary, furnish the following
information:
(a) State (i) the title and amount of securities called for or to be called for by such options, warrants, or rights; (ii) the prices, expiration dates, and other material conditions
upon which the options, warrants, or rights
may be exercised; and (iii) in the case of options, the Federal income tax consequences of
the issuance and exercise of such options to
the recipient and to the bank.
(b) State separately the amount of options,
warrants, or rights received or to be received
by the following persons, naming each such
person: (i) each director or officer named in
answer to Item 7(a); (ii) each nominee for
election as a director of the bank; (iii) each
associate of such directors, officers, or nominees; and (iv) each other person who received
or is to receive 5 per cent or more of such
options, warrants or rights. State also the total
amount of such options, warrants, or rights
received or to be received by all directors and
officers of the bank as a group, without naming
them.
(c) Furnish such information, in addition
to that required by this item and Item 7, as
may be necessary to describe adequately the
provisions already made pursuant to all bonus,
profit sharing, pension, retirement, stock option, stock purchase, deferred compensation,
or other remuneration or incentive plans, now
in effect or in effect within the past 2 years,
for (i) each director or officer named in an-




swer to Item 7 (a) who may participate in the
plan to be acted upon; (ii) all directors and
officers of the bank as a group, if any director
or officer may participate in the plan, and
(iii) all employees, if employees may participate in the plan.
Instruction. 1. Paragraphs (b) and (c) do not apply
to warrants or rights to be issued to security holders
as such on a pro rata basis.
2. The Instruction to Item 9 shall apply to paragraph (c) of this item.
3. Include in the answer to paragraph (c) as to
each director or officer named in answer to Item 7(a)
and as to all directors and officers as a group (i) the
amount of securities acquired during the past two
years through the exercise of options granted during
the period or prior thereto, (ii) the amount of securities sold during such period of the same class as those
acquired through the exercise of such options, and
(iii) the amount of securities subject to all unexercised options held as of the latest practicable date.
Item 12. Authorization or issuance of securities otherwise than for exchange. If action is

to be taken with respect to the authorization
or issuance of any securities otherwise than
in exchange for outstanding securities of the
bank, furnish the following information:
(a) State the title and amount of securities
to be authorized or issued.
(b) Furnish a description of the material
provisions of the securities such as would be
required in a registration statement filed pursuant to this Part. If the terms of the securities
cannot be stated or estimated with respect to
any or all of the securities to be authorized,
because no offering thereof is contemplated in
the proximate future, and if no further authorization by security holders for the issuance
thereof is to be obtained, it should be stated
that the terms of the securities to be authorized, including dividend or interest rates, conversion prices, voting rights,, redemption prices,
maturity dates, and similar matters will be
determined by the board of directors of the
bank. If the securities are additional shares of
common stock of a class outstanding, the description may be omitted.
(c) Describe briefly the transaction in which
the securities are to be issued, including a

LAW DEPARTMENT

statement as to (1) the nature and approximate amount of consideration received or to
be received by the bank, and (2) the approximate amount devoted to each purpose so far
as determinable, for which the net proceeds
have been or are to be used. If it is impracticable to describe the transaction in which the
securities are to be issued, indicate the purpose
of the authorization of the securities, and state
(i) whether further authorization for the issuance of the securities by a vote of security
holders will be solicited prior to such issuance,
and (ii) whether present security holders will
have preemptive rights to purchase such securities.
Item 13. Modification or exchange of securities. If action is to be taken with respect to the
modification of any class of securities of the
bank, or the issuance or authorization for issuance of securities of the bank in exchange for
outstanding securities of the bank, furnish the
following information:
(a) If outstanding securities are to be modified, state the title and amount thereof. If securities are to be issued in exchange for outstanding securities, state the title and amount
of securities to be so issued, the title and
amount of outstanding securities to be exchanged therefor, and the basis of the exchange.
(b) Describe any material differences between the outstanding securities and the modified or new securities with respect to any of the
matters concerning which information would
be required in the description of the securities
in a registration statement filed pursuant to
this Part.
(c) State the reasons for the proposed modification or exchange and the general effect
thereof upon the rights of existing security
holders.
(d) Furnish a brief statement as to arrears
in dividends or as to defaults in principal or
interest with respect to the outstanding securities which are to be modified or exchanged and
such other information as may be appropriate




57
in the particular case to disclose adequately the
nature and effect of the proposed action.
(e) Outline briefly any other material features of the proposed modification or exchange.
(f) The instruction to Item 9 shall apply to
this item.
Item 14. Mergers, consolidations, acquisitions, and similar matters. If action is to be
taken with respect to any plan for (i) the
merger or consolidation of the bank into or
with any other person, or of any other person
into or with the bank, (ii) the acquisition by
the bank or any of its subsidiaries of securities
of another bank, (iii) the acquisition by the
bank of any other going business or of the
assets thereof, (iv) the sale or other transfer
of all or any substantial part of the assets of
the bank, or (v) the voluntary liquidation or
dissolution of the bank:
(a) Outline briefly the material features of
the plan. State the reasons therefore and the
general effect thereof upon the interests of existing security holders. If the plan is set forth
in a written document, file three copies thereof
with the Board when preliminary copies of
the Statement are filed pursuant to section
206.5 (f).
(b) Furnish the following information as to
the bank and each person (other than subsidiaries substantially all of the stock of which
is owned by the bank) which is to be merged
into the bank, or into or with which the bank
is to be merged or consolidated, or the business
or assets of which are to be acquired, or which
is the issuer of securities to be acquired by the
bank or any of its subsidiaries in exchange for
all or a substantial part of its assets:
(1) A brief description of the business
and property of each such person in substantially the manner required by Items 3 and 4
of Form F-l.
(2) A brief statement as to defaults in
principal or interest with respect to any securities of the bank or of such person, and as to

58

FEDERAL RESERVE BULLETIN a JANUARY 1970

the effect of the plan thereon and such other
information as may be appropriate in the particular case to disclose adequately the nature
and effect of the proposed action.
(3) Such information with respect to the
proposed management of the surviving bank as
would be required by Items 6 and 7 of this
Form F-5. Information concerning remuneration of management may be projected for the
current year based on remuneration actually
paid or accrued by each of the constituent persons during the last calendar year. If significantly different, proposed compensation arrangements should also be described.
(4) A tabular presentation of the existing
and pro forma capitalization.
(5) In columnar form, for each of the
last three fiscal years, a historical summary of
earnings. Such summary is to be concluded by
indicating per share amounts of income before
securities gains (losses), net income, and
dividends declared for each period reported.
(Extraordinary items, if any, should be appropriately reported and per share amounts of
securities gains (losses) should be included.)
(6) In columnar form, for each of the
last three fiscal years, a combined pro forma
summary of earnings, as appropriate in the
circumstances, similar in structure to the historical summary of earnings. If the transaction
establishes a new basis of accounting for
assets of any of the persons included therein,
the pro forma summary of earnings shall be
furnished only for the most recent fiscal year
and interim period and shall reflect appropriate
pro forma adjustments resulting from such new
basis of accounting.
(7) A tabular presentation of comparative per share data of the constitutent banks
or other persons pertaining to:
(A)(i) Income before securities gains
(losses), (ii) net income, and (iii) dividends declared, for each of the last three
fiscal years; and
(B) book value per share, at the date of




the balance sheets included in the Statement.
The comparative per share data shall be
presented on a historical and pro forma basis
(except dividends which are to be furnished on
historical basis only) and equated to a common basis in exchange transactions.
(8) To the extent material for the exercise of prudent judgment, the historical and
pro forma earnings data specified in (5), (6),
and (7) above for the latest available interim
period of the current and prior fiscal years.
Instructions. 1. Historical statements of income in
their entirety, as required by Item 15, may be furnished
in lieu of the summary of earnings specified in paragraph (5). If summary earnings information is presented, include, as a minimum, operating revenues,
operating expenses, income before income taxes and
security gains (losses), applicable income taxes, income before securities gains (losses), securities gains
(losses), and net income. The summary shall reflect
retroactive adjustments of any material items affecting the comparability of the results.
2. In connection with any interim period or periods
between the end of the last fiscal year and the balance sheet date, and any comparable prior period, a
statement shall be made that all adjustments necessary
to a fair statement of the results for such interim
period or periods have been included, and results of
the interim period for the current year are not necessarily indicative of results for the entire year. In
addition, there shall be furnished in such cases, as
supplemental information but not as a part of the
proxy statement, a letter describing in detail the nature and amount of any adjustments, other than normal recurring accruals, entering into the determination
of the results shown.
3. The information required by this Item 14(b) is
required in a Statement of the "acquiring" or "surviving" bank only where a "significant" merger or acquisition is to be voted upon. For purposes of this
item, the term "significant" merger or acquisition shall
mean a transaction where either (1) the net book
value of assets to be acquired or the amount to be
paid therefore exceed 5 per cent of the equity capital
accounts of the acquiring bank, or (2) in an exchange
transaction, the number of shares to be issued exceeds
5 per cent of the outstanding shares of the acquiring
bank, or (3) gross operating revenues for the last
fiscal year of the person to be acquired exceeded S
per cent of the gross operating revenues for the last
fiscal year of the acquiring bank. If less than a "significant" merger acquisition is to be voted upon, such

information need only be included to the extent necessary for the exercise of prudent judgment with respect thereto.

LAW DEPARTMENT

(c) As to each class of securities of the
bank, or of any person specified in paragraph
(b), which is admitted to dealing on a national
securities exchange or with respect to which a
market otherwise exists, and which will be
materially affected by the plan, state the high
and low sale prices (or, in the absence of trading in a particular period, the range of the bid
and asked prices) for each quarterly period
within two years. This information may be
omitted if the plan involves merely the voluntary
liquidation or dissolution of the bank.
Item 15. Financial statements, (a) If action
is to be taken with respect to any matter specified in Items 12, 13, or 14 above, furnish
verified financial statements of the bank and its
subsidiaries such as would be required in a
registration statement filed pursuant to this
Part. In addition, the latest available interim
date balance sheet and statement of income
for the interim period between the end of the
last fiscal year and the interim balance sheet
date, and comparable prior period, shall be
furnished. All schedules, except. Schedule VII
—"Allowance for Possible Loan Losses," may
be omitted.
(b) If action is to be taken with respect to
any matter specified in Item 14 (b), furnish
for each person specified therein, other than
the bank, financial statements such as would
be required in a registration statement filed
pursuant to this Part. In addition, the latest
available interim date balance sheet and statement of income for the interim period between
the end of the last fiscal year and the interim
balance sheet date, and comparable prior
period, shall be furnished. However, the following may be omitted: (1) all schedules,
except Schedule VII—"Allowance for Possible
Loan Losses"; and (2) statements for a subsidiary, all of the stock of which is owned by
the bank, that is included in the consolidated
statement of the bank and its subsidiaries. Such
statements shall be verified, if practicable.




59
(c)Notwithstanding paragraphs (a) and (b)
above, any or all of such financial statements
which are not material for the exercise of prudent judgment in regard to the matter to be
acted upon may be omitted. Such financial
statements are deemed material to the exercise
of prudent judgment in the usual case involving
the authorization or issuance of any material
amount of senior securities, but are not
deemed material in cases involving the authorization or issuance of common stock, otherwise
than in an exchange, merger, consolidation,
acquisition, or similar transaction.
(d) The Statement may incorporate by reference any financial statements contained in an
annual report sent to security holders pursuant
to section 206.5 (c) with respect to the same
meeting as that to which the Statement relates,
provided such financial statements substantially
meet the requirements of this item.
Item 16. Action with respect to reports. If
action is to be taken with respect to any report
of the bank or of its directors, officers, or committees or any minutes of a meeting of its security holders, furnish the following information:
(a) State whether or not such action is to
constitute approval or diapproval of any of the
matters referred to in such reports of minutes.
(b) Identify each of such matters which it is
intended will be approved or disapproved, and
furnish the information required by the appropriate item or items of this schedule with respect to each such matter.
Item 17. Matters not required to be submitted. If action is to be taken with respect to
any matter which is not required to be submitted to a vote of security holders, state the
nature of such matter, the reasons for submitting it to a vote of security holders and what
action is intended to be taken by the management in the event of a negative vote on the
matter by the security holders.
Item 18. Amendment of charter, by-laws, or
other documents. If action is to be taken with

60

FEDERAL RESERVE BULLETIN n JANUARY 1970

respect to any amendment of the bank's charter, by-laws, or other documents as to which
information is not required above, state briefly
the reasons for and general effect of such
amendment.
Item 19. Other proposed action. If action is
to be taken with respect to any matter not
specifically referred to above, describe briefly




the substance of each such matter in substantially the same degree of detail as is required
by Items 5 to 18, inclusive, above.
Item 20. Vote required for approval. As to
each matter which is to be submitted to a vote
of security holders, other than elections to
office or the selection or approval of auditors,
state the vote required for its approval.

61

LAW DEPARTMENT
(Revised Dec. 31, 1969)

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FORM F-9: FINANCIAL STATEMENTS
A. BALANCE SHEET (Form F-9A)
B. STATEMENT OF INCOME (From F-9B)
C. STATEMENT OF CHANGES IN CAPITAL ACCOUNTS (Form F-9C)
D. SCHEDULES (Form F-9D)
GENERAL INSTRUCTIONS
1. Preparation of forms. The forms for financial statements are not to be used as blank
forms to be filled in but only as guides in the
preparation of financial statements. The requirements with respect to the filing of balance
sheets and statements of income are contained
in the instructions as to certain other forms
required by this Part. Particular attention
should be given to the general requirements as
to financial statements in section 206.7 of this
Part, including paragraphs (e) and (f) thereof,
which prescribe when statements of changes in
capital accounts and schedules will be filed.
Although inapplicable items specified in the
forms for financial statements should be




omitted, the detailed instructions that relate to
applicable items shall be followed.
2. Accrual accounting. Financial statements
shall generally be prepared on the basis of accrual accounting whereby all revenues and all
expenses shall be recognized during the period
earned or incurred regardless of the time received or paid, with certain exceptions: (a)
where the results would be only insignificantly
different on a cash basis, or (b) where accrual
is not feasible. Statements with respect to the
first fiscal year that a bank reports on the accrual basis shall indicate clearly, by footnote or
otherwise, the beginning-of-year adjustments
that were necessary and their effect on prior
financial statements filed under this Part.

FEDERAL RESERVE BULLETIN • JANUARY 1970

62

A. BALANCE SHEET

Assets
1. Cash and due from banks
2. Investment securities:
(a) U.S. Treasury securities
(b) Securities of other U.S. Government
agencies • and corporations
(c) Obligations of States and political subdivisions
(d) Other securities

Liabilities
12. Deposits:
(a) Demand deposits in domestic offices . ..
(b) Savings deposits in domestic offices
(c) Time deposits in domestic offices
(d) Deposits in foreign offices
13. Federal funds purchased and securities sold
under agreements to repurchase
14. Other liabilities for borrowed money
15. Bank's acceptances outstanding
16. Mortgages payable
17. Other liabilities
18. Total liabilities
19. Minority interests in consolidated subsidiaries

3. Trading account securities
4. Federal funds sold and securities purchased

Reserves
20. Allowance for posible loan losses

under agreements to resell
5. Other loans
6. Bank premises and equipment

21.
22.

7. Other real estate owned
8. Investments in subsidiaries not consolidated
9. Customers' acceptance liability
10. Other assets
11. Total assets

ASSETS
1. Cash and due from banks, (a) State the
total of (1) currency and coin (A) owned and
held in the bank's vaults and (B) in transit to
or from a Federal Reserve Bank; (2) the
bank's total reserve balance with the Federal
Reserve Bank as shown by the bank's books;
(3) demand and time balances with other
banks; and (4) cash items in process of collection.
(b) Reciprocal demand balances with banks
in the United States, except those of private
banks and American branches of foreign
banks, shall be reported net.
(c) Do not include unavailable balances
with closed or liquidating banks. Such balances should be reported in "other assets".
(d) Cash items in process of collection include: (1) checks in process of collection
drawn on another bank, private bank, or any
other banking institution that are payable im-




23.
24.

Capital Accounts
Capital notes and debentures
Equity capital:
(a) Capital stock: Preferred stock
Common stock
(b) Surplus
(c) Undivided Profits
(d) Reserve for contingencies and other
capital reserves
Total capital accounts
Total liabilities, reserves, and capital

mediately upon presentation (including checks
with a Federal Reserve Bank in process of collection and checks on hand that will be presented for payment or forwarded for collection
on the following business day); (2) Government checks and warrants drawn on the Treasurer of the United States that are in process
of collection; and (3) such other items in process of collection, including redeemed United
Staes savings bonds, payable immediately upon
presentation in the United States, as are customarily cleared or collected by banks as cash
items.
(e) Checks drawn on a bank other than
the reporting bank that have been deposited
in the reporting bank (or offices or branches
of such bank) and have been forwarded for
collection to other offices or branches of the
reporting bank are cash items in the process
of collection.
(f) Do not include commodity or bill-oflading drafts payable upon arrival of goods

LAW DEPARTMENT

against which drawn, whether or not deposit
credit therefor has been given to a customer.
If deposit credit has been given, such drafts
should be reported as "loans"; but if the drafts
were received by the reporting bank on a collection basis they should not be included in the
reporting bank's statement until such time as
the funds have been actually collected.
(g) Unposted debits should preferably be
deducted from the appropriate deposit liability
caption. If such items are included hereunder,
the amount shall be stated parenthetically.
2. Investment securities, (a) State separately
book value of (1) U.S. Treasury securities;
(2) Securities of other U.S. Government agencies and corporations; (3) Obligations of
States and political subdivisions; and (4) Other
securities owned by the bank; include securities
pledged, loaned or sold under repurchase
agreements and similar arrangements.
(b) Book value with respect to investment
quality securities reported in paragraph (a)
shall be cost adjusted for amortization of premium and, at the option of the bank, for accretion of discount. There shall be set forth
in a note to financial statements (1) the basis
of accounting for book value, and (2) if bond
discount is systematically accrued and amounts
to 5 per cent or more of interest and dividends
on investments, the total of accretion income
and deferred income taxes applied thereto.
(c) Include in category (3) of paragraph
(a) obligations, including warrants and tax
anticipation notes, of the States of the United
States and their political subdivisions, agencies, and instrumentalities; also obligations of
territorial and insular possessions of the United
States. Do not include obligations of foreign
states.
(d) Do not include borrowed securities or
securities purchased under resale agreements
or similar arrangements.




63
3. Trading account securities. State the aggregate value at the balance sheet date, of securities of all types carried by the bank in a
dealer trading account (or accounts) that are
held principally for resale to customers. Indicate parenthetically, or otherwise in a note to
financial statements, whether the inventory is
valued at (1) cost, (2) lower of cost or market, or (3) market. If cost basis of valuation
is used, furnish aggregate market value of the
trading account inventory at the current fiscal
year balance sheet date.
4. Federal funds sold and securities purchased under agreements to resell, (a) State
the aggregate value of Federal funds sold and
securities purchased under resale agreement or
similar arrangements. All securities purchased
under transactions of this type should be included regardless of (1) whether they are
called simultaneous purchases and sales, buybacks, turnarounds, overnight transactions, delayed deliveries, etc., and (2) whether the
transactions are with the same or different institutions if the purpose of the transactions is
to resell identical or similar securities.
(b) Federal funds sold and purchases of securities under resale agreements should be
reported gross and not netted against purchases
of Federal funds and sales of securities under
repurchase agreements.
5. Other Loans, (a) State the aggregate
gross value of all loans including (1) acceptances of other banks and commercial paper
purchased in the open market; (2) acceptances
executed by or for the account of the reporting
bank and subsequently acquired by it through
purchase or discount; (3) customers' liability
to the reporting bank on drafts paid under letters of credit for which the bank has not been
reimbursed; and (4) "cotton overdrafts" or
"advances," and commodity or bill-of-lading
drafts payable upon arrival of goods against

64

FEDERAL RESERVE BULLETIN a JANUARY 1970

which drawn, for which the reporting bank has
given deposit credit to customers.
(b) Include (1) paper rediscounted with
the Federal Reserve or other banks; and (2)
paper pledged as collateral to secure bills
payable, as marginal collateral to secure bills
rediscounted, or for any other purpose.
(c) Do not include contracts of sale or
other loans indirectly representing bank premises or other real estate; these should be included in "bank premises" or "other real
estate".
(d) Do not deduct bona fide deposits accumulated by borrowers for the payment of
loans.
6. Bank premises and equipment, (a) State
the aggregate cost of (1) bank premises owned,
(2) leasehold improvements, and (3) equipment less any accumulated depreciation or
amortization with respect to such assets.
(b) All fixed assets acquired subsequent to
December 31, 1959, shall be stated at cost less
accumulated depreciation or amortization.
(c) All fixed assets acquired prior to January 1, 1960, that are not presently accounted
for by the bank on the basis of cost less accumulated depreciation or amortization, may be
stated at book value. Any such assets that are
still in use and would not have been fully depreciated on an acceptable method of accounting for depreciation if the bank had recorded
depreciation on such basis shall be described
briefly in a footnote, together with an explanation of the accounting that was used with respect to such assets.
(d) The term "leasehold improvements"
comprehends two types of situations: (1) where
the bank erects a building on leased property;
and (2) where a bank occupies leased quarters
or uses leased parking lots and appropriately
capitalizes disbursements for vaults, fixed machinery and equipment directly related to such
leased quarters, or resurfacing or other improvements directly related to such parking lots
that will become an integral part of the prop-




erty and will revert to the lessor on expiration
of the lease.
(e) Bank premises includes vaults, fixed
machinery and equipment, parking lots owned
adjoining or not adjoining the bank premises
that are used by customers or employees, and
potential building sites.
(f) Equipment includes all movable furniture and fixtures of the bank.
7. Other real estate owned, (a) State the
aggregate cost of all real estate owned by the
bank that is not a part of bank premises.
(b) With respect to real estate acquired
through default of a loan, aggregate cost shall
include the unpaid balance on the defaulted
loan plus the bank's out-of-pocket costs in acquiring clear title to the property. Any adjustments from aggregate cost shall be explained
in a footnote.
(c) The aggregate market value of all real
estate owned by the bank that is not a part of
bank premises shall be set forth in a footnote,
together with an explanation of the method of
determining such market value.
8. Investments in subsidiaries not consolidated. State the aggregate investment, including advances, in subsidiaries not consolidated.
9. Customers' acceptance liability, (a) State
the liability to the reporting bank of its customers on drafts and bills of exchange that have
been accepted by the reporting bank or by
other banks for its account and that are outstanding—that is, not held by the bank, on the
reporting date. (If held by the reporting bank,
they should be reported as "loans").
(b) In case a customer anticipates his liability to the bank on outstanding acceptances
by paying the bank either the full amount of
his liability or any part thereof in advance of
the actual maturity of the acceptance, the bank
should decrease the amount of the customer's
liability on outstanding acceptances. If such
funds are not received for immediate application to the reduction of the indebtedness to the

LAW DEPARTMENT

bank or the receipt thereof does not immediately reduce or extinguish the indebtedness,
then such funds held to meet acceptances must
be reported in "demand deposits".
(c) Do not include customer's liability on
unused commercial and travelers' letters of
credit issued under guaranty or against the deposit of security—that is, not issued for money
or its equivalent.
10. Other assets. State separately, if material, (1) income earned but not collected;
(2) prepaid expenses; (3) property acquired
for the purpose of direct lease financing; and
(4) any other asset not included in the preceding items.
11. Total assets. State the sum of all asset
items.
LIABILITIES
12. Deposits, (a) State separately (1) demand deposits in domestic offices of the bank,
(2) savings deposits in domestic offices of the
bank, (3) time deposits in domestic offices of
the bank, and (4) deposits in foreign offices.
Related unposted debits, if any, should preferably be deducted from domestic deposists.
(b) The domestic deposit liability categories
shall be segregated in accordance with the Rules
and Regulations of the Federal Deposit Insurance Corporation, Part 327.2—Classification
of Deposits.
(c) The term "unposted debit" means a cash
item in the bank's possession drawn on itself
that has been paid or credited and is chargeable
against, but has not been charged against, deposit liabilities at the close of the reporting
period. This term does not include items that
have been reflected in deposit accounts on the
general ledger, although they have not been
debited to individual deposit accounts.
(d) Reciprocal demand deposit balances
with banks in the United States, except those
of private banks and American branches of
foreign banks, shall be reported net.




65
(e) Include outstanding drafts (including
advices or authorizations to charge the bank's
balance in another bank) drawn in the regular
course of business by the reporting bank on
other banks pursuant to customer order.
(f) Do not include trust funds held in the
bank's own trust department that the bank
keeps segregated and apart from its general
assets and does not use in the conduct of its
business.
13. Federal funds purchased and securities
sold under agreements to repurchase, (a)
State the aggregate value of Federal funds purchased and securities sold under repurchase or
similar arrangements. All securities sold under
transactions of this type should be included
regardless of (1) whether they are called simultaneous purchases and sales, buy-backs, turnarounds, overnight transactions, delayed deliveries, etc., and (2) whether the transactions
are with the same or different institutions if
the purpose of the transactions is to repurchase
identical or similar securities.
(b) Federal funds purchased and sales of
securities under repurchase agreements should
be reported gross and not netted against sales
of Federal funds and purchases of securities
under resale agreements.
14. Other liabilities for borrowed money.
State the aggregate amount borrowed by the
reporting bank on its own promissory notes, on
notes and bills rediscounted (including commodity drafts rediscounted), or on any other
instruments given for the purpose of borrowing
money.
15. Bank's acceptances outstanding, (a) State
the aggregate of unmatured drafts and bills of
exchange accepted by the reporting bank, or by
some other bank as agent for the reporting bank
(other than those reported in "demand deposits"), less the amount of such acceptances
acquired by the reporting bank through discount or purchase and held on the reporting
date.

66

FEDERAL RESERVE BULLETIN a JANUARY 1970

(b) Include bills of exchange accepted by the
reporting bank that were drawn by banks or
bankers in foreign countries, or in dependencies
or insular possessions of the United States, for
the purpose of creating dollar exchange as required by usage of trade in the respective countries, dependencies, or insular possessions.
16. Mortgages payable, (a) State separately
here, or in a note referred to herein, such information as will indicate (1) the general character of the debt including the rate of interest;
(2) the date of maturity; (3) if the payment
of principal or interest is contingent, an appropriate indication of such contingency; and (4)
a brief indication of priority.
(b) If there are any liens on bank premises
or other real estate owned by the bank or its
consolidated subsidiaries which have not been
assumed by the bank or its consolidated subsidiaries, report in a footnote the amount thereof
together with an appropriate explanation.
17. Other liabilities. State separately, if
material, (a) accrued payrolls; (b) accrued
income tax liability (Federal and State combined); (c) accrued interest; (d) cash dividends declared but not paid; (e) income collected but not earned; and (f) any other liability
not included in Items 12 through 16.
18. Total liabilities. State the sum of Items
12 through 17.
19. Minority interests in consolidated subsidiaries. State the aggregate amount of minority stockholders' interests in capital stock, surplus, and undivided profits of consolidated subsidiaries.
RESERVES
20. Allowance for possible loan losses, (a)
State the balance of the loan losses allowance
account at the end of the fiscal year. Include in
this allowance only (1) any provision that the
bank makes for possible loan losses pursuant
to the Treasury tax formula and (2) any
amount in excess of the provision taken under
such formula that (A) represents management's




judgment as to possible loss or value depreciation and (B) has been established through a
charge against income.
(b)Any provision for possible loan losses that
the bank establishes as a precautionary measure
that is in excess of the amount reported in paragraph (a) shall not be included in this allowance
but shall be reported as a contingency reserve—
that is, as a segregation of undivided profits.
Note. Any allowance that (1) represents management's judgment as to possible loss or value depreciation in investment securities and (2) has been established through an appropriate charge against income
shall be separately stated. Any provision for possible
security losses that the bank establishes as a precautionary measure only (such as to reflect normal fluctuations in market value of readily marketable securities) shall not be included in this allowance but shall
be reported as a contingency reserve—that is, as a
segregation of undivided profits.

CAPITAL ACCOUNTS
21. Capital notes and debentures. State
separately here, or in a note referred to herein,
each issue or type of obligation and such information as will indicate (a) the general character of each type of debt including the rate of
interest; (b) the date of maturity (or dates if
maturing serially) and call provisions; (c) the
aggregate amount of maturities, and sinking
fund requirements, each year for the 5 years
following the date of the balance sheet; (d) if
the payment of principal or interest is contingent, an appropriate indication of the nature of
the contingency; (e) a brief indication of priority; and (f) if convertible, the basis.
22. Equity capital, (a) Capital stock. State
for each class of shares the title of issue, the
number of shares authorized, the number
of shares outstanding and the capital
share liability thereof, and, if convertible,
the basis of conversion. Show also the dollar
amount, if any, of capital shares subscribed but
unissued, and of subscriptions receivable
thereon.
(b) Surplus. State the net amount formally
transferred to the surplus account on or before
the reporting date.

LAW DEPARTMENT

(c) Undivided profits. State the amount of
undivided profits shown by the bank's books.
(d) Reserve for contingencies and other
capital reserves.
(1) State separately each such reserve
and its purpose.
(2) These reserves constitute amounts
set aside for possible decrease in the book value
of assets, or for other unforseen or indeterminable liabilities not otherwise reflected on the
bank's books and not covered by insurance.
(3) As these reserves represent a segregation of undivided profits, do not include any




67
element of known losses, or losses the amount
of which can be estimated with reasonable
accuracy.
(4) Reserves for possible security
losses, reserves for possible loan losses, and
other contingency reserves that are established
as precautionary measures only shall be included in these reserves, as they represent segregations of "undivided profits".
23. Total capital accounts. State the total of
Items 21 and 22.
24. Total liabilities, reserves and capital.
State the total of Items 18, 19, 20 and 23.

68

FEDERAL RESERVE BULLETIN • JANUARY 1970
B. STATEMENT OF INCOME

1. Operating Income:
(a) Interest and fees on loans
(b) Income on Federal funds sold and securities purchased under agreements to resell
(c) Interest and dividends on investments:
(1) U.S. Treasury securities
(2) Securities of other U.S. Government agencies and corporations
(3) Obligations of States and political subdivisions
(4) Other securities
(d) Trust department income
(e) Service charges on deposit accounts
(f) Other service charges, collection and exchange charges, commissions, and fees
(g) Other operating income
(h) Total operating income
2. Operating Expenses:
(a) Salaries and wages
(b) Pensions and other employee benefits
(c) Interest on deposits
(d) Expenses of Federal funds purchased and securities sold under agreements to repurchase
(e) Interest on other borrowed money
(f) Interest on capital notes and debentures
(g) Occupancy expense of bank premises, net:
Gross occupancy expense
Less: Rental income
(h) Furniture and equipment expense (Including depreciation of $
)
(i) Provision for loan losses
(j) Other operating expenses
(k) Total operating expenses
3. Income before Income Taxes and Securities Gains (Losses)
4. Applicable Income Taxes
5. Income before Securities Gains (Losses)
6. Net Security Gains (Losses), less related tax effect, $
7. Net income
OR
7. Income before Extraordinary Items
8. Extraordinary Items, less related tax effect, !
9. Net Income
10. Earnings per common share*:
Income before securities gains (losses)
Net Income
* Per share amount of securities gains (losses) may be stated separately. If extraordinary items are reported, per share
amount of income before extraordinary items and per share amount of extraordinary items shall be stated separately.

1. Operating income. State separately:
, , . .
,,
,
(a) Interest and fees on loans.
(1) Include interest, fees and other
charges on all assets that are reported on the
balance sheet as other loans.
(2) Include interest on acceptances, commercial paper purchased in the open market,




drafts for which the bank has given deposit
credit to customers, etc.
Also include interest on loan paper that has
re di SCOU nted with Federal Reserve or
o t h e r b a n k s o r pledged as collateral to secure
bills payable or for any other purpose.
(3) Include service charges and other
fees on loans.

been

LAW DEPARTMENT

(4) Include profits (or losses) resulting
from the sale of acceptances and commercial
paper at discount rates other than those at
which such paper was purchased.
(5) Current amortization of premiums on
mortgages or other loans shall be deducted
from interest on loans and current accumulation of discount on such items shall be added
to interest on loans.
(b) Income on Federal funds sold and securities purchased under agreements to resell.
Include the total gross revenue from Federal
funds sold and securities purchased under
agreements to resell.
(c) Interest and dividends on investments.
(1) State separately interest and dividens from (A) U.S. Treasury securities, (B)
securities and other U. S. Government agencies
and corporations, (C) obligations of States
and political subdivisions, and (D) other securities owned by the bank, including securities
pledged, loaned, or sold under repurchase
agreements and similar arrangements.
(2) Include accretion of discount on securities, if any; deduct amortization of premiums on securities. If the reporting bank accrues bond discount and such income amounts
to 5 per cent or more of the total of interest
and dividends on investments, state in a note to
financial statements, the amount of accretion
income and deferred income taxes applicable
thereto.
(3) When securities are purchased, any
payment for accrued interest shall not be
charged to expenses, nor when collected be
credited to earnings. Such interest shall be
charged to a separate account that will be credited upon collection of the next interest payment. The balance in the account shall be
shown as "Other assets" in the balance sheet.
(d) Trust department income.
(1) Include income from commissions
and fees for services performed by the bank in
any authorized fiduciary capacity.




69
(2) This item may be reported on the
cash basis in those instances where the presentation of the item on the financial statements
would not be materially affected thereby. The
cash basis may also be used with respect to an
individual trust or estate if accrual of income
therefrom is not feasible. If any portion of
trust department income is not reported on
the accrual basis, there shall be a footnote explaining the method of reporting and the reason for departing from reporting on the accrual
basis.
(e) Service charges on deposit accounts. Include amounts charged depositors that fail to
maintain specified minimum deposit balances;
charges based on the number of checks drawn
on and deposits made in deposit accounts;
charges for account maintenance and for
checks drawn on "no minimum balance" deposit accounts; return check charges; etc.
(f) Other service charges, collection and
exchange charges, commissions, and fees. State
the aggregate of other service charges, collection and exchange charges, commissions, and
fees. Exclude charges on loans and deposits
and those related to the Trust Department. Do
not include reimbursements for out-of-pocket
expenditures made by the bank for the account
of customers. If expense accounts were charged
with the amount of such expenditures, the reimbursements should be credited to the same
expense accounts.
(g) Other operating income.
(1) Include all operating income not reported in Items l ( a ) through l(f).
(2) Include (A) net trading account income consisting of profits and losses, interest,
and other income and expense related to securities carried in a dealer trading account or
accounts that are held principally for resale
to customers, but exclude salaries, commissions, and other indirect expenses; (B) income
from lease financing; (C) gross rentals from
"other real estate" and safe deposit boxes;
(D) net remittable profits (or losses) of for-

FEDERAL RESERVE BULLETIN ° JANUARY 1970

70

eign branches and consolidated subsidiaries
less any minority interests (unless the reporting bank preferably combines or consolidates
each item of income and expense); (E) interest on time balances with other banks; and
(F) all other recurring credits (such as miscellaneous recoveries) and immaterial nonrecurring credit items.
(3) Do not include rentals from bank
premises. Such rental income shall be reported
in the inset to Item 2 (g). In the event there
is a net occupancy income, the income shall
be shown in parenthesis in Item 2(g).
(4) Itemize (A) net trading account income, (B) net remittable profits (or losses) of
foreign branches and consolidated subsidiaries
(if included in this sub-Item), and (C) all
other amounts that represent 25 per cent or
more of the total of this sub-Item, unless
"other operating income" is less than 5 per
cent of "total operating income."
(h) Total operating income. State the sum
of Items l ( a ) through l(g).
2. Operating expenses. State separately:
(a) Salaries.
(1) Include compensation for personal
services of all officers and employees, including
dinning room and cafeteria employees but not
building department employees.
(2) Include amounts withheld from salaries for Social Security taxes and contributions
to the bank's pension fund. Do not include
Social Security taxes paid by the bank for its
own account and the bank's contribution to
pension funds. Such amounts shall be included
in Item 2(b).
(3) Include bonus and profit sharing
paid directly or through a trustee. Such compensation that is deferred and not distributed
to employees shall be reported in Item 2(b).
(4) Do not include compensation of officers and employees who spent the major portion of their working time on bank building




and related functions. Such compensation shall
be included in Item 2(g).
(5) Do not include amounts paid to legal,
management, and investment counsel for professional services if such counsel are not salaried officers or employees of the bank. Such
amounts shall be included in Item 2(j).
(b) Pensions and other employee benefits.
(1) Include all supplementary benefits,
other than direct compensation included in
Item 2(a) accrued during the report period on
behalf of all officers and employees except
building department personnel (see Item 2 (g)).
(2) Include the bank's own contribution
to its pension fund; unemployment and Social
Security taxes for the bank's own account; life
insurance premiums (net of dividends received) and hospitalization insurance payable
by the bank; and other employee benefits.
(3) Do not include expenses related to
testing, training, or education of officers and
employees; the cost of bank newspapers and
magazines; premiums on insurance policies
where the bank is beneficiary; and athletic activities where the principal purpose is for publicity or public relations and employee benefits
are only incidental. Such amounts shall be
included in Item 2(j).
(c) Interest on deposits. Include interest on
all deposits.
(d) Expense of Federal funds purchased
and securities sold under agreements to repurchase. Include the total gross expenses of
Federal funds purchased and securities sold
under agreements to repurchase.
(e) Interest on other borrowed money.
(1) Include all interest on bills payable,
rediscounts, unsecured notes payable, and
other instruments issued for the purpose of
borrowing money other than Federal funds
purchased and securities sold under agreements
to repurchase.
(2) Do not include interest on mortgages

LAW DEPARTMENT

on bank premises. Such interest shall be included in Item 2(g).
(f) Interest on capital notes and debentures.
(1) Include all interest on capital notes
and debentures.
(2) Amortization of premium or discount
shall be deducted from or included in the
amount reported.
(3) Do not include premium or discount
paid or realized on retirement of such securities. Such amounts shall be reported in Item
l(g) o r 2 ( j ) .
(g) Occupancy expense of bank premises,
net.
(1) Include in "gross occupancy expense"
inset the aggregate amount of (A) salaries,
wages, and supplementary compensation of
bank personnel who devote the major portion of
their time to the operation of bank premises
or its consolidated premises subsidiaries; (B)
depreciation of bank premises and amortization
of leasehold improvements; (C) rent expense
of bank premises; (D) real estate taxes; (E)
interest on mortgages on bank premises owned;
and (F) other bank premises operating and
maintenance expenses.
(2) Include in "rental income" inset the
aggregate amount of rentals from bank premises leased by the bank or its consolidated
premises subsidiaries.
(3) Report the net occupancy expense
(or net income) of bank premises. If net income
is reported, the amount shall be shown in parenthesis.
(h) Furniture and equipment expense.
(1) Include normal and recurring depreciation charges; rental costs of office machines and tabulating and data processing
equipment; and ordinary repairs to furniture
and office machines, including servicing costs.
The amount applicable to depreciation charges
shall be shown in parenthesis.
(2) Include taxes on equipment,
(i) Provision for loan losses.
(1) Banks which provide for loan losses
on a reserve basis shall include an estimated




71
amount for credit losses. Such amount shall be
determined by management in light of past loan
loss experience and evaluation of potential loss
in the current loan portfolio. The estimated
loan loss factor allocable to operating expense
shall not be less than the amount computed
under one of the elective methods set forth in
sub-Item (2).
(2) The bank may elect in 1969, and
thereafter consistently use for financial reporting purposes, one of the following methods for
allocating loan losses to operating expense:
(A) Average ratio of loss over the
past five years applied to average loans outstanding during the current year. Ratio of loss
shall be the single decimal quotient of total net
charge-offs (losses less recoveries) and total
average loans for the five most recent years,
including the current year.
(B) Average ratio of loss on a forward
moving average beginning with the year 1969
applied to average loans outstanding during
the current year. Ratio of loss shall be the single
decimal quotient of total net charge-offs and
total average loans for the number of years
beginning with 1969 and ending with the year
of report. In 1973, banks which elect the forward moving average method will compute
the minimum allocable credit loss expense on
the same basis as banks which elect method
(1).
Note. For purposes of Items 2(A) and (B), annual
"average loans outstanding" (1) shall include Federal
funds sold and securities purchased under agreements
to resell, and (2) may be computed on any reasonable
schedule of frequency. In the absence of other procedures, "Other loans", and "Federal funds sold and
securities purchased under agreements to resell", as
reported in the Statements of Condition called by the
supervisory authorities, shall be averaged.

(C) Actual net charge-offs as experienced in the current year.
(3) An estimated amount for loan losses
allocable to operating expense in excess of the
minimum amount computed as instructed in
sub-Item (2) should be provided when judged
appropriate in the opinion of management.
(4) Furnish in a note to financial statements an explanation of the basis for allocating

72

FEDERAL RESERVE BULLETIN n JANUARY 1970

loan losses to operating expense including (A)
the method followed, and (B) amount added
at the discretion of management, if any.
(5) The amount may be expressed in
even dollars or thousands of dollars.
Note. The amount reported for loan losses in
operating expense shall be adjusted, if necessary, to
the amount transferred to the allowance for loan
losses recorded on the books of the bank by an entry
to the undivided profits account in the statement of
changes in capital accounts. For example, if the estimated loan loss expense reported in the statement of
income is less than the amount transferred to the
allowance for loan losses, the amount of difference,
less related tax effect, should be charged against the
undivided profits account. If the estimated loan loss
expense reported in the statement of income (1) is
more than the amount transferred to the allowance
for loan losses, and (2) represents the minimum
amount the bank is required to allocate under its
elected method, the amount of difference, less related
tax effect, should be credited to the undivided profits
account.

(6) Banks which do not provide for loan
losses on a reserve basis shall include the
amount of actual net charge-offs (losses less
recoveries) for the current year.
(j) Other operating expenses.
(1) Include all operating expenses not
reported in Items 2(a) through 2(i).
(2) Include advertising, business promotion, contributions, cost of examinations by
supervisory authorities, deposit insurance assessment, fees paid to directors and members of
committees, memberships, net cash shortages
or overages, operating expenses (except salaries) of "Other real estate owned", postage,
premium on fidelity insurance, publicity, retainer fees, stationery and office supplies, subscriptions, taxes not reported against other
items, telegrams and cables, telephone, temporary agency help, travel, unreimbursed losses
on counterfeits, forgeries, payments over stops,
and all other recurring expenses and immaterial nonrecurring charges.
(3) Deposit insurance assessment expense
shall be reported as a net figure—that is, all
assessment credits during the period shall be
applied against the assessment expense.
(4) Itemize all amounts that represent 25
per cent or more of this item.




(k) Total operating expenses. State the sum
of Items 2(a) through 2(j).
3. Income before income taxes and security
gains (losses). State the difference of Item
l(h) minus Item 2(k).
4. Applicable income taxes, (a) State the
aggregate of Federal and State taxes applicable
to the amount reported in Item (3).
(b) Do not include taxes applicable to net
security gains (losses) and extraordinary items.
Such taxes (or tax reductions) shall be reported in Items 6 and 8.
5. Income before securities gains (losses).
State the difference of Item 3 minus Item 4.
6. Net security gains (losses). State the net
result of security gains and losses realized. Related income taxes (or tax reductions) shall
be shown parenthetically.
7. Net income. State the sum or difference
of Items 5 and 6.
Note. If extraordinary items are reported (See
Item 8) the caption to this Item shall read, "Income
before extraordinary items."

8. Extraordinary items. State the material
results of non-recurring transactions that have
occurred during the current reporting period.
Only the results of major events outside of the
ordinary operating activity of the bank are to
be reported herein. Such events would include,
but not be limited to, material gain or loss
from sale of bank premises, expropriation of
properties, and major devaluation of foreign
currency. Related income taxes (or tax reductions) shall be shown parenthetically. (Less
than material results of non-recurring transactions are to be included in Items l(g) or 2(j),
as appropriate.)
9. Net income. State the sum or difference
of Items 7 and 8.
10. Earnings per common share. State the
per share amounts applicable to common stock
(including common stock equivalents) and per
share amounts on a fully diluted basis, if applicable. The basis of computation, including
the number of shares used, shall be furnished in
a note to financial statements.

73

LAW DEPARTMENT
C. STATEMENT OF CHANGES IN CAPITAL ACCOUNTS

Increase (decrease)

Capital
notes
and
debentures

UndiSurplus vided
profits
par

Reserve for
contingencies
and other
capital
reserves

1. Net income transferred to undivided profits
2. Capital notes and debentures, preferred stock
and common stock sold (par or face value)
3. Stock issued incident to mergers and acquisitions
4. Premium on capital stock sold
5. Additions to, or reductions in, surplus, undivided profits, and reserves incident to mergers
6. Transfer to allowance for loan loss, exclusive of
portion charged against income, less related
income tax effect $
7. Cash dividends declared on preferred stock
8. Cash dividends declared on common stock
9. Stock issued in payment of stock dividend,
shares at par value.
10. All other increases (decreases)1
11. Net increase (decrease) for the year
12. Balance at beginning of year 2
13. Balance at end of year
1
State separately any material amounts, indicating clearly the nature of the transaction out of which the item
arose.
2 If the statement is filed as part of an annual or other periodic report and the balances' at the beginning of
the period differ from the closing balances as filed for the previous fiscal period, state in a footnote the difference
and explain.




74

FEDERAL RESERVE BULLETIN a JANUARY 1970
D. SCHEDULES

SCHEDULE I—U.S. TREASURY SECURITIES, SECURITIES OF OTHER U.S.
GOVERNMENT AGENCIES AND CORPORATIONS, AND OBLIGATIONS OF
STATES A N D POLITICAL SUBDIVISIONS
Principal
amount

Type and maturity grouping

Book
value!

U.S. Treasury securities
Within 1 year
After 1 but within 5 years
After 5 but within 10 years
After 10 years
Total U.S. Treasury securities
Securities of other U.S. Government agencies and corporations
Within 1 year
After 1 but within 5 years
After 5 but within 10 years
After 10 years
Total securities of other U.S. Government agencies and corporations
Obligations of states and political subdivisions 2 3
Within 1 year
After 1 but within 5 years
After 5 but within 10 years
After 10 years
Total obligation of states and political subdivisions
1
2

State briefly in a footnote the basis for determining the amounts in this column.
Include obligations of the States of the United States and their political subdivisions, agencies, and instrumentalities; also obligations of territorial and insular possessions of the United States. Do not include obligations of
foreign States.
3
State in a footnote the aggregate (a) principal amount, (b) book value, and (c) market value of securities that
are less than "investment grade." If market value is determined on any basis other than market quotations at balance sheet date, explain.

SCHEDULE II—OTHER SECURITIES
Type

Book value 1

Bonds, notes, and debentures 2 3
Stock of the Federal Reserve Bank
Other stocks 2 4
Total
1

State briefly in a footnote the basis for determining the amounts shown in this column.
State in a footnote the aggregate amount and book value of foreign securities included.
'State in a footnote the aggregate (a) principal amount, (b) book value, and (c) market value of bonds, notes,
and debentures that are less than ."investment grade." If market value is determined on any basis other than market
quotations at balance sheet date, explain.
4
State in a footnote the aggregate market value.
2




75

LAW DEPARTMENT
SCHEDULE III—OTHER LOANS *
Type

Book value

Real estate loans:
Insured or guaranteed by the U.S. Government or its agencies
Other
Loans to financial institutions
Loans for purchasing or carrying securities (secured or unsecured)
Commercial and industrial loans
Loans to individuals for household, family, and other consumer expenditures
All other loans (including overdrafts)
Total other loans reported in balance sheet
1 If impractical to classify foreign branch and foreign subsidiary loans in accordance with this schedule, a separate
caption stating the total amount of such loans may be inserted. Such action should be explained in a footnote.

SCHEDULE IV—BANK PREMISES A N D EQUIPMENT

Classification

1

Gross book
value 2

Accumulated depreciation
Amount at which
and amortization3 *
carried on balance sheet

Bank premises
(including land $Equipment
Leasehold improvements
Totals 5
1
If impractical to consolidate foreign branch and foreign subsidiary bank premises and equipment in accordance
with the breakdown required by this schedule, a separate caption stating the total amount of all such property may
be inserted. Such action should be explained in a footnote.
2
State briefly in a footnote the basis of determining the amounts in this column.
3 If provision for depreciation and amortization is credited in the books directly to the asset accounts, the amounts
for the last fiscal year shall be stated in an explanatory footnote.
4
The nature and amount of significant additions (other than provisions for depreciation and amortization) and
deductions shall be stated in an explanatory footnote.
•• Show in a footnote totals (corresponding to the first two columns) representing amounts reported for Federal
income tax purposes.




76

FEDERAL RESERVE BULLETIN a JANUARY 1970

SCHEDULE V—INVESTMENTS IN, DIVIDEND INCOME FROM, A N D SHARE IN EARNINGS OR
LOSSES OF UNCONSOLIDATED SUBSIDIARIES

Name of subsidiary

Per cent
of voting
stock owned

Total
investment,
including
advances

$

Totals

Equity in
underlying
net assets
at balance
sheet date 1

$

Amount of
dividends ~

$

Bank's
proportionate
part of
earnings or
loss for
the period

$

1
Equity shall include advances reported in preceding column to the extent recoverable.
2 In a footnote state as to any dividends other than cash, the basis on which they have been reported as income.
Also; if any such dividend received has been credited to income in an amount differing from that charged to surplus
and/ or undivided profits by the disbursing subsidiary, state the amount of such difference and explain.

SCHEDULE VI—"OTHER" LIABILITIES FOR BORROWED MONEY
Item
Borrowings from Federal Reserve Bank
Unsecured notes payable within 1 year
Unsecured notes payable after 1 year
Other obligations
Total




Amount

77

LAW DEPARTMENT
SCHEDULE VH—ALLOWANCE FOR POSSIBLE LOAN LOSSES

Item

Amount set up
pursuant to
Treasury
tax formula

Other
amount 1

Balances at beginning of period
Recoveries credited to Allowance
Additions due to mergers and absorptions 2
Transfers to Allowance:
From income
From undivided profits 3
Totals
Losses charged to Allowance
Balances at end of period 4
1
Do not include any provision for possible loan losses that the bank establishes as a precautionary measure. Include
only any provision that (1) has been established through a charge against income, (2) represents management's judgment as to possible loss or value depreciation, and (3) is in excess of the provision taken under the Treasury tax
formula.
2
Describe briefly in a footnote any such addition.
3
Indicate by parenthesis the gross amount of any credit adjustment to undivided profits.
4
Describe briefly in a footnote the basis used in computing the amount accumulated in the Allowance at the
end of the period. State the amount that could have been deducted for Federal income tax purposes if such amount
is in excess of the amount provided by the bank pursuant' to the Treasury tax formula.
NOTE.—The sum of the balances should equal the amount of "Allowance for possible loan losses" reported in the
balance sheet.




78

FEDERAL RESERVE BULLETIN • JANUARY 1970

ORDERS UNDER BANK MERGER ACT

UNITED CALIFORNIA BANK,
LOS ANGELES, CALIFORNIA
In the matter of the application of United California Bank for approval of merger with El Dorado
State Bank.
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act (12 U.S.C. 1828
(c)), an application by United California Bank,
Los Angeles, California, a State member bank of
the Federal Reserve System, for the Board's prior
approval of the merger of that bank and El Dorado State Bank, Napa, California, under the
charter and name of United California Bank. As
an incident to the merger, the office of El Dorado
State Bank would become a branch of the resulting
bank. Notice of the proposed merger, in form approved by the Board, has been published pursuant
to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger,
IT IS HEREBY ORDERED, for the reason set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger 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 San Francisco pursuant
to delegated authority.
Dated at Washington, D.C. this 11th day of
December 1969.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Robertson, Mitchell, Daane, and Brimmer.
Absent and not voting: Governors Maisel and Sherrill.
(Signed) ROBERT P. FORRESTAL,

Assistant Secretary.
[SEAL]
STATEMENT

United California Bank, Los Angeles, California
("United"), with total deposits of $3.6 billion, has
applied, pursuant to the Bank Merger Act (12
U.S.C. 1828(c)), for the Board's prior approval




of the merger of that bank with El Dorado State
Bank, Napa, California ("Napa Bank"), which
has deposits of $8 million.1 The banks would
merge under the charter and name United, which
is a member of the Federal Reserve System. As an
incident to the merger, the sole office of Napa
Bank would become a branch of United, increasing the number of its offices to 225.
Competition. United operates 224 banking offices in 35 of California's 58 counties. Napa Bank
operates its sole office in Napa (population
35,700), the largest city in Napa County (population 80,700), which is about 55 miles northeast
of San Francisco. The nearest offices of United
to Napa Bank are its branches at Vallejo, 16 miles
south of Napa, and at Santa Rosa, 40 miles to
the northwest of Napa. Neither bank derives a
meaningful amount of business from the area
served by the other.
Napa Bank, with 8.2 per cent of area deposits,
is the smallest of five banks that operate a total
of six offices in the city of Napa. California's largest, third largest, and fourth largest banks operate
a total of four offices in Napa; the other banking
office in Napa is a branch of Redwood Bank (deposits $25 million), which is headquartered in
San Rafael. California law permits State-wide de
novo branching and United heretofore obtained
authorization to establish a new branch in Napa,
which it later abandoned. Thus, there is some po^
tential for the development of competition between
United and Napa Bank, which would be eliminated by the merger of the two banks.
United, the fifth largest of 149 commercial
banks in California, holds 8.2 per cent of the
commercial bank deposits in the State; the five
largest banks hold 78 per cent of such deposits.
Napa Bank, with .02 per cent of the State's Commercial bank deposits, ranks 133rd in this respect.
The effect of the proposed merger on competition would be slightly adverse.
Financial and managerial resources and prospects. The banking factors with respect to United
are reasonably satisfactory, as they would be with
respect to the resulting bank. The banking factors with respect to Napa Bank are reasonably
satisfactory except for a management succession
problem. Napa Bank was organized in 1964 by a
group with no banking experience. The organizers
initially obtained the services of a retired bank executive to operate the bank, but he retired in 1968.
Since that time the bank has encountered difficulty
1

Figures are as of June 30, 1969.

79

LAW DEPARTMENT

in obtaining the services of a chief executive officer
on a permanent basis. Consummation of the proposed merger would immediately resolve this problem.
Convenience and needs of the community. The
effect of the merger on banking convenience and
needs would be limited to the area served by Napa
Bank.
Napa is presently served by offices of three large
State-wide banks so that it appears that the banking needs of the community are being adequately
met. Napa Bank has concentrated on making instalment loans for automobiles and other consumer
goods; the bank has made no effort to offer a
reasonable complement of commercial banking
services. The replacement of Napa Bank by an
office of United would provide an additional
source of full banking services for the city of
Napa.
Summary and conclusion. In the judgment of
the Board, the merger would have only a slightly
adverse effect on competition; at the same time,
it would provide a ready solution for the management succession problem of Napa Bank and
benefit the banking convenience and needs of the
Napa community.
Accordingly, the Board concludes that the application should be approved.
CONCURRING STATEMENT OF GOVERNOR BRIMMER
IN WHICH GOVERNOR ROBERTSON JOINS

I concur in the conclusion of my colleagues
that the application in this case should be approved; I also agree with their characterization of
the probable effect of the merger on competition
as slightly adverse. However, I do not agree that
there are probable benefits under the convenience
and needs factor, per se, that ought to be treated
as weighing in favor of approval.
It is true that the replacement of Napa Bank by
an office of United will provide an additional
source of full banking services for the city of
Napa, but the loss of Napa Bank to the community is not necessary to achieve that end. As
my colleagues noted, California law permits Statewide de novo branching. Yet, they did not stress
a point to which I attach considerable weight:
during the calendar year 1968 and to date in 1969,
United received authorization to establish a total
of 16 de novo branches, including six in northern
California.
More particularly, on February 27, 1968, the
Board approved an application by United to estab-




lish a de novo branch in Napa, only two-tenths of
a mile from Napa Bank; the expiration date of the
authority was set at February 27, 1969. This site
for the proposed branch was acquired by United
in March, 1968. On February 12, 1969, United
requested an extension of its authority to establish
the branch, which was granted, and the new expiration date was set at August 27, 1969. However,
by letter of June 25, 1969, United surrendered its
authority to establish a branch in Napa, alleging as
the reason for its action that a review of the banking market situation in Napa showed that the community would not support an additional banking
office. The agreement between United and Napa
Bank to merge is dated March 18, 1969. In the
circumstances, I cannot accept the reason proffered by United for abandoning its authority to
establish a branch in Napa.
In my judgment, the sole justification for approving the merger of United and Napa Bank lies
in the desirability of a prompt resolution of the
management succession problem of Napa Bank, a
problem which I conclude the bank probably cannot resolve in the near future except through
merger. It would be preferable from the standpoint of banking competition, of course, if Napa
Bank merged with a bank other than one of the
State's largest and, manifestly, one of the most
likely entrants into the Napa market by the establishment of de novo branch. Accordingly, I conclude that approval of the application in this case
is warranted only by the slimmest margin.
SEATTLE TRUST AND SAVINGS BANK
SEATTLE, WASHINGTON
In the matter of the application of Seattle Trust
and Saving Bank, for approval of merger with
Cle Elum State Bank
ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,
pursuant to the Bank Merger Act (12 U.S.C.
1828(c)), an application by Seattle Trust and
Savings Bank, Seattle, Washington, a State member
bank of the Federal Reserve System, for the
Board's prior approval of the merger of that bank
and Cle Elum State Bank, Cle Elum, Washington,
under the charter and name of Seattle Trust and
Savings Bank. As an incident to the merger, the
two offices of Cle Elum State Bank would become
branches of the resulting bank. Notice of the proposed merger, in form approved by the Board, has
been published pursuant to said Act.

FEDERAL RESERVE BULLETIN • JANUARY 1970

80

Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger 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 San Francisco pursuant
to delegated authority.
Dated at Washington, D.C. this 7th day of
January, 1970.
By order of the Board of Governors.
Voting for this action: Governors Robertson,
Mitchell, Daane, Maisel, and Sherrill. Absent and not
voting: Chairman Martin and Governor Brimmer.
KENNETH A. KENYON,

Deputy Secretary.
[SEAL]
STATEMENT

The Seattle Trust and Savings Bank, Seattle,
Washington ("Seattle Trust"), with total deposits
of about $135.5 million, has applied pursuant to
the Bank Merger Act (12 U.S.C. 1828(c)), for
the Board's prior approval of the merger of that
bank with Cle Elum State Bank, Cle Elum, Washington ("State Bank"), which has deposits of $4.7.'
The banks would merge under the charter and name
of Seattle Trust, which is a member of the Federal
Reserve System. As an incident to the merger, the
two offices of State Bank would become branches
of Seattle Trust, increasing the number of its operating offices to 20.
Competition. Seattle Trust operates its head office and 14 branches in King County, the Seattle
metropolitan area. The bank has received approval
to establish an additional branch in King County,
and it has applications pending for five other
branches in the county. Seattle Trust also operates
three branches in the Olympia area, about 60 miles
southwest of Seattle.
State Bank is headquarters in Cle Elum, about
80 miles southeast of Seattle, and its sole branch
is in Roslyn, four miles northwest of Cle Elum.
Both offices are in Kittitas County. The area served
1

Figures are as of September 30, 1969.




by State Bank (Cle Elum, Roslyn and environs)
has a population of about 3,600. The only other
banking facility in the area is the Cle Elum branch
of Seattle-First National Bank, the largest bank in
Washington. Other banking facilities are 25 or more
miles from the offices of State Bank.
The nearest offices of Seattle Trust and State
Bank are 75 miles apart, and the areas served by
the two banks are distinctly separate. The intervening area is mountainous and primarily national
forest land, sparsely populated. The two communities having banking offices in the intervening area
are served by branches of Seattle-First National
Bank.
Under Washington law, banks may establish de
novo branches outside the county in which they are
headquartered, but only in incorporated, unbanked
communities. The area served by State Bank has
one such community but its population is about
400, so that it is unlikely that Seattle Trust, or
any other bank, will enter the area served by State
Bank through de novo branching
In terms of deposits, Seattle Trust is the eighth
largest bank in the State, with 2.5 per cent of the
State's total commercial banking deposits. State
Bank, with 0.1 per cent of such deposits, ranks
57th. The two largest banks in Washington together hold 51 per cent of such deposits. The
merger would combine the fifth largest commercial
bank headquartered in King County with the fourth
largest of the five banks operating in Kittitas County.
The proposed merger would not have an adverse
effect on competition.
Financial and managerial resources and prospects. The banking factors with respect to each
of the banks proposing to merge are reasonably
satisfactory, as they would be with respect to the
resulting bank.
Convenience and needs of the communities. The
effect of the merger on banking convenience and
needs would be limited to the area served by State
Bank. The relatively low ratio of loans to total
deposits at State Bank and its relatively high ratio
of investment in Government obligations to total
deposits indicates that the bank has not been an
aggressive competitor. This is indicated also by the
bank's maturity limitation on real estate loans and
its relative inactivity in the exercise of its trust
powers. As noted above, the largest commercal
bank in the State has a branch in Cle Elum. Thus,
while it would not appear that consummation of
the proposal would bring to the area served by
State Bank new banking services, the area would

81

LAW DEPARTMENT

benefit from the establishment there of an alternate source of full-service banking.
Summary and conclusion. The proposed merger,
in the Board's judgment, would benefit the banking convenience in the area served by State Bank
and would not have an adverse effect on banking
competition.
Accordingly, the Board concludes that the application should be approved.
ORDERS UNDER SECTION 3 OF BANK
HOLDING COMPANY ACT

CITIZENS BANCORPORATION,
SHEBOYGAN, WISCONSIN
In the matter of the application of Citizens
Bancorporation, Sheboygan, Wisconsin, for approval of action to become a bank holding company through the acquisition of 80 per cent or
more of the voting shares of Citizens Bank of
Sheboygan, North Side State Bank, and Community South Side Bank, all of Sheboygan, Wisconsin.
ORDER APPROVING ACTION TO BECOME A
BANK HOLDING COMPANY

There has come before the Board of Governors,
pursuant to section 3 ( a ) ( l ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(l))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by
Citizens Bancorporation, Sheboygan, Wisconsin,
for the Board's prior approval of action whereby
Applicant would become a bank holding company
through the acquisition of 80 per cent or more
of the voting shares of Citizens Bank of Sheboygan, North Side State Bank, and Community South
Side Bank, all of Sheboygan, Wisconsin.
As required .by section 3(b) of the Act, the
Board gave written notice to the Commissioner of
Banking of the State of Wisconsin of receipt of
the application and requested his views and recommendation. The Commissioner offered no objection to approval of the application.
Notice of receipt of the application was published in the Federal Register on September 25,
1969 (34 Federal Register 14786), which provided an opportunity for interested persons to
submit comments and views with respect to the
proposed transaction. A copy of the application
was forwarded to the United States Department
of Justice for its consideration. The time for filing comments and views has expired and all those
received have been considered by the Board.




IT IS HEREBY ORDERED, for the reason set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the action so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than
three months after the date of this Order, unless
such period is extended for good cause by the
Board, or by the Federal Reserve Bank of Chicago
pursuant to delegated authority.
Dated at Washington, D.C., this 22nd day of
December 1969.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Mitchell, Daane, and Sherrill. Voting against
this action: Governors Robertson and Brimmer.
Absent and not voting: Governor Maisel.
(Signed) ROBERT P. FORRESTAL,

Assistant Secretary.
[SEAL]
STATEMENT

Citizens Bancorporation, Sheboygan, Wisconsin
("Applicant"), has filed with the Board, pursuant
to section 3 ( a ) ( l ) of the Bank Holding Company
Act of 1956, an application for approval of action
to become a bank holding company through the
acquisition of 80 per cent or more of the voting
shares of Citizens Bank of Sheboygan ("Citizens
Bank"), North Side State Bank ("North Side
Bank"), and Community South Side Bank ("Community Bank"), all of Sheboygan, Wisconsin.
Views and recommendations of supervisory
authorities. As required by section 3(b) of the
Act, the Board gave written notice of receipt of
the application to the Commissioner of Banking
of the State of Wisconsin and requested his views
and recommendation. The Commissioner offered
no objection to approval of the application.
Statutory considerations. Section 3(c) of the
Act provides that the Board shall not approve an
acquisition that would result in a monopoly or
would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize
the business of banking in any part of the United
States. Nor may the Board approve a proposed
acquisition, the effect of which, in any section of
the country, may be substantially to lessen competition, or to tend to create a monopoly, or which in
any other manner would be in restraint of trade,
unless the Board finds that the anticompetitive
effects of the proposed transaction are clearly
outweighed in the public interest by the probable
effect of the transaction in meeting the convenience

82

FEDERAL RESERVE BULLETIN • JANUARY 1970

and needs of the communities to be served. In
each case, the Board is required to take into consideration the financial and managerial resources
and future prospects of the bank holding company and the banks concerned, and the convenience and needs of the communities to be served.
Competitive effects of the proposed transaction.
The 10 largest banking organizations in the State
of Wisconsin, which include 9 of the 12 Wisconsin-based bank holding companies,1 control total
deposits of $3.2 billion, representing 38.8 per
cent of the deposits held by all banks in the State.2
The acquisition of Citizens Bank (the State's ninth
largest banking organization with $92 million
deposits), North Side Bank ($10 million deposits),
and Community Bank ($2 million deposits) would
result in Applicant's becoming Wisconsin's seventh
largest bank holding company and banking organization, with control of 1.3 per cent of the
total State deposits.
All of the proposed subsidiary banks are located in the City of Sheboygan, which has a population of 49,000. Citizens Bank is the largest
bank in the City and County of Sheboygan, and
North Side Bank and Community Bank are, respectively, the fourth largest and the smallest of 5
banks in the city and of 14 banks in Sheboygan
County. The main office of Citizens Bank is located
in the principal downtown business district of
Sheboygan, and branches of the bank are located
in the communities of Plymouth, 15 miles west,
Sheboygan Falls, 6 miles southwest, and Cedar
Grove, 16 miles south. The service area of Citizens
Banks' main office includes all of the City of Sheboygan and extends slightly beyond the city limits
on three sides. Both of Applicant's other proposed
subsidiaries, Community Bank and North Side
Bank, are located within this area, three miles
south and one mile northwest of Citizens Bank,
respectively.
Each of the five banks within the City of Sheboygan is a member of one of two banking groups,
with the members of each group so closely related as to constitute a single competitive force.
Security Financial Services, Inc. recently received
Board approval3 to become a registered bank
holding company through the acquisition of voting
1
In addition, three holding companies headquartered in Minnesota have subsidiary banks in Wisconsin.
2
Unless otherwise noted, banking data are as of June
30, 1969, refer to insured commercial banks, and have
been adjusted to reflect holding company formations
and acquisitions approved by the Board to date.
3
1969 Federal Reserve BULLETIN 841.




shares of two long-affiliated banks which are the
second and third largest in the city and which
constitute the other group. Applicant's group is
slightly the larger of the two, with the difference
resulting almost entirely from deposits held by
Citizens Bank's suburban offices. In terms of deposits held by city offices, the two groups are about
equal in size. It does not appear that any undue
adverse effect on the competing banking group in
the city, or on competing banks in Sheboygan
County, would result from consummation of the
present proposal.
North Side Bank was organized in 1928 by
several shareholders of the predecessor of Citizens
Bank, and a majority of its shares are held by a
wholly-owned subsidiary of the latter. The relationship between Citizens Bank and Community
Bank began in 1966, when the directors of Citizens
Bank acquired control of Community Bank (then
Sheboygan Trust Company), with the encouragement of supervisory authorities, in order to solve
financial problems of the bank. About 95 per cent
of the outstanding shares of Community Bank are
presently held by directors of Citizens Bank.
The relationship between Citizens Bank and
each of the other proposed subsidiaries is such as
to preclude the existence of meaningful competition among the three banks. It does not appear
likely that these relationships would be severed
regardless of the Board's action with respect to
the present application. Continuation of the affiliation beween Citizens Bank and North Side Bank is
completely within Citizens Bank's control as a
result of its ownership of a corporation which
owns a majority of the shares of North Side Bank.
While the relationship of Citizens Bank with Community Bank originated more recently than that
with North Side Bank, and its continuation is not
so immediately within the control of Citizens
Bank, that relationship also appears strong and
likely to endure indefinitely. In addition, the size
of Community Bank, and its history of financial
difficulties prior to the establishment of its association with Citizens Bank, strongly suggests
that it would not be a meaningful competitor of the
two larger banking groups in Sheboygan even if the
present relationships were in some way dissipated.
These considerations support the conclusion that
consummation of Applicant's proposal would
neither eliminate present competition nor foreclose
significant potential competition.
Giving similar effect to the present relationships
among the three banks involved in Applicant's
proposal, and to the likely continuation of those

83

LAW DEPARTMENT

relationships, it is evident that their formalization,
as proposed, would have no meaningful effect on
concentration in any area. Although it might well
be concluded that there are fewer than the optimum number of competitors in the Sheboygan
area, it does not appear that approval of the present application would aggravate that situation, or
that denial of the application would preserve
a possible avenue of deconcentration. Under these
circumstances, it is the Board's view that consummation of Applicant's proposal would have no
significant effect on competition.
On the basis of the foregoing, the Board concludes that consummation of this proposal would
not result in a monopoly or be in furtherance of
any combination, conspiracy, or attempt to monopolize the business of banking in any part of the
United States, and would not restrain trade, substantially lessen competition, or tend to create a
monopoly in any part of the country.
Financial and managerial resources and future
prospects. Applicant was recently organized and
has not engaged in any business activities. Its projected financial condition is satisfactory, its management competent, and its prospects, which
would be dependent on those of its proposed subsidiaries, appear favorable.
The financial condition and management of
Citizens Bank, Applicant's proposed lead bank, are
also satisfactory. Prospects of the bank appear
favorable.
The financial condition and management of
North Side Bank are satisfactory. It appears likely
that the bank will find it necessary to raise additional capital within the near future, and this
would be facilitated by the present proposal, in
view of the likely greater marketability of Applicant's stock. Prospects of the bank, which appear favorable in any event, would be improved
by the proposed action.
Community Bank is located in the most rapidly
growing area of Sheyboygan. Its financial condition and management are generally satisfactory.
Although hampered by its limited resources and
earnings, its prospects are regarded as reasonably
favorable in the light of its location and the
present relationship with Citizens Bank, and would
be improved by affiliation with Applicant.
Considerations regarding the banking factors
lend weight toward approval of the application.
Convenience and needs of the communities involved. The banking needs of the area are being
adequately served by present banking facilities
and would be little affected by consummation of




the present proposal. However, Community Bank
is limited by its resources in providing banking
services to the southern part of the city. Although
Citizens Bank has provided some assistance in this
regard since 1966, consummation of the present
proposal would facilitate its doing so. In addition,
customers of North Side Bank would be offered
trust and data processing services for the first time.
Considerations relating to the convenience and
needs of the areas involved lend some weight in
favor of approval of the application.
Summary and conclusion. On the basis of all the
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would be in the public interest and
that the application should be approved.
DISSENTING STATEMENT OF GOVERNORS
ROBERTSON AND BRIMMER

Approximately two months ago, we, joined by
Governor Maisel, dissented from the Board's action in approving the bank holding company
formation of Security Financial Services, Inc., Sheboygan, Wisconsin. That formation involved the
acquisition of two of Sheboygan's five banks and
control of 43 per cent of the total deposits of those
five institutions combined. Our opposition was
premised, in part, upon our conclusion that such
approval would effect perpetuation of the highly
oligopolistic Sheyboygan market—which has the
highest degree of concentration of banking resources of any city in Wisconsin with similar
population density. Our dissent in that case noted
the deterrent to deconcentration of the Sheboygan
market likely to result should the subject application be given similar Board approval. The Board's
action approving Citizens Bancorporation's acquisition of Sheboygan's three remaining banks (one
of which—Citizens Bank—is the largest in the
City and County of Sheboygan) places in two
banking organizations control of 100 per cent of
the banking offices and bank deposits in the City
of Sheboygan and nearly 85 per cent of the total
bank deposits in Sheboygan County.
In support of its approval action in this case,
the Board states that "It does not appear that . . .
denial of the application would preserve a possible
avenue of deconcentration." We disagree with this
conclusion for two reasons. First, as we stated
in dissent from the Board's Security Financial
Services approval, the likelihood of disaffiliation
through stock sales is greater under the existing

FEDERAL RESERVE BULLETIN o JANUARY 1970

84

form of common stock ownership than will be
the case when such ownership is consolidated in
the corporate form proposed.
Secondly, the oligopolistic structure that will
now confront potential entrants to the Sheboygan
market is sufficiently formidable, even to competitors of equal or greater size than the two market
occupants, as reasonably to suggest that prospects
for meaningful deconcentration of the Sheboygan
market are nil.
Considering the existing affiliation between and
among the banks that will compose Applicant's
system, it is reasonably concluded that the services assertedly to result from the approved formation could, and in our judgment would, be available in equal measure and with near equal facility
under the existing ownership arrangement.
We are unable to conclude that the subsantial
anticompetitive effects inherent in the proposed
formation are outweighed to any meaningful
degree by the asserted additional services. We do
not believe the transaction to be in the public interest. Accordingly, we would deny the application.
BROWARD BANCSHARES, INC.,
FORT LAUDERDALE, FLORIDA
In the matter of the application of Broward
Bancshares, Inc., Fort Lauderdale, Florida, for approval of action to become a bank holding company through acquisition of at least 80 per cent of
the voting shares of each of the following banks:
Broward National Bank of Fort Lauderdale, Fort
Lauderdale National Bank, and Coral Ridge National Bank of Fort Lauderdale, all in Fort Lauderdale, Florida.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to section 3 ( a ) ( l ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(l))
and section 222.3 (a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), an application by Broward
Bancshares, Inc., Fort Lauderdale, Florida, for the
Board's prior approval of action whereby Applicant
would become a bank holding company through the
acquisition of at least 80 per cent of the voting
shares of each of the following banks: Broward
National Bank of Fort Lauderdale, Fort Lauderdale National Bank and Coral Ridge National Bank
of Fort Lauderdale, all in Fort Lauderdale, Florida.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the appli-




cation to the Comptroller of the Currency and requested his views and recommendation. He recommended approval of the application.
Notice of receipt of the application was published
in the Federal Register on September 17, 1969 (34
Federal Register 14487), providing an opportunity
for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and
all those received have been considered by the
Board.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the action so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three
months after the date of this Order unless such
time shall be extended by the Board, or by the
Federal Reserve Bank of Atlanta pursuant to delegated authority.
Dated at Washington,. D.C., this 29th day of
December, 1969.
By order of the Board of Governors.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Martin and Governor Maisel.
(Signed) KENNETH A. KENYON,

Deputy Secretary.
[SEAL]
STATEMENT

Broward Bancshares, Inc., Fort Lauderdale,
Florida ("Applicant"), has applied to the Board of
Governors pursuant to section 3 ( a ) ( l ) of the
Bank Holding Company Act of 1956 (12 U.S.C.
1 8 4 2 ( a ) ( l ) ) , for prior approval of action to become a bank holding company through the acquisition of at least 80 per cent of the voting shares
of Broward National Bank of Fort Lauderdale
("Broward Bank"), Fort Lauderdale National
Bank ("Lauderdale Bank"), and Coral Ridge National Bank of Fort Lauderdale ("Coral Ridge
Bank"), all in Fort Lauderdale, Florida.
Broward Bank, with deposits of approximately
$91 million,1 is located in the original downtown
^Unless otherwise noted, banking data are as of
June 30, 1969, refer to insured commercial banks, and
have been adjusted to reflect holding company formations and acquisitions for which Board approvals have
been issued to date.

LAW DEPARTMENT

area of Fort Lauderdale. Lauderdale Bank, located
about one-half mile southeast of Broward Bank,
holds nearly $43 million of deposits. Coral Ridge
Bank, with deposits of about $46 million, is located
approximately six miles northeast of Broward
Bank in what appears to be the newest and most
rapidly developing section of the city.
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
notice of receipt of the application was given to
the Comptroller of the Currency, and his views and
recommendation were requested. He recommended
approval of the application.
Statutory considerations. Section 3(c) of the Act
provides that the Board shall not approve an acquisition that would result in a monopoly or would
be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize
the business of banking in any part of the United
States. Nor may the Board approve a proposed
acquisition the effect of which, in any section of the
country, may be substantially to lessen competition
or to tend to create a monopoly, or which in any
other manner would be in restraint of trade, unless
the Board finds that the anticompetitive effects of
the proposed transaction are clearly outweighed in
the public interest by the probable effect of the
transaction in meeting the convenience and needs
of the community to be served. In each case the
Board is required to take into consideration the
financial and managerial resources and future prospects of the bank holding company and the banks
concerned, and the convenience and needs of the
community to be served.
Competitive effect of the proposed transaction.
The 10 largest banking organizations in Florida,
which include 9 of the 13 bank holding companies
in the State, control approximately 38 per cent of
total bank deposits in the State. The three proposed
subsidiary banks, as a group, control less than 2
per cent of such deposits. Consummation of the
proposed acquisitions would make Applicant the
tenth largest banking organization and bank holding company in Florida.
There are 33 banks in Broward County. No bank
or banking group is regarded as exercising a
dominant influence in the county. The three banks
in Applicant's group, ranking second, seventh, and
ninth on the basis of total deposits, in the aggregate control 16.5 per cent of deposits and constitute the second largest group located there. The
Everglades Bank & Trust Company, Fort Lauderdale, a subsidiary of the State's second largest
banking organization, is located in Broward Coun-




85
ty. The largest bank in the county (as well as in
the city of Fort Lauderdale), on the basis of total
deposits in the relevant area, is the First National
Bank, which has deposits of $161 million. Together
with its three affiliates, it holds 19.8 per cent of total
deposits in the county.
The area lying within the city limits of Fort
Lauderdale is designated by Applicant as the service area of Broward Bank as well as of Lauderdale Bank. Coral Ridge Bank's service area is
described by Applicant as an area rectangular in
shape, extending approximately one mile east to
the Atlantic Ocean, three miles north to McNab
Road, five miles west to U.S. Highway 441, and
two miles south to Sunrise Boulevard. This service
area lies within the city of Fort Lauderdale. The
combined deposits of the three banks constitute approximately 31 per cent of the total deposits held
by 16 banks in Fort Lauderdale and the group
ranks second in the city. As indicated earlier, First
National Bank is the city's largest bank. Coral
Ridge Bank, the second largest bank in its service
area, holds 21.6 per cent of the deposits held by the
nine banks located there.
Applicant states that the three banks in its group
have been affiliated through common ownership
since the opening of Lauderdale Bank in 1947 and
Coral Ridge Bank in 1958; that both these banks
were established under the sponsorship of Broward
Bank which continuously has provided management
personnel and guidance to them; that the three banks
have always operated and publicly advertised as a
banking group; and that the group's principals
have continuously owned over 50 per cent of the
stock of each of the three banks. According to
Applicant, Lauderdale Bank was organized as an
affiliate of Broward Bank in order to provide customer parking and drive-in facilities for customers
who needed such facilities, Broward Bank being
unable at that time to obtain adjacent property
for expansion to provide such facilities. (Branches
are not permitted under State law.) Coral Ridge
Bank, it is stated, was organized to gain entry into
the fast growing Coral Ridge area. Applicant further states that, at the time of the formation of
these two banks, Broward Bank encouraged many
customers to transfer their accounts to the new
banks.
Broward Bank derives 9 per cent of its demand
IPC deposits and 22 per cent of its time IPC deposits from the service area of Coral Ridge Bank.
Lauderdale Bank derives 9 per cent of its demand
IPC deposits and 19 per cent of its time IPC deposits from that area. Coral Ridge Bank's service

86

FEDERAL RESERVE BULLETIN n JANUARY 1970

area, being totally within the service area of the
other two banks, derives all of its deposits from
their service area. However, because of the existing
common ownership and management relationships
of the three banks and the active cooperation
among them, approval of the application would
merely place in a corporate structure a group relationship that already exists and has existed for
many years, ever since the organization of the two
smaller banks.
The data presented reflect that formation of the
proposed holding company would have no significant effect upon concentration of banking resources in the State nor in any relevant service
area, no meaningful competition would be lessened,
and no banking alternative would be eliminated.
Disaffiliation of these banks in the foreseeable future and the development of significant competition
among them are regarded as unlikely. Also it appears unlikely that consummation of the proposed
affiliation will have any undue adverse effect on
any of the banks competing in the relevant areas.
On the record before the Board, it is concluded
that the proposed affiliation would not result in a
monopoly nor be in furtherance of any combination or conspiracy to monopolize or attempt to
monopolize the business of banking in any relevant
area; and would not substantially lessen competition, tend to create a monopoly, nor in any other
manner restrain trade in any relevant section of
the country.
Financial and managerial resources and future
prospects. Upon consummation of the proposal
herein, Applicant would commence operations as a
bank holding company with a net worth of $14
million and no debt. Its financial condition is satisfactory. Its management, which would be drawn
from the management of the proposed subsidiary
banks, is experienced and capable. Prospects for the
proposed holding company would depend upon
those of its subsidiaries and, on this basis, appear
favorable. Each of the proposed subsidiary banks is
considered to be a sound, well-managed institution
with good prospects. The Board concludes that considerations under the banking factors are consistent
with approval.
Convenience and needs of the community involved. Broward County, located on the east coast
of south Florida, between Dade and Palm Beach
counties, is coterminous with the Fort LauderdaleHollywood Standard Metropolitan Statistical Area
and ranks seventh in land area among Florida's 67
counties. Suburban and tourist needs and demands
have led to a recent rapid growth of Broward




County. On the basis of a 1968 estimated population of nearly one-half million, the county ranks
third in the State; and has shown a rate of increase
in population from 1960 to 1968 that is greater
than that for the State as a whole. Prospects for
the county's continued growth are regarded as
favorable. Fort Lauderdale, the largest city in the
county and the county seat, has a 1969 estimated
population of 150,000. It is regarded as one of the
leading tourist centers in the State and one of its
rapidly growing cities. Continued growth for the
city of Fort Lauderdale appears likely.
Applicant states that formation of the proposed
holding company system would result in certain
advantages to the subsidiary banks, particularly the
two smaller ones, in the nature of improved computer, accounting, and trust services, larger loan
capabilities, better resources for raising additional
equity capital and other services. However, it appears that the communities' needs for banking
services are being met adequately by the banks in
the relevant areas; and that the services mentioned
by Applicant can be provided within the existing
affiliate relationship. Considerations relating to the
convenience and needs of the communities served
by the proposed subsidiaries lend little, if any,
weight in favor of approval but are consistent
therewith.
Summary and conclusion. On the basis of all
the relevant facts contained in the record, and in
the light of the factors set forth in section 3(c)
of the Act, it is the Board's judgment that the
proposed transaction would be in the public interest and that the application should be approved.
JEFFERSON BANCORP, INC.,
MIAMI BEACH, FLORIDA
In the matter of the application of Jefferson
Bancorp, Inc., Miami Beach, Florida, for approval
of action to become a bank holding company
through the acquisition of 80 percent or more of
the voting shares of Jefferson National Bank of
Miami Beach, Florida, and Jefferson National
Bank at Sunny Isles, Sunny Isles, Florida.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to section 3 ( a ) ( l ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(l))
and section 222.3 (a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by
Jefferson Bancorp, Inc., Miami Beach, Florida,

87

LAW DEPARTMENT

for the Board's prior approval of action whereby
Applicant would become a bank holding company
through the acquisition of 80 per cent or more of
the voting shares of Jefferson National Bank of
Miami Beach, Miami Beach, Florida, and Jefferson National Bank at Sunny Isles, Sunny Isles,
Florida.
As required by section 3(b) of the Act, the
Board notified the Comptroller of the Currency
of receipt of the application and requested his
views and recommendation. The Comptroller indicated that he had no objection to approval of
the application.
Notice of receipt of the application was published in the Federal Register on July 25, 1969 (34
Federal Register 12304), providing an opportunity for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the Department of
Justice for its consideration. Time for filing comments and views has expired and all those received
have been considered by the Board.
IT IS HEREBY ORDERED, for the reason set forth

in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the action so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than
three months after the date of this Order, unless
such period is extended for good cause by the
Board, or by the Federal Reserve Bank of Atlanta pursuant to delegated authority.
Dated at Washington, D.C., this 8th day of
January, 1970.
By order of the Board of Governors.
Voting for this action: Chairman Martin and Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent
and not voting: Governors Robertson and Daane.
(Signed) KENNETH A. KENYON,

Deputy Secretary,
[SEAL]
STATEMENT

Jefferson Bancorp, Inc., Miami Beach, Florida
("Applicant"), has filed with the Board, pursuant
to section 3 (a) (1) of the Bank Holding Company
Act of 1956, an application for approval of
action to become a bank holding company through
the acquisition of 80 per cent or more of the
voting shares of Jefferson National Bank of
Miami Beach, Miami -Beach, Florida ("Miami
Beach Bank"); and Jefferson National Bank at
Sunny Isles, Sunny Isles, Florida ("Sunny Isles
Bank").




Views and recommendation of supervisory
authority. As required by section 3(b) of the Act,
the Board gave written notice of receipt of the
application to the Comptroller of the Currency
and requested his views and recommendation. The
Comptroller indicated that, based on Applicant's
representations, his office had no objection to the
proposal.
Statutory considerations. Section 3(c) of the
Act provides that the Board shall not approve an
acquisition that would result in a monopoly or
would be in furtherance of any combination or
conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the
United States. Nor may the Board approve a proposed acquisition, the effect of which, in any section
of the country, may be substantially to lessen competition, or to tend to create a monopoly, or which in
any other manner would be in restraint of trade, unless the Board finds that the anticompetitive effects
of the proposed transaction are clearly outweighed in
the public interest by the probable effect of the transaction in meeting the convenience and needs of
the communities to be served. In each case the
Board is required to take into consideration the
financial and managerial resources and future
prospects of the bank holding company and the
banks concerned, and the convenience and needs
of the communities to be served.
Competitive effect of proposed transaction.
There are 14 bank holding companies in the State
of Florida, which, in the aggregate, holds deposits
of $4.8 billion,1 representing 40.7 per cent of the
State's total deposits. Upon acquisition of Miami
Beach Bank ($36 million deposits) and Sunny
Isles Bank ($8 million deposits), Applicant would
rank fourteenth in size among 15 bank holding
companies in the State. The consummation of Applicant's proposal would increase the percentage
of banking deposits held by bank holding companies in Florida by less than .4 per cent and
would not significantly affect State-wide banking
concentration.
Miami Beach Bank commenced its operations in
1964, and Sunny Isles Bank opened in 1965.
Miami Beach Bank is situated about eight miles
south of the Sunny Isles Bank. Both banks are
located in Dade County, but serve separate por1
AU banking data are as of June 30, 1969, unless
otherwise noted, and are adjusted to reflect holding
company formations and acquisitions approved by the
Board to date.

88

FEDERAL RESERVE BULLETIN o JANUARY 1970

tions of the Miami Beach area. There are no other
banks located within the area served by either;
both, however, compete with banks located just
outside the areas which they serve. Four banks,
with deposits ranging from $25 million to $149
million, are located within a radius of about three
miles from Miami Beach Bank, and six banks, with
deposits of $12 to $34 million, are located at distances of from two to seven miles from Sunny
Isles Bank.
The two subject banks control 1.6 per cent of
the $2.8 billion deposits held by 63 banks in the
county. Six bank holding companies control 18 of
these banks, and account, in the aggregate, for 52
per cent of the county's total deposits. The increase in concentration which would result from
consummation of Applicant's proposal would not
be significant in any case.
The two subject banks have been affiliated as a
result of common individual ownership since July
1968. Even in the absence of such affiliation, it
does not appear that significant competition would
exist between the two banks, considering the difference in their sizes, the distance between their
offices, and the number and size of intervening
banks. In the light of the prohibition of branching
under Florida law, it appears that these same factors would likewise limit future competition between the two banks.
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 part of the
country.
Financial and managerial resources and future
prospects. Applicant, a newly organized Florida
corporation, has no financial or operating history.
Its projected financial condition and management
aopear satisfactory, and its prospects, which would
be dependent upon those of the two banks it proposes to acquire, also appear satisfactory.
The Miami Beach Bank is considered to be in
a generally satisfactory financial condition, and to
have capable management. The bank is experiencing satisfactory growth, and its prospects are
considered favorable.
The financial condition of the Sunny Isles Bank
is satisfactory and its management, as supplemented by the Miami Beach Bank, is also considered satisfactory. The bank has experienced




moderate growth, and its prospects appear favorable.
On the basis of the foregoing, considerations
relating to the banking factors are consistent with
approval of the application.
Convenience and needs of the communities involved. The service area of the Miami Beach Bank
includes residential and commercial sections with
an estimated population of 25,000. The population fluctuates with the tourist season, but the construction of apartment accommodations has
brought permanent residents to the area. Miami
Beach Bank and the competing banks which are
located near its service area offer a wide range of
banking services, and consummation of this proposal would not result in a change in the services
now being offered.
The area served by the Sunny Isles Bank is a
tourist area which has a population of 3,000 permanent residents; its commercial establishments
consist mainly of motel and hotel accommodations. The banking needs of the area's residents
and businesses appear to be adequately served by
the Sunny Isles Bank and the competing banks located near the service area. There are proposals
for construction in the area which may attract
more permanent and semi-permanent residents.
Although the banking needs of the relevant
areas appear to be adequately served, the formation of the holding company would permit greater
cooperation between the two proposed subsidiary
banks, which would serve to facilitate expansion
of their lending activities, and which could result
in more efficient operations and services to the expanding communities which they serve. The considerations relating to the banking factors are consistent with approval of the application, and lend
some weight in support thereof.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
action would be in the public interest and that the
application should be approved.
CENTRAL BANKING SYSTEM INC.,
OAKLAND, CALIFORNIA
In the matter of the application of Central Banking System, Inc., Oakland, California, for approval of acquisition of 51 per cent or more of the
voting shares of Tahoe National Bank, South Lake
Tahoe, California.

89

LAW DEPARTMENT

ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY

There has come before the Board of Governors,
pursuant to section 3(a) (3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)3)),
and section 222.3 (a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), an application by Central Banking System, Inc., Oakland, California, a
registered bank holding company, for the Board's
prior approval of the acquisition of 51 per cent or
more of the voting shares of Tahoe National Bank,
South Lake Tahoe, California.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and
requested his views and recommendation thereon.
In response, the Comptroller recommended approval of the application.
Notice of receipt of the application was published in the Federal Register on October 21, 1969
(34 Federal Register 17086), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said application be and hereby is approved, provided that
the acquisition so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order, or (b) later than
three months after the date of this Order, unless
such time shall be extended for good cause by the
Board, or by the Federal Reserve Bank of San
Francisco pursuant to delegated authority.
Dated at Washington, D. C , this 23rd day of
December, 1969.
By order of the Board of Governors.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Maisel, Brimmer, and
Sherrill. Absent and not voting: Chairman Martin.
(Signed) KENNETH A. KENYON,

Deputy Secretary.
[SEAL]
STATEMENT

Central Banking System, Inc., Oakland, California ("Applicant"), 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 51 per cent
or more of the voting shares of Tahoe National
Bank, South Lake Tahoe, California ("Bank").
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
the Board gave written notice of receipt of the application to the Comptroller of the Currency and
requested his views and recommendation thereon.
In response, the Comptroller recommended approval of the application.
Statutory considerations. Section 3(c) of the
Act provides that the Board shall not approve an
acquisition that would result in a monopoly or
would be in furtherance of any combination or
conspiracy to monpolize or to attempt to monopolize the business of banking in any part of the
United States. Nor may the Board approve a proposed acquisition, the effect of which, in any section of the country, may be substantially to lessen
competition, or to tend to create a monopoly, or
which in any other manner would be in restraint
of trade, unless the Board finds that the anticompetitive effects of the proposed transaction are
clearly outweighed in the public interest by the
probable effect of the transaction in meeting the
convenience and needs of the communities to be
served. In each case, the Board is required to take
into consideration the financial and managerial resources and future prospects of the bank holding
company and the banks concerned, and the convenience and needs of the communities to be
served.
Competitive effect of proposed transaction. Applicant is the second largest of six registered bank
holding companies operating in the State of California. The deposits 1 controlled by the six holding companies combined represent approximately
10 per cent of total bank deposits in the State. The
largest of the six holding companies controls 8 per
cent of such deposits. Applicant's subsidiary banks
have deposits of $255.7 million, which represent
.58 per cent of California bank deposits.
Applicant has four subsidiary banks, the largest
of which, the Central Valley National Bank, Oakland, Alameda County, California (deposits
$212.3 million), operates 34 banking offices in 11
California counties. Applicant's other subsidiaries
are unit banks which operate in three counties in
which the Central Valley National Bank also has
offices. The subsidiaries are: (1) First National
Bank of Fresno, Fresno County (deposits $24.9
1
All banking data are as of June 30, 1969, and refer
to insured commercial banks.

90

FEDERAL RESERVE BULLETIN a JANUARY 1970

million); (2) Peninsula National Bank of Burlingame, San Mateo County (deposits $11.7 million) ; and (3) Livermore National Bank, Alameda
County (deposits $6.8 million). Based upon the
shares of deposits held by subsidiaries of Applicant
in the counties in which it is represented, it is reasonably concluded that Applicant does not hold a
monopoly nor occupy a dominant position in any
market.
Bank is located in South Lake Tahoe, El
Dorado County, California, where it operates two
offices. Its service area, which approximates the
relevant market, comprises the eastern portion of
El Dorado County, together with the western
portion of Douglas County, Nevada, and is located at the southern shore of Lake Tahoe. Bank
is located approximately 115 miles distant from
the closest subsidiary of Applicant. Neither Bank
nor any of Applicant's subsidiaries derive any substantial business in any area served by the other.
There is, therefore, no significant existing competition between subsidiaries of Applicant and Bank
which will be eliminated by consummation of the
proposed transaction.
Although, under California banking law, any
subsidiary of Applicant could establish a de novo
office in the relevant market, this is not a realistic
possibility. In addition to Bank, the market, with
an estimated population of 20,000 persons, is already served by branches of five larger California
and Nevada banking organizations. These factors,
together with Applicant's distant location from the
market, makes its entry there unlikely. There is,
therefore, no substantial potential competition between Bank and subsidiaries of Applicant which
will be eliminated by the proposed acquisition.
Consummation of the proposed transaction
would not result in an increase in concentration
of banking resources in any area served by Bank
or by any subsidiary of Applicant. Applicant's
share of the total deposits held by all commercial
banks in the State of California would increase
from .58 to .59 per cent. The Board finds, therefore, that acquisition of Bank by Applicant would
not significantly increase the concentration of commercial banking resources in the State. Bank possesses the third largest share of bank deposits held
by the six banking institutions which operate in
the relevant market area. Competition between
Bank and the other banks located in the market is
likely to become more aggressive if Bank is operated as a subsidiary of Applicant. No adverse
effect upon the competitive position of other banks
is reasonably foreseen in Applicant's proposal.




Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not result in a monopoly or be in furtherance of any combination, conspiracy, or attempt
to monopolize the business of banking in any area,
and would not substantially lessen competition,
tend to create a monopoly, or restrain trade in any
section of the country.
Financial and managerial resources and future
prospects. The financial conditions and managements of Applicant and its subsidiaries are regarded as generally fair. Applicant's prospects and
those of its subsidiaries are regarded as favorable.
Bank's financial condition, its management, and
its prospects, in its present circumstances, are regarded as substantially less than satisfactory. Since
commencement of operations in 1963, its capital
funds have been reduced substantially and further
reductions are likely to occur in the future. Bank's
problems are primarily related to its need for improved and experienced management. In this connection, Applicant has recently made available to
Bank an experienced banker who is engaged in
supervising the Bank's over-all operations, including approval of alj loans. The experienced management services thus being provided would, upon
consummation of the proposal, continue on a permanent basis. With capable management, Bank's
prospects should be satisfactory. Considerations relating to the banking factors, as applied to the
transaction, therefore, are regarded as weighted
heavily in favor of approval.
Convenience and needs of the communities involved. Consummation of the proposed transaction would have no effect on customers of Applicant's present subsidiaries.
• There is no evidence that the general banking
needs of residents of the relevant market are going
unserved. As indicated, Bank is not participating
in a meaningful manner in serving its customers.
Through its affiliation with Applicant, Bank should
be able to offer such residents an additional alternate source of full-service banking. Considerations relating to the convenience and needs of the
community, therefore, support approval of the
application.
Summary and conclusion. On the basis of all
relevant facts contained in the record and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
acquisition would be in the public interest, and
that the application should be approved.

91

LAW DEPARTMENT

SOCIETY CORPORATION,
CLEVELAND, OHIO
In the matter of the application of Society Corporation, Cleveland, Ohio, for approval of acquisition of up to 100 per cent (less directors' qualifying shares) of the voting shares of The American
Bank, Port Clinton, Ohio.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY

There has come before the Board of Governors,
pursuant to section 3(a)(3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), an application by Society
Corporation, Cleveland, Ohio, a registered bank
holding company, for the Board's prior approval
of the acquisition of up to 100 per cent (less directors' qualifying shares) of the voting shares of The
American Bank, Port Clinton, Ohio.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Superintendent of Banks for the State
of Ohio and requested his views and recommendation. The Superintendent recommended approval
of the application.
Notice of receipt of the application was published in the Federal Register on August 26, 1969
(34 Federal Register 13681) providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments has expired and all those received have been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said application be and hereby is approved, provided that
the acquisition so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than
three months after the date of this Order, unless
such period is extended for good cause by the
Board, or by the Federal Reserve Bank of Cleveland, pursuant to delegated authority.
Dated at Washington, D- C. this 29th day of
December 1969.
By order of the Board of Governors.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Martin and
Governor Maisel.
(Signed) KENNETH A. KENYON,

Deputy Secretary.
[SEAL]




STATEMENT

Society Corporation, Cleveland, Ohio ("Applicant"), 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 up to 100 per cent
(less directors' qualifying shares) of the voting
shares of The American Bank, Port Clinton, Ohio
("Bank").
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
notice of receipt of the application was given to
the Superintendent of Banks for the State of Ohio,
and his views and recommendation were requested. The Superintendent recommended approval of the application.
Statutory considerations. Section 3(c) of the
Act provides that the Board shall not approve an
acquisition that would result in a monopoly or
would be in furtherance of any combination or
conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the
United States. Nor may the Board approve a proposed acquisition, the effect of which, in any section of the country, may be substantially to lessen
competition, or to tend to create a monopoly, or
which in any other manner would be in restraint
of trade, unless the Board finds that the anticompetitive effects of the proposed transaction are
clearly outweighed in the public interest by the
probable effect of the transaction in meeting the
convenience and needs of the communities to be
served. In each case, the Board is required to take
into consideration the financial and managerial
resources and future prospects of the bank holding
company and the banks concerned, and the convenience and needs of the communities to be
served.
Competitive effect of the proposed transaction.
The 10 largest banking organizations in Ohio control about 45 per cent of deposits held by all commercial banks in the State.1 Applicant is the fifth
largest banking organization and the second largest
of six bank holding companies in the State. It controls four banks with aggregate deposits of $806.6
million, representing 4.1 per cent of the total deposits in the State. Acquisition of Bank ($24.5
million deposits) would increase Applicant's share
of the total deposits in the State to 4.2 per cent and
^11 banking data are as of June 30, 1969, adjusted
to reflect holding company formations and acquisitions approved by the Board to date.

92

FEDERAL RESERVE BULLETIN a JANUARY 1970

would not change Applicant's position relative to
other banking organizations and bank holding
companies in the State.
Applicant's largest subsidiary bank is Society
National Bank, which has deposits of $699 million and is the fourth largest bank in Cleveland.
Its other subsidiaries are The Springfield Bank,
Springfield ($69 million deposits); The Fremont
Savings Bank Company, Fremont ($22 million deposits) ; and The Western Reserve Bank of Lake
County, Painesville ($16 million).
Bank, the only office of which is located in Port
Clinton, Ohio (population 7,900), is the largest
of seven banks in Ottawa County, and serves an
area which extends about five miles west and
southwest of Port Clinton and eastward to the end
of the Marblehead and Catawba Peninsulas. One
other bank, with about $15 million in deposits, is
located in Port Clinton, and three other banks,
located about 12 miles from Port Clinton, compete
in the area described. It does not appear that any
undue adverse effect on competing banks would
result from consummation of Applicant's proposal.
The only one of Applicant's subsidiary banks
which has an office within 60 miles of Port Clinton is The Fremont Savings Bank ($22 million
deposits), which is located in Fremont, Sandusky
County, 16 miles southeast of Port Clinton. Although no competing banks are located on direct
access routes between Fremont and Port Clinton,
neither Bank nor Fremont Savings Bank derives
more than a minor amount of business from the
area served by the other, and no significant competition exists between them. This appears to be a
result of the different economic base of the two
areas and of natural geographical barriers which
separate them. Port Clinton is located on Lake
Erie and is well known as a recreational community. Fremont is located in an area of very
level land of lake bed origin which is primarily
devoted to agriculture; farms in the area average
between 100 and 150 acres. Much of the area
between Port Clinton and Fremont is swamp land.
Because of these factors, there are no significant
commercial ties between the two areas. This is to
some extent reflected by the loan portfolios of
Bank and Fremont Savings Bank: about 23 per
cent of Bank's loans are boat loans, whereas Fremont Savings Bank has no significant amount of
loans of this type; almost 10 per cent of the loans
made by Fremont Savings Bank are loans to
farmers, which constitute less than .5 per cent of
Bank's portfolio.
In view of the above, and considering the dis-




tance between Bank and Applicant's other subsidiaries, it does not appear that any significant
competition would be eliminated by consummation of the present proposal. The same considerations would appear to preclude any likelihood that
such competition would develop between Bank
and those subsidiaries in the future.
In evaluating the potential for future competition between Bank and Applicant, the Board has
also considered the possibility that Applicant might
enter into competition in Ottawa County through
the alternative means of acquisition of a smaller
bank or establishment of a new bank, and has concluded that neither of those courses appears likely.
The population of Ottawa County is only 39,000,
and has increased only 10 per cent since 1960.
Seven banks operate eight banking offices in the
county, and the population per banking office is
almost one-third lower than the State average
(4,805 versus 6,730). Economic growth of the
area has also been slow, with a disposable income
per banking office of $12.3 million versus a State
average of $19.7 million. No new bank has been
started in the county since 1934. Port Clinton is
the only significant city in Ottawa County, and is
therefore the only banking location in the county
likely to be attractive to a holding company contemplating an acquisition in the area. The only
other bank in the city is a subsidiary of a corporation with diversified financial and manufacturing
interests, and does not appear to represent a likely
alternative acquisition.
The data presented reflect that Applicant's acquisition of Bank would not eliminate existing competition or foreclose potential competition and would
have no significant impact upon the degree of concentration of banking resources in any relevant
market. On the record before the Board, it is concluded that the proposed acquisition would not
result in a monopoly or be in furtherance of any
combination or conspiracy to monopolize the business of banking in any relevant area. Approval of
the application would not substantially lessen competition, tend to create a monopoly, or restrain
trade in any section of the country.
Financial and managerial resources and future
prospects. The financial condition of Applicant, its
subsidiary banks and Bank is generally satisfactory. All have competent management. Bank's
chief executive officer and his wife, who serves as
executive vice president of Bank, are its principal
stockholders. Both are past the usual retirement
age and Applicant's proposal would avoid the uncertainties which could result from their retire-

93

LAW DEPARTMENT

ment. Prospects of Applicant, its present subsidiaries, and Bank appear favorable.
These considerations are consistent with approval of the present application, and lend some
weight in support for such action as they relate
to Bank.
Convenience and needs of the communities involved. Consummation of the present proposal
would not affect the convenience or needs of customers served by Applicant's present subsidiary
banks.
In general, the banking needs of the Port Clinton area have been served adequately by the banks
located there. On consummation of the acquisition, however, Bank, drawing on the resources of
the Applicant, would offer trust services, automated demand deposit account reconcilation,
automated payroll services, and other services not
now available locally.
Additionally, Applicant plans to develop Bank's
capacity for commercial and industrial lending.
The prospects for economic growth of the community appear closely related to the growth of the
Erie Industrial Park, which was established in
1965 on the former site of the United States Government Erie Ordnance Depot. Applicant states
that there is a need for local commercial financing
which would attract additional firms to the industrial park. Assistance from Applicant's other banking subsidiaries would be available in negotiating
these more complex credits and in arranging participations to meet credit needs beyond Bank's
lending capacity.
Considerations relating to the convenience and
needs of the community served by Bank provide
some weight in favor of approval of this application.
Summary and conclusion. On the basis of all
relevant facts contained in the record and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
acquisition would be in the public interest, and
that application should be approved.

ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY

There has come before the Board of Governors,
pursuant to section 3(a) (3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by
First at Orlando Corporation, Orlando, Florida, a
registered bank holding company, for the Board's
prior approval of the acquisition of at least 80 per
cent of the voting shares of First National Bank of
Melbourne, Melbourne, Florida.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and requested his views and recommendation. The
Comptroller recommended approval of the application.
Notice of receipt of the application was published in the Federal Register on September 9,
1969 (34 Federal Register 14189), providing an
opportunity for interested persons to submit comments and views with respect to the proposal. A
copy of the application was forwarded to the
United States Department of Justice for its consideration. Time for filing comments and views has
expired and all those received have been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth

in the Board's Statement of this date, that said application be and hereby is approved, provided that
the acquisition so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three
months after the date of this Order, unless such
period is extended for good cause by the Board,
or by the Federal Reserve Bank of Atlanta, pursuant to delegated authority.
Dated at Washington, D. C , this 30th day of
December 1969.
By order of the Board of Governors.
Voting for this action: Vice Chairman Robertson
and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Martin and
Governor Mitchell.
(Signed) KENNETH A. KENYON,

FIRST AT ORLANDO CORPORATION,
ORLANDO, FLORIDA
In the matter of the application of First at
Orlando Corporation, Orlando, Florida, for approval of acquisition of at least 80 per cent of the
voting shares of First National Bank of Melbourne, Melbourne, Florida.




Deputy Secretary.
[SEAL]
STATEMENT

First at Orlando Corporation, Orlando, Florida
("Applicant"), a registered bank holding company, has applied to the Board of Governors, pursuant to section 3(a) (3) of the Bank Holding

94

FEDERAL RESERVE BULLETIN • JANUARY 1970

Company Act of 1956 (12 U.S.C. 1842(a)(3)),
for prior approval of the acquisition of at least 80
per cent of the voting shares of First National
Bank of Melbourne, Melbourne, Florida ("First
Melbourne Bank").
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
the Board gave written notice of receipt of the application to the Comptroller of the Currency, and
requested his views and recommendation. The
Comptroller recommended approval of the application.
Statutory considerations. Section 3(c) of the
Act provides that the Board shall not approve an
acquisition that would result in a monopoly or
would be in furtherance of any combination or
conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the
United States. Nor may the Board approve a proposed acquisition, the effect of which, in any section of the country, may be substantially to lessen
competition, or tend to create a monopoly, or
which in any other manner would be in restraint
of trade, unless the Board finds that the anticompetitive effects of the proposed transaction are
clearly outweighed in the public interest by the
probable effect of the transaction in meeting the
convenience and needs of the communities to be
served. In each case the Board is required to take
into consideration the financial and managerial
resources and future prospects of the bank holding
company and the banks concerned, and the convenience and needs of the communities to be
served.
Competitive effect of the proposed transaction.
The 10 largest banking organizations in Florida,
all of which are bank holding companies, control
38 per cent 1 of all banking deposits in the State.
Applicant has 13 subsidiary banks with aggregate
deposits of $404 million, representing 3.5 per cent
of the deposits held by all Florida banks. The
acquisition of First Melbourne Bank ($16 million
deposits) would increase Applicant's control of
the State's banking deposits to 3.6 per cent, with
a resultant negligible effect on State-wide concentration. Applicant would remain the fifth largest
banking organization in Florida.
First Melbourne Bank is located in Brevard
County and serves an 11-mile coastal area with a
population of approximately 90,000. It is the
second largest of seven area banks. However, two
'AH banking data are as of June 30, 1969, unless
otherwise noted, but reflect holding company formations and acquisitions approved by the Board to date.




of the remaining six banks are subsidiaries of a
bank holding company, another is the subject of a
holding company application now pending before
the Board, and the remaining three are members
of an affiliated group of banks with aggregate deposits of $32 million. Another member of the latter group, located 11 miles north of First Melbourne Bank and just outside the area, also competes to some extent for area loans and deposits.
In terms of area deposits, First Melbourne Bank
is the third largest of the four banking organizations. While approval of the subject application
would enable the bank to compete more effectively
with other banks in the area, it does not appear
that there would be any undue adverse effect on
any competing bank.
Applicant's closest subsidiary is located in
Brevard County at Cocoa, 22 miles north of Melbourne; each of its other subsidiaries is more than
45 miles from Melbourne. There are a number of
banking alternatives in Cocoa and Melbourne, and
in the area between. Neither the Cocoa Bank nor
First Melbourne Bank derives any significant business from the area served by the other, and no
existing competition would be eliminated by consummation of the present proposal. Neither does
it appear, in view of the distances separating the
present subsidiary banks from First Melbourne
Bank, the presence of intervening banks, and the
prohibition against branching under Florida law,
that significant potential competition would be
foreclosed.
For the foregoing reasons, the Board concludes
that consummation of the present proposal would
not result in a monopoly or be in furtherance of
any combination, conspiracy or attempt to monopolize the business of banking in any part of
the United States, and would not restrain trade,
substantially lessen competition, or tend to create
a monopoly in any section of the country.
Financial and managerial resources and future
prospects. The financial condition of Applicant
and its subsidiary banks is generally satisfactory,
their managements are considered competent, and
the prospects for the group appear favorable.
The financial condition of First Melbourne Bank
is regarded as satisfactory. The present management of the bank is regarded as competent and
experienced, and its prospects are considered
favorable.
Considerations under the banking factors are
consistent with approval of the application.
Convenience and needs of the communities involved. The convenience and needs of customers

LAW DEPARTMENT

located in areas served by Applicant's present subsidiary banks would not be affected by the proposed acquisition.
It appears that the banking needs of Melbourne
and surrounding areas are being satisfactorily
served at present. No major changes are contemplated in the services now being offered by First
Melbourne Bank, but Applicant anticipates greater
efficiencies in the operation of the bank due to
benefits derived from the group affiliation, and
these efficiencies could provide indirect benefits to
the community which it serves. In addition, affiliation would provide greater facility in handling
large credit requests, and would permit broader




95
services to be offered, thereby assuring that bank
will continue to be a meaningful alternative to
larger organizations competing in the area.
The considerations relating to the convenience
and needs of customers in the area served by First
Melbourne Bank are consistent with, and provide
some weight in support of, approval of the application.
Summary and conclusion. On the basis of all
the relevant facts contained in the record, and in
the light of the factors set forth in section 3(c) of
the Act, it is the Board's judgment that the proposed acquisition would be in the public interest,
and that the application should be approved.
•

Announcements
DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS,
DEPUTY CHAIRMEN, AND DIRECTORS

The Board of Governors of the Federal Reserve System announced its appointments at the Federal
Reserve Banks and branches, effective January 1, 1970. The appointments are for Chairmen, who also
serve as Federal Reserve Agents, Deputy Chairmen, and directors at the Federal Reserve Banks, and for
directors at the Federal Reserve branches.
Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief biographic
data about each of the new appointees follow the listings.
CHAIRMEN AND FEDERAL RESERVE AGENTS
(One-year terms)
Federal Reserve Bank:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

JAMES S. DUESENBERRY, Professor of Economics, Harvard University, Cambridge, Massachusetts.
Albert L. Nickerson, former Chairman of the Board, Mobil Oil Corporation, New York, New York.
Willis J. Winn, Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pennsylvania.
Albert G. Clay, President, Clay Tobacco Company, Mt. Sterling, Kentucky.
Wilson H. Elkins, President, University of Maryland, College Park, Maryland.
Edwin I. Hatch, President, Georgia Power Company, Atlanta, Georgia.
EMERSON G. HIGDON, President, The Maytag Company, Newton,
Iowa.
Frederic M. Peirce, Chairman of the Board and Chief Executive Officer,
General American Life Insurance Company, St. Louis, Missouri.
Robert F. Leach, Attorney, Oppenheimer, Hodgson, Brown, Wolff and
Leach, St. Paul, Minnesota.
Dolph Simons, Editor, Journal-World, Lawrence, Kansas.
Carl J. Thomsen, Senior Vice President, Texas Instruments, Incorporated,
Dallas, Texas.
O. Meredith Wilson, President and Director, Center for Advanced Study
in the Behavioral Sciences, Stanford, California.
DEPUTY CHAIRMEN
(One-year terms)

Federal Reserve Bank:
Boston
New York

96




John M. Fox, President and Chairman of the Board, United Fruit Company, Boston, Massachusetts.
James M. Hester, President, New York University, New York, New York.

DEPUTY CHAIRMEN—Continued
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Bayard L. England, Chairman of the Board, Atlantic City Electric Company, Atlantic City, New Jersey.
J. Ward Keener, Chairman of the Board, The B. F. Goodrich Company,
Akron, Ohio.
Robert W. Lawson, Jr., Managing Partner of Charleston Office, Steptoe &
Johnson, Charleston, West Virginia.
John C. Wilson, President, Horne-Wilson, Inc., Atlanta, Georgia.
WILLIAM H. FRANKLIN, President, Caterpillar Tractor Company,
Peoria, Illinois.
Smith D. Broadbent, Jr., Owner, Broadbent Hybrid Seed Company, Cadiz,
Kentucky.
David M. Lilly, Chairman of the Board, Toro Manufacturing Corporation,
Minneapolis, Minnesota.
Willard D. Hosford, Jr., Vice President and General Manager, John Deere
Company, Omaha, Nebraska.
CHAS. F. JONES, President, Humble Oil & Refining Company, Houston,
Texas.
S. Alfred Halgren, Senior Vice President, Carnation Company, Los Angeles, California.

FEDERAL RESERVE BANK DIRECTORS
(Three-year terms)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

LOUIS W. CABOT, Chairman of the Board, Cabot Corporation, Boston,
Massachusetts.
Albert L. Nickerson (see above).
BayardL. England (see above).
Albert G. Clay (see above).
Robert W. Lawson (see above).
F. EVANS FARWELL, President, Milliken & Farwell, Inc., New Orleans,
Louisiana.
Emerson G. Higdon (see above).
Sam Cooper, President, HumKo Products, Division of Kraftco Corporation, Memphis, Tennessee.
David M. Lilly (see above).
Willard D. Hosford, Jr. (see above).
PHILIP G. HOFFMAN, President, University of Houston, Houston,
Texas.
S. Alfred Halgren (see above).

1
Each Federal Reserve Bank has a board of directors consisting of nine members, divided equally into
three classes, known as Classes A, B, and C. The six
A and B directors are elected by the member banks,
and the three C directors are appointed by the Board




l

of Governors. One term in each class of directors expires at the end of each year.
The Board of Governors designates the Chairmen
and Deputy Chairmen from among the Class C directors. Each Chairman also serves as the Federal Reserve Agent at his Bank.

97

98

FEDERAL RESERVE BULLETIN • JANUARY 1970
FEDERAL RESERVE BANK BRANCH DIRECTORS :
(Three-year terms unless otherwise indicated)
Federal Reserve Bank
and Branch:
New York
Buffalo
Cleveland
Cincinnati
Pittsburgh

Richmond
Baltimore

Charlotte

MORTON ADAMS, General Manager, Pro-Fac Cooperative Inc., Rochester, New York.
Phillip R. Shriver, President, Miami University, Oxford,
Ohio.
Lawrence E. Walkley, President and Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh,
Pennsylvania.
Arnold J. Kleff, Jr., Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Maryland.
E. CRAIG WALL, Sr., Chairman of the Board, Canal
Industries, Inc., Conway, South Carolina.

Atlanta
Birmingham

E. STANLEY ROBBINS, President, National Floor Products Company, Inc., Florence, Alabama.

Jacksonville

Henry K. Stanford, President, University of Miami, Coral
Gables, Florida.

Nashville

ROY J. FISHER, Manager, Tennessee Operations, Aluminum
Company of America, Alcoa, Tennessee.

New Orleans

D. BEN KLEINPETER, Wholesale Manager, Kleinpeter
Farms Dairy, Inc., Baton Rouge, Louisiana.

Chicago
Detroit

WILLIAM M. DEFOE, Chairman of the Board, Defoe
Shipbuilding Company, Bay City, Michigan.

St. Louis
Little Rock

Jake Hartz, Jr., President, Jacob Hartz Seed Company, Inc.,
Stuttgart, Arkansas.

Louisville

John G. Beam, President, Thomas Industries, Inc., Louisville, Kentucky.

Memphis

William L. Giles, President, Mississippi State University,
State College, Mississippi.

2
Federal Reserve branches have either five or
seven directors, of whom a majority are appointed by
the board of directors of the parent Federal Reserve
Bank, and the others are appointed by the Board of




Governors of the Federal Reserve System. The announcement of the appointments of branch directors
made by the Federal Reserve Banks is published on
page 102.

ANNOUNCEMENTS

99

FEDERAL RESERVE BANK BRANCH DIRECTORS—Continued
Minneapolis (2-year term)
Helena
Kansas City (2-year terms)
Denver

WILLIAM A. CORDINGLEY, Publisher, Great Falls Tribune, Great Falls, Montana.
Cris Dobbins, Chairman of the Board and President, Ideal
Basic Industries, Inc., Denver, Colorado.

Oklahoma City

C. W. Flint, Jr., Chairman of the Board, Flint Steel Corporation, Tulsa, Oklahoma.

Omaha

A. James Ebel, Vice President and General Manager, Cornhusker Television Corporation, Lincoln, Nebraska.

Dallas
El Paso

ALLAN B. BOWMAN, President and General Manager,
Banner Mining Company, Tucson, Arizona.

Houston

Geo. T. Morse, Jr., President and General Manager, Peden
Iron and Steel Company, Houston, Texas.

San Antonio

W. A. Belcher, Veterinarian and Rancher, Brackettville,
Texas.

San Francisco
Los Angeles
(2-year terms)
Portland

Leland D. Pratt, President, Kelco Company, San Diego,
California.
Frank Anderson, Farmer, Heppner, Oregon.

Salt Lake City

Royden G. Derrick, President and General Manager, Western Steel Company, Salt Lake City, Utah.

Seattle

FRANCIS G. CRANE, Owner-Manager, Crane and Crane
Orchards and Cold Storage, Brewster, Washington.




100

FEDERAL RESERVE BULLETIN a JANUARY 1970

Federal Reserve Bank of Boston
JAMES S. DUESENBERRY, Cambridge,
Massachusetts, who has been serving as a Boardappointed director of the Federal Reserve Bank
of Boston since January 1, 1969, was designated
Chairman of the Bank for the year 1970. Mr.
Duesenberry is Professor of Economics at Harvard University in Cambridge. As Chairman he
succeeds Howard W. Johnson, President of Massachusetts Institute of Technology, Cambridge,
Massachusetts, whose terms as Chairman and as
a director expired December 31, 1969.
LOUIS W. CABOT, Boston, Massachusetts,
was appointed a Class C director of the Federal
Reserve Bank of Boston for a three-year term
beginning January 1, 1970. Mr. Cabot is Chairman of the Board of Cabot Corporation in Boston. As a director he succeeds Howard W. Johnson (see preceding paragraph).
Federal Reserve Bank of New York
MORTON ADAMS, Rochester, New York,
was appointed a director of the Buffalo Branch of
the Federal Reserve Bank of New York for a
three-year term beginning January 1, 1970. Mr.
Adams is General Manager of Pro-Fac Cooperative Inc., in Rochester. As a director he succeeds
Gerald F. Britt, President of L-Brooke Farms,
Inc., Byron, New York, whose term expired
December 31, 1969.

Federal Reserve Bank of Richmond
E. CRAIG WALL, Sr., Conway, South Carolina, was appointed a director of the Charlotte
Branch of the Federal Reserve Bank of Richmond
for a three-year term beginning January 1, 1970.
Mr. Wall is Chairman of the Board of Canal Industries, Inc., in Conway. As a director he succeeds James A. Morris, Commissioner of The
South Carolina Commission on Higher Education,
Columbia, South Carolina, whose term expired
December 31, 1969.

Federal Reserve Bank of Atlanta
F. EVANS FARWELL, New Orleans, Louisiana, was appointed a Class C director of the
Federal Reserve Bank of Atlanta for a three-year
term beginning January 1, 1970. Mr. Farwell is




President of Milliken & Farwell, Inc., in New Orleans. As a director he succeeds John A. Hunter,
President of Louisiana State University, Baton
Rouge, Louisiana, whose term expired December
31, 1969.
E. STANLEY ROBBINS, Florence, Alabama,
was appointed a director of the Birmingham
Branch of the Federal Reserve Bank of Atlanta
for a three-year term beginning January 1, 1970.
Mr. Robbins is President of National Floor Products Company, Inc., in Florence. As a director he
succeeds Mays E. Montgomery, General Manager of Dixie Home Feeds Company, Athens,
Alabama, whose term expired December 31,
1969.
ROY J. FISHER, Alcoa, Tennessee, was appointed a director of the Nashville Branch of the
Federal Reserve Bank of Atlanta for a three-year
term beginning January 1, 1970. Mr. Fisher is
Manager of Tennessee Operations for the Aluminum Company of America in Alcoa. As a director he succeeds James E. Ward, Chairman of the
Board of Baird-Ward Printing Company, Nashville, Tennessee, whose term expired December 31,
1969.
D. BEN KLEINPETER, Baton Rouge, Louisiana, was appointed a director of the New Orleans Branch of the Federal Reserve Bank of
Atlanta for a three-year term beginning January
1, 1970. Mr. Kleinpeter is Wholesale Manager of
Kleinpeter Farms Dairy, Inc., in Baton Rouge.
As a director he succeeds George B. Blair, General Manager of American Rice Growers Cooperative Association, Lake Charles, Louisiana, whose
term expired December 31, 1969.
Federal Reserve Bank of Chicago
EMERSON G. HIGDON, Newton, Iowa, who
had been serving as Deputy Chairman since January 1,1969, and has been a Board-appointed director of the Federal Reserve Bank of Chicago since
January 1, 1967, was designated Chairman of the
Bank for the year 1970. Mr. Higdon is President
of The Maytag Company in Newton. As Chairman he succeeds Franklin J. Lunding, Chairman
of the Finance Committee of Jewel Companies,
Inc., Melrose Park, Illinois, whose term as Chairman expired December 31, 1969.
WILLIAM H. FRANKLIN, Peoria, Illinois,
who has been serving as a Board-appointed di-

101

ANNOUNCEMENTS
rector of the Federal Reserve Bank of Chicago
since January 1, 1969, was appointed Deputy
Chairman of the Bank for the year 1970. Mr.
Franklin is President of Caterpillar Tractor Company in Peoria. As Deputy Chairman he succeeds
Emerson G. Higdon (see preceding paragraph).

Bank for the year 1970. Dr. Jones is President
of Humble Oil & Refining Company, in Houston.
As Deputy Chairman he succeeds Max Levine,
retired Chairman of the Board of Foley's in
Houston, whose terms as Deputy Chairman and
as a director expired December 31, 1969.

WILLIAM M. DEFOE, Bay City, Michigan,
was appointed a director of the Detroit Branch of
the Federal Reserve Bank of Chicago for a threeyear term beginning January 1, 1970. Mr. Defoe
is Chairman of the Board of Defoe Shipbuilding
Company in Bay City. As a director he succeeds
Max P. Heavenrich, Jr., President of Heavenrich
Bros, and Company, Saginaw, Michigan, whose
term expired December 31, 1969.

PHILIP G. HOFFMAN, Houston, Texas, was
appointed a Class C director of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1970. Dr. Hoffman is President
of the University of Houston. As a director he
succeeds Max Levine (see preceding paragraph).

Federal Reserve Bank of Minneapolis
WILLIAM A. CORD1NGLEY, Great Falls,
Montana, was appointed a director of the Helena
Branch of the Federal Reserve Bank of Minneapolis for a two-year term beginning January 1,
1970. Mr. Cordingley is Publisher of the Great
Falls Tribune in Great Falls. As a director he
succeeds Edwin G. Koch, President of Montana
College of Mineral Science and Technology,
Butte, Montana, whose term expired December
31, 1969.
Federal Reserve Bank of Dallas
CHAS F. JONES, Houston, Texas, who
been serving as a Board-appointed director of
Federal Reserve Bank of Dallas since October
1968, was appointed Deputy Chairman of




has
the
22,
the

ALLAN B. BOWMAN, Tucson, Arizona, was
appointed a director of the El Paso Branch of the
Federal Reserve Bank of Dallas for a three-year
term beginning January 1, 1970. Mr. Bowman is
President and General Manager of Banner Mining Company in Tucson. As a director he succeeds C. Robert McNally, Jr., a rancher at Roswell, New Mexico, whose term expired December
31, 1969.
Federal Reserve Bank of San Francisco
FRANCIS G. CRANE, Brewster, Washington,
was appointed a director of Seattle Branch of the
Federal Reserve Bank of San Francisco for a twoyear term beginning January 1, 1970. Mr. Crane
is Owner-Manager of Crane and Crane Orchards
and Cold Storage in Brewster. As a director he
succeeds William McGregor, Vice President of
McGregor Land and Livestock Company,
Hooper, Washington, whose term expired December 31, 1969.

102

FEDERAL RESERVE BULLETIN a JANUARY 1970

FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS'

The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1970 except as otherwise indicated.
Federal Reserve Bank
and Branch:

New York
Buffalo

Cleveland
Cincinnati

Pittsburgh

DAVID J. LAUB, President and Chief Executive Officer,
Midland Trust Company of Western New York,
New York, succeeds E. Perry Spink, Chairman
Board, Liberty National Bank and Trust Company,
New York.

Marine
Buffalo,
of the
Buffalo,

EDWARD W. BARKER, President, First National Bank, Middletown, Ohio, succeeds Robert J. Barth, President, The First
National Bank, Dayton, Ohio.
FRED O. MacFEE, JR., Vice President and General Manager,
Aircraft Engine Operating Division, General Electric Company, Evendale, Ohio, succeeds John W. Humphrey, Chairman of the Board, The Philip Carey Manufacturing Company, Cincinnati, Ohio.
ROBINSON F. BARKER, Chairman of the Board and Chief

Executive Officer, PPG Industries, Pittsburgh, Pennsylvania,
succeeds Charles M. Beeghly, Chairman of the Executive
Committee, Jones and Laughlin Steel Corporation, Pittsburgh, Pennsylvania.
JACK W. BINGHAM, President, The Merchants & Manufacturers

National Bank, Sharon, Pennsylvania, succeeds Thomas L.
Wentling, President, First National Bank of Westmoreland,
Greensburg, Pennsylvania.
Richmond
Baltimore

Charlotte

J. R. CHAFFINCH, JR., Executive Vice President, The Denton
National Bank, Denton, Maryland, succeeds John P. Sippel,
President, The Citizens National Bank, laurel, Maryland.
J. WILLIS CANTEY, President, The Citizens and Southern Na-

tional Bank, Columbia, South Carolina. (Reappointed)
Atlanta
Birmingham

HARVEY TERRELL, Chairman of the Board, The First National

Bank of Birmingham, Alabama, suceeds Will T. Cothran,
Chairman of the Board, Birmingham Trust National Bank,
Birmingham, Alabama.
Jacksonville

JAMES G. RICHARDSON, Chairman of the Board and President,

The Commercial Bank and Trust Company of Ocala, Florida, succeeds L. V. Chappell, President, First National
Bank, Clearwater, Florida.
1
Federal Reserve branches have either five or
seven directors, of whom a majority are appointed by
the board of directors of the parent Federal Reserve
Bank, and the others are appointed by the Board of




Governors of the Federal Reserve System. The announcement of appointments of branch directors made
by the Board of Governors is published on page 98.

ANNOUNCEMENTS
A tlan ta—Con United
Nashville

103

EDWARD C. HUFFMAN, Chairman of the Board and President,
First National Bank, Shelbyville, Tennesseee, succeeds Andrew Benedict, Chairman of the Board, First American
National Bank, Nashville, Tennessee.

New Orleans
H. P. HEIDELBERG, JR., President, Pascagoula-Moss Point
Bank, Pascagoula, Mississippi, succeeds A. L. Gottsche,
Executive Vice President, First Mississippi National Bank,
Biloxi, Mississippi.
Chicago
Detroit

ROLAND A. MEWHORT, Chairman of the Board, Manufacturers National Bank, Detroit, Michigan, succeeds John H.
French, Jr., President, City National Bank, Detroit, Michigan.
GEORGE L. WHYEL, President, Genesee Bank, Flint, Michigan.
(Reappointed)

St. Louis
Little Rock

ELLIS E. SHELTON, President, The First National Bank, Fayetteville, Arkansas. (Reappointed)
WAYNE A. STONE, President, Simmons First National Bank,
Pine Bluff, Arkansas. (Reappointed)

Louisville

JAMES C. ZIMMERMAN, Executive Vice President, The Owensboro National Bank, Owensboro, Kentucky, succeeds Wm.
G. Deatherage, President, Planters Bank & Trust Co., Hopkinsville, Kentucky.
PAUL CHASE, President, The Bedford National Bank, Bedford,
Indiana. (Reappointed)

Memphis

JAMES R. FITZHUGH, Executive Vice President, Bank of Ripley, Tennessee, succeeds Con T. Welch, President, Citizens
Bank, Savannah, Tennessee.
LEWIS K. MCKEE, Chairman of the Board, National Bank of
Commerce, Memphis, Tennessee, succeeds Allen Morgan,
Chairman of the Board, The First National Bank, Memphis,
Tennessee.

Minneapolis (2-year term)
Helena

Kansas City (2-year terms)
Denver




RICHARD D. RUBIE, Chairman of the Board and President,
Missoula Bank of Montana, Missoula, Montana, succeeds
B. Meyer Harris, President, The Yellowstone Bank, Laurel,
Montana.

ARMIN B. BARNEY, Chairman of the Board, The Colorado
Springs National Bank, Colorado Springs, Colorado. (Reappointed)

104

FEDERAL RESERVE BULLETIN a JANUARY 1970
Kansas City—Continued
Oklahoma City

Omaha

Dallas
El Paso

W. H. MCDONALD, Chairman of the Executive Committee,
The First National Bank and Trust Company of Oklahoma
City, Oklahoma, succeeds Howard J. Bozarth, Vice Chairman of the Board, The Fidelity National Bank and Trust
Company, Oklahoma City, Oklahoma.
JOHN W. HAY, JR., President, Rock Springs National Bank,
Rock Springs, Wyoming. (Reappointed)
S. N. WOHLBACH, President, First National Bank, Grand
Island, Nebraska. (Reappointed)

SAM D. YOUNG, JR., President, El Paso National Bank, El
Paso, Texas, succeeds Robert W. Heyer, Consultant, Southern Arizona Bank & Trust Company, Tucson, Arizona.
ARCHIE B. SCOTT, President, The Security State Bank, Pecos,
Texas. (Reappointed)

Houston

W. G. THORNELL, President, The First National Bank, Port
Arthur, Texas. (Reappointed)
JOHN E. WHITMORE, Chairman of the Board, Texas National
Bank of Commerce, Houston, Texas. (Reappointed)

San Antonio

W. O. ROBERSON, President, First National Bank, Brownsville,
Texas, succeeds J. R. Thornton, Chairman of the Board
and President, State Bank and Trust Company, San Marcos,
Texas.
T. C. FROST, JR., President, The Frost National Bank, San
Antonio, Texas. (Reappointed)

San Francisco (2-year terms)
Los Angeles

SHERMAN HAZELTINE, Chairman of the Board, First National
Bank of Arizona, Phoenix, Arizona. (Reappointed)

Portland

RALPH J. Voss, President, First National Bank of Oregon,
Portland, Oregon. (Reappointed)

Salt Lake City

WILLIAM E. IRVIN, President, The Idaho First National Bank,
Boise, Idaho. (Reappointed)

Seattle

JOSEPH C. BAILLARGEON, Chairman of the Board, Seattle
Trust & Savings Bank, Seattle, Washington, succeeds Maxwell Carlson, President, The National Bank of Commerce,
Seattle.




ANNOUNCEMENTS
CHANGES IN BOARD STAFF

The Board of Governors announced the following official staff promotions and appointments, effective January 1, 1970:
Normand R. V. Bernard was appointed an Assistant Secretary and Gordon B. Grimwood was
appointed Defense Planning Coordinator and Assistant Secretary.
Mr. Bernard joined the Board's staff as an economist in the Government Finance Section, Division
of Research and Statistics, in June 1962 and transferred to the Secretary's Office in January 1968 with
principal responsibility in the Federal Open Market
Committee area. He holds a B.A. from Assumption
College, Worcester, Massachusetts, and M.A. and
Ph.D. degrees from Boston College. Prior to his
Board service, he was an Instructor at Boston College.
Since joining the Board's staff in May 1941,
Mr. Grimwood has held positions in the Office of
the Secretary, Division of Research and Statistics,
Division of International Finance, and the Office
of Defense Planning. Prior to his appointment, he
had been the Assistant to the Director of the Division of International Finance.
Murray S. Wernick, Associate Adviser, and Bernard Shull, Assistant Adviser, in the Division of
Research and Statistics, were promoted to Adviser and Associate Adviser, respectively.
In addition, James L. Pierce and Stephen P.
Taylor were appointed Assistant Advisers in the
Division of Research and Statistics. Both will
continue to serve also in their former capacities:
Mr. Pierce as Chief of the Special Studies Section
and Mr. Taylor as Chief of the Flow of Funds
Section.
Mr. Pierce holds a Ph.D. from the University of
California at Berkeley. Before his appointment to
the Board's staff in August 1965, he was an Assistant
Professor of Economics at Yale University and a
staff member of the Cowles Foundation for Research in Economics.
Mr. Taylor joined the Board's staff in May 1953
as an economist in the Division of Research and
Statistics. He had previously been with the Office of
Business Economics, U.S. Department of Commerce. Mr. Taylor has an M.B.A. from the Graduate School of Business, Columbia University.
Donald E. Anderson was appointed an Assistant
Director in the Division of Administrative Services. Prior to joining the Board's staff as a Project
Representative for Construction in September
1968, Mr. Anderson was president of the Ander-




105
son Electric Co., a Washington-based electrical
contracting firm.
INCREASE IN INTEREST RATES AND PROPOSED
CHANGE IN RESERVE REQUIREMENTS

The Board of Governors of the Federal Reserve
System announced on January 20, 1970, an upward
realignment of maximum interest rates that member
commercial banks may pay on time and savings deposits. At the same time, the Board published for
comment a proposed rule applying reserve requirements to certain types of bank-related commercial
paper. The interest-rate changes became effective
January 21 while the proposed action on commercial
paper, if adopted, would become effective as of
February 26.
The dual moves were taken within the framework
of continued over-all credit restraint and were based
on these considerations: a rebalancing of the Board's
regulatory structure in the light of recently expanded authority in this field and developments in financial markets; a readjustment of the structure of
maximum interest rates payable by commercial
banks for deposits to bring it somewhat more in line
with going yields on market securities; the need for
greater equity in the rates that may be paid for
smaller savings balances; and a desire to encourage
longer-term savings in reinforcement of anti-inflationary measures.
The revisions in the Board's Regulation Q ceiling
rates were held to moderate size, so as not to foster
sudden and large movements of funds into the banking system that could cause distortions in traditional
financial flows or lead to an upsurge in the volume
of bank lending.
The revisions were made after consultation with
the Federal Deposit Insurance Corporation and the
Federal Home Loan Bank Board, which have parallel regulatory authority over the maximum interest
rates that may be paid by insured State nonmember
banks, mutual savings banks, and savings and loan
associations.
In taking the actions announced, the Board of
Governors expressed its belief that higher rates paid
to savers by institutions generally would increase
the pool of savings for investment in mortgages.
The change in the maximum interest rates payable on time and savings deposits is the first since
April 19, 1968, when maximum interest rates on
deposits of $100,000 or more were increased.
In the action, the Board raised from 4 to 4.5 per
cent the maximum rate national and State member
banks may pay on passbook savings, the first change
in this rate since November 24, 1964. The Board

106

FEDERAL RESERVE BULLETIN n JANUARY 1970

also approved the following maximum rate structure for other types of consumer-type deposits—
those of less than $100,000:
Maturity
30-89 days multiple maturity 1 ....
90 days and over multiple
maturity 1
30 days-1 year single maturity....
1 to 2 year single maturity
2 years or more single maturity . .

Maximum rate (%
New
Previous
4.50
4.00
5.00
5.00
5.50
5.75

500
5.00
5.00
5.00

1

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.

Previously, there was no provision in Regulation
Q for an interest rate above 5 per cent on consumertype deposits. The 1-year and 2-year instruments
that may now be offered by member banks at the
5.50 per cent and 5.75 per cent maximum rates, respectively, must be single-dated maturities.
The Board also approved the following schedule
of maximum rates that member commercial banks
may pay on time deposits of $100,000 or more:
Maturity
30-59 days
60-89 days
90-179 days
180 days to 1 year
1 year or more

Maximum rate (%)
New
Previous
6.25
5.50
6.50
5.75
6.75
6.00
7.00
6.25
7.50
6.25

In proposing to use new legislative authority for
the first time, the Board said it is considering a 10
per cent reserve requirement on funds obtained by
member banks through the issuance of commercial
paper or similar obligations by bank affiliates, including a member bank's parent company—either a
one-bank holding company or a company registered
under the Bank Holding Company Act.
On October 29, 1969, the Board announced
that it was considering amending its rules governing
the payment of interest on deposits to apply to funds
received by member banks from the issuance of
commercial paper by bank affiliates or by a parent
holding company. Subsequently, the Act of December 23, 1969, explicitly authorized the Board to
apply reserve requirements to such obligations. Accordingly, the Board has withheld action in applying
interest-rate ceilings to bank-related commercial
paper while it is considering amending its rules to
apply reserve requirements to the same type paper.
Comments on this proposal should be received by
the Board by February 16.
Commercial paper issued by bank holding companies or their affiliates has grown substantially during the last several months, totaling about $4 billion
at the end of December compared with a total




commercial paper market of about $33 billion.
Governor Robertson dissented from the action
increasing the maximum rates payable on time deposits of $100,000 or more. Governor Sherrill was
not present.
EARNINGS AND EXPENSES OF THE FEDERAL
RESERVE BANKS IN 1969 AND 1968
Preliminary figures received from the Federal Reserve Banks indicate that during 1969 their gross
current earnings amounted to $3,373 million. Expenses totaled $275 million, leaving net current
earnings of $3,098 million. With a $1 million net
deduction from profit and loss account, net earnings before payments to the U.S. Treasury were
$3,097 million. Payments to the U.S. Treasury as
interest on Federal Reserve notes amounted to
$3,019 million; statutory dividends to member
banks, $39 million; and additions to surplus accounts, $39 million.
Under the policy adopted by the Board of Governors at the end of 1964, all net earnings after
the statutory dividend to member banks and additions to surplus to bring it to the level of paid-in
capital were paid to the U.S. Treasury as interest
on Federal Reserve notes.
Compared with 1968, gross earnings were up
$609 million, or 22 per cent. The principal increases in earnings were as follows: on Government securities, $527 million; on discounts and
advances, $36 million; and on foreign currencies,
$45 million.
Expenses in 1969 were up $33 million, about
13 per cent, and dividends, $2 million.
Item

1969

1968

Thousands of dollars
3,373,360
274,973

2,764,446
242,350

Current net e a r n i n g s . . . . 3,098,387

2,522,096

Current earnings
Current expenses

Net addition to or deduction from (—) current net
earnings

-557

8,520

Net earnings before payments to U.S. Treasury.. 3,097,830

2,530,616

39,237
Dividends paid
Payments to U.S. Treasury
(interest on F.R. notes).. 3,019,161

2,463,629

39,432

30,027

Transferred to surplus

36,960

107

ANNOUNCEMENTS
ARRANGEMENTS RELATING TO SALES OF
GOLD BY SOUTH AFRICA TO THE
INTERNATIONAL MONETARY FUND

Under the two-tier gold system established at a
meeting in Washington on March 16-17, 1968, by
the central bank governors of seven countries (Federal Reserve BULLETIN, March 1968, p. 254),
central banks throughout the world have generally
neither sold gold in private gold markets nor bought
gold there. Since that time the question of appropriate arrangements for the sale of gold by South
Africa within the framework of the two-tier system
has been discussed among officials of the United
States, South Africa, certain other countries, and
the International Monetary Fund.
In December 1969 agreement was reached on
this question. The agreement was embodied in a
decision by the IMF. The IMF statement announcing the decision and letters to the IMF from South
African and U.S. authorities are reproduced below.
IMF ANNOUNCEMENT
After noting a policy statement of South Africa
with respect to the sale of gold and the handling of
its reserves, the International Monetary Fund today decided that it will buy gold offered to it by
South Africa whenever the latter indicates that the
offer is in accordance with this statement.
Under this policy, South Africa may offer to sell
gold to the Fund when the market price of gold
falls to $35 per fine ounce or below, in amounts
necessary to meet current foreign exchange needs
during any such period. Further, South Africa may
sell gold to the Fund, regardless of the price in the
private market, to the extent that South Africa has
a need for foreign exchange over a semiannual
period beyond the need that can be satisfied by the
sale of all current new gold production in the private
market.
At the same time South Africa intends to sell its
current production of gold in an orderly manner in
the private market to the full extent of current payments needs. However, South Africa may offer to
sell gold up to $35 million quarterly beginning January 1, 1970 from the stock of gold it held on March
17, 1968, reduced by sales it made to monetary authorities (including Fund-related transactions) after
that date and also by such future sales to monetary
authorities as it may make to finance deficits or as a
result of Fund-related transactions.
South Africa would also continue to use gold in
accordance with the Articles and past decisions of




the Fund whenever the occasion would arise, for
example, to pay charges, to make repurchases of
the Fund's holdings of rand or to pay the gold
subscription arising from any increase in South
Africa's quota. South Africa has stated that South
African rand purchased by other Fund members in
accordance with Fund procedures would generally
be converted into gold by South Africa on the request for conversion of the member purchasing the
rand from the Fund. The announced policy also
envisages that South Africa may offer to sell gold
to the Fund to obtain currency when South Africa
is designated by the Fund under the Articles to
receive special drawing rights from another participant in return for currency to be provided by South
Africa to the participant that is using its special
drawing rights. These Fund-related sales of gold will
not affect the volume of sales of newly-mined gold
in the market.
The Fund decision, which is taken without prejudice to the determination of the legal position
under the Fund's Articles of Agreement, is to be reviewed whenever requested because of a major
change in circumstances and in any event after five
years. The Fund also has accepted at this time an
offer previously made by South Africa to sell gold
to the Fund in return for 14.5 million pounds
sterling.
South Africa has also stated that when selling
gold other than in the private market it intends in
practice normally to offer such gold to the Fund.
The Fund took the decision to purchase gold from
South Africa with the understanding that members
generally do not intend to initiate gold purchases
directly from South Africa. Gold sold to the Fund
can be used by it whenever the Fund deems it necessary to replenish its holdings of member currencies.
Ordinarily, sales of gold to the Fund by South
Africa will be subject to a charge of one-quarter
of one per cent.
SOUTH AFRICAN LETTER
MINISTRY OF FINANCE
PRETORIA

23rd December, 1969
Dear Mr. Schweitzer,
As you know, for some time the Republic of
South Africa has been discussing with the United
States, with other members, and with you procedures for the orderly sale of newly-mined gold in
the market and the sale of gold to the International
Monetary Fund. I wish to inform you that as a re-

108

FEDERAL RESERVE BULLETIN n JANUARY 1970

suit of these discussions, the South African authorities have adopted a policy with respect to gold sales
and I would like to request that the Fund confirm
that it will be prepared in the light of this statement
of policy to buy gold from South Africa in the
circumstances and under the conditions set forth
below.
The following are the intentions of the South
African authorities as to the handling of newlymined gold and reserves.
(1) Without prejudice to the determination of
the legal position under the Articles of Agreement of the Fund, the South African authorities may offer to sell gold to the Fund for the
currencies of other members at the price of 35
Dollars per ounce, less a handling charge, as
follows:
(a) During periods when the market price of
gold falls to 35 dollars per ounce or below,
at which times offers to sell gold to the Fund
under this paragraph (a) would be limited
to amounts required to meet current foreign
exchange needs, and
(b) regardless of the price in the private market, up to the extent that South Africa experiences needs for foreign exchange over
semi-annual periods beyond those which can
be satisfied by the sale of all current new
gold production on the private market or by
sales to the Fund under paragraph (l)(a)
above.
(2) (a) The South African authorities intend
to sell current production of newly-mined
gold in an orderly manner on the private
market to the full extent of current payments needs. It is anticipated that new
production in excess of those needs during
a semi-annual period may be added to reserves.
(b) When selling gold other than in the private market, the South African authorities
intend in practice normally to offer such gold
to the Fund.
(c) The South African authorities may use
gold in normal Fund transactions, e.g. in repurchase of appropriate drawings from the
Fund, and to cover the gold portion of any
South African quota increase, and to obtain
currency convertible in fact to exchange
against special drawing rights for which
South Africa is designated by the Fund.
Rand drawn from the Fund by other members would generally be converted into gold




when Rand are included in drawings under
normal Fund procedures. These Fundrelated transactions, which may take place
without regard to the market price of gold,
will be reflected by changes in the composition of South Africa's reserves but will not
affect the volume of sales of newly-mined
gold in the market.
(3) Notwithstanding paragraphs ( l ) ( b ) and
(2) (a) above, the amount of gold held by
South Africa on March 17, 1968, reduced by
sales by South Africa to monetary authorities
(including Fund-related transactions) after
that date and further reduced by such future
sales to monetary authorities as may be made
to finance deficits or as a result of Fund-related
transactions, will be available for such additional monetary sales as the South African
authorities may determine, up to 35 million
Dollars quarterly beginning January 1, 1970.
It is also contemplated that as an implementation of this understanding, the Fund would
agree to purchase the amount of gold offered
to it by South Africa in May 1968.
In order to determine whether South Africa has
balance of payments surpluses or deficits as well as
to indicate other operational and procedural points
with respect to this policy, I enclose a memorandum
which clarifies these particular matters.
It would be appreciated if, in the light of these
policy intentions, the Fund were able to decide that
it would purchase gold from South Africa in the
circumstances outlined above. I would expect that
the Fund would review the situation at any time
if there were a major change in circumstances and
in any event after five years.
The South African authorities will work out with
the Managing Director consultation procedures on
the currencies to be purchased from the Fund with
gold.
I hope that this announced policy, the implementation of which I believe will be a contribution to
the stability of the International Monetary System,
and my suggestion meet with the concurrence of the
Fund. A copy of this letter has been sent to the Secretary of the Treasury of the United States.
Yours sincerely,
/ s / (N. Diederichs)
Minister of Finance
Republic of South Africa
The Managing Director
International Monetary Fund

109

ANNOUNCEMENTS
Operational and Procedural Points
A. For the present purposes, balance of payments
deficits and surpluses will be equal to the change
during the accounting period in the total of
South African official gold and foreign exchange
reserves, the net IMF position and changes in
SDR holdings, and any foreign assets held by
other South African banking institutions and
public agencies under swap arrangements with
the Reserve Bank. It is understood that changes
in gold holdings outside the monetary reserves
and in monetary banks' positions not covered by v
Reserve Bank swaps are normally not significant. If they should at any time become significant, further consideration will be given to their
inclusion in the calculation. SDR allocations will
not be considered as reducing a deficit or increasing a surplus as above defined. South Africa
does not envisage unusual or non-traditional
foreign borrowings or other special transactions
that would affect the elements listed in this paragraph.
B. Addition of newly mined gold to South African
reserves under paragraph 2(a) will take place
when there is a surplus for an accounting period.
It is envisaged that all new gold production, less
domestic consumption, during the accounting
period will be treated as a balance of payments
credit item and that it will, in fact, be sold
currently under paragraph l ( a ) and paragraph
2(a) to the full extent necessary to meet payments needs, except for the sales available under
paragraph 3, apart from the Fund transaction
initiated in May 1968.
C. Sales of gold by South Africa to monetary authorities under paragraph 1 (a) may be made for
any day when both London fixing prices are
$35.00 p.f.o. or below, in an amount reasonably commensurate with one-fifth of weekly
sales from new production required to be marketed to meet balance of payments needs.
D. Subject to paragraph 2 ( a ) :
1. Should sales to monetary authorities under
paragraph l ( b ) , plus sales of SDRs and drawings from the IMF by South Africa, exceed the
deficit defined under paragraph A of this
memorandum, such excess will be deducted from
the amount allowable for the first succeeding
accounting period wherein a deficit is again
encountered.
2. Should sales to monetary authorities under
paragraph l ( b ) , plus sales of SDRs and draw-




ings from the IMF, fall short of the amount
allowable for an accounting period in which
South Africa aims to finance its entire deficit by
these means, such shortfall will be added to the
amount allowable for the next succeeding accounting period.
3. It is expected that any discrepancies under
1 and 2 above will be minimal.
4. Should sales to monetary authorities under
paragraph l ( b ) , plus sales of SDRs and drawings from the IMF, fall short of the amount
allowable for an accounting period in which
South Africa does not aim to finance its entire
deficit by these means but chooses to sell more
on the free market than it undertakes to do in
paragraph 2(a), no correction will be made for
any succeeding accounting period.
E. When the price criterion is operative, sales of
gold to the IMF shall be attributed to the total
deficit, if any, during the accounting period. The
balance of such sales, if any, will be attributed
to newly mined gold to the extent of gold production during the accounting period.
F. Sales or payments under paragraph 2(c) in connection with IMF-related transactions are expected to take place only within the criteria
normally envisaged for IMF drawings by members, for use of members' currencies in drawings
by other members and for SDR transactions.
G. Fundamentally, it is expected that the composition of South African reserves will not be greatly
changed. In particular, it is understood that the
ratio of gold to total reserves will remain relatively stable. If South Africa should desire to
make additional sales of gold or otherwise exchange assets for the purpose of achieving a
basic change in the composition of its reserve
holdings, further discussion would be held with
a view to clarifying intentions.
U.S. LETTER
T H E SECRETARY OF THE TREASURY
WASHINGTON

December 24, 1969
Dear Mr. Schweitzer:
I have received a copy of the letter dated December 23, 1969, sent to you by Mr. Diederichs in
which he sets forth the intentions which South
Africa proposes to follow with respect to the handling of its newly-mined gold and reserves. This
matter bears importantly on the continued effective
functioning of the two-tier gold market which was

110

FEDERAL RESERVE BULLETIN a JANUARY 1970

initiated at a meeting on March 16-17, 1968, which
you attended.
In view of the intentions of South Africa, and in
view of discussions we have had with other Fund
members, I should like to inform you that I have
instructed the U.S. Executive Director to take the
following position. The United States is prepared
to support decisions of the International Monetary
Fund to purchase gold offered for sale by South
Africa in the circumstances and under the conditions described in that letter, assuming that there is
an understanding among Fund members generally




that they do not intend to initiate official gold purchases directly from South Africa. With this understanding, I believe that the policies to be followed
will be consistent with the stability and proper
functioning of the international monetary system.
Sincerely yours,
/s/
Paul A. Volcker
Acting Secretary
Managing Director
International Monetary Fund

National Summary of Business Conditions
Released for publication January 16

Industrial production declined somewhat further
in December and nonfarm employment edged down
but the unemployment rate was unchanged. Industrial commodity prices continued to rise. The money
supply and time and savings deposits rose but U.S.
Government deposits declined, as did total bank
credit. By mid-January, yields on U.S. Treasury
securities were down from the peak levels reached
in late December. Between mid-December and midJanuary, yields on seasoned corporate bonds increased.
INDUSTRIAL PRODUCTION

Industrial production declined for the fifth month
in a row in December to 170.9 per cent of the 195759 average. The index was down 0.3 per cent from
November and up 1.3 per cent from a year earlier.
For the year 1969, industrial output was 4.4 per
cent larger than in 1968.
Auto assemblies dropped 8 per cent further in
December to a seasonally adjusted annual rate of
7.2 million units, and in early January production
was cut again. Output of household appliances and
television sets declined again in December and
production of furniture continued at the reduced
October-November level. Output of industrial and
commercial equipment changed little from the
strike-lowered November rate. Output of freight
INDUSTRIAL PRODUCTION
1957-59=100
180
MATERIALS

f^*^

140
jsz/f INAL PRODUCTS
120
200
DURABLE
-T\
MANUFACTURES ^ / O - i

-

BUSINESS /
EQUIPMENT/

\

r~,M
^~sp^

180
160

>>^~*NONDURABLE
*f^
MANUFACTURES
i

i

i

•/S>/CONSUMER GOODS

i

i

F.R. indexes, seasonally adjusted. Latest figures: December.




and passenger equipment was maintained at record
levels in December, but production of farm equipment declined. Steel output was about unchanged,
while production of most other durable materials
declined.
EMPLOYMENT

Nonfarm employment declined in December as employment reductions in manufacturing, retail trade,
and construction more than offset further increases
in State and local government and services. Manufacturing employment declined for the fourth successive month with reductions mainly in the automotive and primary metals industries. The factory
workweek, at 40.6 hours, was virtually unchanged
from the October and November level. The over-all
unemployment rate was unchanged in December at
3.4 per cent.
RETAIL SALES

The value of retail sales in December was virtually unchanged from November and about 4 per
cent above a year earlier. Retail sales at both durable
and nondurable goods stores were maintained but
unit sales of new domestic autos declined in December and in early January.
COMMODITY PRICES

Average industrial commodity prices rose 0.4 per
cent from mid-November to mid-December as metals and machinery and equipment largely accounted
for the advance. Since then prices of copper and
lead and some steel products have increased further.
Consumer prices rose 0.5 per cent in November
reflecting large increases for food, apparel, and
services.
AGRICULTURE

The uptrend in farm output continued in 1969 as
crop production set a new high and livestock output was maintained at the 1968 record level with
beef and poultry meat exceeding 1968 output. Prospects for the first half of 1970 are for increased
production from a year earlier of beef, broilers, and
eggs, little change in milk, and some decline in pork.

Ill

FEDERAL RESERVE BULLETIN • JANUARY 1970

112
BANK CREDIT, DEPOSITS, AND RESERVES

Commercial bank credit declined $1.1 billion in December, offsetting about a third of the November
increase. Holdings of U.S. Treasury securities declined substantially, reflecting in part sales of taxanticipation bills acquired in the Treasury's lateNovember financing. Holdings of other securities
also declined. Repayments of broker-dealer loans
were large following substantial borrowings over
the two previous months. Business loans, however,
increased at a somewhat faster pace than earlier in
the fourth quarter while most other loan categories
continued to show moderate growth.
The money supply rose by $300 million in December, bringing the monthly average expansion to
$200 million in the fourth quarter compared with
no change in the third quarter and a $700 million
monthly average expansion earlier in the year. U.S.
Government deposits declined somewhat in December following a sharp buildup in November. Time
and savings deposits increased $700 million—the
first monthly rise in 1969. Attrition of large-denomination negotiable CD's was smaller than usual as
PRICES
Wholesale

large banks in New York continued to sell CD's to
foreign official sources. Consumer-type time and
savings deposits expanded at large banks, although
the increase was smaller than in December of other
recent years.
Net borrowed reserves of member banks averaged about $870 million over the 5 weeks ending
December 31 compared with $975 million in November. Member bank borrowings declined somewhat and excess reserves increased slightly.
SECURITIES MARKETS

Yields on U.S. Treasury securities have declined
from their peak levels reached in late December.
The 3-month bill was around 7.85 per cent in midJanuary, down from a record level of 8.08 per cent
on December 29. Over the same period, rates on intermediate and long-term Government notes and
bonds declined around 25 to 30 basis points.
Yields on municipal and newly issued corporate
bonds were down during the mid-December to midJanuary period, while seasoned corporate bond
yields increased. Stock prices rose slightly, on balance, with a moderate volume of trading.
INTEREST RATES

1965

Bureau of Labor Statistics "Farm products and foods" is
BLS "Farm products and processed foods and feeds." Latest
figures: Consumer, November; Wholesale, December.




1966

1967

1968

1969

1970

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 Jan. 9.

Financial and Business Statistics

CONTENTS
A 3

GUIDE TO TABULAR PRESENTATION
U.S. STATISTICS:

A 4
A
A
A
A
A
A
A
A

8
9
10
11
12
14
15
16

Member bank reserves, Federal Reserve Bank credit,
and related items
Federal funds—Major reserve city banks
Reserve Bank discount rates
Reserve and margin requirements
Maximum interest rates; bank deposits
Federal Reserve Banks
Open market account
Reserve Banks; bank debits
U.S. currency

A
A
A
A
A
A
A
A
A
A

17
18
19
23
26
31
32
33
35
36

Money supply; bank reserves
Banks and the monetary system
Commercial banks, by classes
Commercial banks
Weekly reporting banks
Business loans of banks
Bank rates
Other interest rates
Security markets
Stock market credit

A
A
A
A
A
A
A
A
A
A

37
37
39
40
42
45
48
50
54
58

Open market paper
Savings institutions
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
Consumer credit
Industrial production

A 62




Business activity

Continued on next page
A 1

A 2




FEDERAL RESERVE BULLETIN • JANUARY 1970

U.S. STATISTICS—Continued

A
A
A
A
A
A

62
64
66
66
68
70

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

72
73
74
75
76
89
90
91
92
93

U.S. balance of payments
Foreign trade
U.S. gold transactions
U.S. gold stock; 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

A 101 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.a.
Not available
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 (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
Semiannually

Issue

Banking offices:
Analysis of changes in number of.. .
On, and not on, Federal Reserve
Par List, number

Page

Aug. 1969

A-94

Aug. 1969

A-95

Annually—Continued

Issue

Page

Flow of funds:
Assets and liabilities:
1967
1955-68
Flows:
1955-68

May 1968
Nov. 1969

A-67.10
A-71.10

Nov. 1969

A-70

Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks

Feb. 1969

A-92

May 1969
May 1969
May 1969

A-95
A-104
A-107

Stock exchange firms, detailed debit
and credit balances

Sept. 1969

A-94

Annually
Bank holding companies:
List of, Dec. 31, 1968
Banking offices and deposits
group banks, Dec. 31, 1968

June 1969
Aug. 1969

A-96

of

Banking and monetary statistics, 1968..

Banks and branches, number, by class
and State




A-91

Mar. 1969 A-92—A-102
May 1969 A-91—A-94

Apr. 1969

A-91

BANK RESERVES AND RELATED ITEMS n JANUARY 1970

A 4

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date

U.S. Govt. securities >

Total

Bought
outright

Held
under
repurchase
agreement

Discounts
and
advances

Float 2

61
12
83
170
652

Other
F.R.
assets 3

Total <

Gold
stock

Treasury
currency
outstanding

Averages of daily figures
024
030
518
759
047
879

2,018
2,295
2,956
3,239
4,322
4,629

29,060
43,853
46,864
51,268

17,954
13,799
13,158
12,436

5,396
5,565
6,284
6,777

3 251

56 610

10 367

6,810

3 054
2,602
2,367
2,429
2,218
2,463
2,684
2,302
2,477
2,462
2,541
3,217

2,837
2,876
2,614
2,670
2,672
3,032
3,153
2,460
2,204

56 476
55,786
55,477
58,821
59,999
60,565
60,887
60 876
60,459
61,516
62 788
64,083

10 367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10 367
10 367
10 367

6,802
6,806
6,815
6,750
6,737
6,746
6,737
6,739
6,761
6,785
6,810
6,841

2,184
2,316
2,165
3,031
2,377

3,300
3,224
3,182
3,137
3,117

61,083
60,987
61,690
62,129
61,270

10,367
10,367
10,367
10,367
10,367

6,777
6,781
6,779
6,785
6,792

2,172
2,312
2,892
2,717

2,945
2,881
2 380
2,026

62
62
63
62

116
491
131
910

10 367
10,367
10 367
10 367

'6,802
6,804
6,809
6,819

2,008
2,035
2,134
2 248
2,480

63,273
63,621
63,702
64 216
65,148

10,367
10,367
10,367
10 367
10,367

6,823
6,836
6,841
6,846
6,848

1 933
2 510
2 219
23 708
20 345

1 933
2 510
2 219
23 708
20,336

9

978
250
8
5
381
142

1 117

1
2
2
2
24
21

27,248
40,885
43,760
48,891

27,170
40,772
43,274
48,810

78
113
486
81

94
490
570
238

1,665
2,349
2,383
2,030

1968 Dec

52 529

52,454

75

765

1969 Jan

52 665
52,265
52,122
52,463
53,390
54,028
54,298
54,599
53,840
54,708
56 499
57,500

52,622
52,074
51,987
52,257
52,898
53,926
54,252
54,334
53,722
54,497
56,424
57,295

43
191
135
206
492
102
46
265
118
211
75
205

697
824
918
996

54,123
54,408
54,922
54,890
54,557

53,813
54,030
54,566
54,738
54,557

310
378
356
152

,436

Nov 5 . .
12

55,624
56,007
56 745
56 909

55,345
55,930
56 745
56,909

279
77

,328
,244

Dec 3
10"
17"

57,479
57,664
57,435
57 237
57,491

57,311
57,483
57,279
57 173
57,154

168

55,532
57,318
57 154

55,286
57 318
657 154

53,845
54,349
55,398
53,893
54,783

53,845
54,138
54 874
«53 893
6 54,783

56 254
56,297
56,803
56 708

55 746
56,297
56,803
6,756 708

1929
1933
1939
1941
1945
1950

June
June
Dec
Dec
Dec
Dec

1960
1965
1966
1967

Dec
Dec
Dec
Dec

179

179

. .
... .

Feb
Mar

Apr
May

.. .

July
Sept
Oct
Nov

1,402
1.407
,190
,249
,067
,135
,241
,087

317
208
612
404
744
606

4
4
17
22
20
22

Week ending—
1969 Oct

1
8
15
22
29...
19
26

24s

31" .

967

,347
,015
,179
071

,210
181
156

,191
,199
,043

337

,104

2,539
2,656
3,013
3 572
3,975

246

,691
.531
'183

2,343
2,705
3,450

2,927
1 996
2 743

62,534
63 599
63 594

10,367
10 367
10 367

6,802
6,823
6,848

1,181
788
1,183
1,175

2,181
2,182
2,117
2,560
2,126

3,259
3,165
3,140
3,110
3,019

60,503
60,546
61,925
60 188
61,143

10,367
10,367
10,367
10 367
10,367

6,779
6,782
6,781
6,787
6,802

508

1 204
695
652
1 146

1,997
1,698
3,000
2 296

2 997
2,907
2,009
2 019

62 513
61,639
62,509
62 219

10 367
10,367
10,367
10 367

6,803
6,805
6,814
6 818

176

814
666
682
721
183

2,640
2 580
3,362
3,844
3,450

2,043
2 082
2 257
2,264
2,743

63 390
62 539
63*988
64 539
63,594

10 367
10 367
10*367
10 367
10,367

6,829
6 839
6,844
6,846
6,848

64

094

End of month
1969 Oct
Nov
Dec"

..
.
Wednesday

1969 Oct 1

8

15
22
29

Nov 5 . .
12 .
19
26

Dec 3"
10"

17"
24"
31" ..

.

For notes see opposite page.




57,832
57 153
57,584
57,609
57,154

6 57 656
57 153
657'229
6 57 160
657,154
6

211
524

585

355
449

A 5

JANUARY 1970 n BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Deposits, other
than member bank
reserves,
with F.R. Banks

Currency
in
circulation

Treasury
cash
holdings

4,400
5,455
7,609
10,985
28,452
27,806

210
272
2,402
2,189
2,269
1,290

30
81
616
592
625
615

30
164
739
1,531
1,247
920

33,019
42,206
44,579
47,000

408
808
1,191
1,428

522
683
291
902

250
154
164
150

Treasury

Foreign

Other
F.R.
accounts3

Others

Other
F.R.
liabilities
and
capital'

Member bank
reserves

With
F.R.
Banks

Currency
and
coin 5

Period or date

Total

Averages of daily figures

353

376
350
248
292
493
739

495
231
429
451

1,029
389
83
-204

16,688
18,747
19,568
20,753

2,314
2,211
11,473
12,812
16,027
17,391

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1950—Dec.

2,595
3,972
4,262
4,507

19,283
22,719
23,830
25,260

.1960—Dec.
. 1965—Dec.
. 1966—Dec.
.1967—Dec.

4,737

27,221

.1968—Dec.

2,314
2,211
11,473
12,812
16,027
17,391

50,609

756

360

225

458

-1,105

22,484

49,784
49,226
49,436
49,703
49,947
50,693
51,256
51,328
51,438
51,683
52,468
53,591

760
762
728
707
691
672
657
671
678
665
666
656

602
641
536
369
549
970
1,117
881
597
983
1,074
1,194

189
130
152
131
132
107
142
141
128
121
135
146

495
488
463
510
445
458
473
469
454
479
445
458

-1,174
-932
-902

1,937
1,968
2,010
2,038
2,062
2,055
2,078
2,140
2,192

22,988
22,644
22,246
22,581
23,371
22,768
22,309
22,430
22,238
22,659
23,037
23,054

5,075
4,647
4,508
4,498
4,532
4,549
4,671
4,649
4,733
4,681
4,727
4,958

28,063
27,291
26,754
27,079
27,903
27,317
26,980
27,079
26,971
27,340
27,764
28,012

. 1969—Jan.
Feb.
Mar.

51,197
51,454
51,849
51,819
51,650

666
666
670
663
660

1,130
912
1,104
943
945

123
134
116
117
117

464
497
511
462
450

2,055
2,152
2,018
2,209
2,085

22,591
22,320
22,567
23,248
22,522

27,400
27,153
27,379
27,614
27,172

.1968—Oct. 1

51,833
52,314
52,551
52,687

662
670
662
661

,114
,155
,074
,018

136
137
147
122

463
447
436
436

2,183
2,139
2,068
2,138

22,894
22,800
23,370
23,033

4,809
4,833
4,812
4,366
4,650
4,767
4,925
4,599
4,568

27,661
27,725
27,969
27,601

.Nov. 5
12
19
26

53,064
53,287
53,525
53,757
53,975

659
652
656
651
659

,022
,183
975
,246
,405

123
138
149
143
163

455
427
437
449
517

2,238
2,318
2,126
2,133
2,153

22,902
22,819
23,042
23,050
23,492

4,835
4,928
4,940
4,839
5,177

27,737
27,747
27,982
27,889
28,669

.Dec. 3

51,710
52,991
53,885

649
633
657

954
980
1,312

131
130
134

452
453
807

2,181
2,218
1,919

23,628
23,385
22,095

4,767
4,835
5,177

28,395
28,220
27,272

51,356
51,809
51,998
51,798
51,783

658
668
677
669
663

1,058
1,148
784
1,330
1,055

134
123
142
109
119

476
503
484
449
462

2,095
2,173
1,993
2,042
2,103

21,872
21,271
22,995
20,945
22,127

4,813
4,842
4,818
4,367
4,652

26,685
26,113
27,813
25,312
26,779

1969—Oct.
.15
.22
.29

52,138
52,617
52,655
53,015

677
669
665
661

1,027
874
1,099
853

208
106
147
109

471
448
398
427

2,221
2,007
2,087
2,167

22,942
22,091
22,639
22,173

4,767
4,924
4,598
4,569

27,709
27,015
27,237
26,742

.Nov. 5
12
19
26

53,253
53,555
53,684
54,029
53,885

659
657
667
657
657

1,267
1,116
861
1,058
1,312

113
104
128
168
134

465
416
450
521
807

2,286
2,316
2,110
2,163
1,919

22,544
21,581
23,299
23,156
22,095

4,834
4,928
4,940
4,839
5,177

27,378
26,509
28,239
27,995
27,272

.Dec. 3"
10"
17*
24*

.May
.June
..July
.Aug.
. Sept.
..Oct.
.Nov.
.Dec.*
Week ending—
.15
.22
.29

10*
17*
24»
31*

End of month
. 1969—Oct.
Nov.
Dec*
Wednesday

1
2

U.S. Govt. securities include Federal agency obligations.
Beginning with 1960 reflects a minor change in concept; see Feb.

1961 BULLETIN, p. 164.
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."
1
Includes industrial loans and acceptances, when held (industrial
loan program discontinued Aug. 21, 1959). For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R.
Banks. See also note 2.




31*

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.
« Reflects securities sold, and scheduled to be bought back, under
matched sale/purchase transactions.
' Includes securities loaned—fully secured by U.S. Government
securities pledged with Federal Reserve Banks.

A 6

BANK RESERVES AND RELATED ITEMS n JANUARY 1970
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks

City of Chicago

New York City
Period

Borrowings
at
ReF.R.
quired 1 Excess Banks

Reserves

Total
held
1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec
1950—Dec

2,314 2,275
2 2,160 1,797
11,473 6,462
12,812 9,422
16,027 14,536
17,391 16,364

1960—Dec
1962—Dec
1963—Dec
1964—Dec
1965—Dec
1966—Dec
1967—Dec

19,283
20,040
20,746
21,609
22,719
23,830
25,260

Borrowings
at
F.R.
Banks

Reserves
Free
reserves

ReTotal
held quired 1

192
58

-167
69
2,611
989
-144
67

161
211
1,141
1,143
939
1,199

161
133
601
848
924
1,191

1
78
540
295
14

29
46
56
21
41
27
18

19
108
37
35
111
122
40

10
-62
19
-14
-70
-95
-22

958
1,042
1,056
1,083
1,143
1,119
1,225

953
,035
,051
,086
,128
,115
,217

4
7
5
-3
15
4

5,057

100

230

-130

1,199

,184

5,392
5,194
5,019
5,045
5,134
4,894
4,817
4,922
4,967
5,183
5,350
5,385

5
-4
21
-6
40
68
20
41
23
12
26
50

65
63
65
111
129
96
86
93
87
138
169
260

-60
-67
-44
-117
-89
-28
-66
-52
-64
-126
-143
-210

1,286
1,259
1,204
1,202
1,277
1,241
1,197
1,188
1,200
1,228
1 244
1,283

,287
,253
,207
,202
,281
,206
,207
,196
,186
,235
,254
,267

-4
35
-10
-8
14

5,038
4,823
5,223
5,122

4,862
4,937
5,121
5,017

176
-114
102
105

74
86
104
282

102
-200
-2
-177

1,187
1,157
1,187
1,175

,634 -1,138
,020 -907
,279 -1,103
,354 -972
,269 -1,123

5,013
4,816
5,027
4,909
4,630

4,857
4,870
4,971
4,822
4,593

156
-54
56
87
37

138

18
-54
-81

251
333
59
212

,090 -839
,329 -996
,221 -1,162
,204 - 9 9 2

4,844
4,843
5,101
4,941

4,829
4,784
5,164
4,896

15
59
-63
45

,240
740
,018
,106

-838
-349
-886
-902

4,945
5,086
4,947
4,926

4,922
4,941
4,984
4,915

23
145
-37
11

18
135
136
64
84
64
129
111

42
363
5,011
3,390
1,491
1,027

974
184
3
5
334
142

-932
179
5,008
3,385
1,157
885

18,527
19,468
20,210
21,198
22,267
23,438
24,915

756
572
536
411
452
392
345

87
304
327
243
454
557
238

669
268
209
168

1968—Dec

27,221 26,766

455

765

1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

28,063
27,291
26,754
27,079
27,903
27,317
26,980
27,079
26,971
27,340
27,764
28,012

27,846
27,063
26,537
26,927
27,603
26,974
26,864
26,776
26,735
27,197
27,511
27,774

217
228
217
152
300
343
116
303
236
143
253
238

4..
11..
18..
25..

26,859
26,461
27,088
27,232

26,380
26,409
26,720
26,812

479
52
368
420

2..
9..
16..
23..
30..

27,500
27,176
27,275
27,164
26,594

27,004
27,063
27,099
26,782
26,448

>!::
20..
27..

27,042
26,960
27,159
26,909

Oct
Nov
Dec*

Borrowings
at
ReTotal
F.R.
held quired 1 Excess Banks
Reserves

Free
reserves

762
861

755
792

-165
107

5,623
5,142
4,118
4,742
3,687
3,863
3,951
4,083
4,301
4,583
5,052

3,012
4,153
4,070
4,616
3,658
3,817
3,895
4,062
4,260
4,556
5,034

-310

5,157

697 - 4 8 0
824 -596
918 -701
996 - 8 4 4
,402 -1,102
,407 -1,064
!l90 -1,074
,249 -946
,067 -831
,135 - 9 9 2
,241 -988
,087 - 8 4 9

5,397
5,190
5,040
5,039
5,174
4,962
4,837
4,963
4,990
5,195
5,376
5,435

-52
-382
-207
-439

496
113
176
382
146

26,791
26,627
27,100
26,697

69
2,611
989
48
125

174

63

18
26
28
23
54
13

Free
reserves

-62
78
540
295
14
3
-4
-11
-21
-31
-8
-50
-5

85

-70

-10
16

48
39
98
116
144
27
5
39
51
19
57
27

_49
-33
-101
-116
-148
8
-15
-47
-37
-26
-67
-11

,155
,174
,185
,162

32
-17
2
13

13

45
149

19
-17
-43
-136

,202
,222
,265
,190
,152

18
-13
-4
10
-9

5
15

-117

1,220
1,209
1,261
1,200
1,143

-3
-76
-199
-19

1,214
1,211
1,224
1,145

,199
,210
,216
,164

15
1
8
-19

139

-61
81
-166
-100

1,215
1,183
1,182
1,169

,186
,179
,190
,166

29
4

-1
6
-3

Week ending—
1968—Dec.

1969—July

A u B

531
434
575
859

137
89
154

Sept.

3..
10..
17..
24..

26,950
26,941
26,814
26,931

26,548
26,550
26,682
26,727

402
391
132
204

Oct.

1..
8..
15..
22..
29..

27,400
27,153
27,379
27,614
27,172

27,080
27,014
27,161
27,458
27,092

320
139
218
156
80

1,436 -1,116
967 -828
1,347 -1,129
1,015 - 8 5 9
1,179 -1,099

5,134
5,012
5,222
5,296
5,158

5,062
5,041
5,186
5,355
5,148

72
-29
36
-59
10

99
198
222
42
65

-27
-227
-186
-101
55

1,211
1,192
1,242
1,271
1,227

,212
,197
,231
(272
,239

5..
12..
19..
26..

27,661
27,725
27,969
27,601

27,365
27,354
27,823
27,463

296
371
146
138

1,328 1,032
1,244 - 8 7 3
1,071 -925
1,210 -1,072

5,347
5,404
5,588
5,275

5,257
5,318
5,559
5,269

90
86
29
6

144
350
25
8

-54
-264
4
-2

1,272
1,246
1,287
1,232

,254
,244
,279
,237

3..
10".
17*.
24*.
31».

27,737
27,747
27,982
27,889
28,669

27,534
27,492
27,926
27,615
28,161

203
255
56
274
508

1,191
1,199
1,043
1,094
1,104

-988
-944
-987
-820
-596

5,300
5,438
5,463
5,251
5,620

5,294
5,354
5,471
5,238
5,515

6
84
-8
13
105

266
299
164
296
348

-260
-215
-172
-283
-243

1,229
1,253
1,289
1,239
1,321

,227
,257
,287
,238
,304

Nov.

Dec.

For notes see opposite page.




'-25

29
5
9
39

-1

158

11

22
15
16

-12
18
8
-5

189
85

-1
-17
-36
-159
-5
-11
-16
-28

171
-83
8
-6
1
-4
2

2
A

2
1
17

10
-18
-19
10
-13
15
-138

120

-103

JANUARY 1970 a BANK RESERVES AND RELATED ITEMS

A 7

RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Country bank s

Other reserve city banks

Reserves

Borrowings at
F.R.
Banks

Reserves

Total
held

Required'

—397
62
1 188
1 302
322
182

632
441
1,568
2,210
4,576
4,761

610
344
897
1.406
3,566
4,099

130
190
125
228
220

50

105

80
—52
— 122
-103
-161
-159
-55

6,689
6,956
7,347
7,707
8,219
8 619
8,901

90

270

-180

-16
17
-7
—9

321
420
449
512

Total
held

Required i

761
648
3.140
4.317
6,394
6,689

1,953
3,014
5,976
6,458

7,950
8,178
8,393
8,735
9,056
9,509
10,081

7.851
8,100
8,325
8,713
8,989
9,449
10,031

100

10,990

10,900

11,271
10,965
10,761
10,914
11,275
10,986
10,752
10,814
10,668
10,745
10,888
10,963

11,287
10,948
10,768
10,923
11,195
10,922
10,846
10,730
10,654
10,772
10,841
10,964

10,824
10,745
10,878
10,973

10,788
10,772
10,846
10,942

11,012
10,921
10,877
10,913
10,600

Excess

Borrowings at
F.R.
Banks

Free
reserves
Excess

668
800
965
634

1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1950 Dec

583
394
334
315
238
140
187

1960—Dec.
1962 Dec.
1963 Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.

180

70

1968 Dec

229
209
206
167

263
302
306
257

184
176
200
186

511
571
582
637

1969 Jan
. . . Feb
..Mar
Apr.
May

468
447
443
321

-34
-93
-100
90
327
395
382
451
-283
-282
-253
-149

197
149
196
168

38
61
36
102

1968 Dec

217

697
521
499
661
663

480
296
306
503
— 471

. . . 1969 July

225
193
158
192

9,975
9 930
9,909
9,947

175
229

638
589
624
633

-463
360
473
467

Aug

151
166

10,081
10,038
10,041
10,151

9,853
9,818
9,839
10,001

228

220
202

664
465
423

Sept 3

150

390

436
-245
221
240

-564
— 358
— 675
-514
-643

10,269
10,212
10,102
10,153
10,174

10,082
10,032
9,920
9,985
10,036

187
180

553
418

-366
238
257
228
— 373

Oct. 1

439
396
511

505
400
625
697

—494
-340
-666
-697

10,227
10,194
10,186
10,293

10,050
9,971
10,036
10,156

177
223
150
137

490
409
421
504

313
— 186
— 271
—367

Nov 5

545
520
584
506
338

-524

10,329
10,220
10,275
10,340
10,552

10,155
10,059
10,140
10,177
10,251

174
162
137
163
302

379
380
295
292
298

205
-218
-158
-129
-4

Dec

22
96
671
804

327
126
3

1,011
663

46
29

6,066
6,515
6,939
7,337
7,889
8,318
8,634

623

40

442
408
370
330
301

48
74
55
92
161

9,875

9,625

250

461
531
572
479

-337
-403
-456
—521
-538
—649
—611
-396
-447
-558
-525
-480

10,109
9,877
9,749
9,924
10,177
10,128
10,194
10,114
10,113
10,172
10,256
10,330

9,880
9,668
9,543
9 757
9,993
9,952
9,994
9 928
9,928
10,007
10,066
10,158

36
-27
32
31

247
199
230
260

-211
-226
-198
-229

9,810
9,736
9,800
9,961

9,575
9,526
9,568
9,691

235
210
232
270

10,907
10,966
10,946
10,786
10,674

105
—45
— 69
127
— 74

791

—686
-539
—697
-477
-522

10,255
10,230
10,110
10,142
10,221

10,038
10,005
9,917
9,984
10,029

10,834
10 747
10,774
10,710

10,788
10 703
10,811
10,690

46
44
—37
20

434
466

-388
—422
—490
-481

10,150
10,159
10,060
10,113

10,709
10,634
10 644
10 685

10,587
10,612
10,669
10,645

122
22
—25
40

463

-341
-184
—482
-526

10,786
10 737
10,813
10,894
10,613

10,724
10,744
10,824
10,846
10,669

62
—7
-11
48
-56

626
351
664
562
587

10,815
10,881
10,908
10,801

10,804
10,821
10,949
10,801

U
60
-41

10,879
10,837
10,975
11,059
11,177

10,858
10,822
11,028
10,962
11,091

21
14

749
528

12
120
1 188
1 303

409
58

232

50

418

78
68
22
67
61

80
64
—94
84
14
-27
47

Period
Free
reserves

1
96

20

618
713
517
480

267

185
165
190
172

4

80

305
—30

July
Oct
Nov

Week ending—

-71
97
86

494
628
604
448

453
501

206
457
566

-506
-655
-409
-252

1 Beginning Sept. 12, 1968, amount is based on close-of-business figures for reserve period 2 weeks previous to report date.
2
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
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




182
168
138

4

11

. ..18
. .25
2
9
16
23
30
6
13
20

. . . 27
10

. . 17
24
g
15

. .

.

22
29
12

.

19
.26
3
10*>
17i>
24"
31P

weeks ending on Wed. that fall within the month. Beginning with Jan
1964, reserves are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.

MAJOR RESERVE CITY BANKS o JANUARY 1970

A 8

BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars, unless otherwise noted)

Excess
reserves !

Borrowings
at F.R.
Banks

Net
interbank
Federal
funds
trans.

Net trar sactions

Gross transactions

Net-

Less—
Reporting banks
and
week ending—

Related transactions with
U.S. Govt. securities dealers

Interbank Federal funds transactions

Basic reserve position

Per cent
of
Surplus
avg.
or
deficit required
reserves

Purchases

Sales

Total
two-way
transactions2

Purchases
of net
buying
banks

Sales
of net
selling
banks

Loans
to
dealers 3

Borrowings
from
dealers*

Net
loans

Total—46 Banks
1969—Nov.

Dec

5
12
19
26

142
251
94
43

543
646
390
446

3,048
4,801
4,151
2,771

-3,449
-5,196
-4,448
-3,174

28.9
43.2
36.0
26.7

6,133
7,369
7,343
5,889

3.085
2,568
3,192
3,118

2,677
2,283
2,600
2,451

3,456
5,086
4,743
3,438

407
285
592
667

1,018
898
828
854

155
161
186
179

863
738
642
675

3
10
17
24
31

16
133
53
107
340

573
557
461
652
653

3,515
4,501
4,539
4,551
4,315

— 4,072
—4,924
-4,946
—5 097
4 629

34.0
40.8
40.1
42.5
37.6

6,505
7,116
7,413
7,144
7,101

2,990
2,615
2,874
2,593
2,786

2,714
2,297
2,554
2,571
2,551

3,791
4,819
4,859
4,573
4,549

276
318
321
23
235

1,190
831
762
945
1,052

152
165
143
162
155

1,038
666
619
783
897

199
1,583
1,396
568

—227
— 1 784
- 1 302
-545

4
36
25
11

7
7
6
3

1,731
2,200
2,519
1,752

1,532
617
1,124
1,184

1,293
600
992
977

438
1,600
1,527
774

238
17
132
206

809
750
660
630

139
136
132
127

670
614
528
504

921
650
612
816
896

98
87
96
137
130

822
563
517
679
766

8 in New York City
Nov

5
12
19. .
26. . .

94
149
94
31

121
350

Dec

1969

3. . . .
10
17
24
31

13
105
65
45
178

266
293
164
296
319

1,065 - 1 , 3 1 8
1 528
1 716
1 394
1 494
974 - 1 , 2 2 4
1 243
1 384

27 3
35 1
29 9
25.7
27 5

2,065
2 231
2 392
2,071
2 204

1,000
703
997
1,098
961

941
703
998
1,082
961

1,124
1 528
1 394
989
1 243

59

2,849
3,217
2,756
2,203

- 3 223
— 3,412
- 3 146
—2,629

45 1
47 6
43 3
37.2

4,402
5,169
4,824
4,137

1 553
1,952
2,068
1,935

1.384
,683
,608
,474

3,018
3,486
3,216
2,663

169
268
460
461

209
148
168
223

16
24
54
52

194
124
114
171

38.5
44.7
47.0
53.5
44.6

4,440
4,885
5,021
5,073
4,897

1,990
1,912
1,876
1,495
1,825

,772
,594
,556
,488
,590

2,668
3,291
3,465
3,584
3,306

217
318
321
7
235

269
181
149
129
156

54
78
47
25
25

216
103
102
104
131

8

15

38 outside
New York City
Nov

5
12
19
26

48
101
12

422
296
390
438

Dec

3
10
17
24
31

3
28
-12
61
162

307
264
297
356
334

2,450
2,973
3,145
3,577
3,072

-2,754
-3,209
-3,453
-3,873
-3,244

5
12
19
26

11
9
11
5

187
85

984
1 181
1 236
868

— 1 160
1 256
1 225
— 863

100
110
104
76

9
1
3
4

1,214
1 514
1 602
1 234

229
333
366
366

229
333
366
366

984
1 180
1 236
868

53
30
39
41

10
17
24
31

1969

6
1
5
2
23

120

1
1
1
1

999
358
093
127
041

993
— 1 357
— 1 087
— 1 125
— 1,138

88
118
92
99
95

8
3
4
5
2

1 317
1 593
1 410
1 400
1,308

318
235
317
274
267

318
235
317
274
267

1
1
1
1
1

60
67
51
45
28

2

60
66
51
45
26

37
92
-11
7

235
211
390
438

1 865
2,037
1,519
1,335

—2 063
-2,156
-1,921
-1,766

34 4
35.8
31.5
29.7

3,189
3,655
3,222
2,903

1 324
1,619
1,703
1,569

1,155
1,350
1,242
1,108

2,034
2,306
1,980
1,795

169
268
460
461

156
118
129
182

16
24
54
52

141
94
75
130

-4
27
— 17
59
139

307
264
297
356
214

1,451
1,615
2,052
2 451
2,031

-1,761
-1,852
-2,366
—2,748
-2,106

29.2
30.7
38.4
45.0
34.7

3,123

1,672
1,678
1,559
1,222
1,558

1,455
1,359
1,239
1,215
1,323

1,668
1,933
2,373
2,458
2,266

217
318
321
7
235

209
114
98
84
128

54
78
47
25
23

156
37

J in City of Chicago
1969

Nov

000
358
093
127
,041

53
30
39
41
1

33 others
1969

Nov

S
12
19
26

Dec

3
10
17
24
31

. .

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.
Federal funds loaned, net funds supplied to each dealer by clearing




3,292
3,611
3,673
3,589

51
60
104

banks, repurchase agreements (purchases of securities from dealer
subject to resale), or other lending arrangements.
* 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.

JANUARY 1970 n DISCOUNT RATES

A 9

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per aminm)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a '

Federal Reierve Bank

Rate on
Dec. 31,
1969
Boston
New York...
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

Previous

Effective
date
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

rate

Sec. 10(b)2

Rate on
Dec. 31,
1969

Effective
date
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

8, 1969
4, 1969
4, 1969
4,1969
4,1969
4, 1969
4, 1969
4, 1969
4, 1969
4, 1969
4, 1969
4, 1969

1
Discounts of eligible paper and advances secured by such paper or by
U.S. Govt. obligations or any other obligations eligible for Federal
Reserve Bank purchase. Maximum maturity: 90 days except that discounts of certain bankers' acceptances and of agricultural paper may
have maturities not over 6 months and 9 months, respectively.

Advances to all others under
last par. Sec. 13 '

Advances under

8,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,

Previous
rate

1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969

Rate on
Dec. 31,
1969
7

TA
7V4

7
7

h
7
7

Effective
date
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

8,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,
4,

Previous
rate

1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969

2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
' 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.

FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date

In effect Dec. 31,1941
Apr. 11
Oct. 15
30
Apr. 25
May 10
Jan. 12
19

AUB
Al

Range
(or level)—
AU F.R.
Banks

l

t'/4
1946
t 54-1

19J0

Feb. 5
15
Apr. 14
16
May 21

1954

-£::::::::::

Aug. 9
23
Nov. 15
Dec. 2
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15

12.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.

Mar. 6
16
May 29
June 12
Sept. 11
18

33-3*

Dec. 6
13

1958
Apr. 7
14
Nov. 20
27

1959

t Preferential rate of */i of 1 per cent for advances secured by U.S.
Govt. obligations maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of eligible paper and advances secured by such
paper or by U.S. Govt. obligations with maturities beyond 1 year.
NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1942, see Banking and Monetary Statistics,
1943, pp. 439-42.
The rate charged by the F.R. Bank of N.Y. onrepurchasecontracts
against U.S. Govt. obligations was the same as its discount rate except




June 3
10
14
Aug. 12
Sept. 9

Nov. 24
30

1957

Nov. 7

2
4

2&

July 17
26

Oct.

-l5::::::::::::::::::

May
Aug.

Apr. 13
20

2

Effective
date

1956

""•Si::::::::::
24
1955

Apr

Nov. 18
23

-154

*2:::::::::::::::::: "ti"
1953

"*•.?::::::::::
Aug

l

Range
F.R.
(or level)— Bank
All F.R.
of
N.Y.
Banks

1955—Cont.
I

1948

Effective
date

1 -1%

1942

-M::::::::::::::::::

Jan. 16
23

F.R.
Bank
of
N.Y.

Mar. 15
22
Apr. 19
26
Aug. 16
30
Dec. 18
20
Apr. 4
8

'?

Range
(or level)—
All F.R.
Banks

F.R.
Bank
of
N.Y.

1960

3 3w
1963

3

3-4*

1964

¥
$

3*-4

1965
4

4**

8

4

-4V4

4

1967

\3*
1968
4V4-5

5

k*

k

t

"ft*
1969
5W-6
6

In effect Dec. 31, 1969...

in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24,
28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5,11,15,16,5.125;
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.

A

10

RESERVE AND MARGIN REQUIREMENTS n JANUARY

1970

RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
Beginning July 14, 1966

Dec 31,1949, through July 13, 1966
Net demand
deposits 2

Effective date >

Central
reserve
city
banks •

Reserve
city
banks

22

18

In effect Dec. 31, 1949
1951-^Jan 11 16
Jan. 25, Feb.
1953—July 9,1
1954—June 24,16
July 29, Aug.
1938—Feb. 27, Mar.
Mar.20, Apr.
Apr. 17
Apr. 24
1960—Sent 1
Nov. 24
Dec 1
1962—July 28
Oct 25 Nov

1
1....
1
1....

23
24

22
21
20
19W
19

IS*
n\A

deposits 2.4

12

19
20
19

13
14
13

6

18

12
HVi
11

17

Reserve
city banks

Other
time deposits
Savings
deposits
Under Over
Under Over Under Over
S5 mil- $5 milJ5 mil- $5 mil- SS mil- $5 million
lion
lion
lion
lion
lion

Effective date '

1966—July 14,21
Sept. 8,15

5

17Vi

Time deposits *.'
(all classes of banks)

Net demand

Time
deposits
(all
Coun- classes
of
try
banks banks)

banks

16V4

17

1969—Apr. 17

17

1714

In effect Dec. 31 1969 .

17

17V4

Present legal
requirement:

12

314

3

3

6

3
10

3
10

3
10

3

121A

12

13
13

12&
7
14

10
22

4

1 When two dates are shown, thefirstapplies 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 23, 1962.
•Beginning Oct. 16, 1969, a member bank is required under Regulation M to maintain, against its foreign branch deposits, a reserve equal
to 10 per cent of the amount by which (1) net balances due to, and certain
assets purchased by, such branches from the bank's domestic offices and
(2) credit extended by such branches to U.S. residents exceed certain
specified base amounts. Regulation D imposes a similar 10 per cent reserve

5
6

3W
3n

1968—Jan. 11,18

16Vi

64

64

«1 2

6V4

1967—Mar. 2
Mar. 16

5

1....

Country

requirement on borrowings by domestic offices of a member bank from
foreign banks, except that only a 3 per cent reserve is required against
such borrowings that do not exceed a specified base amount. For details
concerning these requirements, see the amendments to Regulations D
and M on pp. 656 and 657 of the Aug. 1969 BULLETIN.

5
Effective Jan. 5, 1967, time deposits such as Christmas and vacation
club accounts became subject to same requirements as savings deposits.
6 See preceding columns for earliest effective date of this rate.

NOTE.—All required reserves were held on deposit with F.R. Banks
June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member
banks were allowed to count part of their currency and coin as reserves;
effective Nov. 24, 1960, they were allowed to count all as reserves. For
further details, see Board's Annual Reports.

MARGIN REQUIREMENTS
(Per cent of market value)
Effective date
Regulation

June 8,
1968

Regulation U:
For credit extended by banks on—
Stocks

Jan. 16,
1958

Aug. 5,
1958

Oct. 16,
1958

July 28,
1960

July 10,
1962

Nov. 6,
1963

Mar. 11,
1968

70

50

70

90

70

50

70

70

70

Regulation T:
For credit extended by brokers and dealers on—
Listed stocks

Apr. 23,
1955

50

70

90

70

50

70

50
70

60
80

70

50

70

90

70

50

70

70

80

50

60

70

80

Regulation O:
For credit extended by others than brokers and
dealers and banks o n -

50

NOTE.—Regulations G, T, and U, prescribed in accordance with
Securities Exchange Act of 1934, limit the amount of credit to purchase and carry registered equity securities 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 dif-




80

60

ference between the market value (100 per cent) and the maximum
loan value.
Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective
Mar. 11, 1968.

A 11

JANUARY 1970 a MAXIMUM INTEREST RATES; BANK DEPOSITS
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS
(Per cent per annum)
Rates beginning July 20, 1966

Rates Ian. 1, 1962—July 19.1966

Effective date

Effective date
Type of deposit

Jan. 1,
1962

4
3J4

4
3J4

Nov. 24,
1964

July 17,

Type of deposit

Dec. 6,
196S

July 20, Sept. 26, Apr. 19,
1968
1966
1966

Savings deposits

Savings deposits: '
12 months or more
Less than 12 months

M

4

Other time deposits: *
4

12 months or more
6 months to 12 months
90 days to 6 months
Less than 90 days
(30-89 days)

1;

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 for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968,

p. 167.
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

4

4

5
4

5
4

5
4

5

5

514 j

Other time deposits: *
Multiple maturity: '
90 days or more
Less than 90 days
(30-89 days)
Single-maturity:
Less than $100,000
$100,000 or more:
30-59 days
60-89 days
90-179 days
180 days and over

6*
6V*

NOTE.—Maximum rates that may be paid by member banks as 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
All
member
banks

New
York
City

City
of
Chicago

Reserve city banks

Other

Country
banks

Item

All
member
banks

Four weeks ending Nov. 5, 1969
Oross demand—Total....
Interbank
U.S. Govt
Other
Net demand *
Time
Demand balances due
from dom. banks
Currency and coin
Balances with F.R.
Banks
Total reserves held
Required
Excess

178,365
22,362
3,506
152,498
133,080
150,859
9,686
4,649

« , 163
9, 496
650
32, 017
24, 785
14, 581

5,751
5,595
4,641

482
375

125
83

22,808
27,457
27,269

4, 881
5, 256
5, 237
19

1,170
1,253
1,249
4

188

7,242
1,315
177

62,203
9,070
1,382
51,750
46,803
55,999
2,750
1,447
9,337
10,784
10,786
-2

66,757
2,481
1,297
62,979
55,897
75,638
6,328
2,744
7,420
10,164
9,998
166

l 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

Other

Country
banks

Four weeks ending Dec. 3, 1969
Gross demand—-Total...
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances, due
from dom. banks
Currency and coin
Balances with F.R.
Banks
Total reserves held
Required
Excess

63 ,294

182,628
23,108
4 275
155,245
134,792
149,895

43 ,831
S tm.
856
32 ,993
24 ,930
14 ,945

7,404
1,368
186
5,850
5,631
4,545

9,894
4,733

508
391

163
84

,196
614
52 ,484
47 ,408
55 ,232
2 ,693
1 ,476

23,026
27,759
27,544
215

5 ,001
5 ,392
5 ,361)
12

1,165
1,249
1,247

9 ,391
10 ,867
K ,857

2

10

68,099
2,561
1,619
63,918
56,823
75,174
6,528
2,781
7,470
10,251
10,080
171

NOTE.—Averages of daily figures. Balances with F.R. Banks are as
of close of business; all other items (excluding total reserves held and
excess reserves) are as of opening of business.

A 12

FEDERAL RESERVE BANKS • JANUARY

1970

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday

End of month
1969

1969

1968

Dec. 31

Dec. 24

Dec. 17

Dec. 10

Dec. 3

Dec. 31

10,036

10,036

10,036

10,036

10,036

10,036

10,036

10,026

110

115

111

115

118

110

125

207

183

721

682

666

814

183

1,531

186

64

59
42

60
43

58

53
8

64

49

58

90

57

22,266

22,272

22,341

22,265

22,768

22,266

22,430

18,756

31,392
3,496

31,392
3,496

31,392
3,496

31,392
3,496

31,392
3,496

31,392
3,496

31,392
3,496

28,706
5,475

Total bought outright
Held under repurchase agreements.
Total U.S. Govt. securities.

257,154

257,160
359

257,229
298.

257,153

257,656
156

257,154

57,318

52,937

57,154

57,519

57,527

57,153

57,812

57,154

57,318

52,937

Total loans and securities
Cash items in process of collection. . .
Bank premises
Other assets:
Denominated in foreign currencies.
IMF gold deposited 1
All other

57,401
"10,574
116

58,431
"11,415
115

58,369
"11,581
115

57,877
"9,379
114

58,707
rlO,072
113

57,401
"10,574
116

58,898
9,423
113

53,181
9,464
113

1,967
219
441

1,522
219
408

1,522
219
401

1,411
219
338

1,376
219
335

1,967
219
441

1,370
219
294

2,061
230
603

Total assets.

"80,864

"82,261

"82,354

"79,489

••80,976

0,864

80,478

75,885

Dec. 31

Assets
Gold certificate account.
Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under repurchase agreements
Federal agency obligations—Held under repurchase
agreements
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special.
Other..
Notes
Bonds

20

Liabilities
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account.
Foreign
Other:
IMF gold deposit '
All other

47,473

47,624

47,287

47,157

46,869

47,473

46,594

44,726

"22,095
1,312
134

"23,156
1,058
168

"23,299
861
128

"21,581
1,116
104

"22,544
1,267
113

"22,095
1,312
134

23,385
980
130

21,818
703
216

219
588

219
302

219
231

219
246

219
588

"24,348

"24,738

"24,389

"24,348

7,124
581

"24,903
7,571
596

219
234
24,948

230
517

Total deposits

219
197
"23,217

8,219
614

6,799
610

7,432
650

7,124
581

6,718
612

23,484
6,020
395

"79,526

"80,694

"80,858

"77,783

"79,340

"79,526

78,872

74,625

669
669

669
630
268

667
630
199

667
630
409

666
630
340

669
669

667
630
309

630
630

"80,864

"82,261

"82,354

"79,489

"80,976

"80,864

80,478

75,885

Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
Capital accounts

Capital paid in
Surplus
Other capital accounts

Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U.S. Govt. securities held in custody for foreign
account

146

147

147

145

145

146

146

109

7,030

7,299

7,792

7,709

7,139

7,030

7,533

9,120

47, 560

Federal Reserve No es—Federal Reserve Agents Accounts

Total collateral
1
See note l(b) at top of p. A-75.
2 See Note 7 on page A-5.




50,412

50, 264

49 ,992

49,757

49,443

50 ,412

49,281

3,222

3, 222

3 ,222

3,287

3,287

• ,222
<

3,287

4, 057

48,152

F.R. notes outstanding (issued to Bank)...
Collateral held against notes outstanding:

48, 102

47 ,902

47,752

47,622

48 ,152

47,286

44, 691

51,374

51, 324

51 ,124

51,039

50,909

51 ,374

50,573

48, 748

JANUARY 1970 • FEDERAL RESERVE BANKS

A 13

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1969
(In millions of dollars)
Total Boston

Item

Phila- Clevedelland
phia

New
York

Richmond

Atlanta

Chicago

St. MinneLouis apolis

Kansas
City

Dallas

San
Francisco

Assets
10,036
77
110

Gold certificate account
F.R. notes of other banks
Discounts and advances:
Secured by U.S. Govt. securities...

570
7i

130
5

Held under repurchase agreements.
Federal agency obligations—Held
U.S. Oovt. securities':

862
68
10

4'

64

Acceptances:

526
3
;

927
68
6

494
91
15

11
1

2,325
159
8

6
33

2,899 13,921

3,072

4,431

4,273

3,188

57,40

2,901 14,037

3,073

4,435

4,285

786

2,499

74(

894
6

1,088
11

94

2500
219

102

175

28

109

22

35

"84,060

4,462 19,865

4,505

6,485

48,244

Total loans and securities

345
29
10

424
4;

324
29
8

17
1

131
21

14

1,640
102
19

64

57,15

Held under repurchase agreements.

1,468
49
14

2,755 11,264

2,757
996
71
7

Cash items in process of collection... sl2,999
116
Other assets:
Denominated in foreign currencies.. 1,967
219
441
All other

i

1(

9,499

2,106

1,150

2,231

2,458

7,926

3,227

9,518

2,121

1,153

2,249

2,475

7,927

1,119
18

2,18;

622
10

432
6

725
8

1,025
9

102

126

291

69

45

882
18
85

112

266

36

23

70

is

10

16

19

58

6,523

5,113 13,614

3,221

1,801

3,725

3,953

4,327

2,642

8,458

1,797

819

1,775

1,747

5,950

1,575
94
12

1,108
131
7

1,322
96
8

2,950
108
19

824
68
4

538
49
3

1,056
128
6

1,233
81
7

3,828
118
18

3,700 11,046

Liabilities
Deposits:

834
"22,095
65
U.S. Treasurer—General account.. 1,312
6
134
Other:
219
IMF gold deposit 3
588 " " 1 6
All other

5,831
303
437
219
320

18

24

29

18

51

12

6

15

13

66

"24,348

921

6,710

1,092

1,705

1,275

1,444

3,128

908

596

1,205

1,334

4,030

9,549
581

693
29

1,398
139

557
31

663
44

344
12

666
23

4,437

6,365

909 1,734
96
32
5,027 13,416

449
21

4,398 19,511

809
44
6,455

3,175

1,771

3,669

177
177

34
34

60
60

34
34

99
99

23
23

15
15

28
28

4,462 19,865

4,505

6,485

6,523

5,113 13,614

3,221

1,801

3,725

8

13

8

22

5

3

6

8

20

2 798

8 ,793

1 ,876

844

1,841

1,863

6 ,244

Deferred availability cash items
Other liabilities and accrued dividends

82,722

520
807
85
25
3,626 10,872

Capital accounts
669
669
Total liabilities and capital accounts.. 84,060
Contingent liability on acceptances
purchased for foreign correspondi

146

32
32

7

537

43
43

9

37
37

87
87

3,700 11,046

Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Eligible paper
Total collateral

50, 412
3, 222

2 ,875 11 ,793

180

2 ,829

4 ,456

500

300

510

545

1 000

155

27

48, 152

2 ,717 11 ,400

2 ,620

3 750

3 ,955

2 850

7 950

1 ,780

825

1,875

1,930

6 ,500

51, 374

2 ,897 11 900

2 ,920

4 260

4 ,500

2 850

8 950

1 ,935

852

1,875

1,935

6 ,500

1
See note 7 on page A-5.
2
After deducting $1,467 million participations of other Federal Re:
Banks.
3 See note l(b) to table at top of page A-75.




4 200

5

4
After deducting $97 million participations of other Federal Reserve
Banks.
5
After deducting $109 million participations of other Federal Reserve
Banks.

A 14

OPEN MARKET ACCOUNT n JANUARY 1970
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt. securities by maturity

Gross
purchases

Gross
sales

180

3,602
6,100

3 430
6,334

231

4 Oil
1 149

4 590
1 110

231

Gross
sales

1968—Nov....
Dec...

3,602
6,100

3 430
6,334

150

1969 Jan
Feb
Mar . . .

4 011
1 234

4 590
1 110

M^ly!!!
July...
SeDt
Oct . .
Nov....

385

2,121
2 368
4 586
3 495
2 201
4,762
5,145
2,915

Redemptions

175
381
206

65

1,346
1 444
3 993
3 251
1 658
5,483
'3,704
735

217

2,121
2 173
4 586
3 428
2 201
4,762
5,016
2,852

7
200

115
148

65

1,346
1 444
3 993
3 251
1 658
5,483
3,704
735

Outright transactions in U.S. Govt. securities—Continued
Over 10 years

5-10 years

Month
Gross
purchases

Gross
sales

Exch.
or maturity
shifts

1968 Nov
Dec....
1969 Jan
Feb....
Mar....
Apr . . .
May...
July....
Oct
Nov....

Gross
purchases

Gross
sales

Exch.
or maturity
shifts

Gross
sales

2,384

60

12

24
10

—4,921

3
4

175
-1,137

i Net change in U.S. Govt. securities, Federal agency obligations, and
bankers' acceptances.

Gross
purchases

Gross
sales

23
49

7
200

—8 479
574

33
73

6 095
—574

33

175
381
206

10 883

78

-10 895

24

10

4 514

407
115

-694
1,177

i

148

28

Repurchase
agreements
(U.S. Govt.
securities)
Gross
purchases

Exch.
or
maturity
shifts

5,586
-358

358

Net

Gross
sales
980

change
in U.S.
Govt.
securities

Federal
agency
obligations
(net repurchase
agreements)

-414

371
2,318
1,854
1,790
4,470
1,562
560
2,491
1,062
2,715
1,260

—810
148
130
708
646
336
44
773
-777
1,381
1,803

519
-40

74
29
Bankers'
acceptances

Outright,
net

Under
repurchase
agreements,
net

2
*

21

1,369

371
2,517
2,044
1,929
4,192
1,312
560
2,721
1,121
2,655
1,031

6
20

Exch.,
maturity
shifts,
or
redemptions
—6,293

180

1,369

24
26

52
3

Redemptions

980

708

23

Gross
purchases

150

Gross
purchases

1-5 years

Others within 1 year

Treasury bills

Total
Month

23

-414

—8

20
5
54
1
-80
39

-39
17
-17

1
-4
5
-5
C

-1
*
-3
4
8

Net
change'

40
43
-60
-30
22
-22

— 818
209
137
810
582
220
43
834
-841
1,402
1,794

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)
French
francs

Pounds
sterling

1967 Dec

1,604

1,140

45

3

1

413

1968 SeDt

1,281
1 273
2 211
2 061

698
694
1 443
1 444

13
124

4
4

111
8

4
3

452
378

75
65

1 883
1,938
2,059
1,960
1,889
1,834
1 670
1 929
2,330

1 443
1,450
1,396
1,245
1,542
1,564
1 383
1 571
1,693

41

2

Oct
Nov

Dec
1969 Jan

Feb
Mar

May
June
July
Sept




Austrian
schillings

Canadian Danish
kroner
dollars

Total

End of
period

50
50
50

Belgian
francs

13
23
44
176
115
24
224
204

1
1
1

571
433
25
25

50
100

294

318
461
436
*
*
*

German
marks

Italian
lire

Japanese
yen
I

Netherlands
guilders

Swiss
francs

*

2

33

4

3
3

4
4

3
3

75
165

1
1
1

67

1

4

6

13
15
15
15
15

4
4
4
4
86
196

15
315

114
114

1
1
*
1
2
*
3

125
160
163

2

JANUARY 1970 Q FEDERAL RESERVE BANKS; BANK DEBITS

A

15

MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In mfllions of dollars)
Wednesday

End of month

1969

Item

1969

1968

Dec. 31

Dec. 3

Dec. 31

Nov. 30

Dec. 31

721
717
4

682
677
5

666
659
7

814
811
3

183
180
3

1,531
1 527
4

188
186
2

101
52
49

103
49
54

58
8
50

61
21
40

64
15
49

49
13
36

58
16
42

57,154
2,148
11,168
22,707
12,811
7,642
678

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

Dec. 10

64
15
49

Acceptances—Total..
Within 15 days....
16 days to 90 days.
91 days to 1 year..

Dec. 17

183
180
3

Discounts and advances—Total.
Within 15 days
16 days to 90 days
91 days to 1 year

Dec. 24

57,609
2,943
10,566
22,969
12,811
7,642
678

57,584

57,153
1,392
10,730
23,900
12,811
7,642
678

57,832
2,403
10,272
24,026
12,811
7,642
678

57,154
2,148
11,168
22,707
12,811
7,642
678

57,318
1,373
10,901
23,913
12,811
7,642
678

52,937
2,017
17,567
8,919
12,880
10,943
611

2,122

10,967
23,364
12,811
7,642
678

I Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.

BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Turnover of demand deposits

Debits to demand deposit accounts i
(billions of dollars)
Period

Leading SMSA's

1968—Nov
Dec

1969—Jan
Feb
Mar
Apr
May

July
Sept
Oct
Nov
1

Total 232
SMSA's
(excl.
N.Y.)
6 others 2

other
SMSA's

Total
233
SMSA's

N.Y.

3 925 9
4,076.8

1 904.1
1,902.4

4 615 6
4,679.0

2 711 5
2,776.6

65 7
66.0

142 7
144.8

63 3
62.1

45 0
44.8

37 4
37.6

3,896.7
3 929.8
3,882.8
3 902.0
4,097.6
4,155.7
3,908.6
4,148.4
4,311.5
4 127.6
4,207.5

2,007.9
2 047.2
1,974.3
2,028.9
2,083.2
2,164.4
2,244.4
2,242.8
2,249.6
2 254.7
2,224.8

4,837.5
4 903.2
4,840.9
4 981.8
5,050.0
5,229.6
5,334.2
5,281.7
5,425.8
5 399.3
5,276.6

2,829.6
2 856.1
2 866.6
2,952.9
2,966.8
3,065.2
3,089.8
3,038.9
3,176.3
3 144.7
3,051.8

65.7
67 3
66.0
66.6
68.2
68.7
67.6
70.1
72.3
70 8
70.5

138.3
144.9
142.6
140.9
147.3
145.5
136.1
146.5
153.5
148 8
151.6

65.5
67.2
64.5
66.3
67.1
68.6
71.8
72.9
73.0
72 9
71.7

46.2
47.0
46.1
47.2
47.5
48.4
49.4
49.7
50.9
50.6
49.4

38.2
38 7
38.5
39 4
39.5
40.1
40.3
40.3
41.9
41 5
40.3

N.Y.

8,541 5
8,755.8
8,734.2
8,833.1
8,723.7
8,883.8
9,147.6
9,385.2
9,242.8
9,430.1
9,737.3
9 526.9
9,484.1

Excludes interbank and U.S. Govt. demand deposit accounts.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.




Leading SMSA's

Total 232
SMSA's
(excl.
6 others 2
N.Y.)

Total
233
SMSA's

226

226

other
SMSA's

NOTE.—-Total SMSA's includes some cities and counties not designated
as SMSA's.
For a 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 a JANUARY 1970
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation '

Total

Coin

Jl 2

$2

$5

$10

$20

Total

$50

$100

$500

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

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

1950
1955
1958
1959

27,741
31,158
32,193
32,591

19,305
22,021
22,856
23,264

1,554
1,927
2,182
2,304

1,113
1,312
1,494
1,511

64
75
83
85

2,049
2,151
2,186
2,216

5,998 8,529
6,617 9,940
6,624 10,288
6,672 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
12
9
5

1960
1961
1962
1963
1964

32,869
33 918
35,338
37,692
39,619

23,521
24,388
25,356
26,807
28,100

2,427
2,582
2,782
3,030
3,405

1,533
1,588
1,636
1,722
1,806

88
92
97
103
111

2,246
2,313
2,375
2,469
2,517

6,691
6,878
7,071
7,373
7,543

10,536 9,348
10,935 9 531
11,395 9,983
12,109 10,885
12,717 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
10
10
4
4

1965
1966
1967

42,056
44,663
47,226

29,842
31,695
33,468

4,027
4,480
4,918

1,908
2,051
2,035

127
137
136

2,618
2,756
2,850

7,794 13,369 12,214
8,070 14,201 12,969
8,366 15,162 13,758

3,540
3,700
3,915

8,135
8,735
9,311

245
241
240

288
286
285

3
3
3

4
4
4

1968—Oct..
Nov.
Dec.

48,719
49,989
50,961

34,421
35,489
36,163

5,565
5,625
5,691

1,900
1,957
2,049

136
136
136

2,763
2,862
2,993

8,336 15,722 14,299
8,627 16,282 14,500
8,786 16,508 14,798

4,028 9,734
4,092 9,869
4,186 10,068

241
242
244

289
290
292

3
3
3

4
4
4

1969—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.

48,983
48,996
49,475
49,642
50,399
50,936
51,120
51,461
51,336
51,710
52,991

34,401
34,421
34,792
34,895
35,529
35,920
35,981
36,232
36,032
36,275
37,325

5,673
5,603
5,645
5,692
5,730
5,790
5,827
5,849
5,877
5,909
5,965

1,907
1,895
1,909
1,934
1,971
1,989
1,992
2,001
2,023
2,041
2,115

136
136
136
136
136
136
136
136
136
136
136

2,779
2,784
2,806
2,815
2,861
2,882
2,852
2,868
2,858
2,865
2,971

8,257
8,318
8,383
8,363
8,531
8,592
8,546
8,586
8,500
8,536
8,839

4,090
4,080
4,102
4,130
4,158
4,212
4,251
4,276
4,280
4,302
4,385

9,951
9,955
10,023
10,073
10,166
10,259
10,345
10,418
10,493
10,608
10,761

244
243
244
244
244
245
243
241
239
236
235

291
291
291
292
292
292
291
286
283
280
278

3
4
3
3
3
3
3
3
3
3
3

4
4
19
4
5
5
5
5
5
5
5

End of period

Coin and small denomination currency

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.

Large denomination currency

15,650
15,685
15,915
15,955
16,300
16,531
16,629
16,791
16,639
16,789
17,300

14,582
14,576
14,682
14,747
14,869
15,016
15,139
15,229
15,303
15,435
15,666

$1,000 $5,000 $10,000

2 Paper currency only; $1 silver coins reported under coin.
NOTE.—Condensed from Statement of United States Currency and
Coin, issued by the Treasury.

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollan)
Held in the Treasury
Kind of currency

Gold
Federal Reserve notes

Total outstanding, As security
Nov. 30,
against
1969
gold and Treasury
cash
silver
certificates
10,367
(10,036)
49,281
6,823

(10,036)

165
137

485
5,712
323
303
Total Nov 30 1969
Oct 31 1969
Nov 30 1968

566,471
565,521
563,562

(10,036)
(10,036)
(10,026)

633
649
742

1969

1968

10,035
10,036
10,024

Nov.
30

Oct.
31

Nov.
30

1
2,684
126

46,431
6,560

45,206
6,505

43,750
6,239

125
1

310,035

104
29

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 $219 million gold deposited by and held for the International
Monetary Fund.
3 Consists of credits payable in gold certificates, the Oold Certificate
Fund—Board of Governors, FRS.
* Redeemable from the general fund of the Treasury.




2331

For
F.R.
Banks
and
Agents

Currency in circulation l
Held by
F.R.
Banks
and
Agents

482
5,483
292
303

482
5,428
292
303

482
5,144
306
308

2,812
3,127
2,807

52,991

51,710
49,989

s 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. 936.

JANUARY 1970 n MONEY SUPPLY; BANK RESERVES

A 17

MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Not sea sonally adjusted

Seasonally adjusted
Money supply

Period
Total
1965—Dec
1966—Dec
1967—Dec

Currency Demand
component deposit
component

Money supply

Time
deposits
adjusted!

Total

Currency Demand
component deposit
component

166.7
170.4
181.7

36.3
38.3
40.4

130.4
132.1
141.3

146.7
158.5
183.7

172.0
175.8
187.5

37.1
39.1
41.2

1968—Dec

194.8

43.4

151.4

204.9

201.0

1969—Jan
Feb
Mar
Apr
May..

195.8
196.3
196 8
198 1
198.3
199.0
199.3
199.0
199.0
199.1
199.3
199.6

43.5
43.8
44.1
44.2
44.5
44.8
45.0
45.3
45.2
45.6
45.9
46.0

152.3
152.5
152 7
154.0
153.8
154.2
154.4
153.8
153.7
153.6
153.4
153.6

203.2
202.4
202.3
202.3
201.7
200.8
197.7
194.5
194.1
193.5
193.4
194.1

201.7
194.8
195.0
199.2
194.4
197.0
197.8
195.9
197.6
199.3
201.0
206.0

198.7
199 7
200 1
199.2

45.7
45.8
45.9
45.9

153.0
153.9
154.2
153.2

193.3
193.1
193.2
193.5

199.3
198.4
198.7
197.8
202.9

45.9
46.0
46.1
46.1
45.9

153.4
152.4
152.6
151.6
157.0

193.8
193.9
194.2
194.3
193.9

. .

July
Sept
Oct
Nov
Dec »

.

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits'

134.9
136.7
146.2

145.2
156.9
182.0

4.6
3.4
5.0

44.3

156.7

203.1

5.0

43.5
43.4
43.7
43.8
44.2
44.7
45.2
45.4
45.2
45.6
46.4
47.0

158.2
151.4
151 3
155.3
150.3
152.3
152.7
150.5
152.4
153.7
154.7
159.0

202.8
202.4
202 9
202 7
202 2
201.0
197.7
195.5
194.3
193.7
192.6
192.4

4.9
6.9
48
5 4
9 2
6 0

201.4
201.1
201.9
199.8

45.9
46.4
46.3
46.3

155.5
154 7
155 6
153.5

193.3
192 8
192 5
192.4

5.5
4 9
4 3
5.4

202.2
202.8
205.7
205.2
211.0

46.7
47.0
46.8
47.3
46.9

155.5
155.8
158.8
157.9
164.1

192.3
192.3
192.4
192.4
192.5

4.4
4.9
7.3
5.5

5.6

4 3
5.3

4 2
5.1

5.5

Week ending—
1969 Nov.

Dec

5
12
19
26

. .

3
10P
UP

24P
31P

1
At all commercial banks.
NOTE.—For description of revised series and for back data, see Oct.
1969 Bulletin, pp. 787-803.
Averages of daily figures. Money supply 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

6.0

and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial
banks. Time deposits adjusted are time deposits at all commercial
banks other than those due to domestic commercial banks and the
U.S. Govt. Effective June 9, 1966, balances accumulated for payment of
personal loans were reclassified for reserve purposes and are excluded from
time deposits reported by member banks.

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
(In billions of dollars)
Member bank reserves, S. A. l

Deposits subject to reserve requirements 2
S.A.

Period

Total

Required
Nonborrowed

Time
and
savings

Private
demand

236.6
244.6
273.5

121.2
129.4
149.9

111.0
111.7
118.9

U.S.
Govt.
demand

Total

Time
and
savings

Private
demand

4.4
3.5
4.6

239.0
247.1
276.2

119.8
127.9
148.1

115.2
116.1
123.6

4.0
3.0
4.5

U.S.
Govt.
demand

22.82
22.98
25.68

22.83
23.17
25.60

27.96

27.22

27.61

298.2

165.8

128.2

4.2

301.2

163.8

133.3

4.1

28.14
28.06
27.97
27.78
28.24
28.06
27.53
27.40
27.40
27.35
27.78
27.91

27.32
27.21
27.02
26.75
26.89
26.71
26.28
26.21
26.38
26.21
26.54
26.79

27.90
27.83
27.73
27.61
27.94
27.74
27.33
27.16
27.14
27.13
27.55
27.71

297.0
296.7
294.2
295.4
295.1
292.6
288.0
285.3
285.7
283.5
285.8
285.7

163.2
161.0
160.5
160.1
159.3
158.1
155.1
152.5
152.1
151.5
151.1
151.5

128.4
129.1
128.9
129.4
130.0
130.5
130.5
129.9
129.2
128.9
129.1
129.3

5.4
6.7
4.8
5.9
5.9
4.0
2.4
2.9
4.4
3.1
5.6
4.9

300.8
295.8
293.3
296.0
294.2
292.0
288.8
283.6
284.6
283.8
284.7
288.5

162.7
161.8
161.6
160.9
160.1
158.6
155.4
153.1
151.8
151.1
150.0
149.7

134.0
128.1
127.8
130.5
126.3
128.4
128.8
127.0
128.3
129.3
130.3
134.3

4.2
5.9
3.9
4.5
7.9
5.0
4.7
3.5
4.4
3.5
4.3
4.6

1965—Dec..
1966—Dec..
1967—Dec.

23.26
23.52
25.94

1968—Dec..

1969—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec."

1
Averages of daily figures. Data reflect percentage reserve requirements made effective Apr. 23, 1969. Required reserves are based on
average deposits with a 2-week lag.
2 Averages of daily figures. Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as denned
by Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Govt., less cash items in process of collection
and demand balances due from domestic commercial banks. Effective June
9, 1966, balances accumulated for repayment of personal loans were elim-




N.S.A.

inated from time deposits for reserve purposes. Jan. 1969 data are not
comparable with earlier data due to the withdrawal from the system on
Jan. 2, 1969, of a large member bank.
NOTE.—Due to changes in Regulations M and p , required reserves
include increases of approximately $400 million since Oct. 16, 1969.
Seasonally adjusted data for the period 1959 to date may be obtained from
the Banking Section. Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.

A 18

BANKS AND THE MONETARY SYSTEM ° JANUARY

1970

CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets

Other
securities 2

Total
assets,
net—
Total
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

Bank credit

Gold

Treasury
currency
outstanding

U.S. Treasury securities
Loans,
net i. 2

Total

Coml.
and
savings
banks

Total

Federal
Reserve
Banks

Others

3,328
2,888
1,200

10,723
14,741
69,839

188,148
199,008
487,709

175,348
184,384
444,043

12,800
14,624
43,670

1947—Dec. 31..
1950—Dec. 30..
1967—Dec. 30..

22,754
22,706
11,982

4,562
4,636
6,784

160,832 43,023
171,667 60,366
468,943 282,040

107,086
96,560
117,064

81,199
72,894
66,752

22,559
20,778
49,112

1968—Dec. 31.,

10,367

6,795

514,427 311,334

121,273

68,285

52,937

51

81,820

531,589

484,212

47,379

1969—Jan. 29..
Feb. 26..
Mar. 26..
Apr. 30..
May 28.

10,400
10,400
10,400
10,400
10,400

6,800
6,800
6,800
6,700
6,700

504,800
503,000
504,100
511,400
508,700

304,300
306,000
307,300
313,200
313,200

119,500
115,500
114,600
115,000
112,700

67,100
63,500
62,500
61,900
59,200

52,300
51,900
52,000
53,100
53,400

100
100
100
100
100

81,000
81,500
82,300
83,200
82,800

522,000
520,200
521,300
528,500
525,800

469,900
466,800
466,300
472,500
467,000

52,100
53,300
54,900
56,100
58,900

June 30<
July 30.
Aug. 27.
Sept. 24.,
Oct. 29 n.
Nov. 26*,
Dec. 31s

10,367
10,400
10,400
10,400
10,400
10,400
10,400

6,736
6,700
6,800
6,800
6,800
6,800
6,800

522,058
515,000
512,600
514,300
514,800
519,300
530,300

326,725
321,200
317,700
321,200
321,000
322,800
333,600

111,793
111,300
112,900
110,700
112,500
114,900
115,000

57,667
58,300
57,900
56,700
57,700
58,200
57,800

54,095
53,000
54,900
53,900
54,800
56,700
57,200

31

83,540
82,400
82,000
82,400
81,300
81,600
81,700

539,162
532,100
529,800
531,400
531,900
536,500
547,500

470,457
464,600
461,800
465,200
465,100
467,800
483,000

68,705
67,500
67,900
66,200
66,800
68,700
64,500

DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)

Money supply
Seasonally adjusted 5
Date
Total

DeCurmand
rency
outside deposits
adbanks
justed6

Time

Not seasonally adjusted

Total

DeCurmand
rency
outside deposits
adbanks justed6

Total

U.S. Government

ForCom- Mutual Postal eign,
mercial savings Savings net 8
banks * banks 1 System'

1947—Dec. 3 1 . . . . 110,500
1950—Dec. 3 0 . . . . 114,600
1967—Dec. 3 0 . . . . 181,500

26,100 84,400 113,597
24,600 90,000 117,670
39,600 141,900 191,232

26,476 87,121 56,411 35,249
25,398 92,272 59,246 36,314
41,071 150,161 242,657 182,243

1968—Dec. 3 1 . . . . 199,600

42,600 157,000 207,347

43,527 163,820 267,627 202,786

17,746
20,009
60,414

3,416
2,923

Treasury
cash
holdings

At
At
coml.
F.R.
and
savings Banks
banks

1,682
2,518
2,179

1,336
1,293
1,344

1,452
2,989
5,508

870
668
,123

64,841

2,455

695

5,385

703

1969—Jan.
Feb.
Mar.
Apr.
May

29....
26....
26....
30....
28....

190,100
191,300
193,500
192,300
191,700

147,300
148,500
150,300
149,000
148,100

192,500
190,500
190,700
192,300
189,300

42,200
42,300
42,800
42,900
43,500

150,400
148,100
147,900
149,400
145,900

266,000
266,700
267,700
266,900
267,500

201,200
201,600
201,800
201,200
201,500

64,900
65,200
65,900
65,700
66,000

2,200
2,100
2,100
2,300
2,100

800
800
700
700
700

7,900
6,200
4,600
9,300
6,900

500
600
500
,000
400

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30*...
30....
27....
24....
29"...
26"...
31*...

195,300 43,700 151,600
192,600 44,000 148,600
193,700 43,900 149,800
194,200 44,000 150,200
194,100 44,400 149,700
=195,600 '44,900 150,700
205,700 45,300 160,400

193,996
192,300
192,100
192,900
195,500
198,800
213,600

44,478
44,100
44,200
44,100
44,500
46,300
46,300

149,518
148,300
147,900
148,800
151,000
152,500
167,300

266,171
262,200
260,800
260,300
259,200
258,300
259,600

199,516
196,000
194,500
193,600
192,700
191,700
192,400

66,655
66,200
66,300
66,600
66,500
66,600
67,300

2,402
2,300
2,100
2,300
2,300
2,400
2,600

633
700
700
700
700
700
700

5,997
5,800
5,200
7,900
6,400
6,800
5,200

,258
,200
,000
,200
,100
900
,300

42,800
42,800
43,200
43,300
43,600

1 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. These
hypothecated deposits are shown in a table on p. A-23,
2 See note 2 at bottom of p. A-22.
3
After June 30, 1967, Postal Savings System accounts were eliminated
from this Statement.
4
Beginning June 30, 1969, figures for commercial banks reflect (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.
5
Series began in 1946; data are available only for last Wed. of month.
6
Other than interbank and U.S. Govt., less cash items in process of
collection.




7 Includes relatively small amounts of demand deposits. Beginning with
June 1961, also includes certain accounts previously classified as other liabilities.
8 Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million (SI ,500 million to time deposits and $400
million to demand deposits).

NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks and
demand deposits adjusted, see/'Banks and the Monetary System," Section
1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS
for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million.
For description of substantive changes in official call reports of condition
beginning June 1969, see BULLETIN for August 1969, pp. 642-46.

JANUARY 1970 a COMMERCIAL BANKS

A 19

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits

Loans and investments

Total

Securities

Class of bank
and date

Cash
issets

Total

Loans
1.2

AU commercial banks:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 ' . . .
1966—Dec. 3 1 . . . .
1967—Dec. 3 0 . . . .

U.S.
Treas- Other
ury

Total
Interbank^
liabilities
Total 3
and
Decapital
mand Time
accounts <

10,982
50,746 21,714 21,808 7,22: 26,551 79,104 71,283
124,019 26,083 90,606 7,33 34,806 160,312 150,227
14,065
116,284 38,057 69,221 9,"" 37,502 155,377 144,103 12,792 240
006

Other

Total NumBor- capita
ber
rowacof
ings counts banks

Demand
Time*
U.S.
Govt.

Other

15,952
44,349
30,241
105,921
,343 94,36' 35,360

23 7,173 14,278
219 8,950 14,011
65 10,059 14,181

322,661 217,726 56,163 48,772 69,119 403,368 352,28' 19,770
967 4,992 167,751 158,806 4,859 32,054 13,767
359,903 235,954 62,473 61,47" 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722

1968—Dec. 31

401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679

1969—Jan.
Feb.
Mar.
Apr.
May

29
26
26
30
28

394,820 261 ,130
393,470 263 ,120
394,900 264,970
400,750 270
270,470
399,920 272,720

63,150
59,470
58,510
57,980
55,380

70 ,540
70,880
71,420
72,300
718 2 0
-,

71,850
71,590
72,090
81,110
76,700

480,940 407,780
480,700 404,520
482,870 403,670
498400 417; 000
493,250 408! 520

19,350 1,080 7,540 178,270 201,540 12,830
19,550 1,010 5,830 176,230 201,900 13,010
990 4,250 176,360 202,160 14,360
19,910
960 8,950 184,290 201,570 15,780
21,230
950 6,530 178,200 201,850 17,490
20,990

30'...,
30
27
24
29*
26""
31"

410,
1,279 283,850
409,
',200 283 ,240
405,860 280,680
408,670 284,300
408,470 283,970
286,230
411,580 L_.
—
418,760 293 ,590

54,044
54,700
54,330
53,200
54,310
54,850
54,570

72 ,385 88,209
71 ;260 74;370
701,850 76;200
71 ,170 75 910
70 , 190 76 960
701,500 82,340
1,600 89,850
70;

516,752 425 363
650 404 040
499;750 401 770
503, 590 404 160
504 180 406,1
060
512 970 411,
,800
5271650 433,200

25,187
21,060
21,410
21,260
22,190
23,190
27,220

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

Members of F.R. System
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29
26
26
30
28
30«
30
27
24
29
26*. . . .
31*....

Reserve city member:
New York City:7
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29
26
26
30
28
30«
30
27
24
29
26
31

For notes see p. A-22.




36,870
37,180
37,360
38,000
38,090

13,673
13,673
13,677
13,669
13,668

5,639 193,787 199,868 14,740 38,823
5,490 180,260 196,370 19,450 38,480
4,860 179,840 194,790 21,270 38,660
7,610 180,550 193,930 211610 38)860
6,160 183,810 193,020 21,240 39,310
21,960 391450
"
6,560 189,400 191,970"
'"",630 17,800 39,850
4,960 207,720 192

13,673
13,682
13,683
13,681
13,683
13,684
13,684

4 5,886
208 7,589
54 8,464

6,619
6,884
6,923

263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788
794 4,432 138,218 128,831 4,618 26,278
293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098

6,150
6,071

325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060

5,978

43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385
107,183 22,775 78,338 6,070 29,845 138,304 129
",670 13,576
"",845 132,060 122 ,528 12,353
97,846 32,628 57,914 7,304 32

860
870
810
880
680
670

140 1,709 37,136 12,347
64 22
2,179 69,640 24,210
50 1,176 80,609 28,340

i,464 55 ,979 63,826 395 585 332 284 18,402
5
46,
43,
1387 56,131 63,247 394 742 329 130 18,593
209
42,
1,709 56,438 63,749 396 , 327 .685 18,950
,
.
42 372 56,939 72,398 409,340 339,062 20,260
. .......
40,177 56,324 68,479 403,971 330,433 20,054

927
860
842
796
790

6,556
4,907
3,374
7,981
5,405

12,000 29 ,966
12,179 30,190
•,342
13,636 30
14,888 30,699
16,467 30,752

5,972
5,967
5,962
5,955
5,944

329,707 233 ,960 39, 382 56,364 78 615 424,278 344 466 24,097
56
328,560 233 ,196 39,962 55,402 66 159 410,
993 20,079
325,413 230 ,654 39,754 55,005
843 408,644 323 063 20,433
327,611 233,744 38,643 55,224
;
504 411 ,501 324 780 20,234
327,288 233,260 39,725 54,303 68,596 412,130 326 768 21,182
:__
"""1
330,002 235 ,055 40,276 54,671 73, 107 419
"' ""
1,571 331,,350 22,138
""
336,361:
241,567 40,038 54,756 79,304 432,272 349,915 25,896

722
699
707
683
721
522
514

4,874 158 ,287 156,485 13,999 31,317
4,562 146,373 153,280 18,145 31,090
4,046 146,139 151,738 19,925 31,234
6,576 146,468 150,819 20,322 31,374
5,438 149,424 150,003 19,893 31,694
5,666 153,874 149,150 20,614 31,793
•
4,076 169,745 149,684 16,957 32,110

5,936
5,925
5,919
5,910
5,901
5,893
5,893

319,249 216,806
317,925 218,407
318,742 219,595
322,
_.
•"",609
1,920 223
321,197 224 ,696

12,896
26,143
20,393

4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453

145,546
144,065
143,989
150,719
145,261

866 12,051
6,940 17,287
267 19,040

160,853
160,705
160,530
159,306
158,923

807
1,236
1,445

1,648
2,120
30 2,259

36
37
37
12
12

46,536 35,941
52,141 39,059

4,920 5,674 4,869 64,424 51,837 6,370
6,027 7,055 8,797 74,609 60,407 7,238

467 1,016 26,535 17,449 1,874 5,298
741 1,084 31,282 20,062 1,880 5,715

57,047 42,968

5,984 8,094 9,948 81,364 63,900 8,964

622

55,692
54,596
53,942
55,607
54,847

42,544
42,652
41,875
43,237
43,174

5,560
4,495
4,574
4,616
4,099

7,588
7,449
7,493
7,754
7,574

8,452
7,659
8,680
22,610
20,784

78,065
76,545
76,776
82,395
80,195

58,225
56,323
55,046
59,841
56,188

7,401
7,123
7,588
8,788
8,825

501 1,873 29,314 19,136 3,278 6,119
924 29,340 18,467 3,299 6,156
469
356 28,746 17,914 4,010 6,153
442
419 2,080 31,513 17,041 4,267 6,240
414
826 29,577 16,546 4,921 6,217

12
12
12
12
12

57,885
57,645
56,571
57,278
56,905
58,509
60,337

46,232
45,922
44,914
45,807
45,787
46,249
48,269

4,445
4,893
4,904
4,534
4,722
5,487
5,047

7,208 26,223
6,830 19,776
6,753 20
753 10,574
6,937 19,165
6,396 21,818
6,773 21,845
7,021 22,426

89,283
82,327
81,955
81,486
83,804
85,405
88,205

62,534
54,066
54,538
54,273
56,712
57,931
62,464

1,233
8,519
8,783
8,346
9,073
9,540
0,431

983 34,453 15,460 3,671
405
821 29,732 14,625 5,011
369
722 30,490 14,170 5,459
373
331 1,298 30,286 14,012 5,422
337 1,328 31,553 14,421 5,639
248 1,508 31,909 14,726 5,420
237
694 36,145 14,957 4,388

12
12
12
12
12
12
12

888 33,351 20,076 2,733 6,137

6,283
6,241
6,275
6,256
6,281
6,318
6,377

COMMERCIAL BANKS

A 20

n JANUARY 1970

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Interbank 3
Other
Securities
liaCash bilities
assets 3 and
Demand
capital Total 3
U.S.
DeTime
acTreas- Other
mand
counts *
U.S. Other
ury
Govt.

Loans and investments

Class of bank
and date
Total

Loans
1.2

Reserve city member (cont.):
City of Chicago: ».•
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29
26
26
30
28
30«
30
27
24
29
26
31

Other reserve city: '. >
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29
26
26
30
28
30'
30
27
24
29
26
31

2,760
5,931

s,r—

954
1,333
1,801

11,802
12,744

8,756
9,223

14,274 10,286

,035
,312
,217

127
1,552
72

,545 1,502 2,638 14,935 12,673
,574 1,947 2,947 16,296 13,985

,433
,434

310
267

18,099 14,526

,535

376 1,566
385 1,489
397 1,739

,863 2,125 3,008

4,363
7,459
6,866

Time1

476
719
913

288
377
426

13
12
14

6,008 4,898
6,250 6,013

484 1,199
383 1,346

11
10

6,542 6,171

4,057
7,046
6,402

1,430
4,213
2,890

Total
Bor- capital Number
rowacof
ings counts banks

682 1,433

2,419
3,462
4,201

13,935
13,802
14,146
14,004
13,646

10,189
10,030
10,313
10,218
9,996

,647
,558
,634
,592
,473

2,099
2,214
2,199
2,194
2,177

2,932
3,128
2,768
2,835
3,067

17,589
17,685
17,696
17,635
17,559

13,376
13,144
12,789
13,201
12,662

,165
,246
,267
,170
,190

569
238
92
615
233

5,722
5,826
5,775
5,901
5,886

5,902
5,817
5,638
5,498
5,336

1,130
1,418
1,319
1,682

1,424
1,431
1,435
1,460
1,446

14,321
14,238
13,832
14,006
13,945
14,022
14,369

10,573
10,630
10,373
10,564
10,341
10,331
10,773

,616
,556
,473
,471
,667
,685
,565

2,132
2,052
1,986
1,971
1,937
2,006
2,031

2,716
2,601
2,698
2,925
2,604
2,942
2,855

17,869
17,635
17,344
17,784
17,410
17,824
17,988

13,035
12,042
11,779
11,806
11,641
11,958
13,317

,368
,192
,170
,189
,153
,330
,732

274
242
149
349
334
250
175

6,192
5,686
5,630
5,555
5,543
5,866
6,769

5,176
4,907
4,811
4,689
4,584
4,491
4,614

1,230
1,354
1,717
2,09f
2,064
1,985
1,290

1,492
1,455
1,483
1,493
1,492
1,500
1,516

15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356
40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418
36,040 13,449 20,196 2,396 13,066 49,659 46,46" 5,627
95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593
105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374
119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181

12,557 4,806
104
30 8,221 24,655 9,760
405 28 ;990 11,423
22

1,967
2,566

1 2,844

351
359
353

233 1,633 49,004 49,341 1,952 9,471
310 1,715 53,288 55,798 2,55.r 10,032
307 1,884 57,449 62,484 4,239 10,684

169
163
161

7,651
8,024
7,885
8,062
7,882

306
272
281
249
248

2,348
2,079
1,338
3,457
2,219

50,142 61 ,922
49,549 61 ,631
49,751 61,384
51,735 60,995
50,043 60 ,848

10,743
10,773
10,878
10,982
11,014

161
161
161
161
161

,572 27,265 152,827 125,157 9,028
11,635 19,
11,716 19,369 24 ,037 148,510 118,489 8,108
11,810 19,130 ,644 147,680 116,983 8,224
11,110 19,011 25,301 148,736 117,685 8,329
—
11,794 18,772 23 ,979 147,722 117,701 8,631
118,724 8,853
11,583 18,796 26 ,601 150,766 118
11,958 18,571 29,968 156,951 126,147 10,687

159
204
204
217
246
167
164

2,171
1,735
1,633
2,963
2,411
2,213
1,541

54,079 59 ,721 7,311 11,166
50,333 58,109 9,173 11,194
49,740 57,182 10,069 11,219
49,663 56,513 10,236 11,271
50,780 55,633 9,506 11,391
. J
52,603 54,888 10,518 11,381
58,900 54,855 9 , 588 11,492
""

159
159
159
159
158
158
158

116,456
116,211
116,128
117,795
116,902

82,141 14,167 20,148 23,463 144,460 122 ,369
19,995 23,142 143,969 121,555
83,065
19,856 23,094 143,928 120,639
83,534
124,498
84,932 12;857 20,006 25,890 148,544 124
85,316 11,982 19,604 24,557 146,119 121,240

119,789
118,838
117,449
117,698
117,954
118,287
120,976

88,582
87,753
86,509
87,577
87,388
87,908
90,447

6,179
6,085
6,763
7,522
7,819

Country member: 7 8
>
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31

792
12,518 5,890 4,377 2,250 6,402 19,466 17,415
35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207
36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056

30
225 10,109 6,258
17 5,465 24,235 12,494
432 28,378 14,560
17

1,982 6,219
2,525 6,476
23 2,934 6,519

1966—Dec. 31

,
109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392
"",334 146,052 131,156 2,766
122,511 74,995 24,689 22,826 20

69 1,474 56,672 57 ,144
96 1,564 61,161 65,569

134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839

111 1,281 66,578 73,873

308 10,309 5,958
552 11,005 5,886
5,796
804 11,8

1967—Dec. 30
1968—Dec. 31
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

29
26
26
30
28
30«
30
27
24
29
26
31*

For notes see p. A-22.




133,166
133,316
134,526
135,514
135,802

81,932
82,660
83,873
85,222
86,210

25, 090 26,144 18,979 155,471
24,183 26,473 19,318 156,543
23, 763 26,890 19,207 157,809
"""
23,307 26,985 21 ,063 160,766
22,623 26,969 20 ,071 160,098

138,314
138,108
139,211
141,522
140,343

2,185
2,200
2,210
2,240
2,157

102
102
102
111
111

1,766
1,666
1,588
1,829
2,127

60,368 73,
59,350 74,790
59,717 75,594
61,570 75,772
59,755 76,193

1,658
1,665
1,445
1,780
2,045

11,680
11,830
11,876
12,017
12,075

5,790
5,785
5,780
5,773
5,762

137,711
137,839
137,561
138,629
138,484
139,184
140,679

88,573
88,891
88,858
89,796
89,744
90,567
92,078

21,686 27,452 22,410 164,299 143,739
21,797 27 ,151 19,745 161,929 140,396
21,567 27 136 19,927 161,665 139,763
21,528 27 305 20,113 163,495 141^016
21,542 27 198 20,195 163,194 140,71'
21,521 27 096 21,719 165,576 142,737
21,468 27,133 24,055 169,128 147,987

2,515
2,260
2,256
2,370
2,325
2,415
3,046

86
111
111
111
111
86
86

1,448
1,764
1,542
1,966
1,365
1,695
1,666

63,,562
60,
1,622
60,
i,279
60,964
61,
63,496
67,931

76 ,129
75 639
75 ;575
75 ,605
,365
75 ,045
75,258

1,787
2,607
2,680
2,572
2, 684
""
2,691
1,691

12,376
12,200
12,25'
12,354
12,530
12,594
12,725

5,756
5,745
5,739
5,730
5,722
5,714
5,714

JANUARY 1970 a COMMERCIAL BANKS

A 21

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Classification by
FRS membership
and FDIC
insurance

Total

Loans
1. 2

U.S.
Treasury

Insured banks:
Total:
1941—Dec. 31.. 49,290 21,259 21,046
121,809 25,765 88,912
1945—Dec. 31..
114,274 37,583 67,941
1947—Dec. 31..

Other

Deposits
Total
assets—
Total
liaCash
bilities
and
Total'
capital
ac- 4
counts

Interbank3

10,654
6,984 25,788 76,820 69,411
13,883
",544 147,775
7,131 34,292 157
,733 141,851 12,615
8,750 36,926 152

54

321,473 217,379 55,788 48,307 68,515 401,409 351 438 19,497
1966—Dec. 31..
358,536 235,502 62,094 60,941 77,348 448,878 394 118 21,598
1967—Dec. 30..
399,566 264,600 64,028 70,938 83,061 498^071 4321719 24,427
1968—Dec. 31..

881
1,258
1,155

1969—June 30«. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889

800

66,026
65,891
62,723
62,499
59,120

National member:
1941—Dec. 3 1 . . 27,571 11,725 12,039
1945—Dec. 3 1 . . 69,312 13,925 51,250
1947—Dec. 3 1 . . 65,280 21,428 38,674

23,531
28,903
34,594
38,320
44,364

56,086 276,600 247,176
53,702 295,093 260 ,609
50,337 310,730 273,657
59,911 343,876 305,113
— ' —"
60,327 374;051 330,323

6,786
3,806 14,977 43,433 39,458
9,229
4,137 20,144 90,220 84,939
5,178 22,024 88,182 82,023 8,375

35

Total
capital
accounts

Number
of
banks

Time
U.S.
Govt.

333
402
443
733
923

213,904 124,348
30..
234,243 139,449
28..
252,579 155,261
20..
275,053 174,234
31..
303,593 200,109
31..

Borrowings

Demand
Time

17,737
15,844
15,077
17,664
18,149

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

Other

Other

1,762 41,298 15,699
23,740 80,276 29,876
1,325 92,975 34,882

10
215
61

82,122
97,380
110,723
126,185
146
•",084

462
3,584
3,571
2,580
4,325

5,934
6,815
6,712
6,487
5,508

141,050
140,169
140,702
154,043
159,659

4,975 166,689 159,396
5,219 182,984 183,060
51000 198,535 203,602

6,844 13,426
8,671 13,297
9,734 13,398
22,089
23,712
25,277
27,377
29,827

13,108
13,119
13,284
13,486
13,540

4,717 31,609 13,533
5,531 33,916 13,510
8,675 36,530 13,481

5,624 192,357 200,287 14,450 38,321 13,464
11
,
14,013
795
3,315
3,735
3,691
3,604
3,284

23,262 8,322
45,473 16,224
53,541 19,278

4
78
45

3,640
4,644
5,409

5,117
5,017
5,005

45,441
53,733
61,288
70,746
85,522

225
1,636
1,704
1,109
2,627

11,875
12,750
13,548
15,048
17,434

4,513
4,505
4,615
4,773
4,815

10,359
9,155
8,863
10,521
12,064

104
127
146
211
458

187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
1966—Dec. 31..
208,971 139,315 34,308 35,348 46,634 263 375 231,374 13,877
1967—Dec. 30..
236,130 159,257 35,300 41,572 50,953 296 594 257,884 15,117
1968—Dec. 31..

437
652
657

3,035 96,755 93,642
3,142 106,019 107,684
— "",597
3,090 116, 422 122

3,120 18,459
3,478 19,730
5,923 21,524

4,799
4,758
4,716

1969—June 30 «. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324

437

3,534 113,134 120,060

9,895 22,628

4,700

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

116,402
30..
127,254
28..
137,447
20..
151,406
31..
176,605
31..

State member:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .

67,309
75,548
84,845
96,688
118,537

36,088
35,663
33,384
33,405
32,347

15,950 6,295 7,500
37,871 8,850 27,089
32,566 11,200 19,240

13,006
16,042
19,218
21,312
25,720

31,078
29,684
28,635
34,064
36,880

150,809
160,657
170,233
190,289
",744
219

135,511
142,825
150,823
169,615
193,860

3,739
2,155 8,145 24,688 22,259
4,411
1,933 9,731 48,084 44,730
2,125 10,822 43,879 40,505 3,978

15

76,292
76,075
76,836
84,534
92,533

621 13,874
8,166 24,168
381 27,068

4,025
7,986
9,062

1
130
9

2,246
2,945
3,055

1,502
1,867
1,918

6,835
6,154
5,655
6,486
5,390

199
231
236
453
382

2,066
2,351
2,295
2,234
1,606

21,716
25,983
29,642
32,931
34,680

213
1,914
1,795
1,372
1,607

6,763
7,104
7,506
7,853
7,492

1,600
1,544
1,497
1,452
1,406

1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200
1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 11,188 95,637 6,934
1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402

357
516
404

1,397 41,464 36,129
1,489 45,961 40,736
1,219 47,498 40,945

1,498
1,892
2,535

7,819
8,368
8,536

1,351
1,313
1,262

1,341 45,152 37,307

4,104

8,689

1,236

3,360
5,680
6,558

6
7
7

959
1,083
1,271

6,810
6,416
6,478

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

30.. 63,196
28.. 68,444
20.. 72,680
31.. 77,091
31.. 74,972

1969—June 30«.

38,924
43,089
46,866
51,002
51,262

88,346 64,007

Nonmember:
1941—Dec. 31.. 5,776
1945—Dec. 31.. 14,639
1947—Dec. 31.. 16,444

17,971 6,302 18,501
17,305 8,050 17,744
15,958 9,855 15,760
15,312 10,777 18,673
12,645 11,065 15,934

84,303
88,831
91,235
98,852
93,640

74,119
76,643
78,553
86,108
81,657

9,902 14,437 26,344 119,358 93,858 9,773

3,241
1,509
2,992 10,584
4,958 10,039

1,025
1,063
1,448

2,668 8,708 7,702
4,448 19,256 18,119
4,083 20,691 19,340

11,972
12,932
13,391
13,790
14,137

4,225
4,814
5,523
6,233
7,581

6,508
6,276
5,942
7,174
7,513

129
244
262

43,303
41,924
40,725
44,005
39,598

53 4,162
1,560 10,635
149 12,366

37,560
41,142
44,280
49,389
54,806

543
535
559
658
695

553
729
726
649
618

14,979
17,664
19,793
22,509
25,882

24
34
72
99
91

3,452
3,870
4,234
4,488
4,912

6,997
7,072
7,173
7,262
7,320

1966—Dec. 31.. 56,857 33,636 13,873 9,349
1967—Dec. 30.. 64,449 37,675 15,146 11,629
1968—Dec. 31.. 73,553 43,378 16,155 14,020

7,777 65,921 59,434
8,403 74,328 67,107
9,305 84,605 76,368

709
786
908

543 28,471 29,625
588 31,004 34,640
691 34,615 40,060

99
162
217

5,342
5,830
6,482

7,384
7,440
7,504

1969—June 30 «. 78,032 48,358 14,341 15,333

8,696 88,802 78,610

791

749 34,070 42,921

451

7,004

7,528

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

30.. 34,320
28.. 38,557
20.. 42,464
31.. 46,567
31.. 52,028

For notes see p. A-22.




18,123
20,811
23,550
26,544
30,310

41,504
45,619
49,275
54,747
60,679

21,456
22,170
23,140
25,504
27,528

A 22

COMMERCIAL BANKS n JANUARY 1970
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits

Loans and investments
Classification by
FRS membership
and FDIC
insurance

Securities
Total

Loans
1.2

U.S.
Treasury

Other
2

Total
assets—
Total
Cash
liaassets 3 bilities
Totals
and
capital
accounts 4

Interbank3

Other
Borrowings

Demand
Demand

Total
capital
accounts

Number
of
banks

Time

Time

l

U.S.
Govt.

Other

Noninsured
nonmember:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 ' .

1,457
2,211
2,009

455
318
474

761
1,693
1,280

241
200
255

763
514
576

2,283
2,768
2,643

1,872
2,452
2,251

3: 9
ii 1
177

185

1,2 91
1,5 05
1,392
18

253
365
478

13
4
4

329
279
325

852
714
783

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

30..
28..
20..
31..
31..

1,536
1,584
1,571
2,312
2,455

577
657
745
1,355
1,549

553
534
463
483
418

406
392
362
474
489

346
346
374
578
572

1,961
2,009
2,029
3,033
3,200

1,513
1,513
1,463
2,057
2,113

177
164
190
273
277

148
133
83
86
85

12
14
17
23
17

869
872
832
1,141
1,121

307
330
341
534
612

8
44
93
99
147

370
371
389
406
434

323
308
285
274
263

1966—Dec. 3 1 . .
1967—Dec. 3 0 . .
1968—Dec. 3 1 . .

2,400
2,638
2,901

1,570
1,735
1,875

367
370
429

463
533
597

604
579
691

3,171
3,404
3,789

2,073
2,172
2,519

274
285
319

86
58
56

17
15
10

1,062
1,081
1,366

633
733
767

142
246
224

434
457
464

233
211
197

1969—June 30«.

2,809

1,800

321

688

898

3,942

2,556

298

81

15

1,430

731

290

502

209

Total nonmember:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .

7,233
16,849
18,454

3,696 2,270
3,310 12,277
5,432 11,318

,266
| ,262
,703

3 ,431 10,992 9,573
4 ,962 22,024 20,571
4 ,659 23,334 21,591

4: 7
42 5
439

190

5,: 04
14,1 01
167 13,758

3 ,613
6 ,045
7 ,036

18
11
12

1 ,288
1 ,362
1,596

7 ,662
7 ,130
7 ,261

6 ,854
6 ,622
6 ,316
7 ,752
8 ,085

39,073
42,654
45,743
51,447
56,919

719
699
749
931
972

178
176
144
156
168

565
743
743
672
635

22,325 15 ,286
23,042 17 ,994
23,972 20 ,134
26,645 23 ,043
28,649 26 ,495

33
77
165
198
238

3 ,822
4 ,240
4 ,623
4 ,894
5 ,345

7 ,320
7 ,380
7 ,458
7 ,536
7 ,583

1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.

30.. 35,856 18,700
28.. 40,141 21,469
2 0 . . 44,035 24,295
3 1 . . 48,879 27,899
3 1 . . 54,483 31,858

12,525
13,466
13,854
14,273
14,555

4 ,631
5 ,206
5 ,885
6 ,707
8 ,070

59,257 35,206
67,087 39,409
76,454 45,253

14,239
15,516
16,585

9 ,812
12 ,162
14 ,617

8 ,381 69,092 61,506
8 ,983 77,732 69,279
9 ,997 88,394 78,887

983
1,071
1,227

173
147
150

560 29,532 30 ,258
603 32,085 35 ,372
701 35,981 40 ,827

241
408
441

5 ,776
6 ,286
6 ,945

7 ,617
7 ,651
7 ,701

14,662 16 ,021

9 ,594 92,743 81,166

1,090

160

765

35,500 43 ,652

741

7 ,506

7 ,737

1966—Dec. 3 1 . .
1967—Dec. 30..
1968—Dec. 3 1 . .

1969—June 30 «. 80,841

50,159

43,465
47,628
51,304
57,780
63,879

1
See table "Deposits Accumulatedfor Payment of Personal Loans" and
its notes on p. A-23.
2 Beginning June 30, 1966, loans to farmers directly guaranteed by
CCC were reclassified as securities, and Export-Import Bank portfolio
fund participations were reclassified from loans to securities. This reduced
"Total loans" and increased "Other securities'* by about $1 billion.
"Total loans" include Federal funds sold, and beginning with June 1967
securities purchased under resale agreements, figures for which are included
in "Federal funds sold, etc.," on p. A-24.
3 Reciprocal balances excluded beginning with 1942.
4
Includes other assets and liabilities not shown separately. See also
note 1.
5 Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 BULLETIN.
6 Monthly series beginning July 1969 and call report series beginning
June 30, 1969, reflect (1) inclusion of consolidated reports (including
figures for all bank-premises subsidiaries and other significant majorityowned domestic subsidiaries) and (2) reporting offiguresfor total loans and
for individual categories of securities on a gross basis—that is, before
deduction of valuation reserves—rather than net as previously reported.
7 Regarding reclassification of New York City and Chicago as reserve
cities, see Aug. 1962 BULLETIN, p. 993. For various changes between
reserve city and country status in 1960-63, see note 6, p. 587, May 1964

BULLETIN.




8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million
was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve
city bank in Chicago with total deposits of $190 million was reclassified as
a country bank.
NOTE.—Data are for all commercial banks in the United States (including Alaska and Hawaii, beginning with 1959). Commercial banks represent
all commercial banks, both member and nonmember, stock savings
banks; and nondeposit trust companies.
For the period June 1941-June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960; two through Dec. 1960,
and one through June 1962. Those banks are not included in insured
commercial banks.
Beginning June 30, 1969, commercial banks and member banks exclude
a small national bank in the Virgin Islands; also, member banks exclude,
and noninsured commercial banks include, a small member bank engaged
exclusively in trust business.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Data for national banks for Dec. 31, 1965, have been adjusted to make
them comparable with State bank data.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULLETIN,
pp. 870-71.

JANUARY 1970 n COMMERCIAL BANKS

A 23

LOANS AND INVESTMENTS
(In billion of dollan)
Not seasonally adjusted

Seasonally adjusted

Securities

Period
Total i,»

Lout i.i

Securttiea
Total",»

U.S.

Loami.i

Other!

Don.

U.S.
Oovt.

Other'

185.9
194.5

107.8
113.8

57.7
59.8

20.5
20.8

189.5
198.5

110.0
116.7

58.9
61.0

20.5
20.9

209.6
227.9
246.2
267.2
294.4
310.5
346.5

120.4
134.0
149.6
167.7
192.6
208.2
225.4

65.3
64.6
61.7
60.7
57.1
53.6
59.7

23.9
29.2
35.0
38.7
44.8
48.7
61.4

214.4
233.6
252.4
273.9
301.8
317.9
354.5

123.9
137.9
153.9
172.1
197.4
213.0
230.5

66.6
66.4
63.4
63.0
59.5
56.2
62.5

23.9
29.3
35.1
38.8
44.9
48.8
61.5

27
31
29
26
26'
30'
28'
30 (old series)..

381.6
384.6

250.4
251.6

61.0
61.5

70.2
71.5

381.1
393.4

62.8
64.5

69.5
71.5

385.9
387.9
386.6
390.7
392.2
392.5

253.7
258.4
257.3
261.0
264.1
264.3

60.8
58.1
57.4
57.7
56.1
56.2

71.4
71.5
71.9
72.1
72.0
72.0

385.0
384.1
385.4
391.5
390.2
396.4

248.8
257.4
251.3
253.7
255.5
261.2
263.0
269.8

63.2
59.5
58.5
58.0
55.4
54.0

70.5
70.9
71.4
72.3
71.8
72.6

June 30 (new series)'
July 30'
Aug. 27'

397.3
397.7
397.5
396.5
396.8
399.7
398.6

269.2
269.9
270.3
271.3
273.3
275.5
276.2

56.3
56.8
56.9
54.7
53.4
53.2
51.8

71.8
71.0
70.3
70.5
70.1
71.0
70.5

401.3
397.7
394.7
396.5
396.5
399.2
407.8

274.9
271.7
269.5
272.1
272.0
273.8
282.6

54.0
54.7
54.3
53.2
54.3
54.9
54.6

72.4
71.3
70.9
71.2
70.2
70.5
70.6

1939—Dec.
I960—Dec.
1961—Dec
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.

31
31
30
31
31
31
31
31
30

1968—Nov.
Dec.
1969—Jan.
Feb.
Mar.
Apr.
May
June

Sept. 2 4 '

Oct. 2 9 "
Nov. 26»
Dec. 31"

1 Adjusted to exclude interbank loans.
lmulated
2 Beginning June 9, 1966, about $1.1 billion of balano
for payment of personal loans were deducted as a result of a change in
Federal Reserve regulations.
Beginning June 30, 1966, CCC certificates of interest and ExportImport Bank portfolio fund participation certificates totaling an estimated
$1 billion are included in "Other securities" rather than "Other loans."
> Data revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data include commercial banks only. Also, loans and investments are now reported gross,

without valuation reserves deducted, rather than net of valuation reserves
as was done previously. For a description of the revision, see Aug. 1969
BULLETIN, pp. 642-46.

NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94
—A-97. For a description of the seasonally adjusted series see the following BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept.
1967, pp. 1511-17.
Data are for last Wed. of month except for June 30 and Dec. 31; data
are partly or wholly estimated except when June 30 and Dec. 31 are call
dates.

DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank

Dec. 31,
1966

All commercial....
Insured
National member
State member....
All member

1,223
1 223
729
212
941

Dec. 30, Dec. 31, June 30,
1969
1968
1967
,283
,283
747
232
979

1,216
1,216
730
207
937

1,150
1,149
694
187

881

NOTE.—These hypothecated deposits are excluded from "Time deposits"
and "Loans" at all commercial banks beginning with June 30, 1966, as
shown in the tables on the following pages: A-19, A-20, and A-26—A-30,
(consumer instalment loans), and in the table at the top of this page.
These changes resulted from a change in the Federal Reserve regulations.
See June 1966 BULLETIN, p. 808.




Class of
bank
All member—Cont.
Other reserve city
Country
All nonmember
Insured

Dec. 31, Dec. 30,
1967
1966
370
571
283
282

362
617
304
304

Dec. 31,
1968
332
605
278
278

June 30,
1969
293
588
269
268

These deposits have not been deducted from "Time deposits" and
"Loans" for commercial banks as shown on pp. A-21 and A-22 and on pp.
A-24 and A-25 (IPC only for time deposits).
Details may not add to totals because of roundnig.

A 24

COMMERCIAL BANKS • JANUARY 1970
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Investments

Other loans '

Class of
bank and
call date

Total
loans1
and
investments

Federal
funds
sold,
etc. 2

Total
3. 4

For
U.S. Treasury
To
purchasing
securities 6
financial
or carrying institutions
Other,
Comsecurities
to
mer- AgriReal
in- Other
cial
culs
diand
tur- To
vidinBills
al 5 brouals»
dusand
kers To
Total certifi- Notes Bonds
Banks Others
trial
and others
cates
deal-

Total:'
38,057 18,167 1,660 830
1947—Dec. 3 1 . . 116,284
1967—Dec. 30.. 361,186 4,057233,180 88,443 9 270 6,215
1968—Dec. 3 1 . . 402,477 6,747259,727 98,357 9 718 6,625
"'",429 7,226277,7731104,403 10,552 5,306
1969—June 30) o|411
All insured:
1941—Dec. 3 1 . . 49,290
1945—Dec. 3 1 . . 121,809
1947—Dec. 3 1 . . 114,274

1,220

115

9,393 5,723

947 69,221 9,982 6,034 53,205 5,276 3,729

3,780 1,902 12,535 58,525 51,585 5,659 62,
•
4,108 2,206 13| 729 65,137 58,337 6,724 64,
4,212 2,58713, 746 68,419 61,540 7,009 54,

21,259 9,214 1,450 614 662
25,765 9,461 1,314 3,164 3,606
—
— 1,190
37,583 1 8 ,012 1,610 823 " '"

State
and
local Other
govt. secusecu- rities!
rities

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

n.a. 50,006 11,471
n.a. 58,570 12.967
n.a. 60,080 12,305

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 5,654j 914 67,941 9,676 5,918 52,347 5,129 3,621

40
49
114

1967—Dec. 30.. 358,536 3,919231 583 87,870 9,250 6, 017 3,719 1,848 12,394 58,209 51,395 5,606 62 ,094 13,134 18,624 31,623 49,737 11,204
n.a.
...
1968—Dec. 3 1 . . 399,566 6,L_
n.a.
n.a. 58,288 12,650
074 97,7419,700 6, 409 4,063 2,145 13,621 64,804 58,142 6,655 64 ,028
n.a.
1969—June 301 o|4O8 6 2 0 7,067276,132103,723 10,6345,1804,168 2,541 13,605 68,104 61,3376,941 53,723
",
n.a.
n.a. 59,746 11,850
Member, total:
1941—Dec. 3 1 . . 43,521
1945—Dec. 3 1 . . 107,183
1947—Dec. 3 1 . . 97,846

972 594 598
18,021 8,671
22,775 8,949 855 3,133 3,378
811 1,065
32,628 16,962 1,046

3,494
3,653
19,539
971 3,007 15 ,561 3,090 2,871
4,271 44,807 3,254 2,815
3,455 1,900 1,057 78,338 19,260 14
7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105

39
47
113

1967—Dec. 30.. 294,098 3,438194,389 79,344 5,702 5,820 3,099 1,754 11,587 45.528 40,454 5.190 46,956 9,633 13,657 24,614 41,520 7,795
n.a.
1968—Dec. 3 1 . . 326,023 5,551215,671 87,819 5,9216,174 3,379 2,012 12,797 50,461 45,404 6,189 47,881
n.a.
n.a. 48,423 8,498
••",587 5,444229,397 92,926 6,348 4,996 3,473 2,386 12,820 52,556 47,457 6,435 39,382
n.a.
1969—June 30 m 330
n.a.
n.a. 48,600 7,764
New York City:
1941—Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 3 1 . . 20,393
1967—Dec. 30.. 52,141
1968—Dec. 3 1 . . 57,047
1969—June 30 m 57,885

4,072 2,807
7,334 3,044
7,179 5,361

412 169
2,453 1,172
545 267

123
80
111

32
26
93

914 2,990 3,431 3,099 ,285 6,027 1,897
831
n.a.
903 1,099 3,426 3,619 3,485 1,694 5,984
"' 1
n.a.
887 1,218 3,819 4,041 3 ,706 ',676 4,445

644 23,183
222 25,258
240 26,469

13 3,874
17 3,803
13 3,410

2,760
5,931
5,088

732
954
760
1,333
1,801 1,418

48
211
73

52
233
87

1967—Dec. 30.. 12,744
1968—Dec. 3 1 . . 14,274
1969—June 3010 14,321

266 8,958 5,714
31
9,974 6,118
207 10,366 6,353

459
535
366

220

Other reserve city:
1941—Dec. 3 1 . . 15,347
1945—Dec. 3 1 . . 40,108
1947—Dec. 3 1 . . 36,040

7,105 3,456
8,514 3,661
13,449 7,088

City of Chicago:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .

415
747
992

522
7,265
311 1,623 5,331
287 272 17,574 3,910 3,325 10,339
564 238 11,972 1,642
558 9,772

22
36
46
951
162
205 1,219
179 1,144

675
738
790

95
1,430
256
51
40 4,213 1,600
149
26 2,890
367
754
848
888

241 1,574
281 1,863
338 1,616

427
n.a.
n.a.

729
606
638

830
629
604

1,962 2,303 6,318
n.a.
n.a. 7,233
n.a.
n.a. 6,553

737
861
655

153 1,022
749 1,864
248 2,274
344
n.a.
n.a.

182
181
213

193
204
185

853 1,487
n.a. 1,810
n.a. 1,867

459
315
265

114 194
427 1,503
170 484

751 5,421
6,467
1,508
295
1,527
956 820
855 387 29,552 8,016 5,653 15,883 1,126
1,459
916
351 20,196 2,731 1,901 15,563
,342 1,053
3,147 1,969

1967—Dec. 30.. 106,086 1,219 72,713 30,609 ,311 881 1,143
...
""
1968—Dec. 3 1 . . 119,339 2,197 8 1 , 769 34,632 ,362 1,116 1,254
1969—June 301 0120,082 1,997 86, 879 37,120 ,512 760 1,360

,667 3,140 3,557 8,312 15,376 2,110
5,446 16,969 15,047 2,148 14
!,520 15,036
18,111 2,226
n.a.
n.a.
588 6,005 18,939 16,916 2
n.a.
'.,656 11,635
885 5,816 19,417 17,
n.a.
,354 2
n.a. 17,621 1,951

Country:
1941—Dec. 3 1 . . 12,518
1945—Dec. 3 1 . . 35,002
1947—Dec. 3 1 . . 36,324
1967—Dec. 30.. 123,127 1,538
1968—Dec. 3 1 . . 135,364 2,295
'",
1969—June 3010138 2 9 8 2,248
Nonmember:
1947—Dec. 3 1 . . 18,454

5,890 1,676
5,596 1,484
10,199 3,096

300
205
225

659
648
818

20
42
23

183
471
227

074 19,839 4,332
4,493
913 22)984 4,779

607
720
460

906
969
963

5,432 1,205

618 38,791 9,1
1967—Dec. 30.. 67,087
1968—Dec. 3 1 . . 76,454 1,196 44,056 10,538 3
0,:
1969—June 30 io 80,841 1,783 48,376 11,476 4,

20

681
729
739

• Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net. See also note 10.
2
Includes securities purchased under resale agreements. Prior to June 30,
1967, they were included in loans—for the most part in "Loans to banks."
Prior to Dec. 1965, Federal funds sold were included with "Total loans"
and "Loans to banks."
3 See table (and notes) entitled Deposits Accumulated for Payment of
Personal Loans, p. A-23.




1,823
1,881
3,827

481 3,787 1,222 1,028
1,528
110
4,377
707 359 26,999 5,732 4,544 16;
6,722 1,342 1,067
1,979
224 22,857 3,063 2,108 17,687 2,0061,262

100 2,200 24,453 21,554 1,516 24,689 4,168 7,793 13,147 18,338 4,488
21,2
n.a.
119 2,147 27,164 24,154 1,694 24,998
n.a, " 269 5,095
n.a.
n.a.
559
104 2,041 28,308 25,509 1,765 21,686
n.a. 22 " 4,893
n.a.
2,266 1,061

156

395
451
310

2
4
5

148
194
201

948 12,997 11,131
932 14,676 12
12,933
925 15,863 14,083

109 11,318 2,179
469 15,516
535 16,585
574 14,662

n.a,
n.a.
n.a.

1,219 7,920 1,078
n.a.
n.a.
n.a.

625

n.a. 8,486 3,676
n.a. 1 0 , - . 4,469
147
n.a. 11,481 4,541

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-19—A-22.
' Beginning with June 30, 1966, loans to farmers directly guaranteed
by CCC were reclassified as "Other securities," and Export-Import Bank
portfolio fund participations were reclassified from loans to "Other
securities." This increased "Other securities" by about $1 billion.
• 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.

JANUARY 1970 •

COMMERCIAL BANKS

A 25

RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions o f dollars)

Time deposits

Demand deposits
Class o f
bank and
call date

DeBalReInterbank
Curserves rency ances mand
dewith
with
posits
doand
F.R.
U.S.
admestic
Banks coin banks' justed > DoFor- Govt.
9
mestic? eign

Total:'
1947—Dec. 3 1 . . . .

17 796 2,216 10 ,216 87 123 11,362 1 ,430 1 343

State
and
local
govt.

6 799

Certified
and
officers'
checks,
etc.

2 581

IPC

84,987

U.S.
Govt.
Inter- and
bank Postal
Savings

240

1 9 6 7 — D e c . 3 0 . . . . 20 275 5,93 17,490 153 253 19,853 2 ,029 5 234 15 564 8 677 159,825 1,316
1 9 6 8 — D e c . 3 1 . . . . 21 ,230 7,195 18,910 167 145 22,501 2 ,245 5 010 16 876 9 684 173,341 1,211
882
1969—June 3 0 1 0 . . 19 ,801 6,258 17,591 152 ,995 22,929 2 ,258 5 ,639 16 ,930 12 717 164,141
All insured:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

673 1 ,762
12 ,396 1,358 8 ,570 37 845 9,823
15 ,810 1,829 11 ,075 74 722 12,566 1,248 23 ,740
17 796 2,145 9 ,736 85 751 11,236 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

1 9 6 7 — D e c . 3 0 . . . . 20 ,275 5,916 16 ,997 151 948 19,688 1,909 5 219 15 471 8 608 158,905 1,258
1 9 6 8 — D e c . 3 1 . . . . 21 ,230 7,165 18 ,343 165 527 22,310 2 ,117 5 000 16 774 9 442 172,319 1,155
1969—June 3 0 ' " . . 19 ,801 6,229 16 ,778 151 340 22,755 2 ,134 5 624 16 819 12 378 163,160
800
M e m b e r , total:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

12 396 1,087
15 811 1,438
17 797 1,672

671 1 709
6 ,246 33 754 9,714
7 ,117 64 184 12,333 1 ,243 22 179
6 270 73 528 10,978 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

940 132,184 1,169
1 9 6 7 — D e c . 3 0 . . . . 20 275 4,646 10 550 121 530 18,951 1 ,861 4 631 11 857
1 9 6 8 — D e c . 3 1 . . . . 21 230 5,634 11 279 131 491 21,483 2 ,036 4 309 12 851 8 592 142,476 1,061
722
1969—June 3 0 1 » . . 19 801 4,828 10 370 118 038 22,026 2 ,072 4 874 12 916 11 513 133,857
New York City:
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 31

5 105
015
4 639

93
111
151

141 10 761
78 15 065
70 16 653

3,595
3,535
3,236

607
866
,105 6 940
267
,217

319
237
290

450
1 338
1 105

11,282
15,712
17,646

6
17
12

1967—Dec. 3 0 . . . .
1968—Dec. 3 1 . . . .
1969—June 3010..

4 786
4 506
212

397
443
400

476 20 004
420 20 808
424 15 504

5,900
7,532
9,725

,337 1 084
888
,433
983
,509

890
068
! 314

4 748
4 827
7 801

25,644
27,455
25,338

741
622
405

021
942
070

43
36
30

298
20C
175

2 215
3 153
3 737

1,027
1,292
1,196

8
127
20 1 552
72
21

233
237
285

34
66
63

2,152
3,160
3,853

105
164
652

94
98
78

151
281
134

4 758
5 183
4 428

1,357
1,445
1,298

77
89
69

267
257
274

283
245
321

217
207
228

5,751
6,090
5,644

1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

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
54
110 8 221
405
131

144
763
282

286
611
705

1967—Dec. 3 0 . . . .
1968—Dec. 3 1 . . . .
1969—June 3 0 1 0 . .

8 618 1,452
8 847 1,800
7 945 1,499

2 805 39 957
2 986 43 674
2 776 39 781

8,985
9,725
8,538

715
390
884
456
444 2 172

542
835
792

1 9 4 1 — D e c . 31 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

2 210
4 527
4 993

526
796
929

3 216 9 661
4 665 23 595
3 900 27 424

790
1,199
1,049

225
2
8 5 465
432
7

1967—Dec. 30
1 9 6 8 — D e c . 31
1969—June 3 0 ' 0 . .

5, 767 2,704
6, 714 3,293
6, 991 2,851

7 117 56, 812
7 592 61, 827
7 036 58, 325

2,709
2,781
2,465

57 1 564
58 1 281
49 1 447

City of Chicago:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1967—Dec. 3 0 . . . .
1968—Dec. 3 1 . . . .
1969—June 3 0 1 0 . .

Other reserve city:

Country:

j

!

Nonmember : 3

1947 Dec 31
1967 Dec 30
1968—Dec. 3 1 . . . .
1969—June 3010

239
435
528

8,500
21,797
25,203

30
17
17

7 142
7 703
7 490

1, 395
612
\\ 641

52,624
57,263
54,432

96
111
86

180

12,284

190
147

4 205
4 013

\\ 204

27,641
30,865
30,283

NOTE.—Data are for all commercial banks in the United States; member




370
2 004
2 647

737

092

150
160

10 6,844
215 8,671
61 9,734

4 5,886
208 7,589
54 8,464

1,648
778
1,206 "J95 2,120
30 2,259
1,418

12
70 1,152 18,840 1,880 5,715
73 1,623 18,380 2,733 6,137
673 14,735 3,671 6,283
53

310
307
205

1 295

May 1964 BULLETIN.

29
20
14

48,165
51,6e7
48,444

3 707

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.

""io

1 580
1 947
1 843

167

65 10,059

235 12,856 135,329 5,370 28,098
330 15,668 147,545 8,458 30,060
305 13,071 143,990 13,999 31,317

20
38
45

603

7 Beginning with 1942, excludes reciprocal bank balances.
8 Through 1960 demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
9
For reclassification of certain deposits in 1961, see note 6, p. 589,

418 11,878
399 23,712
693 27,542

104
30
22

55

701
765

50
99
105

11,127
22,281
26,003

169

Borrow- acings counts

267 15,836 166,956 5,531 33,916
368 19,057 184,178 8,675 36,530
351 16,634 183,302 14,450 38,321

602
624
391

903

209
186

492 15,146
496 29,277
826 33,946

2
2
1

385

1,018
903

59
103
111

21
21
25

13, 595

3 f 947

866 34,383

9

i
i
2
3
3
3

IPC 3

267 15,892 167,634 5,777 34,384
368 19,110 184,892 8,899 37,006
351 16,690 183,976 14,740 38,823

2

1 285 6 939 31 723
1,560 7 631 35, 654
1,430 7, 221 34, 957

544

HI

State
and
local
govt.

476
719
902

288
377
426

5,409 383 1,346
5,545 682 1,433
4,783 1,230 1,492

243 4,542 ••••j 1,967
160 9,563
2,566
332 11,045
2,844

80 5,830 50,250 2,555 10,033
168 7,378 55,271 4,239 10,684
162 6,231 53,621 7,311 11;i66
31
52
45

146 6,082
219 12,224
337 14,177

4 1,982
11 2,525
23 2,934

83 5,272 60,830 552 11,005
86 6,043 68,348 804 11,807
88 5,776 70,852 1,787 12,376
6

6,858

12 1,596

32 3,035 32,305

408 6,286

172

38 3,442 37,347
47 3,619 39,986

441 6,945
741 7,506

banks in U.S. possessions are included through 1968 and excluded thereafter.
For the period June 1941-—June 1962 member banks include mutual
savings banks as follows: three before Jan. 1960, two through December
1960, and one through June 1962. Those banks are not included in all
insured or total banks.
Beginning June 30, 1969, a small noninsured member bank engaged
exclusively in trust business is treated as a noninsured bank and not as a
member bank.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Data for national banks for Dec. 31, 1965, have been adjusted to make
them comparable with State bank data.
For other notes see opposite page.

A 26

WEEKLY REPORTING BANKS • JANUARY

1970

ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Loans
Federal funds sold, etc.'

Wednesday

Other

To brokers
and dealers
involving—

Total
loans
and
investments
Total

To
commercial
banks

U.S.
Treasury
securities

For purchasing
or carrying securities
To nonbank

Other

To
others

Total

curities

Commercial
and
industrial

Agricultural

To brokers
and dealers
U.S.
Treasury
sees.

Other

To
others
U.S.
Treasury

institutions

Other
sees.

Pers.
and
sales
finan.

Other

COS.,

etc.
Large banksTotal
19683
Dec. 4 . . .
11...
18...
25...

160,490
160,852
164,645
163,735

71,27:
71,691
73,025
73,142

2,010
2,007
1,990
1,983

1,948
2,132
2,245
895

4,606
4,495
4,746
4,901

101
95
103
105

2,648
2,692
2,709
2,698

5,327
5,456
6,307
6,458

5,053
5,060
5,113
5,100

168,413 78,117
82 168,422 78,236
66 168,043 78,092
32 168,169 78,003

2,052
2,054
2,058
2,045

586
490
537
722

3,102
3,266
3,363
3,475

104
101
100
100

2,575
2,554
2,549
2,524

5,827
5,767
5,439
5,421

5,484
5,465
5,434
5,369

2,037
2,041
2,030
2,042
2,042

598
589
491
437
1,137

3,311
3,376
3,410
3,631
4,003

100
100
100
100
105

2,508
2,490
2,534
2,505
2,580

5,602
5,622
6,531
6,517
7,001

5,398
5,427
S.405
5,436
5,605

2,585
2,375
2,531
2,681

862
888
896
886

1,535
1,612
1,980
2,037

1,325
1,311
1,335
1,339

228,412
229,355
233,432
231,856

1969
Nov. 5.
12.
19.
26.
Dec.

3..
10..
17..
24..
31*.

233,155
232,966
232,526
233,971

5,981
6,035
6,178
6,256

5,432
5,532
5,759
5,542

371
347
287
616

87
74
66
66

233,640
234,363
238,220
237,780
239,696

5,784
6,007
6,321
6,174
4,681

5,249
5,448
5,881
5,801
4,059

376
260
234
161
335

114
238
100
144
153

168,567
168,792
172,002
172,449
175,267

78,347
78,525
80,367
80,514
81,408

40,363
40,362
41,292
40,486

45
61
106
68
134

23,575
23,679
24,216
24,265

1,179
1,423
1,416
541

New York City
19683
Dec.

53,589
53,985
54,887
53,662

1969
Nov. 5.
12.
19.
26.
Dec.

3
10

17
24
31P

54,233
53,721
54,073
55,176

1,600
1,123
1,383
1,522

1,571
1,098
1,364
1,506

42,203
42,272
42,191
42,406

25,876
25,961
25,911
25,946

474
385
436
594

1,895
2,059
2 126
2,189

810
808
802
788

,954
,939
,790
,777

1,414
1,405
1,387
1,389

54,790
55,059
57,214
56,878
57,003

1,115
919
1,733
1,985
691

1,093
755
1,714
1,955
619

42,470
42,665
43,944
43,940
45,274

26,138
26,335
27,064
27,062
27,345

470
459
373
337
995

2,019
2,076
2,059
2,273
2,605

782
773
763
749
762

,917
2,377
2,268
2,460

,881

1,372
1,373
1,341
1,342
1,312

120,127
120,490
123,353
123,249

47,697
48,012
48,809
48,877

1,992
1,990
1,972
1,965

769
709
829
354

2,021
2,120
2,215
2,220

,786
,804
,813
,812

3,792
3,844
4,327
4,421

3,728
3,749
3,778
3,761

Outside
New York City
19683
Dec. 4
11
18
25

174,823
175,370
178,545
178,194

1969
Nov. 5.
12.
19.
26.
Dec.

3..
10..
17..
24..
31*.

178,922
179,245
178,453
178,795

4,381
4,912
4,795
4,734

3,861
4,434
4,395
4,036

361
332
281
606

87
74
66
66

126,210
126,150
125,852
125,763

52,241
52,275
52,181
52,057

2,040
2,042
2,045
2,032

112
105
101
128

,207
,207
,237
,286

,765
,746
,747
,736

3,873
3,828
3,649
3,644

4,070
4,060
4,047
3,980

178,850
179,304
181,006
180,902
182,693

4,669
5,088
4,588
4,189
3,990

4,156
4,693
4,167
3,846
3,440

376
260
234
161
335

114
93
100
144
153

126,097
126,127
128,058
128,509
129,993

52,209
52,190
53,303
53,452
54,063

2,024
2,028
2,018
2,030
2,031

128
130
118
100
142

,292
,300
,351
1,358
1,398

,726
,717
,771
,756
1,818

3,721
3,705
4,154
4,249
4,541

4,026
4,054
4,064
4,094
4,293

For notes see p. A-30.




JANUARY 1970 a WEEKLY REPORTING BANKS

A 27

ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Loans (cont.)

Investments

Other (cont.)

U.S. Treasury securities
Notes and bonds
maturing—

To commercial
banks

Real
estate

Domestic

Foreign

Consumer
instalment

Wednesday
Foreign
govts.2

All
other

Total

Bills

Certificates

Within
1 yr.

1 to
5yrs.

After
5 yrs.

Large banks—
Total
19683
31 726
31 838
31^949
32,001

4 802
4 233
4,721
4,470

1 537
1 577
1^580
1,635

18 310
18 385
18^453
18,530

1 088
1 088
l|O88
1,125

13,310
13 348
13,868
13,929

29,579
29 858
29,825
29,160

5,145
5 395
5,551
4,907

4,967
5 002
5,198
5,216

12,649
12 649
12,253
12,257

33 947
33^995
34,057
34,086

418
450
395
410

1 375
l|295
1,416
1,355

20 024
201040

I

20,035
20,037

,077
,059
,080

13 697
13,632
13,509
13,542

23 428
22,971
22,641
23,878

3 303
2,879
2,511
3,779

3 152
3,145
3,606
3,633

13 334
13,344
13,328
13,392

3 639
3^603
3,196
3,074

34,056
34 050
34 103
34 063
34,026

372
385

1,458
1 416
1 468
1 593
1,444

20,039
20 061
20 150
20 215
20,315

,083
089
065
053
01 fi

13,658
13 621
13,971
13,919
14,172

23,670
23,974
23,572
23,270
23,990

3,623
3 923
3,684
3 475
4,183

3,659 13,384
3 675 13 372
3 567 13 329

Dec. 4

6 818
6 812
6; 823
6,780

11
18
25

1969

377
424

413

KK

3J515

3,481

13J279

13,304

3,004
3 004
2 992
3 001 .
3,022

Nov 5
.12

. ..19
26
...Dec. 3
. ...10
17
24
31"

..

New York City
19683
2,340
2 334
2 680
2,673

5,985
6 188
6 051
5^637

735

962
875

876

696
693
706
728

1.773

840
793
825

1,346
1 348
1349
1,352

3 764
3,771
3,791
3 798

187
244
197
201

724
649
746
677

1 593
1 606
1,611
1 613

722
700
687
703

2,768
2,723
2,685
2 709

4,592
4,385
4,363
5 124

,295
,106
,030

3,806
3.812
3,841
3,828
3,817

185
163
189
212
197

762
735
748
841
692

1 608
1 622
1 623
1,624
1,630

704
719
694
681
645

2,721
2,658
2,853
2,704
2,795

5,052
5,319
5,057
4,676
4,708

752
950
698

3,164
3 169
3 182
3,187

794

1,869
1 601
1 121

,515

Dec. 4

755
743
753

1,901
1 881
1 855
1,832

1,576
1 590
1 578
1,537

284
278
401
370

2 447
2 430
2,395
2 427

566
571
537
494

.Nov 5
12
19

390
401
384
401
404

2,432
2 488
2 515
2,500
2,510

478
480
460
467
474

Dec 3
...10

11
18

25
1969

833

,308
.320

26

...17

24
31i"

Outside
New York City
19683
28,562
28,669
28,767
28,814

2,933
2,632
3,600
3,594

743
737
787
810

16,964
17,037
17,104
17,178

392
395
382
397

i 0,970
11,014
11,188
11,256

23,594
23,670
23,774
23,523

3,372
3J433

3,676
3,392

4,232
4,247
4,455
4,463

10,748
10 768
10,398
10,425

5
5
5
5

Dec. 4

242
222
245
243

11
.18

25

1969
30,183
30,224
30,266
30,288

231
206
198
209

651
646
670
678

18,431
18,434
18,424
18,424

383
377
372
377

10,929
10,909
10,824
10,833

18,836
18,586
18,278
18,754

2.008
,773
,481
,946

2,868
2,867
3,205
3 263

10,887
10,914
10 933
10 965

3 073
3 032 . . .
2 659
2 580

30,250
30,238
30,262
30,235
30,209

187
222
188
212
216

696
681
720
752
752

18,431
18,439
18 527
18,591
18,685

379
370
371
372
371

10,937
10,963
11,118
11,215
11,377

18,618
18,655
18 515
18 594
19,282

,871
,973
.986
2!l67
2,863

3,269
3,274
3,183
3,114
3,077

10,952
10,884
10 814
10,779
10,794

2,526
2 524
2 532
2 534
2,548

For notes see p. A-30.




.

Nov 5
12
19
26

Dec

3
10
...17
...24
31"

A 28

WEEKLY REPORTING BANKS n JANUARY 1970
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Investments (com.)
Other securities

Wednesday
Total

Obligations
of State
and
political
subdivisions
Tax
warrants 4

All
other

Other bonds,
Corp. stock,
and
securities
Certif.
of
participation'

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

10,748
10,626
10 696
11 023

292,041
291,489
297,284
294,996

All
other'

Large banks-—•
Total
19683
38,343
38,645
38,962
38,961

4,970
5,036
5,318
5,109

28,916
29,182
29,193
29,410

1,369
1,350
1,414
1,424

3,088
3,077
3,037
3,018

29,400
28,437
28,925
27,818

15,747
15,295
16,201
16,597

2,940
3 192
3 184
3 033

4,794
4 584
4 846
4 669

Nov. 5
12
19
26

35,333
35,538
35,664
35,668

3,483
3,383
3,487
3,366

28,319
28,574
28,561
28,582

1,081
1 nm
,066
,092

2,450
2,496
2,550
2,628

38,351
38,718
32,032
33,799

17,194
16,261
16,919
16,232

2,858
3,144
3,157
2,975

5,362
5,153
4,799
4,839

576

577
576
577

13,260
13,166
13,109
13,030

310,756
309,985
303,118
305,423

Dec

35,619
35,590
36,325
35,887
35,758

3,425
3,365
3 591
3,465
3,357

28,476
28,580
29,027
28,698
28,617

,085
,077
111
,092

DKd

2,633
2,568
2 596
2,632
2,700

33,522
31,630
34 763
32,289
36,377

16,732
15,934
17 485
16,765
16,185

3,180
3,332
3 335
3,042
3,366

4,813
4,566
4 971
4,627
5,901

577
582
580
596
591

13,258
13,133
13 112
13,315
13,597

305,722
303,540
312 466
308,414
315,713

7 241
7 435
7,544
7,539

1 537
1 610
1 781
1,726

4,802
4 927
4,886
4,943

99
96
101

802
776

406

386

431
413

317
374

3 871
3 830
3 904
4,153

74 935
75 232
76 826
74,641

Nov 5
12
19
26

5,838
5,941
6,136
6,124

784

4,413
4 551
4,572
4,571

110

531

118
105

546
581

4 770
4 707
4 699
4,683

85 226
85 488
80 034
81,400

Dec

6,153
6,156
6,480
6 277
6,330

901

119

592

986
977
900

4,541
4.590
4,791
4,580
4,676

123
124
125

4,754
4,604
4,724
4 863
5,048

81,535
81,059
85,374
81 053
84,098

31,102
31,210
31 418
31,422

3,433
3,426
3 537
3,383

24,114
24,255
24 307
24,467

29,495
29,597
29,528
29,544

2,699
2,657
2,609
2,519

29,466
29,434
29,845
29 610
29,428

2,524
2 491
2,605
2 488
2,457

Dec. 4
11
18
25
1969

3
10
17
24
3lr
New York City
19683

Dec

4
11

18
25

13 394
13 369
13 114
11,799

3 289
3 300
4 134
4,351

20,813
21 351
15,375
16,470

4,325
4 594
4,769
4,049

580
596
629

16,320
15,925
17,408
14,704
16,749

4,523
4,415
4,850
3,584
4,143

1,270
1,254
1 313
1,315

2,285
2,275
2 261
2,257

16,006
15,068
15 811
16,019

23,906
24,023
23,989
24,011

971
967
961
973

1,919
1,950
1,969
2,041

23,935
23,990
24,236
24 118
23,941

966

2,041
1,999
2,016
2 036
2,071

109

803

761

387

289

1969

3
10
17
24
31n

. . . .

726
878

847
874

119
123

587
569

381
406
382

433
437

271

380

275

272

463

273

458

274

421
370
415

482
369
456

275
285

12,458
11,995
12 067
12,246

2,534
2,761
2 771
2,646

4,408
4,267
4 472
4,380

17,538
17,367
16,657
17,329

12,869
11,667
12,150
12,183

2,477
2,738
2,775
2,608

4,929
4,716
4,336
4,459

17,202
15,705
17,355
17,585
19,628

12,209
11,519
12,635
13,181
12,042

2,764
2,888
2,914
2 672
2,951

4,355
4 229
4 489
4 258
5,445

307
305
311
307

367
416
444

337

275

284

Outside
New York City
19683
11
18
25

6,877
6,796
6 792
6,870

217,106
216,257
220 458
220,355

305
305
303
302

8,490
8,459
8,410
8,347

225,530
224,497
223,084
224,023

303

8,504
8 529
8,388
8 452
8,549

224,187
222,481
227,092
227 361
231,615

1969
Nov 5

12

19
26

Dec

3
10
17 .
24

31r

For notes see p. A-30.




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A 30

WEEKLY REPORTING BANKS

a JANUARY

1970

ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In million s of dollars)

Wednesday

Federal
funds
purchased
etc.'

F.R.
Banks

Memorand a

Reserves
for—

Borrowings
from—

Other
liabilities,
etc. s
Others

Loans

Total
capital
accounts

ities

Total
loans
(gross)
adjusted'

Large negotiable
time CD's
Total
Gross
included in time
loans
liabiliand savings deposits' 1 ties of
Deand
invest- mand
banks
to
ments deposits
(gross)
Issued Issued their
adadto
foreign
to
justed 1 o Total
justed 9
IPC's others branches

Large banks—
Total
19683
TVr

4
11..
18..
25..

58
214
888
244

11
11
11
11

">01
155
504
1R4

17
18
18
17

912
409
531
669

80,311
81,871
82,002
•>1 838 159 265 777 186 83,305

3,248
3 245
3,252
3 237

71 872
71 859
i\

155 688 771 610
156 619 775 177

,798 159 924 778 711

74
74
71
71

V>&
">A0
511
468

816
765
074
111

8
f
i
1

490
495
419
157

6,883
7,356
7,232
6,948

5
5 765
5 866
5 791

nr>

5
5
5
5

641
684
516
578

14,405
14,357
15,040
14,886

5
5
5
5
5

690
617
570
518
405

5
5
5
5
5

4A9
554
578
518
445

14,796
14,564
14,583
14,400
13,001

5
5
4
4

151
118
59?

7 175
7 ;i?5
7 ,797

5,075
5,492
5,435
5,128

1 ,90?
1 ,976

9,620
9,677
10,121
9,991

1 9?4

15
15
15
15

1969
Nov

5..
12..
19..
26..

17
17
16
15

T>c

3..
10..
17..
24..

16
16
18.
18

31K.

n

159
191
576

1 016
569
535
937

779
946
6P
765
5">0

626
520
557
576
110

<>ni

1 117

26,337

? 49R 26,395
? 575 27,294
? 560 27,121

3,602
3,601
3 600
3 594

113
IP
111
111

71 ,270
269
^1 ,175
71 17ft

168 544 7">7 105 77,953 11
168 475 776 984 78,396 11
168 067 776 T7' 79,835 11
168,473 778 019 79,348 11

105
108
104
91
94

71 ,111
71 ,176
71 ,70T
71 ,718
71 ,1V>

168,730
168,966
172,065
172,398
175,476

5 ,936
5 940
5 891

38,494
38,761
40 171
39,610

51 770
57 184
51 766

17,413
16,995
17,534
52 786 18,025

7 478
7 441
6 889

7 576

019 79,349 11 159
510 82,449 11 191
96? 81,995 11 148
555 82,875 11 056
774 89,949 10 850

7
7
7
7
7

8^0 27,093
714 26,772
641 26,893
680 26,953
799 25,544

3,602
3,603
3,595
3,579
3,741

1
1
4
3

056
777
P0

9,296
9,828
9,848
9,329

938
938
941

939

198 13,839
186 13,786
187 14,378
184 14,264

,052
,052
,052
,052

1
1
1
1

A 089
A 097
6 071
A,061

42 045
42 053
42 013
42,221

57 475 15,651
57 179 15,390
57 5 P 17,104
51 469 16,175

181
158
110
119
176

14,405
14,022
14,527
14,233
13,544

,052

1
3
3
1
?

6 098
A 116
A ,036
A ,0->R
A 119

42 307
42 666
43,774
43,758
45,149

51
54
55
54
56

147
578
184
119

8,616
8,581
8,683
8,340

2 310
2,307
2,311
2,298

1 919
7 117
191
2 176

12,498
12,609
12,916
12,857

!,550
2,549
2,548
2,542

110
109
108

419 12,688
176 12,750
111 12,366
141 12,720
473 12,000

2,550
2,552
2,545
2,539
2,702

107 17 ,">11 126 423
105 17 •>in 126 300
101 17 ,166 128 291
90 17 ,210 128 640
92 17 ,233 130,327

778
778
711
711
715

465
449
40?
119

JVew York City

19683
TVr

4..
11.
18
25.

225

845

5 ,884

6 839

593

2 ,246

1969
4
4
4
4

Nov. 5.

Dec. 3.
10
17.
24
31".

579
859
587
"PI

230
12

4 699
777
5, 895
5, 477
1, 506

12..
19
26..

85

57

14
50
6

051

,050
,040
,039

674

7 611
698
7 710

657
789
767

15,970
17,380
17,330
17,817
20,197

7
7
7
7
7

661
775
741
745
70?

717
71?
777
7?7
694

7 016
7 071
7 008

10,103
9,810
10,166
9,706
8,724

890 62,898
718 64,876
945 64^468
A00 65,280

16
16
16
16

848
817
6?4
679

681
647
48?
518

6 ,165
A,170
A 14">
6 111

1.808
1,864
1,797
1,820

5 148
S 108
5 077

1 741
1 708
1 ,6">7
3 ,565

4,785
4,680
4,919
4,895

1 545
1 5A1
1 56?
1 515
3 ,437

4,693
4^54
4,417
4,694
4,277

5P
141
111
711
187

1 909
1 961

,993

Outside
New York City
19683
Dec

4
11
18..
25.

58
214
663
744

8
7
7
7

15 936
15 919
15 ,907
15 954

117
117
119
119

194
858
753
655

171
172
174
174

10
10
10
10

1969
Nov. 5 . .
12
19
26
TVc

3..
10..
17..
24..
31".

1
2
3

17, 610
1? 111
11 944
11, 580

786
557
535
880

11, 510

541
520
543
526
104

11 719
P i 717

P 791
10, 014

•>

7
7
7
7
2

Includes securities purchased under agreements to resell.
Includes official institutions and so forth.
Figures not comparable with 1969 data. For description of revision
in series beginning July 2 (with overlap for June 25), see BULLETIN for Aug.
1969, pp. 642-46.
4 Includes short-term notes and bills.
5
Federal agencies only.
6
Includes corporate stock.
7 Includes securities sold under agreements to repurchase.




17 181
17 177
17 104
108 17 ,117

126 499
126 422
126 054
126,252

174 810 62,302
174 A05 63 006
173 860 62,731

8 889
8 816
8 704

174 550 63,173

8 589

5 024

174 507 63,379
174 189 65,069
176 651 64,665
176 814 65,058
179 037 69,752

8 498

4 951

8
8
8
8

466
405
111
148

4
4
4
4

905
841
796
711

8 Includes minority interest in consolidated subsidiaries.
9 Exclusive of loans and Federal funds transactions with domestic commercial banks.
1
o All demand deposits except U.S. Govt. and domestic commercial
banks, less cash items in process of collection.
ii Certificates of deposit issued in denominations of $100,000 or more.
NOTE.—Figures for Nov. and Dec. 1969 are preliminary and may be
revised in a forthcoming BULLETIN.

JANUARY 1970 •

BUSINESS LOANS OF BANKS

A 31

COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
•let change during

Outstanding
1969

Industry

1968

1969

1969

Dec.
31
Durable goods manufacturing:
Other fabricated metal products...
Nondurable goods manufacturing:

Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail

Foreign commercial and industrial

Dec.
24

Dec.
17

Dec.
10

Dec.
3

2,085
5,926
2,632
2,003
2,515

2,043
5,970
2,531
1,993
2,509

2,044
5,942
2,474
2,034
2,538

2,006
5,694
2,371
1,983
2,438

1,965
5,510
2,342
1,982
2,386

137
412
284
37
135

-36
138
84
-55
—44

-25
-221
32
-97
-81

76
329
400
-115
-13

53
280
139
-59
92

-36
221
-50
176
176

129
609
539
-174
79

51
675
107
318
214

3 253
2,337
1 718
2 845
2,084

3 242
2,391
1 695
2 851
2,067

3 126
2,429
1 673
2,811
2,038

2 928
2,437
1,679
2,720
2,003

2,906
2,470
1,662
2,676
2,003

333
-159
86

272
-114
1
41
-19

64
-198
194
24
-35

666
-471
-107
197
36

43
98
-243
-94
163

211
253
142
256
79

709
-373
-350
103
199

-396
494
457
249
83

4,837
1 190
3 569
4 180
5,736
1,539
3,565
3,142
7 020
4,945
708

4,810
1 131
3 551
4 333
5,590
1,483
3,351
3,128
6,828
4,784
664

4,820
1 142
3,546
4,445
5,568
1,463
3,322
3,138
6,815
4,821
576

4,768
1,131
3,511
4,344
5,454
1,319
3,184
3,097
6,759
4,685
507

4,721
1,122
3,513
4,417
5,477
1,349
3,214
3,131
6,783
4,759
457

79
109

-56
132
198
— 185
-55
32
-57
-59
171
-138
-19

-38
125
12
327
3
-43
89
-106
-10
121
33

-15
366
48
129
246
247
452
-144
408
365
294

-54
-132
-37
-255
11
94
295
-26
-145
142
-111

-41
-356
33
425
106
138
78
156
185
534
-43

-69
234
11
-126
257
341
747
-170
263
507
183

195
-372
200
246
250
34
-118
361
730
966
-198

Dec.

135

90

138
— 13
298
258
420
21
247
382
280

Nov.

Oct.

IV

2nd
half

II

III

1st
half

2,238 2,292 2,312 2,281 2,262
70,067 69,237 69,077 67,299 67,107

-15
3,418

-33
199

24
-218

-24
3,370

-168
86

-76
2,567

-192
3,456

-119
4,427

Total commercial and industrial loans. 81,408 80,514 80,367 78,525 78,347

3,532

354

-419

3,450

-333

2,768

3,117

4,690

Total classified loans

See NOTE to table below.

"TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Outstanding

Dec.
31

Primary metals

Machinery
Transportation equipment
Other fabricated metal
products
Other durable goods
Nondurable goods manufacturing:
Food^ liquor, and tobacco,
Textiles, apparel, and
leather
Petroleum refining
Chemicals and rubber
Other nondurable goods..
Mining, including crude petroleum and natural gas,
Trade: Commodity dealers.,
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans
Foreign commercial and industrial loans
Total loans

Nov.
26

Oct.
29

Sept.

A

T

July
30

June

May
28

A

%-

1969
2nd
half

III

-36

45
-66

50
168
128

57
193
256

124
275
404

84
20

-24
16

-8
59

-37
101

151

-67

24
139
95
26

n

1,407
2,507
1,305

1,419
2,556
1,245

1,375
2,509
1,195

1,363
2,555
1,130

1,352
2,474
1,097

1,390
2,432
1,086

1,358
2,488
1,110

761
1,169

796
1,097

770
1,087

769
1,110

780
1,062

799
1,052

798
1,068

789
1,039

776
1,014

953

908

873

853

838

859

813

767

713
1,356
1 829
1,151

707
1,310
1,674
1,123

686
1,282
1,701
1,071

689
1,477
1,717
1,066

664
1,465
1,741
1,058

651
1,455
1,774
1,055

646
1,667
1,695
1,051

619
1,632
1,672
1,036

618
1,633
1,587
1,012

43
-190
22
15

4,090
79
706
1,229
4,414
498
1,337
904
2,991
1,241

4,044
81
668
1,215
4,146
462
1,219
903
2,945
1,204

4,079
81
691
1,182
4,115

4,030
111
659
1,144
4,061
446
1,241
890
2,861
1,053

4,089
114
675
1,160
4,042
436
1,216
875
2,861
1,050

4,203
114
671
1,155
4,081
440
1,149
891
2,869
1,020

4,230
111
659
1,154
4,014
409
1,135
886
2,885
1,023

4,302
-84
112
-34
-5
653
3
1,163
26
3,988
440
6
1,109
146
847
2,891 " ' -9
111
1,025

-67
4

899
2,854
1,222

4,119
80
666
1.158
4 107
446
1,295
891
2,860
1,131

1,642

1,690

1,692

1,717

1,739

1,791

1,836

1,869

1,853

-119

32,789 31,549 31,234 31,398 30,937 30,981 31,136 30,883 30,746

262

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.




1969

1,476 1,402
2 749 2,566
1,501 1,389

486
1,244

|1968
IV

1969

Industry

Durable goods manufacturing:

Net change during—

67
82
148
-29
42

g
1

49
3
-81
17

316
-88
-36
237
-8
31
19
126
-4
6
66
293
60

94
24
-121
112
85

67
-311
134
100

-29

-113
-35
35
74
333
58
188
13
122
221

-1
40
71
307

52
42
13
131
110

-95
418

-75

-194

1,1871

1,391

1,653

Commercial and industrial "term" loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.

A 32

BANK RATES

° JANUARY

1970

PRIME RATE, 1929-69
(Per cent per annum)
In effect during—

Effective date

Rate

Rate

1929

5*4-6

1947 Dec.i

1%

1930
1931
1932
1933

3*4-6
2%-5
3*4-4
1*4-4

1948

m

1966—Mar. 10
June 29
Aug. 16

6

4*4
3*4
4

1967—Jan. 26-27...
Mar. 27
Nov. 20

2

Aug.'

1950—Sept. 22

1956—Apr. 13
Aug. 21
1957 Aug

2*4

4

1951—Jan.
8
Oct 17
Dec. 19

2%
2%
3*}

1959—May 18
Sept. 1

4*4

1954—Mar

1*4

1958—Jan. 22
Apr. 21
Sept. 11

1953 ADr 27

1934—
1947 (Nov.)

3
1960—Aug. 23

4*4

17

1955 Aug 4
Oct 14

3*4
3*4

1965—Dec.

Rate

Effective date

Rate

Effective date

6

1968—Apr.
Sept.
Nov.
Dec.
Dec.

5*4

18

1969—Jan.
Mar. 17
June 9

5

it*
6
6*4
6-6*4
6*4
6*4
6%

19
25
13

k

1 Date of change not available.

SHORT-TERM BUSINESS LOANS
Size of loan (in thousands of dollars)
All >izes

Interest rate
(per cent per annum)

Nov.
1969

Aug.
1969

Nov.
1969

Nov.
1969

Aug.
1969

Aug.
1969

Nov.
1969

1,000 and over

500-999

100-499

10-99

1-9

Aug.
1969

Nov.
1969

Aug.
1969

Nov.
1969

Aug.
1969

Percentage distribution of dollar amoun
24.5
5.0
8.7
10.4
12.9
12.1
14.3
12.2

9.1
13.2
14.6
16.3
12.3
10.0
14.9

11.6
8.3
13.0
14.1
18.7
11.1
10.3
12.7

21.0
25.7
12.4
12.9
7.6

18.3
25.9
12.5
13.7
7.2

3 8
5.4

21.5
4.5
10.4
10.2
11.7
13.2
14.5
13.8

5.1
9.5

5.9
8.6

100.0

100.0

100.0

100.0

100.0

100.0

3.942.2 4,155.0
33.8
30.4

43.7
11.4

48.9
12.7

403.4
12.8

450.4
14.4

844.3

Less than 8.50
8 50
8.51-8.99

4.4

5.7

41.1
23.5
9.3
7.4
53
34
5.7

100.0

900

9 01-9 49
9 50..
9 51 9 99
Over 10.00

. . . .

Total
Total loans:
Number (thousands)

38.5
23.7
9.2
8.5
5.3

8 North Central
7 Southeast
8 Southwest
4 West Coast

8.83
8.66
9.21
8.83
8.58
8.79
8.81

8.82
8.65
9.14
8.85
8.46
8.85
8.75

9.05
9.22
^.16
8.77
8.69
9.20
9.45

8.99
9.12
9.09
8.80
8.59
9.09
9.47

NOTE.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 72127 of the May 1967 BULLETIN.




6.0

4.3

3.0

7.6

4.6

2.8

3.3

34.1
28.2
8.9
9.3
51

57.6
23.8
6.9
2.8
2.7

55.4
24.2
6.7
3.7
3.2

3.2
4.9

3.2
6.4

1.3
2.3

1.5
2.0

100.0

100.0

100.0

100.0

100.0

926.4

600.8

579.7 2,050.1 2,149.5

4.7

37.5
27.1
9.3
9.0
5.8

1.0

0.9

0.9

1.0

8.84
8.65
9.15
8.93
8.48
8.75
8.82

8.66
8.58
8.85
8.70
8.45
8.66
8.67

8.67
8.59
8.77
8.72
8.45
8.84
8.56

Weighted average rates (per cent per annum)

Center

New York City

9.6

9.20
9.13
9.57
9.16
8.73
9.02
9.22

9.14
9.12
9.49
9.14
8.57
8.96
9.23

9.00
8.83
9.36
9.11
8.55
8.81
8.95

8.96
8.83
9.32
9.06
8.39
8.83
8.94

8.84
8.74
9.18
8.81
8.60
8.76
8.76

JANUARY 1970 a INTEREST RATES

A 33

MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable)

Finance

Prime
Prime
bankers'
paper
coml.
placed
paper,
acceptances,
4-toe- directly,
months > 3- to 6- 90 days •
months 2
CO.

Period

Federal
funds
rate 3

3-month bills 5

6-month bills 5

4

9- to 12-month issues

Rate on
new issue

Market
yield

Rate on
new issue

Market
yield

Bills (market yield):

Other «

3- to 5.?««
issues 7

1962
1963
1964

3.26
3.55
3.97

3.07
3.40
3.83

3.01
3.36
3.77

2.68
3.18
3.50

2.778
3.157
3.549

2.77
3.16
3.54

2.908
3.253
3.686

2.90
3.25
3.68

3.01
3.30
3.74

3.02
3.28
3.76

3.57
3.72
4.06

1965.
1966 .
1967
1968
1969

4.38
5.55
5.10
5.90
7.83

4.27
5.42
4.89
5.69
7.16

4.22
5.36
4.75
5.75
7.61

4.07
5.11
4.22
5.66
8.22

3.954
4.881
4.321
5.339
6.677

3.95
4.85
4.30
5.33
6.64

4.055
5.082
4.630
5.470
6.853

4.05
5.06
4.61
5.48
6.84

4.06
5.07
4.71
5.45
6.77

4.09
5.17
4.84
5.62
7.06

4.22
5.16
5.07
5.59
6.85

6.17

1968—Dec
1969—Jan
Feb
Mar

Apr.
May
July
Aug
Sept
Oct
Nov
Dec

. ..
....

5.86

6.20

6.02

5.916

5.94

6.014

6.05

5.98

6.00

5.99

6.53
6.62
6.82
7.04
7.35
8.23
8.65
8.33
8.48
'8.56
8.46
8.84

6.14
6.33
6.38
6.38
6.54
7.25
"7.89
7.71
7.61
7.86
7.92
7.93

6.46
6.47
6.66
6.86
7.38
7.99
"8.39
8.04
8.14
8.17
8.18
8.58

6.30
6.64
6.79
7.41
8.67
8.90
8.61
9.19
9.15
••9.00
8.85
8.97

6.177
6.156
6.080
6.150
6.077
6.493
7.004
7.007
7.129
7.040
7.193
7.720

6.13
6.12
6.01
6.11
6.03
6.43
6.98
6.97
7.08
6.99
7.24
7.81

6.312
6.309
6.223
6.168
6.149
6.725
7.285
7.194
7.316
7.297
7.565
7.788

6.28
6.30
6.16
6.13
6.15
6.75
7 23
7.19
7.31
7.29
7.62
7.89

6.05
6.19
6.19
6.03
6.10
6.86
7.14
7.27
7.35
7.22
7.38
7.64

6.26
6.21
6.22
6.11
6.26
7.07
7.59
7.51
7.76
7.63
7.94
8.34

6.04
6.16
6.33
6.15
6.33
6.64
7 02
7.08
7.58
7.47
7.57
7.98

8.25
8.40
8.50
8.60

7.56
7.60
7.63
7.63

8.09
8.13
8.13
8.15

9.57
8.57
9 07
9.61

7.014
7.184
7.156
7.161

7.02
7.10
7.12
7.10

7.166
7.408
7.329
7.362

7.24
7.30
7.34
7.31

7.34
7 34
7.33
7.37

7.67
7.74
7.76
7.80

7.30
7.44
7.63
7.74

7.73
7.88
7 91
7.94

8.25
8.25
8.25
8.15

9.11
9.43
9 68
8.68

7.106
7.046
7.042
6.975

7.02
6.98
7.01
6.94

7.340
7.289
7.327
7.265

7.31
7.33
7.30
7.24

7.41
7.34
7 25
7.04

7.93
7.76
7 62
7.42

7.93
7.74
7 36
7.12

7.78
7.88
7.94
7.94
7.94

8.00
8.00
8.00
8.20
8.50

8.39
9.07
9.32
8.79
8.32

7.030
6.998
7.157
7.141
7.476

7.00
7.07
7.14
7.24
7.49

7.263
7.281
7.435
7.518
8.027

7.26
7.38
7.45
7.74
7.90

7.12
7.06
7.15
7.50
7.77

7.55
7.70
7.87
8.05
8.09

7.35
7.45
7.54
7.68
7.60

7.60
7.81
7.88
7.82

7.613
7.803
7.922
7.815

7.83
7.92
7.89
7.82

7.55
7.61
7.61
7.67

8.11
8.32
8.37
8.44

7.64
7.95
8.06
8.10

8.02

8.101

8.03

7.75

8.56

8.26

Week ending—
1969—Sept. 6
20
27

...

25

8.83
"8.73
8 63
8.50

1
8
15
22
29

8.23
8.19
8.41
8.58
8.63

Dec

6
13
20
27

8.63
8.75
8.93
9.00

7.98
7.88
7.89
7.90

8.38
8.53
8.63
8.72

8.91
8.75
9.14
9.18

7.453
7.702
7.920
7.804

1970 ja n .

3

9.00

8.03

8.75

8.71

8.096

Oct.

4
11
18

Nov.

1
2

C

C

Averages of daily offering rates of dealers.
Averages of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Seven-day average for week ending Wednesday.




4

Except for new bill issues, yields are averages computed from daily
closing bid prices. 5 Bills quoted on bank discount rate basis.
6
Certificates and selected note and bond issues.
7
Selected note and bond issues.

A 34

INTEREST RATES a JANUARY 1970
BOND AND STOCK YIELDS
(Per cent per annum)

Period

Total i

Aaa

Baa

1962
1963
1964

3 95
4 00
4 15

3 30
3 28
3 28

3.03
3.06
3.09

3.67
3.58
3.54

1965
1966
1967
1968
1969

4.21
4.66
4.85
5.25
6.10

3.34
3.90
3.99
4.48
5.73

3.16
3.67
3.74
4.20
5.45

1968—Dec .

5.65

4.76

1969—Jan
Feb
Mar

5 74
5 86
6 05
5.84
5.85
6 06
6 07
6 02
6 32
6 27
6 51
6 81

4 89
5.02
5.25
5.24
5.39
5 78
5 80
5 98
6.21
6.12
6.25
6.84

6
13..
20..
27...

6.18
6.23
6.31
6.41

4
11
18

Apr
May

July
Sept
Oct
Nov
Dec

Dividend/
price ratio

By
group

By selected
rating

State
and local

United
States
(longterm)

. .

Stocks

Corporate bonds

Government bonds

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
6.08
5.64
5.57

4.49
5.13
5.51
6.18
7.03

4.87
5.67
6.23
6.94
7.81

4.61
5.30
5.74
6.41
7.22

4.72
5.37
5.89
6.77
7.46

4.60
5.36
5.81
6.49
7.49

4.33
4.97
5.34
5.78
6.41

3.00
3.40
3.20
3.07
3.24

5.8
6.72
5.71
5.84

6.80

6.45

7.23

6.72

6.97

6.85

5.93

2.93

5.70

6.89
6.93
7.11
7.17
7.10
7.27
7.39
7 37
7.53
7.72
7.76
8.13

6.59
6.66
6.85
6.89
6.79
6.98
7.08
6.97
7.14
7.33
7.35
7.72

7.32
7.30
7.51
7.54
7.52
7.70
7.84
7.86
8.05
8.22
8.25
8.65

6.78
6.82
7.02
7.07
6.69
7.16
7.29
7.29
7.42
7.59
7.61
7.95

6.98
6.98
7.16
7.25
7.27
7.37
7.50
7.57
7.68
7.76
7.83
8.16

7.02
7.05
7.23
7.26
7.15
7.38
7.49
7.40
7.62
7.91
7.94
8.39

5.93
5.94
6.09
6.14
6.20
6.33
6.42
6.44
6.61
6.79
6.84
7.19

3.06
3.10
3.17
3.11
3.02
3.18
3.34
3.37
3.33
3.33
3.31
3.52

6.47
6.65
6.65
6.55

7.43
7.50
7.55
7.58

7.05
7.12
7.16
7.19

7.95
8.03
8.07
8.08

7.34
7.39
7.43
7.45

7.60
7.68
7.68
7.70

7.49
7.56
7.67
7.69

6.46
6.58
6.64
6.74

3.33
3.33
3.35
3.31

5.83
5.80
5.75
5 80

6.58
6.40
6.38
6 48

7.66
7.74
7.77
7 71

7.28
7.37
7.39
7 31

8.18
8.26
8.26
8 21

7.53
7.62
7.65
7 59

7.73
7.70
7.76
7 79

7.82
7.98
7.99
7 89

6.87
6.78
6.80
6 75

3.42
3.41
3.31
3 24

6.16
6 06
6.14
6 33
6.47

5.84
5 75
5.78
5 95
6.05

6.52
6.42
6.50
6.67
6.83

7.68
7 68
7.70
7 78
7.89

7.25
7.26
7.29
7.38
7.50

8.17
8 19
8.19
8 28
8.38

7.54
7 55
7.56
7 62
7.75

7.80
7 79
7.76
7 84
7.96

7.82
7 84
7.89
7 98
8.09

6.75
6 78
6.75
6 85
6.99

3.27
3 25
3.24
3 33
3.43

6
6
6
6

68
82
92
92

6.34
6.48
6.57
6.57

7.05
7.20
7.32
7.32

7.97
8.05
8.15
8.27

7.60
7.64
7.73
7.84

8.45
8.57
8.68
8.80

7.79
7.83
7.95
8.13

8.01
8.07
8.19
8.28

8.22
8.35
8.44
8.50

7.08
7.21
7.33
7.16

3.50
3.54
3.59
3.51

6.88

6.52

7.28

8.33

7.90

8.89

8.19

8.34

8.56

7.16

3.48

108

18

30

38

30

40

14

Aaa

Baa

4 62
4 50
4.57

4.33
4.26
4.40

3.57
4.21
4.30
4.88
6.07

4.64
5.34
5.82
6.51
7.36

4.50

5.18

4 58
4.74
4.97
5.00
5.19
5 58
5.61
5 74
5.83
5.80
5.88
6.50

5.34
5.44
5.61
5.57
5.63
6.01
6.08
6.28
6.58
6.45
6.60
7.23

6.09
6.27
6.27
6.19

5.80
5.85
5.85
5.82

6 56
6 34
6.16
6 07

6.22
6.15
6.05
6 13

6.32
6 34
6.46
6 61
6.60
6
6
6
6

'5.66
6 03
5.66

Week ending—
1969 Sept

Oct

25

Nov

1

g

15
22
29

Dec

6 .
13

20

27
1970—Jan.

3

65
73
84
92

7.00

9

20

5

5

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.
Monthly and weekly yields are computed as follows: U.S. Govl. bonds:




500

500

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. Corporate bonds: Averages 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.

JANUARY 1970 a SECURITY MARKETS

A 35

SECURITY PRICES
Common stock prices
Bond prices
(per cent of par)

New York Stock Exchange
Standard and Poor's index
(1941-43=10)

Period
U.S.
Govt.
(longterm)

State
and
local

Corporate
AAA

76.55
72.33

100.5
93.5

81.8
76.4

New York Stock Exchange index
(Dec. 31, 1965 = 50)

Industrial

Railroad

Public
utility

Total

Indus- Trans- Utility
trial portation

91.93 99.18
98.70 107.49

46.72
48.84

68.10
66.42

50.77
55.37

51.97
58.00

53.51
50.58

45.43
44.19

Total

Fi-

American
Stock
Exchange
total
index •

Volume of
trading in
stocks in
thousands of
shares

NYSE AMEX
49.82
65.85

4,508
6,353

68.47

1967
1968
1968—Dec
1969—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ending—

89.2

73.0 106.48 116.01

55.19

70.54

60.32

63.21

57.30

46.73

79.00

19.67 10,143
27.72 12,971
32.96 14,865

67.61
66.55
64.90
67.73
66.68
64.84
64.75
65.18
62.64
63.05
61.08
58.71

88.0
86.4
83.7
84.2
82.3
78.6
78.5
76.1
73.6
74.9
73.4
68.7

72.3
71.8
70.6
69.5
70.3
68.9
68.2
68.4
67.2
66.5
65.7
62.9

111.00
110.15
108.20
110.68
114.53
108.59
103.68
103.39
103.97
105.07
105.86
100.48

54.11
54.78
50.46
49.53
49.97
46.43
43.00
42.04
42.03
41.75
40.63
36.69

68.65
69.24
66.07
65.63
66.91
63.29
61.32
59.20
57.84
58.80
59.46
55.28

57.82
57.33
55.69
56.61
58.50
55.20
52.40
52.09
52.37
53.27
53.85
50.86

60.32
59.61
58.30
59.41
61.50
58.07
55.00
54.85
55.29
56.22
56.84
53.93

56.35
56.18
51.52
50.88
50.46
47.70
42.80
41.45
42.72
43.12
42.59
37.77

45.64
4S.98
44.06
44.34
45.75
43.39
42.31
41.34
40.20
40.55
41.36
38.69

75.58
75.26
70.60
72.38
75.10
68.62
64.56
65.29
68.16
71.71
71.62
66.95

32.15
31.67
29.92
30.14
31.12
29.14
25.78
26.44
26.57
27.48
27.97
26.32

12,122
11,685
9,960
11,287
12,222
11,203
10,872
9,608
10,439
13,486
11,247
12,384

6,781
5,801
4,401
5,153
6,451
5,029
4,215
3,531
3,718
5,611
8,075
4,928

102.04
101.46
99.30
101.26
104.62
99.14
94.71
94.18
94.51
95.52
96.21
91.11

8,075

Dec.

6....
13....
20....
27....

59.93
59.35
58.46
57.92

69.9
68.7
68.0
78.5

64.2
63.5
62.3
62.5

92.24 101.70
90.60 99.92
90.29 99.62
90.97 100.33

37.81
36.51
35.72
36.41

55.95
54.96
54.68
55.27

51.53
50.55
50.38
50.74

54.55
53.55
53.46
53.84

39.16
37.57
36.90
37.37

39.32
38.57
38.25
38.60

68.15
66.88
66.20
66.33

26.82
26.26
26.15
26.11

12,003
11,547
10,849
10,425

4,116
4,272
4,879
4,347

1970—Jan.

3....

57.33

68.6

62.2

91.98 101.40

37.37

55.05

51.45

54.62

38.11

38.84

67.47

26.32 13,936

7,111

i Begins June 30,1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
NOTE.—Annual data are averages of monthly figures. Monthly and
weekly data are averages of daily figures unless otherwise noted and are
computed as follows: U.S. Goit. bonds, derived from average market
yields in table at bottom of preceding page on basis of an assumed 3 per

cent, 20-year bond. Municipal and corporate bonds, derived from average
yields as computed by Standard and Poor's Corp., on basis of a 4 per cent,
20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Volume of trading, average daily trading in
stocks on the exchanges for a 5^-hour trading day; beginning Jan. 1969 a
4- hour trading day; beginning July 7, 1969, a 4J^-hour trading day.

FERMS ON CONVENTIONAL FIRST MORTGAGES
Existing homes

New homes
Period

Contract
rate
(per
cent)

Fees&
charges
(per
cent)!

Maturity
(yean)

Loan/
price
ratio
(per
cent)

PurLoan
chase
amount
price (thous. of
(thous. of
dollars) dollars)

Contract
rate
(per
cent)

Fees*,
charges
(per
cent)i

Maturity
(years)

Loan/
price
ratio
(per
cent)

PurLoan
chase
amount
price
(thous. of (thous. of
dollars) dollars)

1963
1964
1965
1966
1967
1968

5.84
5.78
5.74
6.14
6.33
6.83

.64
.57
.49
.71
.81
.89

24.0
24.8
25.0
24.7
25.2
25.5

73.3
74.1
73.9
73.0
73.6
73.9

22.5
23.7
25.1
26.6
28.0
30.7

16.3
17.3
18.3
19.2
20.4
22.4

5.98
5.92
5.87
6.30
6.40
6.90

.60
.55
.55
.72
.76
.83

19.2
20.0
21.8
21.7
22.5
22.7

70.8
71.3
72.7
72.0
72.7
73.0

17.8
18.9
21.6
22.2
24.1
25.6

12.6
13.4
15.6
15.9
17.4
18.5

1968—Nov
Dec

7.07
7.09

.84
.89

25.4
25.9

74.1
74.0

30.7
33.7

22.5
24.7

7.07
7.09

.82
.85

22.7
23.3

72.9
73.2

26.2
28.1

18.9
20.4

1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov."

7.16
7.26
7.32
7.47
7.50
7.62
7.76
7.86
7.89
7.98
7.98

.84
.81
.93
.96
.88
.84
.92
.86
.92
.89
.96

25.6
25.6
25.8
25.4
25.8
25.6
25.5
25.2
25.3
25.3
25.3

73.6
73.3
73.8
72.6
73.2
73.0
72.0
72.3
72.4
72.9
72.9

33.2
32.4
33.0
34.4
34.7
34.8
34.6
34.0
34.3
34.6
34.3

24.1
23.5
24.0
24.8
25.0
24.9
24.5
24.3
24.7
25.0
24.6

7.18
7.28
7.35
7.46
7.54
7.64
7.79
7.90
7.92
7.98
7.98

.86
.86
.84
.85
.83
.86
.91
.93
.92
.91
.89

22.8
22.9
23.0
23.0
22.7
22.8
22.8
22.6
22.2
22.2
22.5

72.6
72.8
72.7
71.8
71.9
71.4
71.7
71.2
70.7
70.2
70.4

27.9
27.2
28.2
28.2
27.8
28.5
28.5
28.4
27.5
28.1
28.6

20.0
19.6
20.2
19.9
19.7
20.1
20.1
19.8
19.2
19.5
19.9

1 Feet and charges—related to principal mortgage amount—include
loan commissions, fees, discounts, and other charges, which provide
added income to the lender and are paid by the borrower. They exclude
any closing costs related solely to transfer of property ownership.
NOTE.—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance Corporation. Data are weighted averages




based on probability sample survey of characteristics of mortgages
originated by major institutional lender groups (including mortgage
companies) for purchase of single-family homes. Data exclude loans for
refinancing, reconditioning, or modernization; construction loans to
homebuilders; and permanent loans that are coupled with construction
loans to owner-builders. Series beginning 1965, not strictly comparable
with earlier data. See also the table on Home-Mortgage Yields, p. A-53.

A 36

STOCK MARKET CREDIT a JANUARY 1970
STOCK MARKET CREDIT

REGULATORY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS

(In millions of dollars)
Credit extended to
margin customers by—
End of period
Brokers Banks
l

1

1968 Nov
Dec

.

CusCus- tomers' Net
tomers' net
credit
free
net
exdebit credit tended
balbalby
ances ances brokers

6,200
. 6,200

2,630
2,710

8,830
8,900

9,029
9,790

3,419
3,717

5 930
5,750
5,590
5,570
5,670
5,340
5,170
5 000
4,940
5,040
5,080

2,750
2,810
2,780
2,760
2,770
2,740
2,700
2,670
2,620
2,570
2,520

8 680
8,560
8,370
8,330
8,440
8,080
7,870
7 670
7,560
7,610
7,600

9,042
9,148
8,318
8,044
8,474
8,214
7,515
7 019
7,039
7,243
7,111

3 597
3,647
3,294
3,077
3,084
3,084
2,783
2 577
2,579
2,753
2,613

5 445
5 501
5,024
4,967
5,390
5,125
4,732
4 442
4,460
4,490
4,498

Mar
Apr

May
...

Sept
Oct '

1
End of month data. Total amount of credit extended by member firms
of the New York Stock Exchange in margin accounts, estimated from
reports by a sample of 38 firms.
2
Figures are for last Wed. of month for large commercial banks reporting weekly and represent loans made to others than brokers or dealers
for the purpose of purchasing or carrying securities. Excludes loans collateralized by obligations of the U.S. Govt.
NOTE.—Customers' net debit and free credit balances are end-of-month
ledger balances as reported to the New York Stock Exchange by all
member firms that carry margin accounts. They exclude balances carried
for other member firms of national securities exchanges as well as balances
of the reporting firm and of its general partners. Net debit balances are
total debt owed by those customers whose combined accounts net to a
debit. Free credit balances are in accounts of customers with no unfulfilled
commitments to the broker and are subject to withdrawal on demand. Net
credit extended by brokers is the difference between customers* net debit
and free credit balances since the latter are available for the brokers' use
until withdrawn.

EQUITY STATUS OF MARGIN ACCOUNT DEBT
AT BROKERS

1968—Nov..
Dec.
1969—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.'.
Nov.*

End of
period

Total
debt
(millions
of

dollars)!
6,200
6,200
5,930
5,750
5,590
5,570
5,670
5,340
5,170
5,000
4,940
5,040
5,080

ad-

ed

20

20-29

30-39

40-49

50-59

cent

Under

cent

cent

per

70-79

60-69

50-59

40-49

25.5
24.0
24.4
20.5
22.1
24.0
23.0
17.5
14.4
17.8
17.0
20.4
16.9

31.4
30.2
29.3
28.2
27.9
26.2
26.4
25.7
24.3
24.4
23.0
22.5
23.5

19.4
19.4
20.8
22.6
20.5
20.0
19.0
19.0
18.3
18.3
18.4
18.8
17.8

7.4
8.0

3.9
4.2

7.9
9.0
9.5
9.5
9.7

4.6
5.4
5.2
4.9
5.2
7.2
8.4
7.8
8.6
8.4
8.9

11.7
13.3
12.6
12.5
11.8
12.2

per

per

60 per
cent
or more

of

dollars)

1968—Nov..
Dec.

10.6
3.8

36.4
38.9

21.4
20.2

7.6
7.5

3.6
3.8

20.4 11,460
26.3 12,060

1969—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.'.
Nov."

5.9
2.7
5.5
7.4
4.8
1.8
1.0
4.6
2.9
5.8
3.2

40.6
38.8
37.3
35.1
37.4
33.1
29.4
29.2
30.2
31.9
31.3

20.9
22.9
21.1
19.6
18.9
19.9
19.0
18.5
19.0
18.1
18.1

8.1
9.4
9.3
8.8
8.5

4.4
5.1
4.9
4.6
4.7
6.0
6.6
6.5
6.6
6.2
6.8

20.1
21.1
21.9
24.5
25.6
28.4
30.1
30.0
29.6
27.9
29.7

10.8
13.8
11.2
11.7
10.1
10.9

11,180
10,840
10,520
10,720
10,770
10,440
10,100
10,300
9,910
9,970
9,930

NOTE.—Adjusted debt is computed in accordance with requirements set
forth in Regulation T and often differs from the same customer's net debit
balance mainly because of the inclusion of special miscellaneous accounts
in adjusted debt. Collateral in the margin accounts covered by these data
now consists exclusively of stocks listed on a national securities exchange.
Unrestricted accounts are those in which adjusted debt does not exceed the
loan value of collateral; accounts in all classes with higher ratios are
restricted.

(Per cent of total, unless otherwise indicated)

End of period
80 or
more

justed
debt
(millions

Restricted

Equity class (per ce at)

Under
40

12.5
14.2
13.1
14.1
14.8
15.4
16.8
18.7
21.1
19.1
20.3
18.0
20.6

i See footnote 1 to table above.
NOTE.—Each customer's equity in his collateral (market value of col
lateral less net debit balance) is expressed as a percentage of current col
lateral value.




Total

Unrestrict-

SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS

(Per cent of total debt, unless otherwise indicated)

End of
period

Adjusted debt/collateral value

5,610
6,073

1969—Jan
Feb

July .

Total

(Per cent of total adjusted debt, unless otherwise indicated)

Net
credit
status

Equity class of accounts
in debit status

Total
balance
60 per cent Less than (millions
or more 60 per cent of dollars)

1968—Nov
Dec

53.2
54.4

43.3
40.4

3.5
5.2

5,550
5,690

1969 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.'
Nov.*

52.6
52.7
52.9
52.5
52.2
54.7
51.4
53.0
52.6
52.8
54.8

43.2
41.7
40.9
42.5
42.3
39.7
42.0
40.0
40.7
40.8
37.8

5.1
5.6
6.1
5.0
5.5
5.7
6.6
6.9
6.7
6.4
7.3

5,700
5,680
5,400
5,120
5,020
5,110
4.950
4,920
4,800
4,780
4,680

NOTE.—Special miscellaneous accounts contain credit balances that
may be used by customers as the margin deposit required for additional
purchases. Balances may arise as transfers based on loan values of other
collateral in the customer's margin account or deposits of cash (usually
sales proceeds) occur.

A 37

JANUARY 1970 n OPEN MARKET PAPER; SAVINGS INSTITUTIONS
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)

Commercial and finance
company paper
Placed through
dealers 1

End of period

Dollar acceptances
Based on1—

Held b y -

Placed
directly 2

Accepting' banks

F.R. Banks

Total

Total

Bank
related

Bank
related

Other

Other

Own
bills

Total

Bills
bought

Own
acct.

Foreign

Others

ImExports ports
from
into
United United
States States

All
Other

1,414
1,719
1,626
1 778
2,241

1963
1964
1965
1966
1967

6,747
8,361
9,058
13,279
'16,535

n.a.
n.a.
n.a.
n.a.
n.a.

1,928
2,223
1,903
3,089
4,901

n.a. 4,819
n.a. 6,138
n.a. 7,155
n.a. 10,190
n.a. 11,634

2,890
3,385
3,392
3,603
4,317

1,291
1,671
1,223
•,198
,906

1,031
1,301
1,094
983
1,447

260
370
129
215
459

162
94
187
193
164

92
122
144
191
156

1,345
1,498
1,837
2,022
2,090

567
667
792
997
,086

908
999
974
829
989

1968—Nov.
Dec.

22,220
20,497

n.a.
n.a.

7,758
7,201

n.a. 14,462
n.a. 13,296

4,389
4^428

,605
,544

1,352
1,344

253
200

58
58

114
109

,476
,423

922 1,992
952 '2,053

1969—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.

21,813
22,865
23,681
24,390
25,305
26,004
28,346
29,476
29,564
31,791
33,497

,407
,473
,452
1,478
1,387
1,413
1,388
1,390
1,351
1,335
1 341

1,211
1,263
1,185
1,223
1,179
1,183
1,123
1,108
1,044
1,058
1,076

195
210
266
255
208
231
264
282
308
277
266

50
91
94
142
76
41
40
62
37
41
49

104
99
122
125
183
159
162
159
159
149
146

2,612
2,717
2,809
2,757
3,787
2,765
3,022
3,186
'3,402
3,535
4,077
3,734
3,676

n.a. 7,873
n.a. 8,342
n.a. 9,003
10,076
ri.a.
n.a. 9,931
602 9,557
889 9,463
990 10,360
954 10,917
1,069 10,998
1,200 11,324

n.a.
n.a.
n.a.
n.a.
n.a.
640
980
1,220
1,542
2,573
2,879

13,940 4,370
14,523 4,420
14,678 4,464
14,314 4,510
15,374 4,668
15,205 4,880
17,014 4,991
16,906 5,145
16,151 '5,232
17,151 5,256
18,094 5,212

1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.

2,059
2,112
2,133
'2,112
2,166
«2,240
2,206
'2,271
2,289
'2,282
2 299

,405
906
859
,449
872
,460
875
,523
910
,591
967
,673
,779 1,006
,791 1,084
,880 1,063
,913 '1 ,061
,850 1 063

2 As reported by finance companies that place their paper directly with
investors.

MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Loans

End of period

Mortgage

Securities

Other

U.S.
Govt.

State
and
local
govt.

Cash

Corporate
and
other'

Other
assets

Total
assets—
Total
liabili- Deposties
its 2
and
general
reserve
accts.

Mortgage loan
commitments3
classified by maturity
(in months

General
Other reserve
acliabilities
counts
3 or
less

Over
9

Total

n.a,
n.a,
n.a,
n.a.
n.a,

n.a.
n.a.
n.a.
n.a.
n.a

1,200
1,654
2,548
2,549
2,820

3-9

1945

4,202

606

185

16,962

15,332

48

1,582

1960
1961
1962
1963
1964

26,702
28,902
32,056
36,007
40,328

416
475
602
607
739

6,243
6,160
6,107
5,863
5,791

672
677
527
440
391

5,076
5,040
5,177
5,074
5,099

874
937
956
912
1,004

589
640
695
799
886

40,571
42,829
46,121
49,702
54^238

36,343
38 277
41,336
44,606
48,849

678
781
828
943
989

3,550
3,771
3,957
4,153
4,400

1965
1966
1967
1968

44,433
47,193
50,311
53,286

862
,078
,203
,407

5,485
4,764
4,319
3,834

320 5,170
251 5,719
219 8,183
194 10,180

1,017
953
993
996

944
,024
,138
,256

58,232
60,982
66,365
71,152

52,443
55,006
60,121
64,507

1,124
1,114
1,260
1,372

4,665
4,863
4,984
5,273

n.a.
n.a.
742
811

n.a.
n.a.
982
1,034

n.a,
n.a,
799
1,166

2,697
2,010
2,523
3,011

1968—Nov
Dec
1969—Jan
Feb
Mar
Apr
May
June
July
Aug

52,946
53,286

,532
,407

3,913
3,834

200 10,001
194 10,180

914
996

,267
,256

70,773
71,152

63,800
64,507

1,707
1,372

5,266
5,273

945
811

,132
,034

1,125
1,166

3,202
3,011

53,579
53,807
54,005
54,209
54,442
54,672
54,887
55,068
55,188
55,346
55,497

,426
,559
,562
,519
,713
,633
,539
1,717
1,732
1,725
1,867

3,962
3,989
3,990
3,900
3,821
3,618
3,634
3,613
3,536
3,359
3,321

195
190
194
199
197
192
201
201
190
191
196

,298
,429
,649
,721
,800
029
982
983
990
885
863

835
888
900
792
897
865
845
846
833
791
820

,256
,269
,293
,270
,288
,306
,303
,297
,327
,339
,343

71,550
72,132
72,593
72,610
73,159
73,316
73,392
73,724
73,796
73,638
73,914

64,747
65,087
65,759
65,575
65,888
66,243
66,091
66,193
66,519
66,344
66,505

1,507
1,692
1,476
1,663
1,843
1,664
1,863
2,038
1,796
1,785
1,853

5,295
5,353
5,359
5,372
5,428
5,409
5,438
5,492
5,481
5,509
5,556

760
711
778
796
818
843
787
728
756
721
677

,073
,165
,266
,270
,237
,190
,202
,157
,097
951
946

1,186
1,210
1,171
1,241
1,255
1,216
1,170
1,153
1,037
1,135
1,082

3,020
3,085
3,214
3,308
3,310
3,249
3,158
3,039
2,890
2,808
2,705

Sept

Oct

Nov

62 10,650

1,257

I

1 Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt. agencies.
2 See note 6, p. A-18.
3
Commitments outstanding of banks in New York State as reported to
the Savings Banks Assn. of the State of New York. Data include building
loans beginning with Aug. 1967.




n.a.
n.a.
n.a.
n.a.
n.a.

NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in the BULLETIN; the latter are for call dates
and are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves. Figures for Jan. and
June 1968 include one savings and loan that converted to a mutual savings bank.

A 38

SAVINGS INSTITUTIONS

a JANUARY

1970

LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities

Government securities
End of period

Total
assets

Total

United State and Foreign > Total
States
local

Bonds

Stocks

Mortgages

Real.

Policy
loans

Other

5,683
6,024
6,385
6,749
7,234
7,760
8,427
9,150

Statement value:
1961
1962
1963
1964
1965
1966
1967
1968

126,816
133,291
141,121
149,470
158,884
167,022
177,832
188,636

11,896
12,448
12,438
12,322
11,679
10,837
10,573
10,509

6,134
6,170
5,813
5,594
5,119
4,823
4,683
4,456

3,888
4,026
3,852
3,774
3,530
3,114
3,145
3,194

1,874
2,252
2,773
2,954
3,030
2,900
2,754
2,859

55,294
57,576
60,780
63,579
67,599
69,816
76,070
82,127

49,036
51,274
53,645
55,641
58,473
61,061
65,193
68,897

6,258
6,302
7,135
7,938
9,126
8,755
10,877
13,230

44,203
46,902
50,544
55,152
60,013
64,609
67,516
69,973

4,007
4,107
4,319
4,528
4,681
4,883
5,187
5,571

5,733
6,234
6,655
7,140
7,678
9,117
10,059
11,306

Book value:
1966
1967
1968

167,022
177,361
187,695

10,864
10,530
10,483

4,824
4,587
4,365

3,131
2,993
3,036

2,909
2,950
3,082

68,677
73,997
79,403

61,141
65,015
68,575

7,536
8,982
10,828

64,661
67,575
70,071

4,888
5,188
5^73

9,911
10,060
11,284

1968—Oct.'..
Nov....
Dec...

186,258
186,892
187,695

10,831
10,531
10,483

4,557
4,415
4,365

3,199
3,037
3,036

3,075
3,079
3,082

78,994
79,304
79,403

68,507
68,793
68,575

10,487
10,511
10,828

69,177
69,407
70,071

5,531
5,535
5,573

11,134
11,197
11,284

11,011
10,881
10,591
10,918
10,881

1969—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept....
Oct....

188,972
189,924
190,827
191,362
192,127
192,311
193,041
194,028
194,803
195,932

10,602
10,821
10,795
10,709
10,711
10,551
10,561
10,555
10,523
10,490

4,400
4,448
4,398
4,295
4,301
4,145
4,148
4,152
4,112
4,089

3,048
3,210
3,217
3,222
3,216
3,212
3,237
3,249
3,246
3,252

3,154
3,163
3,180
3,192
3,194
3,194
3,176
3,154
3,165
3,149

80,418
80,968
81,424
81,635
81,980
82,227
82,528
82,779
83,129
83,596

69,350
69,691
69,941
70,010
70,194
70,298
70,676
70,811
71,053
71,376

11,068
11,277
11,483
11,625
11,786
11,929
11,852
11,968
12,076
12,220

70,205
70,355
70,480
70,661
70,820
70,964
71,079
71,250
71,429
71,569

5,620
5,640
5,670
5,654
5,679
5,710
5,789
5,805
5,809
5,835

11,399
11,525
11,699
11,903
12,090
12,323
12,652
12,921
13,172
13,406

10,728
10,615
10,759
10,800
10,847
10,536
10,432
10,718
10,741
11,018

1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.

NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance companies in the United States.

O,DV1

Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item separately but are included in total, in "other assets."

SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
End of period

Mortgages

U.S.
Govt.
securities

Cash

Other"

Total
assets—
Total
liabilities

Mortgage loan
commitments 3

Liabilities

Savings
capital

Reserves
and undivided
profits

Borrowed
money2

Loans
in
process

Other

Made
during
period

Outstanding at
end of
period

n.a.

1,340
1,872
2,193
2,572
2,549
2 707
1,482
3,004
3,584

1960
1961
1962
1963
1964
1965
1966
1967
1968

60,070
68 834
78,770
90,944
101,333
110 306
114 427
121,805
130,782

4,595
5 211
5 563
6,445
6,966
7 414
7 762
9,180
9,531

2,680
3 315
3,926
3,979
4,015
3 900
3 366
3,442
2,964

4,131
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,548

71,476
82,135
93,605
101,385
119,355
129 580
133,933
143,534
152,825

62,142
70,885
80,236
101,887
101,887
110,385
113,969
124,531
131,620

4,983
5,708
6,520
7,899
7,899
8 704
9,096
9,546
10,311

2,197
2,856
3,629
5,601
5,601
6,444
7,462
4,738
5,672

1,186
1,550
1,999
2,239
2,239
2 198
1 270
2,257
2,444

968
1 136
1,221
1,729
1,729
1 849
2,136
2,462
2,778

1968—Nov
Dec

129,899
130,802

9,696
9,555

2,693
2,962

9,942
9,571

152,230
152,890

129,972
131,618

9,838
10,315

5,371
5,705

2,398
2,449

4,651
2,803

1,317
1,275

3,788
3,584

1969 Jan
Feb

131 424
132 095
133 012
134 038
135 026
136 242
137 107
137,951
138 618
139,226
139,648

9 944
10 143
10 160
9 892
9 892
9 467
9 199
9,142
9 007
8,906
8,996

2,370
2,517
2,548
2,378
2,421
2 529
1 957
1,902
1,931
1,910
2,123

9,527
9,712
10,019
10,027
10,464
10,361
10 371
10,035
10,723
10,798
11,076

153,288
154,490
155,762
156,358
157,826
158,627
158,634
159,630
160,279
160,840
161,843

131,527
132,123
133,502
132,986
133,480
134,839
133,729
133,721
134,600
134,194
134,435

10,322
10,307
10,298
10,296
10,285
10 674
10 671
10,669
10,663
10,662
10,659

5,702
5,624
5,631
6,095
6,283
6,768
7 392
7,885
8,295
8,783
9,124

2,408
2,475
2,649
2,805
2,916
3,007
2,978
2,874
2,749
2,648
2,516

3,329
3,952
3,682
4,176
4,862
3 339
3 824

1.351
,497
,688
,787
,676
532

4,553
5,109

'876

3,718
4,028
4,373
4,601
4,607
4 373
4 145
3,775
3,530
3,293
3,083

Mar
Apr
May

July
Sept
Oct.'
Nov .

1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Consists of advances from FHLB and other borrowing.
3
Insured savings and loan assns. only. Data on outstanding commitments 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.




4,471
3,9t2

346

,148
,057
023

NOTE.—Federal Home Loan Bank Board data; figures are estimates for
all savings and loan assns. in the United States. Data are based on
monthly reports of insured assns. and annual reports of noninsured assns.
Data for current and preceding year are preliminary even when revised.
Figures for Jan. and June 1968 reflect conversion of one savings and loan
assn. to a mutual savings bank. Figures for June 1968 also reflect exclusion of two savings and loan assns. in process of liquidation. Data for
May 1969 reflect conversion of one savings and loan assn. to a commercial
bank.

A 39

JANUARY 1970 n FEDERALLY SPONSORED CREDIT AGENCIES
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
End of
period

Advances
to
members

Investments

1964
1965
1966
1967

5,325
5,997
6 935
4,386

1968—Nov...
Dec...

5,040
5,259
5,357
5,298
5,331
5,764
5,971
6,413
7,053
7,543
7,940
8,439
8,802

1969—Jan...
Feb...
Mar...
May.'.'
June..
July..
Aug...
Sept...
Oct...
Nov..

Liabilities and capital

Assets
Cash
and
de-

posits

Bonds
and
notes

1 523
11.640
2 523
2,598

141
129
113
127

4 369
5,221
6 859
4*060

2,581
2,375

81
126

4,701
4,701

2,049
2,069
2,181
2,051
2,393
1,964
1,496
1,543
1,657
1,654
1,968

82
82
97
99
73
141
88
56
97
90
110

4,701
4,601
4,674
5,021
5,521
5,521
6,021
6,572
7,072
7,572
8,172

Member
deposits

Capital
stock

1 227
,277

Federal National
Mortgage Assn.
(secondary market
operations)
Mortgage
loans
(A)

Banks
for
cooperatives

Deben- Loans
to
tures
cooperand
atives
notes
(A)
(D

Loans
and
discounts
(A)

Debentures

686
797

2,247
2,516
2,924
3*411

Debentures
(L)

Fed eral
laii d
banks

Federal
intermediate
credit banks

Mortgage
loans
(A)

Bonds

2,112
2,335
2,786
3 *214

3,718
4,281
4 958
5,609

3,169
3,710
4 385
4,904
5,423
5,399
5,432
5,432
5,535
5,719
5,716
5,716
5,867
5,867
5,927
5,950
5,949

(L)

(L)

*432

369

,395

1,940
2,456
4 266
5*348

1 601
1,884
3 800
4*919

958
1,055
1,290

l 'SOA

1 074
1,253

,322
,383

,402
,402

6,758
6,872

6,166
6,376

,583
,577

3,636
1,334

3,570
3,654

6,107
3,570

5,423
6,126

,111
,131
,244
,179
,202
.278

I

,408
,434
,443
,447
,448
,451
,435
.438

7,032
7,244
7,417
7,574
7,718
7,891
8,125
8,577
8,999
9,500
10,009

6,604
7,193
7,193
7 317
7,241
8,077
8,093
8,093
8,815
9,756
10,205

,630
,680
,663
,648
,614
,594
,594
,572
,585
,680

1,401
1,425
1,425
1,426
1,395
1,391
1,387
1,422
1,420
1,429
1,445

3,719
n.a.
3,921
n.a.
n.a.
4,355
n.a.
n.a.
4,329
n.a.
n.a.

3,576
3,668
3,743
3,907
4,044
4,176
4,310
4,397
4,357
4,192
4,152

6,169
6,226
6,317
6,412
6,483
6,557
6,605
6,644
6,676
6,700
6,704

1QQ

,045
037

928
848
891
865
939

1J444

1,457
1,465

NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks,

1J705

bonds held within the FHLB System), and are not guaranteed by the U.S.
Govt.; for a listing of these securities, see table below. Loans are gross
of valuation reserves and represent cost for FNMA and unpaid principal
for other agencies.

OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1969

Agency, issue, and coupon rate
Federal home loan banks
Notes:
Jan. 26,1970
6.75
Feb. 25,1970
7
May 25, 1970
6
July 27, 1970
8.40
Bonds:
Feb. 25, 1970
6
Mar. 25,1970
6
Mar. 25,1970
6.85
Apr. 27,1970
6
May 25,1970
5.80
June 26, 1970
8
Aug. 25,1970
6.70
Aug. 25, 1970
8.20
Sept. 25, 1970
8.38
Oct. 20, 1970
8.25
Feb. 25,1971
6.60
Feb. 25,1971
8.00
Apr. 26, 1971
8''
May 25,1971
7
Nov. 26, 1971
8.20
Feb. 25,1972
8.20
Aug. 25, 1974
7.65
Nov. 25, 1974
8.00
Federal National Mortgage Association—Secondary market operations
Discount notes
Debentures:
Dec. 12,1969
6
Feb. 10,1970
6.60
Apr. 10, 1970
4%
June 10,1970
6.60
July 10,1970
7.38
Sept. 10,1970
4%
Oct. 13,1970
5U
Nov. 10, 1970
8.30
Dec. 10,1970
8.10
Feb. 10,1971
8.75
Mar. 11,1971
6
May 5,1971
8.20

Amount
(millions
of dollars)

500
450
500
650
200
200
346
225
300
550
200
650
650
650
200
400
250
350
250
200
201
250

3,193
550
250
142
400
400
119
400
350
250
400
350
400

Agency, issue, and coupon rate
Federal National Mortgage
Association—Cont.
Debentures:
June 10,1971
Aug. 10,1971
Sept. 10,1971
Sept. 10, 1971
Nov. 10,1971
Feb. 10,1972
Mar. 10,1972
Mar. 10, 1972
June 12,1972
Sept. U , 1972
Dec. 11,1972
June 12,1973
Oct. 1,1973
Sept. 10, 1974
Feb. 10,1977

6.85
4f
4'
5U
6.85
5"'
6,,
6.75
4%
7.4C
8.00
4V4
6
7.85
414

250
64
96
350
350
98
250
200
100
200
200
146
250
250
198

Banks for cooperatives
Debentures:
Dec. 1,1969
Jan. 5,1970
Feb. 2,1970
Apr. 1,1970
May 4,1970

6.90
7.85
8.05
8.20
8.05

289
254
397
276
229

Federal intermediate credit banks
Debentures:
Dec. 1,1969
6.70
Jan. 5,1970
6.85
Feb. 2,1970
6.90
Mar. 2, 1970
7.10
Apr. 1,1970
7.90
May 4,1970
8M
June 1,1970
6.70
July 1,1970
8.20
Aug. 3, J970
7.95

495
525
526
445
448
473
436
352
454

Federal land banks
Bonds:
Feb. 15,1967-72

NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
note to table above.




Amount
(millions
of dollars)

4%

72

Agency, issue, and coupon rate
Federal land banks—Cont.
Bonds:
Oct. 1,1967-70
Jan. 20, 1970
Feb. 20, 1970
Feb. 20,1970
Apr. 1,1970
Apr. 20,1970
June 22, 1970
June 22, 1970
July 20, 1970
July 20,1970
Aug. 20, 1970
Oct. 20, 1970
Feb. 23, 1971
May 1,1971
July 20, 1971
July 20, 1971
Oct. 20, 1971
Feb. 15, 1972
Sept. 15, 1972
Sept. 15, 1972
Oct. 23,1972
Feb. 20,1973-78
Feb. 20, 1974
Apr. 21, 1975
Feb. 24,1976
July 20,1976
Apr. 20, 1978
Jan. 22,1979

41
5
5
6.:
3'
6.L.
6.70
6"
5
6
8.15
6.30
6.80
3<fi
8.15
8.45
6.00
5.70
3'
8.;
51
4:
41
4'5
51
5'
5

Tennessee Valley Authority
Short-term notes
Bonds:
June 1,1974
Nov. 15, 1985
July 1,1986
Feb. 1,1987
May 15,1992
Nov. 13, 1992
Oct.
1994

8.00
4.40
4r
41,
5.7i
6'
8

Amount
(millions
of dollars)

75
209
82
344
83
362
174
203
85
241
270
223
431
60
270
232
447
230
109
337
200
148
155
200
123
150
150
285

348
100
50
50
45
70
60
100

A 40

FEDERAL FINANCE a JANUARY 1970
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Means of financing

U.S. budget
Receipt-expenditure account
Period

Net
lending

Net
exBudget
receipts penditures

Fiscal year:
1966
1967
1968
1969

130,856
149,552
153 671
187 792

Budget
outlays 1

Budget
surplus
or
deficit
(-)

Less: InvestPublic Plus: ments by Govt. Less: Equals: Treasury
accounts
Agency
debt
Special Total operatsecuri- securinotes • borrow- ing
*
ties ' Special
ing
ties
balance
Other
issues

181 080

3,832
5,053
6 03C
1 47f

'3,796 2,633
'134,652
6,314
158,254 - 8 , 7 0 2
'178 833 - 2 5 162 21,357
3,236 6,142
184,556

'4,041
5,079
5,944
633

2,470
5,035
3,371
7,263

84 867
ff7 941
92 ,186
91 ,101

1 66(
4 364
97503

86,527 - 1 9 , 3 4 6 18,442
5 816 2 915
92 307
93,163 - 1 0 , 2 8 2 10,450
91,606 13,356 - 4 , 3 0 8

1,650
4,294
1,446
-806

1,079
2 292
-380
7,643

-80
-238

354 '3,076
'774
-609
-482
'4,000
2,838 - 5 , 1 2 4
1,949 - 1 , 1 1 9 23,100
—397
2,190 - 1 , 3 8 4 - 1 , 2 9 5
596

209
99

"•130.820

153 701
' 1 7 ? MY?.

Half year:
1967—July Dec

67 181
86 490
82\881
July-Dec
p
1969—Jan-June . 104,962

Less: Cash and
monetary assets

Borrowings from the public 2

577
- 4 3 6 18,872
1,372
—683 4 228
1,587
- 3 8 4 11,076
603 - 1 , 0 0 0 -12,364

-131
266
-598
1,194

Other

161
303
1 728
1 490

Memo:
Net
debt
Other
means transfer
to
of
nnanc- private
ownering,
ship2
net'

'270
,042
3 392
147

r
l
r

375
32
1 696 3 017
-105 -1,496
1,461
1,260

9,853

Month:
1968

r

12 709 '15 Ofiri
15,820 14 ,465

Nov
Dec

1969—Jan..
Feb
Mar
May
July
Oct
Nov

..

15 ,798
14 ,161
15 617
15 ,977
15 279
11 ,895
15
16 790
17 167
17 60?
15 ,225

15,845
14,590
13 727
23,596
13 346
23!805
12 542
14 999
20 406
11 832
14,332

5' '15,121 ' - 2 , 4 1 2
1,427
14,394
-7
-3'
37:
5(
48'
-373
152
31(
44!
342
23f

-331
1,166

-33
1,383
84
15,761
195
-648
-144
14,734
782
-91
15,639 - 1 912
7,625 - 1 , 0 8 0
15,972
-559
1 599 — 137
15 764 —2 41 f
10,283 - 6 , 3 4 5
13,522
-188
15 695 —3 153 3 292 M.316
— 829
17 106 —2 107 3,175
-643
498
2 790
17 616
-47
17 944 —6 112 3,709
-141
3,718
15,461 - 1 , 1 3 0

612
1,159
150
1,266
2 571
1,885
-21
1,623
511
-846
1,223

230
35

-686 -3,754
1,932
979

-165
-185

112 - 1 , 0 0 0
274
122
-449
375
169
191
44
-281
119
-340

1,626
2,504
-1,887 -2,304
— 114
418
3,380
-2,456
— 1 485 —2 458
-8,587
186
M 438
—217
679 — 1,651
-375
2,608
4,388 — 1,166
2,695
958

'469
-279

r
188
-753

789
-126
— 171
2,119
1 843
829
—484
—62
577
19
-4

1 583
-399
1 208
330
400
-681
402
285
770
577
-610

4,565

Selected balances
Federal securities

Treasury operating balance
End
of
period
F.R.
Banks

Tax
and
loan
accounts

Gold
balance

Total

Public
debt
securities

Agency
securities

Less:
Investments of
Govt. accounts
Special
issues

Memo:
Debt of
Govt.sponsored
corps.—
Now
private"

Less:
Special
notes 4

Equals:
Total
held
by
public

890
664
663
614
871

3 455
3 810
3,328
2,209
825

'261 614
'264 690
'267 529
'290 629
'279^483

8 309
10 436
9 220
10 041
24,071

Other

Fiscal year:
1965.
1966..
1967..
1968... .
1969*

672
766
1 311
1 074
1 258

10 689
10 050
4 272
4 113
4 ,525

108
102
112
111
112

11 469
10 917
5,695
5,298
5,894

317 274
319,907
326,221
347,578
353,720

9,335
13,377
18,455
24,399
'14,249

48,650
51,120
56,155
59,526
66,790

Calendar year:
1967.
1968

1 123
703

4 329
1 ,885

112
111

5 564
4,700

344,663
358,029

20,206
15,064

57,234
59,146

18 223
70 266

2,892
1,825

286 520
291,855

8 994
21,481

1

179
3 ,885

HI
111

2 768
4,700

356,863
358,029

20,267
15,064

59,047
59,146

70 632
20 266

2 010
1,825

295 441
291,855

16 328
21,481

6 576
4 284
1 ,891
7 ,105
4 ,976
4 ,525
4 630
1 020
5 ,519
•1 402
5 ,335

111
111
111
111
112
112
112
112
112
112
112

7 204
4 900
4,786
8,166
5,708
5,894
5 677
4,026
6,634
5,468
6,426

359,412
358,764
359,546
358,466
360,065
353,720
357 012
360,187
360,685
364,394
368,112

15,031
15,225
15,134
14,575
14,437
14,249
15,572
14,743
14,100
14,053
13,905

59,759
60,918
61,068
62,334
64,905
66,790
66,768
68,39
68,90
68,05.
69,278

70 378
?n 652
70 774
?(1 325
20 700
?0 871
?1 062
71 106
70 826
70 946
20 608

825
825
825
825
825
825
825
825
825
825
825

293 481
291 595
292,012
289,557
288,072
279,483
283 930
284,608
284,233
288,621
291 306

21,840
22.068
22,696

Month:
1968 Nov
Dec
1969

Jan
Feb
Mar
Apr
May
July
Sept
Oct.
Nov

478
703
517
505
783
950
621
1,258
935
894
1 003
954
980

1 Equals net expenditures plus net lending.
2 The decrease in Federal securities resulting from conversion to private
ownership of Govt.-sponsored corporations is shown as a memo item
rather than as a repayment of borrowing from the public in the top panel.
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 (FNMA)
was converted to private ownership in Sept. 1968 and the Federal Intermediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968.
3 Reflects transfer of publicly held CCC certificates of interest from ex-




'17
Ml
'17
'19
'70

23,520

24,043
24,991
25 809
27,121
27,734
29 147
n.a.

penditure account to public debt account, increasing recorded borrowing
from the public during July 1969 by $1,583 million.
+ Represents non-interest-bearing public debt securities issued to the
International Monetary Fund and international lending organizations.
New obligations to these agencies are handled by letters of credit.
5
Includes accrued interest payable on public debt securities, deposit
funds, miscellaneous liability and asset accounts, and seigniorage.
6
Includes debt of Federal home loan banks. Federal land banks, D.C.
Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for
Cooperatives (beginning Dec. 1968).

A 41

JANUARY 1970 a FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Budget receipts

Period
Total
With- Nonheld withheld

Fiscal year:
1966
1967
1968
1969

130,856 42,811 18,486
149,552 50,521 18,850
552 50
153,671 57,301:20,951
.
187,792 70,182 27,258

Half year:
1967—July-Dec. .
1968—Jan.-June..
July-Dec...
1969—Jan. J u n e * .

67,181
86,490
82,881
104,962

Month:
1968—Nov..
Dec.

'12,708 '6,337
15,820 6,068

202
376

5,113
7,254
6,015
5,164
6,681
6,244
6,005
7,014
5,948
6,284
7,108

Refunds

5,184
1,202
843
9,540
804
4,171
548
319
3,912
419
160

1969—Jan..
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..

15,845
14,590
13,727
23,596
13,346
23,805
12,542
14,999
20,406
11,832
14,332

27,211
30,089
33,712
36,432

5,851
7,845
9;527
10,191
" —

Social insurance taxes
and contributions

Corporation
income taxes

Individual income taxes

Net
total

55,446
61,526
68,726
87,249

Gross Rerefunds
ceipts

Employment
taxes and
contributions
Payroll

Selfempl.

20,662
761
30,834
946 26,047 1,776
34,918
29,897 1,23: 27,680 1,544
38,338 1,660 32,521 1,715

4,150
,805 11,345
6,802 8,971 37,921 18,551
16
5,515
475 38,751 15,494
21,750 9,708 48,475 22,862

576
655
785
876

'138 3,126

1,850

15

1,665
784
5,189
5,554
959
8,692
1,196
716
5,673
1,180
778

62
102
223
231
152
104
126
145
122 2
336 2
144 3;547i

110
128
134
958
190
64

10,222
8,456
3,999
12,106
4,760
0,123
6,404
7,230
9,776
6,636
7,236

Excise Cus-

Other
net
Net
total
receipts 2

3,777 1,129 25,567
3,659 1,867 33,349
3,346 2,052 34,622
3,328 2,353 39,918

13,062
13,719
14,079
15,222

346
49
159
773
63
162
821
61
124
601
51
93
343

1.761
1,901
2,038
2,319

Estate Misc.
and
regift ceipts^

3,066
2,978
3,051
3,491

1,875
2 108
2,491
2,916

993 1,332 1,125
7,076
7,003 1,045 1,718 1,369
7,834 1,213 1,417 1,413
7,379 1,107 2,060 1,579

964 15,082
105 1,335
2,679
5,001 1,439 2,011 1,087 9,538
4,945
131 1,290 1,179 7,544
7,586 1,583 2,036 1,170 22
",375

679
•40 '•6,499
46 6,397 5,273
75
1,169
2,858
2,598
2,725
292
150
103
84
67
33

Unempl.
insur.

••186 '3,658
2,118

,354
,412

186
195

229
256

'240
284

2,176
4,880
2,865
3,881
5,748
2,823
2,879
5,209
3,022
2,364
4,078

,254
,152
,156
,160
,272
,395
1,419
1,263
1,295
1,259
1,606

119
144
197
224
213
210
222
213
215
231
185

277
230
308
631
310
319
221
257
254
264
222

194
217
237
271
237
347
328
256
292
234
370

218
183
198
206

217
205
216
187

Budget outlays 4

Period
Total

National
defense

Intl.
affairs

Fiscal year:
1966
1967
1968
1969

34,652
158,254
78,833
84,556

56,785
70,081
80,517
81,239

4,490
4,547
'4,619
4,056

1970"

Agriculture

Com- Com- Educa- Health
Natmun.
tion
merce develop
ural
and
and
and
reman- welfare
and
ources transp.
housing power

5,933
5,423
4,721
4,247

3,679
4,376
'5,943
6,046

2,035
1,860
'1,702
2,131

7,135
7,652
'8,047
7,943

2,644
2,616
'4,076
1,041

Veterans

Interest

General
govt.

Intragovt.
transactions 3

31,320
37,605
'43,508
49,007

5,920
6,897
'6,882
7,703

11,285
12,588
13,744
15,795

2,360
2,584
'2,561
2,860

-3,431
-4,009
-4,499
-5,117

3,382 23,899
4,209 25,104

3,664
4,039

7,609
8,241

,419 - 2 , 0 3 3

92,860

Space
research

4,496
6,135
'7,012
7,604

Half year:
1967—July-Dec
1968—Jan.-June
July-Dec
1969—Jan.-June*

86,527
92,335
93,163
91,606

•38,739
•41,784
39,803
41,448

1,906
2,221

2,292
2,429
2,133
2,114

4,924
1,152

,268
851

4,501
3,512

685
430

Month:
1968—Nov
Dec

15,121
14,394

6,605
6,923

319
94

335
353

567
320

206
203

614
601

'-5
3

'475
638

4,106
3,956

612
627

,328
,324

'158 ••—195
192 - 8 4 1

15,761
14,734
15,639
15,972
May.'.'.'. '.'.'.'.'.'.'.'.I'. 15,764
13,522
June
15,695
July
17,106
Aug
17,616
Sept
17,944
Oct
15,461
Nov

6,887
6,416
6,815
6,934
6,733
7,651
6,560
6,868
6,767
7,267
6,303

271
381
286
377
459
374
324
299
357
374
443

347
335
385
353
367
326
319
337
294
327
267

626
271
327
448
153
-701
659
1,130
1,801
1,108
393

144
72
152
199
154
141
223
368
286
263
188

635
406
583
537
657
625
613
858
784
964
735

234
204
-79
46
273
-267
249
311
225
588
228

576
721
569
632
744
978
411
524
666
654
398

4,103
4,058
4,405
4,373
4,197
3,971
4,299
4,336
4,219
4,484
4,239

636
651
715
695
686
656
660
669
693
694
710

,280
,349
,411
,407
,388
,352
,364
,440
,513
,220
,571

226 - 2 0 4
173 - 3 0 2
278 - 2 1 0
226 - 2 5 5
244 - 2 9 1
239 - 1 , 8 2 3
272 - 2 5 8
279 - 3 1 4
225 - 2 1 5
248 - 2 4 8
249 - 2 6 3

1969—Jan
Feb
Mar

1 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.




-3,156

4
Outlays by functional categories are now published in the Monthly
Treasury Statement (beginning April 1969). Monthly back data (beginning
July 1968) are published in the Treasury Bulletin of June 1969.
5 Consists o f government contributions for employee retirement and
interest received by trust funds.
« Estimate presented in the Sept. 1969 Summer Budget Review.

A 42

U.S. GOVERNMENT SECURITIES • JANUARY

1970

GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
public
debt»

End of period

Marketable
Total
Bills

Total

Certificates

Notes

Bonds 2

Convertible
bonds

Nonmarketable

Special
issues 4

Total 3

Savings
bonds
& notes

89
56 5

61
49 8

24.6

1941—Dec
1946—Dec

57 9
259 1

50 5
233 1

41 6
176 6

2 0
17 0

30 0

60
10 1

33 6
119 5

1962—Dec
1963—Dec
1964—Dec

303.5
309 3
317.9

255.8
261 6
267.5

203.0
207 6
212.5

48.3
51 5
56.5

22.7
10 9

53.7
58 7
59.0

78.4
86 4
97.0

4.0
32
3.0

48.8
50 7
52.0

47.5
48 8
49.7

43.4
43.7
46.1

1965—Dec
1966—Dec
1967—Dec
1968—Dec

320 9
329.3
344.7
358.0

270 3
273.0
284.0
296.0

214 6
218.0
226.5
236.8

60 2
64.7
69.9
75.0

5.9

50 2
48.3
61.4
76.5

104 2
99.2
95.2
85.3

28
2.7
2.6
2.5

52 9
52.3
54.9
56.7

50.3
50.8
51.7
52.3

46.3
52.0
57.2
59.1

1969—Ian
Feb
Mar
Apr
May

359.4
358.8
359.5
358.5
360 1
353.7
357.0
360.2
360.7
364.3
368.1
368.2

297.8
295.9
296.6
294.2
293 3
284.9
288.4
289.9
289.9
294.4
297.0
295.2

238.5
236.5
237.3
235.0
234 1
226.1
229.6
231.2
231.2
235.0
237.9
235.9

76.8
76.8
77.5
75.3
75.3
68.4
71.9
74.0
74.0
79.0
81.9
80.6

76.5
78.2
78.2
78.2
78 9
78.9
78.9
78.5
78.5
85.4
85.4
85.4

85.3
81.5
81.5
81.4
79 8
78.8
78.8
78.7
78.7
70.6
70.6
69.9

2.5
2.5
2.5
2.5
25
2.5
2.5
2.5
2.5
2.4
2.4
2.4

56.8
56.9
56.8
56.8
56 7
56.4
56.3
56.3
56.3
56.9
56.6
56.9

52.3
52.3
52.3
52.2
52.2
52.2
52.2
52.1
52.1
52.1
52.1
52.2

59.8
60.9
61.1
62.3
64.9
66.8
66.8
68.4
68.9
68.1
69.3
71.0

July
Sept
Oct
Nov
Dec

7.0

1
Includes non-interest-bearing debt (of which $633 million on Dec. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment
1969, was not subject to statutory debt limitation).
bonds.
4
2
Held only by U.S. Govt. agencies and trust funds, and the Federal
Includes Treasury bonds and minor amounts of Panama Canal and
home loan banks.
postal saving bonds.
3
Includes (not shown separately): depositary bonds, retirement plan
NOTE.—Based on Daily Statement of U.S. Treasury. See also second
bonds, foreign currency series, foreign series, and Rural Electrification
Administration bonds; before 1954, Armed Forces leave bonds; before
paragraph in NOTE to table below.

OWNERSHIP OF PUBLIC DEBT
(Par value, in billions of dollars)
Held by private investors

Held b y End of
period

Total
public
debt

US.
Govt.
agencies
and
trust
funds

Individuals

Foreign
and
international1

Other
misc.
investors 2

7.5
20.0

.2
2.1

.3
9.3

47.0
48.2
49.1

19.1
20.0
20.7

15.3
J5.9
16.7

14.8
15.6
16.3

Commercial
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

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

30.8
33.6
37.0

219.5
220.5
222.5

67.1
64.2
63.9

6.0
5.6
5.5

11.5
11.2
11.0

18.6
18.7
18.2

20.1
21.1
21.1

F.R.
Banks

Total

2.5
23.4

Other
Savings
bonds securities

1939—Dec
1946—Dec

41.9
259.1

1962—Dec
1963—Dec
1964—Dec

303.5
309.3
317.9

6.1
27.4
53.2
55.3
58.4

1965—Dec
1966—Dec
1967—Dec

320.9
329.3
344.7

59.7
65.9
73.1

40.8
44.3
49.1

220.5
219.2
222.4

60.7
57.4
63.8

5.3
4.6
4.1

10.3
9.5
8.6

15.8
14.9
12.2

22.9
24.9
25.1

49.7
50.3
51.2

22.4
24.4
22.9

16.7
14.5
15.8

16.7
18.8
18.9

1968—Nov
Dec

356.9
358.0

76.7
76.6

53.4
52.9

226.9
228.5

63.9
65.5

3.6
3.6

8.0
8.0

14.8
14.6

26.7
27.1

51.5
51.5

23.3
23.7

15.0
14.3

20.2
20.1

1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

359.4
358.8
359.5
358.5
360.1
353.7
357.0
360.2
360.7
364.4
368.1

77.3
78.7
79.0
79.8
82.7
84.8
85.0
86.6
86.9
86.1
87.0

52.1
52.3
52.4
53.1
53.8
54.1
54.1
54.9
54.1
55.5
57.3

230.0
227.8
228.1
225.6
223.6
214.8
217.9
218.6
219.6
222.7
223.8

64.2
60.8
60.6
58.6
56.4
54.9
56.0
54.7
54.4
55.7
56.4

3.6
3.6
3.6
3.5
3.7
3.3
3.2
3.2
3.1
3.0
3.0

7.9
7.8
7.7
7.6
7.9
7.7
7.4
7.2
7.1
7.1
7.2

16.8
17.8
17.6
17.0
17.4
15.1
15.8
16.8
15.2
16.4
16.8

27.8
28.4
28.1
28.7
28.1
27.3
27.5
27.3
27.6
27.0
27.3

51.5
51.5
51.4
51.4
51.4
51.3
51.2
51.2
51.1
51.1
51.1

24.4
24.7
25.0
25.2
25.4
25.1
25.7
26.0
26.7
27.4
27.6

11.9
12.0
11.8
12.3
13.7
11.1
11.1
11.9
13.1
12.9
12.1

21.8
21.1
22.1
21.2
19.5
19.1
19.9
20.4
21.2
22.1
22.2

1
Consists of investment of foreign and international accounts in
the United States.
2
Consists of savings and loan assns., nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included
are certain Govt. deposit accounts and Govt.-sponsored agencies.
NOTE—Reported data for F.R. Banks and U.S. Govt. agencies
and trust funds; Treasury estimates for other groups.




The debt and ownership concepts were altered beginning with the
Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed securities and (2) remove from U.S. Govt. agencies and trust funds
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately-owned agencies and certain Govt.
deposit accounts.

JANUARY 1970 •

U.S. GOVERNMENT SECURITIES

A 43

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
Total

Type of holder and date

Total
All holders:
1966—Dec
1967 Dec
1968 Dec
1969 Oct
Nov

Bills

Other

1-5
years

5-10
years

10-20
years

Over
20 years

218,025
226,476
236 812
235 029
237 919

105,218
104,363
108,611
109 550
120,144

64,684
69,870
75,012
78 990
81,914

40,534
34,493
33,599
30,560
38,230

59,446
78,159
68,260
74,762
73,305

28,005
18,859
35,130
26,247
20,026

8,433
8,417
8,396
8,363
8,360

16,923
16,679
16,415
16,107
16,083

U.S. Govt. agencies and trust funds:
1966 Dec 31
1967 Dec 31
1968 Dec 31 .
1969 Oct 31
Nov 30 .
. .

15 402
16 110
16 212

2,438
1,833
2 320

1 034

1,404
1,028
1,488

4,503
5,319
5,926

2,964
3,463
2 472

2,060
2,059
2 059

3,438
3,437
3,437

Federal Reserve Banks:
1966 Dec. 31
1967 Dec 31
1968 Dec 31
1969 Oct 31
Nov 30

44,282
49,112
52,937
55 515
57 318

35,360
31,484
28,503
33 240
36 187

12,296
16,041
18,756
20 686
22 430

23,064
15,443
9,747
12 554
13 757

7,502
16,215
12,880
12 824
12 811

1,007
858
10,943
8 776
7 641

153
178
203
220

260
377
408
454

168 473
163 404
164,389

77,670
74,477
81,637

55,222
57,499
58,652

22,448
16,978
22,985

50,877
56,619
54,568

21,223
14,008
9,913

47 182
52 194
53 174
44 678
45 268

15,838
18,451
18,894
12,339
15,274

8,771
10,415
9,040
5,639
6,252

7,067
8,036
9,854
6,700
9,022

21,112
26,370
23,157
25,370
24,615

4,532
4 033
3 524
2 971
2 945

645
716

399
440

246
276

696
351
496

334
138
142

362
213
354

8,158
7,360
6 857
6 152
6 210

847
815
903

508
440
498

694
869

324
373

339
375
405

Nonfinancial corporations:
1966—Dec 31
1967 Dec 31
1968 Dec 31
1969 Oct 31
. . . .
Nov 30

6,323
4,936
5 915
5 236
5 599

4,729
3,966
4 146
3,317
3,770

3,396
2,897
2,848
2,173
2,432

Savings and loan associations:
1966 Dec 31
1967 Dec 31
1968 Dec 31
1969 Oct 31
Nov 30
. . . .

3 883
4,575
4,724
4 041
4 058

1,255
1,184
686

15 384
14 689
13 426
13,442
14,486

80,853
86 884
85,823

31
31
31
31
30

. .

Held by private investors:
1966 Dec. 31
1967 Dec. 31
1968 Dec. 31
1969 Oct. 31
Nov 30
Commercial banks:
1966 Dec 31
1967—Dec. 31
1968 Dec. 31
1969—Oct. 31
Nov. 30
Mutual savings banks:
1966—Dec 31
1967 Dec 31 . .
1968 Dec 31
1969 Oct 31
Nov 30
Insurance
1966
1967
1968
1969

companies:
Dec 31
Dec 31
Dec 31
Oct 31
Nov 30

. .

State and local governments:
1966 pec 31
1967 Dec 31
1968 Dec 31
1969 Oct 31
Nov 30
All others:
1966
1967
1968
1969

Dec
Dec
Dec
Oct
Nov

31
31
31
31
30

224

453

6,133
6,084
6,077

12,569
12,216
12,193

9 343
6 386
10 035
5 989
4 402

435

454

485
611
553
562

502
477
427
416

1,482
1,476
1,117
1,316
1,256

1,139
707

276
267

990
867

709
373
268

229
207
203

773
725
722

370
496

1,978
2,056
1,892
1,822
1,843

1,581
914
721
387
258

1,074
1,175
1,120
1 189
1,200

2,678
2,400
2,221
2,061
2,040

1,333
1,069
1,298
1,144
1,338

1,339
898
1,163
1,694
1,732

200
61
568

49
9
27

202
74

6
3
12
13
14

10
9

199

1,104
811
1,069
531

271

475

367

337

458

1 910
1 557
1,404
1,183
1,212

4,265
3,995
3,546
3,020
3,001

2,411
2 601
2,549

5,075
5 511
5,547

327

566

1,251
1,767
1,675
2,024
2,004

5,545
5,975
5,323
5,846
6,802

4,512
4,855
4,231
4,911
5,517

1,033
1,120
1,092
935
1,285

2,165
2,224
2,347
2,784
2,925

1 499

46,524
51,244
53,533

37,591
44,042
43,609

8,933
7,202
9,924

19,526
21,609
20,193

7,316
5 916
3,998

782

893

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-




805
832

583

718
680
272

537
504
414

937
805

610
546

281
346
338

461
450
462

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 5,785 commercial banks, 49S mutual savings
banks, and 751 insurance companies combined; (2) about 50 per cent by
the 469 nonfinancial corporations and 488 savings and loan assns.; and
(3) about 70 per cent by 503 State and local govts.
"All others," a residual, includes holdings of all those not reporting
in the Treasury Survey, including investor groups not listed separately.

A 44

U.S. GOVERNMENT SECURITIES a JANUARY 1970
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer

By maturity
Period
Total

Dealers and brokers
Within
1 year

1-5
years

May

July
Aue
Oct

Nov.

Commercial
banks

All
other

674
642

243
298

859
1,096

83
111

890
1,125

225

92

41

97
69
69

37
43
39

1,058

116

1 022

226
180
165

585

337

86
91
97

916
837
840

565
496
530

278
319
387

152
391

2 423
2 095
1,962
1,998
1,852
2,171
1,966
1,965
2,017
2 209
2,114

2 755
2 338
2,507
2,538
2,763

1969—Jan
Feb
Mar
Apr

Other

U.S. Govt.
securities

35
70

2,242
2,318

2,598
2,063
2,247
2,738

Dec

Over
10 years

77
196

2,506
2,974
2 781
2,453
2,254
2,270
2,286
2,491
2,233
2,286
2,442
2 725
2,439

1968 Nov

5-10
years

U.S. Govt.
agency
securities

885
829
803

210
199
172
233
290
364

189
86
62
51
101
111

35
34
34
36
34
41

225

60

40

2,196
1,749
1,912
2,425

278
210
216

88
65
78

35
39
41

232

38

43

1,031

2,402
2,018
2,064
2,173
2,322

256

57

40

1,154
1,108
1,145

102
107
91
104
80
99

913

518

413

81
79
96

1,022
1,076

540
399
529

496
261
518

96
89

920

781
849
822
776
835
1 006

87

853
1,039
839
948
1,009
1 145

1,014

549
496
480
459
520
474

360
395
351
311
342
460

Week ending—
1969—Nov. 5
12
19
26

Dec

3
10
17
24
31"

240
334
261
294

38
64
55
60

956
785
877

43
46
52
87

85
103
90

992

800
745

756
897
968

534

440

498

354

479
362
488

443
383
416
301

NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of New York.
They do not include allotments of, and exchanges for, new U.S. Govt.
securities, redemptions of called or matured securities, or purchases or

sales of securities under repurchase agreement, reverse repurchase (resale)
or similar contracts. Averages of daily figures based on the number of
trading days in the period.

DEALER POSITIONS

DEALER FINANCING

(Par value, in millions of dollars)

(In millions of dollars)

U.S. Government securities, by maturity
Period

All
Within
Maturities
year

1-5
years

5-10
years

Over
10
years

U.S.
Govt.
agency
securities

Commercial banks
All
sources

Period

New
York
City

Elsewhere

Corporations i

All
other

3,766
4,093

2,948
3,605

160
136

539
304

120
48

652
615

1968—Nov.
Dec

4,191
4,431

877
1,212

1,199
886

,325
,461

791
871

2,918
2,389
2,230
3,107
2,585
2,454
2,250
2,299
2,313
2,389
3,451

2,757
2,193
2,119
2,998
1,964
1,975
1,901
1,853
1,936
1,903
3,158

0
34
-37
-60
71

56
40
170
162
256
155

130
144
131
116
498
408
300
230
181
193
106

32
17
18
54
52
16
9
47
34
37
30

508
449
507
740
792
703
626
492
496
512
606

1969—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov

3,100
2,660
2,322
3,392
3,103
2,994
2,372
2,539
2,586
2,226
3,692

737
417
396
963
542
717
810
563
771
462
1,050

641
361
370
497
376
520
363
405
564
392
712

,310
,311
,031
,086
,072
862
690
733
470
520
856

412
573
526
847
1,112
896
509
838
781
852
1,073

15.
22.
29.

2,115
1,602
2,339
2,021
3,100

1,237
1,009
1,844
1,608
2,660

497
321
254
192
244

357
258
214
176
135

427
464
450
532
583

1..
8..
15..
22..
29..

2,389
1,825
1,928
2,199
2,471

619
377
383
353
548

473
302
249
413
455

257
221
414
586
793

1,040
926
882
847
675

Nov. 5.
12.
19.
26.

3,917
3,611
3,152
3,358

3,491
3,269
2,890
3,118

236
172
134
133

137
127
101

585
514
651
655

Nov. 5 . .
12..
19..
26..

4,141
3,987
3,397
3,288

1,060
1,206
890
936

944
751
615
561

786
764
908
930

1,351
1,267
984
861

1968—Nov
Dec
1969—Jan
Feb
Mar.. . .
Apr
May....
June....
July....
Aug.. . .
Sept
Oct
Nov

Week ending—

Week ending—
1969—Oct. 1.

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.




1969—Oct.

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 opposite table on this page.

JANUARY 1970 •

GOVERNMENT SECURITIES

A 45

U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31, 1969
(In millions of dollars)
Issue and coupon rate

Amount

Issue and coupon rate

Treasury bills—Cont.
May 31, 1 9 7 0 . . . .
2,911
2,903
June 4, 1 9 7 0 . . . .
2,906
June 11, 1 9 7 0 . . . .
2,900
June 18, 1970
2,901
June 22, 1970f..•
1,501
June 25, 1970
3,005
June 30, 1970
3,000
July 31, 1970
3,004
Aug. 31, 1970
3,002
Sept. 30, 1 9 7 0 . . . .
1,501
Oct. 31, 1 9 7 0 . . . .
3,001
Nov. 30, 1 9 7 0 . . . .
3,001
Dec. 31, 1970
3,002
1,752
3,010
1,501 Treasury notes
Apr. 1, 1970.
1,208
May 15, 1970.
1,201
May 15, 1970.
1,203
Aug. 15, 1970.
3,014
Oct. 1, 1970.
1,200
Nov. 15, 1970.
2.702
Feb. 15, 1971.
1,201
Feb. 15, 1971.
1,204
Apr. 1, 1971.
1,200
May 15, 1971.
1,201
May 15, 1971.

Treasury bills
Jan.
2, 1970...
Jan.
8, 1970...
Jan. 15, 1970...
Jan. 22, 1970...
Jan. 29, 1970...
Jan. 31, 1970...
Feb.
5, 1970...
Feb. 13, 1970...
Feb. 19, 1970...
Feb. 26, 1970...
Feb. 28, 1970...
Mar. 5, 1970.
Mar, 12, 1970
•
Mar. 19, 1970
Mar. 23, 1970f
Mar. 26, 1970
Mar. 31, 1970
Apr. 2, 1970
Apr. 9, 1970
Apr. 16, 1970
Apr, 22, 1970f
Apr. 23, 1970
Apr. 30, 1970
May 7, 1969.
May 14, 1969.
May 21, 1969.
May 28, 1969.

Issue and coupon rate

Amount

Treasury notes—Cont.
Oct. 1, 1971.
Nov. 15, 1971.
Feb. 15, 1972.
Apr. 1, 1972.
May 15, 1972.
Oct. 1, 1972.
Apr. 1, 1973.
May 15, 1973.
Oct. 1, 1973.
Apr. 1, 1974.
Aug. 15, 1974.
Oct. 1, 1974.
Nov. 15, 1974.
Feb. 15, 1975. ..5:
May 15, 1975. ..5
..6
Feb. 15, 1976.
• 6W
May 15, 1976.
• 6Vi
Aug. 15, 1976.
• •714

72
1 ,734
2 ,006
34
5 ,310
33
34
1 ,157
30
34
10 ,284
4
3 ,981
5 ,148
6 ,760
3 ,739
2 ,697
1 ,682

Amount

1,501
1,200
1,200
1,201
4,508
1,209
1,702
1,702
1,701
1,505
1,003
1,001
1,002

7,793
8,764
2,329
113 Treasury bonds
Mar. 15, 1965-70.. 2</
7,675
Mar. 15, 1966-71..2y
2,509
June 15, 1967-72.. 2 V
2,931
Sept. 15, 1967-72..2V!
35
Dec. 15, 1967-72..2Vf
4,265
Feb. 15, 1970
4
4,173

t Tax-anticipation series.

Issue and coupon rate

Amount

Treasury bonds—font.
Aug. 15, 1970
4
Aug. 15, 1971.
Nov. 15, 1971.
Feb. 15, 1972.
Aug. 15, 1972.
Aug. 15, 1973.
Nov. 15, 1973.
Feb. 15, 1974.
May 15, 1974
,7
Nov. 15, 1974
3*
May 15, 1975-85.. 4V
June 15, 1978-83
Feb. 15, 1980...
Nov. 15, 1980...
May 15, 1985...
Aug. 15, 1987-92
Feb. 15, 1988-93
May 15, 1989-94
Feb. 15, 1990...
Feb. 15, 1995...
Nov. 15, 1998...

4,129
2,806
2,760
2,344
2,579
3,894
4,348
3,128
3,584
2,240
1,214
1,552
2,597
1,906
1,089
3,814
249
1,558
4,819
1,408
4,207

2, ,280
1,,221
1 ,241
l] 951 Convertible bonds
Investment Series B
2, ,582
Apr. 1, 1975-80..2M
4, ,381

2,426

NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issue

Type of issuer

Period
Total

General
obligations

Revenue

8,845
10,538
10,847
11,329
11,405
14,766
16,596

5,582
5,855
6,417
7,177
6,804
8,985
9,269

2,681
4*180
3,585
3,517
3,955
5,013
6,517

1968—Nov..
Dec...

1,021
1,140

585
337

320
781

1969—Jan...
Feb....
Mar...

1,262
987
538
1,801
1,109
734
1,092
804
535
1,264
872

942
460
326
1,007
637
517
825
580
338
889
487

309
378
201
785
272
178
257
211
105
353
347

1962
1963
1964
1965
1966.
1967
1968

May!!.
June...
July...
Aug
Sept....
Oct....
Nov.. .

HAA»

Issues for new capital

U.S.
Govt.
loans

State

Special
district
and
Other2
stat.
auth.




997
1,138

271
169

25
46

115
196

121
20

465
707

1,261
985
538
1,801
1,094
725
1,091
797
531
1,259
867

362
245
261
365
323
237
283
206
147
373
209

165
222
96
36
109
45
169
155
5
39
166

169
306
71
302
118
141
104
81
73
264
136

4
145
3
5
191
1
6

561
202
107
1,095
353
301
529
353
236
515
315

6
22

223
20

324
415

473
706

11
7
11
9
23
39
10
12
43
23
5

546
144
110
539
266
97
405
228

285
477
149
738
338
154
242
254
129
264
352

432
366
279
525
504
485
444
321
405
517
416

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.

Veter- Other
ans'
puraid
poses

521
598
727
626
533
645
787

HI

482
102

Housing 5

1,668
2,344
2,437
1,965
1,880
2,404
2,833

2,600
3,636
3,812
3,784
4,110
4,810
5,946

33

Utilities *

1,114
812
688
900
1,476
1,254
1,526

1,419
1,620
1,628
2,401
2,590
2,842
2,774

49

Roads
and
Education bridges

2,963
3,029
3,392
3,619
3,738
4,473
4,820

145
249
208
170
312
334
282

177

Total

4,825
8,732 8,568
5,281 10,496 9,151
5,407 10,069 10,201
5,144 11,538 10,471
4,695
n.a. 11,303
7,115
n.a. 14,643
7,884
n.a. 16,489

437
254
637
464
325
477
528

143

Use of proceeds

Total
amount
delivered'

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

70
68
47

125 2,177
2,396
2,838
50 3,311
3,667
5,667
6,523

"iio

5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues
based on date of sale unless otherwise indicated.
Components may not add to totals due to rounding.

A 46

SECURITY ISSUES a JANUARY 1970
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues1
Corporate

Noncorporate
Period
Total

U.S.
Govt. 2

U.S.
Govt.
agency*

U.S.
State
and local*

Bonds
Total

Others

Stock
Privately
placed

Total

Publidj
offered

9,420
8,969
10,856
10,865

4,700
4,440
4,713
3,623

4,720
4,529
6,143
7,243

450
422

Preferred

Common

1961
1962
1963
1964

35,527
29,956
35,199
37,122

12,253
8 590
10 827
10,656

1,448
1 188
1 168
1,205

8,360
8 558
10 107
10,544

303
915

760

13,165
10,705
12,211
13,957

412

3,294
1 314
1 011
2,679

1965
1966
1967
1968

40,108
45,015
68,514
65,562

9,348
8,231
19,431
18,025

2,731
6,806
8,180
7,666

11,148
11,089
14,288
16,374

889
815
1,817
1,531

15,992
18,074
24,798
21,966

13,720
15,561
21,954
17,383

5,570
8,018
14,990
10,732

8,150
7,542
6,964
6,651

725
574
885
637

1,547
1,939
1,959
3,946

361
430
379
377

250
1,147

Dec

3,819
6,111
3,294
3,812

223

1,423
2,260
1,037
1,138

228
46
18
20

1,557
2,129
1,767
2,054

1.159
,604
,301
,572

726
1,099
939
607

433
595
362
965

1
25
41
19

397
499
425
464

Jan .
Feb
Mar
Apr
May
June....
July
Aug
Sept

4,284
4,086
3,514
5,780
4,608
4,056
5,014
3,314
3,958

427
443
382
412
410
419
421
377
353

424
450
453
981
950
351
940
600
587

1,244
974
520
1,627
1,088
710
1,052
794
531

13
74
61
12
85
45
24
17
60

2,075
2,045
2,098
2,748
2,076
2,530
2,478
1,427
2,427

,616
,237
,344
,917
,382
,786
,889
944
,701

980
842
835
1,268
871
1,272
1,279
68S
1,222

636
395
509
649
510
514
609
259
479

67
72
98
68
10
50
40
72
74

393
736
657
762
684
694
553
410
652

1968—Sept
Oct
Nov
1969

887

343

Gross proceeds, major groups of corporate issuers
Period

Manufacturing

Commercial and
miscellaneous

692

1 128

953

669

43
152

1,520

1 522
1 397
2 818
3,391

753
457
313

60
116
466
1,579

2,332
3,117
4,217
4,407

604
549
718
873

808
1,814
1,786
1,724

139
189
193
43

3,762
1,747
2 247
2,159

514
193
186
662

2
18
63
101
4
13

509
136
352
627
371
•606

118
179
52
157
20
96

181
56
198
43
129
187

4
34
1
68
4

201
176
166
438
203
167

31
96
107
110
70
131

446
354
413

47
153
131

286
122
230

4
43

266
99
233

123
82
210

220

944

1,166
1,950
1,759

251
257
117
116

953
1,856
1,859
1,665

104
169
194
186
134
186

169
197
192
330
101
119

200
346
305
276
397
314

257
329
139
151
141
202

238
77
124

133
37
142

177
161
209

122
48
181

4,712
5,861
9,894
5,668

704
1,208
1,164
1,311

299
344
297
327
434
505
636
284
501

228

1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
• See NOTE to table at bottom of opposite page.




692
562
418

1,264

38

2,347
2,279
2,259
2,139

902

1965
1966 . . .
1967
1968 .

July'...
Aug. r ,..
Sept

Stocks

1 153

800
622
676

Mar
Apr .
May

Bonds

20
14
9

741
404
313

Jan
Feb

Stocks

692
573
948

3,371
2,880
3,202
2,819

Real estate
and financial

Bonds

389
274
150

1961
1962
1963
1964

Bonds

Communication

Stocks

Bonds

Stocks

Public utility
Bonds

Stocks

Stocks

Bonds

1969

Transportation

4
6
9

620

466

5
Foreign governments, 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.

JANUARY 1970 a SECURITY ISSUES

A 47

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
a n millions of dollars)
Derivation of change, all issuers
Common and preferred stocks

Bonds and notes

All securities
Period

1968 I

II

m
IV
1969 I

n
in

Net
change

New
issues

Retirements

Net
change

18,826
21,535
26,327
33,303
35 384

1964
1965
1966
1967
1968

Retireincuts

8,290
10,025
9,567
10,496
16,234

10,536
11,511
16,761
22,537
19,150

10.715
12,747
15,629
21,299
19,381

4,077
4,649
4,542
5,340
5,418

7,720
8,421
8,280
10,962

3,021
3,933
4,112
5,168

4,700
4,489
4,167
5,794

3,997
5,124
4,732
5,528

10,631
9 688
n.a.

4,521
4 323
n.a.

6,110
5 365
n.a.

4,949
5 365
4,499

Net change

Retirements

New issues
New
issues

Invest,
cos. i

Other

Invest,
cos.'

Other

Invest,
cos.'

Other

6,637
8,098
11,088
15,960
13,962

4,363
5,583
6,529
6,987
9,945

3,748
3,205
4,169
4,664
6,057

1,895
2,134
2,025
2,761
3,857

2,317
3,242
3,000
2,397
6,959

2,468
3,450
4,504
4,226
6,088

1,431
1,169
2,267
—900

1,286
1,308
1,249
1,575

2,711
3,816
3,482
3,953

2,493
1,873
2,127
3,452

1,230
1,424
1,421
1,982

823
1,053
949
1,032

912
1,572
1,914
2,561

1,670
820
1,178
2,420

319
-147
-493
-579

1,272
1 504
1,382

3,676
3,861
3,117

3,498
1,960
n.a.

2,184
2,363
2,008

1,065
1 055
n.a.

2,183
1 764

2,433
905
n.a.

1,410

598

-37

599

Type of issuer

Bonds
& notes

Stocks

Bonds
& notes

Stocks

476
96
533
652
892

458
644
1,668
1,716
1,579

1,699
518
575
467
120

2,644
2,707
864
1,302
1,069

2,753
3,440
4,414
4,178
5,347

309

295
524
491
269

31

1,310

244
187
152

674
1,445
898

331
235
320

Stocks

Bonds
& notes

-483
-70
-598
282
821

317
185
956
1,158
987

-30
-1
718
165
-149

1,408
1,342
2,659
3,444
3,669

112

170

-26
10
-62
-71

956

371

818
585

75
49
136

405
312
566

507
614
616
1,104
2,242

1968—l r r
II
.
Illr
IV

991
1 550
1 210

—60
-127
— 484
-1,171

375
716
960

— 123
461

260
300
257

1969—I

1,458
936
1,087

360
433
101

259
445
274

539
175
354

-372
-386
343

Stocks

Bonds
& notes

-516
-570
32
832
-1,842

II
III

Bonds
& notes

Stocks

1,303
2,606
4,324
7,237
4,418

191

1 Open-end and closed-end companies.
Extractive and commercial and misc. companies.
Railroad and other transportation companies.
Includes investment companies.

2
3
4

NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on opposite page, new issues

Real estate
and financial 4

Communication

Bonds
& notes

1964
1965
1966
1967
1968

667

Public
utility

Transportation 3

Commercial
and other 2

Manufacturing

Period

Stocks

33
6
50

109

1,624

288
181
491

1,161
2 419

45
78
31

239
560
329

2,096
1,083
n.a.

143

exclude foreign and include offerings of open-end investment companies,
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 include the same types of
issues, and also securities retired with internal funds or with proceeds of
issues for that purpose shown on opposite page.

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)

Assets (market value
at end of period)

Month

Year
Net
sales

Cash
Total * position ^

Sales I

Redemptions

1957
1958
1959

1,391
1,620
2,280

406
511
786

984
,109
,494

8,714
13,242
15,818

523
634
860

1960
1961
1962

2,097
2,951
2,699

842
,160
,123

,255
,791
,576

17,026
22,789
21,271

973
980
1,315

1963
1964
1965

2,460
3,404
4,359

,504
,875
,962

952
,528
!,395

25,214
29,116
35,220

1,341
1,329
1.803

1966
1967
1968

4,671
4,670
6,820

!,005
2,745
),84I

.,665
,927
.,979

34,829
44,701
52,677

2,971
2,566
3,187

8,191 1968—Nov...
Dec...
12,608
14,958
1969—Jan....
Feb...
16,053
Mar...
21,809
Apr...
19,956
May..
June.
23,873
July...
27,787
Aug...
33,417
Sept...
Oct....
31,858
Nov...
42,135
49,490

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.




Net
sales

Cash
position'

Sales >

Other

Redemptions

688
653

313
319

375
354

54,860
52,677

3,413
3,187

51,447
49,490

876
625
628
654
529
474
503
483
442
564
417

397
379
285
348
364
338
260
208
235
269
277

479
246
343
306
165
136
243
275
207
295
140

53,323
50,512
51,663
52,787
52,992
49,401
46,408
49,072
48,882
50,915
42,242

3,831
3,880
4,331
4,579
4,262
3,937
4,167
4,642
4,393
4,572
4,079

49,492
46,632
47,332
48,208
48,730
45,464
42,241
44,430
44,489
46,343
38,163

Total 2

Other

3 Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.
NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies
registered with the Securities and Exchange Commission. Data reflect
newly formed companies after their initial offering of securities.

A 48

BUSINESS FINANCE

• JANUARY

1970

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1968

1967
Industry

1964

1965

1966

1967

1969 <

1968
III

IV

HI

IV

Manufacturing
Total (177 corps.):
Sales
158,253 177 ,237 77, 738 201,399 225,740 48,317 52,818 53,633 57,732 53,987 60,388 57,613 61,392
5,867 5,985 6,878
5,580 6,932 6,565 6,887
Profits before taxes
18,734 22,046 23,487 20,898 25,375 4,232
3,850 3,579 3,750
3,268
3,030
3,609
3,298
2,268
Profits after taxes
10,462 12,461 13,307 12,664 13,787
2,078
1,897
1,916
1,746
1,731
1,716
1,721
Dividends
5,933
6,527
6,920 6,989 7,271
1,838
Nondurable goods industries (78
corps.): 2
Sales
59,770 64,897 73,643 77,969 84,861 19,695 19,996 20,156 21,025 21,551 22,129 21,764 23,198
2,427 2,387 2,492 2,545 2,442 2,524 2,664
9,039 9,866 2,209
Profits before taxes
6,881
7,846 9,181
1,428
5,379
1,559
1,489
1,471
1,431
1,313
5,799
4,121
5,473
Profits after taxes
1,411
4,786
1,492
3,027
808
825
763
743
781
770
3.082
2,408
2,729
Dividends
751
2,527
812
Durable goods industries (99 corps.): 3
Sales
98,482 112
-,341 122,094 123,429 40,879 28,622 32,821 33,477 36,707 32,435 38,259 35,849 38,195
4,224
3,440 3,598 4,386 3,036 4,490 4,041
11,853 14,200 14,307 11,822 15,510 2,024
Profits before taxes
1,559 2,361
2,198
1,838
1,068
6,341
Profits after taxes
1,871
7,675 7,834 6,352 7,989
2,087 2,190
3,964 4,189
1,253
1,108
983
981
972
1,117
952
3,525 4,000 4,191
Dividends
1,026
Selected industries:
Foods and kindred products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemical and allied products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

(25
15,284 16,427 19,038 20,134 22,109
1,967 2,227
1,916
1,710
1,579
1,093
1,041
1,008
896
802
616
583
564
509
481

5,131
526
284
146

4,980
512
268
145

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

16,469 18,158 20,007 20,561 22,808
3,117
2,597 2,891
3,073 2,731
1,618
1.S79
1,630
1,400
1,737
960 1,002
924
948
926

5,117
636
363
235

5,284
701
416
252

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

16,589 17,828 20,887 23,258 24,218
3,004 2,866
1,962 2,681
1,560
1,309
1,898 2,038 2,206
1,541
1,039
672
817 1,079
737

5,985
744
504
286

6,075
835
540
281

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

24,195 26,548 28,558 26,532 30,171
2,556 2,931
3,277 2,487 2,921
1,506
1,750
1,475
1,903
1,689
892
952
924
818
763

6,525
477
290
228

6,166
647
410
228

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

22,558 25,364 29,512 32,721 35,660
2,704 3,107 3 612 3,482 4,134
1,789 2,014
1,875
1,626
1,372
992
921
912
774
673

8,994
837
438
227

8,994
970
513
229

8,371
936
448
247

8,864
1,008
499
248

8,907
1,112
537
248

9,517
1,079
531
249

8,957
1,071
526
270

9,757
1 167
576
271

43,641 42,306 50,526
35,338 42,71
5,274 3,906 5,916
4,989
6,253
2,877 1,999 2,903
2,626 3,294
1,642
1,890
1,775 1,567
1,629

8,354 11,664 12,343 13,545
1,507
1,204
1,851
216
783
572
847
62
364
364
477
362

9,872 14,767 13,328 13,638
640 1,918
1,542
1,663
943
330
750
806
364
550
436
365

10,661 10,377 10,855
634
385
1,094
568
319
906
5V
538
502

2,531
92
81
103

2,676
-13
-31
155

2,610
126
110
116

2,757
206
175
136

2,707
116
108
98

2,781
186
174
166

2,741
128
98
116

2,916
220
173
136

17,954 19,421
4,789
4,547
3,002
2,908
2,201
2,066

4,417
1,155
717
513

4,537
1,088
728
529

5,106
1,351
863
539

4,553
1,040
641
555

4,869
1,271
764
543

4,892
1,125
733
565

5,480
1,384
873
580

4,913
1,065
707
577

10,550 11,320 12,420 13,311 14,430
3,185 3,537 3,694 3,951
3,069
1,961
1,997
1,903
1,718
1,590
1,428
1,363
1,248
1,153
1,065

3,341
953
515
341

3,429
949
513
351

3,486
971
525
351

3,544
989
441
318

3,629
990
493
396

3,771
1,001
502
363

3,853
1,070
540
368

3,975
1,043
523
371

(20

(34

(14

Public utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends

9,778 10,208
979
829
815
694
468
440
14,999 15,816
3,926 4,213
2,375 2,586
1,68." 1,838

16,959
4,414
2,749
1,938

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.
Railroads: Interstate Commerce Commission data for Class I linehaul railroads.
Electric power: Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and




profits before taxes are partly estimated by the Federa] Reserve to include
affiliated nonelectric operations.
Telephone: Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General Depts. of American Telephone and Telegraph Co.)
and for two affiliated telephone companies. Dividends are for the 20
operating subsidiaries and the two affiliates.
Ail 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.

JANUARY 1970 n

BUSINESS FINANCE

A 49

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Corporate
capital
Undistributed consumption
profits
allowances!

Income
taxes

Profits
after
taxes

Cash
dividends

Corporate
capital
Undistributed consumption
profits
allowances 1

1961
1962
1963
1964

50.3

55.4
59.4
66.8

23.1
24.2
26.3
28.3

27.2
31.2
33.1
38.4

13.8
15.2
16.5
17.8

13.5
16.0
16.6
20.6

1965
1966
1967
1968

77.8
84.2
80.3
91.1

31.3
34.3
33.0
41.3

46.5
49.9
47.3
49.8

19.8
20.8
21.5
23.1

26.7
29.1
25.9
26.7

Quarter

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

26.2
30.1
31.8
33.9

1968—1
II....
III...
IV...

87.9
90.7
91.5
94.5

39.9
41.1
41.4
42.9

47.9
49.7
50.0
51.6

22.2
22.9
23.6
23.8

25.7
26.7
26.5
27.8

44.8
45 8
46.2
46.7

36.4
39.5
42.6
45.9

Profits
before
taxes

Year

1969—1....
II....
III...

95.5
95.4
92.5

43.4
43.6
42.3

52.2
51.8
50.2

23.8
24.3
24.9

28.4
27.5
25.4

47.7
48.6
49.6

1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.

NOTE.—Dept, of Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.

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.
receivable
Inventories

U.S.
Oovt.I

Other

Total

Other

Notes and accts.
payable
Accrued
Federal
income
taxes
U.S.
Other
Govt.i

Other

155.6
163.5
170.0
180.7
188.2
198.8

1968 I r

. .

II'

III' .. .
IV .
1969 I '
II'
Ill

326.5
351.7
372.2
410.2
442.6
463.1

43.7
46.5
47.3
«49.9
49.3
51.4

19.6
20.2
18.6
17.0
15.4
12.2

3.7
3.6
3.4

3.9
4.5
5.1

144.2
156.8
169.9
190.2
205.2
214.6

100.7
107.0
113.5
126.9
143.1
152.3

14.7
17.8
19.6
22.3
25.1
27.6

170.9
188.2
202.2
229.6
254.4
264.3

2.0
2.5
2.7

3.1
4.4
5.8

119.1
130.4
140.3
160.4
179.0
186.4

15.2
16.5
17.0
19.1
18.3
14.6

34.5
38.7
42.2
46.9
52.8
57.4

204.3
207 8
208.7
212.4

470.9
481 2
491.5
506.3

49.3
50 5
51.9
55.1

14.5
13 0
12.6
13.7

4.8
47
4.8
5.1

216.6
223.5
229.4
235.6

155.0
158 3
162.1
164.6

6.1
6 2
6.3
6.4

184.7
190 9
196.8
205.2

16.5
14 8
15.1
16.8

59.3
61 5
64.6
65.4

515.7
526.7
536.8

51.9
52.6
51.2

15.4
13.0
11.8

4.8

239.8
247.1
254.7

169.2
174.0
178.7

30.7
31.2
30.8
32.2
34.6
35.3
35.7

266.6
273 5
282.7
293.9

215.0
216.3
214.6

1962
1963
1964
1965
1966'
1967'

300.8
310.4
322.2

6.9
7.2
7.5

206.1
215.3
222.9

19.1
15.4
16.4

68.8
72.5
75.4

4.8
4.6

1 Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corporations* books.

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., insurance companies, and investment
companies.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
an billions of dollars)
Transportation

Manufacturing
Period

Total
Durable

Nondurable

Mining
Railroad

1963
(964
1965
1966. .
1967
1968
1969?
19702

39 22
44.90
51 96
60 63
61.66
64 08
71.25
78.13

7 85
9.43
11 40
13 99
13.70
13 51
15.34
15.73

7 84
9.16
11 05
13 00
13.00
12 93
14.35
15.85

1 04

1968—1
II
Ill
IV

14.25
15.86
16.02
17.95

2.96
3.22
3.37
3.95

2.82
3.28
3.25
3.57

.36
.36
.34

.35

1969 I

III

15.21
17.73
18.22
20.09

3.26
3.83
3.86
4.39

2.95
3.52
3.72
4.16

.36
.41
.40
.44

1970—12

17.04

3.44

3.44

.40

H

IV 2

< Includes trade, service, finance, and construction.
2 Anticipated by business.




14
30
47

.42
42
.61
59

Other

Public
utilities

Communications

Other 1

Total
(S.A.
annual
rate)

10.03
10.83
11 79
12 74
12.34
12 67
13.34

1.10
1.41
1 73
1.98
1.53
1 34
1.49
1.60

1.92
2.38
2 81
3.44
3.88
4 31
4.29
4.12

5.65
6.22
6 94
8.41
9.88
11 54
13.06
15.01

3.79
4.30
4 94
5.62
5.91
6 36
7.75

.37
.30

.98
1.04
1.12
1.18

2.33
2.97
2.96
3.28

1.48
1.51
1.50
1.86

2.93
3.11
3.18
3.46

64.75
62.60
63.20
65.90

.32
.35
.40
.42

1.06
1.14
.96
1.13

2.66
3.38
3.44
3.59

1.68
1.86
1.96

2.91
3.23
3.48

68.90
70.20
72.45
73.30

.39

1.04

3.01

.36
.30

24 23

5. 96
5. 32

76.85

NOTE.—Dept, of Commerce and Securities and Exchange Commission
estimates for corporate and noncorporate business, excluding agriculture.

A 50

REAL ESTATE CREDIT o JANUARY 1970
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties

End of
period

All
holders

Nonfarm

Farm

Other
holders2
FinanAll
cial
Indi- holdinstiU.S. viduals ers
utions* agenand
cies
others

1- to 4-family houses*
Finan- Other
cial
insti- holdutions ' ers 3

All
holders

Total

Multifamily and
commercial properties'

Finan. Other
insti- holdutions1 ers

Total

Mortgage
tvpe«

Finan. Other FHA— ConVAhold- under- veninstitutions i ers
wriiten tional
4.8
4.7

3.0
4.3

28.2
26.5

83.6
91.6
100.5
108.7
118.7

8.1
7.4
63.7
72.5
80.2
87.9
97.1

19.9
19.1
20.3
20.9
21.6

77.2
81.2
84.1
88.2
92.8

204.0
223.4
240.0
256.6
277.2

32.5
33.3
34.2

104.1
106.4
108.7

83.6
85.7
87.9

20.5
20.7
20.9

85.3
86.4
88.2

246.6
251.9
256.6

203.7
206.7
209.7
213.1

35.4
36.5
37.3
38.1

110.6
112.9
115.6
118.7

89.6
91.7
94.1
97.1

21.0
21.2
21.5
21.6

89.4
90.7
92.0
92.8

260.4
265.4
270.6
277.2

216.0
219.9
222.5

38.8
39.6
40.9

120.9
123.4
125.8

98.9
101.0
102.9

21.9
22.4
22.9

94.5
96.6

281.2
286.2

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

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
55.9

18.9
21.2
23.3
25.5
27.5

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

1967—II».. 356.2
ra».363.3
IV. 370.2

287.6
293.3
298.8

16.7
17.5
18.4

51.9
52.5
53.0

24.3
24.9
25.5

7.0
7.8
8.4
9.1
9.7
8.7
8.9
9.1

15.6
16.0
16.3

331.9
338.3
344.8

227.8
232.0
236.1

195.3
198.7
201.8

1968—11"... 375.8
UP.. 382.9
Ill" 389.8
I V . 397.5

302.6
308.1
313.5
319.9

19.6
20.6
21.1
21.7

53.5
54.2
55.1
55.9

26.0
26.7
27.2
27.5

9.3
9.6
9.6
9.7

16.7
17.1
17.5
17.8

349.8
356.1
362.6
370.0

239.1
243.2
247.0
251.2

1969—I"... 403.7
II" 411.7
III" 418.5

324.7
331.0
335.5

22.6
23.4
24.9

56.4
57.1
58.1

28.1
28.8
29.3

9.8
10.1
10.1

18.3
18.7
19.2

375.7
382.9
389.2

254.8
259.5
263.4

5
Derivedfigures;includes small amounts of farm loans held by savings
and loan assns.
6
Data by type of mortgage on nonfarm 1 - to 4-family properties alone
are shown on second page following.

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 FNMA and, beginning fourth quarter
1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin.,
and in earlier years, RFC, HOLC, and FFMC. They also include U.S.
sponsored agencies—new FNMA and Federal land banks. Other agencies
(amounts small or current separate data not readily available) included
with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4
For multifamily and total residential properties, see p. A-S2.

NOTE.—'Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller of
the Currency.
Figures forfirstthree quarters of each year are F.R. estimates.

MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings

l

Mutual s avings bank holdings 2

Tot al
Total

FHAinsured

VAguaranteed

Conventional

1941
1945

4 906
4, 7T>

1964
1965
1966
1967
1968

43, 976
49, 675
54, 180
59, 019
65 696

28,933
32,387
34,876
37,642
41,433

7
7
7
7
7

315
70?
544
709
9?6

2,742
2,688
2,599
2,696
2,708

18,876
21,997
24,733
27,237
30,800

1966 IV

54 180

34,876

7 544

1967 I
II
Ill
IV

54
55
57
59

511
711
48?
019

34,890
35,487
36 639
37,642

7
7
7
7

-144
196
584
709

60
61
63
65

111
967
779
616

38 157
39,113
40,251
41,433

7
7
7
7

67 146
69 07°
70 179

42,302
43,532

Other
nonfarm

1968 I
II
Ill
IV
1969—i

n
HI

.

Tot al

1,048
856

566
5?1

4 81">
4, 708

12,405
14,377
16,366
17,931
20,505

2 ,638
? 911

40, 556
44 617

1 118
1 446
1 758

47 117
50 490
51, 456

36,487
40,096
42,242
44,641
46,748

2,599

24,733 16,366

1 118

2,547
2 495
2 601
2,696

24,899
25.596
26,454
27,,237

16,468
16,970
17,475
17,931

1 ,171
1 ,?74
1 ,168

694
678
768
9?6

2 674
2,648
2,657
2,708

27,789 18,396
28,787 19,098
29,826 19,771
3O.8OC 20,505

1 756
1 757
1 758

7 951
8 060

2,711
2,743

31,638 20,950
32,729 21,459

1 894
4 088

FHAinsured

VAguaranteed

Conventional

3,884
3,387

1 Includes loans held by nondeposit trust companies, but not bank
trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters. Federal Deposit Insurance Corporation series for all commercial and mutual savings banks in the United




Farm

Total

3 292
3 395

. . .
. . . .

Residential

Residential

End of period

Other
nonfarm

Farm

900
797

28
24

11 471 16 77?
11 ,795 17 77?
1? ,011 19 ,146

4,016
4,469
5.041
5,732
6,592

53
52
53
117
117

47 117

42,242 14 500 11 ,471 16 ,77?

5,041

53

3 ,446

48 107
48 891
49 71?
50, 490

42,879
43,526
44,094
44,641

14 ,771 11 ,619 16 ,517
14 ,947 11 ,768 16 ,811
15 ,016 11 ,7S5 17 ,?91

5,176
5,316
5,526
5,732

52
51
112

1 ,566

51 •>18
51 791
57 496
51 456

45,171
45,570
46,051
46,748

15 179 11 87'' 18 Pft
15 ,746 11 918 18 406

116

18 719
19 ;i46

5 931
6,108
6,329
6,592

54 178
54 844
55 159

47,305 15 678 1? 097 19 510
47,818 15 769 1? ;i5i 19 898

6,756
6,908

117
117

12 ,287 11 ,121 13 ,079
11 791 11 408 14 897
14 500
15 074
15 569

15 ,074 11 ,795 17 ,772
15 167
15 569

11 945
17 011

117
115
116
117

States and possessions. First and third quarters, estimates based on FDIC
data for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis forfirst-and third-quarter
estimates included F.R. commercial bank call report data and data from
the National Assn. of Mutual Savings Banks.

JANUARY 1970 n REAL ESTATE CREDIT

A 51

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans outstanding (end of period)

Loans acquired

Nonfarm

Nonfarm

Period
Total

Farm

Total

FHAinsured

VAguaranteed

Other!

I945

6,785
7 478
9,172
10,433

6,233
6,859
8,306
9,386

1.388
,355
,598
,812

220
469
678
674

4,625
5,035
6,030
6,900

1965
1966
1967
1968

11 137
10 217
8 470
7,925

9,988
9 223
7,633
7,153

,738

553
467
444

618
623
1,207

582
589
1,123

85
62
84

Feb
Mar

641
558
626
607

589
497
541
549

59
64
53
48

July

556
556
593
532

Total

976

1961
1962
1963
[964

1968—Oct

r

Nov

Dec
1969—Jan

Apr
May

FHAinsured

Farm

VAguaranteed

Other

6 637

100

'757
719

55
55
49
44

496
498
557
495

41
47

553
663

576
688

Oct

Total

5 860

4 466

766

552
619
866

44,203
46,902
50,544
55,152

41,033
43,502
46,752
50,848

9,665
10,176
10,756
11,484

6,553
6,395
6,401
6,403

24,815
26,931
29,595
32,961

3,170
3,400
3,792
4,304

1,149

346

7,697
7,456
6,432
6,088

772

60,013
64,609
67,516
69,973

55,190
59,369
61,947
64,172

12,068
12,351
12,161
11,961

6,286
6.201
6,122
5,954

36,836
40,817
43,664
46,257

4,823
5,240
5,569
5,801

29
29
29

468
498
1,010

36
34
84

69,177
69 407
70,071

63,401
63,627
64,268

12,001
11 999
12^015

5,986 45,414
5 993 45 635
5,982 46,271

5,776
5 780
5,803

28
29
21
24

502
404
467
477

52
61
85
58

19
20
6
13

422
423
502
438

60
58
36
37

70,205
70,355
70,480
70,661
70 820
70,964
71,079
71,250
71,429
71,569

64,437
64,584
64,694
64,855
64,993
65,114
65,226
65,388
65,564
65,766

12,003
11,983
11,947
11 924
11 903
11,882
11,845
11,824
11,797
11,777

5,974
5,973
5,943
5 919
5 900
5,879
5,819
5,799
5,775
5,774

46,460
46,628
46,804
47 012
47 190
47,353
47,562
47,765
47,992
48,245

5,768
5,771
5,786
5 806
5 827
5,850
5,853
5,862
5,865
5,803

14
9

1 Include mortgage loans secured by land on which oil drilling or
extracting operations are in process.
NOTE.—Institute of Life Insurance data. For loans acquired, the
monthly figures may not add to annual totals; and for loans outstanding

1,047

994
837

498
607

23
25

1 394

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.

FEDERAL HOME LOAN BANKS

MORTGAGE ACTIVITY OF SAVINGS AND
LOAN ASSOCIATIONS

(In millions of dollars)

(In millions of dollars)
Loans outstanding (end of period]

Loans made

Period
Period
Total'

1945

1 ,913

New
home Home
purconstruc- chase
tion
181

1 ,358

FHATotal *

guarsured anteed

17 ,733 5,212 7 ,317 68 ,834 4 167
21 ,153 6^115 8 ,650 78 ,770 4 476
25 ,173 7,185 10 ,055 90 ,944 4 696
894
24 ,913 6,638 10 ,538 101 ,333

1965
1966
1967.
1968

24 ,192
16 ,924
20 ,122
21 ,983

6,013 10 830 110 ,306
3,653 7 828 114 427
4,243 9 604 121 805
4,916 11 215 130 802

5
5
5
6

145
269
791
658

1968—Nov...
Dec...

1 ,724
1 ,886

392
407

868
869

129 899 6 529
130 802 6 658

1969—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...

1 ,592
1 ,580
1 ,870
2 ,073
2 ,146
2 ,415
1 ,974
1 ,918
1 ,728
1 ,698
1 ,307

348
364
440
485
482
495
421
393
377
365
282

783
767
896
023
113
345
091
089
936
862
657

131
132
133
134
135
136
137
137
138
139
139

424
095
012
038
026
242
107
951
618
226
648

6 747
6 857
6 972
7 120
7 245
7 402
7 522
7 607
7 694
7, 770
7, 813

195

176

19

46

2,662
3,479
4,784
5,325

1,447
2,005
2,863
2,846

1,216
1,474
1,921
2,479

1,180
1,213
1,151
1,199

5,007
3,804
1,527
2,734

.

213
2,220
3,294
4,296
5,025
4,335
2,866
4,076
1,861

5,997
6,935
4,386
5,259

3,074
5,006
3,985
4,867

2,923
1,929
401
392

1,043
1,036
1,432
1,382

150
81
179
178
122
113
120
72
118
139
55
138
189

5,040
5,259

4,643
4,867

397
392

1,321
1,382

5,357
5,298
5,331
5,764
5,971
6,413
7,053
7,544
7,940
8,439
8,802

4,975
4,940
4,983
5,423
5,647
6,054
6,564
6,872
7,273
7,779
7,946

382
358
349
341
324
359
489
672
667
660
856

1,110
1,130
1,243
1,178
1,201
1,276
927
'847
891
865
939

6
6
6
7

398
157
351
012

98 ,763
103 ,001
109 ,663
117 ,132

1968—Nov
Dec

155
301

6 919 116 ,451
7 012 117 ,132

1969—Jan
Feb
Mar

277
120
155
545
327
514
759
630
451
637
552

117 ,603
118 ,109
118 ,846
119 ,647
120 ,427
121 ,432
122 ,117
122 ,806
123 ,354
123 ,856
124 ,218

Members'
deposits

278

57 ,515
67 ,284
79 ,288
89 ,756

074
129
194
271
354
408
468
538
570
600
617

Short- Longterm 1 term *

2,882
4,111
5,601
5,565

152
010
960
683

1 Includes loans for repairs, additions and alterations, refinancing, etc.,
not shown separately.
I Beginning with 1958, includes shares pledged against mortgage loans;
beginning with 1966, includes junior liens and real estate sold on contract;
and beginning with 1967, includes downward structural adjustment for
change in universe.
NOTE —Federal Home Loan Bank Board data.




1945
1961
1962
1963
1964 .

7
7
6
6

7
7
7
7
7
7
7
7
7
7
7

Advances outstanding
(end of period)
Total

Conventional

5 ,376

1961
1962
1963
1964.

1
1
1
1
1

VA-

in-

RepayAdvances ments

1965
1966
1967
1968

May!'.'.'.'.'.'.
June
July
Aug
Sept
Oct
Nov

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 Home Loan Bank Board data.

A 52

REAL ESTATE CREDIT a JANUARY 1970
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)

an billions of dollars)

Governmentunderwritten

All residential

Multifamilyl

Total

Financial
institutions

Other
holders

Total

Financial
institutions

Other
holders

1941
1945
1963
1964

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

2.2
2.2
8.3
8.5

1965
1966
1967"
1968*

250.1
264.0
280.0
298.6

213.2
223.7
236.6
250.8

36.9
40.3
43.4
47.8

37.2
40.3
43.9
47.3

29.0
31.5
34.7
37.7

8.2
8.8
9.2
9.6

1967—II"....
III"...
in*...
1968—1"
II*....
III!".. .
IV*....

269.7
274.8
280.0

228.3
232.5
236.6

41.4
42.3
43.4

41.9
42.8
43.9

8.9
9.0
9.2

283.7
288.6
293.3
298.6

239.0
242.7
246.4
250.8

44.7
45.9
46.9
47.8

44.6
45.3
46.2
47.3

32.9
33.8
34.7
35.3
35.9
36.7
37.7

303.1
1969—1"
I I * . . . . 308.9
III"... 314.1

254.4
259.3
262.7

48.7
49.6
51.4

48.3
49.4
50.6

38.4
39.3
40.1

9.9
10.1
10.5

End of
period

End of period

Total

Conventional

Total

FHAinsured

VAguaranteed 1

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

212.9
223.6
236.1
251.2

73.1
76.1
79.9
83.8

42.0
44.8
47.4
50.6

31.1
31.3
32.5
33.2

139.8
147.6
156.1
167.4

1966—IV

223.6

76.1

44.8

31.3

147.6

1967 I"P
II
III*
IV"

224.9
227.8
232.0
236.1

76.4
77.2
78.3
79.9

45.2
45.7
46.6
47.4

31.2
31.5
31.7
32.5

148.4
150.6
153.7
156.1

1968—I*. .
IIP
Ill*
IV*

239.1
243.2
247.0
251.2

81.0
82.1
83.2
83.8

48.1
48.7
49.6
50.6

32.9
33.4
33.6
33.2

158.1
161.1
163.8
167.4

1969—1*

254.8
259.5
263.4

85.3
87.1

51.4
52.2

33.9
34.9

169.5
172.3

1954
1963
1964
1965
1966
1967"
1968"

9.3
9.4
9.5
9.6

. . .

UP

Ill*
i Structures of five or more units.

1
Includes outstanding amount of VA vendee accounts held by private
investors under repurchase agreement.

NOTE.—Based on data from same source as for "Mortgage Debt Outstanding" table (second preceding page).

NOTE.—For total debt outstanding, figures are FHLBB and F.R.
estimates. For conventional, figures are derived.
Based on data from Federal Home Loan Bank Board, Federal Housing
Admin., and Veterans Admin.

GOVERNMENT-UNDERWRITTEN RESIDENTIAL
LOANS MADE
(In millions of dollars)
FHA-insured

VA-guaranteed

DELINQUENCY RATES ON HOME MORTGAGES
Period

Mortgages

Mortgages
PropProerty
Totals New
Total New Ex- jects I imExisting
prove.
isting
homes homes
homes homes
mentsz

(Per 100 mortgages held or serviced)
Loans not in foreclosure
but delinquent for—
End of period

Loans in
foreclosure

Total

30 days

60 days

90 days
or more

1963
1964

3.30
3.21

2.32
2.35

.60
.55

.38
.31

.34
.38

1965
1966
1967
1968

3.29
3.40
3.47
3.17

2.40
2.54
2.66
2.43

.55
.54
.54
.51

.34
.32
.27
.23

.40
.36
.32
.26

3.02
2.95
3.09
3.40

2.13
2.16
2.25
2.54

.55
.49
.52
.54

.34
.30
.32
.32

.38
.38
.36
.36

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

1 Monthly figures do not reflect mortgage amendments included in annual
totals.
^ Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured.

1968—1
II
Ill
IV

2.84
2.89
2.93
3.17

2.11
2.23
2.23
2.43

.24
.22
.22
.23

.32
.28
.26
.26

1969—1
II

2.77
2.68
2.91

2.04
2.06
2.18

.49
.44
.48
.51
.49
.41
.47

.24
.21
.26

.26
.25
.25

NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured
loans represent gross amount of insurance written; VA-guaranteed loans,
gross amounts of loans closed. Figures do not take into account principal
repayments on previously insured or guaranteed loans. For VA-guaranteed
loans, amounts by type are derived from data on number and average
amount of loans closed.

Nora.—Mortgage Bankers Association of America data from
reports on 1- to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including
mortgage bankers (chiefly), commercial banks, savings banks, and
savings and loan associations.

20
843
895

171
804
663

192
3,045
2,846

5,760
591
4,366
583
4,516
642
4,924 1,123

634
641
623
656

473
409

101
118

474
388
381
428
409
475
518
501
566
553
430

105
80
100
82
123
134
127
92
95
140
90

49
58
48
39
50
57
62
58
85
68
63
59
55

1945
1963
1964

257
665
217
7,216 1,664 3,905
8,130 1,608 4,965

1965
1966
1967
1968

8,689
7,320
7,150
8,275

1,705
1,729
1,369
1,572

1968—Nov..
Dec..

749
702

126
117

1969—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..

762
614
642
681
704
787
869
791
872
911
705

134
106
110
113
111
121
140
130
148
160
131




1,272
1,023

1,770
1,821

2,652
2,600
3,405
3,774
377
365

876
980
1,143
1,430

1,774
1,618
2,259
2,343

138
136

239
229

369
296
329
301
323
308
356
385
364
397
328

145
114
122
111
115
99
122
126
134
148
125

225
182
207
191
208
209
234
259
230
249
203

1966—1
II

in
IV....
1967—1
II
III....
IV

ni....

JANUARY 1970 ° 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

Mortgage
commitments

Mortgage
transactions
(during
period)

Mortgage
holdings

FHAinsured

VAguaranteed

Purchases

A 53

Mortgage
holdings
End of
period

Sales
154

Made
during
period

Out
standing

198
371
1,045
867

332
491
1,171
1,266

1965
1966
1967
1968

1 189
1 920
1,736
2,697

462
214
501
1,287

132
146

225
269

1.236
,287

193
201
205
192
176
209
269
497
468
554
564

276
388
372
460
532
561
785
599
703
813
460

,283
,406
,621
.887
2! 237
2,578
3,088
3,181
3,402
3,594
3,465

Purchases

2,519
4,396
5,522
7,167

1 864
3 345
4 048
5,121

656
1 051
1 474
2,046

757
2 081
1 400
1,944

7,048
7,167

5 045
5 121

2 003
2 046

7,334
7,510
7,689
7 851
7,998
8,175
8,417
July..
8,887
Aug..
9,326
Sept..
Oct.... 9,850
Nov... 10,386

5,227
5,345
5,467
5 576
5 678
5 802
5 975
6,304
6 602
6,950
7,305

2,107
2,165
2,222
2 276
2 320
2 373
2 442
2,583
2 724
2 900
3,081

1,540
2,062
2,756
3,569

671
604
592
651

156
620
860
1,089

1968-Nov..
Dec...

4,166
4,220

3,511
3,569

655
651

58
73

57
70

1,248
,266

1968 Nov..
Dec.

1969-Jan...
Feb..
Mar..
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...

4,255
4,301
4,328
4,357
4,395
4,442
4,493
4,552
4,614
4,680
4,739

3,607
3,657
3,687
3,721
3,764
3,816
3,871
3,935
4,001
4,072
4,135

648
644
641
636
631
626
622
617
613
608
604

54
63
44
50
61
70
68
77
80
84
77

62
40
48
49
71
71
55
33
41
51
39

,297
,296
,311
,312
,321
,322
,304
,266
,237
,212
,171

1969-Jan...
Feb..
Mar..
Apr..
May.

1

Out
standing

VAguaranteed

2,212
2,667
3,348
4,220

NOTE.—Government National Mortgage Assn. data. Data prior to
Sept. 1968 relate to Special Assistance and Management and Liquidating
portfolios of former- FNMA and include mortgages subject- to participation
.
- . - -,- - ,
pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former FNMA from the RFC Mortgage
Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin.

Mortgage
commitments

Made
during
period

FHAinsured

Total

1965
1966
1967
1968

Sales
47
12

NOTE.—Federal National Mortgage Assn. data. Data prior to Sept.
1968 relate to secondary market portfolio of former FNMA. Mortgage
commitments made during the period include some multifamily and nonprofit hospital loan commitments in addition to 1-4 family loan commitments accepted in FNMA's free market auction system.

HOME-MORTGAGE YIELDS

FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY UNDER FREE MARKET SYSTEM

(Per cent)
Secondary
market

Primary market

Mortgage
transactions
(during
period)

Implicit yield, by
commitment period
(in months)

Mortgage amounts

FHA series
FHLBB series
(effective rate)
New
homes

Yield
on FHAinsured
new
homes

6.46
6.97

Period

5.95
6.41
6.52
7.03

5.83
6.40
6.53
7.12

5.47
6.38
6.55
7.21

7.23

7.23

7.40

7.50

New
homes

Existing
homes

5.81

Acceptec

Auction
date
Offered
Total

By commitment
period (in months )
3

1965
1966
1967
968

6.25

6

3

6

12-18

12-18

In millions of dollars

In percent

1969
1968

Dec

1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

7.30
7.39
7.47
7.62
7.65
7.76
7.91
8.00
8.05
8.13
"8.13

7.32
7.42
7.49
7.60
7.68
7.79
7.94
8.05
8.08
8.13
»8.13

7.55
7.60
7.65
7.75
7.75
8.00
8.10
8.20
8.25
8.30
8.35
8.35

7.99
8.05
8.06
8.06
8.35
8.36
8.36
8.40
8.48
8.48
8.62

Oct. 20
27

161 6
120 6

Nov. 3
10
17
24

230
267
242
233

2
4
6
4

81
101
122
122

7
9
7
3

Dec.

235.9
242 9
229. 4
307. 3
269. 3

120
123
121
121
128

6
0
7
8
4

704. 7

122 7
(150.0)

1
8
15
22
29

134 9
118 4

35 7
37 7

60 8
52 8

38 .3
28 .0

8 .58
8 .54

8.63
8.60

8 44
8 45

31
45
46
41

0
1
0
6

44 1
50 6
67 3
67.7

6 .6
6 .2
10 . 4
13 . 0

8 .44
8 .47
8 .50
8 .53

8.49
8.49
8.51
8.54

8
8
8
8

45
47
48
50

24
23
37
22
20

2
2
1
6
1

67 0
77 0
55.4
68. 2
79. 0

29 . 4
22 .8
29 .2
31 . 0
29 .3

8 .57
8 .62
8 .67
8 .75
8 .85

8.58
8.64
8.70
8.78
8.87

8
8
8
8
8

52
57
62
69
77

8 4

70. 4

43 . 9

9 19

9.19

9 15

1970
NOTE.—Annual data are averages of monthly figures. The
FHA data are based on opinion reports submitted by field offices
on prevailing local conditions as of the first of the succeeding
month. Yields on FHA-insured mortgages are derived from
weighted averages of private secondary market prices for Sec.
203, 30-year mortgages with minimum downpayment and an
assumed prepayment at the end of 15 years. Gaps in the data
are due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average
contract interest rates on conventional first mortgages in primary
markets are unweighted and are rounded to the nearest 5 basis
points. The FHLBB effective rate series reflects fees and charges
as well as contract rates (as shown in the table on conventional
first mortgage terms, p. A-35) and an assumed prepayment at
end of 10 years.




Jan.

5
12

NOTE.—Implicit secondary market yields are gross—before deduction of 50basis-point fee paid for mortgage servicing. They reflect the average accepted bid
price for Govt.-underwritten mortgages after adjustment by Federal Reserve
to allow for FNMA commitment fees and FNMA 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.
Total accepted shown in parenthesis for most recent week indicates FNMA
announced limit before the "auction" date.

A 54

CONSUMER CREDIT ° JANUARY 1970
TOTAL CREDIT
(In millions of dollars)
Noninstalment

Instalment
Total

End of period

Total

Automobile
paper

Repair
Other
consumer and modernization
goods
loans i
paper

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

I939
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

1962
1963
1964

63,821
71,739
80,268

48,720
55,486
62,692

19,381
22,254
24,934

12 627
14 177
16,333

3 298
3 437
3,577

13,414
15,618
17,848

15,101
16,253
17,576

5,456
6,101
6,874

5,684
5,903
6,195

3,961
4,249
4,507

1965
1966
1967
1968

90,314
97,543
102,132
113,191

71,324
77,539
80,926
89,890

28,619
30,556
30,724
34,130

18,565
20,978
22,395
24,899

3,728
3,818
3,789
3,925

20,412
22,187
24,018
26,936

18,990
20,004
21,206
23,301

7,671
7,972
8,428
9,138

6,430
6,686
6,968
7,755

4,889
5,346
5,810
6,408

1968 Nov
Dec

110,035
113,191

87,953
89,890

33,925
34,130

23 668
24,899

3 931
3,925

26 429
26,936

22,082
23,301

9 024
9|l38

6,964
7,755

6,094
6,408

1969 Jan
Feb
Mar
Apr
May

112,117
111,569
111,950
113,231
114,750
115,995
116,597
117,380
118,008
118,515
119,378

89,492
89,380
89,672
90,663
91,813
93,087
93 833
94,732
95 356
95 850
96,478

34,013
34,053
34,262
34,733
35,230
35,804
36,081
36,245
36,321
36,599
36,650

24,682
24,404
24,306
24,399
24,636
24,956
25 172
25,467
25,732
25 855
26,223

3,886
3,875
3,874
3,903
3,964
4,022
4 039
4,063
4 096
4 084
4,076

26,911
27,048
27,230
27,628
27,983
28,305
28,541
28,957
29,207
29 312
29,529

22,625
22,189
22,278
22,568
22,937
22,908
22,764
22,648
22,652
22,665
22,900

9,038
9,050
9,139
9,216
9,218
9,227
9 120
9,073
9,075
9 025
9,000

7,097
6,403
6,340
6,557
6,971
7,002
7,039
6,988
7,005
7,085
7,238

6,490
6,736
6,799
6,795
6,748
6,679
6,605
6,587
6,572
6,555
6,662

. ...

July
Oct
Nov

1 Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates coyer loans to individuals for household, 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,
and Dec. 1968 BULLETIN, pp. 983-1003.

INSTALMENT CREDIT
(In millions of dollars)
Retail outlets

Financial institutions
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

Credit
unions

1939
1941
1945

4,503
6,085
2,462

3,065
4,480
1,776

1,079
1,726
745

1,197
1,797
300

132
198
102

1962
1963
1964

48,720
55,486
62,692

41,878
47,819
53,898

19,005
22,023
25,094

11,405
12,630
13,605

4,875
5,526
6,340

1965
1966
1967
1968

71,324
77,539
80,926
89,890

61,533
66,724
69,490
77,457

28,962
31,319
32,700
36,952

15,279
16,697
16,838
18,219

1968—Nov.
Dec.

87,953
89,890

76,446
77,457

36,560
36,952

1969—Jan..
Feb..
Mar.

89,492
89,380
89,672
90,663
91,813
93,087
93,833
94,732
95,356
95,850
96,478

77,360
77,577
78,006
79 062
80,155
81,388
82,130
82,910
83,440
83,949
84,301

37,005
37,056
37,257
37,854
38,347
38,916
39,248
39,532
39,793
40,006
40,047

Consumer
finance i

May!
June.
July.
Aug.,
Sept.
Oct..
Nov.

Total

Automobile
dealers 2

Other
retail
outlets

657
759
629

1,438
1,605
686

123
188
28

1,315
1 417
658

4,765
5,582
6,492

1,828
2,058
2,367

6,842
7,667
8,794

345
351
329

6,497
7,316
8,465

7,324
8,255
8,972
10,178

7,329
7,663
8,103
8,913

2,639
2,790
2,877
3,195

9,791
10,815
11,436
12,433

315
277
285
320

9,476
10,538
11,151
12,113

17,960
18,219

10,049
10,178

8,685
8,913

3,192
3,195

11,507
12,433

319
320

11,188
12,113

18,175
18,219
18,253
18,418
18,636
18,961
19,127
19,265
19,360
19,569
19,668

10,101
10,153
10,294
10,508
10,699
10,939
11,054
11,220
11,347
11,438
11,491

8,879
8,896
8,927
9,008
9,080
9,146
9,293
9,436
9,450
9,436
9,532

3,200
3,253
3,275
3,274
3,393
3,426
3,408
3,457
3,490
3,500
3,563

12,132
11,803
11,666
11,601
11,658
11,699
11,703
11,822
11,916
11,901
12,177

319
319
320
325
329
333
335
336
336
338
337

11,813
11,484
11,346
11,276
11,329
11,366
11,368
11,486
11,580
11,563
11,840

1
Consumer finance companies included with "other" financial institutions until 1950.




Other i

2 Automobile paper only; other instalment credit held by automobile
dealers is included with "other retail outlets.*'
See also NOTE to table above.

JANUARY 1970 a CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions of dollars)

A 55

INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES
(In millions of dollars)

Automobile
paper

End of period

1939
1941
1945

Other
consumer
Pur- Direct goods
paper
chased

Total

1 079
1 726

Repair
and
modernization
loans

Personal
loans

End of period

Total

Automobile
paper

Other Repair
and
consumer moderngoods ization
paper
loans

Personal
loans

745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1939
1941
1945

1,197
1,797

1,363

164

115
167
24

148
201
58

56
66
54

19,005
22,023
25,094

6,184
7,381
8,691

3,451
4 102
4,734

2,824
3,213
3,670

2,261
2,377
2,457

4,285
4,950
5,542

1962
1963
1964

11,405
12,630
13,605

7,251
7,922
8,285

2,465
2,699
3,022

213
214
207

1,476
1,795
2,091

1965
1966
1967
1968

28,962
31,319
32 700
36,952

10,209
11,024
10 927
12,213

5,659
5 956
6 267
7,105

4,166
4,681
5 126
6,060

2,571
2 647
2 629
2,719

6,357
7 011
7 751
8,855

1965
1966
1967
1968

15,279
16,697
16,838
18,219

9,068
9,572
9,252
9,986

3,556
4,256
4,518
4,849

185
151
114
74

2,470
2,718
2,954
3,310

1968 Nov
Dec

36,560 12,190
36,952 12,213

7,063
7,105

5,855
6,060

2,723
2,719

8,729
8,855

1968—Nov.
Dec.

17,960
18,219

9,898
9,986

4,778
4,849

74
74

3,210
3,310

1969 Jan

37,005
37,056
37,257
37,854
38 347
38,916
39 248
39 532
39,793
40,006
40,047

12,160
12,153
12,224
12,388
12 541
12,727
12 814
12 859
12,864
12,914
12,883

7,108
7,117
7,168
7,273
7,367
7,457
7,501
7,513
7,543
7,597
7,618

6,135
6,168
6,188
6,299
6,406
6,557
6,709
6,818
6,929
7,023
7,100

2,692
2,676
2,670
2,690
2,721
2,763
2,780
2,787
2,808
2,798
2,779

8,910
8,942
9,007
9 204
9,312
9,412
9,444
9,555
9,649
9,674
9,667

1969—Jan..
Feb..
Mar.

18,175
18,219
18,253
18,418
18,636
18,961
19,127
19,265
19,360
19,569
19,668

9,951
9,962
9,988
10,095
10,246
10,440
10,538
10,570
10,557
10,693
10,727

4,857
4,867
4,868
4,896
4,945
5,039
5,088
5,139
5,191
5,227
5,247

71
71
70
70
69
70
70
69
69
67
66

3,296
3,319
3,327
3,357
3,376
3,412
3,431
3,487
3,543
3,582
3,628

1962
1963
1964

•

Feb

Mar . . .
Apr
May
July
Sept
Oct
Nov

See NOTE to first table on previous page.

300

May
June
July.
Aug.
Sept.
Oct..
Nov.

878

See NOTE to first table on previous page.

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

NONINSTALMENT CREDIT
(In millions of dollars)

(In millions of dollars)

End of period

Total

Automobile
paper

Other
consumer
goods
paper

Singlepayment
loans

Repair

Permodern- sonal
loans
ization
loans
and

End of period

Total

Charge accounts
Service
credit

Commercial
banks

Other
financial
institutions

Retail
outlets

Credit
cards *

1939
1941
1945

789
957
731

81
122
54

24
36
20

15
14
14

669
785
643

1962
1963
1964

11,468
13,166
15,199
17,292
18,708
19,952
22,286
21,926
22,286
22,180
22,302
22,496
22,790
23,172
23,511
23,755
24,113
24,287
24,374
24,586

2,150
2,498
2,895
3,368
3,727
3,993
4,506
4,455
4,506
4,475
4,502
4,562
4,652
4,747
4,847
4,893
4,967
5,021
5,057
5,085

841
949

824
846
913

7,653
8,873
10,215

1939
1941
1945

2 719
3,087
3,203

625
693
674

162
152
72

1,414
1,645
1,612

972

11,585
12,458
13^313
14,771

1962
1963
1964

15 101
16,253
17,576

4 690
5,205
5,950

766
896
924

5,179
5,344
5,587

505
559
608

3 961
4,249
4,507

1965
1966
1967
1968

. . 18 990
20,004
21,206
23', 301

6 690
6,946
7,340
7^975

QD1

,026
*163

5,724
5,812
5,939
6,450

706
874

088

1 029
1,305

4 889
5,346
5,810
6*408

7,857
7,975
7,878
7,877
7,961
8,040
8,017
8,031
7,946
7,879
7,882
7,837
7,795

,167
,163
,160
,173
,178
,176
,201
,196
,174
,194
,193
,188
,205

5,670
6,450
5,763
5,087
5,037
5,237
5,609
5,574
5,541
5,438
5,448
5,568
5,685

1,294
1,305
,334
,316
,303
,320
,362
,428
,498
,550
,557
,517
,553

6,094
6,408

1965
1966
1967
1968
1968—Nov.
Dec.
1969—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.

1,176
,367
,503
,600
,877
,847
,877
,877
,885
,904
,928
,956
,994
2,007
2,024
2,032
2,042
2,036

1,020
1,046
1,132
1,134
1,132
1,123
1,128
,134
,143
,174
,189
,189
,207
,219
,219
,231

14,490
14,771
14,705
14,787
14,896
15,067
15,295
15,481
15,666
15,915
16,015
16,056
16,234

NOTE.—Institutions represented are consumerfinancecompanies, credit
unions, industrial loan companies, mutual savings banks, savings and
loan assns., and other lending institutions holding consumer instalment
credit.
See also NOTE to first table on previous page.




1968—Nov....
Dec...
1969—Jan....
Feb....
Mar....
Apr
May...
June...
July...
Aug....
Sept...
Oct....
Nov....

22,082
23,301
22,625
22,189
22,278
22,568
22,937
22,908
22,764
22,648
22,652
22,665
22,900

518
597
845

6,490
6,736
6,799
6,795
6,748
6,679
6,605
6,587
6,572
6,555
6,662

1
Service station and miscellaneous credit-card accounts and hotneheatlng-oil accounts. Bank credit card accounts outstanding are included
in estimates of instalment credit outstanding.
See also NOTE to first table on previous page.

A 56

CONSUMER CREDIT a JANUARY 1970
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.1

N.S.A.

Extensions
1962
1963
1964

56,191
63,591
70,670

19,694
22,126
24,046

15,701
17,920
20,821

2,084
2,186
2,225

18,710
21,359
23,578

1965
1966
1967
1968 .

78,586
82,335
84,693
97,053

27,227
27,341
26,667
31,424

22,750
25,591
26,952
30,593

2,266
2,200
2 113
2,268

26,343
27,203
28,961
32,768

1968 Nov
Dec.

8 288
8,277

8,166
9,568

2 681
2,592

2 546
2,489

2 640
2,656

2 739
3,608

191

192

190
163

2 776
2,837

2 691
3,308

1969 Jan
Feb

8,371
8,414
8 381
8 720
8,680
8 705
8,521
8,680
8,669
8 661
8,632

7,557
6,971
8,132
9,024
8,960
9,169
8,920
8,604
8,485
8,797
8,173

2,661
2,716
2 730
2 772
2,757
2 725
2,582
2,634
2,794
2 808
2,683

2,369
2,344
2 750
3 023
2,985
3 045
2,828
2,593
2,566
2 939
2,433

2,654
2,598
2 625
2,763
2,767
2,869
2,777
2,819
2,740
2 707
2,841

2,449
1,985
2 423
2,668
2,760
2 832
2,778
2,764
2,794
2 805
2,817

179
201
198

137
149
179

2,877
2,899
2 828
2 966
2,947
2 893
2,977
3,050
2,955
2 971
2,944

2,602
2,493
2 780
3 117
2,969
3 047
3,100
3,041
2,931
2 870
2,763

Mar
Apr

Mav
July
Oct .
Nov

219

216

209
218
185
177
180
175

246
245
214
206
194
183

164

160

Repayments
51,360
56 825
63,470

1965
1966
1967
1968

'

17,447
19,254
21,369

14,935
16,369
18,666

2,010
2,046
2,086

16,969
19,156
21,349

69,957
76,120
81,306
88,089

1962
1963
1964

23,543
25,404
26^499
28 018

20,518
23 178
25,535
28,089

2,116
2,110
2,142
2,132

23,780
25,428
27,130
29 850

1968 Nov
Dec

7 454
7,502

7,271
7,631

2,363
2,357

2,319
2,284

2,388
2,422

2,319
2,377

175

1969—Jan
Feb
Mar

7,730
7 616
7 735
7,960
7,834
7,910
7 899
8 080
7,971
7,992
8,012

7,955
7 083
7,840
8,033
7,810
7,895
8,174
7,705
7,861
8,303
7,545

2,467
2 468
2,501
2,519
2,488
2,460
2,471
2,562
2,498
2,463
2,503

2,486
2 304
2,541
2,552
2,488
2,471
2,551
2 429
2,490
2,661
2,382

2,442
2 352
2,461
2,569
2,507
2,602
2 511
2,574
2,600
2,615
2,623

2,666
2 263
2,521
2,575
2,523
2,512
2 562
2,469
2,529
2,682
2,449

173
172

July
Aug
Oct
Nov.

175

169

2 528
2,548

2 464
2,801

176
160

2,648
2 624
2 593
2,687
2,656
2,665
2 726
2 759
2,717
2,725
2,707

2,627
2 356
2 598
2 719
2,614
2,725
2 864
2 625
2,681
2,765
2,546

169

180
185

180
187

185

182

183
183
191
156
189
179

185
187
197
161
195
168

Net change in credit outstanding 2
1962
1963
1964

4,831
6 766
7 200

2,247
2 872
2,677

1965
1966
1967
1968

8,629
6,215
3,387
8,964

3,684
1,937

1968 Nov
Dec .
1969 Jan
Feb
Mar
Apr
May

July
Oct
Nov

834
775
641
798
646
760
846
795
622
600
698
669
620

3,406

1,741
2,203
2,229

150

2,232
2,413
1,417
2,504

168

2,563
1,775
1,831
2,918

90
-29

136

227
205

252
234

420
1,231

16
17

21
-6

248
289

227
507

-398
-112
292
991
1,150
1,274
746
899
624
494

318
235
194
248
229
253
269
265
111
72
296
345

-117
40
209
471
497
574
277
164
76
278

212
246
164
194
260
267
266
245
140
92

-217
-278
-98
93
237
320
216
295
265
123

-39
-11
-1
29
61
58
17
24
33
— 12

229
275
235
279
291
228
251
291
238
246

-25
137
182
398
355
322
236
416
250
105

628

180

51

6
29
18
34
26
35
-6
-8
24
-14

218

368

-15

-8

237

217

895
1,937

1
2

Includes adjustments for differences in trading days.
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,




74
140
139

766
! • $

purchases and sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments
without affecting the amount outstanding.
For back figures and description of the data, see "Consumer
Credit," Section 16 (New) of Supplement to Banking and Monetary
Statistics, 1965, and pp. 983-1003 of the BULLETIN for Dec. 1968.

JANUARY 1970 °

CONSUMER CREDIT

A 57

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Commercial banks

Total

Sales finance
companies

Other financial
institutions

Retail outlets

Period
S.A.I

N.S.A.

S.A.I

N.S.A.

S.A.1

N.S.A.

S.A.I

N.S.A.

S.A.I

N.S.A.

Extensions
1962
1963
1964

56,191
63,591
70,670

20,474
23 344
25,950

11,269
12,152
12,613

14,787
16,768
18,797

9,659
11,327
13,310

1965
1966
1967
1968

78,586
82,335
84,693
97,053

29,528
30,073
30,850
36,332

13,722
14,278
13,833
15,909

20,906
21,490
22,574
25,777

14,430
16,494
17,436
19,035

1968—Nov..
Dec.

8,288
8,277

8,166
9,568

3,111
3,139

2,877
3,094

,411
,362

1,368
1,535

2,139
2,208

2,139
2,571

,627
,568

1,782
2,368

1969—Jan..
Feb..
MarApr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..

8,371
8,414
8,381
8,720
8,680
8,705
8,521
8,680
8,669
8,661
8,632

7,557
6,971
8,132
9,024
8,960
9,169
8,920
8,604
8,485
8,797
8,173

3,135
3,155
3,199
3,318
3,236
3,272
3,041
3,148
3,292
3,298
3,213

2,908
2,728
3,155
3,585
3,436
3,540
3,323
3,162
3,203
3,346
2,845

,381
,419
,429
,405
,451
,436
400
,431
,440
,518
1,490

1,227
1,192
1,359
1,463
1,478
1,566
1,507
1,401
1,396
1,603
1,381

2,250
2,315
2,239
2,378
2,365
2,323
2,439
2,470
2,332
2,341
2,291

1,977
1,972
2,219
2,447
2,428
2,479
2,539
2,463
2,280
2,267
2,217

,605
,525
,514
,619
,628
,674
,641
,631
,605
,504
1,638

1,445
1,079
1,399
1,529
1,618
1,584
1,551
1,578
1,606
1,581
1,730

Repayments
1962
1963
1964

51,360
56,825
63,470

18,468
20,326
22,971

10,200
10,927
11,638

13,455
15,070
16,764

9,237
10,502
12,097

1965
1966
1967
1968

69,957
76,120
81,306
88,089

25,663
27,716
29,469
32,080

12,048
12,860
13,692
14,528

18,813
20,074
21,330
23,443

13,433
15,470
16,815
18,038

1968—Nov..
Dec.

7,454
7,502

7,271
7,631

2,769
2,761

2,669
2,702

,254
,215

,231
,276

1,950
2,019

1,909
2,211

1,481
1,507

,462
,442

1969—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..

7,730
7,616
7,735
7,960
7,834
7,910
7,899
8,080
7,971
7,992
8,012

7,955
7,083
7,840
8,033
7,810
7,895
8,174
7,705
7,861
8,303
7,545

2,812
2,869
2,928
2,967
2,917
2,989
2,859
2,958
2,919
2,986
3,020

2,855
2,677
2,954
2,988
2,943
2,971
2,991
2,878
2,942
3,133
2,804

,282
,231
,287
,236
,278
,223
,330
,386
,355
,324
,346

,271
,148
,325
,298
,260
,241
,341
,263
,301
,394
,282

2,082
2,066
2,011
2,140
2,091
2,079
2,181
2,228
2,133
2,148
2,117

2,083
1,850
2,025
2,153
2,046
2,140
2,295
2,105
2,106
2,180
2,005

1,554
1,450
1,509
1,617
1,548
1,619
1,529
1,508
1,564
1,534
1,529

,746
,408
,536
,594
,561
,543
,547
,459
,512
,596
,454

Net change in credit outstanding

2

1962
1963
1964

4,831
6,766
7,200

1,997
3,018
3,065

1,078
1,225
975

1,332
1,698
2,033

422
825
1,127

1965
1966
1967
1968

8,629
6,215
3,387
8,964

1,674
1,418

2,093
1,416
1,244
2,334

997
1,024
621
997

157
147

137
259

189
189

230
360

146
61

320
926

99
188
142
169
173
213
70
45
85
194
144

-44
44
34
165
218
325
166
138
95
209
99

168
249
228
238
274
244
258
242
199
193
174

-106
122
194
294
382
339
244
358
174
87
212

51
75
5
2
80
55
112
123
41
-30
109

-301
-329
-137
-65
57
41
4
119
94
-15
276

1968—Nov..
Dec.
1969—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
1

834
775
641
798
646
760
846
795
622
600
698
669
620

895
1,937

342
378

3,865
2,357
1,381
4,252
208
392

-398
-112
292
991
1,150
1,274
746
899
624
494
628

323
286
271
351
319
283
182
190
373
312
193

53
51
201
597
493
569
332
284
261
213
41

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 be-




141

1,381

tween 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.
See also NOTE to previous table.

A 58

INDUSTRIAL PRODUCTION: S.A. • JANUARY 1970
MARKET GROUPINGS
(1957-59= 100)

Grouping

1957-59 1968
proaverportion

1969

1968
Nov.

Dec.

Jan.

100.00 165.5 167.5 168.7 169.1

Total index
Final products, total
Consumer goods
Equipment, including defense
Materials

47.35
32.31
15.04
52.65

165.1
156.9
182.6
165.8

167.9
159.2
186.5
167.6

168.1
160.1
185.3
169.3

168.2
161.0
183.5
169.6

Feb.

Mar.

Apr.

May

170.1 171.4 171.7 172.5
169.3
161.7
185.5
170.8

170.8
162.8
187.8
172.1

170.2
161.8
188.4
172.9

170.0
160.7
190.0
174.5

June

July

Aug.'

Sept.' Oct.' Nov.

173.

174.6 174.3 173.9 173.1 171.4

170.
161.5
190.4
176.3

172.8
164.4
190.8
176.5

172.
164.2
190.3
175.9

172.^
162.8
192.
176.0

170.
160.8
191.8
175.9

168.0
159.6
185.9
174.6

Consumer goods
Automotive products
Autos
Auto parts and allied products

184.6 179.5 176.6 172.8 167.5
3.21 174.3 181.2 177.8 176.2 174.7 175.4 166.1 165.8 178.
1.82 174.8 180.6 174.5 170.6 165.0 165.0 149.6 148.9 168.3 178.7 178.4 169.9 164.0 153.8
1.39 173.8 182.1 182.2 183.5 187.6 189.0 187.9 188.0 192.3 192.4 181.0 185.4 184.4 185.6

Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

156.0
175.4
168.4
174.1
152.4
173.7
185.3
139.5

158.6
178.3
171.9
177.2
156.9
177.0
187.0
142.0

157.6
180.0
173.2
181.7
149.4
180.2
187.9
138.7

160.8
184.3
177.7
186.9
151.5
184.3
192.2
140.8

160.5
183.0
179.1
187.3
156.0
181.2
189.0
141.4

162.8
186.3
182.9
189.4
164.4
182.0
193.8
142.9

161.5
186.1
182.0
190.1
158.9
183.3
193.4
140.6

161.9
185.9
182.0
192.7
151.9
183.4
192.6
141.5

759.7
186.1
180.2
190.7
150.6
184.0
194.8
137.4

160.8
184.4
181.8
195.6
143.0
180.0
191.1
140.9

159.3
184.5
181.9
195.0
144.9
179.7
191.6
138.0

156.
181.2
176.5
188.2
143.6
177.9
189.4
135.9

155.9
179.5
174.9
186.8
141.3
176.0
188.0
135.9

150.0
167.7
144.3
150.8
126.2
176.2
188.5

Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

154.5
132.6
144.5
193.4
143.3
183.4
139.0
205.1
223.9
174.1

155.S
132.0
142.3
200.4
146.0
186.
140.6
208.3
228.0

158.4
134.7
145.4
201.4
147.1
190.2
141.3
214.0
235.7

158.6
134.8
144.6
203.7
146.3
190.0
129.9
219.3
242.8

160.2
136.7
147.5
203.7
145.7
192.0
139.6
217.6
239.9

160.8
136.4
150.9
205.0
143.3
193.6
141.6
218.9
240.6

161.2
137.1
143.7
209.9
145.9
194.1
142.4
219.3
240.6

159.2
136.4
137.9
208.0
147.3
189.8
143.9
212.2
230.0

159.6
136.1
140.4
206.1
146.3
192.7
146.8
215.1
233.7

162.9
135.3
147.8
211.9
147.5
201.6
146.1
228.7
252.6

164.1
138.8
152.3
207.
147.6
201.
144.4
228.7
252.2

163.7
137.9
152.6
208.6
149.8
198.6
146.1
224.2
245.3

161.4
132.3
148.9
210.4
147.1
201.6
150.9
226.4
248.0

163.3
136.2

11.63
6.85
2.42
1.76
.61

184.7
168.2
205.2
234.3
145.0

191.2
174.0
208.7
247.4
152.4

191.1
174.9
205.3
247.2
134.0

191.4
175.9
209.9
245.5
136.1

191.9
175.7
214.3
244.4
133.0

192.9
176.7
217.3
242.3
135.6

194.1
178.6
220.1
239.7
133.9

195.7
180.9
221.7
238.4
134.9

197.0
182.7
221.0
240.8
135.2

196.9
181.2
220.5
250.5
124.4

197.0
180.3
221.3
249.7
136.0

200.4
183.9
222.9
251.9
146.8

200.8
182.9
224.9
254.4
151.0

194.6
175.0
222.0
254.1

212.5
148.8
152.0

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment

3.41

Materials
Durable goods materials..
Consumer durable
Equipment
Construction
Metal materials n.e.c

26.73
3.43
7.84
9.17
6.29

157.8
164.2
185.
145.9
137.7

157.6
169.6
187.7
148.3
131.8

159.7
161.0
187.5
152.2
140.5

161.2
162.2
187.4
153.5
144.6

162.6
167.7
189.3
154.2
150.2

164.0
163.2
190.7
154.5
153.3

165.8
157.9
190.3
153.2
151.5

165.5
156.6
191.7
153.0
148.4

167.0
162.7
193.2
151.7
153.6

167.0
163.0
193.2
150.0
156.2

167.3
169.5
195.1
149.9
153.5

166.6
171.7
197.2
149.8
149.3

165.8
166.4
194.8
149.7
153.3

163.1
158.3
190.3
149.9
156.1

Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c.

25.92
9.11
3.03
6.07
7.40

174.1
157.6
156.6
158.1
222.4

177.9
161.7
161.5
161.8
230.3

179.2
163.2
164.8
162.4
233.6

178.3
164.2
167.4
162.6
229.3

179.2
164.4
168.1
162.5
231.6

180.3
165.3
170.4
162.7
232.7

180.3
162.3
165.0
160.9
232.3

183.7
165.9
168.2
164.7
236.6

185.9
166.3
167.5
165.7
239.4

186.4
167.1
165.5
167.9
241.6

184.7
167.4
166.7
167.8
238.2

185.5
167.0
167.8
166.6
240.2

186.3
168.5
172.8
166.4
241.0

186.5
169.1
172.2
167.5
241.3

9.41
6.07
2.86
2.32
1.03
1.21
.54

152.0
133.0
200.2
202.3
197.4
216.6
174

152.5
131.4
205.7
207.1
202.0
222.0

151.9
130.0
206.7
208.1
204.2
222.2

151.8
127.8
211.5
213.7
206.2
231.2

152.3
127.7
212.5
214.8
209,2
230.7

153.7
130.2
211.7
214.7
208.3
231.2

156.9
134.2
213.7
216.7
212.4
231.7

159.3
137.4
214.9
218.1
213.4
233.4

162.8
141.8
216.1
220.0
216.4
234.7

161.6
139.7
216.7
220.5
216.7
235.6

159.4
136.5
217.3
221.1
219.2
234.7

159.8
137.7
221.
225.8
221.4
241.7

160.4 160.4
135.7 136.1
222.8
227.8
224.7
242.7

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other..
Gas
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples

For note see page A-61.




7.80 175.0 179.5 179.1 181.0 179.6 181.8 177.9 177.6! 183.0 184.5 182.4 179.3 176.8 167.6
24.51 151.2 152.8 154.1 154.7 156.0 156.8, 156.6 155.31 154.7 158.1 158.4 157.6 155.8

JANUARY 1970 a INDUSTRIAL PRODUCTION: S.A.

A 59

INDUSTRY GROUPINGS
(1957-59 = 100)

Grouping

1957-59 1968
pro- averporage
tion

1969

1968
Nov.

Dec.

Jan.

Feb.

100.00 165.5 167.5 168.7 169.1 170.

Total index

Mar.

Apr.

May

June

July

Aug. Sept.' Oct.' Nov.'

174.6 174.3 173.9 173.1 171.4

86.45
48.07
38.38
8.23
5.32

166.9
169.8
163.3
126.6
202.5

169.
171.3
166.3
126.4
206.9

170.2
172.4
167.4
127.4
210.1

170.2
173.0
166.7
125.8
215.1

171.8
174.5
168.3
124.8
214.9

173.1
175.9
169.5
126.7
215.1

171.4 171.7 172.5 173.7
173.0 173.8 174.8
175.7 176.7 178.3
169.6 170.3 170.5
128.8 130.3 134.4
216.3 213.6 215.6

175.6
178.7
171.8
133.2
222.2

175.4
178.8
171.3
131.2
222.6

175.2
178.7
170.9
131.6
222.5

174.1
177.3
170.1
130.2
224.4

171.9
172.5
171.1
132.0
224.9

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12.32
6.95
5.45
1.50
5.37
2.86

150.5
137.0
130.7
160.0
167.9
162.2

148.6
129.3
115.8
173.8
173.5
168.3

152.9
135.4
124.6
180.7
175.6
170.3

155.6
139.5
126.8
179.6
176.4
170.

158.4
143.6
133.7
183.4
177.6
174.5

160.3
146.2
139.0
186.9
178.5
175.8

161.
147.9
141.2
186.2
178.3
174.4

162.3
149.3
141.6
184.3
179.2
173.1

165.1
153.1
145.6
190.8
180.6
173.8

164.1
152.4
145.3
181.8
179.1
170.8

164.1
151.3
141.1
177.9
180.6
171.5

162.3
149.3
141.4
178.6
179.1
171.5

163.1
150.4
141.5
178.5
179.5
172.5

163.4
151.1
143.8
179.7
179.2
174.4

Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories

27.98 183.7 186.2
14.80 184.3 187.4
8.43 181.0 184.4
6.37 188.5 191.4
10.19 179.5 180.2
4.68 171.4 177.7
5.26 185.0 179.6
1.71 184.2 188.5

185.6
188.6
185.3
193.0
176.4
172.3
177.0
189.7

185.2
191.8
188.3
196.4
171.2
167.3
170.9
191.6

186.3
192.7
189.6
196.9
173.1
167.7
174.1
190.4

187.9
194.7
190.2
200.7
174.1
167.6
176.0
192.8

187.4
194.6
190.8
199.5
172.4
160.8
178.7
195.4

188.4
196.9
193.
201.8
171.8
156.8
180.8
195.3

190.3
197.2
195.3
199.6
176.6
169.
179.5
195.7

192.3
198.1
196.0
200.8
181.
174.2

192.0
199.4
195.5
204.5
179.1
174.1
183.4 180.3
194.7 194.9

192.7
201.2
199.8
202.9
178.8
170.5
182.6
195.4

190.0
198.9
200.2
197.2
175.5
167.9
179.6
193.9

181.6
188.2
195.8
178.1
168.2
159.8
171.9
194.9

Manufacturing, total
Durable
Nondurable
Mining
Utilities
Durable manufactures

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.

1.28

4.72 137.4 141.5 144.3 143.8 145.6 145.1 143.2 143.6 140.6 138.3 140.2 140.6
2.99 146.2 150.4 151.2 156.2 156.5 153.4 155.1 156.9 155.2 152.7 155.3 157.7
1.73 122.3 126.1 132.3 122.5 126.7 130.8 122.6 120.7 115.5 113.4 114.1 111.0
3.05 169.9 172.2 174.2 176.6 175.7 176.5 178.4 179.0 179.1 176.3 176.2 175.4
1.54 178.3 181.7 182.9 186.8 186.5 187.0 188.9 190.2 189.9 185.0 186.5 185.3
1.51 161.4 162.5 165.3 166.2 164.7 165.7 167.6 167.5 168.1 167.4 165.8 165.3

140.6 141.0
156.2 156.6
113.8
174.7 175.2
184.0 183.9
165.3 166.4

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

144.8
151.5
149.9
111.0

147.5
155.1
152.5
111.7

145.0
153.5
149.2
109.2

143.6
152.9
148.1
105.0

142.6
152.0
147.9
101.3

144.7
152.9
150.2
105.6

143.7
154.2
147.8
103.4

146.3
156.5
150.0
107.6

146.0 145.4 143.3 141.1 141.7 141.3
157.8 157.0 153.0 151.6 152.3 151.9
149.2 150.7 148.8 146.1 145.8
104.7 98.4 100.0 97.7 101.1

Paper and printing
Paper and products
Printing and publishing.,
Newspapers

8.17
3.43
4.74
1.53

155.5
163.8
149.6
136.1

159.8
170.
152.3
140.8

159.7
169.9
152.3
139.5

160.2
171.
152.4
141.2

161.2
173.9
152.1
141.7

162.2
175.0
153.0
141.4

162.4
175.8
152.7
137.5

163.8
174.9
155.9
142.8

164.4
175.3
156.5
141.3

165.9
176.4
158.3
145.6

166.3
177.5
158.2
144.4

165.8
177.5
157.3
143.3

165.7
178.0
156.9
143.0

Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

207.7
221.7
262.0
139.6
222.0

213.6
228.7
268.0
141.4
227.5

216.8
231.8
275.0
141.2
234.6

214.1
231.3
273.4
131.0
230.8

218.0
234.4
276.7
140.2
232.8

219.6
235.2
277.7
142.7
236.2

221.7
239.1
283.3
142.2
234.2

222.7
239.5
285.2
143.5
237.0

223.2
239.7
286.1
145.4
237.3

225.2
243.1
288.6
143.5
238.3

222.4
238.
281.5
144.5
239.9

223.3
240.2
286.2
146.2
240.0

224.3 224.9
240.5 240.7
285.0
146.7 148.'7
239.6

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

135.3
136.4
132.7
156.5
120.9

134.9
136.
132.8
153.7
119.9

137.0
138.8
134.6
161.6
113.6

138.0
139.4
136.1
157.4
119.5

139.5
140.9
137.2
160.9
121.2

139.8
141.5
136.7
167.2
118.7

138.2
140.5
136.7
160.6
110.5

136.9
138.6
136.6
149.4
115.4

137.0
138.3
136.1
149.8
121.9

138.4
139.9
135.8
161.7
120.3

141.0
143.1
137.8
171.3
114.8

140.4
142.2
137.0
169.9
118.6

136.2 138.6
138.0 140.7
132.6 137.2
166.7
113.8

6.SO
1.16
5.64
4.91
4.25
.66
.73

125.3
118.2
126.8
136.5
130.5
174.5
61.1

124.6
115.9
126.3
135.1
128.6

124.2
118.3
125.4
132.8
126.4

122.4
115.3
123.9
130.8
124.0

120.2
112.4
121.8
131.3
124.0

121.9
114.3
123.5
134.0
127.0

125.7
120.2
126.9
137.5
130.2

128.7
123.9
129.6
140.5
133.1

133.1
124.8
134.8
145.8
139.2

131.7
130.0
132.1
142.0
135.5

128.8
122.1
130.2
139.9
132.4

129.9
114.7
133.1
143.1
135.6

128.1
115.7
130.7
140.4
132.8

166.9
178.0
159.0
145.1

Mining
Coal, oil, and gas
Coal
Crude oil and natural gas.
Oil and gas extraction..
Crude oil
Gas and gas liquids..
Oil and gas drilling
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

67.3 75.4
1.43 132.9 135.3 143.0 142.1 146.4 149.9 143.6 138.3 140.4 140.5 142.6 139.5 140.2 148.6
.61 126.4 135.1 137.6 140.2 142.7 149. 146.6 134.5 137.4 138.1 142.3 133. 141. 152.3
.82 137.8 135.5 147.0 143.5 149.2 150.5 141.4 141.2 142.6 142.2 142.8 144.3 139.6 145.9

Utilities
Electric.
Gas
For note see p. A-61.




128.5
118.9
130.5
140.2
133.0

4.04 211.5 216.0 219.9 226.1 225.5 225.7 226.9 223.1 225.9 234.2 234.4 234.1
1.28 174.1

INDUSTRIAL PRODUCTION: N.S.A. ° JANUARY 1970

A 60

MARKET GROUPINGS
(1957-59=100)

Grouping

1957-59 1968
pro- averporage
tion

1969

1968
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.r Oct.' Nov.'

100.00 165.5 169 1 166 3 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 178.0 173 3
Equipment, including defense....

47.35
32.31
15.04
52.65

165.1
156.9
182.6
165.8

169.2
161.7
185.4
169.5

165 6
155.8
186.6
166.9

166.6
158.9
183.1
166.4

169.3
161.8
185.4
171.5

171.9
163.9
189.0
174.3

168.6
159.0
189.1
174.8

168.4
158.2
190.4
176.1

174.0
165.5
192.4
179.2

166.4
156.5
187.7
168.8

173.4
166.3
188.5
175.6

179.2
172.6
193.4
179.2

176.4
169.3
191.7
179.4

169.3
161.4
186.3
177.0

Consumer goods
Auto parts and allied products
Appliances, TV, and radios

Apparel, knit goods, and shoes

3.21 174.3 198 3 185 5 185.4 183.6 186.0 174.7 173.1 191.1
1.82 174.8 212.2 192 0 187.7 181.5 184.8 164.6 165.3 191.0
1.39 173.8 180.1 176.9 182.3 186.3 187.5 187.9 183.5 191.1
10.00 156.0 162.7 149.2 155.9 164.2 168.9 161.9 162.3 165.4
4.59 175.4 186.2 178.8 182.8 187.7 191.2 188.8 188.4 191.2
1.81 168.4 180.1 161.5 183.2 195.0 198.8 194.7 194.3 194.6
1.33 174.1 180.7 172.2 191.8 206.0 211.7 213.1 212.0 212.7
.47 152.4 178.2 131.5 158.9 164.1 162.6 143.0 144.3 143.8
1.26 173.7 183.5 186.9 180.2 179.0 179.8 178.2 176.4 181.8
1.52 185 3 195.6 192 6 184 5 186.2 191.7 190.5 191.4 194.8
5.41 139.5 142.7 124.1 133.1 144.2 150.0 139.2 140.1 143.6

147.9
172.0
166.1
185.5
111.1
171.4
179.6
127.5

159.2
179.4
164.4
168.8
152.1
183.8
193.5
142.1

162.0
190.5
189.5
200.7
158.0
182.9
197.9
137.9

165.8
193.8
194.1
203.9
166.7
185.2
200 4
142.0

154.3
174.7
150.2
152.6
143.4
182.7
197 2

161.2
134.7
160.8
213.3
145.7
185.6
145.1

165.1
134.6
155.8
206.6
147.5
214.3
148.7

175.6
150.2
164.8
211.3
149.4
222.6
148.7

176.6
155.6
156.4
216.9
151.1
215.2
149.4

167.8
146.8
152.8
215.4
147.0
194.3
147.0

162.4
141.4

156.8
129.2
134.5
203.7
145.1
200.5
143.0

157.6
128.6
147.5
205.0
145.4
196.4
140.0

153.5
128.2
148.3
203.8
146.9
176.0
139.3

132.5 133.2 181.8 189.8 177.0
94.7 91.9 175.0 188.6 172.3
182.1 187.6 190.6 191.3 183.2

Electricity
Gas

154.5
132.6
144.5
193.4
143.3
183.4
139.0
205 1
223.9
174 1

155.0
137.0
135.0
201.4
144.1
175.0
139.7

11.63
6.85
2.42
1.76
.61

184.7
168.2
205.2
234.3
145.0

188.3
172.4
211.2
240.0
126.8

191.3
175.8
209.8
239.8
131.1

190.2
175.5
210.1
238.1
138.6

191.8
174.8
212.8
244.4
146.8

194.6
176.9
215.3
249.6
152.8

195.5
178.6
215.9
249.3
149.6

196.7
181.1
219.0
245.6
142.7

200.0
184.5
221.7
250.4
143.2

193.6
179.4
216.1
245.5
113.7

195.1
179.8
221.3
244.7
120.7

201.6
185.6
226.2
251.9
137.8

200.1
181.8
227.1
254.4
141.9

193.7
175.0
224.7
249.0

1S7.8
164 2
185.1
145.9
137.7

159.6
174.7
187.9
148.0
132.9

158.2
169 0
190 3
143.1
134.3

157.0
167 9
189 1
136.6
140.8

162.8
170.2
191.0
143.4
151.6

165.9
168.1
192.8
148.3
157.0

166.4
162.6
192.4
151.7
157.6

160.5
149.1
187.2
154.5
142.1

166.2
161.0
189.2
160.4
149.0

170.2
170 0
195.2
160.3
153.8

169.8
168 9
194 2
158 0
157 0

166.0
163.0
190.5
152.1
157.3

174.1
157.6
156 6
158.1
222.4
152.0
133.0
200 2
202.3
197.4
216.6
174.1

179.6
165.3
161.1
167.5
232.6

182.8
168.3
171.3
166.8
237.4
151.9 152.0 152.5 153.1 153.9
132.7 131.6 129 9 131.8 133.0

183.4
166.9
170.9
164.9
239.3

167.4
161.3
193.0
155.3
156.6
1SS.0
168.6
169.9
168.0
240.1

171.6
166.0
195.1
161.6
160.1

25.92
9.11
3.03
6.07
7.40

NewspaperSj magazines, and books.
Consumer fuel and lighting

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2 46
1.72
.74

26.73
3.43
7.84
9.17
6.29

Beverages and tobacco

185.3
167.5
176 7
162.8
235.8
155.4 157.4 161.2 157.5 162.9
135.9 137.3 138.1 129 5 134.8

188.5
171.7
177 5
168.8
241.3

189.4
175.3
181 6
172.2
243.4

188.3
173.0
172 2
173.4
243.7

154.3
132.4
125.9
196.8
146.8
191.3
144.6

155 9
128.1
126.9
199.6
145.0
206.9
135.3

154.9
127.0
145.4
207.8
146.5
184.1
135.1

'213!6
146.9

isi.'i

205.0 235.7 275.1 255.7 247.8 224.5 203.8 219.7 277.9 295.1 278.4 235.2

Equipment

Freight and passenger equipment...
Farm equipment

3 41
Materials

Electricity
General industrial
Commercial and other
Gas

9.41
6.07
2 86
2.32
1.03
1.21
.54

176.0
157.7
146 7
163.2
228.9

176.2
158.4
159 0
158.0
228.2

180.6
163.7
166.1
162.5
236.2

187.0
168.0
172.7
165.7
243.0

177.3
156.8
161 4
154.5
227.8

163.2 160.6 159.5
135 9 136 2 137 4

201.2 203.8 210.2 205.9 207.7 206.4 210.9 224.4 231.7 240.2 238.8 227.4
202.0 202.2 205.2 202.7 207.3 209.6 214.5 220.7 215.6 223.6 224.7 225.1
210.9 215.5 225.4 219.2 218.7 214.3 218.7 239.4 258.0 267.6 263.9 241.7

Supplementary groups of
consumer goods
Apparel and staples
For note see page A-61.




7.80 175.0 191.2 181.5 183.9 186.0 189.1 183.0 182.1 191.1 155.7 160.4 186.9 192 1 175.7
24.51 151.2 152.3 147.6 150.9 154.1 156.0 151.4 150.5 157.3 156.8 168.2 168.0 162.1

JANUARY 1970 n INDUSTRIAL PRODUCTION: N.S.A.

A 61

INDUSTRY GROUPINGS
(1957-59= 100)

Grouping

1957-59 1968
proaverportion

1969

1968
Nov.

Dec.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.'

Nov.

166.3

166.5

170.5 173.1

174.6 179.2 178.0

173.3

86.45 166.9
48.07 169.8
38.38 163.3
8.23 126.6
5.32 202

171.4 167.5
172.6
174.
168.0 161.2
126.8 126.3

167.0
171.4
161.4
124.1

172.
175.3
168.0
124.2

175.1 173.
178.6
170.8 m.i
125.4 168.6
130.

174.4
178.3
169.5
132.9

178.5
182
173.9
134.6

167.3
169.7
164.3
127.9

174.3
173.6
175.0
132.3

180.0
181.5
178.1
132.9

779.7
181.5
177.6
132.7

174.7
175.5
173.7
132.3

Primary and fabricated metals...
Primary metals
Iron and steel
Nonferrous metals and product
Fabricated metal products
Structural metal parts

12.32
6.95
5.45
1.50
5.31
2.86

150.5
137.0
130.7
160.0
167.9
162.

149.8
129.3
117.0
173.8
176.3
170.8

150.6
131.3
121.5
167.0
175.6
172.0

153,
139.
129.
176.
172,
166.

160.1
150.3
140.4
186.
172.8
167.5

164.0
155.3
146.0
189.0
175.3
168.9

164.
155.3
146.8
186.2
175.6
169.2

164.1
153.0
144.4
184.3
178.3
172.

167.9
155.4
145.6
190.8
184.2
177.3

154.3
137.2
130.0
163.6
176.4
170.8

161.7
144.2
135.5
176.1
184.2
175.8

165.7
148.6
140.0
179.9
187.7
178.4

166.3
151.9
143.6
181.9
184.9
177.7

165.9
152.6
145.2
179.7
183.0
177.0

Machinery and related products..
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment.
Instruments and related products
Ordnance and accessories

27.98 183.7
14.80 184.3
8.43 181.0
6.37 188.5
10.19 179.5
4.68 171.4
5.26 185.0
1.71 184.2
1.28

190.3
189.1
182.6
197.6
188.3
192.6
182.3
190.0

188.4
188.
185.3
192.4
183.8
181.5
183.
192.0

186.8
191.7
188.3
196.1
176.0
176.6
172.6
189.3

189.
195.0
192.3
198.6
178.2
176.3
176.7
189.4

192.1
197.6
195.5
200.5
181.4
177.7
181.1
191.8

190.0
197.4
196.5
198.6
176.2
167.9
179.6
192.5

190.5
198.5
197.9
199.3
175.6
165.6
180.1
193.3

194.
201.3
200.8
201.9
181.1
180.9
177.0
197.7

180.8
190.6
191.1
189.9
161.4
136.5
179.0
192.8

182.0
193.2
188.3
199.8
160.6
137.7
177.1
196.5

193.6
202.1
197.2
208.5
179.7
173.8
181.9
197.5

193.3
200.7
196.6
206.2
181.7
179.8
180.5
196.0

184.9
190.0
193.8
185.1
174.2
170.1
174.5
196.5

100.00 165.5 169.

Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities

171.9 172.

176.7 167.

Durable manufactures

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.7. 137.4 139.4 133.2
2.99 146.2 150.4 143.
1.73 122.3 120.4 115.8

Furniture and miscellaneous
Furniture and fixtures*.
Miscellaneous manufactures

3.05
1.54
1.51

169.9 180.0 177.7
178.3 186.8 189.8
161.4 173.1 165.3

127.6 134.6 140.1 142.8 145.2 150.4 143.6 150.3 150.3 149.0 141.3
138.4 141.0 147.4 154.5 159.4 165.9 161.1 167.4 166.7 164.8 156.6
109.0 123.5 127.5 122.6 120.7 123.6 113.4 120.9 122.1 121.8
169.8 171.0
183.1 183.7
156.2 158.1

173.3 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.9
184.8 183.8 184.5 189.5 180.4 191.7 190.9 191.0 189.1
161.6 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7

Nondurable manufactures
145.9 143.8
153.8 154.6
151.8 149.0
106.5 99.2

Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60 144.8
2.90 151.5
3.59 149.9
1.11 111.0

148.0
157.4
152.5
109.5

133.2 140.6
146.6 150.6
132.0 143.7
101.9 104.5

148.7 154.5 145.4 146.9 149.2 131.2
154.3 159.8 155.7 158.8 161.0 142.1
156.8 163.7 150.8 151.5 153.7 135.6
108.3 110.9 101.3 101.1 104.2
88.6

Paper and printing
Paper and products
Printing and publishing..
Newspapers

8.17 155.0
3.43 163.8
4.74 149.6
1.53 136.1

163.1
177.0
157.4
154.9

155.9 157.0
156.3 168.5
155.6 148.7
143.0 129.9

162.0
178.2
150.3
136.0

165.9
180.3
155.6
144.9

165.3
178.4
155.7
146.4

165.1
175.8
157.4
152.2

165.6
179.3
155.7
142.0

155.8 164.3 168.3 173.5 172.3
162.3 177.5 180.2 189.6 183.6
151.2 154.7 159.7 161.9 164.2
126.7 132.1 144.0 153.4 159.6

146.9 143.9
156.9 156.5
152.4
103.6

Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

207.7
221.7
262.0
139.6
222.0

214.3
230.9
274.7
139.6
225.2

212.
227.8
275.0
137.8
226.4

210.2
226.5
269.3
127.1
230.8

220.8
236.
280.9
137.4
244.9

221.3
237.3
280.5
137.7
243.5

222.1
241.9
286.1
136.5
231.9

222.8
239.7
285.2
142.
238.2

228.2
244.9
287.5
149.8
242.0

216.1
234.7
277.1
151.1
209.7

223.1
239.0
280.1
152.2
232.7

229.4
244.8
289.1
152.0
247.2

228.6 225.9
243.3 241.8
287.8
148.2 146! 8
252.8

Foods, beverages, and tobacco...
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

135.3
136.4
132.7
156.5
120.9

136.9
138.0
137.4
141.4

122.3

131.2
134.2
132.6
143.0
92.5

128.2
129.0
128.6
131.3
118.2

130.7
131.6
129.7
141.6
120.6

133.1
134.4
129.0
163.0
116.9

131.3
133.0
127.4
163.2
110.3

132.8
133.8
128.4
162.8
119.6

140.5
141.3
134.7
176.2
130.4

139.1
141.7
134.4
180.8
106.5

152.9
155.2
149.5
185.5
124.2

155.3
157.9
155.0
173.3
123.2

148.4 140.7
150.4 142.7
147.2 142.0
167.5
123.9

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.80
1.16
5.64
4.91
4.25
.66
.73

125.3
118.2
126.8
136.5
130.5
174.5
61.1

125.7
120.6
126.7
135.5
128.6

125.6
116.2
127.5
135.2
127.7

124.4
113.0
126.8
134.0
125.9

123.9
113.7
126.0
136.1
127.7

124.1
115.2
125.9
137.2
129.5

128.3
121.0
129.8
139.4
132.3

129.6
125.1
130.5
140.2
133.8

130.3
116.6
133.1
143.2
137.8

122.6
91.0
129.1
138.6
132.8

127.3
128.4
127.1
136.3
129.8

128.3
121.3
129.8
139.4
132.9

128.6
126.
129.
138.6
131.5

67.0

75.2

Metal, stone, and earth minerals..
Metal mining
Stone and earth minerals

1.43 132.9 132.1 129.5
.61 126.4 125.6 123.8
.82 137.8 136.9 133.

Mining
129.7
123.8
130.9
140.6
133.0

122.2 125.7 131.5 139.2 148.9 155.1 752.8 156.0 154.4 152.1 144.9
123.4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.4 151.0 141.6
121.4 123.7 130.6 141.4 149.7 155.0 156.6 157.8 157.3 152.9 147.4

Utilities
Electric
Gas

4.04 211.5 202.8 217.4 237.9 227.1 224.8 214.1 207.9 222.4 251.4 263.6 255.7 230.7
1.28 174.1

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release

A 62

BUSINESS ACTIVITY; CONSTRUCTION

a JANUARY

1970

SELECTED BUSINESS INDEXES
(1957-59 = 100, unless otherwise noted)
Manufacturing 2

1ndustrial production

Major market groupings
Period

Major industry
groupings

Final products

Total

Capacity
utjlizainmfg.
(per
cent)

Materials
ConTotal sumer Equipgoods ment

Construction
contracts

Prices «

Nonagricultural
emEmploy- ployTotal i ment

Payrolls

Total
retail
sales 3 Con- Wholesale
sumer commodity

Mfg.

Mining

Utilities

81.9
85.2
92.7
86.3

91.3
90.5
92.9
90.2

56.4
61.2
66.8
71.8

94.0
91.3
94.2
83.5

63
67
70
76

91.1
93.0
95.6
93.3

106.1
106.1
111.6
101.8

80.2
84.5
93.6
85.4

76
79
83
82

90.5
92.5
93.2
93.6

96.7
94.9
92.7
92.9

1955
1956
1957
1958
1959

96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0

99.2
104.8
104.6
95.6
99.7

80.2
87.9
93.9
98.1
108.0

90.0
87.7
83.6
74.0
81 5

91
92
93
102
105

96.5
99.8
100.7
97.8
101.5

105.5
106.7
104.7
95.2
100.1

94.8
100.2
101.4
93.5
105.1

89
92
97
98
105

93.3
94.7
98.0
100.7
101.5

93.2
96.2
99.0
100.4
100.6

1960
1961
1962
1963
1964

108.7
109.7
118.3
124.3
132.3

109.9
111.2
119.7
124.9
131.8

111.0
112.6
119.7
125.2
131.7

107.6
108.3
119.6
124.2
132.0

107.6
108.4
117.0
123.7
132.8

108.9
109.6
118.7
124.9
133.1

101.6
102.6
105.0
107.9
111.5

115.6
122.3
131.4
140.0
151.3

80.6
78.5
82.1
83 3
85.7

105
108
120
132
137

103.3
102.9
105.9
108.0
111.1

99.9
95.9
99.1
99.7
101.5

106.7
105.4
113.8
117.9
124.3

106
107
115
120
128

103.1
104.2
105.4
106.7
108.1

100.7
100.3
100.6
100.3
100.5

1965
1966
1967
1968

143.4
156.3
158.1
165.3

142.5
155.5
158.3
164.9

140.3
147.5
148.5
156.7

147.0
172.6
179.4
182.6

144.2
157.0
157.8
165.7

145.0
158.6
159.7
166.8

114.8
120.5
123.8
126.4

160.9
173.9
184.9
201.6

88.5
90.5
85.3
84.5

143
145
153
173

115.8
121.8
125.4
129.2

106.7
113.5
113.6
115.2

136.6
151.7
155.1
167.8

138
148
153
166

109.9
113.1
116.3
121.2

102.5
105.9
106.1
108.7

1968—Nov
Dec

167.5 167.9 159.2 186.5 167.6 169.1
168.7 168.1 160.1 185.3 169.3 170.2
169.1 168.2 161.0 183.5 169.6 170.2
170.1 169.3 161.7 185.5 170.8 171.8
171.4 170.8 162.8 187.8 172.1 173.1
171.7 170.2 161.8 188.4 172.9 173.0
172.5 170.0 160.7 190.0 174.5 173.8
173.7 170.7 161.5 190.4 176.3 174.8
174.6 172.8 164.4 190.8 176.5 175.6
174.3 172.7 164.2 190.3 175.9 175.4
173.9 172.2 162.8 192.4 176.0 175.2
173.1 170.7 160.8 191.8 175.9 174.1
171.4 168.0 159.6 185.9 174.6 171.9
170.9 167.6 159.1 185.8 174.0 171.2

126.4
127.4
125.8
124.8
126.7
128.8
130.3
134.4
133.2
131.2
131.6
130.2
132.0
133.9

206.9 } '84.2
210.1

183
185

130.7
131.1

115.9
116.2

173.9
175.3

168
166

123.4
123.7

109.6
109.8

191

131.7
132.3
132.7
132.9
133.3
133.8
133.7
134.2
134.0
134.5
134.5
134.5

116.6
116.9
117.3
117.0
117.0
117.6
117.3
118.5
117.3
117.0
115.9
115.8

175.8
174.3
178.2
177.8
177.7
180.3
179.8
183.9
184.2
183.4
182.4
183.9

170

124.1
124.6
125.6
126.4
126.8
127.6
128.2
128.7
129.3
129.8
130.5

110.7
111.1
111.7
111.9
112.8
113.2
113.3
113.4
113.6
114.0
114.7
115.0

1969 Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec*

77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9

78.6
84.3
89.9
85.7

81.3
84.3
91.3
85.8

1951
1952
1953
1954

83.8
84.3
92.6
85.9

1 Employees only; excludes personnel in the Armed Forces.
2 Production workers only.
3
F.R. index based on Census Bureau figures.
* Prices are not seasonally adjusted.
5 Figure is for 4th quarter 1968.
NOTE.—All series: Data are seasonally adjusted unless otherwise noted.

215.1
214.9
215.1
216.3
213.6
215.6
222.2
222.6
222.5
224.4
224.9 |
225.5

»84.5
"84.5
"84.2
"81.8

205
177
183

210
180
176
216
173
195
178

171
169
172

172
172
170
172
171
173
173
173

Capacity utilization: Based on data from Federal Reserve, MeGrawHill Economics Department, and Department of Commerce.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.

CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
(In millions of dollars, except as noted)

Type of ownership and
type of construction

1968
1967

Nov. Dec.
Total construction

l

1969

1968
Jan.

Feb. Mar.

Apr.

May

June

July

Aug. Sept.

Oct. Nov,

54,514 61,732 4,863 4,543 4,766 4,802 5,003 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4,406

By type of ownership:
Public
Private i

19,039 19,597 1,558 1,278 1,546 1,572 1,632 1,791 2,536 2,326 2,352 2,605 1,719 1,626
35,475 42,135 3,305 3,265 3,220 3,230 3,371 4,104 4,545 4,118 3,947 3,918 3,420 4,615

By tyoe of construction:
Residential building '
Nonresidential building
Nonbuilding

21,155 24,838 2,043 1,743 1,746 1,820 1,957 2,546 2,620 2,548 2,296 2,394 1,952 2,290 1,675
20,139 22,512 1,992 1,849 2,145 1,885 1,772 2,136 2,680 2,357 2,402 2,460 2,013 2,502 1,566
13,220 14,382
828
951
875 1,097 1,274 1,213 1,780 1,538 1,600 1,669 1,174 1,149 1,165

Private housing units authorized...
(In thousands, S.A., A.R.)

1,141

1,330 1,425 1,463 1,403 1,477 1,421 1,502

1 Because of improved collection procedures, data for 1-family homes
beginning Jan. 1968 are not strictly comparable with those for earlier
periods. To improve comparability, earlier levels may be raised by approximately 3 per cent for total and private construction, in each case,
and by 8 per cent for residential building.




1,323

1,340 1,228 1,245 1,201 r l,183 1,159

NOTE.—Dollar value of construction contracts as reported by theF. 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 originalfigureshave been published.
Private housing units authorized are Census Bureau series for 13,000
reporting areas with local building permit systems.

JANUARY 1970 a

A 63

CONSTRUCTION

VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private

Public

Nonresidential
Period

Nonfarm
residential

Total
Total

BuUduigs
Total

Total

Industrial

Commercial

Other
buildings 1

Military

Highway

Other

Conservation
Others
&
development

1959
1960
1961
1962 3
1963*

55,305
53,941
55,447
59,667
63,423

39,235
38 078
38,299
41,798
44,057

24,251
21,706
21,680
24,292
26,187

14,984
16,372
16,619
17,506
17,870

2,106
2,851
2,780
2,842
2,906

3,930
4,180
4,674
5,144
4,995

2,823
3,118
3,280
3,631
3,745

6,125
6,223
5,885
5,889
6,224

16,070
15,863
17,148
17,869
19,366

1,465
1,366
1,371
1,266
1,189

5,761
5,437
5,854
6,365
7,084

1,121
1,175
1,384
1,524
1,690

7,723
7,885
8,539
8,714
9,403

1964
1965
1966
1967
1968

66,200
72 319
75,120
76,160
84 692

45,810
50.253
51,120
50,587
56,996

26,258
26,268
23,971
23,736
28,823

19,552
23,985
27,149
26,851
28,173

3,565
5,118
6,679
6,131
5,594

5,396
6,739
6,879
6,982
8,333

3,994
4,735
5,037
4,993
4,873

6,597
7,393
8,554
8,745
9,373

20,390
22,066
24,000
25,573
27,696

938
852
769
721
824

7,133
7,550
8,355
8,538
9,295

1,729
2,019
2,195
2,196
2,046

10,590
11,645
12 681
14 511
15,531

1968 Nov
Dec

87,812
88 068

59,014
58,899

30,152
30,937

28,862
27,962

6,271
5,905

8,262
8,046

4,716
4,449

9,613
9,562

28,798
27,169

1,132

852

9,444
9,605

2,005
2,155

16,497
14,277

1969 Jan

91 972
92*066
91 722
92,696
92 254
91 539
91 787
91 687
93 608
93 896
91,950

62 875 31 084 31 791
62 550 31 436 31 114
62 762 32 423 30 339
62,962 32,930 30,032
63 564 32,866 30 698
63 197 31 805 31 392
64 242 31 385 32,857
64 008 30,880 33,128
65 546 31,035 34,511
65 811 31 530 34 281
63^756 31,203 32,553

6 800
6 318
6,019
5,857
5,923
6,050
6,404
6,414
6,714
6 946
6,526

9 971
9 941
9 751
9,066
9 284
10 020
10,417
10,343
11,118
10 856
9,557

5 142
5 198
4 827
5,273
5,428
5 117
5,566
5,917
5,995
5 850
12,073

9 878
9 657
9 742
9,836
10,063
10 145
10,470
10,454
10,684
10 629
10,247

29 097
29 516
29 960
29,734
28 690
28 342
27 545
27,679
28,044
28 085
28,194

Feb

Mar r
Apt.'
May
Julvr
Sect

r

Nov

1 Includes religious, educational, hospital, institutional, and other buildings.
2 Sewer and water, formerly shown separately, now included in "Other."
3 Beginning July 1962, reflects inclusion of new series affecting most
private nonresidential groups.

1 044
1 024
1 039
1,196
1 003
949
792
863
920

4
Beginning 1963, reflects inclusion of new series under "Public" (for
State and local govt. activity only).

NOTE.—Monthly data are at seasonally adjusted annual rates. Figures
for period shown are Census Bureau estimates.

NEW HOUSING UNITS
(In thousands)
Units started
Private (S.A., A.R.)
Type of structure

Region
Total
North- North South
east Central

West

5-or
12-to 4- morefamily family family

1959
1960
1961
1962
1963

1,517
1,252
1,313
,463
,610

268
221
247
264
261

368
292
277
290
328

512
429
473
531
591

369
309
316
378
431

1,234

1964
1965
1966
1967
1968

,529
,473
,165
,292
,508

253
270
207
215
227

339
362
288
337
369

582
575
473
520
619

355
266
198
220
294

972
964
779
844
900

108
87
61
72
81

1968—Nov..
Dec..

,733
,509

193
196

396
345

810
659

334
307

905
922

86

1969—Jan...
Feb...
Mar..

,878
,686
,584
,563
.509
1,469
1,371
1,384
1,542
1,372
,287

316
216
265
255
243
236
193
189
155
173
141

564
578
430
358
345
288
285
388
380
307
259

760
662
554
582
587
604
551
529
620

238
230
335
368
334
341
342
278
387
364
329

1,066

88
112
92
86
84
76
65

Ma'y!
June.
July..
Aug..
Sept..
Oct.".
Nov.!1

528
558

1,021

975
828
797
883
808
765
723
849
770
767

69

69

93
98
91

Private and public
(N.S.A.)

Total

underwritten

(N.S.A.)

Private Public

Total

FHA

VA

1,554
1,296
1,365
1,492
1,642

1,517
1,252
1,313
1,463
1,610

37
44
52
30
32

458
336
328
339
292

349
261
244
261
221

109
75
83
78
71

121
104
90
118
151

450
422
325
376
527

1,562
1,510
1,196
1,322
1,548

1,529
1,473
1,165
1 292
1,508

32
37
31
30
40

264
246
195
232
283

205
197
158
180
227

59
49
37
53
56

191
216
217
240
318

742
516

130
100

127
96

2
3

22
21

18
16

4
4

28
24

724
599
664
680
542
585
541
592
603
504
429

106
95
136
160
158
151
127
128
133
124
97

102
90
132
159
156
147
125
125
129
122
94

4
5
4
1
2
4
1
3
4
2
3

18
17
23
27
25
26
26
27
23
30
22

14
13
19
23
21
22
21
22
18
25
18

4
3
4
4
4
5
5
4
5
5
4

27
28
32
35
33
35
33
35
36
40

283
257
339
471
589

995
974
991

NOTE.—Starts are Census Bureau series (including farm starts) except
in the case of Govt.-underwritten, which are from Federal Housing
Admin, and Veterans Admin, and represent units started, based on field




Mobile
home
shipments
(N.S.)

Government

Period

29

office reports of first compliance inspections. Data may not always add
to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufacturers Assn.

A 64

EMPLOYMENT a JANUARY 1970
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, unless otherwise indicated)
Civilian labor force, S.A.
Total noninstitutional
population
N.S.A.

Period

Not in the
labor force
N.S.A.

Total
labor
force
S.A.

Employed1
Total
Total

In nonagricultural
industries

In
agriculture

Unemployed

Unemployment
rate*
(per cent)
S.A.

1964
1965
1966
1967
1968
1969

127,224
129,236
131,180
133,319
135,562
137,841

51,394
52,058
52,288
52,527
53 291
53,602

75.830
77,178
78,893
80,793
82,272
84,239

73,091
74,455
75,770
77,347
78,737
80,733

69,305
71,088
72,895
74,371
75,920
77,902

64,782
66,726
68,915
70,527
72 103
74,296

4,523
4,361
3,979
3,844
3,817
3,606

3,786
3,366
2,875
2 975
2 817
2,831

5.2
4.5
3.8

19683-Dec

136,619

54,001

82,868

79,368

76,765

72,923

3,842

2 603

3.3

1969 Jan
Feb

136,802
136,940
137 143
137,337
137,549
137,737
137,935
138,127
138,317
138,539
138,732
138,928

55,091
54,361
54 373
54,200
54,464
51,857
51,617
52,081
53,790
53,501
53,812
54,072

83,351
83,831
83,999
83,966
83,593
83,957
84,277
84,584
84,902
85,014
84,788
85,029

79,874
80,356
80,495
80,450
80,071
80,433
80,756
81,054
81,359
81,486
81,295
81,589

77,229
77,729
77,767
77,605
77,265
77,671
77,874
78,187
78,127
78,325
78,497
78,779

73,477
73,848
74 035
73,941
73,460
73,966
74,323
74,553
74,669
74,993
75,068
75,274

3,752
3,881
3 732
3,664
3,805
3,705
3,551
3,634
3,458
3,332
3,429
3,505

2,645
2,627
2 728
2,845
2,806
2,762
2,882
2,867
3,232
3,161
2,798
2,810

3.3
3.3

Mar

Apr ..
May
July
Sept

Oct
Nov
Dec

1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force.
3 Beginning Jan. 1967, data not strictly comparable with previous data.
Description of changes available from Bureau of Labor Statistics.

3,8
3.6

3.5

3.4
3.5
3.5
3.4

3.6
3.5
4.0
3.9
3.4
3.4

NOTE.—Bureau of Labor Statistics. Information relating to persons 16
years of age and over is obtained on a sample basis. Monthly data relate
to the calendar week that contains the 12th day; annual data are averages
of monthly figures.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction

Transportation & public utilities

Trade

Finance

Service

Government

3,951
4,036
4,151
4,261
4,313
4,449

12,160
12,716
13,245
13,606
14,081
14,643

2,957
3,023
3,100
3,225
3,383
3,558

8,709
9,087
9,551
10,099
10,592
11,102

9,596
10,074
10,792
11,398
11,846
12,227

3,330

4,360

14,271

3,463

10,838

12,032

3,338
3 366
3 374
3 363
3,407
3,466
3,434
3 410
3,420
3,418
3,460
3,446

4,353
4 373
4,399
4,439
4,444
4,467
4,483
4,484
4,480
4,480
4,488
4,493

14,412
14,468
14,508
14,533
14,609
14,665
14,671
14,702
14,716
14,809
14,823
14,785

3,490
3,502
3,515
3,531
3,541
3,557
3,568
3,581
3,586
3,595
3,610
3,615

10,900
10 967
11 034
11,044
11,065
11,066
11,067
11,120
11,150
11,244
11,265
11,288

12,081
12 122
12 132
12 144
12,207
12,259
12,231
12 238
12,210
12,318
12,357
12,388

3,449

10,773

12,226

3,448
3 467
3,490
3,517
3,534
3,585
3,629
3,642
3,597
3,591
3,596
3,601

10,693
10,792
10,913
11,044
11,131
11,243
11,266
11,253
11,183
11,255
11,231
11,220

12,140
12,244
12,279
12,274
12,306
12,348
11,822
11,730
12,080
12,409
12,514
12,579

Total

17,274
18,062
19,214
19,447
19,768
20,120

634
632
627
613
610
628

3,050
3,186
3,275
3,208
3,267
3,410

68,875

1964
1965
1966
1967
1968
1969»

Manufacturing

58,331
60,815
63,955
65,857
67,860
70,138

Period

19,958

623

69,199
69 487
69 710
69 789
70,013
70,300
70,247
70 500
70 390
70 651
70 653
70,639

19,999
20 061
20 122
20 111
20,118
20,198
20,164
20 334
20 197
20 156
20,018
19,988

626
628

69,805

20,008

619

3.247

4,370

15,113

68 196
68 403
68,894
69,462
69 929
70 980
70,347
70,607
70,814
71 198
71 244
71,588

19 803
19 891
19,978
19,952
19 982
20 336
20,114
20,435
20,421
20 339
20 156
20,039

611

3,024
2 999
3,077
3,255
3,404
3,601
3,681
3,707
3,663
3,623
3 529
3,360

4,288
4,303
4,346
4,403
4,431
4,512
4,528
4,533
4,529
4,502
4,510
4,502

14,189
14,097
14,201
14,398
14,517
14,717
14,662
14,660
14,702
14,847
15,077
15,655

Mining

SEASONALLY ADJUSTED

1968

Dec

1969

Jan
Feb
Mar
Apr
May

.

July
Sept

Oct p
Nov.
Dec.P

. . . .

626
624

622
622
629
631
631
631
632

636

NOT SEASONALLY ADJUSTED

1968 —Dec
1969

.

Jan

Feb

Mar
Apr
May
July
Aug
Sept
Oct

Dec.?

610
610
619
624
638
645
647
639
632
631
632

NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period that includes the 12th of the month. Proprietors, self-employed
persons, domestic servants, unpaid family workers, and members of
the Armed Forces are excluded.




Data on total and government employment have been revised back
to 1964 due to adjustment of State and local government series to
Oct. 1967 Census of Governments.
Beginning with 1967, series has been adjusted to Mar. 1968 benchmark.

JANUARY 1970 a EMPLOYMENT AND EARNINGS

A 65

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted

Seasonally adjusted
Industry group

1968

1969

1969

Dec.

Nov.!"

Dec."

14,732

14,603

14,582

14,701

14,918

14,750

14,645

8,674
168
509
408
531
1,109

8,509
167
510
404
530
1,105

8,491
160
510
405
531
1,097

8,595
198
518
407
523
1,036

8,733
170
514
413
537
1,084

8,588
169
509
410
534
1,088

8,546
163
505
410
524
1,088

1,117
1,387
1,389
1,423
288
345

1,117
1,374
1,276
1,398
287
341

1,122
1,379
1,272
1,373
285
357

1,112
1,343
1,354
1,467
290
347

1,129
1,372
1,407
1,449
289
369

1,133
1,366
1,297
1,430
289
363

1,134
1,376
1,294
1,411
288
353

6,058
1,185
65
860
1,238
557

6,094
1,215
65
862
1,237
558

6,091
1,200
64
863
1,245
559

6,106
1,192
75
884
1,242
551

6,185
1,270
78
866
1,255
558

6,162
1,244
72
867
1,250
562

6,099
1,190
70
864
1,244
562

671
617
119
441
305

Printing, publishing, and allied industries
Chemicals and allied products
Petroleum refining and related industries.
Rubber and misc. plastic products
Leather and leather products

Oct.

6,099
1,202
69
883
1,243
549

Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and related products
Paper and allied products

Dec.

1,100
1,346
1,330
1,427
287
351

Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..

Dec.*

8,536
195
324
402
530
1,044

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

Nov.*

14,635

Total

Oct.

683
613
118
450
289

684
617
119
448
289

684
619
120
446
291

676
614
117
448
307

685
610
119
455
289

614
118
455
292

689
616
118
453
293

NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
the pay period that includes the 12th of the 'month.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
Industry group

1968

1969

Average weekly earnings
(dollars per week; N.S.A.)
1968
Dec.

1969
Oct.

1968

Dec.

Oct.

Nov.*

Dec.*

Total

40.8

40.5

40.5

40.6

127.82 131.87 132.36 134.15

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

41.3
41.3
41.1
40.5
42.0
41.6

41.2
40.1
40.0
39.9
41.7
42.2

41.1
40.5
40.3
39.9
42.1
41.6

41.2
40.3
40.8
40.1
42.0
41.5

137.61
141.28
107.16
105.32
128.21
152.67

142.42
141.05
113.93
108.81
137.57
160.55

142.14
144.43
113.32
108.81
138.09
159.39

144.77
144.43
114.09
110.84
136.59
160.61

41.7
42.2
40.2
41.8
40.5
39.0

41.4
42.4
40.2
41.3
40.7
38.8

41.4
42.4
40.1
40.5
41.0
38.8

41.8
42.5
40.2
41.0
41.7
38.8

136.50
148.17
J23.62
164.86
125.97
101.14

141.36
155.61
126.45
165.92
131.70
105.32

141.44
155.61
126.36
164.77
133.49
106.23

39.9
40.9
37.1
41.2
36.1
43.2

39.5
40.5
37.2
40.6
35.7
42.7

39.5
40.7
37.4
40.8
35.8
42.8

38.5
41.9
42.7
41.5
37.8

38.3
41.7
42.6
40.9
37.3

38.3
41.8
42.7
40.8
37.4

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

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




Nov.*

Average hourly earnings
(dollars per hour; N.S.A.)

Dec.*

Dec.

1969
Oct.

Nov.*

Dec*

3.11

3.24

3.26

3.28

3.30
3.38
2.62
2.55
3.06
3.67

3.44
3.50
2.82
2.68
3.26
3.85

3.45
3.54
2.84
2.70
3.28
3.85

3.48
3.54
2.81
2.71
3.26
3.87

144.40
159.10
129.34
168.05
138.51
107.25

3.25
3.47
3.03
3.87
3.08
2.58

3.39
3.67
3.13
3.96
3.22
2.68

3.40
3.67
3.12
3.98
3.24
2.71

3.43
3.70
3.17
4.03
3.29
2.75

39.8
40.6
36.8
41.0
36.2
42.7

113.08 117.51 117.91 119.60
117.96 120.88 122.70 124.03
96.14 96.77 98.74 100.61
94.85 98.57 99.46 100.19
81.36 83.77 84.13 84.84
136.90 142.33 142.76 143.09

2.82
2.87
2.55
2.28
2.26
3.14

2.96
2.97
2.52
2.41
2.34
3.31

2.97
3.00
2.64
2.42
2.35
3.32

2.99
3.04
2.69
2.42
2.35
3.32

38.8
41.9
42.9
41.1
37.5

139.65
141.46
159.56
126.12
88.32

3.59
3.36
3.79
3.01
2.30

3.77
3.54
4.06
3.13
2.40

3.78
3.55
4.08
3.13
2.43

3.81
3.58
4.04
3.14
2.43

144.77
147.62
173.36
129.27
88.80

144.77
148.75
174.22
128.64
90.88

149.35
150.72
170.89
130.31
92.58

A 66

PRICES

o JANUARY

1970
CONSUMER PRICES
(1957-59=100)

Health and recreation

Housing
All
items

Period

Food
Total

55 6
35 1

1929
1933
1941.
1945.

59 7
45 1
51.3
62.7

1958.
1959.

100.7
101.5

100 1

1960
1961
1962
1963.
1964.

103.1
104.2
105.4
106.7
108.1

101
10?
101
Ml
106

1965.
1966.
1967.

109.9
113.1
116.3
123 4
123.7

1968

Nnv
TV.C

1969

Tun

Feb
Mar

Apr
May
July
Sent
Oct

Nov

124 1
. .. 124 6
125 6
. .. 126 4
. . . 126 8
127 6
. . . 128 2
128 7
129 3
129 8
130.5
..
. . . .

44. 2
58. 4
101 9

61. 4
67. 5
ion 7

101 1

Rent

85. 4
60. 8

64.
66.

100 1
101 6

Fuel
oil
and
coal

Gas
and
electricity

45 2
53 6

Homeownership

88.3
86.4
99.8
100.6

99.7
103.8

100.3
102.8

100.1
104.4

100.4
102.4

100.8
102.4

99.8
101.8

107.0
107.9
107.9
107.8
107.9

101.5
101.4
101.5
102.4
102.8

102.2
103.0
103.6
104.8
105.7

103.8
105.0
107.2
107.8
109.3

105.4
107.3
109.4
111.4
113.6

108.1
111.3
114.2
117.0
119.4

104.1
104.6
106.5
107.9
109.2

104.9
107.2
109.6
111.5
114.1

103.8
104.6
105.3
107.1
108.8

a 107.8

107 8

108 f
111 1
114 i

108 q
110 4
11? 4

111. 4
115. 7
120. ?

10">

120

121 2

121. 7
122 3

116. 1
116. 7

131. 1
132. 0

122 n

122. 7

121
122
123
123
125
126
127
127
127
128

123
124
125
125
126
127
127
128

116. q
117. ?
117. ^

132. 7
133.
135. 7
137.
138. 0
138. 7
140. 0
141. 1
142. 6
143. 6

q
4
1

7
1
7
4
^
•>

1

1
4
1
8
1
0
8
6
!•><) ?
129 8

117 8
118 1
118 5

118.8

119 1

119.7

no
120

1
5

58.2
67.3

99.9
100.7

108 8
114 ?
in ?

107 ?

57.3
75.0

100.3
102.8

99 5
101 6
10?
104 0
101

4

47.6
63.6

care

0

<»q

103. 7
104. 4
105. A
107. 0
109.

101 q

tion

50.6
57.5

51.2
55.4

recrea-

Other
goods
and
services

100 ?

103. 1
104. 4
105.7
106. 8

103. 1

Reading
and

Personal
care

Medical

100 4
101 4

104. 8
106.0

4
6
6

Fur- Apparel Transand portanishings upkeep tion Total
and
operation

144 5

108 1
111 fi

108.1
108.5

103.1
105.0
108.4

106.8
109.6
114.0

111.1
112.7
115.9

115.6
119.0
123.8

122.3
127.7
136.7

109.9
112.2
115.5

115.2
117.1
120.1

111.4
114.9
118.2

115 q

109.9
110.0

114.8
115.1

124.0
124.3

121.2
120.2

132.4
132.8

148.2
149.1

122.8
123.4

128.0
128.2

125.4
125.6

116.7
116.9
117.2

110.2
110.2
110.6
111.2
111.2
111.3
110.9
111.5
112.0
112.2
113.2

115.2
115.8
116.4
116.9
117.4
117.9
118.2
118.5
119.0
119.3
119.6

123.4
123.9
124.9
125.6
126.6
127.0
126.8
126.6
128.7
129.8
130.7

120.7
122.0
124.3
124.6
124.0
124.6
124.3
124.2
123.6
125.7
125.6

133.3
133.7
134.3
135.1
135.7
136.3
137.0
137.7
138.4
138.6
139.1

150.2
151.3
152.5
153.6
154.5
155.2
155.9
156.8
157.6
156.9
157.4

123.7
124.1
124.8
125.5
125.8
126.2
126.6
126.8
127.3
127.3
127.8

128.4
128.4
128.7
129.6
130.2
130.4
130.7
131.2
131.6
132.0
132.3

125.6
125.8
126.1
126.6
126.9
127.9
129.1
130.1
131.3
132.2
133.1

116.2

117 4
117 1

117.5
117
117
118
118
118

4
7
4
9

NOTE.—Bureau of Labor Statistics index for city -wage-earners and
clerical workers.

WHOLESALE PRICES: SUMMARY
(1957-59=100)
Industrial commodities
Period

ProAll
com- Farm cessed
modi- prod- foods
and
ucts
ties
feeds Total

Tex- Hides, Fuel, Chem- Rubtiles, etc.
etc. icals, ber,
etc.
etc.
etc.

1958
1959

100.4 103.6 102.5 99.5 98.9 96.0
100.6 97.2 99.9 101.3 100.4 109.1

1960
1961
1962
1963
1964

100.7
100.3
100.6
100.3
100.5

96.9
96.0
97.7
95.7
94.3

100.0
101.6
102.7
103.3
103.1

101.3
100.8
100.8
100.7
101.2

101.5
99.7
100.6
100.5
101.2

MaNon- TransLum- Paper, Met- chin- Furni- me- porta* Misals,
ber,
tion cellaand ture, tallic equip- neous
etc.
etc. equip- etc. minetc.
erals ment1
ment

98.7 100.4 100.1 97.4 100.1 99.1 100.0 100.2 99.9
98.7 100.0 99.7 104.1 101.0 101.2 102.1 100.4 101.2

105.2 99.6 100.2
106.2 100.7 99.1
107.4 100.2 97.5
104.2 99.8 96.3
104.6 97.1 96.7

100 6
100 8

99.9 100.4 101.8 101.3 102.9 100.1 101.4
96.1 95.9 98.8 100.7 102.9 99.5 101.8
93.3 96.5 100.0 100.0 102.9 98.8 101.8
93.8 98.6 99.2 100.1 103.1 98.1 101.3
92.5 100.6 99.0 102.8 103.8 98.5 101.5

101 7
102 0
102 4
n.a. 103.3
n.a. 104.1

92.9 101.1 99.9 105.7 105.0 98.0 101.7
94.8 105.6 102.6 108.3 108.2 99.1 102.6
97.0 105.4 104.0 109.5 111.8 101.0 104.3

104.8
106.8
n.a. 109.2

102.5 98.4 106.7 102.5 101.8 109.2 98.9
105.9 105.6 113.0 104.7 102.1 119.7 101.3
106.1 99.7 111.7 106.3 102.1 115.8 103.6

97.4
97.8
98.4

1968 Nov
Dec

109.6 103.1 114.7 109.9 107.2 122.4 102.0
109.8 103.3 114.7 110.2 107.1 122.8 102.2

97.8 101.1 126.8 105.2 112.4 116.6 104.7 109.2 n.a. 112.5
97.7 101.1 133.5 105.2 112.8 116.7 105.0 109.3 100.0 112.5

1969 Jan
Feb

110.7
111.1
111.7
111.9
112.8
113.2
113.3
113.4
113.6
114.0
114.7

1965
1966
1967

. . . .

Mar

Apr
May
July
Aug
Sept
Oct
Nov
1

104.9
105.0
106.5
105.6
110.5
111.2
110.5
108.9
108.4
107.9
111.1

116.0
116.3
116.4
117.3
119.4
121A
122.0
121.5
121.3
121.6
121.8

110.9
111.4
112.0
112.1
112.2
112.2
112.4
112.8
113.2
113.8
114.2

For transportation equipment, Dec. 1968 = 100.




107.4
107.2
107.1
107.1
106.9
107.2
107.7
108.7
109.0
109.1
109.2

123.5
123.4
123.4
126.0
126.1
125.7
126.4
126.4
128 2
127.4
126.8

102.4
102.7
104.2
104.5
104.5
105.0
105.0
104.7
104 7
105.4
105.5

97.6
97.8
98.0
97.9
98.1
98.3
98.2
98.7
98 9
98.6
98.9

100.0
100.5
100.9
101.2
101.1
101.2
102.5
103.0
102.7
103.5
104.4

137.8
144.5
149.5
143.3
138.0
129.8
125.3
124.0
123.2
122.6
123.9

106.2
106.8
107.4
108.0
108.1
108.3
108.4
108.7
108.8
109.0
109.3

114.4
115.2
115.8
116.5
117.5
117.9
118.7
120.4
121.7
122.4
122.9

117.0
117.3
117.8
118.0
118.3
118.6
119.0
119.1
119.9
120.5
121.0

105.3
105.4
105.7
105.8
105.9
105.9
106.1
106.2
106.4
106.5
106.9

110.6
111.2
111.9
112.3
112.6
112.8
113.0
113 0
113 5
113.8
113.9

100.1
100.1
100.0
100.1
100.2
100.3
100.4
99.9
100.0
102.3
102.7

112.5
112 5
112.5
112.7
112.8
115.1
115 5
115 9
116,4
116.7
117.0

JANUARY 1970 • PRICES

A 67

WHOLESALE PRICES: DETAIL
(1957-59= 100)

1968

1969

1968

Group
Nov.

Sept.

Oct.

Nov.

109.4
82.0
103.9
87.6
71.2
132.4
167.6
107.3
106.9

103.4
83.4
119.2
89.0
66.4
135.6
122.5
105.7
110.6

101.3
84.8
118.7
85.3
66.1
136.8
113.8
101.2
116.7

125.3
81.7
116.6
86.3
66.0
137.6
139.8
103.4
115.9

119.3
107.7
130.0
114.1
117.9
110.6
78.2
76.2
90.0
99.9
118.5
117.3

120.4
122.9
133.4
116.6
127.2
113.1
104.0
79.8
85.0
102.1
121.2
119.3

121.2
120.2
130.7
116.0
127.7
115.0
118.3
88.4
88.9
104.7
131.6
119.9

121.9
120.5
131.2
116.3
127.9
116.0
123.0
97.0
91.1
106.5
127.2
119.5

105.4
104.6
93.0
172.0
111.8
110.1
125.2

105.9
105.0
92.1
181.2
116.2
107.3
121.4

105.8
104.5
91.6
183.9
116.5
108.0
127.2

106.0
104.6
91.5
184.6
116.7
108.0
129.6

107.0
113.8
131.7
113.3

128.7
121.7
134.9
117.9

118.0
120.3
135.2
118.4

110.4
119.6
135.5
118.6

111.0
117.0
120.4
102.0
99.7
99.2

115.9
120.3
123.0
103.5
104.5
101.8

120.6
126.9
128.7
103.7
104.5
101.6

123.5
126.9
128.8
103.4
104.5
101.6

97.9
115.9
91.9
93.5
73.4
96.7
80.8
110.2

98.2
119.2
93.3
94.0
102.1
87.4
81.0
113.9

97.6
120.3
93.9
94.0
98.9
86.3
80.2
114.3

97.8
120.3
93.1
94.2
100.5
86.7
79.6
114.9

86.7
99.5
108.3

90.6
99.2
110.7

89.7
100.6
111.7

88.7
101.7
113.0

136.2
Lumber
122.5
Millwork
112.6
Plywood
Other wood products (Dec. 1966= 100) 109.2

129.5
134.4
94.4
116.5

128.0
133.9
95.8
116.7

129.3
133.2
99.6
116.7

Hay and seeds
Other farm products.

Textile products and apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk yarns
Apparel
Textile housefumishings
Miscellaneous textile products

Sept.

Oct.

Nov.

Pulp, paper and products, excluding
building paper and board
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard..
Building paper and board

105.7
98.0
112.8
113.4
91.0
105.4
93.8

109.3
98.0
108.4
116.5
95.9
109.8
95.1

109.6
98.0
107.2
116.5
95.9
110.3
94.6

109.9
98.0
107.0
117.0
96.0
110.6
94.4

106.0
109.1
122.4
117.3
117.6
115.0
95.8
108.8
117.7

113.2
115.5
143.5
120.3
121.0
120.2
98.0
112.8
124.2

113.7
116.4
144.8
120.6
122.2
120.8
98.7
113.4
124.4

113.7
116.4
146.4
120.6
122.7
122.2
99.3
113.6
124.4

129.3
132.1
130.4

133.0
136.1
134.4

133.2
137.7
135.4

135.8
138.6
136.5

113.3

122.6

123.4

123.7

124.8
103.6
115.2

129.6
105.4
119.2

130.2
105.6
120.0

130.6
106.0
120.4

118.9
116.7
94.8
92.7
80.2
125.9

123.0
121.7
93.2
93.0
77.9
131.4

123.3
122.4
93.1
93.1
77.9
131.2

123.6
124.0
93.1
93.6
77.7
131.1

110.0
110.2
109.2

116.2
116.5
113.2

116.2
116.6
113.5

116.2
116.7
113.6

115.2
112.6
96.8
106.2
110.3
106.8

117.5
117.2
96.7
106.1
116.1
109.6

117.8
117.2
96.7
105.9
116.1
110.6

118.5

106.6
108.5

106.1
114.4

108.7
115.1

109.0
115.1

109.2
116.5
100.7
113.0
111.9

112.1
123.8
106.7
113.9
114.3

112.3
123.8
106.7
114.9
114.8

112.8
124.0
107.2
115.0
114.9

Metals and metal products:

Processed foods and feeds:
Cereal and bakery products
Meat, poultry, and fish
Dairy products
Processed fruits and vegetables
Sugar and confectionery
Beverages and beverage materials....
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Manufactured animal feeds

Nov.
Pulp, paper, and allied products:

Farm products:
Fresh and dried produce.
Grains
Livestock
Live poultry
Plant and animal fibers..
Fluid milk

1969

Group

Iron and steel
Steelmill products
Nonferrous metals
Metal containers'.
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Miscellaneous metal products
Machinery and equipment:
Agricultural machinery and equip...
Construction machinery and equip.
Metalworking machinery and equip
General purpose machinery and
equipment
Special industry machinery and
equipment (Jan. 1961= 100)
Electrical machinery and equip
Miscellaneous machinery

Hides, skins, leather, and products:
Furniture and household durables:
Hides and skins
Leather
Footwear
Other leather products.
Fuels and related products, and power:
Coal
Coke
Gas fuels (Jan. 1958- 19©)
Electric power (Jan. 1958= 108)
Crude petroleum
Petroleum products, refined
Chemicals and allied products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Agricultural chemicals and products.
Plastic resins and materials
Other chemicals and products
Rubber and products:
Crude rubber
Tires and tubes
Miscellaneous rubber products.
Lumber and wood products :

NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to
incorporate (1) new weights beginning with Jan. 1967 data and (2) various




Household furniture
Commercial furniture
Floor coverings
Household appliances
Home electronic equipment
Other household durable goods. . .
Nonmetallic mineral products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products excluding
refractories
Refractories
Asphalt roofing
Gypsum products
Glass containers
Other nonmetallic minerals

117.2
94.0
109.8
116.1
110.6

Transportation equipment:
Motor vehicles and equipment
Railroad equipment (Jan. 1961= 100)
Miscellaneous products:
Toys, sporting goods, small arms,
ammunition
Tobacco products
Notions
Photographic equipment and supplies
Other miscellaneous products...

classification changes. Back data not yet available for some new classifications.

A 68

NATIONAL PRODUCT AND INCOME n JANUARY 1970
GROSS NATIONAL PRODUCT
(In billions of dollars)

Item

1929

1933

1941

1950

1964

1965

1966

1967

1968

1968
III

Gross national product
Final purchases
Personal consumption expenditures...
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment.
Residential structures
Nonfarm
Change in business inventories
Nonfarm

103.1
101.4
77.2
9.2
37.7
30.3

55.« 124.5 284.8 632.4
57.. 120.1 278.0 626.6
45.8 80.6 191.0 401.2
9.6 30.5 59.2
3.5
22.3 42.9 98.1 178.7
62.4 163.3
28.
20.

IV

II

876.4 892.5 908.7 924.8
869.. 882.0 902.1 917.9
544.9 550.7 562.0 572.8
85.8 86.3 88.4 90.6
233.3 234.3 238.6 242.1
225.8 230.1 235.0 240.1

III
942.8
932.0
579.8
89.8
245.1
244.9

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

17.9
13.4
9.5
2.9
6.6
3.9
3.7
4.5
4.0

54.1
47.3
27.9
9.2
18.7
19.4
18.6
6.8
6.0

94.0 108.1 121.4 116.0 126.3 125.2 133.9 135.2 137.4 143.3
88.2 98.5 106.6 108.6 119.0 118.0 123.4 128.6 750.5 132.5
61.1 71.3 81.6 83.7 88.8 88.1 91.5 95.3 97.4 101.1
21.2 25.5 28.5 27.9 29.3 29.0 30.1 32.3 32.1 34.7
39.9 45.8 53.1 55.7 59.5 59.1 61.4 63.0 65.7 66.4
27.1 27.2 25.0 25.0 30.2 29.9 31.9 33.3 32.7 31.4
26.6 26.7 24.5 24.4 29.6 29.4 31.4 32.8 32.2 30.9
5.8
6.9 10.7
7.2 10.5
7.3
7.4
9.6 14.8
6.6
6.4
7.5 10.7
7.4
6.8
8.6 15.0
6.7 10.3
6.6

1.8
13.8
12.0

8.5
37.
28.6

Net exports of goods and services.
Exports
Imports

1.1
7.0
5.9

.4
2.4
2.0

1.3
5.9
4.6

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
13.8
3.1
7.9

Gross national product in constant (1958)
dollars.

S84.9 749.9 793.5 865.7
675.3 735.1 786.2 858.4
432.8 466.3 492.3 536.6
66.3 70.8 73.0 83.3
230.6
206.9 215.
191.
175.5 188.6 204.2 222.8

1969

6.9
39.2
32.3

5.3
43.4
38.1

5.2
46.2
41.0

2.5
50.6
48.1

1.2
50.6
49.4

3.6
53.4
49.7

1.5
47.6
46.1

1.6
57.1
55.5

2.7
57.8
55.2

37.9 128.7 137.0 156.8 180.1 200.3 202.5 206.7 210.0 212.9 217.0
18.4 65.2 66.9 77.8 90.7 99.5 100.9 101.9 101.6 100.6 103.2
14.1 50.0 50.1 60.7 72.4 78.0 78.8 79.3 79.0 78.5 80.3
4.3 15.2 16.8 17.1 18.4 21.5 22.1 22.5 22.6 22.1 22.9
19.5 63.5 70.1 79.0 89.3 100.7 101.7 104.8 108.5 112.3 113.8

203.6 141.5 263.7 355.3 581.1 617.8 658.1 674.6 707.6 712.8 718.5 723.1 726.7 730.6

NOTE.—-Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series,

see the Survey of Current Business, July 1968, July 1969, and Supplement,
Aug. 1966.

NATIONAL INCOME
(In billions of dollars)

1929

1933

Item

1941

1950

1964

1965

1966

1967

1968

1968
III

1969
IV

National income

86.8

40.3 104.2 241.1 518.1 564.3 620.6 654.0 714.4 724.1 737.3 751.3 765.7 780.6

Compensation of employees

51.1

29.5

Wages and salaries
Private
Military
Government civilian

SO.4
45.5
.3
4.6
.7

29.0
23.9
.3
4.9
.5

.1
.6

.1
.4

Rental income of persons

15.1
9.0
6.2
5.4

Corporate proBts and inventory valuation
adjustment

10.5 - 1 . 2

Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm

Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest

10.0
1.4
8.6
5.8
2.8
.5
4.7

64.8 1S4.6 365.7 393.8 435.

532.3 546.0 558.2 571.9
470.7 482.1 493.3 504.3 516.9
62.1 146.8 333.7 358.9 394. 423.5 465
372.7 382.8 392.5 402.0 410.2
51.9 124.4 269 A 289.6 316.8 337.3 369
18. 0 18.7 18.3 18.2 18.4 20.1
16.
5.0 11.7 12.1 14,
1.9
78. 0 79.3 80.9 82.5 84.0 86.6
63.1 70.
17.4 52.6 57.
8.3
41.0 43.
2.7
7.8 32.0
48. 6 49.1 50.2 52.7 53.8 55.0
4.0
3.8
37.5
24.0
13.5

15.4
16.6

16.
18.7

20.
20.

22.

24. 4
24.

24.7
24.5

25.3
25.0

27.3
25.

27.9
26.0

28.6
26.4

5.9
3.3
2.6

2.0
.7
17.5
11.1
6.4

52.3
40.2
12.1

57.3
42.4
14.8

61.3
45.
16.

61.!
47.:
14.'

63. 8
49.2
14.6

64.1
49.3
14.8

64.1
49.7
14.4

64.6
49.7
14.9

66.5
50.
16.4

67.3
50.5
16.8

2.0

3.5

9.4

18.0

19.0

20.

20.8

21.2

21.2

21.4

21.5

21.6

21.7

15.2

37.7

66.3

76.1

82.4

79.2

87.9

90.6

90.3

89.5

89.2

88.8

17.7
7.6
10.1
4.4
5.7

42.6
17.8
24.9
8.8
16.0

66.8
28.3
38.4
17.8
20.6

77.8

84.2
34.3
49.9
20.8
29.1

80.3
33.0
47.3
21.5
25.9

91.1
41.3
49.8
23.1
26.7

41.4
50.0
23.6
26.5

94.5
42.9
51.6
23.8
27.8

95.5
43.4
52.2
23.8
28.4

95.4
43.6
51.8
24.3
27.5

92.5
42.3
50.2
24.9
25.4

-2.5

-5.0

-.5

-.9

-4.2

-6.1

-6.2

-3.7

3.2

2.0

15.8

28.4

29.3

29.8

30.3

30.9

1.0
.5
.•*

2.0
-1.6
-2.1
4.1

NOTE.—Dept, of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.




31.3

46.5
19.8
26.7

-1.7 -1.8 -1.1 -3.2
18.2

21.4

24.7

28.0

A 69

JANUARY 1970 a NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1969

1968
1929

Item

1933

1941

1950

1964

1965

1966

1967

1968
III

103.1
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments

7.0

8.2

18.3

7.0
.(

7.1

11.3

23.3
1.5

.1

—. 1
86.8

Equals: National income
Less: Corporate profits and inventory valu-

73.3

73.7

74.6

75.9

77.2

78.6

58.4 62.5 65.7
77.9
70.1
3.4
3.2
3.0
2.7
2.5
— 1.3 — 3.1 — 1.0 — 1.0 —2.5

79.4
3.4
—3.3

81.4
3.5
-3.4

83.3
3.5
-4.2

85.7
3.6
-6.5

88.0
3.6
-6.9

1.1

.9

1.1

.9

1.1

56.1

I •

15.2
2.8

37.7
6.9

66.3
27.9

g

1.5

2.6

14.3

2.5
5.8
.6

1.6
2.0

2.2
4.4
*

7.2
8.8
.8

85.9
Less: Personal tax and nontax payments....

2.6
83.3

Equals: Disposable personal income
Personal consumption expenditures.
Consumer interest payments
Personal transfer payments to for-

79.1
77.2
1.5

1.3

1.3

10. i

Business transfer payments

59.8

63.9

2.3

68.6

1.4

.8

40.3 104.2 241.1 518.1 564.3 620.6 654.0 714.4 724.1 737.3 751.3 765.7 780.6

Contributions for social insurance....
Excess of wage accruals over disbursePlus: Government transfer payments
Net interest paid by government and

III

55.6 124.5 284.8 632.4 684.9 749.9 793.5 865.7 876.4 892.5 908.7 924.8 942.8

7.9

.6
Plus: Subsidies less current surplus of g o v

II

I

IV

.7
47.0
1.5
45.5
46.5
45.8
.5

79.2
42.4

87.9
47.0

41.1

48.8

55.8

22.2
20.8
3.0

23.6
21.5
3.2

26.1
23.1
3.4

76.1
29.6

82.4
38.0

34.2

37.2

19.1
17.8
2.5

20.5
19.8
2.7

90.3
48.6

89.5
52.7

89.2
53.8

88.8
55.1

56.7

58.1

60.1

61.3

62.5

26.4
23.6
3.4

27.4
23.8
3.5

27.9
23.8
3.5

28.5
24.3
3.6

28.9
24.9
3.6

90.6
47.6

96.0 227.6 497.5 538.9 587.2 629.4 687.9 696.1 711.2 724.4 740.5 756.5
3.3

20.7

59.4

65.7

75.4

82.9

97.9

102.6

107.0

114.2 118.5 117.5

92.7 206.9 438.1 473.2 511.9 546.5 590.0 593.4 604.3 610.2 622.0 639.0
81.7 193.9 411.9 444.8 479.3 506.2 551.6 560.2 566.2 577.7 588.8 596.0
80.6 191.0 401.2 432.8 466.3 492.3 536.6 544.9 550.7 562.0 572.8 579.8
12.4
.9
15.2
14.7
14.4
14.2
13.1
11.3
10.1
2.4
15.4
15.0

.3

.2

.2

.5

.6

.7

.6

.8

.8

.8

.7

.7

.7

.8

4.2

-.9

11.0

13.1

26.2

28.4

32.5

40.4

38.4

33.2

38.0

32.5

33.3

43.1

Disposable personal income in constant (1958)
150.6 112.2 190.3 249.6 407.9 435.0 458.9 477.7 497.6 498.9 502.1 502.6 506.2 514.1
NOTE.—Dept, of Commerce estimates. Quarterly data are seasonally
adjusted quarterly totals at annual rates. See also NOTE to table opposite.

PERSONAL INCOME
(In billions of dollars)
1969
Item

1967
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov."

Total personal income

629.4 687.9 711.5 716.0 718.7 723.9 730.7 735.6 740.0 746.1 751.4 757.5 760.7 763.7 766.9

Wage and salary disbursements
Commodity-producing industries...
Manufacturing only
Distributive industries
Service industries
Government

423.5 465.0 482.2
166.5 181.5 187.
145.9 150.5
134.
100.3 109.2 113.5
70.5 78.3 82.0
86.2 96.0 99.1

485.8
189.6
151.8
113.3
83.0
99.9

489.3
190.1
152.4
114.6
84.5
100.1

492.6
190.6
152.5
115.6
85.6
100.8

497.9
193.8
154.9
116.4
86.3
101.4

500.8
195.2
155.S
117.
86.4
101.9

503.8
196.
156.3
118.3
87.0
102.3

508.5
198.3
157.8
119.5
87.8
102.9

512.8
198.9
158.5
120.1
88.0
105.9

517.9
201.0
160.5
121.4
88.8
106.8

519.9
201.5
160.7
121.8
89.4
107.2

522.
201.8
160.6
122.3
90.3
107.8

524.4
201.4
159.6
123.2
91.4
108.3

Other labor income.

22.1

24.2

25.0

25.1

25.3

25.5

25.6

25.8

25.9

26.

26.3

26.4

26.6

26.8

26.9

Proprietors' income
Business and professional.
Farm

61.9
47.2
14.7

63.8
49.2
14.6

64.0
49.7
14.3

64.2
49.8
14.4

64.0
49.5
14.5

64.7
49.8
14.9

65.0
49.

65.8
50.0
15.8

66.5
50.1
16.4

67.3
50.4
16.9

67.3
50.5
16.8

67.3
50.5
16.8

67.3
50.5
16.8

67.3
50.6
16.7

67.2
50.6
16.6

Rental income

20.8

21.2

21.4

21.4

21.4

21.5

21.5

21.6

21.6

21.7

21.7

21.7

21.8

21.8

Dividends

21.5

23.1

24.0

23.6

23.6

23.8

24.2

24.3

24.5

24.6

24.8

25.1

25.3

25.4

Personal interest income

48.3

54.1

56.7

57.3

57.4

57.6

Transfer payments

52.0

59.2

61.5

62.

63.0

63.5

20.6

22.6

23.2

23.4

25.3

25.3

Less: Personal contributions for social
insurance
Nonagricultural income.
Agriculture income

24.1
57.9
64.3
25.6

58.4

58.8

59.2

59.5

59.8

60.2

60.6

61.1

64.7

64.9

65.2

65.7

66.

66.4

66.7

67.1

25.7

25.8

26.

26.4

26.6

26.7

26.9

27.0

609.7 667.9 691.5 695.9 698.5 703.1 709.5 713.8 717.7 723.4 728.8 734.9 738.1 741.3 744.4
22.6
22.6 22.5 22.5
19.7 20.1 20.0 20.1 20.2 20.7 21.2 21.8 22.3 22.7 22.6

NOTE.—Dept, of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table opposite.




15.3
21.5

A 70

FLOW OF FUNDS n JANUARY

1970

SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(In billions of dollars)
1967
Transaction category, or sector

1965

1966

1967

1968

1968
III

II

IV

1969

III

IV

Funds raised, by type and sector
1
2
3
4

Total funds raised
by nonfinancial sectors
U.S. Government
Public debt securities
Budget agency issues

5 All other nonfinancial sectors
6
Capital market instruments
7
Corporate equity shares
8
Debt capital instruments
9
State and local govt. sec....
10
Corporate and fgn. bonds..
11
Mortgages
12
Home mortgages
13
Other residential
14
Commercial
15
Farm
16
17
18
19
20

Other private credit
Bank loans n.e.c
Consumer credit
Open market paper
Other

21 By borrowing sector—
22
Foreign
23
State and local governments...
24
Households
25
Nonfinancial business
26
Corporate
27
Nonfarm noncorporate
28
Farm

70.4

«S.5

82.fi

97.4

72.1

1.7
1.3
.4

3.5
2.3

13.0

1.2

8.9
4.1

13.4
10.3

10.1 - 9 . 9
4 . 6 -17.1
5.5

7.2

31.6
31.6

20.3
16.6

20.2
19.3
.9

9.3
4.8
4.4

68.7
39.1

64.9
39.9

69.6
48.0

»4.1
50.5

62.0
39.8

62.5
43.3

70.6
53.3

S2.7
55.7

74.0
48.4

72.3
44.2

38.8

39.0

45.7

51.2

39.0

41.4

50.4

51.8

46.8

44.6

11.0
22.3
11.4
3.1
5.7
21

15.9
22.0
11.6

14.0
27.3
15.2

14.7
17.1

14.6
18.5

15.3
27.3
15.7

4.0
18

4.7
I7

25.0
10.3

21.6

6.6
2I
33.6
13.4
11.1

12.6
26.3
15.0
3.0
6.0
24

13.7
25.5
14.6

4.7

18.9
25.3
14.1
3.9
4.9
25

19.2

17.4

8.9
4.0
3.6
2.8

4.6
5.5
-.1
7.4

25.6

28.1
10.8

1.6
7.5

9.2
3.2
4.1
5.7

27.0
15.9

62.0

.3

7.3
5.9

25.6
15.4
3.6

4.4
2 2
29.5
14.2
10.0

.9

5.7

2.4
7.7

3.6

7 1
£. I

3.0

-.7

9.9

3.5

-.3
5.7

7.2
1.0
6.4

9.6
4.6
2.1
5.2

68.7

64.9

69.6

84.1

19.7
37.9
29.3

10.2
31.8
39.1
31.0

2.6
7.6

28.8
29.6
20.5
5.8
3.3

1.5
6.4

23.2
33.8
25.4
5.0
3.5

4.1
7.9

5.0
3.5

3.0

5.2
2.9

.8

7.2
8.0
3.2

22.2

52.6 102.2 103.0

1.9

8.3
8.7
3.3

*

2.9
6.1

3.7

3.8

9.3

4.0

5.1
? «

94.2

1.5

7.9

5.2
.9
5.0

6.5
9.1
1.1
8.9

74.0

81.5 117.7

-.4

5.4

3.1
5.6

X.J

9.5

-1.1

8.8

72.3

62.5

70.6

82.7

5.2
7.2

3.9
8.5

3.8
6.6

3.3
9.3

4.4
8.2

2.0
5.5

15.2
34.3
27.5

16.4
33.7
26.7

19.5
40.7
30.2

27.4
42.7
33.0

29.4
32.0
25.7

29.1
35.6
26.6

3.6
3.2

3.9
3.1

7.0
3.5

5.6
4.1

3.0
3.3

95.2

29.3 - 5 . 5
24.4 - 7 . 5
4.9

2.0

96.3
- . 4 -18.7
- . 4 -22.5
-.1
3.8

2
3
4

88.4 100.7 96.7 107. S
50.5 59.0 56.1 55.9
1.7
.2
-1.8 -2.0
52.3 61.1 56.0 54.2
12.5 13.8 11.5 11.5
13.2 16.5 16.3 14.7
26.6 30.8 28.2 28.0
14.6 16.6 16.3 16.2
4.3
3.7
4.2
3.6
5.1
8.2
6.6
5.9
2.4
2.2
1.9
1.8
37.9
13.4
13.0
6.2
5.3

41.6
22.5
11.9
.2
7.0

88.4 100.7

40.6
15.1
9.9
5.7
9.8

51.6
17.9
10.4
5.2
18.1

2.6

2.9

12.8
33.0
39.9
31.1

14.3
34.7
48.7
40.7

96.7 107.5
8.2
5.7
12.1 11.8
30.9 33.1
47.9 54.4
38.7 43.6
7.2
5.8
2.0
S.O

81.5 117.7

95.2

96.3

88.8

4.8
-.5
1.2
1.7

2.9
-.8
1.7
2.5

5.1
-.2
4.8
5.0

5.9
-1.1
6.5
7.6

5.8
3.2

6.0
2.8

5.8
2.2

Funds advanced directly in credit markets
1 Total funds raised
Advanced directly by—
U.S. Government
U.S. Govt. credit agencies, net...
Funds advanced
Less funds raised in cr. mkt...

2
3
4
5

6
7
8
9
10
11
12
13

Federal Reserve System
Commercial banks, net
Pvt. nonbank finance
Savings institutions, net
Insurance
Finance n.e.c, net
Funds advanced
Less funds raised in markets,

14

Foreign

15
16
17
18
19

Pvt. domestic nonfinancial
Business
State and local governements.
Households
Less net security credit

97.4 72.1

52.6 102.2 103.0

94.2

3.4

6.1
.5
6.0
5.6

70.4

68.5

S2.6

2.8
•
2.2
2.3
3.8
28.3

4.9
.3
5.1
4.8

4.6
.5
-.1
-.6

5.2
3.5

-1.4

-3.4
-4.5

4.8

3.7

4.3

3.8

30.1
13.7
17.9
-1.4
6.9
8.3
-.3

5.6
1.0
2.5
2.5

3.5

2
3i2

8.1
2.6
1.2

3.9
1.1

39.0 41.0 21.5
25.9 36.1 33.5 30.1 41.3
7.8
16.9 14.5 14.7 20.8
19.3 20.4 21.5 19.0 21.7
-1.3 -1.2 -2.5 -3.6 -1.1
9.8
3.5 - 5 . 4
4.4
5.8
7.1 - 4 . 2
5.6
7.1
12.3
16.7

36.8

-1.8

2.8

19.1 - 3 . 0
3.6
3.4

*
1.2

11.9 - 2 . 0
-.2

2.2

2.5

1.5

3.0

13.8 - 1 5 . 5 - 2 1 . 9
9.0 - 4 . 0 - 6 . 0
*
.7 - 1 . 2
5.5 - 1 1 . 6 - 1 3 . 2
1.4 - 1 . 4
2.7

-1.5

-.3
1.2

2.9
*
2.2
2.2

7.1
-.1
4.0
4.1

1

.1
7.2 -2.9
2.3
6.3
4.3
7.3
15.3
4.6
35.0 19.4 22.8 66.7 47.1
28.7 33.7 34.4 32.6 33.0 31.6 35.8
11.6 15.5 15.7 14.2 12.6 16.3 16.2
18.5 21.5 21.0 20.5 23.0 20.8 21.0
.9 - 1 . 4 - 3 . 3 - 2 . 3 - 2 . 1 - 2 . 6 - 5 . 5 - 1 . 4
8.8
3.5
3.9
19.4 7 . 2 - 6 . 7 17.1
15.3
18.5
9.9 - 1 . 2
6.8
5.3
11.1 21.5
14.4
-.1
9.4
3.1
- . 5 -2.3
4.9
1.8
.4 14

3.9

49.6
44.0
20.5
22.6

1.0
.2
1.7
2.6
3.5

24.2
9.5
4.5

14.0
3.9

20.7
10.5
.6

16.3
-3.3

13.3
10.2
-1.9
9.5
4.5

.7

6.5
6.3
.9
2.8
3.6

95.2

3.8
8.4
3.1

-7.0

21.8
-2.8

30.2
15.9
6.9
6.8
-.6

15
16
17
18
19

96.3

88.8

1

55.2
21.2
9.3

Sources of funds su jplied to credit market s

2
3
4
5
6
7

Total borrowing
by nonfinancial sectors
Supplied directly and indirectly by
pvt. domesticnonfin. sectors:..
Total
Deposits
Demand dep. and currency.
Time and svgs. accounts...
At commercial banks. .
At savings instlt

8
9
10
11

Credit mkt. instr., net
U.S. Govt. securities
Pvt. credit market instr
Less security debt

1

Other sources:
12
Foreign funds
13
At banks
14
Direct
15
16
17
18

Chg. in U.S. Govt. cash bal
U.S. Government loans
Pvt. insur. and pension res
Sources n.e.c




70.4

68.5

82.6

97.4

72.1

52.6 102.2 103.0

94.2

81.5 117.7

46.3
40.7

42.8
23.7

47.7
50.6
11.6
39.1
22.3
16.7

58.1
44.3
11.2
33.1
20.5
12.6

43.3
58.7
11.2
47.6
30.2
17.3

29.2
51.0
10.0
41.1
21.4
19.7

55.3
54.2
14.2
40.1
22.3
17.8

62.5
38.3
10.8
27.5
15.5
12.0

63.1
32.4

47.5
34.3
15.4
18.9

1.0
8.8

24.2
15.1
12.9

8.0

4.0

32.7
19.5
13.1

19.7
12.5

5.6
2.5
3.5
.3

10.4
-.2

2.0
2.2

.7
2.5

5.0
2.2
2.8

4.0
1.5
2.5

.8
1.1
-.3

7.2

19.1 - 3 . 0
8.5 -2.8

-1.8

13.8 - 1 5 . 5 -21.9
8.9 -16.2 -18.9
6.3
y -.2
1.4

2.7

*

-1.5

1.5

5.1
2.1
3.0

3.5
7.2
5.4
1.8

7.5
2.6
4.9

-.4
4.9

1.2
4.6

-1.2

2.8

5.2

8.1

3.9

3.4

3.8
2.9

16.7

18.7

18,2
13.2

17.1

19.1

19.8

18.6

5.8

3.8

5.6

4.9

7.3

14.0
2.5

29.7
16.7
13.0

30.7
14.5
12.9
3 . 9 - 3.3

15.7

-1.0

- 1 . 3 -11.8

-4.2

2.7

7.7

2.1
2.6
-.5

6.4

12.4
13.3
4.4

57.6
53.9
10.9
43.0
31.2
11.8
3.8
6.8

13.4 -2.3
4.5

.7

1.8
4.1

7.1
4.0
3.1

-2.3
-5.3 -16.2
6.1

7.1

16.4
11.8

17.5
23.8

63.0 58.5 42.3
3.3 12.1
56.6
15.7 - 1 . 9 17.6
5 . 2 -5.6
40.8
27.5 -9.2 -14.3
13.3 14.4
6.5 55.2 30.2
9.5
21.6 -4.7
.5 30.7 34.3
-.6
3.6 - 2 . 8
4.9

-4.5

9.4

26.4 -9.6
4.8
2.9
19.1 19.6
2.7

14.4

13.3
12.9
.4
- 5 . 7 -9.2
5.9
5.1
15.0 20.2
16.3
9.8
13.6
13.7
1

JANUARY 1970 n FLOW OF FUNDS

A 71

PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1968
Transaction category, or sector

1965

1966

1967

1968

III

1969

IV

Demand deposits and currency
1 Net incr. in banking system liability.
2
U.S. Government deposits
3
Money supply
4
Domestic sectors
5
Households
6
Nonfinancial business
7
State and local governments
8
Financial sectors
9
Mail float
10
Rest of the world

2.6 14.3 10.7 10.6 - . 5
7.«
1.1 - 1 . 3 - 1 . 4 -11.9
-1.0 - . 4
8.6
3.0 13.2 12.0 12.0 11.4
3.9 12.6 12.2 12.3 10.5
8.3
6.9
3.1 11.4
7.2
6.4 10.1
1.3 - 4 . 1 - 1 . 3
-1.4
.7 - 2 . 1
1.1
-.2
.4 - . 8
-.4
1.0
.3
1.1
.5
1.9
.3
2.5
2.0
8'.4
2.7
.3 - 1 . 0
-.2
.6 - . 2
.9

30.4 16.7
3.8
14.0
16.3 12.9
15.4 12.2
12.6 16.1
3.0 - 5 . 8
- . 2 -1.2
1.4
1.3
1.8
-1.3
.9
.7

.1 39.1
7.2
-3.7
- 5 . 6 - 1 6 . 2 26.3 - 9 . 6
1.8 16.3 12.8 16.8
1.2 17.0 13.5 17.0
-10.3
8.6 15.5 13.5
7.1
3.5 - 1 . 3 - 4 . 3
4.1
.6
1.6 - 1 . 9
1.3
2.6
-1.5
1.6
5.2
2.5
1.7 - 1 . 4
-.2
-.7
.6 - . 7

8.0
-7.9
2
-5.5 - 9 . 1
- 2 . 4 17.1 3
- 3 . 5 17.6 4
- 9 . 0 17.6 5
6
5.9 - 1 . 1
2.0 7
-1.0
8
-1.7
9
2.3
1.2 - . 5 10

Time and savings accounts
1 Net increase—Total
2
At commercial banks—Total.
3
Corporate business
4
State and local government:
5
Foreign
6
Households

33.1
20.0
3.9
2.4
.6
13.3

20.2
13.3
-.7
1.3
.8
11.9

40.8
23.8
4.1
2.4
1.4
15.8

33.0
20.6
2.2
3.2
*
15.1

49.6
32.0
7.8
5.2
1.2
17.2

44.8
24.3
*
3.5
2.4
17.9

40.6
22.6
3.8
.5
.8
18.0

28.2 29.2 19.1 43.8
16.3 16.3
6.2 32.3
9.5
5.0 - . 1 8 - 3 . 2
.8
5.2
1.3
.5
1.2 — .7 — 4 1.0
16.5
8.3
17.6
9.9

7

13.1

7.0

17.0

12.4

17.6

20.5

18.0

11.8

12.9

12.9

11.5

12.4

14.7

8.9

8.5
3.6
1.0

3.6
2.6
.8

10.7
5.1
1.2

7.3
4.1
1.1

11.2
5.3
1.1

13.1
6.0
1.4

11.9
5.0
1.1

6.5
4.2
1.1

7.7
4.4
.9

7.6
4.0
1.3

7.2
3.4
.9

6.8
4.5
1.2

8.8
4.1
1.8

5.0
2.7
1.2

8
9
10

13.1
*

7.2
-.2

16.7
.3

12.6
-.2

17.3
.3

19.7
.8

17.8

12.0
-.2

13.0

12.4
.5

11.8 13.3
-.3 -1.0

14.4
.3

8.8
.1

11
12

13.0

31.2 - 3 . 3

4.7
-.5
.1
.3
5.0
-.3

-11.0
-.4
-22.1
3.9
7.6

8
9
10
11
12

At savings institutions
Liabilities—
Savings and loan assns..
Mutual savings banks
Credit unions
Assets
Households
Cr. union deps. at S & L'

5.3 - 6 . 4
39.9
27.5 - 9 . 5 - 1 5 . 3
4.1 - 1 7 . 0 - 1 1 . 5
5.7 - 6 . 2 - 3 . 9
— 1 — 1 -.9
1.1
17.8 14.0

U.S. Government securities
1 Total net issues
2
Household savings bonds
3
Direct excluding savings bonds
4
Budget agency issues
5
Sponsored agency issues
6
Loan participations

3.8
.6
.7
*
2.1
.4

8.7
.6
1.8
•
5.1
1.3

12.6

16.7

.9
8.0
.2
-.6
4.0

.5
9.8
1.4
3.2
1.7

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 nonfin
21
Savings bonds—Households,
22
Direct excl. savings bonds.. •
23
Agency issues

3.8
*
.1
-.2
.3
3.7
-.2
2.3
3.1
.8
-.1
-.6
.5
2.5
.6
.7
1.2

8.7
1.3
1.0
.3
.6
3.5

12.6

16.7

-.1
*
.9
-.9
4.8
2.1
9.4
6.3
3.2
-.9

.1
-.1
-.1

-2.4
-3.6
-3.4

-.2
.4
-.2
.5
8.5
.6
3.3
4.7

-1.3

.3

-2.8

.9

-3.8

.2

8.7 - 1 4 . 4
.8
1.1
3.7 -18.2
*
.3

-1.4

5.6

8.7
1.6
3.4
5.2

-1.9

-4.6

31.8

24.1

.7

.9

30.8

15.6

19.1
-.2
5.2
1.2

.3
4.6
1.9
3.7
2.6

24.1

25.5

13.1

-.3

-.1
.1
-.5
.6
4.5

1.6
.3
.2
.1
6.2

*
.1

7.0

•1
- 1 4 . 4 31.8
- . 1 -1.6
.3 - 2 . 1
1.7 - 2 . 1
*
-1.4

4.6
3.6
2.1
1.9
2.8
2.2
15.3
1.7
13.1 - 2 . 6
2.2
1.1
4.9
1.6 - 2 . 1 - 3 . 4
.3 - 3 . 2 - 4 . 8
1.0
1.3
1.4
8.9 - 1 6 . 2 -18.9
.5
.8
1.1
4 . 6 -16.3 -16.5
3.8
- . 7 -3.5

"i'.i
-.5

3.8
-.1

25.5
.2

.3
3.7
3.5

-1.6
-1.4
-.2
7.3
4.5
1.3

19.0
16.8 - 2 . 2

3.5
2.2
3.9 - 2.1
4.6 - 1 . 7
A
-.6
8.8
15.1
.9
.7
9.4
7.9
4.8
.2

-2.0 -4.7
4.3 - 2 . 1
3.6 - 1 . 7
.7
4.1
1.5
2.5

14.5
.2

-.4
7.4
6.5
.9
4.4
.3

11.3 - 2 . 0
3.0

6.1

22.9
7.9
12.8
.9
*

20.2
5.4
12.8
.8
.7
.5

.8

.7

23.6 - 8 . 1
1.4
1.8
3.5

2.7
2.1
-.6

31.2 - 3 . 2
- . 1 -1.0
A
.1
-.5
7.4
.7

-.5
-.2
-.3

-2.8

4.2

12.2 - 3 . 1
9.8 - 4 . 8

1.7
2.4
4.5 - 9 . 7
3.1 - 1 0 . 0
1.4
.3
6.8
9.5
.8
.7
3.0
5.7
3.1
3.1

4 . 7 -11.0

2.7

-1.0
*
.2
-.3
2.3
-2.3
-13.9
-15.9
2.0
8.6
6.5
2.1
-4.7
-.4
-12.7
8.4

29.2
U.5
15.0
1.2
.1
1.4

30.6
11.5
14.8
2.4
.3
1.6

-1.1
-1.5
-2.2

.6
.2

-4.2
-6.0
-7.5

1.5

-4.3
-6.3

2.0

21.6
-.5

19.4

Private securities
27.2
7.7
17.0
1.0
.2
1.3

24.2
9.9
12.1
.8
.2
1.3

25.2
8.3
15.5
.3
.1
1.0

1 Total net issues, by sector
2
State and local governments..
3
Nonfinancial corporations
4
Finance companies
5
Commercial banks
6
Rest of the world

16.1
7.3
5.4
1.9

18.5
5.7
11.4
.8
.1
.5

7 Net purchases
8
Households
9
Nonfinancial corporations
10
State and local governments..
11
Commercial banks
12
Mutual savings banks
13
Insurance and pension funds..
14
Finance n.e.c
15
Security brokers and dealers
16
Investment companies, net..
17
Portfolio purchases
18
Net issues of own shares.
19
Rest of the world

16.1
1.1
.5
.6
5.0

18.5 27.2 24.2 24.7 25.2
3.2 - 2 . 9 - 3 . 4 - 5 . 0 - 2 . 3
.4 - 3 . 5
1.0 - . 4
.6
1.0
1.4
.6
1.6
.6
1.9
9.0 13.6
9.7
9.1
.3
1.6
2.3
2.4
3.1
12.9 17.4 17.5 15.
16.5
.4 - 3 . 4
-2.2 -.9 -3.7
.2 - . 9
.1 - 2 . 9
-2.4 - 1 .
-2.8
.3 - . 4
1.4
1.5
1.9
1.0
3.0
3.7
2.6
4.7
2.7
1.4
.3
.6
2.2
.2
.9

24.7
7.2
14.5
1.2
.8
1.0

29.5
6.1
20.2
1.6
#
1.6
29.5
-7.9
.6
1.7
5.8
3.0
19.0
5.7
6.1
-.3
3.3
3.6
1.5

29.6
9.3
17.7
1.1
.1
1.4

1.4

24.8
12.5
10.3
.7
.2
1.1

29.0
13.8
12.4
.9
-.1
2.0

29.6 22.9

3.8
.7
1.7
10.5
.5
19.1
-6.4
-2.5
-3.9
-1.3
2.6
g

20.2 24.8 29.0
6.9
* -11.9 - . 8 8
1.3
.8
2.1 - 2 . 6
1.0
.3
.3
1.0
5.2
3.2 12.6 15.2
1.8
2.0
1.5
1.3
16.2 17.1 17.3 19.3
-9.5 -6.5
5.5 - 4 . 3
-1.3 - 7 . 5
8.9 - 3 . 6
-8.2
1.0 - 3 . 4 - . 7
4.2
-1.4
1.4
3.4
5.0
4.8
6.7
2.5
2.1
3.6
1.0
2.1

29.2 30.6
7.8
9.1
5.1
9.9
4.0
4.1
- 2 . 8 -2.1
1.2
1.1
16.9 17.1
- 1 2 . 9 -3.4
- 3 . 3 -3.3
-.1
-9.6
3.8
-.6
3.9
9.0
.7
3.9

Bank loans n.e.c.
1 Total net borrowing
2
Households
3
Nonfinancial business
4
Rest of the world.. .
5
Financial sectors




16.6
9.0
7.5
1.4
.4
2.1
7.7
12.3 10.1
-.2
.4 - . 2
2.4 - 1 . 3 - 2 . 1

15.7
3.0
10.6

2i3

4.9
1.8
8.2

7.8
2.1
7.3
-.6
-1.0

4.8
-.8
4.7
.7
.3

12.4
5.5
10.7
-.2
-3.5

8.0
2.
4.7
-.3
1.5

13.6
2.6
8.3
«
2.8,

16.1
2.9
10.8
-.3
2.7,

24.8
4.6
18.6
-.7
2.4

15.7
2.2
13.0
-.1
.5

21.9
1.7
15.2
1.0
4.0

9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

A 72

U.S. BALANCE OF PAYMENTS n JANUARY 1970
1. U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1969

1968
1966

Item

1967
III

IV

III"

Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted

Import! of goods and services—Total
Merchandise
Military expenditures
Transportation
Travel
Investment income payments
Other services

14,245
9,588
334
816
515
1,918
233
841

14,548
9,560
421
843
540
2,111
246
827

-38,081 -41,011 -48,078 -11,827 -12,435 -12,352 -11,550 -13,942
-25,463 -26,821 -32,972 -8,131
-7,572 -9,591
-8,566 -8,458
-3,764 -4,378
-1,169
-1,143
-4,530 -1,116
-1,204 -1,208
-2,922 -2,990 -3,248
-836
-841
-786
-876
-742
-2,657
-735
-792
-732
-3,022
-3,195
-844
-810
-2,142
-749
-770
-742
-2,362 -2,933
-1,086
-892
-1,133
-405
-323
-320
-1,266 -1,374
-337
-330

Exports of goods and services—Total 1
Merchandise
Military sales
Transportation
Travel
Investment income receipts, private
Investment income receipts, Govt
Other services

-13,812
-9,232
-1,198
-927
-871
-1,248

43,360
29,389
829
2,608
1,590
5,659
593
2,693

46,188
30,681
1,240
2,775
1,646
6,234
638
2,973

50,594
33,598
1,427
2,924
1,770
6,934
765
3,177

12,668
8,395
353
731
424
1,768
205
792

13,344
8,879
406
757
450
1,828
212
812

12,653
8,383
364
720
456
1,777
140
813

11,913
7,469
418
618
503
1,886
234
785

Balance on goods and services'

5,279

5,177

2,516

841

909

301

363

303

Remittances and pensions

-923

-1,196

-1,159

-274

-325

-285

-271

-286

1. Balance on goods* services, remittances and
pensions

-336
73«
-307

4,356

3,981

1,357

567

584

16

92

17

429

-3,444

-4,224

-3,955

-1,055

-968

-835

-793

-1,155

-1,052

-4,676
803
429

-5,227
997
6

-5,347
1,123
269

-1,365
307
3

-1,301
278
55

-1,254
250
169

-1,118
281
44

-1,515
326
34

-4,310
-3,639
-481

-5,655
-3,154
-1,266

-5,157
-3,025
-1,266

-1,537
-1,009
-164

-1,868
-1,262
-337

-947
-283
-455

-1,341
-928
-323

-2,002
-1,057
-427

-1,239
341
3-154
-1,333
-1,095
-562

337
-112

255
-281

358
-174

49
-32

165
-57

-119

133
-66

32
-32

131
-15

-84
-331

-730
-479

-89
-960

194
-575

-255
-122

-124
30

-51
-106

-533
15

74
134

4. Foreign capital flow, net, excluding change in
liquid assets in U.S
Long-term investments
Short-term claims

2,532
2,156
296

3,360
2,411
499

8,565
5,942
750

2,517
1,461
269

1,805
1,267
236

2,688
1,915
202

1,633
1,708
-76

355
396
49

291
386
101

Nonliquld claims on U.S. Govt. associated
with—
Military contracts
U.S. Govt. grants and capital
Other specific transactions
Other nonconvertible, nonmarketable, medium-term U.S. Oovt. securities*

346
-205
-12

64
-84
1

-137
2
g

6
15
-6

-141
-6
41

27
-2
-10

-80
-4
-10

60
-8
28

-61
*

-49

469

2,010

772

409

556

95

-171

2. U.S. Govt. grants and capital flow, net
Grants,2 loans, and net change in foreign currency holdings, and short-term claims
Scheduled repayments on U.S. Govt. l o a n s . . .
Nonscheduled repayments and selloffs
3. U.S. private capital flow, net
Direct investments
Foreign securities
Other long-term claims:
Reported by banks
Reported by others
Short-term claims:
Reported by banks
Reported by others

•

5. Errors and unrecorded transactions

-489

-1,007

-642

-480

309

-60

-20
-115
-1,260

-1,088
-891

Balances
A. Balance on liquidity basis
Seasonally adjusted (= 1 + 2 + 3 + 4 + 5 ) .
Less: Net seasonal adjustments
Before seasonal adjustment
B. Balance on basis of official reserve transactions
Balance A, seasonally adjusted
Plus: Seasonally adjusted change in liquid
assets in the U.S. of—
Commercial banks abroad
Other private residents of foreign countries..
International and regional organizations
other than IMF
Less: Change in certain nonliquid liabilities
to foreign central banks and govts
Balance B, seasonally adjusted...
Less: Net seasonal adjustments.
Before seasonal adjustment
For notes see end of table.




-3,544

168

-1,357

-3,544

168

9
-96
105

-1,357

-3,544

168

2,697
212

1,272
414

3,382
374

2,297
103

-139
269

862
124
738

-1,670
-395
-1,275

-3,871
-59
-3,812

-2,555
368
-2,923

-139

-1,357

862

-1,670

-3,871

-2,555

702
44

-74
223

2,962
-23

4,801
-144

1,253
-147

-525

-214

55

-86

19

43

761

1,346

2,341

770

529

687

37

-367

-523

266

-3,418

1,638

266

-3,418

1,638

1,553
3
1,550

97
25
72

367
442
-75

1,144
-567
1,711

1,236
34
1,202

-918
120
-1,038

83

JANUARY 1970 a U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE

A 73

1. U.S. BALANCE OF PAYMENTS—Continued
(In millions of dollars)
1969

1968
Item

1967

1968

IV

III

III*

Transactions by which balances were settled—Not seasonally adjusted
1,357

A. To settle balance on liquidity basis
Change in U.S. official reserve assets (increase, —)

3,544

-168

-105

4D8

-738
-1,076

1,275

3,812

2,923

Change in liquid liabilities to all foreign accounts
Foreign central banks and govts.:
Convertible5 nonmarketable U.S. Govt.
securities
Marketable U.S. Govt. bonds and notes s .
Deposits, short-term U.S. Govt. securities, etc
IMF (gold deposits)
Commercial banks abroad
Other private residents of foreign countries.
International and regional organizatio ns
other than IMF

568

52

-880

-137

-571

-48

-299

-686

571
-540
537

Gold
Convertible currencies
IMF gold tranche position

1,170
-1,024
-94

1,173
-1,183
-870

22
267
-426

-74
-474
-23

-137
-575
-364

56
-73
-31

-317
246
-228

-11
-442
-233

789

3,492

712

32

979

338

1,323

4,111

3,609

-945
-245
-582
177

455
48

-10
-379

*
8

-49
-26

-61
-2

-25
-3

84
-9

1,495
22
1,272
414

-2,707
-3
3,382
374

-2,187
-11
2,205
103

37
•
954
44

550

-415
223

-1,681
1
3,142
-23

-10
•
-530

2,mi
111

4,7*15
-144

2,173
-9
1,509
-147

Change in U.S. official reserve assets (increase, —)
Change in liquid liabilities to foreign central
banks and govts. and IMF (see detail above
under A.)
Change in certain nonliquid liabilities to
foreign central banks and govts.:
Of U.S private organizations
Of U.S. Govt

-525

-214

55

-86

19

43

-88

83

-266

B. Official reserve transactions

3,418

-1,638

-1,550

-72

75

-1,711

-1,202

1,038

568

52

-880

-137

-571

-1,076

-48

-299

-686

-1,595

2,020

-3,099

-2,190

-38

487

-1,708

-543

2,239

793
-32

894
452

535
1,806

150
627

138
526

-43
88

-188
-172

-396
-119

1
2

Excludes transfers under military grants.
Excludes military grants,
3 Negative entry reflects repurchase of foreign obligations previously sold.
4
Includes certificates sold abroad by Export-Import Bank,

131
406

5
With original maturities over 1 year.
NOTE.—Dept, of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits). Details may not
add to totals because of rounding.

2. MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars seasonally adjusted)
Exports
Period
Month:
Jan
Feb
Mar
Apr
May

July
Sept
Oct

Nov
Dec

Quarter:

n
in
IV

Year *

Imports 2

1

Export surplus

1966

1967

1968

1969

1966

1967

1968

1969

1966

1967

2 298
2,353
2,530
2,317
2 416
2 485
2,469
2,460
2,503
2 616
2 491
2 467

2 639
2,582
2,525
2,608
2 549
2 582
2,601
2,566
2,597
2 415
2,671
2 677

2 814
2 775
32,439
32,855
2 740
2 870
2 858
32 950
33,211
32 631
2,972
2 977

32 093
32,297
33,196
33,355
33 292
33 213
3 172
3,385
3,326
r
3 369
3,367

1 966
2,013
2,050
2,091
2 061
2,102
2,216
2,137
2,288
2,303
2,195
2 196

2,317
2,216
2,166
2,198
2,118
2,184
2,245
2,145
2,198
2,254
2,396
2,493

2,687
2,592
32,589
32,604
2,755
2,792
2,725
2,872
2,951
2,736
2,883
2 908

32,018
32,655
32,981
33,177
33,276
33,188
3,066
3,180
3,055
3,222
3,214

332
339
480

322
366
359

7 180
7 217
7,431
7 575

7 745
7 739
7,764
7 763

8 028
8 465
9,019
8 580

7,586
9 859
9,883

6,029
6,253
6,641
6 694

6,698
6,500
6,588
7,143

7,867
8,151
8,548
8 527

7,654
9,641
9,301

29,403

31,011

34,092

25,617

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.




26,928

33,093

1968
127
184

-150
251

226
355

410
432

383
253
324
214
313
296
271

398
357
421
399
161
275
184

— 15
78
133
78
261
-105
89
70

1,152
964

790
881

1,047
1,240
1,177
620

161
314
471
53

3,786

4,083

1969

75
-359
215
178
16
25
106
205
271
'147
153

1,001

— 68

218
582

3 Significantly affected by strikes.
4
Sum of unadjusted figures.
NOTE.—Bureau of the Census data. Details may not add to totals because of rounding.

A 74

U.S. GOLD TRANSACTIONS o JANUARY

1970

3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(Net sales (—) or net acquisitions; in millions of dollar* at S35 per fine troy ounce)
1969

1968
Area and country

1961

1962

1966

1965

1964

1963

1968

1967

III

II

Western Europe:
Austria
France

-144

— 143
-63
-456

—82
-518

-23

Italy

United Kingdom
Bank for Intl. Settlements.
Other
Total .

100
25
— 156
-125
-306
-23
-53

— 146
102
-387

—55
-*0

-405
-225
-1
200
—60
— 32

-100
-83
-884

-2
-60

—2
-85

2
80

-879

-33
220

-52
-209
-19

-32
-25
30

-835

-50

-25
50

240

140

-11

3

50

275

329

-12

1
-399

—81
618
-6

-35

-49

16

-47

-22

-16

-8

-1

'17

-7

-88 -1,299

-659

-980

-669

163

213

150

-52

292

9

200

— J30

-754 -1,105

150

50
—5
*

-15

—5

Latin American republics:
-90
-2

-58
600

III

II

I

-2
-80
-35
— 180
—50
150

190

Brazil

-25
-601

IV

85
57
38

-30
72
-11
32

-39

—30

1

-1

—25
•

16
76

15

—25

-10

Other

-17

-5

-109

175

-21

Total . .

-32
-1

-9

25
29
-25
-13

-6

11

-40

-7

-3

-3

-7

-5

-5

56

17

-41

9

-65

-12

-18

-8

-7

-5

-15

10

Colombia

4
-56
-11

21

42

28

-1

—95
-34

-21
-24

9
50

*
25

54
10

Asia:

Malaysia

Total
A11 other

25

-32

-47

-13

-6

-14

-ii

-101

-93

12

3

-24

-86

-6

1

-36

-7

-16

-22

-833

-392

Total foreign countries

-970

Intl. Monetary Fund 3

150

Grand total
1

*

*
13

48
Other

-11

7

-820

20

-36 -1,322

4-225
-833

-392

- 3 6 -1,547

Includes purchase from Denmark of $25 million.

2 Includes sales to Algeria of $150 million in 1967 and $50 million in
1968.
3 Includes I M F gold sales to the United States, gold deposits by the
IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first
withdrawal, amounting to $17 million, was made in June 1968.

-1

10
25

28
-28

*

7

17
11

ii

81
-75

23
-26

-44

-366

-146

-71

-6

5

2-166

2-68

-16

2-51

-1

-2

- 6 0 8 -1,031 -1,118

-10

136

-57

316

-3

-11

1

1

g

- 4 3 1 -1,009 -1,121

-22

-56

317

10

177

-22

22

73
73

-6

136

-2
28

-l

10
1

2

IMF sold to the United States a total of $800 million of gold ($200
million in 1956, and $300 million in 1959 and in 1960) with the right of
repurchase; proceeds from these sales invested by IMF in U.S. Govt.
securities.
4
Payment to the IMF of $259 million increase in U.S. gold subscription,
less gold deposits by the IMF.

Notes to Table 5 on opposite page:
1 Represents net IMF sales of gold to acquire U.S. dollars for use in
IMF operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2
Positive figures represent purchases from the IMF of currencies of
other members for equivalent amounts of dollars; negative figures represent repurchase of dollars, including dollars derived from charges on
drawings and from other net dollar income of the IMF. The United
States has a commitment to repay drawings within 3 to 5 years, but only
to the extent that the holdings of dollars of the IMF exceed 75 per cent of
the U.S. quota. Drawings of dollars by other countries reduce the U.S.
commitment to repay by an equivalent amount.
3 Represents the U.S. gold tranche position in the IMF (the U.S.
quota minus the holdings of dollars of the IMF), which is the amount
that the United States could draw in foreign currencies virtually automati-




cally if needed. Under appropriate conditions, the United States could
draw additional amounts equal to its quota.
* Represents a $600 million IMF gold sale to United States (1957),
less $6 million gold purchase by IMF from another member with U.S.
dollars (1948).
s Includes $259 million gold subscription to the IMF in June 1965 for
a U.S. quota increase, which became effective on Feb. 23, 1966. In figures
published by the IMF from June 1965 through Jan. 1966, this gold subscription was included in the U.S. gold stock and excluded from the
reserve position.
NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S.
quota was increased to $4,125 million in 1959 and to $5,160 million in
Feb. 1966. 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.

JANUARY 1970 a U.S. GOLD STOCK; POSITION IN THE IMF

A 75

4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES,
AND RESERVE POSITION IN IMF
(In millions of dollars)
Gold stock 1
End of year

Total
reserve
assets

Total 2

Treasury

Gold stock <

ConReserve
vertible
position
foreign
currencies

1956
1957
1958
1959
1960

23,666
24,832
22,540
21,504
19,359

22,058
22,857
20,582
19,507
17,804

21,949
22,781
20,534
19,456
17,767

1961
1962
1963
1964
1965

18,753
17,220
16,843
16,672
15,450

16,947
16,057
15,596
15,471
4 13,806

16,889
15,978
15,513
15,388
"13,733

116
99
212
432
781

14,882
14,830
15,710

13,235
12,065
10,892

13,159
11,982
10,367

1,321
2,345
3,528

Treasury

Total 2

Convertible
foreign
currencies*

Reserve
position
in
IMF 3

1968—Dec..

326
420
1,290

,608
,975
,958
,997
,555

15,710

10,892

10,367

3,528

1,290

1969—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec..

,690
,064
,035
769
••863

1966
1967
1968

Total
reserve
assets

End of month

15,454
15,499
15,758
15,948
16,070
16,057
15,936
16,195
16,743
16,316
16,000
16,964

10,828
10,801
10,836
10,936
11,153
11,153
11,144
11,154
11,164
11,190
11,171
11,859

10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367

3,338
3,399
3,601
3,624
3,474
3,355
3,166
3,399
3,797
3,341
2,865
2,781

1,288
1,299
1,321
1,388
1,443
1,549
1,626
1,642
1,782
1,785
1,964
2,324

* Reserve position includes, and gold stock excludes, S259 million gold
subscription to the IMF in June 1965 for a U.S. quota increase which
became effective on Feb. 23, 1966. In figures published by the IMF from
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded from the reserve position.
5 For holdings of F.R. Banks only, see pp. A-12 and A-13.

' Includes (a) gold sold to the United States by the International Monetary Fund with the right of repurchase, and (b) gold deposited by the
IMF to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to the IMF under quota
increases. For corresponding liabilities, see Table 6.
2 Includes gold in Exchange Stabilization Fund.
3 In accordance with IMF policies the United States has the right to
draw foreign currencies equivalent to its reserve position in the IMF virtually automatically if needed. Under appropriate conditions the United
States could draw additional amounts equal to the U.S. quota. See Table 5.

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)
Transactions affecting IMF holdings of dollars
(during period)
Transactions by
other countries
with IMF

U.S. transactions with IMF
Period
Payments
of
subscriptions in
dollars
1946
1958
1964

1957.
1963
1966

2,063
1,031
776

Net
gold
sales
by IMF 1

Transactions in
foreign
currencies 2

4 594
150

IMF holdings
of dollars
(end of period)

IMF net
income
in
dollars

Drawings
of
dollars

Repayments
in
dollars
827
2,740
6

Per cent
of
U.S.
quota

U.S.
reserve
position
in IMF
(end of
period) 3

Total
change

Amount

775
2,315
1,744

775
3,090
4,834

28
75
94

1,975
1,035
=326

92
75

420
1,290

1,640

1968

Dec . .

1969

Jan
Feb
Mar

. .

May
5
July
Sept
Oct
Nov
Dec
For notes see opposite page.




17

20
20

-114
-806

-94
-870

4,740
3,870

-159

. . . .

-2,664
-1,666
-723

-84

1967
1968

-45
60
45

4

-27

-182

3,870

75

1,290

-13
-24
-68
-56
-112
-79
-36
-282
-9
-268
-396

2
-11
-22
-67
-55
-106
-77
-16
-140
-3
-179
-360

3,872
3,861
3,839
3,772
3,717
3,611
3,534
3,518
3,378
3,375
3,196
2,836

75
75
74
73
72
70
68
68
65
65
62
55

1,288
) I'm
,321
,388
,443
,549
,626
,642
,782
,785
964
2,324

2
2
2
1
1
1
2
3
1
4

20
122
5
89
32

A 76

INTL. CAPITAL TRANSACTIONS OF THE U.S. a JANUARY 1970
6. U.S. LIQUID LIABILITIES TO FOREIGNERS
(In millions of dol ars)
Liabilities to Intl.
Monetary Fund arising
from gold transactions

End
of
period

Official nstitution S 3

Total
Total

Gold
deposit 1

Gold
investment 2

Liabilities to nonmonetary intl. and
regional organizations 5

Liabilities to foreign countries

Total

Shortterm
liabilities reported
by
banks
in U.S.

Banks and other foreigners

Nonmarketable
Marketconvertable
ible
U.S.
U.S.
Govt.
Treasbonds
ury
and
bonds
notes 4

Total

Short- Marketterm
able
liabilU.S.
ities reGovt.
ported
bonds
by
and
banks
4
in U.S. notes

Total

ShortMarketterm
able
liabilU.S.
ities reGovt.
ported
by
bonds
and
banks
in U.S.* notes *

notes
1957
1958
1959
19608

n.a.
n.a.
10 120
11,078
11,088
11,830
11,830
12,748
12,714
14,387
14,353
15,428
15,424
15,372
13,600

7,917
8,665
9 154
10,212
10,212
10,940
10,940
11,997
11,963
12,467
12,467
13,224
13,220
13,066
12,484

800
800
800
800

13,655
15,653
15,646
12,137
13,689
12,548
12,481

800
800
800
800
800
800
800
800
800
800

10,726
10,778
10,772
10,936
12,434
10,232
9,980
11,040
12,485
12,660

'15,825
'16,845
19 428
20,994
21,027
22,853
22,936
24,068
24,068
26,361
26,322
28,951
29,002
29.115
f29'904

200
200
500
800
800
800
800
800
800
800
800
800
800
834
,011

129,779
/33.271
\33,I19

,011
,033
,033

34
211
211
233
233

200
200
500
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800

Dec. *.

33,949
35,510
(33,821
\33,607

,030
,030
,030
,030

230
230
230
230

1969-Jan...
Feb...
Mar..
Apr...
May..
June..
July. .
Aug..
Sept...
Oct.*.

33,596
34,265
34,930
36,066
37,674
39,041
40,166
41,592
42,676
43,060

,031
,031
,031
,033
,033
,028
,028
,028
,019
,019

231
231
231
233
233
228
228
228
219
219

19618
19628
1963B
19648
1965
19668
19678
1968-Oct....
Nov...

5,724
5 950
7 077
7,048
7,048
7,759
7,841
7,911
7,911
8,863
8,863
10,625
10,680
11,006
13,859

n.a.
na
541
543
550
516
516
448
448
351
341
376
376
472
528

14,208
15,894
15,763

13,680
15,336
15,205

528
558
558

762
762
701
701

20,018
20,030
19,518
19,374

19,398
19,406
18,909
18,909

620
624
609
465

701
676
676
715
665
666
750
750
750
725

21,166
21,817
22,493
23,426
23,487
27,064
28,426
28,793
28,447
28,706

20,672
21,315
21,998
22,929
23,014
26,608
27,945
28,301
27,915
28,165

494
502
495
497
473
456
481
492
532
541

12,539
14,034
14.027

703
703
1,079
1,079
1 201
256
256
711
711

10,844
12,398
11,318
11,318

531
529
529
462

9,563
9,643
9,637
9,762
11,310
9,107
8,780
9,840
11,285
11,602

462
459
459
459
459
459
450
450
450
333

1
Represents liability o n gold deposited b y t h e International Monetary
F u n d t o mitigate t h e impact o n t h e U . S . gold stock of foreign purchases
for t h e purpose of making gold subscriptions t o the I M F under quota increases.
2
U.S. Govt. obligations at cost value a n d funds awaiting investment
obtained from proceeds of sales of gold b y the I M F t o t h e United States
to acquire income-earning assets. U p o n termination of investment, t h e
same quantity of gold can b e reacquired b y the I M F .
3 Includes Bank for International Settlements a n d E u r o p e a n F u n d .
• Derived by applying reported transactions t o benchmark d a t a ;
b r e a k d o w n of transactions by type of holder estimated for 1960-63.
Includes securities issued by corporations a n d other agencies of the U.S.
Govt. that are guaranteed b y the United States.
s Principally t h e International Bank for Reconstruction a n d Development a n d the Inter-American Development Bank.
* Includes difference between cost value a n d face value of securities in
I M F gold investment account. Liabilities d a t a reported t o t h e Treasury
include the face value of these securities, b u t in this table the cost value of
the securities is included under " G o l d investment." T h e difference, which
a m o u n t e d t o $34 million at the e n d of 1968, is included in this column.
7
Includes total foreign holdings o f U.S. Govt. b o n d s a n d notes, for
which b r e a k d o w n by type of holder is n o t available.
8 D a t a o n t h e two lines shown for this date differ because of changes in
reporting coverage. Figures o n t h e first line a r e comparable with those
shown for t h e preceding d a t e ; figures o n t h e second line a r e comparable
with those shown for the following date.
9 D a t a included o n t h e first line for holdings of marketable U.S. Govt.




n.a.
na
7 618
7,591
7,598
8,275
8,357
8,359
8,359
9,214
9,204
11,001
11,056
11 478
14,387

n.a.
n a
966
866
876
890
890
751
751
1,217
1,183
1,125
1,125
1,105
860
860
908
908

n.a.
na
1 190
1,525
1,541
1,948
1,949
2,161
2,195
1,960
1,965
1,722
1,722
1 ,431
906
905
691
677

542
552
530
750
750
703
704
1,250
1,284
808
808
818
818
679
581
580
487
473

6*60
775
791
1,245
1,245
911
911
1,152
1,157
904
904
752
325
325
204
204

764
761
725
722

696
693
683
683

68
68
42
39

673
639
634
671
720
717
732
731
725
675

633
601
596
632
672
669
683
682
676
626

40
38
38
39
48
48
49
49
49
49

n.a.

securities are based o n a July 3 1 , 1963, b e n c h m a r k survey of holdings a n d
regular monthly reports of securities transactions (see Table 16). D a t a included o n the second line are based o n a b e n c h m a r k survey as of N o v . 30,
1968, a n d t h e monthly transactions reports. F o r statistical convenience,
the new series is introduced as o f D e c . 3 1 , 1968, rather t h a n as of t h e
survey date.
T h e difference between the two series is believed t o arise from errors in
reporting during t h e period between t h e t w o b e n c h m a r k surveys, from
shifts in ownership n o t involving purchases or sales through U . S . banks
a n d brokers, and from physical transfers of securities t o a n d from a b r o a d .
It is n o t possible t o reconcile t h e two series or t o revise figures for earlier
dates.
NOTE.—Based o n Treasury D e p t , d a t a a n d o n data reported t o t h e
Treasury Dept, by banks and brokers in the United States. D a t a correspond
t o statistics following in this section, except for minor rounding differences.
Table excludes I M F "holdings of d o l l a r s , " a n d holdings of U . S . Treasury
letters of credit a n d non-negotiable, non-interest-bearing special United
States notes held b y other international a n d regional organizations.
T h e liabilities figures are used by t h e Dept, of C o m m e r c e in the statistics
measuring t h e U.S. balance of international payments o n t h e liquidity
basis; however, t h e balance of payments statistics include certain adjustments t o Treasury data prior t o 1963 a n d some rounding differences, a n d
they may differ because revisions of Treasury d a t a have been incorporated
at varying times. T h e table does n o t include certain nonliquid liabilities
t o foreign official institutions t h a t enter into t h e calculation o f the official
reserve transactions balance by the D e p t , of Commerce.

JANUARY 1970 •

INTL. CAPITAL TRANSACTIONS OF THE U.S.

A 77

7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions of dollars)
Total
foreign
countries

Western
Europe l

Canada

13,655
15,646

7,488
9,872

1,189
996

Dec. 3

12,137
13,689
12,548
12,481

6,854
8,097
7,009
7,001

1969—Jan.. .
Feb..,
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct.*.

10,726
10,778
10,772
10,936
12,434
10,232
9,980
11,040
12,485
12,660

5,435
5,250
5,190
5,522
7,294
5,298
5,132
5,907
7,385
7,359

End of period
1966
1967
1968—Oct...
Nov..

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 9 to Table 6.

Latin
American
republics

Other
countries 2

Asia

Africa

,134
,131

3,339
3,145

277
249

228
253

416
574
533
532

,262
,357
,354
,354

3,121
3,161
3,168
3,122

271
271
259
248

213
229
225
224

564
512
466
446
403
461
426
451
397
425

,350
,414
,373
,445
,281
,243
,292
,391
,339
,480

2,929
3,069
3,206
2,951
2,904
2,727
2,616
2,790
2,875
2,858

250
262
246
264
235
232
238
255
270
318

198
271
291
308
317
271
276
246
219
220

Nam—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

U.S.
Treasury Other
bills and shortterm
certifiliab.3
Demand Time 2
cates
Deposits

Total 1
Total

1966
1967'

27,599
(30,657
[30,505

27,010
30,428
30,276

9,884
11,747
11,577

5,869
5,780
5,775

7,547
9,173
9,173

1968—Nov..
Dec.

33,297
31,710

32,726
31,074

14,979
14,381

5,438
5,484

1969—Jan...
Feb.. ,
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct.".
Nov.»

31,668
32,359
33,031
34,123
35,796
37,184
38,208
39,623
40,676
41,193
41,570

31,163
31,802
32,457
33,538
35,230
36,583
37,763
39,165
40,260
40,705
41,125

15,658
16,021
16,226
16,744
16,652
20,146
21,097
21,167
20,751
20,993
21,688

5,489
5,568
5,598
5,609
5,608
5,687
5,625
5,779
6,086
6,379
6,664

For notes see the following page.




Payable
in
foreign
currencies

IMF
gold
investment4

Deposits
Total

U.S.
Treasury Other
bills and shortterm
certifiliab.3
Demand Time2
cates

589
229
229

800
800
800

580
487
473

56
67
67

139
124
120

212
178
178

173
118
107

7,843
6,797

3,710
3,727
3,750
4,466
4,412

571
636

800
800

693
683

44
68

110
113

428
394

110
108

5,422
5,486
5,376
5,706
7,272
4,974
5,070
5,858
7,052
6,457
5,632

4,594
4,727
5,257
5,479
5,698
5,776
5,971
6,361
6,371
6,876
7,141

505
557
574
585
566
601
445
458
416
488
445

800
800
800
800
800
800
800
800
800
800
800

633
601
596
632
672
669
683
682
676
626
669

59
62
69
63
58
75
59
54
61
71
58

94
89
92
76
70
75
78
74
82
71
62

361
307
211
225
236
214
227
230
225
234
291

118
143
225
267
307
304
319
322
307
249
258

A 78

INTL. CAPITAL TRANSACTIONS OF THE U.S. n JANUARY 1970
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''

To residents of foreign countries
Payable in dollars
End of period
Total

Deposits
Demand

Time*

U.S.
Treasury
bills and
certificates

Payable in dollars
Other
shortterm
liab.3

Payable
in
foreign
currencies

Deposits
Demand

Total

Time 2

U.S.
Treasury
bills and
certificates

Payable
in
Other
foreign
short- currencies
term
liab.3

26,219
(29,370
(29,232

9,829
11,680
11,510

5,730
5,656
5,655

6,535
8,195
8,195

3,537
3,610
3,643

589
229
229

12,539
14,034
14,027

1,679
2,054
2,054

2,668
2,462
2,458

6,316
7,985
7,985

,359
,381
,378

517
152
152

1968—Nov
Dec

31,804
30,227

14,935
14,313

5,329
5,371

6,615
5,602

4,355
4,304

571
636

12,398
11,318

2,253
2,149

1,910
1,899

6,494
5,486

,337
,321

404
463

1969 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept 1
Oct.
Nov."

30,235
30,958
31,635
32,691
34,324
35,715
36,725
38,141
39,200
39,767
40,101

15,599
15,959
16,157
16,681
16,593
20,071
21,038
21,113
20,689
20,922
21,630

5,395
5,478
5,506
5,532
5,538
5,612
5,547
5,705
6,004
6,308
6,602

4,261
4,379
4,364
4,681
6,236
3,960
4,043
4,828
6,027
5,423
4,541

4,475
4,584
5,033
5,212
5,390
5,472
5,653
6,038
6,064
6,626
6,883

505
557
574
585
566
601
445
458
416
488
445

9,563
9,643
9,637
9,762
11,310
9,107
8,780
9,840
11,285
11,602
11,097

1,941
1,844
2,012
1,869
1,793
2,037
1,892
2,066
1,993
1,955
1,893

1,938
1,927
1,876
1,894
1,993
1,982
1,872
1,984
2,123
2,441
2,708

4,125
4,265
4,218
4,531
6,092
3,819
3,872
4,671
5,895
5,309
4,402

,221
,219
,143
,080
,045
881
912
887
1,042
,665
,892

338
388
388
388
388
388
232
232
232
232
202

1966
1967«

To banks!

To other foreigners
Payable in dollars

End of period

Total

Deposits
Total
Demand

Time2

U.S.
Treasury
bills and
certificates

Other
shortterm
liab.3

Demand

Time 2

U.S.
Treasury
bills and
certificates

Deposits
Total

Other
shortterm
liab.3

To banks
and other
foreigners:
payable in
foreign
currencies

13,680
(15,336
i 15,205

9,864
11,132
11,008

6,636
7,933
7,763

1,243
1,142
1,142

137
129
129

1,848
1,927
1,973

3,744
4,127
4,120

,513
,693
,693

1,819
2,052
2,054

83
81
81

329
302
292

72
77
77

1968—Nov
Dec

19,406
18,909

14,896
14,292

11,008
10,367

1,240
1,273

38
30

2,610
2,621

4,343
4,444

,674
,797

2,179
2,199

83
86

408
362

167
173

1969—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct."
Nov."

20,672
21,315
21,998
22,929
23,014
26,608
27,945
28,301
27,915
28,165
29,004

16,084
16,754
17,419
18,351
18,520
22,109
23,596
24,004
23,668
23,949
24,906

11,914
12,346
12,394
13,049
13,098
16,245
17,467
17,394
16,921
17,239
18,064

1,253
1,366
1,469
1 516
1,473
1,638
1,746
1,873
2,077
2,125
2,161

29
41
42
40
35
35
54
35
25
22
37

2,889
3,001
3,514
3,746
3,915
4,191
4,330
4,703
4,644
4,563
4,644

4,421
4,391
4,392
4,381
4,315
4,286
4,136
4,071
4,063
3,960
3,855

,744
,770
,751
,763
,703
,789
,679
,653
,775
,728
,672

2,204
2,186
2,161
2 122
2,072
1,992
1,929
1,847
1,804
1,742
1,734

107
73
104
110

366
362
374
386
431
400
412
448
377
396
348

167
170
187
197
179
213
213
226
184
256
243

1966
19676

1
Data exclude "holdings of dollars" of the International Monetary
Fund.
2 Excludes negotiable time certificates of deposit, which are included
in "Other."
3 Principally bankers' acceptances, commercial paper, and negotiable
time CD's.
4
U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the IMF to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold can be reacquired by the IMF.
* Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
IMF gold investment account.
« 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




no

106
116
122
107
93
101

with those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.
7 Foreign central banks and foreign central govts. and their agencies,
and Bank for International Settlements and European Fund.
8 Excludes central banks, which are included in "Official institutions."
NOTE.—"Short-term" refers to obligations payable on demand or having
an original maturity of 1 year or less. For data on long-term liabilities
reported by banks, see Table 10. Data exclude the "holdings of dollars"
of the International Monetary Fund; these obligations to the IMF constitute contingent liabilities, since they represent essentially the amount of
dollars available for drawings from the IMF by other member countries.
Data exclude also U.S. Treasury letters of credit and non-negotiable, noninterest-bearing special U.S. notes held by the Inter-American Development Bank and the International Development Association.

JANUARY 1970 a INTL. CAPITAL TRANSACTIONS OF THE U.S.

A 79

9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period; in millions of dollars)
1968

1969

Area and country
Mar.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe'
U.S.S.R
Other Eastern Europe
Total
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

Apr.

May

June

July

Aug.

Sept.

Oct."

Nov. v

162
313
146
176
,383
,640
183
729
276
448
345
138
453
,155
29
,133
33
357
5
48

155
310
124
151
1,476
1,064
170
633
268
336
325
146
419
2,154
30
8,868
21
383
6
35

159
350
159
146
1,260
1,597
190
669
302
334
318
163
391
1,960
28
9,657
24
386
8
41

116
340
245
116
1,139
3,653
176
628
360
289
300
146
319
1,783
36
9,684
22
387
4
38

132
493
148
95
1,425
2,116
165
697
276
257
316
158
276
1,852
28
12,380
21
412
39

192
488
136
90
1,330
2,057
199
754
329
235
320
167
210
1,543
23
13,375
27
396
8
33

178
438
106
99
1,525
2,677
201
782
342
264
326
155
260
1,603
20
13,300
27
472
7
41

157
404
114
98
1,536
4,234
184
812
366
175
312
163
209
1,871
23
12,680
37
628
11
43

248
443
125
99
1,527
2,898
181
828
738
203
309
178
318
1,936
35
11,954
39
1,162
5
67

252
517
151
115
1,615
2,006
201
733
606
228
311
164
399
2,010
30
12,680
40
1,487
10
38

16,170

17,074

18,141

19,780

21,293

21,912

22,824

24,059

23,295

23,593

2,797

3,061

3,093

3,253

3,084

3,450

3,578

3,380

4,183

3,843

479
257
323
249
8
974
154
276
149
792
611
266
88
30

494
265
336
229
8
914
149
274
151
751
602
464
95
34

521
291
345
223
8
886
158
273
146
753
617
489
97
31

481
314
344
229
8
789
152
262
145
707
588
529
99
32

426
292
348
229
8
798
150
252
151
704
574
811
97
29

499
304
352
223
8
759
139
248
144
658
553
945
93
29

446
293
365
252
11
764
130
231
133
725
549
1,106
76
32

427
322
343
244
12
739
125
227
125
694
534
1,109
77
34

442
362
352
249
10
790
119
220
111
661
535
1,434
72
29

407
402
349
245
12
787
124
218
106
633
508
1,429
74
39

Total

4,657

4,765

4,838

4,679

4,870

4,955

5,114

5,011

5,388

5,333

Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other

38
270
281
50
215
3,320
171
269
155
556
628

38
262
253
69
150
3,547
132
264
159
563
556

38
253
274
80
140
3,419
129
242
160
553
547

38
257
297
70
154
3,442
138
213
174
543
509

38
237
227
67
152
3,436
143
211
189
534
502

37
220
239
66
146
3,373
151
221
185
530
492

38
220
252
69
134
3,491
158
232
189
566
529

36
205
257
75
138
3,604
188
234
186
585
541

35
217
283
63
122
3,640
217
247
182
561
547

37
214
293
74
115
3,772
231
226
187
611
523

Total

5,953

5,993

5,835

5,833

5,736

5,662

5,878

6,050

6,116

6,282

12
13
58
18
260

9
15
53
19
268

19
17
76
19
258

14
17
61
24
256

12
18
58
25
252

16
17
56
22
261

50
16
59
19
254

69
18
51
19
240

71
18
53
17
333

86
18
54
19
533

31
6

365

390

373

365

373

399

396

492

710

261
28

343
34

365
30

380
27

338
30

340
33

320
28

272
32

263
31

311
29

Africa:
Congo (Kinshasa)
Morocco
South Africa
U . A . R . (Egypt)
Other
Total
Other countries:
Australia
Another
Total
Total foreign countries
International and regional:
International*
Latin American regional
Other regional3
Total
Grand total
For notes see the following page.




289

377

395

407

368

373

349

304

293

340

30,227

31,635

32,691

34,324

35,715

36,725

38,141

39,200

39,767

40,101

1,372
78
33

1,261
96
39

1,311
87
34

1,347
90
35

1,318
113
38

1,328
118
37

1,321
116
45

1,311
114
51

1,277
103
46

1,318
99
52

1,483

1,396

1,432

1,472

1,469

1,483

1,482

1,476

1,426

1,469

31,710

33,031

34,123

35,796

37,184

38,208

39,623

40,676

41,193

41,570

INTL. CAPITAL TRANSACTIONS OF THE U.S. a JANUARY

A 80

1970

9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
Supplementary data

(end of period)

Dec.

Apr.

Dec.

Apr.

Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of.
Luxembourg

1.7
4.3
9.4
31.3

20.9
3.3
14.7
(5)

8.0
5.6
23.8
(s)

2.3
4.4
20.5
(5)

Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago

59.9
42.6
55.1
85.6
72.8
73.0
15.8
29.7
22.4
45.6
12.7
6.1

61.0
55.0
60.2
64.1
83.6
96.4
17.4
31.4
44.4
57.9
13.6
9.2

66.0
51.1
68.9
66.4
82.1
85.8
16.9
33.2
41.7
67.0
15.7
10.4

64.6
60.7
58.9
61.9
88.7
89.9
18.0
36.5
28.5
78.5
17.7
7.7

13.8

20.6

25.2

25.3

5.5
10.8
1.9
5.0
49.6
34.6

5.6
16.6
2.7
4.5
38.4
10.0

6.2
4.7
2.4
4.2
41.3
86.1

7.6
5.2
2.0
5.1
43.9
n.a.

Area or country

Other Latin America:
British West Indies
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
Iran
Iraq
1
2

Includes Bank for International Settlements and European Fund.
Data exclude "holdings of dollars" of the International Monetary
Fund but include IMF gold investment.
3
Asian, African, and European regional organizations, except BIS and
European Fund, which are included in "Europe."

1969

1968

1967

1969

1968

1967
Area or country

4

Dec.

Apr.

Dec.

Apr.

39.8
36.6
3.6
113.3
63.9
54.8
14.5
61.2
159.5
6.3
148.2

6.6
34.0
4.0
97.2
52.1
54.1
26.4
70.3
156.9
6.5
123.0

3.0
66.7
3.1
78.3
51.8
59.7
17.0
29.0
66.6
2.1
50.5

4.0
40.5
4.0
81.9
40.9
23.6
20.0
47.9
40.1
4.0
40.4

Other Africa:
Algeria
Ethiopia, (incl. Eritrea)
Ghana
Kenya
Liberia
Libya
Nigeria
Southern Rhodesia
Sudan
Tanzania
Tunisia
Uganda
Zambia

6.9
23.8
4.3
16.4
24.9
17.9
37.9
2.4
2.3
20.3
10.3
1.4
24.8

7.9
22.5
13.0
19.8
26.4
45.0
24.0
4.2
2.1
26.9
2.0
10.0
21.3

8.1
13.2
3.3
28.6
25.2
68.9
19.6
5.3
21.2
7.1
5.8
25.3

6.2
15.0
7.6
34.1
27.8
n.a.
9.5
2.0
2.9
23.5
2.3
n.a.
n.a.

All other:
New Zealand

17.5

15.4

16.8

19.6

Other Asia—Cont.:
Jordan
Kuwait
Laos
Lebanon
Malaysia
Pakistan
Ryukyu Islands (incl.i Okinawa)
Saudi Arabia
Vietnam

1.4

4

Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe").
5 Included with Belgium.

10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Country or area

To foreign countrie
To

End of period

1966
19672

Total

intl.
and
regional

Total

Official
institutions

1 494
(2,546

506

689
698

1,858
1,863

1,807
1,807

3,038
3,166

749
777
785

2,289
2,389

2,239
2,341

2,389
2,359
2 338
2 276
2,200
2 162
2 031
1,961
1,796
1,616
1,576

2,346
2,315
2 298
2 234
2,159
2 110
1,967
1,894
1,717
1,538
1,497

i2,560

1968 Nov
Dec

1969—Jan
Feb
Mar
May

Julv

.. .

Septp
Oct
NOV.P

3 174
3 146
3 116
3 057
2,976
2 947
2 826
2,771
2,679
2,549
2,481

787
777
781

776
785
795

810
882
933
905

988

913

Other
Banks' foreigners

140

277

133

502
502

84
89

248
257

217
241

656
658

201
201

623
651

97
97

273

250

240

658

201

647

120

284
284
284

247
243
205

228
221
208

189
189

658
658
658

613
607
592

562
558

129
126
127

658
658

200
200
202

112
120

207

129

181

658

199

532

125

40
40

8
5
5

38
36
36
37
36

5
18
30
43
43
42

36
34
37
36
35
36

All
Other
other
Asia countries

218
218

10
8
6

29

8

Thailand

443
443

251
251
247
284

35
40

Japan

126
126

50

15
15

Israel

234
234

25

1
Excludes central banks, which are included with "Official institutions."
2
Data on the two lines for this date differ because of changes in'reporting coverage. Figures on the first line are comparable in coverage with




Other
Argen- Latin
America
tina

284
284
207
146
72
69

234

193
153

149
130
123
145

154
101
43
43

197

658
659
658
658

202
199
157
117
117
70

515
512
478
474

122
131
125
117

those shown for the preceding date; figures on the second line are comparable with those shown for the following date.

JANUARY 1970 a

INTL. CAPITAL TRANSACTIONS OF THE U.S.

A 81

11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES
(End of period; in millions of dollars)
1969

1968
Area and country

Dec.

Dec.

11
2
7

Europe:

Nov.

11
2
7

4
38

Total
Asia:

Oct."

Nov.*

9
1

9
1

9
1

9

9
1

6
2

6
2

6
2
37

6
2

2

6
2
37

Apr.

May

June

9

9
1

9
1

9

9

5
2

6
2

6
2

37
1
5
45
371
30
6

37
1
5
44
351
30
7

6
2

37
1
5
44
334
30
7

37
1
5
44
357
21
7

368
21
7

5
45
406
21
7

37
1
5
42
420
21
7

1
5
2
37

37
1

5
39
350
30
6

5
45
377
30
6

37
1
5
45
370
30
6

641

488

515

520

512

514

494

477

491

502

541

553

553

373

384

386

387

388

388

388

387

389

389

389

271

272

2
15
•
17

2
15
*
17

2
15
•
18

2
15
*
17

2
15
*
17

2
12
•
14

2
12
•
14

2
12
*
14

2
12
*
14

2
12
*
14

2
12
*
14

2
12
2

10
2

10
2

5
22

5
22
1

28

Latin America:
Latin American republics..
Neth. Antilles & Surinam.
Other Latin America

Sept.

Mar.

37
1
5
45
371
30
6

375

Total

28

6
87
446
46
6

10
1
5

5
2
37

4

38
1
6
87
432
46
6

654

Other Western Europe
Eastern Europe

10
1

Aug.

July

Feb.

Jan.

10
2

44

10
2

10
2

5
42
421
21
7

15

9

9
2

9
2

10
2

61

16

15

15

15

16

10
2

10

61

16

16

16

16

16

17

15

73

73

26

27

27

27

28

28

28

28

28

28

29

27

10
2

Other Asia
Total

9
2

10
2

23
International and regional:
Latin American regional..
Asian regional

23

11

11

9

9

9

9

9

9

9

9

7

7

1,153

1,138

927

956

961

954

956

932

915

931

942

982

874

875

29
39
1

29
13
1

25
13
1

25
14
1

24
14

24
14

24
15

32
15

32
15

32
17

32
17

32
17

32
17

32
18

68

43

39

40

38

38

39

48

48

49

49

49

50

50

1,221

Total

1,180

966

996

999

992

995

980

963

980

991

1,031

923

925

NOTE.—Data represent estimated official and private holdings of marketable U.S. Govt. securities with an original maturity of more than 1
year. Data shown through Dec. 1968 (first column) are based on a July 31,
1963, benchmark survey of holdings and regular monthly reports of securities transactions (see Table 16).

Data shown for Dec. 1968 (second column) through latest date are based
on a benchmark survey as of Nov. 30, 1968, and the monthly transactions
reports. For statistical convenience, the new series is introduced as of Dec.
31, 1968, rather than as of the survey date. See also note 9 to Table 6.

12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF
FOREIGN COUNTRIES
(In millions of dollars or dollar equivalent)
Payable in dollars
End of period

Total
Total gium

adai

1966
1967
1968—Dec.

695
1,563

353
516

3,330

,692

1,334

3,455
3,431
3,405
3,568
3,518
3,269
3,352
3,251
3,251
3,271
3,097
3,097

,692
,692
,667
,666
,666
,416
,391
,390
,390
,435
,431
,431

1,334
1,334
1,334
1,334
1,334
1,084
1,084
1,084
1,084
1,129
1,129
1,129

DenSwemark Italy 2 Korea den

144
314

1969—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

Payable in foreign currencies
Thailand Total

Austria

342
1,047

25
50

50
601

125
125

111
211

146

100 1,638

50

1,051

226

311

146
146
141
140
140
140
140
140
139
139
135
135

100
100
100
100
100
100
100
100
100
100
100
100

1,763
1,738
1,738
1,902
1,852
1,853
1,961
1,861
1,861
1,836
1,666
1,666

50
50
50
50
50
50
25
25
25

1,176
1,126
1,126
1,250
1,200
1,200
1,200
1,200
1,200
1,200
1,000
1,000

226
226
226
226
226
226
226
125
125
125
125
125

311
337
337
376
376
377
511
511
511
511
541
541

184
177

20

Bel-

GerSwitmany3 Italy zerland B.I.S.

1
Includes bonds issued in 1964 to the Government of Canada in connec2 Bonds issued to the Government of Italy in connection with military purchases in the United States.
tion with transactions under the Columbia River treaty. Amounts out3 - - - - - In addition, nonmarketable U.S. Treasury notes amounting to SI1 2.5
, j 2
standing end of 1966, $144 million; end of 1967 through Oct. 1968, 1114
million; end of 1968 through Sept. 1969, $84 million; and Oct. 1969 millii equivalent were issued to a group of German commercial banks ii
illion
in
through latest date, $54 million.
June 1968.




11J

piUUJWra

11
1

LG
U

UllllEU

OUllCA.

A 82

INTL. CAPITAL TRANSACTIONS OF THE U.S. n JANUARY

1970

13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period; in millions of dollars)
Area and country

1969

1968
Dec.

Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
U.S.S.R
Other Eastern Europe

Mar.

Apr.

June

May

Sept.

Aug.

July

Oct.!'

Nov. 1

6
57
41
72
93
199
17
99
54
38
8
68
86

56
70
101
34
355
26
12
2
27

4
49
31
65
80
161
18
89
41
40
9
49
54
110
30
326
26
12
1
28

5
53
32
72
91
213
20
101
46
40
9
53
71
92
32
383
24
10
2
28

5
71
40
72
85
199
19
108
54
36
9
70
64
110
31
425
25
11
2
25

6
40
36
63
66
171
12
105
40
43
10
46
58
93
38
318
22
15
3
21

3
46
31
57
58
136
12
98
41
32
8
44
56
108
35
328
36
11
3
18

3
53
29
59
66
157
12
110
38
39
9
47
53
124
31
329
38
11
2
21

12
55
31
59
89
178
13
109
38
42
9
40
54
107
28
333
37
12
4
25

3
62
35
60
95
165
14
107
48
46
12
51
77
93
29
345
33
12
4
21

4
49
34
61
87
158
15
94
39
49
9

1,205

1,160

1,231

1,275

1,311

1,282

1,224

1,377

1,462

131
26
400
25
11
2
28
1,462

Canada

533

682

737

801

739

702

724

634

746

667

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

249
338
193
206
14
948
56
207
44
232
280
80
19
22

254
337
165
197
14
971
58
181
42
203
273
61
16
17

274
331
164
208
14
953
56
191
41
211
274
65
11
18

266
328
161
197
14
958
55
188
43
212
285
64
14
19

275
336
168
200
14
931
53
182
44
226
283
61
13
24

284
292
179
218
14
941
58
177
42
238
271
60
12
20

276
309
170
210
13
914
58
171
43
239
275
76
12
22

297
307
177
212
14
833
69
168
41
237
269
52
13
23

305
317
174
215
14
798
63
179
43
233
285
59
14
21

2,889

2,789

2,812

2,804

2,809

2,806

2,786

2,712

2,721

301
318
177
210
15
775
69
173
46
228
281
48
15
24
2,680

,
32
19
23
84

,

1
42
12
59
93

1
38
10
61
122

,

33
11
25
94

40
12

118

1
36
9
38

101

1
39
9
32
99

1
36
9
33
91

1
43
8
25
94

3,114

3,053

2,916

3,036

3,224

3,147

3,157

3,162

3,071

1
37
11
23
101
3,114

3,872

3,825

3,760

3,929

4,153

4,031

4,015

4,033

3,965

4,019

3
2
46
8
73

2
4
38
8
56

4
3
42
10
61

7
4
46
11
64

4
3
47
11
69

3
3
47
13
67

3
3
44
13

4
3
54
10
71

5
2
56
11

64

3
2
49
12
69

82

133

109

120

132

133

132

127

135

141

155

66
13

56
10

65
11

67
11

65
12

59
13

57
14

55
14

51
14

79

66

75

78

77

71

71

69

57
14
70

66

8,959

9,106

9,049

Total

Total
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other
Total
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
Allother
Total
Total foreign countries
International and regional
Grand total

77
239
38
99
145

75
269
44
84
137

114
256
46
86
158

121
272
44
88
179

136
274
37
87
166

138
249
38
89
165

164
242
38
93
164

159
241
39
94
190

157
232
42
97
205

8,710

8,632

8,734

9,019

9,222

9,026

8,948

*

2

1

1

1

1

1

1

1

1

8,711

8,634

8,735

9,019

9,223

9,026

8,948

8,960

9,107

9,050

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




102
253
47
84
152

54

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.

JANUARY 1970 a INTL. CAPITAL TRANSACTIONS OF THE U.S.

A 83

14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loan..to—
End of period

Total
Total
Total

1966

Official
institutions

Banks'

Others

7,853

1967 2
1968 Nov .
Dec . . .

7,433

3,141

256

1,739

1,145

(8,583
(8,606
8,547
8,711

8,158
8,182
8,149
8,262

3,137
3,150
3,219
3,166

1,603
,616
,811
,697

1,228
1,228
1,189
1,222

7 986
8 017
8,186
8,225
8,497
8,670
8,514
8 468
8,467
8,589
8,616

3 041
3 141
3,208
3,164
3,209
3,327
3,119
3 073
3 090
3,192
3,210

306
306
220
247
217

,667
,757
,781
,763
,855
,971
,829
,819
,880
,922

1 157
1 162
1,152
1,111
1,059
1,062
1,032
1,020
1,007

949

999

8 371
8 413
8,634
8,735
9,019
9,223
9,026
8,948
8 960
9,107
9,050

1969 Jan
Feb
Mar
Apr
May
July
Septp
Oct
Nov P

222
275
289
295

293
258
235
212
263
262

1
Excludes central banks which are included with "Official institutions."
2 Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage

998

Payable in foreign currencies
Collec- Acceptances
tions
made
outstand- foracct.
of foring
eigners
. I 288
,511
,552
,697
,733
623
567

,634
,723
,734
,751
,766
838
857

,894
926

Other

Total

Foreign
govt. seDeposits curities,
with for- coml.
eigners and finance
paper

Other

2,540

464

420

241

70

110

3,013
3,013
2,747
2,854

498
467
486
509

425
425
398
448

287
287
279
336

74
70
52
40

2,794
2 746
2,777
2,773
2,900
3,068
3,059
3,015
2,973
2,940
2,922

528

63
67
67
72
73

385

252

563
567
565
654

396
448
510
522

257
267
318
291

62
91
94
127

76
90
98
104

546
563

493
518
434

354
392
316

51
46
45

88
79
73

526
571
543
558

553
512
480

334
310
272

59

111
90
101

108
113
107

with those shown for the preceding date; figures on the second line are
comparable with those shown for the following date.

15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Country or area

Type
Payable in dollars
End of
period

Total

Loans to—
Total

Official
institutions

Other
Banks' foreign-

Other
longterm
claims

ers

Payable
in
foreign
currencies

United
Kingdom

Latin
Other
Europe Canada America

Japan

Other
Asia

All
other
countries

1966
1967

4,180
3,925

3,915
3,638

702
669

512
323

2 702
2,645

247
272

18
15

70
56

1 143
720

326
427

1 346
,556

326
180

409
449

562
537

1968—Nov
Dec...
1969—Jan....
Feb....
Mar....
May!!!
June...
July...
Aug....
Sept....
Oct.?..
Nov.*..

3,603
3,567
3,509
3,534
3,434
3,434
3,454
3,402
3,254
3,288
3,272
3,282
3,262

3,242
3,158
3,120
3,114
3,017
3,019
3,057
2,979
2,825
2,860
2,848
2,849
2,842

577
528

246
237

347
394

14
16

69
68

497
479

420
428

624
617

230
243
211
230
236
220
208
211
211
207
204

374
402
401
400
381
401
408
406
408
417
404

16
18
16
15
17
22
21
21
17
16
17

67
67
67
66
55
54
54
56
55
56
55

473
474
473
480
488
484
447
436
416
411
400

408
432
400
402
397
398
390
405
403
410
407

,382
,375
,376
,382
,336
,331
,353
,331
,294
,348
,334
,343
,354

128
122

509
501
485
474
472
478
446
504
485
492
494

2,419
2,393
2,382
2,370
2,321
2,315
2,349
2,281
2,171
2,145
2,151
2,150
2,143

118
117
114
113
112
101
97
95
93
88
83

611
610
571
577
572
587
570
551
562
572
572

484
479
456
452
473
466
477
448
403
395
408
402
391

1

Excludes central banks, which are included with "Official institutions."




A 84

INTL. CAPITAL TRANSACTIONS OF THE U.S.

n JANUARY

1970

16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities *

Marketable U.S Govt. bonds and notes >

Foreign stocks

Foreign bonds

Net purchases or sales
Period
Purchases

Foreign

Intl.
and
regional

Total

Total

Official

Sales

Net pur- Purchases or chases
sales

Sales

Net pur- Purchases or chases
sales

Sales

Net purchases or
sales

1,037
1,566

-157
-314

1,782

-387
—9
-79
20
-68
1
—34
—85
— 108
—3
2
-101
-1
-10

Other
880

-43
-489

-121
-161

78
-328

45
-380

33 10,275
51 17,563

9,205
13,329

1,070
4,234

2,024
2,306

3,187
3,673

-1,163
-1,367

1969—Jan.-Nov.r

-41

11

-52

-130

78

14,237

11,820

2,418

1,375

2,328

-954

1968—Nov
Dec

2
-41

*
-26

2
-15

—2

3
-15

1,615
1,803

1 270
1,468

345
334

172
104

361
166

-189
-62

146
100

155
179

30
4
-7
3
— 15
— 17
17
11
40
-108
2

1
-1

29
5
—7
2
—24
17
16
11
40
-108
1

*
-3

29
7

1,661
1,405
1,269
1,119
1,565
1,172
1 058
1,061
1,062
1,653
1,214

1,124
1,057
979
1,018
1 335
1,192
1 007
941
904
1,195
1,068

537
348
290
101
229
—20
51
120
158
457
146

164
119
244
101
155
88
82
75
91
157
98

335
225
262
179
149
202
321
140
208
173
134

-170
-106
-19
—77
6
-115
-239
—65
-117
-16
-36

130
123
126
102
169
185
117
105
104
130
105

109
191
125
137
254
293
120
103
205
131
115

1967
1968

1969

Jan
Feb
Mar
Apr
May
July

1
9
1
«
*
*
1

"T

*
*

2
—24
— 17
25
11
40
9
2

—9
-117
-1

1
Excludes nonmarketable U . S . Treasury bonds and notes issued to
official institutions o f foreign countries; see Table 12.
2 Includes State and local govt. securities, and securities o f U.S. Govt.
agencies and corporations that are not guaranteed by the United States.

1,252
1,396

Also includes issues o f new debt securities sold abroad b y U . S . corporations organized to finance direct investments abroad.
N o r a - ^ t a t i s t i c s include transactions o f international and regional
organizations.

17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions of dollars)
Period

Total

GerFrance many

Other
Nether- Switzer- United
land Kingdom Europe
lands

Total
Europe

Latin
Canada America

Asia

Africa

Other
Intl. &
countries regional

757
2,270

68
201

68
169

22
298

250
822

-115
-28

49
130

342
1,592

265
386

84
151

49
124

*
?

3
1

14
12

1969—Jan.-Nov." 1,466

136

204

202

485

-250

279

1,055

148

135

89

5

K

34

284
237

48
20

17
31

18
8

92
79

26
-21

6
34

207
151

40
39

18
39

18
6

2
2

361
267
99
74
156
-105
-52
89
118
347
112

9
9
4
6
3
-11
5
76
21
12
1

27
21
18
12
5
12
4
19
17
41
30

8
3
13
*
22
16
24
-15
32
79
21

150
110
82
35
63
-120
-63
29
38
126
36

1
2
-39
-21
-25
-68
-31
-21
-4
-34
-11

16
43
33
20
50
24
-26
40
27
22
30

211
188
111
51
118
-148
-87
127
130
246
107

94
36
-9
9

30
40
-12
10
30
10
3
-21
-15
57
4

22
5
9
3
1
15
19
7
1
6
1

4
-1
*
1
8

1967
1968

1968—Nov
Dec
I960—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.*
Nov.*....




15
7
-27
-3
32
-4

4
6
3
6
4
«

JANUARY 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
18.

A 85

NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions of dollars)

42
238

43
1,757

1968 N o v
Dec

204

56

633

-2
34

-4
10

71
93

-5
-9

-5
*

Jan
Feb .
Mar
May
July
Oct.*
Nov.*

.

8
46
9
34
44
56
8
23
-20
7
-13

33
-8
10
3

102
48
119
36
89
53
81
54
2
32
18

4
4
-6
8
3
7
-11
5
-2
4
1

2
6
— 10
8
9
1
-5

Germany

114
195

38
253

9
39

177
510

-337
522

952

59

167

7

141

60
98

50
9

4
3

1
*

24
38

176
81
191
27
74
85
103
31
39
110
35

1969—Jan.-Nov.J'

1969

Total
Europe

France

313
1,964

1967
1968

3
1
33
-1
9
1
5
*
3
*
4

3
3
43
*
7
2
39
24
27
8
10

2
*
—1
-2
4
*
1

52
7
24
1
25
-4
22
5
-4
7
6

1
2
1

Latin
Canada America

Other
Europe

Nether- Switzer- United
land Kingdom
lands

Total

Period

-1
5
2
-6
7
9

NOTE.—Statistics include State and local govt. securities, and securities
of U.S. Govt. agencies and corporations that are not guaranteed by

Period

1967
1968

Total

3
7

20.

1969-Jan.-Nov.» - 1 , 3 4 0

62 - 1 , 4 0 2

—20
— 39

65 -1,031

-108

-329

-6

6

-101
-21

-60
-5

-26
-35

3

2
-6

«
4
-60
-14
2
—1
-6
-16

-4
-9
-45
-21
-26
-41
-15
—1
-97
-43
-26

-58
-6

-140
-135

41
-68

1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.*
Nov.*. . .

-150
-175
-18
-112
-79
-223
-241
-63
-217
-17
-46

-32
-5
102
8
3
4
-11
-6
-9
4
3

-118
-170
-120
-119
-83
-227
-230
-57
-208
-22
-49

13 - 1 2 4
3 -163
-20
22
-63
-22
-43
-16
-21 -164
- 1 -211
-50
9
16 - 1 3 1
-21
53
-41
15
A

*
-3
-11

297
4
1

3
10
-2
6
7

3

9
-3
10

66
16
102
-32
—34
23
38
-13
35
82
14

*
-15
*
*
1

5
-7
1

FOREIGN CREDIT AND DEBIT

-12
1

End of
period

Other
countries

Africa

— 152
—96

-198
-141




Latin
Amer- Asia
ica

38
—300

1968—Nov
Dec

n

121
117

(Amounts outstanding; in millions of dollars)

—768
—932

— 1 320 — 393 —927
— 1,682 — 329 - 1 , 3 5 2

-12

14
11

BALANCES IN BROKERAGE ACCOUNTS

(In millions of dollars)

Canada

34
•

7

17

30
-1

Other Intl. and
countries regional

the United States. Also includes issues of new debt securities sold abroad
by U.S. corporations organized to finance direct investments abroad.

LONG-TERM FOREIGN SECURITIES, BY AREA

Europe

31
12

41
68

19. NET PURCHASES OR SALES BY FOREIGNERS OF

Intl. Total
forand
eign
recoungional
tries

Africa

Asia

4

-1
*
-6
*
*
*
*
—1
*
2
*

—27
6

3
2
-11
1
1
1
3
2
3
-1
1

Credit
balances
(due to
foreigners)

Debit
balances
(due from
foreigners)

1964
1965
1966
1967

116
158
175
311

91
119
128
298

1968—Mar
June
Sept
Dec

351
453
468
636

269
372
398
508

1969—Mar
June
Sept.*

553
566
467

396
401
297

NOTE.—Data represent the money credit balances and
money debit balances appearing on the books of reporting
brokers and dealers in the United States, in accounts of
foreigners with them, and in their accounts carried by
foreigners.

A 86

INTL. CAPITAL TRANSACTIONS OF THE U.S. a JANUARY 1970
22. MATURITY OF EURO-DOLLAR
DEPOSITS IN FOREIGN
BRANCHES OF U.S. BANKS

21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
(In millions of dollars)
Wednesday

Amount

Wednesday

Amount

Wednesday

1968

1966
Jan. 26
Feb. 23
Mar. 30

1,688
1,902
1,879

Apr. 27
May 25
June 29

1,909
2,003
1,951

July 27
Aug. 31
Sept. 28

2,786
3,134
3,472

Oct. 26
Nov. 30
Dec. 28

3,671
3,786
4,036
1967

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Jan. 25
Feb. 22
Mar. 29

3,653
3,396
3,412

Apr. 26
May 31
June 28

3,047
2,776
3,166

July 26
Aug. 30
Sept. 27

3,660
3,976
4,059

Oct. 25
Nov. 29
Dec. 27

4,322
4,206
4,241

1969—Cont.

31
28
27
24
29
26
31
28
25

4,259
4,530
4,920
5,020
5,872
6,202
6,126
7,004
7,104

Oct. 30
Nov. 27
Dec. 25

7,041
7,170
6,948
1969

Jan.

29

8,545

Feb. 26
Mar. 26
Apr. 2
9
16
23
30

9,621
9,206
9,511
9,694
10,281
9,399

May

7
14
21
28

9,977
9,545
10,095
9,868

4
11
18
25

10,808
11,852
13,057
13,269

July

6
13
20
27

14,177
14,304
14,776
14,658

Sept. 3
10
17
24

14,571
14,919
14,593
14,349

Oct.

1
8
15
22
29

14,118
14,609
14,970
14,310
13,649

Nov. 5
12
19
26

Aug.

12,826
13,833
14,261
14,369
14,434

14,415
14,369
15,048
'14,903

Aug.

Dec.

3
10
17
24
31

Amounts,
billions of dollars

Maturity of
liability

2
9
16
23
30

8,822

June

(End of month)

Amount

cau

;.::.::

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
year
Total

14,815
14,596
14,614
14,430
13,036

Sept.

Oct.

1.41
1.93

1.29
1.83

0.78
1.80

6.48
4.34
2.82
1.69
1.07
0.88
0.46
0.25
0.27
0.35
0.27
0.11

7.16
3.76
3.56
1.45
1.00
1.40
0.27
0.29
0.41
0.26
0.12
0.08

6.60
4.46
4.08
1.27
1.56
0.85
0.32
0.44
0.31
0.13
0.10
0.15

0.28

0.31

0.29

22.62 23.19 23.16

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.

NOTE.—The data represent gross liabilities of reporting banks to their branches in foreign
countries. For weekly data covering the period Jan. 1964-Mar. 1968, see May 1968 BULLETIN,
page A-104.

23. DEPOSITS, U.S. GOVT. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGNERS

24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
(In millions of dollars)

fin millions of dollars)
Payable in
Payable in dollars foreign currencies

Assets in custody
End of
period

Deposits
U.S. Govt
securities 1

Earmarked
gold

1966
1967

174
135

7,036
9,223

12,946
13,253

1968—Dec...

216

9,120

13,066

1969—Jan....
Feb.. .
Mar...

126
121
164
130
107
155
158
143
143
131
130
133

7,893
8,062
8,012
8,526
10,035
7,710
7,419
8,058
9,252
8,447
7,533
7,030

13,132
13,160
13,176
13,128
13,037
13,039
13,050
13,033
13,004
12,979
12,998
12,311

May!!
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...

1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.

NOTE.—Excludes deposits and U.S. Govt. securities
held for international 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

ShortShortterm
term
Deposits invest- Deposits investments 1
ments1

United
Kingdom

Canada

,078
,163

757
768
852

48
133
133

109
127
128

59
49
49

441
537
621

301
309
309

1968—Oct
Nov..
Dec...

,768
,829
1,638

,393
,398
,219

95
106
87

229
265
272

51
60
60

1,134
1,155
979

242
261
280

1969—Jan.'.
Feb.'.
Mar.'
Apr.'.
May'.
June'.
July..
Aug.'
Sept.'
Oct...

,785
1,867
1,865
1,833
1,949
1,787
1,778
1,699
1,592
1,627

,350
,388
,361
,320
,382
,223
,232
,210
,099
1,191

110
128
111
125
104
123
113
96
100
92

245
243
261
268
347
347
313
293
303
279

79
108
132
121
116
93
120
99
90
65

1,076
1,099
1,065
1,028
1,026
957
987
966
912
951

342
411
462
468
527
453
450
410
360
371

1966
19672

971
(

1
Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year from the date on which the
obligation was incurred by the foreigner.
2
Data on the two lines for this date differ because of changes in reporting coverage.
Figures on the first line are comparable in coverage with those shown for the preceding
date;figureson the second line are comparable with those shown for the following date.

NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in
the United States. They are a portion of the total claims on foreigners reported by
nonbanking concerns in the United States and are included in the figures shown in
Table 26.

JANUARY 1970 a INTL. CAPITAL TRANSACTIONS OF THE U.S.

A 87

25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period; in millions of dollars)
Claims on foreigners

Liabilities to foreigners

Area and country
June'

Sept.

Dec.'

2
60

3
78

Eastern Europe

3
47
g
4
92
125
IS
60
84
4
6
SO
24
70
3
284
1
6
1

3
407
1
5
1

Total

887
199
6
18
12
9
*
9
3
5
1
35
18
12
4
2

Europe:
Finland

Italy
Portugal .
Spain
Sweden
Switzerland

Canada
Latin America:
Brazil . .
Chile
.

. . .

Cuba
Peru

Other L A republics
Other Latin America

8
4
114

150
14
64
65
5
8
48
26
112

1968

1969

1968

4
4
114

120
11
63
42
4
4
37
25
116

Mar.

79
2
*
116

112
5
57
49
6
7
40
20
115

1969

June

June

r

Sept.

Dec'

Mar.'

June

4
67

6
54

6
68

5
49

5
61

5
52

2
•
121

102
54
45
14

7
47
17
116

9
9
136

10
9
157

g
72
26
32

g
76
26
71

127
24
119
86
10

174
26
130
67
10

12
9
145

12
g
140

12
7
162

7
71
26
39

85
25
49

11
81
26
44

204
27
124
54
10

153
22
119
59
12
7

193
24
148
62
14

5
384
1
13
2
1,017

4
354
1
17
1

9
1,537
g
13
10

7
1,450
4
15
6

6
1,221
7
16
8

13
1,306
g
17
12

14
1,234
14
17
12

1,096

5
393
1
9
2
1,034

979

2,292

2,318

2,040

2,112

2,132

199

194

164

159

559

501

540

724

713

7
19
6
7
*
9
5
6

6
16
5
7
*
6
3
7
1

8
17
4
7

5
15
4
6
*
11
3
8

31
87
30
25
2
83
12
28

36
102
38
25
2
94
15
28

46
91
36
29
2
103
15
26

45
90
39
26
2
111
14
28

42
90
38
27
2
112
17
26

63
36
6
8

72
46
5
8

82
66
6
9

78
66
6
11

85
38

1
36

23
10
4
1

33

7
4
7

1
27

20
18
5
2

16
19
3

1
26

18
19
2
2

5
59

4
57

6
67

5
60

4
70

14

133

134

130

122

121

474

532

584

579

570

4

5
17
78
1
8
4
2
45

4
10
3
15
91
1
10
3
2
36

5
12
4
17
89
9
5
2
31

4
15
5
13
99
2
8
5
41

5
18
6
11
114
1
11
5
2
50

10
37
6
10
175
14
22
12
15
90

10
39
7
9
195
18
21
12
15
97

8
34
7
6
207
21
25
19
16
134

9
32
8
11
200
22
25
19
13
120

11
40
7
13
212
24
25
19
12
104

176

175

176

195

223

392

423

477

460

466

1
6
6
12

1
12
4
8

11
5
8

1
9
5
14

2
14
2
51

5
16
6
37

3
19
6
37

2
31
7
37

3
27
7
42

3
27
8

24

25

24

29

68

64

65

76

78

81

46
7
53
*

43
6

44
5

46
3

62
10

58
9

54
11

56
9

53
7

49
*

45
5
49
*

50

50
•

72

68

65

65

60

*

1

1

1

2

2

1,473

Total

1,678

1,608

1,576

1,601

3,855

3,907

3,783

4,018

4,024

Asia:
India

. . . .

Israel

Thailand...
Other Asia

. . .

Total
Africa:
South Africa
U.A.R. (Egypt)
Other Africa
Total

14

Other countries:
All other
Total

...

.

International and regional

. . . .

NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.




43

Data exclude claims held through U.S. banks, and intercompany accounts
between U.S. companies and their foreign affiliates.

A 88

INTL. CAPITAL TRANSACTIONS OF THE U.S. ° JANUARY 1970
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
(In millions of dollars)
Claims

Liabilities

Payable in foreign
currencies
End of period

Payable
in
foreign
currencies

Payable
in
dollars

Total

Total

Payable
in
dollars

Deposits with
banks abroad
in reporter's
name .

Other

740
779
807
810

568
585
600
600

172
195
207
210

2,411
2,406
2,397
2,299

1,966
1,949
2,000
1,911

198
190
167
166

248
267
229
222

849
894
1,028
1,089

614
657
785
827

235
237
243
262

2,473
2,469
2,539
2,628

2,033
2,063
2,146
2,225

211
191
166
167

229
215
227
236

1,148
1,203
1,353
1 371
1,386

864
916
1,029
1 027
1,039

285
287
324
343
347

2,689
2,585
2,555
2,946
3,011

2,245
2,110
2,116
2,529
2,599

192
199
192
201
203

252
275
246
216
209

Dec '

1965

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
3,174

211
210
422
368

222
229
193
241

Mar
June

1,576
1,601

1,185
1,248

391
354

4,018
4,024

3,334
3,283

357
463

327
278

June
Dec
Dec. 1

1966—Mar.
Sept

Dec....

1967

Mar
Sept
Dec
Dec.'

1968

1969

Mar '
June r

1 Data differ from that shown for Dec. in line above because of changes
in reporting coverage.

27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(In millions of dollars)
Claims

End of period

Country or area

Total
liabilities
Total

1965

June
Sept
Dec
Dec.'

1966—Mar
Sept
Dec
1967—Mar
Sept
Dec
Dec.'
1968—Mar '
Sept.'
Dec r
1969

Mar '

United
Kingdom

Other
Europe

Canada

Brazil

Other
Latin
America

Japan

Other
Asia

Africa

All
other

110
120
136
147

1.081
,101
,169
,139

31
31
31
31

118
116
112
112

208
230
233
236

221
217
209
209

70
74
69
65

144
138
196
198

85
89
98
98

96
96
114
87

91
91
89
85

17
18
17
18

176
188
249
329

,156
,207
,235
,256

27
27
23
27

124
167
174
198

239
251
267
272

208
205
202
203

61
61
64
56

206
217
207
212

98
90
102
95

87
90
91
93

87
86
90
87

19
14
14
13

454
430
411
414
428

,324
,488
452
,537
,570

31
27
40
43
43

232
257
212
257
263

283
303
309
311
322

203
214
212
212
212

58
88
84
85
91

210
290
283
278
274

108
110
109
128
128

98
98
103
117
132

84
85
87
89
89

17
15
13
16
16

582
747
767
1,100

,536
,568
,625
,784

41
32
43
147

265
288
313
312

330
345
376
420

206
205
198
194

61
67
62
73

256
251
251
231

128
129
126
128

145
134
142
156

84
83
82
83

21
33
32
38

1,256
1,299

,854
!961

175
168

348
374

422
447

194
195

75
76

224
217

126
142

176
229

72
72

43
41

* Data differ from that shown for D e c in line above because of changes
in reporting coverage.




Mexico

JANUARY 1970 a MONEY RATES

A 89

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)

Period

Argentina
(peso)

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

1111.22
111.25
111.25
111.10

3.8704
3.8686
3.8688
3.8675
3.8654

2.0144
2.0067
2.0125
2.0026
1.9942

92.743
92.811
92.689
92.801
92.855

20.959
20.946
20.501
16.678
16.741

14.460
14.475
14.325
13.362
13.299

31.070
31.061
229.553
23.761
23.774

(dollar)

1965
1966
1967
1968
1969

.59517
.48690
.30545
.28473
.28492

1968—Dec.

.28500

110.82

3.8681

1.9935

93.177

16.678

13.340

23.763

1969—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.

.28512
.28490
.28489
.28490
.28490
.28490
.28490
.28490
.28490
.28490
.28490
.28490

110.95
111.15
111.17
111.24
110.93
111.07
111.11
110.87
110.81
111.10
111.38
111.43

3.8670
3.8650
3.8671
3.8669
3.8646
3.8647
3.8664
3.8668
3.8637
3.8644
3.8621
3.8652

1.9921
1.9928
1.9883
1.9890
1.9925
1.9868
1.9889
1.9885
1.9869
2.0023
2.0121
2.0125

93.206
93.060
92.863
92.903
92.837
92.628
92.526
92.743
92.732
92.762
92.941
93.083

16.678
16.678
16.678
16.678
16.694
16.795
16.785
16.784
16.784
16.784
16.784
16.772

13.317
13.288
13.321
13.285
13.269
13.282
13.282
13.282
13.287
13.297
13.334
13.348

23.763
23.772
23.785
23.785
23.785
23.785
23.771
23.785
23.785
23.773
23.748
23.748

222.78
223.41

1965
1966
1967
1968
1969

France
(franc)

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

20.401
20.352
20.323
20.191
319.302

Period

25.036
25.007
25.084
25.048
425.491

20.938
516.596
13.255
13.269
13.230

279.59
279.30
275.04
239.35
239.01

.16004
.16014
.16022
.16042
.15940

.27662
.27598
.27613
.27735
.27903

32.609
32.538
32.519
32.591
32.623

8.0056
8.0056
8.0056
8.0056
8.0056

27.774
27.630
27.759
27.626
27.592

1968—Dec.

20.199

25.032

13.234

238.42

.16026

.27940

32.614

8.0056

27.710

1969—Jan..
Feb..
Mar.
Apr.
May,
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.

20.199
20.188
20.167
20.145
20.115
20.110
20.110
318.627
18.005
17.907
17.928
17.952

24.978
24.881
24.879
24.925
25.065
24.992
25.002
25.083
25.236
426.801
27.101
27.131

13.244
13.244
13.244
13.249
13.212
13.223
13.228
13.218
13.214
13.217
13.231
13.232

238.70
239.14
239.17
239.31
238.65
238.95
239.04
238.53
238.40
239.02
239.63
239.73

.16022
.15978
.15911
.15947
.15919
.15946
.15926
.15915
.15885
.15923
.15971
.15948

.27934
.27945
.27935
.27917
.27899
.27880
.27809
.27810
.27908
.27911
.27951
.27953

32.640
32.675
32.639
32.649
32.636
32.638
32.586
32.605
32.629
32.659
32.661
32.481

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

27.636
27.581
27.565
27.520
27.467
27.424
27.469
27.635
27.659
27.804
27.748
27.622

Norway
(krone)

Portugal
(escudo)

South
Africa
(rand)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

6131.97
111.37
111.21

13.985
13.984
13.985
14.000
13.997

3.4829
3.4825
3.4784
3.4864
3.5013

139.27
139.13
139.09
139.10
138.90

1.6662
.6651
.6383
.4272
.4266

19.386
19.358
19.373
19.349
19.342

23.106
23.114
23.104
23.169
23.186

279.59
279.30
275.04
239.35
239.01

1968—Dec...

110.93

14.000

3.4886

138.56

.4279

19.323

23.259

238.42

1969—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...

111.06
111.27
111.28
111.35
111.04
111.18
111.22
110.99
110.92
111.21
111.50
111.54

13.988
13.988
14.001
14.007
13.999
14.014
14.005
13.998
13.989
13.986
13.989
14.000

3.4925
3.4975
3.5042
3.5036
3.4985
3.4989
3.5011
3.5031
3.5029
3.5038
3.5032
3.5059

138.72
138.98
138.99
139.08
138.69
138.87
138.92
138.62
138.54
138.91
139.26
139.32

.4278
.4279
.4277
.4271
.4262
.4260
.4267
.4277
.4276
.4262
.4248
.4230

19.340
19.326
19.340
19.350
19.337
19.327
19.337
19.345
19.330
19.365
19.354
19.352

23.146
23.145
23.261
23.135
23.117
23.176
23.197
23.228
23.265
23.229
23.118
23.203

238.70
239.14
239.17
239.31
238.65
238.95
239.04
238.53
238.40
239.02
239.63
239.73

New Zealand
Period
(pound)
1965.
1966.
1967.
1968.,
1969.

276.82
276.54
276.69

(dollar)

1
Effective Feb. 14, 1966, Australia adopted the decimal currency
system. The new unit, the dollar, replaces the pound and consists of 100
cents, equivalent to 10 shillings or one-half the former pound.
2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2
to 4.2 markkaa per U.S. dollar.
3 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to
5.55 francs per U.S. dollar.
* Effective Oct. 26, 1969, the new par value of the deutsche mark was
set at 3.66 per U.S. dollar.
5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to
7.5. rupees per U.S. dollar.




6
Effective July 10, 1967, New Zealand adopted the decimal currency
system. The new unit, the dollar, replaces the pound and consists of 100
cents, equivalent to 10 shillings or one-half the former pound.

NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967.
the following countries devalued their currency in relation to the U.S.
dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain.
Averages of certified noon buying rates in New York for cable transfers.
For description of rates and back data, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.

A 90

MONEY RATES • JANUARY

1970

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Dec. 31, 1968

1969

Country
Per
cent
6.0
3.75
4.5
22.0
4.0
Canada
Ceylon
Chile

i

El Salvador
Finland....
Germany, Fed. Rep. of.
Ghana
Greece
Iceland
India
Ireland
Israel
Italy

Month
effective
Dec. 1957
Oct. 1967
Dec. 1968
Jan. 1967
Feb. 1962

6.5
5.5
12.0
8.0
4.0

Dec. 1968
May 1968
July 1968 13.0
May 1963
June 1966

7.0

6.0
5 0
4.0
7.0
6.0

Aug. 1968
Nov 1956
Aug. 1964
Apr 1962
Nov. 1968

7 0

3.0
5.5
5.0
3.0
9.0

May 1967
Mar. 1968
July 1968
Jan. 1962
Jan. 1966

5.0
9.0
7.0
7.17
6.0

Mar 1968
Aug. 1963
Nov. 1968
Dec. 1968 7.12
Feb. 1955

Jan.

New Zealand
Pakistan .

5.0
7.0
6.0
3.5
50

Oct. 1968
July 1967
Aug. 1968
Oct. 1959
Sept. 1966

7.5
5.0
7.0
4.5

May 1961
May 1962
Sept. 1968
Dec. 1960

June

60

July

Aug.

Sept.

Oct.

Nov.

7.5

20.0

8.0
5.5
14.0
8.0
4.0

8.0

7.0
4.0

8.0

9.0
5.0
4.0
7.0
8.0

8.0

5.0

6.0
5.5
6.0
3.0
9.0

6.0
6.0

5.5

8.75

8.38

8.5

8.44

8.6

8.38

8 25

4.0
5.5

6.0

6.25

26.0
6.0

5.5

4 5

55
7 0

60
10 8

80

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—t per cent for secured paper and 4 per cent for certain agricultural
paper;
Chile—17 percent for forestry paper, preshipment loans and consumer
loans, 18 per cent for selective and specialrediscounts,19.5 per cent for
cash position loans, and 23.5 per cent for construction paper beyond a
basic rediscount period. Afluctuatingrate applies to paper covering the
acquisition of capital goods.

5.5

5.0
9.0
8.0
8.25
6.0
4.0
6.0
6.25
26.0
4.5
6.0
7.0
6.0
4.5
5.0
9.5
10.0
2.75
5.5
5.5

10.0

8.0

Dec.

6.0
4.75
7.5
20.0
4.0

4.75

7.0

9 0

> On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate, but will not be more than the bank rate.
2
Rate shown is for advances only.




May

7.5

Nov 1959
Feb 1968
Sept. 1965 2.75
Aug. 1968
Nov. 1967

2.5
5.5
4.5
5.0
3.0
11.9
5.0
5.0

United Arab Rep. (Egypt)..
United Kingdom

5.5

Dec. 1968
Mar. 1961
Apr. 1954
Feb. 1955
June 1965

7.5

South Africa . . .
Spain

Apr.

14.0

June 1958
Sept. 1968
Aug. 1968
Dec. 1965
June 1942

95

Korea
Mexico

3.5
5.0
5.84
28.0
4.5

Mar.

50

Feb.

Rate
as of
Dec. 31,
1969

3 75

7.0
3.75
10.8
5.0
5.0
7.5
5.0
8.0
5.5

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—6 per cent for bank acceptances for commercial purposes;
Indonesia— Various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—5 and 7 per cent for small credits to agricultural orfishproduction,
import substitution industries and manufacture of exports; 8 per cent for
other agricultural, industrial and mining paper;
Philippines— 6 per cent forfinancingthe production, importation, and distribution of rice and corn and 7.75 per cent for credits to enterprises engaged in export activities. Preferential rates are also granted on credits to
rural banks; and
Venezuela—2 per cent forrediscountsof certain agricultural paper (Sept.
1962), and 5 per cent for advances against govt. bonds, mortgages, or gold,
and 6 per cent for rediscounts of certain industrial paper and on advances
against securities of Venezuelan companies.

JANUARY 1970 a MONEY RATES; ARBITRAGE

A 91

OPEN MARKET RATES
(Per cent per annum)

Month

Treasury Day-to- Bankers' Treasury
acceptbills,
day
bills,
3 months! money 2 3 ances, 3 months
months

Germany,
Fed. Rep. of

France

United Kingdom

Canada

Bankers'
Day-to- allowance
day
on
money deposits

Netherlands

Switzerland

Day-today
moneys

Treasury
bills,
60-90
days 4

Day-today
moneys

Treasury
bills,
3 months

Day-today
money

Private
discount
rate

1966—Dec
1967—Dec

5.05
5.80

4.71
5.67

6.94
7.78

6.64
7.52

6.00
6.83

5.00
6.00

5.68
4.76

4.75
2.75

5.85
2.77

4.90
4.51

3.68
4.05

4.00
3.75

1968—Nov.
Dec

5.64
5.96

4.73
5.31

7.03
7.26

6.67
6.80

5.92
5.99

5.00
5.00

9.16
8.22

2.75
2.75

1.55
1.84

4.50
4.65

4.86
4.96

3.75
3.75

1969 Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov

6.36
6.31
6.62
6.69
6.74
7.03
7.49
7.65
7.75
7.68
7.71

6.02
5.34
5.89
6.47
6.67
6.98
7.40
7.57
7.77
7.71
7.78

7.28
7.32
8.35
8.41
8.46
8.73
8.88
8.88
8.88
8.88
8.88

6.77
6.97
7.78
7.79
7.82
7.89
7.86
7.80
7.80
7.73
7.72

5.91
6.08
6.90
6.88
6.88
6.66
6.95
6.95
7.07
7.02
6.85

5.00
5.08
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00

8.04
7.88
8.18
8.34
8.96
9.46
9.23
8.84
9.39
9.37

2.75
2.75
2.75
3.75
3.75
4.75
4.75
4.75
5.75
5.75
5.75

3.30
3.27
3.63
2.46
1.63
5.02
5.80
5.87
4.03
6.68
7.65

4.90
5.00
5.00
5.39
5.50
5.50
5.50
5.98
6.00
5.88
5.95

4.44
5.38
5.38
5.77
5.88
5.92
7.17
7.71
7.66
3.80
5.55

3.75
3.75
3.81
4.00
4.00
4.06
4.25
4.25
4.38
4.75
4.75

= Monthly averages based on daily quotations.
NOTE.—For description and back data, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.

1 Based on average yield of weekly tenders during month
2 Based on weekly averages of daily closing rates.
* Rate shown is on private securities.
4
Rate in effect at end of month.

ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and Canada

United States and United Kingdom

Treasury bill rates

Treasury bill rates
Date

Premium
discount
(-)on
forward
pound

Net
incentive
(favor
of
London)

.63
.70
.78
.78
.65

-2.60
-2.80
-7.91
-8.16
-8.33

7.02
7.03
7.10
7.03

.56
.55
.48
.61

(+)or

United
Kingdom
(adj. to
U.S.
quotation
basis)

United
States

Spread
(favor
of
London)

7.64
7.64
7.64
7.64
7.64

7.01
6.94
6.86
6.86
6.99

Premium

(+)or

Canada

Net
incentive
(favor
of
Canada)

discount
(-)on
forward
Canadian
dollars

As
quoted
in
Canada

Adj. to
U.S.
quotation
basis

United
States

Spread
(favor
of
Canada)

-i.97
-2.10
-7.13
-7.38
-7.68

7.60
7.60
7.62
7.66
7.66

7.36
7.36
7.38
7.42
7.42

7.01
6.94
6.86
6.86
6.99

.35
.42
.52
.56
.43

+
+
+
+
+

.82
.78
.69
.69
.48

+1.17
+1.20
+1.21
+1.25
+ .91

-8.92
-7.58
-6.00
-4.92

-8.36
-7.03
-5.52
-4.31

7.73
7.72
7.75
7.77

7.49
7.48
7.51
7.53

7.02
7.03
7.10
7.03

.47
.45
.41
.50

+
+
+
+

.61
.61
.39
.39

+1.08
+1.06
+ .80
+ .89

.52
.61
.56
.19
.02

+1.08
+1.08
+ .97
+ .62
+ .42

1969
Aug.

S

1
8
15
22
29

«*-,i
19
26

7.58
7.58
7.58
7.64

Oct.

3
10
17
24
31

7.57
7.55
7.61
7.61
7.61

6.97
6.98
6.99
6.95
6.98

.60
.57
.62
.66
.63

-2.56
-2.47
-1.52
-1.38
-1.27

-1.96
-1.90
-.90
-.72
-.64

7.77
7.69
7.64
7.62
7.62

7.53
7.45
7.40
7.38
7.38

6.97
6.98
6.99
6.95
6.98

.56
.47
.41
.43
.40

+
+
+
+
+

Nov.

7
14
21
28

7.58
7.58
7.58
7.58

7.09
7.14
7.31
7.49

.49
.44
.27
.09

-.79
-.66
-.69
-.51

-.30
-.22
-.42
-.42

7.67
7.67
7.72
7.75

7.43
7.43
7.48
7.50

7.09
7.14
7.31
7.49

.34
.29
.17
.01

-.04
-.13
+ .09
+ .09

+
+
+
+

Dec.

5
12
19
23
31

7.61
7.58
7.55
7.55
7.49

7.56
7.72
7.80
7.78
7.98

.05
-.14
-.25
-.23
-.49

-.17
-.37
-.38
-.38
-.55

-.12
-.51
-.63
-.61
-1.04

7.77
7.77
7.78
7.78
7.82

7.53
7.53
7.53
7.53
7.57

7.56
7.72
7.80
7.78
7.98

-.03
-.19
-.27
-.25
-.41

+ .04
+ .09
+ .09
+ .09
-.04

+ .01
-.10
-.18
-.16
-.45

Jan.

9

7.43

7.86

-.43

-.20

-.63

7.83

7.58

7.86

-.28

-.17

-.45

.38
.16
.26
.10

1970

NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
All series: Based on quotations reported to F.R. Bank of New York
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
by market sources.
rates are Friday opening market offer rates in London.
For description of series and for backfigures,see Oct. 1964 BULLETIN,
Premium or discount on forward pound and on forward Canadian dollar:pp. 1241-60. For description of adjustments to U.K. and Canadian
Rates per annum computed on basis of midpoint quotations (between
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
bid and offer) at 11 a.m. Friday in New York for both spot and forward
Oct. 1964 BULLETIN.
pound sterling and for both spot and forward Canadian dollars.







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I?

m

JANUARY 1970 • GOLD RESERVES AND PRODUCTION

A 93

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

Turkey

U.A.R.
(Egypt)

United
Kingdom

104
104
104
96
92
92

140
115
104
116
102
97

174
174
139
139
93
93

2,582
2,484
2,136
2,265
1,940
1,291

81
81

92
92

97
97

93
93

1,474

81
81

92
92
92
92
92
92
92
92
92
92
92

97
97

93
93

81
81
81
81
81
81
81
81

Sweden Switzer- Taiwan
land

South
Africa

1968- Nov
Dec
1969 Jan
Feb
Mar
Apr
May

....
.. .

July
Septp
Oct

446
573
616
810
785
785

181
182
189
202
203
203

2,667
2,820
2,725
3,042
2,842
3,089

785
785

225
225

2 625
2,624

1,287
1,321
1 367
1,409
1 282
1,264
1,171
1 138
1,093
1 128
1,125

785
785

225
225

2,623
2,646
2,645
2,644
2,643
2,643
2,643
2 642
2,642
2 642
2,642

Thailand

43
50
55
55
62
81

1 199
1,243

1962
1963
1964
1965
1966
1967

Spain

499
630
374
425
637
583

End of
period

785
785
785
785
785
785
785
785
785

225
225
225
225
225
226
226
226
226

1 Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
2
Adjusted to include gold subscription payments to the IMF made by

93
93
93
93
93
93
93
93

97
97
97
97
107
107
107
117
117

Venezuela

Yugoslavia

180
171
171
155
146
140

401
401
401
401
401

4
14
17
19
21
22

133
133

403
403

50
50

133
133

403
403
403
403
403
403
403
403
403
403
403

50
50

136
136
136
136
136

Uruguay

1 476
1,474
1,459

401

165

50
50
50
51
51
51
50
50
50

Bank
for
Intl.
Settle-4
ments
50

—279
50

—558
—424
—624
260

-349

-276
—278
—284
—286
—282
—285
—275
268

-285

314

-309

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.
* Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.

GOLD PRODUCTION
(In millions of dollars at $35 perfinetroy ounce)
Africa
Period

World
production 1

1,215.0
1,295.0
1,355.0
1,405.0
1,440.0
1,445 0
1,410.0
1,420.0

1961
1962
1963
1964
1965
1966
1967
1968»

South
Africa

Rhodesia

Ghana

Congo
(Kinshasa)

United
States

Canada

Mexico

803.0
892.2
960.1
1,018.9
1,069.4
1,080.8
1,068.7
1,088.0

20.1
19.4
19.8
20.1
19.0
19.3
18.0
17.5

29.2
31.1
32.2
30.3
26.4
24.0
26.7
25.4

8.1
7.1
7.5
6.6
3.2
5.6
5.4
5.9

54.8
54.5
51.4
51.4
58.6
63.1
53.4
53.9

156.6
146.2
139.0
133.0
125.6
114.6
103.7
94.1

9.4
8.3
8.3
7.4
7.6
7.5

1968 Oct
Nov
Dec

92.4
87.9
83.5

1969 Jan
Feb . . . .
Mar
Apr

83 4
86.7
89.1
89.3
90.0
91 3
93 7
93 9
95.1
95.2

May

July
Auu

Sept
Oct

1
Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Quarterly data.




7 7
7.5

7.7
7 8
7.1
7.6
7.3

7
7
6
6

4
3
7
6

7.0
6.5

'5.8

6.2
5
.6

.6

6

.5
.6

Other

Asia

Morth and South America

Nica- Colom- India
bia
ragua

Philippines

Australia

All
other

14.0
13.9
11.4
12.8
11.2

5.5
5.7
4.8
5.2
4.6
4.2
3.4
4.0

14.8
14.8
13.2
14.9
15.3
15.8
17.2
17.8

37.7
37.4
35.8
33.7
30.7
32 1
28.4
27.6

53.9
56.6
64.3
62.8
61.5
61 2
'64 1
64.4

.7

.3

24.2

5

3

.7
.7
.7
7
7
7
7

3

7.9
7.8
7.2
7.9
6.9
7.0
6.2
6.8

9.8
9.0
8.4

7
.6

2 6
1.9

2.2
1 9

2.0
2.1
2.3

2 2
2 2

•6

NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.

A 94

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WM. M C C . MARTIN, JR.,
GEORGE W. MITCHELL
ANDREW F. BRIMMER

Chairman

J. L. ROBERTSON, Vice Chairman

J. DEWEY DAANE

SHERMAN J. MAISEL
WILLIAM W. SHERRILL

ROBERT C. HOLLAND, Secretary of the Board
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
ROBERT E. NICHOLS, Special Assistant to the Board
OFFICE OF THE SECRETARY
ROBERT C. HOLLAND, Secretary
KENNETH A. KENYON, Deputy Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
NORMAND R. V. BERNARD, Assistant Secretary
GORDON B. GRIMWOOD, Defense Planning

Coordinator and Assistant Secretary

JOSEPH R. COYNE, Special Assistant to the Board
DIVISION OF FEDERAL RESERVE BANK

OPERATIONS
JOHN R. FARRELL, Director
JOHN N. KILEY, JR., Associate Director
JAMES A. MCINTOSH, Assistant Director

P. D. RING, Assistant Director
CHARLES C. WALCUTT, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner

LEGAL DIVISION

DAVID B. HEXTER, General Counsel
THOMAS J. O'CONNELL, Deputy General

Counsel
JEROME W. SHAY, Assistant General Counsel
ROBERT F. SANDERS, Assistant General Counsel
PAULINE B. HELLER, Adviser
DIVISION OF RESEARCH AND STATISTICS

J. CHARLES PARTEE, Director
STEPHEN H. AXILROD, Associate Director
LYLE E. GRAMLEY, Associate Director
STANLEY J. SIOEL, Adviser
TYNAN SMITH, Adviser
MURRAY S. WERNICK, Adviser
KENNETH B. WILLIAMS, Adviser
PETER M. KEIR, Associate Adviser
BERNARD SHULL, Associate Adviser
JAMES B. ECKERT, Assistant Adviser
JAMES L. PIERCE, Assistant Adviser
STEPHEN P. TAYLOR, Assistant Adviser

Louis WEINER, Assistant Adviser
JOSEPH S. ZEISEL, Assistant Adviser

DIVISION OF INTERNATIONAL FINANCE
ROBERT SOLOMON, Director
•ROBERT L. SAMMONS, Associate Director
JOHN E. REYNOLDS, Associate Director
JOHN F. L. GHIARDI, Adviser
A. B. HERSEY, Adviser
REED J. IRVINE, Adviser
SAMUEL I. KATZ, Adviser
BERNARD NORWOOD, Adviser
RALPH C. WOOD, Adviser
ROBERT F. GEMMILL, Associate Adviser
SAMUEL PIZER, Associate Adviser




DIVISION OF SUPERVISION AND REGULATION

FREDERIC SOLOMON, Director
BRENTON C. LEAVITT, Deputy Director
FREDERICK R. DAHL, Assistant Director
JACK M. EGERTSON, Assistant Director
JANET O. HART, Assistant Director
JOHN N. LYON, Assistant Director
MILTON W. SCHOBER, Assistant Director
THOMAS A. SIDMAN, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director
JOHN J. HART, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director
DONALD E. ANDERSON, Assistant Director
JOHN D. SMITH, Assistant Director

OFFICE OF THE CONTROLLER
JOHN KAKALEC, Controller
HARRY J. HALLEY, Assistant Controller

OFFICE OF DEFENSE PUNNING
INNIS D. HARRIS, Coordinator
DIVISION OF DATA PROCESSING

JEROLD E. SLOCUM, Director
JOHN P. SINGLETON, Associate Director
GLENN L. CUMMINS, Assistant Director
RICHARD S. WATT, Assistant Director

*On leave of absence.

A 95

FEDERAL OPEN MARKET COMMITTEE
WM. M C C . MARTIN, JR., Chairman

ALFRED HAYES, Vice Chairman

KARL R. BOPP

PHILIP E. COLDWELL

J. L. ROBERTSON

ANDREW F. BRIMMER

J. DEWEY DAANE

CHARLES J. SCANLON

GEORGE H. CLAY

SHERMAN J. MAISEL

WILLIAM W. SHERRILL

GEORGE W. MITCHELL
ROBERT C. HOLLAND, Secretary
ARTHUR L. BROIDA, Deputy Secretary

DAVID P. EASTBURN,.Associate Economist

KENNETH A. KENYON, Assistant Secretary

LYLE E. GRAMLEY, Associate Economist

CHARLES MOLONY, Assistant Secretary

RALPH T. GREEN, Associate Economist

HOWARD H. HACKLEY, General Counsel

A. B. HERSEY, Associate Economist

DAVID B. HEXTER, Assistant General Counsel

ROBERT G. LINK, Associate Economist

J. CHARLES PARTEE, Economist

JOHN E. REYNOLDS, Associate Economist

STEPHEN H. AXILROD, Associate Economist

ROBERT SOLOMON, Associate Economist

ERNEST T. BAUGHMAN, Associate Economist

CLARENCE W. TOW, Associate Economist

ALAN R. HOLMES, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account

FEDERAL ADVISORY COUNCIL
MARK C. WHEELER, FIRST FEDERAL
RESERVE DISTRICT

DONALD M. GRAHAM, SEVENTH FEDERAL
RESERVE DISTRICT

JOHN M. MEYER, JR., SECOND FEDERAL
RESERVE DISTRICT

ALLEN MORGAN, EIGHTH FEDERAL
RESERVE DISTRICT

GEORGE H. BROWN, JR., THIRD FEDERAL
RESERVE DISTRICT

PHILIP H. NASON, NINTH FEDERAL
RESERVE DISTRICT

JOHN A. MAYER, FOURTH FEDERAL
RESERVE DISTRICT

JACK T. CONN, TENTH FEDERAL
RESERVE DISTRICT

ROBERT D. H. HARVEY, FIFTH FEDERAL

JOHN E. GRAY, ELEVENTH FEDERAL
RESERVE DISTRICT

RESERVE DISTRICT
GEORGE S. CRAFT, SIXTH FEDERAL
RESERVE DISTRICT




A. W. CLAUSEN, TWELFTH FEDERAL
RESERVE DISTRICT

HERBERT
WILLIAM

J.

V. PROCHNOW, Secretary
KORSVIK,

Assistant Secretary

A 96

FEDERAL RESERVE BANKS AND BRANCHES
Federal Reserve Bank
or branch
Zip code

Chairman
Deputy Chairman

President
First Vice President

Boston

02106

James S. Duesenberry
John M. Fox

Frank E. Morris
Earle O. Latham

New York

10045

Buffalo

14240

Albert L. Nickerson
James M. Hester
Robert S. Bennett

Alfred Hayes
William F. Treiber

Philadelphia

19101

Willis J. Winn
Bayard L. England

Karl R. Bopp
Robert N. Hilkert

Cleveland

44101

Albert G. Clay
J. Ward Keener
Graham E. Marx
Lawrence E. Walkley

W. Braddock Hickman
Walter H. MacDonald

Wilson H. Elkins
Robert W. Lawson, Jr.
Arnold J. Kleff, Jr.

Aubrey N. Heflin
Robert P. Black

Edwin I. Hatch
John C. Wilson

Monroe Kimbrel
Kyle K. Fossum

Cincinnati

4S201

Pittsburgh

15230

Richmond

23213

Baltimore
Charlotte
Atlanta

21203
28201
30303

Birmingham
Jacksonville
Nashville
New Orleans
Chicago

35202
32201
37203
70160
60690

Detroit

48231

St. Louis

63166

Little Rock
Louisville
Memphis

72203
40201
38101

Minneapolis

55440

Helena

59601

Kansas City

64198

Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle




80217
73125
68102
75222
79999
77001
78206
94120
90054
97208
84110
98124

Vice President
in charge of branch

A. A. Maclnnes, Jr.

Fred O. Kiel
Clyde E. Harrell

Henry K. Stanford
Robert H. Radcliff, Jr.
Emerson G. Higdon
William H. Franklin
L. Wm. Seidman

Darryl R. Francis
Dale M. Lewis

Robert F. Leach
David M. Lilly

Hugh D. Galusha, Jr.
M. H. Strothman, Jr.

Dolph Simons
Willard D. Hosford, Jr.
Cris Dobbins
C. W. Flint, Jr.
Henry Y. Kleinkauf

George H. Clay
John T. Boysen

Carl J. Thomsen
Chas. F. Jones
Gordon W. Foster
Geo. T. Morse, Jr.
Francis B. May

Philip E. Coldwell
T. W. Plant

O. Meredith Wilson
S. Alfred Halgren
Leland D. Pratt
Robert F. Dwyer
Peter E. Marble
C. Henry Bacon, Jr.

Eliot J. Swan
A. B. Merritt

Dan L. Hendley
Edward C. Rainey
Jeffrey J. Wells
Arthur H. Kantner

Charles J. Scanlon
Hugh J. Helmer

Frederic M. Peirce
Smith D. Broadbent, Jr.
Jake Hartz
Harry M. Young, Jr.
William L. Giles

H. Lee Boatwright, III
Edmund F. MacDonald

Daniel M. Doyle

John F. Breen
Donald L. Henry
Eugene A. Leonard

Howard L. Knous

John W. Snider
Howard W. Pritz
George C. Rankin

Fredric W. Reed
J. Lee Cook
Carl H. Moore

Paul W. Cavan
William M. Brown
Arthur L. Price
William R. Sandstrom

A 97

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A 98

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FEDERAL RESERVE BOARD PUBLICATIONS

A 99

OPTIMAL FACTOR ADJUSTMENT PATHS: A GENERALIZATION OF "STOCK ADJUSTMENT" DECISION
RULES, by P. A . Tinsley. July 1969. 14 pp.

CYCLES AND CYCLICAL IMBALANCES IN A CHANGING WORLD, Staff Paper by Frank R. Garfield.
Nov. 1965. 15 pp.

ECONOMIC FORECASTS: EVALUATION PROCEDURES AND RESULTS, by H . O. Stekler. Oct.
1969. 49 pp.

RESEARCH ON BANKING STRUCTURE AND PERFORMANCE, Staff Economic Study by Tynan
Smith. Apr. 1966. 11 pp.

SOME PROBLEMS IN FORECASTING INVENTORY
INVESTMENT, by H . O. Stekler. Oct. 1969. 23 pp.
AUTOMOTIVE TRADE BETWEEN THE UNITED
STATES AND CANADA, by Kathryn A . Morisse.
Nov. 1969. 33 pp.
MONETARY POLICY AND THE AVAILABILITY OF
MORTGAGE LENDING COMMITMENTS, by Robert Moore Fisher. Dec. 1969. 36 pp.
IMPORTED INFLATION AND THE INTERNATIONAL
ADJUSTMENT PROCESS, by Ruth Logue. Dec.
1969.147 pp.
Printed in full in the Bulletin.
(Reprints available as shown in following list.)

COMMERCIAL BANK LIQUIDITY, Staff Economic
Study by James Pierce. Aug. 1966. 9 pp.
TOWARD UNDERSTANDING OF THE WHOLE DEVELOPING ECONOMIC SITUATION, Staff Economic Study by Frank R. Garfield. Nov. 1966.
14 pp.
A REVISED INDEX OF MANUFACTURING CAPACITY,
Staff Economic Study by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman.
Nov. 1966. 11 pp.
THE ROLE OF FINANCIAL INTERMEDIARIES IN
U.S. CAPITAL MARKETS, Staff Economic Study
by Daniel H. Brill, with A n n P. Ulrey. Jan.
1967. 14 pp.

REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk.)
ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting economic data for seasonal variations. June 1941.
11pp.
SEASONAL FACTORS AFFECTING BANK RESERVES.
Feb. 1958. 12 pp.
LIQUIDITY AND PUBLIC POLICY, Staff Paper by
Stephen H. Axilrod. Oct. 1961. 17 pp.
SEASONALLY ADJUSTED SERIES
CREDIT. July 1962. 6 pp.

FOR

BANK

INTEREST RATES AND MONETARY POLICY, Staff
Paper by Stephen H . Axilrod. Sept. 1962. 28 pp.
MEASURES OF MEMBER BANK RESERVES. July
1963. 14 pp.
CHANGES IN BANKING
Sept. 1963. 8 pp.

STRUCTURE,

1953-62.

THE OPEN MARKET POLICY PROCESS. Oct 1963
11pp.
REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. Mar. 1965. 4 pp.
TIME DEPOSITS IN MONETARY ANALYSIS, Staff
Economic Study by Lyle E. Gramley and
Samuel B. Chase, Jr. Oct. 1965. 25 pp.




REVISED SERIES 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.
MONETARY POLICY AND THE RESIDENTIAL MORTGAGE MARKET. May 1967. 13 pp.
BANK FINANCING OF AGRICULTURE. June 1967.
23 pp.
EVIDENCE ON CONCENTRATION IN BANKING
MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967.
11pp.
NEW BENCHMARK PRODUCTION MEASURES, 1958
AND 1963. June 1967. 4 pp.
REVISED INDEXES OF MANUFACTURING CAPACITY
AND CAPACITY UTILIZATION. July 1967. 3 pp.
THE PUBLIC INFORMATION ACT—ITS EFFECT ON
MEMBER BANKS. July 1967. 6 pp.
INTEREST COST EFFECTS OF COMMERCIAL BANK
UNDERWRITING OF MUNICIPAL REVENUE
BONDS. Aug. 1967. 16 pp.

A 100

FEDERAL RESERVE BULLETIN

n JANUARY

THE FEDERAL RESERVE-MIT
ECONOMETRIC
MODEL, Staff Economic Study by Frank de

Leeuw and Edward Gramlich. Jan. 1968. 30 pp.
THE PRICE OF GOLD IS NOT THE PROBLEM. Feb.
1968. 7 pp.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN
1960-67. Apr. 1968. 23 pp.
MARGIN ACCOUNT CREDIT. June 1968. 12 pp.
MONETARY RESTRAINT AND BORROWING AND
CAPITAL SPENDING BY LARGE STATE AND
LOCAL GOVERNMENTS IN 1966. July 1968.
30 pp.
REVISED SERIES ON BANK CREDIT. Aug. 1968.

4 pp.
FEDERAL FISCAL POLICY IN THE 1960's. Sept.
1968. 18 pp.
HOW DOES MONETARY POLICY AFFECT THE
ECONOMY? Staff Economic Study by Maurice

Mann. Oct. 1968. 12 pp.
BUSINESS FINANCING BY BUSINESS FINANCE
COMPANIES. Oct. 1968. 13 pp.
MANUFACTURING CAPACITY: A COMPARISON OF
TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968.

5 pp.
MONETARY RESTRAINT, BORROWING, AND CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966. Dec.
1968. 30 pp.
REVISION OF CONSUMER CREDIT STATISTICS.
Dec. 1968. 21 pp.




1970

HOUSING PRODUCTION AND FINANCE. Mar. 1969.
7 pp.
RECENT TRENDS IN THE U.S. BALANCE OF PAYMENTS. A p r . 1969. 18 pp.
QUARTERLY SURVEY OF CHANGES IN BANK LENDING PRACTICES. Apr. 1969. 5 pp.
BANKING AND MONETARY STATISTICS, 1968.
Selected series of banking and monetary statistics for 1968 only. Mar. and May 1969. 16 pp.
OUR PROBLEM OF INFLATION. June 1969. 15 pp.
THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward
Gramlich. June 1969. 20 pp.
REVISION OF WEEKLY SERIES FOR COMMERCIAL
BANKS. Aug. 1969. 5 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1969. 22 pp.
EURO-DOLLARS: A CHANGING MARKET. Oct. 1969.
20 pp.
REVISION OF MONEY SUPPLY SERIES. Oct. 1969.
16 pp.
CHANGES IN TIME AND SAVINGS DEPOSITS, APRILJULY 1969. Oct. 1969. 11 pp.
FINANCIAL DEVELOPMENTS IN THE
QUARTER OF 1969. Nov. 1969. 10 pp.

THIRD

BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Jan. 1970. 11 pp.

A 101

INDEX TO STATISTICAL TABLES
(For list of tables published periodically, but not monthly, see page A-3.)
Acceptances, bankers', 14, 31, 37
Agricultural loans of commercial banks, 24, 26
Arbitrage, 91
Assets and liabilities (See also Foreigners, claims on,
and liabilities to):
Banks, by classes, 19, 24, 26, 37
Banks and the monetary system, 18
Corporate, current, 49
Federal Reserve Banks, 12
Automobiles:
Consumer instalment credit, 54, 55, 56
Production index, 58, 59
Bankers' balances, 25, 28
(See also Foreigners, claims on, and liabilities to)
Banks and the monetary system, 18
Banks for cooperatives, 39
Bonds (See also U.S. Govt. securities):
New issues, 45, 46, 47
Yields and prices, 34, 35
Branch banks, liabilities of U.S. banks to their foreign
branches, 30, 86
Brokerage balances, 85
Business expenditures on new plant and equipment, 49
Business indexes, 62
Business loans (See Commercial and industrial loans)
Capacity utilization, 62
Capital accounts:
Banks, by classes, 19, 25, 30
Federal Reserve Banks, 12
Central banks, 90, 92
Certificates of deposit, 30
Coins, circulation, 16
Commercial and industrial loans:
Commercial banks, 24
Weekly reporting banks, 26, 31
Commercial banks:
Assets and liabilities, 19, 24, 26
Consumer loans held, by type, 55
Deposits at, for payment of personal loans, 23
Number, by classes, 19
Real estate mortgages held, by type, 50
Commercial paper, 33, 37
Condition statements (See Assets and liabilities)
Construction, 62, 63
Consumer credit:
Instalment credit, 54, 55, 56, 57
Noninstalment credit, by holder, 55
Consumer price indexes, 62, 66
Consumption expenditures, 68, 69
Corporations:
Sales, profits, taxes, and dividends, 48, 49
Security issues, 46, 47
Security yields and prices, 34, 35
Cost of living (See Consumer price indexes)
Currency and coin, 4, 10, 25
Currency in circulation, 4, 16, 17
Customer credit, stock market, 36
Debits to deposit accounts, 15
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 18
Adjusted, commercial banks, 15, 17, 25
Banks, by classes, 11, 19, 25, 29
Subject to reserve requirements, 17
Turnover, 15




Deposits (See also specific types of deposits):
Accumulated at commercial banks for payment of
personal loans, 23
Adjusted, and currency, 18
Banks, by classes, 11, 19, 25, 29, 37
Euro-dollars, 86
Federal Reserve Banks, 12, 86
Postal savings, 18
Subject to reserve requirements, 17
Discount rates, 9, 90
Discounts and advances by Reserve Banks, 4, 12, 15
Dividends, corporate, 48, 49
Dollar assets, foreign, 75, 81
Earnings and hours, manufacturing industries, 65
Employment, 62, 64, 65
Euro-dollar deposits in foreign branches of
U.S. banks, 86
Farm mortgage loans, 50, 51
Federal finance:
Cash transactions, 40
Receipts and expenditures, 41
Treasury operating balance, 40
Federal funds, 8, 24, 26, 30, 33
Federal home loan banks, 39, 51
Federal Housing Administration, 50, 51, 52, 53
Federal intermediate credit banks, 39
Federal land banks, 39
Federal National Mortgage Assn., 39, 53
Federal Reserve Banks:
Condition statement, 12
U.S. Govt. securities held, 4, 12, 15, 42, 43
Federal Reserve credit, 4, 12, 15
Federal Reserve notes, 12, 16
Federally sponsored credit agencies, 39
Finance company paper, 33, 37
Financial institutions, loans to, 24, 26
Float, 4
Flow of funds, 70
Foreign:
Currency operations, 12, 14, 75, 81
Deposits in U.S. banks, 4, 12, 18, 25, 29, 86
Exchange rates, 89
Trade, 73
Foreigners:
Claims on, 82, 83, 86, 87, 88
Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88
Gold:
Certificates, 12, 16
Earmarked, 86
Net purchases by U.S., 74
Production, 93
Reserves of central banks and govts., 92
Stock, 4, 18, 75
Government National Mortgage Association, 53
Gross national product, 68, 69
Hours and earnings, manufacturing industries, 65
Housing permits, 62
Housing starts, 63
Income, national and personal, 68, 69
Industrial production index, 58, 62
Instalment loans, 54, 55, 56, 57
Insurance companies, 38, 42, 43, 51

A 102 FEDERAL RESERVE BULLETIN a JANUARY 1970
Insured commercial banks, 21, 23, 24
Interbank deposits, 11, 19, 25
Interest rates:
Business loans by banks, 32
Federal Reserve Bank discount rates, 9
Foreign countries, 90, 91
Money market rates, 33, 91
Mortgage yields, S3
Prime rate, commercial banks, 32
Time deposits, maximum rates, 11
Yields, bond and stock, 34
International capital transactions of the U.S., 76-88
International institutions, 74, 75, 90, 92
Inventories, 68
Investment companies, issues and assets, 47
Investments (See also specific types of investments):
Banks, by classes, 19, 24, 28, 37
Commercial banks, 23
Federal Reserve Banks, 12, 15
Life insurance companies, 38
Savings and loan assns., 38
Labor force, 64
Loans (See also specific types of loans):
Banks, by classes, 19, 24, 26, 37
Commercial banks, 19, 23, 24, 26, 31
Federal Reserve Banks, 4, 12, 15
Insurance companies, 38, 51
Insured or guaranteed by U.S., 50, 51, 52, 53
Savings and loan assns., 38, 51

Manufacturers:

Capacity utilization, 62
Production index, 59, 62
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 19,24
Borrowings at Reserve Banks, 6, 12
Deposits, by classes, 11
Number, by classes, 19
Reserve position, basic, 8
Reserve requirements, 10
Reserves and related items, 4, 17
Mining, production index, 59, 62
Mobile home shipments, 63
Money rates (See Interest rates)
Money supply and related data, 17
Mortgages (See Real estate loans and Residential mortgage loans)
Mutual funds (See Investment companies)
Mutual savings banks, 18, 29, 37, 42, 43, 50
National banks, 21, 23
National income, 68, 69
National security expenditures, 41, 68
Nonmember banks, 22, 23, 24, 25
Open market transactions, 14
Payrolls, manufacturing, index, 62
Personal income, 69
Postal Savings System, 18
Prices:
Consumer and wholesale commodity, 62, 66
Security, 35
Prime rate, commercial banks, 32
Production, 58, 62
Profits, corporate, 48, 49




Real estate loans:
Banks, by classes, 24, 27, 37, 50
Delinquency rates on home mortgages, 52
Mortgage yields, 53
Type of holder and property mortgaged, 50, 51,
52,53
Reserve position, basic, member banks, 8
Reserve requirements, member banks, 10
Reserves:
Central banks and govts., 92
Commercial banks, 25, 28, 30
Federal Reserve Banks, 12
Member banks, 4, 6, 11, 17, 25
Residential mortgage loans, 35, 50, 51, 52
Retail credit, 54
Retail sales, 62
Sales finance companies, loans, 54, 55, 57
Saving:
Flow of funds series, 70
National income series, 69
Savings and loan assns., 38, 43, 51
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37, 38
Securities (See also U.S. Govt. securities):
Federally sponsored agencies, 39
International transactions, 84, 85
New issues, 45, 46, 47
Silver coin and silver certificates, 16
State and local govts.:
Deposits, 25, 29
Holdings of U.S. Govt. securities, 42, 43
New security issues, 45, 46
Ownership of securities of, 24, 28, 37, 38
Yields and prices of securities, 34, 35
State member banks, 21, 23
Stock market credit, 36
Stocks:
New issues, 46, 47
Yields and prices, 34, 35
Tax receipts, Federal, 41
Time deposits, 11, 17, 18, 19, 25, 29
Treasury cash, Treasury currency, 4, 16, 18
Treasury deposits, 5, 12, 40
Treasury operating balance, 40
Unemployment, 64
U.S. balance of payments, 72
U.S. Govt. balances:
Commercial bank holdings, 25, 29
Consolidated condition statement, 18
Member bank holdings, 17
Treasury deposits at Federal Reserve Banks, 4,
12,40
U.S. Govt. securities:
Bank holdings, 18, 19, 24, 27, 37, 42, 43
Dealer transactions, positions, and financing, 44
Federal Reserve Bank holdings, 4, 12, 15, 42, 43
Foreign and international holdings, 12, 81, 84, 86
International transactions, 81, 84
New issues, gross proceeds, 46
Open market transactions, 14
Outstanding, by type of security, 42, 43, 45
Ownership of, 42, 43
Yields and prices, 34, 35, 91
United States notes, 16
Utilities, production index, 59, 62
Veterans Administration, 50, 51, 52, 53
Weekly reporting banks, 26
Yields (See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

a ( THE FEDERAL RESERVE SYSTEM
o

g) a

Legend
Boundaries of Federal Reserve Districts

Boundaries of Federal Reserve Branch Territories

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® Federal Reserve Bank Cities




• Federal Reserve Branch Cities