Full text of Federal Reserve Bulletin : June 1970
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
*
*
RES"; .
JUNE
*
sC-*
*•
BOARD OF GOVERNORS •
•
1970
THE FEDERAL RESERVE SYSTEM •
WASHINGTON,
D.C.
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring
additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United
States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy.
Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month,
or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board
of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made
payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par
in U.S. currency. (Stamps and coupons not accepted)
FEDERAL RESERVE
BULLETIN
NUMBER 6 •
CONTENTS
VOLUME 56 •
JUNE 1970
485
Recent Labor Market Developments
495
Staff Economic Studies: Summary
497
Statement to Congress
507
Record of Policy Actions of the Federal Open Market Committee
517
Law Department
550
Announcements
553
National Summary of Business Conditions
Financial and Business Statistics
A
1
Contents
A
3
Guide to Tabular Presentation
A
3
Statistical Releases: Reference
A
4
U.S. Statistics
A
72
International Statistics
A
94
Tables Published Periodically
A
95
Board of Governors and Staff
A
96
Open Market Committee and Staff; Federal Advisory Council
A
97
Federal Reserve Banks and Branches
A
98
Federal Reserve Board Publications; Statistical Releases
A 105
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.
Recent
Labor Market
Developments
THE DEMAND FOR LABOR has eased appreciably in the past year,
and by May 1970 the unemployment rate, which had been at
very low levels early in 1969, had risen to its highest point in
more than 5 years. The bulk of the rise in unemployment has resulted from layoffs of factory workers, largely adult men. But
unemployment also has risen among recent labor force entrants,
reflecting rapid growth of the work force and reduced rates of
increase in total employment.
Nonfarm payroll employment declined in April and May,
after nearly a year of slower growth. Much of the weakness has
been concentrated in industrial activities, where employment and
average weekly hours have declined substantially since the summer of 1969. In the nonindustrial sector, employment has continued to grow in 1970 but the rate of increase has been much
slower than last year when demand for labor was very strong.
Upward pressures on wages have continued strong, as workers
have sought to offset past and anticipated increases in consumer
prices and to raise their real income. Wage increases in recent
union contract settlements have been larger than those in 1969.
However, increases in hourly compensation in the nonfarm industries have averaged about the same, largely because of cuts in
overtime at premium pay and the dampening effect on the average of the concentration of employment reductions in high-wage
industries.
Reflecting recent cuts in employment and hours in manufacturing, there has been a more rapid increase in productivity and
486
FEDERAL RESERVE BULLETIN • JUNE 1970
11 Early in 1970, total OUTPUT declines and UNEMPLOYMENT rises
PER CENT
Dept. of Commerce data for real G N P (1958 dollars) are
seasonally adjusted quarterly changes at annual rates. Nonfarm
employment changes are based on Bureau of Labor Statistics
seasonally adjusted payroll data; Q2 1970 change computed
MILLIONS
PER CENT
from April-May average. Unemployment rates (percentage of
civilian labor force) are for all workers and for men aged
25 years and over and are BLS household survey data, seasonally adjusted.
a moderation of unit labor cost increases in that sector. But the
adjustments of employment and manhours to reduced levels of
output in nonmanufacturing sectors apparently have not been
adequate to sustain gains in productivity in the private nonfarm
economy as a whole, and unit labor costs have continued to rise
rapidly.
DEMAND FOR LABOR
Nonfarm payroll employment in May 1970 was 700,000 above
the level of a year earlier, as compared with a gain of 2.6 million
in the preceding 12 months. The smaller increase of the past year
reflected a decline in industrial employment and some moderation in employment gains in the nonindustrial sector. The more
recent slowdown in employment growth also reflects to some extent the temporary effects of increased strike activity. Work
stoppages in the trucking, construction, and rubber industries
have kept a large number of workers off payrolls and have
caused some secondary layoffs in other industries.
Manufacturing. Cuts in military spending, coupled with reduced consumer demand for autos and household durable goods,
have resulted in continuing declines in manufacturing employment and average weekly hours. In May, such employment was
down about 700,000 from its September 1969 peak and was at
its lowest point since late 1967. The bulk of the drop was concentrated in a few durable goods industries, especially those
whose production is heavily influenced by defense spending. Employment in the defense-related industries, although still about
RECENT LABOR MARKET DEVELOPMENTS
MANUFACTURING EMPLOYMENT
NONPRODUCTION WORKERS
BLS seasonally adjusted data.
MANUFACTURING
BLS seasonally adjusted data. Figures
on hours for Q2 1970 are April-May
averages.
487
300,000 higher in May than it had been when the military effort
in Vietnam began to intensify in mid-1965, was estimated to be
about 230,000, or 10 per cent, lower than in May of 1969. In
these industries many skilled engineers and technical support
personnel have been released and they account in large part for
the recent declines in employment of nonproduction workers in
manufacturing.
Employment in the auto industry declined quite sharply in late
1969 and early 1970 as sales of cars dropped and production
was curtailed. Employment leveled off after February, however,
and it is expected to rise in response to a recent step-up in production schedules. In the meantime reductions of employment
in electrical and nonelectrical machinery and primary and fabricated metals have increased this spring, reflecting local trucking
strikes and lockouts as well as softening demand; altogether, employment declines in these four industries since May 1969 have
totaled 180,000. In the less volatile soft-goods industries, reductions were moderate until May, when there were widespread
declines.
Average workweeks in most industries have also been reduced
significantly. At 39.9 hours in May, the factory workweek was
down more than three-fourths of an hour from a year earlier—
reduced overtime accounted for the bulk of the drop—and at its
lowest level since January 1962. The largest reductions in working hours occurred in the metals, furniture, stone, textile, paper,
and petroleum industries. Average weekly hours of production
and nonsupervisory workers were also down from a year earlier
in all major nonmanufacturing industries except construction.
Private nonmanufacturing. Growth in the private nonmanufacturing industries slowed in the spring of 1970. In April and May,
increases in employment were confined to services and finance;
all other industries showed small declines. Although only a few
thousand additional employees were hired in trade, service, and
finance between March and May 1970, their aggregate levels
were higher by nearly 900,000 than a year earlier. In the previous year employment for the group had risen by 1.4 million.
Growth has continued rapid in the medical and health services
field, an area still facing shortages of trained personnel. In finance, employment declines in brokerage houses were more than
offset by hiring at banks, credit agencies, and insurance firms.
Strikes and lockouts in the trucking industry reduced employment in the transportation industry between March and May; a
488
FEDERAL RESERVE BULLETIN • JUNE 1970
Employment declines in INDUSTRY and DEFENSE and growth slows in
NONINDUSTRIAL activities
1965=100
BLS data, seasonally adjusted, except for "Armed Forces."
Private nonindustrial includes trade, finance, services, transportation, and public utilities; industrial includes manufacturing,
mining, and construction. Defense-related industries include
1965=100
ordnance, communication equipment, electronic components,
aircraft and parts, and ship and boat building. Federal Government employment excludes temporary employees hired to
enumerate the 1970 Census.
rebound is expected when the local disputes are fully settled.
Also because of increased strike activity, employment in contract
construction was down somewhat. Excluding strike effects, the
number of employees in contract construction is estimated to
have fluctuated around a level of 3.4 million since early 1969.
Apparently, the reduction in demand for workers because of the
slack in residential building has been offset to a large extent by
continuing strong demand for other types of construction.
Government. Federal civilian employment in May totaled 2.8
million. Exclusive of a large number of temporary workers hired
to enumerate the 1970 decennial census, Federal employment
was down by about 80,000 from a year earlier, with the bulk of
the decline in the Department of Defense. Further cuts were
being projected for the remainder of the year.
State and local governments added 385,000 employees over
the year ending in May. With tight money limiting expansion
of outlays, employment growth has slowed from the rapid increases of 1964-69. More than half of the rise continues to be
in educational activities, where long-standing shortages of teachers now appear to be moderating, in part because of slower
growth of the school-age population.
Armed Forces. After reaching a peak of 3.6 million in October
1968, the Armed Forces have now been reduced by about
375,000. The bulk of the reduction has been effected since September 1969. The men released from the Armed Forces have
added significantly to the increase in the adult male civilian labor
force, for a large proportion of the net reduction has occurred
RECENT LABOR MARKET DEVELOPMENTS
489
ARMED FORCES
Thousands of persons
Men aged (in years)—
16 to 19
20 to 24
25 and over
October
1968
May
1970
Decrease
435
1,828
1,301
394
1,714
1,079
41
114
222
among men 25 years of age and over; these men generally had
acquired work experience or college training before entering the
service, and most of them seek full-time jobs as soon as they complete their military duties.
LABOR FORCE
AND UNEMPLOYMENT
LABOR FORCE AND EMPLOYMENT
1968100
EMPIOYMENT
BLS household survey data of total
employment and civilian labor force
are quarterly averages, seasonally adjusted. The Q2 1970 figures are AprilMay averages.
The recent increase in unemployment has been mainly a result
of layoffs of experienced workers. However, unemployment
among labor force entrants also has increased, as large numbers
of jobseekers have continued to enter the work force. Cyclical
declines in total output and reductions in employment opportunities often have resulted in slower growth in the labor force, possibly because potential workers tend to become discouraged and
stay out of the labor force and because some laid-off workers
leave it. Although demand for labor weakened considerably
early in 1970, the labor force continued to expand at a very rapid
rate until May, when it declined somewhat.
Unemployment. The unemployment rate reached 5 per cent in
May, the highest point in more than 5 years. From December
1969 to May, total unemployment rose about 1.25 million; 30
per cent of the increase was among recent entrants to the labor
force—mainly women, teenagers, and young men leaving the
Armed Forces. Civilian labor force increases for these groups
had been very large. About 10 per cent of the spurt in joblessness occurred among persons who had quit their last job.
But the bulk of the rise in unemployment—three-fifths—
occurred among persons who had lost their last job, principally
adult men laid off from blue-collar jobs. This group is largely
covered under State unemployment insurance programs, and thus
the number of persons drawing benefits increased to a seasonally
adjusted weekly average of 1.9 million, a rise of more than 80
per cent from May 1969 and the highest level since November
1961.
The pool of unemployed in May not only was larger than a
year earlier but also was composed of relatively more experi-
490
FEDERAL RESERVE BULLETIN • JUNE 1970
UNEMPLOYMENT BY REASON
Seasonally adjusted, in thousands
Reason
December
1969
May
1970
Increase
Entered labor force
Left job
Lost job (mainly layoffs).
1,274
455
1,170
1,632
550
1,912
358
95
742
enced workers, who were likely to have family responsibilities
and to be seeking full-time jobs. Unemployment among men
aged 25 years and over increased by more than 400,000 over the
year and their rate of unemployment rose to 2.9 per cent. A little
more than a year earlier, men had been in such short supply that
their employment rate had dropped to a near-frictional level of
1.5 per cent.
Reflecting both rapid labor force growth and easing demand,
the jobless rate for 20- to 24-year-old men jumped to 7.7 per
cent in May 1970 from 4.8 per cent a year earlier. Unemployment rates for women and teenagers, at 5.1 and 14.3 per cent,
respectively, were also up sharply from May 1969.
3 I UNEMPLOYMENT increases in all groups in the first half of 1970
BLS household survey data, seasonally adjusted. Unemployed labor force entrants include
reentrants as well as those who have never wojked before.
Labor force. The total labor force was larger by 2.0 million
persons in the first 5 months of 1970 than in the comparable
period of 1969. This gain compares with an anticipated rise
of about 1.5 million projected on the basis of population growth
and past trends in labor force participation rates. The extra in-
RECENT LABOR MARKET DEVELOPMENTS
491
crease reflected higher-than-expected labor force participation
rates for women and teenagers; their numbers rose by 1 million
and 400,000, respectively, with a large share of the rise in each
case reflecting higher participation rates. A total labor force increase of about 650,000 for men aged 20 and over was close to
that anticipated, reflecting the large increase in their number in
the population.
CIVILIAN LABOR FORCE growth continues
strong in 1970
ADULT MEN
ADULT WOMEN
TEENAGERS
0
.5
1.0
CHANGE FROM A YEAR EARLIER, MILLIONS
BLS household survey data. Adults, age 20 and over; teenagers, age 16 to 19.
Continued growth in service-type industries—which employ
relatively large proportions of women and teenagers—may have
been responsible in part for inducing extra growth in the labor
force, while rapid increases in the cost of living in recent years
may have caused more married women to seek work in an attempt to maintain family purchasing power. Moreover, since the
economic slowdown has had its main impact on industries that
are important employers of men, some women may have entered
the labor force to help support the family until their husbands
find new jobs or are recalled from layoff. The jump in the
teenage labor force early in 1970 was largely the result of a
sharp rise in the participation rates of 18- and 19-year-old girls,
and it may well prove to be temporary.
Nearly 900,000 men aged 20 years and over were added to
the civilian labor force between early 1969 and early 1970.
About a quarter of a million of the net increase stemmed from
492
FEDERAL RESERVE BULLETIN • JUNE 1970
cuts in the Armed Forces. The civilian work force of 20- to 24year-old men rose by 350,000, while the increase for men aged
25 and over totaled 520,000. Both increases were augmented by
reductions in the Armed Forces.
WAGES AND LABOR COSTS
Wage increases continued to be large in the first half of 1970,
as consumer prices rose at a rapid pace and collective bargaining
activity accelerated. Wage and benefit increases provided in
major union contracts negotiated so far this year have been
greater than in 1968 and 1969; furthermore, these contracts
have continued to emphasize very large wage boosts in the first
year. These large first-year wage increases have only begun to be
reflected in hourly earnings this year. Recent settlements in the
trucking and construction industries are yet to be reflected in the
averages, and negotiations involving more than 3 million workers
are yet to be completed in 1970.
Earnings in manufacturing. Hourly earnings of factory production workers rose by 6 per cent in the year ending in May 1970.
This rate of increase was moderately faster than in the preceding
year. However, gross average weekly earnings of production
workers rose more slowly than in 1969—mainly because overtime work at premium pay was reduced, and employment declines in the high-wage durable goods industries tended to depress the average wage figures.
Consumer prices continued to rise faster than weekly pay, and
the after-tax purchasing power of weekly pay for an average factory worker with three dependents dropped in April to its lowest
point since October 1964. During the period from 1965 to 1969,
real spendable earnings had been on a plateau, after having
risen by 2.4 per cent annually between 1960 and 1965.
Earnings in nonmanufacturing industries. Since 1 9 6 5 , both
weekly and hourly earnings have risen faster in nonmanufacturing than in manufacturing. Increases have been substantially
greater in some of the unionized nonmanufacturing industries
such as construction, where hourly earnings were higher by 7.8
per cent in May 1970 than in May 1969.
Wage increases continued large in the relatively less unionized
nonmanufacturing industries, in part because those industries
were still expanding rapidly and had to offer higher wages to
attract new workers and to hold experienced ones. Hourly earnings in the service industries had increased nearly 9 per cent over
RECENT LABOR MARKET DEVELOPMENTS
PRIVATE NONFARM ECONOMY
BLS data.
493
the 12 months ending in May, while in trade the increase averaged 6.3 per cent.
Hourly compensation costs—wages and fringe benefits—in
the private nonfarm economy rose at an annual rate of 7 per
cent in the first quarter of 1970, or at about the same rapid pace
as in 1969. Since productivity declined slightly in the first
quarter and has shown no increase since the end of 1968, unit
labor costs for the private nonfarm economy rose sharply.
Unit labor costs. In manufacturing, however, reductions in
both employment and the average workweek this year have been
relatively larger than reductions in output, and this has resulted
in a resumption of productivity growth. Thus, in the important
manufacturing sector, unit labor cost increases have slowed
dramatically this year, mainly reflecting productivity advances.
Collective bargaining. Collective bargaining activity is increasing sharply this year; contracts covering 5 million workers are
due for renegotiation compared with 2.8 million covered in 1969.
In negotiations completed in the first quarter, the average firstyear wage increase amounted to 10.8 per cent compared with
7.6 per cent in the same period of 1969. Nonmanufacturing
settlements continued much larger than in manufacturing, with
first-year wage increases averaging 14 per cent. Construction
settlements, with first-year wage increases of 18 per cent, accounted for about half of the total coverage of nonmanufacturing
settlements. First-year wage increases averaged 8 per cent in
manufacturing, reflecting largely settlements in the electrical
equipment industry.
Sharp increases in living costs have renewed union interest in
cost-of-living escalator clauses. At the beginning of 1970, an
estimated 3 million workers were covered by contracts containing such clauses, an increase of about 200,000 since early 1969.
Unions that have had escalator clauses have pressed for and
generally received some liberalization—increased maximums,
provisions for additional reviews, or revisions of the formula. In
contract negotiations later this summer, auto workers who accepted a limited cost-of-living clause in 1967 will seek a return
to the earlier, more liberal escalator adjustments.
Important negotiations in the railroad, rubber, automobile,
and farm and construction equipment industries are yet to be
completed in 1970. However, it now appears that wage and
fringe increases likely to be provided will exceed the 1969 aver-
age, thus maintaining upward pressures on compensation costs.
Large wage increases have also been provided to public employees. Federal civilian and military personnel in April received
a 6 per cent raise retroactive to January 1970. A further raise of
8 per cent for postal workers is included in pending postal reform legislation. Pay increases also continued large for State
and local government personnel.
•
494
Staff Economic Studies
The research staffs of the Board of Governors of the Federal Reserve System and of
the Federal Reserve Banks undertake studies
that cover a wide range of economic and
financial subjects, and other staff members
prepare papers related to such subjects. In
some instances the Federal Reserve System
finances similar studies by members of the
academic
profession.
From time to time the results of studies
that are of general interest to the economics
profession and to others are summarized—or
they may be printed in full—in this section
of the
BULLETIN.
In all cases the analyses and conclusions
set forth are those of the authors and do not
necessarily indicate concurrence
by the
Board of Governors, by the Federal Reserve
Banks, or by the members of their staffs.
Single copies of the full text of each of
the studies or papers summarized in the
BULLETIN are available in mimeographed
form. The list of Federal Reserve Board
publications at the back of each BULLETIN
includes a separate section entitled "Staff
Economic Studies" that enumerates the studies for which copies are currently available
in that form.
Study Summary
CONSUMER SAVINGS AND THRIFT INSTITUTIONS
Edward C. Ettin and Barbara Negri Opper—Staff, Board of Governors
Presented at the Twelfth Annual Forecasting Conference,
American Statistical Association, April 30,1970
This paper discusses consumer savings at
thrift institutions during the 1970's in the
light of certain developments during the
1960's.
Two forces emerged during the past decade that had a decided impact on the thrift
institutions. One was the effort by commercial banks early in the 1960's to compete
vigorously for consumer savings, as witnessed by the introduction and success of
the consumer certificate of deposit. The
other was the active monetary policy, instituted later in the decade, designed to restrict
total flows of credit. In such an environment the nonbank thrift institutions were
not successful in attracting savings from the
public because their ability to raise interest
rates on deposits was restricted by their essentially long-term portfolios, the earnings
from which were relatively inflexible. Loss
of deposits forced these institutions to curtail their lending and led to depletion of
their liquidity.
Ceilings on the interest rates payable on
deposits were established in 1966 as a
means of limiting interinstitutional competition for funds. These ceilings set relatively
low interest rates on passbook accounts,
which are unique in that they offer an interest-bearing liquidity fund and as such are
not especially sensitive to yields on market
instruments. On the other hand, for less
495
liquidity-conscious savers, interest rate ceilings were set higher on special accounts that
require a minimum deposit balance and
carry a set maturity.
During the coming decade, interest rates
are likely to remain high in view of projected large demands for credit and a consumer sector increasingly made up of young,
typically low-saving persons. And the public
can be expected to retain its new-found financial sophistication regarding returns on
496
alternative types of investments. At the same
time, however, earnings pressures resulting
from a low turnover rate of long-term portfolios will probably continue to limit the
ability of nonbank thrift institutions to pay
high rates on their deposits. Therefore, thrift
institutions will require innovative management and regulatory latitude to effect
changes, in order to compete successfully
until their portfolio earnings have caught up
with prevailing market rates of interest.
•
Statement to Congress
Statement of Andrew F. Brimmer, Member,
Board of Governors of the Federal Reserve
System, before the Subcommittee on Special
Small Business Problems of the Select Committee on Small Business, U.S. House of
Representatives, June 10, 1970.
I appreciate the opportunity to appear before this committee to discuss the recent
developments in the bank credit-card field
and to explore with you some of the implications of these developments on the financing
of consumer expenditures.
The use of credit cards for consumer purchases is not a new technique. Oil companies
and large department stores first developed
this device over half a century ago, but it
was not until the rapid expansion of credit
cards, especially bank credit cards, in recent
years that they attracted widespread attention. The first credit cards were developed
by the retailers themselves in order to encourage customer loyalty to a particular oil
company or retail merchant. The development of the national travel and entertainment cards—such as Diners Club, Carte
Blanche, and American Express—after
World War II introduced a new concept in
which the credit cards were issued by a financial institution for use at a large number
of retail merchants located throughout the
country. A few commercial banks entered
this field in the 1950's, dealing primarily
with cardholders and merchants in their local areas. But many of these banks found the
credit-card business unprofitable—or less
profitable than anticipated—and discontinued their operations. In late 1966, how-
ever, banks began to enter the field in significant numbers and by now nearly all of the
major banks in the country, and a large proportion of the smaller banks, engage in
credit-card operations. In order to expand
their scope of credit-card operations and
compete with the travel and entertainment
cards, the banks soon developed regional interchange arrangements, and these have now
expanded to national interchange systems.
As you know, most of the banks now engaged in credit-card operations are members
of either the Interbank (Master Charge) or
BankAmericard organizations.
When the rapid expansion of bank credit
cards began in late 1966, we in the Federal
Reserve System saw the need for studying
this development and for instituting current
information to permit monitoring the rapid
growth of this mode of financing of consumers and merchants. We were concerned with
the implications of the widespread use of
bank credit cards for the financing of consumer expenditures and the effect on bank
competition and the banking structure as
well as bank supervision and the management of monetary policy.
Reflecting this concern, in March 1967,
the Board of Governors established a Systemwide group to assess the implications of
the rapid development of bank credit-card
operations. Throughout the period of this
project, I maintained liaison between the
System Task Group and Members of the
Board. A Federal Reserve System Report on
this study, Bank Credit-Card and CheckCredit Plans, was released in July 1968. The
conclusions of that study were that credit
497
498
cards and check credit are both legitimate
and useful services of banks and that the
System has sufficient supervisory power to
take care of unsafe and unsound bank practices in this area. During the period of this
study, efforts were made to expand the current reporting of credit information by
banks to provide data from semiannual reports of condition on the number of banks
with credit-card operations and the amount
of receivables involved and also to obtain
from our monthly reports of bank consumer
credit activities information on the volume
of credit extended and the amount of credit
outstanding. This current information has
enabled us to keep abreast of bank creditcard developments subsequent to the completion of the System study.
Also in late 1967, the Federal Reserve
System strengthened its examination procedures to identify any major deficiencies in
the credit-card and check-credit plans operated by State member banks and to keep
informed of developments in their operation. Under these procedures, the System's
examiners review and appraise the policies
and practices followed by State member
banks in establishing and operating these
plans, as they do with all other forms of
bank credit. Examiners ascertain the trend
in total volume of receivables or billings
since inception of each plan and the maximum volume the bank expects to attain, as
well as the credit limits and repayment requirements in effect under each plan. They
also look into the total number and volume
of delinquent accounts, the bank's policy for
charging off such accounts, and its loss experience. More importantly, however, any
unsatisfactory features or deficiencies in the
operations of the plan—such as failure to investigate properly the creditworthiness of the
individual customers and the integrity of the
participating merchants, ineffective collection practices, lack of control over unissued
FEDERAL RESERVE BULLETIN • JUNE 1970
cards, or inadequate procedures for reclaiming delinquent cards—are called to the attention of management and immediate correction is requested. The other Federal
banking agencies are following similar practices with respect to the banks they examine.
But I would also like to stress that we do
not look upon our strengthened examination
procedures as a vehicle for relieving banks
of their own responsibilities in the creditcard field. We must rely in the first instance
on bank management to exercise particular
caution in venturing into this new field and
to weigh carefully the lessons that may be
learned from the experience of the innovating banks. It is reassuring that those banks
that experienced the most difficulty with
their initial mailings of credit cards have
subsequently taken steps to tighten their
procedures. Other banks that have entered
the credit-card field more recently have
taken precautions against a repetition of the
earlier experiences of banks that ran into
difficulties.
Under the criteria being followed by
banks for issuing credit cards, bank creditcard operations are generally sound from the
point of view of the consumer as well as the
bank. Banks are taking care to see that the
people to whom credit cards are sent are
able to meet obligations within the established limits.
A review of reports of examination received during the past 9 months for 77 State
member banks with credit-card plans indicates that they have exercised prudence in
credit-card management.
While unsolicited mailings were found to
have been the principal means of distributing cards, no significant problems were uncovered—certainly none of the magnitude
of the difficulties surrounding the Chicago
episode of late 1966 and early 1967.
Unsatisfactory features drawing comments of examiners are as follows:
499
STATEMENT TO CONGRESS
Problem
Number of banks
Inadequate credit investigation
5
Lack of control over unissued cards .
1
Inadequate collection policies and
practices
4
No preprinted expiration dates1
2
Lack of control on customers exceeding
limits
2
Slow processing of items
1
1
Plans became effective in the 1950's, and no problems
have been encountered.
In each of these instances, steps were
taken by bank management to correct the
unsatisfactory features noted by Federal Reserve bank examiners.
RECENT TRENDS IN
CREDIT-CARD BANKING
At the end of 1969, 1,207 insured commercial banks were offering credit-card plans
with a total of $2.6 billion of credit outstanding. In addition, several thousand banks
participated as agents for the banks with
credit-card plans but did not hold any receivables. In just a little more than 2 years
since September 30, 1967, the date of the
Federal Reserve System Study, the number
of banks operating their own plans has increased six times while the amount of credit
outstanding has quadrupled. (See Table 1.)
Expansion of bank credit-card activity was
especially rapid in 1969 when the number
of banks with plans increased by 697, or 137
per cent, and the amount of credit outstanding doubled.
The share of total credit-card balances
held by each class of bank has changed little
during this period. National banks continue
to hold about three-quarters of the total
while another one-sixth is held by Federal
Reserve State member banks. Although the
amount of credit outstanding at nonmember
banks under credit-card plans remains small,
about 8 per cent, the number of such banks
with credit-card plans has been increasing
more rapidly than for any other class of bank.
At the end of 1969, 434 nonmember banks
reported credit-card receivables, over onethird of all credit-card banks. This is evidence of the increasing role that the smaller
banks are playing in the credit-card field.
More direct evidence of the increasing
credit-card activity of the smaller banks is
given in Table 2. As of the end of last year
544 banks with deposits of less than $25
million in total deposits had credit-card
plans in operation as compared with 61
banks of that size on September 30, 1967.
These banks, which constituted over twofifths of the total number of credit-card
banks, however, held only about 2 per cent
of the total credit-card receivables, about the
same as 27 months earlier. The very large
banks continue to hold the bulk of the creditcard receivables, but their share is gradually
TABLE 1
Credit-Card Plans by Class of Bank
Amounts in millions of dollars
National
All banks
State member
Nonmember
Date
Number
offering
plans
Amount
outstanding
Number
offering
plans
Amount
outstanding
Number
offering
plans
Amount
outstanding
Number
offering
plans
Amount
outstanding
Sept. 30, 19671
Dec. 31, 19672
197
390
633
828
119
187
496
636
34
50
100
145
44
153
37
47
June 30, 19682
Dec. 31,19682
416
510
953
1,312
219
272
731
1,019
64
65
170
210
133
173
52
83
June 30, 19692
Dec. 31, 19693
699
1,207
1,705
2,639
359
618
1,317
1 ,960
93
155
275
470
247
434
113
209
i Based on Federal Reserve study, Bank Credit-Card and CheckCredit Plans, July 1968.
2
3
Federal Deposit Insurance Corporation, Report of Call.
Preliminary tabulation from Report of Call of Dec. 31, 1969.
500
FEDERAL RESERVE BULLETIN • JUNE 1970
TABLE 2
Credit-Card Plans by Size of Bank
Amounts in millions of dollars
Sept. 30, 19671
Size of bank
(total deposits, in millions of dollars)
Number
Amount
outstanding
1.2
Number
18
5.6
17.8
104.5
91.2
404.9
109
19
25
48.5
267.5
152.7
801.3
197
633.0
510
,311.5
,207
52
13
1
Federal Reserve study, Bank Credit-Card and Check-Credit
July 1968.
2
Federal Deposit Insurance Corporation, Report of Call.
Amount
outstanding
29
58
123
7^8
26
All size groups.
Dec. 31, 19693
56
157
331
227
153
209
41
33
25
34
27
1,000 and over.
Number
(4)
2
Under 5
5-10
10-25
25-50
50-100
100-500
500-1,000
Dec. 31, 19682
22.0
80
67
1.2
7.7
42.2
75.3
134.2
709.2
460.8
1,208.1
2,638.7
3 Preliminary tabulation from Report of Call of Dec.-31, 1969.
4 Less than $50,000.
Plans,
declining. At the end of 1969, the creditcard banks with total deposits of $1 billion
and over held 46 per cent of the total of such
credit outstanding, down from the 64 per
cent that the credit-card banks in this size
group held 27 months earlier.
As of the end of 1969, supplementary information on bank credit cards was obtained
from the Report of Call. This report shows
that at that time all insured commercial
banks had nearly 60 million credit cards
outstanding, and about 17.5 million creditcard accounts had balances outstanding at
the end of the year. (See Table 3.) The accounts with balances outstanding at any one
time cannot be taken as the complete measure of the number of active accounts since
not all credit-card accounts are used every
month.
2.6
15.7
Amount
outstanding
The year-end report also showed total
charge-offs on credit-card accounts for the
year 1969 to be about $70 million. This was
equal to 2.7 per cent of the amount of credit
outstanding on such accounts at the end of
the year.
MONTHLY SERIES
In addition to the bank credit-card information obtained every 6 months in the Call
Reports, monthly data on credit extensions,
repayments, and amounts outstanding have
been collected since the beginning of 1968
(Table 4 ) . This series has been published
since June 1968 as part of the Board's
monthly report on consumer credit. The
monthly data show little increase in the
amount of credit outstanding under bank
credit-card plans during the first quarter of
TABLE 3
Credit-Card Plans of Insured Commercial Banks, December 31, 1969
Item
Number of unexpired credit cards (thousands).
Accounts with outstanding balances:
Number (thousands)
Amount (thousands of dollars)
Net charge-offs during 1969 (thousands of dollars)
Charge-offs as percentage of outstanding credit at end of year
Accounts with balances outstanding on Dec. 31, 1969, as percentage of total
number of credit cards
SOURCE.—Preliminary tabulation from Report of Call of Dec. 31, 1969.
All insured
banks
National
State
member
Nonmember
59,823
37,328
8,829
13,666
17,465
2,638,723
10,526
1,959,465
2,836
470,094
4,103
209,164
70,419
48,694
9,245
12,480
2.67
2.49
1.97
5.97
29
28
32
30
STATEMENT TO CONGRESS
501
1970. This stability in the early months of
the year, however, appears to be primarily
a seasonal pattern that also occurred in
early 1968 and 1969. Also, the April rate
of expansion has been less than in either
of the two preceding years.
Another measure of the rapid growth in
bank credit-card operations is the increase
in the amount of credit extended over the
last 2 years, as shown in Table 4. In 1969
credit extended under bank credit-card plans
amounted to an estimated $3.8 billion,
about 80 per cent more than in 1968. Approximately $1.1 billion of such credit was
extended in the first quarter of this year, an
increase of nearly 75 per cent from the first
quarter of last year.
After more experience has been gained
with this monthly series it will be possible
to quantify the seasonal factors involved and
to prepare a seasonally adjusted series. An-
other limitation of the reported monthly
totals is a slight understatement because of
the lag in allowing for additional banks that
continue to enter the credit-card field. Because of the sharp expansion in the number
of banks entering the credit-card field in the
last half of 1969, the disparity increased to
$300,000, or a little over 10 per cent, at
the end of 1969. We are now in the process of developing adjustment factors to correct for this understatement.
REGIONAL GROWTH PATTERNS
The western section of the country, which
was the first to develop bank credit cards on
a large scale, continues to be the area most
active in credit-card banking, but this technique of consumer financing is spreading
rapidly in other regions of the country
(Table 5). At the end of last December, 132
both member and nonmember banks in the
TABLE 4
Bank Credit-Card and Check-Credit Plans
Amounts in millions of dollars
Outstanding
end of month
Extended
during month
Repaid
during month
Month
Credit
card
Check
credit
Credit
card
Check
credit
Credit
card
Check
credit
1968—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
815
817
822
859
878
914
945
983
1,024
1,066
1,111
1,265
513
543
549
570
586
600
622
644
665
687
694
739
147
120
125
158
152
155
172
175
176
195
188
318
85
78
76
95
97
93
103
103
105
111
98
134
139
118
120
121
133
119
141
137
135
153
143
164
71
66
70
74
81
79
81
81
84
89
91
89
1969—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,292
1,321
1,341
1,457
1,541
1,631
1,694
1,759
1,862
1,935
2,011
2,282
762
769
782
814
834
859
882
901
926
941
951
982
228
190
219
270
277
299
321
312
354
370
335
581
125
113
120
147
137
138
136
130
139
137
119
156
201
161
199
154
193
209
258
247
251
297
259
310
102
106
107
115
117
113
113
111
114
122
109
125
1970—Jan
Feb
Mar
Apr
2,362
2,384
2,397
2,455
998
1,006
1,002
1,022
347
351
394
428
138
122
130
148
267
329
381
370
122
114
134
128
NOTE.—Data for reporting banks represent approximately 95 per
cent of the dollar volume of bank credit-card and check-credit outstandings.
SOURCE.—Consumer Credit and Finances Section, Board of Governors of the Federal Reserve System,
502
FEDERAL RESERVE BULLETIN • JUNE 1970
TABLE 5
Bank Credit-Card Plans by Federal Reserve District—All Insured Commercial Banks
Amounts in millions of dollars
Dec. 30, 1967 2
Sept. 30, 19671
Federal Reserve
district
Number
offering
plans
Amount
outstanding
Number
offering
plans
Amount
outstanding
Dec. 31 ,1968 2
Number
offering
plans
Amount
outstanding
Dec. 31, 19693
Number
offering
plans
Amount
outstanding
14
16
6
21.8
64.8
12.3
16
23
10
27.9
109.5
11.2
21
20
9
57.5
155.3
25.4
155
60
12
133.4
438.1
26.4
Cleveland
Richmond
Atlanta
6
5
20
26.9
28.2
30.6
14
13
43
31.2
38.9
40.0
48
28
53
63.7
92.7
99.5
186
75
243
176.1
319.0
301.4
Chicago
St. Louis
Minneapolis
35
10
5
126.2
12.3
86
36
25
153.2
22.2
1.8
107
57
11
181.6
52.8
1.0
152
69
11
246.6
91.6
7.3
Kansas City
Dallas
San Francisco
6
7
67
6.4
8.1
295.3
19
22
83
10.2
12.4
369.9
19
22
115
32.5
18.9
530.6
75
37
132
123.8
81.5
693.5
All districts
197
633.0
390
828.4
510
1,311.5
1,207
2,638.7
Boston
New York
Philadelphia
...
-1
1
Federal Reserve study, Bank Credit-Card and Check-Credit Plans,
July 1968.
San Francisco Federal Reserve District had
$694 million of receivables outstanding
under credit cards, representing 11 per cent
of all the banks with such plans and about
one-fourth of the total credit. This was a
substantial decline from the share held by
the San Francisco District at the time of the
System study when it accounted for onethird of the banks with credit-card plans and
nearly one-half of the credit outstanding.
In terms of amount of credit outstanding,
the New York Federal Reserve District was
second with $438 million, or 17 per cent, of
the total. This represented a substantial increase from the 10 per cent share held on
September 30, 1967. Rapid expansion of
credit-card operations has occurred in both
the Richmond and Atlanta Districts. At the
end of 1969, these two Districts accounted
for a little over one-fourth of the banks
with credit-card plans and held about onefourth of the amount outstanding, more than
twice the shares they held on September 30,
1967. The Boston and Cleveland Federal
Reserve Districts have also shown a rapid
expansion in bank credit-card activities,
particularly in the last half of 1969. While
2
Federal Deposit Insurance Corporation, Report of Call.
3 Preliminary tabulation from Report of Call of Dec. 31, 1969.
the Chicago District had 13 per cent of the
banks with credit-card plans, at the end of
1969 they held a little less than one-tenth of
the amount of credit outstanding, as compared with nearly one-fifth of the total 27
months earlier.
HOLDER CHARACTERISTICS
Evidence that the public accepts the credit
card as a useful innovation in banking is
contained in a Survey of Consumer Awareness of Credit Costs, conducted for the
Board in mid-1969. Just over one-quarter of
the 5,137 respondents interviewed in that
survey possessed a bank credit card. (See
Table 6.) The proportion of households
with bank credit cards increased steadily as
the level of education and income rose.
While only 13 per cent of the respondents
with grade school educations had bank
credit cards, the proportion was 27 per cent
for high school graduates and 40 per cent
for college graduates.
With respect to personal income, the same
trend is evident. Only 10 per cent of respondents with incomes under $3,000 reported having a bank credit card. In the
STATEMENT TO CONGRESS
503
TABLE 6
Ownership of Bank Credit Cards, June 1969
Households in
subsample
Credit card
No
credit card
Selected household characteristics
Number
Per cent
Number
Per cent
Number
Per cent
Total responses
5,137
100.0
1,324
25.8
3,813
74.2
Education level:
Grade school or less
Some high school
Graduated high school
Some college
Graduated college
Post-graduate college
917
1,136
1,548
676
521
297
100.0
100.0
100.0
100.0
100.0
100.0
122
233
422
213
209
118
13.3
20.5
27.3
31.5
40.1
39.7
795
903
1,126
463
312
179
86.7
79.5
72.7
68.5
59.9
60.3
Income level:
Less than $3,000
$3,000-54,999
$5,000-$7,999
$8,000-$9,999
$10,000-$14,999
Over $15,000
609
615
1,180
856
958
629
100.0
100.0
100.0
100.0
100.0
100.0
62
100
252
246
323
274
10.2
16.3
21.4
28.7
33.7
43.6
547
515
928
610
635
355
89.8
83.7
78.6
71.3
66.3
56.4
NOTE.—The sum of the education or income classes does not add
to the total because not all respondents indicated education or income
level.
SOURCE.—Board of Governors, Survey of Consumer Awareness of
Credit Costs.
income range $5,000-$7,999 about onefifth of the households reported having such
a card. In the range $10,000-$ 14,999 the
proportion was 34 per cent, while for those
with incomes over $15,000 the ratio reached
44 per cent.
1967 to the end of 1969 accounts for about
10 per cent of the $17.2 billion increase in
total consumer instalment credit over the
same period. This increase in the amount of
credit outstanding under bank credit-card
plans cannot be regarded as a net addition
to total consumer credit available, however,
since the credit-card facility is being used in
part as a substitute for other forms of credit,
particularly for small personal loans and to
finance small purchases.
If bank credit-card activity were to continue to expand at recent rates, it could become a major portion of total consumer
credit within a few years. But several factors
militate against continuation of such rapid
growth. The 1966-69 period was one in
which great numbers of banks initiated
credit-card plans. But, as discussed earlier,
most large banks, and a good number of
small and medium-sized banks, already operate such plans. Thus, in the future, the
launching of new plans will have less impact on the growth of card-credit volume
than in the 1966-69 period. Furthermore, as
credit-card plans are introduced, many consumers may switch to cards for some purchases from other, more traditional, means
ECONOMIC IMPACT
One can approach the economic impact of
bank credit cards from two general viewpoints: ( 1 ) how cards affect the aggregate
economic variables, such as total consumer
credit, consumer spending, and the general level of prices, and ( 2 ) how cards influence certain specific areas of the economy,
such as the competitive situation of banks
versus other consumer lenders and competition among banks.
Credit-card loan volume has increased
rapidly in the last 2 years. Credit outstanding rose from $0.8 billion at the end of
1967 to $2.6 billion in December 1969. It
should be noted, however, that this amount
still represents only 2.6 per cent of total
consumer instalment credit from all sources
and 6.5 per cent of bank instalment credit
to consumers. The $1.8 billion increase in
credit-card outstandings from the end of
504
FEDERAL RESERVE BULLETIN • JUNE 1970
of finance. But at some point this switchover
effect will be mitigated, and the growth of
bank card credit will be limited by the
growth in total sales of the types of goods
and services for which cards can be used.
If the impact of bank credit cards on total
consumer credit is moderate, the impact on
consumer spending is even more so. For not
only does bank card credit, in part, substitute for, rather than add to, other types of
credit, it also substitutes, in part, for cash
buying.
It may well be that the kinds of goods and
services bought with bank credit cards will
expand somewhat. The current credit limit,
which is typically $300 to $500 for most
new cardholders, may be raised gradually in
time, but we certainly do not visualize the
widespread use of bank credit cards to make
major purchases, such as automobiles, in
the near future.
Questions have been raised concerning
the competitive effect of bank credit cards
on other consumer lenders. Bank card plans
are growing much faster now than revolving
credit plans of other lenders. While credit
under bank card plans was increasing threefold between December 1967 and December
1969, outstandings under all revolving credit plans grew from $11.5 billion to $15.3
billion, or 33 per cent (Table 7 ) . Bank
plans accounted for $1.8 billion, or nearly
one-half of the $3.8 billion total increase.
Although banks have accounted for the major share of the increase in recent years,
none of the other lenders in the revolving
credit field have shown a decline in credit
outstanding.
The ability of other financial institutions
to compete effectively should not be underestimated. In many cases, bank card credit
is simply not readily substitutable for other,
even seemingly similar, types of credit. It
might seem, for instance, that bank credit
cards would offer strong competition in the
personal loan field. But the loans made by
consumer finance companies tend to carry
a higher risk than banks normally accommodate and many of the customers of consumer
finance companies would not be eligible for
bank credit cards.
The fact that nearly all of the banks operating credit-card plans are now members
of either the Interbank (Master Charge)
or BankAmericard systems has raised the
question of the effect upon competition
among banks in this field. Memberships in
these two systems permit the banks to enter
the national market through interchange
arrangements, thus allowing the bank credit
cards to offer a service comparable to the
national travel and entertainment cards. At
the present time, these interchange systems
appear to be open to any bank desiring
memberships. If either of these interchange
systems were to initiate restrictive anti-
TABLE 7
Revolving Credit Plans
Amounts outstanding in billions of dollars
Type of credit
Bank credit cards i
Oil companies 2
Department store revolving credit
Retail charge accounts
Travel and entertainment cards 2
All other 3
All types
Dec. 31, 1967
June 30, 1968
.8
1.0
3.5
5.9
.1
.2
1.0
1.1
3.6
5.3
11
1.3
1.2
3.7
6.5
.1
.2
1.7
1.3
3.8
5.6
.1
.2
2.6
1.5
4.2
6.7
.1
.2
11.5
11.3
13.0
12.7
15.3
1 Excludes check-credit plans.
Consumer portion only.
Including large independent credit-card firms and revolving credit
accounts of nondepartment stores.
2
3
.2
Dec. 31, 1968
June 30, 1969
Dec. 31, 1969
SOURCE.—Consumer Credit and Finances Section, Board of Governors of the Federal Reserve System.
STATEMENT TO CONGRESS
competitive arrangements, serious antitrust
questions would be raised.
In the local markets for credit-card services, membership in the national interchange
systems does not appear to have imposed
any limitations upon competition among
banks. In many local markets two or more
banks operating Master Charge or BankAmericard plans are now competing vigorously with each other for both merchant and
cardholder accounts. It is our understanding
that this competition takes many forms including variations in merchant discount rates
and variations in the package of services
offered to merchants and to cardholders. As
long as this situation continues there is no
reason to be concerned. The Board, however, plans to continue to watch for any
anticompetitive developments that might
emerge.
Retail outlets and service establishments
offer perhaps the greatest potential for bank
credit cards, particularly small to mediumsized businesses. Many small businesses find
bank plans an attractive way to sell goods on
credit. Even if a small merchant has been
505
operating his own credit facilities, he may
find it less troublesome and less costly to
participate in a bank plan. On the other
hand, large department stores have generally resisted honoring bank credit cards. Many
fear that customer loyalty to the store might
suffer, and that they would lose an important
marketing tool if they did not use their own
card or credit plan. Such considerations as
these suggest that bank credit cards on
balance enable smaller merchants to compete more effectively with larger retailers,
primarily by making it possible for them to
offer the sort of credit arrangements that
their large competitors offer.
The rapid and widespread acceptance of
bank credit cards by consumers should, by
now, have erased all doubt about the extent
to which this innovation in bank financing
serves the needs and conveniences of the
public. The full impact of bank credit cards
cannot be completely determined at this
time, but we are continuing to follow developments in this area closely and will be
alert to the economic effects and implications on both the banks and their customers.
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, 1968,
and 1969 were published in the BULLETIN beginning with the July 1967
issue and were subsequently published in the Board's Annual Reports
for 1967, 1968, and 1969.
The records for the first two meetings held in 1970 were published
in the BULLETINS for April, pages 3 3 3 - 4 0 , and May, pages 4 3 6 - 4 3 .
The record for the meeting held on March 10, 1970, follows:
507
508
FEDERAL RESERVE BULLETIN • JUNE 1970
MEETING HELD ON MARCH 10, 1970
1. Authority to effect transactions in System Account.
The latest information lent support to the view that over-all economic
activity was weakening further in early 1970 after leveling off in the
fourth quarter of 1969. As before, staff projections suggested that real
GNP would decline somewhat in the first half of the current year, but
would then rise at a moderate rate in the second half. While prices
and costs were continuing to increase at a rapid pace, some slowing of
their advance was still expected over the course of the year.
In February, according to tentative estimates, industrial production
fell for the seventh consecutive month. Employment and hours of
work in manufacturing declined substantially. Total nonfarm employment was about unchanged, and the over-all rate of unemployment
rose further from 3.9 to 4.2 per cent, its highest level since October
1965. Incomplete weekly data suggested that retail sales, which had
declined in January, might have fallen further in February. Private
housing starts continued downward in January, reaching their lowest
level since April 1967, and new orders received by manufacturers of
durable goods dropped considerably after 3 months of moderate reductions.
Preliminary calculations indicated that wholesale prices of both industrial commodities and farm products and foods had risen further
from mid-January to mid-February but that the increases were less
than in the previous month. On a seasonally adjusted basis, the consumer price index continued to rise about as fast in January as in the
two preceding months.
According to the latest Commerce-SEC survey, taken in February,
businesses planned to increase their spending on new plant and equipment by about 10.5 per cent in the full year 1970 but at a slower rate
in the first half. However, it seemed unlikely that such spending would
accelerate in the second half, as implied by the survey—particularly
in view of recent declines in new orders for machinery and equipment
and a reported reduction in the fourth quarter of 1969 in manufacturers' appropriations for capital spending.
The staff projections still allowed for relatively rapid increases in
business fixed investment outlays in the first half and a leveling off in
RECORD OF POLICY ACTIONS OF FOMC
such outlays later in the year. The projections also continued to suggest that the rate of inventory accumulation would decline further in
the first half and stabilize in the second; that residential construction
outlays would fall sharply further in the first half and then turn up;
and that defense spending would decline throughout the year. It was
expected that consumer spending would be stimulated somewhat in
the second quarter by the increase in social security benefit payments,
and in the third quarter by the elimination of the remaining 5 per cent
income tax surcharge at midyear. It appeared likely, however, that
growth in consumer spending would remain moderate in the year as
a whole as a result of both smaller gains in wage and salary income
and an increase in the saving rate.
U.S. imports rose more than exports in January, and the surplus
in U.S. merchandise trade narrowed. According to tentative estimates,
the over-all balance of payments—which had been in substantial deficit
in January on both the liquidity and official settlements bases—continued in deficit in February.
In foreign exchange markets, demand for sterling remained strong
during February. Inflows of funds to the United Kingdom became exceptionally large in early March, and on March 5 the Bank of England
reduced its discount rate to IV2 per cent from the 8 per cent rate that
had been in effect for about a year. On March 6 the German monetary
authorities announced that certain credit-tightening measures, including
an increase in the discount rate of the German Federal Bank from 6
to IV2 per cent, were being taken in light of domestic inflationary
pressures and of the continued expansion in bank credit. The Italian
lira had remained under heavy selling pressure in recent weeks and—
also on March 6—the Bank of Italy announced that it was raising its
discount rate from 4 to SVi per cent.
In markets for domestic securities both long- and short-term interest
rates had declined considerably on balance since the beginning of
February, despite a very heavy calendar of new corporate bond offerings and a continuing sizable volume of municipal and Federal agency
issues. The rate declines reflected the increasing signs that the economy
was weakening and the growing belief among investors that monetary
restraint would shortly be—or had already been—relaxed. Treasury
bill rates fell steadily during much of February, but these rates tended
to stabilize later in the month when the Treasury followed its sue-
509
510
FEDERAL RESERVE BULLETIN • JUNE 1970
cessful refunding operation by a sale of $1.75 billion of additional taxanticipation bills due in April and by an increase in the size of its
regular auctions of 6-month and 1-year bills. On the day before this
meeting the market rate on 3-month bills, at about 6.85 per cent, was
45 basis points below its level 4 weeks earlier and about 85 basis
points below its early February level.
The outflows of time and savings funds at banks and at nonbank
thrift institutions, which had been very large in January, apparently
came to an end in February—as a consequence of both the declines
in yields on competing market instruments and the advances in rates
offered by these institutions under the new higher ceilings that became effective in late January. Preliminary figures indicated that there
were relatively small net inflows of funds to savings and loan associations and mutual savings banks in early February. In January net
acquisitions of mortgages by savings and loan associations were the
smallest for any month in nearly 3 years, and the volume of outstanding
commitments was at a 2-year low.
At commercial banks time and savings deposits expanded almost as
rapidly over the course of February as they had declined in January,
and their average level in February was only fractionally below that in
the previous month. There were net increases during February in
consumer-type deposits—particularly at country banks—and in the
volume of large-denomination CD's outstanding. It appeared that the
volume of CD's held by foreign official institutions had increased considerably.
In contrast to time deposits, the average levels of private demand
deposits and the money stock contracted sharply from January to
February—at estimated annual rates of about 15 and 10 per cent,
respectively. The bank credit proxy—daily-average member bank deposits—was estimated to have declined from January to February at
an annual rate of more than 9 per cent, and after adjustment for a net
increase in funds raised from nondeposit sources, at a rate of more
than 6 per cent.
System open market operations since the February 10 meeting of
the Committee had been directed at fostering somewhat less firm conditions in the money market, in accordance with the Committee's decision at that meeting and in light of the unfolding evidence of weakness
in both the money stock and the adjusted bank credit proxy. The
RECORD OF POLICY ACTIONS OF FOMC
money market remained firm for a time as the effects of large-scale
reserve supplying operations were offset by such factors as unexpectedly
sharp declines in float, but market conditions subsequently eased.
Thus, in the latter part of February and early March the average
Federal funds rate fell below 8.50 per cent from levels well above 9
per cent earlier in February, and in the week ending March 5 member
bank borrowings averaged about $835 million, compared with average
weekly levels of more than $1 billion during February.
Staff projections suggested that money and bank credit would grow
at moderate rates over the months ahead if the somewhat less firm
conditions recently achieved in the money market were maintained.
Specifically, the projections suggested that the money stock would
rise on the average from February to March at an annual rate of 4
to 7 per cent, resulting in growth during the first quarter as a whole
at a rate of about 2 per cent; and that money would continue to expand in the second quarter, at a rate of about 3 per cent. The adjusted
bank credit proxy was projected to increase from February to March
at an annual rate of 8 to 11 per cent—resulting in afirst-quartergrowth
rate of 0.5 per cent—and at a rate of about 5 per cent in the second
quarter. The projections for the adjusted proxy series were influenced
to an important degree by the expectation that time and savings deposits
would continue to expand rapidly, but that this would be partly offset
by slower expansion and then some decline in bank use of nondeposit
funds.
The Committee agreed that growth of money and bank credit during
coming months at about the rates projected would be appropriate in
the current economic environment. Concern was expressed in the discussion about the risks of unduly large changes in money market conditions. Concern also was expressed about both the danger of excessive
growth in the aggregates and the risk of shortfalls from desirable growth
rates, which some members thought were particularly likely for the
money stock in a period of economic weakness such as the present.
In view of the importance attached to avoiding such extremes, the
Committee decided to convey in its directive the objective of achieving
growth in money and bank credit over the months ahead at about
the moderate rates indicated, and to call for maintenance of money
market conditions consistent with that objective.
511
512
FEDERAL RESERVE BULLETIN • JUNE 1970
The following current economic policy directive was issued to the
Federal Reserve Bank of New York:
The information reviewed at this meeting suggests that real economic activity, which leveled off in the fourth quarter of 1969, is
weakening further in early 1970. Prices and costs, however, are
continuing to rise at a rapid pace. Market interest rates have declined
considerably in recent weeks, partly as a result of changing investor
attitudes regarding the outlook for economic activity and monetary
policy. Both bank credit and the money supply declined on average in
February, but both were tending upward in the latter part of the
month. Outflows of time and savings funds at banks and nonbank
thrift institutions, which had been sizable in January, apparently
ceased in February, reflecting advances in rates offered on such
funds following the recent increases in regulatory ceilings, together
with declines in short-term market interest rates. The U.S. foreign
trade surplus narrowed in January and the over-all balance of payments deficit has remained large in recent weeks. In light of the
foregoing developments, it is the policy of the Federal Open Market
Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of
sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments.
To implement this policy, the Committee desires to see moderate
growth in money and bank credit over the months ahead. System
open market operations until the next meeting of the Committee
shall be conducted with a view to maintaining money market conditions consistent with that objective.
Votes for this action: Messrs. Burns, Hayes,
Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell,
Robertson, Sherrill, Swan, and Kimbrel. Votes
against this action: None.
Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.)
2. Amendment to continuing authority directive.
At its meeting on October 7, 1969, the Committee had modified paragraph 2 of the continuing authority directive regarding domestic open
market operations by adding language authorizing Reserve Banks other
RECORD OF POLICY ACTIONS OF FOMC
than the New York Bank to purchase special short-term certificates of
indebtedness from the Treasury for their own account at times when
the New York Bank was closed. At this meeting the Committee amended
the language adopted at that time for purposes of clarification. After
this amendment, paragraph 2 read as follows:
The Federal Open Market Committee authorizes and directs the
Federal Reserve Bank of New York, or, if the New York Reserve
Bank is closed, any other Federal Reserve Bank, to purchase directly
from the Treasury 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 V* 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.
Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell,
Robertson, Sherrill, Swan, and Kimbrel. Votes
against this action: None.
Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.)
Another amendment to the continuing authority directive that had
been made on October 7, 1969, involved the addition of a paragraph 3
authorizing the Reserve Banks to engage in lending of U.S. Government securities held in the System Open Market Account, under such
instructions as the Committee might specify from time to time. That
action had been taken on the basis of a judgment by the Committee
that in the existing circumstances such lending of securities was reasonably necessary to the effective conduct of open market operations and
to the effectuation of open market policies, and on the understanding
that the authorization would be reviewed periodically. At this meeting
the Committee concurred in the judgment of the Manager of the System
Open Market Account that the lending activity in question remained
necessary and, accordingly, that the authorization should remain in
effect subject to periodic review.
513
514
FEDERAL RESERVE BULLETIN • JUNE 1970
The Committee also approved certain modifications that had been
recommended by the Manager, in light of the operating experience
to date, in the instructions it had issued in conjunction with this authorization. Among the more important of these were an increase from $75
million to $150 million in the dollar limit on the par value of securities
involved in outstanding loans to any individual dealer at any time; a
lengthening from three to five business days of the limit on the duration
of loans to dealers, with loans remaining subject to renewal; and
certain revisions in the rates to be charged on contracts renewed beyond
their initial maturity.
3. Amendment to authorization for System foreign currency
operations.
The Committee approved an increase from $1,000 million to $1,250
million equivalent in the System swap arrangement with the Bank of
Italy, and the corresponding amendment to paragraph 2 of the authorization for System foreign currency operations, subject to the understanding that the action would become effective upon a determination
by Chairman Burns that it was in the national interest. Chairman
Burns made the indicated determination later on the day of this
meeting. As a result of this action, paragraph 2 read as follows:
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
Amount of
arrangement
(millions of
dollars equivalent)
200
500
1,000
515
RECORD OF POLICY ACTIONS OF FOMC
Foreign bank
Amount of
arrangement
(millions of
dollars equivalent)
National Bank of Denmark
200
Bank of England
2,000
Bank of France
1,000
German Federal Bank
1,000
Bank of Italy
1,250
Bank of Japan
1,000
Bank of Mexico
130
Netherlands Bank
300
Bank of Norway
200
Bank of Sweden
250
Swiss National Bank
600
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. Burns, Hayes,
Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell,
Robertson, Sherrill, Swan, and Kimbrel. Votes
against this action: None.
Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.)
This action was taken on recommendation of the Special Manager,
who advised that it should prove helpful in providing against destabilizing short-run pressures on the lira. It was understood that the U.S.
Treasury would concurrently make available a $250 million swap
facility to the Bank of Italy.
4. Review of continuing authorizations.
This being the first meeting of the Federal Open Market Committee
following the election of new members from the Federal Reserve Banks
to serve for the year beginning March 1, 1970, and their assumption
of duties, the Committee followed its customary practice of reviewing
516
all of its continuing authorizations and directives. The actions taken
with respect to the continuing authority directive for domestic open
market operations and the authorization for System foreign currency
operations have been described in the preceding portions of the record
for this date. Except for the changes resulting from those actions, the
Committee reaffirmed the two instruments, and also the foreign currency directive, in the form in which they were outstanding at the
beginning of the year 1970.
Votes for these actions: Messrs. Burns, Hayes,
Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell,
Robertson, Sherrill, Swan, and Kimbrel. Votes
against these actions: None.
Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.)
Law Department
Statutes, regulations, interpretations, and decisions
RULES REGARDING DELEGATION
OF AUTHORITY
The Board of Governors, effective May 14,
1970, amended its Rules Regarding Delegation of
Authority to expedite processing of competitive
factor reports on bank mergers when Federal Reserve staff view a proposed merger either as having
no adverse competitive effects or as having only
slightly adverse competitive effects. The text of
the amendment reads as follows:
AMENDMENT
Effective May 14, 1970, section 265.2(c) is
amended by changing subparagraph (17) to read
as follows:
SECTION 265.2—SPECIFIC FUNCTIONS
DELEGATED TO BOARD EMPLOYEES AND
FEDERAL RESERVE BANKS
(c) The Director of the Division of Supervision
and Regulation (or, in his absence, the Acting Director) is authorized:
(17) Under section 18(c)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)(4)), to
furnish to the Comptroller of the Currency and
the Federal Deposit Insurance Corporation reports on competitive factors involved in a bank
merger required to be approved by one of those
agencies if each of the appropriate departments or
divisions of the appropriate Federal Reserve Bank
and the Board of Governors is of the view that the
proposed merger either would have no adverse
competitive effects or would have only slightly adverse competitive effects, and if no member of the
Board has indicated an objection prior to the forwarding of the report to the appropriate agency.
DEFENSE PRODUCTION LOANS
The Board of Governors, effective June 4, 1970,
amended section 7(a) of Regulation V, "Loan
Guarantees for Defense Production", to permit the
governmental agency guaranteeing a loan under
the Defense Production Act of 1950, as amended,
to prescribe from time to time a higher interest
rate than otherwise payable on such a loan if the
agency determines that such higher rate is necessary in obtaining V-loan financing of a contract or
other operation essential to the national defense.
The text of the amendment reads as follows:
AMENDMENT
SUPPLEMENT TO REGULATION V
Effective June 4, 1970, section 7(a) of Regulation V is amended to read as follows:
SECTION 7—MAXIMUM RATES OF
INTEREST, GUARANTEE FEES, AND
COMMITMENT FEES
(a) Maximum rate of interest. The maximum interest rate charged a borrower by a financing institution with respect to a guaranteed loan shall not
exceed IV2 per cent per annum, except that the
agency guaranteeing a particular loan may from
time to time prescribe a higher rate if it determines
the loan to be necessary for the purpose of financing any contractor, subcontractor, or other
person in connection with the performance of any
contract or other operation deemed by the guaranteeing agency to be necessary to expedite production and deliveries or services under Government contracts for the procurement of materials
or the performance of services for the national
defense.
INTERLOCKING BANK RELATIONSHIPS
UNDER THE CLAYTON ACT
APPLICABILITY OF SECTION 8 OF THE
CLAYTON ACT TO BANK HOLDING
COMPANIES
The Board recently was asked whether section 8
of the Clayton Act (15 U.S.C. 19) and Federal
Reserve Regulation L, "Interlocking Bank Relationships Under The Clayton Act", (12 CFR 212)
prohibit an officer, director, or employee of a
member bank from serving at the same time in
any such capacity with a holding company the
517
518
principal activity of which is the ownership and
control of banks, where such interlocking service
between the member bank and a bank in the holding company system would be prohibited.
Section 8 and Regulation L, with certain exceptions, prohibit any person who is a director, officer, or employee of any member bank from
serving in any such position with "any other bank,
banking association, savings bank, or trust company" where the two banks are located in the same,
contiguous, or adjacent cities, towns, or villages.
In a similar situation involving section 32 of the
Banking Act of 1933 (12 U.S.C. 78)—which prohibits interlocking personnel relationships between
member banks and securities companies—the
Board expressed the view that where the principal
activity of a holding company is the ownership and
control of a bank or banks, the holding company
and each member bank subsidiary should be considered as constituting together a single entity for
the purpose of that statutory provision. Accordingly, the Board concluded that section 32 prohibits a
person who is primarily engaged in section 32 business, or associated as specified in that section with
an organization so engaged, from serving also as
an officer, director, or employee of such a holding
company (1969 Federal Reserve BULLETIN 52; 12
CFR 218.114). In that interpretation, the Board
stated: " . . . the affairs of the member bank and
the holding company would be so closely identified
and functionally related that the same possibilities
of abuse which section 32 was designed to guard
against would be present in the case of a director
of the holding company as in the case of a director of the member bank. To give cognizance to the
separate corporate entities in such a situation,
would . . . partially frustrate Congressional purpose in enacting the statute." Likewise, the Board
recently determined that concurrent service by an
individual as a director of a wholly-owned credit
card subsidiary of a national bank and as director
of another member bank in a contiguous municipality was prohibited by section 8 of the Clayton
Act, since in the Board's opinion, the credit card
subsidiary was essentially a department or division
of its parent bank (1970 Federal Reserve BULLETIN
344; 12 CFR 212.101). Furthermore, in enforcing
other provisions of section 8 relating to non-bank
corporations, the courts have gone beyond the
specific language of that section in order to effectuate Congressional purpose. U.S. v. Sears Roebuck and Co., 165 F. Supp. 356 (1958).
With respect to the instant question, the Board
FEDERAL RESERVE BULLETIN • JUNE 1970
is of the view that considerations similar to those
just discussed were persuasive and that, therefore,
a holding company whose principal activity is the
ownership and control of banks, and each of its
bank subsidiaries, should be considered as constituting together a single entity for the purposes of
section 8. Accordingly, the Board concludes that,
if an interlocking relationship between two banks
is prohibited by section 8 (none of the exceptions
specified in the statute or Regulation L being applicable), such a relationship is also prohibited between a parent holding company of one of the
banks and a bank not a member of the holding
company group. The Board concludes also that
interlocking service between parent holding companies is prohibited by section 8 if it is prohibited
between any of their respective bank subsidiaries.
TRANSACTIONS BETWEEN MEMBER BANKS
AND THEIR AFFILIATES
APPLICABILITY OF SECTION 23A OF
THE FEDERAL RESERVE ACT TO
TRANSACTIONS BETWEEN A MEMBER
STATE BANK AND ITS "OPERATIONS
SUBSIDIARY"
The Board of Governors has recently considered
whether § 23A of the Federal Reserve Act (12
U.S.C. 371c) applies to extensions of credit by a
member State bank to its operations subsidiary.
Section 23A imposes limitations (in terms of
security and amount) on a federally insured bank's
loans to and investments in its affiliates. The principal purpose of § 23A is to safeguard the resources of a bank against misuse for the benefit of
organizations under common control with the
bank. It was designed to prevent a bank from risking too large an amount in affiliated enterprises
and to assure that extensions of credit to affiliates
will be repaid—out of marketable collateral, if
necessary.
Since 1968 the Board has permitted member
banks to establish and own operations subsidiaries
—that is, organizations designed to serve, in effect,
as separately incorporated departments of the
bank, performing, at locations at which the bank
is authorized to engage in business, functions that
the bank is empowered to perform directly (12
CFR 250.141). Since an operations subsidiary is in
effect a part of, and subject to the same restrictions
as, its parent bank, there appears to be no reason
to limit transactions between the bank and such
519
LAW DEPARTMENT
subsidiary any more than transactions between departments of a bank.
Accordingly, the Board has concluded that a
credit transaction by a member State bank with its
operations subsidiary (the authority for which is
based on the 1968 ruling) is not a "loan or . . .
extension of credit" of the kind intended to be
restricted and regulated by § 23A and is, therefore,
outside the purview of that section.
ORDER UNDER BANK MERGER ACT
ISABELLA COUNTY STATE BANK
In the matter of the application of Isabella County State Bank for approval of consolidation with
Weidman State Bank.
ORDER APPROVING CONSOLIDATION 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 Isabella County State
Bank, Mount Pleasant, Michigan, a State member
bank of the Federal Reserve System, for the
Board's prior approval of the consolidation of that
bank and Weidman State Bank, Weidman, Michigan, under the charter and title of Isabella County
State Bank. As an incident to the consolidation, the
sole office of Weidman State Bank would become
a branch of the resulting bank. Notice of the proposed consolidation, 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 received pursuant to the Act on
the competitive factors involved in the proposed
consolidation,
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 consolidation shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order unless such period is extended for good cause by the Board or by the Federal Reserve Bank of Chicago pursuant to delegated authority.
By order of the Board of Governors, May 26,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer,
and Sherrill.
(Signed)
[SEAL]
A. KENYON,
Deputy Secretary.
KENNETH
STATEMENT
Isabella County State Bank, Mount Pleasant,
Michigan ("Isabella Bank"), with total deposits of
$22.4 million, has applied, pursuant to the Bank
Merger Act (12 U.S.C. 1828(c)), for the Board's
prior approval of the consolidation of that bank
and Weidman State Bank, Weidman, Michigan
("Weidman Bank"), which has total deposits of
$2.7 million.1 The banks would consolidate under
the charter and name of Isabella Bank, which is a
member of the Federal Reserve System. As an incident to the consolidation, the sole office of
Weidman Bank would become a branch of Isabella
Bank, increasing the number of its offices to three.
Competition. Both banks are located in Isabella
County (population 39,000), in the central portion
of the State. Isabella Bank operates its head office
and only branch in Mount Pleasant (population
15,000), which is the County seat. Weidman Bank
operates its sole office in Weidman (population
450), which is 14 miles northwest of Mount Pleasant. There are no banking offices in the intervening
area. The areas served by the two banks overlap to
some extent in the area of Beal City (population
about 200).
The relevant market area includes all of Isabella
County and the southern portion of Clare County,
located just beyond Isabella County's northeastern
boundary. There are seven banks in the area, including one in Clare. Isabella Baink is the second
largest, holding 28 per cent of area deposits; Weidman Bank is the smallest, with only 3 per cent. The
area's largest bank, located in Clare, holds 30 per
cent of area deposits. Upon consummation of the
proposal, Isabella Bank would be the largest, with
31 per cent. While there is some present competition between the proponent banks, the potential
for further competition between them is limited
by the home-office-protection feature of Michigan
law and by the small size and relatively ineffective
competitive posture of Weidman Bank.
The over-all effect of the proposal upon competition would be no more than slightly adverse.
Financial and managerial resources and prospects. The financial and managerial resources of
Weidman Bank are satisfactory, but its earnings
have been low and it appears that its prospects are
limited. The banking factors with respect to Isabella Bank are reasonably satisfactory, as they would
be following the proposed consolidation.
Convenience and needs of the communities. The
1
Figures are as of December 31, 1969.
520
area around Weidman consists of good quality
farmland. Six lakes constitute the nucleus for a
recreational area which is on the threshold of
development. The resulting bank, with a higher
legal lending limit, would be able to satisfy the
growing demand for banking services in the Weidman area more readily than could Weidman Bank.
FEDERAL RESERVE BULLETIN • JUNE 1970
Summary and conclusion. In the judgment of the
Board, the effect of the proposed consolidation on
competition would be no more than slightly adverse and would be offset by benefits to the banking convenience and needs of the Weidman area.
Accordingly, the Board concludes that the application should be approved.
521
LAW DEPARTMENT
ORDERS UNDER SECTION 3 OF BANK
COMPANY ACT
HOLDING
HUNTINGTON BANCSHARES
INCORPORATED, COLUMBUS, OHIO
In the matter of the application of Huntington
Bancshares Incorporated, Columbus, Ohio, for approval of acquisition of 80 per cent or more of the
voting shares of The Lucas County State Bank,
Toledo, 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)), the application of Huntington Bancshares Incorporated, Columbus, Ohio
("Applicant"), a registered bank holding company,
for the Board's prior approval of the acquisition of
80 per cent or more of the voting shares of The
Lucas County State Bank, Toledo, Ohio ("Bank").
As required by section 3(b) of the Act, the Board
gave written notice of receipt of the application to
the Ohio Superintendent of Banks 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 March 31, 1970 (35 Federal Register 5375), 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.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and needs
of the communities to be served, and finds that:
Applicant controls six banks (34 offices) with
total deposits of $588 million, representing 3 per
cent of the total bank deposits in the State of Ohio.
(All banking data are as of June 30, 1969, adjusted
to reflect holding company formations and acquisitions approved by the Board to date.) Upon acquisition of Bank ($50 million deposits), Applicant's
share of State deposits would increase to 3.2 per
cent. The headquarters of Bank and of The Bank of
Wood County Company, whose acquisition by Applicant was recently approved by the Board, are
located about 24 miles apart. The nearest offices of
these banks are located slightly over 4 miles from
each other and consummation of both acquisitions
would eliminate a small amount of existing competition between them. This is offset by the enhancement of Bank's competitive capability in relation to
its much larger competitors in its service area which
its proposed acquisition by Applicant may be expected to bring about. Development of further competition between the two banks is unlikely to take
place in view of the relatively overbanked condition
of the only two communities where, under Ohio law,
both banks may establish branches. Consummation
of the proposed acquisition therefore would not
eliminate significant existing competition or foreclose significant potential competition, and would
not have undue adverse effects on the viability or
competitive effectiveness of any competing bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition in
any relevant area. The banking factors, as applied
to the facts of record, are consistent with approval
of the application, and considerations relating to the
convenience and needs of the communities to be
served lend some weight in support of approval. It is
the Board's judgment that the proposed transaction
would be in the public interest, and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
above, that said application be and hereby is approved, provided that the action so approved shall
not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later
than three months after the date of this Order, unless such time be extended for good cause by the
Board, or by the Federal Reserve Bank of Cleveland
pursuant to delegated authority.
By order of the Board of Governors, May 12,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and
Sherrill.
(Signed) NORMAND BERNARD,
Assistant Secretary.
[SEAL]
SOUTHEAST BANCORPORATION, INC.,
MIAMI, FLORIDA
In the matter of the application of Southeast Bancorporation, Inc., Miami, Florida, for approval of
522
FEDERAL RESERVE BULLETIN • JUNE 1970
acquisition of 80 per cent or more of the voting
shares of Southeast National Bank of Orlando, Orlando, Florida, a proposed new bank.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING C O M P A N Y
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a) ( 3 ) ) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), the application of Southeast
Bancorporation, Inc., Miami, Florida ("Applicant"),
a registered bank holding company, for the Board's
prior approval of the acquisition of 80 per cent or
more of the voting shares of Southeast National
Bank of Orlando, Orlando, Florida, a proposed new
bank.
As required by section 3(b) of the Act, the Board
gave written notice of receipt of the application to
the Comptroller of the Currency and requested his
views and recommendation. The Comptroller offered no objection to approval of the application.
Notice of receipt of the application was published in the Federal Register on March 25, 1970
(35 Federal Register 5058), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time for
filing comments and views has expired and all those
received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant is the second largest banking organization in Florida, controlling five subsidiary banks
which hold 6.6 per cent of total bank deposits in the
State of Florida. (All banking data are as of June 30,
1969, adjusted to reflect holding company formations and acquisitions approved by the Board to
date.) Since Bank is a proposed new bank, consummation of the proposal would not increase concentration in any market.
Applicant's closest subsidiary is located 90 miles
from Orange County, where Bank would be located.
Banking in Orange County is highly concentrated,
with 42 per cent of area deposits held by one large
banking organization. Applicant's entry should help
to stimulate additional competition and lead to some
deconcentration in the area. Consummation of the
proposed acquisition would neither eliminate existing
competition, foreclose potential competition, nor
have adverse effects on the viability or competitive
effectiveness of any competing bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition in
any relevant area, and would have a procompetitive
effect in Orange County. The banking factors, as applied to the facts of record, are consistent with approval of the application, and considerations relating
to the convenience and needs of the communities to
be served lend additional weight in support of approval. It is the Board's judgment that the proposed
transaction would be in the public interest, and that
the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of Atlanta pursuant to delegated authority.
By order of the Board of Governors, May 12,
1970.
Voting for this action: Vice Chairman Robertson
and Governors Maisel, Brimmer, and Sherrill. Absent
and not voting: Chairman Burns and Governors Mitchell and Daane.
(Signed) N O R M AND BERNARD,
Assistant Secretary.
[SEAL]
COMMERCE BANCSHARES, I N C ,
KANSAS CITY, MISSOURI
In the matter of the application of Commerce
Bancshares, Inc., Kansas City, Missouri, for approval of acquisition of more than 80 per cent of the
voting shares of Mexico Savings Bank, Mexico,
Missouri.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3(a) (3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), an application by Com-
LAW DEPARTMENT
merce Bancshares, Inc., Kansas City, Missouri, a
registered bank holding company, for the Board's
prior approval of the acquisition of more than 80
per cent of the voting shares of Mexico Savings
Bank, Mexico, Missouri.
As required by section 3(b) of the Act, the Board
gave written notice of receipt of the application to
the Commissioner of Finance of the State of Missouri, and requested his views and recommendation.
The Commissioner interposed no objection to approval of the application.
Notice of receipt of the application was published in the Federal Register on November 27,
1969 (34 Federal Register 18995), 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.
I T IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is approved, provided that
the action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after the
date of this Order unless such time be extended for
good cause by the Board, or by the Federal Reserve
Bank of Kansas City pursuant to delegated authority.
By order of the Board of Governors, May 13,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and
Sherrill.
(Signed) ELIZABETH L. CARMICHAEL,
Assistant Secretary.
[SEAL]
STATEMENT
Commerce Bancshares, Inc., Kansas City, Missouri ("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 more than
80 per cent of the voting shares of Mexico Savings
Bank, Mexico, Missouri ("Mexico Bank").
Views and recommendations of supervisory authority. As required by section 3(b) of the Act,
notice of receipt of the application was given to the
Commissioner of Finance of the State of Missouri,
and his views and recommendations were requested.
523
The Commissioner interposed 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 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 transactions. Applicant is the largest bank holding company and the
third largest banking organization in the State of
Missouri, ranking behind two independent banks
located in downtown St. Louis. The 12 subsidiary
banks of Applicant hold aggregate deposits of $711
million,1 or 6.9 per cent of the deposits held by all
commercial banks in the State. Of this amount,
about $493 million is accounted for by Applicant's
largest subsidiary, Commerce Trust Company, Kansas City. Acquisition of Mexico Bank ($16.1 million deposits), would increase the deposits under
Applicant's control by only .19 per cent of the
State total. The 10 largest banking organizations,
three are holding companies, presently control 39.3
per cent of Missouri's deposits.
Mexico is a small town of about 13,000 located
110 miles from St. Louis in the northeast quadrant
of the State. The dominant industry is the production of fire brick. Mexico Bank is the larger of two
banks domiciled in Mexico, and the largest of five
banks located in Audrain County. However, total
deposits of the five banks combined are only $42
million. The area has experienced slow growth
from 1950 to present; and the economic prospects
of the area are, at best, only stable.
Consummation of Applicant's proposal would
have no direct effect on competition, as Applicant's
1
All banking data are as of June 30, 1969, adjusted to reflect holding company applications approved by the Board to
date.
524
subsidiaries do not presently compete with Mexico
Bank. Applicant's closest present or proposed affiliate to Mexico Bank is Columbia National Bank,
located some 38 miles to the southwest. Neither it
nor any other of Applicant's subsidiaries derive an
appreciable amount of business from the area served
by Mexico, and Mexico Bank does not compete in
any area served by Applicant's subsidiaries.
It does not appear that any significant future
competition would be eliminated by the acquisition.
Missouri law prohibits branch banking. Therefore,
Applicant may enter Mexico only by acquiring or
establishing a bank there. It appears that the smaller
of the two Mexico banks is not available for acquisition, and, in view of the present population and
limited growth prospects of the town, it does not
appear that chartering authorities would be likely to
authorize establishment of a new bank in the area
in the foreseeable future.
It is noted that the Department of Justice advised the Board that in its judgment the acquisition
would have an adverse effect on competition as it
"would eliminate potential competition of Bancshares, the most likely source of competition in
Audrain County, and would further entrench Mexico Savings Bank's dominant market position and
raise barriers to entry." Under the particular circumstances of this case, however, the Board finds
that the evidence does not support a conclusion that
Applicant would be likely to enter into competition in Audrain County if it were foreclosed from
doing so through the present proposal.
For the foregoing reasons, the Board concludes
that consummation of the proposal will not result
in a monopoly or be in furtherance of any combination, conspiracy or attempt to monopolize, and will
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. Applicant's financial condition, management, and prospects are regarded as satisfactory, as
is the case with its present subsidiaries.
Mexico Bank is in good financial condition and
its prospects are favorable. However, although
present management is regarded as satisfactory, the
bank has a definite need for management succession
which Applicant proposes to assist it in meeting.
These considerations are consistent with, and
provide some weight in favor of, approval of the
application.
Convenience and needs of the communities involved. The banking needs of communities served
by Applicant's present subsidiaries would not be
FEDERAL RESERVE BULLETIN • JUNE 1970
affected by consummation of the present proposals.
Applicant proposes to improve the services in the
area served by Mexico Bank by increasing the lending capabilities and liberalizing the loan policies of
the bank, and by providing specialized advice and
facilities to meet the area's needs. Mexico Bank, and
indirectly the communities which it serves, would
benefit from the efficiencies of a centralized accounting and auditing system and coordinated staff training. Trust services, presently unavailable in Mexico,
will be initiated by Mexico Bank.
Considerations relating to the convenience and
needs of the communities involved support 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.
CONCURRING S T A T E M E N T OF GOVERNOR B R I M M E R
Although I join in approving the present application, I believe it is necessary to focus more sharply
on the basic trends in the banking structure in Missouri.
Missouri is a State with a limited number of large
banking institutions. Based on the example of other
States having that characteristic—notably Colorado,
Virginia, and Wisconsin—we know that substantial
changes in banking structure throughout such a
State can be brought about in a relatively short
period through holding company formations and
expansion. There now appears to be a surge of holding company activity in Missouri, with Applicant
a principal participant in that activity. Thus, each
application must be reviewed carefully—not only
with a view to its effects on competition among
banks directly involved, but also with due consideration to its effect on the banking structure.
Having given such consideration to the present
proposal, I join in the Board's conclusion that its
consummation would be in the public interest,
based on the facts of this particular case. In doing so,
however, I wish to record my feeling that holding
company expansion in Missouri must be viewed with
caution. In particular, the present proposal contemplates Applicant's acquisition of a bank which is the
largest in the area which it serves. Consequently, it
seems necessary to warn against any possible interpretation of the Board's approval action as implying general approval of that course of expansion by
the State's largest banking organizations.
525
LAW DEPARTMENT
BRENTON BANKS, INC.,
DES MOINES, IOWA
In the matter of the application of Brenton
Banks, Inc., Des Moines, Iowa, for approval of
acquisition of 80 per cent or more of the voting
shares of The Fidelity Savings Bank, Marshalltown, Iowa.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
Brenton Banks, Inc., Des Moines, Iowa ("Applicant"), a registered bank holding company, for
the Board's prior approval of the acquisition of 80
per cent or more of the voting shares of The
Fidelity Savings Bank, Marshalltown, Iowa
("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Superintendent of the Department of
Banking for the State of Iowa and requested his
views and recommendation. The Deputy Superintendent replied, and recommended approval of the
application.
Notice of receipt of the application was published in the Federal Register on April 9, 1970
(35 Federal Register 5841), which provided an
opportunity for interested persons to submit comments and views with respect to the proposal. A
copy of the application was forwarded to the
United States Department of Justice for its consideration. The time for filing comments and
views has expired and all those received have been
considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition on competition, the financial and managerial
resources of the Applicant and the banks concerned, and the convenience and needs of the communities to be served. Upon such consideration,
the Board finds that:
Applicant, the second largest bank holding company and the third largest banking organization in
Iowa, has 15 subsidiary banks with $156 million in
deposits, which represent 2.7 per cent of the total
deposits for the State. (All banking data are as of
June 30, 1969, adjusted to reflect bank holding
company formations and acquisitions approved
by the Board to date.) Upon acquisition of Bank
($24 million deposits), Applicant's share of State
deposits would increase to 3.1 per cent. Applicant
has no subsidiary bank in Marshall County, in
which Bank is located. Its closest subsidiary is
located about 30 miles southeast in adjoining
Poweshiek County, and neither it nor any other
of Applicant's present subsidiaries compete to any
meaningful extent with Bank. Bank is the second
largest of nine banks in the area which it serves
(Marshall County and a small part of Tama
County, adjoining to the east). The largest and
third largest banks in the area (deposits $30 million and $15 million, respectively) are also headquartered in Marshalltown, and provide aggressive
competition. Consummation of the proposed acquisition would not eliminate existing competition
or foreclose significant potential competition, and
would not have undue adverse effects on the viability or competitive effectiveness of any competing
bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition
in any relevant area. The banking factors, as applied to the facts of record, are consistent with
approval of the application, and considerations
relating to the convenience and needs of the communities to be served lend some weight in support
of approval. It is the Board's judgment that the
proposed transaction would be in the public interest, and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
above, that said application be and hereby is approved, provided that the action so approved shall
not be consummated (a) before the thirtieth
calendar day following the date of this Order or
(b) later than three months after the date of this
Order, unless such time be extended for good
cause by the Board, or by the Federal Reserve
Bank of Chicago pursuant to delegated authority.
By order of 'the Board of Governors, May 13,
1970.
Voting for this action: Vice Chairman Robertson and
Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor
Daane.
(Signed)
[SEAL]
L. CARMICHAEL,
Assistant Secretary.
ELIZABETH
526
FEDERAL RESERVE BULLETIN • JUNE 1970
COMMERCE BANCSHARES, INC.,
KANSAS CITY, MISSOURI
In the matter of the application of Commerce
Bancshares, Inc., Kansas City, Missouri, for approval of acquisition of more than 80 per cent of
the voting shares of Mechanics Bank and Trust
Company, Moberly, Missouri.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING
COMPANY
There has come before the Board of Governors,
pursuant to section 3(a)(3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by
Commerce Bancshares, Inc., Kansas City, Missouri ("Applicant"), a registered bank holding
company, for the Board's prior approval of the
acquisition of more than 80 per cent of the voting
shares of Mechanics Bank and Trust Company,
Moberly, Missouri ("Bank").
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Commissioner of Finance of the State
of Missouri, and requested his views and recommendation. The Commissioner commented that
he viewed the proposal as a progressive step for
banking in the area involved.
Notice of receipt of the application was published in the Federal Register on April 3, 1970
(35 Federal Register 5570), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition on competition, the financial and managerial
resources and future prospects of the Applicant
and the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant, the largest bank holding company
and the third largest banking organization in Missouri, has 13 subsidiary banks with $727 million
in deposits, which represent 7.1 per cent of the
total deposits of all banks in the State. (All banking data are as of June 30, 1969, adjusted to reflect holding company formations and acquisitions
approved by the Board to date.) Bank, with deposits of $17.4 million, is slightly the smaller of
two banks located in Moberly and the second
largest among five banks in Randolph County.
Applicant has no subsidiary in Randolph County.
Its closest subsidiary is located in Boone County,
about 35 miles southeast of Moberly, and neither
it nor any other of Applicant's present subsidiaries
competes with Bank to any meaningful extent. It
does not appear that existing competition would
be eliminated, or significant potential competition
foreclosed, by consummation of Applicant's proposal, or that there would be undue adverse effects
on any other bank in the area involved.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have significant adverse effects on competition in any relevant area. Applicant proposes to
provide additional capital needed by Bank, and the
acquisition would also result in stronger management direction of Bank; these considerations lend
some weight toward approval of the application.
Major banking needs of the area served by Bank
are being adequately met at present. However,
consummation of the proposal would result in improvements in Bank's lending services, and would
permit the introduction of specialized services not
now available in the area. It is the Board's judgment that consummation of the proposed acquisition would be in the public interest, and that the
application should be approved.
I T IS HEREBY ORDERED, on the basis of the findings summarized above, that said application be
and hereby is approved, provided that the acquisition so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such period is extended for good cause by the Board, or by the
Federal Reserve Bank of Kansas City pursuant to
delegated authority.
By order of the Board of Governors, May 21,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and
Sherrill.
(Signed) K E N N E T H A. K E N Y O N ,
Deputy Secretary.
[SEAL]
CONCURRING S T A T E M E N T OF GOVERNOR B R I M M E R
I join in the Board's action approving the subject application, on the basis of the facts of this
particular case. However, for the reasons which
527
LAW DEPARTMENT
I cited in my Concurring Statement in connection
with Applicant's proposal to acquire shares of
Mexico Savings Bank, Mexico, Missouri (1970
Federal Reserve BULLETIN, 524), I believe the
accelerating pace of holding company activity in
Missouri, particularly on the part of this Applicant,
bears close attention.
FIRST BANCSHARES OF FLORIDA, INC.,
BOCA RATON, FLORIDA
In the matter of the application of First Bancshares of Florida, Inc., Boca Raton, Florida, for
approval of action to become a bank holding company through the acquisition of 80 per cent or
more of the voting shares of First Bank and Trust
Company of Boca Raton, National Association,
Boca Raton; University National Bank of Boca
Raton, Boca Raton; First National Bank and Trust
Company of Riviera Beach, Riviera Beach; and
Citizens Bank of Palm Beach County, West Palm
Beach, all in the State of Florida.
ORDER APPROVING ACTION TO BECOME
BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(1)),
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by
First Bancshares of Florida, Inc., Boca Raton,
Florida, 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 First Bank and Trust
Company of Boca Raton, National Association,
Boca Raton; University National Bank of Boca
Raton, Boca Raton; First National Bank and Trust
Company of Riviera Beach, Riviera Beach; and
Citizens Bank of Palm Beach County, West Palm
Beach, all in the State of 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
the Florida Commissioner of Banking, and requested their views and recommendations. The
Comptroller and the Commissioner recommended
approval of the application.
Notice of receipt of the application was published in the Federal Register on March 31, 1970
(35 Federal Register 5375), which provided an
opportunity for interested persons to submit comments and views with respect to the proposed
transaction. A copy of the application was for
warded to the United States Department of Justice
for its consideration. The time for filing comments
and views has expired and all those received have
been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said application be and hereby is approved, provided that
the action so approved shall not be consummated
(a) before the thirtieth calendar day following the
date of this Order or (b) later than three months
after the date of this Order, unless such period is
extended for good cause by the Board, or by the
Federal Reserve Bank of Atlanta pursuant to delegated authority.
By order of the Board of Governors, May 21,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer.
Absent and not voting: Governor Sherrill.
(Signed)
A. KENYON,
Deputy Secretary.
KENNETH
[SEAL]
STATEMENT
First Bancshares of Florida, Inc., Boca Raton,
Florida ("Applicant"), has applied to the Board,
pursuant to section 3 ( a ) ( 1 ) of the Bank Holding
Company Act of 1956, for prior approval of action to become a bank holding company, through
the acquisition of 80 per cent or more of the voting
shares of First Bank and Trust Company of Boca
Raton, National Association, Boca Raton ("First
Bank"); University National Bank of Boca Raton,
Boca Raton ("University Bank"); First National
Bank and Trust Company of Riviera Beach, Riviera
Beach ("Riviera Beach Bank"); and Citizens Bank
of Palm Beach County, West Palm Beach ("West
Palm Beach Bank"), all in the State of Florida.
Views and recommendations of supervisory authorities. As required by section 3(b) of the Act,
the Board gave written notice of receipt of the application to the Comptroller of the Currency and the
Florida Commissioner of Banking, and requested
their views and recommendations. The Comptroller
and the Commissioner 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
528
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 Florida are
bank holding companies, and control 40 per cent of
the State's commercial bank deposits. Applicant's
acquisition of voting shares of First Bank ($53 million deposits); University Bank ($11 million deposits) ; Riviera Beach Bank ($20 million deposits);
and West Palm Beach Bank ($10 million deposits)
would result in its becoming the fifteenth largest
bank holding company in the State. It would control
less than 1 per cent of State deposits, and would rank
seventeenth in size among banking organizations in
Florida. The consummation of Applicant's proposal
would not significantly affect State-wide banking
concentration.
The four proposed subsidiary banks are located
in Palm Beach County. Their combined deposits,
representing 13.4 per cent of the county's total,
would rank Applicant as the third largest banking
organization headquartered in Palm Beach County,
but as the fifth largest banking organization and the
smallest of four bank holding companies represented
in the area.
Riviera Beach Bank is located in the northeast
section of the county, about eight miles north of
West Palm Beach Bank, and eight banks compete in
the intervening area. The Riviera Beach Bank serves
a population of approximately 62,000, and the
smaller West Palm Beach Bank serves a population
of 39,500; the areas which they serve do not overlap. The two banks have been affiliated since 1964,
but even in the absence of such affiliation it does not
appear that the two banks would be significant competitors.
First Bank and University Bank are located in
Boca Raton, 25 miles south of West Palm Beach,
and have been affiliated since University Bank was
opened in 1965 in order to provide more convenient
services to customers located in the area. They are
only 2.5 miles apart, and there is a substantial over
FEDERAL RESERVE BULLETIN • JUNE 1970
lap in their service areas. Because of the nature and
origins of their affiliation, however, the two banks
have never been competitors and appear unlikely
to become such.
In view of the absence of present or potential
competition between banks in either of the affiliated
groups, or between the two groups, it does not appear
that Applicant's proposal would adversely affect
competition in any area.
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 is satisfactory, as is its
management, which is to be drawn primarily from
the First Bank. Applicant's prospects, which would
be dependent upon those of the four banks it proposes to acquire, appear favorable.
The present financial condition of each of the four
proposed subsidiary banks is considered to be generally satisfactory, giving appropriate weight to
Applicant's expressed intention to strengthen the
capital of each of the banks. The management of
each proposed subsidiary is considered to be experienced and capable, and the prospects of the banks
appear favorable.
The Board concludes that considerations relating to the banking factors are consistent with approval of the application.
Convenience and needs of the communities involved. The banking needs of the communities
involved appear to be adequately met by existing
banking facilities. However, the proposal would
permit more effective competition with the large
banking institutions in Palm Beach County. The
banks would have increased lending capability as a
result of greater facility for arranging participations
among them; hiring of specialized personnel would
be more feasible for Applicant than for the constituent banks; the banks would have access to a
computer center to be installed at First Bank; and
the holding company organization would allow
economies of operation through combination of
functions such as advertising, public relations, auditing, investment and promotion programs, and trust
services.
The Board concludes that considerations under
LAW DEPARTMENT
529
this factor lend some support for approval of the
application.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would be in the public interest and that
the application should be approved.
ATLANTIC BANCORPORATION
JACKSONVILLE, FLORIDA
In the matter of the application of Atlantic Bancorporation, Jacksonville, Florida, for approval of
acquisition of 60 per cent or more of the voting
shares of The Atlantic Bank of Orlando, Orlando,
Florida, a proposed new bank.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING
COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a) (3) and
section 222.3(a) of Federal Reserve Regulation Y
(12 CFR 222.3(a)), the application of Atlantic
Bancorporation, Jacksonville, Florida ("Applicant"), a registered bank holding company, for the
Board's prior approval of the acquisition of 60 per
cent or more of the voting shares of The Atlantic
Bank of Orlando, Orlando, Florida, a proposed new
bank.
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 Florida and requested his views and recommendation.
The Commissioner recommended approval of the
application.
Notice of receipt of the application was published
in the Federal Register on April 11, 1970 (35 Federal Register 6025), providing an opportunity for
interested persons to submit comments and views
with respect to the proposal. A copy of the application was forwarded to the United States Department of Justice for its consideration. Time for
filing comments and views has expired and all those
received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and needs
of the communities to be served. Upon such consideration, the Board finds that:
Applicant is the fourth largest banking organization in Florida, controlling 14 banks which hold
$550 million in deposits, equalling 4.7 per cent of
total bank deposits in the State of Florida. (All
banking data are as of June 30, 1969, adjusted to
reflect holding company formations and acquisitions
approved by the Board to date.) Consummation of
the proposal would not increase concentration in any
market, as Bank is a proposed new bank.
Bank would be located in downtown Orlando, the
principal city in Orange County. Applicant's only
present subsidiary in Orange County is a bank with
$10 million in deposits, located in Winter Haven
7.1 miles north of Orlando. None of Applicant's
subsidiaries competes to any significant extent in
the Orlando area. The largest banking organization
in Orange County is a bank holding company centered in Orlando, the subsidiaries of which hold 42
per cent of deposits in the County. Applicant's entry
into Orlando would likely stimulate additional competition and promote deconcentration in the area.
Consummation of the proposed acquisition would
neither eliminate existing competition, foreclose potential competition, nor have adverse effects on the
viability or competitive effectiveness of any competing Bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition in
any relevant area, and would have a procompetitive
effect in Orlando and Orange Counties. The banking
factors, as applied to the facts of record, are consistent with approval of the application, and the
convenience to the Orlando community of an additional full service bank is a consideration which
lends additional weight in support of approval. It is
the Board's judgment that the proposed transaction
would be in the public interest, and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order; and that The Atlantic Bank
of Orlando shall be opened for business not later
than six months after the date of this Order. The
latter time periods may be extended for good cause
by the Board, or by the Federal Reserve Bank of
Atlanta pursuant to delegated authority.
By order of the Board of Governors, May 21,
1970.
530
FEDERAL RESERVE BULLETIN • JUNE 1970
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and
Sherrill.
(Signed) K E N N E T H A. K E N YON,
Deputy Secretary.
[SEAL]
CENTRAL BANKING SYSTEM, I N C ,
OAKLAND, CALIFORNIA
In the matter of the application of Central Banking System, Inc., Oakland, California, for approval
of acquisition of at least 51 per cent of the voting
shares of Bank of Fairfield, Fairfield, California, a
proposed new bank.
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 CRF 222.3(a)), the application of Central
Banking System, Inc., Oakland, California ("Applicant"), a registered bank holding company, for the
Board's prior approval of the acquisition of at least
51 per cent of the voting shares of Bank of Fairfield,
Fairfield, California ("Bank"), a proposed new
bank.
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 California 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 December 6, 1969 (34
Federal Register 19393), providing an opportunity
for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and needs
of the communities to be served. Upon such consideration, the Board finds that:
Applicant controls five banks with deposits of
$262 million—less than 1 per cent of total bank
deposits in the State of California. (All banking
data are as of June 30, 1969, adjusted to reflect
holding company formations and acquisitions approved by the Board to date.) Applicant's initial
entry into Solano County by acquisition of a new
bank would have no significant effect on concentration of banking resources.
Applicant's closest subsidiary is located 30 miles
from Fairfield, county seat of Solano County. Bank's
competitors would be four branches of the three
large State-wide banks, and one unit bank with deposits of $10 million. Applicant's proposal could
stimulate additional competition, and would neither
eliminate existing competition, foreclose potential
competition, nor have adverse effects on the viability
or competitive effectiveness of any competing bank.
Based on the foregoing, the Board concludes that
increased competition would likely result from consummation of the proposed acquisition. In the past,
the Board has expressed concern over the managerial policy and capital position of Applicant's
largest subsidiary bank. While the basis for that
concern has not been entirely eliminated, there have
been improvements which, in the Board's judgment,
are sufficient to support approval of Applicant's
acquisition of a newly organized bank. Therefore,
the banking factors, as applied to the facts of record,
are generally consistent with approval of the application. Considerations relating to the convenience
and needs of the communities to be served lend
additional weight in support of the approval. It is
the Board's judgment that the proposed transaction
would be in the public interest, and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after the
date of this Order; and that the Bank of Fairfield
be opened for business not later than six months
after the date of this Order. The latter time periods
may be extended for good cause by the Board, or
by the Federal Reserve Bank of San Francisco pursuant to delegated authority.
By order of the Board of Governors, May 22,
1970.
Voting for this action: Unanimously with all present.
(Signed)
[SEAL]
A. K E N YON,
Deputy Secretary.
KENNETH
LAW DEPARTMENT
THE MARINE CORPORATION,
MILWAUKEE, WISCONSIN
In the matter of the application of The Marine
Corporation, Milwaukee, Wisconsin, for approval
of acquisition of 80 per cent or more of the voting
shares of Bank of Kewaskum, Kewaskum, Wisconsin.
ORDER DENYING APPLICATION FOR ACQUISITION
OF BANK STOCK BY BANK HOLDING COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of The
Marine Corporation, Milwaukee, Wisconsin, for
the Board's prior approval of the acquisition of 80
per cent or more of the voting shares of Bank of
Kewaskum, Kewaskum, Wisconsin.
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.
Notice of receipt of the application was published in the Federal Register on March 26, 1970
(35 Federal Register 5137), 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 denied.
By order of the Board of Governors, May 22,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and
Sherrill.
(Signed) KENNETH A. KENYON,
Deputy Secretary.
[SEAL]
STATEMENT
The Marine Corporation, Milwaukee, Wisconsin
("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)),
531
for prior approval" of the acquisition of 80 per cent
or more of the voting shares of Bank of Kewaskum, Kewaskum, Wisconsin ("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 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
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 Wisconsin,
each of which is a registered or approved bank
holding company, control close to 39 per cent of
the total deposits in the State. Applicant, the second largest banking organization in Wisconsin on
the basis of deposits, controls 14 banks with aggregate total deposits of $549 million.1 Bank has
total deposits of $10.6 million. Acquisition of
Bank would raise Applicant's control from 6.6 to
6.7 per cent of total bank deposits in the State.
Such increase in banking concentration at the
State level is not regarded by itself as significant.
Bank's single office is the only bank in the incorporated village of Kewaskum, which is in Washington County, Wisconsin, approximately 43 miles
northwest of downtown Milwaukee. Applicant has
two subsidiary banks in Washington County,
namely, The Germantown Marine Bank located 24
1
Unless otherwise noted, all banking data are as of June
30, 1969, refer to insured commercial banks, and reflect
holding company acquisitions for which Board approvals
have been issued to date.
532
miles southeast of Kewaskum, and the West Bend
Marine Bank located IV2 miles to the south and
slightly east of Bank. These two subsidiary banks
have aggregate total deposits of close to $16 million and hold 18 per cent of deposits in the
county. Bank holds 12 per cent of such deposits.
No other holding company is represented in the
county.
Bank's service area is stated by Applicant to
consist of the village of Kewaskum and the surrounding area, extending approximately 4.0 miles
north of Bank's office, 6.5 miles east, 3.5 miles
south and 6.5 miles west, with a total estimated
population of approximately 6,000. The southern
boundary of Bank's service area is described by Applicant as approximately one mile from the northern boundary of the service area of West Bend
Marine Bank. However, after consideration of all
the facts in the record, the Board concludes that, for
purposes of the subject application, the relevant
market includes the city of West Bend and the surrounding communities including the Kewaskum
area, the upper two-thirds of Washington County,
and the lower portion of Fond du Lac County, including the town of Campbellsport.
West Bend, with a population of about 13,000,
is the seat of Washington County and is the
county's commercial and industrial center. West
Bend attracts workers from nearby towns, including Kewaskum. Also, there appears to be a flow of
employees from West Bend to Kewaskum. In its
application to the Board to acquire West Bend
Marine Bank, Applicant described Kewaskum
Bank as a competitor of West Bend Marine Bank.
In explaining its current position that these banks
are not in competition with each other, Applicant
states that neither bank solicits business from the
other's trade area. Even if these two banks have
not sought, or acquired, a significant amount of
business or customers from each other's service
area, there appears to be no reason why they could
not do so. The record shows that there are no
banks in the relatively short distance intervening
between Bank and Applicant's subsidiary in West
Bend. This fact, the proximity of the banks, and
the commuting patterns in the area tend to support
Applicant's earlier conclusion that the banks are
competitors. In addition, it is noted that Applicant
considers the First National Bank of West Bend,
which is located one block north of Applicant's
West Bend subsidiary, to "be directly and most
significantly competitive with Bank". Also, Applicant states that credit unions in West Bend
FEDERAL RESERVE BULLETIN • JUNE 1970
compete with Bank for savings dollars, and finance
companies in West Bend compete with Bank for
installment loans; and that savings and loan associations compete with Bank for savings deposits
and mortgage loans from the communities of West
Bend, Fond du Lac and Milwaukee. Thus the
facts before the Board indicate that the Kewaskum and West Bend communities are economically
linked; and Applicant's West Bend subsidiary and
Bank compete in the same market.
The First National Bank of West Bend (deposits $26.6 million) is the largest of eight banks
in the market with 39.7 per cent of deposits there.
Applicant's subsidiary, the West Bend Marine
Bank, controls over 16 per cent of such deposits
and ranks second. Bank is the third largest and controls almost 16 per cent of the deposits in the area.
Of the other five banks in the market, the largest
has $6.2 million of deposits. On this basis, consummation of the proposed acquisition would give
Applicant control of the second and third largest
banks in the market and approximately one-third
of the area's total deposits.
According to the Application, several parties
have shown an interest in acquiring the shares of
the present owners of the Bank under arrangements that apparently would not have anticompetitive implications and might present procompetitive considerations.
On the facts in the record, it appears that consummation of the proposal herein would cause a
significant increase in concentration of banking
resources in the relevant market area; would
eliminate competition between banks in the same
market; would be to the competitive disadvantage
of the smaller banks in the market; and would
foreclose the possibility of alternative proposals
for acquisition of Bank that would be less anticompetitive than the current proposal, and that
might lead to the entry of an organization not now
represented in the area and to an increase of competition.
The Board concludes that consummation of
Applicant's proposal would have a significantly
anticompetitive effect in the relevant local area;
and the proposed acquisition would not be in the
public interest, unless such adverse effects are
clearly outweighed by considerations related to the
convenience and needs of the community to be
served or the banking factors.
Financial and managerial resources and future
prospects. The financial condition, management,
and prospects of Applicant are considered to be
533
LAW DEPARTMENT
satisfactory. The condition and management of
the subsidiaries are also regarded as generally satisfactory, particularly in the light of Applicant's
plans, and ability, to strengthen the capital of a
number of the subsidiaries. Prospects of the group
appear favorable.
The financial condition and management of
Bank are satisfactory. Its prospects appear favorable whether or not it is acquired by Applicant.
Considerations relating to the banking factors
are consistent with, but lend no significant weight
in favor of, approval.
Convenience and needs of the community involved. Applicant proposes a number of improvements for Bank, including the accommodation of
larger loans, the expansion of loan and trust department services, the offering of foreign trade advice and services and various computer related
services, and the introduction of special passbook
accounts. Applicant also proposes a program for
personnel training and bank protection. Consummation of the subject proposal may result in increasing the amount and quality of banking services offered by Bank and may afford added convenience to some of its customers. However, it appears that all major banking requirements of the
area currently are being adequately served and,
therefore, such benefits as may result from the
proposed acquisition fall short of constituting a
compelling consideration favoring approval of the
application. The Board finds that the anticompetitive effects inherent in the proposal are not
outweighed by the probable effects of the acquisition in meeting the convenience and needs of the
community to be served.
Summary and conclusion. On the basis of all
relevant facts 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 have a significantly adverse effect on competition, without offsetting benefits under the convenience and needs factors or the banking factors.
Accordingly, the Board concludes that consummation of the proposal would not be in the public
interest and that the application should be denied.
FIRST VIRGINIA BANKSHARES
CORPORATION, ARLINGTON,
VIRGINIA
In the matter of the application of First Virginia Bankshares Corporation, Arlington, Virginia,
for approval of acquisition of 90 per cent or more
of the voting shares of First Atlantic Bank, Hampton, Virginia, a proposed new bank.
ORDER A P P R O V I N G ACQUISITION OF BANK STOCK
BY BANK H O L D I N G
COMPANY
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
First Virginia Bankshares Corporation, Arlington,
Virginia ("Applicant"), a registered bank holding
company, for the Board's prior approval of the
acquisition of 90 per cent or more of the voting
shares of First Atlantic Bank, Hampton, Virginia,
a proposed new bank.
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 Virginia and requested his views and recommendation. The Commissioner recommended
approval of the application.
Notice of receipt of the application was published in the Federal Register on April 9, 1970 (35
Federal Register 5843), providing an opportunity
for interested persons to submit comments and
views with respect to the proposal. A copy of the
application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition on competition, the financial and managerial
resources and future prospects of the Applicant
and the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant is the sixth largest banking organization, and the fourth largest bank holding company,
in Virginia, controlling 12 subsidiary banks which
hold 6.4 per cent of total bank deposits in the
State. (All banking data are as of June 30, 1969,
adjusted to reflect holding company formations
and acquisitions approved by the Board to date.)
Since Bank is a proposed new bank, consummation of the proposal would not increase concentration in any market.
While two of Applicant's subsidiaries operate
offices 14 and 17 miles distant, respectively, from
Bank's proposed site, these offices are not readily
accessible to the Newport News-Hampton area
534
FEDERAL RESERVE BULLETIN • JUNE 1970
where Bank will be located, and Virginia law prohibits the subsidiaries of Applicant referred to, on
the one hand, and Bank, on the other, from
branching into the others' service areas.
Applicant's entry should stimulate additional
competition and lead to some deconcentration in
the area. Consummation of the proposed acquisition would neither eliminate existing competition,
foreclose potential competition, nor have adverse
effects on the viability or competitive effectiveness
of any competing bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition
in any relevant area, and would have a procompetitive effect in the Newport News-Hampton area.
The banking factors, as applied to the facts of
record, and considerations relating to the convenience and needs of the communities to be
served are consistent with approval of the application. It is the Board's judgment that the proposed
transaction would be in the public interest, and
that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that
the action so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than
three months after the date of this Order; and that
First Atlantic Bank shall be opened for business
not later than six months after the date of this
Order. The latter time periods may be extended for
good cause by the Board, or by the Federal Reserve Bank of Richmond pursuant to delegated
authority.
By order of the Board of Governors, May 28,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, and Brimmer. Absent
and not voting: Governors Daane and Sherrill.
(Signed)
KENNETH .A. KENYON,
Deputy Secretary.
[SEAL]
NEW HAMPSHIRE BANKSHARES, INC.,
NASHUA, NEW HAMPSHIRE
In the matter of the application of New Hampshire Bankshares, Inc., Nashua, New Hampshire,
for approval of acquisition of up to 100 per cent
of the voting shares of The Keene National Bank,
Keene, New Hampshire.
ORDER APPROVING APPLICATION U N D E R
BANK HOLDING COMPANY
ACT
There has come before the Board of Governors,
pursuant to section 3 ( a ) ( 3 ) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), the application of
New Hampshire Bankshares, Inc., Nashua, New
Hampshire, for the Board's prior approval of the
acquisition of up to 100 per cent of the voting
shares of The Keene National Bank, Keene, New
Hampshire.
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 March 31, 1970
(35 Federal Register 5375), 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.
I T IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that no shares may be acquired pursuant to this
approval unless Applicant acquires more than 50
per cent of the outstanding voting shares of The
Keene National Bank, and provided further 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 Boston pursuant to delegated authority.
By order of the Board of Governors, May 28,
1970.
Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, and Brimmer. Voting
against this action: Vice Chairman Robertson. Absent
and not voting: Governor Sherrill.
(Signed)
A. K E N Y O N ,
Deputy Secretary.
KENNETH
[SEAL]
STATEMENT
New Hampshire Bankshares, Inc., Nashua, New
Hampshire ("Applicant"), a registered bank hold-
LAW DEPARTMENT
535
ing 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 of the voting shares of The
Keene National Bank, Keene, New Hampshire
("Bank").
Approval of the application as filed would permit Applicant to acquire any shares tendered pursuant to its offer to Bank's shareholders, without
regard to the question of whether it thereby obtains operating control of Bank. Applicant presently has options to acquire approximately 41 per
cent of Bank's shares. It appears to the Board that
the effects of Applicant's acquisition of a strong
minority position would likely be different from
those which would result if Applicant were to acquire at least a majority of Bank's shares. The
general discussion herein assumes acquisition by
Applicant of a majority of Bank's shares. The effects of acquisition of a lesser interest are discussed separately toward the conclusion of this
Statement.
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. 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
county, 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.
shire, has seven subsidiary banks. Its subsidiaries
hold $137 million in deposits, equal to 17 per cent
of commercial bank deposits in the State.1 Acquisition of Bank, which has $12 million in deposits,
would increase Applicant's share of State deposits
to 19 per cent. Mutual savings banks are very active in New Hampshire, accounting for a larger
amount of deposits than do commercial banks.
Applicant presently controls 7.3 per cent of the
deposits held by commercial and savings banks in
the State, and the proposed acquisition would increase that control to 8 per cent.
Bank is the smallest of three banks in Keene
and the third largest of four banks located in
Cheshire County. In addition, two mutual savings
banks located in Keene, and two others in the
county, exceed Bank in size. Bank's relative position has declined since 1960, when it was the
county's largest commercial bank. It does not appear that consummation of the present proposal
would have any undue effect on competing institutions.
The closest of Applicant's present subsidiaries is
located more than 30 miles from Keene and about
20 miles from Walpole, where Bank maintains a
demand deposit receiving agency. Neither Bank
nor any of Applicant's present subsidiaries derives
significant business from the areas served by the
other, and therefore no existing competition would
be eliminated by the proposal. Further, in view of
the distances involved, the size of the banks, the
presence of other banks in the intervening area,
and branching restrictions of New Hampshire law,
it does not appear that significant potential competition would be foreclosed.
The Board concludes that consummation of the
proposed transaction 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, 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 condition of Applicant
and its present subsidiaries is generally satisfactory, and its management is considered competent.
Applicant has indicated plans to retire within 18
months any debt which is incurred in connection
with the proposed acquisition. Prospects of the
group appear favorable.
Competitive effects of the proposed transaction.
Applicant, the largest banking organization and
the only bank holding company in New Hamp-
1
All banking data are as of June 30, 1969, adjusted to reflect holding company formations and acquisitions approved
by the Board to date.
536
Bank is in satisfactory financial condition, and
its management is judged to be satisfactory, though
conservative. Prospects of Bank are considered
favorable, and would likely be enhanced if Applicant were to acquire control.
The Board concludes that considerations under
the banking factors lend some weight to.ward approval of the proposed affiliation.
Convenience and needs of the communities involved. Consummation of the proposal would have
no effect on customers served by Applicant's
present subsidiaries.
There is no evidence that major banking needs
of the community are going unserved. However,
all banks in Keene have a relatively low lending
limit and Bank's affiliation with Applicant would
enable Bank to more readily meet larger loan
demands. Applicant proposes to liberalize Bank's
operating policies, and to thereby make Bank a
more effective competitor within the community.
Applicant further proposes to offer charge-free
checking accounts, expand trust services, and provide data processing services.
It is the Board's judgment that considerations
relating to the convenience and needs of the community served by Bank provide weight in favor of
approval of the application, assuming that Applicant acquires at least a majority interest in bank.
Acquisition of minority interest. The Board's
findings regarding the favorable weight attributable
to the banking factors, and to the effect of the
proposal on the convenience and needs of the communities involved, assume acquisition by Applicant
of a controlling interest in Bank. However, it is
possible that approval of the application without
qualification might result in Applicant's acquisition of only a minority interest, particularly in
view of opposition to the proposal by some officers, directors and shareholders of Bank. It is the
Board's view that the effects of such an acquisition
would not be in the interest of Bank or the public
which it serves. Dissension among management
would likely result, with consequent disruptions,
and Applicant could not readily effect the improvements which it proposes in the quality and
scope of Bank's services. Based on these considerations, the banking and "convenience and needs"
factors are regarded as weighing against approval
of Applicant's acquisition of less than a majority
of the shares of Bank.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in the
FEDERAL RESERVE BULLETIN • JUNE 1970
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, but only
on condition that Applicant acquires at least a
majority of the shares of Bank.
DISSENTING S T A T E M E N T OF
GOVERNOR
ROBERTSON
The Board's action approving the present application authorizes acquisition by Applicant of a
sound bank which is adequately serving the needs
of its community, against the express wishes of
many of the Bank's officers, directors, and shareholders. The condition which the Board attaches
to its approval represents somewhat of an improvement on Applicant's proposal, since it assures that the acquisition will not be accomplished
unless it is acceptable to at least a majority of
Bank's shareholders. Even if such condition is met,
however, it does not appear to me that the acquisition will serve any interest except that of Applicant. Internal conflicts are not any less likely to
occur if Applicant acquires a bare majority of
Bank's shares than would be the case if it were to
acquire a strong minority position. In either case,
shareholders will be split into two opposed camps,
which will make it difficult for Bank to continue
to function smoothly, thereby decreasing its effectiveness in serving the public.
Applicant's proposal is essentially a "raid", by
which it proposes to wrest control of Bank from
those who have heretofore exercised it. There is
nothing in the present or past operations of Bank
to suggest that a regulatory agency should encourage a change in its control. In such a case, I
believe it to be a mistake for the Board to provide
the "raider" with an administrative determination
that its takeover would be in the public interest,
which determination might be used to persuade
reluctant shareholders of Bank to accept Applicant's proposal.
The Board's action casts it, albeit perhaps reluctantly, in the role of an advocate for Applicant's
proposal. Except under the most unusual circumstances, I believe the Board should avoid such a
role by requiring that a proposal be at least generally acceptable to officers, directors, and shareholders of both of the parties directly involved.
For these reasons, I would deny the present application.
537
LAW DEPARTMENT
BARNETT BANKS OF FLORIDA, INC.
JACKSONVILLE, FLORIDA
In the matter of the application of Barnett Banks
of Florida, Inc., Jacksonville, Florida, for approval
of acquisition of 64.67 per cent of the voting shares
of City National Bank and Trust Company, Clearwater, Florida.
ORDER APPROVING ACQUISITION
BANK STOCK BY BANK HOLDING
OF
COMPANY
There has come before the Board of Governors,
pursuant to section 3(a)(3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), the application of Barnett
Banks of Florida, Inc., Jacksonville, Florida ("Applicant"), a registered bank holding company, for
the Board's prior approval of the acquisition, for
cash, of 64.67 per cent of the voting shares of City
National Bank and Trust Company, Clearwater,
Florida ("Bank"). Applicant has assured the Board
that, within a reasonable period of time, a cash or
stock exchange offer will be made to all holders of
Bank shares not included in the current proposal
and that such offer will be made on a basis that is
not less favorable than the price paid for the controlling shares.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and requested his views and recommendation. The Comptroller offered no objection to approval of the application.
Notice of receipt of the application was published in the Federal Register on April 11, 1970
(35 Federal Register 6025), 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.
Proceeding on the understanding that Applicant
will make an offer to Bank's minority stockholders
as proposed, the Board has considered the application in the light of the factors set forth in section
3(c) of the Act, including the effect of the proposed
acquisition on competition, the financial and managerial resources and future prospects of the Applicant and the banks concerned, and the convenience
and needs of the communities to be served. Upon
such consideration, the Board finds that:
Applicant has 20 subsidiary banks with aggregate deposits of $585 million, is the third largest
banking organization in Florida, and controls 5 per
cent of the deposits in the State. (All banking data
refer to insured commercial banks and are as of
June 30, 1969, adjusted to reflect holding company
acquisitions approved by the Board to date.) Bank,
with deposits of $33 million, ranks eleventh among
the 34 banks in Pinellas County; and ranks fourth
among 12 banks in the relevant banking market
which consists of the Clearwater area, including
the City of Clearwater, Clearwater Beach, portions
of Dunedin and Belleair, as well as portions of unincorporated areas north and south of Clearwater.
Bank controls less than 10 per cent of the deposits
in the area. Although Bank and Applicant's subsidiary in St. Petersburg are located in the same
county, the record shows that they compete in separate banking markets. The two banks are 19 miles
apart and are separated by the town of Largo, large
unincorporated areas, and a number of intervening
banks. All other subsidiaries of Applicant are located more than 70 miles from Clearwater. It appears that consummation of Applicant's proposal
would not eliminate existing competition, foreclose
any significant potential competition, nor have any
unduly adverse effects on other banks in the area
involved.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not adversely affect competition in any relevant area. On the record in this matter, the banking
factors as they pertain to Applicant, its subsidiaries,
and to Bank are regarded as consistent with approval of the application. Applicant proposes to improve the quality and quantity of banking services
performed by Bank, which should provide benefits
to the community served by Bank. It is the Board's
judgment that consummation of the proposed acquisition would be in the public interest, and that
the application should be approved.
I T IS HEREBY ORDERED, on the basis of the Board's
findings summarized above, that said application be
and hereby is approved, provided that the action so
approved shall not be consummated (a) before the
thirtieth calendar day following the date of this
Order or (b) later than three months after the date
of this Order, unless such period shall be extended
by the Board, or by the Federal Reserve Bank of
Atlanta pursuant to delegated authority.
By order of the Board of Governors, June 9,
1970.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Maisel, and Sherrill.
538
FEDERAL RESERVE BULLETIN • JUNE 1970
Absent and not voting: Chairman Burns and Governor
Brimmer.
(Signed) K E N N E T H A. KENYON,
Deputy Secretary.
[SEAL]
SECURITY NEW YORK STATE
CORPORATION
ROCHESTER, NEW YORK
In the matter of the application of Security New
York State Corporation, Rochester, New York, for
approval of acquisition of voting shares of the successor by merger to The National Bank of A uburn,
Auburn, New York.
ORDER APPROVING ACQUISITION OF BANK STOCK
BY BANK HOLDING
COMPANY
There has come before the Board of Governors,
pursuant to section 3(a)(3) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(3))
and section 222.3(a) of Federal Reserve Regulation
Y (12 CFR 222.3(a)), the application of Security
New York State Corporation, Rochester, New York
("Applicant"), a registered bank holding company,
for the Board's prior approval of the acquisition of
100 per cent (less directors' qualifying shares) of
the voting shares of a new national bank into which
would be merged The National Bank of Auburn,
Auburn, New York ("Auburn National"). The
new national bank has significance only as a means
of acquiring all of the shares of the bank to be
merged into it; the proposal is therefore treated
herein as a proposal to acquire shares of The National Bank of Auburn.
As required by section 3(b) of the Act, the
Board gave written notice of receipt of the application to the Comptroller of the Currency and requested his views and recommendation. The Comptroller recommended approval of the application.
The New York State Banking Board, in accordance with a recommendation of the New York
Superintendent of Banks, approved an application
with respect to the same proposal, filed with it
pursuant to New York law.
Notice of receipt of the application was published in the Federal Register on March 31, 1970
(35 Federal Register 5376), providing an opportunity for interested persons to submit comments
and views with respect to the proposal. A copy of
the application was forwarded to the United States
Department of Justice for its consideration. Time
for filing comments and views has expired and all
those received have been considered by the Board.
The Board has considered the application in the
light of the factors set forth in section 3(c) of the
Act, including the effect of the proposed acquisition
on competition, the financial and managerial resources and future prospects of the Applicant and
the banks concerned, and the convenience and
needs of the communities to be served. Upon such
consideration, the Board finds that:
Applicant is the nineteenth largest banking organization and the sixth largest bank holding company in New York, controlling four banks which
hold $350 million in deposits, equalling less than
.5 per cent of total bank deposits in the State. (All
banking data are as of December 31, 1969, adjusted
to reflect holding company formations and acquisitions approved by the Board to date.) Acquisition
of Auburn National (deposits $30 million) would
not significantly affect State-wide concentration.
Applicant is a regional upstate holding company,
presently operating in New York's Sixth, Eighth,
and Ninth Banking Districts. Since Auburn National is located in the Sixth District, this proposal
would not extend Applicant's operations beyond
their present geographic limits.
Auburn National is the only bank headquartered
in Auburn, Cayuga County. The County is also
served by branches of three large Syracuse-headquartered banks, and by two local banks with deposits of $4 million and $13 million, respectively.
Applicant's proposal would eliminate home-office
protection for Auburn, thereby creating a potential
for increased competition through branching by
competing banks.
The closest subsidiary bank of Applicant, The
State Bank of Seneca Falls, $14.6 million in deposits, is located 15 miles west of Auburn. The
presence of physical barriers in the area intervening
the two banks, and the orientation of each bank
toward a metropolitan market centered in a different city, has prevented the existence of any meaningful competition between them. Therefore, consummation of the proposed acquisition would
neither eliminate existing competition, foreclose potential competition, nor have any adverse effects on
the viability or competitive effectiveness of any
competing bank.
Based upon the foregoing, the Board concludes
that consummation of the proposed acquisition
would not have an adverse effect on competition
in any relevant area. Giving appropriate weight to
Applicant's expressed intention of increasing the
capital of its lead bank and of Auburn National,
the banking factors, as applied to the facts of
record, are consistent with approval of the application. The convenience and needs of the Auburn
539
LAW DEPARTMENT
community would be enhanced by Applicant's proposal to expand Auburn National's services. It is
the Board's judgment that the proposed transaction
would be in the public interest, and that the application should be approved.
I T IS HEREBY ORDERED, for the reasons set forth
in the findings summarized above, that said application be and hereby is approved, provided that the
action so approved shall not be consummated (a)
before the thirtieth calendar day following the date
of this Order or (b) later than three months after
the date of this Order, unless such time be extended
for good cause by the Board, or by the Federal
Reserve Bank of New York pursuant to delegated
authority.
By order of the Board of Governors, June 9,
1970.
Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer,
and Sherrill.
(Signed) K E N N E T H A. K E N Y O N ,
Deputy Secretary.
[SEAL]
THE FIRST NATIONAL BANCORPORATION,
INC.
DENVER, COLORADO
tunity for interested persons to submit comments
and views with respect to the proposed transaction.
A copy of the application was forwarded to the
United States Department of Justice for its consideration. Time for filing comments and views has
expired and all those received have been considered
by the Board.
I T IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the application so approved shall not be consummated (a) before the thirtieth calendar day
following the date of this Order or (b) later than
three months after the date of this Order, unless
such period is extended for good cause by the
Board, or by the Federal Reserve Bank of Kansas
City pursuant to delegated authority.
By order of the Board of Governors, June 9,
1970.
Voting for this action: Chairman Burns and Governors Mitchell, Daane, and Sherrill. Voting against
this action: Governors Robertson, Maisel, and Brimmer.
(Signed) K E N N E T H A. K E N Y O N ,
Deputy Secretary.
[SEAL]
STATEMENT
In the matter of the application of The First National Bancorporation, Inc., Denver, Colorado, for
approval of acquisition of 80 per cent or more of
the voting shares of The First National Bank of
Greeley, Greeley, Colorado.
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 The First
National Bancorporation, Inc., Denver, Colorado, a
registered bank holding company, for the Board's
prior approval of the acquisition of 80 per cent or
more of the voting shares of The First National
Bank of Greeley, Greeley, Colorado.
As required by section 3(b) of the Act, the
Board notified the Comptroller of the Currency of
the application 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 November 5, 1969
(34 Federal Register 17930), providing an oppor-
The First National Bancorporation, Inc., Denver,
Colorado ("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 80 per cent
or more of the voting shares of The First National
Bank of Greeley, Greeley, Colorado ("Bank").
Views and recommendation of supervisory authority. 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 thereon. 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 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
540
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, the largest banking organization in Colorado, has four subsidiary banks with total deposits of
$555 million.1 All of its subsidiaries are located in
the Denver Metropolitan area, and its largest subsidiary, First National Bank of Denver, accounts for
all but $22 million of the total deposits held by
banks in Applicant's organization. Acquisition of
Bank (deposits $39 million) would represent the
first expansion of Applicant since 1968, when it
became a bank holding company through the acquisition of First National Bank of Denver and three
affiliated banks. Consummation of the present proposal would increase Applicant's control of total
State deposits from 14.7 per cent to 15.7 per cent.
Bank is the second largest of six banks in Greeley, and of 15 banks in Weld County. The largest
bank in the city and county is a subsidiary of
Affiliated Bankshares of Colorado, Inc. ("Affiliated
Bankshares") and the third largest is a subsidiary
of Denver U.S. Bancorporation, Inc. ("Denver
U.S."). Both Affiliated Bankshares and Denver U.S.
are bank holding companies, and rank fourth and
second in size, respectively, among banking organizations in Colorado. Affiliated Bankshares also owns
three other banks in Weld County, including two
others in Greeley, and is the largest banking organization in both areas, controlling 37 per cent of deposits in Weld County and 41 per cent of deposits
held by banks in Greeley and its immediate environs. Bank and State Bank of Greeley (deposits $2
million) are the only independent banks in Greeley.
Bank holds 26 per cent of deposits in Weld County,
and 34 per cent of deposits in Greeley.
The nearest office of any of Applicant's present
subsidiary banks is located about 50 miles from
Greeley. Bank does not attract a significant amount
of business from the Denver area. Of Applicant's
subsidiary banks, only its largest subsidiary draws
any meaningful amount of business from Greeley
or Weld County, and such business, which traces
1
All banking data are as of June 30, 1969, adjusted to
reflect holding company formations and acquisitions approved by the Board to date.
FEDERAL RESERVE BULLETIN • JUNE 1970
in the main to a few large customers with credit
needs which could not be met by Greeley banks,
does not appear indicative of substantial competition with Bank. A mortgage company, the business
of which was acquired by Applicant's lead bank in
1968, had an office in Greeley which is now operated as a loan production office of the bank. However, the activity of the office is limited by law to
the solicitation of mortgage loan applications; loans
made by the office are serviced by the Denver office
of First National Bank of Denver. Two similar
offices acquired at the same time as the Greeley
office have been closed, and Applicant is reportedly
evaluating the advisability of closing the Greeley
office. According to data furnished by Applicant,
the volume of business generated by this office has,
since its acquisition, fallen substantially short of
producing fees sufficient to cover direct costs.
In connection with Applicant's proposal, the
Board has considered a comment from the Department of Justice, which concluded that:
[The acquisition] will eliminate substantial potential
competition, and further entrench the present highlyconcentrated banking structure in Greeley and Weld
County. Moreover, it may trigger further acquisitions
of leading local banks throughout Colorado by the
large statewide holding companies, thereby reducing
the possibility that additional holding companies will be
created to offer competitive alternatives to the large
holding companies. In view of the potential anticompetitive effects of this acquisition, we conclude that the
granting of this application would have a significantly
adverse effect on competition.
It appears that the financial and managerial resources of Applicant are sufficient to enable it to
enter into meaningful competition in Greeley
through establishment and acquisition of a de novo
bank, and it may in that sense be regarded as a
potential competitor. The fact that such potential
exists, however, does not of itself lead to the conclusion that entry through the proposed acquisition
would substantially lessen competition. In the absence of evidence indicating a probability (rather
than a mere possibility) of de novo entry or entry
through a smaller acquisition, it is the Board's judgment that the means chosen by Applicant to expand
into a new market should be prohibited only when
there are other circumstances which dictate such a
prohibition.
In the present case, it is the Board's judgment
that concentration in Greeley is not so high that
any organization with ability to enter de novo
should be required to do so, rather than acquiring
an existing competitor. This conclusion is consistent
with the view taken by the Board in 1965, when it
permitted Denver U.S. to acquire a bank in Greeley,
LAW DEPARTMENT
despite the fact that it had an ability to enter the
area de novo comparable with that of Applicant.
(Application of Denver U.S. Bancorporation, Inc.,
1965 Federal Reserve B U L L E T I N 811). More recently, the Board permitted Affiliated Bankshares to
acquire four established banks in the Greeley-Weld
County area, and did not find concentration a significant bar to that proposal despite the fact that
the four banks controlled a much larger share of
the market than does Greeley Bank. (1969 Federal
Reserve B U L L E T I N 954).
There are other proposals of which the Board has
knowledge which would alter the Colorado banking
structure; however, only the present application is
properly before the Board at this time. That the
Colorado banking structure is being changed by the
organization and expansion of bank holding companies cannot be doubted. Similar changes in banking
structure are taking place in the New England States,
New Jersey, New York, Virginia, Florida, Missouri,
and elsewhere. But there is no presumption that the
status quo in any State represents a competitive ideal;
in each case, the Board must base its determination
on the effect of the particular proposal before it.
Congress has not yet given the Board authority to
shape the banking structure of any State or area by
initiating changes, or by committing itself to a course
of action with respect to applications which satisfy
some predetermined guidelines or some level of concentration ratios. In this case, the Board is not passing on possible acquisitions in Pueblo, Colorado
Springs, or Denver. This case stands on its own
merits, and Board action here is without prejudice
one way or another to subsequent applications, except as the size and competitive influence of Applicant may be changed thereby.
The present proposal represents Applicant's first
expansion outside the Denver area. It will not dominate banking in Greeley or any other area as a result
of the acquisition. Although one of the competitors
in Greeley is also a leading competitor in Denver,
the largest banking organization in Greeley, in terms
of local operations, is a regional holding company
with which Applicant does not presently compete in
any area. Consummation of this proposal, therefore,
would not create a structure in Greeley mirroring
that in Denver or any other market. Sufficient diversity would be maintained to prevent the development
of an anticompetitive community of interest, and
Bank would be strengthened in its ability to provide
meaningful competition. In view of these considerations, the Board concludes that approval of the
present application would not substantially lessen
541
competition in Greeley, and would not hinder the
Board in dealing appropriately with any anticompetitive acquisitions in other areas of the State.
The Board concludes that consummation of Applicant's 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 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 condition of Applicant and
its subsidiary banks is generally satisfactory, their
management is capable, and prospects of the group
appear favorable.
Bank's financial condition is satisfactory, as is its
present management. There is a need for development of successor management, however, and Applicant could assist Bank in meeting this need. Bank's
prospects, which appear favorable in any event,
would be enhanced by affiliation with Applicant.
These considerations are consistent with, and lend
some support toward, approval of the application.
Convenience and needs of the communities involved. Consummation of the present proposal would
not significantly affect customers served by Applicant's subsidiaries in the Denver area.
Weld County is one of the 10 leading counties
in the country in agricultural production. In addition, industrial activity has begun to take place in the
eastern portion of the county, in which area Greeley
is located. The increasing credit demands created in
the area as a result of these forces have strained the
capacity of local banks to meet such needs, and the
need for larger credit lines than could be supplied in
the past by local banks has forced some borrowers
to turn to non-local sources of credit. These facts
are illustrated in the present record by Bank's 70 per
cent loan-to-deposit ratio, and by the fact that Applicant's largest subsidiary in Denver has been serving some of the large agricultural borrowers in
Greeley.
A large portion of the credit resources of Bank
are devoted to serving agricultural customers. Applicant proposes, through a new subsidiary which
it would establish, to assist in providing credit to
agricultural communities served by its subsidiaries.
It also proposes to assist Bank in developing its
real estate department, and to arrange for placement by Bank of mortgage loans which it originates
with institutional investors with whom Applicant's
lead bank now has similar arrangements. Through
these means, present demands on Bank's resources
FEDERAL RESERVE BULLETIN • JUNE 1970
542
would be relieved, permitting Bank to supply additional credit to meet other needs of the area. Improvements are also proposed in the trust services
offered by Bank.
These considerations support approval of the
application.
Summary and conclusion. On the basis of all
relevant facts contained in the record, and in light
of the factors set forth in section 3(c) of the Act,
it is the Board's judgment that the proposed transaction would be in the public interest and that the
application should be approved.
Is Weld underbanked, as contended by the
minority? The Table shows that Weld is more fully
banked relative to population than either of the
other counties; 5,100 persons per banking office
compared to 6,700 and 8,200 for Larimer and
Boulder, respectively. There is nothing in these
figures to indicate an underbanked situation; in
fact, based on going experience under similar conditions of population density and branching limitations, the number of offices in Weld is entirely adequate. In approving the formation. of Affiliated
Bankshares in 1969 the Board did not note an underbanked condition in Weld.
C O N C U R R I N G S T A T E M E N T OF G O V E R N O R M I T C H E L L
Another factor bearing on this issue and the competitive banking situation in Weld is the role of
savings and loan associations. These intermediaries
are often important competitors to banks in deposit markets. They turn out to be less important
competitors, as the Table shows, in Weld than in
either Boulder or Larimer. Thus, per capita total
bank deposits are higher in Weld ($1,675) than in
Larimer ($1,490) or Boulder ($1,382) and most
of the difference arises from larger savings and
time accounts in Weld. If, however, the total of
savings and loan share accounts are taken into account, the position of Weld is reversed and it ranks
lower than either Larimer or Boulder. Obviously,
banks in Weld have been more successful in meeting savings and loan competition than banks in the
other counties. This is also evident from the fact
that the number of time and savings accounts per
capita is significantly higher in Weld (.44 compared
to .38 and .36). These facts do not, however, undermine the initial judgment, because the population relationship to the combined number of banking and savings and loan offices also indicates Weld
to be more adequately provided with offices than
either of the other counties.
The other item of information bearing on adequacy of banking offices is the penetration of demand deposit markets as measured by number of
checking accounts per capita. There are fewer in
Weld (.39) than in Boulder (.48) or Larimer (.47).
These relative numbers appear to reflect differences
among the three counties in economic environment
and in the promotion by their banks of small checking accounts.
My purpose in presenting a Concurring Statement
is to provide some additional background data on
the character of banking markets in Weld County
pertinent to the issues of underbanking and concentration. The Table attached compares selected markets for financial institutions in Weld County and
two counties adjacent to it, Larimer and Boulder.
I have also considered each of the three counties as
a market and compared the shares of deposit liabilities and assets held by each of the three major banking organizations in the county with the shares held
by all other banks in the county as a group. This
comparison has been made for several local bank
asset and liability categories.
TABLE
FINANCIAL INSTITUTION MARKETS IN WELD, LARIMER
& BOULDER COUNTIES
Population (thousands)
Banks (number—excl. industrial)
Population per banking office..
Savings & loan offices
Population per banking and savings & loan office
Total bank deposits per capita.
Total bank deposits & savings &
loan shares per capita
IPC Demand Deposits
Number of accounts (thous ands)
Number of accounts per capita.
Demand as a per cent of total
deposits
Per cent in accounts over
$15,000
Average size of accounts under
$1,000
Total amount per capita
Time & Savings Accounts
Savings—number of accts.
(thousands)
Time—number of accts.
(thousands)
Savings—number of accts.
per capita
Time—number of accts.
per capita
Savings & Time—amount
per capita
Average size of savings accts.
under $1,000
Savings & loan accounts pier
capita
Bank time & savings and savings
& loan shares per capita
Weld
81.4
16
5,100
3
Larimer
80.3
12
6,700
4
Boulder
114.7
14
8,200
9
4,300
$1,675
5,000
$1,490
5,000
$1,382
$2,021
$2,235
$2,172
31.3
.39
37.9
.47
55.0
.48
31
33
36
40
33
31
208
494
$ 249
$ 501
$ 273
$ 520
$
$
29.4
23.0
39.5
6.7
5.3
4.1
.36
.29
.34
.08
.07
.04
822
$
658
$ 592
$ 272
$
208
$ 249
346
$
745
$ 790
$1,403
$1,382
$
$
$1,168
Overall, the data suggest that banking conditions
and structures in three counties are roughly comparable and that an additional office of a major
bank by de novo entry is not needed in Weld. Similar data for areas of comparable population suggest
that a fourth unit or holding company banking
LAW DEPARTMENT
office in Greeley would likely dilute the quality of
banking services by restricting opportunities for
achieving economies of scale because of market
fragmentation.
Further analysis shows that the largest banking
organization in each county has about 40 per cent
of the county market, using the crude measure of
total deposits. The largest organizations are Affiliated Bankshares in Weld (37%) and Boulder
(40%) and Western Bancorporation in Larimer
(37%). These shares are substantially inflated by
disproportionate shares of deposits of local governments in the largest banks in Boulder and Larimer,
and to a lesser extent by the relative concentration
of larger time and demand deposit accounts in such
banks in all three counties.
The total share of the market held by organizations other than the three largest in each county,
again crudely, but in this instance more satisfactorily, measured by total deposits, is 21% in Weld,
10 banks; 22% in Larimer, 8 banks; and 32% in
Boulder, 7 banks.
Analysis of the shares of various categories of
assets and liabilities shows that certain institutions
have specialized in particular areas of service; others
have tried to maintain a balanced position in all of
such areas. Applicant's proposed Greeley affiliate
is of the latter type, so far as its liability structure
is concerned, although it has had somewhat greater
success in attracting savings deposits over $10,000.
On the asset side, its real estate loans are about
average and the share of loans to individuals somewhat below average. On the other hand, it has much
larger shares of State and local securities and commercial and industrial loans.
Market specialization, which at least theoretically could lead to dominant positions, is found in
the holdings of State and local government deposits
as well as the State and local security issues held
by Western Bancorporation in Larimer and by
Affiliated Bankshares in Boulder and, to a lesser
degree, in Weld. However, there is little evidence
that such specialization as exists has led to a dominant position by any bank in any of the private
local deposit or asset markets. In fact, the data are
pretty much to the contrary in indicating not only
an absence of domination in particular markets,
but in revealing efforts on the part of each of these
banks or groups of banks to be competitive in most
markets.
DISSENTING S T A T E M E N T OF GOVERNORS
ROBERTSON, MAISEL, AND B R I M M E R
Applicant, whose lead bank serves large depositors
and mortgage borrowers in Greeley, proposes to
543
acquire the largest independent bank in that city.
Consummation of the proposal would substantially
lessen present and potential competition in the Greeley area. Not only are there no considerations which
outweigh these anticompetitive effects, but other
facts of record indicate that such effects will be
accentuated by the pronounced trend toward concentration now occurring in Colorado, and that
Greeley residents may be inconvenienced by the
closing of the mortgage loan production office now
serving the area. In our judgment, these facts, considered in the light of the statutory criteria, require
that the application be denied.
Deposits of Greeley banks increased by more than
$40 million, or about 55 per cent, in the five year
period between June 1964 and June 1969, and further increases of the same magnitude may reasonably be expected in the future. Loan demand in the
area has also been unusually strong. The area, long
a leader in agricultural production, is now developing industrially as well. These facts, clearly indicative
of banking opportunities, have not escaped Applicant's attention. Its lead bank now serves some of
the largest customers in the area, and serves mortgage borrowers through a recently acquired loan
production office in Greeley.
It is not unnatural, nor is it to be condemned, that
Applicant should desire to participate more fully in
the anticipated growth of the Greeley area. But instead of employing its considerable financial and
managerial resources to expand its present operations to provide full banking services in Greeley,
it proposes to buy out an effective competitor at a
large price. Under its proposal, Applicant will exchange shares with a market value of $11.7 million
for shares of Bank having a market value of about
$5.3 million. Applicant thus will pay approximately
17 cents in premium for each dollar of deposits held
by Bank.
If only a fraction of the expenses which Applicant will incur in connection with the proposed
acquisition were to be spent in developing a new
vehicle to expand its present operations in Greeley,
it is clear that substantial new competition would
be created in the area. But an unusually high premium such as that involved here is not incurred in
an effort to create or foster competition, but rather
to avoid it. As a result of the payment, Applicant
will achieve its desired place in the Greeley economy
without necessity of competing for it, and the Greeley public will be denied the benefits, in price and
service, which additional competition might engender.
544
Of itself, the effect of the elimination of present
and potential competition between Applicant and
Bank is sufficiently serious to preclude approval of
Applicant's proposal. The setting in which the acquisition will occur—a rapidly accelerating trend toward concentration in markets throughout Colorado
—underscores that anticompetitive effect.
There are six significant banking markets in the
State of Colorado, centered in the cities of Denver,
Colorado Springs, Boulder, Fort Collins, Greeley,
and Pueblo. At present, Applicant and Denver
U. S. Bancorporation, Inc. control the two largest
banks in Denver. Denver U. S. also controls the
third largest bank in Boulder, the third largest in
Greeley, the second largest in Fort Collins, and the
fourth largest in Pueblo. A regional holding company, Affiliated Bankshares of Colorado, Inc. controls the largest banks in Boulder, Greeley, and
Colorado Springs, and the third largest in the Fort
Collins area. Under proposals announced but not
yet considered by the Board, Applicant would
acquire the second largest bank in Colorado Springs
and the largest bank in Pueblo, and Denver U. S.
would acquire the third largest bank in Colorado
Springs. Thus, approval of the present application
and the other proposals mentioned, in the light of
the present structure of the markets involved, would
result in Applicant, Denver U. S., and Affiliated
Bankshares controlling among them the two largest
banks in Denver, the three largest in Colorado
Springs and Greeley, two of the three largest in
Boulder and in Fort Collins,1 and two of the four
largest in Pueblo. It is apparent that such a banking
structure would leave little room for competition
by other banking organizations, and it is clear to us
that to allow such a structure to develop would be
inconsistent with the Congressional mandate to control the expansion of bank holding companies so
as to prevent the concentration of banking resources in a few large organizations.
The Board's majority has determined to await
another day to interrupt this trend, if, indeed, it is
to be interrupted at all. We recognize, as the majority does, that each case must be decided on its
own merits. But precisely because we cannot now
determine the merits of any proposal which may
follow the present one, it is essential that the Board
not now approve any acquisition in furtherance of
that trend where approval is not clearly required by
considerations bearing upon the public convenience
^ h e largest bank in Fort Collins is a subsidiary of
Western Bancorporation, a California-based holding company.
FEDERAL RESERVE BULLETIN • JUNE 1970
and needs. It is possible that future cases may present a strong showing of such needs, so that, having
permitted the first links of the chain which leads to
oligopoly to be forged upon a minimal showing,
the chain might be completed by more difficult
cases. The only way to assure maintenance of a
competitive structure once an anticompetitive trend
is perceived is to require that every proposal which
is in furtherance of such a trend be subjected to the
closest scrutiny. The present proposal fails to withstand even a cursory inquiry.
In our view, the effect of consummation of Applicant's proposal will be to substantially lessen future competition in Greeley, in Weld County, and
perhaps in other Colorado areas which might otherwise have been served by a new organization in
which Bank could have significantly participated.
Even if the anticompetitive effects of the proposal
were to be regarded as less than substantial, we
would not agree that its consummation will be in
the public interest. The acquisition of a bank which
has been actively serving the needs of its community
does not forecast improvement in meeting area
needs. Moreover, of clearly negative impact on
community convenience and needs is the probable
closing of a mortgage loan production office2 which
has originated almost $19 million in mortgage loans
in Greeley which are now being serviced by Applicant's lead bank, including $1.7 million in new
loans made during the first 10 months of 1969.
On all the facts of record, we believe the application should be denied.
ORDER UNDER SECTION 4
OF THE BANK HOLDING COMPANY ACT
THE FIRST NATIONAL BANCORPORATION,
INC., DENVER, COLORADO
In the matter of the applications, pursuant to
section 4(c)(8) of the Bank Holding Company Act
of 1956, by The First National Bancorporation,
Inc., Denver, Colorado, for determinations as to
Diversified Insurance, Inc. and Guaranty Insurors,
Inc., proposed nonbank subsidiaries. Docket Nos.
BHC—100,
BHC—101.
2
The Board's majority Statement suggests that this office
might be closed at any rate, because of unprofitableness.
The record indicates that Applicant has not yet determined
the future of the office, except that it will likely be closed
if the proposed acquisition is consummated. Assuming that
the office cannot be profitably operated as a limited-service
facility, Applicant would appear to have some incentive for
expanding its activities under a new bank charter, if such
incentive were not destroyed by approval of the present
proposal.
LAW DEPARTMENT
ORDER DISPOSING OF R E Q U E S T FOR PERMISSION TO
A P P E A L F R O M R U L I N G ON M O T I O N TO INTERVENE
Pursuant to an Order of the Board, dated October 31, 1969, notice of which was published on
November 7, 1969 (34 Federal Register 18070), a
hearing was held in Denver, Colorado, on December
11, 1969, before a duly selected and designated
hearing examiner, on applications filed by The First
National Bancorporation, Inc., Denver, Colorado, a
registered bank holding company, for determinations
that the insurance agency activities planned to be
undertaken by its proposed subsidiaries, Diversified
Insurance, Inc. and Guaranty Insurors, Inc., are
of the kind described in section 4 ( c ) ( 8 ) of the
Bank Holding Company Act of 1956 (12 U.S.C.
§ 1843(c) (8) and section 222.4(a) of Federal Reserve Regulation Y (12 CFR § 222.4(a)), so as to
make it unnecessary for the prohibitions of section
4(a) of the Act (12 U.S.C. § 1843(a)), respecting
the ownership or control of voting shares in nonbanking companies, to apply in order to carry out
the purposes of the Act.
At the outset of the hearing, the National Association of Insurance Agents, Inc., the Colorado Insurors Association, Inc., and Mr. Jack Miller, doing
business as the Jack Miller Agency, ("Intervenors"),
appeared by counsel and filed a motion, pursuant
to section 263.10(a) of the Board's Rules of Practice for Formal Hearings (12 CFR § 263.10(a)),
requesting that the hearing examiner rule that they
were entitled as of right to be admitted as parties to
the proceeding. The merits of the motion were discussed with the hearing examiner and argued by
counsel for the Intervenors, by counsel for The
First National Bancorporation, Inc., and by Board
counsel. Thereafter, and under circumstances described in the Statement that accompanies this
Order, the Intervenors withdrew from the hearing
and, by counsel, filed with the Board, pursuant to
section 263.10(e) of the Rules of Practice for
Formal Hearings (12 CFR § 263.10(e)), a request for special permission to appeal from the
ruling of the hearing examiner which, it is averred,
denied their motion to be made parties to the proceeding.
For the reasons set forth in the Statement that
accompanies this Order,
I T IS HEREBY ORDERED, that the request for special
permission to appeal is granted, and that the hearing be reconvened, at a time and place to be determined by the hearing examiner, but as soon as
practicable, for the purpose of affording the Intervenors an opportunity to renew their motion to be
545
made parties, and for further proceedings not inconsistent with the Board's Statement.
By order of the Board of Governors, June 4,
1970.
Voting for this action: Vice Chairman Robertson
and Governors Mitchell, Daane, Maisel, and Sherrill.
Absent and not voting: Chairman Burns and Governor
Brimmer.
(Signed) K E N N E T H A. K E N Y O N ,
Deputy Secretary.
[SEAL]
STATEMENT
The First National Bancorporation, Inc., Denver,
Colorado ("Applicant"), a bank holding company
within the meaning of section 2(a) of the Bank
Holding Company Act of 1956 (12 U.S.C. § 1841
( a ) ) , filed requests for determinations by the
Board that the insurance agency activities planned
to be undertaken by its proposed subsidiaries,
Diversified Insurance, Inc. and Guaranty Insurors,
Inc., are of the kind described in section 4 ( c ) ( 8 )
of the Act (12 U.S.C. § 1843(c)(8)) and section
222.4(a) of the Board's Regulation Y (12 CFR
§ 222.4(a)), so as to make it unnecessary for the
prohibitions of section 4(a) of the Act (12 U.S.C.
§ 1843(a)), respecting the ownership or control
of voting shares in nonbanking companies, to apply
in order to carry out the purposes of the Act. On
October 31, 1969, the Board ordered that a hearing
be held on the aforesaid requests, notice of which
was published in the Federal Register on November
7, 1969 (34 Federal Register 18070).
Pursuant to the aforesaid order and notice, a
hearing was held in Denver, Colorado, on December 11,1969, before a duly selected and designated
hearing examiner. At the outset of the hearing, the
National Association of Insurance Agents, Inc.
("National Association"), the Colorado Insurors
Association, Inc. ("Colorado Association"), and
Mr. Jack Miller, doing business as the Jack Miller
Agency ("Miller Agency"), (sometimeshereinafter
referred to collectively as "Intervenors"), appeared
by counsel and filed a motion, pursuant to section
263.10(a) of the Board's' Rules of Practice for
Formal Hearings (12 CFR § 263.10(a)) ("Rules
of Practice"), requesting that the hearing examiner
rule that they were entitled as of right to be admitted as parties to the proceeding. The merits of
the motion were discussed with the hearing examiner and argued by counsel for the Intervenors, by
counsel for the Applicant, and by Board counsel.
Thereafter, and under circumstances described
hereinafter, the Intervenors withdrew from the hear-
A 546
ing and, by counsel, filed with the Board, pursuant
to section 263.10(e) of the Rules of Practice (12
CFR § 263.10(e)), a request for special permission
to appeal from the ruling of the hearing examiner
which, it is averred, denied their motion to be made
parties to the proceeding.
The Board's Rules of Practice do not favor interim appeals from rulings by hearing examiners.
However, interim review is appropriate where, as
here, the allegation is that the hearing examiner
erred in refusing to admit persons as parties, each
of whom claims he is ". . . entitled as of right to be
admitted as a party . . . " within the meaning of
section 263.2(c) the Rules of Practice (12 CFR
§ 263.2 (c)). Failure to resolve the issue at this
juncture could result in the necessity for a hearing
de novo. Accordingly, the Board concludes that the
request for special permission to appeal should be
granted. Further, for the reasons discussed hereinafter, the Board concludes that the Intervenors
should be granted leave to renew their motion before the hearing examiner.1
Right of intervention. Determinations under section 4 ( c ) ( 8 ) of the Act are required to be made
by the Board "after due notice and hearing, and
on the basis of the record made at such hearing
"
The provisions of the Administrative Procedure
Act relating to cases of "adjudication required by
statute to be determined on the record after an opportunity for an agency hearing" direct the agency
to give "interested parties" an opportunity for "the
submission and consideration of facts, arguments,
offers of settlement, or proposals of adjustment
when time, the nature of the proceeding, and the
public interest permit". 5 U.S.C. § 554(a), ( c ) ( 1 ) .
The Administrative Procedure Act does not define
"interested parties".
Also apposite here is section 9 of the Bank Holding Company Act (12 U.S.C. § 1848), which provides, in part: "Any party aggrieved by an order
of the Board under this Act may obtain a review
of such order in the United States Court of Ap1
As the record now stands, the Applicant has put in its
evidence, and its witnesses have been cross-examined by
Board counsel. Should the Intervenors be made parties, it
appears that cross-examination by their counsel of the
Applicant's witnesses ought to proceed on the basis of the
transcript and other components of the record; put another
way, it does not appear that any useful purpose would be
served by requiring that exhibits and testimony now in the
record be offered anew (although the Intervenors ought to
have an opportunity to show the contrary if they so desire).
However, the Intervenors ought to be permitted to state for
the hearing examiner's consideration any objections they
may have to the admissibility of the evidence now in the
record.
FEDERAL RESERVE BULLETIN • JUNE 1970
peals. . . ." (Emphasis added.) Section 9 relates,
of course, to standing to obtain judicial review of
a Board order; the provision does not, by its terms,
purport to be dispositive of the question, who has a
right to intervene at a hearing under the Act. There
is authority for the view, however that, when a
statute such as section 9 is applicable, a person
who might be "aggrieved' by an agency order, such
as a competitor (and trade association of competitors) of an applicant, is entitled to intervene at the
hearing, since, otherwise, "judicial review, which
may be had only by a party to the proceedings . . .
who has been 'aggrieved' . . ., could be denied or
unduly forestalled by the . . . [agency] merely by
denying intervention." National Coal Association v.
Federal Power Commission, 191 F.2d 462, 467
(D. C. Cir. 1951).2 Further, there is authority for
the view that where there is no statute, such as
section 9, providing for judicial review by a "party
aggrieved", but the applicable statute entitles a
"person aggrieved or whose interests are adversely
affected" to judicial review, then ". . . fairness requires that one with such a recognized interest in
the outcome of the agency proceeding must be permitted to participate in it from the outset." That
is to say, " . . . intervention is necessary in order to
make the right to review effective." American Communications Association v. United States, 298 F.2d
648, 650 (2d Cir. 1962).
On the other hand, it is argued that " . . . there is
no logically necessary relationship between the right
to an administrative hearing and a right to appeal."
Jaffe, Judicial Control of Administrative Action 524
(1965).
Does standing to appeal necessarily imply a right to
an administrative hearing? It will be said that a right
to appeal to be "effective" implies a right to make or
participate in making the administrative record. No
doubt a right to participate at the administrative level
increases the effective scope of the right to appeal, but
the right to attack an order resting on a record made
by others, or on no record at all, could be valuable.
It would have precisely the virtue, if that virtue were
being sought, of expanding the class of potential public
champions to attack "obviously" invalid orders without
a similar expansion of the administrative process. But
if the relaxation of standing requirements does not
necessarily expand the number and scope of administrative hearings, recent experience demonstrates that
almost inevitably it does have that effect. Courts and
lawyers state or assume without much reflection that
standing to appeal does involve a right to administrative hearing; and statutes . . . which specifically en2
"Probably the reason for the scantiness of [case law]
authority [on the question whether standing to obtain
judicial review carries with it the right of intervention] is
that agencies almost always allow intervention by those
entitled to obtain [judicial] review."
1 Davis, Administrative Law § 8.11 at 567 (1958).
LAW DEPARTMENT
title "parties in interest" to a hearing and "aggrieved
persons" to appeal are read together as similar in
content. Id. at 524-25 (footnote omitted; emphasis in
the original).
Whatever merit that argument may otherwise have,
its validity is dubious when considered in juxtaposition with the provisions of section 4 ( c ) ( 8 ) of
the Bank Holding Company Act.
Since section 4 ( c ) ( 8 ) makes a hearing mandatory, permitting intervention by interested persons
who may be "aggrieved" by a Board order formulated in a proceeding thereunder does not "expand
the number . . . of . . . hearings". Further, such
intervention may indeed expand the "scope" of a
hearing in the sense that an intervenor may offer
evidence that would not otherwise be offered, and
even raise issues that might not otherwise be raised.
But so long as the evidence admitted is restricted—
as, of course, it can be—to that which is relevant
and material to the statutory considerations, viewed
in the light of legislative purpose, such an expansion
in "scope" can hardly be regarded as inimical to the
public interest. Indeed, to the extent that a better
record results, the public interest will be benefited.
The Board is of the view that the class of persons
"entitled as of right" to be admitted as parties in
a hearing required by section 4 ( c ) ( 8 ) includes
those persons who can show that their interests are
such that they might be "aggrieved" by a Board
order based on the record made at such hearing
and, further, that the class of persons who might
be "aggrieved" includes a competitor of the nonbank company, the activities of which are under
scrutiny, as well as a trade association, some of the
members of which are competitors of such company.3
Interests of the Intervenors. The motion filed by
the Intervenors requesting that they be made parties recites in part that: the National Association
consists of 35,000 insurance agencies and 150,000
licensed insurance agents located throughout the
United States, including Colorado; the Colorado
Association consists of 375 insurance agencies and
1600 licensed insurance agents located throughout
Colorado; Mr. Jack Miller, of the Miller Agency,
is a licensed insurance agent in Colorado, and a
member of both the National Association and the
3
The Board intimates no view on the question whether
section 9 limits those who may obtain judicial review of an
order based on the record of a proceeding under section
4 ( c ) ( 8 ) to those who were parties to the proceeding, nor
on the question whether intervention is necessary in order
to make the right to judicial review effective. But see Whitney National Bank v. Bank of New Orleans, 379 U.S. 411,
419-23 (1964).
547
Colorado Association. It appears from these and
other averments in the motion that the Intervenors
were prepared to show that the Miller Agency is
a competitor, or potential competitor, of one or
both of the insurance agencies proposed to be
acquired by Applicant and that, therefore, the business of the Miller Agency would be subject to
direct and immediate adverse financial consequences if an order were entered authorizing the
Applicant to acquire the insurance agencies.
The Board is of the view that the showing of
such a nexus would entitle the proprietor of the
Miller Agency to be made a party to the proceeding; further, his membership in the National and
Colorado Associations of insurance agencies and
agents, if they are authorized to represent their
members in these matters, would entitle the Associations to be made parties to the proceeding. It
should be stressed, however, that while the financial
interests of the proprietor of the Miller Agency and
of the other members of the National and Colorado
Associations in retaining insurance business may
entitle them to be made parties to the proceeding,
those interests, standing alone, are no ground for
barring favorable determinations on Applicant's
requests. Assuming that they are made parties, the
role of the Intervenors is to vindicate the public
interest, i.e., to assure that each of Applicant's proposals meets the requirements of section 4 ( c ) ( 8 )
of the Bank Holding Company Act. See 3 Davis,
Administrative Law §§ 22.05; 22.11 (1958); 1 Id.
§ 8.11.
The question of the right of a person to be made
a party to a section 4 ( c ) ( 8 ) proceeding does not
depend on whether the evidence he is prepared to
offer is admissible. A party has other rights and an
interested person may seek to become a party in
order, for example, to cross-examine the witnesses
of others, to object to the admission of evidence
offered by others, and to file proposed findings of
fact and conclusions of law together with a brief
in support thereof. That is not to say, of course, that
irrelevant, immaterial, or unduly repetitious, evidence should be admitted. It may be helpful, in this
connection, to comment on the evidence the Intervenors indicated at the hearing that they wished to
offer.
Antitrust considerations. The Intervenors represented that they were prepared to offer the testimony of individual insurance agents as to the effect
upon them of favorable determinations on Applicant's requests. As suggested earlier, the fact that a
favorable determination would result in increased
A 548
competition for a person entitles him, upon a proper
request and showing, to be admitted as a party to
a section 4 ( c ) ( 8 ) proceedings; however, the fact
that such a determination would result in increased
competition is no ground for denying the requested
determination. On the other hand, the Intervenors
have alleged that favorable determinations on Applicant's requests would result in violations of the
antitrust laws.
Section 4 ( c ) ( 8 ) does not explicitly require that
antitrust considerations be taken into account. The
duty to accommodate the policy of the antitrust
laws, where there is no explicit statutory command
to do so, is typically found to be implicit in the
statutory obligation to determine whether a proposal would be in the "public interest" or would be
warranted by considerations of "public convenience and necessity." See, e.g., Northern Natural
Gas Co. v. Federal Power Commission, 399 F.2d
953, 959-61 (D. C. Cir. 1968). The language of
section 4 ( c ) ( 8 ) does not employ either of the
quoted phrases. However, the fact that a favorable
determination thereunder requires a finding that
the activities of a nonbank company are a "proper
incident" of the business of banking or of managing or controlling banks precludes the Board from
ignoring facts indicating that the ownership and
operation of a nonbank company by a bank holding company may contravene other laws, including
the antitrust laws. Cf. Whitney National Bank v.
Bank of New Orleans, 379 U.S. 411, 418-19
(1964). Put another way, while the Board is not
charged with the responsiblity of enforcing the
antitrust laws as they relate to the business of insurance,4 it is the responsibility of the Board in administering section 4(c)(8) to accommodate the
policy of the antitrust laws and, in particular, to
receive and consider evidence respecting the allegation made by the Intervenors. Cf. Philco Corp. v.
Federal Communications Commission, 293 F.2d
864 (D. C. Cir. 1961).
Consideration of the motion at the hearing. The
hearing examiner initially indicated that he was
denying the motion that the Intervenors be made
parties to the proceeding, but that he would entertain a motion to make the individual insurance
agent, Mr. Jack Miller, a party for a limited purpose. Counsel for the Intervenors asked for a recess,
which was granted. When the hearing resumed,
Board counsel withdrew his earlier objection to the
admission of the Intervenors as parties, provided
4
With respect to the applicability of the antitrust laws to
the business of insurance, see 15 U.S.C. § 1011, et seq.
FEDERAL RESERVE BULLETIN • JUNE 1970
the hearing examiner found that their lateness in
requesting to be made parties would not preclude
their admission. Counsel for the Applicant withdrew the objections he had earlier interposed.5
There followed a colloquy between the hearing
examiner and counsel for the Intervenors during
the course of which the examiner apparently endeavored to inform counsel that, in view of the
fact that the objections to his motion had been
withdrawn, the motion ought to be renewed. Counsel professed a lack of understanding as to what
stage the proceedings were then in, and inquired
whether the ruling denying his motion still stood.
When informed that it did, insofar as the record
then reflected, counsel responded that, in that event,
he would file with the Board a request for special
permission to appeal from the ruling and, in connection therewith, he asked that the examiner continue the hearing until the Board acted on the request.
Counsel for the Intervenors, it seems, was under
the impression that his only recourse, at that juncture, was to file a request for special permission to
appeal from the ruling of the hearing examiner.
Ordinarily, such a misapprehension on the part of
counsel would be of no moment and the withdrawal
of the Intervenors from the hearing without renewing their motion, if clearly invited to do so,
would be considered an abandonment of the motion. In this case, however, there was more than
a misapprehension on the part of counsel. The attempted communications between the hearing examiner and counsel on vital points were unsuccessful. This resulted in large part, it appears, from
confusion on the part of all concerned as to what
is meant by the provision in the Board's Rules of
Practice that, in pertinent part, describes a "party"
5
The Board's Order scheduling the hearing, notice of
which was published on November 7, 1969 (34 Federal
Register 18070), provided that persons desiring to participate in the hearing should file a written request on or
before November 28, 1969. The Intervenors did not meet
that deadline and could have been barred from the hearing
on that ground, in the absence of an extension of time
by the hearing examiner for good cause shown. See Rules
of Practice § 263.6(f); 12 CFR § 263.6(f). The fact that
the Intervenors and their counsel did not see the Order
and notice of hearing that was published in the Federal
Register in time to file their request to be made parties
within the period specified does not constitute "good cause"
for this purpose. See 44 U.S.C. § 1508. However, the
objections to the admission of the Intervenors as parties
were withdrawn after the hearing examiner gave his assurance that ample time would be allowed Board counsel and
counsel for the Applicant to prepare for cross-examination
of the Intervenors' witnesses, and for other purposes, so
that they would not be put at a disadvantage by the
Intervenors' lateness.
LAW DEPARTMENT
as a person
. . entitled as of right . . to be admitted as such. The Rules of Practice do not set out
the criteria by which a person's entitlement to be
made a party is determined, and the Board has not
heretofore had occasion to rule on the question.
Conclusion. Considering all the factors deemed
pertinent, including not only the circumstances attendant upon the hearing just discussed, but the
interest of the Applicant in obtaining determinations on its requests without undue delay and the
549
desirability in the public interest of having a complete record, as well, the Board concludes that the
hearing examiner should, at a time and place to be
determined by him, but as soon as practicable, reconvene the hearing for the purpose of giving the
Intervenors an opportunity to renew their motion
and to establish their rights to be made parties; and,
if it is concluded that the Intervenors are entitled
to be made parties, they should be permitted to
participate as such.
Announcements
CHANGES IN THE BOARD'S STAFF
The Board of Governors has announced the following official staff appointments and changes:
John T. McClintock was named an Assistant
Director of the Division of Supervision and Regulation, effective June 1, 1970. A graduate of Virginia Polytechnic Institute, Mr. McClintock came
to the Board in 1957 from the Federal Reserve
Bank of Richmond. Prior to his official appointment, Mr. McClintock had been Assistant to the
Director of the Division of Supervision and Regulation.
Henry W. Meetze, Chief of the Data Production
Section of the Division of Data Processing, was
appointed an Assistant Director of that Division
effective June 8, 1970. Mr. Meetze, a graduate
of the U.S. Military Academy with an M.S. from
George Washington University, served with the
Army until he joined the Board's staff in 1969.
Tynan Smith, Adviser in the Division of Research and Statistics, has been transferred to the
Division of Supervision and Regulation as Assistant Director of that Division, effective July 1,
1970. Mr. Smith had been assigned to the Division
of Supervision and Regulation as Acting Assistant
Director for about 10 months in 1968 and 1969
in connection with the development of the Truth
in Lending program.
Also Levon H. Garabedian, Chief of the Administration Section of the Division of Research
and Statistics, has been named an Assistant Director in that Division, effective July 1. Mr. Garabedian, who has a B.S. and an M.A. in Business
Administration from American University, joined
the Board's staff in 1959.
Mr. Milton W. Schober, Assistant Director of
the Division of Supervision and Regulation, resigned effective May 30, 1970, and Mr. Robert E.
Nichols, Special Assistant to the Board, resigned
as of June 12, 1970.
APPOINTMENT OF DIRECTOR
L. E. Southwick, President of Valley National
Bank, Glendale, California, was appointed a director of the Los Angeles Branch of the Federal
550
Reserve Bank of San Francisco, effective June 4,
1970, for the remainder of a term expiring December 31, 1970. Mr. Southwick succeeds T. H.
Shearin, former President of the Community National Bank in Bakersfield, California, who resigned as a director effective April 16, 1970.
PUBLICATION OF DATA ON "ADJUSTED
CREDIT PROXY" AND BANK-RELATED
COMMERCIAL PAPER
BANK
In recent years the Federal Open Market Committee has been making use of daily-average
statistics on total member bank deposits as a
"bank credit proxy"—that is, as the best available
measure, although indirect, of developing movements in bank credit. Because they can be compiled on a daily basis with a very short lag, the
deposit figures are more nearly current than available bank loan and investment data. Moreover,
average deposit figures for a calendar month are
much less subject to the influence of single-date
fluctuations than are the available month-end data
on total bank credit, which represent estimates of
loans and investments at all commercial banks on
one day—the last Wednesday—of each month.
However, movements in total member bank
deposits and in commercial bank credit can diverge for various reasons, including changes in
nondeposit liabilities of banks. Because changes
in such liabilities recently have been an important
source of divergence from time to time, an "adjusted" proxy series, taking approximate account
of such changes, is also calculated for Committee
use.
Weekly and monthly average data on the "adjusted bank credit proxy," are now being published regularly. Weekly data are published in the
Board's H.9 press release, "Weekly Summary of
Banking and Credit Measures," and monthly data
are published on both page A-17 of the B U L L E T I N
and in the G.10 press release, "Aggregate Reserves
and Member Bank Deposits."
The adjusted bank credit proxy series includes
—in addition to the seasonally adjusted data on
total member bank deposits subject to reserve requirements, which are still shown as a separate
series in these releases—seasonally unadjusted data
for the following nondeposit sources of funds:
gross liabilities of banks to their own foreign
branches and to branches in U.S. territories and
possessions; Euro-dollars borrowed directly from
foreign banks or through brokers and dealers; commercial paper issued by holding companies or
other bank affiliates; and loans, or participations
in pools of loans, sold under repurchase agreement to others than banks or banks' own affiliates
or subsidiaries. The nondeposit items are included
without seasonal adjustment because the period for
which such information is available is so short
that seasonal adjustment is not yet feasible.
The Board's H.9 release includes, in addition to
the weekly adjusted bank credit proxy series, a
footnote indicating the amount of bank-related
commercial paper outstanding. As indicated above,
this major nondeposit source of funds is included
in the adjusted bank credit proxy.
Requests for back data beginning with the week
ending May 28, 1969, for both the adjusted credit
proxy and bank-related commercial paper should
be addressed to the Banking Section, Division of
Research and Statistics, Board of Governors of
the Federal Reserve System, Washington, D.C.
20551.
FEDERAL RESERVE FACILITY AT MIAMI
In a move to improve banking services in the rapidly expanding southern Florida area, the Board of
Governors on June 12, 1970, announced it had
approved a proposal by the Federal Reserve Bank
of Atlanta to establish a check collection and currency and coin facility at Miami.
The Board also approved a proposal by the Atlanta Bank to plan the establishment of a branch
bank at Miami.
The check collection and currency and coin
facility is expected to begin partial operations by
the end of the year. It will provide services in 13
southern Florida counties as follows: Broward,
Charlotte, Collier, Dade, Glades, Hendry, Indian
River, Lee, Martin, Monroe, Okeechobee, Palm
Beach, and St. Lucie.
Growth in Florida's economy has been concentrated in the southern part of the State, which has
growing trade and other economic relationships
with Central and South America. There are now
about 150 commercial banks, including 86 member
banks, in the 13 counties that will be served by a
Miami facility. These banks account for 44 per
cent of the total bank deposits in the State and
receive about 52 per cent of the dollar value of
currency shipped by the Jacksonville Branch of the
Federal Reserve Bank of Atlanta, which now serves
southern Florida.
Estimates indicate that the proposed Miami facility will handle about 14 million checks monthly,
a volume that would be exceeded to any substantial
degree only by 2 of the 24 Federal Reserve branch
banks. The establishment of a Miami office would
lead to substantial improvement in Federal Reserve
services in that area and would also relieve pressures on the Jacksonville Branch where space problems could become so severe within 3 to 5 years
that construction of a new building would be 'required if that Branch were to continue serving the
entire State.
The 360 miles from Jacksonville to Miami represents the greatest distance by far between a Federal
Reserve office and a metropolitan area of more
than a million persons. The 1968 population of the
Miami metropolitan area was an estimated 1.12
million persons.
SILVER COIN AS RESERVES
The Board of Governors on June 3, 1970, issued
for comment a proposed amendment to Regulation
D, "Reserves of Member Banks," which would
prevent member banks from counting as part of
their required reserves any silver coin they hold for
its bullion or numismatic value. Comments on the
proposal, which was published in the Federal Register for June 9, 1970 (35 F.R. 8892), should be
received by the Board no later than July 13, 1970.
FLOW OF FUNDS ACCOUNTS,
1945-68
Flow of Funds Accounts, 1945-68, is available for
distribution.
This publication consists of an introductory text
on the accounts and a complete set of tables on
annual flows and year-end outstandings using the
new structural basis that first appeared in the November 1969 BULLETIN. It is a replacement for
the February 1968 flow of funds supplement with
tables through 1967.
Requests for copies should be sent to Publications Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551. Remittance should accompany order and be made payable to the Board
of Governors of the Federal Reserve System (prices
shown on page A-98).
551
ADMISSION OF STATE BANKS TO
MEMBERSHIP IN THE
FEDERAL RESERVE SYSTEM
The following State banks were admitted to membership in the Federal Reserve System during the
period February 16, 1970, through June 15, 1970,
inclusive:
552
Virginia
Manassas . .
New York
Rochester
. . First Manassas Bank and
Trust Company
Bankers Trust Company of
Rochester
Tennessee
Lawrenceburg . . . The Lawrence County Bank
National Summary of Business Conditions
Released for publication June 12
Industrial production, nonfarm employment, and
the average factory workweek declined further
in May and the unemployment rate rose. The
value of retail sales apparently was slightly below
the advanced April level. Commercial bank credit,
the money supply, and time and savings deposits
rose in May. Between mid-May and mid-June, interest rates on most Treasury bills showed small
changes and yields on corporate bonds rose. In
early June, common stock prices were above their
late May lows.
INDUSTRIAL PRODUCTION
Industrial production, which had declined in April
but only to the January-February level, decreased
again in May and was 169.0 per cent of the
1957-59 average, 0.8 per cent below April. Since
the peak last summer, industrial production has
fallen 3 per cent. Among major groups, output
of consumer goods rose in May but was 1 per
cent below last July. Production of business and
defense equipment and of materials declined in
May and was down 6 per cent and 3 per cent,
respectively, from July 1969. As in April, some of
the decline in output in May may have reflected
reduced supplies of component parts because of
continued strikes in the trucking industry. In May,
INDUSTRIAL PRODUCTION
1957-59=100
strikes in the rubber industry also curtailed production.
Auto assemblies increased 15 per cent in May
and were at an annual rate of 8 million units
compared to 7 million in April. Industry production schedules for June indicate a further increase to an annual rate of about 8.3 million
units. Output of most household appliances continued to increase in May, but production of
television sets and furniture declined again. Output of business equipment was off 2 per cent with
further decreases in industrial and commercial
equipment.
Production of iron and steel, construction materials, and some nondurable materials and products declined in May.
EMPLOYMENT
The labor market eased further in May. The unemployment rate rose for the fifth consecutive
month to 5.0 per cent from 4.8 in April. Nonfarm
payroll employment declined by 270,000 to 70.9
million, with increased strike activity in construction and manufacturing accounting for about
100,000 of the decline. Manufacturing employment continued its downtrend, dropping by
225,000 to 19.6 million, with reductions widespread in both nondurable and durable goods industries. The average workweek of manufacturing
production workers also declined slightly further
to 39.9 hours.
RETAIL SALES
The value of retail sales in May apparently declined about 0.5 per cent following an increase
of 2 per cent in April, and was 3 per cent above
a year earlier. Unit sales of new domestic autos
were at a seasonally adjusted annual rate of 7.8
million units, 4 per cent above a month ago but
8.5 per cent below a year earlier.
WHOLESALE AND CONSUMER PRICES
The wholesale price index rose 0.2 per cent from
mid-April to mid-May as average prices of industrial commodities rose 0.3 per cent and farm and
553
food products declined somewhat further. Prices
of some sensitive commodities such as livestock,
copper scrap, and hides declined after early May.
Consumer prices increased 0.6 per cent in April,
largely as a result of advances for consumer
services, used cars, and gasoline.
BANK C R E D I T , DEPOSITS, A N D RESERVES
Commercial bank credit increased $2 billion in
May, the same as in April. After adjustment for
outright loan sales to bank affiliates, however, the
May expansion was larger than that of any other
recent month. Total loans increased moderately
following net repayments in March and April.
Holdings of U.S. Government securities increased
somewhat further, associated in part with the
midmonth Treasury note financing. Growth in
holdings of other securities slackened considerably from the pace of the two previous months.
The money supply increased $700 million in
May, compared with an average monthly rise of
$2 billion over March and April. U.S. Government deposits declined substantially. Growth in
time and savings deposits at all commercial banks
was also smaller in May than in the two previous
months—$1.7 billion compared with an average
of $3 billion. Holdings of large negotiable CD's
declined slightly following substantial growth
earlier. Consumer-type time and savings deposits
rose at large banks after declining in April, while
total time and savings deposits at smaller banks
rose somewhat less than in April.
Net borrowed reserves of member banks averaged about $770 million over the four weeks
ending May 27, around $80 million higher than
the previous month's average. Member bank borrowings increased and excess reserves dropped
somewhat.
SECURITY
MARKETS
Treasury bill rates on balance showed small
changes between mid-May and mid-June. The
3-month bill was bid at around 6.75 per cent in the
middle of June, little changed from a month
earlier. Rates on intermediate-term Government
notes and bonds declined moderately on average
over the period, while yields on long-term Treasury bonds rose somewhat.
Since mid-May, yields on seasoned corporate
bonds have increased further by about 25 basis
points and yields on newly issued corporate bonds
have reached new highs. Municipal bond yields
rose steadily through May but receded in the first
week of June.
INTEREST RATES
PRICES
1957-59=100
140
ALL COMMODITIES _
140
ALL ITEMS
LESS FOOD
-
FARM PRODUCTS
AND FOODS
f^/S'
A
^ f l
v
"V/
7
INDUSTRIAL
COMMODITIES _
_
130
^ ^ / ^ F O O D
F.R. DISCOUNT RATE
:
-
Bureau of Labor Statistics "Farm products and foods" is
BLS "Farm products, and processed foods and feeds." Latest
figures: Consumer, April; Wholesale, May.
554
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 June 5.
Financial and Business Statistics
CONTENTS
A 3
GUIDE TO TABULAR PRESENTATION
A 3
STATISTICAL RELEASES: REFERENCE
U.S. STATISTICS:
A 4
A
A
A
A
A
A
A
A
8
9
10
11
12
14
15
16
Member bank reserves, Federal Reserve Bank credit,
and related items
Federal funds—Major reserve city banks
Reserve Bank discount rates
Reserve and margin requirements
Maximum interest rates; bank deposits
Federal Reserve Banks
Open market account
Reserve Banks; bank debits
U.S. currency
A
A
A
A
A
A
A
A
A
A
17
18
19
23
26
31
32
33
35
36
Money supply; bank reserves
Banks and the monetary system
Commercial banks, by classes
Commercial banks
Weekly reporting banks
Business loans of banks
Loan sales by banks
Interest rates
Security markets
Stock market credit
A
A
A
A
A
A
A
A
37
37
39
40
42
45
48
50
Open market paper
Savings institutions
Federally sponsored credit agencies
Federal finance
U.S. Government securities
Security issues
Business finance
Real estate credit
A
54
Consumer credit
Continued on next page
A 1
A 2
FEDERAL RESERVE BULLETIN • JUNE 1970
U.S. STATISTICS—Continued
A
A
A
A
A
A
A
A
58
62
62
64
66
66
68
70
Industrial production
Business activity
Construction
Labor force, employment, and earnings
Consumer prices
Wholesale prices
National product and income
Flow of funds
INTERNATIONAL STATISTICS:
A
A
A
A
A
A
A
A
A
A
72
73
74
75
76
89
90
91
92
93
U.S. balance of payments
Foreign trade
U.S. gold transactions
U.S. reserve assets; position in the IMF
International capital transactions of the United States
Foreign exchange rates
Money rates in foreign countries
Arbitrage on Treasury bills
Gold reserves of central banks and governments
Gold production
TABLES PUBLISHED PERIODICALLY
A 94
Bank holding companies, December 31, 1969
A 105
INDEX TO STATISTICAL TABLES
A 3
Guide to Tabular Presentation
SYMBOLS A N D
e
c
p
r
rp
I, II,
III, IV
n.e.c.
A.R.
S.A.
ABBREVIATIONS
Estimated
Corrected
Preliminary
Revised
Revised preliminary
N.S.A.
IPC
SMSA
A
L
S
U
*
Quarters
Not elsewhere classified
Annual rate
Monthly (or quarterly) figures adjusted for
seasonal variation
GENERAL
Monthly (or quarterly)figuresnot 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)figuredelayed
INFORMATION
Minus signs are used to indicate (1) a decrease, (2)
a negative figure, or (3) an outflow.
A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when
the components shown to the right (left) of it add to
that total (totals separated by ordinary rules include
more components than those shown), (2) to the right
(to the left) of items that are not part of a balance
sheet, (3) to the left of memorandum items.
"U.S. Govt, securities" may include guaranteed issues
of U.S. Govt, agencies (the flow of funds figures also
TABLES P U B L I S H E D QUARTERLY, SEMIANNUALLY,
W I T H LATEST B U L L E T I N R E F E R E N C E
Quarterly
Flow of funds
Issue
May 1970
include not fully guaranteed issues) as well as direct
obligations of the Treasury. "State and local govt." also
includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals
because of rounding.
The footnotes labeled N O T E (which always appear
last) provide (1) the source or sources of data that do
not originate in the System; (2) notice whenfiguresare
estimates; and (3) information on other characteristics
of the data.
OR
Annually—Continued
Page
A-70—A-71.9
Semiannually
Banking offices:
Analysis of changes in number of. Feb. 1970
On, and not on, Federal Reserve
Par List, number
Mar. 1970
A-96—A-97
A-108
Annually
Bank holding companies:
List of, Dec. 31, 1969
June 1970
Banking offices and deposits of
group banks, Dec. 31, 1968
Aug. 1969
Banking and monetary statistics:
196 8
1969
May 1969
Mar. 1970
ANNUALLY,
A-94
A-96
A-91—A-94
A-94—A-107
Flow of funds:
Assets and liabilities:
1967
1955-68
Flows:
1955-68
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Income ratios
Operating ratios
Insured commercial banks
A-94—A-95
May 1968 A-67.10-A-67.il
Nov. 1969 A-71.10—A-71.20
Nov. 1969
Feb. 1970
A-94—A-95
Stock exchange firms, detailed debit
and credit balances
Sept. 1969
A-94—A-95
Issue
Page
June 1970
A-102
REFERENCE
May
May
May
May
A-70—A-71.9
A-95—A-99
A-100—A-103
A-104—A-106
A-107
LATEST B U L L E T I N
Anticipated schedule of release dates for individual releases
Page
1969
1969
1969
1969
Statistical Releases
LIST P U B L I S H E D S E M I A N N U A L L Y , W I T H
Issue
Banks and branches, number, by
class and State
Apr. 1970
BANK RESERVES AND RELATED ITEMS a JUNE 1970
A 4
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, A N D RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities *
Held
under
repurchase
agreement
Discounts
and
advances
Float 2
8
5
381
142
83
170
652
1,117
2,404
24,744
21,606
2,612
17,518
22,759
20,047
22,879
29,060
43,853
46,864
51,268
56,610
17,954
13,799
13,158
12,436
10,367
Other
F.R.
assets 3
Total 4
Gold
stock
Special
Drawing
Rights
certificate
account
Total
Bought
outright
1939—Dec
1941—Dec
1945—Dec
1950—Dec
2,510
2,219
23,708
20,345
2,510
2,219
23,708
20,336
1960—Dec
1965—Dec
1966—De c
1967—De c
1968—De c
27,248
40,885
43,760
48,891
52,529
27,170
40,772
43,274
48,810
52,454
78
113
486
81
75
94
490
570
238
765
1,665
2,349
2,383
2,030
3,251
1969—May
June
July
Aug
Sept
Oct
Nov
Dec
53,390
54,028
54,298
54,599
53,840
54,708
56.499
57.500
52,898
53,926
54,252
54,334
53,722
54,497
56,424
57,295
492
102
46
265
118
211
75
205
1,402
1,407
1,190
1,249
1,067
1,135
1,241
1,086
2,218
2,463
2,684
1,230
2,477
2,462
2,541
3,235
2,876
2,614
2,670
2.672
3,032
3,153
2,460
2,204
59,999
60,565
60,887
60,876
60,459
61,516
62,788
64,100
10,367
10,367
10,367
10,367
10,367
10,367
10,367
10,367
1970—Mar
Apr
55,780
55,982
57,265
55,695
55,787
57,179
85
195
86
936
877
1,067
2,551
3,275
2,963
2,061
2,209
1,708
61,388
62,424
63,066
11,367
11,367
11,367
345
400
400
55,700
55,393
56,032
55,838
55,700
55,393
55,906
55,825
2,382
2,427
2,450
2,665
1,988
2,013
2,069
2,089
60,860
13
876
972
857
976
61,002
126
11,367
11,367
11,367
11,367
300
300
314
400
55,986
55,727
56,121
55,975
56,017
55,714
55,674
55,830
55,832
55,760
272
53
291
143
257
989
536
1,057
1,016
984
2,886
3,466
2,914
3,571
3,160
2,125
2,153
2,189
2,231
2,267
61,948
62,379
62,863
62,514
62,060
11,367
11,367
11,367
11,367
11,367
400
400
400
400
400
57,178
57,311
57,435
57,040
56,914
57,311
57,261
57,040
264
864
900
1,272
1,021
3,080
2,932
3,171
2,826
2,228
2,098
1,589
1,294
63,443
63,295
63,540
62,231
11,367
11,367
11,367
11,367
400
400
400
400
55,785
56,542
57,307
55,785
756,162
57,307
684
545
1,454
2,827
3,536
2,870
2,139
2,239
1,184
61,487
62,968
62,857
11,367
11,367
11,367
400
400
400
18.
25
55,064
54,922
56,447
55,621
6755,064
6754,922
756,102
755,532
452
496
621
1,594
2,536
2,097
2,777
2,237
2,007
2,034
2,171
2,101
60,115
59,602
62,097
61,629
11,367
11,367
11,367
11,367
300
300
400
400
1
8
15
22
29
56,035
55,564
56,380
56,078
56,085
755,785
755,564
755,876
755,580
756,085
250
612
445
1,436
1,351
926
2,964
2,850
3,126
3,078
2,815
2,159
2,173
2,210
2,254
2,251
61,858
61,090
63,268
62,884
62,135
11,367
11,367
11,367
11,367
11,367
400
400
400
400
400
6p
13 p
57,857
57,185
57,370
57,115
757,490
757,185
757,370
757,115
367
531
850
536
978
3,049
2,791
2,871
2,393
2,090
2,108
1,368
1,179
63,641
62,988
62,195
61,711
11,367
11,367
11,367
11,367
400
400
400
400
Averages of daily figures
May?
Week ending—
1970—Mar. 4
11
18
25
Apr.
1
8
15
22.
29.
May
6
13
20*
27 p
61,471
61,624
End of month
1970—Mar
Apr
May*
380
Wednesday
1970—Mar. 4
11
Apr.
May
20?
21 p
For notes see opposite page.
345
89
504
498
JUNE 1970 •
BANK RESERVES AND RELATED ITEMS
A 5
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Currency
in
circulation
Treasury
cash
holdings
7,609
10,985
28,452
27,806
2,402
2,189
2,269
1,290
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
Foreign
Other
F.R.
accounts 3
Other 2
Other
F.R.
liabilities
and 3
capital
Member bank
reserves
With
F.R.
Banks
Currency
and
coin 5
Period or date
Total
Averages of daily figures
616
592
625
615
739
1,531
1,247
920
353
248
292
493
739
11,473
12,812
16,027
17,391
1,029
389
83
—204
-1,105
16,688
18,747
19,568
20,753
22,484
11,473
12,812
16,027
17,391
1939—Dec.
1941—Dec.
1945—Dec.
1950—Dec.
2,595
3,972
4,262
4,507
4,737
19,283
22,719
23,830
25,260
27,221
1960—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
33,019
42,206
44,579
47,000
50,609
408
808
1,191
1,428
756
522
683
291
902
360
250
154
164
150
225
495
231
429
451
458
49,947
50,693
51,256
51,328
51,438
51,683
52,468
53,591
691
672
657
671
678
665
666
656
549
970
1,117
881
597
983
1,074
1,194
132
107
142
141
128
121
135
146
445
458
473
469
454
479
445
458
1,968
2,010
2,038
2,062
2,055
2,078
2,140
2,192
23,371
22,768
22,309
22,430
22,238
22,659
23,037
23,071
4,532
4,549
4,671
4,649
4,733
4,681
4,727
4,960
27,903
27,317
26,980
27,079
26,971
27,340
27,764
28,031
1969—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
52,412
52,867
53,490
575
567
544
1,148
1,180
1,440
219
166
182
763
870
845
2,134
2,137
2,215
22,740
23,323
23,084
4,733
4,773
4,806
27,473
28,096
27,890
1970—Mar.
Apr.
May*
52,107
52,319
52,508
52,459
588
575
569
573
1,005
1,049
1,062
1,223
267
212
215
187
770
714
745
792
2,173
2,233
2,040
2,089
22,640
22,311
22,902
22,962
4,822
4,922
4,729
4,510
27,462
27,233
27,631
27,472
1970—Mar. 4
52,566
52,718
52,988
52,945
52,817
572
576
567
567
559
1,281
1,156
954
1,158
1,384
238
214
136
143
158
820
881
876
863
863
2,151
2,218
2,161
2,042
2,110
23,100
22,859
23,378
23,835
23,320
4,706
4,850
4,884
4,537
4,806
27,806
27,709
28,262
28,372
28,126
Apr. 1
8
15
22
29
53,111
53,568
53,589
53,517
557
545
542
538
1,513
1,726
1,431
1,265
192
247
203
119
854
886
854
804
2,243
2,255
2,132
2,199
23,688
22,794
23,524
22,531
4,899
4,951
4,560
4,777
28,587
27,745
28,084
27,308
May
Week ending—
11
18
25
6
13
20*
27*
End of month
c
52,701
53,034
53,663
566
546
537
,192
,784
,198
200
204
128
839
825
788
2,172
2,204
2,271
22,495
23,082
23,031
4,706
4,901
4,898
27,201
27,983
27,929
52,223
52,546
52,565
52,553
594
575
575
581
1,058
1,173
1,048
1,479
174
214
194
2,204
2,250
2,062
2,106
21,651
20,660
23,489
22,568
4,824
4,929
4,730
4,510
26,475
25,589
28,219
27,078
1970—Mar. 4
180
764
740
832
815
52,712
52,958
53,086
52,947
53,024
578
577
570
570
564
1,057
1,009
869
941
1,367
212
144
152
189
224
908
901
926
885
869
2,185
2,235
2,017
2,070
2,138
22,880
21,945
24,337
23,976
22,650
4,706
4,849
4,885
4,539
4,810
27,586
26,794
29,222
28,515
27,460
Apr. 1
8
15
22
29
53,463
53,725
53,603
53,739
552
549
551
532
1,323
1,691
742
1,305
168
232
141
109
869
955
813
813
2,297
2,072
2,153
2,227
23,687
22,497
22,930
21,731
4,898
4,952
4,560
4,777
28,585
27,449
27,490
26,508
May
1970—Mar.
Apr.
May*
Wednesday
i2 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."
4
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.
11
18
25
6*
13*
20*
27*
s Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963, figures are estimated except for
weekly averages. Beginning Sept. 12, 1968, amount is based on closeof-business
figures for reserve period 2 weeks previous to report date.
6
Reflects securities sold, and scheduled to be bought back, under
matched sale/purchase transactions.
7 Includes securities loaned—fully secured by U.S. Government
securities pledged with Federal Reserve Banks.
BANK RESERVES AND RELATED ITEMS • JUNE 1970
A 6
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Required! Excess
1939—Dec..
1941—Dec..
1945—Dec..
1950—Dec..
11,473 6,462
12,812 9,422
16,027 14,536
17,391 16,364
1960—Dec..
1963—Dec..
1964—Dec..
1965—Dec..
1967—Dec..
1968—Dec..
19,283
20,746
21,609
22,719
23,830
25,260
27,221
1969—May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1970—Jan....
Feb...
Mar...
Apr...
Borrowings
at
F.R.
Banks
Reserves
Free
reserves
Total
held
Required 1 Excess
Borrowings
at
F.R.
Banks
City of Chicago
Reserves
Free
reserves
Total
Reheld quired i Excess
Borrowings
at
F.R.
Banks
Free
reserves
5,011
3,390
1,491
1,027
3
5
334
142
5,008
3,385
1,157
885
5,623
5,142
4,118
4,742
3,012
4,153
4,070
4,616
2,611
989
48
125
192
58
2,611
989
-144
67
1,141
1,143
939
1,199
601
848
924
1,191
540
295
14
8
5
18,527
20,210
21,198
22,267
23,438
24,915
26,766
756
536
411
452
392
345
455
87
327
243
454
557
238
765
669
209
168
-2
-165
107
-310
3,687
3,951
4,083
4,301
4,583
5,052
5,157
3,658
3,895
4,062
4,260
4,556
5,034
5,057
29
56
21
41
27
18
100
19
37
35
111
122
40
230
10
19
-14
-70
-95
-22
-130
958
1,056
1,083
1,143
1,119
1,225
1,199
953
1,051
1,086
1,128
1,115
1,217
1,184
4
5
-3
15
4
8
15
8
26
28
23
54
13
85
-4
-21
-31
27,903
27,317
26,980
27,079
26,971
27,340
27,764
28,031
27,603
26,974
26,864
26,776
26,735
27,197
27,511
27,774
300
343
116
303
236
143
253
257
1,402 - 1 , 1 0 2
1,407 - 1 , 0 6 4
1,190 - 1 , 0 7 4
-946
1,249
-831
1,067
-992
1,135
988
1,241
-829
1,086
5,174
4,962
4,837
4,963
4,990
5,195
5,376
5,441
5,134
4,894
4,817
4,922
4,967
5,183
5,350
5,385
40
68
20
41
23
12
26
56
129
96
86
93
87
138
169
259
-89
-28
-66
-52
-64
-126
-143
-203
1,277
1,241
1,197
1,188
1,200
1,228
1,244
1,285
1,281
1,206
1,207
1,196
1,186
1,235
1,254
1,267
-4
35
-10
-8
14
-7
-10
18
144
27
5
39
51
19
57
27
-148
8
-15
-47
-37
-26
-67
-9
28,858
27,976
27,473
28,096
27,890
28,692
27,703
27,358
27,978
27,728
166
273
115
118
162
965
1,092
896
822
977
-799
-819
-781
-704
-815
5,668
5,458
5,349
5,482
5,309
5,659
5,424
5,344
5,453
5,303
9
34
5
29
6
141
110
153
227
176
-132
-76
-148
-198
-170
1,320
1,253
1,265
1,295
1,284
1,316
1,264
1,249
1,316
1,286
4
-11
16
-21
-2
86
47
31
61
23
-82
-58
-15
-82
-25
21..
28..
28,210
27,806
27,772
27,729
27,727
27,545
27,656
27,616
483
261
116
113
1,603 - 1 , 1 2 0
-910
1,171
1,358 - 1 , 2 4 2
1,303 - 1 , 1 9 0
5,212
5,193
5,189
5,120
5,105
5,124
5,240
5,127
107
69
-51
-7
171
121
188
61
-64
-52
-239
-68
1,267 / 1,259
1,289 1,283
1,293 1,298
1,303 1,303
8
6
-5
344
20
172
12
-336
-14
-177
-12
1970—Jan.
7..
14.,
21..
28..
28,696
28,988
29,400
28,518
28,411
28,911
29,196
28,406
285
77
204
112
852
865
963
1,030
-567
-788
-759
-918
5,624
5,747
5,923
5,410
5,604
5,780
5,873
5,451
20
-33
50
—41
196
234
80
86
-176
-267
-30
-127
1,304
1,335
1,366
1,290
1,312
1,340
1,360
1,279
-8
-5
6
11
197
29
77
16
-205
-34
-71
-5
Feb.
4.,
11..
18..
25..
28,415
27,997
28,059
27,577
28,204
27,790
27,810
27,405
211
207
249
172
1,258 - 1 , 0 4 7
-862
1,069
1,110
-861
-893
1,065
5,520
5,414
5,645
5,323
5,489
5,399
5,576
5,317
31
15
69
6
75
130
218
-44
-115
-149
6
1,269
1,272
1,275
1,254
1,287
1,260
1,292
1,237
-18
12
-17
17
104
12
121
7
-122
Mar.
4..
11..
18..
25..
27,462
27,233
27,631
27,472
27,264
27,162
27,481
27,376
198
71
150
96
836
932
817
936
-638
-861
-667
-840
5,309
5,300
5,434
5,338
5,288
5,326
5,429
5,312
21
-26
5
26
86
169
146
102
-65
-195
-141
-76
1,213
1,255
1,255
1,240
1,238
1,247
1,266
1,225
-25
8
— 11
15
7
9
7
97
-32
-1
-18
-82
Apr.
1..
8..
15.,
27,467
27,530
28,160
28,214
28,014
339
179
102
158
112
949
496
1,017
969
894
-610
-317
-915
-811
-782
5,415
5,417
5,487
5,643
5,375
.5,340
5,317
5,536
5,584
5,394
75
100
-49
59
-19
232
29. .
27,806
27,709
28,262
28,372
28,126
349
525
86
-157
100
-398
-466
-105
1,256
1,290
1,347
1,340
1,271
1,265
1,293
1,364
1,336
1,279
-9
-3
-17
4
-8
25
17
134
20
86
-34
-20
-151
-16
-94
6.,
13..
20*.
27®.
28,587
27,745
28,084
27,308
28,237
27,717
27,910
27,276
350
28
174
32
774
-424
810 - 7 8 2
1,182 - 1 , 0 0 8
931
-899
5,547
5,293
5,508
5,026
5,440
5,378
5,433
5,069
107
-85
75
-43
93
150
332
86
14
-235
-257
-129
1,343
1,269
1,310
1,249
1,317
1,292
1,312
1,243
26
-23
-2
6
86
14
-60
-37
-2
6
1966—Dec..
May*.
540
295
14
3
- 8
-50
-5
-70
Week ending—
1969—May
7..
14..
22. .
May
For notes see opposite page.
-138
10
JUNE 1970 a BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER
A 7
BANKS—Continued
(In millions of dollars)
Country banks
Other reserve city banks
Reserves
Reserves
Borrowings at
F.R.
Banks
Free
reserves
,188
,302
322
182
Required:
1,568
4,576
4,761
897
1,406
3,566
4,099
671
804
1,011
663
3
4
46
29
668
800
965
634
. ...1939—Dec.
....1941—Dec.
....1945—Dec.
....1950—Dec.
6,689
7,347
7,707
8,219
8,619
8,901
9,875
6,066
6,939
7,337
7,889
8,318
8,634
9,625
623
408
370
330
301
267
250
40
74
55
92
161
80
180
583
334
315
238
140
187
70
....I960—Dec.
. ...1963—Dec.
....1964—Dec.
. ...1965—Dec.
. . . . 1966—Dec.
....1967—Dec.
1968—Dec.
10,177
9.993
9,952
9.994
9,928
9,928
10,007
184
176
200
186
185
165
190
177
511
571
582
637
468
447
443
321
-327
-395
-382
-451
-283
-282
-253
-144
....1969—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
171
188
159
138
138
283
400
276
162
301
-112
-212
.. ..1970—Jan.
Feb.
Mar.
Apr.
Required]
Excess
3,140
4,317
6,394
6,689
1,953
3,014
5,976
6,458
1,188
1,303
418
232
1
96
50
7,950
8,393
8,735
9,056
9,509
10,081
10,990
7,851
8,325
8,713
8,989
9,449
10,031
10,900
100
68
22
67
61
50
90
20
190
125
228
220
105
270
11,195
80
64
-94
84
14
-27
47
6
618
713
517
480
461
531
572
479
-538
-649
-396
-447
-558
-525
-473
10,194
10,114
10,113
10,172
10,256
10,335
-18
455
535
436
372
477
-473
-473
-501
-400
-457
10,574
10,290
10,122
10,281
10,332
11,275
10,986
10,752
10,814
10,668
10,745
10,922
10,970
10,846
10,730
10,654
10,772
10,841
10,964
11,296
10,975
10,737
11,038
10,966
11,314
10,913
10,802
11,066
10,946
10,888
62
-65
-28
20
80
-103
-161
-159
-55
-180
-611
Period
Free
reserves
Total
held
Total
held
-122
Borrowings at
F.R.
Banks
2,210
10,128
10,066
10,158
10,403
10,102
9,963
10,143
10,195
-117
-24
-163
MAYP
Week ending—
11,400
11.209
11,169
11,166
11,280
11,349
11,455
11.210
11,140
10,964
10,930
10,774
11,257
11,215
11,186
11,174
143
-6
-17
10,751
10,722
10,866
10,833
10,914
10,794
11,208
11,093
11,069
10,822
10,891
11,194
11,128
11,072
11,210
10,882
10,982
10,733
11,145
10,913
11,002
10,779
483
321
385
465
-315
-105
180
167
156
107
339
224
270
279
-159
-57
-114
-172
Mar. 4
11
18
25
10,066
10,166
10,269
181
179
154
130
142
292
178
139
118
211
15
12
-69
Apr. 1
8
15
22
29
10,335
10,134
10,163
10,185
152
167
122
114
213
204
296
449
-61
-37
-174
-335
May
10.486
10,337
10,209
10,318
10,121
10,226
10,167
10,034
10,076
10,113
-382
-52
404
530
394
458
92
-97
14
-35
-3
400
301
395
306
511
-308
-398
-381
-341
-514
10,296
10,411
65
-31
382
442
554
396
-317
-473
-574
-442
10.487
10,301
10,285
10,299
10,221
10,208
10,220
1
Beginning Sept. 12, 1968, amount is based on close-of-business figures for reserve period 2 weeks previous to report date.
NOTE.—Averages of daily figures. Monthly data are averages of daily
figures within the calendar month; they are not averages of the 4 or 5
weeks ending on Wed. that fall within the month. Beginning with Jan.
1964, reserves are estimated except for weekly averages.
4
168
216
183
144
-566
-642
-372
-588
-46
Feb.
-27
43
-77
-234
596
606
386
593
-20
7
14
21
28
243
30
-36
14
5
-394
-510
.1970—Jan.
216
205
175
152
-10
-608
7
14
21
28
506
405
455
607
10,488
10,557
10,656
10,608
22
-78
.1969—May
225
192
189
128
-281
9,923
9,932
10,012
-159
-530
-581
-552
11,110
10,773
10,644
10,866
10,781
10,106
10,331
10,115
10,121
10,140
216
440
554
542
57
-90
-27
10,916
10,769
-439
-631
-560
-631
10,272
10,352
10,481
10,456
11,223
11,439
11,482
11,220
11,000
582
625
543
623
10,026
10,082
9,987
9,867
9,920
10,006
10,040
10,029
162
252
386
-213
-266
-479
-202
-321
:::::::::: ::is
25
6
13
20P
27*>
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.
A 8
MAJOR RESERVE CITY BANKS
• JUNE 1970
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars, except as noted)
Basic reserve position
LessReporting banks
and
week ending—
Total—46
1970—Apr.
May
Excess
reserves 1
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
Net-
Gross transactions
Net transactions
Borrowings
from
dealers 4
Sales
Total
two-way
transactions 2
7,140
8,316
8,832
9,221
7,814
2,772
2,367
2,208
2,042
2,975
2,429
2,338
2,183
2,007
2,634
4,711
5,978
6,649
7,214
5,180
343
29
25
36
340
1,797
2,336
1,854
2,026
1,154
229
222
160
176
213
1,569
2,114
1,694
1 ,850
942
588
724
676
468
1,231
878
785
863
306
317
326
334
925
561
459
529
Borrowings
at F.R.
Banks
Net
interbank
Federal
funds
trans.
Surplus
or
deficit
Per cent
of
avg.
required
reserves
Purchases
4,367
5,949
6,624
7,179
4,839
-4,705
-6,081
-7,439
-7,888
-5,235
39.2
50.4
59.4
63.2
43.0
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Net
loans
banks
1
159
137
15
22
29
16
60
29
496
269
832
769
424
6
13
20
27
200
24
79
30
341
405
642
236
4,660
5,585
4,898
4,107
-4,800
-5,966
-5,461
-4,312
39.1
49.4
44.7
37.0
7,630
8,643
8,274
7,223
2,971
3,058
3,376
3,117
2,383
2,334
2,700
2,649
5,247
6,309
5.574
4.575
97
134
3
45
14
232
1,302
1,640
2,042
2,479
1 ,358
-1,437
-1,506
-2,362
-2,951
-1,406
29.5
31.0
46.7
57.9
28.6
2,201
2,521
2,749
3,073
2,321
899
880
707
595
963
899
880
707
595
879
1,302
1 ,640
2,042
2,478
1,441
1,038
1 ,042
927
989
662
108
322
517
63
125
99
115
145
931
917
828
875
517
113
-7
70
93
150
332
86
1,253
1,858
1,654
1,158
-1,233
-2,015
-1,916
-1,236
24.8
41.0
38.6
26.8
2,308
2,727
2,789
2,134
1,055
869
1 ,136
976
976
868
I,095
927
1,332
1,859
1 ,694
1,207
803
556
542
563
212
218
206
147
591
338
336
417
121
98
62
62
68
638
1,197
866
976
425
94
334
222
123
113
8
8 in New York City
1970—Apr.
1
8
15
22
29
May
6
13
20
27
38 outside
New York City
1970—Apr.
1
8
15
22
29
62
3
14
15
14
264
269
510
252
361
3,065
4,309
4,582
4,700
3,481
-3,267
-4,575
-5,078
-4,937
-3,828
45.8
63.5
68.0
66.9
52.7
4,938
5,796
6,083
6,148
5,493
1,873
1 ,487
1 ,501
1 ,448
2,012
1,530
1,458
1,476
1,412
1 ,755
3,409
4,338
4,607
4,736
3,738
343
29
25
36
257
759
1,295
928
1,037
493
May
6
13
20
27
87
31
248
255
310
150
3,407
3,727
3,245
2,949
-3,567
-3,951
-3,545
-3,076
48.8
55.1
48.9
43.6
5,323
5,915
5,485
5,089
1 ,916
2,188
2,241
2,141
1 ,408
1 ,466
1 ,605
1,722
3,915
4,450
3,880
3,368
509
723
635
419
428
322
243
300
21
15
134
20
86
988
1,251
1,435
1,528
1,280
-1,003
-1,254
-1,580
-1,540
-1,371
86.9
106.2
126.6
126.0
117.7
1 ,287
1 ,594
1 ,739
1,841
1,598
299
343
304
313
317
299
343
304
313
317
988
1,251
1,435
1 ,528
1,280
95
92
50
54
108
95
92
50
54
108
86
14
1,270
1 ,497
1 ,378
1,118
-1,336
-1,509
-1 ,374
-1,107
111.5
128.5
114.8
97.8
1,594
1 ,779
1 ,659
1 ,385
324
282
282
267
324
282
282
267
1,270
1,497
1,378
1,118
80
47
75
95
80
47
75
95
10
22
100
120
187
5 in City of Chicago
1970—Apr.
1
8
15
22
29
May
9
13
20
27
6
12
- 1 0
9
-5
19
2
4
11
33 others
1970—Apr.
1
8
15
22
29
243
254
375
232
276
2,077
3,058
3,147
3,172
2,201
-2,264
-3,321
-3,498
-3,398
-2,458
37.9
55.1
56.3
55.1
40.2
3,651
4,202
4,344
4,307
3,896
1,574
1 ,144
1,197
1,135
1,695
1,231
1,115
1,172
1,100
1,438
2,421
3,087
3,172
3,208
2,458
343
29
25
36
257
664
1,203
878
983
385
121
98
62
62
68
543
,105
816
921
317
May
6
13
20
27
162
2,137
2,230
1,867
1,831
-2,231
-2,441
-2,171
-1,970
36.5
40.7
35.9
33.2
3,729
4,136
3,826
3,705
1,592
1,906
1,959
1,874
1,083
1,184
1,323
1,455
2,646
2,953
2,503
2,250
509
723
635
419
349
275
94
240
310
150
100
255
175
48
18
1 Based upon reserve balances, including all adjustments applicable to
the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies,
if any, were deducted. Excess reserves for later periods are net of all carryover reserves.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank's weekly average purchases and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
168
205
120
187
banks, repurchase agreements (purchases of securities from dealer
subject to resale), or other lending arrangements.
4
Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see Aug. 1964 BULLETIN, pp. 944-74.
A 9
JUNE 1970 • DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Federal Reserve Bank
Rate on
May 31,
1970
6
6
6
6
6
6
6
6
6
6
6
6
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
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,
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
Previous
rate
Rate on
May 31,
1970
51/2
51/2
5*4
5%
51/2
51/2
51/2
51/2
51/2
51/2
5*4
5*4
6*4
61/2
61/2
6*4
6*4
6*4
6*4
6*4
6*4
61/2
6V2
6*4
i 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 3
Advances under
Sec. 10(b) 2
Advances and discounts under
Sees. 13 and 13a 1
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,
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
1969
Previous
rate
6
6
6
6
6
6
6
6
6
6
6
6
Rate on
May 31,
1970
7*4
7*4
7*4
7*4
71/2
71/2
7*4
71/2
71/2
71/2
7*4
71/2
Effective
date
Feb.
Apr.
Feb.
Apr.
Feb.
Feb.
Mar.
Mar.
Apr.
Feb.
Feb.
Feb.
2,
4,
10,
4,
18,
10,
4,
16,
4,
18,
18,
2,
1970
1969
1970
1969
1970
1970
1970
1970
1969
1970
1970
1970
Previous
rate
7
7
7
7
7
7
7
7
6*4
7
7
7
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
guaranteed as to principal and interest by, the U.S. Govt, or any
agency thereof. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
In effect Dec. 31, 1941
Range
(or level)—
All F.R.
Banks
i
-1*4
1942
Apr. 11
Oct. 15
30
F.R.
Bank
of
N.Y.
1
1
\r
t *4
Apr. 13
20
Aug. 24
31
t *4-1
i
1948
1 -1V4 W4
IV4
1*4
Jan. 12
19
Aug. 13
23
1*4-1*4
1*4
1*4
1*4
1950
Aug. 21
25
1*4-1 %
1V4
1V4
1V4
1953
1*4-2
Jan. 16
23
2
1954
Feb. 5
15
Apr. 14
16
May 21
1955—Cont,
Sept. 9
13
Nov. 18
23
Iffl
1*4
Effective
date
1960
2
-2i/4
2V4
21/4-2 *4
21/z
21/4
214
2*4
2%
June
3
10
14
Aug. 12
Sept. 9
234
234
July 17
26
IV4
iy4
1V4
ig
2V4-3
23^-3
3
Aug. 9
23
Nov. 15
Dec. 2
3
3
3
3
-31/2
3
-3*4
3
3
31/2
3
3%
1958
234-3
234-3
214-3
214-234
21/4
H4-214
l'/4
1V4-2
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
Sept. 12
23
Oct. 24
Nov. 7
1*4-2
2
-2%
2*4
2
2
-21/4
2
Mar. 6
16
May 29
June 12
Sept. 11
18
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. on repurchase contracts
against U.S. Govt, obligations was the same as its discount rate except
F.R.
Bank
of
N.Y.
3/4-4
4
3 *4
3*4-4
3*4
3 -3%
3
3
234
214
214
21/4
18
i*
2
2
2 *4
3
-31/2
3%
3%
3
3
m
1964
Nov. 24
30
3*4-4
4
1965
Dec.
6
13
4
-4*4
4*4
4*4
4*4
-4*4
-4*4
4*4
4
4
4*4
4*4
4*4-5
5
5 -5*4
5*4
514-5*4
5*4
5*4-5*4
5*4
4*4
5
5*4
5*4
5*4
514
5*4
5*4
5*4-6
6
6
6
1967
Apr. 7
14
Nov. 20
27
4
4
4
1968
Mar. 15
22
Apr. 19
26
Aug. 16
30
Dec. 18
20
1959
m-w
m-m
ig
1V4
1V4
1V4-2V4 1V4
134-214
2
Range
(or level)—
All F.R.
Banks
1963
2*4-3
t Preferential rate of *4 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.
F.R.
Bank
of
N.Y.
1957
1955
Apr. 14
15
May 2
Aug. 4
5
12
Range
(or level)—
All F.R.
Banks
1956
1946
Apr. 25
May 10
Effective
date
1969
2*4-3
3
3 -3*4
3*4
3*4-4
4
3
3
3%
3%
4
4
Apr.
4
8
1970
In effect May 31,1970
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.
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; June7, 11-13, 19, 21,24,5.75;
July 5, 16, 5.625; Aug. 16, 19, 5.25.
A 10
RESERVE AND MARGIN REQUIREMENTS
• JUNE 1970
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
Dec. 31, 1949, through July 13, 1966
Beginning July 14, 1966
Net demand
deposits 2,4
Net demand
deposits 2
Effective date
]
Time
deposits
(all
classes
of
banks)
Effective date
Reserve
city banks
1
Time deposits 4,5
(all classes of banks)
Country
banks
Central
reserve
city
banks 3
Reserve
city
banks
Country
banks
In effect Dec. 31, 1949.
22
18
12
1966—July 14,21.
Sept. 8, 15.
1951—Jan.
Jan.
1953—July
1954—June
July
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov.
Dec.
1962—July
Oct.
23
24
22
21
20
19
20
19
13
14
13
1967—Mar. 2.
Mar. 16.
18
17
12
12%
17
12
11%
11
16%
19
18%
1969—Apr. 17
17
17%
12%
13
In effect May 31,1970.
17
17%
12%
13
11,16
25, Feb.
9,1
24, 16
29, Aug.
27, Mar.
20, Apr.
17
24
1
24
1
28
25, Nov.
1.
1.
1.
1.
191/2
18
17%
1.
17%
Under
Over
Under
Over
$5 mil- $5 mil- $5 mil- $5 million
lion
lion
lion
1968—Jan.
16%
12
1 When two dates are shown, the first applies to the change at central
reserve or reserve city banks and the second to the change at country
banks. For changes prior to 1950 see Board's Annual Reports.
2
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities
as 4central reserve cities was terminated effective July 28, 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
Other
time deposits
Under Over
$5 mil- $5 million
lion
64
64
3%
3
3%
3
11,18....
Present legal
requirement:
Minimum
Maximum
16%
(3)
6 12
'16%
Savings
deposits
10
22
3
10
7
14
3
10
3
10
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 o n pp. 656 and 657 o f the A u g . 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
Jan. 16,
1958
Aug. 5,
1958
Oct. 16,
1958
July 28,
1960
Nov. 6,
1963
Mar. 11,
1968
70
50
70
60
80
70
50
60
80
65
50
70
50
80
60
65
50
Regulation T:
For credit extended by brokers and dealers on—
Margin stocks
Registered bonds convertible into margin stocks.
For short sales
50
70
90
70
50
70
50
'l0
90
70
'56'
70
Regulation U :
For credit extended by banks on—
Margin stocks
Bonds convertible into margin stocks.
50
70
90
70
50
70
Regulation G:
For credit extended by others than brokers and
dealers and banks on—
Margin stocks
Bonds convertible into listed stocks
NOTE.—Regulations G, T, and U, prescribed in accordance with the
Securities Exchange Act of 1934, limit the amount of credit to purchase
and carry margin stocks that may be extended on securities as collateral
by prescribing a maximum loan value, which is a specified percentage
of the market value of the collateral at the time the credit is extended;
margin requirements are the difference between the market value (100 per
May 6,
1970
July 10,
1962
June 8,
1968
65
50
65
cent) and the maximum loan value. The term margin stocks is defined in
the corresponding regulation.
Regulation G and special margin requirements for bonds convertible
into stocks were adopted by the Board of Governors effective Mar. 11,
1968.
JUNE 1970 •
A
MAXIMUM INTEREST RATES; BANK DEPOSITS
11
MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAYINGS DEPOSITS
(Per cent per annum)
Rates beginning July 20, 1966
Rates Jan. 1, 1962—July 19, 1966
Effective date
Effective date
Type of deposit
Type of deposit
Jan. 1,
1962
Savings deposits:
July 17,
1963
Dec. 6,
1965
Nov. 24,
1964
1
12 months or m o r e . .
Less than 12 months.
Other time deposits:
4
4
3%
m
2
12 months or more
6 months to 12 months
90 days to 6 months.. .
Less than 90 days.
(30-89 days)
4
3%
2»
4%
5%
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; A u g . 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.
July 20,
1966
Savings deposits
Other time deposits: 2
Multiple maturity: 3
30-89 days
90 days-1 y e a r . . ,
1 year to 2 years.
2 years and over.,
Single-maturity:
Less than $100,000:
30 days to 1 year..
1 year to 2 y e a r s . .
2 years and over. .
$100,000 and over:
30-59 days
60-89 days
90-179 days
180 days to 1 year.
1 year or more. . .
Sept. 26,
1966
Apr. 19,
1968
Jan. 21,
1970
4 Vt
4
fA
5%
5
5 Va
|
5%
5V4
6
W/4
5%
5%
5 V£
I 5V4
6Va
6 Vt
6Va
J 7
i m
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
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Country
banks
Item
Other
179,551
22,149
5,741
151,661
133,640
150,547
44,303
9,825
1,030
33,449
25,381
15,112
7,363
1,320
305
5,737
5,763
4,712
61,791
8,543
2,325
50,924
47,091
54,576
9,340
4,746
427
409
122
86
2,552
1,474
22,704
27,450
27,321
129
4,936
5,345
5,339
6
1,155
1,241
1,244
-3
9,292
10,766
10,793
-27
66,094 Gross demand—Total...
2,462
Interbank
2,081
U.S. Govt
61,552
Other
'.-.
55,404 Net demand i
76,147 Time
Demand balances due
6,240
from dom. banks
2;777 Currency and coin
B a l a n c e s w i t h F.R.
Banks
7,321
10,098 Total reserves held
9,945
Required
153
Excess
i Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending Apr. 22, 1970
Four weeks ending Mar. 25, 1970
Gross demand—Total...
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
from dom. banks
Currency and coin
B a l a n c e s with F.R.
Banks
Total reserves held
Required
Excess
All
member
banks
181,545
21,886
4,756
154,902
137,517
153,337
42,658
9,153
883
32,622
26,291
15,754
9,639
4,744
490
402
23,293
28,037
27,843
194
5,089
5,491
5,444
47 .
.
7,724
1,415
299
6,011
6,091
4,806
63,465
8,761
1,955
52,749
48,518
55,629
67,697
2,557
1,619
63,521
56,617
77,147
140
92
2,576
1,477
6,434
2,774
1,217
1,309
1,315
-6
9,525
11,002
11,009
-7
7,462
10,236
10,075
161
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 • JUNE 1970
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1970
1970
Item
May 27
May 20
May 13
May 6
Apr. 29
May 31
1969
Apr. 30
May 31
Assets
Gold certificate account
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
11,045
400
11,045
400
205
200
197
196
196
210
198
195
888
90
446
90
760
90
441
90
836
90
1,364
90
455
90
1,832
46
50
54
58
56
58
42
57
49
46
30
Federal agency obligations—Held under repurchase
34
80
132
U.S. Govt, securities:
Bought outright:
Bills
22,114
Other
10,022
11,045
400
11,045
400
11,045
400
11,045
400
11,045
400
22,297
22,369
22,602
32,073
2,815
21,197
22,211
21,274
32,073
2,815
32,233
2,863
32,073
2,815
30,501
4,128
56,162
346
53,509
250
18,880
32,165
2,836
32,165
2,836
32,073
2,815
Total bought outright
157,115
157,370
157,185
157,490
235
156,085
57,307
Total U.S. Govt, securities
57,115
57,370
57,185
57,725
56,085
57,307
56,508
53,759
Total loans and securities
Cash items in process of collection
58,139
P9,161
118
57,956
Pl0,368
118
58,089
P10,320
118
58,502
P10,398
117
57,069
10,368
117
58,803
»8,922
118
57,193
10,084
117
55,747
8,558
114
510
210
341
706
210
334
906
210
874
908
210
855
1,101
210
823
510
210
346
1,101
210
811
1,889
233
280
P80,129
*81,337
82,159
*82,631
81,329
2*80,564
81,159
77,038
Notes
Other assets:
Denominated in foreign currencies
IMF golijl deposited *
All other
Total assets
p
Liabilities
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account
Foreign
Other:
IMF gold deposit 2
All other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
47,176
47,061
47,183
46,938
46,528
47,096
46,516
44,171
P21,731
1,305
109
P22,930
742
141
f22,497
1,691
232
*23,687
1,323
168
22,650
1,367
224
*>23,031
1,198
128
23,082
1,784
204
23,705
562
107
210
603
210
603
210
745
210
659
210
659
210
578
210
615
233
205
*23,958
P24,626
p25,375
f26,047
25,110
^25,145
25,895
24,812
6,768
600
7,497
594
7,529
584
7,349
600
7,553
508
6,052
607
6,548
562
6,019
482
f78,502
P79,778
*>80,671
»80,934
79,699
P78,900
79,521
75,484
684
669
274
684
669
206
682
669
137
682
669
346
682
669
279
684
669
311
682
669
287
654
630
270
?80,129
*81,337
f82,159
^82,631
81,329
*>80,564
81,159
77,038
Capital accounts
Capital
Surplus paid in
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
232
229
208
210
194
231
194
183
9,752
9,658
9,437
9,252
9,340
9,754
9,154
10,035
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
U.S. Govt, securities
49,889
49,776
49,557
49,350
49,221
49,984
49,233
46,819
3,327
48,025
3,327
47,975
3,327
47,925
3,327
47,910
3,327
47,910
3,327
48,025
3,327
47,910
3,437
45,111
Total collateral
51,352
51,302
51,252
51,237
51,237
51,352
51,237
48,548
1
See note 7 on page A-5.
2 See note 1 (b) at top of page A-75.
JUNE 1970 •
FEDERAL RESERVE BANKS
A 13
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1970
(In millions of dollars)
Item
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
Assets
Gold certificate account
Special Drawing Rights certif. acct...
F.R. notes of other banks
Other cash
Discounts and advances:
Secured by U.S. Govt, securities.. •
Other
Acceptances:
Bought outright
Held under repurchase agreements.
Federal agency obligations—Held
under repurchase agreements
U.S. Govt, securities:
Bought outright
Held under repurchase agreements.
Total loans and securities
11,045
400
783
210
467
23
69
538
916
47
188
11
2,992
93
195
23
566
23
37
7
900
33
63
23
948
36
57
12
563
22
1271
30
1,752
70
32
261
47
3441
201
14
172|
7
17|
8
401
15
35
14
74|
101
421
42
57,307
2,885 14,133
3,015
4,487
4,309
3,113|
9,424
2,112
1,177
2,119
58,803
3,120 14,566
3,174
4,517
4,335
3,158
9,599
2,162
,200
2,223
2,092
590|
896
839
11
1,125
17
2,018
17
602
4081
7
740
18
3,246
Cash items in process of collection.., Pi 1,589
118
Bank premises
Other assets:
510
Denominated in foreign
currencies.,
210
IMF gold deposited 2
346
All other
699
2
9
2
101
1134
210
85
f84,014
4,444 20,399
4,441
6,515
6,291
5,093 13,642
47,879|
F.R. notes
Deposits:
^23,031
Member bank reserves
i ,198
U.S. Treasurer—General account.
128
Foreign
Other:
2
210
IMF gold deposit
610
All other
2,749 11,231
2,720
3,890
4,273)
2,560
8,398
1,059
92
6
1,550
108
10
1,105
126|
1,432
31
7
3,276
127
Total assets.
394|
15
1,835
3,481
Liabilities
Total deposits.
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
891
106
5
6,214|
181
347
210
522
P25,177
8,687
607
f82,350
6
16|
,825
8241
80
4
842
,799
569
59
2
984
49
5
1,041
12
18
10
15
1,003
7,174
,159
,670
,249
1,488
3,429
923
633
583
30
1,397
155
446
31
763|
47
633
45
907
33
,468
97
420
22
311
4,365 19,957
4,356
6,370
6,200
4,988 13,392
3,190
,799
3,413
3,246
1,835
3,481
131
550|
23
Capital accounts
Capital paid in
Surplus
Other capital accounts.
Total liabilities and capital accounts..
Contingent liability on acceptances
purchased for foreign correspondents
684
669F
311
101
99
501
182
177
831
84,014
4,444 20,399
231
460
4,441
12
6,515
6,291
5,093 13,642
21
12
34
10
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account
U.S. Govt, securities
Total collateral.
49,984
2,845 11,821
2,808
4,065
4,397
2,712
8,695
1,903
868
3,327
48,025
250
500
2,650 11,400
300
2,620
510
3,750
580
3,860
2,800
1,000
7,950
155
1,830]
27
8601 1,875
51,352
2,900 11,900
2,920
4,260
4,440
2,800
8,950
1,985
887
1 After deducting $376 million participations of other Federal Reserve
Banks
2
See note 1(b) to table at top of page A-75.
3
After deducting $81 million participations of other Federal Reserve
Banks.
1,853
1,875
4
After deducting $171 million participations of other Federal Reserve
Banks.
NOTE.—Some figures for cash items in process of collection and
for member bank reserves are preliminary.
A
14
OPEN MARKET ACCOUNT • JUNE 1970
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt, securities, by maturity
Total
Treasury bills
Others within 1 year
1-5 years
Month
Gross
purchases
Gross
sales
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,121
2,368
4,586
3,495
2,201
4,762
5,145
2,915
1,250
1,346
1,444
3,993
3,251
1,658
5,483
3,704
735
1,029
206
1970—Jan
Feb
Mar
Apr
3,133
801
2,657
1,124
4,154
395
2,577
747
615
100
119
Redemptions
7
200
115
148
386
Gross
purchases
Gross
sales
2,121
2,173
4,586
3,428
2,201
4,762
5,016
2,852
1,250
1,346
1,444
3,993
3,251
1,658
5,483
3,704
735
1,029
3,133
801
2,657
1,124
4,154
395
2,577
747
Outright transactions in U.S. Govt, securities—Continued
5-10 years
Over 10 years
Month
Gross
purchases
1969—Apr
May. . .
June..,
July....
Aug....
Sept
Oct ,
Nov
Dec ,
Gross
sales
Exch.
or maturity
shifts
60
12
Gross
purchases
Gross
sales
Exch.
or maturity
shifts
24
23
10
-4,921
52
3
1970—Jan
Feb
Mar
Apr... .
3
4
175
-1,137
-688
-66
i Net change in U.S. Govt, securities, Federal agency obligations, and
bankers' acceptances.
Redemptions
Gross
purchases
Gross
sales
Exch.,
maturity
shifts,
or
redemptions
Gross
purchases
Gross
sales
Exch.
or
maturity
shifts
206
33
7
200
10,883
10
78
-10,895
24
407
115
148
386
-694
1,177
28
615
100
119
4,514
74
29
519
-40
-564
154
Repurchase
agreements
(U.S. Govt,
securities)
Net
change
in U.S.
Govt,
securities
Federal
agency
obligations
(net repurchase
agreements)
1,319
-154
Bankers'
acceptances
Outright,
net
Under
repurchase
agreements,
net
5
-5
-5
*
43
-60
-30
Gross
purchases
Gross
sales
1,929
4,192
1,312
560
2,721
1,121
2,655
1,031
3,336
1,790
4,470
1,562
560
2,491
1,062
2,715
1,260
3,336
708
646
336
44
773
-777
1,381
1,803
-165
54
1
-80
1,201
4,407
1,176
3,685
1,009
4,599
1,176
3,338
-1,444
114
-38
723
30
-30
-7
34
-4
6
39
-39
17
-17
-3
4
8
15
22
-22
26
-26
49
Net
changei
810
582
220
43
834
-841
1,402
1,794
-150
-1,395
57
-43
811
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
End of
period
Total
Pounds
sterling
Belgian
francs
Canadian
dollars
Danish
kroner
8
1968—Dec.
2,061
1969—Feb.
Mar.
Apr.
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1,938
2,059
1,960
1,889
1,834
1,670
1,929
2,330
1,823
1,370
1,967
1,450
1,396
1,245
1,542
1,564
1,383
1,571
1,693
1,494
1,273
1,575
1970—Jan..
Feb.,
975
1,179
605
215
Austrian
schillings
50
50
50
13
23
44
176
115
24
224
204
25
50
100
French
francs
German
marks
433
165
318
461
436
125
160
163
Italian
lire
199
100
Netherlands
guilders
7
60
60
15
15
315
313
6
125
4
4
4
4
86
196
114
114
2
2
3
60
159
201
801
3
3
13
15
15
15
1
Japanese
yen
Swiss
francs
1
2*
3
2
5
27
4
JUNE 1970 •
FEDERAL RESERVE BANKS; BANK DEBITS
A
15
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1970
1970
Item
Discounts and advances—Total
Within 15 days
16 days to 90 days
01 Hiivc to 1 VMT
Acceptances—Total
Within 15 days
16 days to 90 days
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
1969
May 27
May 20
May 13
May 6
Apr. 29
May 31
Apr. 30
May 31
978
879
99
536
481
55
850
795
55
531
435
94
2
924
828
96
1,454
1,352
102
546
449
97
1,831
1,801
30
46
31
15
50
17
33
54
16
38
114
71
43
58
15
43
42
12
30
106
64
42
76
43
33
57,115
3,061
9,550
13,440
25,179
5,271
614
57,370
3,414
9,632
13,260
25,179
5,271
614
57,185
14,549
9,496
11,599
13,976
6,953
612
57,857
14,904
9,865
11,547
13,976
6,953
612
56,085
3,362
20,880
10,302
13,976
6,953
612
57,307
1,623
10,532
14,006
25,249
5,277
620
56,542
13,836
9,523
11,642
13,976
6,953
612
53,839
1,775
9,431
20,834
7,691
13,447
661
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 *
(billions of dollars)
Period
Total
233
S MSA's
Leading SMSA's
N.Y.
6 others
2
Leading SMSA's
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
Total
233
SMSA's
N.Y.
6 others
2
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
1969—Apr...
May..
June..
July.
Aug...
Sept...
Oct...
Nov...
Dec...
8.887.6
9.147.7
9.384.8
9,242.8
9.430.1
9.737.2
9,527.0
9,484.4
9.560.4
3,902.0
4.097.6
4.155.7
3,908.6
4.148.4
4.311.5
4.127.6
4,207.5
4,198.2
2,028.9
2,083.2
2,164.4
2,244.4
2,242.8
2.249.6
2.254.7
2.224.8
2.212.9
4,985.7
5,050.1
5.229.1
5.334.2
5,281.7
5,425.7
5.399.3
5,276.9
5,362.2
2.956.7
2.966.8
3.064.7
3.089.8
3.038.9
3.176.2
3,144.7
3,052.1
3.149.3
66.7
68.2
68.7
67.6
70.1
72.3
70.8
70.5
69.4
140.9
147.3
145.5
136.1
146.5
153.5
148.8
151.6
145.7
66.3
67.1
68.6
71.8
72.9
73.0
72.9
71.7
69.6
47.2
47.5
48.4
49.4
49.7
50.9
50.6
49.4
49.2
39.4
39.5
40.1
40.3
40.3
41.9
41.5
40.3
40.8
1970—Jan...
Feb.'.
Mar. r .
Apr...
9.547.5
9.793.6
9.842.7
10,163.5
4.054.0
4.232.1
4.336.7
4,422.0
2,277.4
2,309.1
2,291.4
2,417.9
5,493.5
5.561.4
5,506.0
5.741.5
3,216.1
3,252.3
3,214.6
3,323.6
69.4
72.4
70.7
72.9
139.9
148.8
145.7
149.7
71.6
74.2
72.2
75.8
50.6
52.0
50.3
52.2
41.9
42.9
41.3
42.6
1
2
Excludes interbank and U.S. Govt, demand deposit accounts.
Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
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
• JUNE 1970
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation 1
Total
Coin
$1 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
195 8
195 9
27,741
31,158
32,193
32,591
19,305
22,021
22,856
23,264
1,554
1,927
2,182
2,304
1,113
1,312
1,494
1,511
64
75
83
85
2,049
2,151
2,186
2,216
5,998
6,617
6,624
6,672
8,529
9,940
10,288
10,476
8,438
9,136
9,337
9,326
2,422
2,736
2,792
2,803
5,043
5,641
5,886
5,913
368
307
275
261
588
438
373
341
4
3
3
3
12
12
9
5
1960
196 1
196 2
196 3
196 4
32,869
33,918
35,338
37,692
39,619
23,521
24,388
25,356
26,807
28,100
2,427
2,582
2,782
3,030
3.405
1,533
1,588
1,636
1,722
1,806
92
97
103
111
2,246
2,313
2,375
2,469
2,517
6,691
6,878
7,071
7,373
7,543
10,536
10,935
11,395
12,109
12,717
9,348
9,531
9,983
10,885
11,519
2,815
2,869
2,990
3,221
3,381
5,954
6,106
6,448
7,110
7,590
249
242
240
249
248
316
300
293
298
293
3
3
3
3
2
10
10
10
4
4
196 5
1966
196 7
196 8
42,056
44,663
47,226
50,961
29,842
31,695
33,468
36,163
4.027
4,480
4,918
5.691
1,908
2,051
2,035
2.049
127
137
136
136
2,618
2,756
2,850
2,993
7,794
8,070
8,366
8,786
13,369
14,201
15,162
16,508
12,214
12,969
13,758
14,798
3,540
3,700
3,915
4,186
8,135
8,735
9,311
10,068
245
241
240
244
288
286
285
292
3
3
3
3
4
4
4
4
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
49,642
50,399
50,936
51,120
51,461
51,336
51,710
52,991
53,950
34,895
35,529
35,920
35,981
36,232
36,032
36,275
37,325
37,917
5.692
5,730
5,790
5,827
5,849
5,877
5,909
5,965
6,021
1,934
1,971
1,989
1,992
2,001
2,023
2,041
2,115
2,213
136
136
136
136
136
136
136
136
136
2,815
2,861
2,882
2,852
2,868
2,858
2,865
2,971
3,092
8,363
8,531
8,592
8,546
8,586
8,500
8,536
8,839
8,989
15,955 14,747
16,300 14,869
16,531 15,016
16,629 15,139
16,791 15,229
16,639 15,303
16,789 15,435
17,300 15,666
17,466 16,033
4,130
4,158
4,212
4,251
4,276
4,280
4,302
4,385
4,499
10,073
10,166
10,259
10,345
10,418
10,493
10,608
10,761
11,016
244
244
245
243
241
239
236
235
234
292
292
292
291
286
283
280
278
276
3
3
3
3
3
3
3
3
3
4
5
5
5
5
5
5
5
5
1970—Jan..
Feb.
Mar.
Apr.
51,901
52,032
52,701
53,034
36,120
36,227
36,780
37,012
5,986
5,988
6.028
6,053
2,074
2,060
2,086
2,105
136
136
136
136
2,872
2,862
2,915
2,920
8,425 16,626 15,781
8,482 16,699 15,805
8,622 16,993 15,921
8,646 17,152 16,022
4,380 10,889
4,384 10,914
4,418 10,999
4,446 11,075
231
229
228
226
273
271
269
266
3
3
3
3
5
5
5
4
End of period
Coin and small denomination currency
1
Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.
Large denomination currency
$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 dollars)
Held in the Treasury
Kind of currency
Gold
Gold certificates
Federal Reserve notes
Treasury currency—Total
Standard silver dollars
Fractional Coin
United States notes
In process of retirement 4
Total—Apr. 30, 1970
Mar. 31, 1970
Apr. 30, 1969
Total outstanding, As security
against
Treasury
Apr. 30,
gold and
cash
1970
silver
certificates
11,367
(11,045)
49,233
6,944
(11,045)
(11,045)
(11,045)
(10,023)
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 $210 million gold deposited by and held for the International
Monetary Fund.
3 Consists of credits payable in gold certificates, the Gold Certificate
Fund—Board of Governors, FRS.
4
Redeemable from the general fund of the Treasury.
Held by
F.R.
Banks
and
Agents
1970
1
1969
Apr.
30
Mar.
31
Apr.
30
46,386
6,648
46,079
6,623
43,344
6,298
482
5,572
294
301
482
5,546
293
301
482
5,211
300
306
2322
311,044
485
5,835
323
301
567,544
567,384
563,468
For
F.R.
Banks
and
Agents
Currency in circulation
127
97
1
2,720
199
3
66
28
198
546
566
661
11,044
11,044
10,022
2,920
3,072
3,144
53,034
52,701
49,642
5 Does not include all items shown, as gold certificates are secured by
gold. Duplications are shown in parentheses.
NOTE.—Prepared from Statement of United States Currency and Coin
and other data furnished by the Treasury. For explanation of currency
reserves and security features, see the Circulation Statement or the Aug.
1961 BULLETIN, p. 936.
JUNE 1970 • MONEY SUPPLY; BANK RESERVES
A
17
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Money supply
Period
Total
Currency
component
Demand
deposit
component
Time
deposits
adjusted i
Total
Currency
component
Demand
deposit
component
Time
deposits
adjusted i
U.S.
Govt,
demand1
deposits
1966—Dec
1967—Dec
1968—Dec
170.4
181.7
194.8
38.3
40.4
43.4
132.1
141.3
151.4
158.5
183.7
204.9
175.8
187.5
201.0
39.1
41.2
44.3
136.7
146.2
156.7
156.9
182.0
203.1
3.4
5.0
5.0
1969—May
June
July
Aug
Sept
Oct
Nov
Dec
198.3
199.0
199.3
199.0
199.0
199.1
199.3
199.6
44.5
44.8
45.0
45.3
45.2
45.6
45.9
45.9
153.8
154.2
154.4
153.8
153.7
153.6
153.4
153.7
201.7
200.8
197.7
194.5
194.1
193.5
193.4
194.1
194.4
197.0
197.8
195.9
197.6
199.3
201.0
206.0
44.2
44.7
45.2
45.4
45.2
45.6
46.4
46.9
150.3
152.3
152.7
150.5
152.4
153.7
154.7
159.1
202.2
201.0
197.7
195.5
194.3
193.7
192.6
192.4
9.2
6.0
5.6
4.3
5.3
4.2
5.1
5.5
1970—Jan
Feb
Mar
Apr
May?
201.1
199.3
201.5
203.3
204.0
46.1
46.4
46.7
47.0
47.6
155.0
153.0
154.8
156.2
156.4
192.1
192.0
194.3
197.9
199.6
207.1
197.8
199.7
204.2
200.1
46.1
45.9
46.3
46.6
47.2
161.1
151.9
153.4
157.6
152.8
191.7
192.0
194.9
198.3
200.0
4.7
7.1
6.9
5.3
6.4
203.7
202.5
201.7
47.1
47.1
47.3
156.6
155.4
154.5
197.5
198.2
198.8
205.7
205.1
201.5
46.8
46.6
46.4
158.9
158.5
155.1
197.9
198.4
199.0
3.6
6.2
5.5
203.9
203.5
205.1
203.8
47.5
47.6
47.6
47.6
156.4
155.9
157.5
156.2
199.1
199.2
199.7
199.9
202.9
200.5
199.7
197.6
47.2
47.4
47.2
47.0
155.6
153.1
152.4
150.6
199.3
199.6
200.1
200.3
7.2
5.4
6.3
7.4
Week ending—
1970—Apr. 15
22
29
May
6
13
20
27
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
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)
Deposits subject to reserve requirements 2
Member bank reserves, S.A. 1
S.A.
Total member
bank deposits
plus non-deposit
items 3
N.S.A.
Period
Total
Nonborrowed
Demand
Required
Total
Demand
Time
and
savings
Private
U.S.
Govt.
Total
Time
and
savings
Private
U.S.
Govt.
S.A.
N.S.A.
1966—Dec
1967—Dec
1968—Dec
23.52
25.94
27.96
22.98
25.68
27.22
23.17
25.60
27.61
244.6
273.5
298.2
129.4
149.9
165.8
111.7
118.9
128.2
3.5
4.6
4.2
247.1
276.2
301.2
127.9
148.1
163.8
116.1
123.6
133.3
3.0
4.5
4.1
1969—May
June
July
Aug
Sept
Oct
Nov
Dec
28.24
28.06
27.53
27.40
27.40
27.35
27.78
27.93
26.89
26.71
26.28
26.21
26.38
26.21
26.54
26.81
27.94
27.74
27.33
27.16
27.14
27.13
27.55
27.71
295.1
292.6
288.0
285.3
285.7
283.5
285.8
285.8
159.3
158.1
155.1
152.5
152.1
151.5
151.1
151.5
130.0
130.5
130.5
129.9
129.2
128.9
129.1
129.4
5.9
4.0
2.4
2.9
4.4
3.1
5.6
4.9
294.2
292.0
288.8
283.6
284.6
283.8
284.7
288.6
160.1
158.6
155.4
153.1
151.8
151.1
150.0
149.7
126.3
128.4
128.8
127.0
128.3
129.3
130.3
134.4
7.9
5.0
4.7
3.5
4.4
3.5
4.3
4.6
307.5
305.7
303.8
304.2
302.2
305.5
305.7
306.9
306.5
302.1
303.1
302.5
304.3
308.6
1970—Jan
Feb
Mar
Apr
May®
28.00
27.72
27.72
28.22
27.88
26.97
26.62
26.78
27.35
26.91
27.82
27.52
27.54
28.05
27.69
284.8
282.9
286.2
290.2
289.2
149.4
148.8
150.6
153.5
154.6
130.1
128.5
129.8
131.4
131.6
5.3
5.6
5.9
5.2
3.0
288.5
282.3
285.4
290.7
288.0
148.9
148.8
151.0
153.8
154.9
135.6
127.4
128.5
132.4
127.8
3.9
6.1
5.8
4.5
5.4
304.8
303.4
306.1
309.6
309.5
308.5
302.8
305.3
310.2
308.9
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 defined
by Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Govt., less cash items in process of collection
and demand balances due from domestic commercial banks. Effective June
9, 1966, balances accumulated for repayment of personal loans were eliminated from time deposits for reserve purposes. Jan. 1969 data are not
comparable with earlier data due to the withdrawal from the system on
Jan. 2, 1969, of a large member bank.
3 Total member bank deposits subject to reserve requirements, plus
Euro-dollar borrowings, bank-related commercial paper, and certain
other nondeposit items.
NOTE.—Due to changes in Regulations M and D , required reserves
include increases of approximately $400 million since Oct. 16, 1969.
Back data may be obtained from the Banking Section, Division of Research
and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
A 18
BANKS AND THE MONETARY SYSTEM • JUNE 1970
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets
Date
Capital
and
misc.
accounts,
net
10,723
14,741
69,839
81,820
188,148
199,008
487,709
531,589
175,348
184,384
444,043
484,212
14,624
43,670
47,379
82,800
525,800
467,000
58,900
83,540
82,400
539,162
532,100
529,800
531,400
531,900
536,500
547,600
470,457
464,600
461,800
465,200
465,100
467,800
483,100
68,705
67,500
67,900
66,200
66,800
68,700
64,500
533,100
531,600
536,000
539,500
540,900
466,400
464,000
469,900
474,000
472,400
66,700
67,700
U.S. Treasury securities
Total
Loans,
net 2. 3
Total
Coml.
and
savings
banks
Federal
Reserve
Banks
Other
4
31.
30.
30.
31.
22,754
22,706
11,982
10,367
4,562
4,636
6,784
6,795
160,832 43,023
171,667 60,366
468,943 282,040
514,427 311,334
107,086
96,560
117,064
121,273
81.199
72,894
66,752
68,285
22,559
20,778
49,112
52,937
3,328
2,888
1969—May 28.
10,400
6,700
508,700 313,200
112,700
59.200
53,400
100
6,736
6,700
6,800
326,725
321,200
317,700
321,200
321,000
322,800
333,700
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
322,200
321,800
323,900
324,500
324,500
111,400
110,000
109,900
111,200
112,500
55,800
54,300
54,300
55,100
55,400
55,600
55,700
55,600
56,100
57,100
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
Other
securities 3
Total
deposits
and
currency
Bank credit
Gold
stock
Treasand
ury
Special
curDrawing rency
Rights
outcertifistandcates i
ing
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
305
30.
27.
24.
29*,
26*,
31*
10,367
10,400
10,400
10,400
10,400
10,400
10,400
6,800
6,800
6,800
6,800
522,058
515,000
512,600
514,300
514,800
519,300
530,400
1970—Jan.
Feb.
Mar.
Apr.
May
28*
25*
25*
29*
27*
11,600
11,700
11,800
11,800
11,800
6,900
6,900
6,900
6,900
7,000
514,600
513,100
517,300
520,800
522,200
1,200
51
Liabilities
and capital
Total
assets,
net—
Total
liabilities
and
capital,
net
82,000
82,400
81,300
81,600
81,700
81,000
81,300
83,400
85,200
85,200
12,800
66,000
65,600
68,600
DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)
Money supply
Seasonally adjusted
Date
Total
Currency
outside
banks
6
Demand
deposits
adjusted7
Not seasonally adjusted
Total
Currency
outside
banks
Time
Demand
deposits
adjusted7
Total
Commercial
banks 2
U.S. Government
Postal
Mutual Savings
savings
banks 8 Sys-4
tem
3 1 . . . . 110,500
3 0 . . . . 114,600
3 0 . . . . 181,500
3 1 . . . . 199,600
26,100 84,400 113,597
24,600 90,000 117,670
39,600 141,900 191,232
42,600 157,000 207,347
26,476 87,121 56,411 35,249
25,398 92,272 59,246 36,314
41,071 150,161 242,657 182,243
43,527 163,820 267,627 202,786
1969—May 2 8 . . . .
191,700
43,600 148,100 189,300
43,500 145,900 267,500 201,500
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
305...
30....
27....
24....
29*...
26*...
31*...
195,300
192,600
193,700
194,200
194,100
195,600
205,700
43,700
44,000
43,900
44,000
44,400
44,900
45,300
151,600
148,600
149,800
150,200
149,700
150,700
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
1970—Jan.
Feb.
Mar.
Apr.
May
28*..
25*...
25*...
29*...
27*...
195,500
194,100
199,200
197,200
197,500
45,300
45,300
45,900
46,300
46,600
150,200
148,800
153,300
150,900
150,900
198,100
193,200
196,100
197,300
195,100
44,700
44,800
45,400
45,900
46,500
153,400
148,400
150,800
151,400
148,600
257,300
259,100
262,800
265,800
267,000
190,200
191,700
194,800
197,800
198,900
67,100
67,400
68,000
68,000
68,100
1947—Dec.
1950—Dec.
1967—Dec.
1968—Dec.
1
2
Includes Special Drawing Rights certificates beginning January 1970.
Beginning with data for June 30,1966, about $1.1 billion in "Deposits
accumulated for payment of personal loans" were excluded from "Time
deposits" and deducted from "Loans" at all commercial banks. These
changes resulted from a change in Federal Reserve regulations. These
hypothecated deposits are shown in a table on p. A-23.
3 See note 2 at bottom of p. A-22.
4
After June 30, 1967, Postal Savings System accounts were eliminated
from this Statement.
5 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.
6
Series began in 1946; data are available only for last Wed. of month.
7
Other than interbank and U.S. Govt., less cash items in process of
collection.
17,746
20,009
60,414
64,841
3,416
2,923
Foreign,
net 9
Treasury
cash
holdings
At
coml.
At
and
F.R.
savings Banks
banks
1,682
2,518
2,179
2,455
1,336
1,293
1,344
695
1,452
2,989
5,508
5,385
66,000
2,100
700
6,900
400
66,655
66,200
66,300
66,600
66,500
66,600
67,200
2,402
2,300
2,100
2,300
2,300
2,400
2,700
633
700
700
700
700
700
700
5,997
5,800
5,200
7,900
6,400
6,800
5,200
1,258
1,200
1,000
1,200
1,100
900
1,300
2,500
2,600
2.700
2,600
2,400
600
600
600
600
500
6,500
7,500
6,300
6,400
6,100
1,300
900
1,500
1,400
1,300
870
668
1,123
703
8 Includes relatively small amounts of demand deposits. Beginning with
June 1961, also includes certain accounts previously classified as other liabilities.
9
Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time deposits and $400
million to demand deposits).
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks and
demand deposits adjusted, see "Banks and the Monetary System," Section
1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS
for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million.
For description of substantive changes in official call reports of
condition beginning June 1969, see BULLETIN for August 1969, pp.
642-46.
JUNE 1970 •
COMMERCIAL BANKS
A 19
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Securities
Other
Total
Interbank3
Cash 3 liaassets bilities
and
Demand
Total 3
capital
U.S.
DeTreas- Other2
Time 1
ac- 4
mand Time
ury
counts
U.S.
Govt. Other
Loans and investments
Class of bank
and date
All commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 s
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1969—May 28
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30«
30
27
24
29p
26*
31 p
1970—Jan. 2 8 * . . . .
Feb.
25P....
Mar. 25p. . . .
Apr. 29p
May 21 P
Members of F.R. System:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
Total
Loans
1. 2
15,952
50,746 21,714 21,808 7,225 26,551 79,104 71,283
44,349
10,982
30,241
124,019 26,083 90,606 7,331 34,806 160,312 150,227
105,921
14,065
116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792
240 1,343 94,367 35,360
Total
Bor- capital
rowacings counts
23 7,173
219 8,950
65 10,059
322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770
967 4,992 167,751 158,806 4,859 32,054
359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384
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
399,920 272,720 55,380 71,820 76,700 493,250 408,520 20,990
950 6,530 178,200 201,850 17,490 38,090
410,279 283,850
409,200 283,240
405,860 280,680
408,670 284,300
408,470 283,970
411,580 286,230
418,810 293,630
54,044 72,385
54,700 71,260
54,330 70,850
53,200 71,170
54,310 70,190
54,850 70,500
54,570 70,610
25,187
21,060
21,410
21,260
22,190
23,190
27,230
882
860
870
810
880
680
670
5,639
5,490
4,860
7,610
6,160
6,560
4,960
199,868 14,740
196,370 19,450
194,790 21,270
193,930 21,610
193,020 21,240
191,970 21,960
192,690 17,800
38,823
38,480
38,660
38,860
39,310
39,450
39,850
408,440
406,460
409,960
414,160
413,820
52,500 69,970 77,280
50,950 70,190 78,750
51,070 72,030 76,230
51,810 73,650 78,220
52,050 73,640 78,780
21,570
22,260
21,830
21,620
22,210
660
660
610
690
730
6,270 185,340 190,450 22,620
7,320 182,140 191,890 22,620
6,080 182,340 195,030 22,840
6,180 184,540 198,030 23,530
5,900 182,630 199,090 23,080
39,860
40,070
40,200
40,430
40,680
285,970
285,320
286,860
288,700
288,130
88,209 516,752 425,363
74,370 501,650 404,040
76,200 499,750 401,770
75,910 503,590 404,160
76,960 504,180 406,060
82,340 512,970 411,800
89,880 527,730 433,350
504,080
504,070
505,710
512,310
512,810
404,290
404,270
405,890
411,060
410,560
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
97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353
193,787
180,260
179,840
180,550
183,810
189,400
207,800
140
709 37,136 12,347
64 22,179 69,640 24,210
50 1,176 80,609 28,340
4 5,886
208 7,589
54 8,464
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788
794 4,432 138,218 128,831 4,618 26,278
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
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
1969—May 28
321,197 224,696 40,177 56,324 68,479 403,971 330,433 20,054
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30 6
30
27
24
29
26
31
329,707
328,560
325,413
327,611
327,288
330,002
336,392
1970—Jan.
Feb.
Mar.
Apr.
May
28
25
25
29*
327,368 234,860
325,777 234,213
328,556 235,138
332,097 236,436
331,389 235,805
21 P
Reserve city member:
New York City:?
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1970—Jan.
Feb.
Mar.
Apr.
May
39,382
39,962
39,754
38,643
39,725
40,276
40,038
424,278
410,401
408,644
411,501
412,130
419,571
432,310
344,466
324,993
323,063
324,780
326,768
331,350
349,997
24,097
20,079
20,433
20,234
21,182
22,138
25,898
722
699
707
683
721
522
514
4,874
4,562
4,046
6,576
5,438
5,666
4,078
158,287
146,373
146,139
146,468
149,424
153,874
169,781
156,485 13,999
153,280 18,145
151,738 19,925
150,819 20,322
150,003 19,893
149,150 20,614
149,726 16,957
31,317
31,090
31,234
31,374
31,694
31,793
32,110
38,328 54,180 68,449
37,110 54,454 69,806
37,340 56,078 67,594
38,192 57,469 69,174
38,259 57,325 69,710
411,828
412,036
413,148
418,597
418,609
324,605
324,937
326,028
330,136
329,541
20,560
21,244
20,845
20,608
21,183
497
496
454
531
567
5,420
6,429
5,100
5,251
4,914
150,363
147,932
148,270
149,940
148,414
147,765
148,836
151,359
153,806
154,463
21,263
21,238
21,582
22,376
21,749
32,078
32,242
32,343
32,528
32,733
866 12,051
6
17 6,940 17,287
12
267 19,040
807
1,236
1,445
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
46,536 35,941
52,141 39,059
57,047 42,968
790 5,405 145,261 158,923 16,467 30,752
56,364 78,615
55,402 66,159
55,005 67,843
55,224 67,504
54,303 68,596
54,671 73,107
54,760 79,313
1,648
195 2,120
30 2,259
4,920 5,674 14,869 64,424 51,837 6,370
6,027 7,055 18,797 74,609 60,407 7,238
5,984 8,094 19,948 81,364 63,900 8,964
467 1,016 26,535 17,449 1,874 5,298
741 1,084 31,282 20,062 1,880 5,715
33,351 20,076 2,733 6,137
622
4,099 7,574 20,784 80,195 56,188 8,825
414
30 6
30
27
24
29
26
31
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
6,830
6,753
6,937
6,396
6,773
7,021
89,283
82,327
81,955
81,486
21,818 83,804
21,845 85,405
22,426 88,205
62,534
54,066
54,538
54,273
56,712
57,931
62,464
11,233
8,519
8,783
8,346
9,073
9,540
10,431
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
694 36,145 14,957 4,388
237
6,283
6,241
6,275
6,256
6,281
6,318
6,377
28
25
25
29
27
57,069
56,568
57,225
58,010
57,288
45,722
45,523
45,505
45,286
44,819
4,794
4,319
4,408
5,091
4,981
6,553
6,726
7,312
7,633
7,488
20,535
21,808
21,809
20,778
22,007
82,673
83,599
84,348
84,145
84,604
56,240
57,251
58,076
57,536
57,147
8,697
9,393
9,585
8,927
9,356
4,930
5,068
5,467
5,756
5,821
6,248
6,304
6,272
6,290
6,335
1969—May 28
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
12,896
26,143
20,393
233,960
233,196
230,654
233,744
233,260
235,055
241,594
For notes see p. A-22.
54,847 43,174
26,223
19,776
20,574
19,165
826 29,577 16,546 4,921 6,217
236 1,140 31,730
216 1,484 31,497
211 844 32,203
245
968 32,116
280
882 31,742
14,437
14,661
15.233
15,280
14,887
COMMERCIAL BANKS
A 20
• JUNE 1970
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY C U S S OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Interbank 3
Total
Securities
Other
liaCash bilities
assets 3
and
Demand
Total 3
capital
U.S.
DeTime
Treas- Other
acmand
ury
counts 4
U.S.
Other
Govt.
Loans and investments
Class of bank
and date
Total
Loans
1.2
Reserve city member (cont.):
City of Chicago: 7.8
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
2,760
5,931
5,088
954
1,333
1,801
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
11,802 8,756
12,744 9,223
14,274 10,286
1969—May 28
13,646
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970—Jan.
Feb.
Mar.
Apr.
May
30 6
30
27
24
29
26
31
..
28
25
25
29
27
Other reserve city: 1 <8
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
1,566
1,489
1,739
4,363
7,459
6,866
4,057
7,046
6,402
1,035
1,312
1,217
127
,552
72
1,545 1,502 2,638
1,574 1,947 2,947
1,863 2,125 3,008
14,935
16,296
18,099
12,673
13,985
14,526
1.433
1.434
1,535
310
267
257
17,559
1,430
4,213
2,890
376
385
397
Total
capital
accounts
Borrowings
Time
476
719
913
288
377
426
6,008 4,898
6,250 6,013
6,542 6,171
484 1,199
383 1,346
682 1,433
1,682 1,446
2,419
3,462
4,201
1,473 2,177
3,067
12,662 1,190
233
5,886 5,336
14,321 10,573
14,238 10,630
13,832 10,373
14,006 10,564
13,945 10,341
14,022 10,331
14,369 10,773
1,616
1,556
1,473
1,471
1,667
1,685
1,565
2,132
2,052
1,986
1,971
1,937
2,006
2,031
2,716 17,869
2,601 17,635
2,698 17,344
2,925 17,784
2,604 17,410
2,942 17,824
2,855 17,988
13,035
12,042
11,779
11,806
11,641
11,958
13,317
1,368
1,192
1,170
1,189
1,153
1,330
1,732
274
242
149
349
334
250
175
6,192
5,686
5,630
5,555
5,543
5,866
6,769
5,176 1,230
4,907 1,354
4,811 1,717
4,689 2,092
4,584 2,064
4,491 1,985
4,614 1,290
1.492
1,455
1,483
1.493
1,492
1,500
1,516
13,684
14,102
14,258
14,522
14,178
10,376
10,388
10,451
10,530
10,341
1,351
1,578
1,571
1,688
1,616
1,957
2,136
2,236
2,304
2,221
2,858
3,039
2,701
2,760
2,658
17,287
17,966
17,923
18,154
17,736
12,024
12,205
12,002
12,299
12,218
1,205
1,280
1,232
1,234
1,265
336
442
258
233
232
5,903
5,831
5,762
5,999
5,952
4,548
4,610
4,709
4,792
4,728
1,783
2,297
2,425
2,503
2,233
1,520
1,522
1,530
1,535
1,550
15,347
40,108
36,040
7,105
6,467 1,776 8,518 24,430 22,313 4,356
8,514 29,552 2,042 1,286 51,898 49,085 6,418
13,449 20,196 2,396 13,066 49,659 46,467 5,627
9,996
104
491 12,557 4,806
30 8,221 24,655 9,760
22
405 28,990 11,423
95,831 69,464
105,724 73,571
119,006 83,634
13,040 13,326 24,228 123,863 108,804 8,593
14,667 17,487 26,867 136,626 120,485 9 , 3 7 4
15,036 20,337 28,136 151,957 132,305 10,181
233
310
307
16,902 85,316
11,982 19,604 24,557 146,119 121,240 7,882
1,967
2 2,566
1 2,844
1,633 49,004 49,341 1,952 9,471
1,715 53,288 55,798 2,555 10,032
1,884 57,449 62,484 4,239 10,684
248 2,219
50,043 60,848
30«
30
27
24
29
26
31
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
11,635
11,716
11,810
11,110
11,794
11,583
11,958
19,572
19,369
19,130
19,011
18,772
18,796
18,571
27,265
24,037
24,644
25,301
23,979
26,601
29,968
152,827
148,510
147,680
148,736
147,722
150,766
156,951
125,157
118,489
116,983
117,685
117,701
118,724
126,147
9,028
8,108
8,224
8,329
8,631
8,853
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
50,333
49,740
49,663
50,780
52,603
58,900
59,721
58,109
57,182
56,513
55,633
54,888
54,855
7,311
9,173
10,069
10,236
9,506
10,518
9,588
11,166
11,194
11,219
11,271
11,391
11,381
11,492
28
25
25
29
27
118,177
117,265
117,942
119,213
19,002
88,298
87,839
87,645
88,093
88,033
11,255
10,775
11,078
11,298
11,287
18,624
18,651
19,219
19,822
19,682
24,714
24,467
23,272
25,042
24,393
148,856
147,785
147,381
150,648
149,816
115,408
15,117
114,763
117,118
'16,945
8,327
8,231
7,757
8,113
8,213
143
152
116
159
2,350
2,823
2,148
2,304
1,945
50,625
49,823
49,856
50,306
49,990
53,963
54,088
54,886
56,236
56,637
11,846
11,104
11,180
11,788
11,025
11,505
11,549
11,611
11,715
11,780
5,890 4,377 2,250 6,402 19,466 17,415
5,596 26,999 2,408 10,632 46,059 43,418
10,199 22,857 3,268 10,778 47,553 44,443
792
1,207
1,056
225 10,109 6,258
30
17 5,465 24,235 12,494
432 28,378 14,560
17
4 1,982
1 2,525
23 2,934
1966—Dec. 31
1967—Dec. 30
1968—Dec. 31
109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392
122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766
134,759 83,397 24,998 26,364 22,664 161,122 144,682 2 r 839
69 1,474 56,672 57,144
96 1,564 61,161 65,569
111 1,281 66,578 73,873
308 10,309
552 11,005
804 11,807
1969—May 28
135,802 86,210 22,623 26,969 20,071 160,098 140,343 2,157
111 2,127
1969—May 28
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970—Jan.
Feb.
Mar.
Apr.
May
Country member:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
8
12,518
35,002
36,324
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30 6
30
27
24
29
26
31
137,711
137,839
137,561
138,629
138,484
139,184
140,710
88,573
88,891
88,858
89,796
89,744
90,567
92,105
21,686
21,797
21,567
21,528
21,542
21,521
21,468
27,452
27,151
27.136
27,305
27,198
27,096
27.137
22,410
19,745
19,927
20,113
20,195
21,719
24,064
164,299
161,929
161,665
163.495
163,194
165,576
169,166
143,739
140,396
139,763
141,016
140,714
142,737
148,069
2,515
2,260
2,256
2,370
2,325
2,415
3,048
1970—Jan.
Feb.
Mar.
Apr.
May
28
25
25
29
27p
138,438
137,842
139,131
140,326
140,921
90,464
90,463
91,537
92,501
92,612
20,928
20,438
20,283
20,115
20,375
27,046
26,941
27,311
27,710
27,934
20,342
20,492
19,812
20,594
20,652
163,012
162,686
163.496
165,624
166,453
140,933
140,364
141,187
143,183
143,231
2,331
2,340
2,271
2,334
2,349
For notes see p. A-22.
160
1
1
7,819 11,014
59,755 76,193 2,045 12,075
111
111
11
86
86
1,448
1,764
1,542
1,966
1,365
1,695
1,668
63,562
60,622
60,279
60,964
61,548
63,496
67,967
76,129
75,639
75,575
75,605
75,365
75,045
75,300
1,787
2,607
2,680
2,572
2,684
2,691
1,691
12,376
12,200
12,257
12,354
12,530
12,594
12,725
86
86
86
86
86
1,594
1,680
1,850
1,746
1,855
62,105
60,781
60,449
61,519
60,730
74,817
75,477
76,531
77,498
78,211
2,704
2,769
2,510
2,303
2,670
12,805
12,867
12,930 '
12,988
13,068
86
111
JUNE 1970 •
COMMERCIAL BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(A mounts in millions of dollars)
Deposits
Loans and investments
Total
Classification by
FRS membership
and FDIC
insurance
Securities
Cash
assets 3
Total
Loans
1,2
U.S.
Treasury
Insured banks:
Total:
1941—Dec. 3 1 . . 49,290 21,259 21,046
1945—Dec. 3 1 . . 121,809 25,765 88,912
1947—Dec. 3 1 . . 114,274 37,583 67,941
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
30..
28..
20..
31..
31..
213,904
234,243
252,579
275,053
303,593
124,348
139,449
155,261
174,234
200,109
1966—Dec. 3 1 . . 321,473 217,379
1967—Dec. 3 0 . . 358,536 235,502
399,566 264,600
1968—Dec. 3 1 . .
1969—June 306. 408,620 283,199
National member:
1941-- D e c . 3 1 . .
1945—Dec. 3 1 . .
1947-- D e c . 3 1 . .
1961-- D e c .
1962-- D e c .
1963-- D e c .
1964—Dec.
1965-- D e c .
66,026
65,891
62,723
62,499
59,120
67,309
75,548
84,845
96,688
118,537
2
6,984 25,788 76,820 69,411
10,654
7,131 34,292 157,544 147,775
13,883
8,750 36,926 152,733 141,851 12,615
23,531
28,903
34,594
38,320
44,364
56,086
53,702
50,337
59,911
60,327
276,600
295,093
310,730
343,876
374,051
247,176
260,609
273,657
305,113
330,323
Other
Borrowings
Demand
Time
U.S.
Govt.
54
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
17,737
15,844
15,077
17,664
18,149
333
402
443
733
923
55,788 48,307 68,515 401,409 351,438 19,497
62,094 60,941 77,348 448,878 394,118 21,598
64,028 70,938 83,061 498,071 432,719 24,427
881
1,258
1,155
4,975 166,689 159,396
5,219 182,984 183,060
5,000 198,535 203,602
4,717
5,531
8,675
53,723 71,697 87,311 513,960 423,957 24,889
800
5,624 192,357 200,287
14,450
27,571 11,725 12,039
69,312 13,925 51,250
65,280 21,428 38,674
116,402
127,254
137,447
151,406
176,605
Other
Interbank 3
Total
liabilities
and
capital Total 3 Deacmand Time
counts *
36,088
35,663
33,384
33,405
32,347
3,806 14,977 43,433 39,458
6,786
4,137 20,144 90,220 84,939
9,229
5,178 22,024 88,182 82,023 8,3751
13,006
16,042
19,218
21,312
25,720
31,078
29,684
28,635
34,064
36,880
35
1,088 23,262
14,013 45,473
795 53,541
8,322
16,224
19,278
4
78
45
10,359
9,155
8,863
10,521
12,064
104
127
146
211
458
3,315
3,735
3,691
3,604
3,284
45,441
53,733
61,288
70,746
85,522
225
1,636
1,704
1,109
2,627
1966—Dec. 3 1 . . 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588
1967-- D e c . 3 0 . . 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877
1968-- D e c . 3 1 . . 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117
437
652
657
3,035 96,755 93,642
3,142 106,019 107,684
3,090 116,422 122,597
3,120
3,478
5,923
1969--June 306. 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
15
621 13,874
8,166 24,168
381 27,068
4,025
7,986
9,062
130
9
30..
28..
20..
31..
31..
State member:
1941-- D e c . 3 1 . .
1945-- D e c . 3 1 . .
1947-- D e c . 3 1 . .
1961-- D e c .
1962-- D e c .
1963-- D e c .
1964-- D e c .
1965-- D e c .
30..
28..
20..
31..
31..
15,950
37,871
32,566
6,295
7,500
8,850 27,089
11,200 19,240
63,196
68,444
72,680
77,091
74,972
38,924 17,971
43,089 17,305
46,866 15,958
51,002 15,312
51,262 12,645
2,155
1,933
2,125
150,809
160,657
170,233
190,289
219,744
135,511
142,825
150,823
169,615
193,860
8,145 24,688 22,259
3,739
9,731 48,084 44,730
4,411
10,822 43,879 40,505 3,978
6,302 18,501 84,303 74,119
8,050 17,744 88,831 76,643
9,855 15,760 91,235 78,553
10,777 18,673 98,852 86,108
11,065 15,934 93,640 81,657
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
11,247 19,049 99,504 85,547 6,200
13,966 22,312 111,188 95,637 6,934
1 5 , 3 4 8 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
14,437 26,344
285
1,341 45,152 37,307
4,104
1966—Dec. 3 1 . .
1967-- D e c . 3 0 . .
1968-- D e c . 3 1 . .
77,377 54,560
85,128 58,513
89,894 6 1 , 9 6 5
11,569
12,649
1969--June 306.
88,346 64,007
9,902
5,776
14,639
16,444
3,241
2,992
4,958
1,509
10,584
10,039
1,025
1,063
1,448
2,668
8,708
4,448 19,256
4,083 20,691
7,702
18,119
19,340
129
244
262
34,320
38,557
42,464
46,567
52,028
18,123
20,811
23,550
26,544
30,310
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
37,560
41,142
44,280
49,389
54,806
543
535
559
658
695
30
43
61
70
83
553
729
726
649
618
1966—Dec. 3 1 . .
1967—Dec. 3 0 . .
1968—Dec. 3 1 . .
56,857 33,636
64,449 37,675
73,553 43,378
13,873
15,146
16,155
9,349
11,629
14,020
7,777 65,921 59,434
8,403 74,328 67,107
9,305 84,605 76,368
709
786
908
1969—June 306.
78,032 48,358
14,341
15,333
8,696 88,802 78,610
791
Nonmember:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
30..
28..
20..
31..
31..
For notes see p. A-22.
12,581
76,292
76,075
76,836
84,534
92,533
93,858 9,773
41,504
45,619
49,275
54,747
60,679
43,303
41,924
40,725
44,005
39,598
53 4 , 1 6 2
1,560 10,635
149 12,366
3,360
5,680
6,558
6
7
7
21,456 14,979
22,170 17,664
23,140 19,793
25,504 22,509
27,528 25,882
24
34
72
99
91
87
89
94
543 28,471 29,625
588 31,004 34,640
691 34,615 40,060
99
162
217
78
749 34,070 42,921
451
4
A 21
A 22
COMMERCIAL BANKS • JUNE 1970
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
Deposits
Securities
Total
Loans
1.2
U.S.
Treasury
Other
2
Total
assets—
Total
liaCash
assets 3 bilities
and
Total 3
capital
ac4
counts
Interbank 3
Other
Borrowings
Demand
Demand
Time
U.S.
Govt.
Total
capital
accounts
Number
of
banks
Time
l
Other
Noninsured
nonmember:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 315.
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
181
177
185
1,291
1,905
18
1,392
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 306.
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
3,310
5,432
2,270
12,277
11,318
1,266
1,262
1,703
3,431 10,992 9,573
4,962 22,024 20,571
4,659 23,334 21,591
4f 7
425
439
190
5,; 04
14,101
167 13,758
3,613
6,045
7,036
18
11
12
1,288
1,362
1,596
7,662
7,130
7,261
30..
28..
20..
31..
31..
35,856 18,700
40,141 21,469
44,035 24,295
48,879 27,899
54,483 31,858
12,525
13,466
13,854
14,273
14,555
4,631
5,206
5,885
6,707
8,070
6,854 43,465 39,073
6,622 47,628 42,654
6,316 51,304 45,743
7,752 57,780 51,447
8,085 63,879 56,919
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
1966—Dec. 3 1 . .
1967—Dec. 3 0 . .
1968—Dec. 3 1 . .
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
8,983
9,997
69,092 61,506
77,732 69,279
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
1969—June 306.
80,841
50,159
14,662
16,021
9,594 92,743 81,166
1,090
160
765 35,500 43,652
741
7,506
7,737
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1
See table "Deposits Accumulated for 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 of figures for total loans and
for individual categories of securities on a gross basis—that is, before
deduction of valuation reserves—rather than net as previously reported.
7 Regarding reclassification of New. York City and Chicago as reserve
cities, see Aug. 1962 BULLETIN, p. 993. For various changes between
reserve city and country status in 1960-63, see note 6, p. 587, May 1964
BULLETIN.
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.
JUNE 1970 •
COMMERCIAL BANKS
A 23
LOANS AND INVESTMENTS
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Securities
Securities
Period
Total 1,2
Loans 1,2
Total 1,2
U.S.
Govt.
Loans 1,2
U.S.
Govt.
Other 2
Other 2
1960—Dec. 31
194.5
113.8
59.8
20.8
198.5
116.7
61.0
20.9
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
30
31
31
31
31
31
30
31
209.6
227.9
246.2
267.2
294.4
310.5
346.5
384.6
120.4
134.0
149.6
167.7
192.6
208.2
225.4
251.6
65.3
64.6
61.7
60.7
57.1
53.6
59.7
61.5
23.9
29.2
35.0
38.7
44.8
48.7
61.4
71.5
214.4
233.6
252.4
273.9
301.8
317.9
354.5
393.4
123.9
137.9
153.9
172.1
197.4
213.0
230.5
257.4
66.6
66.4
63.4
63.0
59.5
56.2
62.5
64.5
23.9
29.3
35.1
38.8
44.9
48.8
61.5
71.5
1969—Apr. 30
May 28
June 30 (old series)
390.7
392.2
392.5
261.0
264.1
264.3
57.7
56.1
56.2
72.1
72.0
72.0
391.5
390.2
396.4
261.2
263.0
269.8
58.0
55.4
54.0
72.3
71.8
72.6
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
396.1
397.2
398.4
400.4
402.4
275.3
277.1
276.2
275.2
275.8
49.9
49.4
49.8
51.9
52.9
70.9
70.8
72.4
73.4
73.8
395.1
393.3
396.6
400.4
400.4
272.7
272.1
273.5
275.0
274.7
52.5
51.0
51.1
51.8
52.1
70.0
70.2
72.0
73.7
73.6
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30 (new series) 3
30
27
24
29 p
26 p
31 p
1970—Jan. 28*>p
Feb. 25
Mar. 25 p
Apr. 29p
May 27p
1
Adjusted to exclude interbank loans.
Beginning June 9, 1966, about $1.1 billion of balances accumulated
for payment of personal loans were deducted as a result of a change in
Federal Reserve regulations.
Beginning June 30, 1966, CCC certificates of interest and ExportImport Bank portfolio fund participation certificates totaling an estimated
$1 billion are included in "Other securities" rather than "Other loans."
3
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,
2
without valuation reserves deducted, rather than net of valuation reserves
as was done previously. For a description of the revision, see Aug. 1969
BULLETIN, pp. 642-46.
NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94
—A-97. For a description of the seasonally adjusted series see the following BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept.
1967, pp. 1511-17.
Data are for last Wed. of month except for June 30 and Dec. 31; data
are partly or wholly estimated except when June 30 and Dec. 31 are call
dates.
DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS
(In millions of dollars)
Class of
bank
All commercial
Insured
National member
State member
AH member
....
Dec. 31,
1966
Dec. 30,
1967
Dec. 31,
1968
June 30,
1969
1,223
1,223
729
212
941
1,283
1,283
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
Dec. 31,
1966
370
571
283
282
Dec. 30,
1967
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 rounding.
A 24
COMMERCIAL BANKS • JUNE 1970
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Other loans
Total
loans i
and
investments
Class of
bank and
call date
Total:2
1947—Dec. 3 1 . . 116,284
Federal
funds
sold,
etc. 2
Total
3,4
1
Investments
For
To
U.S. Treasury
purchasing
financial
securities 6
or carrying institutions
ComOther,
securities
mer- Agrito
Real
culcial
in- Other
5
turand
To
dial 5 broinvidBills
duskers To
uals3
and
Banks Others
Total certifi- Notes Bonds
trial
and others
dealcates
ers
38,057 18,167 1,660
830 1,220
115
9,393
5,723
947 69,221 9 , 9 8 2 6 , 0 3 4 53,205
1967—Dec. 3 0 . . 361,186 4,057 233,180 88,443 9,270 6,215 3,780 1,902 12,535 58,525 51,585 5,659 62,473
1968—Dec. 3 1 . . 402,477 6,747 259,727 98,357 9,718 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466
1969—June 30io 411,429 7,226 277,773 104,403 10,552 5,306 4 , 2 1 2 2,587 13,746 68,419 61,540 7,009 54,044
All insured:
1941—Dec. 31. 49,290
1945—Dec. 3 1 . . 121,809
1947—Dec. 31. 114,274
450 614 662
21,259 9,214
25,765 9,461 1,314 3,164 3,606
823 ' 190
37,583 18,012 ,610
40
49
114
State
and
local Other
govt, secusecu- rities'
rities
5,276 3,729
50,006 11,471
58,570 12.967
60,080 12,305
4,505
988 3,159 16,899 3,651 3,333
4,773
21,046
4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258
914 67,941 9,676 5,918 52,347 5,129 3,621
9,266 5,654
1967—Dec. 30 358,536 3,919 231,583 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
1968—Dec. 3 1 . . 399,566 6,526 258,074 97,741 9 , 7 0 0 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028
58,288 12,650
1969—June 301 0408,620 7,067 276,132 103,723 10,534 5,180 4,168 2,541 13,605 68,104 61,337 6,941 53,723
59,746 11,950
Member, total:
1941—Dec. 3 1 . . 43,521
1945—Dec. 31 107,183
1947—Dec. 3 1 . . 97,846
972
598
594
18,021 8,671
855 3,133 3.378
22,775 8,949
1,046
16,962
811
1,065
32,628
3,653
3,494
971 3,007 15,561 3,090 2,871
19,539
3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815
839 57,914 7,803 4,815 45,295 4,199 3,105
7,130 4,662
39
47
113
1967—Dec. 30 294,098 3,438 194,389 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
48,423 8,498
1968—Dec. 3 1 . . 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881
1969—June 30 io 330,587 5,444 229,397 92,926 6,348 4,996 3,473 2,386 12,820 52,556 47,457 6,435 39,382
48,600 7,764
New York City:
1941—Dec. 3 1 . . 12,896
1945—Dec. 31. 26,143
1947—Dec. 3 1 . . 20,393
4,072 2,807
7,334 3,044
7,179 5,361
1967—Dec. 3 0 . . 52,141
1968—Dec. 3 1 . . 57,047
1969—June 3 0 i o 57,885
415 38,644 23,183
747 42,222 23,258
992 45,240 26,469
3,874
3,803
3,410
831
903
887
914 2,990 3,431
1,099 3,426 3,619
1,218 3,819 4,041
2,760
5,931
5,088
732
954
760
1,333
1,801 1,418
211
48
73
52
233
87
22
36
46
1967—Dec. 3 0 . . 12,744
1968—Dec. 3 1 . . 14,274
1969—June 30 ic 14,321
266 8,958 5,714
312 9 , 9 7 4 6,118
207 10,366 6,353
459
535
366
220
253
264
114
427
170
194
,503
484
City of Chicago:
1941—Dec. 31
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
city:
3 1 . . 15,347
3 1 . . 40,108
3 1 . . 36,040
7,105 3,456
8,514 3,661
13,449 7,088
1967—Dec. 3 0 . . 106,086 1,219 72,713 30,609
1968—Dec. 31 119,339 2,197 81,769 34,632
1969—June 3 0 i o 120,082 1,997 86,879 37,120
Country:
1941—Dec. 3 1 . . 12,518
1945—Dec. 31
35,002
1947—Dec. 31
36,324
412
169
2,453 1,172
545
267
300
205
225
,311
881 1,143
,362 1,116 1,254
,512
760 1,360
659
648
818
20
42
23
183
471
227
1967—Dec. 3 0 . . 123,127 1,538 74,074 19,839 4,332
1968—Dec. 3 1 . . 135,364 2,295 81,706 21,81 4,493
1969—June 301 138,298 2,248 86,913 22,984 4,779
607
720
460
906
969
963
Nonmember:
1947—Dec. 3 1 . . 18,454
5,890 1,676
5,596 1,484
10,199 3,096
614
20
156
618 38,791 9,099 3,568
1967—Dec. 3 0 . . 67,087
1968—Dec. 3 1 . . 76,454 1,196 44,056 10,538 3,797
1969—June 301 80,841 1,783 48,376 11,476 4 , 2 0 4
395
451
310
681
729
739
5,432
1,205
32
26
93
1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans
continue to be shown net. See also note 10.
2
Includes securities purchased under resale agreements. Prior to June 30,
1967, they were included in loans—for the most part in "Loans to banks."
Prior to Dec. 1965, Federal funds sold were included with "Total loans"
and "Loans to banks."
3 See table (and notes) entitled Deposits Accumulated for Payment of
Personal Loans, p. A-23.
123
80
111
162
951
205 1,219
179 1,144
4
17
15
675
738
790
1,527
1,459
3,147
522
311 1,623 5,331
7,265
287
272 17,574 3,910 3,325 10,339
564
238 11,972 1,642
558 9 , 7 7 2
729
606
638
830
629
604
1,897
1,962 2,303
6,318
7,233
6,553
737
861
655
1,430
40 4,213
26 2,890
256
,600
367
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
241 1,574
281 1,863
338 1,616
427
1,487
1,810
1,867
459
315
265
3,099 1,285 6,027
3,485 1,694 5,984
3,706 1,676 4,445
95
51
149
754
848
1,823
1,881
3,827
2,266
201
3,557
956 820
1,126
916
1,342 1,053
8,312 15,376 2,110
18,111 2,226
17,621 * 951
1,528
481 3,787 1,222
110
4,377
707
359 26,999 5,732 4,544 16,722 1,342
1,979
224 22,857 3,063 2,108 17,687 2,006
100 2,200 24,453 21,554 1,516 24,689 4,168
119 2,147 27,164 24,154 1,694 24,998
104 2,041 28,308 25,509 1,765 21,686
148
194
853
1,508
295
751 5,421
6,467
855
387 29,552 8,016 5,653 15,883
1,969
351 20,196 2,731 1,901 15,563
578 5,446 16,969 15,047 2,148 14,667 3,140
588 6,005 18,939 16,916 2,520 15,036
885 5,816 19,417 17,354 2,656 11,635
2
4
5
344
1,061
948 12,997 11,131
932 14,676 12,933
925 15,863 14,083
109 11,318 2,179
469 15,516
535 16,585
574 14,662
,028
,067
,262
7,793 13,147 18,338 4,488
21,269 5,095
22,559 4,893
,219 7,920
1,078
625
8,486 3,676
10,147 4,469
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.
5 Beginning with June 30, 1966, loans to farmers directly guaranteed
by CCC were reclassified as "Other securities," and Export-Import Bank
portfolio fund participations were reclassified from loans to "Other
securities." This increased "Other securities" by about $1 billion.
6
Beginning with Dec. 31, 1965, components shown at par rather than
at book value; they do not add to the total (shown at book value) and are
not entirely comparable with prior figures. See also note 10.
For other notes see opposite page.
JUNE 1970 •
COMMERCIAL BANKS
A 25
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Total: 3
1947—Dec. 3 1 . . .
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30*0.
All insured:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30*o.
Member, total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30*o.
Reserves
with
F.R.
Banks
DeBalCur- ances mand
rency with
deand
posits
docoin mestic7
adbanks justed 8
Interbank
ForDo
mestic7 eign 9
U.S.
Govt.
17,796 2,216 10,216 87,123 11,362 1,430 1,343
State
and
local
govt.
6,799
Time deposits
Certified
and
officers'
checks,
etc.
2,581
IPC
84,987
U.S.
Govt, State
Inter- and
and
bank Postal local
Sav- govt.
ings
240
111
IPC 3
866 34,383
Bor- Capital
row- acings counts
65 10,059
20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316
21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,21'
882
19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141
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
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
59
103
111
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
20,275 5,916 16,997 151,948 19,688 1,909 5,219 15,471 8,608 158,905 1,258
21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155
800
19,801 6,229 16,778 151,340 22,755 2,134 5,624 16,819 12,378 163,160
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
33,061
62,950
72,704
140
64
50
20,275 4,646 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184
21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476
19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 133,857
,169
,061
722
12,396 1,087
15,811 1,438
17,797 1,672
3,066
4,240
5,504
1,009
2,450
2,401
492 15,146
496 29,277
826 33,946
10 6,844
215 8,671
61 9,734
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
50
99
105
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
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
New York Citv:
1941—Dec." 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
5,105
4,015
4,639
93
111
151
141 10,761
78 15,065
70 16,653
3,595
607
866
3,535 1,105 6,940
3,236 1,217
267
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 30io.
4,786
4,506
4,212
397
443
400
476 20,004
420 20,808
424 15,504
5,900 1,337 1,084
888
7,532 1,433
983
9,725 1,509
890
1,068
1,314
4,748
4,827
7,801
25,644
27,455
25,338
741
622
405
City of Chicago :
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1,021
942
1,070
298
200
175
2,215
3,153
3,737
1,027
1,292
1,196
127
1,552
72
233
237
285
34
66
63
2,152
3,160
3,853
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30 io.
1,105
1,164
652
151
281
134
4,758
5,183
4,428
1,357
1,445
1,298
267
257
274
283
245
321
217
207
228
5,751
6,090
5,644
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
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
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
390 1,715
456 1,884
444 2,172
3,542
3,835
3,792
1,580
1,947
1,843
48,165
51,667
48,444
310
307
205
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
5,465
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
146 6,082
219 12,224
337 14,177
4 1,982
11 2,525
23 2,934
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
1,564
1,281
1,447
7,142
7,703
7,490
1,395
1,612
1,641
52,624
57,263
54,432
96
111
86
5,272 60,830
6,043 68,348
5,776 70,852
552 11,005
804 11,807
,787 12,376
Other reserve
1941—Dec.
1945—Dec.
1947—Dec.
city:
31...
31...
31...
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30 io.
Country:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 3010.
4,060
6,326
7,095
Nonmember;3
1947—Dec. 3 1 . . . ,
1967—Dec. 3 0 . . .
1968—Dec. 3 1 . . .
1969—June 30io.
544
3,947 13,595
385
1,285
1,560
1,430
6,939 31,723
7,631 35,654
7,221 34,957
903
1,018
903
169
209
186
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.
' For reclassification of certain deposits in 1961, see note 6, p. 589,
M a y 1964 BULLETIN.
io Beginning June 30,1969, reflects (1) inclusion of consolidated reports
(including figures for all bank-premises subsidiaries and other significant
majority-owned domestic subsidiaries) and (2) reporting of figures for
total loans and for individual categories of securities on a gross basis—that
is, before deduction of valuation reserves. See also notes 1 and 6.
NOTE,—Data are for all commercial banks in the United States; member
29
20
14
778
1,206
1,418
1,152 18,840 ,880 5,715
1,623 18,380 2,733 6,137
673 14,735 3,671 6,283
476
719
902
22
1,648
195 2,120
30 2,259
20
38
45
288
377
426
602
624
391
5,409 383 1,346
5,545 682 1,433
4,783 1,230 1,492
243
1,967
2,566
2,844
4,542
160 9,563
332 11,045
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 " 166
167
1,295
180
12,284
190
6,858
12 1,596
603
701
765
3,707
4,205
4,013
737
1,092
1,204
27,641
30,865
30,283
147
150
3,035 32,305
3,442 37,347
3,619 39,986
408 6,286
441 6,945
741 7,506
160
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
• JUNE 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
others
Total
Other
securities
Commercial
and
industrial
To brokers
and dealers
To nonbank
finan.
institutions
To
others
Agricultural
U.S.
Treasury
Other
sees.
U.S.
Treasury
sees.
Other
sees.
Large banks—
Total
1969 3
May
7
14
21
28
233,126
234,665
232,242
231,071
170,588
172,640
171,186
170,311
76,579
76,768
76,668
76,636
2,017
1,981
2,004
2,027
954
1,823
472
475
3,601
3,857
3,436
3,576
106
104
107
110
2,745
2,750
2,760
2,766
1970
Apr.
May
785
,141
637
326
312
225
253
90
99
31
162
5,830
6,197
6,507
5,392
6,063
5,330
5,791
89
22
75
63
170,290
168,485
170,039
168,777
168,552
79,010
78,552
79,485
79,318
"78,907
2.017
2,009
2,034
2,036
2,025
758
1,110
890
586
789
3,965
3,259
3,548
3,295
3,278
101
100
99
98
99
2,371
2,363
2,361
2,354
2,331
6,708
7,249
5,980
6,217
6,252
6,728
5,642
5,71
265
346
196
343
82
74
71
84
109
101
71
79
169,205
167,974
167,806
167,617
79,384
78,961
78,720
78,325
2.025
2.018
2,022
2.026
546
477
641
513
3,310
3,019
3,183
3,297
100
97
95
92
2,331
2,312
2,305
2,295
41,918
42,847
42,393
41,982
24,751
24,965
24,897
24,852
670
1,038
321
331
2,131
2,517
2,124
2,252
840
846
851
857
43,192
41,963
42,569
41,716
41,521
25,786
25,621
25,886
25,765
25,491
623
804
654
374
571
2,639
1,989
2,249
2,140
2,128
740
735
731
723
720
41,660
40,875
40,865
40,877
25,559
25,328
25,156
24,953
447
325
492
357
2,048
1,856
2,064
2,197
701
697
689
685
128,670
129,793
128,793
128,329
51,828
51,803
51,771
51,784
2,003
1,968
1,990
2,013
284
785
151
144
1,470
1,340
1,312
1,324
1,905
1,904
1,909
1,909
145 127.098 53,224
81 126,522 52,931
127,470 53,599
33 127,061 53,553
40 127,031 53,416
2,005
1,996
2,023
2,012
135
306
236
212
218
1,326
1,270
1,299
1,155
1,150
1,631
1,628
1.630
1.631
1,611
2,012
2,005
2,009
2,012
99
152
149
156
1,262
1,163
1,119
1,100
1,630
1.615
1.616
1,610
1
8
15
22
29
238,535
236,337
238,480
235,599
235,616
7,679
6,875
6p
13 f
20 P
236,644
235,592
234,274
234,264
27 P
6,812
New York City
19693
May
7
14
21
28
53,038
54,029
53,187
52,694
1970
Apr.
May
1
8
15
22
29
56,015
54,526
55,637
54,396
54,754
1,256
911
919
959
1,578
1,201
849
865
902
1,555
6p
13*
20 P
27 P
54,484
53,428
53,279
53,932
1,525
1,430
1,161
1,700
1,504
1,415
1,136
1,682
28
26
Outside
New York City
19693
May
7
14
21
28
180,088
180,636
179,055
178,377
1970
Apr.
May
1
8
15
22
29
6p
13 p
20 p
27 P
180,862
6,423
5,964
5,893
4,871
4,619
5,306
4,543
5,198
4,428
4,236
775
1,087
630
311
312
197
253
64
99
31
182,160
182,164
180,995
180,332
5,183
5,819
4,819
4,517
4,748
5,313
4,506
4,029
259
344
82
74
71
84
182,520
181,811
182,843
181,203
fornotes see p. A-30.
186
338
94
88
56
66
127,545
127.099
126,941
126,740
53,825
53,633
53,564
53,372
2,021
JUNE 1970 •
WEEKLY REPORTING BANKS
A 27
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Loans (cont.)
Investments
Other (cont.)
U.S. Treasury securities
Notes and bonds
maturing—
To commercial
banks
Wednesday
Real
estate
Domestic
Foreign
Consumer
instalment
Foreign
govts. 2
All
other
Total
Bills
Certificates
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Large banks—
Total
19693
984
976
14,119
14,146
14,107
14,072
24,238
23,975
23,304
23,074
1,858
1,754
1,412
1,274
5,419
5,447
4,534
4,423
11,512
11,368
11,972
12,135
5,449
5,406
5,386
5,242
20,214
20,171
20,200
20,204
20,274
1,040
1,015
993
977
996
13,740
13,427
13.561
13,513
13,579
23,617
23,362
23,427
22,967
22,878
4,230
3,899
3,986
3,499
3,423
3,226
3,340
3,377
3,420
3,407
13,635
13,614
13,588
13,610
13,634
20,306
20,363
20,372
20,396
993
987
984
989
13,755
13,637
13.562
13,525
22,426
22,055
22,652
22,776
2,965
2,645
2,335
2,510
3,443
3,412
3,181
3,332
13,616
13,618
14,723
14,548
32,838
32,946
33,012
33,023
4,575
5,262
5,809
4,809
1,737
1,844
1,784
1,695
19,143
19,218
19,253
19,340
33,458
33,410
33,448
33,430
33,385
499
467
422
437
447
1,459
1,428
1,442
1,351
1,327
33,342
33,409
33,401
33,451
468
417
403
444
1,342
1,355
1,317
1,407
976
,011
May
7
14
21
28
2,526
2,509
2,476
2,438
2,414
Apr.
1
8
15
22
29
2,402
2,380
2,413
2,386
May
1970
6?
13F
20f
21 p
New York City
19693
3,373
3,399
3,410
3,425
1,169
1,013
1,894
1,503
894
974
909
878
1,484
1,497
1,504
1,517
672
713
689
670
2,603
2,602
2,663
2,601
4,153
4,133
3,852
3,802
496
481
251
203
740
733
531
521
1,756
1,758
2,064
2,059
1,161
1,161
3.372
3,381
3,400
3,392
3.373
297
273
229
250
237
830
778
801
730
719
1,639
1,637
1,641
1,651
1,644
625
626
625
603
615
2,822
2,615
2,617
2,591
2,551
4,933
4,972
5,106
4,823
4,850
1,615
1,620
1,751
1,500
1,510
393
427
446
439
453
2,633
2,632
2,617
2,607
2,620
292
293
292
277
267
Apr.
3,362
3,378
3,381
3,404
266
232
217
242
730
717
701
793
1,653
1,655
1,660
1,670
620
2,701
2,740
2,621
2,614
4,424
4,300
4,582
4,723
1,066
941
779
936
491
495
353
346
2,597
2,600
3,098
3,080
270
264
352
361
May
614
609
610
May
1,006
1,019
7
14
21
28
1970
1
8
15
22
29
6p
p
13
20 p
27 p
Outside
New York City
19693
May
7
14
21
28
2,234
2,216
2,184
2,161
2,147
Apr.
1
8
15
22
29
2,132
2,116
2,061
2,025
May
29,465
29,547
29,602
29,598
3,406
4,249
3,915
3,306
843
870
875
817
17,659
17,721
17,749
17,823
304
298
295
306
11,516
11,544
11,444
11,471
20,085
19,842
19,452
19,272
1,362
1,273
1,161
1,071
4,679
4,714
4,003
3,902
9,756
9,610
9,908
10,076
4,288
4,245
4,380
4,223
30,086
30,029
30,048
30,038
30,012
202
194
193
187
210
629
650
641
621
608
18,575
18,534
18,559
18,553
18,630
415
389
368
374
381
10,918
10,944
10,922
11,028
18,684
18,390
18,321
18,144
18,028
2,615
2,279
2,235
1,999
1,913
2,833
2,913
2,931
2,981
2,954
11,002
10,982
10,971
11,003
11,014
29,980
30,031
30,020
30,047
202
185
186
202
612
638
616
614
18,653
18,708
18,712
18,726
373
373
375
379
11,054
10,897
10,941
10,911
18,002
17,755
18,070
18,053
1,899
1,704
1,556
1,574
2,952
2,917
2,828
2,986
11,019
11,018
11,625
11,468
1970
For notes see p. A-30.
10,812
6P
13 f
20*
27 P
A 28
WEEKLY REPORTING BANKS
• JUNE 1970
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Investments (cont.)
Other securities
Wednesday
Total
Obligations
of State
and
political
subdivisions
Tax
warrants4
All
other
Other bonds,
corp. stock,
and
securities
Certif.
of
participation 5
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
All
other®
Large banks—
Total
19693
38,300
38,050
37,752
37,686
4,876
4,828
4,713
4,623
29,206
29,008
28,874
28,848
1,329
1.329
1,316
1.330
2,889
2,885
2,849
2,885
28,865
31.002
29.003
29,864
16,357
15,360
17,365
16,775
2,755
2,958
2,972
3,034
4,268
4,778
4,594
4,633
1
8
15
22
29
36,949
37,615
38,202
38,025
37,989
4,087
4,469
4,826
4,870
4,862
28,589
28,893
29,136
28,961
28,906
1,112
1,133
1,124
1,074
1,059
3.161
3,120
3,116
3,120
3.162
33,871
32,065
38,629
31,457
30,550
17,357
14,906
18,384
17,977
16,787
3,099
4,581
3,131
3,228
3,223
5,767
4,669
5,123
4,502
4,291
674
674
676
675
685
13,876
13,428
13,472
13,749
13,815
May 6?p
13
20P
38,305
38,314
37,836
37,654
4,994
4,993
4,758
4,670
29,134
29,150
29,023
28,942
1,039
1,112
1,032
1,037
3,138
3,059
3,023
3,005
32,803
31,313
31,633
31,444
17,747
16,921
17,049
15,965
2,956
3,252
3,210
3,294
5,039
4,708
4,722
4,535
682
684
687
687
14,022
13,866
13,833
13,839
6,967
7,049
6,942
6,910
1,376
1,440
1,385
1,335
4,689
4,659
4,627
4,649
125
128
120
113
777
822
810
813
13,983
14,670
14,001
15,067
4,183
3,898
4,050
4,370
353
363
375
394
363
433
405
405
1
8
15
22
29
6,634
6,680
7,043
6,898
6,805
1,212
1,269
1,403
1,462
1,416
4,551
4,547
4,778
4,583
4,508
93
95
94
100
95
778
769
768
753
786
16,771
16,418
15,178
15,589
4,859
4,752
4,309
4,568
3,895
403
407
417
406
415
451
p
6,875
6,823
6,671
6,632
1,369
1,314
1,259
1,200
4,575
4,612
4,544
4,569
94
89
81
83
837
808
787
780
17,020
15,409
15,625
16,353
4,841
4,643
4,633
4,115
31,333
31,001
30,810
30,776
3,500
3,388
3,328
3,288
24,517
24,349
24,247
24,199
1,204
1,201
1,196
1,217
2,112
2,063
2,039
2,072
14,882
16,332
15,002
14,797
30,315
30,935
31,159
31,127
31,184
2,875
3,200
3,423
3,408
3,446
24,038
24,346
24,358
24,378
24,398
1,019
1,038
1,030
974
964
2,383
2,351
2,348
2,367
2,376
31,430
31,491
31,165
31,022
3,625
3,679
3,499
3,470
24,559
24,538
24,479
24,373
945
1,023
951
954
2,301
2,251
2,236
2,225
May 7
14
21
28
11,523
11,601
11,522
11,927
1970
Apr.
21P
New York City
19693
May 7
14
21
28
4,351
4,424
4,466
4,576
1970
Apr.
May 6
13P
2 6P
27 P
879
307
360
278
299
299
300
300
310
4,983
4,679
4,686
4,879
4,952
406
433
404
431
600
542
536
615
311
311
311
311
5,130
4,948
5,005
4,920
12,174
11,462
13,315
12,405
2,402
2,595
2,597
2,640
3,905
4,345
4,189
4,228
17,100
15,647
18,663
16,279
14,961
12,498
10,154
14,075
13,409
12,892
2,696
4,174
2,714
2,822
2,808
4,888
4,362
4,672
4,142
4,013
375
375
376
375
375
8,893
8,749
8,786
8,870
8,863
15,783
15,904
16,008
15,091
12,906
12,278
12,416
11,850
2,550
2,819
2,806
2,863
4,439
4,166
4,186
3,920
371
373
376
376
8,892
8.918
8,828
8.919
19,966
Outside
New York City
19693
May 7
14
21
28
7,172
7,177
7,056
7,351
1970
Apr.
1
8
15
22
29
May 6P
13 P
20?
27 P
f o r notes see p. A-30.
JUNE 1970 •
WEEKLY REPORTING BANKS
A 29
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Deposits
Time and savings 1
Demand
Domestic
interbank
Total
IPC
States
and
political
subdivisions
U.S.
Govt.
Commercial
IPC
Foreign
ComMutual
Govts.,
mersavcial
etc. 1
ings
banks
Certified
and
officers'
checks
Total
Savings
Other
States
and
political
subdivisions
Domestic
interbank
Wednesday
Foreign
govts. 2
Large banks—
Total
19693
128,588
132,280
127,094
127,253
87,392
91,326
88,752
89,412
6,409
6,279
6,023
6,270
7,670
7,261
6,253
4,112
16,028
16,065
15,498
16,240
704
652
631
650
661
796
668
693
1,932
1,978
1,901
1,918
7,792
7,923
7,368
7,958
106,840
106,595
106,376
106,188
47,728
47,676
47,710
47,691
42,846
42,830
42,619
42,510
10,764
10,650
10,551
10,518
491
496
488
493
4,523
4,458
4,528
4,503
141,131
134,650
143,901
134,014
131,784
97,063
93,826
98,566
94,344
91,703
6,849
5,971
6,613
6,061
6,447
4,119
2,706
3,381
3,493
4,281
18,952
17,866
19,043
17,213
16,407
795
836
735
608
587
900
750
841
708
756
2,387 10,066
2,415 10,280
2,327 12,395
2,384 9,203
2,252 9,351
98,229
98,453
98,628
99,059
99,282
46,220
46,153
45,922
45,893
45,893
36,523
36,545
36,468
36,558
36,761
7,562
7,912
8,387
8,753
8,918
298
310
327
328
317
7,383
7,274
7,255
7,239
7,104
Apr. 1
8
15
22
29
134,258
130,391
132,140
130,637
90,107
90,897
90,013
91,056
6,905
6,303
6,358
6,337
4,470
2,677
6,136
3,780
19,034
18,261
17,825
17,123
623
549
528
536
826
1,054
767
734
2,159 10,134
2,296 8,354
2,120 8,393
2,172 8,899
99,221
99,311
99,513
99,460
45,975
45,979
46,069
46,074
36,745
36,863
36,822
36,907
8,980
8,968
8,983
9,008
338
334
350
353
6,912
6,894
7,020
6,847
May
May
7
14
21
28
1970
6p
13P
20p
27 p
New York City
19693
May
37,573
38,692
36,861
37,987
20,861
22,011
21,401
21,615
598
462
472
520
2,104
1,950
1,438
798
6,135
6,089
6,070
6,993
410
375
375
393
519
632
525
552
1,359
1,430
1,354
1,361
5,587
5,743
5,226
5,755
15,636
15,500
15,403
15,249
4,578
4,569
4,571
4,567
7,107
7,039
6,867
6,733
669
666
679
678
272
268
266
272
2,799
2,750
2,815
2,798
44,373
41,841
45,581
40,534
40,716
24,788
22,666
23,298
22,938
22,569
779
680
672
528
587
779
640
1,009
586
942
7,681
7,219
8,117
7,014
6,902
522
524
427
340
319
717
579
670
535
607
1,685
1,718
1,657
1,740
1,624
7,422
7,815
9,731
6,853
7,166
14,409
14,419
14,289
14,205
14,131
4,424
4,411
4,378
4.378
4.379
4,551
4,570
4,516
4,474
4,556
270
333
335
345
346
163
168
182
183
182
4,896
4,834
4,775
4,720
4,563
Apr.
42,146
39,759
40,283
40,756
21,577
21,556
21,643
22,846
732
514
521
399
1,052
465
1,602
853
8,432
8,085
7,758
7,477
331
286
272
288
661
877
601
573
1.510
1,644
1,464
1.511
7,851
6,332
6,422
6,809
13,900
13,801
13,791
13,760
4,386
4,381
4,390
4,385
4,477
4,473
4,370
4,426
359
362
343
385
198
196
214
214
4,375
4,283
4,368
4,245
May
7
14
21
28
1970
1
8
15
22
29
6P
13P
20pp
27
Outside
New York City
19693
91,015
93,588
90,233
89,266
66,531
69,315
67,351
67,797
5,811
5,817
5,551
5,750
5,566
5,311
4,815
3,314
9,893
9,976
9,428
9,247
294
277
256
257
142
164
143
141
573
548
547
557
2,205
2,180
2,142
2,203
91,204
91,095
90,973
90,939
43,150
43,107
43,139
43,124
35,739 10,095
35,791 9,984
35,752 9,872
35,777 9,840
219
228
222
221
1,724
1,708
1,713
1,705
May
7
14
21
28
1970
96,758
92,809
98,320
93,480
91,068
72,275
71,160
75,268
71,406
69,134
6,070
5,291
5,941
5,533
5,860
3,340
2,066
2,372
2,907
3,339
11,271
10,647
10,926
10,199
9,505
273
312
308
268
268
183
171
171
173
149
702
697
670
644
628
2,644
2,465
2,664
2,350
2,185
83,820
84,034
84,339
84,854
85,151
41,796
41,742
41,544
41,515
41,514
31,972
31,975
31,952
32,084
32,205
7,292
7,579
8,052
8,408
8,572
135
142
145
145
135
2,487
2,440
2,480
2,519
2,541
Apr. 1
8
92,112
90,632
91,857
89,881
68,530
69,341
68,370
68,210
6,173
5,789
5,837
5,938
3,418 10,602
2,212 10,176
4,534 10,067
2,927 9,646
292
263
256
248
165
177
166
161
649
652
656
661
2,283
2,022
1,971
2,090
85,321
85,510
85,722
85,700
41,589
41,598
41,679
41,689
32,268
32,390
32,452
32,481
8,621
8,606
8,640
8,623
140
138
136
139
2,537
2,611
2,652
2,602
May
For notes see p. A-30.
15
22
29
6P
13*
20*
21 p
A 30
WEEKLY REPORTING BANKS
• JUNE 1970
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued
(In millions of dollars)
Borrowings
from—
Wednesday
Reserves
for—
Federal
Other
funds
liabilipurF.R.
ties
chased, Banks Others etc.»
etc. 7
Loans
Memoranda
Total
capital
acSecurcounts
ities
Total
loans
(gross)
adjusted 9
Large negotiable
Total
time CD's
loans
included in time
and
Deand savings deposits1 *
invest- mand
ments deposits
(gross)
adIssued Issued
adjusted i o Total
to
to
justed 9
IPC's others
Large banks—Total
19693
May
7.
14.
21.
28.
648
343
804
1,280
13,612
14,570
15,514
14,158
21,158
20,547
21,922
22,417
3,524
3,524
3.524
3.525
22,524
22,505
22,464
22,483
166,013
167,378
165,377
165,502
228,551
229,403
226,433
226,262
76,025
77,952
76,340
77,037
17,475
17,386
17,117
16,950
10,742
10,737
10,515
10,387
6,733
6,649
6,602
6,563
1970
Apr.
May
1.
8.
15.
22.
29.
18.496
17,990
19,105
18,241
18,043
422
300
1,332
1,164
680
2,485
2,620
2,493
2,349
2,476
24,647
24,845
24,671
24,637
24,936
4,041
4,039
4,038
4,037
4,037
23,650
23,685
23.649
23,609
23.650
170,963
169,501
170,366
168,840
168,51
231,529
230,478
231,995
229,832
229,378
84,189
82,013
82,848
81,851
80,546
12,237
12,499
12,774
12,941
13,046
5,512
5,672
5,770
5,831
5,944
6,725
6,827
7,004
7,110
7,102
6 P.
13 p.
20,414
20,503
17,635
17.497
340
709
283
675
2,539
2,396
2,390
2,275
25,187
25,115
25,586
25,562
4,036
4,036
4,036
4,036
23,819
23,796
23,751
23,811
169,193
168,078
167,741
167,679
229,924
228,447
228,229
228,109
77,951
78,140
76,546
78,290
12,989
12,980
13,087
13,004
5,944
5,980
5,972
5,992
7,045
7,000
7,115
7,012
33
365
4,243
4,837
4,697
4,191
11,782
11,755
12,479
12,713
1,049
1,049
1,049
1,049
5,988
5,984
5,962
5,952
40,749
41,834
40,499
40,479
51,869
53,016
51,293
51,191
15.351
15,983
15.352
15,129
3,769
3,742
3,602
3,497
2,260
2,249
2,117
2,036
1,509
1,493
1,485
1,461
100
316
316
303
305
311
12.535
12,887
12,726
12.536
12,904
1,204
1.204
1.205
1.206
1.207
6,061
6,059
6,061
6,032
6,027
42,950
41,752
42,394
41,523
41,307
54,517
53,404
54,543
53,244
52,962
19,142
17,564
16,489
17,756
17,283
3,211
3,227
3,187
3,159
3,075
841
869
868
876
903
2,370
2,358
2,319
2,283
2,172
50
308
308
337
322
13,226
12,978
13,119
13,596
1.208
1,208
1,211
6,103
6,096
6,080
6,070
41,415
40,658
40,673
40,653
52,714
51,781
51,926
52,008
15,642
15,800
15,298
16,073
2,966
2,863
2,901
2,842
878
866
840
858
2,088
1 ,997
2,061
1,984
648 9,369
343 9,733
771 10,817
915 9,967
9,376
8,792
9,443
9,704
2,475
2,475
2.475
2.476
16,536
16,521
16,502
16,531
125,264
125,544
124,878
125,023
176,682
176,387
175,140
175,071
60,674
61,969
60,988
61,908
13,706
13,644
13,515
13,453
8,482
8,488
8,398
8,351
5,224
5,156
5,117
5,102
20p.
HP.
New York City
19693
May
7.
14.
21.
28.
1970
5,21
4,648
4,922
4,890
4,817
15.
22.
29.
May
6 P.
5,850
5,563
4,972
4,947
13 P.
20P. ,
27P.
14
679
379
79
14
1,210
Outside
New York City
19693
May
7.
14.
21.
28.
1970
8..,
15..,
22..,
29..,
May
6P.
13P.
20P.
27P.
13,285
13,342
14,183
13,351
13,226
322
286
653
785
601
2,169
2,304
2,190
2,044
2,165
12,112
11,958
11,945
12,101
12,032
2,837
2,835
2,833
2,831
2,830
17,589
17,626
17,588
17,577
17,623
128,013
127,749
127,972
127,317
127,204
177,012
177,074
177,452
176,588
176,416
65,047
64,449
66,359
64,095
63,263
9,026
9,272
9,587
9,782
9,971
4,671
4,803
4,902
4,955
5,041
4,355
4,469
4,685
4,827
4,930
14,564
14,940
12,663
12,550
290
709
283
661
2,231
2,088
2,053
1,953
11,961
12,137
12,467
11,966
2,828
2,828
2,826
2,825
17,716
17,700
17,671
17,741
127,778
127,420
127,068
127,026
177,210
176,666
176,303
176,101
62,309
62,340
61,248
62,217
10,023
10,117
10,186
10,162
5,066
5,114
5,132
5,134
4,957
5,003
5,054
5,028
1 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.
56 Federal agencies only.
Includes corporate stock.
2
3
7
8
Includes securities sold under agreements to repurchase.
Includes minority interest in consolidated subsidaires.
9 Exclusive of loans and Federal funds transactions with domestic commercial
banks.
1(
>A11 demand deposits except U.S. Govt, and domestic commercial
banks,
less cash items in process of collection.
11
Certificates of deposit issued in denominations of $100,000 or more.
JUNE 1970 • BUSINESS LOANS OF BANKS
A 31
COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during
Outstanding
1970
1970
1970
Industry
May
27
May
20
May
13
May
6
Apr.
29
2,040
6,077'
2,691
2,192
2,649
2,065
6,163
2,608
2,213
2,684
2,060
6,220
2,653
2,253
2,695
2,084
6,223
2,715
2,223|
2,657
2,064
6,1281
2,763
2,1931
2,636]
ill 1
-72
-1
50
18
-24|
45
97
2,696
2,621
1,551
2,715
2,024
2,7721
2,609
1,553
2,767
2,030
2,775
2,605
1,5341
2,839'
2,025
2,9001
2,572
1,543
2,900
2,024|
2,825
2,555
1,588
2,876|
2,025
-129
66
-37
-161
-17
461
-13
21
-68
4,194
966
3,581
4,149
5,555
1,338
2,532
3,143
6,7461
4,885'
545
4,220
990
3,594
4,150
5,517
1,354
2,557
3,136
6,785
4,980
566
4,240
963
3,570
4,127
5,425
1,370
2,633
3,144
6,810
4,962
593
4,236
973
3,593
4,2791
5,472
1,375
2,673
3,114
6,828
4,944
620
-90
-16
May
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products..
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans
Bankers' acceptances
Foreign commercial and industrial
loans
Total classified loans
4,284|
982
3,583
4,1201
5,455'
1,375
2,584|
3,111
6,795
4,788
650
-61
100
-37
-52
32
-49
97
-105
2,238| 2,229 2,230| 2,215 2,189
67,128 67,542 67,726 68,163! 67,659
Total commercial and industrial loans
78,325 78,720 78,961 79,384 78,907
IV
Mar.1
Apr.
-1
1969
1969
III
126
71
184]
155
145
24
76
329
400
-115
-13
53
280
139
-59
92
-35
104
56
-411
172
-117
666
-471
-107
197
36
43
98
-243
-94
163
-439
-155
-62
-54
-132
-37
-255
49
-531
—120|
-23
98
-5
-98
-156|
-187
-791
-79]
-105
-116
-156
-15
3661
48
129
246
247
452
-144
408
365
2941
-44
27
6181 2,292
-24
3,370
-168
86
-578
169
538 -2,738
3,438
-361
13
-2
-114
-53
76
132
-125
23
i
-190
48
,
258
52
84
- 6
21
-38
-81
114|
13
14|
5
— 354]
10|
63
143
43
-
10|
9
-102
94
295
-26
-145
142
-111
See NOTE to table below.
"TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS
(In millions of dollars)
Net change during-
Outstanding
Apr.
29
Feb.
25
Jan.
28
Dec.
31
1,447
2,763
1,549
1,463
2,761
1,560
1,420
2,748
1,544
1,428
2,686
1,554
1,476
2,749
1,501'
755
1,162
780
1,183
754
1,141
757
1,145
761
1,1691
May
27
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal
products
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and
leather
Petroleum refining
Chemicals and rubber.
Other nondurable goods.
Mining, including crude petroleum and natural gas
Trade: Commodity dealers.
Other wholesale....
Retail
Transportation
Communication
Other public utilities
Construction
Services
All other domestic loans...
Foreign commercial and industrial loans
Total loans
1969
Oct.
29
Sept.
24
Aug.
27
1,402
2,566
1,389
1,407
2,507
1,305
1,419
2,556
1,245
1,375
2,509
1,195
-24|
51
74
7961
1,097
7701
1,087
7691
1,110
780
1,062
- 2
73
24
696|
1,477
1,7181
669
1,465
1,742
1,058
13
-101
-24]
-5
24
-121
112
85
46
-190
21
15
-381
-29
-84
-34
-4
4
26
6
146
-2
-10
108
Nov.
26
951
952
942
953
908
873
709
1,254
1,831
1,099
721
1,234
1,896
1,120
708
1,310
1,832
1,133
713
1,3561
1,829
1,151
707
1,310
1,674
1,123
6861
3,520|1
87
717
1,285
4,262
416
984
888
3,031
1,186
3,590
77
684
1,242
4,199
445
1,020
899
2,962
1,183
3,757
81
693
1,236
4,291
472
1,2441
899!
2,971
1,195
3,916
90
686
1,232
4,343
480
1,318
893
2,936
1,214
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|1 4,119
80
81
672
691
1,182 1,162
4,115 4,107
446
486
1,244 1,296
899
899
2,854 2,865
1,206 1,184|
4,030
111
6631
1,148
4,061
446
1,243
898
2,866
1,664
1,614
1,627
1,645
1,642|
1,690
1,692
1,739
1,282
1,701'
1,071
IV
-7
861
939
756
1,217
1,6941
1,071
1,066]
1,701
1,108
31,393 31,506 31,996 32,248 32,789 31,549 31,218 31,475 31,029
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.
1970
1969
1970
Industry
-1
-10
-23
-83
-22
-176
-1
4]
-35
-741
1969
III
67
57
193
256
148I
59
-29
42
40
71
307
52
421
13
131
110|
82
-75
-135
1,391
247
Commercial and industrial "term" loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans granted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
A 32
LOAN SALES BY BANKS a JUNE 1970
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS
(Amounts outstanding; in millions of dollars)
To own subsidiaries, foreign branches,
holding companies, and other affiliates
Date
To all others except banks
By type of loan
By type of loan
Total
1970—Feb.
Total
Commercial
and
industrial
All other
Commercial
and
industrial
All other
4...
11...
18...
25...
5,904
6,019
6,282
6,402
4,266
4,429
4,687
4,795
1,637
1,590
1,595
1,607
1,706'
1,711'
1,733'
1,753'
741
737'
756
761
Mar. 4 . . .
11...
18...
25...
6,484
6,450
6,479
6,682
4,849
4,904
4,915
5,148
1,635
1,546
1,564
1,534
1,768'
1,779'
1,746'
1,751'
753
760
753
745
1,015'
1,019'
993'
1,006'
Apr.
1...
8...
15. . .
22...
29...
6,646
6,710
6,609
6,706
6,948
5,089
5,162
5,052
5,156
5,379
1,557
1,548
1,557
1,550
1,569
1,744'
1,813'
1,796'
1,825'
1,832'
720
763
755
766
762
1,024'
1,050'
1,041'
1,059'
1,070'
May
6...
13...
20...
27. . .
7,094
7,396
7,721
7,822
5,564
5,844
6,113
6,206
1,530
1,552
1,608
1,616
1,798
1,794
1,812
1,816
740'
734
727
723
1,058
1,060
1,085
1,093
965'
974'
977'
992'
NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold
by banks other than large weekly reporting banks.
RATES ON SHORT-TERM BUSINESS LOANS OF BANKS
Size of loan (in thousands of dollars)
All sizes
Interest rate
(per cent per annum)
Feb.
1970
Nov.
1969
1--9
Feb.
1970
10-99
Nov.
1969
Feb.
1970
100-499
Nov.
1960
Feb.
1970
500-999
Nov.
1969
Feb.
1970
1.000 and over
Nov.
1969
Feb.
1970
Nov.
1969
Percentage distribution of dollar amount
2.8
47.2
21.1
7.9
7.0
5.4
3.2
5.4
4.4
41.1
23.5
9.3
7.4
5.3
3.4
5.7
19.3
3.6
8.4
10.8
12.0
14.1
13.9
17.9
21.5
4.5
10.4
10.2
11.7
13.2
14.5
13.8
8.1
8.4
12.9
14.2
15.9
13.0
9.9
17.5
9.6
9.1
13.2
14.6
16.3
12.3
10.0
14.9
4.9
21.8
22.6
13.1
12.9
8.5
6.2
10.2
6.0
21.0
25.7
12.4
12.9
7.6
5.1
9.5
2.1
37.4
26.2
10.9
6.5
6.2
4.2
6.4
3.0
37.5
27.1
9.3
9.0
5.8
3.2
4.9
1.2
63.8
20.9
4.6
3.9
3.0
0.9
1.8
2.8
57.6
23.8
6.9
2.8
2.7
1.3
2.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
4,502.3 3,942.2
30.2
30.4
44.1
11.2
43.7
11.4
399.0
12.7
403.4
12.8
810.7
4.2
844.3
4.3
598.9
1.0
600.8 2 , 6 4 9 . 6 2,050.1
1.0
1.1
0.9
Less than 8.50
8.50
8.51-8.99
9.01-9.49
9.50
9.51-9.99
Over 10.00
Total
Total loans:
Dollar (millions)
Number (thousands)
Center
Weighted average rates (per cent per annum)
8.86
8.65
9.23
8.86
8.67
8.87
8.84
35 centers
New York City
7 Other Northeast
8 North Central
7 Southeast
8 Southwest
4 West Coast
8.83
8.66
9.21
8.83
8.58
8.79
8.81
9.17
9.31
9.28
8.96
8.82
9.25
9.61
9.05
9.22
9.16
8.77
8.69
9.20
9.45
NOTE.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on
Business Loans was revised. For description of revised series see pp. 72127 o f the M a y 1967
BULLETIN.
9.26
9.12
9.60
9.24
8.80
9.11
9.32
9.20
9.13
9.57
9.16
8.73
9.02
9.22
9.04
8.89
9.36
9.11
8.65
8.94
8.96
9.00
8.83
9.36
9.11
8.55
8.81
8.95
8.87
8.72
9.18
8.88
8.54
8.86
8.98
8.84
8.74
9.18
8.81
8.60
8.76
8.76
8.67
8.57
8.91
8.71
8.63
8.67
8.66
8.66
8.58
8.85
8.70
8.45
8.66
8.67
JUNE 1970 •
INTEREST RATES
A 33
PRIME RATE CHARGED BY BANKS
(Per cent per annum)
Rate
Effective date
In effect during1929.... ,
5^/2-6
1947—Dec. i. . ..
1 V4
193 0
193 1
193 2
193 3
3i/ 2 -6
1948—Aug.i... .
2
23/4-5
3 V4-4
1V4-4
1934—
1947 (Nov.)
1%
1950—Sept.
22.
21/4
1951—Jan.
Oct.
Dec.
8.
17.
19.
21/2
1953—Apr.
27.
3 V4
1954—Mar.
17.
3
1955—Aug.
Oct.
4.
14.
3%
2V4
3
3%
Effective date
Rate
1956—Apr.
Aug.
13.
21.
3V4
1957—Aug.
6.
4V4
1958—Jan. 22.
Apr. 21.
Sept. 11.
4
3%
4
1959—May
Sept.
18.
1.
4%
5
1960—Aug.
23.
4%
1965—Dec.
6.
4
5
Effective date
1966—Mar.
June
Aug.
1967—Jan.
Mar.
Nov.
1968—Apr.
Sept.
Nov.
Dec.
Dec.
1969—Jan.
Mar.
June
1970—Mar.
10
29
16
26-27.
27.
20.
19.
25.
13.
2.
18.
7.
17.
9.
25.
Rate
5»/i
5V4
6
5Vl~5V4
5Vi
6
6 ~6V4
6V4
6Vi
7
m
8i/i
8
i Date of change not available.
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable) 4
Finance
Period
Prime
coml.
paper
4- to 6-1
months
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 1
Federal
funds
rate 3
3-month bills 5
6-month bills 5
9- to 12-month issues
Rate on
new issue
Market
yield
Rate on
new issue
Market
yield
Bills (market yield) 5
Other 6
3- to 5year
issues 7
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
1969—May
June
July
Aug
Sept
Oct
Nov
Dec
7.35
8.23
8.65
8.33
8.48
8.56
8.46
8.84
6.54
7.25
7.89
7.71
7.61
7.86
7.92
7.93
7.38
7.99
8.39
8.04
8.14
8.17
8.18
8.58
8.67
8.90
8.61
9.19
9.15
9.00
8.85
8.97
6.077
6.493
7.004
7.007
7.129
7.040
7.193
7.720
6.03
6.43
6.98
6.97
7.08
6.99
7.24
7.81
6.149
6.725
7.285
7.194
7.316
7.297
7.565
7.788
6.15
6.75
7.23
7.19
7.31
7.29
7.62
7.89
6.10
6.86
7.14
7.27
7.35
7.22
7.38
7.64
6.26
7.07
7.59
7.51
7.76
7.63
7.94
8.34
6.33
6.64
7.02
7.08
7.58
7.47
7.57
7.98
1970—Jan
Feb
Mar
Apr
May
8.78
8.55
8.33
8.06
8.23
8.14
8.01
7.68
7.26
7.43
8.64
8.30
7.60
7.54
8.02
8.98
8.98
7.76
8.10
7.94
7.914
7.164
6.710
6.480
7.035
7.87
7.13
6.63
6.50
6.83
7.863
7.249
6.598
6.568
7.262
7.78
7.23
6.59
6.61
7.02
7.50
7.07
6.52
6.54
7.12
8.22
7.60
6.88
6.96
7.69
8.14
7.80
7.20
7.49
7.97
Week ending—
1970—Mar.
7
14
21,
28
8.50
8.50
8.35
8.03
7.94
7.89
7.61
7.41
7.95
7.80
7.53
7.19
8.32
7.71
7.82
7.45
6.868
6.876
6.836
6.262
6.89
6.76
6.71
6.16
6.773
6.729
6.707
6.183
6.80
6.68
6.60
6.26
6.64
6.55
6.57
6.32
6.95
6.91
6.96
6.70
7.24
7.15
7.30
7.08
Apr.
4
11
18
25
8.08
8.08
8.00
8.00
7.25
7.25
7.25
7.25
7.23
7.43
7.38
7.63
7.93
7.68
8.02
8.21
6.330
6.409
6.310
6.476
6.35
6.39
6.37
6.58
6.391
6.454
6.247
6.494
6.42
6.41
6.37
6.75
6.36
6.27
6.29
6.70
6.77
6.73
6.78
7.07
7.22
7.29
7.43
7.62
May
2
9
16
23
30
8.13
8.35
8.30
8.18
8.13
7.29
7.36
7.38
7.45
7.56
8.00
8.13
8.08
7.93
7.98
8.43
8.46
7.96
7.84
7.64
6.876
7.184
6.994
6.828
7.133
6.83
6.80
6.78
6.72
7.00
7.253
7.493
7.202
6.996
7.355
7.17
6.93
7.00
6.95
7.15
7.19
7.06
7.13
7.08
7.19
7.56
7.65
7.63
7.70
7.77
7.87
7.96
7.98
7.97
7.98
1
2
Averages of daily offering rates of dealers.
Averages of daily rates, published by finance companies, for varying
maturities in the 90-179 day range.
3 Seven-day average for week ending Wednesday.
4
Except for new bill issues, yields are averages computed from daily
closing
bid prices. 5 Bills quoted on bank discount rate basis,
6
Certificates and selected note and bond issues.
7
Selected note and bond issues.
A 34
INTEREST RATES • JUNE 1970
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
Corporate bonds
State
and local
By selected
rating
United
States
(longterm)
Total»
Aaa
Baa
1962
196 3
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
196 5
1966
196 7
196 8
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
1969—May
June
July
Aug
Sept
Oct
Nov
Dec
5.85
6.06
6.07
6.02
6.32
6.27
6.51
6.81
5.39
5.78
5.80
5.98
6.21
6.12
6.25
6.84
5.19
5.58
5.61
5.74
5.83
5.80
5.88
6.50
1970—Ja n
Feb
Mar
Apr
May
6.86
6.44
6.39
6.53
6.94
6.74
6.47
6.08
6.50
7.00
28...
6.28
6.44
6.51
6.33
4...
11...
18...
25...
2...
9...
Stocks
By
group
Dividend/
price ratio
Earnings /
price ratio
Total *
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
4.62
4.50
4.57
4.33
4.26
4.40
5.02
4.86
4.83
4.47
4.42
4.52
4.86
4.65
4.67
4.51
4.41
4.53
4.50
4.30
4.32
3.37
3.17
3.01
5.68
5.54
3.57
4.21
4.30
4.88
6.07
4.64
5.34
5.82
6.51
7.36
4.49
5.13
5.51
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
5.87
6.72
5.71
5.84
6.05
5.63
6.08
6.28
6.58
6.45
6.60
7.23
7.10
7.27
7.39
7.37
7.53
7.72
7.76
8.13
6.79
6.98
7.08
6.97
7.14
7.33
7.35
7.72
7.52
7.70
7.84
7.86
8.05
8.22
8.25
8.65
6.69
7.16
7.29
7.29
7.42
7.59
7.61
7.95
7.27
7.37
7.50
7.57
7.68
7.76
7.83
8.16
7.15
7.38
7.49
7.40
7.62
7.91
7.94
8.39
6.20
6.33
6.42
6.44
6.61
6.79
6.84
7.19
3.02
3.18
3.34
3.37
3.33
3.33
3.31
3.52
6.38
6.19
5.81
6.24
6.70
7.13
6.80
6.40
6.87
7.33
8.32
8.29
8.18
8.20
8.46
7.91
7.93
7.84
7.83
8.11
8.86
8.78
8.63
8.70
8.98
8.15
8.11
7.98
8.00
8.19
8.38
8.39
8.33
8.34
8.59
8.54
8.47
8.34
8.37
8.72
7.01
7.04
6.97
6.98
7.26
3.56
3.68
3.60
3.70
4.20
6.13
6.04
6.11
6.05
5.85
5.75
5.84
5.80
6.43
6.38
6.42
6.38
8.16
8.14
8.20
8.22
7.79
7.80
7.88
7.92
8.62
8.59
8.65
8.66
7.98
7.95
8.00
8.02
8.34
8.29
8.34
8.34
8.30
8.29
8.36
8.41
6.95
6.93
7.03
6.95
3.56
4.62
3.66
3.57
6.32
6.38
6.46
6.70
6.14
6.36
6.49
6.72
5.90
6.10
6.44
6.75
6.85
7.10
8.18
6.25
6.47
8.17
8.18
8.21
7.85
7.80
7.82
7.83
8.65
8.63
8.67
8.74
7.98
7.97
7.99
8.01
8.31
8.29
8.33
8.38
8.37
8.35
8.36
8.37
6.95
7.01
6.90
6.98
3.56
3.61
3.69
3.76
6.79
6.85
6.83
6.88
7.21
6.80
6.87
6.99
7.03
7.10
6.50
6.55
6.70
6.74
6.80
7.20
7.25
7.35
7.35
7.40
8.27
8.36
8.44
8.49
8.56
7.92
7.99
8.09
8.16
8.21
8.82
8.90
8.95
9.02
9.10
8.08
8.09
8.16
8.22
8.31
8.41
8.53
8.61
8.59
8.64
8.45
8.60
8.68
8.78
8.85
7.08
7.16
7.22
7.30
7.35
3.87
3.98
4.14
4.31
4.35
108
18
30
38
30
40
14
6.01
6.18
6.06
6.03
6.49
'6.03'
Week ending—
1970—Mar.
7...
14...
21...
Apr.
May
16...
23...
30...
Number of issues2
20
1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat. As of Dec.
23, 1967, Aaa-rated railroad bonds are no longer a component of the
railroad
average or the Aaa composite series.
2
Number of issues varies over time; figures shown reflect most recent
count.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt, bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more. State and local govt, bonds: General obligations only, based on
Thurs. figures. 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.
JUNE 1970 •
SECURITY MARKETS
A 35
SECURITY PRICES
Common stock prices
New York Stock Exchange
Bond prices
(per cent of par)
Standard and Poor's index
(1941-43= 10)
U.S.
Govt,
(longterm)
State
and
local
Corporate
AAA
76.55
72.33
64.49
100.5
93.5
79.0
81.8
76.4
68.5
66.68
64.84
64.75
65.18
62.64
63.05
New York Stock Exchange index
(Dec. 31, 1965 = 50)
Total
Industrial
Transportation
Utility
Finance
66.42
62.64
50.77
55.37
54.67
51.97
58.00
57.45
53.51
50.58
46.96
45.43
44.19
42.80
49.82
65.85
70.49
19.67 10,143
27.72 12,971
28.73 11,403
49.97
46.43
43.00
42.04
42.03
41.75
40.63
36.69
66.91
63.29
61.32
59.20
57.84
58.80
59.46
55.28
58.50
55.20
52.40
52.09
52.37
53.27
53.85
50.86
61.50
58.07
55.00
54.85
55.29
56.22
56.84
53.93
50.46
47.70
42.80
41.45
42.72
43.12
42.59
37.77
45.75
43.39
42.31
41.34
40.20
40.55
41.36
38.69
75.10
68.62
64.56
65.29
68.16
71.71
71.62
66.95
31.12
29.14
25.78
26.44
26.57
27.48
27.97
26.32
12,222
11,203
10,872
9,608
10,439
13,486
11,247
12,384
99.41
95.73
96.95
94.01
83.16
37.62
36.58
37.33
35.59
31.10
55.72
55.24
59.04
55.76
51.15
50.61
48.76
49.46
47.51
41.65
53.58
51.29
51.33
49.47
43.33
37.51
36.06
36.85
34.99
29.85
38.76
38.55
40.77
39.49
35.48
66.19
65.01
67.37
64.07
54.58
26.48
25.61
25.15
23.56
20.92
10,532
11,500
10,141
10,146
12,299
88.97
86.81
84.29
80.94
79.42
33.66
32.83
31.33
30.30
29.43
53.96
52.75
51.70
50.20
49.41
44.67
43.55
42.27
40.54
39.60
46.65
45.35
43.98
42.14
41.19
32.42
31.59
30.23
28.92
28.17
37.29
36.59
35.89
34.88
34.19
59.24
57.47
55.88
52.97
51.07
21.96
21.63
21.26
20.56
19.99
11,369
10,577
11,349
11,949
16,136
Industrial
Railroad
Public
utility
91.93 99.18
98.70 107.49
97.84 106.30
46.72
48.84
45.95
68.10
58.71
82.3
78.6
78.5
76.1
73.6
74.9
73.4
68.7
70.3 104.62 114.53
68.9 99.14 108.59
68.2 94.71 103.68
68.4 94.18 103.39
67.2 94.51 103.97
66.5 95.52 105.07
65.7 96.21 105.86
62.9 91.11 100.48
58.33
61.63
62.04
60.89
57.78
69.7
71.7
75.6
62.8
67.8
62.2
62.4
62.8
71.9
61.2
90.31
87.16
88.65
85.95
76.06
58.87
58.41
58.56
58.20
55.76
69.3
68.8
68.1
67.5
66.8
62.1
61.0
61.4
61.3
60.3
81.30
79.34
77.06
74.07
72.69
61.08
Total
American
Stock
Exchange
total 1
index
Volume of
trading in
stocks in
thousands of
shares
i Begins June 30,1965, at 10.90. On that day the average price of a share
of stock listed on the American Stock Exchange was $10.90.
NOTE.—Annual data are averages of monthly figures. Monthly and
weekly data are averages of daily figures unless otherwise noted and are
computed as follows: U.S. Govt, bonds, derived from average market
yields in table at bottom of preceding page on basis of an assumed 3 per
cent, 20-year bond. Municipal and corporate bonds, derived from average
NYSE
yields as computed by Standard and Poor's Corp., on basis of a 4 per cent,
20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally
conducted 5 days per week for 5 V4 hours per day, or 27Vi hours per week.
In recent years shorter days and/or weeks have cut total weekly trading
to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22Mar. 1, 20; June 30-Dec. 31,22; 1969—Jan. 3-July 3, 20; July 7-Dec. 3122.5; 1970—Jan. 2-May 1, 25.
TERMS ON CONVENTIONAL FIRST MORTGAGES
New homes
Period
Contract
rate
(per
cent)
Fees &
charges
(per
cent)*
Maturity
(years)
Loan/
price
ratio
(per
cent)
Existing homes
PurLoan
chase
amount
price
of
(thous. of (thous.
dollars)
dollars)
Contract
rate
(per
cent)
Fees &
charges
(per
cent) i
Maturity
(years)
Loan/
price
ratio
(per
cent)
PurLoan
chase
amount
price
of
(thous. of (thous.
dollars)
dollars)
1964
1965
1966
1967
1968
1969
5.78
5.74
6.14
6.33
6.83
7.66
.57
.49
.71
.81
.89
.91
24.8
25.0
24.7
25.2
25.5
25.5
74.1
73.9
73.0
73.6
73.9
72.8
23.7
25.1
26.6
28.0
30.7
34.1
17.3
18.3
19.2
20.4
22.4
24.5
5.92
5.87
6.30
6.40
6.90
7.68
.55
.55
.72
.76
.83
.88
20.0
21.8
21.7
22.5
22.7
-22.7
71.3
72.7
72.0
72.7
73.0
71.5
18.9
21.6
22.2
24.1
25.6
28.3
13.4
15.6
15.9
17.4
18.5
19.9
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
7.47
7.50
7.62
7.76
7.86
7.89
7.98
7.97
8.07
.96
.88
.84
.92
.86
.92
.89
.96
1.06
25.4
25.8
25.6
25.5
25.2
25.3
25.3
25.3
25.4
72.6
73.2
73.0
72.0
72.3
72.4
72.9
72.8
71.9
34.4
34.7
34.8
34.6
34.0
34.3
34.6
34.4
35.3
24.8
25.0
24.9
24.5
24.3
24.7
25.0
24.6
25.0
7.46
7.54
7.64
7.79
7.90
7.92
7.98
8.00
8.08
.85
.83
.86
.91
.93
.92
.91
.90
.93
23.0
22.7
22.8
22.8
22.6
22.2
22.2
22.6
22.9
71.8
71.9
71.4
71.7
71.2
70.7
70.2
70.4
70.6
28.2
27.8
28.5
28.5
28.4
27.5
28.1
28.8
30.0
19.9
19.7
20.1
20.1
19.8
19.2
19.5
20.1
20.8
1970—Jan
Feb
Mar
Apr
8.16
8.23
8.29
8.23
1.08
1.09
1.11
1.02
25.0
25.2
25.0
24.8
69.3
71.8
71.1
71.1
36.1
35.0
35.8
35.0
25.1
24.9
25.1
24.5
8.13
8.23
8.26
8.20
.94
1.02
.98
.90
22.4
22.4
22.6
22.8
70.3
70.2
70.4
70.4
29.8
29.4
29.7
29.6
20.5
20.4
20.6
20.4
i Fees and charges—related to principal mortgage amount—include
loan commissions, fees, discounts, and other charges, which provide
added income to the lender and are paid by the borrower. They exclude
any closing costs related solely to transfer of property ownership.
NOTE.—Compiled by Federal Home Loan Bank Board in cooperation
with Federal Deposit Insurance Corporation. Data are weighted averages
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 • JUNE 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
Total
l
(Per cent of total adjusted debt, except as noted)
CusCusNet
tomers' tomers'
credit
net
net
exfree
debit
credit tended
balby
balances
ances brokers
1969—Apr..,
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec..
5,570
5,670
5,340
5,170
5,000
4,940
5,040
5,070
4,970
2,760
2,770
2,740
2,700
2,670
2,620
2,570
2,520
2,580
8,330
8,440
8,080
7,870
7,670
7,560
7,610
7,590
7,550
8,044
8,474
8,214
7,515
7,019
7,039
7,243
7,111
7,445
3,077
3,084
3,084
2,783
2,577
2,579
2,753
2,613
2,803
4,967
5,390
5,125
4,732
4,442
4,460
4,490
4,498
4,642
1970—Jan.. .
Feb...
Mar. r
Apr.?,
4,680
4,570
4,520
4,380
2,430
2,390
2,370
2,330
7,110
6,960
6,890
6,710
6,683
6,562
6,353
5,970
2,626
2,463
2,441
2,246
4,057
4,099
3,912
3,724
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
(Per cent of total debt, except as noted)
End of
period
Total
debt
(millions
of
dollars)*
Adjusted debt/collateral value
End of
period
20-29
30-39
per
cent
40-49
per
cent
1969—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
7.4
4.8
1.8
1.0
4.6
2.9
5.8
3.2
4.5
35.1
37.4
33.1
29.4
29.2
30.2
31.9
31.3
27.6
19.6
18.9
19.9
19.0
18.5
19.0
18.1
18.1
16.2
8.8
8.5
10.8
13.8
11.2
11.7
10.1
1970—Jan...
Feb..
Mar. r
Apr.?
1.7
4.2
3.7
1.5
27.6
26.9
27.1
21.8
16.7
16.8
16.3
16.7
Total
adjusted
debt
(millions
50-59 60 per
of
per
cent
dolcent or more lars)
11.8
4.6
4.7
6.0
6.6
6.5
6.6
6.2
6.8
7.0
24.5
25.6
28.4
30.1
30.0
29.6
27.9
29.7
31.0
10,720
10,770
10,440
10,100
10,300
9,910
9,970
9,910
9,810
11.4
11.4
11.6
12.1
7.9
7.9
7.5
9.3
34.9
32.8
33.8
38.6
9,280
9,037
8,910
8,480
11.0
NOTE.—Adjusted debt is computed in accordance with requirements set
forth in Regulation T and often differs from the same customer's net debit
balance mainly because of the inclusion of special miscellaneous accounts
in adjusted debt. Collateral in the margin accounts covered by these data
now consists exclusively of stocks listed on a national securities exchange.
Unrestricted accounts are those in which adjusted debt does not exceed the
loan value of collateral; accounts in all classes with higher ratios are
restricted.
SPECIAL MISCELLANEOUS ACCOUNT BALANCES
AT BROKERS, BY EQUITY STATUS OF ACCOUNTS
(Per cent of total, except as noted)
Eq uity class (per cent)
70-79
60-69
50-59
40-49
Under
40
1969—Apr.. 5,570
May . 5,670
June. 5,340
July.. 5,170
Aug.. 5,000
Sept.. 4,940
Oct... 5,040
Nov.. 5,070
Dec.. 4,690
24.0
23.0
17.5
14.4
17.8
17.0
20.4
16.9
16.6
26.2
26.4
25.7
24.3
24.4
23.0
22.5
23.5
22.3
20.0
19.0
19.0
18.3
18.3
18.4
18.8
17.8
17.0
9.5
9.7
11.7
13.3
12.6
12.5
11.8
12.2
12.8
4.9
5.2
7.2
8.4
7.8
8.6
8.4
8.9
9.5
15.4
16.8
18.7
21.1
19.1
20.4
18.0
20.6
21.8
1969—Apr
1970—Jan...
Feb..
Mar. r
Apr.?
13.8
15.7
15.2
11.8
21.0
21.1
20.3
18.1
16.1
16.3
15.8
14.5
13.4
13.3
13.4
13.8
10.8
11.1
11.2
11.6
24.9
22.5
24.0
30.2
1970—Jan
Feb
i See footnote 1 to table above.
NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral value.
Restricted
Under
20
80 or
more
4,680
4,670
4,520
4,380
Unrestricted
End of period
July
Apr.?
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)
52.5
52.2
54.7
51.4
53.0
52.6
52.8
54.8
54.8
42.5
42.3
39.7
42.0
40.0
40.7
40.8
37.8
37.3
5.0
5.5
5.7
6.6
6.9
6.7
6.4
7.3
7.9
5,120
5,020
5,110
4.950
4,880
4,800
4,780
4,670
4,760
53.0
53.0
54.0
54 0
38.2
38.3
34.7
35.8
8.7
8.8
11.2
10.2
4,620
4,420
4,340
4,150
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.
JUNE 1970 • OPEN MARKET PAPER; SAVINGS INSTITUTIONS
A 37
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Held b y Placed
directly2
Placed through
dealers1
End of period
F.R. Banks
Accepting banks
Total
Total
Bank
related
Bank
related
Other
8,361
9,058
13,279
16,535
20,497
2,223
1,903
3,089
4,901
7,201
24,390
25,305
26,007
28,341
29,515
29,663
31,881
33,551
31,624
10,076
9,931
602 9,557
889 9,463
949 10,360
954 10,917
1,088 10,998
1,200 11,324
1,216 10,601
34,277
35,935
37,079
37,811
1,266
n ,271
1,223
1,088
10,772
11,604
12,411
12,647
Others
Other
Total
Own
bills
Bills
bought
Own
acct.
Foreign
corr.
Imports
into
United
States
6,138
7,155
10,190
11,634
13,296
3,385
3,392
3,603
4,317
4,428
1,671
1,223
1,198
1,906
1,544
1,301
1,094
983
1,447
1,344
370
129
215
459
200
94
187
193
164
5&
122
144
191
156
109
1,498
1,837
2,022
2,090
2,717
643
975
1,300
1,641
2,644
2,933
2,993
14,314
15,374
15,205
17,014
16,906
16,151
17,151
18,094
16,814
4,510
4,668
4,880
4,991
5,145
5,232
5,256
5,212
5,451
1,478
1.387
1,413
1.388
1,390
1,351
1,335
1,341
1,567
1,223
1,179
1,183
1,123
142
76
41
40
62
37
41
49
64
125
183
159
162
159
159
149
146
146
2,765
3,022
3,186
3,402
3,535
3,685
3,730
3,676
3,674
1,523
1,591
1,673
1,779
1,791
1,044
1,058
1,076
1,318
255
208
231
264
282
308
277
266
249
4,177
4,696
5,210
5,454
18,062
18,364
18,235
18,692
5,288
5,249
5,352
5,614
1,439
1,408
1,398
1,577
1,123
1,110
1,156
1,314
316
298
242
263
83
56
52
147
152
170
194
3,619
3,632
3,732
3,737
1.863
1.864
1,891
2,034
1
As reported by dealers; includes finance company paper as well as
other commercial paper sold in the open market.
1,108
106
667
792
997
1,086
1,423
1,880
1,913
1,850
1,889
2
As reported by finance companies that place their paper directly with
investors.
MUTUAL SAVINGS BANKS
(In millions of dollars)
Securities
Loans
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
Corporate
and
other 1
Cash
Other
assets
Total
assets—
Total
liabilities
and
general
reserve
accts.
Deposits 2
Mortgage loans
commitments 3
classified by maturity
(in months)
Other General
liabili- reserve
acties
counts
3 or
less
3-6
6-9
Over
9
Total
1,200
1,654
2.548
2.549
2,820
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
862
1,078
1,203
1,407
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
1,024
1,138
1,256
58,232
60,982
66.365
71,152
52,443
55,006
1,124
1,114
64,507
1,260
1,372
4,665
4,863
4,984
5,273
55,781
1,824
3,296
200 10,824
912
1,307
74,144
67,026
1,588
5.530
584
4851
54,209
54,442
54,672
54,887
55,068
55,188
55,346
55,497
55,822
1,519
1,713
1,633
1,539
1,717
1,732
1,725
1,867
1,839
3,900
3,821
3,618
3,634
3,613
3,536
3,359
3,321
3,282
199
197
192
201
201
190
191
196
193
10,721
11,029
10.982
10.983
10,990
10,885
10,863
10,845
792
897
865
845
846
833
791
820
919
1,270
1,288
1.306
1,303
1,297
1,327
1,339
1,343
1.307
72,610
73,159
73,316
73,392
73,724
73,796
73,638
73,914
74,206
65,575
65,888
66,243
66,091
66,193
66,519
66.344
66,505
67,086
1.663
1,843
1.664
1,863
2,038
1,796
1,785
1,853
1,585
5,372
5,428
5,409
5,438
5,492
5,481
5,509
5,556
5,535
796
818
843
787
728
756
721
677
584
1 ,241
1 ,255
1 ,216
1,202
1 ,170
1,157
1 ,153
1,097
1 ,037
486
466 1 ,135
463
483 1 ,082
485
452
946
3,308
3,310
3,249
3,158
3,039
2,890
2,808
2,705
2,467
55,860
55,966
56,119
56,279
1,861
2,122
2,080
2,048
3,276
3,303
3,274
3,294
204
190
194
188
10,894
10,938
11,212
11,319
780
884
848
853
1,360
1,353
1,436
1,385
74,235
74,755
75,164
75.366
66,997
67,255
67,885
67,861
1,708
1,918
1,913
1,905
5.531
5,582
5,596
5,599
576
549
648
603
454
458
478
500
516
496
476
455
2,457
3,385
2,409
2,360
26,702
28,902
32,056
36,007
40,328
416
475
602
607
739
44,433
47,193
50,311
53,286
6,243
6,160
10,800
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.
60,121
742
811
2,697
2,010
799 2,523
1 ,166 3,011
982
1,034
452
946 2,467
1,270
1,237
1,190
912
882
807
801
NOTE.—National Assn. of Mutual Savings Banks data; figures arc
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 bankr
A 38
SAVINGS INSTITUTIONS • JUNE 1970
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Total
assets
Total
Business securities
United State and Foreign * Total
local
States
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
Statement value
196 1
196 2
196 3
1964
196 5
196 6
196 7
196 8
126,816
133,291
141,121
149,470
158,884
167,022
177,832
188,636
11,896
12,448
12,438
12,322
11,679
10,837
10,573
10,509
6,134
6,170
5,813
5,594
5,119
4,823
4,683
4,456
3,888
4,026
3,852
3,774
3,530
3,114
3,145
3,194
1,874
2,252
2,773
2,954
3,030
2,900
2,754
2,859
55,294
57,576
60,780
63,579
67,599
69,816
76,070
82,127
49,036
51,274
53,645
55,641
58,473
61,061
65,193
68,897
6,258
6,302
7,135
7,938
9,126
8,755
10,877
13,230
44,203
46,902
50,544
55,152
60,013
64,609
67,516
69,973
4,007
4,107
4,319
4,528
4,681
4,883
5,187
5,571
5,733
6,234
6,655
7,140
7,678
9,117
10,059
11,306
5,683
6.024
6,385
6,749
7,234
7,760
8,427
9,150
Book value:
1966
196 7
196 8
167,022
177.361
187,695
10,864
10,530
10,483
4,824
4,587
4,365
3,131
2,993
3,036
2,909
2,950
3,082
68,677
73,997
79,403
61,141
65,015
68,575
7,536
8,982
10,828
64,661
67,575
70,071
4,888
5,188
5,573
10,060
9,911
8,801
11,011
1969—Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
191,368
191.362
192,127
192,311
193,041
194,028
194,803
195,932
196,661
197,230
11,247
10,709
10,711
10,551
10,561
10,555
10,523
10,490
10,510
10,558
4,743
4,295
4,301
4,145
4,148
4,152
4,112
4,089
4,118
4,159
3,282
3,222
3,216
3,212
3,237
3,249
3,246
3,252
3.249
3,264
3,222
3,192
3,194
3,194
3,176
3,154
3,165
3,149
3,143
3,135
83,075
81,635
81,980
82,227
82,528
82,779
83,129
83,596
83,980
83,792
69,831
70,010
70,194
70,298
70,676
70,811
71,053
71,376
71,719
71,290
13,244
11,625
11,786
11,929
11,852
11,968
12,076
12,220
12,261
12,502
70,384
70,661
70,820
70,964
71,079
71,250
71,429
71,569
71,710
72,127
5,694
5,654
5,679
5,710
5,789
5,805
5,809
5,835
5.900
5.901
11,734
11,903
12,090
12,323
12,652
12,921
13,172
13,406
13,580
13,805
9,236
10,800
10,847
10,536
10,432
10,718
10,741
11,018
10,981
11,047
1970—Jan...
Feb...
Mar...
197,677
198,506
199,403
10,962
10,980
10,941
4,532
4,527
4,505
3,242
3.250
3,242
3,188
3,203
3,194
84,764
85,021
85,344
71,542
71,600
71,532
13,222
13,421
13,812
72,340
72,527
72,616
5,923
5,984
5,990
14,060
14,295
14,535
9,628
9,699
9,977
i Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance companies in the United States.
11,284
10,881
Year-end figures: Annual statement asset values, with bonds carried
on ah 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 i
Total
assets—
Total
liabilities
Mortgage loan
commitments ^
Liabilities
Savings
capital
Reserves
and undivided
profits
Borrowed
money 2
Loans
in
process
Other
Made
during
period
Outstanding at
end of
period
196 1
196 2
196 3
1964
196 5
196 6
196 7
196 8
1969
68,834
78,770
90,944
101,333
110,306
114,427
121,805
130,802
140,169
5,211
5,563
6,445
6,966
7,414
7,762
9,180
9,555
8,715
3,315
3,926
3,979
4,015
3,900
3,366
3.442
2,962
2.443
4,775
5,346
6,191
7,041
7,960
8,378
9,107
9,571
11,026
82,135
93,605
107,559
119,355
129,580
133,933
143,534
152,890
162,353
70,885
80,236
91,308
101,887
110,385
113,969
124,531
131,618
135,494
5,708
6,520
7,209
7,899
8,704
9,096
9,546
10,315
11,176
2,856
3,629
5,015
5,601
6,444
7,462
4,738
5,705
9,783
1,550
1,999
2,528
2,239
2,198
1,270
2,257
2,449
2,426
1,136
1,221
1,499
1,729
1,849
2,136
2,462
2,803
3,474
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
134,038
135,026
136,242
137,107
137,951
138,618
139,226
139,676
140,209
9,892
9,892
9.467
9,199
9,142
9,007
8,906
9,011
8,553
2,378
2,421
2,529
1,957
1,902
1,931
1,910
2,114
2,441
10,027
10,464
10,363
10,371
10,b35
10,723
10,798
11,055
10,959
156,358
157,826
158,627
158,634
159,630
160,279
160,840
161,856
162,162
132,986
133,480
134,839
133,729
133,721
134,600
134,194
134,420
135,489
10,296
10,285
10,674
10,671
10,669
10,663
10,662
10,655
11,226
6,095
6,283
6,768
7,392
7,885
8,295
8,783
9,123
9,754
2,805
2,916
3,007
2,978
2,874
2,749
2,648
2,539
2,454
4,176
4,862
3,339
3,824
4,471
3,972
4,553
5,119
3,239
1,787
1,676
1,532
1,346
1,148
1,057
1,023
882
807
4,601
4,607
4,373
4,145
3,775
3,530
3,293
3,079
2,812
1970—Jan..
Feb.
Mar.
Apr.
140,345
140,568
140,766
141,283
8,455
8.468
8,561
8,405
1,866
2,086
2,225
2,371
11,020
11,343
11,701
11,989
161,686
162,465
163,253
164,048
134,072
134,277
135,872
136,106
11,249
11,246
11,234
11,237
10,230
10,262
10,036
10,079
2,300
2,202
2,170
2,216
3,835
4,478
3,941
4,410
772
846
1,084
1,399
2,738
2,815
3,041
3,509
1
Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and2 fixtures.
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.
1,872
2,193
2,572
2,549
2,707
1,482
3,004
3,584
2,812
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.
JUNE 1970 •
FEDERALLY SPONSORED CREDIT AGENCIES
A 39
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions o f dollars)
Federal h o m e loan banks
Liabilities and capital
Assets
Advances
to
members
Cash
and
deposits
Investments
Bonds
and
notes
Member
deposits
Capital
stock
Federal National
Mortgage Assn.
(secondary market
operations)
Banks
for
cooperatives
Mortgage
loans
(A)
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Federal
intermediate
credit banks
Debentures
(L)
Loans
and
discounts
(A)
2,924
3,411
3,654
4,275
2,786
3,214
3,570
4,116
4,958
5,609
6,714
4,385
4,904
5,399
5.949
6,412
6,483
6,557
6,605
6,644
6,676
6,700
6,704
6,714
5,719
5,716
5,716
5,867
5,867
5,927
5.950
5,949
5,949
6,738
6,777
6,833
6,890
Debentures
(L)
6,935
4,386
5,259
9,289
2,523
2,598
2,375
1,862
113
127
126
124
6,859
4,060
4,701
8,422
1,037
1,432
1,383
1,041
1,369
1,395
1,402
1,478
4,266
5,348
6,872
10,541
3,800
4,919
6,376
10,511
1,290
1,506
1,577
1,732
1,074
1,253
1,334
1,473
5,764
5,971
6,413
7,053
7,543
7,940
8,439
8,802
9,289
2,051
2,393
1,964
1,496
1,543
1,657
1,654
1,968
1,862
99
73
141
88
56
97
90
110
124
5,021
5,521
5,521
6,021
6,572
7,072
7,572
8,172
8,422
1,179
1,202
1,278
928
848
891
865
939
1,041
1.447
1.448
1,451
1,435
1,438
1,444
1,457
1,467
1,478
7,574
7,718
7,891
8,125
8,577
8,999
9,500
10,009
10,541
7,317
7,241
8,077
8,093
8,360
8,815
9,756
10,205
10,511
1,648
1,614
1,594
1,594
1,572
1,585
1,680
1,705
1,732
1,426
1,395
1,391
1,387
1,422
1,420
1,429
1,445
1,473
4,275
3,907
4,044
4,176
4.310
4,397
4,357
4,192
4,152
4,116
9,852
9,937
9,745
9,860
1,536
1,787
2,870
3,090
72
93
107
89
8,822
9,171
9,825
9,993
806
802
986
1,110
1,503
1,537
1,558
1,574
11,070
11,540
12,016
12,456
10,717
11,659
12,227
12,411
1,804
1,844
1,840
1,828
1,508
1,577
1,576
1,594
4,371
4,474
4,644
4,810
4,161
4.311
4,422
4,591
NOTE.—Data from Federal H o m e Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. A m o n g the omitted balance
sheet items are capital accounts o f all agencies, except for stock o f h o m e
loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the h o m e loan banks,
4,355
4,329
Federal home loan banks
Notes:
7/25/69 - 5/25/70
9 / 2 5 / 6 9 - 7/27/70
11/25/69 - 9/25/70
12/22/69 - 1 1 / 2 5 / 7 0 . . . .
Bonds:
10/25/68 - • 5 / 2 5 / 7 0 . .
6/25/69 - 6 / 2 6 / 7 0 . . .
4/25/69 - 8 / 2 5 / 7 0 . . .
8/25/69 • 8 / 2 5 / 7 0 . . .
10/27/69 - 10/27/70.
1/26/70 - 1 / 2 6 / 7 1 . . .
2/25/69 - 2 / 2 5 / 7 1 . . .
7/25/69 - 2 / 2 5 / 7 1 . . .
3/25/70 - 3/25/71 . . .
9/25/69 - 4 / 2 6 / 7 1 . . .
4/27/70 - 4/26/71 . . .
5/26/69 - 5 / 2 5 / 7 1 . . .
2/25/70 - 6 / 2 5 / 7 1 . . .
10/27/69 • - 11/26/71.
11/25/69 • • 2 / 2 5 / 7 2 . .
2/25/70 - 2 / 2 6 / 7 3 . . .
1/26/70 - 1/25/74. . .
8/25/69 - 8 / 2 5 / 7 4 . . .
11/25/69 • - 11/25/74.
3/25/70 - 2 / 2 5 / 8 0 . . .
Federal National Mortgage
Association—Secondary
market operations
D i s c o u n t notes
Capital debentures:
9/30/68 - 10/1/73
4/1/70 - 4/1/75
Debentures:
4/11/60 - 4/10/70
6/14/68 - 6/10/70
6/10/69 - 7/10/70
9/12/60 - 9/10/70
10/11/67 - 10/13/70.
9/10/69 - 11/10/70
7/10/69 - 12/10/70
10/14/69 - 2/10/71
3/11/68 - 3/11/71
2/10/70 - 4/12/71
Coupon
Amount
(millions
o f dollars)
8
8.40
500
650
650
250
8.70
5.80
8.00
6.70
8.20
8i/4
8.63
6.60
8.00
7.70
8H
7.25
7.00
8.45
8.20
8.20
8.35
8.40
7.65
8.00
7.75
300
550
200
650
650
600
200
400
850
250
400
350
650
250
200
350
300
196
247
350
3,341
6.00
8.00
250
200
4%
142
400
400
119
400
350
250
400
350
500
6.60
7.38
5V4
8.30
8.10
8.75
6.00
8.75
Agency, and date o f issue
and maturity
Coupon
rate
Federal National Mortgage
Association—Cont.
Debentures:
11/10/69 - 5/10/71
4/10/69 - 6/10/71
12/12/69 - 7/12/71
8/23/60 - 8/10/71
4/10/70 - 8/10/71
9/11/61 - 9/10/71
9/10/68 - 9/10/71
5/10/69 - 11/10/71
3/10/70 - 2/10/71
2/10/60 - 2/10/72
3/10/69 - 3/10/72
10/14/69 - 3/10/72
12/11/61 - 6/12/72
2/10/70 - 6/12/72
6/10/70 - 9/11/72
11/10/69 - 12/11/72.
12/12/69 - 3/12/73
6/12/61 - 6/12/73
3/10/70 - 9/10/73
4/10/70 - 3/11/74
9/10/69 - 9 / 1 0 / 7 4
2/13/62 - 2/10/77
7.75
7.85
4*4
8.05
8.45
8.65
8.65
7.45
273
324
298
420
282
5V4
6.85
6%
5 Vs
6V4
6%
4Vs
8.70
7.40
8.00
8.30
4V4
8.10
c
Amount
(millions
o f dollars)
400
250
400
63
200
96
350
350
500
98
250
200
100
300
200
200
250
146
300
350
250
198
8.20
6.85
8.60
4 VS
7.38
4 V4
Banks for cooperatives
Debentures:
11/3/69 - 5/4/70
12/1/69 - 6/1/70
1/5/70 - 7/1/70
2/2/70 - 8/3/70
4/1/70 - 10/1/70
Federal intermediate
credit banks
Debentures:
8/4/69 - 5/4/70
9/2/69 - 6/1/70
10/1/69 - 7/1/70
11/3/69 - 8/3/70
12/1/69 - 9/1/70
1/5/70 - 10/1/70
2/2/70 - 11/2/70
3/2/70 - 12/1/70
4/1110 - 1 /4/71
3/2/70 - 3/1/73
81/4
8 Vs
8.20
7.95
8.75
8.80
8.65
8.10
7.50
8.15
C
493
436
399
479
458
570
656
338
560
203
NOTE.—These securities are not guaranteed by the U.S. G o v t . ; see also note to table above.
Mortgage
loans
(A)
6,126
Bonds
(L)
5,938
6,032
6,032
6,058
C
bonds held within the F H L B System), and are not guaranteed by the U . S .
Govt.; for a listing o f these securities, see table below. Loans are gross
o f valuation reserves and represent cost for F N M A and unpaid principal
for other agencies.
OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, APRIL 3 0 ,
Agency, and date o f issue
and maturity
Federal
land
banks
1970
Agency, and date o f issue
and maturity
Federal land banks
Bonds:
10/1/57 - 1 0 / 1 / 6 7 - 7 0 . .
2/15/57 - 2 / 1 5 / 6 7 - 7 2 . .
1/20/69 - 6/22/70
3/20/69 - 6/22/70
1/5/60 - 7/20/70
3/20/68 - 7 / 2 0 / 7 0
7/15/69 - 8 / 2 0 / 7 0
12/23/68 - 1 0 / 2 0 / 7 0 . . .
4/21/69 - 2/23/71
2/20/70 - 4/20/71
4 / 2 0 / 7 0 - 4/20/71
5/1/56 - 5/1/71
7/15/69 - 7/20/71
10/20/69 - 7/20/71
10/20/68 - 1 0 / 2 0 / 7 1 . . .
8/20/68 - 2/15/72
9/14/56 - 9 / 1 5 / 7 2
9/22/69 - 9/15/72
10/23/72 - 1 0 / 2 3 / 7 2 . . .
2/20/63 - 2 / 2 0 / 7 3 - 7 8 . .
1/20/70 - 7/20/73
4/20/70 - 10/22/73
2/20/72 - 2 / 2 0 / 7 4
2/20/70 - 1/20/75
4/20/65 - 4/21/75
2/21/66 - 2/24/76
7/20/66 - 7/20/76
5/2/66 - 4/20/78
2/20/67 - 1/22/79
Tennessee Valley Authority
Short-term notes
Bonds:
6/1/69 - 6/1/74
11/15/60 - 1 1 / 1 5 / 8 5 . . .
7/1/61 - 7/1/1986
2/1/62 - 2/1/1987
5/15/67 - 5/15/92
11/1/67 - 1 1 / 1 3 / 9 2 .
10/15/69 - 1 0 / 1 5 / 9 4 . . .
3/17/70 - 3/15/95
Coupon
rate
4%
4^
6.70
6%
5H
6.00
8.15
6.30
6.80
St,
8.45
6.00
5.70
3J*
SVs
4Vs
8.35
8.45
7.80
28
4H
5.00
5%
1%
8.50
4.40
38
5.70
6H
9.00
A 40
FEDERAL FINANCE • JUNE 1970
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
U.S. budget
Means of financing
Receipt-expenditure account
Period
Less: Investby Govt,
TreaPublic Plus: ments
accounts
Less: Equals:
sury
debt Agency
Total
Special4 borrowoperatsecuri- securinotes
ing
ties 3
ties
ing
Special Other
balance
issues
Other
Memo:
Net
debt
Other transfer
means
to
of
private
financ- ownering,
2
nets ship
130,820
153,201
172,802
183,080
3,832
5,053
6,030
1,476
134,652 - 3 , 7 9 6 2,633
158,254 - 8 , 7 0 2 6,314
178,833 -25,162 21,357
3,236 6,142
184,556
4,041
5,079
5,944
633
2,470
5,035
3,271
7,364
774
354 3,076
-609
4,000
- 4 8 2 2,838 -5,222
2,049 -1,119 23,100
-397
2,089 -1,384 - 1 , 2 9 5
596
161
304
1,700
1,616
Half year:
1968—Jan.-June... 86,490 87,941
July-Dec
82,899 92,210
1969—Jan.-June... 104,893 90,870
90,818 97,562
July-Dec
4,364
977
499
1,355
92,307 - 5 , 8 1 6 2,915
93,186 -10,287 10,450
91,370 13,523 - 4 , 3 0 8
98,917 - 8,099 14,505
4,294
1,446
-813
-429
2,192
1,472
1,487
603
326
-683 4,228
-384 11,076
,000 -12,371
9,811
1,668 2,989
27 -1,363
1,589 1,633
315 - 1 , 9 6 4
15,926
15,279
13,895
15,542
16,790
17,167
17,602
15,225
15,232
50
485
-373
152
316
448
342
236
-140
r
15,976 r 7,635 -1,080 - 5 5 9
1,599
15,764 - 2 , 4 1 8
-137
13,522 10,283 -6,345
-188
3,292 31,316
15,695 - 3 , 1 5 3
17,106 - 2 , 1 0 7 3,175
-829
2,790
498
17,616
-643
17,944 -6,112 3,709
-47
15,461 - 1 , 1 3 0 3,718
-141
1,612
113
15,092
-85
1,253
2,585
1,885
780
1,938
-436
361
169
191
124
-291
99
103
103
-2,456
-1,485
-8,587
34,438
679
-375
4,388
2,695
-2,012
16,564
14,990
16,301
17,844
-164
-104
238
200
16,399
14,886
16,539
18,043
-717
1,204
770
-285
193
-579
97
123
-194
-139
2,314
-4,691
196 6
196 7
196 8
1969
130,856
149,552
153,671
87,792
Budget
Budget surplus
outor
lays i
deficit
(-)
Net
lending
Net
Budget
exreceipts penditures
Fiscal year:
Less: Cash and
monetary assets
Borrowings from the public 2
-280
7,643
3,939
-266
-598
1,194
-567
270
945
3,364
270
9,853
9,853
Month:
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov
Dec
23,610
13,346
23,805
12,542
14,999
20,406
11,832
14,332
16,704
1970—Ja n
Feb
Mar
Apr
16,303
14,929
13,110
22,029
r
-97
-654
43 1,275
- 3 , 4 2 9 3,161
3,986 -4,813
-64
-789
21
-39
-21
1,543
521
-826
3,380 r 2,031
-2,458 -1,843
186
920
-217
-484
-1,651
-62
2,608
577
-1,166
19
958
-4
-1,099
269
1,100
191
316
85
233
-400
-590
-402
-285
770
577
-610
-430
6775 62,166
-149
-436
664
-768
526 1,317
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Tax
and
loan
accounts
Federal securities
Public
debt
securities
Gold
balance
Agency
securities
Less:
Investments of
Govt, accounts
Special
issues
Other
Less:
Special4
notes
Equals:
Total
held
by
public
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 7
Fiscal year:
1966
196 7
196 8
196 9
766
1,311
1,074
1,258
10,050
4,272
4,113
4,525
102
112
111
112
10,917
5,695
5,298
5,894
319,907
326,221
347,578
353,720
13,377
18,455
24,399
14,249
51,120
56,155
59,374
66,738
13,664
17,663
19,766
20,923
3,810
3,328
2,209
825
264,690
267,529
290,629
279,483
10,436
9,220
10,041
24,071
Calendar year
196 8
1969
703
1,312
3,885
3,903
111
112
4,700
5,327
358,029
368,226
15,064
13,820
59,094
70,677
20,318
21,250
1,825
825
291,855
289,294
21,481
30,578
Month:
1969—Apr...
May..
June..
July...
Aug.. .
Sept...
Oct....
Nov...
Dec...
950
621
1,258
935
894
1,003
954
980
1,312
7,105
4,976
4,525
4,630
3,020
5,519
4,402
5,335
3,903
112
112
112
8,166
5,708
5,894
5,677
4,026
6,634
5,468
6.426
5,327
358,466
360,065
353,720
357,012
360,187
360,685
364,394
368,112
368,226
14,575
14,437
14,249
15,565
14,736
14,093
14,045
13,905
13,820
62,268
64,853
66.738
67,716
68,259
68,779
67.959
68.739
70,677
20,391
20,752
20,923
21,116
21,240
20,950
21,044
21,147
21,250
825
825
825
825
825
825
825
825
825
289,557
288,072
279,483
283,921
284,599
284,224
288,612
291,306
289,294
23,520
24,043
24,991
25,809
27,121
27,734
29,038
30,072
30,578
1970—Jan....
Feb....
Mar...
Apr...
1,127
915
1,192
1,784
5,188
5,592
5,630
5,123
112
111
111
111
6.427
6,618
6,934
7,019
367,572
368,847
372,007
367,194
13,755
12,966
12,987
12,948
69.960
71,164
71,935
71,650
21,442
20,863
20,959
21,082
825
825
825
825
289,100
288,961
291,275
286,584
31,288
32,946
34,214
112
112
112
112
112
1 Equals net expenditures plus net lending.
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 ex2
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 initial allocation of SDR's of $867 million.
7 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).
JUNE 1970 •
A 41
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
( l a millions of dollars)
Budget receipts
Social insurance taxes
and contributions
Corporation
income taxes
Individual income taxes
Employment
taxes and
contributions 1
Period
Total
Withheld
Nonwithheld
Refunds
5,851
7,845
9,527
10,191
Gross Rerefunds
ceipts
Net
total
Payroll
taxes
Fiscal year:
1966
196 7
196 8
1969
130,856
149,552
153,671
187,792
42,811
50,521
57,301
70,182
18,486
18,850
20,951
27,258
Half year:
1968—Jan.-June,
July-Dec.
1969—Jan.-June
July-Dec.
86,490
82,899
104,893
90,818
30,089
33,736
36,446
38,766
16,802 8,971 37,921 18,551
476 38,775 15,494
5,515
21,743 9,715 48,474 22,844
481 44,056 15,179
5,771
655
784
876
982
23,610
13,346
23,805
12,542
14,999
20,406
11,832
14,332
16,704
5,164 9,540 2,598 12,106 5,554
959
804 2,725 4,760
6,681
292 10,123 8,692
6,244 4,171
150 6,404 1,196
548
6,005
716
103 7,230
319
7,014
84 9,776 5,673
5,948 3,912
1,180
67 6,636
419
6,284
778
33 7,236
160
7,108
45 6,774 5,637
412
6,407
231
152
104
126
145
16,303
14,929
13,110
22,029
35 10,660 1,252
6,203 4,491
774
7,535
886 1,456 6,965
6,091 1,235 3,907 3,419 4,559
5,748 8,992 4,039 10,701 4,895
125
128
320
317
Month:
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov
Pec
r
1970—Jan
Feb
Mar
Apr
55,446
61,526
68,726
87,249
30,834
34,918
29,897
38,338
Selfempl.
20,662
761
,776
946 26,047
1,232 27,680 1,544
1,660 32,521 1,715
Excise Custaxes toms
Other
Unnet
Net
empl.
retotal
insur. ceipts 2
1,129
1,867
2,052
2,353
25,567
33,349
34,622
39,918
15,001 1,439 2,011 1,087
131 1,289 1,179
14,944
17,577 1,584 2,039 1,174
131 1,270 1,283
17,057
19,538
17,544
22,374
19,741
2,555
4,545
2,523
2,510
4,392
122 2,655
336 2,044
144 3,547
110 1,908
2,179
4,224
3,006
2,847
958
190
64
111
139
146
1,081
3,777
3,659
3,346
3,328
821
61
124
601
51
93
343
59
162
206
192
176
244
217
205
216
187
214
3,881
5,748
2,823
2,879
5,209
129
842
64
234
254
203
221
259
2,674
5,408
3,436
4,419
Estate Misc.
and
regift ceipts 3
1,767 3,066 1,875
1,901 2,978 2,108
2,038 3,051 2,491
2,319 3,491 2,916
13,062
13,719
14,079
15,222
7,003 1,045 1,718 1,369
7 , 8 3 4 1,213 1,417 1,405
7,388 1,106 2 , 0 7 4 1,511
8,242 1,263 1,496 1,824
1,160
1,272
1,395
1,419
1,263
3,022 1,295
2,364 1,259
4,078 1,606
2,181 1,400
224
213
210
222
213
215
231
185
197
631
310
319
221
257
254
264
222
277
1,154
1,206
1,192
1,226
195
165
202
207
286
265
322
599
r
294
237
347
328
256
292
234
370
340
208
275
300
300
Budget outlays 4
Fiscal year:
196 6
1967
196 8
1969
1970*6
1971
1970—Jan
Feb
Mar
Apr
134,652
158,254
178,833
184,556
56,785
70,081
80,517
81,240
4,490
4,547
4,619
3,785
5,933
5,423
4,721
4,247
3,679
4,376
5,943
6,221
2,035
1,860
1,702
2,129
7,135
7,554
8,047
7,873
2,644
2,616
4,076
1,961
4,523 31,294
6,135 37,602
7,012 43,508
6,825 49,095
5,920
6,897
6,882
7,640
11,285
12,588
13,744
15,791
2,292
2,510
2,561
2,866
197,885 79,432
200,771 73,583
4,113
3,589
3,886
3,400
6,343
5,364
2,485
2,503
9,436
8,785
3,046
3,781
7,538 57,097
8,129 65,341
8,681
8,475
17,821
17,799
3,620 - 6 , 0 8 8
4,084 - 6 , 6 3 9
92,307
93,186
91,370
98,917
41,778
39,823
41,417
40,588
1,907
1,878
1,941
2,429
2,133
2,114
1,839
4,928
1,293
5,479
1,269
860
1,520
4,501
3,372
4,610
1,033
928
1,827
3,061 23,893
3,764 25,202
3,161 26,020
3,665
3,975
4,148
7,608
8,183
8,630
1,324 - 1 , 9 5 9
1,542 - 3 , 1 5 8
1,592 - 2 , 4 3 8
15,976
15,764
13,522
15,695
17,106
17,616
17,944
15,461
15,092
r
6,921
6,733
7,651
6,560
6,868
6,767
7,267
6,303
6,822
376
459
374
324
299
357
374
443
145
353
367
326
319
337
294
327
267
296
448
153
-701
659
1,130
1,801
1,108
393
385
197
154
141
223
368
286
263
188
192
539
657
625
613
858
784
964
735
655
105
273
-267
249
311
225
588
228
224
-256
'18
-291
244
239 - 1 , 8 2 3
-258
272
-314
279
-215
225
-248
248
-263
249
319 - 1 , 1 3 9
6,648
6,199
6,608
6,806
161
298
312
336
291
299
325
332
659
-187
76
107
113
109
181
185
713
571
683
967
212
158
257
282
r
16,399
14,886
16,539
18,043
Intl.
affairs
Space
research
Agriculture
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.
4
Outlays by functional categories are now published in the Monthly
Intragovt.
transactions ^
National
defense
Half year:
1968—Jan.-June
July-Dec.
1969—Jan.-June
July-Dec.
Month:
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov
Dec
Com- EducaComNatHealth
tion
mun.
merce develop. and
ural
and
reand
man- welfare
and
sources transp. housing power
Total
Period
r
r
Veterans
Interest
570
744
978
411
524
666
654
398
509
4,378
4,197
3,971
4,299
4,336
4,219
4,484
4,239
4,443
696
686
656
660
669
693
694
710
722
'1,631
1,388
1,352
1,364
1,440
1,513
1,220
1,571
1,521
591
719
532
642
4,691
4,510
5,019
5,996
728
719
801
751
1,537
1,614
1,686
1,652
General
govt.
311
241
303
237
-3,364
-3,936
-4,499
-5,117
-256
-364
-242
-249
Treasury Statement (beginning April 1969). Monthly back data (beginning
July 1968) are published in the Treasury Bulletin of June 1969.
5 Consists of government contributions for employee retirement and
interest received by trust funds.
« Estimates presented in Jan. 1970 Budget Document. Breakdowns do
not add to totals because special allowances for contingencies, Federal pay
increase, and allowance for revenue sharing, totaling $475 million for
fiscal 1970 and $2,575 million for fiscal 1971, are not included.
A 42
U.S. GOVERNMENT SECURITIES • JUNE 1970
GROSS PUBLIC DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
public
debt 1
End of period
Marketable
Nonmarketable
Total
Total
Bills
Certificates
Notes
6.0
30.0
10.1
33.6
119.5
53.7
58.7
59.0
78.4
86.4
97.0
50.2
48.3
61.4
76.5
1941—Dec.
1946—Dec.
57.9
259.1
50.5
233.1
41.6
176.6
2.0
17.0
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
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
1969—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
360.1
353.7
357.0
360.2
360.7
364.3
368.1
368.2
293.3
284.9
288.4
289.9
289.9
294.4
297.0
295.2
234.1
226.1
229.6
231.2
231.2
235.0
237.9
235.9
75.3
68.4
71.9
74.0
74.0
79.0
81.9
80.6
1970—Jan..
Feb.,
Mar.
Apr.
May
367.6
368.8
372.0
367.2
371.1
295.5
295.4
297.9
293.3
295.8
236.3
236.0
238.2
234.0
236.6
81.1
81.2
83.7
79.7
73.8
1
Includes non-interest-bearing debt (of which $631 million on May 31,
1970, was not subject to statutory debt limitation).
2
Includes Treasury bonds and minor amounts of Panama Canal and
postal saving bonds.
3 Includes (not shown separately): depositary bonds, retirement plan
bonds, foreign currency series, foreign series, and Rural Electrification
Administration bonds; before 1954, Armed Forces leave bonds; before
Bonds
2
Convertible
bonds
Total 3
Special
issues 4
Savings
bonds
& notes
8.9
56.5
6.1
49.8
7.0
24.6
4.0
3.2
3.0
48.8
50.7
52.0
47.5
48.8
49.7
43.4
43.7
46.1
104.2
99.2
95.2
85.3
2.8
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
78.9
78.9
78.9
78.5
78.5
85.4
85.4
85.4
79.8
78.8
78.8
78.7
78.7
70.6
70.6
69.9
2.5
2.5
2.5
2.5
2.5
2.4
2.4
2.4
56.7
56.4
56.3
56.3
56.3
56.9
56.6
56.9
52.2
52.2
52.2
52.1
52.1
52.1
52.1
52.2
64.9
66.8
66.8
68.4
68.9
68.1
69.3
71.0
85.4
91.4
91.4
91.3
93.5
69.8
63.4
63.1
63.1
63.0
2.4
2.4
2.4
2.4
2.4
56.8
57.0
57.3
56.9
56.9
52.1
52.1
52.0
52.0
52.0
70.1
71.4
72.1
71.8
73.3
1956, tax and savings notes; and before Oct. 1965, Series A investment
bonds.
4
Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
NOTE.—Based on Daily Statement of U.S. Treasury. See also second
paragraph in NOTE to table below.
OWNERSHIP OF PUBLIC DEBT
(Par value, in billions of dollars)
Held by private investors
Held by—
End of
period
Total
gross
public
debt
U.S.
Govt,
agencies
and
trust
funds
F.R.
Banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Savings
bonds
Other
securities
Foreign
and
international 1
Other
misc.
investors 2
1939—Dec.
1946—Dec.
41.9
259.1
6.1
27.4
2.5
23.4
33.4
208.3
12.7
74.5
2.7
11.8
5.7
24.9
2.0
15.3
.4
6.3
1.9
44.2
7.5
20.0
.2
2.1
.3
9.3
1962—Dec.
1963—Dec.
1964—Dec.
303.5
309.3
317.9
53.2
55.3
58.4
30.8
33.6
37.0
219.5
220.5
222.5
67.1
64.2
63.9
6.0
5.6
5.5
11.5
11.2
11.0
18.6
18.7
18.2
20.1
21.1
21.1
47.0
48.2
49.1
19.1
20.0
20.7
15.3
15.9
16.7
14.8
15.6
16.3
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
320.9
329.3
344.7
358.0
59.7
65.9
73.1
76.6
40.8
44.3
49.1
52.9
220.5
219.2
222.4
228.5
60.7
57.4
63.8
65.5
5.3
4.6
4.1
3.6
10.3
9.5
8.6
8.0
15.8
14.9
12.2
14.6
22.9
24.9
25.1
27.1
49.7
50.3
51.2
51.5
22.4
24.4
22.9
23.7
16.7
14.5
15.8
14.3
16.7
18.8
18.9
20.1
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
358.5
360.1
353.7
357.0
360.2
360.7
364.4
368.1
368.2
79.8
82.7
84.8
85.0
86.6
86.9
86.1
87.0
89.0
53.1
53.8
54.1
54.1
54.9
54.1
55.5
57.3
57.2
225.6
223.6
214.8
217.9
218.6
219.6
222.7
223.8
222.0
58.6
56.4
54.9
56.0
54.7
54.4
55.7
56.4
56.5
3.5
3.7
3.3
3.2
3.2
3.1
3.0
3.0
2.9
7.6
7.9
7.7
7.4
7.2
7.1
7.1
7.2
7.1
17.0
17.4
15.1
15.8
16.8
15.2
16.4
16.8
15.8
28.7
28.1
27.3
27.5
27.3
27.6
27.0
27.3
27.1
51.4
51.4
51.3
51.2
51.2
51.1
51.1
51.1
51.2
25.2
25.4
25.1
25.7
26.0
26.7
27.4
27.6
28.2
12.3
13.7
11.1
11.1
11.9
13.1
13.0
12.1
12.2
21.2
19.5
19.1
19.9
20.4
21.2
22.0
22.2
21.0
1970—Jan..
Feb.
Mar.
Apr.
367.6
368.8
372.0
367.2
88.6
89.4
90.4
90.2
55.5
55.8
55.8
56.5
223.5
223.6
225.9
220.5
54.3
52.7
55.2
54.2
2.9
2.9
2.9
2.8
7.2
7.1
7.0
7.1
16.4
15.9
15.2
14.4
28.3
28.4
27.7
26.6
51.1
51.0
50.9
50.9
29.6
30.2
30.8
30.3
12.1
12.9
13.8
13.8
21.5
22.4
22.4
20.4
1
Consists of investments of foreign and international accounts in
the United States.
2
Consists of savings and loan assns., nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included
are certain Govt, deposit accounts and Govt.-sponsored agencies.
NOTE—Reported data for F.R. Banks and U . S . Govt, agencies
and trust funds; Treasury estimates for other groups.
The debt and ownership concepts were altered beginning with the
Mar. 1969 BULLETIN. The new concepts ( 1 ) exclude guaranteed securities and ( 2 ) remove from U . S . Govt, agencies and trust funds
and add to other miscellaneous investors the holdings of certain
Govt.-sponsored but privately-owned agencies and certain Govt,
deposit accounts.
JUNE 1970 n U.S. GOVERNMENT SECURITIES
A 43
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value, in millions of dollars)
Within 1 year
Type of holder and date
All holders:
1967—Dec.
1968—Dec.
1969—Dec.
1970—Mar.
Apr.
Total
Total
Bills
Other
104,363
1-5
years
5-10
years
10-20
years
Over
20 years
226,476
236,812
235,863
238,195
233,998
118,124
121,272
117,148
69,870
75,012
80,571
83,729
79,657
34,493
33,599
37,553
37,543
37,491
78,159
68,260
73,301
75,890
75,855
18,859
35,130
20,026
19,329
19,329
8,417
8,396
8,358
10,551
10,542
16,679
16,415
16,054
11,155
11,124
U.S. Govt, agencies and trust funds:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Mar. 31
Apr. 30
15,402
16,295
16,362
16,472
2,438
2,321
2,102
2,154
1,034
812
669
821
1,404
1,509
1,433
1,333
4,503
6,006
6,647
6,706
2,964
2,472
2,806
2,806
2,060
2,059
2,423
2,423
3,438
3,437
384
384
Federal Reserve Banks:
1967—Dec. 31
1968—Dec. 3 1 . . . .
1969—Dec. 3 1 . . . .
1970—Mar. 31
Apr. 3 0 . . . .
49,112
52,937
57,154
55,785
56,508
31,484
28,503
36,023
34,244
34,965
16,041
18,756
22,265
20,897
21,601
15,443
9,747
13,758
13,347
13,364
16,215
12,880
12,810
13,976
13,979
858
10,943
7,642
6,953
6,953
178
203
224
233
233
377
408
453
379
379
Held by private investors:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Mar. 31
Apr. 30
168,473
162,414
166,048
161,018
77,670
79,780
84,926
80,029
55,222
57,494
62,163
57,235
22,448
22,286
22,763
22,794
50,877
54,485
55,267
55,170
21,223
9,912
9,570
9,570
6,133
6,075
7,895
7,886
12,569
12,164
8,392
8,361
Commercial banks:
1967—Dec. 31.
1968—Dec. 31.
1969—Dec. 31.
1970—Mar. 31.
Apr. 30.
52,194
53,174
45,173
44,337
43,619
18,451
18,894
15,104
15,149
14,475
10,415
9,040
6,727
6,822
6,066
8,036
9,854
8,377
8,327
8,409
26,370
23,157
24,692
24,995
24,953
6,386
10,035
4,399
3.424
3.425
485
611
564
525
530
502
477
414
242
235
Mutual savings banks:
1967—Dec. 3 1 . . .
1968—Dec. 3 1 . . .
1969—Dec. 3 1 . . .
1970—Mar. 3 1 . . .
Apr. 3 0 . . .
4,033
3,524
2,931
2,845
2,834
716
696
501
532
515
440
334
149
141
142
276
362
352
391
373
1,476
1,117
1,251
1,236
1,238
707
709
263
227
232
267
229
203
427
426
867
773
715
424
422
Insurance companies:
1967—Dec. 3 1 . .
1968—Dec. 3 1 . .
1969—Dec. 3 1 . .
1970—Mar. 3 1 . .
Apr. 3 0 . .
7,360
6,857
6,152
6,051
6,095
815
903
868
749
655
440
498
419
360
276
375
405
449
389
379
2,056
1,892
1,808
1.889
1.890
914
721
253
389
526
1,175
1,120
1,197
1,778
1,780
2,400
2,221
2,028
1,248
1,247
Nonfinancial corporations:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Mar. 31
Apr. 30
4,936
5,915
5,007
4,606
4,069
3,966
4,146
3,157
3,044
2,669
2,897
2,848
2,082
2,138
1,743
1,069
1,298
1,075
906
926
898
1,163
1,766
1,484
1,325
61
568
63
57
57
3
12
12
13
13
9
27
8
8
6
Savings and loan
1967—Dec.
1968—Dec.
1969—Dec.
1970—Mar.
Apr.
4,575
4,724
3,851
3,716
3,630
1,255
1,184
808
810
751
718
680
269
286
257
537
504
539
524
494
1,767
1,675
1,916
1,989
1,961
811
,069
357
243
245
281
346
329
354
356
461
450
441
322
317
State and local governments:
1967—Dec. 31
1968—Dec. 31
1969—Dec. 31
1970—Mar. 31
Apr. 30
14,689
13,426
13,909
14,068
13,410
5,975
5,323
6,416
6,847
6,278
4,855
4,231
5,200
5,631
5,050
1,120
1,092
1,216
1,216
2,224
2,347
2,853
2,953
2,913
937
805
524
751
763
1,557
1,404
1,225
1,591
1 ,553
3,995
3,546
2,893
1,926
1 ,903
All others:
1967—Dec.
1968—Dec.
1969—Dec.
1970—Mar.
Apr.
80,853
85,391
90,425
87,361
46,524
52,926
57,795
54,686
37,591
42,648
46,785
43,701
8,933
10,278
19,526
20,199
20,721
20,890
7,316
4,053
4,479
4,322
2,411
2,545
3,207
3,228
5,075
5,665
4,222
4,231
31.
31.
31.
31.
30.
associations:
31
31
31
31
30
31.
31.
31.
31.
30.
108,611
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-
1 ,228
11,010
10,985
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 5,755 commercial banks, 495 mutual savings
banks, and 748 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 504 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.
U.S. GOVERNMENT SECURITIES • JUNE 1970
A 44
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer
By maturity
Period
U.S. Govt.
agency
securities
Dealers and brokers
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S. Govt,
securities
Other
Commercial
banks
All
other
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,270
2,286
2,491
2,233
2,286
2,442
2,725
2,439
2,551
1,998
1,852
2,171
1,966
1,965
2,017
2,209
2,114
2,162
165
210
199
172
233
290
364
225
281
69
189
86
62
51
101
111
60
55
39
35
34
34
36
34
41
40
54
803
853
1,039
839
948
1,009
1,145
920
1,029
97
102
107
91
104
80
99
87
98
840
781
849
822
776
835
1,006
913
965
530
549
496
480
459
520
474
518
460
387
360
395
351
311
342
460
414
381
1970—j a n
Feb
Mar
Apr
2,385
2,936
2,681
2,046
2,058
2,302
2,238
1,801
233
421
298
160
58
176
114
59
36
36
31
27
971
1,332
1,208
887
92
124
92
70
922
1,043
921
665
402
437
460
424
410
513
501
387
Week ending—
1970—Apr.
1
8
15
22
29
2,461
1 ,804
2,025
1,908
2,180
2,105
1,546
1,816
1 ,685
1,980
224
162
147
161
130
96
62
43
38
41
36
35
20
24
29
936
836
877
799
913
87
68
56
66
80
836
552
669
651
685
603
349
422
391
502
452
278
404
475
317
May
6
13
20
27
2,681
2,185
2,042
1,847
2,149
1,506
1 ,679
1 ,494
319
527
248
240
181
121
82
65
32
30
33
49
1,016
939
796
81
87
61
859
744
716
725
416
469
463
259
479
304
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 ior similar contracts. Averages of daily figures based on the number o
trading days in the period.
DEALER POSITIONS
DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
Commercial banks
U.S. Government securities, by maturity
Period
Within
All
1
maturiyear
ties
1-5
years
5-10
years
Over
10
years
U.S.
Govt,
agency
securities
All
sources
Period
New
York
City
Elsewhere
Corporations i
All
other
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,107
2,585
2,454
2,250
2,299
2,313
2,389
3,451
3,607
2,998
1,964
1,975
1,901
1,853
1,936
1,903
3,158
3,266
-60
71
56
40
170
162
256
155
205
116
498
408
300
230
181
193
106
100
54
52
16
9
47
34
37
30
35
740
792
703
626
492
496
512
606
564
1969—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
3,392
3,103
2.994
2,372
2,539
2,586
2,226
3,692
3,689
963
542
717
810
563
771
462
1,050
1,036
497
376
520
363
405
564
392
712
651
,086
,072
862
690
733
470
520
856
884
847
I ,112
896
509
838
781
852
1,073
1,119
1970—Jan
Feb
Mar
Apr
2,908
3,182
3,667
4,507
2,869
2,464
3,116
4,228
-2
374
248
107
22
330
285
164
20
14
17
8
529
559
731
705
1970—Jan...
Feb..
Mar..
Apr..
3,075
2.995
3,719
4,922
907
660
958
1,293
469
504
943
1,373
792
650
588
546
907
1,180
1,229
1,710
3,734
3,613
3,127
3,584
3,045
3,005
2,615
3,076
321
277
227
220
336
303
273
276
33
28
12
12
756
687
706
715
1970—Mar.
25.
3,079
3,828
3,573
3,236
836
1,099
815
805
748
1,082
770
808
628
658
614
575
868
989
1,375
1,049
825
688
666
681
765
Apr.
1.
8.
15.
22.
29.
4,652
5,234
5,348
5,175
4,031
1,173
1,479
1,464
1,462
779
1,244
1,638
1,359
1,445
1,105
464
480
507
611
592
1,772
1,636
2,018
1,657
1,555
Week ending-
Week ending—
1970—Mar. 4
11
18
25
Apr.
1
8
15
22
29
4,755
4,874
4,997
4,475
3,825
4,288
4,487
4,668
4,253
3,646
221
172
145
63
49
240
203
171
153
129
5
12
13
6
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
4.
11.
18.
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.
JUNE 1970 •
A 45
GOVERNMENT SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MAY 31,
1970
(In millions of dollars)
Issue and coupon rate
Amount
Issue and coupon rate
Treasury bills—Cont.
1,501
Oct. 22, 1970
3.002
Oct. 29, 1970
2,998
Oct. 31, 1970
Nov. 5, 1970
3.003
4,508
Nov. 12, 1970
3,013
Nov. 19, 1970
1,702
Nov. 27, 1970
3,002
Nov. 30, 1970
3,009
Dec. 31, 1970
3,008
Jan. 31, 1971
3,007
Feb. 28, 1971
3.002
Mar. 31, 1971
1,702
Apr. 30, 1971
3.003
3,003
2,987 Treasury notes
3,103
Aug. 15, 1970
6V8
1,701
Oct. 1, 1970
n/ 2
1.302
Nov. 15, 1970
5
1.301
Feb. 15, 1971
5Y&
1.303
Feb. 15, 1971
7%
1,758
Apr. 1, 1971
11/2
1.302
May 15, 1971
5V4
1,505
May 15, 1971
8
1,301
Aug. 15, 1971
8M
1,305
Oct. 1, 1971
1 Vi
1,301
Nov. 15, 1971
5y 8
Treasury bills
May 31, 1970.
June 4, 1970.
June 11, 1970.
June 18, 1970.
June 22, 1970f
June 25, 1970.
June 30, 1970.
Juiy 2, 1970.
July 9, 1970.
July 16, 1970.
July 23, 1970.
July 30, 1970.
July 31, 1970.
Aug. 6, 1970.
Aug. 13, 1970.
Aug. 20, 1970.
Aug. 27, 1970.
Aug. 31, 1970.
Sept. 3, 1970..
Sept. 10, 1970. .
Sept. 17, 1970. .
Sept. 22, 1970f.
Sept. 24, 1970. .
Sept. 30, 1970.
Oct. 1, 1970.
Oct. 8, 1970.
Oct. 15, 1970.
Issue and coupon rate
Amount
1.303
1,301
1,504
1.301
1.302
1.304
1,301
1.501
1.502
1.503
1,200
1,201
1,200
Issue and coupon rate
Amount
Treasury bonds—Cont.
Treasury notes—Cont.
10,743
Dec. 15, 1967-72. .2i/i
Nov. 15, 1971
IVa
2,006
Aug. 15, 1970
4
43^
Feb. 15 1972
34
Aug. 15, 1971
4
U£
Apr. 1 1972
5,310
N o v . 1 5 , 1971
37/g
May 15 1972
43/4
33
Feb. 15, 1972
4
Oct. 1 197 2
m
34
Aug. 15, 1972
4
Apr. 1 197 3
1 Vi
5,842
Aug. 15, 1973
4
May 15 1973
734
1,846
N o v . 1 5 , 1973
4i/g
Aug. 15 1973
8H
30
Feb. 15, 1974
4i/8
Oct. 1 197 3
1%
34
May 15, 1974
4y 4
Apr. 1 197 4
n/ 2
10,284
N o v . 1 5 , 1974
37/g
Aug. 15 1974
55/g
42
May 15, 1975-85.. 4 y4
Oct. 1 1974
iy2
.534 3,981 June 15, 1978-83.. 3 ^
Nov. 15 1974.
.53/4 5,148 Feb. 15, 1980
4
Feb. 15 1975.
N o v . 1 5 , 1980
3V4
Apr. 1 1975.
• 1V4
6,760
May 15, 1985
314
May 15 1975.
.6
Feb. 15 1976.
.6% 3,739 Aug. 15, 1987-92.. 41/4
May 15 1976.
.6% 2,697 Feb. 15, 1988-93.. 4
Aug. 15 1976.
.71/2 1,683 May 15, 1989-94. .4i/8
5,166
Feb. 15, 1990
3i/2
Feb. 15 1977.
.8
Feb. 15, 1995
3
Nov. 15, 1998
31/2
2,329
113
7,675
2,509
2,924
35
4,265
4,176 Treasury bonds
2,255
Mar. 15, 1966-71. .2i/ 2
72
June 15, 1967-72. .21/2
Sept. 15, 1967-72. . 2 ^
1,734
f Tax-anticipation series.
Amount
1,220 Convertible bonds
Investment Series B
1,238
Apr. 1, 1975-80. .2%
1,951
2,576
4,129
2,806
2,760
2,344
2,579
3,894
4,346
3,127
3,583
2,239
1,214
1,548
2,595
1,905
1,082
3,813
248
1,555
4,786
1 ,335
4,134
2,388
NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Issues for new capital
Type of issuer
Type of issue
Period
Total
196 2
196 3
1964
196 5
196 6
196 7
196 8
196 9
1969—Apr...
May..
June..
July..
Aug...
Sept...
Oct.. .
Nov...
Dec...
1970—Jan...
Feb...
Mar...
Apr...
8,845
10,538
10,847
11,329
11,405
14,766
16,596
11,881
1,801
1,110
737
1,097
808
559
1,280
886
816
1,338
1,212
1,499
1,630
General
obligations
Revenue
HAA1
U.S.
Govt,
loans
5,582
5,855
6,417
7,177
6,804
8,985
9,269
7,725
2,681
4,180
3,585
3,517
3,955
5,013
6,517
3,556
1,007
637
517
826
583
361
898
489
679
785
273
181
261
213
357
358
134
12
43
24
5
3
836
900
1,061
495
300
431
409
7
12
7
15
1,206
106
437
254
637
464
325
477
528
402
145
249
208
170
312
334
282
197
177
9
23
39
10
49
State
1,419
1,620
1,628
2,401
2,590
2,842
2,774
3,359
Special
district
Other 2
and
stat.
auth.
2,600
3,636
3,812
3,784
4,110
4,810
5,946
3,596
Use of proceeds
Total
Education
8,732 8,568
4,825
5,281 10,496 9,151
5,407 10,069 10,201
5,144 11,538 10,471
4,695
11,303
7,115
14,643
7,884
16,489
4,926
11,638
Roads
and
bridges
2,963
3,029
3,392
3,619
3,738
4,473
4,820
3,252
1,114
812
688
900
1,476
1,254
1,526
1,432
36
109
45
169
155
6
40
Utilities 4
1,668
2,344
2,437
1,965
1,880
2,404
2,833
1,734
525
504
486
446
325
329
526
422
286
1,799
1.096
727
1.097
803
559
1,275
885
816
365
323
237
283
209
340
738
340
155
245
255
130
270
360
192
379
216
21
221
302
118
141
105
82
75
265
138
97
311
346
434
468
500
264
367
335
527
602
699
827
1,327
1,207
1,493
1,630
316
406
359
463
91
59
202
167
304
237
224
288
539
266
97
405
228
100
482
102
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.
Total
amount
delivered 3
161
168
Veter- Other
ans'
puraid
poses
Housing^
521
598
727
626
533
645
787
543
125 2,177
2,396
120 2,838
50 3,311
3,667
5,667
6,523
4,884
5
191
1,095
355
303
533
353
245
523
318
289
1
6
2
70
69
47
608
490
623
697
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 JUNE 1970
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues 1
Noncorporate
Corporate
Period
Total
U.S.
Govt. 2
U.S.
Govt,
agency3
U.S.
State
and local*
Bonds
Other 5
Stock
Total
Total
Publicly
offered
Privately
placed
Preferred
Common
1962
196 3
196 4
29,956
35,199
37,122
8,590
10,827
10,656
1,188
1,168
1,205
8,558
10,107
10,544
915
887
760
10,705
12,211
13,957
8,969
10,856
10,865
4,440
4,713
3,623
4,529
6,143
7,243
422
343
412
1,314
1,011
2,679
196 5
196 6
196 7
196 8
1969
40,108
45,015
68,514
65,562
52,496
9,348
8,231
19,431
18,025
4,765
2,731
6,806
8,180
7,666
8,617
11,148
11,089
14,288
16,374
11,460
889
815
1,817
1,531
961
15,992
18,074
24,798
21,966
26,744
13,720
15,561
21,954
17,383
18,347
5,570
8,018
14,990
10,732
12,734
8,150
7,542
6,964
6,651
5,613
725
574
885
637
682
1,547
1,939
1,959
3,946
7,714
1969—Fe b
Mar
Apr
May
June
July
Aug
Sept
Oct. r
Nov.r...
Dec
4,086
3,514
5,780
4,608
4,056
5,014
3,314
3,958
5,420
4,069
4,440
443
382
412
410
419
421
377
353
440
300
380
450
453
981
950
351
940
600
587
1,782
450
650
974
520
1,627
174
61
710
1,052
794
531
1,254
853
812
85
45
124
117
60
11
92
65
2,045
2,098
2,748
2,076
2.530
2,478
1,427
2,427
1,933
2,374
2.531
1,237
1,344
1,917
1,382
1,786
1,889
944
1,701
1,282
1,390
1,860
842
835
1,268
871
1,272
1,279
685
1,222
969
1,164
1,346
395
509
649
510
514
609
259
479
313
226
514
72
98
68
10
50
40
72
74
20
83
32
736
657
762
684
694
553
410
652
630
902
640
1970—Ja n
Feb
6,109
6,030
413
416
1,648
2,523
1,314
1,198
133
63
2,601
1,830
2,080
1 ,360
1,595
485
292
62
50
460
420
12
1,088
1,068
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Bonds
Bonds
Stocks
196 2
196 3
196 4
2,880
3,202
2,819
404
313
228
622
676
902
274
150
220
573
948
944
196 5
196 6
196 7
196 8
1969
4,712
5,861
9,894
5,668
4,448
704
1,208
1,164
1,311
1,904
1,153
1,166
1,950
1,759
1,888
251
257
117
116
3,022
953
1,856
1,859
1,665
1,899
1969—Feb..
Mar.
Apr..
May.
June.
July.
Aug.,
Sept.r
Oct.
Nov.
Dec..
344
297
327
434
505
636
284
501
115
286
420
169
194
186
134
186
238
77
124
144
167
181
197
192
330
101
119
133
37
142
95
183
190
346
305
276
397
314
177
161
209
202
242
193
329
139
151
141
202
122
48
181
52
137
140
1970—Jan..
Feb..
667
327
120
43
179
75
166
124
322
163
Stocks
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.
Stocks
Public utility
Communication
Real estate
and financial
Bonds
Stocks
Bonds
Stocks
Bonds
Stocks
14
9
38
2,279
2,259
2,139
562
418
620
1,264
953
669
43
152
1,520
2,818
1,397
3,391
457
313
466
60
116
466
1,579
247
2,332
3,117
4,217
4,407
5,409
604
549
718
873
1,326
808
1,814
1,786
1,724
1,963
139
189
193
43
225
3,762
1,747
2,247
2,159
2,739
514
193
186
662
,671
18
9
16
5
6
136
352
627
371
606
446
354
413
676
422
497
179
52
157
20
96
47
153
131
69
201
103
56
198
43
129
187
286
122
230
120
156
255
45
22
176
166
438
203
167
266
99
233
225
207
358
96
107
110
70
131
123
82
210
219
326
11
7
557
417
81
123
225
216
4
10
130
140
163
63
101
4
13
4
6
34
1
68
4
4
43
162
166
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.
JUNE 1970 •
SECURITY ISSUES
A 47
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers i
Period
All securities
Bonds and notes
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
15,952
19,799
25,964
25,439
28,841
7,891
7,541
7,735
12,377
10,813
8,061
12,258
18,229
13,062
18,027
12,747
15,629
21,299
19,381
19,523
4,649
4,542
5,340
5,418
5,767
8,098
11,088
15,960
13,962
13,755
3,205
4,169
4,664
6,057
9,897
3,242
3,000
2,397
6,959
4,505
-37
1,169
2,267
-900
4,272
1968—I V
7,510
4,136
3,374
5,528
1,575
3,953
1,982
2,561
-579
1969—1
II
II I
IV
7,133
7,728
6,507
7,473
3,456
3,268
1,980
2,109
3,677
4,460
4,526
5,364
4,949
5,365
4,499
4,710
1,272
1,504
1,382
1,609
3,676
3,861
3,117
3,101
2,363
2,008
2,763
2,763
2,183
1,764
598
500
599
1,410
2,263
196 5
196 6
196 7
196 8
1969
Type of issuer
Manufacturing
Period
Bonds
& notes
Transportation 3
Commercial
and other 2
Stocks
Public
utility
Bonds
& notes
Stocks
Bonds
& notes
Stocks
-70
-598
282
821
1,558
185
956
1,158
987
1,165
Communication
Bonds
& notes
Stocks
Bonds
& notes
718
165
-149
301
1,342
2,659
3.444
3,669
4,464
96
533
652
892
1,353
1,716
1,579
1,834
-1
Real estate
and financial
1
Bonds
& notes
Stocks
241
2,707
864
1,302
1,069
1,687
-90
-130
-741
866
Stocks
2,606
4,324
7,237
4,418
3,747
-570
32
832
-1,842
69
614
616
1,104
2,242
1,075
1968—IV
667
-1,171
960
461
257
-71
1,310
152
269
50
491
-1
1969—1..
II.
III,
IV
1,458
936
1,087
266
-372
-386
343
484
360
433
101
181
259
445
274
580
539
175
354
97
75
49
136
41
674
1.445
898
1,447
331
235
320
467
405
312
566
551
45
78
31
87
239
560
329
559
-337
178
420
605
196 5
196 6
196 7
196 8
1969
1 Excludes investment companies.
Extractive and commercial and misc. companies.
Railroad and other transportation companies.
2
3
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on opposite page, new issues
644
1,668
518
575
467
120
- 1 0
exclude foreign sales and include sales of securities held by affiliated companies, special offerings to employees, and also new stock issues and cash
proceeds connected with conversions of bonds into stocks. Retirements
are defined in the same way and also include securities retired with internal funds or with proceeds of issues for that purpose.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Year
Assets (market value
at end of period)
Month
Net
sales
Total
1,109
1,494
13,242
15,818
634
860
12,608
14,958
1,123
1,255
1,791
1,576
17,026
22,789
21,271
973
980
1,315
16,053
21,809
19,956
2,460
3,404
4,359
1,504
1,875
1,962
952
1,528
2,395
25,214
29,116
35,220
1,341
1,329
1,803
4,671
4,670
6,820
6,717
2,005
2,745
3,841
3,661
2,665
1,927
2,979
3,056
34,829
44,701
52,677
48,291
2,971
2,566
3,187
3,846
Sales i
Redemptions
1,620
2,280
511
786
1960
1961
1962
2,097
2,951
2,699
842
1963
1964
1965
1966
1967
1968
1969
1958
1959
Sales and redemption
of own shares
1,160
2
Cash
position
3
Sales i
Redemptions
23,873
27,787
33,417
1969—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
654
529
474
503
483
442
564
417
522
348
364
338
260
208
235
269
277
301
31,858
42,135
49,490
44,445
1970—Jan...
Feb..
Mar..
Apr..
523
407
451
371
303
249
289
306
Other
* 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
Total 2
Cash
position 3
Other
306
165
136
243
275
207
295
140
221
52,787
52,992
49,401
46,408
49,072
48,882
50,915
49,242
48,291
4,579
4,262
3,937
4,167
4,642
4,393
4,572
4,079
3,846
48,208
48,730
45,464
42,241
44,430
44,489
46,343
38,163
44,445
220
158
162
65
44,945
48,202
47,915
42,785
3,959
4,209
4,046
3,909
40,986
43,993
43,869
38,876
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 • JUNE 1970
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1968
Industry
1965
1966
1967
1968
19691
1969
IV
III
IV
Manufacturing
Total (177 corps.):
Sales
177,237 195,738 201,399
Profits before taxes
22,046 23,487 20,898
12,461 13,307 12,664
Profits after taxes
6,989
6,527
Dividends
6,920
Nondurable goods industries (78
corps.): 2
Sales
64,897 73,643 77,969
9,039
Profits before taxes
7,846
9,181
5,379
Profits after taxes
4,786
5,473
3,027
2,527
2,729
Dividends
Durable goods industries (99 corps.): 3
Sales
112,341 122,094 123,429
14,200 14,307 11,822
Profits before taxes
6,352
7,675
Profits after taxes
7,834
3,964
4,000 4,191
Dividends
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 corpsj:
Sales
*
Profits before taxes
Profits after taxes
Dividends
Primary metals and products
corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment
corps.) :
Sales
Profits before taxes
Profits after taxes
Dividends
225,740 243,449 53,633
5,985
25,375 25,622
13,787 14,090 3,298
1,716
7,271
7,757
57,732 53,987 60,388 57,613
6,878
6,932
6,565
5,580
3,609
3,850
3,579
3,030
1,731
2,078
1,838
1,746
61,392 61,061 63,383
6,887
5,851
6,319
3,750
3,244
3,517
1,916
1,885
2,118
84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626
2,387
2,545
2,442 2,524 2,664 2,641
2,492
9,866 10,333
2,504
1,428
1,471
1,492
1,559
1,411
5,799
1.489
6,103
1,529
1,523
743
763
812
808
751
3,082
825
3,289
820
849
140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756
4,041
4,224
4,386
3,036
4.490
15,510 15,290 3,598
3,210
3,815
2,087
2,190
1,871
2,198
1,559
7,989
2,361
7,989
1,715
1,997
1,026
1,108
972
981
983
4,189
1,253
4,469
1,065
1,270
(25
19,038 20,134 22,109 24,593
1,967
2,227
1,916
2,425
1,093
1,041
1,008
1,171
616
564
583
661
5,184
498
255
150
5,389
563
260
155
5,737
590
285
155
5,799
576
293
156
5,714
534
261
162
5,923
581
275
165
6,631
666
314
164
6,325
644
321
170
18,158 20,007 20,561 22,808 24,494
2,731
3,117
2,891
3,073
3,258
1,579
1,618
1,630
1,737
1,773
960
1,002 1,031
926
948
5,436
760
390
236
5,697
807
419
236
5,782
806
412
243
;,893
744
398
287
5,845
844
448
252
6,230
875
473
251
6,236
818
441
254
6,183
721
411
274
17,828 20,887 23,258 24,218 25,586
3,004
2,866
1,962 2,681
2,941
2,038
2,206
1,541
2,224
1,898
1,079
1,039
737
1,123
817
5,890
767
592
253
6,013
692
520
255
6,100
740
561
258
,214
667
534
273
6,107
726
562
282
6,610
728
558
273
6,264
750
554
282
6,605
737
550
286
26,548 28,558 26,532 30,171 33,674
2,487
2,931
2,921
3,277
3,052
1,506
1,689
1,750
1,903
1,912
892
818
952
924
987
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
8,448
715
435
247
8,943
818
542
253
25,364 29,512 32,721
3,482
3,107
3,612
1,789
1,626
1,875
921
774
912
35,660 38,719
4,134
4,377
2,014
2,147
992
1 ,128
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 10,542
1,167
1,141
576
568
271
293
9,463
998
477
294
42,712 43,641 42,306
6,253
5,274
3,906
3,294
2,877
1,999
1,890
1,775
1,567
50,526 52,290
5,916
5,268
2,903
2,604
1,642
1,723
10,208
16,427
1,710
896
509
(20
(34
828
504
245
(14
12,343 13,545
1,507
1,851
783
847
364
364
9 , 8 7 2 14,767 13,328 13,638
1,663
1,542
640
1,918
806
750
330
943
365
436
364
550
,300 14,024
652
1,411
342
706
366
556
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
2,781
186
174
166
2,741
128
98
116
2,916
220
173
136
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
5,370
1,366
827
561
5,312
1,123
779
581
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
4,044
979
497
373
4,185
1,006
520
381
10,661
1,094
906
502
10,377
385
319
538
10,855
634
568
517
2,610
126
15,816
4,213
2,586
1,838
16,959
4,414
2,749
1,938
17,954
4,547
2,908
2,066
19,421 21,075
4,938
4,789
3,186
3,002
2,299
2,201
11,320
3,185
1,718
1,153
12,420
3,537
1,903
1,248
13,311
3,694
1,997
1,363
14,430
3,951
1,961
1,428
16,057
4,098
2,080
1,493
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
2,707
116
108
98
2,836
149
140
116
2,757
206
175
136
979
815
468
110
100
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
Telephone: Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General Depts. of American Telephone and Telegraph Co.)
and for two affiliated telephone companies. Dividends are for the 20
operating subsidiaries and the two affiliates.
All series: Profits before taxes are income after all charges and before
Federal income taxes and dividends.
Back data available from the Division of Research and Statistics.
JUNE 1970 •
BUSINESS FINANCE
A 49
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allow-1
ances
1962
1963
1964
55.4
59.4
66.8
24.2
26.3
28.3
31.2
33.1
38.4
15.2
16.5
17.8
16.0
16.6
20.6
30.1
31.8
33.9
1965
1966
1967
1968
1969
77.8
84.2
80.3
91.1
93.7
31.3
34.3
33.0
41.3
43.3
46.5
49.9
47.3
49.8
50.5
19.8
20.8
21.5
23.1
24.6
26.7
29.1
25.9
26.7
25.9
36.4
39.5
42.6
45.9
49.1
Year
I Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances 1
1968—III...
IV...
91.5
94.5
41.4
42.9
50.0
51.6
23.6
23.8
26.5
27.8
46.2
46.7
1969—1....
II....
III...
IV...
95.5
95.4
92.5
91.4
43.9
44.1
42.8
42.4
51.7
51.3
49.7
49.0
23.8
24.3
24.9
25.2
27.9
27.0
24.9
23.8
47.7
48.6
49.6
50.5
1970—IP. ..
85.1
39.1
46.1
25.2
20.9
51.5
NOTE.—Dept. of Commerce estimates.
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities
Current assets
End of period
Net
working
capital
Total
Cash
Notes and accts.
receivable
U.S.
Govt.
securities
U.S.
Govt. 1
Other
Notes and accts.
payable
Inventories
Other
U.S.
Govt. 1
Other
Accrued
Federal
income
taxes
Total
Other
1963
1964
1965
1966
1967
163.5
170.0
180.7
188.2
198.8
351.7
372.2
410.2
442.6
463.1
46.5
47.3
49.9
49.3
51.4
20.2
18.6
17.0
15.4
12.2
3.6
3.4
3.9
4.5
5.1
156.8
169.9
190.2
205.2
214.6
107.0
113.5
126.9
143.1
152.3
17.8
19.6
22.3
25.1
27.6
188.2
202.2
229.6
254.4
264.3
2.5
2.7
3.1
4.4
5.8
130.4
140.3
160.4
179.0
186.4
16.5
17.0
19.1
18.3
14.6
38.7
42.2
46.9
52.8
57.4
1968—11
Ill
IV
207.8
208.7
212.4
481.2
491.5
506.3
50.5
51.9
55.1
13.0
12.6
13.7
4.7
4.8
5.1
223.5
229.4
235.6
158.3
162.1
164.6
31.2
30.8
32.2
273.5
282.7
293.9
6.2
6.3
6.4
190.9
196.8
205.2
14.8
15.1
16.8
61.5
64.6
65.4
1969—1
II
215.0
216.3
214.6
214.2
515.7
526.7
536.8
547.9
51.9
52.6
51.2
52.1
15.4
13.0
11.8
12.2
4.8
4.8
4.6
4.8
239.8
247.1
254.7
259.4
169.2
174.0
178.7
183.4
34.6
35.3
35.7
36.1
300.8
310.4
322.2
333.8
6.9
7.2
7.5
7.3
206.1
215.3
222.9
233.0
19.1
15.4
16.4
17.0
68.8
72.5
75.4
76.4
HI
IV
1
Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations' books.
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., insurance companies, and investment
companies.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Period
Mining
Total
Durable
Nondurable
Railroad
196 3
196 4
196 5
196 6
196 7
196 8
196 9
1970 2 r
40.77
46.97
54.42
63.51
65.47
67.76
75.56
81.45
7.53
9.28
11.50
14.96
14.06
14.12
15.96
16.44
8.70
10.07
11.94
14.14
14.45
14.25
15.72
16.42
1.65
1.63
1.86
1.88
1.26
1.66
1.99
2.37
1.86
1.45
1.86
1.99
1968—III.
IV.
16.79
19.03
3.54
4.16
3.59
3.94
.39
.40
.31
.38
1969—1...
II. .
III.
IV.
16.04
18.81
19.25
21.46
3.36
3.98
4.03
4.59
3.22
3.84
4.12
4.53
.42
.48
.47
.49
.38
.44
.49
.55
1970—1...
II2r
III 2
17.47
20.46
20.62
3.59
4.17
4.15
3.56
4.09
4.11
.45
.46
.48
.42
.50
.53
1.27
1.34
1.46
1.62
1 Includes trade, service, construction, finance, and insurance.
Anticipated by business.
2
Public utilities
Transportation
Manufacturing
Communications
Gas
and other
Other i
Total
(S.A.
annual
rate)
Air
Other
Electric
.40
1.02
1.22
1.74
2.29
2.56
2-51
3.16
1.58
1.50
1.68
1.64
1.48
1.59
1.68
1.51
3.67
3.97
4.43
5.38
6.75
7.66
8.94
11.03
1.31
1.51
1.70
2.05
2.00
2.54
2.67
2.55
4.06
4.61
5.30
6.02
6.34
6.83
8.30
9.57
10.99
12.02
13.19
14.48
14.59
15.14
16.05
16.90
.66
.64
.41
.47
1.87
2.16
.74
.74
2.00
1.61
3.69
4.13
67.77
69.05
.68
.38
.46
.40
.44
1.88
2.22
.48
.77
.53
.64
2.23
2.61
.80
.62
1.81
2.00
2.11
2.39
3.41
3.97
4.07
4.60
72.52
73.94
77.84
77.84
.73
.28
2.15
2.84
2.92
.39
.64
2.14
3.76
78.22
80.66
83.28
.66
.86
.78
.38
.35
.88
6.52
6.42
Note.—Dept. of Commerce and Securities and Exchange Commission
estimates for corporate and noncorporate business; excludes agriculture,
real estate operators, medical, legal, educational, and cultural service, and
nonprofit organizations.
A 50
REAL ESTATE CREDIT • JUNE 1970
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
Farm
Nonfarm
1- to 4-family houses 4
Other
holders 2
End of
period
All
holders
Financial
institutions 1
Individuals
and
others
U.S.
agencies
Financial
institutions 1
All
holders
Other
holders 3
All
holders
Total
Finan. Other
instiholdtutions 1
ers
Multifamily and
commercial properties 5
Total
Finan. Other
instiholdtutions 1
ers
Mortgage
type 6
FHA—
VAunderwritten
Conventional
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
6.4
4.8
1.5
1.3
4.9
3.4
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
3.0
4.3
28.2
26.5
300.1
325.8
347.4
370.2
397.5
241.0
264.6
280.8
298.8
319.9
11.4
12.4
15.8
18.4
21.7
47.7
48.7
50.9
53.0
55.8
18.9
21.2
23.3
25.5
27.5
7.0
7.8
8.4
9.1
9.7
11.9
13.4
14.9
16.3
17.8
281.2
304.6
324.1
344.8
370.0
197.6
212.9
223.6
236.1
251.2
170.3
184.3
192.1
201.8
213.1
27.3
28.7
31.5
34.2
38.1
83.6
91.6
100.5
108.7
118.7
63.7
72.5
80.2
87.9
97.1
19.9
19.1
20.3
20.9
21.6
77.2
81.2
84.1
88.2
92.8
204.0
223.4
240.0
256.6
277.2
1967—III*. 363.3
I VP. 370.2
293.3
298.8
17.5
18.4
52.5
53.0
24.9
25.5
8.9
9.1
16.0
16.3
338.3
344.8
232.0
236.1
198.7
201.8
33.3
34.2
106.4
108.7
85.7
87.9
20.7
20.9
86.4
88.2
251.9
256.6
1968—I*..
IIP.
III*.
I VP.
375.8
382.9
389.8
397.5
302.6
308.1
313.5
319.9
19.6
20.6
21.1
21.7
53.5
54.2
55.1
55.8
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
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
91.8
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
1969—IP...
IIP.
HIP.
I VP.
403.7
411.7
418.5
424.6
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
19.1
375.7
382.9
389.2
254.8
259.5
263.4
216.0
219.9
222.5
38.8
39.5
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
286.3
1941
1945
1964
1965
1966
1967?
1968^
1
Commercial banks (including nondeposit trust companies but not
trust depts.), mutual savings banks, life insurance companies, and savings
and2 loan assns.
U.S. agencies include former F N M A and, beginning fourth quarter
1968, new G N M A as well as FHA, VA, PHA, Farmers Home Admin.,
and in earlier years, RFC, HOLC, and FFMC. They also include U.S.
sponsored agencies—new F N M A and Federal land banks. Other agencies
(amounts small or current separate data not readily available) included
with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4
For multifamily and total residential properties, see p. A-52.
5
Derived figures; includes small amounts of farm loans held by savings
and loan assns.
6
Data by type of mortgage on nonfarm 1 - to 4-family properties alone
are shown on second page following.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller of
the Currency.
Figures for first three quarters Of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings 1
Mutual savings bank holdings
Residential
Residential
End of period
Total
Total
FHAinsured
VAguaranteed
1941
1945
4,906
4,772
3,292
3,395
196 4
196 5
196 6
196 7
196 8
43,976
49,675
54,380
59,019
65,696
28,933
32,387
34,876
37,642
41,433
7,315
7,702
7,544
7,709
7,926
2.742
2,688
2,599
2,696
2,708
1967—1
II
II I
IV
54,531
55,731
57,482
59,019
34,890
35,487
36,639
37,642
7,444
7,396
7,584
7,709
1968—1
II
II I
IV
60,119
61,967
63,779
65,696
38,157
39,113
40,251
41,433
1969—1
II
II I
IV
67,146
69,079
70,179
70,929
42,302
43,532
Conventional
Other
nonfarm
Farm
Total
Total
FHAinsured
1,048
856
566
521
4,812
4,208
3,884
3,387
18,876
21,997
24,733
27,237
30,800
12,405
14,377
16,366
17,931
20,505
2,638
2,911
3,138
3,446
3,758
40,556
44,617
47,337
50,490
53,456
36,487
40,096
42,242
44,641
46,748
12,287
13,791
14,500
15,074
15,569
2,547
2,495
2,601
2,696
24,899
25,596
26,454
27,237
16,468
16,970
17,475
17,931
3,173
3,274
3,368
3,446
48,107
48,893
49,732
50,490
42,879
43,526
44,094
44,641
14,723
14,947
15,016
15,074
7,694
7,678
7,768
7,926
2,674
2,648
2,657
2,708
27,789
28,787
29,826
30,800
18,396
19,098
19,771
20,505
3,566
3.756
3.757
3.758
7,953
8,060
2,711
2.743
31,638 20,950
32,729 21,459
3,894
4,088
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
2
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
11,121 13,079
11,408 14.897
11,471 16,272
11,795 17,772
12,033 19,146
4,016
4,469
5,041
5,732
6,592
53
52
53
117
117
11,619
11,768
11,785
11,795
16,537
16,811
17,293
17,772
5,176
5,316
5,526
5,732
52
51
112
117
51,218
51,793
52,496
53,456
45,171 15,179 11,872 18,120
45,570 15,246 11,918 18,406
46,051 15,367 11,945 18,739
46,748 15,569 12,033 19,146
5,931
6,108
6,329
6,592
116
115
116
117
54,178
54,844
55,359
55,918
47,305
47,818
6,756
6,908
117
117
15,678 12,097 19,530
15,769 12,151 19.898
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 for first- and third-quarter
estimates included F.R. commercial bank call report data and data from
the National Assn. of Mutual Savings Banks.
JUNE 1970 •
REAL ESTATE CREDIT
A 51
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
Total
Farm
FHAinsured
VAguaranteed
Other i
Total
Total
FHAinsured
VAguaranteed
Other
26,931
29,595
32,961
36,836
1945
976
6,637
5,860
1,394
196 2
196 3
1964
196 5
7,478
9,172
10,433
11,137
6,859
8,306
9,386
9,988
1,355
1,598
1,812
1,738
469
678
674
553
5,035
6,030
6,900
7,697
619
866
1,047
1,149
46,902
50,544
55,152
60,013
43,502
46,752
50,848
55,190
10,176
10,756
11,484
12,068
6,395
6,401
6,403
6,286
10,217
8,470
7,925
7,200
9,223
7,633
7,153
6,658
1,300
757
719
602
467
444
346
199
7,456
6,432
6,088
5,857
994
837
772
542
64,609
67,516
69,973
72,031
59,369
61,947
64,172
66,257
12,351
12,161
11,961
11,690
6,122
5,954
5,669
6,201
40,817
43.664
46,257
48,898
1969—Mar.
Apr..
May.
June.
July.
Aug.,
Sept.
Oct..
Nov.
Dec..
635
607
556
556
593
532
576
688
464
803
552
549
496
498
557
495
553
663
446
774
50
48
55
55
49
44
41
47
39
48
14
24
19
20
6
13
14
9
8
8
488
477
422
423
502
438
498
607
399
718
83
58
60
58
36
37
23
25
18
29
70,382
70,661
70,820
70,964
71,079
71,250
71,429
71,569
71,710
72,127
64,597
64,855
64,993
65,114
65,226
65,388
65,564
65,766
65,915
66,353
11,951
11,924
11,903
11,882
11,845
11,824
11,797
11,777
11,762
11,744
5,925
5,919
5,900
5,879
5,819
5,799
5,775
5,744
5,720
5,697
46,721
47,012
47,190
47,353
47,562
47,765
47,992
48,245
48,433
48,912
1970—Jan..
Feb..
Mar.
599
1,163
576
572
1,113
546
34
61
24
8
14
12
530
1,038
510
27
50
30
72,340
72,527
72,616
66,621
66,836
66,943
11,696
11,675
11,642
5,660
5,638
5,636
49,265
49,523
49.665
1966
1967
196 8
1969
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
4,466
the end-of-Dec. figures may differ from end-of-year figures because (1)
monthly figures represent book value of ledger assets, whereas year-end
figures represent annual statement asset values, and (2) data for year-end
adjustments are more complete. Beginning 1970 monthly and year ago
data are on a statement balance basis.
FEDERAL HOME LOAN BANKS
MORTGAGE ACTIVITY OF SAVINGS AND
LOAN ASSOCIATIONS
(In millions of dollars)
(In millions of dollars)
Advances outstanding
(end of period)
Loans outstanding (end of period)
Loans made
Period
Total
New
home
construction
Home
purchase
Total
2
FHA- VAguarinsured anteed
1,913
181
1,358
5,376
1963.
1964.
1965.
1966.
25,173
24,913
24,192
16,924
7,185
6,638
6,013
3,653
10,055
10,538
10,830
7,828
90,944
101,333
110,306
114,427
1967.
1968.
1969.
20,122 4,243
21,983 4,916
21,832 4,756
9,604
11,215
11,244
121,805 5,791
130,802 6,658
140,209 7 , 9 1 0
2,073
2,146
2,415
1,974
1,918
1,728
1,698
1,330
1,508
485
482
495
421
393
377
365
286
300
1,023
1,113
1,345
1,091
1,089
936
862
652
687
1970—Jan....
Feb.. .
Mar. r .
Apr. p.
1,064
1,042
1,262
1,386
220
223
284
324
530
502
585
626
4,696
4,894
5,145
5,269
6,960
6,683
6,398
6,157
79,288
89,756
98,763
103,001
6,351 109,663
7,012 117,132
7,653 124.646
7,120
7,245
7,402
7,522
7,607
7,694
7,770
7,822
7,910
7,271
7,354
7,408
7,468
7,538
7,570
7,600
7,616
7,653
119.647
120,427
121,432
122,117
122,806
123,354
123,865
124,238
124,646
140,345 7,937
140,568 8,000
140,766 8,092
141,283 8,191
7,669
7,680
7,677
7,718
124,739
124,888
124,997
125,374
134,038
135,026
136,242
137,107
137,951
138,618
139,226
139,676
140,209
1 Includes loans for repairs, additions and alterations, refinancing, etc.,
not shown separately.
2 Beginning with 1958, includes shares pledged against mortgage loans;
beginning with 1966, includes junior liens and real estate sold on contract;
and beginning with 1967, includes downward structural adjustment for
change in universe.
NOTE.—Federal Home Loan Bank Board data.
Members'
deposits
Repayments
Total
Shortterm i
Longterm 2
278
213
195
176
19
46
1966.
5,601
5,565
5,007
3,804
4,296
5,025
4,335
2,866
4,784
5,325
5,997
6,935
2,863
2,846
3,074
5,006
1,921
2,479
2,923
1,929
1,151
1,199
1,043
1,036
1969.
1,527
2,734
5,531
4,076
1,861
1,500
4,386
5,259
9,289
3,985
4,867
8,434
401
392
855
1,432
1,382
1,041
545
327
514
759
630
451
637
552
564
113
120
72
118
139
55
138
189
77
5,764
5,971
6,413
7,053
7,544
7,940
8,439
8,802
9,289
5,423
5,647
6,054
6,564
6,872
7,273
7,779
7,946
8,434
341
324
359
489
672
667
660
856
855
1,178
1,201
1,276
927
847
891
865
938
1,041
708
384
136
393
145
299
388
278
9,852
9,937
9,745
9,860
8,744
8,717
8,501
7,721
1,108
1,220
1,243
2,138
786
801
985
1,108
1945.
1964.
1945.
1969-- A p r . . .
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
Conventional
Advances
1969July
Oct
1970—Jan
Feb
1
Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
2
NOTE.—Federal Home Loan Bank Board data.
A 52
REAL ESTATE CREDIT • JUNE 1970
MORTGAGE DEBT OUTSTANDING
ON RESIDENTIAL PROPERTIES
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In billions of dollars)
(In billions of dollars)
End of
period
Total
24.2
24.3
Governmentunderwritten
All residential
Multifamily 1
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
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
8.3
8.5
End of period
2.2
1941
1945
196 3
196 4
211.2
231.1
14.9
15.7
176.7
195.4
196 5
196 6
1967f
1968P
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—IP....
269.7
274.8
280.0
228.3
232.5
236.6
41.4
42.3
43.4
41.9
42.8
43.9
32.9
33.8
34.7
8.9
9.0
9.2
1968—1*
IIP....
283.7
288.5
293.3
298.6
239.0
242.7
246.4
250.8
44.7
45.8
46.9
47.8
44.6
45.3
46.2
47.3
35.3
35.9
36.7
37.7
9.3
9.4
9.5
9.6
1969—IP
IIP....
HIP.. .
303.0
309.2
314.1
254.4
259.3
262\7
48.6
49.9
51.4
48.3
49.4
50.6
38.4
39.3
40.1
9.9
10.1
10.5
IIIP. ..
IIIP. . .
IIP. . .
I VP ...
Total
Total
FHAinsured
VAguaranteed *
Conventional
1954
1963
1964
18.6
182.2
197.6'
4.3
65.9
69.2
4.1
35.0
38.3
.2
30.9
30.9
14.3
116.3
128.3
1965
1966
1967P
1968P
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—IP
IIP
HIP
I VP
224.9
227.8
232.0
236.1
76.4
77.3
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—IP
IIP
HIP
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
254.8
259.5
263.4
85.3
87.1
88.8
51.4
52.2
53.3
33.9
34.9
35.5
169.5
172.3
174.6
IVP
1969—IP
IIP
IIIP
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
DELINQUENCY RATES ON HOME MORTGAGES
VA-guaranteed
(Per 100 mortgages held or serviced)
Mortgages
Period
Mortgages
PropProerty
Ex- jects i
imTotal New
proveisting
homes homes
ments 2
Total 3
New
homes
Existing
homes
Loans not in foreclosure
but delinquent for—
Loans in
foreclosure
End of period
Total
30 days
60 days
90 days
or more
1963
1964
3.30
3.21
2.32
2.35
.60
.55
.38
.31
.34
.38
1966
1967
1968
1969
3.29
3.40
3.47
3.17
3.22
2.40
2.54
2.66
2.43
2.43
.55
.54
.54
.51
.52
.34
.32
.27
.23
.27
.40
.36
.32
.26
.27
1966—1
II
III....
IV....
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
1967—1
II
III....
IV
3.04
2.85
3.15
3.47
2.17
2.14
2.36
2.66
.56
.45
.52
.54
.31
.26
.27
.27
.38
.34
.31
.32
1968—1
II
III....
IV
2.84
2.89
2.93
3.17
2.11
2.23
2.23
2.43
.49
.44
.48
.51
.24
.22
.22
.23
1 Monthly figures do not reflect mortgage amendments included in annual
totals.
2
Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured.
1969—1
II
Ill....
IV
2.77
2.68
2.91
3.22
2.04
2.06
2.18
2.43
.49
.41
.47
.52
.24
.21
.26
.27
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.
NOTE.—Mortgage Bankers Association of America data from
reports on 1- to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including
mortgage bankers (chiefly), commercial banks, savings banks, and
savings and loan associations.
1945
1964
665
8,130
257
217
1,608 4,965
1965
1966
1967
1968
1969
8,689
7,320
7,150
8,275
9,129
1,705
1,729
1,369
1,572
1,551
1969—Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
642
681
704
787
869
791
872
911
705
793
110
113
111
121
140
130
148
160
131
148
381
428
409
475
518
501
566
553
430
448
1970—Jan...
Feb..
Mar..
807
643
780
178
141
176
433
361
406
20
895
171
663
192
2,846
1,023
1,821
5,760
591
583
4,366
642
4,516
4,924 1,123
5,570 1,316
634
641
623
656
693
2,652
2,600
3,405
3,774
4,072
876
980
1,143
1,430
1,493
1,774
1,618
2,259
2,343
2,579
100
82
123
134
127
92
95
140
90
146
50
57
62
58
85
68
63
59
55
50
329
301
323
308
356
385
364
397
328
317
122
111
115
99
122
126
134
148
125
134
207
191
208
209
234
259
230
249
203
183
139
109
157
58
32
42
313
235
232
139
107
97
174
128
135
•
.32
.28
.26
.26
.26
.25
.25
.27
JUNE 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
FHAinsured
VAguaranteed
Purchases
Mortgage
holdings
Mortgage
commitments
Mortgage
transactions
(during
period)
Mortgage
holdings
A 53
End of
period
Sales
Made
during
period
Out
standing
Total
Mortgage
commitments
Mortgage
transactions
(during
period)
FHAinsured
VAguaranteed
Purchases
Sales
Made
during
period
Out
standing
1,920
1,736
2,697
6,630
214
501
1,287
3,539
196 6
1967
196 8
196 9
2,667
3,348
4,220
4,820
2,062
2,756
3,569
4,220
604
592
651
600
620
860
1,089
827
371
1,045
867
615
491
1,171
1,266
1,130
196 6
196 7
196 8
196 9
4,396
5,522
7,167
10,950
3,345
4,048
5,121
7,680
1,051
1,474
2,046
3,270
2,081
1,400
1,944
4,121
1969-Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
4,357
4,395
4,442
4,493
4,552
4,614
4,680
4,739
4,820
3,721
3,764
3,816
3,871
3,935
4,001
4,072
4,135
4,220
636
631
626
622
617
613
608
604
600
50
61
70
68
77
80
84
77
99
49
71
71
55
33
41
51
39
54
1,312
1.321
1.322
1,304
1,266
1,237
1,212
1,171
1,130
1969-Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
7,851
7,998
8,175
8,417
8,887
9,326
9,850
10,386
10,950
5,576
5,678
5,802
5,975
6.304
6,602
6,950
7.305
7,680
2,276
2,320
2,373
2,442
2,583
2,724
2,900
3,081
3,270
192
176
209
269
497
468
554
564
593
460
532
561
785
599
703
813
460
683
1,887
2,237
2,578
3,088
3,181
3,402
3,594
3,465
3,539
1970-Jan...
Feb..
Mar..
Apr..
4,862
4,903
4,938
4,965
4,266
4,311
4,350
4,381
596
592
588
584
59
58
53
53
34
24
95
48
1,098
1,057
1,014
970
1970-Jan...
Feb..
Mar..
Apr..
11,513
12,005
12,499
12,949
8,062
8,392
8,739
9,069
3,452
3,613
3,760
3,880
592
522
526
485
836
816
696
592
3,694
3,933
4,108
4,152
NOTE.—Government National Mortgage Assn. data. Data prior to
Sept. 1968 relate to Special Assistance and Management and Liquidating
portfolios of former F N M A and include mortgages subject to participation
pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former F N M A from the RFC Mortgage
Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin.
HOME-MORTGAGE YIELDS
Secondary
market
F H A series
Period
FHLBB series
(effective rate)
New
homes
Yield
on FHAinsured
new
homes
6.41
6.52
7.03
7.82
6.40
6.53
7.12
7.99
6.38
6.55
7.21
8.26
7.68
7.79
7.94
8.05
8.08
8.13
8.15
8.24
7.75
8.00
8.10
8.20
8.25
8.30
8.35
8.35
8.06
8.35
8.36
8.36
8.40
8.48
8.48
8.62
8.29
8.41
8.43
9.35
8.55
8.55
8.55
8.55
8.55
New
homes
Existing
homes
1966.
1967.
1968.,
1969.,
6.25
6.46
6.97
7.81
1969—May.
June.
July.,
Aug..
Sept..
Oct.. .
Nov..
Dec..
7.65
7.76
7.91
8.00
8.05
8.13
8.13
8.25
1970—Jan...
Feb..
Mar..
Apr..
May.
8.34
8.41
8.47
8.40
9.29
9.20
9.10
9.11
Implicit yield, by
commitment period
(in months)
Mortgage amounts
Date
of
auction
Accepted
By commitment
period (in months)
Offered
3
6
12-18
Total
3
NOTE.—Annual data are averages of monthly figures. The
F H A data are based on opinion reports submitted by field offices
on prevailing local conditions as of the first of the succeeding
month. Yields on FHA-insured mortgages are derived from
weighted averages of private secondary market prices for Sec.
203, 30-year mortgages with minimum downpayment and an
assumed prepayment at the end of 15 years. Gaps in the data
are due to periods of adjustment to changes in maximum permissible contract interest rates. The F H A series on average
contract interest rates on conventional first mortgages in primary
markets are unweighted and are rounded to the nearest 5 basis
points. 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.
NOTE.—Federal National Mortgage Assn. data. Data prior to Sept.
1968 relate to secondary market portfolio of former F N M A . Mortgage
commitments made during the period include some multifamily and nonprofit hospital loan commitments in addition to 1- to 4- family loan commitments accepted in FNMA's free market auction system.
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY UNDER FREE MARKET SYSTEM
(In per cent)
Primary market
12
6
12-18
In millions of dollars
In per cent
1970—Mar.
9..
23..
354.6
395.4
276.4
239.0
60.7
47.6
136.5
124.5
79.2
67.0
9.16
9.12
9.19
9.14
9.13
9.12
Apr.
6..
20..
268.4
315.7
190.2
185.2
41.0
54.0
121.4
98.2
27.8
33.0
9.05
9.02
9.07
9.04
9.10
9.10
4..
443.3
269.2
300.2
289.5
195.5
102.2
136.3
145.2
43.5
26.0
32.3
38.9
121.1
63.2
86.4
86.7
38.9
13.0
17.5
19.7
9.01
9.04
9.11
9.15
9.04
9.07
9.13
9.18
9.10
9.13
9.18
9.22
224.2
113.8
(300.0)
31.1
71.4
11.3
9.20
9.24
9.27
May
18!!
25..
June
1..
15
NOTE.—Implicit secondary market yields are gross—before deduction o f 50basis-point fee paid for mortgage servicing. They reflect the average accepted bid
price for Govt.-underwritten mortgages after adjustment by Federal Reserve
to allow for F N M A commitment fees and F N M A stock purchase and holding
requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only.
Total accepted shown in parenthesis for most recent period indicates F N M A
announced limit before the "auction" date.
A 54
CONSUMER CREDIT • JUNE 1970
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Noninstalment
Repair
and modernization
loans 1
Personal
loans
Total
Singlepayment
loans
Charge
accounts
1939
1941
1945
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
298
376
182
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1950
1955
1960
21,471
38,830
56,141
14,703
28,906
42,968
6,074
13,460
17,658
4,799
7,641
11,545
1,016
1,693
3,148
2,814
6,112
10,617
6,768
9,924
13,173
1,821
3,002
4,507
3,367
4,795
5,329
196 4
196 5
196 6
196 7
196 8
1969
80,268
90,314
97,543
102,132
113,191
122,469
62,692
71,324
77,539
80,926
89,890
98,169
24,934
28,619
30,556
30,724
34,130
36,602
16,333
18,565
20,978
22,395
24,899
27,609
3,577
3,728
3,818
3,789
3,925
4,040
17,848
20,412
22,187
24,018
26,936
29,918
17,576
18,990
20,004
21,206
23,301
24,300
6,874
7,671
7,972
8,428
9,138
9,096
6,195
6,430
6,686
6,968
7,755
8,234
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
113,231
114,750
115,995
116,597
117,380
118,008
118,515
119,378
122,469
90,663
91,813
93,087
93,833
94,732
95,356
95,850
96,478
98,169
34,733
35,230
35,804
36,081
36,245
36,321
36,599
36,650
36,602
24,399
24,636
24,956
25,172
25,467
25,732
25,855
26,223
27,609
3,903
3,964
4,022
4.039
4,063
4,096
4,084
4,076
4.040
27,628
27,983
28,305
28,541
28,957
29,207
29,312
29,529
29,918
22,568
22,937
22,908
22,764
22,648
22,652
22,665
22,900
24,300
9,216
9,218
9,227
9,120
9.073
9,075
9,025
9,000
9,096
6,557
6,971
7,002
7,039
6,988
7,005
7,085
7,238
8,234
1970—Jan..
Feb.
Mar.
Apr.
121,074
120,077
119,698
120,402
97,402
96,892
96,662
97,104
36,291
36,119
36,088
36,264
27,346
26,987
26,814
26,850
3,991
3,970
3,951
3,960
29,774
29,816
29,809
30,030
23,672
23,185
23,036
23,298
9,092
9.074
9,054
9,102
7,539
6,789
6,645
6,900
1
Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage
1,612
loans. For back figures and description of the data, see "Consumer Credit,"
Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965,
and D e c . 1968 BULLETIN, pp. 9 8 3 - 1 0 0 3 .
INSTALMENT CREDIT
(In millions of dollars)
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
1950
1955
1960
14,703
28,906
42,968
11,805
24,398
36,673
5,798
10,601
16,672
3,711
8,447
10,763
590
1,678
3,923
196 4
196 5
196 6
196 7
196 8
196 9
62,692
71,324
77,539
80,926
89,890
98,169
53,898
61,533
66,724
69,490
77,457
84,982
25,094
28,962
31,319
32,700
36,952
40,305
13,605
15,279
16,697
16,838
18,219
19,798
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
90,663
91,813
93,087
93,833
94,732
95,356
95,850
96,478
98,169
79,062
80,155
81,388
82,130
82,910
83,440
83,949
84,301
84,982
37,854
38,347
38,916
39,248
39,532
39,793
40,006
40,047
40,305
1970—Jan..
Feb.,
Mar.
Apr.
97,402
96,892
96,662
97,104
84,531
84,393
84,308
84,802
40,144
39,990
39,956
40,245
Consumer
finance 1
Other i
Total
Automobile
dealers 2
657
759
629
1,438
1,605
686
123
188
28
2,623
3,781
420
1,049
1,534
2,898
4,508
6,295
287
487
359
6,340
7,324
8,255
8,972
10,178
11,594
6,492
7,329
7,663
8,103
8,913
9,740
2,367
2,639
2,790
2,877
3,195
3,545
8,794
9,791
10,815
11,436
12,433
13,187
329
315
277
285
320
336
18,418
18,636
18,961
19,127
19,265
19,360
19,569
19,668
19,798
10,508
10,699
10,939
11,054
11,220
11,347
11,438
11,491
11,594
9,008
9,080
9,146
9,293
9,436
9,450
9,436
9,532
9,740
3,274
3,393
3,426
3,408
3,457
3,490
3,500
3,563
3,545
11,601
11,658
11,699
11,703
11,822
11,916
11,901
12,177
13,187
325
329
333
335
336
336
338
337
336
19,703
19,652
19,586
19,672
11,468
11,459
11,533
11,644
9,683
9,691
9,650
9,652
3,533
3,601
3,583
3,589
12,871
12,499
12,354
12,302
333
331
331
332
\ Consumer finance companies included with "other" financial institutions until 1950.
Retail outlets
1,286
2
Automobile paper only; other instalment credit held by automobile
dealers is included with "other retail outlets."
See also NOTE to table above.
JUNE 1970 •
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions of dollars)
A 55
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES
(In millions of dollars)
Automobile
paper
End of period
Total
Purchased Direct
Repair
Other
and
conmodsumer ernizagoods
tion
paper loans
Personal
loans
Total
End of period
Automobile
paper
Other
Repair
conand
sumer moderngoods
ization
paper
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1950
1955
1960
5,798
10,601
16,672
1,177
3,243
5,316
1,294
2,062
2,820
1,456
2,042
2,759
834
1,338
2,200
1,037
1,916
3,577
1950
1955
1960
3,711
8,447
10,763
2,956
6,905
7,488
532
1,048
2,059
61
28
146
162
466
1,070
1964
196 5
196 6
196 7
196 8
1969
25,094
28,962
31,319
32,700
36,952
40,305
8,691
10,209
11,024
10,927
12,213
12,784
4,734
5,659
5,956
6,267
7,105
7,620
3,670
4,681
5,126
6,060
7,415
2,457
2,571
2,647
2,629
2,719
2,751
5,542
6,357
7,011
7,751
8,855
9,735
196 4
196 5
1966
196 7
196 8
196 9
13,605
15,279
16,697
16,838
18,219
19,798
8,285
9,068
9,572
9,252
9,986
10,743
3,022
3,556
4,256
4,518
4,849
5,306
207
185
151
114
74
65
2,091
2,470
2,718
2,954
3,310
3,684
1969—Apr.
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
37,854
38,347
38,916
39,248
39,532
39,793
40,006
40,047
40,305
12,388
12,541
12,727
12,814
12,859
12,864
12,914
12,883
12,784
7,273
7,367
7,457
7,501
7,513
7,543
7.597
7,618
7,620
6,299
6,406
6,557
6,709
6,818
6,929
7,023
7,100
7,415
2.690
2,721
2,763
2,780
2,787
2,808
2,798
2,779
2,751
9,204
9,312
9,412
9,444
9,555
9,649
9,674
9,667
9,735
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
18,418
18,636
18,961
19,127
19,265
19,360
19,569
19,668
19,798
10,095
10,246
10,440
10,538
10,570
10,557
10,693
10,727
10,743
4,896
4,945
5,039
5,088
5,139
5,191
5,227
5,247
5,306
70
69
70
70
69
69
67
66
65
3,357
3,376
3,412
3,431
3,487
3,543
3,582
3,628
3,684
1970—Jan..
Feb.
Mar.
Apr.
40,144
39,990
39,956
40,245
12,664
12,585
12,552
12,550
7,569
7,533
7,538
7.598
7,472
7,474
7,476
7,568
2,714
2.691
2,678
2,685
9,725
9,707
9,712
9,844
1970—Jan..
Feb.
Mar.
Apr.
19,703
19,652
19,586
19,672
10,660
10,604
10,575
10,647
5,310
5,324
5,297
5,288
65
64
64
63
3,668
3,660
3,650
3,674
4,166
See NOTE to first table on previous page.
See NOTE to first table on previous page.
NONINSTALMENT CREDIT
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
(In millions of dollars)
(In millions of dollars)
End of period
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
Singlepayment
loans
End of period
Total
Charge accounts
Commercial
banks
Other
financial
institutions
Service
credit
Retail
outlets
Credit
cards *
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1950
1955
1960
2,296
5,350
9,238
360
763
1,675
200
530
791
121
327
802
1,615
3,730
5,970
1939
1945
2,719
3,087
3,203
625
693
674
162
1941
152
72
1,414
1,645
1,612
1964
196 5
196 6
196 7
196 8
196 9
15,199
17,292
18,708
19,952
22,286
24,879
2,895
3,368
3,727
3,993
4,506
5,119
1,176
1,367
1,503
10,215
11,585
12,458
13,313
14,771
16,499
1950
1955
1960
6,768
9,924
13,173
1,576
2,635
3,884
245
367
623
3,291
4,579
4,893
76
216
436
1,580
2,127
3,337
1,877
2,037
913
972
1,020
1,046
1,132
1,224
22,790
23,172
23,511
23,755
24,113
24,287
24,374
24,586
24,879
4,652
4,747
4,847
4,893
4,967
5,021
5,057
5,085
5,119
1,928
1,956
1,994
2,007
2,024
2,032
2,042
2.036
2.037
1,143
1,174
1,189
1,189
1,207
1,219
1,219
1,231
1,224
15,067
15,295
15,481
15,666
15,915
16,015
16,056
16,234
16,499
17,576
18,990
20,004
21,206
23,301
24,300
5,950
6,690
6,946
7,340
7,975
7,900
924
981
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1964
196 5
196 6
196 7
196 8
1969
1,026
1,088
5,587
5,724
5,812
5,939
6,450
6,650
608
706
874
1,029
1,305
1,584
4,507
4,889
5,346
5,810
6,408
6,970
24,684
24,751
24,766
24,885
5.065
5.066
5,092
5,137
2,026
1,212
1,215
1,209
1,212
16,381
16,449
16,447
16,512
22,568
22,937
22,908
22,764
22,648
22,652
22,665
22,900
24,300
8,040
8,017
8,031
7,946
7,879
7,882
7,837
7,795
7,900
1,176
1,201
1,196
1,174
1,194
1,193
1970—Jan..
Feb.
Mar.
Apr.
1969—Apr....
May...
June...
July...
Aug....
Sept...
Oct....
Nov
Dec....
1,205
1,196
5,237
5,609
5,574
5,541
5,438
5,448
5,568
5,685
6,650
1,320
1,362
1,428
1,498
1,550
1,557
1,517
1,553
1,584
6,795
6,748
6,679
6,605
6,587
6,572
6,555
6,662
6,970
1970—Jan.. ..
Feb....
Mar....
Apr
23,672
23,185
23,036
23,298
7,887
7,857
7,843
7,892
1,205
1,217
1,211
1,210
5,932
5,210
5,062
5,289
1,607
1,579
1,583
1,611
7,041
7,322
7,337
7,296
1,600
2,021
2,018
2,024
NOTE.—Institutions represented are consumer finance companies, 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.
1,163
1,196
1,188
518
597
845
i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included
in estimates of instalment credit outstanding.
See also NOTE to first table on previous page.
A 56
CONSUMER CREDIT • JUNE 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
Repair and
modernization loans
N.S.A.
S.A. 1
N.S.A.
Personal loans
S.A. 1
N.S.A.
Extensions
1964
1965
1966
1967
1968
1969
70,670
78,586
82,335
84,693
97,053
102,888
24,046
27,227
27,341
26,667
31,424
32,354
20,821
22,750
25,591
26,952
30,593
33,079
2,225
2,266
2,200
2,113
2,268
2,278
23,578
26,343
27,203
28,961
32,768
35,177
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov
Dec
8,720
8,680
8,705
8,521
8,680
8,669
8,661
8,632
8,344
9,024
8,960
9,169
8,920
8,304
8,485
8,797
8,173
10,096
2,772
2,757
2,725
2,582
2,634
2,794
2,808
2,683
2,472
3,023
2,985
3,045
2,828
2,593
2,566
2,939
2,433
2,479
2,763
2,767
2,869
2,777
2,819
2,740
2,707
2,841
2,838
2,668
2,760
2,832
2,778
2,764
2,794
2,805
2,817
4,004
219
209
218
185
177
180
175
164
169
216
246
245
214
206
194
183
160
149
2,966
2,947
2.893
2,977
3,050
2,955
2,971
2,944
2,865
3,117
2,969
3,047
3,100
3,041
2,931
2,870
2,763
3,464
1970—Ja n
Feb
Mar
Apr
8,521
8,625
8,392
8,491
7,490
7,106
8,243
8,773
2,479
2,536
2,496
2,571
2,130
2,214
2,584
2,776
2,925
3,018
2,922
2,843
2,663
2,275
2,725
2,792
160
179
165
183
118
137
152
185
2,957
2,892
2,809
2.894
2,579
2,480
2,782
3,020
Repayments
1964
1965
1966
1967
1968
1969
63,470
69,957
76,120
81,306
88,089
94,609
21,369
23,543
25,404
26,499
28,018
29,882
18,666
20,518
23,178
25,535
28,089
30,369
2,086
2,116
2,110
2,142
2,132
2,163
21,349
23,780
25,428
27,130
29,850
32,195
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov.
Dec
7,960
7,834
7,910
7,899
8,080
7,971
7,992
8,012
7,929
8,033
7,810
7,895
8,174
7,705
7,861
8,303
7,545
8,405
2,519
2,488
2,460
2,471
2,562
2.498
2,463
2,503
2.499
2,552
2,488
2,471
2,551
2,429
2,490
2,661
2,382
2,527
2,569
2,507
2,602
2,511
2,574
2,600
2,615
2,623
2,552
2,575
2,523
2,512
2,562
2,469
2,529
2,682
2,449
2,618
185
183
183
191
185
156
189
179
185
187
185
187
197
182
161
195
168
185
2,687
2,656
2,665
2,726
2,759
2,717
2,725
2,707
2,693
2,719
2,614
2,725
2,864
2,625
2,681
2,765
2,546
3,075
1970—Ja n
Feb
Mar
Apr
8,141
8,207
8.194
8.195
8,257
7,616
8,473
8,331
2,469
2,550
2,501
2,527
2,441
2,386
2,615
2,600
2,722
2,761
2,792
2,729
2,926
2,634
2,898
2,756
168
171
169
173
167
158
171
176
2,782
2,725
2,732
2,766
2,723
2,438
2,789
2,799
Net change in credit outstanding
1964
1965
1966
1967
1968
1969
2,677
3,684
1,937
168
3,406
2,472
7,200
8,629
6,215
3,387
8,964
8,279
1969—Ap r
May
June
July
Aug
Sept
Oct
Nov
Dec
760
846
795
622
600
698
669
620
415
991
1,150
1,274
746
899
624
494
628
1,691
1970—Jan
Feb
Mar
Apr
380
418
198
296
-767
-510
-230
442
253
269
265
2,155
2,232
2,413
1,417
2,504
2,710
139
150
90
-29
136
115
2,229
2,563
1,775
1,831
2,918
2,982
72
296
345
180
-27
471
497
574
277
164
76
278
51
-48
194
260
267
266
245
140
92
218
286
93
237
320
216
295
265
123
368
1,386
34
26
35
-6
-8
24
-14
-15
-16
29
61
58
17
24
33
-12
-8
-36
279
291
228
251
291
238
246
237
172
398
355
322
236
416
250
105
217
389
10
-14
-5
44
-311
-172
-31
176
203
257
130
114
-263
-359
-173
36
-8
8
-4
10
-49
-21
-19
9
175
167
77
128
-144
42
-7
221
1
Includes adjustments for differences in trading days.
9
Net changes in credit outstanding are equal to extensions less
repayments.
NOTE.—Estimates are based on accounting records and often
include financing charges. Renewals and refinancing of loans,
2
purchases and sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments
without affecting the amount outstanding.
For back figures and description of the data, see "Consumer
Credit," Section 16 ( N e w ) of Supplement to Banking and Monetary
Statistics, 1965, and pp. 983-1003 of the BULLETIN for Dec. 1968.
JUNE 1970 •
CONSUMER CREDIT
A 57
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Sales finance
companies
Other financial
institutions
Retail outlets
Period
S.A.1
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
Extensions
70,670
78,586
82,335
84,693
97,053
102,888
1964.
1965.
1966.
1967.
1968.
1969.
25,950
29,528
30,073
30,850
36,332
38,533
12,613
13,722
14,278
13,833
15,909
17,141
18,797
20,906
21,490
22,574
25,777
27,958
13,310
14,430
16,494
17,436
19,035
19,256
1969—Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
8,720
8,680
8,705
8,521
8,680
8,669
8,661
8,632
8,344
9,024
8,960
9,169
8,920
8,604
8,485
8,797
8,173
10,096
3,318
3,236
3,272
3,041
3,148
3,292
3,298
3,213
3,179
3,585
3,436
3,540
3,323
3,162
3,203
3,346
2,845
3,302
405
451
436
400
431
440
518
490
331
1,463
1,478
1,566
1,507
1,401
1,396
1,603
1,381
1,568
2,378
2,365
2,323
2,439
2,470
2,332
2,341
2,291
2,213
2,447
2,428
2,479
2,539
2,463
2,280
2,267
2,217
2,670
619
628
674
641
631
605
504
638
621
1,529
1,618
1,584
1,551
1,578
1,606
1,581
1,730
2,556
1970—Jan..
Feb..
Mar..
Apr..
8,521
8,625
8,392
8,491
7,490
7,106
8,243
8,773
3,047
3,167
3,193
3,208
2,751
2,735
3,206
3,450
401
386
344
417
1,201
1,172
1,315
1,475
2,339
2,322
2,217
2,283
1,979
1,991
2,220
2,335
734
750
638
583
1,559
1,208
1,502
1,513
Repayments
63,470
69,957
76,120
81,306
88,089
94,609
1964.
1965.
1966.
1967.
1968.
1969.
11,638
12,048
12,860
13,692
14,528
15,562
22,971
25,663
27,716
29,469
32,080
35,180
12,097
13,433
15,470
16,815
18,038
18,502
16,764
18,813
20,074
21,330
23,443
25,365
1969—Apr..
May.
June.
July. ,
Aug..
Sept..
Oct..
Nov..
Dec..
7,960
7,834
7,910
7,899
8,080
7,971
7,992
8,012
7,929
8,033
7,810
7,895
8,174
7,705
7,861
8,303
7,545
8,405
2,967
2,917
2,989
2,859
2,958
2,919
2,986
3,020
2,977
2,988
2,943
2,971
2,991
2,878
2,942
3,133
2,804
3,044
236
278
223
330
386
355
324
346
309
1,298
1,260
1,241
1,341
1,263
1,301
1,394
1,282
1,438
2,140
2,091
2,079
2,181
2,228
2,133
2,148
2,117
2,094
2,153
2,046
2,140
2,295
2.105
2.106
2,180
2,005
2,377
617
548
619
529
508
564
534
529
549
1,594
1,561
1,543
1,547
1,459
1,512
1,596
1,454
1,546
1970—Jan..
Feb..
Mar..
Apr..
8,141
8,207
8.194
8.195
8,257
7,616
8,473
8,331
2,962
3,101
3,119
3,081
2,912
2,889
3,240
3,161
320
321
300
334
1,296
1,223
1,381
1,389
2.197
2,146
2,154
2.198
2,174
1,924
2,205
2,216
662
639
621
582
1,875
1,580
1,647
1,565
Net change in credit outstanding
1969—Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec..
760
846
795
622
600
698
669
620
415
991
1,150
1,274
746
899
624
494
628
1,691
351
319
283
182
190
373
312
193
202
597
493
569
332
284
261
213
41
258
1970—Jan..
Feb..
Mar..
Apr..
380
418
198
296
-767
-510
-230
442
85
66
74
127
-154
-34
289
1
-161
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 be2
169
173
213
70
45
85
194
144
22
81
65
44
83
165
218
325
166
138
95
209
99
130
-95
-51
-66
86
1,127
997
1,024
621
997
754
2,033
2,093
1,416
1,244
2,334
2,593
975
1,674
1,418
141
1,381
1,579
3,065
3,865
2,357
1,381
4,252
3,353
7,200
8,629
6,215
3,387
8,964
8,279
1964.
1965.
1966.
1967.
1968.
1969.
2
238
274
244
258
242
199
193
174
119
294
382
339
244
358
174
87
212
293
2
80
55
112
123
41
-30
109
72
-65
57
41
4
119
94
-15
276
1,010
142
176
63
85
-195
67
15
119
72
111
17
-316
-372
-145
-52
1
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.
• JUNE 1970
MARKET GROUPINGS
(1957-59= 100)
Grouping
Total index
1957-59 1969
proaverporage p
tion
1969
Apr.
100.00 172.8 171.7
Final products, total
Consumer goods
Equipment, including d e f e n s e . . . .
Materials
47.35
32.31
15.04
52.65
170.8
162.5
188.6
174.6
170.2
161.8
188.4
172.9
1970
Feb. r
Mar. r Apr. r
May
June
July
172.5
173.7
174.6 174.3 173.9 173.1
171.4 171.1
170.4 170.5
171.1
170.4
170.0
160.7
190.0
174.5
170.7
161.5
190.4
176.3
172.8
164.4
190.8
176.5
168.4
160.5
185.6
174.6
168.5
161.5
183.6
172.5
170.0
162.6
185.7
172.1
168.7
162.9
181.0
172.0
Aug.
172.7
164.2
190.3
175.9
Sept.
172.2
162.8
192.4
176.0
Oct.
170.9
161.2
191.9
175.4
Nov.
Dec.
168.5
160.7
185.2
173.9
Jan.
169.9
162.4
186.2
171.5
Consumer goods
Automotive products
Autos
Auto parts and allied products
3.21 173.2 166.1 165.8 178.7 184.6 179.5 176.6 172.8 168.0 160.9 155.3 154.8 160.3 158.0
1.82 162.8 149.6 148.9 168.3 178.7 178.4 169.9 164.0 153.8 141.6 132.9 127.6 138.8 136.9
1.39 186.8 187.9 188.0 192.3 192.4 181.0 185.4 184.4 186.7 186.2 184.9 190.7 188.5 185.8
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
159.3
184.0
180.2
192.4
145.6
180.3
191.5
138.5
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
159.7
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
156.7
181.2
176.5
188.2
143.6
177.9
189.4
135.9
156.2
179.5
175.2
187.2
141.3
175.7
187.8
136.4
150.9
166.7
142.2
147.8
126.2
176.0
188.2
137.5
151.0
166.8
140.1
151.0
109.6
175.0
191.7
137.7
152.3
169.6
149.0
162.5
111.0
173.8
190.5
137.6
153.6
174.8
168.6
186.5
118.2
169.2
186.7
135.7
155.2
179.6
178.1
199.1
119.1
170.9
188.4
134.5
154.9
179.5
177.9
205.4
100.3
170.6
188.8
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
162.4
136.6
146.8
209.0
147.1
199.6
144.6
226.3
249.7
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
207.2
147.6
201.1
144.4
228.7
252.2
163.7
137.9
152.6
208.6
149.8
198.6
146.1
224.2
245.3
161.8
132.3
148.9
210.4
147.1
203.9
150.9
229.8
252.9
164.2
136.5
145.0
213.2
148.9
206.0
152.7
232.0
255.6
165.7
137.0
149.6
217.0
149.7
206.0
148.4
234.1
258.2
167.3
138.7
151.7
217.6
147.7
210.0
150.3
239.1
264.7
168.2
139.5
154.6
217.9
147.6
210.3
146.5
241.5
267.5
167.0
138.5
156.0
216.5
146.1
207.1
150.1
235.0
257.7
168.0
140.2
217.8
146.0
11.63
6.85
2.42
1.76
.61
195.6
179.1
220.0
246.7
136.8
194.1 195.7
178.6 180.9
220.1 221.7
239.7 238.4
133.9 134.9
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
200.9
182.9
224.9
254.5
153.1
194.4
174.4
223.3
252.8
136.5
193.8
176.3
223.6
240.9
135.4
192.8
175.0
223.0
239.5
138.4
196.9
184.9
222.4
231.8
130.3
197.1
185.5
225.0
226.1
134.0
192.7
181.9
223.4
215.3
152.1
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
165.5
163.9
191.9
152.4
152.8
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
149.6
153.3
163.5
158.5
190.7
150.2
156.1
161.8
150.9
189.8
150.4
155.4
160.1
148.7
188.6
151.2
149.4
157.9
142.3
188.6
150.7
150.2
159.1
143.0
189.8
148.9
152.3
159.1
143.5
183.8
148.9
148.8
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n.e.c
25.92
9.11
3.03
6.07
7.40
183.9
166.6
168.6
165.5
237.8
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
185.3
167.4
169.9
166.1
239.0
186.0
166.9
165.6
167.6
242.0
186.5
168.5
174.0
165.8
240.0
185.3
167.5
173.7
164.4
239.5
185.5
166.2
169.3
164.7
239.0
185.5
164.7
164.6
164.8
238.9
185.3
164.5
165.2
164.1
237.2
9.41
6.07
2.86
2.32
1.03
1.21
.54
158.2
134.9
216.7
220.6
216.1
236.1
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
221.1
225.8
221.4
241.7
160.4
135.7
222.8
227.8
224.7
242.7
160.4
136.5
220.9
225.4
218.4
243.4
161.7
137.7
222.5
227.3
221.1
244.8
159.8
135.3
222.4
227.1
216.5
248.5
162.0
137.1
225.0
230.2
218.1
253.1
163.7 164.7
138.5 139.9
226.3
231.8
219.4
254.8
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
F o r NOTE see p. A - 6 1 .
7.80 179.5
24.51 157.1
177.9 177.6 183.0 184.5
156.6 155.3 154.7 158.1
182.4 179.3 176.8 167.2 164.4 163.7 166.6 171.6 170.7
158.4 157.6 156.2 158.3 159.5 160.8 161.0 159.8
JUNE 1970 •
A 59
INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
( 1 9 5 7 - 5 9 = 100)
Grouping
1957-59
1969
proaverporagef
tion
May
June
July
171.7
172.5
173.7
173.0
173.8
174.8
162.5
165.1
164.1
149.
140.3
153.1
145.6
190.8
180.6
173.8
152.4 151.3
145.3 141.1
181.8 177.9
179.1 180.6
170.8 171.5
190.3
192.3
100.00 172.8
Total index
Manufacturing, total
Durable
Nondurable
Mining
Utilities
86.45
173.9
1970
1969
Apr.
Dec.
Jan.
Feb. r
Aug.
Sept.
Oct.
Nov.
174.6
174.3
173.9
173.1
171.4 171.1
175.6
175.4
175.2
173.9
171.8
171.3
164.1
162.3
163.1
162.9
156.5
150.4 150.3
141.5 142.7
178.7 183.
179.4 179.2
172.5 174.5
161.1
147.7
138.8
181.
178.4
177.1
159.2
149.3
141.4
178.6
179.1
171.5
143.1
135.2
174.8
180.0
175.4
139.2
129.8
177.3
178.9
174.6
180.3
178.8
180.0
195.8
195.8
195.9
154.3
142.1
161.4
194.0
170.4 170.5
170.2
169.7
48.07 176.5 175.7 176.7 178.3 178.7 178.8 178.7 177.3 172.1 171.
38.38 170.6 169.6 170.3 170.5 171.8 171.3 170.9 169.5 171.5 171.5 171.0
8.23 130.2 128.8 130.3 134.4 133.2 131.2 131.6 130.2 132.6 134.4 131.7
5 . 3 2 221.2 216.3 213.6 215.6 222.2 222.6 222.5 226.0 2 2 6 . 0 227.9 230.1
170.3
169.6
171.3
134.2
232.7
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts
12.32
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
Clay, glass, and lumber
Clay, glass, and stone products...
Lumber and products
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
6.95
5.45
1.50
5.37
2.86
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
4.72
161.2 162.3
147.9 149.3
141.2 141.6
181.1 186.2 184.3
179.8 178.3 179.2
173.3 174.4 173.
188.4
187.4
192.7
195.7
194.6
197.2
174.6
166.9
177.8
194.4
194.6 196.9 197.2 198.1
190.8 193.1 195.3 196.0
199.5 201.8 199.6 200.8
172.4 171.8 176.6 181.1
160.8 156.8 169.1 174.2
178.7 180.8 179.5 183.4
195.4 195.3 195.7 194.7
199.4
195.5
204.5
179.1
174.1
180.3
194.9
201.2
199.8
202.9
178.8
170.5
182.6
195.4
181.1
199.0 187.4
200.3 194.9
197.3 177.5
175.7 168.3
167.9 159.9
179.6 171.9
193.9 196.0
142.5
143.2
188.4
144.2
141.2
140.2
140.6
140.7
140.6
139.9
152.7
113.4
155.3
114.1
157.7
111.0
156.3
113.8
155.9
114.1
157.4 154.5 155.0
109.7 118.0 117.5
179.1
176.3
176.2
175.4
174.7
175.1
175.3
175.9
190.2
167.5
189.9
168.
185.0 186.5
167.4 165.8
185.3
165.3
184.0
165.3
183.7
166.4
183.3
167.2
183.4 179.4
168.2 168.4
146.3
146.0
145.4
143.3
141.1
142.0
142.9
141.5
141.3
156.5
150.0
107.6
157.8
149.2
104.7
157.0
150.7
98.4
153.0 151.6
148.8 146.
100.0 97.7
152
146.5
101.1
151.9
148.0
102.7
150.3
147.9
98.0
152.9 151.3
145.8 141.7
96.9
96.9
164.4
165.9
166.3
165.
165.3
177.5
158.2
144.4
177.5
157.3
143.3
111.
166
178.0
158.6
142.0
164.6
176.4
158.3
145.6
166.1
175.9
159.1
154.1
164.6
175.3
156.5
141.3
173.8
157.9
141.7
174.8
157.3
142.1
176.7
7.60
141.1
138.3
3.05
186.9 188.9
166.4 167.6
188.7 189.7
196.5 195.9
178.3 181.5
163.9 159.6
152.0 146.8
170.7 166.7
197.4 194.8
155.2
115.5
156.0 155.
156.9
122.6 120.7
119
1.54
1.51
190.0
140.6
143.6
2.99
1.73
178.4
192.0
179.0
174.0
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
Paper and printing
Paper and products
Printing and publishing
Newspapers
143.7
2.90
3.59
1.1
154.2 154.2
149.2 147.8
101.9 103.4
8.17
164.4
162.4
163.8
175.6
156.3
142.7
175.8
152.7
137.5
174.9
155.9
142.8
3.43
4.74
1.53
156.9
143.0
223.2
224.8
225.2
222.4
222.7
225.3
223.3
222.7
222.6 221.7
7.58 239.0 239.1 239.5 239.7 243.1 238.1 240.2 238.3 240.8 241.7
288.6 281.5 286.2 281.2 283.9 283.8
3 . 8 4 283.0 283.3 285.2 286.
1.97 143.8 142.2 143.5 145.4 143.5 144.5 146.2 146.7 150.9 149.5
1.99 238.7 234.2 237.0 237.3 238.3 239.9 240.0 238.6 240.2 234.8
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
139.0
10.25 140.7
8 . 6 4 136.7
1.61 161.9
.82 117.3
222.1 224.1
240.2 242.6
281.9 284.3
143.3 143.0
231.4 234.0
138.2
136.9
137.0
138.4
141.0
140.4
140.5
136.7
160.6
110.5
138.6
136.6
149.4
115.4
138.3
136.
149.8
121.9
139.9
135.8
161.7
120.3
143.1
137.8
171.3
114.8
144.7
142.2 138.0 141.0 142.
137.0 132.6 137.5 137.4 140.2
169.9 166.7 159.7 167.2 168.9
118.6 113.8 116.2 115.1 117.8
125.7
128.7
133.1
136.2
139.2
140.1
138.
142.7
143.5
145.2
140.4
170.7
122.8
Mining
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.
127.4
5.64
4.91
4.25
129.3 126.9
139.0 137.5
132.0 130.2
184.0
64.2
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.43
131.7
128.
129.9
130.3
128.3
130.2
134.8
145.8
139.2
132.1
142.0
135.5
130.2
139.9
132.4
114.7
133.1
143.1
135.6
128.1
115.7
130.7
140.4
132.8
129.1
129.6
140.5
133.1
118.9
131.2
140.6
133.5
119.3
132.6
142.0
135.0
113.
131.4
140.5
133.7
122.3
131.8
140.6
133.0
138.3
140.4
142.6
139.5
140.2
149.6
153.7
148.2
153.5
137.4
142.6
140.5
134.5
141.2
138
142.2
142.3
142.8
133.
144.3
141.1
139.6
153.3
146.8
152.3
154.8
155.7
142.6
158.4
149.8
1.16 117.7 120.2 123.9 124.8 130.0
.66
.73
143.5
143.6
.61 142.0 146.6
.82 144.7 141.4
122.
Utilities
Electric
Gas
F o r NOTE see p. A - 6 1 .
4 . 0 4 233.0 226.9 223.1
1.28 174.1
225.9 234.2 234.4
234.1 238.5 238.3 240.5 243.
246.1
Mar. r Apr.
A 60
INDUSTRIAL PRODUCTION: N.S.A. • JUNE 1970
MARKET GROUPINGS
(1957-59=100)
Grouping
1957-59 1969
proporage*
tion
1969
Apr.
May
June
July
100.00 172.8 171.9 172.4 176.7 167.7
Total index
Final products, total
Consumer goods
Equipment, including d e f e n s e . . . .
Materials
47.35
32.31
15.04
52.65
170.8
162.5
188.6
174.6
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
Aug.
1970
Sept.
Oct.
174.6 179.2 177.8
173.4
166.3
188.5
175.6
179.2
172.6
193.4
179.2
176.5
169.4
191.8
178.9
Nov.
Dec.
Jan.
Feb.'
173.6 169.6 168.2 171.5
170.0
162.6
186.0
176.9
166.2
156.6
187.0
172.6
167.1
159.0
184.3
169.5
170.5
163.0
186.5
172.5
Mar. r Apr. r
172.4 170.8
170.4
162.5
187.3
174.5
167.1
160.3
181.5
174.4
Consumer goods
Automotive products
Autos
Auto parts and allied products
3.21 173*2 174.7 173.1
1.82 162.8 164.6 165.3
1.39 186.8 187.9 183.5
191.1 132.5
191.0 94.7
191.1 182.1
133.2 181.8 189.8 179.0 167.8 163.3 161.6 167.3 166.6
91.9 175.0 188.6 172.3 155.8 146.2 140.4 152.7 153.3
187.6 190.6 191.3 187.8 183.6 185.9 189.4 186.5 184.2
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
159.3
184.0
180.2
192.4
145.6
180.3
191.5
138.5
161.9
188.8
194.7
213.1
143.0
178.2
190.5
139.2
162.3
188.4
194.3
212.0
144.3
176.4
191.4
140.1
165.4
191.2
194.6
212.7
143.8
181.8
194.8
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
166.0
193.7
194.5
204.3
166.7
184.8
200.2
142.5
156.6
173.7
147.9
149.5
143.4
182.5
196.9
142.1
143.4
167.2
135.0
147.5
99.7
181.5
193.6
123.2
147.4
166.3
149.8
161.6
116.4
170.0
182.9
131.4
158.6
178.4
181.6
201.9
124.3
167.2
183.9
141.8
158.9
183.0
190.1
215.7
117.8
168.8
186.3
138.5
157.0
181.0
187.2
221.6
90.3
165.8
186.0
Consumer staples
Processed foods
Beverages and tobacco
DrugSj soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
162.4
136.6
146.8
209.0
147.1
199.6
144.6
226.3
249.7
154.9
127.0
145.4
207.8
146.5
184.1
135.1
153.5
128.2
148.3
203.8
146.9
176.0
139.3
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
163.0
141.7
137.3
214.3
147.0
192.5
151.8
161.6
134.7
129.7
212.0
149.4
207.7
153.5
164.4
131.8
132.7
213.2
146.4
226.9
151.5
165.6
133.2
140.8
220.1
147.0
218.4
150.0
163.6
130.6
152.5
216.5
148.3
209.0
148.5
161.0
129.8
11.63
6.85
2.42
1.76
.61
195.6
179.1
220.0
246.7
136.8
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
200.2
181.8
227.1
254.5
143.8
193.6
174.4
226.0
247.7
124.1
194.8
177.2
228.5
238.5
132.5
193.0
176.9
223.2
232.3
141.0
197.3
184.9
220.8
231.8
143.9
199.5
186.9
223.0
232.9
150.6
193.8
181.9
219.2
223.9
224.5 203.8 219.7 277.9 295.1
215.6
146.6
144.4
278.4 235.2 227.5 258.2 299.9 282.2 262.9
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
165.5
163.9
191.9
152.4
152.8
166.4
162.6
192.4
151.7
157.6
167.4 171.6
161.3 166.0
193.0 195.1
155.3 161.6
156.6 160.1
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
169.7
168.9
194.2
157.8
157.0
166.3
163.3
190.9
152.5
157.3
161.8
158.4
192.6
145.9
148.6
156.8
153.9
190.3
137.0
145.5
158.4
144.4
190.3
141.1
151.6
161.4
147.3
191.9
144.1
156.0
160.7
147.8
185.8
148.2
154.8
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n.e.c
25.92
9.11
3.03
6.07
7.40
183.9
166.6
168.6
165.5
237.8
183.4
166.9
170.9
164.9
239.3
185.0
168.6
169.9
168.0
240.1
177.3
156.8
161.4
154.5
227.8
185.3
167.5
176.7
162.8
235.8
188.5
171.7
177.5
168.8
241.3
188.4
174.1
178.6
171.9
241.4
187.8
170.9
165.6
173.5
244.4
183.7
162.7
154.9
166.6
237.6
182.5
161.5
165.0
159.8
235.9
186.9
165.6
167.3
164.7
243.8
188.0
167.8
165.4
168.9
243.7
188.4
169.1
171.1
168.2
244.3
9.41
6.07
2.86
2.32
1.03
1.21
.54
158.2
134.9
216.7
220.6
216.1
236.1
155.4 157.4 161.2 157.5
135.9 137.3 138.1 129.5
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
187.0
168.0
172.7
165.7
243.0
162.9 163.2 160.6 159.5 161.5 160.8 162.9 163.8 163.1
134.8 135.9 136.2 137.8 139.4 137.5 141.6 141.5 141.7
206.4 210.9 224.4 231.7 240.2 238.8 227.5 218.3 221.2 224.7 221.1 223.6
209.6 214.5 220.7 215.6 223.6 224.7 225.1 218.4 218.9 215.4 212.6 217.0
214.3 218.7 239.4 258.0 267.6 263.9 241.7 230.0 235.0 244.8 240.4 241.0
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
F o r NOTE see p. A - 6 1 .
7.80 179.5
24.51 157.1
183.0 182.1
151.4 150.5
191.1 155.7 160.4 186.9 192.1 175.9 167.4 165.1 171.5 176.5 175.1
157.3 156.8 168.2 168.0 162.2 158.4 153.1 157.1 160.3 158.0
JUNE 1970 •
INDUSTRIAL PRODUCTION: N.S.A.
A 61
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
1957-59 1969
proaverage?
tion
100.00
Total index
1970
1969
Apr.
172.8 171.9
May
June
172.4 176.7
Sept.
Oct.
July
Aug.
167.7
174.6 179.2 177.8
Feb. r
Mar.' Apr. r
173.6 169.6 168.2 171.5
172.4 170.8
Nov.
Dec.
Jan.
86.45
48.07
38.38
8.23
5.32
173.9 173.7 174.4 178.5 167.3 174.3 180.0 179.5 175.0 169.6 167.5 171.3 172.6
176.5 177.7 178.3 182.2 169.7 173.6 181.5 181.5 175.4 172.6 169.1 170.7 173.3
170.6 168.6 169.5 173.9 164.3 175.0 178.1 176.9 174.5 165.9 165.6 172.0 171.6
130.2 130.2 132.9 134.6 127.9 132.3 132.9 132.7 132.9 133.1 130.1 134.1 134.8
221.2
171.1
170.7
171.7
135.6
Primary and fabricated
metals....
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
162.5
149.1
140.3
181.1
179.8
173.3
164.2
155.3
146.8
186.2
175.6
169.2
164.1
153.0
144.4
184.3
178.3
172.2
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
166.3 165.8
151.9 152.5
143.6 144.1
182.1 183.1
184.8 183.0
177.7 177.1
161.8
144.7
136.7
173.9
183.8
178.9
158.3
143.1
135.2
171.8
177.9
171.9
158.1
145.7
136.3
180.0
174.1
167.6
161.4
150.8
141.1
185.8
175.1
167.6
159.3
149.0
139.4
184.1
172.5
165.1
Machinery and related
products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1-.71
1.28
188.4
195.7
194.6
197.2
174.6
166.9
177.8
194.4
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
194.2
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
193.4
200.8
196.7
206.3
181.7
179.9
180.5
196.0
183.2
190.2
197.9
180.1
169.0
159.4
174.1
199.8
181.0
191.3
197.9
182.5
163.5
154.3
168.4
192.5
182.9
198.8
199.7
197.6
158.2
148.3
163.8
191.1
185.5
201.3
202.0
200.3
161.7
155.9
163.7
194.6
181.3
196.3
197.2
195.1
159.1
155.8
158.7
192.5
Manufacturing, total
Durable
Nondurable
Mining
Utilities
Durable manufactures
184.6
189.6
193.0
185.0
174.2
170.2
174.5
197.6
Clay, glass, and lumber
Clay, glass, and stone products...
Lumber and products
4.72 142.5 142.8 145.2 150.4 143.6 150.3 150.3 149.1 142.2 132.5 125.6 132.5 134.1 138.9
2.99 156.0 154.5 159.4 165.9 161.1 167.4 166.7 164.9 157.5 149.1 137.5 142.9 145.8 153.8
1.73 119.1 122.6 120.7 123.6 113.4 120.9 122.1 121.8 115.8 103.8 105.0 114.6 113.8
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
3.05 176.7 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.8 181.3 170.2 169.3
1.54 186.9 183.8 184.5 189.5 180.4 191.7 190.9 191.0 188.8 190.3 179.7 176.7
1.51 166.4 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7 172.2 160.6 161.7
171.0 169.0
178.2 174.7
163.6 163.2
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products .
Leather and products
7.60
2.90
3.59
1.11
144.2
154.2
149.2
101.9
145.4 146.9
155.7 158.8
150.8 151.5
101.3 101.1
149.2 131.2
161.0 142.1
153.7 135.6
104.2 88.6
145.9 143.8
153.8 154.6
151.8 149.0
106.5 99.2
147.2
156.7
153.1
103.6
147.5 130.8 138.9
156.5 145.0 152.1
154.8 131.6 141.4
100.6 91.4 96.4
146.4
155.5
152.3
103.6
143.8 141.8
154.3 152.3
148.7
100.7
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.17
3.43
4.74
1.53
164.4
175.6
156.3
142.7
165.3
178.4
155.7
146.4
165.1
175.8
157.4
152.2
165.6 155.8
179.3 162.3
155.7 151.2
142.0 126.7
164.3
177.5
154.7
132.1
168.3
180.2
159.7
144.0
172.4
187.0
161.9
153.4
170.2
178.5
164.3
159.6
162.8 160.6
163.8 171.2
162.1 152.9
145.5 129.7
166.1
180.9
155.4
136.4
165.9
Ml.2
157.8
140.0
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
222.6
239.0
283.0
143.8
238.7
222.1
241.9
286.1
136.5
231.9
222.8
239.7
285.2
142.1
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
227.0
241.1
284.0
148.2
251.7
227.1
241.9
288.2
148.9
248.6
221.7
239.1
286.6
145.9
230.1
218.5
235.2
277.7
139.0
233.7
228.0
246.0
290.0
140.1
246.7
228.2 227.7
245.9 247.6
290.6
143.3 '\44.i
245.2
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
139.0
140.7
136.7
161.9
117.3
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
150.4
147.2
167.5
123.9
141.2
143.0
142.3
146.9
118.5
134.0
137.3
135.3
148.0
93.7
132.6
133.9
132.5
140.9
116.5
135.5
136.6
134.0
150.2
122.2
135.9 135.7
137.6 137.2
131.3 130.4
171.5
115.0
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
127.4
117.7
129.3
139.0
132.0
184.0
64.2
128.3
121.0
129.8
139.4
132.3
129.6 130.3 122.6
125.1 116.6 91.0
130.5 133.1 129.1
140.2 143.2 138.6
133.8 137.8 132.8
127.3
128.4
127.1
136.3
129.8
128.3
121.3
129.8
139.4
132.9
128.6 130.2
126.1 123.8
129.1 131.5
138.6 141.1
131.5 133.5
131.9
117.2
134.9
144.6
136.3
130.4
110.8
134.5
143.9
135.7
134.1
123.8
136.3
145.8
137.0
133.8
122.5
136.1
146.0
137.6
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.43 143.5 139.2 148.9 155.1 152.8 156.0 154.4 152.1 145.9 139.3 128.3 133.6 139.4 146.9
.61 142.0 136.3 147.9 155.3 147.8 153.7 150.4 151.0 142.6 137.1 137.0 142.6 146.9 151.0
.82 144.7 141.4 149.7 155.0 156.6 157.8 157.3 152.9 148.3 140.9 121.8 126.9 133.9 143.8
169.0
183.1
158.8
148.4
Mining
133.2
123.9
135.1
145.9
138.7
Utilities
Electric
Gas
4.04 233.0 214.1
1.28 174.1
207.9 222.4 251.4 263.6 255.7 230.7 222.2 237.0 256.7 247.2 240.3
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
• JUNE 1970
SELECTED BUSINESS
INDEXES
(1957-59= 100, except as noted)
Manufacturing 2
Industrial production
Major market groupings
Major industry
groupings
Period
Final products
Total
Total
Consumer Equipgoods ment
Materials
Mfg.
Mining
Utilities
Capacity
utilization
in mfg.
(per
cent)
Construction
contracts
Prices
Nonagricultural
employment—
Total i, 2
Employment
Payrolls
Total
retail
sales 4
5
Consumer
Wholesale
commodity
1951.
1952.
1953.
1954.
81.3
84.3
91.3
85.8
78.6
84.3
89.9
85.7
77.8
79.5
85.0
84.3
78.4
94.1
100.5
88.9
83.8
84.3
92.6
85.9
81.9
85.2
92.7
86.3
91.3
90.5
92.9
90.2
56.4
61.2
66.8
71.8
94.0
91.3
94.2
83.5
63
67
70
76
91.1
93.0
95.6
93.3
106.1
106.1
111.6
101.8
80.2
84.5
93.6
85.4
76
79
83
82
90.5
92.5
93.2
93.6
96.7
94.0
92.7
92.9
1955.
1956.
1957.
1958.
1959.
96.6
99.9
100.7
93.7
105.6
93.9
98.1
99.4
94.8
105.7
93.3
95.5
97.0
96.4
106.6
95.0
103.7
104.6
91.3
104.1
99.0
101.6
101.9
92.7
105.4
97.3
100.2
100.8
93.2
106.0
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9
98.1
108.0
90.0
87.7
83.6
74.0
81.5
91
92
93
102
105
96.5
99.8
100.7
97.8
101.5
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
89
92
97
98.
105
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
I960.
1961.
1962
1963.
1964.
108.7
109.7
118.3
124.3
132.3
109.9 111.0
111.2 112.6
119.7 119.7
124.9 125.2
131.8 131.7
107.6
108.3
119.6
124.2
132.0
107.6
108.4
117.0
123.7
132.8
108.9
109.6
118.7
124.9
133.1
101.6
102.6
105.0
107.9
111.5
115.6
122.3
131.4
140.0
151.3
80.6
78.5
82.1
83.3
85.7
105
108
120
132
137
103.3
102.9
105.9
108.0
111.1
99.9
95.9
99.1
99.7
101.5
106.7
105.4
113.8
117.9
124.3
106
107
115
120
128
103.1
104.2
105.4
106.7
108.1
100.7
100.3
100.6
100.3
100.5
1965.
1966.
1967.
1968.
1969
143.4
156.3
158.1
165.3
172.8
142.5 140.3
155.5 147.5
158.3 148.5
164.9 156.7
170.8 162.5
147.0 144.2
172.6 157.0
179.4 157.8
182.6 165.7
188.6 174.6
145.0
158.6
159.7
166.8
173.9
114.8
120.5
123.8
126.4
130.2
160.9
173.9
184.9
201.6
221.2
88.5
90.5
85.3
84.5
143
145
153
173
115.8
121.8
125.4
129.2
133.5
106.7
113.5
113.6
115.2
117.0
136.6
151.7
155.1
167.8
180.2
138
148
153
165
171
109.9
113.1
116.3
121.2
127.7
102.5
105.9
106.1
108.7
113.0
1969-—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
171.7 170.2 161.8 188.4
172.5 170.0 160.7 190.0
173.7 170.7 161.5 190.4
174.6 172.8 164.4 190.8
174.3 172.7. 164.2 190.3
173.9 172.2 1 6 2 . 8 192.4
173.1 170.9 161.2 191.9
171.4 168.4 160.5 185.6
171.1 168.5 160.7 185.2
172.9 173.0
174.5 173.8
176.3 174.8
176.5 175.6
175.9 175.4
176.0 175.2
175.4 173.9
174.6 171.8
173.9 171.3
128.8
130.3
134.4
133.2
131.2
131.6
130.2
132.6
134.4
216.3
213.6
215.6
222.2
222.6
222.5
226.0
226.0
227.9
1p
\ 84.5
J
1p
\ 84.2
I
j
183
210
186
180
216
173
195
178
218
132.9
133.3
133.8
133.7
134.2
134.0
134.5
134.5
134.6
117.0
117.0
117.6
117.3
118.5
117.3
117.0
115.8
115.8
177.8
177.7
180.3
179.8
183.9
184.2
183.4
182.2
184.4
172
172
172
170
172
171
173
172
172
126.4
126.8
127.6
128.2
128.7
129.3
129.8
130.5
131.3
111.9
112.8
113.2
113.3
113.4
113.6
114.0
114.7
115.1
1970-—Jan
Feb
Mar
Apr
May p
170.4 168.5 161.5
170.5 169.9 162.4
171.1 170.0 162.6
170.4 168.7 162 9
169.0 167.7 163.4
170.2
170.3
170.9
170.0
168.4
131.7
134.2
135.8
134.5
134.7
230.1
232.7
230.3
231.5
231.5
205
215
208
203
134.8
135.2
135.7
135.4
134.9
115.4
114.9
115.2
114.2
112.6
182.4
179.3
182.2
179.5
177.6
173
175
174
178
177
131.8
132.5
133.2
134.0
116.0
116.4
116.6
116 6
116! 8
183.6
186.2
185.7
181.0
177.0
172.5
171.5
172.1
172.0
170.5
1 Employees only; excludes personnel in the Armed Forces.
2 Figures for Mar., Apr., and May 1970 are adjusted to 1969 benchmark
and are therefore not comparable with other data.
3 Production workers only.
4
F.R. index based on Census Bureau figures.
5 Prices are not seasonally adjusted.
NOTE.—All series: Data are seasonally adjusted unless otherwise noted.
[ P81.7
J
1
}
J
p
79.5
Capacity utilization: Based on data from Federal Reserve, McGrawHill Economics Department, and Department of Commerce.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
(In millions of dollars, except as noted)
1969
Type of ownership and
type of construction
1968
Apr.
Total construction
1
1970
1969
May
June
July
Aug.
Sept.
Oct.
19,597 22,656 1,791 2,536 2,326 2,352 2,605
42,135 44,769 4,104 4,545 4,118 3,947 3,918
By type of construction:
Residential building 1
Nonresidential building
Nonbuilding
24,838 25,219 2,546 2,620 2,548 2,296 2,394 1,952 2,290
22,512 25,667 2,136 2,680 2,357 2,402 2 , 4 6 0 2,013 2,502
14,382 16,539 1,213 1,780 1,538 1,600 1,669 1,174 1,149
1,330
1,299
1,502
1,323
1,340
i Because of improved collection procedures, data for 1-family homes
beginning Jan. 1968 are not strictly comparable with those for earlier
periods. To improve comparability, earlier levels may be raised by approximately 3 per cent for total and private construction, in each case,
and by 8 per cent for residential building.
Dec.
Jan.
Feb.
Mar.
Apr.
61,732 67,425 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4 , 4 0 6 5,228 4,927 5,249 6,140 6,757
By type of ownership:
Public
Private *
Private housing units authorized..
(In thousands, S.A., A.R.)
Nov.
1,228
1,245
1,719 1,626 1,427 1,727 1,433 1,652 2,037 1,791
3,420 4,615 2,980 3,501 3,495 3,597 3,864 4,966
1,201
1,183
1,675 1,744 1,475 1,482 1.974
1,566 2,168 2,252 2,269 2,191
1,165 1,317 1,201 1,498 1.975
1,191
1,239
1,013
1,137
1,099
1,249
NOTE.—Dollar value of construction contracts as reported by the F. W.
Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made into
accumulated monthly data after original figures have been published.
Private housing units authorized are Census Bureau series for 13,000
reporting areas with local building permit systems.
JUNE 1970 •
A 63
CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Public
Private
Nonresidential
Period
Total
Total
Nonfarm
residential
21,680
Buildings
Total
Industrial
Other
buildings 1
Other
Commercial
Total
Military
Highway
1,371
Conservation
&
Other 2
development
196 1
1962 3
19634
1964
55,447
59,667
63,423
66,200
38,299
41,798
44,057
45,810
24,292
26,187
26,258
16,619
17,506
17,870
19,552
2,780
2,842
2,906
3,565
4,674
5,144
4,995
5,396
3,280
3,631
3,745
3.994
5,885
5,889
6,224
6,597
17,148
17,869
19,366
20,390
1,189
938
1,266
5,854
6,365
7,084
7,133
1,384
1,524
1,690
1,729
8,539
8,714
9,403
10,590
196 5
196 6
196 7
196 8
1969
72,319
75,120
76,160
84,692
90,866
50,253
51,120
50,587
56,996
62,806
26,268
23,971
23,736
28,823
30,603
23,985
27,149
26,851
28,173
32,203
5,118
6,679
6,131
5,594
6,373
6,739
6,879
6,982
8,333
10,136
4,735
5,037
4,993
4,873
5,521
7,393
8,554
8,745
9,373
10,170
22,066
24,000
25,573
27,696
28,060
852
769
721
824
949
7,550
8,355
8,538
9,295
2,019
2.195
2.196
2,046
11,645
12,681
14,511
15,531
1969—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
92,784
92,359
91,475
90,806
89.889
91,105
90,972
88,913
89,463
63,050
63,669
63,027
63,161
62,412
63,725
63,696
61,927
61,582
33,018
32,971
31,635
30,304
29,284
29,214
29,415
28,900
28,630
30,032
30,698
31,392
32,857
33,128
34,511
34,281
33,027
32,952
5,857
5,923
6,050
6,404
6,414
6,714
6,946
6,571
6,419
9,066
9,284
10,020
10,417
10,343
19,856
10,168
10,337
5,273
5,428
5,177
5,566
5,917
5.995
5,850
6,023
5,861
9,836
10,063
10,145
10,470
10,454
10.684
10,629
10,265
10,335
29,734
28,690
28,448
27,645
27,477
27,380
27,096
26,986
27,881
1,196
1,003
949
792
863
920
943
779
895
1970—Jan..1
Feb.
Mar.
Apr.
89.890
90,749
90,285
89,090
61,837
62,111
62,268
60,663
27,811
27,429
27,690
27,602
34,026
34,682
34,578
33,061
6,433
6,000
5,916
6,416
11,029
11,724
11,831
10,199
5,885
6,227
6,099
5,761
10,679
10,731
10,733
10.685
28,053
28,638
28,017
28,427
937
890
766
746
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.
11,118
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
Period
Type of structure
Region
Total
North- North South
east
Central
West
family
5- or
2- to 4- morefamily family
Total
3:39
471
589
450
108
1,365
1,492
1,642
1,562
1-
Mobile
home
shipments
(N.S.A.)
Government
underwritten
(N.S.A.)
Private and public
(N.S.A.)
Private Public
Total
FHA
1,313
1,463
1,610
1,529
52
30
32
32
328
339
292
264
244
261
221
205
83
78
71
59
90
118
151
191
VA
1961
1962
1963
1964
1,313
1,463
1,610
1,529
247
264
261
253
277
290
328
339
473
531
591
582
316
378
431
355
974
991
1,021
972
1965
1966
1967
1968
1969
1,473
1,165
1,292
1,508
1,467
270
207
215
227
206
362
288
337
369
349
575
473
520
619
588
266
198
220
294
323
964
779
844
900
810
87
61
72
81
87
422
325
376
527
571
1,510
1,196
1,322
1,548
1,500
1,473
1,165
1,292
1,508
1,467
37
31
30
40
33
246
195
232
283
291
197
158
180
227
240
49
37
53
56
51
216
217
240
318
413
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,505
1,533
1,507
1,429
1,376
1,481
1,390
1,280
1,402
250
246
243
168
186
140
172
164
167
353
357
322
304
395
365
299
267
297
570
602
599
584
525
615
574
517
573
332
328
343
373
270
361
345
332
365
797
877
826
803
752
828
766
762
776
92
78
70
63
68
96
93
83
105
616
578
611
563
556
557
531
435
521
160
158
151
127
128
133
126
97
85
159
156
147
125
125
129
123
95
84
1
2
4
1
3
4
2
3
1
27
25
26
26
27
23
30
23
27
23
21
22
21
22
18
25
19
23
4
4
5
5
4
5
5
4
4
36
35
36
35
38
40
43
33
27
1970—Jan r
Feb.
Mar.*
Apr.*
1,059
1,306
1,384
1,181
150
243
316
209
245
209
288
248
444
525
517
512
220
329
263
212
577
725
702
693
66
72
70
59
416
509
612
429
69
77
117
126
66
74
114
124
3
3
3
2
20
21
30
38
17
18
25
32
3
4
5
5
24
24
29
40
NOTE.—Starts are Census Bureau series (including farm starts) except
in the case of Govt.-underwritten, which are from Federal Housing
Admin, and Veterans Admin, and represent units started, including re-
habilitation units under FHA, based on field office reports of first compliance inspections. Data may not always add to totals because of rounding.
Mobile home shipments are as reported by Mobile Homes Manufacturers Assn.
A 64
EMPLOYMENT • JUNE 1970
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons, except as noted)
Civilian labor force, S.A.
Total noninstitutional
population
N.S.A.
Period
Not in the
labor force
N.S.A.
Total
labor
force
S.A.
Unemployed
Unemploy.
ment2
rate
(per cent)
S.A.
Employed 1
Total
Total
In nonagricultural
industries
In
agriculture
196 4
196 5
196 6
19673
196 8
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
3.8
3.6
3.5
1969—May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.,
137,549
137,737
137,935
138,127
138,317
138,539
138,732
138,928
54,464
51,857
51,617
52,081
53,790
53,501
53,812
54,072
83,652
84,028
84,310
84,517
84,868
85,051
84,872
85,023
80,130
80,504
80,789
80,987
81,325
81,523
81,379
81,583
77,321
77,741
77,931
78,142
78,194
78,445
78,528
78,737
73,544
74,058
74,370
74.528
74,696
74,999
75,094
75,302
3,777
3,683
3,561
3,614
3.498
3,446
3.434
3.435
2,809
2,763
2,858
2.845
3,131
3,078
2,851
2.846
3.5
3.4
3.5
3.5
3.8
3.8
3.5
3.5
1970—Jan..
Feb.,
Mar.
Apr.
May,
139,099
139,298
139,497
139,687
139,884
54,993
54,673
54,489
54,456
54,915
85,599
85,590
86,087
86,143
85,783
82,213
82,249
82,769
82,872
82,555
79,041
78,822
79,112
78,924
78,449
75,615
75,323
75,562
75,338
74,836
3,426
3.499
3,550
3,586
3,613
3,172*
3,427
3,657
3,948
4,106
3.9
4.2
4.4
4.8
5.0
1
2
3
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
Beginning 1967, data not strictly comparable with previous data.
Description of changes available from Bureau of Labor Statistics.
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)
Total
Manufacturing
58,331
60,815
63,955
65,857
67,860
70,141
17,274
18,062
19,214
19,447
19,768
20,121
1969—Ma y
June
July
Aug
Sept
Oct
Nov
Dec
70,013
70,300
70,247
70,500
70,390
70,651
70,635
70,679
1970—Ja n
Feb
Mar
Apr.*
Period
196 4
196 5
196 6
196 7
196 8
1969
Mining
Contract
construction
Transportation & public utilities
Trade
Finance
Service
Government
628
3,050
3,186
3,275
3,208
3,267
3,411
3,951
4,036
4,151
4,261
4,313
4,448
12,160
12,716
13,245
13,606
14,081
14,644
2,957
3,023
3,100
3,225
3,383
3,559
8,709
9,087
9,551
10,099
10,592
11,103
9,596
10,074
10,792
11,398
11,846
12,227
20,198
20,164
20,334
20,197
20,156
20,004
20,007
622
622
629
631
631
631
632
635
3,407
3,466
3,434
3,410
3,420
3,418
3,461
3,459
4,444
4,467
4.483
4.484
4,480
4,480
4,484
4,489
14,609
14,665
14,671
14,702
14,716
14,809
14,836
14,773
3,541
3,557
3,568
3,581
3,586
3,595
3,613
3,623
11.065
11.066
11,067
11,120
11,150
11,244
11,264
11,297
12,207
12,259
12,231
12,238
12,210
12,318
12,341
12,396
70,818
71,004
71,256
71,124
70,855
19,965
19,886
19,944
19,787
19,562
634
634
626
622
620
3,334
3,418
3,481
3,424
3,345
4,521
4,511
4,502
4,464
4,473
14,939
14,991
14,984
14,975
14,958
3,650
3,654
3,665
3,676
3,683
11,349
11,415
11,537
11,552
11,561
12,426
12,495
12,517
12,624
12,653
1969—Ma y
June
July
Aug
Sept
Oct
Nov
Dec
69,929
70,980
70,347
70,607
70,814
71,198
71,227
71,629
19,982
20,336
20,114
20,435
20,421
20,339
20,143
20,056
624
638
645
647
639
632
631
631
3,404
3,601
3,681
3,707
3,663
3,623
3,530
3,373
4,431
4,512
4.528
4,533
4.529
4,502
4,506
4,498
14,517
14,717
14,662
14,660
14,702
14,847
15,090
15,642
3,534
3,585
3,629
3,642
3,597
3,591
3,599
3,609
11,131
11,243
11,266
11,253
11,183
11,255
11,230
11,229
12,306
12,348
11,822
11,730
12,080
12,409
12,498
12,591
1970—Jan
Feb
Mar
Apr.?
May p
69,797
69,893
70,460
70,721
70,779
19,767
19,712
19,794
19,619
19,418
619
616
610
616
620
3,021
3,045
3,161
3,284
3,338
4,453
4,439
4,443
4,428
4,464
14,709
14,608
14,700
14,803
14,868
3,606
3,617
3,639
3,661
3,676
11,133
11,232
11,433
11,552
11,630
12,489
12,624
12,680
12,758
12,765
634
632
627
613
610
SEASONALLY ADJUSTED
May*
20,118
NOT SEASONALLY ADJUSTED
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 except for March, April, and May 1970, which are adjusted to
1969 benchmark.
JUNE 1970 • EMPLOYMENT AND EARNINGS
A 65
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted 1
1970
1969
Industry group
Not seasonally adjusted 1
1969
1970
May
Mar.
Apr.*
May?
May
Mar.
Apr.?
May?
14,790
14,512
14,384
14,184
14,655
14,385
14,236
14,070
8,662
8,409
8,313
8,199
8,624
8,379
8,279
8,179
6,128
6,103
6,071
5,985
6,031
6,006
5,957
5,891
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related p r o d u c t s . . . . . . . . . . . . . .
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
Rubber and misc. plastic products
Leather and leather products
1
Adjusted to 1969 benchmark. Not comparable with previously published data. Figures not yet available for subgroups,
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 1
(per week; S.A.)
Industry group
1969
May
Total.
40.7
Durable goods
Ordnance and accessories
Lumber and wood products. . .
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
Fabricated metal products
Machinery
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
Nondurable goods
Food and kindred products...
Tobacco manufactures
Textile-mill products
Apparel and related products.
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Petroleum refining and related industries .
Rubber and misc. plastic products
Leather and leather products
39.8
1970
Mar.
Apr.p
1969
May?
1970
May
Mar.
Apr.f
Average hourly earnings 1
(dollars per hour; N.S.A.)
1969
May?
May
Mar.
40.2
40.0
39.9
128.61
132.40
131.80 133.67
3.16
3.31
40.7
41.1
39.5
39.4
41.8
40.7
40.4
41.1
39.9
39.3
41.5
40.1
40.5
40.8
40.3
39.1
41.2
40.4
138.69 142.51
137.70 145.66
109.48 112.97
105.04 105.96
134.41 137.12
157.13 157.49
141.50 144.18
146.06 145.66
115.31 120.88
105.65 106.43
138.28 139.10
157.56 159.56
3.35
3.40
2.69
2.60
3.17
3.75
3.51
3.57
2.86
2.71
3.32
3.86
41.2
41.8
40.2
40.4
40.7
39.0
41.0
41.5
40.0
39.8
40.5
39.0
40.6
40.9
39.8
40.9
40.5
38.7
138.44
151.66
124.34
158.18
126.98
102.96
142.45
156.04
128.70
157.20
132.59
108.64
143.26
153.78
130.22
167.69
133.32
108.08
3.32
3.56
3.07
3.83
3.12
2.64
3.48
3.75
3.24
4.01
3.28
2.80
39.4
40.5
37.5
40.2
35.6
42.2
39.3
40.5
38.3
40.6
35.5
42.1
39.1
40.7
39.2
39.8
35.2
42.0
114.34 118.78 118.26
119.48 124.00 124.18
103.02 105.56 110.93
94.07 9 7 . 0 4
96.96
84.85
82.67
83.90
137.60 140.70 140.53
118.95
127.98
118.65
96.47
83.42
142.80
2.88
2.95
2.74
2.30
2.29
3.20
3.03
3.10
2.90
2.42
2.37
3.35
38.0
41.8
42.2
40.7
37.4
37.9
41.4
41.8
40.6
37.4
37.7
41.3
41.8
39.8
37.3
140.18
143.72
174.50
125.25
87.66
145.51
150.28
181.45
124.66
92.75
3.66
3.43
4.03
3.04
2.35
3.84
3.60
4.23
3.15
2.47
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
Average weekly earnings 1
(dollars per week; N.S.A.)
142.33
157.88
129.92
160.40
133.50
109.20
145.92
150.48
176.81
127.26
91.64
145.15
150.18
179.77
127.03
90.02
1
1969 benchmark. Not comparable with previously published data,
Some data not available.
A 66
PRICES • JUNE 1970
CONSUMER PRICES
(1957-59= 100)
Housing
Period
1929
1933
1941
1945
All
items
Food
Total
Rent
Homeownership
Health and recreation
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishand
portaings upkeep tion
and
operation
45.2
53.6
88.3
86.4
51.2
55.4
Total
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
50.6
57.5
47.6
63.6
57.3
75.0
58.2
67.3
59.7
45.1
51.3
62.7
55.6
35.3
44.2
58.4
61.4
67.5
,85.4
60.8
64.3
66.1
1960.
1961 .
1962.
1963.
1964.
103.1
104.2
105.4
106.7
108.1
101.4
102.6
103.6
105.1
106.4
103.1
103.9
104.8
106.0
107.2
103.1
104.4
105.7
106.8
107.8
103.7
104.4
105.6
107.0
109.1
99.5
101.6
102.1
104.0
103.5
107.0
107.9
107.9
107.8
107.9
101.5
101.4
101.5
102.4
102.8
102.2
103.0
103.6
104.8
105.7
103.8
105.0
107.2
107.8
109.3
105.4
107.3
109.4
111.4
113.6
108.1
111.3
114.2
117.0
119.4
104.1
104.6
106.5
107.9
109.2
104.9
107.2
109.6
111.5
114.1
103.8
104.6
105.3
107.1
108.8
1965.
1966.
1967.
1968.
1969.
109.9
113.1
116.3
121.2
127.7
108.8
114.2
115.2
119.3
125.5
108.5
111.1
114.3
119.1
126.7
108.9
110.4
112.4
115.1
118.8
111.4
115.7
120.2
127.0
139.4
105.6
108.3
111.6
115.1
117.7
107.8
108.1
108.5
109.5
111.5
103.1
105.0
108.4
113.0
117.9
106.8
109.6
114.0
120.1
127.1
111.1
112.7
115.9
119.6
124.2
115.6
119.0
123.8
130.0
136.6
122.3
127.7
136.7
145.0
155.0
109.9
112.2
115.5
120.3
126.2
115.2
117.1
120.1
125.7
130.5
111.4
114.9
118.2
123.6
129.0
1969-- A p r
May
June
July
Aug
Sept
Oct
Nov
Dec
123.2
126.4
126.8* 123.7
125.5
127.6
126.7
128.2
128.7
127.4
129.3
127.5
127.2
129.8
130.5
128.1
131.3
129.9
125.3
125.8
126.3
127.0
127.8
128.6
129.2
129.8
130.5
117.8
118.1
118.5
118.8
119.3
119.7
120.1
120.5
121.0
137.1
138.0
138.7
140.0
141.3
142.6
143.6
144.5
145.4
117.4
117.5
117.5
117.4
117.7
118.1
118.4
118.9
119.2
111.2
111.2
111.3
110.9
111.5
112.0
112.2
113.2
113.7
116.9
117.4
117.9
118.2
118.5
119.0
119.3
119.6
120.0
125.6
126.6
127.0
126.8
126.6
128.7
129.8
130.7
130.8
124.6
124.0
124.6
124.3
124.2
123.6
125.7
125.6
126.4
135.1
135.7
136.3
137.0
137.7
138.4
138.6
139.1
139.6
153.6
154.5
155.2
155.9
156.8
157.6
156.9
157.4
158.1
125.5
125.8
126.2
126.6
126.8
127.3
127.3
127.8
128.1
129.6
130.2
130.4
130.7
131.2
131.6
132.0
132.3
132.7
126.6
126.9
127.9
129.1
130.1
131.3
132.2
133.1
133.5
1970—Jan
Feb
Mar
Apr
131.8
132.5
133.2
134.0
130.7
131.5
131.6
132.0
131.1
132.2
133.6
134.4
121.3
121.8
122.3
122.6
146.8
148.5
150.9
152.1
119.7
120.6
120.8
120.9
114.1
114.6
114.8
115.7
120.1
120.8
121.6
122.0
129.3
130.0
130.6
131.1
127.3
127.3
127.1
128.9
140.1
140.7
141.4
142.3
159.0
160.1
161.6
162.8
128.5
129.0
129.6
129.8
133.1
133.2
133.6
134.4
133.9
134.3
134.8
135.6
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
WHOLESALE PRICES: SUMMARY
(1957-59=100)
Industrial commodities
ProAll
Farm cessed
com- prodfoods
modiand
ucts
ties
feeds Total
100.7
100.3
100.0
101.6
102.7
103.3
103.1
Textiles,
etc.
Hides, Fuel, Chem- Rubber,
icals,
etc.
etc.
etc.
etc.
98.9
119.7 101.3
115.8 103.6
119.5 '102.5
125.8 104.6
9 2 . 9 101.1 9 9 . 9
97.4
97.8
94.8 105.6 102.6
98.4
9 7 . 0 105.4 104.0
9 8 . 2 '100.2 1 1 9 . 4 '104.9
98.3 102.1 132.0 108.2
105.7 105.0 9 8 . 0 101.7
108.3 108.2 99.
102.6
109.5 111.8 101.0 104.3
112.4 '115.4 103.9 '108.2
118.9 119.0 106.
112.8
126.0
126.1
125.7
126.4
126.4
128.2
127.4
97.9
98.1
98.3
98.2
98.7
98.9
98.6
98.9
98.8
105.2
106.2
99.6
100.7
100.7
100.5 104.2
101.2 104.6
99.8
97.1
102.5
9 8 . 4 106.7 102.5
105.9 105.6 113.0 104.7
106.1
9 9 . 7 111.7 106.3
' 1 0 8 . 8 102.2 '114.2 109.0
113.0 108.5 119.8 112.7
101.8 109.2
100.3
100.5
111.9 1 0 5 . 6
112.8 110.5
113.2 111.2
113.3 110.5
113.4 108.9
113.6 108.4
114.0 107.9
114.7 111.
115.1 111.7
100.8 100.6 107.4 100.2
101.2
117.3 112.1
119.4 112.2
121.4 112.2
122.0 112.4
121.5 112.8
121.3 113.2
121.6 113.8
121.8 114.2
122.6 114.6
102.1
102.1
r
105.8
108.0
107.
106.9
107.2
107.7
108.7
109.0
109.1
109.2
109.2
100.2
99.1
97.5
96.3
96.7
101.3 102.9 100. 101.4
100.7 102.9 99.5 101.8
100.0 102.9 9 8 . 8 101.8
100. 103.1 98.1 101.3
102.8 103.8 98.5 101.5
101.5
99.7
96.9
96.0
97.7
95.7
94.3
104.5
104.5
105.0
105.0
104.7
104.7
105.4
126.8 105.5
126.5 106.1
99.9
96.1
93.3
93.8
92.5
101.2
101.1
101.2
102.5
103.0
102.7
103.5
104.4
104.5
143.3
138.0
129.8
125.3
124.0
123.2
122.6
123.9
122.5
108.0 116.5 118.0 105.8 112.3
108.1 117.5 118.3 105.9 112.6
108.3 117.9 118.6
108.4 118.7 119.0
108.7 120.4 119.1
108.8 121.7 119.9
109.0 122.4 120.5
109.3 122.9 121.0
109.5 123.8 121.9
116.0 112.5 125.1 115. 109.5 126.6 105.6 99.1 104.7 121.6 111.
113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8
116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1
116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5
116.4
1
For transportation equipment, Dec. 1968=100.
MaNon- Transchin- Furni- me- portaery
tallic tion
ture,
and
min- equipequip- etc.
erals ment 1
ment
100.4 101.8
95.9
98.8
96.5 100.0
98.6
99.2
100.6 9 ; . o
101.3
100.8
100.6
LumMetber, Paper, als,
etc.
etc.
etc.
124.9
126.1
127.0
127.8
122.5
122.8
123.
123.4
105.9
106.1
106.2
106.4
106.5
106.9
107.2
112.8
113.0
113.0
113.5
113.8
113.9
114.5
107.5
107.9
108.
108.3
116.5
116.9
117.3
117.8
JUNE 1970 •
PRICES
A 67
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1969
1970
1969
Group
Group
Apr.
Feb.
Mar.
Apr.
106.8
83.1
113.8
87.0
67.3
133.5
97.3
113.8
106.1
117.2
85.9
124.9
87.1
65.4
140.8
136.9
106.3
115.2
118.2
106.3
114.8
112.7
87.8
124.8
82.8
65.4
141.1
94.9
109.8
114.7
119.3
114.0
131.4
115.4
120.2
111.4
90.8
80.6
89.4
103.3
119.0
118.3
123.3
124.9
134.1
117.3
127.7
118.3
115.7
99.5
99.8
107.5
127.4
131.3
123.7
127.1
133.1
116.5
127.4
118.4
133.7
110.7
111.9
112.4
127.1
119.0
124.6
124.9
135.1
117.5
128.7
118.8
118.8
114.7
107.7
113.6
125.8
121.4
104.5
104.3
92.4
155.4
113.0
107.7
119.7
106.1
104.3
91.0
196.3
117.5
109.0
124.3
105.8
104.4
90.4
194.2
117.9
108.6
126.5
105.8
104.0
89.9
201.3
117.9
108.6
121.4
125.8
122.3
131.9
99.4
118.2
136.9
119.9
120.4
138.4
116.0
101.1
117.3
136.9
119.8
112.8
120.3
121.8
102.3
104.8
102.5
131.7
126.9
135.2
103.6
104.5
101.2
133.4
126.9
135.0
103.6
104.5
145.9
139.6
136.2
103.7
104.5
101.3
85.5
129.6
90.8
64.9
139.7
120.1
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
108.3
98.0
109.1
116.4
93.5
108.3
100.4
112.5
104.7
108.2
121.5
97.1
112.2
93.0
108.9
111.9
132.4
119.7
119.9
116.6
96.8
110.2
120.4
117.0
117.7
152.8
125.0
124.7
122.8
99.9
114.6
125.2
131.8
134.1
131.8
137.2
140.3
139.3
Mar.
Apr.
Pulp, paper and products, excluding
building paper and board
Woodpulp
Wastepaper
Paper
Paperboard
Converted paper and paperboard..
Building paper and board
Metals and metal products:
Textile products and apparel:
Cotton products
Wool products
Man-made fiber textile products.
Silk yarns
Apparel
Textile housefurnishings
Miscellaneous textile products...
Feb.
Pulp, paper, and allied products:
Farm products:
Fresh and dried produce.
Grains
Livestock
Live poultry
Plant and animal fibers..
Fluid milk
Eggs
Hay and seeds
Other farm products
Apr.
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
120.0
126.5
127.2
104.3
116.6
133.4
106.9
121.7
121.5
118.0
95.0
93.0
78.5
130.0
125.1
124.5
93.5
94.4
77.2
134.8
113.4
115.6
111.3
120.6
116.4
116.7
113.6
99.2
106.2
119.4
125.1
100.8
108.3
120.9
Hides, skins, leather, and products:
Hides and skins
Leather
Footwear
Other leather products.
106.6
120.0
Fuels and related products, and power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100).
Crude petroleum
Petroleum products, r e f i n e d . . . .
100.8
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
96.7
118.7
92.2
93.7
83.7
92.1
80.9
112.2
97.7
122.0
92.8
94.6
94.3
91.4
80.3
115.7
97.3
122.8
92.6
95.0
102.2
92.0
81.2
116.5
107.6
90.1
96.3
89.4
101.7
114.3
87.6
101.7
114.3
87.5
101.7
114.3
99.1
99.1
98.7
123.3
130.7
94.5
119.5
123.5
130.8
97.2
119.3
97.9
122.8
92.6
94.7
92.4
81.1
116.8
110.1
Lumber and wood products:
164.9
Lumber
132.3
Millwork
111.0
Plywood
Other wood products (Dec. 1966 = 100) 112.6
124.1
130.7
96.3
119.5
1
Retitled to include the direct pricing of plastic construction products;
continuity of the group index is not affected.
NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to
Household furniture
Commercial furniture
Floor coverings
Household appliances
Home electronic equipment
Other household durable g o o d s . .
Nonmetallic mineral products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products excluding
refractories
Refractories
Asphalt roofing
Gypsum products
Glass containers
Other nonmetallic minerals
116.1
119.0
109.0
111.0
106.4
Motor vehicles and equipment
Railroad equipment (Jan. 1961= 100) 110.2
109.1
117.7
Transportation equipment:
Rubber and plastic products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Plastic construction products (Dec.
1969 = 100)
Furniture and household durables:
Miscellaneous products:
Toys, sporting goods, small arms,
ammunition
Tobacco products
Notions
Photographic equipment and supplies
Other miscellaneous products
110.8
116.9
100.8
112.1
111.7
114.2
124.0
109.0
115.8
114.8
incorporate (1) new weights beginning with Jan. 1967 data and (2) various
classification changes. Back data not yet available for some new classifications.
A 68
NATIONAL PRODUCT AND INCOME a JUNE 1970
GROSS NATIONAL PRODUCT
(In billions of dollars)
1929
1933
1941
1950
1965
1969
1966
1967
1968
II
Gross national product.
Final purchases
103.1
101.4
55.6 124.5 284.8 684.9 749.9 793.5 865.7
57.2 120.1 278.0 675.3 735.1 786.2 858.4
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
77.2
9.2
37.7
30.3
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment.
Residential structures
Nonfarm
Change in business inventories.
Nonfarm
16.2
1.4
14.5
3.0
10.6
2.4
5.0
.9
5.6
1.5
.6
4.0
.5
3.
1.7 - 1 . 6
1.8 - 1 . 4
17.9
13.4
9.5
2.9
3.9
3.7
4.5
4.0
54.1 108.1
47.3
98.5
27.9
71.3
9.2
25.5
18.7 45.8
19.4 2 7 . 2
18.6
26.7
6.8
9.6
6.0
8.6
1.8
13.8
12.0
45.8
3.5
22.3
20.
Net exports of goods and services.
Exports
Imports
1.1
7.0
5.9
.4
2.4
1.3
5.9
4.6
Government purchases of goods and services.
Federal
National defense
Other
State and local
8.5
1.3
8.0
2.0
24.8
16.9
13.8
3.1
7.9
Gross national product in constant (1958)
dollars
2.0
7.2
932.1 908.7
924.1 902.1
III
6.9
39.2
32.3
37.9 137.0 156.8
66.9
18.4
77.
14
50.
60.7
4.3
16.8
17.1
19.5 70
79.0
5.2
46.2
41.0
2.5
50.6
48.1
2.1
55.3
53.2
1.5
47.6
46.
1.6
57.1
55.5
2.7
57.8
55.2
141.8 135.0
134.0 134.2
102.5 104.0
34.5
35.6
68.0 68.5
31.6
30.2
31.0 2 9 . 7
0.8
7.7
0.4
7.4
2.7
58.6
55.9
3.0
60.8
57.8
180.1 200.3 214.6 210.0 212.9 217.0 218.3 221.2
90.7
99.5 101.9 101.6 100.6 103.2 102.3 102.3
72.4
78.0
7 9 . 2 7 9 . 0 78.5
80.3
79.2
78.9
18.4 21.5
22.6
22.7
22.
22.9
23.
23.3
89.3 100.7 112.7 108.5 112.3 113.8 116.0 118.9
203.6 141.5 263.7 355.3 617.8 658.1 674.6 707.6 727.5 723.1
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series,
IP
579.8 589.5 600.4
89.8
90.4
89.4
245.1 248.7 255.4
244.9 250.3 255.6
121.4 116.0 126.3 139.4 135.2 137.4 143.3
106.6 108.6 119.0 131.4 128.6 130.5 132.5
81.6
83.7
88.8
95.3
99.2
97.8 101.1
28.5
27.9
29.3
32.3
33.4
32.1
34.7
53.
55.7
63.0
59.5
65.8
65.7
66.4
25.0 25.0
33.3
30.2
32.2
32.7
31.4
24.5
2 4 . 4 29.6
32.8
31.7
32.2
30.9
14.8
6.6
7.4
8.0
7.3
6.9
10.7
6.6
6.
15.0
7.8
7.4
10.3
6.7
5.3
43.4
38
IV
924.8 942.8 952.2 959.6
917.9 932.0 944.5 958.9
80.6 191.0 432.8 466.3 492.3 536.6 576.0 562.0 572.8
9 . 6 30.5
66.3
7 3 . 0 83.3
70.8
88.4 9 0 . 6
89.8
42.9 98.1 191.1 206.9 215.1 230.6 243.6 238.6 242.1
28.1 62.4 175.5 188.6 204.2 222.8 242.6 235.0 240.1
6.6
1970
1969
726.7
730.6 729.8 724.3
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
1965
1966
1967
1968
1969
I
Compensation of employees
Private
Military
Government civilian
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
II
III
IV
Ip
104.2 241.1 564.3 620.6 654.0 714.4 771.0 751.3 765.7 780.6 786.5 792.1
86.8
40.3
51.1
29.5
648
154.6 393.8 435.5 467.4 513.6 564.3 546.0 558.2 571.9
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1
51.9
1.9
8.3
146.8 358.9 394.5 423.5 465.0 509.9 493.3 504.3 516.9 525.0 534.9
124.4 289.6 316.8 337.3 369.0 405.3 392.5 402.0 410.2 416.6 422.3
5.0
12.1 14.6 16.2 18.0 19.2
18.2
18.4 20.1
20.8
19.9
17.4
57.1 63.1 7 0 . 0 7 8 . 0 8 5 . 4 82.5
84.0
86.6
91.8
88.5
2.7
7.8
35.0
41.0
43.9
48.6
54.4
52.7
53.8
55.0
56.1
57.1
.4
4.0
3.8
16.2
18.7
20.3
20.7
21.8
22.1
24.4
24.2
28.2
26.2
27.3
25.5
27.9
26.0
28.6
26.4
29.1
26.9
29.6
27.5
15.1
9.0
6.2
5.9
3.3
2.6
17.5
11.1
6.4
37.5
24.0
13.5
57.3
42.4
14.8
61.3
45.2
16.1
61.9
47.2
14.7
63.8
49.2
14.6
66.3
50.2
16.1
64.6
49.7
14.9
66.5
50.1
16.4
67.3
50.5
16.8
66.7
50.4
16.3
66.6
50.1
16.5
5.4
2.0
3.5
9.4
19.0
20.0
20.8
21.2
21.6
21.5
21.6
21.7
21.8
22.0
10.5
-1.2
15.2
37.7
76.1
82.4
79.2
87.9
88.2
89.5
89.2
88.8
85.2
79.2
10.0
1.4
8.6
5.8
2.8
1.0
.5
.4
2.0
-1.6
17.7
7.6
10.1
4.4
5.7
42.6
17.8
24.9
8.8
16.0
77.8
31.3
46.5
19.8
26.7
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
93.7
43.3
50.5
24.6
25.9
95.5
43.9
51.7
23.8
27.9
95.4
44.1
51.3
24.3
27.0
92.5
42.8
49.7
24.9
24.9
91.4
42.4
49.0
25.2
23.8
85.1
39.1
46.1
25.2
20.9
.5
-2.1
-2.5
-5.0
-1.7
-1.8
-1.1
-3.2
-5.6
-6.1
-6.2
-3.7
4.7
4.1
3.2
2.0
18.2
21.4
24.7
28.0
30.6
29.8
30.3
30.9
.1
.6
.5
581.1 592.0
2.0
.7
.7
.1
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.
1970
1969
-6.2
31.6
-5.9
32.3
JUNE 1970 •
NATIONAL PRODUCT AND INCOME
A 69
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
1970
1969
1933
1929
Item
1941
1950
1965
1966
1967
1968
1969?
I
103.1
Gross national product.
Less:
Plus:
Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Subsidies less current surplus of government enterprises
Plus:
Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Government transfer payments
Net interest paid by government and
consumers
Dividends
Business transfer payments
Equals: Personal income
Less:
7.0
.6
.7
_
Personal tax and nontax payments —
924.8 942.8 9 5 2 . 2 959.6
55.6 124.5 284.8 684.9 749.9 793.5 865.7
932.1
908.7
73.3
77.9
75.9
77.2
78.6
79.9
81.3
88.0
3.6
-6.9
89.4
3.6
-6.0
91.0
3.7
-6.7
1.1
7.0
7.1
.7
.6
j
86.8
Equals: National income
Less:
7.9
IP
IV
III
II
8.2
18.3
59.8
63.9
68.6
11.3
.5
.4
23.3
.8
1.5
62.5
2.7
-3.1
65.7
3.0
-1.0
70.1
3.2
-1.0
77.9
3.4
-2.5
86.6
3.6
-5.9
83.3
3.5
-4.2
85.7
3.6
-6.5
.1
.2
1.3
2.3
1.4
.8
1.1
1.1
.9
40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.0 751.3 765.7
10.5 - 1 . 2
.3
.2
1.2
1.7
780.6 7 8 6 . 5
792.1
15.2
2.8
37.7
6.9
76.1
29.6
82.4
38.0
79.2
42.4
87.9
47.0
88.2
54.4
89.5
52.7
89.2
53.8
88.8
55.1
85.2
56.1
79.2
57.3
37.2
41.1
48.8
55.8
61.9
60.1
61.3
62.5
63.6
66.4
20.5
19.8
2.7
22.2
20.8
3.0
23.6
21.5
3.2
26.1
23.1
3.4
28.7
24.6
3.6
27.9
23.8
3.5
28.5
24.3
3.6
28.9
24.9
3.6
29.7
25.2
3.6
30.2
25.2
3.7
2.5
.9
1.5
2.6
14.3
2.5
5.8
.6
1.6
2.0
.7
2.2
4.4
.5
7.2
8.8
.8
85.9
47.0
2.6
1.5
96.0 227.6 538.9 587.2 629.4 687.9
3.3
20.7
65.7
75.4
82.9
97.9
747.2 724.4 740.5 756.5 767.4 778.6
117.5
114.2
118.5
117.5
119.9
118.2
610.2 622.0 639.0 647.5 6 6 0 . 4
Equals: Disposable personal income
83.3
45.5
92.7 206.9 473.2 511.9 546.5 590.0 629.7
Less:
79.1
77.2
1.5
46.5
45.8
.5
81.7 193.9 444.8 479.3 506.2 551.6 592.0 577.7 588.8 596.0 605.8 616.9
80.6 191.0 432.8 466.3 492.3 536.6 576.0 562.0 572.8 579.8 589.5 600.4
15.2
15.5
15.7
15.4
15.0
15.3
12.4
14.2
11.3
13.1
.9
2.4
.3
.2
.2
-.9
11.0
Personal outlays
Personal consumption expenditures,
Consumer interest payments
Personal transfer payments to foreigners
4.2
Equals: Personal saving.
Disposable personal income in constant (1958)
dollars
.5
13.1
.6
.7
28.4
32.5
.8
40.4
.8
38.4
150.6 112.2 190.3 249.6 435.0 458.9 477.7 497.6
.8
.7
.7
.8
.8
.8
37.6
32.5
33.3
43.1
41.7
43.5
509.5 502.6 506.2 514.1
514.8 518.8
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)
1970
1969
Item
1968
1969
Apr.
Total personal income
Wage and salary disbursements
Commodity-producing industries...
Manufacturing only
Distributive industries
Service industries
Government
May
June
July
Aug.
Sept.
Oct.
687.9 747.2 735.6 740.0 746.1 751.4 757.5 760.7 763.7
Jan.
Nov.
Dec.
767.6
r
770.6 774.3
r
465.0 509.9 500.8 503.8 508.5 512.8 517.9 519.9 522.2 525.1 527.8 530.0
181.5 197.7 195.2 196.2 198.3 198.9 201.0 201.5 201.8 201.7 203.4 201.3
145.9 157.6 155.8 156.3 157.8 158.5 160.5 160.7 160.6 159.8 161.0 160.1
109.2 119.5 117.2 118.3 119.5 120.1 121.4 121.8 122.3 123.5 123.5 125.9
r
89.4 90.3
91.9 9 3 . 2
88.0 88.8
91.5
8 6 . 4 87.0 87.8
78.3
88.1
9 6 . 0 104.5 101.9 102.3 102.9 105.9 106.8 107.2 107.8 108.4 109.0 109.6
Feb.
r
Mar. Apr.?
778.3 783.3 801.1
'532.2 535.1 540.2
201.5 203.3 202.2
159.3 160.4 159.6
126.1 126.6 125.9
9 4 . 7 94.9
'94.5
110.1 110.5 117.2
24.2
26.2
25.8
25.9
26.1
26.3
26.4
26.6
26.8
26.9
27.1
27.3
27.5
27.7
27.8
Proprietors' income
Business and professional
Farm
63.8
49.2
14.6
66.3
50.2
16.1
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
67.3
50.5 ' 50.5
16.8
16.8
67.3
50.6
16.7
66.7
50.4
16.3
66.2
50.3
15.9
r
66.4
r
'66.6
'50.1
16.5
66.9
50.1
16.8
66.7
50.0
16.7
Rental income
21.2
21.6
21.5
21.6
21.6
21.7
21.7
21.8
21.8
21.9
21.9
22.0
22.0
22.1
25.2
Other labor income
21.7
50.2
16.2
Dividends
23.1
24.6
24.2
24.3
24.5
24.6
24.8
25.1
25.3
25.4
25.0
25.2
25.2
25.3
Personal interest income
54.1
59.4
58.4
58.8
59.2
59.5
59.8
60.2
60.6
61.3
61.8
62.1
62.4
62.9
63.3
Transfer payments
59.2
65.5
64.7
64.9
65.2
65.7
66.1
66.4
66.7
67.2
67.8
68.9
70.0
71.3
84.0
Less : Personal contributions for social
insurance
22.6
26.2
25.7
25.8
26.1
26.4
26.6
26.7
26.9
26.9
27.1
27.5
27.6
27.8
28.2
Nonagricultural income
Agriculture income
667.9 725.2 713.8 717.7 723.4 728.8 734.9 738.1 741.3 745.3 748.6 '752.0 '755.6 760.4 778.2
22.6
22.0 22.3
22.3
22.9 22.9
22.6 22.6 22.5
20.1
22.6
2 2 . 0 21.8 22.3 22.7
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table opposite.
FLOW OF FUNDS
A 70
• JUNE 1970
SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1967
Transaction category, or sector
1965
1966
1967
1968
1968
1969
1969
IV
I
II
III
IV
I
II
III
IV
88.9
Funds raised, by type and sector
Total funds raised
by nonfinancial sectors
1
?
4
6
7
8
9
10
11
17
n
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
U.S. Government
Public debt securities
Budget agency issues
All other nonfinancial
sectors..
Capital market instruments
Corporate equity shares
Debt capital instruments
State and local govt, sec
Corporate and fgn. b o n d s . . .
Mortgages
Home mortgages
Other residential
Commercial
Farm
Other private credit
Bank loans n.e.c
Consumer credit
Open market paper
Other
By borrowing sector—
Foreign
State and local governments
Households
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
88.2 103.2
94.4
81.8 118.0
95.5
88.8
93.4
82.2
1
29.3
24.5
4.9
-5.4
-7.4
2.0
-5.3 -13.3
-5.7 -12.5
.4
-.7
3.7
9.4
-5.7
.4
3.9
-3.5
2
3
4
88.7 100.9
50.5 59.0
-1.8 -2.0
52.3 61.1
12.5 13.8
13.2 16.5
26.6 30.8
14.6
16.6
3.6
4.2
6.6
8.2
1.9
1.8
94.2 102.0
55.0 55.0
.2
3.2
54.7 51.7
10.2
9.8
15.8
13.3
28.6 28.6
16.4
16.6
4.2
4.7
5.9
5.1
2.2
2.3
89.7
51.7
5.3
46.4
6.7
12.8
26.8
15.6
4.6
4.7
2.0
81.8
52.9
9.2
43.6
7.1
11.1
25.4
13.5
4.3
6.0
1.6
5
6
7
8
9
10
11
12
13
14
15
39.2
16.4
9.9
5.1
7.9
47.1
19.5
10.4
3.9
13.3
38.0
11.5
8.8
3.2
14.6
28.9
9.7
8.4
1.2
9.6
16
17
18
19
20
9 4 . 2 102.0
4.2
5.5
10.8
10.1
30.9 35.0
48.3 51.4
38.2
42.1
6.9
5.6
3.2
3.8
89.7
2.4
7.0
31.9
48.5
37.8
7.0
3.7
81.8
2.1
7.7
28.0
44.0
34.0
6.5
3.5
21
22
23
24
25
26
27
28
70.4
68.5
82.6
97.4
1.7
1.3
.4
3.5
2.3
1.2
13.0
8.9
4.1
13.4
10.3
3.0
-3.6
-1.3
-2.4
20.3
16.6
3.7
20.2
19.3
.9
9.3
4.9
4.4
68.7
39.1
.3
38.8
7.3
5.9
25.6
15.4
3.6
4.4
2.2
64.9
39.9
.9
39.0
5.7
11.0
22.3
11.4
3.1
5.7
2.1
69.6
48.0
2.4
45.7
7.7
15.9
22.0
11.6
3.6
4.7
2.1
84.1
50.5
-.7
51.2
9.9
14.0
27.3
15.2
3.5
6.6
2.1
91.9
53.6
4.5
49.1
8.5
13.3
27.4
15.5
4.4
5.4
2.0
82.8
55.7
3.8
51.8
9.3
15.3
27.3
15.7
4.0
5.1
2.5
74.2
48.4
1.5
46.8
7.9
12.6
26.3
15.0
3.0
6.0
2.4
72.5
44.2
-.4
44.6
5.4
13.7
25.5
14.6
3.1
5.6
2.3
29.5
14.2
10.0
-.3
5.7
25.0
10.3
7.2
1.0
6.4
21.6
9.6
4.6
2.1
5.2
33.6
13.4
11.1
1.6
7.5
38.3
14.2
9.3
3.3
11.3
21A
15.9
5.4
.9
5.0
25.9
6.6
9.2
1.1
8.9
28.3
10.9
9.8
-1.1
8.8
68.7
2.6
7.6
28.8
29.6
20.5
5.8
3.3
64.9
1.5
6.4
23.2
33.8
24.9
5.5
3.5
69.6
4.1
7.9
19.7
37.9
29.3
5.0
3.5
84.1
3.0
10.2
31.8
39.1
31.0
5.2
2.9
91.9
3.5
8.9
31.4
48.1
38.0
6.5
3.6
82.8
3.3
9.3
27.5
42.7
33.0
5.7
4.1
74.2
4.4
8.2
29.6
32.1
25.6
3.1
3.3
72.5
2.0
5.5
29.4
35.6
26.6
5.8
3.2
38.2
13.5
13.2
6.2
5.3
41.8
22.5
12.0
.2
7.0
88.7 100.9
2.9
2.6
12.8
14.3
33.2 34.9
39.9 48.8
31.1
40.7
6.0
5.8
2.8
2.2
Funds advanced directly in credit markets
1 Total funds raised
Advanced directly by—
U.S. Government
U.S. Govt, credit agencies, n e t . . .
Funds advanced
Less funds raised in cr. m k t . . . .
2
3
4
5
6
7
8
9
10
11
12
13
Federal Reserve System
Commercial banks, net
Funds advanced
Less funds raised
Private nonbank finance
Savings institutions, net
Insurance
Finance n.e.c., net
14
Foreign
15
16
17
18
19
Private domestic nonfinancial
Business
State and local governments...
Households
Less net security credit
88.2 103.2
81.8 118.0
95.5
88.9
88.8
93.4
82.2
1
6.1
.5
6.0
5.6
7.1
—. 1
4.0
4.1
4.8
-.5
1.2
1.7
2.9
-.8
1.7
2.5
2.3
-.2
3.9
4.1
1.6
-.4
7.1
7.5
3.7
-.2
10.7
10.9
2.8
.5
13.1
12.6
2
3
4
5
7.3
35.0
35.1
•1
4.3
19.5
19.4
6.3
22.8
23.5
.7
7.2
66.7
66.9
.2
-2.9
47.1
47.0
-.1
3.1
9.2
10.1
.9
5.0
24.7
29.2
4.5
-.4
1.1
6.2
5.0
9.2
3.1
9.9
6.8
6
7
8
9
28.6
11.6
18.3
-1.4
33.8
15.4
21.6
-3.2
34.6
15.7
21.1
-2.2
32.5
14.2
20.4
-2.0
32.9
12.6
22.9
-2.6
31.3
15.7
20.3
-4.7
34.8
13.5
22.6
-1.3
30.7
6.6
27.0
-2.9
28.1
5.6
19.1
3.4
10
11
12
13
4.9
-.5
-2.3
3.1
9.4
-1.4
1.3
6.0
2.0
14
24.5
7.2
4.5
16.7
3.9
30.8
10.6
.6
16.3
-3.3
13.5
10.4
-1.9
9.4
4.5
4.2
8.6
3.1
-6.9
.7
6.8
6.4
.9
3.0
3.6
44.6
13.2
6.5
22.2
-2.7
21.7
12.6
4.1
4.9
-.2
52.5
12.2
4.9
32.2
-3.2
36.5
7.1
13.4
15.8
-.2
15
16
17
18
19
88.8
93.4
82.2
1
28.7 36.4 45.9
9.4
6.9 - 1 6 . 1
*
4.1
19.1
2.8 - 1 6 . 2 - 9 . 7
-6.3 -22.1 -13.6
3.9
9.1
5.9
2
3
4
5
6
7
70.4
68.5
82.6
97.4
2.8
4.9
.3
5.1
4.8
4.6
.5
-.1
-.6
5.2
-.2
3.2
3.5
2.6
.1
8.9
8.8
2.2
2.2
3.8
28.3
29.1
.8
3.5
16.7
16.81
4.8
36.8
37.0
.2
3.7
39.0
39.2
.2
4.2
9.4
13.7
4.3
30.1
13.7
17.9
-1.4
25.9
7.8
19.3
-1.3
36.1
16.9
20.4
-1.2
33.5
14.5
21.5
-2.5
31.0
10.3
22.3
-1.6
-.3
-1.8
2.8
2.5
2.0
5.6
1.0
2.5
2.5
.3
19.1
3.6
3.4
11.9
-.2
-3.0
-.6
1.2
-1.4
2.2
13.8
9.0
.7
5.5
1.4
38.9
11.4
7.2
18.7
-1.6
*
2.2
2.3
2.9
*
94.4
#
Sources of funds supplied to credit markets
Total borrowing
by nonfinancial sectors
1 Supplied directly and indirectly by
pvt. domestic nonfin. sectors:
Total
2
Deposits
3
4
Demand dep. and currency..
Time and svgs. a c c o u n t s . . . .
5
At commercial
banks...
6
At savings instit
7
8
9
10
11
Credit mkt. instr., net
U.S. Govt, securities
Less security debt
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
88.2 103.2
70.4
68.5
82.6
97.4
46.3
40.7
8.0
32.7
19.5
13.1
42.8
23.7
4.0
19.7
12.5
7.2
47.7
50.6
11.6
39.1
22.3
16.7
58.1 40.3
1.4
44.3
11.2
5.5
33.1 - 4 . 1
20.5 -12.0
12.6
8.0
5.6
2.5
3.5
.3
19.1
8.5
10.4
-.2
-3.0
-2.8
2.0
2.2
13.8
8.9
6.3
1.4
.8
1.1
-.3
.7
2.5
-1.8
5.0
2.2
2.8
-1.0
2.8
15.7
5.8
-.4
4.9
16.7
3.8
1.2
4.6
18.7
5.6
94.4
81.8 118.0
95.5
88.9
62.8
38.2
10.7
27.5
15.5
12.0
63.2
32.4
2.7
29.7
16.7
13.0
47.8
34.3
15.5
18.9
6.4
12.4
58.1
53.9
43.0
31.2
11.8
63.4
56.6
15.8
40.8
27.5
13.3
48.8
4.1
-2.8
6.9
-6.1
13.0
38.9
15.8
21.5
-1.6
24.5
15.2
13.2
3.9
30.8
14.6
12.9
-3.3
13.5
4.5
13.5
4.5
4.2
6.9
-2.1
.1
6.8
9.6
.8
3.6
44.6
24.7
17.2
-2.7
21.7
-.9
22.4
-.2
52.5
26.3
23.1
-3.2
36.5
13.4
22.9
-.2
8
9
10
11
4.0
1.5
2.5
10.4
8.4
2.0
7.5
2.6
4.9
2.1
2.6
-.5
1.8
4.1
-2.3
7.1
4.0
3.1
4.9
-4.5
9.4
12.7
14.1
-1.4
14.4
13.1
1.3
11.9
5.9
6.0
2.6
.6
2.0
12
13
14
-1.2
5.2
18.2
13.2
.4
2.6
18.7
15.8
3.8
2.9
18.6
7.7
-5.4 -16.2
6.1
7.1
16.4 17.5
11.9 23.9
26.4
4.8
19.1
2.6
-9.6
2.9
19.6
14.3
-6.4
2.3
16.7
14.9
2.1
1.6
18.6
23.5
1.5
3.7
22.2
17.8
4.1
2.8
17.3
9.5
15
16
17
18
11.0
JUNE 1970 •
FLOW OF FUNDS
A 71
PRINCIPAL FINANCIAL TRANSACTIONS
(Seasonally adjusted annual rates; in billions of dollars)
1967
Transaction category, or sector
1965
1966
1967
1968
1969
IV
1969
1968
I
IV
III
II
I
IV
III
II
Demand deposits and currency
1 Net incr. in banking system liability. .
2
3
4
5
Households
Nonfinancial business
6
State and local governments.
7
Financial sectors
8
Mail float
9
Rest of the world
10
7.6
-1.0
8.6
8.3
7.2
-1.4
-.2
.3
2.5
.3
2.6
-.4
3.0
3.9
3.1
.7
-.1
-.1
.3
-1.0
14.3
1.1
13.2
12.6
11.4
-2.1
-.4
1.1
2.7
.6
10.7
-1.3
17.0
17.2
6.9
1.3
1.1
1.0
1.9
-.2
6.6
.5
6.1
5.9
3.4
.5
2.2
.4
-.6
.2
.1
16.7 - 3 . 7
3.7 - 5 . 6 - 1 6 . 2
16.3
12.9
1.9
1.3
17.0
12.3
8.8
16.1 - 1 0 . 2
3.6
-5.9
7.1
1.6
-1.2
.6
1.6
1.5 - 1 . 5
5.2
1.5
1.7
.6
-.7
.7
39.2
26.3
12.9
13.5
15.6
-1.2
-1.9
2.6
-1.5
-.7
7.2 - 1 0 . 1
-9.7 -6.3
16.9 - 3 . 9
17.1 - 4 . 1
13.5 - 7 . 9
-4.3
3.8
1.9
4.1
1.3 - 1 . 3
2.4
-.6
-.2
.2
24.2
4.3
19.9
20.1
17.3
-1.1
3.9
1.0
-1.0
-.2
1
2
3
4
5
6
7
8
9
10
.6 - 1 5 . 7 - 3 . 6
-21.5 -7.8
-10.8 - 5 . 6
-10.4 -10.0
6.0
.7
2.0
5.4
-.8
4.2
8.5
5.8
1
2
3
4
5
6
7
7.3
2.1
5.1
5.1
5.6
.6
-1.8
1.0
-.3
*
3.2
1.6
1.6
.9
-1.5
-1.7
4.6
.8
-1.3
.7
1 Net increase—Total.
2
At commercial banks—Total....
Corporate business
3
State and local governments...
4
5
Foreign
6
Households
7
At savings institutions
Liabilities—
8
Savings and loan assns
9
Mutual savings banks
Credit unions
10
Assets
Households
11
Cr. union deps. at S & L's...
12
20.2
13.3
-.7
1.3
.8
11.9
7.0
40.8
23.8
4.1
2.4
1.4
15.8
17.0
8.5
3.6
1.0
3.6
2.6
.8
10.7
5.1
1.2
7.3
4.1
1.1
13.1
7.2
-.2
16.7
.3
12.6
-.2
*
28.2
16.3
5.0
.5
1.2
9.9
11.9
29.2
16.3
-1.8
.8
-.7
17.6
12.9
19.1
6.2
-3.2
1.3
-.4
8.3
12.9
43.8
32.3
9.5
5.2
1.0
16.5
11.5
39.9
27.5
4.1
5.7
17'.8
12.4
6.5
-6.8
-7.2
-5.4
-.4
6.6
13.4
4.0
2.6
1.4
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
8.0
3.8
1.6
4.6
2.7
1.2
3.0
1.5
1.3
.5
2.4
1.4
8
9
10
8.0
12.0
-.2
13.0
-.1
12.4
.5
11.8
-.3
13.3
-1.0
13.0
.3
9.1
-.6
5.9
-.1
3.9
.3
11
12
.1 - 5 . 7
-.4
-.5
- 5 . 2 -12.1
.8 - 1 . 3
5.2
7.5
.6
-.3
14.7
-.7
10.1
-.8
10.9
-4.8
13.1
.1
3.8
-.2
12.6
-3.2
1
2
3
4
5
6
.1 - 5 . 7
31.2 - 3 . 2
- . 1 -1.0 -1.1 -2.2
—. 1
-.4
- . 5 -2.1
-.1
.1
- . 2 -2.1
*
•
-.3
-.5
5.0
2.8
7.4
3.2
4.2 - 6 . 2 - 1 . 1
.6
12.2 - 3 . 1 - 1 5 . 2 - 1 0 . 7
9.8 - 4 . 9 - 1 2 . 5 - 1 1 . 3
.5
1.7 - 2 . 7
2.4
4.4
4.5 - 9 . 7 - 3 . 1
2.3
3.1 - 1 0 . 0 - 5 . 9
2.0
1.4
.3
2.8
9 . 6 24.7
-.9
6.9
-.4
.8
.7
-.5
3.1
5.8
18.3 - 7 . 0
3.1
6.5
3.1
6.9
14.7
-.8
-.3
-.6
.3
-.4
3.6
-10.3
-6.1
-4.1
-3.3
-5.9
2.6
26.3
-.7
19.3
7.7
13.1
-1.0
.3
-.6
.8
9.1
-.5
-8.1
-7.1
-.9
-.1
.1
-.2
13.4
.1
2.0
11.3
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
28.7
7.1
19.8
1.3
—. 1
.5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
1
2
3
4
5
33.0 - 3 . 0
20.6 -11.0
2.2 - 7 . 8
3 . 2* - 7 . 5
1.2
15.1
3.3
12.4
8.0
33.1
20.0
3.9
2.4
.6
13.3
13.1
1 1 1 1
Time and savings accounts
*
U.S. Government securities
1
2
3
4
5
6
Total net issues
Household savings bonds
Direct excluding savings bonds,
Budget agency issues
Sponsored agency issues
Loan participations
3.8
.6
.7
8.7
.6
1.8
2.1
.4
5.1
1.3
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Net acquisitions, by sector
U.S. Government (agency sec.)
Sponsored credit agencies
Direct marketable
FHLB special issue
Federal Reserve System
Foreign
Commercial banks
Direct
Agency issues
Nonbank finance
Direct
Agency issues
Pvt. domestic nonfin
Savings bonds—Households.
Direct excl. savings bonds...
Agency issues
3.8
8.7
1.3
1.0
.3
.6
3.5
-2.4
-3.6
-3.4
-.2
.4
-.2
.5
8.5
.6
3.3
4.7
*
*
.1
-.2
.3
3.7
-.2
-2.3
-3.1
.8
-.1
-.6
.5
2.5
.6
.7
1.2
*
12.6
.9
8.0
.2
-.6
4.0
16.7
.5
9.8
1.4
3.2
1.7
5.5
-.4
-.9
-.4
9.1
-1.9
24.1
.9
15.7
.3
3.7
3.5
25.5
.2
19.1
-.2
5.2
1.2
13.1
.3
4.6
1.9
3.7
2.6
12.6
-.1
16.7
_..1i
—. i
5.5
-1.3
-.4
-.7
.3
4.2
— 1.1
-11.2
-9.4
-1.8
-.5
-2.3
1.8
15.8
-.4
8.1
8.1
24.1
-.3
-1.6
-1.4
-.2
7.3
4.5
1.3
-2.2
3.5
-2.1
-1.7
-.4
15.2
.9
9.5
4.8
25.5
—. i
.1
-.5
.6
4.5
-2.0
4.2
3.5
.7
4.1
1.5
2.5
14.6
.2
11.4
3.0
13.1
1.6
.3
.2
.i
6.2
-4.7
-2.2
-1.8
-.4
7.4
6.5
.9
4.5
.3
-1.9
6.1
*
.9
-.9
4.8
2.1
9.4
6.3
3.2
-.9
-1.3
.3
-2.8
.9
-3.8
.2
3.8
-.5
2.8
1.7
1.1
1.6
.3
1.3
8.9
.5
4.6
3.8
31.2
.8
23.7
1.4
1.8
3.5
-3.2
.7
-8.1
2.7
2.1
-.6
Private securities
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
.8
.8
18.5
5.7
11.4
.8
.1
.5
27.2
7.7
17.0
1.0
.2
1.3
24.2
9.9
12.1
.8
.2
1.3
27.9
8.5
16.4
1.6
.1
1.4
29.6
9.3
17.7
1.1
.l
1.4
22.9
7.9
12.8
.9
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
3.2
1.0
1.1
1.9
.3
12.9
-2.2
27.2
-3.0
-.4
1.5
9.7
2.3
17.4
-.9
24.2
-3.3
.4
.5
9.0
1.6
17.5
-3.7
-.9
-2.8
1.9
4.7
2.2
27.9
4.3
2.3
2.9
1.0
.6
17.3
-2.5
.4
-2.9
2.7
5.6
2.0
29.6
3.8
.7
1.8
10.5
.5
19.1
-6.5
-2.5
-4.0
-1.3
2.7
-.3
22.9
7.6
.8
-.4
5.2
2.0
16.2
-9.5
-1.3
-8.2
-1.4
6.7
1.0
*
11.2
-1.7
— l! 5 —2^4 - i ! o
1.4
1.5
1.6
3.1
3.7
2.5
.6
.3
-.5
*
1.4
20.2
5.4
12.8
.8
.7
.5
24.8
12.5
10.3
.7
.2
1.1
29.0
13.8
12.4
.9
-.1
2.0
27.8
10.2
14.7
1.4
.l
1.4
28.8
9.8
14.9
2.2
.3
1.6
26.2
6.7
16.1
1.4
20.2
24.8
-11.9
-2.6
.3
12.6
1.5
17.3
5.5
8.9
-3.4
1.4
4.8
2.1
29.0
-8.8
1.3
1.0
15.2
1.8
19.3
-4.3
-3.6
-.7
4.2
5.0
3.6
27.8
4.4
2.4
3.8
2.6
1.1
17.0
-7.4
.3
-7.7
-.2
7.5
3.9
28.8
1.7
2.7
3.7
3.3
1.1
17.5
-1.9
-.9
-1.1
3.6
4.6
.7
26.2
5.6
.2
-1.2
1.0
19.8
.2
3.4
-3.3
2.7
6.0
.7
28.7
5.7
3.7
5.0
-2.7
.2
14.8
-.8
-1.3
.4
4.6
4.1
2.7
24.9
4.6
18.7
-.7
2.4
17.3
2.1
13.9
.3
1.0
24.3
3.5
15.5
.5
4.8
12.2
1.5
11.4
-1.4
.7
11.7
1.0
9.2
-.5
2.1
*
2.1
1.0
3.2
1.3
17.1
-6.5
-7.5
1.0
3.4
2.5
2.1
*
2.0
*
Bank loans n.e.c.
1
2
3
4
5
Total net borrowing
Households
Nonfinancial business
Rest of the world
Financial sectors
16.6
1.4
12.3
.4
2.4
9.0
.4
10.1
-.2
-1.3
7.5
2.1
7.7
-.2
-2.1
15.7
3.0
10.6
-.3
2.3
16.4
2.0
12.5
-.3
2.1
12.4
5.5
10.7
-.2
-3.5
8.1
2.1
4.7
-.3
1.5
13.6
2.6
8.3
*
2.8
16.2
2.9
10.8
-.3
2.7
A 72
U.S. BALANCE OF PAYMENTS • JUNE 1970
1. U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1969
Item
1966
1968
1967
1969p
I
II
III
I VP
Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted
Exports of goods and services—Total1
Merchandise
Military sales
Transportation
Travel
Investment income receipts, private
Investment income receipts, Govt
Other services
Imports of goods and services—Total
Merchandise
Military expenditures
Transportation
Travel
Investment income payments
Other services
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
55,387
36,487
1,504
3,122
2,052
7,965
931
3,326
11,919
7,478
414
621
504
1,885
232
785
14,254
9,599
331
819
516
1,917
231
841
14,553
9,581
417
832
523
2,117
245
838
14,661
9,829
341
850
509
2,046
224
862
-38,081
-25,463
-3,764
-2,922
-2,657
-2,142
-1,133
-41,011
-26,821
-4,378
-2,990
-3,195
-2,362
-1,266
-48,078
-32,972
-4,530
-3,248
-3,022
-2,933
-1,374
-53,314
-35,797
-4,882
-3,464
-3,372
-4,431
-1,369
-11,571
-7,579
-1,204
-744
-821
-893
-330
-13,964
-9,599
-1,208
-878
-855
-1,087
-337
-13,847
-9,243
-1,220
-902
-890
-1,255
. -337
-13,932
-9,376
-1,249
-940
-806
-1,196
-365
Balance on goods and services1
5,279
5,177
2,516
2,073
348
290
706
729
Remittances and pensions
-923
-1,196
-1,159
-1,163
-271
-286
-307
-299
1. Balance on goods, services, remittances and pen4,356
3,981
1,357
910
77
4
399
430
2. U.S. Govt,2 grants and capital flow, net
Grants, loans, and net change in foreign currency holdings, and short-term claims
Scheduled repayments on U.S. Govt, loans
Nonscheduled repayments and selloffs
-3,444
-4,224
-3,955
-3,866
-793
-1,155
-1,037
-880
-4,676
803
429
-5,227
997
6
-5,347
1,123
269
-5,070
1,292
-87
-1,118
281
44
-1,515
326
34
-1,222
339
3-154
-1,216
347
3-11
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
-4,310
-3,639
-481
-5,655
-3,154
-1,266
-5,157
-3,025
-1,266
-5,009
-3,060
-1,380
-1,357
-928
-323
-2,051
-1,057
-427
-1,279
-1,134
-562
-324
58
-69
337
-112
255
-281
358
-174
329
-346
133
-82
31
-81
131
-3
34
-180
-84
-331
-730
-479
-89
-960
-857
305
-51
-106
-532
15
79
210
-353
186
2,532
2,156
269
3,360
2,411
499
8,565
5,942
750
3,869
3,699
48
1,638
1,709
-76
351
389
49
341
418
105
1,540
1,183
-30
346
-205
-12
64
-84
1
-137
2
-3
178
-12
-3
-76
-4
-10
63
-8
28
-47
238
-21
-1
-49
469
2,010
-41
95
-171
-115
150
-489
-1,007
-642
-2,963
-1,239
-1,039
-1,034
348
4. Foreign capital flow, net, excluding change in liquid
assets in U.S
Long-term investments
Short-term claims
Nonliquid claims on U.S. Govt, associated with—
U.S. Govt, grants and capital
Other specific transactions
Other nonconvertible, nonmarketable,
mediumterm U.S. Govt, securities4
5. Errors and unrecorded transactions
*
*
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.
-1,357
-3,544
168
-7,058
-1,357
-3,544
i68
-7,058
-1,675
-407
-1,268
-3,888
-72
-3,816
-2,608
364
-2,972
1,113
115
998
-1,357
-3,544
168
-7,058
-1,675
-3,888
-2,608
1,113
2,697
212
1,272
414
3,382
374
9,272
-437
2,954
-22
4,802
-145
1,298
-143
218
-127
-525
-214
55
-63
-88
82
8
-65
761
1,346
2,341
-998
37
-375
-518
-142
1,132
-579
1,711
1,226
21
1,205
-927
116
-1,043
1,281
442
839
266
-3,418
1,638
2,712
266
-3,418
1,638
2,712
JUNE 1970 •
U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE
A 73
1. U.S. BALANCE OF PAYMENTS—Continued
(In millions of dollars)
1969
1966
Item
1969f
1968
1967
I
l\P
III
II
Transactions by which balances were settled—Not seasonally adjusted
1,357
A. To settle balance on liquidity basis
Change in U.S.
crease, —)
official
reserve
assets
(in-
Gold
Convertible currencies
IMF gold tranche position
568
52
571
-540
537
1,170
-1,024
-94
accounts..
789
Foreign central banks and govts.:
Convertible nonmarketable U.S. Govt.
securities 5
Marketable U.S. Govt, bonds and notes 5 . . .
Deposits, short-term U.S. Govt, securities,
-945
-245
-582
177
2,697
212
Change in liquid liabilities to all foreign
IMF (gold deposits)
Commercial banks abroad
Other private residents of foreign countries
International and regional organizations other
than IMF
B. Official reserve transactions
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
1,268
3,816
2,972
-998
-1,187
-48
-299
-686
-154
-967
814
-1,034
56
-73
-31
-317
246
-228
-11
-442
-233
-695
1,083
-542
3,658
-844
-168
3,544
7,058
-880
1,173
-1,183
-870
712
8,245
1,316
4,115
455
48
-10
-379
-163
-79
-25
-3
-10
*
84
-9
-212
-67
1,495
22
1,272
414
-2,707
-3
3,382
374
-274
-11
9,272
-437
-1,681
1
3,134
-22
-525
-3
4,716
-145
2,173
-9
1,554
-143
-241
3,492
-132
-127
-525
-214
55
-63
-88
82
8
-65
-266
3,418
-1,638
-2,712
-1,711
-1,205
1,043
-839
568
52
-880
-1,187
-48
-299
-686
-154
-1,595
2,020
-3,099
-527
-1,708
-538
2,239
-520
793
-32
894
452
535
1,806
-836
-162
-43
88
-196
-172
-391
-119
-206
41
1 Excludes transfers under military grants.
2 Excludes military grants.
3 N e g a t i v e e n t r y r e f l e c t s repurchase of foreign obligations previously sold.
4 Includes certificates sold abroad by Export-Import Bank.
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
(Seasonally adjusted; in millions of dollars)
Exports
Period
1
Imports
1968
1969
1970
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
32,086
32.295
33,197
33,353
33.296
33,211
3,169
3,373
3,326
3,362
3,367
3,239
3,305
3,628
3,379
3,450
7,745
7,739
7,764
7,763
8,028
8,465
9,019
8,580
7,578
9,860
9,867
9,968
10,313
II....
III....
IV....
Year4...
31,011
34,092
37,274
Month:
Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept...
Oct.. .
Nov...
Dec...
Quarter:
I
Export surplus
1968
1969
1970
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
32,014
32,653
32,976
33,173
33,276
33,186
3,066
3,180
3,055
3,222
3,214
3,007
3,250
3,256
3,214
3,248
6,698
6,500
6,588
7,143
7,867
8,151
8,548
8,527
7,643
9,635
9,301
9,443
9,719
26,928
33,093
36,022
2,317
2,216
t 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.
2
1968
1969
322
366
359
410
432
398
357
421
399
161
275
184
127
184
-150
251
-15
78
133
78
261
-105
89
70
72
-358
221
1,047
1,240
1,177
620
161
314
471
53
-65
225
566
525
4,083
1,001
1,252
1967
180
20
25
103
193
271
140
153
232
1970
55
372
165
202
594
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 • JUNE 1970
3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
AND INTERNATIONAL ORGANIZATIONS
(Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce)
1969
Area and country
1961
1962
1965
1964
1963
1968
1967
1966
I
Western Europe:
-144
Germany, Fed. Rep. o f . . .
Italy
Bank for Intl. Settlements.
Other
Total
Total
Asia:
Iraq
Japan
Lebanon
Malaysia
Philippines
Saudi Arabia
Singapore
Other
Total
All other
100
-25
-156
-125
-306
-23
-53
-146
-130
102
- 3 8 7 " " 329
-12
1
-754 -1,105
-399
-55
-40
-405
-225
-1
200
-60
-32
-81
618
-100
-83
-884
-2
-80
-35
-180
-50
150
150
50
-39
-3
7
-1
32
56
-21
-32
-1
-48
-13
54
10
-47
-13
-101
-93
12
-36
-392
20
-6
3
-7
-392
- 2 5*
I
50
275
16
500
25
2
-1
117
—7
200
-7
2
-52
292
9
721
4
-10
-15
-5
*
-1
-25
*
11
-40
-29
-7
-5
-5
-12
-1
17
-41
9
-65
-54
-7
-5
-15
-27
-7
-10
-4
-56
-21
-42
-1
40
7
17
11
5
11
-9
-2
11
-1
-1
42
5
28
-2
1
316
-14
-14
-22
-95
-34
9
-50
-81
-75
-24
-86
-44
-366
-16
-22
3-166
3-68
*
-
- 3 6 -1,322
5-225
-833
IV
-6
-11
-32
-25
200
175
25
-25
969
-109
-820
-50
-835
-669
-9
-833
-30
-879
-980
-11
150
-2
80
-76
-659
-5
-970
-52
-209
-19
-88 -1,299
-17
Intl Monetary Fund 4
-2
-85
-47
25
29
-25
-13
-6
-2
-60
16
-30
72
III
4
325
500
41
-76
-49
85
57
38
-90
-2
-58
600
-35
-6
II
4
-25
-601
200
1
190
Total foreign countries
Grand total
-82
-518
-23
Canada
Latin American republics:
Argentina
Brazil
Colombia
Venezuela
Other
-143
-63
-456
1970
1969
- 3 6 -1,547
1
2
Includes purchase from Denmark of $25 million.
Includes purchase from Kuwait of $25 million.
3 Includes sales to Algeria of $150 million in 1967 and $50 million in
1968.
4 Includes IMF gold sales to the United States, gold deposits by the
IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first
withdrawal, amounting to $17 million, was made in June 1968.
1
-608 -1,031 -1,118
957
-57
-3
10
1
-431 -1,009 -1,121
967
-56
177
22
-5
10
695
8
317
10
2
23
24
1
2
1
-1
20
24
695
44
IMF sold to the United States a total of $800 million of gold ($200
million in 1956, and $300 million in 1959 and in 1960) with the right of
repurchase; proceeds from these sales invested by IMF in U.S. Govt,
securities.
5 Payment to the IMF of $259 million increase in U.S. gold subscription,
less gold deposits by the IMF.
Notes to Table 5 on opposite page:
1
Represents net IMF sales of gold to acquire U.S. dollars for use in
IMF operations. Does not include transactions in gold relating to gold
deposit or gold investment (see Table 6).
2
Positive figures represent purchases from the IMF of currencies of
other members for equivalent amounts of dollars; negative figures represent repurchase of dollars, including dollars derived from charges on
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 Includes dollars obtained by countries other than the United States
from sales of gold to the IMF.
* 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 automatically if needed. Under appropriate conditions, the United States could
draw additional amounts equal to its quota.
5 Includes $259 million gold subscription to the IMF in June 1965 for
a U.S. quota increase, which became effective on Feb. 23, 1966. In figures
published by the IMF from June 1965 through Jan. 1966, this gold subscription was included in the U.S. gold stock and excluded from the
reserve position.
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.
JUNE 1970 •
U.S. RESERVE ASSETS; POSITION IN THE IMF
A 75
4. U.S. RESERVE ASSETS
(In millions of dollars)
Gold stock i
End of
year
Total
Total 2
Treasury
Convertible
foreign
currencies
1,975
1,958
1,997
1,555
1957.
1958.
1959.
1960.
24,832
22,540
21,504
19,359
22,857
20,582
19,507
17,804
22,781
20,534
19,456
17,767
1961.
1963,
1964,
1965,
18,753
17,220
16,843
16,672
15,450
16,947
16,057
15,596
15,471
413,806
16,889
15,978
15,513
15,388
413,733
116
99
212
432
781
1,064
1,035
769
4863
1966,
1967,
1968,
1969,
14,882
14,830
15,710
16,964
13,235
12,065
10,892
11,859
13,159
11,982
10,367
10,367
1,321
2,345
3,528
2,781
326
420
1,290
2,324
1962.
Gold stock 1
Reserve
position
in
IMF 3
1,690
End of
month
Total
1969- -May..
June..
July..
Aug...
Sept..
Oct.. .
Nov..,
Dec..,
16,070
16,057
15,936
16,195
16,743
716,316
1970—Jan.. .
Feb..,
Mar..
Apr..
May.
17,396
17,670
17,350
16,919
16,165
Total 2
Treasury
Convertible
foreign
currencies 5
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
3,474
3,355
3,166
3,399
3,797
73,341
2,865
2,781
1,443
1,549
1,626
1,642
1,782
1,785
1,964
2,324
11,882
11,367
11,367
11,367
11,367
11,367
2,294
2,338
1,950
1,581
980
2,321
2,507
2,577
2,510
2,360
16,000
16,964
11,906
11,903
11,902
11,900
Reserve
position
in
IMF 3
NOTE—See Table 23 for gold held under earmark at F.R. Banks for
foreign and international accounts. Gold under earmark is not included
in the gold stock of the United States.
5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND
(In millions of dollars)
IMF holdings
of dollars
(end of period)
Transactions affecting IMF holdings of dollars
(during period)
Transactions by
other countries
with IMF
U.S. transactions with IMF
Period
1946—1957.
1958—1963.
1964—1966.
1967.
1968.
1969.
1969—May.
June.
July..
Aug..
Sept..
Oct.. ,
Nov..
Dec..
1970—Jan..
Feb..
Mar..
Apr..
May.
For notes see opposite page.
2,063
1,031
776
Net
gold
sales
by IMF i
600
150
22
Transactions in
foreign
currencies 2
1,640
— 84
5
IMF net
income
in
dollars
Per cent
of
U.S.
quota
-45
60
45
-2,670
-1,666
-723
827
2,740
6
775
2,315
1,744
775
3,090
4,834
28
75
94
20
20
19
-1,343
268
-94
-870
-1,034
4,740
3,870
2,836
92
75
55
1
1
-55
-112
3,717
3,611
3,534
3,518
3,378
3,375
3,196
2,836
72
70
68
68
65
65
62
55
2,839
2,653
2,583
2,650
2,800
55
51
50
51
54
-114
-806
-56
-79
-36
-9
-268
-396
-33
-262
-178
- 2
150
Amount
Repayments
in
dollars
-282
32
Total
change
Drawings
of
dollars3
2
"\1
899
919
920
926
925
June 1965 through Jan. 1966, this gold subscription was included in the
U.S. gold stock and excluded from the reserve position.
5 For holdings of F.R. Banks only, see pp. A-12 and A-13.
6 Includes initial allocation by the IMF of $867 million of Special Drawing Rights on Jan. 1, 1970, plus net transactions in SDR's since that
time.
7 Includes gain of $67 million resulting from revaluation of the German
mark in Oct. 1969, of which $13 million represents gain on mark holdings
at time of revaluation.
1 Includes (a) gold sold to the United States by the International Monetary Fund with the right of repurchase, and (b) gold deposited by the
IMF to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to tl^e 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.
4 Reserve position includes, and gold stock excludes, $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
Payments
of
subscriptions in
dollars
Special
Drawing
Rights 6
-106
20
122
5
89
32
36
42
103
66
-77
- 1 6
-140
-3
-179
-360
3
-186
-70
67
150
A 76
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 1970
6. U.S. LIQUID LIABILITIES TO FOREIGNERS
(In millions of dollars)
Liabilities to Intl.
Monetary Fund arising
from gold transactions
Liabilities to foreign countries
Official institutions
End
of
period
Shortterm
liabilities reported
by
banks
in U.S.
Total
Total
Gold
deposit 1
715,825
716,845
19,428
20,994
21,027
22,853
22,936
24,068
24,068
26,361
26,322
28,951
29,002
29,115
29,904
29,779
33,271
33,119
200
200
500
800
800
800
800
800
800
800
800
800
800
834
1,011
1,011
1,033
1,033
211
233
233
/33,821
\33,614
1,030
1.030
230
230
1969-Mar...
34,930
Apr...
36,066
May. . 37,673
June..
39,045
July. .
40,165
Aug. rr.
41,619
Sept.r . 42,703
Oct. . 1043,119
Nov.. r
43,310
Dec.r.
42,039
1.031
1,033
1,033
195 7
195 8
195 9
1960s
19618
19628
19638
19648
1965
19668
19678
19689
r
1970—Jan.
Feb..
Mar?
42,955
43,382
43,233
Gold
investment 2
200
200
500
800
800
800
800
800
800
800
800
800
800
800
800
800
800
800
11,830
11,830
12,748
12,714
14,387
14,353
15,428
15,424
15,372
13,600
13,655
15,653
15,646
966
866
876
890
890
751
751
1,217
1,183
1,125
1,125
1,105
860
860
908
908
800
12,548
12,481
11,318
11,318
1,028
1,028
1,019
1,019
1,019
1,019
231
233
233
228
228
228
219
219
219
219
800
800
800
800
800
800
800
800
800
800
10,772
10,936
12,434
10,237
9,980
11,039
12,481
1,019
1,010
1,010
219
210
210
800
800
800
1,028
211
Total
Shortterm
liabilities reported
by
banks
in U.S.
Marketable
U.S.
Govt,
bonds
and
notes 4
Total
703
703
1,079
1,079
1,201
256
256
711
711
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
14,208
15,894
15,763
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
13,680
15,336
15,205
541
543
550
516
516
448
448
351
341
376
376
472
528
528
558
558
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
529
462
701
7C1
19,518
19,381
18,909
18,916
609
465
12,014
11,984
9,637
9,762
11,310
9,112
8,780
9,839
11,281
11,611
11,128
11,046
459
459
459
459
450
450
450
333
331
383
676
715
665
666
750
750
750
10742
555
555
22,493
23,426
23,487
27,064
28,426
28,821
28,475
28,731
29,558
28,374
21,998
22,929
23,014
26,608
27,945
28,329
27,943
28,190
29,014
27,845
12,665
14,011
14,737
11,853
13,202
13,928
383
380
380
429
429
429
28,533
27,546
26,670
28,002
27,062
26,194
10,120
11,078
11,088
1012,686
1
Represents liability on gold deposited by the International Monetary
Fund to mitigate the impact on the U.S. gold stock of foreign purchases
for the purpose of making gold subscriptions to the IMF under quota increases.
2
U.S. Govt, obligations at cost value and funds awaiting investment
obtained from proceeds of sales of gold by the IMF to the United States
to acquire income-earning assets. Upon termination of investment, the
same
quantity of gold can be reacquired by the IMF.
3
Includes Bank for International Settlements and European Fund.
4
Derived by applying reported transactions to benchmark data;
breakdown of transactions by type of holder estimated for 1960-63.
Includes securities issued by corporations and other agencies of the U.S.
Govt,
that are guaranteed by the United States.
5
Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
6
Includes difference between cost value and face value of securities in
IMF gold investment account. Liabilities data reported to the Treasury
include the face value of these securities, but in this table the cost value of
the securities is included under "Gold investment." The difference, which
amounted to $43 million at the end of 1969, is included in this column.
7
Includes total foreign holdings of U.S. Govt, bonds and notes, for
which breakdown by type of holder is not available.
8 Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable with those
shown for the preceding date; figures on the second line are comparable
with those shown for the following date.
9 Data included on the first line for holdings of marketable U.S. Govt,
securities are based on a July 31, 1963, benchmark survey of holdings and
Banks and other foreigners
Nonmarketable
Marketconvertable
ible
U.S.
U.S.
Govt,
Treasbonds
ury
and
bonds
notes 4
and
notes
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
12,539
14,034
14.027
34
3
Liabilities to nonmonetary intl. and
regional organizations 5
ShortMarketterm
able
liabilU.S.
ities reGovt,
ported
bonds
by
and 4
banks
notes
in U.S. 6
542
552
530
750
750
703
704
1,250
1,284
808
808
679
581
580
487
473
660
775
791
,245
,245
911
911
,152
,157
904
904
752
325
325
204
204
725
722
683
683
42
39
495
497
473
456
481
492
532
541
544
529
634
671
719
716
731
731
728
683
719
662
596
632
671
668
682
682
679
634
669
612
38
39
48
48
49
49
49
49
50
50
531
484
476
738
815
816
688
765
766
50
50
50
818
818
regular monthly reports of securities transactions (see Table 16). Data included on the second line are based on a benchmark survey as of Nov. 30,
1968, and the monthly transactions reports. For statistical convenience,
the new series is introduced as of Dec. 31, 1968, rather than as of the
survey date.
The difference between the two series is believed to arise from errors in
reporting during the period between the two benchmark surveys, from
shifts in ownership not involving purchases or sales through U.S. banks
and brokers, and from physical transfers of securities to and from abroad.
It is not possible to reconcile the two series or to revise figures for earlier
dates.
!0 Includes $17 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
NOTE.—Based on Treasury Dept. data and on data reported to the
Treasury Dept. by banks and brokers in the United States. Data correspond
to statistics following in this section, except for minor rounding differences.
Table excludes IMF "holdings of dollars," and holdings of U.S. Treasury
letters of credit and non-negotiable, non-interest-bearing special United
States notes held by other international and regional organizations.
The liabilities figures are used by the Dept. of Commerce in the statistics
measuring the U.S. balance of international payments on the liquidity
basis; however, the balance of payments statistics include certain adjustments to Treasury data prior to 1963 and some rounding differences, and
they may differ because revisions of Treasury data have been incorporated
at varying times. The table does not include certain nonliquid liabilities
to foreign official institutions that enter into the calculation of the official
reserve transactions balance by the Dept. of Commerce.
JUNE 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
End of period
Western
Europe 1
Canada
Latin
American
republics
Asia
Africa
Other
countries 2
15,646
/ 12,548
\ 12,481
9,872
7,009
7,001
996
533
532
1,131
1,354
1,354
3,145
3,168
3,122
249
259
248
253
225
224
1969—Mar
Apr
May
June
July r
Aug.
Sept. r
Oct. r r
Nov.
Dec. r
10,772
10,936
12,434
10,237
9,980
11,039
12,481
4
12,686
12,014
11,984
5,190
5,522
7,294
5,298
5,132
5,907
7,385
4
7,400
6,234
5,860
466
446
403
461
426
451
397
425
446
495
1,373
1,445
1,281
1,248
1,292
1,392
1,339
1,485
1,417
1,671
3,206
2,951
2,904
2,727
2,616
2,788
2,871
2,853
3,104
3,190
246
264
235
232
238
255
270
322
570
546
291
308
317
271
276
246
219
201
243
222
1970—Jan. r
Feb
Mar.?
12,665
14,011
14,737
6,289
7,250
7,378
600
662
590
1,735
1,882
2,080
3,314
3,331
3,780
533
702
705
194
184
204
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.
4
Includes $17 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
NOTE.—Data represent short-term liabilities to the official institutions
of foreign countries, as reported by banks in the United States, and foreign
official holdings of marketable and convertible nonmarketable U.S. Govt,
securities with an original maturity of more than 1 year.
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
To nonmonetary international
and regional organizations 5
To all foreigners
Payable in dollars
End of period
Deposits
Total i
Total
Demand
U.S
Treasury
bills and
certifiTime 2
cates
Other
shortterm
liab.3
Payable
in
foreign
currencies
IMF
gold
invest-4
ment
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
(30,657
130,505
31,717
30,428
30,276
31,081
11,747
11,577
14,387
5,780
5,775
5,484
9,173
9,173
6,797
3,727
3,750
4,412
229
229
636
800
800
800
487
473
683
67
67
68
124
120
113
178
178
394
34,123
35,795
37,188
38,207
39,650
40,703
41,235
41,611
40,303
33,538
35,229
36,587
37,762
39,192
40,287
40,747
41,166
39,874
16,743
16,638
20,132
21,042
21,091
20,750
20,984
21,690
20,689
5,610
5,622
5,706
5,680
5,854
6,090
6,376
6,673
6,834
5,706
7,272
4,974
5,070
5,858
7,052
6,450
5,632
5,015
5,479
5,697
5,775
5,970
6,389
6,395
6,937
7,171
7,336
585
566
601
445
458
416
488
445
429
800
800
800
800
800
800
800
800
800
632
671
668
682
682
679
634
669
612
63
58
75
59
54
61
71
58
57
76
70
75
78
76
86
76
66
83
225
236
214
227
230
225
234
291
244
41,343
41,829
41,688
42,198
40,901
41,403
41,287
41,850
20,319
19,397
18,397
19,269
6,840
7,117
7,108
6,930
5,938
6,602
7,228
7,164
7,804
8,287
8,554
8,487
442
426
401
348
800
800
800
800
688
765
766
716
66
75
81
87
103
119
135
135
252
317
330
237
For notes see the following page.
A 78
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 1970
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE—Continued
(Amounts outstanding; in millions of dollars)
To residents of foreign countries
To official institutions 7
Payable in dollars
Payable in dollars
End of period
Deposits
Payable
in
foreign
currencies
Demand
Time 2
U.S.
Treasury
bills and
certificates
( 29,370
(29,232
30,234
11,680
11,510
14,320
5,656
5,655
5,371
8,195
8,195
5,602
3,610
3,643
4,304
229
229
636
1969—Apr..
May.
June.
July.,
Aug. r
Sept. r
Oct. r
Nov.f
Dec.r
32,691
34,324
35,720
36,725
38,168
39,224
39,801
40,142
38,891
16,680
16,579
20,057
20,983
21,037
20,689
20,912
21,632
20,632
5,533
5,552
5,630
5,602
5,778
6,004
6,299
6,607
6,751
4,681
6,236
3,960
4,043
4,828
6,027
5,416
4,540
3,971
5,212
5,390
5,472
5,653
6,067
6,088
6,686
6,917
7,109
585
566
601
445
458
416
488
445
429
1970—Jan.
Feb..
Mar.?
Apr.P
39,855
40,264
40,122
40,682
20,253
19,322
18,316
19,182
6,737
6,998
6,972
6,794
4,885
5,485
6,098
6,127
7,537
8,032
8,334
8,231
442
426
401
348
Total
19676
1968
Other
shortterm
liab.3
Total
Deposits
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.3
Demand
Time 2
14,034
14,027
11,318
2,054
2,054
2,149
2,462
2,458
1,899
7,985
7,985
5,486
1,381
1,378
1,321
9,762
11,310
9,112
8,780
9,839
11,281
11,611
11,046
1,869
1,793
2,037
1,892
2,066
1,993
1,955
1,894
1,918
1,894
1,993
1,987
1,872
1,983
2,119
2,432
2,709
2,943
4,531
6,092
3,819
3,872
4,671
5,895
5,301
4,421
3,844
1,080
1,045
881
912
887
1,042
1,691
1,902
2,139
11,853
13,202
13,928
13,576
,649
,661
,445
,295
2,961
3,251
3,400
3,377
4,749
5,381
5,989
6,035
2,292
2,707
2,892
2,720
11,128
To banks 8
To other foreigners
Payable in dollars
End of period
Total
Deposits
Total
Demand
Time
2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.3
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.3
[ 15,336
15,205
18,916
11,008
14,299
7,933
7,763
10,374
1,142
1,142
1,273
129
129
30
1,927
1,973
2,621
4,127
4,120
4,444
1,693
1,693
1,797
2,052
2,054
2,199
81
86
302
292
362
1969—Apr...
May..
June..
July..
Aug..
Sept..,
Oct.. .
Nov..
Dec...
22,929
23,014
26,608
27,945
28,329
27,943
28,190
29,014
27,845
18,351
18,520
22,109
23,596
24,031
23,692
23,990
24,912
23,680
13,048
13,083
16,231
17,412
17,318
16,920
17,246
18,066
17,005
1,517
1,487
1,652
1,947
2,080
2,125
2,164
1,996
40
35
35
54
35
25
22
20
3,746
3,915
4,191
4,330
4,732
4,667
4,598
4,664
4,658
4,381
4,315
4,286
4,136
4,072
4,067
3,944
3,859
3,939
1,763
1,703
1,789
1,679
1,653
1,776
1,711
1,673
1,709
2,122
2,072
1,992
1,929
1,847
1,804
1,742
1,734
1,811
110
110
106
116
122
107
93
101
107
386
431
400
412
448
379
398
351
312
1970—Jan.. .
Feb.. .
Mar.P
Apr P.
28,002
27,062
26,194
27,106
23,887
23,083
22,170
23,068
16,907
15,997
15,105
16,103
2,063
2,092
1,962
1,809
21
27
21
19
4,897
4,968
5,082
5,137
3,875
3,756
3,825
3,838
1,698
1,665
1,766
1,784
1,714
1,656
1,610
1,608
116
78
89
74
347
358
361
373
19676
1968
11,132
1,801
18
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 certificates of deposit.
4
U.S. Treasury bills and certificates obtained from proceeds of sales of
gold by the IMF to the United States to acquire income-earning assets.
Upon termination of investment, the same quantity of gold can be reacquired by the IMF.
5 Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank.
Includes difference between cost value and face value of securities in
I M F gold investment account.
6
Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage
81
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 I M F 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.
JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 79
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
1968
1970
1969
Area and country
Dec.
Aug. r
Sept. r
Oct. r
Nov. r
Dec. r
Jan. r
Feb.
Mar.?
Apr.P
162
313
146
176
1,383
2,640
183
729
276
448
345
158
453
2,155
29
6,133
33
357
5
48
178
438
106
99
1,525
2,677
201
797
342
264
326
155
260
1,606
20
13,315
27
472
7
41
157
404
114
98
1,536
4,235
184
813
366
175
312
163
209
1,871
23
12,698
37
628
11
43
248
445
125
99
1,527
2,902
181
843
738
203
309
179
318
1,937
35
11,973
39
1,182
5
47
252
553
151
115
1,615
2,006
201
733
606
228
311
164
399
2,010
30
12,699
40
1,461
10
38
314
528
153
120
1,588
1,381
207
627
463
341
309
202
412
2,027
28
11,600
37
1,528
11
50
299
583
178
123
1,553
2,226
208
626
581
240
313
195
455
1,984
31
11,438
44
1,465
8
44
300
622
182
137
1,608
2,658
191
741
539
305
289
226
426
1,966
35
10,906
33
1,742
6
39
343
599
212
129
1,601
2,680
178
605
526
281
280
234
381
2,173
31
10,180
42
1,935
6
39
279
596
186
131
1,824
2,685
185
590
426
272
266
178
364
2,222
27
10,785
29
1,646
6
37
16,170
22,858
24,078
23,336
23,623
21,926
22,592
22,950
22,456
22,732
2,797
3,571
3,386
4,166
3,844
3,991
4,101
3,857
3,613
3,772
479
257
323
249
8
974
154
276
149
792
611
273
88
30
446
293
366
252
8
764
130
231
133
725
549
1,106
76
35
429
322
343
244
8
740
125
227
125
694
535
1,109
77
37
448
362
352
249
8
791
119
220
111
661
532
1,444
72
33
409
402
349
250
8
788
124
218
106
635
508
1,435
71
42
416
425
393
258
7
848
129
239
111
674
556
1,405
74
34
418
412
361
267
7
891
145
218
140
684
551
1,583
79
40
450
452
385
277
7
915
136
215
119
673
577
1,543
82
36
450
526
436
295
7
939
134
239
120
693
603
1,345
84
36
517
544
399
289
6
989
130
219
122
679
627
1,366
89
46
Europe:
Austria
Belgium-Luxembourg
Finland
France
Italy
Netherlands
Norway
Turkey
United Kingdom
Yugoslavia
Other Western Europe i
Other Eastern Europe
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Uruguay
Venezuela
Other Latin American republics
Bahamas and Bermuda
Netherlands Antilles and Surinam
Other Latin America
^
Total
4,664
5,115
5,014
5,403
5,345
5,571
5,795
5,867
5,906
6,024
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
220
252
69
134
3,491
158
230
189
566
529
36
205
257
75
138
3,605
188
228
186
585
541
35
217
283
63
123
3,640
217
240
182
561
547
37
214
293
74
115
3,773
231
222
188
611
523
36
213
260
86
146
3,788
236
201
196
628
606
37
196
260
78
178
3,628
283
197
215
653
657
39
223
286
69
185
3,557
308
248
218
666
652
39
219
330
89
152
3,910
299
286
228
664
762
37
223
322
87
139
4,085
257
240
210
630
722
Total
5,953
5,876
6,045
6,109
6,280
6,396
6,381
6,452
6,977
6,953
12
13
58
18
260
50
16
59
19
254
69
18
51
19
240
71
18
53
17
334
86
18
54
19
533
87
21
66
23
499
85
21
69
25
504
109
44
91
25
594
97
52
96
22
582
73
47
58
22
683
361
399
396
492
710
695
703
864
850
883
261
28
320
28
272
32
263
31
311
29
282
29
255
28
244
30
287
32
285
33
Africa:
Congo (Kinshasa)
Morocco
South Africa
U . A . R . (Egypt)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and
regional:
International2
Latin American3 regional
Other regional
Total
Grand total
For notes see the following page.
289
349
305
294
340
311
283
274
319
318
30,234
38,168
39,224
39,801
40,142
38,891
39,855
40,264
40,122
40,682
1,372
78
33
1,321
116
45
1,311
114
54
1,277
106
51
1,316
99
54
1,260
100
52
1,307
116
65
1,365
117
83
1,361
109
96
1,279
140
97
1,483
1,482
1,479
1,434
1,469
1,412
1,488
1,565
1,566
1,516
31,717
39,650
40,703
41,235
41,611
40,303
41,343
41,829
41,688
42,198
A 80
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 1970
9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES BY COUNTRY—Continued
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data 4
1967
Area or country
1968
1969
1967
Dec.
Apr.
Dec.
Apr.
Dec.
Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of
Luxembourg
2
4
9
31
21
3
15
5
()
8
6
24
5
()
2
4
20
5
()
11
9
38
5
()
Other Latin American republics
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
60
43
55
86
73
73
16
30
22
46
13
6
61
55
60
64
84
96
17
31
44
58
14
9
66
51
69
66
82
86
17
33
42
67
16
10
65
61
59
62
89
90
18
37
29
78
18
8
68
52
61
74
69
84
16
29
16
63
13
8
Other Latin America:
British West Indies
14
21
25
25
30
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
Iran
Iraq
5
11
2
5
50
35
6
17
3
5
38
10
6
5
2
4
41
86
8
5
2
5
44
77
16
2
1
3
35
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."
1968
1969
Area or country
Dec.
Apr.
Dec.
Apr.
Dec.
7
34
4
97
52
54
26
70
157
7
123
3
67
3
78
52
60
17
29
67
2
51
4
40
4
82
41
24
20
48
40
4
40
17
46
3
83
30
35
25
106
17
4
94
7
24
4
16
25
18
38
2
2
20
10
1
25
8
23
13
20
26
45
24
4
2
27
2
10
21
8
13
3
29
25
69
20
1
5
21
7
6
25
6
15
8
34
28
68
10
2
3
23
2
9
19
14
20
10
43
18
288
11
2
3
17
15
17
20
16
Other Asia—Cont.:
40
37
4
113
Malaysia
64
55
Ryukyu Islands (incl. Okinawa) . 14
Saudi Arabia
61
Singapore
160
6
148
Other Africa:
Ethiopia, (incl. Eritrea)
Southern Rhodesia
Tanzania
All other:
New Zealand
6
5
17
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)
Total
To
intl.
and
regional
To foreign countries
Total
Official
institutions
Other
Banks * foreigners
50
35
40
40
251
251
284
234
234
234
257
8
126
126
241
197
443
443
658
140
218
218
201
Other
ArgenLatin
tina
America
Japan
Thailand
1,494
(2,546
(2,560
3,166
506
689
698
777
988
1,858
1,863
2,389
913
1,807
1,807
2,341
3,058
2,974
2,943
2,825
2,768
2,678
2,530
2,483
2,490
781
776
786
797
813
886
919
900
887
2,277
2,198
2,157
2,028
1,956
1,792
1,611
1,583
1,602
2,234
2,156
2,103
1,963
1,889
1,713
1,533
1,502
1,507
6
6
19
30
30
43
43
44
55
37
36
34
36
37
36
35
37
41
284
284
284
207
207
146
67
62
64
205
193
149
129
149
130
123
154
175
208
189
189
181
154
101
43
43
41
658
658
658
658
658
659
659
659
655
202
202
199
199
157
117
117
70
70
2,335
2,341
2,326
2,262
870
870
878
832
1,465
1,471
1,448
1,430
1,373
1,376
1,348
1,320
55
59
62
64
37
36
39
45
25
25
25
25
163
191
202
209
6
6
6
6
657
657
636
636
47
54
49
51
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
Country or area
those shown for the preceding date; figures on the second line are comparable with those shown for the following date,
JUNE 1970 •
INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 81
11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES
(End of period; in millions of dollars)
1968
1970
1969
Area and country
Dec.
Europe:
Denmark
France
Netherlands
Norway
Sweden
Switzerland
United Kingdom
Other Western E u r o p e . . . .
Eastern Europe
Total
Canada
Latin America:
Latin American republics..
Neth. Antilles & Surinam.
Other Latin America
Total
Asia:
Japan
Other Asia
Total
Other countries
Total foreign countries
International and regional:
International
Latin American regional..
Asian regional
Total
Grand total
Apr.
May
10
5
2
37
5
39
350
33
6
9
6
2
37
5
45
371
33
6
9
6
2
37
5
44
351
33
7
9
6
2
37
5
44
334
33
7
9
6
2
37
5
44
357
24
7
488
514
494
477
384
388
388
387
2
15
2
15
2
12
2
12
*
*
June
July
Aug.
Sept.
Nov.
Dec.
9
6
2
37
5
42
420
24
7
9
6
2
37
5
42
421
24
7
9
6
2
37
5
42
407
24
7
553
Oct.
9
6
2
37
5
44
368
24
7
9
6
2
37
5
45
406
24
7
491
502
541
553
389
389
389
271
2
12
2
12
2
12
*
*
*
*
*
*
Feb.
Jan.
Mar.P
Apr.f
6
6
2
37
5
46
350
24
7
6
6
2
37
5
46
359
24
7
9
6
2
37
5
42
407
24
7
6
6
2
37
5
46
358
24
7
538
539
491
483
492
272
272
271
270
271
271
2
12
2
12
2
2
12
2
2
13
2
2
12
2
2
12
2
2
12
2
17
17
14
14
14
14
14
14
15
15
17
15
15
15
9
18
10
18
10
18
10
18
10
18
10
18
10
19
10
19
10
17
61
18
61
18
62
18
62
18
62
18
26
28
28
28
28
28
28
29
27
79
79
80
80
80
11
9
9
9
9
9
9
7
7
7
7
7
7
7
927
956
932
915
931
942
982
874
875
912
914
864
856
865
25
13
j
24
15
32
15
32
15
32
17
32
17
32
17
32
17
32
18
32
18
31
19
31
19
30
20
30
20
39
39
48
48
49
49
49
50
50
50
50
50
50
51
966
995
980
963
980
991
1,031
923
925
962
964
914
906
916
NOTE.—Data represent estimated official and private holdings of marketable U.S. Govt, securities with an original maturity of more than 1
year, and are based on a Nov. 30,1968, benchmark survey of holdings and
regular monthly reports of securities transactions (see Table 16).
12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF
FOREIGN COUNTRIES
(In millions of dollars or dollar equivalent)
Payable in dollars
End of period
Total
196 7
196 8
Payable in foreign currencies
Total
1,563
3,330
516
1,692
Belgium
Canada^
Denmark
314
32 1,334
20
Italy 2 Korea Sweden
Taiwan
Thailand
177
146
20
100
100
100
100
100
100
100
1969—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
3,518 1,666
3,269 1,416
3,352 1,391
3,251 1,390
3,251 1,390
43,372 1,435
3,181 1,431
3,181 1,431
32
32
32
32
32
32
32
32
1,334
1,084
1,084
1,084
1,084
1,129
1,129
1,129
140
140
140
140
139
139
135
135
20
20
20
20
20
20
20
20
1970—Jan..
Feb..
Mar.
Apr.,
May,
2,514 1,431
2,513 1,431
2,799 1,717
2,897 1,814
3,096 2,013
32
32
32
32
32
1,129
1,129
1,429
1,529
1,729
135
135
121
118
117
20
20
20
20
20
1
Includes bonds issued in 1964 to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding end of 1967 through Oct. 1968, $114 million; end of 1968 through
Sept. 1969, $84 million; and Oct. 1969 through latest date, $54 million.
2 Bonds issued to the Government of Italy in connection with military purchases in the United States.
100
100
100
100
100
100
100
Austria
Belgium
1,047
1,638
50
50
60
1.852
1.853
1,961
1,861
1,861
41,937
1,750
1,750
50
50
25
25
25
Total
1,083
1,083
1,083
1,083
1,083
Germany 3
SwitItaly zerland
601
1,051
125
226
211
311
1,200
1,200
1,200
1,200
1,200
41,301
1,084
1,084
226
226
226
125
125
125
125
125
376
377
511
511
511
511
541
541
542
542
542
542
542
541
541
541
541
541
3 In addition, nonmarketable U.S. Treasury notes amounting to $125
million equivalent were issued to a group of German commercial banks in
June 1968. The revaluation of the German mark in Oct. 1969 increased
the dollar value of these notes by $10 million.
4 Includes an increase in dollar value of $101 million resulting from
revaluation of the German mark in Oct. 1969.
A 82
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 1970
13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
Area and country
1968
1969
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
Aug.
Sept.
Oct.
1970
r
Dec. i r
Nov.
Jan.
Feb.
Mar.?
6
40
36
63
66
171
12
105
40
43
10
46
58
93
38
318
22
15
3
21
4
49
31
65
80
161
18
89
41
40
9
49
54
110
30
326
26
12
1
28
5
53
32
72
92
213
20
101
46
40
9
53
71
92
32
383
24
10
2
28
5
71
40
72
85
200
19
108
54
36
9
70
64
110
31
425
25
11
2
25
6
57
41
72
93
199
17
99
46
38
8
68
86
131
26
400
25
11
2
28
7
56
40
68
107
207
22
120
51
34
8
70
67
99
19
418
28
9
2
34
7
56
40
68
107
207
22
120
51
34
8
70
67
99
19
408
28
9
2
34
20
49
49
66
117
183
17
129
84
34
9
73
82
124
14
405
29
7
2
30
10
53
32
63
94
160
16
123
61
32
11
83
95
122
15
435
35
8
1,205
1,224
1,377
1,463
1,454
1,466
1,456
1,522
Canada
533
724
634
728
667
818
846
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
276
309
170
210
13
914
58
171
43
239
275
76
12
22
297
307
177
212
14
836
69
168
41
237
271
52
13
21
306
317
174
215
14
802
61
179
43
233
287
59
14
18
301
318
177
210
14
778
67
173
46
228
286
48
15
20
311
317
188
225
14
801
68
161
48
240
295
92
14
27
Total
Apr.f
34
11
55
36
64
87
192
17
107
50
36
13
57
78
107
25
418
32
9
2
43
3
73
31
64
92
135
19
102
65
34
9
99
99
114
19
393
32
6
3
40
1,483
1,439
1,432
750
740
672
618
311
317
188
225
14
801
68
161
48
240
295
92
14
27
304
296
178
237
14
804
61
173
49
250
303
62
13
22
296
289
195
252
14
807
68
168
50
261
307
68
14
22
292
285
203
249
14
845
61
163
55
264
285
72
13
33
288
293
213
254
14
887
68
159
55
254
288
67
15
35
Total
2,889
2,786
2,716
2,722
2,680
2,803
2,804
2,766
2,811
2,835
2,892
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other
1
32
19
23
84
3,114
77
239
38
99
145
1
39
9
32
99
3,157
138
249
38
89
165
1
36
9
33
91
3,164
164
242
38
93
164
1
43
8
25
94
3,071
159
241
39
94
190
1
37
11
23
101
3,114
160
232
42
97
205
1
36
10
30
108
3,342
158
216
49
101
212
1
36
10
30
108
3,372
158
216
49
101
212
1
37
11
29
101
3,160
167
208
50
99
208
1
37
9
25
96
3,080
172
255
56
98
168
1
41
9
68
91
3,216
178
274
55
95
162
1
41
9
53
99
3,276
190
296
59
103
164
Total
3,872
4,015
4,035
3,965
4,023
4,262
4,292
4,070
3,998
4,190
4,291
3
2
46
8
73
3
3
44
13
63
3
2
49
12
69
4
3
54
10
72
5
2
56
11
82
6
3
55
11
86
6
3
55
11
86
5
3
53
10
79
5
3
51
12
63
3
4
62
12
63
4
5
60
15
62
133
126
135
143
155
162
162
150
136
144
146
66
13
57
14
55
14
57
14
52
14
53
16
53
16
58
14
55
14
60
13
56
22
Africa:
Congo (Kinshasa)
Morocco
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries
International and regional
Grand total
79
71
69
70
66
69
69
72
68
73
78
8,710
8,946
8,966
9,091
9,045
9,580
9,629
9,329
9,236
9,354
9,456
*
1
1
1
1
2
2
1
2
2
1
8,711
8,947
8,967
9,092
9,046
9,582
9,631
9,330
9,238
9,356
9,457
i Data in the two columns shown for this date differ because of changes
in reporting coverage. Figures in the first column are comparable in coverage with those shown for the preceding date; figures in the second column
are comparable with those shown for the following date.
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to, and acceptances made for, foreigners; drafts drawn against
foreigners, where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
JUNE 1970 •
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 foreign currencies
Payable in dollars
Loans to—
Banks 1
Others
3,137
3,150
306
306
1,603
1,616
1,228
1,228
1,511
1,552
3,013
3,013
498
467
425
425
287
287
Total
8,158
8,182
Foreign
govt, seDeposits curities,
with for- coml.
and fieigners
nance
paper
Official
institutions
Total
( 8,583
( 8,606
Acceptances
made
for acct.
of foreigners
Collections
outstanding
Total
Other
Total
74
70
8,711
8,261
3,165
247
1,697
1,221
1.733
2,854
509
450
336
40
8,734
9,018
9,222
9,025
8,947
8,967
9,092
9,046
(9,582
) 9,631
8,225
8,496
8,669
8,513
8,467
8,472
8,573
289
295
293
258
235
212
263
262
263
263
1,763
1,855
1,971
1,829
1,819
1,880
1,921
1,944
1,946
1,943
1,110
1,057
9,064
9,113
3,162
3.208
3,325
3,118
3,072
3,093
3,173
3,204
3,282
3,279
1,723
1.734
1,751
1,766
1,838
1,860
1,896
1,928
1,954
1,954
2,773
2,900
3,068
3,059
3,015
2,973
2,940
2,922
3,169
3,204
565
654
526
571
543
546
563
556
658
675
510
522
553
512
480
495
520
435
518
518
318
291
334
310
272
355
393
317
355
355
94
127
111
90
101
51
46
45
84
84
9,330
9,238
9,356
9,457
8,826
8,772
8,941
8,981
3,261
3.209
3,285
3,122
258
266
298
340
1,986
1,914
1,914
1,734
1,018
1,970
1,992
2,083
2,153
3,024
2,987
3,043
3,223
570
584
529
483
504
466
415
476
349
326
300
342
77
62
45
68
8,611
1
Excludes central banks which are included with "Official institutions."
2 Data on the two lines shown for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in coverage
1,061
1,030
1,018
1,000
990
999
1,073
1,073
1,029
1,073
1,048
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
Banksi
Other
foreigners
Other
longterm
claims
Payable
in
foreign
currencies
United
Kingdom
Other
Europe
Latin
Canada America
Japan
Other
Asia
All
other
countries
1967
1968
3,925
3,567
3,638
3,158
669
528
323
237
2,645
2,393
272
394
15
16
56
68
720
479
427
428
1,556
1,375
180
122
449
617
537
479
1969—Apr
May....
J u n er . . . .
July .r . .
Aug. ...
Sept. r ...
Oct. rr. . .
N o v .r . . .
Dec. ...
3,435
3,456
3,403
3,255
3,289
3,272
3,278
3,267
3,237
3,020
3,058
2,980
2,826
2,859
2,847
2,847
2,845
2,805
474
472
478
450
504
485
493
494
501
230
236
220
208
212
211
204
203
209
2,316
2,350
2,282
2,168
2,142
2,150
2,149
2,147
2,096
400
381
401
408
409
409
415
406
414
15
17
22
21
21
17
16
17
18
66
55
54
54
56
55
56
55
55
480
489
484
447
436
416
411
400
411
402
397
398
390
405
403
410
407
408
1,331
1,353
1,331
1,294
1,348
1,334
1,344
1,357
1,329
113
112
101
97
95
93
88
85
88
577
572
587
570
551
562
568
571
567
466
478
449
404
397
410
401
392
378
1970—Jan . . . .
Feb , . .
Mar.P...
Apr.P. ..
3,173
3,146
3,211
3,235
2,734
2,724
2,794
2,813
460
475
517
507
210
203
210
222
2,063
2,046
2,067
2,084
409
390
386
390
29
33
31
32
55
51
56
62
403
401
419
413
406
416
406
420
1,306
1,296
1,336
1,363
90
86
87
90
557
545
558
544
356
351
349
343
1
Excludes central banks, which are included with "Official institutions."
INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 1970
A 84
16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
Marketable U.S. Govt, bonds and notes i
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Total
1968
-489
-4
1969 r
1970—Jan.-Apr.p
1969—Apr. r
Mayr
June r
July
Aug. r
Sept. r
Oct. r
Nov
Dec.r
1970—Ja n
Feb
Mar.?....
Apr.f
-161
Purchases
Foreign
Intl.
and
regional
Total
Official
-328
-15
-380
-79
Sales
Net pur- Purchases or chases
sales
Sales
Net purchases or
sales
Purchases
Sales
3,686
2,568
-1,380
-1,016
1,252
1,519
1,566
2,037
-314
-517
-29
Net purchases or
sales
Other
51 17,563 13,329
64 15,484 12,795
4,234
2,689
2,306
1,552
-46
-47
-44
4,019
3,682
337
533
879
-347
393
364
3
-15
-17
17
11
40
2
-24
-17
2
-24
-17
25
1,119
1,565
1,172
1,058
1,061
1,062
1,690
1,221
1,189
1,018
1,335
1,192
1,007
941
904
1,195
1,074
969
101
229
158
494
147
220
101
155
88
82
75
91
157
98
176
206
149
202
321
140
208
157
168
195
-104
6
-115
-239
-65
-117
105
170
187
119
107
105
132
106
107
146
258
358
124
104
207
139
140
123
909
902
950
985
845
7
77
105
148
113
109
168
143
170
264
260
-57
-155
-92
-43
114
99
74
76
112
103
16
11
40
-108
-108
117
1
2
37
-1
52
37
2
-50
- 8
10
40
9
2
-15
2
-50
2
-47
- 8
- 8
9
1,026
1,090
993
- 2 0
51
120
9
1 Excludes nonmarketable U.S. Treasury bonds and notes issued to
official institutions of foreign countries; see Table 12.
2
Includes State and local govt, securities, and securities of U.S. Govt,
agencies and corporations that are not guaranteed by the Unitfcd States.
186
-70
- 1 8
101
79
-41
- 8 8
-171
-5
2
-102
- 6
-34
- 1 6
24
-11
-24
Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad.
NOTE.—Statistics include transactions of international and regional
organizations.
17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
(In millions of dollars)
Period
1968
1969
1970—Jan.-Apr^
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1970—Jan
Feb
Mar .p . . . .
Apr.f
Total
France
Germany
Nether- Switzer- United
lands
land Kingdom
Other
Europe
Total
Europe
Canada
-28
-243
130
292
1,592
1,094
386
125
151
136
124
90
Latin
America
Asia
Africa
2,270
1,487
201
150
169
216
298
189
822
490
-89
-11
59
-31
-20
8
-47
-42
-68
-2
17
74
156
-105
-52
89
118
348
112
19
6
3
-11
5
76
21
12
I
14
12
5
12
4
19
17
41
30
12
*
35
63
-120
-63
29
38
126
37
5
-21
-25
-68
-31
-21
-4
-34
-12
9
20
50
24
-26
40
27
22
30
13
51
118
-148
-87
127130
246
107
40
9
_1
15
7
-27
-3
32
-4
-23
10
30
10
3
-21
-15
58
5
-1
3
1
15
19
7
1
6
1
1
-41
-15
-41
8
1
9
-13
-8
11
16
11
20
-24
19
-26
12
5
-3
22
-16
-20
-14
-19
5
-31
32
-33
-10
-39
-25
-30
25
25
-27
12
-13
3
3
6
6
22
16
24
-15
32
79
21
-13
-5
6
-8
-23
2
7
Other
Intl. &
countries regional
3
-1
12
36
-1
*
7
*
*
*
1
8
4
6
3
6
4
•
*
*
*
*
-1
•
*
•
•
*
*
•
2
•
3
*
*
*
#
*
*
*
*
1
4
1
JUNE 1970 •
INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 85
18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
(In millions of dollars)
Nether- Switzer- United
lands
land Kingdom
Other
Europe
Total
Europe
510
169
522
251
238
83
1,757
822
68
32
12
14
-1
-11
56
88
6
214
35
15
3
*
*
*
Total
France
Germany
1,964
1,202
195
105
253
200
39
14
426
14
25
25
1969—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
27
74
85
103
31
39
146
35
201
-1
9
1
5
*
1970—j a n
Feb 1
Mar. *....
Apr.*
48
92
146
141
Period
1968
1969 r
1970—Jan.-Apr. v
*
3
4
4
42
*
3
4
7
7
2
39
24
27
25
10
17
5
8
8
4
1
-1
1
4
1
5
1
25
-4
22
5
-4
9
6
26
34
44
56
8
23
-20
11
-13
44
5
4
16
15
14
8
19
14
35
30
10
-2
4
*
NOTE.—Statistics include State and local govt, securities, and securities
of U.S. Govt, agencies and corporations that are not guaranteed by
Latin
Canada America
Asia
Africa
Other Intl. and
countries regional
*
-1
11
10
117
336
6
7
-1
-32
-34
23
38
-13
35
82
14
38
160
_ j
5
2
-6
15
9
19
36
89
53
81
54
2
68
18
154
8
3
7
-11
5
-2
4
1
1
8
9
1
-5
-1
5
-6
1
6
*
2
-12
9
7
36
53
63
63
11
7
13
5
3
-4
10
6
*
*
*
1
1
1
*
-1
3
*
1
1
*
*
*
*
*
*
*
1
1
*
*
_ i
*
*
*
-15
*
*
1
37
58
65
*
*
the United States. Also includes issues of new debt securities sold abroad
by U.S. corporations organized to finance direct investments abroad.
19. NET PURCHASES OR SALES BY FOREIGNERS OF
LONG-TERM FOREIGN SECURITIES, BY AREA
20. FOREIGN CREDIT AND DEBIT
BALANCES IN BROKERAGE ACCOUNTS
(In millions of dollars)
(Amounts outstanding; in millions of dollars)
Period
1968
1969 r
Total
Total
forIntl.
and
eign
counregional tries
-1,694
-1,534
- 3 2 9 -1,366
66 - 1 , 6 0 0
Europe
7 -945
74 - 1 , 1 1 8
1970—Jan.-Apr.f...
-318
-309
96
1969—Apr.rr
May
June r
July rr
Aug.
Sept.r r
Oct.
Nov r
Dec.
-145
-82
-285
-244
-63
-218
-6
-104
-35
8 -153
-86
3
4 -289
-11 -233
-57
-6
- 9 -209
4
-10
3 -107
4
-39
-22
-16
-21
1970—Jan
Feb
Mar.f
Apr.f
-18
-131
-103
-66
-2
-38
22
9
-16
-94
-125
-75
10
33
36
17
-9
Canada
-366
-90
-43
-164
— 1- 2 1 1
9
-50
16 - 1 3 1
-21
70
15
-78
-8
-24
-29
-110
-146
-81
Latin
Amer- Asia
ica
-96
-300
- 98 - 4 7 1
-39
-6
-39
-1
-14
-28
2
-29
— 1 -103
-6
-18
-1
-16
*
-98
-12
-48
1 -48
10
-30
*
-7
-5
-5
5
-2
5
-13
-21
-10
Credit
balances
(due to
foreigners)
Debit
balances
(due from
foreigners)
1965
1966
1967
158
175
311
119
128
298
1968—Mar
351
453
468
636
269
372
398
508
1969—Mar
553
566
467
434
393
397
297
278
1970—Mar. f
361
221
End of
period
Other
Countries
Africa
*
*
*
—1
*
2
*
*
*
6
20
7
1
1
1
3
2
3
—1
1
14
—1
2
2
*
1
-1
Dec
1
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. • JUNE 1970
21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES
22. MATURITY OF EURO DOLLAR
DEPOSITS IN FOREIGN
BRANCHES OF U.S. BANKS
(Amounts outstanding; in millions of dollars)
Wednesday
Amount
Wednesday
1966
Amount
Wednesday
1968—Cont.
Jan.
Feb.
Mar.
Apr.
May
June
26
23
30
27
25
29
1,688
1,902
1,879
1,909
2,003
1,951
July
Aug.
Sept.
Oct.
Nov.
Dec.
27
31
28
26
30
28
2,786
3,134
3,472
3,671
3,786
4,036
1967
Jan.
Feb.
Mar.
Apr.
May
June
25
22
29
26
31
28
3,653
3,396
3,412
3,047
2,776
3,166
July
Aug.
Sept.
Oct.
Nov.
Dec.
26
30
27
25
29
27
3,660
3,976
4,059
4,322
4,206
4,241
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.
8,545
8,822
9,621
9,399
9,868
13,269
14,434
Aug. 27
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
5
12
19
26
14,415
14,369
15,048
14,903
Nov.
4,259
4,530
4,920
5,020
5,872
6,202
6,126
7,004
7,104
7,041
7,170
6,948
6,039
July 30
1968
Jan. 31
Feb. 28
Mar. 27
29
26
26
30
28
25
197 0
1969—Cont.
24
29
26
31
28
25
30
27
25
31 (1/1/69)..
Dec.
3
10
17
24
31
Maturity of
liability
14,815
14,604
14,614
14,430
13,032
Jan.
7
14
21
28
13,847
14,373
13,863
13,863
4
11
18
25
13,771
13,604
13,340
13,403
Mar. 4
11
18
25
12,673
12,922
12,904
12,356
Apr.
1
8
15
22
29
12,034
12,410
12,213
11,999
12,483
6
13
20
27
12,486
12,094
12,510
13,022
Feb.
May
Feb.
1.41
1.95
Call
Other liabilities, maturing
in following calendar
months after report
date:
1st
2nd
3rd
1970
Jan.
1969
Jan.
Feb.
Mar.
Apr.
May
June
(End of month; in billions of dollars)
Amount
1.78
1.90
1.53
2.10
r
7.27
r
4.91
r
3.60
1.26
1.52
1.20
.20
.15
.20
.11
.18
.16
8.13
4.64
3.34
1.60
"1.31
.77
.17
.22
.12
.21
.17
.10
9.23
4.32
3.35
1.50
.82
.68
.23
.16
.26
.17
.12
.16
.28
.29
.32
5th
6th
7th
8th
9th
10th
11th
12th
Maturities of more than 1
r
Mar.
24.38
r
r
24.73 24.96
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
(Amounts outstanding; in millions of dollars)
(In millions of dollars)
Payable in
Payable in dollars foreign currencies
Assets in custody
End of
period
End of
period
Deposits
U.S. Govt,
securities 1
Earmarked
gold
1967.
1968.
135
216
9,223
9,120
13,253
13,066
1969-- M a y . .
June..
July...
Aug...
Sept...
Oct...
Nov...
Dec...
107
155
158
143
143
131
130
134
10,035
7,710
7,419
8,058
9,252
8,447
7,533
7,030
13,037
13,039
13,050
13,033
13,004
12,979
12,998
12,311
1970-—Jan...
Feb...
Mar...
Apr...
May..
152
313
200
204
128
7,374
8,219
9,118
9,154
9,754
12,291
12,268
12,270
12,272
12,239
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.
Total
Deposits
1967
1968
1969—Mar
Apr
May
June
July
Aug
Sept
Oct. r
Nov.r
Dec.2r.
1970—Jan.r....
Feb.
Mar
Shortterm
investments 1
Deposits
Shortterm
invest-1
ments
United
Kingdom
Canada
1,163
1,638
852
1,219
133
87
128
272
49
60
621
979
309
280
1,865
1,833
1,949
1,787
1,778
1,699
1,592
1,642
1,681
J 1,318
1 1,428
1,361
1,320
1,382
1,223
1,232
1,210
1,099
1,201
1,218
936
1,001
111
125
104
123
113
96
100
97
105
132
170
261
268
347
347
313
293
303
279
280
174
178
132
121
116
93
120
99
90
65
78
76
80
1,065
1,028
1,026
957
987
966
912
951
970
610
661
462
468
527
453
450
410
360
385
411
468
510
1,709
1,694
1,590
1,219
1,232
1,151
194
198
193
225
192
188
71
72
58
1,001
1,046
1,005
440
364
299
1
Negotiable and other readily transferable foreign obligations payable on demand
or having a contractual maturity of not more than 1 year from the date on which the
obligation was incurred by the foreigner.
2
Data on the two lines for this date differ because of.changes in reporting coverage.
Figures on the first line are comparable in coverage with those shown for the preceding
date; figures on the second line are comparable with those shown for the following date.
NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in
the United States. They are a portion of the total claims on foreigners reported by
nonbanking concerns in the United States and are included in the figures shown in
Table 26.
JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A 87
25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End of period. Amounts outstanding; in millions of dollars)
Claims on foreigners
Liabilities to foreigners
Area and country
Dec.
Europe:
Belgium-Luxembourg
Denmark
Finland
France
Germany, Fed. Rep. of.
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
Eastern Europe
Total
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other L.A. republics
Bahamas and Bermuda
Neth. Antilles & Surinam
Other Latin America
Total
Asia:
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Total
Africa:
Congo (Kinshasa)
South Africa
U.A.R. (Egypt)
Other Africa
Total
Other countries:
Australia
All other
Total
International and regional
Grand total
Mar.
June r
3
79
2
4
64
2
Sept.
Dec*
Dec.r
Mar. r
June r
Sept.
Dec .P
2
45
2
2
124
224
3
83
66
2
9
55
35
114
3
378
1
20
1
5
47
12
9
145
204
27
124
54
10
7
71
26
39
6
1,221
7
16
8
5
60
12
6
140
143
22
119
59
12
7
85
25
49
13
1,306
8
17
12
5
51
12
7
162
193
24
148
62
14
11
81
26
44
14
1,234
14
17
12
5
58
13
6
149
166
26
160
59
12
15
74
24
37
10
1,199
15
16
10
5
61
15
6
113
280
18
143
45
15
10
71
27
33
11
991
18
10
18
3
78
4
4
114
120
11
63
42
4
4
37
25
116
5
393
1
9
2
116
112
5
57
49
6
7
40
20
115
5
384
1
13
2
121
102
5
54
45
14
7
47
17
116
4
354
1
17
I
4
69
2
1
131
119
3
62
70
9
9
63
22
130
2
401
5
19
1
1,034
1,017
976
1,122
1,168
2,039
2,100
2,131
2,053
1,889
194
164
159
181
185
540
730
713
625
727
6
16
5
7
8
17
4
7
6
12
10
7
*
*
*
6
16
9
6
*
5
15
4
6
6
3
7
1
33
20
18
5
2
7
4
7
1
27
16
19
3
2
11
3
8
1
26
18
19
2
2
9
5
6
1
22
26
22
2
1
13
3
9
1
25
37
22
2
1
46
91
36
29
2
103
15
26
6
67
82
66
6
9
45
90
39
26
2
111
14
28
5
60
78
66
6
11
42
90
38
27
2
112
17
26
4
70
85
38
5
14
37
86
37
33
2
110
17
28
5
65
82
33
5
17
49
82
40
28
1
115
18
27
7
56
84
54
6
16
130
122
121
132
150
584
579
570
557
581
5
12
4
17
89
1
9
5
2
31
4
15
5
13
99
2
8
5
2
41
5
18
6
11
114
1
11
5
2
50
5
20
5
12
118
2
10
6
2
53
5
18
4
12
128
2
8
3
3
31
8
34
7
7
207
21
25
19
16
134
9
32
8
12
200
22
25
19
13
120
11
40
7
13
212
24
25
19
12
104
10
37
8
19
220
22
26
19
12
111
11
34
12
31
234
26
31
19
14
112
176
195
223
233
215
478
460
466
485
524
1
11
5
8
1
9
5
14
2
14
2
51
2
12
7 33
2
13
7
26
2
31
7
36
3
27
7
41
3
27
8
43
3
25
9
42
4
26
9
43
24
29
68
52
49
76
78
81
80
80
45
5
44
5
46
3
57
6
60
2
54
11
56
9
53
7
65
8
56
9
49
50
50
63
62
64
*
*
*
65
65
60
73
*
*
*
*
*
1
2
2
2
*
1,608
1,576
1,598
1,782
1,828
3,783
4,014
4,023
3,874
3,866
NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.
1969
1968
1969
1968
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. • JUNE 1970
26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
(Amounts outstanding; in millions of dollars)
Liabilities
Claims
Payable in ]foreign
currenc ies
End of period
Payable
in
dollars
Total
Payable
in
foreign
currencies
Total
Payable
in
dollars
Deposits with
banks abroad
in reporter's
name
Other
Dec
810
600
210
2,299
1,911
166
222
1966—Mar
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
1967—Mar
June
Sept
Dec 1
Dec.
1,148
1,203
1,353
1,371
1,386
864
916
1,029
1,027
1,039
285
287
324
343
347
2,689
2,585
2,555
2,946
3,011
2,245
2,110
2,116
2,529
2,599
192
199
192
201
203
252
275
246
216
209
1968—Mar
June
Sept
Dec. r
1,358
1,473
1,678
1,608
991
1,056
1,271
1,225
367
417
407
382
3,369
3,855
3,907
3,783
2,936
3,415
3,292
3,173
211
210
422
368
222
229
193
241
1969—Mar.'
June r
Sept
Dec.?
1,576
1,598
1,782
1,828
1,185
1,248
1,436
1,404
391
350
346
424
4,014
4,023
3,874
3,866
3,329
3,282
3,188
3,202
358
463
420
298
327
278
267
365
1965
Sept
Dec
1
Data differ from that shown for Dec. in line above because of changes
in reporting coverage.
27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions of dollars)
Claims
End of period
Country or area
Total
liabilities
Total
United
Kingdom
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
1965—Dec
147
1,139
31
112
236
209
65
198
98
87
85
18
1966—Mar
June
Sept
Dec
176
188
249
329
1,156
1,207
1,235
1,256
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
1967—Mar
June
Sept
Dec 1
Dec.
454
430
411
414
428
1,324
1,488
1,452
1,537
1,570
31
27
40
43
43
232
257
212
257
263
283
303
309
311
322
203
214
212
212
212
58
88
84
85
91
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
1968—Mar
June
Sept
Dec. r
582
747
767
1,129
1,536
1,568
1,625
1,790
41
32
43
147
265
288
313
306
330
345
376
419
206
205
198
194
61
67
62
73
256
251
251
230
128
129
126
128
145
134
142
171
84
83
82
83
21
33
32
38
1969—Mar.'
June1,
Sept
Dec.?
1,285
1,325
1,418
1,670
1,872
1,952
1,965
2,215
175
168
167
152
342
368
369
433
432
447
465
496
194
195
179
172
75
76
70
73
222
216
213
388
126
142
143
141
191
229
246
249
72
72
71
69
43
40
42
42
1
Data differ from that shown for Dec. in line above because of changes
in reporting coverage.
JUNE 1970 •
MONEY RATES
A 89
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Australia
Period
Argentina
(peso)
(pound)
222.78
223.41
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
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
1.9925
1.9868
1.9889
1.9885
1.9869
2.0023
2.0121
2.0125
92.837
92.628
92.526
92.743
92.732
92.762
92.941
93.083
16.694
16.795
16.785
16.784
16.784
16.784
16.784
16.772
13.269
13.282
13.282
13.282
13.287
13.297
13.334
13.348
23.785
23.785
23.771
23.785
23.785
23.773
23.748
23.748
(dollar)
196 5
196 6
196 7
196 8
196 9
.59517
.48690
.30545
.28473
.28492
1969—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
.28490
.28490
.28490
.28490
.28490
.28490
.28490
.28490
110.93
111.07
110.87
110.81
111.10
111.38
111.43
3.8646
3.8647
3.8664
3.8668
3.8637
3.8644
3.8621
3.8652
1970—Jan..
Feb.
Mar.
Apr.
May
328.487
28.507
28.504
28.500
28,500
111.58
111.77
111.83
111.84
111.73
3.8649
3.8663
3.8663
3.8651
3.8614
2.0124
2.0131
2.0133
2.0127
2.0140
93.199
93.179
93.212
93.207
93.195
16.772
16.772
16.770
16.770
16.770
13.339
13.337
13.340
13.325
13.324
23.748
23.748
23.748
23.748
23.748
1111.22
111.25
111.25
111.10
111.11
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
519.302
25.036
25.007
25.084
25.048
625.491
20.938
416.596
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
20.115
20.110
25.065
24.992
25.002
25.083
25.236
626.801
27.101
27.131
13.212
13.223
13.228
13.218
13.214
13.217
13.231
13.232
238.65
238.95
239.04
238.53
238.40
239.02
239.63
239.73
.15919
.15946
.15926
.15915
.15885
.15923
.15971
.15948
.27899
.27880
.27809
.27810
.27908
.27911
.27951
.27953
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
27.467
27.424
27.469
27.635
27.659
27.804
27.748
27.622
27.126
27.110
27.225
27.459
27.523
13.239
13.248
13.260
13.260
13.240
240.04
240.47
240.58
240.61
240.37
.15890
.15886
.15897
.15895
.15897
.27948
.27950
.27963
.27926
.27862
32.438
32.469
32.460
32.460
32.449
8.0056
8.0056
8.0056
8.0056
8.0056
27.522
27.486
27.525
27.533
27.565
Norway
(krone)
Portugal
(escudo)
South
Africa
(rand)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
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
7131.97
111.37
111.21
1.6651
1.6383
1.4272
1.4266
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
1969—May.,
June.
July. .
Aug..
Sept..
Oct...
Nov..
Dec..
111.04
111.18
111.22
110.99
110.92
111.21
111.50
111.54
13.999
14.014
14.005
13.998
13.989
13.986
13.989
14.000
3.4985
3.4989
3.5011
3.5031
3.5029
3.5038
3.5032
3.5059
138.69
138.87
138.92
138.62
138.54
138.91
139.26
139.32
1.4262
1.4260
1.4267
1.4277
1.4276
1.4262
1.4248
1.4230
19.337
19.327
19.337
19.345
19.330
19.365
19.354
19.352
23.117
23.176
23.197
23.228
23.265
23.229
23.118
23.203
238.65
238.95
239.04
238.53
238.40
239.02
239.63
239.73
1970—Jan...
Feb..
Mar..
Apr..
May.
111.69
111.89
111.94
111.96
111.84
13.983
13.990
14.001
14.001
13.987
3.5096
3.5104
3.5072
3.5021
3.5033
139.50
139.75
139.82
139.83
139.69
1.4247
1.4266
1.4268
1.4274
1.4280
19.355
19.305
19.232
19.233
19.233
23.176
23.257
23.202
23.244
23.199
240.04
240.47
240.58
240.61
240.37
Period
196 5
196 6
196 7
196 8
1969
1969—May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
20.110
518.627
18.005
17.907
17.928
17.952
18.005
18.034
18.038
18.076
1970—Jan..
Feb.
Mar.
Apr.
May,
18.108
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 A new Argentine peso, equal to 100 old pesos, was introduced on
Jan.
1, 1970.
4
Effective June 6, 1966, the Indian rupee was devalued from 4.76 to
7.5 rupees per U.S. dollar.
5 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to
5.55 francs per U.S. dollar.
6 Effective Oct. 26, 1969, the new par value of the deutsche mark was
set at 3.66 per U.S. dollar.
7 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.
MONEY RATES • JUNE 1970
A 90
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
May 31, 1969
Per
cent
6.0
3.75
Month
effective
June
July
Aug.
Argentina
Austria
Belgium
Brazil
Burma
6.0
22.0
4.0
Dec.
Oct.
May
Jan.
Feb.
1957
1967
1969
1967
1962
Canada i
Ceylon
Chile
Colombia
Costa Rica
7.0
5.5
13.0
8.0
4.0
Mar.
May
Jan.
May
June
1969
1968
1969
1963
1966
Denmark
Ecuador
El Salvador
Finland
France
9.0
5.0
4.0
7.0
6.0
May
Nov.
Aug.
Apr.
Nov.
1969
1956
1964
1962
1968
Germany, Fed. Rep. o f . . . .
Ghana
Greece
Honduras 2
Iceland
4.0
5.5
5.5
3.0
9.0
Apr.
Mar.
Feb.
Jan.
Jan.
1969
1968
1969
1962
1966
India
Indonesia
Iran
Ireland
Israel
5.0
9.0
7.0
8.38
6.0
Mar.
Aug.
Nov.
Apr.
Feb.
1968
1963
1968
1969
1955
3.5
June
May
Aug.
Dec.
June
1958
1969
1968
1965 26.0
1942
4.0
5.84
28.0
4.5
Netherlands
New Zealand
Nicaragua
Norway
Pakistan
5.5
7.0
6.0
3.5
5.0
Apr.
Mar.
Apr.
Feb.
June
1969
1961
1954
1955
1965
6.0
Peru
Philippine Republic
Portugal
South Africa
Spain
9.5
8.0
2.75
5.5
4.5
Nov.
Feb.
Jan.
Aug.
Nov.
1959
1969 10.0
1969
1968
1967
Sweden
Switzerland
Taiwan
Thailand
Tunisia
6.0
3.0
10.8
5.0
5.0
Feb.
July
May
Oct.
Sept.
1969
1967
1969
1959
1966
7.5
5.0
8.0
4.5
May
May
Feb.
Dec.
1961
1962
1969
1960 5.5
Italy
Jamaica
Japan
Korea
Mexico
i
Turkey
United Arab Rep. (Egypt)
United Kingdom
Venezuela
6.0
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
6.0
5.0
7.5
20.0
4.0
7.5
8.0
8.0
7.0
5.0
7.5
6.0
7.5
5.5
6.0
3.0
9.0
6.0
8.44
8.0
8.38
8.25
8.62
8.19
7.81
7.19
5.5
6.25
24.0
3.5
6.5
5.5
6.0
6.25
24.0
4.5
9.5
10.0
3.5
5.5
6.5
7.0
3.75
7.0
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt, securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Chile—17 percent for forestry paper, preshipment loans and consumer
loans, 18 per cent for selective and special rediscounts, 19.5 per cent for
cash position loans, and 23.5 per cent for construction paper beyond a
basic rediscount period. A fluctuating rate applies to paper covering the
acquisition of capital goods.
Colombia—5 per cent for warehouse receipts covering approved lists of
5.0
9.0
8.0
7.19
6.0
6.0
7.0
6.0
4.5
5.0
4.5
5.5
7.5
5.5
14.0
8.0
4.0
9.0
8.0
4.0
7.0
8.0
8.0
8.5
May
5.0
14.0
1 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.
Oct.
4.75
7.5
7.0
20.0
7.5
Sept.
Rate
as of
May 31,
1970
1970
1969
Country
3.75
10.8
5.0
5.0
7.5
7.0
7.5
5.0
7.0
5.5
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial! transactions
(rate shown is for agricultural and industrial paper);
Ecuador—5 per cent for special advances and for bank acceptances for
agricultural purposes, 7 per cent for bank acceptances for industrial
purposes, and 10 per cent for advances to cover shortages in legal reserves;
Indonesia— Various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish production, import substitution industries and manufacture of exports; 8 per
cent for other agricultural, industrial and mining paper;
Philippines—6 per cent for financing the production, importation, and distribution of rice and corn and 7.75 per cent for credits to enterprises engaged in export activities. Preferential rates are also granted on credits to
rural banks; and
Venezuela—2 per cent for rediscounts of certain 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.
JUNE 1970 •
MONEY RATES; ARBITRAGE
A 91
OPEN MARKET RATES
(Per cent per annum)
Month
Germany,
Fed. Rep. of
United Kingdom
Canada
Treasury Day-today
bills,
3 months 1 money 2
Bankers'
Day-to- allowance
day
on
money
deposits
Bankers' Treasury
acceptbills,
ances,
3 months
3 months
Netherlands
Day-today
money 3
Treasury
bills,
60-904
days
Day-today
money 5
Treasury
bills,
3 months
Day-today
money
Switzerland
Private
discount
rate
1967—Dec.
1968—Dec.,
5.80
5.96
5.67
5.31
7.78
7.26
7.52
6.80
6.83
5.99
6.00
5.00
4.76
8.22
2.75
2.75
2.77
1.84
4.51
4.65
4.05
4.96
3.75
3.75
1969—Apr.
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.,
6.69
6.74
7.03
7.49
7.65
7.75
7.68
7.71
7.78
6.47
6.67
6.98
7.40
7.57
7.77
7.71
7.78
7.78
8.41
8.46
8.73
8.88
8.88
8.88
8.88
8.88
8.88
7.79
7.82
7.89
7.86
7.80
7.80
7.73
7.72
7.70
6.88
6.88
6.66
6.95
6.95
7.07
7.02
6.85
6.90
6.00
6.00
6.00
8.34
8.96
9.46
9.23
8.84
9.39
9.37
9.59
10.38
3.75
3.75
4.75
4.75
4.75
5.75
5.75
5.75
5.75
2.46
1.63
5.02
5.80
5.87
4.03
6.68
7.64
8.35
5.39
5.50
5.50
5.50
5.98
6.00
5.88
5.95
6.00
5.77
5.88
5.92
7.17
7.71
7.66
3.80
5.55
7.11
4.00
4.00
4.06
4.25
4.25
4.38
4.75
4.75
4.75
1970—Jan..
Feb..
Mar.
Apr.,
7.80
7.70
7.35
6.81
7.88
7.81
7.35
6.82
6.88
7.03
6.97
6.26
10.21
9.70
9.47
5.75
5.75
7.00
7.00
9.09
8.48
9.55
9.68
6.00
8.60
8.30
7.55
7.60
7.27
6.94
6.76
7.05
7.04
5.57
4.75
4.75
5.00
5.25
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.56
5.23
6.00
6.00
6.00
5 Monthly averages based on daily quotations.
NOTE.—For description and back data, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
34 Rate shown is on private securities.
Rate in effect at end of month.
2
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and Canada
United States and United Kingdom
Treasury bill rates
Treasury bill rates
Date
Premium
( + ) or
discount
( —) on
forward
pound
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
9
16
23
30
7.43
7.40
7.37
7.37
7.86
7.73
7.80
7.85
-.43
-.33
-.43
-.48
-.20
-.40
-.57
-.39
Feb.
6
13
20
27
7.43
7.46
7.46
7.49
7.50
7.19
6.74
6.82
-.07
.27
.72
.67
Mar.
6
13
20
26
7.27
7.21
7.15
7.06
6.81
6.70
6.56
6.11
Apr.
3
10
17
24
6.96
6.93
6.60
6.70
May
1
8
15
22
28
June
5
Net
incentive
(favor
of
London)
Can ada
Premium
( + ) or
discount
( - ) on
forward
Canadian
dollars
Net
incentive
(favor
of
Canada)
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
Spread
(favor
of
Canada)
-1.00
-.87
7.83
7.80
7.78
7.77
7.58
7.55
7.53
7.52
7.86
7.73
7.80
7.85
-.28
-.18
-.27
-.33
-.17
-.17
-.26
-.48
-.45
-.35
-.53
-.81
-.52
-.55
-.42
-.64
-.59
-.28
.30
.03
7.83
7.72
7.64
7.62
7.57
7.47
7.39
7.38
7.50
7.19
6.74
6.82
.07
.28
.65
.56
-.26
-.26
-.30
-.30
-.19
.02
.35
.26
.46
.51
.59
.95
-.46
-.44
-.54
-.53
.00
.07
.05
.42
7.55
7.46
7.32
7.06
7.31
7.22
7.09
6.76
6.81
6.70
6.56
6.11
.50
.52
.53
.65
-.22
-.13
.00
.00
.28
.39
.53
.65
6.30
6.31
6.34
6.47
.66
.62
.26
.23
-.42
-.50
-.39
-.28
.24
.12
-.13
-.05
6.97
6.82
6.60
6.72
6.76
6.61
6.40
6.52
6.30
6.31
6.34
6.47
.46
.30
.06
.05
+
+
+
+
.04
.26
.11
.26
.50
.56
.17
.31
6.70
6.66
6.69
6.72
6.72
6.85
6.53
6.69
6.68
6.87
-.15
.13
.00
.04
-.15
-.42
-.31
-.31
-.49
-.49
-.57
-.18
-.31
-.45
-.64
6.75
6.69
6.50
6.45
6.47
6.55
6.49
6.31
6.26
6.28
6.85
6.53
6.69
6.68
6.87
-.30
-.04
-.38
-.42
-.59
+
+
+
+
+
.17
.26
.30
.67
.35
-.13
.30
-.08
.25
-.24
6.72
6.80
-.08
-.29
-.37
5.85
5.69
6.80
-1.11
1970
Jan.
-.63
-.73
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
+1.15
.04
All series: Based on quotations reported to F.R. Bank of New York
by market sources.
For description of series and for back figures, see Oct. 1964 BULLETIN,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
Oct. 1964 BULLETIN.
A 92
GOLD RESERVES • JUNE 1970
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world 1
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
42,305
43,015
243,230
43,185
41,600
40,905
2,312
2,179
31,869
2,652
2,682
2,288
15,596
15,471
13,806
13,235
12,065
10,892
24,395
25,365
27,285
27,300
26,855
27,725
78
71
66
84
84
109
208
226
223
224
231
257
536
600
700
701
701
714
2,297
2,301
2.257
2,316
2,336
2.258
2,260
2,288
2,310
10,936
11,153
11.153
11,144
11.154
11,164
11,190
11,171
11,859
27,560
109
109
110
115
120
120
26 j 845
125
130
135
255
256
258
258
257
257
262
263
263
2,413
2,435
2,512
2,514
11,882
11,906
11,903
11,902
26,775
140
140
140
263
268
269
Denmark
Finland
40,970
40,900
p41,190
Colombia
27,480
p
France
Germany,
Fed.
Rep. of
62
58
35
26
31
31
92
92
97
108
107
114
61
85
84
45
45
45
3,175
3,729
4,706
5,238
5,234
3,877
3,843
4,248
4,410
4,292
4,228
4,539
30
29
29
29
29
27
27
26
26
114
88
89
89
89
89
89
89
89
45
45
45
45
45
45
45
45
45
3,726
3.551
3.552
3,551
3,551
3.545
3,547
3,547
3,547
27
27
27
27
89
89
89
89
45
45
45
45
Kuwait
Lebanon
Greece
India
Austria
Belgium
Brazil
Burma
Canada
1,371
1,451
1,558
1,525
1,480
1,524
150
92
63
45
45
45
42
84
84
84
84
84
817
1,026
1,151
1,046
1,015
853
714
714
715
715
715
715
715
715
715
1,522
1,522
1,522
1,522
1,520
1,520
1,520
1,518
1,520
45
45
45
45
45
45
45
45
45
84
84
84
84
84
84
84
84
84
863
863
856
856
866
872
872
872
872
710
714
714
712
1,518
1,520
1,520
1,518
45
45
84
84
84
84
870
879
879
879
Iran
Iraq
Ireland
Israel
Italy
130
140
120
98
112
110
106
115
193
2,343
2,107
2,404
2,414
2,400
2.923
4.541
4.542
4,563
4.563
4.564
4,597
4,597
4,610
4,079
131
130
130
130
130
130
130
130
130
243
243
243
243
243
243
243
243
243
158
158
158
158
158
158
158
158
158
193
193
193
193
193
193
193
193
193
2.924
2,926
2.937
2,936
2.938
2,954
2,954
2,956
2,956
3.546
3,544
3,544
3,544
4,079
4,079
4,079
4,079
130
120
120
120
243
243
243
243
158
158
158
158
151
151
151
151
2,976
2,978
2,978
2,978
Libya
Malaysia
Mexi-
Moroc-
Netherlands
8
7
2
139
169
158
109
29
34
21
21
21
21
1,601
1,688
1,756
1,730
1,711
1.697
31
31
31
18
18
24
53
53
53
53
53
54
21
21
21
21
21
21
21
21
21
1.698
1,698
1,703
1,703
1,703
1,711
1,711
1,711
1,720
24
24
24
24
24
•25
25
25
25
21
21
21
1,720
1,730
1,730
1,730
27
27
27
27
7
17
68
68
68
85
31
66
166
123
110
107
103
100
86
86
288
288
288
288
288
288
288
288
288
85
85
85
85
85
85
85
85
85
65
64
64
64
64
64
65
65
63
165
165
166
86
86
86
86
288
288
288
288
85
85
85
85
63
63
63
63
169
170
165
166
167
168
168
172
169
77
77
78
Australia
142
141
146
130
144
158
172
183
182
193
193
288
For notes see end of table.
Argentina
247
247
281
243
243
243
48
48
52
67
136
122
120
120
Afghanistan
Norway
Pakistan
Philippines
Portugal
57
67
67
65
20
20
28
23
38
44
60
62
497
523
576
643
699
856
78
78
73
69
69
119
54
54
54
54
54
54
54
54
54
25
25
25
25
25
25
25
25
25
67
56
52
52
45
45
45
45
45
860
860
860
860
872
872
872
872
876
119
119
119
119
119
119
119
119
119
54
54
54
54
25
45
46
47
49
882
882
890
889
119
119
119
119
JUNE 1970 •
A 93
GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
South
Africa
Spain
Sweden
Switzer- Taiwan
land
Thailand
Yugoslavia
Bank
for
Intl.
Settle-4
ments
171
171
155
146
140
133
401
401
401
401
401
403
14
17
19
21
22
50
-279
-50
-558
-424
-624
-349
1,471
136
136
136
136
165
165
165
165
165
403
403
403
403
403
403
403
403
403
50
50
51
51
51
50
50
50
51
-286
-282
-285
-275
-268
-285
-314
-309
-480
1,469
165
165
165
403
404
404
404
51
51
51
51
-488
-467
-507
-519
U.A.R.
(Egypt)
United
Kingdom
2,484
2,136
2,265
1,940
1,291
1,474
196 3
1964
196 5
196 6
196 7
196 8
630
574
425
637
583
1,243
573
616
810
785
785
785
182
189
202
203
203
225
2,820
2,725
3,042
2,842
3,089
2,624
50
55
55
62
81
81
104
104
96
92
92
92
115
104
116
102
97
97
174
139
139
93
93
93
1969—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec..
1,409
1,282
1,264
1,171
1,138
1,093
1,128
1,125
1,115
785
785
785
785
785
785
785
785
784
225
225
225
225
226
226
226
226
226
2,644
2,643
2,643
2,643
2,642
2,642
2,642
2,642
2,642
81
81
81
81
81
81
81
81
82
92
92
92
92
92
92
92
92
92
97
97
97
107
107
107
117
117
117
93
93
93
93
93
93
93
93
93
1970—Jan...
Feb..
Mar..
Apr.P
1,075
1,035
1,002
992
784
784
784
784
224
224
224
224
2,659
2,659
2,659
2,659
82
82
82
92
92
92
92
117
117
127
127
93
93
93
93
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
coun
tries.
2
Adjusted to include gold subscription payments to the IMF made by
Venezuela
Turkey
Uruguay
1,474
1,459
some member countries in anticipation of increase in Fund quotas, except
those matched by gold mitigation deposits with the United States and
United Kingdom; adjustment is $270 million.
3 Excludes gold subscription payments made by some member countries
in anticipation of increase in Fund quotas: for most of these countries
the increased quotas became effective in Feb. 1966.
4
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period
1962
1963
1964
1965
1966
1967
1968
1969 p
World
production 1
1,295.0
1,355.0
1,405.0
1,440.0
1,445.0
1,410.0
1,420.0
North and South America
South
Africa
Ghana
Congo
(Kinshasa)
892.2
960.1
1,018.9
1,069.4
1,080.8
1,068.7
1,088.0
1,090.7
31.1
32.2
30.3
26.4
24.0
26.7
25.4
7.1
7.5
6.6
3.2
5.6
5.4
5.9
United
States
Canada
Mexico
Nicaragua
54.5
51.4
51.4
58.6
63.1
53.4
53.9
146.2
139.0
133.0
125.6
114.6
103.7
94.1
85.2
8.3
8.3
7.4
7.6
7.5
5.8
6.2
7.8
7.2
7.9
6.9
7.0
6.2
6.8
.6
.5
.4
.5
1969—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
89.1
89.3
90.0
91.3
93.7
93.9
95.1
95.2
93.6
89.5
7.6
7.3
7.4
7.3
6.7
6.6
7.0
6.5
6.8
7.1
1970—Jan
Feb
Mar
102.5
88.4
94.3
7.5
6.5
7.1
i Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
Asia
Colombia
13.9
11.4
12.8
11.2
9.8
9.0
8.4
7.7
.7
.7
.7
.7
.7
.7
.6
.6
.6
.4
Other
India
Japan
Philippines
Australia
All
other r
5.7
4.8
5.2
4.6
4.2
3.4
4.0
14.7
15.1
16.1
18.1
19.4
23.7
21.5
14.8
13.2
14.9
15.3
15.8
17.2
18.5
37.4
35.8
33.7
30.7
32.1
28.4
27.6
61.3
69.0
66.8
62.4
61.1
58.4
59.7
1.5
1.3
1.8
2.0
1.9
2.0
1.7
1.6
1.5
1.5
2.1
2.4
2.2
2.2
1.9
1.9
2.0
.5
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
BANK HOLDING COMPANIES • JUNE 1970
BANK HOLDING COMPANIES, DECEMBER 31 y 1969
(Registered pursuant to Section 5, Bank Holding Company Act of 1956)
Holding company
Bancorporation of Montana
New Hampshire
Nashua
New Hampshire Bankshares, Inc.
New Mexico
Alamogordo..
Bank Securities, Inc. (NSL)
New York
Buffalo
New York
New York
New York
New York
New York
Rochester....
Rochester....
Warsaw
Warsaw
Marine Midland Banks, Inc.
The Bank of New York Company, Inc.
Bankers Trust New York Corporation
Charter New York Corporation
Empire Shares Corporation
The Morris Plan Corporation
Lincoln First Banks Inc.
Security New York State Corporation
Financial Institutions, Inc.
Geneva Shareholders, Inc.
Ohio
Cincinnati.. . .
Cleveland....
Columbus....
Columbus....
Columbus
Columbus....
The Central Bancorporation, Inc.
Society Corporation
American Bancorporation
BancOhio Corporation
First Banc Group of Ohio, Inc.
Huntington Bancshares Incorporated
South Dakota
Aberdeen
Dacotah Bank Holding Co.
Tennessee
Chattanooga..
Johnson City..
Hamilton National Associates, Incorporated
Tennessee Financial Corporation
Texas
Dallas
Fort Worth...
Houston
Mercantile National Bank at Dallas
The First National Bank of Fort Worth
C. B. Investment Corporation
Utah
Salt Lake City
First Security Corporation
Trustees, First National Bank of Louisville
Virginia
Arlington
Lynchburg
Richmond....
Richmond
Roanoke
First Virginia Bankshares Corporation
Fidelity American Bankshares, Inc. 2
United Virginia Bankshares Incor porated
Virginia Commonwealth Bankshaires, Inc.
Dominion Bankshares Corporation
Depositors Corporation
Eastern Trust and Banking Company
Merrill Bankshares Company
Northeastern Bankshare Association
Washington
Port Angeles..
Spokane
Union Bond & Mortgage Company
Washington Bancshares, Inc.
Wisconsin
Appleton
Appleton
Madison
Milwaukee.
Milwaukee.
Milwaukee.
Milwaukee.
Waukesha
Wausau
First National Corporation
Valley Bancorporation
Mid-Wis Bankshares, Inc.
American Bankshares Corporation
First Wisconsin Bankshares Corporation
The Marine Corporation
Marshall & Ilsley Bank Stock Coi-poration
First Holding Company, Inc.
Central Wisconsin Bankshares, Inc.
Colorado CNB Bankshares, Inc.
Denver U. S. Bancorporation, Inc.
The First National Bancorporation, Inc.
First Colorado Bankshares, Inc.
Financial General Bankshares, Inc. 1
United Bancshares of Florida, Inc.
Atlantic Bancorporation
The Atlantic National Bank of Jacksonville
Barnett Banks of Florida, Inc.
Charter Bankshares Corporation
Trustees, Estate of Alfred I. duPont
Central Bancorp, Inc. 2
Commercial Bancorp, Inc.
Pan American Bancshares, I n c . 2
Southeast Bancorporation, Inc.
First at Orlando Corporation
Exchange Bancorporation, Inc.
First Financial Corporation
First Florida Bancorporation
The First National Bank of Tampa
Union Security & Investment Co.
Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank
St. Joseph Agency, Inc.
St. Joseph Bank and Trust Company, South
Bend, Indiana
Brenton Banks, Inc.
Hawkeye Bancorporation
Baystate Corporation
Shawmut Association, Inc.
Bank Shares Incorporated
First Bank System, Inc.
Northwest Bancorporation
Mid America Bancorporation, Inc.
Otto Bremer Company
Otto Bremer Foundation
Mark Twain Bancshares, Inc.
Commerce Bancshares, Inc.
First National Charter Corporation2
Joe W. Ingram Trust "B"
Midwest Bancorporation, Inc.
The First National Bank of St. Joseph
General Bancshares Corporation
1
2
Holding company
Montana
Great Falls...
Western Bancorporation
Central Banking System, Inc.
District of Columbia
Washington
Location of
principal office
..
..
..
..
Canada
Montreal
Toronto
Bank of Montreal
Canadian Imperial Bank of Commerce
England
London
Barclays Bank Limited
Japan
Tokyo
The Bank of Tokyo, Ltd.
Reflects name and location changes subsequent to Dec. 31, 1969.
These companies were bank holding companies as of Dec. 31, 1969, but had not registered with the Board in 1969.
A 95
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
ARTHUR F . BURNS, Chairman
GEORGE
W.
ANDREW
F.
MITCHELL
J. L . ROBERTSON, Vice
J.
DEWEY
DAANE
Chairman
SHERMAN
BRIMMER
J.
WILLIAM W .
ROBERT C . HOLLAND,
J . CHARLES PARTEE, Adviser to the Board
HOWARD H . HACKLEY, Assistant to the Board
ROBERT L . CARDON, Assistant to the Board
OFFICE OF T H E SECRETARY
ROBERT C . HOLLAND, Secretary
K E N N E T H 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
MAISEL
SHERRILL
Secretary of the Board
ROBERT SOLOMON,
CHARLES MOLONY,
JOSEPH R . COYNE,
Adviser to the Board
Assistant to the Board
Special Assistant to the Board
DIVISION OF FEDERAL RESERVE BANK
OPERATIONS
JOHN R . FARRELL, Director
JOHN N . KILEY, JR., Associate Director
JAMES A . M C I N T O S H , 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 ' C O N N E L L , Deputy General Counsel
JEROME W . SHAY, Assistant General Counsel
ROBERT F . SANDERS, Assistant General Counsel
LAWRENCE F . N O B L E , Assistant General Counsel
PAULINE B . H E L L E R , Adviser
DIVISION OF RESEARCH A N D STATISTICS
J . CHARLES PARTEE, Director
S T E P H E N H . AXILROD, Associate Director
LYLE E . GRAMLEY, Associate Director
STANLEY J . SIGEL, Adviser
TYNAN SMITH, Adviser
MURRAY S. WERNICK, Adviser
K E N N E T H B . WILLIAMS, Adviser
P E T E R M . K E I R , Associate Adviser
BERNARD SHULL, Associate Adviser
JAMES B . ECKERT, Assistant Adviser
JAMES L. PIERCE, Assistant Adviser
STEPHEN P . TAYLOR, Assistant Adviser
Louis W E I N E R , Assistant Adviser
JOSEPH S. ZEISEL, Assistant Adviser
DIVISION OF INTERNATIONAL
FINANCE
Director
* ROBERT L . SAMMONS, Associate Director
JOHN E . REYNOLDS, Associate Director
JOHN F . L . GHIARDI, Adviser
A . B . HERSEY, Adviser
R E E D J . IRVINE, Adviser
SAMUEL I . KATZ, Adviser
BERNARD NORWOOD, Adviser
RALPH C . WOOD, Adviser
ROBERT F . G E M M I L L , Associate Adviser
SAMUEL PIZER, Associate Adviser
DIVISION OF SUPERVISION A N D 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
JOHN T . MCCLINTOCK, 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 . K E L L E H E R , Director
DONALD E . ANDERSON, Assistant Director
JOHN D . SMITH, Assistant Director
OFFICE OF T H E CONTROLLER
JOHN KAKALEC,
Controller
Assistant Controller
HARRY J . HALLEY,
ROBERT SOLOMON,
DIVISION OF DATA PROCESSING
Director
Associate Director
G L E N N L . C U M M I N S , Assistant Director
H E N R Y W . M E E T Z E , Assistant Director
RICHARD S . WATT, Assistant Director
JEROLD E . SLOCUM,
JOHN
P.
SINGLETON,
*On leave of absence.
** Currently serving also as Program Director for
Banking Structure in the Office of the Secretary.
A 96
FEDERAL OPEN MARKET COMMITTEE
ARTHUR F . BURNS, Chairman
ALFRED HAYES, Vice
Chairman
ANDREW F. BRIMMER
AUBREY N . HEFLIN
J. L . ROBERTSON
J. D E W E Y D A A N E
W . BRADDOCK H I C K M A N
W I L L I A M W . SHERRILL
SHERMAN J. MAISEL
ELIOT J. S W A N
DARRYL R .
FRANCIS
GEORGE W . MITCHELL
ROBERT C . HOLLAND,
Deputy Secretary
ARTHUR L . BROIDA,
CHARLES MOLONY,
A . B. HERSEY,
General Counsel
Economist
STEPHEN H . AXILROD,
J . HOWARD CRAVEN,
Associate Economist
Associate Economist
ALAN R . HOLMES,
CHARLES A . COOMBS,
Associate Economist
Associate Economist
Associate Economist
WILLIAM J . HOCTER,
Assistant General Counsel
J . CHARLES PARTEE,
Associate Economist
LYLE E . GRAM LEY,
Assistant Secretary
HOWARD H . HACKLEY,
DAVID B . HEXTER,
GEORGE GARVY,
Assistant Secretary
KENNETH A . KENYON,
Secretary
HOMER JONES,
Associate Economist
JAMES PARTHEMOS,
Associate Economist
JOHN E . REYNOLDS,
Associate Economist
ROBERT SOLOMON,
Associate Economist
Manager, System Open Market
Account
Special Manager, System Open Market Account
FEDERAL ADVISORY COUNCIL
PHILIP H . NASON, NINTH FEDERAL RESERVE DISTRICT,
JACK T . CONN, TENTH FEDERAL RESERVE DISTRICT, Vice
MARK C . WHEELER, FIRST FEDERAL
JOHN M . MEYER, JR., SECOND FEDERAL
GEORGE S . CRAFT, SIXTH FEDERAL
DONALD M . GRAHAM, SEVENTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
GEORGE H . BROWN, JR., THIRD FEDERAL
A L L E N MORGAN, EIGHTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
JOHN A . MAYER, FOURTH FEDERAL
JOHN E . GRAY, ELEVENTH FEDERAL
RESERVE DISTRICT
RESERVE DISTRICT
ROBERT D . H . HARVEY, FIFTH FEDERAL
President
RESERVE DISTRICT
RESERVE DISTRICT
RESERVE DISTRICT
President
A . W . CLAUSEN, TWELFTH FEDERAL
RESERVE DISTRICT
HERBERT V . PROCHNOW,
WILLIAM J. KORSVIK, Assistant
Secretary
Secretary
A 97
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
David Eastburn
David Melnicoff
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.
William B. McGuire
Aubrey N. Heflin
Robert P. Black
Edwin 1. Hatch
John C. Wilson
C. Caldwell Marks
Henry Cragg
Robert M. Williams
Frank G. Smith
Monroe Kimbrel
Kyle K. Fossum
Cleveland
Cincinnati
Pittsburgh
.,44101
...45201
....15230
Richmond
Baltimore
Charlotte
Atlanta
23213
...21203
.,28201
...30303
35202
Birmingham...
....32201
Jacksonville
, ,,37203
Nashville
New Orleans,..
.70160
Chicago
.. .60690
Detroit
48231
St. Louis
. . .63166
Little Rock
Louisville
Memphis
Emerson G. Higdon
William H. Franklin
L. Wm. Seidman
Frederic M. Peirce
Smith D. Broadbent, Jr.
,72203 A1 Pollard
40201 Harry M. Young, Jr.
....38101 Alvin Huffman, Jr.
Minneapolis
.. .55440
Helena
....59601
Kansas City
.. .64198
Robert F. Leach
David M. Lilly
Warren B. Jones
Dolph Simons
Willard D. Hosford, Jr.
Denver
..,.80217 Cris Dobbins
Oklahoma City. ,,..73125 C. W. Flint, Jr.
Omaha
68102 Henry Y. Kleinkauf
Dallas
75222
El Paso
....79999
.77001
Houston
San Antonio... ., ,78206
San Francisco.... ..,.94120
Carl J. Thomsen
Chas. F. Jones
Gordon W. Foster
Geo. T. Morse, Jr.
Francis B. May
O. Meredith Wilson
S. Alfred Halgren
Los Angeles.... ....90054 Leland D. Pratt
Portland
....97208 Robert F. Dwyer
Salt Lake City,.
84110 Peter E. Marble
....98124 C. Henry Bacon, Jr.
Seattle
Ernest T. Baughman
Darryl R. Francis
Dale M. Lewis
Hugh D. Galusha, Jr.
M. H. Strothman, Jr.
George H. Clay
John T. Boysen
Philip E. Coldwell
T. W. Plant
Eliot J. Swan
A. B. Merritt
Vice President
in charge of branch
A. A. Maclnnes, Jr
Fred O. Kiel
Clyde E. Harrell
H. Lee Boatwright, III
Edmund F. MacDonald
Dan L. Hendley
Edward C. Rainey
Jeffrey J. Wells
Arthur H. Kantner
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
98
FEDERAL RESERVE BOARD PUBLICATIONS
Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and
be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at
par in U.S. currency. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1963. 298 pp.
ANNUAL REPORT.
FEDERAL RESERVE BULLETIN. M o n t h l y . $ 6 . 0 0 p e r
annum or $.60 a copy in the United States and
its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic,
Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay,
Peru, El Salvador, Uruguay, and Venezuela; 10
or more of same issue sent to one address, $5.00
per annum or $.50 each. Elsewhere, $7.00 per
annum or $.70 a copy.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Chart Book. $6.00 per annum or $.60 a copy in
the United States and the countries listed above;
10 or more of same issue sent to one address,
$.50 each. Elsewhere, $7.00 per annum or $.70
a copy.
HISTORICAL CHART BOOK. Issued annually in Sept.
Subscription to monthly chart book includes
one issue. $.60 a copy in the United States and
countries listed above; 10 or more sent to one
address, $.50 each. Elsewhere, $.70 a copy.
THE FEDERAL RESERVE ACT, as amended through
Nov. 5, 1966, with an appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 353 pp. $1.25.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
PUBLISHED INTERPRETATIONS OF THE BOARD OF
GOVERNORS, as of Dec. 31, 1969. $2.50.
SUPPLEMENT TO BANKING AND MONETARY STATISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 2. Member Banks.
1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36
pp. $.35. Sec. 6. Bank Income. 1966. 29 pp.
$.35. Sec. 9. Federal Reserve Banks. 1965. 36
pp. $.35. Sec. 10. Member Bank Reserves and
Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. Money Rates
and Securities Markets. 1966. 182 pp. $.65.
Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65. Sec. 16
(New). Consumer Credit. 1965. 103 pp. $.65.
INDUSTRIAL PRODUCTION—1957-59 BASE. 1962.
172 pp. $1.00 a copy; 10 or more sent to one
address, $.85 each.
BANK MERGERS & THE REGULATORY AGENCIES:
APPLICATION OF THE BANK MERGER ACT OF
1960. 1964. 260 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
BANKING MARKET STRUCTURE & PERFORMANCE
IN METROPOLITAN AREAS: A STATISTICAL
STUDY OF FACTORS AFFECTING RATES ON
BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or
more sent to one address, $.40 each.
THE PERFORMANCE OF BANK HOLDING COMPANIES. 1967. 29 pp. $.25 a copy; 10 or more
sent to one address, $.20 each.
FARM DEBT. Data from the 1960 Sample Survey
of Agriculture. 1964. 221 pp. $1.00 a copy; 10
or more sent to one address, $.85 each.
MERCHANT AND DEALER CREDIT IN AGRICULTURE. 1966. 109 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
FLOW OF FUNDS IN THE UNITED STATES, 193953. 1955. 390 pp. $2.75.
THE FEDERAL FUNDS MARKET. 1959. I l l pp.
$1.00 a copy; 10 or more sent to one address,
$.85 each.
FLOW OF FUNDS ACCOUNTS, 1945-1968. March
1970. 138 pp. $1.00 per copy; 10 or more sent
to one address, $.85 each.
TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00
a copy; 10 or more sent to one address, $.85
each.
DEBITS AND CLEARING STATISTICS AND THEIR
USE. 1959. 144 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
U.S. TREASURY ADVANCE REFUNDING, JUNE
1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10
or more sent to one address, $.40 each.
99
BANK CREDIT-CARD AND CHECK-CREDIT PLANS.
1968. 102 pp. $1.00 a copy; 10 or more sent to
one address, $.85 each.
INTEREST RATE EXPECTATIONS: TESTS ON YIELD
SPREADS AMONG SHORT-TERM GOVERNMENT
SECURITIES. 1968. 83 pp. $.50 a copy; 10 or
more sent to one address, $.40 each.
SURVEY OF FINANCIAL CHARACTERISTICS OF
CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or
more sent to one address, $.85 each.
SURVEY OF CHANGES IN FAMILY FINANCES. 1968.
RESERVE ADJUSTMENTS OF THE EIGHT MAJOR
NEW YORK CITY BANKS DURING 1966. 1968.
29 pp.
DISCOUNT POLICY AND OPEN MARKET OPERATIONS. 1968. 23 pp.
THE REDESIGNED DISCOUNT MECHANISM AND
THE MONEY MARKET. 1968. 29 pp.
SUMMARY OF THE ISSUES RAISED AT THE ACADEMIC SEMINAR ON DISCOUNTING. 1968.
16 pp.
321 pp. $1.00 a copy; 10 or more sent to one
address, $.85 each.
A REVIEW OF RECENT ACADEMIC LITERATURE
ON THE DISCOUNT MECHANISM. 1968. 40 pp.
REPORT OF THE JOINT TREASURY-FEDERAL RESERVE STUDY OF THE U.S. GOVERNMENT
SECURITIES MARKET. 1969. 48 pp. $.25 a copy;
10 or more sent to one address, $.20 each.
DISCOUNT POLICY AND BANK SUPERVISION.
1968. 72 pp.
(Limited supplies of the staff studies on the
Government Securities Market Study, as
listed on page 48 in the main report, are
available upon request for single copies.
These studies are printed in mimeographed
or similar form.)
REAPPRAISAL OF THE FEDERAL RESERVE DISCOUNT MECHANISM:
REPORT OF A SYSTEM COMMITTEE. 1968. 23
pp. $.25 a copy; 10 or more sent to one address, $.20 each.
REPORT ON RESEARCH UNDERTAKEN IN CONNECTION WITH A SYSTEM STUDY. 1968. 47
pp. $.25 a copy; 10 or more sent to one
address, $.20 each.
Limited supply of the following papers relating to
the Discount Study, in mimeographed or similar
form, available upon request for single copies:
THE LEGITIMACY OF CENTRAL BANKS. 1969.
24 pp.
SELECTIVE CREDIT CONTROL. 1969. 9 pp.
SOME PROPOSALS FOR A REFORM OF THE DISCOUNT WINDOW. 1969. 40 pp.
RATIONALE AND OBJECTIVES OF THE 1955 REVISION OF REGULATION A. 1969. 33 pp.
AN EVALUATION OF SOME DETERMINANTS OF
MEMBER BANK BORROWING. 1969. 29 pp.
ACADEMIC VIEWS ON IMPROVING THE FEDERAL
RESERVE DISCOUNT MECHANISM. 1970. 172
pp.
STAFF ECONOMIC STUDIES
Studies and papers on economic and financial subjects that are of general interest in the field of
economic research.
Summaries only printed in the Bulletin.
EVOLUTION OF THE ROLE AND FUNCTIONING
OF THE DISCOUNT MECHANISM. 1968. 65 pp.
(Limited supply of mimeographed copies of full
text available upon request for single copies.)
A STUDY OF THE MARKET FOR FEDERAL FUNDS.
1968. 47 pp.
MEASURES OF INDUSTRIAL PRODUCTION AND
FINAL DEMAND, by Clayton Gehman and Cornelia Motheral. Jan. 1967. 57 pp.
THE SECONDARY MARKET FOR NEGOTIABLE
CERTIFICATES OF DEPOSIT. 1968. 89 pp.
THE DISCOUNT MECHANISM IN LEADING INDUSTRIAL COUNTRIES SINCE WORLD WAR II.
1968. 216 pp.
CHANGES IN BANK OWNERSHIP: THE IMPACT ON
OPERATING PERFORMANCE, by Paul F. Jessup.
Apr. 1969. 35 pp.
CHARACTERISTICS OF MERGING BANKS, by David
L. Smith. July 1969. 30 pp.
A 100
FEDERAL RESERVE BULLETIN • JUNE 1970
OPTIMAL FACTOR ADJUSTMENT PATHS: A GENERALIZATION OF "STOCK ADJUSTMENT" DECISION
RULES, by P. A. Tinsley. July 1969. 14 pp.
ECONOMIC FORECASTS: EVALUATION PROCEDURES AND RESULTS, by H. O. Stekler. Oct.
1969. 49 pp.
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.
SOME PROBLEMS IN FORECASTING INVENTORY
INVESTMENT, by H. O. Stekler. Oct. 1969. 23 pp.
CYCLES AND CYCLICAL IMBALANCES IN A CHANGING WORLD, Staff Paper by Frank R. Garfield.
Nov. 1965. 15 pp.
AUTOMOTIVE TRADE BETWEEN THE UNITED
STATES AND CANADA, by Kathryn A. Morisse.
Nov. 1969. 33 pp.
RESEARCH ON BANKING STRUCTURE AND PERFORMANCE, Staff Economic Study by Tynan
Smith. Apr. 1966. 11 pp.
THE AVAILABILITY OF MORTGAGE LENDING COMMITMENTS, by Robert Moore Fisher. Dec. 1969.
36 pp.
COMMERCIAL BANK LIQUIDITY, Staff Economic
Study by James Pierce. Aug. 1966. 9 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.)
REPRINTS
(From Federal Reserve BULLETIN unless preceded
by an asterisk.)
ADJUSTMENT FOR SEASONAL VARIATION. June
1941. 11 pp.
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.
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 Ann P. Ulrey. Jan.
1967. 14 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.
MEASURES OF MEMBER BANK RESERVES. July
1963. 14 pp.
EVIDENCE ON CONCENTRATION IN BANKING
MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967.
11 pp.
CHANGES IN BANKING STRUCTURE, 1953-62.
Sept. 1963. 8 pp.
NEW BENCHMARK PRODUCTION MEASURES, 1958
AND 1963. June 1967. 4 pp.
THE OPEN MARKET POLICY PROCESS. Oct. 1963.
11 pp.
REVISED INDEXES OF MANUFACTURING CAPACITY
AND CAPACITY UTILIZATION. July 1967. 3 pp.
FEDERAL RESERVE BOARD PUBLICATIONS
THE PUBLIC INFORMATION ACT—ITS EFFECT ON
MEMBER BANKS. July 1967. 6 pp.
101
HOUSING PRODUCTION AND FINANCE. Mar. 1969.
7 pp.
INTEREST COST EFFECTS OF COMMERCIAL BANK
UNDERWRITING OF MUNICIPAL REVENUE
BONDS. Aug. 1967. 16 pp.
BANKING AND MONETARY STATISTICS, 1968.
Selected series of banking and monetary statistics for 1968 only. Mar. and May 1969. 16 pp.
THE FEDERAL RESERVE-MIT ECONOMETRIC
MODEL, Staff Economic Study by Frank de
Leeuw and Edward Gramlich. Jan. 1968. 30 pp.
OUR PROBLEM OF INFLATION. June 1969. 15 pp.
THE PRICE OF GOLD IS NOT THE PROBLEM. Feb.
1968. 7 pp.
THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward
Gramlich. June 1969. 20 pp.
U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN
1960-67. Apr. 1968. 23 pp.
REVISION OF WEEKLY SERIES FOR COMMERCIAL
BANKS. Aug. 1969. 5 pp.
MARGIN ACCOUNT CREDIT. June 1968. 12 pp.
EURO-DOLLARS: A CHANGING MARKET. Oct. 1969.
20 pp.
MONETARY RESTRAINT AND BORROWING AND
CAPITAL SPENDING BY LARGE STATE AND
LOCAL GOVERNMENTS IN 1966. July 1968.
30 pp.
REVISION OF MONEY SUPPLY SERIES. Oct. 1969.
16 pp.
REVISED SERIES ON BANK CREDIT. Aug. 1968.
4 pp.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Jan. 1970. 11 pp.
FEDERAL FISCAL POLICY IN THE 1960's. Sept.
1968. 18 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1970. 21 pp.
HOW DOES MONETARY POLICY AFFECT THE
ECONOMY? Staff Economic Study by Maurice
Mann. Oct. 1968. 12 pp.
RECENT CHANGES IN STRUCTURE OF COMMERCIAL BANKING. Mar. 1970. 16 pp.
BUSINESS FINANCING BY BUSINESS FINANCE
COMPANIES. Oct. 1968. 13 pp.
U.S. BALANCE OF PAYMENTS AND INVESTMENT POSITION. Apr. 1970. 17 pp.
MANUFACTURING CAPACITY: A COMPARISON OF
TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968.
5 pp.
CHANGES IN TIME AND SAVINGS DEPOSITS, OCTOBER 1969—JANUARY 1970. May 1970. 12 pp.
FINANCIAL DEVELOPMENTS IN THE FIRST QUARTER OF 1970. May 1970. 9 pp.
MONETARY RESTRAINT, BORROWING, AND CAPITAL SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966. Dec.
1968. 30 pp.
SDR's IN FEDERAL RESERVE OPERATIONS AND
STATISTICS. May 1970. 4 pp.
REVISION OF CONSUMER CREDIT STATISTICS.
Dec. 1968. 21 pp.
CHANGES IN BANK LENDING PRACTICES, 1969.
May 1970. 5 pp.
A 102
FEDERAL RESERVE BULLETIN • JUNE 1970
ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1—
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Approximate
release day
Tuesday
Date or period to which
data refer
Week ended previous Saturday
Assets and Liabilities of All Commercial Banks in the United
States (H.8)
Wednesday
Wednesday, 2 weeks earlier
Changes in State Bank Membership (K.3)
Tuesday
Week ended previous Saturday
Commercial and Industrial Loans Outstanding, by Industry
(H.12) 2
Wednesday
Wednesday, 1 week earlier
Condition Report of Large Commercial Banks in New York
and Chicago (H.4.3)
Thursday
Previous Wednesday
Condition Report of Large Commercial Banks and Domestic
Subsidiaries (H.4.2) 3
Wednesday
Wednesday, 1 week earlier
Deposits, Reserves, and Borrowings of Member Banks (H.7)
Wednesday
Week ended 3 Wednesdays earlier
Factors Affecting Bank Reserves and Condition Statement
of Federal Reserve Banks (H.4.1)
Thursday
Week ended
Wednesday
Money Supply and Time Deposits (H.6)
Thursday
Week ended Wednesday
of previous week
Reserve Positions of Major Reserve City Banks (H.5)
Friday
Week ended Wednesday
of previous week
Selected Interest and Exchange Rates for Major Countries
and the United States (H.13)
Thursday
Week ended
Saturday
previous
Weekly Foreign Exchange Rates (H.10)
Monday
Week ended
Friday
previous
Weekly Summary of Banking and Credit Measures (H.9)
Thursday
Weekly U.S. Government Security Yields and Prices (H.15)
Monday
Week ended
Saturday
1st and 16th of
month
Period since last release
Aggregate Reserves and Member Bank Deposits (G.10)
12th of month
Previous month
Assets and Liabilities of All Member Banks by Districts
(G.7.1)
14th of month
Last Wednesday of previous month
Automobile Loans by Major Sales Finance Companies
(G.25)
7th
working
day of month
2nd month previous
Weekly releases
Applications and Reports Received, or Acted on, by the
Board (H.2)
Semimonthly releases
Research Library—Recent Acquisitions (J.2)
previous
Week ended previous
Wednesday; and week
ended Wednesday of
previous week
previous
Monthly releases
FEDERAL RESERVE BOARD PUBLICATIONS
103
Approximate
release day
6th
working
day of month
Date or period to which
data refer
2nd month previous
Bank Debits, Deposits, and Deposit Turnover (G.6)
25th of month
Previous month
Business Indexes (G.12.3)
(Industrial Production Indexes also available annually,
see p. A-104)
15th of month
Previous month
Commercial and Industrial Term Loans Outstanding by Industry (H.12b) Available only as attachment to weekly
H.12 release
2nd Wednesday of month
Last Wednesday of previous month
Consumer Credit (G.19)
3rd
working
day of month
2nd month previous
Consumer Credit at Consumer Finance Companies (G.22)
4th
working
day of month
2nd month previous
Consumer Instalment Credit at Commercial Banks (G.18)
4th
working
day of month
2nd month previous
15th of month
Previous month
20th of month
Previous month
Maturity Distribution of Euro-Dollar Deposits in Foreign
Branches of U.S. Banks (G.17)
1st of month
Last day of 3rd month
previous
Maturity Distribution of Outstanding Negotiable Time Certificates of Deposit (G.9)
24th of month
Last Wednesday of previous month
Monthly Foreign Exchange Rates (G.5)
1st of month
Previous month
National Summary of Business Conditions (G.12.2)
15th of month
Previous month
Open Market Money Rates and Bond Prices (G.13)
6th of month
Previous month
Sales Finance Companies (G.20)
5th
working
day of month
2nd month previous
State Member Banks of Federal Reserve System and Nonmember Banks that Maintain Clearing Accounts with
Federal Reserve Banks (G.4)
1st week
month
Previous month
Monthly releases (cont.)
Automobile Instalment Credit Developments (G.26)
Interdistrict Settlement Fund (G.15)
Index Numbers of Wholesale Prices (G.8)
(Also annual)
of
1st week of
February
End of previous year
Summary of Equity Security Transactions (G.16)
Last week of
month
Release date
U.S. Government Security Yields and Prices (G.14)
4th of month
Previous month
18th of March,
June,
September, December
1st 15 days of February,
May, August, November
Quarterly releases
Bank Rates on Short-Term Business Loans (E.2)
A 104
FEDERAL RESERVE BULLETIN • JUNE 1970
Quarterly releases (cont.)
Approximate
release day
Date or period to which
data refer
Capacity Utilization in Manufacturing (E.5)
21st of January, April,
July, October
Previous quarter
Flow of funds:
Seasonally adjusted and unadjusted (Z.l)
Seasonally adjusted only (Z.la)
15th of February, May,
August, and
November
Previous quarter
4
10th of April,
June,
September, December
2nd quarter previous
Assets and Liabilities of All Commercial Banks, by Class of
Bank (E.3.4)
May and November
End of previous December and June
List of OTC Margin Stocks (E.7)
June 30, December 31
Release date
(Also monthly revisions)
Last week of
month
Period since last release
May and November
End of previous December and June
Bank Debits to Demand Deposit Accounts Except Interbank and U.S. Government Accounts (C.5)
March 25
Previous year
End of Month Demand Deposits Except Interbank and U.S.
Government Accounts (C.5a)
March 25
Previous year
Federal Reserve Par List (G.3)
Early November
Previous September 30
5th of month
Period since last release
Industrial Production Indexes
(Available upon request, after being announced)
November
Previous year
Member Bank Income (C.4)
End of May
Previous year
Volume and Composition of Individuals' Saving
(flow of funds series) (E.8)
Sales, Profits, and Dividends of Large Corporations (E.6)
Semiannual releases
Assets, Liabilities, and Capital Accounts of Commercial and
Mutual Savings Banks—Reports of Call (Joint Release of
Federal Deposit Insurance Corp., Board of Governors of
Federal Reserve System, and Office of Comptroller of the
Currency. Published and distributed by FDIC)
Annual releases
(Also monthly supplements)
1
Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a
certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from
time to time, result in a release date being later than anticipated.
2
Contains monthly H.12b release, when available.
3
Contains revised H.4.3 data.
4
Discontinuation of this release is being considered.
INDEX TO STATISTICAL TABLES
(For list of tables published periodically, but not monthly, see page A-3.)
Acceptances, bankers', 14, 33, 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
Bank credit proxy, 17
Bank holding companies, list of, Dec. 31, 1969, 94
Bankers' balances, 25, 28
(iSee 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, 32
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
Loans sold outright, 32
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, 5, 10, 25
Currency in circulation, 5, 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, 13, 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, 6, 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, 5, 12, 18, 25,29, 86
Exchange rates, 89
Trade, 73
Foreigners:
Claims on, 82, 83, 86, 87, 88
Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88
Gold:
Certificates, 12, 13, 16
Earmarked, 86
Net purchases by U.S., 74
Production, 93
Reserves of central banks and govts., 92
Stock, 4, 18, 75
Government National Mortgage Association, 53
Gross national product, 68, 69
Hours and earnings, manufacturing industries, 65
Housing permits, 62
Housing starts, 63
Income, national and personal, 68, 69
Industrial production index, 58, 62
Instalment loans, 54, 55, 56, 57
Insurance companies, 38, 42, 43, 51
Insured commercial banks, 21, 23, 24
Interbank deposits, 11, 19, 25
A 106
^
g
a
g
'g
s
©
.2
s
"
<3
2
J
~
"fa
©
•B
"3
5
L
^
•go
g
~
<
so
w)
ft
©
Q
83
xa
8
5
6
(S
&
FEDERAL RESERVE BULLETIN • JUNE 1970
Interest rates:
Business loans by banks, 32
Federal Reserve Bank discount rates, 9
Foreign countries, 90, 91
Money market rates, 33, 91
Mortgage yields, 53
Prime rate, commercial banks, 33
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, 27, 28, 37
Commercial banks, 23
Federal Reserve Banks, 12, 15
Life insurance companies, 38
Savings and loan assns., 38
Labor force, 64
Loans (See also specific types of loans):
Banks, by classes, 19, 24, 26, 27, 37
Commercial banks, 19, 23, 24, 26, 27, 31, 32
Federal Reserve Banks, 4, 6, 12, 15
Insurance companies, 38, 51
Insured or guaranteed by U.S., 50, 51, 52, 53
Savings and loan assns., 38, 51
Manufacturers:
Capacity utilization, 62
Production index, 59, 62
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 19, 24
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, 33
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, 5, 6, 11, 17, 25
U.S. reserve assets, 75
Residential mortgage loans, 35, 50, 51, 52
Retail credit, 54
Retail sales, 62
Sales finance companies, loans, 54, 55, 57
Saving:
Flow of funds series, 70
National income series, 69
Savings and loan assns., 38, 43, 51
Savings deposits (See Time deposits)
Savings institutions, principal assets, 37, 38
Securities (See also U.S. Govt, securities):
Federally sponsored agencies, 39
International transactions, 84, 85
New issues, 45, 46, 47
Silver coin and silver certificates, 16
Special Drawing Rights, 4, 12, 13, 18, 75
State and local govts.:
Deposits, 25, 29
Holdings of U.S. Govt, securities, 42, 43
New security issues, 45, 46
Ownership of securities of, 24, 28, 37, 38
Yields and prices of securities, 34, 35
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, 5,16, 18
Treasury deposits, 5, 12, 40
Treasury operating balance, 40
Unemployment, 64
U.S. balance of payments, 72
U.S. Govt, balances:
Commercial bank holdings, 25, 29
Consolidated condition statement, 18
Member bank holdings, 17
Treasury deposits at Reserve Banks, 5, 12, 40
U.S. Govt, securities:
Bank holdings, 18, 19, 24, 27, 37, 42, 43
Dealer transactions, positions, and financing, 44
Federal Reserve Bank holdings, 4, 12,15,42, 43
Foreign and international holdings, 12, 81, 84, 86
International transactions, 81, 84
New issues, gross proceeds, 46
Open market transactions, 14
Outstanding, by type of security, 42, 43, 45
Ownership of, 42, 43
Yields and prices, 34, 35, 91
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
October
A (C
j
16, 1969
'Dram h/H.W. gafvin, Cart
THE FEDERAL RESERVE SYSTEM
Q) A
HAWAII
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER