Federal Reserve Bulletin, 1972-10
Federal Reserve Bulletin OCTOBER 1972 * * * * ** 4 'f^riSsf: BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN CONTENTS NUMBER 10 • VOLUME 58 • OCTOBER 1972 855 Recent Activities of Foreign Branches of U.S. Banks 867 Changes in Time and Savings Deposits, April-July 1972 878 Revision of Consumer Credit Statistics 899 Record of Policy Actions of the Federal Open Market Committee 905 Law Department 942 Announcements 945 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 74 International Statistics A 98 Board of Governors and Staff A 100 Open Market Committee and Staff; Federal Advisory Council A 101 Federal Reserve Banks and Branches A 102 Federal Reserve Board Publications A 106 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Ralph C. Bryant Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Recent Activities of Foreign Branches of U.S. Banks EXPANSION in the financial activities of foreign branches of U.S. banks, which began in the late 1950's, has continued at a rapid pace in recent years. Growth in balance sheet totals for these branches reflects in part their active participation in the Euro-dollar and other Euro-currency markets. Activities of the foreign branches of U.S. banks are of interest because of their magnitude, their impact on credit conditions in the United States and in other countries, and their implications for international capital mobility. Total assets of foreign branches, which were roughly $7^2 billion in mid-1965, grew from $35 billion in September 1969—the first date for which the Federal Reserve collected comprehensive monthly reports on these branches (see BULLETIN, February 1972, pp. 106-21)—to almost $70 billion at the end of June 1972. Total assets of banks of all nationalities in the Euro-dollar and other Euro-currency markets also have roughly doubled since September 1969. The increased foreign activity of the branches has reflected not only growth by major international banks but also the establishment of foreign branches by many small and medium-sized banks that previously have not been active in international finance. On June 30, 1972, 106 Federal Reserve member banks had 558 foreign branches, compared with 27 member banks with 340 branches at the end of 1968, and only 13 member banks with 188 branches at the end of 1965. During the past 7 years, there have been several marked shifts in the sources and uses of the funds of the foreign branches. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
856 FEDERAL RESERVE BULLETIN • OCTOBER 1972 mid-1965, while U.S. banks were still in the process of adjusting their lending policies to the guidelines of the Voluntary Foreign Credit Restraint (VFCR) program, the foreign branches were substantially engaged in banking in currencies other than the U.S. dollar. More than half of foreign branch assets were denominated in currencies other than the dollar, as foreign lending in dollars was concentrated at the domestic offices of U.S. banks. Moreover, a large share of branch transactions was with foreign nonbank customers, who were both the principal source of funds for the branches and the principal user of funds provided by the branches. In mid-1965 foreign branches of U.S. banks were supplying a relatively minor net amount ($0.5 billion) to their head offices and were obtaining a similar small amount ($0.7 billion) by net borrowing from foreign commercial banks. Since 1965 the pace of expansion in the activities of foreign branches of U.S. banks has been influenced by the rapid growth in the Euro-dollar market, the controls over bank and nonbank capital outflows from the United States, and conditions in U.S. money markets, including the effects of the use of Regulation Q in restricting the ability of U.S. banks to bid for domestic funds. Periods of credit stringency in the United States in the second half of 1966 and again in 1969 created strong incentives for U.S. banks to borrow abroad to offset run-offs in domestic certificates of deposit, and many banks relied on their foreign branches— primarily those in London—as a source of funds for domestic operations. For example, on September 30, 1966, the most important use of funds of the branches was net dollar-denominated claims on their head offices of more than $2Vz billion and an important source of funds for the branches was net dollar-denominated deposits of foreign commercial banks of almost $2 billion. During the fall of 1969, when credit restraint reached its*peak, net branch claims on head offices increased more than fivefold to almost $14 billion, as branches increased their reliance on funds obtained from foreign commercial banks. As conditions in U.S. money markets were relaxed after 1969, foreign branches reduced their net claims on their head offices. Recently, they have been expanding their extensions of credit to their foreign nonbank customers. The increased emphasis of the foreign branches on making credits to nonbank customers has shifted their balance sheets toward the pattern of mid-1965, except that as of June 1972 more than one-half of the branch claims on nonbank borrowers were dollar denominated, whereas in 1965 more than two-thirds of their claims had been nondollar denominated. The foreign branches currently have extensive liabilities to and claims on foreign commercial banks, and their net liability position Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BRANCHES OF U.S. BANKS 857 to foreign commercial banks is an important source of funds. Both the size of the gross accounts with foreign commercial banks and the utilization of foreign banks as a net source of funds represent a change from the mid-1965 pattern of activity. In particular, branches in the United Kingdom, the Bahamas, and to a lesser extent France, Germany, and Italy are the principal takers of funds through net borrowing from foreign commercial banks and are net providers of funds to nonbank borrowers. Branches in Japan operate quite differently as they are net lenders to other banks as well as to nonbank borrowers. Much of this lending by the branches is Euro-currency lending to foreign borrowers who are not residents of the country in which the branch is located. A further important development has been the increased use by U.S. banks of their foreign branch networks to raise funds in one financial market abroad for ultimate use by the same institution in another financial market abroad. NET SUPPLY Rising interest rates on deposits at head offices in the United States OF FUNDS during 1967 and 1968, followed by a more restrictive monetary TO HEAD OFFICES policy in 1969 and the heightened impact of Regulation Q ceilings on interest rates payable on domestic CD's, led U.S. banks increasingly to borrow funds abroad for financing U.S. domestic lending operations, since these borrowings were not subject to interest rate ceilings. To forestall further sizable increases in the use of foreign branches as a source of funds for domestic purposes, the Federal Reserve published for comment in mid-1969 a proposal to establish a 10 per cent marginal reserve requirement for U.S. head offices on any net borrowings from their foreign branches above levels outstanding in May 1969. This proposal became effective in September 1969 (with an alternative reserve-free level of borrowings equal to 3 per cent of deposits). Head-office gross borrowings from foreign branches reached a peak of about $14 billion in the fall, and net borrowings were only a little less. At that level, U.S. banks were maintaining required reserves against approximately $4 billion of borrowings from their foreign branches. As conditions in domestic U.S. markets eased, U.S. banks reduced their over-all net borrowings from their foreign branches gradually to $11.5 billion in mid-1970, an average rate of repayment of about $250 million per month. During this period the repayment of the borrowings from the branches may have been moderate in part because repayments resulted in a corresponding reduction in the reserve-free bases. (In order to discourage subsequent repayments that would have weakened the dollar in exchange markets, the Board in 1969 had structured its reserve requirement so that the reserve-free level of borrowings would be reduced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
858 FEDERAL RESERVE BULLETIN • OCTOBER 1972 . FOREIGN BRANCHES reduce lending to head offices BILLIONS OF DOLLARS NET SUPPLY OF FUNDS .TO HEAD OFFICES HHHHHHHI HHHHI as monetary conditions ease in the U.S. BILLIONS OF DOLLARS NET FREE RESERVES and as ceiling rates on CD's are relaxed PER CENT PER ANNUM CD's OF U.S. BANKS 30*59 DAY I I i 0 '69 1970 1971 '72 CD rate is the maximum payable under Regulation Q until June 1970. From then on it is the median offering rate on large-denomination negotiable CD's at prime N.Y. banks. permanently by any repayments below the reserve-free level.) Banks may have been hesitant to give up quickly their reserve-free bases, which could be of potential value in a future period of credit stringency when they would want to borrow at longer terms from their foreign branches. In mid-1970, the Board suspended the maximum rates payable on large CD's with maturities of 30 to 89 days and raised the ceilings on rates payable on longer maturities, as a step to improve the ability of member banks to meet unusual demands for short-term credit accommodation that might arise from uncertainties in financial markets, particularly the market for commercial paper. As a result of this suspension, U.S. banks were able to compete more actively for funds in domestic money markets and thus had less immediate need for borrowings from foreign branches. Moreover, during the second half of 1970, money market conditions in the United States eased substantially. The Federal funds rate declined from 7 per cent to 5 per cent, as member banks shifted from a net borrowed reserve position of $780 million in June 1970 to one of virtual balance at year-end. U.S. banks responded to these changes by reducing their net borrowings from foreign branches by a total of $5 billion during the latter half of 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BRANCHES OF U.S. BANKS 859 Effective early in 1971, the Federal Reserve increased from 10 to 20 per cent the marginal reserve requirement on borrowings by domestic offices from foreign branches, in order to give banks an added inducement to preserve their reserve-free bases against a time of future need. Moreover, in early 1971, the Export-Import Bank offered foreign branches a special security, and the Board amended its regulations to permit U.S. banks to count toward maintenance of their reserve-free bases any funds invested by foreign branches in these securities, and in the special U.S. Treasury certificates (Euro-dollar series) that were subsequently issued to replace Export-Import Bank securities. Branches purchased these securities in most instances by drawing on balances held with domestic offices. The securities, by providing an alternative investment outlet for branch funds that had previously been advanced to head offices, tended to slow the extent to which repayments of borrowings from branches were reflected in increased availability of funds in the Euro-dollar market. Branch holdings of special securities reached a peak of $3 billion in the summer of 1971, but as Euro-dollar rates rose sharply during the summer of that year under pressure from currency speculation, maturing issues of securities were no longer replaced by new issues, and by autumn the special securities had matured. Since then, the foreign branches have not been an important source of funds to their head offices. In October 1971 gross borrowings from the foreign branches totaled $3.6 billion, and by June 1972 they had declined to only about $2.3 billion. In September 1972 the Federal Reserve published for comment a proposal to eliminate the reserve-free bases for all banks and to reduce the reserve ratio on all borrowings from 20 per cent to 10 per cent. TRANSACTIONS WITH The foreign branches engage in a limited volume of transactions U.S. RESIDENTS with residents of the United States other than their parent banks. OTHER THAN Since September 1969 loans to residents of the United States by PARENT BANK foreign branches have been subject to reserve requirements parallel to those that apply to borrowings by the head office, except in the case of loans made to U.S. corporations to enable them to comply with the Foreign Direct Investment program. U.S. banks have been requested not to accept deposits from U.S. residents U.S. RESIDENTS at their foreign branches unless such deposits are connected with EXCEPT PARENT BANKS BILLIONS OF DOLLARS international business since deposits at foreign branches are exempt BRANCH CLAIMS from reserve requirements (Regulation D) and from regulations on 4 BRANCH LIABILITIES the maximum permissible rate of interest (Regulation Q). NET SUPPLY OF FUNDS TO: RESIDENTS FROM Total branch claims on and liabilities to U.S. residents other BRANCHES ; + 1 * 0 than the parent bank have fluctuated narrowly around $2 billion BRANCHES FROM RESIDENTS each over the last 3 years. In September 1969, the branches had net SSI JUL. liabilities of $0.3 billion to residents of the United States; by June Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
860 FEDERAL RESERVE BULLETIN • OCTOBER 1972 1972 they had net claims of only $0.1 billion on U.S. residents other than the parent banks. TRANSACTIONS WITH Foreign branches of U.S. banks in many countries are engaged COMMERCIAL BANKS in extensive transactions with foreign commercial banks. In some IN FOREIGN COUNTRIES countries a net liability position vis-a-vis foreign commercial banks is the primary source of funds to the branches because they often have limited local nonbank deposit resources relative to their demands for funds. In addition, much of the lending by banks in the Euro-dollar market is to banks in other countries. In recent years foreign branches of U.S. banks have increased the level of their accounts with other banks abroad. Between September 1969 and June 1972 the total claims of the foreign branches on other foreign banks increased from $8.0 billion to $30.7 billion; during this same period liabilities to foreign banks increased from $19.5 billion to $36.3 billion. The faster growth of claims on than of liabilities to foreign commercial banks reflected in large part branch placement of increasing amounts of funds with foreign banks (especially in London) as head offices reduced their borrowings from branches. Branches have thus reduced substantially the net amount of funds raised from foreign banks from $11.4 billion in September 1969 to $5.6 billion in June 1972. London has traditionally served as a major center of the interbank market because of the absence either of regulations on interest rates or of reserve requirements on nonsterling claims and liabilities of banks operating in the United Kingdom. In September 1969 the 2 I GROSS BUSINESS with foreign banks increases BILLIONS OF DOLLARS BRANCHES IN U.K. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BRANCHES OF U.S. BANKS 861 vast majority of claims and liabilities of foreign branches of U.S. banks to other foreign banks were recorded by their branches in the United Kingdom, and about three-quarters of the net funds raised by the branches from foreign commercial banks were obtained at U.K. branches. Although London remains dominant, in recent years other banking centers have increased in relative importance. By June 1972, U.S. banks were obtaining only about $1 billion in net funds from foreign commercial banks at their branches in the United Kingdom, or less than one-fifth the total net amount raised by foreign branches of U.S. banks from foreign commercial banks. In recent months branches of U.S. banks in other countries have raised increasing amounts of funds from foreign commercial banks. In particular, there has been a rapid expansion of the branch activities in the Bahamas. At the end of June 1972, branches of U.S. banks there had net liabilities of $1.8 billion to other banks. As of the same date, branches of U.S. banks in France had net liabilities of about $1.1 billion to foreign commercial banks, while branches in Germany were obtaining an additional $0.8 billion from foreign banks. Branches in Japan, however, had net claims of $0.2 billion on other foreign banks, which may have reflected loan and acceptance financing rather than short-term deposits. TRANSACTIONS WITH As of September 1969, claims on and liabilities to nonbank foreign NONBANK FOREIGN customers reported by foreign branches of U.S. banks were ap- CUSTOMERS proximately equal—about $6 billion. By the end of June 1972, claims on nonbank foreign borrowers at foreign branches had increased to $19.6 billion, whereas liabilities to nonbank foreigners had grown much more slowly to a total of $10.2 billion. Thus by June 1972, foreign branches of U.S. banks, acting as intermediaries between foreign banks and foreign nonbank borrowers, were net suppliers of $9.4 billion to nonbank foreign customers. 3 Credits to NONBANK BORROWERS expand more rapidly than their deposits at branches H B H H H H H H H H H H n nH I M N M a M M M n M H B H Mi '69 1970 1971 '72 '69 1976 1971 '72 '69 1976 1971 '72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
862 FEDERAL RESERVE BULLETIN • OCTOBER 1972 A somewhat similar pattern emerges when transactions with nonbank foreigners are broken down into those denominated in dollars and those denominated in other currencies. In September 1969, foreign branches of U.S. banks had net liabilities of $1.2 billion in dollars to nonbank foreigners. The extremely high rates of interest that branches paid for dollar-denominated deposits in order to obtain funds for their head offices at that time, combined with the high rates charged on dollar-denominated credits, encouraged nonbank customers to place dollar deposits at foreign branches of U.S. banks and discouraged them from seeking dollardenominated credits. The reduction in interest rates in the Eurodollar market as foreign branches reduced their net supply of funds to their head offices led to a rapid increase in loans to nonbank customers relative to deposits. So, by June 1972 foreign branches of U.S. banks had gross dollar-denominated claims of $10.2 billion on nonbank borrowers compared with $5.4 billion in gross dollar liabilities; thus the branches were net suppliers of $4.8 billion in dollar-denominated funds to their nonbank customers. The rise in claims on nonbank borrowers reported by foreign branches of U.S. banks in the 1969-72 period, particularly those claims denominated in dollars, is a continuation of a trend that began in 1965 when the guidelines of the VFCR program began to curtail the foreign lending activities of the domestic offices of U.S. banks. In addition, the interest equalization tax on bank loans of over-1-year maturity to foreign borrowers and the regulations of the Foreign Direct Investment program have encouraged U.S. investors to obtain a proportion of their foreign financing requirements from nondomestic sources. Some of the increase in net claims on nonbank foreign borrowers reported by foreign branches of U.S. banks is attributable to the heavy credit demands by large multinational corporations in support of their worldwide operations. In increasing their commercial lending activities generally, foreign branches have expanded their loans with a maturity of over 1 year to nonbank borrowers. In September 1969, these term claims on nonbank foreign borrowers at foreign branches of U.S. banks stood at $2.2 billion dollars. By June 1972 such claims had more than doubled to $5.5 billion, of which $4 billion was denominated in dollars. However, term claims on nonbank borrowers currently represent less than one-tenth of the total assets of all foreign branches of U.S. banks. TRANSACTIONS WITH In recent years foreign official institutions have placed increasing FOREIGN OFFICIAL amounts of reserves on deposit with foreign branches of U.S. INSTITUTIONS banks, as well as with other banks in the Euro-currency market. Between September 1969 and June 1972, liabilities to foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BRANCHES OF U.S. BANKS 863 4 MONETARY RESERVES of foreign countries are an increasing source of branch funds BILLIONS OF DOLLARS 15 10 5 0 15 10 NET LIABILITIES 5 0 '69 1970 1971 '72 official institutions at foreign branches of U.S. banks increased from $2.1 billion to $7.2 billion, of which $5.6 billion was denominated in dollars. The reserve funds, principally dollars, supplied by foreign authorities have enabled both the foreign branches of U.S. banks and other foreign banks to expand dollar loans to foreign nonbank and bank borrowers. Expansion of such loans may result in further additions to foreign official reserves. Since September 1969 foreign branches of U.S. banks have increased their claims on foreign official institutions from $0.5 billion to $1.3 billion. In some cases, these claims have represented credits to countries experiencing balance of payment difficulties. UTILIZATION OF Foreign branches of U.S. banks engage in extensive transac- FOREIGN NETWORKS tions with branches of their parent banks that are located in other OF U.S. BANKS foreign financial markets. In June 1972 foreign branch claims on other such branches of the parent bank were almost $10 billion, which was more than three times the level of September 1969. The large and rapidly expanding foreign networks of U.S. banks and of banks of other nationalities have important implications for international capital mobility. Through their branch networks, banks are now able to shift significant amounts of funds from one financial market to another in which credit conditions are more stringent. At present the major net flows of funds within the foreign branch networks of individual U.S. banks involve primarily branches in the United Kingdom, Japan, and the Bahamas. Relatively small net flows are reported by branches in France and Italy (net suppliers of funds to other branches of the parent bank) and branches in Germany (net users of the funds supplied by other branches of the parent bank). Branches operating in the United Kingdom, which are important takers of funds from other commercial banks abroad, have consis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
864 FEDERAL RESERVE BULLETIN • OCTOBER 1972 Branches in U.K. and FRANCE supply funds to affiliated branches in other countries BILLIONS OF DOLLARS NET CLAIMS NET SUPPLIERS OF FUNDS TO AFFILIATED BRANCHES NET LIABILITIES NET USERS OF FUNDS FROM AFFILIATED BRANCHES Affiliated branches are those having the same parent bank in the United States. tently provided funds to other branches of their parent banks. At the end of June 1972 U.K. branches were supplying $2.3 billion to other branches of their parent banks. Branches in Japan and the Bahamas are the principal recipients of funds from other branches of their parent banks. Branches in BRANCHES obtain funds net from other banks and official institutions while they supply funds net to nonbanks JUNE 30, 1972 BILLIONS OF DOLLARS OTHER BANKS NONBANKS OFFICIAL OTHER M INSTITUTIONS BnRANCHES 4 BRANCHES IN: NET CLAIMS Funds supplied : UNITED KINGDOM - 0 TU NET LIABILITIES Funds obtained n 2 BAHAMAS JUL i + U - 0 2 _ Vrli IgSIE SS 1 2 + JJAAPPAANN j 2 f—| | , j + 0 FFRRAANNCCEE 1 1 2 1 &&& . * - i i H H B M M l & J M Ii + GGEERRMMAANNYY 1 j 0 2 n • 2 OOTTHHEERR + 0 CCOOUUNNTTRRIIEESS 2 •Branches in other countries having the same parent bank in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN BRANCHES OF U.S. BANKS 865 Japan obtained $1.2 billion net in funds from foreign branches in other countries of the parent banks in June 1972, and they supplied approximately an equal amount, net, to nonbank customers. In recent years there has been a marked expansion in the activities of U.S. banks in the Bahamas as certain tax advantages as well as modest chartering costs have made the Bahamas an attractive site in which to locate a foreign branch. For many smaller U.S. banks these Bahamian branches are their sole offshore facility. The branches in the Bahamas are limited service facilities; that is, they are not licensed to do business with the local public. Rather, these branches provide their parent bank with an access to the Euro-dollar market and a means to expand foreign lending activities outside the restraints of the VFCR program. Since mid-1971, branches in the Bahamas have been net recipients of funds from other branches of their parent banks. As of the end of 1972, they had net liabilities of about $1.2 billion to their affiliated branches. Thus, the Bahamian branches tend to acquire funds both from foreign commercial banks and from other foreign branches of their parents and function as net suppliers of funds to nonbank customers. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits at Commercial Banks April—July 1972 Interest rates on negotiable certificates of deposit Because of a vigorous expansion in loan in denominations of $100,000 and over moved demand in the first half of this year, banks began higher—as did those on other short-term market to bid actively for large-denomination time deinstruments—at many large commercial banks posits. The advance in rates on large negotiable in the survey for the 3 months ending July 31, CD's, which are competitive with other liquid 1972.1 However, the changes in rates on small- market instruments, was about in line with the denomination consumer-type CD's and open net increase in short-term yields generally in the account time deposits were relatively minor; a period covered by this survey. The higher rates few banks lowered rates whereas others raised were accompanied by a sizable inflow of deposthem. On balance, most banks were offering its. Almost half of the growth in all time and depositors the maximum rate permitted by savings deposits in the 3 months ending July supervisory authorities on July 31, as they had 31 was in negotiable CD's and other large-debeen 3 months earlier. However, rates on pass- nomination time deposits. There had been relabook savings were Vz per cent below the regu- tively small expansion in the preceding 6 latory ceiling at some of the largest banks hold- months, when banks had been paying lower ing an appreciable proportion of all savings rates on these deposits and the volume of condeposits. These banks had lowered the rate to sumer-type time and savings deposits had been 4 per cent in the early months of this year when growing rapidly. short-term interest rates were declining. Aggregate holdings of small-denomination In the survey, banks were asked to indicate consumer-type deposits increased less in the 3 whether they intended to raise their offering rate months ending July 31 than they had in other on consumer-type deposits in the immediate recent quarters. This slowdown was entirely in future. Four banks, three of which were large passbook savings, where the increase in the eastern institutions, reported that they intended April-July quarter amounted to only half as to raise the rate on passbook savings back to much as in the January-April period. The slow- 4V2 per cent; no bank planned to lower this rate. ing in the savings growth rate reflects in part On other small-denomination time deposits the a reduction in the interest rate paid at some number of rate changes scheduled was small; banks early this year which, together with the planned rate increases about offset rate de- rise in short-term market rates, lowered the creases. relative attractiveness of savings deposits. On the other hand, inflows were brisk into small NOTE.—Caroline H. Cagle of the Board's Division CD's and open account deposits, where rates of Research and Statistics prepared this article. Previous surveys of time and savings deposits at all paid were higher than on savings deposits. member banks were conducted by the Board of Gover- Growth in these deposits far outstripped the nors in late 1965, in early 1966, and quarterly beginning increase in the January-April quarter. in 1967. Beginning in 1968 the surveys were expanded to provide figures for all insured commercial banks and were conducted jointly by the Board of Governors and NET CHANGES IN DEPOSITS the Federal Deposit Insurance Corporation. The results of earlier surveys have appeared in BULLETINS for In the 3 months ending July 31, 1972, insured 1966-71, the most recent being July 1972, pp. 615-25. commercial banks recorded one of the largest Appendix tables for this article appear on pp. 873-77. quarterly gains in total time and savings deposits 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
868 FEDERAL RESERVE BULLETIN • OCTOBER 1972 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, OCTOBER 1971—JULY 1972 Number of issuing banks Amount (in millions of dollars) PPeerrcceennttaaggee cchhaannggee iinn ddeeppoossiittss Type of deposit 1971 1972 1971 1972 ((qquuaarrtteerrllyy rraattee)) Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 A O p ct r . . 3 3 1 0 , , 1 1 9 9 7 7 1 2 - Jul A y p 3 r. 1 , 3 1 0 9 - 72 Total time and savings deposits 13,452 13,440 13,461 13,461 234,786 242,296 249,100 259,705 3.0 4.3 Savings 12,993 13,030 13,045 13,127 107,514 110,931 114,768 116,644 3.4 1.6 Time deposits in denominations oi less than $100,000—Total... 13,248 13,175 13,219 13,244 84,990 89,124 91,198 94,630 3.6 3.8 Accounts with original maturity of— Less than 1 year 12,332 12,318 12,333 12,459 43,909 45,300 45,365 46,334 1.7 2.1 1 up to 2 years 12,455 12,382 12,367 12,433 19,058 19,725 20,514 21,539 3.8 5.0 2 years or more 10,653 10,789 10,720 10,840 22,024 24,099 25,319 26,757 7.3 5.7 All maturities: Open accounts— Passbook or statement form1 3,297 3,440 3,544 3,514 (23,307) (24,865) (27,206) (28,457) (8.1) (4.6) Time deposits in denominations of $100,000 or more—Total 5,894 6,004 5,952 5,916 36,009 36,792 37,021 42,028 1.4 13.5 Negotiable CD's 2,972 3,224 3,076 2,861 25,435 25,591 25,959 29,892 1.0 15.2 Nonnegotiable CD's and open account 3,492 3,359 3,513 3,670 10,574 11,201 11,063 12,136 2.4 9.7 Christmas savings and other special funds 8,048 8,151 8,424 8,396 6,272 5,450 6,113 6,403 -.5 4.7 1 Includes time deposits, open account, issued in passbook, state- was reported by a probability sample of all insured commercial banks; ment, or other forms that are direct alternatives for regular savings for Oct. 31, 1971, the data for member banks were reported by viraccounts. Most of these are believed to be in accounts totaling less tually all such banks and for insured nonmember banks by the same than $100,000. The figures shown on this line are included above in sample of these banks reporting in earlier surveys. the appropriate maturity category. Some deposit categories include a small amount of deposits out- NOTE.—Data were compiled jointly by the Board of Governors of standing in a relatively few banks that no longer issue these types of dethe Federal Reserve System and the Federal Deposit Insurance posits and are not included in the number of issuing banks. Dollar Corporation. For Jan. 31, Apr. 30, and July 31,1972, the information amounts may not add to totals because of rounding. in recent years. All time and savings deposits banks were paying the ceiling rate of 5 3A per held by individuals, partnerships, and corpora- cent. These rose by $1.4 billion or 5.7 per cent. tions (IPC) on that date amounted to $259.7 On the shorter-maturity, lower-yielding deposit billion—$10.6 billion more than on April 30 instruments, the growth rate was less rapid and and nearly $4 billion more than the growth in it varied with the rate paid: a 5 per cent increase the preceding quarter (Table 1). This compares for deposits with maturities of 1 to 2 years and with a record expansion of $13.3 billion in the a 2 per cent increase for maturities of less than 3 months ending January 31, 1971. 1 year. About half of the recent growth in time and Depositors added less than $1.9 billion to savings deposits was in large-denomination de- their holdings of passbook savings in the period posits. These rose by $5 billion, or nearly 14 covered by this survey. This contrasts sharply per cent. Negotiable CD's outstanding were up with the preceding 3 months, when the rate of by almost $4 billion (15 per cent), while non- increase had been twice that of the most recent negotiable CD's and open account deposits is- quarter. Banks that offered depositors an interest sued in large denominations rose by $1 billion rate of only 4 per cent experienced about one- (10 per cent). third of the growth rate of banks that were Small depositors apparently were interested paying the ceiling rate of 4^2 per cent on July in securing the highest bank rate available on 31. But even for banks paying the highest rate, their funds. Growth in CD's and open account inflows in the most recent quarter were at a time deposits in denominations of less than slower rate than in the January-April period. $100,000 aggregated about $3.4 billion (nearly Time deposits in special fund accounts rose 4 per cent) in the 3 months April-July. The most by $290 million in the most recent period. This rapid expansion was in deposits with maturities represented largely a seasonal movement. of 2 years or more on which a majority of the Christmas club accounts, an important part of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 869 the total, are built up in the early part of each $100 million or more—than among smaller inyear to a peak in the autumn and then are paid stitutions. Of the large banks that changed their out. The increase in all special fund accounts offering rate in the most recent quarter, the from April through July was roughly compara- number of rate increases greatly exceeded deble to the growth in the same period of the creases. This is in part because many big banks preceding year. lowered their rate on these deposits in early 1972, when short-term rates were falling, and RATE CHANGES AND RATE STRUCTURE some of these banks adjusted the rate back to the ceiling after interest rates reversed direction. Nearly half of all large issuing banks raised their To compete for deposits of this kind, most small most common offering rate on negotiable CD's banks maintained their offering rates at the ceilin denominations of $100,000 or more in the ing level during the past year. April-July period (Appendix Table 7). Deposits As of July 31 the largest banks had the widest of this kind are issued mainly to corporations spread between the interest rate paid and the and are offered in volume principally by large ceiling level on small-denomination CD's and banks (total deposits of $100 million or more). open account deposits. For banks with total As of July 31 two-thirds of the large issuing deposits of $500 million and over, the average banks reported the most common rate was beinterest rate paid on deposits with maturities of tween AVi and 5l/i per cent; 3 months earlier less than 2 years was 8 basis points below the nearly half of these banks had been paying a ceiling and for deposits with maturities of 2 rate no higher than AV2 per cent (Table 2). years and over it was 15 basis points below. As with negotiable CD's, large banks issue As bank size declined, the spread narrowed. most of the nonnegotiable CD's and open ac- In bank size classes below $100 million count deposits in denominations of $100,000 the average rates on these deposits were very and over. More than one-third of the banks of close to the ceiling. this size increased their offering rate in the most Relatively few banks made any change in the recent quarter; at the end of July most large interest rate paid on passbook savings in the 3 issuing banks reported a rate between AV2 and months ending July 31. On the survey date 5j/2 per cent. three-fourths of all banks were paying the 4J/2 To compete for large-denomination time deper cent maximum rate; they held just under posits, some small banks pay fairly high rates two-thirds of all passbook savings. In the early of interest. A number of these banks paying months of 1972 some banks lowered their rate unusually high rates on April 30 lowered their on regular savings from 4Vz to 4 per cent. Many offering rate on these deposits in the 3 months of these banks were located on the West Coast covered by this survey. As a result, the average and they held about one-fifth of all savings interest rates paid on large-denomination time deposits. Most of these banks continued to pay deposits in many of the smaller bank size classes the lower rate in the April-July period. Reflectwere slightly lower on July 31 than they had ing this situation, for banks with total deposits been 3 months earlier. of $100 million and over, which hold more than On consumer-type time deposits, other than three-fifths of all regular savings deposits in the savings, offering rates at the end of July were country, nearly half of the savings were in banks at or close to ceiling levels at most banks. About that were paying an interest rate on these denine-tenths of the banks—holding a comparable posits of 4 per cent on July 31. proportion of such deposits—were paying depositors the maximum rates permitted by AVERAGE INTEREST RATES supervisory authorities. The percentages of banks at the ceiling rate in each of the three The weighted average interest rate on all forms maturity categories were slightly higher than of time and savings deposits, IPC, at insured they had been 3 months earlier. commercial banks on July 31, 1972, was 4.77 Rate changes on these deposits were more per cent—up 4 basis points from April 30 (Table prevalent among large banks—total deposits of 3). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
870 FEDERAL RESERVE BULLETIN • OCTOBER 1972 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON APRIL 30 AND JULY 31, 1972, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over July Apr. July Apr. July Apr. July Apr. July Apr. July Apr. 31 30 31 30 31 30 31 30 31 30 31 30 Amount of deposits (in millions of dollars). Number of banks, or percentage distribution or percentage distribution Savings deposits: 13,127 13,045 12,461 12,400 666 645 116,644 114,768 44,698 43,798 71,946 70,969 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less 5.6 6.4 5.9 6.6 2.6 2.5 2.3 2.3 3.6 3.6 1.4 1.4 3.51-4.00 18.7 18.9 18.3 18.5 24.9 26.5 33.2 34.6 15.0 14.7 44.6 46.9 4.01-4.50 75.7 74.7 75.8 74.9 72.5 71.0 64.5 63.1 81.4 81.7 54.0 51.7 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks 12,459 12,333 11,794 11,691 665 642 46,333 45,363 21,783 21,387 24,549 23,976 Percentage distribution by most common rate paid on new deposits : Total 110000..00 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less 4.4 4.5 3.9 3.8 13.8 17.0 6.4 9.1 1.4 2.1 10.9 15.5 4.51 5.00 95.6 95.5 96.1 96.2 86.2 83.0 93.6 90.9 98.6 97.9 89.1 84.5 Maturities of 1 up to 2 years: Issuing banks 12,433 12,367 11,786 11,747 647 620 21,533 20,468 15,897 15,193 5,636 5,275 Percentage distribution by most common rate paid on new deposits : Total 110000..00 100.0 110000..00 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less .7 1.0 .6 .8 2.0 2.7 .2 .5 .1 .1 .6 1.7 4.51-5.00 7.7 9.7 7.4 9.2 13.9 19.2 9.0 11.2 8.0 9.1 11.9 17.3 5.01-5.25 7.6 1.2 1.3 .9 6.0 7.1 2.1 2.4 1.0 1.2 5.1 5.8 5.26-5.50 90.0 88.1 90.7 89.1 78.1 71.0 88.7 85.9 90.9 89.6 82.4 75.2 Maturities of 2 years and over: 10,840 10,720 10,220 10,131 620 589 26,366 24,632 14,574 13,801 11,791 10,831 Percentage distribution by most common rate paid on new deposits : Total 110000..00 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less .3 .5 .2 .4 1.8 2.0 1.5 .9 .2 .1 3.4 2.0 4.51-5.00 2.7 3.2 2.4 2.9 7.4 9.0 3.5 3.0 1.2 1.3 6.3 5.2 5.01-5.25 .3 .5 .2 .4 1.1 1.9 .2 .9 .1 .4 .3 1.5 5.26-5.50 3.0 3.7 2.8 3.5 6.8 7.0 3.8 4.1 1.5 2.3 6.6 6.4 5.51-5.75 93.7 92.1 94.4 92.8 82.9 80.1 91.0 91.1 97.0 95.9 83.4 84.9 Negotiable CD's in denominations of $100,000 or more: Issuing banks 2,861 3,0 Tfc 2,424 2,655 437 421 29,881 25,944 2,817 2,807 27,064 23,136 Percentage distribution by most common rate paid on new deposits : Total 100.0 100.0 110000..00 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less 11.5 16.8 9.1 11.9 25.5 47.0 27.2 59.8 9.8 12.8 28.9 65.5 4.51-5.00 32.5 24.5 28.9 23.1 52.4 33.3 48.6 16.2 25.5 24.2 51.1 15.2 5.01-5.50 20.5 21.4 21.5 22.9 15.1 11.9 16.1 15.3 20.4 20.1 15.7 14.7 5.51-6.00 23.5 23.0 26.7 25.8 5.5 5.7 7.2 7.2 37.5 33.4 4.0 4.1 6.01-6.50 6.3 5.3 7.3 6.1 .5 .2 .4 .5 4.5 4.6 (!) C1) 6.51-7.00 5.0 5.2 5.8 5.9 .5 .7 .4 .6 2.1 2.2 .2 .4 7.01-7.50 .7 .9 .7 1.0 .5 .5 .1 .1 .2 .3 00)) 0) 7.51 and over.... 22..99 3.3 ..77 ..33 22..44 ..11 1 Less than 0.05 per cent. For Note, see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 871 TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JULY 31, 1972 Per cent per annum Time deposits in denominations of— Less than $100,000 $100,000 or more All Savings Bank location and size of bank time and and (total deposits in millions savmgs small-de- Savings Maturing inooff ddoollllaarrss)) deposits nomination time TToottaall NNeeggoo-- AAllll deposits Less 1 up to 2 years tiable other than 2 years or more CD's 1 year All banks: All size groups 4.77 4.74 44..3311 55..2277 4.96 5.45 5.68 4.89 5.01 Less than 10 5.05 5.04 4.32 5.39 5.00 5.46 5.74 5.74 5.52 10-50 4.93 4.90 4.40 5.33 4.99 5.46 5.72 5.52 5.37 50-100 4.81 4.76 4.36 5.29 4.98 5.44 5.71 5.32 5.24 100-500 4.73 4.68 4.34 5.21 4.94 5.41 5.68 4.91 5.04 500 and over 4.64 4.56 4.23 5.18 4.92 5.42 5.60 4.82 4.88 Banks in— Selected large SMSA's:1 All size groups 4.68 4.62 4.29 5.20 4.93 5.41 5.63 4.84 4.94 Less than 10 4.87 4.84 4.38 5.36 4.99 5.46 5.72 5.47 5.52 10-50 4.81 4.77 4.40 5.30 4.98 5.43 5.71 5.40 5.43 50-100 4.74 4.70 4.38 5.24 4.97 5.39 5.71 5.21 5.08 100-500 4.70 4.66 4.34 5.20 4.93 5.39 5.68 4.89 4.98 500 and over 4.64 4.56 4.23 5.17 4.91 5.42 5.59 4.81 4.88 All other SMSA's: All size groups 4.79 4.75 4.29 5.28 4.97 5.44 5.70 5.08 5.21 Less than 10 4.91 4.88 4.25 5.39 4.99 5.45 5.73 5.94 5.78 10-50 4.92 4.88 4.39 5.34 4.99 5.44 5.75 5.62 5.68 50-100 4.86 4.81 4.34 5.31 4.98 5.49 5.68 5.23 5.38 100-500 4.75 4.71 4.32 5.21 4.96 5.42 5.66 5.01 5.14 500 and over 4.61 4.55 4.08 5.22 4.98 5.45 5.74 4.95 4.86 Banks outside SMSA's: All size groups 4.98 4.96 4.37 5.35 4.99 5.46 5.73 5.52 5.24 Less than 10 5.09 5.08 4.32 5.39 5.00 5.46 5.75 5.77 5.40 10-50 4.99 4.97 4.40 5.34 5.00 5.46 5.73 5.59 5.22 50-100 4.88 4.83 4.35 5.32 4.99 5.44 5.74 5.47 5.48 100-500 4.75 4.72 4.35 5.27 4.94 5.44 5.74 4.78 5.12 500 and over 5.05 4.91 4.50 5.31 5.00 5.50 5.75 6.12 5.50 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Office of Management and Budget and arranged by size of population in the 1970 Census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D. C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Des Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bernadino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngstown-Warren NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Rates were close to ceiling levels on CD's deposits at all banks of 4.31 per cent was 19 and other time deposits in denominations of less basis points below the regulatory ceiling. than $100,000 on July 31. The average rate was On negotiable CD's in denominations of 4.96 per cent for deposits with maturities of less $100,000 or more the average rate at insured than 1 year; 5.45 per cent for maturities of 1 commercial banks on July 31 was 4.89 per cent to 2 years; and 5.68 per cent for maturities of and on other large-denomination time deposits, 2 years and over. 5.01 per cent. These rates represented increases Because some of the largest banks with a of 16 and 2 basis points, respectively, in the substantial volume of passbook savings were most recent quarter. As indicated, average paying V4 of 1 per cent below the maximum rates rose at most large banks in this period rate on July 31, the average rate for savings but were lower at some of the smaller banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN • OCTOBER 1972 As in the preceding survey, the average rate or 41 basis points higher than the rate for the paid on all forms of time deposits varied in- largest bank size class. In all major categories versely with the size of bank. The smallest of deposits the smallest banks were paying banks—total deposits of less than $10 mil- somewhat higher rates at the end of July than lion—had a rate of 5.05 per cent on July 31, the largest banks. • NOTE TO TABLE 2: NOTE.—The most common interest rate for each instrument refers While rate ranges of % or Vz of a percentage point are shown in to the basic stated rate per annum (before compounding) in effect on this and other tables, the most common rate reported by most banks the survey date that was generating the largest dollar volume of deposit was the top rate in the range; for example, 4.00, 4.50, etc. On negotiable inflows. If the posted rates were unchanged during the 30-day period CD's in denominations of $100,000 and over, however, some large just preceding the survey date, the rate reported as the most common banks have rates at intervals of Va of a percentage point. Some deposit rate was the rate in effect on the largest dollar volume of deposit inflows categories exclude a small amount of deposits outstanding in a relatively during that 30-day period. If the rate changed during that period, the few banks that no longer issue these types of deposits and are not rate reported was the rate prevailing on the survey date on the largest included in the number of issuing banks. dollar volume of deposit inflows. Figures may not add to totals because of rounding. NOTES TO APPENDIX TABLES 1-6: ^ess than $500,000. that had discontinued issuing these instruments but still had some 2Omitted to avoid individual bank disclosure. deposits outstanding on the survey date. Time deposits, open account, exclude Christmas savings and other special accounts. Dollar amounts NOTE.—Data were compiled from information reported by a proba- may not add to totals because of rounding. bility sample of all insured commercial banks. The latter were expanded In the headings of these tables under "Most common rate paid (per to provide universe estimates. cent)" the rates shown are those being paid by most reporting banks. Figures exclude banks that reported no interest rate paid and that However, for the relatively few banks that reported a rate in between held no deposits on the survey date, and they also exclude a few banks those shown, the bank was included in the next higher rate column. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 873 APPENDIX TABLE 1-SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 4.00 4.50 3.50 4.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 13,127 746 2,449 9,932 116,644 38,766 Size of bank (total deposits in millions of dollars): Less than 10 6,294 489 ,436 4,369 6,025 1,212 10-50 5,412 203 754 4,455 26,065 3,640 50-100 755 38 93 624 12,608 1,863 100-500 506 11 105 390 23,405 6,887 500 and over 160 5 61 94 48,541 25,164 Federal Reserve district: Boston 360 5 62 293 4,933 1,337 New York 450 6 66 378 18,932 4,309 Philadelphia 435 43 153 239 7,430 3,323 Cleveland 761 73 126 562 10,735 3,689 Richmond 736 8 84 644 8,165 1,874 Atlanta 1,655 64 368 1,223 8,585 1,813 Chicago 2,578 222 481 1,875 20,972 4,940 St. Louis 1,350 69 274 1,007 4,040 768 Minneapolis 1,364 160 491 713 2,936 581 Kansas City 1,776 92 236 1,448 4,564 248 Dallas 1,278 4 57 1,217 3,950 63 San Francisco 384 51 333 21,401 15,820 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.75 5.00 4.50 4.75 5.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,459 547 106 11,806 46,333 2,975 776 42,582 Size of bank (total deposits in millions of dollars) Less than 10 5,919 152 22 5,745 3,956 16 2 3,938 10-50 5,125 260 41 4,824 12,959 148 45 12,766 50-100 750 43 10 697 4,868 131 32 4,705 100-500 505 63 26 416 8,820 637 420 7,763 500 and over 160 29 7 124 15,730 2,043 277 13,410 Federal Reserve district: Boston 321 17 13 291 1,595 68 18 1,509 New York 445 82 40 323 4,423 532 194 3,697 Philadelphia 358 62 1 295 2,029 101 (2) 1,865 Cleveland 693 29 2 662 3,123 44 (2) 2,944 Richmond 635 58 1 576 2,904 243 (2) 2,658 Atlanta 1,638 146 14 1,478 4,659 66 79 4,514 Chicago 22,,440099 3388 8 222,,,333666333 111111,,,000000444 667788 20 111000,,,333000777 St. Louis 11,,330055 4466 111,,,222555999 222,,,777333999 118844 222,,,555555555 Minneapolis 11,,119999 111,,,111999999 222,,,555111555 222,,,555111555 Kansas City 1,809 20 3 111,,,777888666 222,,,555999222 49 95 222,,,444444888 Dallas 1,286 34 22 111,,,222333000 222,,,555444333 112 146 222,,,222888555 San Francisco 361 15 2 333444444 666,,,222000777 900 (2) 555,,,222888555 For notes to Appendix Tables 1-6, see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
874 FEDERAL RESERVE BULLETIN • OCTOBER 1972 APPENDIX TABLE 3—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 or 5.00 5.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,433 86 961 197 11,189 21,533 50 1,941 447 19,095 Size of bank (total deposits in millions of dollars): Less than 10 5,977 43 372 59 5,503 5,450 1 382 52 5,015 10-50 5,076 25 411 87 4,553 8,637 14 672 88 7,864 50-100 733 5 88 12 628 1,809 2 217 20 1,571 100-500 492 5 63 30 394 2,399 8 366 68 1,958 500 and over 155 8 27 9 111 3,237 25 305 220 2,687 Federal Reserve district: Boston 223 30 10 179 143 14 4 126 New York 386 78 24 272 688 263 86 336 Philadelphia 376 74 1 298 1,417 233 (2) 1,180 Cleveland 698 131 26 540 1,295 (2) 249 37 1,009 Richmond 685 67 10 596 854 95 36 710 Atlanta 1,467 150 9 1,297 2,039 218 29 1,783 Chicago 2,425 86 45 2,293 4,701 (2) 211 66 4,420 St. Louis 1,428 176 4 1,247 2,886 (2) 453 3 2,429 Minneapolis 1,295 53 1,242 1,905 68 1,838 Kansas City 1,860 26 28 26 1,780 2,191 0) 24 71 2,096 Dallas 1,233 75 33 1,125 1,587 91 28 1,467 San Francisco 357 is' 13 9 320 1,828 21 21 85 1,701 APPENDIX TABLE 4—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 10,840 27 296 32 325 10,160 26,366 423 915 47 Size of bank (total deposits in millions of dollars): Less than 10 4,908 131 118 4,659 3,161 10 10-50 4,630 101 151 4,348 8,521 13 133 50-100 682 17 14 639 2,893 12 34 100-500 467 26 28 405 4,193 46 237 500 and over 153 21 14 109 7,599 352 502 Federal Reserve district: Boston 222 9 10 195 327 6 O) P N h e i w la d Y e o lp rk h ia 2 3 9 7 7 1 23 5 34 3 2 2 9 8 4 6 1 1, , 8 7 9 4 8 1 %2 39 3 5 8 2 4 Cleveland 617 10 59 546 2,022 25 (2) Richmond 623 12 29 573 1,905 21 Atlanta 1,301 52 33 1,208 2,376 69 Chicago 2,230 31 49 2,150 5,747 129 St. Louis 1,023 7 1,016 1,834 Minneapolis 1,116 48 1,068 1,929 111 Kansas City 1,679 17 51 1,611 1,618 13 Dallas 1,013 66 43 901 1,419 84 5 San Francisco 348 23 7 312 3,549 (2) 21 30 For notes to Appendix Tables 1-6, see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 875 APPENDIX TABLE 5—NEGOTIABLE CD's, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.00 7.50 Total 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks 2,861 41 291 930 585 672 181 141 20 29,881 184 7,912 14,559 4,817 2,150 129 115 15 Size of bank (total deposits in Le m ss i l t l h io a n n s 1 o 0 f dollars): 563 5 35 141 108 105 95 72 2 156 1 7 41 28 33 30 16 (2) 10-50 1,496 19 97 413 343 461 80 67 16 1,519 16 145 309 298 626 76 44 5 5 5 1 0 0 0 0 - 0 1 - a 5 0 n 0 0 0 d over 2 3 1 9 6 4 2 6 4 9 2 6 7 5 3 3 5 1 1 1 8 4 4 3 7 6 4 6 2 5 9 0 8 1 2 6 8 4 2 2 2 2 3 3 1 , , , 6 3 1 7 8 4 7 7 2 (26 1 ) 0 7 7,0 6 4 2 8 3 7 9 2 11 ,1 , 3 7 2 6 1 7 8 4 3,5 2 6 5 5 8 8 0 3 9 3 1 2 9 6 7 6 9 ((222 )) 2 (2) ((22)) Fe P B N de h o e r i w s l a t a l o d Y n R e o l e p r s k h er ia v e district: 1 1 8 2 8 1 8 4 4 9 4 3 1 1 2 1 4 3 8 5 5 3 3 1 1 2 2 5 4 1 1 0 1 7 2 2 1 1 1 1 1 1 , , , 4 2 1 1 5 7 1 7 3 1 4 6 5,4 2 6 5 8 6 5 5 3 1 , , 2 1 5 8 1 0 9 0 1 2,29 2 6 6 5 7 6 1 0 0 1 0 5 8 ((22)) ( ( 2 2 ) ) (2) Cleveland 102 9 65 8 12 3 5 1,277 578 674 11 11 1 2 Richmond 164 3 65 19 18 38 21 1,347 47 138 555 249 299 59 Atlanta 503 20 103 99 204 44 26 7 1,460 143 687 318 265 23 10 13 Chicago 460 14 55 183 66 87 28 25 2 3,298 85 168 2,634 63 317 21 11 ((22)) St. Louis 174 15 80 52 6 21 501 141 203 150 4 3 Minneapolis 73 10 21 11 24 4 3 433 7 390 18 11 5 O) Kansas City 322 4 11 93 100 58 26 28 2 957 4 147 411 300 79 10 5 (2) D Sa a n ll a F s r ancisco 5 1 0 6 4 6 2 5 1 1 0 2 1 8 2 3 0 1 5 1 8 4 16 1 4 1 73 1 11 1 5 4 2 , , 1 5 9 7 1 7 (22 ) 3 2 5 0 8 4 0 3 1 , , 0 0 3 7 1 3 4 8 6 6 0 0 3 9 5 0 1 (26 ) 5 (2) 2 4 1 APPENDIX TABLE 6—NONNEGOTIABLE CD's AND OPEN ACCOUNT TIME DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1972 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.00 7.50 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks 3,670 85 332 1,406 666 811 42 158 1,946 6,267 2,583 846 Size of bank (total deposits in Le m ss i l t l h io a n n s 1 o 0 f dollars): 726 2 43 190 165 206 89 204 (2) 4 66 50 72 10-50 2,016 65 138 805 310 461 120 1,316 70 89 545 210 243 50-100 433 4 64 142 115 104 3 1,097 8 86 399 406 188 100-500 375 9 63 198 61 35 7 2,899 27 485 1,549 459 286 (2) 500 and over 120 5 24 71 15 5 6,559 53 1,282 3,709 1,458 57 Fe B N de o e r s w a t l o Y n R o e r s k er ve district: 1 1 2 8 5 5 1 1 4 1 9 5 9 9 0 6 1 1 9 6 1 3 3 2,9 2 8 4 0 6 ( ( 2 2 ) ) 97 2 9 1 1,2 1 1 6 7 4 70 3 6 6 45 1 (2) Philadelphia 199 18 17 75 23 65 534 11 58 297 99 64 (2) Cleveland 256 17 22 118 68 10 3 531 50 149 257 60 11 3 Richmond 308 12 40 102 70 51 25 711 16 95 477 65 41 Atlanta 596 5 39 217 75 137 71 1,168 27 166 571 150 176 "ii Chicago 515 6 46 259 83 78 43 1,649 10 125 503 862 99 St. Louis 492 20 67 171 71 109 21 29 453 10 53 267 45 57 Minneapolis 142 7 53 35 31 16 50 38 18 Kansas City 302 5 8 111 80 86 11 409 7 66 164 103 37 (2) Dallas 428 17 57 92 207 10 28 889 51 240 293 268 San Francisco 122 5 57 34 21 5 182 2,059 126 28 For notes to Appendix Tables 1-6, see p. 872. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
00 CD APPENDIX TABLE 7—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN APRIL 30 AND JULY 31. 1972 Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more SSaavviinnggss Less than 1 year 1 up to 2 years 2 years and over Negotiable CD's All other Group Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) size size size size size size groups groups groups groups groups groups 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and T1 100 over 100 over 100 over 100 over 100 over 100 over m o m Number of issuing banks, JO July 31, 1972 1122,,992299 1122,,227711 665588 1122,,223399 1111,,558833 665566 1122,,224400 1111,,660033 663377 1100,,662266 1100,,001166 661100 22,,882288 22,,339955 443333 33,,559988 33,,110088 449900 > r~ ZD PERCENTAGE DISTRIBUTION OF NUMBER OF,BANKS IN GROUP * m m Total 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 110000..00 100.0 100.0 100.0 J3 < m No change in rate, 00 Apr. 30-July 3J, 1972.. 9955..88 9955..77 9977..33 9955..22 9955..88 8855..00 9933..99 9944..66 8822..11 9911..33 9911..77 8833..99 5555..99 5599..55 3355..88 49.9 50.6 45.3 c i— Banks raising rate 2.2 2.2 2.0 1.8 1.3 10.7 3.4 2.9 12.9 3.0 2.6 8.7 19.9 14.9 48.0 19.2 16.6 36.1 i— Ne r w a te 1 m ( o p s e t r ce c n o t m ): mon m 3.50 or less H 3.51-4.00 .1 .2 .3 .1 .2 2 4.01-4.50 22..00 22..00 22..00 ((22))..44 .2 3 5 .3 4.0 2.7 11.6 3.0 2.3 8.0 • 4 ^ 5 n 1 i -5 < 00 1 4 66..99 . fffoiii .. .. 11 55 1111 11 .. .. 11 77// . . . . . . 1 1 1 1 1 1 . . cJ 6 77 11 ..33 44 333 111 ... ... 888 000 222 333 666 ... ... 999 333 66..33 4 ''.. 3 55 11 33 88 ..88 55 o o 5.26-5.50 2.7 22..33 99..77 ...333 .2 1.6 2.5 222...222 333...999 317 33..77 313 5 5 7 51 6 — -fi 5 0 7 0 5 22..66 22..44 66..00 222 111 ... ... 222 111 222 111 ... ... 444 111 ..99 99 222 111 ... ... 333 333 2222 1111 .... .... 4444 5555 11 .. .. 44 44 oH 6.01-6.25 [ ...333 ...333 ..22 ...111 ....1111 CD 6.26-6.50 | .9 11..11 .7 ....8888 .2 m 6.51-6 75 ( .1 .1 13 6.76-7.00 .1 .1 .7 .7 .4 7.01-7.50 1 . 1 ..11 ..11 .1 CO 7.51-8.00 8.01-8.50 1 ro Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Banks reducing rate 17.3 12.0 16.4 16.8 13.7 O New most common X > rate * (per cent): 3.50 or less .3 .2 .4 2 3.51-4.00 .5 .5 .6 .2 O 4 4 5 . . . 0 5 0 1 1 1 - - - 4 5 5 . . . 2 5 0 5 0 0 2 8 . . . 2 7 8 2 7 . . . 8 2 2 4 3 . . . 8 9 0 4 3 1 . . . 3 1 0 2 7. . . 3 7 6 c m n 5.26-5.50 .4 1.4 1.9 2.0 1.2 5.51-5.75 1.2 .5 .5 .2 5.76-6.00 1.5 2.6 2.9 .6 6.01-6.25 .3 .5 .6 6.26-6.50 1.0 .3 .3 m 6.51-6.75 > 6.76-7.00 i.Y "\.2 1.3 .4 7.01-7.50 .2 7.51-8.00 8.01-8.50 cn > Banks introducing new in- < strument 8.3 4.2 14.5 16.0 4.9 2: Most common rate 1 (per cent): CD 4.00 or less .2 .3 .2 .4 in 4 4. . 5 0 1 1 - - 5 4 . . 0 5 0 0 1 1. . 6 2 5. . 8 9 6 1 . . 2 0 3. . 3 2 m D 5.01-5.25 1.0 1.2 "0 5.26-5.50 2.1 2.3 i'.o O 5 5 . . 5 7 1 6 - - 5 6 . . 7 0 5 0 3 2.5 2. . 9 2 C — O I 6.01-6.25 (2) (2) (2) 6.26-6.50 CO 6.51-6.75 6.76-7.00 "us "i'.O 7.01-7.50 7.51-8.00 8.01-8.50 * Shaded areas indicate that rates shown in the stub are higher 2 Less than 0.05 per cent. Apr. 30: 1972. The table excludes banks that issued these types of than the maximum permissible rate on the various instruments. NOTE.—This table was compiled by comparing rates as reported deposits on Apr. 30, but no longer issued them on July 31. Per- 1 For description of most common rate, see NOTE to Table 2, by the sample banks that had these types of deposits outstanding centages may not add to totals because of rounding. p. 872. on July 31, 1972, with the rates reported by the same banks on 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revision of Consumer Credit Statistics Federal Reserve estimates of consumer instal- presented for other consumer goods. This catement and noninstalment credit have been revised gory has been subdivided to reveal two of the for the period from 1965 to date. The tables most rapidly growing forms of instalment at the end of this article incorporate adjustment credit—bank-card credit and mobile-home of sample-based estimates to reflect recent credit. A separate series for outstandings under benchmarks, computation of new seasonal fac- commercial bank credit-card plans begins with tors, provision of certain additional detail by data for 1968. Bank check-credit is still included type of credit, and extension to earlier years of under personal loans in the BULLETIN tables (p. a recent reorganization of institutional classi- A-57) but separate figures are available on refications. quest. The cumulative effect of these changes has Mobile-home credit held by commercial been to raise the estimate of total consumer banks and finance companies had expanded to credit outstanding on December 31, 1971, by $7 billion at the end of 1971. Reflecting the about $1.2 billion, or 0.8 per cent. The net in- growing importance of this credit, figures on the crease reflects an upward adjustment of nearly amounts outstanding are indicated separately in $1.8 billion in the instalment credit share of the the revised tables, and current figures will be total, and a downward adjustment of $0.6 billion published separately in future issues of the in the noninstalment share. The related estimates BULLETIN. These figures are available beginof extensions of consumer instalment debt have ning in mid-1970 for finance companies and in been raised moderately; estimates of repayments mid-1971 for commercial banks. Although sephave also been raised, but by a somewhat arate^data are not yet available for mobile-home smaller amount. For the full year 1971, the credit held by other lender groups, the amount increase in indicated extensions from the pre- of such paper is believed to be relatively small. viously published estimate amounted to $6.6 For the various groups that hold consumer billion; the increase in indicated repayments was instalment paper, the adjustment to new benchnearly $5.8 billion. marks increased outstanding credit at financial For the major types of instalment credit out- institutions as of the end of 1971 by a total of standing, the new benchmarks required consid- $3.1 billion, or 3.3 per cent, and reduced holderable increases in the previous estimates for ings of retail outlets by $1.3 billion, or 8.5 per other consumer goods and for repair and modern- TABLE 1 ization credit, a slight increase in the automo- CONSUMER CREDIT OUTSTANDING bile credit estimate, and a reduction in the By type, December 31,1971 estimate for personal loan indebtedness. In Amounts in millions of dollars the noninstalment credit total, a large reduc- Previously Percentage Type Revised tion in charge account balances as reported published change before this revision was partly offset by moder- Total 138,394 137,237 .8 ate increases in estimated amounts of out- Instalment credit 111,295 109,545 1.6 standing service credit and single-payment loans Automobile 38,664 38,310 .9 Other consumer goods ... 34,353 32,447 5.9 (Table 1). Changes in extensions and repay- Home repair and ments of instalment credit were concentrated in modernization 5,413 4,356 24.3 Personal loans 32,865 34,432 - 4.6 increases in other consumer goods and repair Noninstalment credit 27,099 27,692 - 2.1 and modernization credit. Single-payment loans ... 10,585 10,300 2.8 Charge accounts 8,350 9,818 -15.0 Additional details by type of credit—some Service credit 8,164 7,574 7.8 published for the first time in this revision—are 878 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
cent. The figure for financial institutions repre- Estimates of consumer credit are based prisents a substantial upward revision in outstand- marily on reports from financial institutions and ing credit at commercial banks—the largest retailers to various Federal agencies and trade holder group—that was partly offset by a de- associations. Both commercial banks and ficrease in estimated holdings of finance com- nance companies report data to the Board of panies (Table 2). New reporting panels have Governors of the Federal Reserve System or to been developed for both commercial banks and one of the 12 district Federal Reserve Banks. finance companies: the bank sample was adopted Estimates for credit unions are based on reports in January 1970; the finance company sample in compiled by the National Credit Union Admin- November 1970. The new samples were de- istration, retail credit estimates on data from the signed to reflect changes in industry structure and Bureau of the Census, and estimates for savings and loan associations on reports made to the Fed- TABLE 2 eral Home Loan Bank Board. Figures for mutual CONSUMER INSTALMENT CREDIT OUTSTANDING savings banks are prepared from data collected By holder, December 31,1971 by the National Association of Mutual Savings Amounts in millions of dollars Banks. Previously Percentage Some reports do not separate loans made to Holder Revised published change individuals for consumer purposes from those All holders 111,295 109,545 1.6 for nonconsumer purposes. Appropriate adjustments are made by the Federal Reserve, where Financial institutions 97,144 94,086 3.3 Commercial banks 51,240 45,976 11.5 possible, to eliminate the nonconsumer portion. Finance companies 28,883 32,140 -10.1 Other financial lenders ... 17,021 15,970 6.6 Most of these adjustments are comparatively Credit unions 14,770 14,191 4.1 small except for repair and modernization loans Miscellaneous lenders 2,251 1,779 26.5 and single-payment loans. In the retail credit Retail outlets 14,151 15,459 - 8.5 sector, an adjustment is also made to allow for credit extended to consumers by wholesalers. should minimize the size of revisions required to bring the series into line with future benchmarks. RECLASSIFICATION Consumer credit data on the revised basis for the period 1965-71 are shown in the tables on A number of changes were made during 1970 pages 882-98.1 Revised data for the first 8 in the organization of consumer credit data. months of 1972 appear in the regular consumer These changes, as indicated in the BULLETIN credit tables beginning on page A-56 of this issue for November 1970, regrouped certain institutions holding consumer credit in order to reflect of the BULLETIN. more closely contemporary industry practices. COVERAGE OF SERIES Finance company figures were aggregated to combine estimates, previously published Consumer credit, as measured by the Federal separately, for sales finance companies and Reserve series, consists of amounts owed by consumer finance companies, with estimates, individuals to financial institutions, retailers, not formerly published separately, for consumer and other distributors primarily for financing loans of industrial loan companies and the conpurchases of consumer goods and services. sumer lending of business finance companies. However, amounts owed by individuals on real This consolidation of finance company figures estate mortgages and on life insurance policy was in recognition of the increasing diversificaloans are excluded regardless of the actual use tion of loan portfolios, which has reduced the of the funds. number of firms that can be identified exclusively *Data for earlier years, which were not altered by with a single subsector of the industry. the current benchmark adjustment, are available in Sec- A new category, "miscellaneous lenders," tion 16 (New) of Supplement to Banking and Monetary was established to cover totals of consumer in- Statistics, 1965, and the BULLETIN for December 1968, pp. 983-1003. stalment credit at savings and loan associations Digitized for FRASER 879 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
00 00 o SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, DECEMBER 31, 1971, BY TYPE OF CREDIT AND INSTITUTION In millions of dollars Total consumer credit 138,394 Instalment credit Noninstalment credit 111,295 27,099 ~n m u Repair & modern- Personal Single-payment Charge Service m J3 ization loans loans loans accounts credit > r~ 5,413 32,865 10,585 8,350 8,164 J3 m CO m Commercial Commercial Commercial Commercial Commercial 1 < 3 banks 23,114 banks 13,343 banks 3,236 banks 11,547 banks 9,316 m oo Finance Finance Finance Finance Other c companies 9,577 companies 5,613 companies 247 companies 13,446 financial r~ institutions 1,269 r~ Other Other Other Other m financial financial financial financial lenders 5,747 lenders 1,472 lenders 1,930 lenders 7,872 Automobile Retail O dealers 226 outlets 13,925 O H O 00 m J3 CD ro Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 881 and mutual savings banks. Another new by the National Credit Union Administration. category, "other financial lenders," was de- The present revision includes adjustments to veloped to consolidate credit union data with benchmarks from 1966 through December 1970 the total for miscellaneous lenders. The classi- for State, and through December 1971 for Fedfications for commercial banks and credit unions eral, credit unions. were not changed. Year-end data from reports of the Federal Home Loan Bank Board provide benchmarks SEASONAL, TRADING-DAY, AND OTHER for adjusting figures for savings and loan asso- ADJUSTMENTS ciations. Data for 1966 through 1971 were used Seasonal and working- or trading-day dif- in this revision. ferences continue to play a significant role in Retail estimates are based on the monthly data month-to-month fluctuations in consumer credit. on retailer-held credit compiled by the Bureau In the separately published seasonally adjusted of the Census, to which appropriate adjustments series, allowances for these influences have are made for nonconsumer and wholesale credit, again been made in both instalment credit ex- as discussed earlier. These data were adjusted tended and instalment credit repaid and in the from 1966 through 1971. net change in credit outstandings. In addition, PUBLICATION OF CONSUMER CREDIT a special correction continues to be made in the ESTIMATES seasonally adjusted retail charge account estimates for March and April, in order to allow Current estimates of consumer credit outfor the shifting date of Easter. This adjustment standing, and of consumer instalment credit continues to be small, even for very early and extended and repaid, are published monthly in very late Easter dates. Federal Reserve statistical release G.19, "Consumer Credit," and in the statistical section of BENCHMARK SOURCES the Federal Reserve BULLETIN. In addition, Data for commercial banks are adjusted by type monthly estimates for commercial banks appear of loan to benchmarks provided by June and in the Federal Reserve release G.18, "Con- December call reports of condition. In the cur- sumer Instalment Credit at Commercial rent revision, the series were adjusted through Banks," and for finance companies in the rethe call report for June 30, 1971. Figures for lease G.20, "Finance Companies." A detailed mutual savings banks also are adjusted to call explanation of these series is available in Secreport data for June 30, 1971. The prior bench- tion 16 (New) of Supplement to Banking and mark adjustment for both of these series had Monetary Statistics, 1965.2 • been June 30, 1967. Figures for finance companies are based on benchmark data obtained in Federal Reserve surveys that have been conducted at 5-year 2This supplement may be obtained from the Division intervals since 1955, the most recent being that of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, at for June 30, 1970. Detailed results of the 1970 the price quoted on p. A-102. survey will be published in a forthcoming Historical data on extensions, repayments, and outstandings for bank-card credit, check credit, and mo- BULLETIN. bile-home credit are also available on request from the Data for credit unions (both State and Fed- Mortgage, Agricultural, and Consumer Finance Section eral) are adjusted to year-end figures provided of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
882 FEDERAL RESERVE BULLETIN • OCTOBER 1972 TOTAL CONSUMER CREDIT Amounts outstanding, in millions of dollars Instalment Noninstalment End of Total Other Repair period Auto- consumer and Personal Single- Charge Service Total mobile goods modern- loans Total payment accounts credit paper paper ization loans loans 1 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 1967. 100,783 79,428 29,796 22,389 4,008 23.235 21,355 8,558 7,070 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9.532 7,193 6,300 1969. 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971. 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1965—Jan.. 79,764 62,609 24,957 16,209 3,550 17,893 17,155 6,943 5,571 4,641 Feb.. 79,402 62,629 25,102 15,967 3,517 18,043 16,773 7,017 4,925 4,831 Mar.. 79,703 63,022 25,407 15,867 3,512 18.236 16,681 7,128 4,678 4,875 Apr.. 81,286 64,137 25,934 16,029 3,528 18,646 17,149 7,239 5,019 4,891 May. 82,551 65,095 26,405 16,206 3,567 18,917 17,456 7,351 5,246 4,859 June. 83,755 66,168 26,952 16,400 3,608 19,208 17,587 7,485 5,314 4,788 July. 84,510 66,985 27,457 16,524 3,645 19.359 17,525 7,488 5,306 4,731 Aug.. 85,357 67,888 27,851 16,715 3,690 19,632 17,469 7.533 5,238 4,698 Sept.. 85,871 68,360 27.884 17,001 3,711 19,764 17,511 7,565 5,223 4,723 Oct.. 86,512 68,821 28,085 17,237 3,730 19,769 17,691 7,599 5,373 4,719 Nov.. 87,389 69,452 28,253 17,545 3,743 19,911 17,937 7,629 5,553 4,755 Dec.. 89,883 70,893 28,437 18,483 3,736 20.237 18,990 7,671 6,430 4,889 1966—Jan.. , 89,139 70,562 28,343 18,341 3,698 20,180 18,577 7,789 5.753 5,035 Feb.. 88,539 70,362 28,362 18,118 3,670 20,212 18,177 7,867 5,112 5,198 Mar.. 88,897 70,704 28,640 18,082 3.665 20,317 18,193 7,928 4,985 280 Apr.. 89,871 71,279 28,914 18,180 3.666 20,519 18,592 7,968 5,290 334 May. 90,625 71,874 29.195 18,285 3,710 20,684 18,751 8,062 5,426 263 June. 91,575 72,751 29,629 18,493 3,748 20,881 18.824 8,043 5,563 218 July. , 92,061 73,370 29,845 18,740 3,788 20,997 18,691 7,984 5,518 189 Aug.. 92,786 74,074 30,025 18,990 3,835 21,224 18.712 7.990 5,568 154 Sept.. 92,910 74,226 29,833 19,247 3,854 21,292 18,684 7,953 5,590 141 N D O o e c c t v . . . . . . 9 9 9 3 6 3 , , , 1 2 8 8 3 6 5 9 4 7 7 7 6 4 4 , , , 4 2 9 4 4 1 1 5 9 2 2 3 9 9 0 . , , 8 9 0 8 8 1 5 2 0 2 1 1 0 9 9 , , , 7 7 4 3 1 2 2 8 3 3 3 3 , , , 8 8 8 4 5 5 1 2 9 2 2 2 1 1 1 , , . 2 6 3 6 8 6 2 0 1 1 1 1 8 8 9 , . , 9 7 9 4 4 9 5 4 4 7 7 7 , , , 9 9 9 7 0 4 2 4 2 5 5 6 , , , 7 6 8 0 8 2 6 6 4 5 5 5 , , , 1 3 1 7 3 3 9 6 4 1967—Jan.. . 95,192 75,479 29,715 20,479 3,802 21,483 19.713 7,914 6,313 5,486 Feb.. 94,445 74,788 29,437 20,131 3,769 21,451 19,657 7,898 6,084 5,675 Mar.. 94,566 74,711 29,395 20,025 3,760 21 ,!>31 19,855 7,911 6,234 5.710 Apr.. 94,886 74,783 29,428 19,910 3,756 21,689 20,103 8,031 6.361 5.711 May. 95,346 75,084 29,591 19,866 3,801 21,826 20,262 8,151 6,496 5,615 June. 96,248 75,870 29,884 20,102 3,834 22,050 20,378 8,215 6,617 5,546 July.. 96,448 76,136 30,034 20,096 3,871 22,135 20,312 8,257 6,550 5,505 S A N D O e u o e c p c t v g t . . . . . . . . . . 1 9 9 9 9 0 7 8 7 7 0 , , , , , 7 7 5 2 7 6 8 8 2 8 1 8 2 4 3 7 7 7 7 7 6 7 7 9 7 , , , , , 8 1 8 4 2 8 2 2 9 6 5 9 8 2 0 2 2 2 2 3 9 9 9 9 0 , , , , , 8 7 8 9 1 6 9 2 2 3 6 6 2 0 4 2 2 2 2 2 0 0 0 2 1 , . , , , 7 3 6 3 1 3 6 5 8 9 5 7 7 9 3 4 4 3 3 3 , . , , , 0 9 0 9 9 0 2 0 7 5 5 7 8 6 0 2 2 2 2 2 2 2 3 2 2 , , , , , 4 2 6 6 3 3 5 0 8 7 5 7 2 3 2 2 2 2 2 2 0 0 1 0 0 , , , , , 5 3 3 4 8 0 5 3 5 9 1 5 9 9 0 8 8 8 8 8 , , , , , 3 3 4 5 5 8 1 0 5 2 5 4 3 8 2 6 6 6 6 7 , , , , , 5 8 5 6 0 9 7 5 4 7 1 5 9 5 0 5 5 5 5 5 , , , , , 4 4 5 4 7 6 7 1 2 3 6 9 6 7 4 1968—Jan.. , 99,606 78,781 29,613 22,047 3,956 23,165 20.825 8,583 6,324 5,918 M F J J A M S N A O D u u e e p u o e c a a p n b l t c r v g y r y t e . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 9 9 0 0 0 0 0 0 0 0 1 9 9 1 3 1 3 5 6 4 8 0 , , , , , , , , , , , 5 9 1 9 7 9 0 8 9 0 7 6 6 3 1 6 0 7 4 4 0 7 3 0 8 5 3 8 0 8 0 0 0 7 7 7 8 8 8 8 8 8 8 8 8 9 8 0 1 5 3 2 3 7 4 , , , , , , , , , , , 7 9 6 7 7 5 7 5 7 8 9 6 6 4 5 0 2 4 7 5 5 7 1 5 9 1 0 7 5 2 4 9 0 2 2 3 3 3 3 3 3 3 3 3 9 9 0 0 1 1 2 2 2 2 2 , , , , , , , , , , . 9 6 2 2 7 5 7 1 1 7 9 2 8 7 8 6 4 5 9 7 8 4 5 3 5 5 1 7 9 7 6 4 8 2 2 2 2 2 2 2 2 2 2 2 2 1 1 2 1 2 2 2 2 3 4 , , , , , , , , , , , 7 8 0 2 9 4 5 2 3 8 6 2 5 1 9 3 0 9 9 4 6 2 7 7 3 2 7 6 8 0 4 4 6 4 4 3 3 4 4 4 3 3 4 4 . , , , , , , , , , , 0 9 1 9 0 1 9 9 2 2 2 1 6 0 2 2 6 7 3 3 0 3 8 5 9 5 6 3 8 4 6 0 9 2 2 2 2 2 2 2 2 2 2 2 3 3 5 3 5 4 3 4 5 4 5 , , , , , , , , , , , 3 2 4 0 8 1 6 4 7 2 9 4 7 7 7 2 8 1 0 9 3 3 1 9 3 7 5 3 9 6 7 4 2 2 2 2 2 2 2 2 2 2 2 2 0 1 1 1 1 1 1 1 1 3 2 , , . , , , , , , , , 2 8 7 3 0 3 9 0 4 3 2 4 9 6 0 3 1 2 8 1 4 8 5 8 0 9 6 4 5 9 3 9 4 9 8 8 9 9 8 8 9 8 8 8 , , , , , , . , , , , 6 8 2 9 1 6 3 8 8 7 5 7 1 9 4 2 6 1 0 7 7 3 1 7 1 8 7 3 3 3 3 4 2 6 6 6 6 6 6 6 6 6 6 7 , , . , , , , , , , , 1 1 3 5 3 4 4 7 4 1 7 1 2 1 9 6 6 9 3 5 8 1 1 8 3 5 2 3 0 4 4 6 9 6 6 6 6 6 6 6 6 5 6 6 . , . , , , , , , , , 0 1 1 1 2 2 0 9 0 0 3 3 1 3 3 2 0 2 8 8 2 0 1 1 3 2 3 8 2 6 7 2 0 1969—Jan.., 110,031 87,348 32,850 24.368 4,226 25,904 22,683 9,455 6,780 6,448 Feb.. 110,185 87,483 32.949 24,275 4,238 26,021 22,702 9,493 6,511 6.698 Mar.. 110,711 87,776 33,186 24,142 4,257 26,191 22,935 9,615 6,531 6,789 Apr.. 112,136 88,949 33,671 24,384 4,311 26,583 23,187 9,726 6,675 6,786 May. 113,577 90,262 34.196 24,746 4,399 26,921 23,315 9,758 6,834 6,723 June. 114,933 91,717 34,838 25,162 4,485 27,232 23,216 9,795 6.754 6,667 J A S O N D u e u o e c p l t c v g y t . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 2 7 6 5 7 8 1 , , , , , , 1 4 6 7 4 1 3 5 0 0 5 4 1 1 3 7 4 6 9 9 9 9 9 9 3 2 4 5 4 7 , , , , , , 4 4 3 0 1 6 0 8 7 5 0 6 5 6 5 6 5 4 3 3 3 3 3 3 5 5 5 5 5 5 , , , , , , 2 0 2 5 6 5 7 8 3 2 6 1 9 4 4 7 8 3 2 2 2 2 2 2 5 5 6 6 8 6 , , , , , , 7 4 0 7 3 3 5 2 7 9 1 1 5 3 8 7 3 6 4 4 4 4 4 4 , , , , , , 5 5 6 6 6 6 1 6 1 2 3 3 6 3 3 2 9 0 2 2 2 2 2 2 7 7 8 8 8 8 , , , , , , 4 8 0 3 6 1 7 6 5 2 5 5 7 3 3 6 2 0 2 2 2 2 2 2 2 2 4 3 3 3 , , , , , , 0 9 0 9 2 0 4 7 6 9 7 4 1 5 8 8 6 3 9 9 9 9 9 9 , , , , , , 6 6 6 7 6 6 7 5 9 4 4 2 5 3 8 7 0 6 6 6 6 6 6 7 , , , , , , 8 7 9 6 8 3 5 1 8 5 3 7 1 5 9 7 8 3 6 6 6 6 6 6 . . , . , , 5 9 5 5 6 5 2 8 8 8 9 6 1 5 6 2 9 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 883 TOTAL CONSUMER CREDIT—Continued Amounts outstanding, in millions of dollars Instalment Noninstalment End of Total Other Repair month Auto- consumer and Personal Single- Charge Service TToottaall mobile goods modern- loans Total payment accounts credit paper paper ization loans loans 1 1970—Jan 120,059 96,327 35,141 28,141 4,588 28,457 23,732 9,705 6,924 7,103 Feb 119,625 95,848 34,935 27,887 4,584 28,442 23,777 9,655 6,766 7,356 Mar 119,505 95,622 34,836 27,810 4,587 28,389 23,883 9,597 6,826 7,460 Apr 120,046 96,139 34,937 28,012 4,613 28,577 23,907 9,615 6,861 7,431 May 120,694 96,698 35,062 28,270 4,683 28,683 23,996 9,635 7,010 7,351 June 121,862 97,835 35,374 28,730 4,748 28,983 24,027 9,682 7,080 7,265 July 122,565 98,692 35,620 29,005 4,836 29,231 23,873 9,654 7,069 7,150 Aug 123,435 99,471 35,780 29,247 4,902 29,542 23,964 9,650 7,185 7,129 Sept 124,181 100,072 35,808 29,536 4,964 29,764 24,109 9,635 7,337 7,137 Oct 124,396 100,275 35,792 29,628 5,022 29,833 24,121 9,586 7,423 7,112 Nov 124,609 100,302 35,528 29,757 5,064 29,953 24,307 9,575 7,518 7,214 Dec 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971—Jan 125,811 100,929 34,878 30,889 5,028 30,134 24,882 9,682 7,524 7,676 Feb 125,447 100,467 34,859 30,530 5,016 30,062 24,980 9,716 7,303 7,961 Mar 125,643 100,602 35,089 30,389 5,012 30,112 25,041 9,779 7,239 8,023 Apr 127,009 101,581 35,603 30,590 5,035 30,353 25,428 9,909 7,485 8,034 May 128,066 102,409 35,979 30,813 5,097 30,520 25,657 10,016 7,675 7,966 June 129,336 103,694 36,593 31,163 5,173 30,765 25,642 10,126 7,650 7,866 July 130,062 104,572 37,066 31,250 5,234 31,022 25,490 10,104 7,554 7,832 Aug 131,593 105,924 37,497 31,569 5,314 31,544 25,669 10,262 7,595 7,812 Sept 132,968 107,073 37,812 32,045 5,364 31,852 25,895 10,336 7,744 7,815 Oct 133,755 107,775 38,193 32,189 5,400 31,993 25,980 10,373 7,778 7,829 Nov 135,415 109,088 38,576 32,740 5,417 32,355 26,327 10,459 7,948 7,920 Dec 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1 Holdings of financial institutions; holdings of retail outlets are loans. For back figures and description of the data see "Consumer Credit," included in "Other consumer goods paper." Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, NOTE.'—Consumer credit estimates cover loans to individuals for house- and BULLETIN for Dec. 1968. Estimates for 1972 are shown on pp! hold, family, and other personal expenditures, except real estate mortgage A-56 and A-57 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
884 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT Amounts outstanding, in millions of dollars Financial institutions Retail outlets End of period Total Com- Finance Miscel- Auto- Total mercial compa- Credit laneous Total mobile banks nies 1 unions lenders 1 dealers 2 196 5 70,893 61,102 28,962 23,851 7,324 965 9,791 315 196 6 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 196 7 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 196 8 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 196 9 97,105 83.989 42,421 27,846 12,028 1,694 13,116 250 197 0 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 197 1 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 1965—Jan.. 62,609 53.988 25,191 21,663 6,293 841 8,621 326 Feb.. 62,629 54,257 25,319 21,774 6,334 830 8,372 325 Mar. 63,022 54,780 25.610 21,890 6,438 842 8,242 326 Apr.. 64,137 55,818 26,200 22,179 6,603 836 8,319 330 May. 65,095 56,712 26,670 22,441 6,727 874 8,383 332 June. 66,168 57,723 27,214 22,747 6,890 872 8,445 335 July. 66,985 58,508 27,674 22,995 6,969 870 8,477 335 Aug., 67,888 59,353 28,044 23,323 7,072 914 8,535 333 Sept. 68,360 59,707 28,246 23,408 7,135 918 8,653 328 Oct.. 68,821 60,017 28,487 23,429 7,179 922 8,804 324 Nov. 69,452 60,418 28,685 23,516 7,249 968 9,034 320 Dec.. 70,893 61,102 28,962 23,851 7,324 965 9,791 315 1966—Jan.. 70,562 60,937 28,951 23,761 7,243 982 9,625 315 Feb.. 70,362 60.962 29,023 23,673 7,277 989 9,400 315 Mar. 70,704 61,362 29,348 23,642 7,387 985 9,342 318 Apr.. 71,279 61,917 29,742 23,709 7,499 967 9,362 320 S D O N J J A M u e u e o u c p a n l c t v g y y t e . . . . . . . . . . . 7 7 7 7 7 7 7 7 6 4 4 2 4 3 1 4 , , , , , , , , 7 4 2 2 9 3 8 0 5 4 4 2 1 7 7 7 1 1 5 6 9 0 4 4 6 6 6 6 6 6 6 6 3 4 3 5 2 4 4 4 , , , , , , , , 2 5 8 9 4 4 4 6 8 1 5 0 6 3 8 5 9 2 3 8 9 0 6 0 3 3 3 3 3 3 3 3 1 1 0 0 1 1 1 0 , , , , , , , , 2 1 8 3 5 1 1 0 1 2 5 1 2 3 7 7 1 5 5 9 6 7 0 2 2 2 2 2 2 2 2 2 4 4 4 3 4 4 4 3 , , , , , , , , 2 4 9 1 7 3 3 7 8 7 2 4 9 0 4 8 8 7 9 2 6 0 0 4 7 7 7 7 8 8 8 8 , , , , , , , , 6 1 7 0 8 9 2 1 1 1 5 7 5 4 8 9 7 5 9 9 6 6 0 1 1 1 1 1 1 1 1 1 , , , , , , , , 0 0 0 0 0 0 0 0 0 7 4 2 1 1 4 6 7 8 6 9 3 0 0 0 1 1 9 9 9 9 9 9 0 0 , , , , , , , , 7 5 6 7 4 3 8 0 9 1 1 0 1 1 8 6 1 7 5 5 4 1 8 2 2 2 2 3 3 3 3 3 7 8 9 1 2 1 1 0 7 7 6 9 0 7 3 4 1967—Jan.. 75,479 64,930 31,144 24,572 8,158 1,056 10,549 261 Feb.. 74,788 64,578 31,017 24,350 8,150 1,061 10,210 263 Mar. 74,711 64,560 31,062 24,212 8,223 1,063 10,151 258 Apr.. 74,783 64,745 31,231 24,162 8,312 1,040 10,038 248 J M u a n y e . . 7 7 5 5 , , 0 8 8 7 4 0 6 6 5 5 , , 0 6 8 8 3 4 3 3 1 1 , , 4 7 2 5 7 6 2 2 4 4 , , 1 2 1 1 0 2 8 8 , , 4 6 2 0 8 0 1 1 , , 1 1 1 16 8 1 1 0 0 , , 0 1 0 8 1 6 2 2 6 84 0 July. 76,136 66,098 32,080 24,275 8,644 1,099 10,038 300 Aug. 76,885 66,738 32,446 24,361 8,783 1,148 10,147 291 Sept. 77,129 66,857 32.611 24,274 8,830 1,142 10,272 299 N O D o e c c t v . . . . . 7 7 7 7 7 9 , , , 2 8 42 6 9 8 0 2 6 6 6 7 7 7 , , , 0 3 9 5 8 4 8 0 4 3 3 3 2 2 3 , , , 9 7 1 2 6 5 5 3 2 2 2 2 4 4 4 , , , 2 2 5 6 9 7 1 9 6 9 8 8 , , , 8 0 9 6 0 3 8 3 8 1 1 1 , , , 1 2 2 6 1 13 8 6 1 1 1 0 0 1 , , , 2 5 4 0 1 8 2 2 4 3 2 2 0 8 8 5 7 7 1968—Jan.. 78,781 67,684 33,211 24,328 8,917 1,228 11,097 270 Feb.. 78,700 67,851 33,371 24,273 8,952 1,255 10,849 264 Mar. 78,949 68,219 33,646 24,283 9,036 1,254 10,730 276 Apr.. 79,761 68,959 34,167 24,386 9,182 1,224 10,802 274 May. 80,665 69,903 34,728 24,503 9,351 1,321 10,762 272 June. 81,754 70,924 35,278 24,816 9,543 1,287 10,830 290 J D S O N A u e e u o c p l c t v g y t . . . . . . . . 8 8 8 8 8 8 5 2 7 4 3 3 , , , , , , 7 5 7 5 8 9 5 7 2 4 5 7 1 2 7 5 9 0 7 7 7 7 7 7 1 4 2 3 4 5 , , , . , , 8 7 1 9 3 7 2 7 8 2 9 9 1 8 6 7 0 4 3 3 3 3 3 3 5 6 7 6 7 7 , , , , , , 8 4 4 2 7 9 4 6 8 6 6 3 5 5 5 8 0 6 2 2 2 2 2 2 5 5 5 5 5 6 , , , , , , 0 3 3 4 6 0 7 2 3 8 4 7 0 2 0 0 2 4 1 1 1 9 9 9 0 0 0 , , , , , , 6 9 8 0 1 3 6 2 4 6 6 0 0 8 0 0 8 8 1 1 1 1 1 1 , , , , , , 3 3 4 3 4 3 6 1 0 7 2 7 7 7 3 2 6 0 1 1 1 1 1 1 0 0 0 0 2 1 , , , , , , 5 5 0 6 6 0 3 7 7 1 9 3 7 6 3 4 0 8 2 2 2 2 2 2 9 7 7 9 7 8 8 0 8 8 3 1 1969—Jan.. 87,348 75,694 38,072 25,953 10,264 1,405 11,654 261 Feb.. 87,483 75.991 38,236 25,959 10,345 1,451 11,492 284 Mar. 87,776 76,494 38,551 25,971 10,511 1,461 11,282 276 Apr. 88,949 77,654 39,286 26,159 10,753 1,456 11,295 259 May, 90,262 78,847 39,906 26,408 10,975 1,558 11,415 248 June 91,717 80,181 40,613 26,769 11,238 1,561 11,536 283 July. 92,486 80.963 41,013 27,021 11,382 1,547 11,523 274 Aug. 93,405 81,803 41,358 27,246 11,579 1,620 11,602 264 Sept. 94,056 82,362 41,684 27,304 11,723 1,651 11,694 245 Oct., 94,664 82,905 41,962 27,441 11,841 1,661 11,759 264 Nov. 95,375 83,292 42,064 27,575 11,919 1,734 12,083 265 Dec. 97,105 83.989 42,421 27,846 12,028 1,694 13,116 250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 885 CONSUMER INSTALMENT CREDIT—Continued Amounts outstanding, in millions of dollars Financial institutions Retail outlets EEnndd ooff mmoonntthh TToottaall Com- Finance Miscel- Auto- Other Total mercial compa- Credit laneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets 1970—Jan 96,327 83,583 42,364 27,612 11,898 1,709 12,744 233 12,511 Feb 95,848 83,452 42,282 27,508 11,886 1,776 12,396 257 12,139 Mar 95,622 83,377 42,319 27,330 11,961 1,767 12,245 255 11,990 Apr 96,139 83,918 42,696 27,361 12,090 1,771 12,221 239 11,982 96,698 84,493 43,056 27,348 12,234 1,855 12,205 227 11,978 June 97,835 85,524 43,633 27,543 12,484 1,864 12,311 244 12,067 July 98,692 86,405 44,561 27,297 12,603 1,944 12,287 247 12,040 Aug 99,471 87,105 44,908 27,459 12,764 1,974 12,366 241 12,125 Sept 100,072 87,589 45,156 27,547 12,888 1,998 12,483 222 12,261 Oct 100,275 87,750 45,232 27,587 12,908 2,023 12,525 231 12,294 Nov 100,302 87,630 45,070 27,535 12,924 2,101 12,672 227 12,445 Dec 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 13,682 1971—Jan 100,929 87,676 45,301 27,448 12,839 2,088 13,253 215 13,038 Feb 100,467 87,547 45,315 27,276 12,843 2,113 12,920 230 12,690 Mar 100,602 87,880 45,629 27,142 13,000 2,109 12,722 236 12,486 Apr 101,581 88,897 46,396 27,189 13,182 2,130 12,684 242 12,442 May 102,409 89,785 47,041 27,218 13,371 2,155 12,624 228 12,396 June 103,694 91,048 47,850- 27,339 13,689 2,170 12,646 238 12,408 July 104,572 92,015 48,411 27,666 13,802 2,136 12,557 238 12,319 Aug 105,924 93,310 49,085 27,941 14,086 2,198 12,614 234 12,380 Sept 107,073 94,275 49,654 28,069 14,310 2,242 12,798 226 12,572 Oct 107,775 94,973 50,047 28,237 14,421 2,268 12,802 233 12,569 Nov 109,088 95,925 50,557 28,474 14,609 2,285 13,163 237 12,926 Dec 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 1 Finance companies consist of those institutions formerly classified 2 Automobile paper only; other instalment credit held by automobile as sales finance, consumer finance, and other finance companies. Mis- dealers is included with "Other retail outlets." cellaneous lenders include savings and loan associations and mutual For NOTE see p. 883. savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
886 FEDERAL RESERVE BULLETIN • OCTOBER 1972 MAJOR HOLDERS OF INSTALMENT CREDIT Amounts outstanding, in millions of dollars Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair End of period paper goods paper and Per- Auto- goods paper and Per- Total modern- sonal Total mobile modern- sonal ization loans paper ization loans Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1965. 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 10,058 1966. 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 214 10,315 1967. 33,152 10,972 6,232 5,469 2,731 7.748 24,576 8,627 5,069 192 10,688 1968. 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 166 11,481 1969. 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 174 12,485 1970. 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 12,734 1971. 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 13,446 1965—Jan... 25,191 8,705 4,780 3,706 2,432 5,568 21,663 8,579 3,789 247 9,048 Feb.. 25,319 8,772 4,841 3,691 2,411 5,604 21,774 8,582 3,807 246 9,139 Mar.. 25.610 8,896 4,944 3,697 2,403 5,670 21,890 8,608 3,824 244 9,214 Apr.. 26,200 9,120 5,083 3,742 2,413 5,842 22,179 8,702 3,857 243 9,377 May. 26,670 9,324 5,201 3,783 2,441 5,921 22,441 8,789 3,922 241 9,489 June. 27,214 9,534 5,340 3,842 2,472 6,026 22,747 8.918 3,987 241 9,601 July.. 27,674 9,745 5,439 3,903 2,502 6,085 22,995 9,075 4.006 242 9,672 Aug.. 28,044 9,878 5,501 3,955 2,533 6,177 23,323 9,225 4,078 242 9,778 Sept.. 28,246 9,937 5,487 4,016 2,553 6,253 23,408 9,192 4,176 238 9,802 Oct... 28,487 10,055 5,531 4,062 2,569 6,270 23,429 9,210 4,208 236 9,775 Nov.. 28,685 10,138 5,594 4,092 2.576 6,285 23,516 9,204 4,246 235 9,831 Dec.. 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 10,058 1966—Jan.. 28,951 10,197 5,667 4,175 2,542 6,370 23,761 9,159 4,364 228 10,010 Feb.. 29,023 10,226 5,701 4,174 2,520 6,402 23,673 9,099 4,356 224 9,994 Mar.. 29,348 10,378 5,788 4,193 2,516 6,473 23,642 9,090 4,355 221 9,976 Apr.. 29,742 10,523 5,857 4,242 2,525 6,595 23,709 9,112 4,378 219 10,000 May. 30,072 10,655 5,915 4.285 2,551 6,666 23,784 9,150 4,405 218 10,011 June. 30,526 10,856 5,989 4,349 2,583 6.749 23,977 9.243 4,457 216 10,061 July., 30,855 10,978 6,009 4,452 2,614 6,802 24,142 9,293 4,539 216 10.094 Aug.. 31,137 11,075 6,012 4,504 2,644 6,902 24,300 9,317 4.634 215 10,134 Sept.. 31,125 11,030 5,942 4,543 2,661 6.949 24,288 9,220 4,729 214 10,125 Oct.., 31,170 11,049 5,948 4,562 2,666 6,945 24,340 9.244 4,789 214 10.093 Nov.. 31,211 11,053 5,961 4,587 2,660 6.950 24,429 9,296 4,824 214 10.095 Dec.. 31,319 11,024 5.956 4,681 2.647 7,011 24,796 9,342 4,925 214 10,315 1967—Jan.., 31,144 10,904 5,927 4,725 2,616 6,972 24,572 9,252 4,885 212 10,223 Feb.. 31,017 10,831 5,888 4,734 2,589 6,975 24,350 9,094 4,869 207 10,180 Mar.. 31,062 10,830 5,907 4,730 2.577 7,018 24,212 9,010 4,816 206 10,180 Apr.. 31,231 10,833 5.957 4,745 2,573 7,123 24,162 8,974 4,783 207 10,198 May. 31,427 10,868 6,032 4,761 2,589 7,177 24,110 8,961 4,762 209 10,178 June. 31,756 10,946 6,110 4,806 2,610 7,284 24,212 9,010 4,780 210 10,212 July. 32,080 11,026 6,152 4,921 2,642 7,339 24,275 9,010 4,812 210 10,243 Aug.. 32,446 11,082 6,186 5,023 2,676 7,479 24,361 8,974 4,852 207 10,328 Sept.. 32.611 11,048 6,176 5,133 2,696 7,558 24,274 8,783 4,911 204 10,376 Oct.. 32,763 11,021 6,194 5,221 2,714 7,613 24,261 8,719 4,975 199 10,368 Nov., 32,925 10,993 6,216 5,314 2,726 7,676 24,299 8,669 5,005 198 10,427 Dec.. 33,152 10,972 6,232 5.469 2,731 7,748 24,576 8,627 5,069 192 10,688 1968—Jan.. 33,211 10,940 6,258 845 4,680 2.687 7,801 24,328 8,498 5,047 189 10,594 Feb.. 33,371 10,980 6,305 847 4,715 2.663 7,861 24,273 8,469 5,012 185 10.607 Mar.. 33,646 11,069 6,394 855 4,753 2.648 7,927 24,283 8,486 5.007 182 10.608 Apr.. 34,167 11,223 6,492 892 4,821 2.664 8,075 24,386 8,541 5,014 177 10,654 May. 34,728 11,419 6,612 914 4,905 2.688 8,190 24,503 8,607 5,057 173 10,666 June. 35,278 11,618 6,723 952 4,980 2,713 8,292 24,816 8,735 5,117 172 10,792 July. 35,845 11,823 6,822 982 5,092 2,750 8,376 25,070 8,874 5,137 170 10,889 Aug.. 36,465 12,039 6,890 1,028 5,182 2,792 8,534 25,330 8,947 5,212 161 11,010 Sept., 36,760 12,072 6,890 1,073 5,232 2,820 8,673 25,322 8,864 5,251 157 11,050 Oct.. 37,268 12,242 6,981 1,140 5,288 2,844 8,773 25,480 8,901 5,308 164 11,107 Nov., 37,485 12,294 7,052 1,171 5,288 2,858 8,822 25,642 8,944 5,345 165 11,188 Dec.. 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5.424 166 11,481 1969—Jan... 38,072 12,303 7,124 1,438 5,344 2,841 9,022 25,953 8,938 5.425 166 11,424 Feb.., 38,236 12,329 7,154 1,450 5,408 2,835 9,060 25,959 8.919 5,424 166 11,450 Mar.. 38,551 12,436 7,226 1.470 5,448 2,839 9,132 25,971 8,917 5,420 166 11,468 Apr.. 39,286 12,636 7,353 1,534 5,554 2,870 9,339 26,159 8,997 5,444 168 11,550 May. 39,906 12,825 7,470 1,625 5,617 2,913 9,456 26,408 9,125 5,492 169 11,622 June. 40,613 13,048 7,583 1,705 5,745 2,967 9,565 26,769 9,293 5,594 172 11,710 July. 41,013 13,142 7,635 1,793 5,871 2,991 9,581 27,021 9,362 5.635 173 11,851 Aug.. 41,358 13,193 7,654 1,893 5,944 3,007 9,667 27,246 9,365 5,677 172 12,032 Sept.. 41,684 13,203 7,692 2,035 5,966 3,037 9,751 27,304 9,322 5,713 175 12.094 Oct.. 41,962 13,259 7,754 2,156 6,002 3,033 9,758 27,441 9,427 5,739 174 12,101 Nov.. 42,064 13,231 7,782 2.286 6,014 3,020 9,731 27,575 9,431 5,735 174 12,235 Dec.. 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 174 12,485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 887 MAJOR HOLDERS OF INSTALMENT CREDIT—Continued Amounts outstanding, in millions of dollars Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair End of month paper goods paper and Per- Auto- goods paper and Total modern- sonal Total mobile modernization loans paper ization Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 42,364 12,999 7,735 2,802 6,111 2,957 9,760 27,612 9,293 5. 762 176 42,282 12,908 7.695 2.831 6,187 2,933 9,728 27,508 9,207 5', 757 174 42,319 12,864 7.696 2,846 6,274 2,920 9,719 27,330 9,144 5, 709 174 42,696 12,852 7,753 2,912 6,414 2,929 9,836 27,361 9,187 5, 684 174 43,056 12,894 7,786 2,954 6,587 2,952 9,883 27,348 9,197 5, 698 174 43,633 12,967 7,871 3,048 6,789 2,981 9,977 27,543 9,250 2,327 3,412 174 44,561 13,327 7,935 3,132 7,051 3.017 10,099 27,297 9,037 2,371 3,299 177 44,908 13,342 7,950 3,219 7,088 3,043 10,266 27,459 9,131 2,407 3,282 179 45,156 13,285 7,963 3,336 7,080 3,067 10,425 27,547 9,196 2,445 3,263 181 45,232 13,254 7,984 3,404 7,053 3,080 10,457 27,587 9,194 2,457 3,266 197 45,070 13,086 7,932 3,475 7,012 3,083 10,482 27,535 9,162 2,467 3,187 199 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 45,301 12,782 7,855 3,806 7,214 3,043 10,601 27,448 8,980 2,454 3,187 201 45,315 12,739 7,914 3,754 7,309 3,025 10,574 27,276 8,936 2,438 3,134 207 45,629 12,769 8,049 3,711 7,453 3.018 10,629 27,142 8,933 2,426 3,068 208 46,396 12,946 8,241 3,786 7,633 3,037 10,753 27,189 9,013 2,424 3,029 206 47,041 13,095 8,390 3.832 7,845 3,076 10,803 27,218 9,044 2,433 2,985 206 47,850 13,277 8,581 3,849 3,895 4,276 3,125 10,847 27,339 9,166 2,450 2,919 203 4 4 8 9 , , 4 0 1 8 1 5 1 1 3 3 , , 4 5 1 6 9 7 8 8 , , 7 8 1 1 0 5 4 3 , , 0 9 6 5 5 4 3 3 , , 9 9 3 9 3 2 4 4, , 3 2 1 8 1 6 3 3 , ,1 2 6 0 8 7 1 1 0 1 , ,1 9 2 41 8 2 2 7 7 , , 9 6 4 6 1 6 9 9 , , 4 3 0 3 1 3 2 2 , , 4 4 7 9 1 4 2 2 , , 9 9 1 2 3 4 2 21 1 8 1 49,654 13,653 8,881 4,171 4,060 4,362 3,232 11,295 28,069 9,482 2,517 2,936 219 50,047 13,762 9,017 4,262 4,040 4,391 3.248 11,327 28,237 9,566 2,536 2,952 226 50,557 13,850 9,200 4,348 4,080 4,421 3.249 11,409 28,474 9,600 2,546 2,961 233 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 1 Finance companies consist of those institutions formerly classified See NOTE to table on p. 883. as sales finance, consumer finance, and other finance companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
888 FEDERAL RESERVE BULLETIN • OCTOBER 1972 INSTALMENT CREDIT HELD BY OTHER FINANCIAL LENDERS Amounts outstanding, in millions of dollars Total Other Repair Total Other Repair instal- Auto- con- and Per- instal- Auto- con- and End of period ment mobile sumer modern- sonal End of month ment mobile sumer moderncredit paper goods ization loans credit paper goods ization paper loans paper loans 8,289 3,036 498 933 3,822 1968—June 10,830 3,909 704 1,124 9,315 3,411 588 980 4,336 July. 10,963 3,967 712 1,143 10,216 3,678 654 1,085 4.799 Aug. 11,195 4,043 726 1,173 11,717 4,238 771 1,215 5,493 Sept. 11,312 4,088 734 1,188 13,722 4,941 951 1,443 6,387 Oct.. 11,438 4,139 753 1,192 15,088 5,116 1,177 1,800 6,995 Nov. 11,594 4,188 762 1,213 17,021 5,747 1,472 1,930 7,872 Dec. 11,717 4,238 771 1,215 7,134 2,567 419 871 3,277 1969—Jan.. 11,669 4,224 768 1,219 7,164 2,582 422 860 3,300 Feb. 11,796 4,263 785 1,237 7,280 2,633 430 865 3,352 Mar. 11,972 4,331 798 1,252 7,439 2.699 441 872 3,427 Apr. 12,209 4,426 816 1,273 7,601 2,759 450 885 3,507 May 12,533 4,528 845 1,317 7,762 2,825 461 895 3,581 June 12,799 4,631 865 1,346 7,839 2,863 473 901 3,602 July. 12,929 4,671 875 1,352 7,986 2,914 480 915 3,677 Aug. 13,199 4,758 903 1,384 8,053 2,940 484 920 3,709 Sept. 13,374 4,817 915 1,410 8,101 2,965 487 925 3,724 Oct.. 13,502 4,864 924 1,423 8,217 2,997 493 932 3,795 Nov. 13,653 4,904 944 1,445 8,289 3,036 498 933 3,822 Dec. 13,722 4,941 951 1,443 8,225 3,005 492 928 3.800 1970—Jan.. 13,607 4,881 955 1,455 8,266 3,021 503 926 3,816 Feb. 13,662 4,868 973 1,477 8,372 3,066 510 928 3,868 Mar. 13,728 4,877 991 1,493 8,466 3,102 518 922 3,924 Apr. 13,861 4,906 1,020 1,510 8,630 3,156 526 941 4,007 May 14,089 4,958 1,053 1,557 8,786 3,221 545 949 4,071 June 14,348 5,042 1,087 1,593 8,856 3,248 549 958 4,101 July. 14,547 5,074 1,112 1,642 9,032 3,308 560 976 4,188 Aug. 14,738 5,116 1,126 1,680 9,099 3,337 565 979 4,218 Sept. 14,886 5,142 1,151 1,716 9,140 3,348 577 972 4,243 Oct.. 14,931 5,129 1,154 1,745 9,268 3,385 583 985 4,315 Nov. 15,025 5,121 1,171 1,782 9,315 3,411 588 980 4,336 Dec. 15,088 5,116 1,177 1,800 9,214 3,371 581 974 4,288 1971—Jan.. 14,927 5,046 1,190 1,784 9,211 3,361 581 973 4,296 Feb. 14,956 5,040 1,205 1,784 9,286 3,390 586 977 4,333 Mar. 15,109 5,102 1,245 1,786 9,352 3,416 592 976 4,368 Apr. 15,312 5,161 1,276 1,792 9,546 3,470 602 1,003 4,471 May 15,526 5,222 1,322 1,815 9,716 3,534 614 1,014 4,554 June 15,859 5,331 1,366 1,845 9,743 3,546 625 1,019 4,553 July. 15,938 5,366 1,374 1,855 9,931 3,601 636 1,044 4,650 Aug. 16,284 5,480 1,403 1,889 9,972 3,614 640 1,050 4,668 Sept. 16,552 5,570 1,427 1,913 10,034 3,627 642 1,063 4,702 Oct.. 16,689 5,615 1,439 1,926 10,156 3,657 649 1,081 4.769 Nov. 16,894 5,689 1,458 1,935 10,216 3,678 654 1.085 4,799 Dec. 17,021 5,747 1,472 1,930 10,145 3,647 648 1,080 4.770 10,207 3,665 651 1.086 4,805 10,290 3.700 658 1,088 4,844 10,406 3,755 677 1,084 4,890 10,672 3,837 691 1,117 5,027 NOTE.—Other financial lenders consist of credit unions and miscel- See also NOTE to table on p. 883. laneous lenders. Miscellaneous lenders include savings and loan associations and mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 889 NONINSTALMENT CREDIT Amounts outstanding, in millions of dollars S ingle-payment Charge accounts Single-payment Charge accounts Total loans Total loans non- noninstal- Service End of instalment Com- Other credit month ment Com- Other credit mer- finan- Retail Credit credit mer- finan- Retail Credit cial cial outlets cards1 cial cial outlets cards1 banks insti- banks institutions tutions 18,990 6,690 981 5,724 706 4,889 1968—June 21,384 7,702 111 5,370 1,090 19,994 6.946 1,026 5,812 874 5,336 July. 21,336 7,757 114 5,274 1,160 21,355 7,478 1,080 6,041 1,029 5,727 Aug. 21,413 7,857 134 5,169 1,245 23,025 8,374 1,158 5,966 1,227 6,300 Sept. 21,745 7,990 138 5.328 1.267 24,041 8,553 1,194 5,936 1,437 6,921 Oct.. 21,989 8,107 140 5,488 1.268 25,099 8,469 1,206 6,163 1,805 7,456 Nov. 22,249 8,213 160 5,544 1,245 27,099 9,316 1,269 6,397 1,953 8,164 Dec. 23,025 8,374 158 5,966 1,227 17,155 5.947 996 4,946 625 4,641 1969—Jan.. 22,683 8,300 155 5,533 1,247 16,773 6,028 989 4,319 606 4,831 Feb. 22,702 8,326 167 5,291 1,220 16,681 6,133 995 4,076 602 4,875 Mar. 22,935 8,444 171 5,325 1,206 17,149 6,243 996 4,401 618 4,891 Apr. 23,187 8,557 169 5,444 1,231 17,456 6,342 1,009 4,616 630 4,859 May 23,315 8,565 193 5,559 1,275 17,587 6.477 1,008 4,654 660 4,788 June 23,216 8,608 187 5,458 1,296 17,525 6.493 995 4,592 714 4,731 July. 22,968 8,526 172 5.329 1,356 17,469 6,532 1,001 4,494 744 4,698 Aug. 22,998 8,467 186 5,360 1,399 17,511 6,572 993 4,474 749 4,723 Sept. 23,075 8,487 188 5,395 1,423 17,691 6,616 983 4,652 721 4,719 Oct.. 23,043 8,455 185 5,451 1,386 17,937 6,641 988 4,848 705 4,755 Nov. 23,276 8,425 201 5,540 1,411 18,990 6,690 981 5,724 706 4,889 Dec. 24,041 8,553 194 5,936 1,437 18,577 6,692 1,097 5,050 703 5,035 1970—Jan.. 23,732 8,508 197 5,462 1,462 18,177 6,766 1,101 4,404 708 5,198 Feb. 23,777 8,452 203 5,289 1,477 18,193 6,828 1,100 4,290 695 5,280 Mar. 23,883 8,406 191 5,344 1,482 18,592 6,878 1,090 4,584 706 5,334 Apr. 23,907 8,431 184 5,391 1,470 18,751 6,958 1,104 4,702 724 5,263 May 23,996 8.436 199 5,494 1,516 18.824 6,955 1,088 4,790 773 5,218 June 24,027 8,489 193 5,533 1,547 18,691 6,915 1,069 4,707 811 5,189 July. 23,873 8,452 202 5,398 1,671 18.712 6,923 1,067 4,720 848 5,154 Aug. 23,964 8,449 201 5,375 1,810 18,684 6.905 1,048 4,722 868 5,141 Sept. 24,109 8.437 198 5,520 1,817 18,744 6,875 1,029 4,822 884 5,134 Oct.. 24,121 8,393 193 5,646 1,777 1 1 9 8, , 9 9 4 9 5 4 6 6 . , 9 9 0 4 6 6 1 1 , ,0 0 2 36 6 4 5 , , 9 8 5 1 0 2 8 8 7 7 4 4 5 5 , , 1 3 7 3 9 6 N De o c v . . 2 2 5 4 , , 0 3 9 0 9 7 8 8 , , 3 4 6 6 9 9 2 2 0 0 6 6 5 6 , , 7 1 4 63 7 1 1 , , 7 8 7 0 1 5 19.713 6,893 1,021 5,421 892 5,486 1971—Jan.. 24,882 8,477 205 5,677 1,847 19,657 6,873 1.025 5,204 880 5,675 Feb. 24,980 8,501 215 5,470 1,833 19,855 6,885 1.026 5,343 891 5.710 Mar. 25,041 8,563 216 5,443 1,796 20,103 7,007 1,024 5,452 909 5.711 Apr. 25,428 8,683 226 5.686 1,799 20,262 7,101 1,050 5,582 914 5,615 May 25,657 8,783 233 5,837 1,838 20,378 7,163 1,052 5,672 945 5,546 June 25,642 8,890 236 5,822 1,828 20,312 7,212 1,045 5,524 1,026 5,505 July. 25,490 8,881 223 5.687 1,867 20,339 7,256 1,058 5,482 1,077 5,466 Aug. 25,669 9,019 243 5,681 1,914 2 2 2 2 0 0 0 1 , , , , 4 5 8 3 5 0 5 9 9 1 5 0 7 7 7 7 , , , . 3 3 4 4 2 5 7 2 8 8 8 3 1 1 1 1 , , , , 0 0 0 0 5 8 8 6 7 4 0 0 5 5 6 5 , , , , 5 5 0 8 1 8 4 3 9 9 1 3 1 1 1 1 , , , , 0 0 0 0 3 7 5 2 8 6 6 9 5 5 5 5 , , , , 4 5 4 7 7 1 3 2 9 6 4 7 S O N D e c e o p t c v t . . . . . 2 2 2 2 5 6 5 7 , , , , 8 3 9 0 9 2 9 8 5 7 9 0 9 9 9 9 , , , , 1 1 0 3 8 1 1 8 9 2 6 2 2 2 2 2 6 6 5 7 1 9 4 0 5 5 6 6 , , , , 0 7 8 3 3 5 2 9 1 9 6 7 1 1 1 1 , . . , 9 9 9 9 8 1 5 5 5 7 3 2 20.825 7.494 1,089 5,277 1,047 5,918 20,860 7,518 1.099 5,094 1,017 6.132 21,014 7,563 1.100 5,116 1,012 6,223 21,309 7,678 1,096 5,292 1,021 6,222 21,298 7,680 1,123 5,340 1,022 6.133 I Service station and miscellaneous credit-card accounts and home See NOTE to table on p. 883. heating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
890 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT Without adjustment for seasonal variation and differences in trading days. In millions of dollars Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change sions ments change1 sions ments change1 sions ments change1 sions ments change1 5,362 5,447 -85 1,828 1,806 22 1,589 1,713 -124 138 166 -28 1 807 1 762 45 5,214 5,193 21 1,909 1,763 146 1,367 1,609 -242 127 160 -33 1 811 1 661 150 6,421 6,030 391 2,358 2,055 303 1,661 1,760 -99 179 185 -6 2 223 2 030 193 6,860 5.747 1,113 2,447 1,920 527 1,798 1,637 161 189 173 16 2 426 2 017 409 6,496 5,536 960 2,358 1,887 471 1,800 1,623 177 212 172 40 2 126 1 854 272 7,097 6,024 1,073 2,585 2,037 548 1,912 1,718 194 227 186 41 2 373 2 083 290 6,760 5,943 817 2,465 1,960 505 1,893 1,769 124 213 176 37 2 189 2 038 151 6,802 5,899 903 2,393 1,999 394 1,903 1,712 191 228 183 45 2 278 2 005 273 6,346 5.874 472 2,021 1,988 33 1,969 1,683 286 199 178 21 2 157 2 025 132 6,517 6,056 461 2,283 2,082 201 2,017 1,781 236 194 175 19 2 023 2 018 5 6,879 6,248 631 2,305 2,137 168 2,134 1,826 308 191 178 13 2 249 2 107 142 7.907 6,466 1,441 2,256 2,072 184 2,814 1,876 938 173 180 -7 2 664 2 338 326 5,835 6,166 -331 1,920 2,014 -94 1,847 1,989 -142 137 175 -38 1 931 1 988 -57 5,653 5,853 -200 1,974 1,955 19 1,613 1,836 -223 134 162 -28 1 932 1 900 32 7,054 6,712 342 2,489 2,211 278 2,058 2,094 -36 180 185 -5 2 327 2 222 105 6,932 6,357 575 2,376 2,102 274 2,042 1,944 98 180 179 1 2 334 2 132 202 6,981 6.386 595 2,403 2,122 281 2,086 1,981 105 223 179 44 2 269 2 104 165 7,521 6,644 877 2,622 2,188 434 2,213 2,005 208 222 184 38 2 464 2 267 197 7,008 6,389 619 2,327 2,111 216 2,224 1,977 247 214 174 40 2 243 2 127 116 7,316 6,612 704 2,376 2,196 180 2,288 2,038 250 233 186 47 2 419 2 192 227 6,552 6,400 152 1,953 2,145 -192 2,250 1,993 257 196 177 19 2 153 2 085 68 6,774 6,559 215 2,306 2,254 52 2,233 2,057 176 174 176 -2 2 061 2 072 -11 7,120 6,642 478 2,306 2,209 97 2,356 2,061 295 179 172 7 2 279 2 200 79 8,086 6,760 1,326 2,140 2,112 28 3,119 2,105 1,014 151 169 -18 2 676 2 374 302 6,091 6,857 -766 1,853 2,148 -295 2,108 2,361 -253 136 175 -39 1 994 2 173 -179 5,696 6.387 -691 1,818 2,096 -278 1,782 2,130 -348 138 171 -33 1 958 990 -32 7,042 7,119 -77 2,241 2,283 -42 2,253 2,359 -106 175 184 -9 2 373 2 293 80 6,820 6.748 72 2,209 2,176 33 2,133 2,248 -115 178 182 -4 2 300 2 142 158 7,263 6,962 301 2,430 2,267 163 2,226 2,270 -44 237 192 45 2 370 2 233 137 7,955 7,169 786 2,587 2,294 293 2,519 2,283 236 229 196 33 2 620 2 396 224 7,282 7,016 266 2,344 2,194 150 2,297 2,303 -6 220 183 37 2 421 2 336 85 7,900 7,151 749 2,321 2,221 100 2,656 2,385 271 246 190 56 2 677 2 355 322 7,181 6.937 244 1,993 2,207 -214 2,607 2,317 290 209 186 23 2 372 2 227 145 7,417 7,286 131 2,318 2,372 -54 2,472 2,394 78 212 186 26 2 415 2 334 81 7,776 7,144 632 2,167 2,211 -44 2,822 2,364 458 214 185 29 2 573 2 384 189 8,748 7,212 1,536 2,039 2,065 -26 3,629 2,433 1,196 175 172 3 2 905 2 542 363 6,948 7,595 -647 2,116 2,299 -183 2,336 2,678 -342 147 199 -52 2 349 2 419 -70 7,066 7,147 -81 2,253 2,183 70 2,295 2,532 -237 156 178 -22 2 362 2 254 108 7,795 7,546 249 2,544 2,302 242 2,592 2,675 -83 176 192 -16 2 483 2 377 106 8,490 7,678 812 2,727 2,367 360 2,822 2,617 205 204 197 7 2 737 2 497 240 8,609 7,705 904 2,820 2,358 462 2,758 2,633 125 253 200 53 2 778 2 514 264 8,414 7,325 1,089 2,716 2,188 528 2,722 2,486 236 219 188 31 2 757 2 463 294 8,868 8,050 818 2,941 2,457 484 2,767 2,716 51 257 203 54 2 903 2 674 229 8,532 7,577 955 2,751 2,313 438 2,547 2,484 63 252 189 63 2 982 2 591 391 7,915 7,472 443 2,318 2,331 -13 2,693 2,504 189 230 191 39 2 674 2 446 228 8 8 , , 9 4 7 4 5 0 7 8 , , 5 0 4 8 8 6 8 8 9 8 2 9 2 2 , ,5 9 2 2 8 0 2 2 , , 5 3 4 13 3 2 3 1 7 5 7 2 3 , , 9 0 9 0 9 7 2 2 , ,5 7 6 3 5 9 2 4 6 3 8 4 2 21 3 8 4 1 1 9 8 9 2 3 3 5 6 2 2 6 8 9 1 5 4 2 2 6 4 0 8 5 8 2 2 0 0 9 7 9,932 7.938 1,994 2,449 2,277 172 3,969 2,641 1,328 188 185 3 3 326 2 835 491 7.908 8,305 -397 2,383 2,481 -98 2,738 2,996 -258 177 190 -13 2 610 2 638 -28 7,539 7,404 135 2,396 2,297 99 2,452 2,545 -93 191 179 12 2 500 2 383 117 8,505 8,212 293 2,775 2,538 237 2,705 2,838 -133 222 203 19 2 803 2 633 170 9,579 8,406 1,173 3,042 2,557 485 3,123 2,881 242 263 209 54 3 151 2 759 392 9,512 8,199 1,313 3,016 2,491 525 3,221 2,859 362 296 208 88 2 979 2 641 338 9,782 8,327 1,455 3,121 2,479 642 3,279 2,863 416 297 211 86 3 085 2 774 311 9,403 8,634 769 2,813 2,567 246 3,187 2,926 261 256 225 31 3 147 2 916 231 9,080 8,161 919 2,590 2,440 150 3,175 2,843 332 255 208 47 3 060 2 670 390 8,997 8,346 651 2,549 2,504 45 3,240 2,917 323 244 185 59 2 996644 2 740 224 9,401 8,793 608 2,968 2,679 289 3,311 3,073 238 234 226 8 2 888888 2 815 73 8,744 8,033 711 2,440 2,395 45 3,335 2,854 481 205 196 9 2 764 2 588 176 10,696 8,966 1,730 2,460 2,546 -86 4,566 3,050 1,516 191 217 -26 3 479 3 153 326 8,158 8,936 -778 2,071 2,457 -386 3,338 3,510 -172 169 194 -25 2 580 2 775 -195 7,713 8,192 -479 2,190 2,396 -206 2,863 3,117 -254 184 188 -4 2 476 2 491 -15 8,854 9,080 -226 2,526 2,625 -99 3,333 3,410 -77 207 204 3 2 788 2 841 --5533 9,437 8,920 517 2,707 2,606 101 3,463 3,261 202 233 207 26 3 034 2 846 118888 9,434 8.875 559 2,634 2,509 125 3,592 3,334 258 273 203 70 2 935 2 829 106 10,315 9,178 1,137 2,983 2,671 312 3,767 3,307 460 284 219 65 3 281 2 981 300 10,151 9,294 857 2,944 2,698 246 3,684 3,409 275 304 216 88 3 219 2 971 248 9,521 8,742 779 2,581 2,421 160 3,628 3,386 242 275 209 66 3 037 2 726 311 9,299 8,698 601 2,446 2,418 28 3,662 3,373 289 275 213 62 2 916 2 694 222 1 9 8 1 , , , 3 8 0 7 3 5 9 8 9 9 9 8 , , , 1 2 8 7 9 1 6 7 1 1,7 2 6 0 2 2 3 7 2 2 2 , , , 5 0 0 3 9 7 5 8 9 2 2 2 , , , 5 4 3 5 4 4 1 2 3 - - 3 2 -1 4 6 6 4 4 5 3 3 , , , 6 2 5 9 7 7 1 8 4 3 3 3 , , , 5 4 5 9 4 6 9 9 6 1,7 1 0 9 2 8 2 9 2 2 2 5 7 2 5 7 7 2 2 2 2 1 1 1 9 3 5 4 8 2 6 2 2 3 9 8 4 2 7 6 6 6 0 2 2 3 8 0 8 0 6 0 7 8 6 1 3 6 2 9 9 0 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 891 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT—Continued Without adjustment for seasonal variation and differences in trading days. In millions of dollars Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1971—Jan 7,804 8,939 -1,135 2,051 2,357 -306 3,118 3,694 -576 164 206 -42 2,471 2,682 -211 Feb 8,135 8,597 -462 2,352 2,371 -19 3,094 3,453 -359 200 212 -12 2,489 2,561 -72 Mar 10,149 10,014 135 3,077 2,847 230 3,754 3,895 -141 259 263 -4 3,059 3,009 50 Apr 10,639 9,660 979 3,114 2,600 514 3,950 3,749 201 267 244 23 3,308 3,067 241 May 10,158 9,330 828 2,916 2,540 376 3,870 3,647 223 291 229 62 3,081 2,914 167 June 11,293 10,008 1,285 3,352 2,738 614 4,182 3,832 350 330 254 76 3,429 3,184 245 July 10,443 9,565 878 3,039 2,566 473 3,824 3,737 87 304 243 61 3,276 3,019 257 Aug 10,943 9,591 1,352 3,121 2,690 431 4,017 3,698 319 327 247 80 3,478 2,956 522 Sept 10,638 9,489 1,149 2,973 2,658 315 4,168 3,692 476 303 253 50 3,194 2,886 308 Oct 10,334 9,632 702 3,048 2,667 381 3,935 3,791 144 284 248 36 3,067 2,926 141 Nov 11,300 9,987 1,313 3,087 2,704 383 4,381 3,830 551 273 256 17 3,559 3,197 362 Dec 12,445 10,238 2,207 2,743 2,655 88 5,528 3,915 1,613 242 246 -4 3,932 3,422 510 1 Net changes in credit outstanding are equal to extensions less repay- the amount of extensions and repayments without affecting the amount ments. outstanding. Annual figures are shown on p. 894. For back figures and description NOTE.—Estimates are based on accounting records and often include of the data, see "Consumer Credit,*' Section 16 (New) of Supplement to financing charges. Renewals and refinancing of loans, purchases and Banking and Monetary Statistics, 1965, and BULLETIN for Dec. 1968. sales of instalment paper, and certain other transactions may increase Estimates for 1972 are shown on p. A-58 and A-59 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
892 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER Without adjustment for seasonal variation and differences in trading days. In millions of dollars Total Commercial banks Finance companies 2 Other financial lenders 3 Retail outlets Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- NNeett ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1965-—Jan 5,362 5,447 -85 2,042 1,947 95 1,697 1,676 21 639 667 -28 984 1,157 -173 Feb 5,214 5,193 21 2,042 1,913 129 1,754 1,643 111 609 579 30 809 1,058 -249 Mar 6,421 6,030 391 2,494 2,205 289 2,094 1,978 116 820 704 116 1,013 1,143 -130 Apr 6,860 5,747 1,113 2,665 2,077 588 2,195 1,906 289 870 711 159 1,130 1,053 77 May 6,496 5,536 960 2,523 2,051 472 2,045 1,783 262 797 635 162 1,131 11,,006677 64 June 7,097 6,024 1,073 2,746 2,202 544 2,297 1,991 306 881 720 161 1,173 62 July 6,760 5,943 817 2,632 2,172 460 2,171 1,923 248 807 730 77 1,150 1' 118 32 Aug 6,802 5,899 903 2,585 2,215 370 2,218 1,890 328 836 689 147 1,163 1,105 58 Sept 6,346 5,874 472 2,364 2,162 202 1,971 1,886 85 789 722 67 1,222 1,104 118 Oct 6,517 6,056 461 2,445 2,204 241 2,013 1,992 21 747 699 48 1,312 1,161 151 Nov 6,879 6,248 631 2,470 2,272 198 2,191 2,104 87 809 693 116 1,409 1,179 230 Dec 7,907 6,466 1,441 2,520 2,243 277 2,619 2,284 335 834 762 72 1,934 1,177 757 1966—Jan 5,835 6,166 -331 2,186 2,197 -11 1,833 1,923 -90 686 750 -64 1,130 1,296 -166 Feb 5,653 5,853 -200 2,182 2,110 72 1,802 1,890 -88 711 670 41 958 1,183 -225 Mar 7,054 6,712 342 2,716 2,391 325 2,146 2,177 -31 899 793 106 1,293 1,351 -58 Apr 6,932 6,357 575 2,646 2,252 394 2,174 2,107 67 848 754 94 1,264 1,244 20 May 6,981 6,386 595 2,644 2,314 330 2,138 2,063 75 912 748 164 1,287 1,261 26 June 7,521 6,644 877 2,825 2,371 454 2,381 2,188 193 982 826 156 1,333 1,259 74 July 7,008 6,389 619 2,625 2,296 329 2,178 2,013 165 874 804 70 1,331 1,276 5555 Aug 7,316 6,612 704 2,721 2,439 282 2,248 2,090 158 957 781 176 1,390 1,302 8888 Sept 6,552 6,400 152 2,325 2,337 -12 1,980 1,992 -12 857 790 67 1,390 1,281 109 Oct 6,774 6,559 215 2,416 2,371 45 2,102 2,050 52 838 797 41 1,418 1,341 77 Nov 7,120 6,642 478 2,385 2,344 41 2,279 2,190 89 912 784 128 1,544 1,324 220 Dec 8,086 6,760 1,326 2,402 2,294 108 2,636 2,269 367 892 845 47 2,156 1,352 804 1967--Jan 6,091 6,857 -766 2,227 2,402 -175 1,868 2,092 -224 744 845 -101 1,252 1,518 -266 Feb 5,696 6,387 -691 2,109 2,236 -127 1,814 2,036 -222 753 756 -3 1,020 1,359 -339 Mar 7,042 7,119 -77 2,532 2,487 45 2,128 2,266 -138 962 887 75 1,420 1,479 -59 Apr 6,820 6,748 72 2,553 2,384 169 2,094 2,144 -50 878 812 66 1,295 1,408 -113 May 7,263 6,962 301 2,744 2,548 196 2,158 2,210 -52 999 805 194 1,362 1,399 -37 June 7,955 7,169 786 2,843 2,514 329 2,396 2,294 102 1,092 922 170 1,624 1,439 185 July 7,282 7,016 266 2,813 2,489 324 2,209 2,146 63 937 910 27 1,323 1,471 -148 Aug 7,900 7,151 749 2,923 2,557 366 2,305 2,219 86 11,,007722 884 188 1,600 1,491 109 Sept 7,181 6,937 244 2,615 2,450 165 2,088 2,175 -87 888899 848 41 1,589 1,464 125 Oct 7,417 7,286 131 2,750 2,598 152 2,320 2,333 -13 938 876 62 1,409 1,479 -70 Nov 7,776 7,144 632 2,625 2,463 162 2,388 2,350 38 1,005 883 122 1,758 1,448 310 Dec 8,748 7,212 1,536 2,648 2,421 227 2,693 2,416 277 969 909 60 2,438 1,466 972 1968--Jan 6,948 7,595 -647 2,668 2,609 59 2,057 2,305 -248 897 968 -71 1,326 1,713 -387 Feb 7,066 7,147 -81 2,681 2,521 160 2,139 2,194 -55 937 875 62 1,309 1,557 -248 Mar 7,795 7,546 249 2,915 2,640 275 2,343 2,333 10 998 915 83 1,539 1,658 -119 Apr 8,490 7,678 812 3,275 2,754 521 2,536 2,433 103 1,054 938 116 1,625 1,553 72 May 8,609 7,705 904 3,317 2,756 561 2,525 2,408 117 1,225 959 266 1,542 1,582 -40 June 8,414 7,325 1,089 3,117 2,567 550 2,608 2,295 313 1,128 970 158 1,561 1,493 68 July 8,868 8,050 818 3,437 2,870 567 2,757 2,503 254 1,199 1,066 133 1,475 1,611 -136 Aug 8,532 7,577 955 3,346 2,726 620 2,565 2,305 260 1,269 1,037 232 1,352 1,509 -157 Sept 7,915 7,472 443 3,048 2,753 295 2,355 2,363 -8 1,068 951 117 1,444 1,405 39 Oct 8,975 8,086 889 3,441 2,933 508 2,682 2,524 158 1,172 1,046 126 1,680 1,583 97 Nov 8,440 7,548 892 2,940 2,723 217 2,573 2,411 162 1,105 949 156 1,822 1,465 357 Dec 9,932 7,938 1,994 3,210 2,759 451 3,121 2,689 432 1,154 1,031 123 2,447 1,459 988 1969--Jan 7,908 8,305 -397 3,056 2,920 136 2,339 2,460 -121 1,059 1,107 -48 1,454 1,818 -364 Feb 7,539 7,404 135 2,907 2,743 164 2,309 2,303 6 1,059 932 127 1,264 1,426 -162 Mar 8,505 8,212 293 3,352 3,037 315 2,596 2,584 12 1,192 1,016 176 1,365 1,575 -210 Apr 9,579 8,406 1,173 3,810 3,075 735 2,767 2,579 188 1,364 1,127 237 1,638 1,625 13 May 9,512 8,199 1,313 3,656 3,036 620 2,738 2,489 249 1,397 1,073 324 1,721 1,601 120 June 9,782 8,327 1,455 3,789 3,082 707 2,892 2,531 361 1,385 1,119 266 1,716 1,595 121 July 9,403 8,634 769 3,511 3,111 400 2,946 2,694 252 1,350 1,220 130 1,596 1,609 -13 Aug 9,080 8,161 919 3,339 2,994 345 2,775 2,550 225 1,364 1,094 270 1,602 1,523 79 Sept 8,997 8,346 651 3,398 3,072 326 2,657 2,599 58 1,278 1,103 175 1,664 1,572 92 Oct 9,401 8,793 608 3,547 3,269 278 2,859 2,722 137 1,275 1,147 128 1,720 1,655 65 Nov 8,744 8,033 711 3,036 2,934 102 2,691 2,557 134 1,174 1,023 151 1,843 1,519 324 Dec 10,696 8,966 1,730 3,554 3,197 357 3,184 2,913 271 1,301 1,232 69 2,657 1,624 1,033 1970—Jan 8,158 8,936 -778 3,126 3,183 -57 2,358 2,592 -234 1,082 1,197 -115 1,592 1,964 -372 Feb 7,713 8,192 -479 2,974 3,056 -82 2,307 2,411 -104 1,109 1,054 55 1,323 1,671 -348 Mar 8,854 9,080 -226 3,473 3,436 37 2,577 2,755 -178 1,226 1,160 66 1,578 1,729 -151 Apr 9,437 8,920 517 3,731 3,354 377 2,771 2,740 31 1,319 1,186 133 1,616 1,640 -24 May 9,434 8,875 559 3,629 3,269 360 2,696 2,709 -13 1,401 1,173 228 1,708 1,724 -16 June 10,315 9,178 1,137 3,959 3,382 577 3,108 2,913 195 1,507 1,248 259 1,741 1,635 106 July 10,151 9,294 857 4,022 3,509 928 2,903 2,734 -246 1,551 1,352 199 1,675 1,699 -24 Aug 9,521 8,742 779 3,675 3,328 347 2,614 2,452 162 1,400 1,209 191 1,832 1,753 79 Sept 9,299 8,698 601 3,693 3,445 248 2,512 2,424 88 1,313 1,165 148 1,781 1,664 117 Oct 9,379 9,176 203 3,648 3,572 76 2,584 2,544 40 1,285 1,240 45 1,862 1,820 42 Nov 8,838 8,811 27 3,214 3,376 -162 2,531 2,583 -52 1,234 1,140 94 1,859 1,712 147 Dec 11,059 9,297 1,762 3,816 3,488 328 2,991 2,848 143 1,293 1,230 63 2,959 1,731 1,228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 893 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER—Continued Without adjustment for seasonal variation and differences in trading days. In millions of dollars Total Commercial banks Finance companies 2 Other financial lenders 3 Retail outlets Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1971—Jan 7,804 8,939 -1,135 3,329 3,426 -97 2,006 2,236 -230 1,093 1,254 -161 1,376 2,023 -647 Feb 8,135 8,597 -462 3,437 3,423 14 2,124 2,296 -172 1,156 1,127 29 1,418 1,751 -333 Mar 10,149 10,014 135 4,316 4,002 314 2,669 2,803 -134 1,462 1,309 153 1,702 1,900 -198 Apr 10,639 9,660 979 4,519 3,752 767 2,683 2,636 47 1,601 1,398 203 1,836 1,874 -38 May 10,158 9,330 828 4,270 3,625 645 2,679 2,650 29 1,484 1,270 214 1,725 1,785 -60 June 11,293 10,008 1,285 4,784 3,975 809 2,922 2,801 121 1,764 1,431 333 1,823 1,801 22 July 10,443 9,565 878 4,355 3,794 561 2,839 2,512 327 1,522 1,443 79 1,727 1,816 -89 Aug 10,943 9,591 1,352 4,518 3,844 674 2,897 2,622 275 1,695 1,349 346 1,833 1,776 57 Sept 10,638 9,489 1,149 4,440 3,871 569 2,736 2,608 128 1,544 1,276 268 1,918 1,734 184 Oct 10,334 9,632 702 4,251 3.858 393 2,768 2,600 168 1,487 1,350 137 1,828 1,824 4 Nov 11,300 9,987 1,313 4,432 3; 922 510 3,092 2,855 237 1,605 1,400 205 2,171 1,810 361 Dec 12,445 10,238 2,207 4,586 3,903 683 3,520 3,111 409 1,553 1,426 127 2,786 1,798 988 1 Net changes in credit outstanding are equal to extensions less re- 2 Finance companies consist of those institutions formerly classified as payments, except in certain months when data for extensions and re- sales finance, consumer finance, and other finance companies. payments have been adjusted to eliminate duplication resulting from 3 Other financial lenders include credit unions and miscellaneous large transfers of paper. In those months the differences between ex- lenders. Miscellaneous lenders include savings and loan associations and tensions and repayments for some particular holders do not equal the mutual savings banks. changes in their outstanding credit. Such transfers do not affect total instalment credit extended, repaid, or outstanding. Annual figures are shown on p. 894. See NOTE to table on p. 891. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
894 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT In millions of dollars Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Year Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1965 78,661 70,463 8,198 27,208 23,706 3,502 22,857 20.707 2,150 2,270 2,112 158 26,326 23,938 2,388 1966 82,832 77,480 5,352 27,192 25,619 1,573 26,329 24,080 2,249 2,223 2,118 105 27,088 25,663 1,425 1967 87,171 83,988 3,183 26,320 26,534 -214 29,504 27,847 1,657 2,369 2,202 167 28,978 27,405 1,573 1968 99,984 91,667 8,317 31,083 27,931 3,152 33,507 31,270 2,237 2,534 2,303 231 32,860 30,163 2,697 1969 109,146 99,786 9,360 32,553 29,974 2,579 38,332 34,645 3,687 2,831 2,457 374 35,430 32,710 2,720 1970 112,158 107,199 4,959 29,794 30,137 -343 43,873 40,721 3,152 2,963 2,506 457 35,528 33,835 1,693 1971 124,281 115,050 9,231 34,873 31,393 3,480 47,821 44,933 2,888 3,244 2:901 343 38,343 35,823 2,520 1 Net changes in credit outstanding are equal to extensions less repay- amount of extensions and repayments without affecting the amount outments. standing. NOTE.—Estimates are based on accounting records and often include For back figures and description of the data, see "Consumer Credit," financing charges. Renewals and refinancing of loans, purchases and sales Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, of instalment paper, and certain other transactions may increase the and BULLETIN for Dec. 1968. CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER In millions of dollars Total Commercial banks Finance companies 2 Other financial lenders 3 Retail outlets Year Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1965 78,661 70,463 8,198 29,528 25,663 3,865 25,265 23,056 2,209 9,438 8.311 1,127 14,430 13,433 997 1966 82,832 77,480 5,352 30,073 27,716 2,357 25,897 24,952 945 10,368 9; 342 1,026 16,494 15,470 1,024 1967 87,171 83,988 3,183 31,382 29,549 1,833 26,461 26,681 -220 11,238 10,337 901 18,090 17,421 669 1968 99,984 91,667 8,317 37,395 32,611 4,784 30,261 28,763 1,498 13,206 11,705 1,501 19,122 18,588 534 1969 109,146 99,786 9,360 40,955 36,470 4,485 32,753 30,981 1,772 15,198 13,193 2,005 20,240 19,142 1,098 1970 112,158 107,199 4,959 42,960 40,398 2,977 31,952 31,705 -168 15,720 14,354 1,366 21,526 20,742 784 1971 124,281 115,050 9,231 51,237 45,395 5,842 32,935 31,730 1,205 17,966 16,033 1,933 22,143 21,892 251 1 Net changes in credit outstanding are equal to extensions less repay- 2 Finance companies consist of those institutions formerly classified as ments, except in certain periods when data for extensions and repayments sales finance, consumer finance, and other finance companies. have been adjusted to eliminate duplications resulting from large transfers 3 Other financial lenders include credit unions and miscellaneous of paper. In those periods the differences between extensions and repay- lenders. Miscellaneous lenders include savings and loan associations and ments for some particular holders do not equal the changes in their mutual savings banks. outstanding credit. Such transfers do not affect total instalment credit See NOTE to above table. extended, repaid or outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 895 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT Adjusted for seasonal variation and differences in trading days. In millions of dollars Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change 1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 6,357 5,598 759 2,239 1,906 333 1,780 1 626 154 188 172 16 2,150 1,894 256 6,283 5,580 703 2,218 1,890 328 1,767 1 664 103 172 172 0 2,126 1,854 272 6,269 5,657 612 2,219 1,920 299 1,696 1 632 64 191 177 14 2,163 1,928 235 6,641 5,663 978 2,274 1,883 391 1,851 1 627 224 191 169 22 2,325 1,984 341 6,607 5,746 861 2,287 1,946 341 1,913 1 664 249 187 176 11 2,220 1,960 260 6,430 5,783 647 2,196 1,950 246 1,883 1 704 179 196 178 18 2,155 1,951 204 6,506 5,843 663 2,264 1,937 327 1,907 1 749 158 186 174 12 2,149 1,983 166 6,622 5,993 629 2,338 2,024 314 1,919 1 771 148 190 180 10 2,175 2.018 157 6,611 6,014 597 2,236 2,007 229 1,963 1 743 220 187 178 9 2,225 2,086 139 6,677 6.147 530 2,264 2,041 223 2,027 1 825 202 193 179 14 2,193 2,102 91 6,694 6,179 515 2,302 2,089 213 2,011 1 867 144 191 177 14 2,190 2,046 144 6,808 6,254 554 2,364 2,120 244 2,021 1 857 164 202 179 23 2,221 2,098 123 6,790 6,220 570 2,300 2,076 224 2,061 1 875 186 185 179 6 2,244 2,090 154 6,802 6,283 519 2,286 2,092 194 2,076 1 898 178 179 174 5 2,261 2,119 142 6.991 6,372 619 2,377 2,096 281 2,114 1 954 160 193 179 14 2,307 2,143 164 6,809 6,348 461 2,244 2,096 148 2,110 1 941 169 182 178 4 2,273 2,133 140 6,866 6,411 455 2,233 2,100 133 2,178 2 002 176 190 177 13 2,265 2,132 133 6,928 6,471 457 2,269 2,133 136 2,185 1 999 186 192 178 14 2,282 2,161 121 7,047 6,524 523 2,225 2,165 60 2,341 2 033 308 194 178 16 2,287 2,148 139 6,868 6,468 400 2,233 2,133 100 2,225 2 035 190 190 178 12 2,220 2,122 98 6,788 6,547 241 2,147 2,161 -14 2,248 2 065 183 184 178 6 2,209 2,143 66 6,815 6,555 260 2,233 2,171 62 2,231 2 090 141 170 177 -7 2,181 2,117 64 7,026 6,685 341 2,346 2,202 144 2,234 2 124 110 181 174 7 2,265 2,185 80 6,997 6,646 351 2,290 2,199 91 2,251 2 103 148 178 170 8 2,278 2,174 104 6.963 6,780 183 2,179 2,168 11 2,336 2 206 130 178 176 2 2,270 2,230 40 6,830 6,833 -3 2,095 2,237 -142 2,266 2 196 70 181 183 -2 2,288 2,217 71 6.992 6,744 248 2,136 2,158 -22 2,310 2 196 114 188 178 10 2,358 2,212 146 6.964 6,984 -20 2,168 2,251 -83 2,282 2 318 -36 186 187 — 1 2,328 2,228 100 6,844 6.706 138 2,168 2,154 14 2,219 2 200 19 195 184 11 2,262 2,168 94 7,335 6,979 356 2,231 2,239 -8 2,479 2 273 206 200 189 11 2,425 2,278 147 7,177 7,029 148 2,193 2,196 -3 2,388 2 346 42 195 183 12 2,401 2,304 97 7,506 7,083 423 2,214 2,187 27 2,593 2 396 197 205 184 21 2,494 2,316 178 7,506 7,201 305 2,210 2,268 -58 2,624 2 412 212 199 188 11 2,473 2,333 140 7,364 7,172 192 2,196 2,245 -49 2,462 2 407 55 204 184 20 2,502 2,336 166 7,664 7,183 481 2,209 2,205 4 2,680 2 424 256 218 185 33 2,557 2,369 188 7,827 7,354 473 2,300 2,234 66 2,726 2 515 211 218 178 40 2,583 2,427 156 7,727 7,274 453 2,428 2,256 172 2,517 2 423 94 188 195 -7 2,594 2,400 194 8,194 7,401 793 2,516 2,254 262 2,806 2 530 276 196 185 11 2,676 2,432 244 8,249 7.607 642 2,589 2,324 265 2,810 2 631 179 200 197 3 2,650 2,455 195 8,143 7,455 688 2,498 2,279 219 2,866 2 563 303 199 191 8 2,580 2,422 158 8,267 7,583 684 2,575 2,296 279 2,766 2 587 179 210 196 14 2,716 2,504 212 8,229 7.608 621 2,499 2,290 209 2,805 2 618 187 201 194 7 2,724 2,506 218 8,349 7.707 642 2,619 2,341 278 2,772 2 669 103 219 195 24 2,739 2,502 237 8,141 7,554 587 2,641 2,288 353 2,497 2 512 -15 211 185 26 2,792 2,569 223 8,516 8,020 496 2,615 2,468 147 2,823 2 711 112 223 199 24 2,855 2,642 213 8,780 7,854 926 2,733 2,391 342 2,956 2 690 266 223 193 30 2,868 2,580 288 8,554 7,792 762 2,662 2,382 280 2,904 2 669 235 227 187 40 2,761 2,554 207 8,827 8,004 823 2,714 2,390 324 2,997 2 701 296 231 285 -54 2,885 2,628 257 8,916 8,028 888 2,786 2,468 318 2,972 2 731 241 233 189 44 2,925 2,640 285 9,002 7,950 1,052 2,761 2,454 307 3,054 2 640 414 244 193 51 2,943 2,663 280 8,829 8,115 714 2,754 2,499 255 2,893 2 758 135 248 204 44 2,934 2,654 280 9,253 8,234 1,019 2,812 2,492 320 3,163 2 824 339 257 206 51 3,021 2,712 309 9,191 8,132 1,059 2,781 2,453 328 3,212 2 817 395 250 205 45 2,948 2,657 291 9,220 8,347 873 2,745 2,489 256 3,282 2 952 330 262 209 53 2,931 2,697 234 8,950 8,347 603 2,542 2,476 66 3,205 2 894 311 220 218 2 2,983 2,759 224 9,087 8,537 550 2,600 2,533 67 3,253 3 002 251 226 213 13 3,008 2,789 219 9,067 8,425 642 2,662 2,483 179 3,222 2 989 233 224 180 44 2,959 2,773 186 9,186 8,514 672 2,770 2,521 249 3,268 2 999 269 223 217 6 2,925 2,777 148 9,198 8,605 593 2,673 2,567 106 3,392 3 072 320 219 207 12 2,914 2,759 155 8,897 8,579 318 2,647 2,560 87 3,123 2 991 132 228 210 18 2,899 2,818 81 9,327 8,756 571 2,482 2,488 -6 3,662 3 247 415 224 198 26 2,959 2,823 136 9,205 8,787 418 2,527 2,559 -32 3,528 3 236 292 230 203 27 2,920 2,789 131 9,086 8,838 248 2,459 2,537 -78 3,530 3 285 245 226 202 24 2,871 2,814 57 9,106 8,730 376 2,491 2,537 -46 3,475 3 195 280 228 204 24 2,912 2,794 118 9,479 9.148 331 2,517 2,563 -46 3,693 3 417 276 239 209 30 3,030 2,959 71 9,377 8,862 515 2,528 2,589 -61 3,598 3 271 327 243 210 33 3,008 2,792 216 9,706 9,003 703 2,668 2,607 61 3,698 3 381 317 268 209 59 3,072 2,806 266 9,387 8,990 397 2,537 2,451 86 3,690 3 536 154 241 210 31 2,919 2,793 126 9,468 8,913 555 2,581 2,443 138 3,676 3 476 200 256 211 45 2,955 2,783 172 9,355 9,027 328 2,413 2,455 -42 3,711 3 538 173 268 213 55 2,963 2,821 142 9,011 9,136 -125 2,189 2,411 -222 3,592 3 637 -45 261 217 44 2,969 2,871 98 9,471 9,052 419 2,329 2,499 -170 3,899 3 540 359 282 218 64 2,961 2,795 166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT—Continued Adjusted for seasonal variation and differences in trading days. In millions of dollars Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1971—Jan 9,312 9,085 227 2,585 2,482 103 3,559 3,555 4 229 219 10 2,939 2,829 110 Feb 9,737 9,217 520 2,724 2,532 192 3,812 3,589 223 250 230 20 2,951 2,866 85 Mar 9,984 9,354 630 2,855 2,621 234 3,818 3,610 208 272 251 21 3,039 2,872 167 Apr 10,266 9,455 811 2,874 2,531 343 3,947 3,673 274 259 241 18 3,186 3,010 176 May 10,173 9,606 567 2,778 2,593 185 3,949 3,736 213 258 236 22 3,188 3,041 147 June 10,249 9,670 579 2,845 2,657 188 3,972 3,786 186 281 244 37 3,151 2,983 168 July 10,108 9,416 692 2,813 2,527 286 3,879 3,749 130 272 239 33 3,144 2,901 243 Aug 10,610 9,709 901 3,006 2,669 337 4,048 3,822 226 283 245 38 3,273 2,973 300 Sept 10,827 9,725 1,102 3,123 2,689 434 4,188 3,804 384 282 251 31 3,234 2,981 253 Oct 10,718 9,843 875 3,016 2,673 343 4,135 3,871 264 283 248 35 3,284 3,051 233 Nov 11,157 9,965 1,192 3,121 2,676 445 4,254 3,875 379 274 252 22 3,508 3,162 346 Dec 10,866 9,976 890 3,051 2,715 336 4,153 3,891 262 294 244 50 3,368 3,126 242 i Net changes in credit outstanding are equal to extensions less re- crease the amount of extensions and repayments without affecting the payments. amount outstanding. For back figures and description of the data, see "Consumer Credit," NOTE.—Estimates are based on accounting records and often in- Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, elude financing charges. Renewals and refinancing of loans, purchases and BULLETIN for Dec. 1968. Estimates for 1972 are shown on pp. A-58 and sales of instalment paper, and certain other transactions may in- and A-59 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF CONSUMER CREDIT STATISTICS 897 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER Adjusted for seasonal variation and differences in trading days. In millions of dollars Total Commercial banks Finance companies 2 Other financial lenders 3 Retail outlets Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions change1 sions ments change1 sions ments changei sions ments change1 sions ments changei 1965—Jan. 6,357 5,598 759 2.398 041 357 2,049 1,812 237 781 674 107 1,129 1,071 58 Feb., 6,283 5,580 703 2,383 057 326 2,062 1,796 266 729 642 87 1,109 1.085 24 Mar. 6,269 5,657 612 2,393 067 326 2.061 1,852 209 779 668 111 1,036 1,070 -34 Apr. 6,641 5,663 978 2,474 044 430 2,139 1,856 283 842 705 137 1,186 1,058 128 May 6,607 5,746 861 2,474 111 363 2,150 1,873 277 772 676 96 1,211 1.086 125 June, 6,430 5,783 647 2,431 110 321 2,050 1,888 162 761 668 93 1,188 1,117 71 July. 6,506 5,843 663 2,439 128 311 2,093 1,939 154 775 686 89 1,199 1,090 109 Aug. 6,622 5,993 629 2,455 194 261 2,187 1,952 235 770 696 74 1,210 1,151 59 Sept. 6,611 6,014 597 2.428 174 254 2,125 1,956 169 820 737 83 1,238 1,147 91 Oct.. 6,677 6.147 530 2,514 229 285 2,087 2,023 64 785 721 64 1,291 1,174 117 Nov. 6,694 6,179 515 2,541 253 288 2,085 2,007 78 792 704 88 1,276 1,215 61 Dec. 6,808 6,254 554 2,572 262 310 2,143 2,070 73 826 730 96 1,267 1,192 75 1966—Jan.. 6,790 6,220 570 2,508 254 254 2,163 2,031 132 820 741 79 1,299 1,194 105 Feb.. 6,802 6,283 519 2,539 263 276 2,112 2,064 48 844 742 102 1,307 1,214 93 Mar. 6.991 6,372 619 2,645 275 370 2,150 2,067 83 871 765 106 1,325 1.265 60 Apr., 6,809 6,348 461 2,497 255 242 2,159 2,089 70 831 758 73 1,322 1,246 76 May, 6,866 6,411 455 2,487 285 202 2,156 2,081 75 846 762 84 1,377 1,283 94 June, 6,928 6,471 457 2,547 310 237 2,168 2,115 53 868 780 88 1,345 1.266 79 July. 7,047 6,524 523 2,534 340 194 2,189 2,105 84 874 784 90 1,450 1,295 155 Aug. 6,868 6,468 400 2,492 326 166 2,129 2,074 55 851 759 92 1,396 1,309 87 Sept., 6,788 6,547 241 2,377 347 30 2,113 2,066 47 885 804 81 1.413 1,330 83 Oct.. 6,815 6,555 260 2.429 348 81 2,125 2,043 82 861 806 55 1,400 1,358 42 Nov. 7,026 6,685 341 2,505 368 137 2,213 2,134 79 913 814 99 1.395 1,369 26 Dec., 6,997 6,646 351 2,484 355 129 2,208 2,095 113 891 825 66 1.414 1,371 43 1967—Jan.. 6.963 6,780 183 2,495 415 80 2,165 2,161 4 871 818 53 1,432 1,386 46 Feb.. 6,830 6,833 -3 2,446 389 57 2,120 2,216 -96 890 838 52 1,374 1,390 -16 Mar. 6.992 6,744 248 2,465 357 108 2,131 2,145 -14 940 860 80 1,456 1,382 74 Apr., 6.964 6,984 -20 2.503 474 29 2,165 2,210 -45 893 846 47 1,403 1,454 -51 May 6,844 6.706 138 2.480 418 62 2,091 2,136 -45 879 786 93 1,394 1,366 28 June 7,335 6,979 356 2,565 446 119 2,179 2,215 -36 965 871 94 1,626 1,447 179 July. 7,177 7,029 148 2,662 482 180 2,170 2,188 -18 906 868 38 1,439 1,491 -52 Aug. 7,506 7,083 423 2,726 487 239 2,218 2,231 -13 964 868 96 1,598 1,497 101 Sept. 7,506 7,201 305 2,703 505 198 2,256 2,297 -41 930 881 49 1,617 1,518 99 Oct.. 7,364 7,172 192 2,711 520 191 2,307 2,290 17 950 868 82 1.396 1,494 -98 Nov. 7,664 7,183 481 2,768 484 284 2,300 2,289 11 1,016 917 99 1,580 1,493 87 Dec. 7,827 7,354 473 2,833 579 254 2,325 2,309 16 1,018 922 96 1,651 1,544 107 1968—Jan.. 7,727 7,274 453 2,907 547 360 2,331 2,318 13 1,015 908 107 1,474 1,501 -27 Feb.. 8,194 7,401 793 3,011 603 408 2,423 2,317 106 1,067 941 126 1,693 1.540 153 Mar. 8,249 7.607 642 3,031 672 359 2,509 2,355 154 1,050 953 97 1,659 1,627 32 Apr., 8,143 7,455 688 2,993 658 335 2,446 2,345 101 998 913 85 1,706 1,539 167 May 8,267 7,583 684 3,078 687 391 2,499 2,383 116 1,106 955 151 1,584 1,558 26 June 8,229 7.608 621 3,011 677 334 2,541 2,373 168 1,048 981 67 1,629 1,577 52 July. 8,349 7.707 642 3,104 731 373 2,565 2,425 140 1,109 963 146 1,571 1.588 -17 Aug. 8,141 7,554 587 3,156 678 478 2,484 2,326 158 1,145 1,023 122 1,356 1,527 -171 Sept. 8,516 8,020 496 3,221 897 324 2,610 2,570 40 1,145 1,023 122 1,540 1,530 10 Oct.. 8,780 7,854 926 3,353 813 540 2,630 2,462 168 1,171 1,027 144 1,626 1,552 74 Nov. 8,554 7,792 762 3,196 832 364 2,549 2,422 127 1,159 1,016 143 1,650 1,522 128 Dec. 8,827 8,004 823 3,330 948 382 2,653 2,487 166 1,185 1,018 167 1,659 1,551 108 1969—Jan.. 8,916 8,028 3,385 890 495 2,706 2,515 191 1,216 1,048 168 1,609 1,575 34 Feb., 9,002 7,950 1,052 3,391 930 461 2,710 2,524 186 1,243 1,036 207 1,658 1,460 198 Mar. 8,829 8,115 714 3.399 995 404 2,715 2,540 175 1,237 1,039 198 1,478 1.541 -63 Apr. 9,253 8,234 1,019 3,528 005 523 2,707 2,525 182 1,317 1,111 206 1,701 1,593 108 May 9,191 8,132 1,059 3.430 998 432 2,731 2,485 246 1,277 1,076 201 1,753 1,573 180 June 9,220 8,347 873 3.504 077 427 2,696 2,500 196 1,241 1,086 155 1,779 1,684 95 July. 8,950 8,347 603 3,227 010 217 2,777 2,640 137 1,242 1,108 134 1,704 1.589 115 Aug. 9,087 8,537 550 3,325 109 216 2,823 2,703 120 1,284 1,128 156 1,655 1,597 58 Sept. 9,067 8,425 642 3,340 024 316 2,754 2,642 112 1,280 1,115 165 1,693 1,644 49 Oct.. 9,186 8,514 672 3,455 125 330 2,785 2,655 130 1,270 1,117 153 1,676 1,617 59 Nov. 9,198 8,605 593 3,443 169 274 2,749 2,666 83 1,278 1,137 141 1,728 1,633 95 Dec. 8,897 8,579 318 3,280 162 118 2,609 2,584 25 1,280 1,175 105 1,728 1,658 70 1970—Jan.. 9,327 8,756 571 3,501 199 302 2,802 2,716 86 1,258 1,150 108 1,766 1,691 75 Feb. 9,205 8,787 418 3.481 258 223 2,706 2,646 60 1,292 1,174 118 1,726 1,709 17 Mar. 9,086 8,838 248 3,464 315 149 2,647 2,654 -7 1,253 1,170 83 1,722 1,699 23 Apr. 9,106 8,730 376 3,452 272 180 2,712 2,690 22 1,272 1,166 106 1,670 1,602 68 May 9,479 9.148 331 3,553 360 193 2,789 2,807 -18 1,338 1,218 120 1,799 1,763 36 June 9,377 8,862 515 3,536 255 281 2,801 2,774 27 1,299 1,172 127 1,741 1,661 80 July. 9,706 9,003 703 3,720 412 723 2,727 2,676 -364 1,463 1,227 236 1,796 1,688 108 Aug. 9,387 8,990 397 3,603 392 211 2,601 2,543 58 1,294 1,219 75 1,889 1,836 53 Sept. 9,468 8,913 555 3,682 455 227 2,651 2,509 142 1,332 1,204 128 1,803 1,745 58 Oct.. 9,355 9,027 328 3,643 482 161 2,578 2,539 39 1,306 1,228 78 1,828 1,778 50 Nov. 9,011 9,136 -125 3,511 507 4 2,461 2,578 -117 1,303 1,218 85 1,736 1,833 -97 Dec. 9,471 9,052 419 3,735 513 222 2,471 2,562 -91 1,328 1,204 124 1,937 1,773 164 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 FEDERAL RESERVE BULLETIN • OCTOBER 1972 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER—Continued Adjusted for seasonal variation and differences in trading days. In millions of dollars Total Commercial banks Finance companies 2 Other financial lenders 3 Retail outlets Month Ex- Re- Ex- Re- Ex- Re- Ex- Re- Ex- Reten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net ten- pay- Net sions ments changei sions ments changei sions ments changei sions ments change1 sions ments change1 1971—Jan 9,312 9,085 227 3,893 3,577 316 2,487 2,447 40 1,330 1,256 74 1,602 1,805 -203 Feb 9,737 9,217 520 4,033 3,643 390 2,497 2,529 -32 1,355 1,256 99 1,852 1,789 63 Mar 9,984 9,354 630 4,110 3,679 431 2,645 2,603 42 1,435 1,274 161 1,794 1,798 -4 Apr 10,266 9,455 811 4,176 3,663 513 2,629 2,589 40 1,556 1,376 180 1,905 1,827 78 May........ 10,173 9,606 567 4,171 3,724 447 2,769 2,744 25 1,427 1,312 115 1,806 1,826 -20 June 10,249 9,670 579 4,260 3,829 431 2,636 2,664 -28 1,527 1,346 181 1,826 1,831 -5 July 10,108 9,416 692 4,114 3,769 345 2,721 2,504 217 1,419 1,332 87 1,854 1,811 43 Aug 10,610 9,709 901 4,357 3,850 507 2,827 2,664 163 1,535 1,335 200 1,891 1,860 31 Sept 10,827 9,725 1,102 4,429 3,885 544 2,890 2,700 190 1,561 1,319 242 1,947 1,821 126 Oct 10,718 9,843 875 4,412 3,907 505 2,869 2,700 169 1,568 1,386 182 1,869 1,850 19 Nov 11,157 9,965 1,192 4,644 3,916 728 2,904 2,749 155 1,662 1,443 219 1,947 1,857 90 Dec 10,866 9,976 890 4,514 3,932 582 2,940 2,802 138 1,583 1,396 187 1,829 1,846 -17 1 Net changes in credit outstanding are equal to extensions less re- 2 Finance companies consist of those institutions formerly classified as payments, except in certain months when data for extensions and re- sales finance, consumer finance, and other finance companies, payments have been adjusted to eliminate duplication resulting from 3 Other financial lenders include credit unions and miscellaneous lenders. large transfers of paper. In those months the differences between ex- Miscellaneous lenders include savings and loan associations and mutual tensions and repayments for some particular holders do not equal the savings banks, changes in their outstanding credit. Such transfers do not affect total instalment credit extended, repaid, or outstanding. See NOTE on p. 896. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market 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 have been published regularly in the BULLETIN beginning with the July 1967 issue, and such records have continued to be published in the Board's Annual Reports. The records for the meetings held in 1972 through June 19-20 were published in the BULLETINS for April, pages 390-97; May, pages 455-63; June, pages 562-70; July, pages 640-48; August, pages 707-12; and September, pages 790-96. The record for the meeting held on July 18, 1972, follows: 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 FEDERAL RESERVE BULLETIN • OCTOBER 1972 MEETING HELD ON JULY 18, 1972 Current economic policy directive. The information reviewed at this meeting suggested that growth in real output of goods and services in the second quarter of 1972 had been much faster than the annual rates of between 5.5 and 6 per cent recorded in the two preceding quarters and that the rise in prices had slowed considerably from the first to the second quarter of the year. Staff projections suggested that growth in real GNP would remain rapid in the second half, although not so rapid as in the quarter just ended. In June industrial production continued to expand, reflecting gains in output of business equipment and of materials, but the pace of the expansion—as in May—was well below that in the first 4 months of the year. Total nonfarm payroll employment was unchanged from May, following three sizable monthly increases. Although employment in manufacturing declined somewhat, the average factory workweek remained relatively high. The unemployment rate dropped to 5.5 per cent from 5.9 in May, but the decline was concentrated among younger workers and might have reflected in part seasonal adjustment problems at the end of the school year. Retail sales declined, according to the advance report, after having increased sharply in May; sales in the second quarter as a whole were substantially higher than in the first quarter. Wholesale prices of farm and food products rose considerably further in June, and prices of industrial commodities continued upward at about the average rate of earlier months this year. The advance in hourly earnings of production workers on private nonfarm payrolls, which had slowed in May, remained small in June. Staff projections of real GNP for the second half of 1972 were generally similar to those of 4 weeks earlier. However, the rate of growth anticipated was less rapid than that in the second quarter, which now appeared to have been substantially greater than had been expected. It was anticipated that the rise in disposable personal income in the second half would be somewhat faster than in the second quarter and that expansion in consumption expenditures would remain strong—with the recently enacted increase of 20 per cent in social security benefits contributing to the gains in the fourth quarter. It was still expected that State and local government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 901 purchases of goods and services would increase substantially; that business capital outlays would rise moderately and inventory investment appreciably; and that residential construction would level off. In foreign exchange markets, speculation intensified in mid-June. The United Kingdom lost a substantial amount of reserves in supporting its exchange rate, and early on June 23 it announced that the rate for sterling would be allowed to float and that its exchange markets would be closed for 2 days. Uncertainty and speculation then focused on the dollar and led to the closing of official markets in all major countries—although in some European countries, not before central banks had acquired a substantial amount of dollars in the process of maintaining their currencies within the limits of the Smithsonian Agreement. When exchange markets were reopened around the end of June, controls on capital inflows into some countries were tighter. At the time of this meeting of the Committee, speculative pressures against the dollar had abated somewhat, but exchange rates for most major foreign currencies were at or close to their ceilings against the dollar. The rate for sterling had declined about 5 per cent from the level prevailing before it was allowed to float. U.S. merchandise exports increased in May while imports changed little, and the trade deficit receded from the exceptionally large figure in April. The average deficit in the April-May period, however, was substantially greater than that in the first quarter of the year. Since the last meeting of the Committee, interest rates on most short-term market securities had risen somewhat, partly in response to gradual firming in money market conditions. Rates on shorterterm Treasury bills were an exception, reflecting anticipations of demands for Treasury securities by those foreign official institutions that had been acquiring dollars; at 3.92 per cent on the day before this meeting, the market rate on 3-month bills was unchanged from 4 weeks earlier. In markets for long-term securities, interest rates on corporate and State and local government bonds rose somewhat in the latter part of June but declined again in early July; at the time of this Committee meeting yields on long-term bonds generally were little changed from 4 weeks earlier. The combined volume of new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 FEDERAL RESERVE BULLETIN • OCTOBER 1972 publicly issued corporate bonds and of State and local government bonds changed little from May to June; the volume appeared likely to expand in July. Contract interest rates on conventional new-home mortgages and yields in the secondary market for Federally insured mortgages both were unchanged from May to June. Inflows of savings funds to nonbank thrift institutions increased somewhat in June, but the average rate of inflows in the second quarter of the year was well below the exceptional pace in the first quarter. At commercial banks, real estate and consumer loans outstanding continued to expand rapidly in June, but business loans declined— after having expanded substantially throughout the first 5 months of the year—and banks reduced their holdings of securities other than those of the U.S. Government. Despite the measured decrease in business loans, part of which may have been attributable to seasonal adjustment problems, loan demand was reported to have remained basically strong. In late June most major banks raised their prime rates from 5 to 51A per cent. Growth in the narrowly defined money stock (private demand deposits plus currency in circulation, or M) in June remained close t to the relatively slow rate recorded in May. Sluggishness in June, however, may have reflected temporary effects of the speculation in foreign exchange markets and outflows of funds from the United States after midmonth, and weekly data suggested a sharp increase in the rate of expansion in early July. Growth in the more broadly defined money stock (M plus commercial bank time and savings x deposits other than large-denomination CD's, or M) remained 2 substantial in June, as inflows of consumer-type time and savings deposits to banks continued at a relatively high rate. Expansion in the bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources—slowed sharply, reflecting a marked reduction in U.S. Government deposits. System open market operations in the period since the June 19-20 meeting of the Committee had been directed at fostering growth in reserves available to support private nonbank deposits (RPD's) at an annual rate in the June-July period of between 4.5 and 8.5 per cent, while avoiding sharp day-to-day fluctuations and large cumulative changes in money market conditions. Since July 6, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 903 when Committee members voted to amend the current economic policy directive to take international developments into account, operations also had been conducted with a view to providing and absorbing reserves in ways that avoided significant declines in Treasury bill rates that might otherwise have resulted from heavy foreign official demands for bills. It appeared at present that RPD's would grow over the June-July period at a rate of about 8.5 per cent. The Federal funds rate rose to about 4% per cent from just under AV2 per cent shortly before the preceding meeting. In the 4 weeks ending July 12 member bank borrowings averaged about $180 million, compared with about $115 million in the preceding 4 weeks. The Committee agreed that the economic situation continued to call for moderate growth in the monetary aggregates over the months ahead, and it decided to seek growth in RPD's at an annual rate in a range of 3 to 7 per cent during the July-August period while continuing to avoid sharp fluctuations and large cumulative changes in money market conditions. The members also decided that account should be taken of the forthcoming Treasury financing, of developments in capital markets, and of international developments, and that some allowance should be made in the conduct of operations if growth in the monetary aggregates appeared to be deviating significantly from the rates expected. As at other recent meetings, it was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if it appeared that the Committee's objectives and constraints were not being met satisfactorily. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services increased at a faster rate in the second quarter than in the two preceding quarters. In June the unemployment rate declined, but it was still substantial. Wholesale prices of farm and food products advanced appreciably further in June and the rise in prices of industrial commodities remained substantial. Recent data suggest moderation in the pace of advance in wage rates. In foreign exchange markets, following disturbances leading to a floating of the pound sterling, the dollar has come under pressure and the reserves of European central banks have increased sharply. In May, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
904 FEDERAL RESERVE BULLETIN • OCTOBER 1972 the excess of merchandise imports over exports remained large, though a little less than in April. Growth in the narrowly defined money stock was relatively slow in May and June, but preliminary weekly data suggest a pickup in early July. Growth in the broadly defined money stock was more substantial as inflows of consumer-type time and savings deposits to banks remained strong. Expansion in the bank credit proxy slowed sharply in June as U.S. Government deposits declined markedly. In recent weeks, long-term interest rates have changed little; rates in short-term markets have advanced, except for those on shortermaturity Treasury bills. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of the forthcoming Treasury financing, developments in capital markets, and international developments, the Committee seeks to achieve bank reserve and money market conditions that will support moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Brimmer, Bucher, Daane, Eastburn, MacLaury, Robertson, Sheehan, and Winn. Vote against this action: Mr. Cold well. Absent and not voting: Mr. Mitchell. Mr. Coldwell dissented from this action because in his judgment average growth in bank reserves within the specified range for July and August and the associated expansion in the money supply might build a base for excessive economic stimulation. He was concerned about the effects both on the domestic economic situation, in the context of heavy stimulation from fiscal policy, and on international financial problems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions INTERPRETATION OF REGULATION Y has increased tremendously, with a corresponding increase in the number of orders issued by the ACTIVITIES NOT CLOSELY RELATED TO Board in holding company cases. For comparison, BANKING the Board issued 92 orders in 1969; 149 orders in 1970; 189 orders in 1971; and 232 orders during The Board of Governors has expanded its inter- the first 9 months of 1972. pretation on this subject, published at page 571 In the past, the Board has published each of of the June 1972 BULLETIN, to include three its orders in the BULLETIN, together with any additional activities. Also, the words "Equity accompanying statement or statements. However, funding" in the original interpretation have been in view of the anticipated continued rise in the changed to read "Insurance premium funding." number of holding company orders, the procedures The amended interpretation reads as follows: set forth below will be followed regarding pub- Pursuant to section 4(c)(8) of the Bank Holding lication of orders issued by the Board under the Company Act and § 225.4(a) of Regulation Y, Bank Holding Company Act and the Bank Merger the Board of Governors has determined that the Act. following activities are not so closely related to As part of the Law Department Section of the banking or managing or controlling banks as to BULLETIN, two sections will be set out under the be a proper incident thereto: heading "Bank Holding Company and Bank (a) Insurance premium funding—that is, the Merger Orders Issued by the Board of Govercombined sale of mutual funds and insurance. nors." In the first section, entitled "Orders Printed (b) Underwriting life insurance that is not sold in this Issue," will be printed in full all orders in connection with a credit transaction by a bank issued under the above two acts that are accomholding company, or a subsidiary thereof. panied by a statement of any kind—majority (c) Real estate brokerage (see 1972 Federal statement, concurring statement, or dissenting Reserve BULLETIN 428). statement—which also will be printed in full. (d) Land development (see 1972 Federal Re- In the second section, captioned "Orders not serve BULLETIN 429). Printed in this Issue," will be listed all Board (e) Real estate syndication. orders that were issued without a statement. This (f) Management consulting (see 1972 Federal list, with respect to holding company orders, will Reserve BULLETIN 571). include the name of the applicant; name of bank (g) Property management (see 1972 Federal or banks involved (orders under § 3 of the Act) Reserve BULLETIN 652). or name of company or activity involved (orders (h) Operation of savings and loan associa- under § 4 of the Act); the Board's action with tions.* (see 1972 Federal Reserve BULLETIN 717). respect to the application and effective date thereof; and the Federal Register citation for each BANK HOLDING COMPANY AND order. (Inasmuch as each of the Board's orders BANK MERGER APPLICATIONS: is published in the Federal Register, usually within PUBLICATION OF BOARD'S ORDERS 5 to 7 days after it is issued, the Federal Register Enactment of the 1970 Amendments to the Bank citation for each order will be available for inclu- Holding Company Act expanded the coverage of sion in the BULLETIN list of orders.) Similar inthe Act to include one-bank holding companies; formation will be listed for the Board's orders as a result, the number of holding company ap- issued on applications under the Bank Merger Act. plications processed by the Board of Governors The Board will continue to release all orders and statements in mimeographed form, together *As indicated in its statement announcing this action, this with a press release, copies of which will be activity may be the subject of further consideration by the Board. available upon request to the Board of Governors. 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 FEDERAL RESERVE BULLETIN • OCTOBER 1972 This new publication procedure is scheduled to largest county bank ($8 million deposits). The go into effect in the November 1972 issue of the resulting bank emerging from consummation of BULLETIN and will include all orders issued during the instant proposal would hold 32 per cent of October 1972. county deposits. It appears unlikely that any of the three small county banks would merge due to ORDER UNDER BANK MERGER ACT their overlapping market areas. Fort Recovery is not an attractive area for de novo entry by Celina THE CITIZENS COMMERCIAL BANK, Bank or others since there are presently two bank- CELINA, OHIO ing offices serving this village of 1,348 persons, ORDER APPROVING APPLICATION FOR MERGER OF and there appears to be no immediate prospect for BANKS economic expansion of the area. It is also apparent that Fort Recovery Bank does not have sufficient The Citizens Commercial Bank, Celina, Ohio financial resources to permit it to establish a new ("Celina Bank"), a member State bank of the branch in the Celina area. Federal Reserve System, has applied for the A report from the Department of Justice on the Board's approval pursuant to the Bank Merger Act competitive factors involved in the proposed (12 U.S.C. 1828(c)) of the merger of that bank merger stated that whereas there was only a limited with The Peoples Bank Company, Fort Recovery, amount of existing competition between the two Ohio ("Fort Recovery Bank"), under the charter institutions, consummation of the proposal would and title of Celina Bank. As an incident to the have an adverse effect on competition which would merger, the single office of Fort Recovery Bank be compounded by consummation of the other would become a branch of the resulting bank. pending Mercer County proposed merger. The As required by the Act, notice of the proposed Department cited the elimination of an alternative merger, in form approved by the Board, has been source of banking within the county, and the published, and the Board has requested reports on increased concentration of banking resources in the competitive factors from the Attorney General, the localized market as adverse factors affecting com- Comptroller of the Currency, and the Federal petition. Conversely, a report from the Federal Deposit Insurance Corporation. Deposit Insurance Corporation concluded that the The Board has considered the application and proposed merger would not eliminate any signifiall comments and reports received in the light of cant existing competition between them or any the factors set forth in the Act, and finds that: significant potential for increased competition Celina Bank ($25 million deposits)1 operates its through de novo branching, and that although the only two offices in Mercer County (population of concentration of banking resources in Mercer 35,600) where it ranks as the second largest of County area would be increased, there would the seven county banks, controlling 25 per cent remain numerous conveniently available banking of aggregate deposits. alternatives. The Corporation concluded that the Fort Recovery Bank is the smallest bank in proposed merger would have no significant effects Mercer County with deposits of $7 million. Its on competition in any relevant area. The report only office is located in Fort Recovery and is from the Comptroller of the Currency also deterseparated by a distance of 20 miles from Celina mined that the proposed merger would have no Bank's closest office. There is no main road con- anticompetitive results. necting these offices, two competing banks are On the basis of the record, the reports from other located in the intervening area, and another com- agencies, and in view of the circumstances attenpeting bank is located in Fort Recovery. Although dant upon banking in the relevant areas hereinbe- Celina and Fort Recovery Banks are located in fore discussed, the Board is of the opinion that the same county their service areas do not overlap. consummation of this merger would have only a No meaningful competition exists between them slightly adverse effect on existing or potential which would be eliminated by consummation of competition, and that the increase in concentration this proposed merger. of banking resources in Mercer County would not The largest of the county banks ($27 million significantly affect competition in the relevant deposits) has requested permission of the Compareas. troller of the Currency to merge with the sixth The financial and managerial resources of Celina Bank are generally satisfactory and prospects for *A11 banking data are as of December 31, 1971. the resulting bank appear favorable. The merger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 907 would strengthen the Fort Recovery office and the application should be approved. would also solve its present management succes- On the basis of the record, the application is sion problems. Considerations relating to banking approved for the reasons summarized above. The factors are consistent with, and lend some weight, transaction shall not be consummated (a) before toward approval of the application. Considerations the thirtieth calendar day following the effective relating to the convenience and needs of the com- date of this Order or (b) later than three months munities to be served also lend weight toward after the effective date of this Order, unless such approval since the merger of the two banks would period is extended for good cause by the Board, make possible expanded loans for Fort Recovery or by the Federal Reserve Bank of Cleveland Bank's customers, as well as an increase in the pursuant to delegated authority. number and dollar volume of residential mort- By order of the Board of Governors, effective gages; and the availability of new services to July 28, 1972. include Bank Americard and Line-O-Credit serv- Voting for this action: Chairman Bums and Governors ices. Consequently, the banking factors as well Robertson, Mitchell, and Sheehan. Absent and not voting: as the convenience and needs aspects outweigh the Governors Daane, Brimmer, and Bucher. slightly adverse competitive consequences of this proposed merger. Based upon the foregoing, it is the Board's judgment that consummation of the (Signed) TYNAN SMITH, proposal would be in the public interest, and that [SEAL] Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 FEDERAL RESERVE BULLETIN • OCTOBER 1972 ORDERS UNDER SECTION 3 OF proposed to be acquired. Applicant's subsidiary BANK HOLDING COMPANY ACT also holds between 20 and 24 per cent of each of three other banks in the Houston market. These TEXAS COMMERCE BANCSHARES, INC., five banks hold aggregate deposits of $168.7 mil- HOUSTON, TEXAS lion representing 2.4 per cent of total deposits of ORDER APPROVING ACQUISITION OF BANKS commercial banks in the Houston area. Upon consummation of the proposals herein, Applicant Texas Commerce Bancshares, Inc., Houston, would control approximately 18 per cent of total Texas, a registered bank holding company within deposits of commercial banks in the Houston area the meaning of the Bank Holding Company Act, and would remain the area's second largest bankhas applied in separate applications for the Board's ing organization. Applicant's share of deposits of approval under § 3(a)(3) of the Bank Holding commercial banks in the State would increase by Company Act (12 U.S.C. 1842(a)(3)) to acquire .3 percentage points and Applicant's ranking 100 per cent of the voting shares (less directors' among banking organizations in the State would qualifying shares) of the successor by merger to be unchanged. Airline Bank, Houston, Texas (''Airline Bank") and of the successor by merger to Reagan State Reagan Bank ($65 million of deposits) and Bank of Houston, Houston, Texas ("Reagan Airline Bank ($26.5 million of deposits) rank 15th Bank"). and 45th, respectively, among 142 banking orga- The banks into which Airline and Reagan banks nizations in the Houston market and control reare to be merged have no significance except as spectively, .9 and .4 per cent of total deposits of a means to facilitate the acquisition of the voting commercial banks in that area. Reagan and Airline shares of Airline and Reagan banks. Accordingly, banks are located approximately four miles north the proposed acquisitions of the successor organi- and six miles northwest, respectively, of Applizations are treated herein as the proposed acquisi- cant's lead bank located in downtown Houston. tions of the shares of Airline and Reagan banks. In addition, Applicant's other subsidiary, North Notice of the applications, affording opportunity Freeway Bank ($4.5 million of deposits) is located for interested persons to submit comments and in the Houston area approximately five miles north views, has been given in accordance with § 3(b) of Airline and Reagan banks. The service area of of the Act. The time for filing comments and views Applicant's lead bank completely overlaps the expired, and the Board has considered the ap- service areas of the two proposed subsidiary plications and all comments received in light of banks. It appears that some deposit and loan overthe factors set forth in § 3(c) of the Act (12 U.S.C. lap exists among these banks. 1842(c)). Both Reagan and Airline banks were organized Applicant controls two banks located in the in the 1950's by individuals closely associated Houston area with aggregate deposits of $1.2 with Applicant's lead bank. Except for a brief billion, representing 3.9 per cent of total deposits period of about two years from 1966 to 1968, of commercial banks in the State. Applicant, the shares of Reagan and Airline banks have been held fourth largest banking organization in Texas and continuously by Applicant or its predecessor orgathe second largest in the Houston banking market, nizations. A close working relationship between controls approximately 16.5 per cent of total com- Applicant and each of the banks proposed to be mercial bank deposits in the Houston area.1 (All acquired has continued uninterruptedly since Reabanking data are as of December 31, 1971, and gan and Airline banks were chartered. The proreflect bank holding company acquisitions and posals herein represent a strengthening of existing formations approved through June 30, 1972.) In interests rather than the acquisition of independent addition to its two subsidiary banks, Applicant competing banks. In view of Applicant's signifiholds, through a subsidiary, 24.9 per cent of the cant holding of shares of these banks and the outstanding voting shares of each of the banks continued close relationship between Applicant and these banks, the prospect of disaffiliation 1 On August 31, 1972, the Board approved Applicant's seems remote. application to acquire American National Bank of Beaumont, It appears that consummation of Applicant's Beaumont, Texas ($112 million of deposits). At the same time proposals herein would not eliminate any meanthe Board directed Applicant to divest shares of Beaumont State Bank, Beaumont, Texas ($25 million of deposits) which would ingful competition between the proposed subsidbe acquired indirectly through Applicant's acquisition of iaries or between either of them and any of Appli- American National Bank. Applicant is in the process of organizing seven de novo banks located in the Houston market. cant's subsidiary banks. Nor would consummation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 909 of either or both of Applicant's proposals raise are approved for the reasons summarized above. barriers to entry by other bank holding companies Neither acquisition shall be consummated (a) beinto the expanding Houston market since, after fore the thirtieth calendar day following the effecconsummation of these proposals a number of tive date of this Order or (b) later than three other banks would remain in the Houston market months after the effective date of this Order, unless as potential vehicles for entry by other bank hold- such period is extended for good cause by the ing company organizations. Additionally, neither Board, or by the Federal Reserve Bank of Dallas Airline Bank nor Reagan Bank, each a retail pursuant to delegated authority. institution located outside of downtown Houston, By order of the Board of Governors, effective appears to be an attractive vehicle for a new or September 1, 1972. different bank holding company organization to enter into the Houston market. Reagan Bank is Voting for this action: Chairman Burns and Governors Mitchell, Sheehan, and Bucher. Voting against this action: located approximately four miles from downtown Governors Robertson and Brimmer. Absent and not voting: Houston in an established lower-middle income Governor Daane. neighborhood that has been encircled by freeways (Signed) TYNAN SMITH, which tend to limit accessibility to other areas. [SEAL] Secretary of the Board. On the record before it, the Board concludes DISSENTING STATEMENT OF GOVERNORS that consummation of Applicant proposals would ROBERTSON AND BRIMMER not result in a monopoly nor be in furtherance of any combination, conspiracy, or attempt to We dissent from the majority's approval of the monopolize the business of banking in any area, acquisition by Applicant of both Reagan and Airnor have any substantially anticompetitive effect. line banks. These banks are located in the same The financial condition and managerial re- market as that served by Texas Commerce Bank sources of Applicant and its subsidiaries appear ($1.2 billion of deposits), Applicant's lead bank, satisfactory and future prospects of all seem fa- and communities served by Applicant's one other vorable. The financial condition, management re- subsidiary bank or other of its associated banks sources and prospects of Reagan Bank and of are adjacent to areas served by Airline or Reagan Airline Bank also appear satisfactory and consis- banks. tent with approval of each of these applications. Acquisition of both of these banks would further Soon after acquisition, Applicant has agreed to strengthen Applicant's already dominant position strengthen the somewhat low capital position of in the Houston market (from 16.7 to 18 per cent Airline Bank and proposes to do so through the of market deposits); eliminate significant potential immediate injection of capital funds and the ini- competition that could develop upon the disaffitiation of certain policies with respect to dividend liation of these banks from Applicant; and elimipayments and retention of earnings. This consid- nate an attractive vehicle for entry into the Houston eration lends some weight toward approval of the market by a new or different bank holding comacquisition of Airline Bank. The banking needs pany organization not presently represented in that of the residents of the Houston banking market, market. Such adverse consequences would not including those in the service areas of Reagan and result from the acquisition of Airline Bank alone. Airline banks, appear to be adequately served at Therefore, we would approve the acquisition of the present time by existing institutions. However, Airline Bank, deny the application to acquire Applicant proposes to make more efficient and Reagan Bank, and condition approval of the apexpanded banking resources available through plication to acquire Airline Bank upon divestiture Airline and Reagan banks. Trust services, real by Applicant of the voting shares it presently holds estate financing and international banking are in Reagan Bank. among specialized services Applicant states that We believe the majority places too much sigit intends to make available at these banks. Con- nificance on the prior affiliation of Airline and siderations relating to the convenience and needs Reagan banks with Applicant and its predecessor of the relevant areas are consistent with approval organizations and, to a large extent, disregards the of the applications. It is the Board's judgment that adverse competitive effects of the proposed transconsummation of each of the proposed transactions actions. The three largest bank holding companies is in the public interest and that each application in the Houston market have 24 chain related banks should be approved. throughout the Houston metropolitan area holding On the basis of the record, these applications approximately 10 per cent of total deposits of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
910 FEDERAL RESERVE BULLETIN • OCTOBER 1972 commercial banks in that market. Rapid consoli- (12 U.S.C. 1842(a)(3)) to acquire 51 per cent or dation of banking resources held by these related more of the voting shares of The First National banks is presently being sought in the Houston Bank at Brownsville, Brownsville, Texas area as these bank holding companies are engaged ("Bank"). in acquiring or have indicated plans to acquire full Notice of the application, affording opportunity share ownership and control of at least 16 of these for interested persons to submit comments and chain banks which hold total deposits of more than views, has been given in accordance with § 3(b) $500 million, representing more than 7 per cent of the Act. The time for filing comments and views of total market deposits. has expired and the Board has considered the We believe that the Bank Holding Company Act application and all comments received in light of requires that competitive criteria shall be applied the factors set forth in § 3(c) of the Act (12 U.S.C. to acquisitions of related banks as well as to 1842(c)). acquisitions of unrelated banks. In our judgment, Applicant, the fifth largest banking organization application of the competitive standards prescribed and third largest multi-bank holding company in by the Act requires denial of the acquisition of Texas has five subsidiary banks with aggregate both Airline and Reagan banks or of Reagan Bank deposits of $829 million representing approxialone. mately 2.76 per cent of total deposits of commer- Acquisition of Airline Bank only, in view of cial banks in the State1 (All banking data are as its size ($26.5 million of deposits) and the distance of December 31, 1971, and reflect bank holding between it and Houston, does not present serious company acquisitions approved through May 31, adverse competitive effects. Acquisition of both 1972.) Consummation of the proposed acquisition Reagan and Airline banks by Applicant, however, of Bank (deposits of approximately $51 million) would have adverse competitive effects on poten- would increase Applicant's share of commercial tial competition in the Houston banking market. bank deposits in the State by . 16 percentage points Reagan Bank ($65 million of deposits) is located and Applicant's rank in the State would be unonly four miles from downtown Houston and has changed. The proposed acquisition represents experienced rapid deposit growth during the last Applicant's initial entry into the Brownsvillefew years. These factors indicate that acquisition Harlingen-San Benito area which approximates of Reagan Bank by Texas Commerce would Bank's relevant market.2 strengthen significantly the company's already Bank second largest of nine banks in the dominant position throughout the Houston area Brownsville-Harlingen-San Benito area, controls and have serious anticompetitive effects on smaller approximately 23 per cent of total deposits of banks in the area served by Reagan Bank. Di- commercial banks in that market. Upon convestiture of Reagan Bank by Texas Commerce as summation of the present proposal, Applicant a condition to its acquisition of Airline Bank, would become the only bank holding company would, on the other hand, have a procompetitive effect on the Houston banking market. As a result 1 Applicant controls substantially all the stock of three Texas of such a separation, Reagan Bank could become banks: Bank of the Southwest, Houston; Village National a significant independent competitor in the Hous- Bank, Houston; and First National Bank of Longview, Longton market in which only 21 of more than 140 view, Texas. Applicant holds approximately 38 per cent of the voting shares of South Park National Bank, Houston, and banks hold deposits in excess of $50 million. The has minority interests of between 4.20 and 20 per cent in four Board's action today eliminates Reagan Bank as other Houston banks whose aggregate deposits as of June 30, an entry vehicle and thereby increases the barriers 1971, were approximately $117 million. Applicant's minority interest of 24.7 per cent in Kilgore National Bank, Kilgore, to entry into the Houston banking market by a Texas, is expected to be liquidated. The Board approved bank holding company not already in that market. Applicant's applications to acquire Long Point National Bank of Houston, Houston, Texas ($29 million of deposits) and Continental National Bank of Fort Worth, Fort Worth, Texas SOUTHWEST BANCSHARES, INC., ($182.2 million of deposits) on April 11, 1972, and May 24, HOUSTON, TEXAS 1972, respectively. On June 8, 1972, Applicant received approval from the Federal Reserve Bank of Dallas, acting under ORDER APPROVING ACQUISITION OF BANK delegated authority, to acquire Bank of Woodlake, National Association, Houston, Texas, a proposed new bank. On June 29, 1972, the Board approved Applicant's application to ac- Southwest Bancshares, Inc., Houston, Texas, quire The Denton County National Bank of Denton, Denton, a bank holding company within the meaning of Texas ($33 million of deposits). 2 In addition to the present application, Applicant has filed the Bank Holding Company Act, has applied for an application with the Board to acquire The First National the Board's approval under § 3(a)(3) of the Act Bank at Port Arthur, Port Arthur, Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 911 represented in the Brownsville-Harlingen-San On the basis of the record, the application is Benito area. approved for the reasons summarized above. The Applicant's subsidiary bank located nearest to transaction shall not be consummated (a) before Bank is in Houston, Texas, approximately 350 the thirtieth calendar day following the effective miles north of Bank. It appears that no meaningful date of this Order or (b) later than three months competition exists between Bank and any of after the effective date of this Order, unless such Applicant's subsidiary banks. Further, it seems period is extended for good cause by the Board, unlikely that meaningful competition would de- or by the Federal Reserve Bank of Dallas pursuant velop in the future between Bank and Applicant's to delegated authority. subsidiaries in light of the facts presented, partic- By order of the Board of Governors, effective ularly the distances separating these banks, and September 1, 1972. the Texas statutes prohibiting branch banking. Voting for this action:Governors Mitchell, Brimmer, Shee- Applicant could enter the market de novo. Howhan, and Bucher. Voting against this action: Vice Chairman ever, such prospect appears unlikely in view of Robertson. Absent and not voting: Chairman Bums and Govthe number of banks already in that market, the ernor Daane. decline in population (7.1 per cent from 1960 to (Signed) TYNAN SMITH, 1970) and the relatively high unemployment in the [SEAL] Secretary of the Board. communities served by these banks. Acquisition by Applicant of one of the smaller banks in the DISSENTING STATEMENT OF GOVERNOR market might have a somewhat more favorable ROBERTSON effect on competition than the proposal herein. The wresting of control over financial resources However, Bank is not regarded as a likely prospect from regional interests by a few giant bank holding for the formation of a new bank holding company company organizations in Texas continues with the and it appears that acquisition of Bank would not Board's action approving entry of the State's fifth have a significant adverse effect on the remaining largest banking organization into the Brownsville banks in the relevant market nor foreclose entry area through acquisition of the second largest bank by other bank holding companies into that market in that market. as eight independent banks would remain as po- On a number of previous occasions, I have tential members of other bank holding company questioned the wisdom of permitting the financial organizations. power of this country to become more centralized On the basis of the record before it, the Board in a small number of giant banking organizations. concludes that consummation of the proposed ac- In no State is this trend more apparent than in quisition would not have an adverse effect on Texas where the State's largest banking organicompetition in any relevant area. zations continue to enter new markets throughout The financial and managerial resources and fu- the State by acquiring the larger, most viable ture prospects of Applicant and its subsidiaries independent banks in those markets without any appear satisfactory. Bank appears to be in satis- showing of benefits flowing to the banking cusfactory financial condition although its capital tomers in these communities. I find it necessary position is below desired levels. Applicant has to reassert my objections to this method of Stateagreed to make a significant contribution of equity wide expansion which I expressed in my Dissentcapital to Bank. The expected strengthening of ing Statement with respect to Applicant's recent Bank's capital position lends weight to approval application to acquire the third largest bank in Fort of the application. Worth. (Application of Southwest Bancshares, Although the major banking needs of the rele- Inc., Houston, Texas, to acquire Continental Navant area appear adequately served at the present tional Bank of Fort Worth, 72 Federal Reserve time, Applicant proposes to assist Bank in provid- BULLETIN 591). ing increased lending capacity, international The facts of Applicant's present proposal sugbanking and other expanded services as the need gest clearly that less anticompetitive means of develops. Considerations relating to the conven- entry into the Brownsville-Harlingen-San Benito ience and needs of the communities to be served market are available. The relatively high ratio of appear consistent with approval of the application. persons per banking office in this market (15,596 It is the Board's judgment that the proposed trans- compared with 9,276 Statewide) suggests that the action is in the public interest and that the ap- prospects for de novo entry are favorable. Further, plication should be approved. several smaller banks are available to Applicant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 FEDERAL RESERVE BULLETIN • OCTOBER 1972 as an entry vehicle into this market. In fact, banks in the State.1 (All banking data are as of Applicant's lead bank has financed the purchase December 31, 1971, and reflect bank holding of the third largest bank in the relevant banking company acquisitions approved through May 31, market. Acquisition of that bank or another of the 1972.) Consummation of the proposed acquisition smaller unaffiliated banks in the area would serve of Bank (deposits of approximately $73.5 million) to stimulate competition whereas the proposed would increase Applicant's share of commercial transaction will further entrench an already domi- bank deposits in the State by . 3 percentage points nant bank in the market. and Applicant's rank in the State would be un- Bank appears to be in satisfactory financial changed. The proposed acquisition represents condition and its future prospects with or without Applicant's intital entry into the Beaumont-Port affiliation with Applicant appear favorable. It also Arthur-Orange area which approximates Bank's appears that the banking needs of the relevant relevant market. communities are being adequately served by the Bank, third largest of 19 banks in the Beaubanks presently operating in that area. Although mont-Port Arthur-Orange area, controls approxi- Applicant's commitment to bolster Bank's capital mately 13 per cent of total deposits of commercial position constitutes a favorable consideration, it banks in that market. Upon consummation of the is not a sufficient factor to swing the balance in present proposal, Applicant would become the favor of approval of this proposal. I see no benefits second bank holding company operating in that accruing to the convenience and needs of the market. (Pending before the Board are three apcommunities in the relevant market which would plications filed by three bank holding company outweigh the anticompetitive effects resulting from organizations (other than Applicant) each of which consummation of the proposed transaction. I seeks to enter the relevant market; the banks would deny this application. involved are that area's second, fourth and fifth largest banks. The lead bank of First Security National Corporation, Beaumont, Texas (the only ORDER APPROVING ACQUISITION OF BANK multi-bank holding company presently operating Southwest Bancshares, Inc., Houston, Texas, in the market) with deposits of approximately $150 a bank holding company within the meaning of million controls more than 25 per cent of deposits the Bank Holding Company Act, has applied for of commercial banks in Bank's market. the Board's approval under § 3(a)(3) of the Act Applicant's subsidiary banks located nearest to (12 U.S.C. 1842(a)(3)) to acquire 100 per cent Bank are in Houston, Texas, approximately 90 of the voting shares (less directors' qualifying miles west of Bank and operate in a separate but shares) of the successor by merger to The First adjoining banking market. It appears that no National Bank of Port Arthur, Port Arthur, Texas meaningful competition exists between Bank and ("Bank"). any of Applicant's subsidiary banks. Further, it The bank into which Bank is to be merged has appears unlikely that meaningful competition no significance except as a means to facilitate the would develop in the future between Bank and acquisition of the voting shares of Bank. Accordingly, the proposed acquisition of the successor 1 Applicant controls substantially all the stock of five Texas organization is treated herein as the proposed ac- banks: Bank of the Southwest, Houston; Village National Bank, Houston; First National Bank of Longview, Longview; quisition of the shares of Bank. Long Point National Bank, Houston; Continental National Notice of the application, affording opportunity Bank of Fort Worth, Fort Worth. Applicant holds approximately 38 percent of the voting shares of South Park National for interested persons to submit comments and Bank, Houston, and has minority interests of between 4.20 views, has been given in accordance with § 3(b) and 20 per cent in four other Houston banks whose aggregate of the Act. The time for filing comments and views deposits as of June 30, 1971, were approximately $117 million. Applicant's minority interest of 24.7 per cent in Kilgore has expired, and the Board has considered the National Bank, Kilgore, Texas, is expected to be liquidated. application and all comments received in light of The Board approved Applicant's applications to acquire Long the factors set forth in § 3(c) of the Act (12 U.S.C. Point National Bank of Houston, Houston, Texas ($29 million of deposits) and Continental National Bank of Fort Worth, 1842(c)). Fort Worth, Texas ($182.2 million of deposits) on April 11, Applicant, the fifth largest banking organization 1972, and May 24, 1972, respectively. On June 8, 1972, Applicant received approval from the Federal Reserve Bank and third largest multi-bank holding company in of Dallas, acting under delegated authority, to acquire Bank Texas, has six subsidiary banks with aggregate of Woodlake, National Association, Houston, Texas, a proposed new bank. On June 29, 1972, the Board approved deposits of $1,028 million representing approxi- Applicant's application to acquire The Denton County National mately 3.4 per cent of total deposits of commercial Bank of Denton, Denton, Texas ($33 million of deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 913 any of Applicant's subsidiaries in light of the facts On the basis of the record, the application is presented, particularly the distances separating approved for the reasons summarized above. The these banks, the number of banks in intervening transaction shall not be consummated (a) before areas and the Texas statutes prohibiting branch the thirtieth calendar day following the effective banking. Applicant could enter the market de novo date of this Order or (b) later than three months or through the acquisition of a smaller bank. after the effective date of this Order, unless such However, such prospect appears unlikely in view period is extended for good cause by the Board, of the number of banks already in that market, or by the Federal Reserve Bank of Dallas pursuant the failure of the area to experience significant to delegated authority. population growth during the past decade and the By order of the Board of Governors, effective existence of a somewhat static economic condition September 1, 1972. in the relevant communities. Although acquisition by Applicant of one of the smaller banks in the Voting for this action: Governors Mitchell, Brimmer, Sheehan, and Bucher. Voting against this action: Vice Chairman market might have a somewhat more favorable Robertson. Absent and not voting: Chairman Burns and Goveffect on competition than acquisition of Bank, the ernor Daane. prospect of entry into the Beaumont-Port Arthur- (Signed) TYNAN SMITH, Orange area by a number of the State's largest [SEAL] Secretary of the Board. multi-bank holding companies should stimulate aggressive banking competition in that market. DISSENTING STATEMENT OF GOVERNOR Further, Bank has operated under conservative ROBERTSON management policies and is not regarded as a I would deny Applicant's proposal to enter the likely prospect for the formation of a new bank Beaumont-Port Arthur-Orange banking market holding company; it appears that acquisition of through acquisition of the third largest bank in that Bank would not have a significant adverse effect market controlling 13 per cent of total deposits on the remaining banks in the relevant market; of commercial banks in that area. On previous nor foreclose entry by other bank holding compaoccasions, I have indicated my belief that it is not nies into the market as a significant number of in the best interests of banking in Texas to permit independent banks would remain as potential the strongest, most aggressive banking organimembers of other bank holding company organizations in the State to continue to acquire dominant zations. and viable independent banks in the various bank- On the basis of the record before it, the Board ing markets throughout the State without a clear concludes that consummation of the proposed ac- showing that the acquisition will result in benefits quisition would not have an adverse effect on flowing to the banks involved or to the banking competition in any relevant area. public in the relevant communities. The present The financial and managerial resources and fu- proposal fails to indicate any public benefits that ture prospects of Applicant and its subsidiary would override the anticompetitive consequences banks appear satisfactory. Bank appears to be in that I believe will result from consummation of satisfactory financial condition. Upon acquisition Applicant's acquisition of Bank. of Bank, Applicant has stated its intention to make The record indicates that Applicant is a likely available to Bank more aggressive management to entrant into Bank's market which is approximately enable Bank more effectively to satisfy the finan- 90 miles from Houston, where Applicant's lead cial needs of the many industrial companies lo- bank is located. In view of the relatively high cated in its market. At the present time, Bank's population per banking office ratio in Bank's marloan to deposit ratio is significantly below those ket (15,797 compared to 9,276 for the State) and of its more aggressive competitors. To the extent the existence of numerous smaller banks in the affiliation with Applicant may result in Bank pro- area, the market seems attractive for entry de novo viding more of its financial resources to the com- or through the acquisition of one of the smaller munity, this prospect lends weight to approval of banks operating in that area. the application. Considerations relating to the Bank is in satisfactory financial condition and convenience and needs of the communities to be would be an attractive vehicle for entry by a bank served lend some weight to approval of the ap- holding company that occupies a less dominant plication. It is the Board's judgment that the position in the State than Applicant. Such entry proposed transaction is in the public interest and would serve to encourage the development of that the application should be approved. additional banking organizations in the State, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
914 FEDERAL RESERVE BULLETIN • OCTOBER 1972 whereas entry by Applicant significantly increases proposed acquisitions of additional banks by holdthe resource strength of an already dominant bank ing companies of large city banks is that they will holding company operating in an adjacent market. be better able to finance their large customers. Of Also the size and strength of Bank suggest that course, if the large customers are preferred borit is able to compete in its market as an indepen- rowers—and I suspect they will be—it is probable dent bank. that smaller borrowers seeking loans in the rela- The Board's recent Order approving the entry tively small market of the subsidiary bank will be of Texas Commerce Bancshares, Houston, Texas, deprived of the use of funds generated in their into the Beaumont market through acquisition of own area. the second largest bank in that market, in my view, Moreover, to the extent that bank holding comcan be distinguished from Applicant's proposal pany affiliation creates constraints upon holding herein, particularly on the basis of the market company subsidiary banks to seek loan participaposition and managerial resource strength of tions with banks outside the holding company American National Bank (which had deteriorated system, local customers seeking loans in excess significantly in the last few years) and the require- of a bank's own legal limit may seek in vain. After ment in the Board's Order that Texas Commerce giving up its previous freedom to sell its loan Bancshares divest shares now held by American overlines to any of its several large correspondent National Bank in the seventh largest bank in the banks, a subsidiary may find its "in-house" banks Beaumont market, so that an additional indepen- unable to pick up a loan during high demand dent banking competitor emerges in connection periods and itself unable to make a particular loan. with the acquisition of American National Bank. Such limitations on the traditional loan participation procedure, brought about by holding company In the present application, Applicant fails to affiliation, may work well enough in rosy times show that any benefits to the relevant communities and reduce the availability of funds in a particular will result from its acquisition of Bank. Applicant banking market in others. points only to the fact that Bank's conservative management is responsible for a loan to deposit In view of these considerations, I am not conratio that is significantly below those of Bank's vinced that Bank's affiliation with a large aggresmore aggressive competitors. While it may be true sive bank holding company will permanently inthat affiliation with an aggressive bank holding crease the availability of loanable funds in Bank's company organization will result in Bank's lending market and, hence, better serve the convenience policies becoming more aggressive, this may be and needs of the Bank's community; certainly not either good or bad depending upon a host of to the extent needed to outweigh the anticompeticonsiderations, including whether the commu- tive effects of the proposed transaction. nity's need for borrowed funds is being adequately I would deny the application. met. If so, there is no public advantage in trying to increase the amount of loans outstanding. In SHOREBANK, INC., any event, this prospect, in itself, fails to weigh QUINCY, MASSACHUSETTS heavily in counterbalancing the anticompetitive ORDER APPROVING ACQUISITION OF BANKS consequences of the proposed transaction. It is often asserted, and Applicant and the ma- Shorebank, Inc., Quincy, Massachusetts, a jority of the Board rely on the proposition, that bank holding company within the meaning of the the affiliation of a large bank holding company Bank Holding Company Act, has applied for the with a relatively small bank will increase the Board's approval under § 3(a)(3) of the Act (12 availability of loanable funds in the market of the U.S.C. 1842(a)(3)) to acquire at least 80 per cent smaller bank. In my view, such affiliation may of the voting shares of The Mechanics Bancorp, reduce the amount of funds available in the smaller Inc., Worcester, Massachusetts, a one-bank holdbank's market when the need therefor is greatest. ing company which owns 100 per cent of the For example, if "tight money" conditions obtain voting shares (less directors' qualifying shares) of and the holding company's large city bank is The Mechanics National Bank of Worcester, "loaned up", the holding company is in a position Worcester, Massachusetts ("Mechanics Bank"); to draw funds out of the market of smaller subsi- and to acquire at least 80 per cent of the voting diary banks in order to satisfy the loan demands shares of First Agricultural National Bank of of the lead bank's largest customers. Indeed, the Berkshire County, Pittsfield, Massachusetts reason most frequently advanced in support of ("Agricultural Bank"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 915 Notice of the applications, affording opportunity in the future due to the distances separating the for interested persons to submit comments and banking offices and State laws that restrict branchviews, has been given in accordance with § 3(b) ing to the home office county. of the Act. The time for filing comments and views Applicant states its objective is to build a holdhas expired, and the Board has considered the ing company of such strength that it would become applications and all comments received in light of a strong competitive force among the large Masthe factors set forth in § 3(c) of the Act (12 U.S.C. sachusetts banking organizations. The State's two 1842(c)). largest multi-bank holding companies each hold Applicant, organized in 1968, controls three over $1 billion in deposits, and the five largest banks holding aggregate deposits of $225 million, banking organizations control 60 per cent of the representing 1.9 per cent of total commercial bank deposits of commercial banks in the State. Upon deposits in Massachusetts, and is the seventh larg- consummation of the proposed acquisitions, est banking organization in the State. (All banking Applicant, as the sixth largest banking organidata are as of December 31, 1971, and reflect zation would control less than half the amount of holding company acquisitions and formations ap- deposits held by the fifth largest organization. The proved through July 31, 1972.) The acquisitions acquisition by Applicant of smaller banks in the of Mechanics Bank and Agricultural Bank would markets or de novo entry probably would not increase Applicant's share of State deposits by 1.6 substantially change its present position. However, percentage points, thereby making it the sixth the acquisition of subject banks would enable largest banking organization in the State. Applicant to compete more effectively with the Mechanics Bank ($96 million in deposits), the State's larger banking organizations. Competitive only banking subsidiary of The Mechanics Ban- considerations are consistent with approval of the corp, Inc., operates its main office and five applications. branches in Worcester, and three offices in nearby The financial and managerial resources of towns. It ranks as third largest among the eight Applicant, its subsidiaries and the proposed subsibanks in the Worcester SMSA (Standard Metrodiaries are considered to be generally satisfactory. politan Statistical Area) and among the 13 Prospects for Applicant appear favorable, as do Worcester County banks. The two largest county the prospects for Mechanics Bank and Agricultural banks hold total deposits of $336 and $164 mil- Bank under Applicant's control. Banking factors lion, respectively, and together control 70.6 per are, therefore, consistent with approval of the cent of the aggregate deposits in the Worcester applications. SMSA. It appears that the area banks would not be adversely affected by the proposed affiliation. The major banking needs of the respective areas Agricultural Bank ($91 million in deposits) are served at the present time. However, Applicant proposes to assist subject banks in offering a operates its main office and five branches in Pittsbroader range of financial services to their cusfield. It also maintains six other branches throughtomers. Accounts receivable financing and equipout Berkshire County, where it ranks as the largest ment leasing would be added to present services commercial bank, and controls 48.2 per cent of offered by the two banks, and international bankcounty deposits. The remaining five county banks ing services would be introduced at Agricultural hold total commercial bank deposits ranging from Bank. Considerations relating to the convenience $64 million to $3.5 million. It appears that banking and needs of the communities to be served are operations are well apportioned throughout the consistent with and add some weight toward apcounty as the needs of the area demand and that proval of the applications. It is the Board's judgthe proposed affiliation of Agricultural Bank with ment that consummation of the proposed acquisi- Applicant would not adversely affect other county tions would be in the public interest, and that the banks. applications should be approved. The closest subsidiary offices of Applicant and Mechanics Bank are 21 miles apart, and 120 miles On the basis of the record, the applications are separate Applicant's nearest office to Agricultural approved for the reasons summarized above. The Bank. There is no meaningful competition be- transactions shall not be consummated (a) before tween any of Applicant's subsidiaries and the the thirtieth calendar day following the effective proposed subsidiaries, nor between Mechanics date of this Order or (b) later than three months Bank and Agricultural Bank, and it appears un- after the effective date of this Order, unless such likely that significant competition would develop period is extended for good cause by the Board, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
916 FEDERAL RESERVE BULLETIN • OCTOBER 1972 or by the Federal Reserve Bank of Boston pursuant eludes that consummation of the transaction will to delegated authority. not have a significantly adverse effect on competi- By order of the Board of Governors, effective tion. September 8, 1972. The financial and managerial resources and future prospects of Applicant and its subsidiary Voting for this action: Chairman Burns and Governors banks are generally satisfactory and consistent Mitchell, Brimmer, and Sheehan. Absent and not voting: Governors Robertson, Daane, and Bucher. with approval of the application. Bank has no financial or operating history. However, under (Signed) TYNAN SMITH, Applicant's management Bank's prospects appear [SEAL] Secretary of the Board. favorable. Considerations relating to the convenience and needs of the community to be served FIRST CITY BANCORPORATION OF TEXAS, lend some weight to approval of the application, INC., since the service area of Bank should benefit from HOUSTON, TEXAS an additional source of services. The Board finds ORDER APPROVING ACQUISITION OF BANK that the proposed acquisition is in the public interest and should be approved. First City Bancorporation of Texas, Inc., Hous- On the basis of the record, the application is ton Texas, a bank holding company within the approved for the reasons summarized above. The meaning of the Bank Holding Company Act, has transaction shall not be consummated (a) before applied for the Board's approval under § 3(a(3) the thirtieth calendar day following the effective of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 date of this Order or (b) later than three months per cent of the voting shares (less directors' quaafter the effective date of this Order, and (c) lifying shares) of Executive National Bank, Hous- Executive National Bank, Houston, Texas, shall ton, Texas ("Bank"), a proposed new bank. be opened for business not later than six months Notice of the application, affording opportunity after the effective date of this Order. Each of the for interested persons to submit comments and periods described in (b) and (c) may be extended views, has been given in accordance with § 3(b) for good cause by the Board, or by the Federal of the Act. The time for filing comments and views Reserve Bank of Dallas pursuant to delegated has expired, and the Board has considered the authority. application and all comments received in light of By order of the Board of Governors, effective the factors set forth in § 3(c) of the Act (12 U.S.C. September 14, 1972. 1842(c)). Applicant controls eight banks with aggregate Voting for this action: Chairman Burns and Governors deposits of about $1.5 billion, representing ap- Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Governor Mitchell. proximately 4.9 per cent of the deposits in commercial banks in Texas.1 Applicant presently (Signed) TYNAN SMITH, operates four of these banks in the Houston market [SEAL] Secretary of the Board. and controls about 19 per cent of that area's deposits.2 However, since Bank is a proposed new SOUTHEAST BANKING CORPORATION, bank, its acquisition by Applicant would not ini- MIAMI, FLORIDA tially add to the latter's control of banking re- ORDER APPROVING ACQUISITION OF BANK sources in the Houston area, nor would any existing competition be eliminated. Moreover, given Southeast Banking Corporation, Miami, the nature of the Houston market, including the Florida, a bank holding company within the size of the market, its prospects for growth, and meaning of the Bank Holding Company Act, has the number of banks in the market, significant applied for the Board's approval under § 3(a(3) future competition should not be adversely af- of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 fected by consummation of the proposed acquisi- per cent or more of the voting shares of First Bank tion. Two banks, neither of which is a member of Deltona, Deltona, Florida ("Deltona Bank"). of a bank holding company, are located within Notice of receipt of the application, affording Bank's proposed service area. The Board con- opportunity for interested persons to submit comments and views, has been given in accordance with § 3(b) of the Act. The time for filing comxBanking data are as of December 31, 1971. ments and views has expired, and the Board has 2 The Houston market is approximated by the Houston Standard Metropolitan Statistical Area. considered the application and all comments re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 917 ceived in light of the factors set forth in § 3(c) serve the convenience and need for such services of the Act (12 U.S.C. 1842(c)). in this retirement community. Applicant will also Applicant controls 15 banks with aggregate de- improve and expand the bank's services presently posits of $1.17 billion, representing 7.21 per cent offered and enable it to compete on a more equal of the total commercial bank deposits held by basis with the four larger area banks. Consid- Florida banks, and is the second largest banking erations relating to the convenience and needs of organization in the State. (All banking data are the communities to be served are consistent with as of December 31, 1971, and reflect acquisitions and lend some support toward approval of the and formations approved through August 31, application. It is the Board's judgment that the 1972.) The acquisition of Deltona Bank ($10.6 proposed transaction would be in the public intermillion deposits) would increase Applicant's share est and that the application should be approved. of State deposits by .07 percentage points, and On the basis of the record, the application is would not significantly increase the concentration approved for the reasons summarized above. The of banking resources on a local or Statewide basis. transaction shall not be consummated (a) before Deltona Bank holds 9.64 per cent of the area the thirtieth calendar day following the effective deposits as the smallest of the five banks located date of this Order or (b) later than three months in the West Volusia banking market in central after the effective date of this Order, unless such Florida. Two of the competing banks are subsi- period is extended for good cause by the Board, or by the Federal Reserve Bank of Atlanta pursuant diaries of Florida's second and third largest bank to delegated authority. holding companies. It appears that consummation of the proposed affiliation would not adversely By order of the Board of Governors, effective affect the other area banks. September 14, 1972. Applicant's closest subsidiary banking office Voting for this action: Chairman Burns and Governors and Deltona Bank are 30 miles apart. No Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent significant present competition exists between any and not voting: Governor Mitchell. of Applicant's present banking offices and Deltona (Signed) TYNAN SMITH, Bank. In view of the wide separation of the banks, [SEAL] Secretary of the Board. the presence of numerous intervening banking offices, and Florida's restrictive branching laws, ARVCO, INC., it also appears that no significant potential com- ARVADA, COLORADO petition would be eliminated by Applicant's proposed acquisition. Competitive considerations ORDER DENYING APPLICATION TO REMAIN A are, therefore, consistent with approval of the BANK HOLDING COMPANY AND TO RETAIN application. SHARES OF BANK Applicant has completed a financial review of Arvco, Inc., Arvada, Colorado, has applied for its system and has formulated plans to increase the Board's approval under § 3(a)(1) of the Bank the capital of its present subsidiaries and also Holding Company Act (12 U.S.C. 1842(a)(1)) to Deltona Bank. Upon the completion of this im- remain a bank holding company through the reprovement program, each of these banks will have tention of 53.065 per cent of the voting shares adquate capital. In view of the proposed capital of Arvada State Bank, Arvada, Colorado. improvements, the financial condition of Applicant Notice of receipt of the application, affording and its group of banks is deemed to be generally opportunity for interested persons to submit comsatisfactory. The financial condition of Deltona ments and views, has been given in accordance Bank is also considered to be generally satisfactory with § 3(b) of the Act. The time for filing comin view of Applicant's commitment to increase its ments and views has expired, and the Board has capital. Applicant, its banks, and the proposed considered the application and all comments resubsidiary have capable managements and their ceived in light of the factors set forth in § 3(c) prospects appear favorable. Banking factors are of the Act (12 U.S.C. 1842(c)). consistent with approval of the application. On the basis of the record, the application is The major banking needs of the area are pre- denied for the reasons set forth in the Board's sently served by local banking offices. However, Statement of this date. Applicant is directed to take no trust services are presently available in the town appropriate measures to effect a divestiture of of Deltona, and Applicant's assistance in estab- control of Arvada State Bank, Arvada, Colorado. lishing a trust department at Deltona Bank will Applicant is further directed to report on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
918 FEDERAL RESERVE BULLETIN • OCTOBER 1972 progress made toward said divestiture to the Fed- A review of the financial resources of Applicant eral Reserve Bank of Kansas City not later than and Arvada Bank reveals that the acquisition debt two months from the effective date of this Order. can not be serviced adequately under the proposed By order of the Board of Governors, effective financial arrangements. Applicant proposes to in- September 14, 1972. crease the capital assets of Arvada Bank by an issuance and sale of the bank's stock and deben- Voting for this action: Vice Chairman Robertson and Gov- tures. However, the Board considers the projected ernors Mitchell, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns and Governor Daane. increase in capital as insufficient. In addition, Applicant would incur substantial debt in order to (Signed) TYNAN SMITH, finance the purchase of shares of the proposed new [SEAL] Secretary of the Board. issue. Applicant's only income is derived from Arvada Bank's dividends and receipts from insur- STATEMENT ance activities. Such income is deemed insufficient Arvco, Inc., Arvada, Colorado, has applied for to service the present acquisition debt and the the Board's approval under § 3(a)(1) of the Bank additional debt to be incurred in the proposed Holding Company Act (12 U.S.C. 1842(a)(1)) to purchase of Arvada Bank shares. Under the cirremain a bank holding company through the recumstances presented here, the Board is of the tention of 53.065 per cent of the voting shares opinion that the interests of the public are best of Arvada State Bank, Arvada, Colorado ("Arserved by a denial of the application. vada Bank"). The banking needs of the area are presently Statutory considerations. Applicant states that being served, and the proposal would not bring it acquired 53.065 per cent of the voting shares any additional benefits to the public. On the conof Arvada Bank in January 1971 without first trary, the heavy acquisition debt could result in obtaining Board approval required by the 1970 attempts by the bank to assist in servicing the Amendments to the Act. However, Applicant obligations of Applicant, thereby placing an addimade timely application under the Board's Order tional strain on the resources of Arvada Bank. of June 22, 1971, which permits companies that Considerations relating to the convenience and acquired an interest in a bank between December needs of the communities to be served lend no 31, 1970, and June 22, 1971, without knowledge weight towards approval of the application. of the changes in the law, to apply by August On the basis of the record, the Board finds that 31, 1971, for a Board determination that the acapproval of the application would not be in the quisition was in the public interest. In this conpublic interest and it is accordingly denied. nection, the Board required that the applications so filed would be in the form ordinarily required for requesting prior approval and would be deter- FINANCIAL INSTITUTIONS, INC., mined by the Board in accordance with the criteria WARSAW, NEW YORK established by the Act. ORDER APPROVING ACQUISITION OF BANK HOLD- Applicant was organized in 1962 as an insurance ING COMPANY agency for the sale of credit life, health and accident insurance in connection with the lending Financial Institutions, Inc., Warsaw, New York activities of Arvada Bank. On January 29, 1971, ("Financial"), a bank holding company within the Applicant acquired 13,797 of the 26,000 shares meaning of the Bank Holding Company Act, has outstanding of Arvada Bank stock. applied for the Board's approval under § 3(a)(5) Arvada Bank, organized in April 1962, holds of the Act (12 U.S.C. 1842(a)(5)) to merge Gendeposits of $14.1 million, representing 0.3 per eva Shareholders, Inc., Warsaw, New York cent of the total commercial bank deposits in ("Geneva"), into Financial. Colorado (all banking data are as of December Notice of the application, affording opportunity 31, 1971). Arvada Bank ranks fortieth among for interested persons to submit comments and banks located in the Denver Standard Metropolitan views, has been given in accordance with § 3(b) Statistical Area ("SMSA"), and is only slightly of the Act. The time for filing comments and views larger than the other commercial bank located in has expired, and the Board has considered the the Arvada suburb of Denver. No competitive application and all comments received in light of issues are involved in this application which seeks the factors set forth in § 3(c) of the Act (12 U.S.C. Board approval of the present corporate owner- 1842(c)). ship. Applicant presently controls three banks with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 919 aggregate deposits of about $60 million and is the views, has been given in accordance with § 3(b) smallest multi-bank holding company in New of the Act. The time for filing comments and views York.1 Two of these banks are controlled indi- has expired, and the Board has considered the rectly by Financial through its ownership of ap- application and all comments received in light of proximately 76 per cent of the voting stock of the factors set forth in § 3(c) of the Act (12 U.S.C. Geneva which, in turn, owns over 97 per cent of 1842(c)). the voting stock of the two banks. The proposal Applicant, with two subsidiary banks holding by Financial to merge Geneva into itself is essen- aggregate deposits of $702.5 million, is the second tially a corporate reorganization and would have largest banking organization in Maryland with no effect on existing or future competition. The 11.8 per cent of the commercial bank deposits in Board concludes that competitive considerations the State. (All banking data are as of December are consistent with approval of the application. 31, 1971, unless otherwise indicated, and reflect The financial and managerial resources and fu- bank holding company formations and acquisitions ture prospects of Applicant and its subsidiary approved by the Board through August 31, 1972.) banks are generally satisfactory and consistent Acquisition of Bank ($28.6 million in deposits) with apfgoval of the application. Considerations would increase applicant's share of Statewide derelating to the convenience and needs of the com- posits by only 0.5 per cent and would leave munities to be served are also consistent with Applicant as the second ranking banking organiapproval of the application. The Board finds that zation in Maryland. Consummation of the transthe proposed application is in the public interest action would not result in a significant increase and should be approved. in the concentration of banking resources in On the basis of the record, the applicant is Maryland. approved for the reasons summarized above. The Bank is the third largest of eleven banks serving transaction shall not be consummated (a) before the Washington County banking market, holding the thirtieth calendar day following the effective about 16.1 per cent of market deposits (as of June date of this Order or (b) later than three months 30, 1970). This proposal represents Applicant's after the effective date of this Order, unless such initial entry into Washington County and the period is extended for good cause by the Board, western part of the State and, inasmuch as the or by the Federal Reserve Bank of New York closest offices of Applicant and Bank are 47 miles pursuant to delegated authority. apart, would not result in the elimination of any By order of the Board of Governors, effective significant existing competition. The likelihood September 15, 1972. that future competition would develop appears remote. The Maryland Commissioner of Banking Voting for this action: Chairman Burns and Governors recently denied a request by Applicant's lead bank Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Governor Mitchell. to establish a branch in Washington County near (Signed) TYNAN SMITH, Hagerstown on the ground that Washington [SEAL] Secretary of the Board. County was overbanked (county average of 3,461 persons per banking office versus the Statewide EQUITABLE BANCORPORATION, average of 5,286 persons per banking office). Bank BALTIMORE, MARYLAND is the smaller of the two banks headquartered in Hagerstown, and acquisition of Bank by Applicant ORDER APPROVING ACQUISITION OF BANK would provide added competition for the nine Equitable Bancorporation, Baltimore, Mary- branches of the State's largest and third largest land, a bank holding company within the meaning banking organizations located in the Hagerstown of the Bank Holding Company Act, has applied market. It does not appear, therefore, that signififor the Board's approval under § 3(a)(3) of the cant competition would be eliminated or signifi- Act (12 U.S.C. 1842(a)(3)) to acquire 80 per cent cant potential competition foreclosed by conor more of the voting shares of Farmers and summation of Applicant's proposal, or that there Merchants Bank of Hagerstown, Maryland, Ha- would be undue adverse effects on any bank in gerstown, Maryland ("Bank"). the area involved. Notice of the application, affording opportunity The financial and managerial resources and fufor interested persons to submit comments and ture prospects of Applicant, its subsidiaries, and Bank are all regarded as generally satisfactory and banking data are as of December 31, 1971. consistent with approval of the application. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
920 FEDERAL RESERVE BULLETIN • OCTOBER 1972 appears that the banking needs of the residents of in Wichita with deposits of approximately $22 Washington County are being met; however, cus- million. However, consummation of the proposed tomers of Bank should benefit from the higher transaction is not likely to adversely affect existing lending limits and additional services that Appli- competition in that there is little overlap in the cant will be able to provide. This increase in the service areas of the two banks. Furthermore, competitive capacity of Bank would be in the common ownership of the two banks will continue public interest. Convenience and needs consid- to exist, irrespective of Board action on this aperations are consistent with approval of the ap- plication. plication. It is the Board's judgment that con- Applicant's principals presently own 83 per cent summation of the proposed acquisition would be of the outstanding shares of Bank. With the exin the public interest and that the application ception of 6 per cent of those outstanding shares, should be approved. which the principals acquired subsequent to ob- On the basis of the record, the application is taining majority control, all sellers received an approved for the reasons summarized above. The identical price for their shares, and Applicant transaction shall not be consummated (a) before intends to make this same offer to remaining the thirtieth calendar day following the effective shareholders of Bank. Those shares purchased date of this Order or (b) later than three months subsequently at a lower price were purchased from after the effective date of this Order, unless such brokers without any prior solicitation from Appliperiod is extended for good cause by the Board, cant. The Board therefore concludes that the offers or by the Federal Reserve Bank of Richmond made to Bank's shareholders by Applicant and its pursuant to delegated authority. principals are substantially equivalent. By order of the Board of Governors, effective Applicant's financial resources and future pros- September 21, 1972. pects are dependent upon those of Bank. Its projected earnings appear to be sufficient to service Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Brimmer. Sheehan, and Bucher. Ab- the debt which it will incur upon consummation sent and not voting: Chairman Burns. of the proposed transaction without adversely af- (Signed) MICHAEL A. GREENSPAN, fecting Bank's capital structure. Consummation of [SEAL] Assistant Secretary of the Board. the proposal would ensure continuation of local ownership and management of Bank. Therefore, GRAHAM-MICHAELIS FINANCIAL considerations relating to the financial and mana- CORPORATION, gerial resources and future prospects of Bank WICHITA, KANSAS weigh toward approval of the application. Consid- ORDER APPROVING FORMATION OF BANK erations relating to the convenience and needs of HOLDING COMPANY the communities to be served are consistent with Graham-Michaelis Financial Corporation, Wi- approval of the application. It is the Board's judgchita, Kansas, has applied for the Board's approval ment that the transaction would be in the public under § 3(a)(1) of the Bank Holding Company Act interest and that the application should be ap- (12 U.S.C. 1842(a)(1)) of formation of a bank proved. holding company through acquisition of 80 per On the basis of the record, the application is cent or more of the voting shares of Wichita State approved for the reasons summarized above. The Bank, Wichita, Kansas ("Bank"). transaction shall not be consummated (a) before Notice of receipt of the application has been the thirtieth calendar day following the effective given in accordance with § 3(b) of the Act, and date of this Order or (b) later than three months the time for filing comments and views has ex- after the effective date of this Order, unless such pired. The Board has considered the application period is extended for good cause by the Board, and all comments received in the light of the or by the Federal Reserve Bank of Kansas City factors set forth in § 3(c) of the Act (12 U.S.C. pursuant to delegated authority. 1842(c)) and finds that: By order of the Board of Governors, effective September 21, 1972. Applicant is a newly-formed organization and has no operating history. Bank (deposits of $19.9 Voting for this action: Vice Chairman Robertson and Govmillion) is the eighth largest of 14 banks located ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Abin Wichita. (All banking data are as of December sent and not voting: Chairman Burns. 31, 1971.) The Board notes that the principals of (Signed) MICHAEL A. GREENSPAN, Applicant also hold an interest in another bank [SEAL] Assistant Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 921 SOUTHEAST BANKING CORPORATION, cant is located 40 miles north of Manatee Bank, MIAMI, FLORIDA and no significant competition exists between any ORDER APPROVING ACQUISITION OF BANK of Applicant's offices and Manatee Bank at the present time, nor does it appear that the proposed Southeast Banking Corporation, Miami, acquisition would eliminate future competition in Florida, a bank holding company within the view of the distances involved and Florida's remeaning of the Bank Holding Company Act, has strictive branching laws. Based on the foregoing, applied for the Board's approval under § 3(a)(3) competitive considerations are consistent with apof the Act (12 U.S.C. 1842(a)(3)) to acquire 80 proval of the application. Moreover, it appears that per cent or more of the voting shares of Manatee the ability of Manatee Bank to compete with the National Bank of Bradenton, Bradenton, Florida area's large banking organizations would be en- ("Manatee Bank"). hanced by the proposed affiliation. Notice of the application, affording opportunity The financial condition of Applicant and its for interested persons to submit comments and subsidiaries is considered to be generally satisviews, has been given in accordance with § 3(b) factory in view of Applicant's commitment to of the Act. The time for filing comments and views inject additional capital into its subsidiaries by has expired, and the Board has considered the December 31, 1972, thereby assuring adequate application and all comments received in light of capital for each bank in its group. Applicant's the factors set forth in § 3(c) of the Act (12 U.S.C. management is deemed capable and prospects for 1842(c)). the group are favorable. The financial condition Applicant controls 15 banks with aggregate deand management of Manatee Bank are considered posits of $1.17 billion, representing 7.21 per cent to be satisfactory, and prospects for the bank are of the total commercial bank deposits held by favorable. Banking factors are consistent with ap- Florida banks, and is the largest banking organiproval of the application. zation in the State. (All banking data are as of Present banking services in the area appear to December 31, 1971, and reflect holding company be adequate. However, the development of nearby formations and acquisitions approved through July Port Manatee will probably give rise to a greater 31, 1972.) The acquisition of Manatee Bank need for international banking services which ($58.8 million deposits) would increase Appli- Applicant proposes to introduce at Manatee Bank. cant's share of Florida deposits by 0.38 percentage Applicant also proposes to assist Manatee Bank points. Consummation of the acquisition would in establishing a mortgage financing section, to not result in a significant increase in the conexpand present trust services, and to enable it to centration of banking resources on a local or a satisfy larger loan demands. Considerations relat- Statewide basis. Manatee Bank is the second larging to the convenience and needs of the communiest of nine banks located in the Bradenton banking ties to be served are consistent with and lend some market, where it controls 23.3 per cent of area support toward approval of the application. It is deposits. However, two of Florida's large multithe Board's judgment that the proposed transaction bank holding companies together control over 50 would be in the public interest and that the apper cent of the market. It appears that consummaplication should be approved. tion of the proposal would not adversely affect On the basis of the record, the application is any of the area banks. approved for the reasons summarized above. The Manatee Bank is affiliated at the present time, transaction shall not be consummated (a) before through common ownership and management, the thirtieth calendar day following the effective with two smaller area banks. This common sharedate of this Order or (b) later than three months holder relationship would be substantially elimiafter the effective date of this Order, unless such nated by consummation of the acquisition since period is extended for good cause by the Board, it is proposed that the majority shares of Manatee or by the Federal Reserve Bank of Atlanta pursuant Bank would be exchanged for Applicant's stock. to delegated authority. Applicant also states that the common officer and By order of the Board of Governors, effective director relationship between the three banks September 21, 1972. would be terminated upon consummation of the proposal. Accordingly, it appears that disaffilia- Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Abtion of the three banks would have a procompeti- sent and not voting: Chairman Burns. tive effect on area banking. (Signed) MICHAEL A. GREENSPAN, The nearest subsidiary banking office of Appli- [SEAL] Assistant Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
922 FEDERAL RESERVE BULLETIN • OCTOBER 1972 INDEPENDENT BANKSHARES CORPORA- eight other banks, four of which are branches of TION, organizations which rank among the four largest SAN RAFAEL, CALIFORNIA banking organizations in California, each of which has over $4.2 billion in deposits. ORDER APPROVING FORMATION OF BANK HOLD- Sonoma Bank ($27.8 million in deposits) ING COMPANY operates three offices in the sparsely populated Independent Bankshares Corporation, San Ra- Sebastopol area of central Sonoma County in fael, California, has applied for the Board's ap- which market Sonoma Bank controls 54.8 per cent proval under § 3(a)(1) of the Bank Holding Com- of market deposits. This seeming market domipany Act (12 U.S.C. 1842(a)(1)) of formation of nance is mitigated by the fact that the Sebastopol a bank holding company through acquisition of area supports only three banks; Sonoma Bank's 100 per cent of the voting shares (less directors' principal competitor is a branch of Bank of qualifying shares) of the successors by merger to America; and those Sebastopol residents who work Bank of Marin, San Rafael, California ("Marin in nearby Santa Rosa can choose from among six Bank"), and Bank of Sonoma County, Se- banks in Santa Rosa. bastopol, California ("Sonoma Bank"); and Cloverdale Bank ($12.6 million in deposits) has through the acquisition of up to 100 per cent of three branches which operate in sparsely populated the voting shares (less directors' qualifying shares) northern Sonoma County and southern Mendocino of The First National Bank of Cloverdale, Clover- County. Cloverdale Bank's head office and dale, California ("Cloverdale Bank"). The banks Healdsburg branch compete with offices of the into which Marin Bank and Sonoma Bank are to largest and fourth largest bank holding companies be merged have no significance except as a means in California, with Cloverdale Bank being the of acquiring all of the shares of Marin Bank and smallest bank in both communities. Sonoma Bank; accordingly, the proposed acquisi- The record indicates that Banks do not compete tions of the shares of the successor organizations with each other, and the development of such are treated herein as the proposed acquisitions of competition in the future appears unlikely. The the shares of Marin Bank and Sonoma Bank. nearest offices of the three banks are 14 miles Notice of the application, affording opportunity apart, and although California's unlimited branchfor interested persons to submit comments and ing laws would permit any of the three banks to views, has been given in accordance with § 3(b) establish a de novo branch in any of the other of the Act. The time for filing comments and views bank's service area, there is little probability of has expired, and the Board has considered the such a move in view of the relatively small size application and all comments received in light of of the banks involved and the low population the factors set forth in § 3(c) of the Act (12 U.S.C. density per banking office for the areas involved. 1842(c)). It appears that the affiliation of the three banks Applicant is a newly organized corporation. in a holding company would not have any adverse Consummation of the proposal herein would result effects on other banks in these markets. Affiliation in Applicant controlling approximately $112 mil- may actually promote competition by creating a lion in deposits, representing 0.2 per cent of total larger institution which can then operate in an commercial bank deposits in the State, and Appli- environment in which large banking systems are cant would become the ninth largest bank holding very prominent. On the basis of the record before company in California. (Unless otherwise noted, it, the Board concludes that consummation of the all banking data are as of December 31, 1971, proposal would not have an adverse effect on adjusted to reflect bank holding company forma- competition in any relevant area. tions and acquisitions approved by the Board The financial and managerial resources of each through August 31, 1972.) bank appear generally satisfactory. It appears that Marin Bank ($72.0 million in deposits), the Applicant would begin operations in generally proposed lead bank, is headquartered in San Rafael satisfactory condition and with competent manand has six branches serving the Marin County agement. In addition, Applicant has indicated an banking market. Marin Bank controls 9.4 per cent intention to increase the capital accounts of Marin of commercial bank deposits in the Marin County Bank and Cloverdale Bank by a combined $1.6 banking market, and is the fourth largest bank in million upon affiliation. Applicant's future prosthe market. (Banking data concerning market con- pects, which are largely dependent upon those of trol are as of June 30, 1970.) Ik competes with its subsidiary banks, also appear favorable. Al- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 923 though there is no evidence that existing banking cent of the total commercial bank deposits in the needs of the communities involved are not being State. (Deposit data are as of December 31, 1971 met, affiliation of the three banks with Applicant and reflect holding company acquisitions approved would lead to the availability of larger lines of through July 14, 1972). Bank is a proposed new credit than either bank could offer and other ser- bank and its acquisition by Applicant would not vices offered by each bank would be expanded. increase the concentration of banking resources These considerations relative to the convenience nor have any significant adverse effect on any and needs of the communities to be served lend competing bank in the relevant areas. some weight toward approval. It is the Board's Bank will be located in an unincorporated area judgment that the proposed transaction is in the in the northeastern section of St. Louis County. public interest and should be approved. Applicant's banking subsidiary closest to Bank is On the basis of the record, the application is its lead bank, Boatmen's National Bank of St. approved for the reasons summarized above. The Louis ("Boatmen's"), which is located 14 miles transaction shall not be consummated (a) before south in downtown St. Louis. Applicant has two the thirtieth calendar day following the effective banking subsidiaries in St. Louis County but both date of this Order or (b) later than three months are more than 27 miles from Bank. Applicant does after the effective date of this Order unless such not have a dominant position in the St. Louis City period is extended for good cause by the Board, and County area where it is the third largest or by the Federal Reserve Bank of San Francisco banking organization with 6.8 per cent of total pursuant to delegated authority. commercial bank deposits. Moreover, Bank's By order of the Board of Governors, effective estimated primary service area is served by only September 21, 1972. one other bank. Thus, Applicant's acquisition of Bank would likely have a pro-competitive effect Voting for this action: Vice Chairman Robertson and Govin providing an additional banking alternative. ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns. Accordingly, the Board concludes that con- (Signed) MICHAEL A. GREENSPAN, summation of the proposed acquisition would not have an adverse effect on existing or potential [SEAL] Assistant Secretary of the Board. competition in any relevant area. BOATMEN'S BANCSHARES, INC. The financial and managerial resources and fu- ST. LOUIS, MISSOURI ture prospects of Applicant, its subsidiary banks and Bank are regarded as satisfactory and consis- ORDER APPROVING ACQUISITION OF BANK tent with approval. Considerations relating to the Boatmen's Bancshares, Inc., St. Louis, Mis- convenience and needs of the community lend souri, a bank holding company within the meaning weight to the approval since Bank would provide of the Bank Holding Company Act, has applied an additional source of banking services to a for the Board's approval under § 3(a)(3) of the rapidly growing suburban area. Act (12 U.S.C. 1842(a)(3)) to acquire all of the Within the time provided for public comment, voting shares (less directors' qualifying shares) of a bank located in Bank's proposed service area Boatmen's National Bank of North St. Louis protested the application, contending that acquisi- County, St. Louis County, Missouri, a proposed tion of Bank by Applicant would be in violation new bank ("Bank"). of the branch banking restrictions of the State of Notice of the application, affording opportunity Missouri. After careful consideration of the argufor interested persons to submit comments and ments raised by protestant and the documentary views, has been given in accordance with § 3(b) materials submitted in support thereof, the Board of the Act. The time for filing comments and views hereby affirms the position expressed in Applicahas expired, and the Board has considered the tion of First Arkansas Bankstock Corporation, application, the recommendation of the Comp- 1970 Federal Reserve BULLETIN 778, that a troller of the Currency that the application be State's restrictive branch banking laws do not, in approved, and all other comments received in light the light of the legislative history of the Bank of the factors set forth in § 3(c) of the Act (12 Holding Company Act of 1956, prohibit the U.S.C. 1842(c)). formation or expansion of a bank holding company Applicant, the sixth largest banking organi- in that State. It is the Board's judgment that the zation in Missouri, controls five banks which have proposed acquisition would be in the public intertotal deposits of $376.5 million, representing 3 per est and that the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
924 FEDERAL RESERVE BULLETIN • OCTOBER 1972 On the basis of the record, the application is organizations competing in the Venice banking approved for the reasons summarized above. The market which encompasses the city of Venice and transaction shall not be consummated (a) before nearby residential areas located in southwest Sarathe thirtieth calendar day following the effective sota County. Bank controls 43.4 per cent of the date of this Order or (b) later than three months total commercial bank deposits in the market. after that date, and (c) Boatmen's National Bank Applicant's subsidiary bank located closest to of North St. Louis County, St. Louis County, Bank is 29 miles north of Bank, in Bradenton. Missouri, shall be opened for business not later It appears that there is no significant competition than six months after the effective date of this between Bank and Applicant's Bradenton Bank or Order. Each of the periods described in (b) and any of Applicant's other subsidiary banks. More- (c) may be extended for good cause by the Board, over, it appears unlikely that such competition or by the Federal Reserve Bank of St. Louis would develop in the future in the light of the pursuant to delegated authority. facts of record, notably, the distances separating By order of the Board of Governors, effective Bank from Applicant's present subsidiary banks, September 26, 1972. the number of banks located in intervening areas, and the State prohibition against branch banking. Voting for this action: Governors Mitchell, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns and It appears, therefore, that consummation of the Governors Robertson and Daane. proposal herein would neither eliminate meaning- (Signed) MICHAEL A. GREENSPAN, ful existing competition nor foreclose significant [SEAL] Assistant Secretary of the Board. potential competition. It appears that adverse publicity relating to Bank's former management has FIRST FINANCIAL CORPORATION, resulted in Bank's not providing the degree of TAMPA, FLORIDA competition in the market that it is capable of offering. Affiliation with Applicant should enable ORDER APPROVING ACQUISITION OF BANK Bank to compete more aggressively within the First Financial Corporation, Tampa, Florida, a Venice banking market; thus, approval of this bank holding company within the meaning of the application should have a procompetitive effect on Bank Holding Company Act, has applied for the competition in the area. On the basis of the record Board's approval under § 3(a)(3) of the Act (12 before it, the Board concludes that consummation U.S.C. 1842(a)(3)) to acquire not less than 57.967 of the proposed acquisition would not have an per cent of the voting shares of Venice-Nokomis adverse effect on competition in any relevant area. Bank and Trust Company, Venice, Florida The financial and managerial resources and ("Bank"). prospects of Applicant and its subsidiary banks are Notice of the application, affording opportunity regarded as generally satisfactory and consistent for interested persons to submit comments and with approval of the application, particularly in views, has been given in accordance with § 3(b) the light of Applicant's commitment and program of the Act. The time for filing comments and views for increasing the capital of its subsidiaries. Bank has expired, and the Board has considered the has experienced some management problems. application and all comments received in light of Affiliation with Applicant should enable Bank to the factors set forth in § 3(c) of the Act (12 U.S.C. draw upon Applicant's managerial resources to aid 1842(c)). Bank in strengthening management and the condi- Applicant controls nine banks with aggregate tion of Bank, and enhancing its prospects. Also deposits of approximately $520 million, and is the Applicant has agreed to add $1,000,000 in equity sixth largest banking organization in Florida, with capital to Bank upon acquisition. The banking 3.2 per cent of commercial bank deposits in the factors lend weight for approval. The banking State. (All banking data are as of December 31, needs of the Venice banking market appear to be 1971, and reflect bank holding company forma- adequately served at the present time; however, tions and acquisitions approved by the Board Applicant proposes to improve, expand, and revithrough August 31, 1972.) Acquisition of Bank talize those services Bank is offering to its com- ($34.8 million in deposits) would increase Appli- munity, and thereby enable Bank to become once cant's share of commercial bank deposits in the again a strong competitor . Considerations relating State by an insignificant amount and its ranking to the convenience and needs of the community in the State would be unchanged. to be served weigh in favor of approval of the Bank is the second largest of three banking application. It is the Board's judgment that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 925 proposed transaction is in the public interest and of banking resources on a local and State level should be approved. would not increase significantly. On the basis of the record, the application is Subject banks are located in the City of St. approved for the reasons summarized above. The Petersburg, in the South Pinellas banking market, transaction shall not be consummated (a) before and their acquisitions would represent Applicant's the thirtieth calendar day following the effective initial entry into the area. City Bank and Suncoast date of this Order or (b) later than three months Bank hold 4.53 and .52 per cent of total market after the effective date of this Order, unless such deposits and rank seventh and twenty-third, reperiod is extended for good cause by the Board, spectively, among the 23 banks represented in this or by the Federal Reserve Bank of Atlanta pursuant market area. Six multibank holding companies and to delegated authority. three banking groups are represented in the mar- By order of the Board of Governors, effective ket, and six banks control 57 per cent of total September 26, 1972. market deposits. Although subject banks are less than three miles apart and their service areas Voting for this action: Governors Mitchell, Brimmer, Sheeoverlap, they do not actively compete with each han, and Bucher. Absent and not voting: Chairman Burns and Governors Robertson and Daane. other. Suncoast Bank was organized by City Bank (Signed) MICHAEL A. GREENSPAN, in 1971, and both are under common management [SEAL] Assistant Secretary of the Board. and control. It appears that no present or future competition between subject banks would be FIRST AT ORLANDO CORPORATION, eliminated by consummation of this proposal. ORLANDO, FLORIDA Applicant's closest subsidiary banking offices are located approximately 25 miles from subject ORDER APPROVING ACQUISITION OF BANKS banks. There is no significant present competition First at Orlando Corporation, Orlando, Florida, between any of these offices, and due to the a bank holding company within the meaning of densely populated areas, the distances between the Bank Holding Company Act, has filed separate banking offices, and Florida's restrictive branching applications for the Board's approval under § laws, it appears that there is little likelihood of 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to ac- the development of future competition. Consequire at least 90 per cent of the voting shares of quently, competitive considerations are consistent The City Bank and Trust Company of St. Peters- with approval of the applications. burg ("City Bank"), and The Suncoast City Bank The capital positions of eight of Applicant's of St. Petersburg ("Suncoast Bank"), both located subsidiaries are deemed to be somewhat low; in St. Petersburg, Florida. however, Applicant has made a commitment to Notice of the applications, affording opportunity increase the equity capital in these banks by the for interested persons to submit comments and end of 1972, and after the proposed increases each views, has been given in accordance with § 3(b) of the banks would have adequate equity capital of the Act. The time for filing comments and views bases. Accordingly, the financial condition of has expired, and the Board has considered the Applicant and its subsidiary banks are deemed to applications and all comments received in light of be generally satisfactory; their managements are the factors set forth in § 3(c) of the Act (12 U.S.C. considered to be capable and prospects for the 1842(c)). group are favorable. The financial conditions and Applicant controls 26 banks with aggregate de- managements of City and Suncoast Banks are also posits of $904.6 million, representing 5.6 per cent believed to be generally satisfactory and prospects of the deposits for commercial banks in Florida, for both banks appear favorable. Banking factors are consistent with approval of the applications. and is the fourth largest banking organization in the State. (All banking data are as of December Although the primary banking needs of the 31, 1971, and reflect holding company formations communities are presently being served, Appliand acquisitions approved through August 31, cant's expansion and improvement of services now 1972.) The acquisition of City Bank ($44.4 million available at both subject banks, especially trust in deposits) and Suncoast Bank ($5 million in services, would benefit the public and enable banks deposits) would increase Applicant's control of to become stronger competitors with the larger State deposits to 5.9 percentage points. Appli- area banking offices. Therefore, considerations recant's rank among State banking organizations lating to the convenience and needs of the comwould remain unchanged, and the concentration munities to be served are consistent with and lend Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
926 FEDERAL RESERVE BULLETIN • OCTOBER 1972 some support toward approval of the applications. would not result in a significant increase in the It is the Board's judgment that consummation of concentration of banking resources in Florida. the proposed acquisitions would be in the public South Seminole Bank (about $28 million in interest and that the applications should be ap- deposits), North Orlando Bank (about $14 million proved. in deposits), Commercial/Pine Castle Bank (about On the basis of the record, the applications are $6 million in deposits),, and Commercial/Apopka approved for the reasons summarized above. The Bank (about $5 million in deposits) are all located transactions shall not be consummated (a) before in the Orlando area, as is The Commercial Bank the thirtieth calendar day following the effective at Winter Park, Applicant's present banking date of this Order or (b) later than three months subsidiary. Control of the five banks by Applicant after the effective date of this Order, unless such would make it the second largest banking organiperiod is extended for good cause by the Board, zation in the Orlando area with about 12 per cent or by the Federal Reserve Bank of Atlanta pursuant of area deposits. However, since the largest orgato delegated authority. nization in the area controls approximately 43 per By order of the Board of Governors, effective cent of area deposits, there is no real possibility September 26, 1972. that Applicant would obtain a dominant position in the area through consummation of these trans- Voting for this action: Governors Mitchell, Brimmer, Shee- actions. Moreover, there is no existing competition han, and Bucher. Absent and not voting: Chairman Burns and Governors Robertson and Daane. between Applicant's lead bank and any of the four banks sought to be acquired, nor is there a reas- (Signed) MICHAEL A. GREENSPAN, onable probability of future significant competition [SEAL] Assistant Secretary of the Board. developing between them. Applicant presently owns directly slightly less than 25 per cent of each COMBANKS CORPORATION, of the four banks, and the largest stockholder of WINTER PARK, FLORIDA Applicant owns substantial additional shares in ORDER APPROVING ACQUISITION OF BANKS each of the four banks. A working relationship between Applicant's bank and the four proposed Combanks Corporation, Winter Park, Florida, subsidiaries has existed for several years, mania bank holding company within the meaning of festing itself in the advertising of the banks as the Bank Holding Company Act, has applied for affiliated banks and in the sharing of executive the Board's approval under § 3(a)(3) of the Act personnel and the establishment of common (12 U.S.C. 1842(a)(3)) to acquire not less than operating policies. The Board concludes that, in 51 per cent of the voting shares of each of the light of the affiliate relationships among the banks following banks all located in Florida: (1) South involved, consummation of the proposal will not Seminole Bank, Fern Park; (2) North Orlando have a significant anticompetitive effect in any Bank, Fairvilla; (3) The Commercial Bank at Pine relevant area. Castle, Pine Castle ("Commercial/Pine Castle Bank"); and (4) The Commercial Bank at The0inancial and managerial resources and fu- Apopka, Apopka ("Commercial/Apopka Bank"). ture prospects of Applicant, its subsidiary bank Notice of the applications affording opportunity and South Seminole Bank, North Orlando Bank, for interested persons to submit comments and Commercial/Pine Castle Bank, and Commerviews, has been given in accordance with § 3(b) cial/Apopka Bank are regarded as generally satisof the Act. The time for filing comments and views factory. Applicant, as a multi-bank holding comhas expired, and the Board has considered the pany, is expected to have greater accessibility to applications and all comments received in light of the money markets as a source of additional capital the factors set forth in § 3(c) of the Act (12 U.S.C. for its subsidiaries and plans to provide additional 1842(c)). capital for its present banking subsidiary shortly Applicant controls one bank with total deposits after consummation of these transactions. These of approximately $59 million, representing about considerations weigh in favor of approval of the .4 per cent of deposits in commercial banks in acquisitions. Considerations relating to the conve- Florida.1 Consummation of the proposed transac- nience and needs of the community are consistent tions would increase Applicant's share of State- with approval of the applications. It is the Board's wide deposits by only .4 percentage points and judgment that the proposed transactions are in the public interest and that the applications should be *A11 banking data are as of December 31, 1971. approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 927 On the basis of the record, the applications are center. The relevant market area is the Minapproved for the reasons summarized above. The neapolis-St. Paul banking market in which Applitransactions shall not be consummated (a) before cant has five banking subsidiaries (including the the thirtieth calendar day following the effective bank not yet opened for business), the closest date of this Order or (b) later than three months being located 16 miles southeast of Bank. There after the effective date of this Order, unless such is no substantial existing competition between period is extended for good cause by the Board, Applicant's present banking subsidiaries and or by the Federal Reserve Bank of Atlanta pursuant Bank; and, for several reasons, including the disto delegated authority. tances involved, the presence of banking alterna- By order of the Board of Governors, effective tives in the intervening areas, and Minnesota's September 26, 1972. prohibition against branch banking, there is no substantial likelihood of future competition devel- Voting for this action: Chairman Burns and Governors oping between those subsidiaries and Bank. For Robertson, Daane, Sheehan, and Bucher. Absent and not voting: Governors Mitchell and Brimmer. similar reasons, there is no significant possibility of substantial competition developing between (Signed) MICHAEL A. GREENSPAN, Bank and Applicant's other banking subsidiary, [SEAL] Assistant Secretary of the Board. which is located approximately 60 miles west of the Minneapolis-St. Paul area. MID AMERICA BANCORPORATION, INC., ST. PAUL, MINNESOTA Moreover, consummation of this transaction might ha^e a beneficial effect on competition in ORDER APPROVING ACQUISITION OF BANK the Minneapolis-St. Paul banking market. Six bank holding company groups hold, in the aggre- Mid America Bancorporation, Inc., St. Paul, gate, nearly 82 per cent of the deposits in the Minnesota, a bank holding company within the market, while Applicant controls only 0.8 per cent meaning of the Bank Holding Company Act, has of the deposits. Acquisition of Bank would inapplied for the Board's approval under § 3(a)(3) crease Applicant's share of market deposits by 0.2 of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 percentage points and would give it a service outlet per cent of the voting shares (less directors' qualin an area of the Twin Cities in which it is ifying shares) of First State Bank of Coon Rapids, presently not represented. Thus, acquisition of Coon Rapids, Minnesota ("Bank"). Bank might enable Applicant to provide more Notice of the application, affording opportunity effective competition for the much larger banking for interested persons to submit comments and organizations in the Minneapolis-St. Paul banking views, has been given in accordance with § 3(b) market with which it must compete. On the basis of the Act. The time for filing comments and views of the record before it, the Board concludes that has expired, and the Board has considered the consummation of the proposed acquisition would application and all comments received in light of not adversely affect competition in any relevant the factors set forth in § 3(c) of the Act (12 U.S.C. area. 1842(c)). Applicant controls five operating banks (and has Considerations relating to the financial and received Board approval for an additional bank not managerial resources and future prospects of yet opened for business) with aggregate deposits Applicant and its subsidiary banks are regarded of approximately $59 million, representing 0.6 per as satisfactory. Applicant can provide lending cent of the total commercial bank deposits in the policy guidance that might strengthen the overall State, and is the seventh largest bank holding asset condition and management of Bank and this company in Minnesota. (All banking data are as consideration lends some weight for approval. The of December 31, 1971, and reflect bank holding Coon Rapids community might benefit as a result company formations and acquisitions approved by of Bank's improved ability, through the capacity the Board through August 31, 1972.) Applicant's of Applicant's system, to serve the growing credit acquisition of Bank ($10.2 million in deposits) needs of the area more effectively. It is the Board's would increase Applicant's share of deposits in judgment that consummation of the proposed ac- Minnesota by 0.1 percentage point, without quisition would be in the public interest and that changing its ranking within the State. the application should be approved. Bank, the only bank in Coon Rapids, is located On the basis of the record, the application is in a growing area 15 miles north of downtown approved for the reasons summarized above. The Minneapolis, adjacent to a small local shopping transaction shall not be consummated (a) before Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
928 FEDERAL RESERVE BULLETIN • OCTOBER 1972 the thirtieth calendar day following the effective Additionally, there are numerous intervening date of this Order or (b) later than three months banks. after the effective date of this Order, unless such Applicant's share of deposits in the relevant period is extended for good cause by the Board, market area has not increased since approval of or by the Federal Reserve Bank of Minneapolis its last Orlando de novo acquisition in 1969. The pursuant to delegated authority. second largest bank holding company in the mar- By order of the Board of Governors, effective ket controls 11.6 per cent of commercial deposits September 26, 1972. therein, while the third and fourth largest control 10.7 and 9.2 per cent, respectively. At the present Voting for this action: Governors Mitchell, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns and time, there are seven multibank holding companies Governors Robertson and Daane. represented in the Orlando market, six of which (Signed) MICHAEL A. GREENSPAN, are among the State's ten largest banking organi- [SEAL] Assistant Secretary of the Board. zations. It appears that consummation of the proposal herein would not alter adversely the com- FIRST AT ORLANDO CORPORATION, petitive situation nor the concentration of resources ORLANDO, FLORIDA in the market, nor is there any evidence that ORDER APPROVING ACQUISITION OF BANK Applicant's proposal is an attempt to pre-empt a site before there is a need for a bank. Applicant First at Orlando Corporation, Orlando, Florida, is not represented in Seminole County, the northa bank holding company within the meaning of ern section of the Orlando market, where extensive the Bank Holding Company Act, has applied for suburban type growth is occurring. the Board's approval under § 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to acquire all of the voting The financial and managerial resources and the shares (less directors' qualifying shares) of North future prospects of Applicant and its subsidiary Semoran First National Bank, Fern Park, Florida banks are regarded as generally satisfactory. Pros- ("Semoran Bank"), a proposed new bank. pects for bank appear favorable. Semoran Bank Notice of the application, affording opportunity would be able to provide a local alternative bankfor interested persons to submit comments and ing source within the proposed service area, which views, has been given in accordance with § 3(b) is experiencing rapid growth. Considerations reof the Act. The time for filing comments and views lating to the convenience and needs of the area has expired, and none has been timely received. to be served lend slight support to, and are consis- The Board has considered the application in light tent with, approval of the application. It is the of the factors set forth in § 3(c) of the Act (12 Board's judgment that the proposed acquisition U.S.C. 1842(c)). would be in the public interest and that the ap- Applicant controls 26 banks with aggregate de- plication should be approved. posits of $904.6 million, representing 5.6 per cent On the basis of the record, the application is of the total commercial bank deposits in the State, approved for the reasons summarized above. The and is the fourth largest banking organization and transaction shall not be consummated (a) before bank holding company in Florida. Since Semoran the thirtieth calendar day following the effective Bank is a proposed new bank, no existing com- date of this Order or (b) later than three months petition would be eliminated nor would con- after that date, and (c) North Semoran First Nacentration be increased in any relevant area. Se- tional Bank, Fern Park, Florida, shall be opened moran Bank would be located in the southern for business not later than six months after the portion of Seminole County, a recently developing effective date of this Order. Each of the periods trade area with an estimated population of 45,000, described in (b) and (c) may be extended for good and would be competing in the Orlando banking cause by the Board, or by the Federal Reserve market, in which market Applicant controls 42.9 Bank of Atlanta pursuant to delegated authority. per cent of deposits. Applicant presently operates By order of the Board of Governors, effective six banks in the Orlando banking market, the September 28, 1972. nearest of which—First National Bank at Orlando—is 9.5 miles south of Fern Park where the Voting for this action: Chairman Burns and Governors Daane, Brimmer, Sheehan, and Bucher. Dissenting from this proposed Semoran Bank would be located. There action: Governor Robertson. Absent and not voting: Governor is very little employment in the downtown Orlando Mitchell. area which would draw off commuters from Fern (Signed) MICHAEL A. GREENSPAN, Park and thus place the two banks in competition. [SEAL] Assistant Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 929 DISSENTING STATEMENT OF GOVERNOR since February 1971. It is doubtful whether eight- ROBERTSON een months is a sufficient period of time for this With each successive Board approval of a de smaller bank to have achieved an adequate earnnovo bank for First at Orlando Corporation in its ings rate. Moreover, a third bank has had its home market, its dominance in that market is charter approved but has not yet opened for busimaintained, and the "invisible hand" of Adam ness on a site 2.7 miles south of the location of Smith again stayed. The action of normal market Applicant's proposed new bank. forces would, in the usual course, slowly erode Were the cost experience for every de novo bank the high market share this Applicant holds in the in the Orlando market symmetrical, none could Orlando area. Yet there has been no sign of be said to experience a disadvantage. But unlike deconcentration since Board approval of Appli- entry in a competitive market, where differential cant's formation as a holding company in 1967.1 experience and reputation effects are, perforce, The reason is obvious. Deposit growth has been negligible, cost differences in a market with a won by the market leader; smaller banks have dominant bank are to be anticipated precisely received only a modest share. because these factors are considerable. Thus, although it is generally estimated a de novo bank's Other things being equal, purchasers of homonet earnings during its first two or three years of geneous banking services, i.e., those with welloperation will be negligible or perhaps show a known qualities that are substantially the same, deficit, a de novo bank established by the dominant would tend to distribute their patronage on a ranfirm in that market is likely to realize profitable dom basis. The result would be a fairly even operations at an earlier date. It is not surprising, distribution of the market—including an even distherefore, to find the following statement by First tribution of the deposit growth in that market. Yet at Orlando Corporation in its application: in the growing Orlando area, Applicant's share of market deposits—42.9 per cent—has remained "Although the projection of earnings and exremarkably constant over time. The randomization penses for the first year of operation indicates an pattern normally found for homogeneous products anticipated loss for the period, it is expected that or services is not present here. Instead, the public beginning in the second year of operation the Bank has displayed a preference for Applicant's banking will begin to show an annual profit. The expected services over those offered by its competitors. This rate of growth in income and the projected modest preference, commonly referred to as "product expenses for the first three years of operation is differentiation", represents Applicant's ability to due in part to the assistance that will be forthdistinguish or set apart its own services, in the coming from the Applicant if this application is minds of buyers, from those offered by its com- approved."2 petitors . Such assistance, as described by Applicant, in- Applicant's success in differentiating its banking cludes group purchasing, printing, and advertisservices is one of the principal benefits of its ing, as well as specialized services in the various market dominance. Long recognized as the leading fields of banking policy and operation including banking institution in the Orlando market, it atinternal auditing and investment portfolio mantracts deposits from customers outside the primary agement. The assistance available to this proposed service areas of its own offices. In fact, Applicant new bank, enhancing its ability to become profitalready controls in excess of $5 million in deposits able soon after commencing operations, clearly and holds in excess of $8.8 million in loans which evidences Applicant's competitive advantage in originate within the service area of the proposed the Orlando market. It can hardly be questioned new bank—an area in which it now has no office. that Applicant will, as it has in the past, experience Of the two banks presently located within this little difficulty in maintaining its dominant position service area, one, with deposits of $27.8 million, or continue to successfully differentiate its services is but two city blocks from the site of the proposed from those of competing organizations in the Ornew bank, while the other, with deposits of aplando market. proximately $6.5 million, has only been open No claim has been made in this case that Applicant's entry-cost advantages or ability to differen- ^he Board's decision, and my dissent, in that case is published at 1967 Federal Reserve BULLETIN 235; for the tiate its banking services from competitors in the Board's decision, and my dissent, to approve First at Orlando Orlando area are due to any superiority in the Corporation's acquisition of a de novo bank established in the Orlando market in 1969, see 1969 Federal Reserve BULLETIN 942. application, Exhibit F, p. 56. 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930 FEDERAL RESERVE BULLETIN • OCTOBER 1972 services Applicant provides that market. Instead, of Banco di Roma (Chicago), Chicago, Illinois the evidence points to the undue concentration of ("Bank"), a proposed new bank. banking resources and Applicant's dominant posi- Notice of receipt of the application has been tion in the Orlando banking market as structural given in accordance with § 3(b) of the Act, and conditions which—so long as they remain— the time for filing comments and views has exprovide Applicant an inherent advantage that pired. The Board has considered the application competitors find difficult, if not impossible, to and all comments received in the light of the overcome. And while competitors may enjoy some factors set forth in § 3(c) of the Act (12 U.S.C. umbrella effects from Applicant's dominance in 1842(c)) and finds that: the Orlando area, so too they are likely to forego Applicant, majority owned by the Italian govthose aggressive actions which would be freely ernment, is the third largest commercial bank in undertaken in a less concentrated market.3 In Italy, operates approximately 300 branches and short, banking rivalry in the Orlando area has been agencies, and has worldwide deposits of $7.3 attenuated by a dominant organization. billion. Applicant presently operates an agency The same evil present in this case was observed office in San Francisco, California, and repreby Judge Learned Hand in United States v. Alcoa, sentative offices in New York, New York, and 148 F. 2d 416 (2d Cir. 1945). Referring to the Chicago, Illinois. Applicant also owns a one-third undesirable effects of economic power which interest in EuroPartners Securities Corporation, transgress the antitrust laws, Judge Hand stated: New York, New York, which engages in a general securities business. "Many people believe that possession of unchallenged economic power deadens intitative, Acquisition of Bank would enable Applicant to discourages thrift and depresses energy; that im- convert the activities of its representative office munity from competition is a narcotic, and rivalry into full scale banking operations. It is contemis a stimulant, to industrial progress; that the spur plated that while Bank will offer general banking of constant stress is necessary to counteract an services, it will specialize in the provision of inevitable disposition to let well enough alone." foreign banking services, particularly those relat- Id. at 427. ing to Italy and Western Europe in general. Consummation of the proposal would have no adverse I am one of those who share such beliefs. I effects on existing or potential competition and must therefore dissent to the approval of a de novo may increase competition to some degree in the bank for this Applicant in a market which it clearly market of international banking services. dominates. Permitting Applicant to open a new The financial and managerial resources and bank in the projected service area not only imposes prospects of Applicant and Bank are satisfactory a hardship upon other small banks in the area and consistent with approval of the application. which could profitably use additional time in which At the present time, although approximately 30 to become more effective competitors, but to the per cent of United States trade with Italy originates public at large who would benefit from the advanin the Midwest, approximately 90 per cent of the tages a more competitive banking environment payment settlements for this trade are channeled would offer. through New York banks. Bank could help allevi- BANCO DI ROMA S.P.A., ate the problems this causes in delays in payment and consequent loss of available funds. Consid- ROME, ITALY erations relating to the convenience and needs of ORDER APPROVING FORMATION OF BANK the communities to be served thus lend weight HOLDING COMPANY toward approval of the application. It is the Banco di Roma S.p.A., Rome, Italy, has ap- Board's judgment that the proposed transaction is plied for the Board's approval under § 3(a)(1) of in the public interest and should be approved. the Bank Holding Company Act (12 U.S.C. In connection with the present application, 1842(a)(1)) of formation of a bank holding com- Applicant also applied for the Board's permission pany through the acquisition of 100 per cent of to retain its one-third interest in EuroPartners Sethe voting shares (less directors' qualifying shares) curities Corporation. That application was separa- 3As the Supreme Court observed in United States v. Phila- tely considered by the Board under 4(c)(9) delphia National Bank, 374 U.S. 321, 363, in the "live and of the Act and is the subject of a denial Order let live" policy of firms in a concentrated market is an implicit issued by the Board today. (See page 940 of this recognition that their interests are best served by renouncing vigorous competition. BULLETIN). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 931 On the basis of the record, the application is the State.1 Acquisition of Ocean Bank ($31.3 approved for the reasons summarized above. The million deposits) would increase Applicant's share transaction shall not be consummated (a) before of New Jersey bank deposits by .2 percentage the thirtieth calendar day following the effective points. date of this Order or (b) later than three months Subject acquisition would represent Applicant's after the effective date of this Order, and (c) Banco initial entry into New Jersey's Third Banking di Roma (Chicago), Chicago, Illinois, shall be District. Ocean Bank is the twenty-third largest opened for business not later than six months after of 60 banks in this district and the sixth largest the date of this Order. Each of the periods de- of eight banks located in the Lakewood-Toms scribed in (b) and (c) may be extended for good River market. It controls 1 per cent and 8.4 per cause by the Board, or by the Federal Reserve cent of total deposits for the district and market, Bank of Chicago pursuant to delegated authority. respectively, and is the third largest of five com- By order of the Board of Governors, effective peting area banks which control deposits ranging September 28, 1972. from $198 million to $3 million. It appears that Applicant's acquisition of Ocean Bank would not Voting for this action: Governors Mitchell, Daane, Brimadversely affect the other area banks. mer, Sheehan, and Bucher. Absent and not voting: Chairman Burns and Governor Robertson. No significant present competition exists between Applicant's present subsidiaries and Ocean (Signed) TYNAN SMITH, Bank. Their nearest offices are 12 miles apart with [SEAL] Secretary of the Board. five banks located in the intervening area. It also appears unlikely that an appreciable amount of FIRST NATIONAL STATE BANCORPORAfuture competition would develop between them TION, because of the separation of their market areas, NEWARK, NEW JERSEY and the restrictions on branching imposed by State ORDER APPROVING ACQUISITION OF BANK laws. Moreover, the proposed acquisition would not act as a deterrent to entry by other groups into First National State Bancorporation, Newark, the market since there are a number of independent New Jersey, a bank holding company within the banks available for acquisition. Competitive conmeaning of the Bank Holding Company Act, has siderations are consistent with approval of the applied for the Board's approval under § 3(a)(3) application. of the Act (12 U.S.C. 1842(a)(3)) to acquire 100 The financial conditions and managerial reper cent of the voting shares (less directors' quasources of Applicant, its subsidiary banks, and lifying shares) of First National State Bank of Ocean Bank are generally satisfactory, and pros- Ocean County, Lakewood, New Jersey, the sucpects for each are favorable. Banking factors apcessor by merger to Trust Company of Ocean pear to be consistent with approval of the applica- County, Lakewood, New Jersey ("Ocean Bank"). tion. Whereas the major banking needs of the area The bank into which Ocean Bank is to be merged are served at the present time, the introduction by (the resulting bank) has no significance except as Applicant of trust and computer services and aca means to facilitate the acquisition of Ocean counts receivable financing at Ocean Bank would Bank. Accordingly, the proposed acquisition of serve the convenience of its cutomers. In addition, the shares of the successor organization is treated the affiliation would enable Ocean Bank to serve herein as the proposed acquisition of shares of the larger credit requirements of the rapidly grow- Ocean Bank. ing area. Considerations relating to the conve- Notice of the application, affording opportunity nience and needs of the communities to be served for interested persons to submit comments and are consistent with and add some weight toward views, has been given in accordance with § 3(b) approval of the application. It is the Board's judgof the Act. The time for filing comments and views ment that the proposed transaction would be in has expired, and the Board has considered the the public interest and that the application should application and all comments received in light of be approved. the factors set forth in § 3(c) of the Act (12 U.S.C. On the basis of the record, the application is 1842(c)). approved for the reasons summarized above. The Applicant controls six banks with aggregate deposits of $1.2 billion, representing 7.2 per cent banking data are as of December 31, 1971, and reflect of the total commercial bank deposits in New holding company formations and acquisitions approved by the Jersey and is the largest banking organization in Board through August 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
932 FEDERAL RESERVE BULLETIN • OCTOBER 1972 transaction shall not be consummated (a) before have no adverse effects on existing or potential the thirtieth calendar day following the effective competition. date of this Order or (b) later than three months Considerations relating to the financial and after the effective date of this Order, unless such managerial resources and prospects of Applicant period is extended for good cause by the Board, and Bank are satisfactory and consistent with apor by the Federal Reserve Bank of New York proval. In this connection the Board has deterpursuant to delegated authority. mined that the offers to be made to majority and By order of the Board of Governors, effective minority shareholders, while not identical, are September 28, 1972. substantially equivalent. Considerations relating to the convenience and needs of the communities to Voting for this action: Governors Mitchell, Daane, Brim- be served are consistent with approval of the mer, Sheehan, and Bucher. Absent and not voting: Chairman Bums and Governor Robertson. application. It is the Board's judgment that consummation of the transaction would be in the (Signed) MICHAEL A. GREENSPAN, public interest and that the acquisition of Bank [SEAL] Assistant Secretary of the Board. should be approved. Agency operates on the premises of Bank and ORDER UNDER SECTIONS 3 AND 4 is engaged in selling credit life and accident and OF BANK HOLDING COMPANY ACT health insurance in connection with lending activ- L&L HOLDING COMPANY, ities of Bank. The Board has previously deter- FORT COLLINS, COLORADO mined by regulation that this activity is closely ORDER APPROVING FORMATION OF related to banking (12 CFR 225.4(a)(9)). BANK HOLDING COMPANY There is no evidence in the record indicating AND ACQUISITION OF INSURANCE AGENCY that consummation of the proposal would result L&L Holding Company, Fort Collins, Col- in any undue concentration of resources, unfair orado, has applied for the Board's approval under competition, conflicts of interest, unsound banking § 3(a)(1) of the Bank Holding Company Act (12 practices, or other adverse effects on the public U.S.C. 1842(a)(1)) of formation of a bank holding interest. It does appear that Applicant's acquisition company through the acquisition of 56 per cent of both Bank and Agency will enable those shareor more of the voting shares of Rocky Mountain holders of Bank who accept the exchange offer Bank and Trust Company, Fort Collins, Colorado to share in the income of Agency as well as Bank. ("Bank"). Based upon the foregoing and other considerations reflected in the record, the Board has determined At the same time Applicant has applied for the that the balance of the public interest factors that Board's approval under § 4(c)(8) of the Act and the Board is required to consider regarding the § 225.4(b)(2) of the Board's Regulation Y to acquisition of Agency under § 4(c)(8) is favorable engage in insurance agency activities through the and that the application should be approved. acquisition of the assets of W&W Insurance Agency, Fort Collins, Colorado ("Agency"). On the basis of the record, the applications to Notice of receipt of the applications has been acquire Bank and Agency are approved for the given in accordance with §§3 and 4 of the Act, reasons summarized above. The acquisition of and the time for filing comments and views has Bank shall not be consummated (a) before the expired. The Board has considered the applications thirtieth calendar day following the effective date and all comments received in the light of the of this Order or (b) later than three months after factors set forth in § 3(c) of the Act (12 U.S.C. the effective date of this Order, unless such period 1842(c)), and the considerations specified in § is extended for good cause by the Board, or by 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)) and finds the Federal Reserve Bank of Kansas City pursuant that: to delegated authority. The determination as to Applicant is a nonoperating corporation formed Agency's activities is subject to the Board's aufor the purpose of acquiring Bank and Agency. thority to require reports by, and make examina- Bank, with deposits of $4.3 million, controls 2.5 tions of, holding companies and their subsidiaries per cent of deposits in the Fort Collins banking and to require such modification or termination of market and is the smallest of six banking organi- the activities of a holding company or any of its zations in that market. Since the transaction in- subsidiaries as the Board finds necessary to assure volves only a change from individual to corporate compliance with the provisions and purposes of ownership, consummation of the proposal will the Act and the Board's regulations and orders Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 933 issued thereunder, or to prevent evasion thereof. for the type of property that LFC generally leases By order of the Board of Governors, effective is nationwide and LFC leases property or provides September 21, 1972. advisory service in all but 11 States. On the basis of its direct leasing and lease advisory services, Voting for this action: Vice Chairman Robertson and Gov- it appears that LFC controls less than one per cent ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns. of that market. Applicant's subsidiary, Provident National Bank ("Bank") has engaged, as author- (Signed) MICHAEL A. GREENSPAN, ized by the Comptroller of the Currency, in direct [SEAL] Assistant Secretary of the Board. personal property leasing, but to date has made only three lease transactions with a total original ORDERS UNDER SECTION 4(c)(8) equipment cost of $3.47 million. Bank is not OF BANK HOLDING COMPANY ACT authorized to act as agent, broker or adviser with respect to the leasing of personal property and has PROVIDENT NATIONAL CORPORATION, not acted in that capacity. Although some existing PHILADELPHIA, PENNSYLVANIA competition would be eliminated upon con- ORDER APPROVING ACQUISITION OF LEASE summation of this proposal, the small size of FINANCING CORPORATION Bank's existing leasing operation, LFC's substantial activity in lease advisory services in which Provident National Corporation, Philadelphia, Bank cannot participate, the limited expertise of Pennsylvania, a bank holding company within the Bank in leasing, and the small size of LFC in the meaning of the Bank Holding Company Act, has national leasing market make it unlikely that apapplied for the Board's approval, under § 4(c)(8) proval of this application would result in any of the Act and § 225.4(b)(2) of the Board's Regusignificant reduction of existing competition. Some lation Y, to acquire not less than 51 per cent of potential competition would be eliminated upon the voting shares of Lease Financing Corporation consummation of this proposal because Bank ("LFC"), Wynnewood, Pennsylvania, a company could engage de novo in personal property leasing that engages in the activity of leasing personal activities. The small size of LFC in the national property or acting as agent, broker or adviser with leasing market, the large number of existing leasrespect to the leasing of such property. Such ing companies, and the entry of many new leasing activity has been determined by the Board to be firms should reduce the likelihood of adverse closely elated to the business of banking (12 CFR competitive effects on potential competition. On 225.4(a)(6)). the basis of the facts before the Board, it does Notice of the application, affording opportunity not appear that any significant existing or potential for interested persons to submit comments and competition would be eliminated upon conviews on the public interest factors, has been duly summation of the proposal herein. published (37 Federal Register 14259). The time for filing comments and views has expired, and The Board has considered the possible vertical anticompetitive effects such as Bank ceasing to be none have been timely received. a source of credit for competitors of LFC or LFC Applicant's subsidiary bank, Provident National ceasing to be a source of loan business for com- Bank, Philadelphia, Pennsylvania ("Bank"), has petitors of Applicant's bank. The possibility of total deposits of $1,045 billion and is the fifth such dangers does not appear serious. largest commercial bank in the city of Philadel- Consummation of the proposal would enable phia, controlling 3.3 per cent of deposits in that area.1 LFC to acquire capital at a lower cost. This should LFC is primarily engaged in leasing trans- serve to expand LFC's direct leasing activity and portation equipment, computer equipment and enable them to lease more costly equipment and other equipment, and acting as agent, broker or to become a stranger competitor in the national adviser in the leasing of such equipment. As of market. Accordingly, the public benefits involved March 31, 1972, LFC leased directly equipment are consistent with approval. costing approximately $13 million and acted as Based upon the foregoing and other considadviser with respect to equipment costing about erations reflected in the record, the Board has $33.75 million. determined that the balance of the public interest It appears that the relevant geographic market factors the Board is required to consider under § 4(c)(8) is favorable. Accordingly, the application 1 Deposit data are as of December 31, 1971. is hereby approved. This determination is subject Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
934 FEDERAL RESERVE BULLETIN • OCTOBER 1972 to the conditions set forth in § 225.4(c) of Regu- gate deposits of $781.1 million, representing 8.5 lation Y and to the Board's authority to require per cent of the total commercial deposits in Virsuch modification or termination of the activities ginia. Bank is the third largest banking stitiution of a holding company or any of its subsidiaries in the Richmond Standard Metropolitan Statistical as the Board finds necessary to assure compliance Area ("SMSA"), where it holds 19 per cent of with the provisions and purposes of the Act and deposits in that market. Applicant's nonbanking the Board's regulations and orders issued subsidiaries include both domestic and foreign thereunder, or to prevent evasion thereof. factoring companies, a leasing corporation and a By order of the Board of Governors, September mortgage company. None of Applicant's non- 1, 1972. banking subsidiaries are engaged in making consumer loans and the loans of its mortgage company Voting for this action: Vice Chairman Robertson and Govare primarily secured by first liens on real estate. ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns. Richmond Finance Corporation is engaged in (Signed) TYNAN SMITH, the business of making small loans to individuals secured primarily by liens on used motor vehicles. [SEAL] Secretary of the Board. It competes with sixteen other small loan companies in the Richmond SMSA and based on its BANK OF VIRGINIA COMPANY,* decline in volume of business ($1,225,000 in 1968 RICHMOND, VIRGINIA to $576,000 in 1971) offers but limited competi- ORDER APPROVING ACQUISITION OF RICHMOND tion to these competitors. While Bank, on occa- FINANCE CORPORATION sion, extends credit for the purchase of used cars, AND HANOVER MORTGAGE CORPORATION there is no significant existing competition between Bank and Richmond Finance Corporation in the Bank of Virginia Company, Richmond, Virconsumer small loan market. ginia, a bank holding company within the meaning of the Bank Holding Company Act, has applied Hanover Mortgage Corporation ("Hanover"), for the Board's approval, under § 4(c)(8) of the is engaged in the business of making loans to Act and § 225.4(b)(2) of the Board's Regulation individuals for its own account secured primarily Y, to acquire all of the voting shares of (1) by second mortgages on real estate. As of January Richmond Finance Corporation, Richmond, Vir- 31, 1972, Hanover held total outstanding mortgage loans of $2.3 million, representing approximately ginia, a company that engages in the activity of 3 per cent of all second mortgage loans outstanding making personal loans or extensions of credit to in the Richmond SMSA. Bank's second mortgage individuals, and acting as agent for credit life, loans in the market area are nominal ($498,000) accident and health insurance in connection with and, in view of bank regulations restricting the such loans; and (2) Hanover Mortgage Corporaeligibility of loans secured by junior liens, not tion, Richmond, Virginia, a company that engages likely to increase substantially. The Board therein the activity of making mortgage loans fore concludes that consummation of the proposed principally secured by junior liens on commercial, acquisition of Hanover would have no significant residential and unimproved real estate, and acting adverse effects on existing competition, nor foreas agent for credit life, accident and health insurclose the development of future competition. ance in connection with such loans. Such activities have been determined by the Board to be closely Financial factors, as discussed in an accomrelated to the business of banking. panying order of today's date involving Appli- Notice of the applications, affording opportunity cant's proposed retention of Rusch Factors, Inc., for interested persons to submit comments and are consistent with approval. Acquisition of Richviews on the public interest factors has been duly mond Finance Corporation and Hanover will not published (37 Federal Register 12188). The time place additional demands on Applicant's earnings for filing comments and views has expired, and or adversely affect Applicant's financial condition none have been timely received. in any manner. Applicant, parent holding company of Bank of Approval of each acquisition will make avail- Virginia-Central, Richmond ("Bank"), controls able to Richmond Finance Corporation and Hanfifteen other banks in other markets, with aggre- over the financial resources of Applicant and enable both companies to better serve their customers *Virginia Commonwealth Bankshares, Inc. changed its name and provide more effective competition to their to Bank of Virginia Company during the processing of this application. competitors in the market area. The resulting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 935 benefits in terms of public needs and convenience, is the third largest banking institution in the Richand increased competition would, in the Board's mond SMS A and it controls 19 per cent of deposits judgment, outweigh any possible adverse effect on in that market. Applicant's nonbanking subsicompetition. diaries include both domestic and foreign factoring Based on the foregoing and other considerations companies, a leasing corporation and a mortgage reflected in the record, the Board hereby approves company. the applications. This determination is subject to Rusch, with offices in Barrington, Rhode Island, the conditions set forth in section 225.4(c) of New York, New York, and Richmond, Virginia, Regulation Y and to the Board's authority to is an "old-line" factoring company originally esrequire such modification or termination of the tablished in 1827 and acquired by Applicant under activities of a holding company or any of its § 4(c)(5) of the Bank Holding Company Act in subsidiaries as the Board finds necessary to assure July, 1969.1 Under § 4(c)(5), Rusch is not authorcompliance with the provisions and purposes of ized to conduct full service factoring operations the Act and the Board's regulations and orders at locations other than such locations where issued thereunder, or to prevent evasions thereof. Applicant's subsidiary banks are authorized to By order of the Board of Governors, effective engage in business.2 Applicant now seeks permis- September 8, 1972. sion to operate Rusch under authority of § 4(c)(8) so that Rusch would not be subject to the "loan Voting for this action: Chairman Burns and Governors production" restriction at its New York and Rhode Mitchell, Brimmer, and Sheehan. Absent and not voting: Island offices and could engage in full service Governors Robertson, Daane, and Bucher. factoring activities at those offices. (Signed) TYNAN SMITH, Since Applicant's acquisition of Rusch in 1969, [SEAL] Secretary of the Board. its factored accounts outstanding have increased from $52.2 million to $99.1 million. Rusch has ORDER APPROVING RETENTION OF RUSCH only a small share of the New York, Connecticut, FACTORS, INC. Rhode Island, Massachusetts, New Hampshire and Vermont factoring markets where total outstanding Bank of Virginia Company, Richmond, Virfactored accounts of Rusch's major competitors ginia, a bank holding company within the meaning are approximately $6 billion. of the Bank Holding Company Act, has applied Applicant has a factoring subsidiary located in for the Board's approval, under § 4(c)(8) of the Canada and its subsidiary banks located in Virginia Act and § 225.4(b)(2) of the Board's Regulation engage to some extent in the same type of com- Y, to retain all of the voting shares of Rusch mercial financing engaged in by Rusch. The fac- Factors, Inc. ("Rusch"), Richmond, Virginia, a toring activities of Applicant's subsidiaries, other company that engages in the activities of full than Rusch, appear to be insubstantial in Rusch's notification and nonnotification factoring of acprimary service areas. The Board therefore concounts receivable, secured and unsecured comcludes that the proposed retention of Rusch by mercial financing without restriction as to the na- Applicant would not have any significant adverse ture of security taken, including but not limited effect on either existing or potential competition to providing guarantees of letters of credit and in any relevant area. issuing letters of guaranty of any kind. Such ac- There is no evidence in the record to indicate tivities have been determined by the Board to be that the proposed retention would lead to an undue closely related to the business of banking (12 CFR concentration of resources, conflicts of interest, or 225.4(a)(1)). unsound banking practices. Some benefits may Notice of the application, affording opportunity accrue to the public through the proposed retenfor interested persons to submit comments and views on the public interest factors, has been duly published (37 Federal Register 7951). The time 1 Prior to June 30, 1971, a bank holding company could, under § 4(c)(5), directly acquire shares of a corporation to for filing comments and views has expired, and perform, at locations at which the bank is authorized to engage none have been timely received. in business, functions, such as factoring, that national banks Applicant, parent holding company of Bank of are empowered to perform directly (12 CFR 7.1105; 225.4(e); 250.141). Virginia-Central, Richmond, ("Bank"), controls 2Rusch's offices in New York and Rhode Island are "loan sixteen banks with aggregate deposits of $781.1 production offices" where Rusch may solicit loans, assemble million, representing 8.5 per cent of the total credit information, prepare applications for loans, and perform other similar agent type activities for Rusch's main office in deposits in commercial banks in Virginia. Bank Richmond, Virginia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
936 FEDERAL RESERVE BULLETIN • OCTOBER 1972 tion, since Applicant would be able to offer full activities of factoring and related commercial fiservice factoring, rather than merely loan produc- nancing, including conditional sales financing. tion facilities, to its customers in New York and Such activities have been determined by the Board Rhode Island, thereby possibly providing more to be closely related to the business of banking competition to the larger factoring companies. (12 CFR 225.4(a)(1)). In its consideration of the application, the Board Notice of the application, affording opportunity noted that Applicant has substantial short-term for interested persons to submit comments and debt, utilized to carry receivables of nonbank views on the public interest factors, has been duly subsidiaries. In addition, Applicant has issued published (37 Federal Register 13218). The time significant long-term debt primarily to make addi- for filing comments and views has expired, and tions to the capital accounts of its subsidiary banks none have been timely received. and affiliated companies and to acquire foreign Applicant's subsidiary bank, Provident National companies. Although Applicant's resulting overall Bank, Philadelphia, Pennsylvania ("Bank"), has debt level is relatively high in relation to other total deposits of $1,045 billion and is the fifth bank holding companies, each of Applicant's largest commercial bank in the city of Philadelnonbank subsidiaries has been profitable and each phia, controlling 3.3 per cent of deposits in that appears to have a reasonable capital base. More- area.1 Maguire was acquired by Bank on October over, Applicant and its subsidiaries are considered 29, 1971, in a transaction approved by the Compcapably managed. troller of the Currency and, accordingly, became Based on the foregoing circumstances, the an indirect subsidiary of Applicant pursuant to § Board concludes that the financial and managerial 4(c)(5) of the Bank Holding Company Act. The factors are consistent with approval and that the proposed transaction would transfer direct ownerpublic interest considerations reflected in the ship of Maguire from Bank to Applicant, which record are favorable. Accordingly, the application would change Maguire's operating authority from is approved. This determination is subject to the § 4(c)(5) to § 4(c)(8). conditions set forth in § 225.4(c) of Regulation Under §4(c)(5) Maguire is not authorized to Y and to the Board's authority to require such conduct a full service factoring business at locamodification or termination of the activities of a tions other than those at which Bank is authorized holding company or any of its subsidiaries as the to engage in business, but rather is subject to the Board finds necessary to assure compliance with "loan production" restriction inherent in such the provisions and purposes of the Act and the authority (12 CFR 250.141). The Board believes Board's regulations and orders issued thereunder, that when a bank holding company indirectly acor to prevent evasion thereof. quires a nonbanking company through a subsidiary By order of the Board of Governors, effective bank, pursuant to § 4(c)(5), and subsequently September 8, 1972. applies to the Board to acquire direct ownership of such nonbanking company and operate it pur- Voting for this action: Chairman Burns and Governors suant to the broader authority of § 4(c)(8), the Mitchell, Brimmer, and Sheehan. Absent and not voting: Governors Robertson, Daane, and Bucher. Board must consider the transaction as if the (Signed) TYNAN SMITH, nonbanking company was being acquired initially [SEAL] Secretary of the Board. from an independent third party. Accordingly, in such circumstances the Board must find that neither the original acquisition of the nonbanking PROVIDENT NATIONAL CORPORATION, company nor the Board's approval of the § 4(c)(8) PHILADELPHIA, PENNSYLVANIA application would result in an undue concentration ORDER APPROVING ACQUISITION OF JOHN P. of resources, decreased or unfair competition, MAGUIRE & Co., INC. conflicts of interest, or unsound banking practices. Maguire is primarily an old-line factoring com- Provident National Corporation, Philadelphia, pany whose customers are predominantly in the Pennsylvania, a bank holding company within the garment and carpet industries. Maguire also makes meaning of the Bank Holding Company Act, has loans to clients secured by accounts receivable and applied for the Board's approval, under § 4(c)(8) engages in conditional sales financing of equipof the Act and § 225.4(b)(2) of the Board's Regument. Maguire has a factoring volume of approxilation Y, to acquire all of the voting shares of John P. Maguire & Co., Inc. ("Maguire"), New York, New York, a company that engages in the ^eposit data are as of December 31, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 937 mately $625 million, derived primarily from the of the activities of a holding company or any of New England States, New York, North Carolina, its subsidiaries as the Board finds necessary to and Oklahoma. On a national basis, Maguire ranks assure compliance with the provisions and purninth of twenty-nine factoring companies with 4.7 poses of the Act and the Board's regulations and per cent of total commercial factored volume. orders issued thereunder, or to prevent evasion Prior to the acquisition of Maguire by Bank, thereof. no subsidiary of Applicant had ever engaged in By order of the Board of Governors, effective factoring. Bank or Applicant might have entered September 14, 1972. the factoring industry de novo, however, the level Voting for this action: Chairman Burns and Governors of risk in the industry and the need for highly Robertson, Daane, Brimmer, Sheehan, and Bucher. Absent specialized factoring skills made such entry un- and not voting: Governor Mitchell. likely. Although some loans made by Bank might (Signed) TYNAN SMITH, be considered competitive with loans and advances [SEAL] Secretary of the Board. made by Maguire, the majority of Maguire's accounts originate in areas where Bank has few or THIRD NATIONAL CORPORATION, no customers and the loans Bank derives from NASHVILLE, TENNESSEE those areas is small in proportion to its total loan portfolio. On the basis of the record the Board ORDER APPROVING ACQUISITION OF FRIENDLY finds that the proposed acquisition of Maguire by FINANCE, INCORPORATED Applicant would not have any significant adverse Third National Corporation, Nashville, Tenneseffect on either existing or potential competition see, a bank holding company within the meaning in the factoring or commercial finance businesses. of the Bank Holding Company Act, has applied There is no evidence in the record to indicate for the Board's approval, under section 4(c)(8) of that the proposed acquisition of Maguire would the Act and § 225.4(b)(2) of the Board's Regulalead to an undue concentration of resources, con- tion Y, to acquire all of the voting shares of flict of interest or unsound banking practices. Al- Friendly Finance, Incorporated, Paducah, Kenthough it is unlikely that the transaction will pro- tucky ("Friendly"), a company that engages in duce any significant new benefits to the public, the activities of making installment loans direct the Board noted that Maguire has been able to to borrowers, discounting installment notes reobtain funds more easily and at lower rates since ceivable issued to dealers by purchasers, and actits acquisition by Bank. Such gains in efficiency ing as agent for credit life, accident and health are consistent with the public interest consid- insurance in connection with such loans. Such erations the Board must consider under § 4(c)(8). activities have been determined by the Board to If this transaction is approved by the Board, be closely related to the business of banking (12 Bank's ownership of Maguire's shares will be CFR 225.4(a)(1) and (9)). distributed to Applicant through a dividend in Notice of the application, affording opportunity kind. Although this would have the effect of re- for interested persons to submit comments and ducing Bank's equity capital significantly, the views on the public interest factors, has been duly Board noted that subsequent to the filing of this published (37 Federal Register 153). The time for application, Bank sold $21 million in capital notes filing comments and views has expired, and the in order, among other reasons, to replace the Board has considered all comments received in the anticipated loss of capital funds represented by light of the public interest factors set forth in § Bank's ownership of Maguire. Accordingly, the 4(c)(8) of the Act (12 U.S.C. 1843(c)). transaction will not cause Bank's overall capital Applicant's banking subsidiary, Third National position to fall below acceptable levels. Bank in Nashville ("Bank"), is the fourth largest Based upon the foregoing and other consid- bank in Tennessee and the second largest bank erations reflected in the record, the Board has in Nashville with deposits of $540.1 million, determined that the balance of the public interest representing 30 per cent of total commercial defactors the Board is required to consider under § posits in the Davidson County banking market. 4(c)(8) are consistent with approval. Accordingly, (All deposit data and market share data are as of the application is hereby approved. This determi- December 31, 1971.) Bank operates 20 offices, nation is subject to the conditions set forth in § all in Davidson County. (Tennessee law prohibits 225.4(c) of Regulation Y and to the Board's au- a bank from branching outside of the county in thority to require such modification or termination which its principal office is located.) Bank makes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
938 FEDERAL RESERVE BULLETIN • OCTOBER 1972 consumer installment loans through its principal Based upon the foregoing and other considoffice and branch offices in Davidson County. As erations reflected in the record, the Board has of August 1, 1972, Bank's total volume of con- determined that the balance of the public interest sumer loans approximated $12.5 million. factors the Board is required to consider under Friendly is a consumer finance company that section 4(c)(8) is favorable. Accordingly, the apoperates 19 offices in the States of Kentucky, plication is hereby approved. This determination Tennessee, Oklahoma, and Mississippi, 1 of is subject to the conditions set forth in section which is located in the service area of Bank. 225.4(c) of Regulation Y and to the Board's au- Friendly makes installment loans up to $5,000 thority to require such modification or termination directly to borrowers, most of which are secured of the activities of a holding company or any of by automobiles, household goods, other chattels its subsidiaries as the Board finds necessary to or real estate, and sells credit insurance in con- assure compliance with the provisions and purnection with its lending activities. It had total loans poses of the Act and the Board's regulations and outstanding of $10.6 million as of April 30, 1972, orders issued thereunder, or to prevent evasion of which $0.5 million were derived from Davidson thereof. County. By order of the Board of Governors, effective Although Bank and Friendly both compete for September 21, 1972. consumer loan business in Davidson County, Voting for this action: Vice Chairman Robertson and Gov- Tennessee, consummation of the proposed ac- ernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Abquisition would not have a significant adverse sent and not voting: Chairman Burns. effect on existing competition since the market (Signed) MICHAEL A. GREENSPAN, share of Bank would be increased only slightly. [SEAL) Assistant Secretary of the Board. A substantial number of independent competitors would remain in the market. Moreover, since Tennessee law precludes the establishment of UNITED VIRGINIA BANKSHARES branches by Bank outside Davidson County, the INCORPORATED, development of competition between Bank and RICHMOND, VIRGINIA Friendly in other markets is unlikely. Applicant ORDER APPROVING RETENTION OF UNITED has the resources to enter markets served by VIRGINIA MORTGAGE CORPORATION Friendly through formation of its own consumer United Virginia Bankshares Incorporated, loan companies. However, there are numerous Richmond, Virginia, a bank holding company active competitors in these markets; in addition, within the meaning of the Bank Holding Company the existence of many potential entrants diminishes Act, has applied for the Board's approval, under any possible adverse effects that consummation of § 4(c)(8) of the Act and § 225.4(b)(2) of the the proposed acquisition might have upon potential Board's Regulation Y, to retain all of the voting competition. The Board concludes that con- shares of United Virginia Mortgage Corporation, summation of the proposed acquisition would not Richmond, Virginia, a company that engages in have a serious adverse effect upon existing or the activities of a mortgage company and proposes potential competition between Applicant and to engage de novo in acting as agent for the sale Friendly. Further, there is no significant possibility of credit life, credit disability and mortgage rethat the acquisition will have adverse effects on demption insurance. Such activities have been credit currently available to independent finance determined by the Board to be closely related to companies by Bank. the business of banking (12 CFR 225.4(a)(1) and It is anticipated that Friendly's affiliation with (9)). Applicant, by providing access to the greater fi- Notice of the application, affording opportunity nancial resources of Applicant, will enable for interested persons to submit comments and Friendly to compete more effectively with other views on the public interest factors, has been duly consumer finance lenders in the areas in which it published (37 Federal Register 15896). The time operates. There is no evidence in the record indi- for filing comments ancl views has expired, and cating that consummation of the proposed acquisi- none have been timely received. tion would result in any undue concentration of Applicant, the largest banking organization in resources, unfair competition, conflicts of interest, Virginia, controls 12 banks with aggregate deposunsound banking practices or other adverse ef- its of approximately $1.3 billion, representing fects. 14.2 per cent of the total deposits in commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 939 banks in Virginia.1 Applicant's nonbanking subsi- in 1968, the Company's assets have quadrupled. diaries include a service corporation, an insurance The Company derives business from all of Appliagency, a leasing company, and United Virginia cant's subsidiary banks located throughout Vir- Mortgage Corporation ("Company"). ginia and from one "loan production" office lo- The Company, with offices in Richmond, cated in the Maryland suburbs of Washington, Roanoke, Annandale, Manassas, Norfolk, New- D.C. With permanent mortgage servicing conport News, and Alexandria, Virginia, and Langley tracts in excess of $204 million, as of June 30, Park, Maryland, engages in the activities of a 1971, the Company was the third largest mortgage mortgage company which include originating banking company in Virginia on that date. loans as principal, originating loans as agent, The Company is primarily engaged in originatservicing loans for nonaffiliated individuals, part- ing mortgage loans for the account of others and nerships and corporations, and servicing loans for servicing such loans. Although Applicant's subsiaffiliates of United Virginia Bankshares Incorpo- diary banks do originate a limited volume of rated. In addition, Applicant proposes to engage mortgage loans for their own account, this activity de novo in acting as agent for the sale of credit does not overlap significantly with the Company's life, credit disability and mortgage redemption activities. Accordingly, no significant competition insurance in connection with the origination or exists between the Company and Applicant's servicing of such mortgages. subsidiary banks. Further, it does not appear that Prior to this application the Company, which any significant potential competition would be was acquired on October 1, 1968, has been foreclosed upon consummation of the proposal operated pursuant to § 4(c)(5) of the Bank Holding because it is unlikely that the Company would Company Act.2 Under § 4(c)(5), the Company is remain a significant competitor without access to not authorized to conduct full service mortgage Applicant's resources. banking operations at locations other than such Under Applicant's operations the Company, locations where Applicant's subsidiary banks are originally a small, local mortgage company, has authorized to engage in business.3 Applicant now become a larger and more viable competitor seeks permission to operate the Company under among mortgage companies in Virginia. Although the broader authority of § 4(c)(8) so that none of the proposed retention would change only the the Company's offices would be subject to the company's operating authority, some benefits may "loan production" restriction. accrue to the public through the proposed reten- The Board regards the standards of § 4(c)(8) tion, since Applicant would be able to offer full for the retention of shares in a nonbanking com- service mortgage banking facilities at locations pany, previously operated by a bank holding com- other than its subsidiary banking offices, thereby pany pursuant to § 4(c)(5), to be the same as the providing greater convenience to its customers. standards for a proposed § 4(c)(8) acquisition. There is no evidence in the record to indicate that Accordingly, the Board must find that neither the the proposed retention would lead to an undue operation of the nonbanking company under § concentration of resources, conflicts of interest, or 4(c)(5), nor the Board's approval of the § 4(c)(8) unsound banking practices. application would result in an undue concentration Based upon the foregoing and other considof resources, decreased or unfair competition, erations reflected in the record, the Board has conflict of interest, or unsound banking practices. determined that the balance of the public interest Since Applicant's acquisition of the Company factors the Board is required to consider under § 4(c)(8) is favorable. Accordingly, the application is hereby approved. This determination is subject *A11 banking data are as of December 31, 1971. to the conditions set forth in § 225.4(c) of Regu- 2Prior to June 30, 1971, a bank holding company could, under § 4(c)(5), directly acquire shares of a corporation to lation Y and to the Board's authority to require perform, at locations at which its subsidiary banks are author- such modification or termination of the activities ized to engage in business, functions, such as mortgage bankof a holding company or any of its subsidiaries ing, that national banks are empowered to perform directly (12 CFR 7.7379; 225.4(e); 250.141). as the Board finds necessary to assure compliance 3The Company's offices that are not located on the premises with the provisions and purposes of the Act and of Applicant's subsidiary banks are "loan production offices" the Board's regulations and orders issued where the Company may solicit loans, assemble credit information, prepare applications for loans, and perform other thereunder, or to prevent evasion thereof. similar agent type activities for mortgage offices located on By order of the Board of Governors, effective the premises of Applicant's subsidiary banks (12 CFR 250.141). September 26, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
940 FEDERAL RESERVE BULLETIN • OCTOBER 1972 Voting for this action: Governors Mitchell, Brimmer, Shee- The predominant activity of EuroPartners was han, and Bucher. Absent and not voting: Chairman Burns and brokerage business. Commission income from this Governors Robertson and Daane. source accounted for approximately two-thirds of (Signed) MICHAEL A. GREENSPAN, its gross income. Historically, foreign customer [SEAL] Assistant Secretary of the Board. accounts have generated more than 90 per cent of its gross brokerage commissions on all customer accounts. ORDER UNDER SECTION 4(c)(9) OF BANK HOLDING COMPANY ACT EuroPartners offers financial advice and services to European and other foreign clients interested BANCO DI ROMA, in obtaining financing in the United States or in ROME, ITALY effecting in the United States direct investments, acquisitions, joint ventures, mergers and other ORDER DISAPPROVING RETENTION OF INVEST- corporate transactions. It offers similar services MENT IN EUROPARTNERS SECURITIES with respect to foreign markets to American and CORPORATION Canadian companies having interests abroad. Banco di Roma, Rome, Italy, has applied for Section 4(c)(9) of the Act provides that the the Board's approval under section 4(c)(9) of the prohibitions of section 4 shall not apply to the Bank Holding Company Act to retain 33 V3 per cent investments or activities of foreign bank holding of the voting shares of EuroPartners Securities companies that conduct the greater part of their Corporation (''EuroPartners"), New York City, if business outside the United States, if the Board Banco di Roma becomes a bank holding company. by regulation or order determines that, under the Banco di Roma has received the Board's per- circumstances and subject to the conditions set mission to become a bank holding company forth in the regulation or order, the exemption through the acquisition of all of the voting stock would not be substantially at variance with the (less directors' qualifying shares) of a proposed purposes of the Act and would be in the public new bank in Chicago, Illinois, to be named Banco interest. Banco di Roma has applied for a special di Roma (Chicago). If the proposed acquisition exemption for its investment in EuroPartners under is consummated, Banco di Roma will be a foreign § 225.4(g)(3) of Regulation Y, contending that bank holding company within the meaning of § retention of such investment would be consistent 225.4(g)(l)(iii) of Regulation Y. with the purposes of the Act and would be in the public interest. Its principal arguments are that (1) EuroPartners was originally incorporated under a very substantial proportion (73%) of the name of Credit Lyonnais Corporation by Credit EuroPartners' gross income is derived from Lyonnais, a French bank, in 1968. Later the name foreign sources,1 (2) the possibility of abuses of the corporation was changed, and Banco di associated with common ownership of a commer- Roma and Commerzbank, a German bank, each cial bank and an investment banking firm could acquired 33V?> per cent of the voting shares of the be eliminated by specific undertakings of Banco corporation. EuroPartners was originally formed di Roma to insulate the activities of Banco di and operates primarily to facilitate investments in Roma (Chicago) from those of EuroPartners, (3) the United States by the European clients of its the operations of EuroPartners would have a benthree European bank shareholders. eficial impact on the balance of payments of the The general plan and character of the business United States by facilitating foreign investment in of EuroPartners is to engage in and conduct as this country, and (4) it would be inequitable to a broker-dealer a securities business, including brokerage activities, underwriting, and investment banking and investment advisory services. The *lt does not appear that EuroPartners is or will be engaged corporation is a member of the National Associa- in the United States exclusively in activities incidental to its tion of Securities Dealers, Inc., the Philadelphia- international or foreign business, nor has Banco di Roma given any assurances to the Board concerning the future scope— Baltimore-Washington Stock Exchange, and the whether foreign or domestic oriented—of the operations of Midwest Stock Exchange. EuroPartners. Since the underwriting business of EuroPartners In the calendar year 1971, EuroPartners did a predominantly relates to United States customers, an exemption under §§ 225.4(g)(2)(iii) or (iv) of Regulation Y would not substantial underwriting business, accounting for seem appropriate, and Banco di Roma has not applied under approximately 15 per cent of its gross income. those sections. The Board expresses no opinion on the question whether a company engaged in the United States exclusively Almost 90 per cent of gross income from this in brokerage business for primarily foreign customers could source was derived from United States customers. qualify for exemption under either of these sections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 941 deny an exemption in circumstances that would company to the policies of the Glass-Steagall Act force Banco di Roma to choose between a securi- would pose very difficult supervision problems for ties operation in New York and a banking opera- the Board which, in the Board's judgment, render tion in Illinois, when other foreign banks are such a plan unworkable.3 permitted to have both a securities operation and Moreover, the Board is of the opinion that a banking operation in New York.2 differences in State laws on bank branching should Banco di Roma's investment in EuroPartners is not be permitted to override the policies of the an investment that would not be permissible to Bank Holding Company Act regarding the separaa domestic bank holding company. The Board has tion of banking from commerce. The Banco di consistently applied the policies of the Glass- Roma is at no disadvantage to any other bank in Steagall Act to all bank holding companies regis- its inability to obtain a branch in Illinois, since tered under the Bank Holding Company Act irre- Illinois law does not authorize branching by any spective of whether they have subsidiaries that are bank. Were the Board to adopt a policy of permitmember banks. (See, e.g., 12 CFR 225.125 and ting exceptions to the prohibitions of section 4 in 12 CFR 225.126.) In enacting the Glass-Steagall the interest of compensating for differences in Act, Congress indicated that affiliations of com- State law, the application of section 4 would be mercial banks and securities companies give rise seriously compromised. to potential conflicts of interests and unsound Based on the foregoing and other considerations banking practices. reflected in the record, the Board hereby denies The Board is not persuaded that the public the request of Banco di Roma for an exemption benefits that are alleged for the affiliation of a under § 4(c)(9) of the Bank Holding Company Act foreign bank holding company and a securities for its investment in EuroPartners. Under § 4(a)(2) company would outweigh the possible adverse of the Act, if Banco di Roma consummates the effects with which Congress was concerned in the acquisition of its proposed subsidiary bank in enactment of the Glass-Steagall Act. An affiliation Chicago, it will be required by law to divest its with a securities company would give a foreign ownership of shares of EuroPartners within two bank holding company an unfair competitive ad- years after the date as of which it becomes a bank vantage over a domestic bank holding company holding company. in that a foreign bank holding company would be By order of the Board of Governors, effective able to offer its customers an alternative means September 28, 1972. of obtaining financing to credit facilities, namely, underwriting facilities. While there is no reason Voting for this action: Governors Mitchell, Daane, Brimmer, Sheehan and Bucher. Absent and not voting: Chairman to doubt the sincerity of the Banco di Roma's plan Burns and Governor Robertson. to insulate the operations of its subsidiary bank (Signed) TYNAN SMITH, in Chicago from the operations of EuroPartners, [SEAL] Secretary of the Board. adoption of such a plan as a general guideline for conforming the operations of any bank holding 3A comprehensive plan would need to be more extensive than that proposed by Applicant and would be unduly complex 2The fourth argument refers to branch operations of foreign to administer. For example, Applicant's plan would not deal banks in New York. Foreign banks are permitted to establish with several potential conflict of interests problems: (1) a branches under New York State law and are not so permitted bank's loans to finance the operations of corporate investment under Illinois law. A branch of a foreign bank in the United banking clients of its securities affiliate, (2) a bank's loans States would not be a "bank" as that term is defined in § to finance the purchase of securities from or through its securi- 2(c) of the Bank Holding Company Act, and such a branch ties affiliate, (3) promotional activities of a bank on behalf may therefore be established wherever permitted by State law of its securities affiliate, and (4) reciprocal lending between without the Board's prior approval under the Act. banks and each other's securities affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements APPOINTMENT OF RESERVE BANK PRESIDENT ers Association of America and the Western Independent Bankers. The Board of Governors has approved the ap- The amendment to Regulation D reprepointment by the directors of the Federal Reserve sents a restructuring of reserve requirements Bank of San Francisco of John J. Balles as preson demand deposits and will apply the same ident of that Bank, to serve the remainder of a reserve requirements to member banks of 5-year term expiring February 29, 1976. He suclike size, regardless of their location. The ceeds Eliot J. Swan, who retired June 1, after amendment to Regulation J will require all having served 31 years with the Bank, including banks served by the Federal Reserve check more than 11 years as its president. collection system to pay for checks in im- Prior to his appointment, Dr. Balles was senior mediately available funds on the day of vice president of the Mellon National Bank and presentment. Trust Co., Pittsburgh, Pennsylvania. Before join- Strict compliance with the Court's order ing the Mellon Bank in 1959, Dr. Balles served would restrain implementation only as to a for 5 years with the Federal Reserve Bank of limited group of banks and only with respect Cleveland. A native of Freeport, Illinois, Dr. to Regulation J. However, in view of the Balles holds degrees from the State University of adverse effect on the payments mechanism Iowa (B.S. and M.A.) and from Ohio State Uniif implementation of the Regulation J proversity (Ph.D.). posals were fragmented, and, considering the adverse monetary policy impact should APPOINTMENT OF DIRECTOR the reserve requirement adjustment under Frederick G. Koenig, Jr., of Birmingham, Ala- Regulation D be effected without the acbama, has been appointed by the Board of Gover- companying Regulation J changes, the nors to serve as a Director of the Birmingham Board has determined that it is necessary to Branch of the Federal Reserve Bank of Atlanta, postpone the effective date of both regulaeffective September 23, 1972. Mr. Koenig, who tory amendments, pending judicial determiis President of Alabama By-Products Corporation, nation and subsequent action by the Board. Birmingham, will complete the term, expiring December 31, 1972, of E. Stanley Robbins, who (For the text of the amendments and the Board's resigned. earlier announcement, see pages 649 and 679, respectively, of the July 1972 BULLETIN.) REGULATIONS D AND J: POSTPONEMENT OF EFFECTIVE OVERSEAS BRANCHES OF MEMBER BANKS DATE OF AMENDMENTS Total assets of the overseas branches of member The Board of Governors on September 20, 1972, banks increased by $14.4 billion, or 27 per cent, issued the following statement regarding its during 1971 to a total of $67 billion, the Board implementation of amendments to Regulations D of Governors announced on October 12, 1972, in and J: releasing data showing balance sheet items of The Board of Governors of the Federal overseas branches at the beginning and end of the Reserve System today postponed the effec- year. At the end of 1971, 577 overseas branches tive date of amendments to its Regulations were in operation, an increase of 41 branches D and J which had been scheduled to go during the year. into effect on September 21. Most of the increase in total branch assets in This action resulted from the issuance of 1971 was again accounted for by the branches in a temporary restraining order by the U.S. Europe—particularly those in London—and in the District Court for the District of Columbia Bahamas. on a petition filed by the Independent Bank- Amounts due from head offices and U.S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ASSETS AND LIABILITIES OF OVERSEAS BRANCHES OF MEMBER BANKS, END OF YEAR, 1970 AND 1971 In millions of dollars, unless otherwise indicated United Near U.S. Kingdom Continental Bahamas Latin Far East overseas Item and Europe America East and areas and Total Ireland Africa trust territories 1970 1971 1970 1971 1970 1971 1970 1971 1970 1971 1970 1971 1970 1971 1970 1971 Assets Cash 8,934 13,246 2,826 4,359 1,306 2,008 265 278 157 375 58 76 79 83 13,625 20,425 Loans 11,340 13,502 2,604 3,602 2,217 4,728 1,129 1,417 2,152 3,277 145 164 827 981 20,414 27,671 Due from head offices and U.S. branches . 5,653 1,904 1,145 250 422 480 38 29 437 465 14 9 856 580 8,565 3,717 Other 3,741 6,491 2,921 4,702 476 633 623 795 1.677 2,104 98 135 471 "381 10,007 15.241 Total 29,668 35,143 9,496 12,913 4,421 7,849 2,055 2,519 4,423 6,221 315 384 2,233 2,025 52,611 67,054 Liabilities Deposits: Demand 1,816 2,336 1,082 1,491 115 108 668844 691 769 895 85 127 380 410 4,931 6,058 Time 23,568 27,944 5,976 7,351 3,779 5,905 438 525 1,276 1,775 205 211 1,306 1,054 36,548 44,765 Due to head offices and U.S. branches, 1,194 914 35 281 92 104 78 84 178 125 8 3 160 278 1,745 1,789 Other 3,090 3,949 2,403 3,790 435 1,732 855 1,219 2,200 3,426 17 43 387 283 9,387 14,442 Total 29,668 35,143 9,496 12,913 4,421 7,849 2,055 2,519 4.423 6,221 315 384 2,233 2,025 52,611 67,054 Number of branches .. 44 48 72 80 61 73 223 229 79 83 14 17 43 47 536 577 NOTE.—Data are from Board of Governors of the Federal Reserve System. branches declined by 57 per cent to $3.7 billion agencies originating price data and econometrias head offices continued to reduce their reliance cians using such data. The Conference was not on foreign funds to support domestic operations. aimed at policy, but rather was intended to deepen Loans at overseas branches expanded by $7.3 our understanding of the structural mechanisms billion, or 35.5 per cent, during the year. The that have made contemporary economies so vulmarked increase in cash assets reflected expanded nerable to inflation. time placements with other banks in Euro-currency The book contains the following papers, with markets. a preface by Professor Otto Eckstein of Harvard The data, derived from reports of condition filed University who was both Chairman of the Planning at the end of the year with the Comptroller of the Committee for the Conference and Editor of this Currency and the Federal Reserve System, differ volume: in certain respects from other statistical reports Session I: "The Wage-Price Mechanism: covering aspects of overseas branch operations. Overview of the Conference" by James Tobin; The assets and liabilities shown are payable in "Recent Developments in Price Dynamics" by U.S. dollars as well as in currencies of the coun- William D. Nordhaus; "Econometric Testing of tries where the branches are located and in other the Natural Rate Hypothesis" by Robert E. Lucas, foreign currencies. Jr.; "On the Structure of Serial Dependence in Some U.S. Price Series" by Marc Nerlove; and PUBLICATION OF VOLUME ON PRICE CONFERENCE discussions of these papers by Franklin M. Fisher, The Econometrics of Price Determination Confer- P. W. MacAvoy, and Peter von zur Muehlen. ence is available for distribution. This Conference Session II: "Industry Price Equations" by Otto was held on October 30 and 31, 1970, in Wash- Eckstein and David Wyss; "An Econometric Anington, D.C., under the joint sponsorship of the alysis of the Relation of Monetary Variables to Social Science Research Council and the Board the Behavior of Prices and Unemployment" by of Governors of the Federal Reserve System. The Leonall C. Andersen and Keith M. Carlson; Conference was designed to encourage new re- "Price Determination and Cost-of-Living Meassearch to ascertain the price-wage properties of ures in a Disaggregated Model of the U.S. Econmajor econometric models, to hasten the comple- omy" by Dale Heien and Joel Popkin; and distion of econometric studies under way, and to cussions of these papers by Robert J. Gordon and provide an interchange between Government Zvi Griliches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
92 FEDERAL RESERVE BULLETIN • OCTOBER 1972 Session III: 4 Trice Determination in the Whar- The paperbound edition is $4.00 ($3.60 each in ton Model" by L. R. Klein; "Price Simulations quantities of 10 or more sent to one address). with the OBE Econometric Model" by Albert A. Hirsch; "Prices and Wages in the FR-MIT-Penn NEW PUBLICATION Econometric Model" by George de Menil and A new publication that gives a line-by-line expla- Jared J. Enzler; "Prices and Price Behavior in nation of the terms appearing in two statistical Three U.S. Econometric Models" by Saul H. releases of the Board of Governors has been pub- Hymans; discussions of these papers by Carl F. lished by the Federal Reserve Bank of New York. Christ, Dale W. Jorgenson, and Frank W. Schiff; The publication is a 24-page annotated glossary and a 4 'Reply to Comments by Christ and Jorgen- of terms used in the Consolidated Statement of son" by de Menil, Enzler, and Hirsch. Condition of All Federal Reserve Banks H. 4.1(a) Session IV: "Price Formation in European and Factors Affecting Bank Reserves H. 4.1. The Countries" by R. J. Ball and Martyn Duffy; publication entitled "Glossary: Weekly Federal "Wage and Price Formation in Selected Canadian Reserve Statements" is available without charge Econometric Models" by Ronald G. Bodkin; from the Public Information Department, Federal "Objectives for Price and Wage Statistics at the Reserve Bank of New York, 33 Liberty Street, Bureau of Labor Statistics" by Geoffrey H. New York, New York 10045. Moore; "Discussion of Moore's Paper" by Milton Moss; and "Discussion of Papers by Bodkin and ERRATUM by Ball and Duffy" by James K. Kindahl. In the amendment to § 221.3(a) of Regulation U, Copies may be obtained from Publications published at page 797 of the September BULLETIN, Services, Division of Administrative Services, the reference to paragraph (x) in the proviso clause Board of Governors of the Federal Reserve Sys- should be deleted. As corrected, the proviso clause tem, Washington, D.C. 20551. The price of the reads "... Provided, That this requirement shall clothbound edition is $5.00 per copy ($4.50 each not apply to any credit described in paragraphs in quantities of 10 or more sent to one address). (o), (w), (y), or (z) of this section. ..." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication October 17 Industrial production and nonfarm employment paper, and chemicals grouping increased further, increased further in September, and the unem- while output of most other materials remained at ployment rate was about unchanged. Retail sales high levels. declined. The wholesale price index rose further. Commercial bank credit, the money stock, and EMPLOYMENT time and savings deposits increased. Between mid-September and mid-October, yields in securi- Nonfarm payroll employment rose substantially in ties markets tended to steady following earlier September with strong advances in manufacturing sharp increases. and State and local government. The average factory workweek edged up 0.1 hour to 40.7 hours. The unemployment rate was essentially unchanged INDUSTRIAL PRODUCTION at 5.5 per cent as employment gains were about Industrial production rose 0.6 per cent further in matched by labor force growth. September to 115.2 per cent (1967=100) as gains in most final products, including equipment, and in materials more than offset a decline in durable RETAIL SALES consumer goods. The August index was revised The value of retail sales declined 1.5 per cent in upwards by two-tenths of a percentage point to September and was 6 per cent above a year earlier. 114.5 per cent. The total index in September was Sales at durable goods stores were down nearly 7.6 per cent above a year earlier. 4 per cent from August and sales at nondurable Auto assemblies in September remained at the goods stores declined 0.3 per cent. July-August annual rate of 8.5 million units. Production schedules for October, however, indicate a rise in auto output. Production of household AGRICULTURE appliances and television sets declined in Sep- Total crop production this year is expected to equal tember but output of nondurable consumer goods last year's record. Cotton and citrus will be much increased. Production of business equipment rose larger than last year's small crops and grain profurther and was 10 per cent above the 1971 low duction will be at a near-record high. Livestock but 5 per cent below the 1969 high. Output of slaughter and egg production are somewhat below defense equipment also rose in September. Among last year, while milk and poultry output is larger. materials, production of steel and the textile, WHOLESALE AND CONSUMER PRICES INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 The wholesale price index, after seasonal adjustment, rose 0.3 per cent between August and September. Prices of farm and food products were up 0.8 per cent while the index of industrial commodities increased 0.2 per cent, with important advances for fuels and power and consumer durables. Consumer prices rose 0.2 per cent in August, after seasonal adjustment, to a level 2.9 per cent above that in August 1971. Food prices posted another substantial advance. Other commodity prices rose 0.3 per cent, with continued marked advances for gasoline, while service costs were up 0.2 per cent. 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
946 FEDERAL RESERVE BULLETIN • OCTOBER 1972 PRICES ending September 27 compared with $190 million 1967=100 1967=100 130 in August. Member bank borrowings increased 130 substantially further but excess reserves also rose ALL COMMODITIES , somewhat. SECURITY MARKETS Treasury bill rates were about 10 basis points lower to 15 basis points higher between mid-Sep- 130 tember and mid-October, with the increases oc- 120 - F A A N R D M FO PR O O D D S U CT j S y ^j curring on the shorter maturities. The 3-month bill - was bid at around 4.80 per cent in the middle of W"V-W'V" A^lND C U O S M T M R O IA DI L TIE S October, up from 4.65 per cent a month earlier. Yields on U.S. Government notes and bonds declined by some 5 to 15 basis points over the same period. Bureau of Labor Statistics. "Farm products and foods" is BLS New corporate security yields rose slightly on "Farm products, and processed foods and feeds." Latest balance from mid-September to early October figures: Consumer, August; Wholesale, September. while seasoned corporate security yields remained BANK CREDIT, DEPOSITS, AND RESERVES steady. Municipal security rates declined. On balance common stock prices were relatively Commercial bank credit, adjusted for transfers of unchanged on moderate volume during the same loans between banks and their affiliates, increased period. at an annual rate of about 12 per cent in September, considerably less rapidly than in August. INTEREST RATES The slowdown reflected moderation in loan expansion, especially credit extended to businesses which had been very large in August. Consumer and real estate loans continued strong. Holdings of municipal and Federal agency securities increased at about the same pace as in August while holdings of U.S. Treasury securities rose somewhat after 2 months of decline. The narrowly defined money stock increased at an annual rate of 6 per cent in September about the same as in August. U.S. Government deposits also increased. Growth in time and savings deposits other than large negotiable CD's was slightly faster than in August and close to the pace of expansion over the second and third quarters. Net sales of large CD's continued strong in September. Discount rate, range or level for all F.R. Banks. Weekly Net borrowed reserves of member banks average market yields for U.S. Govt, bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures: averaged about $340 million over the 4 weeks week ending Oct. 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 1 Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 8 Federal funds—Major reserve city banks A 9 Reserve Bank interest rates A 10 Reserve and margin requirements A 11 Maximum interest rates; bank deposits A 12 Federal Reserve Banks A 14 Open market account A 15 Reserve Banks; bank debits A 16 U.S. currency A 17 Money stock A 18 Bank reserves; bank credit A 19 Banks and the monetary system A 20 Commercial banks, by classes A 26 Weekly reporting banks A 31 Business loans of banks A 32 Demand deposit ownership A 33 Loan sales by banks A 33 Open market paper A 34 Interest rates A 37 Security markets A 38 Stock market credit A 39 Savings institutions A 41 Federally sponsored credit agencies A 42 Federal finance A 44 U.S. Government securities A 47 Security issues A 50 Business finance A 51 Real estate credit A 56 Consumer credit Continued on next page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
96 FEDERAL RESERVE BULLETIN • OCTOBER 1972 U.S. STATISTICS—Continued A 60 Industrial production A 64 Business activity A 64 Construction A 66 Labor force, employment, and earnings A 68 Consumer prices A 68 Wholesale prices A 70 National product and income A 72 Flow of funds INTERNATIONAL STATISTICS: A 74 U.S. balance of payments A 75 Foreign trade A 76 U.S. gold transactions A 77 U.S. reserve assets; position in the IMF A 78 International capital transactions of the United States A 93 Foreign exchange rates A 94 Money rates in foreign countries A 95 Arbitrage on Treasury bills A 96 Gold reserves of central banks and governments A 97 Gold production A 106 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a also include not fully guaranteed issues) as well as direct negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also A heavy vertical rule is used in the following in- includes municipalities, special districts, and other politistances: (1) to the right (to the left) of a total when the cal subdivisions. components shown to the right (left) of it add to that In some of the tables details do not add to totals because total (totals separated by ordinary rules include more of rounding. components than those shown), (2) to the right (to the The footnotes labeled NOTE (which always appear left) of items that are not part of a balance sheet, (3) to the last) provide (1) the source or sources of data that do left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed estimates; and (3) information on other characteristics issues of U.S. Govt, agencies (the flow of funds figures of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Flow of funds June 1972 A-72—A-73.9 Banks and branches, number, by class and State Apr. 1972 A-98—A-99 Semiannually Flow of funds: Banking offices: Assets and liabilities: Analysis of changes in number ... Aug. 1972 A-98 1960-71 June 1972 A-73.10—A-73.21 On, and not on, Federal Reserve Par List, number Aug. 1972 A-99 Flows: 1965-71 data (revised) June 1972 A-73.1— A-73.9 Annually Income and expenses: Bank holding companies: List of, Dec. 31, 1971 June 1972 A-98 Federal Reserve Banks Feb. 1972 A-96—A-97 Insured commercial banks May 1972 A-98—A-99 Banking offices and deposits of Member banks: group banks, Dec. 31, 1971 Aug. 1972 A-101 Calendar year May 1972 A-98—A-107 Banking and monetary statistics: Income ratios May 1972 A-108—A-l 13 Operating ratios July 1972 A-102—A-107 1971 Mar. 1972 A-98—A-110 July 1972 A-98—A-101 Stock market credit Feb. 1972 A-102—A-103 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases June 1972 A-l 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS • OCTOBER 1972 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Special u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 s G to o c ld k c D e R r r t a i i g w fi h c i t n a s g t e Bought repur- assets 3 out- chase right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—Dec 40,885 40,772 113 490 2,349 43,853 13,799 1967—De c 48,891 48,810 81 238 2.030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 1971—Sep t 67,106 66,794 312 501 2,974 900 71,568 10,132 400 Oct 67,690 67,488 202 360 3,122 1,105 72,349 10,132 400 Nov 68,052 67,655 397 407 3,129 1,013 72,694 10,132 400 Dec 69,158 68,868 290 107 3,905 982 74,255 10,132 400 1972—Ja n 70,687 70,300 387 20 3,405 1,177 75,415 10,132 400 Feb 69,966 69,862 104 33 2,959 957 73,994 9,851 400 Mar 69,273 69,133 140 99 2,948 780 73,181 9,588 400 Apr 70,939 70,770 169 109 3.031 990 75,171 9,588 400 May 71,428 71,391 37 119 3,140 934 75,705 10,224 400 June 71,632 71,624 8 94 3,370 933 76,108 10,410 400 July 72,089 71,972 117 202 3,548 1,111 77,035 10,410 400 Aug 71,858 71,732 126 438 3,345 957 76,676 10,410 400 Sept.p 70,252 70,135 117 515 3,707 894 75,436 10,410 400 Week ending— 1972—July 5 72,487 72,431 56 312 3,053 1,010 76,939 10,410 400 12 71,785 71,688 97 227 3,767 1,061 76,923 10,410 400 19 72,353 71,988 365 173 3,896 1,115 77,663 10,410 400 26 71,909 71,909 172 3,689 1,156 76,991 10,410 400 Aug. 2 71,990 71,890 100 363 3,195 1,212 76,832 10,410 400 9 72,102 71,967 135 287 3.300 1,265 77,037 10,410 400 16 72,045 71,922 123 382 3.301 1,112 76,922 10,410 400 23 71,731 71,731 348 3,656 670 76,474 10,410 400 30 71,448 71,356 92 477 3,170 729 75,900 10,410 400 Sept. 6 71,417 70,872 545 837 3,056 776 76,184 10,410 400 13 69,408 69,408 149 3,783 824 74,225 10,410 400 20p 69,753 69,684 ' 69 719 4,170 899 75,601 10,410 400 27 p 70,389 70,389 551 3,815 982 75,795 10,410 400 End of month 1972—July 71,901 6 71,901 83 2,224 1,268 75,539 10,410 400 Aug 71,890 6 71,104 786 ,092 3,396 774 77,248 10,410 400 Sept.*5 70,915 6 70,915 239 3,652 1,050 75,918 10,410 400 Wednesday 1972—July 5 72,969 6 72,582 387 513 3,072 1,062 77,731 10,410 400 12 69,515 6,769,515 86 3,909 1,107 74,683 10,410 400 19 72,443 6 72,039 '404' 82 4,049 1,155 77,839 10,410 400 26 71,959 6 71,959 637 3,569 1,168 77,397 10,410 400 Aug. 2 72,544 6 71,864 680 1,271 3,406 1,233 78,572 10,410 400 9 72,565 6 71,953 612 842 3,135 1,320 78,024 10,410 400 16 72,709 6 72,031 678 535 3,628 676 77,693 10,410 400 23 70,964 6,7 70,964 877 3,458 727 76,093 10,410 400 30 72,033 6 71,389 644 1,332 3,115 766 77,371 10,410 400 Sept. 6 p 69,363 6,7 69,363 104 3,305 810 73,645 10,410 400 13p 68,727 6,7 68,727 147 3,732 874 73,537 10,410 400 20p 70,396 6 70,396 1,752 4,149 970 77,324 10,410 400 27v 70,018 6,770,018 842 3,658 1,066 75,644 10,410 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash ac- bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l3 B W F a . n R it k h . s c r C a e o n n u in d c r * y - Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,428 902 150 451 —204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 427 849 145 735 2,265 23,925 5,340 29,265 1970—Dec. 466 1,621 151 712 2,296 25,365 5,437 30,802 1971—Sept. 464 2,100 152 736 2,327 25,463 5,397 30,860 Oct. 470 1,723 133 714 2,320 25,500 5,453 30,953 Nov. 453 1,926 290 728 2,287 25,653 5,676 31,329 Dec. 487 2,821 181 750 2,208 26,955 5,910 32,865 1972—Jan. 436 2,421 172 683 2,273 26,374 5,548 31,922 Feb. 388 933 170 597 2,247 26,555 5,366 31,921 Mar. 405 1,688 200 615 2,313 27,144 5,421 32,565 Apr. 573 2,170 185 574 2,289 27,347 5,465 32,812 May 356 2,673 153 598 2,304 27,002 5,537 32,539 June 342 2,398 209 617 2,329 27,361 5,660 33,021 July 319 2,025 171 604 2,324 27,454 5,694 33,148 Aug. 320 938 190 619 2,240 27,209 5,775 32,984 Sept.P Week ending— 362 2,166 252 722 2,372 27,548 5,595 33,143 1972—July 5 352 2,427 176 599 2,364 26,889 5,858 32,747 12 330 2,388 199 621 2,264 27,926 5,369 33,295 19 335 2,533 271 584 2,303 27,334 5,706 33,040 26 336 2,464 150 611 2,377 27,352 5,787 33,139 Aug. 2 330 2,531 159 633 2,379 27,251 5,882 33,133 9 313 2,132 167 611 2,235 27,489 5,837 33,326 16 315 1,780 177 581 2,289 27,507 5,315 32,822 23 316 1,609 183 584 2,351 27,276 5,702 32,978 30 306 1,215 176 601 2,424 27,566 5,796 33,362 Sept. 6 304 162 195 589 2,190 26,544 5,976 32,520 13 319 675 189 671 2,152 27,606 5,453 33,059 20p 336 1,611 198 589 2,217 27,181 5,840 33,021 27p End of month 337 2,298 160 620 2,406 26,185 5,789 31,974 1972—July 304 1,727 192 592 2,420 28,227 5,796 34,023 Aug. 355 1,394 193 614 2,247 27,524 5,867 33,391 Sept.p Wednesday 367 1,795 189 575 2,414 28,331 5,594 33,925 1972—July 5 339 2,816 172 561 2,216 24,345 5,859 30,204 12 337 2,426 236 615 2,294 28,033 5,368 33,401 19 349 2,490 156 601 2,328 27,794 5,708 33,502 26 345 2,137 168 690 2,420 29,080 5,787 34,867 Aug. 2 325 2,473 156 562 2,205 28,224 5,882 34,106 9 319 1,792 171 658 2,266 28,426 5,837 34,263 16 325 1,919 187 573 2,315 26,970 5,315 32,285 23 316 1,406 168 602 2,402 28,675 5,702 34,377 30 304 571 184 638 2,433 25,148 5,796 30,944 Sept. 6 p 325 408 176 605 2,215 25,517 5,976 31,493 13p 325 958 194 557 2,161 29,157 5,453 34,610 20* 347 1,862 183 660 2,215 26,608 5,840 32,448 27p 1 Includes Federal agency issues held under repurchase agreements as on Wed. and end-of-month dates, see tables on F.R. Banks on following of Dec. 1, 1966 and Federal agency issues bought outright as of Sept. 29, pages. See also note 2. 1971. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 BULLETIN, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 8 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital" are shown separately; formerly, they were 6 Includes securities loaned—fully secured by U.S. Govt, securities netted together and reported as "Other F.R. accounts." pledged with F.R. Banks. 4 Includes industrial loans and acceptances until Aug. 21, 1959, when 7 Reflects securities sold, and scheduled to be bought back, under industrial loan program was discontinued. For holdings of acceptances matched sale/purchase transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS • OCTOBER 1972 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves BBoorr-- T h o e t ld al qu R ir e e - d Excess B r F i a o n a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R ir e e - d B r F i a n o a . n w g R t k s - . s s F er r r v e e e - e s T h o e t l a d l qu R ir e e - d 1 Excess BB rr FF ii aa nn oo aa .. nn ww RR gg tt kk ss -- .. ss ss FF ee rr rr rr ee vv ee -- ee ee ss 1939—Dec.. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941 _Dec.. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec.. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec.. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec.. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1 1 9 9 6 6 7 5 — —D D e e c c . . . . 2 2 2 5 , , 7 2 1 6 9 0 2 2 2 4 , ,9 2 1 6 5 7 4 3 5 4 2 5 4 2 5 3 4 8 1 -2 0 7 4 5 , , 3 0 0 5 1 2 4 5 , , 2 0 6 3 0 4 4 1 1 8 1 4 1 0 1 - - 7 22 0 1 1 , , 1 2 4 2 3 5 1 1 , , 2 1 1 2 7 8 1 8 5 2 1 3 3 - - 8 5 1968—Dec.. 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 15 85 -70 1969—Dec.. 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1 ,285 1,267 18 27 -9 1970—Dec.. 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 7 4 3 1971—Sept.. 30,802 30,596 206 501 -295 5,683 5,674 9 38 -29 1,417 1,423 -6 4 -10 Oct.., 30,860 30,653 207 360 -153 5,678 5,667 1 67 -56 1,425 1,408 17 15 2 Nov.. 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1,408 1,400 8 22 -14 Dec.. 31,329 31,164 165 107 58 5.774 5,749 25 35 -10 1,426 1,425 1 8 -7 1972—Jan.... 32,865 32,692 173 20 153 6,066 6.058 1,503 1,512 -9 -9 Feb... 31,922 31,798 124 33 91 5.775 5,807 -32 5 1,446 1,442 4 4 Mar... 31,921 31,688 233 99 134 5,815 5,758 57 71 1,434 1,443 -9 4 -13 Apr.. . 32,565 32,429 136 109 27 5,938 5,940 -2 48 1,482 1,476 6 5 1 May. . 32,812 32,708 104 119 -15 6,045 6,031 14 50 1,514 1,505 9 12 -3 June.. 32,539 32,335 204 94 110 5,956 5,922 34 6 1,488 1,489 -1 -1 July... 33,021 32,874 147 202 -55 6,129 6,097 32 15 1,510 1,502 8 6 2 Aug.. . 33,148 32,893 255 438 -183 6,000 5,994 6 116 1,510 1,500 10 11 _ i Sept. p. 32,984 32,838 146 515 -369 5,976 5,953 23 136 1,510 1,513 -3 12 -15 Week ending- 1971—Sept. 30.519 30,195 324 706 -382 5,679 5,561 118 116 1,398 1,399 j -2 30,855 30,650 205 765 -560 5,719 5,759 -40 1,428 1,423 5 4 1 15.. 30,851 30,604 247 457 -210 5,762 5,690 72 72 1,441 1,448 -7 3 -10 22.. 30,360 30,421 -61 329 -390 5,469 5,578 -109 -195 1,410 1,413 -3 9 -12 29.. 31,073 30,730 343 424 -81 5,825 5,689 136 100 1,410 1,412 -2 -2 1972—Feb. 2.. 32,435 32,190 245 16 229 5,936 5,880 56 56 1,460 1,451 9 9 9.. 31,892 31,842 50 42 8 5,733 5,825 -92 22 -114 1,439 1,445 -6 -6 16.. 32,257 31,946 311 18 293 6,078 5,895 183 183 1,450 1,466 -16 -16 23.. 31,823 31,693 130 14 116 5,686 5,789 -103 -103 1,453 1,427 26 26 Mar. 1.. 31,614 31,532 82 67 15 5,643 5,679 -36 -36 1,411 1,425 -14 -14 8.. 31,465 31,289 176 103 73 5,649 5,658 -9 99 -108 1,435 1,419 16 16 15.. 32,108 31,715 393 13 380 5,982 5,796 186 186 1,473 1,479 -6 -6 22.. 31,558 31,691 -133 115 -248 5,605 5,725 -120 -215 1,421 1,433 -12 4 -16 29.. 32,219 31,934 285 153 132 5,911 5,820 91 -3 1,442 1,436 6 14 -8 Apr. 5.. 32,604 32,230 374 141 233 5,991 5,933 58 -28 1,521 1,472 49 49 12.. 32,345 32,179 166 14 152 5,963 5,953 10 10 1,446 1,482 -36 -36 19.. 32,565 32,624 -59 43 -102 5,947 6,055 -108 23 -131 1,498 1,489 9 9 26.. 32,666 32,448 218 279 -61 5,913 5,824 89 124 -35 1,441 1,456 -15 23 -38 May 3.. 32,840 32,704 136 117 19 5,862 5,927 -65 60 -125 1,513 1,480 33 33 10.. 32,757 32,566 191 87 104 6.019 5,978 41 49 -8 1,486 1,506 -20 -20 17.. 33,157 32,963 194 39 155 6,223 6,218 5 21 -16 1,566 1,535 31 31 24.. 32,646 32,560 86 63 23 6,007 5,994 13 39 -26 1,443 1,491 -48 -48 31.. 32,814 32,726 254 -166 5,975 6,001 -26 51 -77 1,520 1,496 24 54 -30 June 7.. 32,677 32,346 331 58 273 6.020 5,931 89 89 1,490 1,491 -1 _1 14.. 32,417 32,308 109 94 15 5,r~~ 5,920 -31 -31 1,506 1,491 15 15 21.. 32,596 32,384 212 59 153 6,047 5,975 72 54 1,492 1,497 -5 -5 28.. 32,301 32,177 124 129 -5 5,793 5,809 -16 -22 1,480 1,476 4 4 July 5.. 33,143 32,815 328 312 16 6,171 6,097 74 42 32 1,532 1,507 25 25 12.. 32,747 32,524 223 227 -4 6,014 5,991 23 23 1,484 1,485 -1 -1 19.. 33,295 33,148 147 173 -26 6,184 6,209 -25 -25 1,519 1,530 -11 — 11 26.. 33,040 32,961 79 172 -93 6,123 6,124 -1 26 -27 1,501 1,489 12 26 -14 I Aug. 2.. 33,139 32,897 242 363 -121 6,052 6,051 144 -143 1,485 1,498 -13 11 -24 9.. 33,133 33,003 130 287 -157 6,037 6,038 — 1 39 -40 1,533 1,518 15 35 -20 16.. 33,326 33,072 254 382 -128 6,138 6,102 36 76 -40 1,503 1,516 -13 -13 23.. 32,822 32,782 40 348 -308 5,860 5,935 -75 79 -154 1,497 1,485 12 -12 30.. 32,978 32,751 227 477 -250 5,986 5,901 85 86 -1 1,472 1,482 -10 -10 Sept. 6.. 33,362 32,566 796 837 -41 6,213 5,885 328 260 1,568 1,488 80 4 76 13.. 32.520 32,635 -115 149 -264 5,866 5,949 -83 -83 1,483 1,516 -33 4 -37 20^. 33,059 32,813 246 719 -473 6,027 5,981 46 345 -299 1,552 1,528 24 28 -4 27*. 33,021 33,014 7 551 -544 5,852 5,919 -67 59 -126 1,464 1,497 -33 16 -49 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves BBoorrrrooww-- Reserves BBoorrrrooww-- Period iinnggss aatt FFrreeee iinnggss aatt FFrreeee FF..RR.. rreesseerrvveess FF..RR.. rreesseerrvveess T h o e t ld al Required1 Excess BBaannkkss T h o e t ld al Required1 Excess BBaannkkss 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ...1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 ...1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ...I960—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ...1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 . ..1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ...1969—Dec. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 .. .1970—Dec. 12,115 12,077 38 318 -280 11,587 11,422 165 141 24 .. .1971—Sept. 12,069 12,050 19 163 -144 11,688 11,528 160 115 45 Oct. 12,106 12,041 65 177 -112 11,795 11,641 154 101 53 Nov. 12,198 12,233 -35 22 -57 11,931 11,757 174 42 132 Dec. 12,954 12,941 13 13 12,342 12,181 161 20 141 ....1972—Jan. 12,578 12,573 5 12 -7 12,123 11,976 147 16 131 Feb. 12,559 12,533 26 9 17 12,113 11,954 159 15 144 Mar. 12,820 12,804 16 22 -6 12,325 12,209 116 34 82 Apr. 12,874 12,898 -24 31 -55 12,379 12,274 105 26 79 May 12,746 12,739 7 40 -33 12,349 12,185 164 48 116 June 12,849 12,890 -41 64 -105 12,533 12,385 148 117 31 July 12,980 12,908 72 134 -62 12,658 12,491 167 177 -10 Aug. 12,812 12,806 6 195 -189 12,686 12,566 120 172 -52 Sept.?' Week ending 11,935 11,896 39 404 -365 11,507 11.339 168 185 -17 1971—Sept. 1 12,182 12,138 44 588 -544 11,526 11,330 196 173 23 8 12,140 12,098 42 324 -282 11,508 11,368 140 130 10 15 11,937 12,013 -76 146 -222 11,544 11,417 127 88 39 22 12,135 12,080 55 231 -176 11,703 11,549 154 157 -3 29 12,686 12,688 -2 -2 12,353 12,171 182 16 166 1972—Feb. 2 12,577 12,567 10 10 12,143 12,005 138 20 118 9 12,602 12,636 -34 1 -35 12,127 11,949 178 17 161 16 12,583 12,537 46 46 12,101 11,940 161 14 147 23 12,464 12,492 -28 57 -85 12,096 11,936 160 10 150 Mar. 1 12,396 12,384 12 12 11,985 11,828 157 4 153 8 12,605 12,554 51 2 49 12,048 11,886 162 11 151 15 12,465 12,539 -74 8 -82 12,067 11,994 73 8 65 22 12,651 12,609 42 21 21 12,215 12,069 146 24 122 29 12,804 12,718 86 86 12,288 12,107 181 55 126 Apr. 5 12,740 12,705 35 35 12,196 12,039 157 14 143 12 12,816 12,903 -87 8 -95 12,304 12,177 127 12 115 19 12,865 12,827 38 86 -48 12,447 12,341 106 46 60 26 12,894 12,866 28 2 26 12,571 12,431 140 55 85 May 3 12,815 12,804 11 19 -8 12,437 12,278 159 19 140 10 12,966 12,983 -17 4 -21 12,402 12,227 175 14 161 17 12,884 12,850 34 8 26 12,312 12,225 87 16 71 24 12,920 12,966 -46 106 -152 12,399 12,263 136 43 93 31 12,867 12,791 76 20 56 12,300 12,133 167 38 129 June 7 12,772 12,792 -20 44 -64 12,250 12,105 145 50 95 14 12,712 12,706 6 12 -6 12,345 12,206 139 29 110 21 12,642 12,639 3 67 -64 12,386 12,253 133 56 77 28 12,924 12,846 78 126 -48 12,516 12,365 151 144 7 July 5 12,827 12,814 13 78 -65 12,422 12,234 188 149 39 12 13,046 13,057 -11 64 -75 12,546 12,352 194 109 85 19 12,783 12,849 -66 33 -99 12,633 12,499 134 87 47 26 12,942 12,870 72 96 -24 12,660 12,478 182 112 70 Aug. 2 12,982 13,005 -23 95 -118 12,581 12,442 139 118 21 9 13,039 12,990 49 170 -121 12,646 12,464 182 136 46 16 12,837 12,844 -7 95 -102 12,628 12,518 110 174 -64 23 12,810 12,829 -19 120 -139 12,710 12,539 171 271 -100 30 12,914 12,720 194 329 -135 12,667 12,473 194 244 -50 Sept. 6 12,614 12,744 -130 13 -143 12,557 12,426 131 132 -1 13 1 1 2 2 , , 8 8 1 9 1 0 1 1 2 2 , ,8 7 6 7 8 5 2 3 2 6 2 24 6 3 0 - - 2 23 0 8 7 1 1 2 2 , , 6 8 6 1 9 5 1 1 2 2 , , 5 7 2 3 9 0 1 8 4 5 0 2 1 1 0 6 3 -13 3 1 7 2201 p v i Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964 reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS • OCTOBER 1972 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s i r a B o t B w a o F n i r n . k R - g s s . F t f i b e r n u N d a a t n e n e e n d t r r k s s - a . l S d u e r o f p r ic lu it s r P r e e e q a s r u o e v c r f i g r e v . e n e d s t ch P a u s r e - s Sales t a w c t T r o t o a i - o n t w a n s l a - s y 2 b c o b u h P f a y a u n n i s r k n e e - s t s g s b o S e f a l a l n n l i e n k e s g s t d L ea o t l o a e n r s s 3 de f r B i a r n o o o l w g e m r s r - - s4 lo N a e n t s Total—46 banks 1972—Aug. 2.... 35 213 5,211 -5,389 39.1 11,724 6,513 4,320 7,404 2,193 1,650 548 1,102 9... . 67 77 7,016 -7,027 50.8 13,343 6,327 4,173 9,170 2,153 1,943 659 1,284 16.... 73 96 6,959 -6,982 50.3 13,724 6,765 4,468 9,256 2,297 2,148 644 1,504 23.... 8 79 7,067 -7,139 52.5 13,524 6,457 4,680 8,844 1,777 1,873 415 1,458 30.... 62 166 5,766 -5,870 43.3 12,357 6,590 4,426 7,931 2,164 1,624 328 1,296 Sept. 6 561 388 7,166 -6,994 51.9 12,719 5,553 4,228 8,491 ,325 1,852 235 1,617 13.... 43 4 9,256 -9,217 67.9 15,105 5,849 4,757 10,348 ,092 2,493 239 2,254 20.... 62 444 8,393 -8,775 64.3 13,847 5,454 4,517 9,331 938 2,556 152 2,404 27.... 22 159 -6,760 -6,897 50.8 12,161 5,401 4,178 7,983 ,224 1,973 229 1,744 8 in New York City 1972—Aug. 2.... 18 132 2,621 -2,736 50.7 3,590 969 969 2,621 1,158 47 1,111 9... . 20 39 4,334 -4,353 80.9 4,985 651 650 4,334 1,411 51 1,360 16.... 52 69 4,359 -4,375 80.2 4,978 619 619 4,359 1,610 72 1,538 23.... -37 79 3,742 -3,859 72.9 4,489 747 747 3,742 1,220 68 1,152 30.... 61 85 3,297 -3,321 63.2 4,075 778 758 3,317 21 1,247 64 1,183 Sept. 6 359 260 3,502 -3,403 64.9 4,168 666 666 3,502 1,334 73 1,262 13. . .. 44 4,542 -4,499 84.9 5,353 811 811 4,542 1,378 122 1,255 20.... 51 332 4,068 -4,350 81.4 4,797 729 729 4,068 1,578 65 1,513 27.. . . 12 30 3,162 -3,180 60.4 3,884 722 723 3,162 1,298 62 1,235 38 outside New York City 1972—Aug. 2.... 17 2,590 -2,654 31.7 8,134 5,544 3,352 4,782 2,193 492 501 -9 9. .. . 46 2,682 -2,674 31.6 8,358 5,676 3,523 4,835 2,153 533 608 -76 16.... 20 2,600 -2,607 30.9 8,746 6,145 3,849 2,297 538 572 -34 23... . 45 3.324 -3,280 39.5 9,035 5,710 3,934 5,101 1,777 653 347 306 30.... 2 82 2,470 -2,550 30.8 8,282 5,812 3,668 4,614 2,144 377 264 113 Sept. 6 202 128 3,664 -3,591 43.6 8,551 4,886 3,562 4,989 I ,325 518 163 356 13.... -1 4 4,713 -4,719 57.0 9,752 5,039 3,947 5,806 I ,092 1,116 116 999 20.... 11 112 4.325 -4,425 53.2 9,051 4,726 3,788 5,263 938 978 87 891 21.... 9 128 3,598 -3,717 44.8 8,277 4,679 3,455 4,821 1 ,224 675 167 508 5 in City of Chicago 1972—Aug. 2.... -2 1,551 -1,564 114.2 2,264 713 620 1,644 93 235 235 9... . 58 1,658 -1,687 121.6 2,403 745 702 1,701 43 291 291 16.... 6 1,708 -1,703 122.8 2,424 716 678 1,746 38 295 295 23.... 7 1,522 -1,515 111.6 2,372 850 802 1,570 48 210 210 30.... 1,130 -1,131 83.6 2,102 973 869 1,233 103 161 161 Sept. 6. . . . 63 1,234 -1,171 86.1 2,119 885 762 I ,358 124 128 128 13.... -16 1,462 -1,482 106.9 2,500 ,038 I ,005 I ,496 33 265 265 20.... 16 1 ,512 -1,522 108.8 2,392 881 814 1 ,579 67 260 260 21. ... -17 1 ,384 -1,410 103.1 2,146 762 730 I ,416 32 163 163 33 others 1972—Aug. 2.... -19 70 1,039 -1,090 15.6 5,870 4,831 2,732 3,138 2,099 257 501 -244 9... . 41 3 1,024 -986 14.0 5,955 4,931 2,821 3,135 2,110 241 608 -367 16.... 15 27 892 -904 12.8 6,322 5,430 3,171 3,151 2,259 243 572 -329 23.... 38 1,803 -1,765 25.4 6,663 4,860 3,131 3,532 1,729 443 347 96 30.... 3 82 1,340 -1,419 20.5 6,180 4,840 2.799 3,381 2,040 216 264 -48 Sept. 6. ... 138 128 2,430 -2,420 35.2 6,432 4,001 2.800 3,632 I ,202 390 163 228 13. . . . 15 3,251 -3,236 46.9 7,252 4,001 2,942 4,310 1 ,059 851 116 735 20.... -5 86 2,813 -2,904 42.0 6,658 3,845 2,974 3,684 871 718 87 631 21. ... 26 119 2,214 -2,308 33.3 6,130 3,916 2,725 3,405 I ,191 512 167 346 1 Based upon reserve balances, including all adjustments applicable to banks, repurchase agreements (purchases of securities from dealers the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry- 4 Federal funds borrowed, net funds acquired from each dealer by over reserves. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which the bank's weekly average pur- by Govt, or other issues. chases and sales are offsetting. NOTE.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 BULLETIN, pp. 944-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Loans to member banks LLooaannss ttoo aallll ootthheerrss uunnddeerr Under Sees. 13 and 13a 1 Under Sec. 10(b)2 llaasstt ppaarr.. SSeecc.. 113333 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk S R e a 1 p t 9 t e . 7 2 3 o n 0, Ef d fe a c t t e i ve Pr r e a v t i e o us S R e a 1 p t 9 t e . 7 2 3 o n 0, Ef d fe a c t t e i ve Pr r e a v t i e o us S R e a 1 p t 9 t e . 7 2 3 o n 0, Ef d fe a c t t e i ve Pre ra v t io e us Boston 41/2 Dec. 13, 1971 434 5 Dec. 13, 1971 514 61/2 Dec. 13, 1971 634 New York 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5 VA 61/2 Dec. 17, 1971 634 Philadelphia 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 61/2 Dec. 17, 1971 634 R Cl i e c v h e m la o n n d d 4 41 1 / / 2 2 D D e e c c . . 2 1 4 7 , , 1 1 9 9 7 7 1 1 4 4 3 3 4 4 5 5 D D e e c c . . 2 1 4 7 , , 1 1 9 9 7 7 1 1 5 5 1 V 4 4 t6 6 i i / / 2 2 D D e e c c . . 2 1 4 7 , , 1 1 9 9 7 7 1 1 6 6 3 3 4 4 Atlanta 41/2 Dec. 23, 1971 43/4 5 Dec. 23, 1971 5VA 61/2 Dec. 23, 1971 63/4 C K M D St h a a . i i n l n L c l n s a a o a s e g u s a o i p s C o i l t i y s 4 4 4 4 4 1 1 1 1 1 / / / / / 2 2 2 2 2 D D D D D e e e e e c c c c c . . . . . 2 2 1 1 1 3 4 7 3 3 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 1 1 1 1 1 4 4 4 4 4 % 3 3 3 3 4 4 4 4 5 5 5 5 5 D D D D D e e e e e c c c c c . . . . . 2 2 1 1 1 3 4 7 3 3 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 1 1 1 1 1 5 5 5 5 5 V V V 1 V / 4 4 4 4 4 t t 1 t t 6 6 6 6 61 i i i i / / / / / 2 2 2 2 2 D D D D D e e e e e c c c c c . . . . . 2 2 1 1 1 4 3 3 7 3 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 1 1 1 1 1 6 6 6 6 6 3 3 3 3 3 4 4 4 4 4 San Francisco 41/2 Dec. 13, 1971 43/4 5 Dec. 13, 1971 51/4 61/2 Dec. 13, 1971 634 1 Discounts of eligible paper and advances secured by such paper or by 3 Advances to individuals, partnerships, or corporations other than U.S. Govt, obligations or any other obligations eligible for F.R. Bank member banks secured by direct obligations of, or obligations fully purchase. Maximum maturity: 90 days except that discounts of certain guaranteed as to principal and interest by, the U.S. Govt, or any bankers' acceptances and of agricultural paper may have maturities not agency thereof. Maximum maturity: 90 days. over 6 months and 9 months, respectively. t A rate of 4Vi per cent was approved Sept. 19, 1972, on advances to 2 Advances secured to the satisfaction of the F.R. Bank. Maximum nonmember banks, to be applicable in special circumstances resulting from maturity: 4 months. implementation of the pending changes in Regulation J. See "Announcements" on p. 942 of this issue. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. Wi IV2 1959—Mar. 6 21/2-3 3 1969—Apr. 4 51/2-6 6 16 3 3 8 6 6 1955—Apr. 14 11/2-13/4 IV2 May 29 3 -31/2 31/2 15 11/2-13^ l3/4 June 12 31/2 31/2 M Au a g y . 4 2 5 IV4-2V4 2 i i y y 4 4 Sept. 1 1 1 8 3!/ 4 2 -4 4 4 1970—Nov. 1 1 1 1 3 6 5 5 3 3 5 4 4 3 - - / 6 6 4 6 5 5 3 3 4 4 S N e o p v t . . 2 1 1 3 9 3 2 2 2 2 V - 2 2 4 2 1 1 - / 2 1 4 - 2 2 1 / V / 4 2 4 2 2 2 2 V 1 V A / 4 2 1960— S A Ju e u n p g e t . . 1 1 1 9 2 0 3 4 , , , , 3 3 3 1 i/ / 3 3 2 2 - ! - - / 4 3 2 4 1 /2 4 3 3 3 3 1 1 / / 2 2 Dec. 1 4 1 1 5 51 1 / / 5 2 2 1 - - / 5 5 2 3 3 / 4 4 5 5 5 1 1 3 / / 4 2 2 21/2 1956—A A p u r g . . 2 2 3 1 4 0 1 3 2 2 23 i % / 3 ^ 2- - - 3 3 3 22 3 3 3 % 3 4 1 19 9 6 6 3 4 — — J N u o ly v . 2 2 3 1 4 6 0 7 , , . . 3 3 4 3 i/ 1 - 2 3 / - 2 4 1 /2 4 4 3 3 1 V /2 i 1971—Jan. 2 2 1 1 2 9 8 9 5 5 5 5 1 / 5 5 4 1 - - - / 5 5 5 4 1 1 1 / 4 4 2 5 5 5 5 5 1 1 1 / 4 4 4 1957—Aug. 9 3 -31/2 Feb. 13 434-5 5 23 3% 3J/2 1965—Dec. 6, 4 -41/2 41/2 19 434 434 1958—J D N a e o n c v . . . 2 1 2 2 5 2 3 3 3 4 - - 3 3 1 /2 3 3 3 1967—Apr. 1 1 7 4 3 , . . 4 4 4 1 - / 4 2 i /2 4 4 4 1 /2 J N u o ly v . 1 2 1 6 3 1 43 4 5 4 3 -5 4 -5 5 5 5 24 23^-3 234 Nov. 20. 4 -41/2 41/2 19 434 434 M Ap a r r . . 2 1 1 7 1 3 8 2 2 1 1 1 3 / 4 2 4 4 1 - - - / 2 2 3 4 3 1 4 4 2 2 2 1 1 1 / / / 4 4 4 1968—Mar. 2 2 1 2 7 5 , . , 41/ 4 5 2 > - / 5 2 4 4 5 1 » / / 2 2 Dec. 2 1 1 4 3 7 4 4 1 1 / / 4 2 2 1 - - / 4 4 2 3 3 4 4 4 4 4 1 1 3 / / 4 2 2 S A M e u a p g y t . . 1 1 9 5 2 1 l3 3 /4 i 4 y - - 2 4 2 2 i i y y 4 4 A A p ug r. . 2 1 1 6 9 6 , , , 5 5 V 5 4 1 -5 / - 2 1 5 / V 2 2 5 5 51 ' V / / 2 2 2 In effect Sept. 30, 1972 41/2 41/2 23 2 2 30, 5V4 51/4 Oct. 24 2 -21/2 2 Dec. 18 51/4-51/2 51/2 Nov. 7 21/z 21/2 20, 5^2 51/2 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes above). For data before 1955, see Banking and Monetary Statistics, 1943, pp. 439-42, and Supplement to Section 12, p. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS • OCTOBER 1972 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 5 deposits 2,7 deposits 2,4,7 (all classes of banks) TTTiiimmmeee dddeeepppooosss--iiitttsss Reserve Country Other EEEffffffeeeccctttiiivvveee dddaaattteee *** CC rr bb ee ee cc ss aa nn ii ee nn tt tt rr yy rr kk vv aa ss ee ll bb ss cc RR aa ee ii rr nn tt ee vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- bbb ccclll aaa aaa ((( ooo nnn aaa sss fff lll kkk sss lll eee sss sss ))) EEEffffffeeeccctttiiivvveee dddaaattteee 111 $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b i r l a - nk $ s 5 O v m er il - dd SS ee iinn ii pp aa tt gg ss vv oo ss -- ss -- $ U 5 ti n m m d e e i r l- d ep $ O 5 o s v m i e ts r i llion lion lion lion lion lion IIIInnnn eeeeffffffffeeeecccctttt DDDDeeeecccc.... 33331111,,,, 1111999944449999 22222222222222222222 11118888 11112222 55 1966—July 14,21 6 16% 6 12 64 64 55 Sept. 8 15 66 1111999955551111————JJJJaaaannnn.... 11111111,,,, 11116666 22222222223333333333 11119999 11113333 66 JJJJaaaannnn.... 22225555,,,, FFFFeeeebbbb.... 1111................ 22222222224444444444 22220000 11114444 1967—Mar. 2 3333%%%% 3333%%%% 1111999955553333————JJJJuuuullllyyyy 9999,,,,1111 22222222222222222222 11119999 11113333 Mar. 16 3333 3333 1111999955554444———— JJJ jjjj uuu uuuu lll nnnn yyy eeee 2222 222 4444 999 ,,,, ,,, 1111 AAA 6666 uuu ggg... 111............ 2222222222 2222222222 0000000000 1111111111 111888 111222 55 11996688——JJaann 1111 1188 11116666%%%% 11117777 11112222 11112222%%%% 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 111111111199999999991111111111//////////zzzzzzzzzz 111777111///222 111111%%% MMMaaarrr... 222000,,, AAAppprrr... 111............ 11111111119999999999 111777 111111 1969—Apr 17 11117777 111177771111////2222 11112222%%%% 11113333 AAAppprrr... 111777 11111111118888888888%%%%%%%%%% Apr 24 . 11111111118888888888 1166%% 11997700 OOcctt.. 11 55555 I960—Sept. 1 111111111177777777771111111111//////////2222222222 Nov. 24 1122 IIInnn eeeffffffeeecccttt SSSeeepppttt... 333000,,, 111999777222... 111777 111777%%% 111222%%% 111333 333 333 55555 Dec 1 111666%%% 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: MMMiiinnniiimmmuuummm 111000 777 333 333 333 MMMaaaxxxiiimmmuuummm 222222 111444 111000 111000 111000 1 When two dates are shown, the first applies to the change at central of a member bank. For details concerning these requirements, see Regulareserve or reserve city banks and the second to the change at country tions D and M and appropriate supplements and amendments thereto. banks. For changes prior to 1950 see Board's Annual Reports. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 2 Demand deposits subject to reserve requirements are gross demand club accounts became subject to same requirements as savings deposits. deposits minus cash items in process of collection and demand balances 6 See preceding columns for earliest effective date of this rate. due from domestic banks. 7 Implementation of amendments to Regulation D to restructure mem- 3 Authority of the Board of Governors to classify or reclassify cities ber bank reserve requirements has been postponed. See p. 679 of the July as central reserve cities was terminated effective July 28, 1962. 1972 BULLETIN and p. 942 of this issue. 4 Since Oct. 16, 1969, member banks have been required under Regulation M to maintain reserves against balances above a specified base due NOTE.—All required reserves were held on deposit with F.R. Banks from domestic offices to their foreign branches. Effective Jan. 7, 1971, the June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member applicable reserve percentage was increased from the original 10 per cent banks were allowed to count part of their currency and coin as reserves; to 20 percent. Regulation D imposes a similar reserve requirement on bor- effective Nov. 24, 1960, they were allowed to count all as reserves. For rowings above a specified base from foreign banks by domestic offices further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937—Nov. 1 1945—Feb. 4 40 50 1945—Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946—Jan. 21 I947—Jan. 31 100 100 1947—Feb. 1 1949—Mar. 29, 75 75 1949—Mar. 30 1951—Jan. 16 50 50 1951—Jan. 17 1953—Feb. 19, 75 75 1953—Feb. 20 1955—Jan. 3 50 50 1955—Jan. 4 Apr. 22 60 60 Apr. 23 1958—Jan. 15 70 70 1958—Jan. 16 Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962—July 9 70 70 1962—July 10 1963—Nov. 5 50 50 1963—Nov. 6 1968—Mar. 10 70 70 1968—Mar. 11 June 7 70 50 70 June 8 1970—May 5 60 80 1970—May 6 1971—Dec. 3 65 50 65 Effective Dec. 6, 1971 55 50 55 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the correspond ing regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11,1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 41/2 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3 % 31/2 Multiple maturity:3 3 90 0 d 8 a 9 y d sa 1 y s year... 4 4 5 » /2 1 year to 2 years.. 5Vz 2 years and over.. 5VA Single-maturity: 5 Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years.. 5Vi 9 6 0 m d o a n y t s h t s o to 6 m 12 o n m t o h n s t . h . s . 2 3 1 1 / / 2 2 41/2 51/2 $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : . 5% 5Va Less than 90 days 4 30-59 days 51/2 (4) (30-89 days) 60-89 days 53/4 (4) 90-179 days 5% 6 6V4 180 days to 1 year. W/4 7 1 year or more. .. 51/2 71/2 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see NOTE.—Maximum rates that may be paid by member banks are estab- BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati- rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6 % commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6 l/i per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l b l k s e r Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item m b e a A m n ll b k s e r Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending July 12, 1972 Four weeks ending Aug. 9, 1972 Gross demand—Total.... 202,732 43,143 8,156 72,656 78,778 Gross demand—Total. .. 199,625 41,000 7,929 71,923 78,772 Interbank 26,670 12,169 1,414 9,778 3,309 Interbank 25,946 11,543 1 ,420 9,673 3,310 U.S. Govt 6,434 996 238 2,730 2,471 U.S. Govt 6,070 987 262 2,498 2,323 Other 169,629 29,979 6,505 60,148 72,997 Other 167,610 28,471 6,248 59,752 73,140 Net demand 1 153,361 27,666 6,420 54,160 65,116 Net demand 1 153,115 26,979 6,351 54,217 65,569 Time 225,532 27,702 8,493 81,709 107,628 Time 228,404 28,525 8,763 82,302 108,813 Demand balances due Demand balances due from domestic banks... 13,955 3,619 132 2,869 7,335 from domestic banks. . 13,342 3,272 120 2,775 7,176 Currency and coin 5,583 458 109 1,743 3,271 Currency and coin 5,686 462 106 1,780 3,337 Balances with F.R. Balances with F.R. Banks 27,114 5,548 1,388 11,033 9,147 Banks 27,466 5,637 1,403 11,158 99,,226688 Total reserves held 32,697 6,006 1,497 12,776 12,418 Total reserves held 33,152 6,099 1 ,509 12,938 1122,,660055 Required 32,475 5,968 1,491 12,751 12,265 Required 33,002 6,106 1,509 12,945 1122,,444433 Excess 222 38 6 25 153 Excess 150 -7 — 7 116622 l Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures, close of business, deposits minus cash items in process of collection and demand balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 12 FEDERAL RESERVE BANKS • OCTOBER 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1972 1972 1971 Sept. 27 Sept. 20 Sept. 13 Sept. 6 Aug. 30 Sept. 30 Aug. 31 Sept. 30 Assets 10,303 10,303 10,303 10,303 10,303 10,303 10,303 9,875 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 335 333 325 320 324 344 327 310 Loans: Member bank borrowings 842 1,752 147 104 1,332 239 1,092 198 Other Acceptances: 60 57 57 63 666777 62 666666 51 555888 333000 Federal agency obligations: 1,041 1,041 1,042 1,076 111,,,000777666 1,041 111,,,000777666 61 111111888 777444 U.S. Govt, securities: Bought outright: Bills 28,763 29,141 27,471 28,073 333000,,,000999999 29,660 222999,,,888111444 29,584 Other 36,703 36,703 36,703 36,703 36,703 36,703 36,703 34,719 3,511 3,511 3,511 3,511 3,511 3,511 3,511 3,263 TToottaall bboouugghhtt oouuttrriigghhtt 2 68,977 i 69,355 i,2 67,685 1,2 68,287 ii 7700,,331133 ii 6699,,887744 ii 7700,,002288 i 67,566 552266 771122 TToottaall UU..SS.. GGoovvtt,, sseeccuurriittiieess 68,977 69,355 67,685 68,287 70,839 69,874 70,740 6677,,556666 TToottaall llooaannss aanndd sseeccuurriittiieess 70,920 72,205 68,931 69,530 73,490 71,216 73,078 6677,,887766 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn Pl1,967 *>13,094 12,338 11,675 10,588 »10,562 9,976 99,,887777 166 166 166 165 164 168 164 114488 OOtthheerr aasssseettss:: DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess 105 78 30 28 34 122 34 2233 IIMMFF ggoolldd ddeeppoossiitteedd 33.. 114444 795 726 678 617 568 760 576 668866 p94,99l P97,305 93,171 93,038 95,871 p93,875 94,858 89,339 LLLiiiaaabbbiiillliiitttiiieeesss 55,154 55,333 55,644 55,694 55,145 54,993 55,120 5511,,775588 DDDeeepppooosssiiitttsss::: P26,608 p29,157 25,517 25,148 28,675 f27,524 28,227 2255,,442244 1,862 958 408 571 1,406 1,394 1,727 22,,110022 183 194 176 184 168 193 192 116666 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittteeeddd 333 114444 AAAAAAllllllllllll ooooootttttthhhhhheeeeeerrrrrr 660 557 605 638 602 614 592 663333 p29,313 v30,866 26,706 26,541 30,851 29,725 30,738 28,469 8,309 8,945 8,606 8,370 7,473 6,910 6,580 6,738 533 530 544 543 577 538 587 627 *93,309 v95,674 91,500 91,148 94,046 p92,166 93,025 87,592 CCCCCCaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss 778 778 778 777 778 779 778 734 742 742 742 742 742 742 742 702 162 111 151 371 305 188 313 311 TTTTTToooooottttttaaaaaallllll lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss aaaaaannnnnndddddd ccccccaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss p94,991 p97,305 93,171 93,038 95,871 p93,875 94,858 89,339 CCCCCCoooooonnnnnnttttttiiiiiinnnnnnggggggeeeeeennnnnntttttt lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttyyyyyy oooooonnnnnn aaaaaacccccccccccceeeeeeppppppttttttaaaaaannnnnncccccceeeeeessssss ppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeeedddddd ffffffoooooorrrrrr ffffffoooooorrrrrreeeeeeiiiiiiggggggnnnnnn ccccccoooooorrrrrrrrrrrreeeeeessssssppppppoooooonnnnnnddddddeeeeeennnnnnttttttssssss 263 271 283 291 287 261 287 259 MMMMMMaaaaaarrrrrrkkkkkkeeeeeettttttaaaaaabbbbbblllllleeeeee UUUUUU......SSSSSS...... GGGGGGoooooovvvvvvtttttt,,,,,, sssssseeeeeeccccccuuuuuurrrrrriiiiiittttttiiiiiieeeeeessssss hhhhhheeeeeelllllldddddd iiiiiinnnnnn ccccccuuuuuussssssttttttooooooddddddyyyyyy ffffffoooooorrrrrr ffffffoooooorrrrrreeeeeeiiiiiiggggggnnnnnn aaaaaannnnnndddddd iiiiiinnnnnntttttteeeeeerrrrrrnnnnnnaaaaaattttttiiiiiioooooonnnnnnaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss 29,779 29,973 30,319 1 30,414 30,551. 29,625 30,337 21,406 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 59,263 59,329 59,330 59,282 59,047 59,288 59,088 55,154 Collateral held against notes outstanding: Gold certificate account 2,105 2,105 2,090 1,995 1,945 2,105 1,945 3,145 U.S. Govt, securities 58,625 58,625 58,425 58,310 58,365 58,625 58,365 53,480 Total collateral 60,730 60,730 60,515 60,305 60,310 60,730 60,310 56,625 1 See note 6 on p. A-5. 3 See note 1(b) to table at top of p. A-77. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1972 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. is M ap i o n l n is e - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 11110000,,,,333300003333 552299 2222....555599990000 669988 885544 998877 555333777 11,,662299 440011 116600 331188 443344 1,166 Special Drawing Rights certif. acct 444400000000 2233 99993333 2233 3333 3366 222222 7700 1155 77 1155 1144 49 F.R. notes of other banks 1111 ,,,,333355558888 221166 222233333333 7711 6699 112244 222222555 6655 3333 3366 8800 5555 151 333344444444 1199 22226666 1144 4400 4400 4455 2200 88 4400 1144 40 333888 Loans: *** Secured by U.S. Govt, and agency 111199995555 1199 99993333 22 11 55 4411 22 11 2222 99 44444444 22221111 222333 Acceptances: 66662222 66662222 Federal agency obligations: Bought outright I ,041 46 265 57 81 78 55 168 39 20 43 48 141 U.S. Govt, securities: Bought outright 169,874 3,106 17,792 3,797 5,439 5,249 3,679 11,305 2,639 1,355 2,866 3,208 9,439 TTTTTTTToooooooottttttttaaaaaaaallllllll llllllllooooooooaaaaaaaannnnnnnnssssssss aaaaaaaannnnnnnndddddddd sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss 71,216 3,171 18,233 3,856 5,521 5,332 3,757 11,514 2,680 1 ,376 2,931 3,265 9,580 CCCCCCCCaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss iiiiiiiinnnnnnnn pppppppprrrrrrrroooooooocccccccceeeeeeeessssssssssssssss ooooooooffffffff ccccccccoooooooolllllllllllllllleeeeeeeeccccccccttttttttiiiiiiiioooooooonnnnnnnn........................ 13,996 762 2,444 760 964 1,122 1,406 2,249 664 604 899 860 1,262 BBBBBBBBaaaaaaaannnnnnnnkkkkkkkk pppppppprrrrrrrreeeeeeeemmmmmmmmiiiiiiiisssssssseeeeeeeessssssss 168 2 8 4 28 13 16 17 15 28 17 12 8 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss:::::::: DDDDDDDDeeeeeeeennnnnnnnoooooooommmmmmmmiiiiiiiinnnnnnnnaaaaaaaatttttttteeeeeeeedddddddd iiiiiiiinnnnnnnn ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccuuuuuuuurrrrrrrrrrrrrrrreeeeeeeennnnnnnncccccccciiiiiiiieeeeeeeessssssss................ 122 6 2 32 6 11 6 8 18 4 3 5 7 16 AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 760 62 205 38 51 58 38 108 26 17 29 30 98 TTTTTTTToooooooottttttttaaaaaaaallllllll aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss 98,667 4,790 2233,,886644 5,470 7,571 7,718 6,047 15,715 3,858 2,239 4,334 4,691 12,370 LLLLLLLLiiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss 56,351 2,945 1144,,000044 3,319 4,486 4,992 2,813 9,596 2,183 977 2,202 2,171 6,663 DDDDDDDDeeeeeeeeppppppppoooooooossssssssiiiiiiiittttttttssssssss:::::::: MMMMMMMMeeeeeeeemmmmmmmmbbbbbbbbeeeeeeeerrrrrrrr bbbbbbbbaaaaaaaannnnnnnnkkkkkkkk rrrrrrrreeeeeeeesssssssseeeeeeeerrrrrrrrvvvvvvvveeeeeeeessssssss 27,524 1 ,000 66,,993300 1 ,357 1,930 1 ,563 1 ,893 3,860 991 674 1,229 1,697 4,400 UUUUUUUU........SSSSSSSS........ TTTTTTTTrrrrrrrreeeeeeeeaaaaaaaassssssssuuuuuuuurrrrrrrreeeeeeeerrrrrrrr————————GGGGGGGGeeeeeeeennnnnnnneeeeeeeerrrrrrrraaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnntttttttt................ 1 ,394 100 116688 92 113 143 119 121 95 67 66 92 218 193 7 33 7755 8 14 8 11 24 5 4 7 9 21 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr:::::::: AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 617 2 553355 3 1 20 9 15 1 1 2 3 25 2299,,772288 11 ,,110099 7,708 1,460 2,058 1,734 2,032 4,020 1,092 746 1,304 1,801 4,664 DDDDDDDDeeeeeeeeffffffffeeeeeeeerrrrrrrrrrrrrrrreeeeeeeedddddddd aaaaaaaavvvvvvvvaaaaaaaaiiiiiiiillllllllaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy ccccccccaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss 1100,,334411 663388 1 ,575 575 832 860 1,057 1,748 505 465 734 602 750 553388 2255 134 30 42 39 30 85 20 13 22 25 73 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd aaaaaaaaccccccccccccccccrrrrrrrruuuuuuuueeeeeeeedddddddd ddddddddiiiiiiiivvvvvvvviiiiiiiiddddddddeeeeeeeennnnnnnnddddddddssssssss 9966,,995588 44,,771177 23,421 5,384 7,418 7,625 5,932 15,449 3,800 2,201 4,262 4,599 12,150 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss CCCCCCCCaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 777799 3333 201 39 71 41 54 121 26 18 33 43 99 774422 3344 193 38 68 38 50 111 25 17 32 41 95 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 118888 66 49 9 14 14 11 34 7 3 7 8 26 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss................ 98,667 4,790 23,864 5,470 7,571 7,718 6,047 15,715 3,858 2,239 4,334 4,691 12,370 CCCCCCCCoooooooonnnnnnnnttttttttiiiiiiiinnnnnnnnggggggggeeeeeeeennnnnnnntttttttt lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy oooooooonnnnnnnn aaaaaaaacccccccccccccccceeeeeeeeppppppppttttttttaaaaaaaannnnnnnncccccccceeeeeeeessssssss ppppppppuuuuuuuurrrrrrrrcccccccchhhhhhhhaaaaaaaasssssssseeeeeeeedddddddd ffffffffoooooooorrrrrrrr ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccoooooooorrrrrrrrrrrrrrrreeeeeeeessssssssppppppppoooooooonnnnnnnndddddddd-------eeeeeeeennnnnnnnttttttttssssssss 261 1 1 4 67 14 24 14 18 39 9 6 11 14 34 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 59,288 14,758 3,405 4,705 5,175 9,897 2,302 1 ,019 2,291 Collateral held against notes outstanding: Gold certificate account 2,105 250 300 350 345 700 155 U.S. Govt, securities 58,625 2,960 15,050 3,250 4,550 4,915 3,150 9,300 2,230 i , 040 2,400 Total collateral 60,730 3,210 15,050 3,550 4,900 5,260 3,150 10,000 2,385 1,040 2,400 1 See note 6 on page A-5. 4 After deducting $194 million participations of other Federal Reserve 2 After deducting $90 million participations of other Federal Reserve Banks. Banks. 3 After deducting $118 million participations of other Federal Reserve NOTE.—Some figures for cash items in process of collection and for Banks. member bank reserves are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT a OCTOBER 1972 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year -5 years Month Exch., c G h p r a u o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , t y - c G h p r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1971—Aug. 1,818 1,024 1,709 1,024 991 84 -444 Sept. 2,102 1,088 83 1,818 1,088 83 104 189 -104 Oct.. 772 1,133 772 1,133 Nov. 1,883 1,070 200 1,129 1,070 24 -3,548 406 1,478 Dec. 3,160 1,981 3,055 1,981 11 130 21 -130 1972—Jan.. 915 248 110 499 248 110 16 187 Feb. 2,036 3,481 410 1,894 3,481 410 10 1,301 73 959 Mar. 2,009 298 155 1,829 298 155 11 92 Apr. 2,666 1,478 135 2,254 1,478 133 7 -2 255 May 475 291 475 291 2,626 -2,626 June 1,294 335 96 1,094 335 6 -90 69 July. 2,753 3,286 2,753 3,286 Aug. 1,390 1,752 '432' 1 ,274 1 ,752 '432' -1,089 79 '673* 1 | 1 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers' agreements Federal agency acceptances (U.S. Govt, Net obligations (net) 5-10 years Over 10 years securities) change Month in U.S. Under Net c G h p r a u o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . - c G h p r a u o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t y a s . - ch p a u s r e - s G sa r l o e s s s s G e it c o i u e v s r t , - r O ig u h t- t R a m c g e h e r p a n e u s e t e r s - - r O i n g u e h t t t - , m r a c e g h n e p r a n e u e t s t e r e s - - , change1 1971—Aug.. 16 -547 2,184 1,951 1,027 69 -3 55 1,148 Sept. 34 14 3,697 3,930 698 61 -69 -1 -55 634 Oct.. 2,616 2,616 -361 35 -326 Nov.. 267 58 5,003 5,003 613 244 6 862 Dec.. 67 6 4,830 3,607 2,401 145 101 22 181 2,850 1972—Jan. . 191 4,722 5,945 -666 165 -101 -4 -181 -787 Feb 52 -2,260 1.694 1,694 -1,854 77 -12 -1,789 Mar.. 31 47 2.695 2,022 2,229 83 16 19 61 2,408 Apr.. 126 23. 2,625 3,298 380 169 -16 1 -61 472 May. 1,115 1,299 25 -4 65 1,386 June. 109 20 211 1,326 -251 127 -25 -6 -65 -221 July . 1,736 1,736 -533 -26 -10 -570 Aug.. ' '23' 166 250 3,171 2,459 -82 -3 74 4 22 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n ese g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec. 2,061 1,444 433 165 1 1969—Dec. 1,967 1,575 199 60 125 1970—Dec. 257 154 98 1971—June 96 87 July. 23 12 Aug. 23 12 Sept. 23 12 Oct.. 30 12 Nov. 15 2 Dec. 18 2 1972—Jan.. 17 2 Feb. 17 2 Mar. 17 2 Apr. 17 2 May 57 2 50 June 18 9 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1972 1972 1971 Sept. 27 Sept. 20 Sept. 13 Sept. 6 Aug. 30 Sept. 30 Aug. 31 Sept. 30 Loans—Total 842 1,752 147 106 1,330 239 1,091 198 Within 15 days 839 1,750 145 105 1,330 232 1,090 196 16 days to 90 days. 3 2 2 7 1 2 91 days to 1 year.. Acceptances—Total.. 60 57 57 63 125 62 96 51 Within 15 days 17 11 10 17 77 17 48 16 days to 90 days. 43 46 47 46 48 45 48 40 91 days to 1 year.. U.S. Government securities—Total. 68,977 69,355 67,685 68,287 70,839 69,874 70,740 67,566 Within 15 days i 4,233 4,803 2,976 2,182 4,999 3,705 3,212 2,575 16 days to 90 days 14,383 14,303 14,082 15,180 14,420 15,805 14,497 17,517 91 days to 1 year 17,886 17,774 18,152 18,450 18,945 17,889 20,556 17,822 Over 1 year to 5 years 24,859 24,859 24,859 24,859 24,859 24,859 24,859 23,325 Over 5 years to 10 years 6,102 6,102 6,102 6,102 6,102 6,102 6,102 5,411 Over 10 years 1,514 1,514 1,514 1,514 1,514 1,514 1,514 916 Federal agency obligations—Total. 1,041 1,041 1,042 1,076 1,194 1,041 1,150 61 Within 15 days1 20 20 35 152 20 109 16 days to 90 days 24 24 44 30 31 24 30 91 days to 1 year 127 127 127 117 117 127 117 40 Over 1 year to 5 years 525 525 525 519 519 525 519 21 Over 5 years to 10 years 197 197 197 227 227 197 227 Over 10 years 148 148 148 148 148 148 148 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S th A e ' r s s 2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s SM T 2 o S 3 t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th S 26 e A r ' s 1971—July. 11,703.8 5,210.2 2,681.0 6,493.6 3,812.6 80.0 184.4 80.4 55.0 45.0 Aug. 12,093.8 5,408.9 2.783.7 6.684.8 3,901.2 81.6 189.0 82.8 55.9 45.4 Sept. 12,202.2 5,570.3 2,757.5 6.631.9 3.874.4 82.2 190.6 82.3 55.6 45.2 Oct.. 12.221.4 5.755.8 2,683.2 6.465.6 3.782.5 82.6 199.5 80.0 54.3 44.2 Nov. 12,915.7 5.918.9 2.945.2 6,996.9 4.051.6 86.4 203.7 87.2 58.1 46.7 Dec. 12,383.2 5.523.3 2.859.8 6,859.9 4,000.2 83.7 196.1 85.2 57.3 46.4 1972—Jan.. 12.530.7 5,687.0 2,803.1 6.843.7 4,040.6 83.9 205.3 82.0 56.3 46.2 Feb. 13.027.8 6,013.9 2,913.1 7,013.9 4,100.9 84.5 205.1 82.6 56.2 45.8 Mar. 12.785.5 5.631.4 2.932.9 7,154.2 4,221.2 83.0 195.2 83.3 57.2 47.0 Apr., r13,169.3 5,801.4 3,053.1 r7,367.9 r4,314.8 85.6 202.1 87.3 58.9 r47.8 May r13,400.3 5,939.2 3,148.8 '7,461.1 r4,312.2 85.6 200.8 89.8 58.7 46.9 June r13,281.6 5,780.8 3,096.4 •7,500.7 r4,404.4 84.7 199.9 88.1 r58.6 47.5 July. 13,000.1 5,633.0 2.996.3 7,367.1 4,370.8 82.3 194.4 84.2 57.1 46.8 1 Excludes interbank and U.S. Govt, demand deposit accounts. NOTE.—Total SMSA's includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For back data see pp. 634-35 of July 1972 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 16 U.S. CURRENCY • OCTOBER 1972 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1 1 9 9 4 4 5 7 2 2 8 8 , , 5 8 1 6 5 8 2 2 0 0 , , 6 0 8 2 3 0 1 1 , . 2 4 7 0 4 4 1 1. , 0 0 4 3 8 9 7 6 3 5 2 2 , ,1 3 1 13 0 6 6, , 2 7 7 8 5 2 9 9 , , 2 1 0 1 1 9 7 8 , , 8 8 3 5 4 0 2 2 , , 3 5 2 4 7 8 4 5 , , 2 0 2 7 0 0 4 42 5 8 4 7 80 82 1 7 5 2 1 4 7 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2.151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 196 9 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 197 0 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971—Aug. 58,904 40,442 6,537 2,267 136 3,058 9,045 19,398 18,462 5,162 12,845 207 241 2 4 Sept. 58,797 40,284 6,556 2,273 135 3,053 8,987 19,279 18,514 5,155 12,906 206 240 2 4 Oct.. 59,216 40,559 6,589 2,302 135 3,071 9,054 19,408 18,657 5,183 13,024 205 239 2 4 Nov. 60,636 41,699 6,714 2,360 135 3,186 9,329 19,975 18,936 5,272 13,216 204 237 2 4 Dec., 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 2 4 1972—Jan.. 59,429 40,388 6,774 2,281 135 3,083 8,900 19,215 19,042 5,261 13,337 202 235 2 4 Feb. 59,795 40,725 6,812 2.275 135 3,087 9,010 19,405 19,070 5,257 13,371 201 234 2 4 Mar. 60,388 41,182 6,860 2,279 135 3,106 9,110 19,692 19,205 5,275 13,490 200 233 2 4 Apr. 60,535 41,140 6,902 2.276 135 3,094 9,028 19,705 19,395 5,351 13,606 199 232 2 4 May 61,702 42,056 6,969 2,334 135 3,170 9,243 20,204 19,647 5,425 13,785 198 232 2 4 June 62,201 42,399 7,016 2,328 135 3,178 9,295 20,446 19,803 5,446 13,923 197 230 2 4 July. 62,435 42,449 7,052 2,326 135 3,155 9.231 20,550 19,986 5,502 14,052 196 229 2 4 Aug. 62,744 42,520 7,095 2,333 135 3.152 9,211 20,594 20,224 5,565 14,228 196 229 2 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 TTToootttaaalll,,, ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1972 1971 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy AAAuuuggg... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777222 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Aug. July Aug. cceerrttiiffiiccaatteess AAggeennttss 31 31 31 1111100000,,,,,444441111100000 ((1100,,330033)) 110077 Gold certificates (((((1111100000,,,,,333330000033333))))) 221100,,330022 Federal Reserve notes 5555599999,,,,,000008888888888 888000 3333,,,,999977771111 555555,,,000333777 555444,,,777777111 555111,,,777555000 Treasury currency—Total 88888,,,,,111115555522222 111111777 333322228888 777,,,777000777 777,,,666666444 777,,,111555444 DDoollllaarrss 777773333344444 44440000 555000 666664444444444 666663333388888 444448888822222 Fractional coin 66666,,,,,888880000033333 77775555 222777777 66666,,,,,444445555511111 66666,,,,,444441111144444 66666,,,,,000005555555555 United States notes 333332222233333 2222 333332222200000 333332222200000 333332222222222 In process of retirement 3 222229999922222 222229999922222 222229999922222 222229999955555 TToottaall——AAuugg.. 3311,, 11997722 4444 77777777,,,,666655550000 ((((11110000,,,,333300003333)))) 333300004444 11110000,,,,333300002222 4444,,,,333300000000 6622,,774444 July 31, 1972 4444 77777777,,,,444422222222 ((((11110000,,,,333300003333)))) 333333337777 11110000,,,,333300002222 4444,,,,333344448888 6622,,443355 Aug. 31, 1971 4444 77772222,,,,888800002222 ((((9999,,,,888877775555)))) 444466668888 9999,,,,888877774444 3333,,,,555555556666 5588,,990044 1 Outside Treasury and F.R. Banks. Includes any paper currency held * Does not include all items shown, as gold certificates are secured by outside the United States and currency and coin held by banks. Esti- gold. Duplications are shown in parentheses. mated totals for Wed. dates shown in table on p. A-5. 2 Consists of credits payable in gold certificates, the Gold Certificate NOTE.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 3 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 BULLETIN, p. 936. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week Mi Ms Mi Mz Mi (Mi plus time (Mi plus deposits Mi (Mi plus time (Mz plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other than institutions)2 demand deposits) banks other than institutions)2 large time CD's) 1 large time CD's) 1 1968—De c 197.4 378.0 572.6 203.4 383.0 577.5 1969—De c 203.7 386.8 588.3 209.8 392.0 593.4 1970—De c 214.8 418.2 633.9 221.2 423.5 639.1 1971—Sep t 227.6 455.6 701.2 226.2 454.3 699.5 Oct 227.7 458.3 706.5 227.5 458.0 705.9 Nov 227.7 460.8 711.6 229.6 461.4 711.4 Dec 228.2 464.7 718.1 235.1 470.2 723.4 1972—Ja n 228.8 469.9 727.3 235.3 475.3 732.8 Feb 231.2 475.5 737.4 229.0 472.7 734.1 Mar 233.5 480.1 745.9 231.3 478.7 744.9 Apr 235.0 483.0 752.7 236.1 485.4 755.6 May 235.5 486.1 758.8 231.3 483.2 755.9 June 236.6 490.4 766.1 234.7 488.9 765.5 July 239.4 495.0 774.7 237.9 493.6 774.0 Aug.r. . . 240.5 498.3 781.6 237.2 495.4 778.4 Sept.f. .. 241.7 501.8 788.2 240.1 500.4 786.4 Week ending— 1972—Sept. 6. 242.6 502.2 240.8 500.6 13. 241.5 501.2 241.1 501.2 20. 241.6 501.6 240.8 500.8 27 v 241.2 501.5 237.2 497.7 Oct. 4p 241.7 503.8 241.4 503.5 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non- Non- Govt, or bank bank deposweek Cur- De- Time and savings thrift Cur- De- Time and savings thrift its 5 rency mand deposits institu- rency mand deposits institudepos- tions 4 depos- tions 4 its its CD's 3 Other Total CD's 3 Other Total 1968—De c 43.4 154.0 23.6 180.6 204.2 194.6 44.3 159.1 23.6 179.6 203.2 194.6 5.0 1969—De c 46.0 157.7 11.0 183.2 194.1 201.5 46.9 162.9 11.1 182.1 193.2 201.4 5.6 1970—De c 49.0 165.8 25.5 203.4 228.9 215.7 50.0 171.3 25.8 202.3 228.1 215.6 7.3 1971—Sep t 51.9 175.7 31.6 228.0 259.6 245.6 51.9 174.3 32.1 228.1 260.3 245.2 7.5 Oct 52.2 175.5 32.7 230.6 263.3 248.3 52.2 175.3 33.6 230.5 264.1 247.9 5.3 Nov..... 52.2 175.5 32.2 233.1 265.3 250.8 52.8 176.9 33.7 231.8 265.5 250.0 3.9 Dec 52.5 175.7 33.4 236.4 269.9 253.4 53.5 181.5 33.9 235.1 269.0 253.2 6.7 1972—Ja n 52.8 176.0 33.2 241.2 274.4 257.4 52.6 182.7 33.7 240.0 273.7 257.5 7.2 Feb 53.2 178.0 33.8 244.3 278.1 261.8 52.6 176.4 33.6 243.7 277.3 261.4 7.2 Mar 53.7 179.9 33.4 246.5 279.9 265.8 53.2 178.1 33.3 247.5 280.8 266.2 7.7 Apr 54.0 180.9 34.7 248.1 282.8 269.7 53.6 182.6 33.8 249.3 283.1 270.2 7.6 May. ... 54.4 181.1 36.3 250.7 287.0 272.6 54.0 177.3 35.1 251.9 286.9 272.7 10.4 June 54.7 181.9 37.1 253.8 290.9 275.7 54.6 180.1 35.8 254.2 290.0 276.6 6.8 July 54.9 184.5 38.1 255.6 293.7 279.7 55.3 182.6 37.0 255.7 292.7 280.4 7.2 Aug 55.0 185.5 39.3 257.7 297.1 283.3 55.3 182.0 39.9 258.2 298.1 283.0 5.3 Sept.f... 55.5 186.2 40.3 260.2 300.5 286.3 55.4 184.7 41.0 260.3 301.3 286.0 5.8 Week ending— 1972—Sept. 6. 55.3 187.3 39.7 259.6 299.4 55.8 185.0 40.9 259.8 300.7 3.4 13. 55.4 186.0 40.4 259.7 300.1 55.6 185.5 41.2 260.1 301.2 3.1 20. 55.5 186.1 40.3 259.9 300.3 55.4 185.4 40.5 260.1 300.6 6.5 27p 55.6 185.6 40.8 260.3 301.1 54.9 182.3 41.2 260.5 301.7 8.5 Oct. 4 p 55.5 186.2 40.4 262.2 302.5 55.4 186.0 40.9 262.1 303.3 9.0 1 Includes, in addition to currency and demand deposits, savings de- NOTE.—For description of revised series and for back data, see pp. 880posits, time deposits open account, and time certificates of deposits other 93 of the November BULLETIN. than negotiable time certificates of deposit issued in denominations of Average of daily figures. Money stock consists of (1) demand deposits $100,000 or more by large weekly reporting commercial banks. at all commercial banks other than those due to domestic commercial 2 Includes Miy plus the average of the beginning and end of month banks and the U.S. Govt., less cash items in process of collection and F.R. deposits of mutual savings banks and savings and loan shares. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside 3 Negotiable time certificates of deposit issued in denominations of the Treasury, F.R. Banks, and vaults of all commercial banks. Time de- $100,000 or more by large weekly reporting commercial banks. posits adjusted are time deposits at all commercial banks other than those 4 Average of the beginning and end-of-month deposits of mutual savings due to domestic commercial banks and the U.S. Govt. banks and savings and loan shares. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 18 BANK RESERVES; BANK CREDIT • OCTOBER 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.i Deposits subject to reserve requirements 3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd Non- TToottaall rroo bb ww oorr ee -- dd qqquuu RRR iii eee rrr --- eeeddd AAA aaa vvv bbb aaa llleee iiilll 222 --- TTiimmee Demand TTiimmee Demand TToottaall aanndd U.S. TToottaall aanndd U.S. SS..AA.. NN..SS..AA.. ssaavviinnggss Private Govt. ssaavviinnggss Private Govt. 1968—Dec 27.25 26.47 26.89 24.96 297.6 164.5 128.3 4.8 301.2 163.8 133.3 4.1 304.6 308.1 1969—Dec 27.98 26.83 27.75 25.25 285.4 150.3 129.8 5.3 288.8 149.7 134.6 4.6 305.4 308.8 1970—Dec 29.13 28.76 28.92 26.75 319.0 178.6 133.8 6.5 322.8 178.2 138.7 6.0 330.6 334.4 1971—Sept.... 31.07 30.56 30.91 28.50 349.2 202.2 140.5 6.5 348.2 202.7 139.2 6.3 353.3 352.2 Oct ... 30.88 r30.49 30.69 28.59 349.8 205.2 139.9 4.7 350.2 205.9 139.9 4.3 354.7 355.0 Nov.. .. 30.97 30.54 30.75 28.73 352.7 206.4 140.9 5.4 351.6 206.9 141.6 3.2 358.0 357.0 Dec . ,. 31.25 31.08 31.10 28.84 357.9 210.2 141.5 6.2 362.2 209.7 146.7 5.7 361.9 366.2 1972—Jan 31.77 31.68 31.56 29.06 360.9 213.7 141.0 6.3 366.3 213.4 146.9 6.0 364.9 370.3 Feb 31.62 31.58 31.47 29.24 363.1 216.4 142.9 3.7 363.4 215.9 141.5 6.1 366.7 367.1 Mar.. .. 32.03 31.93 31.82 29.63 368.4 217.4 144.9 6.1 368.0 218.1 143.4 6.6 372.1 371.8 Apr. . . . 32.64 32.53 32.47 29.80 372.7 219.8 145.5 7.4 373.1 219.8 146.8 6.5 376.3 376.6 May 32.83 32.73 32.69 29.95 377.1 223.4 146.3 7.4 374.9 223.1 142.9 8.8 380.9 378.6 June 33.06 32.97 32.84 30.15 378.7 226.1 147.3 5.3 376.4 225.2 145.6 5.7 382.4 380.2 July.... 33.14 32.92 32.96 30.37 382.4 228.2 148.9 5.3 380.9 227.1 147.7 6.1 386.3 384.8 Aug r33.38 r33.02 33.21 r30.56 r385.1 230.5 '150.0 4.6 r382.4 231.3 H46.8 4.3 r389.3 r386.6 Sept.f... 33.36 32.80 33.17 30.90 388.6 233.2 150.1 5.3 387.4 233.8 148.7 4.9 392.7 391.5 1 Averages of daily figures. Member bank reserve series reflects actual except those due to the U.S. Govt., less cash items in process of collection reserve requirement percentages with no adjustment to eliminate the and demand balances due from domestic commercial banks. Data for effect of changes in Regulations D and M. Required reserves were in- 1968 are not comparable with later data due to the withdrawal from the creased by $660 million effective Apr. 16, 1969, and $400 million, effective System on Jan. 2, 1969, of a large member bank. Oct. 16, 1969. Required reserves were reduced by $500 million (net) 4 Total member bank deposits subject to reserve requirements, plus effective Oct. 1, 1970. Euro-dollar borrowings, bank-related commercial paper, and certain 2 Reserves available to support private nonbank deposits are defined other nondeposit items. This series for deposits is referred to as "the adas (1) required reserves for (a) private demand deposits, (b) total time justed bank credit proxy." and savings deposits, and (c) nondeposit sources subject to reserve requirements, and (2) excess reserves. This series excludes required reserves NOTF..—Due to changes in Regulations M and D, member bank refor net interbank and U.S. Govt, demand deposits. serves include reserves held against nondeposit funds beginning Oct. 16, 3 Averages of daily figures. Deposits subject to reserve requirements 1969. Back data may be obtained from the Banking Section, Division of include total time and savings deposits and net demand deposits as defined Research and Statistics, Board of Governors of the Federal Reserve by Regulation D. Private demand deposits include all demand deposits System, Washington, D.C. 20551. LOANS AND INVESTMENTS IT ALL COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities Total Total Date loans Commercial loans Commercial m in e a n v n e t d s s t 1, - 2 Total i,2 l P oa lu n s s and indus P tr lu ia s l T UU re ..SS a .. s - Other2 m in e a v n n e t d s s t 1 - ,2 Total1,2 l P oa lu n s s and indus P tr lu ia s l T UU re ..SS a .. s - Other2 12^ 3 TToottaall loans ury TToottaall loans ury sold3 sold3 1968—Dec. 31 390.6 258.2 95.9 61.0 71.4 400.4 264.4 98.4 64.5 71.5 1969—Dec. 3H... 402.1 279.4 283.3 105.7 108.3 51.5 71.2 412.1 286.1 290.0 108.4 111.0 54.7 71.3 1970—Dec. 31 435.9 292.0 294.9 109.6 111.7 58.0 85.9 446.8 299.0 301.9 112.5 114.6 61.7 86.1 1971—Sept. 29 472.4 313.0 316.0 116.2 118.1 59.9 99.5 472.0 313.4 316.4 115.9 117.8 58.7 99.9 Oct. 27 477.2 317.0 319.9 116.6 118.4 59.1 101.1 476.5 315.1 318.0 115.6 117.4 60.0 101.5 Nov. 24 479.8 318.7 321.6 116.0 117.8 58.8 102.2 479.9 317.3 320.1 115.6 117.4 61.0 101.6 Dec. 31 485.7 320.6 323.4 115.5 117.1 60.7 104.5 497.9 328.3 331.1 118.5 120.1 64.9 104.7 1972—Jan. 26 491.4 325.7 328.7 116.4 118.1 59.7 106.0 490.1 322.7 325.6 115.2 116.9 62.7 104.8 Feb. 23 496.6 328.5 331.5 117.3 119.0 61.0 107.1 492.4 324.3 327.3 116.1 117.8 61.9 106.2 Mar. 29 505.0 333.8 336.6 118.4 120.2 62.3 108.9 501.5 330.5 333.3 118.4 120.2 62.5 108.5 Apr. 26 507.4 335.9 338.5 119.9 121.5 62.6 108.9 506.6 335.1 337.8 120.1 121.8 61.9 109.7 May 31 516.1 341.9 344.4 121.2 122.6 63.1 111.1 513.7 341.6 344.0 120.8 122.3 61.2 110.9 June 30 517.5 343.7 346.0 5120.7 5122.2 63.2 110.6 521.6 349.8 352. 1 5 123.2 5124.6 60.3 111.5 July 26^.... 521.9 348.4 350.7 121.4 122.9 62.3 111.2 522.0 350.9 353.3 122.3 123.7 59.6 111.5 Aug. 30^.... 529.8 356.2 358.6 123.9 125.4 61.4 112.3 526.5 354.5 356.9 122.2 123.8 59.3 112.6 Sept. 27P.... 535.3 360.0 362.3 124.6 126.0 62.0 113.3 534.6 360.6 362.9 124.2 125.7 60.3 113.7 1 Adjusted to exclude domestic commercial interbank loans. 5 Beginning June 30, 1972, commercial and industrial loans were re- 2 Beginning June 30, 1971, Farmers Home Administration insured notes duced by about $400 million as a result of loan reclassifications at one totaling approximately $700 million are included in "Other securities" large bank. rather than in "Loans." NOTE.—For monthly data on total loans and investments 1959-70, see 3 Loans sold outright by commercial banks to own subsidiaries, Dec. 1971 BULLETIN, pp. 974-75. For monthly data, 1948-58, see Aug. foreign branches, holding companies, and other affiliates. 1968 BULLETIN, pp. A-94-A-97. For a description of the seasonally ad- 4 Beginning June 30, 1969, data revised to include all bank-premises justed series see the following Bulletins: July 1962, pp. 797-802; July 1966, subsidiaries and other significant majority-owned domestic subsidiaries; pp. 950-55; Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. For earlier data include commercial banks only. Also, loans and investments monthly data on commercial and industrial loans, 1959-71, see July 1972 are now reported gross, without valuation reserves deducted, rather than BULLETIN, p. A-109. For description of series, see July 1972 BULLETIN, net of valuation reserves as was done previously. For a description of the p. 683. Data are for last Wednesday of month except for June 30 and revision, see Aug. 1969 BULLETIN, pp. 642-46. Data shown in this table Dec. 31; data are partly or wholly estimated except when June 30 and Dec. beginning January 1959 have been revised to include valuation reserves. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date c c s G S e a a t r o D t n o e t c l d R i s d k f 1 i - T r s o c e r t u i u n u a n e r r g n a t c y - - y s d - - Total Lo n a e n t s Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a c d s n e u e r k r r v a i s t e l i es Other3 O r se i t t c h ie u e s - r c l T n a i i a n a p e t o n i t b e i t e — t d t a i s a l l - l , c d u T e r a p o r n o t e d a s n i l c t s y C co m a a n a u p n i c e n s i d - t c t t a s . , l 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30.. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec 31.. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315. 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Dec. 31.. 11,132 7,149 580.899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—Sept. 29.. 10,500 7,500 617,000 368,100 131,300 62.200 67,600 1,600 117,500 635,000 567,500 67,600 Oct. 27.. 10,500 7,600 622,200 369,500 133,600 63,300 67,800 2,500 119,100 640,300 571,600 68,800 Nov. 24.. 10,500 7,600 626,700 370,900 136,400 64,400 69,500 2,500 119,400 644,800 575,800 69,000 Dec. 31.. 10,532 7,627 650,677 386,010 141,547 68,198 70,804 2,545 123,120 668,837 604,415 64,423 1972—Jan. 26.. 10,500 7,700 642,600 380,600 138,400 66,000 69,900 2,500 123,600 660,800 593,000 67,900 Feb. 23.. 10,000 7,800 643,300 381,000 136,600 65,200 68,900 2,500 125,700 661,100 592,900 68,200 Mar. 29.. 10,000 7,900 654,600 387,600 138,400 65,900 69,900 2,600 128,700 672,500 607,300 65,200 Apr. 26.. 10,000 7,900 661,800 392,200 139,100 65,300 71,300 2,600 130,400 679,700 613,800 65,900 May 31.. 10,800 8,000 667.900 396,800 138,900 64,700 71,600 2,600 132,100 686,700 621,200 65,500 June 30.. 10,810 8,066 677,406 406,823 137,579 63,655 71,334 2,590 133,004 696,282 630,098 66,184 July 26.. 10,800 8,100 677,400 407,600 136,400 63,000 70,900 2,600 133,300 696,300 629,800 66,500 Aug. 30p. 10,800 8,200 681,700 411,200 136,100 62,700 70,800 2,600 134,300 700,700 631,800 68,900 Sept. 27*>. 10,800 8,200 691,100 419,700 135,300 63,700 69,000 2,600 136,100 710,100 641,600 68,400 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Total o b r u C a e t n u n s c i r k d y - s e d ju m e D p a s a t d o e n e s - - d d it 7 s Total o b r u C e a t n u n s r c i k d - y s e d ju e m D p a s a t d o e e n s - - d d it 7 s Total b m C a e n o r k m c s ia - 8 l b M sa a v u n i t k n u s g a s 9 l S P t a S e o v y m s i s t n a - 3 g l s n e F e i o g t r n - i , o T h c i u r n o a e r l g s a d y h s s - - s b c a a o a A v n m n i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31.., 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.. , 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315., 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31.., 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—Sept. 29... 213,800 50,400 163,400 212,400 50,500 161,900 340,700 261,400 79,400 2,400 500 9,500 2,000 Oct. 27.., 215,900 51,000 164,900 216,800 50,900 165,900 343,700 263,900 79,800 2,500 500 6,500 1 ,700 Nov. 24.., 216,700 51,100 165,600 220,100 52,500 167,600 346,400 266,100 80,300 2,600 500 4,700 1,400 Dec. 31... 224,600 51,100 173,500 234,876 53,141 181,735 353,638 271,760 81,877 2,719 464 10,698 2,020 1972—Jan. 26... 217,200 51,700 165,500 220,000 51,000 169,000 357,300 274,900 82,500 2,400 500 9,900 2,900 Feb. 23... 220,400 52,100 168,300 219,300 51,500 167,800 361,700 278,300 83,400 2,600 400 7,800 1,100 Mar. 29.., 230,300 52,600 177,700 227,200 52,100 175,100 367,000 282,100 84,900 2,500 400 9,200 900 Apr. 26.., 227,900 52,700 175,200 227,900 52,200 175,700 370,200 284,800 85,400 2,500 400 11,000 1,800 May 31... 234,500 53,300 181,200 231,600 53,100 178,500 375,200 289,100 86,100 2,900 400 9,000 2,100 June 30.. 233,900 53,200 180,700 235,121 55,144 179,977 379,696 292,021 87,675 3,011 351 9,575 2,344 July 26.. 233,400 53,500 179,900 233,100 53,600 179,500 382,000 294,200 87,800 3,000 300 8,900 2,500 Aug. 30?\ , 236,200 53,400 182,800 234,100 53,700 180,400 388,700 300,400 88,300 2,900 300 4,400 1,400 Sept. 27^., 236,600 53,600 183,000 235,100 53,700 181,400 391,200 301,900 89,200 3,200 300 10,000 1,900 1 Includes Special Drawing Rights certificates beginning Jan. 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans" were excluded from "Time June 1961, also includes certain accounts previously classified as other liadeposits" and deducted from "Loans" at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table !0 Reclassification of deposits of foreign central banks in May 1961 re- (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See footnote 1 on p. A-23. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 See second paragraph of note 2. NOTE.—For back figures and descriptions of the consolidated condition 5 Figures for this and later dates take into account the following changes statement and the seasonally adjusted series on currency outside banks and (beginning June 30, 1969) for commercial banks: (1) inclusion of con- demand deposits adjusted, see "Banks and the Monetary System," Section solidated reports (including figures for all bank-premises subsidiaries and 1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS other significant majority-owned domestic subsidiaries) and (2) reporting for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estiof figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only for last Wed. of month. condition beginning June 1969, see BULLETIN for Aug. 1969, pp. 642-46. 7 Other than interbank and U.S. Govt., less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS • OCTOBER 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Cash lia- Bor- Class of bank assets3 bilities rowand date Total Loans and Total3 Demand ings l U.S. capital De- Treas- Other ac- mand Time Time5 ury counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21, 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 1945—Dec. 31... 124.019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 1947—Dec. 31 6. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,7921 240 ,343 94,367 35,360 65 1966—Dec. 31... 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 1968—Dec. 31... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 1969—Dec. 31 7. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 1970—Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 1971—Sept. 29. .. 489,640 331,000 58,740 99,900 88,180 602,070 497,530 27,050 2,500 8,920 197,180 261,880 26,850 Oct. 27... 492.020 330,570 59,960 101,490 95,590 611,630 506,710 28,920 2,610 5,950 204,800 264,430 27,240 Nov. 24... 497,070 334,420 61,030 101,620 95,350 616,080 506,340 28,200 2,600 4,210 204,670 266,660 30,870 Dec. 31.. 516,564 346,930 64,930 104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 1972—Jan. 26... 508,200 340,730 62,690 92,690 624,750 521,320 28,480 2,960 9,280 205,160 275,440 26,370 Feb. 23... 511,360 343,300 61,860 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 Mar. 29. . . 522,790 351,800 62,500 91,220 639,000 526,150 26,430 2,950 8,740 205,420 282,610 32,850 Apr. 26... 525,660 354,120 61,860 95,040 645,410 533,270 26,140 2,870 10,470 208,490 285,300 31,630 May 31... 532,260 360,120 61,240 100,910 659,070 544,720 28,240 3,020 8,430 215,360 289,670 33,270 June 30... 542,689 370,910 60,258 99,472 667,126 552,543 28,782 3,114 9,083 219,050 292,513 33,214 July 26... 542,770 371,740 59,580 91,380 659,690 544,560 27,310 3,260 8,300 210,930 294,760 34,290 Aug. 30. . . 547,500 375,580 59,300 91,270 664,710 546,050 27,090 3,350 3,790 210,810 301,010 35,950 Sept. 21p.. 555,750 381,740 60,290 90,810 673,100 555,480 26,880 3,890 9,430 212,730 302,550 33,400 Member of F.R. System: 1941—Dec. 31.. 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 1945—Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 1968—Dec. 31.. 325.086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 1969—Dec. 31 7, 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465.644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 1971—Sept. 29... 385.391 266,575 42,369 76,447 77,361 483,064 394,598 25,829 2,274 7,369 157,000 202,126 25,843 Oct. 27... 386,028 264,847 43,586 77,595 83,963 490,047 401,167 27,616 2,385 4,840 162,600 203,726 26,203 Nov. 24... 389.468 267,287 44,630 77,551 83,788 492,995 399,678 26,941 2,372 3,317 161,905 205,143 29,776 Dec. 31... 405.087 277,717 47,633 79,738 86,189 511,353 425 380 30,612 2,549 8,427 174,385 209,406 25,046 1972—Jan. 26... 397,951 272,452 45,723 79,776 80,580 498,591 411,462 27,230 2,596 7,643 162,307 211,686 25,429 Feb. 23... 400,338 274,508 45,102 80,728 83,258 503,720 413,339 29,738 2,627 5,931 161,031 214,012 28,227 Mar. 29... 409,024 281,182 45,486 82,356 78,710 508,747 413,132 25,154 2,590 7,216 161,976 216,196 31,792 Apr. 26... 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 May 31... 414.469 286,310 44,403 83,756 87,524 523,538 427,426 26,913 2,663 6,825 169,496 221,529 31,907 June 30... 422,356 294,730 43,708 83,918 86,430 529.645 433,574 27,311 2,717 7,630 172,419 223,498 31,752 July 26... 422,102 295,275 42,932 83,895 79,164 522,562 426,242 25,923 2,867 6,953 165,393 225,106 32,725 Aug. 30... 425.392 297,851 42,727 84,814 79,057 525,983 426,716 25,742 2,954 2,966 164,851 230,203 34,315 Sept. 21 p.. 432,150 303,049 43,506 85,595 78,503 532,624 434,554 25,502 3,495 8,033 166,353 231,171 31,860 Reserve city member: New York City:8,9 1941—Dec. 31 .. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1945—Dec. 31.. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 1947—Dec. 31.. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 1966—Dec. 31.. 46,536 35,941 4,920 5.674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 1967—Dec. 30.. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 1968—Dec. 31.. 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 1969—Dec. 31 7 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 1970—Dec. 31.. 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 1971—Sept. 29.. 61,997 48,700 4,713 8,584 23,254 90,982 68,633 12,471 1,013 1,283 29,229 24,637 6,818 Oct. 27.. 61,734 47,971 5,( 8.675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 Nov. 24.. 61,776 47,626 5,582 8,568 23,026 90,162 67,792 12,988 1,196 392 28,785 24,431 6,954 Dec. 31 .. 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 1972—Jan. 26.. 62,539 48,337 5,405 8,797 23,684 91,726 71,017 13,443 1,258 1,395 30,660 24,261 5,854 Feb. 23.. 61,856 48,221 5,190 8,445 23,615 91,094 69,674 15,152 1,258 878 28,084 24,302 6,906 Mar. 29.. 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 Apr. 26.. 63,467 49,539 4,825 9,103 21,014 90,364 68,798 11,451 1,162 2,013 28,842 25,330 6,650 May 31.. 65,719 50,799 5,257 9,663 22.516 93,765 70,852 12,303 1,198 1,038 29,918 26,395 8,103 June 30.. 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1,038 30,637 26,649 7,314 July 26.. 66,331 51,408 4,954 9,969 19.517 91,247 69,508 11,580 1,312 1,170 28,396 27,050 7,431 Aug. 30.. 67,353 52,031 5,158 10,164 19,152 92,066 69,330 11,679 1,345 288 27,497 28,521 8,188 Sept. 27. . 68,924 53,166 5,368 10,390 17,864 92,484 70,323 11,414 1,591 1,454 27,718 28,146 6,861 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Total Num- Class of bank lia- Bor- capital ber and date Cash bilities row- ac- of Total Loans assets 3 and Demand ings counts banks l U.S. capital Total 3 Treas- ac- De- Times ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: * 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 ,552 3,462 719 377 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 1966—Dec. 31 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 25 310 6,008 4,898 484 1,199 1967—Dec. 30 12.744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 21 267 6,250 6,013 383 1,346 1968—Dec. 31 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 1969—Dec. 31 7 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1,517 1970—Dec. 31 15.745 11,214 2,105 2,427 3,074 19,892 15,041 1,930 49 282 6,663 6,117 1,851 1,586 1971—Sept. 29 16,704 12,273 1,671 2,760 2,756 20,438 15,571 1,339 191 374 6,028 7,639 1,952 1,649 Oct. 27 16,526 11,938 1,732 2,856 3,576 21,049 15,933 1,553 228 240 6,386 7,526 2,462 1,669 Nov. 24 16,651 11,945 1,780 2,926 3,856 21,333 15,364 1,431 219 102 6,097 7,515 2,712 1,649 Dec. 31 17,133 12,285 1,782 3,067 3,011 21,214 16,651 1,693 168 364 6,896 7,530 1,935 1,682 1972—Jan. 26 16,614 11,901 1,657 3,056 3,488 21,059 15,730 1,460 213 378 6,243 7,436 2,673 1,781 Feb. 23 17,234 12,505 1,576 3,153 3,311 21,489 15,791 1,509 207 267 6,305 7,503 2,935 1,796 Mar. 29 17,668 12,898 1,582 3,188 3,204 21,806 15,912 1,398 191 341 6,462 7,520 3,180 1,820 Apr. 26 17,761 12,998 1,510 3,253 3,207 21,858 16,017 1,344 191 465 6,381 7,636 2,972 1,829 May 31 18,147 13,283 1,665 3,199 3,538 22,697 16,509 1,412 182 282 6,631 8,002 3,280 1,836 June 30 18,541 13,782 1,662 3,096 2,946 22,562 16,912 1,331 139 261 6,603 8,579 2,639 1,857 July 26 18,582 14,130 1,398 3,054 3,070 22,727 16,695 1,447 194 310 6,157 8,587 3,187 1,850 Aug. 30 19,200 14,701 1,455 3,044 2, 23,128 17,147 1,487 196 68 6,226 9,170 2,985 1,850 Sept. 27 19,270 14,582 1,545 3,143 3,135 23,479 17,812 1,406 224 374 6,435 9,373 2,768 1,859 Other reserve city: 8 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 2,844 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 1967—Dec. 30 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 1969—Dec. 31 7.... 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 11,464 1970—Dec. 31 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328 66,734 10,391 12,221 1971—Sept. 29 140,060 100,339 13,121 26,600 27,832 175,407 140,334 9,237 846 2,982 54,557 72,712 13,927 12,922 Oct. 27 139,515 98,621 13,810 27,084 30,995 177,945 143,113 10,006 847 1,963 56,832 73,465 13,732 13,012 Nov. 24 141,421 100,284 14,203 26,934 32,048 180,956 142,820 9,537 733 1,264 57,068 74,218 16,692 13,012 Dec. 31 149,401 106.361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 13,197 1972—Jan. 26 145,436 103,311 14,796 27,329 29,154 182,373 147,352 9,306 901 3,057 56,144 77,944 13,528 13,427 Feb. 23 146,609 104,067 14,768 27,774 30,945 185,420 148,824 9,901 938 2,492 57,121 78,372 14,927 13,463 Mar. 29 149,384 106,665 14,583 28,136 29,082 186,613 147,937 9,004 944 2,889 57,001 78,099 16,508 13,657 Apr. 26 149,586 107.362 14,434 27,790 32,579 190,334 151,394 9,079 894 3,839 58,129 79,453 16,766 13,725 May 31 151,153 108,846 14,362 27,945 34,413 193,947 155,174 9,985 1,020 2,763 60,716 80,690 16,435 13,890 June 30 155,085 113,213 14,141 27,731 33,806 197,155 156,850 9,645 1,008 3,527 61,701 80,970 17,592 14,020 July 26 154,528 113,172 13,873 27,483 30,832 193,689 153,772 9,688 1,098 2,867 58,980 81,139 17,595 14,011 Aug. 30 153,956 112,637 13,501 27,818 31,452 193,592 152,570 9,458 1,150 1,015 58,564 82,383 18,421 14,062 Sept. 27 156,822 115,352 13,692 27,778 31,640 196,672 156,023 9,509 1,285 3,512 58,956 82,761 17,788 14,132 Country member: 8'9 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1.207 17 5,465 24,235 12,494 11 2,525 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 10,309 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 1968—Dec. 31 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 1969—Dec. 317 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 12,766 1970—Dec. 31 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 13,807 1971—Sept. 29 166,630 105,263 22.864 38,503 23,519 196,237 170,060 2,782 224 2,730 67,186 97,138 3,146 14,195 Oct. 27 168,253 106,317 22,956 38,980 24,987 199,382 173,198 3,052 224 1,927 69,821 98,174 3,261 14,291 Nov. 24 169,620 107,432 23,065 39,123 24,858 200,544 173,702 2,985 224 1,559 69,955 98,979 3,418 14,385 Dec. 31 175,211 110,357 24,343 40,511 26,783 207,798 181,780 3,853 263 2,993 74,072 100,600 3,118 15,114 1972—Jan. 26 173,362 108,903 23.865 40,594 24,254 203,438 177,363 3,021 224 2,813 69,260 102,045 3,374 14,567 5,541 Feb. 23 174,639 109,715 23,568 41,356 25,387 205,717 179,050 3,176 224 2,294 69,521 103,835 3,459 14,775 5,543 Mar. 29 177,522 111,556 23,754 42,212 25,024 208,641 181,254 3,078 224 2,626 69,720 105,606 3,676 14,864 5,536 Apr. 26 179,111 112,399 23,874 42,838 25,545 210,567 182,521 3,019 263 2,622 70,719 105,898 4,018 15,002 c5,535 May 31 179,450 113,382 23,119 42,949 27,057 213,129 184,891 3,213 263 2,742 72,231 106,442 4,089 15,012 c5,534 June 30 182.133 116,098 22,568 43,467 27,142 215,551 187,380 3,401 395 2,804 73,479 107,300 4,208 15,831 5,535 July 26 182,661 116,565 22,707 43,389 25,745 214,899 186,267 3.208 263 2,606 71,860 108,330 4,512 15,176 c5,526 Aug. 30 184,883 118,482 22,613 43,788 25,573 217,197 187,669 3,118 263 1,595 72,564 110,129 4,721 15,331 5,524 Sept. 21 v 187.134 119,949 22,901 44,284 25,864 219,989 190,396 3,173 395 2,693 73,244 110,891 4,443 15,485 5,524 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS • OCTOBER 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Other FRS membership Cash lia- Bor- Total and FDIC assets 3 bilities row- capital insurance Total Loans and Total 3 Demand ings l U.S. Other capital De- Time Treas- ac- mand Time ury counts4 G U o .S v . t . Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,41 10,654 1,762 41,298 15,699 10 6,844 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876' 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 1969—June 307. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,31' 194,237 18,024 39,450 1970—Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 1971—Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805; 535,703 31,824! 2,792 10,150 219,102 271,835 25,629 46,731 1972—June 30.. 539,093 368,275 59,984 110,833 98,252 661,838' 549,985 28,398 3,033 9,062 217,641 291,850 32,828 49,623 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375i 35 795 53,541 19,278 45 5,409 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233; 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 1964—Dec. 31.. 151,406 96, < 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534; 70,746 1,109 15,048 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996| 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 1967—Dec. 30.. 208,971 139,315 34,308 35,348! 46,634 263,375! 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594! 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 I 1969—June 307. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 1970—Dec. 31.. 271,760 187,554 34,203 50,004' 56,028 340,764' 283,663 18,051 982 4,740 122,298' 137,592 13,100 24,8 1971—Dec. 31.. 302,756 206,758 36,386 59,612 59,191 376,318| 314,085 17,511! 1,828 6,014 128,441 160,291 18,169 27,065 I 1972—June 30.. 316,8 220,102 33,258 63,520 60,181 392,043 322,288 15,715 1,838 5,695 128,454 170,586 22,816 28,713 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688; 22,259 3,739 621 13,874 4,025 1 2,246 1945—Dec. 31.. 37,871 8,850 27,089 1,933: 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978: 15 381 27,068 9,062 9 3,055 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1965—Dec. 31.. 74,972 51,262 12,645 11,065| 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1966—Dec. 31.. 77,377 54,560 11,569 11,247| 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1967—Dec. 30., 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1968—Dec. 31., 89,894 61,965j 12,581 15,348^ 22,803 116,885 98,467 8,402| 404 1,219 47,498 40,945 2,535 8,536 ! 1969—June 307. 88,346 64,007I 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152! 37,307 4,104 8,689 Dec. 31., 90,088 65,560' 10,257 14,271i 24,313 119,219 94,445 9,541 248 1,065 48,030j 35,560 5,116 8,800 1970—Dec. 31. 94,760 66,963; 11,196 16,600' 25,472 125,460 101,512 11,091 750 ,720 45,734 42,218 5,478 9,232 1971—Dec. 31. 102,813 71,441! 11,247 20,125j 26,998 135,517 111,777 13,102 721 2,412! 45,945j 49,597 6,878 10,214 1972—June 30., 105,895 75,047 10,450 20,398' 26,248 138,021 11,705 11,595; 879 1,935! 43,965 53,331 8,936 10,645 Nonmember: 1941—Dec. 31. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 1945—Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635! 5,680 7 1,083 1947—Dec. 31. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366! 6,558 7 1,271 1963—Dec. 20. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 1964—Dec. 31. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 1965—Dec. 31. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 1966—Dec. 31. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 1967—Dec. 30. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31.004 34,640 162 5,830 1968—Dec. 31. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 94 691 34,615 40,060 217 6,482 1969—June 307, 78,032 48,358 14,341 15,333 8,696 88,802 78,610 7911 78 749 34,070 42,921 451 7,004 Dec. 31. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 1970—Dec. 31. 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40.005 51,322 571 8,326 1971—Dec. 31. 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212 242 1,723 44,717 61,946 582 9,451 1972—June 30. 116,317 73,126 16,276 26,915 11,822 131,774 115,992 1,088 316 1,432 45,222 67,934 076 10,265 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTToootttaaalll aaasssssseeetttsss——— FFF CCC RRR lllaaa SSS aaa sss iii nnn nnn sss mmm iii ddd sss fff uuu eee iiiccc rrr mmm FFF aaa aaa DDD ttt bbb nnn iii eee ooo ccc IIICCC rrr eee nnn sss hhh bbb iii yyy ppp TToottaall LLooaa ll nnss T U u re . r S S a y e . s c - urit O ie t s h 2 er aaa CCC ssssss aaa eee sss ttt hhh sss 333 ccc ccc bbb ooo TTT aaa iii aaa uuu lll aaa lll ppp ooo iii iii nnn nnn ccc aaa ttt ttt iii ddd --- ttt iii ttt aaa --- eee aaa sss lll sss lll 444 TToottaall33 m D I a n e n - t d e rba T nk im 3 e U. D S. e n la O O nd t th h e e r r Tim 5 e rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- ccc ccc TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- ttt aaa aaa ttt lll sss lll NNN bbbaaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Govt. Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 11,,887722 329 1,291 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963 Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967 Dec. 30 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968 Dec. 31 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969 June 30 7 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—Dec. 31 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—June 30 4,192 3,230 274 688 1,220 5,884 3,153 384 81 21 1,409 1,258 386 494 206 Total nonmember: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—June 30 120,510 76,357 16,550 27,603 13,042 137,658 119,145 1,472 397 1,453 46,631 69,192 1,462 10,759 8,161 1 Beginning June 30, 1966, loans to farmers directly guaranteed by p. 993. For various changes between reserve city and country status in CCC were reclassified as securities, and Export-Import Bank portfolio 1960-63, see note 6, p. 587, May 1964 BULLETIN. fund participations were reclassified from loans to securities. This reduced 9 Beginning May 6, 1972, two New York City country banks, with Total loans and increased "Other securities" by about $1 billion. Total deposits of $1,412 million, merged and were reclassified as a reserve city loans include Federal funds sold, and beginning with June 1967 securities bank. purchased under resale agreements, figures for which are included in "Federal funds sold, etc.," on p. A-24. NOTE.—Data are for all commercial banks in the United States (includ- Beginning June 30, 1971, Farmers Home Administration notes are ing Alaska and Hawaii, beginning with 1959). Commercial banks represent classified as "Other securities" rather than "Loans." As a result of this all commercial banks, both member and nonmember; stock savings change, approximately $300 million was transferred to "Other securities" banks; and nondeposit trust companies. for the period ending June 30, 1971, for all commercial banks. For the period June 1941-June 1962 member banks include mutual See also table (and notes) at the bottom of p. A-32. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 2 See first two paragraphs of note 1. and one through June 1962. Those banks are not included in insured 3 Reciprocal balances excluded beginning with 1942. commercial banks. 4 Includes items not shown separately. See also note 1. Beginning June 30, 1969, commercial banks and member banks exclude 5 See last paragraph of note 1. a small national bank in the Virgin Islands; also, member banks exclude, 6 Beginning with Dec. 31, 1947, the series was revised; for description, and noninsured commercial banks include, through June 30, 1970, a small see note 4, p. 587, May 1964 BULLETIN. member bank engaged exclusively in trust business. 7 Figure takes into account the following changes beginning June 30, Comparability of figures for classes of banks is affected somewhat by 1969: (1) inclusion of consolidated reports (including figures for all bank- changes in F.R. membership, deposit insurance status, and the reserve premises subsidiaries and other significant majority-owned domestic classifications of cities and individual banks, and by mergers, etc. subsidiaries) and (2) reporting of figures for total loans and for individual Data for national banks for Dec. 31, 1965, have been adjusted to make categories of securities on a gross basis—that is, before deduction of them comparable with State bank data. valuation reserves—rather than net as previously reported. Figures are partly estimated except on call dates. 8 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN, For revisions in series before June 30, 1947, see July 1947 BULLETIN, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 24 COMMERCIAL BANKS • OCTOBER 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans t Investments b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e t n d s a s t t l s t - f s e F e u o t r e n c l a d . d d l 2 - , s T 3 o , t 4 a l C m a c i o i n n e a m d - r l - - A c t a u u l g r r l 5 - - i - o p b T s r u r e o o r c c - c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s R t e a e s t a - e l O v t i d t h i n o d i e - - - r, Other U B s .S e il c . l u s T r r it e i a e s s u 6 r y S g s l a o e o t n c c a v d a u t t e l - , O r s i e t t i h c e u e s r - 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total-.2 1947—Dec. 31. 116.284 38,057 18,167 ,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 311<> 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1971—Dec. 31. 517,244 19,954 327,656 118,526 12,497 7,292 3,659 4,591 16,926 81,601 74,514 8,049 64,930 82,420 22,284 1972—June 30. 543.285 20,598 350,910 123,162 13,610 8,608 4,012 5,041 18,353 89,227 80,243 ",651 60,258 86,598 24,923 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 ,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 ,610 823 ,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 3U» 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1971—Dec. 31. 514,097 19,623 325,764 117,603 12,482 7,201 3,644 4,405 16,792 81,434 74,263 7,939 64,691 82,099 21,921 1972—June 30. 539,093 19,568 348,707 122,064 13,593 8,491 3,998 4,761 18,266 89,048 79,933 ~ ,553 59,984 86,286 24,547 Member—Total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 8T ' ,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 ~ 105 1969—Dec. 31 337,613 7,356 235,639 96,095 6,187 5,408 286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 1971—Dec. 31. 405,570 15,373 262,826 101,479 7,31 6,895 167 4,123 15,713 61,091 55,839 7,207 47,633 65,244 14,494 1972—June 30 422,775 15,561 279,588 104,419 7,924 8,260 3; 477 4,520 17,104 66,518 59,603 7,765 43,708 67,777 16,141 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 3110 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1971—Dec. 31. 63,342 774 47,941 26,526 4,701 677 1,722 3,997 4,496 4,151 1,641 5,597 7,729 ,302 1972—June 30 66,597 649 50,987 25,972 5,665 768 1,834 4,936 5,288 4,561 1,930 5,338 8,491 1,132 City of Chicago: 1941—Dec. 31. 2,760 954 732 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 3110 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1971—Dec. 31 17,162 621 11,693 6,355 527 263 382 1,568 949 1,167 431 1,782 2,688 379 1972—June 30. 18,541 783 12,999 7,179 666 225 242 2,015 1,011 1,054 542 1,662 2,771 325 Other reserve city 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1969—Dec. 31 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6,006 19,706 17,569 2,757 11,944 16,625 1,859 1971—Dec. 31. 149,484 7,771 98,673 40,397 1,630 1,193 1,407 1,671 7,497 22,300 19,405 3,173 15,912 23,459 3,670 1972—June 30. 155,158 8,272 105,014 41,770 1,803 1,563 1,566 2,136 7,771 24,358 20,772 3,275 14,141 23,510 4,222 Country: 1941—Dec. 31 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1971—Dec. 31. 175,582 6,208 104,520 28,201 5,599 474 821 348 2,651 33,347 31,117 1,962 24,343 31,367 9,144 1972—June 30. 182,479 5,857 110,587 29,498 6,023 366 917 308 2,381 35,859 33,215 2,019 22,568 33,005 10,463 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 3110 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1971—Dec. 31 111,674 4,581 64,830 17,046 5,187 398 492 468 1,213 20,509 18,675 842 17,297 17,176 7,790 1972—June 30. 120,510 5,037 71,319 18,743 5,686 348 535 521 1,249 22,711 20,640 886 16,550 18,820 8,782 1 Beginning with June 30, 1948, figures for various loan items are * Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-20—A-23. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as "Other securities," and Export-Import Bank 1967, they were included in loans—for the most part in loans to "Banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total" loans securities." This increased "Other securities" by about $1 billion. and loans to "Banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes), Deposits Accumulated for Payment of Personal at book value; they do not add to the total (shown at book value) and are Loans, p. A-32. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 o COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal- Deb c C a a l n l a l k s d s a a o n te f d B s w F e R a r . i n e v R t - h k e . s s rr CC cc aa ee oo uu nn nn ii dd rr cc nn -- yy b m a a w d n e n i o s c t k - t e h i s s c 7 j p u m a s o d a t d s e e n i - - d t d s 8 m D e I s o n t - t i e c r 7 b e a F i n g o k n r - 9 G U o . v S t . . S g S g ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. c C c h o e f a e e i e f t n e r r f c c d d t i s . k - i ' - s, IPC I b n a t n e k r- GG PP U S U S ii aa oo nn oo aa nn .. ss gg vv SS vv dd tt ss -- tt .. aa ,, ll S g S g ll aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. IPC3 r B i o n o w g r s - - c C o a t a u a c p n l - i t - s TOTAL: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 31 io 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1971—Dec. 31. 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908 529 30,384 242,055 25,912 47,211 1972—June 30. 27,119 6,799 25,764 184,468 25,522 3,261 9,083 17,687 10,652 190,710 3,114 492 33,110 259,506 33,214 50,117 All insured: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1971—Dec. 31. 27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792 529 30,303 241,003 25,628 46,731 1972—June 30. 27,119 6,773 24,713 182,806 25,335 3,064 9,062 17,568 10,172 189,900 3,033 491 33,027 258,332 32,828 49,623 Member—Total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31 io 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,395 32,047 1971—Dec. 31. 27,478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8.587 152,843 2,549 445 23,890 185,553 25,046 37,279 1972—June 30. 27,119 5,093 15,822 138,566 24,363 2,947 7,630 13,177 8; 859 150,382 2,717 387 25,668 197,861 31,752 39,358 New York City: 1941—Dec. 31.. 5,105 93 141 1100,,776611 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 1155,,006655 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 1166,,665533 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 31 io 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1971—Dec. 31. 5,362 459 1,806 18,315 12,047 1,779 1,513 909 3,841 26,193 1,186 51 2,060 22,145 5,195 7,285 1972—June 30. 5,375 383 3,601 20,312 10,768 2,165 1,038 816 3,801 26,020 1,175 24 2,331 24,294 7,314 7,650 City of Chicago: 1941—Dec. 31.. ,021 43 298 22,,221155 1,027 8 127 233 34 222,,,111555222 476 288 1945—Dec. 31.. 942 36 200 33,,115533 1,292 20 11,,555522 237 66 333,,,111666000 719 377 1947—Dec. 31.. ,070 30 175 33,,773377 1,196 21 7722 285 63 333,,,888555333 2 9 902 426 1969—Dec. 3110 869 123 150 55,,222211 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1971—Dec. 31. 956 133 202 55,,333355 1,592 101 363 333 240 6,323 168 809 6,749 1,935 1,682 1972—June 30. ,142 94 199 55,,222244 1,239 92 261 295 217 6,091 139 2 1,047 7,529 2,639 1,857 Other reserve city: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 2,844 1969—Dec. 31 io 9,044 1,787 3,456 44,169 10,072 590 1,575 3,934 1,928 53,062 242 86 4,609 50,439 9,881 11,464 1971—Dec. 31. 12,264 1,819 4,222 48,063 10,637 604 3,557 3,600 2,533 56,341 933 225 10,516 66,362 14,799 13,197 1972—JUNE 30. 11,516 1,574 3,845 45,929 9,026 618 3,527 3,923 2,586 55,192 1,008 180 10,809 70,054 17,592 14,020 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1971—Dec. 31 8,896 3,367 8,663 68,733 3,779 73 2,993 8,113 1,973 63,986 263 167 10,505 90,298 3,118 15,114 1972—June 30 9,084 3,042 8,176 67,101 3,329 72 2,804 8,144 2,255 63,070 395 182 11,480 95,983 4,208 15,831 Nonmember:3 1947—Dec. 31. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 31 io 1 ,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7.931 1971—Dec. 31. 1,763 10,655 45,462 1,293 299 1,742 4,710 1,543 39,737 359 85 6,494 56,502 866 9.932 1972—June 30. 1,706 9,942 45,901 1,159 313 1,453 4,510 1,793 40,328 397 104 7,442 61,645 1,462 10,759 7 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States; member 8 Through 1960 demand deposits other than interbank and U.S. banks in U.S. possessions were included through 1968 and then excluded. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 BULLETIN. A small noninsured member bank engaged exclusively in trust business 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports is treated as a noninsured bank and not as a member bank for the period (including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 26 WEEKLY REPORTING BANKS • OCTOBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agrimer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1971 Sept. 8 268,5 9,664 8,629 861 136 184,756 82,633 2,155 661 4,207 124 2,416 1 5 274,526 11,585 9,542 1,798 181 187,151 83,560 2,162 1,096 4,567 174 2,430 22 270,672 9,461 8,225 1,036 137 186,045 83,589 2,153 822 4,296 144 2,429 2 9 271,244 9,830 8,942 698 129 186,254 83,435 2,149 708 4,475 128 2,432 1972 Aug. 2 298,444 11,804 10,692 682 252 178 206,677 85,495 2,600 892 7,630 176 2,729 9 297,309 11,523 10,326 718 300 179 205,959 85,158 2,594 750 7,249 165 2,738 1 6 298,479 12,069 11,073 583 259 154 206,769 85,410 2,593 862 7,176 165 2,724 23 298,927 12,171 10,278 1,496 216 181 206,893 85,324 2,589 970 7,074 185 2,735 3 0 297,763 10,757 9,872 489 226 170 206,973 85,175 2,575 849 7,108 184 2,788 Sept. 6* 302,781 13,018 10,647 1,909 292 170 209,032 85,499 2.575 1,415 193 2,807 13* 304,324 13,376 11,557 1,220 352 247 209,337 85,820 2.576 1,734 182 2,801 20* 302,745 11,551 10,085 865 291 310 210,415 86,382 2,584 1,166 183 2,805 27* 303,209 11,433 9,703 1,255 291 184 210,758 86,647 2,599 932 185 2,831 New York City 1971 Sept. 8 58,031 1,261 1,236 44,551 26,335 558 2,856 581 1 5 59,908 1,297 1,252 45,750 26,685 927 3,078 595 22 58,503 1,212 1,146 44,879 26,612 656 2,911 592 2 9 58,333 1,172 1,127 44,855 26,433 560 3,037 594 1972 Aug. 2 62,620 1,196 1,177 47,315 24.232 733 4,935 41 652 9 62,070 1,142 1,059 68 46,862 24,105 651 4,609 41 652 1 6 62,084 975 970 47,036 24,095 750 4,511 41 648 23 62,635 1,356 1,220 47,054 24,170 836 4,417 41 650 3 0 62,067 985 954 46,937 24,168 727 4,448 40 652 Sept. 6* 63,414 897 856 47,987 24.233 1,276 4,607 40 651 13* 63,705 1,059 976 48,068 24,274 1,508 4,622 40 645 20* 63,506 1,097 1,005 48,065 24,359 974 4,876 40 645 27* 63,638 1,157 1,135 47,915 24,419 817 4,684 39 657 Outside New York City 1971 Sept. 8 210,867 8,403 7,393 856 116 140,205 56,298 2,136 103 1,351 102 1,835 1 5 214,618 10,288 8,290 1,772 162 141,401 56,875 2,141 169 1,489 151 1,835 22 212,169 8,249 7,079 996 124 141,166 56,977 2,133 166 1,385 121 1.837 2 9 212,911 8,658 7,815 665 117 141,399 57,002 2,135 148 1,438 102 1.838 1972 Aug. 2 235,824 10,608 9,515 682 252 159 159,362 61,263 2,570 159 2,695 135 2,077 9 235,239 10,381 9,267 718 232 164 159,097 61,053 2,564 99 2,640 124 2,086 1 6 236,395 11,094 10,103 583 259 149 159,733 61,315 2,563 112 2,665 124 2,076 23 236,292 10,815 9,058 1,364 216 177 159,839 61,154 2,550 134 2,657 144 2,085 3 0 235,696 9,772 8,918 489 226 139 160,036 61,007 2,535 122 2,660 144 2,136 Sept. 6* 239,367 12,121 9,791 1,905 292 133 161,045 61,266 2,537 139 2,763 153 2,156 13* 240,619 12,317 10,581 1,216 352 168 161,269 61,546 2,535 226 2,651 142 2,156 20* 239,239 10,454 9,080 851 291 232 162,350 62,023 2,543 192 2,706 143 2,160 27* 239,571 10,276 8,568 1,246 291 171 162,843 62,228 2,557 115 2,667 146 2,174 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • 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 To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1971 2,629 23,126 806 14,535 25,072 2,583 3,422 16,018 3,049 Sept. 8 865 2,655 23,169 830 14,539 25,275 2,816 3,694 15,693 3,072 15 849 2,672 23,208 836 14,379 25,204 2,758 3,766 15,614 3,066 22 2,610 23,323 805 14,480 25,080 2,680 3,825 15,470 3,105 29 1972 1.381 2,993 26,033 1,029 16,763 25,770 3,268 5,328 14,489 2,685 Aug. 2 1.382 2,973 26,116 1,050 16,643 25,466 3,072 5,308 14,415 2,671 9 1,372 2,951 26,202 1,043 16,761 25,246 2,997 4,281 14,860 3,108 16 1,478 2,924 26,318 1,034 16,611 25,417 3,131 4,529 14,489 3,268 23 1,487 2,865 26,446 1,078 16,507 25,651 3,566 4,581 14,324 3,180 30 1,486 2,870 26,507 1,093 16,751 26,404 4,396 4,522 14,390 3,096 Sept. 6* 1,400 2,833 26,576 079 16,513 26,861 4,925 4,555 14,340 3,041 13* 1,440 2,840 26,653 1 ,102 16,786 26,617 5,027 4,454 14,159 2,977 20* 1,472 2,895 26,751 1,099 16,857 26,310 4,773 4,439 14,112 2,986 27* New York City 1971 390 1 ,149 1 ,899 534 2,708 4,555 517 440 3,263 335 Sept. 8 390 1 ,184 1 ,910 537 2,701 4,694 650 483 3,217 344 15 380 1 ,206 1 ,909 534 2,623 4,538 559 473 3,162 344 22 412 1,167 1 ,906 534 2,655 4,486 547 500 3,094 345 29 1972 400 1,284 1 ,972 626 3,381 4,851 881 1 ,349 2,464 157 Aug. 2 481 1,272 1 ,985 634 3,353 4,760 733 1 ,369 2,477 181 9 462 1 ,275 1 ,996 627 3,406 4,546 703 878 2,551 414 16 472 1,267 2,008 632 3,350 4,697 839 912 2,470 476 23 452 1 ,243 2,006 661 3,284 4,877 1 ,209 917 2,328 423 30 453 1 ,268 2,016 683 3,474 5,446 1 ,780 878 2,366 422 Sept. 6* 428 1 ,226 2,020 670 3,299 5,372 1 ,755 880 2,361 376 13* 435 1 ,222 2,030 685 3,349 5,229 1 ,870 841 2,209 309 20* 425 1 ,307 2,029 677 3,385 5,( 1,689 841 2,215 341 27* Outside New York City 1971 490 1 ,480 21,227 272 11,827 20,517 2,066 2,982 12,755 2,714 Sept. 8 475 1 ,471 21,259 293 11,838 20,581 2,166 3,211 12,476 2,728 15 469 1 ,466 21,299 302 11 ,756 20,666 2,199 3,293 12,452 2,722 22 474 1 ,443 21,417 271 11,825 20,594 2,133 3,325 12,376 2,760 29 1972 981 1 ,709 24,061 403 13,382 20,919 2,387 3,979 12,025 2,528 Aug. 2 901 1 ,701 24,131 416 13,290 20,706 2,339 3,939 11 ,938 2,490 9 910 1 ,676 24,206 416 13,355 20,700 2,294 3,403 12,309 2,694 16 1 ,006 1 ,657 24,310 402 13,261 20,720 2,292 3,617 12,019 2,792 23 1 ,035 1 ,622 24,440 417 13,223 20,774 2,357 3,664 11,996 2,757 30 1 ,033 1 ,602 24,491 410 13,277 20,958 2,616 3,644 12,024 2,674 Sept. 6* 972 1 ,607 24,556 409 13,214 21,489 3,170 3,675 11,979 2,665 13* 1 ,005 1 ,618 24,623 417 13,437 21,388 3,157 3,613 11,950 2,668 20* 1 ,047 1 ,588 24,722 422 13,472 21,224 3,084 3,598 11,897 2,645 27* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS • OCTOBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities CCaasshh IInnvveesstt-- Obligations Other bonds, iitteemmss Re- BBaall-- mmeennttss Total of State corp. stock, iinn serves Cur- aanncceess iinn ssuubb-- assets/ Wednesday and and pprroocceessss with rency wwiitthh ssiiddiiaarr-- Other total political securities ooff F.R. and ddoo-- iieess nnoott assets liabil- Total subdivisions ccoolllleecc-- Banks coin mmeessttiicc ccoonnssooll-- ities ttiioonn bbaannkkss iiddaatteedd Tax Certif. war- All of All rants3 other partici- other^ pation4 Large banks— Total 1971 Sept. 8 49,406 7,949 34,865 1,273 5,319 31,971 19,085 3,525 6,677 791 15,828 346,775 1 5 50,515 8,380 35,301 1,339 5,495 36,268 17,805 3,608 6,919 794 15,734 355,654 22 49,962 8,065 35,147 1,310 5,440 33,213 18,468 3,641 6,002 796 15,647 348,439 2 9 50,080 8,091 35,246 1,315 5,428 32,231 18,741 3,704 6,243 799 15,798 348,760 1972 Aug. 2 54,193 8,946 37,276 1.568 6.403 30,040 21,966 3,651 8,389 992 17,087 380,569 9 54,361 9,081 37,285 1.569 6,426 27,030 21,326 3,686 8,112 991 16,656 375,110 1 6 54,395 9,267 37,183 1,541 6.404 29,385 21,532 3,703 8,505 992 16,449 379,045 23 54,446 9,184 37,345 1,547 6,370 26,076 19,877 3,851 8,334 997 16,357 374,419 3 0 54,382 9,104 37,273 1,496 6,509 27,023 21,457 3,950 8,554 1,004 16,531 376,282 Sept. 6p 54,327 9,089 37,151 1,496 6,591 30,900 18,419 3,664 9,820 1,033 16,760 383,377 13 p 54,750 9,175 37,456 1,495 6,624 29,215 18,701 3,952 8,824 1,032 16,552 382,600 20 p 54,162 9,059 36,971 1,515 6,617 30,053 21,819 3,898 8,865 1,035 16,663 385,078 27 p 54,708 9,589 36,942 1,553 6,624 27,690 19,412 3,999 9,283 1,035 16,723 381,351 New York City 1971 Sept. 8 7,664 1,420 5,021 221 1,002 13,897 4,934 429 1,199 350 5.387 84,227 1 5 8,167 1,792 5,133 219 1,023 16,530 4,841 437 1,490 350 5,358 88,914 22 7,874 1,438 5,206 217 1,013 15,874 4,044 422 1,010 352 5,352 85,557 2 9 7,820 1,401 5,178 216 1,025 15,788 5,449 440 891 352 5,301 86,554 1972 Aug. 2 9,258 2,869 5,212 286 891 10,276 4,442 435 2,772 464 5,257 86,266 9 9,306 2,868 5,271 285 882 9,485 5,239 435 2,779 464 4,955 85,427 1 6 9.527 3,072 5,270 278 907 8,915 5,191 434 3,054 464 4,984 85,126 23 9.528 3,031 5,326 264 907 8,558 4,684 438 3,115 469 4,965 84,864 3 0 9,268 2,910 5,159 271 928 9,554 5,287 459 3,099 472 4,948 85,886 Sept. 6 p 9,084 2,842 5,068 272 902 9,130 5,877 442 2,899 478 5,060 87,300 13p 9,206 2,823 5,206 263 914 8,534 5,006 471 3,155 478 4,985 86,334 20 P 9,115 2,821 5,135 265 894 9,943 5,046 452 3,249 478 5,255 87,929 27 p 9,480 3,120 5,203 281 876 8,835 4,252 463 3,571 479 5,099 86,337 Outside New York City 1971 Sept. 8 41,742 6,529 29,844 1,052 4,317 18,074 14,151 3,096 5,478 441 10,441 262,548 1 5 42,348 6,588 30,168 1,120 4,472 19,738 12,964 3,171 5,429 444 10,376 266,740 22 42,088 6,627 29,941 1,093 4,427 17,339 14,424 3,219 4,992 444 10,295 262,882 2 9 42,260 6,690 30,068 1,099 4,403 16,443 13,292 3,264 5,352 447 10,497 262,206 1972 Aug. 2 44,935 6,077 32,064 1,282 5,512 19,764 17,524 3,216 5,617 528 11,830 294,303 9 45,055 6,213 32,014 1,284 5,544 17,545 16,087 3,251 5,333 527 11,701 289,683 1 6 44,868 6,195 31,913 1,263 5,497 20,470 16,341 3,269 5,451 528 11,465 293,919 23 44,918 6,153 32,019 1,283 5,463 17,518 15,193 3,413 5,219 528 11,392 289,555 3 0 45,114 6,194 32,114 1,225 5,581 17,469 16,170 3,491 5,455 532 11,583 290,396 Sept. 6 P 45,243 6,247 32,083 1,224 5,689 21,770 12,542 3,222 6,921 555 11,700 296,077 13* 45,544 6,352 32,250 1,232 5,710 20,681 13,695 3,481 5,669 554 11,567 296,266 20 P 45,047 6,238 31,836 1,250 5,723 20,110 16,773 3,446 5,616 557 11,408 297,149 27 p 45,228 6,469 31,739 1,272 5,748 18,855 15,160 3,536 5,712 556 11,624 295,014 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total 6 ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- govts.2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1971 141,702 97,871 6,377 4,242 22,287 661 807 2,399 7,058 134,361 53,039 58,562 15,258 1,746 5,234 Sept. 8 149,396 103,322 6,518 4,928 22,537 606 883 2,449 8,153 133,811 53,008 58,091 15,182 1,826 5,201 15 142,345 97,646 6,262 5,145 21,850 559 747 2,374 7,762 134,798 53,099 58,653 15,324 1,904 5,323 22 141,160 96,333 6,368 5,647 21,200 641 764 2,416 7,791 136,161 53,313 59,737 15,411 1,997 5,249 29 1972 147,379 104,096 6,744 4,472 20,957 747 953 2,959 6,451 152,123 57,892 67,564 18,334 2,474 5,362 Aug. 2 140,911 101,382 5,994 3,401 20,140 700 800 2,926 5,568 152,996 57,925 68,457 18,331 2,433 5,358 9 143,100 104,684 6,261 1,981 20,195 688 774 2,984 5,533 153,485 57,901 68,933 18,297 2,480 5,381 16 138,859 102,010 5,806 2,048 19,350 632 715 2,719 5,579 154,475 57,868 69,792 18,458 2,501 5,355 23 140,450 102,374 6,038 1,715 20,357 682 864 2,999 5,421 155,510 57,827 70,796 18,488 2,542 5,322 30 148,158 106,878 6,542 2,119 22,449 757 800 2,950 5,663 155,356 57,899 70,768 18,289 2,532 5,334 Sept. 6* 144,824 106,646 5,990 1,739 20,933 698 791 2,760 5,267 155,722 57,873 70,860 18,388 2,624 5,450 13 * 148,001 105,518 6,176 5,687 20,249 650 790 3,035 5,896 155,190 57,895 70,215 18,281 2,847 5,419 20* 146,138 103,344 6,490 6,478 20,010 692 744 3,076 5,304 156,290 58,066 70,803 18,491 2,913 5,449 27* New York City 1971 39,728 21,418 840 805 10,125 353 637 1,603 3,947 23,091 5.138 12,505 1,456 822 3,010 Sept. 8 44,072 23,735 907 1,127 10,611 301 731 1,634 5,026 22,584 5,129 11,975 1,487 850 2,983 15 41,577 21,877 590 1,156 10,681 288 597 1,608 4,780 22,941 5.139 12,183 1,516 899 3,049 22 41,429 21,549 730 1,243 10,385 353 637 1,629 4,903 23,613 5,152 12,838 1,538 958 3,012 29 1972 38,806 22,651 352 832 8,641 398 810 2,116 3,006 26,023 5.695 13,987 2,183 1,243 2,831 Aug. 2 36,860 21,716 357 633 8,617 369 653 2,032 2,483 26,182 5.696 14,343 2,060 1,186 2,813 9 36,504 22,336 460 253 8,040 348 633 2,112 2,322 26,395 5,699 14,527 2,043 1,234 2,809 16 35,912 22,043 381 315 7,965 319 558 1,873 2,458 26,819 5,702 14,901 2,097 1,246 2,787 23 37,256 22,169 363 274 8,983 349 674 2,153 2,291 27,268 5,673 15,384 2,070 1,280 2,775 30 38,208 22,903 455 397 8,930 387 641 2,109 2,386 27,210 5,675 15,352 2,029 1,296 2,769 Sept. 6* 36,545 22,171 359 262 8,608 353 635 1,967 2,190 27,282 5,662 15,281 2,074 1,350 2,829 13* 38,952 22,856 457 ,403 8,319 319 653 2,143 2,802 26,587 5,664 14,613 1,991 1,452 2,783 20* 38,377 22,175 561 ,408 8,714 355 604 2,195 2,365 27,154 5,685 14,896 2,171 1,512 2,795 27* Outside New York City 1971 101,974 76,453 5,537 3,437 12,162 308 170 796 3,11 111,270 47,901 46,057 13,802 924 2,224 Sept. 8 105,324 79,587 5,611 3,801 11,926 305 152 815 3,127 111,227 47,879 46,116 13,695 976 2,21" 15 100,768 75,769 5,672 3,989 11,169 271 150 766 2,982 111,857 47,960 46,470 13,808 1,005 2,274 22 99,731 74,784 5,638 4,404 10,815 288 127 787 2 112,548 48,161 46,899 13,873 1,039 2,237 29 1972 108,573 81,445 6,392 3,640 12,316 349 143 843 3,445 126,100 52,197 53,577 16,151 1,231 2,531 Aug. 2 104,051 79,666 5,637 2,768 11,523 331 147 894 3,085 126,814 52,229 54,114 16,271 1 ,247 2,545 9 106,596 82,348 5,801 1,728 12,155 340 141 872 3,211 127,090 52,202 54,406 16,254 1,246 2,572 16 102,947 79,967 5,425 1,733 11,385 313 157 846 3,121 127,656 52,166 54,891 16,361 1 ,255 2,568 23 103,194 80,205 5,675 1,441 11,374 333 190 846 3,130 128,242 52,154 55,412 16,418 1,262 2,547 30 109,950 83,975 6,087 1,722 13,519 370 159 841 3,277 128,146 52,224 55,416 16,260 1,236 2,565 Sept. 6* 108,279 84,475 5,631 1,477 12,325 345 156 793 3,077 128,440 52,211 55,579 16,314 1,274 2,621 13* 109,049 82,662 5,719 4,284 11,930 331 137 892 3,094 128,603 52,231 55,602 16,290 1,395 2,636 20* 107,761 81,169 5,929 5,070 11,296 337 140 881 2,939 129,136 52,381 55,907 16,320 1,401 2,654 27* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS • OCTOBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits 11 pur- F.R. ties, Secur- loans invest- mand chased, Banks Others etc. 8 Loans ities (gross) ments deposits etc.7 ad- (gross) ad- Issued justed 9 ad- justed i o Total to justed 9 IPC's Large banks— Total 1971 Sept. 8 23,520 273 1,104 15,468 4.003 26,267 184,911 259,389 83,202 31,828 19,640 1 5 24,744 286 1,146 15,959 4,002 26,235 188,329 264,119 85,663 31,309 19,145 22 22,774 820 1,113 16,335 3,990 26,175 186,432 261,598 82,137 32,075 19,652 2 9 22,989 209 1,132 16,788 4.004 26,228 186,256 261,416 82,082 32,959 20,594 1972 Aug. 2 30,164 ,200 1,507 15,440 4,171 28,514 206,408 286,371 91,910 38,227 24,236 9 31,162 111 1,547 14,933 4.166 28,547 205,774 285,601 90,340 38,946 25,031 1 6 31,997 439 1,486 15,810 4,168 28,489 206,393 286,034 91,539 39,402 25,420 23 30,285 809 1,555 15,661 4.167 28,537 207,308 287,171 91,385 40,312 26,215 3 0 29,623 ,178 1,479 15,182 4.183 28,606 206,371 286,404 91,355 41,212 27,002 Sept. 6* 29,475 44 1,544 15,810 4,196 28,723 209,917 290,648 92,690 40,927 26,737 13* 31,991 80 1,513 15,479 4.184 28,736 209,756 291,367 92,937 41,167 26,733 20* 30,297 ,647 1,513 15,519 4,180 28,659 210,441 291,220 92,012 40,531 26,052 27* 27,729 687 1,427 16,145 4,189 28,675 211,016 292,034 91,960 41,219 26,305 New York City 1971 Sept. 8 6,872 209 6,335 1,196 6,796 44,186 56,405 14,901 11,238 7,435 1 5 7,327 2 208 6,745 1,194 6,782 45,405 58,266 15,804 10,790 6,996 22 5,698 400 257 6,729 1,196 6,759 44,565 56,977 13,866 11,078 7,188 2 9 6,228 289 7,052 1,194 6,749 44,488 56,794 14,013 11,639 7,743 1972 Aug. 2 6,324 511 371 5,805 1,224 7,202 46,934 61,043 19,057 13,304 8,827 9 8,032 275 335 5,320 1,221 7,202 46,464 60,530 18,125 13,542 9,243 1 6 7,755 37 339 5,686 1,222 7,188 46,579 60,652 19,296 13,830 9,498 23 6,962 570 354 5,837 1,227 7,183 46,718 60,943 19,074 14,304 9,947 3 0 6,794 482 316 5,277 1.235 7,258 46,516 60,661 18,445 14,678 10,354 Sept. 6* 7,431 306 5,626 1,237 7,282 47,575 62,105 19,751 14,526 10,216 13* 8,510 15 287 5,180 1.236 7,279 47,723 62,301 19,141 14,609 10,170 20* 7,146 1,018 307 5,428 1.237 7,254 47,722 62,066 19,287 13,934 9,491 27* 5,804 242 242 6,032 1,245 7,241 47,512 62,078 19,420 14,406 9,734 Outside New York City 16,648 273 895 9,133 2.807 19,471 140,725 202,984 68,301 20,590 12,205 1 5 17,417 284 938 9,214 2.808 19,453 142,924 205,853 69,859 20,519 12,149 22 17,076 420 856 9,606 2,794 19.416 141,867 204.621 68,271 20,997 12,464 2 9 16,761 209 843 9,736 2,810 19,479 141,768 204.622 68,069 21,320 12,851 1972 Aug. 2 23,840 689 1,136 9,635 2.947 21,312 159,474 225,328 72,853 24,923 15,409 9 23,130 502 1,212 9,613 2.945 21,345 159,310 225,071 72,215 25,404 15,788 1 6 24,242 402 1,147 10,124 2.946 21,301 159,814 225,382 72,243 25,572 15,922 23 23,323 239 1,201 9,824 2,940 21,354 160,590 226,228 72,31' 26,008 16,268 3 0 22,829 696 1,163 9,905 2.948 21,348 159,855 225,743 72,910 26,534 16,648 Sept. 6* 22,044 44 1,238 10,184 2,959 21,441 162,342 228,543 72,939 26,401 16,521 13* 23,481 65 1,226 10,299 2,948 21,457 162,033 229,066 73,796 26,558 16,563 20* 23,151 629 1,206 10,091 2.943 21,405 162,719 229,154 72,725 26,597 16,561 27* 21,925 445 1,185 10,113 2.944 21,434 163,504 229,956 72,540 26,813 16,571 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1972 1972 1972 1972 1971 Industry Sept. Sept. Sept. Sept. Aug. 1st 2nd 27 20 13 6 30 Sept. Aug. July III half half Durable goods manufacturing: Primary metals 1,985 1,960 1,984 2,001 1,973 12 -73 -47 -108 30 54 84] -282 Machinery 4,100| 4,167' 4,112| 4,0901 4,200| -100 -7 -8 -115 -74 -91 —165 -831 T O r th an er s p f o a r b t r a i t c i a o t n e d e q m u e ip ta m l e p n r t oducts.. 2 1 , , 2 7 7 9 3 7 ' ] 2 1 , , 2 8 9 1 5 2 2 1 , ,7 2 7 6 0 1 1 2 1 , , 2 72 6 3 1 2 1 , , 2 7 3 1 7 9 3 7 6 8 4 1 8 7 ] -1 - 7 9 0 -8 8 6 6 - - 3 2 1 2 7 1 1 4 7 — — 30 3 5 | -3 -7 8 7 9 Other durable goods 2,921 2,927| 2,926] 2,900 2,853 68 68 -41 95 185 146 331 -317 Nondurable goods manufacturing: T F e o x o t d il , e l s i , q a u p o p r, a r a e n l d , a t n o d b a le c a co th er 2 3, , 0 8 4 1 8 2 1 2 3 , , 7 0 7 6 9 2 2 3 , , 7 0 2 6 3 0 2 3 . , 6 0 8 3 7 9 2 2 , , 7 9 3 8 3 3 6 7 5 9 5 5 0 7 7 5 8 1 ; 1 1 9 8 3 7 - 2 4 8 1 1 ; -2 2 2 8 7 1 -2 5 6 6 8 2 -3 4 0 9 4 8 P C e h t e r m ol i e c u a m ls r a e n f d in r in u g b ber 1,8 93 70 7 [ 1,8 9 7 2 4 6 | 1,9 9 1 3 6 6 1,9 8 0 9 0 1 ] 1,9 9 3 1 2 4 -6 2 2 3 - -4 61 9 -1 -1 4 4 7 -2 -5 5 2 8 - - 8 2 8 3 -1 -9 0 7 3 ] - — 1 1 8 2 5 6 1 -59 5 2 2 Other nondurable goods 1,758 1,693 1,679 1,669 1,666 92 -4 16 104 -93 -75 -168 -36 Mining, including crude petroleum and natural gas 3,664] 3,658 3,659 3,625 3,679 -15 34 41 60 -66 -137 -203 187 Trade: C O o th m e m r o w d h i o ty le s d a e l a e l ers 4 1 , , 5 3 8 3 4 1 4 1 , , 5 3 0 0 5 4 4 1 , , 5 3 5 3 0 1 1 4 1 , , 4 2 9 6 5 7 4 1 , , 4 2 6 5 9 9 1 7 1 2 5 -2 5 9 0 316 1 1 9 5 2 3 ] -3 1 0 1 4 1 -1 -5 9 2 4 -49 5 8 9 5 5 3 2 2 4 Retail 4,852 4,770 4,625 4,644] 4,646I 206 -70 197 333 138 259 397] -259 Transportation 5,346 5,352 5,329 5,376 5,443 -97 -20 -183 -300 33 -33 -324 Communication 1,697 1,676 1,658 1,658 1,569 128 -32 166 262 195 -74 121 -225 Other public utilities 3,053 3,103 3,097| 3,1741 3,065 -12 271 95 354 2471 -274 -27| 525 Construction 4,625 4,596 4,553 4,457 4,4261 199 90| 38 327 325 156 481 183 Services 8,592 8,586 8,459 8,461 8,445 147 -25 -134 -12 358 372 730] 289 All other domestic loans 5,667 5,621 5,678 5.688 5,651 16 -286 241 -29 -134 176 42] 610 Bankers' acceptances 1,247 1,254 1,226 1,240 1,218 29 -124 -99 -194] -300| -553 -853 1,158 Fore l i o gn a ns c ommercial and industrial 3,476 3,511 3,474] 3,485 3,441 35 -15 59 791 83 89 172] 578 Total classified loans 71,635 71,431 71,006 70,731 70,521 1,114 -110 167 1,171 524 -346 178 1,500 Total commercial and industrial loans. *86,647 86,382 85,820 85,499 85,175 1,472 -187 209 ,494 1,336 47 1,383 1,614 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1972 1972 1971 1972 Industry Sept. Aug. July June May Apr. Mar. Feb. Jan. 1st 27 30 26 28 31 26 29 23 26 III IV half Durable goods manufacturing: Primary metals 1,302 1,313 1,354 1,369 1,381 1,367 1,342 1,330 1,315 -67 27 — 20| -162 7 Machinery 1,904 1,968 1,935 1,958 1,9861 2,005 2,072] 2,001 2,179] -54 -114] -213 -194 -327 Transportation equipment. 1,306 1,266 1,244 1,360] 1,370| 1,389 1,493' 1,553 1,605 -54 -133 -127 -69 -260 Other fabricated metal Ot p h r e o r d d u u c r t a s ble goods 1,1 6 8 8 9 2 1,1 7 4 1 7 3 1,1 7 3 1 0 1 1,1 6 8 7 3 7 i 1,1 6 4 8 4 5 1 1,1 6 6 9 3 5 j 1,1 6 4 8 5 8 1,1 6 1 8 8 3 1,1 6 1 99 7 1 5 6 38 -25 10 1 - -7 62 9 -3 4 6 8 Nondurable goods manufacturing : Food, liquor, and tobacco. 1,080 1,084 1,034 931 947 909 912 937 987 149 19 -109 36 -90 Textiles, apparel, and leather 710 689 701 666 6461 667 651 580 567 44 15 75 -31 90 Petroleum refining 679 652 685 694 726] 714 757 818 848 -15 -63 -135 35 -198 Chemicals and rubber 1,158 1,188 1,200 1,234 1,245 1,238 1,226 1,315 1,330] -76' 8 -215 -344] -207 Other nondurable goods. . 923 882 860| 875 930 960 980] 973 1,010] 48 -105 — 44| 6 -149 Mining, including crude petroleum and natural gas. 2,679 2,724 2,723 2,667 2,785 2,870 2,872 2,891 2,927 12 -205 — 167 105 -372 Trade: Commodity dealers.. 106 107 110] 109] 128 125 125 132 119 — 3 -16] 10] 6 -6 Other wholesale 864 866 905 902 912 889 927 883 915 -38 -25 34| 46 9 Retail 1,444 1,375 1,345 1,297 1,332 1,328 1,340] 1,352 1,349 147 -43 -43 -88 -86 Transportation 4,090 4,197 4,243 4,314 4,285 4,400| 4,383 4,314 4,397 -224 -69 -57 -131 -126 Communication 561 516 517 502 427 4601 440] 417 432] 59 62 13 7 75 C O o th n e s r t r p u u c b ti l o ic n utilities 1 1 , ,5 6 4 8 8 8 1 1 ,6 ,4 4 5 3 3 1 1 ,4 ,3 7 9 1 2 1 1 , , 4 4 2 0 3 4 1 1, , 3 2 7 1 1 8 1 1 , , 1 3 6 7 1 6 1 1, , 4 1 1 6 7 0 1 1 , , 1 3 9 2 1 7 1 1 , , 2 3 5 05 7 ] 2 1 6 4 5 4 - 2 1 6 3 3 -1 1 5 7 6 3 4 52 4 ] 1 1 0 6 7 0 Services 3,861 3,811 3,747 3,706 3,555 3,593 3,657 3,545 3,542] 155 49] 169 141 218 All other domestic loans 1,553 1,491 1,549 1,465 1 ,787 1,805 1,703 1,602 1,545 -238 272 41 34 Foreign commercial and industrial loans 2,141 2,064| 2,028] 2,033 1,995 1,981 1,939 1,898 1,995 108 94] -137 184 -43 Total loans 31,468 31,149 30,884 30,769 30,855 31,095 31,229 30,860 31,440 699 -460 -692 -457 -1,152 NOTE.—About 160 weekly reporting banks are included in this series; Commercial and industrial "term" loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount- an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article "Revised Series on Commercial and Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 32 DEMAND DEPOSIT OWNERSHIP • OCTOBER 1972 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s in in a e n s c s i al Consumer Foreign o A th l e l r IPC All commercial banks: 1970—June 17.1 85.3 49.0 1.6 9.6 162.5 Sept 17.0 88.0 51.4 1.4 10.0 167.9 Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar 18.3 86.1 54.1 1.4 10.4 170.3 17.9 89.9 56.0 1.3 10.7 175.8 Sept 17.9 91.5 57.5 1.2 9.7 177.9 Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972—Mar 18.1 93.9 59.1 1.3 10.6 183.1 June 17.9 97.1 59.9 1.4 10.9 187.2 Weekly reporting banks: 1971—Aug 13.5 53.4 24.1 1.2 5.1 97.2 Sept 13.8 54.6 24.5 1.2 5.5 99.6 Oct 13.9 55.5 24.5 1.1 5.4 100.4 13.7 55.8 24.6 1.1 5.4 100.7 Dec 14.4 58.6 24.6 1.2 5.9 104.8 1972—Jan 14.4 56.8 25.4 1.1 5.9 103.7 Feb 13.7 55.4 24.4 1.1 5.9 100.5 Mar 13.9 56.1 25.2 1.2 5.9 102.1 14.3 56.9 27.0 1.2 5.9 105.4 May 13.7 56.2 25.4 1.2 5.7 102.1 June 14.1 57.1 25.8 1.3 5.9 104.2 July 14.4 58.4 26.0 1.3 5.9 106.1 Aug.* 13.6 57.4 26.0 1.3 5.7 104.0 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Dec. 31, June 30, Class of Dec. 31, Dec. 31, Dec. 31, June 30, bank 1969 1970 1971 1972 bank 1969 1970 1971 1972 All commercial 11111,,,,,111113333311111 888880000044444 666668888800000 555559999955555 All member—Cont. Insured 11111,,,,,111112222299999 888880000033333 666667777777777 555559999922222 Other reserve city 333330000044444 111114444433333 111111111122222 7777733333 National member 666668888888888 444443333333333 333338888877777 333334444400000 Country 555557777711111 444443333377777 333337777711111 333334444466666 State member 111118888888888 111114444477777 9999955555 7777799999 All nonmember 222225555555555 222222222244444 111119999977777 111117777777777 All member 888887777766666 555558888800000 444448888822222 444441111199999 222225555533333 222222222233333 111119999955555 111117777733333 Noninsured 22222 11111 22222 33333 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as BULLETIN, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal- These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial June 71. 2,413 1,513 900 1,697 374 1,323 1 2,346 1,499 847 1,688 366 1.322 21[ . 2,268 1,439 829 1,680 357 1.323 281 . 2,296 1,422 874 1,675 353 1,322 July 5. 2,238 1,298 940 1,666 336 1.330 12>. 2,217 1,347 870 1,662 331 1.331 19) . 2,304 1,384 920 1,710 368 1,342 26. 2,327 1,426 901 1,687 340 1,347 Aug. > 2,381 1,433 948 1,688 334 1,354 9>. 2,481 1,516 965 1,688 320 1.368 16. 2,432 1,524 908 1.698 316 1,382 231. 2,520 1,519 1,001 1.699 317 1,382 ) 2,380 1,550 830 rl,686 r303 1,380 Sept. 2,446 1,537 909 1,700 303 1,397 ( 2,418 1,502 916 1,715 312 1,403 ) 2,334 1,494 840 1,705 301 1 ,404 27J. 2,265 1,466 799 1,702 299 1,403 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im- Ex- Others ports ports All Bank Bank For- into from other related Other i related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1 ,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 197 0 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971—Aug. 30,057 454 11,494 1,338 16,771 8,377 2,612 2,131 481 107 245 5,413 3,405 1,505 3,467 Sept. 29,946 395 11,909 1,505 16,137 8,148 2,803 2,227 575 51 259 5,036 3,286 1,470 3,391 Oct.. 31,205 454 11,897 1,527 17,327 7,811 3,000 2,350 650 52 261 4,499 3,148 1,366 3,296 Nov. 31,164 406 11,825 1,624 17,309 7,479 2,852 2,204 648 58 258 4,312 2,848 1,392 3,239 Dec. 29,934 495 10,923 1,478 17,038 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 ^ Dec. 31,103 495 10,923 1,478 18,207 1972—Jan.. 32,167 505 11,922 1,582 18,158 7,601 2,917 2,157 761 75 253 4,356 2,558 1,584 3,458 Feb. 32,579 525 12,262 1,624 18,168 7,935 3,123 2,408 715 63 267 4,482 2,589 1,717 3,629 Mar. 32,681 545 12,233 1,627 18,276 7,985 3,083 2,246 837 143 263 4,496 2,597 1,774 3,613 Apr. 32,814 532 12,394 1,644 18,244 7,734 2,840 2,009 830 83 265 4,547 2,597 1,707 3,431 May 33,055 517 12,043 1,482 19,013 7,443 2,874 2,117 757 143 261 4,165 2,683 1,596 3,164 June 33,482 542 12,325 1,429 19,186 7,069 2,817 2,082 735 73 251 3,927 2,657 1,569 2,843 July. 33,891 604 12,319 1,652 19,316 6,643 2,430 1,873 557 63 263 3,887 2,492 1,606 2,545 Aug. 32,998 705 12,239 1,716 18,338 6,639 2,298 1,829 469 96 287 3,958 2,532 1,631 2,476 > Data for commercial and finance company paper on new basis * As reported by dealers; includes finance company paper as well as beginning Dec. 1971. The new series reflects inclusion of paper issued other commercial paper sold in the open market. directly by real estate investment trusts and several additional finance 2 As reported by finance companies that place their paper directly with companies. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 34 INTEREST RATES • OCTOBER 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 192 9 5 Vi-6 1956—Apr. 13.... 3% 1969—Jan. 7 7 1972--Jan. 3 5-5i/8-5i/4» 193 0 3%-6 Aug. 21..., 4 J M u a n r e . 1 9 7 , 7 8 V 1/ 4 2 2 1 4 7 4 45 3 / 4 8 - - 5 5 1 * , 4* 193 1 2%-5 1957—Aug. 6... 4V4 31 41/2-43/4 • 1 1 9 9 3 3 2 3 3*4-4 1958—Jan. 22... 4 1970—M Se a p r t . . 2 25 1 , I 8 V * Feb. 28 43 4 /83 -4 4 I * /2 - Apr. 21... 31/2 Nov. 12 7M Mar. 13 41/2-434* 1934— Sept. 11... 4 23, 7 23 434* 1947 (Nov.) IVt Dec. 22 63/4 27 434 *-4 7/g-5 1959—May 18... 4Vi Apr. 3 434 *-5 Sept. 1... 5 1971 _jan. 6 61/2 5 5* Effective date 1960—Aug. 23... 4Vi 1 15 8 6 6 1 /4 May 1 1 7 5 5 * * - -5 5 1 l/g 4 - 514 1 1 19 9 9 5 4 4 0 8 7 — — — S A D ep u e t c g . . . i i . . 2 . . 2 . . . . . 2 2 iy V a 4 1 1 9 96 6 6 5 — — M J D A u u e a n c g r e . . . 2 1 1 6 9 0 6 . . . . . . . . . . . . 5 5 5 6 * % 4 M J F A M u e p a a l b r y r y . . . 2 1 1 1 1 1 3 6 1 6 9 . , . 5 5 5 5 1 1 1 % / / 4 2 4 - 5 1/2 J J u u n ly e 1 2 2 3 1 0 6 9 3 0 2 . 5 5 5 5 5 5 1 * i - - / 5 5 4 - 4 1 5 i * / I * 4 4- / * - 5 8 * 5 - 5 - 3 y 5 / 3 %8 / 3 8 / - g 7. 51/2-6 51/2 1951—Jan. 8, 2Vi 1967—Jan. 26-27 Oct. 20 6 17 5i4*-5i/ 2 1 1 9 9 5 5 3 4 — — A O D M p e c a t c r r . . . . 2 1 1 1 7 9 7 7 . 2 3 3 3 V % a 1968—A N N M S D e p o o e a p c r v v r t . . . . . . 2 2 2 1 1 2 0 7 3 5 9 . . . . . . . . . . . . . . . . . . 5 6 6 6 6 6 1 1 1 % / / / 2 4 2 - 6 1/4 N D o e v c . . 2 2 1 2 9 4 6 8 5 5 5 5 5 5 V 1 3 3 1 i/ / 5 / 4 / 4 4 4 8 2 1 • * - -- ^ 5 5 - / 5 2 5 - 1 3 5 i * / 5 / / 2 y 2 8 / ^ . 8 8 • Aug. 2 2 1 3 5 7 4 3 1 1 . . . . . 5 5 5 5 5 1 1 1 i i / / 4 4 5 4 4 4 * * i * / - - - i 5 5 5 3 i/ y / $ 2 8 ~ 1955—A O u ct g . . 1 4 4 3 31 % /z 18... 6V4 2 3 7 1 5 5V i4 4 * -5 1/2* 28. 5i4 51 * / - 2 5 3/g- 29. 514-53/8- 5V4* 30. 51/2 Sept. 11 , 25, 5i/4*-55/ 8 534 1 Date of change not available. NOTE.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money market variables. Asterisk denotes prime rate charged by the majority of commercial banks. RATES ON BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1--9 10-99 100-499 500-999 1,000 and over Center Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 1972 Short-term 35 centers 5.84 5.59 7.27 7.07 6.72 6.53 6.20 5.94 5.91 5.57 5.59 5.33 New York City. . 5.55 5.28 6.82 6.54 6.37 6.10 5.95 5.61 5.55 5.28 5.47 5.21 7 Other Northeast 6.14 5.81 7.39 7.25 6.89 6.73 6.44 6.10 6.12 5.72 5.81 5.46 8 North Central.. 5.79 5.54 7.02 6.70 6.47 6.31 6.04 5.85 5.77 5.64 5.63 5.34 7 Southeast 6.06 5.78 7.55 7.30 6.96 6.77 6.30 5.96 6.09 5.47 5.41 5.30 8 Southwest 6.07 5.88 7.14 7.02 6.64 6.44 6.17 6.04 6.17 5.71 5.72 5.60 4 West Coast 5.82 5.60 7.61 7.45 6.95 6.77 6.39 6.12 5.96 5.55 5.53 5.35 Revolving credit 35 centers 5.83 5.59 6.78 6.52 6.51 6.28 5.93 5.69 5.83 5.60 5.81 5.57 New York City. . , 5.82 5.44 7.06 5.92 6.21 5.97 5.73 5.41 5.61 5.35 5.83 5.44 7 Other Northeast 5.69 5.82 7.68 7.56 6.38 6.73 6.09 5.87 5.75 6.09 5.62 5.76 8 North Central.. 6.12 5.84 7.02 6.36 6.35 6.00 5.79 5.74 6.11 5.73 6.15 5.86 7 Southeast 5.66 5.13 6.07 5.95 6.30 6.05 6.13 5.44 5.62 5.44 4.91 8 Southwest 6.42 5.98 6.93 6.52 6.63 6.48 6.28 5.91 6.37 6.22 6.47 5.85 4 West Coast 5.72 5.57 6.98 6.90 6.68 6.37 5.97 5.72 5.75 5.47 5.67 5.55 Long-term 35 centers 6.31 5.87 7.47 7.03 6.80 6.65 6.51 6.26 6.27 5.87 6.28 5.78 New York City. . 5.87 5.66 5.87 5.55 6.29 6.26 6.18 5.99 5.74 5.54 5.85 5.64 7 Other Northeast 6.59 6.03 7.64 7.76 6.94 6.60 6.73 6.45 6.42 6.01 6.54 5.85 8 North Central.. 6.59 5.92 6.79 6.83 6.82 6.94 6.67 6.00 6.52 6.12 6.58 5.84 7 Southeast 7.37 6.45 6.67 6.58 6.17 6.63 7.07 7.10 7.05 8.23 5.50 8 Southwest 6.36 6.37 8.60 6.92 7.57 6.95 6.69 6.33 5.54 6.29 6.45 6.35 4 West Coast 6.49 5.80 7.62 7.49 6.66 6.35 6.07 6.37 6.82 5.25 6.46 5.79 NOTE.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 468- 77 of the June 1971 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills 5 6-month bills5 9-to 12-month issues 5 Period ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee333 yyeeaarr 90-119 4- to 6- 333--- tttooo 666--- 999000 dddaaayyysss iii Rate Market Rate on Market 1 -year iissssuueess88 days1 months1 mmmooonnnttthhhsss222 on new yield 6 new issue yield 0 bill (mar- Other 7 issue ket yield) 6 1966. 5.55 5.42 5.36 5.11 4.881 4.86 5.082 5.06 5.20 5.17 5.16 1967. 5.10 4.89 4.75 4.22 4.321 4.29 4.630 4.61 4.82 4.84 5.07 1968. 5.90 5.69 5.75 5.66 5.339 5.34 5.470 5.47 5.46 5.62 5.59 1969. 7.83 7.16 7.61 8.22 6.677 6.67 6.853 6.86 6.79 7.06 6.85 1970. 7.72 7.23 7.31 7.17 6.458 6.39 6.562 6.51 6.49 6.90 7.37 1971. 5.11 4.91 4.85 4.66 4.348 4.33 4.511 4.52 4.67 4.75 5.77 1971—Sept.. 5.69 5.75 5.44 5.49 5.55 4.668 4.69 4.934 4.97 5.19 5.31 5.96 Oct.. 5.42 5.54 5.30 5.05 5.20 4.489 4.46 4.626 4.60 4.75 4.74 5.68 Nov.. 4.85 4.92 4.81 4.78 4.91 4.191 4.22 4.338 4.38 4.49 4.50 5.50 Dec.. 4.66 4.74 4.60 4.45 4.14 4.023 4.01 4.199 4.24 4.40 4.38 5.42 1972—Jan.. 4.03 4.08 3.95 3.92 3.50 3.403 3.38 3.656 3.66 3.82 3.99 5.33 Feb.. 3.81 3.93 3.78 3.52 3.29 3.180 3.20 3.594 3.63 4.06 4.07 5.51 Mar.. 4.10 4.17 4.03 3.95 3.83 3.723 3.73 4.086 4. 12 4.43 4.54 5.74 Apr.. 4.55 4.58 4.38 4.43 4. 17 3.723 3.71 4.218 4.23 4.65 4.84 6.01 May. 4.45 4.51 4.38 4.25 4.27 3.648 3.69 4.064 4.12 4.46 4.58 5.69 June. 4.60 4.64 4.45 4.47 4.46 3.874 3.91 4.270 4.35 4.71 4.87 5.77 July. , 4.83 4.85 4.72 4.73 4.55 4.059 3.98 4.583 4.50 4.90 4.89 5.86 Aug.. 4.75 4.82 4.58 4.67 4.80 4.014 4.02 4.527 4.55 4.90 4.91 5.92 Sept.. 5.07 5.13 4.91 4.84 4.87 4.651 4.66 5.086 5.13 5.44 5.49 6.16 Week ending- 1972—June 3. 4.41 4.50 4.38 4.25 4.38 3.762 3.83 4.106 4.19 4.54 4.66 5.64 10. 4.50 4.50 4.38 4.35 4.48 3.861 3.86 4.243 4.25 4.62 4.80 5.71 17. 4.53 4.63 4.38 4.38 4.46 3.798 3.87 4.187 4.28 4.62 4.80 5.73 24. 4.65 4.65 4.50 4.53 4.39 3.924 3.97 4.328 4.40 4.69 4.89 5.81 July 4.80 4.83 4.58 4.70 4.49 4.023 3.97 4.484 4.51 4.98 5.02 5.87 4.85 4.88 4.70 4.75 4.61 4.138 4.07 4.688 4.56 4.99 5.01 5.86 15. 4.88 4.88 4.75 4.75 4.62 4.102 4.05 4.605 4.55 4.94 4.97 5.85 22., 4.85 4.88 4.75 4.75 4.46 3.948 3.93 4.455 4.47 4.86 4.84 5.84 29. 4.75 4.80 4.63 4.68 4.54 4.047 3.94 4.585 4.46 4.87 4.79 5.87 Aug. 5. 4.68 4.73 4.58 4.63 4.56 3.794 3.79 4.298 4.30 4.78 4.72 5.85 12. 4.63 4.70 4.50 4.63 4.69 3.928 3.86 4.431 4.38 4.75 4.71 5.85 19. 4.75 4.85 4.58 4.63 4.87 3.956 3.90 4.464 4.46 4.75 4.78 5.87 26. 4.85 4.88 4.63 4.75 4.75 4.058 4.13 4.623 4.70 5.02 5.05 5.94 Sept. 2. 4.90 4.95 4.63 4.75 4.90 4.332 4.47 4.818 4.92 5.28 5.38 6.11 9. 5.00 5.09 4.75 4.75 4.89 4.569 4.71 4.937 5.06 5.36 5.47 6.19 16. 5.00 5.13 4.90 4.88 4.69 4.759 4.71 5.074 5.11 5.42 5.47 6.20 23. 5.13 5.13 5.00 4.88 4.93 4.633 4.66 5.097 5.14 5.46 5.48 6.15 30. 5.13 5.18 5.00 4.88 4.99 4.644 4.60 5.236 5.22 5.52 5.56 6.13 1 Averages of the most representative daily offering rate quoted by 5 Bills quoted on bank discount rate basis. dealers. 6 Beginning in this BULLETIN, these series have been revised to include 2 Averages of the most representative daily offering rate published by the new bill issue the day following the auction, as trading begins on a finance companies, for varying maturities in the 90-179 day range. when-issued basis. 3 Seven-day average for week ending Wednesday. 7 Certificates and selected note and bond issues. 4 Except for new bill issues, yields are averages computed from daily 8 Selected note and bond issues. closing bid prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 36 INTEREST RATES • OCTOBER 1972 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State and local Seasoned issues Dividend/ Earnings/ price ratio price ratio Period United New- States issue By selected By (long- Aaa rating group term) Total i Baa utility Total i Pre- Com- Com- Aaa Baa Indus- Rail- Public ferred mon mon trial road utility 196 2 3.95 3.30 3.03 3.67 4.19 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.21 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.34 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.50 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.43 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.50 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.71 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 197 0 6.59 6.42 6.12 6.75 8.68 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.28 197 1 5.74 5.62 5.22 5.89 7.62 7.94 7.39 8.56 7.57 8.38 8.13 6.69 3.14 5.44 1971—Sep t 5.56 5.45 5.09 5.86 7.68 7.97 7.44 8.59 7.64 8.39 8.12 6.90 3.09 5.65 Oct 5.46 5.05 4.75 5.38 7.50 7.88 7.39 8.48 7.58 8.25 8.04 6.75 3.16 Nov 5.44 5.20 4.94 5.53 7.38 7.77 7.26 8.38 7.46 8.13 7.96 6.78 3.31 Dec 5.62 5.24 4.99 5.55 7.28 7.75 7.25 8.38 7.42 8.12 7.92 6.81 3.10 4.86 1972—Ja n 5.62 5.13 4.84 5.49 7.21 7.66 7.19 8.23 7.34 7.98 7.85 6.57 2.96 Feb.. 5.67 5.29 5.01 5.63 7.34 7.68 7.27 8.23 7.39 8.00 7.84 6.67 2.92 Mar 5.66 5.31 4.99 5.61 7.24 7.66 7.24 8.24 7.35 8.03 7.81 6.76 2.86 Apr 5.74 5.45 5.16 5.79 7.45 7.71 7.30 8.24 7.42 8.04 7.87 6.91 2.83 May 5.64 5.33 5.09 5.65 7.38 7.71 7.30 8.23 7.43 8.01 7.88 6.90 2.88 June 5.59 5.35 5.07 5.72 7.32 7.66 7.23 8.20 7.36 7.98 7.83 6.93 2.87 July 5.57 5.50 5.23 5.78 7.38 7.66 7.21 8.23 7.39 8.00 7.80 6.99 2.90 Aug 5.54 5.36 5.10 5.66 7.37 7.61 7.19 8.19 7.35 7.99 7.69 6.90 2.80 Sept 5.70 5.38 5.12 5.69 7.40 7.59 7.22 8.09 7.36 7.97 7.63 7.00 2.83 Week ending— 1972—Aug. 1 5 2 . . . . . . 5 5. . 5 4 1 8 5 5 . . 3 4 5 0 5 5. . 1 1 0 0 5 5. . 6 7 5 0 7 7 . . 3 4 7 0 7 7 . . 6 6 3 6 7 7 . . 2 2 2 0 : : . . 2 2 5 3 7 7. . 3 3 6 9 7 8 . . 9 0 9 0 7 7 . . 7 8 3 0 6 6 . .9 9 7 6 2 2. . 8 8 0 4 19... 5.53 5.31 5.05 5.60 7.32 7.60 7.19 .19 7.35 7.98 7.67 6.90 2.78 26. . . 5.56 5.36 5.10 5.65 7.59 7.17 .16 7.34 8.00 7.64 6.79 2.77 Sept. 2. . . 5.62 5.41 5.15 5.70 7.41 7.59 7.16 .15 7.32 8.02 7.63 6.87 2.81 9. . . 5.66 5.41 5.15 5.70 7.38 7.58 7.19 .11 7.34 7.97 7.63 6.98 2.81 16. .. 5.68 5.38 5.10 5.70 7.34 7.59 7.23 .09 7.36 7.96 7.63 7.02 2.84 23. . . 5.70 5.41 5.15 5.75 7.44 7.59 7.23 .09 7.37 7.97 7.63 6.99 2.84 30.. . 5.75 5.33 5.08 5.60 7.42 7.60 7.24 7.37 7.99 7.63 7.01 2.82 Number of issues2 20 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Thurs. figures. (3) Corporate: New-issue Aaa utility rates are weekly averarately. Because of a limited number of suitable issues, the number ages compiled by the Board of Governors of the Federal Reserve System. of corporate bonds in some groups has varied somewhat. As of Dec. Rates for seasoned issues are averages of daily figures from Moody's In- 23, 1967, there is no longer an Aaa-rated railroad bond series. vestors Service. 2 Number of issues varies over time; figures shown reflect most recent Stocks: Standard and Poor's corporate series. Dividend/price ratios count. 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 non- NOTE.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and two public utility; common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt.: Averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more. (2) State and local govt.: General obligations only, based on Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude NOTE.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market NOTE.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com- companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 y2 hours per day, or 27 y2 hours per week. homebuilders; and permanent loans that are coupled with construction In recent years shorter days and/or weeks have cut total weekly trading loans to owner-builders. Series beginning 1965, not strictly comparable to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- with earlier data. See also the table on Home-Mortgage Yields, p. A-55. Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- 22.5; 1970—Jan. 2-May 1, 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • SECURITY MARKETS A 37 SECURITY PRICES Common stock prices VVVooollluuummmeee ooofff BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange tttrrraaadddiiinnnggg iiinnn (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) ssstttoooccckkksss AAAmmmeeerrr--- (((ttthhhooouuusssaaannndddsss ooofff PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index iiicccaaannn ssshhhaaarrreeesss))) (1941-43= 10) (Dec. 31, 1965 = 50) SSStttoooccckkk EEExxx--ccchhhaaannngggeee ( G l U o o . n v S g t . - , S l a o t n c a d a te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce iiinnn tttooo ddd ttt eee aaa xxx lll 111 NYSE AMEX term) 1962 8888866666.....9999944444 111111111122222.....00000 9999966666.....22222 6666622222.....3333388888 6666655555.....5555544444 3333300000.....5555566666 5555599999.....1111166666 33333,,,,,888882222200000 11111,,,,,222222222255555 1963 8888866666.....3333311111 111111111111111.....33333 9999966666.....88888 6666699999.....8888877777 7777733333.....3333399999 3333377777.....5555588888 6666644444.....9999999999 8888....55552222 44444,,,,,555557777733333 11111,,,,,222226666699999 1964 8888844444.....4444466666 111111111111111.....55555 9999955555.....11111 8888811111.....3333377777 8888866666.....1111199999 4444455555.....4444466666 6666699999.....9999911111 9999....88881111 44444,,,,,888888888888888 11111,,,,,555557777700000 1965 8888833333.....7777766666 111111111100000.....66666 9999933333.....99999 8888888888.....1111177777 9999933333.....4444488888 4444466666.....7777788888 7777766666.....0000088888 11112222....00005555 66666,,,,,111117777744444 22222,,,,,111112222200000 196 6 7777788888.....6666633333 111110000022222.....66666 8888866666.....11111 8888855555.....2222266666 9999911111.....0000099999 4444466666.....3333344444 6666688888.....2222211111 44.16 43.79 48.23 44.77 44.43 11114444....66667777 77777,,,,,555553333388888 22222,,,,,777775555522222 196 7 7777766666.....5555555555 111110000000000.....55555 8888811111.....88888 9999911111.....9999933333 9999999999.....1111188888 4444466666.....7777722222 6666688888.....1111100000 50.77 51.97 53.51 45.43 49.82 11119999....66667777 1111100000,,,,,111114444433333 44444,,,,,555550000088888 196 8 7777722222.....3333333333 9999933333.....55555 7777766666.....44444 9999988888.....7777700000 111110000077777.....4444499999 4444488888.....8888844444 6666666666.....4444422222 55.37 58.00 50.58 44.19 65.85 22227777....77772222 1111122222,,,,,999997777711111 66666,,,,,333335555533333 196 9 6666644444.....4444499999 7777799999.....00000 6666688888.....55555 9999977777.....8888844444 111110000077777.....1111133333 4444455555.....9999955555 6666622222.....6666644444 54.67 57.45 46.96 42.80 70.49 22228888....77773333 1111111111,,,,,444440000033333 55555,,,,,000000000011111 197 0 6666600000.....5555522222 7777722222.....33333 6666611111.....66666 8888833333.....2222222222 9999911111.....2222299999 3333322222.....1111133333 5555544444.....4444488888 45.72 48.03 32.14 37.24 54.64 22222222....55559999 1111100000,,,,,555553333322222 33333,,,,,333337777766666 197 1 6666688888.....8888800000 8888800000.....00000 6666655555.....00000 9999988888.....2222299999 111110000088888.....3333355555 4444411111.....9999944444 5555599999.....3333333333 54.22 57.92 44.35 39.53 70.38 22225555....22222222 1111177777,,,,,444442222299999 44444,,,,,222223333344444 1971—Sep t 6666699999.....3333355555 8888811111.....77777 6666644444.....22222 9999999999.....4444400000 111110000099999.....8888855555 4444477777.....1111188888 5555566666.....4444488888 54.95 59.13 48.09 37.53 72.14 22225555....44447777 1111122222,,,,,000003333388888 33333,,,,,222225555599999 Oct 7777700000.....3333333333 8888844444.....77777 6666655555.....22222 9999977777.....2222299999 111110000077777.....2222288888 4444444444.....5555588888 5555577777.....4444411111 53.76 57.52 47.02 37.93 71.24 22225555....22224444 1111133333,,,,,333334444400000 33333,,,,,666662222222222 Nov 7777700000.....4444477777 8888844444.....11111 6666666666.....44444 9999922222.....7777788888 111110000022222.....2222211111 4444411111.....1111199999 5555555555.....8888866666 51.17 54.50 44.29 36.87 68.98 22224444....11110000 1111133333,,,,,111116666633333 33333,,,,,222223333344444 Dec. 6666688888.....8888800000 8888833333.....55555 6666666666.....55555 9999999999.....1111177777 111110000099999.....6666677777 4444433333.....1111177777 5555577777.....0000077777 54.76 58.85 48.34 37.52 72.28 22225555....00004444 1111177777,,,,,111117777711111 44444,,,,,777777777777777 1972—Ja n 6666688888.....7777799999 8888844444.....66666 6666677777.....11111 111110000033333.....3333300000 111111111144444.....1111122222 4444455555.....1111166666 6666600000.....1111199999 57.19 61.33 50.56 40.02 74.24 22226666....44446666 1111188888,,,,,000007777722222 55555,,,,,555551111166666 Feb 6666688888.....3333322222 8888833333.....88888 6666666666.....77777 111110000055555.....2222244444 111111111166666.....8888866666 4444455555.....6666666666 5555577777.....4444411111 58.45 63.36 52.80 38.56 73.74 22227777....55552222 1111188888,,,,,888881111177777 66666,,,,,333332222288888 Mar, 6666688888.....4444433333 8888844444.....11111 6666666666.....22222 111110000077777.....6666699999 111111111199999.....7777733333 4444466666.....4444488888 5555577777.....7777733333 59.96 65.18 53.71 38.56 77.15 22228888....00003333 1111188888,,,,,333335555511111 55555,,,,,666668888800000 Apr 6666677777.....6666666666 8888822222.....55555 6666655555.....11111 111110000088888.....8888811111 111112222211111.....3333344444 4444477777.....3333388888 5555555555.....7777700000 60.65 66.10 55.50 37.48 80.36 22228888....22224444 1111188888,,,,,444440000022222 55555,,,,,555558888844444 May 6666688888.....5555599999 8888844444.....66666 6666655555.....33333 111110000077777.....6666655555 111112222200000.....1111166666 4444455555.....0000066666 5555544444.....9999944444 59.82 65.30 53.43 37.04 78.32 22227777....66663333 1111155555,,,,,222227777700000 44444,,,,,111118888844444 June 6666699999.....0000055555 8888833333.....44444 6666655555.....66666 111110000088888.....0000011111 111112222200000.....8888844444 4444433333.....6666666666 5555533333.....7777733333 59.87 65.76 51.26 36.32 76.59 22227777....44447777 1111144444,,,,,222229999988888 33333,,,,,888887777722222 July 6666699999.....2222233333 8888833333.....11111 6666655555.....66666 111110000077777.....2222211111 111111111199999.....9999988888 4444422222.....0000000000 5555533333.....4444477777 59.21 65.13 48.45 36.02 75.41 22226666....99997777 1111144444,,,,,444445555500000 33333,,,,,555554444466666 Aug 6666699999.....5555555555 8888844444.....22222 6666655555.....88888 111111111111111.....0000011111 111112222244444.....3333355555 4444433333.....2222288888 5555544444.....6666666666 61.07 67.25 48.97 36.87 78.27 22226666....88885555 1111155555,,,,,555552222222222 33333,,,,,888880000077777 Sept 6666688888.....0000066666 8888833333.....44444 6666655555.....66666 111110000099999.....3333399999 111112222222222.....3333333333 4444422222.....3333377777 5555555555.....3333366666 60.05 65.72 46.49 37.82 78.41 22225555....22223333 1111122222,,,,,333331111144444 22222,,,,,777777777744444 Week ending— 1972—Sept. 2 6666688888.....7777799999 8888833333.....55555 6666655555.....99999 111111111100000.....7777766666 111112222233333.....8888899999 4444433333.....6666644444 5555555555.....6666688888 60.94 66.87 48.28 37.57 79.17 22226666....66663333 1111111111,,,,,888888888899999 33333,,,,,222228888833333 9 6666688888.....3333377777 8888833333.....33333 6666655555.....88888 111111111111111.....5555566666 111112222233333.....6666655555 4444433333.....2222200000 5555555555.....7777722222 60.78 66.67 47.94 37.58 79.25 22226666....55553333 1111111111,,,,,111118888811111 22222,,,,,666660000011111 16 6666688888.....1111199999 8888833333.....33333 6666655555.....55555 111110000088888.....9999922222 111112222211111.....7777788888 4444422222.....5555555555 5555555555.....2222211111 59.81 65.47 46.47 37.58 78.09 22226666....22220000 1111122222,,,,,333331111111111 22222,,,,,888880000011111 23 6666688888.....0000011111 8888833333.....22222 6666655555.....66666 111110000088888.....5555544444 111112222211111.....3333377777 4444422222.....0000099999 5555555555.....0000022222 59.55 65.07 46.06 37.94 77.68 22226666....00009999 1111111111,,,,,777775555522222 22222,,,,,666661111177777 30 6666677777.....6666611111 8888833333.....88888 6666655555.....33333 111110000099999.....3333366666 111112222222222.....3333311111 4444411111.....5555544444 5555555555.....4444477777 59.96 65.56 45.32 38.16 78.55 22226666....00007777 1111133333,,,,,999992222277777 33333,,,,,000003333344444 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p e n r e s t g r ) & e 1 s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i r n t o e ) / (t d h c o p o P h l r u u l a i a s r c s r . - e e s o ) f (t a d h m L o o l o u o la a s u r . n n s o t ) f c C t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p n e r e s t g r ) & e i s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t a d h L m o o l u o l o a a s u . r n n s o ) t f 1965. 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966. 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969. 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970. 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971 . 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1971--July 7.51 .90 26.3 74.5 36.8 27.1 7.50 .75 24.2 74.5 31.6 23.2 Aug 7.60 .84 26.2 73.9 36.5 26.5 7.58 .76 24.5 74.2 31.9 23.5 Sept 7.67 .97 25.8 75.3 35.1 25.9 7.63 .79 24.2 74.5 30.7 22.5 Oct 7.68 .97 26.4 75.5 35.2 26.3 7.62 .79 24.1 74.2 31.2 22.9 Nov 7.65 .87 26.7 75.4 36.7 27.3 7.56 .79 24.3 74.6 31.6 23.2 Dec 7.62 .93 26.6 74.5 36.4 26.5 7.51 .80 24.6 74.6 32.5 23.9 1972--Jan 7.62 .95 26.5 75.0 37.3 27.6 7.45 .82 24.9 74.7 32.5 24.1 Feb 7.45 1.02 27.0 76.5 37.2 27.8 7.35 .79 25.4 75.8 33.1 24.8 Mar 7.38 .84 27.2 76.2 37.7 28.2 7.31 .77 25.1 75.6 32.7 24.4 Apr 7.38 .83 27.2 76.0 38.3 28.5 7.30 .78 25.2 75.3 33.6 24.9 May 7.40 .84 27.2 76.2 38.2 28.5 7.33 .77 25.2 75.4 33.3 24.6 June r 7.41 .85 27.2 76.5 37.2 27.8 7.36 .78 25.5 76.1 33.8 25.2 July 7.43 .83 27.2 77.0 37.3 28.2 7.37 .83 25.6 76.2 33.8 25.2 Aug 7.45 .86 27.5 77.3 36.9 28.0 7.39 .82 26.3 76.5 33.8 25.5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 STOCK MARKET CREDIT • OCTOBER 1972 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 3 Regulated 2 Unregulated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin accts. 5,917 5,121 796 4,850 723 227 58 44 15 1,208 1,206 405 5,990 5,208 782 4,930 713 230 54 48 15 1,182 1,237 364 6,016 5,238 778 4,950 711 239 53 49 14 1,194 1,204 393 5,995 5,198 797 4,910 731 242 51 46 15 1,193 1,209 412 6,835 5,700 835 5,400 764 258 57 42 14 1,197 1,298 387 6,850 5,989 861 5,700 789 252 56 37 16 1,182 1,313 448 7,427 6.477 950 6,180 877 256 56 41 17 1,170 1,327 434 7,847 6,896 951 6,620 883 240 53 36 15 1,158 1,294 442 8,250 7,283 967 7,010 898 240 57 33 12 1,150 1,278 433 * p9 8 8 , , , 0 8 4 4 6 7 2 2 0 7 7 7 . , , 4 9 7 7 4 9 8 5 2 p pl \, , 0 0 6 9 9 8 9 7 4 7 7 7 , , , 2 5 6 0 1 6 0 0 0 * 35 1 1 , , 0 9 0 0 2 2 4 0 6 2 2 2 4 4 4 1 4 8 p z> 5 5 5 8 6 8 3 3 3 7 8 7 P p 1 1 1 2 2 3 * * 1 1 1 , , , 1 2 3 4 5 3 1 3 4 * * 1 1 1 , , 2 2 ,2 5 2 9 8 9 6 4 4 3 0 0 8 3 3 6 8,061 7,780 246 35 384 1 Margin credit includes all credit extended to purchase or carry stocks 3 Nonmargin stocks are those not listed on a national securities exchange or related equity instruments and secured at least in part by stock (see and not included on the Board of Governors of the Federal Reserve Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data System's list of OTC margin stocks. At banks, loans to purchase or carry for member firms of the NYSE. June data for banks are universe totals; nonmargin stocks are unregulated; at brokers, such stocks have no loan all other data for banks represent estimates for all commercial banks value. based on reports by a reporting sample, which accounted for 60 per cent 4 Includes loans to purchase or carry margin stock if these are unsecured of security credit outstanding at banks on June 30, 1971. or secured entirely by unrestricted collateral (see Dec. 1970 BULLETIN). 2 In addition to assigning a current loan value to margin stock generally, 5 Free credit balances are in accounts with no unfulfilled commitments Regulations T and U permit special loan values for convertible bonds and to the brokers and are subject to withdrawal by customers on demand. stock acquired through exercise of subscription rights. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts EEnndd ooff ll (( dd ii mm oo eebb nn iill tt ss -- End of period c N re e d t i t in debit status ppeerriioodd ooff 80 or Under status 60 per cent Less than ddooll-- more 70-79 60-69 50-59 40-49 40 or more 60 per cent llaarrss))!! 1971—Aug. 44.6 48.0 7.4 1971—Aug.. 4,850 9.3 14.4 35.4 19.6 8.9 12.6 Sept. 44.2 47.0 8.8 Sept.. 4,930 8.7 13.1 34.3 20.7 9.9 13.3 Oct., 45.5 45.2 9.3 Oct... 4,950 7.5 10.9 28.7 24.4 12.1 16.3 Nov. 44.6 45.1 10.2 Nov.. 4,910 7.3 10.7 25.9 26.2 13.1 16.8 Dec. 35.0 55.7 9.4 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 1972—Jan., 36.8 55.9 7.3 1972—Jan... 5,700 8.7 13.5 27.1 32.6 8.5 9.6 Feb. 35.1 57.0 7.9 Feb.. 6,180 8.4 12.4 25.9 35.1 8.5 9.7 Mar. 35.8 56.0 8.1 Mar.. 6,620 7.6 11.2 22.3 38.5 10.6 9.7 Apr. 35.5 56.5 8.0 Apr.. 7,010 7.1 10.2 19.5 40.0 12.8 10.5 May 34.7 57.1 8.0 May. 7,200 6.9 9.9 19.3 38.6 15.0 10.4 June 34.3 56.3 9.4 June. 7,510 6.0 9.1 15.9 33.9 22.0 13.2 July. 34.4 55.2 11.4 July.. 7,660 5.5 8.3 14.6 30.8 24.9 15.7 Aug. 33.4 55.2 11.4 Aug.. 7,780 5.9 8.6 15.0 33.6 22.4 14.6 NOTE.—Special miscellaneous accounts contain credit balances that 1 See note 1 to table above. may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based on loan values of other NOTE.—Each customer's equity in his collateral (market value of col- collateral in the customer's margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col- sales proceeds) occur. lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Securities Total Mortgage loan assets— commitments 3 Total Other General classified by maturity M ga o g r e t - Other G U o . v S t . . g S l a o o t n c a v d a t t e l . o C t r a o h a n r e t d p e r o 1 - Cash O as t s h e e t r s g l r i e e a a t s n b i n e e e i r d s r l v i a - e l De it p s o 2 s- lia ti b e i s l i- reserve (in months) accts. 3 or 3-6 6-9 less 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67.026 1,588 5,530 584 485 452 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 59,935 2,545 3,558 326 16,969 1,198 1,750 86,282 78,130 2,198 5,924 1,015 582 347 60,350 2,685 3,517 338 17,159 1,151 1,692 86,892 78,437 2,423 6,031 978 557 374 60,622 2,782 3,467 339 17,282 1,177 1,742 87,410 79,236 2,129 6,045 1,086 509 422 61,036 2,840 3,382 343 17,292 1,250 1,712 87,856 79,648 2,150 6,059 1,125 415 484 61,473 2,891 3,346 357 17,452 1,280 1,695 88,495 80,165 2,218 6,112 1,129 554 461 62,069 2,808 3,334 385 17,674 1,389 1,711 89,369 81,440 1,810 6,118 1,047 627 463 62,258 3,224 3,261 433 18,417 1,246 1,802 90,641 82,327 1,962 6,352 1,045 676 409 62,517 3,523 3,306 459 19,055 1.255 1,808 91,924 83,269 2,229 6,427 1,277 759 533 62,947 3,660 3,380 515 19,659 1.256 1,852 93,268 84,809 1,991 6,468 1,448 769 681 63,299 3,452 3,425 548 20,192 1,239 1,868 94,022 85,299 2,231 6,492 1,720 747 742 63,753 3,499 3,450 598 20,615 1,238 1,881 95,035 85,976 2,493 6,565 1,654 778 737 64,333 3,439 3,397 642 20,857 1,332 1 ,948 95,947 87.027 2,254 6,667 1,612 925 540 64,771 3,642 3,376 691 21,193 1,298 1,945 96,916 87,714 2,536 6,665 1,579 956 557 1 Also includes securities of foreign governments and international data previously reported by NAMSB which were net of valuation reserves. organizations and nonguaranteed issues of U.S. Govt, agencies. For most items, however, the differences are relatively small. 2 See note 8, p. A-19. 3 Commitments outstanding of banks in New York State as reported to NOTE.—National Assn. of Mutual Savings Banks data; figures are the Savings Banks Assn. of the State of New York. Data include building estimates for all savings banks in the United States and differ somewhat loans beginning with Aug. 1967. from those shown elsewhere in the BULLETIN; the latter are for call dates 4 Balance sheet data beginning Jan. 1972 are reported on a gross of and are based on reports filed with U.S. Govt, and State bank supervisory valuation reserves basis. The data differ somewhat from balance sheet agencies. LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total MMoorrtt-- RReeaall PPoolliiccyy OOtthheerr assets Total U S n ta it te e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks ggaaggeess eessttaattee llooaannss aasssseettss Statement value: 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 196 9 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 9,964 197 0 207,254 11,068 4,574 3,306 3,188 88,518 73,098 15,420 74,375 6,320 16,064 10,909 1971—July. . 215,534 10,986 4,526 3,346 3,114 95,847 77,506 18,341 74,553 6,615 16,609 10,924 Aug 216,436 11,076 4,475 3,452 3,149 96.429 77,581 18,848 74,707 6,749 16,679 10,796 Sept.... 217,489 11,000 4,345 3.484 3,171 97,199 78,121 19,078 74,799 6,811 16,782 10,898 Oct 218,257 11,016 4,331 3.485 3,200 97,778 78,890 18,888 74,864 6,876 16,850 10,873 Nov.... 219,353 11,150 4,473 3,484 3,193 98,443 79,384 19,059 74,903 6,949 16,948 10,960 Dec 221,573 11,129 4,427 3,518 3,184 99.430 78,912 20,518 75,596 7,097 17,027 11,294 1972—Jan.... 223,312 11,325 4,594 3,535 3.196 101,350 80,087 21,263 75,517 7,097 17,074 10,949 Feb.. .. 224,736 11,341 4,609 3,535 3.197 102,821 80,795 22,026 75,456 6,999 17,132 10,987 Mar 226,024 11,517 4,744 3,532 3.241 103,798 81,099 22,699 75,424 7,048 17,212 11,025 Apr... . 227,893 11,083 4,476 3,373 3,234 105,249 82,293 22,956 75,469 7,034 17,360 11,698 May... 229,336 11,128 4,516 3,366 3,246 106,434 83,060 23,374 75,493 7,094 17,441 11,746 June... 230,182 11,105 4,394 3.355 3,356 107,074 83,382 23,692 75,547 7,149 17,528 11,779 July. . . 231,586 11,075 4,372 3.356 3,347 108,236 84,539 23,697 75,626 7,185 17,605 11,859 1 Issues of foreign governments and their subdivisions and bonds of Figures are annual statement asset values, with bonds carried on an the International Bank for Reconstruction and Development. amortized basis and stocks at year-end market value. Adjustments for interest due and accrued and for differences between market and book NOTE.—Institute of Life Insurance estimates for all life insurance values are not made on each item separately but are included in total, in companies in the United States. "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 40 SAVINGS INSTITUTIONS • OCTOBER 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments4 Total assets— End of period M ga o g r e t s - I s i n m e t v i c e e e u n s s r t 1 t - - Cash Other2 lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n d s e - s m r B o o w n or e e - y d 3 Loans Other d p M u er r a i i d o n e d g 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1.499 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 114,427 7,762 3.366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 140.232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 1,602 166,111 18,972 2,077 10,312 197,472 165,633 12,329 8,203 5,023 6,284 2,880 168.233 18,663 2,056 10,474 199,426 168,303 12,339 8,388 4.996 5,400 2,639 170,106 18,971 2,166 10,603 201,846 169,796 12,327 8,353 5,001 6,369 2,537 172,047 19,096 2,284 10,811 204,238 171,358 12,325 8,439 4,960 7,156 2,511 174,385 18,293 2,783 10,842 206,303 174,472 13,187 9,048 5,072 4,524 2,345 175,838 19,691 2,785 10,926 209,240 177,738 13,250 8,053 4,874 5,325 2,508 177,614 20,682 2,829 11,144 212,269 180,556 13,248 7,275 4,853 6,337 3,354 180,145 21,427 2,521 11,291 215,384 184,843 13.261 6,759 5,077 5,444 4,110 182,711 21,449 2,551 11,440 218,151 186,617 13.262 6,847 5,283 6,142 4,047 185,431 22,070 2,456 11,691 221,648 188,826 13,257 6,802 5,608 7,155 4,545 188,884 21,644 2,414 11,865 224,807 192,564 13,583 7,273 5,887 5.500 4,198 191,642 22,130 2.367 11,942 228,081 194,770 13,577 7,216 5.997 6,521 4,025 194,947 22,045 2,211 12,163 231,366 196,571 13,572 7,504 6,105 7,614 4,102 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on fleets liquid assets and other investment securities. Included are U.S. preceding page) except that figures for loans in process are not included Govt, obligations, Federal agency securities, State and local govt, securi- above but are included in the figures for mutual savings banks. ties, time deposits at banks, and miscellaneous securities, except FHLBB 5 Balance sheet data for all operating savings and loan associations stock. Compensating changes have been made in "Other assets." were revised by the Federal Home Loan Bank Board for 1969 and 1970. 2 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings NOTE.—Federal Home Loan Bank Board data; figures are estimates for and fixtures. See also note 1. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLBB and other borrowing. monthly reports of insured assns. and annual reports of noninsured assns. 4 Insured savings and loan assns. only. Data on outstanding commit- Data for current and preceding year are preliminary even when revised. MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks v m a b A t n e e o d m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i d - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A o a g r n ) e t s - D n t e a u ( o b L n r t e d ) e e n s s - c L a o ( t o o t i A p a o v ) n e e s r s - D t e u ( b L r e e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L r e e ) s n - M l g o ( a A o a g r n ) e t s - 4,386 2,598 127 4,060 1,432 1 ,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,513 2,744 86 7,218 1,532 1,603 16,304 15,260 1,942 1,791 5,866 5,742 7,709 7,637 2,584 117 7,190 1,522 1,600 16,732 16,241 1,942 1,791 5,841 5,713 7,767 7,640 2,740 99 7,390 1,450 1,603 17,202 16,984 2,030 1,745 5,763 5,680 7,826 7,708 2,545 101 7,139 1,548 1,607 17,535 17,138 2,076 1,763 5,633 5,606 7,870 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,238 3,412 156 7,139 1,949 1,647 17,977 17,442 2,098 1,867 5,785 5,537 7,970 6,515 3,805 115 6,731 2,014 1,696 18,220 17,814 2,149 1,840 5,720 5,591 8,039 5,992 4,342 113 6,730 2,008 1,708 18,342 17,992 2,267 1,840 5,967 5,689 8,139 5,913 4,233 81 6,729 1,762 1.717 18,403 18,131 2,260 1,833 6,105 5,879 8,238 5,853 4,067 108 6,528 1,789 1.718 18,598 17,959 2,181 1,852 6,229 6,018 8,343 6,075 3,850 118 6,527 1,746 1.721 18,628 18,560 2,145 1,786 6,378 6,118 8,430 6,138 3,579 118 6,526 1,497 1.722 18,740 18,194 2,137 1,731 6,330 6,174 8,517 6,294 3,319 118 6,531 1,442 1,724 19,021 18,194 2,156 1,710 6,255 6,148 8,631 NOTE.—Data from Federal Home Loan Bank Board, Federal National offered securities (excluding, for FHLB's bonds held within the FHLB Mortgage Assn., and Farm Credit Admin. Among omitted balance System) and are not guaranteed by the U.S. Govt.; for a listing of these sheet items are capital accounts of all agencies, except for stock of FHLB's. securities, see table below. Loans are gross of valuation reserves and Bonds, debentures, and notes are valued at par. They include only publicly represent cost for FNMA and unpaid principal for other agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, AUGUST 31, 1972 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Banks for cooperatives Bonds: Association—Cont. Debentures: 9/25/70 - 11/27/72. 7^8 250 Debentures: 4/3/72 - 10/2/72 4.55 9/27/71 - 11/27/72.. 5^ 310 5/11/70 - 9/11/72 8.40 400 5/1/72- 11/1/72 4.65 2/25/70 - 2/26/73.. 8.35 350 6/10/70 - 9/11/72 7.40 200 6/1/72- 12/4/72 4.45 5/23/71 - 2/26/73... 5.70 400 11/10/69 - 12/11/72.. 8.00 200 7/3/72 - 1/3/73 4.55 3/25/71 -5/25/73... 4.20 400 10/13/70 - 12/11/72. . 7.20 400 8/1/72 - 2/1/73 4.90 10/27/70 - 8/27/73.. 7.20 450 11/10/70 - 3/12/73. . . 7.30 450 10/1/70 - 10/1/73. . . 7.30 6 1 / / 2 2 6 6 / / 7 7 0 0 - - 2 1 / / 2 2 5 5 / / 7 7 4 4 . .. . 8 8 . . 4 4 0 0 2 3 5 0 0 0 6 1 / 2 1 / 2 1 / 2 6 / 1 6 9 - - 6 3 /1 /1 2 2 /7 /7 3. 3 . . . . . . 4 8 1 . / 3 4 0 2 1 5 4 0 6 Federal intermediate 8/27/71 - 2/25/74... 7.10 300 7/10/70 - 6/12/73.... 8.35 350 credit banks 8 6 8 / / / 2 2 2 5 5 5 / / / 7 6 7 1 9 2 - - - 5 8 / / 8 2 2 / 6 5 2 / 5 / 7 7 / 4 7 4 . 4 . . . . . . . 6 7 5 . . % 3 6 5 5 4 3 18 0 0 0 0 1 7 3 6 / / / 1 1 1 2 0 0 / / / 7 7 7 1 1 0 - - - 6 9 / / 9 1 1 / 2 1 0 0 / / 7 7 / 3 7 3 3 6 8 6 . . . 7 1 1 5 3 0 5 3 3 5 0 5 0 0 0 De 1 1 b 2 / e 3 / n 1 /7 t / u 7 2 1 r - e s - 1 : 0 9 / / 2 5 / / 7 7 2 2 4 4 5 % /g 11/25/69 - 11/25/74 8.00 225 12/10/70 - 12/10/73. . 5.75 500 2/1/72 - 11/1/72. 3.95 1/26/71 - 2/25/75... 6.10 250 8/10/71 - 12/10/73.... 7.15 500 3/1/72 - 12/4/72 4.00 8/25/70 - 5/26/75.. 8.05 265 12/1/71 - 3/11/74 5.45 400 4/3/72 - 1/2/73 4.80 7/27/70 - 8/25/75. . 7.95 300 4/10/70 - 3/11/74. . .. 7.75 350 5/1/72 -2/1/73 4.95 12/18/70- 11/25/75. 6.50 350 8/5/70 - 6/10/74 7.90 400 3/2/70 - 3/1/73 7.75 8/27/71 -2/25/76... 7« 300 11/10/71 -6/10/74.... 5.70 350 6/1/72 - 3/1/73 4.80 6/25/71 - 5/25/77... 6.95 200 9/10/69 - 9/10/74. 7.85 250 7/3/72 - 4/2/73 4.80 3 1 / 0 2 / 5 1 / 5 70 / 70 - - 2 1 / 0 2 / 5 1 / 5 8 / 0 8 . 0 . . 7 7 . .7 8 5 0 2 3 0 50 0 5 2 / / 1 1 0 0 / / 7 7 1 1 - - 9 1 /1 2 0 /1 /7 0 4 / 74.... 6 5. .1 65 0 2 3 5 0 0 0 9 8/ / 1 1 / / 7 7 2 0 - - 7 5 / / 2 1 / / 7 7 3 3 5 5 . . 0 5 5 5 10/27/71 - 11/27/81 6.60 200 9/10/71 - 12/10/74. . .. 6.45 450 7/1/71 - 1/2/74 6.85 11/10/70 - 3/10/75. . . 7.55 300 1/4/71 - 7/1/74 5.95 10/12/71 - 3/10/75. . . 6.35 600 5/1/72 - 1/2/75 6.05 4/12/71 - 6/10/75 5.25 500 1/3/72 - 7/1/75 5.70 Federal Home Loan 10/13/70 - 9/10/75. . . 7.50 350 Mortgage Corporation 3/10/72 - 12/10/75. . . 5.70 500 Federal land banks Bonds: 3/11/71 - 3/10/76 5.65 500 Bonds: 11/27/70 -- 11/27/72. .. 7.10 175 6/10/71 - 6/10/76 6.70 250 9/14/56 - 9/15/72. . . 3K 7/15/71 - 11/26/73.... 7.75 150 2/10/72 -6/10/76 5.85 450 9/22/69 - 9/15/72. . . 8.35 2/10/72 -8/26/74 5.30 200 11/10/71 - 9/10/76. . . . 6.13 300 10/23/72 - 10/23/72. 5K 5/11/72 -2/25/77 6.15 350 6/12/72-9/10/76 5.85 500 7/20/71 - 10/23/72... 6.50 11/19/70-- 11/27/95. .. 8.60 140 7/12/71 - 12/10/76.... 7.45 300 7/20/70 - 1/22/73. . . 7.95 7/15/71 -8/26/96 7.75 150 2/13/62 - 2/10/77. . .. 4% 198 2/20/63 - 2/20/73-78 4H 5/11/72- 5/26/97 7.15 150 12/10/70 - 6/10/77. . . 6.38 250 4/20/72 - 4/23/73 5.20 5/10/71 - 6/10/77 6.50 150 1/20/70 - 7/20/73 . . . 8.45 9/10/71 -9/12/77 6.88 300 8/20/73 - 7/20/73.... 7.95 10/12/71 - 12/11/78. . 6.75 300 4/20/70 - 10/22/73. . 7.80 Fe C D de a i 9 9 4 A r S s p / a / c / e s i 3 3 1 l o c t o s 0 0 / a u o o p N 7 / / l n c n 7 e 0 6 a i 1 r d 8 t d a t a a i - e t n o t - r i b - i o n o y o 4 e t 1 n a n n / e 1 0 l — 1 s m s t 0 / / u 1 M / 7 a 1 r / 5 r 9 / e o k 7 6 s r 3 e : t t g age 4 6 8 . . . 3 0 0 8 0 0 2 5 2 2 4 0 5 0 9 8 0 0 9 6 6 2 2 6 3 1 1 1 / / / / / / / 1 2 / 1 1 1 2 2 1 2 1 / / 0 1 0 1 1 9 0 1 8 2 / / / / 0 0 / / / / 7 7 7 7 7 7 / / 7 7 1 1 1 1 2 2 7 7 2 2 1 1 - - - - - - - - 9 9 5 - - 6 6 3 1 / / / 9 6 1 / / / / 1 1 1 2 1 1 / 1 / 0 0 / 1 9 0 0 0 1 2 / 8 / / 0 / / / / 8 2 2 8 7 8 8 8 1 / 1 1 9 3 2 / 0 8 0 8 1 / 3 7 .. 9 . . . . . . . . 6 7 5 6 7 6 6 6 6 6 . . . . . . . . . . 7 5 2 1 8 2 7 8 6 4 5 5 5 5 5 5 4 5 8 0 2 2 2 2 2 3 2 3 1 5 5 5 5 5 0 5 5 5 0 0 0 8 0 0 0 0 6 0 0 4 4 4 2 2 2 7 7 1 1 / / / / / / / / 0 0 2 2 2 2 2 1 2 2 / / 0 0 0 0 0 5 0 2 0 2 / / / / / 1 / / / 0 7 7 6 7 7 7 7 7 / / 1 1 5 2 0 2 2 2 7 7 1 0 - - - - - - - - - - 1 7 1 1 4 2 1 1 / / 0 / 0 4 / 7 / / 2 2 2 2 2 2 / / / / 1 0 1 2 2 2 0 2 0 1 / / / 2 7 / / 1 0 / 7 7 7 7 7 7 5 / / / / 6 5 5 7 7 4 4 7 7 . . . . . 4 4 4 5 .. . . . . . . . . . . . . . . . . . . . 4 4 8 7 5 7 5 6 5 5 i V / . . . . . . M H 8 3 3 2 & 7 5 5 0 0 0 0 5 i 4 1 / 2 1 / 2 1 / 0 7 / 1 7 1 -6 - /1 1 1 2 / / 8 1 4 0 /84. . 6 6 . . 2 9 5 0 2 25 0 0 0 2 7 / / 2 2 1 0 / / 6 6 6 6 - - 2 7 / / 2 2 4 0 / / 7 7 6 6 . . . . . . 5 5 . K 00 Mortgage-backed bonds: 6 3 / / 1 1 2 0 / / 7 7 2 2 - - 6 3 /1 /1 0 0 /9 / 2 9 2. . .. 7 7 . . 0 0 5 0 2 20 00 0 5 1 / 0 2 / / 2 6 7 6 / 71 - 4 - /2 1 0 0 /7 / 8 2 0/77. 6 5 . K 35 9/9/70 - 10/2/72 7.50 400 7/20/72 - 7/20/78 . . . 6.40 6/1/70 - 6/2/75 8.38 250 2/20/67 - 1/22/79. . . 5.00 9/29/70- 10/1/90 8.63 200 2/23/71 -4/20/81 6.70 4/20/72-4/20/82.... 6.90 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table at bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 42 FEDERAL FINANCE • OCTOBER 1972 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public : Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays i deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes 3 ing ing S i p ss e u c e ia s l Other balance Fiscal year: 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 ,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 197 2 208,596 230,514 1,105 231,619 -23,023 29,131 -1,269 6,795 1,625 19,442 1,362 905 5,849 Half year: 1970—July-Dec.. .. 87,583 104,117 99 104,216 -16,633 18,240 -21 1,807 157 16,257 54 -882 -453 1971—Jan.-June. .. 100,809 106,201 ,008 107,209 6,400 8,971 -326 4,809 647 3,189 656 303 4,039 1972— J J u an ly .- - J D u e n c e. . .. . . . 1 9 1 3 5 , , 1 4 0 9 0 6 1 1 1 1 0 9 , ,9 60 06 8 9 1 4 5 8 7 1 1 1 2 1 0 , , 0 5 6 57 2 - - 1 4 8 , , 6 3 4 7 6 7 26 3 , ,1 00 30 1 -1 - , 1 1 5 1 0 9 2 3 , , 8 9 0 9 3 2 ,1 52 0 3 2 - 2 2 1 , , 1 5 1 5 4 6 9 3 7 8 3 9 835 -2 7 , , 1 9 2 71 2 Month: 1971—Au g r15,641 19,276 306 r19,581 r3,940 9,293 20 2,309 150 6,853 2,337 r —756 r —1,329 Sept 19,710 18,265 -69 18,196 + 1,513 -2,324 -503 -1,019 + 194 -2,003 470 281 1,239 Oct 12,462 18,677 115 18,791 -6,630 -334 50 -1,690 1,407 -3,318 -290 1,314 Nov 14,945 18,798 149 18,947 -4,002 2,686 -10 40 47 2,590 -2,324 -17 -928 Dec 17,213 17,085 399 17,484 271 9,51 284 1,291 22 8,482 1,328 5,653 -1,230 1972—Ja n 17,596 19,226 243 19,469 -1,873 -1,269 -474 -1,508 -369 134 -191 1,026 2,573 Feb 15,239 18,589 175 18,764 -3,525 1,169 568 1,450 286 -4,018 -208 -702 Mar 15,237 20,000 327 20,327 -5,090 3,312 -103 -683 97 3,795 591 -16 1,869 Apr 24,534 19,113 -515 18,598 5,935 -2,039 -44 -1,770 1,746 -2,059 4,047 1,338 1,508 May 17,275 19,723 237 19,960 -2,685 2,607 272 3,527 -29 -61 -2,030 -1,617 -346 June 25,537 23,255 -310 22,945 2,591 -651 -370 2,975 -628 -3,368 417 1,877 3,070 July 15,207 18,591 -3,384 5,123 9 1,409 -6 3,730 -1,129 -1,810 -3,284 Aug 18,213 20,581 -2,369 3,056 534 2,639 16 934 -4,012 222 -2,355 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts d t O a e r p t i h o e e s s r i 5 - Total se P c d u u e b r b i l t t i i c e s se A c g u e r n it c i y e s S i p s G I s e n u c o v e i v a s e t l s , tm ac e c n o t O u s n t o h t f s e r S n L p o e e t c e s s s ia : 3 l E p T h q u b o e u b y t l a d l a i l l c s : s c p p o G r o N r i n o v p o s v a s w o t t .— r e . - e * d Fiscal year: 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 197 0 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 197 1 1,274 7,372 109 8,755 398.130 12,163 82,740 22,400 825 304,328 36,886 197 2 2,344 7,934 5 139 10,117 427,260 10,894 89,539 24,023 825 323,770 Calendar year 197 0 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 38,802 197 1 2,020 9,173 113 11,306 424.131 11,044 85,544 22,922 825 325,884 39,860 Month: 1971—Aug... 987 8,408 113 9,508 414,962 11,223 86,910 22,672 825 315,408 37,116 Sept... 2,102 7,763 113 9,978 412,268 10,720 85,904 22,853 825 313,406 37,380 Oct.... 1,876 4,667 113 6,655 411,934 10,770 84,213 22,853 825 314,812 39,530 Nov... 1,996 2,223 113 4,331 414,620 10,760 84,253 22,900 825 317,402 39,392 Dec.... 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 39,860 1972—Jan.... 2,860 8,118 5 134 11,112 422,862 10,570 84,037 22,522 825 326,017 39,701 Feb.... 884 6,075 134 7,094 424,032 11,137 85,486 22,839 825 326,019 39,883 Mar... 1,293 6,391 2 7,685 427,343 11,034 84,804 22,935 825 329,814 40,109 Apr 1,871 9,724 136 11,732 425,304 10,991 83,034 24.681 825 327,755 40,632 May... 2,144 7,420 136 9,700 427,912 11,263 86,561 24,652 825 327,137 40,426 June... 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 41,044 July... 2,298 6,547 144 8,988 432,383 10,903 90,944 24,018 825 327,499 40,981 Aug.. . 1,730 3,025 222 4,976 435,439 11,437 93,616 24,002 825 328,433 1 Equals net expenditures plus net lending. 4 Includes accrued interest payable on public debt securities, deposit 2 The decrease in Federal securities resulting from conversion to private funds, miscellaneous liability and asset accounts, and seigniorage. ownership of Govt.-sponsored corporations (totaling $9,853 million) is 5 As of Jan. 3, 1972, the Treasury operating balance was redefined to not included here. In the bottom panel, however, these conversions de- exclude the gold balance and to include previously excluded "Other deposicrease the outstanding amounts of Federal securities held by the public taries" (deposits in certain commercial depositaries that have been conmainly by reductions in agency securities. The Federal National Mortgage verted from a time to a demand basis to permit greater flexibility in Association (FNMA) was converted to private owership in Sept. 1968 and Treasury cash management). the Federal intermediate credit banks (FICB) and banks for coopera- 6 Includes debt of Federal home loan banks, Federal land banks, R.F.K. tives in Dec. 1968. Stadium Fund, FNMA (beginning; Sept. 1968), FICB, and banks for 3 Represents non-interest-bearing public debt securities issued to the cooperatives (beginning Dec. 1968). International Monetary Fund and international lending organizations. New obligations to these agencies are handled by letters of credit. NOTE.—Half years may not add to fiscal year totals due to revisions in series which are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Total W he it ld h - N w h i o e t l n h d - - fu R n e d - s t N ot e a t l G ce r r i e p o - s ts s fu R n e d - s [c E P o m t n a a y t p x r - l e i o b s y u a m t S n i e o e d l n n f- s t 1 e in U m s n u p - r l. . c O e n r i t p h e e - t t e s r 2 t N ot e a t l E ta x x c e is s e ] t C o u m s s - E a g s n i t f a d t t e] c M e r ip i e s - t c s . 5 t r a o x l e l s empl. Fiscal year: 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,743 77,416| 26,236 13,2401 90,412 35,037 2,208 37,190] 1,942 3,465 2,700 45,298 15,705 2,430] 3,644| 3,424 197 1 188,392 76,490 24,262 14,522 ,230 30,320] 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591' 3,735 3,858 197 2 208,596 83,2821 25,683 14,141 94,824 34,797 2,760 44,087 2,032 4,377 3,434 53,929 15,484 3,285 5,412 3,624 Half year: 1970—July-Dec. 87,584 37,465 5,569 565 42,469 12,744 1,467 17,768 133 1,348 1,576 20,826 8,153 1,317 1,537 2,006 1971—Jan.-June 100,808 39,025 18,693 13,957 43,761 17,576] 2,069 21,983 1,815 2,325 1,630] 27,753 8,462 1,274] 2,198 1,853 July-Dec. 93,1801 38,449 5,589 574| 43,465 13,262 1,448 19,643 155 1,518| 1,673' [22,989 8,961 1,838 2,395 1,718 1972—Jan.-June 115,416 44,833 20,094] 13,567 51,3591 21,535 1,312 24,444 1,877 4,736 1,761 30,940] 6,523 1,447 3,017 1,906 Mo 1 n 9 t 7 h 1 : — Au g '15,641 '6,696 306 91 '6,910 688' 236] 5,049 660 '282 '5,991 1,482 244 31 r250 Sept 19,7101 5,513 3,755 76| 9,192 4,505 198 3,299 152| 60 273 3,784 1,490| 363 263 312 Oct 12,462 5,941 396 55 6,282 1,111 375 2,592 116 274 2,983 1,412' 334| 391 324 Nov 14,945] 7,245] 2641 55 7,455 730] 218 3,408 424 288 4,120] 1,656] 343 566' 293 Dec 17,213 6,823' 379 106 7,096 5,064] 138 2,308 '"3 52 278 2,642 1,389 329 545 286 1972—Ja n 17,596 6,627 4,318 10,944 1,228 158 3,044 124 153 295 3,615 743 259 621 344 Feb 15,239 7,581 682 ,416 6,846 878 212 4,774] 147 545 274 5,740 819 224] 596 347 Mar 15,237 7,7821 1,323 ,200 3,905 4,995 273 3,787 167 71 325 4,350 1,130] 264] 602 263 Apr 24,534 6,599' 8,650! ,284 11,985 5,145] 2501 3,877] 1,153 343! 283 5,655 1,091 215 372] 342 J M u a n y e 2 1 5 7 , , 5 2 3 7 7 5 1 8 8 , ,1 1 4 0 1 2 3 1 , , 7 41 08 3 ' ,9 6 9 6 7 8 1 6 1 , , 5 1 5 4 7 2 8,3 9 2 6 4 7 1 1 2 1 3 8 4 5 1 5 3 , , 6 2 8 8 1 1 22 64 3 1 1,6 1 3 1 6 1 2 3 8 0 1 3 7 4, , 1 4 3 4 7 3 1 1 , , 3 3 7 7 1 0 ' 2 25 3 0 5 1 4 3 6 6 1 4 ] 4 1 7 3 5 5 July 15,207] 7,052] 548 2451 7,355 1,258 187 3,727] 260] 2891 4,277 1,442| 237] 334] 492 Aug 18,213 8,175 362 157 8,3801 855 1901 5,367 1,175 307 6,849 1,351 278 423 266 Budget outlays4 Com- Educa- Intra- Period Total t f i e N d o n n e a s - - a e l a I f n fa t i l. r s s S e p r a e a r - c c e h A c tu g u r r l- e i- so N u u r r a e r a t - c l - e s m t C r a a o e n r n m d c s - e p .j d h e o m a v u n e u s l d n i o n . p g . p m t a o i n a w o d n n e - r w H e a e l n a fa d lt r h e e V ra et n - s In e t s e t r - g G e o r e v a n t l - . t t g r i a o o a c v n n - t s s . - ' Fiscal year: 196 9 184,548 81,232 3,785 4,247 6,221 2,081 7,921 1,961 6,525 49,395 7,640 15,791 2,866 -5,117 197 0 196,588 80,295! 3,570] 3,749' 6,201 2,480] 9,310] 2,965 7,289 56,785 8,677] 18,312] 3,336] -6,380 197 1 211,425 77,663 2,884] 3,381 5,312 2,713 11,283 3,382 8,650] 70,164 9,787 19,608 3,970| -7,376 1972r 231,619 78,150 3,659 3,424 7,276| 3,754] 11,055 4,230 10,200 81,492 10,748 20,607 4,888' -7,864 1973 e 6 7246,257 78,310 3,844] 3,191 6,891 2,450 11,550] 4,844 11,281 87,775 11,745 21,161 5,531 -8,590 Half year: 1970—July-Dec. 104,216 38,521 1,409 1,720] 4,633 1,561 5,808 1 ,677 3,744 32,710] 4,626 9,597 1,818] -3,607 1971—Jan.-June 107,242 39,178 1,475 1,661 679 1,152 5,475 1,705 4,906 37,454 5,162 10,014 2,147] -3,770 July-Dec. 111,557 35,755! 1,7521 1,777] 5,999 1,952] 6,030 2,181 4,355 38,131 5,003 10,050] 2,392 -3,822 1972—Jan.-June 120,063 42,396] 1,906 1,647 1,278 1,801 5,025 2,048 5,845 43,362| 5,745 10,556 2,494] -4,042 Mo 1 n 9 t 7 h 1 : — Au g r19,581 '5,593 '341 291 '1,112 '433 '1,681 '409 '673 '6,386 '896| 1,668 '521 -378 Sept 18,196] 5,979 303 273] 336| 344] 947 2921 924 6,169 758 1,800] 287] -246 Oct 18,791 6,106 303 266 1,134 309 1,030 272 501 6,499 833] 1,418 396 -276 Nov 18,947 6,175 286| 286j 568 302] 892 256] 851 6,437] 942 1,811 334 -343 Dec 17,484 6,713 181 285 852 271 875 402 722] 6,444] 896 1,702 473 -2,332 1972—Ja n 19,469 6,161 347] 259 699 264 813 434 813 6,807 ,0231 L,737L 390 -277 Feb 18,764 6,333 307] 276 298 237 619 254 908 6,938 864 1,714) 400| -385 Mar 20,327 7,158 361 310] 16] 265 876 342 932] 7,111 ,045 1,801 401 -293 Apr 18,598 6,738 265 238 -196| 255 793 9 728 6,936| 929, 1,792 419] -308 May.... 19,960 7,107 268 207 126 265 713 4901 1,033 6,914 973] 1,784 389 -371 June 22,945 8,899 358 294 335 515 1,211 519 1,431 8,657 911, 1,728 495 -2,408 July 18,591 5,139 313 289 2,397] -821 827 529 764] 6,214| 884 1,695 612] -252 Aug 20,581 5,873 300] 289 1,127 554] 1,333 658 905 6,779 858 1,723 610 -409 1 Old-age, disability, and hospital insurance, and Railroad Retirement 6 Estimates presented in the Jan. 1973 Budget Document. Breakdowns do accounts. not add to totals because special allowances for contingencies, Federal pay 2 Supplementary medical insurance premiums and Federal employee increase (excluding Department of Defense), and revenue sharing, totaling retirement contributions. $6,275 million for fiscal 1973, are not included. 3 Deposits of earnings by Federal Reserve Banks and other miscellane- 7 On June 5, 1972, the administration revised the Budget estimatesous receipts. increasing total outlays to $250.0 billion; revised figures for the functional 4 Outlays by functional categories are published in the Monthly breakdown are not available. Treasury Statement (beginning April 1969). Monthly back data (beginning July 1968) are published in the Treasury Bulletin of June 1969. NOTE.—Half years may not add to fiscal year totals due to revisions in 5 Consists of government contributions for employee retirement and series which are not yet available on a monthly basis. interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 44 U.S. GOVERNMENT SECURITIES • OCTOBER 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e r b b o t l s i s c i Total Total Bills Ma C r c e k a r t e t e t i s f a i b - le Notes Bonds 2 b C v i o e b o n r l n e t d - - s Total N 3 o nm F is o s a r u r e e k i s e g t n 4 a ble b S o in a n g v d s - s i S ss p u e e c s i a 5 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 52.5 78.1 1971—Sept. 412.3 324.5 249.9 88.6 109.5 51.8 2.3 72.2 16.2 54.2 86.0 Oct.. 411.9 325.8 252.2 89.0 111.5 51.8 2.3 71.3 16.2 54.4 84.3 Nov. 414.6 328.4 254.5 89.8 114.0 50.7 2.3 71.6 16.3 54.7 84.4 Dec. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.3 16.8 54.9 85.7 1972—Jan.. 422.9 336.9 261.9 97.5 114.0 50.4 2.3 72.7 16.9 55.1 84.2 Feb., 424.0 336.5 261.2 98.1 112.9 50.2 2.3 73.0 16.9 55.3 85.6 Mar. 427.3 340.6 265.4 102.4 112.9 50.1 2.3 72.9 16.5 55.6 84.9 Apr. 425.3 340.4 263.0 98.3 114.7 50.0 2.3 75.1 18.4 55.9 83. 1 May 427.9 339.5 261.9 98.1 113.4 50.4 2.3 75.2 18.2 56.2 86.6 June 427.3 335.8 257.2 94.6 113.4 49.1 2.3 76.3 19.0 56.5 89.6 July. 432.4 339.6 257.7 95.2 113.4 49.1 2.3 79.5 22.0 56.7 91.0 Aug. 435.4 339.9 258.1 96.2 115.7 46.2 2.3 79.5 21.7 57.0 93.6 Sept. 433.9 339.8 257.7 96.4 115.7 45.7 2.3 79.8 21.7 57.2 92.3 1 Includes non-interest-beariiig debt (of which $622 million on Sept. 30, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1972, was not subject to statutory debt limitation). Treasury foreign series and foreign currency series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement; of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a t i s l c ag G t U a e r o n n u . v S d c s t . t i , e s B F a . n R k . s Total m C b e a o r n m c k ia - s l s M b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a a d t t s e l . Savi I n n g d s i v idu O a t ls h er n F a i o t n a i r t o n e e n d i r g a - n l 1 i O m t n o t v i r h s e s c e s . r - 2 funds bonds securities 1939—Dec. 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec. 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1965—Dec. 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec. 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec. 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec. 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—Dec. 368.2 89.0 57.2 222.0 56.8 2.9 7.1 13.3 25.4 51.8 29.1 11.4 24.1 1970—Dec. 389.2 97.1 62.1 229.9 62.7 2.8 7.0 10.5 23.1 52.1 29.8 20.6 21.4 1971—Aug. 414.6 107.3 66.9 240.4 59.5 2.8 6.7 10.9 21.1 53.6 24.5 42.7 18.6 Sept. 412.3 106.5 67.6 238.2 60.0 2.8 6.5 10.0 21.0 53.7 24.1 42.4 17.7 Oct.. 411.9 104.7 67.2 240.0 60.9 2.8 6.5 11.1 20.8 54.0 23.7 42.8 17.4 Nov. 414.6 104.7 67.8 242.1 61.5 2.7 6.5 12.0 20.6 54.2 23.4 44.1 17.1 Dec. 424.1 106.0 70.2 247.9 65.3 2.7 6.6 12.6 20.4 54.4 23.0 46.9 16.0 1972—Jan.. 422.9 104.4 69.6 248.9 62.8 2.7 6.5 12.2 21.1 54.6 22.8 48.2 18.0 Feb.. 424.0 106.2 67.7 250.2 62.1 2.7 6.5 12.5 22.0 54.9 22.4 48.9 18.2 Mar. 427.3 105.5 69.9 251.9 63.3 2.7 6.5 12.3 21.6 55.2 22.3 49.9 18.1 Apr. 425.3 105.5 70.3 249.5 61.9 2.7 6.4 11.2 21.5 55.5 21.9 49.8 18.5 May 427.9 109.1 71.6 247.2 60.8 2.8 6.3 12.0 21.4 55.8 21.4 49.4 17.4 June 427.3 111.5 71.4 244.4 59.9 2.7 6.2 10.4 21.8 56.0 20.8 50.0 16.7 July. 432.4 112.8 70.8 248.8 57.6 2.7 6.1 10.0 22.4 56.3 20.7 54.6 18.3 Aug. 435.4 115.4 70.7 249.3 57.9 2.6 6.0 9.6 22.5 56.6 20.3 55.9 17.9 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately owned agencies and certain Govt, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total y 1 ea -5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s Total Bills Other All holders: 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 1971—Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 1972—July 31 257,717 122,528 95,234 27,294 89,004 26,851 9,317 Aug. 31 258,095 121,589 96,241 25,348 85,730 29,150 15,419 U.S. Govt, agencies and trust funds: 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 1970—Dec. 31 17,092 3,005 708 2,297 6,075 3,877 1,748 1971—Dec. 31 18,444 1,380 605 775 7,614 4,676 2,319 1972—July 31 19,785 2,213 1,598 615 7,760 4,950 2,350 Aug. 31 19,737 2,036 1,284 752 6,566 5,312 4,284 Federal Reserve Banks: 1969—Dec. 31 57,154 36,023 22,265 13,758 12,810 7,642 224 1970—Dec. 31 62,142 36,338 25,965 10,373 19,089 6,046 229 1971—Dec. 31 70,218 36,032 31,033 4,999 25,299 7,702 584 1972—July 31 70,822 39,552 30,724 8,828 24,107 5,913 627 Aug. 31 70,740 38,128 30,357 7,771 24,939 6,125 1,403 Held by private investors: 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 1970—Dec. 31 168,479 84,080 61,250 22,830 57,154 12,631 6,579 1971—Dec. 31 173,376 81,729 65,867 15,862 60,735 16,943 6,627 1972—July 31 167,110 80,763 62,912 17,851 57,137 15,988 6,340 Aug. 31 167,618 81,425 64,600 16,825 54,225 17,713 9,732 Commercial banks: 1969—Dec. 31 45,173 15,104 6,727 8,377 24,692 4,399 564 1970—Dec. 31 50,917 19,208 10,314 8,894 26,609 4,474 367 1971—Dec. 31 51,363 14,920 8,287 6,633 28,823 6,847 555 1972—July 31 44,778 13,371 5,131 8,240 25,505 5,337 411 Aug. 31 45,221 13,581 5,374 8,207 25,030 5,693 845 Mutual savings banks: 1969—Dec. 31 2,931 501 149 352 1,251 263 203 1970—Dec. 31 2,745 525 171 354 1,168 339 329 1971—Dec. 31 2,742 416 235 181 1,221 499 281 1972—July 31 2,649 368 162 206 1,188 502 297 Aug. 31 2,592 361 130 231 1,180 476 387 Insurance companies: 1969—Dec. 31 6,152 868 419 449 1,808 253 1,197 1970—Dec. 31 6,066 893 456 437 1,723 849 1,369 1971—Dec. 31 5,679 720 325 395 1,499 993 1,366 1972—July 31 5,276 528 220 308 1,335 1,021 1,357 Aug. 31 5,220 498 202 296 1,301 1,025 1,723 Nonfinancial corporations: 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 1970—Dec. 31 3,057 1,547 1,194 353 1,260 242 2 1971—Dec. 31 6,021 4,191 3,280 911 1,492 301 16 1972—July 31 4,830 3,491 2,160 1,331 1,194 127 9 Aug. 31 4,186 2,883 1,750 1,133 1,127 140 31 Savings and loan associations: 1969—Dec. 31 3,851 808 269 539 1,916 357 329 1970—Dec. 31 3,263 583 220 363 1,899 281 243 1971—Dec. 31 3,002 629 343 286 1,449 587 162 1972—July 31 2,787 652 329 323 1,236 594 132 Aug. 31 2,705 634 339 295 1,156 610 224 State and local governments: 1969—Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 1970—Dec. 31 11,204 5,184 3,803 1,381 2,458 774 1,191 1971—Dec. 31 9,823 4,592 3,832 760 2,268 783 918 1972—July 31 10,408 5,379 4,512 867 2,227 793 766 Aug. 31 10,377 5,460 4,508 952 2,054 822 1,361 All others: 1969—Dec. 31 85,391 52,926 42,648 10,278 20,199 4,053 2,545 1970—Dec. 31 91,227 56,140 45,092 11,048 22,037 5,672 3,078 1971—Dec. 31 94,746 56,261 49,565 6,696 23,983 6,933 3,329 1972—July 31 96,382 56,974 50,398 6,576 24,452 7,614 3,368 Aug. 31 97,317 58,008 52,297 5,711 22,377 8,947 5,161 NOTE.—Direct public issues only. Based on Treasury Survey of ketable issues held by groups, the proportion held on latest date by those Ownership. reporting in the Survey and the number of owners surveyed were: (1) Beginning with Dec. 1968, certain Govt.-sponsored but privately owned about 90 per cent by the 5,642 commercial banks, 484 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 739 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 466 nonfinancial corporations and 486 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 505 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks "All others," a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar- in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 46 U.S. GOVERNMENT SECURITIES • OCTOBER 1972 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com- All 1 year years years 10 years mercial other U.S. Govt. Other banks securities 1971—Aug 2,482 1,848 512 97 25 859 129 855 640 462 Sept 2,115 1,598 271 219 26 759 99 725 532 482 Oct 2,646 1,905 438 268 36 988 117 906 634 659 2,691 1,668 523 418 81 906 157 940 687 547 Dec 3,139 2,317 497 266 58 1,006 214 1,190 730 569 1972—Jan 3,191 2,268 571 309 44 1 879 2 391 1,120 3 801 623 Feb 3,260 2,339 652 242 27 913 363 1,170 815 611 Mar 3,177 2,443 464 241 29 800 437 1,060 881 459 Apr 2,990 2,300 460 203 28 704 450 1,002 835 609 May 2,542 1,939 348 221 35 589 364 821 767 485 June 2,452 2,001 257 161 34 545 355 759 793 411 July 2,571 2,124 283 131 33 633 382, 851 704 438 Aug 2,658 1,953 377 191 137 587 411 911 749 643 Week ending— 1972—Aug. 2 4,990 3,313 1,121 399 157 1,228 725 1,864 1,174 531 9 2,337 1,687 329 175 145 487 359 852 639 341 16 2,038 1,600 250 119 69 398 233 726 681 349 23 2,245 1,781 251 108 104 513 300 815 616 405 30 2,751 2,005 361 226 159 606 605 886 654 606 Sept. 6 2,391 1,996 156 135 104 543 461 725 662 594 13 2,464 2,083 182 115 84 689 454 767 555 346 20 2,775 2,220 277 154 124 538 607 851 779 494 27 2,761 2,263 256 142 100 661 431 911 758 526 1 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities NOTE.—The transactions data combine market purchases and sales of dealers. U.S. Govt, securities dealers reporting to the F.R. Bank of New York. 2 Beginning Jan. 5, 1972, represents transactions of U.S. Govt, securities They do not include allotments of, and exchanges for, new U.S. Govt, brokers. securities, redemptions of called or matured securities, or purchases or 3 Beginning Jan. 5, 1972, includes transactions of dealers and brokers sales of securities under repurchase agreement, reverse repurchase (resale), in securities other than U.S. Govt., previously shown under "other" or similar contracts. Averages of daily figures based on the number of dealers and brokers. trading days in the period. DAILY-AVERAGE DEALER POSITIONS DAILY-AVERAGE DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. m t a A i t e l u s l r i- W y i e t a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo ii uu ee nn vv ss rr cc tt ii ,, yy -- PPeerriioodd ssoouu AA rr ll cc ll eess Y N C o e it r w y k w E h ls e e r - e CC tt oo ii rr oo pp nn oo ss rr 11 aa-- oo AA tthh UU eerr 2,897 2,473 344 70 11 698 1971—Aug 3,071 894 390 821 967 3,856 3,089 355 377 36 926 Sept 4,146 1,049 856 811 1,430 4,353 3,612 394 310 37 903 Oct 4,511 1,188 704 921 1,699 5,846 3,725 914 943 265 1,063 Nov 6,455 1,877 932 1,564 2,082 5,335 3,877 626 600 232 1,101 Dec 5,517 1,375 912 1,659 1,571 5,561 4,665 437 365 94 847 1972—Jan 5,714 1,296 904 1,750 1,763 4,960 4,094 479 304 83 554 Feb 5,205 1,456 719 1,344 1,686 4,933 4,710 228 -32 27 489 Mar 4,662 1,347 907 949 1,458 3,573 3,713 20 -131 -29 422 Apr 3,400 1,044 746 657 953 4,257 4,089 84 102 -18 551 May 4,073 1,107 931 755 1,280 3,733 3,903 -55 -99 -16 532 June 3,804 1,056 838 804 1,108 3,253 3,626 -146 -216 — 11 356 July 3,055 753 496 820 986 3,905 3,370 41 130 363 404 Aug 4,021 1,356 580 927 1,158 Week ending— 3,129 3,547 -149 -256 -13 470 1972—July 5... 3,093 798 602 746 947 2,920 3,374 -183 -259 -12 276 12. .. 2,796 635 463 684 1,014 3,109 3,431 -134 -188 279 19. .. 2,865 594 483 793 996 3,560 3,870 -125 -180 -4 456 26... 3,240 922 442 989 887 3,851 3,934 -39 -100 56 376 Aug. 2. .. 3,614 989 561 903 1,162 3,644 2,789 187 198 469 300 9. .. 4,405 1,407 768 934 1,297 3,686 2,934 129 195 429 359 16. .. 4,291 1,586 750 872 1,083 3,355 2,933 -30 117 335 405 23. .. 3,377 1,079 421 942 934 4,654 4,403 -107 56 303 549 30. .. 3,810 1,336 369 966 1,139 NOTE.—The figures include all securities sold by dealers under repur- 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than NOTE to the table on the left. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, SEPTEMBER 30, 1972 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds Sept. 30, 1972 1,702 Mar. 8, 1973 1,801 Apr. 1, 1974 .IV2 34 Dec. 15, 1967-72. .21/2 1,352 Oct. 5, 1972 4.098 Mar. 15, 1973 .. . . 1,801 May 15, 1974..., .71/4 4,334 Aug. 15, 1973, , ,4 3,894 O O c c t t . . 1 1 9 2 , , 1 1 9 9 7 7 2 2 , 4 4 . , 1 1 0 0 1 2 M M a a r r . . 2 2 9 2 , , 1 1 9 9 7 7 3 3.... 1 1 , , 8 8 0 0 1 2 A O u ct g . . 15 1 , , 1 1 9 9 7 7 4 4 , . . . . .. • .5 IV 5/ 2 8 10,28 4 4 2 F N e o b v . . 1 1 5 5 , , 1 1 9 9 7 7 3 4 , . , . . .. . • 4 4 1 I / / 8 8 2 4, , 3 4 3 6 9 7 Oct. 26, 1972, 4.102 Mar. 31, 1973.... 1,702 Nov. 15, 1974, .53/4 5,440 May 15, 1974.... .4% 2,852 Oct. 31, 1972, 1.700 Apr. 30, 1973 1,700 Feb. 15, 1975.... .534 4,016 Nov. 15, 1974.... • 3% 1,213 Nov. 2, 1972, 4,102 May 31, 1973.... 1,701 Feb. 15, 1975.... • 57/8 11,,222222 May 15, 1975-85. AVA 1,207 Nov. 9, 1972, 4.099 June 30, 1973 1,201 Apr. 1, 1975..., •1 % 88 June 15, 1978-83. .3Vi 1,510 Nov. 16, 1972, 4.102 July 31, 1973.... 1,201 May 15, 1975. . .. •5% 1,776 Feb. 15, 1980.... ,4 2,582 Nov. 24, 1972 4.103 Aug. 28, 1973.... 1,804 May 15, 1975... 6 6,760 Nov. 15, 1980.... .31/2 1,899 Nov. 30, 1972, 5,804 Aug. 15, 1975,.. .57/8 7,679 Aug. 15, 1981 .7 807 Dec. 7, 1972 4,223 Oct. lf 1975 .1 Vt 30 Feb. 15, 1982.... .63/8 2,702 Dec. 14, 1972 4.104 Nov. 15, 1975,,. .7 3,115 Aug. 15, 1984.... .63/8 2,355 Dec. 21, 1972 4,103 Feb. 15, 1976 .6% 3,739 May 15, 1985. ... .31/4 1,006 Dec. 28, 1972 4.100 Feb. 1155,, 1976 , • 5% 4,945 Nov. 15, 1986..,. .61/8 1,216 Dec. 31, 1972, 1.701 Apr. 1976... AVi 27 Aug. 15, 1987-92. AVA 3,773 Jan. 4, 1973. 1.799 Treasury notes May 15', 1976 .534 2,802 Feb. 15, 1988-93. .4 242 Jan. 11, 1973. 1,801 Oct. 1,1972 W2 33 May 15, 1976 .61/2 2,697 May 15, 1989-94. .41/8 1,522 Jan. 18, 1973. 1.800 Nov. 15, 1972 6 1,327 Aug. 15, 1976,., .71/2 4,194 Feb. 15, 1990 .31/2 4,327 Jan. 25, 1973. 1,800 Feb. 15, 1973 6% 2,514 Oct. 1, 1976, ... • Wi 11 Feb. 15, 1995.... .3 990 Jan. 31, 1973. 1.700 Feb. 15, 1973 4% 4,268 Nov. 15, 1976,... •61/4 1,283 Nov. 15, 1998 ••33%% 33,,443344 F F F F e e e e b b b b . . . . 2 1 2 8 5 1, , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 , , 1 1 1 1 , , , ,8 8 8 8 0 0 0 0 1 0 0 1 A A M M p u a a r g y y . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 S 4 7 V y y g 4 4 5 3 1 , , , 8 8 7 3 4 9 3 9 4 2 4 A A F F e e p u b b r g . . . . 1 1 11 5 5 55 11 , , ,, ,, 1 1 1 1 9 9 9 9 7 7 7 7 7 7 7 8 . . , . . . , . . , . . • I 7 8 6 V 3 V 2 4 4 2 8 5 , , , 3 2 1 8 6 6 9 3 4 5 Convertible bonds Feb. 28, 1973. 1.701 Oct. 1, 1973 li/2 30 Nov. 15, 1978..., ,6 8,207 Investment Series B Mar. 1, 1973 1,802 Feb. 15, 1974 iy4 2,960 Aug. 15, 1979 . . .614 4,562 Apr. 1975-80. .23^ 2,308 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t t n a r d t i . c t Other2 Total c E a d ti u o - n b R r a o id n a d g d e s s i U ti t e i s l- 4 H in o g u 5 s- V a e a n t i e d s r ' - O p p o t u h s r e e - s r gations auth. 1964.. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965., 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966., 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 1967., 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 1968., 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 1969. 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 1970. 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1971. 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 5,278 2,642 5,214 2,068 9,293 1971—Aug.. 1,903 1,141 754 9 459 735 707 1,894 352 158 377 159 846 Sept.. 2,098 1,313 523 258 3 348 706 1,044 2,053 463 65 458 271 796 Oct.. 1,728 836 890 3 341 840 548 1,626 291 210 353 96 678 Nov.. 2,264 1,394 869 629 874 761 2,134 418 338 500 246 631 Dec.. 2,068 1,367 440 441 568 1,058 2,042 353 137 239 298 1,016 1972—Jan.. 1,776 1,120 654 639 545 591 1,696 377 147 440 56 676 Feb.. 2,002 1,049 948 354 977 670 1,930 531 78 433 29 858 Mar.. 2,237 1,289 718 225 434 954 849 2,111 463 134 348 329 837 Apr.. 2,114 1,382 725 471 674 969 2,075 490 229 434 10 912 May. 1,986 990 992 374 828 785 1,919 657 214 295 67 684 June. 2,224 975 1,035 209 246 1,199 778 1,959 334 144 523 393 563 July. 1,771 1,315 454 647 444 680 1,762 325 120 208 152 957 Aug. , 1,918 809 1,101 468 863 586 1,883 434 109 415 160 609 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 48 SECURITY ISSUES • OCTOBER 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues! Noncorporate Corporate Period Bonds Stock Total GG UU oo .. vv SS tt .. .. 22 a G g U e o n . v S c t . y . 3 a ( n U S d t . a S lo t . e ) c 4 a l Other 5 Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d l y Preferred Common 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 197 0 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 197 1 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1971—Jul y 9,316 1,153 2,049 1,951 17 4,147 1,951 1,331 619 1,527 669 Aug 9,346 3,228 1,500 1,850 237 2,532 1,844 1,428 416 270 418 Sept 9,445 1,698 1,774 2,044 161 3,768 2,573 1,966 607 165 1,031 Oct.c 9,410 2,455 1,876 1,679 12 3,387 2,665 1,942 723 86 637 Nov.c. ... 10,568 3,254 1,300 2,286 24 3,704 2,436 2,003 433 270 999 Dec.c 6,911 443 698 2,058 39 3,673 2,473 1,190 1,283 169 1,031 1972—Ja n 7,188 529 1,401 1,737 316 3,205 2,371 1,767 604 303 531 Feb 7,302 539 1,325 1,942 126 3,369 2,329 1,917 412 195 846 Mar 6,556 586 400 2,185 156 3,229 2,253 1,677 577 282 694 Apr.r 8,635 2,281 1,090 1,963 26 3,275 2,411 1,622 789 263 601 Mayr 9,547 2,360 1,500 1,924 165 3,597 2,450 1,676 774 130 1,017 June 7,588 536 300 2,222 190 4,341 2,556 1,336 1,218 612 1,174 July 6,989 496 1,269 1,737 51 3,436 2,337 1,804 534 206 894 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 4 2,819 228 902 220 944 38 2,139 620 669 ,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1/786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 197 0 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 197 1 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 ,592 6,601 2,212 1971—July. 383 200 159 188 157 62 520 212 232 ,390 500 144 Aug. 262 212 76 175 76 12 687 162 359 385 126 Sept. 991 154 123 295 120 29 578 492 235 525 179 Oct.. 571 91 150 172 185 5 703 230 432 624 224 Nov. 637 174 61 232 145 6 672 545 261 9 660 303 Dec. 687 293 246 127 199 33 520 371 311 42 510 335 1972—Jan.. 321 71 163 138 268 14 418 115 458 294 742 202 Feb.. 428 101 67 104 142 4 388 600 438 60 865 171 Mar. 448 155 178 264 102 3 386 354 197 30 942 170 Apr. 383 197 235 178 129 3 924 295 177 562 190 May 607 154 193 281 142 71 381 357 376 16 751 270 June 468 299 181 341 171 15 1,018 520 368 431 349 179 July. 467 299 181 341 171 15 1,019 520 368 432 349 180 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments and their instrumentalities, International Bank number of units by offering price. for Reconstruction and Development, and domestic nonprofit organ- 2 Includes guaranteed issues. izations. 3 Issues not guaranteed. 4 See NOTE to table at bottom of preceding page. NOTE—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • SECURITY ISSUES A 49 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 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 196 7 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 196 8 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 196 9 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 197 0 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 197 1 46,687 9,507 37,180 31,917 8,190 23,728 14,769 1,318 13,452 1971—11. 13,212 2,979 10,233 8,974 2,681 6,294 4,238 299 3,939 III 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 4,244 IV 11,488 2,521 8,967 8,019 2,084 5,935 3,469 437 3,032 1972—1.. 10,072 2,691 7,381 6,699 2,002 4,698 3,373 690 2,683 II. 11,514 2,389 9,123 7,250 2,191 5,050 4,264 198 4,066 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks 196 7 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 196 8 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 196 9 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 197 0 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 197 1 6,585 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1971—11. 2,296 885 446 757 461 374 1,347 1,261 919 38 825 624 ILL 852 676 -10 678 195 230 1,493 814 832 1,442 1,148 404 IV. 1,361 453 190 445 -27 163 1,749 1,183 980 54 1,683 734 1972—1.. 696 423 31 545 267 15 827 872 1,020 402 1,856 425 II. 704 851 344 774 127 164 1,844 1,176 806 464 1,233 638 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- NOTE.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose, actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market1 of own shares at end of period) of own shares at end of peri< Year MMoonntthh Sales i Redemp- Net Total 2 Cash Other Sales i Redemp- Net Total 2 Cash Other tions sales position 3 tions sales position 3 1960 2,097 842 1,255 17,026 973 16,053 1971—Aug... 432 394 38 53,798 3,016 50,782 Sept... 304 471 -167 53,291 2,511 50,780 1961 2,951 1,160 1,791 22,789 980 21,809 Oct.... 596 419 177 51,160 2,885 48,275 1962 2,699 1,123 1,576 21,271 1,315 19,956 Nov... 397 334 63 50,958 3,172 47,786 1963 2,460 1,504 952 25,214 1,341 23,873 Dec... 453 411 42 55,045 3,038 52,007 1964 3,404 1,875 1,528 29,116 1,329 27,787 1972—Jan.... 521 475 46 56,694 3,163 53,531 1965 4,359 1,962 2,395 35,220 1.803 33,417 Feb. .. 404 514 -110 58,536 3,478 55,058 1966 4,671 2,005 2,665 34,829 2,971 31,858 Mar... 472 667 -195 58,740 3,251 55,489 Apr.. . 405 655 -250 58,870 2,827 56,043 1967 4,670 2,745 1,927 44,701 2,566 42,135 May. . 378 585 -207 59,736 2,763 56,973 1968 6,820 3,841 2,979 52,677 3,187 49,490 Juner. 393 544 -151 57,708 3,015 54,693 1969 6,717 3,661 3,056 48,291 3,846 44,445 July . . 398 424 -26 56,932 3,219 53,713 Aug... 391 582 191 58,186 3,375 54,811 1970 4,624 2,987 1,637 47,618 3,649 43,969 1971 5,145 4,751 774 56,694 3,163 53,531 1 Includes contractual and regular single purchase sales, voluntary and 3 Cash and deposits, receivables, all U.S. Govt, securities, and other contractual accumulation plan sales, and reinvestment of investment in- short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. NOTE.—Investment Company Institute data based on reports of 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 50 BUSINESS FINANCE • OCTOBER 1972 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it s e s - d co c a n a t l s p l i u o o i n t w m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it s e s - d co c a n t a l i s p l o o u n it w m a - l p ances 1 ances 1 1966. 84.2 34.3 49.9 20.8 29.1 39.5 1970—11 75.2 34.6 40.6 24.7 15.8 54.8 1967. 79.8 33.2 46.6 21.4 25.3 43.0 III... 76.6 35.4 41.2 24.9 16.3 55.2 IV... 69.6 32.2 37.4 24.7 12.7 56.1 1968. 87.6 39.9 47.8 23.6 24.2 46.8 1969. 84.9 40.1 44.8 24.3 20.5 51.9 1971—I. ... 81.3 38.0 43 ..2 25.5 17.7 57.5 1970. 74.3 34.1 40.2 24.8 15.4 55.2 II.. . 84.5 38.6 45.8 25.4 20.4 59.4 1971 . 83.3 37.3 45.9 25.4 20.5 60.3 III... 84.1 37.5 46.6 25.5 21.0 61.2 IV... 83.2 35.3 48.0 25.2 22.7 63.0 1972—1 88.2 38.8 49.5 26.0 r23.5 64.8 IIr. . 91.6 40.1 51.5 26.2 25.3 68.0 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , - I t n o v r e ie n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . , i Other taxes 196 8 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 196 9 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1... 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II.. 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 III. 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 IV. 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 1971—1... 220.4 576.9 55.8 10.1 4.2 269.8 196.8 40.1 356.5 6.1 240.3 18.6 91.4 II.. 226.3 582.6 58.6 10.3 3.9 273.2 197.4 39.3 356.3 5.3 241.2 16.8 93.0 I I V II. 2 2 2 3 3 5 1. . 3 3 6 5 0 9 1 1 . . 5 9 6 5 3 9. . 8 0 1 10 3 . .0 6 3 3 . . 5 9 2 2 7 7 7 6 . . 6 9 2 1 0 9 1 9 . . 3 5 4 4 3 1. . 2 0 3 3 6 6 6 0. . 6 2 4 5 . . 9 2 2 2 4 4 2 7 . . 2 4 1 1 9 8 . . 5 7 9 9 4 4. . 7 4 1972—1... 240.6 611.8 62.7 12.3 3.4 282.7 205.4 45.2 371.2 4.9 247.3 21.4 97.7 II.. 247.7 622.3 63.3 11.1 2.8 289.7 209.0 46.5 374.6 4.9 250.1 18.3 101.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations'books. banks, savings and loan assns., insurance companies, and investment 2 New series (for which figures for the third and fourth quarters of 1971 companies, were published in the April BULLETIN) has been temporarily abandoned by SEC. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and G a o s t her nn CC ii oo cc mm aatt mm iioo uu nn -- ss OOtthheerr ii TT AA ((SS oo .. .. RR tt AA aa .. .. )) ll 1968 666666777777......777777666666 111111444444......111111222222 111111444444......222222555555 111111......666666333333 111111......444444555555 222222......555555666666 111111......555555999999 777777......666666666666 222222......555555444444 666666......888888333333 111111555555......111111444444 1969 777777555555......555555666666 111111555555......999999666666 111111555555......777777222222 111111......888888666666 111111......888888666666 222222......555555111111 111111......666666888888 888888......999999444444 222222......666666777777 888888......333333000000 111111666666......000000555555 1970 777777999999......777777111111 111111555555......888888000000 111111666666......111111555555 111111......888888999999 111111......777777888888 333333......000000333333 111111......222222333333 111111000000......666666555555 222222......444444999999 111111000000......111111000000 111111666666......555555999999 1971 888888111111......222222111111 111111444444......111111555555 111111555555......888888444444 222222......111111666666 111111......666666777777 111111......888888888888 111111......333333888888 111111222222......888888666666 222222......444444444444 111111000000......777777777777 111111888888......000000555555 1972 2 888888999999......777777777777 111111666666......111111111111 111111666666......555555000000 222222......222222000000 111111......777777555555 222222......444444222222 111111......555555555555 111111444444......555555888888 222222......888888666666 111111222222......333333000000 111111999999......555555111111 1970—I V 222222111111......666666666666 444444......222222666666 444444......444444000000 ......555555000000 ......444444333333 ......777777666666 ......333333333333 333333......111111222222 ......666666333333 222222......888888111111 444444......444444222222 78.63 1971— 1 111111777777......666666888888 333333......111111111111 333333......555555888888 ......444444999999 ......333333444444 ......333333444444 ......222222888888 222222......777777000000 ......444444111111 222222......555555000000 333333......999999444444 79.32 I I 222222000000......666666000000 333333......555555222222 444444......000000333333 ......555555444444 ......444444777777 ......666666000000 ......333333666666 333333......222222000000 ......666666333333 222222......888888111111 444444......444444444444 81.61 II I 222222000000......111111444444 333333......444444000000 333333......999999111111 ......555555555555 ......444444222222 ......333333999999 ......333333777777 333333......333333555555 ......777777111111 222222......666666222222 444444......444444222222 80.75 I V 222222222222......777777999999 444444......111111222222 444444......333333222222 ......555555999999 ......444444555555 ......555555666666 ......333333777777 333333......666666000000 ......666666999999 222222......888888444444 555555......222222666666 83.18 1972— 1 111111999999......333333888888 333333......222222999999 333333......333333222222 ......555555888888 ......444444888888 ......555555000000 ......333333222222 333333......111111999999 ......444444444444 222222......777777222222 444444......555555555555 86.79 II2'" 222222222222......000000111111 333333......777777111111 333333......999999222222 ......666666111111 ......444444888888 ......777777333333 ......333333999999 333333......666666111111 ......666666222222 222222......999999555555 444444......999999888888 87.12 Ill2' 222222222222......555555666666 444444......000000000000 444444......111111555555 ......666666000000 ......444444333333 ......555555888888 ......333333777777 333333......666666222222 ......888888444444 777777......<<<<<<nnnnnn 90.38 IV2 222222555555......111111666666 444444......666666999999 444444......555555888888 ......666666555555 ......444444333333 ......777777000000 ......333333000000 444444......111111111111 ......888888555555 888888AAAAAA $$$$$$666666 91.84 1 Includes trade, service, construction, finance, and insurance. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business; excludes agriculture, real estate operators, medical, legal, educational, and cultural service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • REAL ESTATE CREDIT A 51 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm h O ol t d h e e r r s 2 1- to 4-family houses4 com M m u er lt c i i f a a l m p il r y o p a e n r d t ies5 Mo ty r p tg e a 6 g e E pe n r d i o o d f hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh A e A e oo rr ll ll ss dd ll -- tt FF uu ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA ee oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - w u F V n r H i d A t A e t - e r - n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 1969. 4ZD . J 339 1 26.8 59 4 2299..55 9.9 1199..66 339955..99 226666..88 226655..00 1.8 112299..11 110055..55 2233..66 1969—III. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—1... 429.4 340.7 28.6 60.1 29.8 9.8 20.0 399.6 268.5 223.8 44.7 131.1 107.1 23.9 101.9 297.6 II.. 435.6 344.5 30.0 61.1 30.3 9.8 20.5 405.2 271.7 225.7 46.0 133.5 109.1 24.5 103.2 302.0 III. 443.4 349.7 31.7 61.9 30.8 10.0 20.8 412.5 276.0 228.5 47.5 136.5 111.4 25.1 106.8 305.7 IV. 451.7 355.9 33.0 62.8 31.2 10.1 21.1 420.5 280.2 231.4 48.8 140.3 114.6 25.7 109.2 311.3 1971— I... 459.0 361.8 33.6 63.6 31.8 10.1 21.7 427.2 283.6 234.5 49.1 143.6 117.5 26.1 111.0 316.2 II.. 471.1 372.0 35.2 63.9 31.9 9.7 22.2 439.3 290.8 240.7 50.1 148.3 121.6 26.7 114.4 324.9 III. 485.6 383.6 37.4 64.6 32.4 9.8 22.6 453.2 299.7 248.0 51.7 153.5 125.8 27.7 117.5 335.7 IV . 499.9 394.5 c39.4 66.1 32.9 9.9 23.0 467.0 307.8 254.2 53.6 159.2 130.5 28.7 120.7 346.3 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown in table below. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include NOTE.—Based on data from Federal Deposit Insurance Corp., Federal U.S. sponsored agencies—new FNMA, Federal land banks, GNMA Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (Pools), and the FHLHC. Other U.S. agencies (amounts small or sep- ture and Commerce, Federal National Mortgage Assn., Federal Housing arate data not readily available) included with "individuals and others." Admin., Public Housing Admin., Veterans Admin., Government National 3 Derived figures; includes debt held by Federal land banks and farm Mortgage Assoc., Federal Home Loan Mortgage Corp., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see tables below. Figures for first three quarters of each year are F.R. estimates. MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily 1 G un o d v e e r r w nm rit e t n e t n - Con- EE ppee nn rr dd ii oo oo dd ff Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s Total F i i c n n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd Total Total F su H in r A e - d - an g V u te A a e r - d - 1 ti v o e n n a - l tutions tutions 1 1 9 9 4 4 1 5 2 24 4 . . 3 2 1 15 4 . . 7 9 9 8 . . 4 6 5 5 . . 9 7 3 3. . 5 6 2 2 . . 2 2 1 1 9 9 6 6 3 4 1 1 1 8 9 8 2 7 . . . 6 2 6 6 6 4 5 9 . . . 3 9 2 3 3 4 5 8 . . . 1 3 0 3 30 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 1963 211.2 176.7 34.5 29.0 20.7 8.3 1964 231.1 195.4 35.7 33.6 25.1 8.5 212.9 73.1 42.0 31.1 139.8 1966 223.6 76.1 44.8 31.3 147.6 1965 250.1 213.2 36.9 37.2 29.0 8.2 236.1 79.9 47.4 32.5 156.1 1966 264.0 223.7 40.3 40.3 31.5 8.8 251.2 84.4 50.6 33.8 166.8 1967 280.0 236.6 43.4 43.9 34.7 9.2 266.8 90.2 54.5 35.7 176.6 1968 298.6 250.8 47.8 47.3 37.7 9.6 1969 319.0 265.0 54.0 52.2 41.3 10.9 1970—1 268.5 91.6 55.6 36.0 176.9 271.7 92.2 56.1 36.0 179.6 1970—1 321.7 265.9 55.8 53.2 42.9 10.3 Ill 276.0 95.1 58.1 37.0 181.0 II 326.3 268.9 57.4 54.5 43.2 11.3 IV 280.2 97.3 59.9 37.3 182.9 III. ... 332.2 272.8 59.4 56.1 44.3 11.8 IV 338.2 277.2 61.0 58.0 45.8 12.2 1971—1 283.6 98.2 61.0 37.3 185.3 II 290.9 100.4 62.8 37.6 190.5 1971—1 343.3 281.6 61.7 59.7 47.2 12.5 Ill 299.7 102.9 64.4 38.5 196.8 II 353.1 290.1 63.0 62.3 49.4 12.9 307.8 105.2 65.7 39.5 202.6 Ill 364.0 298.4 65.6 64.3 50.4 13.9 IV 374.7 306.1 68.6 66.8 52.0 14.8 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. i Structures of five or more units. NOTE.—For total debt outstanding, figures are FHLBB and F.R. NOTE.—Based on data from same source as for "Mortgage Debt Out- estimates. For conventional, figures are derived. standing" table. Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 52 REAL ESTATE CREDIT • OCTOBER 1972 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total non- Farm Total FHA- VA- Con- farm FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 4,906 3,292 1,048 566 4,812 3,884 4,772 3,395 856 521 4,208 3,387 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 69,079 43,532 8,060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 70,854 44,568 7,888 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,880 49,260 15,931 12,092 21,237 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 74,424 46,343 7,971 2,595 35,777 23,595 4,486 58,680 50,553 16,157 12,010 22,386 76,639 48,163 8,146 2,636 37,381 24,477 3,999 59,643 51,362 16,281 12,011 23,069 79,936 50,280 8,246 2,806 39,228 25,500 4,156 60,625 51,989 16,216 12,033 23,740 82,515 52,004 8,310 2,980 40,714 26,306 4,205 61,978 53,027 16,141 12,074 24,812 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on special trust depts. F.R. interpolations after 1963 or beginning 1964. For earlier years, the 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from the National Assn. of Mutual Savings NOTE.—Second and fourth quarters, Federal Deposit Insurance Corpo- Banks. ration series for all commercial and mutual savings banks in the United MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Farm Total in F s H ur A e - d a g n u t a e r e - d Other i Total in F s H u A re - d a g n V u t A a e r e - - d Other 1945 976 6,637 5,860 1,394 4,466 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 196 8 7,925 7,153 755 346 6,052 722 69,973 64,172 12,469 5,954 45,749 196 9 7,531 6,943 663 220 6,108 537 72,027 66,254 12,271 5,701 48,282 197 0 7,137 6,785 397 80 6,268 315 73,227 67,555 11,551 5,540 49,898 197 1 7,684 7,185 320 98 6,584 497 74,700 69,125 11,086 5,195 52,274 1971—July. 590 551 20 523 39 74,583 69,017 11,048 5,180 52,789 Aug. 735 684 23 601 51 74,707 69,121 10,975 5,142 52,438 Sept. 672 636 73 10 515 36 74,799 69,209 10,950 5,104 52,590 Oct.. 607 568 28 11 487 39 74,864 69,270 10,884 5,071 52.749 Nov. 607 565 20 9 492 42 74,903 69,302 10,843 5,047 52,854 Dec. 1,346 1,285 18 10 1,252 61 75,596 69,995 10,760 5,001 c54,228 1972—Jan.. 503 475 37 16 393 28 81,056 75,517 10,722 4,986 53,704 Feb., 436 392 26 12 354 44 75,456 69,940 10,674 4,952 53.750 Mar. 569 484 24 18 442 85 75,424 69,897 10,599 4,932 54,366 Apr. 560 504 30 15 459 54 75,469 69,163 10,535 4,903 53,725 May 600 540 15 13 512 60 74,931 69,379 10,467 4,873 54,039 June 708 643 31 21 591 65 74,987 69,409 10,391 4,838 54,180 July. 652 602 19 25 558 50 75,067 69,472 10,314 4,811 54,347 i Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end NOTE.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-earlier monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • REAL ESTATE CREDIT A 53 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total N of u l m oa b n er s ( c m o ( a m i d m l o l m i l o o l i a u n t r n s t s e t ) d o f ( o t f h a m L o d u o o o s l a u l a n a n n r t d s) s ( C p in o e r n t r e a t r c t r e e e a s n c t t t ) (y M rs a . t / u m r o it s y .) (p t L e o r r - o a v a t c a i n e o l n - u t e ) C ( a p t p e i r o it n a c l e r i n z a a t t ) e - co D r v a e e t r b io a t ge 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.29 69 141.4 2,050 9.69 22/8 74.3 10.5 1.31 90 237.7 2,641 9.47 22/11 72.9 10.2 1.32 124 351.5 2,835 9.14 23/4 75.0 10.2 1.32 137 302.1 2,205 8.98 22 75.2 9.9 1.28 146 257.3 1,762 8.91 23/4 75.6 10.0 1.27 203 729.0 3,591 8.92 23/8 75.5 9.8 1.29 183 386.5 2,112 8.94 21/10 74.4 9.8 1.26 153 434.4 2,839 9.08 23/1 74.9 9.9 1.27 178 366.1 2,057 9.15 22/6 74.8 9.8 1.28 112 198.4 1,771 9.20 22/7 75.8 10.0 1.28 136 288.2 2,119 9.01 23/5 75.6 9.9 1.27 133 290.0 2,181 8.96 23 74.4 9.9 1.30 107 198.6 1,856 8.78 22/1 73.3 10.0 1.31 122 423.5 3,471 8.62 22/6 73.3 9.7 1.31 220 530.4 2,411 8.50 24/2 76.3 9.5 1.29 NOTE.—Life Insurance Association of America data for new commit- limited to cases where information was available or estimates could be ments of $100,000 and over each on mortgages for multifamily and non- made: capitalization rate (net stabilized property earnings divided by residential nonfarm properties located largely in the United States. The 15 property value); debt coverage ratio (net stabilized earnings divided by companies account for a little more than one-half of both the total assets debt service); and per cent constant (annual level payment, including and the nonfarm mortgages held by all U.S. life insurance companies. principal and interest, per $100 of debt). All statistics exclude construction Averages, which are based on number of loans, vary in part with loan loans, increases in existing loans in a company's portfolio, reapprovals, composition by type and location of property, type and purpose of loan, and loans secured by land only. and loan amortization and prepayment terms. Data for the following are MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c - es R m e e p n a ts y h N o e m w e Home FHA- VA- Con- Total t S e h r o m r t 1 - t L e o rm ng - 2 Total i con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 196 4 5,565 5,025 5,325 2,846 2,479 1,913 181 1,358 5,376 196 5 5,007 4,335 5,997 3,074 2,923 196 6 3,804 2,866 6.935 5,006 1,929 24,913 6,638 10,538 101,333 4,894 6,683 89,756 24,192 6,013 10,830 110,306 5,145 6,398 98,763 196 7 1,527 4,076 4,386 3,985 401 16,924 3,653 7,828 114,427 5,269 6,157 103,001 196 8 2,734 1,861 5,259 4,867 392 196 9 5,531 1,500 9,289 8,434 855 20,122 4,243 9,604 121,805 5,791 6,351 109,663 197 0 3,256 1,929 10,615 3,081 7,534 21,983 4,916 11,215 130,802 6,658 7,012 117,132 197 1 2,714 5,392 7.936 3,002 4,934 21,847 4,757 11,254 140,347 7,917 7,658 124,772 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971—Sept. 327 203 7,637 2,844 4,793 39,472 6,835 18,811 174,385 13,798 10,848 149,739 Oct., 306 303 7,640 2,874 4,766 Nov. 364 296 7,709 2,829 4,880 4,111 641 2,225 166,342 12,852 10,034 143,456 Dec. 490 262 7,936 3,002 4,934 3,672 628 1,951 168,464 13,130 10,232 145,102 3,405 609 1,717 170,106 13,278 10,374 146,454 1972—Jan.. 186 885 7,238 2,569 4,669 3,298 589 1,661 172,047 13,521 10,582 147,944 Feb., 148 871 6,515 2,342 4,173 3,592 573 1,590 174,385 13,798 10,848 149,739 Mar. 165 689 5,992 2,125 3,867 Apr. 318 396 5,913 2,049 3,864 2,632 481 1,253 175,838 13,976 11,013 150,849 May 260 320 5,853 2,019 3,835 2,849 518 1,400 177,614 14,167 11,264 152,183 June 420 198 6,074 1,944 4,130 2,849 712 1,861 180,145 14,450 11,546 154,149 July. 285 222 6,138 1,990 4,148 3,819 707 1,819 182,711 14,697 11,789 156,225 Aug. 406 249 6,295 2,083 4,212 4,603 836 2,276 185,431 14,878 12,010 158,543 4 5 5 , , , 5 4 3 7 4 5 2 9 6 8 7 7 4 7 9 3 2 4 2 2 3 , , , 5 9 0 1 2 7 5 0 6 1 1 1 8 9 9 8 4 1 , , , 9 8 6 4 8 4 7 4 2 1 1 1 5 5 5 , , , 0 1 2 1 5 5 9 3 7 1 1 1 2 2 2 , , , 2 8 6 9 9 0 3 3 6 1 1 1 6 6 6 1 3 6 . , , 8 5 7 8 7 9 3 2 7 2 1 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d t iz lo ed a ns q u m ar a t t e u r r l i y n , g h i a n v i 1 n g y ea m r a o tu r r l i e ti s e s s . of more than year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE,—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 54 REAL ESTATE CREDIT • OCTOBER 1972 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans home loans Mortgage Mortgage Mortgage holdings transactions commitments ( p d e u r r io in d g ) DDDaaattteee ooofff aaauuuccctttiiiooonnn M am or o t u g n a t g s e AAvv yy ee iiee rr ll aa dd gg ee M am or o t u g n ag ts e AAvv yy ee iiee rr ll aa dd gg ee Total F su H in r A e - d - a g V n u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - Offered ce A p c te - d cc (( mm ss oo tt hh ee mm ee rr oo nn mm mm rr ttss tt ii -- )) tt -- Offered ce A p c t - ed cc ( m ( m oo ss tt hh ee mm ee rr oo nn mm mm rr ttss tt ii -- )) tt -- 1 5 7 0 , , , 1 5 9 6 2 5 7 2 0 7 4 5 , , ,1 0 6 2 4 8 1 8 0 2 3 1 , , , 2 0 4 7 4 7 0 6 4 4 1 1 , , , 1 4 9 2 0 4 1 0 4 12 6 2 1 , , , 6 6 7 9 3 3 7 6 0 3 1 , , 5 2 5 3 8 0 7 9 1 In m do il l l l i a o r n s s of per I n c ent In m d i o l l l l i a o r n s s of per I n c ent 15,502 11,071 4,431 5,078 8,047 5,203 17,791 3,574 4,986 5,694 11997722——MMaarr.. 1133 1100..11 55..55 77..6611 222000............ 222000222...999 888666...222 777...555444 16,204 11,562 4,642 659 1,219 5,146 16,732 635 572 5,327 AAAppprrr... 333............ 222555888...888 111777888...555 777...555666 17,202 553 655 5,208 111000...... 2277..11 1144..99 77..6666 17,535 406 893 5,466 111777............ 333444777...444 111777666...333 777...666000 17,791 350 1,014 5,694 17,977 281 574 5,558 MMMaaayyy 888 111 ...... ...... 333666444...999 333333666...444 777...666333 3355..00 2200..44 77..7777 18,220 16,926 1,178 324 598 5,696 111555............ 222666666...333 111888888...222 777...666333 18,342 13,654 4,687 316 469 5,635 333000............ 111333333...444 777666...444 777...666222 18,403 13,744 4,659 246 5,853 1 18 8 , ,5 6 9 2 9 8 1 1 3 3 , , 9 9 2 5 3 2 4 4 , , 6 6 7 7 4 0 2 32 2 1 3 6 5 , ,9 1 5 8 7 6 JJJuuunnneee 1111 111 2222 ................ 88883333....5555 44448888....1111 7777....66662222 2288..22 2222..77 77..8800 18,740 14,013 4,714 258 22226666................ 99997777....8888 77776666....6666 7777....66662222 19,004 14,188 4,816 427 JJJJuuuullllyyyy 11110000................ 111133334444....6666 99992222....1111 7777....66662222 11117777 3322..44 2222..77 77..8800 NOTE.—Federal National Mortgage Assn. data. Total holdings include 222444............ 111222333...999 111111333...000 777...666222 conventional loans. Data prior to Sept. 1968 relate to secondary market portfolio of former FNMA. Mortgage holdings include loans used to back AAAuuuggg... 777 111000666...222 888111...777 777...666333 bond issues guaranteed by GNMA. Mortgage commitments made during 111444 2244..77 2244..22 77..8800 the period include some multifamily and nonprofit hospital loan commit- 22221111................ 111111114444....6666 88887777....2222 7777....66662222 ments in addition to 1- to 4-family loan commitments accepted in FNMA's free market auction system, and through the FNMA-GNMA Tandem SSSSeeeepppptttt.... 5555 .... .... .... 222222220000....6666 111155551111....2222 7777....66663333 Plan (Program 18). 11118888.... .... .... 222299995555....9999 111144448888....1111 7777....66665555 NOTE.—Average secondary market yields are gross—before deduction of 38 basis-point fee paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for FNMA commitment fees and FNMA stock purchase and holding requirements. Beginning Oct. 18, 1971, the maturity on new short-term commitments was extended from 3 to 4 months. Mortgage amounts offered by bidders are total eligible bids received. GOVERNMENT NATIONAL MORTGAGE GNMA MORTGAGE-BACKED SECURITY PROGRAM ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Pass-through securities Mortgage MMoorrttggaaggee Mortgage BBoonnddss holdings ttrraannssaaccttiioonnss commitments PPeerriioodd ssoolldd ((dduurriinngg Applications Securities EEEnnnddd ooofff ppeerriioodd)) received issued pppeeerrriiioooddd TToottaall FF ssuu HH iinn rr AA ee -- dd -- aa gg nn VV uu tt AA aa ee rr ee -- -- dd c P ha u s r e - s Sales dd pp MM uu eerr rr aa ii ii dd oo nn ee dd gg sstt OO ii aa nn nn uu gg tt dd -- 1 1 9 97 7 1 0 4444444444444444 1111111111111111 ,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,, 3333333333333333 1111111111111111 7777777777777777 2222222222222222 3333333333333333 6666666666666666 ................ ................ 6666666666666666 2222222222222222 2222222222222222,,,,,,,,,,,,,,,,7777777777777777 4444444444444444 0000000000000000 5555555555555555 1111111111111111 2222222222222222 ................ ................ 9999999999999999 4444444444444444 1111,,,,3333 3333 1111 0000 5555 0000 .... .... 0000 0000 1971—Aug 111111111111111122222222222222221111111111111111 ................,,,,,,,,,,,,,,,,1111111111111111 111111111111111111111111111111118888888888888888................0000000000000000 333300000000....0000 1967 333333333333333333,,,,,,,,,,,,,,,,,,333333333333333333444444444444444444888888888888888888 22222,,,,,777775555566666 555559999922222 888888888866666666660000000000 11111,,,,,000004444455555 11111,,,,,111117777711111 Sept 222222222222222255555555555555554444444444444444................................ 2222222222222222 77777777777777771111111111111111................5555555555555555 1968 444444444444444444,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222000000000000000000 33333,,,,,555556666699999 666665555511111 1111111111,,,,,,,,,,000000000088888888889999999999 11 888886666677777 11111 ,,,,,222226666666666 Oct 222222222222222222222222222222226666666666666666................ 1111111111111111 111111111111111111111111111111112222222222222222................6666666666666666 119966 99 444444444444444444,,,,,,,,,,,,,,,,,,888888888888888888222222222222222222000000000000000000 44444,,,,,222222222200000 666660000000000 888888888822222222227777777777 666661111155555 11111,,,,,111113333300000 Nov 555555555555555533333333333333333333333333333333................7777777777777777 222222222222222244444444444444444444444444444444................2222222222222222 119977 00 555555555555555555,,,,,,,,,,,,,,,,,,111111111111111111888888888888888888444444444444444444 44444,,,,,666663333344444 555555555500000 666666666622222222221111111111 888889999977777 777773333388888 Dec 333333333333333311111111111111118888888888888888................3333333333333333 222222222222222211111111111111112222222222222222................8888888888888888 11111111111111999999999999997777777777777711111111111111--------------AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222777777777777777777999999999999999999 22222222229999999999 1972—Jan 333333333333333388888888888888884444444444444444................1111111111111111 222222222222222244444444444444447777777777777777................7777777777777777 SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... 555555555555555555..................222222222222222222555555555555555555999999999999999999 44,,774499 551100 11111111117777777777 Feb 555555555555555511111111111111111111111111111111................2222222222222222 333333333333333399999999999999991111111111111111................2222222222222222 220000..00 OOOOOOOOOOOOOOcccccccccccccctttttttttttttt.............. ............................ 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222444444444444444444555555555555555555 11111111115555555555 555555555555555522222222222222228888888888888888................3333333333333333 333333333333333322222222222222222222222222222222................5555555555555555 NNNNNNNNNNNNNNoooooooooooooovvvvvvvvvvvvvv.......................................... 555555555555555555..................222222222222222222666666666666666666000000000000000000 22222222224444444444 Apr 111111111111111188888888888888887777777777777777................8888888888888888 222222222222222277777777777777775555555555555555................1111111111111111 DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222999999999999999999444444444444444444 33333333332222222222 May 222222222222222211111111111111116666666666666666................4444444444444444 222222222222222211111111111111112222222222222222................9999999999999999 550000..00 June 222222222222222244444444444444445555555555555555................8888888888888888 111111111111111199999999999999993333333333333333................2222222222222222 11111111111111999999999999997777777777777722222222222222--------------JJJJJJJJJJJJJJaaaaaaaaaaaaaannnnnnnnnnnnnn........................................................ 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222888888888888888888777777777777777777 July 111111111111111133333333333333335555555555555555................5555555555555555 111111111111111144444444444444445555555555555555................8888888888888888 FFFFFFFFFFFFFFeeeeeeeeeeeeeebbbbbbbbbbbbbb............................ .............. 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222888888888888888888111111111111111111 Aug 555555555555555544444444444444448888888888888888................3333333333333333 111111111111111144444444444444440000000000000000................3333333333333333 MMMMMMMMMMMMMMaaaaaaaaaaaaaarrrrrrrrrrrrrr.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222444444444444444444333333333333333333 AAAAAAAAAAAAAApppppppppppppprrrrrrrrrrrrrr.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,111111111111111111222222222222222222555555555555555555 MMMMMMMMMMMMMMaaaaaaaaaaaaaayyyyyyyyyyyyyy............................ 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222111111111111111111444444444444444444 NOTE.—Government National Mortgage Assn. data. Under the Mort- JJJJJJJJJJJJJJuuuuuuuuuuuuuunnnnnnnnnnnnnneeeeeeeeeeeeee............................ 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222333333333333333333555555555555555555 gage-Backed Security Program, GNMA guarantees the timely payment JJJJJJJJJJJJJJuuuuuuuuuuuuuullllllllllllllyyyyyyyyyyyyyy.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,222222222222222222888888888888888888777777777777777777 of principal and interest on both pass-through and bond-type securities, AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg.......................................... 555555555555555555,,,,,,,,,,,,,,,,,,333333333333333333999999999999999999111111111111111111 which are backed by a pool of mortgages insured by FHA or Farmers Home Admin, or guaranteed by VA and issued by an approved mortgagee. To date, bond-type securities have been issued only by FNMA and NOTE.—Government National Mortgage Assn. data. Data prior to FHLMC. Sept. 1968 relate to Special Assistance and Management and Liquidating portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • REAL ESTATE CREDIT A 55 HOME-MORTGAGE YIELDS GOVERNMENT-UNDERWRITTEN RESIDENTIAL (In per cent) LOANS MADE (In millions of dollars) Primary market Secondary (conventional loans) market FHA-insured VA-guaranteed FHA series FHLBB series Yield Mortgages Mortgages Period (effective rate) on FHA- PPPeeerrriiioooddd PPrroopp-insured PPrroo-- eerrttyy New Existing h N om ew e s l h n o o a e m w ns e TToottaall h N o e m w e s h is E o t m i x n - e g s jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew e s h is o E t m i x n - e g s homes homes 1945 665 257 217 20 171 192 196 8 6.97 7.03 7.12 7.21 1964. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 196 9 7.81 7.82 7.99 8.26 197 0 8.44 8.35 8.52 9.05 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 197 1 7.60 7.54 7.75 7.70 1966. 7,320 1,729 4,366 583 641 2,600 980 1,618 1967. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1971—Aug. 7.74 7.71 7.85 7.92 1968. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 Sept. 7.83 7.76 7.85 7.84 1969, 9,129 1,551 5,570 1,316 693 4,072 1 ,493 2,579 Oct.. 7.84 7.75 7.80 7.75 1970. 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 Nov. 7.79 7.69 7.75 7.62 Dec. 7.77 7.64 7.70 7.59 1971--Aug.. 1,393 407 710 216 60 577 146 431 Sept.. 1,242 320 543 290 89 693 188 506 1972—Jan.. 7.78 7.58 7.60 7.49 Oct. . 1,202 318 504 276 105 514 135 379 Feb., 7.60 7.49 7.60 7.46 Nov.. 1,220 358 511 273 77 757 226 526 Mar. 7.52 7.44 7.55 7.45 Dec.. 1,598 358 502 691 47 685 220 465 Apr. 7.51 7.42 7.60 7.50 May 7.53 7.46 7.60 7.53 1972-—Jan. . 1,277 420 516 280 62 629 204 425 June 7.55 7.49 7.60 7.54 Feb.. 1,094 366 448 237 44 460 199 361 July. 7.58 7.50 7.65 7.54 Mar.. 1,253 349 449 401 54 658 231 427 Aug. 7.59 7.52 7.65 7.55 Apr.. 954 272 381 249 51 509 170 339 May. 628 259 369 217 56 603 185 418 June. 643 27 372 197 71 848 239 609 NOTE.—Annual data are averages of monthly figures. The July.. 635 261 374 183 47 662 179 483 FHA data are based on opinion reports submitted by field offices Aug.. 750 310 440 227 67 729 185 544 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. 1 Monthly figures do not reflect mortgage amendments included in annual 203, 30-year mortgages with minimum downpayment and an totals. assumed prepayment at the end of 15 years. Gaps in data are 2 Not ordinarily secured by mortgages. due to periods of adjustment to changes in maximum permis- 3 Includes a small amount of alteration and repair loans, not shown separsible contract interest rates. The FHA series on average contract ately; only such loans in amounts of more than $1,000 need be secured. interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured The FHLBB effective rate series reflects fees and charges as well loans represent gross amount of insurance written; VA-guaranteed loans, as contract rates (as shown in the table on conventional first- gross amounts of loans closed. Figures do not take into account principal mortgage terms, p. A-37) and an assumed prepayment at end repayments on previously insured or guaranteed loans. For VA-guaranteed of 10 years. loans, amounts by type are derived from data on number and average amount of loans closed. DELINQUENCY RATES ON HOME MORTGAGES FEDERAL HOME LOAN MORTGAGE CORPORATION ACTIVITY (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure but delinquent for— LLooaannss iinn Mortgage Mortgage Mortgage ffoorree-- holdings transactions commitments EEnndd ooff ppeerriioodd cclloossuurree (during period) Total 30 days 60 days 90 days End of period or more 1965 3.29 2.40 .55 .34 .40 F V H A A - t C i v o o e n n n a - - l c P h u as r e - s Sales d p M u er r a i i d o n e d g 1966 3.40 2.54 .54 .32 .36 1967 3.47 2.66 .54 .27 .32 1968 3.17 2.43 .51 .23 .26 197 0 325 325 325 1969 3.22 2.43 .52 .27 .27 197 1 968 821 147 778 1970 3.64 2.67 .61 .36 .33 1971 3.93 2.82 .65 .46 .46 1971—Apr. 328 322 6 May 346 339 7 20 1969—1 2.77 2.04 .49 .24 .26 June 485 454 31 141 II 2.68 2.06 .41 .21 .25 July. 637 587 50 154 49 III.... 2.91 2.18 .47 .26 .25 Aug. 689 625 65 54 76 IV 3.22 2.43 .52 .27 .27 S O e c p t t .. . 9 7 0 9 2 8 7 6 6 9 1 5 1 14 0 1 3 11101 8 1 4 1 9 7 1970—1 2.96 2.14 .52 .30 .31 Nov. 976 800 176 91 15 23 II 2.83 2.10 .45 .28 .31 Dec., 968 821 147 45 49 7 III.. .. 3.10 2.26 .53 .31 .25 IV 3.64 2.67 .61 .36 .33 1972—Jan.. 979 828 151 17 2 17 Feb.. 893 844 49 23 104 126 1971—1 3.21 2.26 .56 .39 .40 Mar. 988 928 60 98 258 II 3.27 2.36 .53 .38 .38 Apr.. 1,110 1,040 70 126 232 Ill, . 3.59 2.54 .62 .43 .41 May 1,324 1,239 86 220 156 IV 3.93 2.82 .65 .46 .46 June. 1,415 1,344 72 194 97 117 1972—1 3.16 2.21 .58 .37 .50 NOTE.—Federal Home Loan Mortgage Corp. data. Data for 1970 include only the period beginning Nov. 26 when the FHLMC first became operational. NOTE.—Mortgage Bankers Association of America data from Holdings, purchases, and sales include participations as well as whole loans. reports on 1- to 4-family FHA-insured, VA-guaranteed, and con- Mortgage holdings include loans used to back bond issues guaranteed by ventional mortgages held by more than 400 respondents, including GNMA. Commitment data cover the conventional and Govt.-underwritten mortgage bankers (chiefly), commercial banks, savings banks, and loan programs. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 56 CONSUMER CREDIT • OCTOBER 1972 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 1967r. 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 1969>. 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970. 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971. 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 —Aug 131,593 105,924 37,497 31,569 5,314 31,544 25,669 10,262 7,595 7,812 Sept 132,968 107,073 37,812 32,045 5,364 31,852 25,895 10,336 7,744 7,815 Oct 133,755 107,775 38,193 32,189 5,400 31,993 25,980 10,373 7,778 7,829 Nov 135,415 109,088 38,576 32,740 5,417 32,355 26,327 10,459 7,948 7,920 Dec 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 >—Jan 137,426 110,757 38,450 34,046 5,399 32,862 26,669 10,649 7,630 8,390 Feb 136,941 110,510 38,516 33,579 5,403 33,012 26,431 10,752 6,987 8,692 Mar 137,879 111,257 38,853 33,695 5,437 33,272 26,622 10,843 6,963 8,816 Apr 139,410 112,439 39,348 33,981 5,504 33,606 26,971 10,933 7,179 8,859 May 141,450 114,183 40,063 34,439 5,604 34,077 27,267 11,066 7,464 8,737 June 143,812 116,365 41,019 35,041 5,717 34,588 27,447 11,181 7,610 8,656 July 145,214 117,702 41,603 35,470 5,797 34,832 27,512 11,235 7,644 8,633 Aug 147,631 119,911 42,323 36,188 5,950 35,450 27,720 11,411 7,717 8,592 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, NOTE.—Consumer credit estimates cover loans to individuals for house- BULLETIN for Dec. 1968, and pp. 882-98 of this BULLETIN. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets EEnndd ooff ppeerriioodd TToottaall Com- Finance Mis- Auto- Other Total mercial compa- Credit cellaneous Total mobile retail banks nies 1 unions lenders 1 dealers 2 outlets 1939i. 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941. 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945. 2,462 1,776 745 910 102 19 686 28 658 1950. 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955. 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960. 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1965. 70,893 61,102 28,962 23,851 7,324 965 9,791 315 9,476 1966. 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 10,538 1967. 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 1968. 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 11,737 1969i. 97,105 83,989 42,421 27,846 12,028 1,694 13,116 250 12,866 1970I. 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 13,682 1971. 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 —Aug 105,924 93,310 49,085 27,941 14,086 2,198 12,614 234 12,380 Sept 107,073 94,275 49,654 28,069 14,310 2,242 12,798 226 12,572 Oct 107,775 94,973 50,047 28,237 14,421 2,268 12,802 233 12,569 Nov 109,088 95,925 50,557 28,474 14,609 2,285 13,163 237 12,926 Dec 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 Jan 110,757 96,894 51,157 28,723 14,636 2,378 13,863 225 13,638 Feb 110,510 97,135 51,264 28,695 14,702 2,474 13,375 226 13,149 Mar 111,257 97,934 51,782 28,716 14,910 2,526 13,323 228 13,095 Apr 112,439 99,139 52,629 28,955 15,083 2,472 13,300 232 13,068 May 114,183 100,840 53,624 29,310 15,395 2,511 13,343 237 13,106 June 116,365 102,909 54,883 29,722 15,786 2,518 13,456 243 13,213 July 117,702 104,132 55,688 30,065 15,910 2,469 13,570 248 13,322 Aug 119,911 106,146 56,846 30,464 16,278 2,558 13,765 251 13,514 1 Finance companies consist of those institutions formerly classified 2 Automobile paper only; other instalment credit held by automobile as sales finance, consumer finance, and other finance companies. Mis- dealers is included with "other retail outlets." cellaneous lenders include savings and loan associations and mutual savings banks. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • CONSUMER CREDIT A 57 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair paper goods paper and Per- Auto- goods paper and Total modern- sonal Total mobile modernization loans paper ization Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1,079 237 178 166 135 363 1,836 932 134 1,726 447 338 309 161 471 2,541 1,438 194 745 66 143 114 110 312 910 202 40 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2 464 3,237 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2;561 3,052 49,085 13,567 8,815 4,065 3,992 4,311 3,207 11,128 27,941 9,401 2,494 2,924 49,654 13,653 8,881 4,171 4,060 4,362 3,232 11,295 28,069 9,482 2,517 2,936 50,047 13,762 9,017 4,262 4,040 4,391 3.248 11,327 28,237 9,566 2,536 2,952 50,557 13,850 9,200 4,348 4,080 4,421 3.249 11,409 28,474 9,600 2,546 2,961 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 51,157 13,790 9,260 4,467 4,362 4,510 3,203 11,565 28,723 459 2,561 3,042 51,264 13,844 9,292 4,519 4,291 4,530 3,190 11,598 28,695 399 2,571 3,042 51,782 14,017 9,442 4,602 4,264 4,585 3,201 11,671 28,716 324 2,587 3,063 52,629 14,232 9,613 4,703 4,325 4,683 3,244 11,829 28,955 373 2,614 3,076 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 453 2,649 3,153 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 612 2,687 3,216 55,688 15,244 10,193 5,144 4,517 4,903 3,410 12,277 30,065 9,714 2,725 3,270 56,846 15,566 10,331 5,321 4,631 5,003 3,479 12,515 30,464 9,822 2,773 3,318 1 Finance companies consist of those institutions formerly classified as See also NOTE to first table on preceding page. sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Total paper loans End of period Com- Other mer- finan- Retail Credit cial cial outlets cards 1 150 27 5 12 106 banks insti- 213 47 9 11 146 tutions 121 16 4 10 91 692 159 40 102 391 1939 2,719 625 162 1,414 1,959 560 130 313 956 1941 3,087 693 152 1,645 4,566 1,460 297 775 2,034 1945 3,203 674 72 1,612 8,289 3,036 498 933 3,822 1950 6,768 1,576 245 3,291 76 9,315 3,411 588 980 4,336 1955 9,924 2,635 367 4,579 216 10,216 3,678 654 1,085 4,799 1960 13,173 3,884 623 4,893 436 11,717 4,238 771 1,215 5,493 13,722 4,941 951 1,443 6,387 196 5 18,990 6,690 981 5,724 706 15,088 5,116 1,177 1,800 6,995 196 6 19,994 6,946 1,026 5,812 874 17,021 5,747 1,472 1,930 7,872 196 7 21,355 7,478 1,080 6,041 1,029 196 8 23,025 8,374 1,158 5,966 1,227 16,284 5,480 1,403 1,889 7,512 196 9 24,041 8,553 1,194 5,936 1,437 16,552 5,570 1,427 1,913 7,642 197 0 25,099 8,469 1,206 6,163 1,805 16,689 5,615 1,439 1,926 7,709 197 1 27,099 9,316 1.269 6,397 1,953 16,894 5,689 1,458 1,935 7,812 17,021 5,747 1,472 1,930 7,872 1971—Aug.... 25,669 9,019 1,243 5,681 1,914 Sept.... 25,895 9,082 1,254 5,759 1,985 17,014 5,716 1,466 1,939 7,893 Oct 25,980 9,112 1,261 5,826 1.952 17,176 5,755 1,477 1,955 7,989 Nov 26,327 9,189 1.270 6,031 1,917 17,436 5,842 1,499 1,975 8,120 Dec.... 27,099 9,316 1,269 6,397 1.953 17,555 5,898 1,512 1,984 8,161 17,906 6,019 1,543 2,020 8,324 1972—Jan.. .. 26,669 9,342 1,307 5.688 1,942 18,304 6,166 1,580 2,055 8,503 Feb.... 26,431 9,415 1,337 5,111 1.876 18,379 6,204 1,589 2,062 8,524 Mar 26,622 9,491 1,352 5,102 1,861 18,836 6,353 1,628 2,113 8,742 Apr 26,971 9,594 1,339 5,296 1,883 May... 27,267 9,717 1.349 5,587 1.877 June... 27,447 9,831 1.350 5.689 1,921 NOTE.—Other financial lenders consist of credit unions and miscel- July. .. 27,512 9,900 1 ,335 5,664 1,980 laneous lenders. Miscellaneous lenders include savings and loan associa- Aug 27,720 10,053 1,358 5,676 2,041 tions and mutual savings banks. 1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 58 CONSUMER CREDIT • OCTOBER 1972 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 | N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 7777777788888888,,,,,,,,666666666666666611111111 2222222277777777,,,,,,,,222222220000000088888888 2222222222222222,,,,,,,,888888885555555577777777 22222222,,,,,,,,222222227777777700000000 2222222266666666,,,,,,,,333333332222222266666666 1966 8888888822222222........888888883333333322222222 2222222277777777,,,,,,,,111111119999999922222222 2222222266666666,,,,,,,,333333332222222299999999 22222222,,,,,,,,222222222222222233333333 2222222277777777,,,,,,,,000000008888888888888888 1967 8888888877777777,,,,,,,,111111117777777711111111 2222222266666666,,,,,,,,333333332222222200000000 2222222299999999,,,,,,,,555555550000000044444444 22222222,,,,,,,,333333336666666699999999 2222222288888888,,,,,,,,999999997777777788888888 1968 9999999999999999,,,,,,,,999999998888888844444444 3333333311111111,,,,,,,,000000008888888833333333 3333333333333333,,,,,,,,555555550000000077777777 22222222,,,,,,,,555555553333333344444444 3333333322222222,,,,,,,,888888886666666600000000 1969 111111110000000099999999,,,,,,,,111111114444444466666666 3333333322222222,,,,,,,,555555555555555533333333 3333333388888888,,,,,,,,333333333333333322222222 22222222,,,,,,,,888888883333333311111111 3333333355555555,,,,,,,,444444443333333300000000 1970 111111111111111122222222,,,,,,,,111111115555555588888888 2222222299999999,,,,,,,,777777779999999944444444 4444444433333333,,,,,,,,888888887777777733333333 22222222,,,,,,,,999999996666666633333333 3333333355555555,,,,,,,,555555552222222288888888 1971 111111112222222244444444,,,,,,,,222222228888888811111111 3333333344444444,,,,,,,,888888887777777733333333 4444444477777777,,,,,,,,888888882222222211111111 33333333,,,,,,,,222222224444444444444444 3333333388888888,,,,,,,,333333334444444433333333 1971 Aug 10,610 1111111100000000,,,,,,,,999999994444444433333333 3,006 33333333,,,,,,,,111111112222222211111111 4,048 44444444,,,,,,,,000000001111111177777777 283 333333332222222277777777 3,273 33333333,,,,,,,,444444447777777788888888 Sept 10,827 1111111100000000,,,,,,,,666666663333333388888888 3,123 22222222,,,,,,,,999999997777777733333333 4,188 44444444,,,,,,,,111111116666666688888888 282 333333330000000033333333 3,234 33333333,,,,,,,,111111119999999944444444 Oct 10,718 1111111100000000,,,,,,,,333333333333333344444444 3,016 33333333,,,,,,,,000000004444444488888888 4,135 33333333,,,,,,,,999999993333333355555555 283 222222228888888844444444 3,284 33333333,,,,,,,,000000006666666677777777 11,157 1111111111111111,,,,,,,,333333330000000000000000 3,121 33333333,,,,,,,,000000008888888877777777 4,254 44444444,,,,,,,,333333338888888811111111 274 222222227777777733333333 3,508 33333333,,,,,,,,555555555555555599999999 Dec 10,866 1111111122222222,,,,,,,,444444444444444455555555 3,051 22222222,,,,,,,,777777774444444433333333 4,153 55555555,,,,,,,,555555552222222288888888 294 222222224444444422222222 3,368 33333333,,,,,,,,999999993333333322222222 1972 Jan 11,116 99999999,,,,,,,,444444446666666699999999 3,089 22222222,,,,,,,,444444449999999999999999 4,258 33333333,,,,,,,,777777777777777733333333 309 222222223333333311111111 3,460 22222222,,,,,,,,999999996666666666666666 Feb 10,952 99999999,,,,,,,,555555554444444400000000 3,100 22222222,,,,,,,,777777777777777777777777 4,052 33333333,,,,,,,,444444442222222222222222 296 222222224444444477777777 3,504 33333333,,,,,,,,000000009999999944444444 Mar 11,741 1111111111111111,,,,,,,,777777774444444466666666 3,176 33333333,,,,,,,,333333336666666633333333 4,453 44444444,,,,,,,,333333333333333377777777 323 333333330000000033333333 3,789 33333333,,,,,,,,777777774444444433333333 Apr 11,374 1111111111111111,,,,,,,,222222222222222244444444 3,162 33333333,,,,,,,,222222226666666699999999 4,370 44444444,,,,,,,,111111115555555588888888 331 333333332222222266666666 3,511 33333333,,,,,,,,444444447777777711111111 May 11,687 1111111122222222,,,,,,,,555555555555555566666666 3,274 33333333,,,,,,,,666666669999999999999999 4,393 44444444,,,,,,,,555555559999999933333333 334 333333339999999999999999 3,686 33333333,,,,,,,,888888886666666655555555 12,057 1111111133333333,,,,,,,,000000009999999966666666 3,412 33333333,,,,,,,,999999993333333388888888 4,577 44444444,,,,,,,,777777777777777799999999 351 444444440000000033333333 3,717 33333333,,,,,,,,999999997777777766666666 July 11,687 1111111111111111........888888883333333333333333 3,298 33333333,,,,,,,,444444448888888800000000 4,684 44444444,,,,,,,,555555554444444444444444 328 333333335555555588888888 3,377 33333333,,,,,,,,444444445555555511111111 Aug 12,484 1111111133333333,,,,,,,,111111116666666666666666 3,491 33333333,,,,,,,,666666669999999966666666 4,990 55555555,,,,,,,,000000009999999944444444 371 444444443333333311111111 3,632 33333333,,,,,,,,999999994444444455555555 Repayments 1965. 70,463 23,706 20,707 2,112 23,938 1966. 77,480 25,619 24,080 2,118 25,663 1967. 83,988 26,534 27,847 2,202 27,405 1968. 91,667 27,931 31,270 2,303 30,163 1969. 99,786 29,974 34,645 2,457 32,710 1970. 107,199 30,137 40,721 2,506 33,835 1971. 115,050 31,393 44,933 2,901 35,823 1971—Aug.. 9,709 9,591 2,669 2,690 3,822 3,698 245 247 2,973 2,956 Sept.. 9,725 9,489 2,689 2,658 3,804 3,692 251 253 2,981 2,886 Oct.. 9,843 9,632 2,673 2,667 3,871 3,791 248 248 3,051 2,926 Nov.. 9,965 9,987 2,676 2,704 3,875 3,830 252 256 3,162 3,197 Dec.. 9,976 10,238 2,715 2,655 3,891 3,915 244 246 3,126 3,422 1972—Jan... 10,015 10,007 2,795 2,713 3,905 4,080 256 245 3,059 2,969 Feb.. 10,069 9,787 2,776 2,711 3,878 3,889 253 243 3,162 2,944 Mar.. 10,427 10,999 2,831 3,026 3,944 4,221 262 269 3,390 3,483 Apr.. 10,384 10,042 2,867 2,774 3,986 3,872 268 259 3,263 3,137 May. 10,355 10,812 2,819 2,984 3,981 4,135 287 299 3,268 3,394 June. 10,671 10,914 2,922 2,982 4,164 4,177 283 290 3,302 3,465 July.. 10,593 10,496 2,917 2,896 4,249 4,115 279 278 3,148 3,207 Aug.. 10,841 10,957 2,896 2,976 4,395 4,376 270 278 3,280 3,327 Net change in credit outstanding 2 1965. 8,198 3,502 2,150 158 2,388 1966. 5,352 1,573 2,249 105 1,425 1967. 3,183 -214 1,657 167 1,573 1968. 8,317 3,152 2,237 231 2,697 1969. 9,360 2,579 3,687 374 2,720 1970. 4,959 -343 3,152 457 1,693 1971. 9,231 3,480 2,888 343 2,520 1971—Aug.. 901 1,352 337 431 226 319 38 300 522 Sept.. 1,102 1,149 434 315 384 476 31 50 253 308 Oct.. 875 702 343 381 264 144 35 36 233 141 Nov.. 1,192 1,313 445 383 379 551 22 17 346 362 Dec.. 890 2,207 336 262 1,613 50 -4 242 510 1972—Jan.. 1,101 -538 294 -214 353 -307 53 -14 401 -3 Feb.. 883 -247 324 66 174 -467 43 4 342 150 Mar.. 1,314 747 345 337 509 116 61 34 399 260 Apr.. 990 1,182 295 495 384 286 63 67 248 334 May. 1,332 1,744 455 715 412 458 47 100 418 471 June. 1,386 2,182 490 956 413 602 68 113 415 511 July.. 1,094 1,337 381 584 435 429 49 80 229 244 Aug.. 1,643 2,209 595 720 595 718 101 153 352 618 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase 2 Net changes in credit outstanding are equal to extensions less re- the amount of extensions and repayments without affecting the amount payments. outstanding. For back figures and description of the data, see "Consumer NOTE.—Estimates are based on accounting records and often include Credit," Section 16 (New) of Supplement to Banking and Monetary financing charges. Renewals and refinancing of loans, purchases and Statistics, 1965 BULLETIN for Dec. 1968, and pp. 882-98 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • CONSUMER CREDIT A 59 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1965. 777888,,,666666111 29,528 25,265 9,438 14,430 1966. 888222,,,888333222 30,073 25,897 10,368 16,494 1967. 888777 111777111 31,382 26,461 11,238 18,090 1968. 9999999999,,,,,999998888844444 37,395 30,261 13,206 19,122 1969. 111110000099999,,,,,111114444466666 40,955 32,753 15,198 20,240 1970. 111111111122222,,,,,111115555588888 42,960 31,952 15,720 21,526 1971. 111112222244444,,,,,222228888811111 51,237 32,935 17,966 22,143 1971—Aug.. 10,610 1111100000,,,,,999994444433333 4,357 4,518 2,827 2,897 535 1,695 1,891 1,833 Sept.. 10,827 1111100000,,,,,666663333388888 4,429 4,440 2,890 2,736 561 1,544 1,947 1,918 Oct.. 10,718 1111100000,,,,,333333333344444 4,412 4,251 2,869 2,768 568 1,487 1,869 1,828 Nov.. 11,157 1111111111,,,,,333330000000000 4,644 4,432 2,904 3,092 662 1,605 1,947 2,171 Dec.. 10,866 1111122222,,,,,444444444455555 4,514 4,586 2.940 3,520 583 1,553 1,829 2,786 1972—Jan... 11,116 9,469 4,417 3,843 2,953 2,434 687 1,425 2,059 1,767 Feb.. 10,952 9,540 4,518 4,009 2.941 2,614 700 1,527 1,793 1,390 Mar.. 11,741 11,746 4,622 4,777 3,197 3,173 887 1,874 2,035 1,922 Apr.. 11,374 11,224 4,644 4,780 3,196 3,071 582 1,564 1,952 1,809 May. 11,687 12,556 4,817 5,335 3,244 3,410 674 1,879 1,952 1,932 June. 12,057 13,096 5,098 5,617 3,196 3,479 792 2,036 1,971 1,964 July.. 11,687 11,833 4,926 5,103 3,107 3,184 506 1,580 2,148 1,966 Aug.. 12,484 13,166 5,349 5,644 3,285 3,433 788 2,014 2,062 2,075 Repayments 1965... 70,463 25,663 23,056 8,311 13,433 1966... 77,480 27,716 24,952 9,342 15,470 1967... 83 988 29,549 26,681 10,337 17,421 1968. .. 91,667 32,611 28,763 11,705 18,588 1969. .. 9999,,778866 36,470 30,981 13,193 19,142 1970. .. 110077 119999 40,398 31,705 14,354 20,742 1971... 111155,,005500 45,395 31,730 16,033 21,892 1971—Aug.. 9,709 99,,559911 3,850 3,844 2,664 2,622 335 1,349 ,860 1,776 Sept.. 9,725 99,,448899 3,885 3,871 2,700 2,608 319 1,276 ,821 1,734 Oct.. 9,843 99,,663322 3,907 3,858 2,700 2,600 386 1 ,350 ,850 1,824 Nov.. 9,965 99,,998877 3,916 3,922 2,749 2,855 443 1 ,400 ,857 1,810 Dec.. 9,976 1100,,223388 3,932 3,903 2,802 3,111 396 1,426 ,846 1,798 1972—Jan... 10,015 10,007 4,008 3,926 2,777 2,594 401 1 ,432 ,829 2,055 Feb.. 10,069 9,787 3,980 3,902 2,787 2,642 461 1,365 ,841 1,878 Mar.. 10,427 10,999 3,983 4,259 2,971 3,152 605 1 ,614 ,868 1 ,974 Apr.. 10,384 10,042 4,073 3,933 2,948 2,832 507 1 ,445 ,856 1,832 May. 10,355 10,812 4,121 4,340 2,918 3,055 459 1,528 ,857 1,889 June. 10,671 10,914 4,250 4,358 2,971 3,067 566 1,638 ,884 1,851 July. . 10,593 10,496 4,366 4,298 2,883 2,841 419 1 ,505 ,925 1 ,852 Aug.. 10,841 10,957 4,414 4,486 3,021 3,034 510 1,557 ,896 1,880 Net change in credit outstanding 2 1965. 8,198 3,865 2,209 1,127 997 1966. 5,352 2,357 945 1,026 1,024 1967. 3,183 1,833 -220 901 669 1968. 8,317 4,784 1,498 1 ,501 534 1969. 9,360 4,485 1,772 2,005 1,098 1970. 4,959 2,977 -168 1,366 784 1971. 9,231 5,842 1,205 1,933 251 1971—Aug.. 901 1,352 507 674 163 275 200 346 31 57 Sept.. 1,102 1,149 544 569 190 128 242 268 126 184 Oct.. 875 702 505 393 169 168 182 137 19 4 Nov.. 1,192 1,313 728 510 155 237 219 205 90 361 Dec.. 890 2,207 582 683 138 409 187 127 -17 988 1972—Jan... 1,101 -538 409 -83 176 -160 286 -7 230 -288 Feb.. 883 -247 538 107 154 -28 239 162 -48 -488 Mar.. 1,314 747 639 518 226 21 282 260 167 -52 Apr.. 990 1,182 571 847 248 239 75 119 96 -23 May. 1,332 1,744 696 995 326 355 215 351 95 43 June. 1,386 2,182 848 1,259 225 412 226 398 87 113 July. . 1 ,094 1,337 560 805 224 343 87 75 223 114 Aug.. 1,643 2,209 935 1,158 264 399 278 457 166 195 1 Includes adjustments for differences in trading days. their outstanding credit. Such transfers do not affect total instalment 2 Net changes in credit outstanding are equal to extensions less re- credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from large NOTE.—Other financial lenders include credit unions and miscellanetransfers of paper. In those months the differences between extensions ous lenders. See also NOTE to preceding table and footnote 1 at bottom of p. and repayments for some particular holders do not equal the changes in A-56. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 60 INDUSTRIAL PRODUCTION: S.A. • OCTOBER 1972 MARKET GROUPINGS (1967= 100) 1967 pro- 1971 1971 1972 Grouping p ti o o r n - a a v ge e * r > - Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.*5 Total index 100.00 106.8 105.6 107.1 106.8 107.4 108.1 108.7 110.0 111.2 112.8 113.2 113.4 113.7 114.5 M Pr a F I o n t d i e t n E C u r e a i q c r o a l m t u n l s p s i s , e r p u o d t m m o d ia t u e e a t n c e r l t t s g p o ro o d d u s cts 6 4 2 2 3 1 8 7 2 8 0 3 . . . . . . 9 7 2 5 4 2 5 9 1 3 2 6 1 1 1 1 1 0 8 0 1 0 1 4 9 2 7 6 5 . . . . . . 7 4 4 7 4 6 1 1 1 l 1 O 8 0 0 1 1 4 9 o 4 0 5 . . . . . . 8 5 8 9 9 1 1 1 1 1 1 8 0 1 0 0 1 9 5 6 7 7 2 . . . . . . 5 7 0 3 3 1 1 1 1 1 8 0 1 0 0 1 9 5 6 7 6 3 . . . . . 4 6 0 2 6 1 1 1 1 1 8 0 0 0 1 1 6 9 7 6 4 8 . . . . . . 1 6 9 5 3 0 1 1 1 1 1 8 0 0 0 1 1 6 9 8 8 8 4 . . . . . . 2 6 0 9 0 4 1 1 1 1 1 8 0 0 1 0 1 6 9 8 8 9 5 . . . . . . 4 5 5 4 9 2 1 1 1 1 1 9 0 0 1 1 1 0 7 9 9 0 7 . . . . . . 6 9 5 6 8 0 1 1 1 1 1 9 0 1 1 1 1 8 1 2 0 3 9 . . . . . . 2 3 1 4 1 6 1 1 1 1 1 9 0 ( 1 1 2 1 9 2 1 5 2 7 . . . . . 8 . 7 4 0 0 3 1 1 1 1 1 9 1 2 1 1 1 0 2 3 9 5 2 . . . . . . 2 2 4 3 6 1 1 1 1 1 1 9 1 1 1 1 2 0 3 2 6 9 2 . . . . . . 1 3 0 1 1 1 1 1 1 1 1 9 1 1 1 2 1 6 0 3 2 2 9 . . . . . 1 5 2 8 1 1 1 1 1 1 1 9 1 1 2 1 0 4 2 1 7 9 .6 . . . . . 6 9 4 4 9 Consumer goods Du A ra u A A b to l u u e m t t o o c o s o p t n i a v s r u e t s m p e a ro r n d d g u o a c o l t d l s i s e d goods.... 2 7 1 . . . . 8 8 8 9 6 4 7 7 1 1 1 1 1 4 1 0 5 9 0 8 . . . . 1 5 9 3 1 1 1 1 1 0 2 4 7 8 2 8 . . . . 3 5 3 9 1 1 1 1 1 2 5 0 7 2 1 8 . . . . 1 9 5 0 1 1 1 1 1 0 4 2 6 7 9 1 . . . . 8 8 9 0 1 1 1 1 1 1 4 0 6 9 0 9 . . . . 0 1 1 2 1 1 1 1 1 1 4 0 7 9 0 9 . . . . 4 9 0 4 1 1 1 1 1 1 0 4 7 6 2 3 . . . . 5 6 4 1 1 1 1 2 1 4 0 0 9 4 6 . . . . 3 5 5 4 1 1 1 1 1 1 4 0 8 9 7 4 . . . . 9 3 5 6 1 1 1 1 2 5 1 2 5 7 4 8 . . . . 9 9 0 3 1 1 1 1 2 5 2 1 5 8 1 7 . . . . 3 3 3 4 1 1 1 1 2 5 2 0 6 9 5 8 . . . . 0 3 7 2 1 1 1 1 2 5 2 0 4 6 4 8 . . . . 7 9 7 2 1 1 1 1 2 5 0 2 5 7 9 6 . . . . 3 9 5 0 Ho A C M m a p i e r s p p c l g T A e . i a o t V h p n i o n o p c d g a m l e s i n s a e a d , n n T g c d h e o V o s o f m , u d a a r e s n n n d a d i t u u A r d r a / i e C d o i os 5 2 1 1 . . . . . . 4 0 5 0 4 9 1 2 3 8 9 2 1 1 1 1 1 8 2 1 1 1 1 1 1 2 7 1 7 . . . . . . 5 4 6 2 6 2 1 1 1 1 1 8 2 1 1 1 2 2 8 2 1 4 2 . . . . . . 5 7 4 7 4 4 1 1 1 1 1 7 2 1 1 2 1 5 3 9 1 2 0 . . . . . . 6 8 9 3 4 0 1 1 1 1 1 7 2 0 1 2 1 2 9 9 0 3 3 . . . . . . 6 5 7 7 9 4 1 1 1 1 1 7 2 1 3 1 1 1 3 2 1 0 2 . . . . . 8 5 3 0 2 1 1 1 1 1 8 3 2 1 1 1 5 1 0 3 6 6 . . . . . . 3 7 4 9 0 1 1 1 1 1 8 2 1 1 2 4 1 7 8 3 3 3 . . . . . . 1 1 5 1 4 1 1 1 1 1 7 2 4 1 2 2 8 6 6 3 7 0 . . . . . . 3 1 1 9 2 7 1 1 1 1 1 8 2 1 3 1 1 1 8 4 5 1 7 . . . . . . 1 1 1 0 9 2 1 1 1 1 1 1 4 0 3 1 2 3 0 9 1 6 4 2 . . . . . . 1 3 3 9 2 2 1 1 1 1 1 9 4 3 2 2 1 3 8 2 4 9 8 . . . . . . 7 2 3 0 3 2 1 1 1 1 1 9 4 3 2 2 2 7 1 4 6 2 5 . . . . . 1 2 0 9 9 1 1 1 1 1 8 3 3 2 2 2 9 2 8 4 3 1 . . . . . . 9 6 5 7 0 6 1 1 1 1 1 7 3 4 2 2 2 8 5 2 2 6 0 . . . . . . 6 1 7 2 4 8 No C C n l o d o C u n t o s r h a u n i b n m s l g u e e m r c e o s r t n a f s p o u l o m es d e s r a g n o d o d t s o bacco.., 2 1 0 4 8 6 . . . . 6 3 3 3 7 2 7 4 1 1 1 1 1 1 1 0 6 3 9 1 . . . . 0 6 8 4 1 1 1 1 1 1 0 1 5 2 0 9 . . . . 4 3 4 8 1 1 1 1 1 1 0 1 6 4 3 9 . . . . 5 1 6 9 1 1 1 1 1 0 1 2 6 3 3 0 . . . . 6 2 9 2 1 1 1 1 1 1 2 0 8 1 2 3 . . . . 8 2 7 1 1 1 1 1 1 0 2 8 5 1 5 . . . . 4 5 9 0 1 1 1 1 1 1 0 2 9 5 2 5 . . . . 0 4 5 8 1 1 1 1 1 0 1 2 9 2 5 3 . . . . 3 1 5 7 1 1 1 1 1 0 1 2 9 6 3 5 . . . . 9 3 9 0 1 1 1 1 2 1 0 2 0 6 4 5 . . . . 5 6 0 1 1 1 1 2 2 1 0 1 4 7 6 . . . . 0 9 2 2 1 1 1 1 2 1 2 0 0 6 4 6 . . . . 6 8 3 8 1 1 1 1 2 1 2 0 1 5 4 7 . . . . 0 9 6 2 1 1 1 2 2 1 4 0 6 . . . 1 5 0 No C C C n o o o f R n n n o e s s s o s u u u d i m m m d s e e e e t n a r r r p t c p i f l a u h e a l s e e p l u m e a t r i i n l c i p d a ti r l e o l s i p d g r u h o c t d i t u n s c g .. t . s ., . 7 2 2 3 1 . . . . . 2 9 9 6 4 5 8 1 4 3 1 1 1 1 13 3 0 2 3 0 7 7 6 3 . . . . . 6 9 3 9 1 1 1 1 1 0 3 2 3 3 6 8 6 3 2 . . . . . 6 3 3 4 2 1 1 1 1 1 3 2 2 3 0 6 6 9 3 9 . . . . . 5 1 6 6 2 1 1 1 1 1 3 1 2 3 3 8 6 1 1 2 . . . . . 5 7 6 0 0 1 1 1 1 1 3 1 3 2 3 8 1 1 8 7 . . . . . 5 6 6 2 1 1 1 1 13 3 2 1 3 2 8 9 4 4 . . . . 7 8 0 3 1 1 1 1 1 1 2 4 3 3 1 9 1 7 4 . . . . . 4 8 8 6 2 1 1 1 1 1 4 1 3 4 3 2 2 4 4 2 . . . . . 1 5 5 3 4 1 1 1 1 1 3 4 1 3 4 4 2 3 2 1 . . . . . 9 9 3 0 4 1 1 1 1 1 4 3 4 3 1 2 4 2 5 1 . . . . . 1 8 8 4 4 1 1 1 1 14 1 3 4 3 4 3 1 3 6 . . . . . 1 1 2 3 1 1 1 1 1 3 4 1 3 4 6 2 5 2 0 . . . . . 8 5 0 2 2 1 1 1 1 1 3 4 4 1 3 3 1 7 3 9 . . . . . 8 3 0 4 4 1 1 1 1 1 1 4 3 3 4 0 4 2 8 1 . . . . . 3 8 9 7 8 Equipment Bu I s n i d n P B M u e o u s a s w i s t n l r d e e u i r i q a f n l u a e g c i e q p t q a u m u n u i r p e d i i p n m n m m t g e e n i e n n t q i t n u g ip m eq e u nt i p..... 1 6 2 3 1 1 . . . . . 7 8 7 4 4 4 5 7 5 7 1 9 9 9 8 1 6 2 2 2 9 . . . . . 8 9 9 6 8 1 9 9 9 8 1 7 2 6 1 9 . . . . . 5 8 5 4 0 1 9 9 9 8 1 8 6 2 3 8 . . . . . 2 1 6 2 7 1 9 9 9 8 1 3 5 3 8 8 . . . . . 5 5 1 2 8 1 9 9 9 8 2 5 7 4 3 1 . . . . . 2 9 2 5 5 1 9 9 9 8 2 8 3 4 4 1 . . . . . 0 0 2 6 1 9 9 9 8 2 8 4 8 2 1 . . . . . 4 1 0 4 0 1 9 9 9 8 2 9 9 5 3 2 . . . . . 9 6 4 7 4 1 1 1 9 0 8 0 2 1 6 4 1 2 . . . . . 3 5 3 2 0 1 1 9 9 0 8 2 1 5 8 4 1 . . . . . 3 7 9 4 4 1 1 9 9 8 0 2 2 7 6 5 2 . . . . . 5 3 0 9 1 1 9 9 8 0 2 1 2 8 6 3 . . . . . 2 3 7 5 1 1 1 9 8 0 1 0 2 7 7 9 0 . . . . . 3 1 0 7 1 1 1 1 9 8 0 2 0 3 8 8 1 1 . . . . . 4 1 5 0 0 Co C T F m a r o a m r m m n e m s r i e c t e q i r e a u c q l i i , u a p l t i m r p e a m e q n n u s e t i i n t p t , m fa e r n m t eq.. .., 5 2 3 . . . . 9 0 3 6 7 0 0 7 1 1 8 9 0 1 3 9 1 0 . . . . 2 4 0 2 1 1 9 9 0 1 0 7 2 1 . . . . 7 7 1 8 1 1 9 9 1 0 8 0 3 4 . . . . 5 8 1 0 1 1 9 9 1 0 1 8 2 3 . . . . 1 8 2 6 1 1 1 8 0 0 1 9 2 0 0 . . . . 1 4 2 0 1 1 9 9 0 0 3 6 2 9 . . . . 1 1 4 4 1 1 9 9 0 0 5 8 9 3 . . . . 1 6 1 3 1 1 1 9 0 0 1 4 5 1 2 . . , . 7 1 9 4 1 1 1 9 0 1 0 5 3 4 7 . . . . 5 4 7 0 1 1 1 9 1 0 0 7 4 6 7 . . . . 1 0 8 6 1 1 1 9 0 0 1 8 9 8 6 . . . . 9 6 2 4 1 1 1 9 1 0 0 4 6 9 8 . . . . 4 7 7 4 1 1 1 9 1 0 1 2 7 8 1 . . . . 4 3 3 2 1 1 1 9 1 1 0 2 4 8 9 . . . . 8 5 0 4 De M fe i n l s it e a r a y n d p r s o p d a u ce c t e s quipment 5 7. . 6 1 8 5 7 7 9 7. . 1 9 7 76 9 . . 3 2 7 76 9 . . 0 0 7 7 9 5. . 7 0 7 7 8 5 . . 9 7 7 8 5. . 6 3 7 74 7 . . 8 6 1 7 8 6 . . 5 0 8 7 0 7 . . 1 6 8 78 1 . . 5 3 8 7 1 8. . 2 1 8 78 0 . . 3 4 8 78 1 . . 9 6 8 79 2 . . 9 7 Intermediate products Construction products 7 5 . . 3 9 4 3 1 11 1 2 2 . . 6 6 1 11 0 2 9 . . 3 1 1 1 11 2 . . 5 9 1 1 1 1 2 3 . .5 8 1 1 1 1 4 4 . . 2 4 1 1 1 1 4 5 . . 5 2 1 1 1 1 6 5 . . 1 7 1 1 1 15 8 . . 8 0 1 11 1 5 8 . . 9 5 1 1 1 1 8 6. . 5 0 1 1 1 2 8 0 . . 0 4 1 1 1 2 7 0 . . 8 2 1 1 2 18 1 . .1 0 1 12 1 1 7 . . 3 2 Misc. intermediate products Du E C r q a o u b n l i s e M p u m g m a o e t e o e n r d r t s i d a p u m l a s r r a a t b t s e l r e i a p l a s rts 2 1 0 5 4 0 . . . . 9 4 7 7 1 1 5 5 1 1 1 8 0 0 0 1 7 7 4 . . . . 1 9 9 8 0 6 3 9 5 . . . . 5 1 3 6 1 1 1 0 8 0 0 0 7 6 3 . . . . 6 1 3 2 1 1 1 0 8 0 0 2 8 4 8 . . . . 2 1 1 5 1 1 1 8 0 0 0 0 7 6 1 . . . . 5 3 5 8 1 1 1 8 0 0 0 1 7 4 7 . . . . 6 9 0 4 1 1 1 0 8 0 1 3 5 8 0 . . . . 5 1 8 2 1 1 1 9 0 0 1 0 5 1 2 . . . . 1 8 1 8 1 1 1 9 0 1 1 7 1 5 0 . . . . 8 0 2 2 1 1 1 9 1 1 1 0 5 6 3 . . . . 4 4 5 8 1 1 1 9 1 1 1 5 1 2 8 . . . . 1 0 3 6 1 1 1 9 1 1 1 5 1 8 2 . . . . I 3 0 6 1 1 1 9 1 1 1 6 0 0 7 . . . . 6 9 4 1 1 1 9 1 1 1 3 8 9 8 . . . . 7 1 4 9 N Fu o T D N e n l e d u o x u a r n t a n r d il b a d u e b l , r e l p a e p o b m a g w l p a e o e e t o e r m r d , r , s i a i a a n t m l n e d s d r a u i n t a s c e e l t r h s r c i i e a a n m l l s . e . .c m at 1 2 5 8 3. . . . 9 4 8 5 9 1 9 8 1 1 1 1 1 1 1 1 4 6 6 0 . . . . 1 1 1 1 1 1 1 1 4 7 7 0 . . . . 7 7 4 0 1 1 1 1 1 1 1 0 4 8 9 8 . . . . 7 5 8 2 1 1 1 9 1 1 0 8 5 9 8 . . . . 0 7 0 4 1 1 1 1 1 2 0 0 5 1 4 7 . . . . 9 5 6 2 1 1 1 1 1 0 1 2 6 6 7 3 . . . . 7 6 0 1 1 1 1 1 1 2 0 6 7 0 8 . . . . 0 4 8 3 1 1 1 1 1 2 1 0 7 1 7 9 . . . . 0 5 7 9 1 1 1 1 1 1 2 1 9 8 5 1 . . . . 8 9 0 4 1 1 1 1 2 2 2 1 0 5 1 2 . . . . 6 9 6 3 1 1 1 1 2 2 2 1 1 7 0 2 . . . . 3 1 7 3 1 1 1 1 2 2 1 2 2 3 1 8 . . . . 5 1 7 5 1 1 1 1 2 2 1 3 3 3 2 0 . . . . 4 5 3 6 1 1 1 1 2 2 3 1 3 3 0 0 . . . . 0 1 7 6 Supplementary groups H Co o n m ta e in g e o r o s d s and clothing 9 1 . . 3 8 4 2 1 11 0 6 7 . . 4 1 1 0 1 7 7 . . 9 3 1 1 0 1 9 5 . . 1 1 1 1 0 1 8 6 . . 9 9 1 1 0 1 9 9 . . 2 4 1 1 2 10 1 . . 9 0 1 1 2 1 0 2 . . 6 4 1 1 2 1 3 2 . . 7 4 1 12 1 0 2 . . 3 3 1 1 2 1 7 5 . . 5 3 1 1 2 15 7 . . 9 0 1 1 3 1 0 7 . . 2 2 1 1 3 1 0 6 . . 4 6 1 1 1 2 6 4 . .0 8 Gross value of products in market structure (In billions of 1963 dollars) Pr I F o n d i t n E C u e a c q o r l t m u n s p , i s e p r u t d o o m m i d t a a e e u t l n e r c t t g s p o ro o d d u s. c t . s . . 3 2 3 9 8 8 1 0 2 9 3 8 2 . . . . . 0 5 8 8 6 3 2 3 9 8 8 1 0 0 7 8 3 2 . . . . . 0 8 6 9 4 3 2 3 9 8 8 1 0 2 8 9 3 4 . . . . . 1 9 5 4 2 3 2 3 9 8 8 1 0 3 9 9 5 3 . . . . . 2 4 2 8 0 3 2 3 9 9 8 1 0 6 0 7 6 9 . . . . . 5 2 7 9 0 3 2 3 9 9 8 1 0 6 0 8 5 7 . . . . . 5 6 9 8 4 3 2 3 9 9 8 1 0 8 2 9 7 6 . . . . . 7 5 2 7 4 4 2 3 9 0 9 1 0 2 2 0 8 9 . . . . . 0 9 4 8 2 2 4 3 9 9 0 2 1 5 3 1 0 2 . . . . . 6 2 9 4 3 4 2 3 0 9 9 2 1 9 2 2 4 7 . . . . . 8 1 4 8 7 2 4 3 9 9 2 1 1 3 4 5 3 8 . . . . . 0 1 5 3 5 4 2 3 9 1 9 2 1 2 4 3 4 7 . . . . . 0 3 1 6 5 4 2 3 9 1 9 2 1 0 5 1 3 5 . . . . . 5 0 8 7 4 4 2 3 9 1 9 2 1 3 4 4 4 8 . . . . . 5 8 3 2 5 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) Grouping p p 1 ti 9 o r o 6 o r n 7 - - a a 1 v g 9 e 7 e r 1 f - Aug. Sept. O 19 c 7 t. 1 Nov. Dec, Jan. Feb. Mar. Apr. 1972 M ay June July Aug.? Ma D n u u r f a a b ct l u e ring 5 88 2 . . 5 3 5 3 1 9 05 9 . . 2 4 1 9 0 1 4 . . 4 2 1 9 05 9 . . 7 3 1 1 0 0 6 0 . . 1 1 1 9 0 9 6. .1 0 1 9 06 9 . . 2 5 1 1 0 0 7 0 . . 1 4 1 1 0 0 8 2 . . 5 1 1 1 0 0 9 3 . . 7 4 1 1 1 0 1 5 . . 8 8 1 1 1 0 2 6 . . 3 3 1 1 1 0 2 6 . . 6 8 1 1 1 0 3 7 . . 0 5 1 1 1 0 3 7 . . 4 8 Nondurable 36.22 113.6 114.0 115.1 114.7 115.9 116.0 116.8 117.8 118.8 120.3 120.8 121.3 121.0 121.5 Mining and utilities 11.45 118.9 118.6 118.3 114.3 117.4 120.1 120.6 121.6 122.3 122.9 122.6 122.7 123.0 122.1 Mining 6.37 107.0 106.3 105.9 97.7 102.5 107.8 107.3 107.2 108.5 109.0 107.9 108.2 107.3 106.5 Utilities 5.08 133.9 134.1 134.0 135.2 136.0 135.8 137.4 139.7 139.7 140.2 141.1 140.9 142.4 141.7 Durable manufactures Primary and fabricated metals 12.55 104.0 94.0 99.5 101.3 98.8 100.6 104.0 105.4 107.4 110.4 112.7 112.1 113.4 113.0 Primary metals 6.61 100.9 81.2 93.8 96.1 91.4 94.3 102.4 102.6 105.1 110.2 113.5 111.9 113.7 112.1 Iron and steel, subtotal 4.23 96.6 66.5 85.9 89.4 81.9 85.5 95.2 95.9 98.8 105.5 108.3 104.9 107.7 105.4 Fabricated metal products 5.94 107.5 108.2 105.9 107.1 107.1 107.6 106.0 108.6 110.1 110.8 111.9 112.3 113.2 113.8 Machinery and allied goods 32.44 94.9 95.4 96.2 96.6 95.9 95.6 95.7 97.3 98.4 101.1 101.0 101.6 102.1 102.7 Machinery 17.39 96.2 96.7 97.9 98.3 97.8 97.9 98.5 99.5 100.3 102.6 103.0 104.8 105.1 105.7 Nonelectrical machinery 9.17 94.3 95.5 97.0 97.4 95.9 94.8 95.1 96.2 97.6 98.6 100.4 101.8 102.9 103.8 Electrical machinery 8.22 98.3 97.9 99.0 99.3 99.9 101.3 102.2 103.2 103.3 107.1 105.9 108.0 107.5 107.9 Transportation equipment 9.29 92.9 93.9 94.2 94.5 93.4 92.7 92.0 94.7 95.9 100.4 98.9 97.4 98.2 98.4 Motor vehicles and parts.... 4.56 114.1 116.3 115. 116.0 115.7 116.1 114.0 117.7 118.8 125.6 122.6 119.3 121.3 121.8 Aerospace and misc. trans, eq 4.73 72.5 72.3 73.4 73.7 72.0 70.1 70.8 72.7 73.9 76.1 76.1 76.4 75.9 75.9 I O n r s d tr n u a m nc e e n , ts p rivate and Govt 2 3 . . 0 6 7 9 18086..5 1 1 8 0 5 9 . . 5 1 1 8 1 5 0. . 5 2 1 8 1 5 1 . . 3 2 1 8 1 4 0 . . 9 4 1 8 0 4 9 . . 4 3 1 8 1 3 1 . . 2 3 1 8 1 3 4 . . 7 5 1 8 1 6 4 . . 4 2 1 8 1 7 6 . . 3 1 1 8 1 7 7 . . 6 3 1 8 1 7 9 . . 8 3 1 8 1 8 9 . . 0 8 1 9 1 0 9 . . 3 9 Lumber, clay, and glass 4.44 111.5 111.0 112.1 113.2 113.7 114.8 115.5 118.0 118.1 118.1 118.2 119.0 119.0 119.8 Lumber and products 1.65 113.9 113.9 114.8 118.2 119.4 121.7 122.0 119.7 119.6 119.9 119.1 121.8 121.5 123.0 Clay, glass, and stone products. 2.79 110.0 109.3 110.6 110.1 110.4 110.7 111.6 117.0 117.2 117.1 117.5 117.4 117.6 117.9 Fu F r u n r it n u i r t e u r a e n d a n m d i s f c i e x l t l u an re e s o us 2 1 . . 9 3 0 8 111012..7 1 1 1 1 0 4 5 . . 0 2 1 1 1 0 4 5 . . 2 3 1 1 1 0 4 4 . . 0 5 1 1 1 0 3 5 . . 3 4 1 1 1 0 4 3 . . 3 8 1 1 1 0 5 4 . . 0 0 1 1 1 0 7 8 . . 3 4 1 1 1 0 8 8 . . 4 7 1 1 1 1 9 1 . . 9 7 1 1 2 1 0 0 . . 6 7 1 1 2 1 2 2 . . 1 8 1 1 2 1 3 5 . . 7 5 1 1 2 1 4 6 . . 9 1 Miscellaneous manufactures 1.52 120.5 122.0 122.2 122.6 120.5 123.9 125.1 125.4 127.2 127.4 129.6 130.6 131.0 132.8 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 100.8 102.5 102.3 101.8 103.1 102.0 101.1 103.7 106.1 104.9 105.9 104.4 105.9 T L A e e p a x p t t a h il r e e e r l m a p i n r ll d o p d p r u r o c o d t d s u u c c ts ts 2 3 . . 6 3 9 3 1 9 8 0 7 7 8 . . . 8 4 6 1 9 8 1 7 4 0 . . . 2 4 5 1 9 8 1 9 7 1 . . . 5 7 0 11 8 10 7 00 . .. 4 1 0 1 9 8 1 9 3 0 . . . 8 3 2 1 9 8 1 7 9 2 . . . 1 7 6 1 9 8 0 9 9 8 . . . 8 6 9 11 8 00 6 70 . .. 9 0 1 1 1 8 0 1 5 2 0 . . . 4 7 9 1 1 9 1 0 4 3 3 . . . 4 5 3 11 8 10 9 22 . .. 2 8 8 1 1 9 1 0 2 3 3 . . . 2 9 0 1 1 9 0 1 0 1 2 . . . 2 3 8 1 8 1 4 5 . . 1 7 Paper and printing 7.92 107.8 108.1 108.2 109.4 110.5 110.7 111.3 112.6 112.6 112.3 114.1 115.1 116.2 115.0 P P r a i p n e t r in a g n a d n p d r p od u u b c li t s s h ing 4 3 . . 7 1 4 8 1 10 1 2 5 . . 5 8 1 1 1 0 7 1 . . 5 7 1 10 1 2 6 . . 9 2 1 1 0 1 4 6 . . 3 9 1 1 0 1 4 9 . . 5 2 1 10 1 4 9 . . 7 8 1 10 2 3 2 . . 9 2 1 1 2 0 2 5 . .8 1 1 0 22 5 . . 5 9 1 1 2 0 4 4 . . 4 2 1 10 2 5 7 . . 3 2 1 1 2 0 6 7 . . 7 3 1 1 0 2 7 9 . . 2 6 1 1 0 2 6 7 . .2 6 Chemicals, petroleum, and rubber. 11.92 124.8 126.3 127.5 126.6 127.9 127.9 129.8 132.6 133.4 136.1 137.5 137.1 137.6 139.4 C P R e h u t e b r m b ol e i e r c u a m a ls n d p a n r p o d l d a p u st r c i o t c s d s u p c r ts o ducts... 7 2 1 . . . 2 8 8 6 0 6 1 1 1 2 1 2 5 6 6 . . . 7 4 0 1 1 1 2 1 2 7 5 9 . . . 7 8 9 1 1 1 1 2 2 3 9 9 . . . 7 9 6 1 1 1 1 2 2 9 5 8 . . . 1 7 4 1 1 1 3 2 1 7 0 6 . . . 7 8 0 1 1 1 1 3 2 8 0 6 . . . 3 4 6 1 1 1 3 1 3 9 3 1 . . . 3 3 2 1 1 1 1 3 3 5 8 5 . . . 1 7 0 1 1 1 3 3 1 8 5 7 . . . 1 7 9 1 1 1 3 4 1 7 4 7 . . . 9 7 0 1 1 1 1 4 3 9 6 8 . . . 5 5 9 1 1 1 1 4 3 7 9 5 . . . 3 5 0 1 1 1 4 1 3 9 4 9 . . . 5 3 6 1 1 1 4 2 4 2 0 6 . . . 0 2 0 Foods and tobacco 9.48 113.7 113.1 114.2 113.3 115.8 115.0 115.7 115.9 116.3 117.6 117.1 117.6 116.4 116.3 T Fo ob od a s c co products 8. . 8 67 1 1 9 1 7 4 . . 7 9 1 9 1 8 4. . 1 2 1 1 0 1 0 5 . . 3 2 1 9 1 8 4 . . 5 4 1 9 1 8 7. . 1 2 1 9 1 3 6 . .6 1 11 0 6 3 . . 5 8 1 10 1 2 6 . . 5 9 1 1 1 0 7 1 . . 5 9 1 10 1 3 8 . . 9 6 1 9 1 9 8 . . 1 5 1 9 1 6 9 . . 4 3 1 9 1 6 7 . . 7 9 117.7 Mining Metal, stone, and earth minerals... 1.26 104.6 96.8 98.1 102.0 110.9 111.1 108.0 109.8 108.3 104.6 99.4 99.6 95.8 102.2 Metal mining .51 121.4 104.8 109.7 117.1 136.7 137.7 128.9 133.7 131.0 122.2 110.7 102.9 102.4 117.6 Stone and earth minerals .75 93.2 91.4 90.1 91.7 93.4 92.7 93.8 93.5 92.7 92.6 91.7 97.4 91.4 91.8 Coal, oil, and gas 5.11 107.6 108.7 107.9 96.6 100.4 107.1 107.1 106.5 108.6 110.0 109.9 110.5 110.3 107.6 C O o il a a l nd gas extraction 4. . 4 6 2 9 1 9 0 9 8 . . 8 9 1 1 1 0 0 8 . . 7 4 1 1 1 07 1 . . 4 0 1 2 0 9 7 . . 5 1 1 5 0 5 7 . . 1 4 1 1 0 1 6 2 . . 3 4 1 1 0 0 6 7 . . 3 2 1 9 0 9 7 . . 6 6 1 1 0 0 4 9 . . 1 3 1 1 0 1 9 2. . 9 6 1 11 0 0 5 . . 7 0 1 1 0 1 9 0 . . 1 7 1 11 0 0 9 . . 5 1 1 9 0 1 9 . . 2 3 Utilities G El a e s c tric 3 1 . . 9 1 1 7 1 13 1 8 9 . . 1 8 138.6 138.6 140.6 141.9 141.9 141.2 144.8 145.6 147.1 148.4 147.1 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 62 INDUSTRIAL PRODUCTION: N.S.A. • OCTOBER 1972 MARKET GROUPINGS (1967 = 100) 1967 pro- 1971 1971 1972 Grouping p ti o o r n - a a v g e e r f - Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.? Total index 100.00 106.8 105.8 110.3 110.3 107.7 104.5 106.6 110.3 111.6 113.6 113.4 116.5 109.0 114.6 Products, total 62.21 106.4 107.4 112.2 111.5 107.7 103.0 105.5 109.0 110.0 111.7 110.8 115.2 108.8 114.1 Final products 48.95 104.7 105.5 110.6 109.7 105.9 101.2 104.4 107.7 108.3 110.2 108.5 113.3 106.2 111.7 Consumer goods 28.53 115.7 118.4 124.2 123.0 117.2 109.9 115.7 119.4 119.2 122.4 119.6 126.0 116.8 124.6 Equipment 20.42 89.4 87.5 91.7 91.1 90.1 89.0 88.6 91.4 93.1 93.2 93.1 95.6 91.3 93.7 Intermediate products 13.26 112.6 114.3 118.0 118.0 114.1 109.8 109.4 113.8 116.5 117.4 119.5 122.2 118.4 122.9 Materials 37.79 107.4 103.1 107.3 108.2 107.6 106.9 108.3 112.4 114.5 116.6 117.7 118.7 109.2 115.5 Consumer goods Durable consumer goods 7.86 115.1 109.7 122.5 126.6 119.9 107.7 117.1 122.9 121.8 128.8 126.0 129.3 107.4 118.2 Automotive products 2.84 119.5 102.0 128.7 135.9 123.9 102.5 120.7 126.5 126.3 138.2 132.6 133.5 92.8 106.5 Autos 1.87 108.3 76.5 112.0 124.0 115.6 87.5 112.0 117.0 115.1 128.0 121.3 120.1 61.0 78.4 Auto parts and allied goods... .97 140.9 151.1 160.6 158.7 139.8 131.3 137.5 144.8 147.8 157.8 154.3 159.3 153.9 160.3 Home goods 5.02 112.6 114.1 119.0 121.4 117.6 110.7 115.1 120.8 119.3 123.5 122.3 126.9 115.6 124.8 Appliances, TV, and radios. .. 1.41 111.5 104.5 113.9 125.7 116.7 98.4 123.1 127.2 120.1 131.9 124.9 125.6 109.6 112.7 Appliances and A/C .92 127.6 115.0 128.6 143.5 132.3 108.2 143.8 150.3 139.3 156.6 146.9 147.4 134.9 129.7 TV and home audio .49 81.4 84.8 86.2 92.5 87.4 80.1 84.3 83.9 84.1 85.6 83.7 84.8 62.2 80.9 Carpeting and furniture 1.08 117.2 121.9 125.4 122.0 125.5 123.0 123.5 131.4 130.8 131.8 128.3 132.8 114.4 136.5 Misc. home goods 2.53 111.2 116.2 119.1 118.8 114.7 112.3 107.1 112.7 113.9 115.3 118.2 125.2 119.5 126.6 Nondurable consumer goods 20.67 116.0 121.7 124.8 121.6 116.2 110.8 115.1 118.1 118.2 119.9 117.1 124.7 120.4 112277..00 Clothing 4.32 101.4 105.6 107.0 110.4 100.6 90.6 100.8 106.6 108.1 113.2 102.7 113.2 96.5 Consumer staples 16.34 119.8 126.0 129.5 124.6 120.3 116.2 118.9 121.2 120.9 121.7 120.9 127.8 126.7 131.1 Consumer foods and tobacco.. 8.37 113.6 118.7 123.9 120.5 115.8 109.0 109.2 111.2 113.0 114.8 114.7 120.8 115.4 122.1 Nonfood staples 7.98 126.3 133.7 135.3 128.9 125.0 123.7 129.0 131.7 129.2 128.9 127.4 135.1 138.5 140.6 Consumer chemical products 2.64 133.9 139.6 145.4 139.4 137.1 124.9 129.3 137.7 135.0 142.3 143.9 152.3 146.9 148.4 Consumer paper products... 1.91 107.9 113.9 116.0 114.7 110.7 108.9 106.3 109.1 110.8 110.3 107.9 116.2 115.1 118.9 Consumer fuel and lighting. 3.43 130.8 140.2 138.3 128.8 123.7 131.0 141.4 139.6 135.0 129.0 125.5 132.4 145.1 146.6 Residential utilities 2.25 137.6 149.6 148.6 134.8 126.9 135.5 152.3 150.1 144.2 136.3 128.7 137.5 154.6 156.2 Equipment Business equipment 12.74 96.8 94.7 101.1 100.3 98.3 96.4 96.6 100.7 102.2 102.3 102.2 105.6 99.4 102.6 Industrial equipment 6.77 92.9 90.8 95.7 95.2 94.6 93.4 93.0 96.2 96.4 95.7 95.7 99.0 95.9 98.5 Building and mining equip.. . . 1.45 92.9 90.5 98.2 97.0 99.0 95.7 97.1 99.5 97.9 99.0 96.3 101.4 98.0 101.5 Manufacturing equipment.... 3.85 82.6 80.0 85.0 83.9 83.2 83.1 81.4 85.6 86.2 84.8 85.5 88.2 85.2 88.6 Power equipment 1.47 119.8 119.1 121.2 123.1 120.2 118.1 119.3 120.6 121.4 121.2 121.8 124.9 121.5 121.1 Commercial, transit, farm eq.. . . 5.97 101.2 99.1 107.3 106.1 102.4 99.9 100.7 105.8 108.7 109.8 109.6 113.0 103.3 107.2 Commercial equipment 3.30 110.0 111.9 116.7 113.2 110.5 107.4 105.3 110.1 112.6 112.2 114.7 121.9 120.2 121.9 Transit equipment 2.00 89.4 83.1 92.9 96.0 91.8 90.8 93.5 97.3 99.5 104.8 100.9 97.9 78.1 85.0 Farm equipment .67 93.2 83.8 103.7 101.2 93.7 90.6 99.1 109.9 117.2 113.2 110.0 114.4 95.2 101.0 Defense and space equipment 7.68 77.1 75.5 76.1 75.7 76.4 76.6 75.3 75.9 77.9 78.0 78.1 78.9 77.9 79.0 Military products 5.15 79.9 78.6 78.9 78.7 79.0 78.8 77.8 78.4 81.0 81.1 81.3 81.7 81.0 82.1 Intermediate products Construction products 7 5 . .9 3 3 4 1 1 1 1 2 2 . . 6 6 1 11 1 1 6 . . 8 4 1 1 1 1 6 9 . . 1 6 1 11 1 7 8 . . 6 4 1 1 1 12 5 . . 7 2 1 10 1 9 0 . . 1 4 1 1 1 0 0 7 . . 9 6 1 1 1 1 3 3 . . 7 9 1 1 1 1 6 6 . . 1 9 1 1 1 18 6 . . 9 2 1 1 1 2 8 0 . . 7 6 1 1 2 2 1 2 . . 9 4 1 1 1 2 6 0 . . 1 3 1 11 2 9 5 . . 9 3 Misc. intermediate products Materials 20.91 101.7 93.5 100.8 103.3 101.2 100.1 102.2 107.5 110.2 112.4 113.8 114.8 103.2 110.1 Durable goods materials 4 5 . . 7 4 5 1 1 8 0 7 4 . . 1 2 9 8 6 1. . 1 7 1 8 0 8 2 . . 0 7 1 8 0 7 6 . . 8 6 1 8 0 6 6 . . 5 3 1 8 0 7 9 . . 1 0 1 8 0 9 8 . . 1 8 1 9 1 2 0 . . 1 5 1 9 1 3 1 . . 7 6 1 9 1 6 2 . . 5 9 1 9 1 5 3 . . 9 3 1 9 1 8 2 . . 9 5 9 9 0 9. . 1 9 1 9 0 6 8 .9 0 Consumer durable parts 10.75 107.9 98.3 106.4 109.6 106.3 102.7 105.8 114.0 117.8 120.1 123.1 123.9 111.2 117.7 Equipment parts Durable materials n.e.c 13.99 114.1 114.4 114.8 117.6 117.5 114.4 115.1 118.3 119.8 121.8 123.0 124.2 116.9 122.6 Nondurable goods materials 8.58 116.6 116.8 118.7 121.5 122.8 119.2 120.0 124.3 126.0 128.5 129.6 130.9 121.3 129.7 Textile, paper, and chem. mat.. .. 5.41 110.3 110.7 108.6 111.3 109.0 106.8 107.4 108.8 110.0 111.2 112.6 113.6 109.9 111.3 Nondurable materials n.e.c 2.89 116.3 118.0 118.5 97.9 105.3 119.2 119.4 119.6 119.6 121.8 120.7 120.8 115.2 119.6 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 107.4 110.2 113.4 116.3 109.7 101.4 108.5 114.2 114.1 118.7 113.2 120.6 106.8 118 7 Containers 1.82 116.8 121.3 120.2 123.6 118.3 111.9 114.0 123.3 120.3 127.9 128.9 134.2 124.7 128.2 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) 1 p 1 p 99 rr 66 oo 77 -- 11997711 1971 1972 ppoorr-- aavveerr-- GGrroouuppiinngg ttiioonn aaggeeff Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.f 88.55 105.2 103.5 108.8 109.7 106.8 102.7 104.7 109.0 110.5 112.7 112.7 115.7 Durable 52.33 99.4 94.3 101.0 102.4 99.8 97.1 99.2 103 105.5 107.5 107.6 109.4 Nondurable 36.22 113.6 116.8 120.0 120.2 116.8 110.9 112.6 116.4 117.8 120.2 120.0 124.9 11.45 118.9 123.5 122.8 114.2 113.9 118.1 121.0 121.1 120.7 120.4 120.0 122.9 Mining 6.37 107.0 107.9 106.5 97.9 101.8 107.5 104.7 105.4 106.4 108.8 109.9 109.7 Utilities 5.08 133.9 143.0 143.4 134.7 129.1 131.5 141.5 140. 138.7 134.9 132.6 139.4 Durable manufactures Primary and fabricated metals 12.55 104.0 90.2 99.1 101.6 98.9 98.0 102.8 109.4 112.6 114.3 115.7 115.0 Primary metals 6.61 100.9 76.4 91.1 94.5 90.2 89.4 101.0 108.6 113.5 117.2 118.9 116.5 Fa I b r r o i n c a a te n d d m st e e t e a l, l s p u r b o t d o u ta ct l s 4 5 . . 2 9 3 4 1 9 0 6 7 . . 6 5 1 6 0 2 5 . . 7 5 1 8 0 1 7 . . 9 9 1 8 0 6 9. . 5 2 1 8 0 0 8 . . 7 6 1 8 0 1 7 . . 3 6 1 9 0 3 4 . . 7 8 1 11 0 0 1 . .3 2 1 1 1 0 1 7 . . 5 4 1 1 1 1 3 1 . . 2 1 1 1 1 1 4 2 . . 3 2 1 1 0 1 8 3 . .3 6 Machinery and allied goods 32.44 94.9 91.0 98.0 99.2 96.7 93.7 95 99.1 100.2 102. 101.7 104.0 Machinery 17.39 96.2 93.5 100.4 100.6 98.1 95.6 97.8 101.7 102.2 103. 102.9 107.0 Nonelectrical machinery 9.17 94.3 92.0 98.6 97.1 95.0 93.7 93.9 99.4 100.2 99. 100.9 104.7 Electrical machinery 8.22 98.3 95.2 102.5 104.4 101.5 97.7 102. 104.3 104.5 107. 105.1 109.5 Transportation equipment 9.29 92.9 84.4 94.8 99.0 95.4 90.3 94.0 97.5 99.0 103. 101.7 100.8 Motor vehicles and parts 4.56 114.1 98.0 116.6 124.8 119.8 110.8 119. 123.3 123. 131. 128.1 126.0 Aerospace and misc. trans, eq. .. 4.73 72.5 71.2 73.8 74.1 71.9 70.6 69.8 72.6 75.0 76. 76.3 76.6 Instruments 2.07 108.5 111.4 114.9 114.4 111.0 109.2 108.1 111.2 112.3 112. 116.1 121.8 Ordnance, private and Govt 3.69 86.1 84.5 84.9 84.7 85.0 84.8 83.7 84.0 87.1 87. 87.8 88.2 Lumber, clay, and glass 4.44 111.5 116.7 117.6 118.6 113.5 107.1 105.9 112.3 115.9 118.5 120.4 124.1 Lumber and products 1.65 113.9 118.5 120.4 122.6 116.2 109.3 111.1 119.5 121.5 122.1 121.8 126.5 Clay, glass, and stone products 2.79 110.0 115.6 115.9 116.3 111.9 105.8 102.8 108 112.5 116.3 119.6 122.7 2.90 111.7 114.6 118.1 117.3 117.5 115.2 111.3 118.4 118.8 119.1 118.1 123.7 Furniture and fixtures 1.38 102.1 103.5 106.4 104.8 108.6 106.9 106.2 113.7 112.7 111.6 108.7 112.1 Miscellaneous manufactures 1.52 120.5 124.8 128.8 128.7 125.6 122.7 116.0 122. 124.4 125.9 126.6 134.3 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 104.4 105.0 107.5 101.3 92.6 100.4 105.4 106.7 109.9 103.9 110.9 Textile mill products 2.69 108.6 114.5 113.6 113.8 111.0 101.9 106.6 110.3 114.0 115.9 115.8 119.0 Apparel products 3.33 97.8 100.4 102.4 106.7 98.1 87.7 98.4 105.3 105.0 109.5 98.7 109.1 Leather and products .88 87.4 88.8 88.1 91.5 83.9 83.0 88.9 90.6 90.4 93.3 87.3 92.8 Paper and printing 7.92 107.8 111.4 113.3 115.2 112.0 104.9 105.2 109.9 111.2 112.9 114.1 117.9 Paper and products 3.18 115.8 117.3 115.9 123.0 120.2 110.8 120.7 125.9 125.3 128.1 128.5 130.2 Printing and publishing 4.74 102.5 107.5 111.5 109.9 106.5 100.9 94.8 99.2 101.7 102.7 104.4 109.6 Chemicals, petroleum, and rubber 11.92 124.8 126.8 130.9 130.1 129.1 125.9 126.0 131.1 132.5 135.8 138.0 141.4 Chemicals and products 7.86 126.4 128.7 133.3 131.0 131.3 127.7 126.6 132.0 134.1 138.9 140.7 144.2 Petroleum products 1.80 115.7 120.9 118.9 117.8 115.2 116.5 114.4 115.0 113.5 112.1 118.4 121.5 Rubber and plastics products 2.26 126.0 124.7 131.9 136.7 132.3 126.9 133.0 140.8 142.2 144.1 144.0 147.6 Foods and tobacco 9.48 113.7 117.8 122.9 121.2 116.8 110.4 110.8 111.4 112.9 114.2 114.1 120.1 Foods 8.81 114.9 118.7 124.1 122.4 118.2 112.8 111.3 111.8 113.7 115.3 115.3 121.4 Tobacco products .67 97.7 105.7 106.5 106.1 99.0 78.7 103.6 105.5 102.1 99.4 98.1 103.0 Mining Metal, stone, and earth minerals 1.26 104.6 104.1 104.1 105.8 103.9 100.5 93.1 95.4 98.0 105.3 110.8 111.6 Metal mining .51 121.4 116.9 118.7 117.9 114.8 111.3 105.8 113 114.4 123.5 131.5 129.6 Stone and earth minerals .75 93.2 95.4 94.2 97.6 96.6 93.1 84.4 82.8 86.8 92.8 96.7 99.3 Coal, oil, and gas 5.11 107.6 108.8 107.1 95.9 101.3 109.2 107.6 107.9 108.5 109.7 109.7 109.2 Coal .69 99.8 117.9 113.9 31.5 56.9 111.7 105.1 99.9 102.7 114.9 107.1 104.8 Oil and gas extraction 4.42 108.9 107.4 106.1 106.0 108.2 108.8 108.0 109.2 109.4 108.9 110.1 109.9 Utilities Electric 3.91 138.1 150.0 150.8 139.9 132.8 136.2 146.6 145.1 143.5 138.5 136.4 144.9 Gas 1.17 111199..88 NOTE.—Published groupings include series and subtotals not shown date. Figures for individual series and subtotals are published in the separately. A description and historical data will be available at a later monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 BUSINESS ACTIVITY; CONSTRUCTION • OCTOBER 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices * In- Ca- Market dustry pacity NNoonnaagg-utiliza- CCoonn-- rriiccuull-- Products tion ssttrruucc-- ttuurraall TToottaall PPeerriioodd TToottaall Total Final C p o r n o - ducts m In ed te i r a - te M ri a a t l e s - f M a i c a n t n u g u r- - i o = n ( u 1 t m 1 9 p 6 0 f u 7 0 g t ) . ttrr cc tt aa oo iioo cc nn nn tt -- ss TT mm pp ee oo ee ll mm tt oo nn aa yy tt -- ll —— -- ii p m E l e m o n y - t - P ro a l y ls - ss rr aa ee ll tt ee aa ss iill 33 s C um on e - r m W c s o o h a d m l o e i l - t e y - Total sumer Equip- prodgoods ment ucts 1952. 92.8 74.1 93.4 54.5 52 79.5 88.6 1953. 95.5 76.3 98.2 60.3 54 80.1 87.4 1954. 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 1955. 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956. 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957. 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958. 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959i. 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 1960). 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961. 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 '82.1 84.5 68.0 70 89.6 94.5 1962>. 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 87.3 73.3 75 90.6 94.8 1963. 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.0 86.1 86.1 87.8 76.0 79 91.7 94.5 1964I. 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.5 89.4 88.6 89.3 80.1 83 92.9 94.7 1965. 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 89.0 93.2 92.3 93.9 88.1 91 94.5 96.6 1966. 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 91.9 94.8 97.1 99.9 97.8 97 97.2 99.8 1967J. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968. 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 109 104.2 102.5 1969) . 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 114 109.8 106.5 1970. 106.7 106.0 104.5 110.3 96.3 111.7 107.7 105.2 '78.3 107.3 98.1 114.2 120 116.3 110.4 1971. 106.8 106.4 104.7 115.7 89.4 112.6 107.4 105.2 '75.0 132.0 107.4 94.3 116.9 122 121.2 113.9 1— S A e u p g t 1 1 0 0 7 5 . . 1 6 1 10 0 6 7 . . 1 0 1 10 0 4 5 . . 8 5 1 1 1 1 5 6 . . 9 7 8 89 9 . . 8 5 1 1 1 1 0 2 . . 9 3 1 1 0 0 4 7 . . 8 3 1 10 0 5 4 . . 7 2 '74.7 1 1 5 5 3 6 . . 0 0 1 1 0 0 7 7 . . 1 6 9 9 3 4 . . 5 5 1 1 1 1 6 7 . . 5 0 1 1 3 3 3 5 1 1 2 2 2 2 . . 1 2 1 1 1 1 4 4 . . 9 5 Oct 106.8 107.0 105.4 116.6 89.8 113.2 106.6 106.1 137.0 107.6 94.1 117.8 134 122.4 114.4 Nov 107.4 107.9 106.1 118.0 89.6 114.3 106.5 106.0 '74.6 155.0 107.9 94.4 118.4 136 122.6 114.5 Dec 108.1 108.0 106.2 118.0 89.6 114.9 108.4 106.2 160.0 108.1 94.2 121.1 133 123.1 115.4 >—Jan 108.7 108.4 106.4 118.5 89.5 115.9 109.2 107.1 165.0 108.7 94.5 122.2 133 123.2 116.3 Feb 110.0 109.5 107.6 119.6 90.9 117.0 110.8 108.5 '75.3 155.0 108.9 95.0 124.9 135 123.8 117.3 Mar 111.2 110.1 108.2 119.6 92.4 117.3 113.1 109.7 159.0 109.4 95.6 125.8 139 124.0 117.4 Apr 112.8 111.4 109.8 122.0 92.7 117.3 115.0 111.8 167.0 109.7 96.2 128.7 139 124.3 117.5 May 113.2 112.1 110.2 122.2 93.4 119.3 115.6 112.3 '77.4 165.0 110.2 96.8 129.4 142 124.7 118.2 June 113.4 112.0 110.1 122.1 93.3 119.1 116.1 112.6 154.0 110.3 97.1 130.7 141 125.0 118.8 July 113.7 112.2 110.1 122.1 93.5 119.8 116.3 113.0 155.0 '110.3 '96.3 '128.4 143 125.5 119.7 Aug 114.5 112.4 110.6 121.9 94.6 119.4 117.9 113.4 77.6 180.0 '110.8 '96.8 '131.5 145 125.7 119.9 Sept.*5 115.2 113.0 111.2 122.5 95.6 119.3 118.6 114.1 111.2 9977..22 113322..77 112200..22 1 Employees only: excludes personnel in the Armed Forces. Construction contracts: F. W. Dodge Co. monthly index of dollar 2 Production workers only. value of total construction contracts, including residential, nonresidential, 3 F.R. index based on Census Bureau figures. and heavy engineering; does not include data for Alaska and Hawaii. 4 Prices are not seasonally adjusted. Latest figure is final. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. Capacity utilization: Based on data from Federal Reserve, McGraw- Hill Economics Department, and Department of Commerce. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1971 1972 Type of ownership and 1970 1971 type of construction Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1 67,097 78,878 7,712 6,814 6,568 6,405 6,286 6,234 5,607 7,284 8,100 9,907 8,478 8,067 8,875 By type of ownership: Public 23,362 24,183 2,299 2,010 1,837 1,960 1,696 2,137 1,634 1,686 1,741 2,574 2,517 2,528 2,466 Private 1 45,058 56,408 5,413 4,804 4,731 4,445 4,590 4,097 3,973 5,598 6,359 6,524 5,960 5,538 6,409 By type of construction: Residential building 1 24,910 35,226 3,255 3,196 3,170 3,001 2,997 2,667 2,664 3,617 3,971 4,428 4,375 3,864 Nonresidential building 24,180 26,577 2,120 2,246 2,064 2,128 1,959 1,728 1,799 2,187 2,182 2,908 2,447 2,461 Nonbuilding 18,489 20,509 2,337 1,371 1,332 1,274 1,959 1,840 1,144 1,480 1,947 1,762 1,655 1,741 Private housing units authorized. 1,324 1,885 1,997 1,944 1,983 2,051 2,142 2,204 2,056 2,007 I ,991 1,995 2,121 2,108' 2,246 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d R en e t s i i a - l Buildings Total M ta i r l y i- H w ig ay h - C v o a n & ti s o e n r - Other 2 Total In tr d i u al s - m C e o r m ci - al b O in u t g i h s l e d r 1 - Other de m ve e l n o t p - 1962 3 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1963 4 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1964 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1965 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 1966 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 1967 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 1968 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27,605 808 9,321 1969 93,347 65,384 33,200 32,184 6,783 9,401 4,971 11,029 27,963 879 9,252 1970 94,265 66,147 31,748 34,399 6,538 9,754 5,125 12,982 28,118 719 9,986 197 1 108,968 79,080 42,379 36,701 5,423 11,619 5,437 14,222 1971—Aug. 111,778 81,939 43,795 38,144 4,852 13,069 5,482 14,741 29,839 900 609 Sept. 110,319 81,730 45,027 36,703 4,597 11,702 5,591 14,813 28,573 786 570 Oct.. 114,748 82,905 46,135 36,770 4,993 11,510 5,372 14,895 31,843 881 540 Nov. 115,186 84,764 46,841 37,923 4,885 12,188 5,670 15,180 30,422 938 697 Dec.. 117,017 85,989 47,741 38,248 4,914 12,391 5,770 15,173 31,028 918 454 1972—Jan.r 120,790 88,606 49,594 39,912 4,935 13,272 5,734 15,017 32,184 986 943 Feb.' 121,777 90,860 51,922 38,938 4,674 13,247 5,582 15,435 30,917 1,002 804 Mar. 122,912 92,529 53,089 39,440 4,796 13,244 5,993 15,407 30,383 1,186 918 Apr. 120,377 91,429 52,668 38,761 4,649 13,411 5.765 14,936 28,948 965 644 May 122,058 92,236 52,320 39,916 4,723 14,132 5.766 15,295 29,822 980 971 June1 121,134 92,527 52,944 39,583 4,944 13,477 5,967 15,255 28,607 1,098 256 July 120,072 91,814 53,482 38,332 4,592 12,979 5,669 15,092 28,258 1,349 405 Aug. 121,739 93,477 53,988 39,489 4.706 13,335 6,064 15,384 28,262 850 657 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other." 3 Beginning July 1962, reflects inclusion of new series affecting most NOTE.—Census Bureau data, monthly series at seasonally adjusted private nonresidential groups. annual rates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R Government MMMooobbbiiillleee Private and public underwritten hhhooommmeee PPPeeerrriiioooddd (N.S.A.) (N.S.A.) ssshhhiiippp--- Region Type of structure mmmeeennntttsss (((NNN...SSS...AAA...::: TToottaall N e o a r s t t h - C N e o n r t t r h a l South West family 2 f - a m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 1963. 1,610 261 328 591 431 1,021 5:8 9 1,642 1,610 32 292 221 71 151 1964. 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965 , 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967. 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1969 1,467 206 349 588 323 810 87 571 1,500 1,467 33 288 237 51 413 1970 1,434 218 294 612 310 813 85 536 1,467 1,434 33 479 418 61 401 1971 c2,052 c264 434 869 c486 1,151 120 c781 c2,084 c2,052 32 627 533 94 497 1971--Aug.c 2,219 279 493 941 505 1,198 143 878 206 205 2 55 46 9 50 Sept.c 2,029 249 454 876 449 1,172 137 720 176 174 2 58 50 9 53 Oct.c 2,038 242 435 895 465 1,155 108 774 182 180 2 47 39 8 50 Nov.c 2,228 305 483 950 489 1,242 102 883 179 176 3 57 48 9 40 Dec.c 2,457 437 508 995 518 1,347 121 989 155 152 3 92 85 7 34 1972-—Jan.c 2,487 438 436 983 629 1,415 175 896 151 149 2 45 36 8 33 Feb.c 2,682 271 566 1,223 622 1,325 215 1,142 154 152 1 36 28 8 40 Mar.c 2,369 360 363 1,049 597 1,302 139 928 206 204 2 48 38 11 49 Apr.c 2,109 244 335 1,086 444 1,167 146 796 213 212 2 38 29 9 53 Mayc 2,350 273 570 1,020 487 1,344 127 879 228 226 2 42 32 9 52 Junec 2,330 337 458 985 550 1,296 140 894 226 223 3 42 32 10 55 July c 2,190 296 440 975 479 1,272 111 807 205 204 1 35 26 9 48 Aug 22,,445577 334411 449955 11,,000000 662211 11,,440055 114411 991111 222288 222266 2 4400 3300 1100 NOTE.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspecfor Govt.-underwritten, which are from Federal Housing Admin, and tions. Data may not add to totals because of rounding. Veterans Admin, and represent units started, including rehabilitation Mobile home shipments are as reported by Mobile Homes Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 66 EMPLOYMENT • OCTOBER 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p n T o s o t p t i a t u u l l a t n i t o o i n o n n a - l lab N o o r t f i o n r ce T l f a o o b r t o c a e r l Employed1 Une m r m a e t n p e2 t l o y- (N.S.A.) (N.S.A.) (S.A.) Total Unem- (per cent; Total In c n ul o t n u a r g al r i- In ployed S.A.) industries agriculture 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967 3 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 197 1 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1971—Sept. 143,104 56,220 87,240 84,491 79,451 76,088 3,363 5,040 6.0 Oct.. 143,321 55,968 87,467 84,750 79,832 76,416 3,416 4,918 5.8 Nov. 143,517 55,802 87,812 85,116 80,020 76,601 3,419 5,096 6.0 Dec.. 143,723 56,181 87,883 85,225 80,098 76,698 3,400 5,127 6.0 1972—Jan.. 144,697 57,550 88,301 85,707 80,636 77,243 3,393 5.071 5.9 Feb.. 144,895 57,577 88,075 85,535 80,623 77,266 3,357 4,912 5.7 Mar. 145,077 57,163 88,817 86,313 81,241 77,759 3,482 5.072 5.9 Apr., 145,227 57.440 88,747 86,284 81,205 77,881 3,324 5,079 5.9 May, 145,427 57.441 88,905 86,486 81,394 78,041 3,353 5,092 5.9 June, 145,639 55,191 88,788 86,395 81,667 78,330 3,337 4,728 5.5 July. 145,854 54,850 88,855 86,467 81,682 78,237 3,445 4,785 5.5 Aug. 146,069 55,311 89,256 86,860 81,973 78,348 3,625 4,887 5.6 Sept. 146,289 57,191 89,454 87,049 82,222 78,647 3,575 4,827 5.5 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r r n a u c c t - T t l i i o r c a n n u & s t p il o i p t r i u e t b a s - - Trade Finance Service G m ov e e n r t n - 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 196 9 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 197 0 70,616 19,369 622 3,345 4,504 14,922 3,690 11,630 12,535 197 1 70,699 18,610 601 3,259 4,481 15,174 3,800 11,917 12,858 SEASONALLY ADJUSTED 1971—Sep t 70,853 18,616 616 3,250 4,460 15,273 3,821 11,962 12,855 Oct 70,848 18,560 521 3,290 4,442 15,270 3,834 11,996 12,935 Nov 71,042 18,603 525 3,320 4,434 15,278 3,851 12,044 12,987 Dec 71,185 18,566 607 3,245 4,465 15,315 3,860 12,089 13,038 1972—Ja n 71,584 18,609 616 3,320 4,502 15,447 3,872 12,120 13,098 Feb 71,729 18,690 612 3,236 4,479 15,495 3,879 12,177 13,161 Mar 72,030 18,777 613 3,272 4,536 15,518 3,890 12,217 13,207 Apr 72,263 18,870 603 3,233 4,522 15,647 3,897 12,254 13,237 May 72,558 18,973 602 3,256 4,539 15,671 3,921 12,303 13,293 June 72,630 18,999 598 3,247 4,539 15,712 3,938 12,379 13,218 July 72,661 18,861 599 3,489 4,473 15,692 3,927 12,341 13,279 Aug.f 72,980 18,932 603 3.537 4,487 15,543 3,936 12,424 13,318 Sept.? 73,221 19,019 606 3.538 4,490 15,774 3,951 12,438 13,405 NOT SEASONALLY ADJUSTED 1971—Sep t 71,184 18,840 623 3,471 4,509 15,242 3,829 11,986 12,684 Oct 71,379 18,709 522 3,478 4,455 15,327 3,826 12,020 13,042 Nov 71,638 18,693 524 3,410 4,447 15,537 3,836 12,032 13,159 Dec 72,034 18,595 605 3,177 4,469 16,089 3,841 12,029 13,229 1972—Ja n 70,643 18,440 602 2,965 4,430 15,266 3,833 11,926 13,181 Feb 70,776 18,537 596 2,880 4,407 15,147 3,844 12,031 13,334 Mar 71,374 18,653 599 2,974 4,482 15,274 3,867 12,131 13,394 Apr 71,928 18,713 597 3,117 4,486 15,460 3,885 12,279 13,391 May 72,533 18,824 602 3,246 4,521 15,592 3,913 12,401 13,434 June 73,345 19,142 612 3,406 4,589 15,771 3,969 12,540 13,316 July 72,469 18,703 614 3,740 4,531 15,653 3,990 12,489 12,749 Aug p 72,983 19,161 617 3,831 4,536 15,676 3,995 12,486 12,681 Sept.25 73,572 19,295 613 3,772 4,539 15,755 3,955 12,450 13,193 NOTE.—Bureau of Labor Statistics; data include all full- and part- persons, domestic servants, unpaid family workers, and members of time employees who worked during, or received pay for, the pay pe- the Armed Forces are excluded. riod that includes the 12th of the month. Proprietors, self-employed Beginning with 1969, series has been adjusted to Mar. 1970 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1971 1972 1971 1972 Sept. July Aug.f Sept.? Sept. July Aug.f Sept.? 13,454 13,785 13,849 13,913 13,686 13,590 14,039 14,177 7,606 7,889 7,946 8,002 7,679 7,739 7,972 8,111 93 96 97 98 94 95 97 99 509 527 531 528 521 543 549 540 383 409 410 409 385 400 413 412 Stone, clay, and glass products 505 528 530 530 518 539 546 543 Primary metal industries 934 966 987 1,020 922 981 990 1,007 1,020 1,049 1,056 1,060 1,031 1,032 1,053 1,072 1,180 1,231 1,243 1,245 1,179 1,225 1,228 1,244 Electrical equipment and supplies 1,173 1,233 1,241 1,256 1,191 1,217 1,242 1,275 Transportation equipment 1,228 1,245 1,242 1,244 1,242 1,111 1,231 1,291 Instruments and related products 263 276 277 280 264 274 278 281 Miscellaneous manufacturing industries 318 329 332 332 333 322 343 348 5,848 5,896 5,903 5,911 6,007 5,851 6,067 6,066 Food and kindred products 1,193 1,188 1,167 1,170 1,316 1,215 1,290 1,290 Tobacco manufactures 61 62 58 54 74 54 65 65 Textile-mill products 840 867 874 873 842 857 878 875 Apparel and related products 1,165 1,140 1,160 1,161 1,178 1,096 1,170 1,174 Paper and allied products 530 539 540 542 533 539 546 545 Printing, publishing, and allied industries 651 655 655 653 651 651 653 652 Chemicals and allied products 579 578 579 584 578 580 585 584 Petroleum refining and related industries 117 116 117 117 119 121 121 119 Rubber and misc. plastic products 456 489 491 496 462 482 493 502 256 262 262 261 256 256 268 260 i Data adjusted to 1971 benchmark. NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1971 1972 1971 1972 1971 1972 Sept. July Aug.f Sept.* Sept. July Aug.*5 Sept.? Sept. July Aug.f Sept.7' Total 39.6 40.6 40.6 40.7 143.28 152.71 154.28 157.47 3.60 3.78 3.80 3.85 Durable goods 39.7 41.2 41.3 41.2 152.80 164.01 166.04 170.15 3.82 4.01 4.04 4.10 Ordnance and accessories 41.8 42.4 42.8 42.3 162.99 171.38 175.50 175.96 3.89 4.10 4.11 4.15 Lumber and wood products 40.3 41.1 41.2 41.0 130.41 136.94 138.28 138.43 3.22 3.34 3.34 3.36 Furniture and fixtures 39.5 40.4 40.5 40.6 118.00 121.60 125.87 128.23 2.95 3.04 3.07 3. 12 Stone, clay, and glass products 41.4 41.9 41.7 41.6 157.13 165.45 167.11 167.98 3.75 3.93 3.96 3.99 Primary metal industries 39.5 41.4 41.6 41.8 171.43 192.10 195.10 198.13 4.34 4.64 4.69 4.74 Fabricated metal products 39.6 41.3 41.3 41.0 150.80 162.77 165.60 168.08 3.77 3.97 4.00 4.05 Machinery 40.6 42.0 42.4 42.5 164.02 176.38 178.49 184.45 4.04 4.24 4.26 4.34 Electrical equipment and supplies 39.7 40.3 40.4 40.6 140.05 146.03 148.67 151.78 3.51 3.66 3.68 3.72 Transportation equipment 38.6 41.3 41.2 41.2 171.65 190.76 189.48 198.91 4.39 4.63 4.69 4.77 Instruments and related products 39.8 40.4 40.6 40.6 142.40 148.37 150.29 152.59 3.56 3.70 3.72 3.74 Miscellaneous manufacturing industries.. 39.0 39.3 39.5 39.6 116.22 119.89 122.36 123.55 2.98 3.09 3.09 3. 12 Nondurable goods 39.2 39.6 39.8 39.7 130.75 138.16 138.80 140.40 3.31 3.48 3.47 3.51 Food and kindred products 40.0 40.4 40.3 40.1 137.90 146.47 145.60 146.83 3.38 3.59 3.56 3.59 Tobacco manufactures 36.5 34.3 35.4 34.2 114.08 121.74 120.29 118.22 3.01 3.57 3.36 3.33 Textile-mill products 40.5 41.2 41.3 41.3 104.75 110.84 113.02 113.85 2.58 2.71 2.73 2.75 Apparel and related products 35.7 36.0 36.1 36.1 89.71 92.88 95.37 95.04 2.52 2.58 2.62 2.64 Paper and allied products 41.9 42.8 42.9 43.0 158.67 169.92 171.54 172.77 3.76 3.97 3.98 3.99 Printing, publishing, and allied industries 37.4 38.0 38.0 38.2 161.73 170.62 171.52 175.95 4.29 4.49 4.49 4.57 Chemicals and allied products 42.0 41.8 41.6 41.8 169.66 175.97 174.71 178.49 4.03 4.23 4.22 4.26 Petroleum refining and related industries 42.4 41.6 41.9 42.2 199.91 210.23 208.40 214.35 4.66 4.97 4.95 5.02 Rubber and misc. plastic products 40.0 40.9 41.4 41.1 139.78 146.93 150.28 151.48 3.46 3.61 3.63 3.65 Leather and leather products 37.5 38.4 38.9 38.7 96.68 105.03 105.15 103.63 2.62 2.70 2.71 2.72 l Data adjusted to 1971 benchmark. NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 68 PRICES • OCTOBER 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m i e p e r - - F c a o o u n i a d l e l l t e r G a l i n e c a c i d s t - y o n F p i a n i u e n s g r h r d s a - - - AA uu pp pp aa pp kk nn aa ee dd rr ee pp eell TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e a i e c n n r a g d e d a - - g O s a o e t n o r h d v d e - r s tion tion ices 1929 5555511111.....33333 4444488888.....33333 7777766666.....00000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 5555544444.....11111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 555333...777 5555577777.....22222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 555999...111 5555588888.....88888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 196 0 8888888888.....77777 8888888888.....00000 999000...222 9999911111.....77777 86.3 888999...222 999888...666 93.8 8888899999.....66666 888999...666 85.1 777999...111 999000...111 888777...333 888777...888 196 1 8888899999.....66666 8888899999.....11111 999000...999 9999922222.....99999 86.9 999111...000 999999...444 93.7 9999900000.....44444 999000...666 86.7 888111...444 999000...666 888999...333 888888...555 196 2 9999900000.....66666 8888899999.....99999 999111...777 9999944444.....00000 87.9 999111...555 999999...444 93.8 9999900000.....99999 999222...555 88.4 888333...555 999222...222 999111...333 888999...111 196 3 9999911111.....77777 9999911111.....22222 999222...777 9999955555.....00000 89.0 999333...222 999999...444 94.6 9999911111.....99999 999333...000 90.0 888555...666 999333...444 999222...888 999000...666 196 4 9999922222.....99999 9999922222.....44444 999333...888 9999955555.....99999 90.8 999222...777 999999...444 95.0 9999922222.....77777 999444...333 91.8 888777...333 999444...555 999555...000 999222...000 196 5 9999944444.....55555 9999944444.....44444 999444...999 9999966666.....99999 92.7 999444...666 999999...444 95.3 9999933333.....77777 999555...999 93.4 888999...555 999555...222 999555...999 999444...222 196 6 9999977777.....22222 9999999999.....11111 999777...222 9999988888.....22222 96.3 999777...000 999999...666 97.0 9999966666.....11111 999777...222 96.1 999333...444 999777...111 999777...555 999777...222 196 7 111110000000000.....00000 111110000000000.....00000 111000000...000 111110000000000.....00000 100.0 111000000...000 111000000...000 100.0 111110000000000.....00000 111000000...000 100.0 111000000...000 111000000...000 111000000...000 111000000...000 196 8 111110000044444.....22222 111110000033333.....66666 111000444...222 111110000022222.....44444 105.7 111000333...111 111000000...999 104.4 111110000055555.....44444 111000333...222 105.0 111000666...111 111000444...222 111000444...777 111000444...666 196 9 111110000099999.....88888 111110000088888.....99999 111111000...888 111110000055555.....77777 116.0 111000555...666 111000222...888 109.0 111111111111111.....55555 111000777...222 110.3 111111333...444 111000999...333 111000888...777 111000999...111 197 0 111111111166666.....33333 111111111144444.....99999 111111888...999 111111111100000.....11111 128.5 111111000...111 111000777...333 113.4 111111111166666.....11111 111111222...777 116.2 111222000...666 111111333...222 111111333...444 111111666...000 197 1 111112222211111.....33333 111111111188888.....44444 111222444...333 111111111155555.....22222 133.7 111111777...555 111111444...777 118.1 111111111199999.....88888 111111888...666 122.2 111222888...444 111111666...888 111111999...333 111222000...999 1971—Au g ffffflllll2222222222.....11111 111112222200000.....00000 111222555...111 111111111155555.....88888 134.4 111111777...888 111111555...777 119.1 111111111199999.....00000 111---111111999...333 123.1 111333000...000 111111777...555 111111999...777 111222111...888 Sept ffffflllll2222222222.....22222 111111111199999.....11111 111222555...555 111111111166666.....11111 135.1 111111777...888 111111555...777 119.4 111112222200000.....66666 ffflll111888...666 123.6 111333000...444 111111777...666 111222000...555 111222222...444 Oct ffffflllll2222222222.....44444 111111111188888.....99999 111222555...999 111111111166666.....44444 135.7 111111777...888 111111555...777 119.5 111112222211111.....66666 111111111999 --- 333 123.5 111222999...666 111111777...999 111222000...555 111222222...666 Nov 111112222222222.....66666 111111111199999.....00000 111222666...444 111111111166666.....66666 136.7 111111888...111 111111666...222 119.5 111112222211111.....99999 111111888...888 123.7 111222999...777 111111777...999 111222000...888 111222222...888 Dec 111112222233333.....11111 111112222200000.....33333 111222666...888 111111111166666.....99999 137.0 111111888...111 111111888...222 119.6 111112222211111.....88888 111111888...666 123.9 111333000...111 111111777...999 111222111...111 111222333...000 1972—Ja n 111112222233333.....22222 111112222200000.....33333 111222777...333 111111111177777.....11111 137.8 111111888...777 111111999...000 119.5 111112222200000.....22222 111111999...000 124.3 111333000...555 111111888...111 111222111...444 111222333...555 Feb 111112222233333.....88888 111112222222222.....22222 111222777...666 111111111177777.....55555 138.0 111111888...777 111111999...444 119.6 111112222200000.....77777 111111888...333 124.7 111333111...000 111111888...444 111222111...555 111222444...333 Mar 111112222244444.....00000 111112222222222.....44444 111222777...999 111111111177777.....77777 138.2 111111888...777 111111999...777 120.1 111112222211111.....33333 111111888...444 125.0 111333111...444 111111888...777 111222111...777 111222444...666 Apr 111112222244444.....33333 111112222222222.....44444 111222888...222 111111111188888.....11111 138.5 111111888...666 111222000...222 120.5 111112222211111.....88888 111111888...666 125.5 111333111...777 111111999...111 111222222...333 111222555...111 May 111112222244444.....77777 111112222222222.....33333 111222888...555 111111111188888.....33333 138.9 111111888...777 111222000...555 120.8 111112222222222.....55555 111111999...555 125.8 111333222...000 111111999...777 111222222...555 111222555...444 June 111112222255555.....00000 111112222233333.....00000 111222999...000 111111111188888.....88888 139.6 111111777...888 111222000...333 121.0 111112222222222.....11111 rrrlll 111999...888 126.1 111333222...444 111222000...000 111222222...999 111222555...666 July 111112222255555.....55555 111112222244444.....22222 111222999...555 111111111199999.....00000 140.7 111111777...777 111222000...333 121.1 111112222211111.....11111 111222000...333 126.3 111333222...777 111222000...000 111222333...000 111222555...888 Aug 111112222255555.....77777 111112222244444.....66666 111222999...999 111111111199999.....44444 141.3 111111777...999 111222000...555 121.2 111112222200000.....88888 111222000...555 126.5 111333222...999 111222000...222 111222333...000 111222666...000 t Reflects effect of refund of Federal excise tax on new cars. NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities m c t A o o i m e l d l s i - - p F u r a c o r t d m s - c f f e P o a e s r n e o s o d d d e - s d s Total t T e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e u r i a y n n d i - p t - - F t e u u t r r c n e . , i - N e t m m a r o l i a e l n n l i - s - c - T e p m t q r o i e a u o r n n n i t p a t s 1 - - - n c M e e o l i l u s a - s - 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 114.5 110.5 114.6 115.0 109.7 114.7 115.3 104.3 109.7 134.3 110.6 121.1 116.0 110.2 124.2 109.6 113.0 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7 113.0 114.5 112.2 114.4 114.9 109.8 115.1 114.7 103.8 109.5 131.3 110.6 120.9 115.9 110.2 124.0 110.8 113.1 115.4 115.8 115.9 115.3 110.6 116.2 115.0 103.4 109.4 132.7 110.7 120.8 116.2 110.2 124.2 112.9 113.2 116.3 117.8 117.2 115.9 111.3 117.8 116.0 103.4 109.5 134.9 110.8 121.4 116.5 110.2 124.3 113.4 113.7 117.3 120.7 118.8 116.5 112.0 119.1 116.1 103.5 109.2 137.7 111.6 122.6 117.1 110.8 124.6 113.6 114.0 117.4 119.7 118.6 116.9 112.1 123.0 116.5 103.4 108.9 139.5 112.3 123.4 117.3 110.9 124.8 113.8 114.2 117.5 119.1 117.7 117.3 112.6 127.2 116.9 104.1 108.7 141.1 112.8 123.5 117.6 111.0 125.6 113.7 114.1 118.2 122.2 118.6 117.6 113.3 129.5 117.5 104.4 108.8 142.7 113.2 123.6 117.9 111.1 125.9 113.8 114.1 118.8 124.0 119.6 117.9 113.6 130.9 118.2 104.3 108.9 144.2 113.5 123.6 118.1 111.2 125.8 114.2 114.2 119.7 128.0 121.5 118.1 114.0 131.6 118.6 104.2 109.2 146.1 113.7 123.5 118.3 111.4 126.2 114.1 114.9 119.9 128.2 121.0 118.5 114.1 134.6 119.7 104.4 109.5 148.1 114.1 123.7 118.3 111.7 126.7 114.2 115.1 120.2 128.6 121.8 118.7 114.3 135.7 120.3 104.4 109.5 148.5 114.3 124.0 118.3 112.0 126.9 114.2 115.2 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 1972 Group GGrroouupp Sept. July Aug. Sept. Sept. July Aug. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 103.6 129.9 138.9 138.1 Pulp, paper and products, excluding Grains 89.0 96.3 99.8 109.5 building paper and board 110.8 114.0 114.4 114.6 Livestock 119.1 152.4 148.1 144.9 111.5 111.5 111.5 111.5 Live poultry 102.8 118.4 106.8 112.3 114.5 137.7 138.9 139.2 Plant and animal fibers.. 95.2 125.4 120.6 108.4 114.7 116.7 116.7 116.7 Fluid milk 119.2 122.0 122.0 122.8 Paperboard 102.8 106.0 106.0 106.5 Eggs 107.8 102.2 99.3 114.9 Converted paper and paperboard... 110.2 113.7 114.3 114.6 Hay and seeds 108.9 116.8 115.9 118.0 Building paper and board 104.5 106.8 107.2 107.3 Other farm products 115.6 121.8 134.6 132.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products 111.3 113.6 115.3 116.1 Meat, poultry, and fish 117.5 135.8 132.3 131.7 Iron and steel 125.6 128.3 128.6 128.8 Dairy products 115.4 117.7 118.6 119.0 Steelmill products 128.2 130.3 130.2 130.2 Processed fruits and vegetables 115.7 119.6 120.2 120.1 Nonferrous metals 116.5 116.8 116.8 117.4 Sugar and confectionery 119.8 122.2 121.3 121.6 Metal containers 124.2 129.9 130.9 131.1 Beverages and beverage materials. 116.0 117.9 118.9 119.1 117.7 120.5 120.7 120.8 Animal fats and oils 136.5 124.1 124.0 126.7 Plumbing equipment 118.3 119.7 120.2 120.5 Crude vegetable oils 135.6 106.9 104.1 100.7 Heating equipment 116.7 119.0 119.2 119.2 Refined vegetable oils 133.6 115.8 107.5 107.0 Fabricated structural metal products 120.3 122.2 122.5 122.7 Vegetable oil end products 123.3 121.4 121.5 121.5 Miscellaneous metal products 119.9 124.2 124.7 124.7 Miscellaneous processed foods 113.0 114.4 113.9 116.4 Manufactured animal feeds 101.3 110.9 111.7 117.8 Textile products and apparel: Machinery and equipment: Cotton products 112.2 123.0 122.8 123.6 Agricultural machinery and equip... 117.5 122.7 122.8 122.6 Wool products 92.5 100.0 101.1 102.5 Construction machinery and equip.. 121.8 125.9 126.1 126.1 Manmade fiber textile products. 103.1 108.9 108.7 108.6 Metalworking machinery and equip. 118.0 120.5 120.8 121.0 Apparel 113.8 115.1 115.1 115.3 General purpose machinery and Textile housefurnishings 104.1 109.5 109.9 110.0 equipment 120.2 122.9 123.0 123.0 Miscellaneous textile products... 119.8 122.6 121.4 120.4 Special industry machinery and equipment 121.7 123.9 112244..00 112244..00 Hides, skins, leather, and products: Electrical machinery and equip 109.7 110.7 110.6 110.6 Miscellaneous machinery 117.8 120.8 120.8 120.9 Hides and skins 117.7 212.5 243.0 244.0 Leather 113.4 138.1 140.6 143.5 Footwear 117.1 126.5 126.5 126.8 Other leather products. 109.0 116.5 118.7 120.4 FFuurrnniittuurree aanndd hhoouusseehhoolldd dduurraabblleess:: Fuels and related products, and power: Household furniture 115.6 117.4 117.8 117.7 Commercial furniture 118.2 119.8 119.8 121.1 Coal 182.9 191.2 191.5 192.2 Floor coverings 97.6 98.8 98.8 99.0 Coke 150.5 155.3 155.3 155.3 Household appliances 107.6 107.3 107.7 108.1 Gas fuels 108.4 113.2 114.3 116.7 Home electronic equipment 93.8 92.4 92.4 92.9 Electric power 116.4 122.1 122.1 122.6 Other household durable goods.... 122.1 126.4 126.8 127.0 Crude petroleum 113.2 113.2 114.7 114.7 Petroleum products, refined. 107.3 109.1 110.7 111.3 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals 102.4 101.5 101.3 101.3 Flat glass . 124.3 121.8 122.8 122.8 Prepared paint 115.9 118.3 118.3 118.3 124.1 126.9 128.1 128.3 Paint materials 99.7 104.2 105.2 105.2 Concrete products 122.6 126.0 126. 1 126.3 Drugs and pharmaceuticals 102.6 103.2 103.3 103.1 Structural clay products excluding Fats and oils, inedible 132.9 113.2 121.4 116.4 refractories 111144..99 117.5 117.5 117.5 Agricultural chemicals and products. 91.0 91.9 92.0 92.0 Refractories 126.9 127.1 129.6 132.1 Plastic resins and materials 89.5 87.9 88.2 88.9 Asphalt roofing 131.2 131.2 131.2 131.2 Other chemicals and products 112.4 113.3 113.5 113.8 114.5 115.7 116.1 115.2 Glass containers 131.5 136.4 136.4 136.4 Rubber and plastic products: Other nonmetallic minerals 125.7 127. 1 127. 1 127.3 Rubber and rubber products . 113.7 113.8 114.3 114.3 Crude rubber 99.3 98.8 98.7 98.8 Tires and tubes 110.8 109.5 109.7 109.7 TTrraannssppoorrttaattiioonn eeqquuiippmmeenntt:: Miscellaneous rubber products 111199..88 121.3 122.1 122.1 Plastic construction products (Dec. Motor vehicles and equipment 113.8 118.4 111188..55 111188..55 1969 = 100) 94.7 93.3 93.3 93.3 Railroad equipment 122.5 130.2 130.2 130.2 Unsupported plastic film and sheeting (Dec. 1970=100) . 100.0 98.2 98.3 98.3 Laminated sheets, high pressure (Dec. 1970=100) . 98.6 98.3 97.9 97.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 111122..66 111144..55 111144..55 111144..88 Lumber 146 8 161.6 164.1 165.1 Tobacco products 116.8 117.5 117.5 117.5 Millwork 123 7 129 6 130 0 130.2 111.7 111.7 111.7 112.9 Plywood . 119.1 132.9 135.9 134.6 Photographic equipment and supplies 106.3 106.3 107.0 107.0 Other wood products. .. 111188..99 112255..66 112266..88 112277..66 Other miscellaneous products 111122..99 111177..44 117.6 117.6 NOTE.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 70 NATIONAL PRODUCT AND INCOME • OCTOBER 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 II III IV Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.41050.4 1043.01056.9 1,078.1 1,109.1 1,139.4 Final purchases 101.4 57.2 120.1 278.0 785.7 857.1 922.5 971.5 1046.7 1036.41055.6 1,076.4 1,108.6 1,134.4 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.5 616.8 664.9 660.4! 670.7 680.5 696.1 713.4 Durable goods 9.2 3.5 9.6 30.5 73. 84.0 90.8 90.5 103.5 101.91 106. 106.1 111.0 113.9 N Se o r n v d ic u e r s a ble goods 3 3 7 0 . . 7 3 2 20 2 . .3 4 2 2 8 .9 . 9 6 8 2 . .4 2 2 1 0 5 4 . . 0 0 2 2 3 2 0 1 . . 8 3 2 2 4 4 5 2 . . 9 7 2 26 6 1 4 . .4 2 2 7 8 8 3 . .3 2 2 7 8 7 1 . . 2 3 ; 2 2 8 7 6 8 . .5 2 2 8 90 3 . . 9 4 2 2 8 9 8 6 . . 3 7 2 3 9 0 7 2 . . 2 4 Gross private domestic investment 16.2 1.4 17.9 54, 116.6 126.0 139.0 137. 152.0 153.0 152.2 158.8 168.1 177.0 Fixed investment 14.5 3.0 13.4 47, 108.4 118.9 131.1 132.2 148.3 146.4, 150.9 157.2 167.7 172.0 Nonresidential 10.6 2. 9.5 27. 83.3 88.8 98.5 100.9 105.8 105.0, 106.3 109.8 116.1 119.2 Structures 5.0 .9 2.9 9 28.0 30.3 34.2 36.0 38.4 38.31 38.7 38.8 41.3 42.0 Producers' durable equipment. 5.6 1.5 6.6 18. 55.3 58.5 64.3 64.9 67.4 66,,7; 67.6 71.0 74. 77.2 Residential structures 4.0 .6 3.9 19 25 30. 32.6 31.2 42.6 41.4: 44.5 47.3 51.6 52.8 Chan N g o e n in fa r b m us iness inventories 3 1 .7 -1. . 6 5 4 3 . . 5 7 1 6 8 . . 2 8 4. . 5 2 29 7 . . 5 1 3 7 2. 0 3 4 0 . . 9 7 42 3 . . 0 6 40 6 . . 9 6 , 43 1 . .3 46 1 . . 7 7 51. . 0 4 5 5 2. . 1 0 Nonfarm 1.8 -1.4 4.0 6. 7.5 6.9 7.7 4. 2.4 5.1 -.2 .1 4.3 Net exports of goods and services. 1.1 .4 1.3 1. 5.2 2.5 1.9 3. .7 .1! .4 -2.1 -4.6 -5.2 Exports 7.0 2.4 5.9 13.8 46.2 50.6 55 62.9 66 66.7I 68.5 63.0 70.7 70.0 Imports 5.9 2.0 4.6 12.0 41.0 48 53.6 59.3 65.4 66.6! 68.2 65.1 75.3 75.2 Government purchases of goods and services. 8.5 8.0 24.8 37.9 180.1 199.6 210.0 219.0 232.8 229.5; 233.6 240.9 249.4 254.1 Federal 1.3 2.0 16.9 18.4 90.7 98.8 98.8 96.5 97.8 96.3\ 97.9 100.7 105.7 108.1 National defense 13.8 14.1 72.4 78.3 78.4 75.1 71.4 71.2 70.1 71.9 76.7 78.6 Other 3. 4.3 18.4 20.5 20.4 21 26.3 25.0; 27.8 28.7 28.9 29.6 State and local 7.2 7.9 19.5 89.4 100.8 111.2 122.5 135.0 133.3 135.7 140.2 143.7 146.0 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 675.2 706.6 725.6 722.1 741.7 737.9, 742.5 754.5 766.5 783.9 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, July 1970, July adjusted totals at annual rates. For back data and explanation of series, 1971, July 1972, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1971 1972 11992299 11993333 11994411 11995500 11996677 11996688 11996699 11997700 11997711 IItteemm II III IV I HP National income 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 851.4 860.8 876.2 903.1 923.6 Compensation of employees 51.1 29.5 64.8 154.6 467.2 514.6 566.0 603.8 644.1 639.6 648.0 660.4 682.7 697.8 Wages and salaries 50.4 29.0 62.1 146.8 423.1 464.9 509.7 541.9 573.5 569.6 576.5 587.3 606.6 620.0 Private 45.5 23.9 51.9 124.4 337.3 369.2 405.6 426.8 449.7 447.0 451.6 460.9 475.8 487.1 Military .3 .3 1.9 5.0 16.2 17.9 19.0 19.6 19.4 19.4 18.8 19.4 20.8 20.5 Government civilian 4.6 4.9 8.3 17.4 69.5 77.8 85.1 95.5 104.4 103.3 106.0 107.0 110.0 112.4 Supplements to wages and salaries .7 .5 2.7 7.8 44.2 49.7 56.3 61.9 70.7 7700..00 7711..55 7733..00 7766..11 7777..88 Employer contributions for social insurance . 1 . 1 2.0 4.0 21.9 24.3 27.8 29.7 34.1 33.8 34.3 35.0 37.3 38.0 Other labor income .6 .4 .7 3.8 22.3 25.4 28.4 32.1 36.5 36.1 37.2 38.0 38.8 39.8 Proprietors' income 15.1 5.9 17.5 37.5 62.1 64.2 67.2 66.8 70.0 69.3 70.7 71.8 73.3 73.2 Business and professional 9.0 3.3 11.1 24.0 47.3 49.5 50.5 49.9 52.6 52.4 53.1 53.8 54.3 54.4 Farm 6.2 2.6 6.4 13.5 14.8 14.7 16.7 16.9 17.3 16.9 17.6 18.1 19.1 18.7 Rental income of persons 5.4 2.0 3.5 9.4 21.1 21.2 22.6 23.3 24.5 24.4 24.8 25.0 25.2 24.2 Corporate profits and inventory valuation 10.5 -1.2 15.2 37.7 78.7 84.3 79.8 69.9 78.6 80.1 78.3 79.4 81.8 87.6 Profits before tax 10.0 1.0 17.7 42.6 79.8 87.6 84.9 74.3 83.3 84.5 84.1 83.2 88.2 93.1 Profits tax liability 1.4 .5 7.6 17.8 33.2 39.9 40.1 34.1 37.3 38.6 37.5 35.3 38.8 40.7 Profits after tax 8.6 .4 10.1 24.9 46.6 47.8 44.8 40.2 45.9 45.8 46.6 48.0 49.5 52.4 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.3 24.8 25.4 25.4 25.5 25.2 26.0 26.2 Undistributed profits 2.8 -1.6 5.7 16.0 25.3 24.2 20.5 15.4 20.5 20.4 21.0 22.7 23.5 26.2 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.1 -3.3 -5.1 -4.4 -4.7 -4.4 -5.8 -3.9 -6.5 -5.5 Net interest 4.7 4.1 3.2 2.0 24.4 26.9 30.5 34.8 38.5 38.1 39.1 39.7 40.1 40.9 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • NATIONAL PRODUCT AND INCOME A 71 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 II III IV I UP 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.4 1050.4 1043.0 1056.9 1,078.1 1,109.1 1,139.4 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 68.9 74.5 81.6 86.3 93.8 92.4 95.0 97.4 99.7 105.3 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 70.4 78.6 85.9 93.4 101.9 100.3 102.6 105.6 106.7 108.7 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.6 4.7 4.7 4.8 4.9 .7 .6 .4 1.5 -.7 — 2.1 -6.1 -4.7 -4.8 -4.9 -5.9 -5.2 -4.1 -1.6 Plus: Subsidies less current surplus of gov- ..11 .2 1.4 .7 11..00 1.5 .9 .8 .3 .7 1.2 1.6 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 851.4 860.8 876.2 903.1 923.6 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 79.8 69.9 78.6 80.1 78.3 79.4 81.8 87.6 Contributions for social insurance .2 .3 2.8 6.9 42.4 47.1 54.2 57.7 65.3 64.8 65.7 66.9 71.9 73.1 Excess of wage accruals over disburse- .6 .2 .6 1.4 -1.4 -.5 Plus: Government transfer payments .9 1.5 2.6 14.3 48.7 56.1 61.9 75.2 89.0 90.7 90.3 92.1 94.4 95.7 Net interest paid by government and 2.5 1.6 2.2 7.2 23.6 26.1 2288..77 31.0 3311..11 31.0 3311..11 30.9 30.9 3311..88 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.3 24.8 25.4 25.4 25.5 25.2 26.0 26.2 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.6 4.7 4.7 4.8 4.9 Equals: Personal income 85.9 47.0 96.0 227.6 629.3 688.9 750.9 806.3 861.4 858.1 867.9 881.5 907.0 922.1 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 83.0 97.9 116.5 116.7 117.0 115.2 117.5 123.0 136.5 139.5 Equals: Disposable personal income 83.3 45.5 92.7 206.9 546.3 591.0 634.4 689.5 744.4 742.9 750.4 758.5 770.5 782.6 Less: Personal outlays 79.1 46.5 81.7 193.9 506.0 551.2 596.2 634.7 683.4 678.8 689.4 699.2 714.9 732.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.5 616.8 664.9 660.4 670.7 680.5 696.1 713.4 Consumer interest payments 1.5 .5 .9 2.4 13.2 14.3 15.8 16.9 17.6 17.5 17.6 17.7 17.8 18.0 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .8 .9 1.0 1.0 .9 1.1 1.1 1.0 1.1 Equals: Personal saving 4.2 -.9 11.0 13.1 40.4 39.8 38.2 54.9 60.9 64.1 61.0 59.3 55.7 50.1 Disposable personal income in constant (19S8) dollars 150.6 112.2 190.3 249.6 477.5 499.0 513.6 533.2 554.7 554.6 556.5 560.9 565.7 571.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. PERSONAL INCOME (In billions of dollars) 1971 1972 IItteemm 11997700 11997711 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.p Total personal income 806.3 861.4 869.1 872.2 874.8 879.4 890.4 898.9 908.5 913.6 919.4 924.0 922.9 932.9 939.8 Wage and salary disbursements 541.9 572.9 577.2 577.9 579.9 583.4 594.3 602.6 609.0 612.4 617.6 619.9 624.0 625.7 630.7 Commodity-producing industries. . 201.0 206.1 205.5 206.9 207.9 208.8 213.1 214.8 217.7 220.1 221.7 222.5 223.5 222.4 225.2 Manufacturing only 158.3 160.3 159.5 160.4 161.3 161.7 165.1 165.8 169.3 171.3 173.3 173.8 175.0 174.5 176.5 Distributive industries 129.2 138.2 139.3 140.2 140.4 140.8 143.8 145.5 148.1 148.0 149.4 149.4 151.4 151.9 152.8 Service industries 96.7 105.0 106.3 106.8 107.5 108.2 109.4 111.2 111.6 112.8 113.9 114.7 115.5 116.9 117.1 Government 115.1 123.5 126.1 124.0 124.0 125.5 128.0 131.2 131.7 131.5 132.5 133.2 133.6 134.5 135.7 Other labor income 32.1 36.5 37.2 37.5 37.8 38.0 38.3 38.5 38.8 39.1 39.5 39.8 40.1 40.5 40.8 Proprietors' income 66.8 69.9 70.7 71.3 71.6 71.9 72.0 72.6 73.2 74.2 74.0 74.0 71.6 74.3 74.9 Business and professional 49.9 52.6 53.1 53.4 53.6 53.8 53.9 54.0 54.1 54.7 54.9 55.3 53.2 55.7 56.1 Farm 16.9 17.3 17.6 17.9 18.0 18.1 18.1 18.6 19.1 19.5 19.1 18.7 18.4 18.6 18.8 Rental income 23.3 24.5 24.9 24.9 24.9 25.0 25.1 25.1 25.2 25.3 25.5 25.6 21.5 25.8 25.9 Dividends 24.8 25.4 25.6 25.5 25.5 25.5 24.6 26.0 26.1 26.0 26.1 26.3 26.3 26.4 26.6 Personal interest income 65.8 69.6 70.2 70.5 70.5 70.6 70.7 70.8 71.0 71.3 72.0 72.7 73.4 73.5 73.6 Transfer payments 79.5 93.6 94.7 96.1 96.2 96.8 97.6 97.6 100.0 100.1 99.7 100.9 101.3 102.2 103.0 Less: Personal contributions for social insurance 28.0 31.2 31.4 31.5 31.6 31.8 32.3 34.3 34.7 34.8 35.0 35.1 35.3 35.5 35.7 Nonagricultural income 782.8 837.2 844.7 847.6 850.0 854.5 865.0 873.4 882.4 887.1 893.4 898.3 897.5 907.3 914.1 Agricultural income 23.5 24.2 24.4 24.6 24.8 24.9 25.4 25.6 26.0 26.5 26.0 25.8 25.4 25.5 25.7 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 72 FLOW OF FUNDS • OCTOBER 1972 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Transaction category, or sector 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 Q1 Funds raised, by type and sector Total funds raised by nonfinancial 1 sectors 70.4 68.7 83.4 97.8 91.7 101.6 156.3 92.1 91.0 93.8 109.7 142.9 168.9 138.6 1 2 U.S. Government 1.8 3.6 13.0 13.4 -3.6 12.8 25.5 -6.4 -.6 8.2 17.4 22.3 28.6 5.3 2 3 Public debt securities 1.3 2.3 8.9 10.3 -1.3 12.9 26.0 -5.9 3.6 9.5 16.3 23.8 28.1 3.1 3 4 Budget agency issues .5 1.3 4.1 3.1 -2.4 -.1 -.5 -.5 -1.3 -4.2 1.1 -1.6 .5 2.2 4 5 All other nonfinancial sectors.. 68.6 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 133.3 5 6 Corporate equity shares .3 .9 2.4 -.7 4.8 6.8 13.5 1.9 7.6 6.0 7.6 12.7 14.2 10.4 6 7 Debt instruments 68.3 64.1 68.0 85.1 90.6 81.9 117.4 96.6 83.9 79.6 84.7 108.0 126.1 122.9 7 8 Debt capital instruments 38.8 39.0 46.2 51.3 49.0 60.8 87.5 51.8 46.2 52.5 69.2 84.5 90.5 77.7 8 9 State and local govt. sees.. .. 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 16.7 9 10 Corporate and fgn. bonds... 5.9 11.0 15.9 14.0 13.1 21.1 20.3 14.0 12.2 18.0 24.3 23.2 17.4 11.6 10 11 Mortgages 25.6 22.3 22.0 27.3 27.9 25.8 47.0 29.3 26.5 22.7 29.0 39.3 54.6 49.4 11 12 Home mortgages 15.4 11.4 11.6 15.2 15.7 12.8 26.1 16.8 14.6 11.2 14.4 20.4 31.8 27.2 12 13 Other residential 3.6 3.1 3.6 3.5 4.8 5.9 8.8 4.6 5.1 5.2 6.6 8.6 9.0 8.5 13 14 Commercial 4.4 5.7 4.7 6.6 5.5 5.4 10.1 5.7 5.3 4.8 6.0 8.6 11.6 11.5 14 15 Farm 2.2 2.1 2.1 2.1 1.9 1.8 2.0 2.3 1.6 1.5 2.1 1.8 2.3 2.2 15 16 Other private credit 29.5 25.1 21.8 33.8 41.6 21.1 29.9 44.8 37.8 27.1 15.5 23.4 35.6 45.2 16 17 Bank loans n.e.c 14.1 10.4 9.9 13.8 16.8 5.0 13.0 19.4 14.2 9.0 1.1 7.9 18.0 19.7 17 18 Consumer credit 10.0 7.2 4.6 11.1 9.3 4.3 10.4 10.0 7.9 5.5 3.4 6.5 13.5 13.9 18 19 Open market paper -.3 1.0 2.1 1.6 3.3 3.8 -.4 4.6 2.1 3.7 3.8 -.4 -.4 2.9 19 20 Other 5.7 6.4 5.2 7.3 12.2 8.0 6.9 10.8 13.6 8.8 7.3 9.4 4.5 8.6 20 21 By borrowing sector 68.6 65.0 70.4 84.4 95.3 88.8 130.8 98.5 91.5 85.6 92.3 120.6 140.3 133.3 21 22 Foreign 2.5 1.3 4.0 3.1 3.3 3.0 5.6 4.7 2.0 2.3 3.8 5.5 5.8 2.9 22 23 State and local governments 7.6 6.4 8.5 10.4 8.7 13.9 20.6 8.9 8.5 11.4 16.4 22.1 19.1 17.8 23 24 Households 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 47.4 24 25 Nonfinancial business 29.6 34.1 38.1 39.1 50.8 49.5 63.0 50.8 50.7 49.9 49.2 61.6 64.4 65.2 25 26 Corporate 20.6 25.2 29.7 30.7 40.2 39.8 48.6 39.8 40.6 41.1 38.5 47.0 50.1 49.5 26 27 5.7 5.5 5.0 5.7 7.4 6.4 10.3 7.6 7.2 5.6 7.4 11.0 9.7 11.4 27 28 3.3 3.5 3.5 2.7 3.2 3.2 4.1 3.4 3.0 3.2 3.3 3.6 4.6 4.2 28 Private net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1 173.6 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 276.1 1 2 Capital consumption2 110.3 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 188.7 2 3 Net physical investment 63.3 72.7 60.3 68.3 72.7 60.6 74.3 73.2 72.2 61.8 59.4 72.5 76.1 87.4 3 4 Net funds raised 58.5 57.3 57.9 71.0 83.3 71.8 104.6 84.9 81.1 71.9 72.1 93.1 115.4 112.6 4 5 Excess net investment3 4.9 15.4 2.4 -2.7 -10.6 -11.2 -30.3 -11.7 -8.9 -10.1 -12.7 -20.5 -39.2 -25.2 5 Total business 6 Total capital outlays 84.1 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 129.4 6 7 Capital consumption 50.5 54.2 58.5 63.2 69.5 73.6 80.0 67.9 71.1 72.9 74.2 77.8 82.3 85.5 7 8 33.6 42.8 35.6 35.8 39.7 36.6 37.9 38.1 41.3 35.5 37.6 39.2 36.7 43.9 8 9 Net debt funds raised 29.6 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 54.6 9 10 * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 10.5 10 11 Excess net investment3 4.0 8.7 -2.5 -3.3 -11.1 -12.9 -25.1 -12.6 -9.5 -14.4 -11.6 -22.4 -27.7 -21.3 11 Corporate business 12 Total capital outlays 62.8 77.1 72.0 76.2 84.0 84.6 85.2 81.5 86.5 83.0 86.3 85.0 85.5 94.0 12 13 Capital consumption 35.2 38.2 41.5 45.1 49.9 52.7 57.3 48.7 51.1 52.3 53. 1 55.6 59.0 61.5 13 14 Net physical investment 27.5 38.9 30.5 31.1 34.2 31.9 27.9 32.9 35.4 30.7 33.1 29.4 26.4 32.5 14 15 Net debt funds raised 20.6 24.0 27.4 31.6 35.9 33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 39.0 15 16 Corporate equity issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 10.5 16 17 6.9 13.7 .8 .3 -6.0 -7.9 -20.7 -6.9 -5.1 -10.4 -5.3 -17.6 -23.7 -17.0 17 Households 18 Total capital outlays 89.6 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 146.7 18 19 59.9 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 103.2 19 20 Net physical investment 29.7 29.9 24.7 32.5 33.0 24.0 36.4 35.1 30.9 26.3 21.7 33.4 39.4 43.5 20 21 Net funds raised 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 47.4 21 22 .9 6.7 5.0 .6 .5 1.7 -5.2 .9 .6 4.3 -1.2 1.9 -11.5 -3.9 22 Of which: 23 Houses less home mortgages -3.3 -.8 -1.3 -2.1 -2.9 -1.9 -8.1 -2.8 -3.1 -1.0 -2.8 -4.2 -11.9 -4.4 23 24 Durables less cons, credit 4.7 7.9 7.8 5.6 7.0 5.5 5.7 7.7 6.9 6.4 4.4 8.7 3.5 5.4 24 25 Nonprofit P&E less mortgages... 1.8 2.0 1.9 1.9 2.2 2.2 2.3 2.0 2.4 2.3 2.1 2.3 2.4 2.6 25 26 Less: Unallocated debt 2.4 2.4 3.5 4.8 5.8 4.1 5.2 6.0 5.6 3.3 4.9 4.9 5.6 7.5 26 1 Capital outlays are totals for residential and nonresidential fixed net amounts raised by households, nonfinancial business, governments, capital, net change in inventories, and consumer durables, except outlays and foreigners. All funds raised by financial sectors are excluded. U.S. by financial business. Government budget issues (line 4) are loan participation certificates 2 Capital consumption includes amounts for consumer durables and issued by CCC, Export-Import Bank, FNMA, and GNMA, together with excludes financial business capital consumption. security issues by FHA, Export-Import Bank, and TVA. Issues by federally 3 Excess of net investment over net funds raised. sponsored credit agencies are excluded as borrowing by financial institutions. Such issues are in U.S. Government securities on p. A-73, line 11. NOTE.—Capital outlays and capital consumption allowances reflect Corporate share issues are net cash issues by nonfinancial and foreign 1969-72 revisions published in the July 1972 issue of Survey of Current corporations. Mortgages exclude loans in process. Open market paper is Business. commercial paper issued by nonfinancial corporations plus bankers' Funds raised by type and sector. Credit flows included here are the acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • FLOW OF FUNDS A 73 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 11996688 11996699 11997700 11997711 HI H2 HI H2 HI H2 Ql 1 Total funds advanced in credit markets to nonfinancial sectors 70.1 67.7 81.0 98.5 86.9 94.7 142.9 90.2 83.3 87.8 102.1 130.2 115544..77 128.2 1 By public agencies and foreign 2 Total net advances 8.9 11.9 11.3 12.2 15.8 28.0 41.2 9.9 22.3 25.3 30.6 37.7 44.8 27.2 2 3 U.S. Government securities 3.7 3.4 6.8 3.4 .9 15.7 33.4 -2.7 4.5 10.5 21.0 32.4 34.4 20.4 3 4 Residential mortgages .4 2.8 2.1 2.8 4.6 5.7 5.7 3.0 6.3 6.3 5.2 4.2 7.1 5.9 4 5 FHLB advances to S&L's .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -. 1 -5.8 .5 -6.0 5 6 Other loans and securities 4.1 4.8 4.9 5.1 6.3 5.2 4.8 6.6 6.6 5.7 4.6 6.9 2.8 6.9 6 By agency— 7 U.S. Government 2.8 4.9 4.6 4.9 2.9 2.8 3.2 2.7 3.7 3.1 2.6 4.4 1.9 2.2 7 8 2.2 5.1 -.1 3.2 9.0 9.9 2.8 6.2 11.8 11.1 8.7 -1.8 7.4 7.3 8 9 Federal Reserve 3.8 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 2.8 7.2 8.4 9.3 3.8 9 10 Foreign . 1 -1.6 2.0 .3 -.3 10.3 26.4 -2.6 2.0 8.3 12.2 26.7 26.1 13.9 10 11 Agency borrowing not in line 1. . .. 2.1 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 6.0 11 Private domestic funds advanced 12 Total net advances 63.3 60.6 69.1 89.8 79.9 75.5 105.5 87.3 72.0 73.3 78.0 92.8 117.3 106.9 12 13 U.S. Government securities * 5.4 5.7 13.3 4.6 5.8 -4.0 3.5 6.1 8.6 3.1 -9.9 1.8 -8.7 13 14 Municipal securities 7.3 5.7 8.3 10.1 7.9 13.8 20.2 8.5 7.4 11.8 15.9 22.0 18.4 16.7 14 15 Corporate and foreign bonds 6.0 10.3 16.0 13.8 12.6 20.5 20.0 13.4 11.8 17.1 23.8 23.0 17.1 11.3 15 16 Residential mortgages 18.6 11.6 13.1 15.8 15.8 12.9 29.2 18.3 13.3 10.0 15.7 24.7 33.6 29.6 16 17 Other mortgages and loans 32.1 28.5 23.5 37.8 43.0 23.8 37.4 46.8 38.5 28.6 19.4 27.2 46.8 52.0 17 18 Less: FHLB advances .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -.1 -5.8 .5 -6.0 18 Private financial intermediation 19 Credit market funds advanced by private financial institutions 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.1 43.7 54.3 86.1 105.9 105.3 120.9 19 20 Commercial banking 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.1 14.7 21.6 41.5 49.4 50.0 55.2 20 21 Savings institutions 14.3 7.9 15.0 15.6 14.2 16.6 41.6 17.8 10.6 11.7 21.5 45.4 37.8 49.8 21 22 13.6 15.0 12.4 13.9 12.2 17.6 12.0 12.4 12.1 17.7 17.5 11.6 12.4 8.1 22 23 Other finance 5.5 4.7 -.5 6.6 8.6 4.5 2.3 10.9 6.2 3.3 5.5 -.6 5.2 7.9 23 24 Sources of funds 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.1 43.7 54.3 86.1 105.9 105.3 120.9 24 25 Domestic private deposits 38.5 21.2 49.4 46.1 2.5 60.4 92.3 5.0 — 1 32.0 88.8 105.8 78.6 112.3 25 26 Credit market borrowing 6.8 3.0 -.6 6.9 16.8 1.8 4.5 13.4 20.1 10.7 -7.0 -.2 9.2 7.2 26 27 Other sources 17.2 20.5 14.0 22.0 34.7 8.0 9.0 45.7 23.6 11.6 4.3 .3 17.6 1.4 27 28 Foreign funds .8 3.7 2.3 2.6 9.3 -8.4 -3.3 14.4 4.2 -3.4 -13.5 -7.6 1.0 1.3 28 29 Treasury balances -1.0 -.5 .2 -.2 * 2.9 2.2 -2.1 2.1 3.4 2.4 -1.6 6.1 -7.9 29 30 Insurance and pension reserves. 11.4 13.2 11.8 11.2 10.3 13.5 8.2 9.7 10.9 13.0 14.1 7.6 8.8 3.1 30 31 Other, net 5.9 4.2 -.3 8.4 15.1 * 1.8 23.7 6.3 -1.3 1.2 2.0 1.6 4.9 31 Private domestic nonfinancial investors 32 Direct lending in credit mkts 7.6 18.9 5.8 21.7 42.7 7.0 4.2 36.4 48.7 29.5 -15.0 -13.3 21.2 -6.8 32 33 U.S. Government securities 2.3 8.8 -1.3 7.7 16.0 -7.6 -13.1 14.6 17.4 1.8 -17.0 -24.7 -1.6 -18.2 33 34 Municipal securities 2.6 2.7 -2.0 .3 6.7 1.4 5.7 6.2 7.2 3.8 -1.1 5.3 6.1 4.2 34 35 Corporate and foreign bonds 1.4 2.5 5.3 5.1 7.6 10.4 8.6 6.0 9.1 8.7 12.1 10.3 6.8 7.1 35 36 Commercial paper .5 2.0 1.5 4.4 8.7 -1.2 -2.1 6.1 11.2 10.9 -13.3 -7.8 3.7 -3.8 36 37 Other .8 3.0 2.4 4.2 3.7 4.1 5.0 3.5 3.8 4.3 4.3 3.5 6.2 4.0 37 38 Deposits and currency 40.7 23.1 51.5 48.6 5.3 63.9 95.7 6.5 4.1 35.0 92.8 110.3 80.9 117.4 38 39 Time and savings accounts 32.7 20.3 39.3 34.0 -2.2 56.2 81.3 5.2 -9.7 31.1 81.4 92.4 70.1 92.7 39 40 Money 7.9 2.8 12.2 14.6 7.6 7.7 14.4 1.3 13.8 3.9 11.4 17.9 10.7 24.7 40 41 Demand deposits 5.8 .8 10.1 12.2 4.7 4.2 11.0 -.2 9.6 .9 7.4 13.4 8.4 19.6 41 42 Currency 2.1 2.0 2.1 2.4 2.8 3.5 3.4 1.5 4.2 3.0 4.0 4.5 2.3 5.0 42 43 Total of credit market instr., deposits, and currency 48.2 42.1 57.3 70.3 48.8 71.3 99.9 42.1 55.3 65.3 77.8 96.9 102.1 110.6 43 Memoranda: 44 Public support rate (in per cent) 12.7 17.6 13.9 12.3 18.0 29.4 28.9 11.1 26.0 28.6 30.0 28.9 29.0 21.2 44 45 Pvt. fin. intermediation (in per cent) 98.8 73.7 90.8 83.5 66.9 92.6 100.2 74.3 58.5 73.4 110.3 114.0 89.8 113.1 45 46 Total foreign funds .8 2.1 4.3 2.9 9.0 1.8 23.1 11.8 6.2 4.9 -1.3 19.1 27.1 15.2 46 Corporate equities not included above 1 Total net issues 3.4 4.6 4.9 4.0 10.4 9.3 14.6 8.3 12.6 9.1 9.5 12.9 16.3 7.9 1 2 Mutual fund shares 3.1 3.7 2.6 4.7 5.7 2.4 1.1 6.4 5.0 3.0 1.9 .2 2.1 -2.7 2 3 Other equities .3 .9 2.3 -.7 4.7 6.9 13.5 1.9 7.6 6.1 7.6 12.7 14.2 10.6 3 4 Acq. by financial institution 5.7 6.0 8.4 9.5 12.8 11.3 19.1 12.1 13.5 12.5 10.2 20.7 17.5 14.7 4 5 Other net purchases -2.3 -1.3 -3.5 -5.5 -2.4 -2.0 -4.5 -3.8 -.9 -3.3 -.7 -7.8 -1.2 -6.7 5 Notes 29. Demand deposits at commercial banks. Line 30. Excludes net investment of these reserves in corporate equities. 1. Total funds raised (line 1 of p. A-72) excluding corporate equities. 31. Mainly retained earnings and net miscellaneous liabilities. 2. Sum of lines 3-6 or 7-10. 32. Line 12 less line 19 plus line 26. 6. Includes farm and commercial mortgages. 33-37. Lines 13-17 less amounts acquired by private finance. Line 37 11. Funds raised by Federally sponsored credit agencies. includes mortgages. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 42. Mainly an offset to line 9. Also sum of lines 27 through 41 excluding subtotals. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. 17. Includes farm and commercial mortgages. 44. Line 2/line 1. 25. Lines 39 + 41. 45. Line 19/line 12. 26. Excludes equity issues and investment company shares. Includes 46. Lines 10 plus 28. line 18. 28. Foreign deposits at commercial banks, bank borrowings from foreign Corporate equities branches, and liabilities of foreign banking agencies to foreign Line affiliates. 1 and 3 Includes issues by financial institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 74 U.S. BALANCE OF PAYMENTS • OCTOBER 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 LLiinnee CCrreeddiittssddeebbiittss —— 11996699 11997700 11997711 II III IV I HP Summary—Seasonally adjusted 1 Merchandise trade balance 1 621 2,164 -2,689 -1,012 -472 -1,494 -1,673 -1,929 2 36,417 41,963 42,770 10,710 11,479 9,564 11,809 11,463 3 -35,796 -39,799 -45,459 -11,722 -11,951 -11,058 -13,482 -13,392 4 Military transactions, net -3,344 -3,374 -2,894 -698 -724 -807 -884 -910 5 Travel and transportation, net -1,784 -2,061 -2,432 -625 -606 -703 -679 -712 6 5,975 6,259 7,995 2,191 1,711 2,295 1,862 1,810 7 U.S. direct investments abroad 7,340 7,920 9,455 2,464 2,163 2,770 2,307 2,383 8 Other U.S. investments abroad 3,199 3,506 3,443 833 852 881 942 824 9 -4,564 -5,167 -4,903 -1,106 -1,304 -1,356 -1,387 -1,397 10 442 574 748 180 182 172 200 194 11 Balance on goods and services 3 1,911 3,563 727 36 91 -537 -1,174 -1,547 12 Remittances, pensions, and other transfers -1,301 -1,474 -1,529 -369 -402 -404 -389 -377 13 Balance on goods, services, and remittances 610 2,089 -802 -333 -311 -941 -1,563 -1,924 14 U.S. Government grants (excluding military) -1,644 -1,734 -2,045 -477 -544 -588 -601 -518 15 Balance on current account -1,035 356 -2,847 -810 -855 -1,529 -2,164 -2,442 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -2,106 -1,829 -2,117 -681 -442 -385 -330 -268 17 Nonscheduled repayments of U.S. Government assets -87 244 225 102 72 48 88 17 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies 267 -433 -486 -5 -188 -196 -101 117 19 Long-term private capital flows, net -50 -1,398 -4,149 -1,605 -1,883 260 -1,077 659 20 U.S. direct investments abroad -3,254 -4,400 -4,765 -1,277 -1,410 -788 -1,266 -200 21 Foreign direct investments in the United States 832 1,030 -67 1 -374 181 -360 346 22 -1,494 -942 -909 -372 -249 73 -393 -344 23 U.S. securities other than Treasury issues 3,112 2,190 2,282 196 606 921 1,067 940 24 Other, reported by U.S. banks 477 198 -814 -214 -308 -165 26 -272 25 Other, reported by U.S. nonbanking concerns 277 526 124 61 -148 38 -151 189 26 -3,011 -3,059 -9,374 -2,999 -3,296 -1,802 -3,584 -1,917 27 Nonliquid short-term private capital flows, net -640 -482 -2,420 -315 -883 -688 -538 412 28 Claims reported by U.S. banks -658 -1,023 -1,807 -91 -892 -685 -588 454 29 Claims reported by U.S. nonbanking concerns -73 -361 -555 -145 -147 -130 -46 -74 30 Liabilities reported by U.S. nonbanking concerns 91 902 -58 -79 156 127 96 32 31 Allocations of Special Drawing Rights (SDR's) 867 717 179 179 179 178 178 32 -2,470 -1,174 -10,927 -2,586 -5,380 -2,018 850 -1,077 33 Net liquidity balance -6,122 -3,851 -22,002 -5,721 -9,380 -4,329 -3,094 -2,404 34 8,824 -5,988 -7,763 -745 -2,551 -1,619 -162 1,541 35 Liquid claims 162 252 -1,072 95 -555 -340 -713 379 36 -209 -99 -566 32 -392 -112 -518 319 37 Reported by U.S. nonbanking concerns 371 351 -506 63 -163 -228 -195 60 38 Liquid liabilities 8,662 -6,240 -6,691 -840 -1,996 -1,279 551 1,162 39 To f oreign commercial banks 9,166 -6,508 -6,908 -892 -1,775 -1,313 476 945 40 To international and regional organizations -63 181 682 198 149 55 22 -75 41 -441 87 -465 -146 l -370 -21 53 292 42 2,702 -9,839 -29,765 -6,466 -11,931 -5,948 --33,,225566 -863 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government --116622 553355 341 -8 -9 366 280 -2 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks --883366 --881100 --553399 --116600 -173 -5 -17 -3 45 Liquid liabilities to foreign official agencies -517 7,637 27,615 5,975 10,919 5,774 2,564 1,099 46 -1,187 2,477 2,348 659 1,194 -187 429 -231 47 Gold --996677 787 866 456 300 1 544 48 SDR's -851 -249 17 -29 -182 —178 — 171 49 Convertible currencies 814 2,152 381 -66 72 2 64 -245 50 Gold tranche position in IMF -1,034 389 1,350 252 851 -8 -1 185 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14) 22,,885566 22,,558866 3,153 778 701 993399 1,205 797 52 Re U in . v S e . s f t i e r d m s e a (e r x n c i l n u g d s e d o f f r f o o m re l i i g n n e s in 7 c a o n r d p o 2 r 0 a ) t ed affiliates of 2,614 2,885 (5) (5) (5) (5) (5) (5) 53 Re f i o n r v e e i s g t n e d f irm ea s r n (e i x n c g l s u d o ed f f U ro . m S. li i n n e c s o 9 rp a o n r d a t 2 ed 1 ) affiliates of 431 434 (5) (5) (5) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 75 U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1971 1972 CCrreeddiittss ++,, ddeebbiittss —— 11996699 11997700 11997711 II III IV I II* Balances excluding allocations of SDR's—Seasonally adjusted -6,122 -4,718 -22,719 -5,900 -9,559 -4,508 -3,272 -2,582 2,702 -10,706 -30,482 -6,645 -12,110 -6,127 -3,434 -1,041 Balances not seasonally adjusted Balance on goods and services (line 11) 1,911 3,563 727 251 -1,330 296 -791 -1,422 Balance on goods, services, and remittances (line 13) 610 2,089 -802 -131 -1,743 -104 -1,159 -1,812 Balance on current account (line 15). -1,035 356 -2,847 -655 -2,246 -657 -1,789 -2,377 Balance on current account and long-term capital 4 (line 26) -3,011 -3,059 -9,374 -3,466 -4,672 23 -3,599 -2,344 Balances including allocations of SDR's: Net liquidity (line 33) -6,122 -3,851 -22,002 -6,612 -10,066 -3,466 -2,331 -3,219 Official reserve transactions (line 42) 2,702 -9,839 -29,765 -6,462 -12,703 -5,882 -2,511 -762 Balances excluding allocations of SDR's: Net liquidity -6,122 -4,718 -22,719 -6,612 -10,066 -3,466 -3,041 -3,219 Official reserve transactions 2,702 -10,706 -30,482 -6,462 -12,703 -5,882 -3,221 -762 1 Adjusted to balance of payments basis; excludes transfers under 3 Equal to net exports of goods and services in national income and military grants, exports under U.S. military agency sales contracts and product accounts of the United States. imports of U.S. military agencies. 4 Includes some short-term U.S. Govt, assets. 2 Includes fees and royalties from U.S. direct investments abroad or 5 Not available. from foreign direct investments in the United States. NOTE.—Data are from U.S. Department of Commerce, Bureau of Economic Analysis. Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Trade balance Period 1969 1970 1971 1972 1969 1970 1971 1972 1969 1970 1971 1972 Month: Jan.., 32,161 3,406 3,733 4,221 3 2,002 3,223 3,685 4,540 159 183 48 -319 Feb.. 32,266 3,547 3,691 3,806 32,672 3,278 3,546 4,403 -406 269 145 -598 Mar.. 33,188 3,376 3,815 3,891 3 2,982 3,218 3,568 4,475 206 158 247 -584 Apr.. 33,318 3,409 3,528 3,760 33,183 3,263 3,748 4,460 135 146 -220 -699 May. 3 3,268 3,661 3,776 3,914 3 3,257 3,338 3,988 4,466 11 323 -212 -552 June. 3 3,179 3,730 3,662 3,905 33,152 3,266 4,019 4,495 27 465 -350 -590 July., 3,182 3,699 3,493 4,019 3,074 3,255 3,793 4,561 108 444 -300 -542 Aug.. 3,366 3,592 3,678 4,202 3,163 3,346 3,928 4,644 203 246 -251 -463 Sept.. 3.341 3,553 4,505 3,078 3,428 4,237 263 125 268 Oct.. 3.342 3,689 2,710 3,192 3,501 3,523 150 188 -815 Nov.. 3,398 3,499 3,160 3,180 3,428 3,379 218 71 -218 Dec.. 3,280 3,570 3,858 3,078 3,404 4,128 202 166 -270 Quarter: I 7,615 10,328 11,239 11,917 7,655 9,719 10,799 13,418 -40 609 440 -1,501 II... 9,765 10,800 10,965 11,579 9,591 9,867 11,747 13,421 174 933 -782 -1,842 III... 9,889 10,845 11,675 9,315 10,029 U,958 574 816 -283 IV... 10,020 10,758 9,726 9,450 10,333 11,030 570 425 -1,304 Year4.. 37,332 42,662 43,555 36,043 39,963 45,602 1,289 2,699 -2,047 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 76 U.S. GOLD TRANSACTIONS • OCTOBER 1972 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales [—] or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1971 1972 AArreeaa aanndd ccoouunnttrryy 11996633 11996644 11996655 11996666 11996677 11996688 11996699 11997700 11997711 II III IV I II Western Europe: --8822 -----------5555555555555555555555 ----111100000000 --2255 44 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 ---111111000 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 --112299 ---444777333 ---222888222 --119911 -----------222222222222222222222255555555555 555550000000000 -------2222222 ---222 ---222 ----55552222 4444411111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 --2255 --113300 -----------3333333333322222222222 -------111111188888880000000 55551111 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 --117755 --5500 --5500 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 222000000 Other 11 --66 --3355 ——4499 1166 --4477 UUU --2299 --ii33 --66 --2222 TToottaall --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --779966 --444488 --226633 Canada 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina .... ---333000 ------333333999999 -----2222255555••••• --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** Venezuel a -----2222255555 Other --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 --44 ** TToottaall 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 --44 ** Asia: ---111000 -----44444 ---222111 ---444222 Japlin -----5555566666 --111199 Lebanon --1111 -----1111111111 --11 -------99999995555555 ----33335555 -------33333334444444 ----11110000 ---111000 Philippines 2255 2200 •• --11 9999999 4400 --44 ----2222 --11 -------55555550000000 -------88888881111111 111111 ---333000 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 iiii TToottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 111000 ---333222 *** All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---888111 ---666 ---444 ••• TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444----666633331111 ----888844445555 ----444444445555 ----222299996666 Intl Monetary Fund^ 6666----222222225555 111177777777 22222222 ----3333 11110000 ----111155556666 ----22222222 ----11111111 ----4444 ---555444444 Grand total --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ----777788887777 ----888866667777 ----444455557777 ----333300000000 --11 ---555444444 1 Includes purchase from Denmark of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 2 Includes purchase from Kuwait of $25 million. by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 3 Includes sales to Algeria of $150 million in 1967 and $50 million in first withdrawal ($17 million) was made in June 1968 and the last with- 1968. drawal ($144 million) was made in Feb. 1972. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in mitigiation of U.S. sales to other countries making gold payments repurchase; proceeds from these sales invested by IMF in U.S. Govt, to the IMF. The country data include U.S. gold sales to various countries securities. IMF repurchased $400 million in Sept. 1970 and the remaining in connection with the IMF quota payments. Such U.S. sales to countries $400 million in Feb. 1972. and resales to the United States by the IMF total $548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 5 Includes IMF gold sales to and purchases from the United States, less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in if needed. Under appropriate conditions, the United States could pur- IMF operations. Does not include transactions in gold relating to gold chase additional amounts equal to its quota. deposit or gold investment (see Table 6). 5 Includes $259 million gold subscription to the IMF in June 1965 for 2 Positive figures represent purchases from the IMF of currencies of a U.S. quota increase, which became effective on Feb. 23, 1966. In figures other members for equivalent amounts of dollars; negative figures repre- published by the IMF from June 1965 through Jan. 1966, this gold subsent repurchase of dollars, including dollars derived from charges on scription was included in the U.S. gold stock and excluded from the purchases and from other net dollar income of the IMF. The United reserve position. States has a commitment to repurchase within 3 to 5 years, but only to 6 Includes $30 million of Special Drawing Rights. the extent that the holdings of dollars of the IMF exceed 75 per cent of 7 Represents amount payable in dollars to the IMF to maintain the the U.S. quota. Purchases of dollars by other countries reduce the U.S. value of IMF holdings of U.S. dollars. commitment to repurchase by an equivalent amount. 3 Includes dollars obtained by countries other than the United States NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. from sales of gold to the IMF. quota was increased to $4,125 million in 1959, to $5,160 million in Feb. 4 Represents the U.S. gold tranche position in the IMF (the U.S. 1966, to $6,700 million in Dec. 1970, and to $7,274 million in May 1972 as quota minus the holdings of dollars of the IMF), which is the amount a result of the change in par value of the U.S. dollar. Under the Articles of that the United States could purchase in foreign currencies automatically Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r o f Total Tot G a o l 2 ld st T o r c e k a i s ury v c fo e u C c r r r o i t e r e i n i e b s g n - l n e - p R I o e M s s i i e n t F r i o v 3 n e SDR's 4 E m n o d n t o h f Total To G ta o l 2 ld st T o r c e k a 1 s ury v c fo u e C c r r r i o e t e r i s n i e b g n 5 - l n e - p R I o e M s s i e t F r io v 3 n e SDR's4 1958. 22,540 20,582 20,534 1,958 1971 1959. 21,504 19,507 19,456 1,997 Sept... 12,131 10,207 10,132 250 577 1,097 1960. 19,359 17,804 17,767 1,555 Oct 12,146 10,207 10,132 259 580 1,100 Nov.... 12,131 10,206 10,132 243 582 1,100 1961. 18,753 16,947 16,889 116 1,690 Dec 812,167 10,206 10,132 8 276 585 1,100 1962. 17,220 16,057 15,978 99 1,064 1963. 16,843 15,596 15,513 212 1,035 1972 1964. 16,672 15,471 15,388 432 769 Jan.. . 12,879 10,206 10,132 276 587 1,810 1965. 15,450 613,806 613,733 781 6 863 Feb... 12,330 9,662 9,588 276 582 1,810 Mar... 12,270 9,662 9,588 212 586 1,810 1966. 14,882 13,235 13,159 1,321 326 Apr... 12,285 9,662 9,588 429 391 1,803 1967. 14,830 12,065 11,982 2,345 420 May.. 913,345 910,490 910,410 469 9428 91,958 1968. 15,710 10,892 10,367 3,528 1,290 June.. 13,339 10,490 10,410 457 434 1,958 1969. 716,964 11,859 10,367 72,781 2,324 July. . 13,090 10,490 10,410 203 439 1,958 1970. 14,487 11,072 10,732 629 1,935 851 Aug... 13,124 10,488 10,410 234 444 1,958 1971. 812,167 10,206 10,132 8 276 585 ,100 Sept... 13,217 10,487 10,410 323 449 1,958 1 Includes (a) gold sold to the United States by the International Mon- became effective on Feb. 23, 1966. In figures published by the IMF from etary Fund with the right of repurchase, and (b) gold deposited by the June 1965 through Jan. 1966, this gold subscription was included in the IMF to mitigate the impact on the U.S. gold stock of foreign purchases U.S. gold stock and excluded from the reserve position. for the purpose of making gold subscriptions to the IMF under quota 7 Includes gain of $67 million resulting from revaluation of the German increases. For corresponding liabilities, see Table 6. mark in Oct. 1969, of which $13 million represents gain on mark holdings 2 Includes gold in Exchange Stabilization Fund. at time of revaluation. 3 The United States has the right to purchase foreign currencies equiva- 8 Includes $28 million increase in dollar value of foreign currencies lent to its reserve position in the IMF automatically if needed. Under ap- revalued to reflect market exchange rates as of Dec. 31, 1971. propriate conditions the United States could purchase additional amounts 9 Total reserve assets include an increase of $1,016 million resulting equal to the U.S. quota. See Table 5. from change in par value of the U.S. dollar on May 8, 1972; of which, 4 Includes allocations by the IMF of Special Drawing Rights as follows: total gold stock is $828 million (Treasury gold stock $822 million), reserve $867 million on Jan. 1, 1970; $717 million on Jan. 1, 1971; and $710 position in IMF $33 million, and SDR's $155 million. million on Jan. 1, 1972; plus net transactions in SDRs. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. NOTE.—See Table 24 for gold held under earmark at F.R. Banks for 6 Reserve position includes, and gold stock excludes, $259 million gold foreign and international accounts. Gold under earmark is not included subscription to the IMF in June 1965 for a U.S. quota increase which in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMFh oollddiinnggss (during period) of d<oo llllaarrss (end of ppeerriioodd)) UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy UUUUU.....SSSSS..... ooottthhheeerrr cccooouuunnntttrrriiieeesss rrrrreeeeessssseeeeerrrrrvvvvveeeee PPPPPeeeeerrrrriiiiioooooddddd wwwiiittthhh IIIMMMFFF pppppooooosssssiiiiitttttiiiiiooooonnnnn PP ss tt uu dd aa ii bb oo yy oo nn ss mm oo llll cc ss ff aa rr ee rr ii nn ii pp ss nn tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt ss FF ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ii ee ss gg aa nn 22 ii nn nn cc -- -- II ii dd MM nn oo cc FF ll ii oo ll nn aa mm nn rr ee ss ee tt P d u o r l c o la h f r a s s e 3 s pu d r o R c l i l h n e a a - r s s e s cccc TTTT hhhhaaaa oooo nnnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt PPP qqq eee UUU rrr uuu ooo ... ooo ccc fff SSS ttt eee ... aaa nnn ttt ppppp ((((( iiiii eeeee nnnnn eeeee rrrrr nnnnn iiiii IIIII ddddd ooooo MMMMM ddddd ooooo ))))) FFFFF fffff 44444 1946—1957 2222,,,,000066663333 666000000 ----------------------44444444444444444444445555555555555555555555 ---------222222222,,,,,,,,,666666666777777777000000000 888822227777 777777777777777777777777777777777777777777775555555555555555555555 777777777777777777777777777777777777777777775555555555555555555555 22222222222222222222228888888888888888888888 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999977777777777777777777775555555555555555555555 1958—1963 1111,,,,000033331111 111555000 66666666666666666666660000000000000000000000 ---------111111111,,,,,,,,,666666666666666666666666666 2222,,,,777744440000 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,333333333333333333333311111111111111111111115555555555555555555555 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,000000000000000000000099999999999999999999990000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000033333333333333333333335555555555555555555555 1964—1966 777777776666 11,,664400 44444444444444444444445555555555555555555555 ---------777777777222222222333333333 6666 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,777777777777777777777744444444444444444444444444444444444444444444 4444444444444444444444......................888888888888888888888833333333333333333333334444444444444444444444 99999999999999999999994444444444444444444444 5555555555555555555555333333333333333333333322222222222222222222226666666666666666666666 1967 22222222222222222222220000000000000000000000 ---------111111111111111111444444444 ----------------------99999999999999999999994444444444444444444444 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777744444444444444444444440000000000000000000000 99999999999999999999992222222222222222222222 444444444444444444444422222222222222222222220000000000000000000000 1968 --8844 22222222222222222222220000000000000000000000 ---------888888888000000000666666666 ----------------------888888888888888888888877777777777777777777770000000000000000000000 3333333333333333333333,,,,,,,,,,,,,,,,,,,,,,888888888888888888888877777777777777777777770000000000000000000000 77777777777777777777775555555555555555555555 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,222222222222222222222299999999999999999999990000000000000000000000 1969 22222222 11111111111111111111119999999999999999999999 ---------111111111,,,,,,,,,333333333444444444333333333 222266668888 ----------------------1111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,,000000000000000000000033333333333333333333334444444444444444444444 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333336666666666666666666666 55555555555555555555555555555555555555555555 2222222222222222222222,,,,,,,,,,,,,,,,,,,,,,333333333333333333333322222222222222222222224444444444444444444444 1970 11,,115555 6666777711112222**** 111555000 22222222222222222222225555555555555555555555 ---------888888888555555555444444444 777744441111 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999922222222222222222222229999999999999999999999 4444444444444444444444,,,,,,,,,,,,,,,,,,,,,,777777777777777777777766666666666666666666665555555555555555555555 77777777777777777777771111111111111111111111 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,999999999999999999999933333333333333333333335555555555555555555555 1971 111,,,333666222 ----------------------22222222222222222222228888888888888888888888 ---------222222222444444444 44440000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,333333333333333333333355555555555555555555550000000000000000000000 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 1971—Sept ----------------------3333333333333333333333 ----------------------3333333333333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222223333333333333333333333 99999999999999999999991111111111111111111111 555555555555555555555577777777777777777777777777777777777777777777 Oct ----------------------3333333333333333333333 ----------------------3333333333333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111122222222222222222222220000000000000000000000 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888880000000000000000000000 Nov ——————————————————————2222222222222222222222 ----------------------2222222222222222222222 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111118888888888888888888888 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888882222222222222222222222 Dec ----------------------3333333333333333333333 ----------------------3333333333333333333333 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111115555555555555555555555 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888885555555555555555555555 1972—Jan ----------------------2222222222222222222222 ----------------------2222222222222222222222 6666666666666666666666......................111111111111111111111111111111111111111111113333333333333333333333 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888887777777777777777777777 Feb 5555555555555555555555 5555555555555555555555 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111118888888888888888888888 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888882222222222222222222222 Mar ----------------------4444444444444444444444 ----------------------4444444444444444444444 6666666666666666666666......................111111111111111111111111111111111111111111114444444444444444444444 99999999999999999999991111111111111111111111 555555555555555555555588888888888888888888886666666666666666666666 Apr 220000 ----------------------5555555555555555555555 111111111111111111111199999999999999999999995555555555555555555555 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,333333333333333333333300000000000000000000009999999999999999999999 99999999999999999999994444444444444444444444 333333333333333333333399999999999999999999991111111111111111111111 May 77554411 ----------------------4444444444444444444444 555555555555555555555533333333333333333333337777777777777777777777 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888844444444444444444444446666666666666666666666 99999999999999999999994444444444444444444444 444444444444444444444422222222222222222222228888888888888888888888 June ----------------------6666666666666666666666 ----------------------6666666666666666666666 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888844444444444444444444440000000000000000000000 99999999999999999999994444444444444444444444 444444444444444444444433333333333333333333334444444444444444444444 July ----------------------5555555555555555555555 ----------------------5555555555555555555555 6666666666666666666666......................888888888888888888888833333333333333333333335555555555555555555555 99999999999999999999994444444444444444444444 444444444444444444444433333333333333333333339999999999999999999999 Aug ----------------------5555555555555555555555 ----------------------5555555555555555555555 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888833333333333333333333331111111111111111111111 99999999999999999999994444444444444444444444 444444444444444444444444444444444444444444444444444444444444444444 Sept ----------------------6666666666666666666666 ----------------------6666666666666666666666 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888822222222222222222222225555555555555555555555 99999999999999999999994444444444444444444444 444444444444444444444444444444444444444444449999999999999999999999 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 6. U.S. LIQUID AND NONLIQUID LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to liabili- other foreigners ties to Liquid Nonliquid IMF Liquid Total arising liabilifrom Short- Nonmar- Nonmar- Long- ties Shortgold term Market- ketable ketable term to com- term Markettrans- Total liabili- able con- noncon- liabili- mercial liabili- able actions 1 ties re- U.S. vertible vertible ties re- banks Total ties re- U.S. ported Govt, U.S. U.S. ported abroad 6 ported Govt, by bonds Treas. Treas. by by bonds banks and bonds bonds banks banks and in notes3,4 and and in in notes3'7 U.S. notes notes 5 U.S. U.S. 9 15,825 200 7,917 (10) 3,472 2,252 (10) 9 16,845 200 8,665 (10) 3,520 2,430 (10) 19,428 500 10,120 9,154 966 4,678 2,940 2,399 541 /20,994 800 11,078 10,212 866 4,818 2,773 2,230 543 \21,027 800 11,088 10,212 876 4,818 2,780 2,230 550 (22,853 800 11,830 10,940 890 5,404 2,871 2,355 516 \22,936 800 11,830 10,940 890 5,484 2,873 2,357 516 /24,268 800 12,948 11,997 751 200 5,346 3,013 2,565 448 \24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 448 J26,433 800 14,459 12,467 1,217 703 63 9 5,817 3,397 3,046 351 126,394 800 14,425 12,467 1,183 703 63 9 5,817 3,387 3,046 341 (29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 376 \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 376 29,569 834 15,826 13.066 1,105 1,201 334 120 7,419 4,059 3,587 472 (31,145 1,011 14,841 12,484 860 256 328 913 10,116 4.271 3.743 528 \31,020 1,011 14,896 12,539 860 256 328 913 9,936 4.272 3.744 528 (35,819 1,033 18,201 14,034 908 711 741 1,807 11,209 4,685 4,127 558 135,667 1,033 18,194 14,027 908 711 741 1,807 11,085 4,678 4,120 558 f38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 609 138,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 465 (45,755 1,019 15,975 11,054 346 i2 555 122,515 1,505 23,638 4,464 3,939 525 145,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 525 (47,009 566 23,786 19,333 306 429 3,023 695 17,137 676 4,029 647 \46,960 566 23,775 19,333 295 429 3,023 695 17,169 604 4,039 565 63,105 544 43,863 34,015 870 5,785 3,021 172 12,820 4,382 3,839 543 63,943 544 45,331 35,080 1,015 6.054 3,021 161 12,435 4,160 3,645 515 65,262 544 46,574 36.067 1,272 6.055 3,021 159 12,478 4,244 3,734 510 65,746 544 48,339 37,271 1,747 6,055 3,096 170 11,194 4,214 3,733 481 (67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 167,810 544 50,651 39,018 1,955 6.093 3,441 144 10,950 4,141 3,694 447 69,063 544 51,514 39,581 2,260 6.094 3,441 138 11,171 4,153 3,763 390 69,995 52,799 40,679 2,448 6,094 3,441 137 11,373 4,204 3,812 392 71,015 53,811 40,985 2,882 6,094 3,723 127 11,464 4,194 3,818 376 72,217 54,098 38,728 2,933 8,594 3,723 120 12,433 4,242 3,853 389 72,110 53,579 37,850 3,283 8,594 3,723 129 12,821 4,284 3,889 395 73,999 54,617 38,616 3,557 8,594 3,723 127 13,432 4,474 4,102 372 77,472 59,439 39,800 3,781 12,094 3,647 117 12,114 4,492 4,122 370 79,449 60,596 40,621 4,146 12,094 3,647 12,908 4,422 4,044 378 1 Includes (a) liability on gold deposited by the IMF to mitigate the 11 Data on the two lines shown for this date differ because of changes impact on the U.S. gold stock of foreign purchases for gold subscriptions in reporting coverage. Figures on first line are comparable with those to the IMF under quota increases, and (b) U.S. Govt, obligations at cost shown for the preceding date; figures on second line are comparable with value and funds awaiting investment obtained from proceeds of sales of those shown for the following date. gold by the IMF to the United States to acquire income-earning assets. 12 Includes $101 million increase in dollar value of foreign currency 2 Includes BIS and European Fund. liabilities resulting from revaluation of the German mark in Oct. 1969 as 3 Derived by applying reported transactions to benchmark data; follows: liquid, $17 million, and nonliquid, $84 million. breakdown of transactions by type of holder estimated 1960-63. Includes 13 Data on the second line differ from those on first line because cersecurities issued by corporations and other agencies of the U.S. Govt, tain accounts previously classified as "official institutions" are included which are guaranteed by the United States. with "banks"; a number of reporting banks are included in the series for 4 Includes nonguaranteed securities of U.S. Federally-sponsored agen- the first time; and U.S. Treasury securities payable in foreign currencies cies, beginning Feb. 1972. issued to official institutions of foreign countries have been increased in 5 Excludes notes issued to foreign official nonreserve agencies. value to reflect market exchange rates as of Dec. 31, 1971. 6 Includes short-term liabilities payable in dollars to commercial banks abroad and short-term liabilities payable in foreign currencies to commer- NOTE.—Based on Treasury Dept. data and on data reported to the cial banks abroad and to "other foreigners." Treasury Dept. by banks and brokers in the United States. Data correspond 7 Includes marketable U.S. Govt, bonds and notes held by commercial generally to statistics following in this section, except for the exclusion banks abroad. of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign 8 Principally the International Bank for Reconstruction and Develop- official nonreserve agencies, the inclusion of investments by foreign ment and the Inter-American and Asian Development Banks. From Dec. official reserve agencies in nonguaranteed bonds of U.S. Federally 1957 through Jan. 1972 includes difference between cost value and face sponsored agencies and minor rounding differences. Table excludes IMF value of securities in IMF gold investment account. "holdings of dollars," and holdings of U.S. Treasury letters of credit and 9 Includes total foreign holdings of U.S. Govt, bonds and notes, for non-negotiable, non-interest-bearing special U.S. notes held by other inwhich breakdown by type of holder is not available. ternational and regional organizations. t o Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U S. LIQUID AND NONLIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e r s o t p e e r n * Canada A re m L p e u a r t b i i l n c i a cs n Asia Africa 196 7 18,194 10,321 1,310 1,582 4,428 250 /17,407 8,070 1,867 1,865 5,043 259 1968 3 \17,340 8,062 1,866 1,865 4,997 248 15,975 4 7,074 1,624 1,888 4,552 546 1969 3 15,998 7,074 1,624 1,911 4,552 546 /23,786 13,620 2,951 1,681 4,713 407 1970 3 \23,775 13,615 2,951 1,681 4,708 407 1971—Aug.. 43,863 26,059 3,474 1,398 11,788 312 Sept.. 45,331 26,634 3.462 1,275 12,872 296 Oct... 46,574 27,154 3,530 1,344 13,477 276 Nov... 48,339 28,157 3,710 1,340 14,009 248 Dec. 5 /51,209 30,010 3,980 1.414 14,519 415 150,651 30,134 3.980 1,429 13,823 415 1972—Jan.. . 51,514 30,266 3,974 1,402 14,430 426 Feb... 52,799 31,190 3.981 1,330 14,792 449 Mar.. 53,811 31,593 4,052 1,323 15,191 457 Apr... 54,098 31,363 4,181 1,492 15,249 477 May.. 53,579 30,935 4,316 1,476 14,967 458 June.. 54,617 31,910 4,486 1,473 14,584 533 July*. 59,439 36,380 4,446 1,392 14,740 572 Aug.?, 60,596 36,607 4.463 1.415 15,352 652 1 Includes Bank for International Settlements and European Fund. to official institutions of foreign countries have been increased in value by 2 Includes countries in Oceania and Eastern Europe, and Western Euro- $110 million to reflect market exchange rates as of Dec. 31, 1971. pean dependencies in Latin America. 3 See note 11 to Table 6. NOTE.—Data represent short- and long-term liabilities to the official 4 Includes $101 million increase in dollar value of foreign currency institutions of foreign countries, as reported by banks in the United States; liabilities resulting from revaluation of the German mark in Oct. 1969. foreign official holdings of marketable and nonmarketable U.S. Govt, 5 Data on second line differ from those on the first line because certain securities with an original maturity of more than 1 year, except for nonaccounts previously classified as "Official institutions" are included in marketable notes issued to foreign official nonreserve agencies; and in- *'Banks"; a number of reporting banks are included in the series for vestments by foreign official reserve agencies in nonguaranteed bonds of the first time; and U.S. Treasury liabilities payable in foreign currencies U.S. Federally-sponsored agencies. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations6 Payable in dollars Deposits IMF Payable gold U.S. Total i Total Dem D an e d p os T it i s m e 2 b T i c r c l e U l e a s r a t . t e S s i a s u f . i n r 3 - d y s O l t h i e a t o r h b r m e . t 4 r - r fo e c r n u i e c n r i i - g e n s in m v e e n st t - 5 Total Demand Time2 b T i c r l c e l e s r a a t t s i e a f u s i n - r d y 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 /41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 \41,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 52,416 51,766 9,294 5,026 30,198 7,248 650 400 1,342 61 202 269 52,878 52,481 10,605 5,054 29,772 7,050 397 400 1,318 92 212 146 53,946 53,566 11,860 5,088 29,758 6,860 380 400 1,267 78 177 168 53,898 53,527 10,883 5,219 30,723 6,702 371 400 1,300 69 205 157 (55,404 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 \55,430 55,038 6,460 4,217 33,025 11,336 392 400 1,368 73 192 210 56,439 56,007 6,157 4,220 33,902 11,728 432 400 1,524 86 201 338 57,326 56,853 6,019 4,331 34,490 12,013 473 1,462 85 164 295 57,656 57,140 5,991 4,428 34,929 11,792 516 1,389 88 186 275 56,289 55,795 6,460 4,499 32,324 12,512 494 1,275 87 195 177 55,825 55,326 6,570 4,650 31,498 12,608 499 1,265 84 183 198 57,465 56,946 7,217 4,829 31,871 13,029 519 1,315 85 237 212 57,301 56,822 7,320 4,745 32,881 11,876 479 1,265 101 261 142 58,894 58,439 6,631 4,866 33,744 13,198 455 1,321 65 266 172 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions' Payable in dollars Payable in dollars End of period Total Dema D nd ep osi T ts i me2 T b c i r c l e U e a l r s a t . t e s S i a s u f . n i 3 r - d y s O l t h i e a t o r h b r m e . t 4 r - P f r o a e c r y n u i e n a c r i i b - g e l n s e Total Dema D n e d p osi T ts ime2 T bi c c r l U e e a ls r a t . t e S s a i s u . f n i 3 r - d y s O t l h i e t a o r h b r m e t .4 r - 1969 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 19707 / \ 4 40 0 , , 5 4 4 9 1 9 1 1 5 5 , , 7 7 2 1 6 6 5 5 , ,7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 3 8 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , ,6 6 1 12 2 1971—Aug... 50,674 9,233 4,823 29,529 6,438 650 34,015 1,264 2,371 26,674 3,285 Sept.., 51,160 10,513 4,843 29,226 6,182 397 35,080 1,450 2,392 27,855 3,225 Oct... 52,279 11,781 4,911 29,190 6,016 380 36,067 1,231 2,465 28,982 3,231 Nov... 52,198 10,814 5,014 30,166 5,831 371 37,271 1,263 2,465 30,071 3,314 Dec.» 5 5 3 3 , , 6 6 3 6 2 2 1 6 0 , , 3 3 8 2 7 6 4 5 , , 0 0 2 1 5 7 3 3 2 2 , , 4 4 1 1 5 5 1 5 0 , , 4 4 8 4 9 3 3 3 8 9 6 2 3 3 9 9 , , 6 0 7 1 9 8 1 1 , ,3 6 2 2 7 0 2 2, , 0 5 3 0 9 4 3 3 2 2 , , 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 6 1972—Jan... 54,515 6,071 4,020 33,164 10,828 432 39,581 1,185 2,024 33,045 3,161 Feb.. . 55,864 5,934 4,167 34,195 11,095 473 40,679 1,099 2,119 34,092 3,202 Mar.. 56,267 5,903 4,242 34,654 10,952 516 40,985 1,128 2., 148 34,548 2,994 Apr... 55,014 6,373 4,304 32,147 11,696 494 38,728 1,246 2; 270 32,047 2,998 May.. 54,560 6,486 4,468 31,300 11,808 499 37,850 1,224 2,379 31,209 2,871 June. 56,150 7,132 4,592 31,659 12,247 519 38,616 1,536 2,469 31,573 2,871 July*. 56,036 7,219 4,484 32,738 11,116 479 39,800 1,521 2,377 32,655 3,077 Aug.25, 57,573 6,566 4,600 33,572 12,380 455 40,621 1,308 2,412 33,499 3,231 To banks 10 To other foreigners Payable in dollars End of period Total Total Dema D nd ep osi T ts i me2 T b c i r c l e U e l a r s a . t t s S e i a u f s . n i r - d y s O l t i h e a t o r h b r m e . t 4 r - Total Dema D nd ep osi T ts i me2 T b c i r c l e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t i h e a t o r h b r m e . t 4 r - 1969 27.709 23,419 16,756 1,999 20 4,644 4,064 1,711 1 ,,935 107 312 19707 (21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 \21,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 1971—Aug.. 16,659 12,590 6,284 665 2,769 2,872 3,839 1,684 1,787 87 280 Sept.. 16,080 12,196 7,486 739 1,286 2,686 3,645 1,577 1,712 85 272 Oct.. . 16,212 12,256 8,845 786 120 2,504 3,734 1,705 1,660 89 281 Nov.. 14,927 10,981 7,871 879 9 2,223 3,733 1,680 1,670 87 296 Dec. 8 / \ 1 1 3 4 , , 9 6 5 4 3 4 1 1 0 0 , , 0 7 3 2 4 2 7 3 , , 0 4 4 0 7 0 8 3 5 2 0 0 8 8 2 6 , ,9 1 9 3 5 0 3 3 , , 6 6 9 9 1 4 1 1 , ,6 6 6 60 0 1 1, ,6 6 6 6 3 6 9 9 6 6 2 27 7 1 4 1972—Jan... 14,934 10,904 3,183 335 4 7,382 3,763 1,703 1,660 116 285 F M e a b r .. . . . 1 1 5 5 , , 1 2 8 8 5 2 1 11 1 , , 1 0 1 6 5 7 3 3 , , 0 12 9 1 3 3 3 4 5 9 9 4 4 7 7, , 6 5 5 9 8 3 3 3, , 8 8 1 1 8 2 1 1, ,7 6 1 8 4 2 1 i; . 7 6 3 99 5 1 9 0 9 2 2 2 9 9 9 9 Apr... 16,286 12,106 3,372 352 4 8,379 3,853 1,756 1,682 96 318 May., 16.710 12,488 3,569 307 3 8,609 3,889 1,693 1,781 88 328 June.. 17,534 13,079 3,797 310 5 8,968 4,102 1,800 1,814 81 409 July*. 16,236 11,805 3,877 286 5 7,636 4,122 1,821 1 ,821 77 402 Aug.*, 16,952 12,624 3,555 337 6 8,725 4,044 1,702 1,851 66 425 1 Data exclude "holdings of dollars" of the International Monetary 8 Data on second line differ from those on first line because (a) those Fund. liabilities of U.S. banks to their foreign branches and those liabilities of 2 Excludes negotiable time certificates of deposit, which are included U.S. agencies and branches of foreign banks to their head offices and in "Other." foreign branches, which were previously reported as deposits, are included 3 Includes nonmarketable certificates of indebtedness issued to official in "Other short-term liabilities"; (b) certain accounts previously classified institutions of foreign countries. as "Official institutions" are included in "Banks"; and (c) a number of 4 Principally bankers' acceptances, commercial paper, and negotiable reporting banks are included in the series for the first time. time certificates of deposit. See also note 8(a). 9Foreign central banks and foreign central govts, and their agencies, 5 U.S. Treasury bills and certificates obtained from proceeds of sales of and Bank for International Settlements and European Fund. gold by the IMF to the United States to acquire income-earning assets. 10 Excludes central banks, which are included in "Official institutions." Upon termination of investment, the same quantity of gold was reacquired by the IMF. NOTE.—"Short term" refers to obligations payable on demand or having 6 Principally the International Bank for Reconstruction and Develop- an original maturity of 1 year or less. For data on long-term liabilities ment and the Inter-American Development Bank. reported by banks, see Table 10. Data exclude the "holdings of dollars" Includes difference between cost value and face value of securities in of the International Monetary Fund; these obligations to the IMF consti- IMF gold investment account. tute contingent liabilities, since they represent essentially the amount of 7 Data on the two lines shown for this date differ because of changes in dollars available for drawings from the IMF by other member countries. reporting coverage. Figures on the first line are comparable in coverage Data exclude also U.S. Treasury letters of credit and non-negotiable, nonwith those shown for the preceding date; figures on the second line are interest-bearing special U.S. notes held by the Inter-American Developcomparable with those shown for the following date. ment Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1970 1971 1972 AArreeaa aanndd ccoouunnttrryy Dec. Dec.1 Jan. Feb. Mar. Apr. May June July? Aug.f Europe: Austria 185 254 254 261 252 257 276 283 254 261 272 Belgium-Luxembourg 597 701 701 728 779 888 866 864 962 1,159 1,188 Denmark 189 168 168 177 179 191 218 203 215 216 209 Finland 117 160 160 156 150 140 151 131 148 176 165 France 2,267 3,150 3,150 3,234 3,311 3,103 3,043 3,027 3,514 4,324 4,317 Germany 7,520 6,596 6,596 6,972 7,724 7,670 5,482 5,500 6,483 6,601 6,459 Greece 184 170 170 167 164 147 163 159 179 168 165 Italy 1,330 1,888 1,888 1,700 1,693 1,572 1,627 1,572 1,375 1,424 1,615 Netherlands 762 271 270 306 424 823 878 861 847 1,488 1,514 Norway 324 685 685 702 675 674 655 669 654 769 892 Portugal 274 303 303 299 282 267 279 284 269 290 334 Spain 198 203 203 187 177 183 219 206 231 222 192 503 791 792 803 871 964 981 1,010 1,044 1,036 1,033 Switzerland 1,948 3,248 3,249 3,256 3,099 2,935 2,942 2,709 2,626 3,623 3,493 Turkey 46 68 68 36 34 42 36 40 44 55 59 United Kingdom 5,504 7,374 7,379 7,908 7,600 8,089 7,954 77,,995544 7,914 4,945 5,893 Yugoslavia 37 34 34 35 40 54 94 8888 90 87 102 Other Western Europe2 594 1,369 1,391 1,367 1,438 1,416 1,391 1,388 1,367 1,389 1,401 U.S.S.R 15 14 14 13 11 9 9 13 10 18 10 Other Eastern Europe 54 53 53 54 46 58 56 58 68 58 57 Total 22,648 27,503 27,530 28,361 28,951 29,483 27,321 27,021 28,293 28,310 29,370 4,056 3,441 3,441 3,593 3,574 3,486 3,722 4,146 3,966 3,727 3,660 Latin America: Argentina 539 441 441 435 420 541 507 465 459 457 500 Brazil 346 342 342 376 406 449 543 576 628 620 550 Chile 266 191 191 180 146 137 132 134 136 136 136 Colombia 247 188 188 185 176 163 184 190 190 196 212 Cuba 7 6 6 6 6 6 7 6 7 6 6 Mexico 821 709 715 758 748 659 668 761 733 788 695 Panama 147 154 154 158 156 156 155 185 154 165 154 Peru 225 164 164 164 160 174 174 167 179 178 178 Uruguay 118 108 108 108 111 124 118 122 117 121 136 Venezuela 735 963 963 870 843 740 851 873 919 831 865 Other Latin American republics 620 656 655 645 685 649 695 661 669 671 701 Bahamas and Bermuda 745 657 656 313 278 307 444 440 486 384 416 Netherlands Antilles and Surinam 98 87 87 97 90 81 87 91 94 88 83 Other Latin America 39 36 37 43 46 37 29 43 40 47 45 Total 4,952 4,702 4,708 4,337 4,272 4,223 4,593 4,714 4,809 4,688 4,676 Asia: China Mainland 33 39 39 39 38 39 39 38 39 39 39 Hong Kong 258 312 312 304 335 306 299 328 311 341 325 India 302 89 89 114 118 116 102 104 105 122 105 Indonesia 73 63 63 54 71 90 89 87 113 98 117 Israel 135 150 150 133 143 143 145 148 140 128 119 Japan 5,150 14,294 14,295 14,179 14,950 14,808 14,902 14,017 14,096 13,963 14,155 Korea 199 201 196 224 220 204 178 196 198 206 235 Philippines 285 304 306 271 267 268 294 337 346 345 364 Taiwan 275 258 258 280 291 320 338 365 383 426 502 Thailand 508 126 126 121 116 120 170 174 177 120 141 Other 717 595 595 774 708 717 714 729 706 733 802 Total 7,936 16,432 16,429 16,495 17,257 17,131 17,267 16,525 16,613 16,521 16,904 Africa: Congo (Kinshasa) 14 12 12 12 13 22 14 16 18 27 15 Morocco 11 9 9 10 9 9 11 8 11 11 9 South Africa 83 78 78 53 73 70 79 70 76 92 65 U.A.R. (Egypt) 17 24 24 14 13 13 15 18 19 17 19 Other 395 474 474 510 538 526 542 522 608 620 622 Total 521 597 597 599 646 640 661 635 731 768 729 Other countries: Australia 389 916 916 1,087 1,124 1,257 1,405 1,482 1,692 1,977 2,187 All other 39 42 42 42 41 47 43 39 45 45 47 Total 428 957 957 1,129 1,165 1,304 1,448 1,520 1,737 2,022 2,234 Total foreign countries 40,541 53,632 53,662 54,515 55,864 56,267 55,014 54,560 56,150 56,036 57,573 International and regional: International 3 975 1,332 1,327 1,475 1,000 994411 808 802 819 793 831 Latin American regional 131 298 298 306 316 301 333 329 347 300 335 Other regional4 114 142 143 142 146 147 134 134 149 172 155 Total 1,220 1,772 1,768 1,924 1,462 1,389 1,275 1,265 1,315 1,265 1,321 Grand total. 41,761 55,404 55,430 56,439 57,326 57,656 56,289 55,825 57,465 57,301 58,894 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 5 1970 1971 1972 1970 1971 1972 Area and country Area and country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 15 10 7 2 2 Jordan 30 14 3 2 2 Iceland 10 10 10 11 9 Kuwait 66 54 36 20 16 Ireland, Rep. of 32 41 29 16 15 Laos 4 5 2 3 3 Lebanon 82 54 60 46 60 Other Latin American republics: Malaysia 48 22 29 23 25 C Bo o l s i t v a i a R ica 7 4 6 3 6 4 9 1 4 5 3 9 6 5 2 5 5 7 3 0 P R a y k u i k st y a u n Islands (incl. Okinawa) 2 3 6 4 3 1 8 8 2 3 7 9 2 3 9 3 ( 568 ) Dominican Republic 96 99 90 123 91 Saudi Arabia 166 106 41 79 80 Ecuador 72 79 72 57 62 Singapore 25 57 43 35 45 El Salvador 79 75 80 78 83 Syria 6 7 3 4 6 Guatemala 110 100 97 117 123 Vietnam 91 179 161 159 185 Haiti 19 16 19 18 23 Honduras 29 34 44 42 50 Other Africa: Jamaica 17 19 19 19 32 Algeria 13 17 13 23 31 Nicaragua 76 59 47 50 66 Ethiopia (incl. Eritrea) 33 19 12 11 29 Paraguay 17 16 15 17 17 Ghana 7 8 6 8 11 Trinidad & Tobago 11 10 14 10 15 Kenya 47 38 13 9 14 Ot B he r r it i L sh a t W in e A st m In er d i i c e a s : 38 33 38 32 23 S L S L N u o i i i b b g u d e y e t a r h r a n i i e a a r n Rhodesia 4 4 3 1 1 2 0 1 1 1 2 9 1 2 5 7 1 1 2 9 2 5 1 1 2 1 2 4 2 7 6 2 3 4 1 ( ( ( 2 6 6 6 2 5 ) ) ) Other Asia: Tanzania 18 9 10 6 6 C A Bu a fg r m h m b a a o n d is i t a a n 1 5 5 1 26 4 2 1 2 3 5 1 1 5 9 0 1 5 2 7 T Z U u a g m n a i n b s d i i a a a 3 7 7 8 1 7 8 0 1 6 4 5 1 9 3 3 ( ( 6 6 7 ) ) Ceylon 4 4 4 4 6 Iran 41 32 50 59 88 All other: Iraq 6 11 7 10 (6) New Zealand 18 25 22 23 27 1 Data in the two columns shown for this date differ because of changes 4 Asian, African, and European regional organizations, except BIS and in reporting coverage. Figures in the first column are comparable in cov- European Fund, which are included in "Europe." erage with those shown for the preceding date; figures in the second column 5 Represent a partial breakdown of the amounts shown in the "other" are comparable with those shown for the following date. categories (except "Other Eastern Europe"). 2 Includes Bank for International Settlements and European Fund. 6 Not available. 3 Data exclude "holdings of dollars" of the International Monetary Fund but include IMF gold investment until Feb. 1972, when investment was terminated. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area TToo iinnttll.. EEnndd ooff ppeerriioodd TToottaall aanndd Official Other Ger- United Other Total Other All rreeggiioonnaall Total institu- Banks1 foreign- many King- Europe Latin Japan Asia other tions ers dom America countries 1968 3,166 777 2,389 2,341 8 40 2 * 16 541 658 1,093 80 1969 2,490 889 1,601 1,505 56 40 * 46 7 239 655 582 70 1970 1,703 789 914 695 166 53 110 42 26 152 385 137 62 1971—Aug 895 480 415 172 190 53 164 19 25 80 12 101 14 Sept 885 480 405 161 189 55 164 19 24 76 12 99 9 Oct 942 490 452 159 236 57 164 44 24 99 12 101 7 Nov 917 452 465 170 237 59 165 45 25 115 8 96 10 Dec 902 446 457 144 257 56 164 52 30 111 3 87 9 1972—Jan 989 540 449 138 254 58 164 50 30 107 1 83 14 Feb 1,026 558 468 137 252 79 164 67 31 108 * 83 14 Mar 1,088 632 456 127 253 78 165 67 30 103 * 72 19 Apr 1,106 654 453 120 253 80 165 67 32 105 * 66 18 May 1,154 689 465 129 253 83 165 66 35 119 • 60 20 June 1,169 694 476 127 267 82 165 66 34 135 * 58 17 July? 1,156 689 467 117 269 81 165 68 33 136 * 48 18 Aug.p 1,094 651 443 88 269 86 165 68 34 135 * 24 17 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1971 1972 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July? Aug.f Europe: Belgium-Luxembourg 6 6 6 6 6 6 6 6 6 6 6 6 6 29 29 29 60 60 53 53 53 52 52 52 49 45 United Kingdom 460 432 427 362 323 279 283 268 280 288 264 265 280 Other Western Europe 25 49 71 82 85 95 95 95 95 95 96 98 96 Eastern Europe 6 5 5 5 5 5 5 5 5 5 5 5 5 Total 525 521 538 516 480 438 441 426 438 445 424 422 432 Canada 175 175 175 179 181 179 179 178 179 166 313 313 372 Latin America: Latin American republics 1 1 1 1 1 11 1 11 11 11 1 1 1 Other Latin America 6 6 6 6 6 6 6 6 6 6 6 6 6 Total 7 7 7 7 7 7 7 7 7 7 7 7 7 Asia: 20 20 20 20 Japan 633 755 1,009 1,488 1,717 2,007 2,146 2,391 2,415 2,777 2,901 3,125 3,310 Other Asia 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 663 784 1,038 1,518 1,727 2,017 2,156 2,401 2,425 2,787 2,912 3,136 3,321 43 43 25 8 8 8 8 8 8 8 8 8 127 All other * * * * » * * * * * * * * Total foreign countries 1,413 1,530 1,782 2,228 2,402 2,650 2,791 3,020 3,057 3,413 3,664 3,886 4,259 International and regional: International 126 126 126 126 126 126 112266 126 136 136 136 136 176 Latin American regional 28 29 29 30 30 31 31 32 33 25 26 27 27 Total 154 155 155 156 156 157 157 158 168 161 161 162 203 Grand total 1,567 1,685 1,937 2,383 2,558 2,807 2,948 3,177 3,226 3,574 3,825 4,048 4,461 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on benchmark surveys of holdings and regular monthly ketable U.S. Govt, securities with an original maturity of more than 1 reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l- a C d a a n - 1 m G a e n r- y Italy Korea T w a a i n - T la h n a d i- Total m G an er y - 3 Italy e S r w la it n z d - 196 9 43,181 1,431 32 1,129 135 20 100 » 1,750 1,084 125 541 197 0 3,563 2,480 32 2,289 25 20 100 1,083 542 541 1971—Sept. 9,193 7,479 32 2,289 5,000 23 20 100 1,714 542 1,172 Oct.. 9,195 7,479 32 2,289 5,000 23 20 100 1,716 542 1,174 Nov. 9,271 7,554 32 2,365 5,000 22 20 100 1,716 542 1,174 Dec. 5 9,657 7,829 32 2,640 5,000 22 20 100 ' 1,827 612 1.215 1972—Jan.. 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1.216 Feb.. 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1,216 Mar. 9,940 8,188 32 2,840 5,158 22 20 100 1,752 536 1,216 Apr. 12.440 10,688 32 2,840 7,658 22 20 100 1.752 536 1,216 May 12.441 10,688 32 2,840 7,658 22 20 100 1.753 536 1,217 June 12,441 10,688 32 2,840 7,658 22 20 100 1,753 536 1,217 July. 15,864 14,188 32 2,840 11,158 22 20 100 1,676 459 1,217 Aug. 15,864 14,188 32 2,840 11,158 22 20 100 1.676 459 1.217 Sept. 16,022 14,345 32 2,840 11,315 22 20 100 1.677 459 1.218 1 Includes bonds issued in 1964 to the Government of Canada in connec- million equivalent were issued to a group of German commercial banks in tion with transactions under the Columbia River treaty. Amounts out- June 1968. The dollar value of these notes was increased by $10 million in standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through Oct. 1969 and by $18 million as of Dec. 31, 1971. Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and 4 Includes an increase in dollar value of $84 million resulting from Oct. 1970 through Oct. 1971, $24 million. revaluation of the German mark in Oct. 1969. 2 Bonds issued to the Government of Italy in connection with mili- 5 Includes $106 million increase in dollar value of foreign currency tary purchases in the United States. obligations revalued to reflect market exchange rates as of Dec. 31, 1971. 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1970 1971 1972 Area and country Dec. Dec.1 Jan. Feb. Mar. Apr. May June July p Aug.f Europe: Austria 6 11 11 8 11 11 12 13 15 16 33 Belgium-Luxembourg 50 57 57 71 102 78 66 72 73 73 66 Denmark 40 49 49 50 54 55 52 54 52 50 63 Finland 66 135 135 137 139 138 137 132 126 124 128 France 113 267 268 311 344 342 273 295 321 311 354 Germany 186 235 235 200 252 258 239 231 315 286 229 Greece 26 30 30 30 25 29 28 30 24 25 27 Italy 101 159 161 166 182 230 213 231 201 202 196 Netherlands 61 105 105 92 102 117 105 101 117 103 108 Norway 54 67 67 72 71 73 72 65 64 71 56 Portugal 11 12 12 14 14 14 13 24 21 25 21 Spain 52 70 70 83 88 105 135 149 141 156 160 Sweden 97 118 118 125 125 130 128 132 95 114 120 Switzerland 100 145 145 147 181 164 138 193 147 133 137 Turkey 9 3 3 4 8 3 3 3 3 3 4 United Kingdom 379 563 563 526 562 559 537 539 564 756 672 Yugoslavia 35 19 19 20 15 25 24 27 26 23 21 Other Western Europe 13 12 12 13 16 17 17 19 24 23 25 U.S.S.R 3 28 28 33 37 47 70 65 57 62 64 Other Eastern Europe 45 37 37 44 48 51 42 43 43 44 40 Total 1,449 2,122 2,124 2,146 2,374 2,445 2,303 2,417 2,430 2,599 2,525 Canada 1,043 1,530 1,530 1,508 1,701 1,942 1,831 1,697 1,737 2,088 2,221 Latin America: Argentina 326 305 305 310 306 316 304 316 325 323 339 N O P P V C C C M O B U B e a a r e e h u o r t t e r h h n a t n h u l i b x u h l o z e e a e a g a e i i e r r m z m m c u l r u o a L L b l a a e a y i a a s l a n a t t a d i i n n n s d A A A B m m n e t e e i r r r l m l i i e c c s u a a d n a a n r d e p S u u b r l i i n cs a m 9 Z 2 j 2 1 3 1 1 Z x 0 2 8 6 4 8 4 1 9 1 l J J 9 2 y 4 3 7 3 2 9 6 2 J J 4 9 2 2 3 3 1 1 1 4 2 2 6 3 6 7 2 8 7 3 1 1 1 5 9 2 6 8 4 5 0 6 9 8 3 2 4 9 2 1 3 1 3 1 6 3 2 3 6 2 4 3 7 7 1 8 1 2 5 6 6 8 5 1 9 4 6 8 0 3 1,0 4 2 2 3 3 1 1 1 0 4 2 5 2 7 4 7 6 2 1 6 1 4 7 0 3 3 1 1 5 6 6 0 3 3 4 2 9 2 3 3 1 1 1 8 6 4 2 2 7 7 6 9 5 0 2 1 8 5 1 3 1 1 7 4 0 9 6 2 3 1,0 4 2 3 3 3 1 1 1 0 8 4 2 7 0 5 7 0 1 5 1 1 6 2 1 0 8 0 2 6 6 6 5 6 3 1,0 2 5 3 3 3 1 1 1 7 9 2 1 1 7 7 3 0 6 1 1 1 8 5 7 1 1 9 6 8 8 3 0 5 3 1,0 2 5 2 3 3 1 1 3 9 6 9 2 4 5 2 9 3 7 1 1 7 4 5 9 4 4 9 1 4 8 7 6 3 1,1 5 4 3 3 1 1 3 5 5 2 7 0 3 6 3 1 6 1 1 1 2 1 5 8 4 5 6 1 7 0 4 6 3 1,1 3 5 3 3 3 1 1 7 2 6 7 7 9 5 3 3 3 5 1 1 7 2 8 5 7 5 7 3 8 2 7 6 3 1,1 4 6 3 3 3 1 1 6 2 0 7 4 2 5 8 4 5 3 1 1 0 0 2 1 0 9 5 4 3 8 7 6 3 Total 3,239 3,490 3,496 3,521 3,547 3,577 3,727 3,697 3,887 3,982 4,066 Asia: China Mainland 2 1 1 1 1 2 2 2 2 2 2 Hong Kong 39 68 70 61 81 90 99 107 111 100 85 India 13 21 21 22 20 17 18 16 16 14 17 Indonesia 56 41 41 37 35 37 39 49 45 44 60 Israel 120 129 129 124 106 98 84 81 78 101 87 Japan 3,890 4,279 4,280 4,131 4,059 4,116 3,980 3,685 3,572 3,544 3,486 Korea 178 348 348 330 394 403 399 377 346 344 342 Philippines 137 136 138 141 145 149 137 138 138 143 144 Taiwan 95 109 109 123 154 156 172 180 182 178 173 Thailand 109 164 173 176 200 201 203 193 184 173 187 Other 167 252 252 237 213 232 210 199 221 245 230 Total 4,807 5,548 5,561 5,382 5,407 5,502 5,343 5,028 4,894 4,887 4 813 Africa: Congo (Kinshasa) 4 21 21 21 14 13 15 18 14 12 12 Morocco 6 4 4 4 4 3 4 4 4 4 4 South Africa 77 156 158 163 166 147 152 161 160 149 142 U.A.R. (Egypt) 13 10 10 11 13 11 10 11 16 14 12 Other 79 99 99 91 101 104 120 129 124 121 114 Total 180 291 292 290 299 278 301 324 318 300 283 Other countries: Australia 64 158 158 161 158 165 169 175 176 210 184 All other 16 28 28 32 29 35 34 31 34 38 41 Total 80 186 186 193 188 200 203 206 211 248 225 Total foreign countries 10,798 13,167 13,189 13,039 13,515 13,944 13,709 13,370 13,476 14,104 14,134 International and regional 3 3 3 3 5 4 3 7 4 3 3 Grand total 10,802 13,170 13,192 13,043 13,520 13,948 13,712 13,376 13,480 14,107 14,137 i Data in the two columns shown for this date differ because of changes on demand or with a contractual maturity of not more than 1 year: loans in reporting coverage. Figures in the first column are comparable in made to, and acceptances made for, foreigners; drafts drawn against coverage with those shown for the preceding date; figures in the second foreigners, where collection is being made by banks and bankers for column are comparable with those shown for the following date. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and NOTE.—Short-term claims are principally the following items payable their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period TToottaall Total Total O in t f i s f o t L i i n c t o i u s a a - l n s B to a — nk s1 Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i c r f g n c a n f a c e o d e c e p r r e c s t - s t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - gg cc FF aa oo uu n p n p cc oo nn vv oo rr aa aa rr dd ii tt mm pp nn ee tt ,, ii ii ee cc ff ee ll ss gg rr ee ii .. ee ss -- nn ,, -- Other 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 74 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 12,441 11,810 4,290 191 2,682 1,417 2,357 4,157 1,006 631 495 46 90 11,870 11,225 3,831 188 2,236 1,406 2,372 4,049 974 645 453 104 88 11,289 10,668 3,516 135 2,056 1,325 2,307 3,864 982 620 406 111 103 11,920 11,276 4,024 169 2,429 1,426 2,306 3,897 1,050 644 457 89 99 /I3,170 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 174 \13,192 12,351 3,970 224 2,080 1,666 2,475 4,254 1,652 841 548 119 174 13,043 12,298 3,875 209 2,053 1,613 2,473 4,234 1,716 744 501 139 104 13,520 12,733 4,027 198 2,055 1,774 2,430 4,394 1,882 787 562 127 98 13,948 13,048 4,179 167 2,141 1,870 2,476 4,410 1,983 900 579 183 138 13,712 12,991 4,455 163 2,354 1,939 2,469 4,252 1,815 721 498 112 111 13,376 12,616 4,608 169 2,516 1,922 2,541 3,837 1,631 760 530 112 118 13,480 12,722 4,773 162 2,589 2,022 2,650 3,482 1,817 758 477 148 133 14,107 13,294 5,062 161 2,794 2,107 2,705 3,227 2,301 813 510 187 115 14,137 13,277 4,993 150 2,725 2,119 2,812 3,081 2,391 860 482 252 126 1 Excludes central banks, which are included with "Official institutions." branches, which were previously reported as "Loans", are included in 2 Data on second line differ from those on first line because (a) those "Other short-term claims"; and (b) a number of reporting banks are included claims of U.S. banks on their foreign branches and those claims of U.S. in the series for the first time. agencies and branches of foreign banks on their head offices and foreign 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars Payable Total Loans to— in United O lo t n h g e - r c fo u r r e r i e g n n - K d i o n m g- E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r Official Other term cies Total institu- Banks 1 foreign- claims tions ers 3,250 2,806 502 209 2,096 426 67 411 408 1,329 3,075 2,698 504 236 1,958 352 71 411 312 1,325 115 1971—Aug. ... 3,393 3,090 523 265 2,302 276 120 546 259 1,337 221 Sept. ... 3,440 3,121 524 269 2,328 291 126 570 264 1,351 225 Oct 3,494 3,181 542 266 2,373 286 127 580 261 1,323 240 Nov. ... 3,537 3,237 567 282 2,389 276 138 586 244 1,357 240 Dec 3,661 3,338 575 315 2,448 300 130 593 228 1.456 246 1972—Ja n 3,688 3,369 575 311 2,483 295 132 581 256 1.457 241 Feb 3,739 3,423 595 324 2,503 292 124 592 254 1,475 241 Mar.... 3,838 3,528 644 329 2,555 284 131 605 233 1,496 278 Apr 3,940 3,619 654 335 2,630 295 143 625 230 1,540 290 May.... 4,046 3,724 674 335 2,715 291 140 636 251 1,582 281 June 4,191 3,867 712 371 2,784 293 139 631 284 1,643 309 July?... 4,308 4,276 749 363 2,882 281 146 674 283 1,719 294 Aug.? .. 4,383 4,349 764 404 2,894 287 141 672 277 1,782 288 1 Excludes central banks, which are included with "Official institutions.' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign ch P a u s r e - s Sales c N h s a e a t s l e p e s s u r o - r c P ha u s r e - s Sales c N h s a e a t s l e p e s s u o r r - ch P a u s r e - s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 197 0 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 998 35 197 1 1,672 130 1,542 1,661 -119 14,573 13,158 1,415 1,687 2,575 -888 1,385 1,434 -49 1972—Jan.-Aug, 1,903 46 1,857 1,925 -69 12,558 10,419 2,139 1,178 1,903 -725 1,746 1,567 180 1971—Au g 212 202 238 — 36 1,185 1,021 163 110 313 -203 124 102 22 Sept 118 117 145 -28 1,045 796 249 131 138 -7 118 96 22 Oct 252 252 257 -5 965 974 -9 163 245 -82 157 104 52 Nov 446 445 474 -29 940 845 94 137 148 -11 137 76 61 Dec 175 175 209 -34 1,673 1,207 465 185 175 10 195 154 41 1972—Ja n 248 247 305 -58 1,580 1,277 302 126 409 -283 191 170 21 F M e a b r 2 1 3 4 0 1 2 1 2 4 9 1 2 1 4 3 5 8 -16 3 2 1 , , 0 6 2 1 5 1 1 1, , 5 3 2 1 7 2 4 2 9 9 8 9 1 1 5 8 9 1 2 2 4 4 1 8 - -6 82 7 2 2 0 90 0 2 1 6 9 9 9 20 1 Apr 48 38 25 13 1,703 1,420 283 161 157 4 197 181 16 May 348 356 350 6 1,350 1,111 239 124 310 -186 245 138 107 June 251 251 274 -23 1,648 1,407 241 109 339 -230 226 269 -43 July? 223 222 224 -2 1,159 1,152 7 188 100 88 157 162 -5 Aug.P 413 40 373 365 9 1,482 1,214 268 129 30 242 179 63 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e A L m a e t r in ic a Asia co O u t n h t e r r ie s r I e n g t i l o . n & al 197 0 626 58 195 128 110 -33 24 482 47 85 22 1 1 9 9 7 7 1 2 —Jan.-Aug. f 9 7 6 3 8 1 1 8 3 7 8 - 1 9 3 2 1 2 1 1 6 9 1 3 1 8 6 7 8 - 3 4 0 9 3 -9 7 1 6 88 2 9 7 -6 3 7 7 1 1 0 8 8 2 -2 5 5 4 4 1971—Au g 78 10 7 38 24 -33 -7 38 11 12 16 Sept 155 24 33 9 38 11 1*7 132 10 7 4 2 Oct -48* 8 -4 2 4 -30 -21 -21 -17 5 7 Nov 9 -9 22 20 42 -14 -38 6 4 Dec 483 66 51 76 102 68 32 394 2 49 39 -2 1972—Ja n 269 36 29 60 98 2 -7 218 1 11 27 12 M Fe a b r 1 1 7 5 7 3 1 1 9 3 -12 4 2 3 7 7 5 5 6 5 9 3 5 6 5 1 1 8 4 5 9 - - 3 26 2 1 3 0 20 8 7 6 Apr 78 -9 -22 19 1 46 35 -23 13 49 6 May 55 19 -14 8 27 20 62 -17 -22 30 2 June 32 8 -20 15 27 33 -42 32 9 July? -38 -6 -44 -14 56 14 -36 4 -25 12 7 Aug.® 242 60 -13 68 93 242 6 -16 4 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la et n h d e s r -Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e r r ie s I r n e t g l. i o a n n a d l 1970 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971 684 15 35 — l 197 327 39 612 37 19 -2 * -21 39 1972—Jan.-Aug.* 1,171 195 6 46 71 221 119 658 65 15 293 1 166 138 1971—A S O e u c p t g t 9 4 8 4 0 5 -3 5 * — _1 1 1 -1 * * 2 2 5 6 1 3 4 6 2 9 9 4 - - 3 3 2 6 8 8 7 6 3 -8 1 6 * -2 5 1 — 1 * 1 * * * * * • - - 3 1 1 3 4 7 D N e o c v — 9 1 4 8 -1 * — 4 1 - - 2 1 -1 4 2 2 7 1 0 8 -6 6 1 -3 2 2 -13 7 -1 * 2 1 * * -5 -3 — 1 3 1972—Jan 33 3 2 1 -14 20 38 49 10 -2 3 * * -27 Feb 146 — l -1 — i -20 102 -11 67 11 -13 51 * * 29 Mar 321 5 3 * 29 54 15 106 -3 3 192 * * 23 Apr..... .. 205 38 3 20 -1 17 -13 63 -1 * 27 * 115 May 184 40 -3 * -3 71 15 121 11 26 11 * * 14 June 210 9955 1 8 21 4 17 148 23 * 8 * 31 July* 45 99 -3 12 42 -31 13 41 4 2 1 * * -4 Aug.* 26 6 4 6 17 -16 45 62 9 -1 1 * -44 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu- Canada Amer- Asia Af- coun- End of balances balances re- coun- rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1 1 9 9 7 7 0 1 - - 9 91 3 5 7 - - 3 2 1 5 0 4 - -6 6 2 62 7 5 3 0 8 - -2 5 8 8 5 6 - - 1 4 1 6 - - 3 12 6 9 6 --61 2 32 0 1969— D Se e p c t .. . . 4 4 6 3 7 4 2 2 9 7 7 8 1972— Jan.-Aug.*. 545 -145 -401 352 -46 -285 25 1970—Mar.. 368 220 June. 334 182 1971— S A e u p g t. . . . . . . -18 1 0 5 -152 8 -29 6 23 - - 2 7 3 -16 3 -14 8 1 1 D Se e p c t . .. . 2 3 9 4 1 9 2 2 0 8 3 1 Oct -30 32 -63 27 -111 -6 24 2 Nov 50 11 39 37 32 -28 -5 3 1971—Mar.. 511 314 Dec 51 2 49 23 53 -10 -15 -4 i 2 June.. 419 300 Sept.. 333 320 1972—J F a e n b .. ., -2 -8 6 1 2 -2 -1 4 2 2 - - 6 2 8 0 3 1 2 1 - -7 2 3 4 -26 5 — 2 Dec... 311 314 Mar.. . -46 14 -60 58 -74 -47 — 5 10 1972—Mar.. 325 379 Apr.. . , 20 6 14 65 8 -36 3 5 June* 312 339 May. ., -78 3 -81 75 -143 -21 -9 ! *2 June.., -273 10 -283 26 -201 -94 July*.. 83 78 5 36 23 -60 2 NOTE.—Data represent the money credit balances and Aug.*. 93 94 50 49 -5 2 money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Notes to Tables 21a and 21b on following pages: 1 Total assets and total liabilities payable in U.S. dollars amounted to For a given month, total assets may not equal total liabilities because $9,373 million and $9,468 million, respectively, on June 30, 1972. some branches do not adjust the parent's equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange NOTE.—Components may not add to totals due to rounding. rates, which are used to convert foreign currency values into equivalent dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi- Non- Parent branches Other cial bank Total bank Other Total of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1970—Dec.. 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 1971—June. 52,732 4.853 2,661 2,191 43,292 8,924 19,062 851 July. 52,739 4,833 2,619 2,214 43,088 8,788 18,474 1,006 Aug.. 54,873 4,092 2,036 2,056 46,393 9,126 20,773 1,129 Sept. 56,967 5,047 2,970 2,077 48,963 9,706 22,305 1,164 Oct.. 57,496 5.844 3,649 2,195 49,716 10,154 21,923 1,198 Nov. 58,630 5,650 3,341 2,308 51,066 10,416 22,661 1,195 Dec.. 61,474 4,800 2,313 2,487 54,879 11,224 24,630 1,167 1972—Jan.. 60,026 4,333 1,987 2,345 53,760 10,445 24.513 1,21 Feb.. 61,862 4,116 1,742 2,374 55,845 11,013 25,618 1,118 Mar. 65,053 4,565 2,085 2,480 58,662 10,635 28,070 1,176 Apr.. 64,171 4,886 2,426 2,461 57,465 10,544 26,693 1,181 May. 64,372 4,619 2,080 2,539 57,943 10,463 27,060 1,275 June. 69,865 4.854 2,278 2,576 63.073 11,441 30,688 1,341 Payable in U.S. dollars. 1970—Dec., 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 1971—June. 37,648 4,648 2,651 1,998 29,438 5,609 14,645 587 July. 37,117 4,613 2,610 2,003 28,718 5,648 13,799 714 Aug. 37,846 3,875 2,025 1,851 30,703 5,791 15,466 866 Sept. 38,712 4,807 2,950 1,858 32,145 6,029 16,436 875 Oct.. 38,570 5,600 3,633 1,968 32,617 6,094 16,302 907 Nov. 39,130 5,368 3,319 2,049 33.118 6,436 16,690 910 Dec. 40,236 4,542 2,306 2,236 35,117 6,659 18,040 864 1972—Jan.. 38.928 4,072 1,975 2.097 34.228 6.427 17,759 822 Feb.. 39;920 3,864 1,732 2,132 35,374 6,637 18.514 821 Mar. 43,002 4,300 2,062 2,238 38.074 6,727 20,608 845 Apr. 41,757 4,597 2,387 2,210 36,489 6,359 19,346 883 May 41,932 4,393 2,063 2,330 36,886 6,475 19,574 935 June 45,085 4,585 2,260 2,325 39,849 6,580 22,157 913 IN UNITED KINGDOM Total, all currencies 1970—Dec. 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 1971—June 31,276 3,188 1,361 25,545 4,393 12,632 418 July. 30,710 3,098 1,398 25,140 4,448 11,953 520 Aug. 32,119 2,608 1,268 27,249 4,462 13,744 558 Sept. 33,280 3,390 1,247 28,464 4,882 14,683 512 Oct.. 33,408 4,116 1,344 28,458 5,189 14,536 524 Nov. 33,945 3.845 1,316 29,203 5,483 15,040 527 Dec. 34,552 2,694 1,464 30,996 5,690 16,211 476 1972—Jan.. 33,877 2,514 1,287 30,447 5,243 16,411 469 Feb. 34,712 2,247 1,204 31,617 5,584 17,097 454 Mar. 37,104 2,503 1,190 33,810 5,380 19,177 491 Apr. 36,126 2,738 1,163 32,585 5,2,69 17,945 507 May 36,31 2,441 1,160 33.119 5,209 18,304 585 June 39,396 2,298 1,099 36,252 5,586 21,065 568 Payable in U.S. dollars. 1970—Dec. 22,574 6,596 15,655 2,223 9,420 1971—June, 24,228 3,098 18,918 3,231 10,674 July. 23,282 3,010 18,155 3,219 10,031 Aug. 23,848 2,528 19,451 3,245 11,336 Sept. 24,418 3,289 20,123 3,369 11,883 Oct.. 24,481 4,012 20,069 3,440 11,859 Nov. 24,561 3,717 20,445 3,918 12,090 Dec. 24,428 2,585 21,493 4,135 12,762 1972—Feb.. 23,816 2,153 21,254 3,960 13,058 Mar. 26,097 2,401 23,324 3,926 14,865 Apr.. 24,967 2,620 21,943 3,708 13,754 May. 24,928 2,356 22,195 3,577 14,101 June, 27,066 2,210 24,487 3,913 15,959 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1,173 455 717 3,583 2,119 1971—June. 5,760 839 203 635 4,238 2,338 July. 6,047 890 267 623 4,428 2,357 Aug., 5,970 728 139 589 4,618 2,604 Sept. 6,208 835 219 615 5,039 2,934 Oct.. 6,586 887 246 641 5,605 3,019 Nov. 7,264 1,025 r227 798 6,139 3,203 Dec.. 8,493 1,282 505 778 7,119 3,798 1972—Jan.. 7,973 955 159 796 6,925 3,679 Feb.. 8,380 994 107 888 7,276 3,819 Mar. 8,836 1,178 126 1,052 7,551 4,038 Apr.. 9,038 1,284 204 1,080 7,643 4,121 May. 9,094 1,361 195 1,166 7,615 4,181 June. U0,303 1,552 295 1,257 8,623 4,956 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Other Offi- Non- Other Month-end Location and currency form Parent branches Other cial bank Total bank Other Total of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES 2,575 716 1,859 42,812 6,426 24,829 4,180 7,377 1,967 1970—Dec. ... Total, all currencies 2,565 528 2,038 48,342 8,553 26,729 5,339 7,721 1,824 1971—June 3,061 477 2,584 47,934 8,346 26,544 5,373 7,670 1,741 July 3,349 763 2,586 49,622 8.792 27,178 5,450 8.203 1,902 Aug. 3,015 501 2,514 51,940 9,516 28,497 5,476 8,451 2.014 Sept. 2,915 474 2,441 52,540 9,802 28,520 5,581 8,638 2,041 Oct. 2,870 475 2,395 53,646 10,038 29,350 5,749 8,509 2,113 Nov. 3,114 669 2,445 56,242 10,818 31,142 5,513 8,769 2,119 rDec. 2.938 658 2,280 55,048 10,324 29,763 r5,897 r9,075 2,034 1972—Jan. 3,170 779 2,391 56,634 10,645 30,696 6,208 9,085 2,058 'Feb. 3,047 636 2,411 59,933 10,363 33,718 6,331 9,521 2,073 rMar. 2,980 621 2,358 59,111 10,119 32,676 6,617 9,699 2,081 rApr. 2,818 562 2.256 59,645 10,055 33,129 6,630 9,830 1,908 May 3,086 646 2,440 64,764 11,064 36,271 7,197 10,232 2.015 June 2,334 657 1,677 32,509 4,079 19,816 3,737 4.877 1,243 1970—Dec. .Payable in U.S. dollars 2,293 432 1,861 35,782 5.793 20,610 4,604 4,775 1,068 1971—June 2,762 393 2,368 34,571 5,433 20,192 4,416 4,530 990 July 2.939 643 2,296 35,406 5,735 20,340 4,375 4,956 1,149 Aug. 2,638 381 2.257 36,375 6,234 20,981 4,408 4,752 1,195 Sept. 2,549 352 2,198 36,331 6,154 20,797 4,503 4.878 1,161 Oct. 2,523 375 2,148 37,149 6,479 21,120 4,662 4,888 1,221 Nov. 2,674 511 2,163 38,139 6,692 22,079 4,433 4,936 1,276 rDec. 2,556 546 2,010 37,642 6,710 20,878 4,765 5,289 1,182 1972—rJan. 2,743 644 2,099 38,607 6,853 21,744 4,783 5,226 1,212 rFeb. 2,643 509 2,135 41,744 6,945 24,440 4,957 5,402 1,225 rMar. 2,591 514 2,077 40,260 6,583 23,151 5,202 5,324 1,227 rApr. 2.411 439 1,973 40,751 6.648 23,618 5,152 5,333 1,058 May 2,671 523 2,148 44,322 7,273 25,972 5,630 5,447 1,021 June IN UNITED KINGDOM 1.339 116 1,222 26,520 2,320 16,533 3,119 4,548 592 1970—Dec. ... Total, all currencies 1,565 147 1,419 29,021 2,931 17,578 3,967 4,545 690 1971—June 1,773 126 1,647 28,264 2,762 16,843 4,034 4,625 674 July 2,000 300 1,700 29,429 3,069 17,310 4,268 4,782 691 Aug. 1,658 117 1,541 30,877 3,344 18,431 4,318 4,785 745 Sept. 1,628 104 1,523 31,009 3,250 18,535 4,447 4,777 772 Oct. 1,618 77 1,541 31,513 3,106 18,901 4,622 4,885 814 Nov. 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 Dec. 1,626 132 1,494 31,473 3,296 18,076 4,680 5,421 778 1972—Jan. 1,582 114 1,468 32,371 3,417 18,705 4,788 5,461 759 Feb. 1,525 78 1,447 34,787 3,209 20,989 4,996 5,594 792 Mar. 1.340 68 1,272 33,980 3,056 19,893 5,172 5,859 807 Apr. 1,397 105 1,291 34,090 3.154 19,908 5,158 5,871 824 May 1,447 147 1,300 37,046 3.155 22,112 5,534 6,244 903 June 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 1970—Dec. . Payable in U.S. dollars 1,432 96 1,336 22,682 2.053 14,071 3,493 3,065 361 1971—June 1,610 89 1,521 21,428 1,819 13,198 3,382 3,029 361 July 1,790 238 1,552 22,095 1,900 13,445 3,501 3,249 377 Aug. 1,460 59 1,401 22,882 2,126 14,160 3,555 3,041 400 Sept. 1,435 49 1,387 22,875 2,095 14,079 3,660 3,041 417 Oct. 1,452 36 1,416 23,166 2,028 14,185 3,813 3,140 426 Nov. 1.412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 Dec. 1,377 50 1,327 22,985 2,081 13,670 3,824 3,411 403 1972—Feb. 1,327 19 1,308 25,220 2,093 15,694 4,041 3,392 424 Mar. 1,154 26 1,129 24,027 1,852 14,465 4,233 3,477 419 Apr. 1,202 58 1,144 24,168 2.054 14,610 4,141 3,363 417 May 1,250 103 1,147 25,969 2,066 15,849 4,552 3,502 462 June IN THE BAHAMAS 542 4,183 488 2,872 823 90 1970—Dec. . Total, all currencies 446 5,221 1,013 3,095 1,113 93 1971—June 753 5,197 1,126 3,138 933 95 July 696 5,155 1,005 3,029 1,121 119 Aug. 719 5,359 931 3,381 1,048 133 Sept. 628 5,805 1,083 3,551 1,170 155 Oct. 599 6,510 1,446 3,943 1,121 155 Nov. 750 7,557 1.649 4,784 1,124 188 Dec. 625 7,197 1,563 4,427 1,207 151 1972—Jan. 858 7,380 1,526 4,676 1,178 142 Feb. 833 7,876 1,429 5,142 1,305 128 Mar. 961 7,922 1,494 5,224 1.204 155 Apr. 812 8,138 1,454 5,353 1,330 144 May 996 9,172 1,809 6,074 1,288 136 June For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVERNMENT SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Liab. Wednesday L t i i a e b s i 1 l i- Wednesday L t i i a e b s i 1 l i- s p e l c u . s 2 Wednesday L t i i a e b s i 1 l i- Ma li t a u b r i i l t i y ty of 1972 May June July 1967 1971 1972—Cont. J D S M u e e a p n c r e t . . . 2 2 2 2 7 8 7 9 4 4 3 3 , , , , 2 0 1 4 4 5 6 1 1 9 6 2 J J A M F M u a e p a a n n b r y r . e . . . 2 2 2 3 2 3 4 6 0 8 7 1 . . . . . . 5 2 2 6 1 1 , , , , , , 1 8 6 5 5 4 5 5 7 6 3 9 8 8 9 6 6 2 4 4 7 6 5 4 , , , , , , 5 3 1 5 6 5 8 6 5 3 6 0 7 6 8 6 6 0 May 2 3 1 1 4 1 3 0 7 . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , , 4 5 3 2 5 6 9 2 4 4 5 9 3 0 4 C O a t i m d h l n l a e o r t n e f l : t o i h a ll b s o i w lit i a i n e f g t s e , r m ca a l r t e e u n p r d o in a r g r t 1 1. . 9 7 1 4 2 2 . . 3 0 7 2 2 1 . . 1 3 9 6 July 28. 1,495 4,645 9,48 11.19 8.98 1968 Aug. 25. 1,405 4,075 June 7. .. 1,192 2nd 6.24 4.92 6.32 Sept. 29. 2,475 3,578 14... 1,525 3rd 3.86 4.82 5.43 Mar. 27 4,920 Oct. 27. 2,917 21'. . 1,724 4th... 2.43 2.85 2.94 June 26 6,202 Nov. 24. 3,342 28 r. . 1,443 5th 2.47 2.61 2.86 Sept. 25 7,104 Dec. 29. 909 6th 2.33 2.48 2.47 Dec. 31 (1/1/69) 6,039 1972 July 5'... 827 . . 6 5 3 4 . . 7 4 3 2 . . 4 5 8 9 Jan. 26. 1,419 12'... 1,377 .41 .54 .47 1969 19.... 974 10th '.41 .41 .46 Feb. 1,301 26'... 1,345 11th '.39 .45 .34 Mar. 26 9,621 1,062 12th .45 .29 .58 June 25 13,269 1,006 Maturities of more than 1 Sept. 24 14,349 1,068 Aug. 2. .. 1,829 1.05 1.12 1.19 Dec. 31 12,805 Mar. 1. 954 1 9 6 . ' . .. • 1 1 , , 7 2 8 5 5 0 8. 1,164 23'.. 1,846 Total 34.32 37.25 36.67 1970 2 1 2 5 . . 1 1 , , 2 3 6 4 3 6 30'.. 1,270 29. 1,532 NOTE.—Includes interest-bearing U.S. dollar J S D M u e e a p n c r e t . . . 2 2 3 3 4 5 0 0 1 1 9 7 1 2 , , , , 6 8 6 1 8 6 7 7 5 3 6 2 Apr. 2 1 1 6 5 2 9 . . . . 1 1 1 1 , , , , 1 2 0 3 3 7 5 7 0 9 2 4 Sept. 2 2 1 0 7 6 3 . . . . . . . . . . . . 2 1 1 1 , , , , 4 0 5 1 9 1 0 8 1 7 8 7 d t f a h o m e r e p o o w B u s n i a h t t h i s c a t h a o m n s d a $ u s 5 d c 0 h a ir m n e d d c i l t e l p o i b o f o o n s r a i r t o ll s o r w o a m t i n h n o d e g r r s e d . o f i o f r e r a c e l t i l g b n b r o a b r n r r c o a h n w e c i s h n e g in s s Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series. 24. DEPOSITS, U.S. GOVT. SECURITIES, 25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody E p n er d i o o d f Deposits U se . c S u . r G it o ie v s t 1 , Ear g m o a ld r ked EE ppee nn rr dd ii oo oo dd ff TToottaall Deposits i S n t h e v o r e m r s t t - - Deposits i S n t h e v o r e m r s t t - - UU KK dd nn ii oo ii nn mm tt gg ee -- dd CCaannaaddaa ments 1 ments 1 1969. 134 7,030 12,311 1970. 148 16,226 12,926 1968 1,638 1,219 87 272 60 979 280 1971—S O N e o c p v t t . . . . . 1 1 1 7 6 3 7 6 5 3 3 3 9 6 8 , , , 9 2 9 2 0 8 1 7 0 1 1 1 3 3 3 . , . 8 8 8 1 1 2 9 9 0 1 19 9 6 7 9 0 2 \ / 1 1 1 , , , 4 3 1 9 1 4 1 9 1 1,0 9 6 6 5 9 2 2 7 1 1 1 6 1 5 1 6 0 1 1 1 8 7 7 3 3 4 1 8 7 2 6 6 1 6 3 6 6 7 1 3 2 0 4 4 5 6 3 3 9 6 4 Dec.. 294 43,195 13,815 1971—July. , . 1,478 949 189 238 101 579 395 1972— F M A J M a e p a a n b r r y . . . . . . . . . . 2 1 1 1 1 2 9 4 3 5 8 1 7 7 7 4 4 4 4 4 6 4 6 5 6 , , , , , 8 3 4 6 8 3 5 5 9 3 6 9 3 9 7 1 1 1 1 1 5 4 4 4 3 , , , , , 3 5 3 3 8 2 5 1 4 1 1 9 5 2 5 A N D S O e u e o c p c t v g t 1 1 1 1 1 , , , , , 6 6 6 5 6 4 6 2 7 0 8 1 2 9 4 1 1 1 1 , , , , 0 0 0 0 9 9 2 8 1 8 2 9 5 5 9 2 2 2 2 1 0 0 0 0 9 1 3 5 6 8 2 2 2 2 2 3 4 4 8 7 4 6 6 5 7 1 1 1 1 1 2 4 0 0 2 0 3 6 7 8 5 6 6 5 5 7 3 1 1 4 7 9 2 9 0 4 5 4 5 5 8 8 8 1 3 7 9 0 7 1 J A S J u e u u p l n g y t e . . . . . . . 2 1 1 1 5 9 6 9 7 2 3 0 4 5 5 5 0 1 7 1 , , , , 9 6 1 5 9 7 7 2 7 6 6 2 1 1 1 1 5 5 5 5 . . , , 5 5 5 5 3 3 4 4 1 0 2 2 1972—J A F M a e p n a b r r 1 1 1 1 , , , , 9 9 7 8 9 7 4 3 8 8 9 4 1 1 1 1 , , , , 1 2 3 0 0 5 0 5 7 8 2 6 2 2 2 3 3 3 6 1 5 9 6 6 2 2 2 2 3 7 7 4 8 3 4 4 2 2 1 1 2 0 6 6 5 0 3 4 6 6 6 5 0 5 6 5 5 5 7 0 7 6 8 8 8 6 8 5 5 1 3 7 May 2,028 1,339 237 298 153 714 699 deb 1 te M d a n r e k ss e , t a n b o le t es U , . a S n . d T b re o a n s d u s r y an b d i lls n , o n c m er a ti r f k ic e a t t a e b s l e of U . i S n . - J J u u n ly e . ... 2 2 , , 0 2 7 5 6 3 1 1 , , 5 3 0 8 1 2 2 2 4 1 7 8 3 3 4 0 5 6 1 1 6 7 0 0 7 7 5 1 1 7 7 6 4 6 2 3 Treasury securities payable in dollars and in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the NOTE.—Excludes deposits and U.S. Govt, securities h m e a ld rk e f d or g i o n l t d e r i n s a t g i o o l n d a l h e a l n d d fo r r e g f i o o r n e a i l g n o r a g n a d n iz in at t i e o r n n s a . tio E n a a r l - obl 2 i g D a a ti t o a n o n w t a h s e i t n w c o u r l r i e n d e s b f y o r t t h h e i s f d o a r t e e i g d n i e f r fe . r because of changes in reporting coverage. accounts and is not included in the gold stock of the Figures on the first line are comparable in coverage with those shown for the preceding United States. date; figures on the second line are comparable with those shown for the following date. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables 26 and 27. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 91 26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period. Amounts outstanding; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1971 1972 1971 1972 Mar. June Sept. Dec. Mar.® Mar. June Sept. Dec. Mar.® Europe: 11 12 10 5 5 10 10 13 14 1177 Belgium-Luxembourg 47 58 60 66 105 49 61 59 62 47 Denmark 9 3 3 2 3 16 17 14 15 18 Finland 2 2 2 2 2 8 15 16 18 19 France 112 117 139 142 128 159 181 182 208 201 Germany, Fed, Rep. of.... . 122 105 125 117 88 191 228 209 192 210 Greece 4 5 6 4 5 34 27 40 35 36 Italy 71 69 74 108 112 175 172 176 191 187 Netherlands 115 102 85 70 75 65 74 66 69 67 Norway 4 5 5 5 6 15 14 17 13 16 Portugal 14 18 18 16 9 13 20 13 16 23 Spain 27 35 37 66 66 93 91 89 125 103 Sweden 28 31 28 17 16 53 40 37 40 35 Switzerland 122 85 100 91 60 38 62 95 63 59 Turkey 3 5 3 2 2 17 9 9 9 9 United Kingdom 735 659 686 768 870 1,020 961 846 957 976 Yugoslavia 4 4 4 3 4 16 16 21 13 10 Other Western Europe 1 2 2 2 1 12 11 14 13 13 Eastern Europe 4 3 3 4 5 16 16 16 28 25 Total 1,437 1,319 1,391 1,489 1,564 1,997 2,027 1,932 2,080 2,074 Canada 206 193 183 181 188 721 706 800 909 1,217 Latin America: Argentina 14 17 19 18 18 65 66 66 55 49 Brazil 15 17 13 21 20 105 117 127 150 142 Chile 13 8 14 14 21 40 44 48 47 40 Colombia 6 6 6 7 7 36 31 40 46 41 Cuba * * * * * 1 1 1 1 1 Mexico 20 20 23 22 17 143 151 146 151 134 Panama 6 6 6 5 8 21 17 20 21 19 Peru 4 4 5 7 8 35 36 34 34 31 4 4 4 2 3 7 6 6 5 6 Venezuela 17 17 14 16 18 69 69 73 81 77 Other L.A. republics 29 29 33 33 28 95 96 105 101 95 Bahamas and Bermuda 173 167 232 275 341 222 273 362 366 313 Neth. Antilles and Surinam. 5 7 4 3 5 88 9 9 9 8 Other Latin America 5 6 8 5 12 2211 25 21 24 22 Total 311 307 381 429 506 866 940 1,057 1,090 977 Asia: Hong Kong 8 8 9 12 11 1199 25 26 24 21 India 25 22 26 27 13 39 39 36 37 31 Indonesia 5 6 11 10 6 20 21 24 29 29 28 19 21 10 9 24 25 21 23 23 Japan 165 158 178 177 194 349 372 397 411 469 Korea 11 10 10 13 12 50 54 52 68 56 Philippines 7 7 6 7 9 31 56 43 49 64 10 11 17 18 23 32 38 43 41 45 Thailand 4 3 4 3 4 12 13 16 15 18 Other Asia 59 122 140 143 110 153 158 201 147 173 Total 322 366 421 420 391 729 800 859 844 930 Africa: Congo (Kinshasa) 2 2 1 1 1 5 6 4 6 5 South Africa 31 45 45 31 26 32 38 39 41 42 U.A.R. (Egypt) 2 1 1 1 1 10 9 9 9 9 Other Africa 19 33 32 35 31 53 67 70 100 76 Total 54 82 78 68 59 100 120 122 156 130 Other countries: Australia 81 81 68 46 54 86 82 85 8833 86 All other 8 8 9 9 10 13 17 24 19 27 Total 89 89 77 55 64 99 99 109 102 113 International and regional.... * * 1 * * 3 4 4 4 2 Grand total 2,418 2,357 2,532 2,643 2,774 4,515 4,696 4,882 5,185 5,443 NOTE.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 92 INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1972 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y i e e n a n i b g c l n i e e s Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a th d in reporter's Other name 1967—Dec... 1.386 1,039 347 3,011 2,599 203 209 1968—Mar.. 1,358 991 367 3,369 2,936 211 222 June.. 1,473 1,056 417 3,855 3,415 210 229 Sept.. 1,678 1,271 407 3,907 3,292 422 193 Dec... 1,608 1,225 382 3,783 3.173 368 241 1969—Mar.. 1,576 1,185 391 4,014 3,329 358 327 June.. 1,613 1,263 350 4,023 3,316 429 278 Sept.. 1,797 1,450 346 3,874 3,222 386 267 Dec.1 2 1 , , 1 78 2 6 4 1 1 , , 3 6 9 5 9 4 4 3 7 8 1 7 4 3 . , 1 7 5 1 9 0 3 3 , , 1 5 2 3 4 2 2 2 2 4 1 4 3 3 6 8 5 3 1970—Mar.., 2,234 1,724 510 4,275 3,738 219 318 June.. 2.387 1,843 543 4,457 3,868 234 355 Sept.., 2,512 1.956 557 4,361 3,756 301 305 Dec... 2,655 2,159 496 4.160 3,579 234 348 1971—Mar.., 2,418 1.957 462 4,515 3,909 232 374 June.. 2,357 1,919 438 4,696 4,045 303 348 Sept.. 2,532 2,091 442 4,882 4.174 383 326 Dec... 2,643 2,180 463 5,185 4,535 318 333 1972—Mar. P 2,774 2,340 433 5,443 4,677 358 408 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date. the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll Country or area llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th ll e r 1967—Dec 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec 1 \f 2b, n 3l5 0 4 2 2 , , 2 3 1 6 5 3 1 1 5 5 2 2 4 43 4 3 2 5 4 6 9 2 6 1 1 7 7 7 2 7 7 7 3 4 3 2 8 0 8 1 1 4 4 2 1 2 2 7 4 1 9 7 6 5 9 4 4 6 2 1970—Mar 2,358 2,744 159 735 573 181 74 458 158 288 71 47 June 2,587 2,757 161 712 580 177 65 477 166 288 76 54 Sept 2,785 2,885 157 720 620 180 63 586 144 284 73 58 Dec 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June 3,172 2,994 151 692 677 180 64 629 138 313 75 76 Sept 2,922 3,025 135 675 753 179 63 598 133 323 91 75 Dec 3,028 3,137 128 715 756 174 60 656 141 327 96 85 1972—Mar.f 2,946 3,214 128 723 775 173 59 662 141 362 104 86 1 Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • EXCHANGE RATES A 93 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) n a A (d u o st l r la a r li ) a (s A ch u i s l t l r in ia g ) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n r m on a e r ) k ( F m i a n r la k n k d a ) 1968., .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 1969. .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 1970., 2 26.589 111.36 3.8659 2.0139 3 95.802 16.774 13.334 23.742 1971. 22.502 113.61 4 4.0009 2.0598 99.021 16.800 13.508 23.758 1971—Sept.. 19.919 114.78 4.0844 2.0921 98.717 16.839 13.672 23.830 Oct.. 19.923 115.76 4.1261 2.1353 99.537 16.820 13.768 23.800 Nov.. 19.925 115.89 4.1280 2.1572 99.607 16.806 13.773 23.773 Dec.. 19.928 117.48 4.2041 2.1986 100.067 16.797 13.994 23.852 1972—Jan.. 19.960 119.10 4.2516 2.2514 99.411 16.653 14.219 24.077 Feb.. 219.960 119.10 4.3108 2.2810 99.528 16.650 14.306 24.099 Mar.. 119.10 4.3342 2.2757 100.152 16.650 14.361 24.121 Apr.. 119.10 4.3236 2.2672 100.430 16.650 14.301 24.088 May. 119.10 4.3277 2.2737 101.120 16.650 14.332 24.084 June. 119.10 4.3421 2.2758 102.092 16.772 14.336 24.136 July.. 119.10 4.3674 2.2814 101.630 15.878 14.368 24.035 Aug.. 119.11 4.3470 2.2795 101.789 15.611 14.438 24.020 Sept.. 119.10 4.3354 2.2742 101.730 15.600 1014.388 24.015 Period ( G D m e e r u a m t r s a k c n ) h y e (r In up d e ia e ) ( I p r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n M (d a o l l a l y a s r i ) a M (p e e x s i o c ) o 196 8 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 196 9 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 197 0 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 197 1 6 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 1971—Sept 29.794 13.401 246.94 .16292 .29583 33.354 8.0056 Oct. 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 Nov. 30.005 13.353 249.33 .16324 .30418 33.627 8.0056 Dec. 30.593 13.388 252.66 .16652 .31249 34.135 8.0056 1972—Jan.. 30.956 13.415 257.05 .16923 .31978 34.737 8.0002 Feb., 31.390 13.638 260.37 .17036 .32769 35.080 8.0000 Mar. 31.545 13.716 261.81 .17161 .33054 35.409 8.0000 Apr. 31.468 13.735 261.02 .17138 .32943 35.406 8.0000 May, 31.454 13.763 261.24 .17175 .32854 35.446 8.0000 June, 31.560 13.754 256.91 .17142 .33070 35.475 8.0000 July 31.634 13.072 244.47 .17208 .33219 35.918 8.0000 Aug. 31.382 13.030 245.02 .17203 .33204 36.026 8.0000 Sept. 31.318 13.016 244.10 .17199 .33209 36.110 8.0000 Period Z (d e N o a e l l l w a a n r d ) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) 196 8 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 196 9 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 197 0 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 197 1 113.71 14.205 3.5456 140.29 1.4383 19.592 7 24.325 1971—Sept. 114.95 14.494 3.5970 140.88 1.4415 19.732 25.118 Oct.. 115.88 14.599 3.6275 140.43 8 1.4457 19.914 25.157 Nov. 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 Dec. 117.31 14.816 3.6494 137.22 1.4822 20.434 25.615 1972—Jan.. 119.36 14.913 3.6474 131.27 1.5162 20.731 25.693 Feb.. 119.39 15.029 3.6690 132.98 1.5170 20.858 25.890 Mar. 119.29 15.161 3.6930 133.77 1.5369 20.956 25.974 Apr., 119.36 15.151 3.6950 133.32 1.5487 20.907 25.920 May, 119.41 15.214 3.7075 133.82 1.5492 21.032 25.903 June 119.13 15.303 3.7083 132.63 1.5509 21.101 26.320 July 119.31 15.367 3.7178 125.26 1.5754 21.134 26.561 Aug. 119.45 15.335 3.7211 125.28 1.5752 21.160 26.449 Sept. 119.33 15.209 3.7221 125.26 1.5754 21.146 26.403 1 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to 8 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455 5.55 francs per U.S. dollar. per U.S. dollar. 2 A new Argentine peso, equal to 100 old pesos, was introduced on 9 Effective June 23, 1972, the U.K. pound was floated. Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by 10 Danish krone—Sept. 26, 1972, n.a.; Sept. 27 and 28 rates nominal. the Government of Argentina. Average for Feb. 1-27, 1972. 3 On June 1, 1970, the Canadian Government announced that, for the NOTE.—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold time being, Canada will not maintain the exchange rate of the Canadian was suspended; as from that day foreign central banks did not have to dollar within the margins required by IMF rules. support the dollar rate in order to keep it within IMF limits. 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 During December 1971, certain countries established central rates per U.S. dollar. against the U.S. dollar in place of former IMF parities. 5 Effective Oct. 26, 1969, the new par value of the German mark was Averages of certified noon buying rates in New York for cable transfers. set at 3.66 per U.S. dollar. For description of rates and back data, see "International Finance," 6 Effective May 10,1971, the German mark and Netherlands guilder Section 15 of Supplement to Banking and Monetary Statistics, 1962. have been floated. 7 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per U.S. dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 94 MONEY RATES • OCTOBER 1972 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Sept. 30, 1971 Country 1971 1972 Per Month cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina. 6.0 Dec. 1957 1188..00 Austria.... 5.0 Jan. 1970 Belgium.. . 5.5 Sept. 1971 55..00 44..55 44..00 Brazil 20.0 July 1969 Canada..., 5.25 Feb. 1971 44..7755 Ceylon 6.5 Jan. 1970 Chile 8.0 July 1971 77..00 Colombia... 8.0 May 1963 Costa Rica. 4.0 June 1966 Denmark... 7.5 Apr. 1971 Ecuador 8.0 Jan. 1970 Egypt, Arab Rep. of. 5.0 May 1962 El Salvador 4.0 Aug. 1964 Ethiopia 6.50 Aug. 1970 Finland 8.50 June 1971 France 6.75 May 1971 Germany, Fed. Rep. of.. 5.0 Apr. 1971 Ghana 8.0 July 1971 Greece 6.5 Sept. 1969 Honduras 4.0 Feb. 1966 Iceland 5.25 Jan. 1966 India 6.0 Jan. 1971 Indonesia. 6.0 May 1969 Iran 8.0 Aug. 1969 Ireland... 5.12 Sept. 1971 Italy 5.0 Apr. 1971 Jamaica 5.5 Apr. 1971 Japan 5.25 May 1971 Korea 16.0 June 1971 Mexico 4.5 June 1942 Morocco 3.50 Nov. 1951 Netherlands.., 5.0 Sept. 1971 New Zealand. 7.0 Mar. 1961 Nigeria 4.50 June 1968 Norway 4.5 Sept. 1969 Pakistan 5.0 June 1965 Peru 9.5 Nov. 1959 Philippine Republic. 10.0 June 1969 Portugal 3.75 Feb. 1971 South Africa 6.5 Mar. 1971 Spain 6.0 Apr. 1971 Sweden 5.5 Sept. 1971 Switzerland. 3.75 Sept. 1969 Taiwan 9.25 May 1971 Thailand... 5.0 Oct. 1959 Tunisia 5.0 Sept. 1966 Turkey 9.0 Sept. 1970 United Kingdom. 5.0 Sept. 1971 Venezuela 5.0 Oct. 1970 Vietnam 18.0 Sept. 1970 oooo 8.0 oo Rate as of Sept. 30, 1972 18.0 5.0 4.0 20.0 4.75 6.5 7.0 8.0 5.0 8.0 8.0 8.0 5.0 4.0 6.50 777...777555 7.75 666...555 666...000 55..7755 5.75 444...555 44..00 33..00 3.0 8.0 6.5 ! 4.0 5.25 6.0 6.0 7777....0000 7.0 5555....11112222 44..9944 44..88ii 44..8811 55..1199 66..1199 6.19 4444....5555 44..00 4.0 555...000 666...000 6.0 444...777555 444...222555 4.25 1133..00 13.0 4.5 3.50 44..55 444...000 33..00 3.0 666...000 6.0 4.50 4.5 66..00 6.0 9.5 1 10.0 I 3.75 66..00 6.0 55..00 5.0 55..00 5.0 | 3.75 ! 9.25 5.0 5.0 9.0 66..00 6.0 5.0 18.0 NOTE.—Rates shown are mainly those at which the central bank either Honduras—Rate shown is for advances only. discounts or makes advances against eligible commcrcial paper and/or Indonesia—Various rates depending on type of paper, collateral, comgovt, securities for commercial banks or brokers. For countries with modity involved, etc.; more than one rate applicable to such discounts or advances, the rate Japan—Penalty rates (exceeding the basic rate shown) for borrowings shown is the one at which it is understood the central bank transacts from the central bank in excess of an individual bank's quota: the largest proportion of its credit operations. Other rates for some Morocco—Various rates from 3 per cent to 4.6 per cent depending on type of these countries follow: of paper, maturity, collateral, guarantee, etc. Argentina—3 and 5 per cent for certain rural and industrial paper, de- Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producpending on type of transaction; tion, import substitution industries and manufacture of exports; 8 per Brazil—8 per cent for secured paper and 4 per cent for certain agricultural cent for other agricultural, industrial and mining paper; paper; Philippines—6 per cent for financing the production, importation, and dis- Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent tribution of rice and corn and 7.75 per cent for credits to enterprises enfor loans to make up reserve deficiencies. gaged in export activities. Preferential rates are also granted on credits to Colombia—5 per cent for warehouse receipts covering approved lists of rural banks; and products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi for rediscounts in excess of an individual bank's quota; per cent for advances against government bonds, and 5 l/i per cent for Costa Rica—5 per cent for paper related to commercial transactions rediscounts of certain industrial paper and on advances against promissory (rate shown is for agricultural and industrial paper) ; notes or securities of first-class Venezuelan companies. Ecuador—5 per cent for special advances and for bank acceptances for Vietnam—10 per cent for export paper; treasury bonds are rediscounted agricultural purposes, 7 per cent for bank acceptances for industrial at a rate 4 percentage points above the rate carried by the bond; and purposes, and 10 per cent for advances to cover shortages in legal reserves; there is a penalty rate of 24 per cent for banks whose loans exceed quan- Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. titative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • MONEY RATES; ARBITRAGE A 95 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d e r- Month 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - y e t o y - 1 3 m P b b r o a i i l n n m ls t k , h e s 3 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - C d b r l e e a a p a t n o e r k s i s n s i 4 t ' g D m a o d y n a - e y t y o s - Tr 6 d b e 0 a i a - y l s l 9 s s u 0 , 6 r y D m a o d y n a - e y t y o 7 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 197 0 6.12 6.22 8.26 6.70 5.73 5.23 8.67 6.54 8.67 5.97 6.47 5.14 197 1 3.62 3.76 6.41 5.57 4.93 3.84 4.54 6.10 4.34 3.76 5.24 1971—Sept. 3.93 4.16 3 5.42 4.83 4.39 4 3.00 5.99 4.25 7.01 4.34 3.80 5.25 Oct.. 3.79 4.16 8 4.90 4.63 4.29 2.88 5.95 3.75 7.50 4.47 5.35 5.25 Nov. 3.31 3.60 4.74 4.48 3.75 2.70 5.51 3.75 4.58 4.06 3.79 5.25 Dec. 3.25 3.63 4.42 4.36 3.46 2.50 5.28 3.25 5.78 3.90 4.91 5.12 1972—Jan.. 3.29 3.71 4.48 4.36 3.94 2.50 5.31 3.25 4.20 3.61 4.44 5.00 Feb., 3.48 3.79 4.85 4.37 4.43 2.50 5.20 2.75 4.15 3.19 3.38 5.00 Mar. 3.51 3.70 4.77 4.34 4.58 2.50 4.76 2.75 3.88 2.26 0.98 5.00 Apr. 3.65 3.68 4.62 4.30 3.82 2.50 4.81 2.75 3.77 1.84 0.70 4.75 May 3.67 3.73 4.83 4.27 4.56 2.50 5.32 2.75 2.95 1.98 3.03 4.75 June 3.61 3.64 5.86 5.21 3.92 2.93 3.81 2.75 2.65 1.90 1.53 4.75 July. 3.48 3.45 6.82 5.60 4.99 4.18 3.78 2.75 2.24 1.09 0.86 4.75 Aug. 3.47 3.54 6.71 5.79 5.13 5.25 2.75 4.48 '0.70 0.60 4.75 Sept. 3.57 3.52 7.18 6.44 5.27 5,25 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance,' deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates DDDaaattteee q K ( u U i a b n o U n d a t g i j . s a t . d S i t e s . o i t d ) o o m n U S n ta it t e e d s L S ( o p f n a o r v d e f o a o r d n ) PP dd ff (( (( rr oo pp ii —— ++ ss ee rr oo cc mm )) ww uu )) oo aa nn ii uu oo oo uu rr dd rr nn nn mm dd tt ii LL nn (( oo cc ff NN nn aa ee oo nn vv dd ee ff tt tt oo oo ii rr vv nn ee )) C q a u A n i o n a s t e d d C a ant a q d A u a b o U d a t j . a s . S t i . s t i o o n U S n ta it t e e d s C S ( a f p a n o r v a e f o d a r d a ) CC PP dd ff (( (( dd oo rr aa ii —— ++ ss ee oo rr nn cc )) mm ww ll aa )) oo ll aa dd aa ii oo uu oo uu rr rr ii rr nn nn aa ss mm dd tt nn ii CC nn (( cc aa ff NN ee aa nn oo nn vv aa ee ff tt tt oo dd ii rr vv aa ee )) 1972 AApprr.. 7 4.27 3.72 .55 .17 .72 3.64 3.56 3.72 -.16 -.80 -.96 14 4.27 3.78 .49 .12 .61 3.71 3.63 3.78 -.15 -.80 -.95 21 4.23 3.48 .75 .01 .76 3.64 3.56 3.48 .08 -1.04 -.96 28 4.21 3.48 .73 -.04 .69 3.62 3.54 3.48 .06 -1.20 -1.14 MMaayy 5 4.19 3.44 .75 -.22 .53 3.61 3.53 3.44 .09 -1.28 -1.19 12 4.20 3.55 .65 -.21 .44 3.62 3.54 3.55 -.01 -1.40 -1.41 19 4.20 3.72 .48 -.38 .10 3.69 3.61 3.72 -.11 -1.72 -1.83 26 4.24 3.67 .57 -.49 .08 3.75 3.66 3.67 -.01 -1.72 -1.73 June 2 4.34 3.77 .57 -.39 .18 3.73 3.65 3.77 -.12 -1.80 -1.92 9 4.78 3.78 1.00 -.49 .51 3.70 3.62 3.78 -.16 -1.36 -1.52 16 5.46 3.85 1.61 -1.62 -.01 3.57 3.49 3.85 -.36 -.72 -1.08 23 5.54 3.93 1.61 -7.74 -6.13 3.53 3.45 3.93 -.48 -.10 -.58 30 5.56 3.91 1.65 -4.00 -2.35 3.50 3.42 3.91 -.49 -.20 -.69 JJuullyy 7 5.41 3.96 1.45 -2.50 -1.05 3.56 3.48 3.96 -.48 -.04 -.52 14 5.34 3.94 1.40 -3.58 -2.18 3.49 3.41 3.94 -.53 .02 -.51 21 5.67 3.85 1.82 -3.43 -1.61 3.43 3.33 3.85 -.52 .24 -.28 28 5.69 3.80 1.89 -3.43 -1.54 3.46 3.38 3.80 -.42 .12 -.30 Aug. 4 5.71 3.74 1.97 -3.59 -1.62 3.48 3.40 3.74 -.34 -.16 -.50 11 5.69 3.77 1.92 -2.91 -.99 3.41 3.34 3.77 -.43 .00 -.43 18 5.69 3.80 1.89 -2.08 -.19 3.44 3.36 3.80 -.44 .00 -.44 25 5.75 4.07 1.68 -2.40 -.72 3.46 3.38 4.07 -.69 .00 -.69 SSeepptt.. 1 5.81 4.48 1.33 -2.70 -1.37 3.49 3.41 4.48 -1.07 -.04 -1.11 8 6.26 4.65 1.61 -2.61 -1.00 3.54 3.46 4.65 -1.19 .06 -1.13 15 6.55 4.61 1.94 -2.79 -0.85 3.54 3.46 4.61 -1.15 .00 -1.15 22 6.61 4.60 2.01 -3.20 -1.19 3.57 3.49 4.60 -1.11 .04 -1.07 29 6.53 4.48 2.05 -2.72 -.67 3.62 3.54 4.48 -.94 .20 -.74 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULLETIN. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 96 GOLD RESERVES • OCTOBER 1972 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile world t Fund world 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 44 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 45 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 45 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 46 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 47 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 47 4,695 10,209 192 140 259 752 1,584 46 22 792 47 41,210 4,722 10,207 26,280 192 140 259 722 1,572 46 22 792 47 4,724 10,207 192 140 259 722 1,564 46 22 792 47 4,726 10,206 192 140 259 722 1,564 46 22 792 47 41,185 4,732 10,206 26,250 192 90 259 729 1,544 46 22 792 47 4,732 10,206 192 90 260 729 1,544 46 21 792 47 5.303 9,662 192 90 260 729 1,544 46 21 792 47 41,260 5.304 9,662 26,290 192 70 259 729 1,544 46 20 792 5,331 9,662 192 70 259 729 1,544 46 20 767 5,761 10,490 208 76 282 791 1,682 50 18 836 ^44^835 5,761 10,490 ^28 j 585 208 130 283 792 1,682 50 16 834 5,761 10,490 208 285 793 1,682 1166 834 5,765 10,488 208 283 792 1,672 883344 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 14 64 49 3,523 4.076 99 243 131 143 16 43 2,884 14 64 49 3,523 4.077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 15 69 53 3,826 4,437 132 264 143 156 17 47 3,131 16 69 53 3,826 4,437 132 264 143 156 17 47 3,131 16 69 53 3,826 4,437 132 143 156 17 3,131 16 69 53 3,826 4,437 132 156 17 3,131 Kuwait a L n e o b n - Libya M s a i l a a y- Mexi- N la et n h d e s r - N w o a r y - P st a a k n i- P p h in il e ip s - Po g r a t l u - 52 182 68 158 21 1,756 31 53 67 38 576 67 193 68 109 21 1,730 18 53 65 44 643 136 193 68 31 166 21 1,711 18 53 20 60 699 122 288 85 66 165 21 1,697 24 54 20 62 856 86 288 85 63 169 21 1,720 25 54 25 45 876 86 288 85 48 176 21 1,787 23 54 40 56 902 87 322 85 58 184 21 1,889 34 55 40 65 907 87 322 85 58 184 21 1,889 34 55 40 66 911 87 322 85 58 184 21 1,889 34 55 40 67 911 87 322 85 58 184 21 1,889 34 55 40 67 918 87 322 85 58 184 21 1,909 33 55 40 67 921 87 322 85 58 181 21 1,908 33 55 40 68 921 87 322 85 58 179 21 1,908 33 55 40 68 921 87 322 85 58 177 21 1,908 33 55 40 68 925 89 322 85 58 174 21 1,908 33 55 40 68 925 104 350 93 63 188 23 2,079 36 60 43 73 1,004 98 350 93 63 23 2,079 36 60 43 72 1,004 94 350 93 63 23 2,079 36 60 72 1,004 94 350 93 2,079 36 60 72 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OCTOBER 1972 • GOLD RESERVES AND PRODUCTION A 97 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 1965. 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966. 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967. 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968. 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970. 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 1971--Aug 486 498 200 2,909 81 81 127 85 778 148 391 52 210 Sept 479 498 200 2,909 81 82 127 85 778 148 391 52 215 Oct 460 498 200 2,909 80 82 127 85 778 148 391 52 227 Nov 443 498 200 2,909 80 82 122 85 778 148 391 51 249 Dec 410 498 200 2,909 80 82 130 85 775 148 391 51 310 1972--Jan 403 498 200 2,909 80 82 130 85 778 146 391 51 332 Feb 405 498 200 2,909 80 82 130 85 751 146 391 51 333 Mar 405 498 200 2,909 80 82 129 85 751 156 391 51 354 Apr 412 498 200 2,909 80 82 127 85 751 156 391 51 347 May r471 541 217 3,158 87 89 127 92 816 169 425 56 365 June r507 541 217 3,158 87 89 122 92 816 169 425 56 304 July 543 217 3,158 87 888999 122 116699 425 56 276 Aug.p 558800 221177 33,,115588 8877 888999 112222 442255 5566 227766 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table, and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars; valued at $35 per fine ounce through 1971 and at $38 per fine ounce thereafter) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pprroodduucc-ttiioonn ii A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s i - a ot A h l e l r 1 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 666666333333......111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 777777......555555 555555......222222 99999999999999999.................88888888888888888 44444444444444..............22222222222222 11111111111111119999999999999999................4444444444444444 11111115555555.......8888888 3333333333333333322222222222222222.................11111111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 555555333333......444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 555555......888888 555555......222222 99999999999999999.................00000000000000000 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 11111117777777.......2222222 2222222222222222288888888888888888.................44444444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 555555333333......999999 9999999999999999999944444444444444444444....................11111111111111111111 666666......222222 444444......999999 88888888888888888.................44444444444444444 44444444444444..............00000000000000 22222222222222221111111111111111................5555555555555555 11111118888888.......5555555 2222222222222222277777777777777777.................66666666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 666666000000......111111 8888888888888888888899999999999999999999....................11111111111111111111 666666......333333 333333......777777 77777777777777777.................77777777777777777 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 22222220000000.......0000000 2222222222222222244444444444444444.................55555555555555555 666666000000......000000 1970 111111,,,,,,444444555555000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 666666333333......555555 8888888888888888888844444444444444444444....................33333333333333333333 666666......999999 333333......888888 77777777777777777.................11111111111111111 33333333333333..............77777777777777 22222222222222224444444444444444................8888888888888888 22222221111111.......1111111 2222222222222222211111111111111111.................77777777777777777 555555444444......111111 1971P 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999988888888888888888888....................77777777777777777777 22222224444444.......4444444 6666666.......0000000 7777777777777777777777777777777777777777....................33333333333333333333 66666666666666666.................66666666666666666 44444444444444..............11111111111111 22222222222222227777777777777777................0000000000000000 22222222222222.......2222222 2222222222222222233333333333333333.................55555555555555555 1971—July 9999999999999999999933333333333333333333....................44444444444444444444 55555555555555555555....................88888888888888888888 11111111111111111.................11111111111111111 ..............44444444444444 2222222222222222................4444444444444444 22222222222222222.................11111111111111111 Aug. 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 .................66666666666666666 ..............33333333333333 2222222222222222................4444444444444444 22222222222222222.................11111111111111111 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 .................66666666666666666 ..............33333333333333 2222222222222222................4444444444444444 22222222222222222.................11111111111111111 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 .................66666666666666666 ..............33333333333333 2222222222222222................1111111111111111 rrrrrrrrrrrrrrrrrlllllllllllllllll .................99999999999999999 Nov 9999999999999999999911111111111111111111....................77777777777777777777 66666666666666666666....................66666666666666666666 .................66666666666666666 ..............33333333333333 2222222222222222................4444444444444444 22222222222222222.................11111111111111111 Dec 8888888888888888888855555555555555555555....................77777777777777777777 55555555555555555555....................99999999999999999999 .................55555555555555555 ..............33333333333333 2222222222222222................2222222222222222 rrrrrrrrrrrrrrrrr22222222222222222.................22222222222222222 1972—Jan 9999999999999999999955555555555555555555....................33333333333333333333 66666666666666666666....................55555555555555555555 .................77777777777777777 ..............44444444444444 2222222222222222................6666666666666666 33333333333333333.................33333333333333333 Feb 8888888888888888888888888888888888888888....................22222222222222222222 66666666666666666666....................44444444444444444444 .................66666666666666666 2222222222222222................5555555555555555 rrrrrrrrrrrrrrrrrOOOOOOOOOOOOOOOOO 55555555555555555 Mar 9999999999999999999911111111111111111111....................88888888888888888888 66666666666666666666....................66666666666666666666 .................55555555555555555 2222222222222222................6666666666666666 22222222222222222iiiiiiiiiiiiiiiiiooooooooooooooooo Apr 9999999999999999999933333333333333333333....................22222222222222222222 77777777777777777777....................55555555555555555555 .................66666666666666666 22222222222222222.................44444444444444444 May 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................88888888888888888888 June 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................22222222222222222222 July 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................44444444444444444444 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 98 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE ANDREW F. BRIMMER JOHN E. SHEEHAN JEFFREY M. BUCHER ROBERT C. HOLL D, Executive Director J. CHARLES PARTEE, Adviser to the Board * ROBERT SOLOMON, Adviser to the Board HOWARD H. HACKLEY, Assistant to the Board ROBERT L. CARDON, Assistant to the Board EDWIN J. JOHNSON, Assistant to the Board FRANK O'BRIEN, JR. , Special Assistant to the Board JOSEPH R. COYNE, Special Assistant to the Board JOHN S. RIPPEY, Special Assistant to the Board OFFICE OF EXECUTIVE DIRECTOR DIVISION OF RESEARCH AND STATISTICS ROBERT C. HOLLAND, Executive Director J. CHARLES PARTEE, Director DAVID C. MELNICOFF, Deputy Executive STEPHEN H. AXILROD, Associate Director Director SAMUEL B. CHASE, Associate Director GORDON B. GRIMWOOD, Assistant Director and LYLE E. GRAMLEY, Associate Director Program Director for Contingency Planning PETER M. KEIR, Adviser HARRY J. HALLEY, Program Director for JAMES L. PIERCE, Adviser Management Systems STANLEY J. SIGEL, Adviser WILLIAM W. LAYTON, Director of Equal MURRAY S. WERNICK, Adviser Employment Opportunity KENNETH B. WILLIAMS, Adviser BRENTON C. LEAVITT, Program Director for JAMES B. ECKERT, Associate Adviser Banking Structure JOSEPH S. ZEISEL, Associate Adviser EDWARD C. ETTIN, Assistant Adviser ELEANOR J. STOCKWELL, Assistant Adviser OFFICE OF THE SECRETARY STEPHEN P. TAYLOR, Assistant Adviser Louis WEINER, Assistant Adviser TYNAN SMITH, Secretary LEVON H. GARABEDIAN, Assistant Director MURRAY ALTMANN, Assistant Secretary NORMAND R. V. BERNARD, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE ELIZABETH L. CARMICHAEL, Assistant Secretary RALPH C. BRYANT, Director JOHN E. REYNOLDS, Associate Director MICHAEL A. GREENSPAN, Assistant Secretary A. B. HERSEY, Senior Adviser ROBERT F. GEMMILL, Adviser REED J. IRVINE,Adviser LEGAL DIVISION SAMUEL I. KATZ, Adviser THOMAS J. O'CONNELL, General Counsel BERNARD NORWOOD, Adviser PAUL GARDNER, JR. , Assistant General Counsel SAMUEL PIZER, Adviser PAULINE B. HELLER, Assistant General Counsel RALPH C. WOOD, Adviser ROBERT S. PLOTKIN, Adviser GEORGE B. HENRY, Assistant Adviser HELEN B. JUNZ, Assistant Adviser DIVISION OF FEDERAL RESERVE BANK OPERATIONS DIVISION OF SUPERVISION AND REGULATION JAMES A. MCINTOSH, Director FREDERIC SOLOMON, Director JOHN N. KILEY, JR. , Associate Director BRENTON C. LEAVITT, Deputy Director WALTER A. ALTHAUSEN, Assistant Director FREDERICK R. DAHL, Assistant Director DONALD G. BARNES, Assistant Director JACK M. EGERTSON, Assistant Director HARRY A. GUINTER, Assistant Director JOHN P. FLAHERTY, Assistant Director P. D. RING, Assistant Director JANET O. HART, Assistant Director JAMES L. VINING, Assistant Director JOHN N. LYON, Assistant Director CHARLES C. WALCUTT, Assistant Director JOHN T. MCCLINTOCK, Assistant Director E. MAURICE MCWHIRTER, Chief Federal THOMAS A. SIDMAN, Assistant Director Reserve Examiner CHARLES L. MARINACCIO, Adviser Digitized for FRASE: ROn leave of absence http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 99 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER RONALD G. BURKE, Director JOHN KAKALEC, Controller JOHN J. HART, Assistant Director HARRY J. HALLEY, Deputy Controller DIVISION OF DATA PROCESSING JEROLD E. SLOCUM, Director CHARLES L. HAMPTON, Associate Director DIVISION OF ADMINISTRATIVE SERVICES GLENN L. CUMMINS, Assistant Director BENJAMIN R. W. KNOWLES, JR., JOSEPH E. KELLEHER, Director Assistant Director WALTER W. KREIMANN, Deputy Director HENRY W. MEETZE, Assistant Director DONALD E. ANDERSON, Assistant Director RICHARD S. WATT, Assistant Director JOHN D. SMITH, Assistant Director EDWARD K. O'CONNOR, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 100 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER J. DEWEY DAANE J. L. ROBERTSON JEFFREY M. BUCHER DAVID P. EASTBURN JOHN E. SHEEHAN PHILIP E. COLDWELL BRUCE K. MACLAURY WILLIS J. WINN GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary * ROBERT SOLOMON, Economist (International Finance) ARTHUR L. BROIDA, Deputy Secretary EDWARD G. BOEHNE, Associate Economist MURRAY ALTMANN, Assistant Secretary „ ^ ^ • R- Y RALPH C. BRYANT, Associate Economist NORMAND R. V. BERNARD, Assistant Secretary RAMLEY, Associate Economist LYLE E G HOWARD H. HACKLEY, General Counsel RALPH T. GREEN, Associate Economist THOMAS J. O'CONNELL, Assistant General Counsel A- B- HERSEY, Associate Economist J. CHARLES PARTEE, Senior Economist WlLLIAM J' HoCTER' Associate Economist . _ . JOHN H. KAREKEN, Associate Economist TT STEPHEN H. AXILROD, Economist (Domestic Finance) ROBERT G. LINK, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, President G. MORRIS DORRANCE, JR., THIRD FEDERAL RESERVE DISTRICT, Vice President JAMES F. ENGLISH, FIRST FEDERAL GAYLORD FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT DAVID ROCKEFELLER, SECOND DAVID H. MOREY, EIGHTH FEDERAL FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL CHESTER C. LIND, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL LEWIS H. BOND, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary * On leave of absence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 101 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston 02106 James S. Duesenberry Frank E. Morris Louis W. Cabot Earle O. Latham New York 10045 Roswell L. Gilpatric Alfred Hayes Ellison L. Hazard William F. Treiber Buffalo 14240 Morton Adams A. A. Maclnnes, Jr. Philadelphia 19101 Bayard L. England David P. Eastburn John R. Coleman Mark H. Willes Cleveland 44101 Albert G. Clay Willis J. Winn J. Ward Keener Walter H. MacDonald Cincinnati 45201 Graham E. Marx Fred O. Kiel Pittsburgh 15230 Lawrence E. WalkJey James H. Campbell Richmond 23261 Robert W. Lawson, Jr. Aubrey N. Heflin Stuart Shumate Robert P. Black Baltimore 21203 John H. Fetting, Jr. H. Lee Boatwright, III Charlotte 28201 Charles W. DeBell Jimmie R. Monhollon Culpeper Communications J. Gordon Dickerson, Jr. Center 22701 Atlanta 30303 John C. Wilson Monroe Kimbrel H. G. Pattillo Kyle K. Fossum Birmingham 35202 David Mathews Dan L. Hendley Jacksonville 32203 Henry K. Stanford Edward C. Rainey Nashville 37203 John C. Tune, Jr. Jeffrey J. Wells New Orleans 70160 Broadus N. Butler George C. Guynn Miami Office 33101 W. M. Davis Chicago 60690 Emerson G. Higdon Robert P. Mayo William H. Franklin Ernest T. Baughman Detroit 48231 Peter B. Clark Daniel M. Doyle St. Louis 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock 72203 Roland R. Remmel John F. Breen Louisville 40201 Donald L. Henry Memphis 38101 William L. Giles Laurence T. Britt Minneapolis 55480 David M. Lilly Bruce K. MacLaury Bruce B. Dayton M. H. Strothman, Jr. Helena 59601 Warren B. Jones Howard L. Knous Kansas City 64198 Robert W. Wagstaff George H. Clay Willard D. Hosford, Jr. John T. Boy sen Denver 80217 David R. C. Brown George C. Rankin Oklahoma City ., 73125 Joseph H. Williams Howard W. Pritz Omaha 68102 Henry Y. Kleinkauf Robert D. Hamilton Dallas 75222 Chas. F. Jones Philip E. Coldwell Philip G. Hoffman T. W. Plant El Paso 79999 Allan B. Bowman Frederic W. Reed Houston 77001 Geo. T. Morse, Jr. James L. Cauthen San Antonio 78295 Irving A. Mathews Carl H. Moore San Francisco 94120 O. Meredith Wilson John J. Balles S. Alfred Halgren A. B. Merritt Los Angeles 90051 Leland D. Pratt Paul W. Cavan Portland 97208 John R. Howard William M. Brown Salt Lake City 84110 John H. Breckenridge Arthur L. Price Seattle 98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) ANNUAL REPORT 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per Currency. 1963. 11 pp. $.35. Sec. 12. Money annum or $.60 a copy in the United States and Rates and Securities Markets. 1966. 182 pp. its possessions, Bolivia, Canada, Chile, Colom- $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. bia, Costa Rica, Cuba, Dominican Republic, 15. International Finance. 1962. 92 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon- Sec. 16 (New). Consumer Credit. 1965. 103 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. per annum or $.50 each. Elsewhere, $7.00 per 172 pp. $1.00 a copy; 10 or more sent to one annum or $.70 a copy. address, $.85 each. FEDERAL RESERVE CHART BOOK ON FINANCIAL BANK MERGERS & THE REGULATORY AGENCIES: AND BUSINESS STATISTICS. Monthly. Annual APPLICATION OF THE BANK MERGER ACT OF subscription includes one issue of Historical 1960. 1964. 260 pp. $1.00 a copy; 10 or more Chart Book. $6.00 per annum or $.60 a copy sent to one address, $.85 each. in the United States and the countries listed above; 10 or more of same issue sent to one BANKING MARKET STRUCTURE & PERFORMANCE IN address, $.50 each. Elsewhere, $7.00 per annum METROPOLITAN AREAS: A STATISTICAL STUDY OF or $.70 a copy. FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to HISTORICAL CHART BOOK. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and THE PERFORMANCE OF BANK HOLDING COMPAcountries listed above; 10 or more sent to one NIES. 1967. 29 pp. $.25 a copy; 10 or more sent address, $.50 each. Elsewhere, $.70 a copy. to one address, $.20 each. THE FEDERAL RESERVE ACT, as amended through THE FEDERAL FUNDS MARKET. 1959. Ill pp. December 1971, with an appendix containing $1.00 a copy; 10 or more sent to one address, provisions of certain other statutes affecting the $.85 each. Federal Reserve System. 252 pp. $1.25. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 REGULATIONS OF THE BOARD OF GOVERNORS OF a copy; 10 or more sent to one address, $.85 THE FEDERAL RESERVE SYSTEM. each. PUBLISHED INTERPRETATIONS OF THE BOARD OF U.S. TREASURY ADVANCE REFUNDING, JUNE GOVERNORS, as of Dec. 31, 1971. $2.50. 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or more sent to one address, $.40 each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. BANK CREDIT-CARD AND CHECK-CREDIT PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent DEBITS AND CLEARING STATISTICS AND THEIR USE. to one address, $.85 each. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. INTEREST RATE EXPECTATIONS: TESTS ON YIELD SPREADS AMONG SHORT-TERM GOVERNMENT SUPPLEMENT TO BANKING AND MONETARY STA- SECURITIES. 1968. 83 pp. $.50 a copy; 10 or TISTICS. Sec. 1. Banks and the Monetary Sys- more sent to one address, $.40 each. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. SURVEY OF FINANCIAL CHARACTERISTICS OF 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. or more sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 103 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. FINAL DEMAND, by Clayton Gehman and Corne- 321 pp. $1.00 a copy; 10 or more sent to one lia Motheral. Jan. 1967. 57 pp. address, $.85 each. OPERATING POLICIES OF BANK HOLDING COMPA- REPORT OF THE JOINT TREASURY-FEDERAL RE- NIES—PART 1, by Robert J. Lawrence. Apr. SERVE STUDY OF THE U.S. GOVERNMENT SE- 1971, 82 pp. CURITIES MARKET. 1969. 48 pp. $.25 a copy; 10 or more sent to one address, $.20. THE RELATIVE IMPORTANCE OF MONETARY AND FISCAL VARIABLES IN DETERMINING PRICE LEVEL JOINT TREASURY-FEDERAL RESERVE STUDY OF MOVEMENTS: A NOTE, by Peter S. Rose and Lacy THE GOVERNMENT SECURITIES MARKET: STAFF H. Hunt II. June 1971. 7 pp. STUDIES—PART 1 (papers by Cooper, Bernard, and Scherer). 1970. 86 pp. $.50 a copy; 10 or ESTIMATION OF THE INVESTMENT AND PRICE more sent to one address, $.40 each. PART 2 EQUATIONS OF A MACROECONOMETRIC MODEL, (papers by Ettin, Peskin, and Ahearn and Pes- by Robert J. Shiller. June 1971. 65 pp. kin). 1971. 153 pp. $1.00 a copy; 10 or more ADJUSTMENT AND DISEQUILIBRIUM COSTS AND sent to one address, $.85 each. THE ESTIMATED BRAINARD—TOBIN MODEL, by Joseph Bisignano. July 1971. 108 pp. (Limited supplies, in mimeographed or similar form, of staff papers other than those A TEST OF THE "EXPECTATIONS HYPOTHESIS" contained in Parts 1 and 2 are available upon USING DIRECTLY OBSERVED WAGE AND PRICE request for single copies. See p. 48 of main EXPECTATIONS, by Stephen J. Turnovsky and report for a list of such papers.) Michael L. Wachter. Aug. 1971. 25 pp. OPEN MARKET POLICIES AND OPERATING PROCE- MORTGAGE REPAYMENTS AS A SOURCE OF DURES—STAFF STUDIES (papers by Axilrod, LOANABLE FUNDS, by Robert Moore Fisher. Davis, Andersen, Kareken et al., Pierce, Fried- Aug. 1971. 43 pp. man, and Poole). 1971. 218 pp. $2.00 a copy; 10 or more sent to one address, $1.75 each. THE USE OF INTEREST RATE POLICIES AS A STIMU- LUS TO ECONOMIC GROWTH, by Robert F. REAPPRAISAL OF THE FEDERAL RESERVE DIS- Emery. Sept. 1971. 37 pp. COUNT MECHANISM, Vol. 1 (papers by Steering Committee, Shull, Anderson, andGarvy). 1971. PRIVATE HOUSING COMPLETIONS—A NEW DIMEN- 276 pp. Vol. 2 (papers by Boulding, Chandler, SION IN CONSTRUCTION STATISTICS, by Bernard Jones, Ormsby, Modigliani, Alperstein, Meli- N. Freedman. Jan. 1972. 20 pp. char, and Melichar and Doll). 1971. 173 pp. Vol. 3 (papers by Staats, Willis, Minsky, POLICY VARIABLES, UNEMPLOYMENT AND PRICE Stackhouse, Meek, Holland and Garvy, and LEVEL CHANGES, by Peter S. Rose and Lacy H. Lynn). 1972. 214 pp. Each volume $3.00 a Hunt II. Jan. 1972. 11 pp. copy; 10 or more sent to one address, $2.50 each. OPTIMAL DISTRIBUTED LAG RESPONSES AND EX- PECTATIONS, by Roger Craine. Feb. 1972. 9 pp. THE ECONOMETRICS OF PRICE DETERMINATION CONFERENCE, October 30-31, 1970, Washing- THE EFFECT OF HOLDING COMPANY ACQUISITIONS ton, D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 ON BANK PERFORMANCE, by Samuel H. Talley. a copy; 10 or more sent to one address, $4.50 Feb. 1972. 25 pp. each. Paper ed. $4.00 a copy; 10 or more sent to one address, $3.60 each. INTERNATIONAL MONEY MARKETS AND FLEXIBLE EXCHANGE RATES, by Stanley W. Black. Mar. 1972. 74 pp. STAFF ECONOMIC STUDIES EXPLAINING CHANGES IN EURO-DOLLAR POSI- Studies and papers on economic and financial TIONS: A STUDY OF BANKS IN FOUR EUROPEAN subjects that are of general interest in the field COUNTRIES, by Rodney H. Mills, Jr. May 1972. of economic research. 34 pp. Summaries only printed in the BULLETIN. CREDIT RATIONING: A REVIEW, by Benjamin M. Friedman. June 1972. 27 pp. (Limited supply of mimeographed copies of full text available upon request for single copies.) REGULATION Q AND THE COMMERCIAL LOAN MAR- KET IN THE 1960's, by Benjamin M. Friedman. MEASURES OF INDUSTRIAL PRODUCTION AND June 1972. 38 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 FEDERAL RESERVE BULLETIN • OCTOBER 1972 Printed in full in the BULLETIN UNDERWRITING OF MUNICIPAL REVENUE BONDS. (These studies are included in list of reprints Aug. 1967. 16 pp. below.) THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de REPRINTS Leeuw and Edward Gramlich. Jan. 1968. 30 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN ADJUSTMENT FOR SEASONAL VARIATION. June 1960-67. Apr. 1968. 23 pp. 1941. 11 pp. MONETARY RESTRAINT AND BORROWING AND SEASONAL FACTORS AFFECTING BANK RESERVES. CAPITAL SPENDING BY LARGE STATE AND LOCAL Feb. 1958. 12 pp. GOVERNMENTS IN 1966. July 1968. 30 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by FEDERAL FISCAL POLICY IN THE 1960's. Sept. 1968. Stephen H. Axilrod. Oct. 1961. 17 pp. 18 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. BUSINESS FINANCING BY BUSINESS FINANCE COM- July 1962. 6 pp. PANIES. Oct. 1968. 13 pp. INTEREST RATES AND MONETARY POLICY, Staff MANUFACTURING CAPACITY: A COMPARISON OF Paper by Stephen Axilrod. Sept. 1962. 28 pp. TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968. MEASURES OF MEMBER BANK RESERVES. July 5 pp. 1963. 14 pp. MONETARY RESTRAINT, BORROWING, AND CAPITAL CHANGES IN BANKING STRUCTURE, 1953-62. Sept. SPENDING BY SMALL LOCAL GOVERNMENTS AND 1963. 8 pp. STATE COLLEGES IN 1966. Dec. 1968. 30 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN- HOUSING PRODUCTION AND FINANCE. Mar. 1969. OVER SERIES. Mar. 1965. 4 pp. 7 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff OUR PROBLEM OF INFLATION. June 1969. 15 pp. Economic Study by Lyle E. Gramley and Samuel B. Chase, Jr. Oct. 1965. 25 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward RESEARCH ON BANKING STRUCTURE AND PER- Gramlich. June 1969. 20 pp. FORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL A REVISED INDEX OF MANUFACTURING CAPACITY, BANKS. Aug. 1969. 5 pp. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. Nov. 1966. 11 pp. 20 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. RECENT CHANGES IN STRUCTURE OF COMMER- CAPITAL MARKETS, Staff Economic Study by CIAL BANKING. Mar. 1970. 16 pp. Daniel H. Brill with Ann P. Ulrey. Jan. 1967. 14 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND STATISTICS. May 1970. 4 pp. REVISED SERIES ON COMMERCIAL AND INDUS- TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. INFLATION IN WESTERN EUROPE AND JAPAN. Oct. 1970. 13 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. 11 pp. EVIDENCE ON CONCENTRATION IN BANKING MAR- KETS AND INTEREST RATES, Staff Economic MONETARY AGGREGATES AND MONEY MARKET Study by Almarin Phillips. June 1967. 11 pp. CONDITIONS IN OPEN MARKET POLICY. Feb. THE PUBLIC INFORMATION ACT—ITS EFFECT ON 1971. 26 pp. MEMBER BANKS. July 1967. 6 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. INTEREST COST EFFECTS OF COMMERCIAL BANK 4 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 105 RESPONSE OF STATE AND LOCAL GOVERNMENTS U.S. BALANCE OF PAYMENTS AND INVESTMENT TO VARYING CREDIT CONDITIONS. Mar. 1971. 24 POSITION. Apr. 1972. 15 pp. pp. OPEN MARKET OPERATIONS AND THE MONETARY INTEREST RATES, CREDIT FLOWS, AND MONETARY AND CREDIT AGGREGATES—1971. Apr. 1972. 23 AGGREGATES SINCE 1964. June 1971. 16 pp. pp. TWO KEY ISSUES OF MONETARY POLICY. June CHANGES IN BANK LENDING PRACTICES, 1971. Apr. 1971. 4 pp. 1972. 5 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June CONSTRUCTION LOANS AT COMMERCIAL BANKS. 1971. 12 pp. June 1972. 12 pp. BANK RATES ON BUSINESS LOANS—REVISED SOME ESSENTIALS OF INTERNATIONAL MONETARY SERIES. June 1971. 10 pp. REFORM. June 1972. 5 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW CHARACTERISTICS OF FEDERAL RESERVE BANK MEASURES. July 1971. 26 pp. DIRECTORS. June 1972. 10 pp. BANKING AND MONETARY STATISTICS, 1970. Se- BANK DEBITS, DEPOSITS, AND DEPOSIT TURNlected series of banking and monetary statistics OVER—REVISED SERIES. July 1972. 5 pp. for 1970 only. Feb., Mar., and July 1971. 19 pp. RECENT REGULATORY CHANGES IN RESERVE RE- QUIREMENTS AND CHECK COLLECTION. July REVISED MEASURES OF MANUFACTURING CAPAC- 1972. 5 pp. ITY UTILIZATION. Oct. 1971. 3 pp. REVISION OF THE MONEY STOCK. Nov. 1971. 14 FINANCIAL DEVELOPMENTS IN THE SECOND pp. QUARTER OF 1972. August 1972. 9 pp. BALANCE OF PAYMENTS PROGRAM: REVISED TREASURY AND FEDERAL RESERVE FOREIGN EX- GUIDELINES FOR BANKS AND NONBANK FINAN- CHANGE OPERATIONS. Sept. 1972. 26 pp. CIAL INSTITUTIONS. Nov. 1971. 11 pp. YIELDS ON NEWLY ISSUED CORPORATE BONDS. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 Sept. 1972. 2 pp. pp. CHANGES IN TIME AND SAVINGS DEPOSITS AT PLANNED AND ACTUAL LONG-TERM BORROWING COMMERCIAL BANKS, APRIL-JULY 1972. Oct. BY STATE & LOCAL GOVERNMENTS. Dec. 1971. 1972. 11 pp. 11 pp. ASSETS AND LIABILITIES OF FOREIGN BRANCHES RECENT ACTIVITIES OF FOREIGN BRANCHES OF OF U.S. BANKS. Feb. 1972. 16 pp. U.S. BANKS. Oct. 1972. 11 pp. WAYS TO MODERATE FLUCTUATIONS IN THE CON- REVISION OF CONSUMER CREDIT STATISTICS. Oct. STRUCTION OF HOUSING. Mar. 1972. 11 pp. 1972. 21 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 106 FEDERAL RESERVE BULLETIN • OCTOBER 1972 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers', 14, 33, 35 Demands deposits—Continued Agricultural loans of commercial banks, 24, 26 Ownership by individuals, partnerships, and Arbitrage, 95 corporations, 32 Assets and liabilities (See also Foreigners): Subject to reserve requirements, 18 Banks, by classes, 20, 24, 25, 26, 39 Turnover, 15 Banks and the monetary system, 19 Deposits (See also specific types of deposits): Corporate, current, 50 Accumulated at commercial banks for payment of per- Federal Reserve Banks, 12 sonal loans, 32 Automobiles: Adjusted, and currency, 19 Consumer instalment credit, 56, 57, 58 Banks, by classes, if, 20, 25, 29, 39 Production index, 60, 61 Euro-dollars, 90 Federal Reserve Banks, 12, 90 Postal savings, 19, 25 Subject to reserve requirements, 18 Bank credit proxy, 18 Discount rates (See Interest rates) Bankers' balances, 25, 28 Discounts and advances by Reserve Banks (See Loans) (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 50 Banks and the monetary system, 19 Dollar assets, foreign, 77, 83 Banks for cooperatives, 40 Bonds (See also U.S. Govt, securities): New issues, 47, 48, 49 Yields and prices, 36, 37 Earnings and hours, manufacturing industries, 67 Branch banks, foreign, 30, 88, 89, 90 Employment, 64, 66, 67 Brokerage balances, 87 Euro-dollar deposits in foreign branches of U.S. banks, 90 Business expenditures on new plant and equipment, 50 Business indexes, 64 Business loans (See Commercial and industrial loans) Farm mortgage loans, 51, 52 Federal agency obligations, 12, 13, 14, 15 Federal finance: Capacity utilization, 64 Cash transactions, 42 Capital accounts: Receipts and expenditures, 43 Banks, by classes, 20, 25, 30 Treasury operating balance, 42 Federal Reserve Banks, 12 Federal funds, 8, 24, 26, 30, 35 Central banks, 94, 96 Federal home loan banks, 40, 41, 53 Certificates of deposit, 30 Federal Home Loan Mortgage Corporation, 55 Coins, circulation, 16 Federal Housing Administration, 51, 52, 53, 54, 55 Commercial and industrial loans: Federal intermediate credit banks, 40, 41 Commercial banks, 18, 24, 33 Federal land banks, 40, 41 Weekly reporting banks, 26, 31 Federal National Mortgage Assn., 40, 41, 54 Commercial banks: Federal Reserve Banks: Assets and liabilities, 18, 20, 24, 25, 26 Condition statement, 12 Consumer loans held, by type, 57 U.S. Govt, securities held, 4, 12, 15, 44, 45 Deposits at, for payment of personal loans, 32 Federal Reserve credit, 4, 6, 12, 15 Loans sold outright, 33 Federal Reserve notes, 12, 16 Number, by classes, 20 Federally sponsored credit agencies, 40, 41 Real estate mortgages held, by type, 52 Finance companies: Commercial paper, 33, 35 Loans, 26, 56, 57, 59 Condition statements (See Assets and liabilities) Paper, 33, 35 Construction, 64, 65 Financial institutions, loans to, 24, 26 Consumer credit: Float, 4 Instalment credit, 56, 57, 58, 59 Flow of funds, 72 Noninstalment credit, by holder, 57 Foreign: Consumer price indexes, 64, 68 Currency operations, 12, 14, 77, 83 Consumption expenditures, 70, 71 Deposits in U.S. banks, 5, 12, 19, 25, 29, 90 Corporations: Exchange rates, 93 Profits, taxes, and dividends, 50 Trade, 75 Security issues, 48, 49 Foreigners: Security yields and prices, 36, 37 Claims on, 84, 85, 90, 91, 92 Cost of living (See Consumer price indexes) Liabilities to, 30, 78, 79, 81, 82, 83, 90, 91, 92 Currency and coin, 5, 10, 25 Currency in circulation, 5, 16, 17 Customer credit, stock market, 38 Gold: Certificates, 12, 13, 16 Earmarked, 90 Debits to deposit accounts, 15 Net purchases by United States, 76 Debt (See specific types of debt or securities) Production, 97 Demand deposits: Reserves of central banks and govts., 96 Adjusted, banks and the monetary system, 19 Stock, 4, 19, 77 Adjusted, commercial banks, 15, 18, 25 Government National Mortgage Assn., 54 Banks, by classes, 11, 20, 25, 29 Gross national product, 70, 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Hours and earnings, manufacturing industries, 67 Production, 60-63, 64 Housing permits, 64 Profits, corporate, 50 Housing starts, 65 Real estate loans: Income, national and personal, 70, 71 Banks, by classes, 24, 27, 39, 52 Industrial production index, 60-63, 64 Delinquency rates on home mortgages, 55 Instalment loans, 56, 57, 58, 59 Mortgage yields, 53, 54, 55 Insurance companies, 39, 44, 45, 52, 53 Type of holder and property mortgaged, 51-55 Insured commercial banks, 22, 24, 32 Reserve position, basic, member banks, 8 Interbank deposits, 11, 20, 25 Reserve requirements, member banks, 10 Interest rates: Reserves: Business loans by banks, 34 Central banks and govts., 96 Federal Reserve Banks, 9 Commercial banks, 25, 28, 30 Foreign countries, 94, 95 Federal Reserve Banks, 12 Money market rates, 35 Member banks, 5, 6, 11, 18, 25 Mortgage yields, 53, 54, 55 U.S. reserve assets, 77 Prime rate, commercial banks, 34 Residential mortgage loans, 37, 51, 52, 53, 54, 55 Time and savings deposits, maximum rates, 11 Retail credit, 56 Yields, bond and stock, 36 Retail sales, 64 International capital transactions of U.S., 78-92 International institutions, 76, 77, 94, 96 Saving: Inventories, 70 Flow of funds series, 72 Investment companies, issues and assets, 49 National income series, 71 Investments (See also specific types of investments): Savings and loan assns., 40, 45, 53 Banks, by classes, 20, 24, 27, 28, 39 Savings deposits (See Time deposits) Commercial banks, 18 Savings institutions, principal assets, 39, 40 Federal Reserve Banks, 12, 15 Securities (See also U.S. Govt, securities): Life insurance companies, 39 Federally sponsored agencies, 40, 41 Savings and loan assns., 40 International transactions, 86, 87 New issues, 47, 48, 49 Silver coin, 16 Labor force, 66 Loans (See also specific types of loans): Special Drawing Rights, 4, 12, 13, 19, 74, 77 Banks, by classes, 20, 24, 26, 27, 39 State and local govts.: Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 Deposits, 25, 29 Federal Reserve Banks, 4, 6, 9, 12, 13, 15 Holdings of U.S. Govt, securities, 44, 45 Insurance companies, 39, 52, 53 New security issues, 47, 48 Insured or guaranteed by U.S., 51, 52, 53, 54, 55 Ownership of securities of, 24, 28, 39 Savings and loan assns., 40, 53 Yields and prices of securities, 36, 37 State member banks, 22, 32 Stock market credit, 38 Manufacturers: Stocks: Capacity utilization, 64 New issues, 48, 49 Production index, 61, 64 Yields and prices, 36, 37 Margin requirements, 10 Member banks: Tax receipts, Federal, 43 Assets and liabilities, by classes, 20, 24 Time deposits, 11, 18, 19, 20, 25, 29 Borrowings at Federal Reserve Banks, 6, 12 Treasury cash, Treasury currency, 4, 5, 16, 19 Deposits, by classes, 11 Treasury deposits, 5, 12, 42 Number, by classes, 20 Treasury operating balance, 42 Reserve position, basic, 8 Reserve requirements, 10 Unemployment, 66 Reserves and related items, 4, 18 U.S. balance of payments, 74 Mining, production index, 61, 63 U.S. Govt, balances: Mobile home shipments, 65 Commercial bank holdings, 25, 29 Money rates (See Interest rates) Consolidated condition statement, 19 Money stock and related data, 17, 19 Member bank holdings, 18 Mortgages (See Real estate loans and Residential mortgage Treasury deposits at Reserve Banks, 5, 12, 42 loans) U.S. Govt, securities: Mutual funds (See Investment companies) Bank holdings, 19, 20, 24, 27, 39, 44, 45 Mutual savings banks, 19, 29, 39, 44, 45, 52 Dealer transactions, positions, and financing, 46 Federal Reserve Bank holdings, 4, 12, 15, 44, 45 National banks, 22, 32 Foreign and international holdings, 12, 83, 86, 90 National income, 70, 71 International transactions, 83, 86 National defense expenditures, 43, 70 New issues, gross proceeds, 48 Nonmember banks, 22, 24, 25, 32 Open market transactions, 14 Outstanding, by type of security, 44, 45, 47 Ownership, 44, 45 Open market transactions, 14 Yields and prices, 36, 37 United States notes, 16 Payrolls, manufacturing index, 64 Utilities, production index, 61, 63 Personal income, 71 Postal savings, 19, 25 Veterans Administration, 51, 52, 53, 54, 55 Prices: Consumer and wholesale commodity, 64, 68 Weekly reporting banks, 26 Security, 37 Prime rate, commercial banks, 34 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1972, September 30). Federal Reserve Bulletin, 1972-10. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197210
@misc{wtfs_bulletin_197210,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1972-10},
year = {1972},
month = {Sep},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197210},
note = {Retrieved via When the Fed Speaks corpus}
}