Federal Reserve Bulletin, 1972-11

Federal Reserve Bulletin NOVEMBER 1972 * * * * * * * * IS 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 11 • VOLUME 58 • NOVEMBER 1972 947 Financial Developments in the Third Quarter of 1972 955 Staff Economic Studies: Summaries 958 Survey of Finance Companies, 1970 973 Record of Policy Actions of the Federal Open Market Committee 979 Law Department 994 Announcements 997 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

Financial Developments in the Third Quarter of 1972 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the summer and early fall. DURING THE THIRD QUARTER, long-term interest rates remained essentially stable while short-term interest rates increased on balance. Even though short-term interest rates eased in July and the early part of August, this was more than offset by a subsequent general rise. The upturn in these rates was associated with a switch from net buying to net selling of Treasury debt on the part of foreign central banks, a pick-up in Treasury borrowing demands, and increased restraint on the supply of bank reserves relative to demand. While reserves available to support private nonbank deposits (RPD's) expanded somewhat more rapidly over the third than during the preceding quarter, reserves provided through open market operations were held back and more than half of the increased demand for reserves was obtained by banks through enlarged borrowing from Reserve Bank discount windows. Over the third quarter, M grew at an 8.5 per cent annual rate, but this x mainly reflected increased public demand for cash balances early in July. In the August-September period, growth in M decelerated t to a moderate pace similar to that recorded in the second quarter— an annual rate of about 5.5 per cent. Growth in interest-bearing deposits and the bank credit proxy remained near the second-quarter pace over the third quarter as a whole. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 MONETARY In the third quarter, RPD's expanded at a seasonally adjusted annual AGGREGATES rate of 10 per cent. While this was considerably above the secondquarter rate, fewer reserves were supplied through open market operations. Indeed, more than half of the growth in RPD's in the third quarter reflected increased borrowings by member banks from the Federal Reserve. And with the Federal Reserve supplying reserves more reluctantly relative to bank demands, the Federal funds rate rose on balance over the quarter. Total reserves expanded at a much slower rate as the Federal Reserve System absorbed reserves released by a decline in U.S. Treasury deposits in the latter part of the quarter. Such deposits declined sharply from mid-August to mid-September, prior to the quarterly inflow of tax receipts, but then rose sharply again. The increased demand for RPD's was associated primarily with the growth of M which accelerated during the third quarter to u a rate of 8.5 per cent. Although this rate exceeded that of the second quarter, it remained below the rate attained during the early months of 1972. Most of the increase in M in the third quarter x reflected an unusually large upswing in demand deposits during the first 2 weeks of July. As a result, M accelerated to a 14 per 1 cent annual rate in July, but then fell back to a moderate pace during August and September. The August-September growth—at BANK RESERVES AND BORROWINGS 1970 1971 1972 Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1972 949 CHANGES IN SELECTED MONETARY AGGREGATES In per cent; quarterly figures are seasonally adjusted annual rates 1971 1972 TTyyppee ooff aaggggrreeggaattee 11997711 IV I II III Member bank reserves: Total 7.3 2.2 10.1 12.8 3.6 Nonborrowed 8.0 6.8 11.0 13.0 -2.0 Available to support private nonbank deposits1 7.8 4.8 10.8 7.1 10.0 Concepts of money:2 M1 6.2 1.1 9.3 5.3 8.5 M2 11.1 8.0 13.3 8.6 9.3 M3 13.3 9.6 15.5 10.8 11.6 Bank credit proxy, adjusted3 9.5 9.7 11.3 11.1 10.7 MEMO (change in billions of dollars, seasonally adjusted): Large CD's 7.9 1.8 -.1 3.7 3.2 U.S. Govt, demand deposits at member banks -.3 -.4 -.1 -.8 1 Total reserves less required reserves for U.S. Government and interbank deposits. 2Mi is currency plus private demand deposits adjusted. M2 is Mx plus commercial bank time and savings deposits adjusted other than large CDs. M3 is M2 plus deposits at mutual savings banks and savings and loan associations. 3Total member bank deposits plus funds provided by Euro-dollar borrowings and bankrelated commercial paper. NOTE.—Changes are calculated from the average amounts outstanding in the last month of each quarter. a rate of 5.5 per cent—was approximately the same as that during the second quarter. Over the past year—September 1971 to September 1972—growth in M was 6.2 per cent. x CONCEPTS OF MONEY RATIO SCALE, BILLIONS OF DOLLARS H S 900 Seasonally adjusted monthly averages. For definitions of M\, M2, and JVf3, see footnote 2 to Selected Monetary Aggregates table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 During the third quarter, Af (M plus bank time and savings 2 1 deposits other than large certificates of deposit) and M (M plus 3 2 deposits at nonbank savings institutions) increased at somewhat faster rates, although most of the rise was attributable to the increase in M. Inflows of consumer-type time and savings deposits at x commercial banks did not increase quite so rapidly as during the first and second quarters, with yields on competing money market instruments rising; however, deposits at the thrift institutions accelerated somewhat in the third quarter. Bank credit, as measured by the adjusted member bank credit proxy, continued to expand at about an 11 per cent annual rate, essentially the same as during the first 6 months of the year. The more rapid rate of growth of the credit proxy relative to M and x M reflected primarily the continued expansion in large negotiable 2 CD's. During the third quarter, the volume of CD's outstanding increased by $3.2 billion, only a little less than the unusually large rise recorded in the second quarter. BANK USES OF FUNDS Continued strong loan demands contributed to bank willingness to compete actively for CD funds as total loans increased sharply in the third quarter, with much of the impetus coming from expansion in business loan demand and in consumer borrowing. The continued pick-up in business loans during the quarter apparently was associated both with the increased need by businesses for working capital in an environment of expanding economic activity and with reduced reliance on the bond market as a source of funds. The pick-up in business loans during the third quarter was fairly widely distributed among industries. Borrowing by retail trade concerns and commodity dealers was especially strong. Loans to public utility firms—other than those in the transportation field—increased sharply, as did loans to the construction industry. Borrowing by textile manufacturers was also large. Consumer loan demand at banks, which had been very strong during the second quarter, strengthened further. Such loans rose at a rate of 18 per cent in the third quarter, bolstered by large sales of consumer durable goods, especially automobiles. Real estate loans at banks continued to rise at a rapid pace for the sixth straight quarter as housing starts and residential construction remained at historically high levels. Security loans, which increased by $1.9 billion, grew more rapidly than in the first and second quarters. A large part of this growth, however, was transitory, for it was associated with a 1-day matched sale/purchase of securities by the Federal Reserve at the end of September. The strengthening loan demand at commercial banks in the third quarter contributed to a reduction in the rate of acquisition of securities by the banks. Net purchases of U.S. Government securi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1972 951 BANK CREDIT-COMPONENTS CHANGE, BILLIONS OF DOLLARS U.S. GOVT. SECURITIES OTHER SECURITIES BANK LOANS-MAJOR COMPONENTS CHANGE, BILLIONS OF DOLLARS E j gS 1 1 RFAI PSTATF 1 CONSUMER BKBHWMMI Q3 Q4 02 J972_ Seasonally adjusted. Loans adjusted for Seasonally adjusted. Business adjusted for transfers between banks and their holding transfers between banks and their holding companies, affiliates, subsidiaries, or foreign companies, affiliates, subsidiaries, or foreign branches. branches. •Adjusted for $800 million matched •Adjusted for $800 million matched sale/purchase transactions at the end of Sep- sale/purchase transactions at the end of September. tember. ties declined during July and August and, on balance, for the third quarter. Holdings of municipal and Federal agency securities increased at a 10 per cent annual rate, slightly above the secondquarter pace but still substantially less than in late 1970 and early 1971 when such rates reached peak levels. NONBANK Deposit inflows to nonbank thrift institutions rose slightly in the INTERMEDIARIES AND third quarter, despite a narrowing in the relative yield advantage THE MORTGAGE f h interest-bearing deposits compared with short-term market G suc MARKET securities. The seasonally adjusted annual rate of growth for nonbank savings institutions was 15.6 per cent, compared with 14.5 per cent in the preceding quarter. However, only savings and loan associations experienced an increased deposit growth rate; inflows to mutual savings banks grew at a little slower pace than in the second quarter. Net mortgage debt is estimated to have increased further, by a record seasonally adjusted quarterly rate of nearly $17 billion in the third quarter of 1972. However, the rate of uptrend of residential mortgage debt formation slowed moderately, while the net change in nonresidential mortgage debt continued to edge higher. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 NONBANK SAVINGS ACCOUNTS Among the four major financial institutions, only the savings ANNUAL RATE OF CHANGE, PER CENT and loan associations accelerated the pace of their mortgage lending in the third quarter. The others maintained a pace of net new lending close to their advanced second-quarter rates. Among the Federal and related housing agencies, both the Federal National Mortgage Association and the Government National Mortgage Association stepped up their net lending activity in the third quarter. In addition, FNMA's new commitment volume, which had been relatively low throughout much of the third quarter, picked up sharply in September as bidders—principally mortgage companies—attempted to secure FNMA commitments as a hedge against a possible future decline in mortgage prices. NET CHANGE IN MORTGAGE DEBT OUTSTANDING Seasonally adjusted. In billions of dollars, seasonally adjusted quarterly rates 1971 1972 TTyyppee ooff ddeebbtt III IV I II IIP Total 13.4 13.3 15.3 16.2 16.6 Residential 10.0 10.0 11.0 11.8 12.1 Other1 3.4 3.3 4.3 4.4 4.5 1 Includes commercial and other nonresidential as well as farm properties. ePartly estimated. FUNDS RAISED IN The volume of total corporate securities in the third quarter declined SECURITIES MARKETS to the lowest level in 2 years, as the pace of both public and private bond offerings slackened. Long-term debt financing by industrial corporations continued to be moderate, owing in part to the improved liquidity position of many firms. Financing needs of public utilities remained large, but many of these firms shifted their fund raising from the bond to the equity market. New stock offerings in the third quarter were still at the $3-billion level, which is quite high historically. This is substantially below the second-quarter total, but the volume in that period included one large individual issue by a communications firm. The reduction in borrower demands on capital markets in the third quarter applied also to the municipal area. Long-term debt OFFERINGS OF NEW SECURITY ISSUES Quarterly totals, in billions of dollars, not seasonally adjusted 1971 1972 TTyyppee ooff iissssuuee III IV I II IIP Corporate securities—Total .... 10.4 10.8 9.8 11.2 9.0 Bonds 6.4 7.6 7.0 7.4 5.9 Stocks 4.1 3.2 2.9 3.8 3.1 State and local government bonds 6.0 6.1 6.0 6.3 5.4 e Estimated. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1972 953 offerings by State and local governments declined by almost 15 per cent. Although the volume of revenue bonds remained above the $2-billion level, issues of general obligation bonds fell significantly, without doubt reflecting the comfortable liquidity position of many governmental units as revenues improved this year. U.S. Treasury net cash borrowing in the third quarter was relatively low. Moreover, more than half of the new debt issued during the period was acquired by foreign central banks in early July, using funds they had accumulated in foreign exchange support operations. Toward the end of the quarter, however, a substantial volume of bills was sold in the market from the portfolio holdings of foreign central banks and the Federal Reserve System. To a large extent, the System sales were made to offset the reservesupplying effect of a decline in Treasury balances at Federal Reserve Banks prior to the mid-September tax payments. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals, in billions of dollars, not seasonally adjusted 1971 1972 IItteemm III IV I II III Budget surplus or deficit -7.8 -10.6 -10.5 5.8 -2.1 New cash borrowings, or repayments (—) 9.1 12.5 3.9 -6.0 5.0 Other means of financing1 -.1 -.6 3.0 2.6 -3.2 Change in cash balance 1.2 1.3 -3.6 2.4 -.3 MEMO: Net borrowings by Federally sponsored credit agencies2 1.7 1.4 .4 1.2 ,le Checks issued less checks paid and other accrued items. 2Includes debt of FHLB's, the Federal Home Loan Mortgage Corporation, Federal land banks, Federal intermediate credit banks, banks for cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). e Estimated. INTEREST RATES Short-term rates, on balance, continued to rise over the third quarter—influenced, as noted earlier, by restraint relative to demand in the provision of bank reserves through open market operations and by market expectations of large Treasury cash borrowing needs later in the year and in early 1973. Yields on 3-month Treasury bills, after declining through mid-August, rose sharply until mid- September and advanced about 75 basis points over the quarter. Private open market rates advanced about 40 to 55 basis points on average. In association with the rise in market rates—particularly in the commercial paper market—and strong bank loan demand, the prime rate charged by most commercial banks was increased lA of a percentage point late in August and again by the same amount in early October. In contrast to short-term rates, yields on long-term securities fluctuated in a narrow range over the quarter as there were ample flows of investment funds into the capital markets and a pronounced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment of change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. moderation in private long-term credit demands. The sizable amount of debt lengthening accomplished by the Treasury in the mid-August advance refunding contributed to some increase in yields on intermediate-term Treasury notes and bonds, however. The continued ready availability of funds to supply the high demand for mortgage money was reflected in the stability of secondary market yields on Federal Housing Administration mortgages, which were only 2 basis points higher at the end of September than they had been 3 months earlier. The FHA series of yields on conventional first mortgages on new homes rose only 10 basis points over the quarter. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover- In all cases the analyses and conclunors of the Federal Reserve System and of sions set forth are those of the authors the Federal Reserve Banks undertake and do not necessarily indicate concurstudies that cover a wide range of eco- rence by the Board of Governors, by the nomic and financial subjects, and other Federal Reserve Banks, or by the memstaff members prepare papers related to bers of their staffs. such subjects. In some instances the Fed- Single copies of the full text of each of eral Reserve System finances similar the studies or papers summarized in the studies by members of the academic pro- BULLETIN are available in mimeographed fession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each BULLETIN that are of general interest to the eco- includes a separate section entitled "Staff nomics profession and to others are sum- Economic Studies" that enumerates the marized—or they may be printed in full— studies for which copies are currently in this section of the BULLETIN. available in that form. Study Summaries THE REGULATION OF SHORT-TERM CAPITAL MOVEMENTS IN MAJOR INDUSTRIAL COUNTRIES Rodney H. Mills, Jr.—Staff, Board of Governors Prepared as a staff paper in October 1972 In the past 15 years almost every major indus- short-term capital movements that have been trial country has imposed new measures to reg- adopted since the late 1950's in the following ulate international capital flows. These regula- countries: Belgium, France, Germany, Italy, tions have been adopted mainly to facilitate Japan, the Netherlands, Sweden, Switzerland, domestic monetary management, but at times and the United Kingdom. also to promote international monetary cooper- Measures to restrict net capital inflows were ation by limiting official reserve accruals. Only adopted extensively between 1958 and 1966 to in a few instances have they been used to reinforce policies of monetary restraint. Several protect monetary reserve holdings by limiting countries acted to limit outflows in 1969, when capital outflows, and in this respect the regula- a restrictive monetary policy in the United States tions have differed markedly from the exchange pulled funds from Europe via the Euro-dollar controls that were introduced in industrial market. New measures to prevent inflows were countries in the 1930's and 1940's. The new instituted in a great many countries in 1971, measures have been applied almost exclusively in connection with the general upheaval in exto short-term rather than to long-term capital change markets, and additional new regulations flows. This paper describes the regulations on with the same objective were imposed in some 955 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 countries after the floating of the pound sterling or gross foreign assets and liabilities, or on their in June 1972. net positions in foreign currency. The remaining Regulations to prevent or moderate capital four types are designed to discourage foreign inflows, or to encourage outflows, have been depositors from placing funds in the country, applied to banks much more extensively than such as by prohibiting the payment of interto nonbanks, because capital movements in the est—or applying negative interest—on deposits form of changes in bank assets and liabilities of nonresidents, or by limiting nonresidents' abroad are less complex and involve far fewer freedom to use such deposits. individual participants than do capital move- Regulations to limit inflows that have been ments occurring at the direct instigation of cor- applied to nonbanks have been an integral part porations and other nonbanks. Four of the 11 of the country's exchange controls except for types of measures imposed on banks constitute the use in Germany of reserve requirements incentives and disincentives to influence bank against the nonbanks' foreign liabilities. Regubehavior, such as reserve requirements on lations to limit capital outflows have been apforeign liabilities or swaps between commer- plied to both banks and nonbanks; those on cial banks and the central bank. Three other banks have consisted exclusively of limits on types of measures place limits on banks' net net foreign assets or net foreign-currency assets. FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE REVERSE CAUSATION ARGUMENT Raymond Lombra—Staff, Board of Governors and Raymond Torto—University of Massachusetts, Boston This paper is part of a larger study that was presented at a meeting of the Econometric Society in December 1971 and revised in mid-1972. The impressive statistical results presented to result in a specification error in an econometric support the hypothesis that changes in the model. At present the technique employed by money stock, or monetary base, produce—that most model builders is simply not to specify is, are the major cause of—the observable part of the transmission mechanism; that is, the changes in the level of economic activity have chain of causation, or feedback, from GNP to been questioned by many economic analysts. both the monetary aggregates and policy ac- The competing hypothesis usually advanced in- tions. The implicit or explicit assumption used volves the possible reverse influence of eco- is that changes in the monetary base, for exnomic activity on the monetary aggregates; that ample, are exogenously determined and, thereis, the reverse causation argument. This reverse fore, not functionally related to variations in the causality results from the interdependence of the demand for funds generated by changes in the supply and demand for money. Changes in the pace of economic activity. The paper examines quantity of money, therefore, may reflect many the following hypothesis: for the 1953-68 economic phenomena in addition to conscious period Federal Reserve 4'defensive" open marstabilization actions of the monetary authorities. ket operations confirm the interdependence of In economic, and statistical, theory a variable the supply and demand for money, and through is endogenous if it is jointly determined with the impact of these operations on the monetary other variables in the system. However, many base, are a measure of the feedback of the monetary theorists have chosen to call a variable effects of economic activity on the monetary exogenous—or not jointly determined—if its aggregates. magnitude is under the potential control of pol- Defensive actions are defined in this study as icy-makers. When the potential policy control the offsetting and accommodating actions of the is not exercised, this view of exogeneity can Federal Reserve as it seeks to stabilize condi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 957 tions in the money market. The stability of the of economic activity affects the demand for money market can be construed as one of the money, and if the Federal Reserve reacts to criteria of monetary policy; that is, money mar- changes in the demand for money, then the ket variables appear in the policy-makers' ob- supply and demand for money are interdependjective function during this period. An equation ent. Statistical evidence presented in the study measuring defensive operations is developed leads to .the inference that the monetary base and integrated into Stephen Goldfeld's econo- is a jointly dependent (or endogenous) variable metric model of the economy. In this enlarged and that the practice of using changes in the model the most important factors explaining monetary base as an independent (or exogenous) variations in open market operations are vari- measure of the influence of money in controlling ables representing Federal Reserve accommo- the economy may result in a serious overestidation of the demand for money. If the level mation of its impact. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Finance Companies, 1970 This report introduces a set of comprehensive their principal type of activity as sales, personal, tables showing the structure of finance company or business finance firms. By 1970, however, assets and liabilities at mid-1970. The data were this distinction was no longer meaningful bedeveloped from the 1970 Federal Reserve Sur- cause the trend toward diversification—already vey of Finance Companies.1 While the survey important in 1965—had broadened activities of was taken primarily to provide benchmark data many companies substantially further. Even for regularly published series on consumer and within the traditional types of specialization, business credit, it also provides useful insights lending had grown most rapidly in those areas into the composition of finance company loan where finance company participation had been portfolios and their major sources of financing. on a small scale in 1965—such as mobile-home When these results are compared with those for financing and leasing—and the tendency to similar benchmark surveys made at earlier 5- move into nonlending operations—already eviyear intervals, additional light is thrown on the dent in 1965—had also continued. changing structure of the finance company busi- At mid-1970 gross receivables outstanding at ness.2 When interpreting these comparisons, finance companies totaled $57 billion—61 per however, two qualifications should be kept in cent greater than at mid-1965. This rate of mind. First, the finance company surveys pro- expansion was somewhat faster than in the previde data on the financial conditions of such ceding 5 years, as shown in Table 1. But when companies for only 1 day every 5 years; second, the role of finance companies as lenders of the 1970 survey was held immediately after a consumer credit is viewed against the performrelatively long period of monetary restraint, ance of other types of institutional lenders in during which companies accumulated histori- that market (as documented from other sources), cally large amounts of short-term debt. finance companies appear to have lost ground relatively since mid-1965. DIVERSIFICATION OF In the consumer-lending area—which still FINANCE COMPANY ACTIVITIES accounted for the largest share of total finance company receivables at mid-1970—the finance In the finance company surveys made prior to company share of the market had dropped 1970, respondents were classified according to steadily from 34 per cent in 1965 to 28 per cent NOTE.—This report was prepared by Evelyn M. in 1970. This relative decline can be seen in Hurley of the Board's Division of Research and Statisthe revised consumer credit statistics in the tics. Becky H. Kirwan, Jean B. Davis, and Michael McMullan of the Division of Research and Statistics October 1972 BULLETIN (pages 882-98); these and Lois R. Weaver and James M. Condie of the revised data also show that the share of business Division of Data Processing helped with the survey, accounted for by finance companies receded not which was conducted with the cooperation and assistance of the Federal Reserve Banks and of industry trade just in the over-all consumer credit market but associations. in each of the major subsectors of the consumer *The survey covers 2,961 companies that provide credit market as well. specialized short- and intermediate-term financing to The decline in the finance company share of consumers and businesses. In addition to the usual data on assets and liabilities (as of June 30), the survey consumer credit markets reflected increased provides for the first time information on amounts of competition from other types of lenders, particcredit extended; the latter figures are for the month of ularly commercial banks and credit unions. As June 1970. 2Previous Federal Reserve surveys of finance compa- competition reduced the relative profitability of nies were made on June 30 of 1955, 1960, and 1965; consumer lending, finance companies elected to articles describing these surveys were published in the seek other, more profitable types of business. Federal Reserve BULLETIN for April 1957, October 1961, and April 1967, respectively. Pressure to diversify was intensified over much 958 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1 In the business sector, reasons for the GROSS RECEIVABLES AT FINANCE COMPANIES stepped-up growth of total receivables between the two most recent survey dates are suggested Percentage Share by the breakdown of credit types shown in Table AAmmoouunntt,, change between of total mmiidd--11997700 surveys (in per cent) 3. Again, the most dramatic expansion occurred TTyyppee ssuurrvveeyy in types of activity where outstandings had been ((iinn bbiilllliioonnss Mid- Midooff ddoollllaarrss)) 1960-65 1965-70 1965 1970 small. For example, leasing outstandings more Total (gross) ... 5577..11 5500 6611 110000 110000 than tripled over the 5-year period. Unlike leas- Consumer ... 3311..88 4455 4422 6633 5566 Business 2233..00 6611 7788 3366 4400 ing, the relative shares of wholesale and retail Other 22..33 --1111 11,,119977 11 44 credit and other traditional types of lending such as accounts receivable financing and factoring of the recent period by the squeeze on profits showed no increase in the business total. The being exerted by high borrowing costs arising general acceleration of business interest in leasfrom the general scarcity of funds. The shift ing over the period was no doubt strongly intoward diversification by finance companies is fluenced by heavy over-all business demand for illustrated in Table 1 both by the stepped-up capital financing, the comparatively high level growth of business and other receivables—at a of long-term interest rates, and the special tax time when growth in consumer receivables was advantages provided by leasing. slowing—and by the resulting shift in relative shares among the key types of receivables. TABLE 3 The process of finance company diversifica- BUSINESS RECEIVABLES AT FINANCE COMPANIES tion into more profitable lending alternatives developed to some extent even within the con- OOuuttssttaannddiinngg Percentage Share aatt mmiidd--11997700 change between of total sumer credit sector. Thus, while passenger car TTyyppee ssuurrvveeyy surveys (in per cent) and personal cash loans continued to be the most ((iinn bbiilllliioonnss 1960-65 1965-70 Mid- Midooff ddoollllaarrss)) 1965 1970 important types of consumer receivables out- Total 23.0 61 78 100 100 standing in mid-1970, their rates of increase Wholesale ... 7.5 n.a. 77 33 33 Retail 6.6 n.a. 63 31 29 from mid-1965 were less than half as rapid as Leasing 3.8 n.a. 352 7 17 the comparable increases over the preceding 5 Other 5.1 92 34 29 21 Commercial years (Table 2). The bulk of this slower growth accounts receivin traditional lending was offset by large in- able .... 1.4 n.a. 41 8 6 Factored creases in receivables arising from credit for accounts. 1.5 n.a. 82 6 6 mobile homes and other consumer goods. Miscellaneous ... 2.2 n.a. 11 15 9 TABLE 2 n.a. Not available. CONSUMER RECEIVABLES AT FINANCE COMPANIES Finally, the general stimulus to finance com- OOuuttssttaannddiinngg Percentage Share pany diversification also encouraged many firms aatt mmiidd--11997700 change between of total TTyyppee ssuurrvveeyy surveys (in per cent) to purchase or form additional nonfinance com- ((iinn bbiilllliioonnss 1960-65 1965-70 Mid- Mid- pany subsidiaries (foreign as well as domestic) ooff ddoollllaarrss)) 1965 1970 in such fields as retailing, insurance, and manu- Total1 31.8 45 42 100 100 Passenger facturing. While nonlending operations still cars 9.3 13 5 40 29 represented only a relatively minor share of total Mobile homes 2.3 n.a. 108 5 7 Other con- finance company assets at mid-1970, the asset sumer goods2 7.6 n.a. 120 16 24 category 4'other loans and investments," which Personal cash includes investments in nonfinance subsidiaries, loans 12.4 90 42 39 39 was double its mid-1965 share of total assets. includes residential repair and modernization loans not shown separately. 2Other consumer goods include general merchandise, CONCENTRATION OF ASSET HOLDINGS apparel, furniture, household appliances, and so forth, as well as campers and trailers not usable as homes, airplanes, helicopters, motorcycles, boats, revolving credit retail pa- The 61 per cent growth of finance company per, and automobile repair paper, n.a. Not available. receivables between the 1965 and 1970 surveys 959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 occurred in a period when the number of finance SOURCES OF FINANCING AT MID-1970 companies was dropping by about 30 per cent Finance companies traditionally operate on a to just under 3,000 (Table 4). Between 1960 relatively narrow capital base, relying primarily and 1965 the number of companies had also on borrowing as a source of funds. At mid-1970 dropped, by about 33 per cent. Reflecting this equities, therefore, accounted for only a sixth trend toward greater concentration, there were of total finance company liabilities and capimore large finance companies (with gross retal—little changed from earlier surveys— ceivables of $25 million and over) at mid-1970 whereas debt accounted for roughly threethan 5 years earlier, and the share of total quarters. receivables accounted for by such companies The bulk of finance company borrowing is was also larger. On the other hand, the number short term and, of this, the largest share is in of medium-size and small companies had dethe form of commercial paper. This traditional clined, along with their shares of total receivdebt structure was particularly evident at midables. 1970, as shown in Table 5, with short-term debt TABLE 4 accounting for nearly two-thirds of all debt and NUMBER OF FINANCE COMPANIES AND LOANS commercial paper accounting for nearly three- OUTSTANDING—MIDYEARS 1960,1965, AND 1970 quarters of the short-term total. The table also Percentaf >e change shows that between 1965 and 1970 short-term from : survey debt increased in importance relative to long- Item 1960 1965 1970 to si irvey term debt; likewise, within the short-term cate- 1960-65 1965-70 gory, commercial paper borrowing rose relative Number of finance to bank debt. companies surveyed 6,424 4,293 2,961 -33.2 -31.0 The smaller than usual reliance on long-term Gross loans debt, evident at mid-1970, obviously reflected outstanding (in millions of the reluctance of finance companies to become dollars) 23,681 35,482 57,113 49.8 61.0 locked into the high long-term rates that developed after 1965, especially in 1969 and early To some extent this shift toward greater con- 1970. Shortly after the 1970 survey, however, centration was attributable to business failures. long-term interest rates declined substantially, Other factors were a sizable number of mergers; and in the second half of 1970 finance compainternal growth of some companies that moved nies began to restructure their balance sheets to them into the next larger size category without include more long-term debt. benefit of mergers; and the omission of other companies from the finance company universe TABLE 5 because they were no longer engaged in short- FINANCE COMPANY BORROWING or intermediate-term lending.3 Business failures and mergers were probably triggered to some DDeebbtt oouutt-- Percentage Share of extent by the years of high interest costs and ssttaannddiinngg aatt change between total debt scarce funds, as well as by the intensified com- TTyyppee ss mm uu ii rr dd vv -- ee 11 yy 99 (( 77 ii 00 nn surveys (in percent) bbiilllliioonnss ooff Mid- Midpetition from other types of lenders. ddoollllaarrss)) 1960-65 1965-70 1965 1970 3The survey requested that companies submit a con- Total 46.1 49 66 100 100 Long-term ... 16.5 46 27 47 36 solidated report covering the operations of a parent Short-term1... 29.6 50 101 53 64 finance company and all its domestic finance company Bank 6.6 2 24 19 14 subsidiaries. But no data are available showing the Commercial number of companies responding to the 1965 survey paper. 22.1 n.a. 147 32 48 that are now subsidiaries of other domestic finance Directly companies. Similarly, although commercial banks have placed 19.2 n.a. 151 28 42 also acquired a number of finance companies in recent Dealer placed 2.8 n.a. 125 5 6 years, these subsidiaries are not in the survey universe because data on them are collected on a regular basis 1 Includes short-term debt not elsewhere classified and not through bank call reports. No data are available on the shown separately, number of respondents to the 1965 survey that are now n.a. Not available. bank subsidiaries. NOTE.—Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 961 The increase in short-term borrowing in the curtailment in bank credit lines. As the cominterval from mid-1965 to mid-1970 was cen- mercial paper market expanded, new types of tered entirely in commercial paper. The growth investors discovered that such paper was a useof short-term finance company debt at banks was ful outlet for liquid funds. Of the varied investor slightly less than that of total long-term debt groups, commercial banks were the largest over the period, and the ratio of short-term bank buyer of finance company paper outstanding at debt to total finance company debt declined mid-1970 (Table 6). However, because the banks slightly. During the years of general credit were operating in large measure as middlemen stringency, banks found it difficult to supply all for customers, it is not evident how the outof the funds needed by finance companies to standing paper was distributed among ultimate expand and diversify. This was particularly true holders. in 1969 and early 1970 when bank liquidity was low and bank reserves were under pressure from TABLE 6 the combination of heavy business loan de- PURCHASERS OF FINANCE COMPANY COMMERCIAL mands and restrictive credit policy. Under these PAPER—JUNE 30,1970 conditions finance companies found the effec- Amount tive rate paid for short-term borrowing at banks outstanding, Percentage Type of purchaser in millions distribution more costly than the charges for directly placed of dollars among holders commercial paper (see chart). Finance-company-issued commercial paper, total INTEREST RATES AFFECTING FINANCE amount outstanding 22,073 100.0 COMPANIES' DECISIONS ON BORROWING Domestic: June 1965-June 1970 Banks 8,824 40.0 Nonfinancial corporations ... 2,148 9.7 ANNUAL RATE, PER CENT Insurance companies 926 4.2 Private pension funds 1,863 8.4 Other trust funds, foundations, etc 1,643 7.4 Governments 590 2.7 Individuals 1,736 7.9 Brokers and dealers 2,809 12.7 Other 789 3.6 Foreign banks, governments, corporations, individuals, etc 745 3.4 In addition to offering higher yields, commercial paper often provided more flexible maturities than alternative kinds of investment, such as negotiable time certificates of deposit and Treasury bills. With the range of investor participation thus widening, finance companies responded quickly to this marketing opportunity 1965 1966 1967 1968 1969 1970 to cover their own growing financing require- Finance company paper is average of daily rates. ments. Because commercial paper is an unsecured More generally, finance companies were able short-term promissory note, only large, wellto rely on the commercial paper market to meet known firms can sell these notes in the open their expanded needs because of the dramatic market. Most such paper is sold directly by the over-all growth of the commercial paper market issuing company to the lender and usually at that developed after the tight money episode of an interest rate below the prime rate charged 1966. Nonfinancial corporations, in particular, on business loans at banks (see chart). Some turned in increasing numbers to commercial finance company paper is placed indirectly paper, both because of the generally high costs through dealers; however, after the dealer's fee of capital market financing and as a means of is added to the interest rate, the total cost is hedging against the possibility of an unwanted often as high—or even higher—than the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 finance companies pay at banks. Selling directly began to restrict their purchases to prime-rated also has extra costs, since it requires a company issues of companies with full bank-line coverage to set up and maintain a large, well-trained of their borrowings. This change created problems for several finance companies about which TABLE 7 there were market rumors of illiquidity. As a FINANCE COMPANY SURVEY RESPONDENTS result, the affected finance companies were REPORTING COMMERCIAL PAPER LIABILITIES- forced to resort to heavy bank borrowing as a MIDYEARS 1965 AND 1970 means of covering sizable redemptions of their Number of maturing commercial paper that could not be SSiizzee ooff ccoommppaannyy companies Total number of ((ccoonnssuummeerr aanndd bbuussiinneessss issuing com- companies in rolled over in the market. While this restructurllooaannss oouuttssttaannddiinngg,, iinn mercial paper size category ing process persisted for a period of weeks tthhoouussaannddss ooff ddoollllaarrss)) 1965 1970 1965 1970 during the summer of 1970, only the initial 100,000 and over 43 54 44 58 impact was reflected in the survey data collected 25,000-99,999 51 44 82 77 at mid-1970. 5,000-24,999 32 26 164 112 2,500-4,999 4 14 133 128 1,000-2,499 1 365 271 500-999 535 424 SOURCES BY SIZE OF BORROWER 250-499 800 511 100-249 "i 971 554 The survey data suggest rather different trends Under 100 1,199 826 in sources of financing when broken down by Total number 132 138 4,293 2,961 size of borrower. Borrowing patterns for companies with receivables of $25 million or more marketing department. But at mid-1970, 87 per were similar to those described above for the cent of commercial paper liabilities outstanding universe—that is, short-term debt became sigat finance companies had been placed directly. nificantly more important as a share of total Of the approximately 3,000 companies rep- liabilities and capital between 1965 and 1970, resented in the 1970 survey, only 138 had and commercial paper accounted for most of this commercial paper outstanding on the survey increase. Among finance companies with redate (Table 7). Of this number, only 14 held ceivables of less than $25 million, however, less than $5 million in receivables. Commercial more than one-fourth of all funds provided at paper sales by this latter group were in small mid-1970 represented capital and surplus. The amounts in local markets. Companies reporting substantially smaller equity share evident for the receivables of $100 million and over, on the universe of all finance companies, as well as other hand, accounted for 97 per cent of the for large companies, is partly attributable to a outstanding paper. downward bias introduced by the large finance In the late 1960's doubts began to develop companies owned by major automobile, retailabout the credit standards being observed by ing, and appliance firms. When evaluating the some of the new borrowers and investors par- financial condition of these subsidiaries, investicipating in the commercial paper market— tors generally look to the large parent companies large numbers of which were relatively inex- as sources of ultimate financial support and perienced. These doubts deepened during 1969 hence are not so concerned about a narrow and early 1970 when the cumulative squeeze capital base. of tight money on corporate liquidity appeared In addition to the difference in equity capital, to threaten bankruptcy for several key firms that smaller finance companies showed a greater were major note issuers in the commercial paper reliance on long-term debt than large companies market. The situation was climaxed in June and showed no change in their relative reliance 1970 by the failure of a major railroad. Since on commercial paper compared with 1965. the immediate cause of the failure was the Again, the extent of these observed differences inability of the railroad to roll over a sizable between large and small companies is accentublock of its maturing commercial paper, inves- ated by the special role played by the large tors in the commercial paper market suddenly subsidiary companies mentioned earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 963 TECHNICAL NOTE businesses from the Department of Health, Education and Welfare, trade journals, and newspa- The 1970 Survey of Finance Companies was depers. A form was mailed to each of the approxisigned to collect data on the major assets and mately 6,100 names appearing on the mailing list. liabilities of finance companies engaged in making Two follow-up requests were made to short- and intermediate-term instalment loans to nonresponding companies. A copy of the form and consumers and/or businesses. In the survey a fiinstructions appear on pp. 968-72. nance company was defined as a company (ex- The number of survey forms originally mailed cluding banks, credit unions, and savings and loan and the major categories into which the responses associations) in which the largest portion of the fell are shown in the accompanying table. company's assets were in one or more of the following kinds of receivables: Percentage 1. Sales receivables—instalment paper arising Number distribution from retail sales of passenger cars and mobile Forms of of forms companies mailed homes; from other consumer goods, such as general merchandise, apparel, furniture and household Total mailing 6,116 100.0 Returned 4,673 76.4 appliances, boats and planes, trailers not usable Usable and in survey 2,574 as homes, motorcycles, and motor scooters; and/or Not usable 2,099 34.3 from outlays for residential repair and moderniza- Not a finance company (1,491) (24.4) Finance company subsidiary or tion not secured by real estate. branch of reporting company (216) (3.5) 2. Personal cash loans to individuals and Out of business (272) (4.4) Postal return (83) (1.4) families—unsecured cash loans or cash loans se- Other (37) (.6) cured by life insurance policies, automobiles al- Not returned 1,443 23.6 ready paid for, and other collateral. 3. Short- and intermediate-term business re- In order to obtain estimates of assets and liabilceivables—loans on commercial accounts receivities for the approximately 1,400 nonrespondents able, inventory loans, factoring of commercial to the 1970 survey, the 12 Federal Reserve Banks accounts receivable, leasing, retail instalment sales conducted a special follow-up of a 25 per cent (or purchases) of commercial, industrial, and farm sample of those that did not respond. The percentequipment and commercial vehicles, and wholesale financing of consumer and business goods.1 age distribution of the responses is as follows: Finance companies were asked to report the Within the scope of the survey 33.1 Not a finance company 4.6 consolidated recorded operations of the affiliated Finance company subsidiary or branch U.S. finance companies including the parent fi- of reporting company 1.8 Out of business 7.4 nance company and its domestic subsidiaries Could not be located 1 1.3 Refusal to answer 16.2 (whether wholly or partly owned) engaged in do- Nonresponse to all requests 25.6 mestic consumer and/or business financing activi- The detailed balance-sheet information obtained ties. Excluded from the consolidation were the from the 33.1 per cent of the nonrespondents operations of all domestic nonfinance company within the scope of the survey was then expanded affiliates and subsidiaries and all foreign compato represent all nonreporters within the scope of nies.2 Finance company branches and subsidiary the survey. These data for nonrespondents were finance companies were asked only to give the included with those for respondents to obtain deparent finance company's name. tailed assets and liabilities for all finance compa- The mailing list for the 1970 survey was derived nies and size classes. from various sources: the 1965 survey mailing list, The heavy concentration of receivables in a few trade association rosters, and information on new large companies and the high response rate of these companies make the dollar aggregates reasonably *For a detailed description of these various types of accurate estimates of the amount and kind of short- and intermediate-term business receivables see financing underwritten by the finance company ''Business Financing by Business Finance Companies" industry. As is apparent, less confidence can be in the Federal Reserve BULLETIN, October 1968. placed in the estimates of the number of companies 2A domestic company was defined in the survey as in the smaller size classes and, in particular, in one claiming domicile in one of the 50 States or the changes in these numbers from survey to survey. District of Columbia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 APPENDIX TABLE 1 ASSETS OUTSTANDING AT FINANCE COMPANIES—MIDYEARS I960, 1965, AND 1970 Amount outstanding Percentage of total assets (net) Item In millions of dollars Percentage change 1960 1965 1970 1960-65 1965-70 1960 1965 1970 Total loans—Gross 23,681 35,482 57,113 49.8 61.0 94.8 97.8 94.4 Less: Reserves 2,001 3,270 6,254 63.4 91.3 8.0 9.0 10.4 Total loans—Net 21,680 32,211 50,859 48.6 57.9 86.8 88.8 84.0 Cash and bank balances.... 1,440 1,481 2,022 2.8 36.5 5.8 4.1 3.4 Other loans and investments. 1,025 1,917 6,041 87.0 215.1 4.1 5.3 10.0 U. S. Govt, obligations n.a. 123 34 n.a. -72.4 n.a. .3 Other marketable securities n.a. 287 1,481 n.a. 416.0 n.a. .8 2.4 All other i n.a. 1,507 4,526 n.a. 200.3 n.a. 4.2 7.5 All other assets 834 666 1,655 -20.1 148.5 3.3 1.8 2.7 Total assets—Net 24,978 36,275 60,577 45.2 67.0 100.0 100.0 100.0 APPENDIX TABLE 2 BUSINESS RECEIVABLES OUTSTANDING AT FINANCE COMPANIES—MIDYEARS 1960, 1965, AND 1970 Amount outstanding PPeerrcceennttaaggee ooff ttoottaall bbuussiinneessss rreecceeiivvaabblleess TTyyppee ooff bbuussiinneessss rreecceeiivvaabbllee In millions of dollars Percentage change 1960 1965 1970 1960-65 1965-70 1965 1970 Wholesale paper n.a. 4,239 7,521 n.a. 77.4 32.8 32.7 Automobiles 2,230 2,897 5,053 29.9 74.4 22.4 22.0 O O t t I O h h n e e t v h r r e e n c r t o o n w r s y h u o m l l o e e a s r a n l s g e o p o a d p s e r 4 ( ( ( 1 2 2 22 ) ) ) 1,0 n n 3 . . 2 1 a a 4 8 . . 1 1 , , 7 7 6 3 9 5 7 9 2 3 6 -22 ( ( ( .8 2 2 2 ) ) ) 1 7 1 n n 5 2 . . . a a . 0 6 . . n n 2 7 . . . . a a 5 9 . . 2 7 7 . . . . 6 9 8 2 Re C ta o i m l p m a e p r e c r i al vehicles n ( .a3. ) 4 1 , , 0 6 3 1 3 4 6 3 , , 5 0 6 9 3 0 n ( .a3. ) 9 6 1 2 . . 4 7 3 1 1 2 . . 2 5 2 1 8 3 . . 5 4 Business, industrial, and farm equipment 4 2,847 2,419 3,473 4 70.3 43.6 18.7 15.1 Le M O as t e o M B h t u e p o o r s a t r i o p n l r v e e e a e s r h s v s e , e i c s h i l 5 i n e c d s l e u a s s n tr d i a e l, q u a i n p d m fa e r n m t equipment n ( ( ( ( .a 3 3 3 2 . ) ) ) ) n n 8 8 . . 4 1 2 a a 1 6 5 . . 2 1 3 3 , , , , 2 4 8 7 9 0 0 0 9 9 3 2 2 9 n ( ( ( ( .a 3 3 2 3. ) ) ) ) 3 2 3 5 9 5 n n 2 6 3 . . . . . a a 1 7 0 . . n n 6 6 . . . . . a a 3 5 2 . . 1 1 1 6 0 6 6 . . A . . 1 0 1 5 Other business credit 62,538 3,817 5,113 691.7 34.0 29.5 22.2 Loans on commercial accounts receivable n.a. 1,031 1,449 n.a. 40.5 8.0 6.3 Factored accounts receivable n.a. 807 1,472 n.a. 82.4 6.2 6.4 All other business credit7 n.a. 1,978 2,192 n.a. 10.8 15.3 9.5 Total business receivables 8,027 12,931 22,999 61.1 77.9 100.0 100.0 NOTES TO APPENDIX TABLES 1 See item 6 of instructions for Assets, p. 972. 9 See item 5 of instructions for Liabilities, Capital, and Surplus, 2 Included in "other business credit." p. 972. 3 Included in "business, industrial and farm equipment." 10 See item 8 of instructions for Liabilities, Capital, and Surplus, 4 Also includes retail paper on commercial vehicles and lease paper p. 972. on commercial vehicles and business, industrial and farm equipment. 11 See item 1C(1) of instructions for Assets, p. 971. 5 See item 1H(3) of instructions for Assets, p. 971. 12 See item 1C(2) of instructions for Assets, p. 971. 6 Includes inventory loans, wholesale paper on business, industrial 13 See item 1L of instructions for Assets, p. 972. and farm equipment as well as "all other leases." 7 See item IK of instructions for Assets, p. 972. n.a. Not available. 8 See item 3 of instructions for Liabilities, Capital, and Surplus, p. 972. Note.—Components may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 965 APPENDIX TABLE 3 LIABILITIES AND CAPITAL OUTSTANDING AT FINANCE COMPANIES—MIDYEARS I960, 1965, AND 1970 Amount outstanding Percentage of total liabilities and capital Type of liability In millions of dollars Percentage change 1960 1965 1970 1960-65 1965-70 1960 1965 1970 Bank loans 5,649 5,559 7,551 -1.6 35.8 22.6 15.3 12.5 Short-term 5,162 5,290 6,581 2.5 24.4 20.7 14.6 10.9 Long-term 487 269 969 -44.8 260.2 1.9 .7 1.6 Commercial paper 8,933 22,073 147.1 24.6 36.4 D D i e r a e l c e t r l y p l p a l c a e c d e d 4,642 1 7 , , 2 6 5 7 6 7 1 2 9 , , 8 2 2 4 6 7 104.2 1 1 5 2 0 5 . . 7 0 18.6 2 3 1 . . 4 2 3 4 1 . . 7 8 Other short-term notes 8 547 975 78.2 1.5 1.6 D O e th p e o r s i c t u l r i r a e b n i t l it l i i e a s b ilities 9 1,758 2,2 7 0 0 9 7 3,4 6 6 3 8 9 65.9 - 5 9 7 .6 .0 7.0 6 1 . . 1 9 5 1 . . 7 1 Other long-term senior debt 6,076 9,159 11,154 50.7 21.8 24.3 25.2 18.4 Subordinated debentures 2,280 3,497 4,347 53.4 24.3 9.1 9.6 7.2 All other liabilities i o 506 220 424 -56.5 92.7 2.0 .6 .7 Capital and surplus 4,066 5,443 9,947 33.9 82.7 16.3 15.0 16.4 Total liabilities and capital 24,978 36,275 60,577 45.2 67.0 100.0 100.0 100.0 Memo: Short-term debt 9,804 14,741 29,629 50.4 101.0 39.3 40.6 48.9 Long-term debt 8,843 12,954 16,470 46.5 27.1 35.4 35.7 27.2 Total debt 18,647 27,695 46,100 48.5 66.5 74.7 76.3 76.1 APPENDIX TABLE 4 DIRECT LOANS MADE AND PAPER PURCHASED BY FINANCE COMPANIES DURING JUNE 1970 In millions of dollars Size of company (consumer and business short- and intermediate-term loans outstanding, in thousands of dollars) Type of loan Total 100,000 25,000- 5,000- 2,500- 1,000- 500- 250- 100- Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Co S n a s l u es m r e e r c e re iv c a e b iv le a s b les 2 3 , , 0 5 6 2 5 6 2 1 , , 8 8 8 3 5 6 3 1 7 4 6 0 10 3 2 3 4 1 6 7 4 1 3 6 26 8 20 5 1122 33 1 6 7 Retail passenger car paper 806 709 60 14 6 6 4 33 1 3 Mobile homes and campers 125 117 6 Ot B he o r a t r s e , t a a i i l r p c l o a n n s e u s m , e e t r c g .1 o 1 o ds paper 1,11 1 9 6 1,008 8 66 6 15 11 9 3 2 1 3 All other 12 1,103 999 60 15 11 8 3 2 1 3 Home repair and modernization loans... 14 2 7 3 Personal cash loans 1,461 1,049 237 69 29 26 18 15 9 10 Business receivables 6,975 6,131 528 74 135 17 80 4 3 4 Wholesale paper 3,043 2,976 43 11 6 2 33 Automobiles 2,644 2,631 7 3 2 Other consumer goods 145 122 17 5 Inventory loans 16 1 14 j All other 238 222 5 3 3 1 2 1 Retail paper 590 463 6 5 111 1 1 Commercial vehicles 233 229 1 1 1 Business, industrial, and farm equipment. 356 234 6 4 110 1 Lease paper 320 201 112 5 Motor vehicles 168 131 36 1 Business, industrial, and farm equipment 148 68 75 4 1 All others 3 2 1 Ot L he o r a n b s u s o i n n e c s o s m c m re e d r i c t ial accounts receivable 3 1 , 0 ,0 2 3 3 2 2,4 8 9 1 1 6 3 9 6 0 6 5 2 3 6 1 1 7 4 1 1 3 0 7 7 6 4 3 \ 1 3 A Fa ll c t o o t r h e e d r a b c u c s o in u e n s t s s c r r e e c d e i iv t7 a ble 1 , 5 4 7 2 1 0 1,1 5 6 1 0 5 23 3 7 9 1 1 5 1 2 1 3 2 11 2 j Other receivables13 437 357 11 t 65 11 Total receivables—Gross 10,938 9,372 915 177 183 60 170 24 15 21 For notes see p. 964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 APPENDIX TABLE 5 ASSETS AND LIABILITIES OUTSTANDING AT FINANCE COMPANIES, BY SIZE OF RECEIVABLES AS OF JUNE 30,1970 In millions of dollars Size of company (consumer and business short- and intermediate-term loans outstanding, in thousands of dollars) Balance sheet item Total 100,000 25,000- 5,000- 2,500- 1,000- 500- 250- 100and over 99,999 24,999 4,999 2,499 999 499 249 Assets Consumer receivables 31,773 27,458 2,268 856 315 333 253 159 Sales receivables 19,393 17,706 969 292 116 133 90 51 Retail passenger car paper 9,250 8,556 336 124 70 62 53 31 Mobile homes and campers 2,327 2,175 127 7 6 8 3 1 Other retail consumer goods paper 7,611 6,903 430 124 37 56 29 16 Boats, airplanes, etc.11 177 92 69 9 2 4 1 1 All other 12 7,434 6,811 362 116 35 52 28 16 Home repair and modernization loans. 205 72 76 37 4 8 4 3 Personal cash loans 12,380 9,752 1,299 564 199 200 163 108 Business receivables 22,999 20,930 1,499 305 120 71 31 17 Wholesale paper 7,521 7,239 196 48 13 8 10 5 Automobiles 5,053 5,024 12 5 4 2 3 1 Other consumer goods 676 546 104 19 1 3 2 Inventory loans 53 4 40 2 5 1 1 All other 1,739 1,665 40 21 3 4 3 1 Retail paper 6,563 6,178 245 55 49 21 9 3 Commercial vehicles 3,090 3,043 5 12 11 10 5 2 Business, industrial, and farm equipment.. 3,473 3,134 239 43 38 11 4 2 Lease paper 3,802 3,383 323 73 15 4 2 2 Motor vehicles 1,403 1,381 12 5 3 1 1 Business, industrial, and farm equipment.. 2,299 1,939 301 43 12 2 1 All others 99 62 10 25 Other business credit 5,113 4,131 736 129 44 39 9 Loans on commercial accounts receivable. 1,449 1,158 200 45 27 13 2 Factored accounts receivable 1,472 1,120 307 28 5 5 2 All other business credit7 2,192 1,852 229 56 12 21 5 Other receivables13. 2,342 2,169 106 19 14 11 14 Total receivables—Gross 57,113 50,557 3,873 1,180 449 416 298 181 Less: Reserves for unearned income. 5,131 4,509 360 124 43 43 27 15 Less: Reserves for losses 1,123 941 106 31 15 12 8 5 Total receivables—Net 50,859 45,107 3,408 1,024 390 360 262 161 Cash and interest-bearing deposits. . 1,920 1,523 252 84 19 18 11 6 Time deposits 102 82 6 5 1 2 2 1 Other loans and investments 6,041 5,259 538 136 48 23 14 9 U.S. Govt, securities 34 25 2 1 2 2 1 1 Other marketable securities 1,481 1,418 38 4 4 5 4 3 All other loans and investments1. 4,526 3,816 497 131 42 17 10 5 All other assets 1,655 1,276 193 96 29 22 18 10 Total assets—Net. 60,577 53,247 4,397 1,346 486 426 306 187 Liabilities and capital Loans and notes payable to banks 7,551 5,119 1,419 542 162 148 42 Short-term 6,581 4,620 1,132 483 120 108 28 Long-term 969 499 287 59 41 40 14 Commercial paper 22,073 21,315 699 40 19 Directly placed 19,247 18,782 423 27 16 Dealer placed 2,826 2,533 276 14 3 Other short-term debts 975 680 120 45 29 40 29 18 Deposit liabilities and thrift certificates. 639 420 80 59 29 29 14 6 Other current liabilities9 3,468 3,101 214 96 22 12 13 6 Other long-term senior debt 11,154 10,429 475 132 49 23 16 15 Long-term subordinated debt 4,347 3,782 313 122 51 40 21 12 All other liabilities i o 424 265 63 31 17 13 13 7 Capital, surplus, and undivided profits.. 9,947 8,137 1,014 278 110 120 111 81 Total liabilities, capital, and surplus. 60,577 53,247 4,397 1,346 486 426 306 187 Memoranda: Amount of commercial paper outstanding as of June 30, 1970, purchased by: Domestic banks 8,824 8,730 70 Domestic nonfinancial companies 2,148 2,040 102 Domestic insurance companies 926 912 10 Domestic private pension funds 1,863 1,857 6 Other domestic institutions 1,643 1,618 24 Domestic governments 590 567 23 Domestic individuals 1,736 1,437 289 3 Foreign govts., institutions, individuals, etc... . 745 742 2 Others 3,598 3,411 174 13 Short-term debt. 29,629 26,615 1,952 568 168 149 46 Long-term debt.. 16,470 14,710 1,075 313 141 103 41 Total debt. 46,099 41,325 3,026 882 309 252 155 87 Number of companies. 2,961 58 77 112 128 271 424 511 For notes see p. 964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 967 APPENDIX TABLE 6 RECEIVABLES OUTSTANDING AT FINANCE COMPANIES—MIDYEARS 1965 AND 1970 Size of company (gross receivables outstanding, in millions of dollars) TTyyppee ooff rreecceeiivvaabbllee All companies 25 and over 5 to 25 Under 5 1965 1970 1965 1970 1965 1970 1965 1970 Amount outstanding, in millions of dollars Consumer receivables 22,357 31,773 19,374 29,726 1,335 856 1,648 1,191 Sales receivables 13,662 19,393 12,371 18,675 551 292 740 426 Retail passenger car paper 8,822 9,250 8,112 8,892 260 124 450 234 Mobile homes and campers 1,120 2,327 1,023 2,302 51 7 46 18 Other retail consumer goods paper 3,461 7,611 3,052 7,334 207 125 202 152 Boats, airplanes, etc.11 61 177 36 161 21 9 4 7 All other 12 3,400 7,434 3,016 7,173 186 116 198 145 Home repair and modernization loans 259 205 184 148 33 37 42 20 Personal loans 8,695 12,380 7,003 11,051 784 564 908 765 Business receivables 12,931 22,999 11,919 22,429 671 305 339 265 Wholesale paper 4,239 7,521 4,068 7,435 121 48 50 38 Automobiles 2,897 5,053 2,844 5,036 28 5 25 12 Other consumer goods 318 676 261 650 36 19 21 7 Other 1,024 1,792 963 1,749 57 23 4 20 Inventory loans n.a. 53 n.a. 44 n.a. 2 n.a. 7 Other wholesale paper n.a. 1,739 n.a. 1,705 n.a. 21 n.a. 13 Retail paper 4,033 6,563 3,736 6,423 216 55 81 85 Commercial vehicles 1,614 3,090 1,578 3,048 13 12 23 30 Business, industrial, and farm equipment. . 2,419 3,473 2,158 3,373 203 43 58 57 Lease paper 841 3,802 668 3,706 158 73 15 23 Motor vehicles and equipment 816 3,702 647 3,633 156 48 13 21 Motor vehicles n.a. 1,403 n.a. 1,393 n.a. 5 n.a. 5 Business, industrial, and farm equipment.. n.a. 2,299 n.a. 2,240 n.a. 43 n.a. 16 Other leases 5 25 99 21 72 2 25 2 2 Other business credit 3,817 5,113 3,447 4,867 176 129 193 117 Loans on commercial accounts receivable. 1,031 1,449 884 1,358 43 45 104 46 Factored accounts receivable 807 1,472 752 1,427 38 28 17 17 Other 7 1,978 2,192 1,811 2,081 95 56 72 55 Other receivables13 194 2,342 107 2,275 51 19 36 48 Total receivables—Gross 35,482 57,113 31,399 54,430 2,059 1,180 2,024 1,503 Number of companies 4,293 2,961 126 135 164 112 4,003 2,714 APPENDIX TABLE 7 LIABILITIES AND CAPITAL OUTSTANDING AT FINANCE COMPANIES-MIDYEARS 1965 AND 1970 Size of company (gross receivables outstanding, in millions of dollars) Type of liability All companies 25 and over 5 to 25 Under 5 1965 1970 1965 1970 1965 1970 1965 1970 Amount outstanding, in millions of dollars Bank loans 5,559 7,551 3,939 6,538 918 542 702 471 Commercial paper 8,933 22,073 8,872 22,014 53 40 8 35 Directly placed 7,677 19,247 7,663 19,205 10 27 4 29 Dealer placed 1,256 2,826 1,209 2,809 43 14 4 5 Other short-term notes 8 547 975 304 800 46 45 197 114 Deposit liabilities 707 639 503 500 94 59 110 80 Other current liabilities9 2,209 3,468 2,050 3,315 95 96 64 57 Other long-term senior debt 9,159 11,154 8,883 10,904 179 132 97 118 Subordinated debentures 3,497 4,347 3,117 4,095 213 122 167 130 All other liabilities * o 220 424 139 328 40 31 41 65 Capital and surplus 5,443 9,947 4,312 9,151 473 278 659 518 Total liabilities and capital 36,275 60,577 32,119 57,644 2,111 1,346 2,045 1,587 Memo: Short-term debt 14,741 29,629 12,968 28,566 963 568 839 495 Long-term debt 12,954 16,470 12,147 15,785 446 313 332 373 Total debt 27,695 46,100 25,115 44,351 1,409 881 1,171 868 For notes see p. 964. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 FR 514 Budget Bureau No. 55-S70002 6-70 1970 SURVEY OF FINANCE COMPANIES Appr°ua'Expires June 3°' 1971 CONFIDENTIAL DOMESTIC FINANCE COMPANY REPORT A. A finance company is defined in this survey as a company (excluding banks, credit unions and savings and loan associations but including bank holding companies) in which the largest portion of the company's assets are in one or more of the following kinds of receivables: (1) Sales receivables—instalment paper arising from retail sales of passenger cars and mobile homes, other consumer goods, such as general merchandise, apparel, furniture and household appliances, and/or from outlays for residential repair and modernization not secured by real estate; (2) Personal cash loans to individuals and families—unsecured cash loans or cash loans secured by life insurance policies, autos already paid for and other collateral; (3) Short-term business receivables—loans on commercial accounts receivable, inventory loans, factoring, leasing, retail instalment sales (or purchases) of commercial, industrial and farm equipment and commercial vehicles, and wholesale financing of consumer and business goods. B. In filling out this report please consolidate operations of affiliated U. S. finance companies including the parent finance company and its domestic subsidiaries (whether wholly or partly owned) engaged in domestic consumer and business financing activities and for which you maintain records. Exclude from the consolidation the operations of all domestic nonfinance company affiliates and subsidiaries and all foreign companies. A domestic company is defined as one claiming domicile in one of the 50 states or the District of Columbia. C. Note to Reporting Finance Companies. Please list below the names of the affiliated or subsidiary finance companies included in this consolidated report. (If space below is not sufficient to list all names, please complete the list on an attached sheet of paper.) D. Note to Finance Company Branches and Subsidiary Finance Companies: Please fill in the name and address of your parent company. Parent Company Name Street City State Zip Parent is: Finance Company •; Bank •; Bank Holding Company •; Other (specify) Is your balance sheet being reported in this survey on a consolidated basis with the parent company or another affiliate (check one)? No •, then please complete pages 2 and 3, sign and return. Yes •, then do not complete pages 2 and 3. Please sign on page 3 and return. PLEASE READ INSTRUCTIONS ON PAGES 4 AND 5 CAREFULLY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 969 ASSETS Amount of Direct Loans If the following breakdowns are not available from your records, Mad D e u a ri n n d g P J a u p n e e r 1 P 9 u 7 r 0 c hased Am J o u u n n e t O 30 u , t s 1 ta 97 n 0 d ing please estimate. (Column 1) (Column 2) 1. Receivables: Mil. Thous. Dols. Mil. Thous. Dols. A Retail auto (total (1) and (2) below) $ $ (1) Passenger cars (2) Commercial vehicles B. Mobile homes C Other rptail cnrrsumpr annris (total (1) and (?) hplnw) (1) Boats,airplanes, etc (2) Other D. Residential repair and modernization loans F. Wholesale paper: (1) Autopaper (2) Other consumer goods (3) Inventory loans . .. (4) All other G Retail paper on business industrial and farm equipment H. Lease paper: (1) Auto paper (2) Business, industrial, and farm equipment (3) All other 1. Loans on commercial accounts receivable J. Factored commercial accounts receivable K. All other business credit L. Other accounts and notes receivable M. Reserves for unearned income ( / \ ) N. Reserves for losses on above receivables 2. Cash and non-interest-bearinq deposits 3. Time deposits (including certificates of deposit) 4. U.S. Government securities 5 Other marketable securities . . . .... 6. All other loans and investments (including the consolidated companies' investment in nonconsol idated affi Mates and subsidiaries) . . . .. 7. All other assets 8. Total assets, net (sum of items 1A through 1L plus 2 through 7 minus items 1M and IN) ASSET MEMORANDA: 1. Amount of refinancing included in column 1 above:* A. In Asset items 1A(1), IB, 1C ID and IE.. B. In Asset items 1A(2) and IF through 1L 2. Total amount of paper included in Asset column 1 purchased: A. From banks B. From other financial institutions 3. Amount of receivables outstanding included in Asset column 2 purchased: B. From other financial institutions 4 Sales of receivables to banks and other financial institutions during June 1970 Include that portion of new contract used to repay or refinance previous loans. Page 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 LIABILITIES Amount Outstanding June 30, 1970 Mil. Thous. Dols. 1. Bank loans (excluding commercial paper) A. Short-term: original maturities less than one year" B. Long-term: original maturities one year or over 2. Commercial paper (total A and B below) A. Directly placed B. Dealer placed 3. Short-term debt not elsewhere classified" 4. Deposit liabilities and thrift certificates 5. Other current liabilities 6. Long-term senior debt not elsewhere classified" 7. Long-term subordinated debt" 8. All other liabilities 9. Capital, surplus, and undivided profits 10. Total liabilities and capital (sum of items 1 through 9 of Liabilities) LIABILITY MEMORANDA: 1. Amount of debt maturing in less than one year included in Liability items IB, 2A, 2B, 6 and 7 . 2. Amount of debt maturing in one year or longer included in Liability items 2A and 2B 3. Amount of your commercial paperoutstanding in Liability items 2A and 2B purchased by: A. Domestic banks B. Domestic nonfinancial corporations C. Domestic insurance companies D. Domestic private pension funds E. Other domestic trust funds, foundations, universities and colleges, churches and hospitals F. Domestic governments G. Domestic individuals H. Foreign banks, governments, corporations, individuals, etc I. Others (specify ) 4. Total amount of lines of credit outstanding at banks (used and unused) Liabilities withor/g/na/ maturities of one year or over are classified here as long-term even if they mature within one year. PLEASE RETURN ONE COPY TO: CONSUMER CREDIT AND FINANCES SECTION (Official Signature) DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 (Name of person to be contacted regarding this report-piease print or type) (Area code and telephone number) Page 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, 1970 971 ASSETS Receivables include direct loans and paper purchased from manufacturers and retailers before deduction of reserves for unearned income and losses. Include bulk purchases of paper from vendors. In the case of participation loans, include only that portion of the original loans owned by you, appearing on your balance sheet and on which you will make collections. In the case of companies requiring full repayment to be accumulated against indebtedness before crediting, exclude amount of deposits already accumulated. 1 A(1) RETAIL PASSENGER CAR PAPER. Credit arising from retail sales of passenger cars to consumers. Exclude fleet sales, personal cash loans secured by automobiles already paid for and loans to finance the purchase of commercial vehicles and farm equipment. Exclude lease paper. 1A(2) RETAIL COMMERCIAL VEHICLE PAPER. Credit arising from retail sales of commercial land vehicles to business, include trucks, buses, taxicabs, truck-trailers, tractor-trailers and other "on the road" vehicles for which motor vehicle licensing is required. Include fleet sales of passenger cars. Exclude paper on business, industrial and farm equipment. Exclude lease paper. 1B MOBILE HOMES. Paper arising from the retail sale of complete dwelling units built on a chassis'and capable at time of purchase of being towed over the highway by truck but not by car. Exclude paper secured by real estate, lease paper, and paper arising from the retail sale of travel trailers. 1C OTHER RETAIL CONSUMER GOODS PAPER. Credit arising from retail sales of consumer goods other than passenger cars and mobile homes. Such goods include general merchandise, apparel, furniture, household appliances, etc. Also include boats, airplanes, helicopters, motor homes, and recreational camping and travel trailers not designed as permanent housing. Include revolving credit retail paper and automobile repair paper. Exclude lease paper. 1C(1) BOATS, AIRPLANES, MOTOR HOMES ETC. Include paper arising from the retail sale of boats, airplanes, helicopters, motor homes, arid recreational camping and travel trailers not designed as permanent housing. Exclude lease paper. 1C(2) OTHER. Credit arising from retail sales of consumer goods other than included above. Such goods include general merchandise, apparel, furniture and household appliances. Include revolving credit retail paper and automobile repair paper. Exclude lease paper. 1D RESIDENTIAL REPAIR AND MODERNIZATION LOANS. Credit to finance alterations or improvements in existing single family properties occupied by the borrower. Exclude loans secured by real estate mortgages. 1E PERSONAL CASH LOANS TO INDIVIDUALS AND FAMILIES. Secured and unsecured loans made for household, family or other personal expenses. Include loans secured by life insurance policies, automobiles already paid for and other collateriT Exclude loans for business purposes and rediscounted loans. 1F(1) WHOLESALE AUTOMOTIVE PAPER. Credit arising from transactions between manufacturers and dealers secured by passenger cars and commercial vehicles. Exclude paper secured by mobile homes, other passenger car trailers, boats, airplanes, helicopters and motor homes. 1 F(2) OTHER WHOLESALE CONSUMER GOODS PAPER. Credit arising from wholesale loans on consumer goods other than automobiles. Include wholesale paper on mobile homes and all other passenger car trailers, as well as on motor homes, boats, airplanes, and helicopters manufactured primarily for the consumer market. Exclude paper on business, industrial and farm equipment. 1F(3) INVENTORY LOANS. Credit arising from loans secured by a company's inventory. Such inventory may consist of raw material or component parts, work in process or finished goods. 1 F(4) ALL OTHER WHOLESALE CREDIT. Include wholesale financing of business, industrial and farm equipment as well as credit arising from any wholesale operation not listed elsewhere. 1G RETAIL PAPER ON BUSINESS. INDUSTRIAL AND FARM EQUIPMENT. Credit arising from the retail sale to business of (or from the purchase of) business, industrial and farm equipment. Include all "off-the-road" equipment for which motor vehicle licensing is not required. Loans may be secured by chattel mortgages or conditional sales contracts (purchase money security agreements) on the machinery or equipment. Exclude commercial vehicles. Exclude lease paper and loans secured by real estate mortgages. 1H(1) LEASE PAPER ON AUTOMOBILES. Include paper arising from "finance" leases as well as "pure" or "operating" leases or "rentals" on passenger cars and commercial land vehicles. I H(2) LEASE PAPER ON BUSINESS . INDUSTRIAL AND FARM EQUIPMENT. Include paper arising from "finance" leases as well as "pure" or "operating" leases or "rentals" on income-producing business, industrial and farm equipment. 1H(3) ALL OTHER LEASE PAPER. Paper arising from the leasing of mobile homes and other passenger car trailers, motor homes, boats, airplanes, and helicopters manufactured primarily for consumer use as well as from the leasing of furniture, appliances, television sets, etc. Include any lease paper not included in 1H(1) or 1H(2). Include paper arising from "finance" leases as well as "pure" or "operating" leases or "rentals". II LOANS ON COMMERCIAL ACCOUNTS RECEIVABLE. Loans secured by commercial accounts receivable. Exclude the balances withheld from customers pending collection of receivables. 1J FACTORED COMMERCIAL ACCOUNTS RECEIVABLE. Include commercial accounts receivable purchased from factored clients less any amount due and payable to factored clients. Include secured and unsecured advances of funds to factored clients. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 ASSETS (continued) ALL OTHER BUSINESS CREDIT. Include import-export loans, dealer capital loans, small loans used primarily for business or farm purposes, multi-collateral loans, rediscounted receivables of other finance companies less balances withheld, and all other business loans not elsewhere classified . Exclude loans secured by real estate unless included as part of a multi-collateral loan. Real estate mortgage loans are included in Asset item 6 below. 1L OTHER ACCOUNTS AND NOTES RECEIVABLE. All other receivables not directly connected with domestic credit operation. Include foreign credit operations of the consolidated companies. Real estate mortgage investments are included in Asset item 6 below. 1M RESERVE FOR UNEARNED INCOME. Reserve for unearned discounts, service charges and any other unearned income applicable to items 1A through 1L above. 1N RESERVE FOR LOSSES ON ABOVE RECEIVABLES. Reserve for bad debts, unallocated charge-offs and other losses applicable to items 1A through 1L above. 2. CASH AND NON-INTEREST-BEARING DEPOSITS. Cash on hand and demand deposits at commercial banks. Do not show cash as a negative entry. Exclude overdrafts. An overdraft is classified as a bank loan in Liability item 1. 3. TIME DEPOSITS. Interest-bearing deposits including certificates of deposit. 4. U.S. GOV'T SECURITIES. All direct obligations of the Treasury, including nonmarketable securities, Treasury-guaranteed securities and nonguaranteed securities of Federal agencies. 5. OTHER MARKETABLE SECURITIES. Debt of State and local government units, bonded debt and equity securities of private corporations and any oiher marketable securities not elsewhere classified. Exclude investment in nonconsolidated subsidiaries and affiliates. 6. ALL OTHER LOANS AND INVESTMENTS. Include the consolidated companies' investment in foreign subsidiaries and affiliates and in nonconsolidated domestic companies. Nonconsolidated subsidiary and affiliate company claims on the consolidated companies should be netted against the consolidated companies' investment here. Also include real estate mortage investments and any other loans and investments not elsewhere classified. 7. ALL OTHER ASSETS. Include all assets not already included above. Other assets should be shown at book value. 8. TOTAL ASSETS, NET. The sum of items 1A through 1L plus items 2 through 7 minus items 1M and IN above. Item 8 must equal Liability item 10. LIABILITIES, CAPITAL AND SURPLUS 1. BANK LOANS. Loans and notes payable TO banks. Exclude commercial paper and bank portions of participation loans. Include overdrafts. 2A. DIRECTLY PLACED COMMERCIAL PAPER. Negotiable promissory notes of large denominations sold directly to the investor, issued usually for not longer than 270 days, and for which interest rates are determined in the commercial paper market. (Issuance of such for longer than 270 days requires approval of the Securities and Exchange Commission.) Exclude non-negotiable promissory notes held by officers of the firm, their families and other individuals and businesses. Such notes are classified in Liability item 3. 2B DEALER PLACED COMMERCIAL PAPER. Negotiable promissory notes sold to or through dealers, issued usually for not longer than 270 days, and for which interest rates are determined in the commercial paper market. 3. SHORT-TERM DEBT NOT ELSEWHERE CLASSIFIED. Any short-term notes and loans payable not already included in Liability items 1 and 2. (Debt with an original maturity of less than one year is classified short-term.) Exclude maturities of long-term debt due in less than one year. 4. DEPOSIT LIABILITIES AND THRIFT CERTIFICATES. Short-term certificates of thrift or investment and deposit liabilities. Exclude borrower repayment deposits accumulated but not credited against indebtedness until repayment is made in full. Such deposits should be netted against appropriate receivables. 5. OTHER CURRENT LIABILITIES. Dealer reserves, all tax accruals, and all other current liabilities not elsewhere classified. Liabilities of consolidated companies owed to nonconsolidated subsidiary and affiliated companies are netted against assets in Asset item 6 and therefore, excluded from Liability item 5. 6. LONG-TERM SENIOR DEBT NOT ELSEWHERE CLASSIFIED. Unsubordinated long-term loans, notes, certificates, negotiable paper or other indebtedness not classified elsewhere, including that portion maturing in less than one year. 7. LONG-TERM SUBORDINATED DEBT. Debt subordinated to other debt by terms of indenture. Include subordinated debt maturing in less than one year. 8. ALL OTHER LIABILITIES. All liabilities not already reported above or against assets. 9. CAPITAL, SURPLUS AND UNDIVIDED PROFITS. All common and preferred stock and other capital or surplus accounts. Include undivided profits. 10. TOTAL LIABILITIES, CAPITAL AND SURPLUS. Sum of items 1 through 9 of Liabilities. Item 10 must equal Asset item 8. 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 July 18 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; September, pages 790-96; and October, pages 899-904. The record for the meeting held on August 15, 1972, follows: 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 MEETING HELD ON AUGUST 15, 1972 Current economic policy directive. Preliminary estimates of the Commerce Department indicated that real output of goods and services had grown at an annual rate of about 9 per cent in the second quarter—compared with upward revised rates of about 6.5 per cent in the two preceding quarters— and that the rise in prices in the private economy had moderated. Staff projections suggested that economic growth would remain rapid in the second half of the year—although it would slow appreciably from the second-quarter rate. It was expected that growth would be somewhat more rapid in the fourth than in the third quarter. In July retail sales rose sharply—according to the advance report—and more than recovered the decline in June. However, industrial production registered only a small increase and employment in nonfarm establishments declined somewhat, in part because floods following tropical storm Agnes curtailed output and employment in the eastern part of the country. The over-all unemployment rate remained at 5.5 per cent, as the rate declined for men aged 25 and over but increased for those under 25. The advance in hourly earnings of production workers on private nonfarm payrolls, which had been slow in May and June, was moderately faster in July. The rise in wholesale prices of industrial commodities was small, but prices of farm and food products rose sharply further, registering their largest monthly increase of the year to date. In June the consumer price index rose very little. Staff projections suggested that expansion in consumption expenditures and in business inventory investment would be strong in the current quarter, although less so than in the second quarter; that business capital outlays would rise less rapidly; and that residential construction would level off. For the fourth quarter, it was anticipated that consumption expenditures would be stimulated by payment of the 20 per cent increase in social security benefits, scheduled to begin in early October, and that growth in State and local government purchases of goods and services would be increased if, as assumed, Federal revenue sharing was enacted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 975 In foreign exchange markets, relative calm had been restored since the July meeting of the Committee, following a month of turbulence during which the United Kingdom had allowed sterling to float and some European countries had acquired substantial amounts of dollars in the process of keeping exchange rates for their currencies within the limits of the Smithsonian Agreement. After a meeting on July 17-18, the Finance Ministers of the European Community reaffirmed their intention to maintain the exchange rates and margins of the Smithsonian Agreement, and speculation on a joint European Community float against the dollar subsided. Also in support of the Smithsonian Agreement, the Federal Reserve renewed operations in the foreign exchange markets and reactivated its swap network with other central banks. In subsequent weeks, the reserves of the central banks of most industrial countries changed little, and exchange rates for some major currencies backed away from their upper limits. U.S. merchandise exports, imports, and the trade deficit changed little in June. For the second quarter as a whole, the deficit was substantially greater than that in the first quarter of the year. On July 26 the Treasury announced that in its mid-August refunding it would offer holders of notes and bonds maturing during the remainder of 1972 an opportunity to exchange their holdings for the following issues: a -year, 5% per cent note priced to yield 5.96 per cent; a 7-year, 6% per cent note at par; and a 12-year, 6% per cent bond priced to yield 6.45 per cent. In addition, holders of securities maturing in November 1974 and February 1975 were given the opportunity to exchange them for the longer-term note and the bond. This combination of a refunding and pre-refunding was highly successful. Of the $19.6 billion of eligible securities held by the public, about $8 billion were exchanged for the new issues—$3.9 billion for the shorter-term note, $3 billion for the longer-term note, and $1.1 billion for the bond. Only about $600 million or 26 per cent of the publicly held issues maturing this August were redeemed for cash. Since the Committee's meeting on July 18, market interest rates on both short- and long-term securities had declined somewhat on balance, in part because the Treasury's over-all demands for new cash in recent months had fallen short of those that had been widely expected. Moreover, the combined volume of new publicly issued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 corporate bonds and of State and local government bonds had declined somewhat from June to July, and a further decline had appeared in prospect for August. In markets for short-term securities, the absence of a short-term issue in the Treasury's August financing had exerted some downward pressure on rates for Treasury bills and private instruments. The market rate on 3-month bills was 3.87 per cent on the day before this meeting, compared with 3.92 per cent on the day before the July meeting and an interim low of 3.77 per cent at the beginning of August. Contract interest rates on conventional mortgages on new homes rose slightly from June to July, but rates on the much larger volume of new loans on existing homes remained stable. Yields also were stable in the secondary market for Federally insured mortgages. Inflows of savings funds to nonbank thrift institutions increased further in July and were substantially above the second-quarter rate. At commercial banks, real estate and consumer loans continued to expand rapidly in July, and outstanding business loans rose substantially after having declined in June. Banks reduced their holdings of U.S. Government securities, as the Treasury's net borrowing demands were smaller than customary in July. Growth in the narrowly defined money stock (private demand deposits plus currency in circulation, or M ) was unusually rapid x in July following low rates of growth in May and June. Expansion in the more broadly defined money stock (M plus commercial x bank time and savings deposits other than large-denomination CD's, or M ) was a little faster in July than in June, despite a 2 marked reduction in inflows of consumer-type time and saving deposits to banks. Growth was substantial in the bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources—reflecting not only a sharp rise in private demand deposits but also an increase in the outstanding volume of large-denomination CD's. System open market operations in the period since the July 18 meeting of the Committee had been directed at fostering growth in reserves available to support private nonbank deposits (RPD's) at an annual rate of between 3 and 7 per cent in the July-August period, while avoiding sharp day-to-day fluctuations and large cumulative changes in money market conditions. Through most Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 977 of the period it had appeared that growth in RPD's might exceed the target range. For that reason, and also because the monetary aggregates were expanding rapidly, the System undertook to slow the increase in reserves to the extent feasible in light of the large-scale Treasury refunding then in process. At present it appeared that RPD's would grow over the July-August period at a rate of about 6.5 per cent. The Federal funds rate had risen from about 4% per cent at the time of the preceding meeting to around 4% per cent in recent days. In the 4 weeks ending August 9 member bank borrowings averaged about $250 million, compared with about $180 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. It decided to seek growth in RPD's during the August-September period at an annual rate in a range of 5 to 9 per cent—a rate which was expected to be associated with some moderation in monetary growth. While recognizing that pursuit of the objective for RPD's might be associated with some firming of money market conditions, the Committee agreed that a marked firming, which might precipitate unduly sharp increases in interest rates in a sensitive market atmosphere, should be avoided. The members also decided that in the conduct of operations, account should be taken of developments in capital markets and international developments, and that some allowance should also be made in operations if growth in the monetary aggregates appeared to be deviating significantly from the rates expected. It was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if financial developments suggested that the Committee's purposes 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 indicates that real output of goods and services increased at a rapid rate in the second quarter, and continued though less rapid growth appears in prospect for the current quarter. The unemployment rate was lower in June and July, but it was still substantial. The pace of advance in wage rates has slowed on balance in recent months, and the rate of increase in average prices of all goods and services in the private economy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 moderated in the second quarter. In July, the rise in wholesale prices of industrial commodities slowed, but wholesale prices of farm and food products rose sharply further. Since mid-July foreign exchange market conditions have been quiet and the central bank reserves of most industrial countries have changed little. In June, the large excess of U.S. merchandise imports over exports persisted. The narrowly defined money stock grew at an unusually rapid rate in July, following relatively slow growth in May and June. Growth in the broadly defined money stock remained substantial, although inflows of consumer-type time and savings deposits to banks slowed appreciably. The bank credit proxy expanded sharply in July, reflecting strength in both private demand deposits and large-denomination CD's. In recent weeks, interest rates on most market securities have declined somewhat on balance, and the Treasury completed a highly successful refunding. 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 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, Coldwell, Daane, Eastburn, MacLaury, Mitchell, Robertson, Sheehan, and Winn. Votes against this action: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions RESERVE REQUIREMENTS; (b)(5), and (6), and 226.7(c), effective June 1, CHECK COLLECTION BY FEDERAL RESERVE BANKS 1973, are designed to (1) require the disclosure of a nominal annual percentage rate on billing The Board of Governors has announced the statements in open end credit accounts even where effective dates for implementation of its amendno finance charges are imposed during the billing ments to Regulation D, "Reserves of Member cycle. (Many creditors are already making this Banks," and to Regulation J, "Collection of disclosure); (2) require disclosure of minimum Checks and Other Items by Federal Reserve finance charges on billing statements, and (3) Banks," originally scheduled to go into effect on incorporate into the Regulation two earlier inter- September 21, 1972, but postponed as a result of pretations dealing with computation of the annual court action. The amendments, which relate to a percentage rate and disclosure of the balance on restructuring of reserve requirements and new which it is computed. The delayed effective date check collection rules, were published in the July of June 1, 1973, for the disclosure amendments, 1972 BULLETIN page 649. will allow time for those lenders and businesses The effective dates of the amendments are as which are affected by the amendments to reprint follows: disclosure statements and change their computer To Regulation J, which were scheduled to beprogramming, if necessary, to take account of the come effective September 21, 1972, are effective changes in the Regulation. The text to the amend- November 9, 1972; ments reads as follows: To Regulation D— Which were scheduled to become effective AMENDMENTS TO REGULATION Z September 21, 1972, are effective November 1. Effective June 1, 1973, §§ 226.5(a)(3), 9, 1972; 226.7(a)(4), (b)(5), and (6) and 226.7(c) are Which were scheduled to become effective amended to read as set forth below, and § 226.702 for the period September 21, 1972, to Sepand § 226.704 are revoked: tember 27, 1972, are effective for the period November 9, 1972, to November 15, 1972; and SECTION 226.5—DETERMINATION OF Which were scheduled to become effective ANNUAL PERCENTAGE RATE September 28, 1972, are effective November (a) General Rule—open end credit accounts 16, 1972. TRUTH IN LENDING (3) Where the finance charge imposed during The Board of Governors has amended its Regu- the billing cycle is or includes lation Z, "Truth in Lending," with respect to (i) any minimum, fixed, or other charge not due credit card liability and disclosures relating to open to the application of a periodic rate, other than end credit. Sections 225.13(a)(4), (b), and (c), a charge with respect to any specific transaction amended effective December 15, 1972, clarify that during the billing cycle, by dividing the total all credit cards—whether they are to be used for finance charge for the billing cycle by the amount personal, family, household, agricultural, busi- of the balance(s) to which applicable and multiness, or commercial purposes—are covered by the plying the quotient (expressed as a percentage) by maximum liability limit of $50 for unauthorized the number of billing cycles in a year; or use and may be issued only upon the request of (ii) any charge with respect to any specific a prospective cardholder. Paragraph (c) of § transaction during the billing cycle (even if the 226.13 was modified to make it clear that each total finance charge also includes any other minicard is subject to the $50 limit where multiple mum, fixed, or other charge not due to the applicards have been issued to the same cardholder. cation of a periodic rate), by dividing the total The amendments to §§ 226.5(a)(3), 226.7(a)(4), finance charge imposed during the billing cycle 979 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 by the total of all balances and other amounts on periodic rate imposed during the billing cycle by which any finance charge was imposed during the the number of periods in a year; or billing cycle without duplication and multiplying (iii) any minimum, fixed, or other charge not the quotient (expressed as a percentage) by the due to the application of a periodic rate and the number of billing cycles in a year,53 except that total finance charge imposed during the billing the annual percentage rate shall not be less than cycle does not exceed 50 cents for a monthly or the largest rate determined by multiplying each longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly, at the 3aIn determining the denominator of the fraction under § creditor's option, by multiplying each applicable 226.5(a)(3)(ii) no amount will be used more than once when periodic rate by the number of periods in a year, adding the sum of the balances to which periodic rates apply notwithstanding the provisions of subdivisions (i) to the sum of the amounts financed to which specific transaction and (ii) of this subparagraph. charges apply. In every case the full amount of transactions to which specific transaction charges apply shall be included in the denominator. Other balances or parts of balances shall be included according to the manner of determining the balance SECTION 226.7—OPEN END CREDIT to which a periodic rate is applied, as illustrated in the follow- ACCOUNTS—SPECIFIC DISCLOSURES ing examples of accounts on monthly billing cycles: 1. Previous balance—none (a) Opening new account. *** A specific transaction of $100 occurs on first day of the (4) Where one or more periodic rates may be billing cycle. The average daily balance is $100. A specific transaction charge of 3% is applicable to the specific transac- used to compute the finance charge, each such rate, tions. The periodic rate is 1 Vi% applicable to the average daily the range of balances to which it is applicable, balance. The numerator is the amount of the finance charge, which is $4.50. The denominator is the amount of the transac- and the corresponding annual percentage rate detion (which is $100), plus the amount by which the balance termined by multiplying the periodic rate by the to which the periodic rate applies exceeds the amount of number of periods in a year.6a specific transactions (such excess in this case is 0), totaling $100. The annual percentage rate is the quotient (which is 4.5%) multiplied by 12 (the number of months in a year), i.e., 54%. (b) Periodic statements required. *** 2. Previous balance—$100 A specific transaction of $100 occurs at midpoint of the (5) Each periodic rate, using the term "periodic billing cycle. The average daily balance is $150. A specific rate" (or "rates"), that may be used to compute transaction charge of 3% is applicable to the specific transaction. The periodic rate is \Vz% applicable to the average daily the finance charge (whether or not applied during balance. The numerator is the amount of finance charge which the billing cycle), the range of balances to which $5.25. The denominator is the amount of the transaction (which it is applicable, and the corresponding annual is $100), plus the amount by which the balance to which the periodic rate applies exceeds the amount by which the amounts percentage rate determined by multiplying the peof specific transaction (such excess in this case is $50), totaling riodic rate by the number of periods in a year. $150. The words "corresponding annual percentage As explained in example 1, the annual percentage rate is 3.5% x 12=42%. rate," "corresponding nominal annual percentage 3. If, in example 2, the periodic rate applies only to the rate," "nominal annual percentage rate" or "anprevious balance, the numerator is $4.50 and the denominator nual percentage rate" (or "rates") may be used is $200 (the amount of the transaction, $100, plus the balance to which only the periodic rate is applicable, the $100 previous to describe the corresponding annual percentage balance). As explained in example 1, the annual percentage rate. The requirements of § 226.6(a) of this Part rate is 2.25% x 12 = 27%. 4. If, in example 2, the periodic rate applies only to an adjusted with respect to disclosing the term "annual perbalance (previous balance less payments and credits) and the centage rate" more conspicuously than other recustomer made a payment of $50 at midpoint of billing cycle, quired terminology shall not be applicable to the the numerator is $3.75 and the denominator is $150 (the amount of the transaction, $100, plus the balance to which disclosure made under this subparagraph, although only the periodic rate is applicable, the $50 adjusted balance). such term (or words incorporating such term) may, As explained in example 1, the annual percentage rate is 2.5% at the creditor's option, be shown as conspicuously x 12 = 30%. 5. Previous balance—$100 as the terminology required under subparagraph A specific transaction (check) of $100 occurs at the midpoint 6 of this paragraph. Where a minimum charge may of the billing cycle. The average daily balance is $150. The specific transaction charge is 25 cents per check. The periodic rate is 1V2 % applied to the average daily balance. The numerator is the amount of the finance charge, which is $2.50 and 6aA creditor imposing minimum charges is not required to includes the 25 cents check charge and the $2.25 resulting adjust the disclosure of the range of balances to which each from the application of the periodic rate. The denominator is periodic rate would apply in order to reflect the range of the the full amount of the specific transaction (which is $100) plus balances below which the minimum charge applies. If a credithe amount by which the average daily balance exceeds the tor does not impose a finance charge when the outstanding amount of the specific transaction (which in this case is $50), balance is less than a certain amount, the creditor is not totaling $150. As explained in example 1, the annual percent- required to disclose that fact or the balance below which no age rate would be 1%% x 12 = 20%. such charge will be imposed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 981 be applicable to the account, the amount of such SECTION 226.13—CREDIT CARDSminimum charge shall be disclosed.93 ISSUANCE AND LIABILITY (6) When a finance charge is imposed during (a) Supplemental definitions applicable to this the billing cycle, the annual percentage rate or section. *** rates determined under § 226.5(a) using the term (4) "Cardholder" means any person to whom 44annual percentage rate" (or "rates"). a credit card is issued for personal, family, household, agricultural, business, or commercial pur- * * * ** poses, or any person who has agreed with the card (c) Location of diclosures. The disclosures issuer to pay obligations arising from the issuance required by paragraph (b) of this section shall be of a credit card to another person for such purmade on the face of the periodic statement, except poses. that, at the creditor's option: * * * ** (1) Itemization of the amount and date of each (b) Issuance of credit cards. Regardless of extension of credit (or the date such extension of whether a credit card is to be used for personal, credit was debited to the account) required to be family, household, agricultural, business or comdisclosed under paragraph (b)(2) of this section mercial purposes, no credit card shall be issued and itemization of the amount of the "credits" to any person except: disclosed under paragraph (b)(3) of this section, (1) In response to a request or application and of the amount of any finance charge required therefor, or to be disclosed under paragraph (b)(4) of this (2) As a renewal of, or in substitution for, an section, may be made on the reverse side of the accepted credit card whether such card is issued periodic statement or on a separate accompanying by the same or a successor card issuer. statement(s), provided that the totals of such re- (c) Conditions of liability of cardholder. A spective amounts are disclosed on the face of the cardholder shall be liable for unauthorized use of periodic statement; and each credit card issued only if, (2) The disclosures required under paragraph (b)(5) and (b)(8) of this section, except the balance * * * * * on which the finance charge was computed, may INTERPRETATION OF be made on the reverse side of the periodic state- REGULATION Z ment or on the face of a single supplemental DISCLOSURES OF VARIABLE PERIODIC statement which shall accompany the periodic RATES IN OPEN END CREDIT PLANS statement. (3) If the creditor exercises any of the options Under the terms of some open end credit plans provided under this paragraph, the face of the the periodic rates of finance charges and correperiodic statement shall contain one of the follow- sponding annual percentage rates are tied to a ing notices, as applicable: "NOTICE: See reverse fluctuating base rate, for example, "prime rate." side for important information" or "NOTICE: See Consequently, both the periodic rates and annual accompanying statement(s) for important informa- percentage rates may change from time to time tion" or "NOTICE: See reverse side and accom- with changes in the base rate. The question arises panying statement(s) for important information," as to the proper disclosure, if any, which should and the disclosures shall not be separated so as be made under § 226.7(a)(4), § 226.7(b)(5), § to confuse or mislead the customer or obscure or 226.7(b)(6), § 226.7(e) and § 226.10(c)(4) in detract attention from the information required to connection with such plans. be disclosed. Where any creditor's open end credit plan pro- 2. Effective December 15, 1972, §§ vides that the account is subject to variations in 226.13(a)(4), (b), and (c) are amended to read as any periodic rate of finance charge, the creditor set forth below: need not comply with § 226.7(e) with respect to any prospective change in any periodic rate or 9aA creditor imposing minimum charges is not required to corresponding annual percentage rate applicable to adjust the disclosure of the range of balances to which each the account, provided that in connection with the periodic rate would apply in order to reflect the range of the disclosures made pursuant to paragraph balances below which the minimum charge applies. If a creditor does not impose a finance charge when the outstanding 226.7(a)(4) the creditor has disclosed that such balance is less than a certain amount, the creditor is not rates are subject to change, the conditions under required to disclose that fact or the balance below which no which such rates may be changed, and, if applicasuch charge will be imposed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 ble, the maximum and minimum limits of such (f) Each Federal Reserve Bank is authorized, as rates. The requirements of § 226.7(b)(5) and § to member banks or other indicated organizations 226.10(c)(4) may be complied with by similarly headquartered in its district, or under subparagraph disclosing the method of computing the periodic (25) of this paragraph, as to its officers: or annual percentage rates which are subject to variation. In disclosing an annual percentage rate or rates under § 226.7(b)(6) where there have been (22) Under the provisions of section 3(a)(1) of the variations during the billing cycle, the computa- Bank Holding Company Act (12 U.S.C. 1842), to tions as specified in § 226.5(a)(l)(ii), § approve the acquisition by a company of a controlling 226.5(a)(2), § 226.5(a)(3)(i) or § 226.5(a)(3)(H), interest in the voting shares of one bank, if all of as applicable, should be used. the following conditions are met: (i) no objection to the proposed acquisition has RULES REGARDING been made by the bank's supervisory authority, DELEGATION OF AUTHORITY (ii) no significant policy issue is raised by the The Board of Governors has amended its Rules proposal as to which the Board has not expressed Regarding Delegation of Authority in two respects its views, so as to delegate certain authority to the Federal (iii) neither the holding company nor any of its Reserve Banks. Section 265.2(f)(22) is amended subsidiaries or affiliates is engaged in any activities to incorporate revisions of the Board's guidelines other than those specifically permissible for bank for approval by the Reserve Banks of applications holding companies by either the Act or Part 225 of for the formation of one-bank holding companies. this chapter (Regulation Y), Authority to approve such applications was dele- (iv) any offer to acquire shares of the bank will gated to the Reserve Banks August 19, 1971. In be extended to all shareholders of the same class on adopting these revised guidelines, the Board em- a substantially equal basis,2 phasized that they are intended to expedite one- (v) in the event any debt is incurred by the bank holding company formations by establishing holding company to purchase shares of the bank: general standards as set forth therein that will be (a) the amount of the loan does not exceed 75 used by a Reserve Bank under delegated authority per cent of the purchase price of the shares of to approve such applications. Applications not the proposed subsidiary bank; (b) an agreed plan meeting such standards may not be denied by the for amortization of the debt within a reasonable Reserve Banks but will be forwarded to the Board time exists, such period normally not exceeding for further consideration. The Board noted that the 12 years; (c) the interest rate on any loan to standards as adopted are to be subject to continuing purchase the bank shares will be comparable with analysis and review. This amendment is effective other stock collateral loans by the lender to persons with respect to applications received by the Re- of comparable credit standing; (d) no compensating balances, specifically attributable to the loan, serve Banks after October 30, 1972. will be deposited in the lending institution and the The Board also added a new subparagraph (25) amount of any correspondent account which the to § 265.2(f) in order to delegate to the Reserve proposed subsidiary bank will maintain with the Banks authority to set salaries of certain Reserve lending institution should not exceed the amount Bank officers, within specified ranges and guidenecessary to compensate the lending bank for lines, effective January 1, 1973. The text of the correspondent services rendered by it to the amendments reads as follows: proposed subsidiary bank; (e) the Reserve Bank AMENDMENTS TO RULES determines that the managerial and financial resources including the equity capital accounts3 of REGARDING DELEGATION OF AUTHORITY Effective October 30, 1972, subparagraph (22) of § 265.2(f) is amended, with respect to applica- 2 Less than all of the outstanding shares of the bank may tions received after October 30, 1972, and § be acquired provided that where a greater number of shares are tendered than are proposed to be purchased, the offeror 265.2(f)(25) is amended, effective January 1, will purchase the shares tendered on a pro rata basis (except 1973, as set forth below: for fractional interests) according to the number of shares tendered by each shareholder. Where an offer is not identical SECTION 265.2—SPECIFIC FUNCTIONS to all shareholders, the burden is on the applicant to demon- DELEGATED TO BOARD EMPLOYEES AND strate the substantial equivalence of the offers extended. FEDERAL RESERVE BANKS 3The term "equity capital accounts" means capital stock, surplus, undivided profits, and reserves for contingencies, and * * * ** other capital reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 983 the proposed subsidiary bank are adequate, or will lie Health Service Act, as amended by the Medical be adequate within a reasonable period of time Facilities Construction and Modernization after the bank is acquired, and any debt service Amendments of 1970. requirements to which the proposed holding com- (20) Obligations guaranteed by the Oversees pany may be subject are such as to enable it to Private Investment Corporation pursuant to the maintain the capital adequacy of the proposed sub- provisions of the Foreign Assistance Act of 1961, sidiary bank in the foreseeable future.4 as amended. (25) To set the salaries of its officers below the level of Senior Vice Presidents (Salary Group A), COMPUTATION OF TIME PERIODS FOR ACQUIRING excluding the General Auditor, within officer salary AND HOLDING BLOCKS OF STOCK BY BLOCK POSITIONERS ranges approved and guidelines subsequently issued by the Board of Governors. The Board recently considered two questions in connection with section 221.3(z)(2) and (3) of OBLIGATIONS ELIGIBLE AS COLLATERAL Regulation U providing for bank credit to block FOR ADVANCES BY RESERVE BANKS positioners which is exempt from the normal margin requirements as prescribed from time to time The second paragraph of the Board's interpretain that regulation. tion on this subject (December 1968 BULLETIN page 1012, as amended by February and April The first question pertained to the period of time 1969 BULLETINS pages 150 and 354, respectively, in which a block positioner, in order to qualify and May 1971 BULLETIN page 399) is amended for the exemption, must position a block of stock by adding subparagraphs (18), (19), and (20) as when such positioning results from several transset forth below: actions at approximately the same time from a single source, as set forth in section 221.3(z)(2)(ii). * * * Under section 14(b) direct obligations of, The Board is of the view that the aggregate of and obligations fully guaranteed as to principal and several transactions from a single source would interest by, any agency of the United States are ordinarily be carried out within a time span of one also eligible for purchase by Reserve Banks. Folhalf hour in order for such aggregate to be considlowing are the principal agency obligations eligible ered one block of stock eligible for exempt credit. as collateral for advances: In extraordinary circumstances, however, the block positioner could consult the Reserve Bank in whose district its office is situated as to whether stock positioned over a slightly longer period con- (18) Participation certificates evidencing undistitutes a single block. In such a case the block vided interests in purchase contracts entered into positioner should, of course, disclose all relevant by the General Services Administration, circumstances to the Reserve Bank. (19) Obligations entered into by the Secretary The second question related to the computation of Health, Education, and Welfare under the Pubof the period of twenty business days, specified in section 221.3(z)(3), in which exempt credit may 4This delegation includes authority to approve (a) a merger remain outstanding for positioning a block of transaction under the provisions of section 18(c) of the Federal Deposit Insurance Act (12 U.S.C. 1828(c)) and (b) an applica- stock. tion, under section 9 of the Federal Reserve Act (12 U.S.C. The Board is of the view that the computation 321), for membership in the Federal Reserve System that are of such 20-day period shall commence on the incidental to an application to become a one-bank holding company. business day following the date of trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS PRINTED IN THIS ISSUE During October 1972, the Board of Governors issued the following orders, which were accompanied by a statement (or statements): ORDERS UNDER SECTION 3 Reagan State Bank of Houston.1 Applicant's sub- OF BANK HOLDING COMPANY ACT sidiary also holds between 20 and 24 per cent of each of three other banks in the Houston area. These five banks hold aggregate deposits of $168.7 TEXAS COMMERCE BANCSHARES, INC., million representing 2.4 per cent of total deposits HOUSTON, TEXAS of commercial banks in the Houston area. Upon consummation of the acquisition of Bank, Appli- ORDER APPROVING ACQUISITION OF BANK cant's share of commercial bank deposits in the Texas Commerce Bancshares, Inc., Houston, State would increase by .2 percentage points and Texas, a bank holding company within the mean- its ranking among banking organizations in the ing of the Bank Holding Company Act, has ap- State would be unchanged. Consummation of the plied for the Board's approval under § 3(a)(3) of proposal herein would constitute Applicant's inithe Act (12 U.S.C. 1842(a)(3)) to acquire all of tial entry into the San Angelo banking market. the voting shares (less directors' qualifying shares) Bank ($70 million of deposits) operates one of the successor by merger to San Angelo National banking office located in downtown San Angelo Bank of San Angelo, San Angelo, Texas and is the largest of five banks operating in that ("Bank"). The bank into which Bank is to be market largely by virtue of its correspondent bank merged has no significance except as a means to and public deposits which total approximately $20 facilitate the acquisition of the voting shares of million. The Central National Bank of San Angelo Bank. Accordingly, the proposed acquisition of ($63.2 million of deposits) and The First National shares of the successor organization is treated Bank of San Angelo ($38 million of deposits), the herein as the proposed acquisition of the shares second and third largest banks in Bank's market, of Bank. control respectively 33.4 and 20 per cent of total Notice of the application, affording opportunity deposits of commercial banks in the area. Bank for interested persons to submit comments and ranks second in the market on the basis of total views, has been given in accordance with § 3(b) IPC deposits with 33.5 per cent of the total, of the Act. The time for filing comments and views compared with 33.8 per cent for The Central has expired, and the Board has considered the National Bank of San Angelo. If the IPC deposits application and all comments received in light of of The First National Bank of San Angelo are the factors set forth in § 3(c) of the Act (12 U.S.C. combined with those of its affiliate, West Side 1842(c)). National Bank of San Angelo, First National's IPC Applicant controls two banks located in the deposit total represents 27.4 per cent of the market Houston area with aggregate deposits of $1.2 total. Thus, size disparity among the top banks billion, representing 3.9 per cent of total deposits is not so wide as to enable Bank to dominate the of commercial banks in the State. Applicant, the San Angelo banking market. Bank is affiliated fourth largest banking organization in Texas and the second largest in the Houston banking market, 1 On August 31, 1972, the Board approved Applicant's controls approximately 16.5 per cent of total com- application to acquire American National Bank of Beaumont, Beaumont, Texas ($112 million of deposits). At the same time mercial bank deposits in the Houston area. (All the Board directed Applicant to divest shares of Beaumont State banking data are as of December 31, 1971, and Bank, Beaumont, Texas ($25 million of deposits) which would reflect bank holding company acquisitions and be acquired indirectly through Applicant's acquisition of American National Bank. On September 1, 1972, the Board formations approved through June 30, 1972.) In approved Applicant's applications to acquire the successors by addition to its two subsidiary banks, Applicant merger to Airline Bank ($26.5 million of deposits) and Reagan State Bank of Houston ($65 million of deposits), both of holds, through a subsidiary, 24.9 per cent of the Houston, Texas. Applicant is in the process of organizing seven outstanding voting shares of Airline Bank and de novo banks located in the Houston market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 985 through common share ownership with three other through acquisition of a foothold bank in the San banks located in the west Texas area.2 Although Angelo market is unlikely. The record also inditwo of these banks have been under common cates that the majority shareholders of Bank intend ownership along with Bank since 1961, the record to dispose of their shares of Bank (and their other indicates that they have not been operated cooper- banking interests) even if the subject applications atively as a group. The common majority share- are denied. Acquisition of Bank by Applicant (or holders have not taken an active part in the man- some other Statewide banking organization) would agement of these banks and have stated that they not appear to have an adverse effect on competition have no intention of doing so in the future. Nor in the San Angelo market nor foreclose entry by do the facts of record evidence that this group of other bank holding companies into the market. The banks possesses either the financial or managerial second and third largest banks in the market each resources to form a regional holding company. controls a significant share of market deposits and Applicant's two present subsidiary banks are each has evidenced its ability to compete successlocated in Houston, Texas, more than 360 miles fully with Bank.4 Furthermore, entry by Applicant southeast of Bank. It appears that no meaningful may serve to stimulate competition among the competition exists between Bank and any of Ap- three largest banks in the market, either through plicant's subsidiary or associated banks. Further, Applicant's initiative or through the probable entry it appears unlikely that meaningful competition of other banking organizations through acquisition would develop in the future between Bank and of Bank's largest competitors. To the extent this any of Applicant's subsidiary or associated banks occurs, the subject proposal will have pro-comin light of the facts presented, particularly the petitive effects on banking in the San Angelo distances separating these banks and the Texas market. statutes prohibiting branch banking. Applicant At the present time the level of concentration could enter the San Angelo market de novo or of banking resources in Texas is not particularly conceivably through the acquisition of the only high. As of December 31, 1971, there were 108 smaller bank in that market that is presently unaf- bank holding companies in the State controlling filiated. However, there is no indication as to the 47.4 per cent of the assets and 44.8 per cent of availability for purchase of this unaffiliated bank the deposits of all commercial banks in the State. and, in any case, its location does not lend itself In August 1972, the 15 multibank organizations for effective competition with the downtown San in the State controlled 34.2 per cent of the deposits Angelo banks. The facts of record indicate that in the State and the four largest of these organithe prospects for entry de novo by Applicant are zations controlled 24.3 per cent and 21.7 per cent remote. While the population per banking office of assets and deposits, respectively. The Board ratio for the San Angelo market is above the ratio does not view the present level of either asset or for the entire State, as noted in one of the Disdeposit concentration of commercial banks in senting Opinions, it is below the ratio for Texas Texas to be so significantly high as to lessen the metropolitan areas (the State average ratio is ability of Texas bank holding companies to debrought down by the relatively low population per velop and compete effectively on either a regional banking office in the sparsely populated rural areas or Statewide basis. There remain throughout the of Texas). The rate of population growth of the State a large number of moderately-sized indepenarea is below the State average and below the rate dent banks which are available as potential for other Texas metropolitan areas. These factors, members of banking organizations now developing in addition to others, including the relatively small in the State. Banking organizations in Texas are deposit size of the San Angelo banking market,3 presently unable to satisfy the capital demands of indicate that the prospect for entry de novo or the large industrial concerns which have located in the State. Proposals involving the largest bank- 2 These three banks are Citizens National Bank, Lubbock, ing organizations in the State require the weighing Texas ($105.5 million of deposits); American Bank of Com- by the Board of the impact of further concentration merce ($43.5 million of deposits); and Permian Bank and Trust of banking resources with the need to increase the ($4.7 million of deposits), both of Odessa, Texas. Applicant has filed separate applications with the Board to acquire shares ability of Texas banks to satisfy the financial in each of these banks. requirements of these large corporations. The ef- 3 The total deposits of the five banks in the San Angelo market are only $189.5 million and for IPC deposits, only $147 million. Approximately 12 per cent of these deposits are 4 Bank's share of deposits of commercial banks in the San deposits due to commercial banks, and hence were probably Angelo market has declined from 46.4 per cent to the present generated outside of the San Angelo market. 36.9 per cent from 1961 to 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 feet upon concentration of banking resources of nization in Texas to enter the San Angelo banking the present proposal is not so significant as to market through acquisition of the largest bank in outweigh the probable benefits to be achieved from that market controlling 37 per cent of total deposits consummation of the proposal. of commercial banks in that area. Consummation of the proposed acquisition will have significant On the record before it, the Board concludes adverse competitive consequences in the San Anthat consummation of the subject proposal would gelo market and throughout the State which are not result in a monopoly nor be in furtherance' of not outweighed by benefits flowing to the banking any combination, conspiracy, or attempt to public in any area of the State. The facts of this monopolize the business of banking in any area, proposal illustrate well the adverse effects upon nor have any substantially anticompetitive effects. the structure of banking in the State resulting from The financial condition and managerial re- acquisition of the largest, most viable independent sources of Applicant and its subsidiary banks ap- banks in various banking markets throughout the pear satisfactory and future prospects of all seem State by the largest banking organizations in favorable. The financial condition and manage- Texas.1 ment of Bank appears satisfactory and its future Acquisition by Applicant of San Angelo Naprospects appear favorable and consistent with tional Bank represents a continuation of the holdapproval. The major banking needs of the residents ing company's aggressive expansion throughout of the San Angelo area appear to be adequately the State and the first step in its attempt to acquire served at the present time by existing institutions. an existing banking organization in west Texas However, Applicant has stated its intention to composed of San Angelo National Bank and three make available through Bank additional banking other banks; two located in Odessa and one in services such as real estate, international banking Lubbock, Texas, controlling aggregate deposits of and petroleum financing services. Such services approximately one quarter of a billion dollars. would be made available to several industrial in- The three largest banks in the San Angelo marterests operating in the San Angelo area that must ket control 95 per cent of total market deposits. now obtain larger loans and more sophisticated Acquisition of the largest bank in that market by banking services from larger city banks outside Applicant should significantly strengthen the comthe San Angelo market. Considerations relating to petitive advantage already held by San Angelo the convenience and needs of the relevant areas National Bank and thereby concentrate further are consistent with and lend some weight toward banking resources in this highly concentrated approval of the application. It is the Board's judg- market. Contrary to the conclusion of the majority, ment that consummation of the proposed transac- I find that the record indicates that the San Angelo tion is in the public interest and the application market is attractive for entry either de novo or should be approved. through acquisition of a smaller "foothold" bank. On the basis of the record, the application is Population in the San Angelo area continues to approved for the reasons summarized above. The expand (9 per cent from 1960-1970) and the poptransaction shall not be consummated (a) before ulation per banking office of San Angelo (14,200) the thirtieth calendar day following the effective is significantly above the State average (9,276). date of this Order or (b) later than three months The record fails to indicate any basis for not after the effective date of this Order, unless such requiring Applicant to choose between the two period is extended for good cause by the Board, procompetitive alternatives of de novo or foothold or the Federal Reserve Bank of Dallas pursuant entry rather than permitting the anticompetitive to delegated authority. method of entry through acquisition of a position By order of the Board of Governors, effective of dominance in the San Angelo market. It is this October 6, 1972. latter method which is being proposed frequently by the State's largest banking organizations and Voting for this action: Governors Mitchell, Daane, Sheehan, and Bucher. Voting against this action: Vice Chairman Rob- it is this trend which, in the long run, can only ertson and Governor Brimmer. Absent and not voting: Chair- serve to discourage the development of additional man Burns. ^ (Signed) TYNAN SMITH, banking alternatives. [SEAL] Secretary of the Board. Permitting acquisitions of the largest banks in other markets by the State's largest banking orga- DISSENTING STATEMENT OF GOVERNOR ROBERTSON 1 See my Dissenting Statements in connection with applications by Southwest Bancshares, Inc., Houston, Texas, to I dissent from the majority's action approving acquire banks in Brownsville and Port Arthur, Texas, 1972 the application by the fourth largest banking orga- Federal Reserve BULLETIN 911 and 913, September 1, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 987 nizations also discourages the growth of other proposed entry by Texas Commerce into San Anbanking organizations which in certain cases may gelo is typical of proposed methods of expansion be better able to serve the banking public of by the State's largest banking organizations that particular regions of a State than a larger organi- the Board should expect in the future. It is imperzation headquartered several hundred miles away. ative that the implications of such acquisitions be Development of such smaller organizations may clearly stated and understood. serve to promote more effective competition than To place the issues in perspective, I have looked entry into these areas by more dominant banking carefully at the main features of the banking organizations. In its Brief for the United States structure in the 25 Standard Metropolitan Statistiprepared for argument before the Supreme Court cal Areas (SMSA's) in Texas. Several of these in connection with United States of America v. key features are summarized in Tables 1 and First National Bancorp oration, Inc. and First 2. The available evidence indicates clearly that National Bank of Greeley, (329 F. Supp. 1003), entry into smaller metropolitan areas by the the Department of Justice states, TABLE 1 When a few leading institutions within a state enter most of that state's significant local banking markets by purchasing SELECTED FEATURES OF THE BANKING STRUCTURE large market shares instead of competing for them, the same IN TEXAS STANDARD METROPOLITAN STATISTICAL organizations begin to confront each other as the dominant AREAS factors in separate concentrated markets all over the state. This creates a real danger that the dominant banks, not faced with the difficulty of having to compete locally for survival—as Share of SMSA No. of Total Deposits would be the case had entry been made de novo or by foothold Banking Held by 3 acquisition—will tacitly renounce vigorous competitive prac- Organizations Largest tices in the areas in which they operate; the few state leaders, Population in SMSA Organizations SMSA (1970) (June 1972) (December 1971J facing each other in commonly linked oligopolistic markets, will be encouraged to pursue parallel practices in disregard Houston 1,985,031 139 48.2 Dallas 1,555,950 114 66.0 of local competitive conditions. San Antonio 864,014 36 52.5 The prospect of lessened competition indicates that Fort Worth 762,086 42 64.9 the interests of the banking public are not well Beaumont-Port Arthur-Orange 315,943 18 84.5 served by allowing the bulk of the State's com- El Paso 359,291 9 87.9 mercial bank resources to become subject to the Austin 295,516 13 71.9 Corpus Christi 284,832 26 59.8 control of only a few giant banking organizations. McAllen-Pharr- This proposal illustrates vividly how rapidly this Edinburg 181,535 17 45.7 Lubbock 179,295 10 71.7 undesirable concentration is taking place. This Galveston 169,812 14 42.4 Killeen-Temple 159,794 15 60.7 application is the first of four filed by Applicant, Waco 147,553 15 72.1 Amarillo 144,396 9 83.5 which are currently pending before the Board, for Brownsvillethe acquisitions of a group of commonly owned Harlingen- San Benito 140,368 9 65.8 west Texas banks. Majority shareholders of these Wichita Falls 127,621 10 84.1 Abilene 113,959 12 78.6 banks have indicated a willingness to dispose of Texarkana 101,198 8 79.4 their share holdings in these and have stated their Tyler 97,096 8 83.0 Odessa 91,805 5 83.6 intention to locate other potential purchasers in the Sherman-Denison 83,225 13 63.9 Laredo 72,859 3 100.0 event this application be denied. These share- San Angelo 71,047 5 90.5 holders should be required to locate an alternative Midland 65,433 3 100.0 Bryan-College purchaser whose entry into the San Angelo market Station 57,978 5 83.2 would not have an adverse competitive effect on State's largest banking organizations through other banks in that market. I would deny this acquisitions of largest independent commercial application. banks in these areas will increase already un- DISSENTING STATEMENT OF desirable levels of deposit concentration. As GOVERNOR BRIMMER indicated in Table 1, of the 25 SMSA's in I dissent from the majority's action which per- in Texas, San Angelo is in the group comprised mits the State's fourth largest banking organization of the State's smallest SMSA's (i.e., the group to acquire the largest bank in the San Angelo with population of less than 100,000). Of particumarket. This proposal presents issues of major lar concern is the fact that in these smaller metrosignificance to the future of banking competition politan areas deposit concentration is extremely in Texas as the large bank holding companies high. For instance, in six of the seven SMSA's headquartered in the State's four major SMA's are in this group, the share of deposits held by the now seeking to enter other metropolitan areas. The three largest banks exceeds 80 per cent. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 San Angelo market, the three largest banks control If the majority's decision in this case is followed more than 90 per cent of total deposits. It is clear by a series of others authorizing similar acquisithat these highly concentrated markets will become tions, the large Houston and Dallas banking orgaless concentrated only if the major holding com- nizations—in a short time—will become dominant panies enter de novo or via 4'foothold" acquisi- in almost all metropolitan area markets, and detions. Where a banking market appears able to velopment of significant bank holding company support additional banking alternatives (which is organizations outside of these areas will be cura fact in the present case), the best interests of tailed. the banking public in that market should not be As the Board considered the present application, subordinated to the financial interests of a large it was aware that this is only one of four applicabanking organization. Approval of this proposal tions filed by Applicant to acquire an existing would have precisely that effect. banking 4'network" controlled by similar majority When the State's biggest bank holding compa- shareholders who have decided to dispose of their nies reach out to acquire the largest banks in the interests in these west Texas banks. Certainly, the tier of SMSA's beyond the four leading population Board cannot direct the shareholders to sell or not centers, they are bound to have an adverse effect to sell to any particular persons or organizations. on the development of additional banking organi- However, where a proposal involves affiliation of zations in the State. Banks the size of San Angelo the State's fourth largest banking organization with National may not be large enough to serve as lead an existing organization which has the resource banks of Statewide holding companies. However, strength—if not present inclination—to become a they must be viewed as important potential significant regional organization in an area of little members of other smaller banking organizations. present bank holding company activity, the Board As the data in Table 2 indicate, there are very must weigh with particular care the adverse competitive consequences resulting from consumma- TABLE 2 tion of the proposal upon the structure of banking in Texas. Rather than approving this proposal, the NUMBER OF BANKING ORGANIZATIONS1 BY DEPOSIT SIZE CLASS IN TEXAS SMS A GROUPS majority should have denied the application and (NUMBER OF MULTIB ANK ORGANIZATIONS thereby signaled its intention to restrict acquisi- IN PARENTHESES)2 tions of large independent banking organizations (AUGUST 31,1972)3 by the State's largest bank holding company orga- $500 $100- $50- Under nizations. Over Mil. to 500 100 10-50 $10 SMS A Groups Total $1 Bil. 1 Bil. Mil. Mil. Mil. Mil. Houston-Dallas 252(7) 5(5) 1(1) 10(1) 14 118 104 San Antonio-Fort Worth 76(3) 2(1) 3(2) 7 39 25 Beaumont-Port Arthur- Orange, El Paso, Austin, Corpus Christi 63(3) 10(3) 28 25 FIRST ALABAMA BANCSHARES, INC., Mc Allen-Pharr-Edinburg, 118(2) 9 10(1) 49(1) 50 Lubbock, Galveston, Cil- BIRMINGHAM, ALABAMA leen-Temple, Waco, Amarillo, Brownsville- Harlingen-San Benito, ORDER APPROVING ACQUISITION OF BANK Wichita Falls, Abilene, Texarkana. Tyler, Odessa, Sherman- First Alabama Bancshares, Inc., Birmingham, Denison, Laredo, San Angelo, Midland, Bryan- Alabama, a bank holding company within the College Station Total SMSAs 550(15) 5(5) 3(2) 33(6) 38(1) 251(1) 220 meaning of the Bank Holding Company Act, has applied for the Board's approval under § 3(a)(3) 1 Banking organizations are reported on the basis of the location of their headquarters and the total deposits in the organizations. of the Act (12 U.S.C. 1842(a)(3)) to acquire not 2Multibank organizations include multibank holding companies and one-bank holding companies where the holding company is a bank. less than 80 per cent of the voting shares of Dothan 3 Deposit data are for December 31,1971. Bank and Trust Company, Dothan, Alabama few banks with deposits of between $50-100 mil- ("Bank"). lion in the State. By permitting banks of this size Notice of the application, affording opportunity to become members of the largest banking organi- for interested persons to submit comments and zations in the State, the Board loses an opportunity views, has been given in accordance with § 3(b) to encourage the development of a more balanced of the Act. The time for filing comments and views banking structure in Texas by preserving these has expired, and the Board has considered the banks for affiliation with banking organizations application and all comments received in light of occupying less dominant competitive positions in the factors set forth in § 3(c) of the Act (12 U.S.C. the State as a whole. 1842(c)). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 989 Applicant controls three banks with aggregate with its much larger local competitor, The First deposits of about $494 million, representing about National Bank of Dothan. 8.6 per cent of total commercial bank deposits in The record indicates that the Dothan market is the State, and is the third largest banking organi- not attractive for de novo entry. Population per zation and bank holding company in Alabama. banking office is considerably less than the State (All banking data are as of December 31, 1971, average, while deposits per banking office are also and represent bank holding company formations less than the State figure. Moreover, the Dothan and acquisitions approved by the Board through market had only moderate population growth dur- September 30, 1972.) Acquisition of Bank would ing the 1960's. The Board, therefore, concludes increase Applicant's share of Statewide deposits that Applicant is not a likely de novo entrant into by only 0.7 per cent and Applicant would become this market. It further appears that there is no the second largest banking organization and bank likelihood that Applicant could enter the city of holding company in Alabama. Dothan other than through the acquisition of Bank. Bank ($38.3 million in deposits), the second The financial and managerial resources and fulargest bank in the Dothan banking market (ap- ture prospects of Applicant and its subsidiary proximated by the city of Dothan) controls 32.8 banks are regarded as satisfactory. Applicant has per cent of market deposits. Due to Alabama's committed itself to inject into Bank an additional branching laws and the distance between Appli- $750,000 in equity capital and will provide Bank cant's nearest subsidiary and Bank (over 100 needed management depth; accordingly, banking miles), there is no substantial existing competition factors lend weight for approval. Applicant would between Applicant and Bank. assist Bank in accommodating larger credit requests, expanding its trust services and data pro- The Department of Justice filed comments with cessing services. Considerations relating to the regard to the subject application. In the Departconvenience and needs of the communities are ment's view, there are only a small number of consistent with approval. It is the Board's judgbanking organizations in Alabama, including Apment that the proposed transaction is in the public plicant, that are significant potential entrants into all the important markets in the State in which interest and that the application should be apthey are not now represented. The Department of proved. Justice found the Dothan market to be highly On the basis of the record, the application is concentrated and felt that approval of this applica- approved for the reasons summarized above. The tion, along with approval of an earlier application transaction shall not be consummated (a) before of The Alabama Financial Group, Inc., to acquire the thirtieth calendar day following the effective The First National Bank of Dothan (1972 Federal date of this Order or (b) later than three months Reserve BULLETIN 822) would "significantly after the effective date of this Order, unless such lessen the possibility of de novo or foothold entry period is extended for good cause by the Board, into Dothan and tend to entrench the existing or by the Federal Reserve Bank of Atlanta pursuant concentrated market structure." For these reasons, to delegated authority. the Department concluded that the acquisition of By order of the Board of Governors, effective Bank would have a significantly adverse effect on October 18, 1972. competition. Voting for this action: Governors Daane, Sheehan and Applicant replied to the Department's comments Bucher. Voting against this action: Vice Chairman Robertson and Governor Brimmer. Absent and not voting: Chairman by stating that the Dothan market was not attrac- Burns and Governor Mitchell. tive for de novo entry from either an economic (Signed) TYNAN SMITH, or regulatory standpoint (and seriously doubts the [SEAL] Secretary of the Board. permissibility of de novo entry by an existing holding company pursuant to Alabama law). Fur- DISSENTING STATEMENT OF GOVERNORS thermore, since the only possible "foothold" bank ROBERTSON AND BRIMMER is already a member of a one-bank holding company and is affiliated with several other Alabama We would deny the subject application. banks through common stock ownership, there At present, there are only four existing Statewas no other means available for Applicant to wide bank holding companies in Alabama, inenter this market. In Applicant's view, approval cluding Applicant. As the Department of Justice of this application would have a procompetitive suggested, these bank holding companies must be effect, enabling Bank to compete more effectively considered the most likely to enter the Dothan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 market. Bank is the second largest bank in the [eighteenth] largest [banking organization] in the Dothan market, with over 32 per cent of market State— inhibits the formation of alternative holddeposits. Moreover, the two largest organizations ing companies. Unless we are content to let Alawithin the Dothan market have close to 87 per bama be divided among a handful of organicent of area deposits. Given this concentrated zations—perhaps no more than four—which we setting, and the fact that Applicant as the third think would not be consonant with the responlargest banking organization in Alabama is one of sibilities imposed on the Board by the Bank Holdthe most likely potential entrants into the Dothan ing Company Act, we should be alert to deny area, we feel that the competitive considerations applications for the acquisition of banks of the size alone prohibit consummation of the proposal. and importance of [Bank] in the absence of over- As we stated in our dissent to the acquisition riding benefits to the public that offset the antiof The First National Bank of Dothan by The competitive consequences arising from a proposal. Alabama Financial Group, Inc. (1972 Federal Re- In this case, we think there must be more concrete serve BULLETIN 823), "[Bank] will no longer be evidence of public benefits flowing from the a likely member of an additional Statewide holding proposed acquisition before the anticompetitive company if this application is approved. There are consequences arising from approval of this acquipresently only four Statewide holding companies sition could be considered to be outweighed." in the entire State of Alabama. We need to keep We find no public benefits which might outopen avenues for the formation of additional bank weigh the adverse competitive effects present in holding companies in order to provide the degree this application. We believe that acquisition of of competition in the banking field that is compat- Bank will tend to solidify an already high level ible with the public interest. Approval of the of concentration in the Dothan market. Therefore, acquisition of a bank the size of Dothan Bank—the we would deny this application. ORDERS NOT PRINTED IN THIS ISSUE Also during October 1972, the Board of Governors issued orders as listed below, all of which have been published in the Federal Register. Copies of the orders are available upon request to the Board of Governors of the Federal Reserve System, Washington, D.C. 20551. ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT- APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY Board action Federal (effective Register Applicant Bank(s) date) citation Allied Bancshares, Inc., Conroe Bank, Conroe, Texas Approval 37 F.R. 23752 Houston, Texas Continental Bank, Houston, Texas 10/31/72 11/8/72 Merchants Bank, Port Arthur, Texas Farmers Enterprises, Inc. The Farmers State Bank, Denial 37 F.R. 23383 LaCrosse, Kansas Albert, Kansas 10/26/72 11/2/72 First Bancorp, Inc., The Athens National Bank, Athens, Approval 37 F.R. 21565 Cincinnati, Ohio Ohio 10/3/72 10/12/72 The New Richmond National Bank, New Richmond, Ohio First Missouri Bancorporation, Inc. First National Bank and Trust Approval 37 F.R. 22656 Columbia, Missouri Company, Columbia, Missouri 10/13/72 10/20/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 991 ORDERS UNDER SECTION 3(a)(1) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR FORMATION OF BANK HOLDING COMPANY (Cont.) Board action Federal (effective Register Applicant Bank(s) date) citation Ridge Bancorporation of Wisconsin, Northridge Bank, Milwaukee, Approval 37 F.R. 22913 Greendale, Wisconsin Wisconsin 10/18/72 10/26/72 Southridge Bank of Greendale, Greendale, Wisconsin (successor to Southridge National Bank of Greendale, Greendale, Wisconsin; see merger shown below) Robles, Inc., State Bank of Herndon, Approval 37 F.R. 23294 Oberlin, Kansas Herndon, Kansas 10/24/72 11/1/72 Twin City Corp., Twin City State Bank, Approval 37 F.R. 21965 Kansas City, Kansas Kansas City, Kansas 10/10/72 10/17/72 Valley Agency Company, Bank of Valley, Denial 37 F.R. 22914 Valley, Nebraska 10/18/72 10/26/72 Valley, Nebraska Kendall State Bank, Approval 37 F.R. 23296 Valley Falls Insurance, Inc., Valley Falls, Kansas 10/24/72 11/1/72 Valley Falls, Kansas ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK Board action Federal (effective Register Applicant Bank date) citation Affiliated Bank Corporation, Bank of Cambridge, Approval 37 F.R. 23382 Madison, Wisconsin Cambridge, Wisconsin 10/26/72 11/2/72 Bank of Virginia Company, The First National Bank in Onancock, Denial 37 F.R. 21563 Richmond, Virginia Onancock, Virginia 10/3/72 10/12/72 Bronken Agency, Inc., Bank of Barron, Approval 37 F.R. 23222 Barron, Wisconsin Barron, Wisconsin 10/20/72 10/31/72 Central Colorado Bancorp, Inc., State Bank of Greeley, Approval 37 F.R. 21564 Colorado Springs, Colorado Greeley, Colorado 10/3/72 10/12/72 Charter New York Corporation, The Hayes National Bank of Clinton, Approval 37 F.R. 21565 New York, New York Clinton, New York 10/3/72 10/12/72 The Chase Manhattan Corporation, Chase Manhattan Bank of Approval 37 F.R. 23753 New York, New York Greater Rochester (National 10/31/72 11/8/72 Association), Caledonia, New York Consolidated Bankshares of Union Trust National Bank of St. Approval 37 F.R. 23292 Florida, Inc., Fort Lauderdale, Petersburg, St. Petersburg, 10/20/72 11/1/72 Florida Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 ORDERS UNDER SECTION 3(a)(3) OF BANK HOLDING COMPANY ACT— APPLICATIONS FOR ACQUISITION OF BANK Board action Federal (effective Register Applicant Bank date) citation Fidelity American Bankshares, Inc., Citizens National Bank of Herndon, Approval 37 F.R. 22911 Lynchburg, Virginia Herndon, Virginia 10/18/72 10/26/72 Fairfield National Bank of Highland Springs, Highland Springs, Virginia People's Bank of Virginia Beach, Approval 37 F.R. 22910 Virginia Beach, Virginia 10/18/72 10/26/72 First at Orlando Corporation, First National Bank of Delray Beach, Approval 37 F.R. 22655 Orlando, Florida 10/13/72 10/20/72 Delray Beach, Florida Second National Bank of Delray Beach, Delray Beach, Florida First City Bancorporation of Texas, Approval 37 F.R. 23020 First National Bank in Orange, Inc., Houston, Texas 10/18/72 10/27/72 Orange, Texas Approval 37 F.R. 21015 The Lake Jackson Bank of Lake 9/28/72 10/5/72 Jackson, Lake Jackson, Texas (Corrected order) First Empire State Corporation, Approval 37 F.R. 23753 First National Bank of Highland, Buffalo, New York 10/31/72 11/8/72 Highland, New York First Financial Corporation, Lake Region Bank of Commerce, Approval 37 F.R. 22912 10/18/72 10/26/72 Tampa, Florida Winter Haven, Florida Approval 37 F.R. 23293 First Tennessee National First Bank and Trust Co., 10/24/72 11/1/72 Corporation, Memphis, Tennessee Dyersburg, Tennessee Approval 37 F.R. 21963 Florida Bancorp, Inc., Northwestern Bank of Broward 10/10/72 10/17/72 Pompano Beach, Florida County, Margate, Florida Approval 37 F.R. 22116 Hamilton Bancshares, Inc., The Farmers National Bank of 10/10/72 10/19/72 Chattanooga, Tennessee Winchester, Winchester Tennessee Mercantile Bankshares Corporation, Approval 37 F.R. 23383 Bank of Somerset, Baltimore, Maryland 10/26/72 11/2/72 Princess Anne, Maryland Merrill Bankshares Company, Approval 37 F.R. 22657 Houlton Trust Company, Bangor, Maine 10/13/72 10/20/72 Houlton, Maine Southeast Banking Corporation, Approval 37 F.R. 21963 Miami, Florida American National Bank and Trust 10/10/72 10/17/72 Company of South Pasadena, South Pasadena, Florida Approval 37 F.R. 23224 The Bank of Orange Park, 10/20/72 10/31/72 U.N. Bancshares, Inc., Orange Park, Florida Approval 37 F.R. 23295 Springfield, Missouri Pulaski County Bank, 10/24/72 11/1/72 United Carolina Bancshares Richland, Missouri Approval 37 F.R. 23296 Corporation, Whiteville, Capitol National Bank, 10/24/72 11/1/72 North Carolina Raleigh, North Carolina Virginia National Bankshares, Inc., Jefferson National Bank, Approval 37 F.R. 22417 Norfolk, Virginia Lynchburg, Virginia 10/12/72 10/19/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 993 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT- APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal (effective Register Applicant Nonbanking company (or activity) date) citation CBT Corporation, Lazere Financial Corporation, Approval 37 F.R. 23382 Hartford, Connecticut New York, New York 10126112 11/2/72 Farmers Enterprises, Inc., Albert Insurance Agency, Denial 37 F.R. 23383 La Crosse, Kansas Albert, Kansas 10/26/72 11/2/72 First Connecticut Bancorp, Inc., Pioneer Credit Corporation, Approval 37 F.R. 22656 Hartford, Connecticut Great Barrington, Massachusetts 10/13/72 10/20/72 First Pennsylvania Corporation, American Loan^and Finance Approval 37 F.R. 23754 Philadelphia, Pennsylvania Company, Hamilton, Ohio 10/31/72 11/8/72 Robles, Inc., Herndon Insurance Agency, Approval 37 F.R. 23294 Oberlin, Kansas Herndon, Kansas 10/24/72 11/1/72 Twin City Corp., Twin City Financial Services, Inc., Approval 37 F.R. 21965 Kansas City, Kansas Kansas City, Kansas 10/10/72 10/17/72 United Jersey Banks, Gibraltar Corporation of America, Approval 37 F.R. 23384 Hackensack, New Jersey New York, New York 10/26/72 11/2/72 United Virginia Bankshares Crompton-Richmond Co., Inc., Approval 37 F.R. 22914 Incorporated, Richmond, Virginia Factors, New York, New York 10/18/72 10/26/72 Valley Agency Company, Continuation of insurance agency Denial 37 F.R. 22914 Valley, Nebraska activities, Valley, Nebraska 10/18/72 10/26/72 Valley Falls Insurance, Inc., Retention of insurance agency Approval 37 F.R. 23296 Valley Falls, Kansas activities, Valley Falls, Kansas 10/24/72 11/1/72 ORDERS UNDER BANK MERGER ACT APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank date) citation Southridge Bank of Greendale, Southridge National Bank of Approval 37 F.R. 22914 Greendale, Wisconsin Greendale, Greendale, Wisconsin 10/18/72 10/26/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements APPOINTMENT OF DIRECTOR The first three ratios—8, 10, and 12 per cent— The Board of Governors of the Federal Reserve are effective beginning in the statement week of System has appointed James H. Davis, of Louis- November 9 to November 15. In addition, the ville, Kentucky, as a director of the Louisville reserve ratio of UVz per cent that applies to Branch of the Federal Reserve Bank of St. Louis demand deposits at present Reserve City banks is for the unexpired portion of a term ending De- reduced to \6lA> per cent on net demand deposits cember 31, 1972, and for a 3-year term beginning between $100 million and $400 million as part January 1, 1973. Mr. Davis, president of Porter of step one. During the statement week of No- Paint Company, succeeds the late John G. Beam. vember 16 to November 22, this is reduced from \6V2 per cent to 13 per cent. The revisions are intended to be neutral with REGULATIONS D AND J: NEW EFFECTIVE DATE respect to monetary policy. The release has been The Board of Governors announced on October timed to phase in with seasonal reserve needs, and 24, 1972, a new effective date—November 9—for to give commercial banks time to make necessary implementing amendments to its Regulations D adjustments to the revised regulations. and J relating to a restructuring of reserve requirements and new check collection rules.1 As announced previously, Federal Reserve Banks will grant temporary waivers of penalties The amendments had originally been scheduled on certain deficiencies in reserves attributable to to go into effect on September 21 but were delayed changes in Regulations D and J. These waivers as a result of court action. Subsequent develophave already been arranged with member banks ments in the courts, however, now make it possiand are effective on November 9. Also, Federal ble for the Board to set a new effective date for Reserve credit will be made available to nonthe regulatory changes which will: member banks in the event that the new check —Apply the same reserve requirements to collection rules result in a significant impairment member banks of like size, regardless of a bank's of liquidity or of the bank's ability to serve its location. (Regulation D) community. —Require all banks served by the Federal Re- Action to delay the original effective date of serve check collection system to pay for checks September 21 resulted from the issuance of a in immediately available funds the same day the temporary restraining order by the U.S. District checks are presented for payment by the Federal Court for the District of Columbia on a petition Reserve. (Regulation J) filed by the Independent Bankers Association of The Regulation J change is effective on No- America and the Western Independent Bankers. vember 9 while the Regulation D changes take On October 19, 1972, the U.S. District Court effect in two steps beginning on that date. The for the District of Columbia denied a motion for change in Regulation J is part of a program to a preliminary injunction sought by the plaintiffs modernize the Nation's payments mechanism on the ground that the plaintiffs had failed to carry which also includes establishment of regional the burden of establishing (1) that they would be centers for the overnight clearing of checks. irreparably injured if the amendments to Regula- The reserve restructuring will apply the followtion J were put into effect, and (2) that they would ing ratios of reserve requirements on net demand be likely to succeed on the merits of the case after deposits to all member banks: full trial. This decision was consistent with the Net demand deposits Reserve percentages decision rendered on October 10, 1972, by the (millions of dollars) applicable U.S. District Court for the Central District of California in an action brought by a group of First 2 or less 8 Over 2 to 10 10 California banks seeking to enjoin full implemen- Over 10 to 100 12 tation of the Board's Regulation J; this court's Over 100 to 400 13 Over 400 17% decision on a motion for preliminary injunction was also based on these same grounds. ^EE July 1972 BULLETIN, pp. 626-30, and pp. 679-82. 994 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AMENDMENTS TO VFCR GUIDELINES 7) indicate that foreign tariffs are not to be The Board of Governors announced on November considered as part of the cost of U.S. exports for 7, 1972, the adoption of several clarifying amend- the purpose of determining an export credit. ments to the Voluntary Foreign Credit Restraint The amendments, which became effective on (VFCR) guidelines. The revisions do not affect November 7, 1972, are as follows:2 the foreign lending and investment ceilings of (Italics indicates language to be inserted; brackets banks and other financial institutions. The amend- indicate deletions.) ments are essentially administrative and are designed to be neutral with respect to capital out- Section II-A-7 flows under the Guidelines. 7. Foreign Borrowings One change extends to nonbank domestic subsidiaries of bank holding companies an opportunity a. BANKS, BANK HOLDING COMPANIES, already afforded to domestic subsidiaries of Edge EDGE ACT CORPORATIONS, AND AGREEMENT Act Corporations. That opportunity would now CORPORATIONS. A bank, a bank holding compermit those holding company subsidiaries to re- pany, an "Edge Act" Corporation, or an "Agreeduce the amount of foreign assets charged against ment" Corporation may not count its borrowings bank lending ceilings by the amount of outstanding from, or its other liabilities to, foreigners as offsets borrowings they have made from foreigners for to its claims on foreigners and other foreign assets. minimum maturities of 3 years in order to invest b. DOMESTIC SUBSIDIARIES. A domestically abroad. chartered nonbank subsidiary (for example, a so- In amending the provision, the Board recog- called Delaware subsidiary) of a bank holding nized that some banks now utilize domestic sub- company, of an Edge Act Corporation, or of an sidiaries of their holding companies to make Agreement Corporation may count the outstanding foreign investments in the same manner as banks amount of its borrowings from foreigners as offsets have been using domestic subsidiaries of Edge Act to its claims on foreigners and to its other foreign Corporations. assets, provided those borrowings are of an origi- The Board also amended the Guidelines to in- nal maturity of 3 years of more . . . corporate several interpretations made since the present Guidelines were revised and reissued on Section II-A-2 November 11, 1971. Those amendments will: 2. Calculation of Ceilings 1) specify how banks that have come into being A bank will have a ceiling which will be the since the end of 1970 are to calculate their lending greatest of the following: ceilings; 2) distinguish between the characteristics of real c. 2 per cent of its total assets, as of December estate investment trusts that are to be treated as 31, 1970 [.], except for a bank established on a nonbank financial institutions for purposes of the subsequent date, 2 per cent of its total assets, Guidelines and those that are not; month by month, until it has been in operation 3) state that banks without ceilings may hold one full calendar year and thereafter 2 per cent foreign assets up to $500,000 or in some cases of its total assets at the end of that first full a lower amount; calendar year of operation. 4) explain that only those trust funds over which trustees have some investment discretion and that Section II-E Conformity with Objectives of are not separately reported by the customer are Guidelines to be treated as subject to the restraints applicable 6. Banks without ceilings to those institutions; A bank that has not adopted a ceiling will be 5) state that equity securities issued by a non- acting in conformity with the objectives of the bank financial institution and sold to, and held by, Guidelines (a) if its foreign assets of types subject foreigners in developed countries may be counted to restraint do not exceed the lesser of (i) $500,000 as offsets to foreign assets under ceiling in the or (ii) 2 per cent of its end-of-1970 total assets same way that borrowings from such foreigners and (b) if those foreign assets are otherwise in have been treated as offsets; conformity with the Guidelines, for example, with 6) make clear that special adjustments for investments in foreign insurance ventures are limited 2For full text of Guidelines, see Federal Reserve BULLETIN, only to investments made before 1965; and Nov. 1971, pp. 906-16, and Mar. 1972, p. 321. 995 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 the request against holding funds abroad in liquid restraint [.] or (b) derived from equity securities form except for necessary working balances. issued by the nonbank financial institution and sold to residents of foreign developed countries (other Section III-A than Canada), provided that the nonbank financial A. Applicability to Financial Institutions institution promptly treats as a charge against its * * * Real estate investment trusts whose assets ceiling the amount of any such equity securities consist primarily of real property as contrasted at any moment it is unable to assure itself fully with financial assets (such as mortgages) also are that any such securities continue in the possession not covered by these Guidelines. of such foreigners. (For reporting purposes, amount of such securities held by foreigners Section III-D should be included with borrowings in foreign * * * ** countries.) Thus, . . . 7. Investments made by trust departments of commercial banks or by trust companies with trust Section IV-3 Third paragraph funds over which the trustee (or co-trustee) has The cost of freight in connection with exportaat least some influence over investment policy and tion . . . may be included in the cost of export not separately reported by another financial insti- for the purpose of determining the amount of credit tution. that is to be considered export credit. Any element H. Investments in Certain Foreign Insurance Ven- of foreign duty is to be excluded for this purpose. tures Net investment in foreign insurance ventures CHANGES IN OTC MARKET STOCKS should be reported, [wherever possible. If the net The Board of Governors has announced several investment cannot be segregated, the U.S. insur- changes, effective November 2, 1972, in its "List ance company may exclude from its foreign assets of OTC Margin Stocks" that was issued in revised (1) investments within the foreign country in- form on May 15, 1972. These changes are availvolved in amounts up to 110 per cent of reserves able in mimeographed form from Publications accumulated on insurance sold to residents of that Services, Division of Administrative Services, country, or (2) (if it is larger than 110 per cent Board of Governors of the Federal Reserve Sysof the reserves) the minimum deposit of cash or tem, Washington, D.C. 20551. securities required as a condition of doing insurance business within that country.] In the case only PUBLISHED INTERPRETATIONS OF THE BOARD of a foreign insurance venture in which a U.S. Supplement No. 18 to the looseleaf compilation nonbank financial institution had an investment of "Published Interpretations of the Board of before 1965, if it is not feasible to segregate the Governors of the Federal Reserve System," connet investment of the U.S. nonbank financial insti- taining the published interpretations as of June 30, tution, the latter may exclude from its foreign 1972, is now available. assets subject to ceiling the aggregate of the larger of the following in each foreign country in which ADMISSION OF STATE BANKS a foreign affiliate sells insurance: (a) 110 per cent TO MEMBERSHIP IN THE of assets held in the foreign country as reserves FEDERAL RESERVE SYSTEM against insurance sold to residents of that country The following banks were admitted to membership by the foreign affiliate or (b) the minimum deposit in the Federal Reserve System during the period of cash or securities required by foreign authori- October 16, 1972, through November 15, 1972: ties as a condition of doing insurance business in that country. Minnesota Mendota Heights . Mid-America State Bank of Mendota Heights Section III-J Covered Assets in Excess of Ceilings 1. . . . [C]overed investments of nonbank fi- South Dakota nancial institutions may be permitted to exceed the Clark Citizens State Bank Guideline ceiling to the extent that the funds for Lemmon Bank of Lemmon such investment are (a) borrowed abroad for investment in the same country or in countries that Virginia are subject to the same or more liberal Guideline Dillwyn The Bank of Buckingham Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 15 Industrial production, nonfarm employment, and EMPLOYMENT retail sales increased substantially in October. The Nonfarm payroll employment continued to rise unemployment rate was unchanged. The wholesale substantially in October, with strong gains in price index rose slightly. Commercial bank credit, manufacturing, State and local government, and the money stock, and time and savings deposits private service-producing industries. Factory job increased further. Between mid-October and mid- advances were concentrated in metal and metal- November, market interest rates declined. using industries. The average factory workweek remained at 40.7 hours. The unemployment rate INDUSTRIAL PRODUCTION was unchanged at 5.5 per cent as the increase in Industrial production increased 0.9 per cent in employment was matched by growth in the labor October from an upward revised September level force. and at 116.7 per cent (1967=100) was 9.3 per cent above a year earlier. Output gains in October RETAIL SALES were widespread among consumer goods, equip- The value of retail sales rose nearly 3 per cent ment, and materials. The August and September in October and was 11 per cent above a year indexes were revised 0.4 per cent upwards to earlier, according to the advance report. Sales at 115.0 and 115.7 per cent, respectively. both durable and nondurable goods stores in- Auto assemblies rose 7 per cent in October and creased. were at an annual rate of 9.1 million units. Production schedules for November indicate a further AGRICULTURE increase. Output of furniture and nondurable con- Wet weather has delayed harvests and hurt the sumer goods rose again but production of appli- quality of some crops, but production is expected ances changed little. to exceed last year's record because of 5 per cent Output of business equipment continued to rise higher yields per acre. Production of red meat and appreciably and was 12 per cent above the 1971 poultry changed little in October but so far in 1972 low but still 4 per cent below its 1969 peak. output has been at about last year's high level. Production of defense equipment changed little. Output of construction products and steel, textiles, WHOLESALE AND CONSUMER PRICES and chemicals advanced further. The wholesale price index, seasonally adjusted, rose 0.1 per cent in October. Industrial commodity prices, on average, were off 0.1 per cent reflecting a decline INDUSTRIAL PRODUCTION in prices of automobiles and trucks after adjustment RATIO SCALE, 1967=10t for quality improvements in 1973 models. Prices of farm and food products increased 0.2 per cent. The consumer price index rose 0.5 per cent, seasonally adjusted, in September. Advances in food prices were substantial for the third successive - month, while sharp increases for apparel and gasoline CONSUMER G00DS/~^ contributed to the 0.4 per cent rise for other com- N EQUIP • r^ modities. Service costs increased 0.2 per cent. \ BUSINESS \ DEFENSE BANK CREDIT, DEPOSITS, AND RESERVES / Commercial bank credit, adjusted for transfers of 1966 1968 1970 1972 1966 1968 1970 1! loans between banks and their affiliates, increased F.R. indexes, seasonally adjusted. Latest figures: October. at an annual rate of about 11 per cent in October, 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 PRICES month's average. Both member bank borrowings 1967=100 Wholesale and excess reserves remained close to September 130 levels. ALL COMMODITIES . SECURITY MARKETS Treasury bill rates declined by about 5 to 20 basis points between mid-October and mid-November. The 3-month issue was bid at around 4.75 per cent 130 in the middle of November, down from 4.80 per 120 - FARM PRODUCTS />'- cent a month earlier. Yields on Treasury notes and AND FOODS - bonds fell by some 5 to 25 basis points over the \ /WV 8 a^/IN C D O U M S M T O R D IA IT L IES same period. — Yields on new corporate securities dropped significantly from mid-October to mid-November 1968 1970 1972 1968 1970 1972 while seasoned corporate security yields declined Bureau of Labor Statistics. "Farm products and foods" is BLS steadily. Yields on municipal securities fluctuated "Farm products, and processed foods and feeds." Latest figures: Consumer, September; Wholesale, October. over the period, but declined on balance. Common stock prices increased sharply on close to the September pace. Total loans, however, heavy volume over the same period. increased much more rapidly than in September INTEREST RATES reflecting principally heavier borrowing by businesses and nonbank financial institutions. Growth in real estate and consumer loans continued strong. Holdings of U.S. Treasury securities declined sharply in October and holdings of other securities were unchanged following moderate increases in both categories in September. J^ The narrowly defined money stock increased at Aan annual rate of 4.5 per cent in October, slightly 1 F R- discount RATE below the September pace and considerably below that of the third quarter. Time and savings deposits other than large CD's rose at an annual rate of 11.5 per cent, little different from the third quarter expansion. Net sales of large CD's, however, were J_ much smaller than in other recent months. 1967 1968 1969 1970 1971 1972 Net borrowed reserves of member banks Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 averaged about $320 million in the 4 weeks ending years or more and for 90-day Treasury bills. Latest figures: October 25, about the same as the previous week ending Nov. 4. 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

57 FEDERAL RESERVE BULLETIN • NOVEMBER 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 (flows through H1 1972) 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 Central bank rates A 95 Open market rates; 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 Page Flow of funds Nov. 1972 A-73.1—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: 1960-71 June 1972 A -73.10—A.73.21 Analysis of changes in number ... Aug. 1972 A-98 On, and not on, Federal Reserve Par List, number Aug. 1972 A-99 Flows: 1965-71 data Nov. 1972 A-72—A-73.9 Annually Bank holding companies: Income and expenses: List, Dec. 31, 1971 June 1972 A-98 Federal Reserve Banks Feb. 1972 A-96—A-97 Banking offices and deposits of Insured commercial banks May 1972 A-98—A-99 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-113 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-115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • NOVEMBER 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 Drawing Bought u r H e n p e d l u e d r r - Loans Float 2 as O F s t e . h t R s e . r 3 Total 4 s G to o c ld k c a e R r c t c i i g f o i h u c t n a s t t e Total 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 I960—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—Dec.. 48,891 48,810 81 238 2.030 51,268 12,436 1968—Dec.. 52,529 52,454 75 765 3,251 56,610 10,367 1969—Dec.. 57,500 57,295 205 ,086 3,235 2,204 64,100 10,367 1970—Dec.. 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 1971—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—Jan..., 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.. 70,252 70,135 117 514 3,723 894 75,451 10,410 400 Oct.p. 71,359 71,194 165 574 4,098 1.202 77,317 10,410 400 Week ending— 1972—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 20. 69,753 69,684 "69" 717 4,137 899 75,566 10,410 400 27. 70,389 70,389 550 3,832 982 75,811 10,410 400 Oct. 4.. 71,350 70,939 411 436 3,460 1,068 76,406 10,410 400 11.. 71,683 71,548 135 535 3,687 1,120 77,121 10,410 400 18.. 71,279 71,279 434 4,530 1,203 77,518 10,410 400 25*. 71,082 70,899 767 4,502 1,269 77,702 10,410 400 End of month 1972—Aug.. . 71,890 6 71,104 786 1,092 3,396 774 77,248 10,410 400 Sept... 70,915 6 70,915 239 3,643 1,050 75,909 10,410 400 Oct.p. 71,114 6 71,114 481 3,470 1,328 76,463 10,410 400 Wednesday 1972—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 1,332 3,115 766 77,371 10,410 400 Sept. 6. 69,363 6,7 69,363 104 3,305 810 73,645 10,410 400 13. 68,727 6,7 68,727 147 3,732 874 73,537 10,410 400 20. 70,396 6 70,396 1,753 4,257 970 77,433 10,410 400 27. 70,018 6,770,018 842 3,742 1,066 75,728 10,410 400 Oct. 4p. 72,259 6 70,990 1,269 1,094 3,806 1,090 78,426 10,410 400 Hp. 71,548 6 71,548 388 3,646 1,194 76,845 10,410 400 18 p. 70,789 6,7 70,789 426 4,858 1,271 77,415 10,410 400 25p. 72,463 6 71,187 ' i276 3,094 3,976 1,451 81,129 10,410 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 r c C t e c u i i n u i o n l r c a n r - - y - T h c i r u o n a e r l g s a y d h s s - - Tr u e r a y s- with re F s F e . e R i o r g . v r n - e B s, a nks Other 2 c O o F u a t . h c n R - e t . s r 3 c b O a F i a p l l t . i n i i h a R t t d i - e a . e r l s 3 B W F a . n i R t k h . s re c r C s e a o e n n u i r n d c r v - y 5 e s Total Period or date Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 47.000 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 1970—Dec. 59,185 464 2,100 152 736 2,327 25,463 5,397 30,860 1971—Oct. 59,939 470 1,723 133 714 2,320 25,500 5,453 30,953 Nov. 61,060 453 1,926 290 728 2,287 25,653 5,676 31,329 Dec. 60,201 487 2,821 181 750 2,208 26,955 5,910 32,865 1972—Jan. 59,681 436 2,421 172 683 2,273 26,374 5,548 31,922 Feb. 60,137 388 933 170 597 2,247 26,555 5,366 31,921 Mar. 60,717 405 1,688 200 615 2,313 27,144 5,421 32,565 Apr. 61,182 573 2,170 185 574 2,289 27,347 5,465 32,812 May 61,874 356 2,673 153 598 2,304 27,002 5,537 32,539 June 62,669 342 2,398 209 617 2,329 27,361 5,660 33,021 July 62,726 319 2,025 171 604 2,324 27,454 5,694 33,148 Aug. 62,913 320 938 190 619 2,240 27,224 5,779 33,003 Sept. 63,385 362 1,369 200 631 2,336 28,074 5,715 33,789 Oct.P Week ending— 62,448 336 2,464 150 611 2,377 27,352 5,787 33,139 1972—Aug. 2 62,681 330 2,531 159 633 2,379 27,251 5,882 33,133 9 62,921 313 2,132 167 611 2,235 27,489 5,837 33,326 16 62,785 315 1,780 177 581 2.289 27,507 5,315 32,822 23 62,544 316 1,609 183 584 2,351 27,276 5,702 32,978 30 62,868 306 1,215 176 601 2,424 27,566 5,796 33,362 Sept. 6 63,227 304 162 195 589 2,190 26,544 5,976 32,520 13 62,987 319 675 189 671 2,152 27,571 5,446 33,017 20 62,670 336 1,611 198 589 2,217 27,197 5,856 33,053 27 62,757 356 1,306 192 663 2,278 27,863 5,868 33,731 Oct. 4 63,332 357 1,517 192 664 2,331 27,760 5,950 33,710 11 63,616 359 1,033 199 624 2.290 28,437 5,661 34,098 18 63,484 366 1,462 221 615 2,348 28,255 5,332 33,587 25? End of month 62,744 304 1,727 192 592 2,420 28,227 5,796 34,023 1972—Aug. 62,599 355 1,394 193 614 2,247 27,515 5,868 33,383 Sept. 63,598 374 1,613 192 597 2,449 26,716 5,848 32,564 Oct.f Wednesday 62,642 345 2,137 168 690 2,420 29,080 5,787 34,867 1972—Aug. 2 63,020 325 2,473 156 562 2,205 28,224 5,882 34,106 9 63,018 319 1,792 171 658 2,266 28,426 5,837 34,263 16 62,766 325 1,919 187 573 2,315 26,970 5,315 32,285 23 62,769 316 1,406 168 602 2,402 28,675 5,702 34,377 30 63,339 304 571 184 638 2,433 25,148 5,796 30,944 Sept. 6 63,280 325 408 176 605 2,215 25,517 5,976 31,493 13 62,979 325 958 194 557 2,161 29,266 5,446 34,712 20 62,776 347 1,862 183 660 2,215 26,692 5,856 32,548 27 63,065 373 1,269 170 664 2,337 29,559 5,868 35,427 Oct. 4 p 63,772 361 1,464 213 574 2,247 27,252 5,950 33,202 \\p 63,667 376 1,140 228 645 2,308 28,093 5,661 33,754 18p 63,641 374 1,392 197 568 2,379 31,630 5,332 36,962 25 P 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 closea 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. ••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 • NOVEMBER 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 Bor- T h o e t ld al qu R ir e e - d ] Excess B r F i o a n a . w n g R t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R ir e e - d : Excess B r F i o a n 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 i B r F i a o n . a n w g R t k s - . s 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 555444000 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 707 989 1,143 848 222999555 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 111444 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 1965—Dec 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 1967—De c 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 1968—De c 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 15 85 1969—De c 28,031 27,774 257 ,086 -829 5,441 5,385 56 259 -203 1 ,285 1,267 18 27 1970—De c 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 7 4 1971—Oc t 30,860 30,653 207 360 -153 5,678 5,667 11 67 -56 1.425 1,408 17 15 Nov 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1,408 1,400 8 22 Dec 31,329 31,164 165 107 58 5.774 5,749 25 35 -10 1.426 1,425 1 8 1972—Ja n 32,865 32,692 173 20 153 6,066 6.058 8 1,503 1.512 -9 Feb 31,922 31,798 124 33 91 5.775 5,807 -32 5 -37 1,446 1.442 4 Mar 31,921 31,688 233 99 134 5,815 5,758 57 71 -14 1,434 1.443 -9 Apr 32,565 32,429 136 109 27 5,938 5,940 -2 48 -50 1,482 1,476 6 May 32,812 32,708 104 119 -15 6,045 6,031 14 50 -36 1,514 1,505 9 June 32,539 32,335 204 94 110 5,956 5,922 34 6 28 1,488 1,489 -1 July 33,021 32,874 147 202 -55 6,129 6,097 32 15 17 1,510 1,502 8 Aug 33,148 32,893 255 438 -183 6,000 5,994 6 116 -110 1,510 1,500 10 Sept 33,003 32,841 162 514 -352 5,981 5,952 29 136 -107 1,512 1.513 -1 Oct.* 33,789 33,556 233 574 -341 6,140 6,087 53 59 -6 1,557 1,542 15 Week ending— 1971—Oct. 6.. 30,993 30,779 214 309 -95 5,644 5,671 -27 29 -56 1.441 1,422 13.. 30,702 30,653 49 449 -400 5,668 5,693 -25 100 -125 1,413 1.432 20.. 31,071 30,861 210 332 -122 5,808 5,81" -10 35 -45 1,429 1,421 27.. 30,424 30,373 51 413 -362 5,513 5,508 5 133 -128 1,353 1,364 1972—Mar. 1.. 31,614 31,532 82 67 15 5,643 5,679 -36 -36 1,411 1,425 -14 8.. 31,465 31,289 176 103 73 5,649 5,658 -9 99 -108 1,435 1,419 16 2 1 2 5. . . . 3 3 2 1 , , 1 5 0 5 8 8 3 3 1 1 , , 7 6 1 9 5 1 -1 3 3 9 3 3 1 1 1 3 5 -2 3 4 8 8 0 5 5 , , 9 6 8 0 2 5 5 5 , , 7 7 9 2 6 5 -1 1 2 8 0 6 95 -2 1 1 8 5 6 1 1 , , 4 4 7 2 3 1 1 1 . . 4 4 7 3 9 3 -1-6 2 29.. 32,219 31,934 285 153 132 5,911 5,820 91 94 -3 1.442 1,436 6 Apr. 5.. 32,604 32,230 374 141 233 5,991 5,933 58 86 -28 1,521 1,472 49 12.. 32,345 32,179 166 14 152 5,963 5,953 10 10 1,446 1,482 -36 19.. 32,565 32,624 -59 43 -102 5,947 6,055 -108 23 -131 1,498 1,489 9 26.. 32,666 32,448 218 279 -61 5,913 5,824 89 124 -35 1,441 1,456 -15 May 3.. 32,840 32,704 136 117 19 5,862 5,927 -65 60 -125 1,513 1.480 33 10.. 32,757 32,566 191 87 104 6.019 5,978 41 49 -8 1,486 1.506 -20 17.. 33,157 32,963 194 39 155 6,223 6,218 5 21 -16 1,566 1,535 31 24.. 32,646 32,560 86 63 23 6,007 5,994 13 39 -26 1.443 1,491 -48 31.. 32,814 32,726 254 -166 5,975 6,001 -26 51 -77 1,520 1.496 24 June 7.. 32,677 32,346 331 58 273 6.020 5,931 89 1,490 1,491 -1 14.. 32,417 32,308 109 94 15 5,889 5,920 -31 -31 1,506 1,491 15 21.. 32,596 32,384 212 59 153 6,047 5,975 72 18 54 1,492 1.497 -5 28.. 32,301 32,177 124 129 -5 5,793 5,809 -16 6 -22 1,480 1,476 4 July 5.. 33,143 32,815 328 312 16 6,171 6,097 74 42 32 1.532 1.507 25 12.. 32,747 32,524 223 227 -4 6,014 5,991 23 23 1.484 1,485 19.. 33,295 33,148 147 173 -26 6,184 6,209 -25 — j 1,519 1,530 -11 26.. 33,040 32,961 79 172 -93 6,123 6,124 26 -27 1,501 1,489 12 Aug. 2., 33,139 32,897 242 363 -121 6,052 6,051 144 -143 1.485 1.498 -13 9., 33,133 33,003 130 287 -157 6,037 6,038 39 -40 1.533 1,518 15 16. 33,326 33,072 254 382 -128 6,138 6,102 36 76 -40 1,503 1,516 -13 23. 32,822 32,782 40 348 -308 5,860 5,935 -75 79 -154 1,497 1,485 12 30. 32,978 32,751 227 477 -250 5,986 5,901 85 86 -1 1,472 1,482 -10 Sept. 6... 33,362 32,566 796 837 -41 6,213 5,885 328 260 68 1,568 1,488 80 13.. , 32,520 32,635 -115 149 -264 5,866 5,949 -83 -83 1,483 1,516 -33 20.. . 33,017 32,811 206 717 -511 6,032 5,981 51 345 -294 1,557 1,528 29 27.. , 33,053 33,016 37 550 -513 5,870 5,919 -49 59 -108 1,465 1,497 -32 Oct. 4.. 33,731 33,501 230 436 -206 6,154 6,107 47 47 1,589 1,563 26 11.. 33,710 33,352 358 535 -177 6,100 6,088 12 36 -24 1,570 1,547 23 18.. 34,098 33,977 121 434 -313 6,312 6,295 17 17 1,560 1,591 -31 25*. 33,587 33,403 184 767 -583 5,932 5,975 -43 185 -228 1,525 1,500 25 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Borrow- Borrow- Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required * Banks T h o e t ld al Required3 Excess Banks 3,140 1,953 ,188 1,188 1,568 897 671 3 668 ...1939—Dec. 4,317 3,014 ,303 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 ...1960—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...1965—Dec. 1 1 0 0 , , 9 0 9 8 0 1 1 1 0 0, , 0 9 3 0 1 0 9 5 0 0 2 1 7 0 0 5 -1 -5 8 5 0 9 8 , , 8 90 7 1 5 9 8 , , 6 6 2 3 5 4 2 2 5 6 0 7 1 8 8 0 0 1 7 8 0 7 . . . . . . 1 1 9 9 6 6 7 8 — — D D e e c c . . 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. 12,069 12,050 19 163 -144 11,688 11,528 160 115 45 ....1971—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. 12,805 12,807 -2 195 -197 12,705 12,569 136 171 -35 Sept. 13,135 13,107 28 239 -211 12,957 12,820 137 230 -93 Oct.? Week ending— 12,165 12,117 48 118 -70 11,743 11,569 174 162 12 1971—Oct. 6 1 1 1 2 2 1 , , , 0 8 1 1 7 8 1 6 3 1 1 1 2 1 2 , , , 0 9 1 9 3 1 2 3 0 - - 8 5 7 1 7 3 2 1 1 3 2 9 4 9 4 - - - 3 1 1 2 1 8 1 6 5 1 1 1 1 1 1 , , , 6 6 6 5 1 8 1 2 0 1 1 1 1 1 1 , , , 4 5 5 3 1 6 6 2 8 1 1 1 3 7 1 4 9 4 1 9 9 0 9 7 8 6 4 1 0 6 7 2 2 1 7 0 3 12.464 12,492 -28 57 -85 12,096 11,936 160 10 150 1972—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 1 13 2 , , 0 9 3 8 9 2 1 1 3 2 , , 0 9 0 9 5 0 -2 4 3 9 1 9 7 5 0 - - 1 12 1 1 8 1 1 2 2, , 5 6 8 4 1 6 1 1 2 2 , , 4 4 4 6 2 4 1 1 3 8 9 2 1 1 1 3 8 6 2 4 1 6 1 9 6 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 12,766 12,775 -9 241 -250 12,662 12,527 135 103 32 20 12.885 12,867 18 260 -242 12,833 12,733 100 214 -114 27 13,058 13,057 1 125 -124 12,930 12,774 156 225 -69 Oct. 4 1 1 3 3 , , 2 1 8 7 6 4 1 1 3 3 , , 0 3 3 2 3 2 - 1 3 4 6 1 2 2 2 3 9 3 -2 -8 6 8 9 1 1 2 2 , ,8 9 6 40 6 1 1 2 2 , , 6 76 8 9 4 1 1 7 8 1 2 1 1 9 8 3 4 - - 1 1 1 3 1 1 8 1 13,152 13,049 103 273 -170 12,978 12,879 99 247 -148 25^ 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 • NOVEMBER 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 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 1 r a B o t B w a F o n in r . k - R g s . s F t f i b e r n N u d a a t n e n e n e d t k r r s - s a . l S d u e r o f p i r c lu it s r P r e e e q a s r u o e v c f r i g r v e . e n e d s t c P ha 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 P h f a y a u n n s i r k n e - e s g s t s o b S e f a a l l n l n i e k n e s s g t d L ea o t l o a e n r s s 3 de f r B i a r o n o o l w g e m r s - - r s4 lo N a e n t s Total—46 banks 1972—Sept. 6.... 561 388 7,166 -6,994 51.9 12,719 553 4,228 8,491 1,325 1,852 235 1,617 13.... 43 4 9,256 -9,217 67.9 15,105 849 4,757 10,348 1,092 2,493 239 2,254 20.... 62 444 8,393 -8,775 64.3 13,847 454 4,517 9,331 938 2,556 152 2,404 27. ... 22 159 -6,760 -6,897 50.8 12,161 401 4,178 7,983 1,224 1,973 229 1,744 Oct. 4 91 118 6,574 -6,602 47.4 12,677 6,103 4,702 7,975 1,401 1,982 409 1,573 11... . -163 144 8,806 -9,114 64.1 14,273 5,431 4,069 10,168 1,362 1,500 315 1,184 18.... -5 68 8,700 -8,773 61.3 14,252 5,552 4,105 10,147 1,447 1,742 248 1,494 25.... -5 339 6,415 6,759 48.9 12,014 5,600 4,101 7,913 1,498 1,890 278 1,613 8 in New York City 1972—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 Oct. 4 62 3,267 248 59.6 4,159 892 892 3,267 1,523 72 1,451 11. .. . 19 4,278 292 78.8 4,712 434 404 4,308 30 1,190 55 1,135 18... . 34 4,352 319 76.7 4,943 591 591 4,352 1,295 61 1,234 25.... -7 177 2,716 -2,900 54.5 3,502 786 786 2,716 1,292 36 1,257 38 outside New York City 1972—Sept. 6. 202 128 3,664 -3,591 43.6 8,551 4,886 3,562 4,989 1,325 518 163 356 13. 4 4,713 -4,719 57.0 9,752 5,039 3,947 5,806 1,092 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 27. 128 3,598 -3,717 44.8 8,277 4,679 3,455 4,821 1,224 675 167 508 Oct. 4. 28 75 3,307 -3,354 39.6 8,518 5,210 3,810 4,708 1,401 459 337 123 11. -183 111 4,529 -4,822 54.9 9,525 4,997 3,665 5,860 1,332 310 260 50 18. -38 68 4,348 -4,455 51.3 9,310 4,961 3,514 5,795 1,447 447 187 260 25. 2 162 3,699 -3,858 45.4 8,512 4,813 3,315 5,197 1,498 598 242 356 5 in City of Chicago 1972—Sept. 6. 63 1,234 -1,171 86.1 2,119 885 762 1,358 124 128 128 13. -16 1,462 -1,482 106.9 2,500 1,038 1,005 1,496 33 265 265 20. 16 1,512 -1,522 108.8 2,392 881 814 1,579 67 260 260 27. -17 1,384 -1,410 103.1 2,146 762 730 1,416 32 163 163 Oct. 4. 10 1,261 -1,280 89.3 2,049 788 730 1,319 182 182 11. 37 1,599 -1,620 114.3 2,546 947 886 1,660 100 100 18. -14 1,533 -1,547 106.1 2,318 786 765 1,554 132 132 25. 10 1,239 -1,276 93.0 2,043 804 784 1,259 181 181 33 others 1972—Sept. 6. 138 128 2,430 -2,420 35.2 6,432. 4,001 2,800 3,632 1 ,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 27. 26 119 2,214 -2,308 33.3 6,130 3,916 2,725 3,405 1,191 512 167 346 Oct. 18 46 2,046 -2,074 29.5 6,469 4,423 3,080 3,389 1,343 278 337 -59 -219 54 2,929 -3,202 43.5 6,979 4,050 2,779 4,200 1,271 210 260 -50 18. -24 68 2,816 -2,908 40.3 6,991 4,175 2,750 4,241 1,426 315 187 129 25. -9 114 2,460 -2,583 36.3 5,469 4,009 2,532 3,937 1,477 417 242 175 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

NOVEMBER 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.. 1133** FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk O Ra c 1 t t 9 e . 7 3 2 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us R O a c 1 t t 9 e . 7 3 2 o 1 n , Ef d fe a c te ti ve Pre ra v t i e o us O Ra c 1 t t 9 e . 7 3 2 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us Boston 4% Dec. 13, 1971 434 5 Dec. 13, 1971 514 6Vi Dec. 13, 1971 634 New York 4% Dec. 17, 1971 434 5 Dec. 17, 1971 514 6Vi Dec. 17, 1971 634 Philadelphia 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 51/4 6i/i Dec. 17, 1971 634 C R l i e c v h e m la o n n d d 4 4 1 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 5V 14 4 t6 6 * i/ 4 i D D e e c c . . 2 1 4 7 , , 1 1 9 9 7 7 1 1 6 63 3 / 4 4 Atlanta 41/2 Dec. 23, 1971 434 5 Dec. 23, 1971 5V4 61/2 Dec. 23, 1971 634 C St h . i L ca o g u o i s 4 4 1 % /2 D De e c c . . 1 1 3 7 , , 1 1 9 9 7 7 1 1 4 43 3 4 4 5 5 D D e e c c . . 1 1 7 3 , , 1 1 9 9 7 7 1 1 5 5 V *4 4 t t 6 6 V i/ 4 2 D D e e c c . . 1 1 3 7 , , 1 1 9 9 7 7 1 1 6 63 3 4 4 Minneapolis 41/2 Dec. 23, 1971 434 5 Dec. 23, 1971 51/4 Dec. 23, 1971 634 Kansas City 41/2 Dec. 13, 1971 434 5 Dec. 13, 1971 51/4 t6% Dec. 13, 1971 634 Dallas 41/2 Dec. 24, 1971 434 5 Dec. 24, 1971 5V4 161/2 Dec. 24, 1971 634 San Francisco 41/2 Dec. 13, 1971 434 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 member banks secured by direct obligations of, or obligations fully U.S. Govt, obligations or any other obligations eligible for F.R. Bank guaranteed as to principal and interest by, the U.S. Govt, or any purchase. Maximum maturity: 90 days except that discounts of certain agency thereof. Maximum maturity: 90 days. bankers' acceptances and of agricultural paper may have maturities not t A rate of 4Vi per cent was approved Sept. 19, 1972, on advances to over 6 months and 9 months, respectively. nonmember banks, to be applicable in special circumstances resulting from 2 Advances secured to the satisfaction of the F.R. Bank. Maximum implementation of the then pending changes in Regulation J. See "Anmaturity: 4 months. nouncements" on p. 942 of the Oct. 1972 BULLETIN and p. 994 of this 3 Advances to individuals, partnerships, or corporations other than 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. In effect Dec. 31, 1954. IIVV22 IIVV22 1959—Mar. 6 21/2-3 3 1969—Apr. 4 5Vi-6 16 3 3 8 6 11995555—— M AApp a rr y .. 1 1 2 4 5 l l 1 1 / / 2 2 1 - - 3 1 1 /4 3 3 / /4 4 W 1 1 3 3 i 4 4 J S M u e a n p y e t . 2 1 1 9 2 1 3 3 1/ 3 2 1 - - / 4 2 3 % - 4 3 3 V 1 / 4 2 1970—Nov. 11 5V4-6 6 Aug. 4 134-214 l3/4 18 4 4 13 5H-6 53/4 5 134-21/4 2 16 53/4 53/4 S N e o p v t . . 1 1 1 9 2 3 8 2 2 21 / 2 4 1 - - - 2 / 2 2 4 1 1 1 / / 4 4 2 2 2 2 2 1 % 1 / 4 4 1960— A Ju u n g e . 1 1 1 2 3 0 4 3 3 3 1 1 / / 3 2 2 1 - - - 3 / 4 4 2 1 /2 4 3 3 3 1 % /2 Dec. 1 4 1 1 5 5^ ^ 5 - - 1 5 5 / 3 2 3 / 4 4 5 5 5 3 1 % / / 4 2 23 21/2 21/2 Sept. 9 3 3 1956— A A u p g r. . 2 2 3 1 0 4 1 3 2 2 2 3 1 3 / / / 3 2 4 4 - - - 3 3 3 2 2 3 3 3 3 4 4 1 1 9 9 6 6 3 4 — — J N u o ly v . 2 2 1 3 4 6 7 0 3 3 4 1 31 / - 2 /2 3 -4 % 4 4 3 3 1 % /2 1971—Jan. 2 2 1 1 2 9 8 5 9 5 5 5 14 5 5 1 - - - 5 5 / 5 4 1 1 1 / / 4 4 2 5 5 5 5 5 1 % % /4 1957—Aug. 3 -31/2 3 Feb. 13 434-5 5 23 31/2 31/2 1965—Dec. 6 4 -41/2 41/2 19 434 434 N D o ec v . . 1 2 5 3 3 -314 3 3 13 41/2 41/2 July 16 434-5 5 1967—Apr. 7 4 -41/2 4 2 3 5 5 1958—Jan. 22 234-3 3 14 4 4 Nov. 11 434-5 5 24 234-3 234 Nov. 20 4 -41/2 41/2 19 434 434 M Ap a r r . . 2 1 1 1 7 3 8 2 2 1 1 1 3 / 2 4 4 4 1 - - - / 3 2 2 4 1 3 4 4 2 2 2 1 1 1 1 3 4 4 4 4 1968—Mar. 2 2 1 7 2 5 4i/ 4 5 2 1 - 5 /2 4 4 5 1 % /2 Dec. 2 1 1 3 4 7 4 4 i ^ / 4 £ - V - 4 4 3 i 3 4 4 4 4 4 3 % % 4 M Au a g y . 1 9 5 13 1 4 % -2 1 13 34 /4 Apr. 2 1 6 9 5 51 -5 /2 1 /2 5 5 1 1 / / 2 2 In effect Oct. 31, 1972 4i/ 2 41/2 Sept. 12 134-2 2 Aug. 16 514-51/2 51/2 23 2 2 30 51/4 51/4 Oct. 24 2 -21/2 2 Dec. 18 51/4-51/2 51/2 Nov. 7 21/2 21/2 20 51/2 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 • NOVEMBER 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 kk rr vv aa ss ee ll bb ss cc RR aa ee ii nn rr ee tt vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- bbb ccclll aaa aaa ((( ooo nnn aaa sss fff kkk lll 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 s m e r i l- $ U 5 n m de b i r l a - nk $ s O 5 v m er i l- 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 - dep $ O 5 o s v m i e ts r i llion lion lion lion lion lion IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,, 111999444999 22222222222222222222 11118888 11112222 55 1966—July 14,21 6 I6I/2 « 12 64 64 55 Sept. 8, 15 66 111999555111———JJJaaannn... 111111,,, 111666 22222222223333333333 11119999 11113333 66 JJJaaannn... 222555,,, FFFeeebbb... 111............ 22222222224444444444 22220000 11114444 1967—Mar. 2 33331111////2222 33331111////2222 111999555333———JJJuuulllyyy 999,,, 111 22222222222222222222 11119999 11113333 Mar. 16 3333 3333 1954—june 24, 16 22222222221111111111 55 JJJuuulllyyy 222999,,, AAAuuuggg... 111............ 22222222220000000000 111888 111222 11996688——JJaann.. 1111,, 1188 IIII66661111////2222 11117777 11112222 11112222 %%%% 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 111111111199999999991111111111//////////2222222222 111777111///222 UUUKKK MMMaaarrr... 222000,,, AAAppprrr... 111 11111111119999999999 111777 1969—Apr. 17 111177771111////2222 111122221111////2222 11113333 AAAppprrr... 111777 IIIIIIIIII8888888888IIIIIIIIII//////////2222222222 Apr. 24 11111111118888888888 II66II//22 11997700——OOcctt.. 11 55555 I960—Sept. 1 111111111177777777771111111111//////////2222222222 Nov. 24 1122 IIInnn eeeffffffeeecccttt OOOcccttt... 333111,,, 111999777222...... 111777 111777111///222 111222111///222 111333 333 333 55555 Dec 1 III666III///222 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: 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. i Effective date of amendments to Regulation D for changing the 3 Authority of the Board of Governors to classify or reclassify cities structure of member bank reserve requirements has been designated by as central reserve cities was terminated effective July 28, 1962. the Board of Governors as Nov. 9, 1972. See 1972 BULLETINS: July, pp. 4 Since Oct. 16, 1969, member banks have been required under Regula- 649, 679; Oct., p. 942; and this issue, p. 994. tion M to maintain reserves against balances above a specified base due from domestic offices to their foreign branches. Effective Jan. 7, 1971, the NOTE.—All required reserves were held on deposit with F.R. Banks applicable reserve percentage was increased from the original 10 per cent June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member to 20 percent. Regulation D imposes a similar reserve requirement on bor- banks were allowed to count part of their currency and coin as reserves; rowings above a specified base from foreign banks by domestic offices effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) 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 1947—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 80 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 bet ween the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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: * Savings deposits 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3 V4 3 K Multiple maturity:3 30-89 days 4 4Vi 90 days-1 year... 5 1 year to 2 years.. 5 5Vi 2 years and over.. 5V 4 Single-maturity: 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 6 months to 12 months 3V4 41/2 2 years and over. . 5V4 9 L 0 e ( s d 3 s a 0 t y - h s 8 a 9 n t o d 9 6 a 0 y m s d ) a o ys n ths... 2 -A 4 5 V4 $1 3 6 0 0 0 0, - - 0 8 5 0 9 9 0 d d a a a n y y d s s over: 5 S V /i A ( ( 4 4 ) ) 90-179 days 5V4 5% 6 6V4 180 days to 1 year. 7 1 year or more... 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 * The rates in effect beginning Jan. 21 through June 23, 1970, were 6 V4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6!/2 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 AAllll All Item mm bb ee aa mm nnkk bb ss ee rr 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 m nk b 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 Aug. 9, 1972 Four weeks ending Sept. 6, 1972 Gross demand—Total. 199,625 41,000 7,929 71,923 IS,112 Gross demand—Total.... 196,049 39,695 7,809 70,404 78,142 Interbank 25,946 11,543 1,420 9,673 3,310 Interbank 25,449 11,240 1,414 9,578 3,217 U.S. Govt 6,070 987 262 2,498 2,323 U.S. Govt 3,560 403 112 1,316 1,729 Other 167,610 28,471 6,248 59,752 73,140 Other 167,040 28,052 6,282 59,510 73,195 Net demand 1 153,115 26,979 6,351 54,217 65,569 Net demand 1 150,501 26,089 6,238 52,969 65,206 Time 228,404 28,525 8,763 82,302 108,813 Time 232,232 29,470 9,127 83,380 110,255 Demand balances due Demand balances due from domestic banks 13,342 3,272 120 2,775 7,176 from domestic banks... 13,405 3,415 111 2,745 7,135 Currency and coin.... 5,686 462 106 1,780 3,337 Currency and coin 5,662 460 102 1,768 3,333 Balances with F.R. Balances with F.R. Banks 2277,,446666 5,637 1,403 11,158 99,,226688 Banks 27,460 5,589 1,408 11,132 9,330 Total reserves held 3333,,115522 6,099 1,509 12,938 1122,,660055 Total reserves held 33,122 6,049 1,510 12,900 12,663 Required 3333,,000022 6,106 1,509 12,945 1122,,444433 Required 32,793 5,956 1,493 12,846 12,499 Excess 115500 -7 -7 116622 Excess 329 93 17 54 164 1 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 • NOVEMBER 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1972 1972 1971 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account 10,303 10,303 10,303 10,303 10,303 10,303 10,303 9,875 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 337 336 334 337 335 334 344 318 Loans: Member bank borrowings 3,174 426 388 1,094 842 481 239 212 Other Acceptances: 777111 71 69 666666 60 70 62 52 777444 111111111 Federal agency obligations: 111,,,000222000 1,022 1,022 111,,,000222222 1,041 1,020 1,041 96 111222 999444 U.S. Govt, securities: Bought outright: Bills 222999,,,888333777 29,437 30,196 222999,,,777555444 28,763 29,764 29,660 29,223 Other NNootteess 36,732 36,732 36,732 36,703 36,703 36,732 36,703 34,719 3,598 3,598 3,598 3,511 3,511 3,598 3,511 3,263 TToottaall bboouugghhtt oouuttrriigghhtt ii 7700,,116677 1,269,767 1 70,526 ii 6699,,996688 1,268,977 i 70,094 i 69,874 i 67,205 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 11,,226644 11,,117755 TToottaall UU..SS.. GGoovvtt,, sseeccuurriittiieess 71,431 69,767 70,526 71,143 68,977 70,094 69,874 6677,,220055 75,782 71,286 72,005 73,530 70,920 71,665 71,216 6677,,556655 ^12,731 *14,084 12,218 12,553 12,051 Pl1,752 10,553 1111,,226600 167 168 168 167 166 167 168 115500 OOtthheerr aasssseettss:: 180 199 163 138 105 211 122 3300 114444 1,104 904 863 785 795 950 760 888844 f101,004 P97,680 96,454 98,213 95,075 *95,782 93,866 90,626 LLLiiiaaabbbiiillliiitttiiieeesss 56,003 56,040 56,132 55,467 55,154 55,933 54,993 5522,,117733 DDDeeepppooosssiiitttsss::: *>31,630 f28,093 27,252 29,559 26,692 2*26,716 27,515 2255,,669977 1,392 1,140 1,464 1,269 1,862 1,613 1,394 11,,887766 197 228 213 170 183 192 193 113355 OOOttthhheeerrr::: 114444 AAAAAAllllllllllll ooooootttttthhhhhheeeeeerrrrrr 568 645 574 664 660 597 614 558899 *33,787 f30,106 29,503 31,662 29,397 p29,118 29,716 28,441 8,835 9,226 8,572 8,747 8,309 8,282 6,910 7,675 OOOOOOtttttthhhhhheeeeeerrrrrr lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss aaaaaannnnnndddddd aaaaaaccccccccccccrrrrrruuuuuueeeeeedddddd ddddddiiiiiivvvvvviiiiiiddddddeeeeeennnnnnddddddssssss 583 579 584 590 533 596 538 574 TTTTTToooooottttttaaaaaallllll lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss p99,208 f95,951 94,791 96,466 93,393 *>93,929 92,157 88,863 CCCCCCaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss CCCCCCaaaaaappppppiiiiiittttttaaaaaallllll ppppppaaaaaaiiiiiidddddd iiiiiinnnnnn 781 779 779 779 778 781 779 736 742 742 742 742 742 742 742 702 OOOOOOtttttthhhhhheeeeeerrrrrr ccccccaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss 273 208 142 226 162 330 188 325 TTTTTToooooottttttaaaaaallllll lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss aaaaaannnnnndddddd ccccccaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss P101,004 f97,680 96,454 98,213 95,075 *>95,782 93,866 90,626 CCCCCCoooooonnnnnnttttttiiiiiinnnnnnggggggeeeeeennnnnntttttt lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttyyyyyy oooooonnnnnn aaaaaacccccccccccceeeeeeppppppttttttaaaaaannnnnncccccceeeeeessssss ppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeeedddddd ffffffoooooorrrrrr ffffffoooooorrrrrreeeeeeiiiiiiggggggnnnnnn ccccccoooooorrrrrrrrrrrreeeeeessssssppppppoooooonnnnnnddddddeeeeeennnnnnttttttssssss 221 230 241 253 263 219 261 261 MMMMMMaaaaaarrrrrrkkkkkkeeeeeettttttaaaaaabbbbbblllllleeeeee UUUUUU......SSSSSS...... GGGGGGoooooovvvvvvtttttt,,,,,, sssssseeeeeeccccccuuuuuurrrrrriiiiiittttttiiiiiieeeeeessssss hhhhhheeeeeelllllldddddd iiiiiinnnnnn ccccccuuuuuussssssttttttooooooddddddyyyyyy ffffffoooooorrrrrr ffffffoooooorrrrrreeeeeeiiiiiiggggggnnnnnn aaaaaannnnnndddddd iiiiiinnnnnntttttteeeeeerrrrrrnnnnnnaaaaaattttttiiiiiioooooonnnnnnaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss 31,058 30,581 30,185 30,079 29,779 31,104 29,625 22,796 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 59,638 59,531 59,373 59,232 59,263 59,702 59,288 55,466 Collateral held against notes outstanding: 2,105 2,105 2,105 2,105 2,105 2,105 2,105 3,145 U.S. Govt, securities 58,965 58,865 58,625 58,625 58,625 58,965 58,625 53,480 61,070 60,970 60,730 60,730 60,730 61,070 60,730 56,625 1 See note 6 on p. A-5. 3 See note 1(b) on 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

NOVEMBER 1972 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1972 (In millions of dollars) Item Total Boston Y N o ew rk 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 111000,,,333000333 405 2,695 544 796 936 660099 2,084 388 161 334444 415 926 Special Drawing Rights certif. acct.... 444000000 23 93 23 33 36 2222 70 15 7 1155 14 49 F.R. notes of other banks 111,,,111222999 180 217 41 47 101 119900 55 27 23 6677 54 127 333333444 17 20 13 39 38 3399 44 20 8 4422 14 40 Loans: Secured by U.S. Govt, and agency obligations 444777333 44 127 2 21 57 4400 94 18 5 4477 15 3 888 11 77 AAcccceeppttaanncceess:: BBoouugghhtt oouuttrriigghhtt 777000 7700 Federal agency obligations: Bought outright. 1,020 46 256 55 79 76 54 163 39 20 42 46 144 U.S. Govt, securities: 170,094 3,184 17,613 3,799 5,447 5,231 3,686 11,192 2,675 1,368 2,859 3,138 9,902 TTTToooottttaaaallll llllooooaaaannnnssss aaaannnndddd sssseeeeccccuuuurrrriiiittttiiiieeeessss.... 71,665 3,274 18,066 3,856 5,547 5,364 3,781 11,449 2,732 1,393 2,955 3,199 10,049 CCCCaaaasssshhhh iiiitttteeeemmmmssss iiiinnnn pppprrrroooocccceeeessssssss ooooffff ccccoooolllllllleeeeccccttttiiiioooonnnn............ 14,839 964 2,685 961 1,052 1,245 1,464 2,149 647 657 949 891 1,175 BBBBaaaannnnkkkk pppprrrreeeemmmmiiiisssseeeessss.... ........ 167 2 8 4 28 13 15 17 15 28 17 12 8 OOOOtttthhhheeeerrrr aaaasssssssseeeettttssss:::: DDDDeeeennnnoooommmmiiiinnnnaaaatttteeeedddd iiiinnnn ffffoooorrrreeeeiiiiggggnnnn ccccuuuurrrrrrrreeeennnncccciiiieeeessss........ 211 9 2 60 11 18 11 14 30 7 5 9 11 26 AAAAllllllll ooootttthhhheeeerrrr........,,,,.... 950 81 235 51 71 67 48 139 34 22 35 41 126 99,998 4,955 24,079 5,504 7,631 7,811 6,182 16,037 3,885 2,304 4,433 4,651 12,526 LLLLiiiiaaaabbbbiiiilllliiiittttiiiieeeessss FFFF....RRRR.... nnnnooootttteeeessss 5577,,006622 22,,998877 1144,,221100 33,,339966 4,547 55,,005555 22,,888855 99,,666688 22,,220099 998844 22,,222288 22,,119944 66,,669999 DDDDeeeeppppoooossssiiiittttssss:::: MMMMeeeemmmmbbbbeeeerrrr bbbbaaaannnnkkkk rrrreeeesssseeeerrrrvvvveeeessss 2266,,771166 887777 66,,559933 11,,004433 1,804 11,,445566 11,,883399 33,,995555 996644 668800 11,,225500 11,,668800 44,,557755 UUUU....SSSS.... TTTTrrrreeeeaaaassssuuuurrrreeeerrrr————GGGGeeeennnneeeerrrraaaallll aaaaccccccccoooouuuunnnntttt........ 11,,661133 5533 334422 114444 105 222277 113399 118833 6622 8800 6611 7766 114411 119922 88 33 5555 1100 17 1100 1133 2277 66 44 88 1100 2244 OOOOtttthhhheeeerrrr:::: AAAAllllllll ooootttthhhheeeerrrr ................ 559977 11 551111 66 1155 66 2233 11 22 22 66 2244 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 29,118 939 7,501 1,203 1,926 1,708 1,997 4,188 1,033 766 1,321 1,772 4,764 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss..... 11,369 923 1.744 779 947 898 1,144 1,796 557 498 781 560 742 596 27 145 32 46 46 34 94 23 15 25 26 83 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 98,145 4,876 23,600 5,410 7,466 7,707 6,060 15,746 3,822 2,263 4,355 4,552 12,288 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss..... CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 781 33 201 39 71 41 54 123 26 18 33 43 99 742 34 193 38 68 38 50 111 25 17 32 41 95 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 330 12 85 17 26 25 18 57 12 6 13 15 44 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... 99,998 4,955 24,079 5,504 7,631 7,811 6,182 16,037 3,885 2,304 4,433 4,651 12,526 CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 219 10 4 55 11 20 11 15 33 8 5 10 12 29 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5599,,770022 33,,118899 14,900 33,,449900 44,,771122 55,,223355 3,107 99,,991177 22,,332299 1,020 2,315 22,,333333 7,155 Collateral held against notes outstanding: Gold certificate account 22,,110055 225500 330000 335500 334455 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5588,,996655 22,,996600 15,050 33,,335500 44,,555500 44,,995555 3,150 99,,550000 22,,223300 1,040 2,400 22,,338800 7,400 TToottaall ccoollllaatteerraall.. 61,070 3,210 15,050 3,650 4,900 5,300 3,150 10,200 2,385 1,040 2,400 2,385 7,400 1 See note 6 on page A-5. 4 After deducting $164 million participations of other Federal Reserve 2 After deducting $151 million participations of other Federal Reserve Banks. Banks. 3 After deducting $137 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 • NOVEMBER 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 p h 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 p h 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 p h r a u 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 r t i s p t , y - c G p h r a u 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—Sept. 2,102 1,088 83 1,818 1,088 83 46 104 189 Oct.. 772 1,133 772 1,133 Nov. 1,883 1,070 1,129 1,070 200 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 -90 69 July. 2,753 3,286 2,753 3,286 Aug. 1,390 1,752 432 1,274 1,752 432 '79' "'673' Sept. 9,369 8,673 850 9,369 8,673 850 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 p h r u a 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 i f t h t y a s . - c G p h 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 i f t h t y a s . - c G p h r a u o s r s - e s s G sa ro le s s s s G e it o c ie u 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 e n e u t s t e r e s - - , change1 1971—Sept.. 34 14 3,697 3,930 698 61 -69 -55 634 Oct... 2,616 2,616 -361 35 1 -326 Nov.. 267 1,920 58 150 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 23 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 'is' 250 3,171 2,459 -82 -3 74 4 30 22 Sept.. 1,132 1,844 -866 -35 -74 -4 -30 -1,009 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 e se 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—July 23 * 12 Aug 23 * 12 Sept 23 * 12 Oct 30 * 12 Nov 15 * 2 Dec 18 3 2 1972—Jan 17 3 2 Feb 17 3 2 Mar 17 3 2 Apr 17 3 2 May 57 3 2 50 June 18 2 9 5 July 7 1 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 IIIttteeemmm 1972 1972 1971 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Oct. 31 Sept. 30 Oct. 31 3,174 426 387 1,094 842 481 239 211 Within 15 days 3,168 418 378 1,089 839 475 232 210 16 days to 90 days 6 8 9 5 3 6 7 1 91 days to 1 year Acceptances—Total 145 71 69 177 60 70 62 52 Within 15 days 91 13 12 125 17 23 17 12 16 days to 90 days 54 58 57 52 43 47 45 40 91 days to 1 year U.S. Government securities—Total 71,431 69,767 70,526 71,143 68,977 70,094 69,874 67,205 Within 15 days* 6,087 4,073 4,135 5,495 4,233 2,919 3,705 3,307 16 days to 90 days 14,736 14,936 15,432 15,100 14,383 16,094 15,805 18,423 91 days to 1 year 18,059 18,209 18,410 18,073 17,886 18,532 17,889 15,823 Over 1 year to 5 years 24,895 24.895 24,895 24,859 24,859 24,895 24,859 23,325 Over 5 years to 10 years 6,108 6,108 6,108 6,102 6,102 6,108 6,102 5,411 Over 10 years 1,546 1,546 1,546 1,514 1,514 1,546 1,514 916 1,032 1,022 1,022 1,116 1,041 1,020 1,041 96 Within 15 days1 21 11 2 94 20 9 20 16 days to 90 days 14 14 23 25 24 14 24 91 days to 1 year 128 128 128 128 127 128 127 51 Over 1 year to 5 years 540 524 524 524 525 540 525 20 Over 5 years to 10 years 181 197 197 197 197 181 197 18 Over 10 years 148 148 148 148 148 148 148 7 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period 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 l Y c A 2 . l ) . 3 ' s 2 SM o 2 t S h 26 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 l Y c A . l 2 ) . ' 3 s 2 SM o 2 t S h 26 e A r 's 1971—Sept. 12,202.2 5,570.3 2,757.5 6,631.9 3.874.5 82.2 190.6 82.3 55.6 45.2 Oct.. 12,221.4 5.755.8 2,683.2 6.465.6 3,782.4 82.3 199.5 80.0 54.0 43.9 No v. 12,915.7 5.918.9 2.945.2 6,996.9 4.051.6 86.1 203.7 87.2 57.8 46.5 Dec. 12.383.4 5.523.3 2.859.8 6,860.1 4,000.3 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. 83.9 205.3 82.0 56.2 46.2 Feb. 13.027.8 6,013.9 2,913.1 7,013.9 4,100. 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. 83.0 195.2 83.3 57.2 46.9 Apr. 13,169.3 5,801.4 3,053.1 7,367.9 4,314. 85.6 202.1 87.3 58.9 47.8 May 13,400.3 5,939.2 3,148.8 7.461.1 4,312. 85.6 200.8 89.8 58.7 46.9 June r13,281.3 5,780.8 3,096.4 r7,500.5 r4,401. 84.7 199.9 88.1 58.6 47.5 July. 12,995.1 5.633.0 2.996.3 r7,362.1 r4,365. 82.3 194.4 84.2 57.1 46.8 Aug. 13,970.0 6,151.8 3,233.0 7.818.2 4,585. 87.6 206.9 90.2 60.2 48.8 Sept. 14,023.0 6.285.1 3,191.0 7.737.8 4,546. 88.7 214.9 89.8 60.1 48.8 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 • NOVEMBER 1972 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation 1 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 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 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 34i 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—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 2,40S 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 Sept. 62,599 42,341 7,116 2.329 135 3,139 9,146 20,477 20,258 5,492 14,336 195 228 2 4 i 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 SSSeeepppttt... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777222 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Sept. Aug. Sept. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111100000,,,,,444441111100000 ((1100,,330033)) 110077 Gold certificates (((((1111100000,,,,,333330000033333))))) 221100,,330022 Federal Reserve notes 5555599999,,,,,222228888877777 111222111 4444,,,,222299995555 555444,,,888777111 555555,,,000333777 555111,,,666222555 Treasury currency—Total 88888,,,,,222220000000000 111222777 333344446666 777,,,777222777 777,,,777000777 777,,,111777222 DDoollllaarrss.. 777774444499999 55550000 555000 666664444499999 666664444444444 444448888822222 Fractional coin 66666,,,,,888883333377777 77774444 222999555 66666,,,,,444446666677777 66666,,,,,444445555511111 66666,,,,,000007777744444 United States notes 333332222233333 2222 333332222200000 333332222200000 333332222211111 In process of retirement 3 222229999922222 222229999911111 222229999922222 222229999955555 TToottaall——SSeepptt.. 3300,, 11997722 4444 77777777,,,,888899998888 ((((11110000,,,,333300003333)))) 333355555555 11110000,,,,333300002222 4444,,,,666644442222 6622,,559999 Aug. 31, 1972 4444 77777777,,,,666655550000 ((((11110000,,,,333300003333)))) 333300004444 11110000,,,,333300002222 4444,,,,333300000000 6622,,774444 Sept. 30, 1971 4444 77772222,,,,888844443333 ((((9999,,,,888877775555)))) 444466663333 9999,,,,888877774444 3333,,,,777700008888 5588,,779977 1 Outside Treasury and F.R. Banks. Includes any paper currency held 4 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

NOVEMBER 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 Mz M2 Mi Mi (Mi plus time {Mi plus deposits Mi (Mi plus time (Mi 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 iinnssttiittuuttiioonnss))22 large time CD's) 1 large time CD's) 1 1968—Dec 197.4 378.0 572.6 203.4 383.0 577.5 1969—Dec 203.7 386.8 588.3 209.8 392.0 593.4 1970—Dec 214.8 418.2 633.9 221.2 423.5 639.1 1971 _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—Jan 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 240.5 498.3 781.6 237.2 495.5 778.4 Sept r241.6 501.8 788.2 r240.0 '500.4 786.4 Oct.p 242.5 505.2 795.1 242.3 505.0 794.5 Week ending— 1972—Oct. 4 241.8 504.0 241.5 503.7 11 242.7 504.8 242.2 504.4 18 242.2 504.9 242.9 505.6 25 P 242.3 505.4 240.8 503.8 Nov. 1p 224422..00 550055..55 224433..11 550066..44 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—Oc t 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 r282.9 5.3 Sept 55.5 r186.1 40.3 260.2 300.5 r286.4 55.4 M84.6 41.0 260.3 301.3 286.0 5.8 Oct.p 55.9 186.6 40.7 262.7 303.5 289.9 55.9 186.4 41.8 262.7 304.5 289.5 6.6 Week ending— 1972—Oct. 4. 55.5 186.3 40.4 262.2 302.6 55.4 186.1 41.2 262.1 303.3 9.0 11. 56.0 186.8 40.5 262.1 302.6 56.4 185.8 41.7 262.1 303.8 5.4 18. 55.8 186.3 41.0 262.7 303.8 56.0 186.9 42.0 262.8 304.8 5.4 25p 56.0 186.3 41.0 263.1 304.1 55.8 185.0 42.3 263.0 305.3 7.3 Nov. 1 p 55.8 186.2 40.6 263.5 304.1 55.4 187.7 41.8 263.3 305.1 7.0 1 Includes, in addition to currency and demand deposits, savings de- 5 At all commercial banks. posits, time deposits open account, and time certificates of deposits other NOTE.—For description of revised series and for back data, see pp. 880than negotiable time certificates of deposit issued in denominations of 93 of the November BULLETIN. $100,000 or more by large weekly reporting commercial banks. Average of daily figures. Money stock consists of (1) demand deposits 2 Includes A/2, plus the average of the beginning and end of month at all commercial banks other than those due to domestic commercial deposits of mutual savings banks and savings and loan shares. banks and the U.S. Govt., less cash items in process of collection and F.R. 3 Negotiable time certificates of deposit issued in denominations of float; (2) foreign demand balances at F.R. Banks; and (3) currency outside $100,000 or more by large weekly reporting commercial banks. the Treasury, F.R. Banks, and vaults of all commercial banks. Time de- 4 Average of the beginning and end-of-month figures for deposits of posits adjusted are time deposits at all commercial banks other than those mutual savings banks and savings capital at savings and lean associations. due to domestic commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT • NOVEMBER 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee 222 TTiimmee TTiimmee 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—Oct .. 30.88 30.49 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 33.38 33.02 33.21 30.56 385.1 230.5 150.0 4.6 382.4 231.3 146.8 4.3 389.3 386.6 Sept 33.36 32.80 33.17 30.90 r388.5 233.2 r150.0 5.3 387.4 233.8 M48.6 4.9 r392.6 r391.5 Oct.f... 33.81 33.23 33.55 31.00 391.6 235.3 150.3 6.1 392.0 236.2 150.4 5.4 395.9 396.3 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 NOTE.—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 TTToootttaaalll TTToootttaaalll DDDDaaaatttteeee llloooaaannnsss Commercial llloooaaannnsss Commercial mmm iii eee nnn aaa nnn vvv nnn ttt eee sss ddd sss ttt iii --- ,,,222 TToo ttaallll,, 22 ll MM PP oo ssoo ll aa uu ,, ll nn 33 dd ss ss T an o d t al i ndu l s P o tr l a u i n a s s l TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthheerr22 mmm iiinnn eee aaa vvv nnn nnn eee ttt ddd sss sss 111 ttt ,,, --- 222 TToottaall ii,,22 ll PP oo ssoo ll aa uu ll nn dd ss ss T an o d ta l i ndu l s P o tr l a u i n a s s l TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthheerr22 sold 3 sold 3 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. 314 ... 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—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 5123.2 5124.6 60.3 111.5 July 26P.... 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. 30p.... 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. 27?.... 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 Oct. 25p 540.4 367.2 369.4 126.7 128.2 59.9 113.3 540.2 365.5 367.7 125.8 127.3 60.9 113.8 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

NOVEMBER 1972 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total assets, Date c c s G S e a a to r D t n o e t c d l i R s d k f 1 i - T r s o c e u r t i u n n u e a r g a c r y n t- - y s d - - Total Lo n a e 2 n t s Total U.S. s C a T a v o r n i m e n d a g l s . s u ry R F s e e e c d se u e r r r v i a t e l i es Other 3 O r s i e t t c h ie u e s - r c l T n a i i a n a p t o e n i b e i t e t d t t a i s - a l l - l , c d u T e r a p o r n o e t d a s n i l c t y s C c m o a a n a u p n i c e n s d i - t c t t a s . l , banks Banks 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—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. 30», 10,800 8,200 682,000 411,100 136,100 62,700 70,800 2,600 134,800 701,000 631,700 69,200 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 Oct. 25*>, 10,800 8,200 695,600 420,400 138,600 64,300 71,400 2,800 136,600 714,600 647,500 67,100 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted U.S. Government Date Total o b r u C e a t n u n s c i r k d y - s e d ju e m D p s a a t o d e e n s - - d d i t 7 s Total o b r u C e a t n u n s c i r k d - y s e d ju e m D p s a a t o d e e n s - - d d i t 7 s Total b m C a e n o r k c m s ia - 8 l b M sa a v u n i t k n u s g a s » l S P t a S e o v y m s i s t n a - g 3 l s n e F e i o g t r n - i , o T h c i r u o n a e r g l s a y d h s s - - s b c a a o a A v n n m i d t k n l s g . 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 56,41 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—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 53,700 180,400 388,600 300,400 88,200 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 Oct. 25 p. . 239,100 54,600 184,500 240,100 54,500 185,600 394,300 304,400 89,900 3,300 400 8,100 1,400 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 10 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 • NOVEMBER 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 Total Cash lia- Bor- capital Class of bank assets3 bilities row- acand date Total Loans and Total3 Demand ings counts 1 U.S. capital De- Treas- Other ac- mand Time Times ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 1945—Dec. 31... 124.019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 1947—Dec. 31 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,7921 240 1,343 94,367 35,360 65 10,059 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 32,054 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,51 5,777 34,384 1968—Dec. 31... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 1969—Dec. 31 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 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 42,958 1971—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 45,530 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 45,710 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 47,211 1972—Jan. 26... 508,200 340,730 62,690 780 92,690 624,750 521,320 28,480 2,960 9,280 205,160 275,440 26,370 46,600 Feb. 23... 511,360 343,300 61,860 200 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 47,050 Mar. 29... 522,790 351,800 62,500 490 91,220 639,000 526,150 26,430 2,950 8,740 205,420 282,610! 32,850 47,450 Apr. 26.., 525,660 354,120 61,860 680 95,040 645,410 533,270 26,140 2,870 10,470 208,490 285,300! 31,630 47,780 May 31... 532,260 360,120 61,240 900 100,910 659,070 544,720 28,240 3,020 8,430 215,360 289,670! 33,270 48,310 June 30... 542,689 370,910 60,258 521 99,472 667,126 552,543 28,782 3,114 9,083 219,050 292,513! 33,214 50,117 July 26.., 542,770 371,740 59,580 450 91,380 659,690 544,560 27,310 3,260 8,300 210,930 294,760| 34,290 48,970 Aug. 30.. 547,500 375,580 59,300 620 91,270 664,710 546,050 27,090 3,350 3,790 210,810 301,010: 35,950 49,400 Sept. 27*.. 555,750 381,740 60,290 j 720 90,810 673,100 555,480 26,880 3,890 9,430 212,730 302,550 33,400 49,720 Oct. 25p.. 560,440 385,700 60,930 ,810 101,790 689,800 566,280 29,040 3,760 7,470 220,980 305,030 39,540 50,270 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 5,886 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 7,589 1947—Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,3401 54 8,464 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 26.278 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 28,098 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 30,060 1969—Dec. 31 ? 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,5691 17,395 32,047 1970—Dec. 31.. 365,940 253,936 45,399 66,604 81,500 465.644 384,596 29,142 1,733 6,460 168,032 179,2291 18,578 34,100 1971—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 36,179 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 36,303 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 37.279 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 37,028 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 37,340 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 37,683 Apr. 26.. 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,3171 30,406 37,928 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 38,356 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 39,358 J»-ly 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 38.649 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 38,979 Sept. 27.. 432,150 303,049 43,506 85,595 78,503 532,624 434,554 25,502 3,495 8,033 166,353 231,1711 31,860 39,190 Oct. 25*. 435,460 305,996 43,691 85,773 88,219 546,521 442,792 27,528 3,360 6,172 172,615 233,117 37,745 39,567 Reserve city member: New York City:*,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|. 1,648 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 2,120 1947—Dec. 31.. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1 v445| 30 2,259 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; 5,298 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 5,715 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 6,137 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 6,301 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 6,486 1971—Oct. 27.. 61,734 47,971 5,088 8.675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 7,207 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 7,257 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 7,285 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 7,253 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 7,306 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 7,342 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 7,372 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 7,618 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 7,31 7,650 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 7,612 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 7,736 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 7,714 Oct. 25.. 69,136 53,835 5,045 10,256 21,261 96,657 72,568 12,386 1,530 1,097 29,046 28,509 9,170 7,756 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets 3 and Demand ings l U.S. capital Total 3 Treas- Other ac- De- Time Time 5 ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 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 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 1968—Dec. 31... 14,274 10,286 1,863 2,125 3,( 18,099 14,526 1,535 21 257 6,542 6,171 682 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 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 1971—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 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 Dec. 31. 17,133 12,285 1,782 3,067 3,01 21,214 16,651 1,693 168 364 6,896 7,530 1,935 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 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 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 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 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 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 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 Aug. 30. 19,200 14,701 1,455 3,044 2,880 23,128 17,147 1,487 196 68 6,226 9,170 2,985 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 Oct. 25. 19,530 15,021 1,435 3,074 3,119 23,714 17,738 1,455 196 192 6,264 9,631 2,945 Other reserve city: * 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 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 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 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 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 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 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 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 1971--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 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 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 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 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 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 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 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 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 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 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 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 Oct. 25. 157,630 115,642 13,699 28,289 35,635 201,551 158,214 10,202 1,239 2,374 61,147 83,252 20,469 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 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 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 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 1967--Dec. 30.. 122,51' 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 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 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 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 1971- 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 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 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 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 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 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 Apr. 26.. 179,11' 112,399 23,874 42,838 25,545 210,567 182,521 3,019 263 2,622 70,719 105,898 4,018 May 31.. 179,4501 113,382 23,119 42,949 27,057 213,129 184,891 3,213 263 2,742 72,231 106,442 4,089 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 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 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 Sept. 27.. 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 Oct. 25p. 189,164 121,498 23,512 44,154 28,204 224,599 194,272 3,485 395 2,509 76,158 111,725 5,161 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • NOVEMBER 1972 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— CCllaassssiiffiiccaattiioonn bbyy Securities Total Interbank 3 Other FFRRSS mmeemmbbeerrsshhiipp Cash lia- Bor- Total Numaanndd FFDDIICC assets 3 bilities row- ccaappiittaall bbeerr iinnssuurraannccee Total Loans and Total 3 Demand ings aacc-- ooff i U.S. Other capital De- Time ccoouunnttss bbaannkkss Treas- 2 ac- mand Time 5 ury counts4 U.S. Other Govt. IInnssuurreedd bbaannkkss:: TToottaall:: 11994411——DDeecc.. 3311.... 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,6 >54 1,762 41,298 15,699 10 6,844 13,426 11994455——DDeecc.. 3311.... 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,8 183 23,740 80,276 29,876 215 8,671 13,297 11994477——DDeecc.. 3311.... 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 13,398 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 13,284 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 13,486 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 13,540 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 13,533 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 13,510 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 13,481 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 13,464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 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 13,502 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 13,602 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 13,669 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 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,: 129 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 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 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 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 4,815 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 4,799 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 4,758 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 4,716 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 4,700 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 4,668 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 24,868 4,620 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 4,599 1972—June 30.. 316,880 220,102 33,258 63,520 60,181 392,043 322,288 15,715 1 ,838 5,695 128,454 170,586 22,816 28,713 4,606 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 1,502 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 1,867 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 1,918 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 1,497 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 1,452 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 1,406 1966—Dec. 31.. 77,377 54,560 i 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 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 1,313 1968—Dec. 31.. 89,894 61,965 1 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 307. 88,346 64,001' 9,902: 14,437r 26,344 • 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31.. 90,088 65,56C> 10,257' 14,271 24,313 i 119,219 94,445 9,541 248 1,065 48,030 35,560 i 5,116i 8,800i 1,201 1970—Dec. 31.. 94,76C 66,963 i 11,196i 16,60C1 25,4721 125,460I 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 : 1,147 1971—Dec. 31.. 102,813 71,441I 11,247' 20,125! 26,998! 135,511r 111,777 13,102 721 2,412 45,945 i 49,597' 6,878l 10,214^ 1,128 1972—June 30.. 105,89! 75,041f 10,45C ) 20,3981 26,2481 138,021 111,705 11,595 879» 1,935: 43,965i 53,331 8,936 i 10,645! 1,108 Nonmember: 1941—Dec. 31.. 5,lit 3,241I 1,505> 1,025i 2,6681 8,708! 7,702 129 53i 4,162: 3,36C> 6i 959> 6,810 1945—Dec. 31.. 14,639 2,99: > 10,584I 1,062 \ 4,44*1 19,256> 18,119 244 1,56C1 10,635i 5,68C) 1 ' 1,083t 6,416 1947—Dec. 31.. 16,444\ 4,95*I 10,035> 1,44*I 4,08: \ 20,6911 19,34( 262> 4^ 149» 12,366; 6,558! 1r 1,271 6,478 1963—Dec. 20.. 42,464 \ 23,55( ) 13,391I 5,52:1 5,94:> 49,27!5 44,28( 555) 61 726i 23,14C) 19,793\ 11I 4,234 1. 7,173 1964—Dec. 31.. 46,56' 1 26,54'I 13,79() 6,23:\ 1,\V 1 54,74:J 49,385 658! 7C) 649' 25,504^ 22,50S> 99» 4,4881 7,262 1965—Dec. 31.. 52,02*1 30,31() 14,13-;1 7,581i 7,51: $ 60,67S> 54,80* 69! 831 618! 27,528! 25,882t 91 4,912 I 7,320 1966—Dec. 31.. , 56,8511 33,63<5 13,87:\ 9,349) 7,77:1 65,921I 59,434 -70S) 811 543\ 28,471 29,62! 5 95> 5,34:I 7,384 1967—Dec. 30.. , 64,449> 37,67!5 15,146> 11,62S) 8,40:J 74,32*J 67,io: 786 89> 588! 31,004^ 34,64( ) 16:I 5,83( ) 7,440 1968—Dec. 31.. , 73,55:5 43,37*J 16,15!5 14,02() 9,30!5 84,60!5 76,36* 90*I 94\ 691I 34,61!> 40,06( ) 2111 6,482I 7,504 1969—June 307. 78,03: > 48,35*? 14,3411 15,33:* 8,69(> 88, so: I 78,61C 791I 7*1 749> 34,07( ) 42,921I 451L 7,00' 1 7,528 Dec. 31.. . 82,13:J 51,64:5 14,56!5 15,92!5 10,05<5 94,45:\ 83,38( 1,01: 1 8!5 924! • 37,561I 43,79:I 629> 7,40:J 7,595 1 1 9 9 7 7 0 1 — — D D e e c c . . 3 3 1 1. . . . , , 1 9 0 2 8 , , 3 5 9 2 5 : > 1 5 6 7 7 , , 4 1 8 8 < 1 ) 1 1 1 6 7 , , 0 0 3 5 ^ * ) J 2 18 4 , , 8 2 7 8 1 : I I 1 1 1 2 , , 2 0 0 9 * : \ I 1 1 2 0 3 6 , , 9 4 7 5 ( : 1 ) 1 9 0 3 9 , , 9 8 9 4 * 1 1 1 , , 0 2 9 1: 1 I> 2 14 4 1 : I I 1 1 , , 4 7 3 2 8 : 1 \ 4 4 4 0 , , 7 0 1 0 1 !> 1 6 5 1 1 , , 9 3 4 2 < :I 5 5 5 7 8 1 : t I 9 8 , ,3 4 2 5 6 1 > I 7 7 , , 7 8 3 7 5 5 1972—June 30.. . 116,31:1 73,12<5 16,27<5 26,91!5 11,82:I 131,77' t 115,99: 1,08*I 31<5 1,43:I 45,22: I 67,93' \ 1,07<5 10,26!> 7,955 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 ddd iii sss fff uuu eee iiiccc rrr FFF mmm aaa aaa DDD nnn ttt bbb iii ccc eee III ooo eee CCC rrr nnn sss hhh bbb iii yyy ppp TToottaall LLooaa ll nnss T U r u e . 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 iii ttt ddd --- iii ttt ttt --- aaa eee sss aaa 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 t h h e e r r Tim 5 e rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- c c c c c c TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- aaa ttt ttt aaa lll sss lll N b N b N baaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Govt. Noninsured nonmember: 1941 Dec. 31 1,457 455 761 224411 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 ? 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. * 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 • NOVEMBER 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 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 T o n a a v o e n n e t n d a s s t l t s i - f e s F e u o t r e c n l a d . d d l 2 - , s T 3 o . t 4 a l C m a c i o n i n e a m d - r l - - A c t a u l u g r l r 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 Real O v t i d t h i n o i d e - - - r, Other U B s .S e il c . l s u T ri r t e i a es 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 it e t i h c es e u r - 5 d tr u ia s- l k an er 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 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 3110 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 8,651 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 ,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. '14,274 37,583 18,012 ,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 ' 621 1969—Dec. 3110 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 8,553 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 ,046 8T ' ,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 1971—Dec. 31. 405,570 15,373 262,826 101,479 7,31 ~ 6,895 3,167 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 ",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 '1,972 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 1,302 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 8,491 132 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 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. 31 io 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 io 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. 3110 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. 31 io 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 22,71 20,640 886 16,550 18,820 8,782 1 Beginning with June 30, 1948, figures for various loan items are 4 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

NOVEMBER 1972 • 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 s B w F e R a r . i n v e R t - h k e . s s r C c e a o n n u i d c r n - y b m a a w d n e n i o c s k t - e t h i s s c 7 ju p m s o a 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 c7 r b e a F i n g o k n r - 9 G U o . v S t . . S g l a o o t n c a v d a t t e l . c C c h o f a e e e i e f t n e r r c f c d d t s i . k i - ' - s, IPC I b n a t n e k r- G P U S i a o n o a n . s g v S v d t s - t . a , l S g l a o o t n c a v d a t t e l . IPC 3 r B i o n o w g r s - - C t a a p l i- Total: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 866 34,383 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 ,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. 3110 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 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1969—Dec. 31 io 4,358 463 455 21,316 8,708 1,641 694 ,168 6,605 28,354 268 207 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 ,186 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 ,175 2,331 24,294 7,314 7,650 City of Chicago: 1941—Dec. 31.. 1,021 43 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 ,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 902 426 1969—Dec. 3110 869 123 150 5,221 1,581 96 175 268 229 6,273 15 216 4,409 1,290 1,517 1971—Dec. 31. 956 133 202 5,335 1,592 101 363 333 240 6,323 168 809 6,749 1,935 1,682 1972—June 30. 1,142 94 199 5,224 1,239 92 261 295 217 6,091 139 ,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 1 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 ,008 180 10,809 70,054 17,592 14,020 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 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 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 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 3110 7,179 3,302 7,870 62,729 3,080 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 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 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 12,284 190 172 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 ,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 • NOVEMBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. * 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 Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. Other ties sees. sees. COS., etc. Large banks— Total 1971 Oct. 6 271,318 9,484 8,415 803 78 188 186,059 83,194 2,151 677 4,519 130 2,426 6,301 7,282 13 272,409 9,989 9,238 487 95 169 186,722 83,242 2,162 596 4,453 131 2,408 6,594 7,380 20 270,901 9,363 7,676 1,271 80 336 185,829 83,063 2,170 819 4,551 129 2,404 5,904 7,274 27 270,687 7,409 6,613 514 66 216 186,069 83,003 2,180 644 4,601 129 2,413 5,946 7,258 1972 Sept. 6 302,781 13,018 10,647 1,909 292 170 209,032 85,499 2,575 1,415 7,370 193 2,807 6,550 10,417 13 304,324 13,376 11,557 1,220 352 247 209,337 85,820 2,576 1,734 7,273 182 2,801 6,368 10,481 20 302,745 11,551 10,085 865 291 310 210,415 86,382 2,584 1,166 7,582 183 2,805 6,365 10,593 27 303,199 11,433 9,703 1,255 291 184 210,751 86,647 2,602 932 7,336 185 2,831 6,326 10,706 Oct. 14 P IP 3 3 0 0 6 5 , , 0 2 3 2 7 5 1 12 1 , , 0 3 8 1 8 4 1 1 0 1 , , 2 1 3 4 1 4 6 5 3 0 0 7 2 28 9 9 5 1 1 4 5 8 8 2 21 1 3 2 , , 2 8 2 0 1 6 8 87 7 , , 7 5 3 3 3 4 2 2, , 6 6 2 2 6 2 8 8 0 9 2 3 7 7, , 1 4 6 1 4 2 2 1 0 8 4 9 2 2 , , 8 8 5 5 7 0 6 6, , 7 5 3 5 6 6 1 10 0 , , 8 9 8 2 1 0 is*;;; 304,498 11,333 10,201 589 392 151 213,703 87,769 2,652 1,041 7,526 188 2,839 6,387 11,035 304,709 9,497 8,716 427 262 92 214,273 87,590 2,679 863 7,497 190 2,855 6,411 11,141 25* New York City 1971 58,053 1,055 1,011 23 21 44,580 26,203 15 549 3,024 26 582 1,864 1,615 Oct. 6 58,706 1,728 1,636 73 19 44,851 26,109 17 498 3,023 28 575 2,081 1,657 13 57,898 1,397 1,270 39 88 44,183 25,947 17 648 3,075 30 573 1,668 1,619 20 58,053 952 906 26 20 44,306 25,889 20 567 3,171 29 575 1,708 1,599 27 1972 Sept. 6 63,414 897 856 4 37 47,987 24,233 38 1,276 4,607 40 651 1,799 2,724 13 63,705 1,059 976 4 79 48,068 24,274 41 1,508 4,622 40 645 1,788 2,775 20 63,506 1,097 1,005 14 78 48,065 24,359 41 974 4,876 40 645 1,778 2,860 27 63,638 1,157 1,135 9 13 47,915 24,419 42 817 4,684 39 657 1,714 2,919 Oct. 1 4 \ P v 6 6 4 3 , , 4 3 0 2 9 9 1,6 7 0 7 6 5 1,5 7 0 3 1 9 97 9 27 8 4 4 8 8 , , 6 6 7 3 2 2 2 2 4 4 , , 7 8 3 3 3 3 4 4 1 1 6 7 8 4 8 2 4 4 , , 6 5 6 0 8 6 3 3 8 9 6 6 7 8 7 3 1 1 , , 8 8 0 2 4 2 3 2 , , 0 9 0 9 0 0 18 P\ !!'..'.'. 63,292 1,173 1,159 9 5 48,764 24,677 45 941 4,785 39 675 1,734 3,081 25 » 63,692 788 771 9 8 48,787 24,565 46 755 4,780 39 672 1,806 3,148 Outside New York City 1971 Oct. 6. 213,265 8,429 7,404 780 78 167 141,479 56,991 2,136 128 1,495 104 1,844 4,437 5,667 13. 213,703 8,261 7,602 414 95 150 141,871 57,133 2,145 98 1,430 103 1,833 4,513 5,723 20. 213,003 7,966 6,406 1,232 80 248 141,646 57,116 2,153 171 1,476 99 1,831 4,236 5,655 27. 212,634 6,457 5,707 488 66 196 141,763 57,114 2,160 77 1,430 100 1,838 4,238 5,659 1972 Sept. 6.. 12,121 9,791 1,905 292 133 161,045 61,266 2,537 139 2,763 153 2,156 4,751 7,693 13.. 240,619 12,317 10,581 1,216 352 168 161,269 61,546 2,535 226 2,651 142 2,156 4,580 7,706 20.. 239,239 10,454 9,080 851 291 232 162,350 62,023 2,543 192 2,706 143 2,160 4,587 7,733 27.. 239,561 10,276 8,568 1,246 291 171 162,830 62,228 2,560 115 2,652 146 2,170 4,612 7,787 Oct. 4P.. 9,708 8,730 533 295 150 164,134 62,801 2,581 114 2,744 166 2,180 4,752 7,920 11 P.. 11,313 10,405 498 289 121 164,589 62,900 2,585 151 2,658 150 2,167 4,914 7,891 18 P.. 10,160 9,042 580 392 146 164,939 63,092 2,607 100 2,741 149 2,164 4,653 7,954 25 p. 8,709 7,945 418 262 84 165,486 63,025 2,633 108 2,717 151 2,183 4,605 7,993 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 a 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 Con- Real sumer For- All Certifestate instal- eign other Bills icates Do- For- ment govts. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1971 37,235 840 2,597 23,341 775 14,591 24,984 2,613 3,954 15,373 3,044 Oct. 6 37,399 851 2,603 23,383 782 14,738 24,981 2,537 4,080 15,306 3,058 13 37,495 815 2,447 23,424 772 14,562 25,176 2,827 4,036 15,392 2,921 20 37,557 862 2,484 23,476 814 14,702 26,187 2,847 4,055 16,445 2,840 27 1972 43,499 1,486 2,870 26,529 1,093 16,729 26,404 4,396 4,522 14,390 3,096 Sept. 6 43,701 1,400 2,833 26,601 1,079 16,488 26,861 4,925 4,555 14,340 3,041 13 43,934 1,440 2,840 26,680 1,102 16,759 26,617 5,027 4,454 14,159 2,977 20 44,126 1,450 2,888 26,778 1,093 16,851 26,307 4,772 4,439 14,112 2,984 27 44,239 1,519 2,900 26,884 1,124 17,233 26,347 4,982 4,397 14,020 2,948 Oct. 4* 44,414 1,534 2,860 26,920 1,117 17,304 26,026 4,814 4,359 13,941 2,912 11* 44,628 1,568 2,809 27,014 1,122 17,125 25,228 4,176 4,364 13,793 2,895 18* 44,816 1,746 2,974 27,095 1,135 17,281 25,955 4,052 4,353 14,668 2,882 25* New York City 1971 3,951 391 1,154 1,914 527 2,765 4,356 327 613 3,098 318 Oct. 6 3,971 398 1,205 1,922 528 2,839 4,340 319 634 3,060 327 13 3,993 365 1,125 1,922 517 2,684 4,541 494 667 3,036 344 20 3,989 352 1,161 1,922 555 2,769 4,877 562 681 3,312 322 27 1972 4,725 453 1,268 2,016 683 3,474 5,446 1,780 878 2,366 422 Sept. 6 4,732 428 1,226 2,020 670 3,299 5,372 1,755 880 2,361 376 13 4,771 435 1,222 2,030 685 3,349 5,229 1,870 841 2,209 309 20 4,801 425 1,307 2,029 677 3,385 5,086 1,689 841 2,215 341 27 4,809 416 1,348 2,044 708 3,698 4,980 1,624 787 2,236 333 Oct. 4* 4,833 428 1,285 2,041 706 3,683 4,792 1,568 782 2,160 282 11* 4,860 377 1,283 2.048 711 3,508 4,322 1,204 767 2,079 272 18* 4,890 411 1,403 2.049 716 3,507 4,767 1,274 771 2,450 272 25* Outside New York City 1971 33,284 449 1,443 21,427 248 11,826 20,628 2,286 3,341 12,275 2,726 Oct. 6 33,428 453 1,398 21,461 254 11,899 20,641 2,218 3,446 12,246 2,731 13 33,502 450 1.322 21,502 255 11,878 20,635 2,333 3,369 12,356 2,577 20 33,568 510 1.323 21,554 259 11,933 21,310 2,285 3,374 13,133 2,518 27 1972 38,774 1,033 1,602 24,513 410 13,255 20,958 2,616 3,644 12,024 2,674 Sept. 6 38,969 972 1,607 24,581 409 13,189 21,489 3,170 3,675 11,979 2,665 13 39,163 1,005 1,618 24,650 417 13,410 21,388 3,157 3,613 11,950 2,668 20 39,325 1,025 1,581 24,749 416 13,466 21,221 3,083 3,598 11,897 2,643 27 39,430 1,103 1,552 24,840 416 13,535 21,367 3,358 3,610 11,784 2,615 Oct. 4* 39,581 1,106 1,575 24,879 411 13,621 21,234 3,246 3,577 11,781 2,630 11* 39,768 1,191 1,526 24,966 411 13,617 20,906 2,972 3,597 11,714 2,623 18* 39,926 1,335 1,571 25,046 419 13,774 21,1 2,778 3,582 12,218 2,610 25* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • NOVEMBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash IInnvveesstt-- Obligations Other bonds, items Re- BBaall-- mmeennttss Total of State corp. stock, in serves Cur- aanncceess iinn ssuubb-- assets/ Wednesday and and process with rency wwiitthh ssiiddiiaarr-- Other total political securities of F.R. and ddoo-- iieess nnoott assets liabil- Total subdivisions collec- Banks coin mmeessttiicc ccoonnssooll-- ities tion bbaannkkss iiddaatteedd Tax Certif. war- All of All rants3 other partici- others pation4 Large banks— Total 1971 Oct. 6. 50,791 8,369 35,703 1,314 5,405 33,254 18,741 3,329 7,054 802 15,702 350,200 13. 50,717 8,424 35,441 1,333 5,519 35,609 19,749 3,690 7,042 803 15,465 354,767 20. 50,533 8,187 35,390 1,352 5,604 34,209 18,040 3,644 6,774 813 15,399 349,780 27. 51,022 8,311 35,673 1,399 5,639 35,312 20,826 3,778 6,526 814 15,429 353,372 1972 Sept. 6. 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. 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. 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. 54,708 9,479 37,052 1,553 6,624 27,680 19,415 4,003 9,271 1,035 16,727 381,330 Oct. 4 *. 54,758 9,371 37,198 1,533 6,656 31,251 22,191 3,464 9,602 1,042 17,052 389,827 HP. 54,702 9,358 37,277 1,517 6,550 30,962 20,212 3,824 10,090 1,041 16,923 389,089 18*. 54,234 9,255 36,972 1,522 6,485 30,502 20,488 3,896 9,709 1,053 16,845 386,991 25*. 54,984 9,292 37,446 1,588 6,658 31,033 24,090 4,021 9,342 1,092 17,235 391,522 New York City 1971 Oct. 6., 8,062 1,424 5,421 234 983 15,170 4,899 419 1,078 353 5,223 85,195 13. 7,787 1,406 5,259 195 927 15,928 5,153 461 972 352 5,076 86,648 20. 7,777 1,350 5,242 202 983 15,895 4,742 429 1,108 361 5,118 85,551 27. 7,918 1,444 5,304 214 956 16,283 5,605 451 1,105 362 5,115 86,974 1972 Sept. 6.. 9,084 2,842 5,068 272 902 9,130 5,877 442 2,899 478 5,060 87,300 13.. 9,206 2,823 5,206 263 914 8,534 5,006 471 3,155 478 4,985 86,334 20.. 9,115 2,821 5,135 265 894 9,943 5,046 452 3,249 478 5,255 87,929 27... 9,480 3,120 5,203 281 876 8,835 4,252 463 3,571 479 5,099 86,337 4*. 9,151 2,888 5,084 301 878 10,056 4,881 434 3,739 484 5,312 89,315 11*. 9,130 2,885 5,088 302 855 9,890 5,940 478 3,696 483 5,232 89,048 18*. 9,033 2,890 4,991 301 851 9,805 4,783 446 3,683 495 5,264 87,768 25*. 9,350 2,866 5,261 352 871 10,446 5,913 476 3,461 531 5,630 90,149 Outside New York City 1971 Oct. 6. 42,729 6,945 30,282 1,080 4,422 18,084 13,842 2,910 ' 5,976 449 10,479 265,005 13. 42,930 7,018 30,182 1,138 4,592 1 19,681 14,596 3,229 6,070 i 451 10,389 268,119 20. 42,756 6,837 30,148 1,150 4,621 18,314 13,298 3,215 5,666 452 10,281 264,229 27. 43,104 6,867 30,369 1,185 4,683 i 19,029 15,221 3,327 5,421 452 10,314 266,398 1972 Sept. 6., 45,243 6,247 ' 32,083i 1,224 5,689 • 21,7701 12,5421 3,222: 6,921 555i 11,70C 296,077 13. 45,544 !• 6,352: 32,25Cl 1,232 5,71C> 20,681 13,695i 3,481 5,669 » 554• 11,56*3 296,266 20. 45,04-J' 6,238 31,836 1,250 i 5,7231 20,11C1 16,773l 3,446> 5,616 557' 11,408 297,149 27. 45,228 ! 6,359» 31,849» 1,272 5,7481 18,845i 15,163l 3,54C> 5,70C> 556i 11,628 294,993 Oct. 4*., 45,60/ ' 6,483i 32,114t 1,232: 5,778i 21,195i 17,31C> 3,03C1 5,863t 5581 11,74C) 300,512 11*. 45,57^ I 6,473t 32,18S• 1,215i 5,69!> 21,0721 14,272! 3,346i 6,394! • 558: 11,691 300,041 18*. 45,201I 6,365i 31,981 1,221 5,634 1 20,69/' 15,705i 3,45C1 6,026i 5581 11,581 299,223 25*. 45,63^ 1 6,426J 32,182> 1,236i 5,781J 20.581' 18,17/ r 3,545i 5,881 561 11,605i 301,373 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 142,194 97,663 6,570 3,088 23,307 824 783 2,330 7,629 136,739 53,486 59,984 15,506 2,092 5,226 Oct. 6 143,537 100,823 5,864 2,460 22,839 745 850 2,340 7,616 137,207 53,498 60,424 15,480 2,124 5,230 13 141,925 99,180 5,970 2,815 22,862 666 796 2,305 7,331 137,167 53,583 60,250 15,608 2,127 5,158 20 144,435 100,492 6,112 3,551 22,730 725 830 2,432 7,563 137,160 53,605 60,294 15,571 2,109 5,142 27 1972 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 5,347 144,824 106,646 5,990 1,739 20,933 698 791 2,760 5,267 155,722 57,873 70,860 18,388 2,624 5,462 Sept. 6 148,001 105,518 5,687 20,249 650 790 3,035 5,896 155,190 57,895 70,215 18,281 2,847 5,433 146,133 103,334 6,479 20,010 692 744 3,077 5,306 156,287 58,069 70,841 18,483 2,913 5,449 .2207 150,884 105,842 5,152 22,325 920 774 3,298 5,978 156,493 58,197 70,967 18,414 2,857 5,455 Oct. 4 p 148,866 107,553 2,119 22,395 846 898 3,058 5,882 156,855 58,182 71,399 18,301 2,823 5,618 11* 146,782 106,323 3,109 21,162 775 879 3,230 5,414 157,391 58,207 72,051 18,211 2,742 5,641 18* 149,982 107,284 6,031 4,381 21,693 804 780 3,146 5,863 157,389 58,161 72,084 18,131 2,795 5,667 25* New York City 1971 40,959 21,510 776 625 11,012 470 619 1,542 4,405 23,669 5,159 12,845 1,538 1,016 2,993 Oct. 6 40,597 21,817 407 420 10,771 413 695 1,568 4,506 24,044 5,154 13,149 1,620 1.031 2,973 13 40,937 22,171 417 572 10,879 347 645 1,531 4,375 23,737 5,161 12,848 1,662 1,019 2,932 20 41,585 22,271 366 694 10,895 365 663 1,616 4,715 23,603 5,171 12,727 1,683 1.032 2,875 27 1972 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 1,403 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 1,408 8,714 355 604 2,195 2,365 27,154 5,685 14,896 2,171 1,512 2,795 27 40,256 22,837 583 1,069 9,674 512 631 2,395 2,555 27,125 5,681 14,923 2,168 1,472 2,786 Oct. 4 p 38,714 22,486 481 275 9,486 437 755 2,194 2,600 27,274 5,662 15,090 2,111 1,472 2,844 11* 38,104 22,536 400 547 8,929 378 747 2,335 2,232 27,419 5,684 15,320 2,072 1,393 2,852 18* 40,186 23,181 397 1 ,016 9,542 388 647 2,248 2,767 27,324 5,638 15,209 2,055 1,449 2,875 25 p Outside New York City 1971 101,235 76,153 5,794 2,463 12,295 354 164 788 3,224 113,070 48,327 47,139 13,968 1.076 2,233 Oct. 6 102,940 79,006 5,457 2,040 12,068 332 155 772 3,110 113,163 48,344 47,275 13,860 1,093 2,257 13 100,988 77,009 5,553 2,243 11,983 319 151 774 2,956 113,430 48,422 47,402 13,946 1,108 2,226 20 102,850 78,221 5,746 2,857 11,835 360 167 816 2,848 113,557 48,434 47,567 13, f" 1.077 2,267 27 1972 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 2,578 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 2,633 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 2,650 20 107,756 81,159 5,930 5,071 11,296 337 140 882 2,941 129,133 52,384 55,945 16,312 1,401 2,654 27 110,628 83,005 6,012 4,083 12,651 408 143 903 3,423 129,368 52,516 56,044 16,246 1,385 2,669 Oct. 4p 110,152 85,067 5,634 1,844 12,909 409 143 864 3,282 129,581 52,520 56,309 16,190 1,351 2,774 Up 108,678 83,787 5,490 2,562 12,233 397 132 895 3,182 129,972 52,523 56,731 16,139 1,349 2,789 18* 109,796 84,103 5,634 3,365 12,151 416 133 898 3,096 130,065 52,523 56,875 16,076 1,346 2,792 25* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • NOVEMBER 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 u pur- F.R. ties, Secur- loans invest- mand chased, Banks Others etc. 8 Loans ities (gross) ments deposits etc. 7 ad- (gross) ad- Issued Issued justed 9 ad- justed io to to justed 9 IPC's others Large banks— Total 1971 Oct. 6 23,356 125 1,108 16,086 4.002 26,501 186,288 262,063 82,545 33,268 20,723 13 25,181 939 1,037 16,321 4.003 26,453 186,622 262,320 82,629 33,847 21,227 20 22,230 428 1,051 16,496 3,998 26,396 186,701 262,410 82,039 33,637 21,034 27 21,642 1,906 1,050 16,581 4.004 26,505 186,003 263,212 82,842 33,603 21,081 1972 Sept. 6 29.475 44 1,544 15,810 4,196 28,723 209,917 290,648 92,690 40,927 26,597 13 31,991 80 1,513 15,479 4,184 28,736 209,756 291,367 92,937 41,164 26,597 20 30,297 1,647 1,513 15,519 28,659 210,441 291,220 92,012 40,527 25,853 27 27,735 687 1,410 16,142 28,676 211,031 292,046 91,964 41,219 26,314 Oct. 4* 31,083 935 1,760 15,554 4,176 28,871 212,370 293,475 92,156 41,183 26,348 11* 32,929 326 1,825 15,165 4,175 28,877 212,631 293,359 93,390 41,672 26,828 18* 31.476 351 1,914 16,048 4,170 28,788 213,267 292,729 92,009 42,035 27,355 25* 30,153 2,998 2,162 15,765 4,168 28,834 213,308 294,247 92,875 42,298 27,468 New York City 1971 Oct. 6 5,677 209 6,637 1.187 6,857 44,233 56,651 14,152 11,699 7,738 13 6,658 245 236 6,853 1.188 6,827 44,545 56,672 13,478 12,126 8,121 20 5,287 217 234 7,161 1,184 6,794 43,945 56,263 13,591 11,852 7,872 27 5,163 933 213 7,399 1,186 6,892 44,000 56,795 13,713 11,730 7,788 1972 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 Oct. 4* 7,082 197 406 5,705 1,222 7,322 48,361 62,492 19,457 14,284 9,672 11* 8,394 232 420 5,474 1,221 7,319 48,240 62,162 19,063 14,508 9,932 7,362 22 483 5,876 1,222 7.280 48,401 61,756 18,823 14,644 10,154 25* 6,607 1,243 657 5,631 1,221 7,280 48,393 62,510 19,182 14,708 10,110 Outside New York City 1971 Oct. 6 17,679 125 899 9,449 2,815 19,644 142,055 205,412 68,393 21,569 12,985 13 18,523 694 801 9,468 2,815 19,626 142,077 205,648 69,151 21,721 13,106 20 16,943 211 817 9,335 2,814 19,602 142,756 206,147 68,448 21,785 13,162 27 16,479 973 837 9,182 2,818 19,613 142,003 206,417 69,129 21,873 13,293 1972 Sept. 6 22,044 44 1,238 10,184 2,959 21,441 162,342 228,543 72,939 26,401 16,381 13 23,481 65 1,226 10,299 2,948 21,457 162,033 229,066 73,796 26,555 16,427 20 23,151 629 1,206 10,091 2.943 21,405 162,719 229,154 72,725 26,593 16,362 27 21,931 445 1,168 10,110 2.944 21,435 163,519 229,968 72,544 26,813 16,580 Oct. 4* 24,001 738 1,354 9,849 2,954 21,549 164,009 230,983 72,699 26,899 16,676 11* 24,535 94 1,405 9,691 2,954 21,558 164,391 231,197 74,327 27,164 16,896 18* 24,114 329 1,431 10,172 2,948 21,508 164,866 230,973 73,186 27,391 17,201 25* 23,546 ,755 1,505 10,134 2,947 21,554 164,915 231,737 73,693 27,590 17,358 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

NOVEMBER 1972 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1972 1972 1972 1972 1971 Oct. Oct. Oct. Oct. Sept. 1st 2nd 25 18 11 4 27 Oct. Sept. Aug. III II I half half Durable goods manufacturing: Primary metals 2,028 2,045 2,042 2,006 1,996 32 23 -73 -97 30 54 84 -282 Machinery 3,969 4,058 4,047 4,039 4,099 -130 -101 -3 -116 -74 -91 -165 -831 Transportation equipment 2,117 2,152 2,231 2,221 2.266 -149 29 51 -93 -317 14 -303 -77 Other fabricated metal products. .. 1,775 1,799 1,809 1,796 1,793 -18 74 17 82 -22 17 -5 -389 Other durable goods 22,,889955 22,,991100 22,,995588 22,,992222 22,,991155 -20 62 69 89 185 146 331 -317 Nondurable goods manufacturing: Food, liquor, and tobacco 2,990 2,973 2,922 2,882 2,807 183 74 57 182 -41 -227 -268 498 Textiles, apparel, and leather 2,932 2,989 3,056 3,050 3,043 — Ill 60 50 188 281 281 562 -304 Petroleum refining 886 894 894 907 967 -81 53 -61 -22 -88 -97 -185 52 Chemicals and rubber 1,840 1,872 1,917 1,927 1,867 -27 -65 -49 -261 -23 -103 -126 -592 Other nondurable goods 1,739 1,730 1,729 1,746 1,762 -23 96 -4 108 -93 -75 -168 -36 Mining, including crude petroleum and natural gas 3,705 3,680 3,645 3,677 33,,666622 43 -17 34 58 -66 -137 --220033 187 Trade: Commodity dealers 1,434 1,392 1,348 1,326 1,319 115 60 50 141 -304 -194 -498 532 Other wholesale 4,621 4,629 4,633 4,629 4,596 25 127 -30 104 111 -52 59 524 Retail 5,254 5,166 4,953 4,957 4,843 411 197 -75 324 138 259 397 -259 Transportation 5,383 5,403 5,383 5,424 5,355 28 -88 -20 -291 33 -33 -324 1,722 1,757 1,802 1.821 1,706 16 137 -32 271 195 -74 iii -225 3,154 3,164 3,264 3,243 3,056 98 -9 271 357 247 -274 -27 525 Construction 4,596 4,642 4,610 4,577 4,619 -23 193 89 321 325 156 481 183 Services 8,764 8,748 8,727 8,658 8,579 185 134 -28 -25 358 372 730 289 All other domestic loans 5,640 5,635 5,657 5,707 5,658 -18 7 -286 -38 -134 176 42 610 Bankers' acceptances 11,,331199 1,349 11,,229988 11,,330022 1,249 70 31 -124 -192 -300 -553 -853 1,158 Foreign commercial and industrial loans 3,536 3,504 3,533 3,503 3,466 70 25 -15 69 83 89 172 578 Total classified loans 72,299 72,491 72,458 72,320 71,623 676 1,102 -112 1,159 524 -346 178 1,500 Total commercial and industrial loans. 87,590 87,769 87,733 87,534 86,647 943 1,472 -188 1,494 1,339 44 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 IInndduussttrryy Oct. Sept. Aug. July June May Apr. Mar. Feb. III II I IV 1st 25 27 30 26 28 31 26 29 23 half Durable goods manufacturing: Primary metals 1,222 1,302 1,313 1,354 1,369 1,381 1,367 1,342 1,330 -67 27 -20 -162 7 Machinery 1,785 1,904 1,968 1,935 1,958 1,986 2,005 2,072 2,001 -54 -114 -213 -194 -327 Transportation equipment. 1,114 1,306 11,,226666 11,,224444 11,,336600 11,,337700 11,,338899 11,,449933 1,553 -54 -133 -127 -69 -260 Other fabricated metal products 648 682 713 711 677 685 695 688 683 5 -11 -25 -62 -36 Other durable goods 11,,110099 11,,118899 11,,114477 11,,113300 11,,118833 11,,114444 11,,116633 11,,114455 11,,111188 6 38 10 -79 48 Nondurable goods manufacturing : Food, liquor, and tobacco. 11,,111199 11,,008800 11,,008844 11,,003344 931 947 909 912 937 149 19 -109 36 -90 Textiles, apparel, and leather 717 710 689 701 666 646 667 651 580 44 15 75 -31 90 Petroleum refining 599 679 652 685 694 726 714 757 818 -15 -63 -135 35 -198 Chemicals and rubber 1,151 1,158 1,188 1,200 1,234 1,245 1,238 1,226 1,315 -76 8 -215 -344 -207 Other nondurable goods.. 905 923 882 860 875 930 960 980 973 48 -105 -44 6 -149 Mining, including crude petroleum and natural gas. 2,611 2,679 2,724 2,723 2,667 2,785 2,870 2,872 2,891 12 -205 -167 105 -372 Trade: Commodity dealers.. 94 106 107 110 109 128 125 125 132 -3 -16 10 6 -6 Other wholesale 853 864 866 905 902 912 889 927 883 -38 -25 34 46 9 Retail 1,368 1,444 1,375 1,345 1,297 1,332 1,328 1,340 1,352 147 -43 -43 -88 -86 Transportation 3,678 4,090 4,197 4,243 4,314 4,285 4,400 4,383 4,314 -224 -69 -57 -131 -126 Communication 516 561 516 517 502 427 460 440 417 59 62 13 7 75 Other public utilities 1,726 11,,668888 1,643 1,471 1,423 1,218 1,161 1,160 1,191 265 263 -156 44 107 Construction 1,319 11,,554488 1,453 1,392 1,404 1,371 1,376 1,417 1,327 144 -13 173 52 160 Services 3,507 3,861 3,811 3,747 3,706 3,555 3,593 3,657 3,545 155 49 169 141 218 All other domestic loans .... 11,,224488 11,,555533 11,,449911 11,,554499 11,,446655 11,,778877 11,,880055 11,,770033 11,,660022 88 -238 272 41 34 Foreign commercial and industrial loans 2,028 2,143 2,064 2,028 2,033 1,995 1,981 1,939 1,898 110 94 -137 184 -43 Total loans 29,317 31,470 31,149 30,884 30,769 30,855 31,095 31,229 30,860 701 -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 • NOVEMBER 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 i i n n a e n s c s ial 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 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 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 17.9 '97.6 '60.5 1.4 '11.0 '188.4 Sept.*. 18.0 101.7 63.1 1.4 11.5 195.7 Weekly reporting banks: 1971 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 13.9 56.1 25.2 1.2 5.9 102.1 Apr 14.3 56.9 27.0 1.2 5.9 105.4 13.7 56.2 25.4 1.2 5.7 102.1 14.1 '57.3 '25.7 1.3 '6.0 '104.3 July r14.3 '58.5 '26.1 1.3 '6.0 '106.3 Aug 13.6 57.4 26.0 1.3 5.7 104.0 Sept.* 13.7 59.0 26.2 1.3 6.1 106.4 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 Insured 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

NOVEMBER 1972 o 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 DDDaaattteee By type of loan By type of loan TToottaall TToottaall Commercial Commercial and All other and All other industrial industrial 1972—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 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 23 2,520 1,519 1,001 1,699 317 1,382 30 2,380 1,550 830 1,686 303 1,383 Sept. 6 2,446 1,537 909 1,700 303 1,397 13 2,418 1,502 916 1,715 312 1,403 20 2,334 1,494 840 1,705 301 1,404 27 2,265 1,466 799 1,702 299 1,403 Oct. 4 2,185 1.395 790 1,711 295 1,416 11 2,230 1,397 833 1,710 295 1,415 18 2,254 1,419 835 1,743 307 1,436 25 2,252 1,453 799 1,740 304 1,436 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 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. 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—Sep t 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—Ja n 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 Sept 32,645 775 12,313 1,593 17,964 6.602 2,403 1,833 569 62 261 3,876 2,538 1,646 2,418 > Data for commercial and finance company paper on new basis 1 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 • NOVEMBER 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1956— A A u p g r. . 2 1 1 3 . . , 4 3 V4 1970— S M e a p r t . . 2 2 1 5 m 1972--Feb. 28. 43 4 /8 3 - 4 4 - ^- 1972—Oct. 4 2 , , 5 5 1 1/ / 2 2 - - 5 -5 3 3 4 4 . Nov. 12 7 7 1 /4 Mar. 13. 41/2-434- 11 53/4- 1957—Aug. 6. 4 % Dec. 23 63^ 2 2 3 7 . . 4 4 3 3 / / 4 4« - -4 7/8-5 16, 534--57/8 1958—Jan. 22. 4 Nov. 6 534- Apr. 21. 3% 1971—Jan. 6 6V4 Apr. 3. 434--5 Sept. 11. 4 15 6va 5. 5- 18 6 17. 5--514 1959—May 18. 41/2 Feb. 16 534 Sept. 1. Mar. 11 5%-5V4 May 1. 5--5 i/g-514 5 19 5% 30. 5- 1960—Aug. 23. 1965—Dec. 6. 4 5 % A J M u p l a y r y . 2 1 3 6 1 5 55 % V%i - - 5 6 V 4 June 2 1 6 2 . . 5 5- - 5 -5 1/ I/ 4 8 - 1966--Mar. 5i/i 7 6 July 3. 51/4--53/8 June 29 534 Oct. 20 10, 51/4--53/8- Aug. 6 51/2 Nov. 1 534.-55/8 17, 51/4--51/2 1967-—Jan. 26-27.... 5Vi-53 4 31 51/4--53/8- Mar. 27 5Vi 8 51/2 Nov. 20 6 22 Aug. 11 514--53/8 29 51/4-51/2- 14 51/4- 1968-—Apr. 19 61/2 21 51/4--53/8 Sept. 25 6-614 Dec. 6 5Va-53/ 8 - 25 514--53/8- Nov. 13 61/4 5V4" 5lA Dec. 2 6i/i 27 5i/4-5i/2- 29 51/4-53/8- 18 634 31 51/4- 51/2- 1969-—Jan. 7 7 1972—Jan. 3 5-5i/8-5i4- Sept. 4 51/4-51/2- Mar. 17 m 17 434-5-514- 5 5Vi* June 9 m 2 3 4 1 45/8-434-5- 2 1 5 1 5 51 V / i 2 - - - - 5 5 5 5 / / 8 8 - 53/4 1 Date of change not available. NOTE.—Beginning Nov. 1971, several banks adopted a floating prime rate keyed to money market variables. - 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

NOVEMBER 1972 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 Prime Finance commercial CO. Prime Fedpaper1 paper bankers' eral 3-month bills5 6-month bills5 9-to 12-month issues 5 Period placed accept- funds 3- to 5directly, ances, rate3 year 90-119 4- to 6- 3- to 6- 90 days 1 Rate Market Rate on Market 1-year issues7 days months months2 on new yield new issue yyiieelldd bill (mar- Other 6 issue ket yield) 1966 5.55 5.42 5.36 5.11 4.881 4.86 5.082 5.06 r5.07 5.17 5.16 1967 5.10 4.89 4.75 4.22 4.321 4.29 4.630 4.61 r4.71 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—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 r5.14 4.91 4.84 4.87 4.651 4.66 5.086 5.13 5.44 5.49 6.16 Oct , 5.21 5.30 5.13 5.05 5.04 4.719 4.74 5.118 5.13 5.39 5.41 6.11 Week ending— 11997722——JJuullyy 1 4.80 4.83 4.58 4.70 4.49 4.023 3.97 4.484 4.51 4.98 5.02 5.87 8 . . . 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 AAuugg.. 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 SSeepptt.. 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 r5.15 5.00 4.88 4.93 4.633 4.66 5.097 5.14 5.46 5.48 6.15 30 5.13 r5.23 5.00 4.88 4.99 4.644 4.60 5.236 5.22 5.52 5.56 6.13 Oct. 7 5.19 5.28 5.00 4.95 5.15 4.601 4.66 5.082 5.16 5.46 5.51 6.11 14 5.25 5.31 5.13 5.00 5.09 4.743 4.79 5.159 5.16 5.39 5.43 6.10 21 5.25 5.33 5.13 5.10 4.91 4.818 4.78 5.127 5.12 5.38 5.42 6.11 28 5.22 5.31 5.19 5.13 5.01 4.712 4.73 5.105 5.10 5.34 5.30 6.10 1 Averages of the most representative daily offering rate quoted by 5 Bills quoted on bank discount rate basis. dealers. 6 Certificates and selected note and bond issues. 2 Averages of the most representative daily offering rate published by 7 Selected note and bond issues. finance companies, for varying maturities in the 90-179 day range. 3 Seven-day average for week ending Wednesday. NOTE.—Figures for U.S. Government securities are the revised series de- 4 Except for new bill issues, yields are averages computed from daily scribed on p. A-35 of the Oct. 1972 BULLETIN. closing bid prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 INTEREST RATES • NOVEMBER 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 U ( S l t n o a i n t t e g e s - d N i A s e s a w u a e - By r s a e ti l n e g c ted gr B o y u p term) Total i Baa utility Total 1 Pre- Com- Com- Aaa 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 _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 5.58 1972—Jan 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 5.42 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 5.57 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 Oct 5.69 5.24 5.03 5.45 7.38 7.59 7.21 8.06 7.36 7.97 7.63 7.03 2.82 Week ending— 1972—Sept. 2... 5.62 5.41 5.15 5.70 7.41 7.59 7.16 8.15 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 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 8.09 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 8.09 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 Oct. 7... 5.73 5.25 5.05 5.45 7.44 7.60 7.23 8.08 7.37 7.96 7.64 7.02 2.81 14... 5.71 5.23 5.00 5.45 7.48 7.59 7.22 8.07 7.36 7.97 7.62 7.03 2.82 21... 5.70 5.28 5.05 5.50 7.30 7.59 7.21 8.06 7.36 7.98 7.63 7.06 2.86 28... 5.65 5.18 5.00 5.40 7.34 7.58 7.19 8.05 7.35 7.96 7.63 7.02 2.80 Number of issues2 20 121 20 30 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: * 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. A verage daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 l/i hours per day, or 27 Vi 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

NOVEMBER 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 U.S. tttoootttaaalll ( G t l e o o r n m v g t ) , - S l a o t n c a d a te l p A C o A o ra r A - te 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 n t n a s - - Utility na F n i- ce iiinnndddeeexxx ttt NYSE AMEX 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—Oc t 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 Oct 6666688888.....0000099999 8888855555.....33333 6666655555.....55555 111110000099999.....5555566666 111112222222222.....3333399999 4444411111.....2222200000 5555566666.....6666666666 59.99 65.35 44.95 38.93 79.64 22225555....88887777 1111144444,,,,,444442222277777 33333,,,,,000001111144444 Week ending— Oct. 7 . 6666677777.....7777733333 8888844444.....99999 6666655555.....66666 111110000099999.....8888811111 111112222222222.....8888833333 4444411111.....5555599999 5555555555.....6666666666 60.18 65.72 44.84 38.40 79.95 22226666....00003333 1111155555,,,,,333331111100000 33333,,,,,000006666677777 14 , 6666677777.....9999988888 8888855555.....55555 6666655555.....44444 111110000099999.....1111188888 111112222222222.....0000011111 4444411111.....5555533333 5555566666.....0000022222 59.79 65.15 44.70 38.63 79.75 22225555....99992222 1111111111,,,,,888883333344444 22222,,,,,666662222266666 21, . . . 6666688888.....0000022222 8888844444.....88888 6666655555.....44444 111110000077777.....9999955555 111112222200000.....4444499999 4444411111.....2222200000 5555566666.....3333311111 59.10 64.31 44.47 38.68 78.07 22225555....66669999 1111144444,,,,,222224444477777 22222,,,,,888888888822222 28 6666688888.....4444477777 8888855555.....99999 6666655555.....55555 111111111100000.....7777700000 111112222233333.....6666611111 4444400000.....8888800000 5555577777.....7777799999 60.57 65.90 45.47 39.62 80.23 22225555....88885555 1111166666,,,,,666663333344444 33333,,,,,333334444433333 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 e r t t - ) c F c h e ( e a p e n r s e t g r ) e & * s M (y a e tu ar r s i ) ty L c r p ( a o e p r t i n a e i c r n t o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t a d h m L o o l o u o la a s u . n r n s o t ) f c C t ( r r e p a o a n e t n c e r t t - ) c F c h e ( e a p e n r s e t g r ) e & 1 s M (y a e tu ar r s i ) ty L c r p ( a o e p r t n i a e i c n r t o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t d a h L o m o l o u o l s a a u . n r 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 2.2.7 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--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 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.r 7.45 .86 27.5 77.5 36.8 27.9 7.39 .81 26.3 76.5 33.7 25.4 Sept 7.42 .86 27.3 77.6 36.4 27.7 7.40 .82 26.1 76.6 32.9 24.7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT • NOVEMBER 1972 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated : 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 Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin accts. 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 8,472 7.478 994 7,200 924 241 58 37 12 1,141 1 ,296 403 * p9 8 , , 0 8 4 6 2 0 7 7 , , 7 9 9 4 2 5 p P\ 1 ,0 ,0 68 9 7 7 7 , , 5 6 1 6 0 0 f p l 1 , , 0 0 0 2 0 6 2 2 4 4 4 8 P p5 5 6 8 3 3 8 7 PP 1 1 2 3 p P 1 1 , , 2 3 5 3 3 4 p p 1 1 , , 2 2 5 2 8 9 4 3 0 8 3 6 8,061 7,780 246 35 384 8,083 7,800 248 35 380 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 ddeebbtt Net in debit status ((mmiill-- End of period credit EE ppee nn rr dd ii oo oo dd ff ll dd ii oo oo oo ff nn ll -- ss 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er status 60 o r p e m r o c r e e n t 6 L 0 e p ss e r th c a e n n t llaarrss))!! 1971—Sept. 44.2 47.0 1971—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 Sept. 33.7 53.8 12.5 Sept.. 7,800 5.5 8.0 13.8 31.4 24.9 16.4 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

NOVEMBER 1972 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 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 T e a a t s n o b i n e e e t i d r s l a r v i l a - e l De it p s o 2 s- l O ia t t i b h e i s e l i r - G re e s n e e r r v a e l classi ( f i i n e d m b o y n t m h a s) t urity 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 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 65,324 3,512 3,353 806 21,389 1,327 1,935 97,646 88,130 2,780 6,736 1,572 824 549 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 Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign * Total Bonds Stocks gages estate loans assets 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—Aug.r 216,771 11,008 4,530 3,353 3,125 96,629 77,810 18,819 74,673 6,645 16,704 11,112 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 Aug... 233.337 11,086 4,389 3,351 3,346 109,728 85,187 24,541 75,723 7,235 17,689 11,876 i 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 • NOVEMBER 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets 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 s n s r t 1 t - - Cash Other 2 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 d s o e i f d r u i v e t n d s e - s m ro B o w n o e r 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 1,602 168.233 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 4,025 194,955 22,113 2,208 12,125 231,401 196,571 13,569 7,512 6,100 7,649 4,106 197,843 22,112 2,084 12,212 234,251 199,967 13,585 8,087 6,114 6,498 3,759 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 n t e e o d c m r - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - 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 t p o i c t k a l M l g o ( a A o a g n r ) e t s - D n t e a u ( o L b n r t d e e e ) s s n - c L a o t ( o o i t A o v a p ) n e e s s r - D t e u ( b L re 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 re e ) s n - M l g o ( a o A a g n r ) 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 7,637 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 6,736 2,184 106 6,531 1,444 1,729 19,295 18,939 2,233 1,710 6,201 6,063 8,749 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

NOVEMBER 1972 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 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. 250 Debentures: 4/3/72- 10/2/72 4.55 9/27/71 - 11/27/72.. 5% 310 11/10/69 - 12/11/72.. 8.00 200 5/1/72- 11/1/72 4.65 2/25/70 - 2/26/73. . 8.35 350 10/13/70 - 12/11/72. . 7.20 400 6/1/72- 12/4/72 4.45 5/23/71 -2/26/73... 5.70 400 11/10/70 - 3/12/73. . . 7.30 450 7/3/72 - 1/3/73 4.55 3/25/71 -5/25/73... 4.20 400 12/12/69 - 3/12/73. . . 8.30 250 8/1/72-2/1/73 4.90 10/27/70 - 8/27/73.. 7.20 450 6/12/61 - 6/12/73 4% 146 10/1/70 - 10/1/73... 7.30 1/26/70 - 1/25/74. . 8.40 300 7/10/70 - 6/12/73.... 8.35 350 6/26/70 - 2/25/74. . 8.40 250 7/12/71 -6/12/73 6.75 550 Federal intermediate 8/27/71 -2/25/74... 7.10 300 3/10/70 - 9/10/73 8.10 300 credit banks 6/25/71 -5/25/74... 6.35 300 6/10/71 -9/10/73 6.13 350 Debentures: 8/25/69 - 8/25/74. . 7.65 181 12/10/70 - 12/10/73. . 5.75 500 1/3/72- 10/2/72 4% 8/25/72 -8/26/74.. . 53/s 400 8/10/71 - 12/10/73.... 7.15 500 2/1/72- 11/1/72 3.95 11/25/69 - 11/25/74 8.00 225 12/1/71 - 3/11/74 5.45 400 3/1/72- 12/4/72 4.00 1/26/71 -2/25/75... 6.10 250 4/10/70 - 3/11/74. . .. 7.75 350 4/3/72- 1/2/73 4.80 8/25/70 - 5/26/75. . 8.05 265 8/5/70 - 6/10/74 7.90 400 5/1/72 -2/1/73 4.95 7/27/70 - 8/25/75. . 7.95 300 11/10/71 -6/10/74.... 5.70 350 3/2/70 - 3/1/73 7.75 12/18/70 -- 11/25/75. 6.50 350 9/10/69 - 9/10/74 7.85 250 6/1/72 - 3/1/73 4.80 8/27/71 -2/25/76... 7*A 300 2/10/71 - 9/10/74 5.65 300 7/3/72 - 4/2/73 4.80 6/25/71 -5/25/77... 6.95 200 5/10/71 - 12/10/74.... 6.10 250 8/1/72- 5/1/73 5.05 3 1 1 / 0 0 2 / / 5 2 1 7 / 5 7 / / 0 7 7 1 0 - -- - - 2 1 / 1 2 0 1 / 5 / 1 / 2 5 8 7 / 0 / 8 . 8 0 1 . . 6 7 7 . . . 6 7 8 5 0 0 2 2 3 0 0 50 0 0 9 1 1 / 0 1 1 / / 0 1 1 / 2 0 7 / / 1 7 7 1 0 - - - 12 3 3 / / /1 1 1 0 0 0 / / / 7 7 7 5 5 4 . . .. . . . . . . 6 7 6 . . . 5 4 3 5 5 5 4 6 3 5 0 0 0 0 0 9 9 7/ / / 1 5 1 / / / 7 7 7 1 2 0 - - - 7 6 1 / / / 2 4 2 / / / 7 7 7 3 3 4 6 5 5 . . . 8 5 0 5 5 0 4/12/71 -6/10/75 5.25 500 1/4/71 - 7/1/74 5.95 10/13/70 - 9/10/75. . . 7.50 350 5/1/72- 1/2/75 6.05 3/10/72 - 12/10/75. . . 5.70 500 1/3/72- 7/1/75 5.70 Federal Home Loan 3/11/71 - 3/10/76 5.65 500 Mortgage Corporation 6/10/71 -6/10/76 6.70 250 Federal land banks Bonds: 2/10/72-6/10/76 5.85 450 Bonds: 11/27/70 -- 11/27/72... 7.10 175 11/10/71 -9/10/76.... 6.13 300 10/23/72 - 10/23/72. 7/15/71 - 11/26/73.... 7.75 150 6/12/72-9/10/76 5.85 500 7/20/71 - 10/23/72... 6.50 2/10/72 -8/26/74 5.30 200 7/12/71 - 12/10/76.. .. 7.45 300 7/20/70 - 1/22/73. . . 7.95 5/11/72 -2/25/77 6.15 350 2/13/62 - 2/10/77. 4 VI 198 2/20/63 - 2/20/73-78 4H 11/19/70-- 11/27/95... 8.60 140 9/11/72 - 3/10/77 6.30 500 4/20/72 - 4/23/73 5.20 7/15/71 -8/26/96 7.75 150 12/10/70 - 6/10/77. . . 6.38 250 1/20/70 - 7/20/73. . . 8.45 5/11/72- 5/26/97 7.15 150 5/10/71 -6/10/77 6.50 150 8/20/73 - 7/20/73.... 7.95 9/10/71 -9/12/77 6.88 300 4/20/70 - 10/22/73. . 7.80 10/12/71-12/11/78.. 6.75 300 7/20/72 - 1/21/74. . . 5.55 6/12/72-9/10/79 6.40 300 2/20/72 - 2/20/74... Fede A ra s l so N c a i t a i t o i n o a n l — M ortgage 2 1 / 2 1 / 0 10 /7 / 2 7 1 - - 3 /1 1 0 2 / / 8 1 0 0 /79. . 6 6 . . 5 8 5 8 3 2 5 5 0 0 9 1 / 0 1 / 5 2 / 0 7 / 2 7 0 - 4 - /2 4 2 / / 2 7 2 4 / . 7 4 .. . . . 7 5 . . 3 8 0 5 Secondary market 6/29/72- 1/29/81 6.15 156 10/21/71 - 7/27/74.. 5.85 operations 1/21/71 - 6/10/81.. .. 7.25 250 4/20/71 - 10/21/74... 5.30 Discount notes 508 9/10/71 -9/10/81 7.25 250 2/20/70 - 1/20/75. . . Capital debentures: 6/28/72 -5/1/82...... 5.84 58 4/20/65 - 4/21/75... 9 9 4 / / / 3 3 1 0 0 /7 / / 7 0 6 1 8 - - - 4 1 / 1 0 1 0 / / 1 / 7 1 / 5 9 / 7 6 3 4 6 8 . . . 3 0 0 8 0 0 2 2 2 4 5 0 9 0 0 9 2 3 1 / / / 1 1 1 1 / 0 1 1 1 / / / 0 7 7 7 / 1 1 2 7 1 - - - 9 6 - 6 / / 9 / 1 1 1 / 0 0 0 1 / / / 2 8 8 8 2 3 2 / 83.... 6 6 6 6 . . . . 7 7 8 6 5 5 5 0 2 2 2 2 5 5 0 0 0 0 0 0 7 4 2 2 / / / / 2 2 1 2 0 1 5 0 / / / / 7 6 7 7 1 6 2 2 - - - - 7 1 / 1 2 2 / 0 / 2 1 / 2 2 0 / 4 7 0 / / 5 7 / 7 7 6 6 5 . .. . . . . . . . 7 5 5 . . . 2 0 7 0 0 0 4/12/71 -6/11/84 6.25 200 7/20/66 - 7/20/76... 5^ 12/10/71 - 12/10/84. . 6.90 250 10/27/71 - 10/20/77. 6.35 3/10/72 - 3/10/92 7.00 200 5/2/66 - 4/20/78 5K Mortgage-backed bonds: 6/12/72-6/10/92 7.05 200 7/20/72 - 7/20/78. . . 6.40 9/9/70- 10/2/72 7.50 400 9/15/72 - 4/23/79... . 6.85 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 • NOVEMBER 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! 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 1,616 269 197 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 July-Dec.. .. 93,100 110,608 948 111 ,557 -18,377 26,001 ,119 2,803 523 21,556 973 80 -2,122 1972—Jan.-June. .. 115,496 119,906 157 120,062 -4,646 3,130 -150 3,992 1,102 -2,114 389 835 7,971 Month: 1971—Sep t r19,719 18,265 -69 r18,202 r1,513 r-2,258 -497 -1,019 192 -1,927 470 241 rl,017 Oct 12,462 18,677 115 18,791 -6,630 -334 50 -1,690 -1 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 9,511 284 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 -618 -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 Sept 22,183 18,471 3,712 -1,493 22 -1,339 -508 376 4,783 -92 604 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 s A ec g u e r n it c i y e s Sp G I e n c o v i v a e t l s , tm ac e c n o ts u n o t f s S n L p o e e t c e s s s i a : 3 l E p T h q u o b e u b y t l a l d a i l l c s : s c p p o G r o N r i n o p v o s v s a w o . t t — . r e - e 6 d issues 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—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 Sept.. . 1,395 8,105 259 9,759 433,946 11,459 92,281 23,490 825 328,809 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

NOVEMBER 1972 • FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C n o co rp m o e r a t t a i x o e n s So a c n ia d l c in o s n u t r r a ib n u ce ti o ta n x s es Period Total Em ta p x l e o s y a m n e d nt Excise Cus- Estate Misc. W he it ld h - N w he i o t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e o p - s ts s fu R n e d - s co P r n a o t y ll r - ibut S io el n f- s1 i e n U m s n u p - r l. . c O e n r i t e p h e - t t e s r 2 t N ot e a t l taxes toms a g n if d t ce r i e p - ts 3 taxes 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 13,240 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 86,230 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 83,282 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. 93,180 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 51,359 21,535 1,312 24,444 1,877 4,736 1,761 30,940 6,523 1,447 3,017 1,906 Month: 1971—Sep t '19,719 r5,520 3,755 76 r9,199 4,505 198 3,299 '151 60 r276 r3,787 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 7,245 264 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 52 278 2,642 1,389 329 545 286 1972—Ja n 17,596 6,627 4,318 10,944 1,228 158 3,044 124 153 295 743 259 621 344 Feb 15,239 7,581 682 1,416 6,846 878 212 4,774 147 545 274 819 224 596 347 Mar 15,237 7,782 1,323 5,200 3,905 4,995 273 3,787 167 71 325 1,130 264 602 263 Apr 24,534 6,599 8,650 3,284 11,985 5,145 250 3,877 ,153 343 283 1,091 215 372 342 May 17,275 8,141 1,413 2,997 6,557 967 234 5,281 223 1,636 303 1,371 235 461 475 June 25,537 8,102 3,708 668 11,142 8,324 185 3,681 64 111 281 1,370 250 364 135 July 15,207 7,052 548 245 7,355 1,258 187 3,727 260 289 1,442 237 334 492 Aug 18,213 8,175 362 157 8,380 855 190 5,367 1,175 307 1,351 278 423 266 Sept 22,183 7,305 3,794 95 11,005 5,289 324 3,529 145 63 302 1,327 237 316 295 Budget outlays4 Period Total t f i e N d o n e n a s - - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A t c u g u r r l e - i - N ur a a t l - m t C r a a o e n n r m d c s - e p . d h e C o m a v u o n e u s m d l n i o n . - p g . E p m d t o a i u n a w o d n c n e - a r - w H e a e l n a f d l a t r h e e V ra e n t- s In e t s e t r- g G e o r e v a n l t - . t t I g i r n a o o a t c n n v r - a s s t. - 5 - 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. ,557 35,755 1,752 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 Month: 1971—Sep t r18,202 r5,994 303 273 366 344 947 292 924 r6,168 758 rl,796 r290 r —252 Oct 18,791 6,106 303 266 1,134 309 1,030 272 501 6,499 833 1,418 396 -276 Nov 18,947 6,175 286 286 568 302 892 256 851 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 1,023 1,737 390 -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 1,045 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 7,107 268 207 126 265 713 490 ,033 6,914 973 1,784 389 -371 June 22,945 8,899 358 294 335 515 1,211 519 ,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 Sept 18,471 5,397 198 273 102 321 1,173 408 852 6,970 832 1,899 322 -276 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 estimates— ous 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 • NOVEMBER 1972 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t t l s a i s l c i Total Total Bills Ma C r c e k a r e t t e i t f s a i b - le Notes Bonds 2 b C v i o e b o n r l n e d t- - s Total N 3 on F m 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 s p su e e c s i al s & 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—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 Oct.. 439.9 342.7 260.9 97.5 117.7 45.6 2.3 79.6 21.2 57.5 95.4 1 Includes non-interest-bearing debt (of which $622 million on Oct. 31, 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 e a r o n n u . v S c d s t . i t , e s B F a . n R k . s Total m C b e a o r n c m k i - a s l M s 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 c u 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 d a t t e s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r o t n e e d n i r g a - n l 1 O i m t n o t v i h r 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 '11.7 '25.9 51.8 '29.6 '11.2 '25.0 1970—Dec 389.2 97.1 62.1 229.9 62.7 2.8 7.0 r9.4 '25.2 52.1 29.8 20.6 '20.4 1971—Sept 412.3 106.5 67.6 238.2 60.0 2.8 6.5 '10.2 '25.3 53.7 '21.5 42.4 '15.8 Oct 411.9 104.7 67.2 240.0 60.9 2.8 6.5 '11.0 '25.2 54.0 '21.0 42.8 '15.9 Nov 414.6 104.7 67.8 242.1 61.5 2.7 6.5 Ml.9 '24.7 54.2 '20.0 44.1 '16.4 Dec 424.1 106.0 70.2 247.9 65.3 2.7 6.6 '12.4 '25.0 54.4 '19.6 46.9 '15.0 1972—Jan 422.9 104.4 69.6 248.9 62.8 2.7 6.5 '11.8 '25.5 54.6 '19.0 48.2 '17.7 Feb 424.0 106.2 67.7 250.2 62.1 2.7 6.5 '12.1 '26.2 54.9 '18.7 48.9 '18.1 Mar 427.3 105.5 69.9 251.9 63.3 2.7 6.5 '11.6 '25.8 55.2 '19.5 49.9 '17.5 Apr 425.3 105.5 70.3 249.5 61.9 2.7 6.4 '10.5 '25.7 55.5 '19.1 49.8 '17.9 May 427.9 109.1 71.6 247.2 60.8 2.8 6.3 '11.3 '25.5 55.8 '18.6 49.4 '16.8 June 427.3 111.5 71.4 244.4 59.9 2.7 6.2 '10.3 '25.9 56.0 '18.0 50.0 '15.5 July 432.4 112.8 70.8 248.8 57.6 2.7 6.1 10.0 '26.5 56.3 '18.0 54.6 '17.2 Aug 435.4 115.4 70.7 249.3 57.9 2.6 6.0 '9.5 '26.5 56.6 '17.6 55.9 '16.8 Sept 433.9 113.5 69.7 250.7 58.5 2.8 6.1 8.9 27.2 56.8 17.2 55.3 18.0 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

NOVEMBER 1972 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) \V ithin 1 yeai r Type of holder and date Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972 Aug. 31 258,095 121,589 96,241 25,348 85,730 29,150 15,419 6,208 Sept. 30 257,720 121,260 96,363 24,897 85,730 29,148 15,393 6,188 U.S. Govt, agencies and trust funds: 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 3,437 1970—Dec. 31 17,092 3,005 708 2,297 6,075 3,877 1,748 2,387 1971—Dec. 31 18,444 1,380 605 775 7,614 4,676 2,319 2,456 1972—Aug. 31 19,737 2,036 1,284 752 6,566 5,312 4,284 1,539 Sept. 30 19,211 1,361 587 774 6,595 5,366 4,346 1,544 Federal Reserve Banks: 1969 Dec. 31 57,154 36,023 22,265 13,758 12,810 7,642 224 453 1970—Dec. 31 62,142 36,338 25,965 10,373 19,089 6,046 229 440 1971—Dec. 31 70,218 36,032 31,033 4,999 25,299 7,702 584 601 1972 Aug. 31 70,740 38,128 30,357 7,771 24,939 6,125 1,403 146 Sept. 30 69,734 37,259 29,520 7,739 24,859 6,102 1,380 134 Held by private investors: 1969 Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—Dec. 31 168,479 84,080 61,250 22,830 57,154 12,631 6,579 8,036 1971—Dec. 31 173,376 81,729 65,867 15,862 60,735 16,943 6,627 7,340 1972 Aug. 31 167,618 81,425 64,600 16,825 54,225 17,713 9,732 4,523 Sept. 30 168,775 82,640 66,256 16,384 54,276 17,680 9,667 4,510 Commercial banks: 1969—Dec. 31 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Dec. 31 50,917 19,208 10,314 8,894 26,609 4,474 367 260 1971—Dec. 31 51,363 14,920 8,287 6,633 28,823 6,847 555 217 1972 Aug. 31 45,221 13,581 5,374 8,207 25,030 5,693 845 71 Sept. 30 44,918 13,415 6,083 7,332 24,827 5,742 862 72 Mutual savings banks: 1969—Dec. 31 2,931 501 149 352 1,251 263 203 715 1970—Dec. 31 2,745 525 171 354 1,168 339 329 385 1971—Dec. 31 2,742 416 235 181 1,221 499 281 326 1972 Aug. 31 2,592 361 130 231 1,180 476 387 188 Sept. 30 2,654 406 179 227 1,182 482 394 190 Insurance companies: 1969 Dec. 31 6,152 886688 441199 449 1,808 253 1,197 2,028 1970—Dec. 31 6,066 893 456 437 1,723 849 1,369 1,231 1971—Dec. 31 5,679 720 325 395 1,499 993 1,366 1,102 1972 Aug. 31 5,220 498 202 296 1,301 1,025 1,723 672 Sept. 30 5,266 480 218 262 1,290 1,022 1,800 674 Nonfinancial corporations: 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 8 1970—Dec. 31 3,057 1,547 1,194 353 1,260 242 2 6 1971—Dec. 31 6,021 4,191 3,280 911 1,492 301 16 20 1972—Aug. 31 4,186 2,883 1,750 1,133 1,127 140 31 4 Sept. 30 3,315 1,962 1,393 569 1,143 167 39 4 Savings and loan associations: 1969—Dec. 31 3,851 808 269 539 1,916 357 329 441 1970—Dec. 31 3,263 583 220 363 1,899 281 243 258 •971—Dec. 31 3,002 629 343 286 1,449 587 162 175 1972—Aug. 31 2,705 634 339 295 1,156 610 224 81 Sept. 30 2,791 717 443 274 1,142 621 228 83 State and local governments: 1969—Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 2,893 1970—Dec. 31 11,204 5,184 3,803 1,381 2,458 774 1,191 1,598 1971—Dec. 31 9,823 4,592 3,832 760 2,268 783 918 1,263 1972—Aug. 31 10,377 5,460 4,508 952 2,054 822 1,361 679 Sept. 30 10,551 5,516 4,670 846 2,189 837 1,337 672 All others: 1969—Dec. 31 85,391 52,926 42,648 10,278 20,199 4,053 2,545 5,665 1970—Dec. 31 91,227 56,140 45,092 11,048 22,037 5,672 3,078 4,298 1971—Dec. 31 94,746 56,261 49,565 6,696 23,983 6,933 3,329 4,237 1972—Aug. 31 97,317 58,008 52,297 5,711 22,377 8,947 5,161 2,828 Sept. 30 99,280 60,144 53,270 6,874 22,503 8,809 5,007 2,815 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, 485 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 738 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 487 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 • NOVEMBER 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—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 Nov 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 i 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 2,452 2,001 257 161 34 545 355 759 793 411 July 2,571 2,124 283 131 33 633 382 851 704 439 Aug 2,658 1,953 377 191 137 587 411 911 749 443 Sept 2,695 2,224 231 143 97 635 504 845 710 482 Week ending— 1972—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 2,263 256 142 100 661 431 910 759 527 Oct. 4 3,682 3,117 269 177 118 1,081 560 1,105 935 395 11 2,998 2,585 201 117 96 881 408 927 782 632 18 2,981 2,268 532 103 79 739 460 971 812 368 25 2,834 2,254 384 111 85 771 293 997 773 853 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 Commerc ial banks U.S. 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 e - a 5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s a s G g e t c e o ie u n v s r c t i , y - Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r ! a- o A th l e l r 3,856 3,089 355 377 36 926 1971—Sept 4,146 1,049 856 811 1,430 4,353 3,612 394 310 37 903 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 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 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 4,386 4,374 -83 -58 153 408 Sept 4,379 1,633 599 705 1,442 Week ending— 3,851 3,934 -39 -100 56 376 1972—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 6. , 4,799 4,609 -94 17 266 594 Sept. 6. .. 4,865 1,569 487 897 1,913 13. 4,647 4,548 -85 -36 220 430 13. .. 4,727 2,006 551 924 1,246 . 4,423 4,428 -68 -64 127 323 20. .. 4,574 1,803 746 661 1,365 27. 3,981 4,106 -97 -104 77 368 21... 3,843 1,252 647 512 1,432 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

NOVEMBER 1972 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 31, 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 notes—Cont. Tr J J D D e N D D J J D F N J F M F F N M A F M M M N N M a a a a a a e e e e e e e e e e o o o p o o n n n n s n a a a a a a b b b b b c c c c c v v v r v v u . . . . . r r r r r r . . . . . . . . . . . . . . . . . . . . . . r y 2 2 2 2 2 2 3 2 3 3 3 1 1 1 2 1 1 1 b 5 2 8 4 1 8 1 0 88 8 9 2 1 8 1 5 7 1 1 4 5 4 11 2 9 5 6 , , , , i , , , , ,, , , , , , , , , , , ,, , , , , , , , l ls 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 3 3 3 3 3 3 3 2 2 2 2 3 3 3 3 3 3 3 3 2 3 2 3 2 2 2 2 , , , . , . , 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 5 1 1 1 1 1 1 1 1 1 , , , . . , . , , , , . . . , , . , . , , , , , , , . 1 0 0 1 1 1 1 2 7 1 0 8 1 1 8 7 8 8 7 8 7 8 8 8 8 8 8 0 9 8 0 0 0 0 0 2 0 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 9 1 1 1 0 3 3 4 1 2 9 0 1 2 3 4 1 2 2 0 0 2 1 0 1 1 T T r r e J N A A A J O F F M O e A A A A S A F M M u a u a e e e e u c o c p u p p p p p s a l s a a n p b b b y t t g g v r r r r r r y u y y u e . . . . t . . . . . . . . . . . r r y y 2 2 2 2 3 3 1 1 1 3 1 3 1 1 1 1 1 8 5 6 3 0 1 n 5 5 5 5 1 9 0 2 5 1 1 5 5 1 b , , , , , , , , , , , , , , , , o , , , , i l t l 1 1 1 1 1 1 e 1 1 1 1 1 1 1 1 1 1 1 1 s 1 1 s 9 9 9 9 9 9 9 9 9 9 9 — 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 2 3 3 3 3 4 3 3 3 4 3 C 3 3 3 3 3 3 3 3 3 o . . . . . . . . . n . . . . . . . . . . . . . t . . . . . . . . . . . . . . . 6 4 4 U U 1 7 8 l % % y y H % A A 4 4 4 2 5 2 3 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , . , . , , , , , . , . , 2 5 7 8 9 7 8 7 8 7 3 7 8 8 8 8 8 6 0 0 1 3 4 6 9 0 2 0 0 0 0 0 0 0 3 3 3 8 1 1 4 9 4 0 2 3 6 2 0 2 2 0 1 4 0 4 1 N A N A A A A O F A O F N M O N F F O M A M F A M S F M e e e e e e e u c u u c o c p p o u c o u p o a a a a a p b b b b b b t t t t g g g g g v r r v v r v y y y y y . . . . . . . . t . . . . . . . . . . . . . . . 1 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 0 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 1 l 1 1 1 1 t , , , , , , , , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 4 9 4 4 4 5 6 5 6 6 6 7 5 5 4 5 8 5 5 7 6 5 6 6 6 7 8 . . , . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . . .. . . . .. . . . . . . . . . . . . . . . . . . • .. . .. . 6 . . 5 . . . . . . . . . . . 66 5 5 5 5 . V 7 5 5 7 7 6 5 6 . . .. 1 1 1 6 6 7 6 88 11 5 7 7 / 7 I 4 1 3 3 3 3 1 s % V % // / / / / 4 4 4 4 4 % % * 44 8 8 8 s i 1 4 4 5 4 2 6 2 4 2 2 3 3 2 7 8 4 8 5 1 1 1 0 , , , , , , , , ,, , , , , , , , , , , , , 3 9 0 7 6 7 0 1 6 4 8 22 3 5 1 7 1 2 2 2 2 3 4 3 7 1 6 6 9 8 6 7 0 9 4 66 1 6 2 8 8 0 4 2 3 1 4 5 9 9 6 0 0 7 9 1 6 2 4 0 44 5 3 2 4 3 7 2 7 0 8 1 5 11 T C r o D A A J N e N N M N A N I M F M F F F F A A F M n n u a e e e e e e e u v u o u o o o o u p v a s a a a n b b b b b b c e g g g v g v v v v y r y y u y e e . . . . . . . . r . . . . . . . . . s r t y t i m b 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 l 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 b 5 5 5 5 5 5 e e , , , , , , , , , , , , , , , , , , , , o , , n n t b 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 d o 9 9 9 9 9 9 S 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 s n 7 6 8 8 7 7 8 8 8 7 7 8 7 9 8 8 7 8 7 9 e 9 8 5 7 9 8 8 d 7 4 5 1 3 4 0 3 8 0 6 4 4 5 r 0 2 5 - - - - - s i - - e - - - - - - 8 s 9 8 7 9 8 9 0 4 5 2 2 3 3 B . . . . . . . . . . . . . . 4 4 2 4 3 4 4 4 4 4 7 6 4 3 m 6 6 3 3 3 2 3 1 1 1 1 1 7 3 1 3 % i y 1 1 % % / / / / / / / / / / 4 / 8 G 4 4 4 4 g 8 8 4 8 8 4 2 2 2 3 2 2 1 1 4 1 3 3 2 1 1 1 1 1 , , , , , , , , , , , , , , , , , , , 3 4 8 5 8 2 7 8 3 3 3 2 5 7 2 4 3 0 5 8 9 2 3 6 5 8 0 9 9 5 0 0 1 1 5 7 0 1 0 0 1 8 0 4 8 7 2 2 7 4 9 2 2 9 3 6 4 1 4 0 6 9 1 7 1 2 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 n t a r d t i . c t Other2 Total c E at d i u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u ® s- V a a e n i t d e 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--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 1 629 874 761 2,134 418 338 500 246 631 Dec.... 2,068 1,367 440 ""253 8 441 568 1,058 2,042 353 137 239 298 1,016 1972--Jan.... 1,776 1,120 654 2 639 545 591 1,696 377 147 440 56 676 Feb.... 2,002 1,049 948 5 354 977 670 1,930 531 78 433 29 858 Mar.. . 2,237 1,289 718 225 5 434 954 849 2,1 463 134 348 329 837 Apr.r.. 1,988 1,382 599 6 471 548 969 1,949 490 229 434 10 786 Mayr.. 2,002 990 1,009 3 374 838 785 1,932 657 214 295 67 701 Juner.. 2,260 989 1,053 209 8 246 1,215 778 1,990 346 150 531 393 568 July.. 1,800 1,322 477 2 647 465 680 1,791 327 121 222 152 966 Aug. r. 1,951 820 1,123 8 468 886 586 1,916 444 110 424 160 776 Sept.. . 1,693 653 780 257 4 298 992 403 1,577 238 106 580 270 381 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 • NOVEMBER 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Total G U o . v S t . . 2 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 f b fe li r c 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—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.. 9,410 2,455 1,876 1,679 12 3,387 2M5 1,942 723 86 637 Nov. 10,568 3,254 1,300 2,286 24 3,704 2 2,003 433 270 999 Dec.. 6,911 443 698 2,058 39 3,673 2,473 1,190 1,283 169 1,031 1972—Jan.. 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. 8,635 2,281 1,090 1,963 26 3,275 2,411 1,622 789 263 601 May 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 Aug. 7,060 606 1,685 1,891 45 2,833 1,892 1,523 369 206 734 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r l c a i n a e l ou a s n d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1964. 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965. 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966. 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 1967. 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968. 5,668 1,311 1,759 116 1,665 ,579 4,407 873 1,724 43 2,159 662 1969. 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 1970. 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 1971. 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1971—Aug.. 262 212 76 175 76 12 687 162 359 385 126 Sept.. 991 154 123 295 120 29 578 492 235 46 525 179 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 1 562 190 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 Aug... 159 260 278 340 110 2 127 129 235 662 155 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. * 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

NOVEMBER 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 t s e 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 t s e 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 (market value of own shares at end of period) of own shares at end of period) Month Redemp- Net Total 2 Cash Sales i Redemp- Net total 2 Cash Other tions sales position : tions sales position 3 196 0 2,097 842 1,255 17,026 973 16,053 1971—Sept... 304 471 -167 53,291 2,511 50,780 Oct.... 596 419 177 51,160 2,885 48,275 196 1 2,951 1,160 1,791 22,789 980 21,809 Nov... 397 334 63 50,958 3,172 47,786 196 2 2,699 1,123 1,576 21,271 1,315 19,956 Dec... 453 411 42 55,045 3,038 52,007 196 3 2,460 1,504 952 25,214 1,341 23,873 1972—Jan.... 521 475 46 56,694 3,163 53,531 196 4 3,404 1,875 1,528 29,116 1,329 27,787 Feb... 404 514 -110 58,536 3,478 55,05^ 196 5 4,359 1,962 2,395 35,220 1.803 33*417 Mar... 472 667 -195 58,740 3,251 55,489 196 6 4,671 2,005 2,665 34,829 2,971 31,858 Apr.. . 405 655 -250 58,870 2,827 56,043 May. . 378 585 -207 59,736 2,763 56,973 196 7 4,670 2,745 1,927 44,701 2,566 42,135 June.. 393 544 -151 57,708 3,015 54,693 196 8 6,820 3,841 2,979 52,677 3,187 49,490 July . . 398 424 -26 56,932 3,219 53,713 196 9 6,717 3,661 3,056 48,291 3,846 44,445 Aug... 391 582 -191 58,186 3,375 54,811 Sept... 310 442 -132 57,193 3,395 53,798 197 0 4,624 2,987 1,637 47,618 3,649 43,969 197 1 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. &ata 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 • NOVEMBER 1972 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year 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 s r t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n a l t s l i p o o u i n w t 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 r p i r n b o d u f t i i e s ts - d co c a t n a l i s l p o o u n i w t 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 23.5 64.8 II. . 91.6 40.1 51.5 26.2 25.3 68.0 i 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 NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . . 1 Other G U o . v S t . . 1 Other ttaaxxeess 1968 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 1969 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 Ill 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 88.1 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 Ill 231.3 591.9 59.8 10.6 3.9 276.9 199.5 41.2 360.6 5.2 242.2 18.7 94.7 IV 235.3 601.5 63.0 13.0 3.5 277.6 201.3 43.0 366.2 4.9 247.4 19.5 94.4 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 Total Period Total Non- Mining Rail- Gas n C i o c m ati m o u n - s Other i A (S . R A .) . Durable durable road Air Other Electric and other 196 8 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 197 0 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 197 1 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972 2..., 89.77 16.11 16.50 2.20 1.75 2.42 1.55 14.58 2.86 12.30 19.51 1970—IV., 21.66 4.26 4.40 .50 .43 .76 .33 3.12 .63 2.81 4.42 78.63 1971—1... 17.68 3.11 3.58 .49 .34 .34 .28 2.70 .41 2.50 3.94 79.32 II.. 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 III.. 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV.. 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972—1.., 19.38 3.29 3.32 .58 .48 .50 .32 3.19 .44 2.72 4.55 86.79 112. 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 Ill 2 22.56 4.00 4.15 .60 .43 .58 .37 3.62 .84 7.92 90.38 IV2 25.16 4.69 4.58 .65 .43 .70 .30 4.11 .85 8.86 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

NOVEMBER 1972 • REAL ESTATE CREDIT A 51 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Nonfarm ho O l t d h e e r r s 2 1- to 4-family houses4 com M m u e l r t c i i f a a l m p i r ly o p a e n rt d i es 5 Mo ty r p tg e a 6 ge EE ppee nn rr dd ii oo oo dd ff hh AA oo eerr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn 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 a t d n h n u d e d a i r - l s s hh AA ee oo rr ll ll ss dd ll -- tt FF uu ii tt ii nn cc ii nn 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 oo eerr ll ll ss dd ll -- Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e r - w u F V n r H i d A t A e t - e r - n - t C i v o 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 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 c223.7 c43.2 c129.0 105.5 c23.5 c100.2 c295.7 1970—I.. . . 429.4 340.7 28.6 60.1 29.8 9.8 20.0 399.6 268.5 c223.7 c44.8 c131.0 c107.2 23.9 101.9 c297.7 II.. . 435.6 344.5 30.0 61.1 30.3 9.8 20.5 405.2 271.7 c225.6 c46.1 133.5 109.1 c24.4 103.2 302.0 III. . 443.4 349.7 31.7 61.9 30.8 10.0 20.8 412.5 276.0 c228.4 c47.7 136.5 111.4 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 c231.3 c48.9 140.3 C114.5 c25.8 109.2 311.3 1971—I.. .. 459.0 361.8 33.6 63.6 31.8 10.1 c21.6 427.2 283.6 c234.4 c49.2 143.6 C117.3 c26.3 111.0 316.2 II.. . 471.1 372.0 35.2 63.9 31.9 9.7 22.2 439.3 c290.9 240.7 c50.2 148.3 121.6 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 C51.8 153.5 125.8 27.7 117.5 335.7 IV .. 499.9 394.5 39.4 66.1 32.9 9.9 23.0 467.0 307.8 254.2 c53.7 159.2 130.5 28.7 120.7 346.3 1972—1 511.7 404.2 41.2 66.4 33.5 9.9 23.6 478.2 314.1 259.6 54.5 164.1 134.6 29.4 IIII...... 552299..11 441188..99 4422..77 6677..55 3344..44 1100..22 2244..22 449944..88 332244..66 226688..88 5555..88 117700..22 114400..00 3300..33 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) Government- All residential Multifamily i underwritten Con- Total F i i n c n i s a a t l i n - - h O ol t d h e er r s Total F i i c n n i s a a t l i n - - h O ol t d h e er r s End of period Total Total F su H in re A - d - an g V t u e A a e r - - d1 ti v o e n n a - l tutions tutions 2 2 2 1 4 4 1 . . . 2 3 2 c17 1 1 6 4 5 . . . 8 9 7 3 9 8 4 . . . 4 6 5 2 5 5 9 . . . 9 7 0 2 3 3 0. . . 7 6 5 2 2 8 . . .3 2 2 1 1 1 9 9 9 6 5 6 3 4 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 0 3 3 3 0 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 2 2 2 2 5 8 6 9 0 0 4 8 . . . . 1 0 6 0 2 2 2 2 1 2 5 3 3 3 0 6 . . . . 7 2 8 6 3 4 4 4 6 0 3 7 . . . . 9 3 4 8 4 4 4 3 0 3 7 7 . . . . 3 2 9 3 2 3 3 3 9 1 4 7 . . . . 5 0 7 7 c9 9 8 8 . . . . 7 2 8 2 1 1 1 9 9 9 6 6 6 9 7 6 2 2 2 2 5 3 2 6 6 1 3 6 . . . . 1 2 8 6 7 9 7 8 6 0 9 4 . . . . 1 2 9 4 5 4 4 5 0 4 7 4 . . . . 8 5 6 4 3 3 3 3 5 2 1 3 . . . . 5 3 7 8 1 1 1 1 7 5 6 4 6 6 6 7 . . . . 1 6 8 6 319.0 265.0 54.0 52.2 41.3 c10.8 1970—III 276.0 95.1 58.1 37.0 181.0 1970—III 332.2 c272.7 c59.5 56.1 44.3 11.8 IV 280.2 c97.2 59.9 37.3 182.9 IV 338.2 c277.1 C61.1 58.0 45.8 12.2 1971—1 283.6 c98.3 61.0 37.3 185.3 3 3 3 5 4 6 3 3 4 . . . 1 3 0 c c 2 2 2 8 8 9 9 1 8 . . . 9 4 4 C c6 6 6 3 1 5 . . . 2 6 8 c 6 6 5 4 9 2 . . . 3 7 1 c c 4 4 5 9 7 0 . . . 2 1 4 c1 1 1 2 2 3 . . . 6 9 9 I I I I V l l 2 2 3 9 9 0 9 0 7 . . . 7 9 8 1 1 1 0 0 0 5 2 0 . . . 2 9 4 6 6 6 5 2 4 . . . 7 8 4 3 3 3 9 8 7 . . . 5 6 5 2 1 1 0 9 9 2 6 0 . . . 6 8 5 374.7 306.1 68.6 66.8 52.0 c14.9 1972—1 314.1 382.9 312.9 70.0 68.8 53.3 15.4 II 332244..66 395.8 324.1 71.7 71.3 55.3 16.0 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 • NOVEMBER 1972 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings J Mutual savings bank holdings 2 Residential Residential End of period Other Total non- Total FHA- VA- Con- farm FHA- VA- Con- Total in- guar- ven- 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 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 85,614 53,937 8,360 2,999 42,578 27,353 4,324 62,978 53,733 16,184 12,144 25,405 90,114 56,782 8,477 3,141 45,163 28,785 4,547 64,404 54,758 16,256 12,325 26,178 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 PPPeeerrriiioooddd TToottaall Total in F s H u A re - d a g n V u t A e a e r - - d Other i FFaarrmm TToottaall Total i F ns H u A re - d a g n V u t A e a e r - - d Other FFaarrmm 1945 997766 66,,663377 55,,886600 11,,339944 44,,446666 776666 196 4 1100,,443333 9,386 1,812 674 6,900 1,047 5555,,115522 5500,,884488 1111,,448844 6,403 3322,,996611 44,,330044 196 5 1111,,113377 9,988 1,738 553 7,697 1,149 6600,,001133 5555,,119900 1122,,006688 6,286 3366,,883366 44,,882233 196 6 1100,,221177 9,223 1,300 467 7,456 994 6644,,660099 5599,,336699 1122,,335511 6,201 4400,,881177 55,,224400 196 7 88,,447700 7,633 757 444 6,432 837 6677..551166 6611,,994477 1122,,116611 6,122 4433,,666644 55,,556699 196 8 77,,992255 7,153 c733 346 c6,074 c772 6699,,997733 6644,,117722 CC1111,,996611 5,954 cc4466,,225577 55,,880011 196 9 77,,553311 c6,991 c594 220 c6,177 c540 7722,,002277 6666,,225544 CC1111,,771155 5,701 cc4488,,883388 55,,777733 1970r 77,,118811 6,867 386 88 6,393 314 7744,,337755 6688,,772266 1111,,441199 5,394 5511,,991133 55,,664499 1971c 77,,551155 7,018 320 98 6,600 497 7755,,559966 6699,,999955 1100,,776600 5,007 5544,,222288 55,,660011 1971—Aug. ' 669999 648 24 9 615 51 7744,,667733 6688,,772266 1111,,441199 5,394 5511,,991133 55,,664499 Sept.c 663366 600 73 10 517 36 7744,,779999 6622,,220099 1100,,995500 5,104 5533,,115555 55,,559900 Oct.c 556688 529 28 11 490 39 7744,,886644 6699,,227700 1100,,888844 5,071 5533,,331155 55..559944 Nov.c 556655 523 20 9 494 42 7744,,990033 6699,,330077 1100,,884433 5,047 5533,,441177 55,,559966 Dec.c 11,,334466 1,285 18 10 1,257 61 7755,,559966 6699,,999955 1100,,776600 5,007 5544,,222288 55,,660011 1972—Jan. c 447755 447 37 16 394 28 7755..551177 6699,,997788 1100,,772222 4,986 5544,,227700 55,,553399 Feb.c 443366 392 26 12 354 44 7755,,445566 6699..994400 1100,,667744 4,952 5544,,331144 55,,551166 Mar.c 556699 484 24 18 442 85 7755,,442244 6699,,889977 1100,,559999 4,932 5544,,336666 55,,552277 Apr.c 556600 506 30 15 461 54 7755,,446699 6699,,992266 1100,,553355 4,903 5544,,448888 55,,554433 Mayc 660022 542 15 13 514 60 7755,,449933 6699..994411 1100,,446677 4,873 5544,,660011 55,,555522 Junec 770088 643 31 21 591 65 7755,,554477 6699,,996699 1100,,339911 4,838 5544,,774400 55,,557788 July c 665555 605 19 25 561 50 7755,,662266 7700,,003311 1100,,331144 4,811 5544,,990066 55..559955 Aug 774433 682 19 21 642 61 7755,,772233 7700,,110055 1100,,222244 4,776 5555,,110055 55,,661188 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

NOVEMBER 1972 • REAL ESTATE CREDIT A 53 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages TToottaall PPeerriioodd NN ooff uu ll mm oo bb aann ee ss rr (( cc mm oo (( aa ii dd mm mm ll oo ll mm ii ll oo oo ll ii uu aa nn tt rr nn ss tt ss ee tt )) dd oo ff ( o t f a h m o L d u o o o s l a u a l n n a n t r d s s ) ( C p i o n e r r t n e a t r t c 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 o e r r - a o v t a c i a n o e l - n u t e ) C ( a p t p e i r i o t n a c l e i r n z a t a t ) e - co D r v a e e t r i b o a t ge P co er n s c t e a n n t t 1968. 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 9.5 1969. 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 10.2 1970 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 1971. 1,664 3,982.5 2,393 9.07 22/10 74.9 10.0 1.29 10.4 1971--Jan 69 141.4 2,050 9.69 22/8 74.3 10.5 1.31 10.7 Feb 90 237.7 2,641 9.47 22/11 72.9 10.2 1.32 10.6 Mar 124 351.5 2,835 9.14 23/4 75.0 10.2 1.32 10.4 Apr 137 302.1 2,205 8.98 22 75.2 9.9 1.28 10.4 May 146 257.3 1,762 8.91 23/4 75.6 10.0 1.27 10.4 June 203 729.0 3,591 8.92 23/8 75.5 9.8 1.29 10.2 July 183 386.5 2,112 8.94 21/10 74.4 9.8 1.26 10.4 Aug 153 434.4 2,839 9.08 23/1 74.9 9.9 1.27 10.4 Sept 178 366.1 2,057 9.15 22/6 74.8 9.8 1.28 10.4 Oct 112 198.4 1,771 9.20 22/7 75.8 10.0 1.28 10.4 Nov 136 288.2 2,119 9.01 23/5 75.6 9.9 1.27 10.2 Dec 133 290.0 2,181 8.96 23 74.4 9.9 1.30 10.2 1972--Jan 107 198.6 1,856 8.78 22/1 73.3 10.0 1.31 10.2 Feb 122 423.5 3,471 8.62 22/6 73.3 9.7 1.31 10.0 Mar 220 530.4 2,411 8.50 24/2 76.3 9.5 1.29 9.7 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) Advanoes outstanding Loans made Loans outstanding (end of period) (end of period) Members' Ad- Repay- deposits Period vances ments (end of Period h N o e m w e Home FHA- VA- Con- Total t S e h rm or t 1 - t L e o rm ng - 2 period) Total 1 con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 46 196 4 5,565 5,025 5,325 2,846 2,479 1,199 1945 1,913 181 1,358 5,376 196 5 5,007 4,335 5,997 3,074 2,923 1,043 196 6 3,804 2,866 6.935 5,006 1,929 1,036 196 4 24,913 6,638 10,538 101,333 4,894 6,683 89,756 196 5 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 1,432 196 6 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 1,382 196 9 5,531 1,500 9,289 8,434 855 1,041 196 7 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 2,331 196 8 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 1,789 196 9 21,847 4,757 11,254 140,347 7,917 7,658 124,772 197 0 21,383 4,150 10,237 150,331 10,178 8,494 131,659 1971—Oct.. 306 303 7,640 2,874 4,766 1,450 197 1 39,472 6,835 18,811 174,385 13,798 10,848 149,739 Nov. 364 296 7,709 2,829 4,880 1,549 Dec., 490 262 7,936 3,002 4,934 1,789 1971—Oct.. 3,405 609 1,717 170,106 13,278 10,374 146,454 Nov.. 3,298 589 1,661 172,047 13,521 10,582 147,944 1972—Jan.. 186 885 7,238 2,569 4,669 1,948 Dec.. 3,592 573 1,590 174,385 13,798 10,848 149,739 Feb.. 148 871 6,515 2,342 4,173 2,014 Mar. 165 689 5,992 2,125 3,867 2,008 1972—Jan... 2,632 481 1,253 175,838 13,976 11,013 150,849 Apr., 318 396 5,913 2,049 3,864 1,762 Feb.. 2,849 518 1,400 177,614 14,167 11,264 152,183 May 260 320 5,853 2,019 3,835 1,789 Mar.. c3.910 712 1,861 180,145 14,450 11,546 154,149 June 420 198 6,074 1,944 4,130 1,746 Apr.. 3,819 707 1,819 182,711 14,697 11,789 156,225 July. 285 222 6,138 1,990 4,148 1,497 M Ju a n y e . . 4 5 , , 6 4 0 4 3 9 8 8 3 7 6 2 2 2 , , 2 9 7 2 6 0 1 1 8 8 5 8 , , 4 8 3 8 1 4 1 1 4 5 , , 8 0 7 1 8 9 1 1 2 2 , , 0 2 1 9 0 3 1 1 5 6 8 1 , , 5 5 4 7 3 2 A Se u p g t . . 4 6 0 3 6 1 2 1 4 8 9 9 6 6 , , 2 7 9 3 5 6 2 2 , , 0 3 8 0 3 7 4 4, , 4 2 2 1 9 2 1 1 . . 4 4 4 4 2 3 July.. 4,572 743 2,515 191,642 15,153 12,606 163.883 Aug.. 5,379 803 3,087 194,955 15,263 12,892 166,800 Sept.. 4,675 737 2,584 197,843 15,348 13,099 169,396 2 1 S S e e c c u u r r e e d d l o o r a u n n s, s e a c m ur o e r d ti z 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 e m ar a o tu r ri l t e i s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. not shown separately. NOTE.—Federal Home Loan Bank Board data. 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 • NOVEMBER 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 End of ( p d e u ri r o in d g ) Date of auction M am or o t u g n ag ts e Av y e ie r l a d g e M am or o t u g n ag ts e AAvv yy ee iiee rr ll aa dd gg ee period Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r- es Sales d p M u er r a i i d o n e d g st O i a n u n g t d - Offered ce A p c te - d c ( m o s te h e m r n o m m t r s t i - ) t - Offered ce A p c te - d cc (( mm oo ss ttee hh ee mm rr nn oo mm mm tt rr ss tt ii -- )) tt -- 1 1 1 9 9 9 6 6 6 7 9 8 1 5 7 0 , , , 1 5 9 6 2 5 7 2 0 5 7 4 , , , 1 0 6 2 4 8 1 8 0 2 3 1 , , , 0 2 4 4 7 7 6 0 4 4 1 1 , , , 1 4 9 2 0 4 1 0 4 12 c C 2 6 1 , , . 6 6 7 9 3 3 6 0 2 3 1 , , 5 2 5 3 8 0 9 7 1 In m d i o l l l l i a o r n s s of per I n c ent In m d i o l l li l o ar n s s of per In c ent 197 0 15,502 11,071 4,431 5,078 8,047 5,203 197 1 17,791 3,574 336 4,986 5,694 1972—May 364.9 336.4 1971-Sept.. 16,732 c633 572 5,327 15.. 266.3 188.2 c7.64 35.0 20.4 7.77 Oct. . 17,202 553 655 5,208 30.. 133.4 76.4 c7.63 Nov.. 17,535 406 893 5,466 Dec.. 17,791 350 1,014 5,694 June 28.2 22.7 7.80 12. 83.5 48.1 c7.63 1972-Jan... 17,977 281 574 5,558 26. 97.8 76.6 c7.63 Feb.. 18,220 324 598 5,696 Mar.. 18,342 13,654 4,687 316 469 5,635 July 10. 134.6 92.1 P7.63 Apr.. 18,403 13,744 4,659 246 5,853 17. 32.4 22.7 7.80 May. 18,599 13,923 4,674 321 6,186 24. 123.9 113.0 c7.63 June. 18,628 13,952 4,670 223 5,957 July.. 18,740 14,013 4,714 258 Aug. 7. 106.2 81.7 7.63 Aug.. 19,004 14,188 4,816 427 14. 24.7 24.2 7.80 Sept.. 19,268 14,380 4,888 401 21. 114.6 87.2 7.62 Sept. 5. 220.6 151.2 c7.64 NOTE.—Federal National Mortgage Assn. data. Total holdings include 11. 28.7 26.5 7.84 conventional loans. Data prior to Sept. 1968 relate to secondary market 295.9 148.1 *7.66 portfolio of former FNMA. Mortgage holdings include loans used to back bond issues guaranteed by GNMA. Mortgage commitments made during Oct. 352.8 211.5 7.70 the period include some multifamily and nonprofit hospital loan commit- 42.2 37.2 7.90 ments in addition to 1- to 4-family loan commitments accepted in FNMA's 271.2 224.9 7.73 free market auction system, and through the FNMA-GNMA Tandem 186.4 162.7 7.74 Plan (Program 18). 1 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 Bonds holdings ttrraannssaaccttiioonnss commitments Period sold ((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 ee aa ee rr -- -- 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 9 7 7 0 1 4 1 , , 3 1 7 2 3 6 . . 6 2 2,7 4 0 5 1 2 . . 9 4 ,3 3 1 0 5 0 . . 0 0 1971—Sept. 254.2 71.5 1967 3333333333333333333,,,,,,,,,,,,,,,,,,,333333333333333333344444444444444444448888888888888888888 22222,,,,,777775555566666 555559999922222 888888888866666666660000000000 11111,,,,,000004444455555 11111,,,,,111117777711111 Oct.. 226.1 112.6 1968 4444444444444444444,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222220000000000000000000 33333,,,,,555556666699999 666665555511111 1111111111,,,,,,,,,,000000000088888888889999999999 11 888886666677777 11111,,,,,222226666666666 Nov. 533.7 244.2 1969 4444444444444444444,,,,,,,,,,,,,,,,,,,888888888888888888822222222222222222220000000000000000000 44444,,,,,222222222200000 666660000000000 888888888822222222227777777777 666661111155555 CCCCC11111,,,,,111113333311111 Dec.. 318.3 212.8 1970 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111188888888888888888884444444444444444444 44444,,,,,666663333344444 555555555500000 666666666622222222221111111111 888889999977777 777773333388888 1971 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 333333333399999999993333333333 1972—Jan.. 384.1 247.7 Feb.. 511.2 391.2 200.0 11111111111111999999999999997777777777777711111111111111--------------SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... 5555555555555555555...................222222222222222222255555555555555555559999999999999999999 11111111117777777777 Mar. 528.3 322.5 O N O N O N O N O N O N O N O N O N O N O N O N O N O N cccccccccccccc oooooooooooooo tttttttttttttt vvvvvvvvvvvvvv .............. .............. .............. .............. .............. .............. 5555555555555555555 5555555555555555555 ................... ,,,,,,,,,,,,,,,,,,, 2222222222222222222 22222222222222222224444444444444444444 6666666666666666666 5555555555555555555 0000000000000000000 2222222222 1111111111 4444444444 5555555555 A M p a r y . . , 2 1 1 8 6 7 . . 4 8 2 2 7 1 5 2 . . 1 9 '566.0' DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 33333333332222222222 June, 245.8 193.2 July. 135.5 145.8 11111111111111999999999999997777777777777722222222222222--------------JJJJJJJJJJJJJJaaaaaaaaaaaaaannnnnnnnnnnnnn........................................................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888887777777777777777777 Aug. 548.3 140.3 FFFFFFFFFFFFFFeeeeeeeeeeeeeebbbbbbbbbbbbbb............................ .............. 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888881111111111111111111 Sept. 192.0 130.9 MMMMMMMMMMMMMMaaaaaaaaaaaaaarrrrrrrrrrrrrr.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222244444444444444444443333333333333333333 AAAAAAAAAAAAAApppppppppppppprrrrrrrrrrrrrr.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111122222222222222222225555555555555555555 MMMMMMMMMMMMMMaaaaaaaaaaaaaayyyyyyyyyyyyyy............................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222211111111111111111114444444444444444444 NOTE.—Government National Mortgage Assn. data. Under the Mort- JJJJJJJJJJJJJJuuuuuuuuuuuuuunnnnnnnnnnnnnneeeeeeeeeeeeee............................ ccccccccccccccccccc5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222222222222222222222222 gage-Backed Security Program, GNMA guarantees the timely payment JJJJJJJJJJJJJJuuuuuuuuuuuuuullllllllllllllyyyyyyyyyyyyyy.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888887777777777777777777 of principal and interest on both pass-through and bond-type securities, AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,333333333333333333399999999999999999991111111111111111111 which are backed by a pool of mortgages insured by FHA or Farmers SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222266666666666666666664444444444444444444 Home Admin, or guaranteed by VA and issued by an approved mortgagee. To date, bond-type securities have been issued only by FNMA and FHLMC. NOTE.—Government National Mortgage Assn. data. Data prior to Sept. 1968 relate to Special Assistance and Management and Liquidating portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 PPPeeerrriiioooddd ( F e H ff L ec B ti B v e s e ra ri t e e s ) ( H s F e H U ri A D es ) oonn iinn YY ss FF ii uu ee rr HH ll ee dd dd AA -- PPPeeerrriiioooddd Mortgages PPrroo-- PP ee rr rr oo ttyy pp -- Mortgages New Existing New ll hh nn oo oo ee aa mm ww nnss ee TToottaall h N o e m w e s h is o E t m i x n - g es 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 homes 8,689 1,705 5,760 591 634 2,652 876 1,774 1968 6.97 7.03 7.12 7.21 1966 7,320 1,729 4,366 583 641 2,600 980 1,618 1969 7.81 7.82 7.99 c8.29 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1970 8.44 8.35 8.52 c9.03 1968 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1971 c7.74 c7.67 7.75 7.70 1969 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1970 C11,982 2,667 5,447 c3,251 617 c3,440 1,311 c2,129 1971—Sept 7.83 7.76 7.85 7.84 1971 14,689 3,900 6,475 3,641 674 5,910 1,676 4,234 Oct c7.48 7.75 7.80 7.75 Nov 7.79 7.69 7.75 7.62 1971—Sept.. 1,242 320 543 290 89 693 188 506 Dec 7.77 7.64 7.70 7.59 Oct. . 1,202 318 c503 276 105 514 135 379 Nov.. 1,220 358 511 273 77 c752 226 526 1972—Jan 7.78 7.58 7.60 7.49 Dec.. 1,598 358 502 691 47 685 220 465 Feb 7.60 c7.48 7.60 7.46 Mar 7.52 7.44 7.55 7.45 1972—Jan.. 1,277 420 516 280 62 629 204 425 Apr 7.51 7.42 7.60 7.50 Feb.. 1,094 366 448 237 44 460 199 361 May 7.53 7.46 7.60 7.53 Mar.. 1,253 349 449 401 54 658 231 427 June 7.55 7.49 7.60 7.54 Apr.. 954 272 381 249 51 509 170 339 July 7.58 7.50 7.65 7.54 May. c901 259 369 217 56 603 185 418 Aug 7.59 7.52 7.65 7.55 June. c911 c271 372 197 71 848 239 609 Sept 7.56 7.53 7.70 7.56 July.. c865 261 374 183 47 662 179 483 Aug.. C1,044 310 440 227 67 c764 c220 544 NOTE.—Annual data are averages of monthly figures. The HUD(FHA) data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding 1 Monthly figures do not reflect mortgage amendments included in annual month. Yields on FHA-insured mortgages are derived from totals. weighted averages of private secondary market prices for Sec. 2 Not ordinarily secured by mortgages. 203, 30-year mortgages with minimum downpayment and an 3 Includes a small amount of alteration and repair loans, not shown separassumed prepayment at the end of 15 years. Gaps in data are ately; only such loans in amounts of more than $1,000 need be secured. due to periods of adjustment to changes in maximum permissible contract interest rates. The HUD(FHA) interest rates NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured on conventional first mortgages in primary markets are un- loans represent gross amount of insurance written; VA-guaranteed loans, weighted and are rounded to the nearest 5 basis points. The gross amounts of loans closed. Figures do not take into account principal FHLBB effective rate series reflects fees and charges as well repayments on previously insured or guaranteed loans. For VA-guaranteed as contract rates (as shown in the table on conventional first- loans, amounts by type are derived from data on number and average mortgage terms, p. A-37) and an assumed prepayment at end amount of loans closed. of 10 years. 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 o 9 r 0 m da o y r s e End of period 1965 3.29 2.40 .55 .34 .40 Total FH VA A - t C i v o o e n n n a - - l c P ha u s r- es Sales d p M u er r a i i d o n e d g s O t i a n u n g t d - - 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 64 182 1970 3.64 2.67 .61 .36 .33 1971 3.93 2.82 .65 .46 .46 1971—Aug. 689 625 65 54 76 305 Sept. 798 695 103 111 117 376 1969—11 2.68 2.06 .41 .21 .25 Oct.. 902 761 141 108 49 300 Ill.... 2.91 2.18 .47 .26 .25 Nov. 976 800 176 91 15 23 227 IV 3.22 2.43 .52 .27 .27 Dec.. 968 821 147 45 49 7 182 1970—1 2.96 2.14 .52 .30 .31 1972—Jan.. 979 828 151 17 2 17 182 II 2.83 2.10 .45 .28 .31 Feb.. 893 844 49 23 104 126 290 Ill 3.10 2.26 .53 .31 c. 31 Mar. 988 928 60 98 258 373 IV 3.64 2.67 .61 .36 .33 Apr.. 1,110 1,040 70 126 232 455 May 1,324 1,239 86 220 c165 398 1971—1 3.21 2.26 .56 .39 .40 June. 1,415 1,344 C71 194 97 117 313 II 3.27 2.36 .53 .38 .38 July. 1,475 1,374 100 74 75 298 Ill 3.59 2.54 .62 .43 .41 Aug.. 1,498 1,394 104 107 75 109 263 IV 3.93 2.82 .65 .46 .46 1972—1 3.16 2.21 .58 .37 .50 NOTE.—Federal Home Loan Mortgage Corp. data. Data for 1970 include II 3.27 2.38 .53 .36 .48 only the period beginning Nov. 26 when the FHLMC first became operational. Holdings, purchases, and sales include participations as well as whole loans. Mortgage holdings include loans used to back bond issues guaranteed by NOTE.—Mortgage Bankers Association of America data from GNMA. Commitment data cover the conventional and Govt.-underwritten reports on 1- to 4-family FHA-insured, VA-guaranteed, and con- loan programs. ventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT • NOVEMBER 1972 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total 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 3,337 196 5 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 196 6 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 196 7 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 196 8 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 196 9 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 197 0 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 197 1 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1971—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 1972—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 Sept. 148,976 121,193 42,644 36,745 6,049 35,755 27,783 11,541 7,693 8,549 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- and BULLETINS for Dec. 1968 and Oct. 1972. 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 1939>. 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 —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 Sept 121,193 107,278 57,566 30,650 16,439 2,623 13,915 253 13,662 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

NOVEMBER 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 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 49,654 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 9,459 2,561 3,042 51,264 13,844 9,292 4,519 4,291 4,530 3,190 11,598 28,695 9,399 2,571 3,042 51,782 14,017 9,442 4,602 4,264 4,585 3,201 11,671 28,716 9,324 2,587 3,063 52,629 14,232 9,613 4,703 4,325 4,683 3,244 11,829 28,955 9,373 2,614 3,076 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 9,453 2,649 3,153 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 9,612 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 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 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 1965. 18,990 6,690 981 5,724 706 i 15,088 5,116 1 ,177 1 ,800 6,995 1966. 19,994 6,946 1 ,026 5,812 874 17,021 5,747 1,472 1,930 7,872 1967. 21,355 7,478 1,080 6,041 1,029 1968. 23,025 8,374 1,158 5,966 1,227 —Sept.. 16,552 5,570 1,427 1,913 7,642 1969. 24,041 8,553 1,194 5,936 1,437 Oct 16,689 5,615 1,439 1,926 7,709 1970. 25,099 8,469 1,206 6,163 1 ,805 Nov 16,894 5,689 1 ,458 1,935 7,812 1971. 27,099 9,316 1.269 6,397 1,953 Dec 17,021 5,747 1,472 1,930 7,872 1971--Sept.... 25,895 9,082 1,254 5,759 1,985 —Jan 17,014 5,716 1,466 1,939 7,893 Oct 25,980 9,112 1,261 5,826 1.952 Feb 17,176 5,755 1,477 1,955 7,989 Nov 26,327 9,189 1.270 6,031 1,917 Mar 17,436 5,842 1,499 1,975 8,120 Dec.... 27,099 9,316 1,269 6,397 1.953 Apr 17,555 5,898 1,512 1,984 8,161 May 17,906 6,019 1,543 2,020 8,324 1972—Jan.. .. 26,669 9,342 1,307 5.688 1,942 June 18,304 6,166 1,580 2,055 8,503 Feb.... 26,431 9,415 1,337 5,111 1.876 July 18,379 6,204 1 ,589 2,062 8,524 Mar— 26,622 9,491 1,352 5,102 1 ,861 Aug 18,836 6,353 1,628 2,113 8,742 Apr 26,971 9,594 1,339 5,296 1,883 Sept 19,062 6,421 1,645 2,144 8,852 May... 27,267 9,717 1.349 5,587 1.877 June... 27,447 9,831 1.350 5.689 1,921 July. .. 27,512 9,900 1,335 5,664 1,980 NOTE.—Other financial lenders consist of credit unions and miscel- Aug.... 27,720 10,053 1,358 5,676 2,041 laneous lenders. Miscellaneous lenders include savings and loan associa- Sept.. . 27,783 10,165 1,376 5,613 2,080 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 • NOVEMBER 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i 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 111999777111———SSSeeeppp ttt 10,827 1111111100000000,,,,,,,,666666663333333388888888 3,123 22222222,,,,,,,,999999997777777733333333 4,188 44444444,,,,,,,,111111116666666688888888 282 333333330000000033333333 3,234 33333333,,,,,,,,111111119999999944444444 OOOcccttt 10,718 1111111100000000,,,,,,,,333333333333333344444444 3,016 33333333,,,,,,,,000000004444444488888888 4,135 33333333,,,,,,,,999999993333333355555555 283 222222228888888844444444 3,284 33333333,,,,,,,,000000006666666677777777 NNNooovvv 11,157 1111111111111111,,,,,,,,333333330000000000000000 3,121 33333333,,,,,,,,000000008888888877777777 4,254 44444444,,,,,,,,333333338888888811111111 274 222222227777777733333333 3,508 33333333,,,,,,,,555555555555555599999999 DDDeeeccc 10,866 1111111122222222,,,,,,,,444444444444444455555555 3,051 22222222,,,,,,,,777777774444444433333333 4,153 55555555,,,,,,,,555555552222222288888888 294 222222224444444422222222 3,368 33333333,,,,,,,,999999993333333322222222 111999777222———JJJaaa nnn 11,116 99999999,,,,,,,,444444446666666699999999 3,089 22222222,,,,,,,,444444449999999999999999 4,258 33333333,,,,,,,,777777777777777733333333 309 222222223333333311111111 3,460 22222222,,,,,,,,999999996666666666666666 FFFeeebbb 10.952 99999999,,,,,,,,555555554444444400000000 3,100 22222222,,,,,,,,777777777777777777777777 4,052 33333333,,,,,,,,444444442222222222222222 296 222222224444444477777777 3,504 33333333,,,,,,,,000000009999999944444444 MMMaaarrr 11,741 1111111111111111,,,,,,,,777777774444444466666666 3,176 33333333,,,,,,,,333333336666666633333333 4,453 44444444,,,,,,,,333333333333333377777777 323 333333330000000033333333 3,789 33333333,,,,,,,,777777774444444433333333 AAAppprrr 11,374 1111111111111111,,,,,,,,222222222222222244444444 3,162 33333333,,,,,,,,222222226666666699999999 4,370 44444444,,,,,,,,111111115555555588888888 331 333333332222222266666666 3,511 33333333,,,,,,,,444444447777777711111111 MMMaaayyy 11,687 1111111122222222,,,,,,,,555555555555555566666666 3,274 33333333,,,,,,,,666666669999999999999999 4,393 44444444,,,,,,,,555555559999999933333333 334 333333339999999999999999 3,686 33333333,,,,,,,,888888886666666655555555 JJJuuunnneee 12,057 1111111133333333,,,,,,,,000000009999999966666666 3,412 33333333,,,,,,,,999999993333333388888888 4,577 44444444,,,,,,,,777777777777777799999999 351 444444440000000033333333 3,717 33333333,,,,,,,,999999997777777766666666 JJJuuulllyyy 11,687 1111111111111111........888888883333333333333333 3,298 33333333,,,,,,,,444444448888888800000000 4,684 44444444,,,,,,,,555555554444444444444444 328 333333335555555588888888 3,377 33333333,,,,,,,,444444445555555511111111 AAAuuuggg 12,484 1111111133333333,,,,,,,,111111116666666666666666 3,491 33333333,,,,,,,,666666669999999966666666 4,990 55555555,,,,,,,,000000009999999944444444 371 444444443333333311111111 3,632 33333333,,,,,,,,999999994444444455555555 SSSeeepppttt 11.953 1111111111111111,,,,,,,,555555553333333355555555 3,368 33333333,,,,,,,,111111111111111100000000 4,772 44444444,,,,,,,,666666669999999955555555 340 333333336666666600000000 3,473 33333333,,,,,,,,333333337777777700000000 Repayments 111999666555 7777777700000000,,,,,,,,444444446666666633333333 2222222233333333,,,,,,,,777777770000000066666666 2222222200000000,,,,,,,,777777770000000077777777 22222222,,,,,,,,111111111111111122222222 2222222233333333,,,,,,,,999999993333333388888888 1966 7777777777777777,,,,,,,,444444448888888800000000 2222222255555555,,,,,,,,666666661111111199999999 2222222244444444,,,,,,,,000000008888888800000000 22222222,,,,,,,,111111111111111188888888 2222222255555555,,,,,,,,666666666666666633333333 1967 8888888833333333,,,,,,,,999999998888888888888888 2222222266666666,,,,,,,,555555553333333344444444 2222222277777777,,,,,,,,888888884444444477777777 22222222,,,,,,,,222222220000000022222222 2222222277777777,,,,,,,,444444440000000055555555 1968 9999999911111111,,,,,,,,666666666666666677777777 2222222277777777,,,,,,,,999999993333333311111111 3333333311111111,,,,,,,,222222227777777700000000 22222222,,,,,,,,333333330000000033333333 3333333300000000,,,,,,,,111111116666666633333333 1969 9999999999999999,,,,,,,,777777778888888866666666 2222222299999999,,,,,,,,999999997777777744444444 3333333344444444,,,,,,,,666666664444444455555555 22222222,,,,,,,,444444445555555577777777 3333333322222222,,,,,,,,777777771111111100000000 1970 111111110000000077777777,,,,,,,,111111119999999999999999 3333333300000000,,,,,,,,111111113333333377777777 4444444400000000,,,,,,,,777777772222222211111111 22222222,,,,,,,,555555550000000066666666 3333333333333333,,,,,,,,888888883333333355555555 1971 111111111111111155555555,,,,,,,,000000005555555500000000 3333333311111111,,,,,,,,333333339999999933333333 4444444444444444,,,,,,,,999999993333333333333333 22222222,,,,,,,,999999990000000011111111 3333333355555555,,,,,,,,888888882222222233333333 111999777111———SSSeeeppp ttt 9,725 99999999,,,,,,,,444444448888888899999999 2,689 22222222,,,,,,,,666666665555555588888888 3,804 33333333,,,,,,,,666666669999999922222222 251 222222225555555533333333 2,981 22222222,,,,,,,,888888888888888866666666 OOOcccttt 9,843 99999999,,,,,,,,666666663333333322222222 2,673 22222222,,,,,,,,666666666666666677777777 3,871 33333333,,,,,,,,777777779999999911111111 248 222222224444444488888888 3,051 22222222,,,,,,,,999999992222222266666666 NNNooovvv 9,965 99999999,,,,,,,,999999998888888877777777 2,676 22222222,,,,,,,,777777770000000044444444 3,875 33333333,,,,,,,,888888883333333300000000 252 222222225555555566666666 3,162 33333333,,,,,,,,111111119999999977777777 DDDeeeccc 9,976 1111111100000000,,,,,,,,222222223333333388888888 2,715 22222222,,,,,,,,666666665555555555555555 3,891 33333333,,,,,,,,999999991111111155555555 244 222222224444444466666666 3,126 33333333,,,,,,,,444444442222222222222222 111999777222———JJJaaa nnn 10,015 1111111100000000,,,,,,,,000000000000000077777777 2,795 22222222,,,,,,,,777777771111111133333333 3,905 44444444,,,,,,,,000000008888888800000000 256 222222224444444455555555 3,059 22222222,,,,,,,,999999996666666699999999 FFFeeebbb 10,069 99999999,,,,,,,,777777778888888877777777 2,776 22222222,,,,,,,,777777771111111111111111 3,878 33333333,,,,,,,,888888888888888899999999 253 222222224444444433333333 3,162 22222222,,,,,,,,999999994444444444444444 MMMaaarrr 10,427 1111111100000000,,,,,,,,999999999999999999999999 2,831 33333333,,,,,,,,000000002222222266666666 3,944 44444444,,,,,,,,222222222222222211111111 262 222222226666666699999999 3,390 33333333,,,,,,,,444444448888888833333333 AAAppprrr 10,384 1111111100000000,,,,,,,,000000004444444422222222 2,867 22222222,,,,,,,,777777777777777744444444 3,986 33333333,,,,,,,,888888887777777722222222 268 222222225555555599999999 3,263 33333333,,,,,,,,111111113333333377777777 MMMaaayyy 10,355 1111111100000000,,,,,,,,888888881111111122222222 2,819 22222222,,,,,,,,999999998888888844444444 3,981 44444444,,,,,,,,111111113333333355555555 287 222222229999999999999999 3,268 33333333,,,,,,,,333333339999999944444444 JJJuuunnneee 10,671 1111111100000000,,,,,,,,999999991111111144444444 2,922 22222222,,,,,,,,999999998888888822222222 4,164 44444444,,,,,,,,111111117777777777777777 283 222222229999999900000000 3,302 33333333,,,,,,,,444444446666666655555555 JJJuuulllyyy 10,593 1111111100000000,,,,,,,,444444449999999966666666 2,917 22222222,,,,,,,,888888889999999966666666 4,249 44444444,,,,,,,,111111111111111155555555 279 222222227777777788888888 3,148 33333333,,,,,,,,222222220000000077777777 AAAuuuggg 10,841 1111111100000000,,,,,,,,999999995555555577777777 2,896 22222222,,,,,,,,999999997777777766666666 4,395 44444444,,,,,,,,333333337777777766666666 270 222222227777777788888888 3,280 33333333,,,,,,,,333333332222222277777777 SSSeeepppttt 10,667 1111111100000000,,,,,,,,222222225555555533333333 2,873 22222222,,,,,,,,777777778888888899999999 4,303 44444444,,,,,,,,111111113333333388888888 263 222222226666666611111111 3,228 33333333,,,,,,,,000000006666666655555555 Net change in credit outstanding 2 111999666555 88888888,,,,,,,,111111119999999988888888 33333333,,,,,,,,555555550000000022222222 22222222,,,,,,,,111111115555555500000000 111111115555555588888888 22222222,,,,,,,,333333338888888888888888 1966 55555555,,,,,,,,333333335555555522222222 11111111,,,,,,,,555555557777777733333333 22222222,,,,,,,,222222224444444499999999 111111110000000055555555 11111111,,,,,,,,444444442222222255555555 1967 33333333,,,,,,,,111111118888888833333333 --------222222221111111144444444 11111111,,,,,,,,666666665555555577777777 111111116666666677777777 11111111,,,,,,,,555555557777777733333333 1968 88888888,,,,,,,,333333331111111177777777 33333333,,,,,,,,111111115555555522222222 22222222,,,,,,,,222222223333333377777777 222222223333333311111111 22222222,,,,,,,,666666669999999977777777 1969 99999999,,,,,,,,333333336666666600000000 22222222,,,,,,,,555555557777777799999999 33333333,,,,,,,,666666668888888877777777 333333337777777744444444 22222222,,,,,,,,777777772222222200000000 1970 44444444,,,,,,,,999999995555555599999999 --------333333334444444433333333 33333333,,,,,,,,111111115555555522222222 444444445555555577777777 11111111,,,,,,,,666666669999999933333333 1971 99999999,,,,,,,,222222223333333311111111 33333333,,,,,,,,444444448888888800000000 22222222,,,,,,,,888888888888888888888888 333333334444444433333333 22222222,,,,,,,,555555552222222200000000 1971—Sep t 1,102 11111111,,,,,,,,111111114444444499999999 434 333333331111111155555555 384 444444447777777766666666 31 5555555500000000 253 333333330000000088888888 875 777777770000000022222222 343 333333338888888811111111 264 111111114444444444444444 35 3333333366666666 233 111111114444444411111111 Oct 1,192 11111111,,,,,,,,333333331111111133333333 445 333333338888888833333333 379 555555555555555511111111 22 1111111177777777 346 333333336666666622222222 890 22222222,,,,,,,,222222220000000077777777 336 8888888888888888 262 11111111,,,,,,,,666666661111111133333333 50 --------44444444 242 555555551111111100000000 Dec 1,101 --------555555553333333388888888 294 --------222222221111111144444444 353 --------333333330000000077777777 53 --------1111111144444444 401 --------33333333 1972—FJae nb 883 --------222222224444444477777777 324 6666666666666666 174 --------444444446666666677777777 43 44444444 342 111111115555555500000000 1,314 777777774444444477777777 345 333333333333333377777777 509 111111111111111166666666 61 3333333344444444 399 222222226666666600000000 Apr 990 11111111,,,,,,,,111111118888888822222222 295 444444449999999955555555 384 222222228888888866666666 63 6666666677777777 248 333333333333333344444444 May 1,332 11111111,,,,,,,,777777774444444444444444 455 777777771111111155555555 412 444444445555555588888888 47 111111110000000000000000 418 444444447777777711111111 June 1,386 22222222,,,,,,,,111111118888888822222222 490 999999995555555566666666 413 666666660000000022222222 68 111111111111111133333333 415 555555551111111111111111 July 1,094 11111111,,,,,,,,333333333333333377777777 381 555555558888888844444444 435 444444442222222299999999 49 8888888800000000 229 222222224444444444444444 Aug 1,643 22222222,,,,,,,,222222220000000099999999 595 777777772222222200000000 595 777777771111111188888888 101 111111115555555533333333 352 666666661111111188888888 Sept 1,286 11111111,,,,,,,,222222228888888822222222 495 333333332222222211111111 469 555555555555555577777777 77 9999999999999999 245 333333330000000055555555 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 and BULLETINS for Dec. 1968 and Oct. 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 11996655 7777777788888888,,,,,,,,666666666666666611111111 2222222299999999,,,,,,,,555555552222222288888888 2222222255555555,,,,,,,,222222226666666655555555 99999999,,,,,,,,444444443333333388888888 1111111144444444,,,,,,,,444444443333333300000000 1966 8888888822222222........888888883333333322222222 3333333300000000,,,,,,,,000000007777777733333333 2222222255555555,,,,,,,,888888889999999977777777 1111111100000000,,,,,,,,333333336666666688888888 1111111166666666,,,,,,,,444444449999999944444444 1967 8888888877777777,,,,,,,,111111117777777711111111 3333333311111111,,,,,,,,333333338888888822222222 2222222266666666,,,,,,,,444444446666666611111111 1111111111111111,,,,,,,,222222223333333388888888 1111111188888888,,,,,,,,000000009999999900000000 1968 9999999999999999,,,,,,,,999999998888888844444444 3333333377777777,,,,,,,,333333339999999955555555 3333333300000000,,,,,,,,222222226666666611111111 1111111133333333,,,,,,,,222222220000000066666666 1111111199999999,,,,,,,,111111112222222222222222 1969 111111110000000099999999,,,,,,,,111111114444444466666666 4444444400000000,,,,,,,,999999995555555555555555 3333333322222222,,,,,,,,777777775555555533333333 1111111155555555,,,,,,,,111111119999999988888888 2222222200000000,,,,,,,,222222224444444400000000 1970 111111111111111122222222,,,,,,,,111111115555555588888888 4444444422222222,,,,,,,,999999996666666600000000 3333333311111111,,,,,,,,999999995555555522222222 1111111155555555,,,,,,,,777777772222222200000000 2222222211111111,,,,,,,,555555552222222266666666 1971 . . . 111111112222222244444444,,,,,,,,222222228888888811111111 5555555511111111,,,,,,,,222222223333333377777777 3333333322222222,,,,,,,,999999993333333355555555 1111111177777777,,,,,,,,999999996666666666666666 2222222222222222,,,,,,,,111111114444444433333333 1971—Sep t 10,827 1111111100000000,,,,,,,,666666663333333388888888 4,429 44444444,,,,,,,,444444444444444400000000 2,890 22222222,,,,,,,,777777773333333366666666 1,561 11111111,,,,,,,,555555554444444444444444 1,947 11111111,,,,,,,,999999991111111188888888 Oct 10,718 1111111100000000,,,,,,,,333333333333333344444444 4,412 44444444,,,,,,,,222222225555555511111111 2,869 22222222,,,,,,,,777777776666666688888888 1,568 11111111,,,,,,,,444444448888888877777777 1,869 11111111,,,,,,,,888888882222222288888888 Nov 11,157 1111111111111111,,,,,,,,333333330000000000000000 4,644 44444444,,,,,,,,444444443333333322222222 2,904 33333333,,,,,,,,000000009999999922222222 1,662 11111111,,,,,,,,666666660000000055555555 1,947 22222222,,,,,,,,111111117777777711111111 Dec 10,866 1111111122222222,,,,,,,,444444444444444455555555 4,514 44444444,,,,,,,,555555558888888866666666 2.940 33333333,,,,,,,,555555552222222200000000 1,583 11111111,,,,,,,,555555555555555533333333 1,829 22222222,,,,,,,,777777778888888866666666 1972—Ja n 11,116 99999999,,,,,,,,444444446666666699999999 4,417 33333333,,,,,,,,888888884444444433333333 2,953 22222222,,,,,,,,444444443333333344444444 1,687 11111111,,,,,,,,444444442222222255555555 2,059 11111111,,,,,,,,777777776666666677777777 Feb 10.952 99999999,,,,,,,,555555554444444400000000 4,518 44444444,,,,,,,,000000000000000099999999 2.941 22222222,,,,,,,,666666661111111144444444 1,700 11111111,,,,,,,,555555552222222277777777 1,793 11111111,,,,,,,,333333339999999900000000 Mar 11,741 1111111111111111,,,,,,,,777777774444444466666666 4,622 44444444,,,,,,,,777777777777777777777777 3,197 33333333,,,,,,,,111111117777777733333333 1,887 11111111,,,,,,,,888888887777777744444444 2,035 11111111,,,,,,,,999999992222222222222222 Apr 11,374 1111111111111111,,,,,,,,222222222222222244444444 4,644 44444444,,,,,,,,777777778888888800000000 3,196 33333333,,,,,,,,000000007777777711111111 1,582 11111111,,,,,,,,555555556666666644444444 1,952 11111111,,,,,,,,888888880000000099999999 May 11,687 1111111122222222,,,,,,,,555555555555555566666666 4,817 55555555,,,,,,,,333333333333333355555555 3,244 33333333,,,,,,,,444444441111111100000000 1,674 11111111,,,,,,,,888888887777777799999999 1,952 11111111,,,,,,,,999999993333333322222222 June 12,057 1111111133333333,,,,,,,,000000009999999966666666 5,098 55555555,,,,,,,,666666661111111177777777 3,196 33333333,,,,,,,,444444447777777799999999 1,792 22222222,,,,,,,,000000003333333366666666 1,971 11111111,,,,,,,,999999996666666644444444 July 11,687 1111111111111111........888888883333333333333333 4,926 55555555,,,,,,,,111111110000000033333333 3,107 33333333,,,,,,,,111111118888888844444444 1,506 11111111,,,,,,,,555555558888888800000000 2,148 11111111,,,,,,,,999999996666666666666666 Aug 12,484 1111111133333333,,,,,,,,111111116666666666666666 5,349 55555555,,,,,,,,666666664444444444444444 3,285 33333333,,,,,,,,444444443333333333333333 1,788 22222222,,,,,,,,000000001111111144444444 2,062 22222222,,,,,,,,000000007777777755555555 Sept 11.953 1111111111111111,,,,,,,,555555553333333355555555 4,972 44444444,,,,,,,,888888885555555522222222 3,181 22222222,,,,,,,,999999997777777711111111 1,731 11111111,,,,,,,,666666668888888833333333 2,069 22222222,,,,,,,,000000002222222299999999 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. 99,786 36,470 30,981 13,193 19,142 1970. 107,199 40,398 31,705 14,354 20,742 1971. 115,050 45,395 31,730 16,033 21,892 1971—Sept... 9,725 9,489 3,885 3,871 2,700 2,608 319 1,276 ,821 1,734 Oct.. . 9,843 9,632 3,907 3,858 2,700 2,600 386 1,350 ,850 1,824 Nov... 9,965 9,987 3,916 3,922 2,749 2,855 443 1,400 ,857 1,810 Dec... 9,976 10,238 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 Sept... 10,667 10,253 4,221 4,132 2,938 2,785 533 1,457 ,975 1.879 Net change in credit outstanding 2 1965.. 8,198 3333333,,,,,,,888888866666665555555 2222222,,,,,,,222222200000009999999 1111111,,,,,,,111111122222227777777 999999999999997777777 1966.. 5,352 2222222,,,,,,,333333355555557777777 999999944444445555555 1111111,,,,,,,000000022222226666666 1111111,,,,,,,000000022222224444444 1967.. 3,183 1111111,,,,,,,888888833333333333333 -------222222222222220000000 999999900000001111111 666666666666669999999 1968.. 8,317 4444444,,,,,,,777777788888884444444 1111111,,,,,,,444444499999998888888 1111111,,,,,,,555555500000001111111 555555533333334444444 1969. . 9,360 4444444,,,,,,,444444488888885555555 1111111,,,,,,,777777777777772222222 2222222,,,,,,,000000000000005555555 1111111,,,,,,,000000099999998888888 1970. . 4,959 2222222,,,,,,,999999977777777777777 -------111111166666668888888 1111111,,,,,,,333333366666666666666 777777788888884444444 1971.. 9,231 5555555,,,,,,,888888844444442222222 1111111,,,,,,,222222200000005555555 1111111,,,,,,,999999933333333333333 222222255555551111111 1971—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 Sept.. 1,286 1,282 751 720 243 186 198 226 94 150 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. • NOVEMBER 1972 MARKET GROUPINGS (1967= 100) 1967 1971 1971 1972 pro- Grouping p ti o o r n - age* Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.p Total index. 100.00 106.8 107.1 106.8 107.4 108.1 108.7 110.0 111.2 112.8 113.2 113.4 113.9 115.0 115.7 Products, total 62.21 106.4 107.0 107.0 107.9 108.0 108.4 109.5 110.1 111.4 112.1 112.0 112.2 113.5 113.9 Final products 48.95 104.7 105.5 105.4 106.1 106.2 106.4 107.6 108.2 109.8 110.2 110.1 110.1 111.3 111.9 Consumer goods 28.53 115.7 116.7 116.6 118.0 118.0 118.5 119.6 119.6 122.0 122.2 122.1 122.0 123.3 123.9 Equipment 20.42 89.4 89.8 89.8 89.6 89.6 89.5 90.9 92.4 92.7 93.4 93.3 93.4 94.6 95.1 Intermediate products. 13.26 112.6 112.3 113.2 114.3 114.9 115.9 117.0 117.3 117.3 119.3 119.1 120.5 121.4 121.1 Materials 37.79 107.4 107.3 106.6 106.5 108.4 109.2 110.8 113.1 115.0 115.6 116.1 116.8 117.6 118.8 Consumer goods Durable consumer goods 7.86 115.1 117.1 116.8 116.0 117.4 117.5 120.3 118.9 125.9 125.3 126.0 123.9 125.2 126.3 Automotive products 2.84 119.5 122.9 121.9 119.7 119.9 116.6 119.5 119.3 128.9 127.4 125.7 124.7 126.0 126.3 Autos 1.87 108.3 108.0 107.8 109.2 109.4 102.8 106.4 104.6 114.3 111.3 108.2 108.2 109.5 109.6 Auto parts and allied goods. .97 140.9 151.5 149.0 140.1 140.0 143.4 144.5 147.5 157.0 158.3 159.3 156.9 157.9 158.2 Home goods 5.02 112.6 113.8 113.9 113.8 116.0 118.1 120.7 118.7 124.2 124.3 126.1 123.5 124.7 126.3 Appliances, TV, and radios. 1.41 111.5 110.4 109.7 110.5 116.9 123.8 123.1 115.1 132.2 129.3 125.9 121.6 119.6 122.5 Appliances and A/C... .92 127.6 129.0 129.5 131.3 135.8 143.4 146.9 131.9 149.3 148.2 141.2 138.5 141.6 142.1 TV and home audio.... .49 81.4 75.6 72.6 71.8 81.3 87.1 78.3 84.0 100.1 93.7 97.2 89.9 78.6 86.1 Carpeting and furniture — . 1.08 117.2 121.9 120.7 122.2 120.4 121.7 126.1 127.1 131.3 132.0 134.0 132.6 136.2 138.0 Misc. home goods 2.53 111.2 112.3 113.4 112.0 113.7 113.5 117.2 117.2 116.9 118.2 122.9 120.6 122.6 123.3 Nondurable consumer goods 20.67 116.0 116.5 116.6 118.8 118.4 119.0 119.3 119.9 120.5 121.0 120.6 121.3 122.7 123.0 Clothing 4.32 101.4 103.6 103.2 103.7 105.0 105.8 102.7 105.0 105.0 106.2 106.8 108.0 109.4 Consumer staples 16.34 119.8 119.9 120.2 122.8 121.9 122.5 123.7 123.9 124.6 124.9 124.3 124.8 126.2 126.6 Consumer foods and tobacco. 8.37 113.6 114.1 113.9 117.2 115.5 115.4 115.5 116.3 116.8 117.2 116.8 116.4 118.4 118.5 Nonfood staples 7.98 126.3 126.1 126.7 128.6 128.7 129.8 132.4 132.0 132.8 133.1 132.2 133.6 134.3 135.1 Consumer chemical products. 2.64 133.9 133.6 132.0 137.2 134.3 137.6 144.3 141.4 145.4 144.8 140.2 141.3 142.3 144.3 Consumer paper products 1.91 107.9 109.2 111.0 111.5 114.8 111.4 112.1 113.9 111.4 111.1 112.5 112.5 113.4 114.0 Consumer fuel and lighting.. 3.43 130.8 129.6 131.6 131.6 132.1 134.2 134.5 134.9 134.8 136.3 136.8 139.4 139.9 139.8 Residential utilities 2.25 137.6 136.5 138.5 138.8 139.0 141.8 142.5 142.3 142.1 143.2 145.0 147.0 147.5 147.0 Equipment Business equipment 12.74 96.8 98.2 98.2 97.9 98.0 98.4 99.9 101.3 101.3 102.5 102.4 102.1 103.7 104.3 Industrial equipment 6.77 92.9 93.2 93.5 94.2 94.2 94.1 95.4 96.3 95.7 96.3 97.2 96.7 98.4 99.1 Building and mining equip.. 1.45 92.9 96.6 95.5 95.2 94.0 98.0 99.6 101.2 98.4 97.0 98.3 98.0 101.9 103.0 Manufacturing equipment.. 3.85 82.6 82.1 83.1 83.5 83.8 82.4 83.4 84.5 84.9 85.9 86.7 87.1 88.0 88.7 Power equipment 1.47 119.8 118.7 118.8 121.5 121.6 121.0 122.7 122.0 121.4 122.8 123.5 120.5 121.7 122.8 Commercial, transit, farm eq.. 5.97 101.2 104.0 103.6 102.1 102.4 103.3 105.1 107.0 107.6 109.6 108.4 108.3 109.8 110.2 Commercial equipment.... 3.30 110.0 113.1 112.2 110.2 109.4 109.1 111.9 114.7 114.1 116.4 116.7 117.3 118.5 120.9 Transit equipment 2.00 89.4 90.8 91.1 89.4 93.1 95.1 94.7 95.4 97.0 98.9 94.4 92.5 93.0 92.9 Farm equipment .67 93.2 98.5 98.8 100.0 96.1 98.6 102.4 103.5 106.8 108.2 109.7 111.2 117.7 109.8 Defense and space equipment. . 7.68 77.1 76.0 75.7 75.9 75.6 74.8 76.0 77.6 78.5 78.2 78.3 78.9 79.5 79.7 Military products . 5.15 79.9 79.0 79.0 78.8 78.3 77.6 78.5 80.7 81.3 81.1 80.4 81.6 82.3 82.3 Intermediate products Construction products . 5.93 112.6 111.5 112.8 114.2 115.2 115.7 115.8 115.9 116.5 118.0 117.8 119.8 119.7 120.5 Misc. intermediate products. . 7.34 112.6 112.9 113.5 114.4 114.5 116.1 118.0 118.5 118.0 120.4 120.2 121.1 122.8 121.7 Materials Durable goods materials.... . 20.91 101.7 100.6 102.2 100.5 101.6 103.5 105.8 107.8 110.4 111.1 111.1 111.5 112.9 115.4 Consumer durable parts. . 4.75 104.2 103.3 104.1 101.8 104.0 105.1 107.1 110.2 113.8 112.0 112.0 111.4 113.5 114.6 Equipment parts . 5.41 87.1 87.1 88.1 87.3 87.9 88.8 90.7 91.0 95.4 95.3 95.3 98.2 97.8 100.3 Durable materials nec... . 10.75 107.9 106.2 108.5 106.5 107.4 110.2 112.8 115.2 116.5 118.6 118.6 118.2 120.1 123.3 Nondurable goods materials . 13.99 114.1 114.7 115.0 » 115.9 116.7 116.0 117.0 119.8 120.6 121.3 122.5 123.3 123.9 123.2 Textile, paper, and chem. mat., . 8.58 116.6 118.8 119.0 i 121.5 123.0 120.8 121.5 125.0 125.9 127.1 128.5 130.1 131.4 130.1 Nondurable materials n.e.c..... . 5.41 110.3 108.2 108.4 • 107.2 106.8 108.3 109.9 111.4 112.3 112.3 113.1 112.3 112.1 112.2 Fuel and power, industrial . 2.89 116.3 119.5 98.7 104.6 117.6 117.4 117.7 118.9 121.6 120.7 121.7 123.5 120.8 123.5 Supplementary groups Home goods and clothing. ^ 107.4; 109.1 108.S> 109.2 110.9 112.4 112.4 112.3 115.3 115.9 117.2 116.3 117.7 118.7 Containers : 116.81 115.1 116.S> 119.4 121.0 ' 120.6 123.7 120.3 127.5 127.0 130.2 128.8 126.0 i 122.9 Gross value of products in market structure (In billions of 1963 dollars) Products, total , 392.C ) 392.1 ' 393.1I 396.5 ' 396.5• 398.7' 402.0' 405.6 409.7 ' 413.0» 412.0> 410.1 416.4 ' 416.9 Final products , 302. (> 303.f i 303.iJ 306.7' 305.8i 306.7 309.2 • 312.3 317.1 318.5 317.5 314.3 320.2 : 321.2 Consumer goods. .. . 213.iI 214.: I 215.( ) 217.9 i 217.4t 217.4t 218.8i 220.4• 224.8; 225.1 224.6 i 222.5 226.4 226.9 Equipment . 88.{? 89.^^ 89.:> 89.C) 88.9» 89.2: 90.4 91.9 92.4 93.3 93.1 91.8 93.6 94.4 Intermediate products. . 89. t5 88.S) 89.' \ 90.2: 90.6• 92.5i 92.9» 93.2: 92.81 94.5 94.3 95.8 ; 96.2: 95.8 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 11997711 1971 1972 GGrroouuppiinngg pp pp ttii oo rr oo oo rr nn -- -- aa aa vv gg ee ee rr ff -- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug.r Sept.* 88.55 105.2 105.7 106.1 106.0 106.2 107.1 108.5 109.7 111.8 112.3 112.6 113.2 114.2 115.1 52.33 99.4 99.3 100.1 99.1 99.5 100.4 102.1 103.4 105.8 106.3 106.8 107.7 108.4 109.4 36.22 113.6 115.1 114.7 115.9 116.0 116.8 117.8 118.8 120.3 120.8 121.3 121.0 122.6 123.3 Mining and utilities 11.45 118.9 118.3 114.3 117.4 120.1 120.6 121.6 122.3 122.9 122.6 122.7 123.2 123.6 124.3 6.37 107.0 105.9 97.7 102.5 107.8 107.3 107.2 108.5 109.0 107.9 108.2 107.9 107.4 109.2 Utilities 5.08 133.9 134.0 135.2 136.0 135.8 137.4 139.7 139.7 140.2 141.1 140.9 142.5 144.1 143.0 Durable manufactures Primary and fabricated metals 12.55 104.0 99.5 101.3 98.8 100.6 104.0 105.4 107.4 110.4 112.7 112.1 114.5 114.9 116.9 Primary metals 6.61 100.9 93.8 96.1 91.4 94.3 102.4 102.6 105.1 110.2 113.5 111.9 114.9 113.9 117.7 Iron and steel, subtotal 4.23 96.6 85.9 89.4 81.9 85.5 95.2 95.9 98.8 105.5 108.3 104.9 107.7 107.3 111.8 Fabricated metal products 5.94 107.5 105.9 107.1 107.1 107.6 106.0 108.6 110.1 110.8 111.9 112.3 114.1 116.1 115.9 Machinery and allied goods 32.44 94.9 96.2 96.6 95.9 95.6 95.7 97.3 98.4 101.1 101.0 101.6 102.0 102.9 103.7 Machinery 17.39 96.2 97.9 98.3 97.8 97.9 98.5 99.5 100.3 102.6 103.0 104.8 104.8 105.8 106.7 Nonelectrical machinery 9.17 94.3 97.0 97.4 95.9 94.8 95.1 96.2 97.6 98.6 100.4 101.8 102.9 104.0 105.5 Electrical machinery 8.22 98.3 99.0 99.3 99.9 101.3 102.2 103.2 103.3 107.1 105.9 108.0 107.1 107.7 108.0 Transportation equipment 9.29 92.9 94.2 94.5 93.4 92.7 92.0 94.7 95.9 100.4 98.9 97.4 98.2 98.4 99.7 Motor vehicles and parts 4.56 114.1 115.8 116.0 115.7 116.1 114.0 117.7 118.8 125.6 122.6 119.3 121.4 121.6 122.7 Aerospace and misc. trans, eq... 4.73 72.5 73.4 73.7 72.0 70.1 70.8 72.7 73.9 76.1 76.1 76.4 75.9 76.0 77.5 Instruments 2.07 108.5 110.5 111.2 110.4 109.3 111.3 114.5 114.2 116.1 117.3 119.3 119.9 120.9 122.0 Ordnance, private and Govt 3.69 86.1 85.2 85.3 84.9 84.4 83.2 83.7 86.4 87.3 87.6 87.8 88.0 89.7 89.2 Lumber, clay, and glass 4.44 111.5 112.1 113.2 113.7 114.8 115.5 118.0 118.1 118.1 118.2 119.0 119.1 119.8 119.3 Lumber and products 1.65 113.9 114.8 118.2 119.4 121.7 122.0 119.7 119.6 119.9 119.1 121.8 121.5 121.3 121.3 Clay, glass, and stone products 2.79 110.0 110.6 110.1 110.4 110.7 111.6 117.0 117.2 117.1 117.5 117.4 117.7 118.9 118.1 Furniture and miscellaneous 2.90 111.7 114.2 114.0 113.3 114.3 115.0 117.3 118.4 119.9 120.6 122.1 123.7 125.4 125.7 Furniture and fixtures 1.38 102.1 105.3 104.5 105.4 103.8 104.0 108.4 108.7 111.7 110.7 112.8 115.5 111.6 111.5 1.52 120.5 122.2 122.6 120.5 123.9 125.1 125.4 127.2 127.4 129.6 130.6 131.0 132.5 133.4 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 102.5 102.3 101.8 103.1 102.0 101.1 103.7 106.1 104.9 105.9 104.8 106.6 108.2 Textile mill products 2.69 108.6 111.0 110.1 110.2 112.6 108.9 107.0 110.9 113.5 112.8 113.9 112.7 115.8 116.1 Apparel products 33..3333 97.8 99.5 100.0 99.8 99.7 99.8 100.1 102.7 103. 3 102.8 103.0 102.2 104.3 Leather and products ..8888 87.4 87.7 87.4 83.3 87.1 89.6 86.9 85.4 94.4 89.2 92.2 90.2 86.5 92.5 Paper and printing 7.92 107.8 108.2 109.4 110.5 110.7 111.3 112.6 112.6 112.3 114.1 115.1 115.2 116.0 115.8 Paper and products 3.18 115.8 116.2 116.9 119.2 119.8 122.2 122.8 122.5 124.4 127.2 126.7 126.9 126.5 126.3 Printing and publishing 4.74 102.5 102.9 104.3 104.5 104.7 103.9 105.8 105.9 104.2 105.3 107.3 107.2 108.8 108.6 Chemicals, petroleum, and rubber.... 11.92 124.8 127.5 126.6 127.9 127.9 129.8 132.6 133.4 136.1 137.5 137.1 137.4 139.7 141.3 Chemicals and products 7.86 126.4 129.9 128.4 130.8 130.4 131.2 135.1 135.7 137.9 138.9 139.5 139.5 142.4 144.1 Petroleum products 1.80 115.7 113.7 115.7 116.0 118.3 119.3 118.7 117.9 117.0 119.5 117.3 119.5 120.4 121.3 Rubber and plastics products 2.26 126.0 129.6 129.1 127.7 126.6 133.3 135.0 138.1 144.7 146.5 145.0 144.1 146.0 147.4 9.48 113.7 114.2 113.3 115.8 115.0 115.7 115.9 116.3 117.6 117.1 117.6 116.8 118.3 118.4 8.81 114.9 115.2 114.4 117.1 116.6 116.5 116.9 117.5 118.6 118.5 119.3 118.3 119.0 111199..22 Tobacco products ..6677 9977..77 110000..33 9988..55 9988..22 9933..88 103.8 110022..55 110011..99 110033..99 9999..11 9966..44 9966..77 110088..55 Mining 1.26 104.6 98.1 102.0 110.9 111.1 108.0 109.8 108.3 104.6 99.4 99.6 95.8 101.2 104.2 Metal mining .51 121.4 109.7 117.1 136.7 137.7 128.9 133.7 131.0 122.2 110.7 102.9 102.2 114.8 123.0 Stone and earth minerals .75 93.2 90.1 91.7 93.4 92.7 93.8 93.5 92.7 92.6 91.7 97.4 91.6 92.0 91.4 Coal, oil, and gas 5.11 107.6 107.9 96.6 100.4 107.1 107.1 106.5 108.6 110.0 109.9 110.5 111.0 108.9 110.5 Coal .69 99.8 111.0 29.5 55.1 112.4 106.3 99.6 104.1 112.9 105.0 109.1 114.4 97.2 104.1 Oil and gas extraction 4.42 108.9 107.4 107.1 107.4 106.3 107.2 107.6 109.3 109.6 110.7 110.7 110.5 110.8 111.4 Utilities 3.91 138.1 138.6 140.6 141.9 141.9 141.2 144.4 144.8 145.6 147.1 146.8 148.6 150.2 148.8 Gas 11..1177 111199..88 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. • NOVEMBER 1972 MARKET GROUPINGS (1967 = 100) 11996677 11997711 1971 1972 pprroo-- aavveerr-- GGrroouuppiinngg pp ttii oo oo rr nn -- aaggee?? Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.23 100.00 106.8 110.3 110.3 107.7 104.5 106.6 110.3 111.6 113.6 113.4 116.5 109.2 115.4 119.( Products, total 62.21 106.4 112.2 111.5 107.7 103.0 105.5 109.0 110.0 111. 7 110.8 115.2 109.1 115.2 119.1 Final products 48.95 104.7 110.6 109.7 105.9 101.2 104.4 107.7 108.3 110.2 108.5 113.3 106.3 112.5 117.: 28.53 115.7 124.2 123.0 117.2 109.9 115.7 119.4 119.2 122. 4 119.6 126.0 117.0 126.8 132.' Equipment 20.42 89.4 91.7 91.1 90.1 89.0 88.6 91.4 93.1 93. 2 93.1 95.6 91.4 92.5 91A Intermediate products 13.26 112.6 118.0 118.0 114.1 109.8 109.4 113.8 116.5 117.4 119.5 122.2 119.2 125.3 127. < Materials 37.79 107.4 107.3 108.2 107.6 106.9 108.3 112.4 114.5 116.6 117.7 118.7 109.4 115.9 119.: Consumer goods 7.86 115.1 122.5 126.6 119.9 107.7 117.1 122.9 121.8 128. 8 126.0 129.3 107.4 118.7 134. Automotive products 2.84 119.5 128.7 135.9 123.9 102.5 120.7 126.5 126.3 138. 2 132.6 133.5 92.8 106.5 136.' Autos 1.87 108.3 112.0 124.0 115.6 87.5 112.0 117.0 115.1 128.0 121.3 120.1 61.0 78.4 120.i Auto parts and allied goods .97 140.9 160.6 158.7 139.8 131.3 137.5 144.8 147.8 157. 8 154.3 159.3 153.9 160.3 167.' Ho A m p e p l g ia o n o c d e s s , TV, and radios 5 1 . . 0 4 2 1 1 1 1 1 2 1 . . 6 5 1 1 1 1 9 3 . . 0 9 1 1 2 2 1 5 . . 4 7 1 1 1 1 7 6 . . 6 7 1 9 10 8 . . 7 4 1 1 1 2 5 3 . . 1 1 1 1 2 2 0 7 . . 8 2 1 1 1 2 9 0 . . 3 1 1 1 2 3 3 1 . . 5 9 1 1 2 2 2 4 . . 3 9 1 1 2 2 6 5 . . 9 6 1 1 1 0 5 9 . . 6 6 1 1 2 1 5 2 . . 6 1 1 1 3 2 2 7 . A : Appliances and A/C .92 127.6 128.6 143.5 132.3 108.2 143.8 150.3 139.3 156. 6 146.9 147.4 134.9 128.7 142.' TV and home audio .49 81.4 86.2 92.5 87.4 80.1 84.3 83.9 84.1 85. 6 83.7 84.8 62.2 80.9 98.: Carpeting and furniture 1.08 117.2 125.4 122.0 125.5 123.0 123.5 131.4 130.8 131. 8 128.3 132.8 114.4 136.5 143.; 2.53 111.2 119.1 118.8 114.7 112.3 107.1 112.7 113.9 115.3 118.2 125.2 119.5 128.5 130.: Nondurable consumer goods 20.67 116.0 124.8 121.6 116.2 110.8 115.1 118.1 118.2 119. 9 117.1 124.7 120.6 129.8 113311..,, Clothing 4.32 101.4 107.0 110.4 100.6 90.6 100.8 106.6 108.1 113. 2 102.7 113.2 97.2 113.8 Consumer staples 16.34 119.8 129.5 124.6 120.3 116.2 118.9 121.2 120.9 121. 7 120.9 127.8 126.8 134.1 136." Consumer foods and tobacco 8.37 113.6 123.9 120.5 115.8 109.0 109.2 111.2 113.0 114. 8 114.7 120.8 115.8 124.7 128. Nonfood staples 7.98 126.3 135.3 128.9 125.0 123.7 129.0 131.7 129.2 128.9 127.4 135.1 138.3 143.9 145. Consumer chemical products.. 2.64 133.9 145.4 139.4 137.1 124.9 129.3 137.7 135.0 142. 3 143.9 152.3 146.9 149.0 157.i Consumer paper products 1.91 107.9 116.0 114.7 110.7 108.9 106.3 109.1 110.8 110. 3 107.9 116.2 114.2 121.7 121. Consumer fuel and lighting. . . 3.43 130.8 138.3 128.8 123.7 131.0 141.4 139.6 135.0 129. 0 125.5 132.4 145.1 152.4 149. Residential utilities 2.25 137.6 148.6 134.8 126.9 135.5 152.3 150.1 144.2 136., 3 128.7 137.5 154.6 165.3 160. Equipment Business equipment 12.74 96.8 101.1 100.3 98.3 96.4 96.6 100.7 102.2 102.3 102.2 105.6 99.5 100.8 107. Industrial equipment 6.77 92.9 95.7 95.2 94.6 93.4 93.0 96.2 96.4 95. ,7 95.7 99.0 96.0 96.1 101. Building and mining equip 1.45 92.9 98.2 97.0 99.0 95.7 97.1 99.5 97.9 99.0 96.3 101.4 98.0 95.7 104. Manufacturing equipment 3.85 82.6 85.0 83.9 83.2 83.1 81.4 85.6 86.2 84., 8 85.5 88.2 85.2 86.4 91 . Power equipment 1.47 119.8 121.2 123.1 120.2 118.1 119.3 120.6 121.4 121., 2 121.8 124.9 122.3 121.8 125. Commercial, transit, farm eq 5.97 101.2 107.3 106.1 102.4 99.9 100.7 105.8 108.7 109.. 8 109.6 113.0 103.4 105.9 113. Commercial equipment 3.30 110.0 116.7 113.2 110.5 107.4 105.3 110.1 112.6 112.2 114.7 121.9 120.2 119.3 124. Transit equipment 2.00 89.4 92.9 96.0 91.8 90.8 93.5 97.3 99.5 104,, 8 100.9 97.9 78.2 85.2 95. .67 93.2 103.7 101.2 93.7 90.6 99.1 109.9 117.2 113,. 2 110.0 114.4 95.2 101.0 115. Defense and space equipment 7.68 77.1 76.1 75.7 76.4 76.6 75.3 75.9 77.9 78,. 0 78.1 78.9 77.9 78.7 79. Military products 5.15 79.9 78.9 78.7 79.0 78.8 77.8 78.4 81.0 81,. 1 81.3 81.7 81.0 81.7 82. Intermediate products Construction products 5.93 112.6 116.1 117.6 112.7 109.1 107.6 113.7 116.9 118,. 9 120.6 121.9 117.9 122.5 125. Misc. intermediate products 7.34 112.6 119.6 118.4 115.2 110.4 110.9 113.9 116.1 116 .2 118.7 122.4 120.3 127.5 129. Materials 20.91 101.7 100.8 103.3 101.2 100.1 102.2 107.5 110.2 112 .4 113.8 114.8 103.8 110.1 116. Consumer durable parts 4.75 104.2 102.7 106.6 106.3 109.0 108.8 110.5 111.6 112 .9 113.3 112.5 98.5 107.4 115. 5.41 87.1 88.0 87.8 86.5 87.1 89.1 92.1 93.7 96 .5 95.9 98.9 92.2 95.5 101 . Durable materials n.e.c 10.75 107.9 106.4 109.6 106.3 102.7 105.8 114.0 117.8 120 .1 123.1 123.9 111.9 118.7 124. Nondurable goods materials 13.99 1 114.1 114.8 117.6 117.5 114.4 115.1 118.3 119.8 121 .8 123.0 124.2 116.6 123.5 123. 8.58 116.6 i 118.7 121.5 122.8 119.2 120.0 124.3 126.0 128 .5 129.6 130.9 120.9 1 30.3 1 30. Nondurable materials n.e.c 5.41 110.3 108.6 111.3 109.0 106.8 107.4 108.8 110.0 111 .2 112.6 113.6 109.9 112.8 112. Fuel and power, industrial 2.89 > 116.3 118.5 97.9 105.3 119.2 119.4 119.6 119.6 121 .8 120.7 120.8 115.2 121 .0 122. Supplementary groups Home goods and clothing 9.34 lr 107.4f 113.4 116.3 109.7 101.4 108.5 114.2 114.1 118 .7 113.2 120.6 107.1 120.1 123. Containers 1.82 i 116.81 120.2: 123.6i 118.3 111.9 114.0 ' 123.3 120.3 127 .9 128.9 134.2 123.1 130.3 128. For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) pp 1199 rroo 66 -- 77 11997711 1971 1972 ppoorr-- aavveerr-- GGrroouuppiinngg ttiioonn aaggeeff Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July r Aug.r Sept.f Manufacturing, total 88.55 105.2 108.8 109.7 106.8 102.7 104.7 109.0 110.5 112.7 112.7 115.7 107.0 113.7 118.4 52.33 99.4 101.0 102.4 99.8 97.1 99.2 103.8 105.5 107.5 107.6 109.4 100.2 105.4 111.2 36.22 113.6 120.0 120.2 116.8 110.9 112.6 116.4 117.8 120.2 120.0 124.9 116.9 125.7 128.8 11.45 118.9 122.8 114.2 113.9 118.1 121.0 121.1 120.7 120.4 120.0 122.9 124.6 129.9 129.1 6.37 107.0 106.5 97.9 101.8 107.5 104.7 105.4 106.4 108.8 109.9 109.7 105.5 108.9 110.0 Utilities 5.08 133.9 143.4 134.7 129.1 131.5 141.5 140.8 138.7 134.9 132.6 139.4 148.6 156.2 153.2 Durable manufactures Primary and fabricated metals 12.55 104.0 99.1 101.6 98.9 98.0 102.8 109.4 112.6 114.3 115.7 115.0 105.1 110.0 116.0 Primary metals 6.61 100.9 91.1 94.5 90.2 89.4 101.0 108.6 113.5 117.2 118.9 116.5 101.6 107.2 114.0 Iron and steel, subtotal 4.23 96.6 81.9 86.2 80.7 81.3 93.7 101.3 107.4 113.2 114.3 108.6 98.3 101.2 106.5 Fabricated metal products 5.94 107.5 107.9 109.5 108.6 107.6 104.8 110.2 111.5 111.1 112.2 113.3 109.0 113.2 118.1 Machinery and allied goods 32.44 94.9 98.0 99.2 96.7 93.7 95.8 99.1 100.2 102.3 101.7 104.0 94.4 99.0 105.7 17.39 96.2 100.4 100.6 98.1 95.6 97.8 101.7 102.2 103.4 102.9 107.0 100.0 104.0 108.9 9.17 94.3 98.6 97.1 95.0 93.7 93.9 99.4 100.2 99.8 100.9 104.7 100.5 103.3 106.2 Electrical machinery 8.22 98.3 102.5 104.4 101.5 97.7 102.1 104.3 104.5 107.4 105.1 109.5 99.5 104.8 111.9 Transportation equipment 9.29 92.9 94.8 99.0 95.4 90.3 94.0 97.5 99.0 103.8 101.7 100.8 81.0 88.3 101.9 Motor vehicles and parts 4.56 114.1 116.6 124.8 119.8 110.8 119.1 123.3 123.8 131.8 128.1 126.0 87.8 102.3 126.7 Aerospace and misc. trans, eq. .. 4.73 72.5 73.8 74.1 71.9 70.6 69.8 72.6 75.0 76.8 76.3 76.6 74.5 74.9 78.0 Instruments 2.07 108.5 114.9 114.4 111.0 109.2 108.1 111.2 112.3 112.5 116.1 121.8 119.9 123.4 126.9 Ordnance, private and Govt 3.69 86.1 84.9 84.7 85.0 84.8 83.7 84.0 87.1 87.3 87.8 88.2 87.3 88.6 88.8 Lumber, clay, and glass 4.44 111.5 117.6 118.6 113.5 107.1 105.9 112.3 115.9 118.5 120.4 124.1 119.2 125.9 125.1 Lumber and products 1.65 113.9 120.4 122.6 116.2 109.3 111.1 119.5 121.5 122.1 121.8 126.5 120.5 126.1 127.2 Clay, glass, and stone products 2.79 110.0 115.9 116.3 111.9 105.8 102.8 108.1 112.5 116.3 119.6 122.7 118.4 125.8 123.8 Furniture and miscellaneous 2.90 111.7 118.1 117.3 117.5 115.2 111.3 118.4 118.8 119.1 118.1 123.7 114.5 126.1 130.1 Furniture and fixtures 1.38 102.1 106.4 104.8 108.6 106.9 106.2 113.7 112.7 111.6 108.7 112.1 100.4 115.7 118.7 Miscellaneous manufactures 1.52 120.5 128.8 128.7 125.6 122.7 116.0 122.8 124.4 125.9 126.6 134.3 127.3 135.5 140.6 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 105.0 107.5 101.3 92.6 100.4 105.4 106.7 109.9 103.9 110.9 94.4 110.3 110.8 Textile mill products 2.69 108.6 113.6 113.8 111.0 101.9 106.6 110.3 114.0 115.9 115.8 119.0 102.0 120.0 119.4 Apparel products 33..3333 97.8 110022..44 106.7 98.1 87.7 9988..44 105.3 105.0 109.5 98.7 109.1 92.5 107.5 Leather and products ..8888 87.4 8888..11 91.5 83.9 83.0 8888..99 90.6 90.4 93.3 87.3 92.8 78.2 91.3 92.9 7.92 107.8 113.3 115.2 112.0 104.9 105.2 109.9 111.2 112.9 114.1 117.9 111.5 119.5 121.0 Paper and products 3.18 115.8 115.9 123.0 120.2 110.8 120.7 125.9 125.3 128.1 128.5 130.2 116.1 126.2 125.9 Printing and publishing 4.74 102.5 111.5 109.9 106.5 100.9 94.8 99.2 101.7 102.7 104.4 109.6 108.4 115.0 117.7 11.92 124.8 130.9 130.1 129.1 125.9 126.0 131.1 132.5 135.8 138.0 141.4 134.7 140.2 145.1 Chemicals and products 7.86 126.4 133.3 131.0 131.3 127.7 126.6 132.0 134.1 138.9 140.7 144.2 138.7 143.5 147.8 1.80 115.7 118.9 117.8 115.2 116.5 114.4 115.0 113.5 112.1 118.4 121.5 123.8 125.7 126.9 Rubber and plastics products 2.26 126.0 131.9 136.7 132.3 126.9 133.0 140.8 142.2 144.1 144.0 147.6 129.3 140.2 150.1 9.48 113.7 122.9 121.2 116.8 110.4 110.8 111.4 112.9 114.2 114.1 120.1 115.2 123.5 127.8 8.81 114.9 124.1 122.4 118.2 112.8 111.3 111.8 113.7 115.3 115.3 121.4 117.4 124.0 112288..66 Tobacco products ..6677 9977..77 110066..55 110066..11 9999..00 7788..77 110033..66 110055..55 110022..11 9999..44 9988..11 110033..00 8866..33 111166..77 Mining Metal, stone, and earth minerals 1.26 104.6 104.1 105.8 103.9 100.5 93.1 95.4 98.0 105.3 110.8 111.6 102.2 109.0 110. 7 .51 121.4 118.7 117.9 114.8 111.3 105.8 113.8 114.4 123.5 131.5 129.6 116.7 128.0 133.1 Stone and earth minerals .75 93.2 94.2 97.6 96.6 93.1 84.4 82.8 86.8 92.8 96.7 99.3 92.3 96.0 95.5 5.11 107.6 107.1 95.9 101.3 109.2 107.6 107.9 108.5 109.7 109.7 109.2 106.3 108.9 109.8 Coal .69 99.8 113.9 31.5 56.9 111.7 105.1 99.9 102.7 114.9 107.1 104.8 87.6 103.5 107.4 4.42 108.9 106.1 106.0 108.2 108.8 108.0 109.2 109.4 108.9 110.1 109.9 109.2 109.7 110.2 Utilities 3.91 138.1 150.8 139.9 132.8 136.2 146.6 145.8 143.5 138.5 136.4 144.9 156.5 166.0 162.0 Gas 111177 '' 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 • NOVEMBER 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices * IIInnn--- Ca- Market ddduuussstttrrryyy pacity NNoonnaagg-utiliza- Con- rriiccuull-- Products tion struc- ttuurraall TToottaall PPPeeerrriiioooddd TTToootttaaalll TToottaall Final C p o r n o - ducts mm II ee nn dd ttee iiaa rr-- ttee MM rrii aa aa tt ll ee ss -- fff MMM aaa iii ccc aaa nnn ttt nnn ggg uuu uuu rrr --- --- i o = n ( u 1 m t 9 1 p 6 0 f u 7 0 g t . ) tr c t a i o c o n n ts - TT mm pp oo ee ee ll mm tt oo nn aa yy tt -- ll —— -- ii p m E lo e m n y - t - P ro a l y ls - ss rr aa ee ll tt ee aaii ss ll 33 s C u o m n e - r m W c s o o h a d m l o e i l - t e y - Total sumer Equip- pprroodd-goods ment uuccttss 1952 92.8 74.1 93.4 54.5 52 79.5 88.6 lQ«n 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 1959. 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. 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 1964. 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 1967, 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 r75.0 132.0 107.4 94.3 116.9 122 121.2 113.9 1971-—Sept 107.1 107.0 105.5 116.7 89.8 112.3 107.3 105.7 5'74.7 156.0 107.6 94.5 117.0 135 122.2 114.5 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 r74.6 155.0 107.9 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 1972-—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 r77.4 165.0 110.2 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 113.9 112.2 110.1 122.0 93.4 120.5 116.8 113.2 155.0 110.3 96.3 128.4 143 125.5 119.7 A Se u p g t 1 11 1 5 5 . . 7 0 1 1 1 1 3 3 . . 9 5 1 1 1 1 1 1 . . 9 3 1 12 2 3 3 . . 9 3 9 9 4 5 . . 6 1 1 12 2 1 1 . . 1 4 1 11 1 8 7 . . 8 6 1 1 1 1 4 5. . 1 2 78.0 1 1 8 8 0 7 . .0 0 1 1 1 1 0 1 . . 8 2 9 9 6 7 . . 8 2 '1 1 3 3 3 1 . . 0 3 1 1 4 4 5 3 1 1 2 2 5 6 . . 7 2 1 1 1 2 9 0 . . 9 2 Oct.f 116.7 115.1 113.0 124.9 96.4 122.7 119.6 116.0 111.7 9988..00 113344..11 112200..00 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar * Prices are not seasonally adjusted. Latest figure is final. value of total construction contracts, including residential, nonresidential, 5 Figure is for 3rd quarter 1971. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1971 1972 Type of ownership and 1970 1971 type of construction Sept.r Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Total construction 1 67,097 78,878 6,639 6,568 6,405 6,286 6,234 5,607 7,284 ,100 '9,098 8,478 8,067 8,875 8,197 By type of ownership: Public 23,362 24,183 1,993 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 1,646 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 3,097 -•3,171 3,001 2,997 2,667 2,664 3,617 3,971 4,428 4,375 3,864 4,671 4,135 Nonresidential building 24,180 26,577 2,225 r2,065 2,128 1,959 1,728 1,799 2,187 2,182 2,908 2,447 2,461 2,458 2,378 Nonbuilding 18,489 20,509 1,317 1,332 '1,275 rl.331 1,840 1,144 1,480 1,947 1,762 1,655 1,741 1,746 1,684 Private housing units authorized. '1,352 '1,907 1,944 1,983 2,051 2,142 2,204 2,056 2,007 1,991 '1,955 2,121 2,108 '2,237 2,252 (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

NOVEMBER 1972 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Resi- Buildings Mili- High- C v o a n ti s o e n r - Total dential Total tary way & 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 1,523 8,715 1963 4 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1,694 9,400 1964 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1,750 10,590 1965 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 11,663 1966 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 12,681 1967 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 14,126 1968 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27.605 808 9,321 1,973 15,503 1969 r 93,368 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 16,052 1970r 94,030 65,932 31,864 34,068 6,538 9,754 5,125 12,651 28,098 718 9,981 1,908 15,491 1971^ 109,399 79,535 43,062 36,473 5,423 11,619 5,428 14,003 29,864 894 10,658 2,095 16,217 1971—Sept.r 110,660 81,555 45,575 35,980 4,648 11,724 5,569 14,039 29,105 776 10,348 2,004 15,977 Oct.r. 114,047 82,444 46,387 36,057 4,988 11,779 5,453 13,837 31.606 931 11,216 2,000 17,459 Nov.r 114,627 84,153 47,094 37,059 4,908 12,349 5,655 14,147 30,474 970 10,827 2,106 16,571 Dec.r. 115,553 85,241 47,919 37,322 4,937 12,354 5,709 14,322 30,312 905 10,408 1,903 17,096 1972—Jan... 120,790 88,606 49,594 c39,012 4,935 13,272 5,734 -15,071 32,184 986 1,943 Feb... 121,777 90,860 51,922 38,938 4,674 13,247 5,582 15,435 30,917 1,002 1,804 Mar.. 122,912 92,529 53,089 39,440 4,796 13,244 5,993 15,407 30,383 1,186 1,918 Apr... 120,377 91,429 52,668 38,761 4,649 13,411 5.765 14,936 28,948 965 1,644 May. 122,058 92,236 52,320 39,916 4,723 14,132 5.766 15,295 29,822 980 1,971 June., 121,134 92,527 52,944 c39,538 4,944 13,477 c5,907 15,255 28.607 1,098 2,256 July r. 120,152 91,869 53,535 38,334 4,592 12,979 5,670 15,093 28,283 1,360 1,417 Aug.r 123,109 94,030 54,278 39,752 4,814 13,406 5,942 15,590 29,079 867 1,676 Sept.. 122,946 94,718 55,118 39,600 4,452 13,689 5,891 15,568 28,228 852 1,660 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 il 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 c430 1,021 5!8 9 1,642 1,610 32 292 221 71 151 1964. 1,529 c254 c340 c578 c357 c970 108 450 C1,561 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 c206 288 c472 198 c778 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 c618 294 900 81 527 C1,546 1,508 *38 283 227 56 318 1969. 1,467 206 349 588 c324 c814 c85 571 1,500 1,467 33 "284 c233 51 413 1970 1,434 218 294 612 310 813 85 536 C1,469 1,434 '35 r482 c421 61 401 1971 , 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 '621 c528 c93 497 1971--Sept 2,029 249 454 876 449 1,172 137 720 176 174 2 "57 "48 9 c54 Oct 2,038 242 435 895 465 1,155 108 774 182 180 2 47 c38 8 C51 Nov 2,228 305 483 950 489 1,242 102 883 c176 c174 3 "56 "47 9 40 Dec 2,457 437 508 995 518 1,347 121 989 155 152 3 "93 85 7 34 1972-—Jan 2,487 438 436 983 629 1,415 175 896 151 149 2 45 36 8 33 Feb 2,682 271 566 1,223 622 1,325 215 1,142 154 152 1 36 28 8 40 Mar 2,369 360 363 1,049 597 1,302 139 928 206 204 2 48 38 c10 49 Apr 2,109 244 335 1,086 444 1,167 146 796 213 212 2 38 29 c8 53 May 2,350 273 570 1,020 487 1,344 127 879 228 226 2 42 32 9 52 June 2,330 337 458 985 550 1,296 140 894 226 223 3 42 32 10 55 July 2,218 301 446 980 491 1,289 111 818 208 206 1 36 26 9 48 Aug.r 2,453 338 500 1,022 593 1,396 138 919 228 226 2 40 30 10 52 Sept 22,,335522 334433 446633 11,,005566 449900 11,,337788 112211 885533 220011 119999 1 3388 2299 9 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 • NOVEMBER 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p T n o s o t p t i a u t l u l a t n i t o o io n n n a - l lab N or o t f i o n r ce T l f a o o b r t c o a e r l Employed1 Une m ra m e te p n 2 t l o y- (N.S.A.) (N.S.A.) (S.A.) Total Total In c u n l o t n u a ra g l r i- In U pl n o e y m ed - (pe S r .A ce .) n t; 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—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 Oct. 146,498 56,907 89,691 87,276 82,482 78,822 3,660 4,794 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) Period 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 n r a u c c t - T t l i i o r c a n n u & s ti p l o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n- 1966. 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 1967. 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968. 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 1969. 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 1970. 70,616 19,369 622 3,345 4,504 14,922 3,690 11,630 12,535 1971. 70,699 18,610 601 3,259 4,481 15,174 3,800 11,917 12,858 SEASONALLY ADJUSTED 1971—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—Jan.... 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.... 72,984 18,930 602 3,544 4,478 15,758 3,936 12,419 13,317 Sept.f. 73,232 19,017 605 3,547 4,489 15,785 3,952 12,396 13,441 Oct.?.. 73,535 19,143 606 3,547 4,511 15,849 3,964 12,436 13,479 NOT SEASONALLY ADJUSTED 1971—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—Jan.... 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 72,975 19,147 616 3,838 4,527 15,691 3,995 12,481 12,680 Sept. P. 73,569 19,281 612 3,781 4,538 15,765 3,956 12,408 13,228 Oct P .. 74,064 19,283 605 3,760 4,520 15,901 3,952 12,448 13,595 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 1970, series has been adjusted to Mar. 1971 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted i Not seasonally adjusted i Industry group 1971 1972 1971 1972 Oct. Aug. Sept.® Oct.® Oct. Aug. Sept.® Oct.® 13,426 13,846 13,910 14,021 13,569 14,023 14,159 14,165 Durable goods 7,600 7,942 7,989 8,078 7,642 7,953 8,082 8,122 Ordnance and accessories 93 97 97 101 93 97 99 102 Lumber and wood products 514 528 527 529 521 547 539 536 Furniture and fixtures 384 411 413 420 389 415 416 425 Stone, clay, and glass products 506 530 529 535 513 545 542 542 Primary metal industries 935 988 1,015 1,027 913 991 1,002 1,004 Fabricated metal products 1,016 1,056 1,055 1,060 1,026 1,053 1,067 1,070 Machinery 1,177 1,242 1,248 1,268 1,168 1,227 1,247 1,258 Electrical equipment and supplies 1,181 1,236 1,244 1,265 1,189 1,238 1,262 1,274 Transportation equipment 1,214 1,243 1,247 1,254 1,231 1,217 1,279 1,272 Instruments and related products 264 279 282 285 265 280 283 285 Miscellaneous manufacturing industries 316 332 332 334 335 343 348 354 5,826 5,904 5,921 5,943 5,927 6,070 6,077 6,043 Food and kindred products 1,166 1,167 1,171 1,172 1,239 1,290 1,292 1,246 Tobacco manufactures 59 57 54 54 69 64 65 63 Textile-mill products 842 873 874 882 843 877 877 883 Apparel and related products 1,168 1,162 1,163 1,166 1,182 1,173 1,176 1,180 Paper and allied products 529 539 542 546 528 545 545 545 Printing, publishing, and allied industries 652 656 658 657 655 654 657 660 Chemicals and allied products 578 578 585 586 576 584 584 583 Petroleum refining and related industries 117 117 117 118 117 121 119 119 Rubber and misc. plastic products 459 491 494 503 463 493 500 507 Leather and leather products 256 264 263 259 254 269 263 257 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 Oct. Aug. Sept.® Oct.® Aug. Sept.® Oct.® Aug. Total 39.9 40.6 40.7 40.7 143.60 154.28 157.87 157.90 3.59 3.80 Durable goods 40.4 41.3 41.3 41.4 154.71 166.04 170.98 170.57 3.82 4.04 Ordnance and accessories 41.7 42.7 41.9 41.6 162.63 174.66 174.30 172.64 3.90 4.10 Lumber and wood products 40.7 41.2 41.4 40.7 132.02 137.86 140.61 137.76 3.22 3.33 Furniture and fixtures 39.8 40.5 40.5 40.6 118.37 126.28 127.51 129.37 2.93 3.08 Stone, clay, and glass products 41.9 41.9 41.8 42.1 157.41 167.90 168.78 170.45 3.73 3.96 Primary metal industries 40.3 41.5 42.0 42.7 172.30 194.64 199.50 198.71 4.34 4.69 Fabricated metal products 40.2 41.2 41.0 41.0 151.90 164.79 168.08 166.45 3.76 3.99 Machinery 40.8 42.3 42.4 42.0 164.83 178.07 183.59 181.86 4.04 4.26 Electrical equipment and supplies 39.9 40.5 40.7 40.4 140.35 149.04 152.15 151.03 3.50 3.68 Transportation equipment 40.4 41.2 41.6 41.7 180.37 190.28 202.50 204.67 4.41 4.71 Instruments and related products 40.0 40.6 40.8 40.9 141.95 149.88 152.93 154.57 3.54 3.71 Miscellaneous manufacturing industries.. 39.1 39.5 39.5 39.2 117.02 122.36 123.64 124.03 2.97 3.09 Nondurable goods 39.3 39.8 39.7 39.7 129.63 138.80 140.40 140.10 3.29 3.47 Food and kindred products 40.1 40.3 40.1 40.6 135.54 146.01 147.65 147.78 3.38 3.57 Tobacco manufactures 35.1 35.4 34.1 36.2 108.30 121.00 118.94 124.99 3.00 3.38 Textile-mill products 40.8 41.3 41.4 41.3 106.19 113.02 114.13 114.54 2.59 2.73 Apparel and related products 35.9 36.0 36.2 36.1 90.11 94.74 95.67 96.39 2.51 2.61 Paper and allied products 42.1 43.0 42.9 42.6 157.78 171.50 173.23 172.06 3.73 3.97 Printing, publishing, and allied industries 37.5 37.9 38.2 37.9 160.13 171.07 175.56 172.82 4.27 4.49 Chemicals and allied products 41.5 41.7 41.7 41.8 166.00 175.55 178.49 178.90 4.00 4.23 Petroleum refining and related industries 42.3 41.8 42.4 42.1 198.09 207.48 213.64 212.42 4.65 4.94 Rubber and misc. plastic products 40.4 41.4 41.1 41.0 140.07 150.28 151.48 150.38 3.45 3.63 Leather and leather products 37.9 39.0 38.6 38.0 99.15 105.03 103.36 103.19 2.63 2.70 1 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 • NOVEMBER 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- AAppppaarreell TTrraannss-- PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - F c a o o u n i a d e l l l t e r G a i l n c e a d i c s t - y o n i p a n i e n s g d r h s a - - uupp aa kk nn ee dd ee pp pp tt oo ii rr oo tt nn aa -- 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 h r 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—Sep t ffffflllll2222222222.....22222 111111111199999.....11111 111222555...555 111111111166666.....11111 135.1 111111777...888 111111555...777 119.4 111112222200000.....66666 ttt111111888...666 123.6 111333000...444 111111777...666 111222000...555 111222222...444 Oct tttttlllll2222222222.....44444 111111111188888.....99999 111222555...999 111111111166666.....44444 135.7 111111777...888 111111555...777 119.5 111112222211111.....66666 ffflll 111999...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 tttttrrrrrlllll1111177777.....55555 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 tttttrrrrr111111111177777.....88888 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 tttttrrrrr111111111188888.....00000 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 ffffflllll 1111188888.....44444 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 tttttrrrrr111111111188888.....66666 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 tttttrrrrr111111111199999.....00000 139.6 111111777...888 111222000...333 121.0 111112222222222.....11111 111111999...888 126.1 111333222...444 111222000...000 111222222...999 111222555...666 July 111112222255555.....55555 111112222244444.....22222 111222999...555 tttttrrrrrlllll1111199999.....22222 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 tttttrrrrrlllll 1111199999.....66666 141.3 111111777...999 111222000...555 121.2 111112222200000.....88888 111222000...555 126.5 111333222...999 111222000...222 111222333...000 111222666...000 Sept 111112222266666.....22222 111112222244444.....88888 111333000...111 111111111199999.....99999 141.5 111111888...000 111222000...555 121.6 111112222233333.....11111 111222111...000 126.8 111333333...111 111222000...555 111222333...777 111222666...222 t Reflects effect of refund of Federal excise tax on new cars. NOTE.—Bureau of Labor Statistics index for city wage-earners and X Indexes affected by refunds of residential telephone series changes in clerical workers. California and retroactive rent increases in New York City. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Prom c t A o o ie m l d s l i - - p F u r a c o r t m d s - c f f e a o e s n o e s d d e d d s s t T e il e t 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 b r . , - L b e u e t m c 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 r u i a y d n n i - p - t - F t u e u t r r c n e . , i - N t e 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 s t 1 - - - n c M e e o l i l s u 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 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 113.9 112.9 114.3 114.0 108.6 114.0 114.2 104.2 109.2 127.0 110.1 119.0 115.5 109.9 122.4 110.3 112.8 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7 113.0 114.5 112.2 114.4 114.9 109.8 115.1 114.7 103.8 109.5 131.3 110.6 120.9 115.9 110.2 124.0 110.8 113.1 115.4 115.8 115.9 115.3 110.6 116.2 115.0 103.4 109.4 132.7 110.7 120.8 116.2 110.2 124.2 112.9 113.2 116.3 117.8 117.2 115.9 111.3 117.8 116.0 103.4 109.5 134.9 110.8 121.4 116.5 110.2 124.3 113.4 113.7 117.3 120.7 118.8 116.5 112.0 119.1 116.1 103.5 109.2 137.7 111.6 122.6 117.1 110.8 124.6 113.6 114.0 117.4 119.7 118.6 116.9 112.1 123.0 116.5 103.4 108.9 139.5 112.3 123.4 117.3 110.9 124.8 113.8 114.2 117.5 119.1 117.7 117.3 112.6 127.2 116.9 104.1 108.7 141.1 112.8 123.5 117.6 111.0 125.6 113.7 114.1 118.2 122.2 118.6 117.6 113.3 129.5 117.5 104.4 108.8 142.7 113.2 123.6 117.9 111.1 125.9 113.8 114.1 118.8 124.0 119.6 117.9 113.6 130.9 118.2 104.3 108.9 144.2 113.5 123.6 118.1 111.2 125.8 114.2 114.2 119.7 128.0 121.5 118.1 114.0 131.6 118.6 104.2 109.2 146.1 113.7 123.5 118.3 111.4 126.2 114.1 114.9 119.9 128.2 121.0 118.5 114.1 134.6 119.7 104.4 109.5 148.1 114.1 123.7 118.3 111.7 126.7 114.2 115.1 120.2 128.6 121.8 118.7 114.3 135.7 120.3 104.4 109.5 148.5 114.3 124.0 118.3 112.0 126.9 114.2 115.2 120.0 125.5 121.8 118.8 114.8 139.8 120.6 104.4 109.5 149.2 114.7 124.1 118.4 112.0 127.3 112.9 115.0 i For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 1972 Group GGrroouupp Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce 115.8 138.9 138.1 122.8 Pulp, paper and products, excluding Grains 88.3 99.8 109.5 109.2 110.9 114.4 114.6 115.0 Livestock 120.9 148.1 144.9 144.2 Woodpulp 111.5 111.5 111.5 111.5 Live poultry 93.5 106.8 112.3 103.8 Wastepaper 117.2 138.9 139.2 136.9 Plant and animal fibers 96.3 120.6 108.4 105.7 114.7 116.7 116.7 116.8 Fluid milk 119.2 122.0 122.8 123.8 Paperboard 102.9 106.0 106.5 106.8 Eggs 92.4 99.3 114.9 99.1 Converted paper and paperboard... 110.1 114.3 114.6 115.4 Hay and seeds 107.9 115.9 118.0 114.9 BBuuiillddiinngg ppaappeerr aanndd bbooaarrdd 104.6 107.2 107.3 107.3 Other farm products 115.4 134.6 132.7 132.3 Processed foods and feeds: Metals and metal products: Cereal and bakery products 111.3 115.3 116.1 116.9 Meat, poultry, and fish 116.9 132.3 131.7 130.4 125.5 128.6 128.8 128.9 Dairy products 116.4 118.6 119.0 120.0 Steelmill products 128.1 130.2 130.2 130.2 Processed fruits and vegetables 115.3 120.2 120.1 121.8 Nonferrous metals 116.3 116.8 117.4 117.3 Sugar and confectionery 118.7 121.3 121.6 123.5 Metal containers 124.2 130.9 131.1 131.1 Beverages and beverage materials 116.4 118.9 119.1 118.8 Hardware 117.7 120.7 120.8 121.1 Animal fats and oils 132.1 124.0 126.7 129.6 Plumbing equipment 118.3 120.2 120.5 120.6 Crude vegetable oils 128.9 104.1 100.7 94.9 Heating equipment 116.3 119.2 119.2 119.2 Refined vegetable oils 127.9 107.5 107.0 108.4 Fabricated structural metal products 120.3 122.5 122.7 123.0 Vegetable oil end products 122.8 121.5 121.5 123.2 MMiisscceellllaanneeoouuss mmeettaall pprroodduuccttss 119.7 124.7 124.7 124.8 Miscellaneous processed foods 112.7 113.9 116.4 116.9 Manufactured animal feeds 98.7 111.7 117.8 116.5 Textile products and apparel: Machinery and equipment: Cotton products 112.2 122.8 123.6 124.0 Agricultural machinery and equip... 117.5 122.8 122.6 122.6 Wool products 92.4 101.1 102.5 106.6 Construction machinery and equip.. 121.8 126.1 126.1 126.1 Manmade fiber textile products 102.5 108.7 108.6 108.6 Metalworking machinery and equip. 118.1 120.8 121.0 121.2 Apparel 113.8 115.1 115.3 115.6 General purpose machinery and Textile housefurnishings 104.1 109.9 110.0 110.0 equipment 120.2 123.0 123.0 123.2 Miscellaneous textile products 120.8 121.4 120.4 121.3 Special industry machinery and equipment 112222..00 124.0 124.0 124.3 Hides, skins, leather, and products: Electrical machinery and equip 109.6 110.6 110.6 110.5 MMiisscceellllaanneeoouuss mmaacchhiinneerryy 117.8 120.8 120.9 120.9 Hides and skins 117.2 243.0 244.0 270.8 Leather 113.4 140.6 143.5 153.3 Footwear 117.1 126.5 126.8 127.0 Other leather products 109.0 118.7 120.4 123.6 Furniture and household durables: Fuels and related products, and power: Household furniture 115.6 117.8 117.7 117.7 118.2 119.8 121.1 121.7 Coal 182.9 191.5 192.2 192.4 Floor coverings 97.6 98.8 99.0 99.0 Coke 150.5 155.3 155.3 157.0 Household appliances 107.5 107.7 108.1 108.0 Gas fuels 108.8 114.3 116.7 117.5 Home electronic equipment 93.8 92.4 92.9 92.9 Electric power 116.3 122.1 122.6 123.1 OOtthheerr hhoouusseehhoolldd dduurraabbllee ggooooddss........ 121.9 126.8 127.0 126.9 Crude petroleum 113.2 114.7 114.7 114.7 Petroleum products, refined 106.3 110.7 111.3 111.5 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals 102.4 101.3 101.3 100.8 124.3 122.8 122.8 122.5 Prepared paint 115.9 118.3 118.3 118.2 Concrete ingredients 124.1 128.1 128.3 128.4 Paint materials 99.7 105.2 105.2 105.1 Concrete products 122.6 126.1 126.3 127.2 Drugs and pharmaceuticals 102.6 103.3 103. 1 103.3 Structural clay products excluding Fats and oils, inedible 129.0 121.4 116.4 117.2 refractories 114.9 117.5 117.5 118.4 Agricultural chemicals and products., 90.4 92.0 92.0 92.1 Refractories 127.1 129.6 132.1 132.1 Plastic resins and materials 89.9 88.2 88.9 89.2 Asphalt roofing 131.2 131.2 131.2 131.2 Other chemicals and products 112.5 113.5 113.8 114.1 Gypsum products 113.6 116.1 115.2 115.5 Glass containers 131.5 136.4 136.4 136.4 Rubber and plastic products: Other nonmetallic minerals 125.7 127. 1 127.3 127.3 Rubber and rubber products 113 3 114.3 114.3 114.3 Crude rubber 99.0 98.7 98.8 99.6 Tires and tubes 110.8 109.7 109.7 109.7 Transportation equipment: Miscellaneous rubber products 119.2 122.1 122.1 121.7 Plastic construction products (Dec. Motor vehicles and equipment 115.2 118.5 118.5 116.9 1969 = 100) 94.6 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 98.3 98.3 98.3 Laminated sheets, high pressure (Dec. 1970= 100) 98.2 97.9 97.9 97.6 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.6 114.5 114.8 114.9 Lumber 142.7 164.1 165.1 166.1 Tobacco products 116.8 117.5 117.5 117.5 Millwork 123.7 130.0 130.2 130.7 111.7 111.7 112.9 112.9 Plywood 116.2 135.9 134.6 134.6 Photographic equipment and supplies 106.3 107.0 107.0 107.0 Other wood products 118.8 126.8 127.6 128.2 Other miscellaneous products 112.9 117.6 117.6 116.9 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 • NOVEMBER 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1 1971 1972 IItteemm 11992299 11993333 11994411 11995500 11996677 11996688 11996699 11997700 1971 III IV I II III* 1 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.4 1050.4 1056.9 1,078.1 1,109.1 1,139.41,162.2 101.4 57.2 120.1 278.0 785.7 857.1 922.5 971.5 1046.7 1055.6 1,076.4 1,108.6 1,134.4 1,156.6 Personal consumption expenditures 77.2 45.8 80.6 191.0 492.1 536.2 579.5 616.8 664.9 670.7 680.5 696.1 713.4 728.1 9.2 3.5 9.6 30.5 73.1 84.0 90.8 90.5 103.5 106.1 106.1 111.0 113.9 118.4 37.7 22.3 42.9 98.1 215.0 230.8 245.9 264.4 278.1 278.5 283.4 288.3 297.2 301.4 30.3 20.1 28.1 62.4 204.0 221.3 242.7 261.8 283.3 286.1 290.9 296.7 302.4 308.3 16.2 1.4 17.9 54.1 116.6 126.0 139.0 137.1 152.0 152.2 158.8 168.1 177.0 181.0 Fixed investment 14.5 3.0 13.4 47.3 108.4 118.9 131.1 132.2 148.3 150.9 157.2 167.7 172.0 175.3 10.6 2.4 9.5 27.9 83.3 88.8 98.5 100.9 105.8 106.3 109.8 116.1 119.2 121.1 Structures 5.0 .9 2.9 9.2 28.0 30.3 34.2 36.0 38.4 38.7 38.8 41.3 42.0 41.6 Producers' durable equipment 5.6 1.5 6.6 18.7 55.3 58.5 64.3 64.9 67.4 67.6 71.0 74.8 77.2 79.4 Residential structures 4.0 .6 3.9 19.4 25.1 30.1 32.6 31.2 42.6 44.5 47.3 51.6 52.8 54.2 3.8 .5 3.7 18.6 24.5 29.5 32.0 30.7 42.0 43.9 46.7 51.0 52.1 53.4 Change in business inventories 1.7 -1.6 4.5 6.8 8.2 7.1 7.8 4.9 3.6 1.3 1.7 .4 5.0 5.7 1.8 -1.4 4.0 6.0 7.5 6.9 7.7 4.8 2.4 -.2 .8 4.3 5.3 Net exports of goods and services 1.1 .4 1.3 1.8 5.2 2.5 1.9 3.6 .7 .4 -2.1 -4.6 -5.2 -3.4 Exports 7.0 2.4 5.9 13.8 46.2 50.6 55.5 62.9 66.1 68.5 63.0 70.7 70.0 75.0 5.9 2.0 4.6 12.0 41.0 48.1 53.6 59.3 65.4 68.2 65.1 75.3 75.2 78.4 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 180.1 199.6 210.0 219.0 232.8 233.6 240.9 249.4 254.1 256.6 1.3 2.0 16.9 18.4 90.7 98.8 98.8 96.5 97.8 97.9 100.7 105.7 108.1 106.2 National defense 13.8 14.1 72.4 78.3 78.4 75.1 71.4 70.1 71.9 76.7 78.6 75.2 Other 33..11 44..33 1188..44 2200..55 2200..44 2211..55 2266..33 2277..88 2288..77 2288..99 2299..66 3311..00 7.2 6.0 77..99 1199..55 8899..44|| 110000..88 111111..22 112222..55 113355..00 113355..77 114400..22 114433..77 114466..00 115500..44 Gross national product in constant (1958) 1 203.6 141.5 263.7 355.3 675.2 i| 706.6 725.6 | 722.1 741.7 742.5 754.5 766.5 783.9 795.3 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 1971 III IV I II III? National income 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 860.8 876.2 903.1 922.1 Compensation of employees 51.1 29.5 64.8 154.6 467.2 514.6 566.0 603.8 644.1 648.0 660.4 682.7 697.8 709.7 Wages and salaries 50.4 29.0 62.1 146.8 423.1 464.9 509.7 541.9 573.5 576.5 587.3 606.6 620.0 630.2 Private 45.5 23.9 51.9 124.4 337.3 369.2 405.6 426.8 449.7 451.6 460.9 475.8 487.1 494.5 Military .3 .3 1.9 5.0 16.2 17.9 19.0 19.6 19.4 18.8 19.4 20.8 20.5 20.3 Government civilian 4.6 4.9 8.3 17.4 69.5 77.8 85.1 95.5 104.4 106.0 107.0 110.0 112.4 115.3 Supplements to wages and salaries .7 .5 2.7 7.8 44.2 49.7 56.3 61.9 70.7 71.5 73.0 76.1 77.8 79.5 Employer contributions for social insurance .1 .1 2.0 4.0 21.9 24.3 27.8 29.7 34.1 34.3 35.0 37.3 38.0 38.7 Other labor income '.6 '.4 .7 3.8 22.3 25.4 28.4 32.1 36.5 37.2 38.0 38.8 39.8 40.8 Proprietors' income 15.1 5.9 17.5 37.5 62.1 64.2 67.2 66.8 70.0 70.7 71.8 73.3 73.2 75.3 Business and professional 9.0 3.3 11.1 24.0 47.3 49.5 50.5 49.9 52.6 53.1 53.8 54.3 54.4 56.2 Farm 6.2 2.6 6.4 13.5 14.8 14.7 16.7 16.9 17.3 17.6 18.1 19.1 18.7 19.1 Rental income of persons 5.4 2.0 3.5 9.4 21.1 21.2 22.6 23.3 24.5 24.8 25.0 25.2 24.2 26.2 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 79.8 69.9 78.6 78.3 79.4 81.8 86.1 Profits before tax 10.0 1.0 17.7 42.6 79.8 87.6 84.9 74.3 83.3 84.1 83.2 88.2 91.6 Profits tax liability 1.4 .5 7.6 17.8 33.2 39.9 40.1 34.1 37.3 37.5 35.3 38.8 40.1 Profits after tax 8.6 .4 10.1 24.9 46.6 47.8 44.8 40.2 45.9 46.6 48.0 49.5 51.5 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.3 24.8 25.4 25.5 25.2 26.0 26.2 26.5 Undistributed profits 2.8 -1.6 5.7 16.0 25.3 24.2 20.5 15.4 20.5 21.0 22.7 23.5 25.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.1 -3.3 -5.1 -4.4 -4.7 -5.8 -3.9 -6.5 -5.5 -6.1 Net interest 4.7 4.1 3.2 2.0 i 24.4 > 26.9 » 30.5 34.8 38.5 39.1 39.7 40.1 40.9 41.7 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

NOVEMBER 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 1929 1933 1941 1950 1967 1968 1969 1970 1971 Item III IV I II III p Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.4 1050.4 1056.9 1,078.1 1,109.1 1,139.4 1,162.2 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 68.9 74.5 81.6 86.3 93.8 95.0 97.4 99.7 105.3 104.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 70.4 78.6 85.9 93.4 101.9 102.6 105.6 106.7 108.7 111.1 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.7 4.7 4.8 4.9 5.0 Statistical discrepancy .7 .6 .4 1.5 -.7 -2.7 -6.1 -4.7 -4.8 -5.9 -5.2 -4.1 -. 1 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 1.4 .7 1.0 1.5 .9 .3 .7 1.2 1.6 1.9 Equals: National income. 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 860.8 876.2 903.1 922.1 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 78.3 79.4 81.8 86.1 Contributions for social insurance .2 .3 2.8 6.9 42.4 47.1 54.2 57.7 65.3 65.7 66.9 71.9 73.1 74.4 Excess of wage accruals over disbursements .6 .6 1.4 -1.4 -.5 -.2 Plus: Government transfer payments .9 1.5 2.6 14.3 48.7 56.1 61.9 75.2 89.0 90.3 92.1 94.4 95.7 97.8 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 23.6 26.1 28.7 31.0 31.1 31.1 30.9 30.9 31.8 31.7 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.3 24.8 25.4 25.5 25.2 26.0 26.2 26.5 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.7 4.7 4.8 4.9 5.0 Equals: Personal income 85.9 47.0 96.0 227.6 629.3 688.9 750.9 806.3 861.4 867.9 881.5 907.0 922.1 939.5 Less: Personal tax and nontax payments. 2.6 1.5 3.3 20.7 83.0 97.9 116.5 116.7 117.0 117.5 123.0 136.5 139.5 140.8 Equals: Disposable personal income 83.3 45.5 92.7 206.9 546.3 591.0 634.4 689.5 744.4 750.4 758.5 770.5 782.6 798.7 Less: Personal outlays 79.1 46.5 81.7 193.9 506.0 551.2 596.2 634.7 683.4 689.4 699.2 ,i 714.9 732.5 747.4 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.5 616.8 664.9 670.7 680.5 696.1 713.4 728.1 Consumer interest payments 1.5 .5 .9 2.4 13.2 14.3 15.8 16.9 17.6 17.6 17.7; 17.8 18.0 18.2 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .8 .9 1.0 1.0 1.1 1.1 ,.0 ' 1.1 1.1 Equals: Personal saving. 4.2 -.9 1 1 .0 13.1 40.4 39.8 38.2 54.9 60.9 61.0 59.3 55.7 50.1 51.3 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 477.5 499.0 513.6 533.2 554.7 556.5 560.9' 565.7 ' 571.4 579.9 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 Sept. Oct Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total personal income 806.3 861.4 872.2 874.8 879.4 890.4 898.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 945.7 Wage and salary disbursements 541.9 572.9 577.9 579.9 583.4 594.3 602.6 609.0 612.4 617.6 619.9 624.0 625.7 630.6 634.8 Commodity-producing industries. . 201.0 206.1 206.9 207.9 208.8 213.1 214.8 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.2 Manufacturing only 158.3 160.3 160.4 161.3 161.7 165.1 165.8 169.3 171.3 173.3 173.8 175.0 174.5 176.6 178.4 Distributive industries 129.2 138.2 140.2 140.4 140.8 143.8 145.5 148.1 148.0 149.4 149.4 151.4 151.9 152.3 152.6 Service industries 96.7 105.0 106.8 107.5 108.2 109.4 111.2 111.6 112.8 113.9 114.7 115.5 116.9 117.3 118.2 Government 115.1 123.5 124.0 124.0 125.5 128.0 131.2 131.7 131.5 132.5 133.2 133.6 134.5 135.8 136.7 Other labor income 32.1 36.5 37.5 37.8 38.0 38.3 38.5 38.8 39.1 39.5 39.8 40.1 40.5 40.8 41.1 Proprietors' income 66.8 69.9 71.3 71.6 71.9 72.0 72.6 73.2 74.2 74.0 74.0 71.6 74.3 75.4 76.2 Business and professional 49.9 52.6 53.4 53.6 53.8 53.9 54.0 54.1 54.7 54.9 55.3 53.2 55.7 56.3 56.7 Farm 16.9 17.3 17.9 18.0 18.1 18.1 18.6 19.1 19.5 19.1 18.7 18.4 18.6 19.1 19.5 Rental income 23.3 24.5 24.9 24.9 25.0 25.1 25.1 25.2 25.3 25.5 25.6 21.5 25.8 26.3 26.5 Dividends 24.8 25.4 25.5 25.5 25.5 24.6 26.0 26.1 26.0 26.1 26.3 26.3 26.4 26.6 26.5 Personal interest income 65.8 69.6 70.5 70.5 70.6 70.7 70.8 71.0 71.3 72.0 72.7 73.4 73.5 73.4 73.3 Transfer payments 79.5 93.6 96.1 96.2 96.8 97.6 97.6 100.0 100.1 99.7 100.9 101.3 102.2 102.8 103.3 Less: Personal contributions for social insurance 28.0 1 31.2 31.5 31.6 31.8 32.3 34.3 34.7 34.8 35.0 35.1 35.3 35.5 35.8 36.0 Nonagricultural income 782.8 837.2 847.6 850.0 854.5 865.0 I 873.4 882.4 887.1 893.4 898.3 897.5 907.3 914.0 919.4 Agricultural income 23.5 ; 24.2: 24.6 24.8 24.9 25.4 I 25.6j 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.4 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR YEAR 1971 VJ (Seasonally adjusted annual rates; in billions of dollars) Private domestic nonfinancial sectors Financial sectors RReesstt ooff UU..SS.. AAllll State tthhee GGoovvtt.. Sponsored Mone- Pvt. sseeccttoorrss DDiissccrreepp-- NNNaaatttlll,,, SSSeeeccctttooorrr House- Busi- and local Total wwoorrlldd Total credit tary Coml. nonbank aannccyy sssaaavvviiinnngggsss holds ness govts. agencies auth. banking finance aaannnddd iiinnnvvveeesssttt--- O TTTrrraaannnsssaaaccctttiiiooonnn mmmeeennnttt cccaaattteeegggooorrryyy U S U S U S U S U S U S U S U S U S U S U S U S U o 186.1 89.9 -2.1 274.0 2.8 -24.6 7.8 .1 -.1 3.9 3.9 260.0 257.2 1 98.5 80.0 178.5 2.5 1.2 1.3 181.1 181.1 2 3 Net saving (1-2) 87.6 9.8 -2.1 95.4 2.8 -24.6 5.3 .1 -.1 2.7 2.6 78.9 76.1 3 181.6 70.1 --55..44 224466..33 1133..66 --2255..33 8.1 .1 --..11 33..66 44..55 224422..88 1177..33 241.8 4 134.9 .. .. 118.0 .. 225522..99 ........ 2.6 11..11 11..44 225555..44 44..66 255.4 5 o 103.5 103.5 .... 103.5 103.5 6 CO 25.8 16.7 42.6 42.6 42.6 7 5.6 97.6 103.2 . 2.6 1.1 1.4 105.8 105.8 8 3.6 .. 3.6 3.6 3.6 9 o 10 Net financial investment (11-12) 46.6 -47.8 -5.4 -6.6 13.6 -25.3 5.6 .1 -.1 2.5 3.0 -12.7 12.7 -13.6 10 < 91.4 23.4 15.6 130.4 .. .. 22.2 3.8 149.6 3.4 8.3 57.6 80.3 306.1 8.6 11 44.7 71.3 2i.o 137.0 8.6 29.1 144.1 3.3 8.3 55.1 77.3 318.7 22.2 12 1133 GGoolldd,, SSDDRR''ss,, aanndd ooffffiicciiaall ffggnn.. eexxcchhaannggee.. 11..33 --11..77 -2.2 -.8 -.8 ------111111......777777 ------111111......777777 13 m 00 1144 TTrreeaassuurryy ccuurrrreennccyy aanndd SSDDRR ccttffss .5 .5 .5 ......555555 ......555555 * 14 15 Demand deposits and currency 18.4 4.4 14.0 111111777777......777777 111111888888......444444 15 1 1 7 6 U Pr . i S v . a G te o d v o er m n e m s e ti n c t 8.5 4.6 .5 13.5 3.2 ..77 11 33 55 .. .. 11 11 .1 3. . 4 9 1 2 1 . . 2 7 .7 111111 333333 444444 ...... ...... 222222 333333 111111 333333 555555 ...... ...... 111111 111111 -. . 1 8 1 1 7 6 CO 18 Foreign .2 .2 .1 ......222222 18 vj N> 19 Time and savings accounts 73.5 81.3 ....2222 88882222....2222 .2 82.2 19 20 At commercial banks 32 7 .6 7 2 40 5 5 . l ....2222 44441111....4444 41.4 .2 41.4 20 2211 AAtt ssaavviinnggss iinnssttiittuuttiioonnss 40.8 40.8 **** 44440000....8888 ** 4400..88 40.8 21 2222 LLiiffee iinnssuurraannccee rreesseerrvveess 6 6 6 6 .1 6666....6666 66..66 6.6 22 23 Pension fund reserves 20.2 20.2 2.8 17.4 17.4 20.2 23 24 Interbank items 55555.....00000 55555.....00000 --..22 44..11 5555....2222 ....9999 55..00 55..00 24 **** **** 2255 CCoorrppoorraattee sshhaarreess -5.2 13 4 ---555...222 111333...444 ...999 *** 1111199999.....11111 11111.....33333 111999...222 111...333 1144..88 25 2266 CCrreeddiitt mmaarrkkeett iinnssttrruummeennttss --1111..66 4411..66 88..11 4499..66 77..77 2200..66 444...222 111111111...888 222666...444 555...666 333...222 222555...555 111111111177777.....44444 88888.....33333 222...888 333...999 8.8 44449999....8888 ....2222 555666...000 444...333 115511..22 115511..22 26 27 U.S. Government securities --2222..66 22 77 66 99 ---111333...111 222666 333 *** 222555...666 1111166666.....22222 33333.....99999 ---111...555 333...999 8.6 6666....0000 333...111 2299..44 27 28 State and local obligations 4 9 1 0 --..22 2200..22 555555......777777 222222000000......222222 1111144444.....55555 12.7 1.8 20.2 28 29 Corporate and foreign bonds 7 6 19 4 11 00 888888......666666 111111999999......444444 3 9 111555...888 444...333 11..33 ..55 111444...555 333...888 24.6 29 30 Home mortgages ...222 222444...555 1 5 ......222222 222222666666......111111 --..33 --..11 222888...111 222...000 4.8 55..77 111777...777 222...000 28.0 30 31 Other mortgages 222...333 111...444 19 4 222222......333333 222222000000......999999 44 111888...333 1.6 .. . 4.2 111222...555 20.9 31 32 Consumer credit 111000...444 2.6 222222......666666 111111000000......444444 7.8 4.8 3.0 10.4 32 33 Bank loans n.e.c 3.9 6.4 111111000000......333333 2.7 1111144444.....44444 11111.....44444 14.4 1.4 14.4 33 34 Other loans ---333...999 111...333 ll..SS 22..77 44 ---222...111 444...444 ---...222 222...111 3 2 22222.....33333 -----33333.....33333 -2 0 0 ..SS --..44 333...333 ---222...999 34 35 Security credit *** 222...111 *** 222,,,111 22222.....88888 .....66666 222...000 ...666 2.7 35 36 To brokers and dealers .....77777 .....66666 ...666 .6 36 37 To others 2 1 2.1 * 22222.....11111 2.0 2.1 37 38 Taxes payable .3 .....33333 44444.....00000 1.1 -.2 * -.1 111...444 333...888 2.4 38 39 Trade credit 6 44..00 33..99 5 44444.....00000 44444.....99999 ** --..44 --11..77 --..77 .5 .5 222...888 333...888 1.0 39 4400 EEqquuiittyy iinn nnoonnccoorrppoorraattee bbuussiinneessss -3.2 --33..22 -----33333.....22222 -----33333.....22222 ---333...222 40 4411 MMiisscceellllaanneeoouuss ccllaaiimmss 22..44 ..55 666...222 333...666 88888.....66666 44444.....00000 --77..11 55..00 ..11 ..88 44..33 44..55 ..66 --..55 - 2 11..99 --11..33 11..88 66..55 55..88 1144..33 8.5 41 42 Sector discrepancies (1—4) 44 66 111999...888 333...444 2222277777.....77777 --1100 88 77 --..33 ..33 --..66 1177..33 17.3 15.4 42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • FLOW OF FUNDS A 73.1 2. SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI 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 93.8 109.7 142.9 168.9 156.6 1 ?, 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 11.4 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 9.6 3 4 Budget agency issues .5 1.3 4.1 3.1 -2.4 -.1 -.5 -.5 -4.2 -1.3 1.1 -1.6 .5 1.8 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 92.3 120.6 140.3 145.2 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 13.1 6 7 Debt instruments 68.3 64.1 68.0 85.1 90.6 81.9 117.4 96.6 83.9 79.6 84.7 108.0 126.1 132.1 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 89.4 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 15.5 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 13.8 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 60.1 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 34.2 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 9.3 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 13.9 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 2.7 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 42.7 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 18.9 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 15.7 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 1 .6 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 6.4 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 92.3 120.6 140.3 145.2 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 16.2 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 55.8 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 70.3 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 54.5 26 27 Nonfarm noncorporate 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 11.3 27 28 Farm 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 4.4 28 Private net investment and borrowing in credit markets Total, households and business 1 Total capital outlays1 173.6 191.2 188.7 208.7 227.1 225.5 252.9 224.2 229.9 224.3 226.7 247.0 258.8 282.9 1 2 Capital consumption2 110.3 118.5 128.4 140.4 154.4 164.9 178.5 151.0 157.7 162.5 167.3 174.5 182.6 192.4 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 90.5 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 93.1 115.4 126.1 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 -35.6 5 Total business 6 Total capital outlays 84.1 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.4 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 87.7 7 8 Net physical investment 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 45.8 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 56.9 9 10 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 13.4 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 -24.5 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 97.5 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 63.2 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 34.3 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 41.2 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 13.4 16 17 Excess net investment3 6.9 13.7 .8 .3 -6.0 -7.9 -20.7 -6.9 -5.1 -10.4 -5.3 -17.6 -23.7 -20.3 17 Households 18 Total capital outlays 89.6 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 149.5 18 19 Capital consumption 59.9 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 104.8 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 44.7 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 55.8 21 22 Excess net investment3 .9 6.7 5.0 .6 .5 1.7 -5.2 .9 .6 4.3 -1.2 1.9 -11.5 -11.1 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 -11.5 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 4.1 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 6.3 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

A 73.2 FLOW OF FUNDS • NOVEMBER 1972 3. 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 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI 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 87.8 102.1 130.2 154.7 143; 5 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 19.5 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 12.5 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 6.2 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 -2.7 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 3.6 6 By agency— 7 U.S. Government 2.8 4.9 4.6 4.9 22..99 22..88 3.2 22..77 3.7 3.1 2.6 4.4 1.9 2.3 7 8 Sponsored credit agencies 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 7.1 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 4.8 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 5.5 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 7.6 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 92.8 117.3 131.5 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 6.6 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 15.5 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 13.6 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 37.2 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 55.9 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 -2.7 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 64.3 43.6 54.3 86.1 105.9 105.3 126.1 19 20 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.2 14.6 21.6 41.5 49.4 50.0 55.7 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 49.1 21 22 Insurance and pension funds 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 13.6 22 23 Other finance 5.5 4.7 6.6 8.6 4.5 2.3 10.9 6.2 3.4 5.5 -.6 5.2 7.8 23 24 Sources of funds 62.5 44.7 62.8 75.0 54.0 70.2 105.8 64.3 43.6 54.3 86.1 105.9 105.3 126.1 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 99.7 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 7.1 26 27 Other sources 17.2 20.5 14.0 22.0 34.7 8.0 9.0 45.9 23.5 11.7 4.3 .3 17.6 19.2 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 4.3 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 -3.9 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 7.7 30 31 Other, net 5.9 4.2 -.3 8.4 15.1 * 1.8 23.9 6.2 -1.3 1.2 2.0 1.6 11.2 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 12.5 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 -4.1 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 6.3 34 35 Corporate and foreign bonds 1.4 2.5 5.3 5.1 7.6 10.4 8.6 6.0 9.1 8.6 12.1 10.3 6.8 4.1 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 1.5 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 4.8 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 80.9 104.9 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 90.4 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 14.5 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 9.3 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 5.1 42 43 Total of credit market instr., deposits, and currency 48.2 42.1 57.3 70.3 48.0 70.9 99.9 43.0 52.8 64.5 77.8 96.9 102.0 117.3 43 Memoranda: 44 Public support rate (in per cent) 12.7 17.6 13.9 12.3 18.2 29.5 28.9 11.0 26.8 28.8 30.0 28.9 29.0 13.6 44 45 Pvt. fin. intermediation (in per cent) 98.8 73.7 90.8 83.5 67.6 93.1 100.2 73.6 60.4 74.2 110.3 114.0 89.8 95.8 45 46 .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 9.7 46 Corporate equities not included above 1 Total net issues 3.4 4.6 • 4.9' 4.0l 10.3i 9.5: 14.8 8.2 12.4 9.3 i 9.7 13.1 16.5 12.9 ! 2 Mutual fund shares 3.1 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 i .3 2.3 -.3 2 3 .3 i .9' 2.3i -.7 4.7 ' 6.9> 13.5 1.9 7.6 6.1 7.6 i 12.7 14.2 13.2 3 4 Acq. by financial institution 5.7 6.0 » 8.4 9.5 12.8 ! 11.4• 19.1 12.1 13.5 12.5 10.2 20.7 17.5 15.2 4 5 Other net purchases -2.3 1 -1.3 i -3.5 -5.5 -2.5 -1.9 ' -4.4 -3.9 -1.1 -3.3 ; -.5 -7.7 -1.1 -2.3 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. Credit market funds raised by Federally sponsored credit agencies. includes mortgages. Included below in lines 13 and 33. Includes all GNMA-guaranteed 39+41. See line 25. security issues backed by mortgage pools. 42. Mainly an offset to line 9. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 43. Lines 32 plus 38 or line 12 less line 27 plus line 42. Also sum of lines 27 through 41 excluding subtotals. 44. Line 2/line 1. 17. Includes farm and commercial mortgages. 45. Line 19/line 12. 25. Lines 39 + 41. 46. Lines 10 plus 28. 26. Excludes equity issues and investment company shares. Includes line 18. Corporate equities 28. Foreign deposits at commercial banks, bank borrowings from foreign Line branches, and liabilities of foreign banking agencies to foreign af- 1 and 3 Includes issues by financial institutions. Digitized for FRASfEilRiat es. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • FLOW OF FUNDS A 73.3 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 CCaatteeggoorryy 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI Households, personal trusts, and nonprofit organizations ! Personal income 538.9 587.2 629.3 688.9 750.9 806.3 861.4 734.9 767.0 795.9 816.6 848.0 874.7 914.6 1 2 Less: Personal taxes & nontaxes... 65.7 75.4 83.0 97.9 116.5 116.7 117.0 115.8 117.3 118.4 115.1 113.7 120.3 137.9 2 3 Equals: Disposable personal income 473.2 511.9 546.3 591.0 634.4 689.5 744.4 619.1 649.7 677.5 701.5 734.3 754.5 776.6 3 4 Less: Personal outlays 444.8 479.3 506.0 551.2 596.2 634.7 683.4 586.3 606.1 626.4 642.9 672.6 694.3 723.7 4 5 Equals: Personal saving, NIA basis. 28.4 32.5 40.4 39.8 38.2 54.8 60.9 32.8 43.6 51.1 58.6 61.7 60.2 52.9 5 6 Plus: Credits from Govt, insur.1. 4.8 5.2 5.4 6.0 6.6 9.2 9.8 6.5 6.8 9.9 8.6 10.5 9.0 10.1 6 7 Capital gains dividends2 . . .9 1.3 1.7 2.5 2.5 .9 .8 3.2 1.9 1.5 .3 .7 .9 1.2 7 8 Net durables in consumpt.. 14.8 15.2 12.4 16.7 16.2 9.9 16.2 17.7 14.8 11.9 7.8 15.2 17.1 19.8 8 9 Equals: Net saving 49.0 54.2 59.8 64.9 63.6 74.9 87.6 60.2 67.0 74.4 75.3 88.1 87.1 84.1 9 10 Plus: Capital consumption 59.9 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 104.8 10 11 Equals: Gross saving 108.8 118.5 129.8 142.0 148.4 166.2 186.1 143.3 153.6 164.0 168.4 184.8 187.4 188.9 11 12 Gross investment 113.7 126.7 131.9 143.5 144.6 174.3 181.6 134.6 154.6 168.3 180.4 183.2 179.9 194.1 12 13 Capital expend, (net of sales).... 89.6 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 149.5 13 14 Residential construction 19.1 18.9 17.0 21.1 22.0 19.6 25.8 22.7 21.2 19.7 19.5 23.8 27.9 31.0 14 15 Consumer durable goods 66.3 70.8 73.1 84.0 90.8 90.5 103.5 90.6 91.0 90.9 90.1 100.8 106.1 112.5 15 16 Plant and equip, (nonprofit). .. 4.1 4.5 4.5 4.5 5.1 5.3 5.6 4.8 5.4 5.3 5.2 5.5 5.7 6.0 16 17 Net finan. investment 24.1 32.5 37.3 33.8 26.7 59.0 46.6 16.4 37.1 52.4 65.6 53.1 40.2 44.6 17 18 Net acquis, of financial assets. . 54.3 56.1 61.0 68.6 57.7 80.4 91.4 48.5 66.3 70.8 90.3 88.0 93.9 109.0 18 19 Deposits and credit market instrument s3 39.3 40.5 46.8 55.8 42.9 61.1 70.5 35.7 49.6 53.2 69.2 69.2 71.0 88.4 19 20 Demand dep. and currency.. 7.9 2.6 11.1 12.6 3.5 6.1 8.5 -.7 7.4 5.4 7.0 11.8 4.7 5.1 20 21 Savings accounts 28.0 20.5 34.8 30.4 6.1 44.5 73.5 11.6 .5 23.9 65.2 83.0 63.9 82.6 21 22 At commercial banks 14.9 13.2 18.1 17.4 -1.9 27.6 32.7 .9 -4.8 14.1 41.0 36.3 29.1 33.4 22 23 At savings institutions 13.2 7.3 16.7 13.0 8.0 17.0 40.8 10.6 5.3 9.8 24.2 46.7 34.8 49.2 23 24 Credit market instruments... 3.4 17.5 .9 12.9 33.3 10.4 -11.6 24.9 41.7 23.9 -3.0 -25.6 2.3 .7 24 25 U.S. Govt, securities 1.7 8.4 -.8 4.5 12.1 -4.4 -22.6 11.6 12.5 4.7 -13.4 -35.1 -10.4 -8.7 25 26 State and local oblig 1.7 3.7 -1.7 -.2 7.6 2.0 4.9 7.0 8.2 3.2 .7 4.8 5.1 5.6 26 27 Corporate and fgn. bonds. * 2.2 -2.3 2.0 5.9 -1.8 -3.9 2.3 9.6 4.6 -8.2 -5.9 -1.9 -1.8 27 28 Mortgages .7 1.9 4.8 4.8 5.7 12.4 7.6 2.1 9.3 8.7 16.1 9.1 6.1 3.5 28 29 Commercial paper -.8 1.3 .9 1.8 2.0 2.2 2.4 1.9 2.0 2.6 1.8 1.5 3.4 2.0 29 30 Investment company shares.. 3.1 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 .3 2.3 -.3 30 31 Other corporate shares -5.1 -4.7 -6.8 -12.3 -9.6 -5.2 -6.5 -12.1 -7.2 -6.1 -4.3 -8.2 -4.9 -3.6 31 32 Life insurance reserves 4.8 4.6 5.0 4.5 4.9 5.2 6.6 4.8 5.0 5.0 5.3 6.4 6.9 7.3 32 33 Pension fund reserves 12.3 14.4 14.4 15.4 15.8 19.5 20.2 15.1 16.6 19.3 19.8 21.6 18.9 18.6 33 34 Net invest, in noncorp. bus... -1 .9 -3.5 -3.6 -2.0 -3.2 -4.9 -3.2 -3.0 -3.4 -4.9 -5.0 -4.0 -2.3 -3.7 34 35 Security credit .5 * 1.1 .7 -.8 -.5 * -1.2 -.4 -1.5 .6 .2 -.3 * 35 36 Miscellaneous 1.3 1.2 1.5 1.8 2.1 2.6 2.4 2.9 1.3 2.5 2.6 2.4 .24 2.4 36 37 Net increase in liabilities 30.2 23.6 23.7 34.8 31.0 21.4 44.7 32.0 29.3 18.3 24.7 34.9 53.8 64.4 37 38 Credit market instruments... 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 55.8 38 39 Home mortgages 15.2 12.3 10.5 14.9 16.2 12.5 24.5 16.9 15.5 11.8 13.2 18.7 30.4 32.3 39 40 Other mortgages 1.2 1.3 1 .2 1.1 1.3 1.4 1 .4 1.2 1.3 1.3 1 .4 1.4 1.5 1.5 40 41 Instalment cons, credit.... 8.6 6.2 3.4 9.0 8.3 3.0 8.4 8.8 7.2 4.3 1.3 4.7 11.4 13.7 41 42 Other consumer credit. ... 1.4 1.0 1.2 2.1 1.0 1.3 2.1 1.2 .7 1.2 2.0 1.8 2.2 2.1 42 43 Bank loans n.e.c 1.4 .4 2.1 3.1 2.8 1.5 3.9 3.5 2.1 .1 2.9 3.4 4.3 4.8 43 44 Other loans ^ .9 2.0 1.3 1.7 3.0 2.6 1.3 2.5 3.5 3.2 2.0 1.4 1.2 1.5 44 45 Security credit .8 -.2 3.3 2.1 -2.5 -1.9 2.1 -2.9 -2.0 -4.6 .8 2.4 1.8 7.5 45 46 Trade debt .2 .3 .4 .5 .5 .6 .6 .4 .5 .5 .6 .6 .6 .6 46 47 Miscellaneous .3 .4 .3 .4 .4 .4 .5 .4 .4 .4 .4 .4 .5 .5 47 48 Discrepancy (11-12) -4.8 -8.2 -2.1 -1.4 3.9 -8.1 4.6 8.7 -1.0 -4.3 -12.0 1.7 7.5 -5.3 48 Memoranda: Net physical investment: (A) Residential construction 49 Expenditures 19.1 18.9 17.0 21.1 22.0 19.6 25.8 22.7 21.2 19.7 19.5 23.8 27.9 31.0 49 50 Less: Capital consumption 7.1 7.4 7.8 8.3 8.7 9.0 9.4 8.6 8.8 8.9 9.1 9.3 9.5 10.3 50 Home mortgages 15.2 12.3 10.5 14.9 16.2 12.5 24.5 16.9 15.5 11.8 13.2 18.7 30.4 32.3 51 52 Equals: Excess net investment -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 -11.5 52 (B) Consumer durables 53 Expenditures 66.3 70.8 73.1 84.0 90.8 90.5 103.5 90.6 91.0 90.9 90.1 100.8 106.1 112.5 53 54 Less: Capital consumption 51.5 55.6 60.7 67.4 74.6 80.6 87.3 72.9 76.2 79.1 82.2 85.6 89.0 92.6 54 55 Equals: Net investment 14.8 15.2 12.4 16.7 16.2 9.9 16.2 17.7 14.8 11.9 7.8 15.2 17.1 19.8 55 56 Less: 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 15.7 56 57 Equals: Excess net investment 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 4.1 57 <C) Nonprofit plant plus equipment 58 Expenditures 4.1 4.5 4.5 4.5 5.1 5.3 5.6 4.8 5.4 5.3 5.2 5.5 5.7 6.0 58 59 Less: Capital consumption 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.6 1.6 1.7 1.7 1.8 1.8 1.9 59 60 Nonprofit mortgages 1.2 1.3 1.2 1.1 1.3 1.4 1.4 1.2 1.3 1.3 1.4 1.4 1.5 1.5 60 61 Equals: Excess net investment 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 61 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.4 FLOW OF FUNDS • NOVEMBER 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 CCaatteeggoorryy 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI Nonfinancial business—Total t Income before taxes 1 129.5 139.1 136.2 142.4 139.5 127.5 136.7 142.8 136.1 129.5 125.6 135.5 138.0 144.9 ! 2 Gross saving 71.8 77.1 78.4 79.9 80.3 79.9 89.9 80.1 80.7 80.5 79.4 86.8 92.6 99.6 2 3 Gross investment 60.4 66.6 68.5 69.6 67.8 72.9 70.1 69.0 66.7 75.8 70.1 74.9 64.9 88.1 3 4 Capital expenditures 84.1 97.0 94.0 99.0 109.3 110.1 118.0 106.1 112.4 108.4 111.9 116.9 119.0 133.4 4 Fixed investment 74.4 82.2 85.8 92.0 101.4 105.2 114.3 98.5 104.3 104.5 106.0 111.2 117.5 130.7 5 6 Business plant & equipment. . . 66.3 76.1 77.8 83.0 90.8 93.6 97.6 87.9 93.6 93.7 93.5 95.7 99.5 109.6 6 7 1-4 family resident, const. 2.... .7 -.7 2.0 .9 .1 .8 2.4 .9 -.6 -.4 2.0 2.8 2.0 2.6 7 8 Other residential 7.4 6.8 6.1 8.1 10.6 10.8 14.3 9.7 11.4 11.2 10.5 12.6 16.0 18.5 8 9 Change in inventories 3 9.6 14.8 8.2 7.1 7.8 4.9 3.6 7.5 8.1 3.9 5.9 5.8 1.5 2.7 9 10 Net financial investment -23.6 -30.4 -25.6 -29.4 -41.4 -37.2 -47.8 -37.1 -45.7 -32.6 -41.8 -42.0 -54.1 -45.3 10 11 Financial uses of funds, net 21.2 13.7 18.1 25.1 22.9 12.6 23.4 26.2 19.6 23.3 2.3 24.9 21.8 31.3 11 12 Financial sources of funds, net 44.9 44.1 43.6 54.6 64.3 49.8 71.3 63.3 65.2 55.8 44.1 66.8 75.8 76.6 12 13 Corporate share issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 1.4 6.3 7.3 12.3 14.5 13.4 13 14 Credit market instruments 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 56.9 14 15 Corporate bonds 5.4 10.2 14.7 12.9 12.1 20.3 19.4 12.9 11.2 17.5 23.0 22.1 16.7 12.1 15 16 Home mortgages .2 -1.0 1.1 .3 -.6 .3 1.5 -.2 -1.0 -.6 1.2 1.7 1.4 1.9 16 17 Other mortgages 9.1 9.7 9.2 11.0 11.0 11.7 19.4 11.3 10.7 10.2 13.2 17.5 21.4 24.4 17 18 Bank loans n.e.c 12.3 10.4 8.0 11.0 14.6 3.5 6.4 15.9 13.3 8.7 -1.6 3.3 9.6 12.4 18 19 Other loans 4 2.6 3.6 2.8 4.8 9.3 7.0 2.7 9.6 9.1 7.9 6.1 4.7 .8 6.1 19 20 Trade debt 12.2 10.1 9.0 10.5 15.2 4.6 3.9 15.0 15.3 8.2 .9 3.0 4.7 12.7 20 21 3.1 -.1 -3.5 4.9 -1.7 -4.2 4.4 -2.4 -.8 -2.3 -6.1 2.2 6.7 -6.4 21 22 Discrepancy (2-3) 11.4 10.6 9.9 10.3 12.5 6.9 19.8 11.1 13.9 4.7 9.3 11.9 27.6 11.5 22 Farm and nonfarm noncorporate business 5 1 Net income 1 65.6 69.8 71.2 73.5 76.7 76.8 80.7 76.7 76.7 77.2 76.3 79.2 82.2 83.7 ! 2 Gross saving 6 15.2 16.0 16.9 18.2 19.6 20.8 22.8 18.8 20.4 21.3 20.4 22.4 22.8 24.5 2 3 Gross investment 15.2 16.0 16.9 18.2 19.6 20.8 22.8 18.8 20.4 21.3 20.4 22.4 22.8 24.5 3 4 Capital expenditures 21.3 19.9 22.1 22.8 25.2 25.5 32.7 24.5 25.9 25.4 25.6 31.9 33.6 36.0 4 5 Fixed investment 19.6 19.5 21.1 22.2 24.1 25.4 30.2 23.6 24.6 25.0 25.7 28.7 31.8 34.7 5 6 Change in inventories 3 1.7 .4 .9 .6 1.1 .1 2.5 .9 1.3 .4 -.1 3.3 1.8 1.2 6 7 Net financial investment -6.1 -3.9 -5.1 -4.7 -5.7 -4.7 -10.0 -5.7 -5.5 -4.2 -5.2 -9.5 -10.8 -11.5 7 8 Financial uses of funds, net 1.0 1.1 1.2 1.8 1.8 1.7 1.8 1.6 1.9 1.6 2.3 1.5 2.1 1.8 8 9 Financial sources of funds, net.... 7.1 5.0 6.3 6.5 7.4 6.5 11.7 7.3 7.4 5.7 7.5 11.0 12.9 13.3 9 10 Credit market instruments 9.0 9.0 8.4 8.4 10.6 9.7 14.4 11.0 10.2 8.8 10.7 14.6 14.3 15.8 10 11 Mortgages. 5.4 4.5 5.8 5.5 5.7 6.7 9.8 6.3 5.1 5.4 8.0 9.3 10.3 11.3 11 12 Bank loans n.e.c 1.6 2.3 1.2 1.7 2.6 1.2 3.1 2.4 2.8 1.4 1.2 2.6 3.7 3.7 12 13 Other loans 4 - ? 2.0 2.2 1.4 1.3 2.4 1.8 1.5 2.3 2.4 2.1 1.5 2.7 .3 .7 13 14 Trade debt, net * -.4 1.5 .1 * 1.7 .5 -.7 .6 1.8 1.8 .4 .9 1.2 14 15 Proprietors' net investment 8... -1.9 -3.5 -3.6 -2.0 -3.2 -4.9 -3.2 -3.0 -3.4 -4.9 -5.0 -4.0 -2.3 -3.7 15 Nonfinancial corporate business ! Profits before tax 65.7 71.1 66.1 72.2 67.9 55.1 60.7 71.6 64.2 57.4 52.9 60.8 60.6 67.2 ! 2 Less: Profits tax accruals 27.5 30.0 28.3 34.0 33.6 26.8 29.4 35.1 32.1 27.6 26.1 30.4 28.4 31.5 2 3 Net dividends paid 16.8 18.1 18.8 20.8 20.7 19.9 19.5 20.8 20.6 20.1 19.6 19.6 19.3 20.2 3 4 Equals: Undistributed profits 21.3 22.9 19.0 17.5 13.6 8.4 11.9 15.7 11.5 9.6 7.2 10.8 13.0 15.5 4 5 Plus: Foreign branch profits, net 1.8 1.8 2.1 2.5 2.5 2.3 2.6 2.5 2.4 2.4 2.3 2.5 2.6 2.4 5 6 Investment valuation adj -1.7 -1.8 -1.1 -3.3 -5.1 -4.4 -4.7 -5.5 -4.7 -5.1 -3.7 -4.5 -4.8 -6.0 6 7 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 63.2 7 8 Equals: Gross internal funds 56.6 61.2 61.5 61.7 60.8 59.1 67.1 61.3 60.3 59.2 59.0 64.4 69.8 75.1 8 9 Gross investment (10+15) 45.2 50.6 51.5 51.4 48.3 52.1 47.3 50.2 46.4 54.5 49.7 52.5 42.2 63.6 9 10 Capital expenditures 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 97.5 10 11 Fixed investment 54.9 62.7 64.7 69.8 77.3 79.8 84.1 74.9 79.7 79.4 80.3 82.5 85.7 96.0 11 12 Plant and equipment 52.8 61.6 62.5 67.4 74.3 76.5 78.8 71.8 76.8 76.5 76.4 77.5 80.2 89.3 12 13 Residential construction 2.0 1.1 2.3 2.3 3.0 3.4 5.3 3.2 2.9 2.9 3.9 5.0 5.6 6.7 13 14 Change in inventories 3 7.9 14.4 7.3 6.4 6.7 4.8 1.1 6.6 6.8 3.5 6.0 2.5 -.3 1.5 14 15 Net financial investment -17.6 -26.5 -20.4 -24.8 -35.8 -32.5 -37.9 -31.4 -40.1 -28.4 -36.6 -32.5 -43.3 -33.9 15 16 Financial uses of funds, net 20.2 12.6 16.8 23.3 21.1 10.9 21.7 24.7 17.7 21.7 1 23.4 19.7 29.5 16 17 Liquid assets 2.6 -3.7 4.8 5.3 -.5 -1.0 10.6 2.0 -2.7 3.7 -5.8 10.8 10.5 8.6 17 18 Demand dep. and currency.. .3 .3 1.5 1.1 1.5 .3 4.5 .2 3.0 -.1 .6 6.2 2.8 4.1 18 19 Time deposits 2.3 -1.4 2.1 .4 -2.4 1.7 .6 -1.5 -3.3 -.5 3.9 3.5 -2.2 2.3 19 20 U.S. Govt, securities -1.4 -1.4 -2.3 .9 -1.3 -2.9 2.7 .6 -3.0 -2.5 -3.4 2.0 3.3 -2.1 20 21 Open market paper .5 -.2 3.8 2.5 2.7 .6 1.8 3.8 1.6 6.3 -5.2 -1.9 5.6 3.2 21 22 State and local obligations. . .9 -1.0 -.3 .5 -1.0 -.6 1.0 -1.0 -1.0 .5 -1.7 1.0 1.0 1.0 22 23 Consumer credit 1.2 1.2 .9 1.7 1.3 1.4 2.0 1.2 1.1 1.4 1.5 1.7 1.9 2.1 23 24 Trade credit 13.0 11.3 7.7 13.9 17.3 6.2 4.0 17.4 17.3 11.0 1.4 4.8 3.2 16.3 24 25 Other financial assets 9 3.4 3.7 3.5 2.4 3.0 4.3 5.1 4.1 2.0 5.6 2.9 6.1 4.1 2.6 25 26 Financial sources of funds, net.... 37.8 39.1 37.3 48.1 56.9 43.4 59.6 56.1 57.8 50.1 36.5 55.9 62.9 63.4 26 27 Net new share issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 1.4 6.3 7.3 12.3 14.5 13.4 27 28 Credit market instruments 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 41.2 28 29 Corporate bonds 5.4 10.2 14.7 12.9 12.1 20.3 19.4 12.9 11.2 17.5 23.0 22.1 16.7 12.1 29 30 Mortgages 3.9 4.2 4.5 5.8 4.8 5.3 11.2 4.9 4.6 4.2 6.4 9.9 12.5 15.0 30 31 Bank loans n.e.c 10.7 8.2 6.8 9.3 12.1 2.3 3.3 13.5 10.6 7.3 -2.8 .7 5.9 8.7 31 32 Other loans io .6 1.4 1.4 3.6 7.0 5.2 1.2 7.2 6.8 5.8 4.6 1.9 .5 5.4 32 33 Profit tax liability 2.2 : .2: -4.7 2.9 -3.3 -2.7 4.0 -2.8 -3.9 -4.9 -.5 6.5 1.5 -2.1 33 34 Trade debt 12.1 10.5 7.5 10.4 15.2 2.8 3.4 15.7 14.8 6.4 -.8 2.6 3.8 11.5 34 35 Other liabilities 2.9 • 3.2: 4.9 4.1 4.8 3.4 3.6 3.3 6.4 7.5 -.6 -.3 7.5 -.6 35 36 Discrepancy (8-9) 11.4 10.6 9.9 10.3 12.5 6.9 19.8 11.1 13.9 4.7 9.3 11.9 27.6 11.5 36 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • FLOW OF FUNDS A 73.5 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI State and local governments—General funds 1 1 Net surplus, NIA basis 1.0 1.3 -1.6 -.3 .7 2.8 4.8 -.1 1.5 3.7 1.9 3.5 6.1 11.0 1 2 Less: Retirement cr. to households . 3.3 3.8 4.0 4.7 5.0 6.8 6.8 5.1 5.0 7.4 6.1 7.6 6.1 7.2 2 3 Equals: Gross saving -2.4 -2.6 -5.5 -5.0 -4.4 -3.9 -2.1 -5.2 -3.5 -3.7 -4.2 -4.1 * 3.8 3 4 Net financial investment -3.4 -3.8 -5.1 -4.0 -6.5 -7.5 -5.4 -6.5 -6.5 -8.5 -6.6 -7.8 -3.0 -.6 4 5 Net acq. of financial assets 4.6 3.0 4.0 7.0 2.6 6.8 15.6 2.9 2.4 3.4 10.2 14.7 16.5 16.1 5 6 Currency and demand deposits. -.4 -.8 -1.0 .6 2.1 -.1 .5 1.7 2.4 -3.1 2.9 -.6 1.5 3.1 6 7 Time deposits 2.4 1.3 2.4 3.2 -5.9 10.0 7.2 -4.9 -6.9 7.7 12.3 5.9 8.4 5.5 7 8 Credit market instruments 2.5 2.3 2.4 2.6 7.1 -2.3 7.7 6.6 7.6 -.4 -4.2 9.2 6.2 7.0 8 9 U.S. Government securities.. 1.9 1.8 1.8 2.2 5.2 -.2 6.9 2.5 7.9 -.4 —. 1 8.4 5.5 6.7 9 10 Direct 1.3 1.7 1.2 1.2 3.5 .3 6.2 1.5 5.5 .8 -.2 7.7 4.6 6.5 10 11 U.S. Govt, agency sec .6 .1 .6 1.0 1.7 -.5 .8 1.0 2.4 -1.1 .1 .7 .8 .2 11 12 State and local securities.... -.1 * * .1 * -.2 .2 * .1 -.1 -.4 * -.3 12 13 Corporate bonds .7 .6 .5 .2 1.8 — 2.0 1.0 3.9 -.2 -.1 -4.0 1.2 .7 .6 13 14 Home mortgages * * * * * * * * * * * * 14 15 .1 .2 .3 '.1 -.6 -.9 .3 -.6 -.7 -.9 -.9 .2 .4 .5 15 16 Net increase in liabilities 8.0 6.9 9.1 11.0 9.1 14.4 21.0 9.4 8.9 11.9 16.9 22.5 19.6 16.7 16 17 Credit market borrowing 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 16.2 17 18 State and local obligations ... 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 15.5 18 19 Short-term .6 .7 1.8 . 1 2.6 3.8 4.6 3.1 2.0 2.0 5.6 6.0 3.2 1.4 19 20 Other 6.7 5.1 6.5 9.9 5.4 10.0 15.6 5.3 5.4 9.7 10.3 16.0 15.2 14.1 20 21 U.S. Government loans .3 .6 .2 .3 .7 . 1 .4 .4 1.1 -.3 .5 .1 .7 .7 21 22 Trade debt .4 .5 .6 .6 .4 .4 .5 .5 .4 .4 .5 .4 .5 .5 22 23 Discrepancy (7-8) 1.0 1.3 -.5 -1.1 2.1 3.6 3.4 1.3 3.0 4.8 2.5 3.7 3.0 4.4 23 U.S. Government 2 1 Total receipts, NIA basis 124.7 142.5 151.2 175.0 197.3 191.6 199.1 197.6 197.0 193.2 190.0 197.3 200.9 223.1 ! 2 Personal taxes 53.8 61.7 67.5 79.7 94.8 92.4 89.6 95.0 94.6 94.5 90.3 87.3 91.8 106.6 2 3 Corporate profits tax accruals 29.3 32.1 30.7 36.7 36.6 30.4 33.1 37.8 35.4 30.7 30.1 34.1 32.1 34.5 3 4 Indirect taxes 16.5 15.7 16.3 18.0 19.0 19.3 20.5 18.7 19.2 19.2 19.5 20.6 20.4 19.8 4 5 Insurance receipts 25.1 33.0 36.7 40.7 46.9 49.5 55.9 46.0 47.8 48.9 50.1 55.3 56.6 62.2 5 6 Total expenditures, NIA basis 123.5 142,8 163.6 181.5 189.2 204.5 220.8 186.9 191.6 201.7 207.2 216.8 224.8 241.3 6 7 Goods and services 66.9 77.8 90.7 98.8 98.8 96.5 97.8 98.2 99.3 98.0 95.1 96.2 99.3 106.9 7 8 Grants and donations 24.2 29.0 30.7 34.1 37.2 45.3 47.0 36.2 38.3 43.2 47.4 48.2 45.8 46.3 8 9 Net interest 8.7 9.5 10.2 11.7 13.1 14.6 13.6 12.6 13.6 14.4 14.8 13.8 13.5 13.4 9 10 Insurance benefits 23.7 26.4 32.0 36.9 40.0 48.1 62.4 39.8 40.3 46.2 50.0 58.5 66.3 74.7 10 11 Net surplus, NIA basis 1.2 -.2 -12.4 -6.5 8.1 -12.9 -21.7 10.8 5.5 -8.6 -17.2 -19.5 -23.9 -18.2 11 12 Less: Insur. credits to households3 . 1.4 1.4 1.4 1.3 1.6 2.5 2.9 1.4 1.8 2.5 2.5 3.0 2.9 2.9 12 13 Equals: Gross saving -.2 -1.6 -13.8 -7.8 6.5 -15.4 -24.6 9.4 3.7 -11.0 -19.7 -22.4 -26.8 -21.1 13 14 Net financial investment -.9 -.2 -13.1 -8.4 6.1 -15.8 -25.3 9.0 3.3 -12.0 -19.6 -24.7 -25.8 -21.2 14 15 Net acquis, of finan. assets 3.0 5.4 2.9 7.4 3.7 * 3.8 2.6 5.1 — 1.5 1.6 1.2 6.3 -7.3 15 16 Demand deposits & currency.. -1.4 -.1 1.0 -1.7 1.1 2.5 3.2 .1 2.1 2.4 2.1 -1.3 1.1 -6.1 16 17 Credit market instruments 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 2.3 17 18 Agency securities4 * 1.3 j -1.3 _. 1 * -1.7 — .9 * - .2 * 18 19 Mortgages -.1 .8 .9 1' i .7 .3 * .6 .8 .4 .2 .2 -.1 _ i 19 20 Other loans 2.9 2.8 3.8 2.1 3.5 2.6 3.2 3.7 3.8 2.6 2.5 4.3 2.0 2^4 20 Excess of tax accruals 21 over receipts 1.2 -.7 -4.4 1.7 -2.6 -3.0 1.1 -2.7 -2.5 -4.0 -2.0 3.0 -.7 -3.4 21 22 Other financial assets 5 .5 1.3 1.8 2.5 2.2 -2.3 -3.7 2.5 1.9 -3.0 -1.7 -4.8 -2.6 -.1 22 23 Net increase in liabilities 3.9 5.6 16.0 15.9 -2.5 15.9 29.1 -6.4 1.8 10.6 21.2 26.0 32.1 13.9 23 24 U.S. Government securities 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 11.4 24 25 Savings bonds—households.. .6 .7 .9 .4 -.4 .3 2.4 -.4 -.4 -.5 1.1 2.3 2.5 3.3 25 26 Direct excl. savings bonds... .7 1.7 8.0 9.9 -.9 12.6 23.6 -5.5 4.0 10.1 15.2 21.5 25.6 6.3 26 27 Budget agency sec.6 .5 1.3 4.1 3.1 -2.4 -.1 -.5 -.5 -4.2 -1.3 1.1 -1.6 .5 1.8 27 28 Life & retirement reserves 1.4 1.4 1.4 1.3 1.6 2.5 2.9 1.4 1.8 2.5 2.5 3.0 2.9 2.9 28 29 Other liabilities 7 .7 .6 1.6 1.1 -.4 .6 .6 -1.4 .6 -.2 1.3 .8 .6 -.4 29 30 Discrepancy (13-14) .6 -1.4 -.7 .6 .4 .4 .7 .4 .4 1.0 -.1 2.3 -1.0 * 30 31 Memo: Corp. tax receipts, net 28.1 32.8 35.1 35.0 39.2 33.4 32.0 40.5 37.9 34.6 32.1 31.2 32.9 37.9 31 Federally sponsored credit agencies 8 Current surplus. .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 3 2 Ne C t r i e n d c i r t e a m se a rk in e t a s in se s t t s r uments 2 2 . . 3 2 5 5 . . 3 1 - — A . 1 3 3 . . 2 2 9 9. . 2 0 1 9 0 . . 9 8 2 3. . 4 8 6 6 . . 3 2 1 1 2 1 . . 0 8 1 1 1 1 . . 9 1 9 8 . . 7 7 - -1 1 .0 .8 7 7. . 8 4 7 7 . . 1 7 3 2 4 U.S. Government securities. .1 1.0 • -.1 -.2 1.7 -1.5 -.6 .1 1.1 2.3 -1.8 -1.2 1.9 4 5 Residential mortgages .5 1.9 1.1 1.6 3.9 5.4 5.6 2.3 5.5 5.8 4.9 4.0 7.2 6.2 5 6 Farm mortgages .6 .7 .7 .5 .6 .5 .7 .7 .5 .4 .5 .6 .8 .9 6 7 Other loans 1.0 1.6 -1.8 1.2 4.8 2.3 -2.0 3.8 5.8 3.7 .9 -4.7 .7 -2.0 7 8 To coops (BC) .1 .2 .2 .1 .2 .3 * .2 .1 .2 .4 .2 -.2 .3 8 9 To farmers (FICB) .3 .4 .5 .2 .6 .7 .7 .5 .7 .7 .7 1.0 .4 .5 9 10 To S & L's (FHLB) .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -•1 -5.8 .5 -2.7 10 11 Net increase in liabilities 2.2 5.2 — .2 3.2 9.1 10.8 3.3 7.2 11.7 12.3 9.3 -.5 7.1 8.1 11 12 Credit market instruments.. 2.1 4.8 -.6 3.5 8.8 8.7 3.9 7.1 11.0 10.8 6.6 .3 7.4 7.6 12 13 Agency securities 1.9 5.1 -.6 3.2 9.1 8.7 3.9 7.1 11.0 10.8 6.6 .1 7.6 7.6 13 14 U.S. Government loans.. .2 -.2 -.1 .2 -.3 j -.1 14 15 Miscellaneous liabilities .4 .5 -.3 .4 2.1 -.5 .1 .6 1.5 2.7 -'.8 -.3 .6 15 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.6 FLOW OF FUNDS • NOVEMBER 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 CCaatteeggoorryy 1965 1966 1967 1968 1969 1970 1971 1 HI H2 HI H2 HI H2 HI Monetary authorities 1 1 Current surplus * * * • * * -.1 * * * * -.1 -. 1 * 1 2 Net acquisition of financial assets. . . 2.3 4.2 4.9 3.6 4.2 5.3 8.3 2.7 5.6 4.5 6.1 7.2 9.3 5.0 2 3 Gold and foreign exchange 2 -1.3 -.3 -.5 -1.2 —. 1 -1.4 -.8 -.5 .3 -.6 -2.2 — 1.1 -.6 -1.1 3 4 Treas. currency and SDR ctfs .2 .7 .5 .2 . 1 .7 .5 —. 1 .2 1.1 .3 .5 .4 .9 4 5 F.R. float -.4 .3 . 1 .9 • .8 . 1 -1.3 1.3 1.1 .6 -.5 .7 1.0 5 6 F.R. loans to domestic banks.. .. —. 1 . 1 * * * .2 -.3 1.0 -1.0 .2 -. 1 -.5 -.5 6 7 Credit market instruments 3.8 3.5 4.8 3.7 4.2 5.0 8.8 3.7 4.8 22..88 7.2 8.4 9.3 4.8 7 8 U.S. Government securities 3.7 3.5 4.8 3.8 4.2 5.0 8.6 3.7 4.8 2.7 7.3 8.4 8.9 5.2 8 9 Net increase in liabilities 2.2 4.2 4.8 3.6 4.1 5.3 8.3 2.7 5.6 4.4 6.1 7.3 9.4 5.0 9 10 Member bank reserves .4 1.3 1.3 .6 .3 2.1 3.6 -.6 1.3 1.9 2.3 2.9 4.4 1.3 10 11 Vault cash of coml. banks 3 .3 .6 .5 1.3 . 1 -.3 .5 .7 -.5 . 1 -.7 .2 .8 -.6 11 Demand deposits and currency 12 U.S. Government * ..22 .9 --11..00 .5 --..44 ..99 .7 .3 — 1.1 .3 . 3 1.5 --11..00 1122 13 -. 1 .2 * —. 1 * .. 11 -. 1 —. 1 —. 1 .. 11 .2 -.3 13 14 2.1 2.0 2.1 22!!44 2.8 3.5 33..44 1.5 4.2 33!!OO 4.0 44..55 2.3 5.1 14 15 Other -.5 -.1 . 1 .2 .4 .4 -.2 .5 .4 .5 .4 -.7 .3 .6 15 Commercial banking 5 1 Current surplus 2.1 2.5 2.3 3.0 3.7 3.8 3.9 3.8 3.7 3.8 3.8 3.9 3.9 3.8 1 2 Net acquisition of financial assets. . • 30.6 21.4 41.0 46.6 22.5 40.4 57.6 29.6 15.3 31.4 49.4 63.1 52.1 70.7 2 3 Total loans and investments 29.0 17.7 37.5 40.3 17.9 33.1 50.5 23.5 12.2 19.8 46.4 48.5 52.5 61.3 3 4 29.1 17.0 35.9 39.0 18.9 31.6 49.8 23.2 14.6 21.6 41.5 49.4 50.0 55.7 4 5 U.S. Government securities6. -2.3 -3.5 9.4 3.5 -9.4 9.4 6.0 -11.7 -6.8 1.6 17.2 8.6 3.3 2.3 5 6 Direct -3.0 -3.5 6.5 2.2 -9.2 5.8 2.3 -11.2 -6.9 1.0 10.7 5.9 -1.1 -1.1 6 7 .7 . 1 3.0 1.3 -.3 3.6 3.6 -.5 * .6 6.5 2.8 4.4 3.4 7 8 Other securities and mtg.. .. 10.8 7.1 14.6 15.5 5.6 13.9 23.9 8.6 2.6 8.9 19.0 25.6 22.1 25.0 8 9 State and local obligations. 5.2 2.3 9.1 8.6 .2 10.7 12.7 1.4 -1.0 6.8 14.6 15.6 9.8 7.5 9 10 Corporate bonds —. 1 . 1 .8 .3 —. 1 .8 1.3 . 1 -.2 .4 1.2 1.5 1.1 1.9 10 11 Home mortgages 3.2 2.4 2.5 3.5 3.0 .9 5.7 3.8 2.2 .8 1.0 4.7 6.7 7.9 11 12 Other mortgages 2.5 2.3 2.2 3.2 2.4 1.6 4.2 3.2 1.7 .9 2.3 3.9 4.6 7.7 12 13 Other credit exc. security. . . 20.6 13.4 11.9 20.0 22.8 8.2 19.9 26.4 18.9 11.2 5.3 15.1 24.5 28.3 13 14 Consumer credit 4.6 2.6 1.8 4.9 3.3 1.9 4.8 3.7 2.7 1.6 2.0 2.9 6.5 7.3 14 15 Bank loans n.e.c 16.5 9.2 7.7 16.2 19.0 4.4 14.4 21.8 16.1 8.1 .8 11.9 16.8 21.6 15 16 Open market paper -.5 1.6 2.4 -1.1 .5 2.0 .8 .9 . 1 1.5 2.5 .4 1.2 -.6 16 17 Corporate equities . 1 .1 . 1 .1 * . 1 * * . 1 . 1 . 1 . 1 —. 1 .2 17 18 Security credit -.2 .6 1.5 1.3 -1.1 1.4 .8 .3 -2.5 -1.9 4.8 -1.0 2.6 5.5 18 19 Vault cash & mem. bk. reserves.. .7 1.9 1.8 1.9 .5 1.8 4.1 .1 .8 2.0 1.6 3.1 5.2 .7 19 20 Other interbank claims . l .6 .3 1.6 2.3 2.5 1.1 3.8 .8 5.7 -.7 10.4 -8.3 8.2 20 21 Miscellaneous assets .7 1.1 1.3 2.8 1.9 3.0 1.9 2.2 1.6 3.9 2.1 1.1 2.7 .4 21 22 Net increase in liabilities 29.2 20.2 39.3 44.8 21.5 38.7 55.1 29.1 13.8 29.5 47.8 60.6 49.6 68.7 22 23 5.5 .3 11.5 13.4 5.3 8.7 14.0 -2.9 13.4 5.1 12.3 12.3 15.7 7.9 23 24 U.S. Government -1.0 -.5 .2 -.2 * 2.9 2.2 -2.1 2.1 3.4 2.4 -1.6 6.1 -3.9 24 25 Other 7 6.5 .9 11.2 13.7 5.3 5.8 11.8 -.7 11.3 1.7 9.9 13.9 9.6 11.8 25 26 Time deposits 20.1 13.3 23.9 20.7 -9.3 38.0 41.4 -6.5 -12.2 21.9 54.0 46.9 35.8 42.0 26 27 Commercial paper issues 44..22 --11..99 — .4 2.5 5.9 6.5 --1100..22 -1.2 .5 * 27 28 Bank security issues .8 . 1 .2 .2 .. 11 .. ll .6 .2 * . l .7 .4 2.0 28 29 F.R. float -.4 .3 .9 * .8 .1 -1.3 1.3 1.1 .6 -.5 .7 1.0 29 30 Borrowing at F.R. Banks -.1 . l " * * 4c .2 -.3 1.0 -1.0 .1 .2 -. 1 -.5 -.5 30 31 Other interbank claims . 1 .6 .3 1.6 2.3 2.5 1.1 3.8 .8 5.7 -.7 10.4 -8.3 8.2 31 32 Profit tax liabilities -.1 * -.1 -.1 . 1 .3 * .1 * .4 .3 -.3 .3 -.6 32 33 Liabilities to foreign branches... .1 2.9 .7 2.3 7.9 -6.9 -4.1 15.6 .3 -4.0 -9.9 -8.0 -.2 1.5 33 34 Other miscellaneous liabilities. .. 3.2 2.6 2.7 5.6 10.9 -3.1 2.8 16.6 5.3 -7.4 1.2 .4 5.2 7.2 34 35 Discrepancy .4 .8 .3 .6 .9 1.0 .3 .6 1.1 .9 1.0 .3 .2 .6 35 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • FLOW OF FUNDS A 73.7 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 CCaatteeggoorryy 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI Private nonbank financial institutions—Total 1 1 1.4 1.6 1.3 .2 -.2 2.0 3.9 -.6 .3 .9 3.1 3.8 4.1 3.9 ! 2 Physical investment (life insurance).. .4 .5 .6 .7 .8 1.0 1.4 .8 .8 .9 1.0 1.3 1.6 .8 2 3 Net acquisition of financial assets 41.6 35.3 41.9 49.7 46.5 54.5 80.3 49.5 43.5 45.6 63.3 83.7 76.8 96.3 3 4 Demand deposits and currency. . . .5 -.2 .8 1.0 .1 1.5 .7 -.5 .7 .9 2.0 .9 .5 .3 4 5 Time deposits (MSB) * * * * —. 1 .2 .2 -.2 * .2 .3 .2 . 1 .1 5 6 Svgs. and loan shares (Cr. union) -. 1 -.4 .3 -.3 * * * -.2 .2 -.1 .1 .5 -.4 .3 6 7 Corporate shares 5.7 5.9 8.3 9.4 12.8 11.3 19.2 12.1 13.4 12.4 10.1 20.7 17.6 15.0 7 8 Credit market instruments 33.4 27.6 26.8 36.0 35.0 38.7 56.0 41.0 28.9 32.8 44.6 56.5 55.3 70.4 8 9 U.S. Government securities * . 1 -2.4 2.1 -1.9 4.0 3.1 .6 -4.5 5.2 2.9 6.2 . 1 8.4 9 10 State and local obligations .... -.5 .7 1.2 1.2 1.0 1.8 1.8 .8 1.2 1.2 2.4 1.1 2.6 1.7 10 11 Corporate and foreign bonds... 7.4 8.7 11.2 9.5 6.8 11.9 14.5 9.2 4.3 9.8 13.9 15.3 13.8 14.5 11 12 Home mortgages 11.9 5.2 8.0 8.6 8.5 7.1 17.7 11.1 5.8 3.3 10.8 15.4 19.9 23.9 12 13 Other mortgages 7.8 6.7 6.7 7.0 6.8 8.4 12.5 6.1 7.6 7.8 9.1 11.7 13.3 12.5 13 14 Consumer credit 3.8 2.9 1.4 3.8 4.1 .6 3.0 4.7 3.5 2.3 -1.1 1.6 4.3 5.8 14 15 2.9 3.4 .7 3.8 9.7 4.9 3.3 8.5 11.0 3.2 6.6 5.2 1.4 3.7 15 16 Security credit .5 -.2 2.8 2.0 -2.6 -1.4 2.0 -3.5 -1.7 -4.0 1.2 2.3 1.6 6.8 16 17 .2 .2 .3 .3 .4 .5 .5 .4 .4 .5 .5 .5 .5 .5 17 18 1.5 2.3 2.5 1.3 .9 3.8 1.8 .3 1.6 3.1 4.4 2.1 1.5 3.0 18 19 40.9 35.1 42.9 49.3 48.5 52.9 77.3 51.0 46.0 42.0 63.8 79.1 75.5 89.7 19 20 Time and savings accounts 13.1 6.9 17.0 12.7 7.9 17.0 40.8 10.4 5.5 9.7 24.3 47.2 34.5 49.5 20 21 Insurance and pension reserves... 15.6 17.6 18.0 18.6 19.1 22.2 24.0 18.5 19.8 21.9 22.6 25.0 22.9 23.0 21 22 Credit market instruments 6.0 2.9 -.8 6.7 12.4 3.7 4.3 10.7 14.2 4.1 3.2 .3 8.3 5.2 22 23 1.9 .8 1.0 .8 1.6 2.5 3.8 1.7 1.4 1.8 3.3 3.4 4.1 5.0 23 24 Mortgage loans in process * -.9 1.0 .2 * .6 2.0 .6 -.5 -.5 1.8 2.8 1.2 1.1 24 25 2.4 -1.3 -2.1 2.3 2.1 -.6 1.4 2.4 1.9 -.8 -.4 4.0 -1.2 2.7 25 26 Other loans 1.7 4.3 -.7 3.3 8.7 1.1 -2.9 6.0 11.5 3.6 -1.5 -9.8 4.0 -3.6 26 27 Finance company paper 1.0 3.4 1.8 2.5 4.7 -.2 -.2 2.9 6.5 .9 -1.3 -4.0 3.6 -.9 27 28 FHLB loans .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -. 1 -5.8 .5 -2.7 28 29 Investment company shares 3.1 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 .3 2.3 -.3 29 30 Security credit * .6 2.1 2.0 -2.0 1.4 .6 -1.5 -2.6 -2.9 5.6 -.8 1.9 4.7 30 31 Taxes payable .2 * —. 1 .2 . 1 .2 -. 1 . 1 . 1 * .4 * -.3 .2 31 32 Miscellaneous liabilities 3.0 3.4 4.2 4.4 5.4 5.8 6.5 6.6 4.2 6.1 5.6 6.9 6.0 7.4 32 33 Discrepancy .3 .8 1.7 -.9 1.0 -.5 -.6 .1 2.0 -3.6 2.6 -2.1 1.1 -3.5 33 Savings and loan associations ! Net acquisition of financial assets 10.2 4.6 9.7 9.7 9.3 14.1 30.1 11.2 7.5 8.9 19.3 32.1 28.1 36.4 ! 2 Demand deposits & currency 2... * -.5 -.3 -.4 -.2 .3 .5 -.4 .1 . 1 .4 .5 .5 .5 2 3 Credit market instruments 9.6 4.2 9.1 10.1 9.8 11.3 29.4 12.1 7.5 7.0 15.7 31.1 27.7 34.9 3 4 U.S. Government securities .5 .4 1.6 .7 .3 1.2 5.2 .7 -.2 .9 1.4 9.1 1.3 5.7 4 5 Home mortgages 7.1 2.9 6.0 7.2 7.7 7.2 18.0 9.5 5.9 4.2 10.1 15.7 20.4 22.0 5 6 Other mortgages 1.9 .9 1.5 2.1 1.8 3.0 6.1 1.9 1.8 1.9 4.1 6.3 5.9 7.1 6 7 Consumer credit . 1 * * .1 * * . 1 * * * * * . 1 . 1 7 8 Misc. financial transactions .6 .9 .9 * -.2 2.5 .2 -.5 * 1.8 3.2 .4 -. 1 1.0 8 9 9.4 4.0 9.3 8.9 8.4 13.3 28.9 10.4 6.5 8.0 18.6 31.3 26.5 35.5 9 10 Savings shares 8.5 3.6 10.6 7.4 3.9 10.9 28.1 5.9 1.9 5.4 16.3 32.5 23.7 35.3 10 11 Credit market instruments .8 . 1 -1.7 1.1 4.1 1.8 * 3.5 4.7 1.9 1.8 -2.6 2.6 -1.4 11 12 Mortgage loans in process * -.9 1.0 .2 * .6 2.0 .6 -.5 -.5 1.8 2.8 1.2 1.1 12 13 Borrowing from FHLB .7 .9 -2.5 .9 4.0 1.3 -2.7 3.1 5.0 2.8 -5.8 .5 -2.7 13 "-1 Mutual savings banks ! Net acquisition of financial assets3. .. 4.0 2.8 5.4 4.6 3.1 4.7 10.6 4.3 1.8 4.0 5.4 13.1 8.1 13.0 1 2 Corporate shares .2 * .2 .3 .2 .3 .5 .2 .2 .3 .4 .4 .6 .7 2 3 Credit market instruments 3.7 2.6 5.0 4.1 2.9 3.8 9.3 4.1 1.8 3.2 4.3 11.8 6.9 10.9 3 4 U.S. Government securities... . -.3 -.5 -.3 -.2 -.5 .2 .4 * -1.1 . 1 .3 .4 .3 .3 4 5 State and local govt, securities.. -. 1 -. 1 * * 4c * .2 * * * .2 . 1 .5 5 6 Corporate bonds -. 1 .3 2.1 1.3 .3 1.3 4.3 .9 -.2 1.1 1.5 6.9 1.7 4.4 6 7 Home mortgages 2.7 1.6 1.8 1.4 1.4 .9 1.2 1.5 1.3 .7 1.2 .9 1.5 2.6 7 8 Other mortgages 1.4 1.1 1.4 1.4 1.3 .9 2.7 1.2 1.3 .7 1.2 2.5 3.0 2.4 8 9 Savings deposits 3.6 2.6 5. 1 4.2 2.6 4.4 9.9 3.1 2.1 2.7 6.2 11.7 8.0 10.6 9 10 Miscellaneous liabilities * . 1 .2 . 1 . 1 .2 .3 .3 -.1 . 1 .2 .4 10 Life insurance companies 1 Net acquisition of financial assets3... 8.7 8.2 8.7 9.8 9.2 9.9 12.5 8.3 10.2 10.4 9.4 12.4 12.6 13.7 ! 2 Corporate shares .7 .3 1.0 1.4 1.7 2.0 3.6 1.8 1.6 2.3 1.7 3.9 3.3 4.2 2 3 Credit market instruments 7.5 7.7 7.4 7.7 6.7 7.0 8.1 6.4 7.0 77..22 6.8 7.6 8.5 8.4 3 4 U.S. Government securities -.4 -.4 -.3 -.1 -.3 -.2 -.3 -.3 -.3 * 1 4 5 State and local obligations -.3 -.4 .2 * ' 1 .2 * * * '.2 .2 .2 5 6 Corporate bonds 2.8 2.4 3." 8 3.9 1.5 1.5 5.1 2.4 .7 1.4 1.6 3.8 6.5 7.1 6 7 Home mortgages 1.1 .6 -.5 -.7 -1.1 -1.3 -2.1 -.6 -1.5 -1.3 -1.3 -2.0 -2.2 -2.8 7 8 Other mortgages 3^8 4.0 3.4 3.2 3.1 3.6 3.3 2.7 3.5 4.0 3.3 2.7 3.9 3.0 8 9 Other loans .6 1.5 1.0 1.2 3.4 3.0 1.6 2.3 4.6 3.0 3.1 3.2 * 1.3 9 10 Net increase in liabilities 7.9 7.9 9.0 9.1 9.2 10.2 11.8 9.1 9.4 9.8 10.5 11.6 12.1 12.4 10 11 Life insurance reserves 4.7 4.5 4.9 4.6 4.8 5.1 6.6 4.7 4.9 4.9 5.3 6.3 6.8 7.2 11 12 Pension fund reserves 2.1 2.1 2.6 2.9 2.9 3.3 3.3 2.9 2.9 3.2 3.3 3.3 3.3 3.3 12 13 Other liabilities 1.2 1.2 1.6 1.5 1.4 1.7 2.0 1.4 1.4 1.7 1.7 2.0 2.1 2.0 13 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 73.8 FLOW OF FUNDS • NOVEMBER 1972 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 CCaatteeggeerryy 1965 1966 1967 1968 1969 1970 1971 HI H2 HI H2 HI H2 HI Private pension funds 1 Net acquisition of financial assets 5.5 7.2 6.6 6.4 6.3 7.1 7.3 5.7 7.0 6.4 7.9 7.9 6.7 5.3 1 2 Demand deposits and currency... * * .4 .3 * .2 -.2 * .1 * .3 -.3 * -.6 2 3 Corporate shares 3.1 3.7 4.6 4.7 5.4 4.6 8.9 5.3 5.5 4.5 4.6 10.6 7.2 8.2 3 4 Credit market instruments 2.1 2.6 .7 1.1 .6 2.4 -1.6 -. 1 1.4 1.8 2.9 -2.6 -.5 -1.9 4 5 U.S Government securities * -.5 -.6 .4 -.2 .2 -.3 -.3 * * .5 -.6 * .6 5 6 Corporate bonds 1.5 2.5 1.1 .6 .6 2.1 -.7 .2 1.0 1.7 2.4 -1.3 * -1.7 6 7 .6 .6 .2 * . 1 . 1 -.6 * .3 .2 * -.7 -.5 -.8 7 8 .3 .9 .8 .4 .3 * .1 .6 .1 * .1 .1 * -.4 8 State and local govt, employee retirement funds 1 Net acquisition of financial assets 3.3 3.8 4.0 4.7 5.0 6. 8 6.8 5.1 5.0 7.4 6.1 7.6 6.1 7.2 1 2 Demand deposits and currency... * . 1 . 1 . 1 —. 1 ,1 -.1 -.3 * .1 .2 * -.2 -.3 2 3 Corporate shares .4 .5 .7 1.3 1.8 2. ,1 3.2 1.7 1.9 2.1 2.2 2.9 3.5 2.9 3 4 Credit market instruments 2.9 3.2 2.8 3.2 3.4 4. ,3 3.6 3.9 2.8 5.0 3.6 4.6 2.7 4.4 4 5 U.S. Government securities .4 . 1 -.9 .3 -.3 —. 1 -.8 -.2 -.4 -.2 . 1 -1.3 -.4 -.4 5 6 Direct .2 -. 1 -1.1 -.2 -.5 —. 4 -.5 -.2 -.7 -.5 -.2 -1.1 * -.4 6 7 U.S. Govt, agency sec .2 .1 . 1 .5 .1 3 -.3 * .3 .3 .3 -.2 -.4 * 7 8 State and local obligations -.3 -.1 —. 1 * —. 1 —. 3 -.2 * -.1 -.3 -.3 * -.4 * 8 9 Other cr. mkt. instruments.... 3.2 3.8 4.5 4.2 5.5 6. 8 7.9 5.8 5.3 7.7 6.0 8.8 6.9 7.7 9 10 Corporate bonds 2.1 2.5 3.4 2.5 3.1 3. 9 4.4 3.9 2.4 4.4 3.3 5.7 3.0 5.0 10 11 Mortgages .7 .8 .5 .4 .6 8 .3 .3 1.0 1.2 .5 .2 .4 -.2 11 12 Other .1 .1 .4 * 2 . 1 .2 .2 . 1 . 1 .2 .2 12 -1 "-1 Other insurance companies 1 Current surplus -.1 .5 .4 .1 -. 1 .8 1.5 -.1 -.1 .4 1.1 1.4 1.6 1.6 1 2 Net acquisition of financial assets 1.2 2.1 2.0 3.1 2.9 5.4 4.9 3.8 2.1 5.4 5.4 4.7 5.1 5.8 2 3 Demand deposits and currency... —. 1 * * . 1 * . 1 * * —. l . 1 .1 * * * 3 4 Corporate shares . 1 .4 .3 .8 1.0 1.0 2.5 1.1 .8 1.3 .7 2.0 2.9 2.5 4 5 Credit market instruments 1.1 1.5 1.4 1.9 1.6 3.9 1.9 2.2 .9 3.6 4.1 2.1 1.7 2.7 5 6 U.S. Government securities.... * -.4 -.7 -.2 -.5 . 1 -.4 .1 -1.1 -. 1 .3 -.4 -.4 -.5 6 7 State and local obligations.... .4 1.3 1.4 1.0 1.2 1.5 1.5 1.2 1.3 1.4 1.5 1.5 1.5 2.1 7 8 Corporate bonds .6 .6 .7 1.2 .8 2.3 .7 .9 .8 2.3 2.3 .9 .5 1.0 8 9 Commercial mortgages * * * * * * .1 * * * . 1 * . 1 .1 9 10 Trade credit .2 .2 .3 .3 .4 .5 .5 .4 .4 .5 .5 .5 .5 .5 10 11 Net increase in liabilities 1.6 1.8 2.1 2.4 3.4 3.5 3.4 4.2 2.6 3.4 3.6 3.5 3.3 3.7 11 12 Discrepancy .3 .2 .5 -.5 .4 -1.2 * .3 .5 -1.7 -.7 .2 -.2 -.5 12 Finance companies 1 Net acquisition of financial assets 5.4 2.6 .9 5.5 8.0 1.9 4.2 7.8 8.0 3.1 .6 4.2 4.1 8.4 1 2 Demand deposits and currency... .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 2 3 Home mortgages .5 -.6 .4 .6 .3 . 1 1.1 .7 -. 1 -.5 .8 1.4 .7 2.8 3 4 Consumer credit 2.6 1.8 .6 2.4 2.6 -.6 1.0 2.9 2.2 1.1 -2.4 -.3 2.2 3.4 4 5 Other loans (to business) 2.0 1.2 -.4 2.2 4.8 2.1 1.9 4.0 5.7 2.2 1.9 2.8 .9 1.9 5 6 Net increase in liabilities 5.2 2.8 .9 5.5 8.3 1.8 4.3 7.1 9.5 2.2 1.4 2.9 5.7 6.6 6 7 Corporate bonds 1.9 .8 1.0 .8 1.6 2.5 3.8 1.7 1.4 1.8 3.3 3.4 4.1 5.0 7 8 Bank loans n.e.c 2.2 -1.4 -2.0 2.3 2.1 -.5 .7 2.5 1.6 -.4 -.6 3.5 -2.0 2.5 8 9 Open market paper 1.0 3.4 1.8 2.5 4.7 -.2 -.2 2.9 6.5 .9 -1.3 -4.0 3.6 -.9 9 Open-end investment companies 1 Current surplus -1.1 -1.2 -1.5 -2.2 -2.2 -1.0 -.9 -2.9 -1.5 -1.6 -.4 -.7 -1.0 -1.3 1 2 Net acquisition of financial assets 2.0 2.5 1.1 2.5 3.3 1.6 .5 3.4 3.3 1.6 1.6 -.4 1.3 -1.6 2 3 Demand deposits and currency... . 1 * .2 .1 —. 1 * . 1 —. 1 -.1 -.3 .2 .2 * 1 3 4 Corporate shares 1.2 1.0 1.5 1.5 2.5 1.1 .4 1.3 3.6 1.7 .5 1.3 -.4 -2.1 4 5 Credit market instruments .8 1.5 -.5 .9 .9 .5 -.1 2.1 -.3 . l .9 -1.9 1.7 .3 5 6 U.S. Government securities * .6 -.5 .2 -.5 .2 -.3 -.4 -.6 3!8 -3.4 -.4 -.2 * 6 7 Corporate bonds .4 .4 * .4 .2 .7 .6 .5 _. i -1.4 2.8 -.2 1.5 .2 7 8 Open market paper .3 .5 * .3 1.2 -.4 -.4 2.0 'a -2.3 1.6 -1.2 .4 • 1 8 9 Net stock issues 4 3.1 3.7 2.6 4.7 5.5 2.6 1.3 6.3 4.8 3.1 2.0 .3 2.3 -.3 9 NOTE.—1972 HI based on preliminary and incomplete information. For other notes see p. A-73.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • FLOW OF FUNDS A 73.73 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 Category 11996655 11996666 11996677 11996688 11996699 11997700 11997711 HI H2 HI H2 HI H2 HI Rest of the world 1 Net U.S. exports 6.9 5.3 5.2 2.5 1.9 3.6 .7 1.1 2.7 3.7 3.4 2.3 -.9 -4.9 ! 2 U.S. exports 39.2 43.4 46.2 50.6 55.5 62.9 66.1 52.4 58.7 62.3 63.5 66.5 65.8 70.4 2 3 U.S. imports 32.3 38.1 41.0 48.1 53.6 59.3 65.4 51.2 56.0 58.5 60.1 64.2 66.7 75.3 3 4 Transfer receipts from U.S 2.8 2.8 3.0 2.9 2.9 3.2 3.6 3.0 2.9 3.1 3.3 3.3 3.9 3.8 4 5 Current account balance1 -4.1 -2.4 -2.2 .4 1.0 -.4 2.8 1.8 .2 -.7 .9 4.8 8.7 5 6 Net financial investment -3.8 -1.9 -1.2 .9 3.4 .7 13.6 5.2 1.7 -.1 1.4 7.6 19.7 9.2 6 7 Net acquis, of financial assets 1.9 3.3 7.6 8.5 10.3 5.8 22.2 13.9 6.7 5.9 5.7 17.2 27.2 16.5 7 8 Gold and SDR's2 1.7 .6 1.2 1.2 -1.0 .8 1.3 -.5 -1.4 -.2 1.8 1.8 .9 1.1 8 9 U.S. demand dep. & currency, .1 .4 .3 .6 .3 .2 .2 -.3 .8 .1 .3 -.3 .8 1.9 9 10 Time deposits .6 .3 1.2 -.3 1.1 -1.7 .5 -.9 3.1 .5 -3.9 .7 .4 .9 10 11 U.S. corporate shares -.4 -.3 .7 2.1 1.6 .7 .9 1.8 1.3 -.4 1.8 .2 1.6 1.7 11 12 U.S. Government securities... -.2 -2.4 2.1 -.5 -1.8 9.1 26.3 -4.1 .5 6.7 11.6 25.8 26.8 5.4 12 13 Other credit market instr.3 . . . .2 .9 —. 1 .7 1.5 1.2 .1 1.5 1.5 1.7 .7 .9 -.7 * 13 14 Other financial assets 4 -.2 3.9 2.1 4.6 8.6 -4.5 -7.2 16.4 .9 -2.4 -6.6 -11.8 -2.5 5.4 14 15 Net increase in liabilities 5.6 5.2 8.7 7.6 6.9 5.1 8.6 8.7 5.0 6.0 4.3 9.6 7.5 7.3 15 16 Official U.S. fgn. exchange5 .. .4 * 1.1 2.1 .3 -2.5 -1.7 .2 .4 -3.3 -1.8 -1.6 -1.8 * 16 17 Foreign corporate shares .3 -.3 .1 .2 .5 .1 * .7 .3 -.2 .4 .4 -.3 -.2 17 18 Corporate bonds .5 .7 1.2 1.1 1.0 .9 .9 1.0 1.0 .4 1.3 1.1 .7 1.7 18 19 Loans 6 1.8 .8 2.8 1.8 1.8 2.1 4.7 2.9 .7 2.0 2.2 4.0 5.5 1.4 19 20 Other liabilities 7 2.6 3.9 3.6 2.5 3.3 4.7 4.7 3.9 2.6 7.0 2.3 5.8 3.5 4.4 20 21 Discrepancy 8 -.3 -.5 -1.1 -.5 -2.4 -1.0 -10.8 -3.3 -1.5 -.6 -1.4 -6.6 -15.0 -.5 21 NOTE.—1972 HI based on preliminary and incomplete information. Notes to Table 4 Households 1 Imputed saving associated with growth of government life insurance Banking and retirement reserves. 1 Federal Reserve System plus those Treasury accounts included in 2 From open-end investment companies. "Member Bank Reserves, Federal Bank Credit, and Related Items" 3 Excludes corporate equities. (p. A-4). Excludes Exchange Stabilization Fund, which is in U.S. Govt, 4 Policy loans, hypothecated deposits, and U.S. Govt, loans to nonprofit accounts. organizations. 2 Includes F.R. holdings of foreign currencies. On Special Drawing Rights, see notes 5 and 7 to Governments table. SDR certificates as assets of the Federal Reserve are on line 4 of this table. Bu 4 2 3 1 s i E C A n E e x x h f s c t c a s e l l n r u u g d d i e n e e s s v i n e C i n m w C to p o C r u r y - k t g e d v u in a a r l r u p e a n a r n o t t t i a c e o l e e n s d i n s a . c l d o o j a m u n e s s t , m fr t e r o e n m a t . t o ed w n a e s r- U o . c S c . u p G i o ed v t, h o p u u s rc e h s. a ses on A co - m 2 4 5 3 0 m I I C , n M e o c t r h m F l c u e i b d i d a r i e l e n s p d e o p o d v s a m a i p u t s e s e l t s t r a t a t i c r c e i a e m s s a s h n e u f e f n e o t i t d l f i i , a n n f t o o E e l r s i n d n m g a e a s e l e l 3 m r . e c A b p o c e o m t r r m te b c e d a o r n r c o k p i n a s o l . r p a . b t i a A o n n - k 3 s s 3 , a f U s o r . S r l e . o p a o n a r s g t e e s n d o c l i d o e s n a n p d o . f NI 6 A 5 N In b o c a n l s u c i d s o . e r s p o c r o a r t p e o n ra et t e in f c a o rm me s. is treated as payment in full to proprietors c f a o o n r d n e s i o t g h l n i e d a b o t a e th n e k c r s o , m g a r m o n u d e p rc s i b a i a l n n c k b l s u a d n e i k d n s , in U b . u t S t h . e c p l s a e o i c s m t s o s e r s s b a i e o re t n w s s e h e o o n v w e n c rs o e m i a n s m . b e o T r t c h h i e a l l en f b i d g a u i n n r k e g s s i a n l lo 7 8 9 t w h I L D e n a o i c n r a h l c e n u o e c s d u s t e f s s i r p e n o h l v e m u o a e s l r s d U n t c m i o . n S s r e e g . p n s c G o t t s o r r o a e r v a . t t e b t a , G i r n f a o r a e n a o d r d d m s , s c i n f o r s o e m a r b t v e a m u i i i s n g n e i g n e r n c d e c i c s a u o p s l r ; n r r l o s e o s i f n a e s i e c n t ts s y s . n f o o h r f o t o e l m c d 6 a in p fi g i a n t s b a a , n o l c v a e n e c . d o c n o i s m n u s p m u a p r n a t i n i e o c s n e . a sh n e d 7 6 e t N N b e o e e s t t r t r i o c o m f h w a a F i t n n e . g g R s e . i f n i o f n l r o t p a h la t a e , s r t s s v d t h a a a o l t y u w e e m n o f o e s f n q e t p u h . a a o Q r r l a t d u e t i e a r n . l r g y t s e . r i n ly li f n i e g u 3 re 1 s . are based on balance receivables. Nonbank finance 10 Commercial paper, commercial loans from finance companies, and 1 In addition to types shown, includes credit unions and security U.S. Govt, loans. brokers and dealers. 2 Excludes deposits at FHLB, which are included in Miscellaneous, Governments line 8. 1 Retirement funds are on p. A-73.8. 3 Includes cash and other assets, not shown separately. 2 Unified budget basis for all years. Excludes sponsored agencies 4 Includes retained capital gains dividends. shown below. 3 Govt, life insurance, employee retirement, and R.R. retirement Rest of the world programs. 1 Line 4 minus line 1. The current balance is shown here from the 4 Securities of sponsored credit agencies only. viewpoint of the rest of the world and is thus opposite in sign from U.S. 5 Mainly official foreign exchange and IMF position of Treasury. balance of payments statements and U.S. national income accounts. Includes net purchases of Special Drawing Rights, which are assets of 2 Net purchases of gold and Special Drawing Rights from the U.S. only. the Exchange Stabilization Fund. Initial allocation of SDR's in January Excludes acquisitions of gold from outside the U.S. Also excludes January is excluded, however, from these tables on transactions. allocation of SDR's. 6 Loan participation certificates and securities issued by Export-Import 3 Corporate bonds and acceptances. Bank, GNMA, CCC, Federal Housing Administration, and TVA. In- 4 Trade credit, direct investment in the United States, bank liabilities cludes mortgage liabilities of Defense Dept. and Coast Guard and block to foreign branches, security credit, and unallocated assets. sales of Farmers Home Administration insured notes. 5 Includes net IMF position. 7 Includes net sales of SDR certificates to Federal Reserve System. 6 Bank loans, acceptances, and loans from U.S. Govt. 8 Home loan banks, land banks, intermediate credit banks, banks for 7 Trade debt, direct investment abroad, foreign currencies other than cooperatives, Federal National Mortgage Association (before 1969, sec- in line 16, subscriptions to international organizations except IMF, and ondary market operations only), and mortgage pools issuing GNMA- unidentified liabilities. guaranteed securities. 8 Errors and omissions in U.S. balance of payments statement. NOTE.—Quarterly figures and background information concerning these tables are available on request to the Flow of Funds Section, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS • NOVEMBER 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 Line CCrreeddiittss++,, ddeebbiittss —— 1969 1970 1971 II III IV I IIP Summary—Seasonally adjusted 1 Merchandise trade balance 1 621 2,164 -2,689 -1,012 -472 -1,494 -1,673 -1,929 2 Exports 36,417 41,963 42,770 10,710 11,479 9,564 11,809 11,463 3 Imports -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 Investment income, net 2 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 Foreign investments in the United States -4,564 -5,167 -4,903 -1,106 -1,304 -1,356 -1,387 -1,397 10 Other services, net 442 574 748 180 182 172 200 194 11 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 --11,,227777 -1,410 -788 -1,266 -200 21 Foreign direct investments in the United States 832 1,030 -67 11 -374 181 -360 346 22 Foreign securities -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 Balance on current account and long-term capital 4 -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 Errors and omissions, net -2,470 -1,174 -10,927 -2,586 -5,380 -2,018 850 -1,077 33 -6,122 -3,851 -22,002 -5,721 -9,380 -4,329 -3,094 -2,404 34 Liquid private capital flows, net 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 Reported by U.S. banks -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 foreign 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 To other foreigners -441 87 -465 -146 -370 -21 53 292 42 Official reserve transactions balance 2,702 -9,839 --2299,,776655 --66,,446666 --1111,,993311 --55,,994488 --33,,225566 --886633 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government --116622 553355 341 -8 -9 366 228800 -2 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks -836 --881100 -539 -160 -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 U.S. official reserve assets, net -1,187 2,477 2,348 659 1,194 -187 429 --223311 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 -8 185 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14) 22,,885566 2,586 3,153 778 701 939 11,,220055 797 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 2,614 2,885 (5) (5) (5) (5) ((55)) ((55)) 53 Reinvested earnings of U.S. incorporated affiliates of foreign firms (excluded from lines 9 and 21) 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

NOVEMBER 1972 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 75 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1971 1972 CCrreeddiittss --ff,, ddeebbiittss —— 11996699 11997700 11997711 II III IV I Up Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -6,122 -4,718 -22,719 -5,900 -9,559 -4,508 -3,272 -2,582 Official reserve transactions balance 2,702 -10,706 -30,482 -6,645 -12,110 -6,127 -3,434 -1,041 Balances not seasonally adjusted 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 PPeerriioodd 1969 1970 1971 1972 1969 1970 1971 1972 1969 1970 1971 1972 Month: Jan 333333 222222,,,,,,111111666666111111 333333,,,,,,444444000000666666 333333,,,,,,777777333333333333 4,221 333333222222,,,,,,000000000000222222 333333,,,,,,222222222222333333 333333,,,,,,666666888888555555 4,540 111111555555999999 111111888888333333 444444888888 -319 Feb 333333222222,,,,,,222222666666666666 333333,,,,,,555555444444777777 333333,,,,,,666666999999111111 3,806 333333222222,,,,,,666666777777222222 333333,,,,,,222222777777888888 333333,,,,,,555555444444666666 4,403 ------444444000000666666 222222666666999999 111111444444555555 -598 Mar 333333 333333,,,,,,111111888888888888 333333,,,,,,333333777777666666 333333,,,,,,888888111111555555 3,891 333333222222,,,,,,999999888888222222 333333,,,,,,222222111111888888 333333,,,,,,555555666666888888 4,475 222222000000666666 111111555555888888 222222444444777777 -584 Apr 333333 333333,,,,,,333333111111888888 333333,,,,,,444444000000999999 333333,,,,,,555555222222888888 3,760 333333 333333,,,,,,111111888888333333 333333,,,,,,222222666666333333 333333,,,,,,777777444444888888 4,460 111111333333555555 111111444444666666 ------222222222222000000 -699 May 333333333333,,,,,,222222666666888888 333333,,,,,,666666666666111111 333333,,,,,,777777777777666666 3,914 333333333333,,,,,,222222555555777777 333333,,,,,,333333333333888888 333333,,,,,,999999888888888888 4,466 111111111111 333333222222333333 ------222222111111222222 -552 June 333333 333333,,,,,,111111777777999999 333333,,,,,,777777333333000000 333333,,,,,,666666666666222222 3,905 333333 333333,,,,,,111111555555222222 333333,,,,,,222222666666666666 444444,,,,,,000000111111999999 4,495 222222777777 444444666666555555 ------333333555555000000 -590 July 333333,,,,,,111111888888222222 333333,,,,,,666666999999999999 333333,,,,,,444444999999333333 4,019 333333,,,,,,000000777777444444 333333,,,,,,222222555555555555 333333,,,,,,777777999999333333 4,561 111111000000888888 444444444444444444 ------333333000000000000 -542 Aug 333333,,,,,,333333666666666666 333333,,,,,,555555999999222222 333333,,,,,,666666777777888888 4,202 333333,,,,,,111111666666333333 333333,,,,,,333333444444666666 333333,,,,,,999999222222888888 4,644 222222000000333333 222222444444666666 ------222222555555111111 -463 Sept 333333......333333444444111111 333333,,,,,,555555555555333333 444444,,,,,,555555000000555555 4,158 333333,,,,,,000000777777888888 333333,,,,,,444444222222888888 444444,,,,,,222222333333777777 4,671 222222666666333333 111111222222555555 222222666666888888 -513 Oct 333333......333333444444222222 333333,,,,,,666666888888999999 222222,,,,,,777777111111000000 333333,,,,,,111111999999222222 333333,,,,,,555555000000111111 333333,,,,,,555555222222333333 111111555555000000 111111888888888888 ------888888111111555555 Nov 333333,,,,,,333333999999888888 333333,,,,,,444444999999999999 333333,,,,,,111111666666000000 333333,,,,,,111111888888000000 333333,,,,,,444444222222888888 333333,,,,,,333333777777999999 222222111111888888 777777111111 ------222222111111888888 Dec 333333,,,,,,222222888888000000 333333,,,,,,555555777777000000 333333,,,,,,888888555555888888 333333,,,,,,000000777777888888 333333,,,,,,444444000000444444 444444,,,,,,111111222222888888 222222000000222222 111111666666666666 ------222222777777000000 Quarter: I 777777,,,,,,666666111111555555 111111000000,,,,,,333333222222888888 111111111111,,,,,,222222333333999999 11,917 777777,,,,,,666666555555555555 999999,,,,,,777777111111999999 111111000000,,,,,,777777999999999999 13,418 ------444444000000 666666000000999999 444444444444000000 -1,501 I I 999999,,,,,,777777666666555555 111111000000,,,,,,888888000000000000 111111000000,,,,,,999999666666555555 11,579 999999,,,,,,555555999999111111 999999,,,,,,888888666666777777 111111111111,,,,,,777777444444777777 13,421 111111777777444444 999999333333333333 ------777777888888222222 -1,842 II I 999999,,,,,,888888888888999999 111111000000,,,,,,888888444444555555 111111111111,,,,,,666666777777555555 12,379 999999,,,,,,333333111111555555 111111000000,,,,,,000000222222999999 111111111111,,,,,,999999555555888888 13,896 555555777777444444 888888111111666666 ------222222888888333333 -1,518 I V 111111000000,,,,,,000000222222000000 111111000000,,,,,,777777555555888888 999999,,,,,,777777222222666666 999999,,,,,,444444555555000000 111111000000,,,,,,333333333333333333 111111111111,,,,,,000000333333000000 555555777777000000 444444222222555555 ------111111,,,,,,333333000000444444 Year4 333333777777,,,,,,333333333333222222 444444222222,,,,,,666666666666222222 444444333333,,,,,,555555555555555555 333333666666,,,,,,000000444444333333 333333999999,,,,,,999999666666333333 444444555555,,,,,,666666000000222222 111111,,,,,,222222888888999999 222222,,,,,,666666999999999999 ------222222,,,,,,000000444444777777 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 • NOVEMBER 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 Belgium -----------4444444444400000000000 ----88883333 ---555888 ---111111000 ---111111000 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333333222222555555 --112299 ---444777333 ---222888222 --119911 -----------222222222222222222222255555555555 555555000000000000 -------2222222 ---222 ---222 ----55552222 444444111111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 ------777777666666 -----------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 Bank for Intl. Settlements- 222000000 Other 11 --66 --3355 --4499 1166 --4477 UUU --2299 --1133 --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 -----11111 -----2222255555••••• --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** ----1111 Venezuela -----2222255555 Other --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 --44 •• TToottaall 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 --44 ** Asia: Iraq ---111000 -----44444 ---222111 ---444222 -----5555566666 --111199 Lebanon --1111 -----1111111111 --11 -------99999995555555 ----33335555 -------33333334444444 ----11110000 ---111000 Philippines 2255 2200 •• 9999999 4400 --44 ----2222 ---111 --11 --11 -------55555550000000 -------88888881111111 111111 ---333000 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 2211 ---111 TToottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 111000 ---333222 ---111 ••• *** All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---888111 ---666 ---444 TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444————666633331111 ----888844445555 ----444444445555 ----222299996666 --11 Intl Monetary Fund J., 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 * 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 mitigation 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 * 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. * 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

NOVEMBER 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 al o 2 ld st T oc re k a t s ury v c fo e u C c r r r o i t e r e i n e i b s g - n l n e - p R I o e M s s i i n e t F i r 3 o v n e SDR's4 E m n o d n t o h f Total To G tal o 2 ld st T oc re k a i s ury v c fo e u C c r r i r o e t e r i s n e i b g 5 - n l n e - p R I o e M s s i i n e t F r io 3 v n e SDR's 4 1958. 22,540 20,582 20,534 1,958 1971 1959. 21,504 19,507 19,456 1,997 Oct... 12,146 10,207 10,132 259 580 1,100 1960. 19,359 17,804 17,767 1,555 Nov... 12,131 10,206 10,132 243 582 1,100 Dec... 812,167 10,206 10,132 8 276 585 1,100 1961. 18,753 16,947 16,889 116 1,690 1962. 17,220 16,057 15,978 99 1,064 1972 1963. 16,843 15,596 15,513 212 1,035 Jan.. . 12,879 10,206 10,132 276 587 1,810 1964. 16,672 15,471 15,388 432 769 Feb... 12,330 9,662 9,588 276 582 1,810 1965. 15,450 613,806 613,733 781 6 863 Mar... 12,270 9,662 9,588 212 586 1,810 Apr... 12,285 9,662 9,588 429 391 1,803 1966. 14,882 13,235 13,159 1,321 326 May.. 913,345 910,490 910,410 469 9428 91,958 1967. 14,830 12,065 11,982 2,345 420 June.. 13,339 10,490 10,410 457 434 1,958 1968. 15,710 10,892 10,367 3,528 1,290 July. . 13,090 10,490 10,410 203 439 1,958 1969. 7 16,964 11,859 10,367 72,781 2,324 Aug... 13,124 10,488 10,410 234 444 1,958 1970. 14,487 11,072 10,732 629 1,935 851 Sept... 13,217 10,487 10,410 323 449 1,958 1971. 812,167 10,206 10,132 8 276 585 ,100 Oct.. . 13,313 10,487 10,410 414 454 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 IIMMFF hhoollddiinnggss (during period) ooff ddoollllaarrss ((eenndd ooff ppeerriioodd)) PPPPPeeeeerrrrriiiiioooooddddd UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTT ooo rrr ttt aaa hhh www nnn eee sss rrr iii ttt aaa hhh ccc ccc ooo ttt III iii uuu ooo MMM nnn nnn ttt FFF sss rrr iiieee bbb sss yyy ppppp iiiii rrrrr nnnnn ooooo eeeee UUUUU sssss sssss iiiii eeeee IIIII ..... ttttt SSSSS MMMMM rrrrr iiiii vvvvv ..... ooooo FFFFF eeeee nnnnn PP ss tt uu aa dd ii bb oo yy oo ss nn mm oo llll cc ss ff aa ee rr rr ii nn ii ss pp nn tt -- ss bbyy ss gg II NN aa oo MM ll ee ll ee dd tt FF ss ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ss ee ii gg aa nn 22 ii nn cc nn -- -- II ii dd MM nn oo cc FF ll ii oo nn ll aa mm nn rr ee ss ee tt P d u o r l c o l h a f a rs s e 3 s pu d r o R c l i h n l 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 ((((( eeeee eeeee rrrrr nnnnn iiiii ddddd ooooo ddddd ooooo ))))) 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 _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 Oct ----------------------5555555555555555555555 ----------------------5555555555555555555555 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888822222222222222222222220000000000000000000000 99999999999999999999994444444444444444444444 444444444444444444444455555555555555555555554444444444444444444444 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. • NOVEMBER 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 notes 3,4 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 J20,994 800 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 /26,433 800 14,459 12,467 1,217 703 63 9 5,817 3,397 3,046 351 \26,394 800 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 J31,145 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 \35,667 1,033 18,194 14,027 711 741 1,807 11,085 4,678 4,120 558 /38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 609 \38,473 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 *2 555 122,515 1,505 23,638 4,464 3,939 525 \45,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 525 J47,009 566 23,786 19,333 306 429 3,023 695 17,137 4,676 4,029 647 \46,960 566 23,775 19,333 295 429 3,023 695 17,169 4,604 4,039 565 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 f67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 447 \67,810 544 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 59.426 39,787 3,781 12,094 3,647 117 12,127 4,492 4,122 370 79,449 60,596 40,621 4,146 12.094 3,647 88 12,908 4,422 4,044 378 79,645 60,028 39,649 4,382 12.095 3,804 98 13,551 4,623 4,234 389 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. i o Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 i l n e s E W u e ro st p e e r n 1 Canada A re m L pu e a b r t i i l n c i c a s n Asia Africa cou O n t t h ri e e r s 2 1967 18,194 10,321 1,310 1,582 4,428 250 303 1968 3 /17,407 8,070 1,867 1,865 5,043 259 303 117,340 8,062 1,866 1,865 4,997 248 302 1969 3 f4 15,975 4 7,074 1,624 1,888 4,552 546 291 1 15,998 7,074 1,624 1,911 4,552 546 291 1970 3 /23,786 13,620 2,951 1,681 4,713 407 414 123,775 13,615 2,951 1,681 4,708 407 413 1971—Sept 45,331 26,634 3,462 1,275 12,872 296 792 Oct 46,574 27,154 3,530 1,344 13,477 276 793 Nov 48,339 28,157 3,710 1,340 14,009 248 875 Dec. 5 /51,209 30,010 3,980 1,414 14,519 415 871 \50,651 30,134 3,980 1,429 13,823 415 870 1972—Jan 51,514 30,266 3,974 1,402 14,430 426 1,016 Feb 52,799 31,190 3,981 1,330 14,792 449 1,057 Mar 53,811 31,593 4,052 1,323 15,191 457 1,195 Apr 54,098 31,363 4,181 1,492 15,249 477 1,336 May 53,579 30,935 4,316 1,476 14,967 458 1,427 June 54,617 31,910 4,486 1,473 14,584 533 1,631 July 59,426 36,380 4,446 1,393 14,727 572 1,908 Aug.f. 60,596 36,607 4,463 1,415 15,352 652 2,107 Sept.* 60,028 35,935 4,469 1,361 15,298 685 2,280 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 Dem D an e d p os T it i s m e 2 b T i c r l c l e U e a s r a t . t e S s i a f s u . i n r - 3 d y s O l t h i e a t o r h b m r e . t 4 r - r f e o c n r u i e c n r i i - g e n s i m nv e e n s t t ^ - Total Demand Time 2 b T i c r l c e l e s a r a t t i s e f a u s i n - ry d 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 f41,719 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 52,878 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 58,664 58,185 6,922 4,939 32,714 13,609 478 1,230 79 224 145 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. • NOVEMBER 1972 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 9 Payable in dollars Payable in dollars Payable End of period in Total Dema D nd e posi T ts i me 2 T b c i r c l e U e a l r s a t . t e s S i a s f u . i n 3 r - d y s O l t i h e a t o r h b m r e . t 4 r - f r o e c n r u e c r i i - g e n s Total Dema D nd e posi T ts ime2 T bi c r c l U e e a ls a r t . t e s S i a s u f . n i 3 r - d y s O t l h i e t a o r h b m r 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 J40,499 15,716 5,765 13,511 5,138 368 19,333 1,652 2,554 13,367 1,612 19707 \40,541 15,726 5,802 13,511 5,133 368 19,333 1,652 2,554 13,367 1,612 1971—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 53,632 10,326 5,017 32,415 5,489 386 39,679 1,620 2,504 32,311 3,086 Dec. 8 53,662 6,387 4,025 32,415 10,443 392 39,018 1,327 2,039 32,311 3,176 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 4,485 32,738 11,116 479 39,787 1,521 2,377 32,655 3,064 Aug.25 57,573 6,566 4,600 33,572 12,380 455 40,621 1,308 2,412 33,499 3,231 Sept.? 57,434 6,843 4,715 32,569 12,828 478 39,649 1,237 2,456 32,497 3,288 To banks To other foreigners Payable in dollars End of period Total Total Dema D nd e posi T ts i me2 T b c i r l c U e e l a s r a . t t s S i e a u f s . n i r - y d s O l t h i e a t o h r b m r e . t 4 r - Total Dema D nd e posi T ts i me2 T b c i r l c U e e l a s r 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 h r b m r 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 J \2 2 1 1 , , 2 1 0 66 8 1 1 6 6 , , 9 9 1 4 7 9 1 1 2 2 , , 3 38 7 5 6 1 1 , , 3 3 2 5 6 4 1 1 4 4 3 3 , , 2 1 0 9 2 7 4 4 , , 0 0 2 3 9 9 1 1 , , 6 6 8 8 8 8 1 1 , ,8 8 9 8 5 6 1 1 3 3 1 1 3 3 2 2 5 5 1971—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 , , 1 9 3 9 0 5 3 3 , , 6 6 9 9 1 4 1 1, ,6 6 6 6 0 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 7,382 3,763 1,703 1,660 116 285 Feb.. . 15,185 11,067 3,121 349 7,593 3,812 1,714 1,699 99 299 Mar.., 15,282 11,115 3,093 359 7,658 3,818 1,682 1,735 102 299 Apr... 16,286 12,106 3,372 352 8,379 3,853 1,756 1,682 96 318 May.. 16.710 12,488 3,569 307 8,609 3,889 1,693 1,781 88 328 June., 17,534 13,079 3,797 310 8,968 4,102 1,800 1,814 81 409 July.. 16,249 11,818 3,877 286 7,649 4,122 1,821 1,821 77 402 Aug.*7, 16,952 12,624 3,555 337 8,725 4,044 1,702 1,851 66 425 Sept.f 17,785 13,244 3,834 355 9,051 4,234 1,772 1,905 68 489 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). ^Foreign 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. io 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

NOVEMBER 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) 1972 Area and country Dec. Jan. Feb. Mar. Apr. May July Aug.* Europe: Austria , 254 261 252 257 276 283 254 261 272 Belgium-Luxembourg 701 728 779 888 866 864 962 1,159 1,188 Denmark 168 177 179 191 218 203 215 216 209 Finland 160 156 150 140 151 131 148 176 165 France 3,150 3,234 3,311 3,103 3,043 3,027 3,514 4,324 4,317 Germany 6,596 6,972 7,724 7,670 5,482 5,500 6,483 6,601 6,459 Greece 170 167 164 147 163 159 179 168 165 Italy 1,888 1,700 1,693 1,572 1,627 1,572 1,375 1,424 1,615 Netherlands 270 306 424 823 878 861 847 1,488 1,514 Norway 685 702 675 674 655 669 654 769 892 Portugal 303 299 282 267 279 284 269 290 334 Spain 203 187 177 183 219 206 231 222 192 Sweden 792 803 871 964 981 1,010 1,044 1,036 1,033 Switzerland 3,249 3,256 3,099 2,935 2,942 2,709 2,626 3,623 3,493 Turkey 68 36 34 42 36 40 44 55 59 United Kingdom 7,379 7,908 7,600 8,089 7,954 7,954 7,914 4,945 5,893 Yugoslavia 34 35 40 54 94 88 90 87 102 Other Western Europe1 1,391 1,367 1,438 1,416 1,391 1,388 1,367 1,389 1,401 U.S.S.R 14 13 9 9 13 10 18 10 Other Eastern Europe 53 54 46 58 56 58 68 58 57 Total 27,530 28,361 28,951 29,483 27,321 27,021 28,293 28,310 29,370 Canada 3,441 3,593 3,574 3,486 3,722 4,146 3,966 3,727 3,660 Latin America: Argentina 441 435 420 541 507 465 459 457 500 Brazil 342 376 406 449 543 576 628 620 550 Chile 191 180 146 137 132 134 136 136 136 Colombia 188 185 176 163 184 190 190 196 212 Cuba 6 6 6 6 7 6 7 6 6 Mexico 715 758 748 659 668 761 733 788 695 Panama 154 158 156 156 155 185 154 165 154 Peru 164 164 160 174 174 167 179 178 178 Uruguay 108 108 111 124 118 122 117 121 136 Venezuela 963 870 843 740 851 873 919 831 865 Other Latin American republics... 655 645 685 649 695 661 669 673 701 Bahamas and Bermuda 656 313 278 307 444 440 486 384 416 Netherlands Antilles and Surinam 87 97 90 81 87 91 94 88 83 Other Latin America 37 43 46 37 29 43 40 46 45 Total 4,708 4,337 4,272 4,223 4,593 4,714 4,809 4,688 4,676 Asia: China Mainland 39 39 38 39 39 38 39 39 39 Hong Kong 312 304 335 306 299 328 311 341 325 India 89 114 118 116 102 104 105 122 105 Indonesia 63 54 71 90 89 87 113 98 117 Israel 150 133 143 143 145 148 140 128 119 Japan 14,295 14,179 14,950 14,808 14,902 14,017 14,096 13,963 14,155 Korea 196 224 220 204 178 196 198 206 235 Philippines 306 271 267 268 294 337 346 345 364 Taiwan 258 280 291 320 338 365 383 426 502 Thailand 126 121 116 120 170 174 177 120 141 Other 595 774 708 717 714 729 706 733 802 Total 16,429 16,495 17,257 17,131 17,267 16,525 16,613 16,521 16,904 Africa: Congo (Kinshasa) 12 12 13 22 14 18 27 15 Morocco 9 10 9 9 11 11 11 9 South Africa 78 53 73 70 79 70 76 92 65 U.A.R. (Egypt) 24 14 13 13 15 18 19 17 19 Other 474 510 538 526 542 522 608 620 622 Total 597 599 646 640 661 635 731 768 729 Other countries: Australia 916 ,087 1,124 1,257 1,405 1,482 ,692 1,977 2,187 All other 42 42 41 47 43 39 45 45 47 Total 957 1,129 1,165 1,304 1,448 1,520 1,737 2,022 2,234 Total foreign countries 53,662 54,515 55,864 56,267 55,014 54,560 56,150 56,036 57,573 International and regional: International2 1,327 1,475 ,000 941 802 819 793 831 L O a th ti e n r A re m g e io ri n c a a l n 3 regional f . 2 1 9 4 8 3 3 1 0 4 6 2 3 1 1 4 6 6 3 1 0 4 1 7 3 1 3 3 3 4 3 1 2 3 9 4 3 1 4 4 7 9 3 1 0 7 0 2 3 1 3 5 5 5 Total 1,768 1,924 1,462 1,389 1,275 1,265 1,315 1,265 1,321 Grand total 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. • NOVEMBER 1972 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1970 1971 1972 1970 1971 Area and country Area and country Apr. Dec. Apr. Dec. Apr. Apr. Dec, Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus 15 10 7 2 2 Jordan 30 14 3 Iceland 10 10 10 11 9 Kuwait 66 54 36 Ireland, Rep. of 32 41 29 16 15 Laos 4 5 2 Lebanon 82 54 60 Other Latin American republics: Malaysia 48 22 29 Bolivia 76 69 59 55 53 Pakistan 34 38 27 C D o o s m ta i n R ic i a c n a Republic 4 9 3 6 4 9 1 9 4 9 3 0 1 6 23 2 7 9 0 1 R Sa y u u d k i y A u r I a s b la ia n ds (incl. Okinawa). 1 2 6 6 6 10 1 6 8 4 3 1 9 H J H E E P T G N a a l r c a o i u m i r c u i S a n n a t a a a t i a i d g r e d d i l u a u c m v o a g a r a d a r a a y u d s l a o a & r Tobago 1 7 7 2 7 1 1 1 1 1 9 2 9 0 6 9 7 7 1 1 7 7 5 3 0 1 1 1 1 5 9 9 4 6 9 6 0 0 9 4 8 7 4 1 1 1 1 7 4 2 7 0 9 9 5 4 1 4 7 5 1 5 1 1 1 1 2 8 7 7 8 0 9 7 0 1 6 2 5 8 6 2 3 1 1 2 3 0 3 3 6 2 7 5 Ot S V S E K A G h y i e t i l e h n h e r r g n a i g t i e a y n o A n a r a a p a i p f a m i o r a i r c e ( a i : n cl. Eritrea) 2 9 4 1 3 5 1 6 7 7 3 3 1 5 7 3 1 1 7 7 9 8 8 7 9 1 4 6 1 1 1 3 1 3 6 3 2 3 Liberia 41 22 21 Libya 430 195 91 Other Latin America: Nigeria 11 17 25 British West Indies 38 33 38 32 23 Southern Rhodesia 2 2 Sudan 1 1 Other Asia: Tanzania 18 9 10 Afghanistan 15 26 15 19 17 Tunisia 7 7 6 Burma 5 4 3 10 5 Uganda 7 8 5 Cambodia 1 2 2 5 2 Zambia 38 10 14 Ceylon 4 4 4 4 6 Iran 41 32 50 59 88 All other: Iraq 6 11 7 10 (5) New Zealand 22 1 Includes Bank for International Settlements and European Fund. 3 Asian, African, and European regional organizations, except BIS and 2 Data exclude "holdings of dollars" of the International Monetary European Fund, which are included in "Europe." Fund but include IMF gold investment until Feb. 1972, when investment 4 Represent a partial breakdown of the amounts shown in the "other" was terminated. categories (except "Other Eastern Europe"). 5 Not available. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries 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—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 1,158 689 469 117 269 84 165 68 34 136 * 49 18 Aug.p 1,094 651 443 88 269 86 165 68 34 135 * 24 17 Sept p 1,067 613 454 98 269 87 167 68 35 133 * 33 17 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.P Sept.f Europe: Belgium-Luxembourg 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland 29 29 60 60 53 53 53 52 52 52 49 45 45 United Kingdom 432 427 362 323 279 283 268 280 288 264 265 280 293 Other Western Europe 49 71 82 85 95 95 95 95 95 96 98 96 94 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 521 538 516 480 438 441 426 438 445 424 422 432 443 Canada 175 175 179 181 179 179 178 179 166 313 313 372 432 Latin America: Latin American republics 1 1 1 1 1 1 1 1 1 1 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: India 20 20 20 755 1,009 1,488 1,717 2,007 2,146 2,391 2,415 2,777 2,901 3,125 3,310 3,481 Other Asia 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 784 1,038 1,518 1,727 2,017 2,156 2,401 2,425 2,787 2,912 3,136 3,321 3,492 Africa 43 25 8 8 8 8 8 8 8 8 8 127 133 All other * * * • * * * * * * * * * Total foreign countries 1,530 1,782 2,228 2,402 2,650 2,791 3,020 3,057 3,413 3,664 3,886 4,259 4,506 International and regional: International 126 126 126 126 126 126 126 136 136 136 136 176 186 Latin American regional 29 29 30 30 31 31 32 33 25 26 27 27 27 Total 155 155 156 156 157 157 158 168 161 161 162 203 213 Grand total 1,685 1,937 2,383 2,558 2,807 2,948 3,177 3,226 3,574 3,825 4,048 4,461 4,719 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- Can- m G a e n r- y Italy 2 T w a a i n - T la h n a d i- Total m G an e y r- 3 Italy e S r w la it n z d - 196 9 4 3,181 1,431 32 1,129 135 20 100 4 1,750 4 1,084 125 541 197 0 3,563 2,480 32 2,289 25 20 100 1,083 542 541 1971—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 5 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 Oct.. 15,871 14,345 32 2,840 11,315 22 20 100 1,526 306 1,220 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. • NOVEMBER 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) 1971 1972 AArreeaa aanndd ccoouunnttrryy Dec.r Jan.r Feb.r Mar.r Apr.r Mayr Juner July Aug.P Sept.f Europe: 11 8 11 11 12 13 15 16 33 8 Belgium-Luxembourg 57 71 102 78 66 72 73 73 66 70 Denmark 49 50 54 55 52 54 52 50 63 60 135 137 139 138 137 132 126 124 128 120 263 306 339 332 265 290 316 306 349 317 Germany 235 200 252 258 239 231 315 286 229 268 Greece 30 30 25 29 28 30 24 25 27 28 Italy 160 165 181 229 209 230 200 196 190 173 105 91 101 116 100 100 117 97 101 116 67 72 71 73 72 65 64 71 56 52 12 14 14 14 13 24 21 25 21 27 70 83 88 105 135 149 141 156 160 194 118 125 125 130 128 132 95 114 120 131 Switzerland 145 147 181 164 138 194 148 134 137 180 Turkey 3 4 8 3 3 3 3 3 4 7 United Kingdom 559 514 546 543 516 518 550 736 653 625 Yugoslavia 19 20 15 25 24 27 22 23 21 22 Other Western Europe 12 13 16 17 17 19 24 23 25 24 28 33 37 47 70 65 57 62 64 55 Other Eastern Europe 37 44 48 51 42 43 43 44 40 38 Total 2,114 2,127 2,350 2,417 2,266 2,390 2,406 2,563 2,489 2,513 1,627 1,634 1,887 2,087 1,961 1,824 1,856 2,299 2,484 2,025 Latin America: Argentina 305 310 306 316 304 316 325 323 339 352 Brazil 435 447 465 482 511 543 551 568 602 644 Chile 139 126 122 106 108 94 78 77 71 79 380 375 390 376 379 394 404 395 384 378 Cuba 13 13 13 13 13 13 13 13 13 13 934 1,002 975 1,004 1,093 1,035 1,151 1,177 1,160 1,123 Panama 125 110 106 116 110 121 130 132 137 177 176 163 159 155 163 177 160 157 158 137 41 41 41 41 38 38 35 38 40 43 Venezuela 268 271 271 278 311 299 314 333 343 335 Other Latin American republics 374 366 364 352 376 359 366 357 355 345 Bahamas and Bermuda 262 253 288 300 278 265 317 375 420 422 Netherlands Antilles and Surinam 18 20 23 16 15 16 16 16 16 15 26 23 21 20 27 24 25 22 29 29 Total 3,494 3,519 3,545 3,575 3,725 3,695 3,883 3,982 4,066 4,091 Asia: China Mainland 1 1 1 2 2 2 2 2 2 2 Hong Kong 70 61 81 90 99 107 111 100 85 85 India 21 22 20 17 18 16 16 14 17 18 Indonesia 41 37 35 37 39 49 45 44 60 66 Israel 129 124 106 98 84 81 78 101 87 78 Japan 4,280 4,131 4,059 4,116 3,980 3,685 3,573 3,532 3,474 3,462 Korea 348 330 394 403 399 377 346 344 342 321 Philippines 138 141 145 149 137 138 138 143 144 144 109 123 154 156 172 180 182 178 173 180 Thailand 172 175 185 184 187 181 183 174 187 187 Other 252 237 213 232 210 199 221 245 230 229 Total 5,560 5,381 5,393 5,485 5,327 5,016 4,894 4,876 4,801 4,773 Africa: 21 21 14 13 15 18 14 12 12 13 4 4 4 3 4 4 4 4 4 5 South Africa 158 163 166 147 152 161 160 149 142 139 U.A.R. (Egypt) 10 11 13 11 10 11 16 14 12 15 Other 99 91 101 104 120 129 124 121 114 130 Total 292 290 299 278 301 324 318 300 283 301 Other countries: Australia 158 161 158 165 169 175 176 210 184 205 All other 28 32 29 35 34 31 34 38 41 44 Total 186 193 188 200 203 206 211 248 225 249 Total foreign countries 13,273 13,144 13,662 14,043 13,784 13,455 13,568 14,267 14,348 13,952 International and regional 3 3 5 4 3 7 4 3 3 4 13,277 13,148 13,667 14,047 13,787 13,462 13,572 14,270 14,351 13,956 NOTE.—Short-term claims are principally the following items payable their own account or for account of their customers in the United States; on demand or with a contractual maturity of not more than 1 year: loans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against their customers in the United States. Excludes foreign currencies held foreigners, where collection is being made by banks and bankers for by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Total Total Total O in t f i s f o t i i n c t s i u a - l Banks i Others C s t t o o i i a o n u l n l g n t e d - s c - - f A e o o a m i f r c g n c a n a f c e d o c e e p e c r r s t - s t - . Other w D e i i e t g h p n o e f s r o i s t r s - g c F a o n u p c o n v r o a a r d i n t m p e t , i c i e f e l g s e r i . s e - n , - 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 11,870 11,225 3,831 188 2,236 1,406 2,372 4,049 974 645 453 104 11,289 10,668 3,516 135 2,056 1,325 2,307 3,864 982 620 406 111 11,920 11,276 4,024 169 2,429 1,426 2,306 3,897 1,050 644 457 89 /13,170 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 \13,277 12,381 3,966 224 2,080 1,662 2.475 4,254 1,686 895 548 173 13,148 12,315 3,871 209 2,053 1,609 2,473 4,234 1,737 833 501 228 13,667 12,740 4,023 198 2,055 1,770 2,430 4,394 1,893 926 562 266 14,047 13,046 4,175 167 2,141 1,867 2.476 4,410 1,985 1,000 579 283 13,787 13,001 4,451 163 2,354 1,935 2,469 4,252 1,829 785 498 177 13,462 12,628 4,604 169 2,520 1,915 2,541 3,837 1,646 835 530 187 13,572 12,738 4,767 162 2,584 2,020 2,650 3,482 1,839 833 486 222 14,270 13,365 5,062 161 2,791 2,109 2,705 3,227 2,372 905 519 278 14,351 13,405 4,993 149 2,717 2,127 2,812 3,081 2,519 946 482 338 13,956 13,070 5,034 149 2,580 2,305 2,889 2,966 2,181 886 431 329 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 EEEnnnddd ooofff PPaayyaabbllee pppeeerrriiioooddd TTToootttaaalll Loan s to— O lo t n h g e - r cc ffoo uu rr rr ii ee rr nn ee ii gg nn nn -- UU KK dd nn ii oo ii nn mm tt gg ee -- dd EE OO uu tt rr hh oo ee pp rr ee CCaannaaddaa AA LL mm aa ee tt rr ii ii nn cc aa JJaappaann OO AA tt ss hh ii ee aa rr ccoo oo uu AA tt nn hh ll tt ee ll rr rr ii eess Official Other term cciieess Total institu- Banksi foreign- claims tions ers 1969 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971—Sept. ... 3,440 3,121 524 269 2,328 291 28 126 570 264 1,351 225 536 367 Oct 3,494 3,181 542 266 2,373 286 26 127 580 261 1,323 240 565 398 Nov. .. . 3,537 3,237 567 282 2,389 276 23 138 586 244 1,357 240 564 407 Dec 3,661 3,338 575 315 2,448 300 22 130 593 228 1,456 246 582 426 1972—Jan 3,688 3,369 575 311 2,483 295 24 132 581 256 1,457 241 594 427 Feb 3,739 3,423 595 324 2,503 292 24 124 592 254 1,475 241 624 430 Mar.. . . 3,838 3,528 644 329 2,555 284 26 131 605 233 1,496 278 651 444 Apr 3,940 3,619 654 335 2,630 295 27 143 625 230 1,540 290 672 440 May 4,046 3,724 674 335 2,715 291 30 140 636 251 1,582 281 712 444 June 4,191 3,867 712 371 2,784 293 31 139 631 284 1,643 309 739 446 July 4,308 3,995 749 363 2,882 281 32 146 674 283 1,719 294 759 432 Aug.f .. 4,383 4,063 764 404 2,894 287 34 141 672 277 1,782 288 778 446 Sept.*... 4,488 4,167 784 401 2,982 288 33 128 687 288 1,823 289 807 466 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. • NOVEMBER 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 ] securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N h s a e a s t l e e p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - ch P a u s r e - s Sales N ch 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.-Sept.f 2,161 57 2,104 2,162 -58 13,703 11,250 2,454 1,351 2,064 -713 1,918 1,709 209 1971—Sep t 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 Feb 141 141 138 3 1,611 1,312 299 159 241 -82 200 199 1 Mar.. 230 229 245 -16 2,025 1,527 498 181 248 -67 290 269 20 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 1,150 1,152 -2 188 100 88 155 163 -8 Aug.f 413 373 365 9 1,486 1,214 271 129 98 30 242 179 63 Sept.2* 258 247 237 1,150 829 321 173 161 12 173 141 32 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 France m G a e n r y - N la e n th 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 ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 197 0 626 58 195 128 110 -33 24 482 -9 47 85 22 197 1 731 87 131 219 168 -49 71 627 -93 37 108 54 1972—Jan.-Sept.p 1,143 174 -99 176 438 367 3 1,059 -99 -66 193 57 1971—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 -1 7 Nov.. . . 9 -9 22 1 -1 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 11 27 12 Feb 153 13 4 37 55 36 5 149 -32 10 20 6 Mar.... 177 19 -12 27 56 95 185 -26 3 8 7 Apr..... 78 -9 -22 19 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 -25 12 7 Aug.p. . 245 60 -13 8 68 93 242 -16 4 6 Sept.p.. 172 36 -7 15 51 63 169 -12 11 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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) m G a e n r y - N l e a t n h d e s r - Sw la i n tz 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 ro ta p l e Canada A L m a e t r i i n c a Africa co O u t n h t e ri r e s I r n e t g l. i o a n n a d l 197 0 956 35 37 134 118 91 464 128 25 28 -12 324 197 1 684 15 197 327 39 612 37 19 -2 -21 39 1972— Jam-Sept.* 1,310 202 86 235 199 776 75 15 292 151 1971—Sept.. .. 94 21 69 -3 86 16 5 -14 Oct 40 53 24 2 83 -8 -2 -1 -33 Nov.. . . 94 42 70 6 122 7 2 -5 -31 Dec -18 -2 -12 18 -6 -3 -13 -3 1972—Ja n 33 1 -14 20 38 49 10 -2 3 -27 Feb 146 -1 -20 102 -11 67 11 -13 51 29 Mar.... 321 5 29 54 15 106 -3 3* 192 23 Apr 205 38 20 -1 17 -13 63 -1 27 115 May 184 40 -3 71 15 121 11 26 11 14 June.... 210 95 21 4 17 148 23 8 31 July 36 9 41 -34 12 33 4 -4 Aug.p. .. 27 6 17 -16 45 62 9 -44 Sept.p. . 149 7 15 18 80 127 10 12 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- rrooppee ica rica tries period (due to (due from gional tries foreigners) foreigners) 1970 -915 -254 -662 50 -586 -11 -129 -6 20 467 297 1971 -937 -310 -627 38 -285 -46 -366 — 1 32 434 278 1972— Jan.-Sept.". 504 -139 -365 399 -431 -36 -311 -13 26 368 220 334 182 1971—Sept.... 15 8 6 1 -7 3 8 * 1 291 203 Oct -30 32 -63 27 -111 -6 24 1 2 349 281 Nov 50 11 39 37 32 -28 -5 * 3 Dec 51 2 49 23 53 -10 -15 -4 2 511 314 419 300 1972—Jan -262 -242 -20 11 -24 -16 5 • 3 333 320 Feb.. . . -81 -12 -68 32 -73 1 -26 -2; * 311 314 Mar.. .. -46 14 -60 58 -74 -2 -47 -5 I 10 Apr.. . . 20 6 14 65 8 -31 -36 3 1 5 325 379 May. .. -78 3 -81 75 -143 14 -21 -9 2 312 339 June... -273 10 -283 26 -201 -15 -94 * i * July.... 81 78 2 36 23 3 -62 * ii 2 Aug.. 93 -1 94 50 49 -1 -5 * 1 2 NOTE.—Data represent the money credit balances and Sept.".. 44 6 38 47 3 10 -24 * i 1 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 $9,257 million and $9,426 million, respectively, on July 31, 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. • NOVEMBER 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 11,643 1971—July r 52,574 4,807 2,619 2,188 42,958 8,788 18,408 1,006 14,756 Aug.. 54,873 4,092 2,036 2,056 46,393 9,126 20,773 1,129 15,365 Sept.. 56,967 5,047 2,970 2,077 48,963 9,706 22,305 1,164 15,788 Oct.. 57,496 5,844 3,649 2,195 49,716 10,154 21,923 1,198 16,441 Nov.. 58,630 5,650 3,341 2,308 51,066 10,416 22,661 1,195 16,795 Dec. r 61,334 4,798 2,311 2,486 54,752 11,211 24,550 1,167 17,823 1972—Jan.'. 59,988 4,333 1,987 2,345 53,760 10,445 24,513 1,211 17,591 Feb.'" 61,816 4,116 1,742 2,374 55,839 11,013 25,615 1,118 18,093 Mar.r 65,033 4,565 2,085 2,480 58,653 10,633 28,066 1,173 18,781 Apr.r 63,756 4,846 2,426 2,421 57,093 10,542 26,356 1,179 19,015 May r 64,375 4,619 2,080 2,539 57,946 10,463 27,061 1,276 19,146 Juner 69,798 4,854 2,278 2,576 63,077 11,441 30.689 1,342 19,605 July. , 67,060 3,982 1,509 2,473 61,160 11,537 29,153 1,235 19,234 Payable in U.S. dollars. 1970—Dec.. 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 1971—July. 36,967 4,587 2,610 1,977 28,601 5,648 13,739 714 8,501 Aug.. 37,846 3,875 2,025 1,851 30,703 5,791 15,466 866 8,581 Sept.. 38,712 4,807 2,950 1,858 32,145 6,029 16,436 875 8,805 Oct.. 38,570 5,600 3,633 1,968 32,617 6,094 16,302 907 9.013 Nov.. 39,130 5,368 3,319 2,049 33.118 6,436 16.690 910 9,082 Dec.r 40,182 4,541 2,305 2,236 35.064 6,659 18,006 864 9,536 1972—Jan.. . 38,928 4,072 1,975 2,097 34,228 6,427 17,759 822 9,220 Feb.' 39,915 3,864 1,732 2,132 35,369 6,637 18,510 821 9,400 Mar.r 42,993 4,300 2,062 2,238 38.065 6,725 20,604 843 9,891 Apr.r 41,355 4,562 2,387 2,176 36,125 6,358 19,016 881 9,870 May r 41,935 4,393 2,063 2,330 36,889 6,475 19,575 936 9,903 Juner 45,088 4,585 2,260 2,325 39,853 6,580 22,158 914 10,200 July. . 42,997 3,748 1,483 2,265 38,578 7,177 20,665 812 9,924 IN UNITED KINGDOM Total, all currencies 1970—Dec.. 28,451 6,729 5,214 1,515 21,121 3,475 11,095 316 6,235 1971—July.. 30,710 3,098 1,700 1,398 25,140 4,448 11,953 520 8,218 Aug.. 32,119 2,608 1,340 1,268 27,249 4,462 13,744 558 8,486 Sept.. 33,280 3,390 2,143 1,247 28,464 4,882 14,683 512 8,387 Oct.. 33.408 4,116 2,772 1,344 28,458 5,189 14,536 524 8,210 Nov.. 33,945 3,845 2,529 1,316 29,203 5,483 15,040 527 8,153 Dec.. 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 8,619 1972—Jan.. 33,877 2,514 1,228 1,287 30,447 5,243 16,411 469 8,325 Feb.. 34,712 2,247 1,044 1 ,204 31,617 5,584 17,097 454 8,482 Mar.. 37,104 2,503 1,312 1,190 33,810 5,380 19,177 491 8,762 Apr.. 36,126 2,738 1,574 1,163 32,585 5,269 17,945 507 8,865 May. 36,311 2,441 1,282 1,160 33.119 5,209 18,304 585 9,020 June. 39,396 2,298 1,199 1,099 36,252 5,586 21,065 568 9,033 July. 36.560 1 ,781 805 976 33,980 5,658 19,685 404 8,233 Payable in U.S. dollars. 1970—Dec.. 22,574 6,596 15,655 2,223 9,420 4,012 1971—July. 23,282 3,010 18,155 3,219 10,031 4,906 Aug.. 23,848 2,528 19,451 3,245 11,336 4.870 Sept.. 24,418 3,289 20,123 3,369 11,883 4.871 Oct.. 24,481 4,012 20,069 3,440 11,859 4,771 Nov.. 24.561 3,717 20,445 3,918 12,090 4,438 Dec.. 24,428 2,585 21,493 4,135 12,762 4,596 1972—Feb.. 23,816 2,153 21,254 3,960 13,058 4,237 Mar.. 26,097 2,401 23,324 3,926 14,865 4,534 Apr.. 24,967 2,620 21,943 3,708 13,754 4,481 May. 24,928 2,356 22,195 3,577 14,101 4,517 June. 27,066 2,210 24,487 3,913 15,959 4,615 July. . 24,636 1 ,704 22,565 4,015 14,450 4,100 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1 ,173 455 717 3,583 2,119 1,464 1971—July 5,883 864 267 597 4,298 2,292 2,006 Aug.. 5,970 728 139 589 4,618 2,604 2.014 Sept.. 6,208 835 219 615 5,039 2,934 2,105 Oct.. 6,586 887 246 641 5,605 3,019 2,585 Nov. 7,264 1,025 r227 798 6,139 3,203 2,936 Dec.. 8,493 1,282 505 778 7,119 3,798 3,320 1972—Jan.. . 7,973 955 159 796 6,925 3,679 3,247 Feb.r. 8,375 994 107 888 7,271 3,816 3,455 Mar.r. 8,828 1,178 126 1,052 7,542 4,030 3,513 Apr.r. 8,623 1,244 204 1,040 7,271 3,782 3,489 May r. 9,097 1,361 195 1,166 7,618 4,183 3,435 Juner. 10,307 1 ,552 295 1,257 8,627 4,958 3,669 July. . 10,329 1,393 110 1,283 8,802 4,923 3,879 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) 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 3,057 477 2,580 47,776 8,346 26,389 5,373 7,667 1,738 .1971—'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 28.532 5,581 8,626 2,041 rOct. 2,870 475 2,395 53,646 10,038 29,363 5,749 8,495 2,113 rNov. 3,114 669 2,445 56,124 10,773 31,081 5,513 8,756 2,098 rDec. 2.938 658 2,280 55,048 10,324 29,752 5,897 9,075 1,996 .1972—r Jan. 3,167 776 2,391 56,632 10,645 30,694 6,208 9,085 2,018 'Feb. 3,046 635 2,411 59,925 10,363 33,710 6,331 9,521 2,062 rMar. 2,978 621 2,356 58,728 10,097 32,380 6,617 9,635 2,051 rApr. 2,819 562 2.256 59,648 10,055 33,114 6,649 9,830 1,908 rMay 3,086 646 2,440 64,767 11,064 36,256 7,215 10,232 1,944 rJune 3,122 734 2.388 61,987 11,254 34,455 6,443 9,835 1,951 July 2,334 657 1,677 32,509 4,079 19,816 3,737 4.877 1,243 .1970—Dec. .Payable in U.S. dollars 2,757 393 2,364 34,415 5,433 20,039 4,416 4,528 987 . 1971—rJuly 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 4,1 1,221 Nov. 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 rDec. 2,556 546 2,010 37,642 6,710 20,878 4,765 5,289 1,182 \1972--Jan. 2,740 641 2,099 38,605 6,853 21,742 4,783 5,226 1,212 '"Feb. 2,642 507 2,135 41,736 6,945 24,433 4,957 5,402 1,225 rMar. 2,589 514 2,075 39,879 6,560 22,856 5,202 5,260 1,197 rApr. 2.411 439 1,973 40,754 6.648 23,603 5,170 5,333 1,058 rMay 2,671 523 2,148 44,325 7,273 25,957 5,648 5,447 1,021 rJune 2,670 610 2,059 41,645 7,478 23,705 5,119 5,343 1,040 .July IN UNITED KINGDOM 1.339 116 1,222 26,520 2,320 16.533 3,119 4,548 592 .1970—Dec. .. .Total, all currencies 1,773 126 1,647 28,264 2,762 16,843 4,034 4,625 674 . 1971—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 1,407 148 1.258 34,349 3,457 20,286 4,838 5,768 804 July 1,208 98 1,110 21,495 1,548 13,684 2,859 3,404 302 .1970—Dec. . Payable in U.S. dollars 1,610 89 1,521 21,428 1,819 13,198 3,382 3,029 361 . 1971—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 1,209 103 1,106 23,404 2,190 13,911 3,990 3,313 412 July IN THE BAHAMAS 542 4,183 488 2,872 823 90 .1970—Dec. . Total, all currencies 753 5,197 1,126 3,138 933 95 .1971—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. 855 7,378 1,526 4,674 1,178 142 rFeb. 832 7,868 1,429 5,134 1,305 128 rMar. 959 7,540 1,471 4,928 1,140 125 rApr. 812 8,141 1,454 5,356 1,330 144 rMay 997 9,175 1,809 6,077 1,288 136 rJune 1,042 9,126 1,611 6,191 1,324 160 July 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. • NOVEMBER 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) Wednesday L t i i a e b s i ! l i- Wednesday L t i i a e b s i 1 l i- L s p e i l a c u . b s 2 . Wednesday L t i i a e b s i 1 l i- M l a i t a u b r i i l t i y ty of 1972 June July Aug. 1967 1971 1972—Cont. Jan. 27... 6,536 7,536 2.37 1.36 1.80 Mar. 29 3,412 Feb. 24... 5,666 6,666 June 7... 1,192 Call 2.02 2.19 2.08 June 28 3,166 Mar. 31.., 2,858 4,358 14... 1,525 Other liabilities, maturing Sept. 27 4,059 Apr. 28.., 2,158 5,166 21... 1,724 in following calendar Dec. 27 4,241 May 26.., 1,579 4,587 28. .. 1,443 months after report June 30... 1,492 4,500 date: July 28. .. 1,495 4,645 1st 11.19 8.98 10.04 1968 S A e u p g t . . 2 2 5 9 . .. . , . 2 1 , , 4 4 7 0 5 5 4 3 , , 0 5 7 7 5 8 July 12 5 . . . . . . . . ,3 8 7 2 7 7 2 3r n d d 4 4. . 8 9 2 2 6 5 . . 3 4 2 3 4 6 . . 8 8 1 8 Oct. 27... 2,917 19.... 974 4th 2.85 2.94 3.44 Mar. 27 4,920 Nov. 24... 3,342 26.... ,345 5th 2.61 2.86 2.92 June 26 6,202 Dec. 29... 909 6th 2.48 2.47 2.08 Sept. 25 7,104 7th .73 .48 .72 Dec. 31 (1/1/69) 6,039 1972 .42 .59 .50 1969 J F M a e n a b . r . . 2 2 1 6 3 . . . . . . . . . 1 1 , , 4 0 9 1 6 5 9 8 4 Aug. 2 1 9 2 3 6 . . . . 1 1 1 1 , , , , 7 8 8 2 2 8 4 5 9 5 6 0 1 1 1 9 2 0 1 t t t t h h h h . . . . 2 4 5 4 9 1 4 5 . . . . 5 4 4 3 8 6 7 4 . . . . 5 3 6 4 1 6 1 6 8... 1,164 30. 1,270 Maturities of more than 1 Mar. 26 9,621 15... 1,263 1.12 1.19 1.16 June 25 13,269 22... 1,346 Sept. 24 14,349 29... 1,532 Sept. 6. 1,508 Dec. 31 12,805 Apr. 5... 1,130 13. 1,187 Total 37.25 36.67 38.35 12... 1,052 20' 1,497 19... 1 ,279 27' 2,023 1970 26... 1,374 NOTE.—Includes interest-bearing U.S. dollar deposits and direct borrowings of all branches in May 3.. 1,240 the Bahamas and of all other foreign branches Mar. 25 11,885 10.. 1,323 Oct. 4. 1,619 for which such deposits and direct borrowings June 24 12,172 17. . 1,544 11. 1,544 amount to $50 million or more. S D e e p c t . . 3 3 0 0 9 7 , , 6 6 6 7 3 6 2 3 4 1 . . . . . 1 1, , 4 5 6 9 5 9 2 1 5 8. . 1 1 , , 8 4 9 1 0 5 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 End of EEnndd ooff UUnniitteedd period Deposits U se . c S u . r G iti o e v s t 1 , Ear g m o a ld rk ed ppeerriioodd 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 - - KK dd ii oo nn mm gg -- 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—Oct.. 135 38,207 13.819 1969 2 / \ 1 1 , , 3 4 1 9 9 1 1,0 9 6 5 2 2 1 16 1 1 6 1 18 7 3 4 7 8 6 6 6 66 1 3 0 4 5 6 3 9 4 Nov. 177 39,980 13.820 1,141 697 150 173 121 372 436 Dec.. 294 43,195 13,815 1971—Aug 1,661 1,085 201 246 128 639 480 1972—Jan... 147 44,359 13,815 Sept 1,579 989 198 285 107 519 489 Feb.. 137 45,699 14,359 Oct 1,604 1,015 206 277 106 540 531 Mar.. 191 46,837 14,321 Nov 1,622 1,029 205 246 143 612 517 A M p a r y . . . 2 1 2 5 8 7 4 4 6 6 , , 8 4 3 5 6 3 1 1 5 4 , , 5 31 4 5 2 Dec 2 ' / \ 1 1 , , 6 5 4 0 8 4 1 1, , 0 0 7 9 5 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 7 7 7 7 4 5 4 8 3 7 June. 257 47,176 15,542 July.. 160 51,522 15,542 1972—Jan.' 1,623 1,132 148 244 100 605 557 Aug.. 192 51,676 15.530 Feb.'. ... 1,627 1,075 213 238 101 550 650 S O e c p t t . . . . . 1 1 9 9 3 2 5 5 0 1 , , 9 8 9 2 7 1 1 1 5 5 . , 5 5 3 3 1 1 A M p a r r . . ' '.... 1 1 , ,8 8 9 0 9 4 1 1, , 3 2 1 3 5 4 2 1 0 7 0 7 2 2 7 7 3 1 1 11 2 2 2 6 66 5 7 5 6 7 6 0 7 7 May'.... 1,934 1,347 206 298 84 713 608 1 Marketable U.S. Treasury bills, certificates of in- J Ju u l n y e '. ' .. .. 2 1 , , 2 9 2 8 8 5 1 1 , , 5 3 3 8 4 2 2 2 4 0 7 6 3 3 1 0 1 6 1 9 3 2 6 7 75 1 1 7 7 5 1 7 7 2 debtedness, notes, and bonds and nonmarketable U.S. Aug.' 2,265 1,599 219 386 61 753 709 Treasury securities payable in dollars and in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the held for international and regional organizations. Ear- obligation was incurred by the foreigner. marked gold is gold held for foreign and international 2 Data on the two lines for this date differ 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

NOVEMBER 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 Sept.r Dec.1 r Mar. June? Sept. Dec.i Mar. June*5 Europe: 10 5 5 5 6 13 14 14 17 16 Belgium-Luxembourg 60 66 65 104 108 59 62 60 45 64 Denmark 3 2 2 3 5 14 15 15 18 20 Finland 2 2 2 2 2 16 18 18 19 19 France 139 142 136 123 139 182 208 202 196 205 Germany, Fed, Rep. of 125 117 117 88 104 209 192 192 197 191 Greece 6 4 4 5 5 40 35 34 36 36 Italy 74 108 103 107 99 176 191 186 181 184 Netherlands 85 70 69 79 58 66 69 68 66 66 5 5 5 6 5 17 13 13 16 17 Portugal 18 16 16 9 2 13 16 16 23 21 Spain 37 66 65 65 70 92 125 124 102 117 Sweden 28 17 17 16 13 37 40 40 35 36 Switzerland 113 104 104 73 98 95 63 63 60 59 Turkey 3 2 2 2 3 9 9 9 9 11 United Kingdom 704 817 869 927 965 846 957 940 954 983 Yugoslavia 4 3 3 4 6 21 13 13 10 10 Other Western Europe 2 2 2 1 2 14 13 13 13 10 Eastern Europe 3 4 4 5 3 16 28 28 25 22 Total 1,422 1,551 1,590 1,625 1,693 1,934 2,080 2,046 2,023 2,088 Canada 183 181 181 189 185 800 909 781 1,045 932 Latin America: Argentina 19 18 18 18 18 66 55 54 48 50 Brazil 13 21 19 18 19 128 150 147 138 152 Chile 14 14 14 21 16 48 47 46 39 41 Colombia 6 7 7 7 6 41 46 45 40 38 Cuba * * * * * 1 1 1 1 1 23 22 22 17 18 149 151 151 134 141 6 5 5 8 6 20 21 21 19 21 5 7 7 8 6 34 34 34 31 32 Uruguay 4 2 2 3 3 6 5 5 6 5 Venezuela 14 16 16 18 17 73 81 81 77 75 Other L.A. republics 33 33 32 27 32 105 101 99 94 106 Bahamas and Bermuda 232 275 284 351 342 362 366 366 313 442 Neth. Antilles and Surinam. 4 3 3 5 6 9 9 9 8 10 Other Latin America 8 5 5 12 6 21 24 24 22 18 Total 381 429 434 513 496 1,062 1,090 1,083 969 1,131 Asia: Hong Kong 9 12 11 11 13 26 24 23 21 23 India 26 27 26 13 7 39 37 35 28 32 Indonesia 11 10 10 6 5 24 29 28 29 25 Israel 21 10 10 9 9 22 23 22 21 17 Japan 178 111 173 189 188 397 411 405 442 445 Korea 10 13 13 12 16 52 68 68 56 61 Philippines 6 7 5 8 7 43 49 48 62 67 Taiwan 17 18 18 23 25 43 41 41 45 45 Thailand 4 3 3 4 4 16 15 15 18 15 Other Asia 140 143 142 109 104 201 147 144 171 174 Total 421 420 412 383 377 864 844 830 894 905 Africa: Congo (Kinshasa) 1 1 1 1 4 6 6 5 7 South Africa 45 31 31 26 3377 39 41 41 42 46 U.A.R. (Egypt) 1 1 1 1 1 9 9 9 9 6 Other Africa 32 35 35 30 31 70 100 99 76 74 Total 78 68 67 59 71 122 156 155 129 133 Other countries: 68 46 42 50 54 85 83 80 83 97 All other 9 9 8 9 11 24 19 17 26 19 Total 77 55 50 58 66 109 102 98 109 116 International and regional. . .. 1 * * * * 4 4 4 2 5 Grand total 2,564 2,704 2,735 2,828 2,888 4,894 5,185 4,997 5,171 5,310 1 Data in the two columns shown for this date differ because of changes NOTE.—Reported by exporters, importers, and industrial and comin reporting coverage. Figures in the first column are comparable in mercial concerns and other nonbanking institutions in the United States. coverage with those shown for the preceding date; figures in the second Data exclude claims held through U.S. banks, and intercompany accounts column are comparable with those shown for the following date. 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. • NOVEMBER 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 l in a la b r l s e cu P f r o a r r y e i e n a n i b g c l n i e e s Total P d a o y i l n a la b r l s e D b i a n e n p k r o e s s p i a o ts b r t r w e o r i a ' t s d h Other name 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—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.r. 2,677 2,281 496 4.160 3,579 234 348 1971—Mar.r, 2,437 1,975 462 4,515 3,909 232 374 Juner. 2,357 1,937 438 4,708 4,057 303 348 Sept.r 2,564 2,109 454 4,894 4,186 383 326 Dec. i 2,704 2,229 475 5,185 4,535 318 333 2,735 2,276 459 4,997 4,459 290 247 1972—Mar.. 2,828 2,399 429 5,171 4,551 318 302 June?. 2,888 2,418 470 5,310 4,669 370 270 i 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 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 D 60 * \ ( 2 1 , , 3 72 0 5 4 2 2 , , 2 3 1 6 5 3 1 1 5 5 2 2 4 4 3 4 3 2 5 4 6 9 2 6 1 1 7 7 2 7 7 7 7 3 4 3 2 8 0 8 1 14 4 1 2 2 2 4 7 9 1 7 6 5 9 4 4 2 6 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 Juner 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept.r 2,939 3,022 135 672 763 178 60 597 133 319 91 75 / 3,149 3,137 128 715 756 174 60 656 141 327 96 85 \ 3,110 3,139 128 715 763 174 60 657 136 327 96 84 1972—Mar 3,055 3,224 129 723 781 175 59 669 137 360 104 85 June? 3,235 3,295 108 723 791 188 60 671 161 380 120 93 t 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

NOVEMBER 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 l ) ia (s A ch u i s l t l r in ia g ) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a ) 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 197 0 2 26.589 111.36 3.8659 2.0139 3 95.802 16.774 13.334 23.742 197 1 22.502 113.61 44.0009 2.0598 99.021 16.800 13.508 23.758 1971—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 Oct.. 119.07 4.3102 2.2640 101.756 15.605 14.453 23.562 Period ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r ) 1968 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969 5 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1971 6 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 6 28.650 1971—Oct 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 29.772 Nov 30.005 13.353 249.33 .16324 .30418 33.627 8.0056 30.006 Dec 30.593 13.388 252.66 .16652 .31249 34.135 8.0056 30.503 1972—Jan 30.956 13.415 257.05 .16923 .31978 34.737 8.0002 31.072 Feb 31.390 13.638 260.37 .17036 .32769 35.080 8.0000 31.468 Mar 31.545 13.716 261.81 .17161 .33054 35.409 8.0000 31.384 Apr 31.468 13.735 261.02 .17138 .32943 35.406 8.0000 31.142 May 31.454 13.763 261.24 .17175 .32854 35.446 8.0000 31.124 June 31.560 13.754 256.91 .17142 .33070 35.475 8.0000 31.296 July 31.634 13.072 244.47 .17208 .33219 35.918 8.0000 31.424 Aug 31.382 13.030 245.02 .17203 .33204 36.026 8.0000 31.158 Sept 31.318 13.016 244.10 .17199 .33209 36.110 8.0000 30.969 Oct 31.184 12.806 239.48 .17145 .33221 36.063 8.0000 30.869 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 d c 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 - ) ( U p K d o n i o u n i m t n g e d - d ) 1968 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1970 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1971 113.71 14.205 3.5456 140.29 1.4383 19.592 7 24.325 244.42 1971—Oct 115.88 14.599 3.6275 140.43 81.4457 19.914 25.157 249.06 Nov 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 249.33 Dec 117.31 14.816 3.6494 137.22 1.4822 20.434 25.615 252.66 1972—Jan 119.36 14.913 3.6474 131.27 1.5162 20.731 25.693 257.09 Feb 119.39 15.029 3.6690 132.98 1.5170 20.858 25.890 260.37 Mar 119.29 15.161 3.6930 133.77 1.5369 20.956 25.974 261.81 Apr 119.36 15.151 3.6950 133.32 1.5487 20.907 25.920 261.02 May 119.41 15.214 3.7075 133.82 1.5492 21.032 25.903 261.24 June 119.13 15.303 3.7083 132.63 1.5509 21.101 26.320 9256.91 July 119.31 15.367 3.7178 125.26 1.5754 21.134 26.561 244.47 Aug 119.45 15.335 3.7211 125.28 1.5752 21.160 26.449 245.02 Sept 119.33 15.209 3.7221 125.26 1.5754 21.146 26.403 244.10 Oct 119.21 15.141 3.7080 H124.47 1.5750 21.078 26.332 239.48 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. 11 South Africa repegged the rand at $1.2732 Oct. 25, 1972. 3 On June 1, 1970, the Canadian Government announced that, for the time being, Canada will not maintain the exchange rate of the Canadian NOTE.—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold dollar within the margins required by IMF rules. was suspended; as from that day foreign central banks did not have to 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 support the dollar rate in order to keep it within IMF limits. per U.S. dollar. During December 1971, certain countries established central rates 5 Effective Oct. 26, 1969, the new par value of the German mark was against the U.S. dollar in place of former IMF parities. set at 3.66 per U.S. dollar. Averages of certified noon buying rates in New York for cable transfers. 6 Effective May 10, 1971, the German mark and Netherlands guilder For description of rates and back data, see "International Finance," have been floated. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 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 CENTRAL BANK RATES • NOVEMBER 1972 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1971 Country 1971 1972 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 6.0 Dec. 1957 1188..00 5.0 Jan. 1970 5.5 Sept. 1971 55..00 44..55 44..00 20.0 July 1969 4.75 Oct. 1971 6.5 Jan. 1970 8.0 July 1971 77..00 8.0 May 1963 4.0 June 1966 7.5 Apr. 1971 8.0 Jan. 1970 5.0 May 1962 4.0 Aug. 1964 6.50 Aug. 1970 8.50 June 1971 6.5 Oct. 1971 4.5 Oct. 1971 8.0 July 1971 6.5 Sept. 1969 4.0 Feb. 1966 5.25 Jan. 1966 6.0 Jan. 1971 6.0 May 1969 7.0 Oct. 1969 5.12 Oct. 1971 4.5 Oct. 1971 5.5 Apr. 1971 5.25 May 1971 16.0 June 1971 4.5 June 1942 3.50 Nov. 1951 5.0 Sept. 1971 7.0 Mar. 1961 4.50 June 1968 4.5 Sept. 1969 5.0 June 1965 9.5 Nov. 1959 10.0 June 1969 3.75 Feb. 1971 6.5 Mar. 1971 5.0 Oct. 1971 5.5 Sept. 1971 3.75 Sept. 1969 9.25 May 1971 5.0 Oct. 1959 5.0 Sept. 1966 9.0 Sept. 1970 5.0 Sept. 1971 5.0 Oct. 1970 18.0 Sept. 1970 oooo 8.0 7.0 oo Rate as of Oct. 31, 1972 Argentina. 18.0 Austria.... 5.0 Belgium.. . 4.0 Brazil 20.0 Canada..., 4.75 Ceylon 6.5 Chile 7.0 Colombia... 8.0 Costa Rica., 5.0 Denmark... 8.0 7.0 7.0 Ecuador 8.0 Egypt, Arab Rep. of. 5.0 El Salvador 4.0 Ethiopia 6.50 Finland 777...777555 7.75 France 666...000 55..7755 5.75 Germany, Fed. Rep. of.. 44..00 33..00 33..55 3.5 Ghana 8.0 Greece 6.5 Honduras 4.0 Iceland... 5.25 India 6.0 Indonesia. 6.0 Iran 7.0 Ireland... 44..9944 44..8811 44..8811 55..1199 66..1199 6.19 Italy 4 0 4.0 Jamaica. 555...000 666...000 6.0 Japan... 444...777555 444...222555 4.25 Korea... 1133..00 13.0 Mexico.. 4.5 Morocco 3.50 Netherlands.., 44..55 444...000 33..00 3.0 New Zealand. 666...000 6.0 Nigeria 4.50 Norway 1 4.5 Pakistan 66..00 6.0 Peru 9.5 Philippine Republic. 10.0 Portugal 3.75 South Africa 66..00 6.0 Spain 5.0 Sweden 55..00 5.0 Switzerland. 3.75 Taiwan 9.25 Thailand. . . 5.0 Tunisia 5.0 Turkey 9.0 United Kingdom. 66..00 77..5500 t 7.50 Venezuela 1 5.0 Vietnam 1 18.0 NOTE.—Rates shown are mainly those at which the central bank either Morocco—Various rates from 3 per cent to 4.6 per cent depending on type discounts or makes advances against eligible commercial paper and/or of paper, maturity, collateral, guarantee, etc. govt, securities for commercial banks or brokers. For countries with Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producmore than one rate applicable to such discounts or advances, the rate tion, import substitution industries and manufacture of exports; 8 per shown is the one at which it is understood the central bank transacts cent for other agricultural, industrial and mining paper; the largest proportion of its credit operations. Other rates for some Philippines—6 per cent for financing the production, importation, and disof these countries follow: tribution of rice and corn and 7.75 per cent for credits to enterprises en- Argentina—3 and 5 per cent for certain rural and industrial paper, de- gaged in export activities. Preferential rates are also granted on credits to pending on type of transaction; rural banks; and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural t United Kingdom—On Oct. 9, 1972, the Bank of England announced: paper; "With effect from Friday October 13th the Bank's minimum lending rate Chile—Various rates ranging from 1 per cent to 17 per cent; 20 per cent will until further notice be the average rate of discount for Treasury bills for loans to make up reserve deficiencies. established at the most recent tender plus one half percent rounded to the Colombia—5 per cent for warehouse receipts covering approved lists of nearest one quarter percent above. Although the rate will therefore be products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent automatically determined by this formula it will for convenience be made for rediscounts in excess of an individual bank's quota; known each Friday afternoon concurrently with and in the same manner Costa Rica—5 per cent for paper related to commercial transactions as the results of the Treasury bill tender. The regular weekly bank rate {rate shown is for agricultural and industrial paper); announcement will be discontinued from now on." Therefore, the mini- Ecuador—5 per cent for special advances and for bank acceptances for mum lending rate as of last Friday of the month will be carried in place of agricultural purposes, 7 per cent for bank acceptances for industrial Bank rate. purposes, and 10 per cent for advances to cover shortages in legal reserves; Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. per cent for advances against government bonds, and 5l/z per cent for Honduras—Rate shown is for advances only. rediscounts of certain industrial paper and on advances against promissory Indonesia—Various rates depending on type of paper, collateral, com- notes or securities of first-class Venezuelan companies. modity involved, etc.; Vietnam—10 per cent for export paper; treasury bonds are rediscounted Japan—Penalty rates (exceeding the basic rate shown) for borrowings at a rate 4 percentage points above the rate carried by the bond; and from the central bank in excess of an individual bank's quota: there is a penalty rate of 24 per cent for banks whose loans exceed quantitative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1972 • OPEN MARKET 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- MMoonntthh 3 T m r b e o i a l n s ls t u , h r s y i m Da o d y n a - y e t y o 2 - 3 m P b b r i o a i l n m n ls k t , e h s3 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 e t o y - C d b r l e a e a p t a n o e r k s s in 4 s it ' g m Da o d y n a - y e t y o 5 - Tr 6 d b e 0 a i a - l y 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 e t o y - d P is r r i c a v o t a e u t n e t 197 0 6666....11112222 6666....22222222 8888....22226666 6666....77770000 5555....77773333 5555....22223333 8.67 6666....55554444 888...666777 55..9977 66..4477 555...111444 197 1 3333....66662222 3333....77776666 6666....44441111 5555....55557777 4444....99993333 3333....88884444 5.84 4444....55554444 666...111000 44..3344 33..7766 555...222444 1971—Oc t 3333....77779999 4444....11116666 8888 4444....99990000 4444....66663333 4444....22229999 2222....88888888 5.95 3333....77775555 777...555000 44..4477 55..3355 555...222555 Nov 3333....33331111 3333....66660000 4444....77774444 4444....44448888 3333....77775555 2222....77770000 5.51 3333....77775555 444...555888 44..0066 33..7799 555...222555 Dec 3333....22225555 3333....66663333 4444....44442222 4444....33336666 3333....44446666 2222....55550000 5.28 3333....22225555 555...777888 33..9900 44..9911 555...111222 1972—Ja n 3333....22229999 3333....77771111 4444....44448888 4444....33336666 3333....99994444 2222....55550000 5.31 3333....22225555 444...222000 33..6611 44..4444 555...000000 Feb 3333....44448888 3333....77779999 4444....88885555 4444....33337777 4444....44443333 2222....55550000 5.20 2222....77775555 444...111555 33..1199 33..3388 555...000000 Mar 3333....55551111 3333....77770000 4444....77777777 4444....33334444 4444....55558888 2222....55550000 4.76 2222....77775555 333...888888 22..2266 ..9988 555...000000 Apr 3333....66665555 3333....66668888 4444....66662222 4444....33330000 3333....88882222 2222....55550000 4.81 2222....77775555 333...777777 11..8844 ..7700 444...777555 May 3333....66667777 3333....77773333 4444....88883333 4444....22227777 4444....55556666 2222....55550000 5.32 2222....77775555 222...999555 11..9988 33..0033 444...777555 June 3333....66661111 3333....66664444 5555....88886666 5555....22221111 3333....99992222 2222....99993333 3.81 2222....77775555 222...666555 11..9900 11..5533 444...777555 July 3333....44448888 3333....44445555 6666....88882222 5555....66660000 4444....99999999 4444....11118888 3.78 2222....77775555 222...222444 11..0099 ..8866 444...777555 Aug 3333....44447777 3333....55554444 6666....77771111 5555....77779999 5555....11113333 5555....22225555 2222....77775555 444...444888 ..7700 ..6600 444...777555 Sept 3333....55557777 3333....55552222 7777....11118888 6666....44444444 5555....22227777 5555....22225555 2222....77775555 444...888333 444...777555 Oct 3333....55557777 3333....66664444 7777....33334444 6666....77774444 5555....44447777 5555....22225555 3333....22225555 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 Premium Date q K ( u U i a b o n U n d a t g i s j . a . t d S i t e s . o i t d ) o o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o o ad r n ) P d f ( ( r p o i — e + s o r c m ) w u ) o i n a u o o u d r r n n m d t i L n ( o c f N n e a o n d v e f t t o o i r v n e ) C qu a A n o in a s t e d d C a anad q a u A b o U d a t j . a s . S t is . i t o o n U S n ta i t t e e s d C S ( a f p n a o r a v e f d o ad r a ) C d f ( ( d a o i — + s o n r c ) w l a ) l o d a a o u o i r r r n n a s d n t i C n ( c a f N e n a o n a v e f t t d o i r v a ) e 1972 May 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 July 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 Sept. 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 -.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 Oct. 6... 6.53 4.62 1.91 -2.30 -.39 3.57 3.49 4.62 -1.13 .16 -.97 13. .. 6.60 4.78 1.82 -2.47 -.65 3.53 3.45 4.78 -1.33 .28 -1.05 20. .. 6.62 4.68 1.94 -2.62 -.68 3.56 3.48 4.68 -1.20 .08 -1.12 21... 6.80 4.65 2.15 -2.82 -.67 3.56 3.48 4.65 -1.17 .04 -1.13 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 • NOVEMBER 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 S n ta 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 world * Fund world 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 41,210 4,722 10,207 26,280 192 140 259 722 1,572 46 22 792 4,724 10,207 192 140 259 722 1,564 46 22 792 4,726 10,206 192 140 259 722 1,564 46 22 792 41,185 4,732 10,206 26,250 192 90 259 729 1,544 46 22 792 4,732 10,206 192 90 260 729 1,544 46 21 792 5.303 9,662 192 90 260 729 1,544 46 21 792 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 v44,835 5,761 10,490 ^28^585 208 130 283 792 1,682 50 16 834 5,761 10,490 208 130 285 793 1,682 16 834 5,765 10,488 208 283 792 1,672 16 834 5,777 10,487 208 283 792 1,648 834 Ger- E pe nd ri o o d f lo C m o b - ia m De a n rk - l F a i n n d - m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 1965 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 1966 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 1967 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 1968 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 1969 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 1970 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 1971—Sept 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 Oct 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 Nov 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 Dec 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 1972—Jan 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Feb 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Mar 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 Apr 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 May 15 69 53 3,826 4,437 132 264 '142 156 17 47 3,131 June 16 69 53 3,826 4,437 132 264 r142 156 17 47 3,131 July 16 69 53 3,826 4,437 132 264 r142 156 17 3,131 Aug 16 69 53 3,826 4,437 132 114422 156 17 3,131 Sept.? 16 69 53 3,826 4,436 132 115566 1177 3,130 E pe n r d i o o d f Kuwait a L n e o b n - Libya Ma si l a a y- M c e o x i- Mo co ro c- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u - A S r a a u b d i i a 1965 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968 122 288 85 66 165 21 1,697 24 54 20 62 856 119 1969 86 288 85 63 169 21 1,720 25 54 25 45 876 119 1970 86 288 85 48 176 21 1,787 23 54 40 56 902 119 1971—Sept 87 322 85 58 184 21 1,889 34 55 40 66 911 119 Oct 87 322 85 58 184 21 1,889 34 55 40 67 911 119 Nov 87 322 85 58 184 21 11,,888899 34 55 40 67 918 119 Dec 87 322 85 58 184 21 11,,990099 33 55 40 67 921 119 1972—Jan 87 322 85 58 181 21 1,908 33 55 40 68 921 119 Feb 87 322 85 58 179 21 1,908 33 55 40 68 921 119 Mar 87 322 85 58 177 21 1,908 33 55 40 68 925 119 Apr 89 322 85 58 174 21 1,908 33 55 40 68 925 119 May 104 350 93 63 188 23 2,079 36 60 43 73 1,004 129 June 98 350 93 63 188 23 2,079 36 60 r41 72 1,004 129 July 94 350 93 63 188 23 2,079 36 60 41 72 1,004 129 Aug 94 335500 93 63 2233 2,079 36 6600 72 11,,002222 129 Sept.p 9944 9933 6633 22,,007788 3366 7722 112299 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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) A So fr u i t c h a Spain Sweden Sw la i n tz 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 m t 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 - 425 810 202 3,042 55 96 116 139 2,265 155 401 19 637 785 203 2,842 62 92 102 93 1,940 146 401 21 583 785 203 3,089 81 92 97 93 1,291 140 401 22 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 666 498 200 2,732 82 92 126 85 1,349 162 384 52 479 498 200 2,909 81 82 127 85 778 148 391 52 460 498 200 2,909 80 82 127 85 778 148 391 52 443 498 200 2,909 80 82 122 85 778 148 391 51 410 498 200 2,909 80 82 130 85 775 148 391 51 403 498 200 2,909 80 82 130 85 778 146 391 51 405 498 200 2,909 80 82 130 85 751 146 391 51 405 498 200 2,909 80 82 129 85 751 156 391 51 412 498 200 2,909 80 82 127 85 751 156 391 51 471 541 217 3,158 127 92 816 169 425 56 507 541 1217 3,158 122 92 816 169 425 56 543 217 3,158 122 169 425 56 580 217 3,158 122 425 56 601 217 3,158 122 425 56 t 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 pp tt rr ii oo oo dd nn uu cc 11 -- 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 l e ip s - t A ra u l s ia - ot A h l e l r1 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 666666333333......111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 777777......555555 555555......222222 999999999999999999..................888888888888888888 444444444444444...............222222222222222 1111111111111111199999999999999999.................44444444444444444 11111115555555.......8888888 33333333333333332222222222222222................1111111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 555555333333......444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 555555......888888 555555......222222 999999999999999999..................000000000000000000 333333333333333...............444444444444444 2222222222222222233333333333333333.................77777777777777777 11111117777777.......2222222 22222222222222228888888888888888................4444444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 555555333333......999999 9999999999999999999944444444444444444444....................11111111111111111111 666666......222222 444444......999999 888888888888888888..................444444444444444444 444444444444444...............000000000000000 2222222222222222211111111111111111.................55555555555555555 11111118888888.......5555555 22222222222222227777777777777777................6666666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 666666000000......111111 8888888888888888888899999999999999999999....................11111111111111111111 666666......333333 333333......777777 777777777777777777..................777777777777777777 333333333333333...............444444444444444 2222222222222222233333333333333333.................77777777777777777 22222220000000.......0000000 22222222222222224444444444444444................5555555555555555 666666000000......000000 1970 111111,,,,,,444444555555000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 666666333333......555555 8888888888888888888844444444444444444444....................33333333333333333333 666666......999999 333333......888888 777777777777777777..................111111111111111111 333333333333333...............777777777777777 2222222222222222244444444444444444.................88888888888888888 22222221111111.......1111111 22222222222222221111111111111111................7777777777777777 555555444444......111111 197133 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999988888888888888888888....................77777777777777777777 22222224444444.......4444444 6666666.......0000000 7777777777777777777777777777777777777777....................33333333333333333333 666666666666666666..................666666666666666666 444444444444444...............111111111111111 2222222222222222277777777777777777.................00000000000000000 22222222222222.......2222222 22222222222222223333333333333333................5555555555555555 1971—Aug 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 ..................666666666666666666 ...............333333333333333 22222222222222222.................44444444444444444 2222222222222222................1111111111111111 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 ..................666666666666666666 ...............333333333333333 22222222222222222.................44444444444444444 2222222222222222................1111111111111111 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 ..................666666666666666666 ...............333333333333333 22222222222222222.................11111111111111111 1111111111111111................9999999999999999 Nov 9999999999999999999911111111111111111111....................77777777777777777777 66666666666666666666....................66666666666666666666 ..................666666666666666666 ...............333333333333333 22222222222222222.................44444444444444444 2222222222222222................1111111111111111 Dec 8888888888888888888855555555555555555555....................77777777777777777777 55555555555555555555....................99999999999999999999 ..................555555555555555555 ...............333333333333333 22222222222222222.................22222222222222222 2222222222222222................2222222222222222 1972—Jan 9999999999999999999955555555555555555555....................33333333333333333333 66666666666666666666....................55555555555555555555 ..................777777777777777777 ...............444444444444444 22222222222222222.................66666666666666666 3333333333333333................3333333333333333 Feb 8888888888888888888888888888888888888888....................22222222222222222222 66666666666666666666....................44444444444444444444 ..................666666666666666666 ...............333333333333333 22222222222222222.................55555555555555555 2222222222222222................5555555555555555 Mar 9999999999999999999911111111111111111111....................88888888888888888888 66666666666666666666....................66666666666666666666 ..................555555555555555555 ...............333333333333333 22222222222222222.................66666666666666666 2222222222222222................0000000000000000 Apr 9999999999999999999933333333333333333333....................22222222222222222222 77777777777777777777....................55555555555555555555 ..................666666666666666666 22222222222222222.................44444444444444444 2222222222222222................4444444444444444 May 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................88888888888888888888 ..................666666666666666666 22222222222222222.................44444444444444444 June 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................22222222222222222222 ..................777777777777777777 July 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................44444444444444444444 Aug 9999999999999999999944444444444444444444....................11111111111111111111 55555555555555555555....................99999999999999999999 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainlandf^nd 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 *On leave of absence. Digitized for FRASER 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 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 WILLIAM J. HOCTER, Associate Economist . „ JOHN H. KAREKEN, Associate Economist S0 TEPHEN HTT. 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. Walkley 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 William G. Evans 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 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 June 30, 1972. $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 sent to one address, $.85 each. ADJUSTMENT AND DISEQUILIBRIUM COSTS AND THE ESTIMATED BRAINARD—TOBIN MODEL, by (Limited supplies, in mimeographed or simi- Joseph Bisignano. July 1971. 108 pp. lar 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 LOAN- DURES—STAFF STUDIES (papers by Axilrod, ABLE FUNDS, by Robert Moore Fisher. Aug. Davis, Andersen, Kareken et al., Pierce, Fried- 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, and Garvy). 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 INTERNATIONAL MONEY MARKETS AND FLEXIBLE to one address, $3.60 each. 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 • NOVEMBER 1972 THE REGULATION OF SHORT-TERM CAPITAL SURVEY OF FINANCE COMPANIES, 1970. Nov. MOVEMENTS IN MAJOR COUNTRIES, by Rodney 1972. 15 pp. H. Mills, Jr. Nov. 1972. 53 pp. EVIDENCE ON CONCENTRATION IN BANKING MAR- KETS AND INTEREST RATES, Staff Economic FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE Study by Almarin Phillips. June 1967. 11 pp. REVERSE CAUSATION ARGUMENT, by Raymond Lombra and Raymond Torto. Nov. 1972. 15,pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK 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 REPRINTS MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. ADJUSTMENT FOR SEASONAL VARIATION. June U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1941. 11 pp. 1960-67. Apr. 1968. 23 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. MONETARY RESTRAINT AND BORROWING AND Feb. 1958. 12 pp. CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. 1968. 18 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM- 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 BANKS. Aug. 1969. 5 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. Frank E. Hopkins and Michael D. Sherman. 20 pp. Nov. 1966. 11 pp. RECENT CHANGES IN STRUCTURE OF COMMER- THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CIAL BANKING. Mar. 1970. 16 pp. CAPITAL MARKETS, Staff Economic Study by Daniel H. Brill with Ann P. Ulrey. Jan. 1967. SDR's IN FEDERAL RESERVE OPERATIONS AND 14 pp. STATISTICS. May 1970. 4 pp. REVISED SERIES ON COMMERCIAL AND INDUS- INFLATION IN WESTERN EUROPE AND JAPAN. Oct. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 1970. 13 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 105 MEASURES OF SECURITY CREDIT. Dec. 1970. 11 U.S. BALANCE OF PAYMENTS AND INVESTMENT POpp. SITION. Apr. 1972. 15 pp. MONETARY AGGREGATES AND MONEY MARKET OPEN MARKET OPERATIONS AND THE MONETARY CONDITIONS IN OPEN MARKET POLICY. Feb. AND CREDIT AGGREGATES—1971. Apr. 1972. 23 1971. 26 pp. pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. CHANGES IN BANK LENDING PRACTICES, 1971. Apr. 4 pp. 1972. 5 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS CONSTRUCTION LOANS AT COMMERCIAL BANKS. TO VARYING CREDIT CONDITIONS. Mar. 1971. 24 June 1972. 12 pp. pp. SOME ESSENTIALS OF INTERNATIONAL MONETARY INTEREST RATES, CREDIT FLOWS, AND MONETARY REFORM. June 1972. 5 pp. AGGREGATES SINCE 1964. June 1971. 16 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK TWO KEY ISSUES OF MONETARY POLICY. June DIRECTORS. June 1972. 10 pp. 1971. 4 pp. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN- SURVEY OF DEMAND DEPOSIT OWNERSHIP. June OVER—REVISED SERIES. July 1972. 5 pp. 1971. 12 pp. RECENT REGULATORY CHANGES IN RESERVE RE- BANK RATES ON BUSINESS LOANS—REVISED QUIREMENTS AND CHECK COLLECTION. July SERIES. June 1971. 10 pp. 1972. 5 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW TREASURY AND FEDERAL RESERVE FOREIGN EX- MEASURES. July 1971. 26 pp. CHANGE OPERATIONS. Sept. 1972. 26 pp. REVISED MEASURES OF MANUFACTURING CAPAC- ITY UTILIZATION. Oct. 1971. 3 pp. YIELDS ON NEWLY ISSUED CORPORATE BONDS. Sept. 1972. 2 pp. REVISION OF THE MONEY STOCK. Nov. 1971. 14 pp. CHANGES IN TIME AND SAVINGS DEPOSITS AT COMMERCIAL BANKS, APRIL-JULY 1972. Oct. BALANCE OF PAYMENTS PROGRAM: REVISED 1972. 11 pp. GUIDELINES FOR BANKS AND NONBANK FINAN- CIAL INSTITUTIONS. Nov. 1971. 11 pp. RECENT ACTIVITIES OF FOREIGN BRANCHES OF U.S. BANKS. Oct. 1972. 11 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. 1972. 21 pp. PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS. Dec. 1971. FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER 11 pp. OF 1972. Nov. 1972. 9 pp. ASSETS AND LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS. Feb. 1972. 16 pp. BANKING AND MONETARY STATISTICS, 1971. Selected series of banking and monetary statistics WAYS TO MODERATE FLUCTUATIONS IN THE CON- for 1971 only. Feb., Mar., and July 1972. 20 STRUCTION OF HOUSING. Mar. 1972. 11 pp. pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • NOVEMBER 1972 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers', 14, 33, 35 Demand 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, 11, 20, 25, 29, 39 Production index, 60, 61 Euro-dollars, 90 Federal Reserve Banks, 12, 90 Postal savings, 19, 25 Bank credit proxy, 18 Subject to reserve requirements, 18 Bankers' balances, 25, 28 Discount rates (See Interest rates) (See also Foreigners, claims on, and liabilities to) Discounts and advances by Reserve Banks (See Loans) Banks and the monetary system, 19 Dividends, corporate, 50 Banks for cooperatives, 40 Dollar assets, foreign, 77, 83 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 Saving: International institutions, 76, 77, 94, 96 Flow of funds series, 72 Inventories, 70 National income series, 71 Investment companies, issues and assets, 49 Savings and loan assns., 40, 45, 53 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 20, 24, 27, 28, 39 Savings institutions, principal assets, 39, 40 Commercial banks, 18 Securities (See also U.S. Govt, securities): Federal Reserve Banks, 12, 15 Federally sponsored agencies, 40, 41 Life insurance companies, 39 International transactions, 86, 87 Savings and loan assns., 40 New issues, 47, 48, 49 Silver coin, 16 Labor force, 66 Special Drawing Rights, 4, 12, 13, 19, 74, 77 Loans (See also specific types of loans): State and local govts.: Banks, by classes, 20, 24, 26, 27, 39 Deposits, 25, 29 Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 Holdings of U.S. Govt, securities, 44, 45 Federal Reserve Banks, 4, 6, 9, 12, 13, 15 New security issues, 47, 48 Insurance companies, 39, 52, 53 Ownership of securities of, 24, 28, 39 Insured or guaranteed by U.S., 51, 52, 53, 54, 55 Yields and prices of securities, 36, 37 Savings and loan assns., 40, 53 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 defense expenditures, 43, 70 International transactions, 83, 86 National income, 70, 71 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

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES January 1972 'Dram bt/Zti! gafmCart (o THE FEDERAL RESERVE SYSTEM g) £ ALAS KA HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER • Federal Reserve Bank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis