Federal Reserve Bulletin, 1972-12

Federal Reserve Bulletin DECEMBER 1972 \ \r 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 12 • VOLUME 58 • DECEMBER 1972 999 One-Bank Holding Companies Before the 1970 Amendments 1009 Evolution of the Payments Mechanism 1013 Statement to Congress 1017 Record of Policy Actions of the Federal Open Market Committee 1024 Law Department 1037 Announcements 1039 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 102 Board of Governors and Staff A 104 Open Market Committee and Staff; Federal Advisory Council A 105 Federal Reserve Banks and Branches A 106 Federal Reserve Board Publications A 113 Index to Statistical Tables A 115 Index to Volume 58 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

One-Bank Holding Companies Before the 1970 Amendments BANK HOLDING COMPANY organizations are a major element in the American banking system. As of December 31, 1970, when the latest major amendments to the Bank Holding Company Act became law, holding companies accounted for more than half of all U.S. commercial bank deposits. This status has been achieved only recently, however, and it is attributable in large part to the growth of one-bank holding companies during the last few years. The importance of the one-bank type of holding company is indicated by the fact that such organizations—a total number of 1,352 located throughout the United States—held well over a third of the deposits of all commercial banks at the end of 1970. As of the same date, there were 121 multibank holding company groups—organizations that controlled more than one bank. These groups, located in 35 States, operated 895 banks that held one-sixth of all commercial bank deposits. The importance of holding company organizations in the United States, by geographic region, is illustrated in Figures 1 and 2. Figure 1 shows that in each of 16 States banks owned by multibank holding companies accounted for more than 25 per cent of the deposits in the State at the end of 1970. Figure 2 shows that all bank holding companies—that is, multibank and one-bank combined—had at least that proportion of total deposits in 39 States. The pervasiveness of holding companies is a recent development. For example, in 1965 only 550 one-bank holding companies were known to exist. These companies were typically small concerns controlling small banks, and they were mainly in unit-banking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN • DECEMBER 1972 MULTIBANK HOLDING COMPANIES: total number and per cent of total State deposits controlled ALL BANK HOLDING COMPANIES: total number and per cent of total State deposits controlled Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ONE-BANK HOLDING COMPANIES 1001 States. Primarily because these one-bank organizations were small, Congress had exempted them from regulation when the Bank Holding Company Act was passed in 1956, and again when the Act was amended in 1966. During the late 1960's, however, there was a wave of formations of one-bank holding companies. As Table 1 shows, more than one-half of the 1,318 one-bank holding company organizations—for which data are available—in existence on December 31, 1970, had become operational after June 1, 1968. Many of the largest banks in the country were involved in this movement. By forming one-bank holding companies, they could enter nonbanking business activities that were not open to commercial banks. By 1970, as a consequence of these developments, one-bank holding companies were operating in every major sector of the American economy. At the end of 1970, Congress passed the Bank Holding Company Act amendments that brought one-bank holding companies under the regulation of the Board of Governors of the Federal Reserve System. The principal objective of the 1970 amendments was to maintain the separation between banking and commerce, by defining, in general terms, the kinds of nonbanking activities that bank holding companies might enter. The 1970 amendments to the Bank Holding Company Act required every one-bank holding company to file a registration statement with the Board of Governors of the Federal Reserve System. The registration statement describes the holding company TABLE 1 NUMBER OF ONE-BANK HOLDING COMPANY FORMATIONS, BY DATE OF FORMATION FOR ORGANIZATIONS REGISTERING ON DECEMBER 31, 19701 Type of company2 Total Before 1956 1956 to 1960 1960 to 1966 1966 to June 1968 to June 1968 Dec. 31, 1970 Banking only 252 11 12 35 34 160 Closely related 325 10 8 79 55 173 Not closely related ... 715 58 32 172 109 344 Foreign 17 3 1 4 2 7 Not classifiable3 9 1 1 1 6 Total 1,318 83 53 291 201 690 Excludes 34 holding companies that submitted late registration statements. 2Classes are defined as follows: 1) banking only, company is engaged only in banking activities; 2) closely related, company is engaged in banking and activities determined by the Board as closely related to banking; 3) not closely related, company is engaged in any activities other than banking and activities closely related to banking; and 4) foreign, company is chartered in a foreign country and derives at least half of its consolidated revenue or has at least half of its consolidated assets outside the United States. The classification of companies is based on the Standard Industrial Classification (SIC) system. This is a comprehensive classification system developed by the Office of Management and Budget to provide a breakdown of aggregate economic activity into narrower, more homogeneous lines of activity as represented by industries and products. For some tabulations, the closely related and the not closely related classes are broken down into two subclasses according to whether the companies have more or less than 25 per cent of their investment in banking. Although 25 per cent is an arbitrary figure, it serves to separate the companies for which banking approaches an incidental activity from those for which banking is relatively important. 3Mainly trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN • DECEMBER 1972 organization, reports data for affiliated banks and nonbank subsidiaries, and reports in detail on the nonbank activities of the company and its subsidiaries. These registration statements represent the first comprehensive set of data available on one-bank holding companies. This article draws on information from the registration statements to provide an overview of the nature of one-bank holding companies at the time of the amendments in 1970. It focuses on the size distribution of one-bank holding company organizations and their affiliated banks and on the nonbanking activities of these organizations. For this article, if a holding company controls one or more other holding companies, the companies are treated as a single organization. In addition, companies that filed a declaration of intent to divest their bank or any nonbanking subsidiary are included, in order to describe the one-bank holding company movement before it was directly affected by legislation. SIZE OF For the discussion of size, a four-way classification of holding HOLDING companies based on their involvement in nonbanking activities is COMPANIES used. The classes, which are described in the notes to Table 1, AND BANKS are: (1) banking only; (2) closely related; (3) not closely related; and (4) foreign. Holding companies. The majority of all one-bank holding companies (parent company only) are small; 74 per cent reported total assets of less than $5 million, and 88 per cent had less than $25 million, at the end of 1970. A few companies, however, reported total assets of $1 billion or more. TABLE 2 SIZE OF ONE-BANK HOLDING COMPANY ORGANIZATIONS BY CLASS OF COMPANY, DECEMBER 31, 19701 Number of companies AAmmoouunntt ooff aasssseettss Class of Asset size (in millions of dollars) ((iinn mmiilllliioonnss ooff ddoollllaarrss)) company TToottaall Less than 1,000 and Total, all Average per 5 5-10 10-25 25-50 50-100 100-500 500-1,000 over companies company Banking only ... 252 230 8 8 2 3 1 928.5 3.7 Closely related: > V\ banking. 301 275 9 7 4 2 2 2 2,534.2 8.4 <VA banking. 24 11 5 5 2 1 367.3 15.3 Total 325 286 14 12 4 4 3 2 Not closely related: > V* banking. 500 374 34 35 20 15 17 3 2 13,020.6 26.0 <Vi banking. 215 86 31 32 20 10 17 8 11 29,298.1 136.3 Total 715 446600 65 6677 4400 2255 34 1111 1133 Foreign 17 2 11 11 7 66 3322,,779999..66 11,,992299..44 Not classifiable2. 9 4 1 1 3 445555..33 5500..66 Total 11,,331188 998800 9900 8888 4488 3322 4488 1133 1199 7799,,440033..66 6600..22 Excludes 34 holding companies that submitted late registration statements. 2Mainly trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ONE-BANK HOLDING COMPANIES 1003 As Table 2 shows, holding companies engaged in nonbanking activities are likely to be larger than those engaged only in banking. Of the 252 one-bank holding companies classified as banking only, 91 per cent reported total assets of less than $5 million; 88 per cent of the 325 companies classified as closely related had assets of less than $5 million; and 64 per cent of the 715 companies classified as not closely related had assets of less than $5 million. The foreign holding companies are, on the average, the largest type of holding company; none of the 17 companies in the foreign class had assets of less than $5 million. The only companies with assets of over $1 billion were in the not closely related or foreign classes. Table 2 also shows that investments in banks accounted for more than 25 per cent of total assets for most of the holding companies that reported nonbanking activities. The larger size classes tend to have a greater proportion of companies for which banking is relatively unimportant. Banks. Most of the banking subsidiaries of one-bank holding companies are relatively small, as Table 3 shows. Seventy-one per cent had total deposits of less than $25 million. Still, most of the Nation's largest banks have been absorbed into one-bank holding companies since the late 1960's, and as of the end of 1970 there were 28 companies whose banking subsidiaries had $1 billion or more of deposits. (In this study, a bank is considered a subsidiary if the holding company owns at least 25 per cent of the outstanding voting stock.) TABLE 3 DEPOSIT SIZE OF SUBSIDIARY BANKS AFFILIATED WITH ONE-BANK HOLDING COMPANY ORGANIZATIONS BY CLASS OF HOLDING COMPANY1 Number of banks, December 31, 1970 AAmmoouunntt ooff ddeeppoossiittss,, JJuunnee 2200,, 11997711 CCllaassss ooff Total deposit size (in millions of dollars) ((iinn mmiilllliioonnss ooff ddoollllaarrss)) ccoommppaannyy Total Less than 1,000 and Total, all Average 5 5-10 10-25 25-50 50-100 100-500 500-1,000 over banks per bank Banking only.... 252 54 52 83 36 14 12 1 6,682.1 26.5 Closely related: >Va banking . 301 153 81 29 6 11 16 1 4 26,657.5 88.6 <XA banking . 24 7 7 6 1 1 1 1 1,954.3 81.4 Total 325 160 88 35 7 11 17 2 5 Not closely related: >XA banking . 500 95 115 106 56 39 57 13 19 121,505.8 243.0 <Va banking . 215 34 38 68 29 20 20 2 4 32,283.5 150.2 Total 715 112299 115533 117744 8855 59 77 1155 2233 Foreign 17 11 11 6 9 1,578.1 92.8 Not classifiable2 9 2 4 1 1 1 306.3 34.0 Total 11,,331188 334433 229966 229966 113300 91 116 18 28 119900,,996677..66 144.9 Excludes 34 holding companies that submitted late registration statements. 2Mainly trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN • DECEMBER 1972 The larger subsidiary banks—those with deposits of $100 million and over—are generally controlled by one-bank holding companies that are in either the not closely related to banking or foreign classes, as Table 3 shows. In fact, 23 of the 28 subsidiary banks with deposits of $1 billion or more are controlled by holding companies in the not closely related class. In addition to owning stock in subsidiary banks, some one-bank holding companies own stock in nonsubsidiary banks—that is, banks in which they own less than 25 per cent of the stock. Of the one-bank holding companies in existence on December 31, 1970, 163 owned stock in 307 nonsubsidiary banks with total deposits of $8.5 billion as of June 1971. While the average stock holding in nonsubsidiary banks was 16.5 per cent, 44 of the 163 holding companies owned 24.9 per cent of the outstanding voting stock. NONBANKING As noted earlier, the activities of one-bank holding companies were ACTIVITIES t subject to the Bank Holding Company Act prior to 1970. Hence, no many one-bank holding companies engaged in nonbank activities, although usually on a relatively small scale. Then in the 1965-70 period diversification increased dramatically. Whereas only 34 nonbank subsidiaries had been formed or acquired by bank holding companies between 1930 and 1939 and 290 between 1950 and 1959, the number of acquisitions and formations jumped to 2,571 in the 6-year period 1965-70. Part of this accelerated diversification was attributable to anticipation of regulatory legislation. (Readers may refer to the tables on pages A-99 to A-101 for detailed statistics on which some of the comments in this section are based.) Of the 1,318 holding company organizations for which data are available as of December 31, 1970, 1,149 were engaged in nonbank activities. Of this number, 584 owned nonbank subsidiaries and 565 engaged directly in nonbank activities. As of that date, onebank holding companies were operating in 276 of the industries with three-digit SIC codes. However, there were very few one-bank holding companies in most of these industries. In fact, there was only one holding company or holding company subsidiary represented in 70 industries and no more than five in 185 of the 276 industries. Not surprisingly, the nonbank activities of one-bank holding companies were heavily concentrated in the areas of finance, insurance, and real estate. Table 4, which presents separate data on financial and nonfinancial activities and provides finer breakdowns of activities where possible, shows the three-digit SIC industries that are engaged in by 50 or more holding companies or holding company subsidiaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ONE-BANK HOLDING COMPANIES 1005 TABLE 4 MOST FREQUENTLY REPORTED THREE-DIGIT FINANCIAL AND NONFINANCIAL ACTIVITIES, DISAGGREGATED TO THE FOUR-DIGIT LEVEL, DECEMBER 31, 19711 SIC code2 Description of activity Number3 Financial activities 605 Establishments performing functions closely related to banking4 78 Foreign subsidiary bank owned by U.S. corporation 9 6052 Foreign exchange establishments 5 6053 Check cashing agencies and currency exchanges 4 6054 Safe deposit companies 33 6056 Corporations for banking abroad 13 6059 Establishments performing functions closely related to deposit banking n.e.c. 22 614 Personal credit institutions5 114 615 Business credit institutions 173 Short-term business credit institutions that purchase accounts receivable and commercial paper 35 Short-term business credit institutions n.e.c. 54 Factors 18 Instalment paper dealer 6 Mercantile financing 12 6152 Bond mortgage companies 58 6159 Miscellaneous business credit institutions 54 616 Loan correspondents and brokers 61 6161 Loan correspondents and brokers 61 679 Miscellaneous investing institutions5 57 Nonfinancial activities 013 Livestock5 59 631 Life insurance underwriting5 73 641 Insurance agents, brokers, and service 604 6411 Insurance agents, brokers, and service 604 651 Real estate operators 439 Operators of bank buildings 176 Operators of other buildings 136 Lessor of real property 224 653 Real estate agents, brokers, and managers 127 6531 Real estate agents, brokers, and managers 127 655 Subdividers and developers5 91 739 Business services n.e.c. 214 Management consulting services 75 Economic consulting services 11 Statistical services 4 Market research 10 Equipment rental and leasing 92 Other business services n.e.c. 79 893 Accounting, auditing, and bookkeeping services 136 Accounting and tax services 31 Auditing services 7 Bookkeeping and billing services 31 Payroll services 11 Data processing services 80 Primarily performing computer programming services 11 1 Includes all three-digit activities engaged in by 50 or more one-bank holding companies or their subsidiaries. For purposes of this article, financial and nonfinancial activities are defined in accordance with the 1967 SIC system. Financial activities include banks and trust companies, credit agencies other than banks, holding companies, other investment companies, brokers and dealers in securities and commodity contracts, and security and commodity exchanges. These activities are in major SIC groups 60, 61, 62 and 67. 2 In cases where the SIC system is not sufficiently refined for purposes of this article and no four-digit code is shown, the industry groupings are those devised by the Board's staff. CONTINUED ON P. 1006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN • DECEMBER 1972 ONE-BANK HOLDING COMPANIES and 3 number of subsidiaries MJMBEFP0M?NnANrH0U^^ 200 150 100 50 0 2-5 6-10 11-20 21-30 31-50 OVER 50 NUMBER OF NONBANK SUBSIDIARIES OWNED Of the 584 holding companies that owned nonbank subsidiaries, most owned relatively few, as Figure 3 indicates. Among those reporting information for the year-end 1970, there were 423 that had less than 6 nonbank subsidiaries. Large one-bank holding companies—measured by total assets of the parent corporation—account for a relatively large share of nonbank activities, as Table 5 shows. Holding companies with assets of $100 million and over (parent only) accounted for 57 per cent of all assets of nonbank subsidiaries. The largest size class ($1 billion or more of total assets) accounted for only about 2.5 per cent of the total number of diversified companies at the end of 1970, but these companies owned almost 8 per cent of all nonbank subsidiaries. There are two reasons for the dominance of large companies: One is that, although many more small one-bank holding companies have nonbank subsidiaries than large ones, larger one-bank holding companies have, on the average, a larger number of nonbank subsidiaries. The second is that nonbank subsidiaries of larger companies tend to be substantially larger than those of the small ones. NOTES TO TABLE 4—continued 3 Number of holding companies that are engaged in the activity either directly or through a subsidiary. Numbers of holding companies in the three-digit SIC groups do not necessarily equal the sum of the number of holding companies in the 4-digit SIC's. The numbers exclude subsidiaries reported as inactive. 4Industry definition developed by the Office of Management and Budget. It should not be confused with the Federal Reserve definition of activities that are closely related to banking. SIC 605 includes foreign exchange establishments, check cashing agencies and currency exchanges, safe deposit companies, clearing house associations, and corporations for banking abroad. 5Data for this industry group were generally not reported at the four-digit level. n.e.c. Not elsewhere classified. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ONE-BANK HOLDING COMPANIES 1007 TABLE 5 RELATIONSHIP BETWEEN SIZE OF ONE-BANK HOLDING COMPANIES AND THE NUMBER AND SIZE OF THEIR NONBANK SUBSIDIARIES AND BETWEEN SIZE OF AFFILIATED BANKS AND NUMBER AND ASSETS OF THEIR NONBANK SUBSIDIARY AFFILIATES, DECEMBER 31, 1970. Asset size (total assets, in millions of dollars) All size Item Less 5 than 5-10 10-25 25-50 50-100 100-500 500-1,000 1,0 o 0 v 0 e r a nd classes One-bank holding companies Number of OBHC's with nonbank subsidiaries 275 81 75 46 32 48 12 15 584 Nonbank subsidiaries owned— Number: Total 838 376 429 289 285 645 292 263 3,417 Average 3 5 6 6 9 13 24 18 6 Percentage distribution of total 25 11 13 8 8 19 9 8 100 Assets: Total (in millions of dollars) .. 8,199 745 6,228 2,679 2,254 12,422 3,515 10,353 46,398 Average (in millions of dollars).. 10 1 15 9 8 19 12 39 14 Percentage distribution of total 18 2 13 6 5 27 8 22 100 Banks affiliated with one-bank holding companies1 Nonbank subsidiaries owned by OBHC's— Number: Total 118 342 « 488 558 429 810 168 486 3,399 Average 3 4 4 6 6 7 8 13 6 Percentage distribution of total 3 10 14 16 13 24 5 14 100 Assets: Total (in millions of dollars). 524 379 5,683 11,247 2,776 13,684 553 11,534 46,380 Average (in millions of dollars) . 4 1 12 20 6 17 3 24 14 Percentage distribution of total 1 1 12 24 6 30 1 25 100 xFive companies are not included because data reported for them are inadequate. NOTE.—Details may not add to totals because of rounding. Generally speaking, the larger the size of the affiliated bank, the greater the number of its nonbank subsidiaries (Table 5). For the two smallest size classes of banks, the parent companies account for 13 per cent of all nonbank subsidiaries but only 2 per cent of the assets of nonbank subsidiaries. On the other hand, for the two largest size classes of banks, the parent companies account for 19 per cent of all nonbank subsidiaries and 26 per cent of their assets. Comparison of the data presented in Table 5 would suggest that the size of the one-bank holding company rather than the size of the bank determines the extent of nonbank activities. SUMMARY By December 31, 1970, one-bank holding companies accounted for 38 per cent of the Nation's commercial bank deposits. Because of their unregulated status prior to December 31, 1970, these companies operated in every major sector of the economy. The 1970 amendments to the Bank Holding Company Act of 1956 brought Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN • DECEMBER 1972 all bank holding companies under the regulation of the Board of Governors of the Federal Reserve System, and required them to file registration statements with the Board. The registration statements of the one-bank holding companies in existence at the end of 1970 provide the first comprehensive body of data available on such companies. The data examined here indicate that: • The majority of both holding companies and their affiliate banks are small, and large holding companies tend to be involved in nonbank activities to a greater extent than small companies. • Banking is relatively less important in the operation of large companies than of small companies. • One-bank holding companies, as a group, engage in a wide range of nonbank activities, but most of them, taken singly, engage in only a few such activities. • The most important nonbank financial activities among holding companies are establishments performing functions closely related to banking, personal and business credit institutions, and loan correspondents and brokers. • The most important nonfinancial activities are insurance agents and brokers, real estate operators and agents, and business services. • And finally, large holding companies account for a relatively large share of the nonbank activities in which one-bank holding companies are engaged. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Evolution of the Payments Mechanism The following statement was prepared by the large geographic areas. These transactions en- Federal Reserve System Steering Committee on compass use of an electronic communications Improving the Payments Mechanism to inform network to transfer payments originating (a) at the Nation's bankers and the public of the a point of sale, (b) with a wage, salary, or other general direction of payments mechanism de- income payment, or (c) with an authorization velopment as currently envisioned by the Com- to charge a depositor's account. This network mittee. would serve all accounts from which, or to which, payments are made. The essential features of the payments system that is evolving in response to electronic tech- CHANGES IN PROSPECT nology are reasonably clear. These features are The Nation's payments mechanism can be exnot likely to change drastically unless a new pected to evolve in the direction of a system technology develops. Private and public roles where credit to the payee's account is made at in this system probably will be very similar to the same time the payor's account is charged. those in being today with financial institutions Increasingly, these transfers will be made over interfacing with the public and the Federal Re- a computer-directed communications network. serve maintaining the interface among financial As electronic transfers become technologically institutions. The Federal Reserve has indicated and economically superior, checks would be its intent to accommodate visible evolution in largely displaced. The use of the credit card, the payments mechanism by continuously im- or a similar means of activating electronic payproving and updating its facilities to handle a ments transfers, should expand greatly. Much growing volume of funds transfers along the of today's paper-oriented operation would be channels of likely development. Thus, the re- displaced by electronic terminals at the point gional processing centers and expanded clearing- of sale for making direct funds transfers, with house arrangements now being established by the related accounting being done by computers. the Federal Reserve System in some 40 trade Significant reductions in the volume of transaccenters for handling checks may become the tions made through the use of paper currency nuclei of interconnected regional com- may also take place—by the use of point-of-sale munications networks for handling wire terminals and through other electronic techtransfers of funds and financial data. niques. The System's role in facilitating the develop- The electronic funds transfer system is exment of automated clearing facilities and the pected to evolve in a modular fashion through linkage of such facilities to provide a nationwide the development and interlinkage of a comprenetwork for automated crediting systems or hensive series of computer-directed compreauthorized debiting systems may pioneer a munications networks. At the local level, the similar role in the experimental point-of-sale system would include commercial banks and terminals. Such terminals, now linked to a possibly other depositary institutions linked to single bank's computer and energized by a point-of-sale terminals in retail establishments, unique credit-card authorization system, with to computers in businesses, and possibly to appropriate standards and interlinkage, may po- terminal devices in homes. Through these fitentially provide merchants and consumers with nancial institutions, connection would be made a convenient means of consummating transac- to regional, national, and international nettions at the point of sale over a broad range works, enabling the movement of funds nearly of merchants and financial institutions and over everywhere in the world. 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN • DECEMBER 1972 OBJECTIVES storage, and retrieval of associated information; The payments system as it evolves will need and that provides better integration of business to be aimed at providing the public with a electronic data processing capabilities with the convenient, economical, and secure means of payments mechanism. moving funds. In comparison to the present Financial institutions need a more efficient check and other funds transfer systems, the new system of transferring funds—one that is less payments system should: labor intensive—a system that will enable them • be more efficient, as electronic data processing and to offer customers a wider variety of services, communications technologies replace labor-inten- including informational services based on the sive processing procedures. improved data generated by the payments sys- • provide a more secure method of payment, less tem. subject to theft, loss, forgery, and alteration of payments data, and a method of tracing all trans- Government needs are similar to those of actions. business, but with the additional special need • assure a more equitable balance of the debit and for greater security against theft of checks issued credit effect on participants. to the public. • accommodate both debit and credit transfers. ROLE OF THE FEDERAL The system would continue to: RESERVE SYSTEM • provide for the continuation of competition among financial institutions. It is anticipated that the Federal Reserve will • involve public participation and surveillance over install and manage a nationwide comprivate institutions' money role. munications network through which interre- • be capable of providing timely and detailed data gional settlements between financial institutions on money flows, trade volumes, and other paywill be made. ments-related information for use in monetary policy and other relevant applications. A number of other networks may exist. In part, these will be local and regional funds FEDERAL RESERVE INVOLVEMENT transfer networks in which Federal Reserve in- The Federal Reserve Act directs the Federal volvement may be minimal. The total of Reserve System to provide an efficient payments transfers internal to banking institutions may mechanism for the public. The policy statement expand if demand deposit market shares become of the Board of Governors on June 18, 1971, more concentrated. Thrift institutions may set called for 4'basic changes in the Nation's system up their own networks. Credit-card clearing for handling money payments [as] essentially networks may become more widespread. transitional steps toward replacing the use of The level of Federal Reserve involvement in checks with electronic transfer of funds." different regional or local networks for transfer In further development of the payments of funds will vary depending on the banking mechanism, the convenience and needs of the structure. The Federal Reserve should expect to participants should continue to be the primary monitor the regional and local networks to asconsiderations. These needs may be sum- sure that a satisfactory degree of security is marized as follows: being maintained and that the capability for Consumers need an economical means of interfacing with the national network is obpayment that is acceptable anywhere; is less tained. subject to theft than cash; is less subject to loss, Since the payments mechanism will evolve forgery, and alteration than checks; facilitates continuously, the Federal Reserve should expect the keeping of necessary personal records; and to continue its participation in this evolutionary enables them convenient access to a wide range process in order to assure the desired developof services from financial institutions. ment and coordination of the payments system, Businesses need a system that reduces the to insure the continued competition among protime, costs, and risks in making and receiving viders of financial services, and to protect the payments; that facilitates the transmitting, public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EVOLUTION OF THE PAYMENTS MECHANISM 1011 ROLE OF FINANCIAL INSTITUTIONS Float will largely disappear and will not be a It is anticipated that private financial institutions significant factor to consider in determining inwill continue to play the predominant role in vestable funds. Corporate treasurers will be able local and regional communications networks to obtain more timely information from financial through which intraregional payments will flow. institutions on the status of corporate balances, The number of private facilities engaged in and the timing of certain classes of funds' reprocessing payments transactions may decline ceipts and disbursements will become more as branching systems and holding companies predictable. centralize their accounting operations, or as Informational services provided by financial correspondent banks expand their accounting institutions will enable small- and medium-sized services, or as smaller institutions use special- businesses to manage investment of funds in a ized service bureaus or band together to perform manner previously practicable only in large demand deposit and other accounting services. businesses. Nearly all financial institutions will be linked together through local, regional, or national ROLE OF THE INDIVIDUAL communications networks by means of compat- It is anticipated that, due to rising costs and ible input and output devices. Customers with delays and given a more convenient, cheaper larger volumes of transactions will interface into alternative, most individuals will minimize their their banks' equipment. Competitive marketing writing of checks. Salaries, wages, pensions, of collection and payments services may be- dividends, and other income items will precome less localized. Through the use of ad- dominantly be credited directly into individuals' vanced equipment, more and better services will accounts and, through preauthorization, recurbe available to customers. ring payments will be deducted automatically from accounts. In addition, a consumer will be ROLE OF BUSINESS able to pay some bills simply by signing a The evolution of the payments system will en- machine-readable invoice and forwarding it to able business and governmental units to utilize the issuing company or the financial institution electronic data processing equipment more fully holding the consumer's account. Other payand streamline their payments procedures. It ments will be made through point-of-sale termiwill be possible to submit payments data to and nals, with either the individual's demand deposit receive payments data from financial institutions account or possibly an interest-bearing dein electronically transferable form. Businesses ferred-payment account being debited. can now use computer-oriented input to initiate The consumer will be able to complete finanpayment from their own deposit accounts or, cial transactions through the use of a card or through preauthorization agreements, initiate similar identifying device, and this procedure payment from the deposit accounts of custom- will be accomplished through automated teller ers. They will be able to send to their customers units conveniently located in shopping centers, machine-readable invoices that, when for- in other places handling numerous consumer warded to the issuing companies or the custom- sales, and in the home. ers' banks, will be transformed into electronic payment messages. FUTURE STEPS Larger business and governmental depositors As the electronic payments system continues to will establish computer-to-computer connec- develop, some areas that may need continuing tions with the financial institutions that hold attention by the Federal Reserve System are as their accounts. This option will permit greater follows: competition for accounts because distances will • public reaction and changes in public attitudes have a diminishing cost impact. toward payments system improvements. Instantaneous funds transfers will signifi- • impact of payments system improvements on the cantly simplify corporate funds management. public's use of coin and currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN • DECEMBER 1972 • bank cards and their relationship to the payments cient transmittal and interchange of payments inmechanism; the competitive impact of bank cards formation. with respect to retail credit cards. • legal considerations surrounding actions designed • international electronic funds transfer develop- to improve the payments system. ments. • impact of payments system developments on Fed- The Federal Reserve System will need for eral Reserve System operations and policy. some time to continue to devote significant • technological developments in data handling and resources to the development of the Nation's transmission. • development of the standards necessary for effi- payments mechanism. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, stimulus to general economic activity. This year Board of Governors of the Federal Reserve housing starts will probably reach a new peak System, before the Subcommittee on Priorities of more than 2.3 million units, not counting and Economy in Government of the Joint Eco- mobile-home shipments, which should exceed nomic Committee, December 7, 1972. 550,000 units. Interest rates on home-mortgage loans are I appreciate this opportunity to discuss with you now only a little higher than they were earlier measures for moderating cyclical swings in the this year, and the rise has been associated in availability of credit for housing. In a report part with more liberal non-rate terms on consubmitted last March, the Federal Reserve ventional loans and larger loan amounts. In Board set forth recommendations to accomplish October rates for conventional loans on new that objective. Before reviewing those recom- homes averaged about 7.60 per cent, up 10 to mendations, it may be useful to comment on 15 basis points from their recent low last spring, recent developments in the markets for housing but still somewhat below their August 1971 and mortgage credit, and to assess prospects for level and some 90 basis points below their peak the year ahead. in the summer of 1970. The flow of savings into the thrift institutions Further expansion in over-all business activity that specialize in mortgage lending has shown in 1973 might put upward pressure on shortextraordinary strength for more than 2 years. term interest rates. There is, however, no im- Commercial banks and other financial institu- minent threat of a substantial diversion of savtions have also been abundantly supplied with ings flows from mortgage-oriented thrift institufunds for lending. As generally happens in times tions into market securities. In recent years, of ample credit availability, housing credit and these institutions have managed to increase apconstruction have expanded rapidly. In fact, preciably the proportion of their liabilities taking residential mortgage loans have grown at an the form of longer-term deposit certificates with unprecedented rate. Growth in the first three attractive yields. Moreover, minimum denomiquarters of this year was at an annual rate of nations of Treasury bills and various agency $46 billion, compared with $36 billion in 1971 issues have been raised, and this too should help and less than $20 billion in most other years. to moderate deposit withdrawals. Deposits Savings and loan associations and mutual should thus continue to grow at a good rate, savings banks accounted for about two-thirds of even if the recent phenomenal pace is not susthe expansion in residential mortgage loans in tained. And supplementary support can be ex- 1971 and 1972. Life insurance companies have pected from FNMA, the Federal home loan continued to reduce their investment in mort- banks, and related sources when and as needed. gages on 1- to 4-family dwellings. On the other Since backlogs of demand have been filled hand, commercial banks have been able this and vacancy rates are now rising in some areas, year to accommodate business and related loan production of housing in 1973 may be below demands and at the same time to expand their this year's record level. But with funds for portfolios of residential mortgage loans at a mortgage credit continuing in relative abunrecord annual rate of $10 billion. dance, the pace of residential construction Homebuilding began to respond vigorously to should continue ahead of that required to meet easier credit conditions during the second half the national housing goal established by the of 1970, and thereby provided a much needed Congress in 1968. 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Encouraging as these developments are, we by business tends to rise, while that for housing should not lose sight of the need to make the falls. mortgage market less vulnerable to the storms While it may not be possible or even desirable by which it has been buffeted periodically in to eliminate cyclical fluctuations in the supply the past. On a sunny autumn day, the prudent of credit for housing, the feast-to-famine swings commuter gets out his snow tires. Chances are that we have experienced in the past have clearly he will need them some time during the winter, been excessive. In its report to the Congress and it is best to get them on before the snow submitted last March, the Board made several falls. It is comforting to know that this commit- recommendations for smoothing out these cytee is mindful of the need to help others prepare clical variations in the supply of housing credit for winter weather. and hence in housing construction. I will sum- Past experience indicates that at certain stages marize the reasoning behind these recomof the business cycle, forces develop that di- mendations briefly. minish the availability of funds for home loans. First, the Board believes that the main thrust Mortgage credit for housing is typically in short of new initiatives should strike directly at the supply when the demand for credit from other sources of fluctuation in housing credit. Acsectors rises rapidly. In a briskly expanding cordingly, the Board recommends removal of economy, business demands for credit from a number of legislative and regulatory conbanks and the public market normally increase straints that at times discourage investment in to finance additions to plant, equipment, and mortgages. Interest-rate ceilings on FHA and inventories. Interest rates then tend to rise, and VA loans, intended as protection for homethe supply of credit available for other bor- buyers, have meant in practice that this form rowers is squeezed. The shortage of credit may of financing periodically dries up, or becomes be intensified if the aggregate demand for goods available only if the seller is willing to pay and services threatens to exceed the Nation's several4 'points" as a loan fee. Recognizing this productive capacity. For in that event monetary fact, the Congress has allowed greater flexibility policies designed to restrain demand and to curb in these ceilings by authorizing their adjustment inflation will further restrict the available supply by administrative action. Even so, the ceiling of credit to borrowers. rates often lag behind market developments. If The difficulties experienced by the housing Congress abolished the ceilings, or tied them industry stem in significant measure from the directly to market interest rates, it would enfact that homebuyers depend heavily for credit courage the States to take similar action with on institutions that are in a poor position to regard to usury laws, which have also served compete for funds when market rates of interest to block the flow of funds into mortgages. rise sharply. Their deposit inflows then shrink, Other changes in Federal legislation would and so does their ability to sustain the flow of be helpful. The Federal Reserve Act should be mortgage credit. Legislative and regulatory amended to permit the Federal Reserve Banks limits on mortgage interest rates also constrict to lend to member banks on the basis of sound the flow of funds to housing in periods of mortgage collateral at the regular discount rate. general credit restraint. The statutory restrictions on real estate loans by Other classes of borrowers, particularly busi- national banks should be eliminated so that ness firms, are less affected by general credit mortgage lending by these banks may be govrestraint. Established business enterprises not erned mainly by considerations of safety and only enjoy preferred status as customers of soundness, tested by examinations, as other commercial banks; they often also have access types of loans are. When that is done, the to alternative sources of credit in money and Comptroller of the Currency should however be capital markets. Thus in periods when the ag- authorized to establish safeguards through such gregate demand for goods and services becomes regulations as may seem necessary from time exuberant, the share of new loan funds absorbed to time. Removal of the geographical restric- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 1015 tions on conventional mortgage loans of Federal compete more effectively for deposits. Steadier savings and loan associations would help free deposit inflows, in turn, would mean greater funds for investment where the need is greatest. stability in the availability of mortgage credit As in the case of FHA and VA rate ceilings, during business cycles. And this greater stability such actions at the Federal level could lead to could be achieved without affecting adversely similar liberalization of State laws. the long-run supply of mortgage funds. Steps should also be taken to strengthen the Along with these benefits would come some ability of depositary institutions to attract and costs. The risk of interest rate fluctuations would hold consumer savings when yields are rising be a complicating factor in the planning of on market securities. The thrift institutions that homebuyers who chose a variable-rate mortspecialize in mortgage lending are particularly gage. But this difficulty could be kept within vulnerable at such times because of the disparity reasonable bounds by putting limits on the between their assets, which consist of long-term amount that the rate could vary, and by providloans with fixed yields, and their liabilities, ing that the monthly payment would normally which are short-term. When market rates rise, remain fixed, with rate changes affecting only savings tend to be diverted from thrift institu- the term to maturity. To protect borrowers and tions into market securities because the institu- facilitate rational choice, the lenders should be tions are unable to raise their rates to meet the required to make full disclosure about variablecompetition. And when deposit inflows shrink, rate and fixed-rate mortgages. And needless to the supply of mortgage credit also declines. say, the contract should provide for adjustments The sharp swings in deposit inflows and in both ways—to reflect reductions as well as inloan activity at these institutions could be mod- creases in interest rates. erated somewhat by lengthening the average It would probably take 10 years or more for maturity of their deposits. Some progress has variable-rate mortgages to become a substantial been made, and is being made, in this direction element in the portfolios of depositary institubut more could be done, perhaps by adjusting tions. But they have the potential, in time, of deposit rate ceilings to allow greater incentives playing a key role in smoothing out flows of for savers to invest for longer periods. funds into home loans, and their encouragement Some benefits would also accrue from short- therefore deserves serious consideration. ening the average life of the earning assets of For the immediate future, the best hope for thrift institutions, although any sizable move in greater stability in housing lies in continued this direction should come only after careful progress in controlling inflation, and particularly consideration of the potential impact on the in better management of our fiscal affairs so that supply of mortgage credit in the long run. Some less reliance would need to be placed on credit benefits can probably be gained by encouraging policy to stabilize the over-all economy. By the specialized mortgage lenders to put a modest making greater use of fiscal tools, sectors of the portion of their earning assets into consumer economy that are relatively immune to monetary loans. Then their earnings would respond better policies could be made to bear their share of to changes in market interest rates, and they restraint during periods of excess demand. would be in a somewhat better position to adjust Specifically, the Board recommends flexible the rates they pay on deposits so as to maintain use of the investment tax credit as a means of savings inflows. achieving greater stability in outlays by business Another step well worth considering would firms for machinery and equipment. These exbe to enable all depositary institutions to offer penditures are large, cyclically volatile, and mortgages with variable interest rates and relatively insensitive to monetary policy. During attendant safeguards, side by side with the tra- periods of credit restraint, expenditures for maditional fixed-rate mortgage. Since the variable- chinery and equipment have repeatedly drawn rate mortgage would result in more flexible on resources that otherwise would have been average earnings rates, the institutions could available for housing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN • DECEMBER 1972 If the investment tax credit were lowered in Board believes that first priority should be given boom times and raised in slack periods, we to the proposed variable investment tax credit. would experience more stability in business Establishment of machinery for flexible use of demand for external financing, and therefore the investment tax credit would yield benefits also in market interest rates and in the flow of more quickly than can be expected from the funds for housing. This tax flexibility could be other recommendations, and the benefits would achieved by authorizing the President to vary be substantial, not only for housing but also for the investment tax credit within prescribed other sectors that are sensitive to fluctuations limits, perhaps from zero to 10 or 15 per cent. in credit conditions. Before a change in rate could become effective, In closing, let me commend this committee a 60-day waiting period should be allowed for for drawing attention to the need to improve disapproval by either House of the Congress, credit arrangements for housing. We should take analogous to the procedure for reorganization advantage of the breathing spell we are now plans. enjoying in order to prepare for problems that Among the recommendations in its report, the may develop in the future. • 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 August 15 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; October, pages 899-904; and November, pages 973-78. The record for the meeting held on September 19, 1972, follows: 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN • DECEMBER 1972 MEETING HELD ON SEPTEMBER 19, 1972 Current economic policy directive. The information reviewed at this meeting suggested that growth in real output of goods and services in the third quarter would be substantial although well below the annual rate of 9.4 per cent recorded in the second quarter. Growth was expected to be more rapid in the fourth quarter than in the third and to remain at a fast pace in the first half of 1973. In August retail sales continued to expand, according to the advance report, and they were substantially greater than the monthly average in the second quarter. Industrial production rose moderately, after having increased little in June and July; part of the gain was attributable to recovery from the effects of tropical storm Agnes. Nonfarm payroll employment, which had been adversely affected by strikes as well as by the storm, rose appreciably in August. Reflecting a large increase in the labor force as well as in employment, the unemployment rate—at 5.6 per cent—was essentially unchanged from the rate in June and July. The advance in hourly earnings of production workers on private nonfarm payrolls in August, as in July, was moderately faster than in the second quarter. The rise in wholesale prices of farm products and foods remained rapid, and the advance in prices of industrial commodities, which had slowed in July, resumed the somewhat faster pace of earlier months this year. In July the increase in the consumer price index was larger than in the immediately preceding months, chiefly because of a sharp rise in retail prices of foods. Staff projections continued to suggest that expansion in consumption expenditures would be strong in the fourth quarter, in part because of the 20 per cent increase in social security benefits scheduled to begin in early October. It was also anticipated that growth in State and local government purchases of goods and services would be raised by enactment of Federal revenue sharing; that business fixed investment would continue to increase, in line with recent surveys; that residential construction would level off; and that, in response to sustained expansion in final takings of goods, inventory investment would rise appreciably further. Foreign exchange markets had remained relatively quiet since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1019 mid-August. An increase in short-term interest rates in the United States relative to those in other major countries had contributed to a further strengthening of the dollar against major European currencies, and central bank reserves of most industrial countries had continued to change little. In July both U.S. merchandise imports and exports increased, and the trade deficit was virtually unchanged from the high level of the two preceding months. Market interest rates generally advanced in the interval between the August and September meetings of the Committee. Increases in rates were significantly larger for short-term than for long-term securities and were greatest for Treasury bills. Bill rates had been unusually low relative to other short-term rates, reflecting mainly demands for bills associated with foreign central bank acquisitions of dollars and with the absence of a short-term issue in the Treasury's August refunding. In the intermeeting period, however, foreign central banks sold bills on balance, and Treasury financing operations added to the market supply of bills. The impact of the change in supply-demand relationships was magnified when a firming in money market conditions just before the Labor Day weekend strengthened market expectations of further increases in interest rates in an environment of strong economic expansion. On the day before this meeting the market rate on 3-month bills was 4.65 per cent, compared with 3.87 per cent on the day before the August meeting. In markets for long-term securities, increases in rates were greater for Treasury issues than for other securities, chiefly because the rise in short-term rates induced dealers to reduce their inventories of the new longer-term issues acquired in the Treasury's August refunding. The volume of new publicly issued corporate bonds had declined moderately from July to August, and a large decline appeared in prospect for September. While the volume of new State and local government bonds had increased somewhat in August, it appeared likely to decline again in September. Contract interest rates on conventional new-home mortgages and yields in the secondary market for Federally insured mortgages were stable from July to August. Inflows of savings to nonbank thrift institutions slowed from the rapid rates in June and July. At commercial banks, outstanding business loans increased sharply further in August, and real estate and consumer loans Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN • DECEMBER 1972 continued to expand rapidly. Banks again reduced their holdings of U.S. Government securities—as the Treasury's net borrowing demands remained smaller than customary for that season of the year—but they increased their holdings of other securities. Late in the month, in response to the strength in loan demands and to increases in short-term market rates of interest, most banks raised their prime rates from 5xk to 5V2 per cent. Growth in the narrowly defined money stock (Mj),1 which was rapid in July following relatively slow growth on the average in May and June, fell back in August. Expansion in the more broadly defined money stock (MJP and in the bank credit proxy3 also 2 slowed, despite substantial increases in consumer-type time and savings deposits and in the outstanding volume of large-denomination CD's. In late August and early September, however, the money stock grew more rapidly than it had on the average in August. System open market operations in the period since the August 15 meeting had been guided by the Committee's objective of fostering growth in reserves available to support private nonbank deposits (RPD's) at an annual rate of between 5 and 9 per cent in the August-September period, subject to the proviso that money market conditions should not be permitted to firm markedly. Pursuit of the RPD target was complicated by the need to absorb reserves at a time when the market supply of Treasury bills was increasing. Early in the period, RPD's—and the monetary aggregates—appeared to be expanding rapidly. As the System acted to restrain growth in reserves, short-term interest rates began to rise sharply and financial markets became increasingly sensitive; this was especially evident just before the Labor Day weekend when a number of banks misjudged their reserve needs and bid the Federal funds rate up as high as 5Vi per cent. In order to avoid a marked firming in money market conditions and unduly sharp increases in interest rates, for a time the System supplied reserves more generously. 1Private demand deposits plus currency in circulation. 2Mj plus commercial bank time and savings deposits other than large-denomination CD's. 3Daily-average member bank deposits, adjusted to include funds from nondeposit sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1021 At the time of this meeting it appeared that growth in RPD's would be quite rapid in September, and that the average rate of growth in the August-September period would exceed the upper limit of the target range by a significant amount. However, most of the overage evidently would reflect a temporary increase in excess reserves—and member bank borrowings—around the Labor Day weekend. Apart from the rise in excess reserves, growth in RPD's appeared to be at about the upper limit of the target range. The Federal funds rate, which had been around 43A per cent at the time of the preceding meeting, currently was about 5 per cent. In the 5 weeks ending September 13 member bank borrowings averaged about $440 million, compared with about $250 million in the preceding 4 weeks. The Committee agreed that the economic situation called for growth in the monetary aggregates in coming months at rates less rapid than those that now appeared likely to be recorded for the third quarter. At the same time, the members noted that conditions in financial markets were still highly sensitive. They also noted that the prospective relationships among bank reserves, monetary aggregates, and money market conditions were more than usually uncertain because of the difficulties of forecasting the behavior of banks during the period of adjustment to the amendments to Regulations D and J that were scheduled to become effective September 21, 1972. The situation was further complicated by uncertainty as to whether implementation of the regulatory actions would be delayed as a consequence of certain court proceedings currently under way. The Committee took note of a staff analysis suggesting that an average rate of expansion in RPD's in September and October in a range equivalent to 9.5 to 13.5 per cent4 would be likely to lead to more moderate growth in monetary aggregates over the months ahead. The members decided to seek an RPD growth rate 4The RPD range originally considered by the Committee incorporated adjustments for the estimated effects that the scheduled changes in the Board's Regulations D and J would have on the prospective relationship between growth rates in RPD's and in the monetary aggregates. However, it was agreed that those adjustments would be inappropriate if there were a delay in implementing the changes, and since such a delay in fact occurred, the adjustments are omitted in the figures cited. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN • DECEMBER 1972 in that range—preferably, in the lower part—unless disturbances arose in financial markets or unless growth rates in the monetary aggregates appeared to be falling far short of expectations. In view of the sensitive state of financial markets and the uncertainties associated with Regulations D and J, they also decided that the System Account Manager should have more than the usual degree of discretion in making operating decisions and that he should give more than customary attention to money market conditions, while continuing to avoid marked changes in such conditions. It was agreed that account also should be taken of international financial developments, and it was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if it appeared that the Committee's objectives and constraints were not being met satisfactorily. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests a substantial increase in real output of goods and services in the current quarter, although well below the unusually large rise recorded in the second quarter. In July and August, wages and prices advanced somewhat more rapidly on balance than in the immediately preceding months, while the unemployment rate remained substantial. Foreign exchange market conditions have remained quiet in recent weeks and the central bank reserves of most industrial countries have continued to change little. In July, the large excess of U.S. merchandise imports over exports persisted. In August on average, growth slowed in the narrowly and broadly defined money stock and in the bank credit proxy, but in recent weeks the money stock has been expanding more strongly. Since mid-August, interest rates on Treasury bills have increased sharply, while yields on most other market securities have advanced more moderately. 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 special account of the effects of possible bank regulatory changes, developments in credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1023 markets, and international developments, the Committee seeks to achieve bank reserve and money market conditions that will support more moderate growth in monetary aggregates over the months ahead. Votes for this action: Messrs. Burns, Hayes, Brimmer, Bucher, Coldwell, Daane, Eastburn, Mayo, Mitchell, and Sheehan. Votes against this action: Messrs. MacLaury and Robertson. Absent and not voting: Mr. Winn. (Mr. Mayo voted as Mr. Winn's alternate.) Mr. MacLaury dissented from this action because he had become increasingly disturbed by the rapid rates of growth in the aggregates, given the prospective strength of the economy, and he felt that the Committee's current operating procedures did not assure that money market conditions would be permitted to tighten sufficiently to slow this excessive monetary growth in the near future. Mr. Robertson dissented because of his belief that with the existing potentiality for increased inflationary pressures, the Committee was not doing enough to curb the rate at which reserves were being fed into the banking system by the Federal Reserve and to slow down the rate of growth in the monetary aggregates. In his view, the failure to do so might result in a new ground swell of inflation later on. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions SECURITY CREDIT TRANSACTIONS: thereafter, and of a margin equity security (except MAXIMUM LOAN VALUE OF STOCKS as provided in § 220.3(c) and paragraphs (b) and (c) of this section), 35 per cent of the current The Board of Governors has amended the Supplements to Regulation G, 4 4 Securities Credit by market value of such securities. Persons Other than Banks, Brokers, or Dealers"; Regulation T, "Credit by Brokers and Dealers"; (d) Margin required for short sales. The and Regulation U, "Credit by Banks for the Pur- amount to be included in the adjusted debit balance pose of Purchasing or Carrying Margin Stocks", of a general account, pursuant to § 220.3(d)(3), effective November 24, 1972. The amendments as margin required for short sales of securities raised the margin requirement from 55 to 65 per (other than exempted securities) shall be 65 per cent for credit extended by brokers, dealers, cent of the current market value of each security. banks, and other lenders to finance purchase of stocks. No change was made in the 50 per cent margin requirement for purchasing or carrying SUPPLEMENT TO REGULATION U convertible bonds or in the 70 per cent retention requirement applicable to undermargined ac- Effective November 24, 1972, section 221.4(a) counts. The text of the amendments to the Sup- (the Supplement to Regulation U) is amended to plements reads as follows: read as follows: SUPPLEMENT TO REGULATION G SECTION 221.4—SUPPLEMENT Effective November 24, 1972, section 207.5(a) (a) Maximum loan value of stocks. For the (the Supplement to Regulation G) is amended to purpose of § 221.1, the maximum loan value of read as follows: any stock, whether or not registered on a national securities exchange, shall be 35 per cent of its SECTION 207.5—SUPPLEMENT current market value, as determined by any rea- (a) Maximum loan value of margin securities. sonable method. For the purpose of section 207.1, the maximum loan value of any margin security, except convert- Dividends—Meaning of 4'net profits." ible securities subject to section 207.1(d), shall be 35 per cent of its current market value as Section 5199(b) of the Revised Statutes of the determined by any reasonable method. United States (12 U.S.C. 60), as made applicable to State member banks by the 6th paragraph of section 9 of the Federal Reserve Act (12 U.S.C. SUPPLEMENT TO REGULATION T 324), provides that: "The approval of [the Board of Governors] shall be required Effective November 24, 1972, section if the total of all dividends declared by [a State member bank] 220.8(a)(1) and (d) (the Supplement to Regulation in any calendar year shall exceed the total of its net profits of that year combined with its retained net profits of the T) is amended to read as follows: preceding two years, less any required transfers to surplus or a fund for the retirement of any preferred stock." SECTION 220.8—SUPPLEMENT The term "net profits" is defined in Section (a) Maximum loan value for general ac- 5199(c) to mean "the remainder of all earnings counts. The maximum loan value of securities in from current operations plus actual recoveries on a general account subject to § 220.3 shall be: loans and investments and other assets, after de- (1) of a registered non-equity security held in ducting from the total thereof all current operating the account on March 11, 1968, and continuously expenses, actual losses, accrued dividends on pre- 1024 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ferred stock, if any, and all Federal and State (d) Pro forma income tax adjustment (reptaxes." resenting decrease of applicable income For the purpose of employing a uniform means tax) for the determination of net profits before divi- Sub-total dends on common stock, as required by Section Deduct: (a) Losses charged to reserve accounts 5199(b), it is the Board's view that net profits shall (Schedule D) be the amount of "net income" determined in (b) Preferred stock dividends paid or acaccordance with the Report of Income (FR Form crued for the period 107a), adjusted as set forth hereinafter. The statu- (c) Pro forma income tax adjustment tory adjustments prescribed by Section 5199 re- (representing increase of applicable quire the recognition of actual losses and recov- income tax) eries on loans and investments and other assets Sub-total recorded in reserve accounts and the elimination Net profits as defined of corresponding provisions for such items entered Deduct: (a) Required transfers to surplus or a against income. Further, to ascertain net profits fund for the retirement of preferred available for common stock cash dividends, net stock profits for the current year and preceding two years (b) Common stock dividends paid or acshall be adjusted for preferred stock dividends paid crued for the period or accrued and for required transfers to surplus Sub-total or a fund for the retirement of preferred stock. Retained net profits available for common stock In light of the prevalent use of accrual account- dividends. ing by banks, it also may be appropriate to recog- NOTE 1. Schedule references are to supervisory nize "pro forma" income tax adjustments in the Report of Income (FR Form 107 a). determination of net profits. The adjustment, if 2. Contra elements to applicable captions any, would be related to the amount of difference should be shown in parenthesis. between provisions for losses (or reversal of pro- The above schedule for the determination of net visions) included in the determination of "net profits will also be employed by the Comptroller income" and actual net losses or recoveries incor- of the Currency and its use will be uniform for porated in the Section 5199(b) calculations. If the all member banks. "pro forma" income tax adjustment amounts to Special factors affecting net profits, such as less than five per cent of net profits before such charge-offs of bank premises in excess of normal adjustment, it need not be recognized. annual depreciation or unusual security losses, will The following guideline schedule sets forth the be weighed by the Board in consideration of remost common adjustments required in calculating quests by State member banks to declare dividends net'profits for Section 5199(b) purposes. which would be prohibited by Section 5199(b) without Board approval. Accordingly, any unusual Computations of net profits for purposes of Section chargeoffs should be presented for Board consid- 5199(b) eration. The objective of Section 5199 is to restrict the Net income (Schedule A) payment of dividends where such payments would Add: (a) Recoveries credited to reserve accounts result in dissipating needed capital funds. The law (Schedule D) is designed to prevent the declaration of dividends (b) Provision for loan losses (Schedule A) which are not justified by current and recent accu- (c) Any other provisions charged against mulated earnings and which would result in a income (Schedule A) constituting addi- weakened and under-capitalized bank and violate tions to reserve accounts (Schedule D) safe and sound banking practices. 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN • DECEMBER 1972 BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS PRINTED IN THIS ISSUE During November 1972, the Board of Governors issued the following orders, which were accompanied by a statement (or statements): AMERICAN BANCORPORATION, Applicant filed this application to become a bank LOS ANGELES, CALIFORNIA holding company through acquisition of shares of stock of Ranchers Bank on June 1, 1972. Officers and directors of Ranchers Bank have opposed the ORDER DENYING FORMATION OF BANK action of Applicant, and in fact have a pending HOLDING COMPANY merger agreement with California Republic Bank, American Bancorporation, Los Angeles, Cali- Bakersfield, California. The management and fornia, has applied for the Board's approval, under stockholders of both banks have approved this § 3(a)(1) of the Bank Holding Company Act (12 latter merger proposal presently under review by U.S.C. 1842(a)(1)), of formation of a bank hold- State and Federal supervisory authorities. ing company through acquisition of 50 per cent, Applicant's financial plans are based upon cash plus one share, of the outstanding voting shares commitments for a total of $450 thousand in order of Ranchers Bank, Quartz Hill, California. to achieve control of Ranchers Bank. Servicing Notice of receipt of the application has been of this debt is dependent upon projected improvegiven in accordance with § 3(b) of the Act, and ments in earnings of Ranchers Bank. In addition, the time for filing comments and views has ex- Applicant's projected income includes an annual pired. The Board has considered the application management fee of $18 thousand. This manageand all comments received in light of the factors ment fee would amount to approximately 49.5 per set forth in § 3(c) of the Act (12 U.S.C. 1842(c)). cent of Ranchers Bank's 1971 net income, and On the basis of the record, the application is would be applied to the servicing of Applicant's denied for the reasons set forth in the Board's acquisition debt. Since Applicant would control Statement of this date. only 50 per cent, plus one share, of the outstanding By order of the Board of Governors, effective shares of Ranchers Bank, this management fee November 14, 1972. appears to be unjustified in that it would be applied to the servicing of Applicant's acquisition debt at Voting for this action: Vice Chairman Robertson and Govthe expense of Ranchers Bank's minority shareernors Mitchell, Daane, Brimmer, Sheehan, and Bucher. Absent and not voting: Chairman Burns. holders. Comments and views on the proposal were (Signed) MICHAEL A. GREENSPAN, solicited from the State Banking Department for [SEAL] Assistant Secretary of the Board. the State of California. The California Superintendent of Banks concluded that the acquisition STATEMENT would not be in the best interests of Ranchers American Bancorporation, Los Angeles, Cali- Bank's depositors and shareholders, nor in the fornia, has applied for the Board's approval under public interest. Applicant was granted an extension § 3(a)(1) of the Bank Holding Company Act (12 of time in which to reply to the Superintendent's U.S.C. 1842(a)(1)) of formation of a bank holding comments, and its own views have also been company through acquisition of 50 per cent, plus considered in the Board's determination of this one share, of the outstanding voting shares of case. Ranchers Bank, Quartz Hill, California. The Board believes that a holding company Statutory considerations. Applicant is a should be a source of financial and managerial nonoperating corporation formed for the express strength for the banks in its system and that every purpose of acquiring Ranchers Bank which has proposed acquisition should be closely examined aggregate deposits of approximately $7 million. to determine whether it serves certain private in- Since Applicant has no present operations or sub- terests to the undue disadvantage of the interests sidiaries, consummation of the proposal would not of the bank or its shareholders. The Board careadversely affect existing or potential competition, fully scrutinizes all proposals involving bare manor have any adverse effect on any bank in the jority of a bank's shares since contending factions area. within bank may contribute adversely to the bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1027 future welfare. In this regard, the Board concludes Burley area and, further, that acquisition of Cassia that considerations relating to the financial and Bank by Boise Bank would lead to further conmanagement factors weigh against approval of centration at the Statewide level. Boise Bank Applicant's proposal. responded to Justice's comments by arguing that The convenience and needs of the communities the Burley area was unattractive for de novo entry. to be served are already adequately being served Moreover, Boise Bank stated that the proposed and there is no evidence that approval of the instant merger could enhance competition in the Burley proposal would give rise to any significant public area by making Cassia Bank a more positive benefits. On the contrary, in order to service Ap- competitive force. Boise Bank concluded by indiplicant's substantial acquisition debt, additional cating its belief that consummation of the merger stress might be placed on the resources of would have little effect on Statewide concentration Ranchers Bank. Considerations relating to the and would not serve as a precedent for future convenience and needs of the communities to be mergers that might lead to undue concentration in served lend no weight toward approval of the Idaho. application. The Board has considered the application and Under all the circumstances of this case, the all comments and reports received in the light of Board concludes that the leverage contemplated, the factors set forth in the Act, and finds that: the unfair treatment of minority shareholders, and Boise Bank (deposits of about $205 million) the managerial resources of Applicant present ad- operates 25 banking offices throughout Idaho and verse circumstances weighing against approval. controls about 12 per cent of the deposits of These circumstances are not outweighed by any commercial banks in the State. (Boise Bank is a pro-competitive factors or by considerations relat- subsidiary of Western Bancorporation which, as ing to the convenience and needs of the communi- of March 31, 1972, controlled 23 banks in 11 ties to be served. Accordingly, approval of this western States with aggregate resources of $13.1 application is not in the public interest and it billion.) Acquisition of Cassia Bank (deposits of should be denied. about $15 million) would add about 1 per cent BANK OF IDAHO, to Boise Bank's share of Statewide deposits and BOISE, IDAHO would not result in a significant increase in the concentration of banking resources in Idaho.1 ORDER APPROVING APPLICATION FOR MERGER OF Cassia Bank ranks third among four banks in BANKS Burley, as measured by area deposits, with ap- Bank of Idaho, Boise, Idaho ("Boise Bank"), proximately 22 per cent of such deposits. There a member State bank of the Federal Reserve Sys- is no existing substantial competition between tem, has applied for the Board's approval pursuant Boise Bank and Cassia Bank, nor does there seem to the Bank Merger Act (12 U.S.C. 1828(c)) of to be a reasonable probability of significant potenthe merger of that bank with Cassia National Bank, tial competition developing between the two. The Burley, Idaho ("Cassia Bank"), under the charter closest banking office of Boise Bank to the Burley and title of Boise Bank. As an incident to the area is about 39 miles away and there are banks merger, the three present offices of Cassia Bank in the intervening area. The closest banking office and an approved but unopened branch would be- of Boise Bank to Lava Hot Springs, where Cassia come branches of the resulting bank. Bank has a branch, is 38 miles north and west As required by the Act, notice of the proposed of Lava Hot Springs in Pocatello. The area bemerger, in form approved by the Board, has been tween Pocatello and Lava Hot Springs is sparsely published, and the Board has requested reports on populated and is not an attractive area for an competitive factors from the Attorney General, the additional bank or branch. Boise Bank has at- Comptroller of the Currency, and the Federal tempted within the last two years to establish a Deposit Insurance Corporation. de novo branch in Burley, but was turned down The Department of Justice commented on the by the Board due to the Board's belief that the proposed transaction, concluding that it might Burley area could not economically support an have an adverse competitive effect. Justice stated additional banking office. Subsequent to the that it believed that the merger would not eliminate any significant existing competition. However, Justice declared that Boise Bank would be elimixBanking data are as of December 31, 1971, while market nated as the most likely potential entrant into the data for the Burley area are as of June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Board's decision, an additional branch by another the foreseeable future. Therefore, extreme care banking organization was established in Burley so must be taken to ensure that the already high that it seems even more unlikely now that Boise concentration within the State is not increased by Bank would be permitted to establish a de novo mergers or acquisitions. branch in Burley. Because of these several factors Part of the underlying philosophy of this country the Board concludes that the merger would not is manifested in section 7 of the Clayton Act and have an adverse effect upon competition in any a basic premise of that law is embodied in the relevant area. concept "... that competition will be most vital The financial and managerial resources of Boise 'when there are many sellers, none of which has Bank are generally satisfactory, and the prospects any significant market share.' " United States v. for the resulting bank appear favorable, particu- Alcoa 377 U.S. 271, 280 (1964). The other side larly in light of Boise Bank's commitment to add of the coin is that as the Supreme Court put it $4 million in equity capital within the next four in the same case, also at page 280, the greater months. Considerations relating to the conve- the concentration in the market "... the greater nience and needs of the communities to be served is the likelihood that parallel policies of mutual lend some weight toward approval since Boise advantage, not competition, will emerge." Bank plans to considerably expand real estate Approval of this merger will serve as a preceloans in the Burley area, a service that Cassia Bank dent that will likely lead to the second situation has not provided to a significant degree. Based postulated by the Supreme Court. There will be upon the foregoing it is the Board's judgment that three large banks confronting each other in the consummation of the proposal would be in the various significant markets in Idaho with few other public interest and that the application should be substantial competitors in those markets. You need approved. not be a cynic to believe that accommodation On the basis of the record, the application is rather than competition may flow from such a approved for the reasons summarized above. The situation. I cannot assent to such a result. transaction shall not be consummated (a) before As a final footnote, my view is that permitting the thirtieth calendar day following the effective Western Bancorporation to expand its banking date of this Order or (b) later than three months operations in Idaho through the mechanism of after the effective date of this Order, unless such allowing Bank of Idaho to merge with other Idaho period is extended for good cause by the Board, banks violates the spirit of section 3(d) of the Bank or by the Federal Reserve Bank of San Francisco Holding Company Act. Section 3(d) limits acquipursuant to delegated authority. sitions of additional banks by bank holding com- By order of the Board of Governors, effective panies to banks located in the State where the November 7, 1972. holding company's banking subsidiaries principally conduct their business unless certain Voting for this action: Chairman Burns and Governors Mitchell, Daane, Brimmer, and Sheehan. Present and abstain- conditions not applicable in this case are met. ing: Governor Bucher. Voting against this action: Governor Western Bancorporation's principal banking busi- Robertson. ness is conducted in California. However, I rec- (Signed) TYNAN SMITH, ognize the authority to the contrary and do not [SEAL] Secretary of the Board. rely on this point as a basis of my dissent. FIRST INTERNATIONAL BANCSHARES, DISSENTING STATEMENT OF INC., DALLAS, TEXAS GOVERNOR ROBERTSON ORDER APPROVING FORMATION OF BANK I dissent from the approval of the merger of HOLDING COMPANY the tenth largest bank in Idaho into the third largest bank located in the State. Concentration of bank- First International Bancshares, Inc., Dallas, ing resources in Idaho is extremely high with the Texas, has applied for the Board's approval, under top three banks controlling almost 80 per cent of § 3(a)(1) of the Bank Holding Company Act (12 aggregate deposits of commercial banks in the U.S.C. 1842(a)(1)), of formation of a bank hold- State. Given that Idaho is a small State, with a ing company through the acquisition of 100 per relatively stable population in recent years, we cent (less directors' qualifying shares) of the votcannot expect substantial additional entry into ing shares of the successors to First National Bank commercial banking as a reasonable probability for in Dallas, Dallas, and Houston-Citizens Bank & Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1029 Trust Company, Houston. As an incident to the Stockholders Company, Houston (a trusteed affilproposal, Applicant will acquire indirect control iate of Houston-Citizens), a 6.7 per cent interest of 26.4 per cent of the voting shares of Guaranty in First Alief Bank, Alief, Texas. Bank, Dallas (formerly South Oak Cliff Bank), First National now holds certain minority interthrough an interest now held directly by First ests in fourteen banks ("Other Banks") located National Bank in Dallas under a debt previously in Dallas County, Texas, as follows: 24 per cent contracted. In addition, Applicant also will acquire of the shares of American Bank and Trust Comindirectly through HB&T Stockholders Company, pany; 21.34 per cent of the shares of Citizens State Houston (a trusteed affiliate of Houston-Citizens Bank, Irving; 20 per cent of the shares of The Bank & Trust Company) a 6.7 per cent interest Dallas County State Bank, Carroll ton; 24.76 per in First Alief Bank, Alief, Texas. cent of the shares of DeSoto State Bank; 24.52 Notice of application, affording opportunity for per cent of the shares of East Dallas Bank & Trust interested persons to submit comments and views Company; 24 per cent of the shares of First Nahas been given in accordance with § 3(b) of the tional Bank of Richardson; 24 per cent of the Act. The time for filing comments and views has shares of Grove State Bank; 22.42 per cent of the expired, and the Board has considered the appli- shares of North Dallas Bank and Trust Company; cation and all comments received in light of the 24.9 per cent of the shares of Northpark National factors set forth in § 3(c) of the Act (12 U.S.C. Bank; 19.47 per cent of the shares of Park City's 1842(c)). Bank and Trust Company; 24.5 per cent of the On the basis of the record, the application is shares of Southwest Bank and Trust Company, approved for the reasons set forth in the Board's Irving; 24 per cent of the shares of Texas National Statement of this date. The transaction shall not Bank; 10.67 per cent of the shares of White Rock be consummated (a) before the thirtieth calendar National Bank; and 26.41 per cent of the shares day following the effective date of this Order or of Guaranty Bank, formerly South Oak Cliff Bank. (b) later than three months after the effective date Board approval of Applicant's proposal to beof this Order, unless such period is extended for come a bank holding company does not signify good cause by the Board or by the Federal Reserve Board approval of the retention or acquisition of Bank of Dallas pursuant to delegated authority. the above-referred to minority interests in Other By order of the Board of Governors, effective Banks. It is the Board's understanding, from rep- November 30, 1972. resentations by Applicant, that Applicant will file separate applications for prior approval by the Voting for this action: Chairman Burns and Governors Board for each of such minority holdings it seeks Mitchell, Daane, Sheehan, and Bucher. Voting against this action: Governors Robertson and Brimmer. to retain and cause its minority interests in all Other Banks, other than those for which such (Signed) MICHAEL A. GREENSPAN, applications are filed, to be completely and per- [SEAL] Assistant Secretary of the Board. manently divested by it. It is further understood that in this manner any such applications so filed STATEMENT by Applicant will be subject to the ordinary regu- First International Bancshares, Inc., Dallas, latory and legal process, subject to statutory Texas ("Applicant"), has filed with the Board, standards as set forth in both section 3 of the Bank pursuant to § 3(a)(1) of the Bank Holding Com- Holding Company Act and section 7 of the Clayton pany Act of 1956, an application for approval of Act. action to become a bank holding company through Statutory considerations. Applicant is a recently the acquisition of 100 per cent (less directors' organized corporation, formed for the express qualifying shares) of the voting shares of First purpose of acquiring First National ($1.7 billion National Bank in Dallas, Dallas, Texas ("First in deposits) and Houston-Citizens ($219 million National"), and Houston-Citizens Bank & Trust in deposits). (All banking data are as of December Company, Houston, Texas ("Houston-Citizens"). 31, 1971, and reflect holding company formations By virtue of acquisition of First National, Appli- and acquisitions approved through August 31, cant would also acquire indirect control of 26.4 1972.) First National is the second largest banking per cent of the voting shares of Guaranty Bank, organization in the Dallas banking market and the Dallas ("Guaranty Bank," formerly South Oak second largest in the State, holding 5.6 per cent Cliff Bank), an interest now held directly by First of total State deposits. While it holds approxi- National under a debt previously contracted. Ap- mately one-fourth of deposits in the Dallas banking plicant will also acquire indirectly through HB&T market, many of these deposits are not derived Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN • DECEMBER 1972 from that particular market. For example, as of serve as vehicles for entry by bank holding com- April 1972, deposits totaled $1,417 million. Of panies based outside of Houston or as components these, $180 million were due to banks and $218 of a newly formed Houston based holding commillion represented public funds. Moreover, the pany. bank has historically had a substantial number of The large number of small banks in Houston large deposits (i.e., those of $100,000 and over); is the result of both the legislative prohibition in the main these are owned by corporations, against branch banking in Texas and the high rate financial institutions, and State and local govern- of economic growth in the Houston SMS A. Bements. The total in such accounts amounts to about cause of the number of recent bank formations, three-fourths of the bank's entire deposit aggre- population per banking office for the Houston area gate. has fallen from 22,876 in 1960 to 13,322 in 1970 The principal market in which First National (a lower ratio than often found in large cities competes consists of the entire Dallas SMS A, located in unit banking States). wherein a total of 118 banks are located. In addi- While First National may be viewed as a potention, First National is in competition with large tial entrant into the Houston banking market, if banks throughout the Southwest, and to a lesser it entered either de novo or through acquisition extent throughout the Nation. It is also engaged of a small bank, its competitive impact on the in international banking through branch or repre- Houston banking market would be deferred for sentative offices in London, Tokyo, Nassau and some time. Singapore. Furthermore, the Board is interested in expand- Houston-Citizens is the fifth largest of 149 banks ing the competitive environment, not only in in the Houston SMS A, controlling 3.12 per cent Houston and Texas markets, but also in the southof total commercial deposits in that market and west and national markets as well. Construed 0.7 per cent of total State deposits. Houston-Citi- within the context of the national market, the zens is the resulting institution from a merger in proposed formation will enhance a Texas bank 1970 between Houston Bank & Trust Company holding company's ability to compete with other and Citizens Bank. Today, Houston-Citizens has banks providing nationwide credit services, para relatively low liquidity position as reflected in ticularly for major Texas corporations. The ecoits asset composition. Its loan account as a per nomic development of Texas and the southwest cent of total assets is substantially above the region will be fostered by acquisitions such as this average for banks of similar size in its district, one which will encourage the development of local while its cash and securities as a per cent of total institutions capable of servicing the growing doassets is substantially below the average for similar mestic and international interests of Texas corsized banks. Due to its capital and asset problems, porations. Houston-Citizens is not in a position to serve as Specifically, consummation of the proposal the lead bank of an independent Statewide or herein would substantially enhance the potential regional bank holding company. for Houston-Citizens in meeting the financial needs It appears that consummation of the proposal of its customers, particularly those of the mewould not have any adverse effect on existing dium-sized and larger commercial and industrial competition inasmuch as First National and Hous- firms in Houston and the Houston-Gulf Coast ton-Citizens are located in separate banking mar- region. Moreover, the shared expertise from First kets 250 miles apart. Deposit concentration in the National in specialized commercial loans, interna- Houston and Dallas markets would not be altered, tional, correspondent bank, portfolio management, and Statewide concentration would increase by and trust services would permit Houston-Citizens only 0.7 per cent. to better serve its customers and provide more The Board notes that there has been a significant vigorous competition in these services to the three increase in bank holding company representation largest banks in the Houston market. Due to in Houston in recent years, and that in Houston, Houston-Citizens status as a State chartered bank, as in other major Texas banking markets, newly its efforts to extend international banking services formed holding companies are assimilating their in Houston (the third largest port city in the nation) former chain bank affiliates into the holding com- have been limited by State laws preventing it from pany structure. Despite this trend, there are 134 having foreign branches. Thus, extension of interbanks in the market not affiliated with a multibank national services through First National's existing holding company. Sixteen of these have deposit and planned branch and representative office netaggregates of more than $50 million. Several could work would provide Houston-Citizens with signif- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1031 icantly enlarged international banking capabilities In my view, those large holding companies for its customers. It is the Board's judgtnent that having the resources and capability for effectuating the convenience and needs factors lend weight successful entry on a de novo basis should be toward approval of the application. required to follow that course. There is no dispute Applicant plans to increase the equity capital that Applicant, through First National Bank in accounts of Houston-Citizens by $10 million, and Dallas (with deposits of $1.7 billion), has the will strengthen management by providing a senior resources and capability to enter the Houston marofficer and other needed personnel. Considerations ket de novo. The record informs us that two of relating to the financial and managerial resources the 15 banks in the downtown area of Houston and future prospects of Applicant and the banks were chartered within the past three years, and concerned are satisfactory and consistent with ap- six were chartered within the past ten years. At proval. present there are applications on file with the Texas Summary and conclusion. On the basis of all Commissioner of Banking to charter two addirelevant facts contained in the record and in light tional de novo banks in downtown Houston. It is of the factors set forth in section 3(c) of the Act, evident that Applicant's opportunity to enter this it is the Board's judgment that the proposed trans- fast growing market is equal to that of these other action would be in the public interest and that the de novo entrants, and that its likelihood of becomapplication should be approved. ing an effective competitor in the Houston market is greater still. DISSENTING STATEMENT OF GOVERNOR The majority's reliance upon the convenience ROBERTSON and needs factor as support for including a bank Applications to form holding companies in the size of Houston-Citizens in Applicant's for- Texas, as well as applications by holding compa- mation is ill-founded. Complete banking services nies to acquire additional banks in Texas, are are currently available to the residents of the presently being processed on a "first come—first Houston SMS A banking market. And international served" basis. Perhaps this is in the American banking services are readily available in this martradition, but it ill serves the needs of a State in ket from at least five other Houston banks, as well the throes of reshaping its own banking structure. as from two Edge Act corporations representing The present application demonstrates a need for the Bank of America N.T. & S.A. and First Board analysis going beyond the ad hoc approach National City Bank, New York City. Thus, at best, and for a more thorough examination of Texas the benefits to the public are insignificant when banking markets not only as they exist today but compared to the serious anticompetitive effects as they are reasonably likely to develop over the resulting from the combination of Houston-Citinext decade, utilizing our knowledge of other zens (with its deposits of $219 million) and the alignments, past as well as prospective, in ap- $1.7 billion (deposit size) First National Bank in proving or disapproving any specific formation. Dallas. In previous years, chain banking relationships On the basis of the foregoing, I dissent to were established in Texas as a means of circum- approval of the formation of First International venting the State's prohibition against branch Bancshares, Inc. The affiliation of the second banking. Today, holding companies in Texas are largest bank in Texas, the First National Bank of seeking to acquire their chain bank affiliates. In Dallas, with a large Houston bank, whose prob- Houston, for example, the three largest holding lems are not by any means irreparable, leads the companies have a total of 24 affiliates which hold Board down the road to the form of concentration 9.9 per cent of commercial deposits in the Houston whose ultimate reductio ad absurdum is described market. These three holding companies have indi- in the Appendix to this Statement. cated that they plan to acquire 16 of these affiliates APPENDIX TO having total deposits of $507.2 million, or 7.2 per DISSENTING STATEMENT OF GOVERNOR cent of market deposits. While not attempting to ROBERTSON prejudge in any manner these proposed acquisi- Every time you pick up the newspaper you read tions, it would appear to me that one or more of about one company merging with another comthese affiliates could well serve as an appropriate pany. Of course, we have laws to protect compevehicle for entry into the Houston banking market tition in the United States, but one can't help by other bank holding companies, thus enhancing thinking that, if the trend continues, the whole competition and better serving the public's bank- country will soon be merged into one large coming needs. pany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN • DECEMBER 1972 It is 1978 and by this time every company west House with the President to buy the United States. of the Mississippi will have merged into one giant The Justice Department will naturally study this corporation known as Samson Securities. Every merger to see if it violates any of our strong company east of the Mississippi will have merged anti-trust laws." under an umbrella corporation known as the Delilah Company. It is inevitable that one day the chairman of the Art Buchwald, Washington Post, June 2, 1966. (CCH 1966 Trade Cases, § 71.790 at pp. 82,662-82,663.) board of Samson and the president of Delilah would meet and discuss merging their two companies. DISSENTING STATEMENT OF GOVERNOR BRIMMER "If we could get together," the president of Delilah said, "we would be able to finance your I dissent from the majority's action to create projects and you would be able to finance ours.'' the largest bank holding company in Texas by combining the second largest bank in Dallas with "Exactly what I was thinking," the chairman a sizable Houston bank. The net result is to bind of Samson said. the State's two largest financial centers even "That's a great idea and it certainly makes closer, while the development of a more healthy everyone's life less complicated." banking environment Statewide is curtailed. I have The men shook on it and then they sought out previously emphasized the need to encourage the approval from the Anti-Trust Division of the Jusdevelopment of a more balanced banking structure tice Department. in Texas. I have also anticipated the possibility At first the head of the Anti-Trust Division that the large Houston and Dallas banking organiindicated that he might have reservations about zations may—in time—become dominant in all allowing the only two companies left in the United Texas markets.1 Approval of the formation of First States to merge. International Bancshares, Inc. in the manner "Our department," he said, "will take a close proposed provides another foundation upon which look at this proposed merger. It is our job to further this forecast—unfortunately—may become a realcompetition in private business and industry, and ity. if we allow Samson and Delilah to merge we may The majority bases its decision, in part, upon be doing the consumer a disservice." the present financial condition of Houston-Citizens The chairman of Samson protested vigorously Bank & Trust Company, and it points to the capital that merging with Delilah would not stifle compeimprovements that will accrue to this Houstontition, but would help it. "The public will be the based bank once it comes under Applicant's contrue beneficiary of this merger," he said. "The trol. However, it is important to examine the larger we are, the more services we can perform, patient before speaking of cures. Houston-Citizens and the lower prices we can charge." is the result of a Board-approved merger between The president of Delilah backed him up. "In Houston Bank & Trust Company and Citizens the Communist system the people don't have a Bank on September 22, 1970 (which I supported). choice. They must buy from the state. In our The unsatisfactory financial condition of Citizens capitalistic society the people can buy from either Bank was a factor influencing Board approval of the Samson Company or the Delilah Company." that merger. Even today, a substantial portion of "But if you merge," someone pointed out, the classified assets of Houston-Citizens can be "there will be only one company left in the United attributed to the deterioration of two major lines States." of credit made prior to the merger. Yet, Houston- "Exactly," said the president of Delilah. Citizens' capital ratios compare favorably with "Thank God for the free enterprise system." other large Houston-area banks, and its earnings The Anti-Trust Division of the Justice Departare above average. Prospective earnings appear ment studied the merger for months. Finally the sufficient to support the sale of additional capital. Attorney General made this ruling. "While we Houston-Citizens has capable management and, find some drawbacks to only one company being given sufficient time, can be restored to a viable left in the United States, we feel the advantages competitive position. Bank supervision—both on to the public far outweigh the disadvantages. "Therefore, we're making an exception in this case and allowing Samson and Delilah to merge. 1See my dissenting Statement to the Board's approval of "I would like to announce that the Samson and the application of Texas Commerce Bancshares to acquire San Delilah Company is now negotiating at the White Angelo National Bank, October 6, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1033 the State and federal regulatory level-—is designed the voting shares of First International Bancshares, for this very purpose. Thus, there is no need for Inc., by Perpetual Corporation, Los Angeles, Ca- Houston-Citizens to lose its independence now, lifornia, and approval of the merger of Jefferson having undergone a successful merger designed Street State Bank, Houston, Texas, with Houstontwo years ago to cure its financial illness. The Citizens Bank & Trust Company, Houston, Texas, prescription today (if one is needed) is to give it each of which is the subject of a separate order additional time—not another merger. of the Board mailed this date and as to each of Although the majority considers the inability of which my dissent is noted. Houston-Citizens to form a holding company of its own one of the factors upon which approval can be based, I would completely divorce this factor from consideration of the application. The question is not one of how many bank holding TABLE 1 companies can be formed in Texas—since this presupposes that all $200 million banks in Texas NUMBER OF BANKING ORGANIZATIONS1 BY DEPOSIT SIZE CLASS IN TEXAS SMSA GROUPS will eventually form or become members of a bank (NUMBER OF MULTIBANK ORGANIZATIONS IN holding company. Thus, any Board analysis based PARENTHESES)2 in part on the ability, or inability, of a bank to (OCTOBER 31, 1972)3 form a holding company of its own is subject to $500 $100- $50- $10- Under Over Mil. to 500 100 50 $10 certain deficiencies, as it ignores a very real alter- SMSA Groups Total $1 Bil. 4 Bil. Mil. Mil. Mil. Mil. native—that of continued existence as an inde- Houston-Dallas 257 (7) 5(5) 1(1) 11(1) 15 130 95 pendent bank. San Antonio-Fort Worth 78 (3) 2(1) 3(2) 8 39 26 Beaumont-Port Arthur- I would consider it appropriate, however, in any Orange, El Paso, Austin, Corpus Christi 62 (3) 9(3) 1 analysis of a bank holding formation, to take into McAllen-Pharr-Edinburg, Lubbock, Galveston, Kilaccount the number of banking organizations in leen-Temple, Waco, Amarillo, Brownsvillethe State, with special reference to their deposit Harlingen-San Benito, size class. Without a clear perspective of the Wichita Falls, Abilene, Texarkana 118 (2) 8 10(1) 51(1) 49 number of banks that remain outside the holding Tyler, Odessa, Sherman- Denison, Laredo, San company structure, it is possible that all large Angelo, Midland, Bryan- College Station 42 1 8 18 15 banks might soon be absorbed by holding compa- Total SMSA's 557(15) 5(5) 3(2) 32(6) 42(1) 264(1) 211 nies. Such a development could very likely strangle the growth of banks in the small deposit size banking organizations are reported on the basis of the location of their headquarters and the total deposits in the organizations. categories. As the data in Table 1 indicate, there 2Multibank organizations include multibank holding companies and is only a limited number of Houston or Dallas one 3D -b e a p n o k s it h o d l a d t i a n g a re c o f m or p a J n u i n e e s 3 w 0 h , er 1 e 97 th 2 e . holding company is a bank. based banks with deposits over $100 million, and there are fewer still in the San Antonio and Fort Worth markets. Banks in these four key financial JEFFERSON STREET STATE BANK, centers in Texas have a unique advantage over HOUSTON, TEXAS banks in smaller Texas SMSA's where growth is ORDER APPROVING MERGER OF BANKS more limited. That advantage can only be compounded by allowing, as in the present proposal, Jefferson Street State Bank, Houston, Texas, a consolidation of the resources of a large Dallas nonoperating proposed State member bank of the bank with another large Houston bank. I would Federal Reserve System, has applied pursuant to prefer to see these first tier banks in Texas pre- the Bank Merger Act (12 U.S.C. 1828(c)) for the served, either as independents, or as the base for Board's prior approval to merge with Houstontheir own holding company, rather than see them Citizens Bank & Trust Company, Houston, Texas pyramid their resources further. Such consoli- ("Bank"), under the name of Bank and charter dations add nothing to the convenience and needs of Applicant, as a means to facilitate the acquisiof the Texas financial centers, but they are certain tion of the voting shares of Bank by First Internato lessen banking competition in the State as a tional Bancshares, Inc., Dallas, Texas. whole. As required by the Act, notice of the proposed My dissent also applies to two additional actions merger, in form approved by the Board, has been of the Board related to the subject transac- published, and the Board has requested reports on tion—approval of the acquisition of 7 per cent of competitive factors from the Attorney General, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Comptroller of the Currency, and the Federal sidiary, Pierce National Life Insurance Company, Deposit Insurance Corporation. The Board has Los Angeles, California. Subject application is a considered all relevant material contained in the companion to an application filed by First Internarecord in the light of the factors set forth in the tional, which proposes to form a new multibank Act. holding company with First National Bank in On the basis of the record, the application is Dallas and Houston-Citizens as its subsidiary approved for the reasons summarized in the banks. As a result of the latter proposal, which Board's Order of this date, approving the applica- the Board has approved under a separate Order tion of First International Bancshares, Inc., to of this date, Applicant will acquire 7.1 per cent become a bank holding company through acquisi- of the shares of First International in exchange for tion of 100 per cent of the voting shares (less its present 63.3 per cent interest in Houston-Citidirectors' qualifying shares) of the successors by zens. In addition, the president of Applicant will merger to First National Bank in Dallas, Dallas, serve as a director of First International; thus, Texas, and Houston-Citizens Bank & Trust Com- Applicant's stock interest in First International, pany. The transaction shall not be consummated plus the existence of a common director between (a) before the thirtieth calendar day following the Applicant and First International, establishes Apdate of this Order or (b) later than three months plicant as a bank holding company under section after the date of this Order, unless such period 2(g)(3) of the Bank Holding Company Act.1 is extended for good cause by the Board or by Since the transaction involves only a restructurthe Federal Reserve Bank of Dallas pursuant to ing in corporate ownership, consummation of the delegated authority. proposal will have no adverse effects on existing By order of the Board of Governors, effective or potential competition. Applicant's financial re- November 30, 1972. sources and future prospects as they apply to Applicant's investment in First International ap- Voting for this action: Chairman Burns and Governors pear favorable. Approval of the proposed transac- Mitchell, Daane, Sheehan, and Bucher. Voting against this action: Governors Robertson and Brimmer. tion will have no effect on the convenience and needs of the communities involved. It is the (Signed) MICHAEL A. GREENSPAN, Board's judgment that the transaction would be [SEAL] Assistant Secretary of the Board. in the public interest and that the application should be approved. PERPETUAL CORPORATION, On the basis of the record, the application is LOS ANGELES, CALIFORNIA approved for reasons summarized above. The ORDER APPROVING ACQUISITION OF BANK SHARES transaction shall not be consummated (a) before the thirtieth calendar day following the effective Perpetual Corporation, Los Angeles, California, date of this Order or (b) later than three months has applied for the Board's approval under § after the effective date of this Order unless such 3(a)(3) of the Bank Holding Company Act (12 period is extended for good cause by the Board U.S.C. 1842 (a)(3)), to acquire 7.1 per cent of or by the Federal Reserve Bank of Dallas pursuant the voting shares of First International Bancshares, to delegated authority. Inc., Dallas, Texas ("First International"), a By order of the Board of Governors, effective proposed multibank holding company. November 30, 1972. Notice of the receipt of the application has been given in accordance with § 3(b) of the Act, and Voting for this action: Chairman Burns and Governors the time for filing comments and views has ex- Mitchell, Daane, Sheehan, and Bucher. Voting against this action: Governors Robertson and Brimmer. pired. The Board has considered the application and all comments received in light of the factors (Signed) MICHAEL A. GREENSPAN, set forth in § 3(c) of the Act (12 U.S.C. 1842 [SEAL] Assistant Secretary of the Board. (c)), and finds that: Applicant, a bank holding company since December 31, 1970, by operation of law, presently ^'Shares transferred after January 1, 1966, by any bank holds 63.3 per cent of the voting stock of Hous- holding company (or by any company which, but for such transfer, would be a bank holding company) . .. to any ton-Citizens Bank & Trust Company, Houston, transferee that . . . has one or more officers ... in common Texas ("Houston-Citizens"), of which 18.8 per with . . . the transferor shall be deemed to be indirectly owned or controlled by the transferor unless the Board, after opportucent of said shares are directly held by Applicant nity for hearing, determines that the tmsferor is not in fact and 44.5 per cent through a wholly-owned sub- capable of controlling the transferee." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1035 ORDERS NOT PRINTED IN THIS ISSUE Also during November 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 Publications Services, Division of Administrative Services, 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 Exchange International Corpora- Exchange National Bank of Chi- Approval 37 F.R. 25572 tion, Chicago, Illinois cago, Chicago, Illinois 11/22/72 12/1/72 Massachusetts Bay Bancorp., Bay State National Bank, Approval 37 F.R. 25796 Lawrence, Massachusetts Lawrence, Massachusetts 12/2/72 First Bank and Trust Company of Haverhill, Haverhill, Massachusetts Pacesetter Financial Corporation, Security First Bank & Trust Co., Approval 37 F.R. 26061 Grand Haven, Michigan Grand Haven, Michigan 11/30/72 12/7/72 Traverse City State Bank, Traverse City, Michigan Ribanco, Inc., Farmers State Bank, Approval 37 F.R. 25884 Lincoln, Nebraska Rising City, Nebraska 11/28/72 12/5/72 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 Atlantic B ancorporation, Bank of New Smyrna, Denial 37 F.R. 25571 Jacksonville, Florida New Smyrna Beach, Florida \\ 122112 12/1/72 Banks of Iowa, Inc., First National Bank, Approval 37 F.R. 24065 Cedar Rapids, Iowa Burlington, Iowa 11/2/72 11/11/72 Charter New York Corporation, The First National Bank of Approval 37 F.R. 25548 New York, New York Moravia, Moravia, New York 11/22/72 12/1/72 Chase Manhattan Corporation, Saugerties National Bank and Approval 37 F.R. 25965 Trust Company, Saugerties, 11/28/72 New York, New York 12/6/72 New York Commerce Bancshares, Inc., Commerce Bank of St. Louis, Approval 37 F.R. 23952 Kansas City, Missouri National Association, St. 11/3/72 11/10/72 Louis, Missouri First at Orlando Corporation, Community National Bank and Approval 37 F.R. 24135 Orlando, Florida Trust Company, Bal Harbour, 11/7/72 11/14/72 Florida First Financial Corporation, First Financial National Bank of Approval 37 F.R. 24792 Tampa, Florida Tampa, Tampa, Florida 11/14/72 11/21/72 Fort Worth National Corporation, The American National Bank of Approval 37 F.R. 25795 Fort Worth, Texas Amarillo, Amarillo, Texas 11/24/72 12/2/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Merchantile Bankshares Corpora- Westminster Trust Company, Approval 37 F.R. 25967 tion, Baltimore, Maryland Westminster, Maryland 11/28/72 12/6/72 Mid America Bancorporation, Hillcrest State Bank of St. Paul Approval 37 F.R. 26061 Inc., St. Paul, Minnesota St. Paul, Minnesota 11/30/72 12/7/72 United Missouri Bancshares, Inc., Wornall Bank, Approval 37 F.R. 25797 Kansas City, Missouri Kansas City, Missouri 11/24/72 12/2/72 Northern States Financial Corpora- Approval 37 F.R. 24793 Bank of Lansing, tion, Detroit, Michigan 11/14/72 11/21/72 Lansing, Michigan Texas Commerce Bancshares, Approval 37 F.R. 25884 American Bank of Commerce, Inc., Houston, Texas 11/28/72 12/5/72 Odessa, Texas Approval 37 F.R. 24066 Bank Plaza del Oro, N.A., 11/2/72 11/11/72 Third National Corporation, Houston, Texas Approval 37 F.R. 25573 Nashville, Tennessee Merchants Bank, 11/22/72 12/1/72 Twin Gates Corporation, Cleveland, Tennessee Approval 37 F.R. 24793 Wilmington, Delaware Banking of Lansing, 11/14/72 11/21/72 Lansing, Michigan ORDER UNDER SECTION 3(a)(5) OF BANK HOLDING COMPANY ACT- APPLICATION FOR MERGER OF BANK HOLDING COMPANIES Board action Federal (effective Register Applicant Agency date) citation Northwest Kansas Insurance Hi-Plains Insurance Agency, Approval 37 F.R. 24794 Agency, Inc., Colby, Kansas Inc., Colby, Kansas 11/14/72 11/21/72 ORDERS UNDER SECTION 4(c)(8) OF BANKHOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal (effective Register Applicant Nonbanking company date) citation (or activity) First Commercial Banks Inc., Schenectady Discount Corpora- Approval 37 F.R. 25794 Colonie, New York tion, Colonie, New York 11/24/72 12/2/72 NBC Co., Mutual Savings Company, Approval 37 F.R. 24792 Lincoln, Nebraska Lincoln, Nebraska 11/14/72 11/21/72 Northwest Kansas Insurance The Thomas County Insurance Approval 37 F.R. 24794 Agency, Inc., Colby, Kansas 11/14/72 Agency, Inc., Colby, Kansas 11/21/72 First Credit Corporation, with Approval United Carolina Bancshares Cor- 37 F.R. 25204 offices in Wilmington and 11/20/72 poration, Whiteville, North 11/28/72 Shallotte, North Carolina Carolina Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGE IN MARGIN REQUIREMENTS The initial margin requirement was last changed The Board of Governors of the Federal Reserve on December 6, 1971, when it was reduced from System increased the initial margin requirement 65 per cent to 55 per cent. for purchasing or carrying stocks from 55 per cent to 65 per cent, effective Friday, November 24. VFCR AMENDMENT Federal Reserve margin requirements set the The Board of Governors announced on December minimum downpayment that must be made to 1, 1972, the adoption of an amendment to exempt purchase margin securities. Under a 65 per cent from the Voluntary Foreign Credit Restraint guidemargin, a purchaser is required to pay 65 per cent line ceilings foreign assets acquired in connecof the purchase price and may obtain credit for tion with settlement of claims under insurance and the remaining 35 per cent. guarantees of the U.S. Overseas Private Invest- The increase in margin was adopted under au- ment Corporation (OPIC). Without the amendthority granted to the Board in the Securities ment, the purchase of such foreign assets by U.S. Exchange Act of 1934 to prevent the excessive banks and other U.S. financial institutions would use of credit to finance securities transactions. In have been subject to guideline ceilings, even making the change, the Board noted that margin though no new capital outflow would have redebt had increased sharply over the past year. sulted. Margin debt at brokers and dealers has risen about The amendments are to add to the guidelines, $3 billion since November 1971, and the amount as both Sections II-B-4 and III-E-7, the following: outstanding at the end of October was $7.8 billion, a record level for margin debt of this type. At "Insurance and Guaranty Settlements of OPIC banks, loans for the purpose of purchasing or A foreign asset acquired directly or through carrying margin securities increased by more than purchase of a participation in a pool of foreign $330 million since November 1971. assets, provided the foreign asset or the partici- The Board also noted that recent behavior of pation is covered by a payment guarantee issued the stock market suggested that the use of margin by the U.S. Overseas Private Investment Corporacredit, following a leveling off in late summer, tion (OPIC) under its insurance and guaranty was again in the process of expanding. Further claims settlement authority, is exempted from an rapid increases in such credit could stimulate in- institution' s ceiling.'' flationary expectations. The Board's action is applicable to new exten- NEW PUBLICATION sions of credit by brokers and dealers (Regulation Industrial Production—1971 Edition is available T) and loans by banks and other lenders (Regula- for distribution. In this edition of the production tions U and G, respectively) for the purpose of index detailed adjustments have been made to purchasing or carrying stocks registered on a na- independently compiled Census-Federal Reserve tional stock exchange or named in the Board's benchmark and annual production levels for indiover-the-counter margin list. vidual series. Many new series have been devel- At the same time, the Board increased the oped for a total of 227. About two-thirds of the required deposit on short sales from 55 per cent monthly measurements based on manhours have to 65 per cent, effective November 24. No change been replaced by series based on consumption of was made in the 50 per cent margin requirement electric power. New weight bases have been infor purchasing or carrying convertible bonds or corporated—the latest being for the year 1967— in the 70 per cent "retention requirement" that and various new measurement features have been applies to undermargined accounts. This latter added to improve analysis of national economic requirement specifies the portion of the proceeds developments. of a sale of securities that must be retained in a All of the revisions have been carried back in margin account if the equity does not match the detail to 1954 and in a more limited fashion to initial margin requirement. 1939. The index comparison-base has been up- 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN • DECEMBER 1972 dated from the 1957-59 average to the single year Information regarding the availability and price 1967. Conversion to the new comparison base has of similar tapes for June and December calls for been carried back to the beginning of the index the period June 1960 through December 1971 is in January 1919. given in the July BULLETIN, page 683. Copies may be obtained from Publications Services, Division of Administrative Services, Board ADMISSION OF STATE BANKS TO MEMBERSHIP of Governors of the Federal Reserve System, IN THE FEDERAL RESERVE SYSTEM Washington, D.C. 20551. The price is $4.00 per The following banks were admitted to membership copy; in quantities of 10 or more sent to one in the Federal Reserve System during the period address, $3.50 each. November 16, 1972, through December 15, 1972. Florida Margate Northwestern Bank of BANKING DATA ON MAGNETIC TAPES Selected data reported by individual banks to Fed- Broward County eral banking agencies in their official Reports of Virginia Condition for June 1972 are now available to the Roanoke First Virginia Bank of Roanpublic on 9-track, 800-bpi magnetic tape. The tape oke Valley may be obtained at a cost of $50 from Publications Williamsburg ... Old Colony Bank and Trust Services, Division of Administrative Services, Wisconsin Company Board of Governors of the Federal Reserve Sys- Greendale Southridge Bank of Greentem, Washington, D.C. 20551. dale Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 15 Industrial production and nonfarm employment struction products, some durable goods materials, increased further in November and the unemploy- and the textile, paper, and chemical group adment rate declined. Retail sales were about un- vanced further. changed. The wholesale price index rose further. Commercial bank credit, the money stock, and EMPLOYMENT time and savings deposits increased. Between Nonfarm payroll employment rose substantially mid-November and mid-December, yields on U.S. further in November with strong gains in manu- Government securities increased while yields on facturing, State and local government, and service seasoned corporate securities declined. industries. The average factory workweek rose by 0.2 hour to 40.9 hours. The unemployment rate declined by 0.3 percentage point to 5.2 per cent, INDUSTRIAL PRODUCTION reflecting a drop in the labor force and a small Industrial production rose an estimated 1.1 per gain in total employment. cent further in November and at 118.5 per cent (1967=100) was 10.3 per cent above a year earlier. Gains in output were widespread among final RETAIL SALES The value of retail sales was about unchanged in products and materials. The current estimate for November from the sharply advanced October rate the October index is 0.4 per cent higher than the and was 9.5 per cent above a year earlier, accordlevel reported a month earlier, and the September ing to the advance report. Sales at both durable index was revised upwards by 0.3 per cent. and nondurable goods stores changed little from Consumer goods output continued to advance October. strongly. Auto assemblies increased 6 per cent in November to an annual rate of 9.6 million units. Auto production schedules for December indicate AGRICULTURE little change from the November rate. Output of Red meat and poultry production in November was some durable home goods and nondurable con- 2 per cent higher than in October, but about even sumer goods also increased in November. Produc- with 1970 and 1971 levels. Mid-December prices tion of business equipment showed a substantial of livestock, grain, soybeans, and cotton were gain and was close to the 1969 pre-recession peak. appreciably higher than a month earlier. Output of defense and space equipment remained at the level prevailing since July. Output of con- WHOLESALE AND CONSUMER PRICES The wholesale price index, seasonally adjusted, INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 rose 0.6 per cent between October and November. 120 Prices of farm and food products increased 1.4 per cent while the index of industrial commodities was up 0.4 per cent, largely because of increased prices for materials. The consumer price index, seasonally adjusted, MINING AND UTILITIES Js rose 0.3 per cent in October. Food prices increased less rapidly than in the preceding 3 months jrf? NONDURAB/L E S A- but service costs rose faster. Nonfood commodity V DURABLE prices declined slightly, largely because of the introduction into the index of 1973 model autos. - Manufacturers had not yet been granted permission 1966 1968 1970 1972 1966 1968 1970 1972 to raise prices to cover the cost of safety and emission control equipment. F.R. indexes, seasonally adjusted. Latest figures: November. 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Net borrowed reserves averaged about $270 PRICES million for the 5 weeks ending November 29, down a little from October. Both member bank borrowings and excess reserves were above the October levels. SECURITY MARKETS Treasury bill rates rose by about 10 to 30 basis points between mid-November and mid-December. The 3-month bill was bid at around 5.00 per cent in the middle of December, up from 4.75 per cent a month earlier. Yields on U.S. Government notes and bonds advanced by some 5 to 20 basis points over the same period. Yields on new corporate security issues in- Bureau of Labor Statistics. "Farm products and foods" is BLS "Farm products, and processed foods and feeds." Latest figures: Consumer, creased slightly on balance between mid- October; Wholesale, November. November and mid-December. Seasoned corporate security yields declined steadily and mu- BANK CREDIT, DEPOSITS, AND RESERVES nicipal security rates fell slightly on balance. Commercial bank credit, after adjustments for Common stock prices rose to record levels on transfers of loans between banks and their heavy volume. affiliates, grew at an annual rate of nearly 20 per cent in November, the most rapid rate of increase since May. Real estate and consumer loans con- INTEREST RATES tinued strong. Borrowing by businesses and nonbank financial institutions also was heavy, although down somewhat from the very high level during October. Holdings of U.S. Government securities rose in November as the result of a large Treasury issue late in the period, and holdings of other securities increased sharply following no growth during the preceding month. The narrowly defined money stock increased at an annual rate of about 6.5 per cent in November, up somewhat from the preceding 2 months. Time and savings deposits, excluding large CD's, grew at almost a 9 per cent rate, down slightly from the September and October growth rates. Net sales of CD's were quite small for the second consecutive month, following sizable increases in Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 years or more and for the second and third quarters. 90-day Treasury bills. Latest figures: week ending Dec. 9. 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

47 FEDERAL RESERVE BULLETIN • DECEMBER 1972 U.S. STATISTICS—Continued A 60 Industrial production A 64 Business activity A 64 Construction A 66 Labor force, employment, and earnings A 68 Consumer prices A 68 Wholesale prices A 70 National product and income A 72 Flow of funds INTERNATIONAL STATISTICS: A 74 U.S. balance of payments A 75 Foreign trade A 76 U.S. gold transactions A 77 U.S. reserve assets; position in the IMF A 78 International capital transactions of the United States A 93 Foreign exchange rates A 94 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 99 SPECIAL TABLES ON ONE-BANK HOLDING COMPANIES A 113 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 Flows: Par List, number Aug. 1972 A-99 1965-71 data Nov. 1972 A-72—A-73.9 Annually Income and expenses: Bank holding companies: Federal Reserve Banks Feb. 1972 A-96—A-97 List, Dec. 31, 1971 June 1972 A-98 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 Income ratios May 1972 A-108—A-113 Banking and monetary statistics: 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 December 1972 A-109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • DECEMBER 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 Bought u r H e n p e d l u e d r r - Float 2 as O F s t e . h R ts e . r 3 Total * s G to o c ld k c D a e R c r r t a c i i g w f o i h u c i t n n a s g t t e Total out- chase right agreement Averages oi daily figures 1939—Dec.. 2,510 2,510 8 83 2,612 17,518 1941—Dec.. 2,219 2,219 5 170 2,404 22,759 1945—Dec.. 23,708 23,708 381 652 24,744 20,047 1950—Dec.. 20,345 20,336 142 1,117 21,606 22,879 1960—Dec.. 27,248 27,170 78 94 1,665 29,060 17,954 1965—Dec.. 40,885 40,772 113 490 2,349 43,853 13,799 1967—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 1,086 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—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.... 71,359 71,194 165 574 4,112 1,202 77,331 10,410 400 NOV.P. 71,112 70,815 297 606 2,952 1,170 75,945 10,410 400 Week ending— 1972—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 70,899 183 765 4,479 1,269 77,677 10,410 400 Nov. 71,200 71,165 35 555 4,245 1,318 77,400 10,410 400 71,735 71,105 630 959 3,706 1,349 77,896 10,410 400 15.. 71,172 70,845 327 494 2,397 1,353 75,528 10,410 400 2229 P p . . , 7 7 0 0 , , 8 6 8 8 0 8 7 7 0 0 , , 6 6 4 4 1 5 23 4 9 3 4 5 2 7 1 2 2 2 , , 7 9 5 3 2 0 1,0 9 0 5 8 8 7 7 5 5 , , 1 2 0 6 6 6 1 1 0 0 , , 4 4 1 1 0 0 4 4 0 0 0 0 End oi month 1972—Sept... 70,915 670,915 239 3,643 1,050 75,909 10,410 400 Oct.... 71,114 671,114 481 3,511 1,328 76,504 10,410 400 Nov.p. 70,678 6 70,678 501 2,234 1,041 74,517 10,410 400 Wednesday 1972—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. 4. 72,259 6 70,990 ,269 1,094 3,806 1,090 78,426 10,410 400 11. 71,548 6 71,548 388 3,646 1,194 76,845 10,410 400 18. 70,789 6,7 70,789 426 4,858 1,271 77,415 10,410 400 25. 72,463 6 71,187 1,276 3,175 3,974 1,451 81,208 10,410 400 Nov. IP., 71,352 6 71,105 247 567 3,960 1,373 77,397 10,410 400 8?., 72,400 6 71,105 1,295 1,468 3,522 1,404 78,971 10,410 400 15*\, 69,127 6,7 69,127 130 3,464 1.058 73,841 10,410 400 22 P.. 71,084 6 70,784 300 254 3,339 978 75,771 10,410 400 29 P. 70,338 6,7 70,338 676 2,566 1.059 74,701 10,410 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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 T u re r a y s - with r e F s . e R rv . e B s, a nks O F t . h R e . r O F l t . i h a R e - . r reserves Period or date cash ac- bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts 3 ca a p n i d t al B W F a . n R it k h . s c r C e a o n n u in c d r - y 5 Totals Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 427 849 145 735 2,265 23,925 5,340 29,265 1970—Dec. 470 1,723 133 714 2,320 25,500 5,453 30,953 1971—Nov. 453 1,926 290 728 2,287 25,653 5,676 31,329 Dec. 487 2,821 181 750 2,208 26,955 5,910 32,865 1972—Jan. 436 2,421 172 683 2,273 26,374 5,548 31,922 Feb. 388 933 170 597 2,247 26,555 5,366 31,921 Mar. 405 1,688 200 615 2,313 27,144 5,421 32,565 Apr. 573 2,170 185 574 2,289 27,347 5,465 32,812 May 356 2,673 153 598 2,304 27,002 5,537 32,539 June 342 2,398 209 617 2,329 27,361 5,660 33,021 July 319 2,025 171 604 2,324 27,454 5,694 33,148 Aug. 320 938 190 619 2,240 27,224 5,779 33,003 Sept. 362 1,369 200 631 2,336 28,088 5,715 33,803 Oct. 375 1,321 195 604 2,378 25,617 5,811 31,878 Nov.p Week ending— 306 1,215 176 601 2,424 27,566 5,796 33,362 1972—Sept. 6 304 162 195 589 2,190 26,544 5,976 32,520 13 319 675 189 671 2,152 27,571 5,446 33,017 20 336 1,611 198 589 2,217 27,197 5,856 33,053 27 356 1,306 192 663 2.278 27,863 5,868 33,731 Oct. 4 357 1,517 192 664 2.331 27,760 5,950 33,710 359 1,033 199 624 2,290 28,437 5,661 34,098 iiiiiirrriiiiirrriii'is 366 1,462 221 615 2,348 28,230 5,325 33,555 25 368 1,576 184 608 2,414 27,857 5,847 33,704 Nov. 1 381 1,717 187 626 2,483 27,778 5,916 33,694 8 383 1,181 189 600 2.279 25,508 6,174 32,132 15 374 1,196 198 595 2.332 24,698 5,346 30,494 22* 365 1,171 212 585 2,391 24,501 5,794 30,745 29 f End of month 355 1,394 193 614 2,247 27,515 5,868 33,383 1972—Sept. 369 1,613 192 597 2,449 26,757 5,847 32,604 Oct. 344 1,182 188 629 2,477 23,667 5,871 29,988 Nov.33 Wednesday 304 571 184 638 2,433 25,148 5,796 30,944 1972—Sept. 6 325 408 176 605 2,215 25,517 5,976 31,493 13 325 958 194 557 2,161 29,266 5,446 34,712 20 347 1,862 183 660 2,215 26,692 5,856 32,548 27 373 1,269 170 664 2,337 29,559 5,868 35,427 Oct. 4 361 1,464 213 574 2,247 27,252 5,950 33,202 11 376 1,140 228 645 2,308 28,093 5,661 33,754 18 374 1,392 197 568 2,379 31,709 5,325 37,034 25 379 1,597 160 654 2,467 27,571 5,847 33,418 Nov. 394 1,044 256 668 2,385 28,964 5,916 34,880 8* 382 1,523 214 620 2,291 23,113 6,174 29,737 15? 377 989 205 565 2,363 25,256 5,346 31,052 22 p 360 1,074 200 603 2,418 23,843 5,794 30,087 29 P 1 Includes Federal agency issues held under repurchase agreements as 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed of Dec. 1, 1966, and Federal agency issues bought outright as of Sept. 29, thereafter. Beginning with Jan. 1963, figures are estimated except for 1971. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 2 Beginning with 1960 reflects a minor change in concept; see Feb. of-business figures for reserve period 2 weeks previous to report date. 1961 BULLETIN, p. 164. 6 Includes securities loaned—fully secured by U.S. Govt, securities a Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. pledged with F.R. Banks. liabilities and capital" are shown separately; formerly, they were 7 Reflects securities sold, and scheduled to be bought back, under netted together and reported as "Other F.R. accounts." matched sale/purchase transactions. 4 Includes industrial loans and acceptances until Aug. 21, 1959, when 8 Adjusted to include $450 million of certain reserve deficiencies on industrial loan program was discontinued. For holdings of acceptances which penalties can be waived for a transition period in connection with on Wed. and end-of-month dates, see tables on F.R. Banks on following bank adaptation to Regulation J as amended effective Nov. 9, 1972. pages. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • DECEMBER 1972 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks3 All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T he o l t d al 1 qu R ir e e - d2 Excess1 B r F i o a n a . w n R g t k s - . s se F r r r v e e e - e s 1 T h o e t ld al qu R ir e e - d : 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 el t d al qu R ir e e - d: B r F i a o n . a n w R g t k s . - s 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 1965—Dec 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 1967—De c 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 1968—De c 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 1969—De c 28,031 27,774 257 ,086 -829 5,441 5,385 56 259 -203 1 ,285 1,267 1970—De c 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 1971—No v 30,953 30,690 263 407 -144 5,644 5,608 36 107 -71 1,408 1,400 Dec 31,329 31,164 165 107 58 5.774 5,749 25 35 -10 1,426 1,425 1972—Ja n 32,865 32,692 173 20 153 6,066 6.058 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 A Se u p g t 3 3 3 3 , , 1 0 4 0 8 3 3 3 2 2 , , 8 8 4 9 1 3 2 1 5 6 5 2 4 5 3 1 8 4 - - 3 1 5 8 2 3 5 6 , , 9 0 8 0 1 0 5 5 , , 9 9 5 9 2 4 29 6 1 1 3 1 6 6 - -1 1 0 10 7 1 1 , , 5 5 1 1 2 0 1 1 . , 5 5 1 0 3 0 10 Oct 33,803 33,556 247 574 -327 6,148 6,087 61 59 2 1,564 1,542 22 Nov.23 31,878 31,460 418 606 -188 5,909 5.923 -14 64 -78 1,453 1,452 1 Week ending— 1971—Nov. 3... 30,961 30.565 396 216 180 5,681 5,626 55 55 1,435 1,400 10... 30,580 30,570 10 122 -112 5,589 5,597 -8 21 -29 1,376 1,406 17.. . 31,172 30,984 188 287 -99 5,705 5,761 -56 64 -120 1,447 1,433 24... 30,716 30,572 144 538 -394 5,589 5,520 69 150 -81 1,358 1,374 1972—Apr. 1 5 2 . . . . . . 3 3 2 2 , , 6 3 0 4 4 5 3 3 2 2 , , 1 2 7 3 9 0 3 1 7 6 4 6 14 1 1 4 2 1 3 5 3 2 5 5 , , 9 9 9 6 1 3 5 5 , , 9 9 3 5 3 3 5 1 8 0 86 -28 1 0 1 1 , , 5 4 2 4 1 6 1 1 , , 4 4 7 8 2 2 19... 32,565 32,624 -59 43 -102 5,947 6,055 -108 23 -131 1.498 1,489 26... 32,666 32,448 218 279 -61 5,913 5,824 89 124 -35 1,441 1,456 May 3... 32,840 32,704 136 117 19 5,862 5,927 -65 60 -125 1,513 1,480 10... 32,75' 32.566 191 87 104 6.019 5,978 41 49 -8 1,486 1.506 17... 33,15 32,963 194 39 155 6,223 6,218 5 21 -16 1,566 1,535 24... 32,646 32,560 86 63 23 6,007 5,994 13 39 -26 1,443 1,491 31... 32,814 32,726 254 -166 5,975 6,001 -26 51 -77 1,520 1.496 June 7... 32,677 32,346 331 58 273 6.020 5,931 89 89 1,490 1,491 14... 32,417 32,308 109 94 15 5,889 5,920 -31 -31 1,506 1,491 21.. . 32,596 32,384 212 59 153 6,047 5,975 72 54 1,492 1.497 28... 32,301 32,177 124 129 -5 5,793 5,809 -16 -22 1,480 1,476 July 5... 33,143 32,815 328 312 16 6,171 6,097 74 42 32 1.532 1.507 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 -25 1,519 1,530 26... 33,040 32,961 79 172 -93 6,123 6,124 -1 26 -27 1,501 1,489 Aug. 2... 33,139 32,897 242 363 -121 6,052 6,051 1 144 -143 1.485 1.498 9... 33,133 33,003 130 287 -157 6,037 038 — 1 39 -40 1.533 1,518 16... 33,326 33,072 254 382 -128 6,138 ,102 36 76 -40 1,503 1,516 23.. . 32,822 32,782 40 348 -308 5,860 ,935 -75 79 -154 1,497 1,485 30... 32,978 32,751 227 477 -250 5,986 ,901 85 86 -1 1,472 1,482 Sept. 6... 33,362 32,566 796 837 -41 6,213 ,885 328 260 68 1,568 1,488 13... 32,520 32,635 -115 149 -264 5,866 ,949 -83 -83 1,483 1,516 20.. . 33,017 32,81' 206 717 -511 6,032 ,981 51 345 -294 1,557 1,528 27.. , 33,053 33,016 37 550 -513 5,870 ,919 -49 59 -108 1,465 1,497 Oct. 4.. 33,731 33,501 230 436 -206 6,154 6,107 47 47 1,589 1,563 11.. 33,710 33,352 358 535 -177 6,100 6,( 12 36 -24 1,570 1,547 18.. 34,098 33,977 121 434 -313 6,312 6,295 17 17 1,560 1,591 25.. 33,555 33,405 150 765 -615 5,937 5,976 -39 185 -224 1,526 1,501 Nov. 1.. 33,704 33,499 205 555 -350 6,002 5,964 38 2 36 1.499 1,514 8.. 33,694 33,570 124 959 -835 6,037 6,069 -32 192 -224 1,546 1,526 15.. 32,132 31,346 786 494 292 6,267 6,071 196 196 1,465 1,476 2229 p .p 30,494 30,352 142 421 -279 5,830 5,864 -34 1 -35 1,417 1,395 m 30,745 30,391 354 572 -218 5,708 5,684 24 80 -56 1,372 1,403 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks3 Country banks3 Reserves BBoorrrrooww-- Reserves BBoorrrrooww-- Period iinnggss aatt FFrreeee iinnggss aatt FFrreeee FF..RR.. rreesseerrvveess FF..RR.. rreesseerrvveess T h o e t ld al Required2 Excess BBaannkkss T h o e t ld al Required2 Excess BBaannkkss 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ...1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 ...1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ...1960—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ...1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 . ..1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ...1969—Dec. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 ...1970—Dec. 12,106 12,041 65 177 -112 11,795 11,641 154 101 53 .. .1971—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. 13,131 13,107 24 240 -216 12,960 12,820 140 230 -90 Oct. 12,062 12,058 4 245 -241 12,004 12,027 -23 278 -301 NOV.P Week ending— 12,073 11,976 97 105 -8 11,772 11,563 209 111 98 1971—Nov. 3 11,967 12,050 -83 47 -130 11,648 11,517 131 54 77 10 12,172 12,139 33 174 -141 1111,,884488 11,651 197 49 148 17 11,967 11,973 -6 201 -207 1111,,880022 11,705 97 140 -43 24 12,804 12,718 86 86 12,288 12,107 181 55 126 1972—Apr. 5 12,740 12,705 35 35 12,196 12,039 157 14 143 12 12,816 12,903 -87 8 -95 12,304 12,177 127 12 115 19 12,865 12,827 38 86 -48 12,447 12,341 106 46 60 26 12,894 12,866 28 2 26 12,571 12,431 140 55 85 May 3 12,815 12,804 11 19 -8 12,437 12,278 159 19 140 10 12,966 12,983 -17 4 -21 12,402 12,227 175 14 161 17 12,884 12,850 34 8 26 12,312 12,225 87 16 71 24 12,920 12,966 -46 106 -152 12,399 12,263 136 43 93 31 12,867 12,791 76 20 56 12,300 12,133 167 38 129 June 7 12,772 12,792 -20 44 -64 12,250 12,105 145 50 95 14 12,712 12,706 6 12 -6 12,345 12,206 139 29 110 21 12,642 12,639 3 67 -64 12,386 12,253 133 56 77 28 12,924 12,846 78 126 -48 12,516 12,365 151 144 7 July 5 12,827 12,814 13 78 -65 12,422 12,234 188 149 39 12 13,046 13,057 -11 64 -75 12,546 12,352 194 109 85 19 12,783 12,849 -66 33 -99 12,633 12,499 134 87 47 26 12,942 12,870 72 96 -24 12,660 12,478 182 112 70 Aug. 2 12,982 13,005 -23 95 -118 12,581 12,442 139 118 21 9 13,039 12,990 49 170 -121 12,646 12,464 182 136 46 16 12,837 12,844 -7 95 -102 12,628 12,518 110 174 -64 23 12,810 12,829 -19 120 -139 12,710 12,539 171 271 -100 30 12,914 12,720 194 329 -135 12,667 12,473 194 244 -50 Sept. 6 12,614 12,744 -130 13 -143 12,557 12,426 131 132 -1 13 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 13,174 13,033 141 229 -88 12,866 12,684 182 193 -11 13,286 13,322 -36 233 -269 12,940 12,769 171 184 -13 '.'.'.'.'.'.'.'.'.'.'.18 13,114 13,046 68 272 -204 12,978 12,882 96 246 -150 25 13,061 13,042 19 261 -242 13,142 12,979 163 285 -122 Nov. 1 13,009 13,049 -40 447 -487 13,102 12,926 176 289 -113 8 12,281 12,190 91 192 -101 11,669 11,609 60 291 -231 15 1 1 1 1 , ,5 3 4 4 8 4 1 11 1 , , 5 4 0 1 8 7 -7 4 3 0 2 1 2 2 6 8 - -1 2 8 0 6 1 1 1 1 1 , , 4 6 5 6 3 7 1 1 1 1 , , 6 7 7 9 6 6 - -1 2 2 2 9 3 2 2 4 7 4 7 - -3 5 7 0 3 0 2229*>P 1 Adjusted to include $450 million of certain reserve deficiencies on NOTE.—Averages of daily figures. Monthly data are averages of daily which penalties can be waived for a transition period in connection with figures within the calendar month; they are not averages of the 4 or 5 bank adaptation to Regulation J as amended effective Nov. 9, 1972. weeks ending on Wed. that fall within the month. Beginning with Jan. 2 Beginning Sept. 12, 1968, amount is based on close-of-business fig- 1964 reserves are estimated except for weekly averages. ures for reserve period 2 weeks previous to report date. Total reserves held: Based on figures at close of business through Nov. 3 As of Nov. 9,1972, the definition of reserve city and country banks was 1959; thereafter on closing figures for balances with F.R. Banks and openchanged (see July 1972 BULLETIN, p. 626). The classifications employed ing figures for allowable cash; see also note 3 to preceding table. here are the same as prior to the change in definition, so these series are Required reserves: Based on deposits as of opening of business each day. continuous over time. Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS • DECEMBER 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— r a o B t B w a F o n in r . k R - g s s . F t f i b e r n u N a d a t n n n e e e d t r r k s - s a . l S d u e r o f p i r c l u it s r P r e e e q a s r u e o v c r i f 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 a o 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 l a l n l n i e n k e s g s t d L ea o t l o a e n r s s 3 de f r B i a r o n l o o w g e m r s r - - s 4 lo N a e n t s Total—46 banks 1972—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 Nov. 1 79 19 6,557 -6,497 47.3 12,512 5,955 4,038 8,474 1,918 1,516 246 1,270 8 10 442 7,710 -8,141 58.7 13,734 6,024 3,828 9,906 2,197 1,705 444 1,261 15 228 100 8,737 -8,609 62.9 14,838 6,101 4,334 10,504 1,767 2,002 318 1,684 22 116 41 8,082 -8,008 60.9 14,247 6,165 4,325 9,922 1,839 2,039 150 1,889 29 17 219 7,836 -8,038 61.6 13,387 5,551 4,219 9,168 1,332 2,061 169 1,892 8 in New York City 1972—Oct. 4.... 62 3,267 -3,248 59.6 4,159 892 892 3,267 1,523 1,451 11. .. . 19 4,278 -4,292 78.8 4,712 434 404 4,308 1,190 1,135 18... . 34 4,352 -4,319 76.7 4,943 591 591 4,352 1,295 1,234 25.... -7 177 2,716 -2,900 54.5 3,502 786 786 2,716 1,292 1,257 Nov. 1.. .. 24 2 3,294 -3,272 61.7 3,931 638 638 3,294 1,186 1,142 8.. .. 6 190 4,281 -4,465 82.8 4,811 530 530 4,281 1,314 1,268 15.... 204 5,107 -4,902 90.2 5,504 397 397 5,107 1,319 1,259 22... . 73 4,800 -4,727 89.6 5,326 526 526 4,800 1,568 1,521 29.... 52 60 4,321 -4,329 84.9 4,978 358 658 4,321 1,581 1,526 38 outside New York City 1972—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 Nov. 1 55 16 3,263 -3,225 38.3 8,581 5,318 3,400 5,181 1,918 330 202 127 8.... 4 251 3,429 -3,676 43.3 8,924 5,494 3,298 5,626 2,197 390 398 -7 15.... 23 100 3,630 -3,707 44.9 9,334 5,704 3,937 5,397 1,767 683 259 425 22.... 43 41 3,283 -3,281 41.7 8,921 5,639 3,799 5,122 1,839 472 104 368 29.... -35 159 3,515 -3,709 46.7 8,409 4,893 3,561 4,848 1,332 479 114 366 5 in City of Chicago 1972—Oct. 4.... 1,261 -1,280 89.3 2,049 788 730 1,319 182 182 11.... 1,599 -1,620 114.3 2,546 947 886 1,660 100 100 18.... 1,533 -1,547 106.1 2,318 786 765 1,554 132 132 25... . 1,239 -1,276 93.0 2,043 804 784 1,259 181 181 Nov. 1.... 1,426 -1,432 103.3 2,202 776 772 1,429 100 100 8.... 1,835 -1,835 131.4 2,532 698 686 1,846 87 87 15.... 1,878 -1,885 137.8 2,567 689 670 1,897 119 119 22.... 1,637 -1,618 125.2 2,387 750 702 1,685 110 110 29.... 1,508 -1,526 117.3 2,272 764 723 1,549 118 113 33 others 1972—Oct. 4.... 18 46 2,046 -2,074 29.5 6,469 4,423 3,080 3,389 1,343 278 337 -59 11.... -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 Nov. 1.. . . 61 16 1,838 -1,793 25.5 6,380 4,542 2,628 3,752 1,914 230 202 27 8.. . . -12 235 1,595 -1,841 26.0 6,391 4,797 2,612 3,779 2,185 304 398 -94 15.... 30 100 1,752 -1,822 26.4 6,767 5,015 3,267 3,500 1,749 565 259 306 22.... 24 41 1,646 -1,662 25.3 6,535 4,889 3,097 3,437 1,792 362 104 258 29... . -26 150 2,007 -2,183 32.9 6,136 4,129 2,838 3,298 1,291 367 108 253 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

DECEMBER 1972 • F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Loans to member banks LLooaannss ttoo aallll ootthheerrss uunnddeerr Under Sees. 13 and 13a 1 Under Sec. 10(b) 2 llaasstt ppaarr.. SSeecc.. 113333 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk N R o a 1 v t 9 e . 7 2 3 o 0 n , Ef d fe a c te ti ve Pre ra v t i e o us N R o a 1 v t 9 e . 7 2 3 o n 0 , Ef d fe a c te ti ve Pre ra v t i e o us N R o a 1 v t 9 e . 7 2 3 o 0 n , Ef d fe a c te ti ve Pre r v at i e o us New York 4 41 % /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 3 7 , , 1 1 9 9 7 7 1 1 5 5 V V A A 6 6 1 V /2 t D D e e c c . . 1 1 7 3 , , 1 1 9 9 7 7 1 1 6 6 3 3 4 4 Philadelphia 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5Va 6V2 Dec. 17, 1971 634 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 6V2 Dec. 17, 1971 634 41/2 Dec. 24, 1971 434 5 Dec. 24, 1971 5Va Dec. 24, 1971 634 Atlanta 41/2 Dec. 23, 1971 434 5 Dec. 23, 1971 SVa 6V2 Dec. 23, 1971 634 Chicago 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 t6 Vi Dec. 17, 1971 634 4% Dec. 13, 1971 4VA 5 Dec. 13, 1971 5Va t6 Vi Dec. 13, 1971 63/4 Minneapolis 4 4 1 1 / / 2 2 D De e c c . . 2 1 3 3 , , 1 1 9 9 7 7 1 1 4 4 % 34 5 5 D D e e c c . . 2 1 3 3 , , 1 1 9 9 7 7 1 1 S S V V a 4 1 t6 6 % i/2 D D e e c c . . 2 1 3 3 , , 1 1 9 9 7 7 1 1 6 6 3 3 4 4 Dallas 4% Dec. 24, 1971 *V4 5 Dec. 24, 1971 51/4 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 f A rate of 4Yz 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 the 3 Advances to individuals, partnerships, or corporations other than Nov. 1972 BULLETIN. 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 mm Wi 1959—Mar. 6 21/2-3 3 11996699——AApprr.. 44 51/2-6 6 16 3 3 88 6 6 1955—Apr. 14 IV2 May 29 3 -31/2 31/2 15 11/2-134 13/4 June 12 31/2 31/2 M Au a g y . 2 4 13 i 4 y -24 14 1 1 3 34 4 Sept. 1 1 1 8 31 4 /2 -4 4 4 1970—Nov. 1 1 1 3 5 5 3 3 4 4 - - 6 6 6 53 4 5 134-214 2 16 534 534 S N e o p v t . . 1 2 1 1 9 8 3 2 3 2 2 21 / 2 2 4 1 - 1 - - / 2 2 2 4 2 1 1 1 / 4 4 2 2 2 2 2 2 1 1 1 1 / / / 4 4 2 2 1960— S A Ju e u n p g e t . . 1 1 1 9 2 3 0 4 3 3 3 1 1 / / 3 3 2 2 1 - - - / 3 4 4 2 i /2 4 3 3 3 3 1 1 / / 2 2 Dec. 1 4 1 1 5 5 1 1 / / 5 2 2 % - - 5 5 3 3 / 4 4 5 5 51 3 V / 4 2 i 1956— A A u p g r. . 2 2 1 3 4 0 3 1 2 2 2 1 3 3 / 3 4 4 2 - - - 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 3 - / % 2 3 - 1 4 /2 4 4 3 3 1 1 / / 2 2 1971—Jan. 2 2 1 1 2 9 8 5 9 5 5 5 1 4 5 5 - 1 - - 5 5 4 5 1 1 1 / / 2 4 4 5 5 5 5 5 1 1 1 / / 4 4 4 1957—Aug. 9 3 -31/2 3 Feb. 13 434-5 5 2 3 3% 31/2 1965—Dec. 6 4 -41/2 41/2 19 434 434 N De o c v . . 1 2 5 3 3 - 31/2 3 3 13 41/2 41/2 July 16 434-5 5 1958—Jan. 22 234-3 3 1967—Apr. 1 7 4 4 4 -4i/2 4 4 Nov. 2 1 3 1 43 5 4 ^5 5 5 2 4 234-3 234 Nov. 20 4 -41/2 41/2 19 434 434 M Ap a r r . . 2 1 1 7 1 8 3 2 2 1 1 1 3 4 2 4 4 1 - - - / 2 2 3 4 3 1 4 4 2 2 2 13 1 1 1 / 4 4 4 4 1968—Mar. 2 2 1 7 2 5 41/ 4 5 2 i - / 5 2 4 4 5 1 1 / / 2 2 Dec. 2 1 1 4 3 7 4 4 1 1 / / 4 2 2 1 - - / 4 4 2 3 3 4 4 4 4 4 1 1 3 / / 4 2 2 A M u a g y . 1 9 5 13 1 4 3 - / 2 4 1 13 3 / 4 4 Apr. 2 1 6 9 5 51 -5 /2 1 /2 5 51 1 / / 2 2 In effect Nov. 30, 1972. ... 41/2 414 Sept. 12 13/4-2 2 51/4-51/2 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 • DECEMBER 1972 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Time 3 Time 3 Net demand 2 (all classes of Net demand 2 4 (all classes of banks) banks) Effective Effective date i Reserve city Other Other time date Other time Sav- 10-100 100-400 Over Sav- Over Over ings Over 400 5 ings Over 0-5 5 0-5 5 0-5 5 0-5 5 In effect 1972—Nov. 9. . 10 12 616 % 17% 73 73 Jan. 1, 1963 16% 12 Nov. 16. 13 1966—July 14, 21 ... Sept. 8, 15... In effect 1967—Mar. 2 3% 3% Nov. 30, 1972... 10 12 13 17% 1968— M Jan a . r . 1 1 1 6 , 18... I6I/2 17 12 121/2 3 3 1969—Apr. 17 17 17i/2 12% 13 1970—Oct. 1 Present legal requirement: Minimum Maximum Net demand deposits, reserve city banks 10 22 Net demand deposits, other banks.... 7 14 Time deposits 3 10 1 When two dates are shown, the first applies to the change at reserve member bank will maintain reserves related to the size of its net demand city banks and the second to the change at country banks. For changes deposits. The new reserve city designations are as follows: A bank having prior to 1963 see Board's Annual Reports. net demand deposits of more than $400 million is considered to have the 2 (a) Demand deposits subject to reserve requirements are gross de- character of business of a reserve city bank, and the presence of the head mand deposits minus cash items in process of collection and demand office of such a bank constitutes designation of that place as a reserve balances due from domestic banks. city. Cities in which there are Federal Reserve Banks or branches are also (b) Requirement schedules are graduated, and each deposit interval reserve cities. Any banks having net demand deposits of $400 million or applies to that part of the deposits of each bank. less are considered to have the character of business of banks outside of (c) Since Oct. 16, 1969, member banks have been required under Regula- reserve cities and are permitted to maintain reserves at ratios set for banks tion M to maintain reserves against balances above a specified base due not in reserve cities. For details, see announcements on Regulation D in from domestic offices to their foreign branches. Effective Jan. 7, 1971, the 1972 BULLETINS: July, pp. 649, 679; Oct., p. 942; Nov., 994. applicable reserve percentage was increased from the original 10 per cent 5 Reserve city banks. to 20 per cent. Regulation D imposes a similar reserve requirement on bor- 6 The 16% per cent requirement applied for one week, only to former rowings above a specified base from foreign banks by domestic offices reserve city banks. For other banks, the 13 per cent requirement was of a member bank. For details concerning these requirements, see Regula- continued in this deposit interval. tions D and M and appropriate supplements and amendments thereto. 7 See preceding columns for earliest effective date of this rate. 3 Effective Jan. 5, 1967, time deposits such as Christmas and vacation club accounts became subject to same requirements as savings deposits. NOTE.—All required reserves were held on deposit with F.R. Banks See also notes 2(b) and 2(c) above. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 4 Effective Nov. 9, 1972, a new criterion was adopted to designate re- banks were allowed to count part of their currency and coin as reserves; serve cities, and on the same date requirements for reserves against net effective Nov. 24, 1960, they were allowed to count all as reserves. For demand deposits of member banks were restructured to provide that each 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. 40 50 1945—Feb. 5 July 50 50 July 5 1946—Jan. 20. 75 75 1946—Jan. 21 1947—Jan. 31. 100 100 1947—Feb. 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. Apr. 22. 60 60 Apr. 23 1958—Jan. 15. 70 70 1958—Jan. Aug. 4. 50 50 Aug. Oct. 15. 70 70 Oct. 1960—July 27. 90 90 I960—July 1962—July 9. 70 70 1962—July 1963—Nov. 5. 50 50 1963—Nov. 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 1971—Dec. 6 1972—Nov. 22. 55 50 55 Effective Nov. 24, 1972 65 50 65 NOTE.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 31/2 3% Multiple maturity:3 30-89 days 4 4% 9 1 0 y d e a ar y s to -1 2 y y e e a a r r . s . . . . 5 55 1/2 Singl 2 e y m ea a r t s u r a i n ty d : over.. 5V4 Less than $100,000: Ot 6 1 h 2 e m r m o ti o n m n th e t s h d s t e o o p r o 1 s 2 m i t m o s: r o e 2 n ths 4 3 % 41/2 5% 3 2 1 0 y y d e e a a a r y r s s t o a to n 2 d 1 y o y e v e a e a r r r s . . . . . . 5V4 55 5 1 V /2 4 90 days to 6 months... 21/2 $100,000 and over: Less than 90 days 1 4 30-59 days 51/2 (4) (30-89 days) 6 90 0 - - 1 89 7 9 d a d y a s y s 51/2 51/2 5 6 V 4 6 (4) 3 4 180 days to 1 year. }eV4 7 1 year or more. .. m 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see NOTE.—Maximum rates that may be paid by member banks are estab- BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati- rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6J4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6l/z per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item mm bb ee aa AA mm nn ll kk bb ll ss ee rr Y N o e r w k C o i f ty Other C b o a u n n k t s r y Item m b e a A m n l k b l s e r Y N o e r w k C o i f ty Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Sept. 6, 1972 Four weeks ending Oct. 4, 1972 Gross demand—Total.. 196,049 39,695 7,809 70,404 78,142 Gross demand—Total. 202,572 41,032 8,144 73,025 80,372 Interbank 25,449 11,240 1,414 9,578 3,217 Interbank 26,275 11,652 1,405 9,859 3,359 U.S. Govt 3,560 403 112 1,316 1,729 U.S. Govt 5,763 1,025 268 2,358 2,113 Other 167,040 28,052 6,282 59,510 73,195 Other 170,534 28,355 6,471 60,809 74,900 Net demand 1 150,501 26,089 6,238 52,969 65,206 Net demand 1 154,821 27,067 6,404 54,558 66,792 Time 232,232 29,470 9,127 83,380 110,255 Time 234,157 29,580 9,499 83,871 111,208 Demand balances due Demand balances due from domestic banks 13,405 3,415 111 2,745 7,135 from domestic banks 13,643 3,480 106 2,805 7,252 Currency and coin. 5,662 460 102 1,768 3,333 Currency and coin.... 5,786 468 105 1,816 3,399 Balances with F.R. Balances with F.R. Banks 27,460 5,589 1,408 11,132 9,330 Banks 27,294 5,513 1,419 11,015 9,347 Total reserves held 33,122 6,049 1,510 12,900 12,663 Total reserves held.... 33,080 5,981 1,524 12,831 12,746 Required 32,793 5,956 1,493 12,846 12,499 Required 32,991 5,989 1,526 12,861 12,615 Excess 329 93 17 54 164 Excess 89 -8 -2 -30 131 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 • DECEMBER 1972 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1972 1972 1971 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 Nov. 30 Oct. 31 Nov. 30 Assets 10,303 10,303 10,303 10,303 10,303 10,303 10,303 9,875 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 320 328 327 330 333 323 334 258 Loans: 676 254 130 1,468 567 501 481 146 Other Acceptances: 62 666222 62 666666 666999 63 70 58 555444 111111111 777666 Federal agency obligations: 1,177 111,,,111777777 1,011 111,,,000111111 111,,,000111111 1,177 1,020 340 777666 555222 444 U.S. Govt, securities: Bought outright: Bills 28,882 222999,,,333222888 27,837 222999,,,777666444 222999,,,777666444 29,222 29,764 29,081 Other 36,681 36,681 36,681 36,732 36,732 36,681 36,732 35,466 3,598 3,598 3,598 3,598 3,598 3,598 3,598 3,270 TToottaall bboouugghhtt oouuttrriigghhtt 1,2 69,161 ii 6699,,660077 1,268,116 ii 7700,,009944 ii 7700,,009944 i 69,501 i 70,094 i,267,817 222244 11,,224433 224433 TToottaall UU..SS.. GGoovvtt,, sseeccuurriittiieess 69,161 69,831 68,116 71,337 70,337 69,501 70,094 6677,,881177 TToottaall llooaannss aanndd sseeccuurriittiieess 71,076 71,454 69,319 74,045 72,064 71,242 71,665 6688,,336611 2>8,411 J>9,407 10,968 11,997 12,764 ?7,435 11,793 1100,,229999 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn 169 168 168 167 167 168 167 114488 OOtthheerr aasssseettss:: 198 198 200 200 214 200 211 1155 IIMMFF ggoolldd ddeeppoossiitteedd 33 692 612 690 1,037 992 673 950 55 11 33 44 44 44 p91,569 P92,870 92,375 98,479 97,237 »90,744 95,823 90,034 LLLiiiaaabbbiiillliiitttiiieeesss 57,586 57,424 57,110 56,687 55,984 57,400 55,933 5533,,443399 DDDeeepppooosssiiitttsss::: ?23,843 *25,256 23,113 28,964 27,571 f23,667 26,757 2233,,778822 1,074 989 1,523 1,044 1,597 1,182 1,613 11,,999944 200 205 214 256 160 188 192 117777 OOOttthhheeerrr::: 114444 603 565 620 668 654 629 597 555555 P25,720 f27,015 25,470 30,932 29,982 f25,666 29,159 26,652 5,845 6,068 7,504 8,475 8,804 5,201 8,282 7,592 OOOOOOtttttthhhhhheeeeeerrrrrr lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss aaaaaannnnnndddddd aaaaaaccccccccccccrrrrrruuuuuueeeeeedddddd ddddddiiiiiivvvvvviiiiiiddddddeeeeeennnnnnddddddssssss 573 586 581 605 605 623 596 606 TTTTTToooooottttttaaaaaallllll lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttiiiiiieeeeeessssss P89,724 p91,093 90,665 96,699 95,375 2>88,890 93,970 88,289 CCCCCCaaaaaappppppiiiiiittttttaaaaaallllll aaaaaaccccccccccccoooooouuuuuunnnnnnttttttssssss 787 783 783 782 782 787 781 735 742 742 742 742 742 742 742 702 316 252 185 256 338 325 330 308 P91,569 ^92,870 92,375 98,479 97,237 P90,744 95,823 90,034 CCCCCCoooooonnnnnnttttttiiiiiinnnnnnggggggeeeeeennnnnntttttt lllllliiiiiiaaaaaabbbbbbiiiiiilllllliiiiiittttttyyyyyy oooooonnnnnn aaaaaacccccccccccceeeeeeppppppttttttaaaaaannnnnncccccceeeeeessssss ppppppuuuuuurrrrrrcccccchhhhhhaaaaaasssssseeeeeedddddd ffffffoooooorrrrrr 201 205 201 218 220 199 219 258 MMMMMMaaaaaarrrrrrkkkkkkeeeeeettttttaaaaaabbbbbblllllleeeeee UUUUUU......SSSSSS...... GGGGGGoooooovvvvvvtttttt,,,,,, sssssseeeeeeccccccuuuuuurrrrrriiiiiittttttiiiiiieeeeeessssss hhhhhheeeeeelllllldddddd iiiiiinnnnnn ccccccuuuuuussssssttttttooooooddddddyyyyyy ffffffooooooiiiiii 31,476 32,052 31,825 31,663 31,105 31,512 31,104 24,409 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 60,887 60,593 60,298 59,936 59,731 60,886 59,702 56,286 Collateral held against notes outstanding: 2,035 1,885 2,135 2,135 2,105 2,335 2,105 2,745 60,010 59,750 59,515 59,065 58,965 59,860 58,965 54,580 U.S. Govt, securities 62,045 61,635 61,650 61,200 61,070 62,195 61,070 57,325 Total collateral 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

DECEMBER 1972 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1972 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l 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. i s 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 423 3,085 977 762 839 555500 11,,777766 458 238 446 500 249 Special Drawing Rights certif. acct.... 444000000 23 93 23 33 36 2222 7700 15 7 15 14 49 111,,,000111999 166 182 35 38 85 119944 7755 25 20 48 46 105 333222333 16 18 11 39 38 4400 4422 20 6 41 15 37 Loans: Secured by U.S. Govt, and agency 444666222 56 98 97 16 14 5566 9999 4 2 9 10 1 333999 2266 1133 AAccOcceethppettaar nncceess:: BBoouugghhtt oouuttrriigghhtt 666333 6633 Federal agency obligations: Bought outright 1,177 55 298 58 90 89 62 190 43 22 47 52 171 U.S. Govt, securities: Bought outright 169,501 3,250 17,619 3,437 5,285 5,282 3,668 11,225 2,534 1,315 2,757 3,049 10,080 TTTTTTTToooooooottttttttaaaaaaaallllllll llllllllooooooooaaaaaaaannnnnnnnssssssss aaaaaaaannnnnnnndddddddd sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss 71,242 3,361 18,078 3,592 5,391 5,385 3,812 11,527 2,581 1,339 2,813 3,111 10,252 CCCCCCCCaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss iiiiiiiinnnnnnnn pppppppprrrrrrrroooooooocccccccceeeeeeeessssssssssssssss ooooooooffffffff ccccccccoooooooolllllllllllllllleeeeeeeeccccccccttttttttiiiiiiiioooooooonnnnnnnn........................ 9,307 367 2,075 460 592 764 939 1,336 416 354 561 521 922 168 2 8 4 29 13 15 16 15 29 17 12 8 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss:::::::: DDDDDDDDeeeeeeeennnnnnnnoooooooommmmmmmmiiiiiiiinnnnnnnnaaaaaaaatttttttteeeeeeeedddddddd iiiiiiiinnnnnnnn ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccuuuuuuuurrrrrrrrrrrrrrrreeeeeeeennnnnnnncccccccciiiiiiiieeeeeeeessssssss................ 200 9 2 53 10 18 10 13 29 8 5 8 11 26 673 61 168 29 48 47 39 92 20 17 23 26 103 93,635 4,428 23,760 5,141 6,950 7,217 5,624 14,963 3,558 2,015 3,972 4,256 11,751 LLLLLLLLiiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss 58,419 3,032 14,524 3,556 4,666 5,153 3,014 9,861 2,260 1,003 2,268 2,227 6,855 DDDDDDDDeeeeeeeeppppppppoooooooossssssssiiiiiiiittttttttssssssss:::::::: 23,667 880 6,704 1,044 1,419 1,112 1,603 3,410 786 591 1,006 1,426 3,686 UUUUUUUU........SSSSSSSS........ TTTTTTTTrrrrrrrreeeeeeeeaaaaaaaassssssssuuuuuuuurrrrrrrreeeeeeeerrrrrrrr————————GGGGGGGGeeeeeeeennnnnnnneeeeeeeerrrrrrrraaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnntttttttt................ 1,182 58 241 93 56 147 121 78 69 24 81 43 171 188 8 3 51 10 17 10 13 27 6 4 8 10 24 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr:::::::: AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 629 1 515 6 1 11 6 51 6 2 2 4 24 25,666 947 7,511 1,153 1,493 1,280 1,743 3,566 867 621 1,097 1,483 3,905 DDDDDDDDeeeeeeeeffffffffeeeeeeeerrrrrrrrrrrrrrrreeeeeeeedddddddd aaaaaaaavvvvvvvvaaaaaaaaiiiiiiiillllllllaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy ccccccccaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss 7,073 341 1,090 308 581 635 701 1,146 346 335 504 421 665 623 29 155 30 46 46 43 99 22 15 25 27 86 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd aaaaaaaaccccccccccccccccrrrrrrrruuuuuuuueeeeeeeedddddddd ddddddddiiiiiiiivvvvvvvviiiiiiiiddddddddeeeeeeeennnnnnnnddddddddssssssss 91,781 4,349 23,280 5,047 6,786 7,114 5,501 14,672 3,495 1,974 3,894 4,158 11,511 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss CCCCCCCCaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 787 33 205 40 71 41 55 122 27 18 33 43 99 742 34 193 38 68 38 50 111 25 17 32 41 95 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 325 12 82 16 25 24 18 58 11 6 13 14 46 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss................ 93,635 4,428 23,760 5,141 6,950 7,217 5,624 14,963 3,558 2,015 3,972 4,256 11,751 CCCCCCCCoooooooonnnnnnnnttttttttiiiiiiiinnnnnnnnggggggggeeeeeeeennnnnnnntttttttt lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy oooooooonnnnnnnn aaaaaaaacccccccccccccccceeeeeeeeppppppppttttttttaaaaaaaannnnnnnncccccccceeeeeeeessssssss ppppppppuuuuuuuurrrrrrrrcccccccchhhhhhhhaaaaaaaasssssssseeeeeeeedddddddd ffffffffoooooooorrrrrrrr ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccoooooooorrrrrrrrrrrrrrrreeeeeeeessssssssppppppppoooooooonnnnnnnndddddddd-------- 199 9 4 50 10 18 10 14 30 7 5 9 11 26 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 6600,,888866 33,,119944I 15,181 33,,666600 II 44,,881166 55,,330077 ' 3,24911 1100,,110044•• 22,,337700 1,036 2,345 22,,337766 7,248 Collateral held against notes outstanding: Gold certificate account 22,,333355 2255CC1 550000ii 335500 337755 770000ii 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5599,,886600 33,,0000CC1 15,450 33,,330000 >> 44,,555500 44,,999900 ' 3,500ii 99,,550000ii 22,,228800 1,060 2,400 22,,443300 7,400 TToottaall ccoollllaatteerraall 62,195 3,250i 15,450 3,800 ' 4,900 5,365 3,500 i 10,200i 2,435 1,060 2,400 2,435 7,400 1 See note 6 on page A-5. 4 After deducting $149 million participations of other Federal Reserve 2 After deducting $147 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 n DECEMBER 1972 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMMooonnnttthhh 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 u a 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—Oct 777777777777777777777777777722222222222222 11111111111111,,,,,,,,,,,,,,111111111111113333333333333333333333333333 777777777777777777777777777722222222222222 11111111111111,,,,,,,,,,,,,,111111111111113333333333333333333333333333 Nov 11111111111111,,,,,,,,,,,,,,888888888888888888888888888833333333333333 11111111111111,,,,,,,,,,,,,,000000000000007777777777777700000000000000 220000 11111111111111,,,,,,,,,,,,,,111111111111112222222222222299999999999999 11111111111111,,,,,,,,,,,,,,000000000000007777777777777700000000000000 220000 22222224444444 ---333,,,555444888 444444400000006666666 111,,,444777888 Dec 33333333333333,,,,,,,,,,,,,,111111111111116666666666666600000000000000 11111111111111,,,,,,,,,,,,,,999999999999998888888888888811111111111111 33333333333333,,,,,,,,,,,,,,000000000000005555555555555555555555555555 11111111111111,,,,,,,,,,,,,,999999999999998888888888888811111111111111 11111111111111 111333000 22222221111111 ---111333000 1972—Jan 999999999999991111111111111155555555555555 222222222222224444444444444488888888888888 111111111100000 444444444444449999999999999999999999999999 222222222222224444444444444488888888888888 111111111100000 11111116666666 111111188888887777777 Feb 22222222222222,,,,,,,,,,,,,,000000000000003333333333333366666666666666 33333333333333,,,,,,,,,,,,,,444444444444448888888888888811111111111111 444441111100000 11111111111111,,,,,,,,,,,,,,888888888888889999999999999944444444444444 33333333333333,,,,,,,,,,,,,,444444444444448888888888888811111111111111 444441111100000 11111110000000 11,,330011 77777773333333 995599 Mar 22222222222222,,,,,,,,,,,,,,000000000000000000000000000099999999999999 222222222222229999999999999988888888888888 111115555555555 11111111111111,,,,,,,,,,,,,,888888888888882222222222222299999999999999 222222222222229999999999999988888888888888 111115555555555 11111111111111 99999992222222 Apr 22222222222222,,,,,,,,,,,,,,666666666666666666666666666666666666666666 11111111111111,,,,,,,,,,,,,,444444444444447777777777777788888888888888 111113333355555 22222222222222,,,,,,,,,,,,,,222222222222225555555555555544444444444444 11111111111111,,,,,,,,,,,,,,444444444444447777777777777788888888888888 111113333333333 7777777 ----2222 222222255555555555555 May 444444444444447777777777777755555555555555 222222222222229999999999999911111111111111 444444444444447777777777777755555555555555 222222222222229999999999999911111111111111 2222,,,,666622226666 --22,,662266 June 11111111111111,,,,,,,,,,,,,,222222222222229999999999999944444444444444 333333333333333333333333333355555555555555 9966 11111111111111,,,,,,,,,,,,,,000000000000009999999999999944444444444444 333333333333333333333333333355555555555555 66 22 ----99990000 6699 July 22222222222222,,,,,,,,,,,,,,777777777777775555555555555533333333333333 33333333333333,,,,,,,,,,,,,,222222222222228888888888888866666666666666 22222222222222,,,,,,,,,,,,,,777777777777775555555555555533333333333333 33333333333333,,,,,,,,,,,,,,222222222222228888888888888866666666666666 Aug 11111111111111,,,,,,,,,,,,,,333333333333339999999999999900000000000000 11111111111111,,,,,,,,,,,,,,777777777777775555555555555522222222222222 444433332222 11111111111111,,,,,,,,,,,,,,222222222222227777777777777744444444444444 11111111111111,,,,,,,,,,,,,,777777777777775555555555555522222222222222 444433332222 --11,,008899 7799 667733 Sept 99999999999999,,,,,,,,,,,,,,333333333333336666666666666699999999999999 88888888888888,,,,,,,,,,,,,,666666666666667777777777777733333333333333 888855550000 99999999999999,,,,,,,,,,,,,,333333333333336666666666666699999999999999 88888888888888,,,,,,,,,,,,,,666666666666667777777777777733333333333333 888855550000 Oct 22222222222222,,,,,,,,,,,,,,777777777777779999999999999955555555555555 22222222222222,,,,,,,,,,,,,,444444444444442222222222222255555555555555 111155550000 22222222222222,,,,,,,,,,,,,,666666666666667777777777777788888888888888 22222222222222,,,,,,,,,,,,,,444444444444442222222222222255555555555555 111155550000 4422 3355 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 in U.S. Under 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 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 s G e it c o ie u v s r t - , r O ig u h t- t R a m c g e h e r p a e n 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 - - , 2,616 2,616 -361 35 1 267 1,920 58 150 5,003 5,003 613 244 6 67 6 4,830 3,607 2,401 145 101 22 181 19 5 1 2 -2,260 23 4 1 , . 7 6 2 9 2 4 5 1 , , 9 6 4 9 5 4 -1 - , 6 8 6 5 6 4 16 7 5 7 -101 - - 1 4 2 -181 31 47 2.695 2,022 2,229 83 16 19 ""61* 126 23. 2,625 3,298 380 169 -16 1 -61 1,115 1,299 25 -4 65 •" 1 2• 0 3y 9 * 166 ' 2 i 0 i' 3 1 , , 1 7 2 7 3 1 1 6 1 2 1 1 , , , 4 3 7 5 2 3 9 6 6 - - 2 5 -8 5 3 2 1 3 - 1 - 2 3 2 6 7 -2 7 5 4 --16 0 4 "" - 3 6 6 5 " 1,132 1,844 -866 -35 -74 -4 -30 32' 3,594 3,594 220 -22 7 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 hi s l 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 i e sh 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 - 1968—Dec 2,061 1,444 433 165 1969—Dec 1,967 1,575 199 60 125 1970—Dec 257 154 98 1971—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 June 18 2 9 July 7 1 1 Aug 34 * 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 Nov. 30 Oct. 31 Nov. 30 676 254 133 1,470 567 501 481 146 Within 15 days 672 250 127 1,462 562 498 475 143 16 days to 90 days 4 4 6 8 5 3 6 3 91 days to 1 year Acceptances—Total 62 116 62 111 145 63 70 58 Within 15 days 15 66 13 130 100 15 23 11 16 days to 90 days 47 50 49 47 45 48 47 47 91 days to 1 year U.S. Government securities—Total 6699,,116611 6699,,883311 68,116 7711,,333377 7700,,333377 6699,,550011 7700,,009944 67,817 Within 15 days* 33,,882233 44,,555588 2,751 44,,117711 44,,554477 22,,333322 22,,991199 1,811 16 days to 90 days 1166,,886699 1166,,881122 15,036 1166,,885533 1144,,770099 1177,,447777 1166,,009944 15,966 91 days to 1 year 1166,,333311 1166,,332233 18,190 1177,,776644 1188,,553322 1177,,555544 1188,,553322 16,111 Over 1 year to 5 years 2244,,448844 2244,,448844 24,484 2244,,889955 2244,,889955 2244,,448844 2244,,889955 25,209 Over 5 years to 10 years 66,,110088 66,,110088 6,109 66,,110088 66,,110088 66,,110088 66,,110088 7,597 Over 10 years 11,,554466 11,,554466 1,546 11,,554466 11,,554466 11,,554466 11,,554466 1,123 Federal agency obligations—Total 11,,117777 11,,225533 1,011 11,,006633 11,,001155 11,,117777 11,,002200 340 Within 15 days1 1144 7766 5522 44 1144 99 16 days to 90 days 1177 1144 14 1144 1144 1177 1144 24 91 days to 1 year 112244 114411 128 112288 112288 112244 112288 121 Over 1 year to 5 years 662222 662222 540 554400 554400 662222 554400 126 Over 5 years to 10 years 223388 223388 181 118811 118811 223388 118811 46 Over 10 years 116622 116622 148 114488 114488 116622 114488 23 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) PPPeeerrriiioooddd SSMM TT 22 oo 33 SS tt 33 AA aa ll ''ss N Le .Y ad . ing S 6 M o S t A he 's r s2 TT SS oo NN MM (( tt ee aa .. xx SS YY ll cc AA 22 .. ll )) .. 33 '' ss 22 SSMM oo 22 tthh 22 SS 66 ee AA rr ''ss SSMM TT 22 oo SS 33 tt 33 aa AA ll ''ss N Le .Y ad . ing S 6 M o S t A he 's r s2 TT SS oo NN MM (( tt ee aa .. xx SS YY ll cc AA .. 22 ll )) .. 33 '' ss 22 SSMM oo 22 tthh 22 SS 66 ee AA rr ''ss 1971—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 Nov 12,915.7 5,918.9 2,945.2 6,996.8 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 4,040.6 83.9 205.3 82.0 56.2 46.2 Feb 13,027.8 6,013.9 2,913.1 7,013.9 4,100.9 84.5 205.1 82.6 56.2 45.8 Mar 12,785.5 5,631.4 2,932.9 7,154.2 4,221.2 83.0 195.2 83.3 57.2 46.9 Apr 13,169.3 5,801.4 3,053.1 7,367.9 4,314.8 85.6 202.1 87.3 58.9 47.8 May 13,400.3 5,939.2 3,148.8 7,461.1 4,312.2 85.6 200.8 89.8 58.7 46.9 June 13,281.3 5,780.8 3,096.4 7,500.5 4,401.1 84.7 199.9 88.1 58.6 47.5 July r12,995.4 5,663.0 2,996.3 '7,362.4 4,366.2 82.3 194.4 84.2 57.1 46.8 Aug '13,970.5 6,151.8 3,233.0 '7,818.7 4,585.7 87.6 206.9 90.2 60.2 48.8 Sept r14,022.8 6,285.1 3,191.0 '7,737.6 4,546.6 88.7 214.9 89.8 60.1 48.8 Oct 13,896.6 6,148.6 3,225.8 7,748.0 4,522.2 86.7 208.3 89.2 59.2 47.8 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 • DECEMBER 1972 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 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 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 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 1955 31,158 22,021 1,927 1,312 75 2.151 6,617 9,940 9,136 2,736 5,641 307 438 3 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10.476 9,326 2,803 5,913 261 341 3 196 0 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 196 5 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 196 9 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 197 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 1971—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 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 Dec.. 61,068 41,831 6,775 2,408 135 3,273 9,348 19,893 19,237 5,377 13,414 203 237 2 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 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 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 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 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 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 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 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 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 Oct.. 63,586 43,085 7,172 2,378 135 3,209 9,334 20,857 20,500 5,570 14,503 194 226 2 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 OOOcccttt... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777222 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Oct. Sept. Oct. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 Gold 1111100000,,,,,444441111100000 ((1100,,330033)) 110077 Gold certificates (((((1111100000,,,,,333330000033333))))) 221100,,330022 1111 Federal Reserve notes 5555599999,,,,,777770000022222 111333000 3333,,,,777766669999 555555,,,888000222 555444,,,888777111 555222,,,000111111 Treasury currency—Total 88888,,,,,222224444499999 111333222 333333333333 777,,,777888444 777,,,777222777 777,,,222000555 DDoollllaarrss 777776666611111 55556666 444999 666665555566666 666664444499999 444448888822222 Fractional coin 66666,,,,,888887777744444 77774444 222888444 66666,,,,,555551111166666 66666,,,,,444446666677777 66666,,,,,111110000077777 United States notes 333332222233333 2222 333332222200000 333332222200000 333332222211111 In process of retirement 3 222229999922222 222229999911111 222229999911111 222229999955555 TToottaall——OOcctt.. 3311,, 11997722 444477778888,,,,333366661111 ((((11110000,,,,333300003333)))) 333366669999 11110000,,,,333300002222 4444,,,,111100004444 6633,,558866 Sept. 30, 1972 444477777777,,,,888899998888 ((((11110000,,,,333300003333)))) 333355555555 11110000,,,,333300002222 4444,,,,666644442222 6622,,559999 Oct. 31, 1971 444477773333,,,,111199992222 ((((9999,,,,888877775555)))) 444488887777 9999,,,,888877774444 3333,,,,666611114444 5599,,221166 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

DECEMBER 1972 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week Mi Ms Mi 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 institutions)2 large time CD's) 1 large time CD's) 1 1968—De c 197.4 378.0 572.6 203.4 383.0 577.5 1969—De c 203.7 386.8 588.3 209.8 392.0 593.4 1970—De c 214.8 418.2 633.9 221.2 423.5 639.1 1971—No v 227.7 460.8 711.6 229.6 461.4 711.4 Dec 228.2 464.7 718.1 235.1 470.2 723.4 1972—Ja n 228.8 469.9 727.3 235.3 475.3 732.8 Feb 231.2 475.5 737.4 229.0 472.7 734.1 Mar 233.5 480.1 745.9 231.3 478.7 744.9 Apr 235.0 483.0 752.7 236.1 485.4 755.6 May 235.5 486.1 758.8 231.3 483.2 755.9 June 236.6 490.4 766.1 234.7 488.9 765.5 July 239.4 495.0 774.7 237.9 493.6 774.0 Aug 240.5 498.3 781.6 237.2 495.5 778.4 Sept 241.6 501.8 788.4 240.0 500.4 •"786.6 Oct.r 242.3 505.0 795.2 242.1 504.8 794.5 Week ending— 1972—Nov. 1. 242.1 505.4 243.2 506.3 8. 222224444422222.....77777 555550000066666.....00000 222224444455555.....44444 555550000088888.....00000 15. 222224444444444.....33333 555550000088888.....66666 222224444466666.....88888 555550000099999.....88888 2229* v 22222 22222 44444 44444 44444 22222..... ..... 88888 33333 55555 55555 00000 00000 99999 88888 ..... ..... 44444 33333 22222 22222 44444 44444 55555 44444 ..... ..... 44444 55555 5 5 5 5 5 5 5 5 5 500000 00000 77777 88888 ..... ..... 88888 55555 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks UUUU....SSSS.... MMMMoooonnnntttthhhh NNNooonnn--- NNNooonnn--- GGGGoooovvvvtttt,,,, oooorrrr bbbaaannnkkk bbbaaannnkkk ddddeeeeppppoooossss---wwwweeeeeeeekkkk CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt iiiittttssss 5555 rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--- rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--ddeeppooss-- tttiiiooonnnsss 444 ddeeppooss-- tttiiiooonnnsss 444 iittss iittss CD's 3 Other Total CD's 3 Other Total 1968—Dec 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—Dec 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—Dec 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—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—Jan 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 39.9 258.2 298.1 282.9 5.3 Sept 55.5 186.1 40.3 260.2 300.5 r286.6 55.4 184.6 41.0 260.3 301.3 r286.3 5.8 Oct 55.9 r186.5 40.7 262.7 r303.4 r290.1 55.9 r186.3 r41.9 262.7 304.5 r289.7 6.6 Week ending— 1972—Nov. 1 55.8 186.2 40.6 263.4 303.9 55.4 187.7 41.8 263.2 305.0 7.1 8 5555566666.....22222 111118888866666.....55555 4444411111.....11111 222226666633333.....33333 333330000044444.....44444 5555566666.....99999 111118888888888.....55555 4444422222.....99999 222226666622222.....66666 333330000055555.....66666 66666.....44444 15 5555566666.....33333 111118888888888.....00000 4444400000.....88888 222226666644444.....33333 333330000055555.....11111 5555566666.....99999 111118888899999.....99999 4444422222.....99999 222226666633333.....00000 333330000055555.....99999 44444.....44444 22P 5555566666.....44444 111118888877777.....99999 4444411111.....66666 222226666655555.....11111 333330000066666.....77777 5555577777.....22222 111118888888888.....33333 4444433333.....77777 222226666633333.....00000 333330000066666.....77777 66666.....00000 29 p 5555566666.....44444 111118888866666.....44444 4444411111.....88888 222226666655555.....55555 333330000077777.....33333 5555566666.....88888 111118888877777.....77777 4444433333.....99999 222226666633333.....44444 333330000077777.....33333 77777.....22222 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 M2, 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 loan 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 • DECEMBER 1972 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.i Deposits subject to reserve requirements3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TToottaall bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee222 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 1 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 i 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 30.90 388.5 233.2 150.0 5.3 387.4 233.8 148.6 4.9 392.6 391.4 Oct 33.79 33.21 33.55 30.98 391.3 235.2 150.0 6.1 391.7 236.2 150.1 5.4 395.5 395.9 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 VT 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 eee ttt ddd sss sss 111 ttt ,,, --- 222 TToottaall ii,,22 ll ll PP oo ss 33 22 oo ll aa ,, uu 33 ll nn dd ss ss T an o d t al i ndus l s P o t o r l a l u i d n a s 3 s l TT UU rr uu ee .. rr aa SS yy ss .. -- OOtthheerr22 mmm iiinnn eee aaa vvv nnn nnn eee ttt ddd sss sss ttt !!! --- ,,,222 TToottaall ii,,22 ll PP ss oo oo ll aa uu ll nn dd ss ss T an o d t al i ndu l s s P o t o r l a l u i n d a s s 3 l TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthheerr22 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—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. 27p.... 535.3 360.0 362.3 124.6 126.0 62.0 113.3 534.6 360.6 362.9 124.2 125.7 60.3 113.7 Oct. 25*.... 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 Nov. 29*>.. . 549.4 373.6 376.1 128.2 129.9 60.6 115.1 549.4 371.8 374.3 127.6 129.2 63.2 114.4 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

DECEMBER 1972 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date c c s G S e a a to r D t o n e t c d l i R s d k f 1 i - T r s c o e u r t i u n n u e a r g y a r c n t- - y s d - - Total Lo n a e 2 n t s Total U.S. s C b a T a a v o r n n i e m n d k a g l s s . s u ry R F s B e e e a c s d n u e e r r k r v i a s t e l i es Other3 O r s i e t t c h ie u e s - r c l T n a i i a n p e a t o n i b t e i t e — 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 s a n l i c t y s C co m a a n a u p n i c e n s d i - t c t t a . s l , 1947—Dec. 31... 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30... 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec 31... 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315.. 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Dec. 31... 11,132 7,149 580.899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—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. 30f.. 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. 27f.. 10,800 8,200 690,900 419,500 135,200 63,700 69,000 2,600 136,100 709,900 641,700 68,200 Oct. 25p. . 10,800 8,200 695,600 420,400 138,600 64,300 71,400 2,800 136,600 714,600 647,500 67,100 Nov. 29p.. 10,800 8,300 704,900 429,000 138,600 66,700 69,200 2,800 137,200 724,000 657,100 66,900 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government DDDaaattteee 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 i - al 8 b M sa a v u n i t k n u s g a s 9 l S P t a S e o v y m s i s t n a - g 3 l s nn ee FF ee ii oo gg tt rr nn -- ii ,, oo T h c i r u o n a e r l g s a y d h s s - - s b c a a a o A v n n m i t d 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 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1967—Dec. 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.... 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315... 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31.... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—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. 27p... 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 Nov. 29p. . 244,100 54,400 189,700 247,400 55,400 192,000 396,800 306,700 90,100 3,000 400 8,400 1,100 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 i o 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 • DECEMBER 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 Num- Cash lia- Bor- capital ber Class of bank assets3 bilities row- ac- of and date Total Loans and Total 3 Demand ings counts banks U.S. capital De- Treas- Other ac- mand Time Time 5 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, •82 44, 349 15,952 23 7,173 14,278 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,( >65 105 ,921 30,241 219 8,950 14,011 1947—Dec. 31 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 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 13,767 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Dec. 31... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969—Dec. 31 7. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 13,661 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 13,686 1971—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 13,776 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 13,783 1972—Jan. 26... 508,200 340,730 62,690 104,780 92,690 624,750 521,320 28,480 2,960 9,280 205,160 275,440 26,370 46,600 13,787 Feb. 23... 511,360 343,300 61,860 106,200 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 47,050 13,799 Mar. 29... 522,790 351,800 62,500 108,490 91,220 639,000 526,150 26,430 2,950 8,740 205,420 282,610 32,850 47,450 13,806 Apr. 26... 525,660 354,120 61,860 109,680 95,040 645,410 533,270 26,140 2,870 10,470 208,490 285,300 31,630 47,780 13,823 May 31... 532,260 360,120 61,240 110,900 100,910 659,070 544,720 28,240 3,020 8,430 215,360 289,670 33,270 48,310 13,838 June 30... 542,689 370,910 60,258 111,521 99,472 667,126 552,543 28,782 3,114 9,083 219,050 292,513 33,214 50,117 13,875 July 26... 542,770 371,740 59,580 111,450 91,380 659,690 544,560 27,310 3,260 8,300 210,930 294,760 34,290 48,970 13,877 Aug. 30... 547,500 375,580 59,300 112,620 91,270 664,710 546,050 27,090 3,350 3,790 210,810 301,010 35,950 49,400 13,898 Sept. Hp.. 555,750 381,740 60,290 113,720 90,810 673,100 555,480 26,880 3,890 9,430 212,730 302,550 33,400 49,720 13.910 Oct. 25p.. 560,440 385,700 60,930 113,810 101,790 689,800 566,280 29,040 3,760 7,470 220,980 305,030 39,540 50,270 13.911 Nov. 29?.. 573,170 395,540 63,210 114,420 90,270 691,600 570,560 27,060 3,920 7,700 224,480 307,400 38,350 50,730 13,911 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 6,619 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 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 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 6,150 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 6,071 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 5,978 1969—Dec. 31 7. 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 5,766 1971—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 5,729 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 5.727 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 5,718 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 5,720 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 5,713 Apr. 26... 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 37,928 5,713 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 5.713 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 5.714 July 26... 422,102 295,275 42,932 83,895 79,164 522,562 426,242 25,923 2,867 6,953 165,393 225,106 32,725 38,649 5,705 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 5.702 Sept. 27... 432,150 303,049 43,506 85,595 78,503 532,624 434,554 25,502 3,495 8,033 166,353 231,171 31,860 39,190 5.703 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 5,699 Nov. 29*\. 446,621 314,463 45,799 86,359 78,553 548,210 446,441 25,759 3,520 6,463 175,739 234,960 36,480 39,966 5,699 Reserve city member: New York City:8,9,10 1941—Dec. 31... 1122,,889966 44,,007722 77,,226655 1,559 6,637 1199,,886622 1177,,993322 44,,220022 6 866 1122,,005511 807 11,,664488 36 1945—Dec. 31 ... 2266,,114433 77,,333344 1177,,557744 1,235 6,439 3322,,888877 3300,,112211 44,,664400 17 6,940 1177,,228877 1,236 195 22,,112200 37 1947—Dec. 31... 2200,,339933 77,,117799 1111,,997722 1,242 7,261 2277,,998822 2255,,221166 44,,445533 12 267 1199,,004400 1,445 30 22,,225599 37 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 12 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 12 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 12 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 12 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 12 1971—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 12 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 12 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 12 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 12 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 12 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 12 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 13 June 30... 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1,038 30,637 26,649 7,314 7,650 13 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 13 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 13 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 13 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 13 Nov. 29... 71,707 55,533 5,712 10,462 21,556 98,990 74,550 12,639 1,752 1,032 30,710 28,417 9,335 7,944 13 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 n COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets3 and Demand ings 1 U.S. capital Total3 Treas- Other ac- De- Time Time 5 ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: s,9 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 3,008 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—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 3,011 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 3,31 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 2,5 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 Nov. 29. 20,370 15,379 1,597 3,394 2,659 24,042 18,021 1,262 217 213 6,565 9,764 3,137 Other reserve city: 1 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—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. 145,436 103,31 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 Nov. 29. 163,or 119,961 14,734 28,316 29,350 200,829 159,305 8,844 1,156 2,828 62,229 84,248 18,629 Country member: 9,10 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 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 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. 30 122,511 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—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. 175,21' 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.. 179,111 112,399 23,874 42,838 25,545 210,567 182,521 3,019 263 2,622 70,719 105,898 4,018 May 31.. 179,450 113,382 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. 25.. 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 Nov. 29». 191,533 123,590 23,756 44,187 24,988 224,349 194,565 3,014 395 2,390 76,235 112,531 5,379 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • DECEMBER 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 Interbank3 Other FFRRSS mmeemmbbeerrsshhiipp Cash lia- Bor- Total Numaanndd FFDDIICC assets3 bilities row- ccaappiittaall bbeerr iinnssuurraannccee Total Loans and Total3 Demand ings aacc-- ooff U.S. Other capital De- Time ccoouunnttss bbaannkkss Treas- 2 ac- mand Time 5 ury counts4 G U o . v S. t . Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, e> 54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,1 $83 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 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 All,951 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 30?. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 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 2,246 1,502 1945—Dep. 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 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 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 64,007 9,902 14,437 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 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—Dec. 31.. 94,760 66,963 11,196 16,600 I 25,472 125,460 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1,147 1971—Dec. 31.. 102,813 71,441 11,247 20,125 26,998 135,517 111,77^ 13,102 721 2,412 45,945 49,597 6,878 10,214 1,128 1972—June 30.. 105,895 75,047 10,450 20,398 1 26,248 138,021 111,705 11,595 879 1,935 43,965 53,331 8,936 10,645 1,108 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 ! 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 I 4,448 19,256 i 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 • 1,448! 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 t 5,942 : 49,275i 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,79C > 6,2331 7,174; 54,747' 49,389 658 7C> 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,31C 14,137 ' 7,581 7,513 1 60,679» 54,806 695 83 618 27,528 25,882 91 4,912 : 7,320 1966—Dec. 31.. 56,857 33,636 13,873 i 9,349> 7,777' 65,921 59,434 709 87 543 28,471 29,625 99 5,342 : 7,384 1967—Dec. 30.. 64,449 31,611 15,146 1 11,62S> 8,403i 74,328! 67,107 786 89» 588 31,004 34,640 i 162: 5,8301 7,440 1968—Dec. 31.. 73,553 43,378 16,15! i 14,02( ) 9,30!i 84,60!i 76,368 908 94; 69i 34,615 i 40,060 i 217' 6,4821 7,504 1969—June 307. 78,032 48,358 14,341 15,332 t 8,696i 88,802\ 78,61C 791 78! 749' 34,07C> 42,921 451 7,004 ^ 7,528 Dec. 31.. 82,133 51,642 14,56! > 15,92!5 10,056i 94,453I 83,380 1,017 r 8! i 924^ 37,561 43,792 1 629> 7,403i 7,595 1970—Dec. 31.. 92,399 57,489 16,039 • 18,871i 11,208! 106,457' 93,998 1,091 141 1,438 40,005 i 51,322: 571 8,326 i 7,735 1971—Dec. 31.. , 108,527 67,188 17,058 S 24,28:> 12,092I 123,97( ) 109,841 1,212 i 242» 1,723I 44,717 ' 61,946; 582\ 9,451. 7,875 1972—June 30.. , 116,317 73,12( 16,276 i 26,91!> 11,822I 131,774 !• 115,992 1,088 ! 316i 1,432t 45,222 \ 67,934 ^ 1,0765 10,26!> 7,955 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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 bbb ttt nnn iii eee ccc ooo IIICCC eee 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 lll aaa ooo ppp iii iii nnn nnn ccc aaa ttt ttt iii ddd --- iii ttt --- aaa ttt sss eee aaa lll sss lll 444 TToottaall 33 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 --- --- ccc ccc TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- aaa tttaaa ttt lll sss lll NNN bbbaaa bbb uuu ooo nnn eee fff mmm rrr kkk sss --- Govt. Noninsured 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 3:1 9 1,2 >91 253 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 Dec. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—Dec. 31 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—June 30 4,192 3,230 274 688 1,220 5,884 3,153 384 81 21 1,409 1,258 386 494 206 Total nonmember: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945 Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—June 30 120,510 76,357 16,550 27,603 13,042 137,658 119,145 1,472 397 1,453 46,631 69,192 1,462 10,759 8,161 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Regarding reclassification as a reserve city, see Aug. 1962 BULLETIN, CCC were reclassified as securities, and Export-Import Bank portfolio p. 993. For various changes between reserve city and country status in fund participations were reclassified from loans to securities. This reduced 1960-63, see note 6, p. 587, May 1964 BULLETIN. Total loans and increased "Other securities" by about $1 billion. Total 10 Beginning May 6, 1972, two New York City country banks, with loans include Federal funds sold, and beginning with June 1967 securities deposits of $1,412 million, merged and were reclassified as a reserve city purchased under resale agreements, figures for which are included in bank. "Federal funds sold, etc.," on p. A-24. Beginning June 30, 1971, Farmers Home Administration notes are NOTE.—Data are for all commercial banks in the United States (includclassified as "Other securities" rather than "Loans." As a result of this ing Alaska and Hawaii, beginning with 1959). Commercial banks represent change, approximately $300 million was transferred to "Other securities" all commercial banks, both member and nonmember; stock savings for the period ending June 30, 1971, for all commercial banks. banks; and nondeposit trust companies. See also table (and notes) at the bottom of p. A-32. For the period June 1941—June 1962 member banks include mutual 2 See first two paragraphs of note 1. savings banks as follows: three before Jan. 1960, two through Dec. 1960, 3 Reciprocal balances excluded beginning with 1942. and one through June 1962. Those banks are not included in insured 4 Includes items not shown separately. See also note 1. commercial banks. 5 See last paragraph of note 1. Beginning June 30, 1969, commercial banks and member banks exclude 6 Beginning with Dec. 31, 1947, the series was revised; for description, a small national bank in the Virgin Islands; also, member banks exclude, see note 4, p. 587, May 1964 BULLETIN. and noninsured commercial banks include, through June 30, 1970, a small 7 Figure takes into account the following changes beginning June 30, member bank engaged exclusively in trust business. 1969: (1) inclusion of consolidated reports (including figures for all bank- Comparability of figures for classes of banks is affected somewhat by premises subsidiaries and other significant majority-owned domestic changes in F.R. membership, deposit insurance status, and the reserve subsidiaries) and (2) reporting of figures for total loans and for individual classifications of cities and individual banks, and by mergers, etc. categories of securities on a gross basis—that is, before deduction of Data for national banks for Dec. 31, 1965, have been adjusted to make valuation reserves—rather than net as previously reported. them comparable with State bank data. 8 As of Nov. 9, 1972, the definitions of reserve city and country banks Figures are partly estimated except on call dates. were changed (see Nov. 1972 BULLETIN, p. 994). The classifications em- For revisions in series before June 30, 1947, see July 1947 BULLETIN, ployed here are the same as those prior to the change in definition, so these pp. 870-71. series are continuous over time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS • DECEMBER 1972 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o n f d lo T a a o n n t d s a l i f F e u e r n a d d l - s C m o e m r- - Agri- o p s r u e r c c c F a u 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 Ot t h o e r, U s .S ec . u T ri r t e i a es s u 6 r y S a t n a d te call date invest- sold, Total cial cul- es- in- Other local Other ments etc. 2 3,4 and tur- To tate di- govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k an e d rs ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31. 116.284 38,057 18,167 ,660 830 ,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1971—Dec. 31. 517,244 19,954 327,656 118,526 12,497 7,292 3,659 4,591 16,926 81,601 74,514 8,049 64,930 82,420 22,284 1972—June 30. 543.285 20,598 350,910 123,162 13,610 8,608 4,012 5,041 18,353 89,227 80,243 ~ ,651 60,258 86,598 24,923 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 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 ,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 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 ,046 811 1,065 113 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 7,311 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 ,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 31 io 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 1,132 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 ,600 749 1,864 181 204 1947—Dec. 31.. 5,< 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 ,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 ,053 1969—Dec. 3110 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 ,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 ,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 2 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 4 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 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1971—Dec. 31. 175,582 6,208 104,520 28,201 5,599 474 821 348 2,651 33,347 31,117 1,962 24,343 31,367 9,144 1972—June 30. 182,479 5,857 110,587 29,498 6,023 366 917 308 2,381 35,859 33,215 2,019 22,568 33,005 10,463 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 3110 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1971—Dec. 31. 111,674 4,581 64,830 17,046 5,187 398 492 468 1,213 20,509 18,675 842 17,297 17,176 7,790 1972—June 30. 120,510 5,037 71,319 18,743 5,686 348 535 521 1,249 22,711 20,640 886 16,550 18,820 8,782 1 Beginning with June 30, 1948, figures for various loan items are 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

DECEMBER 1972 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n v e R t - h k e . s s rr CC cc aa ee oo nn nn uu ii dd cc rr nn -- yy b m a a w B d n e n i o a c s k t - l t e h - i s s c 7 ju p m D s o a d a t d s e 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 S g ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. c C c h o e f a e e i e f t n e r r 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 v S 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 C o a t a u a c p l n - i- ts Total:3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 31 io 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1971—Dec. 31. 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908 529 30,384 242,055 25,912 47,211 1972—June 30. 27,119 6,799 25,764 184,468 25,522 3,261 9,083 17,687 10,652 190,710 3,114 492 33,110 259,506 33,214 50,117 All insured: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1971—Dec. 31. 27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792 529 30,303 241,003 25,628 46,731 1972—June 30. 27,119 6,773 24,713 182,806 25,335 3,064 9,062 17,568 10,172 189,900 3,033 491 33,027 258,332 32,828 49,623 Member—Total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31io 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 1,168 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 1,186 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 1,175 2,331 24,294 7,314 7,650 City of Chicago: 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 820 12,766 1971—Dec. 31. 8,896 3,367 8,663 68,733 3,779 73 2,993 8,113 1,973 63,986 263 167 10,505 90,298 3,118 15,114 1972—June 30. 9,084 3,042 8,176 67,101 3,329 72 2,804 8,144 2,255 63,070 395 182 11,480 95,983 4,208 15,831 Nonmember:3 1947—Dec. 31.. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 172 6,858 12 1,596 1969—Dec. 31 io 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7.931 1971—Dec. 31. 1,763 10,655 45,462 1,293 299 1,742 4,710 1,543 39,737 359 85 6,494 56,502 866 9.932 1972—June 30. 1,706 9,942 45,901 1,159 313 1,453 4,510 1,793 40,328 397 104 7,442 61,645 1,462 10,759 7 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States; member 8 Through 1960 demand deposits other than interbank and U.S. banks in U.S. possessions were included through 1968 and then excluded. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 BULLETIN. A small noninsured member bank engaged exclusively in trust business 10 Beginning June 30,1969, reflects (1) inclusion of consolidated reports is treated as a noninsured bank and not as a member bank for the period (including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS • DECEMBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i 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 trial U.S. U.S. and se- cun- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. ties sees. sees. COS., etc. Large banks— Total 1971 Nov. 3 275,834 10,457 9,410 695 121 231 187,455 83,091 2,189 1,181 4,807 135 2,387 10 275,443 10,604 9,298 982 106 218 186,882 82,933 2,199 1,275 4,820 132 2,364 1 7 274,806 9,347 8,681 397 74 195 186,803 82,854 2,209 729 4,815 138 2,377 2 4 272,851 8,118 7,704 271 90 53 186,611 82,562 2,202 585 4,854 132 2,387 1972 Oct. 4 305,225 11,314 10,231 630 295 158 212,806 87,533 2,622 802 7,412 204 2.857 11 306,037 12,088 11,144 507 289 148 213,221 87,732 2,626 893 7,164 189 2,850 1 8 304,498 10,333 10,201 589 392 151 213,703 87,768 2,652 1,041 7.526 188 2,839 2 5 304,710 9,497 8,716 427 262 92 214,275 87,530 2,676 863 7,501 189 2.842 Nov. 1* 309,063 10,825 9,752 567 292 214 216,621 88,061 2,689 853 8,337 190 2.843 8 p 309,904 11,837 10,933 489 308 107 216,657 88,398 2,703 808 7,721 193 2,822 15 p 313,516 13,615 11,117 1,973 353 172 218,331 88,607 2,712 1,459 7,940 190 2,836 22* 311,581 11,865 10,728 463 378 296 217,690 88,535 2,734 1,003 7,585 193 2,831 HP 314,124 12,497 11,461 626 285 125 218,260 88,691 2,751 1,265 7.527 203 2.858 New York City 1971 Nov. 3 60,037 1,438 1,390 45,283 25,927 1,049 3,296 576 10 59,273 1,020 949 44,954 25,839 1,111 3,310 565 17... 59,057 1,242 1,161 44,382 25,828 611 3,216 564 2 4 58,103 834 778 44,183 25,630 498 3,327 567 1972 Oct. 4 64,409 1,606 1,501 48,672 24,733 688 4,668 677 11 63,329 775 739 48.632 24,833 742 4,506 683 18 63,292 1,173 1,159 48,764 24,677 941 4,785 675 2 5 63,692 788 771 48,787 24,565 755 4,780 672 Nov. 1 p 65,216 1,101 1,069 23 49,606 24,735 733 5,225 668 8 p 64,718 743 709 12 49,586 24,916 677 4,907 669 15* 65,980 891 834 28 50,513 24,002 1,268 5,083 676 22* 65,299 883 697 182 49.633 24,946 874 4,758 665 29* 66,101 1,256 1,240 12 49,812 24,930 1,102 4,698 684 Outside New York City 1971 Nov. 3 215,797 9,019 8,020 665 121 213 142,172 57,164 2,164 132 1,511 1,811 10 216,170 9,584 8,349 942 106 187 141,928 57,094 2,175 164 1,510 1,799 1 7 215,749 8,105 7,520 378 74 133 142,421 57,026 2,183 118 1,599 1,813 2 4 214,748 7,284 6,926 247 90 21 142,428 56,932 2,177 87 1,527 1,820 1972 Oct. 4 240,816 9.708 8,730 533 295 150 164,134 62,800 2,581 114 2,744 166 2,180 11 242,708 11,313 10,405 498 289 121 164,589 62,899 2,585 151 2,658 150 2,167 1 8 241,206 10,160 9,042 580 392 146 164,939 63,091 2,607 100 2,741 149 2,164 2 5 241,018 8.709 7,945 418 262 84 165,488 62,965 2,630 108 2,721 150 2,170 Nov. \p 243,847 9,724 8,683 558 292 191 167,015 63,326 2,639 120 3,112 150 2,175 8* 245,186 11,094 10,224 467 308 95 167,071 63,482 2,653 131 2,814 151 2,153 15* 247,536 12,724 10,283 ,944 353 144 167,818 63,605 2,663 191 2,857 155 2,160 22 p 246,282 10,982 10,031 459 378 114 168,057 63,589 2,688 129 2,827 158 2,166 29* 248,023 11,241 10,221 622 285 113 168,448 63,761 2,705 163 2,829 168 2,174 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con- Real sumer For- All Certifestate instal- eign other Total Bills icates Do- For- ment gOVtS. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1971 37,615 852 2,342 23,517 753 14,856 26,476 2,912 4,277 16,386 2,901 Nov. 3 37,757 830 2,433 23,584 768 14,521 26,421 2,847 4,318 16,383 2,873 10 37,887 822 2,497 23,595 790 14,787 27,547 2,791 3,398 17,008 4,350 17 38,025 844 2,585 23,667 806 14,667 27,285 2,622 3,410 16,876 4,377 24 1972 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 17,303 26,026 4,814 4,359 13,941 2,912 11 44,627 1,568 2,809 27,014 1,122 17,125 25,228 4,176 4,364 13,793 2,895 18 44,816 1,748 2,973 27,096 1,128 17,326 25,955 4,052 4,353 14,668 2,882 25 44,986 1,750 2,825 27,216 1,119 17,515 25,985 4,148 4,324 14,582 2,931 Nov. 1* 45,065 1.789 2,875 27,261 1.131 17,755 25,669 3,838 4,369 14,540 2,922 8* 45,324 1.790 2,994 27,329 1.132 17,575 26,313 3,703 4,268 15,377 2,965 15* 45,543 1,875 2,960 27,402 1,128 17,775 26,597 4,126 4,288 15,224 2,959 22® 45,605 1,939 2,928 27,499 1,145 17,608 27,838 5,504 4,458 15,057 2,819 29* New York City 1971 4,011 363 1,055 1,917 500 2,911 5,274 636 1,030 3,228 380 Nov. 3 4,044 356 1,157 1,917 510 2,686 5,255 646 1,043 3,215 351 10 4,069 336 1,134 1,919 529 2,754 5,498 657 625 3,293 923 17 4,079 334 1,221 1,925 540 2,671 5,296 504 616 3,250 926 24 1972 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 4,927 422 1,313 2,050 714 3,548 4,781 1,289 774 2,403 315 Nov. 1 * 4,949 447 1,363 2,049 729 3,720 4,493 1,024 779 2,399 291 8* 5,001 458 1,441 2.057 722 3,594 4.981 934 782 2,915 350 15* 5,029 448 1,446 2,056 714 3,692 5,224 1,245 769 2,835 375 22* 5,056 463 1,430 2.058 737 3,536 5,436 1,565 766 2,734 371 29* Outside New York City 1971 33,604 489 1,287 21,600 253 11,945 21,202 2,276 3,247 13,158 2.521 Nov. 3 33,713 474 1,276 21,667 258 11,835 21,166 2,201 3,275 13,168 2.522 10 33,818 486 1.363 21,676 261 12,033 22,049 2,134 2,773 13,715 3,427 17 33,946 510 1.364 21,742 266 11,996 21,989 2,118 2,794 13,626 3,451 24 1972 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 13,620 21,234 3,246 3,577 11,781 2.630 11 39,767 1,191 1,526 24,966 411 13,617 20,906 2,972 3,597 11,714 2,623 18 39,926 1,337 1,570 25,047 412 13,819 21,188 2,778 3,582 12,218 2,610 25 40,059 1,328 1,512 25,166 405 13,967 21,204 2,859 3,550 12,179 2.616 Nov. 1 * 40,116 1,342 1,512 25,212 402 14,035 21,176 2,814 3,590 12,141 2.631 8* 40,323 1,332 1,553 25,272 410 13,981 21,332 2,769 3,486 12,462 2,615 15* 40,514 1,427 1,514 25,346 414 14,083 21,373 2,881 3,519 12,389 2,584 22* 40,549 1,476 1,498 25,441 408 14,072 22,402 3,939 3,692 12,323 2,448 29* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • DECEMBER 1972 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest- Obligations Other bonds, items Re- Bal- ments of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants3 other partici- others pation4 Large banks— Total 1971 Nov. 3 51,446 8,598 35,857 1,389 5,602 40,042 18,946 3,481 7,405 817 15,656 10 51,536 8,375 35,844 1,454 5,863 31,370 17,925 3,532 6,885 817 15,488 1 7 51,109 8,015 35,766 1,462 5,866 31,598 19,681 3,601 7,059 819 15,099 2 4 50,837 7,846 35,671 1,452 5,868 33,553 22,152 3,508 7,294 819 15,121 1972 Oct. 4 54,758 9,371 37,198 1,533 6,656 31,251 22,191 3,464 9,602 1,042 17,052 11 54,702 9,358 37,277 1,517 6,550 30,962 20,212 3,824 10,090 1,041 16,923 1 8 54,234 9,255 36,972 1,522 6,485 30,502 20,488 3,896 9,709 1,053 16,845 2 5 54,983 9,292 37,445 1,558 6,658 31,029 24,087 4,021 9,342 1,092 17,239 Nov. 1* 55,632 9,383 37,651 1,565 7,033 33,089 20,173 3,818 9,457 1,095 17,573 8* 55,741 9,087 37,909 1,662 7,083 32,950 21,528 3,654 10,139 1.099 17,464 15* 55,257 8,833 37,594 1,741 7,089 29,628 17,322 3,836 9,944 1.100 16,918 22* 55,429 8,828 37,772 1,712 7,117 28,708 19,109 3,734 8,792 1,101 16,688 29* 55,529 8,764 37,905 1,762 7,098 29,069 17,862 4,394 9,969 1,104 16,859 New York City 1971 Nov. 3 8,042 1,436 5,401 212 993 19,805 4,972 434 1,414 363 5,064 10 8,044 1,347 5,406 219 1,072 14,128 4,830 445 1,344 363 4,991 1 7 7,935 1,346 5,315 242 1,032 12,245 4,578 434 1,035 364 4,937 2 4 7,790 1,296 5,204 249 1,041 15,006 5,413 416 1,461 364 4,904 1972 Oct. 4 9,151 2,888 5,084 301 878 10,056 4,881 434 3,739 484 5,312 11 9,130 2,885 5,( 302 855 9,890 5,940 478 3,696 483 5,232 1 8 9,033 2,890 4,991 301 851 9,805 4,783 446 3,683 495 5,264 2 5 9,350 2,866 5,261 352 871 10,446 5,913 476 3,461 531 5,630 Nov. 1 p 9,728 2,765 5,428 333 1,202 11,493 4,004 446 3,243 533 5,574 8 p 9,896 2,692 5,669 416 1,119 12,243 5,498 457 4,304 537 5,522 15? 9,595 2,605 5,395 501 1,094 10,019 4,605 458 3,393 536 5,238 22 * 9,559 2,583 5,387 488 1,101 9,703 4,466 418 3,104 537 5,047 29* 9,597 2,583 5,395 536 1,083 11,548 4,401 501 4,223 537 5,093 Outside New York City 1971 Nov. 3 43,404 7,162 30,456 1,177 4,609 20,237 13,974 3,047 5,991 454 10,592 10 43,492 7,028 30,438 1,235 4,791 17,242 13,095 3,087 5,541 454 10,497 1 7 43,174 6,669 30,451 1,220 4,834 19,353 15,103 3,167 6,024 455 10,162 2 4 43,047 6,550 30,467 1,203 4,827 18,547 16,739 3,092 5,833 455 10,217 1972 Oct. 4 45,607 6,483 32,114 1,232 5,778 21,195 17,310 3,030 5,863 558 11,740 11 45,572 6,473 32,189 1,215 5,695 21,072 14,272 3,346 6,394 558 11,691 1 8 45,201 6,365 31,981 1,221 5,634 20,697 15,705 3,450 6,026 558 11,581 2 5 45,633 6,426 32,184 1,236 5,787 20,583 18,174 3,545 5,881 561 11,609 Nov. 1 p 45,904 6,618 32,223 1,232 5,831 21,596 16,169 3,372 6,214 562 11,999 8* 45,845 6,395 32,240 1,246 5,964 20,707 16,030 3,197 5,835 562 11,942 15* 45,662 6,228 32,199 1,240 5,995 19,609 12,717 3,378 6,551 564 11,680 22* 45,870 6,245 32,385 1,224 6,016 19,005 14,643 3,316 5,688 564 11,641 29* 45,932 6,181 32,510 1,226 6,015 17,521 13,461 3,893 5,746 567 11,766 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 o 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 150,019 101,233 7,205 2,811 25,319 832 789 2,448 9,382 136,746 53,691 60.127 15,347 1,967 5,176 Nov. 3 138,824 98,517 6,538 1,622 21,513 683 720 2,326 6,905 136,956 53,805 60.128 15,393 1,980 5,212 10 140,199 100,108 6.387 2,362 21,270 625 748 2,491 6,208 137,429 53,948 60,399 15,404 2,039 5,201 17 141,548 99,624 6.388 2,231 22,096 579 718 2,596 7,316 137,979 54,022 60,874 15,427 2,096 5,130 24 1972 150,884 105,842 6,595 5,152 22,325 920 774 3,298 5,978 156,493 58,197 70,967 18,414 2,857 5,455 Oct. 4 148,866 107,553 6,115 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 5,890 3,109 21,162 775 879 3,230 5,414 157,391 58,207 72,051 18,21 2,742 5,641 18 149,977 107,281 6,031 4,381 21,690 804 780 3,147 5,863 157,389 58,160 72,085 18,131 2,795 5,667 25 155,144 109,379 7,403 3,888 21,947 992 849 3,328 7,358 156,707 58,113 71,778 17,780 2,800 5,696 Nov. 1* 151,842 106,703 6,555 2,784 23,394 864 836 3,233 7,473 157,884 58,217 72,462 18,085 2,835 5,701 8* 151,763 110,154 6,931 3,200 20,811 757 806 3,014 6,090 157,597 58,179 72,271 17,785 2,853 5,846 15* 147,861 108,163 6,506 3,831 19,054 700 773 3,095 5,739 158,608 58,237 72,916 18,007 2,914 5,869 22* 152,016 108,897 6,473 4,808 20,650 657 828 2,857 6,846 158,850 58,192 73,089 18,015 2,945 5,946 29* New York City 1971 45,895 23,230 634 460 12,852 387 649 1,641 6,042 23,269 5,189 12,390 1,704 999 2,871 Nov. 3 39,034 22,042 476 232 10,070 345 582 1,585 3,702 23,361 5,218 12,393 1,695 1,025 2,915 10 37,399 21,677 453 381 9,186 328 599 1,740 3,035 23,592 5,252 12,575 1,673 1,086 2,891 17 40,520 22,393 439 376 10,727 303 580 1,853 3,849 23,680 5,265 12,652 1,665 1,140 2,836 24 1972 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 38,714 22,486 481 275 9,486 437 755 2,194 2,600 27,274 5,662 15,090 2,11 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 42,041 24,007 694 654 9,453 433 713 2,430 3,657 26,894 5.639 14,906 1,857 1,539 2,857 Nov. 1* 41,922 22,764 394 536 10,768 429 687 2,391 3,953 27,529 5,644 15,285 2,095 1,577 2,829 8* 39,557 23,636 398 874 8,987 390 655 2,164 2,453 27,078 5,644 14,966 1,934 1,600 2,835 15* 38,327 23,203 406 789 8,208 347 639 2,187 2,548 27,327 5,644 15,184 1,889 1,653 2,857 22* 42,025 24,238 362 974 10,077 326 690 2,003 3,355 27,458 5.640 15,202 1,914 1,667 2,936 29* Outside New York City 1971 104,124 78,003 6,571 2,351 12,467 445 140 807 3,340 113,477 48,502 47,737 13,643 968 2,305 Nov. 3 99,790 76,475 6,062 1,390 11,443 338 138 741 3,203 113,595 48,587 47,735 13,698 955 2,297 10 102,800 78,431 5,934 1,981 12,084 297 149 751 3,173 113,837 48,696 47,824 13,731 953 2,310 17 101,028 77,231 5,949 1,855 11,369 276 138 743 3,467 114,299 48,757 48,222 13,762 956 2,294 24 1972 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. 4 110,152 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 11 108,678 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 18 109,791 84,100 5,634 3,365 12,148 416 133 899 3,096 130,065 52,522 56,876 16,076 1,346 2,792 25 113,103 85,372 6,709 3,234 12,494 559 136 898 3,701 129,813 52,474 56,872 15,923 1,261 2,839 Nov. 1* 109,920 83,939 6,161 2,248 12,626 435 149 842 3,520 130,355 52,573 57,177 15,990 1,258 2,872 8* 112,206 86,518 6,533 2,326 11,824 367 151 850 3,637 130,519 52,535 57,305 15,851 1,253 3.011 15* 109,534 84,960 6,100 3,042 10,846 353 134 908 3,191 131,281 52,593 57.732 16,118 1,261 3.012 22* 109,991 84,659 6,111 3,834 10,573 331 138 854 3,491 131,392 52,552 57,887 16,101 1,278 3,010 29* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • DECEMBER 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 Gross eral Other Total loans included in time liabili- Wednesday funds liabili- capital Total and De- and savings deposits i1 ties of pur- F.R. ties, Secur- loans invest- mand banks chased, Banks Others etc. 8 Loans ities (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed 9 ad- justed i0 Total to to foreign justed 9 IPC's others branches Large banks— Total 1971 Nov. 3 27,002 179 1,120 16,350 4.011 26,664 187,650 265,572 81,847 33,166 20,734 12,432 10 26,992 168 1,042 16,678 4,026 26,705 187,358 265,315 84,319 33,339 20,845 12,494 1 7 25,816 333 1,083 17,116 4,019 26,591 186,647 265,303 84,969 33,597 21,139 12,458 2 4 24,935 2,236 1,019 16,927 4.012 26,567 186,181 264,303 83,668 34,000 21,483 12,517 1972 Oct. 4 31,083 935 1,760 15,554 4,176 28,871 212,370 293,475 92,156 41,183 26,348 14,835 11 32,929 326 1,825 15,165 4,175 28,877 212,631 293,359 93,390 41,672 26,828 14,844 1 8 31,476 351 1,914 16,048 4,170 28,788 213,267 292,729 92,009 42,035 27,355 14,680 2 5 30,155 2,998 2,162 15,765 4,168 28,835 213,308 294,246 92,877 42,278 27,448 14,830 Nov. 1 * 30,375 410 2,109 16,232 4.191 29,029 215,944 297,561 96,220 41,792 27,170 14,622 8* 34,436 1,332 2,181 15,702 4.192 29,098 215,772 297,182 92,714 42,919 27,881 15,038 15* 32,252 25 2,068 15,314 4,191 28,983 219,039 300,609 98,124 42,884 27,759 15,125 22* 32,744 118 2,026 14,981 4,199 29,106 216,952 298,978 96,268 43,701 28,404 15,297 29* 31,383 525 2,154 15,050 4,207 29,125 217,357 300,724 97,489 43,909 28,488 15,421 New York City 1971 Nov. 3. 7,716 219 6,860 1,188 6,942 44,968 58,284 12,778 11,341 7,406 3,935 10. 7,463 150 204 7,036 1,188 6,938 44,669 57,968 14,604 11,372 7,429 3,943 17. 6,103 195 198 7,045 1,190 6,928 44,127 57,560 15,587 11,569 7,632 3,937 24. 5,587 845 200 6,734 1,186 6,915 43,905 56,991 14,411 11,638 7,665 3,973 1972 Oct. 7,082 197 406 5,705 1,222 7,322 48,361 62,492 19,457 14,284 9,672 4,612 8,394 232 420 5,474 1,221 7,319 48,240 62,162 19,063 14,508 9,932 4,576 7,362 22 483 5,876 1,222 7,280 48,401 61,756 18,823 14,644 10,154 4,490 6,607 ,243 657 5,631 1,221 7,280 48,393 62,510 19,182 14,708 10,110 4,598 6,626 15 606 5,758 1,228 7,341 49,216 63,725 20,441 14,21 9,772 4,439 8,603 413 588 5,645 1,228 7,351 49,173 63,562 18,375 14,843 10,160 4,683 15*. 8,552 523 5,954 1,229 7,336 50,112 64,688 19,677 14,430 9,859 4,571 22*. 8,243 528 5,468 1,234 7,447 49,371 64,154 19,627 14,786 10,167 4,619 29*. 7,731 270 598 5,626 1,234 7,462 49,365 64,398 19,426 14,800 10,105 4,695 Outside New York City 1971 Nov. 3. 19,286 179 901 9,490 2,823 19,722 142,682 207,288 69,069 21,825 13,328 8,497 10. 19,529 18 838 9,642 2,838 19,767 142,689 207,347 69,715 21,967 13,416 8,551 17. 19,713 138 885 10,071 2,829 19,663 142,520 207,743 69,382 22,028 13,507 8,521 24. 19,348 1,391 819 10,193 2,826 19,652 142,276 207,312 69,257 22,362 13,818 8,544 1972 Oct. 4. 24,001 738 1,354 9,849 2,954 21,549 164,009 230,983 72,699 26,899 16,676 10,223 24,535 94 1,405 9,691 2,954 21,558 164,391 231,197 74,327 27,164 16,896 10,268 18. 24,114 329 1,431 10,172 2,948 21,508 164,866 230,973 73,186 27,391 17,201 10,190 25. 23,548 ,755 1,505 10,134 2,947 21,555 164,915 231,736 73,695 27,570 17,338 10,232 Nov. 1 *. 23,749 395 1,503 10,474 2.963 21,688 166,728 233,836 75,779 27,581 17,398 10,183 8*. 25,833 919 1,593 10,057 2.964 21,747 166,599 233,620 74,339 28,076 17,721 10,355 15*. 23,700 25 1,545 9,360 2,962 21,647 168,927 235,921 78,447 28,454 17,900 10,554 22*. 24,501 118 1,498 9,513 2.965 21,659 167,581 234,824 76,641 28,915 18,237 10,678 29*. 23,652 255 1,556 9,424 2,973 21,663 167,992 236,326 78,063 29,109 18,383 10,726 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

DECEMBER 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 Nov. Nov. Nov. Nov. Nov. 1st 2nd 29 22 15 8 1 Nov. Oct. Sept. III II I Half Half Durable goods manufacturing: Primary metals 2,030 2,001 2,030 2,022 2,018 3 31 23 -97 30 54 84 -282 Machinery 4,293 4,284 4,233 4,174 4,125 326 -132 -101 -116 -74 -91 -165 -831 Transportation equipment 2,133 2,128 2,124 2,122 2,132 31 -164 29 -93 -317 14 -303 -77 Other fabricated metal products... 1,731 1,737 1,758 1,749 1,770 -40 -22 74 82 -22 17 -5 -389 Other durable goods 2,834 22,,884433 22,,888844 22,,888800 22,,885511 -59 -22 62 89 185 146 331 -317 Nondurable goods manufacturing: Food, liquor, and tobacco 3,185 3,168 3,078 3,078 2,997 187 191 74 182 -41 -227 -268 498 Textiles, apparel, and leather 2,787 2,828 2,894 2,915 2,922 -158 -98 60 188 281 281 562 -304 Petroleum refining 919 902 897 889 893 35 -83 53 -22 -88 -97 -185 52 Chemicals and rubber 1,789 1,801 1,817 1,827 1,832 -56 -22 -65 -261 -23 -103 -126 -592 Other nondurable goods 1,703 11,,773322 11,,773399 11,,775533 11,,772266 -36 -23 96 108 -93 -75 -168 -36 Mining, including crude petroleum and natural gas 3,632 3,640 3,657 3,645 3,634 -76 46 -17 58 -66 -137 -203 187 Trade: Commodity dealers 1,612 1,581 1,540 1,550 1,523 165 128 60 141 -304 -194 -498 532 Other wholesale 4,571 4,562 4,605 4,602 4,624 -64 39 127 104 111 -52 59 524 Retail 5,349 5,420 5,352 5,294 5,184 88 418 197 324 138 259 397 -259 Transportation 5,425 5,394 5,374 5,404 5,363 37 33 -88 -291 33 -33 -324 Communication 1,726 1,727 1,740 1,727 1,732 -4 24 137 271 195 -74 iii -225 Other public utilities 3,319 3,301 3,304 3,324 3,372 171 92 -9 357 247 -274 -27 525 Construction 4,614 4,601 4,628 4,612 4,628 18 -23 193 321 325 156 481 183 Services 8,895 8,856 8,794 8,822 8,816 129 188 133 -26 358 372 730 289 All other domestic loans 5,535 5,601 5,659 5,593 5,621 -71 -52 7 -38 -134 176 42 610 Bankers' acceptances 1,350 1,328 1,306 1,333 1,344 40 61 31 -192 -300 -553 -853 1,158 Foreign commercial and industrial loans 3,702 3,650 3,664 3,624 3,568 169 67 25 69 83 89 172 578 Total classified loans 73,134 73,085 73,077 72,939 72,675 835 677 1,101 1,158 524 -346 178 1,500 Total commercial and industrial loans. f88,691 88,535 88,607 88,398 88,061 1,161 884 1,472 1,493 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 IIInnnddduuussstttrrryyy Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 29 25 27 30 26 28 31 26 29 III II I IV Half DDuurraabbllee ggooooddss mmaannuuffaaccttuurr-iinngg:: PPrriimmaarryy mmeettaallss 1,278 1,282 1,302 1,313 1,354 1,369 1,381 1,367 1,342 -67 27 -20 -162 7 Machinery 2,034 1,905 1,904 1,968 1,935 1,958 1,986 2,005 2,072 -54 -114 -213 -194 -327 Transportation equipment. 1,256 1,200 1,306 1,266 1,244 1,360 1,370 1,389 1,493 -54 -133 -127 -69 -260 Other fabricated metal products 707 683 682 713 711 677 685 695 688 5 -11 -25 -62 -36 Other durable goods 1,196 1,194 1,189 1,147 1,130 1,183 1,144 1,163 1,145 6 38 10 -79 48 Nondurable goods manufacturing : Food, liquor, and tobacco. 1,191 1,183 1,080 1,084 1,034 931 947 909 912 149 19 -109 36 -90 Textiles, apparel, and leather 699 730 710 689 701 666 646 667 651 44 15 75 -31 90 Petroleum refining 681 658 679 652 685 694 726 714 757 -15 -63 -135 35 -198 Chemicals and rubber 1,143 1,190 1,158 1,188 1,200 1,234 1,245 1,238 1,226 -76 8 -215 -344 -207 Other nondurable goods.. 913 944 923 882 860 875 930 960 980 48 -105 -44 6 -149 Mining, including crude petroleum and natural gas. 2,726 2,748 2,679 2,724 2,723 2,667 2,785 2,870 2,872 12 -205 -167 105 -372 Trade: Commodity dealers.. 121 123 106 107 110 109 128 125 125 -3 -16 10 6 -6 Other wholesale 880 876 864 866 905 902 912 889 927 -38 -25 34 46 9 Retail 1,588 1,496 1,444 1,375 1,345 1,297 1,332 , 1,328 1,340 147 -43 -43 -88 -86 Transportation 4,070 4,082 4,090 4,197 4,243 4,314 4,285 4,400 4,383 -224 -69 -57 -131 -126 Communication 549 536 561 516 517 502 427 460 440 59 62 13 7 75 Other public utilities 1,825 1,759 1,688 1,643 1,471 1,423 1,218 1,161 1,160 265 263 -156 44 107 Construction 1,528 1,514 1,544 1,453 1,392 1,404 1,371 1,376 1,417 140 -13 173 52 160 Services 3,999 3,950 3,861 3,811 3,747 3,706 3,555 3,593 3,657 155 49 169 141 218 All other domestic loans .... 1,532 1,458 1,553 1,491 1,549 1,465 1,787 1,805 1,703 88 -238 272 41 34 Foreign commercial and industrial loans 2,264 2,177 2,143 2,064 2,028 2,033 1,995 1,981 1,939 110 94 -137 184 -43 Total loans 32,180 31,688 31,466 31,149 30,884 30,769 30,855 31,095 31,229 697 -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 • DECEMBER 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 Dec 18.5 98.4 58.6 1.3 10.7 187.5 1972—Mar 18.1 93.9 59.1 1.3 10.6 183.1 June 17.9 97.6 60.5 1.4 11.0 188.4 Sept 18.0 101.5 63.1 1.4 11.4 195.4 Weekly reporting banks: 1971—Oct 13.9 55.5 24.5 1.1 5.4 100.4 13.7 55.8 24.6 1.1 5.4 100.7 Dec 14.4 58.6 24.6 1.2 5.9 104.8 1972 Jan 14.4 56.8 25.4 1.1 5.9 103.7 Feb 13.7 55.4 24.4 1.1 5.9 100.5 Mar 13.9 56.1 25.2 1.2 5.9 102.1 14.3 56.9 27.0 1.2 5.9 105.4 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 14.3 58.5 26.1 1.3 6.0 106.3 13.6 57.4 26.0 1.3 5.7 104.0 Sept 13.7 59.0 26.2 1.3 6.2 106.4 Oct.* 14.1 60.0 26.2 1.3 6.1 107.8 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 555557777711111 444443333377777 333337777711111 333334444466666 State member 111118888888888 111114444477777 9999955555 7777799999 All nonmember 222225555555555 222222222244444 111119999977777 111117777777777 All member 888887777766666 555558888800000 444448888822222 444441111199999 222225555533333 222222222233333 111119999955555 111117777733333 Noninsured 22222 11111 22222 33333 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as BULLETIN, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal- These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1972—Aug. 2r 2,381 1,433 948 1,693 334 1,359 9 r 2,481 1,516 965 1,694 320 1,374 16r 2,430 1,522 908 1,705 316 1,389 23 ' 2,520 1,518 1,002 1,706 317 1,389 30' 2,372 1,543 829 1,693 303 1,390 Sept. 6 r 2,439 1,530 909 1,707 303 1,404 13r , 2,412 1,496 916 1,722 312 1,410 20 r 2,327 1,487 840 1,712 301 1,411 27 r 2,264 1,466 798 1,709 299 1,410 Oct. 4r 2,176 1,386 790 1,718 295 1,423 II' 2,224 1,390 834 1,717 295 1,422 18 r 2,249 1,446 803 1,750 307 1,443 25 r 2,247 1,448 799 1,743 304 1,439 Nov. 1 2,414 1,514 900 1,715 296 1,419 8 2,387 1,566 821 1,700 297 1,403 15 2,442 1,591 851 1,748 296 1,452 22 2,412 1,652 760 1,755 301 1,454 29 2,489 1,641 848 1,774 308 1,466 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im- Ex- Others ports ports Bank Bank For- into from related Other i related Other 2 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 1,837 792 974 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 197 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 1971—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 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 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 Dec. 31,103 495 10,923 1,478 18,207 1972—Jan.. 32,167 505 11,922 1,582 18,158 7.601 2,917 2,157 761 75 253 4,356 2,558 1,584 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 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 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 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 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 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 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 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 Oct.. 34,073 821 12,737 1,708 18,807 6,748 2,394 1,881 514 70 219 4,065 2,585 1,786 ^ 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 • DECEMBER 1972 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date 1956—Apr. 13 3 ft 1970—Mar. 25 1972—Feb. 28. 43/8-41/2- 1972—Oct. 2, 5*4"-534 Sept. 21 7*4 4*4- 4, 5*4-534- Aug. 21 4 Nov. 12 7*4 Mar. 13. 44*344.- 434. 11 534- 1957—Aug. 6 41/2 Dec. 2 2 3 2 7 6 % 2 2 3 7 . . 434.-4 7/8-5 16 534"-5% Nov. 6 1958—A S Ja e pn p r. t . . 22 1 12 1 4 4 31 /2 1971—Jan. 1 6 5 6 61 * / 4 4 Apr. 3 5 . . 4 5. 3 4.-5 20. 553344---57/8 18 6 17. 5.-5*4 1959—May 18 4*4 Feb. 16 5% Mar. 11 5*4-5*4 May 1. 5.-51/8-5*4 Sept. 1 5 19 5*4 30. 5. 1960—Aug. 23 41/2 Apr. 23 51/4-5*4 June 12. 5--5i/8 May 11 5*4 26. 5-5*4- 1965—Dec. 6 5 July 6 5*4-6 7 6 July 3. 5*4"-5% 1966—J A Mu u na g er . . 2 1 19 6 0 6 553* /44 Oct. 20 5% 10. 5* 5 4 * " 4 - 5%- Nov. 1 5%"-5% 17. 5*4--5*4 1967—Jan. 26-27.... 5*4-5% 4 5*4"-5% 31. 5*4"-5%- Mar. 27 5*4 8 5*4- 5*4 Nov. 20 6 22 5%-5*4" Aug. 11, 51/4--53/8 29 5*4-5*4- 14, 5*4- 1968—Apr. 19 6*4 21, 5i/4--53/8 Sept. 25 6-6*4 Dec. 6 5*4-5%- 25, 5*4"-5%- Nov. 13 6*4 5*4- 51/2 Dec. 2 6V4 27 51/4-51/2- 29 51/4-53/8- 18 6% 31 5*4- 5*4" 1969—Jan. 7 7 1972—Jan. 3 5-5I/8-5*4- Sept. 4 5*4-51/2- Mar. 17 7*4 17 434-5-5*4" 5 5V4- June 9 8*4 24 45/8-434-5- 11 5*4"-5% 31 414-43/4.-5 25 51/2--55/8- 534 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

DECEMBER 1972 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr11 pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills5 6-month bills5 9-to 12-month issues 5 PPPeeerrriiioooddd ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee333 yyeeaarr 90-119 4- to 6- 333--- tttooo 666--- 999000 dddaaayyysss 111 Rate Market Rate on Market 1-year iissssuueess77 days months mmmooonnnttthhhsss222 on new yield new issue yield bill (mar- Other 6 issue ket yield) 1966 555555......555555555555 555555......444444222222 555555......333333666666 555555......111111111111 444444......888888888888111111 444444......888888666666 555555......000000888888222222 555555......000000666666 555555......000000777777 555555......111111777777 555555......111111666666 1967 555555......111111000000 444444......888888999999 444444......777777555555 444444......222222222222 444444......333333222222111111 444444......222222999999 444444......666666333333000000 444444......666666111111 444444......777777111111 444444......888888444444 555555......000000777777 1968 555555......999999000000 555555......666666999999 555555......777777555555 555555......666666666666 555555......333333333333999999 555555......333333444444 555555......444444777777000000 555555......444444777777 555555......444444666666 555555......666666222222 555555......555555999999 1969 777777......888888333333 777777......111111666666 777777......666666111111 888888......222222222222 666666......666666777777777777 666666......666666777777 666666......888888555555333333 666666......888888666666 666666......777777999999 777777......000000666666 666666......888888555555 1970 777777......777777222222 777777......222222333333 777777......333333111111 777777......111111777777 666666......444444555555888888 666666......333333999999 666666......555555666666222222 666666......555555111111 666666......444444999999 666666......999999000000 777777......333333777777 1971 555555......111111111111 444444......999999111111 444444......888888555555 444444......666666666666 444444......333333444444888888 444444......333333333333 444444......555555111111111111 444444......555555222222 444444......666666777777 444444......777777555555 555555......777777777777 1971—Nov.. 4.85 4.92 4.81 4.78 4.91 4.191 4.22 4.338 4.38 4.49 4.50 5.50 Dec.. 4.66 4.74 4.60 4.45 4.14 4.023 4.01 4.199 4.24 4.40 4.38 5.42 1972—Jan.. 4.03 4.08 3.95 3.92 3.50 3.403 3.38 3.656 3.66 3.82 3.99 5.33 Feb.. 3.81 3.93 3.78 3.52 3.29 3.180 3.20 3.594 3.63 4.06 4.07 5.51 Mar.. 4.10 4.17 4.03 3.95 3.83 3.723 3.73 4.086 4.12 4.43 4.54 5.74 Apr.. 4.55 4.58 4.38 4.43 4.17 3.723 3.71 4.218 4.23 4.65 4.84 6.01 May. 4.45 4.51 4.38 4.25 4.27 3.648 3.69 4.064 4.12 4.46 4.58 5.69 June. 4.60 4.64 4.45 4.47 4.46 3.874 3.91 4.270 4.35 4.71 4.87 5.77 July. , 4.83 4.85 4.72 4.73 4.55 4.059 3.98 4.583 4.50 4.90 4.89 5.86 Aug.. 4.75 4.82 4.58 4.67 4.80 4.014 4.02 4.527 4.55 4.90 4.91 5.92 Sept.. 5.07 5.14 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 Nov.. 5.18 5.25 5.13 5.01 5.06 4.774 4.78 5.079 5.09 5.20 5.22 6.03 Week ending— 11997722——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 5.00 5.09 4.75 4.75 4.89 4.569 4.71 4.937 5.06 5.36 5.47 6.19 5.00 5.13 4.90 4.88 4.69 4.759 4.71 5.074 5.11 5.42 5.47 6.20 23 5.13 5.15 5.00 4.88 4.93 4.633 4.66 5.097 5.14 5.46 5.48 6.15 30 5.13 5.23 5.00 4.88 4.99 4.644 4.60 5.236 5.22 5.52 5.56 6.13 Oct. 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 NNoovv.. 4 5.13 5.25 5.13 5.10 5.06 4.767 4.74 5.141 5.08 5.27 5.25 6.10 11 5.13 5.25 5.13 5.00 5.25 4.668 4.71 4.957 5.04 5.18 5.18 6.05 18 5.15 5.25 5.13 5.00 4.89 4.775 4.76 5.070 5.07 5.17 5.16 6.00 25 5.25 5.25 5.13 5.00 4.97 4.776 4.82 5.050 5.10 5.20 5.24 6.02 Dec. 2 ... . 5.25 J 5.25 5.13 5.00 5.03 4.886 4.88 5.178 5.18 5.25 5.35 6.04 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 • DECEMBER 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 n ta i t t e e s d N is e s w ue - By selected By (long- Aaa rating group term) Total i Aaa Baa utility Total i Pre- Com- Com- Aaa Baa Indus- Rail- Public ferred mon mon trial road utility 1962.. 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 1963.. 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 1964.. 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 1965.. 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 1966.. 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 1967.. 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 1968., 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 1969., 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 1970., 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 1971., 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—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 Nov.. 5.50 5.11 4.91 5.37 7.09 7.52 7.12 7.99 7.28 7.95 7.55 6.93 2.73 Week ending— 1972—Oct. 7. 5.73 5.25 5.05 5.45 7.44 7.60 7.23 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 Nov. 4. 5.59 5.09 4.90 5.35 7.28 7.57 7.18 8.04 7.33 7.96 7.61 6.98 2.75 5.51 5.18 5.00 5.40 7.55 7.16 8.02 7.31 7.96 7.58 6.99 2.74 18. 5.47 5.12 4.90 5.35 7.12 7.53 7.12 8.00 7.29 7.97 7.56 6.94 2.75 25. 5.48 5.08 4.85 5.35 6.99 7.49 7.09 7.95 7.25 7.93 7.50 6.90 2.70 Dec. 2. 5.53 5.10 4.90 5.40 7.05 7.47 7.07 7.96 7.22 7.91 7.49 6.86 2.71 Number of issues 2. 20 121 20 30 41 30 40 14 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Thurs. figures. (3) Corporate: New-issue Aaa utility rates are weekly averarately. Because of a limited number of suitable issues, the number ages compiled by the Board of Governors of the Federal Reserve System. of corporate bonds in some groups has varied somewhat. As of Dec. Rates for seasoned issues are averages of daily figures from Moody's In- 23, 1967, there is no longer an Aaa-rated railroad bond series. vestors Service. 2 Number of issues varies over time; figures shown reflect most recent Stocks: Standard and Poor's corporate series. Dividend/price ratios count. are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on eight median yields for a sample of non- NOTE.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and two public utility; common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt.: Averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more. (2) State and local govt.: General obligations only, based on Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude NOTE.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market NOTE.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com- companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5Vi hours per day, or 21l/i 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

DECEMBER 1972 • SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange trading in (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) stocks Amer- (thousands of PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index ican shares) (1941-43= 10) (Dec. 31, 1965 = 50) Stock Exchange ( G t l U e o o r . n m v S 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 in to d t e al x 1 NYSE AMEX 1962 88886666....99994444 111111112222....0000 99996666....2222 66662222....33338888 66665555....55554444 33330000....55556666 55559999....11116666 3,820 1,225 1963 88886666....33331111 111111111111....3333 99996666....8888 66669999....88887777 77773333....33339999 33337777....55558888 66664444....99999999 8.52 4,573 1,269 1964 88884444....44446666 111111111111....5555 99995555....1111 88881111....33337777 88886666....11119999 44445555....44446666 66669999....99991111 9.81 4,888 1,570 IQfiS 88883333....77776666 111111110000....6666 99993333....9999 88888888....11117777 99993333....44448888 44446666....77778888 77776666....00008888 12.05 6,174 2,120 1966. 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 1967. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968. 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969. 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970. 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1971 , c67.73 80.0 65.0 98.29 108.35 41.94 59.33 54.22 57.92 44.35 39.53 70.38 25.22 17,429 4,234 1971--Nov 70.47 84.1 66.4 92.78 102.21 41.19 55.86 51.17 54.50 44.29 36.87 68.98 24.10 13,163 3,234 Dec 68.80 83.5 66.5 99.17 109.67 43.17 57.07 54.76 58.85 48.34 37.52 72.28 25.04 17,171 4,777 1972--Jan 68.79 84.6 67.1 103.30 114.12 45.16 60.19 57.19 61.33 50.56 40.02 74.24 26.46 18,072 5,516 Feb 68.32 83.8 66.7 105.24 116.86 45.66 57.41 58.45 63.36 52.80 38.56 73.74 27.52 18,817 6,328 Mar 68.43 84.1 66.2 107.69 119.73 46.48 57.73 59.96 65.18 53.71 38.56 77.15 28.03 18,351 5,680 Apr 67.66 82.5 65.1 108.81 121.34 47.38 55.70 60.65 66.10 55.50 37.48 80.36 28.24 18,402 5,584 May 68.59 84.6 65.3 107.65 120.16 45.06 54.94 59.82 65.30 53.43 37.04 78.32 27.63 15,270 4,184 June 69.05 83.4 65.6 108.01 120.84 43.66 53.73 59.87 65.76 51.26 36.32 76.59 27.47 14,298 3,872 July 69.23 83.1 65.6 107.21 119.98 42.00 53.47 59.21 65.13 48.45 36.02 75.41 26.97 14,450 3,546 Aug 69.55 84.2 65.8 111.01 124.35 43.28 54.66 61.07 67.25 48.97 36.87 78.27 26.85 15,522 3,807 Sept 68.06 83.4 65.6 109.39 122.33 42.37 55.36 60.05 65.72 46.49 37.82 78.41 25.23 12,314 2,774 Oct 68.09 85.3 65.5 109.56 122.39 41.20 56.66 59.99 65.35 44.95 38.93 79.64 25.87 14,427 3,014 Nov 69.87 87.1 65.9 115.05 128.29 42.41 61.16 62.99 68.29 47.50 41.81 84.57 26.18 20,282 4,286 Week ending— Nov. 4 69.04 86.8 65.7 112.46 125.51 40.71 59.31 61.59 66.94 46.39 40.32 82.43 26.00 18,368 3,955 11 69.79 86.3 65.7 113.64 126.78 41.56 60.11 62.27 67.58 46.91 40.96 84.01 26.13 21,844 4,312 18 70.21 87.1 66.0 114.79 128.05 42.27 60.80 62.88 68.16 47.09 41.68 85.05 26.10 20,094 4,156 25 70.09 87.6 66.0 116.48 129.80 42.82 62.45 63.73 68.97 47.98 42.80 85.60 26.24 19,767 4,207 Dec. 2 69.66 87.7 66.1 116.75 130.06 44.30 62.52 63.89 69.24 48.72 42.77 84.42 26.42 19,346 4,791 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t n c t r e 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 ( o e a p ri n t a e c i 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 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 t r e t ) - c F c h ( e e a p e n r s e t g ) r e & i s M (y a e tu ar r s i ) t y L c r p ( a o e p r t n i a e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t d a h L o m o l o u o l s a a u . n r n s o ) t f 196 5 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 196 6 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 196 7 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 196 8 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 196 9 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 197 0 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 197 1 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 1971—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., 7.45 .86 27.5 77.5 36.8 27.9 7.39 .81 26.3 76.5 33.7 25.4 Sept. 7.43 .86 27.3 77.5 36.6 27.9 7.42 .83 26.2 76.5 32.9 24.8 Oct.. 7.48 .88 27.2 77.4 36.0 27.4 7.43 .82 25.9 75.9 33.2 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 • DECEMBER 1972 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated 2 Unregulated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1971—Sept.. 5,990 5,208 782 4,930 713 230 54 48 15 1,182 1,237 364 1,734 Oct.., 6,016 5,238 778 4,950 711 239 53 49 14 1,194 1,204 393 1,765 Nov.. 5,995 5,198 797 4,910 731 242 51 46 15 1,193 1,209 412 1,758 Dec.. 6,835 5,700 835 5,400 764 258 57 42 14 1,197 1,298 387 1,837 1972—Jan. . 6,850 5,989 861 5,700 789 252 56 37 16 1,182 1,313 448 2,040 Feb... 7,427 6.477 950 6,180 877 256 56 41 17 1,170 1,327 434 2,108 Mar.. 7,847 6,896 951 6,620 883 240 53 36 15 1,158 1,294 442 2,070 Apr.. 8,250 7,283 967 7,010 898 240 57 33 12 1,150 1,278 433 2,030 May. 8,472 7.478 994 7,200 924 241 58 37 12 1,141 1 ,296 403 1,930 J J u u n ly e . . . *9, , 0 8 4 6 2 0 7 7 , , 7 9 9 4 2 5 p p \ 1 ,0 ,0 97 6 8 7 7 , , 5 6 1 6 0 0 * p 1 1 , , 0 0 0 2 0 6 2 2 4 4 4 8 * * 5 5 6 8 3 3 8 7 P p 1 1 2 3 * pl 1 , , 2 3 5 3 3 4 p p 1 1 , , 2 2 5 2 8 9 4 3 0 8 3 6 1 1 , , 8 8 4 4 5 2 Aug.. 8,061 7,780 246 35 384 1,733 Sept.. 8,083 7,800 248 35 380 1,677 1 Margin credit includes all credit extended to purchase or carry stocks 3 Nonmargin stocks are those not listed on a national securities exchange or related equity instruments and secured at least in part by stock (see and not included on the Board of Governors of the Federal Reserve Dec. 1970 BULLETIN). Credit extended by brokers is end-of-month data System's list of OTC margin stocks. At banks, loans to purchase or carry for member firms of the NYSE. June data for banks are universe totals; nonmargin stocks are unregulated; at brokers, such stocks have no loan all other data for banks represent estimates for all commercial banks value. based on reports by a reporting sample, which accounted for 60 per cent 4 Includes loans to purchase or carry margin stock if these are unsecured of security credit outstanding at banks on June 30, 1971. or secured entirely by unrestricted collateral (see Dec. 1970 BULLETIN). 2 In addition to assigning a current loan value to margin stock generally, 5 Free credit balances are in accounts with no unfulfilled commitments Regulations T and U permit special loan values for convertible bonds and to the brokers and are subject to withdrawal by customers on demand. stock acquired through exercise of subscription rights. EQUITY STATUS OF MARGIN ACCOUNT DEBT SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, except as noted) (Per cent of total, except as noted) TToottaall Equity class (per cent) Equity class of accounts EEnndd ooff ll (( dd ii mm oo eebb nn iill tt ss -- End of period c N re e d t i t in debit status ppeerriioodd dd oo oo ff ll -- 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

DECEMBER 1972 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments 3 M ga o g r e t- Other G U o . v S. t . S g l a o o t n c a v d a t t e l . o C r t a o h a n r t e 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 a l - e l D i e t p s o 2 s- l O ia t t i b h e i s e l i r - G r c e o e s a n u e c e n r - r v ts 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 81 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 60,622 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 65,826 3,421 3,393 843 21,556 1,361 1,992 98,392 89,174 2,431 6,787 1,740 716 583 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 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 Statement value: 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 196 4 149,470 12,322 5,594 3,774 2,954 63,379 55,641 7,938 55,152 4,528 7,140 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 196 9 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 197 0 207,254 11,068 4,574 3,306 3,188 88,518 73.098 15,420 74,375 6,320 16,064 1971— Sept.r 217,848 10,875 4,364 3,366 3,145 97,479 78,449 19,030 74,751 6,683 16,812 Oct.. 218,257 11,016 4,331 3,485 3,200 97,778 78,890 18,888 74,864 6,876 16,850 Nov.. 219,353 11,150 4,473 3,484 3,193 98,443 79,384 19,059 74,903 6,949 16,948 Dec.. 221,573 11,129 4,427 3,518 3,184 99,430 78,912 20,518 75,596 7,097 17,027 1972—Jan.., 223,312 11,325 4,594 3,535 3.196 101,350 80,087 21,263 75,517 7,097 17,074 Feb.. 224,736 11,341 4,609 3,535 3.197 102,821 80,795 22,026 75,456 6,999 17,132 Mar.. 226,024 11,517 4,744 3,532 3.241 103,798 81.099 22,699 75,424 7,048 17,212 Apr.. 227,893 11,083 4,476 3,373 3,234 105,249 82,293 22,956 75,469 7,034 17,360 May. 229.336 11,128 4,516 3,366 3,246 106,434 83,060 23,374 75,493 7,094 17,441 June. 230,182 11,105 4,394 3.355 3,356 107,074 83,382 23,692 75,547 7,149 17,528 July. 231,586 11,075 4,372 3.356 3,347 108,236 84,539 23,697 75,626 7,185 17,605 Aug.. 233.337 11,086 4,389 3,351 3,346 109,728 85,187 24,541 75,723 7,235 17,689 Sept 234,455 11,125 4,385 3,350 3,390 110,300 85,912 24,388 75,813 7,245 17,773 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 • DECEMBER 1972 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments ^ 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 Other2 lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r v 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 i11,116 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 1,602 170,106 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 4,106 197,881 22,018 2,084 12,277 234,260 199,966 13,586 8,080 6,119 6,509 3,767 200,563 22,394 2,265 12,461 237,683 202,020 13,593 8,332 6,090 7,648 3,741 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on reflects 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 End of period va A n to d c - es I m nv e e n s ts t- C a d a n e s d - h B a o n n d d s M b d e e e m r - - C s a t p o i c t k a l .MM ga "o g r e t - D t e a u b n r d e e s n - c L o o o to a p n e s r - D t e u b re e s n - L a d o n i a s d n - s D t e u b re e s n - M ga o g r e t- Bonds mem- posits notes posits f w notes atives counts loans bers (L) (A) (L) (A) (L) (A) (L) 1967 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 4,904 1968 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 5,399 1969 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 5,949 1970 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 6,395 1971 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 7,063 1971—Oct... 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 7,063 Nov.. 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 7,063 Dec... 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 7,063 1972—Jan... 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 7,063 Feb... 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 7,186 Mar.. 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 7,186 Apr... 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 7,382 May.. 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 7,382 June.. 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 7,382 July.. 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 7,659 Aug... 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 7,659 Sept... 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 7,798 Oct... 7,045 2,591 83 6,531 1,334 1,735 19,438 18,724 2,355 1,837 6,110 5,952 8,857 8,012 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

DECEMBER 1972 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 1972 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity 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: 5/1/72- 11/1/72 4.65 9/27/71 - 11/27/72.. 5M 310 11/10/69 - 12/11/72.. 8.00 200 6/1/72- 12/4/72 4.45 2/25/70 - 2/26/73.. 8.35 350 10/13/70 - 12/11/72. . 7.20 400 7/3/72 - 1/3/73 4.55 5/23/71 -2/26/73... 5.70 400 11/10/70 - 3/12/73. . . 7.30 450 8/1/72 -2/1/73 4.90 3 1 / 0 2 / 5 2 /7 7 1 / 7 - 0 5 -8 /2 /2 5 7 / / 7 7 3 3 . . . . . 4 7 . . 2 2 0 0 4 4 0 5 0 0 6 1 / 2 1 / 2 1 / 2 6 / 1 6 9 - - 6 3 /1 /1 2 2 /7 /7 3 3 .. . . . . . 8 4 . % 30 2 1 5 4 0 6 1 1 0 0 / / 1 2 / / 7 7 0 2 - - 4 1 /2 0 / / 7 1 3 / 73. . . 7 5 . . 3 4 0 0 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 2/1/72- 11/1/72 3.95 8/25/72 - 8/26/74... 5% 400 8/10/71 - 12/10/73.... 7.15 500 3/1/72- 12/4/72 4.00 11/25/69 - 11/25/74 8.00 225 12/1/71 - 3/11/74. . .. 5.45 400 4/3/72- 1/2/73 4.80 1/26/71 -2/25/75... 6.10 250 4/10/70 - 3/11/74. ... 7.75 350 5/1/72-2/1/73 4.95 8/25/70 - 5/26/75. . 8.05 265 8/5/70 - 6/10/74 7.90 400 3/2/70 - 3/1/73 7.75 7/27/70 - 8/25/75. . 7.95 300 11/10/71 -6/10/74.... 5.70 350 6/1/72 - 3/1/73 4.80 12/18/70- 11/25/75. 6.50 350 9/10/69 - 9/10/74 7.85 250 7/3/72 - 4/2/73 4.80 8/27/71 - 2/25/76... m 300 2/10/71 - 9/10/74 5.65 300 8/1/72 - 5/1/73 5.05 6/25/71 -5/25/77... 6.95 200 5/10/71 - 12/10/74.... 6.10 250 9/5/72 - 6/4/73 5.00 3/25/70 - 2/25/80.. 7.75 350 9/10/71 - 12/10/74.... 6.45 450 10/2/72- 7/2/73 5.60 10/15/70- 10/15/80. 7.80 200 11/10/70 - 3/10/75. . . 7.55 300 9/1/70-7/2/73 5.55 10/27/71 - 11/27/81 6.60 200 10/12/71 - 3/10/75. . . 6.35 600 7/1/71 - 1/2/74 6.85 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 7/20/70 - 1/22/73. . . 7.95 7/15/71 - 11/26/73.... 7.75 150 6/12/72-9/10/76 5.85 500 2/20/63 - 2/20/73-78 4H 2/10/72 -8/26/74 5.30 200 7/12/71 - 12/10/76.... 7.45 300 4/20/72 - 4/23/73 5.20 5/11/72- 2/25/77 6.15 350 2/13/62 - 2/10/77. 4% 198 1/20/70 - 7/20/73... 8.45 11/19/70-- 11/27/95... 8.60 140 9/11/72- 3/10/77 6.30 500 8/20/73 - 7/20/73.... 7.95 7/15/71 -8/26/96 7.75 150 12/10/70 - 6/10/77. . . 6.38 250 4/20/70 - 10/22/73. . 7.80 5/11/72- 5/26/97 7.15 150 5/10/71 -6/10/77 6.50 150 10/23/72 - 10/23/73.. 5.80 9/10/71 -9/12/77 6.88 300 7/20/72 - 1/21/74. . . 5.55 10/12/71 - 12/11/78.. 6.75 300 2/20/72 - 2/20/74. . . 4% 6/12/72-9/10/79 6.40 300 10/20/70 - 4/22/74. . 7.30 Fede A S ra e s l o c s N o o p c n e a i r d t a a i a t o t r i i n y o o a n n l — s m M ar o k r e t t g age 6 2 1 1 / / / 2 2 1 2 / 0 1 9 1 / / 0 / 7 7 7 / 1 2 2 7 1 - - - - 1 3 / 6 / 1 1 2 / 0 2 9 1 / / / 0 8 8 1 0 1 / 0 8 /7 1 9 . . . .. . 7 6 6 6 . . . .8 5 1 2 5 5 5 8 2 2 3 1 5 5 5 5 0 0 0 6 9 4 2 1 / / 0 / 2 2 1 / 0 2 0 5 / 1 / / 7 7 / 7 1 0 7 1 2 - - - 4 - 1 / 1 2 0 7 /2 / 2 / 2 2 0 / 7 1 / 7 7 / / 4 7 5 7 . . 4 4 . . . . . . . . . . 5 5 8 5 ^ . . . 3 8 8 0 5 5 D Ca i 9 9 4 s p 1 / / c / i 0 3 3 1 o t / 0 0 a / u 2 7 l / / n 0 7 6 / 1 t 8 7 d - 2 e n - - - b o 4 e t 1 1 / e n 1 0 0 1 s 0 t / / / u 1 1 / 7 1 r / / 5 9 e 9 / 7 7 6 s 3 : 4 7 6 8 . . . . 3 0 4 0 8 0 0 0 9 2 2 2 2 6 4 5 5 0 7 9 0 0 0 9 6 9 2 4 3 1 / / / / / / 1 1 1 1 1 1 2 / 0 2 0 1 1 1 8 / / / / 0 / / 7 7 7 7 / 7 7 1 1 1 1 7 2 2 1 - - - - - - 9 6 6 9 5 - 6 / / / / / 9 / 1 1 1 1 1 1 / 0 0 1 0 / 0 1 8 / / / / / 2 2 8 8 8 8 8 1 3 4 2 2 / 83.... 5 6 6 7 6 6 6 . . . . . . . 7 8 2 7 8 6 2 5 4 5 5 5 5 0 2 2 2 2 2 2 5 5 5 0 0 5 0 0 8 0 0 0 0 0 4 7 4 2 7 2 1 / / / / / 0 / 2 2 2 1 2 2 / 0 0 0 5 1 2 0 / / / / / 7 / 7 6 6 6 7 / 7 1 6 6 5 2 7 2 1 - - - - - - - 7 1 1 4 2 / 7 / 0 / / 2 1 / 2 2 2 / 1 2 0 2 1 4 0 / 0 / / 0 / / 2 7 7 7 / 7 / 0 7 5 5 6 7 6 / . . 6 5 . . 7 . . . . . . 7 . . . . . . . . . . . 4 7 6 6 5 5 5 ^ % ^ . . . . 3 2 7 0 8 5 0 0 0 12/10/71 - 12/10/84. . 6.90 250 5/2/66 - 4/20/78 5K 3/10/72 - 3/10/92. 7.00 200 7/20/72 - 7/20/78. . . 6.40 6/12/72-6/10/92 7.05 200 2/20/67- 1/22/79.. .. 5.00 Mortgage-backed bonds: 9/15/72 -4/23/79. .. . 6.85 6/1/70 - 6/2/75 8.38 250 10/23/72- 10/23/79. . 6.80 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 • DECEMBER 1972 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays i deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes 3 ing ing Special Other balance issues Fiscal year: 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 2-1,295 596 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 '208,649 231,876 '-23,227 29,131 -1,269 '6,813 '1,607 19,442 1,362 '1,108 '6,255 Half year: 1970—July-De c 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. .. r115,549 120,319 -4,850 3,130 -150 '4,010 '1,089 -2,114 389 '1,028 '8,377 Month: 1971—Oc t 12,450 18,677 115 18,781 -6,330 -400 47 -1,690 -20 1,357 -3,318 -282 1,371 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 1 -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 ' 25,589 23,202 2,387 -651 -370 2,975 -628 -3,368 417 2,080 3,478 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 Oct 14,738 20,055 -5,317 6,000 24 3,085 2,851 -1,786 37 717 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 es 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 te c s s s ia : 3 l E p T h q u b o 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 41,044 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—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 41,037 Sept... 1,395 8,105 259 9,759 433.946 11,459 92,281 23,490 825 328,809 41,724 Oct.... 1,613 6,051 309 7,973 439.947 11,483 95,365 23,579 825 331,660 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

DECEMBER 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 Employment Total 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 n t a a t y x r - i e b s u t a S i n o e d n l f s - i 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 E ta x x c e i s s e t C o u m s s - E a g s n i t f d a t te c M e r i i p e s - t c s . 3 roll empl. taxes Fiscal year: 1969 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 1970.... 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 1971 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 1972r r208,649 83,200 r25,679 '14,143 '94,737 '34,926 2,760 '44,088 2,032 '4,357 '3,437 '53,914 '15,477 '3,287 '5,436 '3,633 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/" '44,751 '20,090 '13,569 '51,272 '21,664 1,312 '24,445 1,877 4,736 '1,764 '30,925 '6,516 '1,449 '3,041 '1,915 Month: 1972—Oct '•12,450 '5,931 396 55 '6,272 1,11 375 2,592 116 '276 '2,985 1,412 '333 391 '321 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—Jan 17,596 6,627 4,318 10,944 1,228 158 3,044 124 153 295 615 743 259 621 344 Feb 15,239 7,581 682 1,416 6,846 878 212 4,774 147 545 274 ,740 819 224 596 347 Mar 15,237 7,782 1,323 5,200 3,905 4,995 273 3,787 167 71 325 ,350 1,130 264 602 263 Apr 24,534 6,599 8,650 3,284 11,985 5,145 250 3,877 1,153 343 283 ,655 1,091 215 372 342 May 17,275 8,141 1,413 2,997 6,557 967 234 5,281 223 1,636 303 443 1,371 235 461 475 June '25,589 '8,020 '3,704 '670 '11,054 '8,452 185 '3,682 64 '92 '285 122 '1,363 '252 '388 '144 July 15,207 7,052 548 245 7,355 1,258 187 3,727 260 289 277 1,442 237 334 492 Aug 18,213 8,175 362 157 8,380 855 190 5,367 1,175 307 849 1,351 278 423 266 Sept 22,183 7,305 3,794 95 11,005 5,289 324 3,529 145 63 302 038 1,327 237 316 295 Oct 14,738 7,187 469 61 7,595 1,287 323 3,225 15 210 31 759 1,387 281 409 343 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 - so N u u r r e a r a - c t l - es 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 t d o a i n a u 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 o a o a t c n n v r - s a 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 -7,376 197 2 231,876 78,338 3,789 3,422 7,061 3,759 11,194 4,216 10,197 81,538 10,747 20,582 4,890 -7,858 1973e6 7246,257 78,310 3,844 3,191 6,891 2,450 11,550 4,844 11,281 87,775 11,745 21,161 5,531 -8,590 Half year: 1970—July-Dec. 104,216 38,521 1,409 1,720 4,633 1,561 5,808 1,677 3,744 32,710 4,626 9,597 1,818 -3,607 1971—Jan.-June 107,242 39,178 1,475 1,661 679 1,152 5,475 1,705 4,906 37,454 5,162 10,014 2,147 -3,770 July-Dec. 111,557 35,755 1,752 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 120,319 42,583 2,037 1,645 1,062 1,807 5,164 2,035 5,842 43,407 5,744 10,532 2,498 -4,036 Month: 1971—Oc t '18,781 '6,086 303 266 1,134 309 1,030 272 501 6,499 833 1,418 '402 '-275 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 1,033 6,914 973 1,784 389 -371 June'... . 23,202 9,087 487 292 120 520 1,350 505 1,429 8,703 91 1,709 497 -2,402 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 Oct 20,055 6,305 259 271 806 -16 1,056 244 800 7,688 896 1,559 463 -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. * 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 • DECEMBER 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 1 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 b e 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 a 5 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 52.3 59.1 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 52.2 71.0 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 52.5 78.1 1971—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 Nov. 444.2 347.6 265.6 100.7 119.4 45.5 2.3 79.6 21.0 57.8 94.9 1 Includes non-interest-bearing debt (of which $622 million on Nov. 30, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1972, was not subject to statutory debt limitation). Treasury foreign series and foreign currency series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a t i s l c ag G t U e a r o n n u . v S d c s t t . i , e s B F a . n R k . s Total m C b e a o r n 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 u c i e e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n c v 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 t o n e e d n i r g a - n l 1 t O i m o n t r v i s h s e c e s 2 . r 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 9.4 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 11.9 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

DECEMBER 1972 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date TToottaall 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 AH 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.. 6,152 868 419 449 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 1971—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 • DECEMBER 1972 DAILY-AVERAGE DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer UUU...SSS... GGGooovvvttt... PPPeeerrriiioooddd aaagggeeennncccyyy TTToootttaaalll Dealers and brokers ssseeecccuuurrriiitttiiieeesss WWiitthhiinn 11--55 55--1100 OOvveerr CCoomm-- AAllll 11 yyeeaarr yyeeaarrss yyeeaarrss 1100 yyeeaarrss mmeerrcciiaall ootthheerr U.S. Govt, Other bbaannkkss securities 1971—Oct 2,646 1,905 438 268 36 988 117 906 634 659 2,691 1,668 523 418 81 906 157 940 687 547 Dec 3,139 2,317 497 266 58 1,006 214 1,190 730 569 1972—Jan 3,191 2,268 571 309 44 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 June 2,452 2,001 257 161 34 545 355 759 793 411 July 2,571 2,124 283 131 33 633 382 851 704 439 Aug 2,658 1,953 377 191 137 587 411 911 749 443 Sept 2,695 2,225 231 143 97 635 504 845 710 482 Oct 3,047 2,473 350 126 99 837 420 988 802 561 Week ending— 1972—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 Nov. 1 3,017 2,390 349 154 123 800 438 1,015 764 606 8 4,362 2,573 1,364 229 197 1,030 782 1,591 959 768 15 3,515 2,375 796 200 144 881 573 1,242 819 772 22 3,108 2,311 536 175 87 829 432 1,118 730 696 29 2,490 1,965 344 97 83 556 297 903 734 544 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. Period ma t A i t e l u s l r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s a s G g e t c e o ie u n v s r c t i , y - Period so A ur l c l es Y N C o e it w r y k w E h ls e e r - e C t o io rp n o s r i a - o A th l e l r 1971—Oc t 4,353 3,612 394 310 37 903 1971—Oct 4,511 1,188 704 921 1,699 Nov.... 5,846 3,725 914 943 265 1,063 Nov 6,455 1,877 932 1,564 2,082 Dec 5,335 3,877 626 600 232 1,101 5,517 1,375 912 1,659 1,571 1972—Ja n 5,561 4,665 437 365 94 847 1972—Jan 5,714 1,296 904 1,750 1,763 Feb. 4,960 4,094 479 304 83 554 Feb 5,205 1,456 719 1,344 1,686 Mar.... 4,933 4,710 228 -32 27 489 Mar 4,662 1,347 907 949 1,458 Apr 3,573 3,713 20 -131 -29 422 3,400 1,044 746 657 953 May.... 4,257 4,089 84 102 -18 551 May 4,073 1,107 931 755 1,280 June.... 3,733 3,903 -55 -99 -16 532 June 3,804 1,056 838 804 1,108 July.... 3,253 3,626 -146 -216 -11 356 July 3,055 753 496 820 986 Aug 3,905 3,370 41 130 363 404 Aug 4,021 1,356 580 927 1,158 Sept 4,386 4,374 -83 -58 153 408 Sept 4,379 1,633 599 705 1,442 Oct 3,333 3,452 -29 -132 41 543 Oct 3,055 1,227 406 490 932 Week ending— Week ending— 1972—Sept. 6 4,799 4,609 -94 17 266 594 1972—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 20 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 27... 3,843 1,252 647 512 1,432 Oct. 4 3,840 3,942 -76 -93 68 403 Oct. 4... 3,501 1,339 459 351 1,351 11 3,171 3,381 -122 -111 24 444 11... 3,203 1,055 458 616 1,073 18 2,902 3,004 28 -154 25 444 18... 2,654 1,043 359 447 806 25 3,279 3,338 45 -151 48 663 25... 3,049 1,429 363 536 721 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

DECEMBER 1972 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, NOVEMBER 30, 1972 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury notes—Cont. Tre D D J D D D J J J J F a a a a a a e e e e e e s n n n n n b c c c c c u . . . . . . . . . . . r y 2 3 3 1 2 2 1 1 4 5 1 1 8 1 8 1 1 b 7 4 , , , , , , , , , , i , ll 1 1 s 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 3 3 3 3 3 3 2 2 2 2 2 . . . . . . . . . . . 4 4 4 4 4 4 4 4 4 1 1 . . , , , , . , , . , 1 2 0 0 1 1 1 7 1 2 7 0 0 8 9 0 0 0 0 0 0 2 1 1 1 9 3 0 3 0 1 4 3 Tr J N J O A S e M M M M M u u a e c o u l a a n a a s a p y t g v y y y y u y e . t . . . r y 2 2 2 2 2 3 3 3 1 1 8 0 5 3 4 0 1 3 1 7 0 b , , , , , , , , , , , i ll 1 1 1 1 1 1 1 1 1 1 s 1 9 9 — 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 3 3 C 3 3 3 3 3 3 3 3 3 o . . . . . . . . . n . . . . . . . . . . . . . . . . . t . . . . . . . . . . . 3 1 1 1 1 1 1 1 1 1 1 , , , , , . . , , , , 6 8 7 7 9 9 9 9 8 8 8 0 0 0 0 0 0 0 0 0 0 0 3 3 1 2 1 1 1 1 2 2 1 A F A O A O N F M M M S e e e u c p c u o a a a p b b t t g g r v y y y . . . . t . . . . . 3 1 1 1 1 1 1 1 1 5 5 5 0 5 5 5 5 1 5 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 7 7 7 7 7 7 7 7 7 7 7 7 5 5 4 5 5 5 5 4 4 4 4 5.....6 5 5 5 6 U 5 5 5 U i I 5 7 V y 3 % % % A / / / 4 4 g s 2 i 1 5 4 7 4 2 6 1 1 0 , , , , , , , , , 6 0 7 4 0 7 3 2 2 7 1 7 6 6 4 2 3 8 4 3 9 6 6 0 0 0 2 4 4 2 0 8 Tr D J N A A N F M N M F e u a e e u e o u o o a a n s b b c g g v v v y y u e . . . . . . . . r y 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 b , , , , , , , , , , , o n 1 1 1 1 1 1 1 1 1 1 1 d 9 9 9 9 9 9 9 9 9 9 9 s 7 7 8 7 8 7 8 7 7 7 6 3 4 1 4 0 3 0 4 5 8 7 - - - 8 8 7 5 3 2 . . . . . . 2 3 3 4 4 4 4 7 4 3 4 1 1 V i y % y ^ / / / 2 4 4 i s 8 4 2 2 2 3 1 1 1 1 1 , , , , , , , , , , 3 8 4 5 8 8 3 2 2 5 8 3 8 5 6 9 9 5 0 1 0 0 8 1 2 7 9 4 1 6 3 5 7 Feb. 8, 1973. 4.202 Nov. 15, 1975 7 3,115 Feb. 15, 1982 63/g 2,702 Feb. 15, 1973. 4.203 Feb. 15, 1976 6% 3,739 Aug. 15, 1984 63/g 2,354 Feb. 22, 1973. 4,202 Feb. 15, 1976 5% 4,945 May 15, 1985 3 y4 999 Feb. 28, 1973. 1.701 Apr. 1, 1976 1% 27 Nov. 15, 1986 61/8 1,216 M M M a a a r r r . . . 1 8 1 5 , , , 1 1 1 9 9 9 7 7 7 3 3 3 . . 4 1 1 , , , 2 8 8 0 0 0 2 1 1 Treasury notes A M M u a a g y y . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 6 6 6 7 6 5 1 V y /2 2 4 4 2 2 , , , 1 6 8 9 9 0 4 7 2 A F M e u a b g y . . 1 1 1 5 5 5 , , , 1 1 19 9 9 8 8 8 9 7 8 - - - 9 9 9 4 2 3 . . . . . . 4 4 4 V 1 4 s 3 1 , , 7 5 2 6 1 4 8 6 0 A A A A A A M M M p p p p p p a a a r r r r r r r r r . . . . . . . . . 2 2 2 2 3 1 3 1 9 2 6 1 5 0 9 2 0 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 3 3 3 3 3 3 3 3 3 . . . . . . . . f 2 1 1 1 1 1 1 1 1 , , , , , . , , , 7 7 0 8 8 8 8 8 8 0 0 0 1 0 0 0 0 0 2 0 2 1 0 0 2 1 2 A A F F A O M F M e e e u c p p a a b b b t g r r y y . . . . . . . 1 1 1 1 1 1 5 5 5 5 5 1 1 1 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 3 3 3 3 3 4 4 3 3 8 1 1 4 7 4 U 6 i V y % % % % V V A 4 2 s i 4 2 5 3 2 1 , , , , , , 2 5 8 9 7 8 6 1 3 4 6 9 3 3 3 8 4 9 4 0 2 4 4 0 A O N F A N O F A e e u c c p u o o b b t t g g r v v . . . . . . . . . 1 1 1 1 1 1 5 5 5 5 5 5 1 1 1 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 6 8 9 7 6 7 7 8 ... i. 6 6 6 8 7 6 n I 1 1 3 % V / % V / 2 4 2 4 4 4 4 2 8 5 8 , , , , , , 5 3 2 3 1 2 6 8 6 2 6 0 1 1 9 4 5 3 7 1 5 1 Co I F F N A n n e e v o p v b b e v r e . . . r . s t t i m b 1 1 1 1 l 5 5 5 e e , , , , n t b 1 1 1 1 o 9 S 9 9 9 n 9 9 9 7 e d 8 5 0 r 5 s i - e 8 s 0 B .. 2 3 3 3 y % f 4 t 4 2 3 , , , 2 3 3 9 8 0 8 7 2 6 5 0 t Tax-anticipation series. 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 a d ti 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 s - V a e a n t id e s ' r - O p p o t u h s r e e - s r gations auth. 196 4 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 2,838 196 5 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 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 252 1,432 1,734 543 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 ,062 1,532 3,525 466 7,526 197 1 24,962 15,220 8,681 1,000 62 5,999 8,714 10,246 24,495 ! ,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 1,394 869 629 874 761 2,134 418 338 500 246 631 Dec... 2,068 1,367 440 253 441 568 1,058 2,042 353 137 239 298 1,016 1972—Jan... 1,776 1,120 654 639 545 591 1,696 377 147 440 56 676 Feb... 2,002 1,049 948 354 977 670 1,930 531 78 433 29 858 Mar.. 2,237 1,289 718 225 434 954 849 2,111 463 134 348 329 837 Apr... 1,988 1,382 599 471 548 969 1,949 490 229 434 10 786 May.. 2,002 990 1,009 374 838 785 1,932 657 214 295 67 701 June.. 2,260 989 1,053 209 246 1,215 778 1,990 346 150 531 393 568 July. . 1,800 1,322 477 647 465 680 1,791 327 121 222 152 966 Aug. . 1,951 820 1,123 468 886 586 1,916 444 110 424 160 776 Sept.. 1,693 653 780 '257 298 992 403 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 • DECEMBER 1972 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPeeerrriiioooddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt ..SS aa lloo tt .. ee )) cc 44 aa ll OOtthheerr 55 TToottaall 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 1964 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966, 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970. 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 1971. 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1971--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 2,665 1,942 723 86 637 Nov 10,568 3,254 1,300 2,286 24 3,704 2,436 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 r 6,921 496 1,000 1,784 59 3,583 2,465 1,807 657 206 913 Aug.r. . .. 7,250 606 1,685 1,898 48 3,013 1,955 1,523 431 316 742 Sept 5,650 474 650 1,701 75 2,750 1,666 862 805 318 765 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 i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 197 0 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 197 1 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 1971—Sept. 991 154 123 295 120 29 578 492 235 46 525 Oct.. 571 91 150 172 185 5 703 230 432 624 Nov. 637 174 61 232 145 6 672 545 261 9 660 Dec. 687 293 246 127 199 33 520 371 311 42 510 1972—Jan.. 321 71 163 138 268 14 418 115 458 294 742 Feb.. 428 101 67 104 142 4 388 600 438 60 865 Mar. 448 155 178 264 102 3 386 354 197 30 942 Apr. 383 197 235 178 129 3 924 295 177 1 562 May 607 154 193 281 142 71 381 357 376 16 751 June 468 299 181 341 171 15 1,018 520 368 431 . 349 July1 464 110 77 239 130 30 455 343 390 196 949 Aug. 189 370 299 342 115 2 452 184 237 662 Sept. 440 176 301 242 57 670 598 32 166 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments and their instrumentalities, International Bank number of units by offering price. for Reconstruction and Development, and domestic nonprofit organ- 2 Includes guaranteed issues. izations. 3 Issues not guaranteed. 4 See NOTE to table at bottom of preceding page. NOTE.—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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) YYeeaarr MMoonntthh Sales i Redemp- Net Total 2 Cash Other Sales 1 Redemp- Net Total 2 Cash Other tions sales position 3 tions sales position 3 1960 2,097 842 1,255 17,026 973 16,053 1971—Oct.... 596 419 177 51,160 2,885 48,275 Nov... 397 334 63 50,958 3,172 47,786 1961 2,951 1,160 1,791 22,789 980 21,809 Dec... 453 411 42 55,045 3,038 52,007 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963 2,460 1,504 952 25,214 1,341 23,873 1972—Jan.... 521 475 46 56,694 3,163 53,531 Feb. .. 404 514 -110 58,536 3,478 55,058 1964 3,404 1,875 1,528 29,116 1,329 27,787 Mar... 472 667 -195 58,740 3,251 55,489 1965 4,359 1,962 2,395 35,220 1.803 33,417 Apr.. . 405 655 -250 58,870 2,827 56,043 1966 4,671 2,005 2,665 34,829 2,971 31,858 May. . 378 585 -207 59,736 2,763 56,973 June.. 393 544 -151 57,708 3,015 54,693 1967 4,670 2,745 1,927 44,701 2,566 42,135 July . . 398 424 -26 56,932 3,219 53,713 1968 6,820 3,841 2,979 52,677 3,187 49,490 Aug... 391 582 -191 58,186 3,375 54,811 1969 6,717 3,661 3,056 48,291 3,846 44,445 Sept... 310 442 -132 57,193 3,395 53,798 Oct.. . 384 411 -27 57,525 3,719 53,806 1970 4,624 2,987 1,637 47,618 3,649 43,969 1971 5,145 4,751 774 56,694 3,163 53,531 1 Includes contractual and regular single purchase sales, voluntary and 3 Cash and deposits, receivables, all U.S. Govt, securities, and other contractual accumulation plan sales, and reinvestment of investment in- short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 BUSINESS FINANCE • DECEMBER 1972 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r 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 n b o d u 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 s r t s d C d e i a n v s d i h - s t U p ri r n b o d u f i t i s e ts - d co c a t n a l i s p l o o u i n t w m a - l p ances1 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 Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t, . i Other G U o . v S t, . i Other taxes 196 8 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 196 9 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1.. 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II. 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 III 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 IV 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 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 III 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 PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and Ga o s t her nn CC ii oo cc mm aattii mm oo uu nn -- ss OOtthheerr ii TT AA ((SS oo .. .. RR tt AA aa .. ll .. )) 1969 77775555....55556666 11115555....99996666 11115555....77772222 1111....88886666 1111....88886666 2222....55551111 1111....66668888 8888....99994444 2222....66667777 8888....33330000 11116666....00005555 1970 77779999....77771111 11115555....88880000 11116666....11115555 1111....88889999 1111....77778888 3333....00003333 1111....22223333 11110000....66665555 2222....44449999 11110000....11110000 11116666....55559999 1971 88881111....22221111 11114444....11115555 11115555....88884444 2222....11116666 1111....66667777 1111....88888888 1111....33338888 11112222....88886666 2222....44444444 11110000....77777777 11118888....00005555 1972 2 88889999....77777777 11116666....11111111 11116666....55550000 2222....22220000 1111....77775555 2222....44442222 1111....55555555 11114444....55558888 2222....88886666 11112222....33330000 11119999....55551111 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 Ill 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 II 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 Ill 21.86 3.86 3.87 .59 .38 .61 .35 3.67 .72 2.84 4.97 87.67 IV 2 25.30 4.65 4.54 .67 .47 .69 .35 4.07 .78 9. 08 92.36 1973—1 2 21.55 3.94 3.79 .64 .43 .54 .32 3.63 .53 7. 73 96.66 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

DECEMBER 1972 • REAL ESTATE CREDIT A 51 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s 2 1 - to 4-family houses 4 com M m u e l r t c i i f a a l m p il r y o p a e n r d t ies5 Mo ty rt p g 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 oo eerr 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 ee oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . i 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 t r h l s d e r - w u F V n r H i d A t A e t - e r - n - t C 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 19.6 395.9 266.8 223.7 43.2 129.0 105.5 23.5 100.2 295.7 1970—1.... 429.4 340.7 28.6 60.1 29.8 9.8 20.0 399.6 268.5 223.7 44.8 131.0 107.2 23.9 101.9 297.7 II... 435.6 344.5 30.0 61.1 30.3 9.8 20.5 405.2 271.7 225.6 46.1 133.5 109.1 24.4 103.2 302.0 III. . 443.4 349.7 31.7 61.9 30.8 10.0 20.8 412.5 276.0 228.4 47.7 136.5 111.4 25.1 106.8 305.7 IV .. 451.7 355.9 33.0 62.8 31.2 10.1 21.1 420.5 280.2 231.3 48.9 140.3 114.5 25.8 109.2 311.3 1971—1.... 459.0 361.8 33.6 63.6 31.8 10.1 21.6 427.2 283.6 234.4 49.2 143.6 117.3 26.3 111.0 316.2 II... 471.1 372.0 35.2 63.9 31.9 9.7 22.2 439.3 290.9 240.7 50.2 148.3 121.6 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 51.8 153.5 125.8 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 53.7 159.2 130.5 28.7 120.7 346.3 1972—I. .. 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- E pe n r d i o o d f 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 e r r s End of period Total F su H in r A e - d - an g V t u e A a e r - - d1 ti v o e n n a - l tutions tutions 1 1 1 9 9 9 6 4 4 1 5 3 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 6 5 . . . 8 9 7 3 9 8 4 . . . 4 6 5 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 6 5 7 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 9 5 . . . 3 2 9 3 3 4 8 5 . . . 1 3 0 3 3 0 0 . . . 9 9 2 1 1 1 2 1 4 8 6 . . . 3 3 3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965.... 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1 19 9 6 6 7 6 . ... 2 2 2 36 3 . . 1 6 7 7 6 9 . . 1 9 4 4 7 4. . 8 4 3 32 1 . . 5 3 1 15 4 6 7 . . 1 6 1 1 1 9 9 9 6 6 6 7 8 6 2 2 2 8 6 9 0 4 8 . . . 0 0 6 2 2 2 5 2 3 0 3 6 . . . 8 7 6 4 4 47 0 3 . . . 8 3 4 4 4 4 3 0 7 . . . 9 3 3 3 3 3 4 1 7 . . . 5 7 7 9 8 9 . . . 2 8 7 1 1 9 9 6 6 9 8 2 26 5 6 1 . .2 8 9 8 0 4 . . 2 4 5 54 0 . . 5 6 3 3 5 3 . . 7 8 1 1 7 6 6 6. .6 8 196 9 319.0 265.0 54.0 52.2 41.3 10.8 1970—III 276.0 95.1 58.1 37.0 181.0 1970—II I 332.2 272.7 59.5 56.1 44.3 11.8 IV 280.2 97.2 59.9 37.3 182.9 IV 338.2 277.1 61.1 58.0 45.8 12.2 1971—1.. 283.6 98.3 61.0 37.3 185.3 1971— 1 343.3 281.4 61.8 59.7 47.1 12.6 I I I I . I 2 2 9 9 0 9. . 7 9 1 1 0 0 2 0 . . 9 4 6 6 2 4 . . 8 4 3 37 8 . . 6 5 1 19 9 6 0 . . 8 5 I I 353.1 289.9 63.2 62.1 49.2 12.9 IV 307.8 105.2 65.7 39.5 202.6 II I 364.0 298.4 65.6 64.3 50.4 13.9 I V 374.7 306.1 68.6 66.8 52.0 14.9 1972—1.. 314.1 II. 324.6 1972— 1 382.9 312.9 70.0 68.8 53.3 15.4 II 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 • DECEMBER 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 Other Total non- Farm Total non- FHA- VA- Con- farm FHA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 4,906 3,292 1,048 566 4,812 3,884 4,772 3,395 856 521 4,208 3,387 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 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 7,1 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. ation 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 7,153 733 346 6,074 772 6699,,997733 6644,,117722 1111,,996611 5,954 4466,,225577 55,,880011 196 9 77,,553311 6,991 594 220 6,177 540 7722,,002277 6666,,225544 1111,,771155 5,701 4488,,883388 55,,777733 197 0 77,,118811 6,867 386 88 6,393 314 7744,,337755 6688,,772266 1111,,441199 5,394 5511,,991133 55,,664499 197 1 77,,551155 7,018 320 98 6,600 497 7755,,559966 6699,,999955 1100,,776600 5,007 5544,,222288 55,,660011 1971—Sept.' ' 662255 588 77 10 501 37 7744,,775511 6699,,115577 1100,,995544 5,108 5533,,009955 55,,559944 Oct 556688 529 28 11 490 39 7744,,886644 6699,,227700 1100,,888844 5,071 5533,,331155 55..559944 Nov 556655 523 20 9 494 42 7744,,990033 6699,,330077 1100,,884433 5,047 5533,,441177 55,,559966 Dec 11,,334466 1,285 18 10 1,257 61 7755,,559966 6699,,999955 1100,,776600 5,007 5544,,222288 55,,660011 1972—Ja n 447755 447 37 16 394 28 7755..551177 6699,,997788 1100,,772222 4,986 5544,,227700 55,,553399 Feb 443366 392 26 12 354 44 7755,,445566 6699..994400 1100,,667744 4,952 5544,,331144 55,,551166 Mar 556699 484 24 18 442 85 7755,,442244 6699,,889977 1100,,559999 4,932 5544,,336666 55,,552277 Apr 556600 506 30 15 461 54 7755,,446699 6699,,992266 1100,,553355 4,903 5544,,448888 55,,554433 May 660022 542 15 13 514 60 7755,,449933 6699..994411 1100,,446677 4,873 5544,,660011 55,,555522 June 770088 643 31 21 591 65 7755,,554477 6699,,996699 1100,,339911 4,838 5544,,774400 55,,557788 July 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 Sept 770088 663 22 14 627 45 7755,,881133 7700,,119955 1100,,113399 4,734 5555,,332222 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

DECEMBER 1972 • REAL ESTATE CREDIT A 51 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages TToottaall aammoouunntt PPeerriioodd NN ooff uu ll mm oo bb aann ee ss rr (( cc mm oo (( ii dd mm ll oo ll mm ii ll oo ll ii aa nn tt rr ss tt ss ee )) 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 t r n a e 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 o n 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) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Members' Period va A n d c - es R m e e p n a ts y - d (e e n p d o si o t f s 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 n g- 2 period) Total i 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 _Nov. 364 296 7,709 2,829 4,880 1,549 197 1 39,472 6,835 18,811 174,385 13,798 10,848 149,739 Dec., 490 262 7,936 3,002 4,934 1,789 1971—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... 3,910 712 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 May. . 4,603 836 2,276 185,431 14,878 12,010 158,543 Aug. 406 249 6,295 2,083 4,212 1.442 June., 5,449 872 2,920 188,884 15,019 12,293 161,572 Sept. 631 189 6,736 2,307 4,429 1.443 July... 4,572 743 2,515 191,642 15,153 12,606 163.883 Oct.. 542 233 7,045 2,440 4,605 1,334 Aug.., 5,379 803 3,087 194,955 15,263 12,892 166,800 Sept.r, 4,689 739 2,587 197,881 15,342 13,098 169,441 Oct... 4,509 756 2,409 200,563 15,379 13,335 171,849 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 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 • DECEMBER 1972 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans home loans Mortgage MMoorrttggaaggee Mortgage holdings ttrraannssaaccttiioonnss commitments ((dduurriinngg Date of auction Mortgage Average Mortgage Average EEEnnnddd ooofff ppeerriioodd)) amounts yield amounts yield 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- es 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 -- Offered ce A p c te - d c ( m o s t h e e m r n o m m t r s t i - ) t - Offered ce A p c t - ed c ( m o s te e h m r n o m m t r s t i - ) t - 1967 55555555555555555,,,,,,,,,,,,,,,,,555555555555555552222222222222222222222222222222222 44444,,,,,000004444488888 11111,,,,,444447777744444 11111111111111111,,,,,,,,,,,,,,,,,444444444444444440000000000000000000000000000000000 1122 11111111111...........777777777773333333333322222222222 555555555555500000000000001111111111111 In millions of In In millions of In 1968 77777777777777777,,,,,,,,,,,,,,,,,111111111111111116666666666666666677777777777777777 55555,,,,,111112222211111 22222,,,,,000004444466666 11111111111111111,,,,,,,,,,,,,,,,,999999999999999994444444444444444444444444444444444 22222222222,,,,,,,,,,,666666666669999999999966666666666 1111111111111,,,,,,,,,,,,,222222222222288888888888887777777777777 dollars per cent dollars per cent 1969 1111111111111111100000000000000000,,,,,,,,,,,,,,,,,999999999999999995555555555555555500000000000000000 77777,,,,,666668888800000 33333,,,,,222227777700000 44444444444444444,,,,,,,,,,,,,,,,,111111111111111112222222222222222211111111111111111 66666666666,,,,,,,,,,,666666666663333333333300000000000 3333333333333,,,,,,,,,,,,,555555555555533333333333339999999999999 1970 1111111111111111155555555555555555,,,,,,,,,,,,,,,,,555555555555555550000000000000000022222222222222222 1111111111,,,,,000007777711111 44444,,,,,444443333311111 55555555555555555,,,,,,,,,,,,,,,,,000000000000000007777777777777777788888888888888888 88888888888,,,,,,,,,,,000000000004444444444477777777777 5555555555555,,,,,,,,,,,,,222222222222200000000000003333333333333 1971 1111111111111111177777777777777777,,,,,,,,,,,,,,,,,777777777777777779999999999999999911111111111111111 33333333333333333,,,,,,,,,,,,,,,,,555555555555555557777777777777777744444444444444444 333366 44444444444,,,,,,,,,,,999999999998888888888866666666666 5555555555555,,,,,,,,,,,,,666666666666699999999999994444444444444 1972—May 30.. 133.4 76.4 7.63 111111111111999999999999777777777777111111111111------------OOOOOOOOOOOOcccccccccccctttttttttttt............ ........................ 1111111111111111177777777777777777,,,,,,,,,,,,,,,,,222222222222222220000000000000000022222222222222222 555555555555555555555555555555555533333333333333333 666666666665555555555555555555555 5555555555555,,,,,,,,,,,,,222222222222200000000000008888888888888 June 1.. 28.2 22.7 7.80 NNNNNNNNNNNNoooooooooooovvvvvvvvvvvv.................................... 1111111111111111177777777777777777,,,,,,,,,,,,,,,,,555555555555555553333333333333333355555555555555555 444444444444444440000000000000000066666666666666666 888888888889999999999933333333333 5555555555555,,,,,,,,,,,,,444444444444466666666666666666666666666 12.. 83.5 48.1 7.63 DDDDDDDDDDDDeeeeeeeeeeeecccccccccccc.................................... 1111111111111111177777777777777777,,,,,,,,,,,,,,,,,777777777777777779999999999999999911111111111111111 333333333333333335555555555555555500000000000000000 555 11111111111,,,,,,,,,,,000000000001111111111144444444444 5555555555555,,,,,,,,,,,,,666666666666699999999999994444444444444 26.. 97.8 76.6 7.63 111111111111999999999999777777777777222222222222------------JJJJJJJJJJJJaaaaaaaaaaaannnnnnnnnnnn................................................ 1111111111111111177777777777777777,,,,,,,,,,,,,,,,,999999999999999997777777777777777777777777777777777 222222222222222228888888888888888811111111111111111 777 555555555557777777777744444444444 5555555555555,,,,,,,,,,,,,555555555555555555555555558888888888888 July 10.. 134.6 92.1 7.63 FFFFFFFFFFFFeeeeeeeeeeeebbbbbbbbbbbb.................................... 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,222222222222222222222222222222222200000000000000000 333333333333333332222222222222222244444444444444444 555555555559999999999988888888888 5555555555555,,,,,,,,,,,,,666666666666699999999999996666666666666 17.. 32.4 22.7 7.80 MMMMMMMMMMMMaaaaaaaaaaaarrrrrrrrrrrr.................................... 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,333333333333333334444444444444444422222222222222222 11111113333333,,,,,,,666666655555554444444 4444444,,,,,,,666666688888887777777 333333333333333331111111111111111166666666666666666 77779999 444444444446666666666699999999999 5555555555555,,,,,,,,,,,,,666666666666633333333333335555555555555 24.. 123.9 113.0 7.63 AAAAAAAAAAAApppppppppppprrrrrrrrrrrr.................................... 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,444444444444444440000000000000000033333333333333333 11111113333333,,,,,,,777777744444444444444 4444444,,,,,,,666666655555559999999 222222222222222224444444444444444466666666666666666 77770000 5555555555555,,,,,,,,,,,,,888888888888855555555555553333333333333 MMMMMMMMMMMMaaaaaaaaaaaayyyyyyyyyyyy........................ 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,555555555555555559999999999999999999999999999999999 11111113333333,,,,,,,999999922222223333333 4444444,,,,,,,666666677777774444444 333333333333333332222222222222222211111111111111111 7777 6666666666666,,,,,,,,,,,,,111111111111188888888888886666666666666 Aug. 7.. 106.2 81.7 7.63 JJJJJJJJJJJJuuuuuuuuuuuunnnnnnnnnnnneeeeeeeeeeee........................ 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,666666666666666662222222222222222288888888888888888 11111113333333,,,,,,,999999955555552222222 4444444,,,,,,,666666677777770000000 222222222222222222222222222222222233333333333333333 22229999 5555555555555,,,,,,,,,,,,,999999999999955555555555557777777777777 14.. 24.7 24.2 7.80 JJJJJJJJJJJJuuuuuuuuuuuullllllllllllyyyyyyyyyyyy.................................... 1111111111111111188888888888888888,,,,,,,,,,,,,,,,,777777777777777774444444444444444400000000000000000 11111114444444,,,,,,,000000011111113333333 4444444,,,,,,,777777711111114444444 222222222222222225555555555555555588888888888888888 3333 21.. 114.6 87.2 7.62 AAAAAAAAAAAAuuuuuuuuuuuugggggggggggg.................................... 1111111111111111199999999999999999,,,,,,,,,,,,,,,,,000000000000000000000000000000000044444444444444444 11111114444444,,,,,,,111111188888888888888 4444444,,,,,,,888888811111116666666 444444444444444442222222222222222277777777777777777 SSSSSSSSSSSSeeeeeeeeeeeepppppppppppptttttttttttt.................................... 1111111111111111199999999999999999,,,,,,,,,,,,,,,,,222222222222222226666666666666666688888888888888888 11111114444444,,,,,,,333333388888880000000 4444444,,,,,,,888888888888888888888 444444444444444440000000000000000011111111111111111 Sept. 5.. 220.6 151.2 7.64 OOOOOOOOOOOOcccccccccccctttttttttttt........................ ............ 1111111111111111199999999999999999,,,,,,,,,,,,,,,,,444444444444444440000000000000000011111111111111111 11111114444444,,,,,,,444444466666662222222 4444444,,,,,,,999999933333339999999 222222222222222226666666666666666655555555555555555 11.. 28.7 26.5 7.84 18.. 295.9 148.1 7.66 NOTE.—Federal National Mortgage Assn. data. Total holdings include Oct. 2.. 352.8 211.5 7.70 conventional loans. Data prior to Sept. 1968 relate to secondary market 10. 42.2 37.2 7.90 portfolio of former FNMA. Mortgage holdings include loans used to back 16.. 271.2 224.9 7.73 bond issues guaranteed by GNMA. Mortgage commitments made during 30.. 186.4 162.7 7.74 the period include some multifamily and nonprofit hospital loan commitments in addition to 1- to 4-family loan commitments accepted in FNMA's Nov. 6. 75.0 68.0 7.90 free market auction system, and through the FNMA-GNMA Tandem 13. 78.7 49.2 7.72 Plan (Program 18). 27. 60.8 36.2 7.70 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 ASSOCIATION ACTIVITY GNMA MORTGAGE-BACKED SECURITY PROGRAM (In millions of dollars) (In millions of dollars) Mortgage MMoorrttggaaggee Mortgage holdings ttrraannssaaccttiioonnss commitments Pass-through securities ((dduurriinngg Bonds EEEnnnddd ooofff ppeerriioodd)) Period sold pppeeerrriiioooddd Applications Securities 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- es 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 -- received issued 197 0 1,126.2 452.4 1,315.0 197 1 4,373.6 2,701.9 300.0 1967 3333333333333333333,,,,,,,,,,,,,,,,,,,333333333333333333344444444444444444448888888888888888888 22222,,,,,777775555566666 555559999922222 888888888666666666000000000 11111,,,,,000004444455555 11111,,,,,111117777711111 1968 4444444444444444444,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222220000000000000000000 33333,,,,,555556666699999 666665555511111 111111111,,,,,,,,,000000000888888888999999999 11 888886666677777 11111,,,,,222226666666666 1971—Oct.. 226.1 112.6 1969 4444444444444444444,,,,,,,,,,,,,,,,,,,888888888888888888822222222222222222220000000000000000000 44444,,,,,222222222200000 666660000000000 888888888222222222777777777 666661111155555 11111,,,,,111113333311111 Nov. 533.7 244.2 1970 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111188888888888888888884444444444444444444 44444,,,,,666663333344444 555555555500000 666666666222222222111111111 888889999977777 777773333388888 Dec., 318.3 212.8 1971 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 333333333999999999333333333 1972—Jan.. 384.1 247.7 11111111111111999999999999997777777777777711111111111111--------------OOOOOOOOOOOOOOcccccccccccccctttttttttttttt.............. ............................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222244444444444444444445555555555555555555 111111111555555555 Feb.. 511.2 391.2 200.0 NNNNNNNNNNNNNNoooooooooooooovvvvvvvvvvvvvv.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222266666666666666666660000000000000000000 222222222444444444 Mar. 528.3 322.5 DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 333333333222222222 Apr., 187.8 275.1 May. 216.4 212.9 '500.'6' 11111111111111999999999999997777777777777722222222222222--------------JJJJJJJJJJJJJJaaaaaaaaaaaaaannnnnnnnnnnnnn........................................................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888887777777777777777777 June, 245.8 193.2 FFFFFFFFFFFFFFeeeeeeeeeeeeeebbbbbbbbbbbbbb.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888881111111111111111111 July. 135.5 145.8 MMMMMMMMMMMMMMaaaaaaaaaaaaaarrrrrrrrrrrrrr.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222244444444444444444443333333333333333333 Aug. 548.3 140.3 AAAAAAAAAAAAAApppppppppppppprrrrrrrrrrrrrr.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111122222222222222222225555555555555555555 Sept. 192.0 130.9 MMMMMMMMMMMMMMaaaaaaaaaaaaaayyyyyyyyyyyyyy............................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222211111111111111111114444444444444444444 Oct.. 237.8 164.1 JJJJJJJJJJJJJJuuuuuuuuuuuuuunnnnnnnnnnnnnneeeeeeeeeeeeee............................ 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222222222222222222222222 JJJJJJJJJJJJJJuuuuuuuuuuuuuullllllllllllllyyyyyyyyyyyyyy.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222288888888888888888887777777777777777777 AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,333333333333333333399999999999999999991111111111111111111 NOTE.—Government National Mortgage Assn. data. Under the Mort- SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222266666666666666666664444444444444444444 gage-Backed Security Program, GNMA guarantees the timely payment OOOOOOOOOOOOOOcccccccccccccctttttttttttttt........................................................ ,,,,,,,,,,,,,,,,,,, 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111199999999999999999990000000000000000000 of principal and interest on both pass-through and bond-type securities, which are backed by a pool of mortgages insured by FHA or Farmers Home Admin, or guaranteed by VA and issued by an approved mortgagee. NOTE.—Government National Mortgage Assn. data. Data prior to To date, bond-type securities have been issued only by FNMA and Sept. 1968 relate to Special Assistance and Management and Liquidating FHLMC. 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

DECEMBER 1972 • REAL ESTATE CREDIT A 51 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 t B iv e s e ra ri t e e s ) ( H s F e H U ri D A 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 E o t m i x n - e g s jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew e s h is o E t m i x n - e g s homes homes homes 1965. 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 8.29 1967. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1970 8.44 8.35 8.52 9.03 1968. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1971 7.74 7.67 7.75 7.70 1969. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1970. 11,982 2,667 5,447 3,251 617 3,440 1,311 2,129 1971—Oct 7.48 7.75 7.80 7.75 1971. 14,689 3,900 6,475 3,641 674 5,910 1,676 4,234 Nov 7.79 7.69 7.75 7.62 Dec 7.77 7.64 7.70 7.59 1971--Oct. . 1,202 318 503 276 105 514 135 379 Nov.. 1,220 358 511 273 77 752 226 526 1972—Jan 7.78 7.58 7.60 7.49 Dec.. 1,598 358 502 691 47 685 220 465 Feb 7.60 7.48 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. 901 259 369 217 56 603 185 418 Aug 7.59 7.52 7.65 7.55 June. 911 271 372 197 71 848 239 609 Sept.r 7.57 7.55 7.70 7.56 July.. 865 261 374 183 47 662 179 483 Oct 7.62 7.56 7.70 7.57 Aug.. 1,044 310 440 227 67 764 220 544 Sept.. 957 245 340 295 77 749 209 540 NOTE.—Annual data are averages of monthly figures. The HUD(FHA) data are based on opinion reports submitted by field 1 Monthly figures do not reflect mortgage amendments included in annual offices on prevailing local conditions as of the first of the succeeding totals. month. Yields on FHA-insured mortgages are derived from 2 Not ordinarily secured by mortgages. weighted averages of private secondary market prices for Sec. 3 Includes a small amount of alteration and repair loans, not shown separ- 203, 30-year mortgages with minimum downpayment and an ately; only such loans in amounts of more than $1,000 need be secured. assumed prepayment at the end of 15 years. Gaps in data are due to periods of adjustment to changes in maximum permis- NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured sible contract interest rates. The HUD(FHA) interest rates loans represent gross amount of insurance written; VA-guaranteed loans, on conventional first mortgages in primary markets are un- gross amounts of loans closed. Figures do not take into account principal weighted and are rounded to the nearest 5 basis points. The repayments on previously insured or guaranteed loans. For VA-guaranteed FHLBB effective rate series reflects fees and charges as well loans, amounts by type are derived from data on number and average as contract rates (as shown in the table on conventional first- amount of loans closed. mortgage terms, p. A-37) and an assumed prepayment at end 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 V A 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—Sept. 798 695 103 111 117 376 Oct.. 902 761 141 108 49 300 1969—III.... 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 86 220 165 398 1971—1 3.21 2.26 .56 .39 .40 June. 1,415 1,344 71 194 97 117 313 II 3.27 2.36 .53 .38 .38 July. 1,475 1,374 100 74 11 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 Sept. 1,545 1,408 137 66 13 136 318 1972—1 3.16 2.21 .58 .37 .50 II 3.27 2.38 .53 .36 .48 NOTE.—Federal Home Loan Mortgage Corp. data. Data for 1970 include Ill,, .. 3.82 2.74 .65 .43 .52 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 • DECEMBER 1972 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 1966. 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 1967. 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 1968. 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 1969». 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 1970). 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 1971. 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 —Oct 133,755 107,775 38,193 32,189 5,400 31,993 25,980 10,373 7,778 7,829 Nov 135,415 109,088 38,576 32,740 5,417 32,355 26,327 10,459 7,948 7,920 Dec 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 !—Jan 137,426 110,757 38,450 34,046 5,399 32,862 26,669 10,649 7,630 8,390 Feb 136,941 110,510 38,516 33,579 5,403 33,012 26,431 10,752 6,987 8,692 Mar 137,879 111,257 38,853 33,695 5,437 33,272 26,622 10,843 6,963 8,816 Apr 139,410 112,439 39,348 33,981 5,504 33,606 26,971 10,933 7,179 8,859 May 141,450 114,183 40,063 34,439 5,604 34,077 27,267 11,066 7,464 8,737 June 143,812 116,365 41,019 35,041 5,717 34,588 27,447 11,181 7,610 8,656 July 145,214 117,702 41,603 35,470 5,797 34,832 27,512 11,235 7,644 8,633 Aug 147,631 119,911 42,323 36,188 5,950 35,450 27,720 11,411 7,717 8,592 Sept 148,976 121,193 42,644 36,745 6,049 35,755 27,783 11,541 7,693 8,549 Oct 150,576 122,505 43,162 37,216 6,124 36,003 28,071 11,717 7,780 8,574 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 1969. 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 13,925 107,775 94,973 50,047 28,237 14,421 2,268 12,802 233 12,569 Nov 109,088 95,925 50,557 28,474 14,609 2,285 13,163 237 12,926 Dec 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13,925 1—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 Oct 122,505 108,405 58,266 30,970 16,556 2,613 14,100 257 13,843 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

DECEMBER 1972 • CONSUMER CREDIT A 57 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 Automobile Other consumer Repair Other consumer Repair paper goods paper and Per- Auto- goods paper and Total modern- sonal Total mobile modernization loans paper ization Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1,079 237 178 166 135 363 1,836 932 134 1,726 447 338 309 161 471 2,541 1,438 194 745 66 143 114 110 312 910 202 40 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 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 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 2,862 3,430 1 Finance companies consist of those institutions formerly classified as See also NOTE to first table on preceding page. sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Total paper loans End of period Com- Other mer- finan- Retail Credit cial cial outlets cards 1 150 27 5 12 106 banks insti- 213 47 9 11 146 tutions 121 16 4 10 91 692 159 40 102 391 1939 2,719 625 162 1,414 1,959 560 130 313 956 1941 3,087 693 152 1,645 4,566 1.460 297 775 2,034 1945 3,203 674 72 1,612 8,289 3,036 498 933 3,822 1950 6,768 1,576 245 3,291 76 9,315 3,411 588 980 4,336 1955 9,924 2,635 367 4,579 216 10,216 3,678 654 1,085 4,799 1960 13,173 3,884 623 4,893 436 11,717 4,238 771 1,215 5,493 13,722 4,941 951 1,443 6,387 196 5 18,990 6,690 981 5,724 706 15,088 5,116 1,177 1,800 6,995 196 6 19,994 6,946 1,026 5,812 874 17,021 5,747 1,472 1,930 7,872 196 7 21,355 7,478 1,080 6,041 1,029 196 8 23,025 8,374 1,158 5,966 1,227 16,689 5,615 1,439 1,926 7,709 196 9 24,041 8,553 1,194 5,936 1,437 16,894 5,689 1,458 1,935 7,812 197 0 25,099 8,469 1,206 6,163 1,805 17,021 5,747 1,472 1,930 7,872 197 1 27,099 9,316 1.269 6,397 1,953 17,014 5,716 1,466 1,939 7,893 1971—Oct.... 25,980 9,112 1,261 5,826 1.952 17,176 5,755 1,477 1,955 7,989 Nov 26,327 9,189 1.270 6,031 1,917 17,436 5,842 1,499 1,975 8,120 Dec 27,099 9,316 1,269 6,397 1.953 17,555 5,898 1,512 1,984 8,161 17,906 6,019 1,543 2,020 8,324 1972—Jan.. .. 26,669 9,342 1,307 5.688 1,942 18,304 6,166 1,580 2,055 8,503 Feb.... 26,431 9,415 1,337 5,111 1.876 18,379 6,204 1,589 2,062 8,524 Mar 26,622 9,491 1,352 5,102 1,861 18,836 6,353 1,628 2,113 8,742 Apr— 26,971 9,594 1,339 5,296 1,883 19,062 6,421 1,645 2,144 8,852 May... 27,267 9,717 1.349 5,587 1.877 19,169 6.461 1,656 2,157 8,895 June... 27,447 9,831 1.350 5.689 1,921 July. .. 27,512 9,900 1,335 5,664 1,980 Aug 27,720 10,053 1,358 5,676 2,041 NOTE.—Other financial lenders consist of credit unions and miscel- Sept.. . 27,783 10,165 1,376 5,613 2,080 laneous lenders. Miscellaneous lenders include savings and loan associa- Oct 28,071 10,339 1,378 5,794 1,986 tions and mutual savings banks. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 CONSUMER CREDIT • DECEMBER 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.i 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———OOOcccttt 10,718 1111111100000000,,,,,,,,333333333333333344444444 3,016 33333333,,,,,,,,000000004444444488888888 4,135 33333333,,,,,,,,999999993333333355555555 283 222222228888888844444444 3,284 33333333,,,,,,,,000000006666666677777777 11,157 1111111111111111,,,,,,,,333333330000000000000000 3,121 33333333,,,,,,,,000000008888888877777777 4,254 44444444,,,,,,,,333333338888888811111111 274 222222227777777733333333 3,508 33333333,,,,,,,,555555555555555599999999 DDDeeeccc 10,866 1111111122222222,,,,,,,,444444444444444455555555 3,051 22222222,,,,,,,,777777774444444433333333 4,153 55555555,,,,,,,,555555552222222288888888 294 222222224444444422222222 3,368 33333333,,,,,,,,999999993333333322222222 111999777222 JJJaaannn 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 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 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 OOOcccttt 12,404 1111111122222222,,,,,,,,333333333333333377777777 3,504 33333333,,,,,,,,666666666666666633333333 4,971 44444444,,,,,,,,888888883333333311111111 335 333333334444444477777777 3,594 33333333,,,,,,,,444444449999999966666666 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 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———JJJaaannn 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 OOOcccttt 10,908 1111111111111111,,,,,,,,000000002222222255555555 3,041 33333333,,,,,,,,111111114444444455555555 4,354 44444444,,,,,,,,333333336666666600000000 263 222222227777777722222222 3,250 33333333,,,,,,,,222222224444444488888888 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—Oc t 875 777777770000000022222222 343 333333338888888811111111 264 111111114444444444444444 35 3333333366666666 233 111111114444444411111111 Nov 1,192 11111111,,,,,,,,333333331111111133333333 445 333333338888888833333333 379 555555555555555511111111 22 1111111177777777 346 333333336666666622222222 Dec 890 22222222,,,,,,,,222222220000000077777777 336 8888888888888888 262 11111111,,,,,,,,666666661111111133333333 50 --------44444444 242 555555551111111100000000 1972—Ja n 1,101 --------555555553333333388888888 294 --------222222221111111144444444 353 --------333333330000000077777777 53 --------1111111144444444 401 --------33333333 Feb 883 --------222222224444444477777777 324 6666666666666666 174 --------444444446666666677777777 43 44444444 342 111111115555555500000000 Mar 1,314 777777774444444477777777 345 333333333333333377777777 509 111111111111111166666666 61 3333333344444444 399 222222226666666600000000 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 Oct 1,496 11111111,,,,,,,,333333331111111122222222 463 555555551111111188888888 617 444444447777777711111111 72 7777777755555555 344 222222224444444488888888 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

DECEMBER 1972 • CONSUMER CREDIT A 59 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 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 111999777111 OOOcccttt 10,718 1111111100000000,,,,,,,,333333333333333344444444 4,412 44444444,,,,,,,,222222225555555511111111 2,869 22222222,,,,,,,,777777776666666688888888 1,568 11111111,,,,,,,,444444448888888877777777 1,869 11111111,,,,,,,,888888882222222288888888 11,157 1111111111111111,,,,,,,,333333330000000000000000 4,644 44444444,,,,,,,,444444443333333322222222 2,904 33333333,,,,,,,,000000009999999922222222 1,662 11111111,,,,,,,,666666660000000055555555 1,947 22222222,,,,,,,,111111117777777711111111 DDDeeeccc 10,866 1111111122222222,,,,,,,,444444444444444455555555 4,514 44444444,,,,,,,,555555558888888866666666 2.940 33333333,,,,,,,,555555552222222200000000 1,583 11111111,,,,,,,,555555555555555533333333 1,829 22222222,,,,,,,,777777778888888866666666 111999777222———JJJaaannn 11,116 99999999,,,,,,,,444444446666666699999999 4,417 33333333,,,,,,,,888888884444444433333333 2,953 22222222,,,,,,,,444444443333333344444444 1,687 11111111,,,,,,,,444444442222222255555555 2,059 11111111,,,,,,,,777777776666666677777777 FFFeeebbb 10.952 99999999,,,,,,,,555555554444444400000000 4,518 44444444,,,,,,,,000000000000000099999999 2.941 22222222,,,,,,,,666666661111111144444444 1,700 11111111,,,,,,,,555555552222222277777777 1,793 11111111,,,,,,,,333333339999999900000000 MMMaaarrr 11,741 1111111111111111,,,,,,,,777777774444444466666666 4,622 44444444,,,,,,,,777777777777777777777777 3,197 33333333,,,,,,,,111111117777777733333333 1,887 11111111,,,,,,,,888888887777777744444444 2,035 11111111,,,,,,,,999999992222222222222222 AAAppprrr 11,374 1111111111111111,,,,,,,,222222222222222244444444 4,644 44444444,,,,,,,,777777778888888800000000 3,196 33333333,,,,,,,,000000007777777711111111 1,582 11111111,,,,,,,,555555556666666644444444 1,952 11111111,,,,,,,,888888880000000099999999 MMMaaayyy 11,687 1111111122222222,,,,,,,,555555555555555566666666 4,817 55555555,,,,,,,,333333333333333355555555 3,244 33333333,,,,,,,,444444441111111100000000 1,674 11111111,,,,,,,,888888887777777799999999 1,952 11111111,,,,,,,,999999993333333322222222 JJJuuunnneee 12,057 1111111133333333,,,,,,,,000000009999999966666666 5,098 55555555,,,,,,,,666666661111111177777777 3,196 33333333,,,,,,,,444444447777777799999999 1,792 22222222,,,,,,,,000000003333333366666666 1,971 11111111,,,,,,,,999999996666666644444444 JJJuuulllyyy 11,687 1111111111111111........888888883333333333333333 4,926 55555555,,,,,,,,111111110000000033333333 3,107 33333333,,,,,,,,111111118888888844444444 1,506 11111111,,,,,,,,555555558888888800000000 2,148 11111111,,,,,,,,999999996666666666666666 AAAuuuggg 12,484 1111111133333333,,,,,,,,111111116666666666666666 5,349 55555555,,,,,,,,666666664444444444444444 3,285 33333333,,,,,,,,444444443333333333333333 1,788 22222222,,,,,,,,000000001111111144444444 2,062 22222222,,,,,,,,000000007777777755555555 SSSeeepppttt 11.953 1111111111111111,,,,,,,,555555553333333355555555 4,972 44444444,,,,,,,,888888885555555522222222 3,181 22222222,,,,,,,,999999997777777711111111 1,731 11111111,,,,,,,,666666668888888833333333 2,069 22222222,,,,,,,,000000002222222299999999 OOOcccttt 12,404 1111111122222222,,,,,,,,333333333333333377777777 5,227 55555555,,,,,,,,222222222222222244444444 3,334 33333333,,,,,,,,333333334444444488888888 1,705 11111111,,,,,,,,666666667777777799999999 2,138 22222222,,,,,,,,000000008888888866666666 Repayments 111999666555 7777777700000000,,,,,,,,444444446666666633333333 2222222255555555,,,,,,,,666666666666666633333333 2222222233333333,,,,,,,,000000005555555566666666 88888888,,,,,,,,333333331111111111111111 1111111133333333,,,,,,,,444444443333333333333333 1966 7777777777777777,,,,,,,,444444448888888800000000 2222222277777777,,,,,,,,777777771111111166666666 2222222244444444,,,,,,,,999999995555555522222222 99999999,,,,,,,,333333334444444422222222 1111111155555555,,,,,,,,444444447777777700000000 1967 8888888833333333,,,,,,,,999999998888888888888888 2222222299999999,,,,,,,,555555554444444499999999 2222222266666666,,,,,,,,666666668888888811111111 < 1111111100000000,,,,,,,,333333333333333377777777 1111111177777777,,,,,,,,444444442222222211111111 1968 9999999911111111,,,,,,,,666666666666666677777777 3333333322222222,,,,,,,,666666661111111111111111 2222222288888888,,,,,,,,777777776666666633333333 1111111111111111,,,,,,,,777777770000000055555555 1111111188888888,,,,,,,,555555558888888888888888 1969 9999999999999999,,,,,,,,777777778888888866666666 3333333366666666,,,,,,,,444444447777777700000000 3333333300000000,,,,,,,,999999998888888811111111 1111111133333333,,,,,,,,111111119999999933333333 1111111199999999,,,,,,,,111111114444444422222222 1970 111111110000000077777777,,,,,,,,111111119999999999999999 4444444400000000,,,,,,,,333333339999999988888888 3333333311111111,,,,,,,,777777770000000055555555 1111111144444444,,,,,,,,333333335555555544444444 2222222200000000,,,,,,,,777777774444444422222222 1971 111111111111111155555555,,,,,,,,000000005555555500000000 4444444455555555,,,,,,,,333333339999999955555555 3333333311111111,,,,,,,,777777773333333300000000 1111111166666666,,,,,,,,000000003333333333333333 2222222211111111,,,,,,,,888888889999999922222222 111999777111———OOOccc ttt 9,843 99999999,,,,,,,,666666663333333322222222 3,907 33333333,,,,,,,,888888885555555588888888 2,700 22222222,,,,,,,,666666660000000000000000 1,386 11111111,,,,,,,,333333335555555500000000 1,850 11111111,,,,,,,,888888882222222244444444 NNNooovvv 9,965 99999999,,,,,,,,999999998888888877777777 3,916 33333333,,,,,,,,999999992222222222222222 2,749 22222222,,,,,,,,888888885555555555555555 1,443 11111111,,,,,,,,444444440000000000000000 1,857 11111111,,,,,,,,888888881111111100000000 DDDeeeccc 9,976 1111111100000000,,,,,,,,222222223333333388888888 3,932 33333333,,,,,,,,999999990000000033333333 2,802 33333333,,,,,,,,111111111111111111111111 1,396 11111111,,,,,,,,444444442222222266666666 1,846 11111111,,,,,,,,777777779999999988888888 111999777222———JJJaaa nnn 10,015 1111111100000000,,,,,,,,000000000000000077777777 4,008 33333333,,,,,,,,999999992222222266666666 2,777 22222222,,,,,,,,555555559999999944444444 1,401 11111111,,,,,,,,444444443333333322222222 1,829 22222222,,,,,,,,000000005555555555555555 FFFeeebbb 10,069 99999999,,,,,,,,777777778888888877777777 3,980 33333333,,,,,,,,999999990000000022222222 2,787 22222222,,,,,,,,666666664444444422222222 1,461 11111111,,,,,,,,333333336666666655555555 1,841 11111111........888888887777777788888888 MMMaaarrr 10,427 1111111100000000,,,,,,,,999999999999999999999999 3,983 44444444,,,,,,,,222222225555555599999999 2,971 33333333,,,,,,,,111111115555555522222222 1,605 11111111,,,,,,,,666666661111111144444444 1,868 11111111,,,,,,,,999999997777777744444444 AAAppprrr 10,384 1111111100000000,,,,,,,,000000004444444422222222 4,073 33333333,,,,,,,,999999993333333333333333 2,948 22222222,,,,,,,,888888883333333322222222 1,507 11111111,,,,,,,,444444444444444455555555 1.856 11111111,,,,,,,,888888883333333322222222 MMMaaayyy 10,355 1111111100000000,,,,,,,,888888881111111122222222 4,121 44444444,,,,,,,,333333334444444400000000 2,918 33333333,,,,,,,,000000005555555555555555 1,459 11111111,,,,,,,,555555552222222288888888 1.857 11111111,,,,,,,,888888888888888899999999 JJJuuunnneee 10,671 1111111100000000,,,,,,,,999999991111111144444444 4,250 44444444,,,,,,,,333333335555555588888888 2,971 33333333,,,,,,,,000000006666666677777777 1,366 11111111,,,,,,,,666666663333333388888888 1,884 11111111........888888885555555511111111 JJJuuulllyyy......... 10,593 1111111100000000,,,,,,,,444444449999999966666666 4,366 44444444,,,,,,,,222222229999999988888888 2,883 22222222,,,,,,,,888888884444444411111111 1,419 11111111,,,,,,,,555555550000000055555555 1,925 11111111........888888885555555522222222 AAAuuuggg 10,841 1111111100000000,,,,,,,,999999995555555577777777 4,414 44444444,,,,,,,,444444448888888866666666 3,021 33333333,,,,,,,,000000003333333344444444 1,510 11111111,,,,,,,,555555555555555577777777 1,896 11111111,,,,,,,,888888888888888800000000 SSSeeepppttt 10,667 1111111100000000,,,,,,,,222222225555555533333333 4,221 44444444,,,,,,,,111111113333333322222222 2,938 22222222,,,,,,,,777777778888888855555555 1,533 11111111,,,,,,,,444444445555555577777777 1,975 11111111........888888887777777799999999 OOOcccttt 10,908 1111111111111111,,,,,,,,000000002222222255555555 4,408 44444444,,,,,,,,555555552222222244444444 3,023 33333333,,,,,,,,000000002222222288888888 1,550 11111111,,,,,,,,555555557777777722222222 1,927 11111111,,,,,,,,999999990000000011111111 Net change in credit outstanding 2 111999666555 88888888,,,,,,,,111111119999999988888888 33333333,,,,,,,,888888886666666655555555 22222222,,,,,,,,222222220000000099999999 11111111,,,,,,,,111111112222222277777777 999999999999999977777777 1966 55555555,,,,,,,,333333335555555522222222 22222222,,,,,,,,333333335555555577777777 999999994444444455555555 11111111,,,,,,,,000000002222222266666666 11111111,,,,,,,,000000002222222244444444 1967 33333333,,,,,,,,111111118888888833333333 11111111,,,,,,,,888888883333333333333333 --------222222222222222200000000 999999990000000011111111 666666666666666699999999 1968 88888888,,,,,,,,333333331111111177777777 44444444,,,,,,,,777777778888888844444444 11111111,,,,,,,,444444449999999988888888 11111111,,,,,,,,555555550000000011111111 555555553333333344444444 1969 99999999,,,,,,,,333333336666666600000000 44444444,,,,,,,,444444448888888855555555 11111111,,,,,,,,777777777777777722222222 22222222,,,,,,,,000000000000000055555555 11111111,,,,,,,,000000009999999988888888 1970 44444444,,,,,,,,999999995555555599999999 22222222,,,,,,,,999999997777777777777777 --------111111116666666688888888 11111111,,,,,,,,333333336666666666666666 777777778888888844444444 1971 99999999,,,,,,,,222222223333333311111111 55555555,,,,,,,,888888884444444422222222 11111111,,,,,,,,222222220000000055555555 11111111,,,,,,,,999999993333333333333333 222222225555555511111111 1971—Oc t 875 777777770000000022222222 505 333333339999999933333333 169 111111116666666688888888 182 111111113333333377777777 19 44444444 Nov 1,192 11111111,,,,,,,,333333331111111133333333 728 555555551111111100000000 155 222222223333333377777777 219 222222220000000055555555 90 333333336666666611111111 Dec 890 22222222,,,,,,,,222222220000000077777777 582 666666668888888833333333 138 444444440000000099999999 187 111111112222222277777777 -17 999999998888888888888888 1972—Ja n 1,101 --------555555553333333388888888 409 --------8888888833333333 176 --------111111116666666600000000 286 --------77777777 230 --------222222228888888888888888 Feb 883 --------222222224444444477777777 538 111111110000000077777777 154 --------2222222288888888 239 111111116666666622222222 -48 --------444444448888888888888888 Mar 1,314 777777774444444477777777 639 555555551111111188888888 226 2222222211111111 282 222222226666666600000000 167 --------5555555522222222 Apr 990 11111111,,,,,,,,111111118888888822222222 571 888888884444444477777777 248 222222223333333399999999 75 111111111111111199999999 96 --------2222222233333333 May 1,332 11111111,,,,,,,,777777774444444444444444 696 999999999999999955555555 326 333333335555555555555555 215 333333335555555511111111 95 4444444433333333 June 1,386 22222222,,,,,,,,111111118888888822222222 848 11111111,,,,,,,,222222225555555599999999 225 444444441111111122222222 226 333333339999999988888888 87 111111111111111133333333 July 1,094 11111111,,,,,,,,333333333333333377777777 560 888888880000000055555555 224 333333334444444433333333 87 7777777755555555 223 111111111111111144444444 Aug 1,643 22222222,,,,,,,,222222220000000099999999 935 11111111,,,,,,,,111111115555555588888888 264 333333339999999999999999 278 444444445555555577777777 166 111111119999999955555555 Sept 1,286 11111111,,,,,,,,222222228888888822222222 751 777777772222222200000000 243 111111118888888866666666 198 222222222222222266666666 94 111111115555555500000000 Oct 1,496 11111111,,,,,,,,333333331111111122222222 819 777777770000000000000000 311 333333332222222200000000 155 111111110000000077777777 211 111111118888888855555555 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. • DECEMBER 1972 MARKET GROUPSNGS (1967 = 100) 1967 1971 1971 1972 pro- Grouping p ti o o r n - age* Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct.* Total index 100.00 106.8 106.8 107.4 108.1 108.7 110.0 111.2 112.8 113.2 113.4 113.9 115.0 116.1 117.2 Products, total 62.21 106.4 107.0 107.9 108.0 108.4 109.5 110.1 111.4 112.1 112.0 112.2 113.3 114.4 115.6 Final products 48.95 104.7 105.4 106.1 106.2 106.4 107.6 108.2 109.8 110.2 110.1 110.1 111.3 112.4 113.6 Consumer goods 28.53 115.7 116.6 118.0 118.0 118.5 119.6 119.6 122.0 122.2 122.1 122.0 123.1 124.7 125.4 Equipment 20.42 89.4 89.8 89.6 89.6 89.5 90.9 92.4 92.7 93.4 93.3 93.4 94.8 95.6 97.1 Intermediate products 13.26 112.6 113.2 114.3 114.9 115.9 117.0 117.3 117.3 119.3 119.1 120.5 121.2 121.7 122.6 Materials 37.79 107.4 106.6 106.5 108.4 109.2 110.8 113.1 115.0 115.6 116.1 116.8 117.4 119.1 120.2 Consumer goods Durable consumer goods 7.86 115.1 116.8 116.0 117.4 117.5 120.3 118.9 125.9 125.3 126.0 123.9 125.8 126.0 127.7 Automotive products 2.84 119.5 121.9 119.7 119.9 116.6 119.5 119.3 128.9 127.4 125.7 124.7 127.1 126.2 129.4 Autos 1.87 108.3 107.8 109.2 109.4 102.8 106.4 104.6 114.3 111.3 108.2 108.2 109.5 109.6 116.9 Auto parts and allied goods.... .97 140.9 149.0 140.1 140.0 143.4 144.5 147.5 157.0 158.3 159.3 156.9 160.9 157.6 153.4 Home goods 5.02 112.6 113.9 113.8 116.0 118.1 120.7 118.7 124.2 124.3 126.1 123.5 125.1 126.0 126.8 Appliances, TV, and radios 1.41 111.5 109.7 110.5 116.9 123.8 123.1 115.1 132.2 129.3 125.9 121.6 119.7 123.1 122.4 Appliances and A/C .92 127.6 129.5 131.3 135.8 143.4 146.9 131.9 149.3 148.2 141.2 138.5 141.8 142.8 145.4 TV and home audio .49 81.4 72.6 71.8 81.3 87.1 78.3 84.0 100.1 93.7 97.2 89.9 78.6 86.1 79.4 Carpeting and furniture 1.08 117.2 120.7 122.2 120.4 121.7 126.1 127.1 131.3 132.0 134.0 132.6 138.4 136.1 136.3 Misc. home goods 2.53 111.2 113.4 112.0 113.7 113.5 117.2 117.2 116.9 118.2 122.9 120.6 122.4 123.4 125.3 Nondurable consumer goods 20.67 116.0 116.6 118.8 118.4 119.0 119.3 119.9 120.5 121.0 120.6 121.3 122.1 124.1 124.5 Clothing 4.32 101.4 103.2 103.7 105.0 105.8 102.7 105.0 105.0 106.2 106.8 108.0 109.1 111.0 Consumer staples 16.34 119.8 120.2 122.8 121.9 122.5 123.7 123.9 124.6 124.9 124.3 124.8 125.5 127.6 i 28 ] 9 Consumer foods and tobacco... 8.37 113.6 113.9 117.2 115.5 115.4 115.5 116.3 116.8 117.2 116.8 116.4 117.6 118.5 118.4 Nonfood staples 7.98 126.3 126.7 128.6 128.7 129.8 132.4 132.0 132.8 133.1 132.2 133.6 133.8 137.2 140.0 Consumer chemical products. 2.64 133.9 132.0 137.2 134.3 137.6 144.3 141.4 145.4 144.8 140.2 141.3 141.7 146.6 150.2 Consumer paper products.... 1.91 107.9 111.0 111.5 114.8 111.4 112.1 113.9 111.4 111.1 112.5 112.5 112.2 115.6 117.5 Consumer fuel and lighting.. 3.43 130.8 131.6 131.6 132.1 134.2 134.5 134.9 134.8 136.3 136.8 139.4 139.8 141.9 144.7 Residential utilities 2.25 137,.6 138.5 138.8 139.0 141.8 142.5 142.3 142.1 143.2 145.0 147.0 147.5 150.3 153.6 Equipment Business equipment 12.74 96.8 98.2 97.9 98.0 98.4 99.9 101.3 101.3 102.5 102.4 102.1 105.0 106.4 108.1 Industrial equipment 6.77 92.9 93.5 94.2 94.2 94.1 95.4 96.3 95.7 96.3 97.2 96.7 99.9 102.3 103.7 Building and mining equip.. 1.45 92.9 95.5 95.2 94.0 98.0 99.6 101.2 98.4 97.0 98.3 98.0 104.8 105.7 105.0 Manufacturing equipment.. 3.85 82.6 83.1 83.5 83.8 82.4 83.4 84.5 84.9 85.9 86.7 87.1 89.4 92.6 95.2 Power equipment 1.47 119.8 118.8 121.5 121.6 121.0 122.7 122.0 121.4 122.8 123.5 120.5 122.4 124.4 124.5 Commercial, transit, farm eq.. 5.97 101.2 103.6 102.1 102.4 103.3 105.1 107.0 107.6 109.6 108.4 108.3 110.7 111.0 113.2 Commercial equipment. 3.30 110.0 112.2 110.2 109.4 109.1 111.9 114.7 114.1 116.4 116.7 117.3 120.0 121.5 122.4 Transit equipment 2.00 89.4 91.1 89.4 93.1 95.1 94.7 95.4 97.0 98.9 94.4 92.5 93.0 93.1 97.5 Farm equipment .67 93.2 98.8 100.0 96.1 98.6 102.4 103.5 106.8 108.2 109.7 111.2 117.7 113.3 114.9 Defense and space equipment. 7.68 77.1 75.7 75.9 75.6 74.8 76.0 77.6 78.5 78.2 78.3 78.9 77.9 77.7 78.7 Military products 5.15 79.9 79.0 78.8 78.3 77.6 78.5 80.7 81.3 81.1 80.4 81.6 79.9 79.4 80.5 Intermediate products Construction products 5.93 112.6 112.8 114.2 115.2 115.7 115.8 115.9 116.5 118.0 117.8 119.8 119.3 120.6 121.9 Misc. intermediate products. 7.34 112.6 113.5 114.4 114.5 116.1 118.0 118.5 118.0 120.4 120.2 121.1 122.8 122.6 123.3 Materials Durable goods materials.... 20.91 101.7 102.2 100.5 101.6 103.5 105.8 107.8 110.4 111.1 111.1 111.5 112.6 116.0 117.3 Consumer durable parts. 4.75 104.2 104.1 101.8 104.0 105.1 107.1 110.2 113.8 112.0 112.0 111.4 114.0 115.8 116.5 Equipment parts 5.41 87.1 88.1 87.3 87.9 88.8 90.7 91.0 95.4 95.3 95.3 98.2 97.8 100.7 102.3 Durable materials nec... 10.75 107.9 108.5 106.5 107.4 110.2 112.8 115.2 116.5 118.6 118.6 118.2 119.5 123.9 125.2 Nondurable goods materials 13.99 114.1 115.0 115.9 116.7 116.0 117.0 119.8 120.6 121.3 122.5 123.3 123.7 122.7 123.9 Textile, paper, and chem. mat.. 8.58 116.6 119.0 121.5 123.0 120.8 121.5 125.0 125.9 127.1 128.5 130.1 131.1 129.4 130.9 Nondurable materials n.e.c. 5.41 110.3 108.4 107.2 106.8 108.3 109.9 111.4 112.3 112.3 113.1 112.3 111.9 112.2 113.0 Fuel and power, industrial 2.89 116.3 98.7 104.6 117.6 117.4 117.7 118.9 121.6 120.7 121.7 123.5 121.5 125.0 123.2 Supplementary groups Home goods and clothing., . 9.34 107.4 108.9 109.2 110.9 112.4 112.4 112.3 115.3 115.9 117.2 116.3 117.7 119.0 118.1 Containers . 1.82 116.8 116.9 119.4 121.0 120.6 123.7 120.3 127.5 127.0 130.2 128.8 125.7 122.6 126.9 Gross value of products in market structure (In billions of 1963 dollars) Products, total 333333999999222222...... CCCCCC>>>>>> 333333999999333333......222222 333333999999666666......555555 333333999999666666......555555 333333999999888888......777777 444444000000222222......000000 444444000000555555......666666 444444000000999999......777777 444444111111333333......000000 444444111111222222......000000 444444111111000000......111111 444444111111444444......777777 444444111111888888......000000 444444222222333333......777777 Final products 333333000000222222......666666 iiiiii 333333000000333333......888888 333333000000666666......777777 333333000000555555......888888 333333000000666666......777777 333333000000999999......222222 333333111111222222......333333 333333111111777777......111111 333333111111888888......555555 333333111111777777......555555 333333111111444444......333333 333333111111999999......000000 333333222222222222......000000 333333222222666666......999999 Consumer goods 222222111111333333......888888 111111 222222111111555555......000000iiiiii 222222111111777777......999999 »»»»»» 222222111111777777......444444 222222111111777777......444444 222222111111888888......888888 222222222222000000......444444 222222222222444444......888888 222222222222555555......111111 222222222222444444......666666 222222222222222222......555555 222222222222555555......555555 222222222222777777......555555 222222333333000000......333333 Equipment 888888888888...... SSSSSS111111 888888999999......222222 888888999999......000000 >>>>>> 888888888888......999999 888888999999......222222 999999000000......444444 999999111111......999999 999999222222......444444 999999333333......333333 999999333333......111111 999999111111......888888 999999333333......777777 999999444444......777777 999999666666......777777 Intermediate products. 888888999999......555555 :::::: 888888999999......444444 999999000000......222222 :::::: 999999000000......666666•••••• 999999222222......555555 999999222222......999999 999999333333......222222 999999222222......888888 999999444444......555555 999999444444......333333 999999555555......888888 999999666666......000000 999999555555......999999 999999666666......777777 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) p p 19 o ro 6 r 7 - - a 1 v 9 e 7 r 1 - 1971 1972 Grouping tion agef Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct, Manufacturing 88.55 105.2 106.1 106.0 106.2 107.1 108.5 109.7 111.8 112.3 112.6 113.2 114.1 Durable 52.33 99.4 100.1 99.1 99.5 100.4 102.1 103.4 105.8 106.3 106.8 107.7 108.4 Nondurable 36.22 113.6 114.7 115.9 116.0 116.8 117.8 118.8 120.3 120.8 121.3 121.0 122.6 Mining and utilities 11.45 118.9 114.3 117.4 120.1 120.6 121.6 122.3 122.9 122.6 122.7 123.2 123.8 Mining 6.37 107.0 97.7 102.5 107.8 107.3 107.2 108.5 109.0 107.9 108.2 107.9 107.7 Utilities 5.08 133.9 135.2 136.0 135.8 137.4 139.7 139.7 140.2 141.1 140.9 142.5 144.1 Durable manufactures Primary and fabricated metals 12.55 104.0 101.3 98.8 100.6 104.0 105.4 107.4 110.4 112.7 112.1 114.5 114.0 Primary metals 6.61 100.9 96.1 91.4 94.3 102.4 102.6 105.1 110.2 113.5 111.9 114.9 113.6 Iron and steel, subtotal 4.23 96.6 89.4 81.9 85.5 95.2 95.9 98.8 105.5 108.3 104.9 107.7 107.3 Fabricated metal products 5.94 107.5 107.1 107.1 107.6 106.0 108.6 110.1 110.8 111.9 112.3 114.1 114.4 Machinery and allied goods 32.44 94.9 96.6 95.9 95.6 95.7 97.3 98.4 101.1 101.0 101.6 102.0 103.1 Machinery 17.39 96.2 98.3 97.8 97.9 98.5 99.5 100.3 102.6 103.0 104.8 104.8 107.1 Nonelectrical machinery 9.17 94.3 97.4 95.9 94.8 95.1 96.2 97.6 98.6 100.4 101.8 102.9 106.1 Electrical machinery 8.22 98.3 99.3 99.9 101.3 102.2 103.2 103.3 107. 105.9 108.0 107. 108.1 Transportation equipment 9.29 92.9 94.5 93.4 92.7 92.0 94.7 95.9 100.4 98.9 97.4 98.2 98.4 Motor vehicles and parts 4.56 114.1 116.0 115.7 116.1 114.0 117.7 118.8 125.6 122.6 119.3 121.4 121.6 Aerospace and misc. trans, eq... 4.73 72.5 73.7 72.0 70.1 70.8 72.7 73.9 76.1 76.1 76.4 75.9 76.0 Instruments 2.07 108.5 111.2 110.4 109.3 111.3 114.5 114.2 116.1 117.3 119.3 119.9 120.9 Ordnance, private and Govt 3.69 86.1 85.3 84.9 84.4 83.2 83.7 86.4 87.3 87.6 87.8 88.0 86.2 Lumber, clay, and glass 4.44 111.5 113.2 113.7 114.8 115.5 118.0 118.1 118.1 118.2 119.0 119.1 119.6 Lumber and products 1.65 113.9 118.2 119.4 121.7 122.0 119.7 119.6 119.9 119.1 121.8 121.5 121.1 Clay, glass, and stone products 2.79 110.0 110.1 110.4 110.7 111.6 117.0 117.2 117.1 117.5 117.4 117.7 118.7 Furniture and miscellaneous 2.90 111.7 114.0 113.3 114.3 115.0 117.3 118.4 119.9 120.6 122.1 123.7 126.7 Furniture and fixtures 1.38 102.1 104.5 105.4 103.8 104.0 108.4 108.7 111.7 110.7 112.8 115.5 117.6 Miscellaneous manufactures 1.52 120.5 122.6 120.5 123.9 125.1 125.4 127.2 127.4 129.6 130.6 131.0 135 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 102.3 101.8 103.1 102.0 101.1 103.7 106.1 104.9 105.9 104.8 106.8 Textile mill products 2.69 108.6 110.1 110.2 112.6 108.9 107.0 110.9 113.5 112.8 113.9 112.7 116.5 Apparel products 3.33 97.8 100.0 99.8 99.7 99.8 100.1 102.7 103.3 102.8 103.0 102.2 104.3 Leather and products .88 87.4 87.4 83.3 87.1 89.6 86.9 85.4 94.4 89.2 92.2 90.2 86.5 Paper and printing 7.92 107.8 109.4 110.5 110.7 111.3 112.6 112.6 112.3 114.1 115.1 115.2 116.4 Paper and products 3.18 115.8 116.9 119.2 119.8 122.2 122.8 122.5 124.4 127.2 126.7 126.9 127.8 Printing and publishing 4.74 102.5 104.3 104.5 104.7 103.9 105.8 105.9 104.2 105.3 107.3 107.2 108.7 Chemicals, petroleum, and rubber.... 11.92 124.8 126.6 127.9 127.9 129.8 132.6 133.4 136.1 137.5 137.1 137.4 139.9 Chemicals and products 7.86 126.4 128.4 130.8 130.4 131.2 135.1 135.7 137.9 138.9 139.5 139.5 141.3 Petroleum products 1.80 115.7 115.7 116.0 118.3 119.3 118.7 117.9 117.0 119.5 117.3 119.5 120.4 Rubber and plastics products 2.26 126.0 129.1 127.7 126.6 133.3 135.0 138.1 144.7 146.5 145.0 144.1 150.4 Foods and tobacco 9.48 113.7 113.3 115.8 115.0 115.7 115.9 116.3 117.6 117.1 117.6 116.8 117.6 Foods 8.81 114.9 114.4 117.1 116.6 116.5 116.9 117.5 118.6 118.5 119.3 118.3 118.3 Tobacco products .67 97.7 98.5 98.2 93.8 103.8 102.5 101.9 103.9 99.1 96.4 96.7 108.5 Mining Metal, stone, and earth minerals 1.26 104.6 102.0 110.9 111.1 108.0 109.8 108.3 104.6 99.4 99.6 95.8 101.0 Metal mining .51 121.4 117.1 136.7 137.7 128.9 133.7 131.0 122.2 110.7 102.9 102.2 115.2 Stone and earth minerals .75 93.2 91.7 93.4 92.7 93.8 93.5 92.7 92.6 91.7 97.4 91.6 91.4 Coal, oil, and gas 5.11 107.6 96.6 100.4 107.1 107.1 106.5 108.6 110.0 109.9 110.5 111.0 109.3 Coal .69 99.8 29.5 55.7 112.4 106.3 99.6 104.1 112.9 105.0 109. 114.4 97.2 Oil and gas extraction 4.42 108.9 107.1 107.4 106.3 107.2 107.6 109.3 109.6 110.7 110.7 110.5 111.2 Utilities Electric 3.91 138.1 140.6 141.9 141.9 141.2 144.4 144.8 145.6 147.1 146.8 148.6 150.2 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. • DECEMBER 1972 MARKET GROUPINGS (1967= 100) pp 1199 rroo 66 -- 77 11997711 1971 1972 ppoorr-- aavveerr-- GGrroouuppiinngg ttiioonn aaggee** Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Total index 100.00 106.8 110.3 107.7 104.5 106.6 110.3 111.6 113.6 113.4 116.5 109.2 115.4 120.2 Products, total 62.21 106.4 111.5 107.7 103.0 105.5 109.0 110.0 111.7 110.8 115.2 109.1 115.2 120.5 Final products 48.95 104.7 109.7 105.9 101.2 104.4 107.7 108.3 110.2 108.5 113.3 106.3 112.7 118.5 Consumer goods 28.53 115.7 123.0 117.2 109.9 115.7 119.4 119.2 122.4 119.6 126.0 117.0 126.5 133.5 Equipment 20.42 89.4 91.1 90.1 89.0 88.6 91.4 93.1 93.2 93.1 95.6 91.4 93.4 97.6 Intermediate products 13.26 112.6 118.0 114.1 109.8 109.4 113.8 116.5 117.4 119.5 122.2 119.2 124.4 128.0 Materials 37.79 107.4 108.2 107.6 106.9 108.3 112.4 114.5 116.6 117.7 118.7 109.4 115.8 119.6 Consumer goods Durable consumer goods 7.86 115.1 126.6 119.9 107.7 117.1 122.9 121.8 128.8 126.0 129.3 107.4 119.3 133.6 Automotive products 2.84 119.5 135.9 123.9 102.5 120.7 126.5 126.3 138.2 132.6 133.5 92.8 107.5 136.5 Autos 1.87 108.3 124.0 115.6 87.5 112.0 117.0 115.1 128.0 121.3 120.1 61.0 78.4 120.6 Auto parts and allied goods .97 140.9 158.7 139.8 131.3 137.5 144.8 147.8 157.8 154.3 159.3 153.9 163.3 167.1 5.02 112.6 121.4 117.6 110.7 115.1 120.8 119.3 123.5 122.3 126.9 115.6 126.0 132.0 Appliances, TV, and radios 1.41 111.5 125.7 116.7 98.4 123.1 127.2 120.1 131.9 124.9 125.6 109.6 112.2 127.7 Appliances and A/C .92 127.6 143.5 132.3 108.2 143.8 150.3 139.3 156.6 146.9 147.4 134.9 128.9 143.5 TV and home audio .49 81.4 92.5 87.4 80.1 84.3 83.9 84.1 85.6 83.7 84.8 62.2 80.9 98.2 Carpeting and furniture 1.08 117.2 122.0 125.5 123.0 123.5 131.4 130.8 131.8 128.3 132.8 114.4 138.7 140.0 Misc. home goods 2.53 111.2 118.8 114.7 112.3 107.1 112.7 113.9 115.3 118.2 125.2 119.5 128.3 130.9 Nondurable consumer goods 20.67 116.0 121.6 116.2 110.8 115.1 118.1 118.2 119.9 117.1 124.7 120.6 129.2 133.4 Clothing 4.32 101.4 110.4 100.6 90.6 100.8 106.6 108.1 113.2 102.7 113.2 97.2 113.5 116.9 Consumer staples 16.34 119.8 124.6 120.3 116.2 118.9 121.2 120.9 121.7 120.9 127.8 126.8 133.4 137.8 Consumer foods and tobacco.... 8.37 113.6 120.5 115.8 109.0 109.2 111.2 113.0 114.8 114.7 120.8 115.8 123.9 128.7 Nonfood staples 7.98 126.3 128.9 125.0 123.7 129.0 131.7 129.2 128.9 127.4 135.1 138.3 143.4 147.3 Consumer chemical products.. 2.64 133.9 139.4 137.1 124.9 129.3 137.7 135.0 142.3 143.9 152.3 146.9 148.4 159.5 Consumer paper products 1.91 107.9 114.7 110.7 108.9 106.3 109.1 110.8 110.3 107.9 116.2 114.2 120.4 122.8 Consumer fuel and lighting... 3.43 130.8 128.8 123.7 131.0 141.4 139.6 135.0 129.0 125.5 132.4 145.1 152.4 151.6 Residential utilities 2.25 137.6 134.8 126.9 135.5 152.3 150.1 144.2 136.3 128.7 137.5 154.6 165.3 163.8 Equipment Business equipment 12.74 96.8 100.3 98.3 96.4 96.6 100.7 102.2 102.3 102.2 105.6 99.5 103.2 109.5 Industrial equipment 6.77 92.9 95.2 94.6 93.4 93.0 96.2 96.4 95.7 95.7 99.0 96.0 99.5 104.1 Building and mining equip 1.45 92.9 97.0 99.0 95.7 . 97.1 99.5 97.9 99.0 96.3 101.4 98.0 102.3 107.5 Manufacturing equipment 3.85 82.6 83.9 83.2 83.1 81.4 85.6 86.2 84.8 85.5 88.2 85.2 89.2 93.6 Power equipment 1.47 119.8 123.1 120.2 118.1 119.3 120.6 121.4 121.2 121.8 124.9 122.3 123.7 128.1 Commercial, transit, farm eq 5.97 101.2 106.1 102.4 99.9 100.7 105.8 108.7 109.8 109.6 113.0 103.4 107.4 115.6 Commercial equipment 3.30 110.0 113.2 110.5 107.4 105.3 110.1 112.6 112.2 114.7 121.9 120.2 122.0 127.2 Transit equipment 2.00 89.4 96.0 91.8 90.8 93.5 97.3 99.5 104.8 100.9 97.9 78.2 85.2 95.2 Farm equipment .67 93.2 101.2 93.7 90.6 99.1 109.9 117.2 113.2 110.0 114.4 95.2 101.0 119.3 Defense and space equipment 7.68 77.1 75.7 76.4 76.6 75.3 75.9 77.9 78.0 78.1 78.9 77.9 77.1 77.8 5.15 79.9 78.7 79.0 78.8 77.8 78.4 81.0 81.1 81.3 81.7 81.0 79.3 79.3 Intermediate products 5.93 112.6 117.6 112.7 109.1 107.6 113.7 116.9 118.9 120.6 121.9 117.9 120.5 125.5 Misc. intermediate products 7.34 112.6 118.4 115.2 110.4 110.9 113.9 116.1 L16.2 118.7 122.4 120.3 127.5 130.0 Materials Durable goods materials 20.91 101.7 103.3 101.2 100.1 102.2 107.5 110.2 112.4 113.8 114.8 103.8 109.9 116.9 Consijmer durable parts 4.75 104.2 106.6 106.3 109.0 108.8 110.5 111.6 112.9 113.3 112.5 98.5 107.8 116.7 Equipment parts 5.41 87.1 87.8 86.5 87.1 89.1 92.1 93.7 96.5 95.9 98.9 92.2 95.5 101.7 Durable materials n.e.c 10.75 107.9 109.6 106.3 102.7 105.8 114.0 117.8 120.1 123.1 123.9 111.9 118.1 124.6 Nondurable goods materials 13.99 1 114.1 117.6 117.5 114.4 115.1 118.3 119.8 121.8 123.0 124.2 116.6 123.3 122.8 Textile, paper, and chem. mat 8.58 116.6 121.5 122.8 119.2 120.0 124.3 126.0 128.5 129.6 130.9 120.9 130.1 129.3 Nondurable materials n.e.c 5.41 110.3 111.3 109.0 106.8 107.4 108.8 110.0 111.2 112.6 113.6 109.9 112.6 112.6 Fuel and power, industrial 2.89 ' 116.3 97.9 105.3 119.2 119.4 119.6 119.6 121.8 120.7 120.8 115.2 121.7 124.0 Supplementary groups Home goods and clothing 9.34 t 107.4 116.3 109.7 101.4 108.5 114.2 114.1 118.7 113.2 120.6 107.1 120.2 125.0 Containers. 11..8822 :: 111166..88 112233..66 »» 111188..33ii 111111..99 111144..00 ii 112233..33 112200..33 112277..99 112288..99 113344..22 112233..11 113300..00 112288..00 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) 1 p 1 p 99 rr 66 oo 77 -- 11997711 1971 1972 ppoorr-- aavveerr-- GGrroouuppiinngg ttiioonn aaggee**>> Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct.** 88.55 105.2 109.7 106.8 102.7 104.7 109.0 110.5 112.7 112.7 115.7 107.0 113.5 118.8 120.3 Durable 52.33 99.4 102.4 99.8 97.1 99.2 103.8 105.5 107.5 107.6 109.4 100.2 105.1 111.8 114.0 Nondurable 36.22 113.6 120.2 116.8 110.9 112.6 116.4 117.8 120.2 120.0 124.9 116.9 125.7 129.0 129.3 Mining and utilities 11.45 118.9 114.2 113.9 118.1 121.0 121.1 120.7 120.4 120.0 122.9 124.6 130.0 130.8 126.3 6.37 107.0 97.9 101.8 107.5 104.7 105.4 106.4 108.8 109.9 109.7 105.5 109.2 110.9 110.4 Utilities 5.08 133.9 134.7 129.1 131.5 141.5 140.8 138.7 134.9 132.6 139.4 148.6 156.2 155.9 146.2 Durable manufactures Primary and fabricated metals 12.55 104.0 101.6 98.9 98.0 102.8 109.4 112.6 114.3 115.7 115.0 105.1 109.1 116.0 119.0 Primary metals 6.61 100.9 94.5 90.2 89.4 101.0 108.6 113.5 117.2 118.9 116.5 101.6 106.9 115.2 118.6 Iron and steel, subtotal 4.23 96.6 86.2 80.7 81.3 93.7 101.3 107.4 113.2 114.3 108.6 98.3 101.2 108.1 113.1 Fabricated metal products 5.94 107.5 109.5 108.6 107.6 104.8 110.2 111.5 111.1 112.2 113.3 109.0 111.5 117.0 119.4 Machinery and allied goods 32.44 94.9 99.2 96.7 93.7 95.8 99.1 100.2 102.3 101.7 104.0 94.4 98.7 106.4 108.7 Machinery 17.39 96.2 100.6 98.1 95.6 97.8 101.7 102.2 103.4 102.9 107.0 100.0 104.1 110.9 112.3 Nonelectrical machinery 9.17 94.3 97.1 95.0 93.7 93.9 99.4 100.2 99.8 100.9 104.7 100.5 103.3 109.3 109.7 Electrical machinery 8.22 98.3 104.4 101.5 97.7 102.1 104.3 104.5 107.4 105.1 109.5 99.5 105.0 112.6 115.1 Transportation equipment 9.29 92.9 99.0 95.4 90.3 94.0 97.5 99.0 103.8 101.7 100.8 81.0 88.3 102.0 107.2 Motor vehicles and parts 4.56 114.1 124.8 119.8 110.8 119.1 123.3 123.8 131.8 128.1 126.0 87.8 102.3 127.1 137.1 Aerospace and misc. trans, eq. .. 4.73 72.5 74.1 71.9 70.6 69.8 72.6 75.0 76.8 76.3 76.6 74.5 74.9 77.8 78.4 Instruments 2.07 108.5 114.4 111.0 109.2 108.1 111.2 112.3 112.5 116.1 121.8 119.9 123.4 127.3 126.5 Ordnance, private and Govt 3.69 86.1 84.7 85.0 84.8 83.7 84.0 87.1 87.3 87.8 88.2 87.3 85.2 84.6 85.8 Lumber, clay, and glass 4.44 111.5 118.6 113.5 107.1 105.9 112.3 115.9 118.5 120.4 124.1 119.2 125.7 126.3 127.3 Lumber and products 1.65 113.9 122.6 116.2 109.3 111.1 119.5 121.5 122.1 121.8 126.5 120.5 125.9 128.8 128.4 Clay, glass, and stone products.... 2.79 110.0 116.3 111.9 105.8 102.8 108.1 112.5 116.3 119.6 122.7 118.4 125.6 124.8 126.6 2.90 111.7 117.3 117.5 115.2 111.3 118.4 118.8 119.1 118.1 123.7 114.5 127.5 131.0 130.5 Furniture and fixtures 1.38 102.1 104.8 108.6 106.9 106.2 113.7 112.7 111.6 108.7 112.1 100.4 115.7 117.9 117.4 Miscellaneous manufactures 1.52 120.5 128.7 125.6 122.7 116.0 122.8 124.4 125.9 126.6 134.3 127.3 138.2 142.9 142.4 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 107.5 101.3 92.6 100.4 105.4 106.7 109.9 103.9 110.9 94.4 111.4 112.7 111.0 Textile mill products 2.69 108.6 113.8 111.0 101.9 106.6 110.3 114.0 115.9 115.8 119.0 102.0 120.7 120.3 111199..00 Apparel products 3.33 97.8 106.7 98.1 87.7 98.4 105.3 105.0 109.5 98.7 109.1 92.5 109.2 112.1 Leather and products .88 87.4 91.5 83.9 83.0 88.9 90.6 90.4 93.3 87.3 92.8 78.2 91.3 91.9 92! 5 Paper and printing 7.92 107.8 115.2 112.0 104.9 105.2 109.9 111.2 112.9 114.1 117.9 111.5 120.0 120.7 124.7 Paper and products 3.18 115.8 123.0 120.2 110.8 120.7 125.9 125.3 128.1 128.5 130.2 116.1 127.5 123.7 134.1 Printing and publishing 4.74 102.5 109.9 106.5 100.9 94.8 99.2 101.7 102.7 104.4 109.6 108.4 114.9 118.6 118.3 Chemicals, petroleum, and rubber 11.92 124.8 130.1 129.1 125.9 126.0 131.1 132.5 135.8 138.0 141.4 134.7 140.3 145.2 145.8 Chemicals and products 7.86 126.4 131.0 131.3 127.7 126.6 132.0 134.1 138.9 140.7 144.2 138.7 142.4 147.4 147.3 Petroleum products 1.80 115.7 117.8 115.2 116.5 114.4 115.0 113.5 112.1 118.4 121.5 123.8 125.7 126.3 126.1 Rubber and plastics products 2.26 126.0 136.7 132.3 126.9 133.0 140.8 142.2 144.1 144.0 147.6 129.3 144.4 152.3 156.1 Foods and tobacco 9.48 113.7 121.2 116.8 110.4 110.8 111.4 112.9 114.2 114.1 120.1 115.2 122.7 127.4 125.9 Foods 8.81 114.9 122.4 118.2 112.8 111.3 111.8 113.7 115.3 115.3 121.4 117.4 123.2 128.8 112277..11 Tobacco products ..6677 9977..77 110066..11 9999..00 7788..77 110033..66 105.5 110022..11 9999..44 9988..11 110033..00 8866..33 111166..77 110099..44 Mining Metal, stone, and earth minerals 1.26 104.6 105.8 103.9 100.5 93.1 95.4 98.0 105.3 110.8 111.6 102.2 108.7 113.2 110.9 Metal mining .51 121.4 117.9 114.8 111.3 105.8 113.8 114.4 123.5 131.5 129.6 116.7 128.4 133.9 123.3 Stone and earth minerals .75 93.2 97.6 96.6 93.1 84.4 82.8 86.8 92.8 96.7 99.3 92.3 95.4 99.2 102.4 Coal, oil, and gas 5.11 107.6 95.9 101.3 109.2 107.6 107.9 108.5 109.7 109.7 109.2 106.3 109.3 110.3 110.3 Coal .69 99.8 31.5 56.9 111.7 105.1 99.9 102.7 114.9 107.1 104.8 87.6 103.5 106.9 106.1 Oil and gas extraction 4.42 108.9 106.0 108.2 108.8 108.0 109.2 109.4 108.9 110.1 109.9 109.2 110.2 110.8 110.9 Utilities 3.91 138.1 139.9 > 132.8; 136.2 146.6 145.8 143.5 138.5 136.4 144.9 156.5 166.0 165.4 152.6 Gas ii..nn rr 111199..88 1 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 • DECEMBER 1972 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices * facturing 2 In- Ca- Market dustry pacity NNoonnaagg-utiliza- Con- rriiccuull-- Products tion struc- ttuurraall TToottaall Period TToottaall Total Final C p o r n o - ducts m I e n d te ia r- te M ri a a t l e s - f M a i c a n t n g u u r - - 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 t - s TT mm pp oo ee ee ll mm tt oo nn aa yy tt - ll - —— -- ii p m E l e o m n y - t - P ro a l y ls - ss rr aa ee ll tt ee aa ss ii ll 33 s C u o m n e - r m W c s o o h a d m o le i l - t e y - Total sumer Equip- prodgoods ment ucts 1952.. 92. 74.1 93.4 54.5 52 79.5 88.6 1953.. 95.5 76.3 98.2 60.3 54 80.1 87.4 1954.. 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 84. 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. 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 I960.. 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 r82.1 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 r78.3 107.3 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—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 r75.3 155.0 108.9 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 Aug.. . 115.0 113.3 111.3 123.1 r94. 8 121.2 117.4 114.1 180.0 110.8 96.8 131.3 145 125.7 119.9 Sept... 116.1 114.4 112.4 124.7 r95.6 121.7 119.1 115.3 78. 187.0 111.1 r97. 3 133.4 144 126.2 120.2 Oct.... 117.2 115.6 113.6 125.4 r97.1 122.6 120.2 116.4 171.0 111.7 r98.4 134.8 149 126.6 120.0 Nov.**. 118.5 117.1 114.8 126.9 98.1 125.1 120.9 117.8 111122..00 9988..99 113366..44 112200..77 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 4 Prices are not seasonally adjusted. Latest figure is final. value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. 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 Oct.r Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, Total construction 1 67,097 78,878 6,663 6,405 6,286 6,234 5,607 7,284 8,100 r9,098 8,478 8,067 8,875 8,197 8,225 By type of ownership: Public 23,362 24,183 1,809 1,960 1,696 2,137 1,634 1,686 1,741 2,574 2,517 2,528 2,466 2,017 1,668 Private 1 45,058 56,408 4,854 4,445 4,590 4,097 3,973 5,598 6,359 6,524 5,960 5,538 6,409 6,181 6,557 By type of construction: Residential building 1 24,910 35,226 3,137 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 2,056 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 1,470 1,275 1,331 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 1,983 2,051 2,142 2,204 2,056 2,007 1,991 rl ,955 2,121 2,108 2,237 r2,265 2,218 (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

DECEMBER 1972 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Total Total d R en es ti i a - l Buildings Total M ta i r l y i- H w ig ay h - C v o a n & ti s o e n r - Total In tr d i u al s - m C e o rc m i - al b O in u t g i h s l e d r 1 - Other de m v e e n lo t p- 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1,523 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1,694 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1,750 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27.605 808 9,321 1,973 93,368 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 94,030 65,932 31,864 34,068 6,538 9,754 5,125 12,651 28,098 718 9,981 1,908 109,399 79,535 43,062 36,473 5,423 11,619 5,428 14,003 29,864 894 10,658 2,095 114,047 82,444 46,387 36,057 4,988 11,779 5,453 13,837 31.606 931 11,216 2,000 114,627 84,153 47,094 37,059 4,908 12,349 5,655 14,147 30,474 970 10,827 2,106 115,553 .85,241 47,919 37,322 4,937 12,354 5,709 14,322 30,312 905 10,408 1,903 120,790 88,606 49,594 39,012 4,935 13,272 5,734 15,071 32,184 986 1,943 121,777 90,860 51,922 38,938 4,674 13,247 5,582 15,435 30,917 1,002 1,804 122,912 92,529 53,089 39,440 4,796 13,244 5,993 15,407 30,383 1,186 1,918 120,377 91,429 52,668 38,761 4,649 13,411 5.765 14,936 28,948 965 1,644 122,058 92,236 52,320 39,916 4,723 14,132 5.766 15,295 29,822 980 1,971 121,134 92,527 52,944 39,538 4,944 13,477 5,907 15,255 28.607 1,098 2,256 120,152 91,869 53,535 38,334 4,592 12,979 5,670 15,093 28,283 1,360 1,417 123,266 94,066 54,314 39,752 4,814 13,406 5,942 15,590 29,079 867 1,676 125,232 94,644 55,421 39,223 4,432 13,490 5,723 15,578 30,588 958 1,666 125,701 96,324 55,953 40,371 4,322 14,013 6,215 15,821 29,377 937 1,769 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 1,610 261 328 591 430 1,021 5!8 9 1,642 1,610 32 292 221 71 151 1964 1,529 254 340 578 357 970 108 450 1,561 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 1,165 206 288 472 198 778 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 1,508 227 369 618 294 900 81 527 1,546 1,508 38 283 227 56 318 1969 1,467 206 349 588 324 814 85 571 1,500 1,467 33 284 233 51 413 1970 1,434 218 294 612 310 813 85 536 1,469 1,434 35 482 421 61 401 1971 2,052 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 1971—Oct 2,038 242 435 895 465 1,155 108 774 182 180 2 47 38 8 51 Nov 2,228 305 483 950 489 1,242 102 883 176 174 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 10 49 Apr 2,109 244 335 1,086 444 1,167 146 796 213 212 2 38 29 8 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 2,484 341 511 1,030 602 1,410 143 931 231 229 2 40 30 10 52 Sept.r 2,366 342 478 1,058 488 1,371 121 874 202 200 1 37 28 9 49 Oct 22,,441100 336688 448833 11,,009966 446633 11,,228888 115522 997700 221133 221122 2 3344 2255 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 • DECEMBER 1972 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period ii pp TT nn oo (( ss oo NN tt pp tt ii aa uu tt ..SS uu ll ll aa tt .. nn ii AA tt oo oo ii .. oo nn )) nn nn aa -- ll la ( b N N o . o r S t . f A i o n r . ) c e TT l ( l ( ff aa SS oo oo bb .. rr tt AA cc oo aa ee rr ll .. )) Total Total E In m c n u p o l l t n o u a y ra g e l r d i 1 - In U pl n o e y m ed - U (p n e e m r S r a m . e A t c p e n e . 2 t l ) n o t y ; industries agriculture 1966... 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 1968.., 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1969... 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 1970... 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1971... 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1971--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 Nov.. 146,709 57,309 89,468 87,037 82,531 79,007 3,524 4,506 5.2 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 e t b a s - - Trade Finance Service G m ov e e n r t n - 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 196 9 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 197 0 70,616 19,369 622 3,345 4,504 14,922 3,690 11,630 12,535 197 1 70,699 18,610 601 3,259 4,481 15,174 3,800 11,917 12,858 SEASONALLY ADJUSTED 1971—NO V 71,042 18,603 525 3,320 4,434 15,278 3,851 12,044 12,987 Dec 71,185 18,566 607 3,245 4,465 15,315 3,860 12,089 13,038 1972—Ja n 71,584 18,609 616 3,320 4,502 15,447 3,872 12,120 13,098 Feb 71,729 18,690 612 3,236 4,479 15,495 3,879 12,177 13,161 Mar 72,030 18,777 613 3,272 4.536 15,518 3,890 12,217 13,207 Apr 72,263 18,870 603 3,233 4,522 15,647 3,897 12,254 13,237 May 72.558 18,973 602 3,256 4,539 15,671 3,921 12,303 13,293 June 72,630 18,999 598 3,247 4,539 15,712 3,938 12,379 13,218 July 72,661 18,861 599 3,489 4,473 15,692 3,927 12,341 13,279 Aug 72,984 18,930 602 3,544 4,478 15,758 3,936 12,419 13,317 Sept 73,176 19,029 606 3,551 4,499 15,794 3,953 12,379 13,365 Oct.? 73.559 19,215 608 3,565 4,539 15,847 3,968 12,442 13,375 Nov.p 73,765 19,293 604 3,541 4.537 15,930 3,983 12,462 13,415 NOT SEASONALLY ADJUSTED 1971—NO V 71,638 18,693 524 3,410 4,447 15,537 3,836 12,032 13,159 Dec 72,034 18,595 605 3,177 4,469 16,089 3,841 12,029 13,229 1972—Ja n 70,643 18,440 602 2,965 4,430 15,266 3,833 11,926 13,181 Feb 70,776 18,537 596 2,880 4,407 15,147 3,844 12,031 13,334 Mar 71,374 18,653 599 2,974 4,482 15,274 3,867 12,131 13,394 Apr 71,928 18,713 597 3,117 4,486 15,460 3,885 12,279 13,391 May 72,533 18,824 602 3,246 4,521 15,592 3,913 12,401 13,434 June 73,345 19,142 612 3,406 4,589 15,771 3,969 12,540 13,316 July 72,469 18,703 614 3,740 4,531 15,653 3,990 12,489 12,749 Aug 72,975 19,147 616 3,838 4,527 15,691 3,995 12,481 12,680 Sept 73,519 19,298 613 3,785 4,548 15,774 3,957 12,391 13,153 Oct.* 74,088 19,355 607 3,779 4,548 15,899 3,956 12,454 13,490 NOV.P 74,309 19,379 602 3,647 4,542 16,137 3,967 12,437 13,598 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

DECEMBER 1972 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1971 1972 1971 1972 Nov. Sept. Oct.p Nov.p Nov. Sept. Oct.2' Nov.p 13,468 13,924 14,080 14,148 13,558 14,180 14,222 14,240 Durable goods 7,616 7,999 8,128 8,177 7,653 8,099 8,171 8,217 Ordnance and accessories 91 93 96 97 93 95 96 99 Lumber and wood products 518 528 530 536 516 540 537 534 Furniture and fixtures 387 413 416 420 393 416 421 426 Stone, clay, and glass products 509 530 538 538 512 543 545 541 Primary metal industries 930 1,017 1,028 1,025 913 1,003 1,004 1,007 Fabricated metal products 1,015 1,058 1,066 1,072 1,027 1,069 1,076 1,085 1,183 1,252 1,281 1,303 1,172 1,251 1,271 1,290 Electrical equipment and supplies 1,183 1,248 1,277 1,280 1,196 1,267 1,286 1,294 Transportation equipment 1,219 1,247 1,277 1,284 1,235 1,285 1,295 1,301 Instruments and related products 265 281 285 289 265 282 286 290 Miscellaneous manufacturing industries 316 332 334 333 331 348 354 349 Nondurable goods 5,852 5,925 5,952 5,971 5,905 6,081 6,051 6,023 Food and kindred products 1,185 1,172 1,168 1,169 1,209 1,293 1,241 1,192 Tobacco manufactures 61 54 54 57 66 65 63 62 Textile-mill products 847 874 882 887 851 877 883 891 Apparel and related products 1,172 1,167 1,172 1,180 1,182 1,180 1,186 1,190 Paper and allied products 526 541 547 545 530 544 546 549 Printing, publishing, and allied industries 651 658 659 659 655 657 662 663 Chemicals and allied products 578 585 588 590 575 585 585 587 Petroleum refining and related industries 116 117 118 119 116 119 119 118 Rubber and misc. plastic products 460 494 504 510 463 500 508 513 256 263 260 255 258 262 259 257 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 1972 Nov. Sept. Oct.f Nov.P Nov. Sept. Oct.f Nov.f Nov. Sept. Oct.f Nov.p Total 40.1 40.8 40.7 40.9 144.32 158.26 157.49 159.08 3.59 3.86 3.86 3.88 Durable goods 40.6 41.4 41.5 41.6 155.47 171.39 170.98 172.64 3.82 4.11 4.11 4.14 Ordnance and accessories 41.9 42.2 42.4 42.4 162.54 175.55 174.69 175.10 3.87 4.15 4.12 4.12 Lumber and wood products 40.7 41.3 41.2 41.0 130.33 140.27 139.86 139.06 3.21 3.38 3.37 3.40 40.0 40.5 40.2 40.4 118.37 127.51 127.30 128.11 2.93 3.11 3.12 3.14 Stone, clay, and glass products 41.8 41.9 42.2 41.9 155.87 169.18 170.43 167.58 3.72 3.99 4.01 3.99 40.4 42.0 42.3 42.7 173.96 199.50 197.24 201.29 4.36 4.75 4.73 4.77 Fabricated metal products 40.5 41.1 41.3 41.5 153.06 168.48 168.08 169.31 3.77 4.05 4.05 4.07 Machinery 41.1 42.4 42.2 42.6 166.04 183.59 183.15 185.74 4.04 4.33 4.34 4.36 Electrical equipment and supplies 40.1 40.6 40.6 40.5 141.40 151.78 151.78 151.78 3.50 3.72 3.72 3.72 Transportation equipment 40.7 41.9 41.7 42.3 181.25 203.52 202.98 208.01 4.41 4.80 4.81 4.86 Instruments and related products 40.1 40.7 40.5 40.5 143.78 152.97 151.44 152.56 3.55 3.74 3.73 3.73 Miscellaneous manufacturing industries... 39.1 39.5 39.2 39.1 117.71 123.64 124.03 124.43 2.98 3.13 3.14 3.15 Nondurable goods 39.5 39.7 39.8 39.9 130.28 140.40 140.45 141.20 3.29 3.51 3.52 3.53 Food and kindred products 40.0 40.2 40.3 40.4 136.74 148.01 146.29 147.83 3.41 3.61 3.63 3.65 Tobacco manufactures 35.6 34.1 36.7 36.6 109.29 118.59 128.18 129.56 3.07 3.35 3.40 3.54 Textile-mill products 41.1 41.4 41.2 41.4 107.23 114.13 114.26 115.51 2.59 2.75 2.76 2.77 Apparel and related products 36.2 36.3 36.3 36.4 91.36 95.93 96.92 98.09 2.51 2.65 2.67 2.68 Paper and allied products 42.3 42.9 42.8 42.9 158.15 173.23 172.43 172.43 3.73 4.01 4.01 4.01 Printing, publishing, and allied industries. 37.6 38.2 38.1 38.3 160.93 175.56 173.36 175.03 4.28 4.56 4.55 4.57 Chemicals and allied products 41.5 41.8 41.9 41.8 166.40 178.49 178.91 179.75 4.00 4.26 4.27 4.29 Petroleum refining and related industries . 42.0 42.3 42.3 42.0 195.34 214.00 213.43 210.50 4.64 5.00 5.01 5.00 Rubber and misc. plastic products 40.6 41.1 41.4 41.7 140.01 151.89 153.09 154.24 3.44 3.66 3.68 3.69 Leather and leather products 38.2 38.7 37.8 37.9 100.61 103.63 102.27 104.01 2.62 2.72 2.72 2.73 i 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 • DECEMBER 1972 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- AAppppaarreell TTrraannss-- PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow o n m e e r - - F a o u n i d e l l e G a l n e a d c s - n i a n i n s g d h s - uupp aa kk nn ee dd ee pp pp tt oo ii rr oo tt nn aa -- Total M ic e a d l - s P o e n r a - l R a i e n n a g d d - g O a o t n o h d d e r s ship coal tricity o t p i e o r n a - care care re t c io re n a- s i e c r e v s - 1929 5555511111.....33333 4444488888.....33333 7777766666.....00000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 5555544444.....11111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 **** 55553333....7777**** 5555577777.....22222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 55559999....1111 5555588888.....88888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 196 0 8888888888.....77777 8888888888.....00000 99990000....2222 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 99990000....9999 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 99991111....7777 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 99992222....7777 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 99993333....8888 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 99994444....9999 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 99997777....2222 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 111100000000....0000 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 111100004444....2222 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 111111110000....8888 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 111111118888....9999 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 111122224444....3333 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—Oc t ffffflllll2222222222.....44444 111111111188888.....99999 111122225555....9999 111111111166666.....44444 135.7 111111777...888 111111555...777 119.5 111112222211111.....66666 fffllllll999...333 123.5 111222999...666 111111777...999 111222000...555 111222222...666 Nov 111112222222222.....66666 111111111199999.....00000 111122226666....4444 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 111122226666....8888 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 111122227777....3333 tttttrrrrr111111111177777.....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 111122227777....6666 fffffllllllllll77777.....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 111122227777....9999 rrrrriiiiiiiiiisssss.....ooooo 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 111122228888....2222 tttttrrrrr111111111188888.....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 111122228888....5555 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 111122229999....0000 ttttt111111111199999.....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 111122229999....5555 tttttrrrrr111111111199999.....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 111122229999....9999 ttttt'''''111111111199999.....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 111133330000....1111 111111111199999.....99999 141.5 111111888...000 111222000...555 121.6 111112222233333.....11111 111222111...000 126.8 111333333...111 111222000...555 111222333...777 111222666...222 Oct 111112222266666.....66666 111112222244444.....99999 111133330000....4444 111112222200000.....33333 141.8 111111888...111 111222000...999 121.8 111112222244444.....33333 111222111...222 127.2 111333333...999 111222000...888 111222444...000 111222666...444 t Reflects effect of refund of Federal excise tax on new cars. NOTE.—Bureau of Labor Statistics index for city wage-earners and j 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 Pro- Period m c t A o o ie m l d s l i - - p F u r a c o r t d m s - c f f e o a e s n o e s d d d e s d s Total 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 e tc r b . , - 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 u r 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 t1 - - - n c M e el o i l s u a - s - 1960. 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 1961. 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 1962. 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 1963. 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 1964. 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 1965. 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 1966. 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 1967. 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 1968. 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 1969. 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 "i 0018 105.2 1970. 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 1971. 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 1971--Nov 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 Dec 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 1972--Jan 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 Feb 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 Mar 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 Apr 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 May 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 June 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 July 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 Aug 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 Sept 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 Oct 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 Nov 120.7 128.8 123.1 119.1 115.1 144.0 121.3 104.7 109.8 149.4 115.0 124.1 118.5 112.3 127.3 113.0 115.0 i For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 GGrroouupp Group Nov. Sept. Oct. Nov. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce 127.1 138.1 122.8 141.8 Pulp, paper and products, excluding 87.8 109.5 109.2 113.6 building paper and board 110.9 114.6 121.0 144.9 144.2 139.5 Woodpulp 111.5 111.5 Live poultry 92.3 112.3 103.8 102.8 Wastepaper 117.2 139.2 Plant and animal fibers 97.3 108.4 105.7 112.2 Paper 114.7 116.7 Fluid milk 118.8 122.8 123.8 123.5 Paperboard 102.9 106.5 88.5 114.9 99.1 123.1 Converted paper and paperboard.. 110.1 114.6 Hay and seeds 109.0 118.0 114.9 124.6 Building paper and board 104.7 107.3 111.8 132.7 132.3 134.0 Processed foods and feeds: Metals and metal products: Cereal and bakery products 111.5 116.1 116.9 118.3 Meat, poultry, and fish 117.1 131.7 130.4 127.9 Iron and steel 125.3 128.8 Dairy products 116.3 119.0 120.0 121.8 Steelmill products 128.2 130.2 Processed fruits and vegetables 115.4 120.1 121.8 123.8 Nonferrous metals 116.0 117.4 Sugar and confectionery 119.1 121.6 123.5 121.7 Metal containers 124.2 131.1 Beverages and beverage materials.... 116.6 119.1 118.8 119.4 Hardware 117.7 120.8 Animal fats and oils 130.1 126.7 129.6 134.9 Plumbing equipment 118.3 120.5 Crude vegetable oils 128.6 100.7 94.9 93.7 Heating equipment 116.5 119.2 Refined vegetable oils 130.4 107.0 108.4 104.6 Fabricated structural metal products 120.3 122.7 Vegetable oil end products 122.8 121.5 123.2 121.6 Miscellaneous metal products 119.7 124.7 Miscellaneous processed foods 113.0 116.4 116.9 116.1 Manufactured animal feeds 100.3 117.8 116.5 130.5 Textile products and apparel: Machinery and equipment: Cotton products 112.5 123.6 124.0 124.2 Agricultural machinery and equip... 117.5 122.6 Wool products 92.3 102.5 106.6 107.1 Construction machinery and equip.. 122.0 126.1 Manmade fiber textile products 103.2 108.6 108.6 109.5 Metalworking machinery and equip 118.2 121.0 113.8 115.3 115.6 115.9 General purpose machinery and Textile housefurnishings 104.1 110.0 110.0 109.9 equipment 120.2 123.0 Miscellaneous textile products 121.2 120.4 121.3 118.7 Special industry machinery and equipment 122.0 124.0 Hides, skins, leather, and products: Electrical machinery and equip 109.3 110.6 Miscellaneous machinery 117.8 120.9 123.1 244.0 270.8 287.0 113.5 143.5 153.3 162.6 117.1 126.8 127.0 128.5 Other leather products 109.1 120.4 123.6 127.1 Furniture and household durables: Fuels and related products, and power: Household furniture 115.4 117.7 Commercial furniture 118.2 121.1 Coal 182.9 192.2 192.4 201.2 Floor coverings 97.6 99.0 Coke 150.5 155.3 157.0 157.0 Household appliances 107.6 108. Gas fuels 108.8 116.7 117.5 119.0 Home electronic equipment 93.4 92.9 Electric power 116.2 122.6 123.1 123.0 Other household durable goods... 122.0 127.0 Crude petroleum 113.2 114.7 114.7 114.7 Petroleum products, refined 106.2 111.3 111.5 111.5 Chemicals and allied products: Nonmetallic mineral products: 101.7 101.3 100.8 100.9 Flat glass 123.1 122.8 Prepared paint 115.9 118.3 118.2 118.2 Concrete ingredients 124.3 128.3 Paint materials 99.7 105.2 105.1 105.1 Concrete products 122.6 126.3 Drugs and pharmaceuticals 102.4 103.1 103.3 103.6 Structural clay products excluding Fats and oils, inedible 125.3 116.4 117.2 123.2 refractories 114.9 117.5 Agricultural chemicals and products.. 90.3 92.0 92.1 92.4 Refractories 127.1 132.1 Plastic resins and materials 89.2 88.9 89.2 89.6 Asphalt roofing 131.2 131.2 Other chemicals and products 112.5 113.8 114.1 114.1 Gypsum products 112.1 115.2 Glass containers 131.5 136.4 Rubber and plastic products: Other nonmetallic minerals 125.6 127.3 Rubber and rubber products 113.3 114.3 114.3 114.6 Crude rubber 98.5 98.8 99.6 100.8 Tires and tubes 110.8 109.7 109.7 109.7 Transportation equipment: Miscellaneous rubber products 119.2 122.1 121.7 122.0 Plastic construction products (Dec. Motor vehicles and equipment. 115.3 118.5 1969 = 100) 94.1 93.3 93.3 93.3 Railroad equipment 122.5 130.2 Unsupported plastic film and sheeting (Dec. 1970=100) 100.1 98.3 98.3 9988..66 Laminated sheets, high pressure (Dec. 1970-100) 98.0 97.9 97.6 97.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.8 114.8 Lumber 141.9 165.1 166.1 166.8 Tobacco products 116.8 117.5 Millwork 123.7 130.2 130.7 130.9 Notions 111.7 112.9 Plywood 115.9 134.6 134.6 133.3 Photographic equipment and supplies 106.5 107.0 Other wood products 119.5 127.6 128.2 130.2 Other miscellaneous products 112.9 117.6 NOTE.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 NATIONAL PRODUCT AND INCOME • DECEMBER 1972 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 III IV II III Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.41,050.41,056.9 1,078.1 1,109.1 1,139.41,164.0 Final purchases 101.4 57.2 120.1 278.0 785.7 857.1 922.5 971.51,046.71,056.61,076.41,108.61,134.41,156.0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 492.1 536.2 579.5 616.8 664.9 670.7 680.5 696.1 713.4 728.6 Durable goods 9.2 3.5 9.6 30.5 73 84.0 90. 90.5 103.5 106.1 106.1 111.0 113.9 118.6 Nondurable goods 37.7 22.3 42.9 98.1 215.0 230.8 245.9 264.4 278.1 278.5 283.4 288.3 297.2 302.0 Services 30.3 20.1 28.1 62.4 204.0 221.3 242.7 261.8 283.3 286.1 290.9 296.7 302.4 308.0 Gross private domestic investment 16.2 1.4 17.9 54.1 116.6 126.0 139.0 137.1 152.0 152.2 158.8 168.1 177.0 183.2 Fixed investment 14.5 3.0 13.4 47.3 108.4 118.9 131.1 132.2 148.3 150.9 157.2 167.7 172.0 175.2 Nonresidential 10.6 2.4 9.5 27.9 83.3 88.8 98.5 100.9 105.8 106.3 109.8 116.1 119.2 120.7 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 41.8 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 79.0 Residential structures 4.0 .6 3.9 19.4 25. 30.1 32.6 31.2 42.6 44.5 47.3 51.6 52.8 54.4 Nonfarm 3. .5 3.7 18.6 24.5 29.5 32.0 30.7 42.0 43.9 46.7 51.0 52.1 53.7 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 8.0 Nonfarm 1.8 -1.4 4.0 6.0 7.5 6.9 7.7 4.8 2.4 -.2 4.3 7.9 Net exports of goods and services. 1.1 .4 1.3 1 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 74.4 Imports 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 77.8 Government purchases of goods and services. 8.5 8.0 24.8 37.9 180.1 199.6 210.0 219.0 232.8 233.6 240.9 249.4 254.1 255.6 Federal 1.3 2.0 16.9 18.4 90.7 98.8 98.8 96.5 97.8 97.9 100.7 105.7 108.1 105.4 National defense 13.8 14. 72.4 78.3 78.4 75.1 71.4 70.1 71 76.7 78.6 75.1 Other 3.1 4.3 18.4 20.5 20.4 21.5 26.3 27.8 28.7 28.9 29.6 30.2 State and local 7.2 6.0 7.9 19.5 89.4 100.8 111.2 122.5 135.0 135.7 140.2 143.7 146.0 150.2 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 675.2 706.6 725.6 722.1 741.7 742.5 754.5 766.5 783.9 796.1 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 IItteemm III IV I II III* National income 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 860.8 876.2 903.1 922.1 943.1 Compensation oi employees 51.1 29.5 64.8 154.6 467.2 514.6 566.0 603.8 644.1 648.0 660.4 682.7 697.8 710.2 50.4 29.0 62.1 146.8 423.1 464.9 509.7 541.9 573.5 576.5 587.3 606.6 620.0 630.6 Private 45.5 23.9 51.9 124.4 331.3 369.2 405.6 426.8 449.1 451.6 460.9 475.8 487.1 494.8 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 20.4 Government civilian 4.6 4.9 8.3 17.4 69.5 77.8 85.1 95.5 104.4 106.0 107.0 110.0 112.4 115.4 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 79.6 Employer contributions for social insurance .1 2.0 4.0 21.9 24.3 27.8 29.7 34.1 34.3 35.0 37.3 38.0 38.8 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 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 8811..88 86.1 89.7 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 95.8 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 42.0 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 53.7 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 21.2 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 24.4 26.9 30.5 34.8 J 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

DECEMBER 1972 • NATIONAL PRODUCT AND INCOME A 71 RELATION OF GROSS NATIONAL PRODUCTv NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1971 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 III IV Gross national product 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.41,050.41,056.9 1,078.1 1,109.1 1,139.41 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 68. 74.5 81.6 86.3 93.8 95.0 97.4 99.7 105.3 Indirect business tax and nontax liability 7.0 7. 11.3 23.3 70.4 78.6 85.9 93.4 101.9 102.6 105.6 106.7 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.7 4.7 4. Statistical discrepancy .7 .6 .4 1.5 -.7 -2.7 -6.1 -4.7 -4.8 -5.9 -5.2 -4.1 Plus: Subsidies less current surplus of government enterprises .1 .2 1.4 .7 1.0 1.5 .9 .3 .7 1.2 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 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 79. 69.9 78.6 78.3 79.4 81.8 C Ex o c n e t s r s i b o u f t w io a n g s e f a o c r c s r o u c a i ls a l o i v n e s r u d ra is n b c u e rse- .2 .3 2. 6.9 42.4 47. 54.2 57.7 65.3 65.7 66.9 71.9 ments .6 1.4 -1.4 .6 Plus: N G e o t v e in rn te m re e s n t t p t a ra id n s b f y e r g p o a v y e m rn e m nt e s n t and 1.5 14.3 48.7 56.1 61.9 75.2 89.0 90.3 92. 94.4 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 Dividends 5. 2.0 4.4 8.8 21.4 23.6 24.3 24. 25.4 25.5 25.2 26.0 Business transfer payments .6 .7 .5 .8 3. 3.4 3.8 4.2 4.6 4.7 4.7 4. 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 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 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 Less: Personal outlays 79. 46.5 81.7 193.9 506.0 551.2 596.2 634.7 683.4 689.4 699.2 714.9 Personal consumption expenditures, 77.2 45. 80.6 191.0 492 536.2 579.5 616 664.9 670.7 680.5 696. Consumer interest payments 1.5 .5 .9 2.4 13.2 14.3 15. 16.9 17.6 17.6 17.7 17. Personal transfer payments to foreigners .3 .2 .2 .5 .7 .9 1.0 1.0 1.1 1.1 1.0 Equals: Personal saving. 4.2 -.9 11.0 13.1 40.4 39.8 38.2 54.9 60.9 61.0 59.3 55.7 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 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total personal income 806.3 861.4 874.8 879.4 890.4 898.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 946.8 962. Wage and salary disbursements 541.9 572.9 579.9 583.4 594.3 602.6 609.0 612.4 617.6 619.9 624.0 625.7 630.6 636.0 641. Commodity-producing industries.. 201.0 206.1 207.9 208.8 213.1 214.8 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.8 230. Manufacturing only 158.3 160.3 161.3 161.7 165.1 165.8 169.3 171.3 173.3 173.8 175.0 174.5 176.6 178.8 180. Distributive industries 129.2 138.2 140.4 140.8 143.8 145.5 148.1 148.0 149.4 149.4 151.4 151.9 152.3 153.0 154. Service industries 96.7 105.0 107.5 108.2 109.4 111.2 111.6 112.8 113.9 114.7 115.5 116.9 117.3 118.2 119. Government 115.1 123.5 124.0 125.5 128.0 131.2 131.7 131.5 132.5 133.2 133.6 134.5 135.8 137.0 137. Other labor income 32.1 36.5 37.8 38.0 38.3 38.5 38.8 39.1 39.5 39.8 40.1 40.5 40.8 41.1 41.. Proprietors' income 66.8 69.9 71.6 71.9 72.0 72.6 73.2 74.2 74.0 74.0 71.6 74.3 75.4 76.2 76. Business and professional 49.9 52.6 53.6 53.8 53.9 54.0 54.1 54.7 54.9 55.3 53.2 55.7 56.3 56.7 57.' Farm 16.9 17.3 18.0 18.1 18.1 18.6 19.1 19.5 19.1 18.7 18.4 18.6 19.1 19.5 19. Rental income 23.3 24.5 24.9 25.0 25.1 25.1 25.2 25.3 25.5 25.6 21.5 25.8 26.3 26.5 27j Dividends 24.8 25.4 25.5 25.5 24.6 26.0 26.1 26.0 26.1 26.3 26.3 26.4 26.6 26.5 26. Personal interest income 65.8 69.6 70.5 70.6 70.7 70.8 71.0 71.3 72.0 72.7 73.4 73.5 73.4 73.3 73. Transfer payments 79.5 93.6 96.2 96.8 97.6 97.6 100.0 100.1 99.7 100.9 101.3 102.2 102.8 103.2 111.- Less: Personal contributions for social insurance 28.0 31.2 31.6 31.8 32.3 34.3 34.7 34.8 35.0 35.1 35.3 35.5 35.8 36.0 36.: Nonagricultural income 782.8 837.2 850.0 854.5 865.0 873.4 882.4 887.1 893.4 898.3 897.5 907.3 914.0 920.3 935. ( Agricultural income 23.5 24.2 24.8 24.9 25.4 25.6 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.5 26.' NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 FLOW OF FUNDS • DECEMBER 1972 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 2 U.S. Government 1.8 3.6 13.0 13.4 -3.6 12.8 25.5 -6.4 -.6 8.2 17.4 22.3 28.6 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 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 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

DECEMBER 1972 • FLOW OF FUNDS A 73 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 1972 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 11996688 11996699 11997700 11997711 HI H2 HI H2 HI H2 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 1122..22 15.8 2288..00 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 2.8 3.2 2.7 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 1101 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 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 pri- 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 Commercial banking 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 -.5 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 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 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 Total foreign funds .8 2.1 4.3 2.9 9.0 1.8 23.1 11.8 6.2 4.9 -1.3 19.1 27.1 9.7 46 Corporate equities not included above 1 Total net issues 3.4 4.6 4.9 4.0 10.3 9.5 14.8 8.2 12.4 9.3 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 .3 2.3 -.3 2 3 Other equities .3 .9 2.3 -.7 4.7 6.9 13.5 1.9 7.6 6.1 7.6 12.7 14.2 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 -1.3 -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. filiates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS • DECEMBER 1972 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 Line CCrreeddiittss--ff,, ddeebbiittss —— 1969 1970 1971 II III IV I HP Summary—Seasonally adjusted 1 Merchandise trade balance 1 621 2,164 -2,689 -1,012 -472 -1,494 -1,673 -1,929 2 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 Balance on goods and services 3 1,911 3,563 727 36 91 -537 -1,174 -1,547 12 Remittances, pensions, and other transfers -1,301 -1,474 -1,529 -369 -402 -404 -389 -377 13 Balance on goods, services, and remittances.. 610 2,089 -802 -333 -311 -941 -1,563 -1,924 14 U.S. Government grants (excluding military) -1,644 -1,734 -2,045 -477 -544 -588 -601 -518 15 Balance on current account -1,035 356 -2,847 -810 -855 -1,529 -2,164 -2,442 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -2,106 -1,829 -2,117 -681 -442 -385 -330 -268 17 Nonscheduled repayments of U.S. Government assets -87 244 225 102 72 48 88 17 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies 267 -433 -486 -5 -188 -196 -101 117 19 Long-term private capital flows, net -50 -1,398 -4,149 -1,605 -1,883 260 -1,077 659 20 U.S. direct investments abroad -3,254 -4,400 -4,765 -1,277 -1,410 -788 -1,266 -200 21 Foreign direct investments in the United States 832 1,030 -67 1 -374 181 -360 346 22 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 Net liquidity balance -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 -29,765 -6,466 -11,931 -5,948 --33,,225566 --886633 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government --116622 553355 334411 -8 -9 366 228800 -2 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks --883366 --881100 --553399 --116600 --117733 -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 -967 787 866 456 300 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 -1 185 Memoranda: 51 Transfers under military grant programs (excluded from lines 2, 4, and 14) 2,856 22,,558866 3,153 778 701 939 11,,220055 797 52 Re U in . v S e . s f t i e r d m s e ( a e r x n c in lu g d s ed o f f r f o o m r e l i i g n n e s i 7 n c a o n r d p o 2 r 0 a ) t ed affiliates of 2,614 2,885 (5) (5) (5) (5) ((55)) ((55)) 53 Reinvested earnings of U.S. incorporated affiliates of 431 434 (5) (5) (5) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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 ddeebbiittss —— 11996699 11997700 11997711 II III IV I HP Balances excluding allocations of SDR's—Seasonally adjusted -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 Period 1969 1970 1971 1972 1969 1970 1971 1972 1969 1970 1971 1972 Month: Jan... 32,161 3,406 3,733 4,221 3 2,002 3,223 3,685 4,540 159 183 48 -319 Feb... 3 2,266 3,547 3,691 3,806 3 2,672 3,278 3,546 4,403 -406 269 145 -598 Mar... 33,188 3,376 3,815 3,891 3 2,982 3,218 3,568 4,475 206 158 247 -584 Apr... 33,318 3,409 3,528 3,760 33,183 3,263 3,748 4,460 135 146 -220 -699 May.. 3 3,268 3,661 3,776 3,914 3 3,257 3,338 3,988 4,466 11 323 -212 -552 June.. 33,179 3,730 3,662 3,905 33,152 3,266 4,019 4,495 27 465 -350 -590 July.. 3,182 3,699 3,493 4,019 3,074 3,255 3,793 4,561 108 444 -300 -542 Aug... 3,366 3,592 3,678 4,202 3,163 3,346 3,928 4,644 203 246 -251 -463 Sept... 3.341 3,553 4,505 4,158 3,078 3,428 4,237 4,671 263 125 268 -513 Oct... 3.342 3,689 2,710 4,365 3,192 3,501 3,523 4,780 150 188 -815 -415 Nov... 3,398 3,499 3,160 3,180 3,428 3,379 218 71 -218 Dec... 3,280 3,570 3,858 3,078 3,404 4,128 202 166 -270 Quarter: I 7,615 10,328 11,239 11,917 7,655 9,719 10,799 13,418 -40 609 440 -1,501 I I 9,765 10,800 10,965 11,579 9,591 9,867 11,747 13,421 174 933 -782 -1,842 III.... 9,889 10,845 11,675 12,379 9,315 10,029 11,958 13,896 574 816 -283 --11,,551188 IV.... 10,020 10,758 9,726 9,450 10,333 11,030 570 425 -1,304 Year4... 37,332 42,662 43,555 36,043 39,963 45,602 1,289 2,699 -2,047 J 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 • DECEMBER 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 until May 8, 1972, and at $38 per fine troy ounce thereafter) 1971 1972 AArreeaa aanndd ccoouunnttrryy 11996633 11996644 11996655 11996666 11996677 11996688 11996699 11997700 11997711 III IV I II III Western Europe: --8822 -----------5555555555555555555555 ----111100000000 --2255 44 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 --112299 ---444777333 --119911 -----------222222222222222222222255555555555 555550000000000 -------2222222 ---222 ---222 ----55552222 4444411111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 --2255 --113300 -----------3333333333322222222222 -------111111188888880000000 55551111 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 --117755 --5500 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 Other 11 --66 --3355 --4499 ii66 --4477 222000 111 000 111 --2299 --1133 --2222 TToottaall --339999 --8888 —— 11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --779966 --226633 Canada 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina ---333000 ------333333999999 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia 111000 2222299999 777777 ** ----1111 Venezuela -----2222255555 Other --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 ** TToottaall 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 ** Asia: ---111000 -----44444 ---222111 ---444222 Jap^n -----5555566666 --111199 Lebanon --1111 -----1111111111 --11 ------- ------- 9999999 3333333 5555555 4444444 ---- ---- 3333 1111 5555 0000 Philippines 2255 2200 ** --11 -------55555550000000 9999999 4400 --44 ----2222 --11 Singapore -------88888881111111 111111 ---333000 ---333000 Other --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 ---111 --33 TToottaall 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333888 ---333222 ---111 --33 *** *** All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---888111 ---666 TToottaall ffoorreeiiggnn ccoouunnttrriieess --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444————666633331111 ----888844445555 ----222299996666 --11 --33 Intl. Monetary Fund^ 6666----222222225555 111177777777 22222222 ----3333 11110000 ————111155556666 ----22222222 ----4444 ---555444444 Grand total --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ————777788887777 ----888866667777 ----333300000000 --11 ---555444444 --33 1 Includes purchase from Denmark of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 2 Includes purchase from Kuwait of $25 million. by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 3 Includes sales to Algeria of $150 million in 1967 and $50 million in first withdrawal ($17 million) was made in June 1968 and the last with- 1968. drawal ($144 million) was made in Feb. 1972. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in 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. 4 Represents the U.S. gold tranche position in the IMF (the U.S. 1966, to $6,700 million in Dec. 1970, and to $7,274 million in May 1972 as quota minus the holdings of dollars of the IMF), which is the amount a result of the change in par value of the U.S. dollar. Under the Articles of that the United States could purchase in foreign currencies automatically Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aa rr oo ff Total To G ta o l2 l d st T o r c e k a 1 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 e n t F i r o v 3 n e SDR's 4 E m n o d n t o h f Total To G ta o l2 l d st T o r c e k a 1 s ury v c fo C e u c r r i r o e t e r i s n e i b g - n 5 l n e - p R o e s s i e ti r o v n e SDR's4 1958... 22,540 20,582 20,534 1,958 1971 1959... 21,504 19,507 19,456 1,997 Nov... 12,131 10,206 10,132 243 582 1,100 1960... 19,359 17,804 17,767 1,555 Dec... 812,167 10,206 10,132 8 276 585 1,100 1961... 18,753 16,947 16,889 116 1,690 1972 1962... 17,220 16,057 15,978 99 1,064 Jan... 12,879 10,206 10,132 276 587 1,810 1963... 16,843 15,596 15,513 212 1,035 Feb... 12,330 9,662 9,588 276 582 1,810 1964... 16,672 15,471 15,388 432 769 Mar... 12,270 9,662 9,588 212 586 1,810 1965... 15,450 613,806 613,733 781 6 863 Apr... 12,285 9,662 9,588 429 391 1,803 May.. 913,345 910,490 910,410 469 9428 91,958 1966... 14,882 13,235 13,159 1,321 326 June.. 13,339 10,490 10,410 457 434 1,958 1967... 14,830 12,065 11,982 2,345 420 July. . 13,090 10,490 10,410 203 439 1,958 1968... 15,710 10,892 10,367 3,528 1,290 Aug... 13,124 10,488 10,410 234 444 1,958 1969... 716,964 11,859 10,367 72,781 2,324 Sept... 13,217 10,487 10,410 323 449 1,958 1970... 14,487 11,072 10,732 629 1,935 851 Oct... 13,313 10,487 10,410 414 454 1,958 1971. . . 812,167 10,206 10,132 8 276 585 1,100 Nov... 13,307 10,487 10,410 403 459 1,958 1 Includes (a) gold sold to the United States by the IMF with the right became effective on Feb. 23, 1966. In figures published by the IMF from of repurchase, and (b) gold deposited by the IMF to mitigate the impact June 1965 through Jan. 1966, this gold subscription was included in the on the U.S. gold stock of foreign purchases for the purpose of making U.S. gold stock and excluded from the reserve position. gold subscriptions to the IMF under quota increases. For corresponding 7 Includes gain of $67 million resulting from revaluation of the German 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)) UUUUU.....SSSSS..... UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTTrrraaannnsssaaaccctttiiiooonnnsss bbbyyy rrrrreeeeessssseeeeerrrrrvvvvveeeee ooottthhheeerrr cccooouuunnntttrrriiieeesss pppppooooosssssiiiiitttttiiiiiooooonnnnn PPPPPeeeeerrrrriiiiioooooddddd wwwiiittthhh IIIMMMFFF iiiiinnnnn IIIIIMMMMMFFFFF PP ss tt uu aa dd ii yy oo bb oo mm ss nn oo llll cc ss ff aa ee rr rr ii nn ii ss pp nn tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt FF ss 11 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 ii 22 nn cc nn -- -- II ii dd MM nn oo cc FF ii ll oo nn ll aa mm nn rr ee ss ee tt P d u o rc l 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 hhhh oooo aaaannnn 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—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 Nov ----------------------5555555555555555555555 ----------------------5555555555555555555555 6666666666666666666666,,,,,,,,,,,,,,,,,,,,,,888888888888888888888811111111111111111111115555555555555555555555 99999999999999999999994444444444444444444444 444444444444444444444455555555555555555555559999999999999999999999 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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 Liquid liabili- other foreigners liabilities to Liquid Nonliquid ties to End IMF Liquid nonof Total arising liabili- moneperiod from Short- Nonmar- Nonmar- Long- ties Short- tary gold term Market- ketable ketable term to com- term Market- intl. trans- Total liabili- able con- noncon- liabili- mercial liabili- able and reactions 1 ties re- U.S. vertible vertible ties re- banks Total ties re- U.S. gional ported Govt, U.S. U.S. ported abroad 6 ported Govt, organiby bonds Treas. Treas. by by bonds zations 8 banks and bonds bonds banks banks and in notes3,4 and and in in notes 3 *7 U.S. notes notes 5 U.S. U.S. 1957 9 15,825 200 7,917 (10) 3,472 2,252 (10) 764 1958 9 16,845 200 8,665 (10) 3,520 2,430 (10) 1,047 1959 19,428 500 10,120 9,154 966 4,678 2,940 2,399 541 1,190 1960 n /20,994 800 11,078 10,212 866 4,818 2,773 2,230 543 1,525 121,027 800 11,088 10,212 876 4,818 2,780 2,230 550 1,541 1961 li \ ( 2 2 2 2, , 8 9 5 3 3 6 8 80 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 5 5 , , 4 4 8 0 4 4 2 2 , , 8 8 7 7 1 3 2 2 , , 3 3 5 5 7 5 5 5 1 1 6 6 1 1 . . 9 9 4 4 8 9 1962 u /24,268 800 12,948 11,997 751 200 5,346 3,013 2,565 448 2,161 \24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 448 2,195 1963 u J 1 2 2 6 6 , , 4 3 3 9 3 4 8 8 0 0 0 0 1 1 4 4 , . 4 4 5 2 9 5 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 7 0 0 3 3 6 6 3 3 9 9 5 5 , , 8 8 1 1 7 7 3 3 , , 3 3 9 8 7 7 3 3, , 0 0 4 4 6 6 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 1964 u / \ 2 2 9 9 , , 3 3 1 6 3 4 8 80 0 0 0 1 1 5 5 , , 7 7 8 9 6 0 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1, , 0 0 7 7 9 9 2 2 0 0 4 4 1 1 5 5 8 8 7 7 , , 2 3 7 0 1 3 3 3, , 7 7 5 3 3 0 3 3, , 3 3 7 5 7 4 3 37 7 6 6 1 1 , , 7 7 2 2 2 2 1965. 29,569 834 15,826 13.066 1,105 1,201 334 120 7,419 4,059 3,587 472 1,431 1966 u / \3 3 1 1 , , 0 1 2 4 0 5 1 1 , , 0 0 1 1 1 1 1 1 4 4 , , 8 8 4 9 1 6 1 12 2 , , 5 4 3 8 9 4 8 86 6 0 0 2 2 5 5 6 6 3 3 2 2 8 8 9 9 1 1 3 3 1 9 0 , , 9 1 3 1 6 6 4 4 . . 2 27 7 1 2 3 3 . . 7 7 4 4 3 4 5 5 2 2 8 8 9 9 0 0 6 5 1967 u / 1 3 3 5 5 , , 8 6 1 6 9 7 1 1 , , 0 0 3 3 3 3 1 1 8 8 , ,1 2 9 0 4 1 1 1 4 4 , , 0 0 2 3 7 4 9 90 0 8 8 7 7 1 1 1 1 7 7 4 4 1 1 1 1 , , 8 8 0 0 7 7 1 1 1 1, , 2 0 0 8 9 5 4 4, , 6 6 7 8 8 5 4 4 , , 1 1 2 2 0 7 5 5 5 5 8 8 6 6 9 7 1 7 1968 u / 1 3 3 8 8 , , 6 4 8 7 7 3 1 1 , , 0 0 3 3 0 0 1 1 7 7 , , 4 3 0 4 7 0 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 2 2, , 5 5 1 1 8 8 2 2, , 3 3 4 4 1 1 1 14 4 , , 4 4 7 7 2 2 4 5 , , 9 0 0 5 9 3 4 4, , 4 4 4 4 4 4 4 6 6 0 5 9 7 72 2 2 5 1969 li / 1 4 4 5 5 , , 7 9 5 1 5 4 1 1 , , 0 0 1 1 9 9 1 15 5 , , 9 9 9 7 8 5 1 11 1 , , 0 0 7 5 7 4 3 3 4 4 6 6 i2 5 5 5 5 5 5 12 2 2 , , 5 5 1 1 5 5 1 1 , , 5 5 0 0 5 5 2 2 3 3 , , 6 6 3 4 8 5 4 4, , 5 4 8 6 9 4 4 3 , , 0 9 6 3 4 9 5 5 2 2 5 5 6 6 5 6 9 3 —Dec. 11, J 1 4 4 7 6 , , 0 9 0 6 9 0 5 5 6 6 6 6 2 23 3 , , 7 7 7 8 5 6 1 1 9 9 , , 3 3 3 3 3 3 2 3 9 0 5 6 4 4 2 2 9 9 3 3 , , 0 0 2 2 3 3 6 69 9 5 5 1 17 7 , , 1 1 6 3 9 7 4 4 , , 6 6 7 0 6 4 4 4 , . 0 0 2 3 9 9 6 5 4 6 7 5 8 84 4 6 4 1971 —Oct 65,262 544 46,574 36.067 1,272 6,055 3,021 159 12,478 4,244 3,734 510 1,422 Nov... 65,746 544 48,339 37,271 1,747 6,055 3,096 170 11,194 4,214 3,733 481 1,455 Dec.13. J 1 6 6 7 7 , , 6 8 8 1 1 0 5 5 4 4 4 4 5 5 1 0 , , 2 6 0 5 9 1 3 3 9 9 , , 6 0 7 1 9 8 1 1 , , 9 9 5 5 5 5 6 6. , 0 0 9 6 3 0 3 3 , , 4 3 4 7 1 1 1 1 4 4 4 4 1 1 0 0 , ,9 2 5 6 0 2 4 4 , , 1 1 3 4 8 1 3 3 , , 6 6 9 9 1 4 4 4 4 4 7 7 1 1 , , 5 5 2 2 8 4 1972-—Jan.r.. 69,066 544 51,514 39,581 2,260 6.094 3,441 138 11,171 4,153 3,763 390 1,684 Feb.. 69,998 52,799 40,679 2,448 6,094 3,441 137 11,373 4,204 3,812 392 1,622 Mar.r. 71,013 53,806 40,980 2,882 6,094 3,723 127 11,464 4,194 3,818 376 1,549 Apr.r. 72,215 54,093 38,723 2,933 8,594 3,723 120 12,433 4,242 3,853 389 1,447 Mayr. 72,113 53,579 37,850 3,283 8,594 3,723 129 12,821 4,284 3,889 395 1,429 June r. 74,000 54,604 38,603 3,557 8,594 3,723 127 13,444 4,475 4,103 372 1,477 July.. 77,473 59.426 39,787 3,781 12,094 3,647 117 12,127 4,492 4,122 370 1,428 Aug.r. 79,439 60,586 40,611 4,146 12.094 3,647 88 12,912 4,418 4.040 378 1,523 Sept.p. 79,646 60,029 39,649 4,382 12.095 3,804 99 13,551 4,623 4,234 389 1,443 Oct.P.. 81,307 60,816 40,249 4,722 12,097 3,651 97 14,178 4,824 4,418 406 1,489 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. 1 o Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U.S. LIQUID AND NONLIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e 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 M 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 \23,775 13,615 2,951 1,681 4,708 407 413 1971—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 14,519 415 871 150,651 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.r 53,806 31,588 4,052 1,323 15,191 457 1,195 Apr.r 54,093 31,358 4,181 1,492 15,249 477 1,336 May 53,579 30,935 4,316 1,476 14,967 458 1,427 Juner 54,604 31,910 4,486 1,473 14,572 533 1,630 July 59,426 36,380 4,446 1,393 14,727 572 1,908 Aug 60,586 36,597 4,463 1,415 15,352 652 2,107 Sept.p 60,029 35,935 4,469 1,363 15,297 685 2,280 Oct.? 60,816 34,969 4,468 1,468 16,805 616 2,490 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. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners To nonmonetary international and regional organizations 6 Payable in dollars Deposits IMF End of period Payable gold U.S. Total i Total Dem D an e d p os T it i s m e 2 b T i c r l c U e l e a s r a t . t s S e i a f s u . i n r - 3 y d s O l t h i e a t o h r b m r e . t 4 r - f re o c n r i u e c n r i i - g e n s i m nv e e n s t t 5 - Total Demand Time2 b T i c r l c e l e s a r a t t s i e a f u s i n r - y d 1969. 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 19707, / \4 4 1 1 , , 7 7 6 1 1 9 4 4 1 1 , , 3 35 9 1 3 1 1 5 5 , , 7 7 8 9 5 5 5 5 , , 9 9 6 2 1 4 1 1 4 4 , , 1 1 2 2 3 3 5 5 , , 5 5 1 1 9 4 3 36 6 8 8 4 4 0 0 0 0 8 82 2 0 0 6 6 9 9 1 15 5 9 9 2 2 1 1 1 1 1971—Oct... 53,946 53,566 11,860 5,088 29,758 6,860 380 400 1.267 78 177 168 Nov.. 53,898 53,527 10,883 5,219 30,723 6,702 371 400 1,300 69 205 157 Dec. 8 \ f 5 5 5 5 , , 4 4 3 0 0 4 5 5 5 5 , ,0 0 3 1 8 8 1 6 0 , , 4 3 6 9 0 9 4 5 , , 2 20 1 9 7 3 3 3 3 , , 0 0 2 2 5 5 1 6 1 , , 3 3 8 3 5 6 3 3 8 9 6 2 4 4 0 0 0 0 1 1, , 3 3 6 7 8 2 7 7 3 3 1 19 9 2 2 2 2 1 1 0 0 1972—Jan.r., 56,442 56,009 6,157 4,223 33,902 11,727 432 400 1,526 86 203 338 Feb.r. 57,329 56,856 6,019 4,334 34,490 12,013 473 1,465 85 167 295 Mar.r, 57,654 57,138 5,991 4,431 34,929 11,787 516 1,391 88 189 275 Apr.r. 56,287 55,793 6,460 4,502 32,324 12,507 494 1,278 87 198 177 Mayr. 55,828 55,329 6,570 4,653 31,498 12,608 499 1.268 84 186 198 June r. 57,466 56,947 7,217 4,830 31,871 13,029 519 1,316 85 238 212 Julyr. 57,302 56,823 7,320 4,746 32,881 11,876 479 1,266 101 262 142 Aug.. 58,884 58,429 6,631 4,867 33,745 13,186 455 1,322 65 267 172 Sept.p 58,664 58,185 6,922 4,939 32,714 13,609 478 1,230 79 224 145 Oct.*. 60,121 59,582 7,073 5,146 33,062 14,302 538 1,276 62 211 204 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 1972 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions' Payable in dollars Payable in dollars Payable End of period Total Dema D nd e posi T ts i me2 T b c i r c l e e U l a s r a t . t s e S i a f u s . 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 i u e n c r i i - g e n s Total Dema D nd e posi T ts i me2 T bi r c c l U e e a ls a r t . t e s S i a s u f . n i r 3 - 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 19707 / \4 4 0 0 , , 5 4 4 9 1 9 1 1 5 5 , , 7 7 1 2 6 6 5 5 , , 7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 8 3 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1971—Oct... 52,279 11,781 4,911 29,190 6,016 380 36,067 1,231 2,465 28,982 3,231 Nov... 52,198 10,814 5,014 30,166 5,831 371 37,271 1,263 2,465 30,071 3,314 Dec. 8 , 5 5 3 3 , , 6 6 3 6 2 2 1 6 0 , , 3 32 8 6 7 4 5 , , 0 0 2 1 5 7 3 3 2 2, , 4 4 1 1 5 5 1 5 0 , , 4 4 8 4 9 3 3 3 8 9 6 2 3 3 9 9 , , 6 0 7 1 9 8 1 1 , , 6 3 2 27 0 2 2, , 0 5 3 0 9 4 3 3 2 2 , , 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 6 1972—Jan.... 54,515 6,071 4,020 33,164 10,828 432 39,581 1,185 2,024 33,045 3,161 Feb.'. 55,864 5,934 4,167 34,195 11,095 473 40,679 1,099 2,119 34,092 3,204 Mar.r. 56,262 5,903 4,242 34,654 10,947 516 40,980 1,128 2,148 34,548 2,990 Apr.'. 55,009 6,373 4,304 32,147 11,691 494 38,723 1,246 2,270 32,047 2,993 May.. 54,560 6,486 4,468 31,300 11,808 499 37,850 1,224 2,379 31,209 2,871 Juner. 56,150 7,132 4,592 31,659 12,247 519 38,603 1,536 2,469 31,573 2,858 July... 56,036 7,219 4,485 32,738 11,116 479 39,787 1,521 2,377 32,655 3,064 Aug... 57,563 6,566 4,600 33,573 12,368 455 40,611 1,308 2,412 33,499 3,220 Sept.35. 57,434 6,843 4,715 32,569 12,828 478 39,649 1,237 2,456 32,497 3,288 Oct.**. 58,845 7,011 4,935 32,857 13,503 538 40,249 1,334 2,563 32,783 3,398 To banksio To other foreigners Payable in dollars End of period Total Total Dema D nd e posi T ts i me2 T bi c r l c e U 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 ime2 T bi c 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 h i 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 /21,166 16,917 12,376 1,326 14 3,202 4,029 1,688 1,886 131 325 \21,208 16,949 12,385 1,354 14 3,197 4,039 1,688 1,895 131 325 1971—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 J \1 1 4 3 , , 6 9 4 5 4 3 1 1 0 0 , , 0 7 3 2 4 2 7 3 , , 0 4 4 0 7 0 8 3 5 2 0 0 8 8 2 6 , ,9 1 9 3 5 0 3 3 , , 6 6 9 9 1 4 1 1 , ,6 66 6 0 0 1 1 , , 6 6 6 6 3 6 9 9 6 6 2 27 7 1 4 1972—Jan.r. 14,935 10,904 3,183 335 4 7,382 3,764 1,703 1,660 116 285 Feb.'. 15,184 11,067 3,121 349 4 7,593 3,811 1,714 1,699 99 299 Mar.', 15,283 11,115 3,093 359 4 7,658 3,818 1,682 1,735 102 299 Apr.'. 16,286 12,106 3,372 352 4 8,379 3,852 1,756 1,682 96 318 May'. 16.710 12,488 3,569 307 3 8,609 3,890 1,693 1,781 88 328 June'. 17,547 13,092 3,797 310 5 8,980 4,103 1,800 1,814 81 409 July.., 16,249 11,817 3,877 286 5 7,649 4,122 1,821 1,821 77 402 Aug... 16,951 12,627 3,555 337 6 8,729 4,039 1,702 1,851 67 419 Sept.?, 17,785 13,244 3,834 355 5 9,051 4,233 1,772 1,905 68 489 Oct.?. 18,596 13,810 3,801 439 3 9,567 4,418 1,875 1,933 72 538 1 Data exclude "holdings of dollars" of the IMF. 8 Data on second line differ from those on first line because (a) those 2 Excludes negotiable time certificates of deposit, which are included liabilities of U.S. banks to their foreign branches and those liabilities of in "Other." U.S. agencies and branches of foreign banks to their head offices and 3 Includes nonmarketable certificates of indebtedness issued to official foreign branches, which were previously reported as deposits, are included institutions of foreign countries. in "Other short-term liabilities"; (b) certain accounts previously classified 4 Principally bankers' acceptances, commercial paper, and negotiable as "Official institutions" are included in "Banks"; and (c) a number of time certificates of deposit. See also note 8(a). reporting banks are included in the series for the first time. 5 U.S. Treasury bills and certificates obtained from proceeds of sales of 9Foreign central banks and foreign central govts, and their agencies, gold by the IMF to the United States to acquire income-earning assets. and Bank for International Settlements and European Fund. Upon termination of investment, the same quantity of gold was reac- io Excludes central banks, which are included in "Official institutions." quired by the IMF. 6 Principally the International Bank for Reconstruction and Develop- NOTE.—"Short term" refers to obligations payable on demand or having ment and the Inter-American Development Bank. an original maturity of 1 year or less. For data on long-term liabilities Includes difference between cost value and face value of securities in reported by banks, see Table 10. Data exclude the "holdings of dollars" IMF gold investment account. of the International Monetary Fund; these obligations to the IMF consti- 7 Data on the two lines shown for this date differ because of changes in tute contingent liabilities, since they represent essentially the amount of reporting coverage. Figures on the first line are comparable in coverage dollars available for drawings from the IMF by other member countries. with those shown for the preceding date; figures on the second line are Data exclude also U.S. Treasury letters of credit and non-negotiable, noncomparable with those shown for the following date. interest-bearing special U.S. notes held by the Inter-American Development Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1971 1972 Area and country Mar.r Apr.r May r June7" July1" Aug. Sept.? Europe: Austria 254 252 257 276 283 254 261 272 310 Belgium-Luxembourg 701 779 888 866 864 962 1,159 1,188 1,175 Denmark 168 179 191 218 203 215 216 209 194 Finland 160 150 140 151 131 148 176 165 163 France 3,150 3,311 3,103 3,043 3,027 3,514 4,324 4,317 4,422 Germany 6,596 7,724 7,670 5,482 5,500 6,483 6,601 6,459 5,819 Greece 170 164 147 163 159 179 168 165 177 Italy 1,888 1,693 1,572 1,627 1,572 1,375 1,424 1,615 1,429 Netherlands 270 424 823 878 861 847 1,488 1,514 1,490 Norway 685 675 674 655 669 654 769 892 873 Portugal 303 282 267 279 284 269 290 334 357 Spain 203 177 183 219 206 231 222 192 246 Sweden 792 871 964 981 1,010 1,044 1,036 1,033 1,068 Switzerland 3,249 3,099 2,935 2,942 2,709 2,626 3,623 3,493 3,551 Turkey 68 34 42 36 40 44 55 59 72 United Kingdom 7,379 7,600 8,089 7,954 7,954 7,914 4,945 5,893 5,692 Yugoslavia 34 40 54 94 88 90 87 102 65 Other Western Europe i 1,391 1,438 1,411 1,386 1,388 1,367 1,389 1,391 1,428 U.S.S.R 14 11 9 9 13 10 18 10 14 Other Eastern Europe 53 46 58 56 58 68 58 57 71 Total 27,530 28,951 29,478 27,316 27,021 28,293 28,310 29,360 28,613 Canada 3,441 3,574 3,486 3,722 4,146 3,966 3,727 3,660 3,731 Latin America: Argentina 441 420 541 507 465 459 457 500 522 Brazil 342 406 449 543 576 628 620 550 584 Chile 191 146 137 132 134 136 136 136 139 Colombia 188 176 163 184 190 190 196 212 195 Cuba 6 6 6 7 6 7 6 6 7 Mexico 715 748 659 668 761 733 788 695 689 Panama 154 156 156 155 185 154 165 154 158 Peru 164 160 174 174 167 179 178 178 163 Uruguay 108 111 124 118 122 117 121 136 147 Venezuela 963 843 740 851 873 919 831 865 850 Other Latin American republics... 655 685 649 695 661 669 673 701 653 Bahamas and Bermuda 656 278 307 444 440 486 384 416 461 Netherlands Antilles and Surinam, 87 90 81 87 91 94 88 83 88 Other Latin America 37 46 37 29 43 40 46 45 59 Total 4,708 4,272 4,223 4,593 4,714 4,809 4,688 4,675 4,715 Asia: China Mainland 39 38 39 39 38 39 39 39 39 Hong Kong 312 335 306 299 328 311 341 325 314 India 89 118 116 102 104 105 122 105 91 Indonesia 63 71 90 89 87 113 98 117 114 Israel 150 143 143 145 148 140 128 119 134 Japan 14,295 14,950 14,808 14,902 14,017 14,096 13,963 14,156 14,405 Korea 196 220 204 178 196 198 206 235 207 Philippines 306 267 268 294 337 346 345 364 379 Taiwan 258 291 320 338 365 383 426 502 541 Thailand 126 116 120 170 174 177 120 141 145 Other 595 708 717 714 729 706 733 802 797 Total 16,429 17,257 17,131 17,267 16,525 16,613 ! 16,521 16,904 17,166 Africa: Congo (Kinshasa) 12 13 22 16 18 27 15 18 Morocco 9 9 9 8 11 11 9 9 South Africa 78 73 70 79 70 76 92 65 71 U.A.R. (Egypt) 24 13 13 15 18 19 17 19 23 Other 474 538 526 542 522 608 620 622 649 Total 597 646 640 661 635 731 768 729 770 Other countries: Australia 916 1,124 1,257 1,405 ,482 1,692 1,977 2,187 2,372 All other 42 41 47 43 39 45 45 47 69 Total 957 1,165 1,304 1,448 1,520 1,737 2,022 2,234 2,440 Total foreign countries 53,662 55,864 56,262 55,009 54,560 56,150 56,036 57,563 57,434 International and regional: International2 1,327 1,000 941 802 819 793 831 743 Latin American regional 298 316 301 333 329 347 300 335 330 Other regional3 143 150 150 138 137 149 173 155 157 Total 1,768 1,465 1,391 1,278 1,268 1,316 I 1,266 1,322 1,230 Grand total 55,430 57,329 57,654 56,287 55,828 57,466 | 57,302 58,884 58,664 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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. 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 Costa Rica 43 41 43 62 70 Ryukyu Islands (incl. Okinawa) 26 18 39 Dominican Republic 96 99 90 123 91 Saudi Arabia 166 106 41 Ecuador 72 79 72 57 62 Singapore 25 57 43 El Salvador 79 75 80 78 83 Syria 6 7 3 Guatemala 110 100 97 117 123 Vietnam 91 179 161 Haiti 19 16 19 18 23 Honduras 29 34 44 42 50 Other Africa: J P T N a a r i m i r c n a a a i g r d i a u c a g a a d y u a & Tobago 7 1 1 1 6 7 7 1 5 1 1 1 9 9 6 0 4 1 1 1 7 9 5 4 5 1 1 1 0 9 7 0 6 3 1 1 2 6 7 5 E K A G t e l h h g n a i e y o n r a p a ia i a (incl. Eritrea) 4 3 1 7 3 7 3 1 1 3 7 9 8 8 1 1 1 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 1 2 Sudan 1 Other Asia: Tanzania 18 9 16 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 18 25 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- Banks i 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—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.' 986 537 449 138 254 58 164 50 30 107 1 84 14 Feb.r 1,023 555 468 137 252 79 164 67 31 108 • 82 14 Mar.r 1,085 629 456 127 253 78 165 67 30 103 * 72 19 Apr.r 1,103 651 453 120 253 80 165 67 32 105 * 66 18 May r 1,151 686 465 129 253 83 165 66 35 119 « 60 20 June r 1,168 693 476 127 267 82 165 66 34 135 * 58 17 July 1,157 688 469 117 269 84 165 68 34 136 * 49 18 Aug 1,093 650 443 88 269 86 165 68 34 135 * 24 17 Sept.2' 1,068 613 455 99 269 87 165 68 37 135 * 33 17 Oct.p 1,074 620 453 97 269 87 165 68 37 135 * 32 16 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.p Oct.? Europe: Belgium-Luxembourg 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland 29 60 60 53 53 53 52 52 52 49 45 45 45 United Kingdom 427 362 323 279 283 268 280 288 264 265 280 293 308 Other Western Europe 71 82 85 95 95 95 95 95 96 98 96 94 114 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 538 516 480 438 441 426 438 445 424 422 432 443 478 Canada 175 179 181 179 179 178 179 166 313 313 372 432 479 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 Japan 1,009 1,488 1,717 2,007 2,146 2,391 2,415 2,777 2,901 3,125 3,310 3,481 3,756 Other Asia 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 1,038 1,518 1,727 2,017 2,156 2,401 2,425 2,787 2,912 3,136 3,321 3,492 3,766 Africa 25 8 8 8 8 8 8 8 8 8 127 133 133 All other * * * * * * * * * « * * * Total foreign countries 1,782 2,228 2,402 2,650 2,791 3,020 3,057 3,413 3,664 3,886 4,259 4,506 4,863 International and regional: International 126 126 126 126 126 126 136 136 136 136 176 186 186 Latin American regional 29 30 30 31 31 32 33 25 26 27 27 27 27 Total 155 156 156 157 157 158 168 161 161 162 203 213 213 Grand total 1,937 2,383 2,558 2,807 2,948 3,177 3,226 3,574 3,825 4,048 4,461 4,719 5,076 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on benchmark surveys of holdings and regular monthly ketable U.S. Govt, securities with an original maturity of more than 1 reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l- a C d a a n - 1 m G a e n r- y Italy: Korea T w a a i n - T la h n a d i- Total m G an e y r- - Italy e S r w la it n z d - 196 9 43,181 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 _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.. 9,658 829 32 2,640 5,000 22 20 100 1,828 612 1.216 Feb.. 9,658 ,829 32 2,640 5,000 22 20 100 1,828 612 1,216 Mar. 9,940 188 32 2,840 5,158 22 20 100 1,752 536 1,216 Apr. 12.440 ,688 32 2,840 7,658 22 20 100 1.752 536 1,216 May 12.441 ,688 32 2,840 7,658 22 20 100 1.753 536 1,217 June 12,441 ,688 32 2,840 7,658 22 20 100 1,753 536 1,217 July. 15,864 188 32 2,840 11,158 22 20 100 1,676 459 1,217 Aug. 15,864 ,188 32 2,840 11,158 22 20 100 1.676 459 1.217 Sept. 16,022 ,345 32 2,840 11,315 22 20 100 1.677 459 1.218 Oct.. 15.871 ,345 32 2,840 11,315 22 20 100 1,526 306 1,220 Nov. 15.872 ,345 32 2,840 11,315 22 20 100 1,528 306 1,222 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 Notes 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 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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. Feb. Mar. Apr. May June July Aug. Sept.2' Oct.2' Europe: Austria 11 11 11 1122 13 1155 16 33 8 15 Belgium-Luxembourg 57 102 78 66 72 73 73 66 70 87 Denmark 49 54 55 52 54 52 50 63 60 52 Finland 135 139 138 137 132 126 124 128 120 119 France 263 339 332 265 290 316 306 349 317 274 Germany 235 252 258 239 231 315 286 229 268 287 Greece 30 25 29 28 30 24 25 27 28 27 Italy 160 181 229 209 230 200 196 190 173 177 Netherlands 105 101 116 100 100 117 97 102 116 104 Norway 67 71 73 72 65 64 71 56 52 62 Portugal 12 14 14 13 24 21 25 21 27 22 70 88 105 135 149 141 156 160 194 229 Sweden 118 125 130 128 132 95 114 120 131 128 Switzerland 145 181 164 138 194 148 134 137 180 186 Turkey 3 8 3 3 3 3 3 4 7 4 United Kingdom 559 546 543 516 518 550 736 666 625 657 Yugoslavia 19 15 25 24 27 22 23 21 22 18 Other Western Europe 12 16 17 17 19 24 23 25 24 23 28 37 47 70 65 57 62 64 55 30 Other Eastern Europe 37 48 51 42 43 43 44 40 38 40 Total 2,114 2,350 2,417 2,266 2,390 2,406 2,563 2,503 2,513 2,543 1,627 1,887 2,087 1,961 1,824 1,856 2,299 2,484 2,025 1,842 Latin America: Argentina 305 306 316 304 316 325 323 339 352 361 Brazil 435 465 482 511 543 551 568 602 644 661 Chile 139 122 106 108 94 78 77 71 79 58 Colombia 380 390 376 379 394 404 395 384 378 384 Cuba 13 13 13 13 13 13 13 13 13 13 Mexico 934 975 1,004 1,093 1,035 1,151 1,177 1,160 1,123 1,124 Panama 125 106 116 110 121 130 132 137 177 145 Peru 176 159 155 163 177 160 157 158 137 138 Uruguay 41 41 41 38 38 35 38 40 43 36 Venezuela 268 271 278 311 299 314 333 343 335 361 Other Latin American republics 374 364 352 376 359 366 357 355 345 353 Bahamas and Bermuda 262 288 300 278 265 317 375 420 422 362 Netherlands Antilles and Surinam 18 23 16 15 16 16 16 16 15 15 Other Latin America 26 21 20 27 24 25 22 29 29 33 Total 3,494 3,545 3,575 3,725 3,695 3,883 3,982 4,066 4,091 4,042 Asia: China Mainland 1 1 2 2 2 2 2 2 2 2 Hong Kong 70 81 90 99 107 111 100 85 85 76 India 21 20 17 18 16 16 14 17 18 15 Indonesia 41 35 37 39 49 45 44 60 66 74 Israel 129 106 98 84 81 78 101 87 78 87 Japan 4,280 4,059 4,116 3,980 3,685 3,573 3,532 3,474 3,462 3,726 Korea 348 394 403 399 377 346 344 342 321 302 Philippines 138 145 149 137 138 138 143 144 144 150 Taiwan 109 154 156 172 180 182 178 173 180 187 Thailand 172 185 184 187 181 183 174 187 187 177 Other 252 213 232 210 199 221 245 230 229 244 Total 5,560 5,393 5,485 5,327 5,016 4,894 4,876 4,801 4,773 5,041 Africa: Congo (Kinshasa) 21 14 1133 15 18 14 12 12 13 14 Morocco 4 4 3 4 4 4 4 4 5 5 South Africa 158 166 147 152 161 160 149 142 139 134 U.A.R. (Egypt) 10 13 11 10 11 16 14 12 15 17 Other 99 101 104 120 129 124 121 114 130 113 Total 292 299 278 301 324 318 300 283 301 283 Other countries: 158 115588 116655 169 175 176 210 184 205 229 All other 28 29 35 34 31 34 38 41 44 36 Total 186 188 200 203 206 211 248 225 249 265 Total foreign countries 13,273 13,662 14,043 13,784 13,455 13,568 14,267 14,362 13,952 14,017 3 5 4 3 7 4 3 3 4 6 Grand total J 13,277 13,667 14,047 13,787 13,462 13,572 14,270 14,365 13,956 14,022 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

DECEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in t f i s f o L t i i n c o t s i u a a - l n s t B o a — nk si Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i c f r g n c a a n f c e d o c e e p e c r r s t - s t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - g c F a o n u c o n v o r a r d i n t m e t , i i c f e g s l e i . s e - n , - Other paper 196 9 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 74 197 0 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 166 1971—Oct... 11,289 10,668 3,516 135 2,056 1,325 2,307 3,864 982 620 406 111 103 Nov.. 11,920 11,276 4,024 169 2,429 1,426 2,306 3,897 1,050 644 457 89 99 Dec. 2 / \1 1 3 3 , , 2 1 7 7 7 0 1 1 2 2 , , 3 3 8 2 1 8 4 3 , , 5 9 0 6 3 6 2 2 2 2 4 3 2 2 , , 0 61 8 3 0 1 1, ,6 6 6 6 7 2 2 2 . , 4 4 7 7 5 5 4 4 , , 2 2 4 5 3 4 1 1 , , 6 1 8 0 6 7 8 89 4 5 2 5 5 4 4 8 9 1 1 7 1 3 9 1 1 7 7 4 4 1972—Jan... 13,148 12,315 3,871 209 2,053 1,609 2,473 4,234 1,737 833 501 228 104 Feb... 13,667 12,740 4,023 198 2,055 1,770 2,430 4,394 1,893 926 562 266 98 Mar.. 14,047 13,046 4,175 167 2,141 1,867 2.476 4,410 1,985 1,000 579 283 138 Apr.. . 13,787 13,001 4,451 163 2,354 1,935 2,469 4,252 1,829 785 498 177 May. . 13,462 12,628 4,604 169 2,520 1,915 2,541 3,837 1,646 835 530 187 118 June.. 13,572 12,738 4,767 162 2,584 2,020 2,650 3,482 1,839 833 486 222 125 July.. 14,270 13,365 5,062 161 2,791 2,109 2,705 3,227 2,372 905 519 278 108 Aug.. 14,365 13,419 4,994 150 2,717 2,127 2,812 3,081 2,533 946 482 338 126 Sept.* 13,956 13,070 5,034 149 2,580 2,305 2,889 2,966 2,181 886 431 329 127 Oct.P. 14,022 13,252 5,360 148 2,817 2,395 2,949 2,974 1,970 770 408 204 158 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 End of Payable period Total Loans to- O lo t n h g e - r c fo u r r i e r n i e g n n - U K d n i o n i m t g e - d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks * foreign- claims tions ers 196 9 3,250 2,806 502 209 2,096 426 67 411 408 1,329 88 568 378 197 0 3,075 2,698 504 236 1,958 352 71 411 312 1,325 115 548 292 1971—Oct... 3,494 3,181 542 266 2,373 286 127 580 261 1,323 240 565 398 Nov.. 3,537 3,237 567 282 2,389 276 138 586 244 1,357 240 564 407 Dec.»". 3,664 3,342 575 315 2,452 300 130 593 228 1.458 246 583 426 1972—Jan. 3,692 3,373 575 311 2,487 295 132 582 256 1.459 241 595 427 Feb. 3,743 3,426 595 324 2,507 292 124 593 254 1,477 241 624 430 Mar.r 3,842 3,531 644 329 2,559 284 131 606 233 1,498 278 651 444 Apr.r. 3,944 3,622 654 335 2,633 295 143 626 230 1,542 290 673 440 Mayr. 4,049 3,728 674 335 2,719 291 140 638 251 1,584 281 712 444 June r. 4,194 3,871 719 363 2,788 293 139 631 284 1,644 309 740 446 July. 4,308 3,995 757 356 2,882 281 146 674 283 1,719 294 759 432 Aug... 4,389 4,069 771 398 2,899 287 141 671 277 1,788 288 778 446 Sept.* 4,531 4,214 796 402 3,017 283 128 687 288 1,859 289 802 477 Oct.?. 4,627 4,275 797 401 3,077 317 136 658 335 1,891 302 828 477 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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 i securities 2 Foreign bonds Foreign stocks NNeett ppii irehases or sales PPPeeerrriiioooddd TToottaall II aa nn nn tt dd ll.. Foreign cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hh ss aa ee aa tt ss ll ee ee pp ss ss uu oo rr-- rr cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa ss tt ee llee pp ss ss uu oo rr-- rr cc PP hhaa uu ss rr ee -- ss SSaalleess N c N chh ee aa ss tt aa ss ll ee ee pp ss ss uu oo rr rr -rreeggiioonnaall Total Official Other 1970 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 998 35 1971 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.-Oct.2' 2,517 57 2,461 2,502 -41 14,977 12,153 2,824 1,518 2,275 -756 2,106 1,827 279 1971—Oct 252 * 252 257 -5 965 974 -9 163 245 -82 157 104 52 Nov 446 1 445 474 -29 940 845 94 137 148 -11 137 76 61 Dec 175 1 175 209 -34 1,673 1,207 465 185 175 10 195 154 41 1972 Jan.r 248 1 247 305 -58 1,579 1,277 301 127 409 -282 191 170 21 Feb.r 141 141 138 3 1,609 1,312 297 161 241 -80 200 199 Mar.r 230 i' 229 245 -16 2,030 1,527 503 188 250 -62 290 269 20 Apr.r 48 11 38 25 13 1,678 1,420 258 162 152 9 197 181 16 Mayr 348 — 8 356 350 6 1,346 1,111 235 128 319 -191 245 141 104 June 251 1 251 274 -23 1,648 1,407 241 109 339 -230 226 269 -43 July 223 1 222 224 -2 1,150 1,152 -2 188 100 88 155 163 -8 Aug 413 40 373 365 9 1,486 1,214 271 129 98 30 242 179 63 Sept.2' 258 10 247 237 11 1,150 829 321 173 161 12 173 141 32 Oct-P 335566 335566 334400 1177 11,,330011 990033 339988 115533 220044 --5511 118888 111155 7744 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) Total France m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o 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 -33 482 -9 47 85 22 197 1 731 87 131 219 168 -49 627 -93 37 108 54 1972—Jan.-Oct, 1,437 238 -93 200 522 412 1,302 -90 -64 222 69 1971—Oc t -48• -4 2 -30 -21 -21 -17 5 -1 7 Nov.... 9 -9 22 20 42 -14 -38 6 4 Dec 483 66 51 76 102 68 32 394 2 49 39 -2 1972—Ja n 269 36 29 60 98 2 -7 218 1 11 27 12 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 1 46 35 -23 13 49 6 May.... 55 19 -14 8 27 20 2 62 -17 -22 30 2 June.... 32 8 -20 15 27 -1 5 33 -42 32 9 July.... -38 -6 -44 -14 56 14 -41 -36 4 -25 12 7 Aug 245 60 -13 8 68 93 27 242 8 -16 4 6 Sept.p.. 172 36 -7 15 51 63 11 169 -12 11 3 Oct.2'... 294 65 6 24 83 45 20 243 29 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e r r i es I r n e t g l. i o a n n a d l 1970 956 35 48 37 134 118 91 464 128 25 28 ! -12 324 1971 684 15 35 -1 197 327 39 612 37 19 -2 * -21 39 1972—Jan.-Oct.f 1,387 238 16 47 105 225 252 883 81 18 294 1 * 110 1971—Oct 40 5 1 * 53 24 2 83 -8 -2 -1 * * -33 Nov 94 * 4 -1 42 70 6 122 7 -1 2 * -5 -31 Dec -18 -1 -1 -2 -12 18 -6 -3 -13 * 1 * — 3 1972—Jan.r 32 3 2 -14 20 38 49 10 -2 3 * * -28 Feb.' 144 — 1 -1 — 1 -20 102 -11 67 11 -13 51 * * 27 Mar.r 326 5 3 * 29 64 15 116 -3 3 192 * * 18 Apr.r 180 38 3 20 j -8 -13 38 -1 * 2277 * 114 May r 180 40 -3 * -3 71 15 121 11 26 1111 * * 10 June 210 95 1 88 21 4 17 148 23 * 8 * 31 July 36 9 -4 88 41 -34 12 33 4 2 1 * * -4 Aug 27 6 4 6 17 -16 45 62 9 — 1 — l 1 * -44 Sept.f 149 7 4 3 15 18 80 127 10 * * * * 12 Oct.*> 104 36 7 1 19 4 54 122 5 3 2 * * -28 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Intl. Total Latin Other Credit Debit Period Total and foreign Eu- Canada Amer- Asia Af- coun- End of balances balances re- coun- rope ica rica tries period (due to (due from gional tries foreigners) foreigners) 1970 -915 -254 -662 50 -586 -11 -129 -6 20 1969—Dec 443344 227788 1971 -937 -310 -627 38 -285 -46 -366 -1 32 1972— 1970—Mar 368 220 Jan.-Oct.P. -477 -110 -367 452 -500 -51 -288 -13 28 June 334 182 Sept 291 203 1971—Oct -30 3322 -63 27 -111 -6 24 1 2 Dec 334499 228811 Nov 50 1111 39 37 32 -28 -5 * 3 Dec 51 2 49 23 53 -10 -15 -4 2 1971—Mar 511 314 June 419 300 1972—Jan. -261 -241 -20 11 -24 -16 5 * 3 Sept 333 320 Feb.'". . -79 — 11 -68 32 -73 1 -26 -2 * Dec 311 314 Mar.r.. -42 18 -60 58 -74 -2 -47 -5 10 Apr.r. . 25 7 18 65 13 -31 -36 3 5 1972—Mar 325 379 Mayr. . -87 7 -94 75 -143 — 1 -21 -9 2 June 312 339 June... -273 10 -283 26 -201 -15 -94 * * SSeepptt..ff 286 336 July.... 81 78 2 36 23 3 -62 * 2 Aug 93 — 1 94 50 49 -1 -5 • 2 Sept.23.. 44 6 38 47 3 10 -24 * 1 NOTE.—Data represent the money credit balances and Oct. ®. . 23 16 7 53 -73 2 23 * 2 money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried bv 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 $10,455 million and $10,679 million, respectively, on Aug. 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. • DECEMBER 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- Other 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—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 61,334 4,798 2,311 2,486 54,752 11,211 24,550 1,167 17,823 1972—Jan.'. 59,926 4,331 1,986 2,345 53,701 10,445 24,464 1,211 17,581 Feb.. 61,816 4,116 1,742 2,374 55,839 11,013 25,615 1,118 18,093 Mar.. 65,033 4,565 2,085 2,480 58,653 10,633 28,066 1,173 18,781 Apr.r 63,754 4,846 2,426 2,421 57,091 10,542 26,354 1,179 19,015 May. 64,375 4,619 2,080 2,539 57,946 10,463 27,061 1,276 19,146 June ' 69,623 4,854 2,279 2,576 62,901 11,459 30,586 1,342 19,514 July ' 72,434 4,186 1,524 2,662 66,241 11,848 31,183 1,439 21,772 Aug.. 72,969 4,578 1,760 2,818 66,298 11,655 31,836 1,567 21,240 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—Aug.. 37,846 3,875 2,025 1,851 30,703 5,791 15,466 866 8,580 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.. 40,182 4,541 2,305 2,236 35.064 6,659 18,006 864 9,536 1972—Jan.r. 38,867 4,070 1,973 2,097 34,169 6,427 17,710 822 9,210 Feb.. 39,915 3,864 1,732 2,132 35,369 6,637 18,510 821 9,400 Mar.. 42,993 4,300 2,062 2,238 38.065 6,725 20,604 843 9,891 Apr.' 41,353 4,562 2,387 2,176 36,123 6,357 19,015 881 9,870 May. 41,935 4,393 2,063 2,330 36,889 6,475 19,575 936 9,903 June' 44,905 4,585 2,260 2,325 39,669 6,598 22,049 914 10,108 July' 46,574 3,923 1,498 2,424 41,929 7,469 22,121 1,015 11,324 Aug.. 47,288 4,337 1,741 2,597 42,214 7,320 22,731 1,063 11,100 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—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 16,21 476 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 ' 39.452 2,298 1,199 1,099 36,307 5,604 21.096 568 9,039 July. 41,934 1,969 821 1,148 39,077 5,968 21.745 578 10,786 Aug.. 40,596 2.117 1,078 1,039 37,538 5,688 21,411 595 9,844 Payable in U.S. dollars. 1970—Dec.. 22,574 6,596 15,655 2,223 9,420 4,012 1971—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 ' 27,114 2,210 24,535 3,931 15,983 4,621 July. 28,220 1,866 25,936 4,306 16,110 5,520 Aug.. 27,185 2,036 24,734 4,013 15,768 4,953 IN THE BAHAMAS Total, all currencies. 1970—Dec.. 4,815 1,173 455 717 3,583 2,119 1,464 1971—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 '227 798 6,139 3,203 2,936 Dec.. 8,493 1,282 505 778 7,119 3,798 3,320 1972—Jan.'. 7,912 953 157 796 6,866 3,630 3,237 Feb.. 8,375 994 107 888 7,271 3,816 3,455 Mar.. 8,828 1,178 126 1,052 7,542 4,030 3,513 Apr.' 8,621 1,244 204 1,040 7,269 3,780 3,489 May. 9,097 1,361 195 1,166 7,618 4,183 3,435 June' 10,075 1,552 295 1,257 8,396 4,825 3,571 July. 10,3,—2 9 1,409 110 1,298 8,786 4,924 3,863 Aug.. ill ,628 1,604 118 1,486 9,876 5,697 4,179 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 21b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) To U.S. To foreigners Other Offi- Non- Other Month-end Location and currency form Parent branches Other cial bank Total bank Other Total of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES 2,575 716 1,859 42,812 6,426 24,829 4,180 7,377 1,967 1970—Dec. ... Total, all currencies 3,349 763 2,586 49,622 8,792 27,178 5,450 8,203 1,902 1971—Aug. 3,015 501 2,514 51,940 9,516 28,497 5,476 8,451 2,014 2,915 474 2,441 52,540 9,802 28.532 5,581 8,626 2,041 2,870 475 2,395 53,646 10,038 29,363 5,749 8,495 2,113 3,114 669 2,445 56,124 10,773 31,081 5,513 8,756 2,098 2,934 654 2,280 54,991 10,324 29,733 5.858 9,075 1,996 1972—rJan. 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 2,978 621 2,356 58,726 10,096 32,379 6,617 9,635 2,051 2,819 562 2,256 59,648 10,055 33,114 6,649 9,830 1,908 3,086 646 2,440 64,592 11,069 36,113 7,223 10,187 1,944 3,348 763 2,585 66,978 11,396 36,673 7,784 11,125 2,107 3,362 691 2,671 67,403 11,500 37,408 7,776 10,719 2,202 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 1970—Dec. .Payable in U.S. dollars 2,939 643 2,296 35,406 5,735 20.340 4,375 4,956 1,149 1971—Aug. 2,637 381 2,256 36,366 6,226 20,981 4,408 4,751 1,195 2,549 352 2,198 36,331 6,154 20,808 4,503 4,866 1,161 Oct. 2,523 375 2,148 37,149 6,479 21,133 4,662 4,874 1,221 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 2,552 542 2,010 37,584 6,710 20,859 4,726 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 2,589 514 2,075 39,877 6,560 22,854 5,202 5,260 1,197 rApr. 2.411 439 1,973 40,754 6.648 23,603 5,170 5,333 1,058 2,671 523 2,148 44,142 7,277 25,807 5,656 5,401 1,021 2,851 636 2,215 45,207 7,612 25.341 6,315 5,939 1,104 2,899 559 2,340 45,475 7,650 25,943 6,187 5,695 1,175 IN UNITED KINGDOM 1.339 116 1,222 26,520 2,320 16.533 3,119 4,548 592 1970—Dec. ... Total, all currencies 2,000 300 1,700 29,429 3.069 17,310 4,268 4,782 691 1971—Aug. 1,658 117 1,541 30,877 3,344 18,431 4,318 4,785 745 1,628 104 1,523 31,009 3,250 18,535 4,447 4,777 772 1,618 77 1,541 31,513 3,106 18,901 4,622 4,885 814 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 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 1.340 68 1,272 33,980 3,056 19,893 5.172 5,859 807 1,397 105 1,291 34,090 3,154 19,908 5,158 5,871 824 1,447 147 1,300 37,102 3,160 22,144 5,542 6,256 903 1,633 177 1,456 39,341 3,577 22,532 6.173 7,059 960 1,498 153 1,345 38.165 3,423 22,236 6,007 6,499 933 1,208 98 1,110 21,495 1,548 13,684 2.859 3,404 302 1970—Dec. . Payable in U.S. dollars 1,790 238 1,552 22,095 1,900 13,445 3,501 3,249 377 1,460 59 1,401 22,882 2,126 14,160 3,555 3,041 400 1,435 49 1,387 22,875 2,095 14,079 3,660 3,041 417 1,452 36 1,416 23.166 2,028 14,185 3,813 3,140 426 1.412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 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 1,154 26 1,129 24,027 1,852 14,465 4,233 3,477 419 1,202 58 1,144 24,168 2,054 14,610 4,141 3,363 417 1,250 103 1,147 26,017 2.070 15,874 4,560 3,513 462 1,390 128 1,262 26,966 2,302 15,575 5,180 3,909 475 rJuly 1,271 100 1,171 25,887 2,140 15,217 4,981 3,549 467 IN THE BAHAMAS 542 4,183 488 2,872 823 90 1970—Dec. .Total, all currencies 695 5,155 1,005 3,029 1,121 119 1971—rAug. 719 5,359 931 3,381 1,048 133 Sept. 628 5,805 1,083 3,551 1,170 155 599 6,510 1,446 3,943 1,121 155 750 7,557 1.649 4,784 1,124 188 621 7,139 1,563 4,369 1,207 151 1972—rJan. 855 7,378 1,526 4,674 1,178 142 Feb. 832 7, 1,429 5,134 1,305 128 959 7,538 1,471 4,926 1,140 125 812 8,141 1,454 5,356 1,330 144 997 8,943 1,809 5,903 1,231 136 1,043 9,126 1,633 6,169 1,323 160 rJuly 1,209 10,260 1,885 6,915 1,460 158 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 1972 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVERNMENT SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Liab. Wednesday L t i i a e b s i ! l i- Wednesday L t i i a e b s i 1 l i- s p e l c u . s 2 Wednesday L t i i a e b s i 1 l i- Maturity of 1972 liability July Aug. Sept. 1967 1971 1972—Cont. Jan. 27. 6,536 7,536 1.36 1.80 2.45 Mar. 29 3,412 Feb. 24. 5,666 6,666 July 5.... 827 Call 2.19 2.08 1.97 June 28 3,166 Mar. 31. 2,858 4,358 12.... 1,377 Other liabilities, maturing Sept. 27, 4,059 Apr. 28. 2,158 5,166 19.... 974 in following calendar Dec. 27 4,241 May 26. 1,579 4,587 26.... 1,345 months after report June 30. 1,492 4,500 date: July 28. 1,495 4,645 8.98 10.04 11.66 1968 S A e u p g t . . 2 29 5 . . 2 1 , , 4 4 7 0 5 5 4 3 , , 0 5 7 7 5 8 Aug. 9 2 . . . . . . 1 1 , , 8 2 2 5 9 0 2 3 n rd d 6 5 . . 3 4 2 3 4 6 . . 8 8 1 8 5 5 . . 4 8 8 3 J S M u e n a p e r t . . 2 2 2 6 5 7 4 7 6 , , , 1 9 2 0 2 0 4 0 2 N O D c e o t c v . . . 2 2 2 7 4 9 . . . 2 3 , , 9 3 9 1 4 0 7 2 9 2 3 1 3 0 6 . . . . . . . . . 1 1 1 , , , 8 7 2 4 8 7 6 5 0 5 4 6 t t t h h h 2 2 2 . . . . 8 9 4 4 6 4 7 8 2 2 3 . . . . 0 9 4 7 8 2 4 2 2 2 3 . . . . 3 4 5 5 9 3 2 6 Dec. 31 (1/1/69) 6,039 1972 8th .59 .50 .51 Jan. 26. 1,419 Sept. 6... 1,508 9th .47 .51 .39 Feb. 23. 1,068 13... 1,187 10th .46 .36 .61 1969 M Ap a r r . . 29 5 . . 1 1, , 1 5 3 3 0 2 2 20 7 . . . . . . 2 1 , , 0 4 2 9 3 7 Mat 1 1 u 1 2 r t t i h h t ies of more than 1 . .5 3 8 4 . . 6 4 1 6 . . 4 3 8 1 Mar. 26 9,621 12. 1,052 1.19 1.16 1.32 June 25 13,269 19. 1,279 Sept. 24 14,349 26. 1,374 Oct. 4... 1,619 Dec. 31 12,805 May 3. 1,240 1 18 1 . . . .. . 1 1 , , 5 8 4 9 4 0 Total 36.67 38.35 39.91 10. 1,323 25... 1,415 17. 1,544 1970 24. 1,599 NOTE.—Includes interest-bearing U.S. dollar 31. 1,465 Nov. 1,387 deposits and direct borrowings of all branches in J S D M u e e a n p c e r t . . . 2 2 3 3 5 4 0 0 1 1 9 7 1 2 , , , , 6 6 8 1 7 8 6 7 6 5 3 2 June 2 2 1 1 7 8 4 . . . . 1 1 1 1 , , , , 4 1 5 7 4 2 9 2 3 5 2 4 2 2 1 9 2 5 . . . . . . , . , 1 1 1 1 , , , , 3 8 4 7 3 4 6 4 8 1 4 7 t a f h o m e r D o w e B u t n h a a t h i i c l a s t h o m m a s $ a s u 5 y c 0 h a n m n o d d i t l e l a o p io f d o n d s a i l o t t l s o r o t a m o t n h t o d a e r l r e s d . f i d o r u e r e c e t i t g o n b r o o b r u r r o a n w n d c i i n h n g e g s . s 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 Assets in custody Payable in dollars foreign currencies 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—Nov. 177 39,980 13,820 1969 2 / \ 1 1 , , 3 4 1 9 9 1 1,0 9 6 5 2 2 1 1 1 6 6 1 1 1 8 7 3 4 7 8 6 6 6 6 1 6 0 3 4 5 6 3 9 4 Dec.. 294 43,195 13,815 1,141 697 150 173 121 372 436 1972—Jan... 147 44,359 13,815 1971—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 3 4 1 2 5 De6c0 2 / \ 1 1 , , 6 5 4 0 8 4 1 1 , , 0 0 9 7 2 5 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 J O A S N u e c u o l p t g y v t . . . . . . . . . . . 1 1 1 1 1 9 6 9 9 8 2 3 0 2 8 5 5 5 5 5 1 0 1 1 1 , , , , , 6 9 5 8 8 7 9 2 2 7 6 7 2 1 4 1 1 1 1 1 5 5 5 5 5 . . , , , 5 5 5 5 5 3 3 4 3 3 1 0 2 1 0 1972— A F M M Ja e p n a a b r r y 1 1 1 1 1 , , , , , 8 6 6 8 9 9 2 2 0 3 9 3 7 4 4 1 1 1 1 1 , , , , , 0 3 2 1 3 7 1 3 4 3 5 5 4 7 2 2 2 2 1 1 1 0 0 4 7 3 0 6 8 7 2 2 2 2 29 3 7 7 4 8 8 1 3 4 1 1 1 1 8 0 1 2 0 4 1 2 2 0 6 6 6 7 5 6 1 0 5 5 7 3 5 5 0 6 6 7 6 5 5 0 6 0 5 0 8 7 7 7 June r.... 1,974 1,382 195 306 92 710 568 1 Marketable U.S. Treasury bills, certificates of in- J A u u l g y . 2 2 , , 2 0 6 7 5 6 1 1, , 5 5 9 1 9 4 2 1 1 9 9 4 3 3 0 8 8 6 6 5 1 9 7 7 5 5 3 1 7 5 0 6 9 5 debtedness, notes, and bonds and nonmarketable U.S. Sept 2,071 1,499 170 359 44 670 604 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

DECEMBER 1972 a 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. Dec.1 Mar. June® Sept. Dec.i Mar. June** Europe: Austria 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 Norway 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 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 Mexico 23 22 22 17 18 149 151 151 134 141 Panama 6 5 5 8 6 20 21 21 19 21 Peru 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 11 10 10 6 5 24 29 28 29 25 Israel 21 10 10 9 9 22 23 22 21 17 Japan 178 177 173 189 188 397 411 405 442 445 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 1 4 6 6 5 7 South Africa 45 31 31 26 37 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 I 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 78 IIMTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 1972 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n a la b r l s e P fo a r y i e n a i b g l n e Total P d a o y i l n a la b r l s e Deposits with currencies banks abroad in reporter's 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.. 2,677 2,281 496 4.160 3,579 234 348 1971—Mar.. 2,437 1,975 462 4,515 3,909 232 374 June., 2,357 1,937 438 4,708 4,057 303 348 Sept.. 2,564 2,109 454 4,894 4,186 383 326 Dec.1 2 2, , 7 7 3 0 5 4 2 2 , , 2 2 2 7 9 6 4 45 7 9 5 4 5 , , 9 1 9 8 7 5 4 4 , , 5 45 3 9 5 2 31 9 8 0 2 3 4 3 7 3 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 Country or area EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll 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 TA 1 ( 1,725 2,215 152 433 496 172 73 388 141 249 69 42 \ 2,304 2,363 152 442 562 177 77 420 142 271 75 46 1970—Mar 2,358 2,744 159 735 573 181 74 458 158 288 71 47 June 2,587 2,757 161 712 580 177 65 477 166 288 76 54 Sept 2,785 2,885 157 720 620 180 63 586 144 284 73 58 Dec 3,102 2,950 146 708 669 183 60 618 140 292 71 64 1971—Mar 3,177 2,983 154 688 670 182 63 615 161 302 77 72 June 3,172 2,982 151 687 677 180 63 625 138 312 75 74 Sept 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 1 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 Junef 3,235 3,295 108 723 791 188 60 671 161 380 120 93 i 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

DECEMBER 1972 o 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 l a a l r) ia (s A ch u i s l t l r in ia g ) B ( e fr lg an 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—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 15.600 514.388 24.015 Oct.. 119.07 4.3102 2.2640 101.756 15.605 14.453 23.562 Nov.. 119.09 4.3064 2.2685 101.279 15.026 14.510 24.022 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 ) 1 25. 048 13.269 239.35 .16042 .27735 32.591 8.0056 27. ,626 ) 6 25., 491 13.230 239.01 .15940 .27903 32.623 8.0056 27. .592 ) 27. ,424 13.233 239.59 .15945 .27921 32.396 8.0056 27. .651 7 28., 768 13.338 244.42 .16174 .28779 32.989 8.0056 7 28,. 650 —Nov 30. 005 13.353 249.33 .16324 .30418 33.627 8.0056 30, .006 30. ,593 13.388 252.66 .16652 .31249 34.135 8.0056 30, .503 30. ,956 13.415 257.05 .16923 .31978 34.737 8.0002 31, ,072 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 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 Nov 31 .215 12.540 235.05 .17109 .33224 36.124 8.0000 30 .964 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 ) 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 111.21 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 8 24.325 244.42 1971—Nov 116.01 14.578 3.6342 140.40 91.4533 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 10256.91 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 Nov 119.45 15.144 3.7140 127.52 1.5753 21.076 26.346 235.05 1 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to 8 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per 5.55 francs per U.S. dollar. U.S. dollar. 2 A new Argentine peso, equal to 100 old pesos, was introduced on 9 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455 Jan. 1, 1970. Since Apr. 6, 1971, the official exchange rate is set daily by per U.S. dollar. the Government of Argentina. Average for Feb. 1-27,1972. i o Effective June 23, 1972, the U.K. pound was floated. 3 On June 1, 1970, the Canadian Government announced that, for the ii South Africa repegged the rand at $1.2732 Oct. 25, 1972. time being, Canada will not maintain the exchange rate of the Canadian dollar within the margins required by IMF rules. NOTE.—Effective Aug. 16, 1971, the U.S. dollar convertibility to gold 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 was suspended; as from that day foreign central banks did not have to per U.S. dollar. support the dollar rate in order to keep it within IMF limits. 5 Danish krone—Sept. 26, 1972, n.a.; Sept. 27 and 28 rates nominal. During December 1971, certain countries established central rates 6 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. 7 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 CENTRAL BANK RATES • DECEMBER 1972 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Nov. 30, 1971 Country 1971 1972 Per Month cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1188..00 555...555 55..00 44..55 44..00 444...555 77..00 oooo 8.0 7.0 oo Rate as of Nov. 30, 1972 Argentina. 6.0 Dec. 1957 18.0 Austria.... 5.0 Jan. 1970 5.5 Belgium.. , 5.5 Sept. 1971 4.5 Brazil 20.0 July 1969 20.0 Canada... 4.75 Oct. 1971 4.75 Ceylon 6.5 Jan. 1970 6.5 Chile 8.0 July 1971 7.0 Colombia... 8.0 May 1963 8.0 Costa Rica. 4.0 June 1966 5.0 Denmark... 7.5 Apr. 1971 8.0 7.0 7.0 Ecuador 8.0 Jan. 1970 8.0 Egypt, Arab Rep. of. 5.0 May 1962 5.0 El Salvador 4.0 Aug. 1964 4.0 Ethiopia 6.50 Aug. 1970 6.50 Finland 8.50 June 1971 777...777555 7.75 France 6.5 Oct. 1971 666...000 55..7755 777...555 7.5 Germany, Fed. Rep. of.. 4.5 Oct. 1971 44..00 33..00 33..55 444...555 4.5 Ghana 8.0 July 1971 8.0 Greece 6.5 Sept. 1969 6.5 Honduras 4.0 Feb. 1966 4.0 Iceland... 5.25 Jan. 1966 5.25 India 6.0 Jan. 1971 6.0 Indonesia. 6.0 May 1969 6.0 Iran 7.0 Oct. 1969 7.0 Ireland... 4.94 Nov. 1971 44..8811 44..8811 55..1199 66..1199 6.19 Italy 4.5 Oct. 1971 44..00 4.0 Jamaica. 5.5 Apr. 1971 5555....0000 666...000 6.0 Japan... 5.25 May 1971 4444....77775555 444...222555 4.25 Korea... 16.0 June 1971 1133..00 13.0 Mexico.. 4.5 June 1942 4.5 Morocco 3.50 Nov. 1951 3.50 Netherlands... 5.0 Sept. 1971 44..55 444...000 33..00 44..00 4.0 New Zealand. 7.0 Mar. 1961 666...000 6.0 Nigeria 4.50 June 1968 4.50 Norway 4.5 Sept. 1969 4.5 Pakistan 5.0 June 1965 66..00 6.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic. 10.0 June 1969 10.0 Portugal 3.75 Feb. 1971 3.75 South Africa 6.5 Mar. 1971 66..00 6.0 Spain 5.0 Oct. 1971 5.0 Sweden 5.0 Nov. 1971 55..00 5.0 Switzerland. 3.75 Sept. 1969 3.75 Taiwan 9.25 May 1971 9.25 Thailand... 5.0 Oct. 1959 5.0 Tunisia 5.0 Sept. 1966 5.0 Turkey 9.0 Sept. 1970 9.0 United Kingdom. 5.0 Sept. 1971 66..00 77..5500 t 7.50 Venezuela 5.0 Oct. 1970 5.0 Vietnam 18.0 Sept. 1970 18.0 1 1 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 f 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. E pu th r i p o o pi s a e — s, 5 a nd p e 1 r 0 c p e e n r t c f e o n r t e f x o p r o a r d t v p a a n p c e e r s a to n d c o 6 v p e e r r s h ce o n r t t a f g o e r s T i r n e a le s g u a r l y r b e i s l e ls r . v es; p V e e r n e c z e u n e t l a— for 2 ad p v e a r n c c e e n s t a f g o a r i n r s e t d i g s o c v o e u r n n ts m e o n f t c b e o rt n a d in s , a a g n r d ic u 5 l 1 t /l u r p e er p a c p e e n r t , fo 4 r l/ 2 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

DECEMBER 1972 • OPEN MARKET RATES; ARBITRAGE A 95 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d e r- Month 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - y e t y o 2 - 3 m P b b r i a o 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 i t ' g D m a o d y n a - y e t y o s - Tr 6 d b e 0 a i a y - l s l 9 s s u 0 6 , r y D m a o d y n a - y e 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 6.12 6.22 8.26 6.70 5.73 5.23 8.67 6.54 8.67 5.97 6.47 5.14 197 1 3.62 3.76 6.41 5.57 4.93 3.84 5.84 4.54 6.10 4.34 3.76 5.24 1971—Nov. 3.31 3.60 4.74 4.48 3.75 2.70 5.51 3.75 4.58 4.06 3.79 5.25 Dec. 3.25 3.63 4.42 4.36 3.46 2.50 5.28 3.25 5.78 3.90 4.91 5.12 1972—Jan.. 3.29 3.71 4.48 4.36 3.94 2.50 5.31 3.25 4.20 3.61 4.44 5.00 Feb. 3.48 3.79 4.85 4.37 4.43 2.50 5.20 2.75 4.15 3.19 3.38 5.00 Mar. 3.51 3.70 4.77 4.34 4.58 2.50 4.76 2.75 3.88 2.26 .98 5.00 Apr. 3.65 3.68 4.62 4.30 3.82 2.50 4.81 2.75 3.77 1.84 .70 4.75 May 3.67 3.73 4.83 4.27 4.56 2.50 5.32 2.75 2.95 1.98 3.03 4.75 June 3.61 3.64 5.86 5.21 3.92 2.93 3.81 2.75 2.65 1.90 1.53 4.75 July. 3.48 3.45 6.82 5.60 4.99 4.18 3.78 2.75 2.24 1.09 .86 4.75 Aug. 3.47 3.54 6.71 5.79 5.13 5.25 3.76 2.75 4.48 .70 .60 4.75 Sept. 3.57 3.52 7.18 6.44 5.27 5.25 2.75 4.83 1.11 .54 4.75 Oct., 3.57 3.64 7.34 6.74 5.47 5.25 3.25 6.07 1.95 2.61 4.75 Nov. 3.61 3.71 7.28 6.88 5.70 5.25 3.75 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance,' deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates DDDaaattteee q K ( u U i a o n U n d t g i . j a . t S d t e . 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 ) PP dd ff (( (( rr pp ii oo —— ee ss ++ oo rr cc mm )) ww uu )) oo ii nn aa uu oo oo uu dd rr rr nn nn mm dd tt ii LL nn (( oo cc ff NN nn ee aa oo nn dd vv ee ff tt tt oo oo ii rr vv nn ee )) qu A o s te d C an lad A a U dj . . S . t o U S n ta i t t e e s d C S ( a f p n a o r v a e f d o ad r a ) CC PP dd ff (( (( dd rr aa oo ii —— ++ ee ss oo nn rr cc mm )) ll ww aa )) oo ll dd aa ii aa oo uu oo uu ii rr rr rr nn nn ss aa mm dd tt nn ii CC nn (( cc aa ff NN ee nn aa oo nn aa vv ee ff tt tt dd oo ii vv rr aa ee )) basis) in quotation Canada basis 1972 June 2 4.34 3.77 .57 -.39 .18 3.73 3.65 3.77 -.12 -1.80 — 1.92 9 4.78 3.78 1.00 -.49 .51 3.70 3.62 3.78 -.16 -1.36 -1.52 16 5.46 3.85 1.61 -1.62 -.01 3.57 3.49 3.85 -.36 -.72 -1.08 23 5.54 3.93 1.61 -7.74 -6.13 3.53 3.45 3.93 -.48 -.10 -.58 30 5.56 3.91 1.65 -4.00 -2.35 3.50 3.42 3.91 -.49 -.20 -.69 JJuullyy 7 5.41 3.96 1.45 -2.50 -1.05 3.56 3.48 3.96 -.48 -.04 -.52 14 5.34 3.94 1.40 -3.58 -2.18 3.49 3.41 3.94 -.53 .02 -.51 21 5.67 3.85 1.82 -3.43 -1.61 3.43 3.33 3.85 -.52 .24 -.28 28 5.69 3.80 1.89 -3.43 -1.54 3.46 3.38 3.80 -.42 .12 -.30 Aug. 4 5.71 3.74 1.97 -3.59 -1.62 3.48 3.40 3.74 -.34 -.16 -.50 11 5.69 3.77 1.92 -2.91 -.99 3.41 3.34 3.77 -.43 .00 -.43 18 5.69 3.80 1.89 -2.08 -.19 3.44 3.36 3.80 -.44 .00 -.44 25 5.75 4.07 1.68 -2.40 -.72 3.46 3.38 4.07 -.69 .00 -.69 SSeepptt.. 1 5.81 4.48 1.33 -2.70 -1.37 3.49 3.41 4.48 -1.07 -.04 -1.11 8 6.26 4.65 1.61 -2.61 -1.00 3.54 3.46 4.65 -1.19 .06 -1.13 15 6.55 4.61 1.94 -2.79 -.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 27 6.80 4.65 2.15 -2.82 -.67 3.56 3.48 4.65 -1.17 .04 -1.13 Nov. 3 6.74 4.63 2.16 -2.72 -.56 3.57 3.47 4.63 -1.14 -.08 -1.22 10 6.77 4.64 2.13 -3.07 -.94 3.58 3.50 4.64 -1.14 .10 -1.04 17 6.76 4.69 2.07 -2.59 -.52 3.61 3.53 4.69 -1.16 .12 -1.04 24 6.84 4.77 2.07 -3.02 -.95 3.61 3.53 4.77 -1.24 .16 -1.08 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 • DECEMBER 1972 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n - t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada world1 Fund world 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 1,151 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 1,046 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 1,015 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 863 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 872 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 791 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 44,835 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 50 16 834 5,765 10,488 208 130 283 792 1,672 16 834 '^44^890 5,777 10,487 ^28 j 625 208 283 792 1,648 834 5,777 10,487 208 282 792 1,636 834 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 17 64 29 3,532 3,980 117 243 131 144 16 43 2,887 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 143 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 14 64 49 3,523 4,077 98 243 131 144 16 43 2,884 15 69 53 3,826 4,437 132 264 142 156 17 47 3,131 16 69 53 3,826 4,437 132 264 142 156 17 47 3,131 16 69 53 3,826 4,437 132 264 142 156 17 3,131 16 69 53 3,826 4,437 132 142 156 17 3,131 16 69 53 3,826 4,436 132 142 156 17 3,130 16 69 53 3,826 4,436 132 156 17 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 c r o o c- N la e n th 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—Oct 87 322 85 58 184 21 1,889 34 55 40 67 911 119 Nov 87 322 85 58 184 21 1,889/ 34 55 40 67 918 119 Dec 87 322 85 58 184 21 1,909 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 41 72 1,004 129 July 94 350 93 63 188 23 2,079 36 60 41 72 1,004 129 Aug 94 350 93 63 23 2,079 36 60 41 72 1,022 129 Sept 999444 333555000 999333 6633 2233 2,078 36 60 72 1,022 129 Octp 999444 333555000 999333 2,078 36 60 72 1,022 129 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • GOLD RESERVES AND PRODUCTION A 97 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars; valued at $35 per fine ounce through Apr. 1972 and at $38 per fine ounce thereafter) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g v o ia - S I e f n t o t t r l l . e ments 4 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 196 9 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 197 0 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 1971—Oct... 460 498 200 2,909 80 82 127 85 778 148 391 52 227 Nov.. 443 498 200 2,909 80 82 122 85 778 148 391 51 249 Dec.. 410 498 200 2,909 80 82 130 85 775 148 391 51 310 1972—Jan... 403 498 200 2,909 80 82 130 85 778 146 391 51 332 Feb.. 405 498 200 2,909 80 82 130 85 751 146 391 51 333 Mar.. 405 498 200 2,909 80 82 129 85 751 156 391 51 354 Apr.. 412 498 200 2,909 80 82 127 85 751 156 391 51 347 May. 471 541 217 3,158 87 89 127 92 816 169 425 56 365 June. 507 541 217 3,158 87 89 122 92 816 169 425 56 304 July.. 543 541 217 3,158 87 89 122 92 816 169 425 56 276 Aug.. 580 541 217 3,158 87 89 122 92 800 169 425 56 276 Sept.. 601 541 217 3,158 87 89 122 800 425 56 267 Oct.?, 636 217 3,158 87 89 122 425 56 267 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table, and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars; valued at $35 per fine ounce through 1971 and at $38 per fine ounce thereafter) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uucc 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 li e p s - t A ra u l s ia - ot A h l e l r 1 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 666666333333......111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 777777......555555 555555......222222 999999999999999999..................888888888888888888 44444444444444..............22222222222222 11111111111111119999999999999999................4444444444444444 11111115555555.......8888888 333333333333333222222222222222...............111111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 555555333333......444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 555555......888888 555555......222222 999999999999999999..................000000000000000000 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 11111117777777.......2222222 222222222222222888888888888888...............444444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 555555333333......999999 9999999999999999999944444444444444444444....................11111111111111111111 666666......222222 444444......999999 888888888888888888..................444444444444444444 44444444444444..............00000000000000 22222222222222221111111111111111................5555555555555555 11111118888888.......5555555 222222222222222777777777777777...............666666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 666666000000......111111 8888888888888888888899999999999999999999....................11111111111111111111 666666......333333 333333......777777 777777777777777777..................777777777777777777 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 666666000000......000000 1970 111111,,,,,,444444555555000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 666666333333......555555 8888888888888888888844444444444444444444....................33333333333333333333 666666......999999 333333......888888 777777777777777777..................111111111111111111 33333333333333..............77777777777777 22222222222222224444444444444444................8888888888888888 22222221111111.......1111111 222222222222222111111111111111...............777777777777777 555555444444......111111 1971* 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999988888888888888888888....................77777777777777777777 22222224444444.......4444444 6666666.......0000000 7777777777777777777777777777777777777777....................33333333333333333333 666666666666666666..................666666666666666666 44444444444444..............11111111111111 22222222222222227777777777777777................0000000000000000 22222222222222.......2222222 222222222222222333333333333333...............555555555555555 1971 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 ..................666666666666666666 ..............33333333333333 2222222222222222................4444444444444444 222222222222222...............111111111111111 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 ..................666666666666666666 ..............33333333333333 2222222222222222................1111111111111111 111111111111111...............999999999999999 Nov. 9999999999999999999911111111111111111111....................77777777777777777777 66666666666666666666....................66666666666666666666 ..................666666666666666666 ..............33333333333333 2222222222222222................4444444444444444 222222222222222...............111111111111111 Dec 8888888888888888888855555555555555555555....................77777777777777777777 55555555555555555555....................99999999999999999999 ..................555555555555555555 ..............33333333333333 2222222222222222................2222222222222222 222222222222222...............222222222222222 1972—Jan 9999999999999999999955555555555555555555....................33333333333333333333 66666666666666666666....................55555555555555555555 ..................777777777777777777 ..............44444444444444 2222222222222222................6666666666666666 333333333333333...............333333333333333 Feb 8888888888888888888888888888888888888888....................22222222222222222222 66666666666666666666....................44444444444444444444 ..................666666666666666666 ..............33333333333333 2222222222222222................5555555555555555 222222222222222...............555555555555555 Mar. 9999999999999999999911111111111111111111....................88888888888888888888 66666666666666666666....................66666666666666666666 ..................555555555555555555 ..............33333333333333 2222222222222222................6666666666666666 222222222222222...............000000000000000 Apr 9999999999999999999933333333333333333333....................22222222222222222222 77777777777777777777....................55555555555555555555 ..................666666666666666666 2222222222222222................4444444444444444 222222222222222...............444444444444444 May 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................88888888888888888888 ..................666666666666666666 2222222222222222................4444444444444444 June 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................22222222222222222222 ..................777777777777777777 July 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................44444444444444444444 ..................555555555555555555 Aug 9999999999999999999944444444444444444444....................11111111111111111111 55555555555555555555....................99999999999999999999 Sept 9999999999999999999933333333333333333333....................99999999999999999999 66666666666666666666....................33333333333333333333 i Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • ONE-BANK HOLDING COMPANIES A 99 DATE OF ENTRY BY ONE-BANK HOLDING COMPANIES INTO NONBANK ACTIVITIES, BY TWO-DIGIT SIC CLASSIFICATION1 Primarily Before in SIC No. Description of activity 1930 1930-39 1940-49 1950-59 1960-64 1965-70 01 Agricultural production 15 07 Agricultural services and hunting. 12 08 Forestry 10 Metal mining 4 12 Bituminous coal and lignite mining 3 13 Crude petroleum and natural gas 19 14 Mining and quarrying nonmetallic minerals, ex. fuel. 5 15 Building construction—general contractors 14 16 Construction other than building 7 17 Construction—special trade contractors 11 19 Ordnance and accessories 20 Food and kindred products 21 22 Textile mill products 16 24 Lumber and wood products, ex. furniture. 7 25 Furniture and fixtures 6 26 Paper and allied products 11 27 Printing and publishing 13 28 Chemicals and allied products 29 Petroleum refining and related industries.. 30 Rubber and misc. plastic products 3 31 Leather and leather products 3 32 Stone, clay, glass, and concrete products. 10 33 Primary metals 16 34 Fabricated metal products 20 35 Machinery, ex. electrical 24 36 Electrical machinery 23 37 Transportation equipment 6 38 Instruments 2 39 Misc. manufacturing industries 3 40 Railroad transportation 41 Local suburban and interurban passenger transportation. 42 Motor freight transportation and warehousing 11 44 Water transportation 33 45 Transportation by air 5 46 Pipeline transportation 2 47 Transportation services 27 48 Communication 27 49 Electric gas and sanitary services 12 50 Wholesale trade 51 52 Building materials, hardware, farm equipment dealers. 6 53 Retail trade—general merchandise 8 54 Food stores 2 55 Auto dealers and gasoline service stations 9 56 Apparel and accessory stores 57 Furniture, home furnishings, and equipment stores.... 4 58 Eating and drinking places 4 59 Misc. retail stores 16 60 Banking 5 99 61 Credit agencies other than banks 10 115 359 62 Security and commodity brokers, dealers, exchanges 8 61 63 Insurance carriers 32 147 64 Insurance agents, brokers, and service 27 140 65 Real estate 105 478 66 Combinations of real estate, insurance, loans, law offices. 1 67 Holding and other investment companies 481 70 Hotels, rooming houses, and other lodging 7 72 Personal services 1 73 Misc. business services 168 75 Auto repair, auto services, and garages 19 76 Misc. repair services 1 78 Motion pictures 2 79 Amusement and recreation services 6 80 Medical and other health services.... 7 82 Educational services 3 86 Nonprofit membership organizations. 3 89 Misc. services 77 99 Nonclassifiable establishments 7 Total. 43 34 58 290 503 2,571 1 Tabulation is based on the "principal" SIC activities reported for non- were still owned by one-bank holding companies as of December 31, bank subsidiaries. It includes each nonbank subsidiary of a holding com- 1970. If, for example, a one-bank holding company acquired or formed a pany regardless of how many subsidiaries are reported in the same princi- nonbank subsidiary between 1930 and 1939 and disposed of that subsidpal two-digit group. Inactive subsidiaries are excluded. There are 18 iary prior to December 31, 1970, it would not be reflected here. Consenonbank subsidiaries for which either the principal SIC activities or the quently, the number of formations and acquisitions reported is underdate of acquisition or formation was not provided. These data should be stated in earlier time periods. interpreted with caution because the number of entries into the various NOTE.—Periods showing date of entry indicate when OBHC's formed or activities for each time period reflect only those nonbank subsidiaries that acquired nonbank subsidiaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 ONE-BANK HOLDING COMPANIES • DECEMBER 1972 DIVERSIFICATION PATTERNS OF ONE-BANK HOLDING COMPANIES, DECEMBER 31, 1970 SIC No. Description of activity Number1 SIC No. Description of activity Number1 Oil Field crops 11 301 Tires and inner tubes 2 012 Fruits, tree nuts, and vegetables 7 302 Rubber footwear 1 013 Livestock 59 303 Reclaimed rubber 1 014 General farms 28 306 Fabricated rubber products n.e.c. 4 019 Misc. agriculture 1 307 Misc. plastics products 8 071 Agricultural services, ex. animal husbandry and 6 311 Leather tanning and finishing 1 horticulture 312 Industrial leather belting 1 072 Animal husbandry 11 314 Footwear, ex. rubber 1 081 Timber tracts 4 321 Flat glass 2 086 Gathering forest products 1 323 Glass products 1 325 Structural clay products 1 101 Iron ores 1 326 Pottery and related products 1 102 Copper ores 1 327 Concrete, gypsum, and plaster products 6 103 Lead and zinc 1 329 Abrasives, asbestos, and misc. nonmetallic mineral 5 105 Bauxite 1 products 108 Metal mining services 1 331 Blast furnaces, steel works, and rolling and 6 109 Misc. metal ores 2 finishing mills 121 Bituminous coal and lignite mining 2 333 Primary smelting and refining of nonferrous metals 1 131 Crude petroleum and natural gas 10 334 Secondary smelting of nonferrous metals 2 132 Natural gas liquids 1 335 Rolling, drawing, and extruding of nonferrous 3 138 Oil and gas field services 9 metals 141 Dimension stone 2 336 Nonferrous foundries 2 142 Crushed stone 1 339 Misc. primary metal products 1 144 Sand and gravel 3 341 Metal cans 2 145 Clay, ceramic, and refractory minerals 3 342 Cutlery, hand tools, and general hardware 3 148 Nonmetallic minerals, ex. fuels 2 343 Heating apparatus, ex. electrical, and plumbing 3 149 Misc. nonmetallic minerals, ex. fuels 1 fixtures 151 General building contractor 19 344 Fabricated structural metal products 16 161 Highway and steel construction 1 345 Screw machine products 4 162 Heavy construction, ex. highway and street 8 346 Metal stampings 3 171 Plumbing, heating (ex. electrical), and air 3 347 Coating and engraving 2 conditioning 349 Misc. fabricated metal products 5 172 Painting, paper hanging, and decorating 3 351 Engines and turbines 2 173 Electrical work 4 352 Farm machinery and equipment 4 175 Carpeting and flooring 1 353 Construction and mining equipment 6 176 Roofing and sheet metal work 1 354 Metalworking machinery 9 177 Concrete work 1 355 Special industrial machinery 4 179 Misc. special trade contractors 7 356 General industrial machinery 4 192 Ammunition, ex. small arms 2 357 Office computing and accounting machines 3 195 Small arms 1 358 Service industry machines 6 196 Small arms ammunition 1 359 Misc. machinery, ex. electrical 3 199 Ordnance and accessories n.e.c. 1 361 Electrical transmission and distribution equipment 3 362 Electrical industrial apparatus 3 201 Meat products 1 363 Household appliances 2 202 Dairy products 2 364 Electric lighting and wiring equipment 4 203 Canned and preserved fruits, vegetables, and seafood 6 365 Radio and TV receiving sets 6 204 Grain mill products 3 366 Communication equipment 9 205 Bakery products 2 367 Electronic components and accessories 12 206 Sugar 2 369 Misc. electrical machinery 5 207 Confectionary and related products 2 371 Motor vehicles and equipment 7 208 Beverages 5 372 Aircraft and parts 1 209 Misc. food preparation 4 374 Railroad equipment 1 222 Broad woven fabric mills, manmade fibers, and silk 3 379 Misc. transportation equipment 3 223 Broad woven fabric mills, wool 1 381 Engineering, laboratory, and scientific equipment 1 224 Narrow fabrics 1 382 Instruments for measuring and weighing physical 5 225 Knitting mills 4 characteristics 226 Dyeing and finishing textiles 1 383 Optical instruments 3 227 Floor covering mills 4 384 Surgical and medical supplies 2 229 Misc. textile goods 5 386 Photographic equipment 3 242 Sawmills and planing mills 4 387 Watches and clocks 1 243 Millwork, veneer, plywood 6 393 Musical instruments 3 244 Wooden containers 1 394 Toys and athletic goods 2 249 Misc. wood products 4 395 Pens and pencils 1 251 Household furniture 5 399 MMiisscc.. mmaannuuffaaccttuurriinngg iinndduussttrriieess 2 252 Office furniture 2 253 Public building furniture 1 401 Railroads 3 254 Partitions, shelving 1 411 Local and suburban passenger transportation 1 262 Paper mills, ex. building paper mills 3 421 Trucking 8 263 Paperboard mills 1 422 Public warehousing 18 264 Converted paper and paperboard products 5 423 Terminal facilities for motor freight transportation 1 265 Paperboard containers and boxes 5 441 Deep sea foreign transportation 2 266 Building paper and board mills 1 442 Deep sea domestic transportation 1 271 Newspapers: Publishing and printing 4 444 Transportation on rivers and canals 1 272 Periodicals: Publishing and printing 4 445 Local water transportation 3 273 Books 2 446 Services for water transportation 4 274 Miscellaneous publishing 8 451 Air transportation, certified carriers 5 275 Commercial printing 9 452 Air transportation, noncertified carriers 1 276 Manifold business forms 1 458 Fixed facilities for air transportation 4 277 Greeting card publishing 2 461 Pipelines, ex. natural gas 3 278 Blankbooks and loose leaf binders 3 471 Freight forwarding 3 279 Service for printing 1 472 Arrangement of transportation 36 281 Industrial inorganic and organic chemicals 7 473 Stockyards 3 282 Plastic materials and synthetic rubber and resin 4 474 Rental of railroad cars 1 283 Drugs 3 478 Misc. services for transportation 1 284 Soap, detergents, perfumes, and cosmetics 7 481 Telephone communication 1 285 Paints, varnishes, and lacquers 4 483 Radio and TV broadcasts 11 286 Gum and wood chemicals 1 489 Communication services n.e.c. 7 287 Agricultural chemicals 4 491 Electric companies and systems 2 289 Misc. chemical products 3 492 Gas companies and systems 2 291 Petroleum refining 4 494 Water supply 7 295 Paving and roofing materials 3 495 Sanitary services 7 299 Misc. products of petroleum and coal 1 497 Irrigation systems 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DECEMBER 1972 • ONE-BANK HOLDING COMPANIES A 101 DIVERSIFICATION PATTERNS OF ONE-BANK HOLDING COMPANIES, DECEMBER 31, 1970—Continued SIC No. Description of activity Number1 SIC No. Description of activity Number1 501 Wholesale motor vehicles and auto equipment 9 628 Services allied with the exchange of securities or 32 502 Wholesale drugs, chemicals, and allied products 5 commodities 503 Piece goods, notions, apparel 4 631 Life insurance 73 504 Groceries and related products 11 632 Accident and health insurance 38 505 Farm products, raw materials 7 633 Fire, marine, and casualty insurance 40 506 Electrical goods 10 635 Surety insurance 32 507 Hardware, and plumbing and heating supplies 2 636 Title insurance 12 508 Machinery, equipment, and supplies 11 639 Insurance carriers n.e.c. 7 509 Misc. wholesalers 34 641 Insurance agents, brokers, and service 604 521 Lumber and building materials dealers 16 651 Real estate operators (ex. developers) and lessors 439 523 Paint, glass, and wallpaper stores 1 653 Agents, brokers, and managers 127 524 Electrical supply stores 2 654 Title abstract companies 10 525 Hardware and farm equipment 11 655 Subdividers and developers 91 531 Department stores 8 656 Operative builders 28 532 Mail order houses 6 661 Combinations of real estate, insurance, loans, law 7 533 Variety stores 1 offices 535 Direct selling establishments 1 672 Investment companies 35 539 Misc. general merchandise stores 7 673 Trusts 22 541 Grocery stores 10 679 MMiisscc.. iinnvveessttiinngg iinnssttiittuuttiioonnss 57 542 Meat and fish markets 1 545 Dairy products stores 3 701 Hotels and motels 20 551 Motor vehicle dealers 9 703 Trailer parks and camps 5 553 Tire, battery, and accessory dealers 2 704 Membership hotels 2 554 Gasoline service stations 7 721 Laundries and cleaning plants 4 559 Misc. aircraft, marine, and auto dealers 6 726 Funeral services and crematories 3 561 Men's and boy's clothing stores 1 729 Misc. personal services 1 562 Women's ready-to-wear stores 2 731 Advertising 18 563 Women's specialty stores 1 732 Consumer credit reporting agencies 9 564 Child's and infant wear 1 733 Duplicating, mailing, and stenographic services 2 565 Family clothing stores 2 734 Services to dwellings and other buildings 11 571 Furniture and home furnishings, ex. appliance 6 739 Business services n.e.c. 214 stores 751 Auto rentals w/o drivers 28 572 Household appliance stores 1 752 Auto parking 3 573 Radio, TV, and music stores 2 762 Electrical repair shops 2 581 Eating and drinking places 14 769 Misc. repair shops 3 591 Drug and proprietary stores 6 781 Motion picture production and distribution 4 595 Sporting goods and bike stores 1 783 Motion picture theaters 1 596 Farm and garden supply stores 7 793 Bowling alleys and pool establishments 2 598 Fuel and ice dealers 4 794 SSppoorrttss pprroommootteerrss aanndd ccoommmmeerrcciiaall ooppeerraattoorrss 10 599 Retail stores n.e.c. 7 806 Hospitals 2 602 Commercial and stock savings banks 36 809 Health and allied services n.e.c. 5 603 Mutual savings banks 1 811 Legal services 1 604 Trust companies not engaged in deposit banking 5 821 Elementary and secondary schools 1 605 Establishments performing functions closely 78 822 Colleges and universities 3 related to banking 824 Correspondence and vocational schools 3 611 Rediscount and financing institutions for credit 5 829 Schools n.e.c. 1 agencies other than banks 862 Professional membership organizations 1 612 Savings and loan associations 27 863 Labor unions 1 613 Agricultural credit institutions 18 867 Charitable organizations 6 614 Personal credit institutions 114 869 Nonprofit membership organizations n.e.c. 2 615 Business credit institutions 173 891 Engineering and architectural services 4 616 Loan correspondents and brokers 61 893 Accounting, auditing, and bookkeeping services 136 621 Security brokers, dealers, and flotation companies 42 899 Services n.e.c. 4 622 Commodity contracts brokers and dealers 6 990 Nonclassifiable establishments 9 1 Number of one-bank holding companies that are engaged in the activity either directly or through a subsidiary. Subsidiaries classified as inactive are not included in this tabulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 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 TYNAN SMITH, Secretary LOUIS WEINER, Assistant Adviser MURRAY ALTMANN, Assistant Secretary LEVON H. GARABEDIAN, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE ELIZABETH L. CARMICHAEL, Assistant Secretary RALPH C. BRYANT, Director MICHAEL A. GREENSPAN, Assistant Secretary JOHN E. REYNOLDS, Associate Director 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 103 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 104 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 Y nR ALPH ~ C . ~ B RYANT, A . s socia . t e _ E conomist NORMAND R. V. BERNARD, Assistant Secretary LYLE E GRAMLEY, Associate Economist 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 STEPHEN HTT. AAX ILROD, _ E conomist JOHN H. KAREKEN, Associate 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 105 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. Cold well 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 Theodore C. Jacobsen 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 106 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. Internatibnal 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—1971 edition. 383 pp. per annum or $.50 each. Elsewhere, $7.00 per $4.00 a copy; 10 or more sent to one address, annum or $.70 a copy. $3.50 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 107 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. MEASURES OF INDUSTRIAL PRODUCTION AND 321 pp. $1.00 a copy; 10 or more sent to one FINAL DEMAND, by Clayton Gehman and Corneaddress. $.85 each. lia Motheral. Jan. 1967. 57 pp. 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. PRIVATE HOUSING COMPLETIONS—A NEW DIMEN- (Limited supplies, in mimeographed or simi- SION IN CONSTRUCTION STATISTICS, by Bernard lar form, of staff papers listed on p. 48 of N. Freedman. Jan. 1972. 20 pp. report above (other than those contained in Parts 1 and 2) are available upon request POLICY VARIABLES, UNEMPLOYMENT AND PRICE for single copies.) LEVEL CHANGES, by Peter S. Rose and Lacy H. Hunt II. Jan. 1972. 11 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET: STAFF OPTIMAL DISTRIBUTED LAG RESPONSES AND EX- STUDIES—PART 1 (papers by Cooper, Bernard, PECTATIONS, by Roger Craine. Feb. 1972. 9 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or more sent to one address, $.40 each. PART 2 THE EFFECT OF HOLDING COMPANY ACQUISITIONS (papers by Ettin, Peskin, and Ahearn and Pes- ON BANK PERFORMANCE, by Samuel H. Talley. kin). 1971. 153 pp. $1.00 a copy; 10 or more Feb. 1972. 25 pp. sent to one address, $.85 each. INTERNATIONAL MONEY MARKETS AND FLEXIBLE OPEN MARKET POLICIES AND OPERATING PROCE- EXCHANGE RATES, by Stanley W. Black. Mar. DURES—STAFF STUDIES (papers by Axilrod, 1972. 74 pp. Davis, Andersen, Kareken et al., Pierce, Friedman, and Poole). 1971. 218 pp. $2.00 a copy; EXPLAINING CHANGES IN EURO-DOLLAR POSI- 10 or more sent to one address, $1.75 each. TIONS: A STUDY OF BANKS IN FOUR EUROPEAN COUNTRIES, by Rodney H. Mills, Jr. May 1972. REAPPRAISAL OF THE FEDERAL RESERVE DIS- 34 pp. COUNT MECHANISM, Vol. 1 (papers by Steering Committee, Shull, Anderson, and Garvy). 1971. CREDIT RATIONING: A REVIEW, by Benjamin M. 276 pp. Vol. 2 (papers by Boulding, Chandler, Friedman. June 1972. 26 pp. Jones, Ormsby, Modigliani, Alperstein, Melichar, and Melichar and Doll). 1971. 173 pp. REGULATION Q AND THE COMMERCIAL LOAN MAR- Vol. 3 (papers by Staats, Willis, Minsky, KET IN THE 1960's, by Benjamin M. Friedman. Stackhouse, Meek, Holland and Garvy, and June 1972. 38 pp. Lynn). 1972. 220 pp. Each volume $3.00 a copy; 10 or more sent to one address, $2.50 THE REGULATION OF SHORT-TERM CAPITAL each. MOVEMENTS IN MAJOR COUNTRIES, by Rodney H. Mills, Jr. Nov. 1972. 53 pp. THE ECONOMETRICS OF PRICE DETERMINATION CONFERENCE, October 30-31, 1970, Washing- FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE ton, D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 REVERSE CAUSATION ARGUMENT, by Raymond a copy; 10 or more sent to one address, $4.50 Lombra and Raymond Torto. Nov. 1972. 15 pp. each. Paper ed. $4.00 a copy; 10 or more sent to one address, $3.60 each. Printed in full in the BULLETIN. (Staff Economic Studies are included in list of STAFF ECONOMIC STUDIES reprints below.) Studies and papers on economic and financial subjects that are of general interest in the field REPRINTS of economic research. ADJUSTMENT FOR SEASONAL VARIATION—June Summaries only printed in the BULLETIN. 1941. 11 pp. (Limited supply of mimeographed copies of full SEASONAL FACTORS AFFECTING BANK RESERVES. text available upon request for single copies) Feb. 1958. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN • DECEMBER 1972 LIQUIDITY AND PUBLIC POLICY, Staff Paper by MONETARY RESTRAINT, BORROWING, AND ^PITAL Stephen H. Axilrod. Oct. 1961. 17 pp. SPENDING BY SMALL LOCAL GOVERNMENTS AND STATE COLLEGES IN 1966. Dec. 1968. 30 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen Axilrod. Sept. 1962. 28 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward MEASURES OF MEMBER BANK RESERVES. July Gramlich. June 1969. 20 pp. 1963. 14 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL CHANGES IN BANKING STRUCTURE, 1953-62. Sept. BANKS. Aug. 1969. 5 pp. 1963. 8 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. REVISION OF BANK DEBITS AND DEPOSIT TURN- 20 pp. OVER SERIES. Mar. 1965. 4 pp. RECENT CHANGES IN STRUCTURE OF COMMER- TIME DEPOSITS IN MONETARY ANALYSIS, Staff CIAL BANKING. Mar. 1970. 16 pp. Economic Study by Lyle E. Gramley and Samuel B. Chase, Jr. Oct. 1965. 25 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND STATISTICS. May 1970. 4 pp. RESEARCH ON BANKING STRUCTURE AND PER- FORMANCE, Staff Economic Study by Tynan MEASURES OF SECURITY CREDIT. Dec. 1970. 11 pp. Smith. Apr. 1966. 11 pp. MONETARY AGGREGATES AND MONEY MARKET A REVISED INDEX OF MANUFACTURING CAPACITY, CONDITIONS IN OPEN MARKET POLICY. Feb. Staff Economic Study by Frank de Leeuw with 1971. 26 pp. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. 4 pp. REVISED SERIES ON COMMERCIAL AND INDUS- TRIAL LOANS BY INDUSTRY. Feb .1967. 2 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS TO VARYING CREDIT CONDITIONS. Mar. 1971. EVIDENCE ON CONCENTRATION IN BANKING MAR- 24 pp. KETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. 11 pp. INTEREST RATES, CREDIT FLOWS, AND MONETARY AGGREGATES SINCE 1964. June 1971. 16 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. TWO KEY ISSUES OF MONETARY POLICY. June 1971. 4 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK SURVEY OF DEMAND DEPOSIT OWNERSHIP. June UNDERWRITING OF MUNICIPAL REVENUE BONDS. 1971. 12 pp. Aug. 1967. 16 pp. BANK RATES ON BUSINESS LOANS—REVISED U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN SERIES. June 1971. 10 pp. 1960-67. Apr. 1968. 23 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW MONETARY RESTRAINT AND BORROWING AND MEASURES. July 1971. 26 pp. CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. REVISED MEASURES OF MANUFACTURING CAPAC- ITY UTILIZATION. Oct. 1971. 3 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. 1968. 18 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM- PANIES. Oct. 1968. 13 pp. PLANNED AND ACTUAL LONG-TERM BORROWING BY STATE & LOCAL GOVERNMENTS. Dec. 1971. MANUFACTURING CAPACITY: A COMPARISON OF 11 pp. TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968. ASSETS AND LIABILITIES OF FOREIGN BRANCHES 5 pp. OF U.S. BANKS. Feb. 1972. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 109 WAYS TO MODERATE FLUCTUATIONS IN THE CON- BANKING AND MONETARY STATISTICS, 1971. Se- STRUCTION OF HOUSING. Mar. 1972. 11 pp. lected series of banking and monetary statistics for 1971 only. Feb., Mar., and July 1972. U.S. BALANCE OF PAYMENTS AND INVESTMENT PO- 20 pp. SITION. Apr. 1972. 15 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- OPEN MARKET OPERATIONS AND THE MONETARY CHANGE OPERATIONS. Sept. 1972. 26 pp. AND CREDIT AGGREGATES—1971. Apr. 1972. 23 YIELDS ON NEWLY ISSUED CORPORATE BONDS. pp. Sept. 1972. 2 pp. CHANGES IN BANK LENDING PRACTICES, 1971. Apr. CHANGES IN TIME AND SAVINGS DEPOSITS AT 1972. 5 pp. COMMERCIAL BANKS, APRIL-JULY 1972. Oct. CONSTRUCTION LOANS AT COMMERCIAL BANKS. 1972. 11 pp. June 1972. 12 pp. RECENT ACTIVITIES OF FOREIGN BRANCHES OF SOME ESSENTIALS OF INTERNATIONAL MONETARY U.S. BANKS. Oct. 1972. 11 pp. REFORM. June 1972. 5 pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. 1972. 21 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK DIRECTORS. June 1972. 10 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER OF 1972. Nov. 1972. 9 pp. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN- OVER—REVISED SERIES. July 1972. 5 pp. SURVEY OF FINANCE COMPANIES, 1970. Nov. 1972. 15 pp. RECENT REGULATORY CHANGES IN RESERVE RE- QUIREMENTS AND CHECK COLLECTION. July ONE-BANK HOLDING COMPANIES BEFORE THE 1970 1972. 5 pp. AMENDMENTS. Dec. 1972. 10 pp. ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to Weekly releases release day which data refer Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Week ended previous Wednesday Applications and Reports Received, or Acted on, by the Tuesday Week ended previous Board (H.2) Saturday Assets and Liabilities of All Commercial Banks in the Wednesday Wednesday, 2 weeks United States (H.8) earlier Changes in State Bank Membership (K.3) Tuesday Week ended previous Saturday Commercial and Industrial Loans Outstanding, by Industry Wednesday Wednesday, 1 week (H.12)2 earlier Condition Report of Large Commercial Banks in New York Thursday Previous Wednesday and Chicago (H.4.3) Condition Report of Large Commercial Banks and Domes- Wednesday Wednesday, 1 week tic Subsidiaries (H.4.2)3 earlier Deposits, Reserves, and Borrowings of Member Banks Wednesday Week ended 3 (H.7) Wednesdays earlier Factors Affecting Bank Reserves and Condition Statement Thursday Week ended previous of Federal Reserve Banks (H.4.1) Wednesday Money Stock Measures (H.6) Thursday Week ended Wednesday of previous week Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 110 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Approximate Date or period to Weekly releases (cont.) release day which data refer Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednesday of previous week Selected Interest and Exchange Rates for Major Countries Thursday Week ended previous and the United States (H.13) Saturday Weekly Foreign Exchange Rates (H.10) Monday Week ended previous Friday Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wednesday of previous week Weekly U.S. Government Security Yields and Prices Monday Week ended previous (H.15) Saturday Semimonthly and bimonthly releases Finance Rates and Other Terms on Selected Categories of 20th of month 2nd month previous Consumer Instalment Credit Extended by Finance Companies (J. 3) Research Library—Recent Acquisitions (J.2) 1st and 16th Period since last reof month lease Monthly releases Assets and Liabilities of All Member Banks by Districts 14th of month Last Wednesday of (G.7.1) previous month 7th working day 2nd month previous Automobile Loans by Major Finance Companies (G.25) of month 6th working day 2nd month previous Automobile Instalment Credit Developments (G.26) of month 25th of month Previous month Bank Debits, Deposits, and Deposit Turnover (G.6) Business Indexes (G.12.3) 15th of month Previous month (Industrial Production Indexes also available annually, see p. A-118) Commercial and Industrial Term Loans Outstanding by 2nd Wednes- Last Wednesday of Industry (H.12b) Available only as attachment to day of month previous month weekly H.12 release 3rd working 2nd month previous Consumer Credit (G.19) day of month 4th working 2nd month previous Consumer Instalment Credit at Commercial Banks (G.18) day of month 5th working 2nd month previous Finance Companies (G.20) day of month Finance Rate and Other Terms on New and Used Car 30th of month Previous month Instalment Credit Contracts Purchased from Dealers by Major Auto Finance Companies (G.ll) Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Interdistrict Settlement Fund (G.15) 15th of month Previous month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 111 Approximate Date or period to Monthly releases (cont.) release day which data refer Interest Rates Charged on Selected Types of Bank Loans 15th of month 2nd month previous (G.10) Maturity Distribution of Euro-Dollar Deposits in Foreign 1st of month Last day of 3rd month Branches of U.S. Banks (G.17) previous Maturity Distribution of Outstanding Negotiable Time 24th of month Last Wednesday of Certificates of Deposit (G.9) previous month Monthly Foreign Exchange Rates (G.5) 1st of month Previous month National Summary of Business Conditions (G.12.2) 15 th of month Previous month Open Market Money Rates and Bond Prices (G.13) 6th of month Previous month State Member Banks of Federal Reserve System and Non- 1st week of Previous month member Banks that Maintain Clearing Accounts with month Federal Reserve Banks (G.4) (Also annual) 1st week of End of previous year February Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G.14) 4th of month Previous month Quarterly releases Bank Rates on Short Term Business Loans (E.2) 18th of 1st 15 days of Febru- March, June, ary, May, August, September, November December Capacity Utilization in Manufacturing (E.5) 21st of Jan- Previous quarter uary, April, July, October Flow of Funds: Previous quarter Seasonally adjusted and unadjusted (Z.l) 15th of Febru- Seasonally adjusted only (Z.la) ary, May, August, and November Volume and Composition of Individuals' Savings (Flow of funds series) (E.8) Sales, Profits, and Dividends of Large Corporations (E.6)4 10th of April, 2nd quarter previous June, September, December Semiannual releases Assets and Liabilities of All Commercial Banks, by Class May and No- End of previous Deof Bank (E.3.4) vember cember and June List of OTC Margin Stocks (E.7) June 30, De- Release date cember 31 Assets, Liabilities, and Capital Accounts of Commercial May and No- End of previous Deand Mutual Savings Banks—Reports of Call (Joint Revember cember and June lease of Federal Deposit Insurance Corp., Board of Governors of Federal Reserve System, and Office of Comptroller of the Currency. Published and distributed by FDIC.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 112 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Approximate Date or period to Annual releases release day which data refer Bank Debits to Demand Deposit Accounts Except Interbank March 25 Previous year and U.S. Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. March 25 Previous year Government Accounts (C.5a) Federal Reserve Par List (G.3) Early No- Previous September vember 30 (Also monthly supplements) Period since last re- 5th of month lease Industrial Production Indexes (Available upon request, after being announced) November Previous year Member Bank Income (C.4) End of May Previous year Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2Contains monthly H.12b release on second Wednesday of month. 3Contains revised H.4.3 data. Publication temporarily suspended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 113 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 -o Bank credit proxy, 18 Subject to reserve requirements, 18 e 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 Of) Banks, by classes, 20, 25, 30 Treasury operating balance, 42 3 Federal Reserve Banks, 12 Federal funds, 8, 24, 26, 30, 35 O Central banks, 94, 96 Federal home loan banks, 40, 41, 53 CQ 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 DC 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 9 Number, by classes, 20 Federally sponsored credit agencies, 40, 41 a, 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

A 114 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Hours and earnings, manufacturing industries, 67 Production, 60-63, 64 Housing permits, 64 Profits, corporate, 50 Housing starts, 65 Real estate loans: Income, national and personal, 70, 71 Banks, by classes, 24, 27, 39, 52 Industrial production index, 60-63, 64 Delinquency rates on home mortgages, 55 Instalment loans, 56, 57, 58, 59 Mortgage yields, 53, 54, 55 Insurance companies, 39, 44, 45, 52, 53 Type of holder and property mortgaged, 51-55 Insured commercial banks, 22, 24, 32 Reserve position, basic, member banks, 8 Interbank deposits, 11, 20, 25 Reserve requirements, member banks, 10 Interest rates: Reserves: Business loans by banks, 34 Central banks and govts., 96 Federal Reserve Banks, 9 Commercial banks, 25, 28, 30 Foreign countries, 94, 95 Federal Reserve Banks, 12 Money market rates, 35 Member banks, 5, 6, 11, 18, 25 Mortgage yields, 53, 54, 55 U.S. reserve assets, 77 Prime rate, commercial banks, 34 Residential mortgage loans, 37, 51, 52, 53, 54, 55 Time and savings deposits, maximum rates, 11 Retail credit, 56 Yields, bond and stock, 36 Retail sales, 64 International capital transactions of U.S., 78-92 International institutions, 76, 77, 94, 96 Saving: Inventories, 70 Flow of funds series, 72 Investment companies, issues and assets, 49 National income series, 71 Investments (See also specific types of investments): Savings and loan assns., 40, 45, 53 Banks, by classes, 20, 24, 27, 28, 39 Savings deposits (See Time deposits) Commercial banks, 18 Savings institutions, principal assets, 39, 40 Federal Reserc Banks, 12, 15 Securities (See also U.S. Govt, securities): Life insurance companies, 39 Federally sponsored agencies, 40, 41 Savings and loan assns., 40 International transactions, 86, 87 New issues, 47, 48, 49 Labor force, 66 Silver coin, 16 Loans (See also specific types of loans): Special Drawing Rights, 4, 12, 13, 19, 74, 77 Banks, by classes, 20, 24, 26, 27, 39 State and local govts.: Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 Deposits, 25, 29 Federal Reserve Banks, 4, 6, 9, 12, 13, 15 Holdings of U.S. Govt, securities, 44, 45 Insurance companies, 39, 52, 53 New security issues, 47, 48 Insured or guaranteed by U.S., 51, 52, 53, 54, 55 Ownership of securities of, 24, 28, 39 Savings and loan assns., 40, 53 Yields and prices of securities, 36, 37 State member banks, 22, 32 Stock market credit, 38 Manufacturers: Stocks: Capacity utilization, 64 New issues, 48, 49 Production index, 61, 64 Yields and prices, 36, 37 Margin requirements, 10 Member banks: Tax receipts, Federal, 43 Assets and liabilities, by classes, 20, 24 Time deposits, 11, 18, 19, 20, 25, 29 Borrowings at Federal Reserve Banks, 6, 12 Treasury cash, Treasury currency, 4, 5, 16, 19 Deposits, by classes, 11 Treasury deposits, 5, 12, 42 Number, by classes, 20 Treasury operating balance, 42 Reserve position, basic, 8 Unemployment, 66 Reserve requirements, 10 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 Open market transactions, 14 Ownership, 44, 45 Yields and prices, 36, 37 Payrolls, manufacturing index, 64 United States notes, 16 Personal income, 71 Utilities, production index, 61, 63 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

INDEX TO VOLUME 58 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Other ("A" pages) Other ("A" pages) Text Text etc. Index to etc. Index to Issue total Total tables Issue total Total tables January . 1- 94 1-105 104-105 July 605-686 1-119 118-119 February 95-200 1-113 112-113 August 687-746 1-111 110-111 March .. 201-324 1-121 120-121 September 747-854 1-107 106-107 April .... 325-434 1-109 108-109 October 855-946 1-107 106-107 May 435-522 1-123 122-123 November 947-998 1-107 106-107 June 523-604 1-120 119-120 December ....... 999-1040 1-122 113-114 (References to "A" pages in this index are to such pages in the December issue.) Pages Pages Annual Report, 1971, Board of Governors 431 Bank holding companies (For orders issued to individual Articles: companies under the Bank Holding Company Act, Bank debits, deposits, and deposit turnover—Revised see Bank Holding Company Act)—Continued series 631 Property management services, withdrawal of Board Bank lending practices, 1971, changes 375 proposal concerning 652 Construction loans at commercial banks 533 Regulation Y: Construction of housing, ways to moderate fluctua- Amendments 149, 571 tions 215 Interpretations 149, 571, 572, 800, 905 Consumer credit statistics, revision 878 Suspension of operation of section 225.4(b)(3) ... 149 Federal Reserve Bank directors, characteristics, report Savings and loan associations, operation, Board by Governor Brimmer 550 announcements and interpretation con- Finance companies, 1970, survey 958 cerning 717,744, 905 Financial developments, quarterly reports to Congress: Bank Holding Company Act: CM, 1971 95 Applications under, new procedures for publication of Q-l, Q-2, and Q-3, 1972 435, 687, 947 Board's orders 905 Financing corporate investment 523 Orders issued under: Foreign branches of U.S. banks: Affiliated Bank Corporation 165, 991 Activities, recent 855 Affiliated Bankshares of Colorado, Inc 656 Assets and liabilities 106 Alabama Bancorporation 819 Industrial production in mid-1972 605 Alabama Financial Group, Inc 822, 826 International monetary reform, some essentials, re- Allied Bancshares, Inc 990 marks of Chairman Burns before the International American Bancorporation, Columbus, Ohio ..402, 803 Banking Conference 545 American Bancorporation, Los Angeles, Calif 1026 Labor market in an expanding economy 747 American Bancshares, Incorporated 817 Member bank income, 1971 446 American Fletcher Corporation 741 Mortgage, construction, and real estate markets 201 American General Insurance Company 487 1971—Year of reluctant recovery 1 American Trading Company 303 One-bank holding companies 999 Arvco, Inc 917 Open market operations and the monetary and credit Associated Bank Services, Inc 284, 285 aggregates— 1971 340 Atlantic Bancorporation 160, 664, 1035 Payments mechanism, statement on evolution 1009 BTNB Corporation 70 Reserve requirements and check collection, recent reg- Banco di Roma S.p.A., Rome, Italy 930, 940 ulatory changes 626 BancOhio Corporation 155, 290, 415 Time and savings deposits, surveys ... 17, 363, 615, 867 Bank of New York Company, Inc 403 Treasury and Federal Reserve foreign exchange opera- Bank of Virginia Company 934, 935, 991 tions, reports 228, 757 Bank Securities Inc. 280, 722 U.S. balance of payments and investment position .. 325 Banks of Iowa, Inc 157, 1035 Yields on newly issued corporate bonds 783 Banque Nationale de Paris, Paris, France 311, 312 Assets and liabilities: Barnett Banks of Florida, Foreign branches of U.S. banks, article 106 Inc. .....63, 64, 305, 472, 662, 836 Overseas branches of member banks 942 Belleville Bancshares, Inc 411 Beneficial Corporation 849 Balance of payments (See U.S. balance of payments) Bezanson Investments, Inc., and its subsidiary, Balles, John J., President, Federal Reserve Bank of San MorAmerica Financial Corporation 835 Francisco, appointment 942 Boatmen's Bancshares, Inc 427, 577, 923 Bank holding companies (For orders issued to individual Brenton Banks, Inc 65 companies under the Bank Holding Company Act, Bronken Agency, Inc 991 see Bank Holding Company Act): CBT Corporation 993 Article on one-bank holding companies 999 CPC International, Inc 429 Delegation of authority to Reserve Banks regarding: Capital Management, Inc 842 Acquisitions, amendment of Rules 150 Capital National Corporation 666 One-bank holding companies: Carlton Agency, Inc 168, 673 Letter from Board to Presidents of Reserve Banks Casco-Northern Corporation 497 on use of guidelines in approving forma- Central and State National Corporation of tions 682 Alabama 824, 825 Rules, amendments 151, 982 Central Bancompany 826 A 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 116 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued under—Continued Orders issued under—Continued Central Bancorporation, Inc 814 Firstbrook Corporation 162 Central Colorado Bancorp, Inc 991 Florida Bancorp, Inc 306, 992 Central National Chicago Corporation 69 Florida Commercial Banks, Inc 410 Centran Bancshares Corporation 586 Florida National Banks of Florida, Inc 57 Charter Bankshares Corporation 500 Fort Worth National Corporation 1035 Charter New York Corporation 297, 991, 1035 Goodyear Tire & Rubber Company 77 Chase Manhattan Corporation 815, 991, 1035 Graham-Michaelis Financial Corporation 920 Chemical New York Corporation 61, 165 Guaranty Loan and Investment Corporation of Tulsa, Cheyenne County Investment Company, Inc 722 Inc 738 Citizens Bancorp 157, 725, 726 HMT Corporation 726 Citizens Investment Company 843 Hamilton Bancshares, Inc 992 Clearing Bancorporation, Inc 292 Harris Bankcorp, Inc 63 Cody Agency, Inc 736 Hawkeye Bancorporation 659 Colorado National Bankshares, Inc 413, 422 Hume Bancshares, Inc 488 Columbia Holding, Inc 59 Huntington Bancshares Incorporated 300, 576 Combanks Corporation 55, 926 Hy-Vee Food Stores, Inc., and Hy-Vee Employees' Commerce Bancshares, Inc 66, 1035 Trust 677 Community Banks of Florida, Inc 834 Imperial Bancorp 503 Connecticut Bancshares Corporation 66 Independent Bankshares Corporation 922 Consolidated Bankshares of Florida, Inc 581, 991 Industrial National Corporation 171 County National Bancorporation 405 Iowa Business Investment Corp. and Superior Equity Crocker National Corporation 419 Corp 742 Dacotah Bank Holding Co 740 Jacob Schmidt Company and American Bancor- Dai-Ichi Kangyo Bank, Ltd., Tokyo, Japan 49 poration, Inc 154, 501 Dominion Bankshares Corporation 597 Jacobus Company and Inland Financial Equitable Bancorporation 919 Corporation 306, 657 Exchange Bancorporation, Inc 663 Kewanee Investing Company 665 Exchange International Corporation 1035 L&L Holding Company 932 Farmers Enterprises, Inc 990, 993 Lincoln First Banks, Inc 169 Fidelity American Bankshares, Inc 575, 992 MEI Corporation and IGI Successor, Inc 583 Financial Institutions, Inc 918 Manufacturers Hanover Corporation 733 Financial Securities Corporation 832 Marine Bancorporation 504, 505 First Alabama Bancshares, Inc 988 Marine Midland Banks, Inc 676 First American Bancshares, Inc 730 Marshall & Ilsley Bank Stock Corporation 74 First American National Corporation 401 Marshall & Ilsley Corporation 488 First at Orlando Corporation 292, 407, Massachusetts Bay Bancorp 1035 408, 818, 925, 928, 992, 1035 Mercantile Bancorporation Inc 159, 307, 574 First Banc Group of Ohio, Inc 164, 282, 811 Mercantile Bankshares Corporation 992, 1036 First Bancorp, Inc 578, 990 Merrill Bankshares Company 992 First Bank System, Inc 172 Michigan National Corporation 804 First Chicago Corporation 175 Mid America Bancorporation, Inc 927, 1036 First City Bancorporation of Texas, Midland Mortgage Corporation and Port Huron Inc 295, 470, 492, 590, 802, 916, 992 Financial Company 593 First Commerce Corporation 674 Midlantic Banks Inc 286, 409, 475 First Commercial Banks Inc., Albany, N.Y 585 Midwestern Financial Corporation 848 First Commercial Banks Inc., Colonie, N.Y 1036 Milton Hershey School and School Trust 319 First Connecticut Bancorp, Inc 993 Minnesota Mining and Manufacturing Company .. 598 First Empire State Corporation 582, 992 Mitsubishi Bank, Ltd., Tokyo, Japan 50 First Financial Corporation 480, 924, 992, 1035 Mountain Banks, Ltd 315, 316 First Financial Group, Inc 416 NBC Co 1036 First Florida Bancorporation 167, 291 NCNB Corporation 844, 847 First International Bankshares, Inc 1028 National Bancshares Corporation of Texas 161 First Missouri Bancorporation, Inc 990 New Jersey National Corporation 809 First National Bancorporation, Inc 493, 596 Newport Savings and Loan Association 313 First National Bank Holding Company, Inc 473 North American Mortgage Corporation 727 First National Bank in Dallas and First National North Atlantic Bancorp 168 Securities Company in Dallas 732 North Platte Corporation 161 First National Bankshares of Florida, Inc 283 North Shore Capital Corporation 809 First National Charter Corporation 574, 735 Northern States Financial Corporation 827, 1036 First National City Corporation 401,490, 723 Northwest Kansas Insurance Agency, Inc 1036 First National Financial Corporation 298 Nortrust Corporation 67 First National Holding Corp 502, 503 Old Colony Co-operative Bank 417 First National State Bancorporation 654, 931 Olin Corporation 75 First Pennsylvania Corporation 993 Pacesetter Financial Corporation 1035 First Southwest Bancorporation, Inc 301 Palmer Bank Corporation 412 First State Banking Corporation 491 Pan American Bancshares, Inc 667 First Tennessee National Corporation ...304, 580, 992 Patagonia Corporation 170 First Tulsa Bancorporation, Inc 289, 317 Perpetual Corporation 1034 First Union, Incorporated 493, 588, 812, 813 Provident National Corporation 933, 936 First Union National Bancorp, Inc 72 R.I.H.T. Corporation 595 First United Bancorporation, Inc 669 Ribanco, Inc 1035 First Virginia Bankshares Corporation 288 Ribso, Inc 802 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 58 A 117 Pages Pages Bank Holding Company Act—Continued Barton, Wade C., director, Memphis Branch, Orders issued under—Continued appointment, and death 91, 851 Ridge Bancorporation of Wisconsin 991 Beam, John G., director, Louisville Branch, death 851 Robles, Inc 991, 993 Benbow, Charles F., director, Charlotte Branch, Royal Trust Company, Montreal, Quebec, appointment 87 Canada 665 Bianco, Joseph, director, Salt Lake City Branch, Sanwa Bank Limited, Osaka, Japan 51 appointment 92 Seilon, Inc 729 Board of Governors: Shorebank, Inc 914 Annual Report, 1971 431 Society Corporation 158 Bank holding company and bank merger applications Southeast Banking Corporation 54, 916, 921, 992 (See Bank Holding Company Act and Bank Merger Southern Bankshares, Inc 471 Act) Southridge Bank of Greendale 993 Delegation of authority (See Regulations) Southwest Bancshares, Inc. ..481, 591, 671, 910, 912 Interpretations (See Interpretations) State National Bancshares, Inc 308 Members: Tennessee Valley Bancorp, Inc 303 Brimmer, Andrew F., report on characteristics of Texas Commerce Bancshares, Inc 482, 485, Federal Reserve Bank directors 550 584, 672, 838, 908, 987, 1036 Bucher, Jeffrey M., appointment 601 Third National Corporation 937, 1036 Burns, Arthur F., remarks before the International Trade Development Bank Holdings S.A., City of Banking Conference 545 Luxembourg, Luxembourg 589 List, 1913-72 31, 560 Trans Texas Bancorporation, Inc 310 Maisel, Sherman J., resignation 601 Twin City Corp 991, 993 Sheehan, John E., appointment 78, 195 Twin Gates Corporation 827, 1036 Statements to Congress (See Statements to UB Financial Corp 428 Congress) U.N. Bancshares, Inc 992 Members and officers A -102 U.S. Bancorp 177, 318 Publications (See Publications) United Bancshares of Florida, Inc 53 Real estate financing, nondiscriminatory, statement, United Bank Corporation of New York 668 and deferred effective date 80, 321 United Banks of Colorado, Inc 58, 299, 658 Regulations (See Regulations) United Carolina Bancshares Corporation 992, 1036 Staff changes: United Jersey Banks 296, 479, 829, 830, 993 Bryant, Ralph C 78 United Missouri Bancshares, Inc. ...60, 155, 655, 1036 Gardner, Paul, Jr 195 United Tennessee Bancshares Corporation 656 Gemmill, Robert F 602 United Virginia Bankshares Incorporated 938, 993 Greenspan, Michael A 321 Valley Agency Company 991, 993 Heller, Pauline B 509 Valley Bancorporation 470 Henry, George B 602 Valley Falls Insurance, Inc 991, 993 Hersey, Arthur B 602 Valley of Virginia Bankshares, Inc 489 Junz, Helen B 602 Virginia National Bankshares, Inc 494, 992 Keir, Peter M 195 Weerva, Inc 474 Kenyon, Kenneth A 321 Western Bancshares, Inc 843 Kreimann, Walter W 195 Western Kansas Investment Corporation, Inc 737 McWhirter, E. Maurice 509 Wilshire Oil Company of Texas 717 Marinaccio, Charles L 431 Worcester Bancorp, Inc 808 O'Connor, Edward K 744 Wyoming Bancorporation 414,580, 837 Pierce, James L 195 Y.B. Corporation 732 Pizer, Samuel 602 Zions Utah Bancorporation 72, 831 Plotkin, Robert S 195 Bank Merger Act: Schaeffer, Lloyd M 509 Applications under, new procedures for publication Stockwell, Eleanor J 195 of Board's orders 905 Zeisel, Joseph C 195 Orders issued under: Bonds, corporate, article 783 Ashland State Bank of Ashland, Ashland, Ohio . 400 Botts, Guy W., director, Jacksonville Branch, Auglaize County Bank, St. Marys, Ohio 151 appointment 90 Bank of Idaho, Boise, Idaho 1027 Boykin, Marshall, III, director, San Antonio Branch, Beverly Hills Fidelity Bank, Beverly Hills, appointment 88 Calif 468 Branch banks: Central Trust Company Rochester, N.Y., Rochester, Federal Reserve: N.Y 572 Directors (See Directors, Federal Reserve branch Citizens Bank of Schoolfield, Danville, Va 279 banks) Citizens Central Bank, Arcade, N.Y 467 Louisville Branch, transfer of part of territory of Citizens Commercial Bank, Celina, Ohio 906 St. Louis Reserve Bank to 744 Commerce Union Bank, Nashville, Tenn 280 Vice Presidents in charge A -105 HTS Bank, Chicago, 111 48 Foreign: Jefferson State Street Bank, Houston, Tex 1033 Branches of member banks, assets and liabilities. 942 Mechanics and Farmers' Bank of Albany, Branches of U.S. banks, articles on assets and lia- Albany, N.Y 152 bilities and recent activities 106, 855 Powhatan Community Bank, Powhatan, Va 466 Brimmer, Andrew F.: Savannah Bank & Trust Company of Savannah, Economic situation of blacks in the United States, Savannah, Ga 466 statement 257 Trust Company of New Jersey, Jersey City, Federal Reserve Bank directors, characteristics, N.J 717 report 550 Union County Trust Company, Elizabeth, N.J 399 Bryant, Ralph C., Director, Division of International Barron, Marilyn, article 375 Finance, appointment 78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 118 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Pages Pages Bucher, Jeffrey M., member of Board of Governors, Deposits—Continued appointment 601 Revisions of series in BULLETIN 197 Burns, Arthur F.: Time and savings deposits, surveys ... 17, 363, 615, 867 Construction of housing, ways to moderate fluctua- Deputy Chairmen of Federal Reserve Banks 83, A-105 tions, statement 1013 Dezember, Rayburn S., director, Los Angeles Branch, Economy, state of our national economy, appointment 92 statements 123, 696 Directors, Federal Reserve Banks: Foreign exchange, balance of payments, and interna- Chairmen and Federal Reserve Agents 83, A-105 tional monetary reform developments, statement . 785 Characteristics, report by Governor Brimmer 550 International monetary reform, some essentials, Class C, appointments 84 remarks before the International Banking Deputy Chairmen 83, A-105 Conference 545 List 180 Par Value Modification Act, statements 269, 274 Directors, Federal Reserve branch banks: Business conditions, national summary 93, 198, 322 Appointments 85, 90, 509, 942, 994 432, 521, 603, 685, 745, 852, 945, 997, 1039 Characteristics, report by Governor Brimmer 550 Deaths 851 Cagle, Caroline H., articles 17,363,446,615, 867 List 180 Caplan, Edwin J., director, New Orleans Branch, Resignations 431, 851 appointment 509 Discount mechanism of Federal Reserve, reappraisal .. 744 Chairmen and Deputy Chairmen of Federal Reserve Discount rates (See Interest rates) Banks 83, A-105 Dividends: Checks: Federal Reserve Banks 79 Clearing system, guidelines approved for 195 Member banks 448,450, 453 Collection, article, amendment of Regulation J, State member banks, interpretation 1024 and announcements concerning effective Dorbandt, Seth W., director, Houston Branch, dates 626,649,679,942,979, 994 appointment 91 Coleman, John R., Deputy Chairman, Philadelphia, appointment 87 Commercial and industrial loans at all commercial banks, Earnings and expenses: monthly series 683 Federal Reserve Banks, 1970 79 Commercial banks: Member banks, 1971, article 446 Construction loans, article 533 Edwards, Robert C., director, Charlotte Branch, Foreign branches of U.S. and member banks, appointment 87 articles 106, 855, 942 Elgas, Harold, A., director, Detroit Branch, State taxation of banks 40, 636, 700 appointment 91 Time and savings deposits, surveys ...17, 363, 615, 867 Construction (See also Real estate): Federal Advisory Council A -104 Article 201 Federal Open Market Committee: Loans at commercial banks, article 533 Foreign exchange operations, reports 228, 757 Report to Congress and statement of Chairman Members and staff A -104 Burns 215, 1013 Minutes, 1966, availability 78 Consumer credit (See Credit) Open market operations and the monetary and credit Coombs, Charles A., reports on Treasury and Federal aggregates—1971, article 340 Reserve foreign exchange operations 228, 757 Policy actions ... 33, 129, 390, 455, 562, 640, 707, 790, Corporate bonds, yields on newly issued bonds, 899, 973, 1017 article 783 Federal Reserve Act: Credit (See also Loans): Revised edition, publication 684 Assistance to banks in flooded areas 682 Section 15, farm lending activities of Reserve Banks, Consumer credit statistics, revision 878 technical amendment 40 Housing: Federal Reserve and Treasury reports, foreign exchange Construction loans at commercial banks, article .. 533 operations 228, 757 Financing, nondiscriminatory, statement of Board, Federal Reserve Banks: and deferred effective date 80, 321 Advances by, interpretations 279, 983 Mortgage, construction, and real estate markets, Branches (See Branch banks) article 201 Chairmen and Deputy Chairmen 83, A-105 Report to Congress 215 Check clearing and collection (See Checks) Statement of Chairman Burns 1013 Delegation by Board of certain authority Instalment sale of tax-shelter programs as arranging to 150, 682, 982 for credit, interpretation 398 Directors (See Directors, Federal Reserve Banks) Mutual fund shares, credit on, interpretation 398 Discount rates (See Interest rates) Stocks and bonds (See Stock market credit) Earnings and expenses 79 Truth in lending (See Truth in lending) New York, publication of "Glossary: Weekly Federal Reserve Statements" 944 Davis, James H., director, Louisville Branch, appoint- Presidents and First Vice Presidents: ment 994 Balles, John J., President, San Francisco, appoint- Debits, bank, deposits, and deposit turnover—Revised ment 942 series, article 631 List A-105 Deposits: Swan, Eliot J., President, San Francisco, retire- Demand, reserve requirements against, article, amend- ment 942 ment of Regulation D, and announcements concern- St. Louis Reserve Bank, transfer of part of territory ing effective dates 626, 649, 679, 942, 979, 994 to Louisville Branch 744 Revised series on bank debits, deposits, and deposit Federal Reserve discount mechanism, reappraisal 744 turnover, article 631 Federal Reserve notes, interest paid to Treasury 79 Digitized for FRASER 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INDEX TO VOLUME 58 A 119 Pages Pages Federal Reserve statements, weekly, publication of glos- Interest rates: sary on, by New York Federal Reserve Bank .. .... 944 Federal Reserve Banks, reductions 79 Federal Reserve System: Loans to businesses, farmers, and consumers, new Admissions of State banks to statistical release on rates 510 membership 82, 431, 510, 602, 744, 966, 1038 Yields on newly issued corporate bonds, article 783 Assistance to banks in flooded areas 682 Interpretations: Check-clearing system, guidelines approved for 195 Advances by Reserve Banks, obligations eligible as Foreign credit restraint program (See Foreign credit collateral: restraint program) Consumer loans and finance company paper, modi- Payments mechanism, statement on evolution 1009 fication of inteipretation 279 Ferguson, W. Gordon, director, Los Angeles Branch, U.S. agency obligations, amendment of interpreappointment 91 tation 983 Finance companies, 1970, survey 958 Allocation of stock collateral to purpose and nonpur- Finance company paper, eligibility for discount at pose credits to same customer 47 Reserve Banks 279 Bank holding companies: Financial developments, quarterly reports to Activities closely related to banking .... 149, 572, 800 Congress 95,435,687, 947 Activities not closely related to banking.571, 652, 905 Financing corporate investment, article 523 Dividends, State member banks, meaning of net Fisher, Robert Moore, article 533 profits 1024 Foreign banking and financing corporations, interpreta- Foreign credit restraint program tion of Regulation K 47 guidelines 79, 509, 602 Foreign branches of U.S. and member banks, Instalment sale of tax-shelter programs as arranging articles 106, 855, 942 for credit 398 Foreign credit restraint program guidelines: Mutual fund shares, credit on 398 Amendments 321,995,1037 Participations by banks in acceptance credits extended Summaries of interpretations 79, 509, 602 by Edge corporations 47 Foreign exchange: "Published Interpretations of the Board of Governors Developments, statement of Chairman Burns 785 of the Federal Reserve System" 996 Operations, Treasury and Federal Reserve, Truth in lending, Regulation Z 652, 653, 981 reports 228, 757 Investment: Freedman, Bernard N., article 533 Financing corporate investment, article 523 Gardner, Paul, Jr., Assistant General Counsel, Jacobsen, Theodore C., director, Salt Lake City Branch, appointment 195 appointment 89 Gemmill, Robert F., Adviser, Division of International Junz, Helen B., Assistant Adviser, Division of Interna- Finance, appointment 602 tional Finance, appointment 602 Gilpatric, Roswell L., Chairman and Federal Reserve Agent, New York, designation 87 Keir, Peter M., Adviser, Division of Research and Sta- Greenspan, Michael A., Assistant Secretary of the Board, tistics, appointment 195 appointment 321 Kelley, Will H., director, Little Rock Branch, appoint- Guidelines: ment 91 Banks and nonbank financial institutions, foreign Kenyon, Kenneth A., Deputy Secretary of the Board, credit restraint program ...79, 321, 509, 602, 995, 1037 retirement 321 Check-clearing system, approval for 195 Kichline, James L., article 783 One-bank holding company formations, Kleinpeter, D. Ben, director, New Orleans Branch, approval of 682, 982 resignation 431 Koenig, Frederick G., Jr., director, Birmingham Branch, Handler, Ruth, director, Los Angeles Branch, appointment 942 appointment 88 Kreimann, Walter W., Deputy Director, Division of Harlow, James G., director, Baltimore Branch, Administrative Services, appointment 195 appointment 87 Hay, John W., Jr., director, Denver Branch, Labor market in an expanding economy, article 747 appointment 91 Laub, P. Michael, article 783 Hazard, Ellison L., Class C director and Deputy Chair- Lawson, Robert W., Jr., Chairman and Federal Reserve man, New York, appointment 87 Agent, Richmond, designation 87 Heller, Pauline B., Assistant General Counsel, Legislation: appointment 509 Cashing of Government checks, statement on proposed Hendershot, James C., director, Louisville Branch, legislation 706 appointment 509 Defense Production Act, extension 713 Henry, George B., Assistant Adviser, Division of Inter- Economic Stabilization Act of 1970, amendment and national Finance, appointment 602 extension 40 Hersey, Arthur B., Senior Adviser, Division of Interna- Farm Credit Act of 1971 40 tional Finance, designation 602 Par Value Modification Act, statements of Chairman Hirai, Thomas T., director, Seattle Branch, Burns 269, 274 appointment 89 Public deposits in insured banking institutions, full Holland, Gage, director, El Paso Branch, appointment 88 insurance of, statement on proposed legislation.... 705 Holmes, Alan R., article 340 State taxation of banks: Housing (See Real estate) National banks, extension of law 40 Hurley, Evelyn M., report 958 Proposed legislation, statements 636, 700 Loans (See also Credit): Income and expenses (See Earnings and expenses) Advances by Reserve Banks, obligations eligible as Industrial Production—1971 Edition 1037 collateral 279, 983 Industrial production in mid-1972, article 605 Bank lending practices, 1971, changes, article 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 120 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Pages Pages Loans—Continued O'Connor, Edward K., Assistant Director, Division of Commercial and industrial, at all commercial banks, Data Processing, appointment 744 monthly series 683 Oji, Mas, Class C director, San Francisco, appoint- Construction, at commercial banks, article 533 ment 88 Defense Production Act, extension 713 Over-the-counter securities (See Stock market credit) Farm Credit Act of 1971 40 Interest rates on, to businesses, farmers, and con- Patillo, H. G., Class C director and Deputy Chairman, sumers, new statistical release 510 Atlanta, appointment 88 Real estate financing, nondiscriminatory, statement of Payments mechanism, statement on evolution 1009 Board, and deferred effective date 80, 321 Pierce, James L., Adviser, Division of Research and Stocks and bonds (See Stock market credit) Statistics, appointment 195 Pizer, Samuel, Adviser, Division of International McClure, Theodore M., director, Buffalo Branch, ap- Finance, appointment 602 pointment 90 Plotkin, Robert S., Adviser, Legal Division, McDonnell, Archie R., director, New Orleans Branch, appointment 195 appointment 90 Policy actions, Federal Open Market Committee .... 33, 129, McWhirter, E. Maurice, Chief Federal Reserve 455, 562, 640, 707, 790, 899, 973, 1017 Examiner, appointment 509 Presidents of Federal Reserve Banks: Maisel, Sherman J., member of Board of Governors, Balles, John J., San Francisco, appointment 942 resignation 601 Swan, Eliot J., San Francisco, retirement 942 Margin requirements: Price Conference, publication of volume on 943 Allocation of stock collateral to purpose and nonpur- Publications in 1972: pose credits to same customer, interpretation 47 Board of Governors: Over-the-counter margin stocks, list: Annual Report, 1971 431 Criteria for continued listing, announcement and Banking data on magnetic tapes 683, 1038 amendment of Regulations G, T, and U ...431, 464 The Econometrics of Price Determination Revised, and changes 197, 510, 511, 682, 996 Conference 943 Securities credit transactions: Federal Reserve Act, revised edition 684 Computation of time periods for acquiring and hold- Industrial Production—1971 Edition 1037 ing blocks of stock by block positioners, Board "Published Interpretations of the Board of Goverconsideration 983 nors of the Federal Reserve System" 996 Exemption of certain credit extended to block posi- Reappraisal of the Federal Reserve Discount Mechtioners and third-market makers, amendment of anism., volume 3 744 Regulation U 797, 944 Federal Reserve Bank of New York: Stocks, increase in certain requirements, amendment "Glossary: Weekly Federal Reserve Statements' 944 of Regulations G, T, and U 1024, 1037 Technical amendment of Regulations G, T, and U 713 Real estate (See also Construction): Marinaccio, Charles L., Adviser, Division of Supervision Article 201 and Regulation, appointment 431 Financing, nondiscriminatory, statement of Board and Member banks: deferred effective date 80, 321 Aggregate reserves and deposits series, revision of Record of policy actions of Federal Open Market Com- BULLETIN table 197 mittee...33, 129, 390, 455, 562, 640, 707, 790, 899, 973, Assistance to banks in flooded areas 682 1017 Branches (See Branch banks) Regulations, Board of Governors: Income and expenses, 1971, article 446 A, Advances and Discounts by Federal Reserve Banks: Reserves and reserve requirements 197, 626, Eligibility of consumer loans and finance company 649, 679, 942, 979, 994 paper, interpretation 279 State member banks (See State member banks) Eligibility of U.S. agency obligations, amendment State taxation 40, 636, 700 of interpretation 983 Mitchell, George W.: D, Reserves of Member Banks: Cashing of Government checks, statement on proposed Amendments 649 legislation 706 Announcement of original effective date of Public deposits in insured banking institutions, full amendments, postponement, and new insurance of, statement on proposed legislation .. 705 effective dates 679, 942, 979, 994 State taxation of banks, statements 636, 700 Article on recent regulatory changes 626 Mitchell, Maurice B., director, Denver Branch, appoint- Delegation of authority, amendment to Rules ment 88 regarding 150, 982 Monetary reform: G, Securities Credit by Persons Other Than Banks, Remarks of Chairman Burns before the International Brokers, or Dealers: Banking Conference 545 Over-the-counter margin stocks, criteria for con- Statement to Congress of Chairman Burns 785 tinued listing, announcement, and amend- Morgan, W. Eugene, director, Birmingham Branch, ments 431, 464 appointment 90 Stocks, increase in certain margin requirements, Mortgage markets (See Real estate) amendment 1024, 1037 Mottern, Thomas C., director, Nashville Branch, Technical amendments 713 appointment 90 J, Collection of Checks and Other Items by Federal Mutual fund shares, credit on, interpretation 398 Reserve Banks: Amendments .. 649 National banks, State taxation, extension of law and Announcement of original effective date of statements on proposed legislation 40, 636, 700 amendments, postponement, and new National summary of business conditions 93, 198, 322, effective date 679, 942, 979, 994 432, 521, 603, 685, 745, 852, 945, 997,1039 Article on recent regulatory changes 626 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 58 A 121 Pages Pages Regulations, Board of Governors—Continued Securities: K, Corporations Engaged in Foreign Banking and Eligible as collateral for advances by Reserve Financing Under the Federal Reserve Act: Banks 983 Participations by banks in acceptance credits ex- Stocks and bonds (See Stock market credit) tended by Edge corporations, interpretation .... 47 Sheehan, John E., member of Board of Governors, T, Credit by Brokers and Dealers: appointment and confirmation 78, 195 Instalment sale of tax-shelter programs as arranging Shumate, Stuart, Deputy Chairman, Richmond, appointfor credit, interpretation 398 ment 87 Mutual fund shares, credit on, interpretation 398 Staff economic studies, summaries 15, 16, 104, Over-the-counter margin stocks, criteria for 105, 226, 444, 531, 532, 955, 956 continued listing, announcement, and State member banks: amendments 431, 464 Admissions to membership in Federal Reserve Reporting requirements, new, for exchange special- System 82, 431, 510, 602, 744, 996, 1038 ists, amendment 797 Dividends, meaning of net profits, interpretation 1024 Stocks, increase in certain margin requirements, Mergers (See Bank Merger Act) amendment 1024, 1037 Real estate financing, nondiscriminatory, statement of Technical amendments 713 Board and deferred effective date 80, 321 U, Credit by Banks for the Purpose of Purchasing or State taxation, statements on proposed Carrying Margin Stocks: legislation 636, 700 Allocation of stock collateral to purpose and non- Statements to Congress: purpose credits to same customer, interpretation 47 Cashing of Government checks, proposed Block positioners and third-market makers: legislation 706 Computation of time periods for acquiring and Construction of housing, ways to moderate holding blocks of stock by block positioners, fluctuations, report on study papers submitted and Board consideration 983 statement 215, 1013 Exemption from margin requirements of certain Economic situation of blacks in the United States .. 257 credit extended to, amendments 797, 944 Economy, state of 123, 696 Over-the-counter margin stocks, criteria for Financial developments, quarterly reports to Congress: continued listing, announcement, and Q-4, 1971 95 amendments 431, 464 Q-l, Q-2, and Q-3, 1972 435, 687, 947 Reporting requirements, new, for exchange Foreign exchange, balance of payments, and internaspecialists, amendment 797 tional monetary reform developments 785 Stocks, increase in certain margin requirements, Par Value Modification Act 269, 274 amendment 1024, 1037 Public deposits in insured banking institutions, full Technical amendments 713 insurance of, proposed legislation 705 Y, Bank Holding Companies: State taxation of banks 636, 700 Nonbanking activities: Truth in lending 380 Activities not closely related to banking, interpre- Stevens, Guy V. G., article 783 tations 571, 905 Stewart, Wayne, director, El Paso Branch, appoint- Insurance agency activities, interpretation 800 ment 91 Investment adviser activities, amendments and Stock market credit: interpretation 149, 571 Allocation of stock collateral to purpose and nonpur- Investment in corporations or projects designed pose credits to same customer, interpretation 47 primarily to promote community welfare, Corporate bonds, yields on newly issued bonds, interpretation 572 article 783 Suspension of section 225.4(b)(3) 149 Over-the-counter margin stocks, list: Z, Truth in Lending: Criteria for continued listing, announcement and Amendments 979 amendment of Regulations G, T, and U .431, 464 Interpretations 652, 653, 981 Revised, and changes 197, 510, 511, 682, 996 Statement to Congress 380 Securities credit transactions: Reserve requirements, member banks: Computation of time periods for acquiring and hold- Regulatory changes, recent: ing blocks of stock by block positioners, Board Amendment of Regulation D 649 consideration 983 Announcement of original effective date, Exemption from margin requirements of certain postponement, and new effective credit extended to block positioners and thirddates 679, 942, 979, 994 market makers, amendment of Regulation Article 626 U 797, 944 Reserves, member banks (See also Reserve require- Increase in certain margin requirements, amendment ments): of Regulations G, T, and U' 1024, 1037 Revision of aggregate reserves and member bank Reporting requirements, new, for exchange specialdeposits series 197 ists, amendment of Regulations T and U 797 Robbins, E. Stanley, director, Birmingham Branch, Technical amendment of Regulations G, T, resignation 851 and U 713 Robertson, J. L.: Stockwell, Eleanor J., Assistant Adviser, Division of Truth in lending, statement 380 Research and Statistics, appointment 195 Robinson, Edward W., Jr., Class C director, Philadel- Stone, Leon, director, San Antonio Branch, appointphia, appointment 87 ment 91 Ruckdeschel, Fred B., article 106 Swan, Eliot J., President, Federal Reserve Bank of San Francisco, retirement 942 Schaeffer, Lloyd M., Chief Federal Reserve Examiner, retirement 509 Tables (See list at bottom of p. A-3 for tables published Schmidt, Gert H. W., director, Jacksonville Branch, periodically; see guide at top of p. A-115 for index appointment 88 to tables published monthly) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 122 FEDERAL RESERVE BULLETIN • DECEMBER 1972 Pages Pages Territories of districts and branches: Wall, E. Craig, Sr., Class C director, Richmond, ap- Transfer of territory from St. Louis to Louisville pointment 87 Branch 744 Ward, Charles F., director, Pittsburgh Branch, appoint- Treasury and Federal Reserve reports: ment 90 Foreign exchange operations 228, 757 Weaver, Mary F., article 631 Truth in lending (Regulation Z): Williams, E. Paul, director, Cincinnati Branch, appoint- Amendments 979 ment 90 Interpretations 652, 653, 981 Williams, Joseph H., director, Oklahoma City Branch, Statement to Congress 380 appointment 88 Wilson, John C., Chairman and Federal Reserve Agent, U.S. agency obligations eligible as collateral for advances Atlanta, designation 88 by Reserve Banks, list 983 U.S. balance of payments: Yaussi, Glenn, director, Omaha Branch, appointment. 91 Article 325 Developments, statement of Chairman Burns 785 Foreign credit restraint program (See Foreign credit Zeisel, Joseph C., Associate Adviser, Division of restraint program) Research and Statistics, appointment 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES a (o THE FEDERAL RESERVE SYSTEM o) # ALASKA HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories O 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