Federal Reserve Bulletin, 1973-01

Federal Reserve Bulletin BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 JANUARY 1973 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 1 • VOLUME 59 • JANUARY 1973 1 1972: A Year of Accelerating Recovery 13 Record of Policy Actions of the Federal Open Market Committee 19 Law Department 35 Announcements 49 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 100 Board of Governors and Staff A 102 Open Market Committee and Staff; Federal Advisory Council A 103 Federal Reserve Banks and Branches A 104 Federal Reserve Board Publications A 108 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Ralph C. Bryant Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: A Year of Accelerating Recovery The recovery in economic activity that began early in 1971 gained considerable momentum during 1972 and at the year-end real growth was moving at a very rapid pace. Consumers became more optimistic and stepped up spending appreciably throughout the year, as inflationary expectations abated and employment and incomes rose strongly. As sales, new orders, and prospects for higher profits improved in an environment of moderating price increases, business attitudes also changed. Spending for business fixed investment began to add substantial strength to the expansion in early 1972, after 2 years of slow growth. In the spring, businessmen started to step up the pace of inventory investment. Meanwhile, demands for housing continued strong, and residential construction activity substantially surpassed the very high levels reached in 1971. Governments also added to over-all demands in 1972. Federal purchases of goods and services rose sharply in the first half, reflecting pay raises for both military and civilian personnel and BILLIONS OF DOLLARS a rise in defense spending. Growth of Federal purchases edged off in the second half, but outlays of State and local governments 30 continued to increase at about the same rate as in the preceding 3 years. On the international front, imports rose faster than exports as a result of the very strong growth in U.S. economic activity and because prices of imports rose faster than those of exports. Consequently, there was a marked deterioration in the net exports sector of the national income accounts. The strength of aggregate demand—gross national product rose more than $100 billion, or nearly 10 per cent, during 1972—resulted in a large increase in industrial production, as output of Dept. of Commerce quarterly data, seasonally adjusted at annual rates, consumer goods, materials, and business equipment all advanced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN • JANUARY 1973 11 PRODUCTION, EMPLOYMENT, and PROFITS increase sharply while PRICE rises moderate 1967=100 MILLIONS OF PERSONS BILLIONS OF DOLLARS ANNUAL RATE, PER CENT "Industrial production,** Federal Reserve data; "Nonagricultural employment," Bureau of Labor Statistics data; "Corporate profits" and "deflator" (the gross private product fixed-weight index), Dept. of Commerce data. substantially. Output of defense equipment also was larger than in 1971, reflecting some rebuilding of defense inventories. Considerable progress has been made in reducing the slack in the utilization of manpower and industrial resources. The unemployment rate in December, although still high, was almost a percentage point below a year earlier. The margin of unused manufacturing capacity was also down appreciably at the year-end. Total civilian employment rose strongly during 1972, and manufacturers added to payrolls for the first time in 3 years. Although many new workers—attracted by increased job opportunities—entered the labor market, the sharp rise in employment exceeded the large increase in the labor force, and the unemployment rate declined. The program of wage and price controls, set up in August 1971, was an important factor in moderating inflationary pressures. The rise in hourly compensation slowed in 1972 and gains in productivity accelerated with the rise in output. As a result, unit labor costs moderated sharply. Prices generally reflected the more favorable labor cost situation and the impact of price controls. The private product fixed-weight price index increased less in 1972 than it had before the imposition of controls in August 1971. The consumer price index posted a slightly smaller increase in 1972 compared with the pre-control period of 1971. The rise in industrial wholesale prices was also reduced, but prices of farm products and processed foods increased more rapidty than before the control program was introduced. CONSUMER OUTLAYS Bolstered by strong employment gains, large income increases, and AND INCOME more optimistic attitudes about present and prospective economic activity, consumer spending for goods and services rose briskly in 1972—about 6 per cent in real terms—following a 4 per cent increase in 1971. The year began on a firm note and purchases gathered momentum thereafter. Sales of durable goods were par- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: YEAR OF ACCELERATING RECOVERY 3 ticularly strong. Demands for furniture and appliances rose rapidly, reflecting the boom in residential construction. Domestic-type autos sold at a moderate pace in early 1972 following the surge associated with the announcement of the new economic program in mid-1971, but reached record levels after mid-1972. For all of 1972 such sales totaled 9.3 million, 6 per cent above the previous peak reached in 1965. Sales of foreign cars, at around 1.6 million units, were slightly above the 1971 level. Purchases of nondurable goods moved ahead throughout the year. 2 DISPOSABLE INCOME gains outstripped by spending increases? SAVING RATE declines CHANGE, BILLIONS OF DOLLARS 30 20 10 0 20 10 0 PER CENT Dept. of Commerce quarterly data, seasonally adjusted at annual rates. Personal income increased by about 8.5 per cent in 1972—more rapidly than in the preceding 2 years. Wage and salary payments were boosted by Federal military and civilian pay raises early in the year and by the over-all strength of output and employment. In the fourth quarter, incomes were lifted further by a sizable increase in social security benefits. Although a change in the Federal income-tax-withholding schedules resulted in large overwithholdings of taxes in 1972 and restrained the gain in disposable income, consumers nonetheless continued to increase their purchases at a rapid rate. The saving rate declined sharply to about 6.7 per cent of disposable income from the 1971 rate of 8.2 per cent—a rate exceeded only in the World War II period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 FEDERAL RESERVE BULLETIN • JANUARY 1973 BUSINESS FIXED A sharp increase—nearly 14 per cent—in business capital invest- INVESTMENT ment was a key element in the over-all strength of the economy in 1972. In real terms, business spent about 9 per cent more than in 1971. The gain in business capital spending was influenced by a number of factors: the strong expansion in industrial production and the associated rise in the rate of capacity utilization; the greatly improved performance of profits; and the stimulative effects of a further acceleration in depreciation schedules and of the restoration of the investment tax credit in late 1971. Increased expenditures were concentrated largely in purchases of new equipment—including trucks—which for the year as a whole in current dollars were about 16 per cent above the 1971 level. Outlays for new construction increased by about 10 per cent, but this represented little change in real terms. ~ I Business fixed INVESTMENT rose in 1972 . . . J | spending ANTICIPATIONS speed up BILLIONS OF DOLLARS BILLIONS OF 70 50 30 "Business fixed investment" and "Plant and equipment,** Dept. of Commerce data, 1972 Q4 and 1973 Q1 and Q2 anticipated; seasonally adjusted annual rates. "Real" is 1958 dollars. Spending for new plant and equipment by manufacturing firms turned upward in 1972, rising about 4 per cent after declining by about 6 per cent in 1971. But most of the expansion in outlays during the year was in the nonmanufacturing area, with public utilities (responding to continued sizable gains in demands for energy), communications, and commercial firms increasing their investment sharply. At the end of the year, the survey of business anticipations by the Department of Commerce indicated plans for an increase in 1973 of about 13 per cent in business outlays for plant and equipment, with a relatively higher proportion of the increase for the construction of new plants. Manufacturers expected to increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: YEAR OF ACCELERATING RECOVERY 5 spending much faster than in 1972. If these anticipations are realized, plant and equipment spending will be about in line with the pattern of previous recoveries, after lagging somewhat in the early stages of the current recovery. INVENTORIES Inventory investment, which generally rises early in a cyclical expansion, had continued quite moderate throughout the first year of recovery following the trough in the fourth quarter of 1970. This reflected in part the absence of any net liquidation during the 1969-70 recession. Other factors included a late recovery in backlogs of orders for capital goods and the liquidation in late 1971 and early 1972 of steel inventories stockpiled in anticipation INVENTORIES AND SALES of a possible strike. Gains in sales in 1971 resulted in some reduction of inventory/sales ratios during the year, but at the year-end such ratios were still rather high for the recovery stage of an economic cycle. Rapid increases in sales and production influenced businessmen to increase inventory investment in the spring of 1972 and to step up the rate of such accumulation after that; toward the year-end, accumulation reached a $10 billion annual rate. However, gains in sales outstripped inventory increases; ratios of inventories to sales were reduced further during 1972, and by year-end they were approaching historically low levels. Further strong growth in in- Dept. of Commerce data, seasonally adjusted annual rates. Ratio, end-of- ventory accumulation in 1973 is suggested by these low ratios, period inventories to quarterly as well as by increasing reports of slow deliveries, by rising average sales. Ratio for 1972 Q4 is Nov. inventories to Oct.-Nov. backlogs of unfilled orders, and by continuing rapid increases in average sales. sales. PRIVATE RESIDENTIAL Private residential construction set new records in 1972, supported CONSTRUCTION by strong demand and the ready availability of credit sustained by continuing large inflows of funds into mortgage lending institutions. Housing starts, already at a very high level in 1971, rose by about 300,000 to a total of over 2,350,000 units for the year. In real terms, residential construction outlays rose nearly 20 per cent. Production of mobile homes also soared and reached a record of about 575,000 units. Multifamily structures continued to account for more than twofifths of all starts, with demand for such units sustained by the growing number of young adults able to set up their own households and by the increasing popularity of condominium apartments. The number of Government-subsidized housing units, however, declined from the record levels of the previous 2 years. Ample availability of mortgage financing at relatively stable interest rates was an essential element in sustaining the record Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 FEDERAL RESERVE BULLETIN • JANUARY 1973 EXPENDITURES FOR volume of private housing starts. Credit terms were liberalized and RESIDENTIAL STRUCTURES although mortgage rates were high, they were appreciably below BILLIONS OF DOLLARS levels reached in 1970. The median price of new homes sold rose to more than $27,000, about 9 per cent above the 1971 level. Increases in labor costs were less rapid than they had been earlier, in large part due to the efforts of the Construction Industry Stabilization Committee, but prices of land and of lumber and plywood continued to advance sharply during the year. Higher sales prices also reflected buyer Dept. of Commerce data, seasonally preference for quality improvements and a decline in the proportion adjusted annual rates. "Real" is 1958 dollars. of subsidized starts. The number of housing units completed in 1972—about 2 million—lagged behind starts, resulting in a record number under construction near the end of the year. This inventory of uncompleted units may tend to dampen new housing starts in 1973, although the continued large number of building permits issued points to a sustained high rate of residential construction activity over the near term. FEDERAL The Federal budget continued to be stimulative during the past GOVERNMENT year. Total expenditures exceeded revenues by nearly $20 billion. In terms of the high-employment budget, the balance shifted to a deficit position in 1972 following a small surplus in 1971. Revenues as well as expenditures rose strongly during the year. Increased receipts were the result not only of revenue gains associated with periods of economic recovery but also of overwithholding of personal income taxes. Federal Government purchases of goods and services rose by more than 8 per cent from 1971. Both defense and nondefense expenditures registered sizable increases, whereas in 1971 the rise in nondefense outlays was largely offset by a decline in defense spending. Defense category outlays rebounded strongly during the first half of 1972, but dropped back somewhat during the second half. Reductions in civilian defense employment and the Armed Forces continued through most of the year, but pay increased substantially, reflecting both the general Federal pay increase in January 1972 and the special Armed Forces pay raise in November 1971 in connection with efforts to shift to an all-volunteer army. Federal nondefense purchases, which account for only about a quarter of all Federal purchases, increased by about 13 per cent in 1972. Excluding the post office, Federal nondefense employment rose slightly. In addition, transfer payments and Federal grants to States and localities increased appreciably. The rise in transfer payments reflected to some extent the increase of 20 per cent in social security benefits in the final quarter of the year. Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: YEAR OF ACCELERATING RECOVERY 7 4 I FEDERAL and STATE AND LOCAL purchases continue strong 1969 1970 1971 1972 1969 1970 1971 1972 Dept. of Commerce data, seasonally adjusted annual rates. Change is from previous half-year. grants-in-aid to State and local governments increased strongly—by more than $8 billion for the year as a whole, with a sharp rise in the final quarter when the first payment was made under Federal revenue-sharing legislation enacted late in the year. STATE AND LOCAL The past year witnessed a significant improvement in the fiscal GOVERNMENT position of the State and local government sector. Expenditures continued to rise at a brisk pace, but at the same time revenues— particularly from Federal grants—rose even faster. As a result, State and local governments achieved a surplus of about $12 billion compared with less than $5 billion in 1971. However, there were wide differences in the fiscal position of individual governmental units. Total State and local government purchases during 1972 rose by more than 10 per cent over the 1971 volume, with employee compensation accounting for the major portion of the total increase. Average earnings per employee rose by about 5.5 per cent, and employment grew by nearly 500,000, or almost 5 per cent. While this increase in employment was larger than in other recent years, about one-third of the additional jobs were filled by employees hired under the provisions of the Public Employment Act (almost entirely Federally funded), which has as its purpose the training of previously unemployed persons for permanent jobs by State and local governments. Expenditures for structures rose little during the period. This category of spending has lagged in the past few years, partly because the demand for new educational buildings has moderated. Meanwhile, other types of State and local purchases, including medicaid, have increased steadily in importance during the past decade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 FEDERAL RESERVE BULLETIN • JANUARY 1973 EXPORTS The dollar value of exports of goods and services rose by more AND IMPORTS than 10 per cent, but imports climbed at nearly double that rate in 1972. As a result, it is estimated that there will be a net deficit for the year of almost $4Vi billion, compared with a small positive balance in 1971. Several factors were responsible for keeping the balance of merchandise trade adverse. The strong growth of the American economy during the year stimulated the demand for imports. In U.S. MERCHANDISE TRADE KTLM AF DOLLARS addition, following the dollar devaluation, there was an upward mmm^m adjustment of dollar prices for many imported commodities while • i export prices rose very little. Furthermore, the business upturn in other major trading nations started later and was proceeding more slowly than in the United States during 1972; this limited foreign demand for our nonagricultural exports, which rose only moder- W ately. And finally, some foreign suppliers of manufactured products J / i i defended their position in the U.S. market by absorbing a portion 1970 1971 1972 of the price differential resulting from the realignment of exchange Dept. of Commerce data seasonally adjusted at annual rates. rates. The favorable balance of more than $2 billion on the services side provided only a partial offset to the trade deficit in 1972. Net investment income, adversely affected by heavy interest payments on dollar assets held by foreigners, remained at around 1971 levels. At the same time, net military outlays abroad rose slightly in dollar terms, and the travel account again registered a sizable net deficit. However, there was some improvement in the U.S. trade balance during the second half of the year. While buoyant demand for agricultural exports was an important factor, there were also signs of improving demand for exports of machinery and industrial materials. MANPOWER Demand for labor strengthened throughout 1972. By December UTILIZATION nonfarm payroll employment had increased by about 2.6 million, or 4 per cent, from a year earlier, and average hours of work were up sharply. Gains were largest in the service-type industries. Employment in retail stores and State and local governments increased considerably. Federal Government employment, however, was reduced. In manufacturing, employment registered a strong recovery late in the year—rising by 840,000 persons, or 4 per cent, from December 1971 to December 1972—but at the year-end the level was still 1 million below its pre-recession peak. Sizable increases in employment occurred in those manufacturing industries affected most by improved investment demands— primary metals and machinery (both electrical and nonelectrical). The unemployment rate changed little until early summer as above-normal increases in the labor force about matched the rise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: YEAR OF ACCELERATING RECOVERY 9 EMPLOYMENT growth recovers strongly; UNEMPLOYMENT rate declines CHANGE, MILLIONS OF PERSONS BLS quarterly data seasonally adjusted. of employment. After June, joblessness began an uneven decline, and by December it had dropped to 5.2 per cent of the labor force; this represented a reduction of close to a percentage point from the level in late 1971. Substantial progress was made in reducing labor cost pressures during 1972. Productivity increased at a rate of about 5.5 per cent for the first three quarters of the year as compared with 3.6 per cent in the previous year in the private nonfarm sector of the economy. Hourly compensation, which includes the costs of fringe benefits and employers' contributions for social security in addition to wages, rose at about a 6.5 per cent rate—off slightly from the 7.1 per cent registered in 1971. Thus the rate of increase in unit labor costs in the first three quarters of 1972 was held near 1 per cent, as compared with 2.8 per cent in the comparable period of 1971. The adjusted hourly earnings index—the wage series that most closely approximates changes in wage rates—showed an increase of about 6 per cent at an annual rate from January to December 1972. This contrasted with an increase of nearly 7 per cent in the year preceding the imposition of controls. Moderation of wage growth was widely distributed among industries, but the most pronounced slowing occurred in services, trade, and construction. Construction wages, which are being controlled by the Construction Industry Stabilization Committee, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 FEDERAL RESERVE BULLETIN • JANUARY 1973 rose at a 6.7 per cent rate in 1972 compared with the 1971 pre-freeze rate of almost 9 per cent. The increase in average hourly earnings in the services and trade sectors of the economy also showed marked improvement in 1972 over 1971 with the rate dropping to less than 5 per cent—below the guidelines. Average hourly earnings in manufacturing rose at an average annual rate of 6.1 per cent during that period—about the same as in the pre-control period of 1971. However, following relatively moderate increases in the first 8 months of the year, hourly earnings rose more rapidly after August in almost all industries. Gains in COMPENSATION moderate, those in PRODUCTIVITY accelerate, and UNIT LABOR COSTS slow PERCENTAGE CHANGE FROM PREVIOUS YEAR 12 1969 1970 1971 1972 BLS quarterly data seasonally adjusted. The activities of the Pay Board, and the willingness of business and labor to cooperate, were important factors in dampening the rate of pay increases. More moderate wage settlements were encouraged by the continued existence of some slack in the labor market and by more moderate increases in consumer prices, which reduced pressure for large "catch-up" wage increases. Prior to August 1971, price increases, coupled with rising taxes, had more than offset the gains in nominal wage rates. Moreover, 1972 was a year of relatively light collective bargaining activity. In contrast, major labor contracts covering nearly 5 million workers will be the subject of collective bargaining during 1973, compared with 2.7 million during the past 12 months. This fact, combined with less Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1972: YEAR OF ACCELERATING RECOVERY 11 slack in the labor market and smaller anticipated increases in productivity, suggests increased pressure on wage rates in the coming year. PRICES During 1972 the economy attained a lower rate of price inflation than at any other time since 1967, in part because of the stabilization program and the marked slowing of increases in labor costs. The GNP implicit deflator, which relates to the over-all economy, rose at an annual rate of 3 per cent in 1972. This compares with an increase of more than 5 per cent during the first half of 1971 and 5.5 per cent in 1970. The behavior of the wholesale and consumer price indexes has been uneven. Wholesale prices rose at an annual rate of about 6.5 per cent during the year, a somewhat higher rate than during the first 8 months of 1971 preceding the imposition of controls. CONSUMER AND WHOLESALE PRICE INDEXES This sustained high rate of increase reflected for the most part JANUARY 1969=100 sharply rising prices of farm products, processed foods, and feeds. 120 Responding to buoyant domestic and foreign demand, and being largely exempt from controls, these prices spurted at a rate of more than 14 per cent during 1972 compared with a 6.5 per cent increase from December 1970 through August 1971. In contrast, the rate of increase of industrial commodity prices moderated during Phase II; the increase was about 3.5 per cent at an annual rate, off more than a point from the pre-control period. The average increase reflected a very large run-up in prices of hides, skins, and leather BLS data. Wholesale price index, industrial commodities, is Federal and of lumber and wood products. Reserve regrouping. Success in moderating consumer price increases has been limited. During the past year the consumer price index has risen by about 3.5 per cent, compared with 3.8 per cent in the 8 months preceding the introduction of controls. However, if mortgage costs—which fell sharply in early 1971—are excluded, the improvement was more noticeable, and in any event the increase in consumer prices in 1972 was well below the rates during the period from 1967 to 1970. The nonfood commodities component of the index has risen more slowly than the average—only 2.5 per cent during the 12 months ending in November 1972. Here, too, the good showing was helped by Price Commission rulings. Some of these rulings postponed price mark-ups requested for safety and anti-pollution devices installed by manufacturers on new-model cars, and resulted in a reduction of seasonally adjusted auto prices late in the year. More significant was the substantial easing in the price increases of services, particularly for health services and for rents. In early 1973 the stabilization program was modified, placing greater emphasis on voluntary compliance, but special mandatory programs were maintained for health services, food, and construction. • 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 September 19 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; November, pages 973-78; and December, pages 1017-23. The record for the meeting held on October 17, 1972, follows: 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 FEDERAL RESERVE BULLETIN • JANUARY 1973 MEETING HELD ON OCTOBER 17,1972 Current economic policy directive. The information reviewed at this meeting suggested that expansion in real output of goods and services in the third quarter had been substantial, although well below the unusually large gain recorded in the second quarter. Staff projections continued to suggest that growth would be more rapid in the fourth than in the third quarter and that it would remain at a fast pace in the first half of 1973. In September industrial production rose appreciably for the second successive month, and nonfarm payroll employment also continued to expand at a substantial rate. However, the labor force again grew at about the same pace as total employment and—at 5.5 per cent—the unemployment rate was essentially unchanged from its level in the three preceding months. Retail sales declined in September, but because of the sizable gains that had been recorded in July and August, sales were considerably higher in the third quarter than in the second. Average hourly earnings of production workers on nonfarm payrolls continued to advance at a moderate pace in September, and the rise in wholesale prices of both industrial commodities and farm and food products slowed appreciably. In August the total consumer price index rose at a moderate rate although retail prices of foods increased substantially further. 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 beginning in early October. It was still anticipated that State and local government purchases of goods and services would grow somewhat more rapidly; that business fixed investment would continue to expand; that residential construction would level off; and that inventory investment would increase further. It was expected, moreover, that defense expenditures would rise following a marked drop in the third quarter. In foreign exchange markets the dollar had strengthened further against most European currencies since mid-September. Inflows of capital to the United States—reflecting both improved confidence in the dollar and a firming in short-term interest rates in this country relative to those abroad—had continued to offset the persistent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 15 deficit in the current account of the U.S. balance of payments, and the central bank reserves of most industrial countries had continued to change little. In August U.S. merchandise exports expanded more than imports, and the trade deficit declined somewhat. Long-term interest rates had been stable in recent weeks. Markets generally had been influenced by growing optimism about peace in Vietnam and by the possibility of enactment of a ceiling on Federal expenditures, and bond markets also had been affected by a sharp drop in the volume of new publicly issued corporate bonds from August to September. Although the volume of such issues appeared likely to rebound in October, it was expected to be relatively small for the fourth quarter as a whole. Interest rates on short-term securities had edged higher, in part because the Treasury had increased the size of its monthly auctions of 1-year bills. On the day before this meeting the market rate on 3-month bills was 4.80 per cent, compared with 4.65 per cent on the day before the September meeting. Contract interest rates on conventional mortgages rose slightly from August to September, but yields in the secondary market for Federally insured mortgages changed little. Inflows of savings funds to nonbank thrift institutions remained substantial in September, although well below the rapid pace in June and July. At commercial banks, outstanding real estate and consumer loans continued to grow rapidly in September. However, expansion in outstanding business loans slowed sharply from the rapid pace in August, apparently in association with less than the usual amount of corporate borrowing to meet September tax payments. Banks increased their holdings of U.S. Government securities—after having reduced them in July and August—and continued to add to their holdings of other securities. In early October, primarily in response to increases in short-term market rates of interest, most banks raised their prime rates from 5M> to 53A per cent. Both the narrowly defined money stock (Mi)1 and the more broadly defined money stock (M)2 grew in September at about 2 Private demand deposits plus currency in circulation. 2Mj plus commercial bank time and savings deposits other than large-denomination CD's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 FEDERAL RESERVE BULLETIN • JANUARY 1973 the moderate rates recorded in August. Over the third quarter, however, M and M grew at rates of about 8.5 and 9.5 per cent, x 2 respectively, compared with rates of about 5.5 and 8.5 per cent over the second quarter.3 Growth in the bank credit proxy4 was somewhat more rapid in September than in August, mainly because of an increase in U.S. Government deposits. System open market operations in the period since the September 19 meeting had been guided by the Committee's decision to seek growth in reserves available to support private nonbank deposits (RPD's) at an annual rate in a range of 9.5 to 13.5 per cent in the September-October period—in order to support more moderate growth in the monetary aggregates in the months ahead—unless disturbances arose in financial markets or unless growth in the monetary aggregates appeared to be falling far short of expectations. In fact, financial markets were calm and both M and M x 2 seemed to be growing moderately. At the time of this meeting it appeared that growth in RPD's over the September-October period would be close to the lower limit of the target range. The Federal funds rate was about 5 per cent in the days before this meeting, unchanged from the level prevailing just before the preceding meeting. In the 4 weeks ending October 11 member bank borrowings averaged about $560 million, compared with about $440 million in the preceding 5 weeks. The Committee agreed that the economic situation called for growth in the monetary aggregates over the months ahead at rates less rapid than those recorded over the third quarter as a whole. Taking account of a staff analysis of the relationship between reserves and the monetary aggregates, the Committee decided that its objectives for the aggregates would be fostered by growth in RPD's during the October-November period at an annual rate within a range of 6 to 11 per cent. Accordingly, the members agreed that open market operations should be directed at constraining RPD growth within that range, while continuing to avoid marked changes in money market conditions. The members also 3Growth rates cited are calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. 4Daily-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 17 decided that account should be taken of the effects of bank regulatory changes, should they be implemented; of Treasury financing operations; and of developments in credit markets.5 Moreover, they agreed that some allowance should be made in the conduct of operations if growth in the monetary aggregates appeared to be deviating from an acceptable range. As at other recent meetings, it was understood that the Chairman might call upon the Committee to consider the need for supplementary instructions before the next scheduled meeting if significant inconsistencies appeared to be developing among the Committee's various objectives and constraints. 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 third quarter, although well below the unusually large rise recorded in the second quarter. In September wages and prices advanced moderately, while the unemployment rate remained substantial. In the U.S. balance of payments, the current account deficit has been largely offset by capital inflows in recent weeks, and the central bank reserves of most industrial countries have continued to change little. In August, the excess of U.S. merchandise imports over exports declined somewhat. The narrowly and broadly defined money stock expanded at moderate rates in August and September, following large increases in July, but the bank credit proxy continued to grow rapidly. Since mid-September, short-term interest rates have increased somewhat, while yields on most long-term securities have changed little. 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. 5It was noted at the meeting that the amendments to Regulations D and J, initially scheduled to become effective on September 21, 1972, but postponed as a result of court proceedings, might be implemented during the October-November period. Following the Board's decision on October 24 to implement the amendments as of November 9, 1972, the range of tolerance for the RPD growth rate was modified to 9 to 14 per cent in a technical adjustment to take account of the effects of those regulatory actions on the relationship between reserves and the monetary aggregates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 FEDERAL RESERVE BULLETIN • JANUARY 1973 To implement this policy, while taking account of the effects of possible bank regulatory changes, Treasury financing operations, and developments in credit markets, the Committee seeks to achieve bank reserve and money market conditions that will support more moderate growth in monetary aggregates over the months ahead than recorded in the third quarter. Votes for this action: Messrs. Burns, Hayes, Brimmer, Bucher, Coldwell, Daane, Eastburn, MacLaury, Mitchell, Robertson, Sheehan, and Winn. Votes against this action: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions SECURITIES CREDIT TRANSACTIONS graph and the customer has not withdrawn the proceeds of sale on or before the day on which The Board of Governors has amended Regulasuch payment (and also final payment of any check tion T, 4'Credit by Brokers and Dealers", effective received in that connection) is received. The cred- January 2, 1972. The amendment makes it clear itor may so disregard a delivery of a security to that the 90 day restriction in special cash account another broker or dealer provided such delivery begins with the trade date of the sale of a security was for deposit into a special cash account which that the customer has not previously paid for the latter broker or dealer maintains for the same within the alloted seven business days rather than customer and in which account there are already the trade date of the purchase of the security. sufficient funds to pay for the security so pur- The text of the amendment reads as follows: chased; and for the purpose of determining in that AMENDMENT TO REGULATION T connection the status of a customer's account at another broker or dealer, a creditor may rely upon Effective January 2, 1972, § 220.4(c)(8) is a written statement which he accepts in good faith amended to read as follows: from such other broker or dealer. SECTION 220.4—SPECIAL ACCOUNTS BANK HOLDING COMPANIES The Board of Governors has amended Regula- (c) Special cash account. tion Y, 4'Bank Holding Companies", effective December 11, 1972. The amendment adds to the (8) Unless funds sufficient for the purpose are list of permissible activities for bank holding already in the account, no security other than an companies underwriting credit life insurance and exempted security shall be purchased for, or sold credit accident and health insurance directly related to extensions of credit by a bank holding to, any customer in a special cash account with company system. To assure that engaging in the the creditor if any security other than an exempted underwriting of credit life and credit accident and security has been purchased by such customer in health insurance can reasonably be expected to be such an account, and then, for any reason whatin the public interest, the Board will only approve ever, without having been previously paid for in applications in which an applicant demonstrates full by the customer, the security has been sold that approval will benefit the consumer or result in the account or delivered out to any broker or in other public benefits. Normally such a showing dealer during the preceding 90 days: Provided, would be made by a projected reduction in rates That an appropriate committee of a national seor increase in policy benefits due to bank holding curities exchange or a national securities associacompany performance of this service. tion, on application of the creditor, may authorize The text of the amendment reads as follows: the creditor to disregard for the purposes of this subparagraph any given instance of the type AMENDMENT TO REGULATION Y therein described if the committee is satisfied that both creditor and customer are acting in good faith Effective December 11, 1972, § 225.4 is and that circumstances warrant such authorization. amended to read as set forth below, and footnote For the purposes of this subparagraph, the cancel- 3 in § 225.4(b)(1) and footnote 4 in § 225.4(d) lation of a transaction, otherwise than to correct are redesignated as footnotes 4 and 5, respectively: an error, shall be deemed to constitute a sale. The SECTION 225.4—NONBANKING ACTIVITIES creditor may disregard for the purposes of this subparagraph a sale without prior payment pro- (a) Activities closely related to banking or vided full cash payment is received within the managing or controlling banks. ***The following period described by subparagraph (2) of this para- activities have been determined by the Board to 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 FEDERAL RESERVE BULLETIN • JANUARY 1973 be so closely related to banking or managing or ERRATA controlling banks as to be a proper incident Last month's BULLETIN incorrectly stated that thereto: the application of First Commercial Banks Inc., Albany, New York, to acquire Schenectady Dis- (10) acting as underwriter for credit life insur- count Corporation, Colonie, New York, was apance and credit accident and health insurance proved. The application was denied, effective Nowhich is directly related to extensions of credit vember 24, 1972. by the bank holding company system.3 approve applications in which an applicant demonstrates that approval will benefit the consumer or result in other public 3 To assure that engaging in the underwriting of credit life benefits. Normally such a showing would be made by a and credit accident and health insurance can reasonably be projected reduction in rates or increase in policy benefits due expected to be in the public interest, the Board will only to bank holding company performance of this service. BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS ORDERS UNDER SECTION 3 OF BANK HOLDING ing 10.8 per cent of the total commercial bank COMPANY ACT deposits in the State. (Banking data are as of June 30, 1972, adjusted to reflect holding company formations and acquisitions approved by the Board FIRST TENNESSEE NATIONAL through October 31, 1972.) The acquisition of CORPORATION, Bank (deposits of $32.6 million) would increase MEMPHIS, TENNESSEE Applicant's percentage share of deposits in the State by less than four-tenths of one per cent and ORDER APPROVING ACQUISITION OF BANK would not result in a significant increase in the First Tennessee National Corporation, Mem- concentration of banking resources in Tennessee. phis, Tennessee, a bank holding company within Bank, located in Cooke ville, Tennessee, is one the meaning of the Bank Holding Company Act, of sixteen banks having offices in the Cookeville has applied for the Board's approval under § banking market. There is no existing competition 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to ac- between Bank and any of Applicant's banking quire 100 per cent of the voting shares (less subsidiaries. Applicant's nearest subsidiary bankdirectors' qualifying shares) of the successor by ing office is located in a separate market area merger to The First National Bank of Cookeville, approximately 85 miles from Cookeville. Due to Cookeville, Tennessee ("Bank"). The bank into the distances involved and restrictions placed on which Bank is to be merged has no significance branching by Tennessee laws, there is little probaexcept as a means to facilitate the acquisition of bility of substantial future competition developing the voting shares of Bank. Accordingly, the between any of these subsidiaries and Bank. proposed acquisition of shares of the successor Bank is the largest bank in the market area, organization is treated herein as the proposed ac- holding 15.9 per cent of total market deposits. The quisition of the shares of Bank. second largest bank ($30.3 million deposits) con- Notice of the application, affording opportunity trols 14.8 per cent; and the remaining fourteen for interested persons to submit comments and banks range in size from $23.2 million to $2.8 views, has been given in accordance with § 3(b) million in deposits, and control 11.3 per cent to of the Act. The time for filing comments and views 1.4 per cent of the total market deposits. The has expired, and the Board has considered the population per banking organization is signifiapplication and all comments received in light of cantly lower in the market area than the State the factors set forth in § 3(c) of the Act (12 U.S.C. average. Also, in the Board's judgment, size or 1842(c)). location precludes all but the two largest banks Applicant, the largest banking organization in in the Cookeville banking market from having Tennessee, controls six banks with aggregate de- comparable attraction to Applicant as vehicles for posits of approximately $980.7 million, represent- entry into the market. Therefore, it appears to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 21 Board that the market served by Bank would not terminate its nonbanking activities or holdings if be particularly attractive for de novo entry by the Board at any time determines that the combi- Applicant or for its acquisition of a foothold bank. nation of Applicant's banking and nonbanking Consummation of the proposed acquisition would activities is likely to have adverse effects on the not foreclose significant potential competition, nor public interest. would it have any adverse effect on competing On the basis of the record, the application is banks since Bank is not dominant in the market. approved for the reasons summarized above. The In addition, it appears to the Board that the transaction shall not be consummated (a) before proposed acquisition might result in some increase the thirtieth calendar day following the effective in competition in the market by eliminating the date of this Order or (b) later than three months interlocking ownership of Bank and of another after the effective date of this Order, unless such small bank.1 period is extended for good cause by the Board, The financial and managerial resources and fu- or by the Federal Reserve Bank of St. Louis ture prospects of Applicant and its subsidiary pursuant to delegated authority. banks are regarded as satisfactory. In view of By order of the Board of Governors, effective Applicant's commitment to improve the capital December 1, 1972. position of Bank by an injection of $500,000 of Voting for this action: Chairman Bums and Governors additional equity capital funds and its plans to Robertson, Mitchell, Sheehan and Bucher. Voting against this provide Bank with supervision and management action: Governor Brimmer. Absent and not voting: Governor expertise, Bank's prospects are favorable and Daane. banking factors are consistent with approval. (Signed) MICHAEL A. GREENSPAN, Considerations relating the convenience and needs [SEAL] Assistant Secretary of the Board. of the community to be served lend some support to approval, primarily because affiliation with Ap- DISSENTING STATEMENT OF plicant will permit Bank to improve its real estate GOVERNOR BRIMMER lending capability. It is the Board's judgment that This application involves the proposed acquisithe proposed transaction is in the public interest tion of an additional bank by a bank holding and that the application should be approved. company having certain "grandfather" privileges. Applicant controls two nonbanking subsidiaries, Applicant is the largest banking organization in Norlen Life Insurance Company, Phoenix, Ari- Tennessee. Prior to the 1970 Amendments to the zona and Investors Mortgage Service, Inc., Mem- Bank Holding Company Act which subjected Apphis, Tennessee, which were acquired on October plicant to regulation by the Board, Applicant ac- 21, 1969, and on January 17, 1969, respectively. quired two nonbanking businesses in 1969— Norlen Life Insurance Company reinsures under- Norlen Life Insurance Company (which reinsures writers of credit life insurance, and Investors underwriters of credit life insurance) and Investors Mortgage Service, Inc., is a mortgage broker Mortgage Service, Inc. (a mortgage broker which which manages real estate for others and develops manages real estate for others and develops real real estate. Investors Mortgage Service, Inc., owns estate). The latter owns two subsidiaries, Griffen two subsidiaries, Griffen Mortgage Company, a Mortgage Company (a mortgage broker) and Inmortgage broker acquired on December 4, 1969, vestors Service, Inc. (a real estate developer).1 and Investors Service, Inc., a real estate developer In approving the application, a majority of the acquired on January 8, 1970. Board finds that "the combination of an additional In approving this application, the Board finds subsidiary bank with Applicant's existing nonthat the combination of an additional subsidiary banking subsidiaries i$ unlikely to have an adverse bank with Applicant's existing nonbanking subsi- effect upon the public interest at the present time.'' diaries is unlikely to have an adverse effect upon The majority fails to consider whether the combithe public interest at the present time. However, nation of Applicant's existing banking subsidiaries Applicant's banking and nonbanking activities re- and such nonbanking subsidiaries is consistent main subject to Board review and the Board retains with the purposes of the Bank Holding Company the authority to require Applicant to modify or 1 Approximately 27 per cent of the voting shares of Bank 1 The Board has recently determined that land development are presently owned by the same family which owns 100 per is not a permissible activity for bank holding companies. (See cent of Bank of Monterey, Monterey, Tennessee. 1972 Federal Reserve Bulletin 429.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 FEDERAL RESERVE BULLETIN • JANUARY 1973 Act. In my judgment, on each occasion that a bank the market's fourth largest bank which holds 7.7 holding company having ''grandfathered" activi- per cent of area deposits. In addition, two other ties or interests applies for the Board's approval banking organizations are represented in the marof a proposed acquisition, the Board should be ket. It appears that consummation of this proposal following a policy of determining whether the would not have an adverse effect on other area continued combination of banking and nonbanking banks. activities would have an adverse effect on the The closest of Applicant's subsidiary banking public interest. If it so concludes, the Board should offices is located in the adjacent Milwaukee marmake an appropriate order conditioning its ap- ket, 26 miles north of Bank. There is no meaningproval of such application upon the modification ful competition between these offices or between or early termination of those nonbanking activities Bank and any of Applicant's subsidiary offices. involved in such a conclusion. Since, as the record Moreover, in view of the number of intervening reflects, this policy was not followed by the ma- banks, the State's restrictive branching laws, and jority, I dissent from the Board's action in this distances separating the offices, it is unlikely that matter. any substantial amount of competition would develop in the future. The Board has considered a recommendation MARSHALL & ILSLEY CORPORATION, from the Department of Justice which concluded MILWAUKEE, WISCONSIN that the proposed acquisition may eliminate some direct competition between Applicant's lead bank ORDER APPROVING ACQUISITION OF BANK located in Milwaukee and Bank. The Department Marshall & Ilsley Corporation, Milwaukee, also advised that the entry of Applicant into the Wisconsin, a bank holding company within the Racine market through acquisition of Bank would meaning of the Bank Holding Company Act, has have an adverse effect on potential competition applied for the Board's approval under § 3(a)(3) especially in view of its capabilities for either de of the Act (12 U.S.C. 1842(a)(3)) to acquire 80 novo or foothold entry. per cent or more of the voting shares of American Regarding the elimination of existing competi- Bank and Trust Company, Racine, Wisconsin tion, the record indicates that less than 1 per cent ("Bank"). of Bank's deposits and 2 per cent of its loans Notice of the application, affording opportunity originate in Milwaukee County where Applicant's for interested persons to submit comments and lead bank is located. It appears that only minimal views, has been given in accordance with § 3(b) existing competition would be eliminated by conof the Act. The time for filing comments and views summation of this proposal. Applicant's entry into has expired, and the Board has considered the the Racine area by de novo means does not appear application and all comments received in light of to be particularly attractive at this time. There has the factors set forth in § 3(c) of the Act (12 U.S.C. been a general decline in business in the downtown 1842(c)). area where Bank is located, and population growth Applicant controls 15 banks with aggregate de- has not kept pace with the surrounding area. Retail posits of $712 million, representing 6.7 per cent trade and industry have moved out of the downof total deposits held by all banks in Wisconsin, town area. and is the second largest banking organization in Bank does not appear to be an aggressive comthe State. (All banking data are as of December petitor in the area; its deposits have not signifi- 31, 1971, and reflect holding company acquisitions cantly increased since year-end 1967, and its loan and formations approved through September 30, growth has been significantly below the average 1972). The acquisition of Bank (deposits of $42.6 rate of growth for other area banks. Its loan to million) would increase Applicant's share of State deposit ratio has also been low. Bank, at the deposits by only 0.4 percentage point, and it would present time, does not appeeir to be a likely prosremain the second largest banking organization in pect for a lead bank in a new bank holding com- Wisconsin. pany group. In view of Bank's conservative man- Bank ranks second among the 14 banks serving agement and the presence of other large banking Racine County (Bank's relevant market) and holds organizations in the market, it appears unlikely, approximately 12.3 per cent of area deposits. (The absent this proposal, that Bank would become a largest bank holds 26.4 per cent of such deposits.) significant competitive force in the market. On the The State's largest banking organization controls record before it the Board concludes that competi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 23 tive considerations are consistent with approval of source of banking services to the community and this application. increase competition within the city and county The financial condition and managerial re- of Racine. Or, in the alternative, another less sources of Applicant, its subsidiary banks, and anticompetitive mode of entry would be the ac- Bank are considered to be generally satisfactory, quisition of one of the several smaller area banks. and prospects for each appear favorable. Banking We are concerned with concentration data which factors are consistent with approval of the appli- indicate as of December 31, 1971, that the city's cation. It appears that there are no major banking largest bank holds 37 per cent of deposits in needs of the Racine community which are pres- Racine, and that the city's four largest banks ently unserved. However, the affiliation of Bank collectively hold 77 per cent of such total deposits. with Applicant would enable it to become a more The concentration picture in the county is almost aggressive competitor in its extension of credit. as grim with the four largest banks holding ap- Applicant also proposes to introduce new services proximately 55 per cent of aggregate county deat Bank to include check-credit, trust services, and posits. State banking is also highly concentrated. international banking services. Considerations re- Applicant (the second largest Wisconsin banking lating to the convenience and needs of the com- organization) together with the first and third largmunity to be served are consistent with and lend est, controls 29 per cent of aggregate deposits for some weight toward approval of the application. commercial banks in the State. The unchecked It is the Board's judgment that consummation of expansion of the largest Wisconsin holding comthe proposed acquisition would be in the public panies by acquisition of large market area banks interest, and that the application should be ap- can lead to an unhealthy concentration of banking proved. in the hands of a few large banking organizations. On the basis of the record, the application is We reiterate here the warnings previously foreapproved for the reasons summarized above. The cast that expansion by the large bank holding transaction shall not be consummated (a) before companies in Wisconsin "should be subjected to the thirtieth calendar day following the effective the closest scrutiny under strict public interest date of this Order or (b) later than three months standards."1 We can find no overriding public after the effective date of this Order, unless such benefits resulting from this proposal which would period is extended for good cause by the Board, require the Board's approval notwithstanding the or by the Federal Reserve Bank of Chicago pursu- objectionable anticompetitive consequences. The ant to delegated authority. banking needs of the communities are admittedly By order of the Board of Governors, effective being satisfactorily served. December 5, 1972. In order to prevent further increases in the concentration of banking resources in Wisconsin Voting for this action: Chairman Burns and Governors and to preserve—and increase—competition, we Sheehan and Bucher. Voting against this action: Governors Robertson and Brimmer. Absent and not voting: Governors are convinced that the largest banking organi- Mitchell and Daane. zations in Wisconsin should be required to enter (Signed) TYNAN SMITH, local markets in the State by the least anticompe- [SEAL] Secretary of the Board. titive means. They should not be allowed to enter through acquisition of a large market area bank— as proposed here. DISSENTING STATEMENT OF On the basis of the record, it is our judgment GOVERNORS ROBERTSON AND BRIMMER that the proposed acquisition would not be in the We do not concur with the majority in their public interest, and the application should be deapproval of Applicant's proposal. We believe that nied. the acquisition of the second largest bank in the AMERICAN NATIONAL Racine market by the State's second largest bank- HOLDING COMPANY, ing organization will have an adverse effect on KALAMAZOO, MICHIGAN area and Statewide banking competition and also ORDER APPROVING ACQUISITION OF BANK on the concentration of banking resources. Applicant controls 15 banks with aggregate de- American National Holding Company, Kalaposits of almost three quarters of a billion dollars. mazoo, Michigan, a bank holding company within With its resources, it could establish a new bank in the area which would provide an alternate 1 1970 Federal Reserve Bulletin 838. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 FEDERAL RESERVE BULLETIN • JANUARY 1973 the meaning of the Bank Holding Company Act, banking organizations in the market. Consummahas applied for the Board's approval under § tion of the proposed transaction would give Ap- 3(a)(3) of the Act (12 U.S.C. 1842(a)(3)) to ac- plicant control of 8.2 per cent of deposits in the quire all of the voting shares (less directors' quali- market thus making Applicant the fifth largest of fying shares) of the successor by merger to The eight banking organizations in a market in which American Bank of Three Rivers, N.A., Three approximately 70 per cent of the total deposits are Rivers, Michigan ("Bank"). held by the three largest banking organizations. The bank into which Bank is to be merged has Bank derives an insignificant portion of its deno significance except as a means to facilitate the posits and loans from areas served by Applicant's acquisition of the voting shares of Bank. Accord- present or proposed banking subsidiaries. Simiingly, the proposed acquisition of shares of the larly, those banks derive only an insignificant successor organization is treated herein as the portion of their deposits and loans from the service proposed acquisition of the shares of Bank. area of Bank. It appears, therefore, that no signif- Notice of the application, affording opportunity icant competition between Bank and Applicant's for interested persons to submit comments and present or proposed subsidiary banks would be views, has been given in accordance with § 3(b) eliminated as a result of consummation of Appliof the Act. The time for filing comments and views cant's proposal. has expired, and the Board has considered the In addition, Michigan branching law effectively application and all comments received in light of prohibits Applicant's subsidiary bank and Bank the factors set forth in § 3(c) of the Act (12 U.S.C. from branching into each other's service areas, 1842(c)). except at locations which appear unattractive as Applicant presently controls one bank1 with sites for branch offices. For the same reason, it deposits of approximately $183 million, repre- appears unlikely that Bank and Applicant's senting less than 1 per cent of total deposits in proposed subsidiary banks could or would estabcommercial banks in Michigan, and is the eight- lish branch offices in competition with one another eenth largest banking organization in the State. irrespective of Bank's long-standing affiliation (All banking data are as of December 31, 1971, with Applicant. Further, Bank does not appear to unless otherwise indicated.) Upon acquisition of be such a significant competitor that Applicant Bank ($5.8 million deposits), Applicant's share of should be expected to enter the St. Joseph market State deposits would remain less than 1 per cent, through a less significant acquisition or by de novo and Applicant's ranking among the State's banking means, nor does Bank possess the resources to organizations would remain unchanged. be considered a potential lead bank in a new bank Bank, which has been closely associated with holding company. The Board concludes therefore Applicant through common ownership since 1968, that it is unlikely that any significant competition operates both its main office and its sole branch would develop between any of Applicant's present office in Three Rivers in the St. Joseph County or proposed subsidiaries and Bank in the future. banking market (approximated by the boundaries On the basis of the facts of record, the Board of St. Joseph County) and, with approximately 5.4 concludes that consummation of the proposed acper cent of market deposits, is the sixth largest quisition would have no significant adverse effects of nine banking organizations operating therein. on existing competition, nor would it foreclose the Applicant's present subsidiary bank operates a development of significant competition. branch office in the relevant market at Mendon, The financial condition, managerial resources, approximately 13 miles northeast of Bank's two and prospects of Applicant are considered satisoffices in Three Rivers. Based on June 30, 1970 factory and consistent with approval of the applideposit data, Applicant, by virtue of the deposits cation. The same conclusions apply with respect in the Mendon office held approximately 2.8 per to Applicant's present subsidiary particularly in cent of commercial bank deposits in the market, view of Applicant's recent contribution of %2Yh thereby ranking as the eighth largest of the nine million to the equity account of that bank. The financial condition, managerial resources, and future prospects of Bank appear favorable. Consid- 1 By Order dated December 5, 1972, the Board approved erations relating to banking factors, therefore, are Applicant's application to acquire shares of a second bank, regarded as consistent with approval of the applithe successor by merger to The Niles National Bank and Trust Company, Niles, Michigan. Also, by separate Order issued cation. Applicant does not intend to introduce any today, the Board approved Applicant's application to acquire services at Bank not presently available in the shares of The American National Bank in Portage, Portage, community; however, considerations relating to Michigan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 25 the convenience and needs of the communities to bank holding company development. Such an albe served are consistent with approval of the ternative would clearly be preferable from a comapplication. It is the Board's judgment that con- petitive standpoint to Applicant's present proposal. summation of the proposed transaction would be Considering both applications together and havin the public interest and that the application ing voted to approve the Portage application, I find should be approved. no public benefits flowing from the acquisition of On the basis of the record, the application is the Three Rivers Bank by Applicant that would approved for the reasons summarized above. The outweigh the adverse effect on competition in the transaction shall not be consummated (a) before Kalamazoo-Portage market that would be the conthe thirtieth calendar day following the effective sequence of approval of that application. I would date of this Order or (b) later than three months deny the Three Rivers application. after the effective date of this Order, unless such period is extended for good cause by the Board, ORDERS UNDER SECTION 4(c)(8) OF or by the Federal Reserve Bank of Chicago pursu- BANK HOLDING COMPANY ACT ant to delegated authority. By order of the Board of Governors, effective FIRST RAILROAD & BANKING COMPANY December 26, 1972. OF GEORGIA, AUGUSTA, GEORGIA Voting for this action: Chairman Burns and Governors Mitchell, Sheehan, and Bucher. Voting against this action: ORDER DENYING APPROVAL FOR ACQUISITION OF Governor Robertson. Absent and not voting: Governors Daane MORTGAGE BANKING ASSETS OF SOUTHERN and Brimmer. (Signed) TYNAN SMITH, FINANCE CORPORATION [SEAL] Secretary of the Board. First Railroad & Banking Company of Georgia, Augusta, Georgia, a bank holding company within DISSENTING STATEMENT OF the meaning of the Bank Holding Company Act GOVERNOR ROBERTSON has applied for the Board's approval, under § The Board today has approved the acquisition 4(c)(8) of the Act and § 225.4(b)(2) of the Board's by American National Holding Company of two Regulation Y, to acquire the mortgage banking banks, acquisition of either of which alone appears assets of Southern Finance Corporation, Augusta, innocent enough, but when taken together repre- Georgia.1 Applicant has stated it intends to comsent, in my view, an undesirable expansion of the bine the mortgage banking assets of Southern holding company's already significant market Finance Corporation and the mortgage banking power in the Kalamazoo-Portage market. assets of Applicant's banking subsidiary, Georgia American National Holding Company, by virtue Railroad Banking and Trust Company, Augusta, of the 21 per cent of the area's deposits which Georgia, together with the assets of another of its present subsidiary bank holds, is already the Applicant's subsidiaries, First of Georgia Mortsecond largest banking organization in a market gage Company, Augusta, Georgia and, through in which the four largest of the 15 banking orga- the latter corporation, to engage in mortgage nizations operating therein hold more than 81 per banking activities. The proposed mortgage bankcent of the deposits. Although neither The Ameri- ing activities include the solicitation of mortgage can National Bank in Portage nor The American customers to purchase mortgage redemption in- Bank of Three Rivers, N.A. holds more than 1 surance and credit accident and health insurance per cent of the area's total deposits, their removal under a group policy which names the lender as as potential independent competitors in this highly the insured. Such activities have been determined concentrated market is significant, particularly by the Board to be closely related to the business when that removal is at the instance of the second of banking (12 CFR 225.4(a)). A bank holding largest banking organization in the market. Con- company may acquire a company engaged in an summation of both proposed transactions would activity determined by the Board to be closely increase the already undesirably high level of related to banking provided that the proposed concentration of banking resources in the area and acquisition is warranted under the relevant public would eliminate the possibility that either The interest factors specified in § 4 (c)(8) of the Act. American National Bank in Portage or The American Bank of Three Rivers, N.A., would serve Southern Finance Corporation also engages in real estate as a vehicle for foothold entry into the area by brokerage, business management, and real estate development, but Applicant has not applied to acquire assets related to such other participants in the rapidly growing Michigan activities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 FEDERAL RESERVE BULLETIN • JANUARY 1973 Notice of the application, affording opportunity plicant's market share from 4.4 per cent to 13.6 for interested persons to submit comments and per cent. During 1971, Southern originated conviews on the public interest factors, has been duly struction loans of 3.2 million in the Augusta marpublished (37 Federal Register 17238). The time ket while Bank originated $8.2 million during the for filing comments and views has expired and same period. Approval of the application would none has been timely received. increase Applicant's share of the construction loan Applicant, a one-bank holding company, con- market in the Augusta area from 9.7 per cent to trols the Georgia Railroad Banking and Trust 13.5 per cent. Company, Augusta, Georgia ("Bank"), the fifth Bank and Southern compete for mortgage servlargest bank in Georgia with deposits of $165.9 icing business in the Augusta market; and, almillion representing 2.0 per cent of the State's though neither organization presently makes loans commercial banking deposits. (Banking data are on income producing properties, both are considas of December 31, 1971.) Bank is the largest ered capable of doing so. Consummation of the banking institution in the Augusta market2 and, proposal is likely to eliminate some competition as of June 30, 1970, held 42.0 per cent of market with respect to mortgage servicing activities, and deposits. Bank makes construction loans and some potential competition with respact to income mortgage loans for 1-4 family residences and, as producing properties, although not to a significant of April 21, 1972, Bank had a mortgage servicing degree as these types of activities appear to have volume of $37.1 million, 25 per cent of which a regional or national market rather than a local it was servicing for its own account. During 1971, market. Applicant organized First of Georgia Mortgage Southern is a closely-held family company with Company de novo, but said company is not pres- a limited capital base. Applicant states that Southently engaged in mortgage banking activities. ern's ability to expand its operations is handi- Southern Finance Corporation ("Southern") is capped by such limitation. While it appears that headquartered in Augusta, and operates a branch Southern's growth potential is limited to some office in Savannah. Based on the total volume of extent, it has experienced an impressive growth mortgages serviced, Southern ranks as the sixth in the volume of mortgages originated, volume of largest among 13 mortgage banking companies mortgages serviced, and annual net income over operating in the Augusta market3 and as the 274th the past five years and, in 1971, it opened a branch largest mortgage company in the nation.4 As of office in Savannah. April 21, 1972, Southern had a servicing volume Applicant acknowledges that approval of the of $68.5 million. During 1971, Southern reported application would eliminate some competition mortgage originations of $10.4 million of which within the Augusta market. However, as factors $9.7 million were in the Augusta market while diminishing the adverse competitive impact, Ap- Bank's originations within the Augusta market plicant points to the number of competitors within were $11.3 million. that market and the decline in the combined market Consummation of the proposal would eliminate shares of Southern and Bank between 1966 and existing competition in the Augusta market for the 1971 as large regional or national mortgage commaking of construction loans and the making of panies have entered the market. Applicant further mortgage loans for 1-4 family residences, by states that approval of the acquisition would be eliminating an alternative source for such loans. pro-competitive since the combined mortgage During 1971, Southern originated $6.5 million of company operation it has proposed would have 1-4 family residential mortgages in the Augusta sufficient resources to enter the Atlanta market and market representing 9.2 per cent of the market total to fully develop Southern's recent entrance into while Bank's originations amounted to $3.1 mil- the Savannah area. These considerations and other lion or 4.4 per cent of the relevant market. Ap- possible benefits cited by Applicant provide some proval of the acquisition, therefore, would elimi- support for approval but, in the Board's judgment, nate significant competition in the market for 1-4 are outweighed by the prospect of elimination of family residential mortgages while increasing Ap- existing competition between the largest banking organization within the Augusta market (based on market deposits) and an independent mortgage 2The Augusta market is approximated by Richmond and company whose mortgage banking operations are Columbia Counties in Georgia and Aiken County in South principally conducted in that same market. Carolina. 3As of December 31, 1971. Based upon the foregoing and other consid- 4As of June 30, 1971. erations reflected in the record, the Board has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 27 determined that public interest benefits that the Notice of the application affording opportunity Board is required to consider under § 4(c)(8) do for interested persons to submit comments and not outweigh possible adverse effects. Accord- views on the public interest factors has been duly ingly, the acquisition is hereby denied. published (37 Federal Register 19402). The time By order of the Board of Governors, effective for filing comments and views has expired and December 5, 1972. none have been timely received. Applicant controls five banks, with aggregate Voting for this action: Chairman Burns and Governors Robertson, Brimmer, Sheehan, and Bucher. Absent and not deposits of approximately $13.83 billion reprevoting: Governors Mitchell and Daane. senting 14.7 per cent of the total commercial bank (Signed) TYNAN SMITH, deposits in New York.2 Applicant also has non- [SEAL] Secretary of the Board. banking subsidiaries engaged principally in mortgage banking, lease and conditional sales financ- FIRST NATIONAL CITY CORPORATION, ing, but no present consumer finance subsidiaries. NEW YORK, NEW YORK Acceptance has total assets of $31 million and operates 85 small loan offices in 14 States ORDER APPROVING ACQUISITION OF ACCEPTANCE throughout the South, the Mid-West, and the Far FINANCE COMPANY, THREE AFFILIATED West. The closest office of Applicant's banking CORPORATIONS AND AN AFFILIATED PARTNERSHIP subsidiaries to offices of Acceptance is over 800 miles distant. Since typically small personal loans First National City Corporation, New York, tend to be of a local nature and service, there is New York, a bank holding company within the no existing competition between Acceptance and meaning of the Bank Holding Company Act, has Applicant in this product line. Nor would conapplied for the Board's approval under § 4(c)(8) summation of the transaction appear to have any of the Act and § 225.4(b)(2) of the Board's Regusignificantly adverse effects on potential competilation Y to acquire all of the voting shares of tion. The barriers to entry for the small personal Acceptance Finance Company, Clayton, Missouri loan business do not appear to be particularly high ("Acceptance") and to indirectly acquire through in most States, capital requirements are low and that acquisition: (1) the Samuel Morgan Corporathere are no significant economies of scale. Moretion ("Samuel"), (2) the Anna Morgan Corporaover, Applicant appears to be only one of nution ("Anna"), and (3) Financial Forms, Inc. merous potential entrants into the small loan busi- ("Forms"), all Missouri corporations, and the ness so that following consummation of the proassets of Daniel Charles Agency ("Agency"), a Missouri partnership.1 Acceptance engages in the posal there would remain numerous companies with the ability and incentive to enter each of the activities of (1) making personal loans to individlocal small loan markets. Acceptance does not uals, (2) purchasing of consumer instalment paper, appear to have a dominant position in any of the and (3) acting as agent for the sale of credit life, various local markets in which it has small loan accident, health, property and casualty insurance offices. Rather it appears that its market share with in connection with its own extensions of credit. only a few minor exceptions is rather small and Agency acts as an agent for the sale of property that the acquisition of Acceptance by Applicant and casualty insurance, directly related to the can be characterized as a "foothold" acquisition extension of credit by Acceptance. Such activities in the great majority of local markets. have been determined by the Board to be closely Acceptance on its own and through its affiliated related to the business of banking. (12 CFR partnership agency acts as agent for the sale of 225.4(a)(1) and (9)) Samuel and Anna will confine credit-related insurance. However, it does not their activities to premises holding for Acceptance seem to be a significant factor in this product line and its subsidiaries and Forms will confine its in any of the areas it operates, nor does Applicant activities to the printing of forms used in Accephave any subsidiary operating as an agent for tance's business. Such activities are permissible credit-related insurance. For these reasons it does as incidental to activities determined by the Board not appear that acquisition of Acceptance and to be closely related to banking. Agency by Applicant would have a significantly applicant has filed a separate application to acquire Gateway Life Insurance Company, a wholly owned credit life insurance underwriting subsidiary of Acceptance, which appli- 2A11 banking and consumer loan data are as of December cation will be the subject of separate consideration by the 31, 1971, adjusted to reflect bank holding company acquisitions Board. approved by the Board through September 15, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 FEDERAL RESERVE BULLETIN • JANUARY 1973 adverse effect on either existing or potential com- warranted, particularly in a situation such as the petition. instant case where Applicant has the financial There is no evidence in the record indicating resources and expertise to enter de novo. An that consummation of the proposal would result acquisition such as this inevitably adds to the in any undue concentration of resources, unfair concentration of resources in this country. competition, conflicts of interest or unsound bank- The above considerations are amplified by the ing practices. Approval of the application, by size of Applicant's organization and the fact that giving Acceptance access to Applicant's financial Applicant is paying a substantial premium to acresources, should enhance its competitive effec- quire Acceptance (the premium involved is 166 tiveness and enable it to expand the range of per cent of equity capital and 46 per cent of total services it offers. assets). I have previously expressed my concern Based upon the foregoing and other consid- that the payment of substantial premiums in bank erations reflected in the record, the Board has acquisitions by large banking organizations dedetermined that consummation of the proposal prives those organizations less able to expand de herein can reasonably be expected to produce novo of the opportunity to acquire a vehicle benefits to the public that outweigh possible ad- through which they might achieve a competitive verse effects. market position (1972 BULLETIN 62). I believe Accordingly, the application is hereby ap- that such considerations are even more relevant proved. This determination is subject to the con- where the premium is being paid for entry into ditions set forth in § 225.4(c) of Regulation Y new lines of nonbanking businesses. and the Board's authority to require such modifi- Section 4(c)(8) requires that where there are cation or termination of the activities of a holding possible adverse effects of a proposed acquisition company or any of its subsidiaries as the Board or entry into a new line of nonbanking business finds necessary to assure compliance with the such adverse effects be outweighed by reasonably provisions and purposes of the Act and the Board's expected public benefits. Acceptance is a prosperregulations and orders issued thereunder, or to ing, well managed company and I find the record prevent evasion thereof. devoid of any such public benefits and would, By order of the Board of Governors, effective therefore, deny the application. December 14, 1972. Voting for this action: Chairman Burns and Governors FIRST ARKANSAS BANKSTOCK Daane, Brimmer, Sheehan, and Bucher. Voting against CORPORATION, this action: Robertson. Absent and not voting: Governor LITTLE ROCK, ARKANSAS Mitchell. (Signed) TYNAN SMITH, ORDER APPROVING ACQUISITION OF L. E. LAY & [SEAL] Secretary of the Board. COMPANY, INC. First Arkansas Bankstock Corporation, Little DISSENTING STATEMENT OF Rock, Arkansas, a bank holding company within GOVERNOR ROBERTSON the meaning of the Bank Holding Company Act, This acquisition represents the acquisition by the has applied for the Board's approval, under § second largest banking organization in the United 4(c)(8) of the Act and § 225.4(b)(2) of the Board's States of a substantial consumer finance concern Regulation Y, to acquire voting shares of L. E. with 85 offices located in 14 States and assets of Lay & Company, Inc., Little Rock, Arkansas over $30 million. ("Company"), a company that engages in the In § 4(c)(8) of the Bank Holding Company Act, activities of: (1) making or acquiring for its own Congress provided that the Board may differentiate account or for the account of others, real estate between activities commenced de novo and activi- mortgage loans and servicing such loans; and (2) ties commenced by the acquisition in whole or in acting as an insurance agent or broker with respect part of a going concern. The legislative history to insurance that is directly related to an extension makes clear Congress' preference for de novo of credit or provision of other financial services entry. The United States Supreme Court has said, by Company. Such activities have been deter- "corporate growth by internal expansion is so- mined by the Board to be closely related to the cially preferable to expansion by acquisition." business of banking (12 CFR 225.4(a)(1), (3), and United States v. Philadelphia National Bank, 374 (9)). U. S. 321, 370 (1963). Such a preference is clearly Notice of the application, affording opportunity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 29 for interested persons to submit comments and portfolio of $82.1 million, only $11.1 million is views on the public interest factors was published derived from Pulaski County, where it is the third (37 Federal Register 18496). Subsequently, Ap- largest mortgage banking company accounting for plicant amended its application so that the Board 3.8 per cent of the mortgages recorded in the could consider the mortgage banking and insur- county in 1971. Consummation of the proposal ance agency activities of Company separately. will eliminate some existing competition between Notice of the amended application was published Bank and Company in the mortgage banking busi- (37 Federal Register 2439). The time for filing ness in Pulaski County; however, neither Bank nor comments and views on both the original and Company have a dominant position in that County. amended application has expired, and the Board There are 60 mortgage lending and servicing has considered all comments received with respect competitors in the County including the second, to the mortgage banking activities of Company in third and fourth largest banks in Arkansas. Also the light of the public interest factors set forth in present in the county are offices of the country's § 4(c)(8) of the Act (12 U.S.C. 1843(c)) and finds largest mortgage company, and offices of three that: other mortgage companies ranking in the nation's Applicant, the largest banking organization in top 100, which companies have aggregate annual Arkansas, controls three nonbanking subsidiaries mortgage servicing volumes in excess of $4.2 which engage in equipment leasing, owning and billion. operating Applicant's business offices, and travel While some competition would be eliminated agency services.1 Applicant controls three banks between Bank and Company in all areas of mortwith aggregate deposits of $305 million, repre- gage banking, the only significant amount of comsenting 8.1 per cent of the total deposits in com- petition that would be eliminated is in the market mercial banks in the State.2 Applicant's lead bank, for permanent one-four family residential mort- Worthen Bank and Trust Company, Little Rock, gages. In this market Bank presently holds 2 Arkansas ("Bank"), with deposits of $239.8 mil- percent of mortgages originated in Pulaski County lion, is the largest bank in the Little Rock banking and Company originates 4.5 per cent of such market3 and in Arkansas, controlling 30.1 per cent mortgages. Twenty-eight of the 60 mortgage of commercial bank deposits in the Little Rock banking competitors in the market also originate banking market. Bank is engaged in extending permanent one-four family residential mortgages. credit secured by real property through (1) perma- Due to the large number of competitors in Pulaski nent mortgage loans on one-four family residential County and the regional nature of Company's properties, (2) permanent mortgage loans on in- business, it is concluded that no significant existing come producing properties, and (3) construction competition would be eliminated upon consumloans. mation of the proposed transaction.4 Further, no Company engages in extending credit secured significant potential competition would be foreby real property through (1) permanent mortgage closed upon approval of the proposed transaction loans on one-four family residential properties, (2) since it appears Company would have difficulty permanent mortgage loans on income producing competing with other mortgage banking compaproperties, and (3) construction loans. Company nies in the County without the infusion of addialso engages in mortgage servicing. Company is tional capital and greater access to financial marthe 238th largest mortgage company in the nation kets. and has six offices, three in Illinois, one in Texas, Moreover, whatever slight anticompetitive efone in Louisiana and one in Arkansas. Bank and fects might result from approval of this proposal Company compete for mortgage loan business are outweighed in the public interest by other only in Pulaski County. Bank is the largest mort- considerations. Upon approval of this application, gage lender in Pulaski County, with a mortgage Applicant states that it will purchase $250 thouloan volume of $25.6 million, accounting for 8.7 per cent of mortgages recorded in that County in 1971. Of Company's total mortgage servicing 4In the matter of the applications of First Tulsa Bancorporation, Inc., Tulsa, Oklahoma, to acquire Hall Investment Company, Tulsa, Oklahoma (37 Federal Register 3210); and First ^Applicant acquired its travel agency business prior to June Railroad & Banking Company of Georgia, Augusta, Georgia 30, 1971 (see § 225.4(e) of Regulation Y). to acquire Southern Finance Corporation, Augusta, Georgia 2Banking deposit and market data are as of June 30, 1972. (37 Federal Register 26472), neither mortgage company had 3The Little Rock Banking market is approximated by the significant operations outside the area of competitive overlap, Little Rock SMS A, which includes Saline and Pulaski Coun- more existing mortgage competition would have been foreties. Pulaski County has approximately 90 per cent of the closed, and there were significantly fewer mortgage servicing population in the Little Rock SMS A. and lending competitors in the relevant areas. 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A 30 FEDERAL RESERVE BULLETIN • JANUARY 1973 sand of Company's securities prior to December By order of the Board of Governors, effective 31, 1972, thereby significantly improving Com- December 26, 1972. pany's capital structure. Acquisition of Company Voting for this action: Chairman Burns and Governors by Applicant will also likely provide greater access Mitchell, Sheehan, and Bucher. Voting against this action: Governor Robertson. Absent and not voting: Governors Daane to financial markets for Company and thereby and Brimmer. increase its amount of available funds to meet the (Signed) TYNAN SMITH, growing credit demands for housing and other [SEAL] Secretary of the Board construction in the Little Rock area. Accordingly, consummation of this proposal should enable DISSENTING STATEMENT OF Company to offer increased and improved services GOVERNOR ROBERTSON to its customers and increase its competitive effectiveness. I would deny this application since, in my Company has been selling title insurance opinion, approval will eliminate significant existthrough Mortgage Title Agency, Inc., and has ing and potential competition. engaged in land development through World Wide Applicant, through its lead bank, is both the Land Company. The Board has determined that largest banking organization and the largest mortland development is not a permissible activity for gage lender in Pulaski County. Company is the bank holding companies.5 The Board has not yet third largest mortgage banking company in that determined whether the operation of a title insur- County. Upon approval, Applicant will increase ance agency is a permissible activity for bank its share of the permanent one-four family resiholding companies. Applicant has, however, dential mortgages from 2.0 per cent to 6.5 per agreed to immediately divest both Mortgage Title cent and thereby eliminate a significant amount of Agency, Inc., and World Wide Land Company, existing competition. upon consummation of this transaction. Approval will also have an adverse effect on Based upon the foregoing and other consid- potential competition. Mortgage lending in Pulaski erations reflected in the record, the Board has County has increased 75.7 per cent from 1970 to determined that the balance of the public interest 1971. Company will no longer be an independent factors the Board is required to consider under § alternative competitor for mortgage lending and 4(c)(8) is favorable. Accordingly, the application servicing business in an area where that business to engage solely in Company's mortgage banking is currently expanding. Accordingly, significant business is hereby approved. This determination potential competition will be foreclosed upon apis subject to the conditions set forth in § 225.4(c) proval of this application. of Regulation Y and to the Board's authority to A majority of the Board believes that the antirequire such modification or termination of the competitive effects of the acquisition are outactivities of a holding company or any of its weighed in the public interest since Applicant will subsidiaries as the Board finds necessary to assure provide Company with additional capital and incompliance with the provisions and purposes of creased access to financial markets. It has not been the Act and the Board's regulations and orders demonstrated that less anticompetitive alternative issued thereunder, or to prevent evasion thereof. sources for additional capital and access to financial markets are unavailable to Company. In my judgment, such public benefits do not outweigh 5See application of UB Financial Corp., Phoenix, Arizona, the adverse competitive effects of the acquisition to retain H.S. Pickrell Company, Phoenix, Arizona (37 Federal Register 6794). and, therefore, I dissent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 31 ORDERS NOT PRINTED IN THIS ISSUE Also during December 1972, the Board of Governors approved the applications listed below. The orders have been published in the Federal Register and 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 Century Bancshares, Inc., The First National Bank of 12/05/72 37 F.R. 26470 Parsons, Kansas Parsons, Parsons, Kansas 12/12/72 Citibanc Group, Inc., Covington County Bank, Anda- 12/22/72 38 F.R. 915 Alexander City, Alabama lusia; City Bank of Good wa- 1/5/73 ter, Good water; City Bank of Tuskegee, Tuskegee; City Bank of Line ville, Line ville; and City Bank of Roanoke, Roanoke, all in Alabama C-M Company, Inc., The Isabel State Bank, 12/18/72 37 F.R. 28556 Medicine Lodge, Kansas Isabel, Kansas 12/27/72 Elmer Crosley and Sons Center State Bank, 12/05/72 37 F.R. 26471 Investment Corporation, Center, Center, Nebraska 12/12/72 Nebraska First State Bancshares First State Bank & Trust Com- 12/21/72 38 F.R. 918 Corporation, Wellston, Missouri pany, Wellston, Missouri 1/5/73 First North County Bank and Trust Company, Jennings, Missouri First Northwest Bank, St. Ann, Missouri Frisco-Dillon, Inc., Summit County Bank, 12/11/72 37 F.R. 26848 Lincoln, Nebraska Frisco, Colorado 12/16/72 Midwest Bank Shares, Inc., The De Witt County National 12/27/72 38 F.R. 1155 Moline, Illinois Bank of Clinton, Clinton, 1/9/73 Illinois North Shore Capital Corporation, The North Shore National 12/21/72 37 F.R. 28785 Chicago, Illinois Bank of Chicago, Chicago, 12/29/72 Illinois Poplar Insurance Agency, Inc., Traders State Bank of Poplar 12/05/72 37 F.R. 26543 Poplar, Montana Montana, Poplar, Montana 12/13/72 State National Corporation, State National Bank, 12/22/72 37 F.R. 28785 Evanston, Illinois Evanston, Illinois 12/29/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 FEDERAL RESERVE BULLETIN • JANUARY 1973 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 American National Holding The Niles National Bank and 12/05/72 37 F.R. 26469 Company, Kalamazoo, Michigan Trust Company, Niles, 12/12/72 Michigan The American National Bank 12/26/72 38 F.R. 820 in Portage, Portage, Michigan 1/4/73 BancOhio Corporation, The Western Security Bank, \2!21112 38 F.R. 1235 Columbus, Ohio Sandusky, Ohio 1/10/73 Commerce Bancshares, Inc., Citizens Bank of Festus, 12/27/72 38 F.R. 1151 Kansas City, Missouri Festus, Missouri 1/9/73 Lexington Bank and Trust Com- 12/14/72 37 F.R. 28219 pany, Lexington, Missouri 12/21/72 First Continental Corporation, The First National Bank of \2I21 111 38 F.R. 1154 Boulder, Colorado Brush, Brush, Colorado 1/9/73 Fidelity American Bankshares, Citizens Bank and Trust Com- 12/14/72 37 F.R. 28325 Inc., Lynchburg, Virginia pany of Charlottesville, 12/22/72 Charlottesville, Virginia First National Bank in Dallas, Citizens State Bank of Irving, 12/11/72 37 F.R. 26847 Dallas, Texas and Irving, Texas 12/16/72 First National Securities Com- De Soto State Bank, De Soto, pany in Dallas, Dallas, Texas Texas First Security Corporation, First Security Bank of Price, 12/05/72 37 F.R. 26472 Salt Lake City, Utah National Association, Price, 12/12/72 Utah Manufacturers Hanover Corpora- Fidelity Bank of Colonie, 12/27/72 38 F.R. 821 tion, Dover, Delaware Latham, New York 1/4/73 North American Mortgage Corpo- The American Bank, 12/22/72 38 F.R. 822 ration, St. Petersburg, Florida St. Petersburg, Florida 1/4/73 Security National Corporation Northwestern State Bank of 12/05/72 37 F.R. 26474 Sioux City, Iowa Orange City, Orange City, 12/12/72 Iowa Southwest Bancshares, Inc., Gulf Coast National Bank, 12/21/72 38 F.R. 919 Houston, Texas Houston, Texas 1/5/73 Tennessee Homestead Company, Bank of Utah, Ogden, Utah 12/27/72 38 F.R. 1236 Ogden, Utah Bank of Ben Lomond, Odgen, 1/10/73 Utah Texas Commerce Banscshares, The Citizens National Bank of 12/11/72 37 F.R. 26849 Inc., Houston, Texas Lubbock, Lubbock, Texas 12/16/72 Lakeside Commerce Bank, 12/14/72 37 F.R. 28221 Houston, Texas 12/21/72 Westwood Commerce Bank, Houston, Texas United Banks of Wisconsin, The Kraft State Bank, 12/18/72 37 F.R. 28557 Inc., Madison, Wisconsin Menomonie, Wisconsin 12/27/72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 33 ORDERS UNDER SECTION 4(c)(8) OF BANK HOLDING COMPANY ACT— APPLICATIONS TO ENGAGE IN NONBANKING ACTIVITIES Board action Federal Nonbanking company (effective Register Applicant (or activity) date) citation Century Bancshares, Inc., Continuation of insurance 12/05/72 37 F.R. 26470 Parsons, Kansas agency activities by The First 12/12/72 National Bank of Parsons, Parsons, Kansas C-M Company, Inc., Clyde S. Boots Insurance 12/18/72 37 F.R. 28556 Medicine Lodge, Kansas Agency, Isabel, Kansas 12/27/72 Fidelity American Bankshares, Citizens Mortgage Corporation, 12/14/72 37 F.R. 28325 Inc., Lynchburg, Virginia Charlottesville, Virginia 12/22/72 Blue Ridge Finance Corporation, Crozet, Virginia First Pennsylvania Corporation, Great Acceptance Corporation, 12/22/72 38 F.R. 917 Philadelphia, Pennsylvania Houma, Louisiana 1/5/73 Pearce Colvin Finance Company, Ruston, Louisiana Northern Virginia Bankshares Falls Church Mortgage Corpora- 12/12/72 37 F.R. 27605 Incorporated, Arlington, tion, Falls Church, Virginia 12/19/72 Virginia Poplar Insurance Agency, Inc., Continuation of general insur- 12/05/72 37 F.R. 26543 Poplar, Montana ance agency activities 12/13/72 ORDERS UNDER BANK MERGER ACT APPLICATIONS TO MERGE, CONSOLIDATE, OR ACQUIRE ASSETS Board action Federal (effective Register Applicant Bank date) citation Bank of Lansing, BOL State Bank, 12/22/72 38 F.R. 821 Lansing, Michigan Lansing, Michigan 1/4/73 Grand Haven State Bank, Security First Bank & Trust 12/14/72 37 F.R. 28221 Grand Haven, Michigan Co., Grand Haven, Michigan 12/21/72 The Sandusky Security Bank, The Western Security Bank, 12/21/12 38 F.R. 1236 Sandusky, Ohio Sandusky, Ohio 1/10/73 Traverse City Bank and Trust 12/14/72 37 F.R. 28222 Traverse City State Bank, Company, Traverse City, 12/21/72 Traverse City, Michigan Michigan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN BOARD STAFF count rate and other sources of bank funds has contributed to a sharply increased level of bor- The Board of Governors has announced the folrowing by banks from the Federal Reserve in lowing changes in its official staff, effective Janrecent weeks. During the 4 weeks ending January uary 1, 1973. 10, member bank borrowings averaged $1.2 bil- Joseph E. Kelleher, Director of the Division of lion, about double the average level of borrowings Administrative Services, has been designated Asfor the period from early October through midsistant to the Board. Mr. Kelleher joined the December. Board's staff in 1937 and has served as the Direc- The Board's action raised the discount rate to tor of Administrative Services since January 1958. the 5 per cent level that prevailed as of August Walter W. Kreimann, who has been the Deputy 15, 1971, when the Government's economic sta- Director of the Division of Administrative Services bilization program began. The discount rate is the since his appointment to the Board's staff in Febrate charged member banks for borrowing from ruary 1972, has been designated Director, Division their district Reserve Bank for funds for tempoof Administrative Services, succeeding Mr. Kelrary, seasonal, or emergency purposes. leher. The present increase of the discount rate is merely a passive adjustment to what has already DEATH OF RESERVE BANK PRESIDENT happened to market interest rates and it, therefore, should not be the occasion for a further increase Mr. Aubrey N. Heflin, President of the Federal in interest rates. Reserve Bank of Richmond, died on January 16, 1973. He had served as President since April 1, EARNINGS AND EXPENSES OF THE 1968. FEDERAL RESERVE BANKS IN 1972 Preliminary figures received from the Federal Re- DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, serve Banks indicate that during 1972 their gross DEPUTY CHAIRMEN, AND DIRECTORS current earnings amounted to $3,792 million. Expenses totaled $414 million, leaving net current For list see pp. 37-42. EARNINGS, EXPENSES, AND DISTRIBUTION OF ELECTION OF CLASS A AND CLASS B DIRECTORS NET EARNINGS OF FEDERAL RESERVE BANKS, For list see pp. 43^45. 1972 AND 1971 In thousands of dollars FEDERAL RESERVE BANK APPOINTMENTS Item 1972 1971 OF BRANCH DIRECTORS Current earnings 3,792,334 3,723,370 For list see pp. 46-48. Current expenses 414,606 377,185 Current net earnings 3,377,728 3,346,185 CHANGE IN DISCOUNT RATE Net addition to, or deduction from The Board of Governors has approved actions by ( -), current net earnings -49,616 94,266 the directors of the 12 Federal Reserve Banks Net earnings before payments to increasing the discount rates of those banks from U.S. Treasury 3,328,112 3,440,451 4Yi per cent to 5 per cent, effective January 15. Dividends paid 46,183 43,488 This move is designed to bring the discount rate Payments to U.S. Treasury (interinto better alignment with short-term market inter- est on F. R. notes) 3,231,268 3,356,560 est rates, which have risen substantially over re- Transferred to surplus 50,661 40,403 cent months. The widened gap between the dis- 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 FEDERAL RESERVE BULLETIN • JANUARY 1973 earnings of $3,378 million. With a $50 million members of the Board of Governors, examines net deduction from profit and loss account possible methods of moderating short-term fluctu- (principally due to a $52 million loss on foreign ations in the supply of housing credit and hence exchange transactions), net earnings before pay- in the volume of housing production. Residential ments to the U.S. Treasury were $3,328 million. construction and its financing are analyzed within Payments to the U.S. Treasury as interest on the framework of over-all monetary policy, with Federal Reserve notes amounted to $3,231 mil- particular reference to general credit conditions lion; statutory dividends to member banks, $46 and competing demands for funds. million; and additions to surplus accounts, $51 This study was initiated in 1970 at the request million. of Chairman Arthur F. Burns. Work on the bulk Under the policy adopted by the Board of Gov- of the individual study papers was completed about ernors at the end of 1964, all net earnings after a year later. Each paper was submitted to the the statutory dividend to member banks and addi- Board of Governors for its consideration. Upon tions to surplus to bring it to the level of paid-in completion, the staff study in its entirety was made capital were paid to the U.S. Treasury as interest available to the Congress in the autumn of 1971. on Federal Reserve notes. A wide variety of topics is discussed in the Compared with 1971, gross earnings were up papers: subjects include fiscal and monetary poli- $69 million, or 2 per cent. The principal changes cies as related to housing; the role of private in earnings were as follows: on U.S. Government financial institutions—especially savings and loan securities, an increase of $76 million; on discounts associations—in the residential mortgage cycle; and advances, a decrease of $6 million. contingent participation and variable-rate mort- Expenses in 1972 were up $37 million, about gages on single-family houses; the effect of sup- 10 per cent, and dividends increased by nearly $3 plementary reserve requirements and credits on the million. flow of mortgage funds; and the effects of financial restraint on housing in selected countries. PUBLICATION OF STAFF STUDY ON HOUSING Copies may be obtained from Publications Services, Division of Administrative Services, Board Federal Reserve Staff Study: Ways to Moderate of Governors of the Federal Reserve System, Fluctuations in Housing Construction is available Washington, D.C. 20551. The price is $4.00 per for distribution. This study, which consists of 23 copy; in quantities of 10 or more sent to one individual papers prepared mainly by staff address, $3.60 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 37 DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced its appointments at the Federal Reserve Banks and branches, effective January 1, 1973. The appointments are for Chairmen (who also serve as Federal Reserve Agents), Deputy Chairmen, and directors at the Federal Reserve Banks, and for directors at the Federal Reserve branches. Names in capital letters indicate new appointments; all others are reappointments. Brief biographic data about each of the new appointees follow the listings. CHAIRMEN AND FEDERAL RESERVE AGENTS (One-year terms) Federal Reserve Bank: Boston James S. Duesenberry, Chairman, Department of Economics, Harvard University, Cambridge, Massachusetts New York Roswell L. Gilpatric, Partner, Cravath, Swaine & Moore, Attorneys, New York, New York Philadelphia JOHN R. COLEMAN, President, Haverford College, Haverford, Pennsylvania Cleveland HORACE A. SHEPARD, Chairman of the Board and Chief Executive Officer, TRW Inc., Cleveland, Ohio Richmond Robert W. Lawson, Jr., Senior Partner, Charleston Office, Steptoe & Johnson, Charleston, West Virginia Atlanta John C. Wilson, President, Home-Wilson, Inc., Atlanta, Georgia Chicago WILLIAM H. FRANKLIN, Chairman of the Board, Caterpillar Tractor Company, Peoria, Illinois St. Louis Frederic M. Peirce, Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Missouri Minneapolis David M. Lilly, Chairman of the Board, The Toro Company, Minneapolis, Minnesota Kansas City Robert W. Wagstaff, Chairman of the Board, President, Coca-Cola Bottling Company of Mid-America, Inc., Kansas City, Missouri Dallas Charles F. Jones, Dean, College of Business Administration, University of Houston, Houston, Texas San Francisco O. Meredith Wilson, President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, California DEPUTY CHAIRMEN (One-year terms) Boston Louis W. Cabot, Chairman of the Board, Cabot Corporation, Boston, Massachusetts New York FRANK R. MILLIKEN, President, Kennecott Copper Corporation, New York, New York Philadelphia EDWARD J. DWYER, Chairman, ESB, Incorporated, Philadelphia, Pennsylvania Cleveland J. Ward Keener, Chairman of the Executive Committee, The B. F. Goodrich Company, Akron, Ohio Richmond Stuart Shumate, President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Virginia Atlanta H. G. Pattillo, President, Pattillo Construction Company, Inc., Decatur, Georgia Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 FEDERAL RESERVE BULLETIN • JANUARY 1973 DEPUTY CHAIRMEN—Continued Chicago PETER B. CLARK, Chairman of the Board and President, The Evening News Association, Detroit, Michigan St. Louis Sam Cooper, President, HumKo Products, Division of Kraftco Corporation, Memphis, Tennessee Minneapolis Bruce B. Dayton, Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minnesota Kansas City ROBERT T. PERSON, President and Chairman of the Board, Public Service Company of Colorado, Denver, Colorado Dallas JOHN LAWRENCE, Chairman of the Board, Dresser Industries, Inc., Dallas, Texas San Francisco JOSEPH F. ALIBRANDI, President, Whittaker Corporation, Los Angeles, California FEDERAL RESERVE BANK DIRECTORS1 (Three-year terms unless otherwise indicated) Boston Louis W. Cabot (see above) New York FRANK R. MILLIKEN (see above) Philadelphia EDWARD J. DWYER (see above) Cleveland OTIS A. SINGLETARY, President, University of Kentucky, Lexington, Kentucky Richmond Robert W. Lawson, Jr., (see above) Atlanta F. Evans Farwell, President, Milliken and Farwell, Inc., New Orleans, Louisiana Chicago PETER B. CLARK (see above) St. Louis Sam Cooper (see above) Minneapolis David M. Lilly (see above) Kansas City HAROLD W. ANDERSEN, President, World Publishing Company, Omaha, Nebraska Dallas CHARLES T. BEAIRD, President, Beaird-Poulan Inc., Shreveport, Louisiana San Francisco JOSEPH F. ALIBRANDI (see above) FEDERAL RESERVE BANK BRANCH DIRECTORS2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch: New York Buffalo DONALD R. NESBITT, Owner, Silver Creek Farms, Albion, New York Cleveland Cincinnati Phillip R. Shriver, President, Miami University, Oxford, Ohio DOUGLAS GRYMES, President, Koppers Company, Inc., Pittsburgh, Pennsyl- Pittsburgh vania Richmond Baltimore DAVID W. BARTON, JR., President, Barton-Gillet Company, Baltimore, Maryland 1Each Federal Reserve Bank has a board of directors consisting of nine members, divided equally into three classes, known as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed by the Board of Governors. One term in each class of directors expires at the end of each year. The Board of Governors appoints the Chairmen and Deputy Chairmen from among the Class C directors. 2Federal Reserve branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank, and the others are appointed by the Board of Governors of the Federal Reserve System. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 39 FEDERAL RESERVE BANK BRANCH DIRECTORS—Continued Richmond—continued Charlotte Robert C. Edwards, President, Clemson University, Clemson, South Carolina Atlanta Birmingham Frederick G. Koenig, Jr., President, Alabama By-Products Corporation, Birmingham, Alabama Jacksonville JAMES E. LYONS, President, Lyons Industrial Corporation, Winter Haven, Florida Nashville John C. Tune, Partner, Butler, McHugh, Butler, Tune & Watts, Nashville, Tennessee New Orleans Edwin J. Caplan, President, Caplan's Men's Shops, Inc., Alexandria, Louisiana Chicago Detroit W.M. Defoe, Chairman of the Board, Defoe Shipbuilding Company, Bay City, Michigan TOM KILLEFER, Vice President-Finance and General Counsel, Chrysler Corporation, Detroit, Michigan (term expiring December 31, 1974) St. Louis W. M. PIERCE, President, Arkansas Business Development Corporation, Little Little Rock Rock, Arkansas James H. Davis, Chairman and Chief Executive Officer, Porter Paint Co., Louisville, Louisville Kentucky JEANNE L. HOLLEY, Assistant Professor of Business Education & Office Admin- Memphis istration, University of Mississippi, University, Mississippi Minneapolis (two-year term) Helena Warren B. Jones, Secretary-Treasurer, Two-Dot Land and Livestock Company, Harlowton, Montana Kansas City (two-year terms) Denver EDWARD R. LUCERO, Executive Director, Colorado Economic Development Association, Denver, Colorado Oklahoma City HARLEY CUSTER, General Manager, Oklahoma Livestock Marketing Association, Oklahoma City, Oklahoma Omaha EDWARD F. OWEN, President, Paxton & Vierling Steel Company, Omaha, Nebraska Dallas El Paso Allan B. Bowman, President, Banner Mining Company, Tucson, Arizona Houston ALVIN I. THOMAS, President, Prairie View A & M College, Prairie View, Texas San Antonio PETE MORALES, JR., Vice President and General Manager, Morales Feedlots, Inc., Devine, Texas San Francisco Los Angeles Leland D. Pratt, President, Kelco Company, San Diego, California (two-year terms) Portland John R. Howard, President, Lewis and Clark College, Portland, Oregon Salt Lake City SAM H. BENNION, Secretary-Treasurer, V-l Oil Co., Inc., Idaho Falls, Idaho Seattle C. Henry Bacon, Jr., Vice Chairman of the Board, Simpson Timber Company, Seattle, Washington Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL RESERVE BULLETIN • JANUARY 1973 BIOGRAPHIC DATA Federal Reserve Bank of New York FRANK R. MILLIKEN, New York, New York, who had been serving as a Class B director of the Federal Reserve Bank of New York since January 1, 1972, was appointed Class C director for a three-year term beginning January 1, 1973, and as Deputy Chairman of the Bank for the year 1973. He is President of the Kennecott Copper Corporation of New York City. He succeeds Ellison L. Hazard, Chairman of the Executive Committee of Continental Can Company, Inc., of New York City, whose terms as a director and Deputy Chairman expired effective December 31, 1972. DONALD R. NESBITT, Albion, New York, was appointed a director of the Buffalo Branch of the Federal Reserve Bank of New York for a three-year term beginning January 1, 1973. He is the owner of Silver Creek Farms in Albion. As a director he succeeds Morton Adams, President of Curtice-Burns, Inc., of Rochester, New York, whose term as a director expired December 31, 1972. Federal Reserve Bank of Philadelphia JOHN R. COLEMAN, Haverford, Pennsylvania, who has been serving as a Board-appointed director of the Federal Reserve Bank of Philadelphia since January 1, 1971, and had been Deputy Chairman of the Bank since January 1, 1972, was designated Chairman for the year 1973. He is President of Haverford College. As Chairman he succeeds Bayard L. England of Ventnor, New Jersey, whose terms as Chairman and as a director expired December 31, 1972. EDWARD J. DWYER, Philadelphia, Pennsylvania, who has been serving as a Class B director of the Federal Reserve Bank of Philadelphia since January 1, 1967, was appointed as a Class C director for a three-year term beginning January 1, 1973, and as Deputy Chairman for the year 1973. He is Chairman of ESB, Incorporated of Philadelphia. As a director he succeeds Bayard L. England (see preceding paragraph) and as Deputy Chairman he succeeds John R. Coleman (see preceding paragraph). Federal Reserve Bank of Cleveland HORACE A. SHEPARD, Cleveland, Ohio, who has been serving as a Board-appointed director of the Federal Reserve Bank of Cleveland since January 1, 1969, was appointed Chairman of the Bank for the year 1973. He is Chairman of the Board and Chief Executive Officer of TRW Inc., of Cleveland. As Chairman he succeeds Albert G. Clay, President, Clay Tobacco Company, Mt. Sterling, Kentucky, whose terms as Chairman and as a director expired December 31, 1972. OTIS A. SINGLETARY, Lexington, Kentucky, was appointed a Class C director of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1973. He is President of the University of Kentucky at Lexington. As a director he succeeds Albert G. Clay (see preceding paragraph). DOUGLAS GRYMES, Pittsburgh, Pennsylvania, was appointed a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1973. He is President of the Koppers Company, Inc., of Pittsburgh. As a director he succeeds Lawrence E. Walkley of Pittsburgh, whose term as a director expired December 31, 1972. Federal Reserve Bank of Richmond DAVID W. BARTON, JR., Baltimore, Maryland, was appointed a director of the Baltimore Branch of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1973. He is President of the Barton-Gillet Company of Baltimore. As a director he succeeds Arnold J. Kleff, Jr., of Baltimore, whose term as a director expired December 31, 1972. Federal Reserve Bank of Atlanta JAMES E. LYONS, Winter Haven, Florida, was appointed a director of the Jacksonville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1973. He is President of Lyons Industrial Corporation of Winter Haven. As a director he succeeds Henry K. Stanford, President of the University of Miami, Coral Gables, Florida, whose term as a director expired December 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 41 BIOGRAPHIC DATA—Continued Federal Reserve Bank of Chicago WILLIAM H. FRANKLIN, Peoria, Illinois, who has been serving as a Board-appointed director of the Federal Reserve Bank of Chicago since January 1, 1969, and had been Deputy Chairman of the Bank since January 1, 1970, was designated Chairman of the Bank for the year 1973. He is Chairman of the Board of the Caterpillar Tractor Company of Peoria. As Chairman he succeeds Emerson G. Higdon, Chairman of the Board of the Maytag Company of Newton, Iowa, whose terms as Chairman and as a director expired December 31, 1972. PETER B. CLARK, Detroit, Michigan, who has been serving as a Board-appointed director and as Chairman of the Detroit Branch of the Federal Reserve Bank of Chicago since January 1, 1969, was appointed a Class C director of the Federal Reserve Bank of Chicago for a three-year term beginning January 1, 1973, and Deputy Chairman of the Bank for the year 1973. He is Chairman of the Board and President of the Evening News Association of Detroit. As a director he succeeds Emerson G. Higdon (see preceding paragraph) and as Deputy Chairman he succeeds William H. Franklin (see preceding paragraph). TOM KILLEFER, Detroit, Michigan, was appointed a director of the Detroit Branch of the Federal Reserve Bank of Chicago for the remainder of a term expiring December 31, 1974. He is Vice President-Finance and General Counsel of the Chrysler Corporation of Detroit. As a director he succeeds Peter B. Clark (see preceding paragraph). Federal Reserve Bank of St. Louis W. M. PIERCE, Little Rock, Arkansas, was appointed a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1973. He is President of the Arkansas Business Development Corporation of Little Rock. As a director he succeeds Jake Hartz, Jr., President of Jacob Hartz Seed Co., Inc., of Stuttgart, Arkansas, whose term as a director expired December 31, 1972. JEANNE L. HOLLEY, University, Mississippi, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1973. She is Assistant Professor of Business Education & Office Administration at the University of Mississippi at University. As a director she succeeds William L. Giles, President of Mississippi State University at State College, Mississippi, whose term as a director expired December 31, 1972. Federal Reserve Bank of Kansas City ROBERT T. PERSON, Denver, Colorado, who has been serving as a Board-appointed director of the Federal Reserve Bank of Kansas City since January 1, 1971, was appointed Deputy Chairman of the Bank for the year 1973. He is President and Chairman of the Board of the Public Service Company of Colorado in Denver. As Deputy Chairman he succeeds Willard D. Hosford, Jr., of Omaha, Nebraska, whose terms as Deputy Chairman and as a director expired December 31, 1972. HAROLD W. ANDERSEN, Omaha, Nebraska, was appointed a Class C director of the Federal Reserve Bank of Kansas City for a three-year term beginning January 1, 1973. He is President of the World Publishing Company of Omaha. As a director he succeeds Willard D. Hosford, Jr. (see preceding paragraph). EDWARD R. LUCERO, Denver, Colorado, was appointed a director of the Denver Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1973. He is Executive Director of the Colorado Economic Development Association of Denver. As a director he succeeds David R. C. Brown, President, of the Aspen Skiing Corporation, Aspen, Colorado, whose term as a director expired December 31, 1972. HARLEY CUSTER, Oklahoma City, Oklahoma, was appointed a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1973. He is General Manager of the Oklahoma Livestock Marketing Association in Oklahoma City. As a director he succeeds Florin W. Zaloudek, Manager of J. I. Case Implements, Kremlin, Oklahoma, whose term as a director expired December 31, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 FEDERAL RESERVE BULLETIN • JANUARY 1973 BIOGRAPHIC DATA—Continued EDWARD F. OWEN, Omaha, Nebraska, was appointed a director of the Omaha Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1973. He is President of Paxton & Vierling Steel Company of Omaha. As a director he succeeds Henry Y. Kleinkauf, Chairman of the Board and Chief Executive Officer of Natkin & Company of Omaha, whose term as a director expired December 31, 1972. Federal Reserve Bank of Dallas JOHN LAWRENCE, Dallas, Texas, who has been serving as a Board-appointed director of the Federal Reserve Bank of Dallas since January 1, 1971, was appointed Deputy Chairman of the Bank for the year 1973. He is Chairman of the Board of Dresser Industries, Inc., of Dallas. He succeeds Philip G. Hoffman, President of the University of Houston at Houston, whose terms as Deputy Chairman and as a director expire December 31, 1972. CHARLES T. BEAIRD, Shreveport, Louisiana, was appointed a Class C director of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1973. He is President of Beaird-Poulan, Inc., of Shreveport. As a director he succeeds Philip G. Hoffman (see preceding paragraph). ALVIN I. THOMAS, Prairie View, Texas, was appointed a director of the Houston Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1973. He is President of Prairie View A & M College, at Prairie View. As a director he succeeds George T. Morse, Jr. , Vice Chairman of the Board and Chief Operating Officer of Peden Industries, Inc., of Houston, whose term expired December 31, 1972. PETE MORALES, JR., Devine, Texas, was appointed a director of the San Antonio Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1973. He is Executive Vice President and General Manager of Morales Feedlots, Inc., of Devine. As a director he succeeds W. A. Belcher, veterinarian and rancher of Bracketville, Texas, whose term expired December 31, 1972. Federal Reserve Bank of San Francisco JOSEPH F. ALIBRANDI, Los Angeles, California, was appointed a Class C director of the Federal Reserve Bank of San Francisco for a three-year term beginning January 1, 1973, and as Deputy Chairman of the Bank for 1973. He is President of the Whittaker Corporation of Los Angeles. He succeeds S. Alfred Halgren, Senior Vice President of the Carnation Company, Los Angeles, whose terms as a director and as Deputy Chairman expired December 31, 1972. SAM H. BENNION, Idaho Falls, Idaho, was appointed a director of the Salt Lake City Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1973. He is Secretary-Treasurer of the V-l Oil Company, Inc., of Idaho Falls. As a director he succeeds John H. Breckenridge, who resigned as a director effective October 19, 1972. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 43 ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years, beginning January 1, 1973, except as otherwise indicated. Names in capital letters indicate new appointments; all others are reappointments. Boston Class A WILLIAM M. HONEY, President, The Martha's Vineyard National Bank, Vineyard Haven, Massachusetts. (Re-elected) Class B ALFRED W. VAN SINDEREN, President, The Southern New England Telephone Company, New Haven, Connecticut. Mr. Van Sinderen succeeds F. Ray Keyser, Jr., Vice President, Vermont Marble Company, Proctor, Vermont. New York Class A DAVID C. ROCKEFELLER, Chairman of the Board, The Chase Manhattan Bank, New York, New York. Mr. Rockefeller succeeds William C. Renchard, Chairman of the Board, Chemical Bank, New York, New York. (1 year of term remaining) NEWMAN E. WAIT, JR., President, Adirondack Trust Company, Saratoga Springs, New York. Mr. Wait succeeds Arthur S. Hamlin, President, The Canandaigua National Bank and Trust Company, Canandaigua, New York. Class B JACK B. JACKSON, President, J. C. Penney Company, Inc., New York, New York. Mr. Jackson succeeds Maurice R. Forman, Chairman of the Board, R. Forman Co., Rochester, New York. Philadelphia Class A JOHN H. HASSLER, President, The City National Bank and Trust Company of Salem, Salem, New Jersey. Mr. Hassler succeeds William R. Cosby, Chairman of the Board, Princeton Bank and Trust Company, Princeton, New Jersey. Class B BERNARD D. BROEKER, Executive Vice President, Bethlehem Steel Corporation, Bethlehem, Pennsylvania. Mr. Broeker succeeds Edward J. Dwyer, Chairman, Chief Executive Officer, ESB Incorporated, Philadelphia, Pennsylvania. Cleveland Class A DAVID L. BRUMBACK, JR., President, Van Wert National Bank, Van Wert, Ohio. (Re-elected) Class B RENE C. MC PHERSON, Chairman, Chief Executive Officer, Dana Corporation, Toledo, Ohio. Mr. McPherson succeeds R. Stanley Laing, Dayton, Ohio. Richmond Class A JOHN H. LUMPKIN, Chairman, Chief Executive Officer, The South Carolina National Bank, Columbia, South Carolina. Mr. Lumpkin succeeds Hugh A. Curry, President, Chief Executive Officer, The Kanawha Valley Bank, Charleston, West Virginia. Class B OSBY L. WEIR, General Manager, Metropolitan Washington-Baltimore Area, Sears, Roebuck and Co., Bethesda, Maryland. Mr. Weir succeeds Robert S. Small, President, Dan River, Inc., Greenville, South Carolina. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 FEDERAL RESERVE BULLETIN • JANUARY 1973 ELECTION OF CLASS A AND CLASS B DIRECTORS—Continued Atlanta Class A SAM I. YARN ALL, Chairman, American National Bank and Trust Company, Chattanooga, Tennessee. Mr. Yarnall succeeds William B. Mills, The Florida National Bank, Jacksonville, Florida. Class B GEORGE W. JENKINS, Chairman, Publix Super Markets, Inc., Lakeland, Florida. Mr. Jenkins succeeds Philip J. Lee, Vice President, Tropicana Products, Inc., Tampa, Florida. Chicago Class A EDWARD BYRON SMITH, Chairman of the Board, The Northern Trust Company, Chicago, Illinois. (Re-elected) Class B OSCAR G. MAYER, Chairman of the Board, Oscar Mayer & Co., Madison, Wisconsin. Mr. Mayer succeeds William H. Davidson, President, Harley Davidson Motor Co., Inc., Milwaukee, Wisconsin. St. Louis Class A WM. E. WEIGEL, Executive Vice President, First National Bank and Trust Company, Centralia, Illinois. Mr. Weigel succeeds Cecil W. Cupp, Jr., President, Arkansas Bank & Trust Company, Hot Springs, Arkansas. Class B EDWARD J. SCHNUCK, Chairman of the Board, Schnuck Markets, Inc., Bridgeton, Missouri. (Re-elected) Minneapolis Class A DAVID M. SMITH, President, First National Bank, River Falls, Wisconsin. Mr. Smith succeeds John Bosshard, Executive Vice President, First National Bank of Bangor, Bangor, Wisconsin. Class B DAVID M. HESKETT, President, Montana-Dakota Utilities Co., Bismarck, North Dakota. (Re-elected) Kansas City Class A ROGER D. KNIGHT, JR., Chairman of the Board, United Banks of Colorado, Inc., Denver, Colorado. (Re-elected). Class B CECIL O. EMRICH, President, C.O. Emrich Enterprises, Norfolk, Nebraska. (Re-elected). Dallas Class A ROBERT H. STEWART, III, Chairman of the Board, First National Bank in Dallas, Dallas, Texas. Mr. Stewart succeeds Murray Kyger, Chairman of the Executive Committee, The First National Bank of Fort Worth, Fort Worth, Texas. Class B THOMAS W. HERRICK, President, Mesa Agro Inc., Amarillo, Texas. Mr. Herrick succeeds C.A. Tatam, Jr., Chairman of the Board and Chief Executive Officer, Texas Utilities Company, Dallas, Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 45 ELECTION OF CLASS A AND CLASS B DIRECTORS—Continued San Francisco Class A A. W. CLAUSEN, President and Chief Executive Officer, Bank of America NT&SA, San Francisco, California. Mr. Clausen succeeds Ralph J. Voss, President, First National Bank of Oregon, Portland, Oregon. (1 year of term remaining) JAMES E. PHILLIPS, President, First National Bank in Port Angeles, Port Angeles, Washington. Mr. Phillips succeeds Carroll F. Byrd, Chairman of the Board, President, The First National Bank of Willows, Willows, California. Class B JOSEPH ROSENBLATT, Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 FEDERAL RESERVE BULLETIN • JANUARY 1973 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1973, except as otherwise indicated. Names in capital letters indicate new appointments; all others are reappointments. Federal Reserve Bank and Branch: New York Buffalo CLAUDE F. SHUCHTER, President and Chief Executive Officer, Manufacturers and Traders Trust Company, Buffalo, New York, succeeds David J. Laub, Chairman of the Board, Marine Midland Bank-Western, Buffalo, New York. Cleveland Cincinnati PAUL W. CHRISTENSEN, JR., President, The Cincinnati Gear Company, Cincinnati, Ohio. ROBERT E. HALL, President, The First National Bank and Trust Company, Troy, Ohio. Pittsburgh ROBINSON F. BARKER, Chairman of the Board, Chief Executive Officer, PPG Industries, Inc., Pittsburgh, Pennsylvania. JERRY A. HALVERSON, President, The First National Bank and Trust Company of Wheeling, Wheeling, West Virginia, succeeds John W. Bingham, President, The Merchants and Manufacturers National Bank of Sharon, Sharon, Pennsylvania. Richmond Baltimore J. R.CHAFFINCH, JR., President, The Denton National Bank, Denton, Maryland. Charlotte WILLIAM W. BRUNER, Chairman and President, First National Bank of South Carolina, Columbia, South Carolina, succeeds J. Willis Cantey, Chairman, Chief Executive Officer, The Citizens & Southern National Bank of South Carolina, Columbia, South Carolina. Atlanta Birmingham JOHN T. OLIVER, President, First National Bank, Jasper, Alabama, succeeds Harvey Terrell, Chairman of the Board, The First National Bank of Birmingham, Birmingham, Alabama. Jacksonville MICHAEL J. FRANCO, President, City National Bank of Miami, Miami, Florida, succeeds James C. Richardson, Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Ocala, Florida. Nashville W. BRYAN WOODARD, President, Kingsport National Bank, Kingsport, Tennessee, succeeds Thomas C. Mottern, President, Hamilton National Bank of Johnson City, Johnson City, Tennessee (2 years of term remains). ROBERT E. CURRY, President, First National Bank of Pulaski, Pulaski, Tennessee, succeeds Edward C. Huffman, Chairman of the Board, President, First National Bank, Shelbyville, Tennessee. federal Reserve branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank, and the others are appointed by the Board of Governors of the Federal Reserve System. The announcement of appointments of branch directors made by the Board of Governors is published on pp. 38-39. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 47 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS—Continued A tla n ta—continued New Orleans ERNEST F. LADD, JR., Chairman of the Board, The Merchants National Bank, Mobile, Alabama, succeeds H. P. Heidelberg, President, Pascagoula Moss Point Bank, Pascagoula, Mississippi. Chicago Detroit JOSEPH B. FOSTER, President and Chief Executive Officer, Ann Arbor Bank, Ann Arbor, Michigan, succeeds George L. Whyel, President, Genesee Merchants Bank & Trust Company, Flint, Michigan. ROLAND A. MEWHORT, Chairman, Manufacturers National Bank of Detroit, Detroit, Michigan. St. Louis Little Rock THOMAS G. VINSON, President, First National Bank, Batesville, Arkansas, succeeds Wayne A. Stone, Chairman of the Board and Chief Executive Officer, Simmons First National Bank of Pine Bluff, Pine Bluff, Arkansas. FIELD WASSON, President, The First National Bank, Siloam Springs, Arkansas, succeeds Ellis E. Shelton, President, The First National Bank of Fayetteville, Fayetteville, Arkansas. Louisville HERBERT J. SMITH, President, The American National Bank & Trust Company of Bowling Green, Bowling Green, Kentucky. TOM G. VOSS, President, The Seymour National Bank, Seymour, Indiana, succeeds Paul Chase, President, The Bedford National Bank, Bedford, Indiana. Memphis RIDLEY ALEXANDER, Chairman of the Board, The Second National Bank of Jackson, Jackson, Tennessee, succeeds James R. Fitzhugh, Executive Vice President, Bank of Ripley, Ripley, Tennessee. C. BENNETT HARRISON, Chairman of the Board, Union Planters National Bank of Memphis, Memphis, Tennessee, succeeds Wayne W. Pyeatt, President, National Bank of Commerce, Memphis, Tennessee. Minneapolis (2-year terms) Helena ROBERT I. PENNER, President, Citizens First National Bank, Wolf Point, Montana. JOHN REICHEL, President, First National Bank in Bozeman, Bozeman, Montana, succeeds E. Lowry Kunkel, President, First National Bank, Butte, Montana. Kansas City (2-year terms) Denver DALE R. HINMAN, Chairman of the Board, The Greeley National Bank, Greeley, Colorado. ROBERT L. TRIPP, President, Albuquerque National Bank, Albuquerque, New Mexico. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 FEDERAL RESERVE BULLETIN • JANUARY 1973 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS—Continued Kansas City (2-year terms)—continued Oklahoma City HUGH C. JONES, Executive Vice President, The Bank of Woodward, Woodward, Oklahoma. MARVIN MILLARD, Chairman of the Board, National Bank of Tulsa, Tulsa, Oklahoma. Omaha EDWARD W. LYMAN, President, The United States National Bank of Omaha, Omaha, Nebraska. Dallas El Paso REED H. CHITTIM, President and Chief Executive Officer, First National Bank of Lea County, Hobbs, New Mexico, succeeds Archie B. Scott, President, The Security State Bank of Pecos, Pecos, Texas. SAM D. YOUNG, JR. , President, El Paso National Bank, El Paso, Texas. Houston BOOKMAN PETERS, President, The City National Bank of Bryan, Bryan, Texas, succeeds W. C. Thornell, Chairman of the Board, President, The First National Bank of Port Arthur, Port Arthur, Texas. NAT S. ROGERS, President, First City National Bank of Houston, Houston, Texas, succeeds John E. Whitmore, Chairman of the Board, Chief Executive Officer, Texas Commerce Bank National Association, Houston, Texas. San Antonio RICHARD W. CALVERT, President, National Bank of Commerce of San Antonio, San Antonio, Texas, succeeds Tom C. Frost, Jr., Chairman of the Board, The Frost National Bank of San Antonio, San Antonio, Texas. W. O. ROBERSON, President, First National Bank at Brownsville, Brownsville, Texas. San Francisco Los Angeles W. GORDON FERGUSON, President, National Bank of Whittier, Whittier, California. (2-year terms) Portland FRANK L. SERVOSS, President, Crater National Bank of Medford, Medford, Oregon. JAMES H. STANARD, Vice President, First National Bank of McMinnville, McMinnville, Oregon. Salt Lake City RODERICK H. BROWNING, President, Bank of Utah, Ogden, Utah. ROY W. SIMMONS, President, Zions First National Bank, Salt Lake City, Utah. Seattle HARRY S. GOODFELLOW, President, Old National Bank of Washington, Spokane, Washington, succeeds A. E. Saunders, Vice Chairman of the Board, Puget Sound National Bank, Tacoma, Washington. ROBERT C. WHITWAM, President, American National Bank of Edmonds, Edmonds, Washington, succeeds Philip H. Stanton, President, Washington Trust Bank, Spokane, Washington. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 15 Industrial production advanced further in De- INDUSTRIAL PRODUCTION cember and nonfarm employment and the unem- RATIO SCALE, 1967=100 ployment rate were unchanged. Retail sales rose somewhat. Commercial bank credit, the money stock, and time and savings deposits increased. Between mid-December and mid-January, yields in the money and security markets increased. INDUSTRIAL PRODUCTION Industrial production rose an estimated 0.8 per cent further in December and at 119.3 per cent (1967=100) was 10.4 per cent above a year earlier. Gains in output in December were widespread among final products and materials. In October and November, the increase in the total index averaged 1.0 per cent a month. Consumer goods output continued to advance F.R. indexes, seasonally adjusted. Latest figures: December. strongly in December. Auto assemblies increased cent and sales at nondurable goods stores were 7 per cent further to an annual rate of 10.3 million unchanged. units, but production schedules for January indicate some decline from the December level. Out- AGRICULTURE put of home goods and nondurable consumer After registering a 5 per cent rise during the month goods rose slightly further in December. Producending December 15, prices received by farmers tion of business equipment advanced strongly and continued to advance into January. Strong world was at the 1969 pre-recession peak. Output of demand, along with harvest and marketing delays construction products, steel and most other durable caused by weather, contributed to the rise. goods materials, and textiles and chemicals advanced further. WHOLESALE AND CONSUMER PRICES The wholesale price index, after seasonal adjust- EMPLOYMENT ment, increased 1.6 per cent between November Nonfarm payroll employment was little changed and December. Prices of farm and food products in December as employment gains in manufac- rose 5.2 per cent, partly as a result of adverse turing, services, and State and local government weather conditions. The index of industrial comwere largely offset by declines in construction and modities rose only 0.1 per cent as substantial retail trade. The average factory workweek rose increases in prices of motor vehicles and equipby 0.1 hour to 41.0 hours, the highest level since ment, textile products, fuels, and metals and metal late 1968. The unemployment rate was unchanged products about offset declines for hides and skins, at 5.2 per cent. plywood, and machinery and equipment. The consumer price index rose 0.3 per cent, seasonally adjusted in November, to a level 3.5 RETAIL SALES per cent above November 1971. Food costs The value of retail sales rose somewhat in De- spurted again—over 1 per cent—with advances for cember and was 11.5 per cent above a year earlier, meats, fresh vegetables, and eggs. Other comaccording to the advance report. Sales at durable modity prices were up 0.1 per cent and service goods stores in December were up almost 0.5 per costs, 0.2 per cent. 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES Net borrowed reserves averaged about $790 Wholesale i967=ioo Consumer million over the 5 weeks ending January 3 com- 130 pared with $270 million in November. Member bank borrowings rose sharply and excess reserves 120 declined slightly. 110 100 SECURITY MARKETS Treasury bill rates rose by about 10 to 30 basis 130 points between mid-December and mid-January, with the biggest increase on the 1-year bill. The 120 3-month bill was bid at around 5.20 per cent in 110 the middle of January, up from about 5.05 per cent a month earlier. Yields on most U.S. Gov- 100 ernment notes and bonds advanced by some 5 to 20 basis points over the same period. Bureau of Labor Statistics. "Farm products and foods" is BLS "Farm products, and processed foods and feeds." Latest INTEREST RATES figures: Consumer, November; Wholesale, December. PER CENT BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, after adjustment for transfers of loans between banks and their affiliates, increased at an annual rate of about 11 per cent in December, considerably below the very rapid pace in November. However, expansion over the entire fourth quarter—at an annual rate of about 14 per cent—was close to that of the third quarter. Slower loan growth in December reflected mainly smaller expansion in business loans as real estate and consumer loans continued strong. Holdings of U.S. Treasury issues increased sharply mainly reflecting participation in Treasury financing operations, but holdings of other securi- Discount rate, range or level for all F.R. Banks. Weekly ties rose only moderately compared with substanaverage market yields for U.S. Govt, bonds maturing in 10 tial growth in November. years or more and for 90-day Treasury bills. Latest figures: The narrowly defined money stock increased week ending Jan. 13. rapidly in December—at an annual rate of 15.8 per cent. This brought the fourth quarter growth Yields on new corporate securities rose steadily rate to 8.6 per cent, about the same as that of during early December with a light volume of the third quarter. Time and savings deposits, other offerings in late December and early January. than large negotiable CD's, also grew at a some- Seasoned corporate security yields rose slightly what faster pace than in other recent months. And and municipal security rates increased moderately net sales of large negotiable CD's were very heavy over the period. in December despite a large number of issues Common stock prices rose on balance on modmaturing over the December 15 tax payment date. erately heavy volume. 50 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

A 2 FEDERAL RESERVE BULLETIN • JANUARY 1973 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 TABLES PUBLISHED PERIODICALLY: A 98 Stock market credit A 108 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a also include not fully guaranteed issues) as well as direct negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also A heavy vertical rule is used in the following in- includes municipalities, special districts, and other politistances: (1) to the right (to the left) of a total when the cal subdivisions. components shown to the right (left) of it add to that In some of the tables details do not add to totals because total (totals separated by ordinary rules include more of rounding. components than those shown), (2) to the right (to the The footnotes labeled NOTE (which always appear left) of items that are not part of a balance sheet, (3) to the last) provide (1) the source or sources of data that do left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed estimates; and (3) information on other characteristics issues of U.S. Govt, agencies (the flow of funds figures of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Flow of funds 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: Analysis of changes in number ... Aug. 1972 A-98 1960-71 June 1972 A-73.10—A.73.21 On, and not on, Federal Reserve Par List, number Aug. 1972 A-99 Flows: 1965-71 data Nov. 1972 A-72—A-73.9 Annually Income and expenses: Bank holding companies: List, Dec. 31, 1971 June 1972 A-98 Federal Reserve Banks Feb. 1972 A-96—A-97 Banking offices and deposits of Insured commercial banks May 1972 A-98—A-99 group banks, Dec. 31, 1971 Aug. 1972 A-101 Member banks: Calendar year May 1972 A-98—A-107 Banking and monetary statistics: Income ratios May 1972 A-108—A-113 Operating ratios July 1972 A-102—A-107 1971 Mar. 1972 A-98—A-110 July 1972 A-98—A-101 Stock market credit Jan. 1973 A-98—A-99 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 • JANUARY 1973 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Special Drawing u H n e d l e d r Loans Float 2 O F t . h R e . r Total 4 s G to o c ld k ce R rt i i g fi h c t a s t e Bought repur- assets 3 account Total out- chase right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—Dec 40,885 40,772 113 490 2,349 43,853 13,799 1967—De c 48,891 48,810 81 238 2.030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—De c 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 1971—De c 69,158 68,868 290 107 3,905 982 74,255 10,132 400 1972—Ja n 70,687 70,300 387 20 3,405 1,177 75,415 10,132 400 Feb 69,966 69,862 104 33 2,959 957 73,994 9,851 400 Mar 69,273 69,133 140 99 2,948 780 73,181 9,588 400 Apr 70,939 70,770 169 109 3.031 990 75,171 9,588 400 May 71,428 71,391 37 119 3,140 934 75,705 10,224 400 June 71,632 71,624 8 94 3,370 933 76,108 10,410 400 July 72,089 71,972 117 202 3,548 1,111 77,035 10,410 400 Aug 71,858 71,732 126 438 3,345 957 76,676 10,410 400 Sept 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 71,112 70,815 297 606 2,966 1,170 75,959 10,410 400 Dec.? 71,094 70,790 304 1,050 3,472 1,138 76,845 10,410 400 Week ending— 1972—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. 1 71,200 71,165 35 555 4,245 1,318 77,400 10,410 400 8 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 22 70,880 70,641 239 419 2,803 958 75,155 10,410 400 29 70,688 70.645 43 572 2,905 1,008 75,241 10,410 400 Dec. 6 71,335 70,788 547 589 2,503 1,062 75,582 10,410 400 13 70,910 70,547 363 805 3,016 1,083 75,903 10,410 400 20* 71,399 71,014 385 1,223 3,187 1,144 77,060 10,410 400 27* 70,646 70.646 1,120 4,721 1,186 77,743 10,410 400 End of month 1972—Oct 71,114 6 71,114 481 3,511 1,328 76,504 10,410 400 Nov 70,678 6 70,678 501 2,350 1,041 74,633 10,410 400 Dec.* 71,230 6 71,119 1,982 3,831 1,260 78,409 10,410 400 Wednesday 1972—Oct. 4 72,259 6 70,990 1,269 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 72,463 671,187 1,276 3,175 3,974 1,451 81,208 10,410 400 Nov. 1 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 71,084 6 70,784 300 252 3,466 978 75,896 10,410 400 29 70,338 6,770,338 677 2,642 1.059 74,778 10,410 400 Dec. 6* 70,741 6,770.231 510 274 3,702 1,149 75,947 10,410 400 13* 72,867 6 71,180 1,687 995 4,190 1,144 79,363 10,410 400 20* 71,374 6,770,741 633 1,442 3,941 1,175 78,090 10,410 400 27* 69,545 6,7 69,545 1,434 3,983 1,219 76,250 10,410 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 Treas- with r e F s . e R r . v e B s, a nks Other O F t . h R e . r reserves Period or date ury F.R. liacash ac- bilities h i o n l g d s - T u re r a y s - F ei o g r n - Other 2 counts 3 ca a p n it d a l 3 B F W a . n R it k h . s c r C a e o n u n in d r c - 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. 453 1,926 290 728 2,287 25,653 5,676 31,329 1971—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 25,631 5,813 $31,774 Nov.8 350 1,449 272 631 2,362 24,824 6,099 31,351 Dec.p Week ending— 356 1,306 192 663 2.278 27,863 5,868 33,731 1972—Oct. 4 357 1,517 192 664 2.331 27,760 5,950 33,710 11 359 1,033 199 624 2,290 28,437 5,661 34,098 18 366 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 s32,132 158 374 1,196 198 595 2.332 24,747 5,342 30,539 22 365 1,171 212 585 2,391 24,476 5,802 30,728 29 349 1,098 241 611 2,510 24,691 5,868 31,009 Dec. 6 356 1,350 252 662 2,318 24,191 6,427 31,068 13 352 1,389 278 578 2,335 25,041 5,902 31,393 20 p 346 1,689 280 591 2,385 24,986 6,101 31,537 27^ End of month 369 1,613 192 597 2,449 26,757 5,847 32,604 1972—Oct. 333 1,182 188 629 2,477 23,783 5,868 8 30,101 Nov.8 347 1,855 325 840 2,143 25,505 6,215 31,999 Dec. p Wednesday 373 1,269 170 664 2,337 29,559 5,868 35,427 1972—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. 1 394 1,044 256 668 2,385 28.964 5,916 34,880 8 382 1,523 214 620 2,291 23,113 6,174 8 29,737 158 377 989 205 565 2.363 25,381 5,342 31,173 22 360 1,074 200 603 2,418 23,920 5,802 30,172 29 361 1,188 284 547 2,590 24,390 5,868 30,708 Dec. 6 p 359 1,525 259 612 2,318 27,157 6,427 34,034 13* 359 1,145 271 546 2.364 25.965 5,902 32,317 20P 361 2,264 296 657 2,399 22,395 6,101 28,946 HP 1 Includes Federal agency issues held under repurchase agreements as thereafter. Beginning with Jan. 1963, figures are estimated except for of Dec. 1, 1966, and Federal agency issues bought outright as of Sept. 29, weekly averages. Beginning Sept. 12, 1968, amount is based on close- 1971. of-business figures for reserve period 2 weeks previous to report date. 2 Beginning with 1960 reflects a minor change in concept; see Feb. 6 Includes securities loaned—fully secured by U.S. Govt, securities 1961 BULLETIN, p. 164. pledged with F.R. Banks. 8 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. 7 Reflects securities sold, and scheduled to be bought back, under liabilities and capital" are shown separately; formerly, they were matched sale/purchase transactions. netted together and reported as "Other F.R. accounts." 8 Beginning with week ending Nov. 15, 1972, includes $450 million of 4 Includes industrial loans and acceptances until Aug. 21, 1959, when reserve deficiencies on which F.R. Banks are allowed to waive penalties industrial loan program was discontinued. For holdings of acceptances for a transition period in connection with bank adaptation to Regulation J on Wed. and end-of-month dates, see tables on F.R. Banks on following as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies pages. See also note 2. included are (beginning with first statement week of quarter): Ql, $279 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • JANUARY 1973 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks 3 All member banks New York City City of Chicago PPeerriioodd Reserves BBoorr-- Reserves Bor- Reserves T he o l t d a 1 l qu R ir e- ed2 Excess1 BB rr FF ii aa oo nn aa .. nn ww RR gg tt kk ss -- .. ss ssee FF rr rr rr vv ee ee ee -- ee ss 11 h T e o l t d a 1 l qu R ir e e - d: Excess1 B r F i a n o a . n g w R t k s - . s se F r r r v e e e - e s h T e o l t d a l 1 qu R ir e e - d: Excess1 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—Dec 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 1968—Dec 27,221 26,766 455 765 -310 5,157 5.057 100 230 -130 1,199 1,184 1969—Dec 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 1970—Dec, 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 1971— Dec 31,329 31,164 165 107 58 5.774 5,749 25 35 -10 1,426 1,425 1972—Jan.. 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 Aug.. 33,148 32,893 255 438 -183 6,000 5,994 6 116 -110 1,510 1,500 10 Sept.. 33,003 32,841 162 514 -352 5,981 5,952 29 136 -107 1,512 1.513 -1 O No ct v .. . 1 3 3 3 1 , , 8 7 0 7 3 4 3 3 1 3, , 5 4 5 6 6 0 2 3 4 1 7 4 6 5 0 7 6 4 - - 3 2 2 9 7 2 6 5 , , 1 9 4 2 8 7 6 5 , . 0 9 8 2 7 3 6 4 1 6 5 4 9 -60 2 1 1, , 4 5 3 6 8 4 1 1 , , 5 4 4 5 2 2 -1 2 4 2 Dec.f 31,351 31,151 200 1,050 -850 5,996 6,026 -30 302 -332 1,492 1,479 13 Week ending— 1971—Dec. 8.. .. 30,743 30,600 143 59 84 5,671 5,604 67 67 1,356 1,366 15.... 31,153 30,949 204 25 179 5,699 5,757 -58 -58 1.479 1,451 22.... 31,151 31,180 -29 141 -170 5,747 5,764 -17 -96 1,371 1,414 29.... 31,924 31,610 314 216 98 5,793 5,799 -6 -82 1.511 1,445 1972—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 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 6,051 144 -143 1.485 1.498 33,133 33,003 130 287 -157 6,037 6,038 39 -40 1.533 1,518 16.... 33,326 33,072 254 382 -128 6,138 6,102 36 76 -40 1,503 1,516 23.... 32,822 32,782 40 348 -308 5,860 5,935 -75 79 -154 1,497 1,485 30.... 32,978 32,751 227 477 -250 5,986 5,901 85 86 -1 1,472 1,482 SSeepptt.. 6.... 33,362 32,566 796 837 -41 6,213 5,885 328 260 68 1,568 1,488 13.... 32,520 32,635 -115 149 -264 5,866 5,949 -83 -83 1,483 1,516 20.... 33,017 32,811 206 717 -511 6,032 5,981 51 '345 -294 1,557 1,528 27.. .. 33,053 33,016 37 550 -513 5,870 5,919 -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 6,088 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 33,694 33,570 124 959 -835 6,037 6,069 -32 192 -224 1,546 1,526 151... 32,132 31,346 786 494 292 6,267 6,071 196 196 1,465 1,476 22.... 30,539 30,350 189 419 -230 5,845 5,863 -18 1 -19 1,421 1,395 29.... 30,728 30,388 340 572 -232 5,709 5,683 26 80 -54 1,374 1,404 Dec. 6.... 31,009 30,673 336 589 -253 5,930 5,909 21 43 -22 1,487 1,454 13.... 31,068 30,824 244 805 -561 5,933 5,909 24 206 -182 1,438 1,462 20?... 31,393 31,240 153 1,223 -1,070 6,114 6,095 19 422 -403 1.512 1,476 27p... 31,537 31,280 257 1,120 -863 5,919 5,967 -48 278 -326 1,479 1,474 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks 3 Country banks3 Reserves Reserves BBoorrrrooww-- BBoorrrrooww-- PPPeeerrriiioooddd iinnggss aatt FFrreeee iinnggss aatt FFrreeee FF..RR.. rreesseerrvveess FF..RR.. rreesseerrvveess BBaannkkss BBaannkkss h T e o l t d a i l Required2 Excess1 h T e o l t d a i l Required2 Excess i 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 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 6,689 6,458 232 50 182 4,761 4,099 663 29 634 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 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 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 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 1970—Dec. 12,198 12,233 -35 22 -57 11,931 11,757 174 42 132 1971—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 12,820 12,804 16 22 -6 12,325 12,209 116 34 82 12,874 12,898 -24 31 -55 12,379 12,274 105 26 79 12,746 12,739 7 40 -33 12,349 12,185 164 48 116 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 12,805 12,807 -2 195 -197 12,705 12,569 136 171 -35 13,131 13,107 24 240 -216 12,960 12,820 140 230 -90 Oct. 12,057 12,058 — 1 248 -249 12,022 12,027 -5 275 -280 Nov. i 11,743 11,773 -30 429 -459 11,692 11,873 -181 264 -445 Week ending— 11,932 11,992 -60 15 -75 11,784 11,638 146 44 102 1971—Dec. 8 12,156 12,099 57 57 11,819 11,642 177 25 152 15 12,180 12,254 -74 24 -98 11,853 11,748 105 24 81 22 12,521 12,453 68 58 10 12,099 11,913 186 61 125 29 12,867 12,791 76 20 56 12,300 12,133 167 38 129 1972—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 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 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 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 13,174 13,033 141 229 -88 12,866 12,684 182 193 -11 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 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 -231 151 11,328 11,415 -87 136 -223 11,495 11,677 -182 267 -449 22 11,502 11,508 -6 226 -232 11,693 11,793 -100 243 -343 29 11,502 11,544 -42 118 -160 11,640 11,766 -126 353 -479 11,632 11,666 -34 300 -334 11,615 11,787 -172 286 -458 13 11,746 11,810 -64 514 -578 11,571 11,859 -288 266 -554 20p 11,848 11,875 -27 654 -681 11,841 11,964 -123 188 -311 27 p 1 Beginning with week ending Nov. 15, 1972, includes $450 million of NOTE.—Averages of daily figures. Monthly data are averages of daily reserve deficiencies on which F.R. Banks are allowed to waive penalties figures within the calendar month; they are not averages of the 4 or 5 for a transition period in connection with bank adaptation to Regulation J weeks ending on Wed. that fall within the month. Beginning with Jan. as amended effective Nov. 9, 1972. Beginning 1973, allowable deficiencies 1964 reserves are estimated except for weekly averages. included are (beginning with first statement week of quarter): Ql, $279 Total reserves held: Based on figures at close of business through Nov. million. 1959; thereafter on closing figures for balances with F.R. Banks and open- 2 Beginning Sept. 12, 1968, amount is based on close-of-business fig- ing figures for allowable cash; see also note 3 to preceding table. ures for reserve period 2 weeks previous to report date. Required reserves: Based on deposits as of opening of business each day. 3 As of Nov. 9,1972, the definition of reserve city and country banks was Borrowings at F.R. Banks: Based on closing figures. changed (see July 1972 BULLETIN, p. 626). The classifications employed here are the same as prior to the change in definition, so these series are continuous over time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS • JANUARY 1973 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net- Gross transactions Net trar isactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a o F n i r n . k - R g s s . F t f i b e r n u N d a a t n e e e n n d t r r k s s - a . l S d u e r o f p r ic lu it s r P r e e e q a s r e o u v c r f i g r e v . e n e d s t c P ha u s r e - s Sales t a w c t T r o t o a i - o t n w a n s l a - s y 2 b c o b P h u f a a u y n n s i r k n e e - s t s g s o b S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n rs s 3 de f r B i a r n o o o l w g e r m s r - - s4 lo N a e n t s Total—46 banks 1972—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 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 Dec. 6 106 139 8,614 -8,648 64.9 13,893 5,279 4,629 9,264 650 2,434 153 2,281 13.... 58 266 10,042 -10,249 76.4 15,249 5,204 4,586 10,663 621 2,459 283 2,176 20.... -33 668 9,674 -10,374 75.8 14,503 4,829 4,582 9,921 247 2,408 140 2,268 27.... -33 631 9,562 -10,226 75.3 14,466 4,904 4,496 9,970 408 2,876 62 2,814 8 in New York City 1972—Nov. 1.... 24 2 3,294 -3,272 61.7 3,931 638 638 3,294 1,186 44 1,142 8.... 6 190 4,281 -4,465 82.8 4,811 530 530 4,281 1,314 46 1,268 15.... 204 5,107 -4,902 90.2 5,504 397 397 5,107 1,319 60 1,259 22.... 73 4,800 -4,727 89.6 5,326 526 526 4,800 1,568 42 1,521 29.... 52 60 4,321 -4,329 84.9 4,978 358 658 4,321 1,581 55 1,526 Dec. 6 55 43 4,245 -4,233 79.7 4,813 569 569 4,244 1,821 33 1,788 13.... 50 151 5,501 -5,602 105.7 5,825 325 325 5,501 1,719 55 1,665 20.... 47 387 4,558 -4,899 89.2 5,115 557 557 4,558 1,690 55 1,634 27.... -22 276 4,483 -4,781 89.3 5,225 742 742 4,483 1,992 27 1,965 38 outside New York City 1972—Nov. 1.... 55 16 3,263 -3,225 38.3 8,581 5,318 3,400 5,181 1,918 330 202 127 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 Dec. 6 51 96 4,370 -4,415 55.1 9,080 4,710 4,060 5,020 650 613 120 493 13.... 9 115 4,541 -4,647 57.3 9,423 4,882 4,261 5,162 621 740 228 512 20.... -80 280 5,116 -5,476 66.8 9,388 4,272 4,025 5,362 247 719 85 634 27.... -11 355 5,079 -5,445 66.2 9,241 4,162 3,754 5,487 408 884 35 849 5 in City of Chicago 1972—Nov. 1.... -7 1,426 -1,432 103.3 2,202 776 772 1,429 4 100 100 16 16 1,835 -1,835 131.4 2,532 698 686 1,846 12 87 87 15.... -7 1,878 -1,885 137.8 2,567 689 670 1,897 19 119 119 22.... 19 1,637 -1,618 125.2 2,387 750 702 1,685 48 110 110 29... . -9 1,508 -1,526 117.3 2,272 764 723 1,549 41 118 6 113 Dec. 6 20 64 1,648 -1,693 125.4 2,324 695 649 1,694 46 197 197 13.... -13 9 1,403 -1,425 105.1 2,240 837 80 8 1,432 29 222 222 20.... 25 21 1,398 -1,394 101.7 2,147 749 700 1,447 49 244 244 27.... 20 1,582 -1,562 114.2 2,201 619 548 1,653 71 214 214 33 others 1972—Nov. 1.... 61 16 1,838 -1,793 25.5 6,380 4,542 2,628 3,752 1,914 230 202 27 -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 Dec. 6 31 32 2,722 -2,723 40.9 6,737 4,015 3,411 3,326 604 416 120 296 13.... 22 106 3,138 -3,223 47.7 7,183 4,045 3,453 3,730 592 518 228 290 20.... -105 259 3,718 -4,081 59.8 7,241 3,523 3,326 3,915 198 475 85 390 27.... -31 355 3,497 -3,883 56.6 7,040 3,544 3,207 3,834 337 670 35 635 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

JANUARY 1973 • F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Loans to member banks LLooaannss ttoo aallll ootthheerrss uunnddeerr Under Sees. 13 and 13a 1 Under Sec. 10(b) 2 llaasstt ppaarr.. SSeecc.. 1133 33 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk D R e a 1 c t 9 e . 7 2 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us D R e a 1 c t 9 e . 7 2 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us D R e a 1 c t 9 e . 7 2 3 o 1 n , Ef d fe a c t t e i ve Pre ra v t io e us Boston 41/2 Dec. 13, 1971 434 5 Dec. 13, 1971 5Va 16V2 Dec. 13, 1971 634 New York 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5Va 61/2 Dec. 17, 1971 634 Philadelphia 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 514 6% Dec. 17, 1971 634 Cleveland 41/2 Dec. 17, 1971 434 5 Dec. 17, 1971 5V4 61/2 Dec. 17, 1971 634 Richmond 41/2 Dec. 24, 1971 434 5 Dec. 24, 1971 5% t6% Dec. 24, 1971 634 C M A St h t . i l i n a L c n n a o e t g u a a o i p s olis 4 4 4 4 1 1 1 % / / / 2 2 2 D D D D e e e e c c c c . . . . 2 2 1 1 3 3 3 7 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 4 4 4 4 3 3 3 3 / 4 4 4 4 5 5 5 5 D D D D e e e e c c c c . . . . 2 2 1 1 3 3 7 3 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 5 5 5 5 V V 1 1 4 4 4 4 t f t t 6 6 6 6 V i i i / / / z 2 2 2 D D D D e e e e c c c c . . . . 2 2 1 1 3 3 3 7 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 6 6 6 6 3 3 3 3 4 4 4 4 K D Sa a a n l n l s a F a s r s a C nc it i y sc o 4 4 4 1 1 1 / / / 2 2 2 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 1 9 9 9 7 7 7 1 1 1 4 4 4 3 3 3 / 4 4 4 5 5 5 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 5 51 U 1 / 4 4 t t 6 6 61 * i/ / 4 2 2 D D D e e e c c c . . . 2 1 1 4 3 3 , , , 1 1 1 9 9 9 7 7 7 1 1 1 6 6 6 3 3 3 4 4 4 1 Discounts of eligible paper and advances secured by such paper or by member banks secured by direct obligations of, or obligations fully U.S. Govt, obligations or any other obligations eligible for F.R. Bank guaranteed as to principal and interest by, the U.S. Govt, or any purchase. Maximum maturity: 90 days except that discounts of certain agency thereof. Maximum maturity: 90 days. bankers' acceptances and of agricultural paper may have maturities not t A rate of 4l/i Per cent was approved on advances to nonmember over 6 months and 9 months, respectively. banks, to be applicable in special circumstances resulting from implemen- 2 Advances secured to the satisfaction of the F.R. Bank. Maximum tation of the then pending changes in Regulation J. See "Announcements" maturity: 4 months. on p. 942 of the Oct. 1972 BULLETIN and p. 994 of the Nov. 1972 BULLETIN. 3 Advances to individuals, partnerships, or corporations other than The rate was approved Oct. 31 for Atlanta, Oct. 2 for Boston, and Sept. 19, 1972, for the other six Reserve Banks as designated. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective 'or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1954. IIVV22 WW22 1959—Mar. 6 21/2-3 3 1969—Apr. 4. 5V2-6 16 3 3 6 11995555——AApprr.. 14 W2-W4 H/2 May 29 3 -31/2 31/2 15 H/2-I34 l3/4 June 12 31/2 31/2 A M u a g y . 2 5 1 1 3 3 4 4 - - 2 2 1 1 4 4 2 W 13 4 4 Sept. 1 1 1 8 31 4 /2 -4 4 4 1970—Nov. 1 1 3 1 . . 5 5 V 3 5 44 - 3 - 6 / 6 4 6 5 53 % /4 S N e o p v t . . 1 9 3 2 2 21 / 2 4 1 - - - / 2 2 2 4 1 1 1 / 4 4 2 2 2 2 2 1 1 1 / / 4 4 2 1960—J A u u n g e . 1 1 1 2 0 4 3 m 3 3 1/ 3 - 2 - 4 % - 3 4 1 /2 4 3 3 3 1 1 / / 2 2 Dec. 1 4 1 1 . . . 5 5 1 ^ / 5 - 2 ! 5 - / 5 2 3 % 4 5 5 5 1 1 3 / / 4 2 2 21/2 21/2 Sept. 9 3 3 11995566—— A AApp u rr g .. . 2 2 1 4 0 3 2 2 21 3 3 / 4 4 2 - - - 3 3 3 3 2 2 3 3 4 4 1963—July 2 1 6 7 3 31 -3 /2 1 /2 3 31 i/ / 2 2 -Jan. 1 15 9 8 . , 5 5 % s - y 5 - 4 5 1 1 / 4 2 5 5 5 1 1 1 4 4 4 3 3 1964—Nov. 24 31/2-4 4 22, 5 -5Va 5 30 4 4 29. 5 5 11995577——AAuugg.. 3 -31/2 3 Feb. 13 434-5 5 23 31/2 31/2 1965—Dec. 6 4 -41/2 41/2 19. 434 434 N D o ec v . . 1 2 5 3 3 - 31/2 3 3 13 41/2 41/2 July 16. 434-5 5 1967—Apr. 7 4 -41/2 4 23, 5 5 1958—Jan. 22 234-3 3 14 4 4 Nov. 11, 443344- 5 5 24 234-3 234 Nov. 20 4 -41/2 41/2 19, 434 Mar. 1 7 3 2 21 1 / 4 4 - - 3 2 34 2 21 1/ / 4 4 27 41/2 41/2 Dec. 13, 4 4 1 1 / / 2 2 - - 4 4 3 3 4 4 4 41 3 / 4 2 Apr. 2 1 1 8 13/ 2 4 1 - / 2 4 1 /4 2 1 1 3 / 4 4 1968—Mar. 2 1 2 5 41/ 5 2 -5 4 5 1 /2 24, 41/2 4ifi A M u a g y . 1 9 5 IV 1 A 34 -2 l 1 3 3 / 4 4 Apr. 2 1 6 9 5 5^ -5 2 1 /2 5 5 1 % /2 In effect Dec. 31, 1972. 41/2 41/2 Sept. 12 m-2 2 Aug. 16 51/4-51/2 51/2 23 2 2 30 5Y4 51/4 Oct. 2 -21/2 2 Dec. 18 514-514 51/2 Nov. 7 21/2 21/2 20 5% 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 • JANUARY 1973 RESERVE REQUIREMENTS ON DEPOSITS OF MEMBER BANKS (Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.) Time 3 Net demand 2 (all classes of Net demand 2,4 Time 3 banks) EEEffffffeeeccctttiiivvveee EEEffffffeeeccctttiiivvveee dddaaattteee iii Reserve city Other Other time dddaaattteee Other time SSaavv-- 00--22 22--1100 1100--110000 110000--440000 OOvveerr SSaavv-- Over Over iinnggss Over 440000 55 iinnggss Over 0-5 5 0-5 5 0-5 5 0-5 5 In effect 1972—Nov. 9 . 8 10 12 6666IIII6666IIII////2222 171/2 73 73 75 Jan 1 1963 116611//22 1122 4 Nov. 16 11113333 1966—July 14, 21 44 44 555 IIInnn eeeffffffeeecccttt 1967—M Se a p r t . 8 2 , 15 33331111////2222 33331111////2222 666 DDDeeeccc... 333111,,, 111999777222......... 888 111000 111222 11113333 111777iii///222 333 333 555 MMaarr.. 1166 3333 3333 1968—Jan. 11, 18... 116611//22 1177 1122 112211//22 1969—Apr 17 1177 117711//22 112211//22 1133 PPPPrrrreeeesssseeeennnntttt lllleeeeggggaaaallll rrrreeeeqqqquuuuiiiirrrreeeemmmmeeeennnntttt :::: MMMMiiiinnnniiiimmmmuuuummmm MMMMaaaaxxxxiiiimmmmuuuummmm 1970—Oct. 1 55 NNNNeeeetttt ddddeeeemmmmaaaannnndddd ddddeeeeppppoooossssiiiittttssss,,,, rrrreeeesssseeeerrrrvvvveeee cccciiiittttyyyy bbbbaaaannnnkkkkssss 11110000 22222222 NNNNeeeetttt ddddeeeemmmmaaaannnndddd ddddeeeeppppoooossssiiiittttssss,,,, ooootttthhhheeeerrrr bbbbaaaannnnkkkkssss 7777 11114444 TTTTiiiimmmmeeee ddddeeeeppppoooossssiiiittttssss 3333 11110000 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 Regu- reserve cities and are permitted to maintain reserves at ratios set for banks lation 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 16Vi 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 For other notes see 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) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date ((TT)) T U G T U G 1937—Nov. 1 1945—Feb. 4 40 50 1945—Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946—Jan. 21 1947—Jan. 31 100 100 1947—Feb. 1 1949—Mar. 29 75 75 1949—Mar. 30 1951—Jan. 16 50 50 1951—Jan. 17 1953—Feb. 19 75 75 1953—Feb. 20 1955—Jan. 3 50 50 1955—Jan. 4 Apr. 22 60 60 Apr. 23 1958—Jan. 15 70 70 1958—Jan. 16 Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 I960—July 27 90 90 1960—July 28 1962—July 9 70 70 1962—July 10 1963—Nov. 5 50 50 1963—Nov. 6 1968—Mar. 10 70 70 1968—Mar. 11 June 7 70 50 70 June 8 1970—May 5 80 60 80 1970—May 6 1971—Dec. 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

JANUARY 1973 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 41/2 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 31/2 3 % Multiple maturity:3 30-89 days 4 41/2 90 days-1 year... 5 1 year to 2 years., 5 5 % 2 years and over.. 5y 4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 9 6 1 0 2 m d m o a o n y n t s h t t h s o s t o 6 o r 1 m 2 m o m o n r o t e h n s th .. s . 4 3* /2 4 4 1 /2 5% $1 2 0 1 0 y y , e e 0 a a 0 r r 0 s t o a a n n 2 d d y o e o v a v e r e r s r . . : . . 5Vz 5 53 % /4 Less than 90 days RA 30-59 days 5Vi (4) (30-89 days) 60-89 days 5V4 (4) 90-179 days 51/2 5Vz 6 6V4 180 days to 1 year. W/4 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 6% commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6l/i per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item mm bb ee aa AA mm nn ll bb ll kk ee ss rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn llll bb kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Oct. 4, 1972 Four weeks ending Nov. 1, 1972 Gross demand—Total. 202,572 41,032 8,144 73,025 80,372 Gross demand—Total.., 205,755 42,672 7,892 73,207 81,984 Interbank 26,275 11,652 1,405 9,859 3,359 Interbank 27,823 12,869 1,398 10,052 3,504 U.S. Govt 5,763 1,025 268 2,358 2,113 U.S. Govt 5,136 727 163 1,906 2,341 Other 170,534 28,355 6,471 60,809 74,900 Other 172,797 29,076 6,332 61,249 76,140 Net demand 1 154,821 27,067 6,404 54,558 66,792 Net demand 1 155,386 26,664 6,175 54,557 67,991 Time 234,157 29,580 9,499 83,871 111,208 Time 236,301 29,947 9,719 84,468 112,168 Demand balances due Demand balances due from domestic banks 13,643 3,480 106 2,805 7,252 from domestic banks. 14,367 4,019 130 2,845 7,374 Currency and coin.... 5,786 468 105 1,816 3,399 Currency and coin 5,696 476 111 1,780 3,329 Balances with F.R. Balances with F.R. Banks 27,294 5,513 1,419 11,015 9,347 Banks 28,071 5,612 1,428 11,379 9,653 Total reserves held.... 33,080 5,981 1,524 12,831 12,746 Total reserves held 33,767 6,088 1,539 13,159 12,982 Required 32,991 5,989 1,526 12,861 12,615 Required 33,558 6,080 1,538 13,111 12,829 Excess 89 -8 -2 -30 131 Excess 209 8 1 48 153 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 BULLETIN • JANUARY 1973 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1972 1972 1971 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 Dec. 31 Nov. 30 Assets Gold certificate account 10,303 10,303 10,303 10,303 10,303 10,303 10,303 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 Cash 310 315 314 313 320 313 323 Loans: Member bank borrowings 1,434 1,442 995 274 677 1,982 501 Other Acceptances: Bought outright 69 67 62 62 Held under repurchase agreements. 91 105 Federal agency obligations: Bought outright 1,311 1,163 ,163 1,177 1,177 1,311 1,177 Held under repurchase agreements. 39 144 14 13 U.S. Govt, securities: Bought outright: Bills 28,090 29,434 29,738 28,775 28,882 29,664 29,222 Certificates—Special. Other.. Notes 36,681 36,681 36,681 36,681 36,681 36,681 36,681 Bonds 3,463 3,463 3,598 3,598 3,598 3,463 3,598 Total bought outright 1,2 68,234 1,2 69,578 i 70,017 1,2 69,054 1,269,161 169,808 169,501 Held under repurchase agreements. 594 1,543 496 98 Total U.S. Govt, securities. 68,234 70,172 71,560 69,550 69,161 69,906 69,501 Total loans and securities 71,048 72,974 74,029 71,096 71,077 73,318 71,242 Cash items in process of collection. .. 2>10,244 *10,547 10,257 9,798 8,487 *9,029 7,551 Bank premises 173 173 171 165 169 194 168 Other assets: Denominated in foreign currencies. 199 194 197 193 198 192 200 IMF gold deposited 3 All other 847 808 776 791 692 874 673 Total assets. f93,524 2*95,714 96,447 93,059 91,646 f94,623 90,860 Liabilities F.R. notes 59,252 58,817 58,509 57,964 57,586 58,757 57,400 Deposits: Member bank reserves ^22,395 *25,965 27,157 24,390 23,920 f25,505 23,783 U.S. Treasurer—General account. 2,264 1,145 1,525 1,188 1,074 1,855 1,182 Foreign 296 271 259 284 200 325 188 Other: IMF gold deposited 3 All other 657 612 547 603 629 Total deposits. f25,612 29,553 26,409 25,797 *28,525 25,782 Deferred availability cash items 6,261 6,606 6,067 6,096 5,845 5,198 5,201 Other liabilities and accrued dividends. 574 590 614 680 573 557 623 Total liabilities p91,699 *93,940 94,743 91,149 89,801 *93,037 89,006 Capital accounts Capital paid in 792 790 788 788 787 793 787 Surplus 742 742 742 742 742 793 742 Other capital accounts 291 242 174 380 316 325 Total liabilities and capital accounts *93,524 *95,714 96,447 93,059 91,646 »94,623 90,860 Contingent liability on acceptances purchased for foreign correspondents 174 180 182 189 201 179 199 Marketable U.S. Govt, securities held in custody for foreign and international accounts 31,303 31,373 31,435 31,363 31,476 30,858 31,512 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).. 62,849 62,011 61,654 61,125 60,887 62,492 60,886 57,490 Collateral held against notes outstanding: Gold certificate account 2,561 2,511 2,411 2,360 2,035 2,561 2,335 2,670 U.S. Govt, securities 61,085 60,625 60,590 60,060 60,010 61,015 59,860 55,875 Total collateral 63,646 63,136 63,001 62,420 62,045 63,576 62,195 58,545 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

JANUARY 1973 • FEDERAL RESERVE BANKS; BANK DEBITS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1972 (In millions of dollars) Total Boston Y N o e r w k P p d h h e il i l a a - - C la le 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 o t u . 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 10,303 504 2,064 632 885 1,013 647 1,846 534 78 433 378 1,289 Special Drawing Rights certif. acct.. 400 23 93 23 33 36 22 70 15 7 15 14 49 F.R. notes of other banks 1,157 169 206 54 76 121 166 102 35 27 39 44 118 Other cash 313 14 17 10 39 36 40 40 21 5 42 14 35 Loans: Secured by U.S. Govt, and agency obligations 1,975 59 926 93 194 52 88 262 52 2 7 41 199 Other 7 7 Acceptances: Bought outright 70 70 Held under repurchase agreements, 36 36 Federal agency obligations: Bought outright 1,311 62 332 72 98 98 72 211 47 26 52 57 184 Held under repurchase agreements 13 13 U.S. Govt, securities: Bought outright 169,808 3,281 17,702 3,841 5,225 5,216 3,831 11,231 2,508 1,367 2,753 3,048 9,805 Held under repurchase agreements 98 98 Total loans and securities 73,318 3,402 19,177 4,006 5,517 5,366 3,998 11,704 2,607 1,395 2,812 3,146 10,188 Cash items in process of collection. 10,782 376 2,543 447 597 965 928 1,459 444 457 678 707 1,181 Bank premises 194 29 7 5 27 13 15 16 15 30 17 12 8 Other assets: Denominated in foreign currencies 192 9 2 50 10 17 10 13 29 7 4 8 10 25 All other 874 41 211 45 71 71 43 126 27 18 35 35 151 Total assets. 97,533 4,567 24,368 5,232 7,262 7,631 5,872 15,392 3,705 2,021 4,079 4,360 13,044 Liabilities F.R. notes 59,914 3,116 14,809 3,647 4,752 5,315 3,191 10,064 2,320 1,041 2,315 2,298 7,046 Deposits: Member bank reserves 25,505 936 7,073 1,011 1,552 1,248 1,682 3,516 814 549 1,003 1,373 4,748 U.S. Treasurer—General account. 1,855 110 388 121 144 164 144 190 142 52 102 124 174 Foreign 325 13 3 111 15 26 15 20 43 10 7 12 16 37 Other: All other 840 12 570 24 21 31 20 51 10 6 12 17 66 Total deposits. 28,525 1,071 8,142 1,171 1,743 1,458 1,866 3,800 976 614 1,129 1,530 5,025 Deferred availability cash items 6,951 285 863 307 582 734 672 1,192 335 315 546 422 698 Other liabilities and accrued dividends 557 27 140 29 41 40 33 88 20 15 23 24 77 Total liabilities 95,947 4,499 23,954 5,154 7,118 7,547 5,762 15,144 3,651 1,985 4,013 4,274 12,846 Capital accounts Capital paid in , 793 34 207 39 72 42 55 124 27 18 33 43 99 Surplus 793 34 207 39 72 42 55 124 27 18 33 43 99 Other capital accounts. Total liabilities and capital accounts., 97,533 4,567 24,368 5,232 7,262 7,631 5,872 15,392 3,705 2,021 4,079 4,360 13,044 Contingent liability on acceptances purchased for foreign correspondents 179 8 4 47 9 16 9 12 27 6 4 8 10 23 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 6622,,449922 33,,330066 1155,,448822 33,,772255 44,,992299 55,,448822 3,399 1100,,339999 22,,443311 1,078 2,405 22,,441188 7,438 Collateral held against notes outstanding: Gold certificate account 22,,556611 225500 660000 335500 550011 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 6611,,001155 33,,007700 ''ii55ii556600 33,,330000 44,,770000 55,,002255 3,500 99,,990000 22,,333300 1,100 2,450 22,,448800 7,600 TToottaall ccoollllaatteerraall 63,576 3,320 15,560 3,900 5,050 5,526 3,500 10,600 2,485 1,100 2,450 2,485 7,600 1 See note 6 on page A-5. 4 After deducting $132 million participations of other Federal Reserve 2 After deducting $142 million participations of other Federal Reserve Banks. Banks. 3 After deducting $214 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 • JANUARY 1973 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 Exch., 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 h p 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 u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , t y - c G p h r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1,883 1,070 200 11111111111111,,,,,,,,,,,,,,111111111111112222222222222299999999999999 11111111111111,,,,,,,,,,,,,,000000000000007777777777777700000000000000 220000 22222224444444 ---333,,,555444888 444444400000006666666 111,,,444777888 3,160 1,981 33333333333333,,,,,,,,,,,,,,000000000000005555555555555555555555555555 11111111111111,,,,,,,,,,,,,,999999999999998888888888888811111111111111 11111111111111 111333000 22222221111111 ---111333000 915 248 110 444444444444449999999999999999999999999999 222222222222224444444444444488888888888888 111111111100000 11111116666666 111111188888887777777 2,036 3,481 410 11111111111111,,,,,,,,,,,,,,888888888888889999999999999944444444444444 33333333333333,,,,,,,,,,,,,,444444444444448888888888888811111111111111 444441111100000 11111110000000 11,,330011 77777773333333 995599 2,009 298 155 11111111111111,,,,,,,,,,,,,,888888888888882222222222222299999999999999 222222222222229999999999999988888888888888 111115555555555 11111111111111 99999992222222 2,666 1,478 135 22222222222222,,,,,,,,,,,,,,222222222222225555555555555544444444444444 11111111111111,,,,,,,,,,,,,,444444444444447777777777777788888888888888 111113333333333 7777777 ----2222 222222255555555555555 475 291 444444444444447777777777777755555555555555 222222222222229999999999999911111111111111 2222,,,,666622226666 --22,,662266 1,294 335 96 11111111111111,,,,,,,,,,,,,,000000000000009999999999999944444444444444 333333333333333333333333333355555555555555 66 22 ----99990000 6699 2,753 3,286 22222222222222,,,,,,,,,,,,,,777777777777775555555555555533333333333333 33333333333333,,,,,,,,,,,,,,222222222222228888888888888866666666666666 1,390 1,752 432 11111111111111,,,,,,,,,,,,,,222222222222227777777777777744444444444444 11111111111111,,,,,,,,,,,,,,777777777777775555555555555522222222222222 444443333322222 —— ii,,008899 7799 667733 9,369 8,673 850 99999999999999,,,,,,,,,,,,,,333333333333336666666666666699999999999999 88888888888888,,,,,,,,,,,,,,666666666666667777777777777733333333333333 888885555500000 2,795 2,425 150 22222222222222,,,,,,,,,,,,,,666666666666667777777777777788888888888888 22222222222222,,,,,,,,,,,,,,444444444444442222222222222255555555555555 111115555500000 4422 3355 2,638 2,880 351 22222222222222,,,,,,,,,,,,,,666666666666663333333333333388888888888888 22222222222222,,,,,,,,,,,,,,888888888888888888888888888800000000000000 333330000000000 336600 --441111 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers' agreements Federal agency acceptances (U.S. Govt, Net obligations (net) 5-10 years Over 10 years securities) change Month in U.S. Under Net c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c i f t h t a y s . - c G p h r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r m i c i f t h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s s G e it c o i u e v s r t - , r O ig u h t- t R a m c g e h e r p a n e u s e t e r s - - r O i n g u e h t t t - , m r a c e g h n e p r a n e u e t s t e r e s - - , change1 1971—Nov.. 267 1,920 58 150 5,003 5,003 613 244 6 862 Dec.. 67 6 4,830 3,607 2,401 145 101 22 181 2,850 1972—Jan.. 191 23 4,722 5,945 -666 165 -101 -4 -181 -787 Feb.. 52 -2,260 1.694 1,694 -1,854 77 -12 -1,789 Mar.. 31 47 2.695 2,022 2,229 83 16 19 61 2,408 Apr.. 126 23. 2,625 3,298 380 169 -16 1 -61 472 May. 1,115 1,299 25 -4 65 1,386 June. 109 20 211 i, 326 -251 127 -25 -6 -65 -221 July. 1,736 1,736 -533 -26 -10 -570 Aug.. "23* 166 'is" 250 3,171 2,459 -82 -3 '74' 4 30 22 Sept.. "•j 1,132 1,844 -866 -35 -74 -4 -30 -1,009 N O o c v t. . . . '32' 3 3 , , 5 54 9 7 4 3 3 , , 5 5 9 4 4 7 -5 2 9 2 3 0 - 1 22 5 7 -6 7 -4 2 4 0 2 6 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r in ia g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec 2,061 1,444 444333333 165 1 1969—Dec 1,967 1,575 111999999 60 125 1970—Dec 257 154 98 1971—Sept 23 * 12 Oct 30 * 12 15 * 2 Dec 18 3 2 1972—Jan 17 3 2 Feb 17 3 2 Mar 17 3 2 Apr 17 3 2 May 57 3 2 50 June 18 2 9 5 July 7 1 3 Aug 34 * 24 7 Sept 122 * 85 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 Dec. 27 Dec. 20 Dec. 13 Dec. 6 Nov. 29 Dec. 31 Nov. 30 Dec. 31 1,434 1,442 995 274 676 1,982 501 39 1,433 1,440 990 271 672 1,980 498 37 1 2 5 3 4 2 3 2 69 158 167 81 62 106 63 261 Within 15 days 20 111 117 31 15 53 15 196 16 days to 90 days 49 47 50 50 47 53 48 65 U.S. Government securities—Total 68,234 70,172 71,560 69,550 69,161 69,906 69,501 70,218 Within 15 days i 3,730 5,138 5,501 3,520 3,823 3,838 2,332 3,917 16,324 16,592 17,512 17,600 16,869 17,833 17,477 15,825 91 days to 1 year 16,042 16,304 16,409 16,292 16,331 16,097 17,554 16,583 Over 1 year to 5 years 24,484 24,484 24,484 24,484 24,484 24,484 24,484 25,100 Over 5 years to 10 years 6,108 6,108 6,108 6,108 6,108 6,108 6,108 7,664 Over 10 years 1,546 1,546 1,546 1,546 1,546 1,546 1,546 1,129 Federal agency obligations—Total 1,311 1,202 1,307 1,191 1,177 1,324 1,177 586 Within 15 days1 39 144 28 14 13 14 109 16 days to 90 days 32 32 32 17 17 32 17 20 91 days to 1 year 207 191 191 124 124 207 124 182 Over 1 year to 5 years 610 540 540 622 622 612 622 181 Over 5 years to 10 years 271 238 238 238 238 269 238 61 Over 10 years 191 162 162 162 162 191 162 33 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) 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 ll .. 22 )) .. '' 33 ss 22 SSMM oo 22 tthh 22 SS 66 ee AA rr '' ss SSMM TT 22 oo 33 SS tt 33 AA aa ll '' ss L N e .Y ad . ing S 6 M o S t A h ' e s r s2 TT SS oo NN MM (( tt ee aa .. xx SS YY ll cc AA ll .. 22 )) .. '' 33 ss 22 SSMM oo 22 tthh 22 SS 66 ee AA rr '' ss 1971—Nov r12,915.3 5,918.9 2,945.2 r6,996.4 '4,051.2 '87.2 203.7 87.2 '58.1 '46.7 Dec r12,382.5 5,523.3 2,859.8 r6,859.1 '3,999.4 83.7 196.1 85.2 57.3 46.4 1972—Jan 12,530.7 5,687.0 2,803.1 6,843.7 4,040.6 83.9 205.3 82.0 '56.3 46.2 Feb 13,027.8 6,013.9 2,913.1 7,013.9 4,100.9 84.5 205.1 82.6 56.2 45.8 Mar 12,785.5 5,631.4 2,932.9 7,154.2 4,221.2 83.0 195.2 83.3 57.2 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 12,995.4 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 14,022.8 6,285.1 3,191.0 7,737.6 4,546.6 88.7 214.9 89.8 60.1 48.8 Oct '13,896.7 6,148.6 3,225.8 ''7,748.1 r4,522.3 86.7 208.3 89.2 59.2 47.8 Nov 15,166.1 6,979.3 3,411.7 8,186.8 4,775.1 93.6 229.2 93.9 62.2 50.1 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 • JANUARY 1973 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 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 2.42 300 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—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 Nov. 65,137 44,208 7,237 2,437 135 3,305 9,602 21,491 20,928 5,714 14,789 194 225 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 NNNooovvv... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777222 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Nov. Oct. Nov. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111100000,,,,,444441111100000 ((1100,,330033)) 110077 Gold certificates (((((1111100000,,,,,333330000033333))))) 221100,,330022 1111 Federal Reserve notes 6666600000,,,,,888888888866666 111111222 3333,,,,444488885555 555777,,,222888999 555555,,,888000222 555333,,,333000666 Treasury currency—Total 88888,,,,,222228888833333 111111444 333322221111 777,,,888444888 777,,,777888444 777,,,333333000 DDoollllaarrss 777776666633333 55553333 444666 666666666655555 666665555566666 555554444455555 Fractional coin 66666,,,,,999990000066666 55558888 222777555 66666,,,,,555557777733333 66666,,,,,555551111166666 66666,,,,,111117777700000 United States notes 333332222233333 2222 333332222200000 333332222200000 333332222211111 In process of retirement 3 222229999911111 222229999911111 222229999911111 222229999944444 TToottaall NNoovveemmbbeerr 3300,, 11997722 4444 77779999,,,,555577779999 ((((11110000,,,,333300003333)))) 333333333333 11110000,,,,333300002222 3333,,,,888800007777 6655,,113377 October 31 1972 4444 77778888,,,,333366661111 ((((11110000,,,,333300003333)))) 333366669999 11110000,,,,333300002222 4444,,,,111100004444 6633,,558866 November 30 1971 4444 77774444,,,,000066664444 ((((9999,,,,888877775555)))) 444444448888 9999,,,,888877774444 3333,,,,111100006666 6600,,663366 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

JANUARY 1973 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week Mi Ma M2 Mi (Mi plus time {Mi plus deposits Mi (Mi plus time (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. demand deposits) banks other than institutions)2 demand deposits) banks other than large time CD's) 1 large time CD's) * 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—De c 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 242.3 505.0 795.2 242.1 504.8 794.5 Nov 243.6 508.2 801.2 245.7 508.7 800.9 Dec.? 246.8 514.4 810.1 254.2 520.3 815.8 Week ending— 1972—Dec. 6. 246.1 512.2 250.2 514.4 13. 245.6 512.0 251.6 516.5 20. 246.0 513.6 254.9 520.9 27 v 248.5 517.2 255.8 522.8 1973—Jan. 3 v 246.8 516.9 260.7 529.8 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars), Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Non- Non- Govt. bank bank depos- Cur- De- Time and savings thrift Cur- De- Time and savings thrift its 5 rency mand deposits institu- rreennccyy mand deposits institudepos- tions 4 depos- tions 4 its its CD's 3 Other Total CD's 3 Other Total 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 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 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 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 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 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 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 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 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 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 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 55.5 186.1 40.3 260.2 300.5 286.6 55.4 184.6 41.0 260.3 301.3 286.3 5.8 55.9 186.5 40.7 262.7 303.4 290.1 55.9 186.3 41.9 262.7 304.5 289.7 6.6 56.3 187.3 41.3 264.6 305.9 293.1 56.9 188.8 43.3 263.0 306.3 292.2 6.1 56.8 190.0 43.7 267.5 311.2 295.8 58.0 196.3 44.2 266.0 310.3 295.6 7.2 56.4 189.7 42.4 266.1 308.5 57.5 192.7 43.6 264.2 307.8 7.0 56.9 188.8 43.5 266.4 309.8 57.9 193.7 44.1 264.9 309.0 5.1 57.0 189.0 44.3 267.6 311.9 58.1 196.8 44.3 266.0 310.3 6.9 57.0 191.5 44.7 268.7 313.4 58.5 197.2 44.9 267.1 312.0 8.2 56.6 190.3 43.2 270.1 313.3 57.3 203.4 44.1 269.1 313.2 10.0 1 Includes, in addition to currency and demand deposits, savings de- 5 At all commercial banks. posits, time deposits open account, and time certificates of deposits other NOTE.—For description of revised series and for back data, see pp. 880than negotiable time certificates of deposit issued in denominations of 93 of the November BULLETIN. $100,000 or more by large weekly reporting commercial banks. Average of daily figures. Money stock consists of (1) demand deposits 2 Includes 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 • JANUARY 1973 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 3 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss44 PPPPeeeerrrriiiioooodddd NNNooonnn--- TTToootttaaalll bbbooorrr--- RRReee--- AAAvvvaaaiiilll--- Demand Demand rrrooowwweeeddd qqquuuiiirrreeeddd aaabbbllleee222 TTiimmee TTiimmee TToottaall aanndd U.S. TToottaall aanndd U.S. SS..AA.. NN..SS..AA.. ssaavviinnggss Private Govt. ssaavviinnggss Private Govt. 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—Dec 31.25 31.08 31.10 28.84 357.9 210.2 141.5 6.1 362.2 209.7 146.7 5.7 361.9 366.2 1972—Jan 31.77 31.68 31.56 29.06 360.9 213.7 141.0 6.3 366.3 213.4 146.9 6.0 364.9 370.3 Feb 31.62 31.58 31.47 29.24 363.1 216.4 142.9 3.7 363.4 215.9 141.5 6.1 366.7 367.1 Mar.... 32.03 31.93 31.82 29.63 368.4 217.4 144.9 6.1 368.0 218.1 143.4 6.6 372.1 371.8 Apr. . .. 32.64 32.53 32.47 29.80 372.7 219.8 145.5 7.4 373.1 219.8 146.8 6.5 376.3 376.6 May.... 32.83 32.73 32.69 29.95 377.1 223.4 146.3 7.4 374.9 223.1 142.9 8.8 380.9 378.6 June 33.06 32.97 32.84 30.15 378.7 226.1 147.3 5.3 376.4 225.2 145.6 5.7 382.4 380.2 July.... 33.14 32.92 32.96 30.37 382.4 228.2 148.9 5.3 380.9 227.1 147.7 6.1 386.3 384.8 Aug 33.38 33.02 33.21 30.56 385.1 230.5 150.0 4.6 382.4 231.3 146.8 4.3 389.3 386.6 Sept 33.36 32.80 33.17 30.90 388.5 233.2 150.0 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 Nov. ... 31.84 31.19 31.50 29.31 396.9 236.8 152.2 7.8 395.7 237.6 153.0 5.1 399.4 398.2 Dec.f... 31.35 30.21 31.12 28.89 402.0 241.0 154.5 6.5 406.8 240.6 160.1 6.1 404.2 409.0 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 usted bank credit proxy." and savings deposits, and (c) nondeposit sources subject to reserve re- j quirements, 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 AT ALL COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans Securities Loans Securities TTToootttaaalll TTToootttaaalll DDDaaattteee llloooaaannnsss Commercial llloooaaannnsss Commercial mmm iiinnn eee aaa vvv nnn nnn eee ttt ddd sss sss ttt 111 --- ,,,222 TToottaall 11,,22 ll ll PP oo ss jj22 oo aa lluu jj ll nn dd 33 ss ss T an o d ta l i ndu l s s P o o tr a l l u d i n a s s 3 l TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthheerr 22 mmm iiinnn eee aaa nnn vvv nnn eee tttsss ddd sss ttt iii --- ,,,222 TToottaall 11,,22 ll 11 PP oo ss »» oo aa ll 22 uu ,, ll nn 33 dd ss ss T an o d ta l i ndu l s s P o o t a l r l u i d n a s 3 s l TT UU rr uu ee .. rr SS aa yy .. ss -- OOtthheerr 22 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—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 26*.... 521.9 348.4 350.7 121.4 122.9 62.3 111.2 522.0 350.9 353.3 122., 3 123.7 59.6 111.5 Aug. 3Qp. ... 529.8 356.2 358.6 123.9 125.4 61.4 112.3 526.5 354.5 356.9 122.2 123.8 59.3 112.6 Sept. 27*>.... 535.3 360.0 362.3 124.6 126.0 62.0 113.3 534.6 360.6 362.9 124.2 125.7 60.3 113.7 Oct. 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 Dec. 31* 554.2 376.6 379.2 129.1 130.8 62.0 115.6 568.1 385.6 388.2 132.5 134.2 66.6 115.9 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

JANUARY 1973 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Date c c s G S e a a t r o D t n o e t c d l R i s d k f i i - T r s c o e t u i r u n u a n e r r g n a t c y - - y s d - - Total Lo n a 2 e n t s Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a d c s n e u e r k r r v i a s t e l i es Other3 O r se i t t c h ie u e s - r c l T a i i a n a p t o n i b e i t e t d t a i s a l l - l , c d u T e r a p o r n o t e d a s n i l c t s y C co m a a n a u p n i e c n s i d t - c t t a . s , l 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30.. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec 31.. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315. 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Dec. 31.. 11,132 7,149 580.899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—Dec. 31.. 10,532 7,627 650,677 386,010 141,547 68,198 70,804 2,545 123,120 668,837 604,415 64,423 1972—Jan. 26.. 10,500 7,700 642,600 380,600 138,400 66,000 69,900 2,500 123,600 660,800 593,000 67,900 Feb. 23.. 10,000 7,800 643,300 381,000 136,600 65.200 68,900 2,500 125,700 661,100 592,900 68,200 Mar. 29.. 10,000 7,900 654,600 387,600 138,400 65,900 69,900 2,600 128,700 672,500 607,300 65,200 Apr. 26.. 10,000 7,900 661,800 392,200 139,100 65,300 71,300 2,600 130,400 679,700 613,800 65,900 May 31.. 10,800 8,000 667.900 396,800 138,900 64,700 71,600 2,600 132,100 686,700 621,200 65,500 June 30.. 10,810 8,066 677,406 406,823 137,579 63,655 71,334 2,590 133,004 696,282 630,098 66,184 July 26.. 10,800 8,100 677,400 407,600 136,400 63,000 70,900 2,600 133,300 696,300 629,800 66,500 Aug. 30*. 10,800 8,200 682,000 411,100 136,100 62,700 70,800 2,600 134,800 701,000 631,700 69,200 Sept. 27*, 10,800 8,200 690,900 419,500 135,200 63,700 69,000 2,600 136,100 709,900 641,700 68,200 Oct. 25*. 10,800 8,200 695,100 420,300 138,600 64,400 71,400 2,800 136,200 714,100 647,200 66,900 Nov. 29*, 10,800 8,300 704,900 429,000 138,600 66,700 69,200 2,800 137,200 724,000 657,100 66,900 Dec. 27*. 10,800 8,300 722,600 444,400 139,500 68,400 68,200 2,800 138,700 741,700 677,600 64,100 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted $ Not seasonally adjusted Time U.S. Government DDDaaattteee Total o b r u C a e t n u n s c i r k d y - s e d ju m e D p s a a t d o e e n s - - d d it ? s Total o b r u C e a t n u n s c i r k d y - s e d ju m e D p a s a t d o e e n s - - d d it 7 s Total b m C a e n o r k m c s ia - 8 l b M sa a v u n i t k n u s g a s 9 l S P t a S e o v y m s i s t n a - 3 g l s nn ee FF ee ii oo gg tt rr nn -- ii ,, oo T h c i u r n o a e r l g s a d y h s s - - s b c a a o a A v n n m i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1967—Dec. 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.... 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315... 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Dec. 31.... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971—Dec. 31.... 224,600 51,100 173,500 234,876 53,141 181,735 353,638 271,760 81,877 2,719 464 10,698 2,020 1972—Jan. 26.... 217,200 51,700 165,500 220,000 51,000 169,000 357,300 274,900 82,500 2,400 500 9,900 2,900 Feb. 23.... 220,400 52,100 168,300 219,300 51,500 167,800 361,700 278,300 83,400 2,600 400 7,800 1,100 Mar. 29.... 230,300 52,600 177,700 227,200 52,100 175,100 367,000 282,100 84,900 2,500 400 9,200 900 Apr. 26.... 227,900 52,700 175,200 227,900 52,200 175,700 370,200 284,800 85,400 2,500 400 11,000 1,800 May 31.... 234,500 53,300 181,200 231,600 53,100 178,500 375,200 289,100 86,100 2,900 400 9,000 2,100 June 30 233,900 53,200 180,700 235,121 55,144 179,977 379,696 292,021 87,675 3,011 351 9,575 2,344 July 26.... 233,400 53,500 179,900 233,100 53,600 179,500 382,000 294,200 87,800 3,000 300 8,900 2,500 Aug. 30*... 236,200 53,400 182,800 234,100 53,700 180,400 388,600 300,400 88,200 2,900 300 4,400 1,400 Sept. 27*... 236,600 53,600 183,000 235,100 53,700 181,400 391,200 301,900 89,200 3,200 300 10,000 1,900 D O N e c o c t v . . . 2 2 2 7 5 9 * * * . . . . . . . . 2 2 2 3 4 5 9 4 2 , , , 1 1 4 0 0 0 0 0 0 5 5 5 4 4 5 , , , 6 4 4 0 0 0 0 0 0 1 1 1 9 8 8 7 4 9 , , , 0 5 7 0 0 0 0 0 0 2 2 2 4 6 4 0 0 7 , , , 1 1 4 0 0 0 0 0 0 5 5 5 4 6 5 , , , 5 6 4 0 0 0 0 0 0 2 1 1 0 8 9 3 5 2 , , , 5 6 0 0 0 0 0 0 0 4 3 3 0 9 9 2 4 6 , , , 8 1 8 0 0 0 0 0 0 3 3 3 0 0 1 4 6 1 , , , 4 7 4 0 0 0 0 0 0 9 8 9 1 9 0 , , , 4 6 1 0 0 0 0 0 0 3 3 3 , , , 7 3 0 0 0 0 0 0 0 4 4 4 0 0 0 0 0 0 8 8 8 , , , 1 4 3 0 0 0 0 0 0 2 1 1 , , , 3 1 4 0 0 0 0 0 0 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 • JANUARY 1973 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Cash lia- Bor- capital Class of bank assets 3 bilities row- acand date Total Loans and Total3 Demand ings counts U.S. capital De- Treas- Other ac- mand Time Times ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21, 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 1947—Dec. 31 6. 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 1966--Dec. 31.. 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 1967--Dec. 30.. 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 1968--Dec. 31 .. 401,262 265,259 64,466 71,537 83,752 500,657 434.023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 1969--Dec. 31 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 1970--Dec. 31.. 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 1971--Dec. 31.. 516,564 346,930 64,930 104,704 99,832 640,255 537,946 32,205 2,908 10,169 220,375 272,289 25,912 47,211 1972—Jan. 26... 508,200 340,730 62,690 104,780 92,690 624,750 521,320 28,480 2,960 9,280 205,160 275,440 26,370 46,600 Feb. 23... 511,360 343,300 61,860 106,20C 96,130 631,330 524,280 31,050 2,990 7,270 204,080 278,890 29,190 47,050 Mar. 29... 522,790 351,800 62,500 108,490 91,220 639,000 526,150 26,430 2,950 8,740 205,420 282,610 32,850 47,450 Apr. 26... 525,660 354,120 61,860 109,680 95,040 645,410 533,270 26,140 2,870 10,470 208,490 285,300 31,630 47,780 May 31... 532,260 360,120 61,240 110,900 100,91C 659,070 544,720 28,240 3,020 8,430 215,360 289,670 33,270 48,310 June 30... 542,689 370,910 60,258 111,521 99,472 667,126 552,543 28,782 3,114 9,083 219,050 292,513 33,214 50,117 July 26... 542,770 371,740 59,580 111,450 91,380 659,690 544,560 27,310 3,260 8,300 210,930 294,760 34,290 48,970 Aug. 30... 547,500 375,580 59,300 112,620 91,270 664,710 546,050 27,090 3,350 3,790 210,810 301,010 35,950 49,400 Sept. 27*.. 555,750 381,740 60,290 113,720 90,810 673,100 555,480 26,880 3,890 9,430 212,730 302,550 33,400 49,720 Oct. 25».. 560,440 385,700 60,930 113,810 101,79G 689,800 566,280 29,040 3,760 7,470 220,980 305,030 39,540 50,270 Nov. 29p.. 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 Dec. 27*.. 590,080 409,600 64,920 115,560 97,740 717,030 595,840 30,230 4,030 7,660 241,840 312,080 38,540 51,150 Member of F.R. System: 1941—Dec. 31... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 1945—Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26.278 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 1968—Dec. 31... 325.086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 1969—Dec. 31 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 1970—Dec. 31... 365,940 253,936 45,399 66,604 81,500 465.644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 1971—Dec. 31... 405.087 277,717 47,633 79,738 86,189 511,353 425,380 30,612 2,549 8,427 174,385 209,406 25,046 37.279 1972—Jan. 26... 397,951 272,452 45,723 79,776 80,580 498,591 411,462 27,230 2,596 7,643 162,307 211,686 25,429 37,028 Feb. 23... 400,338 274,508 45,102 80,728 83,258 503,720 413,339 29,738 2,627 5,931 161,031 214,012 28,227 37,340 Mar. 29... 409,024 281,182 45,486 82,356 78,710 508,747 413,132 25,154 2,590 7,216 161,976 216,196 31,792 37,683 Apr. 26... 409,925 282,298 44,643 82,984 82,345 513,123 418,730 24,893 2,510 8,939 164,071 218,317 30,406 37,928 May 31... 414,469 286,310 44,403 83,756 87,524 523,538 427,426 26,913 2,663 6,825 169,496 221,529 31,907 38,356 June 30... 422,356 294,730 43,708 83,918 86,43C 529.645 433,574 27,311 2,717 7,630 172,419 223,498 31,752 39,358 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 Aug. 30... 425,392 297,851 42,727 84,814 79,057 525,983 426,716 25,742 2,954 2,966 164,851 230,203 34,315 38,979 Sept. 27... 432,150 303,049 43,506 85,595 78,503 532,624 434,554 25,502 3,495 8,033 166,353 231,171 31,860 39,190 Oct. 25... 435,460 305,996 43,691 85,773 88,219 546,521 442.792 27,528 3,360 6,172 172,615 233,117 37,745 39,567 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 Dec. 27p.. 460,102 326,131 46,944 87,027 85,066 568,996 467,015 28,697 3,637 6,457 189,745 238,479 36,657 40,250 Reserve city member: New York City:8,V° 1941—Dec. 31... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 1945—Dec. 31... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 1947—Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 1966—Dec. 31... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 1968—Dec. 31... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 1969—Dec. 31 7. 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 6,301 1970—Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 6,486 1971—Dec. 31... 63,342 48,714 5,597 9,031 22,663 91,461 71,723 13,825 1,186 1,513 30,943 24,256 5,195 7,285 1972—Jan. 26... 62,539 48,337 5,405 8,797 23,684 91,726 71,017 13,443 1,258 1,395 30,660 24,261 5,854 7,253 Feb. 23... 61,856 48,221 5,190 8,445 23,615 91,094 69,674 15,152 1,258 878 28,084 24,302 6,906 7,306 Mar. 29... 64,450 50,063 5,567 8,820 21,400 91,687 68,029 11,674 1,231 1,360 28,793 24,971 8,428 7,342 Apr. 26... 63,467 49,539 4,825 9,103 21,014 90,364 68,798 11,451 1,162 2,013 28,842 25,330 6,650 7,372 May 31... 65,719 50,799 5,257 9,663 22.516 93,765 70,852 12,303 1,198 1,038 29,918 26,395 8,103 7,618 June 30... 66,597 51,637 5,338 9,623 22,535 94,377 72,432 12,933 1,175 1,038 30,637 26,649 7,314 7,650 July 26... 66,331 51,408 4,954 9,969 19.517 91,247 69,508 11,580 1,312 1,170 28,396 27,050 7,431 7,612 Aug. 30... 67,353 52,031 5,158 10,164 19,152 92,066 69,330 11,679 1,345 288 27,497 28,521 8,188 7,736 Sept. 27... 68,924 53,166 5,368 10,390 17,864 92,484 70,323 11,414 1,591 1,454 27,718 28,146 6,861 7,714 Oct. 25... 69.136 53,835 5,045 10,256 21.261 96,657 72,568 12,386 1,530 1,097 29,046 28,509 9,170 7,756 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 Dec. 27... 74,894 59,090 5,321 10,483 21,169 102,172 78,742 13,712 1,831 1,093 33,731 28,375 8,241 7,972 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 assets 3 and Demand ings U.S. capital Total 3 Treas- Other ac- De- Time Times ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 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—Dec. 31... 17,133 12,285 1,782 3,067 3,or 21,214 16,651 1,693 168 364 6,896 7,530 1,935 1972—Jan. 26.. 16,614 11,901 1,657 3,056 3,488 21,059 15,730 1,460 213 378 6,243 7,436 2,673 Feb. 23., 17,234 12,505 1,576 3,153 3,311 21,489 15,791 1,509 207 267 6,305 7,503 2,935 Mar. 29., 17,668 12,898 1,582 3,188 3,204 21,806 15,9121 1,398 191 341 6,462 7,520 3,180 Apr. 26., 17,761 12,998 1,510 3,253 3,207 21,858 16,017 1,344 191 465 6,381 7,636 2,972 May 31., 18,147| 13,283 1,665 3,199 3,538 22,697 16,509 1,412 182 282 6,631 8,002 3,280 June 30. 18,541 13,782 1,662 3,096 2,946 22,562 16,912 1,331 139 261 6,603 8,579 2,639 July 26. 18,582 14,130 1,398 3,054 3,070 22,727 16,695 1,447 194 310 6,157 8,587 3,187 Aug. 30. 19,200 14,701 1,455 3,044 2,880 23,128 17,147 1,487 196 68 6,226 9,170 2,985 Sept. 27. 19,270 14,582 1,545 3,143 3,135 23,479 17,812 1,406 224 374 6,435 9,373 2,768 Oct. 25. 19,530 15,021 1,435 3,074 3,119 23,714 17,738 1,455 196 192 6,264 9,631 2,945 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 Dec. 27. 21,208 16,325 1,643 3,240 3,640 25,776 19,417 1,433 231 301 7,332 10,120 3,426 Ot 1 1 1 h 9 9 9 e 4 r 4 4 1 7 5 r — — — ese D D D r e e v e c c c e . . . c 3 3 3 it 1 1 1 y : 8,9 4 3 1 0 6 5 , , , 1 0 3 0 4 4 8 7 0 1 7 8 3 , , , 1 5 4 0 1 4 5 4 9 2 2 6 0 9 , , , 4 1 5 6 9 5 7 6 2 2 2 1 , , , 3 0 7 9 7 4 6 6 2 1 1 8 1 3 , , , 5 0 2 1 6 8 8 6 6 4 2 5 9 4 1 , , , 6 4 8 5 9 3 9 8 0 4 4 2 9 6 2 , , , 0 3 4 8 1 6 5 3 7 4 6 5 , , , 3 4 6 5 1 2 8 6 7 1 2 3 0 2 0 4 8,2 4 4 9 2 0 1 5 1 2 2 1 4 8 2 , , , 6 9 5 5 5 9 5 7 0 1 4 9 1 , , , 8 7 4 0 6 2 6 0 3 2 1 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—Dec. 31... 149,401 106.361 15,912 27,129 33,732 190,880 155,226 11,241 933 3,557 62,474 77,020 14,799 1972—Jan. 26.. 145,436 103,311 14,796 27,329 29,154 182,373 147,352 9,306 901 3,057 56,144 77,944 13,528 Feb. 23.. 146,609 104,067 14,768 27,774 30,945 185,420 148,824 9,901 938 2,492 57,121 78,372 14,927 Mar. 29.. 149,384 106,665 14,583 28,136 29,082 186,613 147,937 9,004 944 2,889 57,001 78,099 16,508 Apr. 26.. 149,586 107.362 14,434 27,790 32,579 190,334 151,394 9,079 894 3,839 58,129 79,453 16,766 May 31.. 151,153 108,846 14,362 27,945 34,413 193,947 155,174 9,985 1,020 2,763 60,716 80,690 16,435 June 30.. 155,085 113,213 14,141 27,731 33,806 197,155 156,850 9,645 1,008 3,527 61,701 80,970 17,592 July 26.. 154,528 113,172 13,873 27,483 30,832 193,689 153,772 9,688 1,098 2,867 58,980 81,139 17,595 Aug. 30.. 153,956 112,637 13,501 27,818 31,452 193,592 152,570 9,458 1,150 1,015 58,564 82,383 18,421 Sept. 27.. 156,822 115,352 13,692 27,778 31,640 196,672 156,023 9,509 1,285 3,512 58,956 82,761 17,788 Oct. 25.. 157,630 115,642 13,699 28,289 35,635 201,551 158,214 10,202 1,239 2,374 61,147 83,252 20,469 Nov. 29.. 163,011 119,961 14,734 28,316 29,350 200,829 159,305 8,844 1,156 2,828 62,229 84,248 18,629 Dec. 27.. 168,721 124,248 15,619 28,854 33,057 210,410 167.486 10,064 1,180 2,775 67,451 86,016 19,890 Coun 1 1 1 t 9 9 9 ry 4 4 4 5 7 1 m — — — em D D D e e e b c c c e . . . r : 3 3 3 1 1 1 9,10 3 3 1 6 5 2 , , , 3 0 5 2 0 1 4 2 8 1 5 5 0 , , , 5 8 1 9 9 9 6 9 0 2 2 4 6 2 , , , 3 9 8 9 7 5 9 7 7 2 2 3 , , , 4 2 2 6 0 5 8 8 0 1 1 6 0 0 , , , 4 7 6 7 0 3 8 2 2 4 4 1 7 6 9 , , , 5 0 4 5 5 6 3 9 6 4 4 1 4 3 7 , , , 4 4 4 1 4 1 8 3 5 1 1, . 0 2 7 5 0 9 6 7 2 3 1 1 0 7 7 5,4 4 2 6 3 2 5 2 5 2 2 1 4 8 0 , , , 3 2 1 7 3 0 8 5 9 1 1 6 2 4 , , , 2 4 5 5 9 6 8 4 0 2 1 4 3 1 1 1 1 1 1 1 9 9 9 9 9 9 6 7 7 6 6 6 1 9 0 6 7 8 — — — — — — D D D D D D e e e e e e c c c c c c . . . . . . 3 3 3 3 3 3 1 1 0 1 1 1 7 . . . . . . . . . . . 1 1 1 1 1 1 7 2 0 3 5 4 5 2 9 4 4 0 , , , , , , 2 5 5 7 7 1 1 1 1 5 1 3 1 1 8 9 5 0 1 9 6 7 8 9 1 2 8 4 3 9 0 , , , , , , 6 9 3 1 4 3 4 9 9 4 5 0 1 5 7 7 7 4 2 2 2 2 2 2 1 2 4 4 4 2 , , , , , , 2 4 6 9 3 5 7 1 8 9 4 8 8 9 9 8 3 6 4 2 2 3 2 1 0 7 6 2 2 8 , , , , , , 5 2 3 4 8 1 1 9 5 2 6 4 1 1 6 8 4 0 2 2 2 2 2 1 5 6 0 3 2 9 , , , , , , 9 4 7 3 6 0 2 4 8 3 6 0 8 8 3 4 4 4 2 1 1 1 1 1 0 8 6 3 4 6 7 4 1 1 6 9 , , , , , , 7 6 3 0 0 1 3 3 9 7 5 2 5 8 8 8 2 2 1 1 1 1 1 1 1 6 3 8 4 4 7 1 1 1 4 8 , , , , , , 7 1 8 0 7 6 4 5 0 5 8 8 9 6 0 7 0 2 2 2 2 3 3 3 , , , , , , 8 7 3 3 8 1 3 8 6 9 5 5 9 7 6 2 2 3 2 1 1 9 6 6 3 8 1 6 3 9 5 4 1 2 2 1 1 1 1 , , , , , , 9 5 4 6 5 2 7 7 9 9 6 8 1 4 3 2 4 1 6 7 6 6 6 5 9 4 1 6 7 6 , , , , , , 5 8 0 9 6 1 7 0 3 7 7 6 8 6 0 2 2 1 1 6 8 5 7 7 0 5 5 3 7 5 0 , , , , , , 5 8 9 1 1 6 6 7 4 3 7 0 9 3 4 0 0 0 3 1 1 , , , 1 8 8 8 3 5 1 3 2 0 5 0 8 6 0 8 2 4 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.. 179,4501 113,382 23,119 42,949 27,057 213,129 184,891 3,213 263 2,742 72,231 106,442 4,089 June 30.. 182.133 116,098 22,568 43,467 27,142 215,551 187,380 3,401 395 2,804 73,479 107,300 4,208 July 26.. 182,661 116,565 22,707 43,389 25,745 214,899 186,267 3.208 263 2,606 71,860 108,330 4,512 Aug. 30.. 184,883 118,482 22,613 43,788 25,573 217,197 187,669 3,118 263 1,595 72,564 110,129 4,721 Sept. 27.. 187.134 119,949 22,901 44,284 25,864 219,989 190,396 3,173 395 2,693 73,244 110,891 4,443 Oct. 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,' 224,349 194,565 3,014 395 2,390 76,235 112,531 5,379 Dec. 27*. 195,279 126,468 24,361 44,450 27,200 230,638 201,370 3,488 395 2,288 81,231 113,968 5,100 For notes see p. A-30, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • JANUARY 1973 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total NNNuuummm--and FDIC assets 3 bilities row- ccaappiittaall bbbeeerrr insurance Total Loa l ns U.S. Other ca a p n i d ta l Total 3 De- Demand Time ings ccoo aa uu cc nn -- ttss bbbaaa ooo nnn fff kkk sss Treas- 2 ac- mand Time 5 ury counts4 U.S. Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 654 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, 883 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 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13,464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 1970—Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—Dec. 31.. 514,097 345,386 64,691 104,020 98,281 635,805 535,703 31,824 2,792 10,150 219,102 271,835 25,629 46,731 13,602 1972—June 30.. 539,093 368,275 59,984 110,833 98,252 661,838 549,985 28,398 3,033 9,062 217,641 291,850 32,828 49,623 13,669 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6, 786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,: 229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 307. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 4,668 1970—Dec. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 1971—Dec. 31.. 302,756 206,758 36,386 59,612 59,191 376,318 314,085 17,511 1 ,828 6,014 128,441 160,291 18,169 27,065 4,599 1972—June 30.. 316,880 220,102 33,258 63,520 60,181 392,043 322,288 15,715 1,838 5,695 128,454 170,586 22,816 28,713 4,606 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,' 739 621 13,874 4,025 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,' • 11 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 30?. 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 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 26,998 135,517 111,777 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 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 4,448 19,256 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 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 307. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 1970—Dec. 31.. 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40,005 51,322 571 8,326 7,735 1971—Dec. 31.. 108,527 67,188 17,058 24,282 12,092 123,970 109,841 1,212 242 1,723 44,717 61,946 582 9,451 7,875 1972—June 30.. 116,317 73,126 16,276 26,915 11,822 131,774 115,992 1,088 316 1,432 45,222 67,934 1,076 10,265 7,955 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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——— CCClllaaassssssiiifffiiicccaaatttiiiooonnn bbbyyy Securities TTToootttaaalll Interbank 3 Other FFFRRRSSS mmmeeemmmbbbeeerrrssshhhiiippp CCCaaassshhh llliiiaaa--- BBBooorrr--- TTToootttaaalll NNNuuummm--aaannnddd FFFDDDIIICCC aaasssssseeetttsss 333 bbbiiillliiitttiiieeesss rrrooowww--- cccaaapppiiitttaaalll bbbeeerrr iiinnnsssuuurrraaannnccceee TToottaall LLooaannss T U u re r .S a y s . - Oth 2 er ccc ccc ooo aaa uuu aaa aaa ppp nnn nnn ccc iii ddd ttt ttt --- aaa sss lll 444 TToottaall 33 m D a e n - d Time U. D S. e r nand Tim 5 e iiinnngggsss cccooo aaa uuu ccc nnn --- tttsss bbbaaa ooo nnn fff kkk sss Govt. Other Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 3: 9 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 Dcc. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—Dec. 31 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 1971—Dec. 31 3,147 2,224 239 684 1,551 5,130 2,923 380 116 19 1,273 1,134 283 480 181 1972—June 30 4,192 3,230 274 688 1,220 5,884 3,153 384 81 21 1,409 1,258 386 494 206 Total nonmember: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—Dec. 31 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1971—Dec. 31 111,674 69,411 17,297 24,966 13,643 129,100 112,764 1,592 359 1,742 45,990 63,081 866 9,932 8,056 1972—June 30 120,510 76,357| 16,550 27,603 13,042 137,658 119,145 1,472 397 1,453 46,631 69,192 1,462 10,759 8,161 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 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 third paragraph of note 1 above. 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 • JANUARY 1973 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C an la k s s a o n f d lo T a a o n n t d a s l i f F u er e n a d d l - s C m o e m r- - Agri- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s Real Ot t h o e r, U s . e S c . u T r r it e i a e s 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- 5 govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total-.2 1947—Dec. 31.. 116.284 38,057 18,167 ,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 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,S 127,656 118,526 12,497 7,292 3,659 4,591 16,926 81,601 74,514 8,049 64,930 82,420 22,284 1972—June 30. 543.285 20,598 350,910 123,162 13,610 8,608 4,012 5,041 18,353 89,227 80,243 8,651 60,258 86,598 24,923 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 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. 31 io 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 ,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 ,167 4,123 15,713 61,091 55,839 7,207 47,633 65,244 14,494 1972—June 30. 422,775 15,561 279,588 104,419 7,924 8,260) 3,477 4,520 17,104 66,518 59,603 7,765 43,708 67,777 16,141 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 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 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1969—Dec. 31™ 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1971—Dec. 31. 17,162 621 11,693 6,355 527 263 382 1,568 949 1,167 431 1,782 2,688 379 1972—June 30. 18,541 783 12,999 7,179 666 225 242 2,015 1,011 1,054 542 1,662 2,771 325 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1969—Dec. 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 1,193 1,407 1,671 7,497 22,300 19,405 3,173 15,912 23,459 3,670 1972—June 30. 155,158 8,272 105,014 41,770 1,803 1,563 1,566 2,136 7,771 24,358 20,772 3,275 14,141 23,510 4,222 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 3110 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1971—Dec. 31. 175,582 6,208 104,520 28,201 5,599 474 821 348 2,651 33,347 31,117 1,962 24,343 31,367 9,144 1972—June 30 182,479 5,857 110,587 29,498 6,023 366 917 308 2,381 35,859 33,215 2,019 22,568 33,005 10,463 Nonmember: 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1971—Dec. 31 111,674 4,581 64,830 17,046 5,187 398 492 468 1,213 20,509 18,675 842 17,297 17,176 7,790 1972—June 30. 120,510 5,037 71,319 18,743 5,686 348 535 521 1,249 22,711 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

JANUARY 1973 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a n l l a l k s d s a a o n te f d B s w F e R a r . i n R v e th k - e . s s r C c a e o n n u i d c r n y - b m a a w B d n e n i a o s c t k t l - e h - i s s c 7 j p u m D a s o 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 c r 7 b e a F i n g o n k r - 9 G U o . v S t . . S g l a o o t n c a v a d t t e l . c C c h o f a e e i e f n e r r f c d d i s t k - i ' - s, IPC I b n a t n er k - G P S U a o o a n . s S v v d t - t . a . l g S l a o o t n c a v a d 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 n l - i t - s etc. ings Total:i 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1969—Dec. 31 io. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1971—Dec. 31.. 27,478 7,541 25,548 185,907 29,349 2,855 10,169 17,665 10,130 192,581 2,908 529 30,384 242,055 25,912 47,211 1972—June 30.. 27,119 6,799 25,764 184,468 25,522 3,261 9,083 17,687 10,652 190,710 3,114 492 33,110 259,506 33,214 50,117 All insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1971—Dec. 31.. 27,478 7,532 24,171 184,366 29,145 2,680 10,150 17,547 9,810 191,746 2,792 529 30,303 241,003 25,628 46,731 1972—June 30.. 27,119 6,773 24,713 182,806 25,335 3,064 9,062 17,568 10,172 189,900 3,033 491 33,027 258,332 32,828 49,623 Member—Total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31 io. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,395 32,047 1971—Dec. 31.. 27,478 5,778 14,893 140,446 28,056 2,556 8,427 12,955 8.587 152,843 2,549 445 23,890 185,553 25,046 37,279 1972—June 30.. 27,119 5,093 15,822 138,566 24,363 2,947 7,630 13,177 8; 859 150,382 2,717 387 25,668 197,861 31,752 39,358 New York City: 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 1 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 3110. 4,358 463 455 21,316 8,708 1,641 694 ,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1971—Dec. 31.. 5,362 459 1,806 18,315 12,047 1,779 1,513 909 3,841 26,193 1,186 51 2,060 22,145 5,195 7,285 1972—June 30.. 5,375 383 3,601 20,312 10,768 2,165 1,038 816 3,801 26,020 1,175 24 2,331 24,294 7,314 7,650 City of Chicago: 1941—Dec. 31... 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 2 9 902 426 1969—Dec. 3110. 869 123 150 5,221 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1971—Dec. 31.. 956 133 202 5,335 1,592 101 363 333 240 6,323 168 1 809 6,749 935 1,682 1972—June 30.. 1,142 94 199 5,224 1,239 92 261 295 217 6,091 139 2 1,047 7,529 2,639 1,857 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 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 1,008 180 10,809 70,054 17,592 14,020 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io. 7,179 3,302 7,870 62,729 3,080 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 2,993 8,113 1,973 63,986 263 167 10,505 90,298 ,118 15,114 1972—June 30.. 9,084 3,042 8,176 67,101 3,329 2,804 8,144 2,255 63,070 395 182 11,480 95,983 4,208 15,831 Nonmember:3 1947—Dec. 31... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 3110. 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 • JANUARY 1973 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. Other ties sees. sees. COS., etc. Large banks— Total 1971 Dec. 8 276,008 9,343 8,586 527 148 82 187,508 82,927 2,219 761 4,486 134 2,417 6,008 7,554 15 283,198 11,536 9,548 1,590 189 209 190,761 83,853 2,230 1,047 5,098 175 2,413 6,526 7,741 22 282,255 10,465 9,214 826 132 293 191,505 83,674 2,256 863 5,545 137 2,424 6,362 7,834 29 283,725 10,557 9,550 641 117 249 192,135 83,770 2,279 815 5,435 146 2,439 6,600 7,904 1972 Nov. 1 309,042 10,825 9,752 567 292 214 216,600 88,041 2,689 853 8,337 190 2,843 6,719 11,518 8 309,883 11,837 10,933 489 308 107 216,636 88,378 2,703 808 7,721 193 2,822 6,614 11,522 15 313,494 13,615 11,117 1,973 353 172 218,309 88,585 2,712 1,459 7,940 190 2,836 6,707 11,736 22 311,559 11,865 10,728 463 378 296 217,668 88,513 2,734 1,003 7,585 193 2,831 6,507 11,619 29 314,220 12,480 11,445 626 284 125 218,270 88,648 2,753 1,265 7,551 203 2,857 6,539 11,710 Dec. 6* 316,924 12,817 11,571 791 295 160 220,016 88,796 2,748 1,649 7,790 205 2,853 6,617 11,842 13* 318,400 13,212 12,054 658 348 152 220,696 89,364 2,799 887 7,715 207 2,870 6,994 12,155 20* 322,246 12,778 11,230 827 464 257 225,181 90,816 2,816 1,154 8,767 220 2,905 7,483 12,512 27* 325,199 13,385 11,012 1,545 554 274 227,072 91,057 2,838 1,624 8,608 262 2,930 7,621 12,656 New York City 1971 Dec. 8 58,668 1,137 1,026 84 10 17 44,344 25,818 25 603 2,963 43 581 1,792 1,688 15 60,954 1,148 1,043 29 76 45,678 26,273 28 819 3,365 43 589 1,984 1,763 22 59,910 803 690 20 93 45,523 25,961 30 662 3,776 44 588 1,751 1,730 29 59,635 940 918 22 45,378 25,685 28 666 3,684 45 598 1,854 1,783 1972 Nov. 1 65,216 1,101 1,069 9 23 49,606 24,735 50 733 5,225 40 668 1,972 3,209 8 64,718 743 709 22 12 49,586 24,916 50 677 4,907 42 669 1,874 3,194 15 65,980 891 834 29 28 50,513 25,002 49 1,268 5,083 35 676 1,863 3,264 22 65,299 883 697 4 182 49,633 24,946 46 874 4-, 758 35 665 1,738 3,186 29 66,101 1,256 1,240 4 12 49,812 24,930 46 1,102 4,698 35 684 1,800 3,237 Dec. 6* 66,212 439 432 4 3 51,010 25,011 44 1,494 4,888 38 684 1,783 3,298 13* 66,740 923 914 4 5 50,430 25,122 47 761 4,746 37 709 1,999 3,462 20* 68,218 914 879 4 31 52,491 25,780 45 992 5,564 36 726 2,248 3,573 27* 69,270 1,354 1,317 4 33 53,204 25,739 46 1,443 5,355 36 732 2,262 3,554 Outside New York City 1971 Dec. 8 217,340 8,206 7,560 443 138 65 143,164 57,109 2,194 158 1,523 91 1,836 4,216 5,866 15 222,244 10,388 8,505 1,561 189 133 145,083 57,580 2,202 228 1,733 132 1,824 4,542 5,978 22 222,345 9,662 8,524 806 132 200 145,982 57,713 2,226 201 1,769 93 1,836 4,611 6,104 29 224,090 9,617 8,632 641 117 227 146,757 58,085 2,251 149 1,751 101 1,841 4,746 6,121 1972 Nov. 1 243,826 9,724 8,683 558 292 191 166,994 63,306 2,639 120 3,112 150 2,175 4,747 8,309 8 245,165 11,094 10,224 467 308 95 167,050 63,462 2,653 131 2,814 151 2,153 4,740 8,328 15 247,514 12,724 10,283 1,944 353 144 167,796 63,583 2,663 191 2,857 155 2,160 4,844 8,472 22 246,260 10,982 10,031 459 378 114 168,035 63,567 2,688 129 2,827 158 2,166 4,769 8,433 29 248,119 11,224 10,205 622 284 113 168,458 63,718 2,707 163 2,853 168 2,173 4,739 8,473 Dec. 6* 250,712 12,378 11,139 787 295 157 169,006 63,785 2,704 155 2,902 167 2,169 4,834 8,544 13* 251,660 12,289 11,140 654 348 147 170,266 64,242 2,752 126 2,969 170 2,161 4,995 8,693 20* 254,028 11,864 10,351 823 464 226 172,690 65,036 2,771 162 3,203 184 2,179 5,235 8,939 27* 255,929 12,031 9,695 1,541 554 241 173,868 65,318 2,792 181 3,253 226 2,198 5,359 9,102 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates Do- For- ment govts. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1971 841 2,552 23,760 851 14,920 27,312 2,936 3,478 16,608 4,290 Dec. 8 886 2,729 23,887 897 15,041 28,280 3,948 3,659 16,514 4,159 15 936 2,920 23,974 900 15,290 28,003 3,628 3,768 16,399 4,208 22 904 3,002 24,117 918 15,406 28,944 4,339 3,766 16,607 4,232 29 1972 1,750 2,825 27,216 1,119 17,514 25,985 4,148 4,324 14,582 2,931 Nov. 1 1.789 2,875 27,261 1.131 17,754 25,669 3,838 4,369 14,540 2,922 8 1.790 2,994 27,329 1.132 17,575 26,313 3,703 4,268 15,377 2,965 15 1,875 2,960 27,390 1,128 17,787 26,597 4,126 4,288 15,224 2,959 22 1,921 2,929 27,492 1,146 17,631 27,925 5,568 4,458 15,077 2,822 29 1,994 3,092 27,573 1,146 18,151 28,357 6,110 4,495 15,042 2,710 Dec. 6* 2,077 3,064 27,750 1,146 17,928 28,175 5,957 4,514 14,995 2,709 13 * 2,264 3,158 27,879 1,158 18,199 28,191 6,343 4,355 14,928 2,565 20* 2,329 3,226 27,991 1,162 18,875 28,658 6,849 4,368 14,869 2,572 27* New York City 1971 354 1,115 1,925 554 2,825 5,046 487 618 3,182 759 Dec. 8 346 1,162 1,939 568 2,731 5,347 873 676 3,096 702 15 391 1,231 1,943 570 2,772 5,123 602 679 3,077 765 22 372 1,283 1,958 584 2,779 5,001 455 679 3,118 749 29 1972 422 1,313 2,050 714 3,548 4,781 1,289 774 2,403 315 Nov. 1 447 1,363 2,049 729 3,720 4,493 1,024 779 2,399 291 8 458 1,441 2.057 722 3,594 4,981 934 782 2,915 350 15 448 1,446 2,056 714 3,692 5,224 1,245 769 2,835 375 22 463 1,430 2.058 737 3,536 5,436 1,565 766 2,734 371 29 528 1,569 2,063 736 3,918 5,228 1,437 754 2,756 281 Dec. 6p 516 1,482 2,086 739 3,734 5,100 1,265 744 2,764 327 13* 543 1,509 2,117 732 3,619 4,803 1,259 720 2,630 194 20* 635 1,563 2,131 734 3,959 5,029 1,486 720 2,620 203 27* Outside New York City 1971 487 1,437 21,835 297 12,095 22,266 2,449 2,860 13,426 3,531 Dec. 8 540 1,567 21,948 329 12,310 22,933 3,075 2,983 13,418 3,457 15 545 1,689 22,031 330 12,518 22,880 3,026 3,089 13,322 3,443 22 532 1,719 22,159 334 12,627 23,943 3,884 3,087 13,489 3,483 29 1972 1,328 1,512 25,166 405 13,966 21,204 2,859 3,550 12,179 2,616 Nov. 1 1,342 1,512 25,212 402 14,034 21,176 2,814 3,590 12,141 2,631 8 1,332 1,553 25,272 410 13,981 21,332 2,769 3,486 12,462 2,615 15 1,427 1,514 25,334 414 14,095 21,373 2,881 3,519 12,389 2,584 22 1,458 1,499 25,434 409 14,095 22,489 4,003 3,692 12,343 2,451 29 1,466 1,523 25,510 410 14,233 23,129 4,673 3,741 12,286 2,429 Dec. 6* 1,561 1,582 25,664 407 14,194 23,075 4,692 3,770 12,231 2,382 13* 1,721 1,649 25,762 426 14,580 23,388 5,084 3,635 12,298 2,371 20* 1,694 1,663 25,860 428 14,916 23,629 5,363 3,648 12,249 2,369 27* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • JANUARY 1973 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 Total of State corp. stock, in serves Cur- ances in sub- assets/ WWeeddnneessddaayy and and process with rency with sidiar- Other total political securities of F.R. and do- ies not assets liabil- Total subdivisions collec- Banks coin mestic consol- ities ttiioonn bbaannkkss iiddaatteedd Tax Certif. war- All of All rants3 other partici- others pation4 Large banks— Total 1971 Dec. 8.. 51,845 8,289 36,302 1,497 5,757 31,358 19,190 3,696 7,747 848 15,825 354,672 15.. 52,621 8,452 36,855 1,541 5,773 37,590 17,706 3,867 8,205 849 15,614 367,029 22.. 52,282 8,322 36,663 1,518 5,779 34,895 18,592 3,838 7,545 849 16,175 364,149 29.. 52,089 8,076 36,655 1,534 5,824 32,565 22,465 4,173 7,326 857 16,253 367,364 1972 Nov. 1.. 55,632 9,383 37,651 1,565 7,033 33,089 20,173 3,818 9,457 1,095 17,573 394,247 8.. 55,741 9,087 37,909 1,662 7,083 32,951 21,528 3,654 10,139 1,099 17,464 396,718 15.. 55,257 8,833 37,594 1,741 7,089 29,628 17,322 3,836 9,944 1,100 16,918 392,242 22.. 55.429 8,828 37,772 1,712 7,117 28,708 19,109 3,734 8,792 1,101 16,688 389,691 29.. 55,545 8,769 37,878 1,763 7,135 29,136 17,809 4,402 9,949 1,104 16,843 393,463 Dec. 6* 55,734 88,,889988 37,907 1,771 7,158 28,841 18,423 3,837 10,231 1,113 17,266 396,635 13*. 56,317 88,,996699 38,382 1,800 7,166 28,178 21,174 4,275 9,684 1,113 17,207 400,031 20* 56,096 9,039 38,099 1,766 7,192 31,299 19,927 4,184 10,451 1,127 17,341 406,575 21 p. 56,084 8,981 38,148 1,763 7,192 33,872 16,482 4,526 11,063 1,129 17,347 409,618 New York City 1971 Dec. 8 . 8,141 1,454 5,376 279 1,032 13,664 5,145 469 1,648 378 5,355 85,327 15 8,781 1,814 5,641 293 1,033 16,801 4,608 475 1,809 378 5,188 90,213 22. 8,461 1,620 5,524 256 1,061 14,275 4,613 468 1,605 378 5,486 86,735 29.. 8,316 1,484 5,464 263 1,105 13,909 6,227 494 1,601 379 5,519 87,764 1972 NNoovv.. 11.... 9,728 2,765 5,428 333 1,202 11,493 4,004 446 3,243 533 5,574 90,509 88.... 9,896 2,692 5,669 416 1,119 12,243 5,498 457 4,304 537 5,522 93,279 15 , 9,595 2,605 5,395 501 1,094 10,019 4,605 458 3,393 536 5,238 90,229 22 9,559 2,583 5,387 488 1,101 9,703 4,466 418 3,104 537 5,047 88,574 29 9,597 2,583 5,395 536 1,083 11,548 4,401 501 4,223 537 5,093 92,404 Dec. 6*. 9,535 2,485 5,451 545 1,054 10,236 4,751 492 4,262 544 5,282 91,779 13*, 10,287 2,710 5,896 578 1,103 9,314 5,603 501 3,690 544 5,201 91,593 20*. 10,010 2,829 5,582 543 1,056 11,064 4,847 480 4,219 542 5,441 94,811 27*, 9,683 2,672 5,462 540 1,009 11,986 3,26a 512 4,431 544 5,463 95,466 Outside New York City 1971 Dec. 8 . 43,704 6,835 30,926 1,218 4,725 17,694 14,045 3,227 6,099 470 10,470 269,345 15 43,840 6,638 31,214 1,248 4,740 20,789 13,098 3,392 6,396 471 10,426 276,816 22 43,821 6,702 31,139 1,262 4,718 20,620 13,979 3,370 5,940 471 10,689 277,414 29.. 43,773 6,592 31,191 1,271 4,719 18,656 16,238 3,679 5,725 478 10,734 279,600 1972 NNoovv.. 11.... 45,904 6,618 32,223 1,232 5,831 21,596 16,169 3,372 6,214 562 11,999 303,738 88 45,845 6,395 32,240 1,246 5,964 20,708 16,030 3,197 5,835 562 11,942 303,439 15 45,662 6,228 32,199 1,240 5,995 19,609 12,717 3,378 6,551 564 11,680 302,013 22 45,870 6,245 32,385 1,224 6,016 19,005 14,643 3,316 5,688 564 11,641 301,117 29 . 45,948 6,186 32,483 1,227 6,052 17,588 13,408 3,901 5,726 567 11,750 301,059 Dec. 6* 46,199 6,413 32,456 1,226 6,104 18,605 13,672 3,345 5,969 569 11,984 304,856 13* 46,030 6,259 32,486 1,222 6,063 18,864 15,571 3,774 5,994 569 12,006 308,438 20* 46,086 6,210 32,517 1,223 6,136 20,235 15,080 3,704 6,232 585 11,900 311,764 27*. 46,401 6,309 32,686 1,223 6,183 21,886 13,222 4,014 6,632 585 11,884 314,152 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 SSttaatteess States Wednesday aanndd Certi- and Doppoolliitt-- fied polit- mes- For- Total IPC ss ii uu ccaa bb ll -- G U o .S vt . . Com- Mutual Com- o a f n f d i- Total 6 s i u ca b l - in t t i e c r - go ei v g t n s. 2 ddiivvii-- mer- sav- Govts., mer- cers' Sav- Other divi- bank ssiioonnss cial ings etc. 2 cial checks ings sions banks Large banks— Total 1971 1 1 1 1 4 5 5 5 2 5 2 2 , , , , 7 6 2 6 6 9 9 9 1 5 5 9 1 1 1 1 0 0 0 0 7 6 0 5 , , , , 8 5 4 9 8 6 7 7 5 3 8 8 6 6 6 6 , , , , 2 5 9 9 1 6 6 6 3 2 3 0 5 6 7 1 , , , , 0 5 3 7 2 7 1 7 1 1 3 0 2 2 2 2 2 3 0 1 , , , , 7 7 8 9 7 4 8 0 5 6 0 4 6 5 6 6 1 6 8 3 1 5 5 6 7 9 7 8 7 6 8 5 9 2 9 2 2 2 2 2 , , , , 5 3 3 4 8 3 2 0 7 3 2 2 7 7 6 8 , , , , 4 4 6 8 9 2 2 0 9 6 0 0 1 1 1 1 3 3 3 4 8 9 8 0 , , , , 8 9 8 9 6 2 1 3 1 1 3 2 5 5 5 5 4 4 4 4 , , , , 1 5 0 2 6 4 3 1 7 2 4 4 6 6 6 6 1 0 1 0 , , , , 4 5 2 9 7 5 7 2 5 0 4 4 1 1 1 1 7 6 7 5, , , , 7 2 5 5 1 2 6 5 7 9 2 0 2 2 2 2 , , , , 0 1 1 1 9 3 2 0 1 5 9 9 5 5 5 4 , , , , 0 0 9 0 1 7 6 0 0 3 4 0 Dec. 2 2 1 8 2 9 5 1972 155,144 109,379 7,403 3,888 21,947 992 849 3,328 7,358 156,686 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 7,473 157,864 58,218 72,462 18,085 2,835 5,701 8 151,763 110,154 6,931 3,200 20,819 757 818 2,994 6,090 157,575 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 5,739 158,586 58,237 72,916 18.007 2,914 5,869 22 152,024 108,876 6,483 4,824 20,620 657 829 2,849 6,886 158,858 58,184 73,103 18.008 2,945 5,955 29 154,028 109,290 6,505 4,384 22,542 724 1,018 3,205 6,360 158,633 58,259 72,878 17,875 2,985 6,017 Dec. 6? 1 1 1 6 5 6 5 2 0 , , , 4 0 5 7 9 3 1 9 0 1 1 1 1 1 1 8 1 4 , , , 4 9 4 0 0 5 7 5 2 7 6 6 , , , 1 7 7 2 5 1 1 1 8 5 4 1 , , , 9 6 9 1 8 7 5 0 6 2 2 2 1 2 0 , , , 5 6 0 9 9 6 5 8 2 6 7 6 9 4 6 5 3 2 1,0 9 9 0 3 8 4 2 3 3 3 3, , , 5 0 2 1 7 8 1 8 4 6 7 7 , , , 4 4 1 0 0 1 7 7 4 1 1 1 5 6 6 9 1 0 , , , 8 0 4 6 9 4 7 0 0 5 5 5 8 8 8 , , , 0 1 1 9 5 6 1 4 2 7 7 7 3 3 3 , , , 5 1 1 6 9 6 5 9 2 1 1 1 8 9 9 , , , 7 2 3 6 5 8 7 3 4 2 3 3 , , , 9 0 0 9 5 6 7 0 2 6 6 6 , , , 1 2 2 6 9 2 1 3 6 2 2 1 1 0 3 f ? p New York City 1971 40,676 22,455 407 282 10,495 364 606 1,797 4,270 23,872 5,272 12,930 1,637 1,138 2,780 Dec. 8 46,200 25,105 895 1,443 11,151 322 700 1,587 4,997 23,159 5,276 12,391 1,514 1,064 2,799 15 42,933 24,019 643 1,754 9,609 315 640 1,657 4,296 23,350 5,268 12,465 1,649 1,066 2,795 22 42,960 24,746 423 1,935 9,496 355 818 1,645 3,542 23,529 5,313 12,621 1,654 1,057 2,773 29 1972 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 41,446 23,115 373 809 10,681 360 863 2,363 2,902 27,022 5,628 14,963 1,695 1,707 2,931 Dec. 6* 39,421 23,579 361 233 9,029 340 823 2,222 2,834 27,236 5,621 15,066 1,712 1,694 3,047 13? 43,916 25,072 561 1,527 9,462 338 762 2,376 3,818 27,187 5,596 14,897 1,750 1,726 3,128 2QP 45,892 26,466 554 1,048 10,501 385 831 2,568 3,539 27,426 5,603 15,046 1,833 1,722 3,102 27 r Outside New York City 1971 102,085 78,023 5,855 1,488 12,280 301 173 736 3,229 114,989 48,762 48,545 14,080 997 2,284 Dec. 8 109,495 82,458 6,065 3,578 12,595 289 152 735 3,623 115,654 48,891 48,159 15,048 1,027 2,211 15 109,362 81,959 6,270 4,559 12,295 270 149 730 3,130 116,571 48,946 48,459 15,580 1,043 2,205 22 109,739 82,139 6,140 5,636 11,384 281 144 757 3,258 117,403 49,229 48,653 15,896 1,072 2,200 29 1972 113,103 85,372 6,709 3,234 12,494 559 136 898 3,701 129,792 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 3,520 130,335 52,574 57,177 15,990 1,258 2,872 8 112,206 86,518 6,533 2,326 11,832 367 163 830 3,637 130,497 52,535 57,305 15,851 1,253 3.011 15 109,534 84,960 6,100 3,042 10,846 353 134 908 3,191 131,259 52,593 57,732 16,118 1,261 3.012 22 109,999 84,638 6,121 3,850 10,543 331 139 846 3,531 131,400 52,544 57,901 16,094 1,278 3,019 29 112,562 86,175 6,132 3,575 11,861 364 155 842 3,458 131,611 52,631 57,915 16,180 1,278 3,086 Dec. 6 p 112,678 88,326 6,390 1,382 11,669 322 160 856 3,573 132,631 52,541 58,096 17,005 1,303 3,114 13 p 116,614 89,380 6,157 4,453 11,600 357 170 908 3,589 133,253 52,495 58,302 17,503 1,324 3,098 20 P 119,579 91,941 6,567 3,928 12,094 358 173 943 3,575 133,664 52,551 58,519 17,551 1,340 3,191 27 p For notes see p. A-30, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • JANUARY 1973 AND LIABILITIES (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 11 ties of pur- F.R. ties, Secur- ac- loans invest- mand banks chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed9 ad- justed to Total to to foreign justed9 IPC's others branches Large banks— Total 1971 25,305 66 1,053 15,741 4,003 26,792 187,424 266,581 86,858 34,317 21,714 12,603 1,867 Dec. 8 25,158 8 1,040 15,520 4,009 26,709 191,863 272,764 89,338 33,292 20,862 12,430 1,386 15 23,644 793 1,038 15,769 3,995 26,618 191,820 272,105 89,183 33,746 21,203 12,543 1,544 22 26,046 1,249 1,020 14,762 3,895 26,684 192,238 273,271 91,683 33,951 21,282 12,669 909 29 1972 Nov. 1 30,375 410 2,109 16,232 4.191 29,029 215,923 297,540 96,220 41,792 27,170 14,622 1,387 8 34,436 1,332 2,181 15,702 4.192 29,098 215,751 297,161 92,713 42,919 27,879 15,040 1,338 15 32,252 25 2,068 15,314 4,191 28,983 219,017 300,587 98,116 42,884 27,756 15,128 1,841 22 32,744 118 2,026 14,981 4,199 29,106 216,930 298,956 96,268 43,701 28,400 15,301 1,458 29 31,365 525 2,157 15,071 4,208 29,184 217,384 300,854 97,444 43,927 28,492 15,435 1,745 Dec. 6* 32,768 150 2,237 15,201 4,207 29,339 219,268 303,359 98,261 43,648 28,283 15,365 1,618 13* 36,026 898 2,128 15,372 4,202 29,367 219,777 304,269 101,608 44,126 28,531 15,595 1,699 20* 32,866 1,238 2,023 15,922 4,170 29,315 224,465 308,752 102,189 44,303 28,492 15,811 1,801 27* 30,934 1,293 1,872 15,358 4,142 29,387 227,116 311,858 104,028 44,764 28,753 16,011 1,400 New York City 1971 Dec. 8 6,346 200 6,081 1.184 6,968 44,101 57,288 16,235 11,667 7,761 3,906 1,069 15 6,399 225 6,090 1,186 6,954 45,437 59,565 16,805 10,964 7,299 3,665 884 2 2 9 2 6 5 , , 8 5 6 7 9 6 5 51 3 5 7 2 2 2 1 9 2 6 5 , , 0 7 7 0 7 0 1 1 . , 1 1 8 4 5 5 6 6 , , 8 8 4 3 8 4 4 45 5 , , 0 2 2 4 8 5 5 5 8 8 , , 8 3 2 4 9 5 1 1 7 7 , , 2 6 9 2 5 0 1 1 1 1 , , 1 2 6 3 1 4 7 7, , 4 3 5 8 6 4 3 3 . . 7 7 7 7 8 7 9 5 3 7 9 8 1972 Nov. 1 6,626 15 606 5,758 1,228 7,341 49,216 63,725 20,441 14,211 9,772 4,439 1,005 8 8,603 413 588 5,645 1,228 7,351 49,173 63,562 18,375 14,843 10,160 4,683 974 15 8,552 523 5,954 1,229 7,336 50,112 64,688 19,677 14,430 9,859 4,571 1,515 22 8,243 528 5,468 1,234 7,447 49,371 64,154 19,627 14,786 10,167 4,619 1,136 29 7,731 270 598 5,626 1,234 7,462 49,365 64,398 19,426 14,800 10,105 4,695 1,344 Dec. 6* 8,268 610 5,659 1,238 7,516 50,489 65,252 19,740 14,364 9,810 4,554 1,174 13* 9,560 250 574 5,791 1,237 7,524 49,923 65,310 20,845 14,495 9,927 4,568 1,349 20* 7,948 487 510 6,038 1,222 7,503 51,983 66,796 21,863 14,447 9,748 4,699 1,487 27* 6,878 430 422 5,711 1,214 7,493 52,606 67,318 22,357 14,704 9,913 4,791 1,169 Outside New York City 1971 Dec. 8 18,959 66 853 9,660 2,819 19,824 143,323 209,293 70,623 22,650 13,953 8,697 798 15 18,759 8 815 9,430 2,823 19,755 146,426 213,199 72,533 22,328 13,563 8.765 502 22 18,068 256 809 9,692 2,810 19,770 146,575 213,276 7M 22,585 13,819 8.766 605 29 19,177 734 808 9,062 2,750 19,850 147,210 214,926 74,063 22,717 13,826 8,891 331 1972 Nov. 1 23,749 395 1,503 10,474 2.963 21,688 166,707 233,815 75,779 27,581 17,398 10,183 382 8 25,833 919 1,593 10,057 2.964 21,747 166,578 233,599 74,338 28,076 17,719 10,357 364 15 23,700 25 1,545 9,360 2,962 21,647 168,905 235,899 78,439 28,454 17,897 10,557 326 22 24,501 118 1,498 9,513 2.965 21,659 167,559 234,802 76,641 28,915 18,233 10,682 322 29 23,634 255 1,559 9,445 2,974 21,722 168,019 236,456 78,018 29,127 18,387 10,740 401 Dec. 6* 24,500 150 1,627 9,542 2,969 21,823 168,779 238,107 78,521 29,284 18,473 10,811 444 13* 26,466 648 1,554 9,581 2,965 21,843 169,854 238,959 80,763 29,631 18,604 11,027 350 20* 24,918 751 1,513 9,884 2,948 21,812 172,482 241,956 80,326 29,856 18,744 11,112 314 27* 24,056 863 1,450 9,647 2,928 21,894 174,510 244,540 81,671 30,060 18,840 11,220 231 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. i o 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

JANUARY 1973 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1972 1972 1972 1972 Industry Dec. Dec. Dec. Dec. Nov. 2nd 1st 27 20 13 6 29 Dec. Nov. Oct. IV III half half Durable goods manufacturing: Primary metals 2,019 2,024| 2,019 2,022 2,032 -13 5 31 23 -97 30 -74| 84 Machinery 4,605 4,565 4,481 4,399 4,285 320 318 -132 506 -116 -74| 390 -165 Transportation equipment 2,079 2,058 2,010 2,057 2,135 -56 33 -164 -187 -93 -317 -280! -303 Other fabricated metal products... 1,7661 1,779 1,734 1,709 1,7301 36 -41 -22 -27 82 -22] 55 -5 Other durable goods 2,891 2,894 2,840 2,853 2,830| 61 -63 -22] -24j 89 185 65 331 Nondurable goods manufacturing: Food, liquor, and tobacco 3,4401 3,402 3,233 3,220| 3,178 262 180] 191 633 182 -41 815 -268 Textiles, apparel, and leather 2,694 2,746 2,757! 2,768 2,788 —94| -157 -98 -349 188 281 -161 562 Petroleum refining 975' 1,036 946 950! 928| 47 44] -83 8 -22 -88 -14] -185 Chemicals and rubber 1,860 1,752 1,754 1,734| 1,772 -73 -22 -7 -261 -23 -268 -126 Other nondurable goods 1,696 1,682 1,693 1,705 1,690 -49 -23 -66 108 -93 42 -168 Mining, including crude petroleum and natural gas 3,624 3,755 3,596] 3,578! 3,632 -76 46 — 381 58 -66| 20 -203 Trade: Commodity dealers 1,793 1,777 1,668 1,660j 1,621 172 174 128 474] 141 — 3041 615 -498 Other wholesale 4,644 4,630 4,591 4,5821 4,581 63 -54 39 48 104 111 152 59 Transpo R r e ta ta ti i o l n 5 5 , ,5 0 9 2 1 5 5 5 , , 2 5 4 4 2 1 ) 5 5 , ,5 2 1 8 5 6 5 5, , 4 2 3 5 4 5 ! 5 5 , , 3 4 5 2 9 3 -3 1 3 6 4 8 | 9 3 8 5 41 3 8 3 ] 2 1 3 8 6 2 -2 3 9 2 1 4 1 13 3 8 3 ~ 5 5 0 5 6 397 Communication 1,857 1,809 1,765 1,756! 1,736] 121 6 24] 151 271 195 422 "iii Other public utilities 3,593 3,526 3,437 3,457 3,326 267 178 92 537 357] 247 8941 -27 Construction 4,664 4,644 4,608 4,603 4,601 63 5 -23 45 321 325 366 481 Services 9,139 9,064 8,967 8,965 8,899 2401 133 188 561 -26 358 535 730 All other domestic loans 5,760 5,726 5,693 5,550| 5,529 231 -77 -52 102 -38 -134 64) 42 Bankers' acceptances 1,525 1,479 1,392] 1,394] 1,344] 181 34] 61 276 -192 — 300] 84] -853 Foreign commercial and industrial loans 3,878 3,867 3,777 3,697 3,715 163 182 67 412 69 83 481 172 Total classified loans 75,118 74,998 73,762 73,348 73,134! 1,984 835 677 3,496 1,158 524 4,6541 178 Total commercial and industrial loans>91,057 90,816 89,364 88,796 88,648 2,409 1,137 882 4,428 1,487 1,328! 5,915 1,372 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF URGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1972 1972 1972 1972 Industry Dec. Nov. Oct. Sept. Aug. July June May Apr. 2nd 27 29 25 27 30 26 28 31 26 IV III half Durable goods manufacturing: Primary metals 1,268 1,278 1,282 1,302 1,313 1,354] 1,369) 1,381 1,367| -34 -67 27 -20 -101 Machinery 2,154! 2,034 1,905 1,904 1,968] 1,935 1,958 1,9861 2,005 250 -54] -1141 -213 196 Transportation equipment. 1,205 1,256) 1,200| 1,306 1,266] 1,244] 1,360| 1,370] 1,389 -101 — 54| -133 -127 -155 Other fabricated metal products 720 707 683 682 713 711 677 685 695 38] 5 -11 -25 43 Other durable goods 1,239 1,196 1,194] 1,189 1,147 1,1301 1,183 1,144] 1,163 50 6 38 10 56 Nondurable goods manufacturing: Food, liquor, and tobacco. 1,234| 1,191 1,183 1,080 1,084| 1,034| 931 947 9091 154] 149 19] -109 303 Textiles, apparel, and leather 723 6991 73o! 710! 689 701 666] 646® 667 13 441 15 75 57 Petroleum refining 698] 681 658 679 652 685 694 726 714 19] -15 -63 -135 4 Chemicals and rubber 1,153 1,143 1,1901 1,158 1,188 1,2001 1,234 1,245 1,238 -5 -76 8 -215 -81 Other nondurable goods.. 894 913 944| 923 882 860 875 930) 960 -29 48 -105 -44 19 Mining, including crude petroleum and natural gas. 2,685 2,726 2,748 2,679 2,724 2,723] 2,667 2,785 2,870 6 12 -205 -167 Trade: Commodity dealers.. 121 121 123' 1061 107 110| 109 128 125 15 -3 -16 10| 12 Other wholesale 894 880 876 864 866 905 902 912 889 30| -38 —25 34 -8 Retail 1,592 1,588 1,496 1,444 1,375 1,345 1,297 1,332 1,328 148 147 -43 -43 295 Transportation 4,180 4,070 4,082 4,090 4,197 4,243 4,314 4,285 4,400 90] -224] -69 -57 -134 Communication 682 549 536 561 516 517 502 427 460 121 59 62 13 180 Other public utilities 1,975 1,825 1,759 1,688 1,643 1,471 1,423 1,218 1,161 287 265 263 -156 552 Construction 1,558 1,528 1,514 1,544| 1,453 1,392] 1,404] 1,371 1,376 14] 140] -13 173 154 Services 4,026 3,999 3,950 3,861 3,811 3,747 3,706 3,555 3,593 165 155 49] 169 320 All other domestic loans 1,597 1,532 1,458 1,553 1,491 1,549 1,465 1,787 1,805 44| -238 272 132 Foreign commercial and industrial loans 2,366] 2,264 2,177 2,143 2,0641 2,028| 2,033 1,995 1,981 223 110 941 -137 333 Total loans. 32,964] 32,180 31,688 31,466 31,149 30,884 30,769 30,855 31,095 ,498 697 -460 -692 2,195 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 • JANUARY 1973 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holdei r Total Class of bank, and quarter or month deposits, F b i u n s a i n n c e i s a s l No b n u f s in in a e n s c s i al Consumer Foreign o A th U er IPC All commercial banks: 1970—June 17.1 85.3 49.0 1.6 9.6 162.5 Sept 17.0 88.0 51.4 1.4 10.0 167.9 Dec 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar 18.3 86.1 54.1 1.4 10.4 170.3 June '18.1 r89.6 r56.2 1.3 r10.5 175.8 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 '20.2 r92.6 '54.7 r1.4 r12.3 '181.2 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—Nov 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 r14.0 r55.9 r25.0 1.2 r6.0 102.1 Apr 14.3 56.9 27.0 1.2 5.9 105.4 May 13.7 56.2 25.4 1.2 5.7 102.1 June 14.1 57.3 25.7 1.3 6.0 104.3 July 14.3 58.5 26.1 1.3 6.0 106.3 Aug 13.6 57.4 26.0 1.3 5.7 104.0 Sept 13.7 59.0 26.2 1.3 6.2 106.4 Oct 14.1 60.0 26.2 1.3 6.1 107.8 Nov.* 14.5 60.5 26.7 1.3 6.2 109.2 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE.—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Dec. 31, June 30, Class of Dec. 31, Dec. 31, Dec. 31, June 30, bank 1969 1970 1971 1972 bank 1969 1970 1971 1972 All commercial 11111,,,,,111113333311111 888880000044444 666668888800000 555559999955555 All member—Cont. Insured 11111,,,,,111112222299999 888880000033333 666667777777777 555559999922222 Other reserve city 333330000044444 111114444433333 111111111122222 7777733333 National member 666668888888888 444443333333333 333338888877777 333334444400000 Country 555557777711111 444443333377777 333337777711111 333334444466666 State member. 111118888888888 111114444477777 9999955555 7777799999 All nonmember 222225555555555 222222222244444 111119999977777 111117777777777 All member 888887777766666 555558888800000 444448888822222 444441111199999 222225555533333 222222222233333 111119999955555 111117777733333 Noninsured 22222 11111 22222 33333 NOTE.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at 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

JANUARY 1973 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks DDDaaattteee By type of loan By type of loan TToottaall TToottaall Commercial Commercial and All other and All other industrial industrial 1972—Sept. 6 2,439 1,530 909 1,707 303 1,404 13 . . 2,412 1,496 916 1,722 312 1,410 20 2,327 1,487 840 1,712 301 1,411 27 2,264 1,466 798 1,709 299 1,410 Oct. 4 2,176 1,386 790 1,718 295 1,423 11 2,224 1,390 834 1,717 295 1,422 18 2,249 1,446 803 1,750 307 1,443 25 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 Dec. 6 2,567 1,670 897 1,774 309 1,465 13 2,548 1,624 924 1,787 309 1,478 20 2,635 1,708 927 1,787 309 1,478 27 2,579 1,655 924 1,782 304 1,478 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im- Ex- Others ports ports All Bank Bank For- into from other related Other i related Other2 Total Own Bills Own eign United United bills bought acct. corr. States States 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 197 0 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971—No v 31,164 406 11,825 1,624 17,309 7,479 2,852 2,204 648 58 258 4,312 2,848 1,392 3,239 Dec 29,934 495 10,923 1,478 17,038 7,889 3,480 2,689 791 261 254 3,894 2,834 1,546 3,509 > Dec 31,103 495 10,923 1,478 18,207 1972—Ja n 32,167 505 11,922 1,582 18,158 7.601 2,917 2,157 761 75 253 4,356 2,558 1,584 3,458 Feb 32,579 525 12,262 1,624 18,168 7,935 3,123 2,408 715 63 267 4,482 2,589 1,717 3,629 Mar 32,681 545 12,233 1,627 18,276 7,985 3,083 2,246 837 143 263 4,496 2,597 1,774 3,613 Apr 32,814 532 12,394 1,644 18,244 7,734 2,840 2,009 830 83 265 4,547 2,597 1,707 3,431 May.... 33,055 517 12,043 1,482 19,013 7,443 2,874 2,117 757 143 261 4,165 2,683 1,596 3,164 June ... 33,482 542 12,325 1,429 19,186 7,069 2,817 2,082 735 73 251 3,927 2,657 1,569 2,843 July 33,891 604 12,319 1,652 19,316 6,643 2,430 1,873 557 63 263 3,887 2,492 1,606 2,545 Aug 32,998 705 12,239 1,716 18,338 6,639 2,298 1,829 469 96 287 3,958 2,532 1,631 2,476 Sept 32,645 775 12,313 1,593 17,964 6.602 2,403 1,833 569 62 261 3,876 2,538 1,646 2,418 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 2,377 Nov 34,067 876 12,345 1.709 19,137 6,864 2,529 1,995 535 63 199 4,073 2,621 1,844 2,400 ^ 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 • JANUARY 1973 PRIME RATE CHARGED BY BANKS (Per cent per annum) Effective date Rate Effective date Rate Effective date Rate Effective date Rate 1956— A A u pr g . . 2 1 1 3 4 3 V4 1970— N S M e o a p v r t . . . 2 1 2 1 2 5 m m 8 1972— M Fe a b r . . 2 13 8 , 43 4 /8 y4 m 4^ - 1972—Oct. 1 4 2 1 534- 1957—Aug. 6 4 4 % Dec. 2 2 2 3 e 7 y 4 2 2 3 7 , , 4 43 3 4 ^ - --4 7/8-5 Nov. 1 6 6 534«-5% 1958—A S Ja e pn p r t .. . 22 1 12 1 4 3 % 1971—Jan. 1 6 5 , 6 6 1 % /4 Apr. 3 5 , , 45%m «-5 20. 5533,44«--57/8 18, 6 17, Dec. 26. 534.-6 1959—May 18 4% F M e a b r . . 1 1 6 1 , , 5 May 1, 5--51/4 Sept. 1 5 19, 5% 30, 1960—Aug. 23 4% Apr. 23. June 12. 5- May 11, 5% 26. 5--51/8 1965—Dec. 6 5 July 6. 5%-6 5-514- 1966—J A Mu u an g re . . 2 1 19 6 0 6 5sy % 4 Oct. 20 7 , . 6 5 % July 1 3 0 , , 51/ 5 4 lh -- 53/8- 1967—Jan. 26-27.... 5^-5^/4 Nov. 4 1 . . 3 1 1 7 . . 5 5 y 14^ m .- - 5 5 3 y / t 8- Mar. 27 5% 8. 5% Nov. 20 6 2 2 2 9 . . 5^--55/8 Aug. 1 1 1 4 , , 5 5 1 14 4 - --53/8 1968—Apr. 19 6% 21, 51/4--53/8 Sept. 25 6-6% Dec. 6. 25. 51/4--53/8- Nov. 13 6% 5Vt Dec. 2 6% 27. 29, 51/4-53/8- 18 6% 31. 514-53/8- 5Vi- 51/4- 1969—J M a a n r . . 1 7 7 7 7 % 1972—Jan. 1 3 7 . . 4 5 3 -5 4i 5 /8 - - 5 5 1 i4 /4 » - Sept. 4 5 , . 5i/i- June 9 8% 24. 11. 31. 25. 51/2--55/8- 53/4 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

JANUARY 1973 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities4 PPrriimmee FFFiiinnnaaannnccceee ccoommmmeerrcciiaall CCCOOO... PPPrrriiimmmeee FFFeeeddd--ppaappeerr ** pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' eeerrraaalll 3-month bills5 6-month bills5 9- to 12-month issues 5 PPPeeerrriiioooddd ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 333 yyeeaarr 90-119 4- to 6- 333--- tttooo 666--- 999000 dddaaayyysss iii Rate Market Rate on Market 1-year iissssuueess 77 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 1972 4.67 4.69 4.52 4.47 4.44 4.071 4.07 4.466 4.49 4.77 4.86 5.85 1971—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 Dec 5.40 5.45 5.24 5.16 5.33 5.061 5.07 5.287 5.30 5.28 5.46 6.07 Week ending— 1972—Sept. 2 4.90 4.95 4.63 4.75 4.90 4.332 4.47 4.818 4.92 5.28 5.38 6.11 9 5.00 5.09 4.75 4.75 4.89 4.569 4.71 4.937 5.06 5.36 5.47 6.19 16 5.00 5.13 4.90 4.88 4.69 4.759 4.71 5.074 5.11 5.42 5.47 6.20 23 5.13 5.15 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. 7 5.19 5.28 5.00 4.95 5.15 4.601 4.66 5.082 5.16 5.46 5.51 6.11 14 5.25 5.31 5.13 5.00 5.09 4.743 4.79 5.159 5.16 5.39 5.43 6.10 21 5.25 5.33 5.13 5.10 4.91 4.818 4.78 5.127 5.12 5.38 5.42 6.11 28 5.22 5.31 5.19 5.13 5.01 4.712 4.73 5.105 5.10 5.34 5.30 6.10 Nov. 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 5.25 5.13 5.00 5.03 4.886 4.88 5.178 5.18 5.25 5.35 6.04 9 5.28 5.38 5.13 5.10 5.17 4.945 5.00 5.230 5.25 5.27 5.39 6.05 16 5.33 5.40 5.18 5.13 5.29 5.099 5.05 5.309 5.27 5.22 5.42 6.04 23 5.50 5.50 5.35 5.20 5.38 5.087 5.15 5.297 5.36 5.26 5.49 6.09 30 5.56 5.59 5.38 5.25 5.34 5.111 5.13 5.313 5.34 5.39 5.55 6.12 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 • JANUARY 1973 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 ll n t oo a nn i t t gg e e s -- d N i A s e s a u w a e - By r s a e t l i e n c g t ed gr B o y u p term) 1 otal1 Aaa Baa uuttiilliittyy 1 otal1 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 6.06 196 3 4.00 3.28 3.06 3.58 4.21 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.34 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.50 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.43 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.50 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.71 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 197 0 6.59 6.42 6.12 6.75 8.68 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.28 197 1 5.74 5.62 5.22 5.89 7.62 7.94 7.39 8.56 7.57 8.38 8.13 6.69 3.14 5.44 1971—De c 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 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 1972—Ja n 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 Feb 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 Mar 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 Apr 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 May 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 June 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 July 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 Aug 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 Sept 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 Oct 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 Nov 5.63 5.13 4.91 5.39 7.15 7.47 7.08 7.93 7.22 7.91 7.48 6.92 2.70 Dec Week ending— 1972—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 11... 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 9. . . 5.57 5.04 4.85 5.30 7.15 7.46 7.05 7.94 7.20 7.90 7.48 6.90 2.68 16. . . 5.60 5.11 4.90 5.35 7.21 7.47 7.08 7.94 7.22 7.91 7.48 6.94 2.67 23. . . 5.68 5.19 4.95 5.45 7.48 7.10 7.93 7.25 7.91 7.47 6.89 2.73 30. . . 5.70 5.19 4.95 5.45 7.48 7.11 7.90 7.25 7.89 7.48 6.93 2.71 Number of issues2 9 20 5 5 121 20 30 41 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Thurs. figures. (3) Corporate: New-issue Aaa utility rates are weekly averarately. Because of a limited number of suitable issues, the number ages compiled by the Board of Governors of the Federal Reserve System. of corporate bonds in some groups has varied somewhat. As of Dec. Rates for seasoned issues are averages of daily figures from Moody's In- 23, 1967, there is no longer an Aaa-rated railroad bond series. vestors Service. 2 Number of issues varies over time; figures shown reflect most recent Stocks: Standard and Poor's corporate series. Dividend/price ratios count. are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on eight median yields for a sample of non- NOTE.—Annual yields are averages of monthly or quarterly data. callable issues—12 industrial and two public utility; common stock ratios Bonds: Monthly and weekly yields are computed as follows: (1) U.S. on the 500 stocks in the price index. Quarterly earnings are seasonally Govt.: Averages of daily figures for bonds maturing or callable in 10 years adjusted at annual rates. or more. (2) State and local govt.: General obligations only, based on Notes to tables on opposite page: Security Prices: Terms on Mortgages: i Begins June 30,1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude NOTE.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market NOTE.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com- companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5V£ hours per day, or 27Vi 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

JANUARY 1973 • SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer- (thousands of 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 r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce in to d t e a x l l NYSE 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 83.76 110.6 93.9 88.17 93.48 46.78 76.08 12.05 6,174 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 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 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 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 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 67.73 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 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 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 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 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 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 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 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 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 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 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 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 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 68.68 87.1 66.05 117.50 131.08 45.23 61.73 64.26 69.96 48.44 42.28 83.45 26.50 18,146 69.66 87.7 66.1 16.75 130.06 44.30 62.52 63.89 69.24 48.72 42.77 84.42 26.42 19,346 69.28 88.0 66.16 18.16 131.76 45.23 62.34 64.67 70.32 49.50 42.65 84.30 26.72 18,700 68.96 87.2 66.04 118.57 132.30 45.04 62.10 64.81 70.63 49.19 42.39 83.79 26.62 17,408 68.17 86.7 66.0 16.03 129.42 43.99 61.11 63.47 69.10 47.17 41.87 82.49 26.29 16,774 68.04 86.5 66.02 117.09 130.76 43.90 60.85 63.97 69.72 47.29 42.02 82.78 26.25 19,262 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p e n r e s t g r ) & e 1 s M (y a e t a u r r s it ) y L c p r ( o e a p r n a t i e c i n r t o e ) / (t d h c p o P o h l r u u l a i a s r c s r . - e e s o ) f (t a d h L m o o l o u o la a s u r n . n s o t ) f C c t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p e n r e s t g r ) & e l s M (y a e t a u r r s i ) t y L c p r ( o e a p r n a t i e c i r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . - e e s o ) f (t a d h L m o o l o u o la a s u . r n n s o ) t f 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969 1 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1971 7.60 .87 26.2 74.3 36.3 26.5 7.54 .77 24.2 73.9 31.7 23.1 11997711-- 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 11997722--—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.r 7.48 .88 27.2 77.3 36.0 27.4 7.43 .84 26.1 76.3 33.3 25.0 Nov 77..5500 ..9911 2277,,55 7777..33 37.1 28.0 7.44 .84 26.3 76.8 33.6 25.4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT • JANUARY 1973 STOCK MARKET CUSTOMER FINANCING (In millions of dollars) Margin credit at brokers and banks 1 Regulated : Unregulated 3 Other Free credit balances security at brokers 5 End of period By source By type credit at banks 4 Margin stock Convertible Subscription Nonmargin bonds issues stock Total Brokers Banks credit at banks Brokers Banks Brokers Banks Brokers Banks Margin Cash accts. accts. 1971—Oct.. 6,016 5,238 778 4,950 711 239 53 49 14 1,194 204 393 1,765 Nov., 5,995 5,198 797 4,910 731 242 51 46 15 1,193 209 412 1,758 Dec.. 6,835 5,700 835 5,400 764 258 57 42 14 1,197 298 387 1,837 1972—Jan. . . 6,850 5,989 861 5,700 789 252 56 37 16 182 313 448 2,040 Feb.... 7,427 6.477 950 6,180 877 256 56 41 17 170 327 434 2,108 Mar... 7,847 6,896 951 6,620 883 240 53 36 15 158 294 442 2,070 Apr... 8,250 7,283 967 7,010 898 240 57 33 12 150 278 433 2,030 May. . 8,472 7.478 994 7,200 924 241 58 37 12 141 296 403 1,930 June.. *8,860 7,792 pl,068 7,510 1,000 244 *56 38 H2 253 258 386 1,845 July... *9,042 7,945 PL,097 7,660 1,026 248 P5B 37 P 13 334 229 403 1,842 Aug.. . 8,061 7,780 246 35 384 1,733 Sept... 8,083 7,800 248 35 380 1,677 Oct... . 8,081 7,800 250 30 389 1,708 Nov.. . 8,166 7,890 249 27 390 1,828 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) Total Equity class (per cent) Equity class of accounts debt Net in debit status Total (mil- End of period credit balance E pe n r d i o o d f l d io o o f n l - s 8 m 0 o o re r 70-79 60-69 50-59 40-49 UUnn 44 dd 00 eerr status 60u o r pp ee m rr o cc r ec e nu ti 6 L 0 e p ss e r tm h c aa e nn n t o ( f m d il o l l i l o a n r s s ) lars)! 1971—Oct.. 45.5 45.2 9.3 4,060 1971—Oct... 4,950 7.5 10.9 28.7 24.4 12.1 16.3 Nov. 44.6 45.1 10.2 4,000 Nov.. 4,910 7.3 10.7 25.9 26.2 13.1 16.8 Dec. 35.0 55.7 9.4 7,300 Dec.. 5,400 8.6 12.7 27.1 29.9 10.2 11.5 1972—Jan.. 36.8 55.9 7.3 5,780 1972—Jan... 5,700 8.7 13.5 27.1 32.6 8.5 9.6 Feb. 35.1 57.0 7.9 5,910 Feb.. 6,180 8.4 12.4 25.9 35.1 8.5 9.7 Mar. 35.8 56.0 8.1 5,990 Mar.. 6,620 7.6 11.2 22.3 38.5 10.6 9.7 Apr. 35.5 56.5 8.0 5,920 Apr.. 7,010 7.1 10.2 19.5 40.0 12.8 10.5 May 34.7 57.1 8.0 5,860 May. 7,200 6.9 9.9 19.3 38.6 15.0 10.4 June 34.3 56.3 9.4 5,770 June. 7,510 6.0 9.1 15.9 33.9 22.0 13.2 July. 34.4 55.2 11.4 5,930 July.. 7,660 5.5 8.3 14.6 30.8 24.9 15.7 Aug. 33.4 55.2 11.4 5,990 Aug.. 7,780 5.9 8.6 15.0 33.6 22.4 14.6 Sept. 33.7 53.8 12.5 6,000 Sept.. 7,800 5.5 8.0 13.8 31.4 24.9 16.4 Oct.. 33.3 53.4 13.3 5,950 Oct... 7,800 5.5 8.1 13.6 30.8 25.0 17.0 Nov. 33.6 54.5 11.8 6,140 Nov.. 7,890 6.0 9.4 16.6 35.1 20.5 12.4 NOTE.—Special miscellaneous accounts contain credit balances that i 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

JANUARY 1973 • 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 .S vt . . S g l a o o t n c a v a d t t e l . o C t r a o h a n r e t d p e r o 1 - Cash O as t s h e e t r s g li T e a a t n o b i n e e t i d r s a li a l - l De it 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 a s u n e c n e r - r v t a s e l classi ( f i i n e d m b o y n t m h a s) t urity reserve accts. 3 or 3-6 6-9 less 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67.026 1,588 5,530 584 485 452 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 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 66,298 3,481 3.451 866 21,497 1,303 1^86 98,882 89,558 2,518 6,806 1,667 718 617 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 INSURANi ;E COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy End of period assets Total U St n a 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: 1966 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 1967.. 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 1968 r 188,636 10,760 4,456 3,206 3,098 79,653 68,731 10,922 70,044 5,575 11,305 196 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—Oct.'. 218,647 10,862 4,330 3,359 3,173 98,063 79,236 18,827 74,804 6,742 16,887 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 Oct.. . 235,972 11,132 4,396 3,347 3,389 111,616 86,874 24,742 75,952 7,229 17,854 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 • JANUARY 1973 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— End of period M ga o g r e t s - I s n i m e t v i c e e e u n s s r 1 t t - - Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n d e s - s m r B o o w n o e r e y - d 3 Loans Other d p M u er r a i i d o n e d g 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1.499 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 114,427 7,762 3.366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 140,232 10,873 2,438 8,606 162,149 135,538 11,228 9,728 2,455 3,200 807 150,331 13,020 3,506 9,326 176,183 146,404 11,991 10,911 3,078 3,799 1,602 172,047 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 c4,205 194,955 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 3,767 200,554 22,390 2,258 12,457 237,659 202,012 13.587 8,327 6,086 7,647 3,731 203,246 22,514 2,245 12,686 240,691 203,880 13,592 8,494 6,076 8,649 3,784 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 Liabilities and capital operations) cooperatives credit banks banks v m a b A t n e e o d m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i d - t h s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A a o g n r ) e t s - D n t e a u ( o b L n r t e d e e ) n s s - c L a o ( t o o t A i p a v o ) e n e s r s - D t e u ( b L r e e ) n s - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L r e e ) n s - M l g o ( a A a o g n r ) e t s - 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 -3,411 3,214 5,609 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 10,614 3,864 105 10,183 2,332 1,607 15,502 15,206 2,030 1,755 4,974 4,799 7,186 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,708 2,545 101 7,139 1,548 1,607 17,535 17,138 2,076 1,763 5,633 5,606 7,870 7,936 2,520 142 7,139 1,789 1,618 17,791 17,701 2,076 1,801 5,669 5,503 7,917 7,238 3,412 156 7,139 1,949 1,647 17,977 17,442 2,098 1,867 5,785 5,537 7,970 6,515 3,805 115 6,731 2,014 1,696 18,220 17,814 2,149 1,840 5,720 5,591 8,039 5,992 4,342 113 6,730 2,008 1,708 18,342 17,992 2,267 1,840 5,967 5,689 8,139 5,913 4,233 81 6,729 1,762 1.717 18,403 18,131 2,260 1,833 6,10:5 5,879 8,238 5,853 4,067 108 6,528 1,789 1.718 18,598 17,959 2,181 1,852 6,229 6,018 8,343 6,075 3,850 118 6,527 1,746 1.721 18,628 18,560 2,145 1,786 6,378 6,118 8,430 6,138 3,579 118 6,526 1,497 1.722 18,740 18,194 2,137 1,731 6,330 6,174 8,517 6,294 3,319 118 6,531 1,442 1,724 19,021 18,194 2,156 1,710 6,255 6,148 8,631 6,736 2,184 106 6,531 1,444 1,729 19,295 18,939 2,233 1,710 6,201 6,063 8,749 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 7,245 2,850 107 6,971 1,380 1,741 19,619 19,041 2,313 1,905 6,048 5,872 8,972 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

JANUARY 1973 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1972 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Banks for cooperatives Bonds: Association—Cont. Debentures: 2/25/70 - 2/26/73.. 8.35 350 Debentures: 6/1/72- 12/4/72 4.45 5/23/71 -2/26/73... 5.70 400 11/10/69 - 12/11/72... 8.00 200 7/3/72- 1/3/73 4.55 3/25/71 -5/25/73... 4.20 400 10/13/70 - 12/11/72... 7.20 400 8/1/72-2/1/73 4.90 10/27/70-8/27/73.. 7.20 450 11/10/70 - 3/12/73 7.30 450 10/2/72 - 4/2/73 5.40 11/27/72 - 11/27/73. 5.55 600 12/12/69 - 3/12/73.... 8.30 250 11/1/72-5/1/73 5.45 1/26/70 - 1/25/74.. 8.40 300 6/12/61 - 6/12/73 4% 146 10/1/70 - 10/1/73. .. 7.30 6/26/70 - 2/25/74.. 8.40 250 7/10/70 - 6/12/73 8.35 350 8/27/71 - 2/25/74... 7.10 300 7/12/71 -6/12/73 6.75 550 Federal intermediate 6/25/71 -5/25/74... 6.35 300 3/10/70 - 9/10/73 8.10 300 credit banks 8/25/69 - 8/25/74.. 7.65 180 6/10/71 -9/10/73 6.13 350 Debentures: 8/25/72 - 8/26/74... 5% 400 12/10/70 - 12/10/73. .. 5.75 500 3/1/72- 12/4/72 4.00 11/25/69 - 11/25/74 8.00 225 8/10/71 - 12/10/73 7.15 500 4/3/72- 1/2/73 4.80 1/26/71 - 2/25/75... 6.10 250 12/1/71 - 3/11/74 5.45 400 5/1/72-2/1/73 4.95 8/25/70 - 5/26/75 . . 8.05 265 4/10/70 - 3/11/74 7.75 350 3/2/70 - 3/1/73 7.75 7/27/70 - 8/25/75 . . 7.95 300 8/5/70 - 6/10/74 7.90 400 6/1/72 - 3/1/73 4.80 12/18/70- 11/25/75. 6.50 350 11/10/71 -6/10/74 5.70 350 7/3/72 - 4/2/73 4.80 11/27/72 -2/25/75.. 5% 400 9/10/69 - 9/10/74 7.85 250 8/1/72- 5/1/73 5.05 8/27/71 -2/25/76... 7M 300 2/10/71 - 9/10/74 5.65 300 9/5/72 - 6/4/73 5.00 6/25/71 -5/25/77... 6.95 200 5/10/71 - 12/10/74 6.10 250 10/2/72- 7/2/73 5.60 3/25/70 - 2/25/80. . 7.75 350 9/10/71 - 12/10/74 6.45 450 9/1/70-7/2/73 5.55 10/15/70- 10/15/80. 7.80 200 11/10/70 - 3/10/75 7.55 300 11/1/72 - 8/1/73 5.65 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: 7/15/71 - 11/26/73.... 7.75 150 11/10/71 -9/10/76 6.13 300 7/20/70 - 1/22/73. . . 7.95 2/10/72 - 8/26/74 5.30 200 6/12/72-9/10/76. 5.85 500 2/20/63 - 2/20/73-78 43^ 5 1 / 1 1 / 1 1 / 9 72 /7 - 0 2 - /2 1 5 1 / / 7 2 7 7 /95... 6 8 . . 1 6 5 0 3 1 5 4 0 0 7 2 / / 1 1 2 3 / / 7 6 1 2 - - 1 22 2 // / 11 1 00 0 //7 / 7 7 :7 6 . . 4 7. % 45 3 19 0 8 0 4 1 / / 2 2 0 0 / / 7 7 2 0 - - 4/ 7 2 / 3 20 /7 /7 3 3 .. . . . . . 8 5 . . 4 2 5 0 7/15/71 - 8/26/96 7.75 150 9/11/72- 3/10/77 6.30 500 8/20/73 - 7/20/73.... 7.95 5/11/72- 5/26/97 7.15 150 12/10/70 - 6/10/77 6.38 250 4/20/70 - 10/22/73.. 7.80 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 Federal National Mortgage 12/10/71 - 12/10/79. .. 6.55 350 9/15/72-4/22/74... . 5.85 Association— 2/10/72 - 3/10/80 6.88 250 10/21/71 - 7/27/74.. 5.85 D C i a S 9 9 s 4 1 p c / / e / 0 3 i 3 1 o c o t / 0 0 a / o u p 2 7 / / l n n e 7 6 / 0 d r 7 t 1 d 8 a a 2 e - n t r - - b - i o y o e 4 t 1 n 1 n e / 1 0 0 m s 1 s t 0 / / u / 1 1 / a 7 r 1 / / r 5 9 e 9 / k 7 s 7 6 e : 3 t 6 4 7 8 . . . . 3 0 4 0 8 0 0 0 1 2 2 2 2 ,2 4 5 0 5 8 9 0 0 0 4 9 9 6 6 2 1 3 1 / / / / / / / 1 1 1 2 1 1 2 2 / 0 0 1 1 1 1 8 9 / / / / 0 / / 7 7 / 7 7 / 7 7 7 1 1 1 7 1 2 2 2 1 - - - - - - - 9 9 5 - 1 6 6 9 / / / 6 1 / 1 / / 1 / 2 1 1 / 1 0 0 / 1 9 0 0 8 2 / / 0 / / / 8 2 8 8 8 8 / / 1 8 2 1 8 3 2 1 3 7 5 6 6 7 6 6 6 . . . . . . . . 2 7 1 8 2 6 7 8 5 5 5 4 5 5 5 0 2 2 2 2 2 2 1 5 5 5 0 5 5 0 5 8 0 0 0 0 0 6 0 4 4 2 4 2 7 2 7 / / / / / / / / 2 2 2 2 2 1 2 2 0 0 0 1 0 5 0 0 / / / / / / / 7 7 / 6 6 6 7 7 7 1 1 6 6 5 2 0 2 - - - - - - - - 7 1 1 1 / 4 2 7 1 / 0 0 2 / / / 2 / / / 2 2 1 2 2 2 2 0 1 4 0 0 / 0 1 / 7 / / 7 / / / / 7 7 7 7 5 7 7 6 5 6 6 5 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 5 5 6 5 V ^ . . . . 2 3 7 0 4 0 0 0 0 4/12/71 -6/11/84 6.25 200 10/27/71 - 10/20/77. 6.35 Mortgage-backed bonds: 6 3 12 / / 1 1 /1 0 2 0 / / 7 / 7 7 2 2 1 - - 6 - / 3 1 / 1 0 1 2 / 0 / 9 / 1 9 2 0 2 / 84. .. 7 7 6 . . . 0 0 9 5 0 0 2 2 2 5 0 0 0 0 0 7 2 5 / / / 2 2 2 0 / 0 6 / / 6 7 6 2 7 - - - 4 1 7 / / 2 2 / 0 2 2 / 0 / 7 7 / 8 7 9 8 .. . . . . . 6 5 5H . . 0 4 0 0 6/1/70 - 6/2/75 8.38 250 9/15/72-4/23/79... . 6.85 9/29/70- 10/1/90 8.63 200 10/23/72- 10/23/79.. 6.80 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 • JANUARY 1973 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 Period Budget Net Budget surplus Less: Invest- Net lend- out- or Public Plus: ments by Govt, Equals: Trea- Budget ex- ing lays1 deficit debt Agency accounts Less: Total sury receipts pendi- (-) securi- securi- Special borrow- operat- Other 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 ,384 2-l,295 596 1,616 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 197 2 208,649 231,876 -23,227 29,131 -1,269 6,813 1,607 19,442 1,362 1,108 Half year: 1970—July-Dec., 87,583 104,117 99 104,216 -16,633 18,240 -21 1,807 157 16,257 54 -882 1971—Jan.-June 100,809 106,201 1,008 107,209 6,400 8,971 -326 4,809 647 3,189 656 303 July-Dec. 93,100 110,608 948 111,557 -18,377 26,001 -1,119 2,803 523 21,556 973 80 1972—Jan.-June 115,549 120,319 -4,850 3,130 -150 4,010 ,089 -2,114 389 1,028 Month: 1971—No v r14,933 18,798 149 18,932 '-4,000 r2,686 r —12 '70 r39 >"2,565 -2,324 ,r158 Dec 17,213 17,085 399 17,484 271 9,511 284 1,291 22 8,482 1,328 5,653 • 1972—Ja n 17,596 19,226 243 19,469 -1,873 -1,269 -474 -1,508 -369 134 -191 1,026 Feb 15,239 18,589 175 18,764 -3,525 1,169 568 1,450 286 1 -4,018 -208 Mar 15,237 20,000 327 20,327 -5,090 3,312 -103 -683 97 3,795 591 -16 Apr 24,534 19,113 -515 18,598 5,935 -2,039 -44 -1,770 1,746 -2,059 4,047 1,338 May 17,275 19,723 237 19,960 -2,685 2,607 272 3,527 -29 -618 -2,030 -1,617 Juner.... 25,589 23,202 2,387 -651 -370 2,975 -628 -3,368 417 2,080 July..... 15,207 18,591 -3,384 5,123 9 1,409 -6 3,730 -1,129 -1,810 Aug 18,213 20,581 -2,369 3,056 534 2,639 16 934 -4,012 222 • Sept 22,183 18,471 3,712 -1,493 22 -1,339 -508 376 4,783 -92 Oct 14,738 20,055 -5,317 6,000 24 3,085 88 2,851 -1,786 37 Nov 16,748 NA NA 21,165 -4,418 4,301 380 -659 42 5,298 305 7 Selected balances Treasury operating balance Federal securities Less: B F a . n R k . s ac l c T a o o n a a u d x n n ts d t O a e r p t i h o e e s s r i 5 - Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y e s G In o v v e t s , t m ac e c n o t u s n o t f s S n L p o e e t c e ss i s a : 3 l E T h q b o e u y t l a d a l l s : Special public issues 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 1,996 2,223 113 4,331 414,620 10,760 84,253 22,900 825 317,402 2,020 9,173 113 11,306 424,131 11,044 85,544 22,922 825 325,884 2,860 8,118 5 134 11,112 422,862 10,570 84,037 22,522 825 326,017 884 6,075 134 7,094 424,032 11,137 85,486 22,839 825 326,019 1,293 6,391 2 7,685 427,343 11,034 84,804 22,935 825 329,814 1,871 9,724 136 11,732 425,304 10,991 83,034 24.681 825 327,755 2,144 7,420 136 9,700 427,912 11,263 86,561 24,652 825 327,137 2,344 7,934 139 10,117 427,260 10,894 89,539 24,023 825 323,770 2,298 6,547 144 8,988 432,383 10,903 90,944 24,018 825 327,499 1,730 3,025 222 4,976 435,439 11,437 93,616 24,002 825 328,433 1,395 8,105 259 9,759 433.946 11,459 92,281 23,490 825 328,809 1,613 6,051 309 7,973 439.947 11,483 95,365 23,579 825 331,660 1,182 6,786 310 8,278 444,247 11,863 94,821 23,506 825 336,958 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

JANUARY 1973 • FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment Total taxes and Excise Cus- 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 p o - t s s s fu R n e d - s co P r n a o t y l r l - ibut S i e o l n f- s1 i e n U m s n u p - r l. . c O e n r i t p e h e - t t e s r 2 t N ot e a t l taxes toms taxes empl. Fiscal year: 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 197 1 188,392 76,490 24,262 14,522 86,230 30,320 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591 197 2 208,649 83,200 25,679 14,143 94,737 34,926 2,760 44,088 2,032 4,357 3,437 53,914 15,477 3,287 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 ,317 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 ,274 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 ,838 1972—Jan.-June 115,469 44,751 20,090 13,569 51,272 21,664 1,312 24,445 1,877 4,736 1,764 30,925 6,516 ,449 Month: 1972—Nov '14,933 '7,234 264 55 '7,443 730 '217 3,408 424 288 4,120 1,656 343 Dec 17,213 6,823 379 106 7,096 5,064 138 2,308 52 278 2,642 1,389 329 1972—Jan 17,596 6,627 4,318 1 10,944 1,228 158 3,044 124 153 295 3,615 743 259 Feb 15,239 7,581 682 1,416 6,846 878 212 4,774 147 545 274 5,740 819 224 Mar 15,237 7,782 1,323 5,200 3,905 4,995 273 3,787 167 71 325 4,350 1,130 264 Apr 24,534 6,599 8,650 3,284 11,985 5,145 250 3,877 ,153 343 283 5,655 1,091 215 May 17,275 8,141 1,413 2,997 6,557 967 234 5,281 223 1,636 303 7,443 1,371 235 June 25,589 8,020 3,704 670 11,054 8,452 185 3,682 64 92 285 4,122 1,363 252 July 15,207 7,052 548 245 7,355 1,258 187 3,727 260 289 4,277 1,442 237 Aug 18,213 8,175 362 157 8,380 855 190 5,367 1,175 307 6,849 1,351 278 Sept 22,183 7,305 3,794 95 11,005 5,289 324 3,529 145 63 302 4,038 1,327 237 Oct 14,738 7,187 469 61 7,595 1,287 323 3,225 15 210 311 3,759 1,387 281 Nov 16,748 8,425 257 69 8,613 853 294 4,044 637 287 4,969 1,452 284 Budget outlays 4 Period Total f t e i N o d n n e a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h A t c u g u r r l e - i- so N u u r r a e r a t - c - l e s m t C r a a o e n r n m d c s - e p . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m t d o a i n w u a o n d c n e a - r - w H e a e l n a fa d lt 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 t l - . t I t g i r n o a o a t n c v n r - s a t s . - - ^ Fiscal year: 1969 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 --55,,111177 1970 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 1971 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 1972 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—Nov.' 18,932 6,158 287 286 795 304 923 261 853 6,442 821 1,811 333 --334411 Dec 17,484 6,713 181 285 852 271 875 402 722 6,444 896 1,702 473 -2,332 1972—Jan 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 8,703 911 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 Nov. 21,165 6,501 350 272 329 353 982 384 851 7,851 1,279 1,919 448 -353 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 * 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 • JANUARY 1973 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p g u r b o l s i s c Marketable Con- Nonmarketable debt i Total Total Bills C c e a r t t e if s i - Notes Bonds 2 b v i o b e n r le d t- s Total 3 F is o su re e i s g n 4 b S o in a n g v d s - s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 2.4 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1.5 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 3.1 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 4.3 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 3.8 1970—Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 5.7 1971—Dec. 424.1 336.7 262.0 97.5 114.0 50.6 2.3 72.. 3 16.8 1972—Jan.. 422.9 336.9 261.9 97.5 114.0 50.4 2.3 72.7 16.9 Feb.. 424.0 336.5 261.2 98.1 112.9 50.2 2.3 73.0 16.9 Mar. 427.3 340.6 265.4 102.4 112.9 50.1 2.3 72.9 16.5 Apr. 425.3 340.4 263.0 98.3 114.7 50.0 2.3 75.1 18.4 May 427.9 339.5 261.9 98.1 113.4 50.4 2.3 75.2 18.2 June 427.3 335.8 257.2 94.6 113.4 49.1 2.3 76.3 19.0 July. 432.4 339.6 257.7 95.2 113.4 49.1 2.3 79.5 22.0 Aug. 435.4 339.9 258.1 96.2 115.7 46.2 2.3 79.5 21.7 Sept. 433.9 339.8 257.7 96.4 115.7 45.7 2.3 79.8 21.7 Oct.. 439.9 342.7 260.9 97.5 117.7 45.6 2.3 79.6 21.2 Nov. 444.2 347.6 265.6 100.7 119.4 45.5 2.3 79.6 21.0 Dec. 449.3 351.4 269.5 103.9 121.5 44.1 2.3 79.5 20.6 1 Includes non-interest-bearing debt (of which $621 million on Dec. 31, 4 Nonmarketable certificates of indebtedness, notes, and bonds in the 1972, was not subject to statutory debt limitation). Treasury foreign series and foreign currency series issues. 2 Includes Treasury bonds and minor amounts of Panama Canal and 5 Held only by U.S. Govt, agencies and trust funds and the Federal postal savings bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b s l a t i s l c ag G t U a e r o n n u .S v c d s t . i t , e s B F a . n R k . s Total m C b e a o r n m c k ia - 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 ie e r - s - r c O a o t t r i h p o e n o r - s g S l a o o t n c v a a d t t s e l . Savi I n n g d s i vi du O a t ls h er n F a i o n t a i r t n o e e d n i r g a - n l1 t i O m o n r t v i h s 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 24.9 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—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 17.0 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 16.7 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 Oct 439.9 116.7 70.1 253.1 58.8 2.7 5.9 10.4 28.0 57.1 17.0 55.8 17.4 Nov 444.2 116.1 69.5 258.6 61.1 2.7 6.1 12.0 27.9 57.4 17.1 56.0 18.5 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

JANUARY 1973 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date TToottaall years years years 20 years Total Bills Other All holders: 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Dec. 31 262,038 119,141 97,505 21,636 93,648 29,321 9,530 10,397 1972—Oct. 31 260,863 122,442 97,549 24,893 87,762 29,147 15,363 6,151 Nov. 30 265,621 128,569 100,666 27,903 86,464 29,146 15,330 6,112 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—Oct. 31 19,288 1,396 632 764 6,600 5,399 4,357 1,536 Nov. 30 19,518 1,610 671 939 6,531 5,477 4,360 1,540 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—Oct. 31 70,094 37,544 29,763 7,781 24,894 6,108 1,413 134 Nov. 30 69,501 37,362 29,222 8,140 24,484 6,108 1,413 134 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—Oct. 31 171,481 83,502 67,154 16,348 56,268 17,640 9,593 4,481 Nov. 30 176,602 89,597 70,773 18,824 55,449 17,561 9,557 4,438 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—Oct. 31 45,275 12,994 5,882 7,112 25,695 5,714 802 70 Nov. 30 46,417 14,395 6,880 7,515 25,577 5,555 814 76 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—Oct. 31 2,667 448 215 233 1,184 479 372 183 Nov. 30 2,655 511 238 273 1,155 472 343 174 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—Oct. 31 5,125 508 246 262 1,281 1.029 1,627 680 Nov. 30 5,238 761 348 413 1,162 1,002 1,632 680 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—Oct. 31 4,680 2,796 1,784 1,012 1,687 151 45 Nov. 30 5,444 3,772 2,308 1,464 1,490 151 32 1 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—Oct. 31 2,900 792 521 271 1,177 618 228 83 Nov. 30 2,872 834 482 352 1,113 612 227 85 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—Oct. 31 11,191 6,180 5,293 887 2,229 830 1,291 662 Nov. 30 10,738 5,934 4,891 1,043 2,041 816 1,306 641 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—Oct. 31 99,643 59,784 53,213 6,571 23,015 8,819 5,228 2,802 Nov. 30 . 103,238 63,390 55,626 7,764 22,911 8,953 5,203 2,781 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 5,631 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 • JANUARY 1973 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 TToottaall Dealers aii d brokers ssseeecccuuurrriiitttiiieeesss Within 1-5 5-10 Over Com- All 1 year years years 10 years mercial other U.S. Govt, Other banks securities 1971—Nov 2,691 1,668 523 418 81 906 157 940 687 547 Dec 3,139 2,317 497 266 58 1,006 214 1,190 730 569 1972—Jan 3,191 2,268 571 309 44 i 879 2 391 1,120 3 801 623 Feb 3,260 2,339 652 242 27 913 363 1,170 815 611 Mar 3,177 2,443 464 241 29 800 437 1,060 881 459 Apr 2,990 2,300 460 203 28 704 450 1,002 835 609 May 2,542 1,939 348 221 35 589 364 821 767 485 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 Nov 3,397 2,397 709 168 123 835 498 1,228 837 731 Week ending— 1972—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 84 556 297 903 734 544 Dec. 6 3,462 3,004 290 82 87 833 329 1,325 975 707 13 2,936 2,519 252 114 50 707 308 1,082 838 402 20 3,359 2,746 359 175 80 843 434 1,254 828 678 27 3,119 2,432 554 73 61 622 331 1,276 891 329 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 m t a A i t e l u s l r i- W y i e t a h r in 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 e g t c e o i u e n v s r c t i , y - Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r t a - o A th l e l r 1971—Nov.... 5,846 3,725 914 943 265 1,063 1971—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 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 Nov.... 4,522 4,113 335 66 834 Nov 4,198 1,538 617 709 1,334 Week ending— Week ending— 1972—Oct. 4 3,840 3,942 -76 -93 68 403 1972—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 Nov. 1 3,727 3,831 -46 -123 66 766 Nov. 1. .. 3,104 1,355 440 447 862 8 4,037 3,419 603 -44 59 777 8. .. 3,625 1,284 447 596 1,298 15 4,092 3,538 465 24 65 819 15. .. 3,674 1,156 528 657 1,333 22 4,583 4,218 257 35 73 896 22. .. 4,443 1,625 641 725 1,451 29 5,475 5,234 154 27 59 827 29... 4,990 1,995 822 868 1,306 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

JANUARY 1973 • U.S. GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31, 1972 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills—Cont. Treasury notes—Cont. Treasury bonds Dec. 31, 1972. 1,701 May 31, 1973.... 3,604 Sept. 30 1974 6 2,060 Aug. 15, 1973 4 3,894 Jan. 4, 1973, 4,099 June 7, 1972.... 1,897 Oct. 1 1974 V/i 42 Nov. 15, 1973 4Vs 4,338 J J J J a a a a n n n n . . . . 2 33 n 1 5 11 8 , , ,, , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 . . . . 4 4 4 1 , , , . 0 1 1 7 8 0 0 0 1 1 3 0 J J J J u u u u n n n n e e e e 2 2 2 1 1 8 2 4 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 . t . .. . . . . . . . 2 1 1 1 , , . . 9 5 9 9 0 1 0 0 0 6 3 2 D N F Fe e e o b b c v . . . . 3 1 1 1 1 5 5 5 1 1 1 1 9 9 9 9 7 7 7 7 5 4 4 5 5 s 5 7 y y /8 4 4 2 4 1 5 , , , , 0 0 2 4 9 2 1 4 8 2 4 3 N F M M e o a a b v y y . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 4 5 -85.. 4 A 3 4 V 7 V V / $ 8 4 a 2 2 1 1 , , . , 8 4 2 2 5 6 1 0 1 7 5 6 F F Fe e e b b b . . . 1 8 5 11 , , ,, 1 1 1 9 9 9 7 7 7 3 3 3 , . . 4 4 4 . . . 2 2 2 0 0 0 1 3 2 J J A u u u n ly g e . 2 3 3 8 0 1 , , ,1 1 1 9 9 9 7 7 7 3 3 3 . . . . . . . . . . . . 1 1 1 , . .7 8 7 0 0 0 1 3 2 A M M p a a r y y . 1 1 1 5 5 1 1 1 9 9 9 7 7 7 5 5 5 6 1 5 1 7 /2 /8 6 1 , ,7 7 7 6 6 0 8 J N F u e o n b v e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 7 0 0 8 -83.. 3 3 4 1 V /2 4 2 1 1 , , , 5 8 5 8 9 0 0 9 4 Feb. 22, 1973. 4,202 Sept. 25, 1973 1,801 Aug. 15 1975 57/8 7,679 Aug. 15, 1981 7 807 F M e a b r . . 28 1 , , 1 1 9 9 7 7 3 3 . . 4 1 . . 2 70 0 1 2 N O o ct v . . 2 2 0 3 , , 1 1 9 9 7 7 3 3.... 1 1 , , 8 80 0 2 2 N O o ct v . . 1 1 5 1 19 97 7 5 5 7 iy 2 3,11 3 5 0 F A e u b g . . 1 1 5 5 , , 1 1 9 9 8 8 4 2 6 6 3 % /8 2 2 , , 7 3 0 5 2 3 M Ma a r r . . 1 8 5 , , 1 1 9 9 7 7 3 3 . . 4 4 . . 2 2 0 0 3 6 F F e e b b . . 1 1 5 5 1 1 9 9 7 7 6 6 6 5 V 7 4 /s 4 3 , , 9 7 4 3 5 9 N M o a v y . 1 1 5 5 , , 1 1 9 9 8 8 6 5 6 3 V V » 4 1.2 9 1 9 6 5 M M a a r r . . 2 29 2 , , 1 19 9 7 7 3 3 , . 4 4 . , 2 20 0 5 7 Treasury notes A M p a r y . 1 1 5 1 1 9 9 7 7 6 6 1 5 1 3 / 4 2 2,80 2 2 7 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 8 8 7 8 - - 9 9 2 3 . . . . 4 4 V 4 3,7 2 6 4 5 0 Mar. 31, 1973. 1.702 Feb. 15, 1973 6% 2,514 May 15 1976 6Vi 2,697 May 15, 1989-94. .41/8 1,514 A A A A p p p p r r r r . . . . 2 1 1 0 5 9 2 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 . . . f 2 1 1 1 , , , , 0 8 8 8 1 0 0 0 2 2 0 0 F A M M e p a a b r y y . . 1 1 1 5 5 1 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 4 4 V i ? 3 y / / 4 4 s 2 4 5 3 , , , 2 8 7 6 4 9 3 8 4 2 4 O F A N e u c o b t g v . . . . 1 1 1 5 5 5 ' 1 1 1 1 9 9 9 9 7 7 7 7 6 6 7 6 7 8 1 6 1 y % /2 4 4 4 5 , , , 1 3 16 2 9 1 3 5 4 1 F F N e e o b b v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 9 8 5 0 3 3 3 1 V /2 i 4 3 , , 2 3 9 6 6 6 2 5 0 Apr. 26, 1973. 1,801 Aug. 15, 1973 8Vs 1,839 Apr. 1977 11/2 5 Apr. 30, 1973. 1,700 Oct. 1, 1973 11/2 30 Aug. 15 1977 7% 2,264 Convertible bonds M M M M a a a a y y y y 2 1 1 0 4 3 7 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 3 3 . . . . 1 1 1 1 , , , , 9 9 9 9 0 0 0 0 1 1 1 1 A F M A e p u a b r g y . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 4 4 5 7 U 7 5 % l / A A g 1 4 2 0 , , , 3 9 2 3 6 8 3 4 0 4 4 N F A O e u o c b t g v . . . . 1 1 1 1 5 5 5 1 1 1 1 9 9 9 9 7 7 7 7 8 9 8 7 6 6 6 V V m 4 4 4 8 8 , , , 5 3 2 8 5 0 9 9 7 2 I A n p v r e . s tm 1 e , n t 1 S 9 e 7 r 5 i - e 8 s 0 B .. 2 34 2,305 f 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 - HAAi G l U o o a .S v n t . s , State di s a s t t n a r d t i . c t Other 2 Total c E a d ti u o - n b R r a o id 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 i e d s r ' - O p p o t u h s r e e - s r gations auth. 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 4 5 7 8 . . . . . , , , , 1 1 1 1 1 0 1 1 4 6 , , , , , 8 4 3 7 5 4 0 2 6 9 7 5 9 6 6 7 6 9 6 8 , , , , , 1 4 9 2 8 7 1 8 6 0 7 7 5 9 4 3 3 3 5 6 , , , , , 5 5 9 0 5 8 1 5 1 1 5 7 5 3 7 4 4 5 6 3 7 2 2 6 3 7 8 5 4 7 2 2 3 3 1 0 8 1 7 3 8 2 2 0 4 2 2 2 2 1 , , , , , 4 5 8 7 6 0 9 4 7 2 1 0 2 4 8 3 4 4 5 3 , , , , , 1 8 9 7 8 1 1 4 8 1 0 0 6 4 2 5 5 4 7 7 , , , , , 6 1 4 1 8 1 9 0 4 8 5 5 7 4 4 1 1 1 0 , , 5 0 3 6 8 9 1 1 1 1 1 0 1 6 0 4 , , , , , 4 3 4 6 2 7 0 4 8 0 1 3 3 9 1 4 4 3 3 3 , , , , , 8 4 7 6 3 3 2 7 1 9 8 0 3 9 2 1 1 1 , , , 4 5 2 9 6 7 2 5 0 8 6 6 4 0 8 2 2 2 1 1 , , , , , 4 8 9 4 8 3 6 3 8 0 7 5 3 0 4 7 7 5 6 6 8 2 3 4 2 7 7 3 5 6 1 5 2 0 0 5 2 3 3 6 , , , , , 3 8 8 5 6 1 6 2 3 6 1 7 3 8 7 1 1 1 9 9 9 6 7 7 9 0 1 . . . 2 1 1 4 1 8 , , , 8 9 1 8 6 6 1 2 4 1 1 7 1 5 , , , 7 8 2 2 5 2 5 0 0 3 6 8 , , , 5 0 6 5 8 8 6 2 1 1,0 4 1 0 0 3 2 0 1 1 1 9 6 0 7 2 3 4 3 5 , , , 3 1 9 5 9 7 9 9 4 3 5 8 , , , 5 5 7 9 9 1 6 5 4 1 4 8 0 , , , 3 9 2 9 2 4 9 6 6 2 1 1 4 1 8 , , , 4 8 1 9 3 1 5 8 0 3 5 5 , , , 2 2 0 7 5 6 8 2 2 2 1 1 , , , 6 4 5 4 3 3 2 2 2 3 5 1 , , , 5 2 7 2 1 3 5 4 4 2,0 4 5 6 6 4 8 6 3 9 4 7 , , , 2 5 8 9 2 8 3 6 4 1971— D N O e o c c t v . . . . . . 2 2 1 , , , 0 2 7 6 6 2 8 4 8 1 1 , , 3 3 8 6 9 3 7 4 6 4 8 8 4 9 6 0 0 9 253 3 1 4 6 3 4 2 4 1 9 1 5 8 8 6 4 7 8 0 4 1,0 5 7 5 6 4 8 1 8 2 2 1 , , , 0 1 6 4 3 2 2 4 6 2 4 3 9 1 5 1 8 3 2 3 1 1 3 3 0 8 7 2 5 3 3 0 5 9 0 3 2 2 9 9 4 6 8 6 1,0 6 6 1 3 7 6 1 8 1972— J A J F M A O M S J u u a e e p u c a n a l p b n r t y g y r e . t . . . . . . . . . . . . . . , , . . , 2 2 2 2 2 1 1 1 1 1 , , , , , , , , , , 2 1 2 7 9 9 0 6 0 8 3 5 7 8 6 5 0 9 0 0 7 5 6 8 0 1 3 2 2 0 1 1 1 1 1 1 , , , , , , 2 1 0 6 3 3 9 9 8 6 8 4 2 3 8 2 8 9 5 2 9 9 0 3 2 2 9 0 3 0 1 1 1 , , , 0 1 0 9 7 4 6 7 5 5 5 2 0 1 4 7 9 1 8 5 3 3 9 8 8 7 9 8 0 4 ' 2 2 2 2 5 0 5 7 9 4 4 4 6 4 2 2 6 3 3 6 7 8 9 3 4 3 4 7 5 8 1 7 8 9 6 4 7 4 4 1,2 9 4 9 5 9 6 8 5 8 1 4 7 6 5 8 9 4 3 8 5 5 7 5 4 9 2 6 8 8 9 4 5 9 6 8 7 6 7 5 7 9 0 6 7 4 8 8 7 8 9 1 3 9 8 9 0 6 0 5 2 2 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 6 9 7 9 9 5 9 9 1 0 9 1 4 9 7 3 9 3 1 2 1 6 9 6 7 0 0 2 4 4 5 4 4 2 3 3 3 6 4 3 3 3 6 9 7 2 4 5 4 1 8 7 3 0 7 7 6 7 2 2 1 1 1 1 1 1 1 2 1 7 4 5 3 2 0 1 5 9 4 8 7 4 4 1 6 0 0 4 4 4 2 2 3 4 3 5 5 2 4 3 9 2 9 3 4 3 8 4 0 4 5 2 0 1 8 3 0 2 3 3 1 1 5 7 2 2 9 5 6 6 5 1 6 0 9 9 3 2 7 0 2 0 1,0 9 6 7 8 7 3 8 7 5 7 6 7 8 7 3 6 0 8 5 0 6 6 1 6 7 8 1 6 8 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 • JANUARY 1973 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . . 2 a G g U e o n . v S c t . y , 3 a ( n U S d t . a S lo t . e ) c 4 a l Others Total Total P o u ff b e l r ic e l d y P p ri l v a a ce te d l y Preferred Common 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 197 0 88,666 14,831 16,181 17,762 949 38,945 30,315 25,384 4,931 1,390 7,240 197 1 105,233 17,325 16,283 24,370 2,165 45,090 32,123 24,775 7,354 3,670 9,291 1971—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.. 6,921 496 1,000 1,784 59 3,583 2,465 1,807 657 206 913 Aug.r 7,136 606 1,685 1,898 54 2,893 1,945 1,523 421 206 743 Sept.' 5,652 474 650 1,701 90 2,737 1,668 862 806 305 765 Oct.r, 9,404 2,530 1,701 1,922 73 3,741 2,305 1,763 542 422 1,014 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a st n a c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 197 0 9,192 1,320 1,963 2,540 2,213 47 8,016 3,001 5,053 83 3,878 1,638 197 1 9,426 2,152 2,272 2,390 1,998 420 7,605 4,195 4,227 1,592 6,601 2,212 1971—Oct.. 571 91 150 172 185 5 703 230 432 624 224 Nov. 637 174 61 232 145 6 672 545 261 9 660 303 Dec., 687 293 246 127 199 33 520 371 311 42 510 335 1972—Jan.. 321 71 163 138 268 14 418 115 458 294 742 202 Feb.. 428 101 67 104 142 4 388 600 438 60 865 171 Mar. 448 155 178 264 102 3 386 354 197 30 942 170 Apr.. 383 197 235 178 129 3 924 295 177 1 562 190 May. 607 154 193 281 142 71 381 357 376 16 751 270 June, 468 299 181 341 171 15 1,018 520 368 431 349 179 July. 464 110 77 239 130 30 455 343 390 196 949 200 Aug. 192 261 308 342 94 2 452 184 237 662 161 Sept. 444 162 302 242 61 664 598 32 1 166 66 Oct.f 241 106 686 823 139 12 578 758 312 58 865 184 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

JANUARY 1973 • SECURITY ISSUES A 49 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 46,687 9,507 37,180 31,917 8.190 23,728 14,769 1,318 10,746 1,992 8,754 6,159 1,649 4,510 4,586 343 11,488 2,521 8,967 8,019 2,084 5,935 3,469 437 10,072 2,691 7,381 6,699 2,002 4,698 3,373 690 11,514 2,389 9,123 7,250 2.191 5,050 4,264 198 9,776 2,212 7,564 6,118 1,603 4,515 3,659 609 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1967 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 1968 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 1969 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1970 666,,,666444111 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1971 666,,,555888555 2,534 827 2,290 900 800 6,486 4,206 3,925 1,600 5,005 2,017 1971—III 888555222 676 -10 678 195 230 1,493 814 832 1,442 1,148 404 IV 11,,336611 453 190 445 -27 163 1,749 1,183 980 54 1,683 734 1972—I 669966 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 Ill 447799 553300 445599 673 138 28 11,,441100 11,,006611 573 305 1,456 453 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- NOTE.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose, actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Month Sales i Redemp- Net Total 2 Cash Other Sales 1 Redemp- Net Total 2 Cash Other tions sales position 3 tions sales position 3 2,097 842 1,255 17,026 973 16,053 1971—Nov.. 397 334 63 50,958 3,172 47,786 Dec.. 453 411 42 55,045 3,038 52,007 2,951 1,160 1,791 22,789 980 21,809 2,699 1,123 1,576 21,271 1,315 19,956 1972—Jan... 521 475 46 56,694 3,163 53,531 2,460 1,504 952 25,214 1,341 23,873 Feb. . 404 514 -110 58,536 3,478 55,058 Mar.. 472 667 -195 58,740 3,251 55,489 3,404 1,875 1,528 29,116 1,329 27,787 Apr.. 405 655 -250 58,870 2,827 56,043 4,359 1,962 2,395 35,220 1.803 33,417 May. 378 585 -207 59,736 2,763 56,973 4,671 2,005 2,665 34,829 2,971 31,858 June. 393 544 -151 57,708 3,015 54,693 July . 398 424 -26 56,932 3,219 53,713 4,670 2,745 1,927 44,701 2,566 42,135 Aug.. 391 582 -191 58,186 3,375 54,811 6,820 3,841 2,979 52,677 3,187 49,490 Sept.. 310 442 -132 57,193 3,395 53,798 6,717 3,661 3,056 48,291 3,846 44,445 Oct.. , 384 411 -27 57,525 3,719 53,806 Nov.. 387 645 -258 59,854 3,549 56,305 4,624 2,987 1,637 47,618 3,649 43,969 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 • JANUARY 1973 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e t s s - d co c a n a t l s l p i o u o i w n t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f t i it s e s - d co c a n t a l i s p l o o u n i w t m a - l p ances1 ances 1 1966 84.2 34.3 49.9 20.8 29.1 39.5 1971—1.... 81.3 38.0 43.2 25.5 17.7 57.5 1967 79.8 33.2 46.6 21.4 25.3 43.0 II.. . 84.5 38.6 45.8 25.4 20.4 59.4 III... 84.1 37.5 46.6 25.5 21.0 61.2 11996688 8877..66 3399..99 47.8 2233..66 24.2 46.8 IV... 83.2 35.3 4488..00 2255..22 2222..77 6633..00 1969 84.9 40.1 44.8 24.3 20.5 51.9 1970 74.3 34.1 40.2 24.8 15.4 55.2 1972—1.... 88.2 38.8 49.5 26.0 23.5 64.8 1971 83.3 37.3 45.9 25.4 20.5 60.3 II. . . 91.6 40.1 51.5 26.2 25.3 68.0 III... 95.7 41.8 53.9 26.5 27.3 68.4 \ Includes depreciation, capital outlays charged to current accounts, and NOTE—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rr ee iiee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . . 1 Other G U o . v S t . . 1 Other ttaaxxeess 1968 R 207.8 519.5 57.8 14.4 5.1 239.8 166.4 36.0 311.7 6.4 170.3 15.3 72.2 1969 R 210.1 574.2 57.6 13.7 4.8 268.4 186.9 42.7 364.1 7.3 196.6 13.5 88.9 1970—1 II r r 2 2 1 7 0 0 . . 8 0 5 5 7 8 9 4. . 6 2 5 5 5 5 . . 6 2 1 1 3 1 . . 5 5 4 4 . . 4 7 2 2 7 7 1 6 . . 8 0 1 1 9 9 2 0. . 1 3 4 4 3 5 . . 5 2 3 3 7 6 4 8 . . 7 3 7 7 . . 2 0 1 19 9 7 5 . . 3 0 1 1 4 1 . . 3 6 9 9 2 5 . . 6 6 I IV ll r ' 2 2 1 1 0 3 . . 1 3 5 5 9 8 0 5 . . 5 7 5 5 9 6 . . 7 4 1 1 0 0. . 1 6 4 4 . . 2 2 2 2 7 7 7 5 . . 4 7 1 19 9 6 4 . . 6 0 4 4 3 3 . . 7 6 3 3 7 7 5 7 . . 7 2 6 6 . . 8 6 1 1 9 9 9 6 . . 2 4 1 1 2 2 . . 3 7 9 9 7 7 . . 2 0 1971— I ir Ir 2 2 2 1 3 7 . . 3 7 5 6 9 0 5 1 . . 4 4 6 5 1 8. . 6 4 1 1 1 1 . . 0 2 4 3 . . 2 9 2 27 8 7 0 . . 6 7 1 19 9 9 9 . . 1 9 4 45 4 . . 1 3 3 3 7 7 7 8. . 1 7 6 5 . . 1 3 1 19 9 6 7 . . 1 0 1 1 4 3 . . 7 3 1 1 0 0 0 2 . . 6 2 Ill'- 228.6 611.6 62.8 11.6 4.0 284.5 202.3 46.4 383.0 5.0 199.3 14.9 104.6 IV 233.3 621.4 66.0 14.3 3.5 285.4 203.8 48.4 388.1 4.9 206.6 15.6 103.8 1972—1 I ' I - r 2 2 4 3 4 8 . . 9 9 6 6 4 3 2 1 . . 6 8 6 65 6 . . 7 4 1 1 3 2 . . 5 2 2 3 . . 8 4 2 2 9 9 7 0 . . 6 6 2 2 1 0 1 7 . . 5 9 5 5 1 0 . . 9 7 3 3 9 9 7 2 . . 5 9 4 4 . . 9 9 2 2 0 0 8 6 . . 1 2 1 1 4 6 . . 5 9 1 1 1 0 1 7. . 3 4 Ill'" 250.7 654.2 68.5 11.2 3.0 303.5 216.1 52.0 403.5 4.7 211.1 16.1 113.8 1 Receivables from, and payables to, the U.S. Govt, exclude amounts New series (for which figures for the third and fourth quarters of 1971 offset against each other on corporations' books. were published in the April 1972 BULLETIN) was subsequently abandoned NOTE.—Securities and Exchange Commission estimates; excludes by SEC until further notice. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total Durable d N ur o a n b - le Mining R ro a a i d l- Air Other Electric and G a o s t her n C i o c m at m ion u s - Other 1 T A (S o . , R t A a . . ) l 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 197 0 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 197 1 81.21 14.15 15.84 2.16 1.67 1.88 1.38 12.86 2.44 10.77 18.05 1972 2 84.54 15.52 15.65 2.45 1.90 2.52 1.41 14.54 2.57 11.90 20.18 1970—IV... 21.66 4.26 4.40 .50 .43 .76 .33 3.12 .63 2.81 4.42 78.63 1971—1.... 17.68 3.11 3.58 .49 .34 .34 .28 2.70 .41 2.50 3.94 79.32 II.... 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 III... 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV... 22.79 4.12 4.32 .59 .45 .56 .37 3.60 .69 2.84 5.26 83.18 1972— 1 19.38 3.29 3.32 .58 .48 .50 .32 3.19 .44 2.72 4.55 86.79 II ... 22.01 3.71 3.92 .61 .48 .73 .39 3.61 .62 2.95 4.98 87.12 III... 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 9.0 92.36 1973_I 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

JANUARY 1973 • 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 houses4 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 M t o y r p tg e a 6 g e E pe n r d i o o d f hh AA ee oo rr ll ll dd ss ll -- ttuu FF ii tt nn ii 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 t a d n h n u d e d a i r - l s s hh AA ee oo rr ll ll dd ss ll -- tt FF uu ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA ee oo rr ll ll dd ss ll -- Total tu F i t n i i n s o a t n i n - s . i O h e o t r h ld s e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - w u F V n r H i d A t A t e e - r - n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 196 4 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 196 5 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 196 6 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 196 7 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 196 8 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 93.4 276.6 196 9 425.3 339.1 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—I... 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 II.. 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 FHLMC. 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 e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd Total Total F su H in re A - d - an g V u te A a e r - d - 1 ti v o e n n a - l tutions tutions 18.6 4.3 4.1 .2 14.3 1941 24.2 14.9 9.4 5.9 3.6 2.2 1963 182.2 65.9 35.0 30.9 116.3 1945 24.3 15.7 8.6 5.7 3.5 2.2 1964 197.6 69.2 38.3 30.9 128.3 196 3 211.2 176.8 34.5 29.0 20.7 8.3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 212.9 73.1 42.0 31.1 139.8 223.6 76.1 44.8 31.3 147.6 196 5 250.1 213.2 36.9 37.2 29.0 8.2 236.1 79.9 47.4 32.5 156.1 196 6 264.0 223.7 40.3 40.3 31.5 8.8 251.2 84.4 50.6 33.8 166.8 1 1 9 9 6 6 7 8 2 2 8 9 0 8 . . 0 6 2 2 5 3 0 6 . . 8 6 4 47 3 . . 8 4 4 47 3 . . 3 9 3 3 4 7 . . 7 7 9 9 . . 2 7 266.8 90.2 54.5 35.7 176.6 196 9 319.0 265.0 54.0 52.2 41.3 10.8 276.0 95.1 58.1 37.0 181.0 280.2 97.2 59.9 37.3 182.9 1970—II I 332.2 272.7 59.5 56.1 44.3 11.8 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 II 290.9 100.4 62.8 37.6 190.5 1971— 1 343.3 281.4 61.8 59.7 47.1 12.6 Ill 299.7 102.9 64.4 38.5 196.8 II 353.1 289.9 63.2 62.1 49.2 12.9 IV 307.8 105.2 65.7 39.5 202.6 III.... 364.0 298.4 65.6 64.3 50.4 13.9 IV 374.7 306.1 68.6 66.8 52.0 14.9 1972 I 314.1 II 332244..66 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 • JANUARY 1973 MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings J Mutual savings bank holdings 2 Residential Residential End of period Other Total non- Farm Total FHA- VA- Con- farm FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 4,906 3,292 1,048 566 4,812 3,884 4,772 3,395 856 521 4,208 3,387 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 70,854 44,568 7,888 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,880 49,260 15,931 12,092 21,237 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 74,424 46,343 7,971 2,595 35,777 23,595 4,486 58,680 50,553 16,157 12,010 22,386 76,639 48,163 8,146 2,636 37,381 24,477 3,999 59,643 51,362 16,281 12,011 23,069 79,936 50,280 8,246 2,806 39,228 25,500 4,156 60,625 51,989 16,216 12,033 23,740 82,515 52,004 8,310 2,980 40,714 26,306 4,205 61,978 53,027 16,141 12,074 24,812 85,614 53,937 8,360 2,999 42,578 27,353 4,324 62,978 53,733 16,184 12,144 25,405 90,114 56,782 8,477 3,141 45,163 28,785 4,547 64,404 54,758 16,256 12,325 26,178 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on special trust depts. F.R. interpolations after 1963 or beginning 1964. For earlier years, the 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from the National Assn. of Mutual Savings NOTE.—Second and fourth quarters, Federal Deposit Insurance Corpo- Banks. ration series for all commercial and mutual savings banks in the United MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm PPPeeerrriiioooddd TToottaall Total in F s H ur A e - d a g n V u t A a e r e - - d Other t FFaarrmm TToottaall Total in F s H ur A e - d a g n V u t A a e r e - - 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— Oct.' 557711 531 28 11 492 40 7744,,880044 6699,,220044 1100,,888877 5,074 5533,,224433 55..660000 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 Oct 771188 673 10 16 647 45 7755,,995522 7700,,332233 1100,,005533 4,700 5555,,557700 55,,662299 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

JANUARY 1973 • REAL ESTATE CREDIT A 53 COMMITMENTS OF LIFE INSURANCE COMPANIES FOR INCOME PROPERTY MORTGAGES Averages Total amount Period N of u l m oa b n e s r ( c m o ( m d il o l m i l o la i n t r s t s e ) d o f ( o t f h a m o L d u o o o s l a u l a n a n n r t d s ) s ( C p in o e r t n r e a t r c t r e e e a s n c t t t ) (y M rs a . t / u m r o it s y .) (p t L e o r r - o a v t a c a i e n o l n - u t e ) C (p a t p e i r o it n a c l e r i n z a a t t ) e - co D r v a e e t r b i a o t g e P co e n r s c ta en n t t 196 8 2,569 3,244.3 1,263 7.66 22/11 73.6 9.0 1.30 9.5 196 9 1,788 2,920.7 1,633 8.69 21/8 73.3 9.6 1.29 10.2 197 0 912 2,341.1 2,567 9.93 22/8 74.7 10.8 1.32 11.1 197 1 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) Ad- Repay- (end of period) M d e e m po b s e it r s s ' Period vances ments (end of Period h N om ew e Home FHA- VA- Con- Total t S e h r o m r t 1 - t L er o m ng - 2 period) Total 1 con- pur- Total 2 in- guar- vens t tr io u n c - chase sured anteed tional 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 1 1 9 9 6 6 6 5 5 3 , , 0 8 0 0 7 4 4 2 , , 3 8 3 6 5 6 5 6 , . 9 9 9 3 7 5 5 3 , , 0 07 0 4 6 2 1 , , 9 9 2 2 3 9 1 1 , , 0 04 3 3 6 1 1 1 9 9 9 6 6 6 6 4 5 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 6 3 , , , 6 0 6 3 1 5 8 3 3 1 1 7 0 0 , , , 8 5 8 2 3 3 8 8 0 1 1 1 0 1 1 1 4 0 , , , 3 4 3 3 2 0 3 7 6 5 5 4 , , , 1 2 8 4 6 9 5 9 4 6 6 6, , , 1 3 6 5 9 8 7 8 3 1 9 8 0 8 9 3 , , , 7 0 7 0 6 5 1 3 6 1 1 1 9 9 9 6 6 6 8 9 7 2 5 1 , , , 5 5 7 3 2 3 1 7 4 4 1 1 , , , 0 5 8 7 6 0 6 1 0 4 5 9 , , , 2 3 2 5 8 8 9 6 9 3 4 8 , , , 9 8 4 8 6 3 5 7 4 4 3 8 0 5 9 1 5 2 1 1 1 , , ,0 4 3 4 3 8 1 2 2 1 1 9 9 6 6 7 8 2 2 0 1 , ,9 1 8 2 3 2 4 4 , , 2 9 4 1 3 6 1 9 1 , , 6 21 0 5 4 1 1 2 3 1 0 , , 8 8 0 0 5 2 5 6 , , 7 6 9 5 1 8 7 6 , ,3 0 5 1 1 2 1 1 0 1 9 7 , , 6 1 6 3 3 2 1 1 9 9 7 7 0 1 2 3 , , 7 25 1 6 4 5 1 , , 3 9 9 2 2 9 1 7 0 . , 9 6 3 1 6 5 3 3 , ,0 0 8 0 1 2 4 7 , , 9 5 3 3 4 4 2 1 , , 3 7 3 8 1 9 1 1 9 9 6 7 9 0 2 2 1 1 , , 8 3 4 8 7 3 4 4 , , 7 1 5 5 7 0 1 1 1 0 , , 2 23 5 7 4 1 1 4 5 0 0 , , 3 3 4 3 7 1 1 7 0 , , 9 1 1 7 7 8 8 7 , ,6 4 5 9 8 4 1 1 2 3 4 1 , ,6 7 5 7 9 2 1971—Dec. 490 262 7,936 3,002 4,934 1,789 197 1 39,472 6,835 18,811 174,385 13,798 10,848 149,739 1972—Jan.. 186 885 7,238 2,569 4,669 1,948 1971—Dec.. 3,592 573 1,590 174,385 13,798 10,848 149,739 F M e a b r . . , 1 1 6 4 5 8 8 6 7 8 1 9 6 5 , , 5 9 1 9 5 2 2 2, , 1 3 2 4 5 2 4 3 , , 1 8 7 6 3 7 2 2, , 0 0 0 1 8 4 1972— J F A M J M A J u u a e u p a a l n b n g y r r y e . . . . . . . . . . . . . . . , , , 2 2 4 4 5 3 3 5 , , , , , , , , 8 6 6 5 4 8 3 9 4 3 0 4 7 1 7 1 9 2 3 9 2 9 9 0 4 8 5 7 7 8 7 8 8 1 4 0 3 7 0 1 1 8 3 7 6 2 3 2 2 2 2 3 1 1 1 1 , , , , , , , , 2 5 9 0 2 4 8 8 7 1 5 2 8 1 0 6 6 5 3 0 7 9 0 1 1 1 1 1 1 1 1 1 8 7 7 8 8 9 8 9 5 5 7 2 0 4 8 1 , , , , , , , , 4 8 7 6 1 9 8 6 3 3 1 4 1 5 8 4 1 8 1 5 4 5 4 2 1 1 1 1 1 1 1 1 4 3 4 5 4 4 5 5 , , , , , , , , 9 8 1 0 1 2 6 4 7 6 7 1 5 6 9 5 6 7 8 9 3 3 7 0 1 1 1 1 1 1 1 1 2 1 1 1 2 2 1 2 , , , , , , , , 0 0 7 2 2 5 8 6 1 8 1 9 6 4 9 0 3 9 0 3 4 6 2 6 1 1 1 1 1 1 1 1 5 5 5 6 5 5 6 6 0 2 8 6 4 6 3 1 , , , , , , . , 8 1 5 1 2 8 5 8 4 8 4 4 2 8 7 0 9 3 3 9 5 3 2 0 A J A N J M O S u u e p u o c a n p l r t g v y y e t . . . . , . . 4 4 4 2 2 6 3 5 4 0 8 3 1 2 6 4 5 6 5 1 8 0 0 2 2 3 2 2 2 3 1 1 4 9 4 3 2 2 9 8 6 6 9 3 2 0 8 9 7 6 6 6 6 7 5 5 , , , , , , , , 2 1 7 9 8 2 0 0 4 3 1 5 3 9 4 7 5 8 3 3 6 5 5 4 2 2 2 2 2 2 1 1 , , , , , , , , 0 0 0 5 3 4 9 9 4 1 8 0 2 4 4 9 9 9 3 7 0 0 4 0 4 4 4 4 4 4 3 3 , , , , , , , , 7 1 4 6 1 8 2 8 2 4 2 3 0 6 3 1 5 8 9 5 5 4 0 2 1 1 1 1 1 1 1 1 , , , , , . . , 3 7 7 7 4 3 4 4 7 8 6 4 4 3 4 9 1 9 2 3 6 4 2 7 Sept.r 4,689 739 2,587 197,881 15,342 13,098 169,441 Oct.r. 4,522 761 2,423 200,554 15,378 13,334 171,842 Nov.. 4,372 714 2,305 203,246 15,488 13,546 174,212 2 1 S S e e c c u u r r e e d d l o o r a u n n s, s e a c m ur o e r d ti z lo ed a n q s u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a t o u r r i l t e i s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 REAL ESTATE CREDIT • JANUARY 1973 FEDERAL NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ASSOCIATION ACTIVITY AUCTIONS (In millions of dollars) Government-underwritten Conventional home loans Mortgage Mortgage Mortgage home loans holdings transactions commitments E pe n r d i o o d f ( p d e u r r io in d g ) DDDaaattteee ooofff aaauuuccctttiiiooonnn M am or o t u g n a t g s e AAvv yy ee iiee rr ll aa dd gg ee M am or o t u g n a t g s e AAvv yy ee iiee rr ll aa dd gg ee Total F su H in re A - d - a g n V u t A a e r e - - d ch P a u s r e - s d p M u er r a i i d o n e d g st O i a n n u g d t - Offered ce A p c te - d cc (( mm oo ss tt hh ee mm ee rr oo nn mm mm rr ttss tt ii -- )) tt -- Offered ce A p c te - d cc mm (( oo ss tt hh ee mm ee rr nn oo mm mm rr ttss tt ii -- )) tt -- 1 1 1 9 9 9 6 6 6 9 8 7 . . . 1 5 7 0 , , , 1 5 9 6 2 5 7 2 0 4 5 7 , , , 1 0 6 2 4 8 1 8 0 2 3 1 , , , 0 2 4 4 7 7 6 0 4 4 1 1 , , , 1 4 9 2 0 4 1 0 4 12 2 6 1 , , . 6 6 7 9 3 3 6 0 2 3 1 , , 5 2 5 3 8 0 7 9 1 In m do il l l l i a o r n s s of per I n ce nt In m do il l l l i a o r n s s of per I n ce nt 1970. 15,502 11,071 4,431 5,078 8,047 5,203 1971. 17,791 3,574 336 4,986 5,694 11997722——JJuunnee 11 2288..22 2222..77 77..8800 11112222................ 88883333....5555 44448888....1111 7777....66663333 1971-Nov 17,535 406 893 5,466 22226666................ 99997777....8888 77776666....6666 7777....66663333 Dec 17,791 350 1,014 5,694 JJJJuuuullllyyyy 11110000................ 111133334444....6666 99992222....1111 7777....66663333 1972-J F a e n b . 1 18 7 , ,9 2 7 2 7 0 2 3 8 2 1 4 5 5 9 7 8 4 5 5 , , 5 6 5 9 8 6 222 11117777 444 ............ 111222333...999 111111333...000 777...666333 3322..44 2222..77 77..8800 Mar 18,342 13,654 4,687 316 79 469 5,635 J J A M u u p a n l r y y e , . 1 1 1 1 8 8 8 8 , , , , 5 4 7 6 9 0 4 28 9 3 0 1 1 1 1 4 3 3 3 , , , , 0 9 9 7 1 2 5 4 3 3 2 4 4 4 4 4 , , , , 7 6 6 6 1 5 7 7 4 9 0 4 2 2 2 3 5 2 2 4 8 3 1 6 2 7 9 3 7 0 6 5 5 , , , 1 8 9 8 5 5 6 3 7 AAAuuuggg... 222 111 777 444 111 ............ 111 111 111 000 444 666 ... ... 666 222 888 888 777 111 ... ... 222 777 777 777 ... ... 666 666 222 333 2244..77 2244..22 77..8800 A O N Se u o c p g t v t . . . r . . r 1 1 1 1 9 9 9 9, , , , 4 6 2 0 3 1 9 2 8 9 5 3 1 1 1 1 4 4 4 4 , , , , 5 1 3 4 5 8 8 6 8 8 0 2 4 4 4 5 , , , , 8 9 8 0 8 3 1 1 6 8 9 6 4 4 2 3 0 6 2 1 1 5 7 5 7,387 SSSeeepppttt... 111 111 111 555 888 ... ... ... ... ... ... ... ... 222 222999 222 555 000 ... ... 999 666 111 111 444 555 888 111 ... ... 111 222 777 777... ... 666 666 666 444 2288..77 2266..55 77..8844 OOOcccttt... 222............ 333555222...888 222111111...555 777...777000 111000 4422..22 3377..22 77..9900 NOTE.—Federal National Mortgage Assn. data. Total holdings include 111666............ 222777111...222 222222444...999 777...777333 conventional loans. Data prior to Sept. 1968 relate to secondary market 333000............ 111888666...444 111666222...777 777...777444 portfolio of former FNMA. Mortgage holdings include loans used to back bond issues guaranteed by GNMA. Mortgage commitments made during NNNooovvv... 666 7755..00 6688..00 77..9900 the period include some multifamily and nonprofit hospital loan commit- 111333... ... ... 777888...777 444999...222 777...777222 ments in addition to 1- to 4-family loan commitments accepted in FNMA's 222777... ... ... 666000...888 333666...222 777...777000 free market auction system, and through the FNMA-GNMA Tandem Plan (Program 18). DDDeeeccc... 444 3366..44 3300..99 77..8877 1111 888222...222 444222...444 777...666888 2266 111000888...777 666666...333 777...666999 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 BBoonnddss EEEnnnddd ooofff ppeerriioodd)) PPeerriioodd ssoolldd pppeeerrriiioooddd Applications Securities FFHHAA-- VVAA-- MMaaddee OOuutt received issued TToottaall ssuu iinn rree -- dd aa gg nn uu tt aa ee rr ee -- dd c P ha u s r e - s Sales dd pp uu eerr rr ii ii oo nn dd gg sstt ii aa nn nn gg dd -- 1970 1111111111111111,,,,,,,,,,,,,,,,111111111111111122222222222222226666666666666666................2222222222222222 444444444444444455555555555555552222222222222222................4444444444444444 111,,,333111555...000 1971 4444444444444444,,,,,,,,,,,,,,,,333333333333333377777777777777773333333333333333................6666666666666666 2222222222222222,,,,,,,,,,,,,,,,777777777777777700000000000000001111111111111111................9999999999999999 333000000...000 1967 3333333333333333333,,,,,,,,,,,,,,,,,,,333333333333333333344444444444444444448888888888888888888 22222,,,,,777775555566666 555559999922222 888888886666666600000000 11111,,,,,000004444455555 11111,,,,,111117777711111 1968 4444444444444444444,,,,,,,,,,,,,,,,,,,222222222222222222222222222222222222220000000000000000000 33333,,,,,555556666699999 666665555511111 11111111,,,,,,,,000000008888888899999999 11 888886666677777 11111,,,,,222226666666666 1971—Nov 555555555555555533333333333333333333333333333333................7777777777777777 222222222222222244444444444444444444444444444444................2222222222222222 1969 4444444444444444444,,,,,,,,,,,,,,,,,,,888888888888888888822222222222222222220000000000000000000 44444,,,,,222222222200000 666660000000000 888888882222222277777777 666661111155555 11111,,,,,111113333311111 Dec 333333333333333311111111111111118888888888888888................3333333333333333 222222222222222211111111111111112222222222222222................8888888888888888 1970 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111188888888888888888884444444444444444444 44444,,,,,666663333344444 555555555500000 666666662222222211111111 888889999977777 777773333388888 1971 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 333333339999999933333333 1972—Jan 333333333333333388888888888888884444444444444444................1111111111111111 222222222222222244444444444444447777777777777777................7777777777777777 Feb 555555555555555511111111111111111111111111111111................2222222222222222 333333333333333399999999999999991111111111111111................2222222222222222 220000..00 11111111111111999999999999997777777777777711111111111111--------------NNNNNNNNNNNNNNoooooooooooooovvvvvvvvvvvvvv.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222266666666666666666660000000000000000000 2222222244444444 Mar 555555555555555522222222222222228888888888888888................3333333333333333 333333333333333322222222222222222222222222222222................5555555555555555 DDDDDDDDDDDDDDeeeeeeeeeeeeeecccccccccccccc.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222299999999999999999994444444444444444444 3333333322222222 111111111111111188888888888888887777777777777777................8888888888888888 222222222222222277777777777777775555555555555555................1111111111111111 May 222222222222222211111111111111116666666666666666................4444444444444444 222222222222222211111111111111112222222222222222................9999999999999999 550000..00 11111111111111999999999999997777777777777722222222222222--------------JJJJJJJJJJJJJJaaaaaaaaaaaaaannnnnnnnnnnnnn........................................................ '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,333333333333333333311111111111111111116666666666666666666 June 222222222222222244444444444444445555555555555555................8888888888888888 111111111111111199999999999999993333333333333333................2222222222222222 FFFFFFFFFFFFFFeeeeeeeeeeeeeebbbbbbbbbbbbbb............................ .............. '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,333333333333333333311111111111111111110000000000000000000 July 111111111111111133333333333333335555555555555555................5555555555555555 111111111111111144444444444444445555555555555555................8888888888888888 MMMMMMMMMMMMMMaaaaaaaaaaaaaarrrrrrrrrrrrrr.......................................... rrrrrrrrrrrrrrrrrrr5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222277777777777777777771111111111111111111 555555555555555544444444444444448888888888888888................3333333333333333 111111111111111144444444444444440000000000000000................3333333333333333 AAAAAAAAAAAAAApppppppppppppprrrrrrrrrrrrrr............................ .............. '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111155555555555555555553333333333333333333 Sept 111111111111111199999999999999992222222222222222................0000000000000000 111111111111111133333333333333330000000000000000................9999999999999999 MMMMMMMMMMMMMMaaaaaaaaaaaaaayyyyyyyyyyyyyy............................ '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222244444444444444444441111111111111111111 Oct 222222222222222233333333333333337777777777777777................8888888888888888 111111111111111166666666666666664444444444444444................1111111111111111 JJJJJJJJJJJJJJuuuuuuuuuuuuuunnnnnnnnnnnnnneeeeeeeeeeeeee............................ '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222244444444444444444449999999999999999999 222222222222222222222222222222226666666666666666................4444444444444444 111111111111111133333333333333338888888888888888................2222222222222222 JJJJJJJJJJJJJJuuuuuuuuuuuuuullllllllllllllyyyyyyyyyyyyyy.......................................... '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,333333333333333333300000000000000000001111111111111111111 AAAAAAAAAAAAAAuuuuuuuuuuuuuugggggggggggggg.......................................... '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,444444444444444444400000000000000000005555555555555555555 SSSSSSSSSSSSSSeeeeeeeeeeeeeepppppppppppppptttttttttttttt.......................................... '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222277777777777777777778888888888888888888 NOTE.—Government National Mortgage Assn. data. Under the Mort- OOOOOOOOOOOOOOcccccccccccccctttttttttttttt........................................................ '''''''''''''''''''5555555555555555555,,,,,,,,,,,,,,,,,,,222222222222222222200000000000000000003333333333333333333 gage-Backed Security Program, GNMA guarantees the timely payment NNNNNNNNNNNNNNoooooooooooooovvvvvvvvvvvvvv.......................................... 5555555555555555555,,,,,,,,,,,,,,,,,,,111111111111111111155555555555555555552222222222222222222 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. To date, bond-type securities have been issued only by FNMA and NOTE.—Governmental National Mortgage Assn. data. Total holdings FHLMC. include a small amount of conventional loans. Data prior to Sept. 1968 relate to Special Assistance and Management and Liquidating portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conventional mortgage loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • REAL ESTATE CREDIT A 55 HOME-MORTGAGE YIELDS GOVERNMENT-UNDERWRITTEN RESIDENTIAL (In per cent) LOANS MADE (In millions of dollars) Primary market Secondary (conventional loans) market FHA-insured VA-guaranteed PPPeeerrriiioooddd ( F e H ffe L c B ti B ve s r e a ri t e e s ) ( H s F e H U ri A D es ) oo ii nn nn YY ss FF ii uu ee rr HH ll ee dd dd AA -- PPPeeerrriiioooddd Mortgages PPrroo-- PPrr -- oo tt pp yy -- Mortgages New Existing New ll hh oo nn oo aa ee 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—Nov 7.79 7.69 7.75 7.62 1971 . 14,689 3,900 6,475 3,641 674 5,910 1,676 4,234 Dec 7.77 7.64 7.70 7.59 1971--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 7.57 7.55 7.70 7.56 July.. 865 261 374 183 47 662 179 483 Oct 7.62 7.57 7.70 7.57 Aug.. 1,044 310 440 227 67 764 220 544 Nov 7.65 7.58 7.70 7.57 Sept.. 957 245 340 295 77 749 209 540 Oct 225555 334433 115555 777777 224411 553366 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 EEnndd ooff ppeerriioodd 1965 3.29 2.40 .55 .34 .40 Total F V H A A - t C i v o o e n n n a - - l c P ha u s r e - s 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 1970 333333222222555555 333333222222555555 333333222222555555 1969 3.22 2.43 .52 .27 .27 1971 999999666666888888 888888222222111111 111114444477777 777777777777888888 6644 111118888822222 1970 3.64 2.67 .61 .36 .33 1971 3.93 2.82 .65 .46 .46 1971 Oct 999999000000222222 777777666666111111 111114444411111 111111000000888888 44449999 333330000000000 Nov 999999777777666666 888888000000000000 111117777766666 999999111111 15 22223333 222222222277777 1969—III.... 2.91 2.18 .47 .26 .25 Dec 999999666666888888 888888222222111111 111114444477777 444444555555 49 7777 111118888822222 IV 3.22 2.43 .52 .27 .27 1972—Jan 999999777777999999 888888222222888888 111115555511111 111111777777 2 11117777 111118888822222 1970—1 2.96 2.14 .52 .30 .31 Feb 888888999999333333 888888444444444444 4444499999 222222333333 104 111122226666 222229999900000 II 2.83 2.10 .45 .28 .31 Mar 999999888888888888 999999222222888888 6666600000 999999888888 222255558888 333337777733333 Ill 3.10 2.26 .53 .31 c. 31 Apr 111111,,,,,,111111111111000000 111111,,,,,,000000444444000000 7777700000 111111222222666666 222233332222 444445555555555 IV 3.64 2.67 .61 .36 .33 May .... 111111,,,,,,333333222222444444 111111,,,,,,222222333333999999 8888866666 222222222222000000 111166665555 333339999988888 June 111111,,,,,,444444111111555555 111111,,,,,,333333444444444444 7777711111 111111999999444444 97 111111117777 333331111133333 1971—1 3.21 2.26 .56 .39 .40 July 111111,,,,,,444444777777555555 111111,,,,,,333333777777444444 111110000000000 777777444444 11 77775555 222229999988888 II 3.27 2.36 .53 .38 .38 Aug 111111,,,,,,444444999999888888 111111,,,,,,333333999999444444 111110000044444 111111000000777777 75 111100009999 222226666633333 Ill 3.59 2.54 .62 .43 .41 Sept 111111,,,,,,555555444444555555 111111,,,,,,444444000000888888 111113333377777 666666666666 13 111133336666 333331111188888 IV 3.93 2.82 .65 .46 .46 Oct 111111,,,,,,666666333333111111 111111,,,,,,444444333333999999 111119999922222 111111000000222222 9 111188889999 333337777711111 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 • JANUARY 1973 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 196 5 89,883 70,893 28,437 18,483 3,736 20,237 18,990 7,671 6,430 4,889 196 6 96,239 76,245 30,010 20,732 3,841 21,662 19,994 7,972 6,686 5,336 196 7 100,783 79,428 29,796 22,389 4,008 23,235 21,355 8,558 7,070 5,727 196 8 110,770 87,745 32,948 24,626 4,239 25,932 23,025 9,532 7,193 6,300 196 9 121,146 97,105 35,527 28,313 4,613 28,652 24,041 9,747 7,373 6,921 197 0 127,163 102,064 35,184 31,465 5,070 30,345 25,099 9,675 7,968 7,456 197 1 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1971 __Nov. 135,415 109,088 38,576 32,740 5,417 32,355 26,327 10,459 7,948 7,920 Dec. 138,394 111,295 38,664 34,353 5,413 32,865 27,099 10,585 8,350 8,164 1972—Jan.. 137,426 110,757 38,450 34,046 5,399 32,862 26,669 10,649 7,630 8,390 Feb. 136,941 110,510 38,516 33,579 5,403 33,012 26,431 10,752 6,987 8,692 Mar. 137,879 111,257 38,853 33,695 5,437 33,272 26,622 10,843 6,963 8,816 Apr. 139,410 112,439 39,348 33,981 5,504 33,606 26,971 10,933 7,179 8,859 May 141,450 114,183 40,063 34,439 5,604 34,077 27,267 11,066 7,464 8,737 June 143,812 116,365 41,019 35,041 5,717 34,588 27,447 11,181 7,610 8,656 July. 145,214 117,702 41,603 35,470 5,797 34,832 27,512 11,235 7,644 8,633 Aug. 147,631 119,911 42,323 36,188 5,950 35,450 27,720 11,411 7,717 8,592 Sept. 148,976 121,193 42,644 36,745 6,049 35,755 27,783 11,541 7,693 8,549 Oct.. 150,576 122,505 43,162 37,216 6,124 36,003 28,071 11,717 7,780 8,574 Nov. 152,968 124,325 43,674 38,064 6,174 36,413 28,643 11,917 8,010 8,716 i 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 End of period Total 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 5,936 196 5 70,893 61,102 28,962 23,851 7,324 965 9,791 315 9,476 196 6 76,245 65,430 31,319 24,796 8,255 1,060 10,815 277 10,538 196 7 79,428 67,944 33,152 24,576 9,003 1,213 11,484 287 11,197 196 8 87,745 75,727 37,936 26,074 10,300 1,417 12,018 281 11,737 196 9 97,105 83,989 42,421 27,846 12,028 1,694 13,116 250 12,866 197 0 102,064 88,164 45,398 27,678 12,986 2,102 13,900 218 13,682 197 1 111,295 97,144 51,240 28,883 14,770 2,251 14,151 226 13.925 1971—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 1972—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 Nov. 124,325 109,673 58,878 31,427 16,742 2,626 14,652 259 14,393 i 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

JANUARY 1973 • CONSUMER CREDIT A 57 MAJOR HOLDERS OF INSTALMENT CREDIT (In millions of dollars) Commercial banks Finance companies 1 End of Automobile Other consumer Repair Other consumer Repair period paper goods paper and Per- Auto- goods paper and Per- Total modern- sonal Total mobile modern- sonal ization loans paper ization loans Pur- Direct Mobile Credit Other loans Mobile Other loans chased homes cards homes 1939 1,079 237 178 166 135 363 1,836 932 134 151 619 1941 1,726 447 338 309 161 471 2,541 1,438 194 204 705 1945 745 66 143 114 110 312 910 202 40 62 606 1950 5,798 1,177 1,294 1,456 834 1,037 5,315 3,157 692 80 1,386 1955 10,601 3,243 2,062 2,042 1,338 1,916 11,838 7,108 1,448 42 3,240 1960 16,672 5,316 2,820 2,759 2,200 3,577 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 23,851 9,218 4,343 232 10,058 196 6 31,319 11,024 5,956 4,681 2,647 7,011 24,796 9,342 4,925 214 10,315 196 7 33,152 10,972 6,232 5,469 2,731 7,748 24,576 8,627 5,069 192 10,688 196 8 37,936 12,324 7,102 1,307 5,387 2,858 8,958 26,074 9,003 5,424 166 11,481 196 9 42,421 13,133 7,791 2,639 6,082 2,996 9,780 27,846 9,412 5,775 174 12,485 197 0 45,398 12,918 7,888 3,792 7,113 3,071 10,616 27,678 9,044 2,464 3,237 199 12,734 197 1 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 13,446 1971—Nov.. 50,557 13,850 9,200 4,348 4,080 4,421 3,249 11,409 28,474 9,600 2,546 2,961 233 13,134 Dec.. 51,240 13,837 9,277 4,423 4,419 4,501 3,236 11,547 28,883 9,577 2,561 3,052 247 13,446 1972—Jan.. , 51,157 13,790 9,260 4,467 4,362 4,510 3,203 11,565 28,723 9,459 2,561 3,042 257 13,404 Feb.., 51,264 13,844 9,292 4,519 4,291 4,530 3,190 11,598 28,695 9,399 2,571 3,042 258 13,425 Mar.. 51,782 14,017 9,442 4,602 4,264 4,585 3,201 11,671 28,716 9,324 2,587 3,063 261 13,481 Apr.., 52,629 14,232 9,613 4,703 4,325 4,683 3,244 11,829 28,955 9,373 2,614 3,076 276 13,616 May., 53,624 14,530 9,824 4,842 4,374 4,772 3,303 11,979 29,310 9,453 2,649 3,153 281 13,774 June., 54,883 14,938 10,060 5,023 4,463 4,859 3,372 12,168 29,722 9,612 2,687 3,216 290 13,917 July. , 55,688 15,244 10,193 5,144 4,517 4,903 3,410 12,277 30,065 9,714 2,725 3,270 325 14,031 Aug.. 56,846 15,566 10,331 5,321 4,631 5,003 3,479 12,515 30,464 9,822 2,773 3,318 358 14,193 Sept.. 57,566 15,754 10,381 5,471 4,750 5,030 3,522 12,658 30,650 9,835 2,820 3,367 383 14,245 Oct... 58,266 15,996 10,534 5,590 4,782 5,053 3,555 12,756 30,970 9,914 2,862 3,430 412 14,352 Nov.., 58,878 16,180 10,674 5,690 4,868 5,063 3,557 12,846 31,427 10,026 2,899 3,476 452 14,574 1 Finance companies consist of those institutions formerly classified J 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 EEnndd ooff ppeerriioodd Total m pa o p b e il r e s g u o m od e s r m iz o a d ti e o r n n - l s o o a n n a s l Total Service paper loans End of period Com- Other credit mer- finan- Retail Credit cial cial outlets cards 1 1939, 150 27 5 12 106 banks insti- 1941 213 47 9 11 146 tutions 1945, 121 16 4 10 91 1 1 1 9 9 9 5 5 6 5 0 0 , 4 1 , , 5 9 6 6 5 9 6 9 2 1,4 5 1 6 6 5 0 0 9 2 1 9 4 3 7 0 0 7 1 3 7 1 0 5 3 2 2,0 9 3 3 5 9 4 6 1 1 1 1 9 9 9 4 4 3 1 5 9 2 3 3 , , , 7 0 2 1 8 0 9 7 3 6 6 6 2 9 7 5 3 4 1 1 7 6 5 2 2 2 1 1 1 , , , 6 4 6 4 1 1 5 4 2 5 5 8 9 1 4 7 8 5 1 1 1 9 9 9 6 6 6 5 6 7 . . . 1 9 8 0 , , , 3 2 2 1 8 1 5 9 6 3 3 3 , , , 4 6 0 1 7 3 1 8 6 4 5 6 8 9 5 8 8 4 1,0 9 9 8 8 3 5 0 3 4 4 3 , , , 7 3 8 9 3 2 9 6 2 1 1 1 9 9 9 5 6 5 5 0 0 1 9 6 3 , , , 7 9 1 6 2 7 8 4 3 2 3 1 , , , 6 5 8 3 7 8 5 6 4 2 6 3 4 2 6 5 3 7 4 4 3 , , ,2 5 8 9 7 9 1 9 3 2 43 7 16 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 19 9 9 9 7 6 6 7 1 8 9 0 . . , , 1 1 1 1 1 3 7 5 , , , , 7 0 7 0 1 2 2 8 7 1 2 8 4 4 5 5 , , , , 9 2 1 7 4 3 1 4 1 8 6 7 1 1 , , 1 4 9 7 7 5 7 7 7 1 1 2 1 1 1 1 , , , , 2 4 8 9 1 4 0 3 5 3 0 0 5 6 7 6 , , , , 3 4 9 8 8 9 9 7 7 3 5 2 1 1 1 1 9 9 9 9 6 6 6 6 5 7 6 8 2 2 1 1 1 3 8 9 , , , , 3 0 9 9 5 2 9 9 5 5 0 4 6 7 6 8 , , , , 6 4 9 3 7 9 4 7 8 0 6 4 1 1 1 , , ,1 0 0 9 5 8 2 8 8 1 6 0 5 5 5 6 , , , , 0 7 9 8 4 2 6 1 1 4 6 2 1 1, , 2 0 7 8 2 2 0 7 7 9 6 4 4 5 5 6 , , , , 8 3 7 3 8 2 3 0 9 7 6 0 1971-— D N e o c v 1 1 7 6 , , 0 8 2 9 1 4 5 5 , , 7 6 4 8 7 9 1 1, , 4 4 5 7 8 2 1 1, , 9 9 3 3 5 0 7 7, , 8 8 1 7 2 2 1 1 1 9 9 9 7 6 7 9 0 1 2 2 2 4 5 7 , , , 0 0 0 4 9 9 1 9 9 9 8 8 , , , 3 4 5 1 6 5 6 9 3 1 1 1 . , , 2 1 2 6 0 9 9 4 6 5 6 6 , , , 1 9 3 6 9 3 3 7 6 1 1 1 , , , 8 4 9 0 3 5 5 7 3 7 6 8 , , , 9 4 1 2 5 6 1 6 4 1972-— F Ja eb n 1 17 7 , , 1 0 7 1 6 4 5 5, , 7 7 5 16 5 1 1, , 4 4 7 6 7 6 1 1, , 9 9 5 3 5 9 7 7 , , 8 98 9 9 3 1971—Nov.... 26,327 9,189 1.270 6,031 1,917 7,920 Mar 17,436 5,842 1,499 1,975 8,120 Dec.... 27,099 9,316 1,269 6,397 1,953 8,164 Apr 17,555 5,898 1,512 1,984 8,161 May 17,906 6,019 1,543 2,020 8,324 1972—Jan.... 26,669 9,342 1,307 5.688 1,942 8,390 June 18,304 6,166 1,580 2,055 8,503 Feb.... 26,431 9,415 1,337 5,111 1.876 8,692 J A O S u e u c l p t y g t 1 1 1 1 1 8 9 9 9 8 , , , , , 3 3 1 8 0 7 6 6 3 6 9 8 9 6 2 6 6 6 6 6 , , , , , 4 4 5 3 2 2 6 5 3 0 1 1 3 5 4 1 1 1 1 1 , , , , , 5 6 6 6 6 8 2 4 5 7 9 8 5 6 5 2 2 2 2 2 , , , , , 1 1 0 1 1 6 1 5 6 4 5 3 7 2 4 8 8 8 8 8 , , , , , 9 8 7 5 8 9 9 4 2 5 3 5 2 4 2 J J A M M u u p a a n l r r y y e . . . . . . . . . 2 2 2 2 2 6 7 7 7 6 , , , , , 9 2 4 5 6 7 6 4 1 2 1 7 7 2 2 9 9 9 9 9 , , , , , 8 4 7 9 5 3 9 1 0 9 1 1 7 0 4 1 1 1 1 1 , . . , , 3 3 3 3 3 3 4 3 5 5 5 9 9 0 2 5 5 5 5 5 . , , , , 6 5 6 1 2 8 8 0 6 9 9 7 2 4 6 1 1 1 1 1 , , . , , 8 8 9 9 8 7 8 8 2 6 7 3 0 1 1 8 8 8 8 8, , , , , 6 7 6 8 8 3 3 5 5 1 3 7 6 9 6 Aug— 27,720 10,053 1,358 5,676 2,041 8,592 Sept.. . 27,783 10,165 1,376 5,613 2,080 8,549 lan N e O ou T s E l .— en O de th rs e . r M fin is a c n el c l i a a n l e l o e u n s d e le r n s d c e o r n s s i i n st c lu o d f e c s r a e v d i i n t g u s n a i n o d n s lo a a n n d a m ss i o s c c i e a l - - N O o c v t 2 2 8 8 , , 6 0 4 7 3 1 1 1 0 0 , , 3 5 3 2 9 7 1 1 , , 3 3 7 9 8 0 6 5 , ,7 0 9 8 4 1 1 1, , 9 9 2 8 9 6 8 8, , 7 5 1 7 6 4 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 • JANUARY 1973 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 Period 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. 1965. 78,661 27,208 22,857 2,270 26,326 1966. 82.832 27,192 26,329 2,223 27,088 1967. 87,171 26,320 29,504 2,369 28,978 1968. 99,984 31,083 33,507 2,534 32,860 1969. 109,146 32,553 38,332 2,831 35,430 1970. 112,158 29,794 43,873 2,963 35,528 1971. 124,281 34,873 47,821 3,244 38,343 1971—Nov.. 11,157 11,300 3,121 3,087 4,254 4,381 274 273 3,508 3,559 Dec.. 10,866 12,445 3,051 2,743 4,153 5,528 294 242 3,368 3,932 1972—Jan... 11,116 9,469 3,089 2,499 4,258 3,773 309 231 3,460 2,966 Feb.. 10.952 9,540 3,100 2,777 4,052 3,422 296 247 3,504 3,094 Mar.. 11,741 11,746 3,176 3,363 4,453 4,337 323 303 3,789 3,743 Apr.. 11,374 11,224 3,162 3,269 4,370 4,158 331 326 3,511 3,471 May. 11,687 12,556 3,274 3,699 4,393 4,593 334 399 3,686 3,865 June. 12,057 13,096 3,412 3,938 4,577 4,779 351 403 3,717 3,976 July.. 11,687 11.833 3,298 3,480 4,684 4,544 328 358 3,377 3,451 Aug.. 12,484 13,166 3,491 3,696 4,990 5,094 371 431 3,632 3,945 Sept.. 11.953 11,535 3,368 3,110 4,772 4,695 340 360 3,473 3,370 Oct.. 12,404 12,337 3,504 3,663 4,971 4,831 335 347 3,594 3,496 Nov.. 12,846 12,806 3,620 3,505 5,118 5,202 327 321 3,781 3,778 Repayments 1965. 70,463 23,706 20,707 2,112 23,938 1966. 77,480 25,619 24,080 2,118 25,663 1967. 83,988 26,534 27,847 2,202 27,405 1968. 91,667 27,931 31,270 2,303 30,163 1969. 99,786 29,974 34,645 2,457 32,710 1970. 107,199 30,137 40,721 2,506 33,835 1971. 115,050 31,393 44,933 2,901 35,823 1971--Nov.. 9,965 9,987 2,676 2,704 3,875 3,830 252 256 162 3,197 Dec.. 9,976 10,238 2,715 2,655 3,891 3,915 244 246 126 3,422 1972—Jan... 10,015 10,007 2,795 2,713 3,905 4,080 256 245 3,059 2,969 Feb.. 10,069 9,787 2,776 2,711 3,878 3,889 253 243 3,162 2,944 Mar.. 10,427 10,999 2,831 3,026 3,944 4,221 262 269 3,390 3,483 Apr.. 10,384 10,042 2,867 2,774 3,986 3,872 268 259 3,263 3,137 May. 10,355 10,812 2,819 2,984 3,981 4,135 287 299 3,268 3,394 June. 10,671 10,914 2,922 2,982 4,164 4,177 283 290 3,302 3,465 July.. 10,593 10,496 2,917 2,896 4,249 4,115 279 278 3,148 3,207 Aug.. 10,841 10,957 2,896 2,976 4,395 4,376 270 278 3,280 3,327 Sept.. 10,667 10,253 2,873 2,789 4,303 4,138 263 261 3,228 3,065 Oct... 10,908 11,025 3,041 3,145 4,354 4,360 263 272 3,250 3,248 Nov.. 11,128 10,986 3,023 2,993 4,444 4,354 271 271 3,390 3,368 Net change in credit outstanding 2 1965. 8,198 3,502 2,150 158 2,388 1966. 5,352 1,573 2,249 105 1,425 1967. 3,183 -214 1,657 167 1,573 1968. 8,317 3,152 2,237 231 2,697 1969. 9,360 2,579 3,687 374 2,720 1970. 4,959 -343 3,152 457 1,693 1971. 9,231 3,480 2,888 343 2,520 1971--Nov.. 1,192 1,313 445 383 379 551 22 17 346 362 Dec.. 890 2,207 336 88 262 1,613 50 -4 242 510 1972—Jan... 1,101 -538 294 -214 353 -307 53 -14 401 -3 Feb.. 883 -247 324 66 174 -467 43 4 342 150 Mar.. 1,314 747 345 337 509 116 61 34 399 260 Apr.. 990 1,182 295 495 384 286 63 67 248 334 May. 1,332 1,744 455 715 412 458 47 100 418 471 June. 1,386 2,182 490 956 413 602 68 113 415 511 July.. 1,094 1,337 381 584 435 429 49 80 229 244 Aug.. 1,643 2,209 595 720 595 718 101 153 352 618 Sept.. 1,286 1,282 495 321 469 557 77 99 245 305 Oct... 1,496 1,312 463 518 617 471 72 75 344 248 Nov.. 1,718 1,820 597 512 674 848 56 50 391 410 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

JANUARY 1973 • 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.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i 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 NNNooovvv 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 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 NNNooovvv 12,846 1111111122222222,,,,,,,,888888880000000066666666 5,413 55555555,,,,,,,,000000005555555599999999 3,434 33333333,,,,,,,,555555558888888811111111 1,792 11111111,,,,,,,,777777770000000044444444 2,207 22222222,,,,,,,,444444446666666622222222 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 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 JJJaaannn 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 10,671 1111111100000000,,,,,,,,999999991111111144444444 4,250 44444444,,,,,,,,333333335555555588888888 2,971 33333333,,,,,,,,000000006666666677777777 1,566 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 NNNooovvv 11,128 1111111100000000,,,,,,,,999999998888888866666666 4,531 44444444,,,,,,,,444444444444444477777777 3,061 33333333,,,,,,,,111111112222222244444444 1,578 11111111,,,,,,,,555555550000000055555555 1,958 11111111,,,,,,,,999999991111111100000000 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—No v 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 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 Nov 1,718 11111111,,,,,,,,888888882222222200000000 882 666666661111111122222222 373 444444445555555577777777 214 111111119999999999999999 249 555555555555555522222222 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. • JANUARY 1973 MARKET GROUPINGS (1967 = 100) 1 p 9 r 6 o 7 - 1971 1971 1972 por- aver- Grouping tion age* Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov.* Total index 100.00 106.8 107.4 108.1 108.7 110.0 111.2 112.8 113.2 113.4 113.9 115.0 116.] Products, total 62.21 106.4 107.9 108.0 108.4 109.5 110.1 111.4 112.1 112.0 112.2 113.3 114.4 Final products 48.95 104.7 106.1 106.2 106.4 107.6 108.2 109.8 110.2 110.1 110.1 111.3 112.4 Consumer goods 28.53 115.7 118.0 118.0 118.5 119.6 119.6 122.0 122.2 122.1 122.0 123.1 124.4 Equipment 20.42 89.4 89.6 89.6 89.5 90.9 92.4 92.7 93.4 93.3 93.4 94.8 95.8 Intermediate products 13.26 112.6 114.3 114.9 115.9 117.0 117.3 117.3 119.3 119. 120.5 121.2 121.7 Materials 37.79 107.4 106.5 108.4 109.2 110.8 113.1 115.0 115.6 116.1 116.8 117.4 119.1 Consumer goods Durable consumer goods 7.86 115.1 116.0 117.4 117.5 120.3 118.9 125.9 125.3 126.0 123.9 125.8 125.4 Automotive products 2.84 119.5 119.7 119.9 116.6 119.5 119.3 128.9 127.4 125.7 124.7 127. 124.8 Autos 1.87 108.3 109.2 109.4 102.8 106.4 104.6 114.3 111.3 108.2 108.2 109.5 109.6 Auto parts and allied goods..., .97 140.9 140.1 140.0 143.4 144.5 147.5 157.0 158.3 159.3 156.9 160.9 153.9 Home goods 5.02 112.6 113.8 116.0 118. 120.7 118.7 124.2 124.3 126.1 123.5 125. 125.7 Appliances, TV, and radios 1.41 111.5 110.5 116.9 123.8 123.1 115.1 132.2 129.3 125.9 121.6 119.7 123.1 Appliances and A/C .92 127.6 131.3 135.8 143.4 146.9 131.9 149.3 148.2 141.2 138.5 141.8 142.8 TV and home audio .49 81.4 71.8 81.3 87.1 78.3 84.0 100.1 93.7 97.2 89.9 78.6 86.1 Carpeting and furniture 1.08 117.2 122.2 120.4 121.7 126. 127.1 131.3 132.0 134.0 132.6 138.4 134.5 Misc. home goods 2.53 111.2 112.0 113.7 113.5 117.2 117.2 116.9 118.2 122.9 120.6 122.4 123.4 Nondurable consumer goods 20.67 116.0 118.8 118.4 119.0 119.3 119.9 120.5 121.0 120.6 121.3 122.1 123.9 Clothing 4.32 101.4 103.7 105.0 105.8 102.7 105.0 105.0 106.2 106.8 108.0 109.1 110.0 Consumer staples 16.34 119.8 122.8 121.9 122.5 123.7 123.9 124.6 124.9 124.3 124.8 125.5 127.6 Consumer foods and tobacco.. 8.37 113.6 117.2 115.5 115.4 115.5 116.3 116.8 117.2 116.8 116.4 117.6 118.5 Nonfood staples 7.98 126.3 128.6 128.7 129.8 132.4 132.0 132.8 133.1 132.2 133.6 133.8 137.2 Consumer chemical products 2.64 133.9 137.2 134.3 137.6 144.3 141.4 145.4 144.8 140.2 141.3 141.7 146.4 Consumer paper products... 1.91 107.9 111.5 114.8 111.4 112.1 113.9 111.4 111 112.5 112.5 112.2 115.6 Consumer fuel and lighting. 3.43 130.8 131.6 132.1 134.2 134.5 134.9 134.8 136.3 136.8 139.4 139.8 141.9 Residential utilities 2.25 137.6 138.8 139.0 141.8 142.5 142.3 142.1 143.2 145.0 147.0 147.5 150.3 Equipment Business equipment 12.74 96. 97.9 98.0 98.4 99.9 101.3 101.3 102.5 102.4 102.1 105.0 106.7 Industrial equipment 6.77 92.9 94.2 94.2 94. 95.4 96.3 95.7 96.3 97.2 96.7 99.9 102.8 Building and mining equip.... 1.45 92.9 95.2 94.0 98.0 99.6 101.2 98.4 97.0 98.3 98.0 104.8 105.7 Manufacturing equipment.... 3.85 82.6 83.5 83.8 82.4 83.4 84.5 84.9 85.9 86.7 87.1 89.4 92.6 Power equipment 1.47 119.8 121.5 121.6 121.0 122.7 122.0 121.4 122.8 123.5 120.5 122.4 126.3 Commercial, transit, farm eq.... 5.97 101.2 102.1 102.4 103.3 105.1 107.0 107.6 109.6 108.4 108.3 110.7 111.2 Commercial equipment 3.30 110.0 110.2 109.4 109.1 111.9 114.7 114.1 116.4 116.7 117.3 120.0 121.5 Transit equipment 2.00 89.4 89.4 93. 95.1 94.7 95.4 97.0 98.9 94.4 92.5 93.0 93.1 Farm equipment .67 93.2 100.0 96. 98.6 102.4 103.5 106.8 108.2 109.7 111.2 117.7 114.7 Defense and space equipment 7.68 77.1 75.9 75.6 74.8 76.0 77.6 78.5 78.2 78.3 78.9 77.9 77.7 5.15 79.9 78.8 78.3 77.6 78.5 80.7 81.3 81. 80.4 81.6 79.9 79.3 Military products Intermediate products 5.93 112.6 114.2 115.2 115.7 115.8 115.9 116.5 118.0 117.8 119.8 119.3 120.6 Construction products 7.34 112.6 114.4 114.5 116.1 118.0 118.5 118.0 120.4 120.2 121.1 122.8 122.6 Misc. intermediate products Materials 20.91 101.7 100.5 101.6 103.5 105.8 107.8 110.4 111.1 111.1 111.5 112.6 116.0 4.75 104.2 101.8 104.0 105. 107.1 110.2 113.8 112.0 112.0 111.4 114.0 116.3 Durable goods materials 5.41 87. 87.3 87.9 88. 90.7 91.0 95.4 95.3 95.3 98.2 97.8 100.7 Consumer durable parts 10.75 107.9 106.5 107.4 110.2 112.8 115.2 116.5 118.6 118.6 118.2 119.5 123.6 Equipment parts Durable materials nec 13.99 114.1 115.9 116.7 116.0 117.0 119.8 120.6 121.3 122.5 123.3 123.7 122.7 Nondurable goods materials 8.58 116.6 121.5 123.0 120.8 121.5 125.0 125.9 127.1 128.5 130.1 131.1 129.2 Textile, paper, and chem. mat... 5.41 110.3 107.2 106.8 108.3 109.9 111.4 112.3 112.3 113.1 112.3 111.9 112.4 Nondurable materials n.e.c 2.89 116.3 104.6 117.6 117.4 117.7 118.9 121.6 120.7 121.7 123.5 121.5 125.0 Fuel and power, industrial Supplementary groups Home goods and clothing. 9.34 107.4 109.2 110.9 112.4 112.4 112.3 115.3 115.9 117.2 116.3 117.7 118.5 Containers 1.82 116.8 119.4 121.0 120.6 123.7 120.3 127.5 127.0 130.2 128.8 125.7 122.6 Gross value of products in market structure (In billions of 1963 dollars) Products, total 392.0 396.5 396.5 398.7 402.0 405.6 409.7 413.0 412.0 410.1 414.7 417.5 Final products 302.6 306.7 305.8 306.7 309.2 312.3 317.1 318.5 317.5 314.3 319.0 321.7 Consumer goods... 213.8 217.9 217.4 217.4 218.8 220.4 224.8 225.1 224.6 222.5 225.5 226.9 Equipment 88.8 89.0 88.9 89.2 90.4 91.9 92.4 93.3 93.1 91.8 93.7 94.9 Intermediate products. 89.5 90.2 90.6 92.5 92.9 93.2 92.8 94.5 94.3 95.8 96.0 95.9 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 11997711 1971 1972 GGrroouuppiinngg pp pp ttii oo rr oo oo rr nn -- -- aa aa vv gg ee ee rr ff -- Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.' Nov.f 88.55 105.2 106.0 106.2 107.1 108.5 109.7 111.8 112.3 112.6 113.2 114.1 115.2 116.6 117.5 52.33 99.4 99.1 99.5 100.4 102.1 103.4 105.8 106.3 106.8 107.7 108.4 109.7 111.3 112.6 36.22 113.6 115.9 116.0 116.8 117.8 118.8 120.3 120.8 121.3 121.0 122.6 123.3 124.3 124.6 11.45 118.9 117.4 120.1 120.6 121.6 122.3 122.9 122.6 122.7 123.2 123.8 125.9 125.9 126.9 6.37 107.0 102.5 107.8 107.3 107.2 108.5 109.0 107.9 108.2 107.9 107.7 110.2 109.9 110.9 Utilities 5.08 133.9 136.0 135.8 137.4 139.7 139.7 140.2 141.1 140.9 142.5 144.1 145.6 146.3 147.1 Durable manufactures 12.55 104.0 98.8 100.6 104.0 105.4 107.4 110.4 112.7 112.1 114.5 114.0 116.4 117.9 119.2 6.61 100.9 91.4 94.3 102.4 102.6 105.1 110.2 113.5 111.9 114.9 113.6 117.4 118.2 119.6 Iron and steel, subtotal 4.23 96.6 81.9 85.5 95.2 95.9 98.8 105.5 108.3 104.9 107.7 107.3 113.4 114.1 114.4 Fabricated metal products 5.94 107.5 107.1 107.6 106.0 108.6 110.1 110.8 111.9 112.3 114.1 114.4 115.2 117.5 118.7 32.44 94.9 95.9 95.6 95.7 97.3 98.4 101.1 101.0 101.6 102.0 103.1 104.1 105.7 107.1 17.39 96.2 97.8 97.9 98.5 99.5 100.3 102.6 103.0 104.8 104.8 107.1 108.3 109.5 110.6 Nonelectrical machinery 9.17 94.3 95.9 94.8 95.1 96.2 97.6 98.6 100.4 101.8 102.9 106.1 107.0 108.8 110.4 Electrical machinery 8.22 98.3 99.9 101.3 102.2 103.2 103.3 107.1 105.9 108.0 107.1 108.1 109.7 110.4 111.0 9.29 92.9 93.4 92.7 92.0 94.7 95.9 100.4 98.9 97.4 98.2 98.4 99.8 102.4 104.9 4.56 114.1 115.7 116.1 114.0 117.7 118.8 125.6 122.6 119.3 121.4 121.6 123.0 128.3 133.2 Aerospace and misc. trans, eq... 4.73 72.5 72.0 70.1 70.8 72.7 73.9 76.1 76.1 76.4 75.9 76.0 77.3 77.5 77.6 2.07 108.5 110.4 109.3 111.3 114.5 114.2 116.1 117.3 119.3 119.9 120.9 122.4 122.9 123.7 Ordnance, private and Govt 3.69 86.1 84.9 84.4 83.2 83.7 86.4 87.3 87.6 87.8 88.0 86.2 84.8 86.3 87.4 Lumber, clay, and glass 4.44 111.5 113.7 114.8 115.5 118.0 118.1 118.1 118.2 119.0 119.1 119.6 120.5 123.5 124.2 Lumber and products 1.65 113.9 119.4 121.7 122.0 119.7 119.6 119.9 119.1 121.8 121.5 121.1 122.8 128.1 129.3 Clay, glass, and stone products 2.79 110.0 110.4 110.7 111.6 117.0 117.2 117.1 117.5 117.4 117.7 118.7 119.1 120.8 121.2 Furniture and miscellaneous 2.90 111.7 113.3 114.3 115.0 117.3 118.4 119.9 120.6 122.1 123.7 126.7 126.6 126.2 125.9 Furniture and fixtures 1.38 102.1 105.4 103.8 104.0 108.4 108.7 111.7 110.7 112.8 115.5 117.6 116.7 116.1 117.0 1.52 120.5 120.5 123.9 125.1 125.4 127.2 127.4 129.6 130.6 131.0 135.1 135.6 135.4 134.2 Nondurable manufactures 6.90 100.7 101.8 103.1 102.0 101.1 103.7 106.1 104.9 105.9 104.8 106.8 108.0 109.0 109.5 Textile mill products 2.69 108.6 110.2 112.6 108.9 107.0 110.9 113.5 112.8 113.9 112.7 116.5 116.6 117.5 117.8 Apparel products ..... 33..3333 97.8 99.8 99.7 99.8 100.1 102.7 103.3 102.8 103.0 102.2 104.3 105.5 107.5 Leather and products ..8888 87.4 83.3 87.1 89.6 86.9 85.4 94.4 89.2 92.2 90.2 86.5 91.6 88.6 85.7 7.92 107.8 110.5 110.7 111.3 112.6 112.6 112.3 114.1 115.1 115.2 116.4 115.3 118.3 120.7 3.18 115.8 119.2 119.8 122.2 122.8 122.5 124.4 127.2 126.7 126.9 127.8 124.1 127.1 133.0 Printing and publishing 4.74 102.5 104.5 104.7 103.9 105.8 105.9 104.2 105.3 107.3 107.2 108.7 109.4 112.4 112.4 Chemicals, petroleum, and rubber.... 11.92 124.8 127.9 127.9 129.8 132.6 133.4 136.1 137.5 137.1 137.4 139.9 141.1 142.0 140.8 7.86 126.4 130.8 130.4 131.2 135.1 135.7 137.9 138.9 139.5 139.5 141.3 143.4 143.9 142.3 Petroleum products 1.80 115.7 116.0 118.3 119.3 118.7 117.9 117.0 119.5 117.3 119.5 120.4 120.7 124.1 124.4 Rubber and plastics products 2.26 126.0 127.7 126.6 133.3 135.0 138 1 144.7 146.5 145.0 144.1 150.4 149.6 148.8 148.9 Foods and tobacco 9.48 113.7 115.8 115.0 115.7 115.9 116.3 117.6 117.1 117.6 116.8 117.6 118.8 117.8 118.3 Foods 8.81 114.9 117.1 116.6 116.5 116.9 117.5 118.6 118.5 119.3 118.3 118.3 120.0 118.2 118.8 Tobacco products .67 97.7 98.2 93.8 103.8 102.5 101.9 103.9 99.1 96.4 96.7 108.5 103.0 111.8 Mining Me M ta e l, t a s l to m n i e n , in a g n d earth minerals 1. . . 2 5 7 6 1 5 1 1 9 0 2 4 3 1 . . . 6 2 4 1 1 9 1 3 0 3 6 . . . 9 7 4 1 1 9 1 3 2 1 7 . . . 1 7 7 1 1 9 0 2 8 3 8 . . . 0 8 9 1 1 9 0 3 9 3 3 . . . 8 5 7 1 1 9 0 3 8 2 1 . . . 3 7 0 1 1 9 0 2 4 2 2 . . . 6 6 2 1 9 9 1 9 1 0 . . . 4 7 7 1 9 9 0 9 7 2 . . . 6 4 9 1 9 9 0 5 1 2 . . . 8 6 2 1 1 9 0 1 1 1 5 . . . 0 4 2 1 1 9 0 2 6 4 3 . . . 5 9 4 1 1 9 0 2 6 5 1 . . . 0 2 7 1 1 9 1 4 4 7 0 . . . 7 5 1 Co C al o a o l il and gas 5. . 1 6 1 9 1 9 07 9 . . 6 8 1 5 00 5 . . 4 7 1 1 0 1 7 2 . . 1 4 1 1 0 0 7 6 . . 1 3 1 9 06 9 . . 5 6 1 1 0 0 8 4 . . 6 1 1 1 1 1 0 2 . . 0 9 1 1 0 0 9 5 . . 9 0 1 1 1 0 0 9 . . 5 1 1 1 1 1 1 4 . . 0 4 1 9 09 7 . . 3 2 1 1 1 0 1 4 . . 1 2 1 9 10 9 . . 9 3 1 1 0 0 9 0 . . 9 5 4.42 108.9 107.4 106.3 107.2 107.6 109.3 109.6 110.7 110.7 110.5 111.2 112.1 112.7 111.4 Utilities 3.91 138.1 141.9 141.9 141.2 144.4 144.8 145.6 147.1 146.8 148.6 150.2 152.0 152.8 153.6 l1 .i 1 / 1 1 1 O fi 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. • JANUARY 1973 MARKET GROUPINGS (1967 = 100) 11996677 11997711 1971 1972 pprroo-- aavveerr-- GGrroouuppiinngg pp ttii oo oo rr nn -- aaggee»» Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ' Oct.r Nov.f Total index 100.00 106.8 107.7 104.5 106.6 110.3 111.6 113.6 113.4 116.5 109.2 115.4 120.3 121.2 118.7 62.21 106.4 107.7 103.0 105.5 109.0 110.0 111.7 110.8 115.2 109.1 115.2 120.7 120.8 117.0 Final products 48.95 104.7 105.9 101.2 104.4 107.7 108.3 110.2 108.5 113.3 106.3 112.7 118.7 118.6 114.6 28.53 115.7 117.2 109.9 115.7 119.4 119.2 122.4 119.6 126.0 117.0 126.5 133.5 132.7 125.8 Equipment 20.42 89.4 90.1 89.0 88.6 91.4 93.1 93.2 93.1 95.6 91.4 93.4 98.0 98.9 99.0 Intermediate products 13.26 112.6 114.1 109.8 109.4 113.8 116.5 117.4 119.5 122.2 119.2 124.4 128.0 129.0 125.7 Materials 37.79 107.4 107.6 106.9 108.3 112.4 114.5 116.6 117.7 118.7 109.4 115.8 119.6 121.8 121.5 Consumer goods Durable consumer goods 7.86 115.1 119.9 107.7 117.1 122.9 121.8 128.8 126.0 129.3 107.4 119.3 133.6 140.1 134.5 Automotive products 2.84 119.5 123.9 102.5 120.7 126.5 126.3 138.2 132.6 133.5 92.8 107.5 136.5 146.7 140.3 Autos 1.87 108.3 115.6 87.5 112.0 117.0 115.1 128.0 121.3 120.1 61.0 78.4 120.6 135.6 132.9 Auto parts and allied goods .97 140.9 139.8 131.3 137.5 144.8 147.8 157.8 154.3 159.3 153.9 163.3 167.1 167.9 154.5 5.02 112.6 117.6 110.7 115.1 120.8 119.3 123.5 122.3 126.9 115.6 126.0 131.9 136.4 131.3 1.41 111.5 116.7 98.4 123.1 127.2 120.1 131.9 124.9 125.6 109.6 112.2 127.7 143.2 131.2 .92 127.6 132.3 108.2 143.8 150.3 139.3 156.6 146.9 147.4 134.9 128.9 143.5 165.6 146.6 TV and home audio .49 81.4 87.4 80.1 84.3 83.9 84.1 85.6 83.7 84.8 62.2 80.9 98.2 101.2 102.2 Carpeting and furniture 1.08 117.2 125.5 123.0 123.5 131.4 130.8 131.8 128.3 132.8 114.4 138.7 139.6 139.7 140.2 Misc. home goods 2.53 111.2 114.7 112.3 107.1 112.7 113.9 115.3 118.2 125.2 119.5 128.3 130.9 131.1 127.6 Nondurable consumer goods 20.67 116.0 116.2 110.8 115.1 118.1 118.2 119.9 117.1 124.7 120.6 129.2 133.4 129.9 122.5 Clothing 4.32 101.4 100.6 90.6 100.8 106.6 108.1 113.2 102.7 113.2 97.2 113.5 116.9 115.2 Consumer staples 16.34 119.8 120.3 116.2 118.9 121.2 120.9 121.7 120.9 127.8 126.8 133.4 137.8 133.8 126.1 Consumer foods and tobacco 8.37 113.6 115.8 109.0 109.2 111.2 113.0 114.8 114.7 120.8 115.8 123.9 128.7 125.4 118.2 Nonfood staples 7.98 126.3 125.0 123.7 129.0 131.7 129.2 128.9 127.4 135.1 138.3 143.4 147.3 142.7 134.3 Consumer chemical products.. 2.64 133.9 137.1 124.9 129.3 137.7 135.0 142.3 143.9 152.3 146.9 148.4 159.3 158.4 144.5 Consumer paper products 1.91 107.9 110.7 108.9 106.3 109.1 110.8 110.3 107.9 116.2 114.2 120.4 122.8 124.9 118.5 Consumer fuel and lighting. . . 3.43 130.8 123.7 131.0 141.4 139.6 135.0 129.0 125.5 132.4 145.1 152.4 151.6 140.5 135.3 2.25 137.6 126.9 135.5 152.3 150.1 144.2 136.3 128.7 137.5 154.6 165.3 163.8 147.0 139.7 Equipment 12.74 96.8 98.3 96.4 96.6 100.7 102.2 102.3 102.2 105.6 99.5 103.2 110.2 111.2 110.4 6.77 92.9 94.6 93.4 93.0 96.2 96.4 95.7 95.7 99.0 96.0 99.5 105.2 105.5 105.8 1.45 92.9 99.0 95.7 97.1 99.5 97.9 99.0 96.3 101.4 98.0 102.3 107.5 107.1 108.4 Manufacturing equipment 3.85 82.6 83.2 83.1 81.4 85.6 86.2 84.8 85.5 88.2 85.2 89.2 93.6 94.9 95.1 Power equipment 1.47 119.8 120.2 118.1 119.3 120.6 121.4 121.2 121.8 124.9 122.3 123.7 133.2 131.8 131.2 5.97 101.2 102.4 99.9 100.7 105.8 108.7 109.8 109.6 113.0 103.4 107.4 115.8 117.7 115.6 3.30 110.0 110.5 107.4 105.3 110.1 112.6 112.2 114.7 121.9 120.2 122.0 127.2 124.8 122.9 2.00 89.4 91.8 90.8 93.5 97.3 99.5 104.8 100.9 97.9 78.2 85.2 95.2 104.1 105.7 .67 93.2 93.7 90.6 99.1 109.9 117.2 113.2 110.0 114.4 95.2 101.0 120.8 123.2 108.8 7.68 77.1 76.4 76.6 75.3 75.9 77.9 78.0 78.1 78.9 77.9 77.1 77.7 78.6 80.0 Military products 5.15 79.9 79.0 78.8 77.8 78.4 81.0 81.1 81.3 81.7 81.0 79.3 79.2 79.9 81.5 Intermediate products Construction products 5.93 112.6 112.7 109.1 107.6 113.7 116.9 118.9 120.6 121.9 117.9 120.5 125.5 129.0 125.5 7.34 112.6 115.2 110.4 110.9 113.9 116.1 116.2 118.7 122.4 120.3 127.5 130.0 129.0 125.9 Materials Durable goods materials 20.91 101.7 101.2 100.1 102.2 107.5 110.2 112.4 113.8 114.8 103.8 109.9 116.8 118.3 117.7 Consumer durable parts 4.75 104.2 106.3 109.0 108.8 110.5 111.6 112.9 113.3 112.5 98.5 107.8 117.2 118.8 120.5 5.41 87.1 86.5 87.1 89.1 92.1 93.7 96.5 95.9 98.9 92.2 95.5 101.7 102.3 102.4 Durable materials n.e.c 10.75 107.9 106.3 102.7 105.8 114.0 117.8 120.1 123.1 123.9 111.9 118.1 124.3 126.2 124.1 13.99 114.1 117.5 114.4 115.1 118.3 119.8 121.8 123.0 124.2 116.6 123.3 122.8 126.3 126.5 Textile, paper, and chem. mat 8.58 116.6 122.8 119.2 120.0 124.3 126.0 128.5 129.6 130.9 120.9 130.1 129.1 132.8 134.4 5.41 110.3 109.0 106.8 107.4 108.8 110.0 111.2 112.6 113.6 109.9 112.6 112.8 116.0 114.0 Fuel and power, industrial 2.89 116.3 105.3 119.2 119.4 119.6 119.6 121.8 120.7 120.8 115.2 121.7 124.0 124.7 125.0 Supplementary groups Home goods and clothing 9.34 107.4 109.7 101.4 108.5 114.2 114.1 118.7 113.2 120.6 107.1 120.2 125.0 126.6 121.0 1.82 116.8 118.3 111.9 114.0 123.3 120.3 127.9 128.9 134.2 123.1 130.0 128.0 134.4 132.8 For NOTE see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967= 100) 11996677 11997711 1971 1972 pprroo-- aavveerr-- GGrroouuppiinngg pp ttii oo oo rr nn -- aaggeeff Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov.? 88.55 105.2 106.8 102.7 104.7 109.0 110.5 112.7 112.7 115.7 107.0 113.5 118.9 120.6 118.1 52.33 99.4 99.8 97.1 99.2 103.8 105.5 107.5 107.6 109.4 100.2 105.1 111.9 114.3 113.1 36.22 113.6 116.8 110.9 112.6 116.4 117.8 120.2 120.0 124.9 116.9 125.7 128.9 129.6 125.4 Mining and utilities 11.45 118.9 113.9 118.1 121.0 121.1 120.7 120.4 120.0 122.9 124.6 130.0 130.8 126.2 123.2 6.37 107.0 101.8 107.5 104.7 105.4 106.4 108.8 109.9 109.7 105.5 109.2 110.8 110.6 110.2 Utilities 5.08 133.9 129.1 131.5 141.5 140.8 138.7 134.9 132.6 139.4 148.6 156.2 155.9 145.7 139.6 Durable manufactures Primary and fabricated metals 12.55 104.0 98.9 98.0 102.8 109.4 112.6 114.3 115.7 115.0 105.1 109.1 116.0 119.1 118.6 6.61 100.9 90.2 89.4 101.0 108.6 113.5 117.2 118.9 116.5 101.6 106.9 114.8 118.3 116.9 Iron and steel, subtotal 4.23 96.6 80.7 81.3 93.7 101.3 107.4 113.2 114.3 108.6 98.3 101.2 108.1 113.4 111.0 Fabricated metal products 5.94 107.5 108.6 107.6 104.8 110.2 111.5 111.1 112.2 113.3 109.0 111.5 117.4 120.1 120.4 32.44 94.9 96.7 93.7 95.8 99.1 100.2 102.3 101.7 104.0 94.4 98.7 106.7 108.9 107.9 Machinery 17.39 96.2 98.1 95.6 97.8 101.7 102.2 103.4 102.9 107.0 100.0 104.1 111.4 112.7 110.5 9.17 94.3 95.0 93.7 93.9 99.4 100.2 99.8 100.9 104.7 100.5 103.3 109.4 109.6 108.5 Electrical machinery 8.22 98.3 101.5 97.7 102.1 104.3 104.5 107.4 105.1 109.5 99.5 105.0 113.6 116.2 112.8 Transportation equipment 9.29 92.9 95.4 90.3 94.0 97.5 99.0 103.8 101.7 100.8 81.0 88.3 102.0 107.0 107.5 Motor vehicles and parts 4.56 114.1 119.8 110.8 119.1 123.3 123.8 131.8 128.1 126.0 87.8 102.3 127.1 137.2 138.7 Aerospace and misc. trans, eq. .. 4.73 72.5 71.9 70.6 69.8 72.6 75.0 76.8 76.3 76.6 74.5 74.9 77.8 77.9 77.5 Instruments 2.07 108.5 111.0 109.2 108.1 111.2 112.3 112.5 116.1 121.8 119.9 123.4 127.3 126.5 124.3 Ordnance, private and Govt 3.69 86.1 85.0 84.8 83.7 84.0 87.1 87.3 87.8 88.2 87.3 85.2 84.5 85.7 87.5 Lumber, clay, and glass 4.44 111.5 113.5 107.1 105.9 112.3 115.9 118.5 120.4 124.1 119.2 125.7 126.3 129.5 124.0 Lumber and products 1.65 113.9 116.2 109.3 111.1 119.5 121.5 122.1 121.8 126.5 120.5 125.9 128.8 132.8 125.8 Clay, glass, and stone products 2.79 110.0 111.9 105.8 102.8 108.1 112.5 116.3 119.6 122.7 118.4 125.6 124.8 127.6 122.9 2.90 111.7 117.5 115.2 111.3 118.4 118.8 119.1 118.1 123.7 114.5 127.5 131.0 131.1 130.6 Furniture and fixtures 1.38 102.1 108.6 106.9 106.2 113.7 112.7 111.6 108.7 112.1 100.4 115.7 117.9 118.8 120.5 Miscellaneous manufactures 1.52 120.5 125.6 122.7 116.0 122.8 124.4 125.9 126.6 134.3 127.3 138.2 142.9 142.2 139.8 Nondurable manufactures Textiles, apparel, and leather 6.90 100.7 101.3 92.6 100.4 105.4 106.7 109.9 103.9 110.9 94.4 111.4 112.8 112.1 107.9 Textile mill products 2.69 108.6 111.0 101.9 106.6 110.3 114.0 115.9 115.8 119.0 102.0 120.7 120.4 119.9 117.8 Apparel products 33..3333 97.8 98.1 87.7 98.4 105.3 105.0 109.5 98.7 109.1 92.5 109.2 112.1 110.9 Leather and products ..8888 87.4 83.9 83.0 88.9 90.6 90.4 93.3 87.3 92.8 78.2 91.3 92.0 92.8 86.3 7.92 107.8 112.0 104.9 105.2 109.9 111.2 112.9 114.1 117.9 111.5 120.0 120.7 124.6 122.4 Paper and products 3.18 115.8 120.2 110.8 120.7 125.9 125.3 128.1 128.5 130.2 116.1 127.5 123.7 133.7 134.1 Printing and publishing 4.74 102.5 106.5 100.9 94.8 99.2 101.7 102.7 104.4 109.6 108.4 114.9 118.6 118.5 114.5 Chemicals, petroleum, and rubber 11.92 124.8 129.1 125.9 126.0 131.1 132.5 135.8 138.0 141.4 134.7 140.3 144.9 145.8 142.1 Chemicals and products 7.86 126.4 131.3 127.7 126.6 132.0 134.1 138.9 140.7 144.2 138.7 142.4 147.1 146.8 142.9 Petroleum products 1.80 115.7 115.2 116.5 114.4 115.0 113.5 112.1 118.4 121.5 123.8 125.7 126.3 126.3 123.5 Rubber and plastics products 2.26 126.0 132.3 126.9 133.0 140.8 142.2 144.1 144.0 147.6 129.3 144.4 152.3 157.6 154.3 9.48 113.7 116.8 110.4 110.8 111.4 112.9 114.2 114.1 120.1 115.2 122.7 127.5 126.0 119.5 Foods 8.81 114.9 118.2 112.8 111.3 111.8 113.7 115.3 115.3 121.4 117.4 123.2 128.9 126.4 120.0 Tobacco products ............... ..6677 9977..77 9999..00 7788..77 103.6 105.5 102.1 99.4 9988..11 103.0 8866..33 111166..77 110099..44 112200..44 Mining 1.26 104.6 103.9 100.5 93.1 95.4 98.0 105.3 110.8 111.6 102.2 108.7 113.1 109.9 107.6 Metal mining .51 121.4 114.8 111.3 105.8 113.8 114.4 123.5 131.5 129.6 116.7 128.4 133.5 122.6 117.7 .75 93.2 96.6 93.1 84.4 82.8 86.8 92.8 96.7 99.3 92.3 95.4 99.2 101.3 100.8 5.11 107.6 101.3 109.2 107.6 107.9 108.5 109.7 109.7 109.2 106.3 109.3 110.3 110.8 110.9 Coal .69 99.8 56.9 111.7 105.1 99.9 102.7 114.9 107.1 104.8 87.6 103.5 106.9 106.1 102.7 Oil and gas extraction 4.42 108.9 108.2 108.8 108.0 109.2 109.4 108.9 110.1 109.9 109.2 110.2 110.8 111.6 112.2 Utilities 3.91 138.1 132.8 136.2 146.6 145.8 143.5 138.5 136.4 144.9 156.5 166.0 165.4 152.0 143.8 11..1177 111199..88 NOTE.—Published groupings include series and subtotals not shown date. Figures for individual series and subtotals are published in the separately. A description and historical data will be available at a later monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 BUSINESS ACTIVITY; CONSTRUCTION • JANUARY 1973 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices facturing 2 IInn-- CCCCCaaaaa----- Market dduussttrryy pppppaaaaaccccciiiiitttttyyyyy Nonaguuuuutttttiiiiillllliiiiizzzzzaaaaa----- Con- ricul- Products tttttiiiiiooooonnnnn struc- tural Total PPeerriioodd TToottaall iiiiinnnnn mmmmmfffffggggg..... tion em- retail WWWhhhooollleee--- Total Final C p o r n o - ducts m In ed te i r a - te M ri a a t l e s - f M a i c a n t n u g u r- - ooooo ===== ((((( uuuuu 11111 ttttt 11111 99999 ppppp 00000 66666 uuuuu 00000 77777 ttttt ))))) tr c a o c n t - s T m p o e l t o n a y t l — - i m p E l e o m n y - t - P r P roo aa ll yy llss -- sales 3 ss CC uumm oonn ee -- rr mmm ccc sss ooo ooo aaa ddd mmm llleee iii --- ttt yyy Total sumer Equip- prodgoods ment ucts 1952 92.8 74.1 93.4 54.5 52 79.5 88.6 1953 . . 95.5 76.3 98.2 60.3 54 80.1 87.4 1954 51.9 5511..88 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 89.6 55.1 54 80.5 87.6 1955 58.5 5566..66 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 88.2 79.6 93.9 64.6 61 81.4 90.7 1957 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 92.2 65.4 64 84.3 93.3 1958 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 75.1 78.0 83.9 60.3 64 86.6 94.6 1959 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 88.1 67.8 69 87.3 94.8 I960 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 88.0 68.8 70 88.7 94.9 1961 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 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 8811..22 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 8888..11 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 11997711-- D N e o c v 1 1 0 0 8 7 . . 1 4 1 1 0 07 8 . . 9 0 1 1 0 0 6 6 . . 2 1 1 1 1 1 8 8 . . 0 0 8 8 9 9 . . 6 6 1 1 1 1 4 4 . . 9 3 1 10 0 6 8 . . 5 4 1 1 0 0 6 6 . . 2 0 [[WW44..66 1 1 5 6 5 0 . . 0 0 1 1 0 0 8 7 . . 1 9 9 9 4 4 . . 2 4 1 1 2 1 1 8 . . 1 4 1 1 3 3 3 6 1 1 2 2 3 2 . . 1 6 1 11 1 4 5 . . 5 4 11997722--—Jan 108.7 108.4 106.4 118.5 89.5 115.9 109.2 107.1 165.0 108.7 94.5 122.2 133 123.2 116.3 Feb 110.0 109.5 107.6 119.6 90.9 117.0 110.8 108.5 • '75.3 155.0 108.9 95.0 124.9 135 123.8 117.3 Mar 111.2 110.1 108.2 119.6 92.4 117.3 113.1 109.7 159.0 109.4 95.6 125.8 139 124.0 117.4 Apr 112.8 111.4 109.8 122.0 92.7 117.3 115.0 111.8 167.0 109.7 96.2 128.7 139 124.3 117.5 May 113.2 112.1 110.2 122.2 93.4 119.3 115.6 112.3 • r77.4 165.0 110.2 96.8 129.4 142 124.7 118.2 June 113.4 112.0 110.1 122.1 93.3 119.1 116.1 112.6 154.0 110.3 97.1 130.7 141 125.0 118.8 July 113.9 112.2 110.1 122.0 93.4 120.5 116.8 113.2 155.0 110.3 96.3 128.4 143 125.5 119.7 Aug 115.0 113.3 111.3 123.1 94.8 121.2 117.4 114.1 78.1 180.0 110.8 96.8 131.3 145 125.7 119.9 Sept 116.1 114.4 112.4 r124.4 r95.8 121.7 119.1 rl15.2 187.0 111.1 97.3 133.4 144 126.2 120.2 Oct rl17.3 rl15.8 '•113.8 r125.5 97.1 r123.6 r120.0 M16.6 171.0 111.7 98.4 134.8 149 126.6 120.0 Nov.* MM1188..44 111177..11 ''111144..66 MM2266..77 rr9977..99 rr112266..00 rr112200..66 rrll1177..55 79.7 177.0 rr111122..22 rr9999..11 MM3377..00 114488 126.9 112200..77 111199..33 111188..33 111155..88 112277..99 9988..77 112277..55 112211..11 111188..66 111122..22 9999..44 113399..22 114499 112222..99 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, 5 Figure is for 4th quarter 1971. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS E> PRIVATE HOUSING PERMITS (In millions of c ;, except as noted) 1971 1972 Type of ownership and 1970 1971 type of construction Nov.r Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Total construction 1 67,097 78,878 6,415 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 1,944 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 4,471 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 2,977 2,997 2,667 2,664 3,617 3,971 4,428 4,375 3,864 4,671 4,135 4,298 Nonresidential building 24,180 26,577 2,121 1,959 1,728 1,799 2,187 2,182 2,908 2,447 2,461 2,458 2,378 3,549 Nonbuilding 18,489 20,509 1,318 1,331 1,840 1,144 1,480 1,947 1,762 1,655 1,741 1,746 1,684 1,544 Private housing units authorized... 1,352 1,907 r2,092 2,142 2,204 2,056 2,007 1,991 rl ,955 2,121 2,108 2,237 2,265 r2,216 (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

JANUARY 1973 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Period Total Total d R en e t s i i a - l Buildings Total M ta i r l y i- H w ig ay h - d v e a v t & e i l o o n p - Other 2 Total Indus- Com- b O u th il e d r - Other ment trial mercial ings 1 1962 3 . ... 59,965 42,096 25,150 16,946 2,842 5,144 3,631 5,329 17,869 1,266 6,365 1,523 8,715 1963 4 64,563 45,206 27,874 17,332 2,906 4,995 3,745 5,686 19,357 1,179 7,084 1,694 9,400 1964 67,413 47,030 28,010 19,020 3,565 5,396 3,994 6,065 20,383 910 7,133 1,750 10,590 1965 73,412 51,350 27,934 23,416 5,118 6,739 4,735 6,824 22,062 830 7,550 2,019 11,663 1966 76,002 51,995 25,715 26,280 6,679 6,879 5,037 7,685 24,007 727 8,405 2,194 12,681 1967 77,503 51,967 25,568 26,399 6,131 6,982 4,993 8,293 25,536 695 8,591 2,124 14,126 1968 86,626 59,021 30,565 28,456 6,021 7,761 4,382 10,292 27,605 808 9,321 1,973 15,503 1969 93,368 65,404 33,200 32,204 6,783 9,401 4,971 11,049 27,964 879 9,250 1,783 16,052 1970 94,030 65,932 31,864 34,068 6,538 9,754 5,125 12,651 28,098 718 9,981 1,908 15,491 197 1 109,399 79,535 43,062 36,473 5,423 11,619 5,428 14,003 29,864 894 10,658 2,095 16,217 1971—Nov. 114,627 84,153 47,094 37,059 4,908 12,349 5,655 14,147 30,474 970 10,827 2,106 16,571 Dec., 115,553 85,241 47,919 37,322 4,937 12,354 5,709 14,322 30,312 905 10,408 1,903 17,096 1972—Jan.. 120,790 88,606 49,594 39,012 4,935 13,272 5,734 15,071 32,184 986 1,943 Feb.. 121,777 90,860 51.922 38,938 4,674 13,247 5,582 15,435 30,917 1,002 1,804 Mar. 122,912 92,529 53,089 39,440 4,796 13,244 5,993 15,407 30,383 1,186 1,918 Apr.; 120,417 91,469 52,668 38,801 4,649 13,411 5.765 14,976 28,948 965 1,644 May: 122,121 92,299 52,330 39,969 4,723 14,132 5.766 15,348 29,822 980 1,971 June 121,035 92,426 52.923 39,503 4,944 13,477 5,908 15,174 28,609 1,099 2,256 July 119,808 91,525 53,509 38,016 4,592 12,979 5,670 14,775 28,283 1,360 1,417 Aug. 122,810 93,607 54,314 39,293 4,814 13,406 5,942 15,131 29,203 867 1,676 Sept. 124,900 94,289 55,476 38,813 4,432 13,490 5,723 15,168 30,611 978 1,666 Oct.r 129,039 96,215 56,298 39,917 4,301 13,770 6,256 15,590 32,824 1,045 1,767 Nov. 129,083 97,946 56,843 41,103 4,587 13,848 6,806 15,862 31,137 1,193 1,690 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 Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship- Region Type of structure ments (N.S.A). Total N e o a r s t t h - C N e o n r t t r h a l South West fam 1- ily 2 f - a m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 1963. 1,610 261 328 591 430 1,021 589 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 1967r. 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. 222222222222222,,,,,,,,,,,,,,,000000000000000555555555555555222222222222222 264 434 869 486 1,151 120 781 2,084 2,052 32 621 528 93 497 [—Nov 222222222222222,,,,,,,,,,,,,,,222222222222222222222222222222888888888888888 305 483 950 489 1,242 102 883 176 174 3 56 47 9 40 Dec 222222222222222,,,,,,,,,,,,,,,444444444444444555555555555555777777777777777 437 508 995 518 1,347 121 989 155 152 3 93 85 7 34 1—Jan 222222222222222,,,,,,,,,,,,,,,444444444444444888888888888888777777777777777 438 436 983 629 1,415 175 896 151 149 2 45 36 8 33 Feb 222222222222222,,,,,,,,,,,,,,,666666666666666888888888888888222222222222222 271 566 1,223 622 1,325 215 1,142 154 152 1 36 28 88 40 Mar 222222222222222,,,,,,,,,,,,,,,333333333333333666666666666666999999999999999 360 363 1,049 597 1,302 139 928 206 204 2 48 38 1100 49 Apr 222222222222222,,,,,,,,,,,,,,,111111111111111000000000000000999999999999999 244 335 1,086 444 1,167 146 796 213 212 2 38 29 8 53 May 222222222222222,,,,,,,,,,,,,,,333333333333333555555555555555000000000000000 273 570 1,020 487 1,344 127 879 228 226 2 42 32 9 52 June 222222222222222,,,,,,,,,,,,,,,333333333333333333333333333333000000000000000 337 458 985 550 1,296 140 894 226 223 3 42 32 10 55 July 222222222222222,,,,,,,,,,,,,,,222222222222222111111111111111888888888888888 301 446 980 491 1,289 111 818 208 206 1 36 26 9 48 Aug 222222222222222,,,,,,,,,,,,,,,444444444444444888888888888888444444444444444 341 511 1,030 602 1,410 143 931 231 229 2 40 30 10 52 Sept.r 222222222222222,,,,,,,,,,,,,,,333333333333333999999999999999777777777777777 342 488 1,079 490 1,383 121 895 204 203 1 37 28 9 49 Oct.r 222222222222222,,,,,,,,,,,,,,,444444444444444333333333333333555555555555555 378 481 1,120 456 1,299 150 986 216 214 2 34 25 9 54 Nov 222222222222222,,,,,,,,,,,,,,,444444444444444444444444444444555555555555555 400 405 11,,112255 515 1,345 126 974 191 190 1 30 22 8 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 • JANUARY 1973 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) in T s o t t i a tu l t n io o n n a - l Not in T la o b t o a r l Employed1 Une m m en p t l oy- Period population labor force force rate 2 (N.S.A.) (N.S.A.) (S.A.) Total Total In c n ul o t n u a r g a r l i- In U pl n o e y m ed - (pe S r .A ce .) n t; industries agriculture 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967 3 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,240 80,734 77,902 74,296 3,606 2,832 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 197 1 142,596 55,666 86,929 84,113 79,120 75,732 3,387 4,993 5.9 1971—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 Dec. 146,923 57,486 89,777 87,337 82,812 79,173 3,639 4,525 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 r n a u c c t - t T l i i o r c a n n u & s t p il o i p t r u ie 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 £,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—De c 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 73,589 19,219 610 3,568 4.540 15,835 3,969 12,451 13,397 Nov.? 73,868 19,321 609 3,529 4.550 15,935 3.981 12,501 13,442 Dec p 73,892 19,356 603 3,445 4.551 15,914 3.982 12,544 13,497 NOT SEASONALLY ADJUSTED 1971—De c 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 74,118 19,359 609 3,782 4.549 15,887 3,957 12,463 13,512 Nov.p 74,413 19,407 607 3,635 4,555 16,143 3,965 12,476 13,625 Dec.? 74,643 19,363 599 3,366 4,551 16,634 3,962 12,469 13,699 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

JANUARY 1973 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted i IIInnnddduuussstttrrryyy gggrrrooouuuppp 1971 1972 1971 1972 Dec. Oct. Nov.p Dec.P Dec. Oct. Nov.p Dec.f 13,453 14,083 14,183 14,218 13,467 14,225 14,274 14,237 Durable goods 7,608 8,131 8,198 8,239 7,622 8,173 8,235 8,256 90 96 99 97 91 96 100 98 517 530 536 537 509 537 534 528 Furniture and fixtures 391 417 420 421 395 422 426 425 Stone, clay, and glass products 507 538 539 536 502 545 542 531 930 1,028 1,028 1,028 919 1,004 1,010 1,016 1,011 1,068 1,074 1,077 1,021 1,078 1,087 1,088 Machinery 1,182 1,279 1,301 1,313 1,179 1,269 1,288 1,311 Electrical equipment and supplies 1,188 1,279 1,289 1,309 1,196 1,288 1,303 1,318 Transportation equipment 1,213 1,276 1,288 1,291 1,231 1,294 1,304 1,311 Instruments and related products 262 285 287 288 264 285 288 290 Miscellaneous manufacturing industries 317 335 337 342 316 355 353 340 5,845 5,952 5,985 5,979 5,845 6,052 6,039 5,981 1,183 1,170 1,178 1,163 1,170 1,243 1,202 1,150 Tobacco manufactures 59 54 58 56 63 63 63 60 Textile-mill products 851 881 887 893 854 882 892 897 1,162 1,171 1,178 1,178 1,160 1,185 1,189 1,176 526 547 546 545 530 546 550 549 651 659 659 656 657 661 663 662 577 587 590 591 575 585 587 589 Petroleum refining and related industries 118 118 119 121 116 119 119 119 Rubber and misc. plastic products 461 504 513 517 463 508 516 519 Leather and leather products 257 261 257 259 258 260 259 260 l 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 Dec. Oct. Nov.2' Dec.? Dec. Oct. Nov.2' Dec.f Dec. Oct. Nov.f Dec.* Total 40.2 40.7 40.9 41.0 150.18 157.49 159.49 163.93 3.69 3.86 3.89 3.95 Durable goods 40.9 41.4 41.7 41.9 162.29 170.57 173.05 178.50 3.92 4.11 4.14 4.21 Ordnance and accessories 41.9 42.4 42.3 43.3 168.75 175.11 175.11 183.08 3.98 4.13 4.13 4.18 Lumber and wood products 40.7 41.1 40.9 39.8 130.15 139.52 138.72 133.67 3.19 3.37 3.40 3.35 Furniture and fixtures 40.0 40.2 40.5 39.8 121.88 127.30 127.61 127.80 2.98 3.12 3.12 3.14 Stone, clay, and glass products 41.6 42.2 41.8 41.8 155.58 170.85 167.60 167.62 3.74 4.02 4.00 4.01 Primary metal industries 40.9 42.3 42.9 44.0 184.09 197.66 203.10 213.89 4.49 4.74 4.79 4.85 Fabricated metal products 40.9 41.3 41.6 41.8 159.42 168.08 169.72 173.86 3.86 4.05 4.07 4.12 Machinery 41.2 42.3 42.7 42.8 173.89 184.01 186.60 192.71 4.15 4.35 4.37 4.43 Electrical equipment and supplies 40.2 40.6 40.8 40.3 146.06 151.37 153.30 155.01 3.58 3.71 3.73 3.79 Transportation equipment 41.5 41.5 42.0 43.6 195.08 202.02 206.98 222.11 4.59 4.81 4.87 4.98 Instruments and related products 40.4 40.6 40.5 40.7 147.29 151.81 153.38 154.95 3.61 3.73 3.75 3.77 Miscellaneous manufacturing industries... 39.2 39.2 39.3 39.4 120.87 123.64 125.45 127.04 3.06 3.13 3.16 3.20 Nondurable goods 39.5 39.7 39.9 39.9 134.13 140.10 141.60 143.51 3.37 3.52 3.54 3.57 Food and kindred products 40.3 40.4 40.4 40.6 142.91 146.65 148.23 152.56 3.52 3.63 3.66 3.73 Tobacco manufactures 35.5 35.8 35.0 33.3 118.77 124.38 121.80 121.02 3.29 3.38 3.48 3.57 Textile-mill products 41.0 41.2 41.4 41.4 108.73 114.26 115.93 118.58 2.62 2.76 2.78 2.83 Apparel and related products 35.9 36.2 36.2 36.3 91.19 96.65 97.55 97.28 2.54 2.67 2.68 2.68 Paper and allied products 42.4 42.9 43.2 43.3 162.64 173.26 174.50 177.42 3.80 4.02 4.03 4.06 Printing, publishing, and allied industries. 37.5 38.0 38.3 37.9 165.68 172.90 175.03 175.10 4.36 4.55 4.57 4.56 Chemicals and allied products 41.7 42.0 41.8 42.2 170.11 179.76 179.75 184.03 4.06 4.28 4.29 4.33 Petroleum refining and related industries . 42.6 42.4 42.2 43.2 196.27 213.93 211.92 215.79 4.64 5.01 5.01 5.03 Rubber and misc. plastic products 40.8 41.2 41.6 41.1 144.61 152.77 153.87 153.97 3.51 3.69 3.69 3.71 Leather and leather products 38.0 37.7 37.8 36.7 102.82 102.00 103.74 102.38 2.65 2.72 2.73 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 • JANUARY 1973 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- AAppppaarreell TTrraannss-- PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e d l l l t e r G a l i n e c a i c d s t - y o n i p a n i e n s g r h d s a - - uupp aa kk nn ee dd ee pp pp tt oo ii rr oo tt nn aa -- Total M c ic a e a r d l e - s c P o a e n r r a e - l r R e a i c e n n r a g d e d a - - g O s a o e t n o r h d v d e - r s tion tion ices 1929 5555511111.....33333 4444488888.....33333 7777766666.....00000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 5555544444.....11111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 555333...777 5555577777.....22222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 555999...111 5555588888.....88888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 196 0 8888888888.....77777 8888888888.....00000 999000...222 9999911111.....77777 86.3 888999...222 999888...666 93.8 8888899999.....66666 888999...666 85.1 777999...111 999000...111 888777...333 888777...888 196 1 8888899999.....66666 8888899999.....11111 999000...999 9999922222.....99999 86.9 999111...000 999999...444 93.7 9999900000.....44444 999000...666 86.7 888111...444 999000...666 888999...333 888888...555 196 2 9999900000.....66666 8888899999.....99999 999111...777 9999944444.....00000 87.9 999111...555 999999...444 93.8 9999900000.....99999 999222...555 88.4 888333...555 999222...222 999111...333 888999...111 196 3 9999911111.....77777 9999911111.....22222 999222...777 9999955555.....00000 89.0 999333...222 999999...444 94.6 9999911111.....99999 999333...000 90.0 888555...666 999333...444 999222...888 999000...666 196 4 9999922222.....99999 9999922222.....44444 999333...888 9999955555.....99999 90.8 999222...777 999999...444 95.0 9999922222.....77777 999444...333 91.8 888777...333 999444...555 999555...000 999222...000 196 5 9999944444.....55555 9999944444.....44444 999444...999 9999966666.....99999 92.7 999444...666 999999...444 95.3 9999933333.....77777 999555...999 93.4 888999...555 999555...222 999555...999 999444...222 196 6 9999977777.....22222 9999999999.....11111 999777...222 9999988888.....22222 96.3 999777...000 999999...666 97.0 9999966666.....11111 999777...222 96.1 999333...444 999777...111 999777...555 999777...222 196 7 111110000000000.....00000 111110000000000.....00000 111000000...000 111110000000000.....00000 100.0 111000000...000 111000000...000 100.0 111110000000000.....00000 111000000...000 100.0 111000000...000 111000000...000 111000000...000 111000000...000 196 8 111110000044444.....22222 111110000033333.....66666 111000444...222 111110000022222.....44444 105.7 111000333...111 111000000...999 104.4 111110000055555.....44444 111000333...222 105.0 111000666...111 111000444...222 111000444...777 111000444...666 196 9 111110000099999.....88888 111110000088888.....99999 111111000...888 111110000055555.....77777 116.0 111000555...666 111000222...888 109.0 111111111111111.....55555 111000777...222 110.3 111111333...444 111000999...333 111000888...777 111000999...111 197 0 111111111166666.....33333 111111111144444.....99999 111111888...999 111111111100000.....11111 128.5 111111000...111 111000777...333 113.4 111111111166666.....11111 111111222...777 116.2 111222000...666 111111333...222 111111333...444 111111666...000 197 1 111112222211111.....33333 111111111188888.....44444 111222444...333 111111111155555.....22222 133.7 111111777...555 111111444...777 118.1 111111111199999.....88888 111111888...666 122.2 111222888...444 111111666...888 111111999...333 111222000...999 1971—No v 111112222222222.....66666 111111111199999.....00000 111222666...444 111111111166666.....66666 136.7 111111888...111 111111666...222 119.5 111112222211111.....99999 111111888...888 123.7 111222999...777 111111777...999 111222000...888 111222222...888 Dec 111112222233333.....11111 111112222200000.....33333 111222666...888 111111111166666.....99999 137.0 111111888...111 111111888...222 119.6 111112222211111.....88888 111111888...666 123.9 111333000...111 111111777...999 111222111...111 111222333...000 1972—Ja n 111112222233333.....22222 111112222200000.....33333 111222777...333 ^^^^^111111111177777.....55555 137.8 111111888...777 111111999...000 119.5 111112222200000.....22222 111111999...000 124.3 111333000...555 111111888...111 111222111...444 111222333...555 Feb 111112222233333.....88888 111112222222222.....22222 111222777...666 ttttt'''''111111111177777.....88888 138.0 111111888...777 111111999...444 119.6 111112222200000.....77777 111111888...333 124.7 111333111...000 111111888...444 111222111...555 111222444...333 Mar 111112222244444.....00000 111112222222222.....44444 111222777...999 ttttt rrrrrlllll1111188888.....00000 138.2 111111888...777 111111999...777 120.1 111112222211111.....33333 111111888...444 125.0 111333111...444 111111888...777 111222111...777 111222444...666 Apr 111112222244444.....33333 111112222222222.....44444 111222888...222 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 111222888...555 fffffllllllllll88888.....66666 138.9 111111888...777 111222000...555 120.8 111112222222222.....55555 111111999...555 125.8 111333222...000 111111999...777 111222222...555 111222555...444 June 111112222255555.....00000 111112222233333.....00000 111222999...000 ttttt'''''111111111199999.....00000 139.6 111111777...888 111222000...333 121.0 111112222222222.....11111 111111999...888 126.1 111333222...444 111222000...000 111222222...999 111222555...666 July 111112222255555.....55555 111112222244444.....22222 111222999...555 ttttt'''''111111111199999.....22222 140.7 111111777...777 111222000...333 121.1 111112222211111.....11111 111222000...333 126.3 111333222...777 111222000...000 111222333...000 111222555...888 Aug 111112222255555.....77777 111112222244444.....66666 111222999...999 tttttrrrrr111111111199999.....66666 141.3 111111777...999 111222000...555 121.2 111112222200000.....88888 111222000...555 126.5 111333222...999 111222000...222 111222333...000 111222666...000 Sept 111112222266666.....22222 111112222244444.....88888 111333000...111 111111111199999.....99999 141.5 111111888...000 111222000...555 121.6 111112222233333.....11111 111222111...000 126.8 111333333...111 111222000...555 111222333...777 111222666...222 Oct 111112222266666.....66666 111112222244444.....99999 111333000...444 111112222200000.....33333 141.8 111111888...111 111222000...999 121.8 111112222244444.....33333 111222111...222 127.2 111333333...999 111222000...888 111222444...000 111222666...444 Nov 111112222266666.....99999 111112222255555.....44444 111333000...888 111112222200000.....55555 142.0 111111999...333 111222222...222 122.1 111112222255555.....00000 111222111...444 127.4 111333444...111 111222111...000 111222444...111 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 } 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 PPrroo-- PPeerriioodd mm cc tt AA oo oo ii mm ee ll dd ss ll ii -- -- pp FF uu rr aa cc oo rr tt dd mm ss -- cc ff ff ee oo aa ee ss nn oo ee ss dd dd dd ee ss dd ss 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 t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c M q a e h n r u i a y n d i - p - - 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 t s 1 - - - n c M e e l o i l s u a - - s ment I960 999999999444444444.........999999999 999999999777777777.........222222222 888888888999999999.........555555555 999999999555555555.........333333333 999999999999999999.........555555555 999999999000000000.........888888888 999999999666666666.........111111111 111111111000000000111111111.........888888888 111111111000000000333333333.........111111111 999999999555555555.........333333333 999999999888888888.........111111111 999999999222222222.........444444444 999999999222222222.........000000000 999999999999999999.........000000000 999999999777777777.........222222222 999999999333333333.........000000000 1961 999999999444444444.........555555555 999999999666666666.........333333333 999999999111111111.........000000000 999999999444444444.........888888888 999999999777777777.........777777777 999999999111111111.........777777777 999999999777777777.........222222222 111111111000000000000000000.........777777777 999999999999999999.........222222222 999999999111111111.........000000000 999999999555555555.........222222222 999999999111111111.........999999999 999999999111111111.........999999999 999999999888888888.........444444444 999999999777777777.........666666666 999999999333333333.........333333333 1962 999999999444444444.........888888888 999999999888888888.........000000000 999999999111111111.........999999999 999999999444444444.........888888888 999999999888888888.........666666666 999999999222222222.........777777777 999999999666666666.........777777777 999999999999999999.........111111111 999999999666666666.........333333333 999999999111111111.........666666666 999999999666666666.........333333333 999999999111111111.........222222222 999999999222222222.........000000000 999999999777777777.........777777777 999999999777777777.........666666666 999999999333333333.........777777777 1963 999999999444444444.........555555555 999999999666666666.........000000000 999999999222222222.........555555555 999999999444444444.........777777777 999999999888888888.........555555555 999999999000000000.........000000000 999999999666666666.........333333333 999999999777777777.........999999999 999999999666666666.........888888888 999999999333333333.........555555555 999999999555555555.........666666666 999999999111111111.........333333333 999999999222222222.........222222222 999999999777777777.........000000000 999999999777777777.........111111111 999999999444444444.........555555555 1964 999999999444444444.........777777777 999999999444444444.........666666666 999999999222222222.........333333333 999999999555555555.........222222222 999999999999999999.........222222222 999999999000000000.........333333333 999999999333333333.........777777777 999999999888888888.........333333333 999999999555555555.........555555555 999999999555555555.........444444444 999999999555555555.........444444444 999999999333333333.........888888888 999999999222222222.........888888888 999999999777777777.........444444444 999999999777777777.........333333333 999999999555555555.........222222222 1965 999999999666666666.........666666666 999999999888888888.........777777777 999999999555555555.........555555555 999999999666666666.........444444444 999999999999999999.........888888888 999999999444444444.........333333333 999999999555555555.........555555555 999999999999999999.........000000000 999999999555555555.........999999999 999999999555555555.........999999999 999999999666666666.........222222222 999999999666666666.........444444444 999999999333333333.........999999999 999999999666666666.........999999999 999999999777777777.........555555555 999999999555555555.........999999999 1966 999999999999999999.........888888888 111111111000000000555555555.........999999999 111111111000000000111111111.........222222222 999999999888888888.........555555555 111111111000000000000000000.........111111111 111111111000000000333333333.........444444444 999999999777777777.........888888888 999999999999999999.........444444444 999999999777777777.........888888888 111111111000000000000000000.........222222222 999999999888888888.........888888888 999999999888888888.........888888888 999999999666666666.........888888888 999999999888888888.........000000000 999999999888888888.........444444444 999999999777777777.........777777777 1967 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 1Q68 111111111000000000222222222.........555555555 111111111000000000222222222.........555555555 111111111000000000222222222.........222222222 111111111000000000222222222.........555555555 111111111000000000333333333.........777777777 111111111000000000333333333.........222222222 999999999888888888.........999999999 999999999999999999.........888888888 111111111000000000333333333.........444444444 111111111111111111333333333.........333333333 111111111000000000111111111.........111111111 111111111000000000222222222.........666666666 111111111000000000333333333.........222222222 111111111000000000222222222.........888888888 111111111000000000333333333.........777777777 111111111000000000222222222.........222222222 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 ioo.8 105.2 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--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 Dec 122.9 137.5 129.4 119.4 115.6 142.2 121.9 104.8 109.8 149.8 115.1 124.4 118.6 112.4 127.4 114.2 115.1 1 For transportation equipment, Dec. 1968=100, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1972 1971 Group Group Dec. Oct. Nov. Dec. Dec. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce 126.3 122.8 141.8 134.6 Pulp, paper and products, excluding Grains 95.5 109.2 113.6 137.6 building paper and board 111.0 115.0 Livestock 124.7 144.2 139.5 152.6 Woodpulp 111.5 111.5 Live poultry 87.2 103.8 102.8 103.6 Wastepaper 124.6 136.9 Plant and animal fibers 102.5 105.7 112.2 120.9 Paper 114.7 116.8 Fluid milk 119.0 123.8 123.5 123.6 Paperboard 102.7 106.8 Eggs 114.4 99.1 123.1 143.9 Converted paper and paperboard... 110.1 115.4 Hay and seeds 109.2 114.9 124.6 141.6 Building paper and board 104.6 107.3 Other farm products 117.3 132.3 134.0 135.3 Processed foods and feeds: Metals and metal products: Cereal and bakery products 111.6 116.9 118.3 120.1 Meat, poultry, and fish 120.4 130.4 127.9 136.3 Iron and steel 125.3 128.9 Dairy products 117.4 120.0 121.8 123.0 Steelmill products 128.2 130.2 Processed fruits and vegetables 115.8 121.8 123.8 124.7 Nonferrous metals 114.9 117.3 Sugar and confectionery 120.2 123.5 121.7 122.1 Metal containers 124.2 131.1 Beverages and beverage materials 116.4 118.8 119.4 119.7 Hardware 117.7 121.1 Animal fats and oils 122.3 129.6 134.9 122.9 Plumbing equipment 118.4 120.6 Crude vegetable oils 118.2 94.9 93.7 99.2 Heating equipment 116.3 119.2 Refined vegetable oils 122.7 108.4 104.6 108.8 Fabricated structural metal products 120.4 123.0 Vegetable oil end products 122.0 123.2 121.6 119.2 Miscellaneous metal products 120.9 124.8 Miscellaneous processed foods. 113.1 116.9 116.1 115.8 Manufactured animal feeds 104.5 116.5 130.5 163.6 Textile products and apparel: Machinery and equipment: Cotton products 113.6 124.0 124.2 124.8 Agricultural machinery and equip... 118.6 122.6 Wool products 91.5 106.6 107.1 108.8 Construction machinery and equip.. 123.2 126.1 Manmade fiber textile products 104.3 108.6 109.5 110.3 Metalworking machinery and equip 118.4 121.2 Apparel 113.8 115.6 115.9 116.0 General purpose machinery and Textile housefurnishings 106.1 110.0 109.9 109.9 equipment 120.5 123.2 Miscellaneous textile products 136.2 121.3 118.7 119.9 Special industry machinery and equipment 122.1 124.3 Hides, skins, leather, and products: Electrical machinery and equip 109.3 110.5 Miscellaneous machinery 117.9 120.9 Hides and skins 128.6 270.8 287.0 255.2 Leather 117.0 153.3 162.6 162.2 Footwear 117.1 127.0 128.5 128.7 Other leather products 109.8 123.6 127.1 128.4 Furniture and household durables: Fuels and related products, and power: Household furniture 115.5 117.7 Commercial furniture 118.2 121.7 Coal 190.2 192.4 201.2 205.5 Floor coverings 97.9 99.0 Coke 150.5 157.0 157.0 159.9 Household appliances 107.4 108.0 Gas fuels 107.9 117.5 119.0 119.2 Home electronic equipment 93.4 92.9 Electric power 116.3 123.1 123.0 122.9 Other household durable goods... 122.1 126.9 Crude petroleum 113.2 114.7 114.7 114.7 Petroleum products, refined 106.1 111.5 111.5 112.0 Chemicals and allied products: Nonmetallic mineral products: Industrial chemicals 101.1 100.8 100.9 101.0 Flat glass 123.6 122.5 Prepared paint 115.9 118.2 118.2 118.2 Concrete ingredients 124.2 128.4 Paint materials 101.9 105.1 105.1 106.3 Concrete products 122.9 127.2 Drugs and pharmaceuticals 102.5 103.3 103.6 103.7 Structural clay products excluding Fats and oils, inedible 115.9 117.2 123.2 128.2 refractories 114.9 118.4 Agricultural chemicals and products.. 90.3 92.1 92.4 92.5 Refractories 127.1 132.1 Plastic resins and materials 89.0 89.2 89.6 89.3 Asphalt roofing 131.2 131.2 Other chemicals and products 112.4 114.1 114.1 114.0 Gypsum products 114.1 115.5 Glass containers 131.5 136.4 Rubber and plastic products: Other nonmetallic minerals 125.6 127.3 Rubber and rubber products 113.3 114.3 114.6 114.6 Crude rubber 98.5 99.6 100.8 101.2 Tires and tubes 110.8 109.7 109.7 109.7 Transportation equipment: Miscellaneous rubber products.... 119.2 121.7 1220. 122.0 Plastic construction products (Dec. Motor vehicles and equipment. 117.5 116.9 1969 = 100) 93.8 93.3 93.3 93.3 Railroad equipment 122.6 130.2 Unsupported plastic film and sheeting (Dec. 1970=100) 100.0 98.6 98.6 Laminated sheets, high pressure (Dec. 1970= 100) 97.9 97.6 97.9 97.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 113.1 114.9 Lumber 143.8 166.1 166.8 167.9 Tobacco products 116.7 117.5 Millwork 124.3 130.7 130.9 130.7 Notions 111.7 112.9 Plywood 117.8 134.6 133.3 132.3 Photographic equipment and supplies 106.5 1C7.0 Other wood products 119.1 128.2 130.2 130.5 Other miscellaneous products 113.0 116.9 NOTE.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 NATIONAL PRODUCT AND INCOME • JANUARY 1973 GROSS NATIONAL PRODUCT (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 III IV I II III Gross national product 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.4 1,050.4 1,056.9 1,078.1 1,109.1 1.139.41.164.0 101.4 57.2 120.1 278.0 785.7 857.1 922.5 971.5 1,046.7 1,055.6 1,076.4 1,108.6 1,134.4 1,156.0 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 73.1 84.0 90.8 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 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 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 1 118.9 131.1 : 132.2 148.3 150.9 157.2 167.7 172.0 175.2 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 j 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 25.1 30.1 32.6 | 31.2 42.6 44.5 47.3 51.6 52.8 54.4 Nonfarm 3.8 .5 3.7 18.6 24.5 29.5 32.0 30.7 42.0 43.9 46.7 51.0 52.1 53.7 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 1.8 -1.4 4.0 6.0 7.5 6.9 7.7 4.8 2.4 -.2 .8 .1 4.3 7.9 1.1 .4 1.3 1.8 5.2 2.5 1.9 3.6 .7 .4 -2.1 -4.6 -5.2 -3.4 Exports 7.0 2.4 5.9 13.8 46.2 50.6 55.5 62.9 66.1 68.5 63.0 70.7 70.0 74.4 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 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 14.1 72.4 78.3 78.4 75.1 71.4 70.1 71.9 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 t i 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 j NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, July 1970, July adjusted totals at annual rates. For back data and explanation of series, 1971, July 1972, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1971 1972 11992299 11993333 11994411 11995500 11996677 11996688 11996699 11997700 11997711 IItteemm III IV I II III 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 860.8 876.2 903.1 922.1 943.0 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 51.9 124.4 337.3 369.2 405.6 426.8 449.7 451.6 460.9 475.8 487.1 494.8 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 in- .1 .1 2.0 4.0 21.9 24.3 27.8 29.7 34.1 34.3 35.0 * 37.3 38.0 38.8 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 10.5 -1.2 15.2 37.7 78.7 84.3 7799..88 6699..99 7788..66 7788..33 7799..44 8811..88 8866..11 8899..77 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 95.7 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 41.8 Profits after tax 8.6 .4 10.1 24.9 46.6 47.8 44.8 40.2 45.9 46.6 48.0 49.5 51.5 53.9 Dividends 5.8 2.0 4.4 8.8 21.4 23.6 24.3 24.8 25.4 25.5 25.2 26.0 26.2 26.5 Undistributed profits 2.8 -1.6 5.7 16.0 25.3 24.2 20.5 15.4 20.5 21.0 22.7 23.5 25.3 27.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.1 -3.3 -5.1 -4.4 -4.7 -5.8 -3.9 -6.5 -5.5 -6.1 4.7 4.1 3.2 2.0 24.4 26.9 30.5 34.8 38.5 39.1 39.7 40.1 40.9 41.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • NATIONAL PRODUCT AND INCOME A 71 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1971 1972 Item 1929 1933 1941 1950 1967 1968 1969 1970 1971 III IV III Gross national product. 103.1 55.6 124.5 284.8 793.9 864.2 930.3 976.41,050.4 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 68.9 74.5 81.6 86.3 93. 95.0 97.4 99.7 105.3 104.1 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 70.4 78.6 85.9 93.4 101.9 102.6 105.6 106.7 108.7 111.4 Business transfer payments .6 .7 .5 .8 3.1 3.4 3.8 4.2 4.6 4.7 4.7 4.8 4.9 5.0 Statistical discrepancy .7 .6 .4 1.5 -.7 -2.7 -6.1 -4.7 -4. -5.9 -5.2 -4.1 2.3 Plus: Subsidies less current surplus of government enterprises .1 .2 1.4 .7 1.0 1.5 .9 .3 .7 1.2 1.6 1.8 Equals: National income. 86.8 40.3 104.2 241.1 653.6 711.1 766.0 798.6 855.7 860.8 876.2 903.1 922.1 943.0 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 78.7 84.3 79.8 69.9 78.6 78.3 79.4 81.8 86.1 89.6 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 l a s l o i v n e s r u r d a is n b c u e r se- .2 .3 2. 6.9 42.4 47.1 54.2 57.7 65.3 65.7 66.9 71.9 73.1 74.6 ments .6 .6 1.4 -1.4 -.5 -.2 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 fe y r g p o a v y e m rn e m nt e s n t and 1.5 2.6 14.3 48.7 56.1 61.9 75.2 89.0 90.3 92. 94.4 95.7 97.7 consumers 2.5 1.6 2.2 7.2 23.6 26.1 28.7 31.0 31.1 31.1 30.9 30.9 31.8 31.7 Dividends 5. 2.0 4.4 8.8 21.4 23.6 24.3 24. 25.4 25.5 25.2 26.0 26.2 26.5 Business transfer payments .6 .7 .5 .8 3.1 3.4 3. 4.2 4.6 4.7 4.7 4 4.9 5.0 Equals: Personal income 85.9 47.0 96.0 227.6 629.3 688.9 750.9 806.3 861.4 867.9 881.5 907.0 922.1 939.9 Less: Personal tax and nontax payments — 2.6 1.5 3.3 20.7 83.0 97.9 116.5 116.7 117.0 117.5 123.0 136.5 139.5 141.1 Equals: Disposable personal income 83.3 45.5 92.7 206.9 546.3 591.0 634.4 689.5 744.4 750.4 758.5 770.5 782.6 798.8 Less: Personal outlays 79.1 46.5 81.7 193.9 506.0 551.2 596.2 634.7 683.4 689.4 699.2 714.9 732.5 748.0 Personal consumption expenditures. 77.2 45 80.6 191.0 492.1 536.2 579.5 616 664.9 670.7 680.5 696.1 713.4 728.6 Consumer interest payments 1.5 .9 2.4 13.2 14.3 15. 16.9 17.6 17.6 17.7 17.8 18.0 18.2 Personal transfer payments to for- .5 eigners .3 .2 .5 .7 .9 1.0 1.0 1.1 1.1 1.0 1.1 1.2 .2 Equals: Personal saving. 4.2 11.0 13.1 40.4 39.8 38.2 54.9 60.9 61.0 59.3 55.7 50.1 50.8 -.9 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 477.5 499.0 513.6 533.2 554.7 556.5 560.9 565.7 571.4 579.6 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total personal income 806.3 861.4 879.4 890.4 898.9 908.5 913.6 919.4 924.0 922.9 932.9 940.0 946.8 963.8 972.5 Wage and salary disbursements 541.9 572.9 583.4 594.3 602.6 609.0 612.4 617.6 619.9 624.0 625.7 630.6 636.0 643.0 647.6 Commodity-producing industries. . 201.0 206.1 208.8 213.1 214.8 217.7 220.1 221.7 222.5 223.5 222.4 225.2 227.8 231.0 233.3 Manufacturing only J 58.3 160.3 161.7 165.1 165.8 169.3 171.3 173.3 173.8 175.0 174.5 176.6 178.8 181.5 183.7 Distributive industries 129.2 138.2 140.8 143.8 145.5 148.1 148.0 149.4 149.4 151.4 151.9 152.3 153.0 155.0 155.5 Service industries 96.7 105.0 108.2 109.4 111.2 111.6 112.8 113.9 114.7 115.5 116.9 117.3 118.2 119.3 119.8 Government 115.1 123.5 125.5 128.0 131.2 131.7 131.5 132.5 133.2 133.6 134.5 135.8 137.0 137.7 139.0 Other labor income 32.1 36.5 38.0 38.3 38.5 38.8 39.1 39.5 39.8 40.1 40.5 40.8 41.1 41.4 41.8 Proprietors' income 66.8 69.9 71.9 72.0 72.6 73.2 74.2 74.0 74.0 71.6 74.3 75.4 76.2 76.7 77.1 Business and professional 49.9 52.6 53.8 53.9 54.0 54.1 54.7 54.9 55.3 53.2 55.7 56.3 56.7 57.0 57.1 Farm 16.9 17.3 18.1 18.1 18.6 19.1 19.5 19.1 18.7 18.4 18.6 19.1 19.5 19.7 20.0 Rental income 23.3 24.5 25.0 25.1 25.1 25.2 25.3 25.5 25.6 21.5 25.8 26.3 26.5 27.0 26.7 Dividends 24.8 25.4 25.5 24.6 26.0 26.1 26.0 26.1 26.3 26.3 26.4 26.6 26.5 26.7 26.6 Personal interest income 65.8 69.6 70.6 70.7 70.8 71.0 71.3 72.0 72.7 73.4 73.5 73.4 73.3 73.7 74.3 Transfer payments 79.5 93.6 96.8 97.6 97.6 100.0 100.1 99.7 100.9 101.3 102.2 102.8 103.2 111.6 114.9 Less: Personal contributions for social insurance 28.0 31.2 31.8 32.3 34.3 34.7 34.8 35.0 35.1 35.3 35.5 35.8 36.0 36.4 36.6 Nonagricultural income 782.8 837.2 854.5 865.0 873.4 882.4 887.1 893.4 898.3 897.5 907.3 914.0 920.3 937.1 945.5 Agricultural income 23.5 24.2 24.9 25.4 25.6 26.0 26.5 26.0 25.8 25.4 25.5 25.9 26.5 26.7 27.0 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 • JANUARY 1973 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 -.5 -.5 -4.2 -1.3 1.1 -1.6 .5 1.8 4 "-1 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 Capital consumption 50.5 54.2 58.5 63.2 69.5 73.6 80.0 67.9 71.1 72.9 74.2 77.8 82.3 87.7 7 8 Net physical investment 33.6 42.8 35.6 35.8 39.7 36.6 37.9 38.1 41.3 35.5 37.6 39.2 36.7 45.8 8 9 Net debt funds raised 29.6 33.0 35.8 40.0 46.5 42.7 49.6 49.5 43.4 43.7 41.9 49.2 49.9 56.9 9 10 Corporate equity issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 13.4 10 11 Excess net investment3 4.0 8.7 -2.5 -3.3 -11.1 -12.9 -25.1 -12.6 -9.5 -14.4 -11.6 -22.4 -27.7 -24.5 11 Corporate business 12 Total capital outlays 62.8 77.1 72.0 76.2 84.0 84.6 85.2 81.5 86.5 83.0 86.3 85.0 85.5 97.5 12 13 Capital consumption 35.2 38.2 41.5 45.1 49.9 52.7 57.3 48.7 51.1 52.3 53.1 55.6 59.0 63.2 13 14 Net physical investment 27.5 38.9 30.5 31.1 34.2 31.9 27.9 32.9 35.4 30.7 33.1 29.4 26.4 34.3 14 15 Net debt funds raised 20.6 24.0 27.4 31.6 35.9 33.0 35.1 38.6 33.2 34.9 31.2 34.7 35.6 41.2 15 16 Corporate equity issues * 1.2 2.3 -.8 4.3 6.8 13.4 1.2 7.4 6.3 7.3 12.3 14.5 13.4 16 17 Excess net investment3 6.9 13.7 .8 .3 -6.0 -7.9 -20.7 -6.9 -5.1 -10.4 -5.3 -17.6 -23.7 -20.3 17 Households 18 Total capital outlays 89.6 94.2 94.6 109.7 117.8 115.3 134.9 118.1 117.5 115.9 114.8 130.1 139.8 149.5 18 19 Capital consumption 59.9 64.3 69.9 77.2 84.8 91.3 98.5 83.1 86.6 89.6 93.0 96.7 100.3 104.8 19 20 Net physical investment 29.7 29.9 24.7 32.5 33.0 24.0 36.4 35.1 30.9 26.3 21.7 33.4 39.4 44.7 20 21 Net funds raised 28.8 23.2 19.7 31.9 32.6 22.3 41.6 34.2 30.3 22.0 22.9 31.5 51.0 55.8 21 22 Excess net investment3 .9 6.7 5.0 .6 .5 1.7 -5.2 .9 .6 4.3 -1.2 1.9 -11.5 -11.1 22 Of which: 23 Houses less home mortgages -3.3 -.8 -1.3 -2.1 -2.9 -1.9 -8.1 -2.8 -3.1 -1.0 -2.8 -4.2 -11.9 -11.5 23 24 Durables less cons, credit 4.7 7.9 7.8 5.6 7.0 5.5 5.7 7.7 6.9 6.4 4.4 8.7 3.5 4.1 24 25 Nonprofit P&E less mortgages... 1.8 2.0 1.9 1.9 2.2 2.2 2.3 2.0 2.4 2.3 2.1 2.3 2.4 2.6 25 26 Less: Unallocated debt 2.4 2.4 3.5 4.8 5.8 4.1 5.2 6.0 5.6 3.3 4.9 4.9 5.6 6.3 26 1 Capital outlays are totals for residential and nonresidential fixed net amounts raised by households, nonfinancial business, governments, capital, net change in inventories, and consumer durables, except outlays and foreigners. All funds raised by financial sectors are excluded. U.S. by financial business. Government budget issues (line 4) are loan participation certificates 2 Capital consumption includes amounts for consumer durables and issued by CCC, Export-Import Bank, FNMA, and GNMA, together with excludes financial business capital consumption. security issues by FHA, Export-Import Bank, and TVA. Issues by federally 3 Excess of net investment over net funds raised. sponsored credit agencies are excluded as borrowing by financial institutions. Such issues are in U.S. Government securities on p. A-73, line 11. NOTE.—Capital outlays and capital consumption allowances reflect Corporate share issues are net cash issues by nonfinancial and foreign 1969-72 revisions published in the July 1972 issue of Survey of Current corporations. Mortgages exclude loans in process. Open market paper is Business. commercial paper issued by nonfinancial corporations plus bankers' Funds raised by type and sector. Credit flows included here are the acceptances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 Transaction category, or sector 11996655 11996666 11996677 11996688 11996699 11997700 11997711 HI H2 HI H2 HI H2 HI 1 Tota k l e f t u s n t d o s n a o d n v f a in n a ce n d c ia in l s c e r c e t d o it r s m .. a . r . - 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 4 6 2 3 5 T B o y O U R F t a p H e . t l S h u s L . i b e n d r B l e G i e t c l n o o a a t a v a d d i g e a n v v e r l s a a n n m n n c m a c c i o e n e e e r s s d s n t g a t t s n a o e s g d e c S e c u & s f u r o r i L r t i e i t ' e i i s e g s s n 8 4 3 . . . . . 1 9 7 4 7 1 2 4 3 1 . . . . . 8 8 4 9 9 — 1 2 4 6 1 2 . . . . 1 9 8 . 3 5 1 2 5 3 2 . . . . . 1 8 4 2 9 1 4 4 6 5 . . . . . 6 0 3 8 9 2 1 5 5 8 5 1 . . . . . 7 2 7 0 3 - 4 3 2 5 4 1 3 . . . . 7 . 7 8 2 4 -2 9 3 6 3 . . . . . 7 9 0 1 6 2 6 4 5 6 2 . . . . . 5 3 0 6 3 2 1 6 5 2 5 0 . . . . . 3 7 8 5 3 2 3 - 5 4 0 1 .1 . . . . 6 2 6 0 - 3 3 5 4 6 7 2 . . . . 8 . 2 7 9 4 4 3 7 2 4 4 . . . . . 1 8 8 4 5 - 1 1 2 6 9 3 2 . . . . 7 . 2 5 5 6 4 2 3 6 5 1 1 8 9 7 0 1 B A y g F U S F e a p e o n .S g d o r c e . e e n y n i r s G g a c o b n y l o r o — v e R r d e r e r o s c n w e r m r e i v n d e e g i n t t n a o g t e n in ci e li s n e 1. . . 2 2 2 3 . . . . . 1 8 2 8 1 -1 4 5 4 3 . . . . . 6 1 9 8 5 - 4 4 2 .6 . . . 6 8 0 4 3 3 3 . . . . . 9 7 5 2 3 - 9 2 4 8 .3 . . . . 9 0 2 8 1 9 2 5 8 0 . . . . . 8 9 0 7 3 2 2 8 3 3 6 . . . . . 8 8 2 9 4 -2 7 6 2 3 . . . . . 6 1 7 2 7 1 1 4 2 3 1 1 . . . . . 8 7 0 8 0 1 1 2 8 3 1 0 . . . . . 1 8 1 3 8 1 7 2 6 8 2 . . . . . 6 2 7 6 2 - 2 1 4 8 6 . . . . 8 . 4 4 7 3 2 7 9 7 1 6 . . . . . 4 3 1 9 4 7 2 7 4 5 . . . . . 1 3 5 8 6 1 1 7 8 9 1 0 1 1 1 1 1 1 6 7 2 3 4 5 P T r o R O C U M i t v a e t o . a u S l h s r t i n e . e n p d r i e o G e c d t r n i m o o p a a t m v a t i d o a e e l r v e l r t s a s a n g t e m n n m i a c c c d g u o e e f e r r s f n u s t o i t t g n r i a d e a e s g s n s i e g e c d a s n u d l r o b v it a a o i n e n n s s c d e s d 6 3 1 7 6 3 2 8 . . . . . 3 1 0 3 6 * 2 6 1 1 5 5 8 0 1 0 . . . . . . 7 4 5 6 6 3 6 2 1 1 5 8 3 9 3 6 . . . . . . 7 3 5 1 1 0 8 3 1 1 1 1 9 0 7 5 3 3 . . . . . . 1 8 8 8 8 3 7 4 1 1 7 4 9 3 5 2 . . . . . . 9 6 9 0 8 6 7 2 2 1 1 5 5 0 3 3 2 . . . . . . 8 5 5 8 8 9 1 - 2 2 2 3 0 4 0 9 0 5 7 . . . 0 . . . 2 2 5 0 4 4 8 1 1 8 3 6 7 8 3 . . . . . . 5 5 8 3 3 4 7 3 1 1 7 6 2 8 1 3 . . . . . . 1 4 0 5 8 3 7 2 1 1 1 8 3 8 7 1 0 . . . . . . 6 1 3 6 8 0 7 2 1 1 1 8 3 3 5 5 9 . . . . . . 1 0 8 7 9 4 - 9 2 2 2 2 9 2 4 2 3 7 . . . 9 . . . 8 7 0 0 2 1 4 3 1 1 1 1 6 7 3 8 7 . . . . . . 1 8 8 6 4 3 1 5 3 3 1 1 6 5 5 1 7 3 . . . . . . 6 9 5 5 6 2 1 1 1 1 1 1 7 5 3 4 6 2 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 2 2 2 2 1 2 3 1 0 9 Cr I O C S e n d a o t s v i h v m u t a i e r n m t m r a e g a n e f s f r i c r i n k n e c i a n e i a a t n a s n l n t f c c i u e d t i b n u a a d p l t n i s e o i k n n n a i s s s d n t i i v o g t a u n n t i c f o e u n d n s b d y s p .. r . i . - 2 6 1 1 2 5 9 4 3 . . . . . 5 1 5 3 6 4 1 1 4 4 7 7 5 . . . . . 7 9 7 0 0 6 3 1 1 - 2 5 5 2 . . 5 . . . 8 9 0 4 3 7 1 1 6 5 9 5 3 . . . . . 0 6 6 0 9 5 1 1 1 4 8 8 4 2 . . . . . 0 6 9 2 2 1 3 7 1 4 0 6 1 7 . . . . . 2 5 6 6 6 1 4 4 0 1 2 9 5 1 2 . . . . . 8 3 8 6 0 6 2 1 1 1 4 3 7 0 2 . . . . . 3 2 8 9 4 4 1 1 1 3 6 0 4 2 . . . . . 6 2 1 6 6 5 2 1 1 4 3 1 1 7 . . . . . 3 6 7 4 7 2 4 8 1 6 5 1 1 7 . . . . . 1 5 5 5 5 1 4 4 0 1 - 5 9 5 1 .6 . . . . 9 4 4 6 1 5 0 3 1 5 5 0 7 2 . . . . . 3 2 0 8 4 1 4 5 2 1 7 6 9 5 3 . . . . . 1 8 1 7 6 2 2 2 2 1 0 3 2 1 9 2 2 2 4 6 5 So C D ur r o c e m e d s i e t s o m t f i c a f u r p n k r d e iv t s a b t o e r d ro ep w o in si g ts 6 3 2 6 8 . . . 5 8 5 4 2 4 3 1 . . . 7 0 2 6 4 - 2 9 . . 6 . 8 4 4 7 6 6 5. . . 0 9 1 5 1 4 2 6 . . . 0 5 8 6 70 0 1 . . . 2 8 4 1 9 0 4 5 2 . . . 8 5 3 6 1 4 5 3 . . . 3 0 4 2 4 — 3 0 . . . 6 1 1 5 3 1 4 2 0 . . . 3 7 0 - 8 8 7 6 8 . . . 0 1 8 1 10 0 - 5 5 . . 2 . 9 8 1 7 0 9 5 8 . . . 3 2 6 1 9 2 7 6 9 . . . 1 1 7 2 2 2 5 6 4 2 2 2 3 3 8 7 9 0 1 Ot I T O F h n r o e t s e r r h u a e e r s s i r o a g u , u n n r n r c y e f e c u t e b a s n a n d la d s n p c e es n sion reserves - 1 11 1 5 1 77 . . .. 0 . .. 9 88 4 22 2 1 - 4 0 3 3 .5 . . . . 2 5 7 2 1 1 - 2 1 4 .3 . . . . 3 8 2 0 2 1 - 2 8 2 1 .2 . . . . 6 4 0 2 1 1 3 9 5 4 0 . . . . 3 1 7 3 * - 1 8 2 8 3 . . . . 4 9 5 0 * -3 9 2 8 1 . . . . . 3 2 0 2 8 - 2 4 1 2 9 3 5 4 .1 . . . . 7 9 9 4 2 1 4 2 6 3 0 . . . . . 1 2 2 5 9 - - 1 1 1 3 3 3 1 . . 3 . 4 . . 4 7 0 -1 1 3 4 2 1 4 . . . . . 5 1 3 4 2 - - 7 1 2 7 . . . . 6 6 . 6 0 3 1 8 6 1 1 7 . . . . . 1 8 6 0 6 - 1 1 3 7 4 1 9 . . . 9 . . 7 3 2 2 2 2 2 3 3 8 7 9 0 1 Private domestic nonfinancial 3 3 3 3 3 3 2 3 4 5 6 7 i nv D e i s r U C M C O to e o o . t r c u S h s r m t n . e p l m i r o G e c r n i e o p a d r v a t c i e e n l i r a g a s n l e n m i c p n d u a e r c f p n o i r e t t e r r i d e s e s e i i t g c u n m r b i k t o t ie s n s d s 2 7 2 1 . . . . . . 6 3 6 4 8 5 11 2 2 2 3 88 88 . . . .. . .. 5 7 0 88 0 99 - - 1 2 2 5 5 1 . . . . . . 3 0 8 3 4 5 2 4 7 5 4 1 . . . . . . 1 7 2 7 4 3 4 1 6 7 2 3 8 6 . . . . . . 7 6 7 7 7 0 - - 1 7 1 7 4 1 0 . . . . 6 2 . . 1 0 4 4 -1 -2 3 5 4 5 8 . . . . 1 . . 1 7 2 0 6 3 1 6 6 6 3 4 6 . . . . . . 1 0 5 2 6 4 4 1 1 7 9 3 8 1 7 . . . . . . 1 2 8 7 2 4 2 1 4 8 9 3 1 0 . . . . . . 3 5 6 8 8 9 - - - 1 1 1 - 1 1 3 5 7 4 2 . . . . 1 . . 3 0 0 3 1 - -2 1 - 1 7 4 3 5 3 0 . . . . . 8 . 7 3 5 3 3 - 2 1 6 6 6 3 1 . . . . . . 6 1 8 2 7 2 - 1 4 4 4 6 1 2 . . . 1 . . . 1 8 3 5 5 3 3 3 3 3 3 7 6 5 2 4 3 3 3 8 9 De T p i o m si e t s an a d n d s a c v u i r n r g e s n c a y c counts 4 3 0 2 . . 7 7 2 2 3 0 . . 1 3 5 3 1 9 . . 5 3 4 3 8 4 . . 6 0 -2 5 . . 2 3 6 5 3 6 . . 9 2 9 8 5 1 . . 7 3 6 5 . . 5 2 -9 4 . . 7 1 3 31 5 . . 1 0 9 8 2 1 . . 8 4 1 9 1 2 0 . . 4 3 7 8 0 0 . . 1 9 1 9 0 0 4 . . 4 9 3 3 9 8 4 4 4 0 1 2 Mo D C n u e e m r y r a en n c d y deposits 2 7 5 . . . 1 9 8 2 22 . .. .. 0 88 88 1 1 2 0 2 . . . 1 1 2 1 1 2 4 2 . . . 4 6 2 2 4 7 . . . 8 7 6 4 7 3 . . . 7 2 5 1 1 3 1 4 . . . 4 0 4 - 1 1 .2 . . 5 3 1 4 9 3 . . . 2 6 8 3 3 . . . 0 9 9 1 4 7 1 . . . 0 4 4 1 1 4 7 3 . . . 5 9 4 1 2 8 0 . . . 3 4 7 1 5 9 4 . . . 1 3 5 4 4 4 2 0 1 43 Total p o o s f i ts c , r e a d n i d t m cu a r r r k en et c y i nstr., de- 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 44 Me P m ub o l r i a c n s d u a p : p ort 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 4 4 5 6 P T v o t t . a c l f e i f n n o . t r ) e i i n g t n e r f m un e d d s ia tion (in per 98. . 8 8 7 2 3 . . 1 7 9 4 0 . . 3 8 8 2 3 . . 9 5 6 9 7 . . 0 6 93 1 . . 1 8 1 2 0 3 0 . . 1 2 7 1 3 1 . . 6 8 6 6 0 . . 2 4 7 4 4 . . 9 2 1 - 1 1 0 .3 .3 1 1 1 9 4 . . 1 0 2 8 7 9 . . 1 8 9 9 5 . . 7 8 4 4 5 6 Corporate equities not included above 2 3 1 To O M ta t u l h t e n u r e a t e l q is f u u su i n t e i d e s s s hares. 3 3 . . . 4 1 3 4 3 . . . 6 7 9 4 2 2 . . . 9 3 6 - 4 4 .7 . . 0 7 1 4 5 0 . . . 7 5 3 9 2 6. . . 9 6 5 1 1 1 4 3. . . 5 8 3 8 6 1 . . . 3 2 9 1 4 7 2 . . . 6 8 4 6 9 3 . . . 1 1 3 7 9 2 . . . 6 7 0 1 1 3 2 . . . 3 7 1 1 1 2 6 4 . . . 3 5 2 4 5 A O c th q e . r b n y e t f in p a u n rc c h ia a l s e in s stitution. -2 5 . . 3 7 -1 6 . . 3 0 -3 8 .5 .4 -5 9 . . 5 5 - 1 2 2 .5 .8 - 1 1 1 .9 .4 - 1 4 9 . . 4 1 - 1 3 2 . . 9 1 13.5 - 1 3 2 . . 3 5 1 - 0 .5 .2 - 2 7 0 . . 7 7 - 1 1 7 .1 .5 29. Demand deposits at commercial banks. Notes 30. Excludes net investment of these reserves in corporate equities. Ll\.ejot2L\ 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 lme 19 less line 26 plus lme 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 Corporate equities 28 Foreign deposits at commercial banks, bank borrowings from foreign Line . . . 1 and 3 Includes issues by financial institutions. branches, and liabilities of foreign banking agencies to foreign af- Digitized for FRfiAliaSteEs.R http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS • JANUARY 1973 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1971 1972 LLiinnee CCrreeddiittss++,, ddeebbiittss —— 1970 1971 ^ II III IV I'- ll III* Summary—Seasonally adjusted 1 2,164 -2,689 -1,012 -472 -1,494 -1,687 -1,948 -1,588 2 41,963 42,770 10,710 11,479 9,564 11,791 11,445 12,307 3 -39,799 -45,459 -11,722 -11,951 -11,058 -13,478 -13,393 -13,895 4 Military transactions, net -3,374 -2,894 -698 -724 -807 -884 -958 -830 5 Travel and transportation, net -2,061 -2,432 -625 -606 -703 -679 -657 -606 6 6,259 7,995 2,191 1,711 2,295 1,862 1,770 1,924 7 U.S. direct investments abroad 7,920 9,455 2,464 2,163 2,770 2,307 2,365 2,564 8 Other U.S. investments abroad 3,506 3,443 833 852 881 942 822 857 9 Foreign investments in the United States -5,167 -4,903 -1,106 -1,304 -1,356 -1,387 -1,417 -1,497 10 574 748 180 182 172 200 192 204 11 3,563 727 36 91 -537 -1,188 -1,601 -896 12 Remittances, pensions, and other transfers -1,474 -1,529 -369 -402 -404 -389 -383 -357 13 Balance on goods, services, and remittances 2,089 -802 -333 -311 -941 -1,577 -1,984 -1,253 14 U.S. Government grants (excluding military) -1,734 -2,045 -477 -544 -588 -601 -535 -538 15 356 -2,847 -810 -855 -1,529 -2,178 -2,519 -1,791 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -1,829 --22,,111177 --668811 -442 -385 -330 -269 -477 17 Nonscheduled repayments of U.S. Government assets 244 225 102 72 48 88 17 7 18 U.S. Government nonliquid liabilities to other than foreign --443333 --448866 -5 --118888 --119966 -101 157 189 19 Long-term private capital flows, net -1,398 -4,079 -1,605 -1,883 330 -1,081 750 -144 20 U.S. direct investments abroad -4,400 -4,765 -1,277 -1,410 -788 -1,266 -100 -1,132 21 Foreign direct investments in the United States 1,030 -67 1 -374 181 -360 350 259 22 -942 -909 -372 -249 73 -393 -354 227 23 U.S. securities other than Treasury issues 2,190 2,282 196 606 921 1,067 956 676 24 198 -814 -214 -308 -165 22 -269 -409 25 526 194 61 -148 108 -151 167 235 26 -3,059 -9,304 -2,999 -3,296 -1,732 -3,602 -1,864 -2,216 27 Nonliquid short-term private capital flows, net -482 -2,386 -315 -883 -654 -508 592 -542 28 -1,023 -1,807 -91 -892 -685 -587 467 -408 29 Claims reported by U.S. nonbanking concerns -361 -555 -145 -147 -130 -17 103 -118 30 Liabilities reported by U.S. nonbanking concerns 902 -24 -79 156 161 96 22 -16 31 867 717 179 179 179 178 178 177 32 -1,174 -11,031 -2,586 -5,380 -2,122 800 -1,141 -1,872 33 -3,851 -22,002 -5,721 -9,380 -4,329 -3,132 -2,235 -4,453 34 -5,988 -7,763 -745 -2,551 -1,619 -119 1,386 -171 35 252 -1,072 95 -555 -340 -673 197 -567 36 -99 -566 32 -392 -112 -533 312 -449 37 Reported by U.S. nonbanking concerns 351 -506 63 -163 -228 -140 -115 -118 38 Liquid liabilities -6,240 -6,691 -840 -1,996 -1,279 554 1,189 396 39 -6,508 -6,908 -892 -1,775 -1,313 476 980 282 40 To international and regional organizations 181 682 198 149 55 25 -72 -34 41 87 -465 -146 -370 -21 53 281 148 42 -9,839 -29,765 -6,466 -11,931 -5,948 -3,251 -849 -4,624 Financed by changes in: 43 Liquid liabilities to foreign official agencies 77,,663377 2277,,661155 55,,997755 1100,,991199 55,,777744 | 44 Other readily marketable liabilities to foreign official agen- 2,542 11,,008822 4,601 --881100 --553399 --116600 --117733 -5 J 45 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Govt 553355 334411 -8 -9 336666 228800 -2 78 46 2,477 2,348 659 1,194 -187 429 -231 -55 47 Gold .. 787 866 456 300 1 544 3 48 SDR's -851 -249 17 -29 -182 -178 -171 -177 49 2,152 381 -66 72 2 64 -245 134 50 389 1,350 252 851 -8 -1 185 -15 Memoranda: 51 Transfers under military grant programs (excluded from 2,586 3,153 778 701 939 1,205 797 1,323 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20) 22,,888855 33,,111166 ((55)) ((55)) ((55)) ((55)) ((55)) ((55)) 53 Reinvested earnings of U.S. incorporated affiliates of 443344 449988 ((55)) ((55)) ((55)) ((55)) ((55)) ((55)) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 —— 11997700 11997711'' II III XV r II III? Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -4,718 -22,719 -5,900 -9,559 -4,508 -3,310 -2,413 -4,630 -10,706 -30,482 -6,645 -12,110 -6,127 -3,429 -1,027 -4,801 Bala nces not se asonally adj usted Balance on goods and services (line 11) 3,563 727 251 -1,330 296 -791 -1,463 -2,227 Balance on goods, services, and remittances (line 13) 2,089 -802 -131 -1,743 -104 -1,159 -1,859 -2,595 Balance on current account (line 15) 356 -2,847 -655 -2,246 -657 -1,789 -2,441 -3,093 Balance on current account and long-term capital 4 (line 26)... -3,059 -9,304 -3,466 -4,672 93 -3,603 -2,271 -3,554 Balances including allocations of SDR's: Net liquidity (line 33) -3,851 -22,002 -6,612 -10,066 -3,466 -2,369 -3,043 -5,274 Official reserve transactions (line 42) -9,839 -29,765 -6,462 -12,703 -5,882 -2,506 -741 -5,544 Balances excluding allocations of SDR's: Net liquidity -4,718 -22,719 -6,612 -10,066 -3,466 -3,079 -3,043 -5,274 Official reserve transactions -10,706 -30,482 -6,462 -12,703 -5,882 -3,216 -741 -5,544 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.. 3 3,179 3,730 3,662 3,905 33,152 3,266 4,019 4,495 27 465 -350 -590 July.. 3,182 3,699 3,493 4,019 3,074 3,255 3,793 4,561 108 444 -300 -542 Aug... 3,366 3,592 3,678 4,202 3,163 3,346 3,928 4,644 203 246 -251 -463 Sept... 3.341 3,553 4,505 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 4,469 3,180 3,428 3,379 5,028 218 71 -218 -559 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 -1,518 IV.... 10,020 10,758 9,726 9,450 10,333 11,030 570 425 -1,304 Year4... 37,332 42,662 43,555 36,043 39,963 45,602 1,289 2,699 -2,047 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 76 U.S. GOLD TRANSACTIONS • JANUARY 1973 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 222000000 Other 11 --66 --3355 --4499 1166 --4477 UUU --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 -----11111 -----2222255555***** --2255 ----22228888 Brazil 777222 555444 2222255555 ------333333 -----11111 ----22223333 Colombia • 111000 2222299999 777777 ** ----1111 Venezuela •. -----2222255555 Other .. --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --55 ** TToottaall 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --55 ** Asia: ---111000 -----44444 ---222111 ---444222 Jap^n -----5555566666 --111199 Lebanon --1111 -----1111111111 --11 -------99999995555555 ----33335555 -------33333334444444 ----11110000 -- Philippines . 2255 2200 ** --11 9999999 4400 --44 ----2222 --11 -------55555550000000 Singapore -------88888881111111 111111 ---333000 ---333000 Other . --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 333999 --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^ • ««««----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 S548 million each. 6 Payment to the IMF of $259 million increase in U.S. gold subscription 3 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

JANUARY 1973 • 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 i s ury v c fo e u C c r r r o i t e r e i n i e b s g n - l n e - p R I o e M s s i i e n t F r i o v 3 n e SDR's4 E m n o d n t o h f Total To G ta o l2 ld st T oc re k a i s ury v c fo u e C c r r r i o e t e r i s n i e b g n - s l n e - p R I o e M s s i e t F r io v 3 n e 1959... 21,504 19,507 19,456 1,997 1971 1960... 19,359 17,804 17,767 1,555 Dec... 812,167 10,206 10,132 8 276 585 1961... 18,753 16,947 16,889 116 1,690 1962... 17,220 16,057 15,978 99 1,064 1972 1963... 16,843 15,596 15,513 212 1,035 Jan... 12,879 10,206 10,132 276 587 1964... 16,672 15,471 15,388 432 769 Feb... 12,330 9,662 9,588 276 582 Mar... 12,270 9,662 9,588 212 586 1965... 15,450 613,806 613,733 781 6 863 Apr... 12,285 9,662 9,588 429 391 1966... 14,882 13,235 13,159 1,321 326 May.. 913,345 910,490 910,410 469 9428 1967... 14,830 12,065 11,982 2,345 420 June.. 13,339 10,490 10,410 457 434 1968... 15,710 10,892 10,367 3,528 1,290 July. . 13,090 10,490 10,410 203 439 1969... 7 16,964 11,859 10,367 72,781 2,324 Aug... 13,124 10,488 10,410 234 444 Sept... 13,217 10,487 10,410 323 449 1970... 14,487 11,072 10,732 629 1,935 1,100 Oct... 13,313 10,487 10,410 414 454 1971... 812,167 10,206 10,132 8 276 585 851 Nov... 13,307 10,487 10,410 403 459 1972... 13,150 10,487 10,410 241 464 1,958 Dec... 13,150 10,487 10,410 241 464 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 IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by other countries Period with IMF Per cent P s t u d a io b y o n s m l o l c s f a r e r i n i p s n t - s by s g N I a o M l e l e d t s F 1 T t c f i r o c u o a i r r n e n e r s s i e s g a n 2 i n n c - - I i d M n o c F l o l a m n r e e s t P d u o r l c o l h a f a r s s e 3 s pu d r o R c l i l h n e a a - r s s e s c T ha o n ta g l e Amount q U u o . o f S t . a 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 ,640 45 -723 6 1,744 4.834 94 1967. 20 -114 -94 4,740 92 1968. -84 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1,034 2,836 55 1970. 1,155 6 712 150 25 -854 741 1,929 4,765 71 1971. ,362 -28 -24 40 1,350 6,115 91 1972. "v'til 200 -47 694 6,810 94 1971—Dec.. 6,115 91 1972—Jan... -2 -2 6.113 91 Feb.. 5 5 6,118 91 Mar.. -4 -4 6.114 91 Apr.. 200 -5 195 6,309 94 May. 7541 -4 537 6,846 94 June. -6 -6 6,840 94 July.. -5 -5 6.835 94 Aug.. -5 -5 6,831 94 Sept.. -6 -6 6,825 94 Oct.. -5 -5 6,820 94 Nov.. -5 -5 6,815 94 Dec.. -5 -5 6,810 94 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 6. U.S. LIQUID AND OTHER LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID LIABILITIES TO ALL OTHER FOREIGNERS (In millions of dollars) Liabilities to foreign countries Official institutions2 Liquid Liquid liabilities to liabili- other foreigners ties to Liquid Total a a c t f I r r g t r M i a i o o s o n l i m n d F n s s - g 1 Total t p l S b i i t o e a h a e b i s r b r o n n y t m i r r k e l t e i d s - - - n M b G o U a a o a t o b r n e n .S v k l s d d e t . 3 e s , , t 4 - N v k T b o e e c U a o n r r t o n n t e . a m n S i a d b d b - . a s l s l . e e r - N n v k T b o n o e U e o a n r n r o t n n e t . a m t c S i a e d d b o b . s s a s n l l . 5 e e r - - t p l b L i i U t o e a a e o b i s r b . n r n n S t y i m k r e g l . e i d s - - - a t m L o l b b i a e i a r t q c r i b o n e o u c a i k s m i l i d a i s d - l - 6 Total t p l S b i i t o a e h a e b i r s b o r n n t y m i r k r e l t e i d s - - - n M b o G U a a o a t o b e r n n .S v s k l d d e 3 t . e s , • t 7 - U.S. notes U.S. 9 15,825 200 7,917 (10) 3,472 2,252 9 16,845 200 8,665 (10) 3,520 2,430 19,428 500 10,120 9,154 966 4,678 2,940 2,399 /20,994 800 11,078 10,212 866 4,818 2,773 2,230 121,027 800 11,088 10,212 876 4,818 2,780 2,230 (22,853 800 11,830 10,940 890 5,404 2,871 2,355 \22,936 800 11,830 10,940 890 5,484 2,873 2,357 /24,268 800 12,948 11,997 751 200 5,346 3,013 2,565 \24,268 800 12,914 11,963 751 200 5,346 3,013 2,565 (26,433 800 14,459 12,467 1,217 703 63 9 5,817 3,397 3,046 126,394 800 14.425 12,467 1,183 703 63 9 5,817 3,387 3,046 /29,313 800 15,790 13,224 1,125 1,079 204 158 7,271 3,730 3,354 \29,364 800 15,786 13,220 1,125 1,079 204 158 7,303 3,753 3,377 29,569 834 15,826 13,066 1,105 1,201 334 120 7,419 4,059 3,587 /31,145 1,011 14,841 12,484 860 256 328 913 10,116 4.271 3.743 \31,020 1,011 14,896 12,539 860 256 328 913 9,936 4.272 3.744 J35,819 1,033 18,201 14.034 908 711 741 1,807 11,209 4,685 4,127 135,667 1,033 18,194 14,027 908 711 741 1,807 11,085 4,678 4,120 /38,687 1,030 17,407 11,318 529 701 2,518 2,341 14,472 5,053 4,444 138,473 1,030 17,340 11,318 462 701 2,518 2,341 14,472 4,909 4,444 /45,755 1,019 15,975 11,054 346 12 555 122,515 1,505 23,638 4,464 3,939 145,914 1,019 15,998 11,077 346 555 2,515 1,505 23,645 4,589 4,064 J47,009 566 23,786 19,333 306 429 3,023 695 17,137 4,676 4,029 146,960 566 23,775 19,333 295 429 3,023 695 17,169 4,604 4.039 65,746 544 48,339 37,271 1,747 6,055 3,096 170 11,194 4,214 3,733 /67,681 544 51,209 39,679 1,955 6,060 3,371 144 10,262 4,138 3,691 167,810 544 50,651 39,018 1,955 6.093 3,441 144 10,950 4,141 3,694 69,066 544 51,514 39,581 2,260 6.094 3,441 138 11,171 4,153 3,763 69,998 52,799 40,679 2,448 6,094 3,441 137 11,373 4,204 3,812 71,013 53,806 40,980 2,882 6,094 3,723 127 11,464 4,194 3,818 72,215 54,093 38,723 2,933 8,594 3,723 120 12,433 4,242 3,853 72,113 53,579 37,850 3,283 8,594 3,723 129 12,821 4,284 3,889 74,000 54,604 38,603 3,557 8,594 3,723 127 13,444 4,475 4,103 77,473 59.426 39,787 3,781 12,094 3,647 117 12,127 4,492 4,122 79,439 60,586 40,611 4,146 12.094 3,647 88 12,912 4,418 4.040 79,669 60,008 39,628 4,382 12.095 3,804 99 13,585 4,630 4,241 81,307 60,816 40,249 4,722 12.097 3,651 97 14,178 4,824 4,418 82,269 60,977 40.035 5,099 12.098 3,651 94 14,819 4,747 4,324 1 Includes (a) liability on gold deposited by the IMF to mitigate the 11 Data on the two lines shown for this date differ because of changes impact on the U.S. gold stock of foreign purchases for gold subscriptions in reporting coverage. Figures on first line are comparable with those to the IMF under quota increases, and (b) U.S. Govt, obligations at cost shown for the preceding date; figures on second line are comparable with value and funds awaiting investment obtained from proceeds of sales of those shown for the following date. gold by the IMF to the United States to acquire income-earning assets. 12 Includes $101 million increase in dollar value of foreign currency 2 Includes BIS and European Fund. liabilities resulting from revaluation of the German mark in Oct. 1969 as 3 Derived by applying reported transactions to benchmark data; follows: liquid, $17 million, and nonliquid, $84 million. breakdown of transactions by type of holder estimated 1960-63. Includes 13 Data on the second line differ from those on first line because cersecurities issued by corporations and other agencies of the U.S. Govt, tain accounts previously classified as "official institutions" are included which are guaranteed by the United States. with "banks"; a number of reporting banks are included in the series for 4 Includes nonguaranteed securities of U.S. Federally-sponsored agen- the first time; and U.S. Treasury securities payable in foreign currencies cies, beginning Feb. 1972. issued to official institutions of foreign countries have been increased in 5 Excludes notes issued to foreign official nonreserve agencies. value to reflect market exchange rates as of Dec. 31, 1971. 6 Includes short-term liabilities payable in dollars to commercial banks abroad and short-term liabilities payable in foreign currencies to commer- NOTE.—Based on Treasury Dept. data and on data reported to the cial banks abroad and to "other foreigners." Treasury Dept. by banks and brokers in the United States. Data correspond 7 Includes marketable U.S. Govt, bonds and notes held by commercial generally to statistics following in this section, except for the exclusion banks abroad. of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign 8 Principally the International Bank for Reconstruction and Develop- official nonreserve agencies, the inclusion of investments by foreign ment and the Inter-American and Asian Development Banks. From Dec. official reserve agencies in nonguaranteed bonds of U.S. Federally 1957 through Jan. 1972 includes difference between cost value and face sponsored agencies and minor rounding differences. Table excludes IMF value of securities in IMF gold investment account. "holdings of dollars," and holdings of U.S. Treasury letters of credit and 9 Includes total foreign holdings of U.S. Govt, bonds and notes, for non-negotiable, non-interest-bearing special U.S. notes held by other inwhich breakdown by type of holder is not available. ternational and regional organizations. i o Not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 7. U.S. LIQUID AND OTHER LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e r s o t p e e r n 1 Canada A re m L pu e a r t b i i l n c i a c s n Asia Africa cou O n t t h r e ie r s 2 1967.. 18,194 10,321 1,310 1,582 4,428 250 303 /17,407 8,070 1,867 1,865 5,043 259 303 1968 3 \17,340 8,062 1,866 1,865 4,997 248 302 '4 15,975 4 7,074 1,624 1,888 4,552 546 291 1969 3 , 15,998 7,074 1,624 1,911 4,552 546 291 /23,786 13,620 2,951 1,681 4,713 407 414 1970 3 \23,775 13,615 2,951 1,681 4,708 407 413 1971—Nov.. 48,339 28,157 3,710 1,340 14,009 248 875 Dec. 5 f 51,209 30,010 3,980 1.414 14,519 415 871 \50,651 30,134 3.980 1,429 13,823 415 870 1972—Jan.. 51,514 30,266 3,974 1,402 14,430 426 1,016 Feb. 52,799 31,190 3.981 1,330 14,792 449 1,057 Mar. 53,806 31,588 4,052 1,323 15,191 457 1,195 54,093 31,358 4,181 1,492 15,249 477 1,336 53,579 30,935 4,316 1,476 14,967 458 1,427 June.. 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... 60,008 35,923 4,469 1,363 15,291 685 2,277 Oct.*. 60,816 34,969 4,468 1,468 16,805 616 2,490 Nov.®. 60,977 34,463 4,289 1,439 17,372 694 2,720 1 Includes Bank for International Settlements and European Fund. to official institutions of foreign countries have been increased in value by 2 Includes countries in Oceania and Eastern Europe, and Western Euro- $110 million to reflect market exchange rates as of Dec. 31, 1971. pean dependencies in Latin America. 3 See note 11 to Table 6. NOTE.—Data represent short- and long-term liabilities to the official 4 Includes $101 million increase in dollar value of foreign currency institutions of foreign countries, as reported by banks in the United States; liabilities resulting from revaluation of the German mark in Oct. 1969. foreign official holdings of marketable and nonmarketable U.S. Govt, 5 Data on second line differ from those on the first line because certain securities with an original maturity of more than 1 year, except for nonaccounts previously classified as "Official institutions" are included in marketable notes issued to foreign official nonreserve agencies; and in- "Banks"; a number of reporting banks are included in the series for vestments by foreign official reserve agencies in nonguaranteed bonds of the first time; and U.S. Treasury liabilities payable in foreign currencies U.S. Federally-sponsored agencies. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations6 Payable in dollars IMF Deposits Payable gold U.S. End of period in invest- Treasury Total 1 Total Dem D an e d p os T it i s m e 2 b T i c r c l U e l e a s r a t . t S e s i a u f s . i n r 3 - d y s O l t h i e a t o r h b r m e . t 4 r - r fo e c r n u e c r i i g - e n s ment5 Total Demand Time2 bi c l c e ls a r t t i e a f s i n - d 40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 244 [41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 211 141,761 41,393 15,795 5,961 14,123 5,514 368 400 820 69 159 211 53,898 53,527 10,883 5,219 30,723 6,702 371 400 1,300 69 205 157 f55,404 55,018 10,399 5,209 33,025 6,385 386 400 1,372 73 192 210 [55,430 55,038 6,460 4,217 33,025 11,336 392 400 1,368 73 192 210 56,442 56,009 6,157 4,223 33,902 11,727 432 400 1,526 86 203 338 57,329 56,856 6,019 4,334 34,490 12,013 473 1,465 85 167 295 57,654 57,138 5,991 4,431 34,929 11,787 516 1,391 88 189 275 56,287 55,793 6,460 4,502 32,324 12,507 494 1,278 87 198 177 55,828 55,329 6,570 4,653 31,498 12,608 499 1,268 84 186 198 57,466 56,947 7,217 4,830 31,871 13,029 519 1,316 85 238 212 57,302 56,823 7,320 4,746 32,881 11,876 479 1,266 101 262 142 58,884 58,429 6,631 4,867 33,745 13,186 455 1,322 65 267 172 58,687 58,208 6,931 4,939 32,714 13,625 478 1,233 79 224 145 60,121 59,582 7,073 5,146 33,062 14,302 538 1,276 62 211 204 60,690 60,132 7,036 5,386 32,769 14,941 558 1,512 95 247 380 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 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 9 Payable in dollars Payable in dollars Payable End of period Total Dema D n e d p osi T ts i me2 T b c i r c l e U e a l r s a t . t e s S i a u s f . n i r 3 - d y s O l t i h e a t o r h b r m e . t 4 r - f r o e c r n u i e n c r i i g - e n s Total Dema D n e d p osi T ts i me 2 T bi c r c l U e e a ls r a t . t S e s a i u s . f n i r 3 - d y s O t l h i e a t o r h b r m e t .4 - r c P u f r a o r y r i e a e n n b i g c l i n e e s 1969.. 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 19707. J \4 4 0 0 , , 5 4 4 9 1 9 1 1 5 5 , , 7 7 2 1 6 6 5 5 , , 7 8 6 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 8 3 3 3 6 6 8 8 1 1 9 9 , , 3 33 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 1 1 4 4 8 8 1971—Nov.. 52,198 10,814 5,014 30,166 5,831 371 37,271 1,263 2,465 30,071 3,314 158 Dec. 8 f [ 5 5 3 3 , , 6 6 3 6 2 2 1 6 0 , , 3 3 8 2 7 6 4 5 , , 0 0 2 1 5 7 3 3 2 2 , , 4 4 1 1 5 5 1 5 0 , , 4 4 8 4 9 3 3 3 8 9 6 2 3 3 9 9 , , 6 0 7 1 9 8 1 1 , ,3 6 2 2 7 0 2 2, , 0 5 3 0 9 4 3 3 2 2 , , 3 3 1 1 1 1 3 3 , , 0 1 8 7 6 6 1 1 5 6 8 5 1972—Jan.... 54,515 6,071 4,020 33,164 10,828 432 39,581 1,185 2,024 33,045 3,161 166 Feb.. .. 55,864 5,934 4,167 34,195 11,095 473 40,679 1,099 2,119 34,092 3,204 167 Mar... 56,262 5,903 4,242 34,654 10,947 516 40,980 1,128 2,148 34,548 2,990 167 Apr... 55,009 6,373 4,304 32,147 11,691 494 38,723 1,246 2,270 32,047 2,993 167 May. . 54,560 6,486 4,468 31,300 11,808 499 37,850 1,224 2,379 31,209 2,871 167 June.. 56,150 7,132 4,592 31,659 12,247 519 38,603 1,536 2,469 31,573 2,858 167 July... 56,036 7,219 4,485 32,738 11,116 479 39,787 1,521 2,377 32,655 3,064 170 Aug.. . 57,563 6,566 4,600 33,573 12,368 455 40,611 1,308 2,412 33,499 3,220 171 Sept..., 57,454 6,851 4,716 32,569 12,840 478 39,628 1,239 2,454 32,497 3,268 171 Oct.f. . 58,845 7,011 4,935 32,857 13,503 538 40,249 1,334 2,563 32,783 3,398 171 Nov.?. 59,178 6,940 5,139 32,389 14,152 558 40,035 1,271 2,638 32,310. 3,645 171 To banksto To other foreigners To banks Payable in dollars and other foreigners: End of period Total Payable in Total Dema D n e d p osi T ts i me 2 T b c i r c l e U e l a r s a . t t s S e i a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 4 r - Total Dema D n e d p osi T ts i me2 T b c i r l e U e l r s a . t s S i a u f . n i r - d y s O l t i h e a t o r h b r m e . t 4 r - f r o e c r n u e c r i - i g e n s 1969 27.709 23,419 16,756 1,999 4,644 4,064 1,711 1,935 107 312 226 19707 / \ 2 2 1 1 , , 1 2 6 0 6 8 1 1 6 6 , , 9 9 1 4 7 9 1 12 2 , , 3 3 8 7 5 6 1 1 , , 3 3 2 5 6 4 3 3, , 1 2 9 0 7 2 4 4 , , 0 03 2 9 9 1 1 , , 6 6 8 8 8 8 1 1 , , 8 8 9 8 5 6 1 1 3 3 1 1 3 3 2 2 5 5 2 2 2 2 0 0 1971—Nov.. 14,927 10,981 7,871 879 2,223 3,733 1,680 1,670 87 296 213 Dec. 8 / \ 1 1 3 4 , , 9 6 5 4 3 4 1 1 0 0 , , 0 7 3 2 4 2 7 3 , , 0 4 4 0 7 0 8 3 5 2 0 0 2 6 , ,9 1 9 3 5 0 3 3 , , 6 6 9 9 1 4 1 1, ,6 6 6 6 0 0 1 1, , 6 6 6 6 6 3 9 9 6 6 2 27 7 1 4 2 2 2 2 8 8 1972—Jan... 14,935 10,904 3,183 335 7,382 3,764 1,703 1,660 116 285 267 Feb.., 15,184 11,067 3,121 349 7,593 3,811 1,714 1,699 99 299 306 Mar.. 15,283 11,115 3,093 359 7,658 3,818 1,682 1,735 102 299 349 Apr.. , 16,286 12,106 3,372 352 8,379 3,852 1,756 1,682 96 318 327 May. , 16.710 12,488 3,569 307 8,609 3,890 1,693 1,781 88 328 333 June., 17,547 13,092 3,797 310 8,980 4,103 1,800 1,814 81 409 353 July.. 16,249 11,817 3,877 286 7,649 4,122 1,821 1,821 77 402 309 Aug.. 16,951 12,627 3,555 337 8,729 4,039 1,702 1,851 67 419 284 Sept.., 17,826 13,277 3,837 353 9,083 4,241 1,776 1,909 68 489 308 Oct.p. 18,596 13,810 3,801 439 9,567 4,418 1,875 1,933 72 538 368 Nov.*, 19,143 14,433 3,963 488 9,977 4,324 1,706 2,014 75 530 387 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 ^Foreign 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- i o 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

JANUARY 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1971 1972 Area and country Dec. Mar. Apr. May June July Aug. Sept. Oct.p Europe: Austria < 254 257 276 283 254 261 272 310 279 Belgium-Luxembourg 701 888 866 864 962 1,159 1,188 1,175 1,159 Denmark 168 191 218 203 215 216 209 194 217 Finland 160 140 151 131 148 176 165 163 161 France 3,150 3,103 3,043 3,027 3,514 4,324 4,317 4,422 4,501 Germany 6,596 7,670 5,482 5,500 6,483 6,601 6,459 5,819 5,809 Greece 170 147 163 159 179 168 165 177 195 Italy 1,888 1,572 1,627 1,572 1,375 1,424 1,615 1,429 1,335 Netherlands 270 823 878 861 847 1,488 1,514 1,490 1,460 Norway 685 674 655 669 654 769 892 873 895 Portugal 303 267 279 284 269 290 334 356 379 Spain 203 183 219 206 231 222 192 246 230 Sweden 792 964 981 1,010 1,044 1,036 1,033 1,068 1,052 Switzerland 3,249 2,935 2,942 2,709 2,626 3,623 3,493 3,538 3,080 Turkey 68 42 36 40 44 55 59 72 72 United Kingdom 7,379 8,089 7,954 7,954 7,914 4,945 5,893 5,692 5,682 Yugoslavia 34 54 94 88 90 87 102 65 56 Other Western Europe* 1,391 1,411 1,386 1,388 1,367 1,389 1,391 1,446 1,428 U.S.S.R 14 9 9 13 10 18 10 14 16 Other Eastern Europe 53 58 56 58 68 58 57 71 63 Total 27,530 29,478 27,316 27,021 28,293 28,310 29,360 28,618 28,068 Canada 3,441 3,486 3,722 4,146 3,966 3,727 3,660 3,730 3,971 Latin America: Argentina 441 541 507 465 459 457 500 523 532 Brazil 342 449 543 576 628 620 550 591 601 Chile 191 137 132 134 136 136 136 134 135 Colombia 188 163 184 190 190 196 212 199 191 Cuba 6 6 7 6 7 6 6 6 6 Mexico 715 659 668 761 733 788 695 690 668 Panama 154 156 155 185 154 165 154 156 154 Peru 164 174 174 167 179 178 178 164 180 Uruguay 108 124 118 122 117 121 136 137 125 Venezuela 963 740 851 873 919 831 865 855 924 Other Latin American republics.. 655 649 695 661 669 673 701 662 747 Bahamas and Bermuda 656 307 444 440 486 384 416 461 576 Netherlands Antilles and Surinam 87 81 87 91 94 88 83 88 82 Other Latin America 37 37 29 43 40 46 45 54 55 Total 4,708 4,223 4,593 4,714 4,809 4,688 4,675 4,721 4,978 Asia: China Mainland 39 39 39 38 39 39 39 39 37 Hong Kong 312 306 299 328 311 341 325 315 313 India 89 116 102 104 105 122 105 91 103 Indonesia 63 90 89 87 113 98 117 115 114 Israel 150 143 145 148 140 128 119 134 127 Japan 14,295 14,808 14,902 14,017 14,096 13,963 14,156 14,412 15,485 Korea 196 204 178 196 198 206 235 208 218 Philippines 306 268 294 337 346 345 364 379 382 Taiwan 258 320 338 365 383 426 502 541 592 Thailand 126 120 170 174 177 120 141 145 143 Other 595 717 714 729 706 733 802 797 1,016 Total 16,429 17,131 17,267 16,525 16,613 16,521 16,904 17,175 18,528 Africa: Congo (Kinshasa) 12 22 14 16 18 27 15 18 14 Morocco 9 9 11 8 11 11 9 9 10 South Africa 78 70 79 70 76 92 65 71 57 U.A.R. (Egypt) 24 13 15 18 19 17 19 23 23 Other 474 526 542 522 608 620 622 649 595 Total 597 640 661 635 731 768 729 770 699 Other countries: Australia 916 1,257 1,405 1,482 1,692 1,977 2,187 2,372 2,552 All other 42 47 43 39 45 45 47 69 47 Total 957 1,304 1,448 1,520 1,737 2,022 2,234 2,441 2,600 Total foreign countries 53,662 56,262 55,009 54,560 56,150 56,036 57,563 57,454 58,845 International and regional: International2 1,327 941 808 802 819 793 831 746 789 Latin American regional 298 301 333 329 347 300 335 329 320 Other regional3 143 150 138 137 149 173 155 158 167 Total 1,768 1,391 1,278 1,268 1,316 1,266 1,322 1,233 1,276 Grand total 55,430 57,654 56,287 55,828 57,466 57,302 58,884 58,687 60,121 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 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 (inch 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 E G l u S at a e l m va a d l o a r 1 7 1 9 0 1 7 0 5 0 9 80 7 1 7 1 8 7 12 8 3 3 V Sy ie r t ia n am 91 6 17 7 9 16 3 1 Haiti 19 16 19 18 23 Honduras 29 34 44 42 50 Other Africa: Jamaica 17 19 19 19 32 Algeria 13 17 13 N P T a r ic r in a a i r g d a u a g a d u y a & Tobago 7 1 11 6 7 5 1 1 9 6 0 4 1 1 7 5 4 5 1 1 0 7 0 6 1 1 6 7 5 K E G t e h h n a i y o n a p a i a (incl. Eritrea) 4 3 7 7 3 3 1 8 8 9 1 1 6 2 3 Liberia 41 22 21 Libya 430 195 91 Other Latin America: Nigeria 17 25 British West Indies 38 33 38 32 23 Southern Rhodesia 2 1 2 Sudan 1 1 1 Other Asia: Tanzania 18 9 10 Afghanistan 15 26 15 19 17 Tunisia 7 7 6 Burma 5 4 3 10 5 Uganda 7 8 5 Cambodia 1 2 2 5 2 Zambia 38 10 14 Ceylon 4 4 4 4 6 Iran 41 32 50 59 88 All other: Iraq 6 11 7 10 (5) New Zealand 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—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 1,023 555 468 137 252 79 164 67 31 108 * 82 14 Mar 1,085 629 456 127 253 78 165 67 30 103 * 72 19 Apr 1,103 651 453 120 253 80 165 67 32 105 * 66 18 May 1,151 686 465 129 253 83 165 66 35 119 * 60 20 June 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 1,067 612 455 99 269 87 165 68 37 135 • 33 17 Oct.p 1,074 620 453 97 269 87 165 68 37 135 * 32 16 Nov.p 1,050 599 451 94 269 88 165 68 37 134 1 33 14 i Excludes central banks, which are included with "Official institutions," Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.f Nov.*5 Europe: Belgium-Luxembourg 6 6 6 6 6 6 6 6 6 6 6 6 6 Switzerland 60 60 53 53 53 52 52 52 49 45 45 45 45 United Kingdom 362 323 279 283 268 280 288 264 265 280 293 308 326 Other Western Europe 82 85 95 95 95 95 95 96 98 96 94 114 164 Eastern Europe 5 5 5 5 5 5 5 5 5 5 5 5 5 Total 516 480 438 441 426 438 445 424 422 432 443 478 545 179 181 179 179 178 179 166 313 313 372 432 479 559 Latin America: Latin American republics 1 1 1 1 1 1 11 1 1 11 1 1 1 Other Latin America 6 6 6 6 6 6 6 6 6 6 6 6 6 Total 7 7 7 7 7 7 7 7 7 7 7 7 7 Asia: 20 1,488 1,717 2,007 2,146 2,391 2,415 2,777 2,901 3,125 3,310 3,481 3,756 4,003 Other Asia 10 10 10 10 10 10 10 10 10 10 10 10 10 Total 1,518 1,727 2,017 2,156 2,401 2,425 2,787 2,912 3,136 3,321 3,492 3,766 4,013 8 8 8 8 8 8 8 8 8 127 133 133 133 * * * * • • * * * * * * * 2,228 2,402 2,650 2,791 3,020 3,057 3,413 3,664 3,886 4,259 4,506 4,863 5,257 International and regional: International 126 126 126 112266 112266 136 113366 136 136 176 186 186 186 Latin American regional 30 30 31 31 32 33 25 26 27 27 27 27 28 Total 156 156 157 157 158 168 161 161 162 203 213 213 214 Grand total 2,383 2,558 2,807 2,948 3,177 3,226 3,574 3,825 4,048 4,461 4,719 5,076 5,741 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 el m - a C d a a n - i m G a e n r- y Italy: Korea T w a a i n - T la h n a d i- Total m G an er y - 3 Italy e S r w la it n z d - 196 9 43,181 1,431 32 1,129 135 20 100 > 1,750 4 1,084 125 541 197 0 3,563 2,480 32 2,289 25 20 100 1,083 542 541 1971—Dec., 5 9,657 7,829 32 2,640 5,000 22 20 100 i 1,827 612 1.215 1972—Jan.. 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1.216 Feb.. 9,658 7,829 32 2,640 5,000 22 20 100 1,828 612 1,216 Mar. 9,940 8,188 32 2,840 5,158 22 20 100 1,752 536 1,216 Apr. 12.440 10,688 32 2,840 7,658 22 20 100 1.752 536 1,216 May 12.441 10,688 32 2,840 7,658 22 20 100 1.753 536 1,217 June 12,441 10,688 32 2,840 7,658 22 20 100 1,753 536 1,217 July. 15,864 14,188 32 2,840 11,158 22 20 100 1,676 459 1,217 Aug. 15,864 14,188 32 2,840 11,158 22 20 100 1.676 459 1.217 Sept. 16,022 14,345 32 2,840 11,315 22 20 100 1.677 459 1.218 Oct.. 15.871 14,345 32 2,840 11,315 22 20 100 1,526 306 1,220 Nov. 15.872 14,345 32 2,840 11,315 22 20 100 1,528 306 1,222 Dec. 15,872 14,333 20 2,840 11,315 22 20 100 1,539 306 1,233 1 Includes bonds issued in 1964 to the Government of Canada in connec- million equivalent were held by a group of German commercial banks from tion with transactions under the Columbia River treaty. Amounts out- June 1968 through Nov. 1972. The dollar value of these notes was increased standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through by $10 million in 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 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 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 Area and country Dec. Mar. Apr. May June July Aug. Sept. Oct.* NOV.p Europe: i Austria 11 11 12 13 15 16 33 8 15 10 Belgium-Luxembourg 57 78 66 72 73 73 66 70 87 84 Denmark 49 55 52 54 52 50 63 60 52 57 Finland 135 138 137 132 126 124 128 120 119 123 France 263 332 265 290 316 306 349 317 274 275 Germany 235 258 239 231 315 286 229 268 287 296 Greece 30 29 28 30 24 25 27 28 27 27 Italy 160 229 209 230 200 196 190 173 177 170 Netherlands 105 116 100 100 117 97 102 116 104 101 Norway 67 73 72 65 64 71 56 52 62 62 Portugal 12 14 13 24 21 25 21 27 22 21 Spain 70 105 135 149 141 156 160 194 229 216 Sweden 118 130 128 132 95 114 120 131 128 123 T Sw ur it k z e e y r land 14 3 5 16 3 4 13 3 8 19 3 4 148 3 13 3 4 13 4 7 18 7 0 18 4 6 15 4 1 United Kingdom 559 543 516 518 550 736 666 643 657 729 Yugoslavia 19 25 24 27 22 23 21 22 18 16 Other Western Europe 12 17 17 19 24 23 25 24 23 19 U.S.S.R 28 47 70 65 57 62 64 55 30 32 Other Eastern Europe 37 51 42 43 43 44 40 38 40 38 Total 2,114 2,417 2,266 2,390 2,406 2,563 2,503 2,531 2,543 2,555 Canada 1,627 2,087 1,961 1,824 1,856 2,299 2,484 2,025 1,676 1,722 Latin America: A Br r a g z e i n l tina 3 4 0 3 5 5 4 3 8 1 2 6 3 5 0 1 4 1 3 5 1 4 6 3 3 55 2 1 5 3 5 2 6 3 8 ! 1 3 6 3 0 9 2 6 3 4 5 1 2 3 6 6 6 3 1 6 35 3 7 6 Chile 139 106 108 94 78 77 71 79 58 53 Colombia 380 376 379 394 404 395 384 378 384 396 Cuba 13 13 13 13 13 13 13 13 13 15 Mexico 934 1,004 1,093 1,035 1,151 1,177 1,160 1,123 1,127 1,169 Panama 125 116 110 121 130 132 137 150 145 179 Peru 176 155 163 177 160 157 158 137 138 148 Uruguay 41 41 38 38 35 38 40 43 36 38 Venezuela 268 278 311 299 314 333 343 335 361 386 Other Latin American republics... 374 352 376 359 366 357 355 345 353 368 Bahamas and Bermuda 262 300 278 265 317 375 420 422 369 401 Netherlands Antilles and Surinam, 18 16 15 16 16 16 16 15 15 13 Other Latin America 26 20 27 24 25 22 29 28 32 33 Total 3,494 3,575 3,725 3,695 3,883 3,982 4,066 4,061 4,055 4,195 Asia: China Mainland 1 2 2 2 2 2 2 2 2 1 Hong Kong 70 90 99 107 111 100 85 85 76 76 India 21 17 18 16 16 14 17 18 15 17 Indonesia 41 37 39 49 45 44 60 66 74 74 Israel 129 98 84 81 78 101 87 78 87 105 Japan 4,280 4,116 3,980 3,685 3,573 3,532 3,474 3,462 3,727 4,011 Korea 348 403 399 377 346 344 342 321 302 317 Philippines 138 149 137 138 138 143 144 144 150 160 Taiwan 109 156 172 180 182 178 173 180 187 201 Thailand 172 184 187 181 183 174 187 187 177 183 Other 252 232 210 199 221 245 230 229 244 262 Total 5,560 5,485 5,327 5,016 4,894 4,876 4,801 4,774 5,042 5,408 Africa: Congo (Kinshasa) 21 13 15 18 14 12 12 12 14 10 Morocco 4 3 4 4 4 4 4 5 5 4 South Africa 158 147 152 161 160 149 142 139 134 145 U.A.R. (Egypt) 10 11 10 11 16 14 12 15 17 16 Other 99 104 120 129 124 121 114 124 113 116 Total 292 278 301 324 318 300 283 294 283 290 Other countries: Australia 158 165 169 175 176 210 184 210 229 271 All other 28 35 34 31 34 38 41 39 36 36 Total 186 200 203 206 211 248 225 249 265 308 Total foreign countries 13,273 14,043 13,784 13,455 13,568 14,267 14,362 13,934 13,864 14,478 International and regional 3 4 3 ! 7 4 3 3 4 6 6 Grand total 13,277 14,047 13,787 13,462 13,572 14,270 14,365 13,938 13,870 14,484 t 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

JANUARY 1973 • 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 t o i u s a a - l n s t B o a — nk s1 Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i r c f g n c a n f a c e o d e c e p r r c e 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 u o n c p o n v o r a a r d i t m n p e t , i i c e f e l s g e r i . e s - n , - 196 9 9,680 9,165 3,278 262 1,943 1,073 2,015 3,202 670 516 352 89 197 0 10,802 10,192 3,051 119 1,720 1,212 2,389 3,985 766 610 352 92 1971—Nov.. 11,920 11,276 4,024 169 2,429 1,426 2,306 3,897 1,050 644 457 89 f13,170 12,328 4,503 223 2,613 1,667 2,475 4,243 1,107 842 549 119 Dec. 2 [13,277 12,381 3,966 224 2,080 1,662 2.475 4,254 1,686 895 548 173 1972—Jan... 13,148 12,315 3,871 209 2,053 1,609 2,473 4,234 1,737 833 501 228 Feb... 13,667 12,740 4,023 198 2,055 1,770 2,430 4,394 1,893 926 562 266 Mar.. 14,047 13,046 4,175 167 2,141 1,867 2.476 4,410 1,985 ,000 579 283 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 June.. 13,572 12,738 4,767 162 2,584 2,020 2,650 3,482 1,839 833 486 222 July.. 14,270 13,365 5,062 161 2,791 2,109 2,705 3,227 2,372 905 519 278 Aug.. 14,365 13,419 4.994 150 2,717 2,127 2,812 3,081 2,533 946 482 338 Sept.. 13,938 13,051 4.995 143 2,574 2,278 2,889 2,966 2,201 886 431 329 Oct. P. 13,870 13,100 5,194 146 2,666 2,381 2,949 2,975 1,982 770 408 204 Nov.p 14,484 13,715 5,359 159 2,700 2,501 3,140 3,139 2,076 769 412 219 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 E pe n r d i o o d f Total Loans to— O lo t n h g e - r P c fo u a r y r i e r n a i e b g n l n e - U K d n i o i n m t g ed - EE OO uu tt rr hh oo ee pp rr ee Canada AA LL mm aa ee tt rr ii ii nn cc aa Japan OO AA tt ss hh ii ee aa rr co o u A t n h l t e l r r i es Official Other term cies Total institu- Banksi foreign- claims tions ers 1969 333,,,222555000 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970 333,,,000777555 22,,669988 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971—Nov. ... 333,,,555333777 33,,223377 567 282 2,389 276 23 138 586 244 1,357 240 564 407 Dec 333,,,666666444 33,,334422 575 315 2,452 300 22 130 593 228 1,458 246 583 426 1972—Jan 3,692 3,373 575 311 2,487 295 24 132 582 256 1,459 241 595 427 Feb , , . . 3,743 3,426 595 324 2,507 292 24 124 593 254 1,477 241 624 430 Mar.. .. 3,842 3,531 644 329 2,559 284 26 131 606 233 1,498 278 651 444 Apr 3,944 3,622 654 335 2,633 295 27 143 626 230 1,542 290 673 440 May.... 4,049 3,728 674 335 2,719 291 30 140 638 251 1,584 281 712 444 June.... 4,194 3,871 719 363 2,788 293 31 139 631 284 1,644 309 740 446 July 4,308 3,995 757 356 2,882 281 32 146 674 283 1,719 294 759 432 Aug 4,389 4,069 771 398 2,899 287 34 141 671 277 1,788 288 778 446 Sept 4,529 4,214 796 402 3,017 282 33 128 687 288 1,859 289 802 476 Oct.*3... 4,627 4,275 797 401 3,077 317 35 136 658 335 1,891 302 828 477 Nov.*5... 4,668 4,343 822 433 3,088 292 33 137 663 341 1,875 301 863 490 i Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 137 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales PPPPeeeerrrriiiioooodddd TToottaall II aa nn nn tt dd ll.. Foreign ccchhh PPP aaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhh sss aaa eee aaa ttt sss lll eee ppp eee sss sss uuu ooo rrr rrr --- ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss eee lll ppp eee sss sss uuu ooo rrr rrr --- ccchhh PPP aaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhh eee sss aaa ttt aaa sss lll eee eee ppp sss sss uuu ooo rrr rrr --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.-Nov.p 2,912 57 2,855 2,878 -23 16,874 13,437 3,437 1,650 2,446 -796 2,299 1,936 362 1971—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 248 I 247 305 -58 1,579 1,277 301 127 409 -282 191 170 21 Feb 141 141 138 3 1,609 1,312 297 161 241 -80 200 199 I Mar 230 1 229 245 -16 2,030 1,527 503 188 250 -62 290 269 20 48 11 38 25 13 1,678 1,420 258 162 152 9 197 181 16 348 -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 258 10 247 237 11 1,150 829 321 173 161 12 173 141 32 Oct v 356 356 340 17 1,301 903 398 153 204 -51 188 115 74 Nov.f 395 1 395 377 18 1,898 1,285 613 132 171 -39 192 110 83 t Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la et n h d e s r -Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e r r ie s r I e n g t i l o . n & al 1970 626 58 195 128 110 -33 24 482 -9 47 85 I 1 22 1971 731 87 131 219 168 -49 71 627 -93 37 108 * -2 54 1972—Jan.-Nov.p 1,927 324 -49 255 582 564 75 1,751 -77 -40 214 — 1 82 1971—Nov * 9 -9 22 1 _1 20 42 -14 -38 6 * * 4 Dec 483 66 51 76 102 68 32 394 2 49 39 * * -2 1972—Jan 269 36 29 60 98 2 -7 218 1 11 27 • * 12 Feb 153 13 4 37 55 36 5 149 -32 10 20 — 1 * 6 Mar 177 19 -12 27 56 95 * 185 -26 3 8 * * 7 Apr 78 -9 -22 19 1 46 * 35 -23 13 49 — 1 • 6 May 55 19 -14 8 27 20 2 62 -17 -22 30 * * 2 June 32 8 -20 15 27 -1 5 33 -1 -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 172 36 -7 15 51 63 11 169 -12 1 11 * • 3 Oct.® 294 65 6 24 83 45 20 243 8 2 29 * -1 12 Nov.f.... 490 85 44 55 61 152 52 449 13 25 -8 * 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 18. MET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la et n h d e s r -Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e r r ie s I r n e t g l. i o a n n a d l 197 0 956 35 48 37 134 118 91 464 128 25 28 -12 324 197 1 684 15 35 -1 197 327 39 612 37 19 -2 -21 39 1972—Jan.-Nov.*> 1,510 240 46 65 104 261 295 ,011 74 19 295 110 1971—No v 94 4 42 70 6 122 7 -1 2 -31 Dec -18 -1 -1 -2 -12 18 -6 -3 -13 1 -3 1972—Ja n 32 3 2 -14 20 38 49 10 -2 3 -28 Feb 144 -1 -1 -20 102 -11 67 11 -13 51 27 Mar 326 5 3 29 64 15 116 -3 3* 192 18 Apr 180 38 3 20 -8 -13 38 27 114 May 180 40 -3 -3 71 15 121 11 26* 11 10 June 210 95 1 21 4 17 148 23 8 31 July 36 9 -4 41 -34 12 33 4 2 1 -4 Aug 27 6 4 17 -16 45 62 9 -1 -1 * -44 Sept 149 7 4 15 18 80 127 10 12 Oct.* 104 36 7 19 4 54 122 5 2 -28 Nov.* 122 2 30 -1 36 42 128 -6 1 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- AAssiiaa AAff-- coun- End of balances balances re- coun- rrooppee ica rica tries ppeerriioodd (due to (due from gional tries foreigners) foreigners) 1970 -915 -254 -662 50 -586 -11 -129 -6 20 434 278 1971 -937 -310 -627 38 -285 -46 -366 -1 32 1972— 368 220 Jan.-Nov.p -434 -103 -330 492 -504 -38 -296 --1122 2288 334 182 291 203 1971—Nov.... 50 11 39 37 32 -28 -5 * 3 349 281 Dec 51 2 49 23 53 -10 -15 -4 2 511 314 1972—Jan ... -261 -241 -20 H -24 -16 5 * 3 419 300 Feb -79 — 11 -68 32 -73 1 -26 -2 * 333 320 Mar.... -42 18 -60 58 -74 -2 -47 -5 10 311 314 A J J M u u p a l n r y y . e . . . . . . . . . . . . . -2 -8 7 2 8 7 3 5 1 7 1 7 7 8 0 -2 -9 8 1 4 3 2 8 7 2 6 3 5 6 5 6 - - 2 1 0 4 2 1 1 3 3 3 - - 1 3 — 5 1 3 1 - - - -2 6 9 3 1 2 4 6 -9 * * 3 2 5 2 * 2 3 3 8 2 1 6 5 2 3 3 3 3 3 7 9 6 9 Aug.... 93 -1 94 50 49 -1 -5 * 2 Sept.... 44 6 38 47 3 10 -24 * 1 Oct. p .. 23 16 7 53 -73 2 23 * 2 NOTE.—Data represent the money credit balances and Nov. p. . 44 7 37 39 -4 9 -8 * * money debit balances appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Notes to Tables 21a and 21b on following pages: i Total assets and total liabilities payable in U.S. dollars amounted to For a given month, total assets may not equal total liabilities because $10,755 million and $10,991 million, respectively, on Sept. 30, 1972. some branches do not adjust the parent's equity in the branch to reflect unrealized paper profits and paper losses caused by changes in exchange NOTE.—Components may not add to totals due to rounding. rates, which are used to convert foreign currency values into equivalent dollar values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 139 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 21a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS (In millions of dollars) Claims on U.S. Claims on foreigners Location and currency form Month-end Total Other Offi- Non- Parent branches Other cial bank Total bank Other Total of parent banks insti- forbank tutions eigners IN ALL FOREIGN COUNTRIES Total, all currencies 1970—De c 47,363 9,740 7,248 2,491 36,221 6,887 16,997 695 11,643 1971—Sep t 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—Ja n 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 63,755 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 Sept 74,906 4,979 2,243 2,736 67,580 11,335 33,368 1,539 21,338 Payable in U.S. dollars. 1970—De c 34,619 9,452 7,233 2,219 24,642 4,213 13,265 362 6,802 1971—Sep t 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—Ja n 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 Sept 48,704 4,712 2,222 2,490 43,114 7,048 23,813 1,105 11,148 IN UNITED KINGDOM Total, all currencies 1970—De c 28.451 6,729 5,214 1,515 21,121 3,475 11.095 316 6,235 1971—Sep t 33,280 3,390 2,143 1,247 28,464 4,882 14,683 512 8,387 Oct 33,408 4.116 2,772 1,344 28,458 5,189 14,536 524 8,210 Nov 33,945 3.845 2,529 1,316 29,203 5,483 15,040 527 8,153 Dec 34,552 2,694 1,230 1,464 30,996 5,690 16,211 476 8,619 1972—Ja n 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 Sept 42,053 2,350 1,253 1,097 38,606 5,651 22,559 650 9,745 Payable in U.S. dollars. 1970—De c 22,574 6,596 15,655 2,223 9,420 4,012 1971—Sep t 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—Fe b 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 Sept 28,204 2,264 25,463 4,004 16,609 4,851 IN THE BAHAMAS Total, all currencies. 1970—De c 4,815 1,173 455 717 3,583 2,119 1,464 1971—Sep t 6,208 835 219 615 5,039 2,934 2,105 Oct 6,586 887 246 641 5,605 3,019 2,585 Nov 7,264 1,025 r227 798 6,139 3,203 2,936 Dec 8,493 1,282 505 778 7,119 3,798 3,320 1972—Ja n 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 10,329 1,409 110 1,298 8,786 4,924 3,863 Aug 11,628 1,604 118 1,486 9,876 5,697 4,179 Sept 111,914 1,639 221 1,418 10,123 5,902 4,221 For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 3,015 501 2,514 51,940 9,516 28,497 5,476 8,451 2,014 1971—Sept. 2,915 474 2,441 52,540 9,802 28.532 5,581 8,626 2,041 Oct. 2,87C 475 2,395 53,646 10,038 29,363 5,749 8,495 2,113 Nov. 3,114 669 2,445 56,124 10,773 31,081 5,513 8,756 2,098 Dec. 2,9341 654 2,280 54,991 10,324 29,733 5.858 9,075 1,996 1972—Jan. 3,167 776 2,391 56,632 10,645 30,694 6,208 9,085 2,018 Feb. 3,046 635 2,411 59,925 10,363 33,710 6,331 9,521 2,062 Mar. 2,978 621 2,356 58,726 10,096 32,379 6,617 9,635 2,051 Apr. 2,819 562 2,256 59,648 10,055 33,114 6,649 9,830 1,908 May 3,086 646 2,440 64,592 11,069 36,113 7,223 10,187 1,944 June 3,348 763 2,585 66,978 11,396 36,673 7,784 11,125 2,107 July 3,362 691 2,671 67,403 11,500 37,408 7,776 10,719 2,202 Aug. 3,313 738 2,575 69,329 11,113 39,328 8,208 10,680 2,263 Sept. 2,334 657 1,677 32,509 4,079 19,816 3,737 4,877 1,243 1970—Dec. .Payable in U.S. dollars 2,637 381 2,256 36,366 6,226 20,981 4,408 4,751 1,195 1971—Sept. 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 Nov. 2,674 511 2,163 38,083 6,653 22,069 4,433 4,928 1,276 Dec. 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 Mar. 2,589 514 2,075 39,877 6,560 22,854 5,202 5,260 1,197 Apr. 2.411 439 1,973 40,754 6.648 23,603 5,170 5,333 1,058 May 2,671 523 2,148 44,142 7,277 25,807 5,656 5,401 1,021 June 2,851 636 2,215 45,207 7,612 25,341 6,315 5,939 1,104 July 2,899 559 2,340 45,475 7,650 25,943 6,187 5,695 1,175 Aug. 2,843 616 2,227 47,045 7,390 27,133 6,490 6,031 1,204 Sept. IN UNITED KINGDOM 1.339 116 1,222 26,520 2,320 16.533 3,119 4.548 592 1970—Dec. ... Total, all currencies 1,658 117 1,541 30,877 3,344 18,431 4,318 4,785 745 1971—Sept. 1,628 104 1,523 31,009 3,250 18,535 4,447 4,777 772 Oct. 1,618 77 1,541 31,513 3,106 18,901 4,622 4,885 814 Nov. 1,660 111 1,550 32,128 3,401 19,137 4,464 5,126 763 Dec. 1,626 132 1,494 31,473 3,296 18,076 4,680 5,421 778 1972—Jan. 1,582 114 1,468 32,371 3,417 18,705 4,788 5,461 759 Feb. 1,525 78 1,447 34.787 3,209 20,989 4,996 5,594 792 Mar. 1.340 68 1,272 33,980 3,056 19,893 5.172 5,859 807 Apr. 1,397 105 1,291 34,090 3,154 19,908 5,158 5,871 824 May 1,447 147 1,300 37,102 3,160 22,144 5,542 6,256 903 June 1,633 177 1,456 39,341 3,577 22,532 6.173 7,059 960 July 1,498 153 1,345 38.165 3,423 22,236 6,007 6,499 933 Aug. 1,497 137 1,360 39,517 3.139 23,739 6,272 6,367 1,039 Sept. 1,208 98 1,110 21,495 1,548 13,684 2.859 3,404 302 1970—Dec. .Payable in U.S. dollars 1,460 59 1,401 22,882 2,126 14,160 3,555 3,041 400 1971—Sept. 1,435 49 1,387 22,875 2,095 14,079 3,660 3,041 417 Oct. 1,452 36 1,416 23.166 2,028 14,185 3,813 3,140 426 Nov. 1.412 23 1,389 23,059 2,164 14,038 3,676 3,181 374 Dec. 1,377 50 1,327 22,985 2,081 13,670 3,824 3,411 403 1972—Feb. 1,327 19 1,308 25,220 2,093 15,694 4,041 3,392 424 Mar. 1,154 26 1,129 24,027 1,852 14,465 4,233 3,477 419 Apr. 1,202 58 1,144 24,168 2,054 14,610 4,141 3,363 417 May 1,250 103 1,147 26,017 2,070 15,874 4,560 3,513 462 June 1,390 128 1,262 26,966 2,302 15,575 5,180 3,909 475 July 1,271 100 1,171 25,887 2.140 15,217 4,981 3.549 467 Aug. 1,269 86 1,184 26.788 1,926 15,959 5,117 3,787 531 Sept. IN THE BAHAMAS 542 4,183 488 2,872 823 90 1970—Dec. .Total, all currencies 719 5,359 931 3,381 1,048 133 1971—Sept. 628 5,805 1,083 3,551 1,170 155 Oct. 599 6,510 1,446 3,943 1,121 155 Nov. 750 7,557 1.649 4,784 1,124 188 Dec. 621 7,139 1,563 4,369 1,207 151 1972—Jan. 855 7,378 1,526 4,674 1,178 142 Feb. 832 7,868 1,429 5,134 1,305 128 Mar. 959 7,538 1,471 4,926 1,140 125 Apr. 812 8,141 1,454 5,356 1,330 144 May 997 8,943 1,809 5,903 1,231 136 June 1,043 9,126 1,633 6,169 1,323 160 July 1,170 9,797 1,863 6,550 1,384 151 rAug. 1,137 10,620 1,935 7,192 1,493 156 Sept. For notes see p. A-87. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 22. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 23. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVERNMENT SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Wednesday L t i i a e b s i 1 l i- Wednesday L t i i a e b s i 1 l i- L s p e i l a c u . b s 2 . Wednesday L t i i a e b s i 1 l i- M l a i t a u b r i i l t it y y of 1972 Aug. Sept. Oct. 1967 1971 1972—Cont. Jan. 27.. 6,536 7,536 1.80 2.45 1.98 J D M S u e e a p n c r t e . . . 2 2 2 2 7 7 9 8 , 4 4 3 3 , , , , 2 0 1 4 4 5 6 1 1 9 6 2 J J F M A M u u e p a a l n b y r r y e . . . 2 2 2 2 3 3 4 6 8 8 1 0 . . . . . . . . . . . . 5 2 2 1 1 1 , , , , , , 8 1 6 4 4 5 9 5 5 6 7 9 5 8 8 6 9 2 4 6 4 4 5 4 , , , , , , 6 6 3 5 5 1 4 6 8 5 6 0 5 6 7 8 6 0 Aug. 2 3 1 9 3 0 2 6 . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , , 8 7 8 2 2 2 8 4 7 5 9 5 6 0 0 C O a t d i m h l n l a e o 1 r t n e s f l : o t t i h a ll b s o i w lit i a i n e f g t s e , r m ca a l r t e e u n p r d o in a r g r t 1 2 0 . . 0 0 8 4 1 1 1 . .6 9 6 7 1 2 0 . . 3 0 9 8 Aug. 25.. 1,405 4,075 2nd 6.88 5.83 7.06 J M u a n r e . 2 2 7 6 1968 4 6 , , 9 2 2 0 0 2 S O N D e e o c p t c v t . . . . 2 2 2 2 4 9 7 9 . . . . . . . . 2 2 3 , , , 9 4 3 9 1 7 4 0 7 5 2 9 3,578 Sept. 2 2 1 0 7 6 3 . . . . . . . . . . . . 2 1 1 1 , , , , 1 0 5 4 8 0 2 9 7 8 3 7 5 6 3 t r t h h d 4 2 2 3 . . . . 8 0 9 4 1 8 2 4 2 3 2 5 . . . . 4 3 4 5 3 9 8 2 2 6 2 2 . . . . 3 5 9 7 1 9 2 2 S D e e p c t . . 2 3 5 1 (1/1/69) 7 6, , 0 1 3 0 9 4 1972 . .5 7 0 2 . .5 5 1 6 . . 5 4 7 0 J F a e n b . . 2 2 3 6 . . . . 1 1 , , 4 0 1 6 9 8 Oct. 1 4 1 . . 1 1 , , 6 5 1 4 9 4 10th . . 5 3 1 6 . . 3 6 9 1 . . 6 5 6 0 1969 M Ap a r r . . 2 2 9 6. . . . 1 1 , , 5 3 3 7 2 4 2 1 5 8 . . 1 1 , , 8 41 9 5 0 1 1 1 2 t t h h . . 6 4 1 6 . . 3 4 1 8 . . 2 3 1 3 J M u a n r e . 2 2 5 6 1 9 3 , , 6 2 2 6 1 9 May 1 3 0. .. . 1 1, , 3 2 2 4 3 0 Maturities of more than 1 1.16 1.32 1.35 Sept. 24 14,349 17.. 1,544 Nov. 1... 1,387 Dec. 31 12,805 2 3 4 1 . . . . 1 1 , , 5 46 9 5 9 1 8 5 . . . . . , 1 1 , , 3 8 3 4 8 1 38.35 39.91 40.07 June 7.. 1,192 22.., 1,464 1970 14.. 1,525 29.., 1,745 NOTE.—Includes interest-bearing U.S. dollar 21.. 1,724 deposits and direct borrowings of all branches in 28. . 1,443 the Bahamas and of all other foreign branches Mar. 25 11,885 July 5... 827 Dec. 6. 1,618 for which such deposits and direct borrowings J S D u e e p n c t e . . 2 3 3 4 0 0 1 9 7 2 , , , 6 6 1 6 7 7 3 6 2 2 1 1 6 2 9 . . . . . . . . . 1 1, , 3 3 9 4 7 7 5 7 4 2 2 1 0 7 3 . . . 1 1 1 , , , 7 8 4 0 0 0 5 7 0 am D o e u t n a t i ls to m $ a 5 y 0 n m o i t l l a io d n d o to r t m ot o a r l e s . due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971, all of the securities held were U.S. Treasury Certificates Eurodollar Series. 24. DEPOSITS, U.S. GOVT. SECURITIES, 25. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Payable in dollars foreign currencies Assets in custody EE pp nn eerr dd ii oo oo dd ff DDeeppoossiittss U se . c S u . r G iti o e v s t 1 , Ear g m o a ld rk ed EE pp nn eerr dd ii oo oo dd ff TToottaall Deposits i S n t h e v o r e m r s t t - - Deposits i S n t h e v o r e m r s t t - - UU KK dd nn ii oo nn ii mm tt gg ee -- dd CCaannaaddaa ments 1 ments 1 1969 134 7,030 12,311 1970 148 16,226 12,926 1,638 1,219 87 272 60 979 280 /1,319 952 116 174 76 610 469 1971—Dec... 294 43,195 13,815 1Q£Q 2 \1,491 1,062 161 183 86 663 534 1,141 697 150 173 121 372 43.6 1972—Jan.... 147 44,359 13,815 Feb.. . 137 45,699 14,359 1971—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, , 3 5 1 4 5 2 uec.*.... / \ 1 1 , , 6 5 4 0 8 4 1 1 , , 0 07 9 5 2 2 1 0 2 3 7 2 2 3 3 4 4 1 6 2 8 0 5 5 7 7 7 7 4 5 4 8 3 7 June.. 257 47,176 15,542 July... 160 51,522 15,542 1972—Jan 1,623 1,132 148 244 100 605 557 Aug.. . 192 51,676 15,530 Feb 1,627 1,075 213 238 101 550 650 Sept... 193 50,997 15,531 Mar 1,804 1,234 177 271 122 655 667 Oct.... 192 51,821 15,531 Apr 1,899 1,315 200 273 112 667 707 Nov... 188 51,874 15,530 Mayr.... 1,935 1,347 206 299 84 713 608 Dec.. . 325 50,934 15,530 Juner.... 1,984 1,382 199 312 92 710 572 July r 2,082 1,514 194 318 55 751 565 Aug.r 2,271 1,599 219 392 61 753 709 1 Marketable U.S. Treasury bills, certificates of in- Sept.... 2,097 1,524 170 359 44 684 604 debtedness, notes, and bonds and nonmarketable U.S. Oct 2,002 1,450 164 332 56 678 546 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

JANUARY 1973 • 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.1 Mar. June? Europe: 10 5 5 5 6 13 14 14 17 16 Belgium-Luxembourg 60 66 65 104 108 59 62 60 45 64 Denmark 3 2 2 3 5 14 15 15 18 20 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 6 4 4 5 5 40 35 34 36 36 Italy 74 108 103 107 99 176 191 186 181 184 85 70 69 79 58 66 69 68 66 66 5 5 5 6 5 17 13 13 16 17 Portugal 18 16 16 9 2 13 16 16 23 21 Spain 37 66 65 65 70 92 125 124 102 117 28 17 17 16 13 37 40 40 35 36 113 104 104 73 98 95 63 63 60 59 Turkey 3 2 2 2 3 9 9 9 9 11 United Kingdom 704 817 869 927 965 846 957 940 954 983 Yugoslavia 4 3 3 4 6 21 13 13 10 10 Other Western Europe 2 2 2 1 2 14 13 13 13 10 Eastern Europe 3 4 4 5 3 16 28 28 25 22 Total 1,422 1,551 1,590 1,625 1,693 1,934 2,080 2,046 2,023 2,088 Canada 183 181 181 189 185 800 909 781 1,045 932 Latin America: Argentina 19 18 18 18 18 66 55 54 48 50 Brazil 13 21 19 18 19 128 150 147 138 152 Chile 14 14 14 21 16 48 47 46 39 41 6* 7* 7* 7* 6* 41 1 46 1 45 1 40 1 38 1 Cuba 23 22 22 17 18 149 151 151 134 141 6 5 5 8 6 20 21 21 19 21 5 7 7 8 6 34 34 34 31 32 Peru 4 2 2 3 3 6 5 5 6 5 14 16 16 18 17 73 81 81 77 75 33 33 32 27 32 105 101 99 94 106 N O Ba e th h th e a r . m A L a n s .A t a i . l n l r e d e s p B a u e n b r d l m i c S u s u d r a i nam. 23 4 2 275 3 284 3 351 5 34 6 2 36 9 2 36 9 6 36 9 6 313 8 44 1 2 0 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: 9 12 11 11 13 26 24 23 21 23 26 27 26 13 7 39 37 35 28 32 Hong Kong 2 1 1 1 1 1 0 0 1 1 0 0 9 6 9 5 2 2 4 2 2 2 9 3 2 2 8 2 2 2 9 1 2 1 5 7 178 177 173 189 188 397 411 405 442 445 10 13 13 12 16 52 68 68 56 61 Japan 1 6 7 1 7 8 1 5 8 23 8 25 7 4 4 3 3 4 4 9 1 4 4 8 1 4 6 5 2 4 6 5 7 4 3 3 4 4 16 15 15 18 15 140 143 142 109 104 201 147 144 171 174 T O h th a e il Tr a o n At d as ila 421 420 412 383 377 864 844 830 894 905 Af C S O U r o i o t . c u A h n a t e : g . h r R o . A A ( ( K f f E r r i i i g n c c y a a s p h t a ) s a) 4 3 5 2 1 1 3 3 1 5 1 1 3 3 1 5 1 1 2 3 6 0 1 1 3 3 7 1 1 1 3 7 4 9 9 0 1 4 0 1 9 6 0 4 9 1 9 9 6 4 7 2 9 6 5 4 7 6 7 6 4 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 92 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1973 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y i e e n a n i b g c l n i e e s Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a th d Other in reporter's 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 , ,7 1 8 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 7 2 6 9 4 4 5 7 9 5 4 5 , , 9 1 9 8 7 5 4 4 , , 5 4 3 5 5 9 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 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date. the first line are comparable with those shown for the 28. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims EEEnnnddd ooofff pppeeerrriiioooddd llliiiaaa TTT bbb ooo iiilll ttt iii aaa tttiii lll eee sss Country or area 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 J 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 \ 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 1 Data on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • EXCHANGE RATES A 93 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France Period (peso) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 20.191 1969 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 119.302 1970 2 26.589 111.36 3.8659 2.0139 3 95.802 16.774 13.334 23.742 18.087 1971 22.502 113.61 44.0009 2.0598 99.021 16.800 13.508 23.758 18.148 1972 19.960 119.23 4.3228 2.2716 100.937 16.057 14.384 24.022 19.825 1971- 19.928 117.48 4.2041 2.1986 100.067 16.797 13.994 23.852 18.549 11997722-- 19.960 119.10 4.2516 2.2514 99.411 16.653 14.219 24.077 19.329 Feb 221199..996600 119.10 4.3108 2.2810 99.528 16.650 14.306 24.099 19.650 119.10 4.3342 2.2757 100.152 16.650 14.361 24.121 19.835 119.10 4.3236 2.2672 100.430 16.650 14.301 24.088 19.852 May 119.10 4.3277 2.2737 101.120 16.650 14.332 24.084 19.944 June 119.10 4.3421 2.2758 102.092 16.772 14.336 24.136 19.937 July 119.10 4.3674 2.2814 101.630 15.878 14.368 24.035 19.990 119.11 4.3470 2.2795 101.789 15.611 14.438 24.020 19.986 119.10 4.3354 2.2742 101.730 15.600 5 14.388 24.015 19.977 119.07 4.3102 2.2640 101.756 15.605 14.453 23.562 19.906 119.09 4.3064 2.2685 101.279 15.026 14.510 24.022 19.839 1122112200..7744 4.3172 2.2670 100.326 14.936 14.601 24.000 19.657 Period ( G D m e e r u a m t r s k a c n ) h y e (r In up d e ia e ) ( I p r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o l l a l 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 - r s ) 1968 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969 6 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1971 7 28.768 13.338 244.42 .16174 .28779 32.989 8.0056 728.650 1972 31.364 13.246 250.08 .17132 .32995 35.610 8.0000 31.153 1971—Dec 30.593 13.388 252.66 .16652 .31249 34.135 8.0056 30.503 1972—Jan 30.956 13.415 257.05 .16923 .31978 34.737 8.0002 31.072 Feb 31.390 13.638 260.37 .17036 .32769 35.080 8.0000 31.468 Mar 31.545 13.716 261.81 .17161 .33054 35.409 8.0000 31.384 Apr. 31.468 13.735 261.02 .17138 .32943 35.406 8.0000 31.142 May 31.454 13.763 261.24 .17175 .32854 35.446 8.0000 31.124 June 31.560 13.754 10256.91 .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 Dec 31.262 12.467 234.48 .17146 .33196 35.531 8.0000 30.962 United Period Z (d e N o a e l l l w a a n r d ) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d - ) (p K d o i o u n m n g d - ) 196 8 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 196 9 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 197 0 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 197 1 113.71 14.205 3.5456 140.29 1.4383 19.592 8 24.325 244.42 197 2 119.35 15.180 3.7023 129.43 1.5559 21.022 26.193 250.08 1971—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 25.693 257.05 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 U24.47 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 Dec. 119.53 15.187 3.7248 127.57 1.5753 21.080 26.526 234.48 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. 10 Effective June 23, 1972, the U.K. pound was floated. 3 On June 1, 1970, the Canadian Government announced that, for the 11 South Africa repegged the rand at 127.32 cents Oct. 25, 1972. time being, Canada will not maintain the exchange rate of the Canadian 12 Effective Dec. 23, 1972, the Australian dollar was revalued to 127.50 dollar within the margins required by IMF rules. cents. 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 per U.S. dollar. NOTE.—Effective Aug. 16,1971, the U.S. dollar convertibility to gold 5 Danish krone—Sept. 26, 1972, n.a.; Sept. 27 and 28 rates nominal. was suspended; as from that day foreign central banks did not have to 6 Effective Oct. 26, 1969, the new par value of the German mark was support the dollar rate in order to keep it within IMF limits. set at 3.66 per U.S. dollar. During December 1971, certain countries established central rates 7 Effective May 10,1971, the German mark and Netherlands guilder against the U.S. dollar in place of former IMF parities. have been floated. Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 CENTRAL BANK RATES • JANUARY 1973 CENTRAL BANK RATES^FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Dec. 31,1971 Rate Country 1972 as of Dec. 31, Per Month 1972 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina 6.0 Dec. 1957 1188..00 18.0 Austria 5.0 Jan. 1970 555...555 5.5 Belgium 5.5 Sept. 1971 55..00 44..55 44..00 444...555 55..00 5.0 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 77..00 7.0 Colombia 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 555...000 5.0 Denmark 7.5 Apr. 1971 777...000 88..00 77..00 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. 4.0 Dec. 1971 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 4.81 Dec. 1971 44..8811 55..1199 66..1199 77..1199 77..4444 7.44 Italy 4.5 Oct. 1971 44..00 4.0 Jamaica 5.0 Dec. 1971 666...000 6.0 Japan 4.75 Dec. 1971 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 44..00 4.0 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 99..00 f9.0 Venezuela 5.0 Oct. 1970 5.0 Vietnam 18.0 Sept. 1970 18.0 NOTE.—Rates shown are mainly those at which the central bank either Morocco—Various rates from 3 per cent to 4.6 per cent depending on type discounts or makes advances against eligible commercial paper and/or of paper, maturity, collateral, guarantee, etc. govt, securities for commercial banks or brokers. For countries with Peru—3.5,5, and 7 per cent for small credits to agricultural or fish producmore than one rate applicable to such discounts or advances, the rate tion, import substitution industries and manufacture of exports; 8 per shown is the one at which it is understood the central bank transacts cent for other agricultural, industrial and mining paper; the largest proportion of its credit operations. Other rates for some Philippines—6 per cent for financing the production, importation, and disof these countries follow: tribution of rice and corn and 7.75 per cent for credits to enterprises en- Argentina—3 and 5 per cent for certain rural and industrial paper, de- gaged in export activities. Preferential rates are also granted on credits to pending on type of transaction; rural banks; and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 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. purposes, and 10 per cent for advances to cover shortages in legal reserves; Venezuela—2 per cent for rediscounts of certain agriculture paper, 4V4 Ethiopia—5 per cent for export paper and 6 per cent for Treasury bills. per cent for advances against government bonds, and 5V£ per cent for Honduras—Rate shown is for advances only. rediscounts of certain industrial paper and on advances against promissory Indonesia—Various rates depending on type of paper, collateral, com- notes or securities of first-class Venezuelan companies. modity involved, etc. ; Vietnam—10 per cent for export paper; treasury bonds are rediscounted Japan—Penalty rates (exceeding the basic rate shown) for borrowings at a rate 4 percentage points above the rate carried by the bond; and from the central bank in excess of an individual bank's quota; there is a penalty rate of 24 per cent for banks whose loans exceed quantitative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • OPEN MARKET RATES; ARBITRAGE A 95 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d e r- 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - e y t y o - 2 3 m P b b r o a i i l n n m 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 t e o y - C d b r l e e a a p a t n o r e k s i s n s i 4 t ' g D m a o d y n a - e y t y o s - Tr 6 d b e 0 a i a - l y s l 9 s s u 0 , 6 r y D m a o d y n a - e y t y o 7 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - 6.12 6.22 8.26 6.70 5.73 5.23 8.67 6.54 8.67 5.97 6.47 3.62 3.76 6.41 5.57 4.93 3.84 5.84 4.54 6.10 4.34 3.76 3.25 3.63 4.42 4.36 3.46 2.50 5.28 3.25 5.78 3.90 4.91 3.29 3.71 4.48 4.36 3.94 2.50 5.31 3.25 4.20 3.61 4.44 3.48 3.79 4.85 4.37 4.43 2.50 5.20 2.75 4.15 3.19 3.38 3.51 3.70 4.77 4.34 4.58 2.50 4.76 2.75 3.88 2.26 .98 3.65 3.68 4.62 4.30 3.82 2.50 4.81 2.75 3.77 1.84 .70 3.67 3.73 4.83 4.27 4.56 2.50 5.32 2.75 2.95 1.98 3.03 3.61 3.64 5.86 5.21 3.92 2.93 3.81 2.75 2.65 1.90 1.53 3.48 3.45 6.82 5.60 4.99 4.18 3.78 2.75 2.24 1.09 .86 3.47 3.54 6.71 5.79 5.13 5.25 3.76 2.75 4.48 .70 .60 3.57 3.52 7.18 6.44 5.27 5.25 3.76 2.75 4.83 1.11 .54 3.57 3.64 7.34 6.74 5.47 5.25 3.25 6.07 1.95 2.61 3.61 3.71 7.28 6.88 5.70 5.25 3.75 5.71 3.13 3.31 3.66 3.71 7.76 6.23 5.57 4.25 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance,' deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm DDDaaattteee K q ( U u i a n o U n d t g i j . a t d S . t e o . i t d o o m n U S n ta it te e s d L S ( o f p n a o r v d e f o a o r d n ) PP dd ff (( (( oo rr pp ii ++ -- ss ee rr oo cc mm ww )) )) uu oo oo aa nn ii uu oo uu nn rr dd rr nn mm dd tt ii LL nn (( oo cc ff NN aa nn ee oo nn vv dd ee ff tt oo tt oo ii rr vv nn ee )) qu A i o n t s e d C an a q d A u a o U d t j . a . S t . t i o o n U S n ta it t e e d s C S ( a f p a n o r v a f e o d a r d a ) CC dd ff (( (( dd oo aa ii —— ++ ss oo rr nn cc )) ww ll aa )) oo ll aa dd aa oo uu oo rr ii rr rr nn nn aa ss dd tt nn ii CC nn (( cc aa ff NN ee nn aa oo nn vv aa ee ff tt oo tt dd ii rr vv aa ee )) basis) Canada basis 1972 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 .62 3.48 3.40 3.74 -.34 -.16 -.50 11 5.69 3.77 1.92 -2.91 — .99 3.41 3.34 3.77 -.43 .00 -.43 18 5.69 3.80 1.89 -2.08 — .19 3.44 3.36 3.80 -.44 .00 -.44 25 5.75 4.07 1.68 -2.40 - .72 3.46 3.38 4.07 -.69 .00 -.69 Sept. j 5.81 4.4$ 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 OOcctt.. 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 NNoovv.. 3 6.74 4.63 2.16 -2.72 _ .56 3.57 3.47 4.63 -1.14 -.08 -1.22 1 1 0 7 6 6 . . 7 7 7 6 4 4 . . 6 6 9 4 2 2 . . 1 0 3 7 - - 3 2 . .5 0 9 7 — — , ( . .5 9 2 4 3 3 . . 6 5 1 8 3 3 . .5 5 3 0 4 4. . 6 6 9 4 - -1 1 . . 1 1 6 4 . . 1 1 2 0 - - 1 1 . . 0 0 4 4 24 6.84 4.77 2.07 -3.02 .95 3.61 3.53 4.77 -1.24 .16 -1.08 DDeecc.. ! 7.05 4.82 2.23 -2.93 _ (. 70 3.70 3.62 4.82 -1.20 .12 -1.08 8 7.37 4.98 2.39 -3.03 —, .64 3.70 3.62 4.98 -1.36 .26 -1.10 15 7.33 4.97 2.36 -3.49 — 1.,1 3 3.67 3.59 4.97 -1.38 .24 -1.14 22 8.32 5.09 3.23 -3.58 —, .35 3.61 3.53 5.09 -1.56 .42 -1.14 29 8.19 5.05 3.14 -3.54 .40 3.66 3.58 5.05 -1.47 .44 -1.03 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 • JANUARY 1973 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 geria A t r i g n e a n - t A ra u l s ia - A tr u i s a - g B iu e m l- Brazil Burma Canada world 1 Fund world 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 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 50 16 834 2>44,890 5,777 10,487 ^28 j 625 208 152 283 792 1,648 16 834 5.777 10,487 208 152 282 792 1,636 834 5.778 10,487 208 282 792 1,642 834 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 98 243 131 144 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 47 3,131 16 69 53 3,826 4,437 132 264 142 156 17 47 3,131 16 69 53 3,826 4,436 132 142 156 17 43 3,130 16 69 53 3,826 4,436 132 142 156 17 42 3,130 16 69 53 3,826 4,436 132 142 156 17 3,130 Kuwait a L n e o b n - Libya M s a i l a a y- M c e o x i- Mo co ro c- N la et n h d e s r - N w o a r y - P s a ta k n i- Peru P p h in il e ip s - Po g r a t l u - A S r a a u b d i i a 52 182 2 158 21 1,756 31 53 67 38 576 73 67 193 1 109 21 1,730 18 53 65 44 643 69 136 193 31 166 21 1,711 18 53 20 60 699 69 122 288 66 165 21 1,697 24 54 20 62 856 119 86 288 63 169 21 1,720 25 54 25 45 876 119 86 288 48 176 21 1,787 23 54 40 56 902 119 87 322 58 184 21 1,889 34 55 40 67 918 119 87 322 58 184 21 1,909 33 55 40 67 921 119 87 322 58 181 21 1,908 33 55 40 68 921 119 87 322 58 179 21 1,908 33 55 40 68 921 119 87 322 58 177 21 1,908 33 55 40 68 925 119 89 322 58 174 21 1,908 33 55 40 68 925 119 104 350 63 188 23 2,079 36 60 43 73 1,004 129 98 350 63 188 23 2,079 36 60 41 72 1,004 129 94 350 63 188 23 2,079 36 60 41 72 1,004 129 94 350 63 188 23 2,079 36 60 41 72 1,022 129 94 350 63 23 2,078 36 60 72 1,022 129 94 350 2233 2,078 36 60 72 11,,002222 129 94 350 2,059 3366 6600 7711 112299 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • 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 n it m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969, 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970. 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 11997711---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 11997722---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 92 800 169 425 56 267 Oct 636 554411 217 3,158 87 89 122 169 425 56 267 666622 221177 33,,115588 8877 8899 112222 116699 442255 5566 225555 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 uu 11 cc -- 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 it t e e d s 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 " er 1 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 777777......555555 555555......222222 999999999999999999..................888888888888888888 44444444444444..............22222222222222 111111111111111999999999999999...............444444444444444 11111115555555.......8888888 3333333333333322222222222222..............11111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 555555......888888 555555......222222 999999999999999999..................000000000000000000 33333333333333..............44444444444444 222222222222222333333333333333...............777777777777777 11111117777777.......2222222 2222222222222288888888888888..............44444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 666666......222222 444444......999999 888888888888888888..................444444444444444444 44444444444444..............00000000000000 222222222222222111111111111111...............555555555555555 11111118888888.......5555555 2222222222222277777777777777..............66666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888899999999999999999999....................11111111111111111111 666666......333333 333333......777777 777777777777777777..................777777777777777777 33333333333333..............44444444444444 222222222222222333333333333333...............777777777777777 22222220000000.......0000000 2222222222222244444444444444..............55555555555555 666666000000......000000 1970 111111,,,,,,444444555555000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 22222224444444.......8888888 6666666.......2222222 66666663333333.......5555555 8888888888888888888844444444444444444444....................33333333333333333333 666666......999999 333333......888888 777777777777777777..................111111111111111111 33333333333333..............77777777777777 222222222222222444444444444444...............888888888888888 22222221111111.......1111111 2222222222222211111111111111..............77777777777777 555555444444......111111 1971 p 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999988888888888888888888....................77777777777777777777 22222224444444.......4444444 6666666.......0000000 7777777777777777777777777777777777777777....................33333333333333333333 666666666666666666..................666666666666666666 44444444444444..............11111111111111 222222222222222777777777777777...............000000000000000 22222222222222.......2222222 2222222222222233333333333333..............55555555555555 1071 Oct 9999999999999999999933333333333333333333....................44444444444444444444 66666666666666666666....................33333333333333333333 ..................666666666666666666 ..............33333333333333 222222222222222...............111111111111111 11111111111111..............99999999999999 9999999999999999999911111111111111111111....................77777777777777777777 66666666666666666666....................66666666666666666666 ..................666666666666666666 ..............33333333333333 222222222222222...............444444444444444 22222222222222..............11111111111111 Dec 8888888888888888888855555555555555555555....................77777777777777777777 55555555555555555555....................99999999999999999999 ..................555555555555555555 ..............33333333333333 222222222222222...............222222222222222 22222222222222..............22222222222222 1072 Tan 9999999999999999999955555555555555555555....................33333333333333333333 66666666666666666666....................55555555555555555555 ..................777777777777777777 ..............44444444444444 222222222222222...............666666666666666 33333333333333..............33333333333333 Feb 8888888888888888888888888888888888888888....................22222222222222222222 66666666666666666666....................44444444444444444444 ..................666666666666666666 ..............33333333333333 222222222222222...............555555555555555 22222222222222..............55555555555555 Mar.. . . 9999999999999999999911111111111111111111....................88888888888888888888 66666666666666666666....................66666666666666666666 ..................555555555555555555 ..............33333333333333 222222222222222...............666666666666666 22222222222222..............00000000000000 9999999999999999999933333333333333333333....................22222222222222222222 77777777777777777777....................55555555555555555555 ..................666666666666666666 ..............33333333333333 222222222222222...............444444444444444 22222222222222..............44444444444444 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................88888888888888888888 ..................666666666666666666 222222222222222...............444444444444444 June 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................22222222222222222222 ..................777777777777777777 July 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................44444444444444444444 ..................555555555555555555 9999999999999999999944444444444444444444....................11111111111111111111 55555555555555555555....................99999999999999999999 ..................666666666666666666 Sept 9999999999999999999933333333333333333333....................99999999999999999999 66666666666666666666....................33333333333333333333 Oct 9999999999999999999944444444444444444444....................22222222222222222222 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

A 98 STOCK MARKET CREDIT • JANUARY 1973 SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1972 (In millions of dollars) Regulation T Regulation U 1 Regu- Type of credit lation G Total NYSE Other Commercial Other members brokers and Total banks banks 3 Total dealers 2 Margin credit: Subject to margin requirements: Margin stock 4 7,673 103 7,776 830 839 196 8,811 Convertible bonds 241 7 248 51 52 0 300 Subscription issues 35 1 36 15 15 51 "Plan lenders" 5 58 58 Total (7,950) (111) (8,061) (896) (10) (906) (254) (9,221) Not subject to margin requirements: Nonmargin stock 6 1,641 5 1,646 1,646 Total (7,950) (HI) (8,061) (2,537) (15) (2,552) (254) (10,867) Other security credit 1,271 3 1,274 1,274 At banks reporting less than $250,000 n.e.c." ...... 183 1 184 184 Total 7^950*' 8^061 ' 3,991 19 4,010 254 12,325 1 Excludes loans to brokers and dealers. 5 Credit extended to finance purchases through qualified stock option 2 Includes data for firms that are members of the American Stock Ex- and employee stock purchase plans. change but not of the New York Stock Exchange that report directly to 6 Loans to purchase or carry over-the-counter (OTC) stock not on the the Board of Governors of the Federal Reserve System and for other Federal Reserve Board's OTC margin stock list and secured by restricted broker-dealers reporting voluntarily to the National Association of collateral in whole or in part. Securities Dealers. i Security credit extended under Regulation U by banks reporting less 3 Includes U.S. agencies of foreign banks and mutual savings banks. than $250,000 of such loans, not included in detail above. 4 Includes bank loans for which part of the collateral was not restricted. Such loans may contain some credit to purchase or carry convertible bonds. NOTE.—Details may not add to totals due to rounding. MARGIN CREDIT BY SOURCE SECURITY CREDIT AT BANKS BY TYPE 1 (In millions of dollars) (In millions of dollars) Outstanding on Brokers Banks Others Total June 30 June 30 Category 1970 1971 1972 1968 666666,,,,,,333333333333444444 1969 555555,,,,,,222222333333333333 1970 444444,,,,,,111111111111777777 2222,,,,000044446666 222244445555 6666,,,,444400008888 Loans to purchase or carry margin stock, 1971 555555,,,,,,000000555555000000 2222,,,,000033335555 222266666666 7777,,,,333355551111 secured by— 1972 888888,,,,,,000000666666111111 2222,,,,555555552222 222255554444 11110000,,,,888866667777 a. Stocks (except as described in (c) below). 750 678 840 b. Convertible bonds 60 58 51 c. Stocks acquired with subscription rights.. 14 16 15 NOTE.—See footnotes to table above. d. Restricted collateral, in part 77 55 49 Total 901 807 955 Loans to purchase or carry nonmargin stock, secured by a. Bank stock, entirely or in part 2 958 b. Other restricted collateral, entirely 952 ,016 528 c. Other restricted collateral, in part 194 212 158 Total 1,146 ,228 1,644 All other loans to purchase or carry securities. 1,222 ,263 1,274 Total 3,267 ,298 3,873 1 Includes all banks reporting total security credit of $250,000, or more. 2 Series available beginning June 1972. NOTE.—Details may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1973 • STOCK MARKET CREDIT A 99 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS AT BROKERS CARRYING MARGIN ACCOUNTS, JUNE 30, 1965-72 1 (In millions of dollars) Item 1965 1966 1967 1968 1969 1970 1971 DEBIT BALANCES Cash on hand and in banks 515 601 686 879 1,003 746 633 Securities— Borrowed 255 515 805 1,361 1,247 668 888 Sold, delivery pending (failed to deliver) 448 823 1,588 3,843 2,268 804 1,413 Net debit balances due from member firms of national securities exchanges 221 257 291 507 524 224 318 Debit balances due from all other customers, exclusive of exchange members or allied exchange members in reporting firms—Total.. 5,173 5,846 6,232 2 9,287 8,356 5,615 7,142 In stock margin accounts 6,750 5,002 3,836 4,743 In convertible bond margin accounts 101 162 198 208 In subscription accounts 105 85 48 41 In cash accounts 2,690 2,682 1,162 1,842 In other accounts 241 424 372 308 Net debit balances in individual investment and trading accounts of exchange members or allied exchange members in reporting firms.. 84 90 109 102 133 81 120 Debit balances in— Firm investment accounts 325 358 477 682 743 665 647 Firm trading and underwriting accounts 1,445 1,240 1,618 1,801 2,471 2,651 3,615 Commodity margins on deposit with banks, and commodity guaranty funds On deposit 41 55 49 67 83 74 83 All other debit balances 410 519 1,024 1,112 1,429 1,313 1,313 Total. 8,917 10,304 12,880 19,640 18,258 12,841 16,172 CREDIT BALANCES Money borrowed—Total 3 4,541 3,969 3,690 4,144 4,394 3,872 4,995 From banks and trust companies: In New York City 2,662 2,518 2,215 2,460 2,780 2,083 2.924 Elsewhere in the United States lt180 859 903 966 825 892 989 From U.S. agencies of foreign banks 711 552 494 601 517 303 337 From other lenders (not including members of national securities exchanges) 28 39 79 117 272 594 746 Securities— Loaned 340 664 674 1,544 1,357 704 931 Bought, delivery pending (failed to receive) 433 851 1,660 4,127 2,485 894 1,548 Net credit balances due to member firms of national securities exchanges 199 231 309 446 396 203 288 Credit balances due to other customers exclusive of exchange members or allied exchange members in reporting firms—Total 1,775 2,479 3,363 5,499 5,398 3,642 3.925 In free credit balances in cash accounts 2,932 2,563 1,761 2,045 In free credit balances in stock and convertible bond margin accounts... 619 718 512 401 In credit balances in short accounts 1,072 931 633 585 In other net credit balances 1,100 1,186 736 895 Credit balances and money borrowed which are subordinated to general creditors under approved agreements 141 154 190 248 381 454 504 Net credit balances in the individual investment and trading accounts of exchange members or allied exchange members in reporting firms.. 48 59 81 112 134 121 87 Credit balances in firm investment and trading account s 214 270 556 616 752 595 769 Net balance in capital accounts 4 and profit and loss accounts and general partners' or voting stockholders' drawing accounts 919 1,125 1,353 1,748 1,987 1,639 2,023 All other credit balances 306 504 704 1,052 973 717 1,103 Total. 8,917 10,304 12,880 19,471 18,258 12,841 16,172 MEMO: Money borrowed, according to collateral: Secured by customers' collateral: Entirely by obligations of U.S. Govt, or its agencies 12 18 13 63 127 25 Entirely by bonds other than convertible bonds and U.S. Govt. securities 104 100 103 30 56 53 50 By nonexempt securities or mixed collateral 3,301 2,919 2,184 2,817 2,868 1,971 2,215 Secured by collateral of the firm or of exchange members or allied exchange members in reporting firms: Entirely by obligations of U.S. Govt, or its agencies 320 136 336 142 302 805 1,514 Entirely by bonds other than convertible bonds and U.S. Govt. securities 116 147 127 102 109 283 296 By nonexempt securities or mixed collateral 686 645 926 972 903 709 874 Unsecured borrowing other than subordinated to general creditors.. 2 3 1 16 30 19 21 Total. 4,541 3,969 3,690 4,144 4,394 3,872 4,995 Amount to be repaid for securities sold under repurchase agreements.. 137 122 326 450 550 1,223 ,197 Number of firms 331 328 326 365 371 363 313 1 Member firms of either NYSE or AMEX. Prior to 1968, annual totals monthly in the table on Stock Market Credit, page A-38, but the data do not include data for firms which were members of AMEX but not differ somewhat because of sampling error in the monthly series, statistical NYSE. discrepancies in reporting, and differences in the date of reporting. 2 Because of a change in reporting format in 1968, the items "debit 3 Excluding subordinated borrowing. balances due from all other customers exclusive of general partners or 4 Excluding subordinated indebtedness included in the item "Credit voting stockholders" and "credit balances due to other customers ex- balances and money borrowed, etc.," above. clusive of general partners or voting stockholders" for prior years are not comparable with those for 1968. The difference results essentially from a NOTE.—End-of-month figures. For a discussion of customer debit change in the procedure of netting credit balances against debit balances balances and other figures in this table, see, respectively, "Margin Account for customers with more than one account at a brokerage firm. The sub- Credit," June 1968 BULLETIN, and "Statistics on Margin Accounts," item of debit balances "in stock margin accounts" is conceptually equiva- Sept. 1936 BULLETIN. lent to credit extended to margin customers by brokers, as reported Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 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. HOLLAND, 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 JOSEPH E. KELLEHER, Assistant to the Board JOSEPH R. COYNE, Special Assistant to the Board FRANK O'BRIEN, JR., 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 WILLIAM W. LAYTON, Director of Equal JAMES L. PIERCE, Adviser Employment Opportunity STANLEY J. SIGEL, Adviser BRENTON C. LEAVITT, Program Director for MURRAY S. WERNICK, Adviser Banking Structure KENNETH B. WILLIAMS, Adviser JAMES B. ECKERT, Associate Adviser JOSEPH S. ZEISEL, Associate Adviser EDWARD C. ETTIN, Assistant Adviser OFFICE OF THE SECRETARY ELEANOR J. STOCKWELL, Assistant Adviser 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 ELIZABETH L. CARMICHAEL, Assistant DIVISION OF INTERNATIONAL FINANCE Secretary MICHAEL A. GREENSPAN, Assistant Secretary RALPH C. BRYANT, Director JOHN E. REYNOLDS, Associate Director A. B. HERSEY, Senior Adviser ROBERT F. GEMMILL, Adviser LEGAL DIVISION REED J. IRVINE,Adviser THOMAS J. O'CONNELL, General Counsel SAMUEL I. KATZ, Adviser PAUL GARDNER, JR. , Assistant General Counsel BERNARD NORWOOD, Adviser 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 *0n leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER RONALD G. BURKE, Director JOHN KAKALEC, Controller JOHN J. HART, Assistant Director DIVISION OF DATA PROCESSING JEROLD E. SLOCUM, Director CHARLES L. HAMPTON, Associate Director GLENN L. CUMMINS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES BENJAMIN R. W. KNOWLES, JR., Assistant Director WALTER W. KREIMANN, 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 102 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 „ ^ . _ J RALPH C . nB RYANT, AAssociate Economist NORMAND R. V. BERNARD, Assistant Secretary RAMLEY, Associate Economist LYLE E G HOWARD H. HACKLEY, General Counsel RALPH T. GREEN, Associate Economist THOMAS J. O'CONNELL, Assistant General Counsel A- B- HERSEY, Associate Economist J. CHARLES PARTEE, Senior Economist WILLIAM J. HOCTER, Associate Economist _ . JOHN H. KAREKEN, Associate Economist TT A STEPHEN H. AXILROD, Economist (Domestic Finance) ROBERT G. LINK, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL JAMES F. ENGLISH, JR., FIRST FEDERAL ALLEN P. STULTS, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT GABRIEL HAUGE, SECOND DAVID H. MOREY, EIGHTH FEDERAL FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., CHESTER C. LIND, NINTH FEDERAL THIRD FEDERAL RESERVE DISTRICT RESERVE DISTRICT CLAIR E. FULTZ, FOURTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT THOMAS I. STORRS, FIFTH FEDERAL LEWIS H. BOND, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL H. A. ROGERS, TWELFTH 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 103 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 Frank R. Milliken William F. Treiber Buffalo 14240 Rupert Warren A. A. Maclnnes, Jr. Philadelphia 19101 John R. Coleman David P. Eastburn Edward J. Dwyer Mark H. Willes Cleveland 44101 Horace A. Shepard Willis J. Winn J. Ward Keener Walter H. MacDonald Cincinnati 45201 Graham E. Marx Fred O. Kiel Pittsburgh 15230 Robert E. Kirby James H. Campbell Richmond 23261 Robert W. Lawson, Jr. Aubrey N. Heflin Stuart Shumate Robert P. Black Baltimore 21203 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 Dan L. Hendley Jacksonville 32203 Edward C. Rainey Nashville 37203 Jeffrey J. Wells New Orleans 70160 George C. Guynn Miami Office 33101 W. M. Davis Chicago 60690 William H. Franklin Robert P. Mayo Peter B. Clark Ernest T. Baughman Detroit 48231 Daniel M. Doyle St. Louis 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock 72203 John F. Breen Louisville 40201 Donald L. Henry Memphis 38101 Laurence T. Britt Minneapolis 55480 David M. Lilly Bruce K. MacLaury Bruce B. Dayton M. H. Strothman, Jr. Helena 59601 William A. Cordinglev Howard L. Knous Kansas City 64198 Robert W. Wagstaff George H. Clay Robert T. Person John T. Boy sen Denver 80217 George C. Rankin Oklahoma City 73125 William G. Evans Omaha 68102 Robert D. Hamilton Dallas 75222 Chas. F. Jones Philip E. Coldwell John Lawrence T. W. Plant El Paso 79999 Frederic W. Reed Houston 77001 James L. Cauthen San Antonio 78295 Carl H. Moore San Francisco 94120 0. Meredith Wilson John J. Balles Joseph F. Alibrandi A. B. Merritt Los Angeles 90051 Edward A. Sloan Paul W. Cavan Portland 97208 Frank Anderson William M. Brown Salt Lake City 84110 Theodore C. Jacobsen Arthur L. Price Seattle 98124 Thomas T. Hirai William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons are not accepted.) ANNUAL REPORT 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per Currency. 1963. 11 pp. $.35. Sec. 12. Money annum or $.60 a copy in the United States and Rates and Securities Markets. 1966. 182 pp. its possessions, Bolivia, Canada, Chile, Colom- $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. bia, Costa Rica, Cuba, Dominican Republic, 15. International Finance. 1962. 92 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon- Sec. 16 (New). Consumer Credit. 1965. 103 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to one address, $5.00 INDUSTRIAL PRODUCTION—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 105 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. Summaries only printed in the BULLETIN. 321 pp. $1.00 a copy; 10 or more sent to one (Limited supply of mimeographed copies of full address. $.85 each. text available upon request for single copies) REPORT OF THE JOINT TREASURY-FEDERAL RE- MEASURES OF INDUSTRIAL PRODUCTION AND SERVE STUDY OF THE U.S. GOVERNMENT SE- FINAL DEMAND, by Clayton Gehman and Corne- CURITIES MARKET. 1969. 48 pp. $.25 a copy; lia Motheral. Jan. 1967. 57 pp. 10 or more sent to one address, $.20. OPERATING POLICIES OF BANK HOLDING COMPA- (Limited supplies, in mimeographed or simi- NIES—PART 1, by Robert J. Lawrence. Apr. lar form, of staff papers listed on p. 48 of 1971, 82 pp. report above (other than those contained in Parts 1 and 2) are available upon request PRIVATE HOUSING COMPLETIONS—A NEW DIMENfor single copies.) SION IN CONSTRUCTION STATISTICS, by Bernard N. Freedman. Jan. 1972. 20 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET: STAFF POLICY VARIABLES, UNEMPLOYMENT AND PRICE STUDIES—PART 1 (papers by Cooper, Bernard, LEVEL CHANGES, by Peter S. Rose and Lacy H. and Scherer). 1970. 86 pp. $.50 a copy; 10 or Hunt II. Jan. 1972. 11 pp. more sent to one address, $.40 each. PART 2 (papers by Ettin, Peskin, and Ahearn and Pes- OPTIMAL DISTRIBUTED LAG RESPONSES AND EXkin). 1971. 153 pp. $1.00 a copy; 10 or more PECTATIONS, by Roger Craine. Feb. 1972. 9 pp. sent to one address, $.85 each. THE EFFECT OF HOLDING COMPANY ACQUISITIONS OPEN MARKET POLICIES AND OPERATING PROCE- ON BANK PERFORMANCE, by Samuel H. Talley. DURES—STAFF STUDIES (papers by Axilrod, Feb. 1972. 25 pp. Davis, Andersen, Kareken et al., Pierce, Friedman, and Poole). 1971. 218 pp. $2.00 a copy; INTERNATIONAL MONEY MARKETS AND FLEXIBLE 10 or more sent to one address, $1.75 each. EXCHANGE RATES, by Stanley W. Black. Mar. 1972. 74 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS- COUNT MECHANISM, Vol. 1 (papers by Steering EXPLAINING CHANGES IN EURO-DOLLAR POSI- Committee, Shull, Anderson, andGarvy). 1971. TIONS: A STUDY OF BANKS IN FOUR EUROPEAN 276 pp. Vol. 2 (papers by Boulding, Chandler, COUNTRIES, by Rodney H. Mills, Jr. May 1972. Jones, Ormsby, Modigliani, Alperstein, Meli- 34 pp. char, and Melichar and Doll). 1971. 173 pp. Vol. 3 (papers by Staats, Willis, Minsky, CREDIT RATIONING: A REVIEW, by Benjamin M. Stackhouse, Meek, Holland and Garvy, and Friedman. June 1972. 26 pp. Lynn). 1972. 220 pp. Each volume $3.00 a REGULATION Q AND THE COMMERCIAL LOAN MARcopy; 10 or more sent to one address, $2.50 KET IN THE 1960's, by Benjamin M. Friedman. each. June 1972. 38 pp. THE ECONOMETRICS OF PRICE DETERMINATION THE REGULATION OF SHORT-TERM CAPITAL CONFERENCE, October 30-31, 1970, Washing- MOVEMENTS IN MAJOR COUNTRIES, by Rodney ton, D.C. Oct. 1972, 397 pp. Cloth ed. $5.00 H. Mills, Jr. Nov. 1972. 53 pp. a copy; 10 or more sent to one address, $4.50 each. Paper ed. $4.00 a copy; 10 or more sent FEDERAL RESERVE DEFENSIVE BEHAVIOR AND THE to one address, $3.60 each. REVERSE CAUSATION ARGUMENT, by Raymond Lombra and Raymond Torto. Nov. 1972. 15 pp. FEDERAL RESERVE STAFF STUDY: WAYS TO MOD- ERATE FLUCTUATIONS IN HOUSING CON- Printed in full in the BULLETIN. STRUCTION, Dec. 1972, 487 pp. $4.00 a copy; 10 or more sent to one address, $3.60 each. (Staff Economic Studies are included in list of reprints below.) REPRINTS STAFF ECONOMIC STUDIES ADJUSTMENT FOR SEASONAL VARIATION. June 1941. 11 pp. Studies and papers on economic and financial subjects that are of general interest in the field SEASONAL FACTORS AFFECTING BANK RESERVES. of economic research. Feb. 1958. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • JANUARY 1973 LIQUIDITY AND PUBLIC POLICY, Staff Paper by MONETARY RESTRAINT, BORROWING, AND CAPITAL 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 Smith. Apr. 1966. 11 pp. pp. A REVISED INDEX OF MANUFACTURING CAPACITY, MONETARY AGGREGATES AND MONEY MARKET Staff Economic Study by Frank de Leeuw with CONDITIONS IN OPEN MARKET POLICY. Feb. Frank E. Hopkins and Michael D. Sherman. 1971. 26 pp. Nov. 1966. 11 pp. REVISED SERIES ON COMMERCIAL AND INDUS- BANK FINANCING OF MOBILE HOMES. Mar. 1971. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 4 pp. EVIDENCE ON CONCENTRATION IN BANKING MAR- RESPONSE OF STATE AND LOCAL GOVERNMENTS KETS AND INTEREST RATES, Staff Economic p T p O . VARYING CREDIT CONDITIONS. Mar. 1971. 24 Study by Almarin Phillips. June 1967. 11 pp. INTEREST RATES, CREDIT FLOWS, AND MONETARY THE PUBLIC INFORMATION ACT—ITS EFFECT ON AGGREGATES SINCE 1964. June 1971. 16 pp. MEMBER BANKS. July 1967. 6 pp. TWO KEY ISSUES OF MONETARY POLICY. June INTEREST COST EFFECTS OF COMMERCIAL BANK 1971. 4 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June 1971. 12 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1960-67. Apr. 1968. 23 pp. BANK RATES ON BUSINESS LOANS—REVISED MONETARY RESTRAINT AND BORROWING AND SERIES. June 1971. 10 pp. CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. INDUSTRIAL PRODUCTION—REVISED AND NEW MEASURES. July 1971. 26 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. 1968. 18 pp. REVISED MEASURES OF MANUFACTURING CAPAC- ITY UTILIZATION. Oct. 1971. 3 pp. BUSINESS FINANCING BY BUSINESS FINANCE COM- PANIES. Oct. 1968. 13 pp. REVISION OF BANK CREDIT SERIES. Dec. 1971. 5 pp. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff Eco- PLANNED AND ACTUAL LONG-TERM BORROWING nomic Study by Jared J. Enzler. Nov. 1968. BY STATE & LOCAL GOVERNMENTS. Dec. 1971. 5 pp. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 107 ASSETS AND LIABILITIES OF FOREIGN BRANCHES BANKING AND MONETARY STATISTICS, 1971. Se- OF U.S. BANKS. Feb. 1972. 16 pp. lected series of banking and monetary statistics for 1971 only. Feb., Mar., and July 1972. WAYS TO MODERATE FLUCTUATIONS IN THE CON- 20 pp. STRUCTION OF HOUSING. Mar. 1972. 11 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- U.S. BALANCE OF PAYMENTS AND INVESTMENT PO- CHANGE OPERATIONS. Sept. 1972. 26 pp. SITION. Apr. 1972. 15 pp. YIELDS ON NEWLY ISSUED CORPORATE BONDS. OPEN MARKET OPERATIONS AND THE MONETARY Sept. 1972. 2 pp. AND CREDIT AGGREGATES—1971. Apr. 1972. 23 CHANGES IN TIME AND SAVINGS DEPOSITS AT pp. COMMERCIAL BANKS, APRIL-JULY 1972. Oct. CHANGES IN BANK LENDING PRACTICES, 1971. Apr. 1972. 11 pp. 1972. 5 pp. RECENT ACTIVITIES OF FOREIGN BRANCHES OF U.S. BANKS. Oct. 1972. 11 pp. CONSTRUCTION LOANS AT COMMERCIAL BANKS. June 1972. 12 pp. REVISION OF CONSUMER CREDIT STATISTICS. Oct. 1972. 21 pp. SOME ESSENTIALS OF INTERNATIONAL MONETARY REFORM. June 1972. 5 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUARTER OF 1972. Nov. 1972. 9 pp. CHARACTERISTICS OF FEDERAL RESERVE BANK DIRECTORS. June 1972. 10 pp. SURVEY OF FINANCE COMPANIES, 1970. Nov. 1972. 15 pp. BANK DEBITS, DEPOSITS, AND DEPOSIT TURN- OVER—REVISED SERIES. July 1972. 5 pp. ONE-BANK HOLDING COMPANIES BEFORE THE 1970 AMENDMENTS. Dec. 1972. 13 pp. RECENT REGULATORY CHANGES IN RESERVE RE- QUIREMENTS AND CHECK COLLECTION. July EVOLUTION OF THE PAYMENTS MECHANISM. Dec. 1972. 5 pp. 1972. 4 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN • JANUARY 1973 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3) Acceptances, bankers', 14, 33, 35 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Ownership by individuals, partnerships, and Arbitrage, 95 corporations, 32 Assets and liabilities (See also Foreigners): Subject to reserve requirements, 18 Banks, by classes, 20, 24, 25, 26, 39 Turnover, 15 Banks and the monetary system, 19 Deposits (See also specific types of deposits): Corporate, current, 50 Accumulated at commercial banks for payment of per- Federal Reserve Banks, 12 sonal loans, 32 Automobiles: Adjusted, and currency, 19 Consumer instalment credit, 56, 57, 58 Banks, by classes, 11, 20, 25, 29, 39 Production index, 60, 61 Euro-dollars, 90 Federal Reserve Banks, 12, 90 Postal savings, 19, 25 Bank credit proxy, 18 Subject to reserve requirements, 18 Bankers' balances, 25, 28 Discount rates (See Interest rates) (See also Foreigners, claims on, and liabilities to) Discounts and advances by Reserve Banks (See Loans) Banks and the monetary system, 19 Dividends, corporate, 50 Banks for cooperatives, 40 Dollar assets, foreign, 77, 83 Bonds (See also U.S. Govt, securities): New issues, 47, 48, 49 Yields and prices, 36, 37 Earnings and hours, manufacturing industries, 67 Branch banks, foreign, 30, 88, 89, 90 Employment, 64, 66, 67 Brokerage balances, 87 Euro-dollar deposits in foreign branches of U.S. banks, 90 Business expenditures on new plant and equipment, 50 Business indexes, 64 Business loans (See Commercial and industrial loans) Farm mortgage loans, 51, 52 Federal agency obligations, 12, 13, 14, 15 Federal finance: Capacity utilization, 64 Cash transactions, 42 Capital accounts: Receipts and expenditures, 43 Banks, by classes, 20, 25, 30 Treasury operating balance, 42 Federal Reserve Banks, 12 Federal funds, 8, 24, 26, 30, 35 Central banks, 94, 96 Federal home loan banks, 40, 41, 53 Certificates of deposit, 30 Federal Home Loan Mortgage Corporation, 55 Coins, circulation, 16 Federal Housing Administration, 51, 52, 53, 54, 55 Commercial and industrial loans: Federal intermediate credit banks, 40, 41 Commercial banks, 18, 24, 33 Federal land banks, 40, 41 Weekly reporting banks, 26, 31 Federal National Mortgage Assn., 40, 41, 54 Commercial banks: Federal Reserve Banks: Assets and liabilities, 18, 20, 24, 25, 26 Condition statement, 12 Consumer loans held, by type, 57 U.S. Govt, securities held, 4, 12, 15, 44, 45 Deposits at, for payment of personal loans, 32 Federal Reserve credit, 4, 6, 12, 15 Loans sold outright, 33 Federal Reserve notes, 12, 16 Number, by classes, 20 Federally sponsored credit agencies, 40, 41 Real estate mortgages held, by type, 52 Finance companies: Commercial paper, 33, 35 Loans, 26, 56, 57, 59 Condition statements (See Assets and liabilities) Paper, 33, 35 Construction, 64, 65 Financial institutions, loans to, 24, 26 Consumer credit: Float, 4 Instalment credit, 56, 57, 58, 59 Flow of funds, 72 Noninstalment credit, by holder, 57 Foreign: Consumer price indexes, 64, 68 Currency operations, 12, 14, 77, 83 Consumption expenditures, 70, 71 Deposits in U.S. banks, 5, 12, 19, 25, 29, 90 Corporations: Exchange rates, 93 Profits, taxes, and dividends, 50 Trade, 75 Security issues, 48, 49 Foreigners: Security yields and prices, 36, 37 Claims on, 84, 85, 90, 91, 92 Cost of living (See Consumer price indexes) Liabilities to, 30, 78, 79, 81, 82, 83, 90, 91, 92 Currency and coin, 5, 10, 25 Currency in circulation, 5, 16, 17 Customer credit, stock market, 38, 98 Gold: Certificates, 12, 13, 16 Earmarked, 90 Debits to deposit accounts, 15 Net purchases by United States, 76 Debt (See specific types of debt or securities) Production, 97 Demand deposits: Reserves of central banks and govts., 96 Adjusted, banks and the monetary system, 19 Stock, 4, 19, 77 Adjusted, commercial banks, 15, 18, 25 Government National Mortgage Assn., 54 Banks, by classes, 11, 20, 25, 29 Gross national product, 70, 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Hours and earnings, manufacturing industries, 67 Production, 60-63, 64 Housing permits, 64 Profits, corporate, 50 Housing starts, 65 Real estate loans: Banks, by classes, 24, 27, 39, 52 Income, national and personal, 70, 71 Delinquency rates on home mortgages, 55 Industrial production index, 60-63, 64 Mortgage yields, 37, 53, 54, 55 Instalment loans, 56, 57, 58, 59 Type of holder and property mortgaged, 51-55 Insurance companies, 39, 44, 45, 52, 53 Reserve position, basic, member banks, 8 Insured commercial banks, 22, 24, 32 Reserve requirements, member banks, 10 Interbank deposits, 11, 20, 25 Reserves: Interest rates: Central banks and govts., 96 Business loans by banks, 34 Commercial banks, 25, 28, 30 Federal Reserve Banks, 9 Federal Reserve Banks, 12 Foreign countries, 94, 95 Member banks, 5, 6, 11, 18, 25 Money market rates, 35 U.S. reserve assets, 77 Mortgage yields, 53, 54, 55 Residential mortgage loans, 37, 51, 52, 53, 54, 55 Prime rate, commercial banks, 34 Retail credit, 56 Time and savings deposits, maximum rates, 11 Retail sales, 64 Yields, bond and stock, 36 International capital transactions of U.S., 78-92 Saving: International institutions, 76, 77, 94, 96 Flow of funds series, 72 Inventories, 70 National income series, 71 Investment companies, issues and assets, 49 Savings and loan assns., 40, 45, 53 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 20, 24, 27, 28, 39 Savings institutions, principal assets, 39, 40 Commercial banks, 18 Securities (See also U.S. Govt, securities): Federal Reserve Banks, 12, 15 Federally sponsored agencies, 40, 41 Life insurance companies, 39 International transactions, 86, 87 Savings and loan assns., 40 New issues, 47, 48, 49 Silver coin, 16 Labor force, 66 Special Drawing Rights, 4, 12, 13, 19, 74, 77 Loans (See also specific types of loans): State and local govts.: Banks, by classes, 20, 24, 26, 27, 39 Deposits, 25, 29 Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 Holdings of U.S. Govt, securities, 44, 45 Federal Reserve Banks, 4, 6, 9, 12, 13, 15 New security issues, 47, 48 Insurance companies, 39, 52, 53 Ownership of securities of, 24, 28, 39 Insured or guaranteed by U.S., 51, 52, 53, 54, 55 Yields and prices of securities, 36, 37 Savings and loan assns., 40, 53 State member banks, 22, 32 Stock market credit, 38, 98 Manufacturers: Stocks: Capacity utilization, 64 New issues, 48, 49 Production index, 61, 64 Yields and prices, 36, 37 Margin requirements, 10 Tax receipts, Federal, 43 Member banks: Time deposits, 11, 18, 19, 20, 25, 29 Assets and liabilities, by classes, 20, 24 Treasury cash, Treasury currency, 4, 5, 16, 19 Borrowings at Federal Reserve Banks, 6, 12 Treasury deposits, 5, 12, 42 Deposits, by classes, 11 Treasury operating balance, 42 Number, by classes, 20 Reserve position, basic, 8 Unemployment, 66 Reserve requirements, 10 U.S. balance of payments, 74 Reserves and related items, 4, 18 U.S. Govt, balances: Mining, production index, 61, 63 Commercial bank holdings, 25, 29 Mobile home shipments, 65 Consolidated condition statement, 19 Money rates (See Interest rates) Member bank holdings, 18 Money stock and related data, 17, 19 Treasury deposits at Reserve Banks, 5, 12, 42 Mortgages (See Real estate loans and Residential mortgage U.S. Govt, securities: loans) Bank holdings, 19, 20, 24, 27, 39, 44, 45 Mutual funds (See Investment companies) Dealer transactions, positions, and financing, 46 Mutual savings banks, 19, 29, 39, 44, 45, 52 Federal Reserve Bank holdings, 4, 12, 15, 44, 45 Foreign and international holdings, 12, 83, 86, 90 National banks, 22, 32 International transactions, 83, 86 National defense expenditures, 43, 70 New issues, gross proceeds, 48 National income, 70, 71 Open market transactions, 14 Nonmember banks, 22, 24, 25, 32 Outstanding, by type of security, 44, 45, 47 Ownership, 44, 45 Open market transactions, 14 Yields and prices, 36, 37 United States notes, 16 Payrolls, manufacturing index, 64 Utilities, production index, 61, 63 Personal income, 71 Postal savings, 19, 25 Veterans Administration, 51, 52, 53, 54, 55 Prices: Consumer and wholesale commodity, 64, 68 Weekly reporting banks, 26 Security, 37 Prime rate, commercial banks, 34 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^1] Chicago j Omafui* Xjnctvnatrl Kansas City^ j ^ t Oklahoma City •i«uio<A lanta Dallas Jiousten Antonio* Miami January 1972 'Dram tyU.W. g*tvm, Cart * (c THE FEDERAL RESERVE SYSTEM # Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER Federal Reserve Bank Facilities http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis